The most active insiders traders include Wellington Denahan, Kevin Keyes, and David L Finkelstein. Aggregate issuance under our OBX shelf has now reached 4.5 billion across 11 transactions since 2018. Prior to joining Annaly in December 2019, Ms. Wolfe had served as a Partner at Ernst & Young LLP (E&Y) since 2011. Prior to joining NBCUniversal, Ms. Williams was a Partner with Pay Governance LLC and a Principal with Towers Perrin (now Willis Towers Watson). . Mr. Finkelstein has 25 years of experience in fixed income investments. David L. Finkelstein is Chief Executive Officer and Chief Investment Officer of Annaly. Eric A. Reeves was elected to serve as an independent director of Annaly in March 2021. 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. This report is not for commercial use. These and our other ESG milestones have helped create durable value for all of our stakeholders., Corporate Responsibility Report Highlights. Just had a curiosity what are some things that you are concerned about or really looking closely at, you kind of in the end and immediate term. Interim CEO Glenn Votek to Assume Role of Senior Advisor and Remain on the Board of Directors. Most recently he exercised 6,186 units of NLY stock worth $125,761 on 1 February 2023. And that's exactly right. Now, even Taiwan's own foreign minister is saying that China is on the cusp of a full scale invasion. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. 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. Mr. Green has over 20 years of experience in corporate and securities law. The estimated Net Worth of David L Finkelstein is at least $16.4 Million dollars as of 1 February 2023. 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. 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. David L. Finkelstein C.F.A. 1 dividend stock for a LIFETIME of income. Yeah that's great. From 2014 to 2020, Dr. Hannan served as Chairman of the Board & National President for Girl Scouts of the USA. 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. Thank you, Purvi and good morning, everyone and thanks for joining us on our second quarter earnings call. 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. 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. david finkelstein annaly compensationmostar bridge jump injuries. 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. This underscores our belief that the stock is undervalued relative to our book value and affirms our support of the value of our stock through the various capital allocation tools we have on hand. Now with respect to options, we did reinvest a lot of the runoff in our swap portfolio back in out of money options and I'll tell you going forward that will be a function of the level of implied volatility. Ms. Williams received a B.S. Management Development and Compensation Committee (Chair)Audit Committee. David L. Finkelstein is Chief Executive Officer and Chief Investment Officer of Annaly. 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. 212-333-3810 Book value increased our GAAP net income of $856 million or $0.58 per share, which includes $0.05 related to Cecil and specific reserves and higher other comprehensive income of $721 million or $0.51 per share on improved valuations on agency MBS resulting from lower market rates. I'm curious how you guys are looking at this and especially in light of having cut the dividend earlier in the year? Our next question comes from Rick Shane with JPMorgan. Right. Things do look I think positive generally, but just wondering how you guys think about downside risk from here? We do not undertake and specifically disclaim any obligation to update or revise this information. Thorough reviews have been conducted to assure this data accurately reflects disclosures. Mr. Finkelstein was elected to serve as a director of Annaly in March 2020. So that could change but derivatives without achieving a little bit as well as MSR for it to be more attractive. David L. Finkelstein is Chief Executive Officer and President of Annaly. So balance sheet leverage is incredibly inexpensive right now and abundantly available because of the reserves in the system and in the agency space it's more favorable than structural leverage through derivatives. Learn More on Annaly Capital Management's active insiders. The oldest executive at Annaly Capital Management Inc is FrancineBovich, 68, who is the Independent Director. None of Annaly's achievements would have been possible without . ANNALY@brunswickgroup.com, Navigate to the << Back to At the time we started quarter with a swap portfolio of about nine odd years I believe, now given how long that portfolio is in duration as we mentioned last quarter provides multiples of interest rate protection relative to the assets, which are much shorter in duration. Current positions of David Finkelstein. Okay. David L. Finkelstein is Chief Executive Officer and Chief Investment Officer of Annaly. Please go ahead. 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. Ms. Williams has over 17 years of compensation and governance experience. In addition, he makes $8,203,772 as Pres and CEO & Director at Annaly Capital . Previously, he was Chief Financial Officer of Annaly from August 2013 to December 2019. For a discussion of the risks and uncertainties which could cause actual results to differ from those contained in the forward-looking statements, see Risk Factors in our most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q. 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. 