NLY

It has been about a month since the last earnings report for Annaly Capital Management (NLY). Shares have added about 5.9% in that time frame, outperforming the S&P 500. But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is Annaly due for a pullback? Well, first let's take a quick look at the latest earnings report in order to get a better handle on the recent drivers for Annaly Capital Management Inc before we dive into how investors and analysts have reacted as of late. Annaly reported second-quarter 2026 earnings available for distribution (EAD) per average share of 79 cents, which beat the Zacks Consensus Estimate of 75 cents. The figure increased from 73 cents in the year-ago quarter. NII and net interest margin improved year over year in the reported quarter. Notably, the year-over-year increase in book value per common share (BVPS) was also encouraging. However, higher economic funding costs were concerning. Net income available to common stockholders was $781.6 million compared with $19.8 million in the year-ago period. NII was $488.2 million in the reported quarter, which lagged the Zacks Consensus Estimate by 4.1%. In the prior-year quarter, the company reported NII of $273.2 million. Net interest spread (excluding PAA) of 1.50% in the second quarter increased from 1.47% in the prior-year quarter. Annaly’s BVPS was $20.15 as of June 30, 2026, up from $18.45 in the prior-year quarter. At the end of the reported quarter, the company’s economic capital ratio was 14.9%, up from 14.3% in the prior-year quarter. In the second quarter, the weighted average actual constant prepayment rate was 11.6%, up from 8.7% in the year-ago quarter. Annaly generated an annualized EAD return on average equity of 15.12% in the second quarter, which increased from the prior-year quarter’s 14.86%. The company’s total portfolio was $109.4 billion in the quarter, including a $95 billion Agency portfolio. The Residential Credit portfolio was $10.4 billion, while the MSR portfolio was $4.1 billion. Annaly maintained a disciplined leverage profile in the quarter, with GAAP leverage at 7.4X, up from 7.3X in the prior quarter, and economic leverage at 5.6X, down from 5.7X. The company also reported total stockholders’ equity of $16.9 billion as of the quarter-end. Liquidity remained a focal point, given ongoing macro and rate uncertainty. Annaly ended the quarter with $9.6 billion in total assets available for financing, including $5.5 billion in cash and unencumbered Agency MBS. The company also increased financing capacity in its Residential Credit business by $740 million through expanded credit facilities. Against an uncertain rate environment, NLY adopted a more defensive hedge posture. The company ended the quarter with a hedge ratio of 97%, up from 87% in the prior quarter, while its hedge portfolio increased to $92 billion from $81 billion. Funding costs were mixed during the quarter. Average GAAP costs of interest-bearing liabilities declined one basis point sequentially to 4.28%, while average economic costs increased three basis points to 3.96%. The net interest margin, excluding PAA, was 1.76% compared with 1.71% in the second quarter of 2025. Average yield on interest-earning assets, excluding the premium amortization adjustment, was 5.46%, up from 5.41% in the year-ago quarter. A key highlight for income-focused investors was that earnings again exceeded the common dividend. Annaly increased its quarterly common stock cash dividend to 75 cents per share for the second quarter from 70 cents in the year-ago period, supported by its earnings available for distribution. The company also leaned on equity issuance to support growth. Annaly raised $447 million through its at-the-market sales program during the quarter, which it characterized as accretive, and largely deployed the capital into higher-coupon TBA securities and specified pools. In the past month, investors have witnessed a upward trend in fresh estimates. At this time, Annaly has a poor Growth Score of F, a score with the same score on the momentum front. However, the stock was allocated a grade of B on the value side, putting it in the top 40% for this investment strategy. Overall, the stock has an aggregate VGM Score of F. If you aren't focused on one strategy, this score is the one you should be interested in. Estimates have been trending upward for the stock, and the magnitude of these revisions looks promising. It comes with little surprise Annaly has a Zacks Rank #2 (Buy). We expect an above average return from the stock in the next few months. Annaly is part of the Zacks REIT and Equity Trust industry. Over the past month, AGNC Investment (AGNC), a stock from the same industry, has gained 3.4%. The company reported its results for the quarter ended June 2026 more than a month ago. AGNC Investment reported revenues of $305 million in the last reported quarter, representing a year-over-year change of +88.3%. EPS of $0.40 for the same period compares with $0.38 a year ago. AGNC Investment is expected to post earnings of $0.39 per share for the current quarter, representing a year-over-year change of +11.4%. Over the last 30 days, the Zacks Consensus Estimate has changed +0.2%. The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for AGNC Investment. Also, the stock has a VGM Score of D. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Annaly Capital Management Inc (NLY) : Free Stock Analysis Report AGNC Investment Corp. (AGNC) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Shares of Starwood Property Trust, Inc. STWD fell 1.73% during yesterday’s trading session after reporting second-quarter 2026 results. The company reported second-quarter 2026  distributable earnings of 40 cents per share, which matched the Zacks Consensus Estimate. The reported figure declined from 43 cents per share in the year-ago quarter. The quarterly performance was mainly affected by higher operating expenses and increased credit loss provisions. Nonetheless, higher revenues, strong investment activity, and continued portfolio expansion provided some support to results. The company’s second-quarter 2026 net income (on a GAAP basis) was $6.6 million, down 95% year over year. STWD’s total revenues were $513.7 million, up 15.6% year over year. Also, the top line surpassed the Zacks Consensus Estimate by 1.6%. The year-over-year increase was primarily driven by higher interest income from loans, rental income, and servicing-related revenues. Total costs and expenses were $524.8 million, up 22% from the prior-year quarter. Higher interest expense, general and administrative costs, rental operating costs, depreciation and amortization, and net credit loss provision primarily drove the increase. Starwood Property’s BVPS (GAAP basis) was $17.53 as of June 30, 2026, down 7.2% from $18.8 in the prior-year quarter. During the quarter, the company invested $2.5 billion, bringing total investments to $5.0 billion in the first six months of 2026 and $6.7 billion through July, reflecting continued deployment across its lending and real estate businesses. Further, Starwood Property ended the quarter with total assets of $31.8 billion, up 15.6%, and commercial lending assets of $17.3 billion, reflecting continued growth across