Company: NLY-PF
Filing Date: 2025-05-08
Form Type: 424B5
Source: 0001104659-25-046234
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Company: ANNALY CAPITAL MANAGEMENT INC
Filing Date: 2025-05-08
Form: 424B5
Chunk 0
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TABLE OF CONTENTS

Filed Pursuant to Rule 424(b)(5) Registration No. 333-282261 PROSPECTUS SUPPLEMENT
(To Prospectus Dated September 20, 2024) $2,000,000,000 Annaly Capital Management, Inc. Common Stock We have entered into separate distribution agency agreements, each dated May 8, 2025, with each of Barclays Capital Inc., BNP Paribas Securities Corp., BofA Securities, Inc., BTIG, LLC, Citizens JMP Securities, LLC, Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Keefe, Bruyette & Woods, Inc., Morgan Stanley & Co, LLC, Piper Sandler & Co., RBC Capital Markets, LLC, UBS Securities LLC and Wells Fargo Securities, LLC, each referred to herein as a sales agent and, collectively, the sales agents, relating to shares of our common stock, par value $0.01 per share, or our common stock, offered by this prospectus supplement and the accompanying prospectus, pursuant to an “at-the-market” offering program. In accordance with the terms of the distribution agency agreements, we may offer and sell shares of our common stock having an aggregate offering price of up to $2,000,000,000 from time to time through the sales agents and any additional agents appointed under separate distribution agency agreements in the future. Our common stock is listed on the New York Stock Exchange, or the NYSE, under the symbol “NLY.” The last reported sale price of our common stock on the NYSE on May 7, 2025 was $[•] per share. Sales of shares of our common stock, if any, under this prospectus supplement and the accompanying prospectus may be made in negotiated transactions or will be made by means of ordinary brokers’ transactions on the NYSE at market prices prevailing at the time of sale, at prices related to such prevailing market prices or at negotiated prices or through a market maker other than on an exchange, or any other method permitted by applicable law. The sales agents will be entitled to compensation of up to 1.25% of the gross proceeds for any shares of common stock sold under the distribution agency agreements. Under the terms of the distribution agency agreements, we may also sell our common stock to a sales agent as principal for its own account at a price agreed upon at the time of sale. If we sell shares of common stock to a sales agent as principal, we