Company: NLY-PF
Filing Date: 2025-08-01
Form Type: 424B5
Source: 0001193125-25-171665
Chunk: 7

Company: ANNALY CAPITAL MANAGEMENT INC
Filing Date: 2025-08-01
Form: 424B5
Chunk 7
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| Annaly Agency Group                    |     | Invests in Agency MBS collateralized by residential mortgages which are guaranteed by Fannie Mae, Freddie Mac or Ginnie Mae and complementary investments within the Agency market, including Agency commercial MBS. |
| Annaly Residential Credit Group        |     | Invests primarily in non-Agency residential whole loans and securitized products within the residential and commercial markets.                                                                                      |
| Annaly Mortgage Servicing Rights Group |     | Invests in MSR, which provide the right to service residential mortgage loans in exchange for a portion of the interest payments made on the loans.                                                                  |

To ensure we continue to qualify as a REIT for U.S. federal income tax purposes, no person may own more than 9.8%, in number of shares or value, of the outstanding shares of any class of our stock (including as a result of owning any Series J Preferred Stock offered hereby), unless our board of directors waives or modifies this limitation.

S-5

Stock Listing

The New York Stock Exchange lists our common stock under the symbol “NLY”, our 6.95% Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock under the symbol “NLY.F”, our 6.50% Series G
Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock under the symbol “NLY.G” and our 6.75% Series I Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock under the symbol “NLY.I”.

Corporate Information

Our principal executive offices are located at 1211 Avenue of the Americas, New York, New York 10036. Our telephone number
is 1-888-8ANNALY. Our website is http://www.annaly.com. The contents of our website are not a part of, and are not incorporated by reference into, this prospectus
supplement or the accompanying prospectus, except as expressly set forth under “Incorporation of Certain Documents by Reference”.

S-6

THE OFFERING The following is a brief summary of certain terms of this offering. For a more complete description of the terms of the Series J Preferred Stock, see “Description of the Series J Preferred Stock” in this prospectus supplement and “Description of Equity Securities—Preferred Stock” in the accompanying prospectus. In this prospectus supplement, (i) our “Junior Stock” means our common stock, par value $0.01 per share, and any class or series of stock we may