Ms. Williams has over 17 years of compensation and governance experience. So right now balance sheet leverage pools of finance through the repo market is more attractive than structural leverage meaning derivatives who when I say structural leverage I mean an asset whose outcome is dependent on a larger asset like derivatives are. From 1997 to 1998, Mr. Schaefer was Managing Director and Head of Strategic Planning and Capital Management at Morgan Stanley. 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. 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. 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. Previously, he was Chief Financial Officer of Annaly from August 2013 to December 2019. Annaly is a leading diversified capital manager that invests in and finances residential and commercial assets. As a reminder, Annaly routinely posts important information for investors on the company's website at www.annaly.com. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. Please note today's event is being recorded. On average, Annaly Capital Management Inc executives and independent directors trade stock every 35 days with the average trade being worth of $908,853. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. Mr. Finkelstein owns 1,669,013 shares of Annaly Capital Management stock worth more than $36,417,864 as of February 13th. The conference has now concluded. Good morning and welcome to the second quarter 2020 earnings call for Annaly Capital Management. Yes the TBA role provided about $97.5 million post NIM for the quarter. Will His AI Plans Be Any Different? NEW YORK-(BUSINESS WIRE)-Annaly Capital Management, Inc. (NYSE: NLY) ("Annaly" or the "Company") today announced its financial results for the quarter and year ended December 31, 2022. This button displays the currently selected search type. In the commercial sector, we're slowly beginning to see activity pick up but volumes do remain somewhat muted. in Accounting from the University of Notre Dame and a M.B.A. from the Harvard Graduate School of Business. As I mentioned last quarter, we expect to see more growth in this segment as markets continue to normalize and we are encouraged by the steady pace of securitization activity to support our asset generation strategy. Kathy Hopinkah Hannan, Ph.D., C.P.A. We have previously discussed our methodology and are thorough and thoughtful approach to Cecil reserves. In credit as we've said, we like our portfolio. Reinvestment is a key criteria here. Hey how much did TBAs add to your net interest margin for the quarter? Nov 07, 2016. David L. Finkelstein, who has been serving as Annaly's Chief Investment Officer, Agency and RMBS, has been named Annaly's . Sean Kensil - Vice President, Investor Relations. David L. Finkelstein Chief Executive Officer, President and Director: Is it picked up in your asset yield or your funding costs or both? Audit CommitteeManagement Development and Compensation CommitteeRisk Committee. We also continue to take advantage of the attractive low levels of volatility to hedge the tail risk of a sharp rise in rates in the long end of the yield curve and as such, we replaced much of our legacy swaps in position with additional out of the money payers options. Yeah that's great. 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. 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? Mr. Campbell previously served as Head of Business Operations of Annaly and has over 25 years of experience in financial services. 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. 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. David L. Finkelstein is President, Chief Executive Officer & Director at Annaly Capital Management, Inc. The estimated Net Worth of David L Finkelstein is at least $16.4 Million dollars as of 1 February 2023. This net worth evaluation does not reflect any other assets that Mr. Finkelstein may own. 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. Dr. Hannan has over 30 years of industry experience and held numerous leadership roles during her distinguished career with KPMG. in Business Administration from the University of Washington and a M.B.A. from the University of Chicago, Booth School of Business. 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. Michael Haylon was elected to serve as an independent director of Annaly in 2008. Mr. Finkelstein is a member of the Treasury Market Practices Group sponsored by the Federal Reserve Bank of New York as well as a member of the Financial Sector Advisory Council of the Federal Reserve Bank of Dallas. 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. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. As always we spent time analyzing the results of the reserve calculations and ensuring our expectations align with the quality of the portfolio and the performance of the borrowers. Thank you. 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. Finkelstein was elected to serve as a director of Annaly in March 2020. 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. Prior to joining Annaly in 2009, Mr. Green was a partner in the Corporate, Securities, Mergers & Acquisitions Group at K&L Gates LLP. 