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Annaly CEO Says REIT Is No Apple When It Comes to Share Buybacks

Annaly Capital Management Inc. is no mood to give shareholders an easy boost by buying back stock, according to Chief Executive Officer Wellington Denahan.

The firm -- the largest real-estate investment trust that buys mortgage debt -- is facing questions about repurchases with its shares trading below a measure of the net value of its assets, Denahan said Thursday on an earnings call. As a REIT, it pays out its profits each quarter as dividends, so buybacks would come out of the capital it uses to invest, she said.