Company: NLY-PF
Filing Date: 2025-08-01
Form Type: 424B5
Source: 0001193125-25-171665
Chunk: 48

Company: ANNALY CAPITAL MANAGEMENT INC
Filing Date: 2025-08-01
Form: 424B5
Chunk 48
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, or it is unable to continue or ceases to be a clearing agency registered under the Exchange Act and a successor depositary is not appointed by us within
90 days after receiving such notice or becoming aware that DTC is no longer so registered, we will issue the Series J Preferred Stock in definitive form, at our expense, upon registration of transfer of, or in exchange for, such global security.

According to DTC, the foregoing information with respect to DTC has been provided to the financial community for informational purposes
only and is not intended to serve as a representation, warranty or contract modification of any kind.

Global Clearance and Settlement Procedures

Initial settlement for the Series J Preferred Stock will be made in immediately available funds. Secondary market trading among
DTC’s Participants will occur in the ordinary way in accordance with DTC’s rules and will be settled in immediately available funds using DTC’s Same-Day Funds Settlement System.

S-34

SUPPLEMENTAL U.S. FEDERAL INCOME TAX CONSIDERATIONS

Effective July 4, 2025, certain changes to U.S. tax law were enacted that impact us and our stockholders. Among other changes, this
legislation (i) permanently extends the 20% deduction for “qualified REIT dividends” for individuals and other non-corporate taxpayers under Section 199A of the Code and (ii) increases the percentage limit under the REIT asset test
applicable to taxable REIT subsidiaries from 20% to 25% for taxable years beginning after December 31, 2025. Prospective investors are urged to consult with their tax advisors regarding the effect of these changes to the federal tax laws on an
investment in the Series J Preferred Stock.

S-35

UNDERWRITING Subject to the terms and conditions stated in the underwriting agreement dated the date of this prospectus supplement, each underwriter named below, for whom Morgan Stanley & Co, LLC, BofA Securities, Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, RBC Capital Markets, LLC, UBS Securities LLC and Wells Fargo Securities, LLC are acting as representatives, has severally agreed to purchase, and we have agreed to sell to that underwriter, the number of shares of Series J Preferred Stock set forth opposite that underwriter’s name.

| Underwriters                  |     | Number of Shares |            |
| Morgan Stanley & Co, LLC      |     |                  |  1,300,000 |
| Bof