Since 2011, Ms. Bovich has been a trustee of The Bradley Trusts. There are no executives at Annaly Capital Management Inc getting paid more. 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. 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. Our efficiency metrics changed modestly relative to Q1 being 2.1% of equity for the second quarter in comparison to 1.98%. These funds represent a broad scope of investment strategies including equities, taxable fixed income, municipal bonds, and cash management. Wondering if you could just provide a bit more color on your prepared remarks on the potential to increase agency allocation. 2022-2023 Spring Category. 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. You may retrieve the full proxy statement by going to the Securities and Exchange Commission (SEC) website at www.sec.gov and entering the company's name and then looking in the first column for an entry of "Form DEF 14A" (or any similar code). These and our other ESG milestones have helped create durable value for all of our stakeholders., Corporate Responsibility Report Highlights. 212-333-3810 Non-Equity Incentive Plan Compensation: $0: Change in Pension Value and Deferred Compensation Earnings: $0: All Other Compensation: $13,763: Total: $9,138,764: Annaly Capital Management, Inc. disclosed its CEO pay was. Good morning and nice quarter guys. 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. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. 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. 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). As the CEO of Annaly Capital Management, Inc., Mr. Finkelstein earned a total compensation package of $9,138,764.00 in 2021. Our next question comes from Kenneth Lee with RBC Capital Markets. Ms. Wolfe is a Certified Public Accountant in the states of New York, California, Illinois and Pennsylvania. And finally, the company has performed exceptionally well given the challenges faced from remote work and market uncertainty. in Business Administration from the University of Washington and a M.B.A. from the University of Chicago, Booth School of Business. Annaly is internally managed and has elected to be taxed as a real estate investment trust, or REIT, for federal income tax purposes. Yes the TBA role provided about $97.5 million post NIM for the quarter. We encourage you to read the disclaimer in our earnings release in addition to our quarterly and annual filings. From 1995 until 2002, he held the position of Executive Vice President of Phoenix Investment Partners, Ltd., a NYSE-listed company, and President of Phoenix Investment Counsel, where he was responsible for the management and oversight of $25 billion in closed-end and open-end mutual funds, corporate pension funds and insurance company portfolios. Now with respect to our hedges, we added to our swap portfolio primarily in the front end and short-term swaps with pay rates close to 0% providing attractive hedge to our financing. We can't say how long that will persist for, but we do think about this for much more than just the quarter or two where we do have the specialist and we're trying to get the appropriate level where we know it's sustainable and that's how we feel about it and if we continue to out-earn it that's perfectly okay because we're given the shareholder a 10.5% dividend yield on their book value. The information shown here is a reporting of information included in the company's proxy statement. Annaly ended the quarter with excellent liquidity profile within $7.9 billion of unencumbered assets an increase of $1 billion from prior quarter and including cash and unencumbered agency MBS of $5.3 billion. 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. Mr. David L. Finkelstein, C.F.A., serves as Chief Investment Officer of Annaly Capital Management, Inc. since November 16, 2022. . Steven F. Campbell is President and Chief Operating Officer of Annaly. Mr. Finkelstein also holds the Chartered Financial Analyst designation. Beyond just prepays is what happens to pool pricing over the next quarter or two. . And my other questions have been asked and answered. Consistent with our communication last quarter, we continue to speak actively with sponsors, borrowers and agents to closely monitor performance. Yeah I think prepay is kind of an obvious one outside of that. Please go ahead. 