What's in a name? Apparently a great deal for Income Investor selection AnnalyCapital Management (NYSE:NLY), which along with its second-quarter earnings release announced it was switching the Mortgage Management part of its name to Capital Management.

Annaly's performance, on the other hand, doesn't look all that different. Annaly is showing signs of gradual improvement, as interest income for the quarter returned to the same level as last year and losses on other-than-temporarily impaired securities continues to decline. But the spread on what the company can purchase in mortgage securities compared with the cost of funds remained flat.

The other items to note are that Annaly added interest-rate swaps to protect it against further increases in interest rates, and its leverage -- a measure of debt -- is now at 11.5 to 1, better than the 10.2 to 1 from last quarter and near the top end of the company's targeted range, which is 8 to 1 to 12 to 1.

As did banks such as BB&T (NYSE:BBT) and a number of property real estate investment trusts with floating-rate debt such as General Growth Properties (NYSE:GGP), Annaly mentioned in its press release that it would benefit should the Fed pause in its tightening. When I was growing up, I sometimes remarked that life would be so much better if only something that was working against me would go my way. I often heard: They want ice water in hell, too, so toughen up!

That may sound harsh, but it makes the point that some things can't be controlled, and you have to live with or adjust to them. I'm sure Annaly realizes this and is simply pointing out that its portfolio of investments would perform better under more ideal circumstances, and I don't disagree. In fact, if you believe that interest rate increases are near their end, then Annaly is certainly a company worth taking a look at.

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At the time of publication, Nathan Parmelee owned shares in BB&T and Annaly Capital Management but had no financial interest in any of the other companies mentioned. The Motley Fool has an ironclad disclosure policy.