Company: NLY-PF
Filing Date: 2025-08-01
Form Type: 424B5
Source: 0001193125-25-171665
Chunk: 0

Company: ANNALY CAPITAL MANAGEMENT INC
Filing Date: 2025-08-01
Form: 424B5
Chunk 0
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Pursuant to Rule 424(b)(5)
Registration No. 333-282261 PROSPECTUS SUPPLEMENT (To Prospectus Dated September 20, 2024) 10,000,000 Shares Annaly Capital Management, Inc. 8.875% Series J Fixed-Rate Cumulative Redeemable Preferred Stock (Liquidation Preference $25.00 Per Share) We are offering 10,000,000 shares of our 8.875% Series J Fixed-Rate Cumulative Redeemable Preferred Stock, par value $0.01 per share, with a liquidation preference of $25.00 per share, or the Series J Preferred Stock. Holders of Series J Preferred Stock will be entitled to receive cumulative cash dividends from and including the original issue date at a fixed rate equal to 8.875% per annum of the $25.00 per share liquidation preference (equivalent to $2.21875 per annum per share). Dividends will be payable quarterly in arrears on or about the last day of March, June, September and December of each year, when and as authorized and declared, beginning on December 31, 2025 (long first dividend period). Dividends will accumulate and be cumulative from, and including, the date of original issuance of the Series J Preferred Stock. The Series J Preferred Stock is not redeemable by us prior to September 30, 2030, except under circumstances where it is necessary to preserve our qualification as a real estate investment trust, or REIT, for U.S. federal income tax purposes and except as described below upon the occurrence of a Change of Control (as defined herein). On or after September 30, 2030, we may, at our option, subject to certain procedural requirements, redeem any or all of the shares of the Series J Preferred Stock for cash at a redemption price of $25.00 per share, plus any accumulated and unpaid dividends thereon (whether or not authorized or declared) to, but excluding, the redemption date. In addition, upon the occurrence of a Change of Control, we may, at our option, subject to certain procedural requirements, redeem any or all of the shares of Series J Preferred Stock within 120 days after the first date on which such Change of Control occurred, for cash at a redemption price of $25.00 per share, plus any accumulated and unpaid dividends thereon (whether or not authorized or declared) to, but excluding, the redemption date