Company: NLY-PF
Filing Date: 2025-12-22
Form Type: 424B5
Source: 0001193125-25-328718
Chunk: 90

Company: ANNALY CAPITAL MANAGEMENT INC
Filing Date: 2025-12-22
Form: 424B5
Chunk 90
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 share of such undistributed capital gains and (ii) will be deemed to have paid their proportionate share of the tax paid by us on such undistributed capital gains and thereby receive a credit or refund for such amount. A U.S. holder of our capital stock will increase the basis in its shares of our capital stock by the difference between the amount of capital gain included in its income and the amount of tax it is deemed to have paid. Our earnings and profits will be adjusted appropriately. We must classify portions of our designated capital gain dividend into the following categories:

| • |     | a 20% gain distribution, which would be taxable to non-corporate U.S. holders of our stock at a rate of up to 
 20%; or                                                                                                       |

| • |     | an unrecaptured section 1250 gain distribution, which would be taxable to non-corporate U.S. holders of our stock 
 at a maximum rate of 25%.                                                                                         |

The IRS currently requires that distributions made to different classes of stock be composed proportionately of dividends of a particular type. Passive Activity Loss and Investment Interest Limitation.Distributions and gain from the disposition of our capital stock will not be treated as passive activity income, and therefore U.S. holders will not be able to apply any “passive activity losses” against such income. Taxable distributions from us and gain from the disposition of our stock generally will be treated as investment income for purposes of the investment income limitation on the deduction of the investment interest. Other Tax Considerations.U.S. holders of our capital stock may not include in their individual income tax returns any of our net operating losses or capital losses. Our operating or capital losses would be carried over by us for potential offset against future income, subject to applicable limitations. 54

Sales of Our Capital Stock.Upon any taxable sale or other disposition of our capital stock, a U.S. holder of our capital stock will recognize gain or loss for U.S. federal income tax purposes on the disposition of our capital stock in an amount equal to the difference between:

| • |     | the amount of cash and the fair market value of any property received on such disposition; and |

| • |     | the U.S. holder’s adjusted basis in such REIT stock for tax purposes. |

Gain or loss will be capital gain or loss. The applicable tax rate will depend on the holder’s holding period in the asset (generally, if an asset has been held for more than one year it will produce long