Company: NLY-PF
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001043219-25-000012
Chunk: 72

Company: ANNALY CAPITAL MANAGEMENT INC
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 2
Chunk 72
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 total economic assets.  Total economic assets includes the implied market value of TBA derivatives and are net of debt issued by securitization vehicles and participations issued.Economic Interest ExpenseNon-GAAP financial measure that is comprised of GAAP interest expense, the net interest component of interest rate swaps and 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). Net interest on variation margin related to interest rate swaps is included in the Net interest component of interest rate swaps in the Company’s Consolidated Statements of Comprehensive Income (Loss).Economic Leverage Ratio (Economic Debt-to-Equity Ratio)Non-GAAP financial measure that is calculated as the sum of recourse debt, cost basis of TBA derivatives outstanding and net forward purchases (sales) of investments divided by total equity. Recourse debt consists of repurchase agreements, other 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 this measure.Economic Net Interest IncomeNon-GAAP financial measure that is composed of GAAP interest income less Economic Interest Expense.Economic ReturnRefers to the Company’s change in book value plus dividends declared divided by the prior period’s book value.Encumbered AssetsAssets on the company’s balance sheet which have been pledged as collateral against a liability.FFace AmountThe par value (i.e., principal or maturity value) of a security appearing on the face of the instrument.FactorA decimal value reflecting the proportion of the outstanding principal balance of a mortgage security, which changes over time, in relation to its original principal value.Fannie MaeFederal National Mortgage Association.Federal Deposit Insurance Corporation (“FDIC”)An independent agency created by the U.S. Congress to maintain stability and public confidence in the nation’s financial system by insuring deposits, examining and supervising financial institutions for safety and soundness and consumer protection, and managing receiverships.

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ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIESItem 2. Management’s Discussion and Analysis 

Federal Funds RateThe interest rate charged by banks on overnight loans of their excess reserve funds to other banks.Federal Housing Financing Agency (“FHFA”)The FHFA is an independent regulatory agency that oversees vital components of the secondary mortgage market including Fannie Mae, Freddie Mac and the Federal Home Loan Banks.Financial Industry Regulatory Authority, Inc. (“FINRA”)FINRA is a non