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UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549
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FORM 10-Q
☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED: June 30, 2022
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE TRANSITION PERIOD FROM _______________ TO _________________
COMMISSION FILE NUMBER: 1-13447
ANNALY CAPITAL MANAGEMENT INC
(Exact Name of Registrant as Specified in its Charter)
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Maryland | 22-3479661 |
(State or other jurisdiction of incorporation or organization) | (IRS Employer Identification No.) |
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1211 Avenue of the Americas | |
New York, | New York | 10036 |
(Address of principal executive offices) | (Zip Code) |
(212) 696-0100
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
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Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered |
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Common Stock, par value $0.01 per share | NLY | New York Stock Exchange |
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6.95% Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock | NLY.F | New York Stock Exchange |
6.50% Series G Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock | NLY.G | New York Stock Exchange |
6.75% Series I Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock | NLY.I | New York Stock Exchange |
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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. Yes ☑ No ☐
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 (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐
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 “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
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Large accelerated filer | ☑ | | Accelerated filer | ☐ | | Non-accelerated filer | ☐ | | Smaller reporting company | ☐ | | Emerging growth company | ☐ |
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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. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☑
The number of shares of the registrant’s Common Stock outstanding on July 22, 2022 was 1,624,307,055.
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ANNALY CAPITAL MANAGEMENT, INC. |
FORM 10-Q |
TABLE OF CONTENTS |
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Item 1. Financial Statements | |
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Note 9. Sale of Commercial Real Estate Business | |
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ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES
Item 1. Financial Statements
PART I - FINANCIAL INFORMATION
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ITEM 1. FINANCIAL STATEMENTS |
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ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (dollars in thousands, except per share data) |
| June 30, | | December 31, |
| 2022 | | 2021 (1) |
| (Unaudited) | | |
Assets | | | |
Cash and cash equivalents (includes pledged assets of $653,657 and $1,222,505, respectively) (2) | $ | 853,932 | | | $ | 1,342,090 | |
Securities (includes pledged assets of $53,145,730 and $56,675,447, respectively) (3) | 59,042,734 | | | 63,655,674 | |
Loans, net (includes pledged assets of $1,631,103 and $2,462,776, respectively) (4) | 1,487,133 | | | 4,242,043 | |
Mortgage servicing rights | 1,421,420 | | | 544,562 | |
Interests in MSR | 83,622 | | | 69,316 | |
Assets transferred or pledged to securitization vehicles | 8,877,247 | | | 6,086,308 | |
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Assets of disposal group held for sale | 97,414 | | | 194,138 | |
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Derivative assets | 748,432 | | | 170,370 | |
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Receivable for unsettled trades | 434,227 | | | 2,656 | |
Principal and interest receivable | 300,028 | | | 234,983 | |
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Goodwill and intangible assets, net | 18,195 | | | 24,241 | |
