The Ledger ResearchPrivate

The Front Office

Scouting report · NLY

Serena Wolfe

  • Chief Financial Officer, NLY since 2019-12src

Annaly's CFO since December 2019, after 21 years at Ernst & Young

—thin record

Not ranked yet

Scouting sheet

as of 24 Sep 2026
Delivers guidance—no promises on the record yet
Answers the question—no call reviewed yet
Capital allocation—company not reviewed yet
Pay design87book value, roe, tsr, margin, strategic, individual, time only · 93.2% for · 0.30% of net income
Skin in the game38stake worth $2.0m, 0.3× last year's pay
Age
46src
In the role
7 yr
Promises scored
0
Hit rate
—
Dodges / 100 answers
—
Airtime on calls
—
Every promise, oldest firstno scored promises yet

What to weigh

Watch 3

  • She joined as CFO in December 2019, a month after leaving Ernst & Young, which has audited Annaly since 2012. The filings read do not say whether she worked on the Annaly audit engagementsrc
  • She signs the FY2025 10-K as both principal financial officer and principal accounting officer; no separate chief accounting officer signssrc
  • Sold 33,073 shares (about $0.75m) in February and May 2026 under a 10b5-1 plan adopted 2025-11-04, with no purchasessrc

In their favour 1

  • The proxy says she met the 3x-salary ownership guideline. Hedging and pledging of company stock are bannedsrc

Career

  1. 2019 – now
    Annaly Capital Managementsrc
    Chief Financial Officer
    From 2019-12-09. Succeeded Glenn Votek, who was CFO and at the time also interim CEO (8K-2019-12-09)
  2. 2017 – 2019
    Ernst & Young LLPsrc
    Partner; Central Region Real Estate, Hospitality & Construction (RHC) Leader
    Until November 2019; ran go-to-market and client relationships for the sector
  3. 2011 – 2017
    Ernst & Young LLPsrc
    Partner; at some point Global RHC Assurance Leader
    The filings do not date the Global RHC Assurance Leader role
  4. 1998 – 2011
    Ernst & Young (Australia, then U.S.)src
    Assurance professional before partnership
    Started at EY in 1998. The 10-K counts six years with EY Australia and 16 with the U.S. practice

Achievements

  • CFO since December 2019, which includes the move from external to internal management that closed on 2020-06-30src
  • Partner at Ernst & Young from 2011 to 2019. She led its Central Region real estate, hospitality and construction practice and had earlier been its global assurance leader for the sectorsrc
  • The 2026 proxy credits her treasury oversight with a 73bp fall in the weighted-average repo rate to 4.20% during 2025, an operating expense ratio of 1.42% of equity, and zero reporting deficienciessrc
  • Independent director of Lennar Corporation since September 2023src

Education

  • University of Queensland, Bachelor of Commerce Accountingsrc
  • New York and California state boards, Certified Public Accountantsrc

Background

  • Family Her appointment 8-K states there are no family relationships between her and any Annaly director or officer requiring Item 401(d) disclosure, and no Item 404(a) transactions. The 2026 proxy reports no related party transactionssrc
  • Boards Director of Lennar Corporation (NYSE: LEN), a homebuilder with its own mortgage operation, elected effective 2023-09-02. Lennar's 8-K reports no Item 404(a) transactions involving her or her immediate familysrc
  • Personal Trained with EY in Australia for six years before moving to the U.S. practice; licensed CPA in New York and Californiasrc

The promise ledger

No promise on the record yet: the research routine has not scored this company's guidance.

Sources

9
  1. Filing Annaly Capital Management DEF 14A for the 2026 annual meeting (accession 0001104659-26-052954) · 2026-04-30
  2. Filing Annaly Capital Management 10-K for FY2025 (0001043219-26-000013): Information about our Executive Officers, Item 9B trading arrangements, signatures, auditor's report · 2026-02-12
  3. Filing Annaly 8-K Item 5.02, Serena Wolfe joins as CFO; Glenn Votek steps down as CFO (0001628280-19-014865) · 2019-12-09
  4. Filing Annaly 8-K Items 1.01/5.02, closing of the management internalization on 2020-06-30 (0001193125-20-184568) · 2020-07-01
  5. Filing Annaly 8-K Item 5.07, 2026 annual meeting results (0001043219-26-000034) · 2026-06-11
  6. Filing Lennar Corporation 8-K Item 5.02, Serena Wolfe elected director effective 2023-09-02 (0001628280-23-027264) · 2023-08-03
  7. Filing SEC XBRL companyconcept us-gaap/NetIncomeLoss, CIK 1043219 (FY2025 10-K, 0001043219-26-000013) · 2026-02-12
  8. Filing Form 4, Serena Wolfe (reporting CIK 1796495), sale of 2026-02-18 (0001796495-26-000005) · 2026-02-19
  9. Filing Form 4, Serena Wolfe, sale of 2026-05-04 (0001796495-26-000010) · 2026-05-05