Annaly Capital Management - derzeit etwa 15% Div-Rendite - 500 Beiträge pro Seite

[R-BgO]

no risk, no fun...:

About us

Annaly Capital Management, Inc. (NYSE:NLY) manages a portfolio of mortgage-backed securities, and its wholly-owned subsidiaries manage assets for and provide services to institutional and individual investors worldwide. Annaly’s principal business objective is to generate net income for distribution to investors from its mortgage-backed securities and from dividends it receives from its subsidiaries. Annaly has elected to be taxed as a real estate investment trust (REIT).

[R-BgO]

frage mich allerdings, wer denen das Geld leiht und nicht stattdessen selbst in MBS investiert...:

Published: Thursday, 27 May 2010 | 8:09 PM ET
By: Tom Brennan


Annaly Capital Management has been released from the Sell Block, Cramer told viewers on Thursday.

The company had been flagged by Cramer just as the credit crisis was heating up, but conditions have changed enough to put Annaly back on a track to profits. For that reason, and the huge but safe 15.6% dividend yield, he thinks this stock is a buy.

This mortgage real estate investment trust makes its money by borrowing on the cheap, using it to buy higher-yielding mortgage-backed securities – called agency paper, which is backed by Fannie Mae and Ginnie Mae – and then pocketing the difference. Well, 10% of it. The other 90% is returned to shareholders.

When the credit crisis hit, and this is why Cramer turned sour on the stock, he feared Annaly would lose access to the cash that’s so vital to its business model. But that’s now over. The funding is available, and there’s a healthy spread between the rates at which Annaly borrows right now and those on the bonds it is buying, which is why Cramer said the dividend should be safe.

Not everyone agrees with his assessment, though. Some worry that the Federal Reserve will dump the $1.25 trillion in agency paper it bought to support the market, putting immense pressure on these bonds. Others think a wave of mortgage refinancing will hurt the higher-yielding bonds that Annaly buys.

But Cramer pushed back on both points. First, he doubts the Fed will unload its holdings all at once. Instead, the central bank will sell its paper over a period of, say, five years, and it won’t start until it first raises interest rates. And Cramer said that shouldn’t happen anytime soon. In terms of the refinancing, he thinks it would do “modest damage” at best to Annaly’s earnings.

There’s another argument against NLY as well, specifically Fannie and Freddie’s intention to buy as much as $430 billion in bad mortgages to reduce delinquencies, which people think could be enough to force Annaly to cut its dividend. But Cramer disagrees here, too. He said that these risks are already factored into the stock price and CEO Mike Farrell has taken the necessary steps to protect his firm from any potential problems.

Of course, never forget the power of the dividend. Over the last 10 years, NLY has returned 469% to shareholders who reinvested their dividends. The S&P 500 is actually down 18% over the same time period. And even if the stock goes nowhere, investors will still double their money in four and a half years with that huge yield, as long as they reinvest their dividends.

“I would put a quarter of your position on here,” Cramer said, “and then wait for the company to declare its next dividend in June before buying more.”

[EPB]

Antwort auf Beitrag Nr.: 39.609.038 von R-BgO am 31.05.10 15:07:47

Welche Risiken siehst Du hier? Bei 15% Divi kann man doch selbst bei seitwärtslaufenden Kurs nichts falsch machen, oder?

[R-BgO]

Antwort auf Beitrag Nr.: 39.609.448 von EPB am 31.05.10 16:11:53

Grundsätzlich hast Du recht; aber genau die gleiche Geschichte war damals bei Depfa: langfristige Anlagen kurzfristig finanziert

wenn der Refi-Markt austrocknet, kann man schneller tot sein, als man piep sagen kann;

muss aber klar sagen, dass ich erst am Wochenende auf diesen Typ Unternehmen aufmerksam geworden bin;

werde mir das erstmal eine Weile angucken, bevor ich Geld in die Hand nehme...

[EPB]

Antwort auf Beitrag Nr.: 39.609.674 von R-BgO am 31.05.10 16:43:51

O.k., lass es uns bitte wissen wenn Du was relevantes findest.

[microby]

Antwort auf Beitrag Nr.: 39.609.696 von EPB am 31.05.10 16:46:52

Die Dividende ist in 2009 wieder am höchsten gewesen, nach 2002 etwa.
Auch wenn man die 15% halbiert ist die Rendite doch ordentlich.
Interessant.
Gruß

[R-BgO]

Annaly Capital Management has the Lowest Relative Performance in the Mortgage REITs Industry (NLY, CMO, HTS, ANH, MFA)
Written on Wed, 06/16/2010 - 5:10am
By Chip Brian

Below are the top five companies in the Mortgage REITs industry as measured by lowest relative performance. This analysis was based on yesterday's trading activity as we search for stocks that could be relative bargains.
Annaly Capital Management (NYSE:NLY) ranks first with a loss of 1.36%; Capstead Mortgage (NYSE:CMO) ranks second with a loss of 1.06%; and Hatteras Financial (NYSE:HTS) ranks third with a loss of 0.88%.
Anworth Mortgage Asset (NYSE:ANH) follows with a gain of 0.14% and MFA Financial (NYSE:MFA) rounds out the top five with a gain of 0.53%.
SmarTrend is bullish on shares of HTS and our subscribers were alerted to Buy on May 07, 2010 at $24.49. The stock has risen 19.6% since the alert was issued.

[R-BgO]

17.06.2010 22:05
Annaly Capital Management, Inc. Announces 2nd Quarter Dividend of $0.68 per Share

The Board of Directors of Annaly Capital Management, Inc. (NYSE: NLY) declared the second quarter 2010 common stock cash dividend of $0.68 per common share. This dividend is payable July 29, 2010 to common shareholders of record on June 29, 2010. The ex-dividend date is June 25, 2010.

The Company distributes dividends based on its current estimate of taxable earnings per common share, not GAAP earnings. Taxable and GAAP earnings will typically differ due to items such as non-taxable unrealized and realized gains and losses, differences in premium amortization and discount accretion, and non-deductible general and administrative expenses.

Dividends may be reinvested through Annaly's Dividend Reinvestment and Share Purchase Plan. Plan information may be obtained from the Plan Administrator, Mellon Investor Services at 1-800-301-5234, at www.annaly.com, or by contacting the Company.

Annaly manages assets on behalf of institutional and individual investors worldwide. The Company's principal business objective is to generate net income for distribution to investors from its investment securities and from dividends it receives from its subsidiaries. Annaly is a Maryland corporation that has elected to be taxed as a real estate investment trust ("REIT"), and currently has 559,712,327 shares of common stock outstanding.

[R-BgO]

14.07.2010 16:27
UPDATE 1-Annaly Capital sees $1.1 bln proceeds from offering


* To offer 60 million common shares

* To use proceeds to buy mortgage-backed securities

* Shares fall 5 percent

July 14 (Reuters) - Annaly Capital Management Inc said it expects gross proceeds of $1.1 billion from its common stock offering of 60 million shares, sending its shares down 5 percent.

The mortgage real estate investment trust had 559.69 million shares outstanding as of May 6, according to Thomson Reuters data.

The company said it would use part of the proceeds to purchase mortgage-backed securities for its portfolio.

Shares of the New York-based company were down 4 percent at $17.57 in morning trade on the New York Stock Exchange, after touching a low of $17.35 in early trade.

[R-BgO]

Buy, Sell, or Hold: Annaly Capital

By Anand Chokkavelu, CFA
July 16, 2010 | Comments (1)


There are certain numbers that make you jump up and take notice. They're so cartoonish that half of your brain screams, "Opportunity!" while the other half cries, "Red flag!"

A 15% dividend is such a number.

The semi-obscure Annaly Capital (NYSE: NLY) sports that dividend. The company is structured as a REIT, but it is basically a trading desk purchasing mortgage-backed securities. They make money on the spread between the interest they earn on the securities and the interest they pay to borrow funds. Through a subsidiary, they also act as the external manager of the publicly traded REITs, Crexus (NYSE: CXS) and Chimera (NYSE: CIM). If you're interested in Annaly, these other two are also worth a look -- Chimera's dividend is even larger than Annaly's, at 17.8%.

But for now, join me as I break down the arguments to buy, sell, or hold Annaly.

Buy: Recently, the interest rate environment has allowed fixed income traders (Annaly Capital among them) to record huge gains. Why? With the Fed keeping borrowing costs low, these companies are achieving historically great interest rate spreads between what they've bought and what they're borrowing.

These spreads have also bloated the bottom lines of Citigroup (NYSE: C), Bank of America (NYSE: BAC), JPMorgan (NYSE: JPM), and Goldman Sachs (NYSE: GS). So why would an investor want Annaly versus the big banks? Annaly is laser-focused on mortgage-backed securities that are guaranteed by the government-backed entities like Fannie Mae and Freddie Mac. They aren't going crazy with too many exotic instruments like Citi, B of A, JPMorgan, and Goldman did.

Sell: But this party ends. For each of the banks and for Annaly, these spreads will contract and earnings will be compromised. Annaly is locking in these spreads by purchasing interest rate swaps equivalent to a good chunk of their portfolio, but 1) that only holds if they've done their hedging right and 2) it's not a full hedge.

In addition, Annaly's major funding source is the repurchase market -- i.e., the same stuff that sank Bear Stearns and Lehman Brothers. Annaly does on average use longer-term agreements – unlike the overnight repurchase agreements the Wall Streeters revel in. However, this is all a pretty complicated money-making system. Some investors will (and should) put Annaly in the "too hard" bucket.

Hold: Annaly is currently selling at low multiples, but the interest rate spread risk is real. There are real risks and real rewards here.

The bottom line
For investors who have the skill and time to understand the nuances of Annaly's machinery and perform their own due diligence, I lean toward a buy at today's prices. Check out the three most compelling numbers at Annaly here.

[R-BgO]

The 3 Most Compelling Numbers at Annaly Capital

By Anand Chokkavelu, CFA
July 12, 2010 | Comments (6)


Stock investors today face data overload.

Aside from basic financial statements, there is a flood of ratios, statistics, multiples, analyst estimates, comps, margins, and industry-specific metrics to wade through.

In this new series, I will choose a company and distill all the data down to three numbers you absolutely need to know before making a buy-sell-ignore decision.

Today's breakdown is for dividend-monster real-estate investment trust (REIT) Annaly Capital (NYSE: NLY).

15%
The number that jumps off the page for Annaly Capital is its 15% dividend yield. As a REIT, Annaly must pay out at least 90% of its taxable income as dividends. In return, it gets favorable tax treatment. If you're following along, that huge dividend yield means Annaly's profits have been huge recently.

Let's see why with the next number.

2.22%
Annaly's net interest rate spread in the first quarter of 2010 was 2.22%. To understand what this means, let's back up to how Annaly makes money.

Annaly is basically a proprietary trading desk that specializes in buying and selling mortgage-backed securities. Yes, proprietary trading desks are one of the things that the Wall Street banks have been criticized for. And mortgage-backed securities haven't had a good run over the last few years. But Annaly is quite different from Goldman Sachs (NYSE: GS), Citigroup (NYSE: C), and their peers. While they've stumbled, Annaly has thrived.

Unlike the banks, Annaly doesn't take deposits, it doesn't borrow from the Fed, and it isn't too big to fail. However, it has found a way to get some indirect government help. The vast majority of the securities it owns is guaranteed by government-backed entities like Fannie Mae (OTC BB: FNMA.OB) and Freddie Mac (OTC BB: FMCC.OB), so it has avoided the default risk that destroyed the portfolios of the Wall Street banks.

The 2.22% represents the difference between the interest Annaly's earning on these securities and the interest it pays on its borrowings. This 2.22% is pretty huge historically. Annaly knows that these amazing spreads likely won't last, so it has partially hedged its portfolio with interest rate swaps totaling $22.8 billion of notional value (vs. total assets of $72.7 billion).

The final number gives us some more insight into risk.

$53.8 billion
Here's where Annaly is dangerously similar to the Wall Streeters.

Its $72.7 billion in assets is primarily financed by $53.8 billion in short-term repurchase agreements. These are the same types of borrowings that drove Bear Stearns into the arms of JPMorgan Chase (NYSE: JPM), helped bankrupt Lehman Brothers, and forced Bank of America's (NYSE: BAC) Merrill Lynch rescue.

