Most likely....Unless they make more secondary offerings to cover the current dividend. This company is one of the most poorly managed companies in this sector. Fundamentals keep deteriorating every quarter. Wouldn't be surprised to see this POS take a 30-50% dive by the end of this year.
Rarely has NLY paid the same dividend in more than two consecutive quarters. It's the nature of the financial markets to fluctuate: sometimes the dividend goes up, sometimes it goes down. So Yes, at times the dividend will be cut. The history of the stock, however, suggests that we will see an increase at some point.