Investor Presentaiton
Non-GAAP Reconciliations
Earnings Available for Distribution (“EAD”), a non-GAAP measure, 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 depreciation
expense related to commercial real estate and 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
("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 the Company's Agency mortgage-backed securities.
ANNALY
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