One saving grace is Annaly's low leverage ratio. Whereas the Wall Street firms hit asset-to-equity ratios upwards of 30:1 before their crisis, Annaly's is well under 10.

As you decide whether to buy, sell, or ignore Annaly Capital, keep these three numbers top of mind. They will help you determine whether Annaly's tantalizing dividend yield is a siren song or a tremendous opportunity.

[R-BgO]

Annaly Capital Management, Inc. (NYSE: NLY) released its monthly commentary for August which includes an update on developments in Washington as well as a review of the economy and the residential mortgage, commercial mortgage, corporate credit and Treasury markets. Through its monthly commentary and blog, Annaly Salvos, Annaly expresses its thoughts and opinions on issues and events in the financial markets. Please visit our website, www.annaly.com, to check out all of the new features and to view the complete commentary with charts and graphs.

Washington Update

Washington continues to dominate the attention of the financial markets. The Dodd-Frank Wall Street Reform and Consumer Protection Act was signed into law on July 21. Rather than signaling the end of a long legislative process, the signing ceremony ushered in the beginning of a long regulatory rulemaking process. A lot of work remains to be done, with an estimated 243 rulemakings and 67 studies delegated to regulators. Much remains unresolved on many important items, such as the Volcker Rule requirements, swap business pushout rules, bank capital requirements, risk retention and which firms would be considered systemically important, so firms and participants are attempting to quantify the costs of compliance. Others are considering getting ahead of the regulators, i.e., reports on Goldman Sachs spinning out its principal trading teams and Morgan Stanley reducing its stake in FrontPoint Partners. This will continue to take time and effort by a wide range of constituencies, but it stands to reason that implementation will be limited until the rules are settled.

One item that is conspicuously absent from Dodd-Frank is GSE reform. We have no issue with its absence, as the tenuous state of the housing market precludes any serious change to the housing finance system at this time. Moreover, there is little activity in the American mortgage market outside of Ginnie Mae, Fannie Mae and Freddie Mac, with virtually no private label securitization taking place (due to uneconomic pricing and related rating agency policies). Nevertheless, the issue remains high on the agenda of policymakers and the discussion is in full swing. The Department of Treasury had requested public input on the housing finance system in the US, and received over 400 responses from a wide range of market participants. Annaly Capital Management submitted a response, in which we made the following main points:

* The key to overhauling housing finance in America is to understand what was broken, then keep what worked and discard what didn't.
* What did work? The current housing finance system (certainly the one that prevailed outside of the mortgage credit bubble) is the most efficient and scalable credit delivery system the world has ever seen.
o Thanks to securitization, the government guarantee and the connection between primary mortgage borrower and secondary market investor that is facilitated by Fannie Mae and Freddie Mac. These are features worth keeping.
* What didn't work? The Agencies' retained portfolio activities and poor underwriting standards in the broader mortgage marketplace.
o The private market can replace the portfolio activities as long as there is a dependable funding market, and policymakers should focus on incentivizing and enforcing robust underwriting practices for both rentals and homeownership.
* The market will adapt to whatever policy objective comes out of Washington, most likely by repricing the risk, uncertainty and friction of whatever replaces the current system. The consequences of change are that the size, scope, availability and efficiency of the current housing finance system will change as well. If the new system is significantly different than the housing finance system we have now, the consequences may be that our housing finance system will be smaller, perhaps more appropriately priced, but with lower housing values and less flexibility and mobility for borrowers.

Treasury has planned a conference on the topic to be held on August 17 (Annaly will be in attendance), and the House Financial Services Committee, which has already held a number of hearings, has called for its next one to be held in September. Treasury has pledged to have its proposal for housing finance reform complete by January 2011, so the process will undoubtedly pick up speed in advance of that deadline. Stay tuned.

The Economy

The data flow during the month of July painted a relatively weak picture of the economic recovery. Measures of consumer confidence declined, retail sales disappointed, durable goods orders softened, and the employment situation continues to frustrate us. Initial unemployment claims, though distorted recently by seasonal adjustment factors, remain stubbornly over the 450,000 line on average. Nonfarm payroll data for July was generally weak. A favorite leading indicator for the path of total jobs, temporary help, turned negative for the first time in nine months. The private sector added a total of 71,000 jobs, but the real story here is that state and local governments are shedding jobs at such a rate that they are offsetting much of these mild private sector employment gains. Besides the federal government shedding around 143,000 census jobs, state and local governments shrunk their payrolls by roughly 48,000. Since September 2008, state and local governments have cut 316,000 jobs, with more than half of those in the last seven months alone. Ongoing budget issues at the state and local government level suggest this will continue to be a headwind.

If, as it appears, the effect of fiscal and monetary stimulus is fading, it is no surprise that the baton is being passed to the Federal Reserve. Throughout its history, the Federal Reserve could respond to economic weakness by lowering short-term rates. But with the Federal Reserve Funds rate effectively at zero, Chairman Bernanke&Co. have moved down the checklist of alternative policy moves outlined in his seminal deflation speech back in 2002, most of which are related to the Federal Reserve balance sheet. As the graph, available in our online version, demonstrates, the structure of the balance sheet accommodation has changed over time, as the needs of the system and the Federal Reserve's goals have changed.

Early in the financial crisis, Federal Reserve efforts were devoted to stopping the bleeding, providing liquidity to those who needed it, and helping markets function. The "Other" line above represents line items like the commercial paper funding facility, liquidity swaps, and the holdings of the Maiden Lanes, Aurora LLC, and ALICO Holdings. Later the focus shifted to asset purchases, primarily of Agency MBS. As this $1.25 trillion flowed through the markets, and in conjunction with various financing facilities (TALF, etc), spreads tightened in every sector. Given how wide credit spreads were at the time, this strategy was justifiable. Spreads that wide crimp borrowing and serve as a drag on the economy. This is a new kind of Federal Reserve policy: If borrowing rates don't follow the Federal Reserve Funds rate down, the Federal Reserve can use its balance sheet in a variety of ways to make it happen. This requires a new type of analysis by the Federal Reserve (and Fed-watchers) to expand beyond rates and spreads to take into account the actual borrowing levels both from banks and the capital markets. This means we should be watching money supply.

Whether or not the Federal Reserve is actually paying attention to money supply, it is behaving as if it were watching the money supply. This is what we read between the lines in articles like the recent Wall Street Journal article touting a possible "symbolic shift" in Federal Reserve balance sheet management to reinvesting cash flow from the existing portfolio of Treasuries and mortgage-backed securities. Thanks to this runoff, the balance sheet at the Federal Reserve has recently begun to shrink, as can be seen in the graph in our online version. There is much debate over how this run-off will be handled, and we believe the market is prepared to adapt to whatever the Federal Reserve decides to do. The fact of the matter is that a shrinking asset portfolio at the Federal Reserve is a de facto tightening. With a sub-3% 10-year Treasury, mortgage rates at historic lows, Target Corp (TGT) able to borrow for 10 years near 4%, and IBM selling one-year paper at 1%, Federal Reserve policy is more likely focusing on money supply than rates. When the Federal Reserve buys assets, it creates reserves at banks. In normal times, the banks would then take those reserves and lend them out, putting that new money out into the economy. This is the relationship that the money multiplier shows. But the problem for the Federal Reserve is that it controls the monetary base (including reserves) but it doesn't control broad money supply. The normal mechanism isn't working, excess reserves are sitting at the Federal Reserve, and loan portfolios at the banks continue to shrink. The Federal Reserve needs a new playbook.

The Residential Mortgage Market

The month of July ended with contract mortgage rates remaining at historically low levels, as 30-year fixed-rate conforming mortgages averaged 4.60% and 15-year conforming rates dipped to 4.03%. Despite such low levels, prepayment speeds excluding the GSE delinquency buyouts have yet to gain any traction. Prepayment speeds (measured as Constant Prepayment Rate, or CPR, which is the percentage of principal that is returned on an annualized basis in a given month), in June (July release) for 30-year Fannie Mae MBS dropped 38% from the previous month, from 28.1 CPR to 17.5 CPR, as their buyout program came to an end. Freddie Mac, whose buyouts were completed back in March, reported speeds 19.4% faster, up from CPR of 14.4 to 17.2. Speeds in July (August release) for 30-year Fannie Mae MBS increased 6% to 18.5, while Freddie Mac speeds for the month increased 14.5% to 19.7.

If refinancing behavior were based on rates alone, then prepayment speeds would normally be much faster. Consider the graph, available in our online version, courtesy of Barclays research. During most of the past decade, the CPR of borrowers who are 100 basis points "in the money" for a lower rate was about 50 to 60. In other words, from 2000 to 2008 50% to 60% of borrowers who had the opportunity to lower their mortgage rate by 100 basis points would have refinanced. In 2009, however, only 20% to 25% of borrowers who are 100 basis points "in the money" took advantage of the lower rate, behavior that is more common when there is no particular rate incentive at all. In past commentaries we have reviewed the reasons why refinancing behavior currently is atypically slow, so suffice it to say that we expect refinancing speeds will stay this slow until banks regain their footing, negative equity issues are resolved or credit trends generally improve.

Which brings us to the latest chatter in the residential mortgage space: There has been speculation that the government is planning to break this refinancing logjam by eliminating all underwriting standards such as income verification, FICO requirements and LTV restrictions and quickly refinance all GSE-owned mortgages down to current mortgage rates. The speculation picked up speed after it was suggested as a possibility by some Street research and picked up by reputable news sources. In general the market barely blinked at the story, but the Treasury took the unusual step of refuting it. "The administration is not considering a change in policy in this area," said Treasury spokesman Andrew Williams. We can see the attraction of the simple outline of the rumor: Instant stimulus without needing Congressional approval, a win-win for a party facing a tough mid-term election. In any event, there are already plans like this in place under HAMP and HARP.

Leaving aside the moral hazard involved (the lender has no responsibility under a mortgage agreement to protect the downside risk of home prices falling just as the homeowner has no obligation to share any upside with the lender), the rumored plan doesn't hold water. First, the potential savings amounts—about $46 billion per year, according to the economics team at Morgan Stanley—is not insignificant, but it is not without cost. The actual process of refinancing itself would constitute a large capital call on banks needing to refinance the mortgages. Furthermore, to the extent that Fannie Mae and Freddie Mac are taking steps to protect taxpayers—through putting back mortgages that were improperly underwritten or suing issuers of fraudulent private label securities—a refinancing program like this would completely undermine that effort. If there are no underwriting standards as part of a refi/stimulus plan under the GSE umbrella, the government would essentially be guaranteeing unknown collateral. This idea is nothing more than an interesting hypothetical thought exercise.

On August 6 the FHA released more details on a previously announced program to facilitate short refis into an FHA loan. The program, said FHA Commissioner David Stevens, is a "lifeline out to those families who are current on their mortgage and are experiencing financial hardships because property values in their community have declined." Starting Sept 7, 2010 the FHA will offer certain non-FHA borrowers the opportunity to qualify for a new FHA-insured mortgage as long as they are FHA eligible and their lenders agree to write off at least 10% percent of the unpaid principal balance of the first mortgage. Importantly, participation is voluntary by the lender. Barclays concluded the program will affect private-label securities but estimates that the program will "have a very modest impact on overall loss assumptions (and home price forecasts) due to the low expected eligibility."

The Commercial Mortgage Market

Slowly, multi-borrower, mixed collateral CMBS transactions have been getting some traction since the late spring. To date, three transactions totaling $1.8 billion have been sold. The two most recent of these, one sponsored by JP Morgan Chase (JPMCC 2010-C1) and the other by Goldman Sachs (GSMS 2010-C1), included below-investment grade bonds at the bottom of the capital stack. Aside from the usual questions on pricing levels and collateral quality, investors have also focused on new control rights and actions for certain certificate holders. This month, we'll examine highlights of some new control features in these transactions.

As previously reported in our February 2010 commentary, an investor in the lowest-rated certificate—provided the certificate had a least 25% of its initial face amount outstanding—was the Directing Certificate Holder who was responsible for approving special servicer recommendations. Unrealized losses had no impact on the certificates. Once a certificate's balance was wiped out through realized losses, however, the Directing Certificate Holder rights were passed on to the next class outstanding. An unintended consequence of these structures was the potential to anoint investors in very, very thin bond tranches as the Directing Certificate Holder. This potential outcome led investors to the calculus of which tranche would be the 'fulcrum bond' of the deal in different scenarios, thereby enabling that tranche to become the Directing Certificate Holder.

