Maryland
|
1-13447
|
22-3479661
|
State or Other Jurisdiction
Of Incorporation)
|
(Commission
File Number)
|
(I.R.S. Employer
Identification No.)
|
1211 Avenue of the Americas
New York, New York
|
10036
|
|
(Address of Principal Executive Offices)
|
(Zip Code)
|
ANNALY CAPITAL MANAGEMENT, INC. | ||||
By: | /s/ Glenn A. Votek | |||
Name: Glenn A. Votek | ||||
Title: Chief Financial Officer | ||||
Dated: | February 24, 2015 |
●
|
GAAP net loss of $658.3 million, $0.71 loss per common share
|
●
|
Core earnings of $298.9 million, $0.30 earnings per common share
|
●
|
Common stock book value of $13.10, up from $12.87 at prior quarter end
|
●
|
Capital ratio of 15.1% and leverage of 5.4:1
|
●
|
Net interest margin of 1.56%
|
Maturity
|
Principal Balance
|
Weighted Average Rate
|
||||||
(dollars in thousands) | ||||||||
Within 30 days
|
$ | 28,354,167 | 0.35 | % | ||||
30 to 59 days
|
17,336,469 | 0.43 | % | |||||
60 to 89 days
|
4,040,677 | 0.38 | % | |||||
90 to 119 days
|
2,945,495 | 0.50 | % | |||||
Over 120 days(1)
|
18,685,118 | 1.24 | % | |||||
Total
|
$ | 71,361,926 | 0.61 | % |
Maturity
|
Current Notional (1)
|
Weighted
Average Pay
Rate (2) (3)
|
Weighted
Average Receive
Rate (2)
|
Weighted
Average Years
to Maturity (2)
|
||||||||||||
(dollars in thousands)
|
||||||||||||||||
0 - 3 years
|
$ | 2,502,505 | 1.63 | % | 0.17 | % | 2.64 | |||||||||
3 - 6 years
|
11,138,000 | 2.06 | % | 0.22 | % | 5.18 | ||||||||||
6 - 10 years
|
13,069,200 | 2.67 | % | 0.23 | % | 8.57 | ||||||||||
Greater than 10 years
|
4,751,800 | 3.58 | % | 0.20 | % | 19.53 | ||||||||||
Total / Weighted Average
|
$ | 31,461,505 | 2.49 | % | 0.22 | % | 8.38 |
Current Underlying
Notional
|
Weighted Average Underlying Pay
Rate
|
Weighted Average Underlying Receive
Rate
|
Weighted Average Underlying Years to Maturity
|
Weighted Average Months
to Expiration
|
||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
Long
|
$ | 1,750,000 | 2.88 | % |
3M LIBOR
|
9.17 | 3.59 | |||||||||||||
Short
|
$ | - | - | - | - | - |
December 31, 2014
|
September 30, 2014
|
December 31, 2013
|
||||||||||
Portfolio Related Metrics:
|
||||||||||||
Fixed-rate Agency mortgage-backed securities and debentures as a percentage of Investment Securities
|
95 | % | 95 | % | 91 | % | ||||||
Adjustable-rate Agency mortgage-backed securities and debentures as a percentage of Investment Securities
|
5 | % | 5 | % | 9 | % | ||||||
Weighted average yield on commercial real estate debt and preferred equity at period-end
|
9.00 | % | 9.23 | % | 9.17 | % | ||||||
Weighted average net equity yield on investments in commercial real estate at period-end (1)
|
13.95 | % | 11.46 | % | 10.80 | % | ||||||
Liabilities and Hedging Metrics:
|
||||||||||||
Weighted average days to maturity on repurchase agreements outstanding at period-end
|
141 | 159 | 204 | |||||||||
Notional amount of interest rate swaps and swaptions as a percentage of repurchase agreements
|
47 | % | 48 | % | 92 | % | ||||||
Weighted average pay rate on interest rate swaps at period-end (2)
|
2.49 | % | 2.48 | % | 2.14 | % | ||||||
Weighted average receive rate on interest rate swaps at period-end (2)
|
0.22 | % | 0.21 | % | 0.20 | % | ||||||
Weighted average net rate on interest rate swaps at period-end (2)
|
2.27 | % | 2.27 | % | 1.94 | % | ||||||
Leverage at period-end (3)
|
5.4:1
|
5.4:1
|
5.0:1
|
|||||||||
Capital ratio at period end
|
15.1 | % | 15.0 | % | 15.1 | % | ||||||
Net capital ratio at period end
|
15.1 | % | 15.0 | % | 15.9 | % | ||||||
Performance Related Metrics:
|
