Company: NLY-PF
Filing Date: 2025-07-30
Form Type: 10-Q
Source: 0001628280-25-036724
Chunk: 163

Company: ANNALY CAPITAL MANAGEMENT INC
Filing Date: 2025-07-30
Form: 10-Q
Item: Part I, Item 1
Chunk 163
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 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:

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

As ofJune 30, 2025June 30, 2024Economic leverage ratio reconciliation(dollars in thousands)Repurchase agreements$66,541,378 $60,787,994 Other secured financing1,025,000 600,000 Debt issued by securitization vehicles24,107,249 15,831,915 Participations issued1,556,900 1,144,821 U.S. Treasury securities sold, not yet purchased2,528,167 1,974,602 Total GAAP debt$95,758,694 $80,339,332 Less Non-recourse debt:Debt issued by securitization vehicles$(24,107,249)$(15,831,915)Participations issued(1,556,900)(1,144,821)Total recourse debt$70,094,545 $63,362,596 Plus / (Less):Cost basis of TBA derivatives7,686,600 1,639,941 Payable for unsettled trades1,538,526 1,096,271 Receivable for unsettled trades(1,134,896)(320,659)Economic debt *$78,184,775 $65,778,149 Total equity$13,474,363 $11,262,904 Economic leverage ratio *5.8:15.8:1*   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 ofJune 30, 2025June 30, 2024Economic capital ratio reconciliation(dollars in thousands)Total GAAP assets$112,141,892 $93,668,577 Less:Gross unrealized gains on TBA derivatives (1)(97,331)(14,641)De