Business Context and Reporting Period
This Form 8-K filing by Annaly Capital Management Inc. (NLY) reports events occurring on December 31, 2024. The filing was signed and dated January 2, 2025. The Company is a Maryland corporation with principal executive offices in New York, New York.
Key Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt levels, or liquidity metrics. The document focuses exclusively on corporate governance actions regarding share repurchases.
Material Changes
The Board of Directors authorized two new share repurchase programs effective December 31, 2024, replacing prior programs that expired on the same date:
- Common Stock Program: Authorization to repurchase up to $1.5 billion of outstanding common stock.
- Preferred Stock Program: Authorization to repurchase up to 63,500,000 shares of preferred stock, allocated as follows:
- 28,800,000 shares of 6.95% Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock.
- 17,000,000 shares of 6.50% Series G Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock.
- 17,700,000 shares of 6.75% Series I Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock.
Both programs are scheduled to expire on December 31, 2029.
Guidance, Outlook, and Risks
The filing states that the new authorizations do not obligate the Company to acquire any specific amount of stock. The Company reserves the right to suspend or discontinue either program at its discretion without prior notice. No specific financial guidance, risk factors, or unusual items were disclosed in this report.
Investor Verification Checklist
- Verify the total capital allocation available under the new $1.5 billion common stock repurchase program.
- Confirm the specific series and share counts authorized for the preferred stock repurchase program.
- Note the expiration date of December 31, 2029, for both repurchase programs.
- Review subsequent filings for actual execution of repurchases, as the programs are discretionary.