its diversified platform. As of June 30, 2026, cash and cash equivalents were $367.6 million, up from $259.9 million as of June 30, 2025. Loans held for sale totaled $2.22 billion, compared with $2.49 billion a year earlier. Meanwhile, loans held for investment increased to $19.82 billion from $17.83 billion, reflecting continued growth in the lending portfolio. During the quarter, Starwood Property completed $2.1 billion of corporate debt transactions, extending its weighted-average corporate debt maturity to 3.7 years. The transactions also lowered the company's cost of funds, further strengthening its balance sheet and enhancing its financial flexibility. During the first six months of 2026, Starwood Property repurchased $30 million of its common shares. Additionally, the company maintained its quarterly dividend at 48 cents per share, underscoring its continued commitment to returning capital to shareholders. Starwood Property continues to benefit from its diversified commercial real estate lending platform, disciplined capital deployment, and strong origination pipeline. Record assets, robust investment activity, and an improving commercial real estate backdrop are expected to support long-term growth. However, higher funding costs, elevated credit provisions, and the sharp decline in earnings remain concerns and could continue to weigh on near-term profitability despite healthy revenue growth. STARWOOD PROPERTY TRUST, INC. price-consensus-eps-surprise-chart | STARWOOD PROPERTY TRUST, INC. Quote STWD currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. AGNC Investment Corp. AGNC reported second-quarter 2026 net spread and dollar roll income per common share of 40 cents, topping the Zacks Consensus Estimate by 5.3%. The metric increased 5.3% from the year-ago quarter’s 38 cents. AGNC’s results benefited from higher net interest income, an increase in tangible book value per share, and growth in the investment portfolio. However, a lower net interest spread, a rise in the weighted average cost of funds, and elevated prepayment rates were concerning. Annaly Capital Management, Inc. NLY reported second-quarter 2026 earnings available for distribution per average share of 79 cents, which beat the Zacks Consensus Estimate of 75 cents. The figure increased from 73 cents in the year-ago quarter. NLY’s net interest income and net interest margin improved year over year in the reported quarter. Notably, the year-over-year increase in book value per share was also encouraging. However, higher economic funding costs were concerning. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report STARWOOD PROPERTY TRUST, INC. (STWD) : Free Stock Analysis Report AGNC Investment Corp. (AGNC) : Free Stock Analysis Report Annaly Capital Management Inc (NLY) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Ellington Financial Inc. EFC has strengthened its income case as adjusted distributable earnings cover the dividend by a wider margin. Portfolio growth, steady credit performance and a larger contribution from Longbridge Financial are broadening the company’s earnings base. That progress comes with a higher cost structure and continued exposure to funding markets, credit spreads and securitization conditions. The balance of improving coverage and persistent volatility points to a measured investment stance. First-quarter adjusted distributable earnings reached 55 cents per share, well above the 39-cent quarterly dividend run rate. The result reflected high portfolio yields, steady credit performance and an outsized contribution from Longbridge. Management raised its quarterly adjusted distributable earnings guidance to around 45 cents per share. That level remains above the current dividend run rate and supports the near-term income outlook, though quarterly results can vary with market conditions. Longbridge generated $57.5 million of net income and $25.4 million of adjusted distributable earnings in the first quarter. Its portfolio increased 13% sequentially to $695.1 million. The segment adds reverse mortgage originations, securitization gains, servicing income and mortgage servicing rights to EFC’s traditional investment portfolio. This broader mix can reduce reliance on any single earnings source, although gain-on-sale margins remain sensitive to execution conditions. EFC ended the first quarter with $1.92 billion of unencumbered assets, including $163.2 million in cash and cash equivalents. Its recourse debt-to-equity ratio was 1.9X, while 30% of recourse borrowings were long-term and non-mark-to-market. That liquidity and funding mix provide room to expand higher-yielding loan strategies and absorb market volatility. The adjusted long credit portfolio rose 4% sequentially to $4.27 billion, led by continued deployment across residential and commercial credit assets. Total expenses climbed from $57.1 million in the second quarter of 2025 to about $80.4 million in the first quarter of 2026. The latest period included $19.2 million of incentive fees, along with higher compensation, servicing and transaction-related costs. Those expenses support a larger portfolio and the expanding Longbridge platform, but they also raise the bar for operating leverage. If asset yields, origination margins or securitization gains weaken, cost growth could absorb more of the benefit from higher income. EFC trades at 6.65X forward 12-month earnings, below the Zacks sub-industry multiple of 7.44X and its five-year median of 7.47X. Its 11.75% dividend yield adds to the income appeal, but the discount also reflects book-value and market sensitivity. Image Source: Zacks Investment Research Mortgage REIT peers offer different exposures. Annaly Capital Management, Inc. NLY combines Agency, residential credit and mortgage servicing rights strategies, while AGNC Investment Corp. AGNC is primarily focused on Agency mortgage-backed securities. EFC’s broader credit and reverse mortgage mix can support returns, but it also introduces more credit and execution risk. The bottom line is that EFC’s improving dividend coverage, portfolio growth and Longbridge diversification are constructive, while rising costs and sensitivity to rates, spreads and property values limit the case for a more aggressive view. The stock currently carries a Zacks Rank #3 (Hold). It also has a VGM Score of F, a Value Score of F, a Growth Score of F and a Momentum Score of C. The Rank points to balanced near-term prospects, while the weak Style Scores suggest that the stock does not currently stand out across the core value, growth and combined style factors. