ITEM 1A. RISK FACTORS An investment in our stock involves a number of risks. Before making an investment decision, you should carefully consider all of the risks described in this annual report on Form 10-K. If any of the risks discussed in this annual report on Form 10-K actually occur, our business, financial condition and results of operations could be materially adversely affected. If this were to occur, the trading price of our stock could decline significantly and you may lose all or part of your investment. Readers should not consider any descriptions of these factors to be a complete set of all potential risks that could affect us. INDEX TO ITEM 1A. RISK FACTORS Page Summary of Risk Factors 13 Risks Related to Our Liquidity and Funding 15 Risks of Ownership of Our Common Stock 20 Compliance, Regulatory & Legal Risks 21 Risks Related to Our Taxation as a REIT 26 Counterparty Risks 31 Investment and Market Related Risks 32 Operational and Cybersecurity Risks 36 Other Risks 41 ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES Item 1A. Risk Factors 12
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