Company: NLY-PF
Filing Date: 2025-08-01
Form Type: 424B5
Source: 0001193125-25-171665
Chunk: 12

Company: ANNALY CAPITAL MANAGEMENT INC
Filing Date: 2025-08-01
Form: 424B5
Chunk 12
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 | The Series J Preferred Stock will rank, with respect to rights to the payment of dividends and the distribution of assets upon our liquidation, dissolution or winding up: |

| • |     | senior to all classes or series of our common stock and any other Junior Stock we may issue in the future; |

| • |     | on parity with our Parity Stock; |

| • |     | junior to any Senior Stock we may issue in the future; and |

| • |     | effectively junior to all of our existing and future indebtedness (including indebtedness convertible into or                                                   
 exchangeable for our common stock or preferred stock) and other liabilities and the indebtedness and other liabilities of our existing and future subsidiaries. |

| Voting Rights | Holders of Series J Preferred Stock will generally have no voting rights. However, if we do not pay dividends on the Series J Preferred Stock for six or more full quarterly Dividend Periods (as defined herein) (whether or not consecutive), the       
 number of directors constituting the board of directors will automatically be increased by two and the holders of Series J Preferred Stock and the holders of the Parity Stock upon which like voting rights have been conferred and are exercisable,     
 will be entitled to vote (voting together as a single class) for the election of two additional directors to serve on our board of directors until we pay all dividends accumulated on the Series J Preferred Stock for all past Dividend Periods and the 
 then-current Dividend Period.                                                                                                                                                                                                                             |

| In addition, the affirmative vote of the holders of at least two-thirds of the outstanding shares of Series J Preferred Stock and Parity Stock upon which like voting rights have 
 been conferred and are exercisable (voting together as a single class), is required for us to:                                                                                    |

| • |     | authorize, create or increase the authorized or issued amount of any class or series of Senior Stock; or |

| • |     | amend, alter or repeal any provision of our charter (including the articles supplementary designating the Series                                                                                                 
 J Preferred Stock), whether by merger, conversion, consolidation or otherwise, so as to materially and adversely affect any rights of the Series J Preferred Stock. However, if any such change would materially |

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| and adversely affect the rights, preferences, privileges or voting powers of the Series J Preferred Stock disproportionately relative to other classes or series of Parity Stock, then the 
 affirmative vote or consent of the holders of at least two-thirds of the outstanding shares