I hate to be the bearer of bad news, but I feel I must. In my opinion, Annaly Capital Management (NYSE:NLY) should be avoided by all but the least risk-averse investors.

There are a number of reasons for this, but all of them coalesce around two issues. First, it's my opinion that Annaly's management has taken inexcusable liberties to enrich themselves at the expense of shareholders. Its recent decision to externalize the mortgage REIT's management to a private company wholly owned by said executives is just one of many examples.

And second, I believe the economic forces which allowed Annaly to outperform in the years following the financial crisis are over. The decades-long trend of declining interest rates has given way to a rebound in borrowing costs that will both increase Annaly's cost of funds and decrease the value of its portfolio of mortgage-backed securities.

In short, it seems to me that Annaly's best days are almost certainly in the rearview mirror. It's with this in mind, in turn, that I decided to lay out the nine biggest reasons I'd never buy shares in the high-yielding mortgage REIT. To see the complete list, simply scroll through the presentation below.