Thanks for joining us today and we'll talk to you soon. Sean Kensil - Vice President, Investor Relations. 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. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. "Athlete | Empire" presents the in-depth, intimate stories of these businesses, as told by the players themselves. 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. 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. During this call, we may present both GAAP and non-GAAP financial measures. Total reserves now comprise 5.32% of our acreage in MML loan portfolios as of June 30, 2020. The average price of those shares was I believe $6.30 or meaningfully above that level now. Annaly Capital Management's insider roster includes David Finkelstein (CEO), and Thomas Hamilton (Director). Thanks. 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. 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. You may retrieve the full proxy statement by going to the Securities and Exchange Commission (SEC) website at www.sec.gov and entering the company's name and then looking in the first column for an entry of "Form DEF 14A" (or any similar code). Mr. David L. Finkelstein, C.F.A., serves as Chief Investment Officer of Annaly Capital Management, Inc. since November 16, 2022. . Yeah it depends on the shape of the curve, like over the last couple of months, the term structure of repo has flattened pretty considerably, which has enabled us to extend out curve at very attractive rate. 1-888-8Annaly Annaly Capital Management (NLY) Q4 2022 Earnings Call Transcript Mr. Campbell previously served as Head of Business Operations of Annaly and has over 25 years of experience in financial services. David L Finkelstein is CEO/Chief Investment Ofcr at Annaly. Mr. Schaefer received a B.B.A. Okay. View source version on businesswire.com: https://www.businesswire.com/news/home/20220609005206/en/, Annaly Capital Management, Inc. Mr. Finkelstein received a B.A. 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. Ms. Wolfe is a Certified Public Accountant in the states of New York, California, Illinois and Pennsylvania. It operates through the following investment groups: Agency, Residential Credit, and Mortgage Servicing Rights. History of Analytic Philosophy. Prior to that, Mr. Finkelstein held senior Agency MBS trading positions at Salomon Smith Barney, Citigroup Inc. and Barclays PLC. Ms. Williams has over 17 years of compensation and governance experience. Prior to the 1997 merger of Dean Witter, Discover and Morgan Stanley, Mr. Schaefer was Executive Vice President, Investment Banking and Head of Corporate Finance at Dean Witter, a position he had held since 1991. But the good news is, if China invades Taiwan, there is a way to protect yourself. Annaly Capital Management, Inc. (NLY) Leadership & Management Team 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. Learn More about insider trades at Annaly Capital Management. We recorded reserves associated with our credit businesses of $68.8 million on funded commitments during the second quarter. 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. Mr. Finkelstein has 25 years of experience in fixed income investments. 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 L. Finkelstein, who has been serving as Annaly's Chief Investment Officer, Agency and RMBS, has been named Annaly's . 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. David L Finkelstein, Annaly: Profile and Biography Will His AI Plans Be Any Different? And everything you said the two words that stood out everything changes. Serena Wolfe is Chief Financial Officer of Annaly. Learn More on David L. Finkelstein's salary. [Operator Instructions] After todays presentation, there will be an opportunity to ask questions. Mr A is 48, he's been the Pres and CEO & Director of Annaly Capital Management Inc since . in Business Administration from the University of Washington and a M.B.A. from the University of Chicago, Booth School of Business. Last updated: 1 March 2023 at 11:00am EST. Stock Market | FinancialContent Business Page Now, even Taiwan's own foreign minister is saying that China is on the cusp of a full scale invasion. Learn More on David L. Finkelstein's trading history. David L. Finkelstein is Chief Executive Officer and Chief Investment Officer of Annaly. 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. All participants will be in a listen-only mode. This net worth evaluation does not reflect any other assets that Mr. Finkelstein may own. ANNALY CAPITAL MANAGEMENT annual reports of executive compensation and pay are most commonly found in the Def 14a documents. Yes the TBA role provided about $97.5 million post NIM for the quarter. When I look this morning three month 10-year swaption was up 53 basis points. 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. 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. David Finkelstein About Us; Blog; Press; AFLCIO.tv; Union Plus Benefits; Toggle Search Form . Audit Committee (Chair)Management Development and Compensation CommitteeNCG Committee. Now turning specifically to the agency market, the fed's purchase in upwards of $850 billion MBS in just over four months has dramatically altered the supply and demand picture for the sector. So we don't expect a meaningful increase in agency, but over the near term you can see a small uptick. 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. 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 . He is also a Director of the Friedreichs Ataxia Research Alliance, along with Co-Founder of his own charitable scientific effort, the CureFA Foundation. The decline in portfolio size is driven by approximately $53 million in loan payoff as well as securities sales. . Learn about Annaly Capital Management, Inc. (NLY) stock's management team. We don't anticipate increasing agency meaningfully, but we do recognize that these credit markets are a little bit slow to redevelop. 