Annaly Capital Management Stock Income Statements

Annaly Capital Management Quarterly Income Statements Chart

Quarterly

Annual

Net Income

Annaly Capital Management Quarterly Income Statements Table

Quarterly

Annual

Unit: USD	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2019-12-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-07-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2009-12-31	2009-09-30	2009-06-30

net interest income	273,200,000	219,971,000	187,288,000	13,401,000	53,558,000	-6,451,000	-53,550,000	-45,334,000	-31,963,000	19,463,000	135,087,000	277,997,000	475,140,000	580,928,000	360,995,000	362,534,000	322,859,000	687,405,000	432,863,000	447,317,000		272,900,000	315,623,000	334,114,000	512,066,000	426,712,000	353,613,000	315,145,000	389,302,000	384,514,000	304,363,000	240,696,000	457,580,000	340,495,000	511,274,000	389,752,000			719,881,000	721,550,000	717,567,000	809,385,000	843,748,000	522,444,000		464,899,000	436,746,000	387,805,000
interest income	1,418,893,000	1,317,108,000	1,338,880,000	1,229,341,000	1,177,325,000	1,094,488,000	990,352,000	1,001,485,000	921,494,000	818,250,000	798,934,000	678,488,000	645,615,000	655,850,000	422,780,000	412,972,000	383,906,000	763,378,000	527,344,000	562,443,000		859,674,000	816,596,000	776,806,000	879,487,000	745,423,000	622,550,000	537,426,000	587,727,000	558,668,000	457,118,000	388,143,000	576,387,000	450,792,000	624,346,000	519,172,000										542,734,750	744,523,000	710,401,000
interest expense	1,145,693,000	1,097,137,000	1,151,592,000	1,215,940,000	1,123,767,000	1,100,939,000	1,043,902,000	1,046,819,000	953,457,000	798,787,000	663,847,000	400,491,000	170,475,000	74,922,000	61,785,000	50,438,000	61,047,000	75,973,000	94,481,000	115,126,000		586,774,000	500,973,000	442,692,000	367,421,000	318,711,000	268,937,000	222,281,000	198,425,000	174,154,000	152,755,000	147,447,000	118,807,000	110,297,000	113,072,000	129,420,000										252,249,500	307,777,000	322,596,000
net servicing income	127,099,000	126,322,000	115,576,000	109,595,000	107,898,000	102,868,000	87,255,000	87,997,000	74,860,000	76,393,000	74,381,000	66,706,000	49,736,000	30,958,000
servicing and related income	141,670,000	140,435,000	127,224,000	122,583,000	120,515,000	115,084,000	98,474,000	97,620,000	83,790,000	84,273,000	82,040,000	74,486,000	55,685,000	34,715,000
servicing and related expense	14,571,000	14,113,000	11,648,000	12,988,000	12,617,000	12,216,000	11,219,000	9,623,000	8,930,000	7,880,000	7,659,000	7,780,000	5,949,000	3,757,000
other income															26,617,000	16,221,000	1,675,000	15,258,000	15,205,000	7,959,000		52,377,000	-10,643,000	34,170,000	34,023,000	25,064,000	28,282,000	30,865,000	31,646,000	29,271,000	-9,930,000	-6,115,000	23,230,000	-13,521,000	-22,344,000	-1,082,000
net gains on investments and other	83,503,000	810,812,000	40,210,250	1,723,713,000	-568,745,000	-994,127,000	-1,005,090,500	-2,713,126,000	-1,308,948,000	1,712,000	-869,383,000	-2,702,512,000	-615,216,000	-159,804,000
net gains on derivatives	-388,785,000	-977,867,000	13,405,250	-1,754,010,000	430,487,000	1,377,144,000	675,500,750	2,127,430,000	1,475,325,000	-900,752,000	1,193,727,750	2,117,240,000	1,015,643,000	1,642,028,000
