Company: NLY-PF
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001043219-25-000012
Chunk: 183

Company: ANNALY CAPITAL MANAGEMENT INC
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 1
Chunk 183
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 AND SUBSIDIARIESItem 2. Management’s Discussion and Analysis 

General and Administrative Expenses

General and administrative (“G&A”) expenses consist of compensation and other expenses. The following table shows our total G&A expenses as compared to average total assets and average equity for the periods presented.

G&A Expenses and Operating Expense Ratios

 Total G&AExpenses Total G&A Expenses/Average AssetsTotal G&A Expenses/Average EquityFor the three months ended(dollars in thousands)September 30, 2025$50,340 0.17 %1.41 %September 30, 2024$43,921 0.18 %1.48 %For the nine months endedSeptember 30, 2025$148,422 0.18%1.46%September 30, 2024$127,382 0.18%1.46%

G&A expenses were $50.3 million for the three months ended September 30, 2025, an increase of $6.4 million compared to the same period in 2024. The change in the period was primarily due to an increase in compensation expenses and higher expenses related to professional fees, rent and technology.

G&A expenses were $148.4 million for the nine months ended September 30, 2025, an increase of $21.0 million compared to the same period in 2024. The change in the period was primarily due to an increase in compensation expenses and higher expenses related to rent, professional fees and technology.

Return on Average Equity

The following table shows the components of our annualized return on average equity for the periods presented.

Components of Annualized Return on Average Equity

 Economic Net Interest Income/ Average Equity (1)Net Servicing Income/Average EquityOther Income (Loss)/Average Equity (2)G&A Expenses/ Average EquityIncomeTaxes/ Average EquityReturn onAverage EquityFor the three months ended      September 30, 202513.14%3.55%8.19%(1.41%)0.22%23.69%September 30, 202411.12%3.68%(10.76%)(1.48%)0.21%2.77%For the nine months ended      September 30, 202513.15%3.73%(5.25%)(1.46%)(0.01%)10.16%September 30,