Annaly Capital's Easy Money Is Gone - But The 12% Yield Isn't

2026-02-19 21:55:31 ET

In May 2025, I had rated Annaly Capital Management ( NLY ) as a Hold, leaning toward a Buy (Hold for the short term, accumulation for long term investors). I did see positives ahead, as yield curve steepening would improve spreads and dividend durability looked intact. As things transpired, markets discounted a recovering macro environment ahead of time, and May of last year was indeed the best time to buy NLY, even from a short-term lens. NLY retained its high-yield profile over the next few quarters and importantly, has seen ~33% total returns too (price appreciation of ~20%)....

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