Company: NLY-PF
Filing Date: 2025-08-01
Form Type: 424B5
Source: 0001193125-25-171665
Chunk: 56

Company: ANNALY CAPITAL MANAGEMENT INC
Filing Date: 2025-08-01
Form: 424B5
Chunk 56
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652a or article 1156 of the
Swiss Code of Obligations, and neither this prospectus supplement nor the accompanying prospectus nor any other offering or marketing material relating to the shares may be publicly distributed or otherwise made publicly available in Switzerland.

Neither this prospectus supplement nor the accompanying prospectus nor any other offering or marketing material relating to the offering,
nor the Company nor the shares have been or will be filed with or approved by any Swiss regulatory authority. The shares are not subject to the supervision by any Swiss regulatory authority, e.g., the Swiss Financial Markets Supervisory Authority
FINMA, and investors in the shares will not benefit from protection or supervision by such authority.

Extended Settlement

We expect that delivery of the shares of our Series J Preferred Stock will be made to investors on or about the fifth business day following
the date of the final prospectus supplement (this settlement cycle being referred to as “T+5”). Under Rule 15c6-1 of the Exchange Act, trades in the secondary market are required to settle in one
business day, unless the parties to any such trade expressly agree otherwise. Accordingly, if you wish to trade shares of our Series J Preferred Stock before their delivery, you will be required, because the shares initially will settle in T+5, to
specify an alternate settlement cycle at the time of any such trade to prevent a failed settlement. If you wish to trade shares of our Series J Preferred Stock before their delivery, you should consult your advisors.

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LEGAL MATTERS

Certain legal matters in connection with this offering will be passed upon for us by Davis Polk & Wardwell LLP and, with respect to
certain matters of tax law, Hunton Andrews Kurth LLP and, with respect to certain matters of Maryland law, Venable LLP. The underwriters have been represented by Cravath, Swaine & Moore LLP.

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EXPERTS

The consolidated financial statements appearing in our Annual Report on Form 10-K for the year ended
December 31, 2024, and the effectiveness of our internal control over financial reporting as of December 31, 2024, have been audited by Ernst & Young LLP, independent registered public accounting firm, as set forth in the reports
thereon included therein, and incorporated herein by reference. Such consolidated financial statements are incorporated herein by reference in reliance upon such reports given on the authority of such firm as experts in accounting and auditing.

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INCORPORATION