Company: NLY-PF
Filing Date: 2025-08-01
Form Type: 424B5
Source: 0001193125-25-171665
Chunk: 32

Company: ANNALY CAPITAL MANAGEMENT INC
Filing Date: 2025-08-01
Form: 424B5
Chunk 32
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 for redemption (including any accumulated and unpaid dividends) in trust for the benefit of the holders of the shares of Series J Preferred Stock so called for redemption, then from and after the redemption date (unless we default in providing for the payment of the redemption price plus accumulated and unpaid dividends, if any), dividends will cease to accumulate on those shares of Series J Preferred Stock, those shares of Series J Preferred Stock will no longer be outstanding and all rights of the holders of those shares will terminate, except the right to receive the redemption price plus accumulated and unpaid dividends, if any, payable upon redemption. S-24

If any redemption date is not a business day, then the redemption price and accumulated and
unpaid dividends, if any, payable upon redemption may be paid on the next business day and no interest, additional dividends or other sums will accumulate on the amount payable for the period from and after that redemption date to that next business
day.

If less than all of the outstanding shares of Series J Preferred Stock are to be redeemed, the shares of Series J Preferred Stock to
be redeemed will be selected pro rata (as nearly as may be practicable without creating fractional shares) or by lot. If such redemption is to be by lot and if, as a result of such redemption, any holder of Series J Preferred Stock would own, or be
deemed by virtue of certain attribution provisions of the Code to own, in excess of 9.8% in value or in number of shares (whichever is more restrictive) of any class of our stock, or violate any other restriction or limitation of our stock set forth
in our charter, then, except as otherwise provided in our charter, we will redeem the requisite number of shares of Series J Preferred Stock of that holder such that the holder will not own or be deemed by virtue of certain attribution provisions of
the Code to own, subsequent to the redemption, in excess of 9.8% in value or in number of shares (whichever is more restrictive) of any class of our stock or violate any other restriction or limitation of our stock set forth in our charter. See
“—Restrictions on Transfer and Ownership” in this prospectus supplement and in accompanying prospectus under the heading “Restrictions on Ownership and Transfer.”

Immediately prior to any redemption of Series J Preferred Stock, we will pay, in cash, any accumulated and unpaid dividends to, but excluding,
the redemption date, unless a redemption date falls after a dividend record date and prior to the corresponding dividend payment