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Conventional wisdom tells us to work smarter, not harder. But how? One way for investors to do so is with passive income, which is derived from ownership rather than labor or active involvement in an enterprise.
Improving average yield on interest-earning assets supports Annaly's (NLY) Q1 earnings, while a decline in NII is a key undermining factor.
Annaly Capital is a mortgage REIT, a complicated business that makes investing in it complicated as well. UDR is a property-owning REIT with a diversified portfolio of apartment buildings, which is a boring but reliable business model.
Annaly Capital (NYSE: NLY) stock price has erased all gains made earlier this year as hopes of a Fed rate cut fall and as mortgage rates rise. It rallied from a low of $17.68 after its fourth-quarter earnings and jumped to over $19.73 in March.
Though growth stocks have fueled a bull market on Wall Street, investors may be missing out on some amazing values in the high-yielding real estate investment trust (REIT) industry. A phenomenal retail REIT that's increased its quarterly distribution for 106 consecutive quarters is currently cheaper than it's been in at least a decade, relative to its future cash flow.
While stable agency MBS spreads are expected to have aided Annaly's (NLY) tangible book value, high interest rates are expected to have increased its funding costs in Q1.
Annaly's stock has declined by 43% since I became bearish, with a 20% net loss after dividends. Mortgage REITs like Annaly pay double-digit dividend yields, but their book values have declined due to rising mortgage rates. Annaly's exposure to the mortgage market includes agency mortgage-backed securities, MSR assets, and residential credit.
Annaly stock has been hurt by rate hikes over the past few years. With the Fed likely to lower rates in the coming years, Annaly stock should move higher.
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Annaly Capital Management (NLY) closed at $19.23 in the latest trading session, marking a +0.1% move from the prior day.