other	15,812,000	7,398,000	18,899,000	27,438,000	24,791,000	23,367,000	12,713,250	26,250,000	9,105,000	15,498,000	-225,500	1,526,000	-5,486,000	3,058,000
total other income	-289,470,000	-159,657,000	72,514,500	-2,859,000	-113,467,000	406,384,000	-316,821,750	-559,446,000	175,482,000	-883,323,000	324,287,500	-585,069,000	397,899,000	1,484,320,000										34,170,000	34,023,000	25,064,000	28,282,000	30,865,000	31,646,000	29,271,000	-9,930,000	-6,115,000	-865,750	-9,741,000	-7,422,000	-815,299,000			-734,836,000	264,625,000	-191,614,000	-1,650,587,000	-652,940,000	241,713,000		312,475,000	-108,078,000	247,528,000
general and administrative expenses																																									43,562,500	65,194,000	57,229,000	51,827,000		36,880,000	33,344,000	30,046,000
compensation expense	36,583,000	37,297,000	24,112,000	34,453,000	33,274,000	28,721,000	22,522,500	30,064,000	30,635,000	29,391,000	20,747,250	27,744,000	22,243,000																										53,536,000	59,014,000
other general and administrative expenses	13,435,000	10,767,000	7,733,500	9,468,000	11,617,000	9,849,000	8,390,500	9,845,000	12,280,000	11,437,000	9,183,750	10,178,000	13,795,000	12,762,000	13,640,000	16,023,000	21,513,000	18,177,000	20,443,000	19,636,000		29,177,250	80,526,000	18,202,000	17,981,000	15,128,000	15,023,000	15,085,000	14,566,000	59,028,000	13,173,000	10,948,000	9,827,750	12,007,000	14,995,000	12,309,000			11,012,000	8,893,000
total general and administrative expenses	50,018,000	48,064,000	31,845,500	43,921,000	44,891,000	38,570,000	30,913,000	39,909,000	42,915,000	40,828,000	29,931,000	37,922,000	36,038,000	45,764,000	40,701,000	43,882,000	53,526,000	49,695,000	45,071,000	48,832,000		63,200,000	126,509,000	63,781,000	62,510,000	59,257,000	57,016,000	54,023,000	53,828,000	97,737,000	49,221,000	47,945,000	38,101,000	49,457,000	52,009,000	50,938,000
income before income taxes	60,811,000	138,572,000	483,483,000	76,216,000	3,098,000	464,231,000	-389,500,000	-556,692,000	175,464,000	-828,295,000	-886,900,000	-278,288,000	886,737,000	2,050,442,000	425,089,000	514,767,000	-289,714,000	1,750,813,000	865,140,000	1,025,267,000		-2,253,831,000	378,187,000	599,149,000	1,328,268,000	751,734,000	368,686,000	14,193,000		728,954,000	-278,573,000	-868,917,000	-52,989,500	-627,861,000	892,388,000	-476,485,000
income taxes	440,000	8,267,000	10,407,000	-6,135,000	11,931,000	-943,000	1,732,000	12,392,000	14,277,000	11,033,000	-86,000	-4,311,000	23,420,000	26,548,000	6,629,000	-6,767,000	5,134,000	-321,000	-13,495,000	9,719,000		-854,000	-7,242,000	3,262,000	564,000	4,963,000	1,371,000	-329,000	977,000	-1,926,000	-76,000	-837,000	6,085,000	-370,000	-7,683,000	14,000			-11,656,000	-16,462,000	-17,297,000	-15,417,000	-12,762,000	-13,575,000		10,489,000	9,657,000	7,801,000
net income	60,371,000	130,305,000	473,076,000	82,351,000	-8,833,000	465,174,000	-391,232,000	-569,084,000	161,187,000	-839,328,000	-886,814,000	-273,977,000	863,317,000	2,023,894,000	418,460,000	521,534,000	-294,848,000	1,751,134,000	878,635,000	1,015,548,000		-2,254,872,000	385,429,000	595,887,000	1,327,704,000	746,771,000	367,315,000	14,522,000	440,408,000	730,880,000	-278,497,000	-868,080,000	669,666,000	-627,491,000	900,071,000	-476,499,000			-91,159,000	901,806,000	445,562,000	-921,813,000	120,817,000	699,895,000		729,335,000	285,189,000	597,054,000
