Company: NLY-PF
Filing Date: 2025-08-01
Form Type: 424B5
Source: 0001193125-25-171665
Chunk: 80

Company: ANNALY CAPITAL MANAGEMENT INC
Filing Date: 2025-08-01
Form: 424B5
Chunk 80
---
                                                                           
 in any debt security of that series other than a covenant or warranty included in the indenture solely for the benefit of a series of debt securities other than that series, and continuance of that default or breach (without that default or breach 
 having been cured or waived in accordance with the indenture) for a period of 90 days after notice to us by the trustee or the holders of notless than 25% in aggregate principal amount of the debt securities of that series then outstanding;        |

| (6) | default after the expiration of any applicable grace period in the payment of principal when due, or resulting                                                                                                                                            
 in acceleration of, other indebtedness (other than Non-recourse Debt, as defined below)of us or any Significant Subsidiary of ours for borrowed money where the aggregate principal amount with respect to which the default or acceleration has occurred 
 exceeds $100 million and such indebtedness has not been discharged, or such default in payment or acceleration has not been cured or rescinded, prior to written notice of acceleration of the debt securities of that series;                            |

| (7) | failure by us or any of our Subsidiaries to pay final judgments or decrees entered by a court or courts of                                                                                              
 competent jurisdiction aggregating in excess of $100 million, which judgments are not paid, discharged or stayed for a period of 30 calendar days after such judgments become final and non-appealable; |

18

| (8) | specified events of bankruptcy, insolvency or reorganization with respect to us or any Significant Subsidiary 
 of ours; or                                                                                                   |

| (9) | any other Event of Default established for the debt securities of that series. |

No Event of Default with respect to any particular series of debt securities necessarily constitutes an Event of Default with respect to any other series of debt securities. The indenture provides that, within 90 days after the occurrence of any default with respect to the debt securities of any series, the trustee will mail to all holders of the debt securities of that series notice of that default if known to the trustee, unless that default has been cured or waived. However, the indenture provides that the trustee may withhold notice of a default with respect to the debt securities of that series, except a default in payment of principal, premium, if any, interest, if any, Additional Amounts, if any, or sinking fund payments, if any, if the trustee considers it in the best interests of the holders to do so.