How Risky Is Annaly Capital?

With a dividend yield of more than 14%, it is hard not to be interested in Annaly Capital (NLY), the largest mortgage REIT.  At Arixa Capital we manage a portfolio of real estate loans...a miniature version of a mortgage REIT.  In a two-part article for Seeking Alpha, Jan Brzeski applies his expertise as a real estate fund manager to analyzing the risks inherent in Annaly Capital's business model. To read part 1, please click here.

To read part 2, please click here.