Other assets | 272,865 | | | 197,683 | |
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Total assets | $ | 73,637,249 | | | $ | 76,764,064 | |
Liabilities and stockholders’ equity | | | |
Liabilities | | | |
Repurchase agreements | $ | 51,364,097 | | | $ | 54,769,643 | |
Other secured financing | — | | | 903,255 | |
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Debt issued by securitization vehicles | 7,502,483 | | | 5,155,633 | |
Participations issued | 696,944 | | | 1,049,066 | |
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Liabilities of disposal group held for sale | 3,608 | | | 154,956 | |
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Derivative liabilities | 379,708 | | | 881,537 | |
Payable for unsettled trades | 1,995,960 | | | 147,908 | |
Interest payable | 91,962 | | | 91,176 | |
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Dividends payable | 354,027 | | | 321,142 | |
Other liabilities | 158,560 | | | 94,423 | |
Total liabilities | 62,547,349 | | | 63,568,739 | |
Stockholders’ equity | | | |
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Preferred stock, par value $0.01 per share, 63,500,000 authorized, issued and outstanding | 1,536,569 | | | 1,536,569 | |
Common stock, par value $0.01 per share, 2,936,500,000 authorized, 1,609,215,497 and 1,459,736,258 issued and outstanding, respectively | 16,092 | | | 14,597 | |
Additional paid-in capital | 21,281,077 | | | 20,313,832 | |
Accumulated other comprehensive income (loss) | (4,310,926) | | | 958,410 | |
Accumulated deficit | (7,496,061) | | | (9,653,582) | |
Total stockholders’ equity | 11,026,751 | | | 13,169,826 | |
Noncontrolling interests | 63,149 | | | 25,499 | |
Total equity | 11,089,900 | | | 13,195,325 | |
Total liabilities and equity | $ | 73,637,249 | | | $ | 76,764,064 | |
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(1)Derived from the audited consolidated financial statements at December 31, 2021. |
(2)Includes cash of consolidated Variable Interest Entities (“VIEs”) of $2.4 million and $16.2 million at June 30, 2022 and December 31, 2021, respectively. |
(3)Excludes $30.1 million and $44.2 million at June 30, 2022 and December 31, 2021, respectively, of Agency mortgage-backed securities and $971.9 million and $350.4 million at June 30, 2022 and December 31, 2021, respectively, of non-Agency mortgage-backed securities in consolidated VIEs pledged as collateral and eliminated from the Company’s Consolidated Statements of Financial Condition. |
(4)Includes $1.5 million and $2.3 million of residential mortgage loans held for sale at June 30, 2022 and December 31, 2021, respectively. |
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See notes to consolidated financial statements. |
ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES
Item 1. Financial Statements
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ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (dollars in thousands, except per share data) (Unaudited) |
| For The Three Months Ended June 30, | | For The Six Months Ended June 30, |
| 2022 | | 2021 | | 2022 | | 2021 |
Net interest income | | | | | | | |
Interest income | $ | 645,615 | | | $ | 383,906 | | | $ | 1,301,465 | | | $ | 1,147,284 | |
Interest expense | 170,475 | | | 61,047 | | | 245,397 | | | 137,020 | |
Net interest income | 475,140 | | | 322,859 | | | 1,056,068 | | | 1,010,264 | |
Net servicing income | | | | | | | |
Servicing and related income | $ | 55,685 | | | $ | 10,519 | | | $ | 90,400 | | | $ | 19,748 | |
Servicing and related expense | 5,949 | | | 2,603 | | | 9,706 | | | 4,900 | |
Net servicing income | 49,736 | | | 7,916 | | | 80,694 | | | 14,848 | |
Other income (loss) | | | | | | | |
Net gains (losses) on investments and other | (615,216) | | | 20,207 | | | (775,020) | | | 58,612 | |
Net gains (losses) on derivatives | 1,015,643 | | | (581,962) | | | 2,657,671 | | | 587,421 | |
Loan loss (provision) reversal | 26,913 | | | (494) | | | 26,305 | | | 139,126 | |
Business divestiture-related gains (losses) | (23,955) | | | 1,527 | | | (24,309) | | | (248,036) | |
