Company: NLY-PF
Filing Date: 2025-12-22
Form Type: 424B5
Source: 0001193125-25-328718
Chunk: 21

Company: ANNALY CAPITAL MANAGEMENT INC
Filing Date: 2025-12-22
Form: 424B5
Chunk 21
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 prospectus supplement will also describe the terms of the preferred stock into which the warrants are exercisable as described under “Description of Equity Securities — Preferred Stock.” 9

DESCRIPTION OF RIGHTS TO PURCHASE OUR SECURITIES This section describes the general terms and provisions of the rights to purchase certain of our securities that we may issue to holders of our securities by this prospectus. The applicable prospectus supplement will describe the specific terms of the rights then issued, and the terms and provisions described in this section will apply only to the extent not superseded by the terms of the applicable prospectus supplement. We may issue, as a dividend at no cost, to holders of record of our securities or any class or series thereof on the applicable record date, rights to purchase shares of our common stock or preferred stock, to purchase warrants exercisable for shares of our common stock or preferred stock, or to purchase units consisting of two or more of the foregoing. In this prospectus, we refer to such rights as “stockholder rights.” If stockholder rights are so issued to existing holders of securities, each stockholder right will entitle the registered holder thereof to purchase the securities issuable upon exercise of the rights pursuant to the terms set forth in the applicable prospectus supplement. If stockholder rights are issued, the applicable prospectus supplement will describe the terms of such stockholder rights including, but not limited to, the following, where applicable:

| • |     | record date; |

| • |     | subscription price; |

| • |     | subscription agent; |

| • |     | aggregate number of shares of preferred stock, shares of common stock, warrants, or units purchasable upon                                                                                                                                         
 exercise of such stockholder rights and in the case of stockholder rights for preferred stock or warrants exercisable for preferred stock, the designation, aggregate number, and terms of the class or series of preferred stock purchasable upon 
 exercise of such stockholder rights or warrants;                                                                                                                                                                                                   |

| • |     | the date on which the right to exercise such stockholder rights shall commence and the expiration date on which 
 such right shall expire;                                                                                        |

| • |     | U.S. federal income tax considerations; and |

| • |     | other material terms of such stockholder rights. |

In addition to the terms of the stockholder rights and the securities issuable upon exercise thereof, the prospectus supplement may describe, for a holder of such stockholder rights who validly exercises all stockholder rights issued to such holder, how to