New control features were introduced in June with the JPMCC 2010-C1 transaction that had elements of the existing CMBS structures. First, approval rights would initially be granted to the B piece buyers. Thus, change of control abilities would be established at the outset and limited to subordinate investors. Second, a change of control occurred not only with realized losses but with unrealized losses through appraisal reductions as well. The latter mechanism enabled the removal of zombie entities that had no further economic upside by holding the position. Finally, a 'Control Event' concept was introduced which meant that if losses, realized and unrealized, wiped out the initial B piece buyers and junior participants then a new Directing Certificate Holder would then be selected by senior certificate holders. This mechanism clearly aligned the remaining economics of the deal with the senior certificate holders, the majority of which would be AAA.

In late July, the GSMS 2010-C1 transaction introduced another significant change-in-control feature. Simply, the most junior investor no longer had the ability to appoint or direct the actions of a special servicer in the event a loan went bad. From the outset, this right was conveyed to the most senior certificate holders who are the largest investors in a deal. Also a deal website that provides the status and updates on specially serviced loans was provided. Given changes that senior certificate holders have been recommending to revamp CMBS structures, this was certainly a win for them. However, as we have noted before, working relationships are not always as smooth as envisioned.

To us, these changes reflect the balance of power in CMBS securitizations. First, structurers are clearly listening and reacting to investors' concerns about control features and special servicing, as worst-case outcomes have pushed the envelope of the traditional structures and found them wanting. Of course, time will tell whether these new control features represent a better solution for dealing with problem loans and the resultant conflicts. Second, there is significant demand for the higher yielding opportunities of the mezzanine and junior tranches. Perhaps the new features are no more than a solution to the difficulty in placing AAA bonds yielding below 4%.

The Corporate Credit Market

Risk appetite has returned to the corporate credit market. Several catalysts underpin the change. First, the European bank stress tests proved to be a relative nonevent as only a handful of institutions tested were deemed undercapitalized in the stress scenarios. Second, US financial regulatory reform was finally signed into law by President Obama. Third, the BP oil spill appears to now be under control and firms affected have a better handle on the cost of the disaster and are prepared to take action. And fourth, the Q2 2010 earnings season is shaping up without a hitch. Hence, with certain fears allayed or at least defined, "liquidity" has once again become the driving force behind valuations.

Moving in sympathy with the Treasury market, investment grade corporate yields have dipped to a historic low of 3.94%, based on Bank of America Merrill Lynch's index (see graph in our online version). Declining yields have propelled 2010 total returns to an impressive 8.3% year-to-date. But today's low yield underscores the increasing risk asymmetry of the asset class going forward. Average dollar prices have climbed to a lofty $110.20 and the effective duration of the market has is now a record long of 6.42 years. Increasingly, a "Japan Scenario" is embedded in pricing.

Investment grade spreads are now at their annual tights, having fully retraced the Spring sell-off. Q2 earnings revealed that banks' top-line revenue was sluggish, but overall earnings were buoyed by reserve release, providing more evidence of managements' belief that the cyclical peak in credit losses has passed. Moreover, several banks stated intentions to spin off certain lines of business, proactively addressing the Volcker Rule. Improving balance sheet credit quality and lower risk-taking are good things for bank credit and spreads narrowed accordingly. Issuers satisfied improved investor demand by selling new paper, propelling 2010 supply in the financials category to over $100 billion, an 80% year-over-year increase in volume.

Further down the credit spectrum, the high yield sector has performed in-sync with its investment-grade counterpart. This year's returns are pacing at 8.4%, compared to equities' 1%. Declining default losses are supporting the sector. The default rate continues to march lower, dropping to 5.5% vs. the cycle peak of 13.5% last November. Moody's recently lowered its year-forward default expectation to a mere 1.8%. To put this rate of loss number in a return context, at current market pricing it translates into an implied one-year excess return of 7.5% assuming a 40% recovery rate. Contributing to lower default expectations is capital markets liquidity. Namely, the new issue market has once again reopened, allowing issuers to roll short-term debt and exchange bank debt for longer-term bond debt. Furthermore, high yield companies are deleveraging; debt leverage has declined a quarter of a turn (0.25x) to 4x for companies in Morgan Stanley's high yield universe over the past two quarters. The technicals of the high yield market are also stable; fund flows have marked their fourth straight inflow week after the spring's net outflow period.

In contrast, flows into leveraged loans mutual funds have lost their robust start-of-year momentum. Over the past two months, the annualized pace of inflows has dropped by over 50%. One of the biggest drivers of this change is likely changing perceptions of the path of LIBOR, the rate on which most leverage loans are indexed. Increasingly, the tepid nature of the expansion and the likelihood that the stickiness in the high unemployment rate is due to structural factors has fostered a growing perception that the Federal Reserve funds rate will remain at 25 basis points for the next couple of years, keeping a low tether to LIBOR. The effect on income for loan product has been depressing: at 4.25% YTD total returns are running half of those of high yield bonds.

The Treasury/Rates Market

The Treasury market seemed unstoppable in July as prices marched higher and yields fell. Even a rally in stocks off their lows of the year and a move higher in other "risk" assets couldn't push Treasury prices lower as increased talk of a Japan-like deflation scenario started to seep into the market. The two-year Treasury reached an all time low yield for a second month in a row with a rate of .55% on July 30. It has since briefly breached the half-percent mark.

The Treasury sold $173 billion in notes and bonds in July, down $5 billion from June. Demand at auction time was varied across maturities. The three-year, seven-year, and 10-year note auctions saw tepid end user demand as indirect and direct bids were on the weaker side. Demand was stronger in the two-year note and 30-year bond auctions as bids were more consistent with previous auctions. The five-year note auction was the best of the month as end-user demand was particularly strong with combined indirect and direct bids totaling 58.7%, the strongest since April.

The strongest demand in the market in July was focused in the five- to seven-year sector of the Treasury curve. One of the main reasons behind the buying continues to be Federal Reserve maintaining the "extended period" language in FOMC statements; market players thus are emboldened to take advantage of the yield roll down that part of the curve. Secondly, as mentioned earlier, economists (most notably St. Louis Federal Reserve president James Bullard) have started to compare the current rate environment in the US to Japan in the late 1990s when the Bank of Japan's policy moves did little to prevent a deflation scenario.

In Chart 1, available in our online version, we see the yield on the 5-year JGB since 1995 along with Japan CPI figures. You will see how yields dipped below 1.5% in 1997 and have yet to move above that level (Yields are currently under .40%). Chart 2, available in our online version, shows the same data for the 5 year UST Bond where yields are approaching the same 1.5% level which is one reason for the Japanese deflation talk that has become so prevalent lately.

We will know more in five years whether the US is following in the footsteps of Japan. Yields have been steadily moving lower since April and all eyes will be on the Federal Reserve for clues on what tools they choose to use to manage the situation.

August 10, 2010

[R-BgO]

http://seekingalpha.com/article/225745-annaly-capital-manage…

[R-BgO]

The Future of Housing Finance: Annaly's Proposals to Washington
1 comment | by: Annaly Salvos September 29, 2010 | about: FMCC.OB / FNMA.OB / NLY



Today, Mike Farrell, Chairman, CEO and President of Annaly Capital Management (NLY), appeared as a panel participant at a House Financial Services Committee entitled, The Future of Housing Finance – A Review of Proposals to Address Market Structure and Transition. (The comments of each panel participant are available on the committee’s website.) Mr. Farrell's address is as follows:

Chairman Frank, Ranking Member Bachus, and members of the Committee, thank you for the opportunity to speak today on the future of housing finance, a subject that affects virtually every American, and not just homeowners. My name is Michael Farrell, and I run Annaly Capital Management. Annaly is the largest listed residential mortgage REIT on the New York Stock Exchange with a market capitalization of $11 billion. Annaly, together with our subsidiaries and affiliates, owns or manages over $90 billion of primarily Agency and private-label mortgage-backed securities (MBS). Additionally, we also are deeply involved in the mortgage markets through our securitization, structuring, financing, pricing and advisory efforts.

I am here today representing the secondary market investors who have historically provided the majority of the capital to the $11 trillion mortgage market, and my remarks are focused on that perspective. Debate over housing finance reform has largely been about government’s role in it, and rightly so given that Fannie (FNMA.OB) and Freddie’s (FMCC.OB) government-sponsored hybrid charter was ultimately disastrous for taxpayers. However, there are certain activities that these Agencies performed that are important to the pricing and liquidity of the housing and mortgage market.

The current housing finance system, certainly the one that prevailed until underwriting standards started to slip around 2004, is the most efficient credit delivery system the world has ever seen. There are important elements of the existing system that are worth keeping:

* First: securitization, where fully documented borrowers of similar creditworthiness using similar mortgage products are pooled and receive the benefits of scale in pricing.
* Second: the government guarantee to make timely payments of interest and principal on MBS that scales the process even further by making the securities more homogeneous.
* Third: the to-be-announced, or TBA market, which is what Fannie and Freddie and Ginnie facilitate. It is through the TBA market that most residential mortgages are pooled and sold, and it enables originators and investors to hedge themselves.

I believe that the market will adapt to whatever changes occur to these items in a new housing finance system. However, the market will adapt to the new structure by repricing it. If the new system has significantly different risk, uncertainty and friction than the housing finance system we have now, the consequences may be that our housing finance system is smaller with lower housing values and less flexibility and reduced mobility for borrowers. This can have ongoing and broad consequences for economic growth.

If mortgage rates and house prices were not an issue, the government would not have to be involved in housing finance. But these are important issues. Therefore, I believe a housing finance system that utilizes a government guarantee on well-underwritten mortgage securities would maintain the significant size and liquidity of the market, as well as continue to provide for relatively lower costs to the borrower. Going forward, however, the portfolio activities of Fannie and Freddie should be eliminated. The private market would expand its investment activity to fill this role, much like Annaly and its brethren do now. But it is important for the Committee to understand that the majority of Agency MBS investors finance their positions, using financing that is available and priced where it is because of the government guarantee on the assets. Fannie and Freddie financed their portfolio purchases through the capital provided by the debt markets. This is an essential component of housing finance.

In any transition, Congress must consider the potential size of the market in the system to which we are transitioning, because about $8 trillion of the $11 trillion in home mortgage debt is funded by investors in both Agency and private label mortgage-backed securities. Of that $8 trillion, some 70% is held by investors in rate-sensitive Agency MBS, with the balance in credit-sensitive private-label MBS. There isn’t enough capital for the universe of credit-sensitive private-label MBS investors to supplant the installed base of rates buyers, at least not at the current price. Without the support of mortgage values and home prices that is provided by the government guarantee, the funding hole of $8 trillion will get smaller only by shrinking the value of the housing collateral and the mortgages needed to finance them. At its essence, then, any transition to a new housing finance system has to factor in the speed with which these values will change.

In conclusion, I believe that Fannie and Freddie should continue to operate in conservatorship with a goal of winding down their retained portfolios over a set period of time and honoring the guarantees of the Agencies. For simplicity’s sake, and the markets like certainty and simplicity, going forward Congress should consider delivering explicit government guarantees on MBS in a manner similar to Ginnie Mae. This would enable it to continue to serve as the portal between the borrower and the secondary market through securitization and the TBA mechanism, but most importantly enforce underwriting standards for mortgages carrying the government guarantee.

Thank you again for the opportunity to testify today, I look forward to answering your questions.

[R-BgO]

Annaly Capital Management, Inc. (NYSE: NLY) today reported GAAP net income for the quarter ended December 31, 2010 of $1.2 billion or $1.94 per average share available to common shareholders as compared to GAAP net income of $729.3 million or $1.31 per average share available to common shareholders for the quarter ended December 31, 2009, and GAAP net loss of $14.1 million or $0.03 per average share related to common shareholders for the quarter ended September 30, 2010. GAAP net income for the year ended December 31, 2010 was $1.3 billion or $2.12 per average share available to common shareholders as compared to $2.0 billion or $3.55 per average share available to common shareholders for the year ended December 31, 2009.

