Company: NLY-PF
Filing Date: 2025-08-01
Form Type: 424B5
Source: 0001193125-25-171665
Chunk: 47

Company: ANNALY CAPITAL MANAGEMENT INC
Filing Date: 2025-08-01
Form: 424B5
Chunk 47
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 the event that we request any
action of the holders, or an owner of a beneficial interest in a global security, such as you, desires to take any action which a holder is entitled to take under our charter (including the terms of the Series J Preferred Stock), DTC would authorize
the Direct Participants holding the relevant shares to take such action, and those Direct Participants and any Indirect Participants would authorize beneficial owners owning through those Direct and Indirect Participants to take such action or would
otherwise act upon the instructions of beneficial owners owning through them.

Any redemption notices with respect to the Series J
Preferred Stock will be sent to Cede & Co. If less than all of the outstanding shares of Series J Preferred Stock are being redeemed, DTC will reduce each Direct Participant’s holdings of shares of Series J Preferred Stock in
accordance with its procedures.

In those instances where a vote is required, neither DTC nor Cede & Co. itself will consent or
vote with respect to the shares of Series J Preferred Stock. Under its usual procedures, DTC would mail an omnibus proxy to us as soon as possible after the record date. The omnibus proxy assigns Cede & Co.’s consenting or voting
rights to those Direct Participants whose accounts the shares of Series J Preferred Stock are credited to on the record date, which are identified in a listing attached to the omnibus proxy.

Dividends on the Series J Preferred Stock will be made directly to DTC’s nominee (or its successor, if applicable). DTC’s practice
is to credit participants’ accounts on the relevant payment date in accordance with their respective holdings shown on DTC’s records unless DTC has reason to believe that it will not receive payment on that payment date.

Payments by Direct and Indirect Participants to beneficial owners will be governed by standing instructions and customary practices, as is the
case with securities held for the accounts of customers in bearer form or registered in “street name.” These payments will be the responsibility of the participant and not of DTC, us or any agent of ours.

DTC may discontinue providing its services as securities depositary with respect to the Series J Preferred Stock at any time by giving
reasonable notice to us. Additionally, we may decide to discontinue the book-entry only system of transfers with respect to the Series J Preferred Stock. In that event, we will print and deliver certificates in fully registered form for the Series J
Preferred Stock. If DTC notifies us that it is unwilling to continue as securities depositary