Aggregate issuance under our OBX shelf has now reached 4.5 billion across 11 transactions since 2018. David L. Finkelstein, who has been serving as Annaly's Chief Investment Officer, Agency and RMBS, has been named Annaly's . As a result we ran numerous scenarios in excess of 20, to determine the appropriate amount of Cecil reserves to the quarter and ultimately booked reserves that were considerably more conservative than our base case scenario. With the improved stability in the financial markets, we've seen an improvement of lenders appetite to finance credit assets particularly in the residential space in anticipation of the expiration of our FHLB membership in February of 2021, we're executing an offset financing strategy involving committed funding facilities for our residential credit business and as David mentioned, we maintain a strong presence in residential securitization market. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. Compensation Ownership; David . When expanded it provides a list of search options that will switch the search inputs to match the current selection. All proxy statements are public filings made available to the general public by the SEC. David L. Finkelstein is CEO and Chief Investment Officer of Annaly. Mr. Finkelstein was elected to serve as a director of Annaly in March 2020. Please go ahead. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. Mr. Hamiltons prior roles at Barclays include serving as the Global Head of Securitized Product Trading and Banking, in which capacity he was responsible for the build out of the Barclayss Global Securitized Product businesses, and as the Head of Municipal Trading and Investment Banking. The report demonstrates Annalys continued focus on setting and measuring progress on environmental, social and governance (ESG) goals, as well as its commitment to providing increased disclosure and transparency. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. and LL.M. Prior to the merger, Mr. Hamilton had served as Chairman of the Board of Chondrial Therapeutics, Inc., a biotechnology company he started to cure a rare neurodegenerative disease called Friedreichs Ataxia, since 2013. Please go ahead. During this call, we may present both GAAP and non-GAAP financial measures. Our efficiency metrics changed modestly relative to Q1 being 2.1% of equity for the second quarter in comparison to 1.98%. Mr. Haylon has previously served on the boards of Aberdeen Asset Management and Phoenix Investment Partners. I know you mentioned in some of the tail risks and just any more additional comments on the hedge positioning will be great thanks. . Most recently, Mr. Hamilton served as a Strategic Advisor to the Global Head of Fixed Income, Currencies and Commodities at Barclays Capital in New York. Our next question comes from Doug Harter with Credit Suisse. We continue to think it critical in the current environment to consider the address economic scenarios available in this process and to err on the side of conservatism given a significant uncertainty in the economic and market values scenarios. ANNALY CAPITAL MANAGEMENT annual reports of executive compensation and pay are most commonly found in the Def 14a documents. As David mentioned earlier, the stabilizing actions of the Fed coupled with our active portfolio management resulted in improved fed value of our agency assets and significant improvement in financial performance. Current positions of David Finkelstein. Prior to joining Annaly in 2013 . Chart Data in Insider Trading History Table. As a reminder, Annaly routinely posts important information for investors on the company's website at www.annaly.com. Our book value per share was $8.39 for Q2, a 12% increase from Q1 and we generated core earnings per share excluding PAA of $0.27, a 30% increase from the prior quarter. Mr. Reeves is a member of the Henry Crown Fellows at the Aspen Institute and was honored as a Chicago United Business Leader of Color. Net Worth The estimated Net Worth of David L Finkelstein is at least Annaly Capital Management Inc . This net worth evaluation does not reflect any other assets that Mr. Finkelstein may own. This underscores our belief that the stock is undervalued relative to our book value and affirms our support of the value of our stock through the various capital allocation tools we have on hand. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. Social distancing and mandated shutdowns have damaged certain sectors of the economy and the corresponding impact on the labor market has been substantial. Annaly is internally managed and has elected to be taxed as a real estate investment trust, or REIT, for federal income tax purposes. Steven F. Campbell is President and Chief Operating Officer of Annaly. Net Worth The estimated Net Worth of David L Finkelstein is at least Annaly Capital Management Inc . For its 2021 fiscal year, ANNALY CAPITAL MANAGEMENT, listed the following board members on its annual proxy statement to the SEC. Mr. Finkelstein was elected to serve as a director of Annaly in March 2020 and previously served as Chief Investment Officer. Ms. Williams previously served as Senior Vice President, Compensation, Benefits and HRIS at NBCUniversal beginning in 2011. In the latest report, the Company included additional disclosures outlining climate-related risks and opportunities across its business in the short-, medium- and long-term horizons following the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). Audit CommitteeManagement Development and Compensation CommitteeRisk Committee. Mr. Finkelstein was elected to serve as a director of Annaly in March 2020. How much did David L. Finkelstein make as Chief Executive Officer, President and Director of ANNALY CAPITAL MANAGEMENT in 2021 Mr. Votek holds a B.S. is the Pres, CEO & Director at Annaly Capital Management Inc. As the Pres and CEO & Director of Annaly Capital Management Inc, the total compensation of Mr A at Annaly Capital Management Inc is $8,203,772. Despite the challenging environment, we're pleased with how the portfolio has performed during the period ending the quarter essentially unchanged at $2.2 billion in assets. David L. Finkelstein C.F.A. Previously, he was Chief Financial Officer of Annaly from August 2013 to December 2019. All proxy statements are public filings made available to the general public by the SEC. