Company: NLY-PF
Filing Date: 2025-08-01
Form Type: 424B5
Source: 0001193125-25-171665
Chunk: 92

Company: ANNALY CAPITAL MANAGEMENT INC
Filing Date: 2025-08-01
Form: 424B5
Chunk 92
---
 in the prospectus supplement. When we issue units, we will provide in a prospectus supplement the following terms of the units being issued:

| • |     | the title of any series of units; |

| • |     | identification and description of the separate constituent securities comprising the units; |

| • |     | the price or prices at which the units will be issued; |

| • |     | the date, if any, on and after which the constituent securities comprising the units will be separately 
 transferable;                                                                                           |

| • |     | information with respect to any book-entry procedures; |

| • |     | a discussion of any material or special U.S. federal income tax consequences applicable to an investment in the 
 units; and                                                                                                      |

| • |     | any other terms of the units and their constituent securities. |

27

RESTRICTIONS ON OWNERSHIP AND TRANSFER

To assist us in qualifying as a REIT, among other purposes, our charter prohibits anyone from acquiring or holding, directly or
constructively, ownership of 9.8% or more, in number of shares or value, of any class of our outstanding capital stock. We refer to this restriction as the “9.8% ownership limit.” For this purpose, the term “ownership” generally
means either direct ownership or constructive ownership in accordance with the constructive ownership provisions of Section 544 of the Internal Revenue Code of 1986, as amended (the “Code”), as modified in Section 856(h) of the
Code.

The constructive ownership provisions of Section 544 of the Code generally (a) attribute ownership of securities owned by
a corporation, partnership, estate or trust proportionately to its stockholders, partners or beneficiaries; (b) attribute ownership of securities owned by family members to other members of the same family; and (c) set forth rules for
attributing securities constructively owned by one person to another person. To determine whether a person holds or would hold capital stock in excess of the 9.8% ownership limit, a person will be treated as owning not only shares of capital stock
actually owned, but also any shares of capital stock attributed to that person under the attribution rules described above. Accordingly, a person who individually owns less than 9.8% of the outstanding shares of any class of our outstanding capital
stock may nevertheless be in violation of the 9.8% ownership limit.

Any transfer of shares of capital stock that would cause us to be
dis