Company: NLY-PF
Filing Date: 2025-08-01
Form Type: 424B5
Source: 0001193125-25-171665
Chunk: 107

Company: ANNALY CAPITAL MANAGEMENT INC
Filing Date: 2025-08-01
Form: 424B5
Chunk 107
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 localities treat REITs in the same manner that they are treated for U.S. federal income tax purposes. Moreover, as further described below, any domestic taxable REIT subsidiary in which we own an interest will be subject to U.S. federal corporate income tax on its net income. In addition, we may be subject to a variety of taxes other than U.S. federal income tax, including state and local franchise, property and other taxes and foreign taxes. We could also be subject to tax in situations and on transactions not presently contemplated. Requirements for Qualification as a REIT.The Code defines a REIT as a corporation, trust or association:

| (1) | that is managed by one or more trustees or directors; |

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| (2) | the beneficial ownership of which is evidenced by transferable shares, or by transferable certificates of 
 beneficial interest;                                                                                      |

| (3) | that would be taxable as a domestic corporation, but for sections 856 through 859 of the Code; |

| (4) | that is neither a financial institution nor an insurance company subject to certain provisions of the Code; |

| (5) | the beneficial ownership of which is held by 100 or more persons; |

| (6) | of which not more than 50% in value of the outstanding shares are owned, directly or indirectly, by five or      
 fewer individuals (as defined in the Code to include certain entities) after applying certain attribution rules; |

| (7) | that makes an election to be a REIT for the current taxable year or has made such an election for a previous 
 taxable year, which has not been terminated or revoked;                                                      |

| (8) | that meets other tests, described below, regarding the nature of its income and assets and the distribution of 
 its income;                                                                                                    |

| (9) | that uses the calendar year as its taxable year; and |

| (10) | that has no earnings and profits from any non-REIT taxable year at the close of any taxable year. |

Conditions (1), (2), (3), (4), (8), and (9) must be met during the entire taxable year. Condition (5) must be met during at least 335 days of a taxable year of 12 months, or during a proportionate part of a taxable year of less than 12 months other than the first taxable year for which an election to become a REIT is made. Condition (6) must be met