Company: NLY-PF
Filing Date: 2025-08-01
Form Type: 424B5
Source: 0001193125-25-171665
Chunk: 8

Company: ANNALY CAPITAL MANAGEMENT INC
Filing Date: 2025-08-01
Form: 424B5
Chunk 8
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 issue in the future that by its terms ranks junior to the Series J Preferred Stock with respect to the payment of dividends and the distribution of assets in the event of our liquidation, dissolution, or winding up, (ii) our “Parity Stock” means our 6.95% Series F Fixed-to-FloatingRate Cumulative Redeemable Preferred Stock, par value $0.01 per share, or the Series F Preferred Stock, our 6.50% Series G Fixed-to-FloatingRate Cumulative Redeemable Preferred Stock, $0.01 par value per share, or the Series G Preferred Stock, our 6.75% Series I Fixed-to-FloatingRate Cumulative Redeemable Preferred Stock, $0.01 par value per share, or the Series I Preferred Stock, and any other class or series of stock issued by us from time to time that by its terms ranks on parity with the Series F Preferred Stock, Series G Preferred Stock, Series I Preferred Stock and Series J Preferred Stock with respect to the payment of dividends and the distribution of assets in the event of our liquidation, dissolution or winding up, and (iii) our “Senior Stock” means any class or series of stock we may issue in the future that by its terms ranks senior to the Series J Preferred Stock with respect to the payment of dividends and the distribution of assets in the event of our liquidation, dissolution or winding up. The term “stock” does not include any convertible or exchangeable debt securities we may issue in the future.

| Issuer | Annaly Capital Management, Inc., a Maryland corporation. |

| Securities Offered | 10,000,000 shares of 8.875% Series J Fixed-Rate Cumulative Redeemable Preferred Stock, par value $0.01 per share (plus up to an additional 1,500,000 shares of 8.875% Series J Fixed-Rate Cumulative Redeemable Preferred Stock that we will issue 
 and sell in the event the underwriters exercise their over-allotment option).                                                                                                                                                                      |

| Dividends | Holders of Series J Preferred Stock will be entitled to receive cumulative cash dividends from and including the original issue date at a fixed rate equal to 8.875% per annum of the $25.00 per share liquidation preference (equivalent to $2.21875 
 per annum per share).                                                                                                                                                                                                                                 |

| Dividends will be payable quarterly in arrears on the last day of March, June