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The Deferred Stock Units ("DSUs") convert to shares of Common Stock on a one-for-one basis one year after the date of grant unless the director elects to defer the settlement of the DSUs until after a termination of service pursuant to the Annaly Capital Management, Inc. 2020 Equity Incentive Plan. The reporting person has elected such deferred settlement for all DSUs reported above.

Reflects the aggregate amount of DSUs granted during the tenure of the respective director net of any conversions.

The Deferred Stock Units ("DSUs") convert to shares of Common Stock on a one-for-one basis one year after the date of grant unless the director elects to defer the settlement of the DSUs until after a termination of service pursuant to the Annaly Capital Management, Inc. 2020 Equity Incentive Plan. The reporting person has elected such deferred settlement for all DSUs reported above.

Reflects the aggregate amount of DSUs granted during the tenure of the respective director net of any conversions.

The Deferred Stock Units ("DSUs") convert to shares of Common Stock on a one-for-one basis one year after the date of grant unless the director elects to defer the settlement of the DSUs until after a termination of service pursuant to the Annaly Capital Management, Inc. 2020 Equity Incentive Plan. The reporting person has elected such deferred settlement for all DSUs reported above.

Reflects the aggregate amount of DSUs granted during the tenure of the respective director net of any conversions.

The Deferred Stock Units ("DSUs") convert to shares of Common Stock on a one-for-one basis one year after the date of grant unless the director elects to defer the settlement of the DSUs until after a termination of service pursuant to the Annaly Capital Management, Inc. 2020 Equity Incentive Plan. The reporting person has elected such deferred settlement for all DSUs reported above.

Reflects the aggregate amount of DSUs granted during the tenure of the respective director net of any conversions.

The Deferred Stock Units ("DSUs") convert to shares of Common Stock on a one-for-one basis one year after the date of grant unless the director elects to defer the settlement of the DSUs until after a termination of service pursuant to the Annaly Capital Management, Inc. 2020 Equity Incentive Plan. The reporting person has elected such deferred settlement for all DSUs reported above.

Reflects the aggregate amount of DSUs granted during the tenure of the respective director net of any conversions.

The Deferred Stock Units ("DSUs") convert to shares of Common Stock on a one-for-one basis one year after the date of grant unless the director elects to defer the settlement of the DSUs until after a termination of service pursuant to the Annaly Capital Management, Inc. 2020 Equity Incentive Plan. The reporting person has elected such deferred settlement for all DSUs reported above.

Reflects the aggregate amount of DSUs granted during the tenure of the respective director net of any conversions.

The Deferred Stock Units ("DSUs") convert to shares of Common Stock on a one-for-one basis one year after the date of grant unless the director elects to defer the settlement of the DSUs until after a termination of service pursuant to the Annaly Capital Management, Inc. 2020 Equity Incentive Plan. The reporting person has elected such deferred settlement for all DSUs reported above.

Reflects the aggregate amount of DSUs granted during the tenure of the respective director net of any conversions.

The Deferred Stock Units ("DSUs") convert to shares of Common Stock on a one-for-one basis one year after the date of grant unless the director elects to defer the settlement of the DSUs until after a termination of service pursuant to the Annaly Capital Management, Inc. 2020 Equity Incentive Plan. The reporting person has elected such deferred settlement for all DSUs reported above.

Reflects the aggregate amount of DSUs granted during the tenure of the respective director net of any conversions.

The Deferred Stock Units ("DSUs") convert to shares of Common Stock on a one-for-one basis one year after the date of grant unless the director elects to defer the settlement of the DSUs until after a termination of service pursuant to the Annaly Capital Management, Inc. 2020 Equity Incentive Plan.

Reflects the aggregate amount of DSUs granted during the tenure of the respective director net of any conversions, including 3,976 DSUs acquired pursuant to dividend reinvestment for which no additional price was paid.

The sale of shares of common stock reported in this Form 4 was effected pursuant to a Rule 10b5-1 plan adopted November 4, 2025 for tax and estate planning purposes.

The price reported above reflects the weighted average purchase price, rounded to the nearest hundredth. The highest price at which the shares were purchased was $22.62 and the lowest price at which the shares were purchased was $22.35. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote in this Form 4.

Dividend equivalent units ("DEUs") issued on restricted unit awards are included in the reporting person's common stock holding balance. Each DEU is the economic equivalent of one share of common stock of Annaly Capital Management, Inc. and payable in one share for each whole DEU.

The sale of shares of common stock reported in this Form 4 was effected pursuant to a Rule 10b5-1 plan adopted May 16, 2024 for tax and estate planning purposes.