yoy	-783.47%	-71.99%	-220.92%	-114.47%	-105.48%	-155.42%	-55.88%	107.71%	-81.33%	-141.47%	-311.92%	-152.53%	-392.80%	15.58%	-52.37%	-48.65%		-177.66%	127.96%	70.43%		-401.95%	4.93%	4003.34%	201.47%	2.17%	-231.89%	-101.67%	-34.23%	-216.48%	-130.94%	82.18%			-1087.36%	-152.84%			-175.45%	28.85%		-226.39%	-57.64%	17.22%
qoq	-53.67%	-72.46%	474.46%	-1032.31%	-101.90%	-218.90%	-31.25%	-453.06%	-119.20%	-5.35%	223.68%	-131.74%	-57.34%	383.65%	-19.76%	-276.88%	-116.84%	99.30%	-13.48%			-685.03%	-35.32%	-55.12%	77.79%	103.31%	2429.37%	-96.70%	-39.74%	-362.44%	-67.92%	-229.63%	-206.72%	-169.72%	-288.89%				-110.11%	102.40%	-148.34%	-862.98%	-82.74%			155.74%	-52.23%
net income margin %
net income attributable to noncontrolling interests	3,272,000	6,081,000	4,709,500	15,906,000	650,000	2,282,000	-1,949,250	-6,879,000	-5,846,000	4,928,000	-113,250	1,287,000	-3,379,000	1,639,000	2,979,000	2,290,000	794,000	321,000	1,419,000	-126,000		-69,250	-149,000
net income attributable to annaly	57,099,000	124,224,000	482,052,000	66,445,000	-9,483,000	462,892,000	-403,743,000	-562,205,000	167,033,000	-844,256,000	-888,362,000	-275,264,000	866,696,000	2,022,255,000	415,481,000	519,244,000	-295,642,000	1,750,813,000	877,216,000	1,015,674,000		-2,254,889,000	385,578,000	595,919,000	1,327,800,000	746,922,000	367,547,000	14,624,000	440,511,000	731,216,000	-278,112,000	-867,918,000	670,039,000	-627,294,000	900,220,000	-476,409,000
dividends on preferred stock	37,260,000	37,157,000	28,961,750	41,628,000	37,158,000	37,061,000	26,123,750	36,854,000	35,766,000	31,875,000	20,162,250	26,883,000	26,883,000	26,883,000	26,883,000	26,883,000	26,883,000	26,883,000	35,509,000	35,509,000		32,494,000	31,675,000	31,377,000	33,766,000	32,334,000	30,355,000	23,473,000	23,473,000	22,803,000	17,992,000	17,992,000	17,992,000	17,992,000	17,992,000	17,992,000			6,508,000	3,938,000	4,148,000	4,172,000	4,267,000	4,267,000		4,625,000	4,625,000	4,625,000
net income available (related) to common stockholders	19,839,000	87,067,000	443,348,000	24,817,000	-46,641,000	425,831,000	-440,924,000	-599,059,000	131,267,000	-876,131,000	-918,336,000	-302,147,000	839,813,000	1,995,372,000	388,598,000	492,361,000	-322,525,000	1,723,930,000	841,707,000	980,165,000		-2,287,383,000	353,903,000	564,542,000	1,294,034,000	714,588,000	337,192,000	-8,849,000	417,038,000	708,413,000	-296,104,000	-885,910,000	652,047,000	-645,286,000	882,228,000	-494,401,000
net income per share
basic	0.03	0.15	0.82	0.05	-0.09	0.85	-0.88	-1.21	0.27	-1.79	-2.53	-0.7	0.55	1.37	0.26	0.34	-0.23	1.23	0.59	0.7		-1.94	0.29	0.49	1.12	0.65	0.31	-0.01	0.41	0.7	-0.32	-0.96	0.69	-0.68	0.93	-0.52
diluted	0.03	0.15	0.82	0.05	-0.09	0.85	-0.88	-1.21	0.27	-1.79	-2.53	-0.7	0.55	1.36	0.27	0.34	-0.23	1.23	0.59	0.7		-1.94	0.29	0.49	1.12	0.65	0.31	-0.01	0.41	0.7	-0.32	-0.96	0.69	-0.68	0.93	-0.52
weighted-average number of common shares outstanding
basic	620,208,712	587,149,704	521,737,554	515,729,658	500,950,563	500,612,840	494,541,323	494,330,361	494,165,256	489,688,364	411,348,484	429,858,876	1,522,436,766	1,461,363,637	1,427,426,079	1,445,315,914	1,410,239,138	1,399,210,925	1,414,659,439	1,404,202,695		1,209,601,809	1,202,353,851	1,160,436,777	1,159,617,848	1,065,923,652	1,072,566,395	1,019,000,817	1,018,942,746	1,007,607,893	924,887,316	926,813,588	947,062,099	947,795,500	947,731,493	947,669,831	947,539,294		974,555,392	971,727,701		948,545,975	822,623,370	752,413,605		546,973,036
