Wolfe Serena 4

What Happened

• Serena Wolfe, Chief Financial Officer of Annaly Capital Management (NLY), had 83,106 shares issued on vesting of a Performance Stock Unit (PSU) award at $23.01 per share (total value $1,912,269) on 2026-02-25. To satisfy tax withholding, 42,427 of those shares were surrendered to the company at the same $23.01 price (value $976,245). The net increase in Wolfe’s holdings from this vesting was 40,679 shares (about $936,024 at $23.01).

Key Details

• Transaction date: 2026-02-25; Form 4 filed: 2026-02-27 (filed within the typical two‑business‑day window).
• Awarded/issued: 83,106 shares @ $23.01 (total $1,912,269) — code A (award/acquisition).
• Tax withholding: 42,427 shares surrendered @ $23.01 (total $976,245) — code F (tax withholding).
• Net shares retained from vesting: 40,679 shares (approx. $936k at $23.01).
• Shares owned after transaction: not disclosed in the filing.
• Footnotes from the filing:
  • F1: Number reflects common shares issued upon PSU vesting, inclusive of dividend equivalent units (DEUs).
  • F2: DEUs on RSUs are treated as equivalent to shares and included in the reporting balance.
  • F3: The surrendered shares satisfied the tax withholding obligation related to a PSU award originally granted Feb 1, 2023.

Context

• This was a standard equity award vesting event (not a market purchase or option exercise). The surrender of shares to cover taxes is a routine administrative step and doesn’t necessarily signal buying or selling intent by the insider. The filing shows a net increase in Wolfe’s holdings from the award.