Company: NLY-PF
Filing Date: 2025-08-01
Form Type: 424B5
Source: 0001193125-25-171665
Chunk: 38

Company: ANNALY CAPITAL MANAGEMENT INC
Filing Date: 2025-08-01
Form: 424B5
Chunk 38
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emption,” in which case only the shares of Series J Preferred Stock properly surrendered for conversion and not properly withdrawn that are not called for redemption will be
converted as aforesaid. If we elect to redeem shares of Series J Preferred Stock that would otherwise be converted into the applicable Conversion Consideration on a Change of Control Conversion Date, such shares of Series J Preferred Stock will not
be so converted and the holders of such shares will be entitled to receive on the applicable redemption date the redemption price described above under “—Redemption—Optional Redemption” or “—Redemption—Special
Optional Redemption,” as applicable.

We will deliver all securities, cash and any other property owing upon conversion no later than
the third business day following the Change of Control Conversion Date. Notwithstanding the foregoing, the persons entitled to receive any shares of our common stock or other securities delivered on conversion will be deemed to have become the
holders of record thereof as of the Change of Control Conversion Date.

In connection with the exercise of any Change of Control
Conversion Right, we will comply with all applicable federal and state securities laws and stock exchange rules in connection with any conversion of shares of the Series J Preferred Stock into shares of our common stock or other property.
Notwithstanding any other provision of the Series J Preferred Stock, no holder of Series J Preferred Stock will be entitled to convert such shares of the Series J Preferred Stock into shares of our common stock to the extent that receipt of such
shares of common stock would cause such holder (or any other person) to violate the applicable restrictions on transfer and ownership of our stock contained in our charter, unless we provide an exemption from this limitation to such holder pursuant
to the terms of our charter. Please see the sections entitled “—Restrictions on Transfer and Ownership” below and “Restrictions on Ownership and Transfer” in the accompanying prospectus.

The Change of Control conversion feature may make it more difficult for a third party to acquire us or discourage a party from acquiring us.
See “Risk Factors—You may not be able to exercise conversion rights upon a Change of Control. If exercisable, the change of control conversion rights described in this prospectus supplement may not adequately compensate you. These change
of control conversion rights may also make it more difficult for a party to acquire us or discourage a party from acquiring us.”

Except as provided above in connection with a Change of Control, the Series J Preferred Stock is not convertible into or exchangeable for any
other securities or property.

Voting Rights

Holders of Series J