||||||||||||
Net interest margin (4)
|
1.56 | % | 1.61 | % | 1.78 | % | ||||||
Average yield on interest earning assets (5)
|
2.98 | % | 2.99 | % | 3.50 | % | ||||||
Average cost of interest bearing liabilities (6)
|
1.69 | % | 1.64 | % | 2.07 | % | ||||||
Net interest spread
|
1.29 | % | 1.35 | % | 1.43 | % | ||||||
Annualized return (loss) on average equity
|
(19.91 | %) | 10.69 | % | 32.46 | % | ||||||
Annualized Core return on average equity
|
9.04 | % | 9.30 | % | 11.05 | % | ||||||
Common dividend declared during the quarter
|
$ | 0.30 | $ | 0.30 | $ | 0.30 | ||||||
Book value per common share
|
$ | 13.10 | $ | 12.87 | $ | 12.13 |
(1) |
Excludes real estate held-for-sale.
|
(2) |
Excludes forward starting swaps.
|
(3) |
Includes repurchase agreements, Convertible Senior Notes, securitized debt, loan participation and mortgages payable. Securitized debt, loan participation and mortgages payable are non-recourse to the Company.
|
(4) |
Represents the Company’s annualized economic net interest income, inclusive of interest expense on interest rate swaps, divided by its average interest-earning assets.
|
(5) |
Average interest earning assets reflects the average amortized cost of our investments during the period.
|
(6) |
Includes interest expense on interest rate swaps.
|
For the quarters ended
|
||||||||||||
December 31, 2014
|
September 30, 2014
|
December 31, 2013
|
||||||||||
(dollars in thousands)
|
||||||||||||
GAAP net income (loss)
|
$ | (658,272 | ) | $ | 354,856 | $ | 1,028,749 | |||||
Adjustments:
|
||||||||||||
Realized (gains) losses on termination of interest rate swaps
|
- | - | 13,177 | |||||||||
Unrealized (gains) losses on interest rate swaps
|
873,468 | (98,593 | ) | (561,101 | ) | |||||||
Net (gains) losses on disposal of investments
|
(3,420 | ) | (4,693 | ) | (28,602 | ) | ||||||
Net (gains) losses on trading assets
|
57,454 | (4,676 | ) | (41,936 | ) | |||||||
Net unrealized (gains) losses on interest-only Agency mortgage-backed securities
|
29,520 | 37,944 | (60,181 | ) | ||||||||
Other non-recurring loss (1)
|
- | 23,783 | - | |||||||||
GAAP net income attributable to noncontrolling interest
|
196 | - | - | |||||||||
Core earnings
|
$ | 298,946 | $ | 308,621 | $ | 350,106 | ||||||
GAAP net income (loss) per average common share
|
$ | (0.71 | ) | $ | 0.36 | $ | 1.07 | |||||
Core earnings per average common share
|
$ | 0.30 | $ | 0.31 | $ | 0.35 |
(1) | Represents a one-time payment made by FIDAC to Chimera Investment Corp. (Chimera) during the quarter ended September 30, 2014 to resolve issues raised in derivative demand letters sent to Chimera’s board of directors. This amount is a component of Other income (loss) in the Company’s Consolidated Statements of Comprehensive Income (Loss). |
For the years ended
|
||||||||
December 31, 2014
|
December 31, 2013
|
|||||||
(dollars in thousands)
|
||||||||
GAAP net income (loss)
|
$ | (842,279 | ) | $ | 3,729,698 | |||
Adjustments:
|
||||||||
Realized (gains) losses on termination of interest rate swaps
|
779,333 | 101,862 | ||||||
Unrealized (gains) losses on interest rate swaps
|
948,755 | (2,002,200 | ) | |||||
Net (gains) losses on disposal of investments
|
(93,716 | ) | (403,045 | ) | ||||
Net (gains) losses on trading assets
|
245,495 | (1,509 | ) | |||||
Net unrealized (gains) losses on interest-only Agency mortgage-backed securities
|
86,172 | (244,730 | ) | |||||
Impairment of goodwill
|
- | 23,987 | ||||||
Loss on previously held equity interest in CreXus
|
- | 18,896 | ||||||
Other non-recurring expense (1)