The price reported above reflects the weighted average purchase price, rounded to the nearest hundredth. The highest price at which the shares were purchased was $23.00 and the lowest price at which the shares were purchased was $22.78. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote in this Form 4.

Dividend equivalent units ("DEUs") issued on restricted unit awards are included in the reporting person's common stock holding balance. Each DEU is the economic equivalent of one share of common stock of Annaly Capital Management, Inc. and payable in one share for each whole DEU.

Represents the number of shares of common stock issued upon the vesting of a Performance Stock Unit ("PSU") award, inclusive of dividend equivalent units ("DEUs").

DEUs issued on Restricted Stock Units ("RSUs") are included in the reporting person's common stock holding balance. Each DEU is the economic equivalent of one share of common stock of Annaly Capital Management, Inc. and payable in one share for each whole DEU.

Represents shares surrendered to the issuer to satisfy a tax withholding obligation in connection with the vesting of a PSU award previously granted on February 1, 2023.

Dividend equivalent units ("DEUs") issued on restricted unit awards are included in the reporting person's common stock holding balance. Each DEU is the economic equivalent of one share of common stock of Annaly Capital Management, Inc. and payable in one share for each whole DEU.

Represents the number of shares of common stock issued upon the vesting of a Performance Stock Unit ("PSU") award, inclusive of dividend equivalent units ("DEUs").

DEUs issued on Restricted Stock Units ("RSUs") are included in the reporting person's common stock holding balance. Each DEU is the economic equivalent of one share of common stock of Annaly Capital Management, Inc. and payable in one share for each whole DEU.

Represents shares surrendered to the issuer to satisfy a tax withholding obligation in connection with the vesting of a PSU award previously granted on February 1, 2023.

DEUs issued on Restricted Stock Units ("RSUs") are included in the reporting person's common stock holding balance. Each DEU is the economic equivalent of one share of common stock of Annaly Capital Management, Inc. and payable in one share for each whole DEU.

The sale of shares of common stock reported in this Form 4 was effected pursuant to a Rule 10b5-1 plan adopted November 3, 2025 for tax and estate planning purposes.

The price reported above reflects the weighted average sale price, rounded to the nearest hundredth. The highest price at which the shares were sold was $23.01 and the lowest price at which the shares were sold was $22.55. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote in this Form 4.

Dividend equivalent units ("DEUs") issued on restricted unit awards are included in the reporting person's common stock holding balance. Each DEU is the economic equivalent of one share of common stock of Annaly Capital Management, Inc. and payable in one share for each whole DEU.

Represents shares surrendered to the issuer to satisfy a tax withholding obligation in connection with the vesting of a PSU award previously granted on February 1, 2023.

DEUs issued on Restricted Stock Units ("RSUs") are included in the reporting person's common stock holding balance. Each DEU is the economic equivalent of one share of common stock of Annaly Capital Management, Inc. and payable in one share for each whole DEU.

Represents the number of shares of common stock issued upon the vesting of a Performance Stock Unit ("PSU") award, inclusive of dividend equivalent units ("DEUs").

Dividend equivalent units ("DEUs") issued on restricted unit awards are included in the reporting person's common stock holding balance. Each DEU is the economic equivalent of one share of common stock of Annaly Capital Management, Inc. and payable in one share for each whole DEU.

The sale of shares of common stock reported in this Form 4 was effected pursuant to a Rule 10b5-1 plan adopted November 4, 2025 for tax and estate planning purposes.

The price reported above reflects the weighted average sale price, rounded to the nearest hundredth. The highest price at which the shares were sold was $23.27 and the lowest price at which the shares were sold was $22.95. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote in this Form 4.

Dividend equivalent units ("DEUs") issued on restricted unit awards are included in the reporting person's common stock holding balance. Each DEU is the economic equivalent of one share of common stock of Annaly Capital Management, Inc. and payable in one share for each whole DEU.

The sale of shares of common stock reported in this Form 4 was effected pursuant to a Rule 10b5-1 plan adopted November 3, 2025 for tax and estate planning purposes.

The price reported above reflects the weighted average sale price, rounded to the nearest hundredth. The highest price at which the shares were sold was $23.27 and the lowest price at which the shares were sold was $22.93. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote in this Form 4.

Dividend equivalent units ("DEUs") issued on restricted unit awards are included in the reporting person's common stock holding balance. Each DEU is the economic equivalent of one share of common stock of Annaly Capital Management, Inc. and payable in one share for each whole DEU.

