Company: NLY-PF
Filing Date: 2025-05-08
Form Type: 424B5
Source: 0001104659-25-046234
Chunk: 1

Company: ANNALY CAPITAL MANAGEMENT INC
Filing Date: 2025-05-08
Form: 424B5
Chunk 1
---
 will enter into a separate terms agreement with that sales agent, and we will describe this agreement in a separate prospectus supplement or pricing supplement. There are restrictions on transfer and ownership of our common stock intended to, among other purposes, preserve our qualification as a real estate investment trust, or REIT. See “Restrictions on Ownership and Transfer” in the accompanying prospectus. Investing in our common stock involves risks. You should carefully consider the risks described under the caption “Risk Factors” beginning on page S-5of this prospectus supplement and included in our Annual Report on Form 10-K for the year ended December 31, 2024, as updated by any subsequent Quarterly Reports on Form 10-Q, which are incorporated by reference into this prospectus supplement. Neither the Securities and Exchange Commission, or the SEC, nor any state securities commission has approved or disapproved of these securities or determined if this prospectus supplement or the accompanying prospectus to which it relates is truthful or complete. Any representation to the contrary is a criminal offense.

| ​ | Barclays | ​ | ​ | BNP PARIBAS | ​ | ​ | BofA Securities | ​ | ​ | BTIG | ​ |

| ​ | Citizens Capital Markets | ​ | ​ | Goldman Sachs & Co. LLC | ​ | ​ | J.P. Morgan            | ​ |
| ​ | Keefe, Bruyette & Woods  
 A Stifel Company         | ​ | ​ | Morgan Stanley          | ​ | ​ | Piper Sandler          | ​ |
| ​ | RBC Capital Markets      | ​ | ​ | UBS Investment Bank     | ​ | ​ | Wells Fargo Securities | ​ |

The date of this prospectus supplement is May 8, 2025

TABLE OF CONTENTS

TABLE OF CONTENTS Prospectus Supplement

| ​ | ABOUT THIS PROSPECTUS SUPPEEMENT AND THE PROSPECTUS | ​ | ​ | ​ | ​ | S-1 | ​ | ​ |
| ​ | WHERE YOU CAN FIND MORE INFORMATION                 | ​ | ​ | ​ | ​ | S-2 | ​ | ​ |
| ​ | A WARNING ABOUT FORWARD-LOOKING STATEMENTS          | ​ | ​ | ​ | ​ | S-3 | ​ | ​ |
| ​ | SUMMARY                                             | ​ | ​ | ​ | ​ | S-4 | ​ | ​ |
| ​ | RISK FACTORS                                        | ​ | ​ | ​ | ​ | S-5 | ​ | ​ |
| ​ | USE