<SEC-DOCUMENT>0001104659-25-045048.txt : 20250506
<SEC-HEADER>0001104659-25-045048.hdr.sgml : 20250506
<ACCEPTANCE-DATETIME>20250506161527
ACCESSION NUMBER:		0001104659-25-045048
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250506
DATE AS OF CHANGE:		20250506

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ANNALY CAPITAL MANAGEMENT INC
		CENTRAL INDEX KEY:			0001043219
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		EIN:				223479661
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13447
		FILM NUMBER:		25917465

	BUSINESS ADDRESS:	
		STREET 1:		1211 AVENUE OF THE AMERICAS
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036
		BUSINESS PHONE:		212 696 0100

	MAIL ADDRESS:	
		STREET 1:		1211 AVENUE OF THE AMERICAS
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ANNALY MORTGAGE MANAGEMENT INC
		DATE OF NAME CHANGE:	19970729
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>tm2422783d10_defa14a.htm
<DESCRIPTION>DEFA14A
<TEXT>
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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE 14A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Proxy Statement Pursuant to Section&nbsp;14(a)
of<BR>
the Securities Exchange Act of 1934 (Amendment No.&numsp;&numsp;&numsp;&numsp;&numsp;&numsp;)</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Filed by the Registrant <FONT STYLE="font-family: Wingdings">&#120;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Filed by a Party other than the Registrant <FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="width: 3%"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#168;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 97%">Preliminary Proxy Statement</TD></TR>
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    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
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    <TD><FONT STYLE="font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT>&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">Confidential, for Use of the Commission Only (as permitted by Rule&nbsp;14a-6(e)(2))</TD></TR>
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    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
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    <TD><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#168;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Definitive Proxy Statement</TD></TR>
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    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
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    <TD><FONT STYLE="font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#120;</FONT>&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Definitive Additional Materials</TD></TR>
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    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
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    <TD><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#168;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Soliciting Material under &sect;240.14a-12</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt"><B>Annaly
Capital Management, Inc.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name of Registrant as Specified In Its Charter)</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name of Person(s) Filing Proxy Statement, if other
than the Registrant)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Payment of Filing Fee (Check the appropriate box):</P>

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    <TD STYLE="width: 3%"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#120;</FONT>&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 97%">No fee required.</TD></TR>
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    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
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    <TD><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#168;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Fee paid previously with preliminary materials.</TD></TR>
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    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
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    <TD><FONT STYLE="font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT>&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a6(i)(1) and 0-11</TD></TR>
  </TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="color: #595959; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><I>COMMENCING ON MAY 6, 2025, ANNALY CAPITAL MANAGEMENT,
INC. SENT THE BELOW COMMUNICATIONS TO CERTAIN STOCKHOLDERS.</I></P>

<P STYLE="color: #595959; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #031F48; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>ANNALY&rsquo;S 2025 PROXY STATEMENT</B></P>

<P STYLE="color: #031F48; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; color: rgb(8,59,146); margin: 0pt 0"><B>KEY HIGHLIGHTS</B></P>

<P STYLE="color: #083B92; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; color: rgb(0,181,241); margin: 0pt 0; text-align: justify">Proven Industry Leader Across
Residential Mortgage Finance</P>

<P STYLE="color: #00B5F1; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #595959; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Annaly has continued to enhance
our position as a leader in the residential housing finance market. Since the beginning of 2024, we have achieved a number of strategic
milestones, which included:</P>

