Company: NLY-PF
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001043219-25-000012
Chunk: 34

Company: ANNALY CAPITAL MANAGEMENT INC
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 2
Chunk 34
---
5, compared to ($152.1) million for the same period in 2024, partially offset by favorable changes in TBA derivatives, which was $123.8 million for the nine months ended September 30, 2025, compared to $28.3 million for the same period in 2024, and net gains (losses) on interest rate swaptions, which was ($9.2) million for the nine months ended September 30, 2025, compared to ($92.8) million for the same period in 2024.

Other, Net 

Other, net for the nine months ended September 30, 2025 was $37.2 million, compared to $75.6 million for the same period in 2024, primarily attributable to an increase in MSR financing expenses, a decrease in net interest income on initial margin related to interest rate swaps, and an increase in securitization related costs, partially offset by an increase in interest on custodial balances, advisory income, and conduit transaction fees.

54

ANNALY CAPITAL MANAGEMENT, INC. 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