Annaly Capital CEO David Finkelstein Sells Exactly 50,000 Shares Every Quarter — $7.9M and Counting
Annaly Capital CEO David Finkelstein has sold $7.9M in NLY stock with a clockwork pattern: exactly 50,000 shares every quarter since 2024. His 709K remaining shares are worth ~$15M.
David L. Finkelstein, CEO of Annaly Capital Management (NLY), has sold $7.9 million across 42 insider transactions with a metronomic pattern: exactly 50,000 shares sold every quarter since early 2024 — February, May, August, November — at whatever the market price happens to be.
The Numbers
| Metric | Value |
|---|---|
| Career Sell Value | $7.9M |
| Career Buy Value | $3.9M |
| Total Transactions | 42 |
| Last Transaction | 2026-02-01 |
| Shares Remaining | 709,725 |
Recent Activity
| Date | Type | Shares | Price | Est. Value |
|---|---|---|---|---|
| 2025-11-03 | Sell | 50,000 | $21.1600 | $1.1M |
| 2025-08-04 | Sell | 50,000 | $20.7900 | $1.0M |
| 2025-05-05 | Sell | 50,000 | $19.2700 | $964K |
| 2025-02-10 | Sell | 50,000 | $20.6000 | $1.0M |
| 2024-10-28 | Sell | 50,000 | $19.2500 | $962K |
The quarterly 50,000-share cadence is among the most mechanically precise 10b5-1 patterns in the market. Finkelstein's last six sales: $19.03 (Feb '24), $20.05 (Aug '24), $19.25 (Oct '24), $20.60 (Feb '25), $19.27 (May '25), $20.79 (Aug '25), $21.16 (Nov '25). The narrow $19-$21 price band means each quarterly sale nets approximately $1M regardless of timing.
What It Means
Finkelstein's pattern is distinctive because Annaly Capital is itself a financial company — a mortgage REIT that profits from interest rate spreads. A mREIT CEO selling on a fixed schedule regardless of rate environment sends a disciplined diversification signal. His $3.9M in career purchases shows he's also been a meaningful buyer, resulting in a net $4M extraction over his tenure — relatively modest for a CEO of a $10B+ company.
With 709,725 shares remaining (~$15M), Finkelstein maintains more than 7 years of selling runway at the current 200K shares/year pace. For NLY investors who buy the stock primarily for its 12%+ dividend yield, the CEO's quarterly $1M sales are small relative to the dividend income his 709K shares generate (~$1.1M/year in dividends). He's selling less than his position earns in income.
What to Watch
- Whether the quarterly 50K-share cadence continues in Q1 2026
- Annaly Capital's book value trajectory amid shifting rate expectations
- Fed rate path and its impact on mortgage REIT spreads and NLY's dividend
- Any deviation from the mechanical selling pattern as a potential signal
Breaking News Editor at 13F Insight. First to report on major SEC filings, institutional moves, and regulatory developments.
More from Alex →Add the funds and stocks mentioned here to a free watchlist, or get an email the next time they file — no card required.