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Other, net | (5,486) | | | (6,241) | | | (2,428) | | | 295 | |
Total other income (loss) | 397,899 | | | (566,963) | | | 1,882,219 | | | 537,418 | |
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General and administrative expenses | | | | | | | |
Compensation expense | 22,243 | | | 32,013 | | | 55,245 | | | 63,531 | |
Other general and administrative expenses | 13,795 | | | 21,513 | | | 26,557 | | | 37,900 | |
Total general and administrative expenses | 36,038 | | | 53,526 | | | 81,802 | | | 101,431 | |
Income (loss) before income taxes | 886,737 | | | (289,714) | | | 2,937,179 | | | 1,461,099 | |
Income taxes | 23,420 | | | 5,134 | | | 49,968 | | | 4,813 | |
Net income (loss) | 863,317 | | | (294,848) | | | 2,887,211 | | | 1,456,286 | |
Net income (loss) attributable to noncontrolling interests | (3,379) | | | 794 | | | (1,740) | | | 1,115 | |
Net income (loss) attributable to Annaly | 866,696 | | | (295,642) | | | 2,888,951 | | | 1,455,171 | |
Dividends on preferred stock | 26,883 | | | 26,883 | | | 53,766 | | | 53,766 | |
Net income (loss) available (related) to common stockholders | $ | 839,813 | | | $ | (322,525) | | | $ | 2,835,185 | | | $ | 1,401,405 | |
Net income (loss) per share available (related) to common stockholders | | | | | | | |
Basic | $ | 0.55 | | | $ | (0.23) | | | $ | 1.90 | | | $ | 1.00 | |
Diluted | $ | 0.55 | | | $ | (0.23) | | | $ | 1.90 | | | $ | 1.00 | |
Weighted average number of common shares outstanding | | | | | | | |
Basic | 1,522,436,766 | | | 1,410,239,138 | | | 1,492,068,912 | | | 1,404,755,496 | |
Diluted | 1,523,595,000 | | | 1,410,239,138 | | | 1,493,254,890 | | | 1,405,764,272 | |
Other comprehensive income (loss) | | | | | | | |
Net income (loss) | $ | 863,317 | | | $ | (294,848) | | | $ | 2,887,211 | | | $ | 1,456,286 | |
Unrealized gains (losses) on available-for-sale securities | (2,503,250) | | | (191,541) | | | (6,071,929) | | | (1,620,468) | |
Reclassification adjustment for net (gains) losses included in net income (loss) | 657,806 | | | (30,415) | | | 802,593 | | | 26,408 | |
Other comprehensive income (loss) | (1,845,444) | | | (221,956) | | | (5,269,336) | | | (1,594,060) | |
Comprehensive income (loss) | (982,127) | | | (516,804) | | | (2,382,125) | | | (137,774) | |
Comprehensive income (loss) attributable to noncontrolling interests | (3,379) | | | 794 | | | (1,740) | | | 1,115 | |
Comprehensive income (loss) attributable to Annaly | (978,748) | | | (517,598) | | | (2,380,385) | | | (138,889) | |
Dividends on preferred stock | 26,883 | | | 26,883 | | | 53,766 | | | 53,766 | |
Comprehensive income (loss) attributable to common stockholders | $ | (1,005,631) | | | $ | (544,481) | | | $ | (2,434,151) | | | $ | (192,655) | |
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See notes to consolidated financial statements. | | | | | | | |
ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES
Item 1. Financial Statements
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ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (dollars in thousands) (Unaudited) |
| | For The Three Months Ended June 30, | | For The Six Months Ended June 30, |
| | 2022 | | 2021 | | 2022 | | 2021 |
Preferred stock | | | | | | | | |
Beginning of period | | $ | 1,536,569 | | | $ | 1,536,569 | | | $ | 1,536,569 | | | $ | 1,536,569 | |
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End of period | | $ | 1,536,569 | | | $ | 1,536,569 | | | $ | 1,536,569 | | | $ | 1,536,569 | |
Common stock | | | | | | | | |
Beginning of period | | $ | 14,610 | | | $ | 13,985 | | | $ | 14,597 | | | $ | 13,982 | |
Issuance | | 1,480 | | | 456 | | | 1,488 | | | 456 | |
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Stock-based award activity | | 2 | | | 1 | | | 7 | | | 4 | |
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End of period | | $ | 16,092 | | | $ | 14,442 | | | $ | 16,092 | | | $ | 14,442 | |
Additional paid-in capital | | | | | | | | |
Beginning of period | | $ | 20,321,952 | | | $ | 19,754,826 | | | $ | 20,313,832 | | | $ | 19,750,818 | |