Without the effect of the unrealized gains or losses on interest rate swaps, net income for the quarter ended December 31, 2010, would be $379.3 million or $0.60 per average share available to common shareholders as compared to $516.9 million or $0.93 per average share available to common shareholders for the quarter ended December 31, 2009, and $434.2 million or $0.70 per average share available to common shareholders for the quarter ended September 30, 2010. Without the effect of the unrealized gains or losses on interest rate swaps, net income for the year ended December 31, 2010, would be $1.6 billion or $2.67 per average share available to common shareholders as compared to $1.6 billion or $2.91 per average share available to common shareholders for the year ended December 31, 2009.

During the quarter ended December 31, 2010, the Company disposed of $3.1 billion of mortgage-backed securities and agency debentures, resulting in a realized gain of $33.8 million. During the quarter ended December 31, 2009, the Company disposed of $3.0 billion of mortgage-backed securities and agency debentures, resulting in a realized gain of $91.2 million. During the quarter ended September 30, 2010, the Company disposed of $3.1 billion of mortgage-backed securities and agency debentures, resulting in a realized gain of $62.0 million.

During the year ended December 31, 2010, the Company disposed of $10.6 billion of mortgage-backed securities and agency debentures, resulting in a realized gain of $181.8 million. During the year ended December 31, 2009, the Company disposed of $4.6 billion of mortgage-backed securities and agency debentures, resulting in a realized gain of $99.1 million.

Common dividends declared for the quarter ended December 31, 2010, were $0.64 per share as compared to $0.75 per share for the quarter ended December 31, 2009, and $0.68 per share for the quarter ended September 30, 2010. Common dividends declared for the year ended December 31, 2010, were $2.65 per share, as compared to $2.54 per share for the year ended December 31, 2009. The Company distributes dividends based on its current estimate of taxable earnings per common share, not GAAP earnings. Taxable and GAAP earnings will typically differ due to items such as non-taxable unrealized and realized gains and losses, differences in premium amortization and discount accretion, and non-deductible general and administrative expenses.

The annualized dividend yield on the Company's common stock for the quarter ended December 31, 2010, based on the December 31, 2010 closing price of $17.92, was 14.29%. The dividend yield on the Company's common stock for the year ended December 31, 2010, based on the December 31, 2010 closing price of $17.92, was 14.79%.

On a GAAP basis, the Company provided an annualized return on average equity of 49.87% for the quarter ended December 31, 2010, as compared to an annualized return on average equity of 30.73% for the quarter ended December 31, 2009, and an annualized loss on average equity of 0.58% for the quarter ended September 30, 2010. Without the effect of the unrealized gains or losses on interest rate swaps, the Company provided an annualized return on average equity of 15.52% for the quarter ended December 31, 2010, as compared to an annualized return on average equity of 21.78% for the quarter ended December 31, 2009, and an annualized return on average equity of 17.96% for the quarter ended September 30, 2010. On a GAAP basis, the Company provided a return on average equity of 13.06% for the year ended December 31, 2010, as compared to a return on average equity of 22.69% for the year ended December 31, 2009. Without the effect of the unrealized gains or losses on interest rate swaps, the Company provided a return on average equity of 16.35% for the year ended December 31, 2010, as compared to a return on average equity of 18.65% for the year ended December 31, 2009.

Subsequent to quarter end, on January 7, 2010, the Company completed a public offering of 86,250,000 shares of common stock. The estimated net proceeds of the offering were approximately $1.5 billion, net of offering expenses.

Michael A.J. Farrell, Chairman, Chief Executive Officer and President of Annaly, commented on the Company's results. "Regulation, public policy and the state of the economy continue to be a focus of the marketplace, as the evolution of these issues will affect not only return expectations for investors in different asset classes, but also how our country will conduct business in a wide range of industries. As these issues continue to evolve there will be challenges and opportunities for all market participants. Our management team has been busily positioning the Company to perform in this evolving landscape, both in our investment portfolio and in our subsidiaries."

For the quarter ended December 31, 2010, the annualized yield on average interest-earning assets was 3.65% and the annualized cost of funds on average interest-bearing liabilities was 1.80%, which resulted in an average interest rate spread of 1.85%. This was a 94 basis point decrease from the 2.79% annualized interest rate spread for the quarter ended December 31, 2009, and a 26 basis point decrease from the 2.11% average interest rate spread for the quarter ended September 30, 2010. At December 31, 2010, the weighted average yield on interest-earning assets was 3.80% and the weighted average cost of funds on interest-bearing liabilities, including the effect of interest rate swaps, was 1.84%, which resulted in an interest rate spread of 1.96%. Leverage at December 31, 2010, was 6.7:1 compared to 5.7:1 at December 31, 2009, and 6.4:1 at September 30, 2010.

Fixed-rate mortgage-backed securities and agency debentures comprised 86% of the Company's portfolio at December 31, 2010. The balance of the mortgage-backed securities and agency debentures was comprised of 13% adjustable-rate mortgage-backed securities and 1% LIBOR floating-rate collateralized mortgage obligations. At December 31, 2010, the Company had entered into interest rate swaps with a notional amount of $27.1 billion, or 36% of the mortgage-backed securities and agency debentures portfolio. Changes in the unrealized gains or losses on the interest rate swaps are reflected in the Company's consolidated statement of operations. The purpose of the swaps is to mitigate the risk of rising interest rates that affect the Company's cost of funds. Since the Company receives a floating rate on the notional amount of the swaps, the effect of the swaps is to lock in a spread relative to the cost of financing. As of December 31, 2010, substantially all of the Company's Investment Securities were Fannie Mae, Freddie Mac and Ginnie Mae mortgage-backed securities and agency debentures, which carry an actual or implied "AAA" rating.

"The fixed income markets had a volatile fourth quarter," said Wellington Denahan-Norris, Annaly's Vice Chairman, Chief Investment Officer and Chief Operating Officer, "and our interest rate swap book served to mitigate that volatility. The fundamentals for our investment strategy improved throughout the quarter as prepayment speeds remained relatively muted and spreads to financing widened. Our capital raise subsequent to quarter-end was designed so that our portfolio management team could take advantage of these market conditions. After taking into account the effect of interest rate swaps, our portfolio of mortgage-backed securities and agency debentures was comprised of 37% floating-rate, 13% adjustable-rate and 50% fixed-rate assets."

[Ulf-Imat]

Die Quartalsdividende erhöht sich von 0,62$ auf 0,65$.

[economicus]

Company Release - 09/20/2011 16:05


NEW YORK--(BUSINESS WIRE)-- The Board of Directors of Annaly Capital Management, Inc. (NYSE: NLY) declared the third quarter 2011 common stock cash dividend of $0.60 per common share. This dividend is payable October 27, 2011 to common shareholders of record on September 30, 2011. The ex-dividend date is September 28, 2011.

[economicus]

Annaly Capital Management, Inc. Announces 4th Quarter 2011 Dividend of $0.57 per Share


Company Release - 12/19/2011 16:05


NEW YORK--(BUSINESS WIRE)-- The Board of Directors of Annaly Capital Management, Inc. (NYSE: NLY) declared the fourth quarter 2011 common stock cash dividend of $0.57 per common share. This dividend is payable January 26, 2012 to common shareholders of record on December 29, 2011. The ex-dividend date is December 27, 2011.

[Ulf-Imat]

Aktuelle Quartalsdividende: 0,55$

[Ulf-Imat]

Quartalsdividende verbleibt bei 0,55$.

[R-BgO]

http://seekingalpha.com/article/881981-qe-infinity-a-game-ch…

[Ulf-Imat]

Dividende 0,45$ für Q4.

[economicus]

Annaly Capital Management, Inc. Announces Agreement to Acquire CreXus Investment Corp.
Company Release - 01/31/2013 06:30
NEW YORK--(BUSINESS WIRE)-- Annaly Capital Management, Inc. (NYSE: NLY) (“Annaly” or the “Company”) announced today that it has reached a definitive agreement with CreXus Investment Corp. (NYSE: CXS) (“CreXus”) to acquire for $13.00 per share in cash (plus a payment in lieu of a prorated dividend) all the shares of CreXus that Annaly does not currently own.

CreXus has approximately 76,630,528 shares of common stock outstanding, of which Annaly holds 9,527,778 shares, or approximately 12.4%. The transaction values CreXus at $996 million and represents a total consideration paid by Annaly of $872 million.

“This transaction represents a significant step toward Annaly’s commitment to investing directly in commercial real estate assets,” said Wellington Denahan, Annaly’s Chairman and Chief Executive Officer. “We believe that wholly owning the commercial real estate platform we currently manage through FIDAC is complementary to our existing business and return profile and should provide stable and diversified risk-adjusted returns to our shareholders.

“This transaction is part of a broad evolution of our capital allocation strategy. Certain highlights include:

Immediately accretive - All cash offer, which is immediately accretive to both our taxable earnings and our dividends per share
Portfolio diversification - Strategic benefit of the acquisition given our existing asset management expertise and the resultant diversification of our investment portfolio
Scalable platform - Commercial platform is highly scalable when combined with Annaly’s broad capital base
“Our commercial real estate expertise, as well as our capabilities in other asset classes, are valuable strategic tools, and we look forward to updating the market on our portfolio as it evolves.”

[economicus]

Gestern gabs das Jahresergebnis:

http://www.snl.com/irweblinkx/file.aspx?IID=113558&FID=15985…

[Ulf-Imat]

Heuer wird die Quartalsdividende ausnahmsweise (?) mal nicht herabgesetzt, sie verbleibt bei 0,45$.

[Ulf-Imat]

Dividende Q2: 0,40$

[Ulf-Imat]

Dividende Q3: 0,35$

[Timburg]

Antwort auf Beitrag Nr.: 45.485.191 von Ulf-Imat am 20.09.13 00:52:27

Ulf,
wenn Du am 20.12. hier postest

Dividende Q4: 0,30$

dann werde ich richtig sauer

[Silberpfeil1]

Zitat von Timburg: Ulf,
wenn Du am 20.12. hier postest

Dividende Q4: 0,30$

dann werde ich richtig sauer

Ulf, poste es am 21.12.2013 und der Tag ist gerettet!

[1erhart]

Zitat von Timburg: Ulf,
wenn Du am 20.12. hier postest

Dividende Q4: 0,30$

dann werde ich richtig sauer

Hallo timburg

Du musst ja auch alles kaufen, ist zwar ärgerlich wenn man kurz vor EX-Tag kauft und danach die Kürzung der Dividende bekannt gemacht wird.

[SteffensOnline]

Wären die Annaly-Vorzugsaktien mit ISIN US0357105081 in diesem Fall nicht besser als die Stammaktien? Die Divi bleibt dort seit 2005 konstant auf 0,4922 USD.

[SteffensOnline]

Dividende Q4: 0,30$

[xxt]

Zitat von Timburg: Ulf,
wenn Du am 20.12. hier postest

Dividende Q4: 0,30$

dann werde ich richtig sauer

Hmm

[DieGazelle]

Moin,

weiss jemand, ob es irgendwelche Aenderungen bei der Besteuerung der NLY Dividenden gab? In den letzten beiden Tagen wurden 3 Dividendenzahlungen aus 2013 von Consors storniert, also von meinem Konto abgebucht, und dann mit geringeren Betraegen wieder eingebucht. Kann mir darauf keinen Reim machen. Ist das bei euch auch passiert?
Gruss
Johannes

[Oli59]

Hallo Johannes,
war bei mir auch so. Wenn ich die Abrechnung richtig verstehe, muss alles oder auch nur teilweise mit dem vollen USA Steuersatz von 35% versteuert werden. In letzter Zeit wurden schon einige Abrechnungen von US-Firmen zum Negativen bei Cortal korrigiert, ob das immer alles richtig ist? Bin auch noch bei Comdirect, da wurden die Annaly Erträge bis heute noch nicht korrigiert. bin mal gespannt.
Ciao
Oli

[DieGazelle]

Danke fuer die Antwort, Oli.
Ich finde das alles sehr seltsam. Ich habe NLY seit ca. 3 Jahren und habe immer nur die 15% US-Quellensteuer bezahlt und da die voll anrechenbar ist auf die deutsche Steuer insgesamt nur 25%. Wieso sollte sich das auf einmal geaendert haben? Hat sich irgendwas in der Gesetzgebung geaendert? Du erwaehntest, dass dir aehnliches bei anderen US-Aktien passiert ist. Um welche handelt es sich denn da?
Es kann sich durchaus lohnen deswegen nachzuhaken. Bei mir hat Consors vor ein paar Jahren mal einen Fehler bei der Abrechnung gemacht. Es hat zwar etwas gedauert bis sie es zugegeben haben, aber im Endeffekt hab ich mein Geld zurueck bekommen.
Bisher wurden bei mir nur 3 NLY Dividendenzahlungen aus 2013 rueckgaengig gemacht (wieso nicht alle 4?). Ich habe Consors mittlerweile auch kontaktiert, aber noch keine vernuenftige Antwort erhalten. Wenn ich was erfahre, sage ich bescheid.

