Company: NLY-PF
Filing Date: 2025-05-08
Form Type: 424B5
Source: 0001104659-25-046234
Chunk: 8

Company: ANNALY CAPITAL MANAGEMENT INC
Filing Date: 2025-05-08
Form: 424B5
Chunk 8
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 account at a price agreed upon at the time of sale. If we sell shares to a sales agent as principal, we will enter into a separate terms agreement with such sales agent, and we will describe this agreement in a separate prospectus or prospectus supplement.

We will deliver to the NYSE copies of this prospectus supplement pursuant to the rules of the NYSE. We will report at least quarterly the aggregate number of shares of common stock sold through the sales agents under the distribution agency agreements, the net proceeds to us and the compensation paid by us to the sales agents in connection with the sales of common stock.

Unless otherwise terminated pursuant to the terms of the distribution agency agreements or mutual agreement of the parties to the respective distribution agency agreement, each distribution agency agreement shall automatically terminate on May 8, 2030.

In connection with the sale of the shares of common stock on our behalf, each sales agent may be deemed to be an “underwriter” within the meaning of the Securities Act of 1933, as amended, or the Securities Act, and the compensation paid to a sales agent may be deemed to be underwriting commissions or discounts. We have agreed in each distribution agency agreement to provide indemnification and contribution to each applicable sales agent against certain civil liabilities, including liabilities under the Securities Act.

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Each of the sales agents and their respective affiliates have provided, and may in the future provide, various investment banking, commercial banking, fiduciary and advisory services for us from time to time for which they have received, and may in the future receive, customary fees and expenses. Each of the sales agents and their respective affiliates may, from time to time, engage in other transactions with and perform services for us in the ordinary course of their business. If the exemptive provisions set forth in Rule 101(c)(1) of Regulation M under the Securities Exchange Act of 1934, as amended, or the Exchange Act, 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.

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### 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