Company: NLY-PF
Filing Date: 2025-08-01
Form Type: 424B5
Source: 0001193125-25-171665
Chunk: 62

Company: ANNALY CAPITAL MANAGEMENT INC
Filing Date: 2025-08-01
Form: 424B5
Chunk 62
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 Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q, as well as any other information contained or incorporated by reference into this prospectus or in any prospectus supplement hereto before making a decision to
invest in our securities. See “Where You Can Find More Information About Us,” below.

4

USE OF PROCEEDS

We intend to use the net proceeds of this offering for general corporate purposes.

Pending these uses, we intend to maintain the net proceeds of this offering in interest-bearing, short- term, marketable investment grade
securities or (interest or non-interest bearing) checking (or escrow) accounts or money market accounts that are consistent with our intention to maintain our qualification as a REIT. These investments may include, for example, government securities
other than Agency MBS, certificates of deposit and interest-bearing bank deposits. These investments are expected to provide a lower net return than we will seek to achieve from our targeted assets.

5

DESCRIPTION OF EQUITY SECURITIES

General

Our charter provides that the
total number of shares of stock of all classes which we have the authority to issue is one billion five hundred thirty-one million seven hundred fifty thousand (1,531,750,000) shares of capital stock, $0.01 par value per share. These shares of
capital stock consist of 1,468,250,000 shares of common stock, $0.01 par value per share (the “common stock”), 28,800,000 shares of 6.95% Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, $0.01 par value per share
(“Series F Preferred Stock”), 17,000,000 shares of 6.50% Series G Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, $0.01 par value per share (“Series G Preferred Stock”) and 17,700,000 shares of 6.75% Series I
Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, $0.01 par value per share (“Series I Preferred Stock”).

Our Board
may classify and reclassify any unissued shares of capital stock by setting or changing in any one or more respects the preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends and other distributions,
qualifications or terms or conditions of redemption of such shares of stock. As of September 18, 2024, we had 538,212,338 shares