Company: NLY-PF
Filing Date: 2025-08-07
Form Type: 8-K
Source: 0001193125-25-175436
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Company: ANNALY CAPITAL MANAGEMENT INC
Filing Date: 2025-08-07
Form: 8-K
Item: Item 3.03
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Item 3.03. Material Modifications to Rights of Security Holders.

On August 6, 2025, Annaly Capital Management, Inc. (the “ Company”) filed, with the State Department of Assessments and Taxation of the State of Maryland (the “ SDAT”), Articles Supplementary (the “ Series J Articles Supplementary”) to the charter of the Company classifying and designating 11,500,000 shares of the Company’s authorized common stock, par value $0.01 per share (“ Common Stock”), as its 8.875% Series J Fixed-Rate Cumulative Redeemable Preferred Stock, par value $0.01 per share (the “ Series J Preferred Stock”), with the powers, designations, preferences and other rights as set forth therein.

The Series J Articles Supplementary, among other things, provide that the Company will pay cumulative cash dividends on the Series J Preferred Stock when, as and if authorized by the Company’s Board of Directors and declared by the Company. Holders of Series J Preferred Stock will be entitled to receive cumulative cash dividends from and including August 7, 2025 at a fixed rate equal to 8.875% per annum of the $25.00 liquidation preference per share (equivalent to the fixed annual rate of $2.21875 per share). Dividends on the Series J Preferred Stock will be payable quarterly in arrears on the last day of each March, June, September and December, when and as declared, beginning on December 31, 2025 (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).

The Series J Preferred Stock ranks senior to the Common Stock, with respect to the payment of dividends and rights upon the voluntary or involuntary liquidation, dissolution or winding up of the Company.

The Series J Preferred Stock will not be redeemable before September 30, 2030, except under certain limited circumstances intended to preserve the Company’s qualification as a real estate investment trust (“ REIT”) and except upon the occurrence of a Change of Control (as defined in the Series J Articles Supplementary). On or after September 30, 2030, the Company may, at its option, redeem, in whole or in part, at any time or from time to time, the Series J Preferred Stock at redemption price of $25.00 per share, plus any accumulated and unpaid dividends thereon (