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. So that could change but derivatives without achieving a little bit as well as MSR for it to be more attractive. Prior to that, Mr. Finkelstein held senior Agency MBS trading positions at Salomon Smith Barney, Citigroup Inc. and Barclays PLC. We add the incremental dollar role income to core income and then the outcome. History of Analytic Philosophy. In credit as we've said, we like our portfolio. Chief Executive Officer, President and Director. David L. Finkelstein is Chief Executive Officer and Chief Investment Officer of Annaly. While at KPMG, Dr. Hannan also founded the KPMG Womens Advisory Board. Mr has made over 9 trades of the Annaly Capital Management Inc stock since 2016, according to the Form 4 filled with the SEC. Ms. Bovich has a B.A. Share Your Design Ideas, New JerseysMurphy Defends $10 Billion Rainy Day Fund as States Economy Slows, This Week in Crypto: Ukraine War, Marathon Digital, FTX. Glenn has been an invaluable part of our leadership team and we thank him for his numerous contributions over the years and look forward to his continuing service on our board. Ms. Williams has served as Chief Human Resources Officer for NBCUniversal, a multinational media . Mr has made over 7 trades of the Annaly Capital Management Inc stock since 2016, according to the Form 4 filled with the SEC. As an internally managed REIT, we look forward to demonstrating increased transparency and alignment with our shareholders who will benefit from our ability to be more nimble in the way we do business in order to generate long-term value. Now of additional note with respect to our direct lending portfolios, we have taken what we believe to be a very conservative approach regarding reserves and Cecil adjustment which Serena will discuss in further detail. Sure Ken you bet and what I meant by that is that the increase in agency could occur over the very short term as credit markets are still redeveloping and we do have some runoff in that capital will be reallocated to agency over the very near term and when we say that, a very small percentage. Now to begin with, I wanted to touch on a few strategic corporate actions we've taken as of late. Sorry, I think we're thinking about it a little differently, but yeah that's correct. investor@annaly.com, Brunswick Group As outlined in our report, we continue to Take Stock of Our Impact establishing ESG goals and commitments and tracking our considerable progress as we strive to integrate ESG priorities across our business, said David Finkelstein, Annalys Chief Executive Officer and President. 96% of the portfolio is in specified pools and we built that portfolio we'll over a number of years and we use the opportunity in March to reduce the pool holdings that we didn't find as attractive and what we're left with is a portfolio that is very high quality. David you had in your comments suggested that Q3 earnings core earnings are on track to exceed the dividend again and I'm curious when you guys think about dividend policy, currently your ROEs are very high. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. Annalys principal business objective is to generate net income for distribution to its stockholders and to optimize its returns through prudent management of its diversified investment strategies. Mr. Schaefer was Executive Vice President and Chief Strategic and Administrative Officer of Morgan Stanley from 1998 to 2000. Great. Yeah that's great. NEW YORK, June 09, 2022--Annaly Capital Management, Inc. (NYSE: NLY) (the "Company" or "Annaly") announced today the publication of its third corporate responsibility report for the year 2021 . in Education with a concentration in mathematics education and an M.B.A. with a concentration in finance and quantitative statistics, each with honors from the University of Georgia. Mar 16, 2020. David L. Finkelstein is Chief Executive Officer and Chief Investment Officer of Annaly. The decline in portfolio size is driven by approximately $53 million in loan payoff as well as securities sales. Mr. Green has served as Chief Corporate Officer since January 2019 and Chief Legal Officer since March 2017. I wanted to talk a little bit about dividend policy. Will His AI Plans Be Any Different? Okay. Independent ChairAudit CommitteeNCG CommitteeRisk Committee. 