Company: NLY-PF
Filing Date: 2025-12-22
Form Type: 424B5
Source: 0001193125-25-328718
Chunk: 1

Company: ANNALY CAPITAL MANAGEMENT INC
Filing Date: 2025-12-22
Form: 424B5
Chunk 1
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 enter into a separate terms agreement with that sales agent, and we will describe this agreement in a separate prospectus supplement or pricing supplement. There are restrictions on transfer and ownership of our common stock intended to, among other purposes, preserve our qualification as a real estate investment trust, or REIT. See “Restrictions on Ownership and Transfer” in the accompanying prospectus. Investing in our common stock involves risks. You should carefully consider the risks described under the caption “ Risk Factors” beginning on page S-6of this prospectus supplement and included in our most recent Annual Report on Form 10-K,as updated by any subsequent Quarterly Reports on Form 10-Q,which are incorporated by reference into this prospectus supplement. Neither the Securities and Exchange Commission, or the SEC, nor any state securities commission has approved or disapproved of these securities or determined if this prospectus supplement or the accompanying prospectus to which it relates is truthful or complete. Any representation to the contrary is a criminal offense.

| Barclays |     | BNP PARIBAS |     | BofA Securities |     | BTIG |

| Citizens Capital Markets |     | Goldman Sachs & Co. LLC |     | J.P. Morgan            |
| Keefe, Bruyette & Woods  |     | Morgan Stanley          |     | Piper Sandler          |
| A Stifel Company         |     |                         |     |                        |
| RBC Capital Markets      |     | UBS Investment Bank     |     | Wells Fargo Securities |

The date of this prospectus supplement is December 22, 2025

TABLE OF CONTENTS Prospectus Supplement

| ABOUT THIS PROSPECTUS SUPPLEMENT AND THE PROSPECTUS |     | S-2  |
| WHERE YOU CAN FIND MORE INFORMATION                 |     | S-3  |
| A WARNING ABOUT FORWARD-LOOKING STATEMENTS          |     | S-4  |
| SUMMARY                                             |     | S-5  |
| RISK FACTORS                                        |     | S-6  |
| USE OF PROCEEDS                                     |     | S-7  |
| PLAN OF DISTRIBUTION                                |     | S-8  |
| LEGAL MATTERS                                       |     | S-10 |
| EXPERTS                                             |     | S-10 |
| INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE     |     | S-10 |

Prospectus

| ABOUT THIS PROSPECTUS                                     |     |  1 |
| A WARNING ABOUT FORWARD