Company: NLY-PF
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0001628280-25-005451
Chunk: 54

Company: ANNALY CAPITAL MANAGEMENT INC
Filing Date: 2025-02-13
Form: 10-K
Item: Item 7
Chunk 54
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 Weighted Average Rate   Principal BalanceAs of Period EndFor the QuarterWeighted AverageDays to Maturity (1) (dollars in thousands)Repurchase agreements$65,688,923 4.76 %4.93 %32Other secured financing750,000 7.21 %7.37 %310Debt issued by securitization vehicles (2)20,468,421 5.34 %5.16 %12,962Participations issued (2)1,134,995 6.83 %6.53 %10,889Total indebtedness$88,042,339    (1) Determined based on estimated weighted-average lives of the underlying debt instruments.(2) Non-recourse to Annaly.

Excess Liquidity

Our primary source of liquidity is the availability of unencumbered assets which may be provided as collateral to support additional funding needs. We target minimum thresholds of available, unencumbered assets to maintain excess liquidity. The following table illustrates our asset portfolio available to support potential collateral obligations and funding needs. 

Assets are considered encumbered if pledged as collateral against an existing liability, and therefore are no longer available to support additional funding. An asset is considered unencumbered if it has not been pledged or securitized. The following table also provides the carrying amount of our encumbered and unencumbered financial assets at December 31, 2024:

 Encumbered AssetsUnencumbered AssetsTotalFinancial assets(dollars in thousands)Cash and cash equivalents$1,202,880 $285,147 $1,488,027 Investments, at carrying value (1)Agency mortgage-backed securities65,768,342 3,634,123 69,402,465 Credit risk transfer securities742,979 11,936 754,915 Non-agency mortgage-backed securities1,106,463 386,723 1,493,186 Commercial mortgage-backed securities74,278 — 74,278 Residential mortgage loans (2)24,492,582 1,027,508 25,520,090 MSR2,460,252 448,882 2,909,134 Other assets (3)— 53,696 53,696 Total financial assets$95,847,776 $5,848,015 $101,695,791