2015. Of note, while last quarter each of our credit meters providing an in-depth look at their respective markets and portfolios to be efficient, I'll provide those updates today but as Purvi noted each of our business heads are here as well to join in Q&A. Jun 09, 2022. As of 1 February 2023 he still owns at least 401,561 units of Annaly Capital Management Inc stock. Now with respect to options, we did reinvest a lot of the runoff in our swap portfolio back in out of money options and I'll tell you going forward that will be a function of the level of implied volatility. In addition to her roles at KPMG, as a Native American Indian and member of the Ho-Chunk Nation Tribe, Dr. Hannan served on President George W. Bushs National Advisory Council on Indian Education. Learn More on Annaly Capital Management's active insiders. On a more positive note, multifamily remained strong throughout the quarter. This reduced our pay rate as well as shorten the maturity of our swap portfolio. The largest trade he's ever made was buying 200,000 units of Annaly Capital Management Inc stock on 17 June 2022 worth over $1,112,000. She is also a graduate of the Chicago Management Institute at the University of Chicago, Booth School of Business and the Institute of Comparative Political & Economic Systems at Georgetown University. Mr. Reeves serves on the boards of several DCM portfolio companies and funds as well as on the Advisory Board of Ozinga Bros. His civic and philanthropic commitments include trusteeships at Rush University Medical Center and the National Philanthropic Trust. There are 11 older and 9 younger executives at Annaly Capital Management Inc. Annaly Capital Management's insider roster includes David Finkelstein (CEO), and Thomas Hamilton (Director). I was wondering if you could talk a little bit more about the thought process around the hedge repositioning in the quarter, adding more hedges on the short end of the curve and then I guess should we expect more options hedging going forward. You may also find the annual proxy statement by going directly to the company's website. Mr has made over 9 trades of the Annaly Capital Management Inc stock since 2016, according to the Form 4 filled with the SEC. The chart on this page features a breakdown of the total annual pay for David L. Finkelstein, Chief Executive Officer, President and Director at ANNALY CAPITAL MANAGEMENT as reported in their proxy statements. Mr. Finkelstein was elected to serve as a director of Annaly in March 2020. Thanks for joining us today and we'll talk to you soon. in Finance from Florida State University. from the University of Michigan and J.D. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. He is also a Director of the Friedreichs Ataxia Research Alliance, along with Co-Founder of his own charitable scientific effort, the CureFA Foundation. And finally shifting to our outlook, as we think about our capital allocation out of the horizon, we've been focused on preserving flexibility given uncertainty in the greater economy related to COVID shutdown. Portfolio construct has been protected against broader sectors that have witnessed demand destruction and we maintain meaningful exposure where pockets of spend remainder resilient. Additionally as noted above, core did benefit from a reduction in financing costs with low average repo rates down to 79 basis points from 1.77% combined with lower average repo balanced stands at $68.5 million from $96.8 million and we achieved these results while opportunistically extending our repo book term increasing our weighted average date of maturity by 50% from 48 days to 74 days. Prior to joining Annaly in 2013, Mr. Finkelstein served for four years as an Officer in the Markets Group of the Federal Reserve Bank of New York where he was the primary strategist and policy advisor for the MBS Purchase Program. So is it fair to say that the repurchase will be part of the flaps in terms of using that excess earnings in the short term? David Finkelstein interviewed on WBEZ's "Odyssey" Recent Courses PHIL 50212 Late Wittgenstein: The Absolute Basics for The Confused, Skeptical, and Ignorant (IV) David Finkelstein. Consequently, we reduced leverage during the quarter from 6.8 times to 6.4 times and made the prudent decision to set our quarterly dividend at $0.22. Mr. Finkelstein was elected to serve as a director of Annaly in March 2020. Eric A. Reeves was elected to serve as an independent director of Annaly in March 2021. The most recent stock trade was executed by Anthony C Green on 1 February 2023, trading 1,584 units of NLY stock currently worth $32,203. Annaly is a leading diversified capital manager with investment strategies across mortgage finance. Just on the TBAs again just every mortgage rate, it feels like accounts for $I specialness a little differently in their NIM. From 2015 until 2018, Dr. Hannan served as a Senior Advisor for KPMGs Board Leadership Center and National Leader Total Impact Strategy and, from 2009 until 2015, as KPMGs National Managing Partner of Diversity and Corporate Responsibility. 2022 Ms. Wolfe currently serves on the boards of Berkshire Grey, Inc. and Doma Holdings, Inc. Ms. Wolfe received a Bachelor of Commerce in Accounting from the University of Queensland. Please go ahead. My No. While our allocation agency may increase modestly, we do continue to evaluate opportunities to deploy capital across our three credit businesses and we are beginning to develop the better lends into how each credit sector is evolving and we expect to shift to a more offensive posture in the coming months as we gain more clarity on the economic and real estate landscape. Hey how much did TBAs add to your net interest margin for the quarter? Nevertheless, financial conditions have improved considerably. So first of all with respect to the repositioning, what we experienced in the quarter was initially a pretty insignificant steepening of the curve, which we anticipated I think got to roughly 20 basis points to 25 basis points higher than it was now. [Operator Instructions] Please note this event is being recorded. From 2014 to 2020, Dr. Hannan served as Chairman of the Board & National President for Girl Scouts of the USA. