NEW YORK ( TheStreet) -- Annaly Capital Management ( NLY - Get Report) will reward its shareholders with an increased dividend.

The real estate investment trust said this week it will pay its shareholders a quarterly dividend of 65 cents a share, up from its prior payout of 62 cents.

That represents a 4.8% increase, and brings Annaly Capital's dividend yield to around 14.1%.

Annaly Capital shares rose 0.3% in premarket trading Wednesday.

On May 5 , Annaly Capital said it doubled its quarterly earnings year over year.

The REIT booked net income of $699.9 million, or 92 cents a share, up from $281.1 million, or 50 cents a share, in the year-earlier period.

Adjusted for one-time items, Annaly's profit came to $530.6 million, or 70 cents a share, topping expectations for earnings of 59 cents.

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Annaly unloaded $4.2 billion of mortgage-backed securities and agency debentures in the recent quarter, resulting in a realized gain of $27.2 million.

It also issued 72.5 million common shares through two separate public offerings, producing total net proceeds of $2.9 billion.

Annaly Capital is a New York City-based REIT, which is engaged in the business of investing, on a leveraged basis, in mortgage pass-through certificates, collateralized mortgage obligations and other mortgage-backed securities.

-- Written by Miriam Marcus Reimer in New York.

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