Annaly Capital Management, Inc.

Annaly Capital Management, Inc. 8.875% Series J Fixed-Rate Cumulative Redeemable Preferred Stock is a preferred equity security issued by Annaly Capital Management, Inc., a prominent mortgage real estate investment trust (REIT). This Series J stock provides shareholders with a fixed dividend rate of 8.875%, paid quarterly on a cumulative basis, meaning any unpaid dividends accrue and must be paid before dividends on common shares. It carries a $25 liquidation preference per share and is redeemable at the company’s discretion starting on September 30, 2030. The main purpose of this preferred stock is to raise permanent capital for Annaly, supporting its diversified investment strategies in mortgage finance, residential credit, and other real estate segments. As a preferred stock, it sits above common equity in the capital structure, offering income-oriented investors relatively stable returns and priority claim on assets and dividends. Annaly Capital Management, Inc. leverages securities like the Series J preferred to strengthen its balance sheet, enhance liquidity, and facilitate acquisition of targeted assets that align with its capital allocation policy.