Company: NLY-PF
Filing Date: 2025-12-22
Form Type: 424B5
Source: 0001193125-25-328718
Chunk: 5

Company: ANNALY CAPITAL MANAGEMENT INC
Filing Date: 2025-12-22
Form: 424B5
Chunk 5
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 supplement. We do not undertake, and specifically disclaim any obligation, to publicly release the result of any revisions which may be made to any forward-looking statements to reflect the occurrence of anticipated or
unanticipated events or circumstances after the date of such statements, except as required by law.

S-4

SUMMARY

The following summary highlights information contained elsewhere or incorporated by reference into this prospectus supplement and the
accompanying prospectus. It may not contain all of the information that is important to you. Before making a decision to invest in our common stock, you should read carefully this entire prospectus supplement and the accompanying prospectus,
including the risks set forth under the caption “Risk Factors” in this prospectus supplement, the accompanying prospectus, our most recent Annual Report on Form 10-K, and any subsequent Quarterly
Reports on Form 10-Q, which are incorporated by reference into this prospectus supplement and the accompanying prospectus. This summary is qualified in its entirety by the more detailed information and
financial statements, including the notes thereto, appearing elsewhere or incorporated by reference into this prospectus supplement and the accompanying prospectus.

Overview

Our Company

We are a leading diversified capital manager with investment strategies across mortgage finance. Our principal business objective is to
generate net income for distribution to our stockholders and to optimize our returns through prudent management of our diversified investment strategies. We are a Maryland corporation that has elected to be taxed as a REIT under the Internal Revenue
Code of 1986, as amended, or the Code.

We use our capital coupled with borrowed funds to invest primarily in real estate related
investments, earning the spread between the yield on our assets and the cost of our borrowing and hedging activities. Our activities focus on capital preservation and income generation through proactive portfolio management, supported by a
conservative liquidity and leverage posture. Our operating platform reflects our investments in systems, infrastructure and personnel. Our technology investments have led to the development of proprietary portfolio analytics, financial and capital
allocation modeling, and other risk and reporting tools, which coupled with cutting-edge digital transformation applications, support the diversification and operating efficiency of our business. Our operating platform supports our investments in
MBS issued or guaranteed by a federally chartered corporation, or Agency, such as the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation, or an agency of the U.S. Government, such as the Government National Mortgage
Association, or Agency MBS, and residential credit assets, residential mortgage loans and MSR. We believe