Annaly Capital Management slipped 1.5% to about US$18 in Thursday trading, extending a rough few months just as the mortgage real estate investment trust dropped its Q3 2026 scorecard. On the surface you see a sharp quarterly net loss and a hit to book value per share, which fell to US$17.86. The market is trading that setback quickly. Income investors will be far more focused on one question over the next few years: earnings available for distribution of US$0.80 per share still covered the US$0.75 dividend, even as economic return for the quarter turned deeply negative.

Enjoy the US$0.75 income stream from Annaly Capital Management but concerned about the recent hit to book value and economic return? Compare that…