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. Right. Learn More on David L. Finkelstein's contact information. This point was evidenced the quarter with the improvement in fair value measures and resulting improved book value. Ms. Bovich is a member of The Economic Club of New York, and an emeritus trustee of Connecticut College and a Member of the Investment Sub-Committee for its endowment. Insiders at Annaly Capital Management own 0.3% of the company. My No. These initiatives are a testament to our focus on driving shareholder value, ensuring that the firm as a whole, our structure as well as our portfolio is positioned to continue outperforming as our second quarter results demonstrate. Ms. Denahan has a B.S. Things do look I think positive generally, but just wondering how you guys think about downside risk from here? Prior to that, Mr. Finkelstein held senior Agency MBS trading positions at Salomon Smith Barney, Citigroup Inc. and Barclays PLC. Mr. Finkelstein is a member of the Treasury Market Practices Group sponsored by the Federal Reserve Bank of New York as well as a member of the Financial Sector Advisory Council of the Federal Reserve Bank of Dallas. The reason why they appreciate is because there worth it. 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. Thomas Hamilton was elected to serve as an independent director of Annaly in March 2019. You can see the complete history of Mr Finkelstein stock trades at the bottom of the page. David L. Finkelstein C.F.A. in Finance from Florida State University. June however, did bring about an increase in new refinancing requests with some new acquisition activity at post-COVID purchase prices and simultaneously, we've seen a significant number of warehouse providers begin to close new loans although pricing levels have been reset higher. Ms. Wolfe is a Certified Public Accountant in the states of New York, California, Illinois and Pennsylvania. in Economics from Connecticut College and an M.B.A. in Finance from New York University. Eric A. Reeves was elected to serve as an independent director of Annaly in March 2021. Yeah I think prepay is kind of an obvious one outside of that. Mr. Green has served as Chief Corporate Officer since January 2019 and Chief Legal Officer since March 2017. 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. . Okay. It operates through the following investment groups: Agency, Residential Credit, and Mortgage Servicing Rights. Mr. Finkelstein received a B.A. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. For its 2021 fiscal year, ANNALY CAPITAL MANAGEMENT, listed the following board members on its annual proxy statement to the SEC. 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. Annaly actively integrates ESG considerations into its overall strategy through the following key areas: corporate governance, human capital, responsible investments and the environment. Do you expect any meaningful shift in terms of equity capital allocation going forward, thanks? This net worth evaluation does not reflect any other assets that Mr. Finkelstein may own. In Blacklisting Inspur, US Targets Partner Used by Intel and IBM, Twitter Revenue, Earnings Fell About 40% in December, WSJ Says, China E-Commerce Giant JD Set for $1.4 Billion Discount Spree, Bolsonaro Says Mission Isnt Over as US Conservatives Fete Him, Biden Closes In on Order to Restrict US Investment in China Tech, Harrods Shrugs Off Recession Fears as Rich Get Richer, FT Says, Wealthy NYC Family Feuds Over $258 Million Madison Avenue Sale, Tom Sizemore, 'Saving Private Ryan' Actor, Dies at 61. We've isolated around where we ended the quarter and right now as about last night it's up roughly 1%. Nevertheless, financial conditions have improved considerably. Mr. . When expanded it provides a list of search options that will switch the search inputs to match the current selection. Good morning and nice quarter guys. ANNALY CAPITAL MANAGEMENT annual reports of executive compensation and pay are most commonly found in the Def 14a documents. I suspect that one of the things that influences the outlook is reinvestment risk as the speeds pick up. June 30, 2022 . Learn More on David L. Finkelstein's trading history. 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. He served as Senior Advisor to Annaly from March 2020 to August 2020 after serving as Interim Chief Executive Officer and President of Annaly from November 2019 to March 2020. 2020. . 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. [Operator instructions] Our next question comes from George Bahamondes with Deutsche Bank. in Business Administration from the University of Washington and a M.B.A. from the University of Chicago, Booth School of Business. 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. david finkelstein annaly compensationmostar bridge jump injuries. We feel good about where pools are at. These funds represent a broad scope of investment strategies including equities, taxable fixed income, municipal bonds, and cash management. After a pace of purchases at the height of the volatility to reach nearly $50 billion per day to help stabilize sector, that is transitioned to a steady run rate of $40 billion per month net of portfolio runoff, which on a gross basis equates to roughly 40% current agency issuance. Mr. Finkelstein also holds the Chartered Financial Analyst designation. Salary, bonuses, stock options, stock awards and other compensation for David L. Finkelstein, Chief Executive Officer, President and Director at ANNALY CAPITAL MANAGEMENT. Please disable your ad-blocker and refresh. in Finance from the University of Dayton. Mr. David L. Finkelstein, C.F.A., serves as Chief Investment Officer of Annaly Capital Management, Inc. since November 16, 2022. . David L. Finkelstein is Chief Executive Officer and President of Annaly. 