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. I suspect that one of the things that influences the outlook is reinvestment risk as the speeds pick up. Non-agency securities across legacy CRT jumbo 2.0 and non-QN have seen substantial recovery. So thank you, guys. The proxy statement's main purpose is to alert shareholders to the annual meeting and provide them information about the issues that will be voted on during the annual meeting, including decisions such as electing directors, ratifying the selection of auditors, and other shareholder-related decisions, including shareholder-initiated initiatives. The estimated net worth of David L. Finkelstein is at least $36.42 million as of June 17th, 2022. [Operator instructions] Our next question comes from George Bahamondes with Deutsche Bank. Coronavirus Tips Working and Protection, For its 2021 fiscal year, ANNALY CAPITAL MANAGEMENT, listed the following executives on its annual proxy statement to the SEC. But nonetheless it's a more balanced hedge profile now with a slight steepening bias and we took advantage of near zero rates at the front end of the curve, which we think has very limited downside potential in terms of those hedges losing money because it's not our view that we end up in a negative rate scenarios negative policy rate scenario that is. Thanks for joining us today and we'll talk to you soon. Social distancing and mandated shutdowns have damaged certain sectors of the economy and the corresponding impact on the labor market has been substantial. Mr. Finkelstein was elected to serve as a director of Annaly in March 2020. Actual results could differ materially from those set forth in forward-looking statements due to a variety of factors, including, but not limited to, risks and uncertainties related to the COVID-19 pandemic, including as related to adverse economic conditions on real estate-related assets and financing conditions (and our outlook for our business in light of these conditions, which is uncertain); changes in interest rates; changes in the yield curve; changes in prepayment rates; the availability of mortgage-backed securities and other securities for purchase; the availability of financing and, if available, the terms of any financing; changes in the market value of our assets; changes in business conditions and the general economy; operational risks or risk management failures by us or critical third parties, including cybersecurity incidents; our ability to grow our residential credit business; the sale of our middle market lending business; credit risks related to our investments in credit risk transfer securities, residential mortgage-backed securities and related residential mortgage credit assets and corporate debt; risks related to investments in mortgage servicing rights; our ability to consummate any contemplated investment opportunities; changes in government regulations or policy affecting our business; our ability to maintain our qualification as a REIT for U.S. federal income tax purposes; and our ability to maintain our exemption from registration under the Investment Company Act. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. In addition, he makes $8,203,772 as Pres and CEO & Director at Annaly Capital Management Inc. Mr has made over 11 trades of the Annaly Capital Management Inc stock since 2016, according to the Form 4 filled with the SEC. Mr. Schaefer received a B.B.A. Annaly is a leading diversified capital manager that invests in and finances residential and commercial assets. Corporate Responsibility Committee (Chair)NCG CommitteeRisk Committee. Total reserves now comprise 5.32% of our acreage in MML loan portfolios as of June 30, 2020. Mr. Finkelstein was elected to serve as a director of Annaly in March 2020. 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. David L. Finkelstein C.F.A. In credit as we've said, we like our portfolio. Following the completion of the transaction, the chief executive officer now directly owns 1,669,013 shares of the company's stock, valued at $9,279,712.28. 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. John H. Schaefer was elected to serve as an independent director of Annaly in 2013. Anthony C. Green is Chief Corporate Officer and Chief Legal Officer of Annaly. Mr has made over 7 trades of the Annaly Capital Management Inc stock since 2016, according to the Form 4 filled with the SEC. Most recently he exercised 7,989 units of NLY stock worth $50,490 on 29 January 2022. . 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. From September 2010 to December 2011, Mr. Haylon served as Head of Investment Product Management at General Re New England Asset Management. 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. Mr. Reeves has served as Managing Director, Head of Private Capital Investments of Duchossois Capital Management (DCM) since 2017. Hey how much did TBAs add to your net interest margin for the quarter? Previously, he was Chief Financial Officer of Annaly from August 2013 to December 2019. 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. As a reminder, the impending model introduced by the new Cecil is based on expected losses rather than incurred losses, which was the previous management for reserve historically. David Finkelstein-- Chief Executive Officer and Chief Investment Officer Yeah. Audit CommitteeManagement Development and Compensation CommitteeRisk Committee. Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. In the commercial sector, we're slowly beginning to see activity pick up but volumes do remain somewhat muted. And everything you said the two words that stood out everything changes. This is in large part due to the ongoing decisive actions taken by the Federal Reserve, which have been successful in restoring markets and easing credit strains. We have to look at how attractive assets are and then put that in the context of where thee stock prices make a buyback decision based on that. As we gain further clarity around the long-term implications of COVID, we are reassured by the stable and defensive nature of our portfolio and remain confident in its ability to withstand prolonged bouts of market volatility. This makes analysis regarding Cecil reserves particularly challenging. California Weighs $360,000 in Reparations to Eligible Black Residents. We would expect more equity allocated to it, certainly, with the option to apply a modest amount of leverage. ANNALY CAPITAL MANAGEMENT annual reports of executive compensation and pay are most commonly found in the Def 14a documents. As of 1 February 2023 he still owns at least 401,561 units of Annaly Capital Management Inc stock. 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. This Supreme Court Case Could Redefine Crime, YellowstoneBackers Wanted to Cash OutThen the Streaming Bubble Burst, How Countries Leading on Early Years of Child Care Get It Right, Female Execs Are Exhausted, Frustrated and Heading for the Exits, More Iranian Schoolgirls Sickened in Suspected Poisoning Wave, No Major Offer Expected on Childcare in UK Budget, Oil Investors Get $128 Billion Handout as Doubts Grow About Fossil Fuels, Climate Change Is Launching a MutantSeed Space Race, This Former Factory Is Now New Taipeis Edgiest Project, What Do You Want to See in a Covid Memorial? The most active insiders traders include Wellington Denahan, Kevin Keyes, and David L Finkelstein. At the time we started quarter with a swap portfolio of about nine odd years I believe, now given how long that portfolio is in duration as we mentioned last quarter provides multiples of interest rate protection relative to the assets, which are much shorter in duration. David L. Finkelstein, who has been serving as Annaly's Chief Investment Officer, Agency and RMBS, has been named Annaly's . Sure. None of Annaly's achievements would have been possible without . 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. When expanded it provides a list of search options that will switch the search inputs to match the current selection. Corporate Responsibility CommitteeRisk Committee. On average, Annaly Capital Management Inc executives and independent directors trade stock every 35 days with the average trade being worth of $908,853. 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. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. We have entered a more normalized environment with fed action serving as a key driver and spreads have retraced much the widening experienced in March we do remain positive on the sector given ample funding availability at low rates due to rate volatility and a complete reversal of an inferior technical backdrop that characterizes sector at the outset of this year. Okay. Is it picked up in your asset yield or your funding costs or both? david finkelstein annaly compensation. Annaly Capital Management (NYSE:NLY) Q4 2021 Earnings Conference Call February 10, 2022 10:00 AM ETCompany Participants. 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. And to repo financing remains ample. Mr A is 48, he's been the Pres and CEO & Director of Annaly Capital Management Inc since . You may also find the annual proxy statement by going directly to the company's website. Thanks for that. For a discussion of the risks and uncertainties which could cause actual results to differ from those contained in the forward-looking statements, see Risk Factors in our most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q. It operates through the following investment groups: Agency, Residential Credit, and Mortgage Servicing Rights. pictures of the galvin family; springfield, ma city council candidates; david finkelstein annaly compensation Our next question comes from Rick Shane with JPMorgan. David's mailing address filed with the SEC is C/O ANNALY CAPITAL MANAGEMENT, INC., 1211 AVENUE OF THE AMERICAS, NEW YORK, NY, 10036. ANNALY@brunswickgroup.com, Navigate to the << Back to David L. Finkelstein is President, Chief Executive Officer & Director at Annaly Capital Management, Inc. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. GAAP net income (loss . He joined the firm in 2013 and assumed the role of Chief Investment Officer in 2016. David L. Finkelstein is Chief Executive Officer and Chief Investment Officer of Annaly. Thanks David. 