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Ellington Financial Inc. (EFC) : Free Stock Analysis Report AGNC Investment Corp. (AGNC) : Free Stock Analysis Report Annaly Capital Management Inc (NLY) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Ellington Financial Inc. EFC received a major lift from Longbridge in the first quarter as reverse mortgage originations, servicing income and securitization gains expanded the segment’s contribution. The performance strengthened the case for a broader earnings mix beyond the company’s traditional investment portfolio. The central question is whether Longbridge can turn that quarterly momentum into a larger recurring profit stream. Higher volumes and wider capabilities are constructive, but funding needs, securitization conditions and a rising expense base remain important constraints. Longbridge generated $57.5 million of net income in the first quarter. That contribution helped EFC report earnings of 78 cents per share, up from 35 cents in the year-earlier period. Originations and servicing both contributed to the segment’s performance. Results also included net gains tied to a proprietary reverse mortgage loan securitization, interest-rate hedges and a $17 million litigation settlement, which means not every benefit should be viewed as recurring. Longbridge originated $515.4 million of new loans, up 52% from the same period in 2025 despite normal seasonal softness. Wholesale and correspondent channels accounted for 70% of volume, while retail generated the remaining 30%. The portfolio increased 13% sequentially to $695.1 million. Growth was driven by strong proprietary reverse mortgage originations and showed continued scale across proprietary products and Federal Housing Administration-insured home equity conversion mortgages. Management cited healthy origination margins and Longbridge’s lowest-ever funding cost on a proprietary reverse mortgage securitization. Successful transactions can recycle capital, reduce financing pressure and support earnings from origination gains and retained investments. That model still depends on receptive securitization markets. Wider spreads, weaker investor demand or slower execution could reduce gain-on-sale margins and leave more loans on the balance sheet for longer periods. Longbridge generates income from originations, servicing, securitization activity and mortgage servicing rights. The combination broadens EFC’s profit base and can reduce its dependence on net interest income from the investment portfolio. Finance of America Companies Inc. FOA is another publicly traded provider of home equity-based financing solutions for retirement, making its operating trends relevant to the reverse mortgage theme. Annaly Capital Management, Inc. NLY offers a different comparison through its Agency, residential credit and mortgage servicing rights strategies, illustrating how multiple mortgage-related income streams can support diversification. Over the past three months, EFC has underperformed FOA, while its performance is almost at par with NLY. Image Source: Zacks Investment Research Longbridge’s interest expense rose to $28.8 million from $16.6 million a year earlier as average borrowings increased to $2 billion from $1 billion. The average cost of funds declined to 5.38% from 5.58%, but the larger financing base still raised total interest expense. Investment and transaction-related expenses in the segment increased to $15.8 million from $10.8 million. Higher debt issuance, origination and servicing costs mean that additional volume must produce enough revenue to preserve operating leverage. The bottom line is that Longbridge is becoming a more important part of EFC’s earnings base. Originations, servicing and securitization capabilities create several profit channels, but the first-quarter result also benefited from items that may not repeat and require continued access to funding markets. EFC currently carries a Zacks Rank #3 (Hold). It also has a VGM Score of F, a Value Score of F, a Growth Score of F and a Momentum Score of C. The Rank points to balanced near-term prospects, while the Style Scores indicate that the shares do not currently stand out across the main value, growth and combined investment factors. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. EFC trades at 6.65X forward 12-month earnings, below the Zacks sub-industry multiple of 7.44X and its five-year median of 7.47X. Its 11.75% dividend yield adds to the income appeal, but the discount also reflects book value and market sensitivity. Image Source: Zacks Investment Research Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Ellington Financial Inc. (EFC) : Free Stock Analysis Report Annaly Capital Management Inc (NLY) : Free Stock Analysis Report Finance of America Companies Inc. (FOA) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Rithm Capital Corp. RITM posted second-quarter 2026 earnings available for distribution of 60 cents per share, beating the Zacks Consensus Estimate of 50 cents. The figure increased 11.1% from 54 cents in the prior-year quarter. Quarterly results reflected higher asset management revenues, interest income and commercial real estate revenues. Strong residential transitional lending originations were other positives. However, lower servicing revenues and higher operating expenses were the undermining factors. Net income attributable to common stockholders (GAAP) was $20.2 million, down 92.9% from $283.9 million in the prior-year quarter. Total revenues were $1.28 billion, up 5.4% year over year. The metric missed the Zacks Consensus Estimate of $1.46 billion by 12.1%. Rithm Capital’s total operating expenses were $1.28 billion, up 34% year over year. Newrez posted pre-tax operating income of $307.6 million in the second quarter, excluding MSR mark-to-market loss, net of hedges, and other non-operating items of $194.5 million. This rose 11.8% from $275.1 million in the prior-year quarter. Newrez generated a 22% annualized operating return on equity on $5.7 billion of average ending segment equity. The total servicing unpaid principal balance reached $865.2 billion at the end of the quarter, including $268.4 billion in third-party servicing. Funded origination volume was $15.9 billion, down 2% year over year. Genesis Capital recorded second-quarter origination volume of $1.9 billion, up 52% year over year and marking its strongest origination quarter. Genesis expanded its sponsor base by funding 125 new sponsors during the quarter, marking an increase of 46% year over year. Rithm Asset Management had approximately $61 billion in assets under management as of June 30, 2026, up 69.4% from approximately $36 billion in the prior-year quarter. The increase was driven by $1.9 billion in gross inflows and new fund commitments. Asset management revenues were approximately $141 million, up 48.4% year over year, driven by higher incentive fee income. As of June 30, 2026, total assets were $54.11 billion, up 22.1% from $44.32 billion at June 30, 2025. Cash, cash equivalents and restricted cash increased 17.7% to $2.45 billion from $2.09 billion in the year-ago quarter. Rithm Capital’s second-quarter results reflected solid performance. The company continues to benefit from a diversified multi-engine platform spanning mortgage origination and servicing, asset management, residential lending and commercial real estate. Also, growth at Newrez, Genesis, Sculptor and Rithm Asset Management, along with the Crestline and Paramount acquisitions supports its long-term growth trajectory. However, higher compensation costs remain concerning. Rithm Capital Corp. price-consensus-eps-surprise-chart | Rithm Capital Corp. Quote RITM currently carries a Zacks Rank #4 (Sell). