AGNCM - Annaly Capital's BV Dividend And Valuation Vs. 19 mREIT Peers - Part 1 (Post Q4 2020 Earnings - Includes Current Recommendation)

• Part 1 of this article compares NLY’s recent investment composition, leverage, hedging coverage ratio, quarterly BV, economic return, and current valuation to nineteen mREIT peers.
• Providing sector-wide metrics allows readers to better understand which mREIT companies will likely outperform (or underperform) peers during specific types of interest rate environments.
• Part 1 also performs a detailed analysis of NLY’s MBS and derivatives portfolios as of 12/31/2020. This includes NLY’s projected performance during the first quarter of 2021.
• Due to what occurred during the first quarter of 2021 (increase in rates/yields), understanding the composition of NLY’s MBS/investment and derivatives portfolio is crucial in understanding current/future performance.
• I also provide a list of the mREIT stocks I currently believe are undervalued (a buy recommendation), overvalued (a sell recommendation), or appropriately valued (a hold recommendation).

For further details see: