[Operator Instructions] Please note this event is being recorded. Mr. Finkelstein was elected to serve as a director of Annaly in March 2020. On average, Annaly Capital Management Inc executives and independent directors trade stock every 35 days with the average trade being worth of $908,853. The most active insiders traders include Wellington Denahan, Kevin Keyes, and David L Finkelstein. Anthony C. Green is Chief Corporate Officer and Chief Legal Officer of Annaly. 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. This point was evidenced the quarter with the improvement in fair value measures and resulting improved book value. 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 maintained the view that the agency sector represents the most attractive investment opportunity currently while also providing strong liquidity. While our portfolio speech did experience an increase on the quarter, prepays on our overall portfolio were notably lower than the GSE universe, which paid roughly eight CPR faster despite the higher average coupon of our portfolio relative to the universe. Current positions of David Finkelstein. Mr A is 48, he's been the Pres and CEO & Director of Annaly Capital Management Inc since . 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. 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. 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. Annaly is internally managed and has elected to be taxed as a real estate investment trust, or REIT, for federal income tax purposes. 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. Overall we feel good about conservative positioning in the portfolio across sectors and the strength of our relationships with best in class sponsors and operating partners to mitigate in further disruption. So while implied volatility is very low and that's by design on part of the part of the fed and to the extent it continues to decline, it will be a more attractive hedge to our agency portfolio and I would say that in current levels, you should expect it to be a critical component of the portfolio going forward. Ms. Williams has served as Chief Human Resources Officer for NBCUniversal, a multinational media conglomerate, since July 2018, where she is responsible for the companys global human resources function, including compensation, benefits, development and learning, talent acquisition, executive search, HR systems, and the HR service center. From 1997 to 1998, Mr. Schaefer was Managing Director and Head of Strategic Planning and Capital Management at Morgan Stanley. 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. Mr. Schaefer was Executive Vice President and Chief Strategic and Administrative Officer of Morgan Stanley from 1998 to 2000. Since 2011, Ms. Bovich has been a trustee of The Bradley Trusts. Eric A. Reeves was elected to serve as an independent director of Annaly in March 2021. Now more than ever, players rightly see themselves as multi-faceted entrepreneurs, and seek ways to leverage their brands in everything from real estate to venture capital. He was Chief Financial Officer of the Phoenix Companies, Inc. from 2004 until 2007, and Executive Vice President and Chief Investment Officer of the Phoenix Companies in 2002 and 2003. Mr. Green was Deputy General Counsel of Annaly from 2009 until March 2017. These and our other ESG milestones have helped create durable value for all of our stakeholders., Corporate Responsibility Report Highlights. GAAP net income (loss . 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. Volatility is low and the fed is specifically directing volatility lower and they also happen to be a huge tailwind in terms of purchases of agency MBS, so the technicals are very favorable and to your point, it does appear to be a very good backdrop for the foreseeable future for agency. David L. Finkelstein, who has been serving as Annaly's Chief Investment Officer, Agency and RMBS, has been named Annaly's . In fact some of our industry concentrations have maturely benefited from the current environment. Management Development and Compensation Committee (Chair)Audit Committee. We don't complete clarity on the economy and some of that runoff could go into the agency sector. David Finkelstein - Chief . ANNALY CAPITAL MANAGEMENT income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. So it's reflected in your funding cost. 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. Okay. Ms. Williams previously served as Senior Vice President, Compensation, Benefits and HRIS at NBCUniversal beginning in 2011. Mr. Finkelstein also holds the Chartered Financial Analyst designation. The lower coupon holdings are predominantly in TBAs and higher coupons are concentrated and specified pools in light of the meaningful elevation in prepayment speeds in this environment. 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. Wallmine is a radically better financial terminal. There are 11 older and 9 younger executives at Annaly Capital Management Inc. In terms of how it's actually reflected in the yield it's not. Prior to joining Annaly in 2009, Mr. Green was a partner in the Corporate, Securities, Mergers & Acquisitions Group at K&L Gates LLP. Nov 07, 2016. 