Mr. Schaefer served as a board member and chair of the audit committee of USI Holdings Corporation from 2008 through 2012. Mr. Reeves was formerly a law partner of McDermott, Will & Emery and a corporate attorney at Jones Day. Our measured approach to weathering the crisis served us well we feel very good about our positioning as the recovery progresses as I'll get into more detail. Additionally during the second quarter, we utilized our share buyback program and have now repurchased $175 million common stock year-to-date. Michael Haylon was elected to serve as an independent director of Annaly in 2008. Annaly Capital Management, Inc. Reports 4th Quarter 2022 Results Ms. Williams received a B.S. So it's reflected in your funding cost. We've isolated around where we ended the quarter and right now as about last night it's up roughly 1%. This net worth evaluation does not reflect any other assets that Mr. Finkelstein may own. ANNALY CAPITAL MANAGEMENT Executive Salaries & Other Compensation Chief Executive Officer, President and Director. Francine J. Bovich was elected to serve as an independent director of Annaly in 2014. Mr. Green has served as Chief Corporate Officer since January 2019 and Chief Legal Officer since March 2017. At quarter end, we closed our previously announced internalization transaction, which marks a significant step in the series of measures Annaly has implemented as an industry leader from a government standpoint. Thanks. Okay. Okay. Mr. Campbell also worked at General Electric Capital Corporation and D.B. So we're very happy that the market picked up the slack and did a lot of that work. 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. Mr. Finkelstein was elected to serve as a director of Annaly in March 2020. While at KPMG, Dr. Hannan also founded the KPMG Womens Advisory Board. Over the last 20 years, insiders at Annaly Capital Management Inc have traded over $734,400 worth of Annaly Capital Management Inc stock and bought 3,810,453 units worth $38,359,155 From 1990 until 1994, he was Senior Vice President of Fixed-Income at Phoenix Home Life Insurance Company. Actual events and results may differ materially from these forward-looking statements. Thank you for attending today's presentation. 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. Alex Yankus Yeah that's great. Chief Executive OfficerChief Investment Officer. As the latest data indicates over 90% of renters made a full or partial rent payment as of June and in the office sector, although new leasing has slowed significantly, office REITs have reported strong rent recollections above 90% throughout the back end of the second quarter. Mr. Campbell currently serves on the Advisory Board for the Fitzgerald Institute of Real Estate at the University of Notre Dame. Ms. Denahan has a B.S. Mr. Finkelstein has 25 years of experience in fixed income investments. So balance sheet leverage is incredibly inexpensive right now and abundantly available because of the reserves in the system and in the agency space it's more favorable than structural leverage through derivatives. And did you guys say what your book value was through July? Current positions of David Finkelstein. Leadership | Annaly Capital In the commercial sector, we're slowly beginning to see activity pick up but volumes do remain somewhat muted. Ms. Wolfe held a variety of roles across industries since beginning her career at E&Y in 1998, including most recently as EYs Central Region Real Estate Hospitality & Construction leader since 2017. 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. A reconciliation of GAAP to non-GAAP measures is included in our earnings release. On average, Mr trades about 51,067 units every 152 days since 2016. 25. times its median employee's . However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. 2022-2023 Spring Category. And now with that, I'll hand it over to Serena to discuss the financials. Unit tranches and second lean loans within middle-market are experiencing more notable price discovery than its larger market blathering and we expect these gaps to remain as traditional middle-market participants grapple with their portfolios. He was President and Chief Operating Officer of the Global Wealth Management division of Morgan Stanley from 2000 to 2005. david finkelstein annaly compensation - eztransport123.com In comparison our base case scenario was altered in a modest release of reserve, which we felt inappropriate given the continued economic uncertainty centered around the evolving pandemic. Mr. Green has over 20 years of experience in corporate and securities law. Previously, he was Chief Financial Officer of Annaly from August 2013 to December 2019. from Bowdoin College and a M.B.A. from the University of Connecticut. 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. The information shown here is a reporting of information included in the company's proxy statement. David L. Finkelstein C.F.A. Prior to joining Annaly in 2013, Mr. Finkelstein served for four years as an Officer in the Markets Group . How much did David L. Finkelstein make as Chief Executive Officer, President and Director of ANNALY CAPITAL MANAGEMENT in 2021 Ms. Williams has served as Chief Human Resources Officer for NBCUniversal, a multinational media . Is this special mix reflected in both the asset yield and the cost of funds and then how big is your TBA balance now versus the end of June? Please. Content referenced in today's call can be found in our second quarter 2020 investor presentation and second quarter 2020 financial supplement, both found under the Presentation section of our website. 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). Mr A is 48, he's been the Pres and CEO & Director of Annaly Capital Management Inc since . He is also a Director of the Friedreichs Ataxia Research Alliance, along with Co-Founder of his own charitable scientific effort, the CureFA Foundation. 