<P STYLE="color: #595959; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #595959; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.7pt"><FONT STYLE="font-family: Wingdings; color: #00B5F1">&sect;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #00B5F1"><B>June 2024</B></FONT> &ndash; Hosted a panel discussion with Fannie Mae
and Freddie Mac on the GSEs&rsquo; support of American homeownership and sustainability initiatives</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #595959; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.7pt"><FONT STYLE="font-family: Wingdings; color: #00B5F1">&sect;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #00B5F1"><B>October 2024</B></FONT> &ndash; Announced a partnership with Rocket Mortgage
to service and handle recapture activities for a portion of our MSR portfolio</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #595959; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.7pt"><FONT STYLE="font-family: Wingdings; color: #00B5F1">&sect;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #00B5F1"><B>November 2024</B></FONT> &ndash; Hosted an Investor Day to provide our
investors an update on our dedicated housing finance strategy</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #595959; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.7pt"><FONT STYLE="font-family: Wingdings; color: #00B5F1">&sect;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #00B5F1"><B>December 2024</B></FONT> &ndash; Remained the largest non-bank
                                                                                                                           issuer of Prime Jumbo and Expanded Credit MBS in 2024<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #595959"><SUP>1</SUP></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #595959; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.7pt"><FONT STYLE="font-family: Wingdings; color: #00B5F1">&sect;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #00B5F1"><B>December 2024</B></FONT> &ndash; Grew to the third largest purchaser of
bulk MSR in 2024<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #595959"><SUP>2</SUP></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #595959; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.7pt"><FONT STYLE="font-family: Wingdings; color: #00B5F1">&sect;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #00B5F1"><B>January 2025</B></FONT> &ndash; Enhanced our senior leadership with the
promotion of Mike Fania to Co-Chief Investment&nbsp;Officer</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #595959; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.7pt"><FONT STYLE="font-family: Wingdings; color: #00B5F1">&sect;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #00B5F1"><B>February 2025</B></FONT> &ndash; Received a 2024 SHARP award from Freddie
Mac for excellence in mortgage servicing</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: rgb(0,181,241); text-align: justify">Stockholder Engagement on
Executive Compensation</P>

<P STYLE="color: #00B5F1; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #595959; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Following the 2024 advisory resolution
on executive compensation (commonly known as a &ldquo;Say-on-Pay&rdquo; vote), we expanded and deepened our already robust engagement
efforts to gather our stockholders&rsquo; feedback on our executive compensation program and practices, including our annual incentive
framework, the structure and scoring methodology of our corporate scorecard, the selection of performance metrics and the goal-setting
process, and the overall pay mix and pay levels. We contacted 100% of our top 100 institutional investors, representing over 90% of institutional
shares outstanding (or nearly 60% of total shares outstanding) and engaged with stockholders representing approximately 60% of institutional
shares outstanding (or 38% of total shares outstanding). Our Management Development and Compensation (&ldquo;MDC&rdquo;) Committee Chair
participated in meetings with stockholders representing approximately 42% of institutional shares outstanding (or 26% of total shares
outstanding).</P>

<P STYLE="color: #595959; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #595959; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Through our engagement efforts,
we received feedback on the structure, metrics, complexity and application of our corporate scorecard, along with overall pay mix and
pay levels. In response to this feedback, the MDC Committee determined to implement certain responsive changes on an immediate basis for
2024, and committed to making additional enhancements to our executive compensation program for 2025.</P>

<P STYLE="color: #595959; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: rgb(0,181,241); text-align: justify">Executive Compensation Enhancements
for 2024</P>

<P STYLE="color: #00B5F1; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #595959; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">As a result of our expansive stockholder
engagement efforts, the MDC Committee adopted a number of responsive changes to our executive compensation program for 2024, including:</P>

