Form 4: Annaly CFO Sells Shares Under Pre-Arranged 10b5-1 Plan

Annaly Capital Management's CFO, Serena Wolfe, sold 16,536 shares of common stock for tax and estate planning purposes under a Rule 10b5-1 plan.

Summary

• Serena Wolfe, Chief Financial Officer of Annaly Capital Management, Inc. (NLY), reported a sale of common stock.
• The transaction involved the disposition of 16,536 shares of common stock.
• The shares were sold at a weighted average price of $23.14 per share.
• The sale was executed on February 18, 2026, pursuant to a Rule 10b5-1 plan adopted on November 4, 2025.
• The purpose of the Rule 10b5-1 plan was for tax and estate planning.
• Following the reported transaction, Serena Wolfe beneficially owns 173,081 shares of common stock.
• The highest price at which shares were sold was $23.27, and the lowest was $22.95.
• Beneficial ownership includes Dividend Equivalent Units (DEUs) issued on restricted unit awards, with each DEU being the economic equivalent of one common stock share and payable in one share.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral event. The sale is a routine insider transaction under a pre-arranged 10b5-1 plan for personal financial management, not a reflection of company performance or a change in strategic direction.

Future Outlook

The 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 was effected pursuant to a Rule 10b5-1 plan adopted November 4, 2025, for tax and estate planning purposes.

Industry Context

StockSavvy.ai notes that insider sales executed under pre-arranged Rule 10b5-1 plans are a common practice for corporate executives to manage personal finances, diversify holdings, or for tax and estate planning. Such transactions are typically scheduled in advance and are generally not indicative of management's view on the company's immediate operational performance or future prospects, distinguishing them from opportunistic sales.

Stakeholder Impact

• Shareholders: Minimal direct impact as the sale is a pre-planned personal transaction by an executive, not indicative of company fundamentals. The volume is relatively small compared to the company's total outstanding shares.

Key Dates

Recommendation

The sale by the Chief Financial Officer was executed under a pre-arranged Rule 10b5-1 plan for personal tax and estate planning. Such planned transactions are generally not considered a signal of a change in the company's fundamental outlook or a reason to alter an investment recommendation. Therefore, a 'hold' recommendation is appropriate, maintaining current positions based on broader company and market analysis rather than this specific insider transaction.

Keywords

Annaly Capital Management, NLY, Serena Wolfe, CFO, Insider Sale, Form 4, 10b5-1 Plan, Common Stock