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. And with that I'll turn the call over to David. Mr. Haylon has served as a Managing Director at Conning, Inc. since January 2012 and previously served as Head of Asset Management Sales, Products and Marketing from December 2014 until June 2018 and as Head of Investment Products from January 2012 until December 2014. We feel good about where pools are at. Prior to the 1997 merger of Dean Witter, Discover and Morgan Stanley, Mr. Schaefer was Executive Vice President, Investment Banking and Head of Corporate Finance at Dean Witter, a position he had held since 1991. 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. Over the last 20 years, insiders at Annaly Capital Management Inc have traded over $734,400 worth of Annaly Capital Management Inc stock and bought 3,810,453 units worth $38,359,155 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. The economic slowdown brought on by the pandemic has obviously created considerable uncertainty and this is different kind of recession than that which we've experienced in the past, given the unprecedented speed and magnitude of the downturn. 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. The Agency group invests in agency mortgage-backed securities. Under the standard an entity recognizes its estimate of lifetime expected credit losses as an allowance, which the fed believes will result in more timely recognition of such losses and while changes in economic scenarios and asset performance in the future will impact Cecil reserves in subsequent quarters, current reserve levels should not be considered as a pervasive credit issue within the portfolio or an indication of what reserves may be recorded in the future. For its 2021 fiscal year, ANNALY CAPITAL MANAGEMENT, listed the following board members on its annual proxy statement to the SEC. Maurion Davis on LinkedIn: #leader #citibank As of 1 February 2023 he still owns at least 401,561 units of Annaly Capital Management Inc stock. Ms. Williams has served as Chief Human Resources Officer for NBCUniversal, a multinational media conglomerate, since July 2018, where she is responsible for the companys global human resources function, including compensation, benefits, development and learning, talent acquisition, executive search, HR systems, and the HR service center. Annaly Capital Management (NYSE:NLY) Q4 2021 Earnings Conference Call February 10, 2022 10:00 AM ETCompany Participants. With respect to the incremental benefit of the TBA position for the second quarter, I'll say I think the actual dollar contribution or in pennies was about $0.07 and with respect to the NIM contribution, Serena you can. The market dysfunction that occurred amid the initial COVID outbreak in the US has dissipated and we have seen significant improvement in liquidity and asset pricing. 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. Mr. Finkelstein has over 25 years of experience in fixed income investments. David L. Finkelstein is Chief Executive Officer and Chief Investment Officer of Annaly. There been some signs that the worst of the economic distress may be behind us although the recent surge in cases in some areas of the US demonstrates the fragile nature of the recovery. It's been relatively calm. David L. Finkelstein C.F.A. Net Worth (2023) | wallmine The charts on this page feature a breakdown of the total annual pay for the top executives at ANNALY CAPITAL MANAGEMENT as reported in their proxy statements. Overall we feel good about conservative positioning in the portfolio across sectors and the strength of our relationships with best in class sponsors and operating partners to mitigate in further disruption. . Annaly Capital Management Inc executives and other stock owners filed with the SEC include: Track performance, allocation, dividends, and risks, Annotate, download XLSX & look up similar tables, Filter, compare, and track coins & tokens, insiders at Annaly Capital Management Inc, Stocks and cryptocurrency portfolio tracker. Information on this page was last updated on 6/17/2022. You may now disconnect. Thank you. Vice ChairRisk Committee (Chair)Corporate Responsibility Committee. Okay. biography. 212-333-3810 Annaly Capital Management, Inc. (NLY) CEO David Finkelstein on Q2 2020 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. Learn More about insider trades at Annaly Capital Management. Learn More on David L. Finkelstein's trading history. I know you mentioned in some of the tail risks and just any more additional comments on the hedge positioning will be great thanks. Annaly provides supplemental disclosures under the Sustainability Accounting Standards Board (SASB) standards and the Global Reporting Initiative (GRI) standards frameworks. So I think we had $25 million of the $277 million in the MSR that started the quarter was actual amortization and derivatives you might say on the ISI would mimic that. David Finkelstein About Us; Blog; Press; AFLCIO.tv; Union Plus Benefits; Toggle Search Form . investor@annaly.com, Brunswick Group As Chief Executive Officer, President and Director at ANNALY CAPITAL MANAGEMENT, David L. Finkelstein made $9,138,764 in total compensation. company's disclosure obligations under Regulation FD and to post and update investor presentations and some more materials on a regular basis. But when we think about reinvestment into for example, pools where we see the levered returns on agency MBS is in the context of 11% to 12% maybe a little bit higher and so as we look at the dividend right now at 10.5% yield on book value the reinvestment of agency runoff is perfectly consistent with that longer-term more steady-state level assuming rates in this context, but keep in mind we do have this near-term tailwind of specialness and some other factors that are beneficial to the portfolio where were out-earning the dividend this quarter. So that could change but derivatives without achieving a little bit as well as MSR for it to be more attractive. