A number of other hedge funds also recently made changes to their positions in NLY.

Source: https://www.etfdailynews.com/2023/04/07/annaly-capital-management-inc-nysenly-shares-bought-by-sigma-planning-corp/

As such, with the recent notable dividend per share decrease, NLY has some regarding future dividend decrease; even with further decreases to the company’s NCE/EAD over the foreseeable future.

Source: https://seekingalpha.com/article/4592597-annaly-capital-bv-sector-valuation-dividend-sustainability-19-mreit-peers-part-2?source=feed_all_articles

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

Based on that metric NLY is trading rather expensive relative to its history.

Source: https://seekingalpha.com/article/4571277-3-reasons-to-be-bearish-on-annaly-for-2023?source=feed_all_articles

NLY has been through two recessions, and its dividends surged during both of them.

Source: https://seekingalpha.com/article/4571133-i-am-bottom-fishing-2-great-dividends-plus-11-percent?source=feed_all_articles

We initially added NLY.

Source: https://seekingalpha.com/article/4626068-annaly-capital-our-latest-move-in-the-7-10-percent-yielding-preferreds?source=feed_all_articles

When calculated, NLY had NCE available to common shareholders of $0.29, $0.30, $0.28, and $0.28 per share, respectively (see red reference ).

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