diluted	621,103,218	588,420,998	522,747,610	516,832,152	500,950,563	501,182,043	494,541,323	494,330,361	494,358,982	489,688,364	411,621,758	429,858,876	1,523,595,000	1,462,451,965	1,428,569,003	1,446,357,867	1,410,239,138	1,400,000,727	1,414,659,439	1,404,368,300		1,209,601,809	1,202,353,851	1,160,979,451	1,160,103,185	1,066,351,616	1,073,040,637	1,019,000,817	1,019,307,379	1,007,963,406	924,887,316	926,813,588	947,276,742	947,795,500	947,929,762	947,669,831	947,539,294		974,555,392	1,010,588,609		948,545,975	827,754,731	790,993,841		553,130,643
other comprehensive income	47,356	230,280	155,799.25	444,724	124,991	53,482	253,530	-312,245	168,083	1,158,282	-1,597,461.5	-1,120,510	-1,845,444	-3,423,892	-680,228	-141,637	-221,956	-1,372,104	-214,721	-253,018		-674,234	-388,509	-434,367	-1,874,060	-485,871	210,618	275,324	-40,198	2,631	476,680	1,017,962	14,493	617,820	-1,128,964	569,116			646,890	-242,558	477,211.5	1,023,657	1,040,303			-68,677	597,860	240,583
unrealized gains on available-for-sale securities	33,559	164,877	23,210.75	428,955	-54,243	-281,869	-110,989.25	-825,286	-294,045	675,374	-2,162,609.5	-2,578,509	-2,503,250	-3,568,679	-685,699	-113,451	-191,541	-1,428,927	-207,393	-140,671		-776,054.5	-719,609	-505,130	-1,879,479	-487,597	195,251	261,964	-59,615	18,237	483,930	1,017,707	29,038.5	609,725	-1,125,043	631,472			741,727	-162,259	505,184.25	1,115,325	1,047,639	-142,227
reclassification adjustment for net (gains) losses included in net income	13,797	65,403	132,588.5	15,769	179,234	335,351	364,519.25	513,041	462,128	482,908	565,148	1,457,999	657,806	144,787	5,471	-28,186	-30,415	56,823	-7,328	-112,347		101,820.5	331,100	70,763	5,419	1,726	15,367	13,360	19,417	-15,606	-7,250	255	-14,545.5	8,095	-3,921	-62,356			-94,837	-80,299	-31,547.25	-91,668	-7,336
comprehensive income	107,727	360,585	290,472.25	527,075	116,158	518,656	-58,276.25	-881,329	329,270	318,954	-944,153	-1,394,487	-982,127	-1,399,998	-261,768	379,897	-516,804	379,030	663,914	762,530		-96,979	-3,080	161,520	-546,356	260,900	577,933	289,846	400,210	733,511	198,183	149,882	-36,486.75	-9,671	-228,893	92,617			555,731	659,248	451,936.25	101,844	1,161,120	544,781
comprehensive income attributable to noncontrolling interests	3,272	6,081	4,709.5	15,906	650	2,282	-1,949.25	-6,879	-5,846	4,928	-113.25	1,287	-3,379	1,639	2,979	2,290	794	321	1,419	-126		-69.25	-149
comprehensive income attributable to annaly	104,455	354,504	285,762.75	511,169	115,508	516,374	-56,327	-874,450	335,116	314,026	-944,039.75	-1,395,774	-978,748	-1,401,637	-264,747	377,607	-517,598	378,709	662,495	762,656		-96,909.75	-2,931	161,552	-546,260	261,051	578,165	289,948	400,313	733,847	198,568	150,044	-36,377.75	-9,474	-228,744	92,707
comprehensive income attributable to common stockholders	67,195	317,347	256,801	469,541	78,350	479,313	-82,450.75	-911,304	299,350	282,151	-964,202	-1,422,657	-1,005,631	-1,428,520	-291,630	350,724	-544,481	351,826	626,986	727,147		-121,114.25	-34,606	130,175	-580,026	228,717	547,810	266,475
see notes to consolidated financial statements.
