Company: NLY-PF
Filing Date: 2025-05-08
Form Type: 424B5
Source: 0001104659-25-046234
Chunk: 11

Company: ANNALY CAPITAL MANAGEMENT INC
Filing Date: 2025-05-08
Form: 424B5
Chunk 11
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 from or sell to us, or us to sell to or purchase from holders, at a future date, certain securities described in the prospectus; and

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units consisting of two or more of the foregoing.

**We will provide specific terms of each issuance of these securities in supplements to this prospectus. In addition, selling security holders may sell these securities, from time to time, on terms described in the applicable prospectus supplement. You should read this prospectus and any supplement carefully before you decide to invest.

The New York Stock Exchange lists our common stock under the symbol “NLY”, our 6.95% Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock under the symbol “NLY.F”, our 6.50% Series G Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock under the symbol “NLY.G” and our 6.75% Series I Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock under the symbol “NLY.I”.

To assist us in continuing to qualify as a real estate investment trust (“REIT”) for U.S. federal income tax purposes, no person may own more than 9.8%, in number of shares or value, of the outstanding shares of any class of our common stock or our preferred stock, unless our Board of Directors (the “Board”) waives this limitation.

Investing in these securities involves risks. You should carefully consider the information referred to under the heading “Risk Factors” beginning on page 4of this prospectus.

We, or the selling security holders, may sell these securities to or through underwriters, dealers or agents, or directly to investors.

Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or passed upon the adequacy or accuracy of this prospectus. Any representation to the contrary is a criminal offense.**

#### The date of this prospectus is September 20, 2024
TABLE OF CONTENTS

TABLE OF CONTENTS

| ​ | ABOUT THIS PROSPECTUS                                            | ​ | ​ | ​ | ​ |  1 | ​ | ​ |
| ​ | A WARNING ABOUT FORWARD-LOOKING STATEMENTS                       | ​ | ​ | ​ | ​ |  2 | ​ | ​ |
| ​ | ABOUT ANNALY CAPITAL MANAGEMENT, INC.                            | ​ | ​ | ​ | ​ |  3 | ​ | ​ |
| ​ | RISK FACTORS                                                     | ​ | ​ | ​ | ​ |