Company: NLY-PF
Filing Date: 2025-08-01
Form Type: 424B5
Source: 0001193125-25-171665
Chunk: 21

Company: ANNALY CAPITAL MANAGEMENT INC
Filing Date: 2025-08-01
Form: 424B5
Chunk 21
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SE, but they are not obligated to do so and may discontinue market making at any time without notice. The liquidity of any market for the Series J
Preferred Stock that may develop will depend on a number of factors, including prevailing interest rates, the dividend rate on our common stock, our financial condition and operating results, the number of holders of Series J Preferred Stock, the
market for similar securities and the interest of securities dealers in making a market in the Series J Preferred Stock. As a result, the ability to transfer or sell the Series J Preferred Stock and the amount you receive upon any sale or transfer
of the Series J Preferred Stock could be adversely affected.

Future offerings of debt or equity securities may adversely affect the market price of the Series J Preferred Stock.

Future issuances and sales of Senior Stock or Parity Stock, or the perception that such issuances
and sales could occur, may cause prevailing market prices for the Series J Preferred Stock and our common stock to decline and may adversely affect our ability to raise additional capital in the financial markets at times and prices favorable to us.

If we decide to issue debt or Senior Stock in the future, it is possible that these securities will be governed by an indenture or other
instrument containing covenants or other provisions that will restrict our operating flexibility. Additionally, any convertible or exchangeable securities that we issue in the future may have rights, preferences and privileges more favorable than
those of the Series J Preferred Stock and may result in dilution to owners of the Series J Preferred Stock. We and, indirectly, our stockholders, will bear the cost of issuing and servicing such securities. Because our decision to issue debt or
equity securities in any future offering will depend on market conditions and other factors beyond our control, we cannot predict or estimate the amount, timing or nature of our future offerings. Thus, holders of Series J Preferred Stock bear the
risk of our future offerings reducing the market price of the Series J Preferred Stock and diluting the value of their holdings in us.

If our common stock is delisted, your ability to transfer or sell your shares of the Series J Preferred Stock may be limited and the market value of the Series J Preferred Stock will likely be materially adversely affected.

Other than in connection with a Change of Control, the Series J Preferred Stock does not contain provisions that are intended to protect you if
our common stock is delisted from the NYSE. Since the Series J Preferred Stock has no stated maturity date, you may be forced to hold your shares of