As was discussed in PART 1 of this article, as of 9/30/2022 NLY had the 4th lowest at-risk leverage ratio (on- and off-balance sheet) when compared to the 7 other agency mREIT sub-sector peers within this analysis.

Source: https://seekingalpha.com/article/4567982-annaly-capital-bv-valuation-dividend-19-mreit-part-2-q1-q2-projection?source=feed_all_articles

Fiscal 2023 second quarter EPS of $0.11 per share meant the mREIT was unable to cover its $0.13 per share dividend payment.

Source: https://seekingalpha.com/article/4629101-sachem-q2-earnings-can-15-5-percent-dividend-yield-survive?source=feed_all_articles

PART 1 also showed how NLY’s book value (“BV”) as of 6/30/2023 compared to the 19 other mREIT peers.

Source: https://seekingalpha.com/article/4637801-annaly-capital-s-sector-comparative-analysis-part-2-includes-q4-2023-q1-2024-dividend?source=feed_all_articles

This remained modestly above the agency mREIT average hedging coverage ratio of 97% as of 6/30/2023.

Source: https://seekingalpha.com/article/4633632-annaly-capitals-sector-comparative-analysis-part-1-includes-recommendation-for-19-peers-as-of-912023?source=feed_all_articles