25. times its median employee's . Annaly is a leading diversified capital manager that invests in and finances residential and commercial assets. Okay. 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. Mr. Reeves has served as Managing Director, Head of Private Capital Investments of Duchossois Capital Management (DCM) since 2017. This report is not for commercial use. David L. Finkelstein is Chief Executive Officer and Chief Investment Officer of Annaly. The report demonstrates Annaly's continued focus on setting and measuring progress on . In credit as we've said, we like our portfolio. Mr has made over 9 trades of the Annaly Capital Management Inc stock since 2016, according to the Form 4 filled with the SEC. He began his career in 1979 in the commercial lending program at Philadelphia National Bank. Good morning and welcome to the Annaly Capital Management Second Quarter 2020 Conference Call. Now to begin with, I wanted to touch on a few strategic corporate actions we've taken as of late. There are no executives at Annaly Capital Management Inc getting paid more. Financial Highlights GAAP net income (loss) of ($1.96) per average common share for the quarter; $3.93 per average common share for the full year 2022 Earnings available for distribution [] Annaly is a leading diversified capital manager that invests in and finances residential and commercial assets. Please go ahead. from the University of Michigan and J.D. David L. Finkelstein C.F.A. 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. Right. Ms. Bovich has a B.A. 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. See David L Finkelstein's compensation, career history, education, & memberships. 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. 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. That has largely taken delivery of the most negatively convex MBS, which has resulted in a shift to the TBA deliverable across production coupons to more newly originated pools and as a result, nominal carry on production coupons TBAs has improved dramatically thereby adding to returns for TBA holders. 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. This news release and our public documents to which we refer contain or incorporate by reference certain forward-looking statements which are based on various assumptions (some of which are beyond our control) and may be identified by reference to a future period or periods or by the use of forward-looking terminology, such as may, will, believe, expect, anticipate, continue, or similar terms or variations on those terms or the negative of those terms. [Operator instructions] Our first question comes from Eric Hagen with KBW. 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 . 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. [Operator Instructions] After todays presentation, there will be an opportunity to ask questions. If the United States goes to war with another nuclear armed superpower, this could have a devastating impact on your retirement portfolio. Click Here for Your Free Ultimate Dividend Package. You may also find the annual proxy statement by going directly to the company's website. Right. Thanks. Ms. Denahan has a B.S. Learn More about insider trades at Annaly Capital Management. Mr. Finkelstein also holds the Chartered Financial Analyst designation. 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. This reduced our pay rate as well as shorten the maturity of our swap portfolio. 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. ANNALY@brunswickgroup.com, Navigate to the << Back to Coronavirus Tips Working and Protection. 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. Sure. 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. in Business Administration from the University of Washington and a M.B.A. from the University of Chicago, Booth School of Business. 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. 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. 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. 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. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. Our next question comes from Rick Shane with JPMorgan. ANNALY CAPITAL MANAGEMENT income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. Most recently, on Friday, June 17th, David L. Finkelstein bought 200,000 shares of Annaly Capital Management stock. David L. Finkelstein is Chief Executive Officer and President of Annaly. The information shown here is a reporting of information included in the company's proxy statement. The portfolio generated 188 points of NIM up Q1 of 118 basis points, driven primarily by the decrease in cost on funds that I mentioned a moment ago. Please go ahead. Corporate Responsibility Committee (Chair)NCG CommitteeRisk Committee. David L. Finkelstein is Chief Executive Officer and Chief Investment Officer of Annaly. in Finance and Economics from Kean University/University of Arizona, a M.B.A in Finance from Rutgers University and attended the Executive Education Program of the Colgate W. Darden Graduate School of Business Administration at the University of Virginia. In addition, he makes $8,203,772 as Pres and CEO & Director at Annaly Capital . 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. 