[Oli59]

Danke für Deine ausführliche Reaktion. Bei mir wurden VNR und ARR korrigiert und noch ein paar andere Werte (muss ich noch nachschauen). Werde noch etwas warten mit der Kontaktaufnahme, möchte erst sehen was sich mit meinen Annaly bei Comdirect tut. Bis gerade - noch nichts. Außerdem kommt Ende der Woche die aktuelle Dividende. Dann wissen wir vielleicht etwas mehr.

[DieGazelle]

OK. Hab mittlerweile Antwort von Consors bekommen und heute ist auch noch mal eine Rueckbuchung auf meinem Konto eingegangen. Insgesamt sind bei mir damit die ersten drei Dividenden des letzten Jahres storniert und neu berechnet worden. Laut der (kurzen) Antwort von Consors ist diese Neuberechnung noetig da "die urspruengliche Besteuerung anhand von Schaetzungen" vorgenommen wird. Soweit ich das mittlerweile anhand der Aus- und Einzahlungen verstehe, muss ein Teil der Dividende mit dem hoeheren 35%igen US-Quellensteuersatz besteuert werden, weswegen jede stornierte Einzahlung durch zwei neueberechnete Einzahlungen ersetzt wurde (eine mit 15% und eine mit 35% Steuersatz).
Ausserdem hab ich beim Durchstoebern meines Archivs festgestellt, dass daselbe auch schon in voringen Jahren passiert ist. Nur ist es mir da nicht aufgefallen, weil es sich nur um vereinzelte Neuberechnungen handelte und nicht drei auf einmal.

[Oli59]

Ok. Danke!
Was ich aber nicht verstehe, warum passiert das nur bei Cortal und nicht bei Comdirect? Warte noch die nächste Zahlung ab, dann werde ich mich mal an meinen Advisor wenden.

[Oli59]

So, jetzt hab ich auch die Abrechnung von Comdirect bekommen, sie deckt sich 1:1 mit der Abrechnung von Cortal. Scheint also alles in Ordnung zu sein. Allerdings gab es bei Comdirect bis heute noch keine Neuberechnung für die Dividenden aus 2013. Mal abwarten.

[R-BgO]

verdoppelt

[wallstreetmarc]

verdoppelt

nahe 10 Jahrestief und kleine Trendwende.
hmmm. Lockt schon..

[wallstreetmarc]

Antwort auf Beitrag Nr.: 46.436.143 von wallstreetmarc am 12.02.14 19:11:43

was ich mich frage ist: bei den Tiefstkursen von Ende 2005 (ähnlich wie aktuell bei ca. 11 $ gab es eine Dividende von 10 Cent. Dann im nächsten Quartal 11 Cent. Insgesamt gut ein Jahr unter 15 Cent.
Nun haben wir noch die dreifache Höhe von 30 Cent.
Ob da nicht ein wenig zu viel negatives zur Zeit eingepreist ist?!

[1erhart]

Bleibt bei 0,30

http://www.mydividends.de/content/finanzdienstleister-annaly…

[economicus]

auch fürs 3. Quartal gibt es 0,30 USD

[economicus]

Die Dividende bleibt konstant:

NEW YORK--(BUSINESS WIRE)-- The Board of Directors of Annaly Capital Management, Inc. (NLY) (NYSE: NLY) declared the second quarter 2015 common stock cash dividend of $0.30 per common share. This dividend is payable July 31, 2015, to common shareholders of record on June 30, 2015. The ex-dividend date is June 26, 2015.

[wallstreetmarc]

Antwort auf Beitrag Nr.: 46.436.143 von wallstreetmarc am 12.02.14 19:11:43

http://www.orchidislandcapital.com/
ein kleinerer "Nachbar-mREIT" in den USA scheint in diesen Tagen zum mREIT-Schnäppchen zu mutieren. Grund Dididendenkürzung von 0,18$ zu 0,14$. Daraufhin starker Crash! Sieht meiner Meinung nach übertrieben aus. Ebenso sieht es nach Ausverkauf, wenn man die relativ hohen Umsätze der letzten Tage ansieht.

Monatliche Divi-Zahlung nun bei 0,14$/Monat. Kurs bei ca. 8,84$. Macht aktuell 19,00% Dividendenrendite.
Werd mir morgen wohl ein paar Anteile an der NYSE zulegen und schliess mich den ersten Worten des Threads hier an:
no risk, no fun...

Risikoprofil wohl ähnlich wie American Capital Agency oder auch Annaly, wenn man ein paar wenigen US-Foristen im Netz glauben kann. Ohne Gewähr natürlich.

[R-BgO]

habe eben erst einen Schreck bekommen,

als statt 30c nur 3,587c gezahlt wurden...


Webseite sagt dazu:

Released : 07/01/2016

NEW YORK--(BUSINESS WIRE)-- In accordance with the terms of the merger agreement by and between Annaly Capital Management, Inc. (NYSE:NLY) (“Annaly”), Ridgeback Merger Sub Corporation and Hatteras Financial Corp. (“Hatteras”), dated as of April 10, 2016 (the “Merger Agreement”), the Annaly Board of Directors has declared a common stock cash dividend for the period from July 1 through July 11, 2016. The Annaly Board of Directors also declared its regular third quarter preferred stock dividends for its outstanding series of preferred stock as well as for the newly designated Annaly 7.625% Series E Cumulative Redeemable Preferred Stock (“Series E Preferred Stock”) to be issued upon the consummation of the merger between Annaly and Hatteras (the “Merger”) in exchange for each outstanding share of Hatteras 7.625% Series A Preferred Stock.

Short Period Common Stock Dividend in Connection with Annaly’s Acquisition of Hatteras

In accordance with the terms of the Merger Agreement, the Annaly Board of Directors has declared a common stock cash dividend of $0.03587 per common share for the period from July 1 through July 11, 2016. This dividend is payable July 14, 2016, to common shareholders of record as of 5:00 p.m. on July 11, 2016. The ex-dividend date is July 7, 2016. The Annaly Board of Directors expects that any quarterly dividend it may declare for the third quarter of 2016 would be reduced by this amount.

[UHUKleber]

Was wird denn aus dem Geschäftsmodell, wenn die Zinsen tatsächlich wieder anziehen?

Die letzten beiden Jahre bin ich mit AC eigentlich ganz gut gefahren. Die Dividene lockt auch weiterhin, aber ich bin mir nicht sicher, ob das Unternehmen mit plötzlichen Zinsanstiegen (wenn die Zinsen aufgrund Trumps Wirtschaftspolitik tatsächlich schneller als gedacht steigen sollten) klar kommt.

Hat jemand dazu auch ohne Glaskugel eine Meinnung ?

[ranne]

Antwort auf Beitrag Nr.: 53.747.220 von UHUKleber am 22.11.16 14:32:46

Das Geschäftsmodell steht nicht zur Diskussion

Steigende Zinsen werden es zwar schwieriger machen, weiterhin so hohe Gewinne zu machen und an die Aktionäre durchzureichen wie in der nun wohl ihrem Ende entgegengehenden Niedrigstzinsphase. Wenn ich aber sehe, mit welcher Langsamkeit und in wie kleinen Schritten das Anheben der Zinsen anläuft, wage ich die Prognose, dass sie auch weiterhin zögerlich ansteigen werden bzw. können. Vor allem, weil nach wie vor in vielen Volkswirtschaften entwickelter Länder irrsinnige Geldmengen vorhanden sind und die Inflation sie auch nicht auffrisst. Binsenweisheit: Eine Ware, von der es sehr viel gibt, kann ich nicht teuer verkaufen. Und Geld ist in dieser Betrachtung auch nur eine Ware. Somit stelle ich mich weiterhin auf einen schönen ruhigen Zufluss aus der Annaly-Dividende ein.
Ich habe mit dem Einstandspreis Glück gehabt, als ich vor drei Jahren die Aktie ins Depot genommen habe. Inzwischen ist ein Drittel des Einstandspreises bereits zurückgeflossen. Selbst wenn sich der Kurs weiterhin seitwärts oder allmählich nach Süden bewegen sollte, gehe ich davon aus, dass ich bei dieser Aktie keine Miesen mehr machen werde.
Wäre ich bei 20$ eingestiegen, schaute die Sache natürlich inzwischen trist aus, weil mit einem Ansteigen des Kurses rechne ich nicht. Da schlägt sich wohl die Skepsis der Anleger bezüglich der Haltbarkeit des Geschäftsmodells nieder. Aber wer sagt uns, ob nicht die klugen Köpfe bei Annaly das nicht ebenso sehen und das Geschäftsmodell beizeiten den wechselnden Gegebenheiten anpassen?
Ich jedenfalls bleibe vorerst investiert und sehe mir die Sache an.
ranne

[R-BgO]

Antwort auf Beitrag Nr.: 53.820.447 von ranne am 03.12.16 05:45:24

Habe heute meine Aktienposition (bis auf's Erinnerungsstück) verkauft

und stattdessen ein paar preferreds der Serie E mit 7,625% genommen.


Kalkül:

Mich stört schon sehr lange, dass bei den mREITS das eigentliche wirtschaftliche Ergebnis teils in der GuV und teils im comprehensive income gezeigt (versteckt?) wird;

in der letzten Zeit wurden vermeintlich durch GuV gedeckte Divi's auch dadurch erreicht, dass der book value sank;

nicht zuletzt war die EK-Rendite -trotz enormem leverage- schon länger lausig.


Gebe mich jetzt mit rund 3% weniger "Divi" zufrieden, hoffe dafür aber dass die auf Dauer sicherer sind (und nicht gecalled wird).

Gleichzeitig will ich mich damit dazu zwingen, NLY im Auge zu behalten, um mitzubekommen, wenn das CRV mal wieder deutlich besser werden sollte.


Auch der hier: https://seekingalpha.com/article/4108520-hide-dividend-death… ist lesenswert, sollte ein Incentive für's Management sein, nicht zu callen.

[R-BgO]

Antwort auf Beitrag Nr.: 55.818.915 von R-BgO am 25.09.17 16:42:47

aus dem letzten 10q:

[faultcode]

Annaly Capital Management, Inc. Reports 4th Quarter 2017 Results

http://www.annaly.com/investors/news/press-releases/2018/02-…

=>
Quarterly Financial Highlights
* GAAP net income of $746.8 million, $0.62 per average common share
* Core earnings (excluding PAA) were $387.0 million, $0.31 per average common share
* GAAP return on average equity was 20.58% and core return on average equity (excluding PAA) was 10.67%
* Book value per common share of $11.34
* Economic leverage of 6.6x as compared to 6.9x at September 30, 2017
* Net interest margin (excluding PAA) of 1.51%, up from 1.47% in the prior quarter
* Declared common stock dividend of $0.30 per share for the 17th consecutive fiscal quarter 2017 annual economic return of 12.4%

Business Highlights
* Total 2017 shareholder return of 32% is ~50% better than both the S&P 500 and the Bloomberg Mortgage REIT Index
* Raised $2.4 billion through a series of common and preferred equity offerings in 2017, along with an additional $425.0 million of preferred equity issued in January 2018
* Proceeds from preferred equity issuances used, in part, to redeem $597.8 million of outstanding preferred shares, of which $412.5 million settled in February 2018, lowering our cost of preferred capital from 7.62% to 7.05%
* Continued growth of credit businesses, representing 24% of dedicated capital at year-end 2017 compared to 20% in the prior year; corporate debt investments exceeded and residential mortgage loans approached the $1.0 billion milestone
* Appointed Chief Executive Officer and President Kevin Keyes as Chairman of the Board of Directors, effective January 1, 2018
* Appointed two new independent members to the Board of Directors effective January 1, 2018; female representation on the Board now at 36%
...


