Annaly Capital (NLY) - Hoya Hotseat

Annaly Capital (NLY) is the largest non-bank residential lender in the United States and the largest mortgage REIT with a loan book worth $85 billion. Among the highest dividend-yielding companies in the S&P Mid-Cap 400, NLY has maintained a double-digit dividend yield for over a decade. Annaly focuses primarily on Agency Mortgage Backed Securities ("MBS") - comprising roughly 60% of its loan book - but has diversified into other segments of residential lending in recent years, with Mortgage Servicing Rights ("MSRs") and Non-Agency Residential Credit each comprising roughly 20% of its portfolio. President Steven Campbell joins the Hoya Hotseat to spotlight Annaly’s leadership position within the mortgage REIT landscape and discuss the company’s portfolio strategy, interest rate outlook, and risk management framework. Campbell shares insights into the dynamics of the agency MBS market, the evolving macroeconomic environment, and how Annaly positions itself to deliver attractive risk-adjusted returns. He also addresses concerns around prepayment and duration risks, discusses capital allocation priorities, and outlines the firm’s long-term vision amid shifting monetary policy and housing finance trends. About Hoya Capital Real Estate Hoya Capital Real Estate ("Hoya Capital") is a research-focused Registered Investment Advisor headquartered in Rowayton, Connecticut. Founded with a mission to make real estate more accessible to all investors, Hoya Capital specializes in managing institutional and individual portfolios of publicly traded real estate securities, focused on delivering sustainable income, diversification, and attractive total returns. For more information, visit www.HoyaCapital.com.