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. 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. The most recent insider tranaction occured on June, 17th when CEO David L Finkelstein bought 200,000 shares worth more than $1,112,000.00. . The Agency group invests in agency mortgage-backed securities. Annalys 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. pictures of the galvin family; springfield, ma city council candidates; david finkelstein annaly compensation 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. Mr. Green has served as Chief Corporate Officer since January 2019 and Chief Legal Officer since March 2017. Mr. Votek has over 30 years of experience in financial services. 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. Good morning and welcome to the second quarter 2020 earnings call for Annaly Capital Management. Annualized core return on average equity excluding PAA was 12.82% for the quarter in comparison to 9.27% for Q1. 2022 So it's not an apples-to-apples comparison. Mr. Finkelstein has over 25 years of experience in fixed income investments. Mr. Finkelstein was elected to serve as a director of Annaly in March 2020. 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. We recorded reserves associated with our credit businesses of $68.8 million on funded commitments during the second quarter. Do you expect any meaningful shift in terms of equity capital allocation going forward, thanks? The largest trade he's ever made was buying 200,000 units of Annaly Capital Management Inc stock on 17 June 2022 worth over $1,112,000. I'm curious how you guys are looking at this and especially in light of having cut the dividend earlier in the year? 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. 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. Our next question comes from Kenneth Lee with RBC Capital Markets. Athletes' ambitions don't end when they leave the field of play. 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. I suspect that one of the things that influences the outlook is reinvestment risk as the speeds pick up. Thanks again. No, it is not reflected in the funding cost. 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. 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 . He joined the firm in 2013 and assumed the role of Chief Investment Officer in 2016. Ms. Wolfe currently serves on the boards of Berkshire Grey, Inc. and Doma Holdings, Inc. Ms. Wolfe received a Bachelor of Commerce in Accounting from the University of Queensland. Hey guys, this is actually Josh Bolton on for Doug. 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. Haylon has previously served on the boards of Aberdeen Asset Management and Phoenix Investment Partners. 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. And everything you said the two words that stood out everything changes. Very helpful and one quick follow-up if I may, you mentioned in terms of the agency funding composition extending out the repo financing terms, wondering going forward, would you expect to either further lengthen the repo financing terms or maintain what you've been doing, thanks? Additionally during the second quarter, we utilized our share buyback program and have now repurchased $175 million common stock year-to-date. Net Worth The estimated Net Worth of David L Finkelstein is at least Annaly Capital Management Inc . 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. Given this dynamic, we increased our TBA position in the quarter and gravitated further down in coupon. From 1990 until 1994, he was Senior Vice President of Fixed-Income at Phoenix Home Life Insurance Company. NEW YORK--(BUSINESS WIRE)-- Board of Directors in ANNALY CAPITAL MANAGEMENT. We continue to think it critical in the current environment to consider the address economic scenarios available in this process and to err on the side of conservatism given a significant uncertainty in the economic and market values scenarios. Shifting to residential credit, the sector saw significantly more activity as market dynamics began to improve following the crisis. 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. Annaly is internally managed and has elected to be taxed as a real estate investment trust, or REIT, for federal income tax purposes. Mr. Reeves has also served as General Counsel & Secretary of The Duchossois Group, a family-owned holding company comprised of diversified operating companies and DCM, since 2007 and its Chief Administrative Officer since 2017. This chart shows David L Finkelstein's buying and selling at Annaly Capital Management by year and by quarter. David L. Finkelstein is Chief Executive Officer and Chief Investment Officer of Annaly. 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. Just one [indiscernible] quarter, really favorable backdrop funding cost attractive, specialist TV end market. And that's exactly right. In the second quarter and beyond as we mentioned, we bought back $175 million worth of stock. While at KPMG, Dr. Hannan also founded the KPMG Womens Advisory Board. 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. 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).
david finkelstein annaly compensation