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. 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. Serena Wolfe is Chief Financial Officer of Annaly. david finkelstein annaly compensation. He joined the firm in 2013 and assumed the role of Chief Investment Officer in 2016. 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. If you have an ad-blocker enabled you may be blocked from proceeding. Thomas Hamilton was elected to serve as an independent director of Annaly in March 2019. Learn More on David L. Finkelstein's contact information. 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. Mr. Campbell received a B.B.A. Mr Finkelstein owns over 6,186 units of Annaly Capital Management Inc stock worth over $8,163,735 and over the last 6 years he sold NLY stock worth over $0. 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. Bloomberg View columnist Barry Ritholtz looks at the people and ideas that shape markets, investing and business. Additional information on the Company can be found at www.annaly.com. And everything you said the two words that stood out everything changes. ANNALY CAPITAL MANAGEMENT income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. Ms. Williams previously served as Senior Vice President, Compensation, Benefits and HRIS at NBCUniversal beginning in 2011. 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. 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. This button displays the currently selected search type. Sean Kensil - Vice President, Investor Relations. Trustee. 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. 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. Salary, bonuses, stock options, stock awards and other compensation for David L. Finkelstein, Chief Executive Officer, President and Director at ANNALY CAPITAL MANAGEMENT. 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. This report is not for commercial use. Okay. Mr. Schaefer was Executive Vice President and Chief Strategic and Administrative Officer of Morgan Stanley from 1998 to 2000. Mr. Haylon received a B.A. Okay. I was wondering if you could talk a little bit more about the thought process around the hedge repositioning in the quarter, adding more hedges on the short end of the curve and then I guess should we expect more options hedging going forward. 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. 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 . in International and Comparative Law from Cornell Law School. 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. Corporate Responsibility Committee (Chair)NCG CommitteeRisk Committee. With the improved stability in the financial markets, we've seen an improvement of lenders appetite to finance credit assets particularly in the residential space in anticipation of the expiration of our FHLB membership in February of 2021, we're executing an offset financing strategy involving committed funding facilities for our residential credit business and as David mentioned, we maintain a strong presence in residential securitization market. And with that, I'll turn it over to operator for questions. The information shown here is a reporting of information included in the company's proxy statement. 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. I would like to turn the conference back over to David Finkelstein for any closing remarks. Michael Haylon was elected to serve as an independent director of Annaly in 2008. 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. 25. times its median employee's . We delivered an economic return of nearly 15% and achieved core earnings well in excess of our right size dividend. If the United States goes to war with another nuclear armed superpower, this could have a devastating impact on your retirement portfolio. As of 1 February 2023 he still owns at least 401,561 units of Annaly Capital Management Inc stock. I am pleased to share all that we have accomplished in 2021, including enhancing the Companys executive compensation program, expanding our parental leave and fertility benefits and providing additional climate-related disclosures. Actual events and results may differ materially from these forward-looking statements. Annaly actively integrates ESG considerations into its overall strategy through the following key areas: corporate governance, human capital, responsible investments and the environment. 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. Good morning and welcome to the Annaly Capital Management Second Quarter 2020 Conference Call. How much did David L. Finkelstein make as Chief Executive Officer, President and Director of ANNALY CAPITAL MANAGEMENT in 2021 We've isolated around where we ended the quarter and right now as about last night it's up roughly 1%. David Finkelstein - Chief . Chief Executive Officer, President and Director. 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. 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. 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. 