Annaly Capital Management (NLY) stock: Winston Score and insider trades

Annaly Capital Management is one of the largest mortgage real estate investment trusts (mREITs) in the United States. Instead of owning physical buildings, it invests in mortgage-backed securities — essentially bundles of home loans — along with other mortgage-related assets. Its "customers" are really the broader housing finance market, and it plays a behind-the-scenes role in helping fund American homeownership. Annaly makes money by borrowing at short-term interest rates and investing in longer-term mortgage assets that pay higher rates, pocketing the difference called the "net interest spread." It operates almost entirely in the U.S. and is one of the biggest players in its space, with over $70 billion in assets. Because its profits depend heavily on the gap between short- and long-term interest rates, rising or unpredictable rate environments are its biggest ongoing risk — when that spread narrows, earnings can fall quickly.

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