Company: NLY-PF
Filing Date: 2025-08-01
Form Type: 424B5
Source: 0001193125-25-171665
Chunk: 33

Company: ANNALY CAPITAL MANAGEMENT INC
Filing Date: 2025-08-01
Form: 424B5
Chunk 33
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 date, in which case each holder of Series J Preferred Stock at the close of business on such dividend record date will
be entitled to the dividend payable on such shares on the corresponding dividend payment date notwithstanding the redemption of such shares before such dividend payment date. Except as provided above, we will make no payment or allowance for unpaid
dividends, whether or not in arrears, on shares of the Series J Preferred Stock to be redeemed.

Unless full cumulative dividends on all
shares of Series J Preferred Stock have been or contemporaneously are declared and paid or declared and a sum sufficient for the payment thereof has been or contemporaneously is set apart for payment for all past Dividend Periods, no shares of
Series J Preferred Stock may be redeemed unless all outstanding shares of Series J Preferred Stock are simultaneously redeemed, and we may not purchase or otherwise acquire directly or indirectly any shares of Series J Preferred Stock (except by
conversion into or exchange for shares of, or options, warrants or rights to purchase or subscribe for, our common stock or other Junior Stock we may issue or pursuant to a purchase or exchange offer made on the same terms to all holders of Series J
Preferred Stock and all Parity Stock); provided, however, that the foregoing will not prevent the redemption, purchase or acquisition by us of shares of Series J Preferred Stock for the purpose of enforcing restrictions on ownership and transfer of
our stock contained in our charter, including in order to preserve our qualification as a REIT.

Subject to applicable law, we may
purchase shares of Series J Preferred Stock in the open market, by tender or by privately negotiated transactions. Any shares of Series J Preferred Stock that we acquire, by redemption or otherwise, shall be reclassified as authorized but unissued
shares of preferred stock, without designation as to class or series, and may thereafter be issued as any class or series of preferred stock.

Conversion Rights

Upon the occurrence of
a Change of Control, each holder of 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 above under “—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 the shares of the
Series J Preferred Stock held by such holder (the “Change of Control Conversion Right”) on the Change of Control Conversion Date