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. Thank you, David and good morning, everyone. On average, Annaly Capital Management Inc executives and independent directors trade stock every 35 days with the average trade being worth of $908,853. This makes analysis regarding Cecil reserves particularly challenging. There was a depreciation in the amount on the balance sheet of MSR, half of which was amortization and the other half of which was the multiple compression. On average, Annaly Capital Management Inc executives and independent directors trade stock every 35 days with the average trade being worth of $908,853. Mr. Finkelstein was appointed as Chief Executive Officer and elected to serve on the Board of Directors in March 2020. Data Year: 2021. Mr. Finkelstein is a member of the Treasury Market Practices Group sponsored by the Federal Reserve Bank of New York. You may also find the annual proxy statement by going directly to the company's website. We recorded reserves associated with our credit businesses of $68.8 million on funded commitments during the second quarter. He received an undergraduate degree from the University of Washington and an MBA from The University of Chicago Booth School of Business. Okay. Learn More on David L. Finkelstein's salary. 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. Sorry, I think we're thinking about it a little differently, but yeah that's correct. Additionally, the content of this conference call may contain time-sensitive information that is accurate only as of the date hereof. biography. 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. We would expect more equity allocated to it, certainly, with the option to apply a modest amount of leverage. Mr. Green holds a B.A. From 1986 until 1990, he was Managing Director at Aetna Bond Investors where he was responsible for management of insurance company and pension fund portfolios. David L. Finkelstein Chief Executive Officer, President and Director: Prior to joining Annaly in 2013, Mr. Finkelstein served for four years as an Officer in the . Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. Coronavirus Tips Working and Protection. Thanks again. Following one of the most challenging and unforeseen operating environments in analysts history, we were pleased with our performance during the second quarter. Mr. Campbell also worked at General Electric Capital Corporation and D.B. from the Ohio State University. Learn More about David L. Finkelstein's net worth. And finally, the company has performed exceptionally well given the challenges faced from remote work and market uncertainty. Mr. Reeves received his B.A. Kathy Hopinkah Hannan, Ph.D., C.P.A. 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. June 30, 2022; my septum piercing won't flip up; vegan mochi cake recipe 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. As a reminder, Annaly routinely posts important information for investors on the company's website at www.annaly.com. is the Pres, CEO & Director at Annaly Capital Management Inc. 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. Mr A is 48, he's been the Pres and CEO & Director of Annaly Capital Management Inc since . 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. 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. Thanks Brendon for your help and we hope everybody stay safe. Musk Made a Mess at Twitter. The average price of those shares was I believe $6.30 or meaningfully above that level now. On average, Mr trades about 51,067 units every 152 days since 2016. Our goal has been to maintain optimal liquidity thresholds and to manage the portfolio within conservative risk parameters to produce the highest level of quality earnings in this market environment. Thanks David. So we're very happy that the market picked up the slack and did a lot of that work. Social distancing and mandated shutdowns have damaged certain sectors of the economy and the corresponding impact on the labor market has been substantial. Please disable your ad-blocker and refresh. This is in large part due to the ongoing decisive actions taken by the Federal Reserve, which have been successful in restoring markets and easing credit strains. The conference has now concluded. We're experiencing a meaningful imbalance between supply and demand as a cyclically low number of housing units, meets continued strong household formations and anecdotal evidence suggests that pandemic disruptions that limited impact on the home buying and refinancing processes. Prior to joining Annaly in April 2015, Mr. Campbell held various roles over six years at Fortress Investment Group LLC, including serving as a Managing Director in the Credit Funds business. 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. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. Mr. Finkelstein was elected to serve as a director of Annaly in March 2020 and previously served as Chief Investment Officer. investor@annaly.com, Brunswick Group However, non-agency lending has been somewhat slow to redevelop as credit standards have tightened relative to pre-pandemic underwriting and mortgage originators tend to focused more on agency originations in light of fewer frictions in a wide primary secondary spread. The decline in portfolio size is driven by approximately $53 million in loan payoff as well as securities sales. Biography of David Finkelstein. As I mentioned last quarter, we expect to see more growth in this segment as markets continue to normalize and we are encouraged by the steady pace of securitization activity to support our asset generation strategy. GAAP net income (loss . He was President and Chief Operating Officer of the Global Wealth Management division of Morgan Stanley from 2000 to 2005. from Loras College. John H. Schaefer was elected to serve as an independent director of Annaly in 2013. 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. 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. Please go ahead. Last updated: 2 February 2023 at 6:03pm EST. 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.

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