Company: NLY-PF
Filing Date: 2025-08-01
Form Type: 424B5
Source: 0001193125-25-171665
Chunk: 94

Company: ANNALY CAPITAL MANAGEMENT INC
Filing Date: 2025-08-01
Form: 424B5
Chunk 94
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 of the excess securities to the new owner, at which point the excess
securities will automatically cease to be excess securities.

Upon a purported transfer of excess securities, the purported transferee
will cease to be entitled to distributions, voting rights and other benefits with respect to the shares of capital stock except the right to payment of the purchase price for the shares of capital stock on the retransfer of securities as provided
above. Any dividend or distribution paid to a purported transferee on excess securities prior to our discovery that shares of capital stock have been transferred in violation of our charter, shall be paid to the trust for the exclusive benefit of
the charitable beneficiary. If any of the transfer restrictions in our charter are determined to be void, invalid or unenforceable by a court of competent jurisdiction, then the purported transferee of any excess

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securities may be deemed, at our option, to have acted as an agent on our behalf in acquiring the excess securities and to hold the excess securities on our behalf. All certificates representing
shares of capital stock will bear a legend referring to the restrictions described above.

Any person who acquires shares in violation of
our charter, or any person who is a purported transferee, such that excess securities results, must immediately give written notice or, in the event of a proposed or attempted transfer that would be void as set forth above, give at least 15
days’ prior written notice to us of such event and shall provide us such other information as we may request in order to determine the effect, if any, of the transfer on our status as a REIT. In addition, every record owner of more than 5.0% of
the number or value of our outstanding shares of capital stock must send us an annual written notice by January 30 stating the name and address of the record owner, the number of shares beneficially owned and describing how the shares are held.
Each such record owner must also provide us with such additional information as we may reasonably request in order to determine the effect, if any, on our status as a REIT. Further, each beneficial owner and each person (including the stockholder of
record) who is holding stock for a beneficial owner is required to disclose to us such information with respect to the direct and constructive ownership of shares as we may reasonably request in order to comply with the REIT provisions of the Code,
to comply with the requirements of any taxing authority or governmental agency or to determine any such compliance.

Notwithstanding the
above, our Board