Annaly Capital (NLY) director converts 7,628 deferred stock units into common shares

Rhea-AI Filing Summary

Annaly Capital Management director Eric A. Reeves exercised deferred stock units into common stock in a routine compensation-related move. On May 14, 2026, he converted 7,628 Deferred Stock Units into the same number of Common Stock shares at a stated price of $0.00 per share, reflecting a non-cash equity settlement. Following the transaction, he directly holds 30,593 shares of Common Stock and 12,903 Deferred Stock Units, which convert to common shares on a one-for-one basis under Annaly’s 2020 Equity Incentive Plan. The filing shows no open-market purchases or sales, only the exercise and related reduction of DSUs granted during his board service, including units previously added through dividend reinvestment.

Insider Trade Summary

7,628 shares exercised/converted

Mixed 2 txns

Insider Reeves Eric A.

Role null

Type	Security	Shares	Price	Value
Exercise	Deferred Stock Units	7,628	$0.00	--
Exercise	Common Stock	7,628	$0.00	--

Holdings After Transaction: Deferred Stock Units — 12,903 shares (Direct, null); Common Stock — 30,593 shares (Direct, null)

Footnotes (1)

1. The Deferred Stock Units ("DSUs") convert to shares of Common Stock on a one-for-one basis one year after the date of grant unless the director elects to defer the settlement of the DSUs until after a termination of service pursuant to the Annaly Capital Management, Inc. 2020 Equity Incentive Plan. Reflects the aggregate amount of DSUs granted during the tenure of the respective director net of any conversions, including 3,976 DSUs acquired pursuant to dividend reinvestment for which no additional price was paid.

Key Figures

DSUs converted: 7,628 units Shares received: 7,628 shares Common Stock holdings: 30,593 shares +2 more

5 metrics

DSUs converted 7,628 units Deferred Stock Units converted to Common Stock on May 14, 2026

Shares received 7,628 shares Common Stock acquired via DSU conversion at $0.00 per share

Common Stock holdings 30,593 shares Direct Common Stock position following the reported transaction

Deferred Stock Units remaining 12,903 units DSU balance after conversion, convertible one-for-one into Common Stock

Dividend reinvestment DSUs 3,976 units Portion of DSUs acquired via dividend reinvestment at no additional price

Key Terms

Deferred Stock Units, dividend reinvestment, Annaly Capital Management, Inc. 2020 Equity Incentive Plan, Exercise or conversion of derivative security

4 terms

Deferred Stock Units financial

"The Deferred Stock Units ("DSUs") convert to shares of Common Stock on a one-for-one basis"

Deferred stock units are promises from a company to give an employee shares of stock at a future date, often after certain conditions are met or after leaving the company. They function like a form of delayed compensation, allowing employees to earn shares over time. For investors, they represent potential future ownership in the company, but do not provide immediate voting rights or dividends until the shares are actually received.

dividend reinvestment financial

"including 3,976 DSUs acquired pursuant to dividend reinvestment for which no additional price was paid"

Dividend reinvestment is when the money earned from a company's profit sharing, called dividends, is automatically used to buy more shares of that company instead of being received as cash. This process helps investors grow their holdings over time without extra effort, much like using earned interest to buy more of a savings account. It encourages long-term investment growth by continuously increasing the amount of shares owned.

Annaly Capital Management, Inc. 2020 Equity Incentive Plan financial

"pursuant to the Annaly Capital Management, Inc. 2020 Equity Incentive Plan"

Exercise or conversion of derivative security financial

"transaction_code_description": "Exercise or conversion of derivative security"

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Reeves Eric A.

(Last) (First) (Middle)

C/O ANNALY CAPITAL MANAGEMENT, INC.

1211 AVE OF THE AMERICAS

(Street)

NEW YORK NEW YORK 10036

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
ANNALY CAPITAL MANAGEMENT INC [ NLY ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/14/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	05/14/2026		M		7,628	A	$0	30,593	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Deferred Stock Units	(1)	05/14/2026		M			7,628	(1)	(1)	Common Stock	7,628	$0	12,903(2)	D

Explanation of Responses:

1. The Deferred Stock Units ("DSUs") convert to shares of Common Stock on a one-for-one basis one year after the date of grant unless the director elects to defer the settlement of the DSUs until after a termination of service pursuant to the Annaly Capital Management, Inc. 2020 Equity Incentive Plan.

2. Reflects the aggregate amount of DSUs granted during the tenure of the respective director net of any conversions, including 3,976 DSUs acquired pursuant to dividend reinvestment for which no additional price was paid.

Remarks:

	/s/ Serena Wolfe, as Attorney-in-Fact for Eric A. Reeves	05/18/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What did Annaly Capital (NLY) director Eric A. Reeves report in this Form 4?

Eric A. Reeves reported exercising Deferred Stock Units into common stock, a non-cash equity settlement. He converted 7,628 DSUs into 7,628 shares of Common Stock on May 14, 2026, reflecting routine compensation rather than an open-market trade.

How many Annaly Capital (NLY) shares does Eric A. Reeves hold after this transaction?

After the transaction, Eric A. Reeves directly holds 30,593 shares of Annaly Capital Common Stock. He also retains 12,903 Deferred Stock Units, which are convertible into an equal number of common shares under the company’s 2020 Equity Incentive Plan.

Did Eric A. Reeves buy or sell Annaly Capital (NLY) stock on the open market?

The Form 4 shows no open-market purchases or sales by Eric A. Reeves. Instead, it reports a derivative exercise: converting 7,628 Deferred Stock Units into the same number of Common Stock shares at a stated price of $0.00 per share.

What are Deferred Stock Units (DSUs) in Annaly Capital’s equity plan?

Deferred Stock Units are share-based awards that convert into Common Stock on a one-for-one basis. At Annaly, DSUs typically convert one year after grant unless a director elects to defer settlement until after service ends, under the 2020 Equity Incentive Plan.

How many Deferred Stock Units has Eric A. Reeves accumulated at Annaly Capital (NLY)?

Following this transaction, Eric A. Reeves holds 12,903 Deferred Stock Units. This reflects DSUs granted during his tenure as a director, net of prior conversions, and includes 3,976 DSUs acquired through dividend reinvestment at no additional purchase price.