Company: NLY-PF
Filing Date: 2025-08-01
Form Type: 424B5
Source: 0001193125-25-171665
Chunk: 88

Company: ANNALY CAPITAL MANAGEMENT INC
Filing Date: 2025-08-01
Form: 424B5
Chunk 88
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 the trustee confirming that (A) we have received from or there has been published by the Internal Revenue Service (the “IRS”) a ruling or (B) since the date of the indenture there has been a change in applicable                      
 U.S. federal income tax law, in either case to the effect that, and based on this ruling or change the opinion of counsel shall confirm that, the holders and beneficial owners of the debt securities of the applicable series will not recognize     
 income, gain or loss for U.S. federal income tax purposes as a result of the defeasance and will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been the case if the defeasance had 
 not occurred;                                                                                                                                                                                                                                          |

23

| • |     | in the case of defeasance, we shall provide money in an amount sufficient in the written opinion of a nationally                                     
 recognized firm of independent public accountants to pay the principal of, premium, if any, and each installment of interest on the debt securities; |

| • |     | in the case of covenant defeasance, we shall have delivered to the trustee an opinion of independent counsel                                                                                                                                       
 reasonably acceptable to the trustee to the effect that the holders and beneficial owners of the debt securities of the applicable series will not recognize income, gain or loss for U.S. federal income tax purposes as a result of the covenant 
 defeasance and will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been the case if the covenant defeasance had not occurred;                                                   |

| • |     | if the cash and Government Obligations deposited are sufficient to pay the outstanding debt securities of that                                                                                 
 series provided those debt securities are redeemed on a particular redemption date, we shall have given the trustee irrevocable instructions to redeem those debt securities on that date; and |

| • |     | no Event of Default or event which with notice or lapse of time or both would become an Event of Default with                                                                                                                                            
 respect to debt securities of that series shall have occurred and be continuing on the date of the deposit into trust; and, solely in the case of defeasance, no Event of Default arising from specified events of bankruptcy, insolvency or             
 reorganization with respect to us or event which with notice or lapse of time or both would become such an Event of Default with respect to us shall have occurred and