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. Consisting of $22 million of additional reserves during the quarter primarily resulting from the impacts of COVID-19 on our [indiscernible] and more general reserves related to forecast for a deterioration in economic conditions and market values of $46.8 million. Ms. Bovich has over 30 years of investment management experience lastly serving as a Managing Director of Morgan Stanley Investment Management from 1993 through 2010. See David L Finkelstein's compensation, career history, education, & memberships. Annaly Capital Management, Inc. (NYSE: NLY) (the "Company" or "Annaly") announced today the publication of its second corporate responsibility report for the year 2020, titled Leading with Purpose.The report demonstrates Annaly's continued focus on environmental, social and governance ("ESG") endeavors and provides an update on Annaly's ESG goals and commitments. Mr. Campbell received a B.B.A. Our next question comes from Rick Shane with JPMorgan. is the Pres, CEO & Director at Annaly Capital Management Inc. As the Pres and CEO & Director of Annaly Capital Management Inc, the total compensation of Mr A at Annaly Capital Management Inc is $8,203,772. Mr. Finkelstein has 25 years of experience in fixed income investments. However, non-agency lending has been somewhat slow to redevelop as credit standards have tightened relative to pre-pandemic underwriting and mortgage originators tend to focused more on agency originations in light of fewer frictions in a wide primary secondary spread. Mr. Finkelstein has over 25 years of experience in fixed income investments. Okay. I suspect that one of the things that influences the outlook is reinvestment risk as the speeds pick up. The report demonstrates Annaly's continued focus on setting and measuring progress on . Financial Highlights GAAP net income (loss) of ($1.96) per average common share for the quarter; $3.93 per average common share for the full year 2022 Earnings available for distribution [] Prior to that, he worked at AT&T and its finance subsidiary from 1986 to 1999 in various financial management roles. Serena Wolfe is Chief Financial Officer of Annaly. 1 dividend stock for a LIFETIME of income. And then our TBA balances roughly unchanged for the quarter and with respect to what we expect for the third quarter is likely to be in the proximity of where we were at for Q2 maybe a touch higher. Ms. Denahan has a B.S. No, I think I understand. Learn More on David L. Finkelstein's salary. Mr. Votek has over 30 years of experience in financial services. Annaly Capital Management, Inc. (NYSE: NLY) (the "Company" or "Annaly") announced today the publication of its third corporate responsibility report f On average, Annaly Capital Management Inc executives and independent directors trade stock every 35 days with the average trade being worth of $908,853. That has largely taken delivery of the most negatively convex MBS, which has resulted in a shift to the TBA deliverable across production coupons to more newly originated pools and as a result, nominal carry on production coupons TBAs has improved dramatically thereby adding to returns for TBA holders. in Economics from Connecticut College and an M.B.A. in Finance from New York University. Enter your email address below to get our daily insider buying and selling report. Mr Finkelstein owns over 6,186 units of Annaly Capital Management Inc stock worth over $8,163,735 and over the last 6 years he sold NLY stock worth over $0. Now that being said, we are starting to get through this phase 2 as I mentioned last quarter where it's really about recalibrating each portfolio in the business and making sure we're optimizing each of the businesses and we're starting to get a better look at how things are going to unfold and we're seeing opportunities in credit and we're very strong constructive and it just may take a little bit of time to make sure we have the right approach and we have complete clarity on how things are going to play out. Shifting to middle-market lending, activity has also picked up as of late as spreads have tightened and sponsors have refinanced transactions that have exhibited improving underlying leverage profiles. As David touched on, our economic leverage declined to 6.4 times from 6.8 times quarter-over-quarter, which was mainly due to a decrease in repo balance of $5.4 billion and an increase in our equity-base of $1.1 billion that was partially offset by an increase in TBA contracts of $5.8 million and an increase in net payables for investments purchased of $1.5 billion. I'd now like to turn the conference over to Purvi Kamdar. Overall, we maintained a more constructive view of the operating environment and our ability to deliver compelling returns as each of our businesses respected sectors begins to emerge from the initial volatility and destruction caused by the pandemic. Okay. Securitization market started to show signs of life in mid-May and we issued nearly $500 million of expanded prime securities earlier this month, subsequent to quarter end. So broadly speaking in agency it's probably pool pricing and in credit there could be unforeseen events given the economy that could disrupt individual assets. So we don't expect a meaningful increase in agency, but over the near term you can see a small uptick. From 1986 until 1990, he was Managing Director at Aetna Bond Investors where he was responsible for management of insurance company and pension fund portfolios. And my other questions have been asked and answered. Annaly actively integrates ESG considerations