=> keine Änderung After Hours -- Last Updated: Feb 14, 2018 4:02 p.m. EST Delayed quote: $10.38

[faultcode]

Antwort auf Beitrag Nr.: 57.028.242 von faultcode am 14.02.18 22:31:25

sieht eigentlich ganz gut aus, so aus der Hüfte analysiert:




aus: https://scan.alpaca.ai/card/7963846?utm_campaign=card_796384…


=> NLY scheint - in der Kursbildung - den vergangenen scharfen US-Zinsanstieg mittlerweile einigermassen verkraftet zu haben...

[faultcode]

Antwort auf Beitrag Nr.: 57.028.269 von faultcode am 14.02.18 22:35:08

NLY seit 2 Monaten - aber nicht 3! - mit Kursstabilität! --> die erhöhten US-Zinsen schaden nun nicht mehr

[faultcode]

Antwort auf Beitrag Nr.: 57.374.723 von faultcode am 23.03.18 23:24:41

Annaly Capital Management, Inc. Announces Public Offering of Common Stock

https://www.wallstreet-online.de/nachricht/10853979-annaly-c…

=> mal schauen, wie der Kurs morgen drauf reagiert...

[faultcode]

Antwort auf Beitrag Nr.: 58.676.034 von faultcode am 12.09.18 02:24:43

-2.6%

=> geht eigentlich so

[faultcode]

Antwort auf Beitrag Nr.: 58.676.034 von faultcode am 12.09.18 02:24:43

schon wieder

https://www.wallstreet-online.de/nachricht/11153720-annaly-c…

=>
...Annaly intends to use the net proceeds of this offering to acquire targeted assets under the Company’s capital allocation policy, which may include further diversification of its investments in Agency assets as well as residential, commercial and corporate credit assets.

These investments include, without limitation, residential credit assets (including residential mortgage loans), middle market corporate debt, Agency MBS pools, to-be-announced forward contracts, adjustable rate mortgages, mortgage servicing rights and commercial real estate loans, equity and securities.

Annaly also intends to use the net proceeds for general corporate purposes, including, without limitation, to pay down obligations and other working capital items....

[loner453]

2019 in Immobilien investieren?

Was haltet ihr? sollte man 2019 in Immobilien investieren und wie sollte man es am besten angehen?
Kennt ihr ein paar Bücher oder Webseiten wo man sich dazu gut Informieren kann?

[faultcode]

19.8.
Vorzeigefonds von Pimco verzockt sich mit US-Hypotheken
https://www.finanzen.net/nachricht/fonds/pimco-income-fund-v…

=>
...Der Pimco Income Fund, mit einem verwalteten Vermögen von 130 Milliarden Dollar der größte aktiv gemanagte Fonds überhaupt, hinkt in diesem Jahr mit einer Rendite von 4,68 Prozent bisher 93 Prozent aller Fonds in diesem Segment hinterher, wie Daten von Morningstar zeigen.

Im Schnitt warfen Multi-Sektor-Fonds bis Mitte August fast acht Prozent ab. Der Chef-Investor von Pimco, Dan Ivascyn, der den Pimco Income Fonds selbst managt, hat auf hypothekenbesicherte Papiere (mortgage-backed securities, MBS) gesetzt, die zurzeit deutlich schlechter laufen als Staats- und Unternehmensanleihen.

Die Anlageklasse mit einem Volumen von 8,4 Billionen Dollar an MBS, die von den staatlichen Finanzierern Freddie Mac, Fannie Mae und Ginnie Mae garantiert wird, leidet unter dem raschen Verfall der Anleiherenditen. Investoren fürchten, dass viele Hausbesitzer die sinkenden Zinsen nutzen, um die Hypotheken zu refinanzieren. Die MBS-Anleger bekommen dann ihr Geld zurück - und sind in der Verlegenheit, es neu und voraussichtlich mit geringeren Renditen anzulegen.

Ivascyn verteidigte seine Anlagestrategie: "Das wichtigste Ziel des Income Fund ist eine nachhaltige Dividende und eine langfristige Performance vor allem im kredit-sensitiveren Teil des Portfolios. Deshalb sind wir bereit, kurzfristig Geduld zu zeigen, wenn wir glauben, dass wir uns damit langfristig gegen dauerhaften Kapitalverlust schützen können", schrieb er in einer E-Mail an die Nachrichtenagentur Reuters.

Er glaube, dass MBS widerstandsfähiger seien als Unternehmenspapiere, wenn es mit der Konjunktur abwärts gehe. Auf längere Sicht schneidet der Income Fund immer noch besser ab als die meisten Konkurrenten: Auf drei Jahre liegt die annualisierte Rendite laut Morningstar bei 5,43 Prozent, auf zehn Jahre sogar bei 9,25 Prozent...

[faultcode]

21.11.
Kevin Keyes to Depart as Chairman, CEO and President of Annaly
https://www.wallstreet-online.de/nachricht/11923787-kevin-ke…

=>
Annaly Capital Management, Inc. (NYSE: NLY) (“Annaly” or the “Company”) announced today the departure of Kevin Keyes from his roles as Chairman, Chief Executive Officer (“CEO”) and President of the Company and member of the Board of Directors (the “Board”). The Board and Mr. Keyes have mutually agreed that his departure will be effective today. Mr. Keyes is retiring from the Company’s external manager, Annaly Management Company LLC (the “Manager”) and its affiliates; he will be available for consultation to ensure a smooth transition.
...
The Board has named Glenn Votek to serve as CEO and President on an interim basis. Mr. Votek has been elected to the Board and will also continue to serve as Chief Financial Officer.

The Board has formed a search committee and has commenced a search for a permanent CEO, including both internal and external candidates.

Mr. Votek has been instrumental in the development and execution of Annaly’s strategy, operations and oversight of the financial and technology functions. Mr. Votek, who joined Annaly in 2013, is a well-known industry veteran with more than 30 years of experience in financial services.

Prior to his role as CFO at Annaly, he served as Executive Vice President and Treasurer at CIT Group since 1999 and also President of Consumer Finance since 2012.

As part of the Company’s ongoing efforts to strengthen its corporate governance, the Board has separated the roles of Chair and CEO and named Independent Director Thomas Hamilton to serve as Chair of the Board. Mr. Hamilton, former Global Head of Securitized Product Trading and Banking and Head of Municipal Trading and Banking at Barclays Capital, has spent 24 years in leadership positions in the financial industry and has significant experience and expertise across fixed income markets.
...

[curacanne]

Antwort auf Beitrag Nr.: 61.994.606 von faultcode am 22.11.19 19:38:28

ein kaufen bei comdirekt heute war aus regulatorischen Gründen nicht möglich
Brexit?

[faultcode]

Antwort auf Beitrag Nr.: 62.588.503 von curacanne am 05.02.20 11:17:49

eigenartig. Gut, dünner Handel ist hierzulande:




NLY = US0357104092 hat aber mit UK und Brexit nichts zu tun.

Ich sehe auch keine besonderen News hier: https://www.annaly.com/

[curacanne]

Antwort auf Beitrag Nr.: 62.589.274 von faultcode am 05.02.20 12:19:41

danke für die Antwort, habe es noch einmal vergeblich versucht auf tradegate und in usa, werde die comdirekt mal anrufen, obwohl ....

[faultcode]

die Repo-Markt-Eingriffe der FED starteten so am ~11.9.2019

=> man könnte meinen, daß der Kursanstieg seitdem bei NLY kein Zufall ist:

[faultcode]

Antwort auf Beitrag Nr.: 61.994.606 von faultcode am 22.11.19 19:38:28

16.3.
Annaly Capital Management, Inc. Names David L. Finkelstein Chief Executive Officer
https://www.annaly.com/investors/news/press-releases/2020/03…
...
Annaly Capital Management, Inc. (NYSE: NLY) (“Annaly” or the “Company”) announced today the Board of Directors (the “Board”) has elected David L. Finkelstein as its Chief Executive Officer and a member of the Board, effective March 13, 2020.

Mr. Finkelstein will also retain his current role as Chief Investment Officer. Mr. Finkelstein succeeds Glenn Votek, who has acted as Interim CEO and President since November 2019. Mr. Votek has been named as Senior Advisor to the Company for an interim period to ensure a smooth and orderly transition and will support the Company thereafter as a continuing member of the Board.

The promotion of Mr. Finkelstein affirms the Board’s confidence in the depth of the Company’s senior management team and the Company’s strategic outlook and capabilities. The appointment is the result of a comprehensive search process conducted in partnership with the CEO Search Committee of the Board and a leading executive search firm, which included both internal and external candidates.

Mr. Finkelstein has demonstrated his leadership in shaping the Company’s investment and corporate strategy since joining Annaly in 2013. Mr. Finkelstein has 25 years of experience in fixed income investments. Prior to Annaly,Mr. Finkelstein served for four years as an Officer in the Markets Group of the Federal Reserve Bank of New York where he was the primary strategist and policy advisor for the MBS Purchase Program.

Previously, Mr. Finkelstein held senior Agency MBS trading positions at Salomon Smith Barney, Citigroup Inc. and Barclays PLC. Mr. Finkelstein received a B.A. in Business Administration from the University of Washington and a M.B.A. from the University of Chicago, Booth School of Business. Mr. Finkelstein also holds the Chartered Financial Analyst designation.
...

=> also eine interne Lösung

[faultcode]

nachdem ja die US-mREIT's zuletzt massiv unter die Räder gekommen sind:

25.3.
Why the commercial mortgage bond market looks dire right now
https://www.marketwatch.com/story/why-the-commercial-mortgag…
...
And by one important measure — bond bid lists — there are still parties out there looking to raise cash, reduce their risk or simply dump swaths of exposure.
...
Tom Barrack, chief executive of Colony Capital Inc, warned in a weekend post of a “domino effect” of margin calls, foreclosures and borrower defaults in the nearly $16 trillion U.S. commercial real estate debt market from the “invisible enemy” of COVID-19, the disease caused by the coronavirus.

Importantly, unlike corporate bonds, most commercial property bonds are not yet eligible for sweeping rescue facilities rolled out this month by the Federal Reserve to help restore order to rattled financial markets.
...
“Last week, most of the lists weren’t even getting bids,” said Adam Murphy, founder of Empirasign, a platform that tracks bond-trading activity. He also said that some sellers this week instead are turning to “all-or-nothing” lists.

“The reason for that can be twofold,” he said. “Either you get a margin call and need to liquidate multiple positions simultaneously. Or it’s people trying to find a more expedient method of transacting.”





__
Aus der Präsentation vom Februar 2020 (residential): die mit Abstand meisten Assets sind Agency MBS's:







Ich meine sogar, daß NLY ohne direkte US-Hilfe bei ~USD5 einen Boden gefunden haben könnte:
• auch in der Vergangenheit gab es -50%-Korrekturen (von USD20 --> USD10), nur diesmal halt extrem zügig (von USD10 --> USD5):



=> der 18.3. sollte der Washout-Tag (mMn) gewesen sein:




USD5 für eine Aktie heißt aber mMn auch, daß die Dividende mittelfristig halbiert werden wird, um von ~17% p.a. Div.-Rendite wieder auf ~8% p.a. z.B. zu kommen

[wallstreetmarc]

Antwort auf Beitrag Nr.: 63.133.513 von faultcode am 26.03.20 01:03:16

für mich nun bei 4 Dollar Kaufkurse. Mal wieder eine gute Spekulation gegen den "Systemuntergang".. wie 2008/2009 - und wenn der nicht kommt, sind hier über 100% plus mittelfritsig gut möglich.
Für etwas konsvervativere Anleger halte ich auch die Preferreds bei nun ca. 14 Dollar hochinteressant.
Ebenso bei AGNC.
Keine Empfehlung! Anlagen streuen!

[wallstreetmarc]

Antwort auf Beitrag Nr.: 63.237.114 von wallstreetmarc am 04.04.20 11:47:13

die Buchwerte sind wohl gerade auch ein Problem. Man weiss den Stand aktuell meist nicht.
Und da viel gehedgt wird, kann der Buchwert schon einbrechen gerade..
Aber manche Analysten gehen sogar von steigenden Dividenden ab Jahresende aus, weil sich die Zinsstrukturkurve gut entwickelt.

