For its 2021 fiscal year, ANNALY CAPITAL MANAGEMENT, listed the following CEO pay ratio data on its annual proxy statement to the SEC. Audit Committee (Chair)Management Development and Compensation CommitteeNCG Committee. The decline in portfolio size is driven by approximately $53 million in loan payoff as well as securities sales. Securitization market started to show signs of life in mid-May and we issued nearly $500 million of expanded prime securities earlier this month, subsequent to quarter end. We add the incremental dollar role income to core income and then the outcome. Mr. Finkelstein was appointed as Chief Executive Officer and elected to serve on the Board of Directors in March 2020. 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. For example, government mandates at all levels have created an even greater dependency on technology while also driving demand and behavior in ways that has made once boring annuity business into growth sectors. david finkelstein annaly compensation. 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. The report demonstrates Annaly's continued focus on setting and measuring progress on . Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. Learn More about David L. Finkelstein's net worth. Good morning and nice quarter guys. On average, Mr trades about 51,067 units every 152 days since 2016. Data Year: 2021. 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 conference has now concluded. On average, Annaly Capital Management Inc executives and independent directors trade stock every 35 days with the average trade being worth of $908,853. Mr. Campbell also worked at General Electric Capital Corporation and D.B. 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 information shown here is a reporting of information included in the company's proxy statement. Annaly encourages investors, analysts, the media and other interested parties to monitor the company's website in addition to following Annaly's press releases, SEC filings, public conference calls, presentations, webcasts and other information they post from time to time on its website. Mr. Finkelstein received a B.A. Most recently he exercised 7,989 units of NLY stock worth $50,490 on 29 January 2022. . The oldest executive at Annaly Capital Management Inc is FrancineBovich, 68, who is the Independent Director. Currently, Dr. Hannan serves on the Board of Directors of Otis Elevator Co., Gingko Bioworks and Carpenter Technology Corporation, is Chairman of the Board of Trustees and a member of the Executive Committee of the Smithsonian National Museum of the American Indian, is a Trustee of the Committee for Economic Development in Washington D.C., and is an active member of Women Corporate Directors. Nov 07, 2016. 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. 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. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. Today I'd like to highlight a number of current corporate initiatives, provide an update on the market and discuss portfolio activity across our core business during the quarter and finally provide our outlook for the balance of the year and then I'll hand it off to Serena to discuss the financials. David Finkelstein, Annaly's Chief Executive Officer and Chief Investment Officer, commented: "Since 1997, Annaly has become the largest mortgage REIT in the world and delivered $24 billion in dividends to our shareholders in a variety of interest rate and economic conditions. PHIL 21505/31505 Wonder, Magic, and Skepticism. 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. As we look at the buyback policy, it's not a point in time estimated, everything changes on a daily basis because asset prices changes in the relative attractiveness of buying back stock versus putting that capital to work in the portfolio changes and if you just think about the immediate accretion of the stock buyback in terms of book value versus the longer-term earnings of the portfolio, there is a trade-off there certainly and we generated 25% accretion from the buyback thus far. And everything you said the two words that stood out everything changes. ANNALY CAPITAL MANAGEMENT annual reports of executive compensation and pay are most commonly found in the Def 14a documents. ANNALY CAPITAL MANAGEMENT annual reports of executive compensation and pay are most commonly found in the Def 14a documents. From 2014 to 2020, Dr. Hannan served as Chairman of the Board & National President for Girl Scouts of the USA. Mr. Reeves was formerly a law partner of McDermott, Will & Emery and a corporate attorney at Jones Day. While our allocation agency may increase modestly, we do continue to evaluate opportunities to deploy capital across our three credit businesses and we are beginning to develop the better lends into how each credit sector is evolving and we expect to shift to a more offensive posture in the coming months as we gain more clarity on the economic and real estate landscape. NEW YORK--(BUSINESS WIRE)-- David L. Finkelstein Chief Executive Officer, President and Director: Thanks. We don't anticipate increasing agency meaningfully, but we do recognize that