Company: NLY-PF
Filing Date: 2025-08-01
Form Type: 424B5
Source: 0001193125-25-171665
Chunk: 20

Company: ANNALY CAPITAL MANAGEMENT INC
Filing Date: 2025-08-01
Form: 424B5
Chunk 20
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 a result, the market price of our securities could be similarly volatile. The market price of the Series J Preferred Stock will depend on many factors, which may change from time to time, including:

| • |     | prevailing interest rates, increases in which may have an adverse effect on the market price of the Series J 
 Preferred Stock;                                                                                             |

| • |     | trading prices of common and preferred equity securities issued by REITs and other similar companies; |

| • |     | the annual yield from distributions on the Series J Preferred Stock as compared to yields on other financial 
 instruments;                                                                                                 |

| • |     | general economic and financial market conditions; |

| • |     | government action or regulation, including tariffs; |

| • |     | our financial condition, performance and prospects and those of our competitors; |

| • |     | changes in financial estimates or recommendations by securities analysts with respect to us, our competitors or 
 our industry;                                                                                                   |

| • |     | our issuance of additional preferred equity securities or the incurrence of debt; and |

| • |     | actual or anticipated variations in our quarterly operating results and those of our competitors. |

As a result of these and other factors, investors who purchase the Series J Preferred Stock in this offering may experience a decrease, which could be substantial and rapid, in the market price of the Series J Preferred Stock, including decreases unrelated to our operating performance or prospects. The Series J Preferred Stock is a new issue of securities and does not have an established trading market, which may negatively affect its value and your ability to transfer and sell your shares. The Series J Preferred Stock is a new issue of securities and currently no market exists for the Series J Preferred Stock. We intend to apply to list the Series J Preferred Stock on the NYSE. However, we cannot assure you that the Series J Preferred Stock will be approved for listing on the NYSE. Even if so approved, trading of S-16

the Series J Preferred Stock on the NYSE is not expected to begin until sometime during the period ending 30 days after the date of initial issuance of the Series J Preferred Stock and, in any
event, a trading market on the NYSE for the Series J Preferred Stock may never develop or, even if one develops, may not be maintained and may not provide you with adequate liquidity. Certain of the underwriters have advised us that they intend to
make a market in the Series J Preferred Stock prior to the commencement of any trading on the NY