|
23,783 | - | ||||||
GAAP net income attributable to noncontrolling interest
|
196 | - | ||||||
Core earnings
|
$ | 1,147,739 | $ | 1,222,959 | ||||
GAAP net income per average common share
|
$ | (0.96 | ) | $ | 3.86 | |||
Core earnings per average common share
|
$ | 1.14 | $ | 1.21 |
For the quarters ended
|
||||||||||||
December 31,
|
September 30,
|
December 31,
|
||||||||||
2014
|
2014
|
2013
|
||||||||||
(dollars in thousands)
|
||||||||||||
Interest income:
|
||||||||||||
Investment Securities
|
$ | 606,746 | $ | 606,331 | $ | 721,670 | ||||||
Commercial investment portfolio(1)
|
40,913 | 38,113 | 37,702 | |||||||||
U.S. Treasury securities
|
- | - | 8,125 | |||||||||
Securities loaned
|
- | - | 2,087 | |||||||||
Reverse repurchase agreements
|
429 | 135 | 1,587 | |||||||||
Other
|
56 | 61 | 78 | |||||||||
Total interest income
|
648,144 | 644,640 | 771,249 | |||||||||
Interest expense:
|
||||||||||||
Repurchase agreements
|
107,540 | 102,750 | 111,038 | |||||||||
Convertible Senior Notes
|
25,701 | 22,376 | 17,788 | |||||||||
U.S. Treasury securities sold, not yet purchased
|
- | - | 6,684 | |||||||||
Securities borrowed
|
- | - | 1,718 | |||||||||
Securitized debt of consolidated VIE
|
1,106 | 1,780 | - | |||||||||
Participation sold
|
165 | 163 | 165 | |||||||||
Total interest expense
|
134,512 | 127,069 | 137,393 | |||||||||
Net interest income
|
$ | 513,632 | $ | 517,571 | $ | 633,856 |
ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES
|
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
|
(dollars in thousands, except per share data)
|
December 31,
|
September 30,
|
June 30,
|
March 31,
|
December 31,
|
||||||||||||||||
2014
|
2014
|
2014
|
2014
|
2013(1)
|
||||||||||||||||
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
|||||||||||||||||
ASSETS
|
||||||||||||||||||||
Cash and cash equivalents
|
$ | 1,741,244 | $ | 1,178,621 | $ | 1,320,666 | $ | 924,197 | $ | 552,436 | ||||||||||
Reverse repurchase agreements
|
100,000 | - | - | 444,375 | 100,000 | |||||||||||||||
Securities borrowed
|
- | - | - | 513,500 | 2,582,893 | |||||||||||||||
Investments, at fair value:
|
||||||||||||||||||||
U.S. Treasury securities
|
- | - | - | - | 1,117,915 | |||||||||||||||
Agency mortgage-backed securities
|
81,565,256 | 81,462,387 | 81,055,337 | 75,350,388 | 70,388,949 | |||||||||||||||
Agency debentures
|
1,368,350 | 1,334,181 | 1,348,727 | 2,408,259 | 2,969,885 | |||||||||||||||
Investment in affiliates
|
143,045 | 136,748 | 143,495 | 137,647 | 139,447 | |||||||||||||||
Commercial real estate debt and preferred equity (2)
|
1,518,165 | 1,554,958 | 1,586,169 | 1,640,206 | 1,583,969 | |||||||||||||||
Investments in commercial real estate
|
210,032 | 73,827 | 74,355 | 40,313 | 60,132 | |||||||||||||||
Corporate debt, held for investment
|
166,464 | 144,451 | 151,344 | 145,394 | 117,687 | |||||||||||||||
Receivable for investments sold
|
1,010,094 | 855,161 | 856,983 | 19,116 | 1,193,730 | |||||||||||||||
Accrued interest and dividends receivable
|
278,489 | 287,231 | 283,423 | 276,007 | 273,079 | |||||||||||||||
Receivable for investment advisory income
|
10,402 | 8,369 | 6,380 | 6,498 | 6,839 | |||||||||||||||
Goodwill
|
94,781 | 94,781 | 94,781 | 94,781 | 94,781 | |||||||||||||||
Interest rate swaps, at fair value
|
75,225 | 198,066 | 170,604 | 340,890 | 559,044 | |||||||||||||||
Other derivatives, at fair value
|
5,499 | 19,407 | 7,938 | 40,105 | 146,725 | |||||||||||||||
Other assets
|
68,321 | 39,798 | 50,743 | 33,101 | 34,949 | |||||||||||||||
