Company: NLY-PF
Filing Date: 2025-08-01
Form Type: 424B5
Source: 0001193125-25-171665
Chunk: 83

Company: ANNALY CAPITAL MANAGEMENT INC
Filing Date: 2025-08-01
Form: 424B5
Chunk 83
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 debt securities of each series issued under the indenture and affected by a modification or amendment, to modify or amend any of the provisions of the indenture or of the debt securities of the applicable series or the rights of the holders of the debt securities of that series under the indenture. However, the consent of the holder of each debt security affected will be required for any modification or amendment that, among other things:

| • |     | changes the stated maturity of the principal of, or premium, if any, or any installment of interest, if any, on 
 or any Additional Amounts, if any, with respect to any debt securities issued under the indenture;              |

| • |     | reduces the principal of or any premium on any debt securities, reduces the rate of interest on any debt                                                                                                                                                
 securities or reduces the price payable upon the redemption of any debt securities, whether such redemption is mandatory or at our option, or upon the repurchase of any debt securities at the option of the holder, or reduces any Additional Amounts 
 with respect to any debt securities, or change our obligation to pay Additional Amounts;                                                                                                                                                                |

| • |     | reduces the amount of principal of any original issue discount securities that would be due and payable upon an 
 acceleration of the maturity thereof;                                                                           |

| • |     | adversely affects any right of repayment or repurchase of any debt securities at the option of any holder; |

| • |     | changes any place where, or the currency in which, debt securities are payable; |

| • |     | impairs the holder’s right to institute suit to enforce the payment of any debt securities on or after their                                                                                                                                          
 stated maturity or, in the case of any debt securities that are convertible into or exchangeable for other securities or property, to institute suit to enforce the right to convert or exchange such debt securities in accordance with their terms; |

| • |     | makes any change that adversely affects the right, if any, to convert or exchange any debt securities for other 
 securities or property;                                                                                         |

| • |     | reduces the percentage of debt securities of any series issued under the indenture whose holders must consent to                                                          
 any modification or amendment or any waiver of compliance with specific provisions of such indenture or specified defaults under the indenture and their consequences; or |

| • |     | reduces the requirements for a quorum or voting at a meeting of holders of the applicable debt securities. |

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The indenture also contains provisions permitting us and the