Is Annaly A Sleep Well At Night Investment?

By Brad Thomas:

It’s hard to describe Annaly Capital Management (NLY) as a “sleep well at night” REIT. Maybe the real story is the continued evolution of its business model into a “real estate fund” rather than a mortgage REIT. While there are numerous indicators of the transformative strategies, the primary one is contained in the REIT’s description of itself:

Annaly Capital Management, Inc is a Maryland corporation that commenced operations on February 18, 1997. The Company owns a portfolio of real estate related investments, including mortgage pass-through certificates, collateralized mortgage obligations, agency callable debentures, other securities representing interests in or obligations backed by pools of mortgage loans, commercial real estate assets and corporate loans. The Company’s principal business objective is to generate net income for distribution to its stockholders from its investments.

As the principle business objective of the REIT is income generation for shareholders, it is only natural and


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