The sale of shares of common stock reported in this Form 4 was effected pursuant to a Rule 10b5-1 plan adopted November 12, 2025 for tax and estate planning purposes.

The price reported above reflects the weighted average sale price, rounded to the nearest hundredth. The highest price at which the shares were sold was $23.27 and the lowest price at which the shares were sold was $22.93. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote in this Form 4.

Dividend equivalent units ("DEUs") issued on restricted unit awards are included in the reporting person's common stock holding balance. Each DEU is the economic equivalent of one share of common stock of Annaly Capital Management, Inc. and payable in one share for each whole DEU.

Represents shares surrendered to the issuer to satisfy a tax withholding obligation in connection with the vesting on February 1, 2026 of restricted stock unit ("RSU") awards previously granted on February 1, 2023, February 1, 2024 and February 1, 2025.

Dividend equivalent units ("DEUs") issued on RSUs are included in the reporting person's common stock holding balance. Each DEU is the economic equivalent of one share of common stock of Annaly Capital Management, Inc. and payable in one share for each whole DEU.

Represents RSUs granted pursuant to the Annaly Capital Management, Inc. 2020 Equity Incentive Plan. Each RSU represents a contingent right to receive one share of common stock of Annaly Capital Management, Inc., par value $0.01 per share. The RSUs vest ratably over three years beginning on the one-year anniversary of the grant date (subject to accelerated vesting under certain circumstances).

Dividend equivalent units ("DEUs") issued on RSUs are included in the reporting person's common stock holding balance. Each DEU is the economic equivalent of one share of common stock of Annaly Capital Management, Inc. and payable in one share for each whole DEU.

Represents shares surrendered to the issuer to satisfy a tax withholding obligation in connection with the vesting on February 1, 2026 of restricted stock unit ("RSU") awards previously granted on February 1, 2023, February 1, 2024 and February 1, 2025.

Dividend equivalent units ("DEUs") issued on RSUs are included in the reporting person's common stock holding balance. Each DEU is the economic equivalent of one share of common stock of Annaly Capital Management, Inc. and payable in one share for each whole DEU.

Represents RSUs granted pursuant to the Annaly Capital Management, Inc. 2020 Equity Incentive Plan. Each RSU represents a contingent right to receive one share of common stock of Annaly Capital Management, Inc., par value $0.01 per share. The RSUs vest ratably over three years beginning on the one-year anniversary of the grant date (subject to accelerated vesting under certain circumstances).

Dividend equivalent units ("DEUs") issued on RSUs are included in the reporting person's common stock holding balance. Each DEU is the economic equivalent of one share of common stock of Annaly Capital Management, Inc. and payable in one share for each whole DEU.

Represents shares surrendered to the issuer to satisfy a tax withholding obligation in connection with the vesting on February 1, 2026 of restricted stock unit ("RSU") awards previously granted on February 1, 2023, February 1, 2024 and February 1, 2025.

Dividend equivalent units ("DEUs") issued on RSUs are included in the reporting person's common stock holding balance. Each DEU is the economic equivalent of one share of common stock of Annaly Capital Management, Inc. and payable in one share for each whole DEU.

Represents RSUs granted pursuant to the Annaly Capital Management, Inc. 2020 Equity Incentive Plan. Each RSU represents a contingent right to receive one share of common stock of Annaly Capital Management, Inc., par value $0.01 per share. The RSUs vest ratably over three years beginning on the one-year anniversary of the grant date (subject to accelerated vesting under certain circumstances).

Dividend equivalent units ("DEUs") issued on RSUs are included in the reporting person's common stock holding balance. Each DEU is the economic equivalent of one share of common stock of Annaly Capital Management, Inc. and payable in one share for each whole DEU.

The sale of shares of common stock reported in this Form 4 was effected pursuant to a Rule 10b5-1 plan adopted May 16, 2024 for tax and estate planning purposes.

The price reported above reflects the weighted average purchase price, rounded to the nearest hundredth. The highest price at which the shares were purchased was $21.34 and the lowest price at which the shares were purchased was $20.93. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote in this Form 4.

Dividend equivalent units ("DEUs") issued on restricted unit awards are included in the reporting person's common stock holding balance. Each DEU is the economic equivalent of one share of common stock of Annaly Capital Management, Inc. and payable in one share for each whole DEU.

The sale of shares of common stock reported in this Form 4 was effected pursuant to a Rule 10b5-1 plan adopted May 5, 2025 for tax and estate planning purposes.

