Company: NLY-PF
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001628280-25-023811
Chunk: 174

Company: ANNALY CAPITAL MANAGEMENT INC
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 1
Chunk 174
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ollars in thousands)Repurchase agreements$61,659,460 4.56 %4.56 %50Other secured financing900,000 7.03 %7.02 %474Debt issued by securitization vehicles (2)22,535,741 5.42 %5.36 %12,953Participations issued (2)1,697,443 7.02 %6.76 %10,871Total indebtedness$86,792,644    (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 March 31, 2025:

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

 Encumbered AssetsUnencumbered AssetsTotalFinancial assets(dollars in thousands)Cash and cash equivalents$1,536,590 $296,938 $1,833,528 Investments, at carrying value (1)Agency mortgage-backed securities61,771,278 4,387,652 66,158,930 Credit risk transfer securities444,706 76,353 521,059 Non-agency mortgage-backed securities995,953 455,571 1,451,524 Commercial mortgage-backed securities59,061 — 59,061 Residential mortgage loans (2)27,797,913 526,923 28,324,836 MSR2,793,456 479,446 3,272,902 Other assets (3)— 52,251 52,251 Total financial assets$95,398,957 $6,275,134 $101,674,091 (1) The amounts