Company: NLY-PF
Filing Date: 2025-08-01
Form Type: 424B5
Source: 0001193125-25-171665
Chunk: 22

Company: ANNALY CAPITAL MANAGEMENT INC
Filing Date: 2025-08-01
Form: 424B5
Chunk 22
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 the Series J Preferred Stock and receive stated dividends on the Series J Preferred Stock when, as
and if authorized by our board of directors and declared and paid by us with no assurance as to ever receiving the liquidation value thereof. In addition, if our common stock is delisted from the NYSE, it is likely that the Series J Preferred Stock
will be delisted from the NYSE as well. Accordingly, if our common stock is delisted from the NYSE, your ability to transfer or sell your shares of the Series J Preferred Stock may be limited and the market value of the Series J Preferred Stock will
likely be materially adversely affected.

S-17

USE OF PROCEEDS

We estimate that the net proceeds of this offering will be approximately $241.8 million (or approximately $278.1 million if the underwriters
exercise their over- allotment option in full), after deduction of underwriting discounts and estimated offering expenses payable by us.

We intend to use the net proceeds of this offering to acquire targeted assets under our capital allocation policy. These investments include,
without limitation, Agency MBS pools, to-be-announced forward contracts, mortgage servicing rights and residential credit assets (including residential mortgage loans).
We also intend to use the net proceeds of this offering for general corporate purposes.

S-18

CAPITALIZATION The following table sets forth our consolidated capitalization as of June 30, 2025 (i) on an actual basis and (ii) on an as adjusted basis after giving effect to the designation of 11,500,000 shares of our authorized but unissued common stock as Series J Preferred Stock and the issuance and sale of 10,000,000 shares of Series J Preferred Stock in this offering (assuming no exercise of the underwriters’ over-allotment option). You should read the table below in conjunction with the section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the accompanying consolidated financial statements and related notes in our annual report on Form 10-Kfor the year ended December 31, 2024 and our quarterly reports on Form 10-Qfor the quarters ended March 31, 2025 and June 30, 2025, which are incorporated by reference into this prospectus supplement and the accompanying prospectus.

|                                                                                                                                                                    |     | As of June 30, 2025             
 (unaudited)                     |             |   |     |             |             |   |
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