Great. 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. History of Analytic Philosophy. Thank you. Thomas Hamilton was elected to serve as an independent director of Annaly in March 2019. Vicki Williams was appointed to serve as an independent director of Annaly effective January 2018. David you had in your comments suggested that Q3 earnings core earnings are on track to exceed the dividend again and I'm curious when you guys think about dividend policy, currently your ROEs are very high. For its 2021 fiscal year, ANNALY CAPITAL MANAGEMENT, listed the following board members on its annual proxy statement to the SEC. Annaly actively integrates ESG considerations into its overall strategy through the following key areas: corporate governance, human capital, responsible investments and the environment. Ms. Williams previously served as Senior Vice President, Compensation, Benefits and HRIS at NBCUniversal beginning in 2011. Click Here for Your Free Ultimate Dividend Package. This concludes our question-and-answer session. 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. Dr. Hannan has over 30 years of industry experience and held numerous leadership roles during her distinguished career with KPMG. 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. 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. 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. Votek holds a B.S. My No. 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. 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? 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. 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. This point was evidenced the quarter with the improvement in fair value measures and resulting improved book value. Please go ahead. 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. 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. 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. Okay. How much did David L. Finkelstein make as Chief Executive Officer, President and Director of ANNALY CAPITAL MANAGEMENT in 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. NCG Committee (Chair)Corporate Responsibility Committee. 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. Additionally, the report incorporates summary ESG metrics for the past three years, which include further details on the composition of Annalys Board of Directors and employees, philanthropy and volunteerism efforts and environmental indicators. 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. Beyond just prepays is what happens to pool pricing over the next quarter or two. 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. 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. 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. And with that I'll turn the call over to David. 1 dividend stock for a LIFETIME of income. 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. 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. Annaly Capital Management, Inc. NLY ("Annaly" or the "Company") today announced its financial results for the quarter and year ended December 31, 2022. 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. Annaly Capital Management can also be reached via phone at (212) 696-0100 and via email at [emailprotected] Learn More on David L. Finkelstein's contact information. David L. Finkelstein C.F.A. You may now disconnect. Aggregate issuance under our OBX shelf has now reached 4.5 billion across 11 transactions since 2018. Wellington J. Denahan co-founded Annaly in 1996 and has served as a Director since that time. and LL.M. Mr. Green was Deputy General Counsel of Annaly from 2009 until March 2017. Things do look I think positive generally, but just wondering how you guys think about downside risk from here? When I look this morning three month 10-year swaption was up 53 basis points. Annaly is internally managed and has elected to be taxed as a real estate investment trust, or REIT, for federal income tax purposes. Ms. Wolfe has over 20 years of experience in accounting, of which 13 years were focused solely in real estate practice. 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. When expanded it provides a list of search options that will switch the search inputs to match the current selection. Mr. Haylon received a B.A. Mr. Finkelstein was elected to serve as a director of Annaly in March 2020. Any forward-looking statements made during today's call are subject to certain risks and uncertainties including with respect to COVID-19 impacts, which are outlined in the risk factors section in our most recent annual and quarterly SEC filings. 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. It did get below that level in early 2019 to about 49 basis points and then the last time prior to that was 2017 and before that it was pre-crisis. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. 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. California Weighs $360,000 in Reparations to Eligible Black Residents. Most recently he exercised 31,721 units of NLY stock worth 194,767$ on 30 June 2022. . Prior to that, Mr. Finkelstein held senior Agency MBS trading positions at Salomon Smith Barney, Citigroup Inc. and Barclays PLC. He began his career in 1979 in the commercial lending program at Philadelphia National Bank. Chart Data in Insider Trading History Table. 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. The oldest executive at Annaly Capital Management Inc is FrancineBovich, 68, who is the Independent Director. Anthony C. Green is Chief Corporate Officer and Chief Legal Officer of Annaly. Thank you for attending today's presentation. For its 2021 fiscal year, ANNALY CAPITAL MANAGEMENT, listed the following CEO pay ratio data on its annual proxy statement to the SEC. 