Company: NLY-PF
Filing Date: 2025-08-01
Form Type: 424B5
Source: 0001193125-25-171665
Chunk: 11

Company: ANNALY CAPITAL MANAGEMENT INC
Filing Date: 2025-08-01
Form: 424B5
Chunk 11
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 prior to the Change of Control Conversion Date) to convert some or all of the shares of Series J Preferred Stock held by such holder on the Change of Control Conversion Date into a      
 number of shares of our common stock per share of Series J Preferred Stock to be converted 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 (as    
 defined herein) and prior to the corresponding dividend payment date (as defined herein) 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 herein); and                                                                                                                                                                            |

| • |     | 2.43072, or the Share Cap, subject to adjustments to the Share Cap for any splits, including those effected by 
 distributions, subdivisions or combinations of our common stock;                                               |

| in each case, on the terms and subject to the conditions described in this prospectus supplement, including provisions for the receipt, under specified circumstances, of alternative consideration as described in this 
 prospectus supplement.                                                                                                                                                                                                   |

| For definitions of “Change of Control Conversion Right,” “Change of Control Conversion Date” and “Common Stock Price” and a description of certain adjustments and provisions for the receipt                                                      
 of alternative consideration that may be applicable to the conversion of Series J Preferred Stock in the event of a Change of Control, and for other important information, please see the section entitled “Description of the Series J Preferred 
 Stock—Conversion Rights.”                                                                                                                                                                                                                          |

S-9

| Liquidation Preference | If we liquidate, dissolve or wind up, subject to the preferential rights of any Senior Stock, holders of Series J Preferred Stock will have the right to receive $25.00 per share, plus any accumulated and unpaid dividends thereon (whether or not 
 authorized or declared) to, but excluding, the payment date, before any payment is made to the holders of our common stock and the holders of any other Junior Stock we may issue in the future. Please see the section entitled “Description of the 
 Series J Preferred Stock—Liquidation Preference.”                                                                                                                                                                                                    |

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