Total assets
|
$ | 88,355,367 | $ | 87,387,986 | $ | 87,150,945 | $ | 82,414,777 | $ | 81,922,460 | ||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||||||||||||||||||
Liabilities:
|
||||||||||||||||||||
U.S. Treasury securities sold, not yet purchased, at fair value
|
$ | - | $ | - | $ | - | $ | - | $ | 1,918,394 | ||||||||||
Repurchase agreements
|
71,361,926 | 69,610,722 | 70,372,218 | 64,543,949 | 61,781,001 | |||||||||||||||
Securities loaned
|
- | 7 | 7 | 513,510 | 2,527,668 | |||||||||||||||
Payable for investments purchased
|
264,984 | 2,153,789 | 781,227 | 1,898,507 | 764,131 | |||||||||||||||
Convertible Senior Notes
|
845,295 | 836,625 | 831,167 | 827,486 | 825,262 | |||||||||||||||
Securitized debt of consolidated VIE
|
260,700 | 260,700 | 260,700 | 260,700 | - | |||||||||||||||
Mortgages payable
|
146,553 | 42,635 | 30,316 | 19,317 | 19,332 | |||||||||||||||
Participation sold
|
13,693 | 13,768 | 13,866 | 13,963 | 14,065 | |||||||||||||||
Accrued interest payable
|
180,501 | 180,345 | 157,782 | 170,644 | 160,921 | |||||||||||||||
Dividends payable
|
284,293 | 284,278 | 284,261 | 284,247 | 284,230 | |||||||||||||||
Interest rate swaps, at fair value
|
1,608,286 | 857,658 | 928,789 | 1,272,616 | 1,141,828 | |||||||||||||||
Other derivatives, at fair value
|
8,027 | - | 6,533 | 6,045 | 55,518 | |||||||||||||||
Accounts payable and other liabilities
|
47,328 | 36,511 | 35,160 | 39,081 | 25,055 | |||||||||||||||
Total liabilities
|
75,021,586 | 74,277,038 | 73,702,026 | 69,850,065 | 69,517,405 | |||||||||||||||
Stockholders’ Equity:
|
||||||||||||||||||||
7.875% Series A Cumulative Redeemable Preferred Stock:
7,412,500 authorized, issued and outstanding
|
177,088 | 177,088 | 177,088 | 177,088 | 177,088 | |||||||||||||||
7.625% Series C Cumulative Redeemable Preferred Stock
12,650,000 authorized, 12,000,000 issued and outstanding
|
290,514 | 290,514 | 290,514 | 290,514 | 290,514 | |||||||||||||||
7.50% Series D Cumulative Redeemable Preferred Stock:
18,400,000 authorized, issued and outstanding
|
445,457 | 445,457 | 445,457 | 445,457 | 445,457 | |||||||||||||||
Common stock, par value $0.01 per share, 1,956,937,500 authorized, 947,643,079, 947,540,823, 947,488,945, 947,432,862 and 947,304,761 issued and outstanding, respectively
|
9,476 | 9,476 | 9,475 | 9,475 | 9,474 | |||||||||||||||
Additional paid-in capital
|
14,786,509 | 14,781,308 | 14,776,302 | 14,770,553 | 14,765,761 | |||||||||||||||
Accumulated other comprehensive income (loss)
|
204,883 | (967,820 | ) | (572,256 | ) | (2,088,479 | ) | (2,748,933 | ) | |||||||||||
Accumulated deficit
|
(2,585,436 | ) | (1,625,075 | ) | (1,677,661 | ) | (1,039,896 | ) | (534,306 | ) | ||||||||||
Total stockholders’ equity
|
13,328,491 | 13,110,948 | 13,448,919 | 12,564,712 | 12,405,055 | |||||||||||||||
Noncontrolling interest
|
5,290 | - | - | - | - | |||||||||||||||
Total equity
|
13,333,781 | 13,110,948 | 13,448,919 | 12,564,712 | 12,405,055 | |||||||||||||||
Total liabilities and equity
|
$ | 88,355,367 | $ | 87,387,986 | $ | 87,150,945 | $ | 82,414,777 | $ | 81,922,460 |
ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES
|
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
|
(UNAUDITED)
|
(dollars in thousands, except per share data)
|
For the quarters ended
|
||||||||||||||||||||
December 31,
|
September 30,
|
June 30,
|
March 31,
|
December 31,
|
||||||||||||||||
2014
|
2014
|
2014
|
2014
|
2013
|
||||||||||||||||
Net interest income:
|
||||||||||||||||||||
Interest income
|