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Annaly Capital Management, Inc. NLY reported second-quarter 2026 earnings available for distribution (EAD) per average share of 79 cents, which beat the Zacks Consensus Estimate of 75 cents. The figure increased from 73 cents in the year-ago quarter. NLY’s net interest income and net interest margin improved year over year in the reported quarter. Notably, the year-over-year increase in book value per common share was also encouraging. However, higher economic funding costs were concerning. Ellington Financial LLC EFC is expected to post second-quarter 2026 results on Aug. 06. Over the past seven days, the Zacks Consensus Estimate for EFC quarterly earnings has been unchanged at 46 cents per share. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Rithm Capital Corp. (RITM) : Free Stock Analysis Report Ellington Financial Inc. (EFC) : Free Stock Analysis Report Annaly Capital Management Inc (NLY) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Annaly Capital Management, Inc. NLY emphasized the strength of its diversified housing finance platform on its second-quarter 2026 earnings call, with management focusing on disciplined capital allocation, conservative leverage and opportunities across Agency securities, Residential Credit and mortgage servicing rights. Executives highlighted continued dividend coverage, portfolio growth and selective deployment of new capital while addressing macro uncertainty, rate volatility and investor questions around future allocation priorities. CEO and co-chief investment officer David Finkelstein said that the company delivered a 5.5% economic return in the quarter while maintaining conservative economic leverage of 5.6 times. He noted that earnings available for distribution exceeded the dividend for the ninth consecutive quarter, supporting the increase in the quarterly common dividend to $0.75 per share. NLY reported earnings available for distribution of $0.79 per average common share, beating the Zacks Consensus Estimate of $0.75. Revenues were $488.2 million, missing the Zacks Consensus Estimate of $509 million. Annaly Capital Management Inc price-consensus-eps-surprise-chart | Annaly Capital Management Inc Quote Management stated that portfolio positioning remained focused on balancing attractive returns with risk control as interest rate uncertainty continued. The company ended the quarter with a 97% hedge ratio and maintained a conservative approach to managing rate exposure. Annaly increased its Agency portfolio by nearly $3 billion during the quarter, bringing the portfolio to $95 billion in market value. Finkelstein added that Agency capital allocation increased to 57% as the company invested newly raised capital into higher-coupon TBA securities and specified pools. Management said that Agency spreads benefited from stronger technical conditions, including fixed-income inflows, overseas investor demand and activity in the collateralized mortgage obligation market. The company also adjusted its portfolio by reducing exposure to certain lower-coupon securities and adding higher-coupon opportunities. Annaly’s executives highlighted continued focus on managing prepayment risk through portfolio construction. They said that specified pools remain an important tool for adding call protection while maintaining flexibility across Agency investments. Finkelstein stated that Residential Credit remained an area where the company sees attractive risk-adjusted opportunities. The portfolio ended the quarter at $10.4 billion in market value and represented 22% of dedicated capital. Michael Fania, co-chief investment officer and head of residential credit, said that Annaly purchased $7.1 billion of loans during the quarter, supported by its correspondent channel and whole loan relationships. He highlighted the company’s expanded sourcing network and operational infrastructure as key advantages. Fania added that credit quality remained strong, citing a lock pipeline with a 765 FICO score and 67% combined loan-to-value ratio. He said that the company remains disciplined on pricing and return targets despite increased market competition. Annaly’s Mortgage Servicing Rights portfolio remained relatively stable at $4.1 billion in market value, representing 21% of dedicated capital. Management said that the business continued to benefit from its operating-light structure and use of sub-servicing partners. Ken Adler, head of mortgage servicing rights and portfolio analytics, said that the company’s model allows it to participate in MSR transactions without the same operational requirements as traditional servicers. He noted that this structure supports flexibility when sourcing assets. Adler also highlighted growth in the flow purchase channel, saying the company has expanded its seller network and uses detailed pricing analytics to evaluate MSR opportunities. During Q&A, a Piper Sandler analyst asked where incremental capital would be deployed across the company’s three strategies. Finkelstein said that Residential Credit offered strong opportunities, while Agency investments remained attractive because of favorable market conditions. Finkelstein added that the company’s recent capital raises were designed to support growth in Residential Credit and MSR while maintaining disciplined valuation standards. He noted that capital raised over the prior two years helped expand these businesses. A UBS analyst asked about mortgage spreads and market uncertainty. Management responded that low volatility, strong demand and supply conditions were key factors influencing the current investment environment. Annaly entered the second half of 2026 focused on selective growth across its three investment strategies. Management emphasized scale, liquidity and capital discipline as central components of its approach. The company ended the quarter with $9.6 billion of assets available for financing, including cash and unencumbered Agency mortgage-backed securities, providing additional financial flexibility. Executives continued to prioritize opportunities where the company can deploy capital while maintaining conservative risk controls and supporting earnings distribution. NLY carries a Zacks Rank #3 (Hold) at present, which indicates that the stock’s current earnings estimate revision trend is consistent with a neutral outlook. The Zacks Rank can change as analysts update earnings estimates following quarterly results. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. The stock has a Value Score of C, a Growth Score of F, a Momentum Score of A and a VGM Score of D. The Zacks Style Score evaluates value, growth, momentum and combined characteristics, with higher grades indicating stronger attributes within each style category. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Annaly Capital Management Inc (NLY) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Annaly Capital Management (NYSE: NLY) towers above most dividend stocks. The real estate investment trust (REIT) currently has a dividend yield of more than 12.5%. That's over 10 times higher than the S&P 500's current yield of around 1.1%. A double-digit dividend yield is usually a bright red flag for income investors. However, that's not the case with the mortgage REIT's big-time payout. That's because the one metric that matters most for its dividend continues to top its payout. Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue » Investors need to shift their focus when evaluating a REIT's financial results from reported net income to its underlying earnings. That metric can vary by REIT, as some use funds from operations (FFO) while others use an adjusted earnings metric. For Annaly, the metric that matters most for its dividend is its earnings available for distribution (EAD). During the second quarter, the mortgage REIT generated $0.79 per share of EAD, comfortably above the $0.75 per share dividend it paid. That marked the ninth straight quarter that Annaly's EAD exceeded its dividend payment: Annaly's rising EAD over the past nine quarters has enabled it to increase its dividend twice during this period, including a recent boost from $0.70 to $0.75 per share. That has reversed the prior downtrend in Annaly's EAD and dividend. Annaly's recent decision to raise its dividend reflects "the durable earnings power of our portfolio," stated CEO David Finkelstein in the second-quarter earnings press release. Several factors contribute to this durability, including Annaly's scale (it's the largest residential mortgage REIT by market cap), diversification (it invests in Agency MBS, residential credit, and mortgage servicing rights (MSR)), and financial strength (economic leverage of 5.6 times, down from 5.7x in the prior quarter and ample liquidity). Those factors drive the REIT's expectation that it can continue to generate attractive risk-adjusted returns across market cycles. It currently sees meaningful investment opportunities across its three strategies. Annaly can earn levered returns of 11% to 13% on new MSR investments, 12% to 15% on residential credit, and 14% to 16% on Agency MBS investments. It has the flexibility to allocate new capital to the best investment opportunities it identifies. That was in Agency MBS during the second quarter, as it grew that portfolio by $3 billion while maintaining the size of its residential credit and MSR portfolios. As long as Annaly can earn high returns on new investments, it should be able to continue its trend of generating EAD in excess of its dividend. Annaly ran into trouble several years ago when its EAD began to decline, forcing it to cut its dividend a few times. However, that trend has reversed, enabling the REIT to boost its payout as its EAD has risen. As long as that metric remains above the dividend, the payout is safe. That appears to be the case for now, given the company's increasingly durable earnings and the strong returns it can earn on new investments. However, it's a metric investors need to watch closely, as changes in EAD will directly affect the dividend. Before you buy stock in Annaly Capital Management, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Annaly Capital Management wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $369,577!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,301,557!* Now, it’s worth noting Stock Advisor’s total average return is 908% — a market-crushing outperformance compared to 208% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors. See the 10 stocks » *Stock Advisor returns as of July 23, 2026. Matt DiLallo has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Annaly Capital Management's EAD Topped Its Dividend for a 9th Straight Quarter. Here's Why That Matters for Its 12.5%+ Yielding Payout. was originally published by The Motley Fool

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Delivered a 5.5% economic return and 1.7% book value growth, driven by lower rate volatility and the structural advantages of a diversified housing finance model. Increased the quarterly common dividend to $0.75 per share, reflecting nine consecutive quarters of earnings exceeding the dividend and confidence in long-term earnings power. Achieved record residential credit acquisition of $7.1 billion in Q2, utilizing the Onslow Bay correspondent channel to manufacture proprietary, high-yielding investments. Maintained a conservative economic leverage of 5.6x while raising $450 million in accretive equity to scale the residential credit and MSR platforms. Optimized the MSR portfolio by rotating into higher average loan balances, which enhances returns due to a contractually fixed servicing cost per loan. Capitalized on strong agency MBS technicals and GSE demand to grow the agency portfolio to $95 billion, focusing on production coupon MBS and agency CMBS. Management expects to modestly out-earn the newly increased dividend in the near term, supported by mid-teens levered returns in agency and residential credit sectors. Strategic capital allocation will prioritize residential credit for its superior risk-adjusted returns, while using agency MBS as a primary vehicle for deploying new capital. The MSR strategy remains focused on low note rate, high credit quality portfolios that provide durable cash flows and significant prepayment protection in a rising rate environment. Anticipates continued healthy supply in the MSR bulk market driven by originator profitability constraints and ongoing industry consolidation. The firm intends to maintain an 'operationally light' model, avoiding the fixed costs and volume dependencies of traditional mortgage originators to remain selective across market cycles. Successfully executed the first $1 billion new origination non-QM transaction, establishing a programmatic issuance model for the OBX securitization platform. Increased total warehouse capacity to $8.3 billion to support growth in residential credit and MSR, maintaining significant liquidity with $9.6 billion in total assets available for financing. OpEx to equity ratio rose slightly to 1.4% due to elevated quarterly expenses, though management expects these costs to moderate in future periods. Proactively added swap hedges to the agency portfolio to protect against potential Fed tightening and rising front-end interest rates. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management confirmed the $0.75 dividend is earnable over the foreseeable future based on current market returns of 13% to 15% across their three core strategies. The board's decision to raise the dividend was informed by a methodical stress-testing of the environment and line of sight into near-term earnings power. The GSEs are acting as constructive, relative-value participants, providing support when spreads widen and slowing purchases when they tighten. Management welcomes GSE participation as a stabilizing force in the agency market and notes they still have significant 'dry powder' remaining from their $200 billion mandate. Annaly's scale and reputation allow it to face over 350 correspondents, reaching deeper into the market than private equity peers who only target top-tier originators. The firm's ability to price larger $1 billion+ securitizations reduces fixed costs and allows for tighter pricing, creating a manufacturing advantage that is difficult to replicate. Rotating into higher loan balances is economically superior for Annaly because their sub-servicing costs are fixed per loan rather than a percentage of the balance. This strategy exploits a market inefficiency where in-house servicers with high fixed costs are forced to overpay for low-balance units to maintain platform scale.

