Form 4: Annaly CEO Sells 50,000 Shares Under 10b5-1 Plan

Annaly Capital Management's CEO and Co-CIO, David L. Finkelstein, sold 50,000 shares of common stock for tax and estate planning purposes.

Summary

• David L. Finkelstein, CEO and Co-CIO of Annaly Capital Management, Inc. (NLY), reported a sale of 50,000 shares of common stock.
• The transaction occurred on August 4, 2025, at a weighted average price of $20.79 per share.
• The sale was executed pursuant to a Rule 10b5-1 plan, which was adopted on May 16, 2024, for tax and estate planning purposes.
• Following this transaction, Mr. Finkelstein beneficially owns 743,430 shares of Annaly common stock.
• The shares were sold within a price range of $20.57 to $20.93.

Sentiment

Score: 5

Explanation: Neutral. While it's an insider sale, the pre-arranged 10b5-1 plan for tax and estate planning mitigates negative sentiment, suggesting it's not based on a negative view of the company's prospects.

Positives

• The sale was conducted under a pre-arranged Rule 10b5-1 plan, indicating it was for personal financial planning (tax and estate) rather than a reaction to new negative company information.
• The reporting person still retains a significant beneficial ownership of 743,430 shares after the transaction.

Negatives

• Insider selling, even if pre-planned, can sometimes be perceived negatively by the market as it reduces the insider's direct stake in the company.

Risks

• No specific risks were detailed in this Form 4 filing beyond the general market perception of insider selling.

Future Outlook

This filing does not contain any forward-looking statements or guidance regarding the company's future performance or outlook.

Management Comments

• The sale of shares of common stock reported in this Form 4 was effected pursuant to a Rule 10b5-1 plan adopted May 16, 2024 for tax and estate planning purposes.

Industry Context

This Form 4 filing reports an individual insider transaction and does not provide broader industry context or trends. Annaly Capital Management operates as a real estate investment trust (REIT) primarily focused on mortgage-backed securities.

Comparison to Industry Standards

• This filing is a standard Form 4 for reporting insider transactions and does not contain information for direct comparison to industry-specific financial benchmarks or competitor performance.
• The use of a Rule 10b5-1 plan for insider sales is a common practice among executives to manage personal finances while adhering to insider trading regulations, similar to practices seen at companies like AGNC Investment Corp. or Starwood Property Trust.

Stakeholder Impact

• Shareholders: May view the insider sale with slight caution, though the 10b5-1 plan context reduces concerns about management's confidence in the company.
• Employees, Customers, Suppliers, Creditors: No direct impact from this specific insider transaction.

Next Steps

• The reporting person undertakes to provide full information regarding the number of shares purchased at each separate price within the reported range upon request to the Issuer, any security holder, or the SEC staff.

Key Dates

Recommendation

The filing reports a pre-planned insider sale for personal financial reasons, not indicative of a change in the company's fundamental outlook. As such, it does not provide sufficient new information to warrant a change in investment recommendation based solely on this event. Investors should hold and monitor broader company performance and market conditions.

Keywords

Annaly Capital Management, NLY, Insider Trading, Form 4, David L. Finkelstein, Stock Sale, 10b5-1 Plan, Real Estate Investment Trust, REIT