loan loss (provision) reversal							54,750			219,000	6,979,500	1,613,000	26,913,000	-608,000	-194,000	6,134,000	-494,000	139,620,000
business divestiture-related gains											-6,811,250	-2,936,000	-23,955,000	-354,000	-16,514,000	-14,009,000	1,527,000	-249,563,000
compensation and management fee														33,002,000	27,061,000	27,859,000	32,013,000	31,518,000	24,628,000	29,196,000		34,022,750	45,983,000	45,579,000	44,529,000	44,129,000	41,993,000	38,938,000	39,262,000	38,709,000	36,048,000	36,997,000	28,273,250	37,450,000	37,014,000	38,629,000
realized and unrealized gains
net interest component of interest rate swaps															-58,897,000	-54,411,000	-83,087,000	-79,747,000	-66,807,000	-62,529,000		8,666,000	51,349,000	31,475,000
realized gains on termination or maturity of interest rate swaps															-39,932,000	-1,196,417,000			2,092,000	-427,000		352,250	575,000		834,000
unrealized gains on interest rate swaps															186,345,000	1,380,946,000	-141,067,000	772,262,000	258,236,000	170,327,000		434,490,750	417,203,000	343,475,000	977,285,000	484,447,000	56,854,000	-177,567,000	149,184,000	256,462,000	-373,220,000	-1,031,720,000	-146,998,750	-822,585,000	700,792,000	-466,202,000			-611,215,000	341,639,000	-12,139,000	-1,505,333,000	-466,943,000	169,308,000
subtotal															87,516,000	130,118,000	-224,154,000	692,515,000	193,521,000	107,371,000		443,509,000	469,127,000	374,950,000	929,959,000	242,101,000	-31,357,000	-274,095,000	45,028,000	133,227,000	-564,046,000	-1,179,195,000	-319,866,250	-984,889,000	556,327,000	-850,903,000			98,381,000	144,711,000	48,163,000	86,595,000	30,763,000
net gains on disposal of investments and other															-25,144,000	12,002,000	16,223,000	-65,786,000	163,037,500	198,888,000
net gains on other derivatives and financial instruments															47,843,000	-45,168,000	-357,808,000	476,868,000
net unrealized gains on instruments measured at fair value through earnings															-15,329,000	90,817,000	3,984,000	104,191,000	51,109,000	121,255,000		-34,978,250	-39,944,000	-48,376,000
total realized and unrealized gains															78,178,000	179,894,000	-560,722,000	1,097,845,000	462,143,000	618,823,000		334,762,750	199,716,000	294,646,000	844,689,000	359,215,000	43,807,000	-277,794,000	74,265,000	412,906,000	-523,785,000	-1,055,553,000	-324,403,000	-909,158,000	440,545,000
net gains on other derivatives																			209,647,000	169,316,000		20,467,750	94,827,000	34,189,000
loan loss provision																			-1,497,000	21,993,000
the three months ended september 30, 2019 exclude cumulative and undeclared dividends of 0.3 million on the company's series i preferred stock as of june 30, 2019.
net interest income:
net gains on disposal of investments																						-94,235,750	-324,294,000	-66,117,000	13,468,000	7,895,000	-11,552,000	-5,516,000	5,235,000	14,447,000	12,535,000	-1,675,000	14,561,500	-7,943,000	3,833,000	62,356,000
general and administrative expenses:
weighted-average number of common shares outstanding:
basic	620,208,712	587,149,704	521,737,554	515,729,658	500,950,563	500,612,840	494,541,323	494,330,361	494,165,256	489,688,364	411,348,484	429,858,876	1,522,436,766	1,461,363,637	1,427,426,079	1,445,315,914	1,410,239,138	1,399,210,925	1,414,659,439	1,404,202,695		1,209,601,809	1,202,353,851	1,160,436,777	1,159,617,848	1,065,923,652	1,072,566,395	1,019,000,817	1,018,942,746	1,007,607,893	924,887,316	926,813,588	947,062,099	947,795,500	947,731,493	947,669,831	947,539,294		974,555,392	971,727,701		948,545,975	822,623,370	752,413,605		546,973,036
diluted	621,103,218	588,420,998	522,747,610	516,832,152	500,950,563	501,182,043	494,541,323	494,330,361	494,358,982	489,688,364	411,621,758	429,858,876	1,523,595,000	1,462,451,965	1,428,569,003	1,446,357,867	1,410,239,138	1,400,000,727	1,414,659,439	1,404,368,300		1,209,601,809	1,202,353,851	1,160,979,451	1,160,103,185	1,066,351,616	1,073,040,637	1,019,000,817	1,019,307,379	1,007,963,406	924,887,316	926,813,588	947,276,742	947,795,500	947,929,762	947,669,831	947,539,294		974,555,392	1,010,588,609		948,545,975	827,754,731	790,993,841		553,130,643
dividends declared per share of common stock																						0.225	0.3	0.3	0.3	0.225	0.3	0.3	0.3	0.3	0.3	0.3	0.225	0.3	0.3	0.3			0.55
other comprehensive income:
other income:
net income attributable to noncontrolling interest																								-32,000	-96,000	-151,000	-232,000	-102,000	-103,000	-336,000	-385,000	-162,000	-373,000	-197,000	-149,000	-90,000
comprehensive income attributable to noncontrolling interest																								-32	-96	-151	-232	-102	-103	-336	-385	-162	-109	-197	-149	-90
realized gains on interest rate swaps																									-48,160,000	-82,271,000	-88,211,000	-96,470,000	-104,156,000	-124,572,000	-130,762,000	-147,475,000	-116,252,000	-162,304,000	-144,465,000	-158,239,000			-222,002,000	-219,340,000	-227,638,000	-231,849,000	-216,760,000
net gains on trading assets																									-47,145,000	121,334,000	154,208,000	-14,423,000	319,000	162,981,000	81,880,000	125,189,000	-3,240,250	108,175,000	-114,230,000	-6,906,000			1,105,000	5,256,000	3,760,500	1,942,000	-5,712,000
