Company: NLY-PF
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0001628280-25-005451
Chunk: 38

Company: ANNALY CAPITAL MANAGEMENT INC
Filing Date: 2025-02-13
Form: 10-K
Item: Item 7
Chunk 38
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 securities by the respective issuing Agency.

63

ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIESItem 7. Management’s Discussion and Analysis

Financial Condition

Total assets were $103.6 billion and $93.2 billion at December 31, 2024 and 2023, respectively. The change was primarily due to increases in  residential mortgage loans, including securitized residential whole loans of consolidated VIEs, of $9.9 billion and MSR of $0.8 billion, partially offset by decreases in receivable for unsettled trades of $0.5 billion. Our portfolio composition, net equity allocation and debt-to-net equity ratio by asset class were as follows at December 31, 2024:

 Agency MBSResidential Credit (1)MSRTotalAssets(dollars in thousands)Fair value$67,434,068 $27,842,469 $2,909,134 $98,185,671 Implied market value of derivatives (2)3,136,154 — — 3,136,154 DebtRepurchase agreements61,241,318 4,447,605 — 65,688,923 Implied cost basis of derivatives (2)3,158,058 — — 3,158,058 Other secured financing— — 750,000 750,000 Debt issued by securitization vehicles— 19,540,678 — 19,540,678 Participations issued— 1,154,816 — 1,154,816 U.S. Treasury securities sold, not yet purchased2,425,767 58,781 (13,919)2,470,629 Net forward purchases(1,861,842)— (31,323)(1,893,165)OtherNet other assets / liabilities1,827,423 170,933 246,710 2,245,066 Net equity allocated$7,434,344 $2,811,522 $2,451,086 $12,696,952 Net equity allocated (%)59 %22 %19 %100 %Debt/net equity ratio (3)8.6:19.0:10.3:17.1:1(1) Fair value includes residential loans held for sale, commercial assets and liabilities and assets