Company: NLY-PF
Filing Date: 2025-12-22
Form Type: 424B5
Source: 0001193125-25-328718
Chunk: 14

Company: ANNALY CAPITAL MANAGEMENT INC
Filing Date: 2025-12-22
Form: 424B5
Chunk 14
---
.S. federal income tax purposes; |

| • |     | our ability to maintain our exemption from registration under the Investment Company Act of 1940, as amended; and |

| • |     | operational risks or risk management failures by us or critical third parties, including cybersecurity incidents. |

The forward-looking statements are based on our beliefs, assumptions and expectations of our future performance, taking into account all information currently available to us .You should not place undue reliance on these forward-looking statements .These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to us .Some of these factors are described under the caption “About Annaly Capital Management, Inc.” in this prospectus and under the caption “Risk Factors” in our most recent Annual Report on Form 10-K for the fiscal year ended December 31, 2023, and our subsequent Quarterly Reports on Form 10-Q which are incorporated by reference into this prospectus .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. 2

ABOUT ANNALY CAPITAL MANAGEMENT, INC. 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 optimize our returns through prudent management of our diversified investment strategies. We are an internally-managed Maryland corporation founded in 1996 that has elected to be taxed as a REIT. Our common stock is listed on the New York Stock Exchange under the symbol “NLY.” 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 borrowings and hedging activities. We believe that our business objectives are supported by our size and conservative financial posture relative to the industry, the extensive experience of our employees, the diversity of our investment strategy, a comprehensive risk management approach, the availability and diversification of financing sources and our operational efficiencies. Our three investment groups are primarily comprised of the following:

| Investment Groups                      |     | Description                                                                                                                                                                                                          |
| Annaly Agency Group                    |     | Invests in Agency MBS collateralized by residential mortgages which are guaranteed by Fannie Mae, Freddie Mac or Ginnie Mae and complementary investments within the Agency market, including Agency commercial MBS. |