The price reported above reflects the weighted average purchase price, rounded to the nearest hundredth. The highest price at which the shares were purchased was $21.34 and the lowest price at which the shares were purchased was $20.93. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote in this Form 4.

Dividend equivalent units ("DEUs") issued on restricted unit awards are included in the reporting person's common stock holding balance. Each DEU is the economic equivalent of one share of common stock of Annaly Capital Management, Inc. and payable in one share for each whole DEU.

The sale of shares of common stock reported in this Form 4 was effected pursuant to a Rule 10b5-1 plan adopted May 5, 2025 for tax and estate planning purposes.

The price reported above reflects the weighted average purchase price, rounded to the nearest hundredth. The highest price at which the shares were purchased was $20.75 and the lowest price at which the shares were purchased was $20.49. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote in this Form 4.

Dividend equivalent units ("DEUs") issued on restricted unit awards are included in the reporting person's common stock holding balance. Each DEU is the economic equivalent of one share of common stock of Annaly Capital Management, Inc. and payable in one share for each whole DEU.

The sale of shares of common stock reported in this Form 4 was effected pursuant to a Rule 10b5-1 plan adopted May 16, 2024 for tax and estate planning purposes.

The price reported above reflects the weighted average purchase price, rounded to the nearest hundredth. The highest price at which the shares were purchased was $20.93 and the lowest price at which the shares were purchased was $20.57. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote in this Form 4.

Dividend equivalent units ("DEUs") issued on restricted unit awards are included in the reporting person's common stock holding balance. Each DEU is the economic equivalent of one share of common stock of Annaly Capital Management, Inc. and payable in one share for each whole DEU.

The Deferred Stock Units ("DSUs") convert to shares of Common Stock on a one-for-one basis one year after the date of grant unless the director elects to defer the settlement of the DSUs until after a termination of service pursuant to the Annaly Capital Management, Inc. 2020 Equity Incentive Plan.

Reflects the aggregate amount of DSUs granted during the tenure of the respective director net of any conversions, including 2,433 DSUs acquired pursuant to dividend reinvestment for which no additional price was paid.

The Deferred Stock Units ("DSUs") convert to shares of Common Stock on a one-for-one basis one year after the date of grant unless the director elects to defer the settlement of the DSUs until after a termination of service pursuant to the Annaly Capital Management, Inc. 2010 Equity Incentive Plan or the Annaly Capital Management, Inc. 2020 Equity Incentive Plan, as applicable. The reporting person has elected such deferred settlement for all DSUs reported above.

Reflects the aggregate amount of DSUs granted during the tenure of the respective director net of any conversions.

The Deferred Stock Units ("DSUs") convert to shares of Common Stock on a one-for-one basis one year after the date of grant unless the director elects to defer the settlement of the DSUs until after a termination of service pursuant to the Annaly Capital Management, Inc. 2020 Equity Incentive Plan. The reporting person has elected such deferred settlement for all DSUs reported above.

Reflects the aggregate amount of DSUs granted during the tenure of the respective director net of any conversions, including 3,796 DSUs acquired pursuant to dividend reinvestment for which no additional price was paid.

The Deferred Stock Units ("DSUs") convert to shares of Common Stock on a one-for-one basis one year after the date of grant unless the director elects to defer the settlement of the DSUs until after a termination of service pursuant to the Annaly Capital Management, Inc. 2020 Equity Incentive Plan. The reporting person has elected such deferred settlement for all DSUs reported above.

Reflects the aggregate amount of DSUs granted during the tenure of the respective director net of any conversions.

The Deferred Stock Units ("DSUs") convert to shares of Common Stock on a one-for-one basis one year after the date of grant unless the director elects to defer the settlement of the DSUs until after a termination of service pursuant to the Annaly Capital Management, Inc. 2020 Equity Incentive Plan. The reporting person has elected such deferred settlement for all DSUs reported above.

Reflects the aggregate amount of DSUs granted during the tenure of the respective director net of any conversions.

The Deferred Stock Units ("DSUs") convert to shares of Common Stock on a one-for-one basis one year after the date of grant unless the director elects to defer the settlement of the DSUs until after a termination of service pursuant to the Annaly Capital Management, Inc. 2020 Equity Incentive Plan. The reporting person has elected such deferred settlement for all DSUs reported above.

Reflects the aggregate amount of DSUs granted during the tenure of the respective director net of any conversions.

The Deferred Stock Units ("DSUs") convert to shares of Common Stock on a one-for-one basis one year after the date of grant unless the director elects to defer the settlement of the DSUs until after a termination of service pursuant to the Annaly Capital Management, Inc. 2010 Equity Incentive Plan or the Annaly Capital Management, Inc. 2020 Equity Incentive Plan, as applicable. The reporting person has elected such deferred settlement for all DSUs reported above.