<P STYLE="color: #595959; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #595959; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.7pt"><FONT STYLE="font-family: Wingdings; color: #00B5F1">&sect;</FONT></TD><TD STYLE="text-align: justify">Streamlined the scoring methodology and removed the scaling feature used to calculate the overall score
for the scorecard</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #595959; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.7pt"><FONT STYLE="font-family: Wingdings; color: #00B5F1">&sect;</FONT></TD><TD STYLE="text-align: justify">Replaced an important, but competitively sensitive, Market Risk metric (Daily Liquid Box) with a new Market
Risk metric (Total Assets Available for Financing as a Percentage of Equity) based on financial information we disclose on a quarterly
basis</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #595959; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.7pt"><FONT STYLE="font-family: Wingdings; color: #00B5F1">&sect;</FONT></TD><TD STYLE="text-align: justify">Bolstered the transparency of the Operational Risk metric by tying its achievement to specific key risk
indicators</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="color: #595959; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #595959; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #595959"><I><SUP>1</SUP></I></FONT><I>
<FONT STYLE="font-size: 8pt">Issuer ranking data from Inside Nonconforming Markets for 2023&thinsp;&mdash;&thinsp;2024 (January&nbsp;10,
2025 issue). Used with permission.</FONT></I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #595959; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #595959"><I><SUP>2</SUP></I></FONT><I>
<FONT STYLE="font-size: 8pt">MSR assets include unsettled MSR commitments of $385mm. MSR commitments represent the market value of deals
where Annaly has executed a letter of intent. There can be no assurance whether these deals will close or when they will close.</FONT></I></P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #595959; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.7pt"><FONT STYLE="font-family: Wingdings; color: #00B5F1">&sect;</FONT></TD><TD STYLE="text-align: justify">Increased the difficulty required to receive a payout under the corporate scorecard and reduced the payout
percentage for achieving the minimum performance threshold from 80% to 50% of target, as well as increased the likelihood of receiving
a 0% payout by removing the scorecard&rsquo;s scaling feature</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #595959; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.7pt"><FONT STYLE="font-family: Wingdings; color: #00B5F1">&sect;</FONT></TD><TD STYLE="text-align: justify">Declined to raise named executive officer (&ldquo;NEO&rdquo;) pay targets from their 2023 levels</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: rgb(0,181,241); text-align: justify">Additional Executive Compensation
Enhancements for 2025</P>

<P STYLE="color: #00B5F1; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #595959; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The MDC Committee simultaneously
committed to a broader redesign of our executive compensation program for 2025, with changes including:</P>

<P STYLE="color: #595959; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #595959; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.7pt"><FONT STYLE="font-family: Wingdings; color: #00B5F1">&sect;</FONT></TD><TD STYLE="text-align: justify">Removed the Absolute Tangible Economic Return modifier and instead incorporated Absolute Tangible Economic
Return directly into the scorecard as a new metric</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #595959; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.7pt"><FONT STYLE="font-family: Wingdings; color: #00B5F1">&sect;</FONT></TD><TD STYLE="text-align: justify">Removed the Operational Risk metric from the scorecard, resulting in a fully quantitative and objective
scorecard, and instead Operational Risk achievements considered as part of an NEO&rsquo;s individual assessment</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #595959; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.7pt"><FONT STYLE="font-family: Wingdings; color: #00B5F1">&sect;</FONT></TD><TD STYLE="text-align: justify">Bifurcated the annual cash incentive and equity incentive determinations to reduce both an NEO&rsquo;s
maximum incentive opportunity and their actual payout in strong performance years, as equity incentives will be capped at target</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #595959; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.7pt"><FONT STYLE="font-family: Wingdings; color: #00B5F1">&sect;</FONT></TD><TD STYLE="text-align: justify">Increased the amount of total compensation received in the form of equity, such that the CEO will now
receive 55% of his total compensation (including base salary and cash and equity incentives) in the form of equity (up from 50%) and the
other NEOs will receive 50% of their total compensation in the form of equity (up from an average of 44%)</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #595959; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.7pt"><FONT STYLE="font-family: Wingdings; color: #00B5F1">&sect;</FONT></TD><TD STYLE="text-align: justify">Increased the percentage of performance stock units received by NEOs to 60% of their target equity
                                                                                                                           (up from&nbsp;50%)</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #595959; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.7pt"><FONT STYLE="font-family: Wingdings; color: #00B5F1">&sect;</FONT></TD><TD STYLE="text-align: justify">Declined to raise NEO pay targets for a second consecutive year</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #595959; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.7pt"><FONT STYLE="font-family: Wingdings; color: #00B5F1">&sect;</FONT></TD><TD STYLE="text-align: justify">Rebalanced the scorecard metrics such that they are comprised of 60% absolute performance metrics (up
from 50%) and 40% relative performance metrics (down from 50%)</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: rgb(0,181,241); text-align: justify">Delivering for Our Stockholders</P>

