Reeves Eric A. 4

What Happened Eric A. Reeves, a director of Annaly Capital Management, converted 7,628 deferred stock units (DSUs) into 7,628 shares of Annaly common stock on May 14, 2026. The conversion was reported as a derivative exercise (transaction code M) with an acquisition price of $0.00 — no cash was paid and no open‑market sale was reported.

Key Details

• Transaction date: 2026-05-14; Form 4 filed: 2026-05-18 (filed within the 2 business‑day window).
• Security: Common stock (conversion of DSUs); Amount converted/acquired: 7,628 shares; Reported price: $0.00.
• Transaction code: M (exercise or conversion of derivative).
• Shares owned after transaction: Not specified in the provided excerpt of the filing.
• Footnote F1: DSUs generally convert to one share per DSU one year after grant unless the director elects to defer settlement until after termination of service.
• Footnote F2: The reported DSU conversions reflect aggregate DSUs granted during tenure net of prior conversions, including 3,976 DSUs acquired via dividend reinvestment.

Context This filing documents a conversion of deferred compensation (DSUs) into common shares rather than a market purchase or sale; such conversions are routine and do not necessarily signal a buy/sell decision in the market. Because no sale was reported, this is not a disposition to investors but a settlement of previously granted deferred awards.