[faultcode]

Antwort auf Beitrag Nr.: 63.237.138 von wallstreetmarc am 04.04.20 11:50:12

ein großer Teil der aktuellen Probleme bei den mREIT's hängt wohl mit dem "Mark to Market"-Prinzip zusammen, zu dem die US-Banken auch zuletzt wieder griffen, und was zu vielen Margin Calls führte:

3.6.
How Banks Damaged Mortgage REITs
https://seekingalpha.com/article/4335912-how-banks-damaged-m…

• Some banks have been aggressive in seizing collateral to sell at fire-sale prices. Their action is one of the major forces driving the change in valuation.

• Their justification relies on mark-to-market accounting. While mark-to-market is a great concept, it has been abused over the last month.

• To demonstrate how mark-to-market accounting can destroy asset prices, we're applying the same financial model to the market for cars.

• A group containing many leading real estate investors is encouraging the government to step in and correct the issues. Similar pressure was needed in 2009 to reduce misguided regulatory pressure.

• Both Agency and non-agency MBS saw significant pressure during the quarter. The pressure on Agency MBS was dramatically reduced in late March when the Federal Reserve stepped in.

...
In light of these events, it is important for the Financial Accounting Standards Board (FASB) to take action to immediately suspend mark-to-market accounting. It is simply not possible to properly value assets in illiquid and non-functioning markets. The rationale for this view follows.

We are concerned that the "mark to market" or "fair value" (FAS 157) accounting rules will further exacerbate the growing financial crisis. As liquidity diminishes, the value of asset-backed securities (ABS) collateral (including commercial mortgage-backed securities, or CMBS) will continue to decline.

When the market-based measurement no longer accurately represents the underlying asset's true value, a company should not be forced to calculate the selling price of these assets or liabilities during unfavorable or volatile times, such as today's COVID-19 crisis.
...



Die Idee mit den Preferred Shares finde ich auch gut. Da gibt es z.B. die Reihen NLY-F und NLY-I
https://www.annaly.com/investors/stock-information/dividends…

https://finance.yahoo.com/quote/NLY-PF?p=NLY-PF

https://finance.yahoo.com/quote/NLY-PI?p=NLY-PI
https://www.wallstreet-online.de/aktien/annaly-capital-manag…

[wallstreetmarc]

Antwort auf Beitrag Nr.: 63.237.309 von faultcode am 04.04.20 12:17:39

Die Idee mit den Preferred Shares finde ich auch gut. Da gibt es z.B. die Reihen NLY-F und NLY-I


14 Dollar finde /fand ich schon extrem günstig.
Leider kam ich heute trotz 15 Dollar Limit noch nicht zum Zug.
Ich denke wenn sich die Lage wieder beruhigt in 2-3 Quartalen und auch die seitherigen Dividenden der Preferreds gezahlt werden, sind wir hier schnell wieder bei über 24 Dollar. Also Nahe Basis von 25 Dollar. - Dann hätte man einen satten Kursgewinn und super Verzinsung auf den jetztigen Kaufkurs.
Wenn das Wörtchen wenn nicht wär...

long Annaly & AGNC

[faultcode]

6.4.
Barrack Gives Up on Rescue, Says ‘We’re Fighting Politics’
https://www.bloomberg.com/news/articles/2020-04-06/barrack-g…
...
Barrack has called for a halt to the margin calls that have caused five REITs to enter forbearance discussions since mid-March.

The market for their non-government-backed commercial and residential debt evaporated as concerns over rent and mortgage payments during the shutdown increase. Banks have written down the value of their collateral, which generates margin calls.
...

--> das streift mMn nur am Rande mREIT's wie NLY (siehe Aufteilung in Beitrag Nr. 67), aber so wie es derzeit ausschaut, sieht es für den US-Immobilienmarkt in einigen Ecken unterhalb des Radar's der FED nicht gut aus

[wallstreetmarc]

Antwort auf Beitrag Nr.: 63.258.310 von faultcode am 07.04.20 02:04:26

hier scheint mir gerada sehr vviel an der Börse "Phychologie" getrieben zu sein und nicht Fundamental.
Ich hoffe der Spuk mit C19 ist bald zu Ende und das Leben läuft wieder in geordneteren Bahnen hin zur Normaliät.
Dann dürfte der aktuelle wirtschafliche Schaden für manche Branchen zur vorübergehender Natur sein.
Darauf spekuliere ich.
Geo Group ist so ein gutes anderes Beispiel aus dem REIT Bereich.. (REIT im privaten Strafvollzugssektor): hier wurde gestern die ganz normale Dividende erklärt.. aber die Angst (vor was genau weiss eigentlich keiner genau!..) hat den Kurs so runtergeprügelt, dass man hier vll nachhaltig fast 20 Prozent Dividendenrendite kassieren kann. Ebenso bei CoreCivic..
Oder eben bei Annaly. Vielleicht.

[wallstreetmarc]

Antwort auf Beitrag Nr.: 63.260.383 von wallstreetmarc am 07.04.20 09:48:21

news von gestern:

Book value per common share. We estimate that on a preliminary basis our book value per common share at March 31, 2020 was between $7.40 and $7.60

https://www.annaly.com/investors/news/press-releases/2020/04…



4,45 Dollar Schlusskurs gestern in NY.
Und das bei einem Buchwert, fast komplett in sicheren MBS von ca. 7,50 Dollar!
Mit Aussicht auf Dividendensteigerung ca. Ende des Jahres. (Eventull kleine Divikürzung im nächsten Quartal auf vll 0,20 Dollar)

Nachbörslich PLUS 24,7 Prozent auf 5,55 Dollar. - Eigentlich immer noch reichlich unterbewertet.
Nur meine Meinung.

[faultcode]

das WSJ, idR gut informiert, mit dieser Meldung:

7.4.
Fannie, Freddie Unlikely to Aid Mortgage Companies as Payments Dry Up, FHFA Chief Says
Mark Calabria says he sees no evidence of systemic crisis among nonbank servicers
https://www.wsj.com/articles/fannie-freddie-unlikely-to-aid-…

A top U.S. housing-market regulator said he isn’t likely to heed mortgage companies’ calls to help ease the cash-flow crunch they are expecting when Americans who lose their jobs stop making mortgage payments.

Mark Calabria, who leads the Federal Housing Finance Agency, described industry concerns as “spin.” In an interview on Tuesday, he also said he doesn’t see it as the role of government-backed housing-finance giants Fannie Mae and Freddie Mac, which he oversees, to help the mortgage companies.
...

=> sowas kann zur Verunsicherung beitragen.

Einerseits ist der Trump-Clan tief drin in Real estate, auf der anderen Seite lässt die Pelosi in die Hilfspakete immer reinschreiben, daß die Administration, also Trump und Co., nicht Teil eines Bailouts sein darf.

=> die Dinge bleiben im Fluss

[faultcode]

Antwort auf Beitrag Nr.: 63.273.775 von faultcode am 08.04.20 11:47:06

...
https://seekingalpha.com/article/4382449-annaly-capital-stil…

[faultcode]

Antwort auf Beitrag Nr.: 65.548.849 von faultcode am 30.10.20 13:32:20

gefällige 2020Q3-Zahlen:


...

[faultcode]

Antwort auf Beitrag Nr.: 65.570.264 von faultcode am 02.11.20 14:34:31

..eigentlich einen ganzen, guten Lauf den Sommer 2020 über:

[faultcode]

zum Jahresende gab's noch dieses Nachfolge-Programm:

31.12.2020
Annaly Capital Management, Inc. Announces Share Repurchase Program of $1.5 Billion
https://www.wallstreet-online.de/nachricht/13317951-annaly-c…
...
Annaly Capital Management, Inc. (NYSE:NLY) (“Annaly” or the “Company”) today announced that its Board of Directors has authorized a new share repurchase program. Under the repurchase program, the Company may repurchase up to $1.5 billion of its outstanding shares of common stock through December 31, 2021.

The new repurchase program replaces the Company’s existing $1.5 billion share repurchase program, which expires on December 31, 2020.
...

[DWL33]

Antwort auf Beitrag Nr.: 66.399.104 von faultcode am 12.01.21 14:01:28

Top Basisinvestment (wie auch AGNC) mit aktuell 10,5% Dividendenrendite bei relativ geringem Risiko. Ich rechne mit steigenden Gewinnen ggü. Vorjahr und einer Dividendenerhöhung in diesem Jahr. Der Gewinn hängt vom Zinsspread ab, dieser ist aktuell sehr günstig für agency mREITs und auch der Ausblick positiv.

Lesenswert für weitere Infos sind die Seeking Alpha Beiträge von Rida Morwa zu diesem Wert und auch AGNC.

[DWL33]

https://seekingalpha.com/article/4401463-getting-paid-on-ann…
https://seekingalpha.com/article/4403096-annaly-catch-divide…
https://seekingalpha.com/article/4396903-annaly-capitals-bv-…
https://seekingalpha.com/article/4398945-annaly-capitals-div…

Drei Experten - ein Fazit: Kaufen!

[faultcode]

...

https://www.annaly.com/investors/news/press-releases/2021

[faultcode]

Antwort auf Beitrag Nr.: 66.940.991 von faultcode am 10.02.21 22:35:28

neues 52-Wochen-Hoch:

es ist nicht zu übersehen: NLY profitiert von steigenden US-Zinsen (zumindest in der Wahrnehmung):

[faultcode]

Annaly Capital Management, Inc. Announces Agreement to Sell Its Commercial Real Estate Business to Slate Asset Management for $2.33 Billion
https://www.annaly.com/investors/news/press-releases/2021/03…

Mar 25, 2021

NEW YORK--(BUSINESS WIRE)-- Annaly Capital Management, Inc. (NYSE: NLY) (“Annaly” or the “Company”) today announced that it has entered into a definitive agreement to sell its Commercial Real Estate business to Slate Asset Management L.P. (“Slate”), a global investment and asset management firm focused on real estate.

The transaction is valued at $2.33 billion and represents substantially all of the assets that comprise the Company’s Commercial Real Estate business, which include equity interests, loan assets and commercial mortgage-backed securities. Certain Annaly employees who primarily support the Commercial Real Estate business are expected to join Slate upon completion of the sale, including Timothy Gallagher, Head of Commercial Real Estate, and Michael Quinn, Head of Commercial Investments.

“The Commercial Real Estate business has been an important component of Annaly’s differentiated investment model since 2013,” remarked David Finkelstein, Annaly’s Chief Executive Officer and Chief Investment Officer. “This transaction delivers compelling execution for our shareholders and will provide additional capacity to further expand our leadership and operational capabilities across all aspects of the residential mortgage finance market, which has been the cornerstone of Annaly’s strategy since our founding. On behalf of our entire Company and Board of Directors, I want to sincerely thank all of the employees who have supported and built our Commercial Real Estate business over the years.”
...

[morimori]

Der Verwaltungsrat von Annaly Capital Management, Inc. (NYSE: NLY) ("Annaly" oder das "Unternehmen") hat für das vierte Quartal 2021 eine Bardividende von 0,22 US-Dollar je Stammaktie beschlossen. Diese Dividende ist am 31. Januar 2022 an die am 31. Dezember 2021 eingetragenen Stammaktionäre zahlbar. Das Ex-Dividenden-Datum ist der 30. Dezember 2021.

https://www.wallstreet-online.de/nachricht/14787467-annaly-c…

das am 30. September 2021 endende Quartal.