This article first appeared on GuruFocus. Economic Return: 5.5% for the quarter. Earnings Available for Distribution (EAD): $0.79 per share. Quarterly Dividend: Increased to $0.75 per share. Economic Leverage: 5.6 times. Agency Portfolio Market Value: $95 billion. Residential Credit Portfolio Market Value: $10.4 billion. MSR Portfolio Market Value: $4.1 billion. Book Value Per Share: Increased by 1.7% to $20.15. Net Interest Margin: Increased 5 basis points to 1.76%. Net Interest Spread: Improved 8 basis points to 1.5%. Unencumbered Assets: $8 billion, including $5.5 billion in cash and unencumbered agency MBS. Total Assets Available for Financing: $9.6 billion. OpEx to Equity Ratio: Increased to 1.4% for the quarter. Warning! GuruFocus has detected 9 Warning Signs with NLY. High Yield Dividend Stocks in Gurus' Portfolio This Powerful Chart Made Peter Lynch 29% A Year For 13 Years How to calculate the intrinsic value of a stock? Is NLY fairly valued? Test your thesis with our free DCF calculator. Release Date: July 22, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Annaly Capital Management Inc (NYSE:NLY) delivered a 5.5% economic return for the quarter, demonstrating strong performance of its diversified housing finance model. The company generated $0.79 of earnings available for distribution, marking the ninth consecutive quarter that EAD has exceeded the dividend. Annaly Capital Management Inc (NYSE:NLY) increased its quarterly common dividend to $0.75 per share, reflecting confidence in its earnings power. The company raised approximately $450 million in equity through its ATM program during the quarter, indicating strong capital market access. Annaly Capital Management Inc (NYSE:NLY) maintained a conservative economic leverage of 5.6 times, showcasing prudent risk management. Persistent elevated inflation and geopolitical uncertainties, such as the conflict in the Middle East, pose risks to the macroeconomic environment. Interest rates continue to rise, led by the front end of the yield curve, which could pressure the bond market. The company's book value per share increased by only 1.7% from the prior quarter, indicating modest growth. Lower levels of swap income due to a decline in the average receive rate as SOFR declined during the quarter. The company's OpEx to equity ratio increased by 11 basis points to 1.4% this quarter, driven by elevated expenses. Q: Could we get an update on the mark-to-market book value? A: As of Friday, the book value was down a little over 1%, resulting in an economic return of roughly 0.5%. - David Finkelstein, CEO Q: Can you discuss the economic return of the portfolio relative to the required ROE needed to cover the dividend? A: We have line of sight into the near term using the forwards, and the Board ensures the dividend is earnable. We feel confident about dividend coverage on a go-forward basis, given our asset positions and low prepayment risks. - David Finkelstein, CEO Q: Where are you looking to add incremental capital across your three strategies? A: Residential credit exhibits the best risk-adjusted returns, but agency and MSR technicals are strong. We expect to add in residential credit and agency, with MSR also being a focus. - David Finkelstein, CEO Q: How do you view the GSEs' actions and their impact on the mortgage markets and spreads? A: The GSEs have been constructive for the agency market, acting like a relative value market participant. Their participation has helped stabilize mortgage spreads, and we welcome their involvement. - David Finkelstein, CEO Q: How do you think about your ability to tap the equity markets at your current stock price? A: We consider price to book, asset attractiveness, and the ability to feed our businesses. We aim to be gentle with the market and ensure positive returns when raising capital. - David Finkelstein, CEO For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Annaly Capital Management, Inc. NLY reported second-quarter 2026 earnings available for distribution (EAD) per average share of 79 cents, which beat the Zacks Consensus Estimate of 75 cents. The figure increased from 73 cents in the year-ago quarter. NLY’s net interest income (NII) and net interest margin improved year over year in the reported quarter. Notably, the year-over-year increase in book value per common share (BVPS) was also encouraging. However, higher economic funding costs were concerning. Net income available to common stockholders was $781.6 million compared with $19.8 million in the year-ago period. NII was $488.2 million in the reported quarter, which lagged the Zacks Consensus Estimate by 4.1%. In the prior-year quarter, the company reported NII of $273.2 million. Net interest spread (excluding PAA) of 1.50% in the second quarter increased from 1.47% in the prior-year quarter. Annaly’s BVPS was $20.15 as of June 30, 2026, up from $18.45 in the prior-year quarter. At the end of the reported quarter, the company’s economic capital ratio was 14.9%, up from 14.3% in the prior-year quarter. In the second quarter, the weighted average actual constant prepayment rate was 11.6%, up from 8.7% in the year-ago quarter. Annaly generated an annualized EAD return on average equity of 15.12% in the second quarter, which increased from the prior-year quarter’s 14.86%. The company’s total portfolio was $109.4 billion in the quarter, including a $95 billion Agency portfolio. The Residential Credit portfolio was $10.4 billion, while the MSR portfolio was $4.1 billion. Annaly maintained a disciplined leverage profile in the quarter, with GAAP leverage at 7.4X, up from 7.3X in the prior quarter, and economic leverage at 5.6X, down from 5.7X. The company also reported total stockholders’ equity of $16.9 billion as of the quarter-end. Liquidity remained a focal point, given ongoing macro and rate uncertainty. Annaly ended the quarter with $9.6 billion in total assets available for financing, including $5.5 billion in cash and unencumbered Agency MBS. The company also increased financing capacity in its Residential Credit business by $740 million through expanded credit facilities. Against an uncertain rate environment, NLY adopted a more defensive hedge posture. The company ended the quarter with a hedge ratio of 97%, up from 87% in the prior quarter, while its hedge portfolio increased to $92 billion from $81 billion. Funding costs were mixed during the quarter. Average GAAP costs of interest-bearing liabilities declined one basis point sequentially to 4.28%, while average economic costs increased three basis points to 3.96%. The net interest margin, excluding PAA, was 1.76% compared with 1.71% in the second quarter of 2025. Average yield on interest-earning assets, excluding the premium amortization adjustment, was 5.46%, up from 5.41% in the year-ago quarter. A key highlight for income-focused investors was that earnings again exceeded the common dividend. Annaly increased its quarterly common stock cash dividend to 75 cents per share for the second quarter from 70 cents in the year-ago period, supported by its earnings available for distribution. The company also leaned on equity issuance to support growth. Annaly raised $447 million through its at-the-market sales program during the quarter, which it characterized as accretive, and largely deployed the capital into higher-coupon TBA securities and specified pools. Annaly’s second-quarter results benefited from higher net interest income, stronger net income and an improved net interest margin. While book value per share and the economic capital ratio rose year over year, higher economic funding costs and faster prepayment activity are likely to keep returns sensitive in the near term. Annaly Capital Management Inc price-consensus-eps-surprise-chart | Annaly Capital Management Inc Quote NLY currently carries a Zacks Rank #4 (Sell). