With shares of Annaly Capital Management (NYSE:NLY) down over 20% since the start of 2013, many value-seeking investors have surely turned their eyes toward the high-yielding mortgage REIT. But as always, there is more to the Annaly investing story than a double-digit dividend yield and a discount to its book value; investors need to understand any looming risks that could threaten that juicy dividend or the REIT's loan book.

With that in mind, we asked three Motley Fool contributors who follow Annaly to each highlight what they see as the biggest risk for the company going forward.

John Maxfield has no position in any stocks mentioned. Jordan Wathen has no position in any stocks mentioned. Patrick Morris has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.