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Eric J. Hagen

Managing Director and Mortgage & Specialty Finance Analyst at BTIG LLC

Eric J. Hagen is a Managing Director and Mortgage & Specialty Finance Analyst at BTIG LLC, specializing in research and analysis of public and private mortgage and specialty finance companies including real estate investment trusts (REITs) and home equity debt providers. He has covered major firms in the sector and is recognized for his robust investment strategies and insightful commentary, with a notable track record of publishing actionable research and recommendations, though specific success rates and performance rankings are not publicly disclosed. Hagen began his finance career as an Analyst at the U.S. Department of the Treasury before serving as Director at KBW from 2014 to 2020, joining BTIG in October 2020. He holds a BBA in Finance from The George Washington University, a master’s in Real Estate Finance from Georgetown University, is a CFA charterholder, and maintains FINRA securities registrations through BTIG LLC.

Eric J. Hagen's questions to ANNALY CAPITAL MANAGEMENT (NLY) leadership

Question · Q3 2025

Eric J. Hagen asked about the possibility of Annaly returning to a duration gap strategy and how the company weighs risk-taking, as well as the impact of GSEs potentially becoming more active buyers of Agency MBS.

Answer

David Finkelstein, CEO and Co-Chief Investment Officer, explained that Annaly currently runs a near-zero duration gap due to market uncertainty but may take a longer duration approach if conditions change. He also commented that while GSE activity has been limited, market expectations exist, and their presence could stabilize spreads if well-regulated.

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