Company: NLY-PF
Filing Date: 2025-08-01
Form Type: 424B5
Source: 0001193125-25-171665
Chunk: 23

Company: ANNALY CAPITAL MANAGEMENT INC
Filing Date: 2025-08-01
Form: 424B5
Chunk 23
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 par value per share, 1,468,250,000 shares authorized on an actual basis,                                                                       
 1,456,750,000 shares authorized on an as adjusted basis; 642,076,127 shares issued and outstanding on an actual and as adjusted basis(2)                           |     |                                 |       6,421 |   |     |             |       6,421 |   |
| Additional paid-in capital                                                                                                                                         |     |                                 |  26,520,657 |   |     |             |  26,520,657 |   |
| Accumulated other comprehensive income (loss)                                                                                                                      |     |                                 |    (740,046 | ) |     |             |    (740,046 | ) |
| Accumulated deficit                                                                                                                                                |     |                                 | (13,942,302 | ) |     |             | (13,942,302 | ) |
| Total stockholders’ equity                                                                                                                                         |     | $                               |  13,381,299 |   |     | $           |  13,623,049 |   |
| Noncontrolling interests                                                                                                                                           |     |                                 |      93,064 |   |     |             |      93,064 |   |
| Total equity                                                                                                                                                       |     | $                               |  13,474,363 |   |     | $           |  13,716,113 |   |
| Total capitalization                                                                                                                                               |     | $                               | 112,141,892 |   |     | $           | 112,383,642 |   |

| (1) | Does not include up to 1,500,000 shares of 8.875% Series J Preferred Stock that may be issued upon exercise of 
 the underwriters’ over-allotment option.                                                                       |

| (2) | Excludes shares of common stock issuable upon vesting of outstanding deferred stock unit awards under our equity 
 incentive plan.                                                                                                  |

S-19

DESCRIPTION OF THE SERIES J PREFERRED STOCK

This description of certain terms of the Series J Preferred Stock supplements, and, to the extent inconsistent therewith, replaces, the description of the general terms and provisions of our preferred stock set forth in the accompanying prospectus. The description of certain terms of the Series J Preferred Stock in this prospectus supplement does not purport to be complete and is in all respects subject to, and qualified in its entirety by references to the relevant provisions of our charter