So we feel good about it. If the United States goes to war with another nuclear armed superpower, this could have a devastating impact on your retirement portfolio. While financial conditions have stabilized, there is still significant uncertainty around the long-term economic picture. 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. These and our other ESG milestones have helped create durable value for all of our stakeholders., Corporate Responsibility Report Highlights. I know you mentioned in some of the tail risks and just any more additional comments on the hedge positioning will be great thanks. Nevertheless, financial conditions have improved considerably. David L. Finkelstein is Chief Executive Officer and Chief Investment Officer of Annaly. He was President and Chief Operating Officer of the Global Wealth Management division of Morgan Stanley from 2000 to 2005. 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. NEW YORK--(BUSINESS WIRE)-- Thanks for joining us today and we'll talk to you soon. It operates through the following investment groups: Agency, Residential Credit, and Mortgage Servicing Rights. in Finance from Florida State University. Ms. Bovich has a B.A. Ms. Williams previously served as Senior Vice President, Compensation, Benefits and HRIS at NBCUniversal beginning in 2011. And did you guys say what your book value was through July? Right. 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. Ms. Williams received a B.S. We encourage you to read the disclaimer in our earnings release in addition to our quarterly and annual filings. 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'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. From September 2010 to December 2011, Mr. Haylon served as Head of Investment Product Management at General Re New England Asset Management. The oldest executive at Annaly Capital Management Inc is FrancineBovich, 68, who is the Independent Director. John H. Schaefer was elected to serve as an independent director of Annaly in 2013. Management Development and Compensation Committee (Chair)Audit Committee. 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. Please go ahead. 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. Thank you. Things do look I think positive generally, but just wondering how you guys think about downside risk from here? As Chief Executive Officer, President and Director at ANNALY CAPITAL MANAGEMENT, David L. Finkelstein made $9,138,764 in total compensation. Sure. Mr. Haylon received a B.A. So it's not an apples-to-apples comparison. Prior to joining Annaly in 2013, Mr. Finkelstein served for four years as an Officer in the Markets Group . While at KPMG, Dr. Hannan also founded the KPMG Womens Advisory Board. Consistent with our communication last quarter, we continue to speak actively with sponsors, borrowers and agents to closely monitor performance. The Agency group invests in agency mortgage-backed securities. He received an undergraduate degree from the University of Washington and an MBA from The University of Chicago Booth School of Business. in Economics and Political Science from the University of Pennsylvania and a J.D. Mr. . Will Others Follow? Mr. Reeves received his B.A. All proxy statements are public filings made available to the general public by the SEC. So that could change but derivatives without achieving a little bit as well as MSR for it to be more attractive. Yeah that's great. 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. Okay. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. Do you expect any meaningful shift in terms of equity capital allocation going forward, thanks? 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. Right. 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. 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. in Finance from the University of Dayton. And finally, the company has performed exceptionally well given the challenges faced from remote work and market uncertainty. 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. David's mailing address filed with the SEC is C/O ANNALY CAPITAL MANAGEMENT, INC., 1211 AVENUE OF THE AMERICAS, NEW YORK, NY, 10036. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete 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. He is also a Director of the Friedreichs Ataxia Research Alliance, along with Co-Founder of his own charitable scientific effort, the CureFA Foundation. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. Across sectors within commercial, the operating fundamentals remain challenged in hospitality as the average national occupancy rate hovers around 40% and in retail the prolonged shutdown and increasing number of retailer bankruptcies is continuing to weigh on that sector. We recorded reserves associated with our credit businesses of $68.8 million on funded commitments during the second quarter. NEW YORK -- (BUSINESS WIRE)-- Annaly Capital Management, Inc. (NYSE: NLY) ("Annaly" or the "Company") announced today the Board of Directors (the "Board") has elected David L. Finkelstein as its Chief Executive Officer and a . 