$ | 648,144 | $ | 644,640 | $ | 683,962 | $ | 655,901 | $ | 771,249 | ||||||||||
Interest expense
|
134,512 | 127,069 | 126,107 | 124,971 | 137,393 | |||||||||||||||
Net interest income
|
513,632 | 517,571 | 557,855 | 530,930 | 633,856 | |||||||||||||||
Other income (loss):
|
||||||||||||||||||||
Realized gains (losses) on interest rate swaps(1)
|
(174,908 | ) | (169,083 | ) | (220,934 | ) | (260,435 | ) | (242,182 | ) | ||||||||||
Realized gains (losses) on termination of interest rate swaps
|
- | - | (772,491 | ) | (6,842 | ) | (13,177 | ) | ||||||||||||
Unrealized gains (losses) on interest rate swaps
|
(873,468 | ) | 98,593 | 175,062 | (348,942 | ) | 561,101 | |||||||||||||
Subtotal
|
(1,048,376 | ) | (70,490 | ) | (818,363 | ) | (616,219 | ) | 305,742 | |||||||||||
Investment advisory income
|
10,858 | 8,253 | 6,109 | 6,123 | 8,490 | |||||||||||||||
Net gains (losses) on disposal of investments
|
3,420 | 4,693 | 5,893 | 79,710 | 28,602 | |||||||||||||||
Dividend income from affiliates
|
4,048 | 4,048 | 4,048 | 13,045 | 4,048 | |||||||||||||||
Net gains (losses) on trading assets
|
(57,454 | ) | 4,676 | (46,489 | ) | (146,228 | ) | 41,936 | ||||||||||||
Net unrealized gains (losses) on interest-only Agency mortgage-backed securities
|
(29,520 | ) | (37,944 | ) | 2,085 | (20,793 | ) | 60,181 | ||||||||||||
Other income (loss)
|
3,365 | (22,249 | ) | 4,687 | 1,460 | 3,945 | ||||||||||||||
Subtotal
|
(65,283 | ) | (38,523 | ) | (23,667 | ) | (66,683 | ) | 147,202 | |||||||||||
Total other income (loss)
|
(1,113,659 | ) | (109,013 | ) | (842,030 | ) | (682,902 | ) | 452,944 | |||||||||||
General and administrative expenses:
|
||||||||||||||||||||
Compensation and management fee
|
38,734 | 39,028 | 39,277 | 38,521 | 43,385 | |||||||||||||||
Other general and administrative expenses
|
19,720 | 12,289 | 12,912 | 8,857 | 12,909 | |||||||||||||||
Total general and administrative expenses
|
58,454 | 51,317 | 52,189 | 47,378 | 56,294 | |||||||||||||||
Income (loss) before income taxes
|
(658,481 | ) | 357,241 | (336,364 | ) | (199,350 | ) | 1,030,506 | ||||||||||||
Income taxes
|
(209 | ) | 2,385 | (852 | ) | 4,001 | 1,757 | |||||||||||||
Net income (loss)
|
(658,272 | ) | 354,856 | (335,512 | ) | (203,351 | ) | 1,028,749 | ||||||||||||
Net income (loss) attributable to noncontrolling interest
|
(196 | ) | - | - | - | - | ||||||||||||||
Net income (loss) attributable to Annaly
|
(658,076 | ) | 354,856 | (335,512 | ) | (203,351 | ) | 1,028,749 | ||||||||||||
Dividends on preferred stock
|
17,992 | 17,992 | 17,992 | 17,992 | 17,992 | |||||||||||||||
Net income (loss) available (related) to common stockholders
|
$ | (676,068 | ) | $ | 336,864 | $ | (353,504 | ) | $ | (221,343 | ) | $ | 1,010,757 | |||||||
Net income (loss) per share available (related) to common stockholders:
|
||||||||||||||||||||
Basic
|
$ | (0.71 | ) | $ | 0.36 | $ | (0.37 | ) | $ | (0.23 | ) | $ | 1.07 | |||||||
Diluted
|
$ | (0.71 | ) | $ | 0.35 | $ | (0.37 | ) | $ | (0.23 | ) | $ | 1.03 | |||||||
Weighted average number of common shares outstanding:
|
||||||||||||||||||||
Basic
|
947,615,793 | 947,565,432 | 947,515,127 | 947,458,813 | 947,386,060 | |||||||||||||||
Diluted
|
947,615,793 | 987,315,527 | 947,515,127 | 947,458,813 | 995,625,622 | |||||||||||||||
Dividends Declared Per Share of Common Stock
|
||||||||||||||||||||
Net income (loss)
|
$ | (658,272 | ) | $ | 354,856 | $ | (335,512 | ) | $ | (203,351 | ) | $ | 1,028,749 | |||||||
Other comprehensive income (loss):
|
||||||||||||||||||||
Unrealized gains (losses) on available-for-sale securities