<P STYLE="color: #00B5F1; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #595959; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Company continued to allocate
capital across the residential housing finance market in 2024, generating strong earnings and enhancing our position as the largest dedicated
housing finance REIT through a number of operating achievements, including:</P>

<P STYLE="color: #595959; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #595959; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.7pt"><FONT STYLE="font-family: Wingdings; color: #00B5F1">&sect;</FONT></TD><TD STYLE="text-align: justify">Total economic return of 11.9%</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #595959; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.7pt"><FONT STYLE="font-family: Wingdings; color: #00B5F1">&sect;</FONT></TD><TD STYLE="text-align: justify">Executing a record 21 whole loan securitizations totaling $11.0 billion</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #595959; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.7pt"><FONT STYLE="font-family: Wingdings; color: #00B5F1">&sect;</FONT></TD><TD STYLE="text-align: justify">Ended 2024 with $6.9 billion of assets available for financing, including cash and unencumbered Agency
MBS of $3.9 billion</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #595959; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.7pt"><FONT STYLE="font-family: Wingdings; color: #00B5F1">&sect;</FONT></TD><TD STYLE="text-align: justify">Raised $1.6 billion of accretive common equity through the Company&rsquo;s at-the-market sales program<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #595959"><SUP>3</SUP></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #595959; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.7pt"><FONT STYLE="font-family: Wingdings; color: #00B5F1">&sect;</FONT></TD><TD STYLE="text-align: justify">Maintained operating expenses of 1.44%, below the mREIT peer average of 6.55%</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: rgb(0,181,241); text-align: justify">Board Refreshment</P>

<P STYLE="color: #00B5F1; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #595959; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Our Board of Directors (the &ldquo;Board&rdquo;)
maintains a Director refreshment policy requiring that Independent Directors not stand for re-election following the earlier of their
15<SUP>th</SUP> anniversary on the Board or their 73<SUP>rd</SUP> birthday. In accordance with this refreshment policy, three of our Directors
 &ndash; Michael Haylon, Francine J. Bovich and John H. Schaefer &ndash; will conclude their service on the Board following the Annual
Meeting. Collectively, these three Directors have diligently represented our stockholders for close to 40 years and the Company and the
Board are grateful for their many years of dedicated service.</P>

<P STYLE="color: #595959; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: rgb(0,181,241); text-align: justify">Advisory Stockholder Proposal
to Adopt the Right to Act by Written Consent</P>

<P STYLE="color: #00B5F1; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #595959; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">A stockholder proponent has submitted
an advisory proposal requesting that the Board take steps to adopt the right for stockholders to act by written consent. The Company is
dedicated to strong and effective corporate</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #595959; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #595959; text-align: justify"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #595959; text-align: justify"></P>

<P STYLE="color: #595959; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #595959; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #595959"><I><SUP>3</SUP></I></FONT><I>
<FONT STYLE="font-size: 8pt">Net of sales agent commissions and excluding other offering expenses.</FONT></I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #595959; text-align: justify"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #595959; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #595959; text-align: justify">governance practices and the Company&rsquo;s bylaws provide stockholders with the meaningful
ability to call and act at a special meeting to address issues that arise outside of the annual meeting cycle. Our Board amended our bylaws
in 2022 to reduce the ownership threshold for stockholders to call a special meeting to 25% of shares outstanding after conducting extensive
stockholder engagement on the subject, which revealed that many of the Company&rsquo;s major investors favor special meeting rights over
written consent rights.</P>

