Company: NLY-PF
Filing Date: 2025-08-01
Form Type: 424B5
Source: 0001193125-25-171665
Chunk: 18

Company: ANNALY CAPITAL MANAGEMENT INC
Filing Date: 2025-08-01
Form: 424B5
Chunk 18
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The Change of Control conversion feature of the Series J Preferred Stock may have the effect of discouraging a third party
from making an acquisition proposal for us or of delaying, deferring or preventing certain of our change of control transactions under circumstances that otherwise could provide the holders of our common stock and Series J Preferred Stock with the
opportunity to realize a premium over the then-current market price of such stock or that stockholders may otherwise believe is in their best interests.

Our charter contains restrictions upon transfer and ownership of our stock, which may impair the ability of holders to acquire the Series J Preferred Stock or convert Series J Preferred Stock into our common stock.

Our charter contains restrictions on transfer
and ownership of our stock intended to, among other purposes, assist us in maintaining our qualification as a REIT for U.S. federal income tax purposes. Our charter provides that generally no person, other than certain excepted holders, may own, or
be deemed to own by virtue of the attribution provisions of the Code, more than 9.8% in value or in number of the outstanding shares of any class of our stock (including as a result of owning any Series J Preferred Stock offered hereby). See
“Description of the Series J Preferred Stock—Restrictions on Transfer and Ownership of Stock” in this prospectus supplement and “Restrictions on Ownership and Transfer” in the accompanying prospectus. You should consider
these ownership limitations prior to your purchase of the Series J Preferred Stock. No holder of Series J Preferred Stock will be entitled to convert such stock into our common stock to the extent that receipt of shares of our common stock would
cause the holder (or any other person) to exceed any of the limitations on ownership and transfer contained in our charter. In addition, these restrictions could have antitakeover effects and could reduce the possibility that a third party will
attempt to acquire control of us, which could adversely affect the market price of the Series J Preferred Stock.

We may issue additional shares of Series F Preferred Stock, Series G Preferred Stock, Series I Preferred Stock and Series J Preferred Stock and additional classes or series of preferred stock that rank on parity with or senior to the Series J Preferred Stock as to dividend rights, rights upon liquidation or voting rights.

The issuance of additional shares of Series F Preferred Stock,
Series G Preferred Stock, Series I Preferred Stock and Series J Preferred Stock and additional series of preferred stock on parity with or senior to the Series J Preferred Stock would dilute the interests of the holders of the Series J Preferred