Company: NLY-PF
Filing Date: 2025-12-22
Form Type: 424B5
Source: 0001193125-25-328718
Chunk: 2

Company: ANNALY CAPITAL MANAGEMENT INC
Filing Date: 2025-12-22
Form: 424B5
Chunk 2
---
-LOOKING STATEMENTS                |     |  2 |
| ABOUT ANNALY CAPITAL MANAGEMENT, INC.                     |     |  3 |
| RISK FACTORS                                              |     |  4 |
| USE OF PROCEEDS                                           |     |  5 |
| DESCRIPTION OF EQUITY SECURITIES                          |     |  6 |
| DESCRIPTION OF WARRANTS                                   |     |  9 |
| DESCRIPTION OF RIGHTS TO PURCHASE OUR SECURITIES          |     | 10 |
| DESCRIPTION OF DEBT SECURITIES                            |     | 11 |
| DESCRIPTION OF PURCHASE CONTRACTS                         |     | 26 |
| DESCRIPTION OF UNITS                                      |     | 27 |
| RESTRICTIONS ON OWNERSHIP AND TRANSFER                    |     | 28 |
| CERTAIN PROVISIONS OF MARYLAND LAW AND OF OUR CHARTER AND 
 BYLAWS                                                    |     | 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 |

S-i

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.

S-1

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