The following table provides information on our repurchase agreements and other secured financing by maturity date at December 31, 2023. The weighted average remaining maturity on our repurchase agreements and other secured financing was 46 days at December 31, 2023: December 31, 2023 Principal Balance Weighted Average Rate % of Total (dollars in thousands) 1 day $ — — % — % 2 to 29 days 32,811,903 5.75 % 52.3 % 30 to 59 days 18,618,606 5.57 % 29.7 % 60 to 89 days 7,198,769 5.64 % 11.5 % 90 to 119 days 247,306 7.09 % 0.4 % Over 119 days (1) 3,824,959 6.20 % 6.1 % Total $ 62,701,543 5.72 % 100.0 % (1) Less than 1% of the total repurchase agreements and other secured financing had a remaining maturity over 1 year. 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. The following table presents our outstanding debt balances and associated weighted average rates and days to maturity at December 31, 2023: Weighted Average Rate Principal Balance As of Period End For the Quarter Weighted Average Days to Maturity (1) (dollars in thousands) Repurchase agreements $ 62,201,543 5.70 % 5.56 % 44 Other secured financing 500,000 8.09 % 8.08 % 289 Debt issued by securitization vehicles (2) 12,623,492 4.48 % 4.43 % 12,467 Participations issued (2) 1,086,538 7.64 % 6.97 % 10,850 Total indebtedness $ 76,411,573 (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 December 31, 2023: ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES Item 7. Management’s Discussion and Analysis 71
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