Company: NLY-PF
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001628280-25-023811
Chunk: 147

Company: ANNALY CAPITAL MANAGEMENT INC
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 1
Chunk 147
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 Management’s Discussion and Analysis 

secured financing, and U.S Treasury securities sold, not yet purchased. Debt issued by securitization vehicles and participations issued are non-recourse to us and are excluded from economic leverage.

The following table presents a reconciliation of GAAP debt to economic debt for purposes of calculating our economic leverage ratio for the periods presented:

As ofMarch 31, 2025March 31, 2024Economic leverage ratio reconciliation(dollars in thousands)Repurchase agreements$61,659,460 $58,975,232 Other secured financing900,000 600,000 Debt issued by securitization vehicles21,802,193 13,690,967 Participations issued1,748,273 1,161,323 U.S. Treasury securities sold, not yet purchased2,519,125 2,077,404 Total GAAP debt$88,629,051 $76,504,926 Less Non-recourse debt:Debt issued by securitization vehicles$(21,802,193)$(13,690,967)Participations issued(1,748,273)(1,161,323)Total recourse debt$65,078,585 $61,652,636 Plus / (Less):Cost basis of TBA derivatives6,612,755 1,136,788 Payable for unsettled trades2,304,774 2,556,798 Receivable for unsettled trades(2,523)(941,366)Economic debt *$73,993,591 $64,404,856 Total equity$13,084,508 $11,496,113 Economic leverage ratio *5.7:15.6:1*   Represents a non-GAAP financial measure. Refer to the disclosure within this section above for additional information on non-GAAP financial measures.

The following table presents a reconciliation of GAAP total assets to economic total assets for purposes of calculating our economic capital ratio for the periods presented:

As ofMarch 31, 2025March 31, 2024Economic capital ratio reconciliation(dollars in thousands)Total GAAP assets$105,115,346 $91,483,546 Less:Gross unrealized gains on TBA derivatives (1)(35,095)(7,220)Debt issued by securitization vehicles(21,802,193)(13,