Company: NLY-PF
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0001628280-25-005451
Chunk: 35

Company: ANNALY CAPITAL MANAGEMENT INC
Filing Date: 2025-02-13
Form: 10-K
Item: Item 7
Chunk 35
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7 billion for the same period in 2023. Net interest component of interest rate swaps was $1.2 billion for the year ended December 31, 2024 compared to $1.6 billion for the same period in 2023 due to a decrease in average net receive rate.

Net gains (losses) on other derivatives was $124.9 million for the year ended December 31, 2024 compared to ($294.6) million for the same period in 2023. The change in net gains (losses) on other derivatives was primarily due to favorable changes in net gains (losses) on futures contracts, which was $257.5 million for the year ended December 31, 2024 compared to ($6.8) million for the same period in 2023, net gains (losses) on TBA derivatives, which was ($16.7) million for the year ended December 31, 2024 compared to ($140.8) million for the same period in 2023, and net gains (losses) on interest rate swaptions, which was ($105.9) million for the year ended December 31, 2024 compared to ($148.8) million for the same period in 2023, partially offset by an unfavorable change in net gains (losses) on purchase commitments, which was ($10.0) million for the year ended December 31, 2024 compared to $7.9 million for the same period in 2023.

Other, Net 

Other, net includes brokerage and commission fees, due diligence costs, securitization expenses, and interest on custodial balances. We also report in Other, net items whose amounts, either individually or in the aggregate, would not, in the opinion of management, be meaningful to readers of the financial statements. Given the nature of certain components of this line item, balances may fluctuate from period to period. Other, net was $94.9 million for the year ended December 31, 2024 compared to $73.7 million for the same period in 2023, primarily attributable to an increase in interest on custodial balances, partially offset by an increase in MSR financing expenses.

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 Rat