Company: NLY-PF
Filing Date: 2025-08-01
Form Type: 424B5
Source: 0001193125-25-171665
Chunk: 45

Company: ANNALY CAPITAL MANAGEMENT INC
Filing Date: 2025-08-01
Form: 424B5
Chunk 45
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 and the number of shares held and describing how the shares are held. Further, each stockholder is required to disclose to us in writing information with
respect to the direct and constructive ownership of shares as the board of directors deems reasonably necessary to comply with the REIT provisions of the Code, to comply with the requirements of any taxing authority or governmental agency or to
determine any such compliance.

Our board of directors may, subject to certain limitations, increase or decrease the 9.8% ownership limit.
In addition, to the extent consistent with the REIT provisions of the Code, our board of directors may, pursuant to our charter, waive the 9.8% ownership limit for a purchaser of our stock upon our receipt of a ruling from the Internal Revenue
Service or an opinion of its tax advisor or such other conditions as we may direct. At present, we do not intend to waive the 9.8% ownership limit for any purchaser.

For further information regarding restrictions on ownership and transfer of the Series J Preferred Stock, please see the section entitled
“Restrictions on Ownership and Transfer” in the accompanying prospectus.

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Preemptive Rights

No holders of Series J Preferred Stock will, as holders of Series J Preferred Stock, have any preemptive rights to purchase or subscribe for
our common stock or any of our other securities.

Book-Entry Procedures

DTC will act as securities depositary for the Series J Preferred Stock. We will issue one or more fully registered global securities
certificates in the name of DTC’s nominee, Cede & Co. These certificates will represent the total aggregate number of shares of the Series J Preferred Stock. We will deposit these certificates with DTC or a custodian appointed by DTC.
We will not issue certificates to you for the shares of Series J Preferred Stock that you purchase unless DTC’s services are discontinued as described below.

Title to book-entry interests in the Series J Preferred Stock will pass by book-entry registration of the transfer within the records of DTC
in accordance with its procedures. Book-entry interests in the securities may be transferred within DTC in accordance with procedures established for these purposes by DTC. Each person owning a beneficial interest in shares of the Series J Preferred
Stock must rely on the procedures of DTC and the participant through which such person owns its interest to exercise its rights as a holder of the Series J Preferred Stock.

DTC has advised us that it is a limited-purpose trust company organized under the New York Banking Law,