net unrealized gains on investments measured at fair value through earnings																									-51,593,000	-12,115,000	-67,492,000	16,240,000		29,675,000
realized gains on termination of interest rate swaps																										-160,075,000		-58,000		1,337,000	-60,064,000		-56,615,500			-226,462,000				-2,385,000
bargain purchase gain																														72,576,000
net unrealized gains on financial instruments measured at fair value through earnings																													23,683,000		-54,154,000	128,000	-10,116,500	-24,501,000	17,581,000
income before income taxes and noncontrolling interest																													441,385,000																	314,007,000	294,846,000	604,855,000
comprehensive income attibutable to common stockholders																													376,840	711,044	180,576	132,052	-49,871.75	-27,466	-246,736
impairment of goodwill																																	-5,741,500		-22,966,000
investment advisory income																																	6,212,000	3,780,000	10,604,000	10,464,000
dividend income from affiliate																																	2,159,000		4,318,000	4,318,000
consists of interest expense on interest rate swaps.
net unrealized gains on interest-only agency mortgage-backed securities																																				-33,546,000
average basic common share, compared to net income of 2.7 billion, or 2.79 per average basic common share, for the same period in 2013. we attribute the majority of the change in net income for the nine months ended september 30, 2014 from the same period in 2013 to the change in unrealized gains on swaps, which resulted in a net income of 75.3 million for the nine months ended september 30, 2014 compared to a net gain of 1.4 billion for the same period in 2013 and an increase in realized losses resulting from the termination of interest rate swaps, predominantly in the second quarter of 2014, of 690.6 million over the same comparative period. the change in unrealized gains was partially offset by the reversal of unrealized losses in connection with interest rate swap positions that were terminated. the change in the fair value of interest rate swaps was primarily attributable to the downward trend in forward interest
other information:
average total assets
average equity
return on average total assets
return on average equity
we use daily balances to calculate average interest earning assets and interest bearing liabilities. for the purpose of computing economic net interest income and certain ratios relating to cost of funds measures throughout this report, economic interest expense includes interest expense on interest rate swaps, which is recorded in the consolidated statements of comprehensive income as realized gains on interest rate swaps.
on disposals of investments and termination of interest rate swaps, unrealized gains or losses on interest rate swaps and agency interest-only mortgage-backed securities, net gains and losses on trading assets, impairment losses, and certain other non-recurring gains or losses. we believe that core earnings, core earnings per average basic common share, economic interest expense and economic net interest income provide meaningful information to consider, in addition to the respective amounts prepared in accordance with gaap. the non-gaap measures help us to evaluate our financial position and performance without the effects of certain transactions and gaap adjustments that are not necessarily indicative of our current investment portfolio and operations. our presentation of non-gaap financial measures has important limitations. other market participants may calculate core earnings, core earnings per average basic common share, economic interest expense and economic net interest income differently than we calculate them, making comparative analysis difficult. although we believe that the calculation of non-gaap financial measures described above helps evaluate and measure our financial position and performance without the effects of certain transactions, it is of limited usefulness as an analytical tool. therefore, the non-gaap financial measures should not be viewed in isolation and are not a substitute for net income, net income per basic share available (related) to
gaap net income
adjustments:
realized (gains) losses on termination of interest rate swaps
unrealized (gains) losses on interest rate swaps
net (gains) losses on disposal of investments
net (gains) losses on trading assets
net unrealized (gains) losses on interest-only agency mortgage-backed securities
loss on previously held equity interest in crexus
other non-recurring expense
core earnings
gaap net income per average basic common share
core earnings per average basic common share
represents a one-time payment made by fidac to chimera investment corp. (chimera) to resolve issues raised in derivative demand letters sent to chimera’s board of directors. this amount is a component of other income in the company’s consolidated statements of comprehensive income.
