ANNALY CAPITAL MANAGEMENT INC
For the period ended Mar 31, 2025. Filed May 8, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed May 8, 2025
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Financial Condition
Total assets were $105.1 billion and $103.6 billion at March 31, 2025 and December 31, 2024, respectively. The change was primarily due to increases in securitized residential whole loans of consolidated VIEs of $2.5 billion, securities of $604.9 million, mortgage servicing rights of $363.8 million, cash and cash equivalents of $345.5 million, and residential mortgage loans of $313.7 million, partially offset by decreases in receivables for unsettled trades of $2.2 billion and principal and interest receivable of $232.1 million. Our portfolio composition, net equity allocation and debt-to-net equity ratio by asset class were as follows at March 31, 2025.
| Agency MBS | Residential Credit (1) | MSR | Total | |
|---|---|---|---|---|
| Assets · (dollars in thousands) | ||||
| Fair value | $68,329,720 | $30,356,480 | $3,272,902 | $101,959,102 |
| Implied market value of derivatives (2) | 6,635,383 | — | — | 6,635,383 |
| Debt | ||||
| Repurchase agreements | 57,180,117 | 4,479,343 | — | 61,659,460 |
| Implied cost basis of derivatives (2) | 6,612,755 | — | — | 6,612,755 |
| Other secured financing | — | — | 900,000 | 900,000 |
| Debt issued by securitization vehicles | — | 21,802,193 | — | 21,802,193 |
| Participations issued | — | 1,748,273 | — | 1,748,273 |
| U.S. Treasury securities sold, not yet purchased | 2,497,649 | 47,984 | (26,508) | 2,519,125 |
| Net forward purchases | 2,217,970 | — | 84,281 | 2,302,251 |
| Other | ||||
| Net other assets / liabilities | 1,511,467 | 162,290 | 360,323 | 2,034,080 |
| Net equity allocated | $7,968,079 | $2,440,977 | $2,675,452 | $13,084,508 |
| Net equity allocated (%) | 61% | 18% | 21% | 100% |
| Debt/net equity ratio (3) | 7.5:1 | 11.5:1 | 0.3:1 | 6.8:1 |
| (1) Fair value includes residential loans held for sale, commercial assets and liabilities and assets and liabilities associated with non-controlling interests.(2) Derivatives include TBA contracts under Agency MBS.(3) Represents the debt/net equity ratio as determined using amounts in the Consolidated Statements of Financial Condition. | ||||
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