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Annaly Capital Management Executive Compensation (FY25)

NLY · New York, NY · Executive and director compensation, fiscal 2022 to 2025
Data as of September 7, 2026Latest filing (8-K): June 11, 2026
235 figures on this page: 224 cited to the filing that reported them, 11 calculated from figures it prints. See the citations
Figures cover fiscal 2022 through fiscal 2025. Separately, the fiscal 2025 disclosure covers 4 named executive officers, and the disclosed peer group names Adamas Trust, Inc., Affiliated Managers Group, Inc., AGNC Investment Corp., Ameriprise Financial, Inc. and Chimera Investment Corporation, among others, and for fiscal 2025, the company reported a chief executive pay ratio of 64:1, against median employee compensation of $300,000. For fiscal 2025, shareholders backed the say-on-pay proposal with 93.2% of votes cast for or against in favor at the meeting held June 10, 2026.
Latest say-on-pay support
=
June 10, 2026
Chief executive pay ratio
◇
To the median employee
What changed from fiscal 2024 to fiscal 2025
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — David Finkelstein: $17,825,542 → $19,270,629 (8.1% higher)
Say-on-pay support: 92.4% → 93.2% (0.8 points higher)
CEO pay ratio: 60:1 → 64:1 (6.7% higher)

Frequently asked questions

Answers drawn from the data on this page.
What was Annaly Capital Management's say-on-pay result?
For fiscal 2025, shareholders backed the say-on-pay proposal with 93.2% of votes cast for or against in favor at the meeting held June 10, 2026.
Which companies are in Annaly Capital Management's peer group?
The disclosed peer group names Adamas Trust, Inc., Affiliated Managers Group, Inc., AGNC Investment Corp., Ameriprise Financial, Inc. and Chimera Investment Corporation, among others.
What is Annaly Capital Management's chief executive pay ratio?
For fiscal 2025, the company reported a chief executive pay ratio of 64:1, against median employee compensation of $300,000.

Executive compensation

Every element reported for each named executive officer, by fiscal year.
Fiscal 2022
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
David Finkelstein
Chief Executive Officer, President, Chairman, Chief Investment Officer
◇—◇—◇—◇◇
Anthony Green
Chief Corporate Officer & Chief Legal Officer
◇—◇—◇—◇◇
Steven Campbell
President and Chief Operating Officer
◇—◇—◇—◇◇
Serena Wolfe
Chief Financial Officer
◇—◇—◇—◇◇
Fiscal 2023
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
David Finkelstein
Chief Executive Officer, President, Chairman, Chief Investment Officer
◇—◇—◇—◇◇
Steven Campbell
President and Chief Operating Officer
◇—◇—◇—◇◇
Serena Wolfe
Chief Financial Officer
◇—◇—◇—◇◇
Anthony Green
Chief Corporate Officer & Chief Legal Officer
◇—◇—◇—◇◇
Fiscal 2024
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
David Finkelstein
Chief Executive Officer, President, Chairman, Chief Investment Officer
◇—◇—◇—◇◇
Steven Campbell
President and Chief Operating Officer
◇—◇—◇—◇◇
Serena Wolfe
Chief Financial Officer
◇—◇—◇—◇◇
Anthony Green
Chief Corporate Officer & Chief Legal Officer
◇—◇—◇—◇◇
Fiscal 2025
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
David Finkelstein
Chief Executive Officer, Co-Chief Investment Officer and Director
◇◇◇———◇◇
Steven Campbell
President and Chief Operating Officer
◇◇◇———◇◇
Serena Wolfe
Chief Financial Officer
◇◇◇———◇◇
Anthony Green
Former Chief Corporate Officer, Chief Legal Officer and Secretary
Departed during or after this year
◇◇◇———◇◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.

Equity awards granted

Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2025
OfficerAwardGrant dateThreshold unitsTarget unitsUnits grantedMaximum unitsExercise priceGrant date fair value
Anthony C. GreenPSU◇◇◇—◇—◇
Anthony C. GreenRSU◇——◇——◇
David L. FinkelsteinPSU◇◇◇—◇—◇
David L. FinkelsteinRSU◇——◇——◇
Serena WolfePSU◇◇◇—◇—◇
Serena WolfeRSU◇——◇——◇
Steven F. CampbellPSU◇◇◇—◇—◇
Steven F. CampbellRSU◇——◇——◇
Fiscal 2022, 2023, 2024 are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.

Outstanding awards

Awards still held at fiscal year end.
As disclosed at fiscal 2025 year end
OfficerAwardUnvested unitsMarket value of unvested unitsExercise priceExpires
Serena WolfeRSU◇◇——
RSU◇◇——
PSU◇◇——
RSU◇◇——
PSU◇◇——
Steven CampbellRSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
PSU◇◇——
RSU◇◇——
PSU◇◇——
RSU◇◇——
PSU◇◇——
PSU◇◇——
David FinkelsteinRSU◇◇——
PSU◇◇——
PSU◇◇——
RSU◇◇——
RSU◇◇——
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director compensation

What each non-employee director was paid.
Fiscal 2025
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Thomas Hamilton
Board chair
◇◇————◇
Kathy Hopinkah Hannan
◇◇————◇
Eric A. Reeves
◇◇————◇
Glenn A. Votek
◇◇————◇
Vicki Williams
◇◇————◇
Scott Wede
◇◇————◇
Martin Laguerre
◇◇————◇
Manon Laroche
◇◇————◇
Michael Haylon
◇—————◇
Francine J. Bovich
◇—————◇
John H. Schaefer
◇—————◇
David L. Finkelstein served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
Earlier years are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director fee schedule

