Company: NLY-PF
Filing Date: 2025-12-22
Form Type: 424B5
Source: 0001193125-25-328718
Chunk: 16

Company: ANNALY CAPITAL MANAGEMENT INC
Filing Date: 2025-12-22
Form: 424B5
Chunk 16
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, for example, government securities
other than Agency MBS, certificates of deposit and interest-bearing bank deposits. These investments are expected to provide a lower net return than we will seek to achieve from our targeted assets.

5

DESCRIPTION OF EQUITY SECURITIES

General

Our charter provides that the
total number of shares of stock of all classes which we have the authority to issue is one billion five hundred thirty-one million seven hundred fifty thousand (1,531,750,000) shares of capital stock, $0.01 par value per share. These shares of
capital stock consist of 1,468,250,000 shares of common stock, $0.01 par value per share (the “common stock”), 28,800,000 shares of 6.95% Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, $0.01 par value per share
(“Series F Preferred Stock”), 17,000,000 shares of 6.50% Series G Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, $0.01 par value per share (“Series G Preferred Stock”) and 17,700,000 shares of 6.75% Series I
Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, $0.01 par value per share (“Series I Preferred Stock”).

Our
Board may classify and reclassify any unissued shares of capital stock by setting or changing in any one or more respects the preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends and other distributions,
qualifications or terms or conditions of redemption of such shares of stock. As of September 18, 2024, we had 538,212,338 shares of common stock outstanding. In addition, as of September 18, 2024, we had 28,800,000 shares of Series F
Preferred Stock outstanding, 17,000,000 shares of Series G Preferred Stock outstanding and 17,700,000 shares of Series I Preferred Stock outstanding.

All shares of common stock offered hereby will be duly authorized, fully paid and nonassessable. Under Maryland law, our stockholders
generally are not personally liable for our debts and obligations solely as a result of their status as stockholders.

Voting

Subject to our charter restrictions on ownership and transfer of our stock and the terms of any other class or series of our stock, each
outstanding share of our common stock entitles the holder