economic interest expense and economic net interest income we believe the economic value of our investment strategy is depicted by the economic net interest income we earn. we calculate economic net interest
income by determining our gaap net interest income and reducing it by realized losses on interest rate swaps, which represents interest expense on interest rate swaps. our economic interest expense, which is composed of interest expense on our interest bearing liabilities plus interest expense on interest rate swaps, reflects total contractual interest payments.
quarter ended:
september 30, 2014
september 30, 2013
nine months ended:
economic interest expense includes interest expense on interest rate swaps.
interest income and average yield on interest earning assets prepayment speeds, as reflected by the constant prepayment rate, or 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 on our agency mortgage-backed securities portfolio increase, related purchase premium amortization increases, thereby reducing the yield on such assets. the following table presents the weighted-average experienced cpr on our agency mortgage-backed securities portfolio for the periods presented. quarter ended cpr september 30, 2014 9% june 30, 2014 7% march 31, 2014 6% september 30, 2013 13% june 30, 2013 17% march 31, 2013 19% our interest income for the quarters ended september 30, 2014 and 2013 was 644.6 million and 697.2 million, respectively. we had average interest earning assets of 86.3 billion and 96.7 billion, and the average yield on interest earning assets was 2.99% and 2.88% for the quarters ended september 30, 2014 and 2013, respectively. the decline in interest income of 52.5 million for the quarter ended september 30, 2014
million, which included 227.9 million in interest expense on interest rate swaps, for the quarters ended september 30, 2014 and 2013, respectively. our average cost of interest bearing liabilities was 1.64% and 1.81%, including interest expense on interest rate swaps, for the quarters ended september 30, 2014 and 2013, respectively. economic interest expense, including interest expense on interest rate swaps, for the quarter ended september 30, 2014 decreased by 77.2 million when compared to the same period in 2013, primarily due to lower swap interest expense on lower average notional balances. in addition, average interest bearing liabilities and the average cost of interest bearing liabilities declined by 9.9 billion and 17 basis points, respectively, for the quarter ended september 30, 2014 compared to the same period in 2013. we had average interest bearing liabilities of 70.2 billion and 97.1 billion for the nine months ended september 30, 2014 and 2013, respectively. our total economic interest expense was 1.0 billion, which included 650.5 million in interest expense on interest rate swaps, and 1.2 billion, which included 666.1
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 should be expected to 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 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 will differ from period end borrowings as we implement our portfolio management strategies and risk management strategies
increase the liquidity and strength of our balance sheet. as of september 30, 2014, the term to maturity of our repurchase agreements ranged from one day to five years. additionally, we have entered into borrowings giving the counterparty the right to call the balance prior to maturity. at september 30, 2014 and december 31, 2013, the weighted-average rate for our borrowings was 1.64% and 2.37%, respectively, including the effect of the interest rate swaps, 4% convertible senior notes due 2015, 5% convertible senior notes due 2015 (collectively, the convertible senior notes) and securitized debt of consolidated vie, and the weighted-average days to maturity was 161 days and 208 days, respectively. economic net interest income our economic net interest income, including interest paid on interest rate swaps, increased to 348.5 million for the quarter ended september 30, 2014 compared to																																						323.8
does not reflect unrealized gains/(losses) or premium/(discount).
economic net interest income includes interest expense on interest rate swaps.
