Company: NLY-PF
Filing Date: 2025-08-01
Form Type: 424B5
Source: 0001193125-25-171665
Chunk: 9

Company: ANNALY CAPITAL MANAGEMENT INC
Filing Date: 2025-08-01
Form: 424B5
Chunk 9
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, September and December of each year, when and as declared, provided that if any dividend payment date is not a business day, then the                                    
 dividend which would otherwise have been payable on that dividend payment date may be paid on the next succeeding business day. Dividends will accumulate and be cumulative from, and including, the date of original issuance, which is expected to be 
 August 7, 2025. The first dividend is scheduled to be payable on or about December 31, 2025 (long first dividend period) in the amount of $0.88750 per share and will be paid to the persons who are the holders of record of the Series J              
 Preferred Stock at the close of business on the corresponding record date fixed by our board of directors in accordance with the terms of the Series J Preferred Stock in our charter.                                                                  |

S-7

| No Maturity | The Series J Preferred Stock has no stated maturity and will not be subject to any sinking fund or mandatory redemption. Shares of the Series J Preferred Stock will remain outstanding indefinitely unless we decide to redeem or otherwise 
 repurchase them or they become convertible and are converted as described below under “—Conversion Rights.” We are not required to set apart for payment the funds to redeem the Series J Preferred Stock.                                   |

| Optional Redemption | The Series J Preferred Stock is not redeemable by us prior to September 30, 2030, except under circumstances where it is necessary to preserve our qualification as a REIT for U.S. federal income tax purposes and except as described below       
 under “—Special Optional Redemption” upon the occurrence of a Change of Control (as defined below). On and after September 30, 2030, we may, at our option, subject to certain procedural requirements, redeem the Series J Preferred               
 Stock, in whole or in part, at any time or from time to time, for cash at a redemption price of $25.00 per share, plus any accumulated and unpaid dividends thereon (whether or not authorized or declared) to, but excluding, the redemption date, 
 without interest. Please see the section entitled “Description of the Series J Preferred Stock—Redemption—Optional Redemption.”                                                                                                                     |

| Special Optional Redemption | Upon the occurrence of a Change of Control, we may, at our option, subject to certain procedural requirements, redeem the Series J Preferred Stock, in whole or in part, within 120 days after the first date on which such Change of Control          
 occurred, for cash at a redemption price