these credit markets are a little bit slow to redevelop. The estimated Net Worth of David L Finkelstein is at least $16.4 Million dollars as of 1 February 2023. Glenn A. Votek was elected to serve as a Director of Annaly in November 2019. The housing market remained strong given long-term positive fundamentals, which we believe will help the ultimate recovery. Mr. Schaefer has over 40 years of financial services experience including serving as a member of the management committee of Morgan Stanley from 1998 through 2005. Press Releases | Annaly Capital, https://www.businesswire.com/news/home/20220609005206/en/. In terms of how it's actually reflected in the yield it's not. Prior to that, Mr. Finkelstein held senior Agency MBS trading positions at Salomon Smith Barney, Citigroup Inc. and Barclays PLC. Our next question comes from Doug Harter with Credit Suisse. Ms. Williams has over 17 years of compensation and governance experience. So the NIM itself is not reflective of TBAs at all to your dollar role at all? 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. 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? Does that answer your question? Great. Learn More about David L. Finkelstein's net worth. We feel good about where pools are at. Hey guys, this is actually Josh Bolton on for Doug. Last updated: 1 March 2023 at 11:00am EST. And actually as you're answering that question, I'm realizing there's another element to that, which is that some of that additional that excess earnings is coming back to you shareholders in the form of the repurchases at a discount as well. GAAP net income (loss . David L. Finkelstein, who has been serving as Annaly's Chief Investment Officer, Agency and RMBS, has been named Annaly's . Mr. Finkelstein has 25 years of experience in fixed income investments. pictures of the galvin family; springfield, ma city council candidates; david finkelstein annaly compensation Turning to earnings, the largest factor quarter-over-quarter to quote an ex-PAA will lower interest expense of $186 million versus $503 million in the prior quarter due to lower average repo rates and balances as well as higher TBA [indiscernible] income of $96 million versus $44 million in the prior quarter, due to higher average balances partially offset by higher expense from the net interest component of interest-rate swaps of $65 million visits $14 million in the prior quarter and higher average balance. Mr. Schaefer served as a board member and chair of the audit committee of USI Holdings Corporation from 2008 through 2012. For its 2021 fiscal year, ANNALY CAPITAL MANAGEMENT, listed the following board members on its annual proxy statement to the SEC. 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. Beyond just prepays is what happens to pool pricing over the next quarter or two. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. Musk Made a Mess at Twitter. We appropriately conservatively reserve for any what we think to be of any eventuality down out the horizon but there's idiosyncratic risk in every credit asset and so we feel good about it, but there could be one-off disruptions and so that's we're looking at as well. Click here to read the full letter and more from Annaly's 2020 Annual Report. 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. 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. This reduced our pay rate as well as shorten the maturity of our swap portfolio. Mr. Votek holds a B.S. Good morning and welcome to the second quarter 2020 earnings call for Annaly Capital Management. 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. I think that's probably the best description of what we brought them through the shares. 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. Previously, Ms. Denahan served as Chief Executive Officer of Annaly from November 2012 to September 2015 and as Co-Chief Executive Officer of Annaly from October 2012 to November 2012. NEW YORK -- (BUSINESS WIRE)-- Annaly Capital Management, Inc. (the "Company" or "Annaly") today announced management promotions within its senior executive team, which are effective immediately. 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. 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. Our efficiency metrics changed modestly relative to Q1 being 2.1% of equity for the second quarter in comparison to 1.98%. Mr has made over 7 trades of the Annaly Capital Management Inc stock since 2016, according to the Form 4 filled with the SEC. You may now disconnect. I suspect that one of the things that influences the outlook is reinvestment risk as the speeds pick up. Consistent with our communication last quarter, we continue to speak actively with sponsors, borrowers and agents to closely monitor performance. History of Analytic Philosophy. He received an undergraduate degree from the University of Washington and an MBA from The University of Chicago Booth School of Business. Most recently he exercised 6,186 units of NLY stock worth $125,761 on 1 February 2023. Click Here for Your Free Ultimate Dividend Package. 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. A reconciliation of GAAP to non-GAAP measures is included in our earnings release. Mr. . 