Company: NLY-PF
Filing Date: 2025-08-01
Form Type: 424B5
Source: 0001193125-25-171665
Chunk: 41

Company: ANNALY CAPITAL MANAGEMENT INC
Filing Date: 2025-08-01
Form: 424B5
Chunk 41
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, any class or series of Senior Stock or reclassify any of our authorized stock into such shares, or create or authorize or issue any obligation or security convertible into or
evidencing the right to purchase any such shares or (ii) amend, alter or repeal the provisions of our charter, whether by merger, conversion, consolidation or otherwise, so as to materially and adversely affect any right, preference, privilege
or voting power of the Series J Preferred Stock (each, an “Event”); provided, however, with respect to the occurrence of any Event set forth in clause (ii) above, so long as the Series J Preferred Stock remains outstanding with the
terms thereof materially unchanged, or the holders of Series J Preferred Stock receive shares of stock or other equity interests with rights, preferences, privileges and voting powers substantially the same as those of the Series J Preferred Stock,
taking into account that upon the occurrence of an Event we may not be the successor entity, the occurrence of any such Event will not be deemed to materially and adversely affect the rights, preferences, privileges or voting power of holders of
Series J Preferred Stock; and, provided further, that any increase in the amount of the authorized or issued Series J Preferred Stock or the creation or issuance, or any increase in the amounts authorized of any Parity Stock, including the Series F
Preferred Stock, Series G Preferred Stock and Series I Preferred Stock, or Junior Stock will not be deemed to materially and adversely affect the rights, preferences, privileges or voting powers of holders of Series J Preferred Stock.
Notwithstanding the foregoing, if any amendment, alteration or repeal of any provision of our charter would materially and adversely affect the rights, preferences, privileges or voting rights of the Series J Preferred Stock disproportionately
relative to other classes or series of Parity Stock, including the Series F Preferred Stock, Series G Preferred Stock and Series I Preferred Stock, then the affirmative vote or

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consent of the holders of at least two-thirds of the outstanding shares of Series J Preferred Stock (voting as a separate class) shall also be required.

The foregoing voting provisions will not apply if, at or prior to the time when the act with respect to which such vote would otherwise
be required shall be effected, all outstanding shares of Series J Preferred Stock have been redeemed or called for redemption upon proper notice and sufficient funds have been irrevocably set apart to effect such redemption.

Except as expressly stated in the terms of the Series J Preferred Stock in our charter, Series J Preferred Stock will