Annaly Capital Management: Buy, Sell, or Hold?

If you spent the dividend income you collected instead of reinvesting it, you would have been left with less income and less capital. That's not the outcome any passive income investor would want. But notice the blue line on the chart above (the dividend yield): It has consistently been in the double digits. That's a function of the math behind dividend yields, but it shows that Annaly has always looked like an attractive dividend stock even though it has pretty reliably not been an attractive dividend stoc ...