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. David L. Finkelstein is Chief Executive Officer and Chief Investment Officer of Annaly. david finkelstein annaly compensation. On average, Mr trades about 51,067 units every 152 days since 2016. Thanks for that. David L Finkelstein is CEO/Chief Investment Ofcr at Annaly. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. Biography of David Finkelstein. 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. For its 2021 fiscal year, ANNALY CAPITAL MANAGEMENT, listed the following board members on its annual proxy statement to the SEC. 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. 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. Mr A is 48, he's been the Pres and CEO & Director of Annaly Capital Management Inc since . pictures of the galvin family; springfield, ma city council candidates; david finkelstein annaly compensation But the good news is, if China invades Taiwan, there is a way to protect yourself. They purchased a total of 200,000 shares worth more than $1,112,000.00. 2015. Current positions of David Finkelstein. Mr. Finkelstein has 25 years of experience in fixed income investments. Please note today's event is being recorded. 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. 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. and LL.M. It's been relatively calm. Data Year: 2021. 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. Dr. Hannan previously served as the Midwest Area Managing Partner for KPMGs Tax Services. Mr. Schaefer served as a board member and chair of the audit committee of USI Holdings Corporation from 2008 through 2012. Previously, he was Chief Financial Officer of Annaly from August 2013 to December 2019. The proxy statement includes footnotes and explanations of this information plus other information that is pertinent in assessing the overall value and appropriateness of the compensation information. 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. 2022-2023 Spring Category. 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. Click Here for Your Free Ultimate Dividend Package. Corporate Responsibility Committee (Chair)NCG CommitteeRisk Committee. None of Annaly's achievements would have been possible without . Learn More on David L. Finkelstein's salary. June 30, 2022 . 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. They provide a much better competitive profile with lower prepayment characteristics than the market, but generally speaking pool pricing can be variable and so that's probably the risk in any agency. Prior to that, Mr. Finkelstein held senior Agency MBS trading positions at Salomon Smith Barney, Citigroup Inc. and Barclays PLC. And that's exactly right. Last quarter I noted that most of assets and liabilities are at fair value and that our book value decline was not a function of post asset sales but rather unrealized mark-to-market losses with potential for recruitment. So it's reflected in your funding cost. On a more positive note, multifamily remained strong throughout the quarter. So the NIM itself is not reflective of TBAs at all to your dollar role at all? Liquidity tools have sufficiently supported funding markets and credit facilities have opened channels to credit for businesses, households and local governments, the temporary adjustments to regulations have somewhat encouraged bank lending and most impactful to Annaly's portfolio the asset purchases have supported the smooth functioning of treasury and agency markets. Aggregate issuance under our OBX shelf has now reached 4.5 billion across 11 transactions since 2018. 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. 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. GAAP net income improved this quarter as a result of higher GAAP net interest income of $399 million, primarily due to lower interest expense from reduced repo rates and balances and we also experienced lower losses on our core portfolio of $92 million. Thank you, Purvi and good morning, everyone and thanks for joining us on our second quarter earnings call. Prior to joining Annaly in 2013 . PHIL 21505/31505 Wonder, Magic, and Skepticism. 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. Zwirn & Co., L.P. with a focus on credit and debt restructuring. Great. 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 go ahead. Get notified the next time David L. Finkelstein buys or sells Annaly Capital Management stock. Most recently he exercised 31,721 units of NLY stock worth $179,224 on 30 June 2022. . We further reduced the LIBOR footprint of our hedge portfolio with our swap now 80% in OIS and we reinitiated our treasury future short position that was unwound in the first quarter. 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. Thomas Hamilton was elected to serve as an independent director of Annaly in March 2019. MSR has different structural aspects to it that make it very cheap, but nonetheless structural leverage is a little bit inferior right now to balance sheet leverage. No, I think I understand. Annaly is a leading diversified capital manager that invests in and finances residential and commercial assets. 