|
1,175,864 | (390,871 | ) | 1,522,126 | 741,172 | (1,244,500 | ) | |||||||||||||
Reclassification adjustment for net (gains) losses included in net income (loss)
|
(3,161 | ) | (4,693 | ) | (5,903 | ) | (80,718 | ) | (49,643 | ) | ||||||||||
Other comprehensive income (loss)
|
1,172,703 | (395,564 | ) | 1,516,223 | 660,454 | (1,294,143 | ) | |||||||||||||
Comprehensive income (loss)
|
514,431 | (40,708 | ) | 1,180,711 | 457,103 | (265,394 | ) | |||||||||||||
Comprehensive income (loss) attributable to noncontrolling interest
|
(196 | ) | - | - | - | - | ||||||||||||||
Comprehensive income (loss) attributable to Annaly
|
$ | 514,627 | $ | (40,708 | ) | $ | 1,180,711 | $ | 457,103 | $ | (265,394 | ) |
(1) | Interest expense related to the Company’s interest rate swaps is recorded in Realized gains (losses) on interest rate swaps on the Consolidated Statements of Comprehensive Income (Loss). |
ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES
|
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
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(dollars in thousands, except per share data)
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(Unaudited)
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For the years ended
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December 31,
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December 31,
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|||||||
2014
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2013(2)
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(Unaudited)
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Net interest income:
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Interest income
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$ | 2,632,647 | $ | 2,918,562 | ||||
Interest expense
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512,659 | 624,714 | ||||||
Net interest income
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2,119,988 | 2,293,848 | ||||||
Other income (loss):
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Realized gains (losses) on interest rate swaps(1)
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(825,360 | ) | (908,294 | ) | ||||
Realized gains (losses) on termination of interest rate swaps
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(779,333 | ) | (101,862 | ) | ||||
Unrealized gains (losses) on interest rate swaps
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(948,755 | ) | 2,002,200 | |||||
Subtotal
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(2,553,448 | ) | 992,044 | |||||
Investment advisory income
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31,343 | 43,643 | ||||||
Net gains (losses) on disposal of investments
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93,716 | 403,045 | ||||||
Dividend income from affiliates
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25,189 | 18,575 | ||||||
Net gains (losses) on trading assets
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(245,495 | ) | 1,509 | |||||
Net unrealized gains (losses) on interest-only Agency mortgage-backed securities
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(86,172 | ) | 244,730 | |||||
Impairment of goodwill
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- | (23,987 | ) | |||||
Loss on previously held equity interest in CreXus
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- | (18,896 | ) | |||||
Other income (loss)
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(12,737 | ) | 15,481 | |||||