Issuance | | 948,015 | | | 419,970 | | | 954,111 | | | 419,970 | |
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Stock-based award activity | | 11,110 | | | 3,896 | | | 13,134 | | | 7,904 | |
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End of period | | $ | 21,281,077 | | | $ | 20,178,692 | | | $ | 21,281,077 | | | $ | 20,178,692 | |
Accumulated other comprehensive income (loss) | | | | | | | | |
Beginning of period | | $ | (2,465,482) | | | $ | 2,002,231 | | | $ | 958,410 | | | $ | 3,374,335 | |
Unrealized gains (losses) on available-for-sale securities | | (2,503,250) | | | (191,541) | | | (6,071,929) | | | (1,620,468) | |
Reclassification adjustment for net gains (losses) included in net income (loss) | | 657,806 | | | (30,415) | | | 802,593 | | | 26,408 | |
End of period | | $ | (4,310,926) | | | $ | 1,780,275 | | | $ | (4,310,926) | | | $ | 1,780,275 | |
Accumulated deficit | | | | | | | | |
Beginning of period | | $ | (7,980,407) | | | $ | (9,251,804) | | | $ | (9,653,582) | | | $ | (10,667,388) | |
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Net income (loss) attributable to Annaly | | 866,696 | | | (295,642) | | | 2,888,951 | | | 1,455,171 | |
Dividends declared on preferred stock (1) | | (26,883) | | | (26,883) | | | (53,766) | | | (53,766) | |
Dividends and dividend equivalents declared on common stock and stock-based awards (1) | | (355,467) | | | (318,534) | | | (677,664) | | | (626,880) | |
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End of period | | $ | (7,496,061) | | | $ | (9,892,863) | | | $ | (7,496,061) | | | $ | (9,892,863) | |
Total stockholder’s equity | | $ | 11,026,751 | | | $ | 13,617,115 | | | $ | 11,026,751 | | | $ | 13,617,115 | |
Noncontrolling interests | | | | | | | | |
Beginning of period | | $ | 51,528 | | | $ | 11,788 | | | $ | 25,499 | | | $ | 13,480 | |
Net income (loss) attributable to noncontrolling interests | | (3,379) | | | 794 | | | (1,740) | | | 1,115 | |
Equity contributions from (distributions to) noncontrolling interests | | 15,000 | | | 9,479 | | | 39,390 | | | 7,466 | |
End of period | | $ | 63,149 | | | $ | 22,061 | | | $ | 63,149 | | | $ | 22,061 | |
Total equity | | $ | 11,089,900 | | | $ | 13,639,176 | | | $ | 11,089,900 | | | $ | 13,639,176 | |
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(1) Refer to the “Capital Stock” Note for dividends per share for each class of shares. |
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See notes to consolidated financial statements.
ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES
Item 1. Financial Statements
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ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS |
(dollars in thousands) |
| For The Six Months Ended June 30, |
| 2022 | | 2021 |
Cash flows from operating activities | | | |
Net income (loss) | $ | 2,887,211 | | | $ | 1,456,286 | |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | | | |
Amortization of premiums and discounts of investments, net | 19,404 | | | 313,306 | |
Amortization of securitized debt premiums and discounts and deferred financing costs | (4,378) | | | (4,269) | |
Depreciation, amortization and other noncash expenses | 11,145 | | | 17,718 | |
Net (gains) losses on investments and derivatives | (1,944,200) | | | (808,867) | |
Business divestiture-related (gains) losses | 24,309 | | | 248,036 | |
Income (loss) from unconsolidated joint ventures | (10,378) | | | 5,889 | |
Loan loss provision (reversal) | (26,305) | | | (139,126) | |
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Payments on purchases of loans held for sale | — | | | (49,586) | |
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Proceeds from sales and repayments of loans held for sale | 1,619 | | | 84,991 | |
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Net receipts (payments) on derivatives | 1,639,329 | | | 606,454 | |
Net change in | | | |
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Other assets | (42,741) | | | (121,876) | |
Interest receivable | (19,128) | | | 18,677 | |
Interest payable | 435 | | | (16,165) | |
Other liabilities | 180,529 | | | (40,425) | |
