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dav1234

02/06/13 4:58 PM

#575873 RE: dav1234 #575872

More on Annaly (NLY) Q4 earnings: Book value of $15.85 down from $16.60 in Q3. Net interest margin of 0.95%, down 7 bps from Q3, down 76 bps from a year ago. Leverage of 6.5X. A trader does the math: 6.5 times 0.95% equals 6.17% sustainable dividend yield before expenses (and hedges). CEO Denahan: "Decisions made by policymakers continue to have exceptional influence on pricing and behavior." Shares -0.1% AH