Company: NLY-PF
Filing Date: 2025-12-22
Form Type: 424B5
Source: 0001193125-25-328718
Chunk: 58

Company: ANNALY CAPITAL MANAGEMENT INC
Filing Date: 2025-12-22
Form: 424B5
Chunk 58
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 value test, as described below under “— Asset Tests”) as long as the failure was due to reasonable cause and not to willful neglect, we dispose of the assets or otherwise comply with such asset tests within six months after the                    
 last day of the quarter in which we identify such failure and we file a schedule with the IRS describing the assets that caused such failure, we will pay a tax equal to the greater of $50,000 or the highest income tax rate then applicable to U.S. 
 corporations on the net income from the nonqualifying assets during the period in which we failed to satisfy such asset tests.                                                                                                                         |

| • |     | If we fail to satisfy one or more requirements for REIT qualification, other than the gross income tests and the                                            
 asset tests, and the failure was due to reasonable cause and not to willful neglect, we will be required to pay a penalty of $50,000 for each such failure. |

| • |     | We may be required to pay monetary penalties to the IRS in certain circumstances, including if we fail to meet                                                                                     
 recordkeeping requirements intended to monitor our compliance with rules relating to the composition of a REIT’s stockholders, as described below in “— Requirements for Qualification as a REIT.” |

| • |     | If we fail to distribute during each calendar year at least the sum of: |

| • |     | 85% of our ordinary income for such calendar year; |

| • |     | 95% of our capital gain net income for such calendar year; and |

| • |     | any undistributed taxable income from prior taxable years, |

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we will pay a 4% nondeductible excise tax on the excess of the required distribution over the amount we actually distributed, plus any retained amounts on which income tax has been paid at the corporate level.

| • |     | We may elect to retain and pay income tax on our net long-term capital gain. In that case, a U.S. holder would                                                                                                                                            
 include its proportionate share of our undistributed long-term capital gain (to the extent we make a timely designation of such gain to the holder) in its income, and would receive a credit or a refund for its proportionate share of the tax we paid. |

| • |     | We will be subject to a 100% excise tax on transactions between us and a taxable REIT subsidiary that are not 
 conducted on an arm’s length basis.                                                                           |

|