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? Eric A. Reeves was elected to serve as an independent director of Annaly in March 2021. Annaly Capital Management (NYSE:NLY) Q4 2021 Earnings Conference Call February 10, 2022 10:00 AM ETCompany Participants. And to repo financing remains ample. No, it is not reflected in the funding cost. Annualized core return on average equity excluding PAA was 12.82% for the quarter in comparison to 9.27% for Q1. Prior to joining Annaly in 2013, Mr. Finkelstein served for four years as an Officer in the Markets Group of the Federal Reserve Bank of New York where he was the primary strategist and policy advisor for the MBS Purchase Program. 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 estimated Net Worth of David L Finkelstein is at least $16.4 Million dollars as of 1 February 2023. 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. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. Mr. Green has over 20 years of experience in corporate and securities law. David Finkelstein | Committee for Economic Development of The Annaly provides supplemental disclosures under the Sustainability Accounting Standards Board (SASB) standards and the Global Reporting Initiative (GRI) standards frameworks. Please go ahead. 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. David L. Finkelstein is Chief Executive Officer and President of Annaly. Aggregate issuance under our OBX shelf has now reached 4.5 billion across 11 transactions since 2018. Jun 09, 2022. For its 2021 fiscal year, ANNALY CAPITAL MANAGEMENT, listed the following CEO pay ratio data on its annual proxy statement to the SEC. The corporate mailing address for Mr. Finkelstein and other Annaly Capital Management executives is 1211 AVENUE OF THE AMERICAS, NEW YORK NY, 10036. Mr. Reeves was formerly a law partner of McDermott, Will & Emery and a corporate attorney at Jones Day. Will Others Follow? We've isolated around where we ended the quarter and right now as about last night it's up roughly 1%. 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. Mr. Campbell received a B.B.A. David L. Finkelstein Chief Executive Officer, President and Director: June 30, 2022; my septum piercing won't flip up; vegan mochi cake recipe And finally shifting to our outlook, as we think about our capital allocation out of the horizon, we've been focused on preserving flexibility given uncertainty in the greater economy related to COVID shutdown. We don't complete clarity on the economy and some of that runoff could go into the agency sector. 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. My No. If you have an ad-blocker enabled you may be blocked from proceeding. 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. Financial Highlights. The Agency group invests in agency mortgage-backed securities. Data Year: 2021. investor@annaly.com, Brunswick Group David L. Finkelstein C.F.A. Prior to joining Annaly in 2013, Mr. Finkelstein served for four years as an Officer in the Markets Group of the Federal Reserve Bank of New York where he was the primary strategist and policy advisor for the MBS Purchase Program. 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 Donnell A. Segalas Concludes his Service as a Member of the Board of Mr. Finkelstein has over 25 years of experience in fixed income investments. The stock was acquired at an average cost of $5.56 per share, with a total value of $1,112,000.00. 25. times its median employee's . Under the standard an entity recognizes its estimate of lifetime expected credit losses as an allowance, which the fed believes will result in more timely recognition of such losses and while changes in economic scenarios and asset performance in the future will impact Cecil reserves in subsequent quarters, current reserve levels should not be considered as a pervasive credit issue within the portfolio or an indication of what reserves may be recorded in the future. It's been relatively calm. None of Annaly's achievements would have been possible without . From September 2010 to December 2011, Mr. Haylon served as Head of Investment Product Management at General Re New England Asset Management. Look, first of all I'll talk about the footprint and agency derivatives for example and what we're talking about here Eric is the difference between balance sheet leverage and instructional leverage. Our next question comes from Doug Harter with Credit Suisse. The reason why they appreciate is because there worth it. Chart Data in Insider Trading History Table. 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. Our efficiency metrics changed modestly relative to Q1 being 2.1% of equity for the second quarter in comparison to 1.98%. 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. Reinvestment is a key criteria here. Now that being said, we are starting to get through this phase 2 as I mentioned last quarter where it's really about recalibrating each portfolio in the business and making sure we're optimizing each of the businesses and we're starting to get a better look at how things are going to unfold and we're seeing opportunities in credit and we're very strong constructive and it just may take a little bit of time to make sure we have the right approach and we have complete clarity on how things are going to play out. 2014. From 1991 through 2005, Ms. Bovich served as the U.S. Representative to the United Nations Investment Committee, which advised a global portfolio of approximately $30 billion. 