Company: NLY-PF
Filing Date: 2025-08-01
Form Type: 424B5
Source: 0001193125-25-171665
Chunk: 60

Company: ANNALY CAPITAL MANAGEMENT INC
Filing Date: 2025-08-01
Form: 424B5
Chunk 60
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 changes in the market value of our assets; |

| • |     | changes in business conditions and the general economy; |

| • |     | our ability to grow our residential credit business; |

| • |     | our ability to grow our mortgage servicing rights (“MSR”) business; |

| • |     | credit risks related to our investments in credit risk transfer securities and residential mortgage- backed 
 securities and related residential mortgage credit assets;                                                  |

| • |     | risks related to investments in MSR; |

| • |     | our ability to consummate any contemplated investment opportunities; |

| • |     | changes in government regulations or policy affecting our business; |

| • |     | our ability to maintain our qualification as a REIT for U.S. federal income tax purposes; |

| • |     | our ability to maintain our exemption from registration under the Investment Company Act of 1940, as amended; and |

| • |     | operational risks or risk management failures by us or critical third parties, including cybersecurity incidents. |

The forward-looking statements are based on our beliefs, assumptions and expectations of our future performance, taking into account all information currently available to us .You should not place undue reliance on these forward-looking statements .These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to us .Some of these factors are described under the caption “About Annaly Capital Management, Inc.” in this prospectus and under the caption “Risk Factors” in our most recent Annual Report on Form 10-K for the fiscal year ended December 31, 2023, and our subsequent Quarterly Reports on Form 10-Q which are incorporated by reference into this prospectus .We do not undertake, and specifically disclaim any obligation, to publicly release the result of any revisions which may be made to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements, except as required by law. 2

ABOUT ANNALY CAPITAL MANAGEMENT, INC. We are a leading diversified capital manager with investment strategies across mortgage finance. Our principal business objective is to generate net income for distribution to our stockholders and optimize our returns through prudent management of our diversified investment strategies. We are an internally-managed Maryland corporation founded in 1996 that has elected to be taxed as a REIT. Our common stock is listed on the New York Stock Exchange under the symbol “NLY.” We use our capital coupled with borrowed funds