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Annaly Capital Management

NLY position long Jim Grant

Thesis

Annaly Capital Management is a mortgage real estate investment trust that trades at 83% of book value and yields 11.4%, making it a reasonable risk for income-seeking investors.

Did it work?

inconclusive confidence: low

The pitch is a valuation/income thesis — buying NLY at a discount to book value for an 11.4% yield — with no stated catalyst, price target, or horizon. No price performance data is available, and there is no way to verify whether the discount to book narrowed, the dividend was sustained, or total returns satisfied an income investor. With neither price data nor confirmable thesis events, no verdict can be reached.