Annaly Capital Investor Presentation

Massive mREIT Annaly Capital (NYSE:NLY) has released a new investor presentation.

We post this because NLY has 5 outstanding issues of preferred stock and it is hard for all of us to keep up with due diligence.

The presentation is here.

4 thoughts on “Annaly Capital Investor Presentation”

  1. Tim,
    Thanks for the update. As you know the Annaly preferred issues are not rated. I do not know where they would rank on the credit spectrum. Any Insight? Disclosure: I’ve held the D series since IPO and the common longer but the financials are above my pay grade so it been grey area for sure.
    Thanks again, great community you’ve established.

    1. Hi Jeff–I rate them a ‘c’ on a a-f scale, but I believe they are just below investment grade (which I call A or B). Seems to me that over $100 billion in assets and being founded in 1996 counts for a bunch in my mind—totally anecdotal of course, but they have been through some tough economies in 22 years and they are doing just fine.

  2. Tim, May add to holdings of this group on a down market day. Take NLY-G, if it is called in the next four years provides a YTM of close to 9% per my calcs. If not called the underlying is 90% agency paper assembled one loan at a time utilizing some of the strictest underwriting criteria in a generation. A bonus is the discount due to the current yield curve which won’t stay flat forever.

    1. Alpha 8 – even I am beginning to warm up a bit to the mREIT preferreds–have seldom owned any, but the more I dig the more they look like a long term holding may be very rewarding.

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