Company: NLY-PF
Filing Date: 2025-08-01
Form Type: 424B5
Source: 0001193125-25-171665
Chunk: 87

Company: ANNALY CAPITAL MANAGEMENT INC
Filing Date: 2025-08-01
Form: 424B5
Chunk 87
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 of debt securities either:

| • |     | defease and be discharged from all of our obligations with respect to that series of debt securities 
 (“defeasance”), except for:                                                                          |

| (1) | the obligation to pay Additional Amounts, if any, upon the occurrence of specified events of taxation,                                                                                                                                                  
 assessment or governmental charge with respect to payments on that series of debt securities to the extent (and only to the extent) that those Additional Amounts exceed the amount deposited in respect of those Additional Amounts as provided below, |

| (2) | the obligation, if applicable, to exchange or convert debt securities of that series into other securities or 
 property in accordance with their terms, and                                                                  |

| (3) | certain other limited obligations; or |

| • |     | to be released from our obligations with respect to the debt securities of such series under such covenants as                                                                                                                                        
 may be specified in the applicable prospectus supplement, and any omission to comply with those obligations shall not constitute a default or an Event of Default with respect to that series of debt securities (“covenant defeasance”), in          
 either case upon the irrevocable deposit with the trustee, or other qualifying trustee, in trust for that purpose, of an amount in U.S. dollars or in the foreign currency in which those debt securities are payable at stated maturity or, if       
 applicable, upon redemption, and/or Government Obligations which through the payment of principal and interest in accordance with their terms will provide money, in an amount sufficient to pay the principal of and any premium and any interest on 
 (and, to the extent that (x) the debt securities of that series provide for the payment of Additional Amounts and (y) the amount of the Additional Amounts which are or will be payable is at the time of deposit reasonably determinable by          
 us, in the exercise of our sole and absolute discretion, the Additional Amounts with respect to) that series of debt securities, and any mandatory sinking fund or analogous payments on that series of debt securities, on the due dates for those   
 payments.                                                                                                                                                                                                                                             |

The defeasance or covenant defeasance described above shall only be effective if, among other things:

| • |     | it shall not result in a breach or violation of, or constitute a default under, the indenture; |

| • |     | in the case of defeasance, we shall have delivered to the trustee an opinion of independent counsel reasonably                                                                                                                                         
 acceptable to