The focus of PART 1 of this article is to analyze Annaly Capital Management, Inc.’s (NYSE:NLY) recent results and compare several of the company’s metrics to 19 mortgage real estate investment trust (mREIT) peers. This analysis will show past and current data with supporting documentation within four tables. Table 1a will compare NLY’s mortgage-backed securities (“MBS”)/investment composition, recent leverage, hedging coverage ratio, and change in investment portfolio size to the 19 mREIT peers. Table 1b will compare NLY’s BV, economic return (loss), and premium (discount) to estimated CURRENT BV using stock prices as of 9/1/2023 to the 19 mREIT peers.