Company: NLY-PF
Filing Date: 2025-12-22
Form Type: 424B5
Source: 0001193125-25-328718
Chunk: 10

Company: ANNALY CAPITAL MANAGEMENT INC
Filing Date: 2025-12-22
Form: 424B5
Chunk 10
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 with the SEC. We have filed the documents listed below with the SEC (File No. 001-13447)under the Exchange Act, and these documents are incorporated herein by reference. We are not, however, incorporating by reference any documents or portions thereof, whether specifically listed below or filed in the future, that are not deemed “filed” with the SEC, including without limitation any information furnished pursuant to Items 2.02 or 7.01 of Form 8-K.

| • |     | The description of our common stock, par value $0.01 per share, included in our Registration Statement on Form                                          
 8-A, filed with the SEC on October 6, 1997, as supplemented by any subsequent amendments or reports filed for the purpose of updating such description. |

All documents we file with the SEC pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act after the date of this prospectus supplement and before the termination of the offering of the securities to which this prospectus supplement relates (other than information in such documents that is not deemed to be filed) shall be deemed to be incorporated by reference into this prospectus supplement and the accompanying prospectus and to be part hereof from the date of filing of those documents. S-10

Any statement contained in a document that is incorporated by reference into this prospectus
supplement and the accompanying prospectus is automatically updated and superseded to the extent that a statement contained in this prospectus supplement and the accompanying prospectus or in any other document that we file with the SEC, and which
is also incorporated by reference into this prospectus supplement and the accompanying prospectus, modifies or replaces that statement.

You may obtain copies of these documents at no cost by writing or telephoning us at the following address:

Investor Relations

Annaly Capital
Management, Inc.

1211 Avenue of the Americas

New York, New York 10036

Telephone: 888-8ANNALY

S-11

PROSPECTUS Annaly Capital Management, Inc. Common Stock, Preferred Stock, Warrants, Stockholder Rights, Debt Securities, Purchase Contracts and Units By this prospectus, we may offer, from time to time,

| • |     | shares of our common stock or preferred stock; |

| • |     | warrants to purchase shares of our common stock or preferred stock; |

| • |     | rights issuable to our stockholders to purchase shares of our