david finkelstein annaly compensation. 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. And everything you said the two words that stood out everything changes. 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. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. 2014. Our next question comes from Kenneth Lee with RBC Capital Markets. . He received an undergraduate degree from the University of Washington and an MBA from The University of Chicago Booth School of Business. Mr. Haylon has previously served on the boards of Aberdeen Asset Management and Phoenix Investment Partners. As the CEO of Annaly Capital Management, Inc., Mr. Finkelstein earned a total compensation package of $9,138,764.00 in 2021. Learn More on David L. Finkelstein's salary. We do not undertake and specifically disclaim any obligation to update or revise this information. 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. 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. 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. Prior to joining Annaly in 2009, Mr. Green was a partner in the Corporate, Securities, Mergers & Acquisitions Group at K&L Gates LLP. 212-333-3810 Mr. Finkelstein was elected to serve as a director of Annaly in March 2020. 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. Annaly Capital Management, Inc. (NYSE:NLY) Q1 2022 Earnings Conference Call April 28, 2022 9:00 AM ETCompany Participants. Prior to joining Annaly in 2013, Mr. Finkelstein served for four years as an Officer in the Markets Group . investor@annaly.com, Brunswick Group David L. Finkelstein C.F.A. from Bowdoin College and a M.B.A. from the University of Connecticut. Mr. Hamiltons prior roles at Barclays include serving as the Global Head of Securitized Product Trading and Banking, in which capacity he was responsible for the build out of the Barclayss Global Securitized Product businesses, and as the Head of Municipal Trading and Investment Banking. The decline in portfolio size is driven by approximately $53 million in loan payoff as well as securities sales. from Loras College. 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. Mr. Votek holds a B.S. Total reserves now comprise 5.32% of our acreage in MML loan portfolios as of June 30, 2020. A reconciliation of GAAP to non-GAAP measures is included in our earnings release. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. Michael Haylon was elected to serve as an independent director of Annaly in 2008. 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. Will Others Follow? Mr. . Ilker . Our book value per share was $8.39 for Q2, a 12% increase from Q1 and we generated core earnings per share excluding PAA of $0.27, a 30% increase from the prior quarter. David L. Finkelstein C.F.A. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. I suspect that one of the things that influences the outlook is reinvestment risk as the speeds pick up. Below are excerpts from my letter to shareholders, released April 7, 2021. Mar 16, 2020. Investor Relations 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. 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. 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. Most recently he exercised 7,989 units of NLY stock worth $50,490 on 29 January 2022. . I would like to turn the conference back over to David Finkelstein for any closing remarks. Click Here for Your Free Ultimate Dividend Package. 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. Learn about Annaly Capital Management, Inc. (NLY) stock's management team. If the United States goes to war with another nuclear armed superpower, this could have a devastating impact on your retirement portfolio. Mr. Finkelstein owns 1,669,013 shares of Annaly Capital Management stock worth more than $36,417,864 as of February 13th. Okay. David L. Finkelstein is CEO and Chief Investment Officer of Annaly. Mr has made over 9 trades of the Annaly Capital Management Inc stock since 2016, according to the Form 4 filled with the SEC. in Finance from the University of Dayton. in Economics from Connecticut College and an M.B.A. in Finance from New York University. David L. Finkelstein C.F.A. in Business Administration from the University of Washington and a M.B.A. from the University of Chicago, Booth School of Business. 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. Also as David mentioned, our internalization transaction closed at the end of the quarter and we anticipate generating cost savings over the long time as we embark on being an internally managed company. There are 11 older and 9 younger executives at Annaly Capital Management Inc. 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. 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. I wanted to talk a little bit about dividend policy. Prior to that, Mr. Finkelstein held senior Agency MBS trading positions at Salomon Smith Barney, Citigroup Inc. and Barclays PLC. 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: . 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. 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. Good morning and nice quarter guys. Is it picked up in your asset yield or your funding costs or both? 