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. Actual events and results may differ materially from these forward-looking statements. The average price of those shares was I believe $6.30 or meaningfully above that level now. The Mortgage Servicing Rights group provides the right to service residential mortgage loans in exchange for a portion of the interest payments made on the loans. Mr. David L. Finkelstein C.F.A. Financial Highlights GAAP net income of $1.37 per average common share for the quarter Earnings available for distribution ("EAD") of $0.28 per average common share for the quarter; unchanged from the prior . Until December 2017, Ms. Denahan served as Chairman of the Board of Annaly (from November 2012) and Executive Chairman of Annaly (from September 2015). As I mentioned we out-earned the dividend by $0.05 this quarter and absent another market dislocation or other foreseen developments, we expect Q3 core canings to also the dividend. Mr. Hamilton has served as a Director of Larimar Therapeutics, Inc., a clinical-stage biotechnology company focused on developing treatments for rare complex diseases, since May 2020 when Chondrial Therapeutics, Inc. merged with Zafgen, Inc. and the combined company began operating as Larimar. Ms. Williams has served as Chief Human Resources Officer for NBCUniversal, a multinational media . 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. 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. From 1997 to 1998, Mr. Schaefer was Managing Director and Head of Strategic Planning and Capital Management at Morgan Stanley. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. The report demonstrates Annaly's continued focus on setting and measuring progress on . David L. Finkelstein C.F.A. We also announced two leadership changes, Steve Campbell was appointed as Chief Operating Officer and Glenn Votek will retire from his role as Senior Advisor at the end of August while remaining a Director on our board. Please. Okay. Mr. Finkelstein has over 25 years of experience in fixed income investments. from the University of Michigan and J.D. Mr. Green holds a B.A. Mr. Finkelstein has over 25 years of experience in fixed income investments. And as a consequence of that portfolio, we did see a fair amount of appreciation in those pools in the second quarter as markets stabilize and that is one of the risks I think going forward. Please go ahead. All proxy statements are public filings made available to the general public by the SEC. 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. David Finkelstein - Chief . Annaly Capital Management, Inc. Names David L. Finkelstein Chief Executive Officer Interim CEO Glenn Votek to Assume Role of Senior Advisor and Remain on the Board of Directors March 16, 2020 07: . Francine J. Bovich was elected to serve as an independent director of Annaly in 2014. The Agency group invests in agency mortgage-backed securities. Mr. Finkelstein received a B.A. The decline in portfolio size is driven by approximately $53 million in loan payoff as well as securities sales. Please go ahead. Thank you for attending today's presentation. Comprehensive performance, salary and tenure analysis for the CEO, board and leadership team. For the agency derivatives portfolio, I realized you guys maybe [indiscernible] surface very often, but how much of your cost basis was amortized through core earnings in that portfolio last quarter and then with rates having coming down quite a bit, presumably some of those assets are cheap and how are you guys thinking about your footprint in that portfolio? Things do look I think positive generally, but just wondering how you guys think about downside risk from here? Book value increased our GAAP net income of $856 million or $0.58 per share, which includes $0.05 related to Cecil and specific reserves and higher other comprehensive income of $721 million or $0.51 per share on improved valuations on agency MBS resulting from lower market rates. We add the incremental dollar role income to core income and then the outcome. 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. Zwirn & Co., L.P. with a focus on credit and debt restructuring. 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. 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 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. 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. 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. investor@annaly.com, Brunswick Group How much did David L. Finkelstein make as Chief Executive Officer, President and Director of ANNALY CAPITAL MANAGEMENT in 2021 Learn More about insider trades at Annaly Capital Management. 2015. 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. History of Analytic Philosophy. David Finkelstein - President, CEO & Director. Serena Wolfe - CFO. This chart shows David L Finkelstein's buying and selling at Annaly Capital Management by year and by quarter. 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. Kathy Hopinkah Hannan, Ph.D., C.P.A. Mr. Votek has over 30 years of experience in financial services. Mr. Hamilton has served as an Owner and Director of Construction Forms, Inc. (Con Forms), an industrial manufacturing company, since 2013.
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