Company: NLY-PF
Filing Date: 2025-08-01
Form Type: 424B5
Source: 0001193125-25-171665
Chunk: 1

Company: ANNALY CAPITAL MANAGEMENT INC
Filing Date: 2025-08-01
Form: 424B5
Chunk 1
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. The Series J Preferred Stock has no stated maturity, is not subject to any sinking fund or mandatory redemption and will remain outstanding indefinitely unless repurchased or redeemed by us or, as described below, converted into shares of our common stock, par value $0.01 per share, or our common stock, in connection with a Change of Control. Upon the occurrence of a Change of Control, each holder of Series J Preferred Stock will have the right (subject to our election to redeem the Series J Preferred Stock in whole or in part, as described above, prior to the Change of Control Conversion Date (as defined herein)) to convert some or all of the shares of the 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 equal to the lesser of:

| • |     | the quotient obtained by dividing (i) the sum of the $25.00 liquidation preference per share of the 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 certain adjustments as explained herein; |

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. The Series J Preferred Stock has not been rated. No current market exists for the Series J Preferred Stock. We intend to apply to list the shares of the Series J Preferred Stock on the New York Stock Exchange, or NYSE, under the symbol “NLY.J”. If the application is approved, trading of the Series J Preferred Stock on the NYSE is expected to begin within 30 days after the date of initial issuance of the Series J Preferred Stock. Our common stock is traded on the NYSE under the symbol “NLY”. There are restrictions on transfer and ownership of the Series J Preferred Stock intended to, among other purposes, preserve