NLY-F Preferred: A 5% Spread Over T-Bills With Floating Income

2026-03-13 18:15:17 ET

Annaly Capital Management’s 6.95% Series F Fixed-to-Floating Preferred ( NLY.PR.F ) has a current yield of 8.8%. That figure is high enough to make it unusual among most investment-grade preferred securities. Just as a point of reference, iShares Preferred and Income Securities ETF ( PFF ) is around ~5.8%, so NLY-F’s yield is around 300 bps above that benchmark....

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