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. AGNC Investment Corp. AGNC reported second-quarter 2026 net spread and dollar roll income per common share of 40 cents, topping the Zacks Consensus Estimate by 5.3%. The metric increased 5.3% from the year-ago quarter’s 38 cents. AGNC’s results benefited from higher NII, an increase in tangible net book value per share (BVPS) and growth in the investment portfolio. However, a lower net interest spread, a rise in the weighted average cost of funds and elevated prepayment rates were concerning. Starwood Property Trust, Inc. STWD is expected to post second-quarter 2026 results on Aug. 06. Over the past seven days, the Zacks Consensus Estimate for STWD’s quarterly earnings has been unchanged at 41 cents per share. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Annaly Capital Management Inc (NLY) : Free Stock Analysis Report AGNC Investment Corp. (AGNC) : Free Stock Analysis Report STARWOOD PROPERTY TRUST, INC. (STWD) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Interested in Annaly Capital Management Inc? Here are five stocks we like better. Annaly posted a solid Q2 2026, with economic return of 5.5% and earnings available for distribution of $0.79 per share, its ninth straight quarter of EAD above the dividend. Book value per share also rose 1.7% to $20.15. The company raised its dividend to $0.75 per share and said it expects to cover the payout over time, though management noted results can vary quarter to quarter. The increase was backed by improving earnings and a methodical review by the board. Annaly expanded key portfolios and maintained strong liquidity, including a $3 billion increase in its Agency portfolio and a record $7.1 billion of Residential Credit loan purchases. It ended the quarter with $8 billion in unencumbered assets and said capital deployment will likely favor Agency assets first. Dividend Increases: From Over 10% Yields to Over 10% Dividend Growth Annaly Capital Management (NYSE:NLY) reported a stronger second quarter of 2026, citing book value growth, improved earnings available for distribution and continued expansion across parts of its diversified housing finance platform. Chief Executive Officer and Co-Chief Investment Officer David Finkelstein said the company generated a 5.5% economic return during the quarter, helped by lower rate volatility despite rising interest rates. He said earnings available for distribution, or EAD, totaled $0.79 per share, marking the ninth consecutive quarter in which EAD exceeded the company’s dividend. → Buyback Boom: These 3 Companies Are Betting Billions on Their Own Stocks Here's Who Wins If Trump's 50-Year Mortgages Come to Market Annaly recently increased its quarterly common dividend to $0.75 per share. Finkelstein said the company’s board was “very methodical” in evaluating the dividend and wanted to ensure it was “earnable.” He said Annaly expects to cover the payout over time, while acknowledging that individual quarters could fluctuate. Chief Financial Officer Serena Wolfe said Annaly’s book value per share increased 1.7% from the prior quarter to $20.15 as of June 30, 2026. Including the $0.75 quarterly dividend, the company’s economic return for the first half of the year was 6.9%. → 3 Photonics Companies Making Quantum Tech Possible 6 Mortgage REITS: How Badly Could Rising Rates Hurt Them? Wolfe said EAD per share rose $0.03 from the prior quarter to $0.79. The increase was primarily driven by higher average yields on the Agency portfolio, higher securitization volumes in Residential Credit and favorable funding costs. Average repo rates declined 6 basis points to 3.84% during the quarter, while the weighted average coupon on the Agency portfolio increased 11 basis points to 5.11%. Net interest margin increased 5 basis points to 1.76%, and net interest spread improved 8 basis points to 1.50%. Wolfe said both metrics benefited from higher asset yields, partly offset by modest increases in economic funding costs and lower swap income as SOFR declined during the period. → AI Data Centers Need Power, and These 2 Industrials Are Cashing In Annaly ended the quarter with economic leverage of 5.6 times, down slightly from 5.7 times in the prior quarter. The company also raised about $450 million of equity through its at-the-market program during the quarter. Finkelstein said Annaly increased its Agency portfolio by roughly $3 billion during the quarter, ending at $95 billion in market value. The capital allocation to Agency assets rose to 57%. He said Agency mortgage-backed securities spreads tightened during the quarter as de-escalation in the Middle East contributed to lower realized and implied rate volatility. Demand remained strong, supported by fixed-income inflows, overseas investors and a robust collateralized mortgage obligation market, which Finkelstein said is absorbing about 30% of gross issuance. Annaly modestly moved up in coupon during the quarter, reducing exposure to 4.5% coupons in favor of 5.5% and 6% coupons. Finkelstein said new capital was primarily invested into production coupon mortgage-backed securities and Agency commercial mortgage-backed securities. V.S. Srinivasan, Head of Agency, said in the Q&A session that the company’s strategy for managing prepayment risk has been to move up in coupon through “quality specified pools” with call protection. He said Annaly has been deliberate in constructing that portfolio over the last several years. Finkelstein also said Annaly added swap hedges during the quarter to protect against rising rates. He said the hedge portfolio remains diversified across Treasuries, futures and swaps, with a preference for swaps given their carry profile and balance sheet availability. Annaly’s Residential Credit portfolio ended the second quarter at $10.4 billion in market value, roughly unchanged from the prior quarter and representing 22% of firm capital. Finkelstein said Annaly purchased $7.1 billion of loans during the quarter, including activity through the Onslow Bay correspondent channel, whole loan bulk purchases and partnerships. He called it a new quarterly record for the business. Onslow Bay produced $6.7 billion of locks and $5.1 billion of fundings. The company closed 13 securitization deals during the quarter totaling $6.8 billion in principal balance, creating about $780 million of proprietary investments. Year to date, the OBX platform priced 25 transactions totaling $14.2 billion. Finkelstein said Annaly remains the largest issuer of Expanded Credit mortgages and the second-largest issuer overall. Mike Fania, Co-Chief Investment Officer and Head of Residential Credit, said Annaly’s advantages in sourcing loans include longstanding originator relationships, a broad correspondent network and consistent pricing through market cycles. He said the company faces more than 350 correspondents and recently expanded into non-delegated correspondent lending. Fania said Non-QM and DSCR loans remain Annaly’s core Residential Credit collateral types. He said those categories accounted for 70% of the company’s 2026 securitization volume to date and remain the highest-returning and most scalable areas for Annaly. Annaly’s mortgage servicing rights portfolio ended the quarter at about $4.1 billion in market value, representing 21% of firm capital. Finkelstein said the company modestly rotated the portfolio toward higher average loan balances, committing to purchase approximately $200 million in market value of MSR while also committing to sell two lower-loan-balance bulk pools for $220 million in proceeds. Ken Adler, Head of Mortgage Servicing Rights, said Annaly’s variable-cost model using sub-servicers gives it flexibility in the MSR market. He said moving into higher average loan balance MSR enhances returns because the company pays a fixed servicing cost per loan, making higher-balance loans more efficient for Annaly’s model. Finkelstein said MSR portfolio fundamentals remained favorable. Prepayment speeds rose seasonally to 5.2 CPR but remained below initial model projections. Serious delinquencies were range-bound around 50 basis points. The portfolio had a weighted average note rate of 3.3%, which Finkelstein said was the lowest among the 20 largest MSR holders. Wolfe said Annaly ended the quarter with $8 billion in unencumbered assets, including $5.5 billion in cash and unencumbered Agency mortgage-backed securities. Including pledged but undrawn MSR value, she said Annaly had $9.6 billion of total assets available for financing at quarter-end, up about $580 million from the prior quarter. Finkelstein said Annaly continues to see compelling opportunities across Agency, Residential Credit and MSR. He characterized Agency spreads as attractive, with mid-teens levered returns, and said Residential Credit continues to offer strong growth potential supported by Annaly’s sourcing and securitization capabilities. In response to an analyst question about capital deployment, Finkelstein said the marginal dollar would likely go into Agency, with Residential Credit added as opportunities arise. He also said MSR remains attractive and noted that Annaly had purchased an MSR package after quarter-end with a sub-3% note rate. Finkelstein said Annaly’s operating-light structure remains a key advantage, allowing the company to allocate capital across housing finance opportunities without depending on loan origination volume or servicing operations. Annaly Capital Management, Inc is a publicly traded real estate investment trust (REIT) that specializes in generating income through investment in mortgage-related assets. The company's core business activities include the acquisition, financing, and management of a diversified portfolio of agency and non-agency residential mortgage-backed securities (RMBS), commercial mortgage-backed securities (CMBS), and other real estate debt instruments. Annaly seeks to profit from the spread between the interest earned on its mortgage investments and its cost of funds, as well as from capital gains realized through active portfolio management. Founded in 1997 and headquartered in New York City, Annaly has grown to become one of the largest mortgage REITs in the United States. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Annaly Capital Management Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for July 2026.

Never miss an important update on your stock portfolio and cut through the noise. Over 7 million investors trust Simply Wall St to stay informed where it matters for FREE. Annaly Capital Management (NLY) stock is in focus after the company reported second quarter 2026 net income of US$822.67 million and earnings of US$1.06 per share from continuing operations, compared with US$0.03 a year earlier. See our latest analysis for Annaly Capital Management. At a share price of US$22.65, Annaly Capital Management has seen modest recent moves, with a 30 day share price return of 1.98%, while the 1 year total shareholder return of 26.61% points to momentum that has built over a longer period. If strong income results have you thinking about where else yield and growth trends might emerge, it could be a good moment to broaden your search with the 18 top founder-led companies Annaly Capital Management is producing strong earnings and a solid recent shareholder return, yet the share price has not moved dramatically in the short term. How does that balance of quality and current pricing actually stack up? Compared with the last close at $22.65, the most followed narrative pegs Annaly Capital Management’s fair value at $24, suggesting a modest valuation gap that hinges on very specific revenue, margin and discount rate assumptions. Read the complete narrative. Want to see what is behind that confidence in higher earnings and margins over time? The narrative leans on measured revenue growth, fatter profit margins and a richer future earnings multiple, all tied together using a single discount rate that brings everything back to today’s $24 fair value mark. Result: Fair Value of $24 (UNDERVALUED) Have a read of the narrative in full and understand what's behind the forecasts. However, there are still clear risks to this Annaly Capital Management narrative, including pressure from rising interest rates on mortgage spreads and higher hedging costs that could reduce margins. Find out about the key risks to this Annaly Capital Management narrative. Mixed signals around Annaly Capital Management’s risks and rewards can make the picture feel balanced but uncertain. Review the underlying data, pressure test the assumptions, and then weigh the 4 key rewards and 3 important warning signs Do not stop at Annaly Capital Management. Consider widening your watchlist with a few focused stock ideas that could help shape your next move. Explore potential mispricing by scanning for companies that appear high quality and overlooked using the screener containing 20 high quality undiscovered gems. Consider resilience by reviewing 81 resilient stocks with low risk scores to see which businesses currently show lower overall risk scores. Refine an income focus by checking 9 dividend fortresses that might align with a preference for higher yield. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include NLY. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]