Company: NLY-PF
Filing Date: 2025-12-22
Form Type: 424B5
Source: 0001193125-25-328718
Chunk: 9

Company: ANNALY CAPITAL MANAGEMENT INC
Filing Date: 2025-12-22
Form: 424B5
Chunk 9
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, are not satisfied, the sales agents will not engage in any market making activities involving our common stock while the offering is
ongoing under this prospectus supplement.

SUPPLEMENTAL U.S. FEDERAL INCOME TAX CONSIDERATIONS

Effective July 4, 2025, certain changes to U.S. tax law were enacted that impact us and our stockholders. Among other changes, this
legislation (i) permanently extends the 20% deduction for “qualified REIT dividends” for individuals and other non-corporate taxpayers under Section 199A of the Code and
(ii) increases the percentage limit under the REIT asset test applicable to taxable REIT subsidiaries from 20% to 25% for taxable years beginning after December 31, 2025. Prospective investors are urged to consult with their tax advisor
regarding the effect of those changes to the federal tax laws on an investment in Annaly’s common stock.

S-9

LEGAL MATTERS Certain legal matters in connection with this offering will be passed upon for us by Davis Polk & Wardwell LLP, and with respect to certain tax matters, Hunton Andrews Kurth LLP and, with respect to certain matters of Maryland law, Venable LLP. The sales agents have been represented by Cravath, Swaine & Moore LLP, New York, New York. EXPERTS The consolidated financial statements of Annaly Capital Management, Inc. appearing in Annaly Capital Management, Inc.’s Annual Report (Form 10-K)for the year ended December 31, 2024, and the effectiveness of Annaly Capital Management, Inc.’s internal control over financial reporting as of December 31, 2024, have been audited by Ernst & Young LLP, independent registered public accounting firm, as set forth in their reports thereon, included by reference therein, and incorporated herein by reference. Such consolidated financial statements are incorporated herein by reference in reliance upon such reports given on the authority of such firm as experts in accounting and auditing. INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE We are incorporating by reference certain information that we file with the SEC, which means that we are disclosing important information to you by referring you to another document filed separately with the SEC. The information incorporated by reference is an important part of this prospectus supplement and the accompanying prospectus, and the information that we subsequently file with the SEC will automatically update and supersede information in this prospectus supplement and the accompanying prospectus and in our other filings