Reflects the aggregate amount of DSUs granted during the tenure of the respective director net of any conversions.

The Deferred Stock Units ("DSUs") convert to shares of Common Stock on a one-for-one basis one year after the date of grant unless the director elects to defer the settlement of the DSUs until after a termination of service pursuant to the Annaly Capital Management, Inc. 2020 Equity Incentive Plan. The reporting person has elected such deferred settlement for all DSUs reported above.

Reflects the aggregate amount of DSUs granted during the tenure of the respective director net of any conversions.

The Deferred Stock Units ("DSUs") convert to shares of Common Stock on a one-for-one basis one year after the date of grant unless the director elects to defer the settlement of the DSUs until after a termination of service pursuant to the Annaly Capital Management, Inc. 2020 Equity Incentive Plan.

The sale of shares of common stock reported in this Form 4 was effected pursuant to a Rule 10b5-1 plan adopted February 6, 2025.

The price reported above reflects the weighted average purchase price, rounded to the nearest hundredth. The highest price at which the shares were purchased was $19.64 and the lowest price at which the shares were purchased was $19.47. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote in this Form 4.

Dividend equivalent units ("DEUs") issued on restricted unit awards are included in the reporting person's common stock holding balance. Each DEU is the economic equivalent of one share of common stock of Annaly Capital Management, Inc. and payable in one share for each whole DEU.

The sale of shares of common stock reported in this Form 4 was effected pursuant to a Rule 10b5-1 plan adopted February 5, 2025.

The price reported above reflects the weighted average purchase price, rounded to the nearest hundredth. The highest price at which the shares were purchased was $19.64 and the lowest price at which the shares were purchased was $19.48. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote in this Form 4.

Dividend equivalent units ("DEUs") issued on restricted unit awards are included in the reporting person's common stock holding balance. Each DEU is the economic equivalent of one share of common stock of Annaly Capital Management, Inc. and payable in one share for each whole DEU.

The sale of shares of common stock reported in this Form 4 was effected pursuant to a Rule 10b5-1 plan adopted May 16, 2024 for tax and estate planning purposes.

The price reported above reflects the weighted average purchase price, rounded to the nearest hundredth. The highest price at which the shares were purchased was $19.34 and the lowest price at which the shares were purchased was $19.12. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote in this Form 4.

Dividend equivalent units ("DEUs") issued on restricted unit awards are included in the reporting person's common stock holding balance. Each DEU is the economic equivalent of one share of common stock of Annaly Capital Management, Inc. and payable in one share for each whole DEU.

Represents shares surrendered to the issuer to satisfy a tax withholding obligation in connection with the vesting of a PSU award previously granted on February 1, 2022.

DEUs issued on Restricted Stock Units ("RSUs") are included in the reporting person's common stock holding balance. Each DEU is the economic equivalent of one share of common stock of Annaly Capital Management, Inc. and payable in one share for each whole DEU.

Represents the number of shares of common stock issued upon the vesting of a Performance Stock Unit ("PSU") award, inclusive of dividend equivalent units ("DEUs").

DEUs issued on Restricted Stock Units ("RSUs") are included in the reporting person's common stock holding balance. Each DEU is the economic equivalent of one share of common stock of Annaly Capital Management, Inc. and payable in one share for each whole DEU.

Represents shares surrendered to the issuer to satisfy a tax withholding obligation in connection with the vesting of a PSU award previously granted on February 1, 2022.

DEUs issued on Restricted Stock Units ("RSUs") are included in the reporting person's common stock holding balance. Each DEU is the economic equivalent of one share of common stock of Annaly Capital Management, Inc. and payable in one share for each whole DEU.

Represents the number of shares of common stock issued upon the vesting of a Performance Stock Unit ("PSU") award, inclusive of dividend equivalent units ("DEUs").

DEUs issued on Restricted Stock Units ("RSUs") are included in the reporting person's common stock holding balance. Each DEU is the economic equivalent of one share of common stock of Annaly Capital Management, Inc. and payable in one share for each whole DEU.

Represents shares surrendered to the issuer to satisfy a tax withholding obligation in connection with the vesting of a PSU award previously granted on February 1, 2022.

DEUs issued on Restricted Stock Units ("RSUs") are included in the reporting person's common stock holding balance. Each DEU is the economic equivalent of one share of common stock of Annaly Capital Management, Inc. and payable in one share for each whole DEU.