other income other income is largely comprised of net gains or losses on interest rate swaps, net gains or losses from trading assets, net gains or losses on sales of agency mortgage-backed securities and other investments, net unrealized gains on interest-only agency mortgage-backed securities, dividend income from available-for-sale equity securities, investment advisory fees and other income. the aggregate net gain on interest rate swaps was a loss of 70.5 million and 258.2 million for the quarters ended september 30, 2014 and 2013, respectively, and a loss of 1.5 billion and a gain of 686.3 million for the nine months ended september 30, 2014 and 2013, respectively. the change in the aggregate net gain on interest rate swaps for the quarter and nine months ended september 30, 2014 as
interest income:
investments																																							876,229,000	850,959,000	844,874,000	926,558,000	948,703,000
u.s. treasury securities																																							7,397,000	1,418,000	1,082,000	2,302,000	6,497,000	4,825,000
securities loaned																																							2,698,000	2,518,000	1,744,000	1,942,000	1,868,000	1,343,000
total interest income																																							886,324,000	854,895,000	847,700,000	930,802,000	957,068,000	844,048,000
interest expense:
repurchase agreements																																							139,579,000	113,914,000	114,989,000	109,014,000	100,164,000	102,602,000
convertible senior notes																																							18,965,000	14,727,000	12,552,000	8,798,000	6,900,000	6,767,000
u.s. treasury securities sold, not yet purchased																																							5,801,000	2,644,000	1,214,000	2,109,000	4,772,000	4,986,000
securities borrowed																																							2,098,000	2,060,000	1,378,000	1,496,000	1,484,000	1,101,000
total interest expense																																							166,443,000	133,345,000	130,133,000	121,417,000	113,320,000	321,604,000
investment advisory and other fee income																																							21,929,000	20,766,000	20,460,000	20,828,000	20,710,000
net gains on sales of agency mortgage-backed securities and debentures																																							94,837,000	80,299,000	80,657,000	91,668,000
dividend income from affiliates																																							6,621,000	7,521,000
net unrealized gain (losses) on interest-only agency mortgage-backed securities																																							-26,103,000	30,877,000	-9,761,250	-39,321,000
income from underwriting																																							-8,000	-8,000	19,000	2,772,000	-77,000	2,904,000
expenses:
total expenses																																							64,548,000	67,907,000	63,094,000	65,194,000	57,229,000	51,827,000		37,298,000	33,822,000	30,478,000
income before income taxes and income from equity method investment in affiliate																																							-79,503,000	918,268,000	462,859,000	-906,396,000	133,579,000	712,330,000
income from equity method investment in affiliate																																									285,000			1,140,000
net income available (related) to common shareholders																																							-97,667,000	897,868,000	441,414,000	-925,985,000	116,550,000
net income available (related) per share to common shareholders:
basic																																							-0.1	0.92	-0.035	-0.98	0.14	0.92
diluted																																							-0.1	0.89	-0.035	-0.98	0.14	0.89
unrealized losses on interest rate swaps																																									3,574.5
interest expense related to the company’s interest rate swaps is recorded in realized gains on interest rate swaps on the consolidated statements of comprehensive income.
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 operations and comprehensive income.
dividend income																																									8,283,000	8,706,000	8,230,000
distribution fees																																														418,000	478,000	432,000
net gains on sales of mortgage-backed securities and agency debentures																																											7,336,000
net gain (losses) on interest-only mortgage-backed securities																																											276,000
investment securities																																												837,880,000
interest rate swaps																																												206,148,000
investment advisory and service fees																																												17,207,000		14,835,000	14,620,000	11,736,000
gains on sales of mortgage-backed securities and agency debentures																																												27,185,000
dividend income from available-for-sale equity securities																																												6,297,000		7,647,000	5,398,000	3,221,000
net gains on trading securities																																												18,812,000
net income available to common shareholders																																												695,628,000		724,710,000	280,564,000	592,429,000
net income available per share to common shareholders:
basic																																							-0.1	0.92	-0.035	-0.98	0.14	0.92
diluted																																							-0.1	0.89	-0.035	-0.98	0.14	0.89
other comprehensive loss:
reclassification adjustment for net gains included in net income																																												-27,185		-1,994.5	-591	-2,364
other comprehensive loss																																												-155,114
gain on sale of investment securities																																														91,150,000	591,000	2,364,000
income from trading securities
unrealized gain on interest rate swaps																																														212,456,000	-128,687,000	230,207,000
loss on other-than-temporarily impaired securities
noncontrolling interest
net income attributable to controlling interest																																														729,335,000	285,189,000	597,054,000
net income available per share to common shareholders-basic																																														0.56	0.51	1.09
net income available per share to common shareholders-diluted																																														0.555	0.51	1.08
weighted-average number of common shares outstanding-basic																																															547,611,480	544,344,844
weighted-average number of common shares outstanding-diluted																																															553,376,285	550,099,709
unrealized gain on available-for-sale securities																																														-25,190	542,396	176,013
comprehensive income attributable to controlling interest																																														660,658	883,049	837,637

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