Company: NLY-PF
Filing Date: 2025-08-01
Form Type: 424B5
Source: 0001193125-25-171665
Chunk: 15

Company: ANNALY CAPITAL MANAGEMENT INC
Filing Date: 2025-08-01
Form: 424B5
Chunk 15
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 Stock. Subject to limitations prescribed by Maryland law and our charter, our board of directors is authorized to issue, from our
authorized but unissued shares of stock, preferred stock in such classes or series as our board of directors may determine and to establish from time to time the number of shares of preferred stock to be included in any such class or series and to
set the preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends and other distributions, qualifications and terms and conditions of redemption of any such class or series. The issuance of additional shares
of Series F Preferred Stock, Series G Preferred Stock, Series I Preferred Stock or other Parity Stock would dilute the interests of the holders of Series J Preferred Stock, and the issuance of any Senior Stock or the incurrence of additional
indebtedness could affect our ability to pay dividends on, redeem or pay the liquidation preference on the Series J Preferred Stock. Other than the limited conversion rights afforded to holders of Series J Preferred Stock that may become exercisable
in connection with certain changes of control as described in this prospectus supplement under the heading “Description of the Series J Preferred Stock—Conversion Rights,” none of the provisions relating to the Series J Preferred
Stock contain any terms relating to or limiting our indebtedness or affording the holders of Series J Preferred Stock protection in the event of a highly leveraged or other transaction, including a merger or the sale, lease or conveyance of all or
substantially all of our assets, so long as the rights of the holders of Series J Preferred Stock are not materially and adversely affected.

S-13

The Series J Preferred Stock has not been rated.

We have not sought to obtain a rating for the Series J Preferred Stock, and the Series J Preferred Stock may never be rated. It is possible,
however, that one or more rating agencies might independently determine to assign a rating to the Series J Preferred Stock or that we may elect to obtain a rating of our Series J Preferred Stock in the future. Furthermore, we may elect to issue
other securities for which we may seek to obtain a rating. If any ratings are assigned to the Series J Preferred Stock in the future or if we issue other securities with a rating, such ratings, if they are lower than market expectations or are
subsequently lowered or withdrawn, could adversely affect the market for or the market value of the Series J Preferred Stock.

Ratings
only reflect the views of the issuing rating agency or agencies and such ratings could at any time