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

Company: ANNALY CAPITAL MANAGEMENT INC
Filing Date: 2025-12-22
Form: 424B5
Chunk 12
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| ABOUT ANNALY CAPITAL MANAGEMENT, INC.                     |     |  3 |
| RISK FACTORS                                              |     |  4 |
| USE OF PROCEEDS                                           |     |  5 |
| DESCRIPTION OF EQUITY SECURITIES                          |     |  6 |
| DESCRIPTION OF WARRANTS                                   |     |  9 |
| DESCRIPTION OF RIGHTS TO PURCHASE OUR SECURITIES          |     | 10 |
| DESCRIPTION OF DEBT SECURITIES                            |     | 11 |
| DESCRIPTION OF PURCHASE CONTRACTS                         |     | 26 |
| DESCRIPTION OF UNITS                                      |     | 27 |
| RESTRICTIONS ON OWNERSHIP AND TRANSFER                    |     | 28 |
| CERTAIN PROVISIONS OF MARYLAND LAW AND OF OUR CHARTER AND 
 BYLAWS                                                    |     | 30 |
| MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS           |     | 35 |
| PLAN OF DISTRIBUTION                                      |     | 63 |
| EXPERTS                                                   |     | 65 |
| LEGAL MATTERS                                             |     | 65 |
| WHERE YOU CAN FIND MORE INFORMATION ABOUT US              |     | 65 |
| INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE           |     | 66 |

ABOUT THIS PROSPECTUS

This prospectus is part of a registration statement that we filed with the United States Securities and Exchange Commission (the
“SEC” or the “Commission”) using a “shelf ’ registration process. Under this shelf registration process, we may offer and sell the securities described in this prospectus in one or more offerings. This prospectus
provides you with a general description of the securities we may offer. Each time we offer to sell securities, we will provide a supplement to this prospectus that will contain specific information about the terms of that offering. The prospectus
supplement may also add, update or change information contained in this prospectus. It is important for you to consider the information contained in this prospectus and any prospectus supplement together with additional information described under
the heading “Where You Can Find More Information About Us.”

You should rely only on the information contained in or
incorporated by reference into or set forth in this prospectus or the applicable prospectus supplement. We have not authorized any other person to provide you with additional or different information. If anyone provides you with different or
inconsistent information, you should not rely