Company: NLY-PF
Filing Date: 2025-07-30
Form Type: 10-Q
Source: 0001628280-25-036724
Chunk: 175

Company: ANNALY CAPITAL MANAGEMENT INC
Filing Date: 2025-07-30
Form: 10-Q
Item: Part I, Item 1
Chunk 175
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es) on other derivatives was ($422.5) million for the six months ended June 30, 2025, compared to $183.2 million for the same period in 2024. The change in net gains (losses) on other derivatives was primarily due to unfavorable changes in net gains (losses) on futures, which was ($472.9) million for the six months ended June 30, 2025, compared to $139.4 million for the same period in 2024, and net gains (losses) on interest rate swaptions, which was ($9.2) million for the six months ended June 30, 2025, compared to $42.2 million for the same period in 2024, partially offset by a favorable change in TBA derivatives, which was $47.2 million for the six months ended June 30, 2025, compared to $6.0 million for the same period in 2024, and purchase commitments, which was $12.4 million for the six months ended June 30, 2025, compared to ($4.3) million for the same period in 2024.

Other, Net 

Other, net for the six months ended June 30, 2025 was $23.2 million, compared to $48.2 million for the same period in 2024, primarily attributable to an increase in securitization related costs and MSR financing expenses, a decrease in net interest income on initial margin related to interest rate swaps, partially offset by an increase in interest on custodial balances and conduit transaction fees.

51

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)June 30, 2025$50,018 0.18 %1.51 %June 30, 2024$44,891 0.19 %1.58 %For the six months endedJune 30, 2025$98,082 0.18%1.50