Campbell Steven Francis 4

What Happened
Steven Francis Campbell, President and COO of Annaly Capital Management (NLY), had multiple transactions on Feb 25, 2026. He received 85,319 shares (PSU vesting, inclusive of dividend equivalent units) at $23.01 each for a total value of $1,963,190. In related activity he sold 26,491 shares on the open market for a weighted average price of $22.83 ($604,790 total) and surrendered 43,556 shares at $23.01 ($1,002,224) to satisfy tax withholding obligations.

Key Details

• Transaction date: 2026-02-25; Form 4 filed 2026-02-27 (appears timely).
• Award: 85,319 shares @ $23.01 → $1,963,190 (PSU vesting, inclusive of DEUs).
• Sale: 26,491 shares sold (open market) weighted avg price $22.83 → $604,790; sale prices ranged from $22.55 to $23.01.
• Tax withholding: 43,556 shares surrendered @ $23.01 → $1,002,224 to cover taxes on vesting.
• Footnotes: Sale effected under a Rule 10b5-1 plan adopted Nov 3, 2025; DEUs are included in the award; surrendered shares were to satisfy tax withholding for a PSU granted Feb 1, 2023.
• Shares owned after transaction: not disclosed in the provided filing excerpt.

Context
This was primarily an award/vesting event (acquisition of shares via PSU vesting) with routine related actions: shares surrendered to cover withholding and a planned sale executed under a pre-established 10b5-1 plan. Awards/vestings increase insider holdings; sales here were disclosed as part of a Rule 10b5-1 plan and tax withholding, which are common and do not by themselves indicate the insider’s forward-looking view.