Finanzielle Höhepunkte

GAAP-Nettogewinn von 0,34 US-Dollar pro durchschnittlicher Stammaktie für das Quartal
Ausschüttungsfähiger Gewinn (EAD") von 0,28 $ pro durchschnittlicher Stammaktie im Quartal, ein Rückgang von 0,02 $ gegenüber dem Vorquartal bei einer Dividendenabdeckung von +125 %.
Ökonomische Rendite und materielle ökonomische Rendite von 2,9 % für das Quartal
Annualisierte GAAP-Eigenkapitalrendite von 15,3% und annualisierte EAD-Eigenkapitalrendite von 12,8%
Buchwert pro Stammaktie von 8,39 US-Dollar, 0,02 US-Dollar mehr als im Vorquartal
GAAP-Verschuldungsgrad von 4,4x gegenüber 4,7x im Vorquartal; wirtschaftlicher Verschuldungsgrad von 5,8x unverändert gegenüber dem Vorquartal
Auszahlung einer vierteljährlichen Bardividende für Stammaktien in Höhe von 0,22 US-Dollar pro Aktie

Geschäftliche Höhepunkte

Investitionen und Strategie

Gesamtvermögen von 94,2 Milliarden US-Dollar (1), wobei das Agency-Portfolio 92% des Gesamtvermögens ausmacht
Annaly erhöhte ihr Agency-Portfolio im Quartal um fast 3,0 Mrd. $ durch Umschichtung von Kapital aus dem Verkauf des Commercial Real Estate Business
Das Portfolio der Mortgage Servicing Rights ("MSR"), das das Agency-Portfolio ergänzt, stieg im Quartalsvergleich um 41% und machte 4% des dedizierten Kapitals aus(2)
Die Annaly Residential Credit Group, die 21% des dedizierten Kapitals(3) ausmacht, hat nun die Größe des Portfolios vor der COVID-Initiative übertroffen, da die Gruppe ihre Strategie weiter umsetzt
Kauf von ganzen Krediten in Höhe von ca. 1,4 Mrd. USD im Laufe des Quartals
Schließung des ersten privaten geschlossenen Middle Market Lending-Fonds nach Quartalsende, wobei 371 Millionen US-Dollar an Fremdkapital aufgebracht wurden, die vollständig in Vermögenswerte von fast 450 Millionen US-Dollar investiert wurden
Abschluss des zuvor angekündigten Verkaufs des gewerblichen Immobiliengeschäfts von Annaly in Höhe von 2,33 Milliarden US-Dollar im Laufe des Quartals(4)


Übersetzt mit www.DeepL.com/Translator (kostenlose Version)
https://www.annaly.com/investors/news/press-releases/2021/10…

[Brenger]

Moin
In verschiedenen Artikeln kann man lesen, dass Annaly ein Profiteur der anstahenden Zinsschritte sein sollte. Die ein oder andere gegeteilige Meinung ist allerdings auch zu finden.
Wie sind Eure Erwartungen?
Ich selbst bin investiert und gehe von einem Ende dieses stetigen Ausblutens aus.

[faultcode]

FY2021:
https://www.annaly.com/investors/news/press-releases/2022

...
“As financial market volatility has increased in anticipation of monetary policy normalization, our portfolio is well prepared for periods of turbulence with historically low leverage, a conservatively hedged portfolio and disciplined asset allocation across the spectrum of housing finance.

Despite the volatility, we are encouraged by improving investment returns in Agency MBS and are poised to capitalize on attractive opportunities as they arise.”
...



...

[Brenger]

Danke, lässt hoffen...

[guteboerseboeseboerse]

Bin schon einige Jahre in NLY investiert und hab heute nochmal unter 7 $ nachgelegt. So weit unter NAV kriegt man sie selten. Hoffe die Mortage-Reits kriegen jetzt endlich mal die Kurve. Sind ja alle kräftig unter die Räder gekommen. Wenn die Schwäche anhält kauf ich weiter zu. Die Dividende halte ich für absolut save. Trotz niedrigem Leverage ist diese gut gecovered.

[faultcode]

2022Q1
https://www.annaly.com/investors/news/press-releases/2022/04…

...

...

[theinfonaut]

Annaly Capital Management proposes offering of 100M common shares

Net proceeds of this offering will be used to acquire targeted assets under the company’s capital allocation policy, which may include further diversification of its investments in agency assets as well as residential credit assets.
https://seekingalpha.com/news/3839431-annaly-capital-managem…

[Ascendor]

Ich habe mich hier lange mit der hohen Dividende getröstet, aber habe heute morgen den gesamten Posten verkauft

[faultcode]

Antwort auf Beitrag Nr.: 67.516.379 von faultcode am 18.03.21 19:01:00

18.03.2021

Zitat von faultcode: neues 52-Wochen-Hoch:

es ist nicht zu übersehen: NLY profitiert von steigenden US-Zinsen (zumindest in der Wahrnehmung):
...

diese Aussage stimmt wahrscheinlich so nicht

Denn: bei steigenden US-Zinsen nimmt der Buchwert des Bestand-Portfolios bei Annaly Capital Management in Tendenz ab und damit der Buchwert pro Stammaktie

Und der Aktienkurs (common stock; $NLY) korreliert statistisch ganz klar relevant mit dem Buchwert pro Aktie ($NLY), so wie von Annaly in den Jahresberichten ausgewiesen:




Die anderen beiden Korrelationen zum U.S.-Zinsniveau (kurzfristig) und zur Dividenden-Rendite lassen zwar Tendenzen erkennen, sind aber statistisch nicht relevant.

Oder anders ausgedrückt: die Dividenden-Rendite bei $NLY wird nicht maßgeblich vom Faktor "Buchwert pro Aktie" bestimmt

Ich habe auch das Gefühl, daß die YCC der FED (Yield Curve Control) heutzutage nicht mehr das Maß aller Dinge ist. Reverse Repo und andere Tools für eine Quantative Easening (QE) oder Quantative Tightening (QT) an allen möglichen Stellen entlang der Zinskurve spielen mMn auch eine große Rolle heutzutage, ohne daß groß an den Zinsen herumgeschraubt wird.


Nebenbei: man könnte auch noch länger als bis 2012 zurückgehen, also bis zum IPOP, aber das wäre mit erhöhtem Aufwand verbunden, da Annaly erst ab 2012 den "Common stock book value per share" bequemerweise ausweist

[faultcode]

Antwort auf Beitrag Nr.: 71.687.149 von faultcode am 31.05.22 12:59:40

erst quasi ein "Turnaround Gap" und nun steht man kurz vor einem wichtigen Widerstand:

[faultcode]

Antwort auf Beitrag Nr.: 71.851.889 von faultcode am 24.06.22 16:41:54

Q2:
https://www.annaly.com/investors

...

...

[faultcode]

Annaly Capital Management fängt an mir auf die Nerven zu gehen:

1.8.
Annaly Capital Management, Inc. Announces Public Offering of Common Stock
https://www.wallstreet-online.de/nachricht/15765018-annaly-c…
...
Annaly intends to use the net proceeds of this offering to acquire targeted assets under the Company’s capital allocation policy, which may include further diversification of its investments in Agency assets as well as residential credit assets. These investments include, without limitation, Agency MBS pools, to-be-announced forward contracts, mortgage servicing rights and residential credit assets (including residential mortgage loans). Annaly also intends to use the net proceeds for general corporate purposes, including, without limitation, to pay down obligations and other working capital items.
...

=>

[Brenger]

... hmmm, reverse Split 4 zu 1...

Abgesehen vom Aufhübschen, warum?

[Mertei]

Antwort auf Beitrag Nr.: 72.370.448 von Brenger am 09.09.22 16:05:14

Damit die Bude kein Pennystock wird, durch den Reverse Split hat man jetzt wieder genug Abstand zur 1$ Marke.

[Fernstudent]

Hatte das mit dem Reverse Split jetzt erst mitbekommen.
Die Quartalsdividende soll jedoch unverändert (4 x 0,22$ = 0,88$) gezahlt werden. Auf Trade Republic wird immer noch ein Kurs von 5,79 angegeben
Ist bei mir im Depot eh nur eine relativ kleine Position. Deshalb werde ich sie zunächst halten

[rokz]

Bald wieder beim Kurs vor dem Split, Schrottaktie fällt seit 10 Jahren

[Bluetenpracht]

Antwort auf Beitrag Nr.: 72.494.850 von rokz am 29.09.22 15:57:30

Schrottaktie fällt seit 10 Jahren

hab das mal kurz grob für die Performance überschlagen. Vor 10 Jahren stand der REIT bei ca. 17 Dollar. Heute steht die Aktie bei 4-5 Dollar, wenn man den Resplit zum Vergleich mal rausrechnet. Ist ca 12-13 Dollar Kursrückgang. - So viel Divi gab es aber ca. auch in dieser Zeit. Also ein Nullsummenspiel ca.- Als Euroanleger aber aktuell sogar ca. 30 Prozent plus, weil der Dollar so viel stärker geworden ist. - Also die Performance ist eigentlich weder schlecht noch gut.

[Bluetenpracht]

Demzufolge kann man mit einer Dividenden starken Aktie, die im Kurs klar und stark fällt, sogar Gewinne machen.
Zur Stabilisierung im Depot bleibt Annaly drin! Mir gefällt, dass sie in der Historie gerne auch mal gegen den Allgemeinmarkt lief und so das Depot stabilisieren kann.

[Bluetenpracht]

Und jetzt schauen wir mal 10 Jahre weiter. Zur Zeit zahlt Annaly gut 3,50 Dollar im Jahr.
Bei stabiler Divi wären das 35 Dollar in 10 Jahren.. Da ist also noch ordentlich Puffer für Divikürzungen drin, damit man in 10 Jahren Verlust macht, wenn man jetzt für 18 Dollar einsteigt. Bei gleichbleibender Dividende wäre man in gut 5 Jahren schon als jedem Verlustrisiko! - Der Traum jedes Aktionärs..

[Bluetenpracht]

Antwort auf Beitrag Nr.: 72.700.841 von Bluetenpracht am 06.11.22 18:09:22

aus 'als' wird 'aus'.

[bödel]

wollte über Comdirect kaufen nicht handelbar habe auch andere Reits versucht auch nicht handelbar aus welchen Grund bei Comdirect nicht handelbar????
Diese habe ich versucht über Comdrect zu handeln kommt immer Fehlermeldung:
Armour Residential
Annaly Capital
AGNC Investment
Hier Fehler Meldung: Für dieses Wertpapier ist der Kauf aus regulatorischen Gründen nicht zugelassen.

[bödel]

Antwort auf Beitrag Nr.: 72.494.850 von rokz am 29.09.22 15:57:30

Boden ist gefunden.

.

[bödel]

https://www.fool.com/investing/2022/11/17/better-buy-agnc-in…
.

[bödel]

https://seekingalpha.com/news/3918408-annaly-capital-gets-ne…

[Brenger]

Jetzt wird es chartmäßig langsam spannend oder anders gesagt : Mal schauen wie weit die Puste diesmal reicht... Irgendwie fühlt sich das nach einer gewissen Stärke an, was in letzter Zeit gezeigt wird. Drücken wir die Daumen...

[AUGE204]

Höhere Hypothekenzinsen (Zinspolitik)

könnte sogar noch nebenbei ne positive Spekulation werden ,
selbst wenn die Quartalsdividende etwas nach unten korregiert wird.

[wbkruflori]

Meinungen zu den Zahlen vom 07.02.2023?

[bödel]

September werden Div. bekannt gegeben weiß jemand wann genau und wieviel Q. Div.??
Danke

[bödel]

Jahres Div. 13%

https://www.nasdaq.com/market-activity/stocks/nly/dividend-h…

[Crestedbutte]

es bleibt bei 0,65 USD/ Qu. fürs 3.Quartal

https://www.nasdaq.com/press-release/annaly-capital-manageme…

[Nobody_79]

Heute nachgekauft, Ziel Einstandskurs senken. Bleibe überzeugt

[Nobody_79]

Erneut nachgekauft. 20,6 neuer Einstand.

[Nobody_79]

Ausbruch nach oben wäre mal gut ;-)

Jetzt wiederholt an 18,5 abgeprallt

[Nobody_79]

Heute nachgekauft, Dividendenabschlag hilft, Einstand neu 20,16

[Nobody_79]

Weiterer Nachkauf, Einstand jetzt 19.98

[Nobody_79]

Weiterer Nachkauf, 19,73

[Nobody_79]

Weitere Nachkauforder platziert

[Nobody_79]

Einstand jetzt 19,29
Maximum erreicht, spannend ob der Ausbruch über die SMAs bei 19 klappt, down gap wartet noch, Stochastik hat noch etwas Luft, aber kann auch erstmal zum Durchatmen kommen. Bin gespannt.

[Nobody_79]

Ausbruch über SMAs, mit Upgap, kann heute noch geschlossen, Kurse bei 19,3$, Indikatoren leider schon gut gelaufen, gut wäre nachhaltiges Halten der 19,20$ Dollar Zone