@JBL This is a very risky REIT to invest in. The reason is the total debt is over 6 times higher than the current market cap of the company. The P/E ratio is over 50. The cash per share would still make the debt per share roughly 6 times what is trading for now.
http://finance.yahoo.com/q/ks?s=NLY+Key+Statistics

Louis Navellier rates the stock a hold:
http://navelliergrowth.investorplace.com/portfolio-grader/report-card.html

MSN Money gives them a high rating:
http://investing.money.msn.com/investments/stock-price?Symbol=NLy&ocid=qbeb

Look at the valuation metrics:
http://financials.morningstar.com/valuation/price-ratio.html?t=NLY&region=USA&culture=en-US

The Agency Mortgage REIT sector is very specific, basically working with the spread between borrowing funds and the interest rate on mortgage backed securities, and then leveraging this 5-8 times. Essentially the dangers here consist of early redemptions, interest rate changes, yield curve changes and such. At the moment the analyst community seems to feel that yields will go down, but relatively speaking they will still be at the top of the heap.

JBL here again. I also like HTS, CIM and AGNC for the same reasons. Again, any comments appreciated.

Anybody else like NLY for it's long term up price chart and its 15% dividend? I know some of the fundamentals are scary, but the performance of this stock and its high dividend make it appealing for portfolios that need income. Any comments appreciated.