Company: NLY-PF
Filing Date: 2025-08-01
Form Type: 424B5
Source: 0001193125-25-171665
Chunk: 91

Company: ANNALY CAPITAL MANAGEMENT INC
Filing Date: 2025-08-01
Form: 424B5
Chunk 91
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 fixed at the time the purchase contracts are issued or may be determined by reference to a specific formula contained in such purchase contracts. The purchase contracts may be issued separately or as part of units, including units consisting of a combination of a purchase contract obligating the holder to purchase shares of common stock or preferred stock and debt securities or debt obligations of third parties, which may secure the holders’ obligations to purchase the common stock or preferred stock under the purchase contracts. The applicable prospectus supplement will describe the terms of the purchase contracts offered pursuant to it, including, but not limited to, one or more of the following:

| • |     | whether the purchase contracts obligate the holder to purchase or sell, or both purchase and sell, our debt                                                                                                                                             
 securities, common stock or preferred stock or securities of an entity not affiliated with us, a basket of those securities, an index or indices of those securities or any combination of the above, currencies or commodities, as applicable, and the 
 nature and amount of each of those securities or method of determining those amounts;                                                                                                                                                                   |

| • |     | the amounts payable under the purchase contract or the formula by which such amount will be determined; |

| • |     | whether the purchase contracts are to be prepaid or not and whether the purchase contracts will be issued in 
 fully registered or global form;                                                                             |

| • |     | whether the purchase contracts are to be settled by delivery, or by reference or linkage to the value,                                                                                                                                              
 performance or level of our common stock, our preferred stock, such securities of an entity not affiliated with us, a basket of such securities, an index or indices of such securities or any combination of the above, currencies or commodities; |

| • |     | any acceleration, cancellation, termination or other provisions relating to the settlement of the purchase 
 contracts; and                                                                                             |

| • |     | U.S. federal income tax considerations relevant to the purchase contracts. |

26

DESCRIPTION OF UNITS We may issue units consisting of two or more other constituent securities. These units may be issuable as, and for a specified period of time may be transferable only as a single security, rather than as the separate constituent securities comprising such units. The statements made in this section relating to the units are summaries only. These summaries are not complete. When we issue units, we will provide the specific terms of the units in a prospectus supplement. To the extent the information contained in the prospectus supplement differs from this summary description, you should rely on the information