Annaly's Governance Architect Retires, Marking End of a Transformative Era

NEW YORK, NY – December 29, 2025 – Annaly Capital Management, Inc., a leading figure in the mortgage finance sector, has announced a significant leadership transition. Anthony Green, the company's long-serving Chief Legal Officer, Chief Corporate Officer, and Secretary, will retire from his executive roles effective January 1, 2026. After a distinguished 16-year career with the firm, Mr. Green will transition to a Senior Advisor role through March 31, 2026, to ensure a seamless handover of his extensive responsibilities.

Green's departure marks the end of an era for the internally managed real estate investment trust (REIT). As a senior member of the executive team, he was a central figure in navigating the company through some of its most pivotal moments, including its strategic shift toward becoming a more traditional public company.

A Legacy of Transformation and Governance

Anthony Green's impact on Annaly extends far beyond typical legal oversight. His tenure, which saw him appointed as Chief Legal Officer in 2017 and Chief Corporate Officer in 2019, is most notably defined by his instrumental role in the company's 2020 internalization of its management structure. This complex undertaking was a critical strategic move that transitioned Annaly away from an external management model, aligning its governance and operational framework with public company best practices and enhancing transparency for stockholders.

CEO David L. Finkelstein has acknowledged Green's crucial contributions in steering the company through this transformational period. His leadership was vital in strengthening Annaly's corporate governance, building high-performing legal and compliance teams, and overseeing corporate responsibility and government relations. The intricate process of internalization required a steady hand to manage the legal, regulatory, and structural complexities, a role Green fulfilled with distinction.

The foundation laid during this period has been essential to Annaly's stability and its ability to execute its current strategy. The company's robust governance framework, including policies on insider trading, anti-bribery, and fair disclosure, was developed and refined under his watch. His oversight of the Corporate Responsibility Committee also underscores the company's increasing focus on ESG matters, an area of growing importance for investors and regulators alike.

A Broader Pattern of Leadership Evolution

Mr. Green's retirement does not appear to be an isolated event but rather part of a deliberate, multi-year leadership evolution at Annaly. The company's 2025 proxy statement details a comprehensive board and committee refreshment process designed to ensure its leadership possesses the right balance of skills and experience to navigate future challenges.

This strategic refreshment has been evident in recent years. In 2023, the company appointed three new directors—Manon Laroche, Martin Laguerre, and Scott Wede—to its board. Concurrently, three long-serving directors, including former Independent Board Chair Michael Haylon, concluded their service following the 2025 annual meeting. Thomas Hamilton, previously the Risk Committee Chair, was subsequently appointed to succeed Haylon, marking another key transition in its governance structure.

This pattern of planned succession is not new for the company's legal department. Green himself succeeded R. Nicholas Singh in 2017, who retired after a 12-year tenure as Chief Legal Officer. This history suggests a corporate culture that values long-term stability and manages leadership transitions methodically, rather than reactively. The planned changes appear to be a proactive effort to infuse the company with fresh perspectives while maintaining institutional knowledge, a critical balance for a firm operating in the dynamic mortgage finance market.

Strategic Stability Amidst Market Focus

The timing of this executive transition comes as Annaly solidifies its strategic focus on housing finance. Having divested its Commercial Real Estate and Middle Market Lending businesses in 2021 and 2022, the company has doubled down on its core competencies: proactively managing its Agency mortgage-backed securities portfolio while expanding its Residential Credit and Mortgage Servicing Rights (MSR) businesses.

This refined strategy appears to be yielding positive results. Annaly reported strong third-quarter 2025 earnings that surpassed analyst expectations and recently declared a fourth-quarter cash dividend of $0.70 per common share, signaling confidence in its financial position and market strategy. The stable governance and compliance framework that Mr. Green helped build is a crucial underpinning for this strategic execution, providing the operational integrity needed to manage risk and capitalize on opportunities in a highly regulated industry.

The Question of Succession

While Annaly has demonstrated a capacity for smooth leadership handovers, the company has not yet publicly named a successor for the multifaceted role Green is vacating. The combination of Chief Legal Officer, Chief Corporate Officer, and Secretary into a single executive position concentrates significant responsibility, covering everything from legal and regulatory compliance to corporate governance and shareholder relations.

The search for a successor, whether internal or external, will be a critical task for Annaly's board and executive team. The new leader will need to possess not only deep legal expertise in the complex world of mortgage REITs but also the strategic vision to guide the company's corporate functions and governance frameworks forward.

To facilitate this transition, Green will serve as a Senior Advisor for three months following his retirement. This structured advisory period is designed to ensure continuity and a comprehensive transfer of institutional knowledge. His compensation package, which includes continued salary and vesting of equity awards during this period, underscores the company's commitment to maintaining leadership stability and ensuring the functions he oversaw continue to operate without disruption. As Annaly prepares to enter its next chapter, the legacy of strong governance left by its departing legal architect will be a vital asset for his eventual successor.