Company: NLY-PF
Filing Date: 2025-12-22
Form Type: 424B5
Source: 0001193125-25-328718
Chunk: 46

Company: ANNALY CAPITAL MANAGEMENT INC
Filing Date: 2025-12-22
Form: 424B5
Chunk 46
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, invalid or unenforceable by a court of competent jurisdiction, then the purported
transferee of any excess

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securities may be deemed, at our option, to have acted as an agent on our behalf in acquiring the excess securities and to hold the excess securities on our behalf. All certificates representing
shares of capital stock will bear a legend referring to the restrictions described above.

Any person who acquires shares in violation of
our charter, or any person who is a purported transferee, such that excess securities results, must immediately give written notice or, in the event of a proposed or attempted transfer that would be void as set forth above, give at least 15
days’ prior written notice to us of such event and shall provide us such other information as we may request in order to determine the effect, if any, of the transfer on our status as a REIT. In addition, every record owner of more than 5.0%
of the number or value of our outstanding shares of capital stock must send us an annual written notice by January 30 stating the name and address of the record owner, the number of shares beneficially owned and describing how the shares are
held. Each such record owner must also provide us with such additional information as we may reasonably request in order to determine the effect, if any, on our status as a REIT. Further, each beneficial owner and each person (including the
stockholder of record) who is holding stock for a beneficial owner is required to disclose to us such information with respect to the direct and constructive ownership of shares as we may reasonably request in order to comply with the REIT
provisions of the Code, to comply with the requirements of any taxing authority or governmental agency or to determine any such compliance.

Notwithstanding the above, our Board may increase or decrease the 9.8% ownership limit unless, after giving effect to any increased ownership
limit, five or fewer persons could beneficially own, in the aggregate, more than 50% in value of the shares of our capital stock then outstanding. In addition, to the extent consistent with the REIT provisions of the Code, our Board may, upon
receipt of a ruling from the IRS or an opinion of our Board’s tax advisor or other documents or evidence satisfactory to our Board and upon such other conditions as our Board may direct, waive the 9.8% ownership limit for a purchaser of our
stock.

The provisions described above may inhibit market activity and may delay, defer or