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. 2015. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. david finkelstein annaly compensationmostar bridge jump injuries. Good morning and welcome to the second quarter 2020 earnings call for Annaly Capital Management. Investor Relations Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. Learn More about David L. Finkelstein's net worth. 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). Highlights and achievements from the 2021 Corporate Responsibility Report include: To learn more about Annalys corporate responsibility initiatives and to view the 2021 Corporate Responsibility Report, please visit www.annaly.com/our-responsibility. In terms of how it's actually reflected in the yield it's not. 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. Mr. David L. Finkelstein C.F.A. In credit as we've said, we like our portfolio. David L. Finkelstein C.F.A. ANNALY CAPITAL MANAGEMENT income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. You may also find the annual proxy statement by going directly to the company's website. Additionally, the content of this conference call may contain time-sensitive information that is accurate only as of the date hereof. 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. [Operator instructions] Our first question comes from Eric Hagen with KBW. Net Worth The estimated Net Worth of David L Finkelstein is at least Annaly Capital Management Inc . Mr. Campbell received a B.B.A. 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. We do not undertake and specifically disclaim any obligation to update or revise this information. 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. Sure. Mr. Finkelstein has 25 years of experience in fixed income investments. 2014. June 30, 2022; my septum piercing won't flip up; vegan mochi cake recipe Annaly Capital Management (NYSE:NLY) Q4 2021 Earnings Conference Call February 10, 2022 10:00 AM ETCompany Participants. We don't anticipate increasing agency meaningfully, but we do recognize that these credit markets are a little bit slow to redevelop. Biography of David Finkelstein. Good morning and nice quarter guys. Please disable your ad-blocker and refresh. David L. Finkelstein is Chief Executive Officer and Chief Investment Officer of Annaly. Chief Executive Officer, President and Director. Mr. Finkelstein earned a salary of $1,000,000.00, a bonus of $6,325,000.00, stock awards of $1,800,001.00, and other compensation of $13,763.00. 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. Steven F. Campbell is President and Chief Operating Officer of Annaly. The estimated net worth of David L. Finkelstein is at least $33.93 million as of June 17th, 2022. david finkelstein annaly compensationgetting married in tanzania. 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. 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. We have previously discussed our methodology and are thorough and thoughtful approach to Cecil reserves. 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. Annaly is a leading diversified capital manager with investment strategies across mortgage finance. He is also a Director of the Friedreichs Ataxia Research Alliance, along with Co-Founder of his own charitable scientific effort, the CureFA Foundation. As Chief Executive Officer, President and Director at ANNALY CAPITAL MANAGEMENT, David L. Finkelstein made $9,138,764 in total compensation. Most recently he exercised 31,721 units of NLY stock worth $179,224 on 30 June 2022. . Content referenced in today's call can be found in our second quarter 2020 investor presentation and second quarter 2020 financial supplement, both found under the Presentation section of our website. Ms. Bovich has also served as a board member of The Dreyfus Family of Funds since 2012, including currently serving as a board member of a number of registered investment funds within the fund complex. Mr. Hamilton has served as an Owner and Director of Construction Forms, Inc. (Con Forms), an industrial manufacturing company, since 2013. And with that, I'll turn it over to operator for questions. 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. As a reminder, Annaly routinely posts important information for investors on the company's website at www.annaly.com. Mr. Schaefer was Executive Vice President and Chief Strategic and Administrative Officer of Morgan Stanley from 1998 to 2000. 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. Mr. Finkelstein was elected to serve as a director of Annaly in March 2020. [Operator Instructions] Please note this event is being recorded. Last updated: 2 February 2023 at 6:03pm EST. 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). Since 2011, Ms. Bovich has been a trustee of The Bradley Trusts. None of Annaly's achievements would have been possible without . Mr has made over 9 trades of the Annaly Capital Management Inc stock since 2016, according to the Form 4 filled with the SEC. 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. And as part of our preparation, we've chosen to be conservative with our leverage as well as our dividend. Is it picked up in your asset yield or your funding costs or both? 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. in International and Comparative Law from Cornell Law School. 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. Most recently he exercised 7,989 units of NLY stock worth $50,490 on 29 January 2022. . Mr. David L. Finkelstein, C.F.A., serves as Chief Investment Officer of Annaly Capital Management, Inc. since November 16, 2022. . 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. 