Company: NLY-PF
Filing Date: 2025-12-22
Form Type: 424B5
Source: 0001193125-25-328718
Chunk: 6

Company: ANNALY CAPITAL MANAGEMENT INC
Filing Date: 2025-12-22
Form: 424B5
Chunk 6
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 the diversity of our investment alternatives provides us the flexibility to adapt to changes in market conditions and to take advantage of
potential opportunities.

We believe that our business objectives are supported by our size and conservative financial posture relative
the industry, the extensive experience of our employees, the diversity of our investment strategy, a comprehensive risk management approach, the availability and diversification of financing sources and our operational efficiencies.

Corporate Information

Our principal
executive offices are located at 1211 Avenue of the Americas, New York, New York 10036. Our telephone number is (212) 696-0100. Our website is http://www.annaly.com. The contents of our website are not
a part of this prospectus supplement or the accompanying prospectus. Our common stock is listed on the NYSE under the symbol “NLY.”

S-5

RISK FACTORS

Investing in our common stock involves risk. Please see the risk factors included in our most recent Annual Report on Form 10-K,our subsequent Quarterly Reports on Form 10-Qand other information that we file from time to time with the SEC. Such risks are not the only risks we face. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial may also materially adversely affect us and the market value of our common stock. These risks could affect our business, financial condition, liquidity, results of operations, prospects, and the market value of our common stock. In such a case, you may lose all or part of your original investment. You should consider carefully the risks in our reports, as well as other information and data set forth in this prospectus supplement, the accompanying prospectus and the documents incorporated by reference herein and therein before making an investment decision with respect to our common stock.

S-6

USE OF PROCEEDS

We intend to use the net proceeds of this offering for general corporate purposes.

Pending these uses, we intend to maintain the net proceeds of this offering in interest-bearing, short-term, marketable investment grade
securities or (interest or non-interest bearing) checking (or escrow) accounts or money market accounts that are consistent with our intention to maintain our qualification as a REIT. These investments may
include, for example, government securities other than Agency MBS, certificates of deposit and interest-bearing bank deposits. These investments are expected to provide a lower net return than we will seek to achieve from our targeted assets.

S-7

PLAN OF DISTRIBUTION

We have entered into separate