Annaly Capital prices $250 million preferred stock offering

Annaly Capital Management Inc. (NYSE: NLY) announced it has priced a public offering of 10 million shares of its 8.875% Series J Fixed-Rate Cumulative Redeemable Preferred Stock at $25.00 per share, generating gross proceeds of approximately $250 million before underwriting fees and expenses.

The offering is expected to close on or about August 7, 2025, subject to customary closing conditions. The company has granted underwriters a 30-day option to purchase up to an additional 1.5 million shares to cover over-allotments. Annaly plans to list the Series J Preferred Stock on the New York Stock Exchange under the symbol "NLY.J."

The company stated it intends to use net proceeds to acquire targeted assets under its capital allocation policy, including Agency MBS pools, to-be-announced forward contracts, mortgage servicing rights and residential credit assets. The funds will also support general corporate purposes.

Morgan Stanley & Co. LLC, BofA Securities Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, RBC Capital Markets LLC, UBS Investment Bank and Wells Fargo Securities LLC serve as joint book-running managers. Keefe, Bruyette & Woods Inc. and Piper Sandler & Co. are co-managers.

Annaly operates as a diversified capital manager with investment strategies across mortgage finance and has elected real estate investment trust status for federal tax purposes. The information is based on the company's press release statement.

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