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 we set the dividend at $0.22 because we believe that to be the sustainable level for the foreseeable future as long as we had a lens into the horizon. Salary, bonuses, stock options, stock awards and other compensation for David L. Finkelstein, Chief Executive Officer, President and Director at ANNALY CAPITAL MANAGEMENT. 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 [] Sorry, I think we're thinking about it a little differently, but yeah that's correct. Prior to joining Annaly in December 2019, Ms. Wolfe had served as a Partner at Ernst & Young LLP (E&Y) since 2011. In addition, he makes $8,203,772 as Pres and CEO & Director at Annaly Capital . 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. in Business Administration from the University of Washington and a M.B.A. from the University of Chicago, Booth School of Business. 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 . Thank you, David and good morning, everyone. Prior to his roles at Con Forms, Mr. Hamilton spent 24 years in a number of leadership positions in the financial industry. in Economics and Political Science from the University of Pennsylvania and a J.D. Consisting of $22 million of additional reserves during the quarter primarily resulting from the impacts of COVID-19 on our [indiscernible] and more general reserves related to forecast for a deterioration in economic conditions and market values of $46.8 million. 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. Annaly is internally managed and has elected to be taxed as a real estate investment trust, or REIT, for federal income tax purposes. In the last twelve months, Annaly Capital Management insiders bought shares 1 times. Alex Yankus Mr. Finkelstein has 25 years of experience in fixed income investments. 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. Prior to the merger, Mr. Hamilton had served as Chairman of the Board of Chondrial Therapeutics, Inc., a biotechnology company he started to cure a rare neurodegenerative disease called Friedreichs Ataxia, since 2013. Wallmine is a radically better financial terminal. 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 . And now with that, I'll hand it over to Serena to discuss the financials. 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. Okay. . However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. Most recently, on Friday, June 17th, David L. Finkelstein bought 200,000 shares of Annaly Capital Management stock. We feel good about where pools are at. Prior to joining NBCUniversal, Ms. Williams was a Partner with Pay Governance LLC and a Principal with Towers Perrin (now Willis Towers Watson). Prior to joining Annaly in 2013, Mr. Finkelstein served for four years as an Officer in the . And finally, the company has performed exceptionally well given the challenges faced from remote work and market uncertainty. 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. Just one [indiscernible] quarter, really favorable backdrop funding cost attractive, specialist TV end market. He joined the firm in 2013 and assumed the role of Chief Investment Officer in 2016. I know you mentioned in some of the tail risks and just any more additional comments on the hedge positioning will be great thanks. I wanted to talk a little bit about dividend policy. While at KPMG, Dr. Hannan also founded the KPMG Womens Advisory Board. 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 Non-agency securities across legacy CRT jumbo 2.0 and non-QN have seen substantial recovery. 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. Learn More about insider trades at Annaly Capital Management. David Finkelstein - President, CEO & Director. From 1990 until 1994, he was Senior Vice President of Fixed-Income at Phoenix Home Life Insurance Company. 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. . David Finkelstein interviewed on WBEZ's "Odyssey" Recent Courses PHIL 50212 Late Wittgenstein: The Absolute Basics for The Confused, Skeptical, and Ignorant (IV) David Finkelstein. Mr. Finkelstein has over 25 years of experience in fixed income investments. ANNALY CAPITAL MANAGEMENT annual reports of executive compensation and pay are most commonly found in the Def 14a documents. Mr. Finkelstein received a B.A. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. A reconciliation of GAAP to non-GAAP measures is included in our earnings release. 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. Please go ahead. 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: . Mr. Finkelstein was appointed as Chief Executive Officer and elected to serve on the Board of Directors in March 2020. ANNALY CAPITAL MANAGEMENT income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. In fact some of our industry concentrations have maturely benefited from the current environment. Annaly is a leading diversified capital manager that invests in and finances residential and commercial assets. This button displays the currently selected search type. Information on this page was last updated on 6/17/2022. from the Ohio State University. As David mentioned earlier, the stabilizing actions of the Fed coupled with our active portfolio management resulted in improved fed value of our agency assets and significant improvement in financial performance. No, I think I understand. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. He began his investment banking career at E.F. Hutton & Company in 1976. "Athlete | Empire" presents the in-depth, intimate stories of these businesses, as told by the players themselves. 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. 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. 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? If the United States goes to war with another nuclear armed superpower, this could have a devastating impact on your retirement portfolio.