Not to mention, pricing in a dividend cut. NLY has been through plenty over the years and QE isn't really working at keeping short-term yields down anyway. Once the Fed stops buying bonds and hand-checking mreits with their inferences, this company will be much the better.
Here's the real problem. Officers and directors are still getting paid 7 million dollars a year in salaries plus free stock. I posted this last year and the year before saying that this could not last. I was not short this stock; in fact bought in and out 3 times but the profits need to be huge just to break even with their unreal salaries. Just my 2 cents also.
Your two cents worth is right on the money. Now with the disclosure rules management made it will be more difficult to see their compensation. The leadership knows compensation is out of control compared to earnings and now they are making it very difficult for shareholders to really see how they pay themselves. This stock is going much lower so hold off buying unless you like to average down when stock price moves lower. Current book value is moving lower as will dividends and rising interest rates are still to come..