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. John H. Schaefer was elected to serve as an independent director of Annaly in 2013. Prior to joining Annaly in 2009, Mr. Green was a partner in the Corporate, Securities, Mergers & Acquisitions Group at K&L Gates LLP. 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. [Operator instructions] Our next question comes from George Bahamondes with Deutsche Bank. Now core earnings in Q2 were above that dividend and we expect them to be so in Q3. Annaly Capital Management, Inc. (NYSE: NLY) (the "Company" or "Annaly") announced today the publication of its third corporate responsibility report f Non-agency securities across legacy CRT jumbo 2.0 and non-QN have seen substantial recovery. and LL.M. Mr. Finkelstein owns 1,669,013 shares of Annaly Capital Management stock worth more than $33,931,034 as of March 4th. [Operator Instructions] After todays presentation, there will be an opportunity to ask questions. They purchased a total of 200,000 shares worth more than $1,112,000.00. 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. 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. Annaly provides supplemental disclosures under the Sustainability Accounting Standards Board (SASB) standards and the Global Reporting Initiative (GRI) standards frameworks. We don't complete clarity on the economy and some of that runoff could go into the agency sector. David L. Finkelstein is Chief Executive Officer and President of Annaly. . 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. Vice ChairRisk Committee (Chair)Corporate Responsibility Committee. 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. Mr. Schaefer received a B.B.A. Annaly Capital Management, Inc. (NYSE:NLY) Q2 2020 Earnings Conference Call July 30, 2020 9:00 AM ET, David Finkelstein - CEO & Chief Investment Officer, Tim Gallagher - Head, Commercial Real Estate. 25. times its median employee's . 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. Ms. Bovich has a B.A. Nevertheless, financial conditions have improved considerably. Okay. 1 dividend stock for a LIFETIME of income. Shifting to residential credit, the sector saw significantly more activity as market dynamics began to improve following the crisis. The average price of those shares was I believe $6.30 or meaningfully above that level now. Annaly is a leading diversified capital manager that invests in and finances residential and commercial assets. While financial conditions have stabilized, there is still significant uncertainty around the long-term economic picture. Consistent with that strategy, since the beginning of the second quarter, we added $1.125 billion of capacity across two new credit facilities for our residential credit group, the permanent nonrecourse financing. 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 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. Financial Highlights. Prior to his roles at Con Forms, Mr. Hamilton spent 24 years in a number of leadership positions in the financial industry. Dr. Hannan has over 30 years of industry experience and held numerous leadership roles during her distinguished career with KPMG. from Loras College. Mr. Campbell received a B.B.A. Everyone at Annaly contributes to our success and we're proud of the results that we've reported for the second quarter and expect to continue providing best in class results for our shareholders. Hey how much did TBAs add to your net interest margin for the quarter? Sorry, I think we're thinking about it a little differently, but yeah that's correct. So thank you, guys. Okay. A proxy statement (or "proxy") is a form that every publicly traded U.S. company is required to file with the U.S. Securities & Exchange Commission (SEC) within 120 days after the end of its fiscal year. This concludes our question-and-answer session. Prior to Barclays, Mr. Hamilton held various Managing Director roles at Citigroup, Inc. and Salomon Brothers, Inc., where he began his career. Corporate Responsibility CommitteeRisk Committee. Wallmine is a radically better financial terminal. Please. David L. Finkelstein is Chief Executive Officer and Chief Investment Officer of Annaly. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. It's all dependent Rick on the attractiveness of the repurchase option relative to other options in our capital allocation policy. 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. in International and Comparative Law from Cornell Law School. So broadly speaking in agency it's probably pool pricing and in credit there could be unforeseen events given the economy that could disrupt individual assets. It's been relatively calm. David L Finkelstein is CEO/Chief Investment Ofcr at Annaly. 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? Anthony C. Green is Chief Corporate Officer and Chief Legal Officer of Annaly. 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. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. in Business Administration from the University of Washington and a M.B.A. from the University of Chicago, Booth School of Business. There are no executives at Annaly Capital Management Inc getting paid more. 