The standing retainers and premiums the board pays, as published.
Board cash retainer◇
Board equity retainer◇
Total board retainer◇
Board chair premium◇
Lead independent director premium◇
Audit committee member◇
Equity is delivered as deferred stock units.
Stock ownership guideline: 5x annual cash retainer

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2025
  • Adamas Trust, Inc. ADAM
  • Affiliated Managers Group, Inc. AMG
  • AGNC Investment Corp. AGNC
  • Ameriprise Financial, Inc. AMP
  • Chimera Investment Corporation CIM
  • Franklin Resources, Inc. BEN
  • Invesco Ltd. IVZ
  • Jefferies Financial Group JEF
  • Ladder Capital Corp. LADR
  • Lazard Ltd. LAZ
  • MFA Financial, Inc. MFA
  • Mr. Cooper Group symbol not shown
  • PennyMac Financial Services, Inc. PFSI
  • Raymond James Financial, Inc. RJF
  • Redwood Trust, Inc. RWT
  • Rithm Capital Corp. RITM
  • Stifel Financial Corp. SF
  • T. Rowe Price Group, Inc. TROW
  • The Carlyle Group L.P. CG
  • Two Harbors Investment Corp. TWO
  • Voya Financial VOYA

Say-on-pay history

Shareholder support for the compensation program, by year.
YearMeetingSupportVotes forVotes againstAbstentions
2025June 10, 2026=◇◇◇
2024May 14, 2025=◇◇◇
2023May 15, 2024=◇◇◇
2022May 17, 2023=◇◇◇
2021May 18, 2022=◇◇◇
2020May 19, 2021=◇◇◇
2019May 20, 2020=◇◇◇
2018May 22, 2019=◇◇◇
2017May 23, 2018=◇◇◇
2016May 25, 2017=◇◇◇
2015May 26, 2016=◇◇◇

Chief executive pay ratio

As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇
Chief executive total compensation
◇
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What this page does not include

Everything above is a fact Annaly Capital Management disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where Annaly Capital Management sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
Executive Compensation Report — $1,500
Written compensation analysis
A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.
Executive Compensation Report — $1,500
Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
Board Governance Report — $1,200
Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
Velarion Intelligence
Adviser switching and vote outcomes
Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.
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Whether Annaly Capital Management's disclosed peer group is defensible, who names Annaly Capital Management back in their own benchmarking group, and how pay tracks performance across it. This is the analysis a compensation consultant delivers on the group above. We will email you when it opens.
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Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
235 figures on this page: 224 cited to the filing that reported them, 11 calculated from figures it prints.
224 cited to the filing
11 calculated from the filing

Documents cited

  1. 0001043219-26-000034
    Item 5.07 Submission of Matters to a Vote of Security Holders
  2. 0001104659-26-052954
    CEO Pay Ratio · Compensation of Directors · DIRECTOR COMPENSATION · Grants of Plan-Based Awards · and 2 more sections
  3. 0001628280-25-025500
    Item 5.07 Submission of Matters to a Vote of Security Holders
  4. 0001104659-25-031692
    Summary Compensation Table
  5. 0001628280-24-023556
    Item 5.07 Submission of Matters to a Vote of Security Holders
  6. 0001104659-24-043638
    Summary Compensation Table
  7. 0001628280-23-019078
  8. 0001193125-23-092279
    Summary Compensation Table
  9. 0001628280-22-014883
    Item 5.07 Submission of Matters to a Vote of Security Holders
  10. 0001628280-21-010701
    Item 5.07 Submission of Matters to a Vote of Security Holders
  11. 0001628280-20-008226
    Item 5.07 Submission of Matters to a Vote of Security Holders
  12. 0001628280-19-007146
    Item 5.07 Submission of Matters to a Vote of Security Holders
  13. 0001628280-18-007103
    Item 5.07 Submission of Matters to a Vote of Security Holders
  14. 0001157523-17-001673
    Item 5.07 Submission of Matters to a Vote of Security Holders
  15. 0001157523-16-005751
    Item 5.07 Submission of Matters to a Vote of Security Holders
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Velarion, “Annaly Capital Management executive compensation, FY2022–FY2025.” https://intel.velarion.ai/comp/NLY (accessed 2026).
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Real Estate rankings

Chief executive pay — Real EstateCEO pay ratio — Real EstateSay-on-pay support — Real Estate

Peers Annaly Capital Management discloses

The companies named in NLY's own disclosed peer group.

Adamas Trust, Inc.Affiliated Managers Group, Inc.AGNC Investment Corp.Ameriprise Financial, Inc.Chimera Investment CorporationFranklin Resources, Inc.Invesco Ltd.Jefferies Financial GroupLadder Capital Corp.Lazard Ltd.MFA Financial, Inc.Raymond James Financial, Inc.Redwood Trust, Inc.Rithm Capital Corp.T. Rowe Price Group, Inc.The Carlyle Group L.P.Two Harbors Investment Corp.Voya Financial

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies
Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
  author = {{Velarion Company Intelligence}},
  title = {Velarion database: executive and board compensation data},
  year = {2026},
  version = {2026Q3},
  doi = {10.5281/zenodo.22283854},
  publisher = {Zenodo},
  url = {https://doi.org/10.5281/zenodo.22283854}
}
For informational purposes only. Not investment, legal, or compensation advice.  The Pay Desk · Methodology · Terms · Privacy