Company: NLY-PF
Filing Date: 2025-12-22
Form Type: 424B5
Source: 0001193125-25-328718
Chunk: 80

Company: ANNALY CAPITAL MANAGEMENT INC
Filing Date: 2025-12-22
Form: 424B5
Chunk 80
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 holding directly our proportionate share of the assets of such REMIC. |

| • |     | Not more than 25% of our total assets may be represented by securities, other than those in the 75% asset class. |

| • |     | Except for securities in taxable REIT subsidiaries and the securities in the 75% asset class, the value of any  
 one issuer’s securities owned by us may not exceed 5% of the value of our total assets (or, the 5% asset test). |

| • |     | Except for securities in taxable REIT subsidiaries and the securities in the 75% asset class, we may not own more 
 than 10% of any one issuer’s outstanding voting securities (or, the 10% vote test).                               |

| • |     | Except for securities of taxable REIT subsidiaries and the securities in the 75% asset class, we may not own more                                                                       
 than 10% of the total value of the outstanding securities of any one issuer, other than securities that qualify for the “straight debt” exception discussed below (or, 10% value test). |

| • |     | Not more than 20% of the value of our total assets may be represented by the securities of one or more taxable 
 REIT subsidiaries.                                                                                             |

| • |     | Not more than 25% of the value of our total assets may be represented by debt instruments of “publicly 
 offered” REITs that are not secured by real property or interests in real property.                    |

For purposes of the 5% asset test, the 10% vote test, and the 10% value test, the term “securities” does not include stock in another REIT, debt of “publicly offered REITs,” equity or debt securities of a qualified REIT subsidiary or a taxable REIT subsidiary, mortgage loans or MBS that constitute real estate assets, or equity interests in a partnership. The term “securities,” however, generally includes debt securities issued by a partnership or another REIT (other than a “publicly offered REIT”), except that, for purposes of the 10% value test, the term “securities” does not include “straight debt” under a safe harbor. Debt will meet the “straight debt” safe harbor if the debt is a written unconditional promise to pay on demand or on a specified date a sum certain in money, the debt is not convertible, directly or indirectly, into stock