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. History of Analytic Philosophy. Information on this page was last updated on 6/17/2022. He received an undergraduate degree from the University of Washington and an MBA from The University of Chicago Booth School of Business. There are 11 older and 9 younger executives at Annaly Capital Management Inc. Chief Executive OfficerChief Investment Officer. Annaly is a leading diversified capital manager with investment strategies across mortgage finance. On a more positive note, multifamily remained strong throughout the quarter. 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. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. He received an undergraduate degree from the University of Washington and an MBA from The University of Chicago Booth School of Business. There are no executives at Annaly Capital Management Inc getting paid more. Learn More on David L. Finkelstein's salary. And to repo financing remains ample. So it's reflected in your funding cost. Portfolio construct has been protected against broader sectors that have witnessed demand destruction and we maintain meaningful exposure where pockets of spend remainder resilient. 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. On average, Annaly Capital Management Inc executives and independent directors trade stock every 35 days with the average trade being worth of $908,853. 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. 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 . Ms. Williams previously served as Senior Vice President, Compensation, Benefits and HRIS at NBCUniversal beginning in 2011. Just had a curiosity what are some things that you are concerned about or really looking closely at, you kind of in the end and immediate term. Mr A is 48, he's been the Pres and CEO & Director of Annaly Capital Management Inc since . 1 dividend stock for a LIFETIME of income. They purchased a total of 200,000 shares worth more than $1,112,000.00. Now to begin with, I wanted to touch on a few strategic corporate actions we've taken as of late. Our goal has been to maintain optimal liquidity thresholds and to manage the portfolio within conservative risk parameters to produce the highest level of quality earnings in this market environment. This information is according to proxy statements filed for the 2021 fiscal year. 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. Prior to joining Annaly in 2013, Mr. Finkelstein served for four years as an Officer in the . Participants on this morning's call include David Finkelstein, Chief Executive Officer and Chief Investment Officer; Serena Wolfe, Chief Financial Officer; Mike Fania, Head of Residential Credit; Tim Gallagher, Head of Commercial Real Estate; Tim Coffey, Chief Credit Officer and Ilker Ertas, Head of Securitized Products. Prior to joining Annaly in December 2019, Ms. Wolfe had served as a Partner at Ernst & Young LLP (E&Y) since 2011. Mr. Green holds a B.A. 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. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. David L. Finkelstein has not been actively trading shares of Annaly Capital Management within the last three months. 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. 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. And with that, I'll turn it over to operator for questions. Additionally, the report incorporates summary ESG metrics for the past three years, which include further details on the composition of Annalys Board of Directors and employees, philanthropy and volunteerism efforts and environmental indicators. No, it is not reflected in the funding cost. Thorough reviews have been conducted to assure this data accurately reflects disclosures. Mr. Finkelstein was elected to serve as a director of Annaly in March 2020. Learn More about insider trades at Annaly Capital Management. David L. Finkelstein is Chief Executive Officer and Chief Investment Officer of Annaly. California Weighs $360,000 in Reparations to Eligible Black Residents. Mr. Finkelstein has over 25 years of experience in fixed income investments. 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. 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? Annaly is internally managed and has elected to be taxed as a real estate investment trust, or REIT, for federal income tax purposes. And prepay is obviously being the uncertainty and the risk which we I don't think you heard a lot about I'm sure this quarter and I think we managed prepay risk as well as anybody. Out treasury function is the best in the business and their expertise and exemplary market timing was a key component that helped us weather the market dislocation last quarter and our ability to deliver strong core earnings this quarter. ANNALY CAPITAL MANAGEMENT income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. David L. Finkelstein C.F.A. 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. Glenn A. Votek was elected to serve as a Director of Annaly in November 2019. Additionally during the second quarter, we utilized our share buyback program and have now repurchased $175 million common stock year-to-date. 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.