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. Ms. Denahan was Annalys Chief Operating Officer from January 2006 to October 2012 and Chief Investment Officer from 2000 to November 2012. Annaly Capital Management, Inc. engages in the investment and financing of residential and commercial assets. "Athlete | Empire" presents the in-depth, intimate stories of these businesses, as told by the players themselves. Right. Sorry, I think we're thinking about it a little differently, but yeah that's correct. Prior to that, Mr. Finkelstein held senior Agency MBS trading positions at Salomon Smith Barney, Citigroup Inc. and Barclays PLC. June however, did bring about an increase in new refinancing requests with some new acquisition activity at post-COVID purchase prices and simultaneously, we've seen a significant number of warehouse providers begin to close new loans although pricing levels have been reset higher. We maintained the view that the agency sector represents the most attractive investment opportunity currently while also providing strong liquidity. Chief Executive Officer, President and Director. ANNALY CAPITAL MANAGEMENT income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. They purchased a total of 200,000 shares worth more than $1,112,000.00. And with that, I'll turn it over to operator for questions. Jun 09, 2022. This makes analysis regarding Cecil reserves particularly challenging. 2022 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. None of Annaly's achievements would have been possible without . Mr. Finkelstein has 25 years of experience in fixed income investments. 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. In the commercial sector, we're slowly beginning to see activity pick up but volumes do remain somewhat muted. Mr. Finkelstein was elected to serve as a director of Annaly in March 2020. Thomas Hamilton was elected to serve as an independent director of Annaly in March 2019. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. Mr. Green has served as Chief Corporate Officer since January 2019 and Chief Legal Officer since March 2017. from the Ohio State University. Nevertheless, financial conditions have improved considerably. 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. 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. Interim CEO Glenn Votek to Assume Role of Senior Advisor and Remain on the Board of Directors. None of Annaly's achievements would have been possible without . 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. From 2015 until 2018, Dr. Hannan served as a Senior Advisor for KPMGs Board Leadership Center and National Leader Total Impact Strategy and, from 2009 until 2015, as KPMGs National Managing Partner of Diversity and Corporate Responsibility. Our next question comes from Doug Harter with Credit Suisse. He began his investment banking career at E.F. Hutton & Company in 1976. This net worth evaluation does not reflect any other assets that Mr. Finkelstein may own. 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. Mr. Finkelstein also holds the Chartered Financial Analyst designation. . Athletes' ambitions don't end when they leave the field of play. Will His AI Plans Be Any Different? This concludes our question-and-answer session. 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 . 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. Annaly Capital Management, Inc. Investor Relations 1-888-8Annaly www.annaly.com Release Summary Donnell A. Segalas Concludes his Service as a Member of the Board of Annaly Capital Management, Inc. 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. Appreciate the color. 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. For its 2021 fiscal year, ANNALY CAPITAL MANAGEMENT, listed the following board members on its annual proxy statement to the SEC. Prior to joining Annaly in 2013 . 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 [] 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. Non-agency securities across legacy CRT jumbo 2.0 and non-QN have seen substantial recovery. Okay. 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. So we like to see it flatten a little bit further and we think it should given the posture the fed and when you look at the last set of economic projections, so lift off not likely to occur for the next couple of years, you could see some further flattening in the term curve but we're watching it and we're making incremental steps to term out our repo. Good morning and welcome to the second quarter 2020 earnings call for Annaly Capital Management. As a result we ran numerous scenarios in excess of 20, to determine the appropriate amount of Cecil reserves to the quarter and ultimately booked reserves that were considerably more conservative than our base case scenario. Mr. Finkelstein also holds the Chartered Financial Analyst designation. 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. Chief Corporate OfficerChief Legal Officer. Please go ahead. We feel good about where pools are at. 96% of the portfolio is in specified pools and we built that portfolio we'll over a number of years and we use the opportunity in March to reduce the pool holdings that we didn't find as attractive and what we're left with is a portfolio that is very high quality. The reason why they appreciate is because there worth it. Now of additional note with respect to our direct lending portfolios, we have taken what we believe to be a very conservative approach regarding reserves and Cecil adjustment which Serena will discuss in further detail. was elected to serve as an independent director of Annaly in February 2019. David L. Finkelstein, who has been serving as Annaly's Chief Investment Officer, Agency and RMBS, has been named Annaly's . I'd now like to turn the conference over to Purvi Kamdar. Please disable your ad-blocker and refresh. The report demonstrates Annalys continued focus on setting and measuring progress on environmental, social and governance (ESG) goals, as well as its commitment to providing increased disclosure and transparency. Prior to joining Annaly in December 2019, Ms. Wolfe had served as a Partner at Ernst & Young LLP (E&Y) since 2011. 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.
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