Company: NLY-PF
Filing Date: 2025-08-01
Form Type: 424B5
Source: 0001193125-25-171665
Chunk: 50

Company: ANNALY CAPITAL MANAGEMENT INC
Filing Date: 2025-08-01
Form: 424B5
Chunk 50
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 the option will be issued and sold on the same terms and conditions as the other shares that are the subject of this offering. We have agreed that, for a period of 30 days from the date of this prospectus supplement, we will not, without the prior written consent of the representatives, offer, sell, pledge, register, contract to sell, grant any option to purchaser or otherwise dispose of, or enter into transaction which is designed to, or might be reasonably be expected to, result in the disposition (whether by actual disposition or effective disposition due to cash settlement or otherwise) by us or any of our affiliates or any person in privity with us or any of our affiliates, directly or indirectly, or announce the offering of, any Series J Preferred Stock or any of our securities that are substantially similar to the Series J Preferred Stock, including any securities that are convertible into, exercisable or exchangeable for, or that represent rights to receive, the Series J Preferred Stock or substantially similar securities. S-36

The Series J Preferred Stock has not been rated. No current market exists for the Series J Preferred Stock. We intend to apply to list the Series J Preferred Stock on the NYSE under the symbol “NLY.J” and we have agreed that we will use our best efforts to effect and maintain the listing on the NYSE. If the application is approved, trading of the Series J Preferred Stock on the NYSE is expected to begin within 30 days after the date of initial issuance of the Series J Preferred Stock. Certain of the underwriters have advised us that they intend to make a market in the Series J Preferred Stock prior to the commencement of any trading on the NYSE, but they are not obligated to do so and may discontinue market making at any time without notice. We cannot assure you that a market for the Series J Preferred Stock will develop prior to the commencement of trading on the NYSE or, if developed, will be maintained or will provide you with adequate liquidity. The following table shows the underwriting discounts that we are to pay to the underwriters in connection with this offering. These amounts are shown assuming both no exercise and full exercise of the underwriters’ over-allotment option.

|                                  |     | Per Share |         |     | Total         
 Without Over- 
 Allotment     |             |     | With Over- 
 Allotment  |             |
|:---------------------------------|:----|:----------|--------:|:----|:--------------|------------:|:----|