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. David Finkelstein - Biography In terms of how it's actually reflected in the yield it's not. Mr. Votek holds a B.S. Annaly Capital Management, Inc. Announces Executive Management It's all dependent Rick on the attractiveness of the repurchase option relative to other options in our capital allocation policy. Of note, while last quarter each of our credit meters providing an in-depth look at their respective markets and portfolios to be efficient, I'll provide those updates today but as Purvi noted each of our business heads are here as well to join in Q&A. Board of Directors in ANNALY CAPITAL MANAGEMENT. in Business Administration from the University of Washington and a M.B.A. from the University of Chicago, Booth School of Business. Chief Corporate OfficerChief Legal Officer. 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. Appreciate the color. So we're very happy that the market picked up the slack and did a lot of that work. Additionally as noted above, core did benefit from a reduction in financing costs with low average repo rates down to 79 basis points from 1.77% combined with lower average repo balanced stands at $68.5 million from $96.8 million and we achieved these results while opportunistically extending our repo book term increasing our weighted average date of maturity by 50% from 48 days to 74 days. 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. Exactly, exactly and we'll see where we end the year but we feel good about where we think it is. 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. David L. Finkelstein C.F.A. Net Worth (2023) | wallmine 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. This concludes our question-and-answer session. david finkelstein annaly compensation - eztransport123.com We encourage you to read the disclaimer in our earnings release in addition to our quarterly and annual filings. and LL.M. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. 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. Is it picked up in your asset yield or your funding costs or both? On the financing side, our weighted average cost of borrowing decreased by roughly 60 basis points to 2.7% driven largely by a reduction in LIBOR given the fed cuts. The economic slowdown brought on by the pandemic has obviously created considerable uncertainty and this is different kind of recession than that which we've experienced in the past, given the unprecedented speed and magnitude of the downturn. Maurion Davis on LinkedIn: #leader #citibank From 1997 to 1998, Mr. Schaefer was Managing Director and Head of Strategic Planning and Capital Management at Morgan Stanley. They purchased a total of 200,000 shares worth more than $1,112,000.00. David L. Finkelstein C.F.A. Good morning and nice quarter guys. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. Musk Made a Mess at Twitter. Ms. Denahan has a B.S. Annaly Capital Management, Inc. Names David L. Finkelstein Chief Executive Officer Interim CEO Glenn Votek to Assume Role of Senior Advisor and Remain on the Board of Directors March 16, 2020 07: . Hey how much did TBAs add to your net interest margin for the quarter? Thank you for attending today's presentation. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. The conference has now concluded. in Finance from Florida State University. The oldest executive at Annaly Capital Management Inc is FrancineBovich, 68, who is the Independent Director. ANNALY CAPITAL MANAGEMENT Executive Salaries & Other Compensation Ilker . Learn More on David L. Finkelstein's salary. David L. Finkelstein C.F.A. Net Worth (2022) | wallmine Annaly actively integrates ESG considerations into its overall strategy through the following key areas: corporate governance, human capital, responsible investments and the environment. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. 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. 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. 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 . Mr. Finkelstein was elected to serve as a director of Annaly in March 2020. was elected to serve as an independent director of Annaly in February 2019. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. No, I think I understand. Just one [indiscernible] quarter, really favorable backdrop funding cost attractive, specialist TV end market. Of this total $1,000,000 was received as a salary, $6,325,000 was received as a bonus, $0 was received in stock options, $1,800,001 was awarded as stock and $13,763 came from other types of compensation. 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. Thank you, Purvi and good morning, everyone and thanks for joining us on our second quarter earnings call. David L. Finkelstein is CEO and Chief Investment Officer of Annaly. Most recently, Mr. Hamilton served as a Strategic Advisor to the Global Head of Fixed Income, Currencies and Commodities at Barclays Capital in New York. Click here to read the full letter and more from Annaly's 2020 Annual Report. Prior to Barclays, Mr. Hamilton held various Managing Director roles at Citigroup, Inc. and Salomon Brothers, Inc., where he began his career. Below are excerpts from my letter to shareholders, released April 7, 2021. Good morning and welcome to the Annaly Capital Management Second Quarter 2020 Conference Call. For the agency derivatives portfolio, I realized you guys maybe [indiscernible] surface very often, but how much of your cost basis was amortized through core earnings in that portfolio last quarter and then with rates having coming down quite a bit, presumably some of those assets are cheap and how are you guys thinking about your footprint in that portfolio? . For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. 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. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. Prior to joining Annaly in December 2019, Ms. Wolfe had served as a Partner at Ernst & Young LLP (E&Y) since 2011. I will provide brief financial highlights of the quarter ended June 30, 2020 and while earnings release discloses our GAAP and non-GAAP core results, I will be focusing this morning primarily on our core results and related metrics or excluding PAA.