into its overall strategy through the following key areas: corporate governance, human capital, responsible investments and the environment. June 30, 2022 . The information shown here is a reporting of information included in the company's proxy statement. Will Others Follow? As COO, Steve will expand on the work he's been doing as Head of Business Operations and work closely with the executive team to help oversee Annaly's overall operations and risk management functions. Mr. David L. Finkelstein, C.F.A., serves as Chief Investment Officer of Annaly Capital Management, Inc. since November 16, 2022. . Corporate Responsibility Committee (Chair)NCG CommitteeRisk Committee. The dividend represented 10.5% yield on our book value which is in line with our historical average while being competitive relative to our peers and various fixed income benchmarks. We don't anticipate increasing agency meaningfully, but we do recognize that these credit markets are a little bit slow to redevelop. Mr. Haylon has served as Managing Director and Head of Conning North America at Conning, Inc., a global provider of investment management solutions, services and research to the insurance industry, since June 2018. Salary, bonuses, stock options, stock awards and other compensation for David L. Finkelstein, Chief Executive Officer, President and Director at ANNALY CAPITAL MANAGEMENT. New deal activity is primarily relegated to more broadly syndicated loans however, the context first lien executions on larger transactions have tightened 75 basis points to 100 basis points over the past quarter, while traditional middle-market has shown less movement in pricing. A proxy statement (or "proxy") is a form that every publicly traded U.S. company is required to file with the U.S. Securities & Exchange Commission (SEC) within 120 days after the end of its fiscal year. The most recent stock trade was executed by Anthony C Green on 1 February 2023, trading 1,584 units of NLY stock currently worth $32,203. NCG Committee (Chair)Corporate Responsibility Committee. Mr. Finkelstein also holds the Chartered Financial Analyst designation. Very helpful and one quick follow-up if I may, you mentioned in terms of the agency funding composition extending out the repo financing terms, wondering going forward, would you expect to either further lengthen the repo financing terms or maintain what you've been doing, thanks? The Company does not undertake, and specifically disclaims any obligation, to publicly release the result of any revisions which may be made to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements, except as required by law. Now, even Taiwan's own foreign minister is saying that China is on the cusp of a full scale invasion. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. Annaly's principal business objective is to generate net income for distribution to its stockholders and to optimize its returns through prudent management of its diversified investment strategies. Ms. Williams has over 17 years of compensation and governance experience. NEW YORK-(BUSINESS WIRE)-Annaly Capital Management, Inc. (NYSE: NLY) ("Annaly" or the "Company") today announced its financial results for the quarter ended March 31, 2022. Information on this page was last updated on 6/17/2022. David L. Finkelstein is Chief Executive Officer and Chief Investment Officer of Annaly. It operates through the following investment groups: Agency, Residential Credit, and Mortgage Servicing Rights. He began his investment banking career at E.F. Hutton & Company in 1976. So we like to see it flatten a little bit further and we think it should given the posture the fed and when you look at the last set of economic projections, so lift off not likely to occur for the next couple of years, you could see some further flattening in the term curve but we're watching it and we're making incremental steps to term out our repo. Our residential portfolio was roughly unchanged quarter-over-quarter at $2.6 billion as modest purchases and mark-to-market increases largely offset sales and portfolio runoff. Learn More about insider trades at Annaly Capital Management. Ms. Bovich has also served as a board member of The Dreyfus Family of Funds since 2012, including currently serving as a board member of a number of registered investment funds within the fund complex. So look with respect to the agency market, we are in an environment where funding is abundantly available and will be for some time given the reserves in the system. Corporate Responsibility CommitteeRisk Committee. Okay. Signaling from a fed on continued low rates combined with considerable injection of additional reserves in the financial system through repo operation and asset purchases have led to very stable funding conditions with repo markets experiencing no signs of stress through the quarter even on pivotal month end and quarter end days 1.8. There was a depreciation in the amount on the balance sheet of MSR, half of which was amortization and the other half of which was the multiple compression. Mr. Campbell also worked at General Electric Capital Corporation and D.B. Ms. Wolfe is a Certified Public Accountant in the states of New York, California, Illinois and Pennsylvania. We do not undertake and specifically disclaim any obligation to update or revise this information. Ms. Williams received a B.S. We believe our focused industry-specific positioning within nondiscretionary defensive and mission-critical names will generate the outperformance for peers that will further differentiate our brand in the sector.
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