I happen not to like common shares for any REIT. I think that NLYpC is a better buy at this time. It is now selling at over an n8% yield.I MHO I think that the yield on NLYpc and NLYpA will should be about the same.
Conversely if the management can not control demand for NLY shares, management buys could be taken only as their confidence that things they can control perform well. Logically you could suggest that the current company operations including hedging would make money for the management me and you. Once the demand picks up.