Company: NLY-PF
Filing Date: 2025-05-08
Form Type: 424B5
Source: 0001104659-25-046234
Chunk: 2

Company: ANNALY CAPITAL MANAGEMENT INC
Filing Date: 2025-05-08
Form: 424B5
Chunk 2
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COME TAX CONSIDERATIONS                  | ​ | ​ | ​ | ​ | 34 | ​ | ​ |
| ​ | PLAN OF DISTRIBUTION                                             | ​ | ​ | ​ | ​ | 60 | ​ | ​ |
| ​ | EXPERTS                                                          | ​ | ​ | ​ | ​ | 62 | ​ | ​ |
| ​ | LEGAL MATTERS                                                    | ​ | ​ | ​ | ​ | 62 | ​ | ​ |
| ​ | WHERE YOU CAN FIND MORE INFORMATION ABOUT US                     | ​ | ​ | ​ | ​ | 62 | ​ | ​ |
| ​ | INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE                  | ​ | ​ | ​ | ​ | 63 | ​ | ​ |

You should rely only on the information contained or incorporated by reference into this prospectus supplement, the accompanying prospectus or any applicable free writing prospectus. We have not, and the sales agents have not, authorized anyone to provide you with different information. We are not, and the sales agents are not, making an offer of the shares of common stock covered by this prospectus supplement and the accompanying prospectus in any jurisdiction where the offer is not permitted. You should assume that the information appearing in this prospectus supplement, the accompanying prospectus, any applicable free writing prospectus and the documents incorporated by reference herein or therein is accurate only as of their respective dates or on the date or dates which are specified in these documents. Our business, financial condition, liquidity, results of operations and prospects may have changed since those dates.

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TABLE OF CONTENTS

### ABOUT THIS PROSPECTUS SUPPLEMENT AND THE PROSPECTUS
This document is in two parts. The first part is this prospectus supplement, which describes the specific terms of this offering and also adds to, changes and updates information contained in the accompanying prospectus and the documents incorporated by reference herein or therein. The second part, the accompanying prospectus, gives more general information, some of which may not apply to this offering.

To the extent the information contained in this prospectus supplement differs or varies from the information contained in the accompanying prospectus or the documents incorporated by reference herein or therein, the information in this prospectus supplement will supersede such information. In addition, any statement in a filing we make with the SEC that adds to, updates or changes information contained in an earlier filing we made with the SEC shall be deemed to modify and supersede such information in the earlier filing.

This prospectus supplement