Company: NLY-PF
Filing Date: 2025-08-01
Form Type: 424B5
Source: 0001193125-25-171665
Chunk: 34

Company: ANNALY CAPITAL MANAGEMENT INC
Filing Date: 2025-08-01
Form: 424B5
Chunk 34
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 into a number of shares

S-25

of our common stock per share of Series J Preferred Stock (the “Common Stock Conversion Consideration”) equal to the lesser of:

| • |     | the quotient obtained by dividing (i) the sum of the $25.00 liquidation preference per share of Series J                                                                                                                                              
 Preferred Stock, plus any accumulated and unpaid dividends thereon (whether or not authorized or declared) to, but excluding, the Change of Control Conversion Date (unless the Change of Control Conversion Date is after a dividend record date and 
 prior to the corresponding dividend payment date for the Series J Preferred Stock, in which case no additional amount for such accumulated and unpaid dividends to be paid on such dividend payment date will be included in this sum) by (ii) the    
 Common Stock Price, as defined below (such quotient, the “Conversion Rate”); and                                                                                                                                                                      |

| • |     | 2.43072, or the “Share Cap,” subject to certain adjustments as described below. |

Notwithstanding anything in the terms of the Series J Preferred Stock in our charter to the contrary and except as otherwise required by law, the persons who are the holders of record of shares of Series J Preferred Stock at the close of business on a dividend record date will be entitled to receive the dividend payable on the corresponding dividend payment date notwithstanding the conversion of those shares after such dividend record date and on or prior to such dividend payment date and, in such case, the full amount of such dividend will be paid on such dividend payment date to the persons who were the holders of record at the close of business on such dividend record date. Except as provided above, we will make no allowance for unpaid dividends that are not in arrears on the shares of Series J Preferred Stock to be converted. The Share Cap is subject to pro rata adjustments for any share splits (including those effected pursuant to a distribution of our common stock to existing holders of our common stock), subdivisions or combinations (in each case, a “Share Split”) with respect to our common stock as follows: the adjusted Share Cap as the result of a Share Split will be the number of shares of our common stock that is equivalent to the product obtained by multiplying (i) the Share Cap in effect immediately prior to such Share Split by (ii) a fraction, the numerator of which is the number of shares of our common stock outstanding immediately after giving effect to such Share Split and the denominator of which is the number of shares of our common stock outstanding immediately prior to such