Company: NLY-PF
Filing Date: 2025-12-22
Form Type: 424B5
Source: 0001193125-25-328718
Chunk: 79

Company: ANNALY CAPITAL MANAGEMENT INC
Filing Date: 2025-12-22
Form: 424B5
Chunk 79
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 income tests for any taxable year, we may nevertheless qualify as a REIT for that year if we are entitled to relief under the Code. Generally, those relief provisions will be available if our failure to meet the tests is due to reasonable cause and not due to willful neglect, and we attach a schedule of the sources of our income to our U.S. federal income tax return. It is not possible, however, to state whether in all circumstances we would be entitled to the benefit of these relief provisions. For example, if we fail to satisfy the gross income tests because nonqualifying income that we intentionally recognize exceeds the limits on nonqualifying income, the IRS could conclude that the failure to satisfy the tests was not due to reasonable cause. If these relief provisions are inapplicable to a particular set of circumstances, we will fail to qualify as a REIT. Even if these relief provisions apply, a penalty tax would be imposed based on the amount of nonqualifying income. See “— Our Taxation as a REIT” and “—Failure to Qualify.” Asset Tests To maintain our qualification as a REIT, we must also satisfy the following asset tests at the close of each quarter of our taxable year.

| • |     | At least 75% of the value of our total assets must be represented by the following (or, the 75% asset test, and 
 the assets listed below, the 75% asset class):                                                                  |

| • |     | interests in real property, including leaseholds and options to acquire real property and leaseholds, and                                                                                                                                   
 personal property to the extent such personal property is leased in connection with real property and rents attributable to such personal property are treated as “rents from real property” as a result of such rents not exceeding 15% of 
 the total rent attributable to personal property and real property under such lease;                                                                                                                                                        |

| • |     | interests in mortgages on real property; |

| • |     | stock in other REITs and debt instruments issued by “publicly offered” REITs; |

48

| • |     | cash and cash items; |

| • |     | government securities; |

| • |     | regular or residual interests in a REMIC. However, if less than 95% of the assets of a REMIC consist of assets                                                                                                                    
 that are qualifying real estate-related assets under the U.S. federal income tax laws, determined as if we held such assets directly, we will be treated as