Company: NLY-PF
Filing Date: 2025-08-01
Form Type: 424B5
Source: 0001193125-25-171665
Chunk: 49

Company: ANNALY CAPITAL MANAGEMENT INC
Filing Date: 2025-08-01
Form: 424B5
Chunk 49
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A Securities, Inc.         |     |                  |  1,300,000 |
| Goldman Sachs & Co. LLC       |     |                  |  1,300,000 |
| J.P. Morgan Securities LLC    |     |                  |  1,300,000 |
| RBC Capital Markets, LLC      |     |                  |  1,300,000 |
| UBS Securities LLC            |     |                  |  1,300,000 |
| Wells Fargo Securities, LLC   |     |                  |  1,300,000 |
| Keefe, Bruyette & Woods, Inc. |     |                  |    450,000 |
| Piper Sandler & Co.           |     |                  |    450,000 |
| Total                         |     |                  | 10,000,000 |

The underwriting agreement provides that the obligations of the underwriters to purchase the shares included in this offering are subject to approval of legal matters by counsel and to other conditions. The underwriters are obligated to purchase all the shares (other than those covered by the over-allotment option described below) if they purchase any of the shares. The underwriters initially propose to offer the shares of Series J Preferred Stock directly to the public at the public offering price set forth on the cover page of this prospectus supplement and to certain dealers at a price that represents a concession not in excess of $0.50 per share below the public offering price. Any underwriters may allow, and such dealers may re-allow,a concession not in excess of $0.45 per share to other underwriters or to certain dealers. If the shares are not sold at the initial price to the public, the underwriters may change the offering price and the other selling terms. The offering of the shares by the underwriters is subject to receipt and acceptance and subject to the underwriters’ right to reject any order in whole or in part. We have granted to the underwriters an option, exercisable for 30 days from the date of this prospectus supplement, to purchase up to 1,500,000 additional shares at the public offering price less the underwriting discount. The underwriters may exercise the option solely for the purpose of covering over- allotments, if any, in connection with this offering. To the extent the option is exercised, each underwriter must purchase a number of additional shares approximately proportionate to that underwriter’s initial purchase commitment. Any shares issued or sold under