Company: NLY-PF
Filing Date: 2025-12-22
Form Type: 424B5
Source: 0001193125-25-328718
Chunk: 67

Company: ANNALY CAPITAL MANAGEMENT INC
Filing Date: 2025-12-22
Form: 424B5
Chunk 67
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 the highest federal corporate income tax rate on the portion of any excess inclusion income equal to the percentage of our stock that is held by disqualified organizations. In such circumstances, we may reduce the amount of our
distributions to a disqualified organization whose stock ownership gave rise to the tax. To the extent that our capital stock owned by disqualified organizations is held by a broker/dealer or other nominee, the broker/dealer or other nominee would
be liable for a tax at the highest corporate tax rate on the portion of our excess inclusion income allocable to our capital stock held by the broker/ dealer or other nominee on behalf of the disqualified organizations.

We do not currently intend to hold REMIC residual interests or engage in financing or other activities that would result in the allocation of
excess inclusion to our shareholders.

Tax-exempt investors, non-U.S. investors and taxpayers with net operating losses should carefully
consider the tax consequences described above and are urged to consult their tax advisors in connection with their decision to invest in our capital stock.

41

Income Tests To qualify as a REIT, we must satisfy two gross income requirements, each of which is applied on an annual basis. First, at least 75% of our gross income for each taxable year generally must be derived directly or indirectly from:

| • |     | rents from real property; |

| • |     | interest on debt secured by mortgages on real property or on interests in real property and interest on debt                                                                             
 secured by a mortgage on real property and personal property if the fair market value of such personal property does not exceed 15% of the total fair market value of all such property; |

| • |     | dividends or other distributions on, and gain from the sale of, stock in other REITs; |

| • |     | gain from the sale of real estate assets; |

| • |     | abatements and refunds of taxes on real property; |

| • |     | income and gain derived from foreclosure property (as described below); |

| • |     | amounts (other than amounts the determination of which depends in whole or in part on the income or profits of                                                                                                                                 
 any person) received or accrued as consideration for entering into agreements (i) to make loans secured by mortgages on real property or on interests in real property or (ii) to purchase or lease real property (including interests in real 
 property and interests in mortgages on real property);                                                                                                                                                                                         |

| • |     | income derived from a REMIC in proportion to the real estate