It is all the same physical memory. The difference is who is controlling it.
The Microsoft definition is that managed memory is cleaned up by a Garbage Collector (GC), i.e. some process that periodically determines what part of the physical memory is in use and what is not.
Unmanaged memory is cleaned up by something else e.g. your program or the operating system.
The term unmanaged memory is a bit like the World War 1, it wasn't called that until after World War 2. Previously it was just memory.
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