Company: NLY-PF
Filing Date: 2025-08-01
Form Type: 424B5
Source: 0001193125-25-171665
Chunk: 2

Company: ANNALY CAPITAL MANAGEMENT INC
Filing Date: 2025-08-01
Form: 424B5
Chunk 2
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 our qualification as a REIT. Please see “Description of the Series J Preferred Stock—Restrictions on Transfer and Ownership” in this prospectus supplement and “Restrictions on Ownership and Transfer” in the accompanying prospectus. In addition, except under limited circumstances as described in this prospectus supplement, holders of Series J Preferred Stock generally will not have any voting rights. Investing in the Series J Preferred Stock involves risks. You should carefully consider the risks that are described under the caption “ Risk Factors” beginning on page S-13of this prospectus supplement and included in our Annual Report on Form 10-Kfor 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.

|                                 |     | Per Share |         |     | Total(1) |             |
|:--------------------------------|:----|:----------|--------:|:----|:---------|------------:|
| Public offering price           |     | $         |   25.00 |     | $        | 250,000,000 |
| Underwriting discounts(2)       |     | $         |  0.7875 |     | $        |   7,875,000 |
| Proceeds to us, before expenses |     | $         | 24.2125 |     | $        | 242,125,000 |

| (1) | Assumes no exercise of the underwriters’ over-allotment option. |

| (2) | See “Underwriting” for additional information regarding underwriter compensation. |

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. We have granted the underwriters the option to purchase a maximum of 1,500,000 additional shares of Series J Preferred Stock solely to cover over-allotments, if any, on the same terms and conditions set forth above within 30 days of the date of this prospectus supplement. Delivery of the shares of the Series J Preferred Stock will be made on or about August 7, 2025, only in book-entry form through The Depository Trust Company. Joint Book-Running Managers

| Morgan Stanley |     | BofA Securities |     | Goldman Sachs & Co. LLC |     | J