Company: NLY-PF
Filing Date: 2025-12-22
Form Type: 424B5
Source: 0001193125-25-328718
Chunk: 8

Company: ANNALY CAPITAL MANAGEMENT INC
Filing Date: 2025-12-22
Form: 424B5
Chunk 8
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 us (excluding expenses and fees payable by us) and
the compensation payable by us to such sales agent.

Settlement for sales of common stock will occur, unless the parties agree otherwise,
on the second business day following the date on which any sales were made in return for payment of the net proceeds to us. There is no arrangement for funds to be received in an escrow, trust or similar arrangement. Under the terms of the
distribution agency agreements, we also may sell shares to an individual sales agent as principal for its own 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 December 22, 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

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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.

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