<P STYLE="color: #595959; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #595959; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Compared to special meetings,
the written consent process is less transparent, less informed and less equitable and could disenfranchise many stockholders by allowing
a subset of stockholders to approve critical actions on their own, without notice to the other stockholders or the Company and without
the benefit of enabling all stockholders to participate. Additionally, the written consent process could result in confusion and disruption,
as different stockholder groups would be able to solicit multiple written consents simultaneously. The Board believes that the Company&rsquo;s
current governance framework, including the special meeting right, provides our stockholders with many options to meaningfully engage
with the Company and management year-round.</P>

<P STYLE="color: #595959; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #595959; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Based on these considerations,
stockholder feedback and market practice, and after careful consideration, the Board recommends that you vote against this proposal.</P>

<P STYLE="color: #595959; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: rgb(0,181,241); text-align: justify">Virtual Shareholder Meeting</P>

<P STYLE="color: #00B5F1; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #595959; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Annaly will hold our 2025 Annual
Meeting of Stockholders via an online (virtual) format on May 14, 2024 at 9:00 am EST. The Company has successfully conducted virtual
stockholder meetings since 2018 and we design our meetings to provide the same rights to participate as you would have at in-person meeting,
including providing opportunities to vote and ask questions.</P>

<P STYLE="color: #595959; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #595959; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Annaly&rsquo;s Board of Directors
unanimously recommends that you vote FOR each of the Director nominees (Proposal 1), FOR the advisory approval of the Company&rsquo;s
executive compensation (Proposal 2), FOR the ratification of the appointment of Ernst &amp; Young LLP as the Company&rsquo;s independent
auditors (Proposal 3) and AGAINST the advisory stockholder proposal to adopt the right to act by written consent (Proposal 4).</B></P>

<P STYLE="color: #595959; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #595959; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>The Company is pleased that
the proxy advisory firms ISS and Glass Lewis have recommended that Annaly stockholders vote FOR all Company proposals (including the Say-on-Pay
vote).</B></P>

<P STYLE="color: #595959; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #595959; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #595959; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: rgb(8,59,146); text-align: justify"><B>CAUTIONARY NOTE REGARDING FORWARD-LOOKING
STATEMENTS</B></P>

<P STYLE="color: #083B92; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #595959; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">This definitive additional proxy
materials contain or incorporate by reference certain forward-looking statements which are based on various assumptions (some of which
are beyond our control) and may be identified by reference to a future period or periods or by the use of forward-looking terminology,
such as &quot;may,&quot; &quot;will,&quot; &quot;believe,&quot; &quot;expect,&quot; &quot;anticipate,&quot; &quot;continue,&quot; or similar
terms or variations on those terms or the negative of those terms. Actual results could differ materially from those set forth in forward-looking
statements due to a variety of factors, including, but not limited to, changes in interest rates; changes in the yield curve; changes
in prepayment rates; the availability of mortgage-backed securities and other securities for purchase; the availability of financing and,
if available, the terms of any financing; changes in the market value of the Company&rsquo;s assets; changes in business conditions and
the general economy; the Company&rsquo;s ability to grow our residential credit business; the Company&rsquo;s ability to grow our mortgage
servicing rights business; credit risks related to the Company&rsquo;s investments in credit risk transfer securities, residential mortgage-backed
securities and related residential mortgage credit assets; risks related to investments in mortgage servicing rights; the Company&rsquo;s
ability to consummate any contemplated investment opportunities; changes in government regulations or policy affecting the Company&rsquo;s
business; the Company&rsquo;s ability to maintain our qualification as a REIT for U.S. federal income tax purposes; the Company&rsquo;s
ability to maintain our exemption from registration under the Investment Company Act of 1940; operational risks or risk management failures
by us or critical third parties, including cybersecurity incidents. For a discussion of the risks and uncertainties which could cause
actual results to differ from those contained in the forward-looking statements, see &quot;Risk Factors&quot; in our most recent Annual
Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q. The Company does not undertake, and specifically disclaims any
obligation, to publicly release the result of any revisions which may be made to any forward-looking statements to reflect the occurrence
of anticipated or unanticipated events or circumstances after the date of such statements, except as required by law.</P>

<P STYLE="color: #595959; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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