Going forward, the dividend will be representative of true earnings power, says Annaly (NLY -3.8%) CEO Wellington Denahan leading off the earnings call, and management feels comfortable with the current payout of $0.30 per share in quarters ahead.
Did Annaly get caught looking at the dots? This quarter's surprising decline in income came as the cost of funds rose 24 basis points and the average yield on assets fell 29 basis points. "Just a behemoth adrift," sighs one mREIT veteran.
Commercial real estate: Annaly boosted the portfolio in Q1 and has hooked up with Inland Real Estate (IRC) for a pipeline into new deals.
Webcast and presentation slides