Company: NLY-PF
Filing Date: 2025-08-01
Form Type: 424B5
Source: 0001193125-25-171665
Chunk: 17

Company: ANNALY CAPITAL MANAGEMENT INC
Filing Date: 2025-08-01
Form: 424B5
Chunk 17
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 Control, each holder of the Series J Preferred Stock will have the right (unless, prior to the Change of
Control Conversion Date, we have provided notice of our election to redeem some or all of the shares of Series J Preferred Stock held by such holder as described under “Description of the Series J Preferred Stock—Redemption—Optional
Redemption” or “Description of the Series J Preferred Stock—Redemption— Special Optional Redemption,” in which case such holder will have the right only with respect to shares of Series J Preferred Stock that are not called
for redemption) to convert some or all of such holder’s Series J Preferred Stock held on the Change of Control Conversion Date into shares of our common stock (or under specified circumstances certain alternative consideration). Notwithstanding
that we generally may not redeem the Series J Preferred Stock prior to September 30, 2030, we have a special optional redemption right to redeem the Series J Preferred Stock in the event of a Change of Control, and holders of Series J Preferred
Stock will not have the right to convert any shares that we have elected to redeem prior to the Change of Control Conversion Date. Please see the sections entitled “Description of the Series J Preferred Stock—Redemption—Special
Optional Redemption” and “Description of the Series J Preferred Stock—Conversion Rights.”

S-14

If we do not elect to redeem the Series J Preferred Stock prior to the Change of Control
Conversion Date, then upon an exercise of the conversion rights provided to the holders of our Series J Preferred Stock, the holders of Series J Preferred Stock will be limited to a maximum number of shares of our common stock (or, if applicable,
the Alternative Conversion Consideration (as defined below)) equal to the Share Cap multiplied by the number of shares of Series J Preferred Stock converted. If the Common Stock Price is less than $10.285 per share (which is 50% of the per share
closing sale price of our common stock reported on the NYSE on July 30, 2025), subject to adjustment in certain circumstances, the holders of Series J Preferred Stock will receive a maximum of 2.43072 shares of our common stock per share
of Series J Preferred Stock, which may result in a holder receiving shares of common stock (or Alternative Conversion Consideration, as applicable) with a value that is less than the liquidation preference of the Series J Preferred Stock.

The Change of Control conversion rights may also make it more difficult for a party to acquire us or discourage a party from acquiring us