Subtotal
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(194,156 | ) | 684,100 | |||||
Total other income (loss)
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(2,747,604 | ) | 1,676,144 | |||||
General and administrative expenses:
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Compensation and management fee
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155,560 | 167,366 | ||||||
Other general and administrative expenses
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53,778 | 64,715 | ||||||
Total general and administrative expenses
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209,338 | 232,081 | ||||||
Income (loss) before income taxes
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(836,954 | ) | 3,737,911 | |||||
Income taxes
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5,325 | 8,213 | ||||||
Net income (loss)
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(842,279 | ) | 3,729,698 | |||||
Net income (loss) attributable to noncontrolling interest
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(196 | ) | - | |||||
Net income (loss) attributable to Annaly
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(842,083 | ) | 3,729,698 | |||||
Dividends on preferred stock
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71,968 | 71,968 | ||||||
Net income (loss) available (related) to common stockholders
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$ | (914,051 | ) | $ | 3,657,730 | |||
Net income (loss) per share available (related) to common stockholders:
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Basic
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$ | (0.96 | ) | $ | 3.86 | |||
Diluted
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$ | (0.96 | ) | $ | 3.74 | |||
Weighted average number of common shares outstanding:
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Basic
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947,539,294 | 947,337,915 | ||||||
Diluted
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947,539,294 | 995,557,026 | ||||||
Net income (loss)
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$ | (842,279 | ) | $ | 3,729,698 | |||
Other comprehensive income (loss):
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Unrealized gains (losses) on available-for-sale securities
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3,048,291 | (5,378,089 | ) | |||||
Reclassification adjustment for net (gains) losses included in net income (loss)
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(94,475 | ) | (424,086 | ) | ||||
Other comprehensive income (loss)
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2,953,816 | (5,802,175 | ) | |||||
Comprehensive income (loss)
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2,111,537 | (2,072,477 | ) | |||||
Comprehensive income (loss) attributable to noncontrolling interest
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(196 | ) | - | |||||
Comprehensive income (loss) attributable to Annaly
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$ | 2,111,733 | $ | (2,072,477 | ) |
(1) |
Interest expense related to the Company’s interest rate swaps is recorded in Realized gains (losses) on interest rate swaps on the Consolidated Statements of Comprehensive Income (Loss).
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(2) | Derived from the audited consolidated financial statements at December 31, 2013. |
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