Company: NLY-PF
Filing Date: 2025-08-01
Form Type: 424B5
Source: 0001193125-25-171665
Chunk: 10

Company: ANNALY CAPITAL MANAGEMENT INC
Filing Date: 2025-08-01
Form: 424B5
Chunk 10
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 of $25.00 per share, plus any accumulated and unpaid dividends thereon (whether or not authorized or declared) to, but excluding, the redemption date. If, prior to the Change of Control Conversion Date (as 
 defined herein), we have provided notice of our election to redeem some or all of the shares of Series J Preferred Stock (whether pursuant to our optional redemption right described above or this special optional redemption right), the holders of 
 Series J Preferred Stock will not have the conversion right described below under “—Conversion Rights” with respect to the shares of Series J Preferred Stock called for redemption. Please see the section entitled                                   
 “Description of the Series J Preferred Stock— Redemption” in this prospectus supplement.                                                                                                                                                               |

| A “Change of Control” is deemed to occur when, after the original issuance of the Series J Preferred Stock, the following have occurred and are continuing: |

| • |     | the acquisition by any person, including any syndicate or group deemed to be a “person” under                                                                                                                                             
 Section 13(d)(3) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), of beneficial ownership, directly or indirectly, through a purchase, merger or other acquisition transaction or series of purchases, mergers or 
 other acquisition transactions of our stock entitling that person to exercise more than 50% of the total voting power of all our stock entitled to vote generally in the election of our                                                  |

S-8

| directors (except that such person will be deemed to have beneficial ownership of all securities that such person has the right to acquire, whether such right is currently exercisable or is 
 exercisable only upon the occurrence of a subsequent condition); and                                                                                                                          |

| • |     | following the closing of any transaction referred to in the bullet point above, neither we nor the acquiring or                                                                                                                                         
 surviving entity has a class of common securities (or American Depositary Receipts representing such securities) listed on the NYSE, the NYSE American LLC or the Nasdaq Stock Market, or listed or quoted on an exchange or quotation system that is a 
 successor to the NYSE, the NYSE American LLC or the Nasdaq Stock Market.                                                                                                                                                                                |

| Conversion Rights | Upon the occurrence of a Change of Control, each holder of Series J Preferred Stock will have the right (unless we have exercised our right to redeem the Series J Preferred Stock in whole or part, as described above under “—Optional 
 Redemption” or “—Special Optional Redemption,”