Company: NLY-PF
Filing Date: 2025-08-01
Form Type: 424B5
Source: 0001193125-25-171665
Chunk: 3

Company: ANNALY CAPITAL MANAGEMENT INC
Filing Date: 2025-08-01
Form: 424B5
Chunk 3
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                                                    |     | 30 |
| MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS           |     | 35 |
| PLAN OF DISTRIBUTION                                      |     | 63 |
| EXPERTS                                                   |     | 65 |
| LEGAL MATTERS                                             |     | 65 |
| WHERE YOU CAN FIND MORE INFORMATION ABOUT US              |     | 65 |
| INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE           |     | 66 |

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We have not, and the underwriters have not, authorized any other person to provide you with any information other than that contained in or incorporated by reference into this prospectus supplement, the accompanying prospectus or in any free writing prospectus prepared by us or on our behalf to which we have referred you. We and the underwriters take no responsibility for, and can provide no assurance as to the reliability of, any other information that others may give you. You should assume that the information contained in or incorporated by reference into this prospectus supplement, the accompanying prospectus and any free writing prospectus is accurate only as of their respective dates. Our business, financial condition, results of operations and prospects may have changed since those dates.

We are not, and the underwriters are not, making an offer of the shares of Series J Preferred Stock covered by this prospectus supplement and the accompanying prospectus in any jurisdiction where the offer is not permitted. The distribution of this prospectus supplement, the accompanying prospectus and any applicable free writing prospectus and the offering of the Series J Preferred Stock in certain jurisdictions may be restricted by law. This prospectus supplement, the accompanying prospectus and any applicable free writing prospectus do not constitute, and may not be used in connection with, any sale, offer to sell, or solicitation of any offer to purchase, the Series J Preferred Stock offered hereby in any jurisdiction in which it is unlawful to make such an offer or solicitation.

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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