Annaly Capital Management Inc 10-Q filed Oct 28, 2026

Modified · Special Note Regarding Forward-Looking Statements

INDEX TO ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Page Overview | 4140 Business Environment | 4140 Economic Environment | 42 Income Tax Reform | 42 41 Results of Operations | 4342 Net Income (Loss) Summary | 4443 Non-GAAP Financial Measures | 4645 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 | 4645 Premium Amortization Expense | 4847 Economic Leverage and Economic Capital Ratios | 4847 Interest Income (excluding PAA), Economic Interest Expense and Economic Net Interest Income (excluding PAA) | 4948 Experienced and Projected Long-term CPR | 5049 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 | 5150 Economic Interest Expense and Average Economic Cost of Interest Bearing Liabilities | 5251 Other Income (Loss) | 5352 General and Administrative Expenses | 5554 Return on Average Equity | 5554 Unrealized Gains and Losses - Available-for-Sale Investments | 55 Financial Condition | 5655 Residential Securities | 56 Contractual Obligations | 58 Commitments and Contractual Obligations with Unconsolidated Entities | 59 Capital Management | 59 Stockholders’ Equity | 59 Capital Stock | 6059 Leverage and Capital | 6160 Risk Management | 61 Risk Appetite | 61 Governance | 6261 Description of Risks | 62 Liquidity and Funding Risk Management | 6362 Funding | 63 Excess Liquidity | 6564 Maturity Profile and Interest Rate Sensitivity | 6665 Stress Testing | 6766 Liquidity Management Policies | 6766 Investment/Market Risk Management | 67 Credit Risk Management | 68 Counterparty Risk Management | 6968 Operational Risk Management | 69 Compliance, Regulatory and Legal Risk Management | 7170 Critical Accounting Estimates | 71 Valuation of Financial Instruments | 71 Residential Securities | 71 Residential Mortgage Loans | 7271 MSR | 72 Interest Rate Swaps | 72 Revenue Recognition | 72 Consolidation of Variable Interest Entities | 7372 Use of Estimates | 73 Glossary of Terms | 74