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. . Management Development and Compensation Committee (Chair)Audit Committee. David L Finkelstein is CEO/Chief Investment Ofcr at Annaly. 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. Annaly is a leading diversified capital manager that invests in and finances residential and commercial assets. The company was founded by Michael A. J. Farrell and Wellington Jamie Denahan-Norris on February 18, 1997 and is headquartered in New York, NY. [Operator instructions] Our next question comes from George Bahamondes with Deutsche Bank. 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. NEW YORK -- (BUSINESS WIRE)-- Annaly Capital Management, Inc. (NYSE: NLY) (the "Company" or "Annaly") announced today the publication of its third corporate responsibility report for the year 2021, titled Taking Stock of Our Impact. View source version on businesswire.com: https://www.businesswire.com/news/home/20220609005206/en/, Annaly Capital Management, Inc. The portfolio generated 188 points of NIM up Q1 of 118 basis points, driven primarily by the decrease in cost on funds that I mentioned a moment ago. David Finkelstein-- Chief Executive Officer and Chief Investment Officer Yeah. The decline in portfolio size is driven by approximately $53 million in loan payoff as well as securities sales. 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. Most recently he exercised 6,186 units of NLY stock worth $125,761 on 1 February 2023. Annaly Capital Management, Inc. Investor Relations 1-888-8Annaly www.annaly.com Release Summary Donnell A. Segalas Concludes his Service as a Member of the Board of Annaly Capital Management, Inc. None of Annaly's achievements would have been possible without . We were certainly careful to take prudent steps during the early phase of the market recovery to ensure we are well positioned to capitalize on the opportunities that are sure to arise. Independent ChairAudit CommitteeNCG CommitteeRisk Committee. On the financing side, our weighted average cost of borrowing decreased by roughly 60 basis points to 2.7% driven largely by a reduction in LIBOR given the fed cuts. David Finkelstein - Biography The stock was acquired at an average cost of $5.56 per share, with a total value of $1,112,000.00. The reason why they appreciate is because there worth it. David Finkelstein - President, CEO & Director. Ms. Bovich has a B.A. This information is according to proxy statements filed for the 2021 fiscal year. We continue to be impressed by the resiliency of our workforce and the exemplary service that our IT infrastructure team has provided to every one of us during the time of remote work. From September 2010 to December 2011, Mr. Haylon served as Head of Investment Product Management at General Re New England Asset Management. Sean Kensil - Vice President, Investor Relations. David L. Finkelstein C.F.A. Net Worth (2023) | wallmine David's mailing address filed with the SEC is C/O ANNALY CAPITAL MANAGEMENT, INC., 1211 AVENUE OF THE AMERICAS, NEW YORK, NY, 10036. Please go ahead. Annaly Capital Management can also be reached via phone at (212) 696-0100 and via email at [emailprotected] Learn More on David L. Finkelstein's contact information. With respect to our CRE portfolio specifically, total assets at quarter end of $2.5 billion represented a slight decrease while economic interest remained essentially flat. Okay. 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. 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. 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. Annaly is internally managed and has elected to be taxed as a real estate investment trust, or REIT, for federal income tax purposes. david finkelstein annaly compensationgetting married in tanzania. Mr. Campbell previously served as Head of Business Operations of Annaly and has over 25 years of experience in financial services. Mr. Schaefer received a B.B.A. Prior to joining Annaly in 2009, Mr. Green was a partner in the Corporate, Securities, Mergers & Acquisitions Group at K&L Gates LLP. Total core income is used to buy, Eric. US Jobs Report and Powell Testimony Take Center Stage: Eco Week, Bond Mavens Favor Curve Wagers for Next Encounter With Jobs Data, Bank of Canada Risks Falling Too Far Behind Fed, Scotia Says, Feds Daly Says More Rate Hikes Likely Needed to Cool Inflation, Colombia Prices Rise Less than Forecast to a Fresh 24-Year High, Porsche, Ferrari E-Fuel Push at Heart of EU Engine Debate. So given the slope of the curve, given the significant decrease in front end OIS rates to zero roughly, we took the opportunity to add hedges and move down the curve and better balance out the hedge profile to bring the average life to about half what it was at the end of the first quarter and it's still about twice the duration may be a little bit more than twice the duration of the asset portfolio currently, but at 40% hedge ratio being more -- a little bit over twice the duration you get to roughly 80% to 90% may be a little bit more interest rate protection assuming a parallel shift in the curve with a still slight steepening bias which we think is the appropriate approach. 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. No, it is not reflected in the funding cost. Mr. Finkelstein also holds the Chartered Financial Analyst designation. 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. Now to begin with, I wanted to touch on a few strategic corporate actions we've taken as of late. Executive Officers | Annaly Capital In credit as we've said, we like our portfolio. Volatility is low and the fed is specifically directing volatility lower and they also happen to be a huge tailwind in terms of purchases of agency MBS, so the technicals are very favorable and to your point, it does appear to be a very good backdrop for the foreseeable future for agency. David L. Finkelstein Chief Executive Officer, President and Director: Ilker . The oldest executive at Annaly Capital Management Inc is FrancineBovich, 68, who is the Independent Director. Please disable your ad-blocker and refresh.