ANNALY CAPITAL MANAGEMENT INC (NLY): 8-K filed October 2, 2026

• Preferred Stock Redemption Completed: Bank of America redeemed all 17.7M shares of Series I Preferred Stock (6.750% fixed-to-floating rate) on October 1, 2026, eliminating associated dividend obligations and reducing preferred equity capital structure.

• Capital Structure Optimization: Redeemed shares were reclassified into authorized but unissued common stock, providing increased flexibility for future capital deployment or equity-based initiatives without shareholder approval for new authorizations.

• Neutral Management Tone: The filing reflects a routine capital management action with no indication of financial distress or strategic pivots; management appears focused on streamlining the capital stack and potentially reducing cost of capital.

• Investor Impact - Cost of Capital: Elimination of 6.750% preferred dividend payments will modestly improve earnings available to common shareholders, though the material financial impact depends on how/if the company redeploys this capital.