Company: NLY-PF
Filing Date: 2025-08-01
Form Type: 424B5
Source: 0001193125-25-171665
Chunk: 14

Company: ANNALY CAPITAL MANAGEMENT INC
Filing Date: 2025-08-01
Form: 424B5
Chunk 14
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 risks described could affect our business, financial condition, liquidity, results of operations, prospects, and the market value of the Series J Preferred Stock. In such a case, you may lose all or part of your original investment. You should consider carefully the risks described below and in these reports, as well as other information and data set forth in this prospectus supplement, the accompanying prospectus and the documents incorporated by reference herein and therein before making an investment decision with respect to the Series J Preferred Stock.

Risks Related to the Series J Preferred Stock

The Series J Preferred Stock ranks junior to our existing and future indebtedness and any Senior Stock we may issue in the future, and your interests could be diluted by the issuance of additional shares of preferred stock and by other transactions.

The Series J Preferred Stock
ranks junior to all of our existing and future indebtedness and any Senior Stock we may issue in the future and to other non-equity claims on us and our assets available to satisfy claims against us, including
claims in bankruptcy, liquidation or similar proceedings. In the event of our bankruptcy, liquidation or dissolution or the winding-up of our affairs, our assets will be available to pay obligations on the
Series J Preferred Stock only after all of our indebtedness and other liabilities have been paid in full. In addition, the Series J Preferred Stock would effectively rank junior to all indebtedness and other liabilities of any existing or future
subsidiaries. Such subsidiaries are or would be separate legal entities and have or will have no legal obligation to pay any amounts to us in respect of dividends due on the Series J Preferred Stock. If we are forced to liquidate our assets to pay
our creditors, we may not have sufficient assets to pay amounts due on any or all of the Series J Preferred Stock then outstanding. We may in the future incur substantial amounts of debt and other obligations that will rank senior to the Series J
Preferred Stock.

Our charter provides that the total number of shares of stock of all classes which we have the authority to issue is
1,531,750,000 shares of capital stock, par value $0.01 per share. As of June 30, 2025, we had 642,076,127 shares of common stock issued and outstanding. As of the date of this prospectus supplement, we have outstanding 28,800,000 shares of
Series F Preferred Stock, 17,000,000 shares of Series G Preferred Stock and 17,700,000 shares of Series I Preferred