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 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 is a member of the Henry Crown Fellows at the Aspen Institute and was honored as a Chicago United Business Leader of Color. ANNALY CAPITAL MANAGEMENT annual reports of executive compensation and pay are most commonly found in the Def 14a documents. Just on the TBAs again just every mortgage rate, it feels like accounts for $I specialness a little differently in their NIM. Bloomberg View columnist Barry Ritholtz looks at the people and ideas that shape markets, investing and business. Prior to joining Annaly in 2013, Mr. Finkelstein served for four years as an Officer in the . Okay. California Weighs $360,000 in Reparations to Eligible Black Residents. . This net worth evaluation does not reflect any other assets that Mr. Finkelstein may own. Good morning and welcome to the Annaly Capital Management Second Quarter 2020 Conference Call. From 1980 until 1984, he was a Senior Financial Analyst at Travelers Insurance Companies. 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. 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. Mr. David L. Finkelstein C.F.A. 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. Serena Wolfe is Chief Financial Officer of Annaly. 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. ANNALY@brunswickgroup.com, Navigate to the << Back to Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. Since 2011, Ms. Bovich has been a trustee of The Bradley Trusts. 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. 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. This chart shows David L Finkelstein's buying and selling at Annaly Capital Management by year and by quarter. Mr. Finkelstein was elected to serve as a director of Annaly in March 2020. Annaly actively integrates ESG considerations into its overall strategy through the following key areas: corporate governance, human capital, responsible investments and the environment. Annaly Capital Management, Inc. (NYSE: NLY) (the "Company" or "Annaly") announced today the publication of its third corporate responsibility report f And to repo financing remains ample. Ilker . A lot of that is driven by the tailwind from the fed and specialism and TBAs where our role income doubled over the quarter and it is currently existent today and if we look at past episodes it [indiscernible] persisted for some time. 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. [Operator Instructions] After todays presentation, there will be an opportunity to ask questions. This reduced our pay rate as well as shorten the maturity of our swap portfolio. We remain comfortable with our existing credit portfolios and the associated Cecil reserves and will continue to monitor specific asset performance and economic projections as we determine future reserves. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. Learn More on David L. Finkelstein's trading history. in Business Administration from the University of Washington and a M.B.A. from the University of Chicago, Booth School of Business. Click here to read the full letter and more from Annaly's 2020 Annual Report. I'm curious how you guys are looking at this and especially in light of having cut the dividend earlier in the year? 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. Salary, bonuses, stock options, stock awards and other compensation for David L. Finkelstein, Chief Executive Officer, President and Director at ANNALY CAPITAL MANAGEMENT. NCG Committee (Chair)Corporate Responsibility Committee. My No. 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. in Business Administration from the University of Washington and a M.B.A. from the University of Chicago, Booth School of Business. Mr. Finkelstein was elected to serve as a director of Annaly in March 2020. I'd now like to turn the conference over to Purvi Kamdar. Learn More on Annaly Capital Management's active insiders. Annualized core return on average equity excluding PAA was 12.82% for the quarter in comparison to 9.27% for Q1. The improvement in singles that the market currently believes that the majority of forbearance cases, which have stabilized over the past couple of months will ultimately be resolved. 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. 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. You can see the complete history of Mr Finkelstein stock trades at the bottom of the page. Ms. Williams has over 17 years of compensation and governance experience. Mr. Finkelstein also holds the Chartered Financial Analyst designation. This concludes our question-and-answer session. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. Information on this page was last updated on 6/17/2022. From 2014 to 2020, Dr. Hannan served as Chairman of the Board & National President for Girl Scouts of the USA. Mr. Hamilton received a B.S. Ms. Wolfe has over 20 years of experience in accounting, of which 13 years were focused solely in real estate practice. Net Worth The estimated Net Worth of David L Finkelstein is at least Annaly Capital Management Inc . David Finkelstein - President, CEO & Director. Prior to that, Mr. Finkelstein held senior Agency MBS trading positions at Salomon Smith Barney, Citigroup Inc. and Barclays PLC. 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. 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.