Company: NLY-PF
Filing Date: 2025-08-01
Form Type: 424B5
Source: 0001193125-25-171665
Chunk: 82

Company: ANNALY CAPITAL MANAGEMENT INC
Filing Date: 2025-08-01
Form: 424B5
Chunk 82
---
 principal amount of the outstanding debt securities of any series issued under the indenture have the right to direct the time, method and place of conducting any proceeding for any remedy available to the trustee under the indenture with respect to that series. The indenture requires the annual filing by us with the trustee of a certificate that states whether or not we are in default under the terms of the indenture. No holder of any debt securities of any series shall have any right to institute any proceeding, judicial or otherwise, with respect to the indenture, or for the appointment of a receiver or trustee, or for any other remedy under the indenture, unless:

| • |     | such holder has previously given written notice to the trustee of a continuing Event of Default with respect to 
 the debt securities of such series;                                                                             |

| • |     | the holders of not less than 25% in aggregate principal amount of the outstanding debt securities of such series                                            
 shall have made written request to the trustee to institute proceedings in respect of such Event of Default in its own name as trustee under the indenture; |

19

| • |     | such holder or holders have offered to the trustee indemnity reasonably satisfactory to the trustee against the 
 costs, fees and expenses and liabilities which might be incurred in compliance with such request;               |

| • |     | the trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute 
 any such proceeding; and                                                                                         |

| • |     | no direction inconsistent with such written request has been given to the trustee during such 60 day period by 
 the holders of a majority in principal amount of the outstanding debt securities of such series.               |

Notwithstanding any other provision of the indenture, the holder of a debt security will have the right, which is absolute and unconditional, to receive payment of the principal of and premium, if any, and interest, if any, on that debt security on the respective due dates for those payments and, in the case of any debt security that is convertible into or exchangeable for other securities or property, to convert or exchange, as the case may be, that debt security in accordance with its terms, and to institute suit for the enforcement of those payments and any right to effect such conversion or exchange, and this right shall not be impaired without the consent of the holder. Modification, Waivers and Meetings The indenture permits us and the trustee, with the consent of the holders of a majority in principal amount of the outstanding