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. Annaly intends to use our webpage as a means of disclosing material non-public information for complying with the company's disclosure obligations under Regulation FD and to post and update investor presentations and some more materials on a regular basis. biography. David Finkelstein, Annaly's Chief Executive Officer and Chief Investment Officer, commented: "Since 1997, Annaly has become the largest mortgage REIT in the world and delivered $24 billion in dividends to our shareholders in a variety of interest rate and economic conditions. From September 2010 to December 2011, Mr. Haylon served as Head of Investment Product Management at General Re New England Asset Management. Mr. Finkelstein received a B.A. 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. 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. Chief Executive Officer, President and Director. 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. 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 disable your ad-blocker and refresh. There are 11 older and 9 younger executives at Annaly Capital Management Inc. In the commercial sector, we're slowly beginning to see activity pick up but volumes do remain somewhat muted. But when you look at the portfolio and the economic return of the portfolio on the quarter, that was 15% and that persists we think. David L. Finkelstein has not been actively trading shares of Annaly Capital Management within the last three months. "Athlete | Empire" presents the in-depth, intimate stories of these businesses, as told by the players themselves. We've isolated around where we ended the quarter and right now as about last night it's up roughly 1%. Mr. Green has over 20 years of experience in corporate and securities law. Mr. Finkelstein owns 1,669,013 shares of Annaly Capital Management stock worth more than $36,417,864 as of February 13th. David Finkelstein is Chief Executive Officer and a Board Director of Annaly Capital Management.<br><br>David has 25 years of experience in fixed income investments. 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. If you have an ad-blocker enabled you may be blocked from proceeding. The information shown here is a reporting of information included in the company's proxy statement. Dr. Hannan received a Ph.D. in Leadership Studies from Benedictine University and a B.A. Annaly Capital Management, Inc. (NYSE:NLY) Q1 2022 Earnings Conference Call April 28, 2022 9:00 AM ETCompany Participants. Wondering if you could just provide a bit more color on your prepared remarks on the potential to increase agency allocation. June 30, 2022; my septum piercing won't flip up; vegan mochi cake recipe Actual events and results may differ materially from these forward-looking statements. Prior to that, he worked at AT&T and its finance subsidiary from 1986 to 1999 in various financial management roles. When expanded it provides a list of search options that will switch the search inputs to match the current selection. 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. David Finkelstein About Us; Blog; Press; AFLCIO.tv; Union Plus Benefits; Toggle Search Form . Mr. Haylon has previously served on the boards of Aberdeen Asset Management and Phoenix Investment Partners. ANNALY@brunswickgroup.com, Navigate to the << Back to Yeah I think prepay is kind of an obvious one outside of that. Okay. Just on the TBAs again just every mortgage rate, it feels like accounts for $I specialness a little differently in their NIM. Annaly Capital Management (NYSE:NLY) Q4 2021 Earnings Conference Call February 10, 2022 10:00 AM ETCompany Participants. I didn't in the prepared comments. 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. 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. 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. Annaly is internally managed and has elected to be taxed as a real estate investment trust, or REIT, for federal income tax purposes. This information is according to proxy statements filed for the 2021 fiscal year. Sure. Annaly Capital Management, Inc. (NYSE:NYSE:NLY) Q2 2020 Earnings Conference Call July 30, 2020, 09:00 AM ET Company Participants Purvi Kamdar - Head, IR David Finkelstein - CEO & Chief. 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. 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. investor@annaly.com, Brunswick Group This report is not for commercial use. Annaly Capital Management, Inc. engages in the investment and financing of residential and commercial assets. Annaly is a leading diversified capital manager with investment strategies across mortgage finance. Mr. Finkelstein also holds the Chartered Financial Analyst designation. Annaly is internally managed and has elected to be taxed as a real estate investment trust, or REIT, for federal income tax purposes. 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. Yes the TBA role provided about $97.5 million post NIM for the quarter. 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
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