Company: NLY-PF
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001043219-25-000012
Chunk: 201

Company: ANNALY CAPITAL MANAGEMENT INC
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 1
Chunk 201
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 financing had a remaining maturity over 1 year.

64

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

We also finance our investments in residential mortgage loans through the issuance of securitization transactions sponsored by our wholly-owned subsidiary Onslow Bay Financial LLC (“Onslow Bay”) under the Onslow Bay private-label securitization program. In order to increase financing optionality for our Onslow Bay platform, during the quarter we renewed or extended existing facilities and upsized one facility by $100 million.

The following table presents our outstanding debt balances and associated weighted average rates and days to maturity at September 30, 2025:

  Weighted Average Rate   Principal BalanceAs of Period EndFor the QuarterWeighted AverageDays to Maturity (1) (dollars in thousands)Repurchase agreements$75,118,963 4.36%4.50%49Other secured financing1,025,000 6.94%7.00%399Debt issued by securitization vehicles (2)27,098,983 5.54%5.30%12,974Participations issued (2)1,772,035 6.65%6.58%10,835Total indebtedness$105,014,981    (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 September 30, 2025:

 Encumbered AssetsUnencumbered AssetsTotalFinancial assets(dollars in thousands)Cash and cash equivalents$1,776,349 $320,347 $2,096,696 Reverse repurchase agreements (1)35,004 — 35,004 Investments, at carrying value (2