I've tried both here and on the NLY common board to inspire some interest in the NLY preferred, with no luck. There seem to be dozens of people writing about the common, but the preferred has been a superstar with virtually no risk, and no interest by investors (at least those here). The stock pays an extremely well-protected and safe dividend of $1.97 per share, which even at today's price produces a yield of more than 11%. The stock price fell, as did all others, in the Bush recession, but its price that was $12.75 on March 3, then $14.25 on June 1, is now $17.28. I can't figure out why the stock price isn't $25. For buy and hold, income investors, this is gem that's under-appreciated.
Thomcob, I have had a small position in NLY preferred A for quite some time. I am also concerned that it is callable since I recently doubled my position. I want to thank you for your earlier posts on NLY’s common stock which I have held for several years. My only regret is that I would have taken a much larger position! I am in the processes of increasing my position on Annaly’s common stock (NLY). I plan to watch it like a mother hen but would appreciate any comments you have on either NLY-PA or NLY.
I own a bunch on NLYPRA as well .. the good news is that you can keep buying it at a yield of 8% plus. The same can be said for other preffereds of MREITs .. such as MFA preffered .. I think people just don't understand this stuff, and its too illiquid for smart institutional investors to play in. Le's keep it our secret.