Company: NLY-PF
Filing Date: 2025-08-01
Form Type: 424B5
Source: 0001193125-25-171665
Chunk: 84

Company: ANNALY CAPITAL MANAGEMENT INC
Filing Date: 2025-08-01
Form: 424B5
Chunk 84
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 all or any debt securities issued under the                                                                                                   
 indenture and to provide for any and all matters relating thereto, and to provide for the release of any collateral as security for all or any debt securities in accordance with the terms of the indenture; |

| • |     | to add to or change or eliminate any provision of the indenture as is necessary or desirable in accordance with 
 any amendment to the Trust Indenture Act of 1939;                                                               |

| • |     | to make any change to the indenture, or any supplemental indenture, or any debt securities to conform the terms                                                                                                                                       
 thereof to any provision of the description of a series of any debt securities in any prospectus (including this prospectus), prospectus supplement, offering memorandum or similar offering document used in connection with the initial offering or 
 sale of any debt securities to the extent that such provision in such description was intended to be a substantially verbatim recitation of a provision of the indenture or debt securities;                                                          |

| • |     | in the case of any series of debt securities which are convertible into or exchangeable for shares of our common                                                                                                                                  
 stock or other securities or property, to provide for the conversion or exchange rights of those debt securities in the event of any reclassification or change of shares of our common stock or any of our other securities into which such debt 
 securities are convertible or for which such debt securities are exchangeable or any similar transaction if expressly required by the terms of that series of debt securities; or                                                                 |

| • |     | to amend or supplement any provision contained in the indenture or in any debt securities, provided that such                                                                      
 amendment or supplement does not apply to any outstanding debt securities issued prior to the date of such supplemental indenture and entitled to the benefits of such provisions. |

21

The holders of a majority in aggregate principal amount of the outstanding debt securities of any series may waive our compliance with the provisions described above under “— Merger, Consolidation and Transfer of Assets” and certain other provisions of the indenture and, if specified in the prospectus supplement relating to such series of debt securities, any additional covenants applicable to the debt securities of such series. The holders of a majority in aggregate principal amount of the outstanding debt securities of any series may, on behalf of all holders of debt securities of that series, waive any past default under the indenture with respect to debt securities of that series and its consequences, except a default in the payment of the principal of,