Company: NLY-PF
Filing Date: 2025-08-01
Form Type: 424B5
Source: 0001193125-25-171665
Chunk: 13

Company: ANNALY CAPITAL MANAGEMENT INC
Filing Date: 2025-08-01
Form: 424B5
Chunk 13
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 that, subject to exceptions, no person may beneficially or constructively own shares of any class of our capital stock in excess of 9.8% in value or in number of our outstanding    
 shares of such class of capital stock (including as a result of owning any Series J Preferred Stock offered hereby). In addition, our charter, subject to exceptions, prohibits any person from beneficially owning our shares of capital stock to the 
 extent that such ownership of shares                                                                                                                                                                                                                   |

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| would result in failing to qualify as a REIT. For more information about these restrictions, 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.                                                      |

| Book Entry and Form | The Depository Trust Company (“DTC”) will act as securities depositary for the Series J Preferred Stock, which will only be issued in the form of global securities held in book-entry form. |

| Use of Proceeds | We intend to use the net proceeds of this offering to acquire targeted assets under our capital allocation policy. These investments include, without limitation, Agency MBS pools, 
 to-be-announced forward contracts, mortgage servicing rights and residential credit assets (including residential mortgage loans). We also intend to use the net proceeds           
 of this offering for general corporate purposes.                                                                                                                                    |

| See “Use of Proceeds” in this prospectus supplement. |

| U.S. Federal Income Tax Considerations | For a discussion of the material U.S. federal income tax considerations relating to purchasing, owning and disposing of the Series J Preferred Stock and any common stock received upon conversion of the Series J Preferred Stock, please see the 
 section entitled “Material U.S. Federal Income Tax Considerations” in the accompanying prospectus and the section entitled “Supplemental U.S. Federal Income Tax Considerations” in this prospectus supplement.                                    |

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RISK FACTORS

Investing in the Series J Preferred Stock involves risk. Please see the risks described below in addition to the risk factors included in our most recent Annual Report on Form 10-K,any subsequent Quarterly Reports on Form 10-Qand other information that we file from time to time with the SEC. Such risks are not the only risks we face. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial may also materially adversely affect us and the market value of the Series J Preferred Stock. The