Company: NLY-PF
Filing Date: 2025-12-22
Form Type: 424B5
Source: 0001193125-25-328718
Chunk: 40

Company: ANNALY CAPITAL MANAGEMENT INC
Filing Date: 2025-12-22
Form: 424B5
Chunk 40
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| (3) | certain other limited obligations; or |

| • |     | to be released from our obligations with respect to the debt securities of such series under such covenants as                                                                                                                                        
 may be specified in the applicable prospectus supplement, and any omission to comply with those obligations shall not constitute a default or an Event of Default with respect to that series of debt securities (“covenant defeasance”), in          
 either case upon the irrevocable deposit with the trustee, or other qualifying trustee, in trust for that purpose, of an amount in U.S. dollars or in the foreign currency in which those debt securities are payable at stated maturity or, if       
 applicable, upon redemption, and/or Government Obligations which through the payment of principal and interest in accordance with their terms will provide money, in an amount sufficient to pay the principal of and any premium and any interest on 
 (and, to the extent that (x) the debt securities of that series provide for the payment of Additional Amounts and (y) the amount of the Additional Amounts which are or will be payable is at the time of deposit reasonably determinable by          
 us, in the exercise of our sole and absolute discretion, the Additional Amounts with respect to) that series of debt securities, and any mandatory sinking fund or analogous payments on that series of debt securities, on the due dates for those   
 payments.                                                                                                                                                                                                                                             |

The defeasance or covenant defeasance described above shall only be effective if, among other things:

| • |     | it shall not result in a breach or violation of, or constitute a default under, the indenture; |

| • |     | in the case of defeasance, we shall have delivered to the trustee an opinion of independent counsel reasonably                                                                                                                                         
 acceptable to the trustee confirming that (A) we have received from or there has been published by the Internal Revenue Service (the “IRS”) a ruling or (B) since the date of the indenture there has been a change in applicable                      
 U.S. federal income tax law, in either case to the effect that, and based on this ruling or change the opinion of counsel shall confirm that, the holders and beneficial owners of the debt securities of the applicable series will not recognize     
 income, gain or loss for U.S. federal income tax purposes as a result of the defeasance and will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have