Company: NLY-PF
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0001628280-25-005451
Chunk: 36

Company: ANNALY CAPITAL MANAGEMENT INC
Filing Date: 2025-02-13
Form: 10-K
Item: Item 7
Chunk 36
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 Total G&AExpensesTotal G&A Expenses/Average AssetsTotal G&A Expenses/Average EquityFor the years ended(dollars in thousands)December 31, 2024$171,356 0.18 %1.44 %December 31, 2023$162,553 0.18 %1.42 %December 31, 2022$162,729 0.21 %1.40 %

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ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIESItem 7. Management’s Discussion and Analysis

2024 Compared with 2023 

G&A expenses increased $8.8 million to $171.4 million for the year ended December 31, 2024 compared to the same period in 2023. The change in the period was primarily due to an increase in compensation expense, partially offset by lower expenses related to technology and professional fees.

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 years ended      December 31, 202412.22 %3.67 %(5.79 %)(1.44 %)(0.13 %)8.53 %December 31, 202312.88 %2.85 %(28.30 %)(1.42 %)(0.34 %)(14.33 %)December 31, 202215.80 %1.91 %(1.06 %)(1.40 %)(0.39 %)14.86 %(1) Economic net interest income includes the net interest component of interest rate swaps and, beginning with the quarter ended June 30, 2024, net interest on initial margin related to interest rate swaps, which is reported in Other, net in the Company’s Consolidated Statements of Comprehensive Income (Loss). Prior period results have not been adjusted in accordance with this change as the impact is not material. Net interest on variation margin related to interest rate swaps was previously and is currently included in the Net interest component of interest rate swaps in the Company's Consolidated Statements of Comprehensive Income (Loss