I agree Rich. I got a year ending special div. on a pimco fund a few years ago, and it was already paying at the time a monthly div. It made for a nice holiday. I am holding long and have recently added to NLY. Even if the div. is cut to .45 per share,that would still be well over 10-12%. At todays price (14.30), I'll be adding more over the next two weeks. Good Luck!
But Mangan, its not just the dividend. A drop in dividend usually correlates to a drop in shareprice. And the drop in shareprice could wipe out the payment of the dividend. So you've got to ask yourself, will the shareprice continue to drop or not? With the Fed buying up $40B dollars of MBS's every month ad infinitum, what will happen to NLY profits? Very scary indeed. In any case, good luck with your investments.