Net cash provided by (used in) operating activities | 2,716,851 | | | 1,571,043 | |
Cash flows from investing activities | | | |
Payments on purchases of securities | (14,422,639) | | | (12,581,731) | |
Proceeds from sales of securities | 8,390,532 | | | 6,350,647 | |
Principal payments on securities | 5,737,737 | | | 10,228,935 | |
Payments on purchases and origination of loans | (3,981,495) | | | (2,754,376) | |
Proceeds from sales of loans | 1,832,930 | | | 116,570 | |
Principal payments on loans | 1,073,579 | | | 1,498,768 | |
Payments on purchases of MSR | (683,972) | | | (98,983) | |
Proceeds from sales of MSR | 9,065 | | | 376 | |
Payments on purchases of interests in MSR | (4,913) | | | (47,098) | |
Investments in real estate | — | | | (1,815) | |
Proceeds from sales of real estate | — | | | 53,910 | |
Proceeds from reverse repurchase agreements | 7,750,024 | | | 12,084,313 | |
Payments on reverse repurchase agreements | (7,750,024) | | | (12,084,313) | |
Distributions in excess of cumulative earnings from unconsolidated joint ventures | — | | | 290 | |
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Proceeds from sale of equity securities | — | | | 6,957 | |
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Net cash provided by (used in) investing activities | (2,049,176) | | | 2,772,450 | |
Cash flows from financing activities | | | |
Proceeds from repurchase agreements and other secured financing | 1,849,361,390 | | | 1,129,837,127 | |
Payments on repurchase agreements and other secured financing | (1,853,629,599) | | | (1,134,179,055) | |
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Proceeds from issuances of securitized debt | 3,946,614 | | | 969,165 | |
Principal payments on securitized debt | (843,470) | | | (863,095) | |
Payments from relief of securitized debt | (2,990) | | | — | |
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Net proceeds from stock offerings, direct purchases and dividend reinvestments | 955,599 | | | 420,426 | |
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Proceeds from participations issued | 1,216,950 | | | 499,864 | |
Payments on repurchases of participations issued | (1,468,384) | | | (223,828) | |
Principal payments on participations issued | (31,844) | | | (4,015) | |
Net principal receipts (payments) on mortgages payable | — | | | (659) | |
Net contributions (distributions) from (to) noncontrolling interests | 39,390 | | | 7,466 | |
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Settlement of stock-based awards in satisfaction of withholding tax requirements | (3,050) | | | (992) | |
Dividends paid | (696,439) | | | (669,144) | |
Net cash provided by (used in) financing activities | (1,155,833) | | | (4,206,740) | |
Net (decrease) increase in cash and cash equivalents | $ | (488,158) | | | $ | 136,753 | |
Cash and cash equivalents including cash pledged as collateral, beginning of period | 1,342,090 | | | 1,243,703 | |
Cash and cash equivalents including cash pledged as collateral, end of period | $ | 853,932 | | | $ | 1,380,456 | |
Supplemental disclosure of cash flow information | | | |
Interest received | $ | 1,144,124 | | | $ | 1,478,377 | |
Dividends received | $ | — | | | $ | 51 | |
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Interest paid (excluding interest paid on interest rate swaps) | $ | 170,594 | | | $ | 183,952 | |
Net interest received (paid) on interest rate swaps | $ | (75,898) | | | $ | (137,018) | |
Taxes received (paid) | $ | (1,661) | | | $ | (333) | |
Noncash investing and financing activities | | | |
Receivable for unsettled trades | $ | 434,227 | | | $ | 14,336 | |
Payable for unsettled trades | $ | 1,995,960 | | | $ | 154,405 | |
Net change in unrealized gains (losses) on available-for-sale securities, net of reclassification adjustment | $ | (5,269,336) | | | $ | (1,594,060) | |
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Dividends declared, not yet paid | $ | 354,027 | | | $ | 317,714 | |
Derecognition of assets of consolidated VIEs | $ | — | | | $ | 976,690 | |
Derecognition of securitized debt of consolidated VIEs | $ | — | | | $ | |