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

Company: ANNALY CAPITAL MANAGEMENT INC
Filing Date: 2025-08-01
Form: 424B5
Chunk 25
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 the shares of the Series J Preferred Stock on the NYSE under the symbol “NLY.J” and we have agreed that we will use our best efforts to effect and maintain the listing on the NYSE. If the application is approved, we expect
trading to commence within 30 days after the initial delivery of the shares of Series J Preferred Stock.

The registrar, transfer agent
and dividend and redemption price disbursing agent in respect of the Series J Preferred Stock will be Computershare Inc.

Maturity

The Series J Preferred Stock has no stated maturity and will not be subject to any sinking fund or mandatory redemption. Shares of the Series J
Preferred Stock will remain outstanding indefinitely unless we decide to redeem or otherwise repurchase them or they become convertible and are converted as described below under “—Conversion Rights.” We are not required to set apart
for payment the funds to redeem the Series J Preferred Stock.

S-20

Ranking The Series J Preferred Stock will rank, with respect to rights to the payment of dividends and the distribution of assets upon our liquidation, dissolution or winding up:

| • |     | senior to all classes or series of our common stock and any other Junior Stock we may issue; |

| • |     | on parity with our Parity Stock; |

| • |     | junior to any Senior Stock we may issue; and |

| • |     | effectively junior to all of our existing and future indebtedness (including indebtedness convertible into or       
 exchangeable for our common stock or preferred stock) and the indebtedness of our existing and future subsidiaries. |

Dividends Holders of shares of the Series J Preferred Stock are entitled to receive, when, as and if authorized by our board of directors and declared by us, out of funds legally available for the payment of dividends, cumulative cash dividends at a rate equal to 8.875% per annum of the $25.00 per share liquidation preference (equivalent to $2.21875 per annum per share), for each Dividend Period (as defined below) from and including the date of original issuance of the Series J Preferred Stock. A “Dividend Period” means the period from, and including, a dividend payment date to, but excluding, the next succeeding dividend payment date, except for the initial Dividend Period, which will be the period from, and including, the original issue date of the Series J Preferred Stock to, but excluding, December 31, 2025. Dividends on the Series J