So thank you, guys. Do you expect any meaningful shift in terms of equity capital allocation going forward, thanks? Serena Wolfe is Chief Financial Officer of Annaly. Mr. Votek has over 30 years of experience in financial services. David Finkelstein About Us; Blog; Press; AFLCIO.tv; Union Plus Benefits; Toggle Search Form . David Finkelstein - President, CEO & Director. The stock was acquired at an average cost of $5.56 per share, with a total value of $1,112,000.00. Mr. Finkelstein also holds the Chartered Financial Analyst designation. Current positions of David Finkelstein. I'm curious how you guys are looking at this and especially in light of having cut the dividend earlier in the year? Prior to joining Annaly in 2013, Mr. Finkelstein served for four years as an Officer in the . Annaly Capital Management (NYSE:NLY) Q4 2021 Earnings Conference Call February 10, 2022 10:00 AM ETCompany Participants. Interim CEO Glenn Votek to Assume Role of Senior Advisor and Remain on the Board of Directors. If the United States goes to war with another nuclear armed superpower, this could have a devastating impact on your retirement portfolio. 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. 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. 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. Annaly Capital Management, Inc. NLY ("Annaly" or the "Company") today announced its financial results for the quarter and year ended December 31, 2022. Glenn A. Votek was elected to serve as a Director of Annaly in November 2019. Will Others Follow? Annaly ended the quarter with excellent liquidity profile within $7.9 billion of unencumbered assets an increase of $1 billion from prior quarter and including cash and unencumbered agency MBS of $5.3 billion. NCG Committee (Chair)Corporate Responsibility Committee. 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. Thanks for that. Mr. Haylon received a B.A. None of Annaly's achievements would have been possible without . Additional information on the Company can be found at www.annaly.com. Right. Chief Executive OfficerChief Investment Officer. Total core income is used to buy, Eric. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. Mr. Finkelstein was elected to serve as a director of Annaly in March 2020 and previously served as Chief Investment Officer. 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. In terms of how it's actually reflected in the yield it's not. Ms. Williams previously served as Senior Vice President, Compensation, Benefits and HRIS at NBCUniversal beginning in 2011. Learn More on David L. Finkelstein's salary. 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. 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. Please go ahead. Mr. Green was Deputy General Counsel of Annaly from 2009 until March 2017. When I look this morning three month 10-year swaption was up 53 basis points. A reconciliation of GAAP to non-GAAP measures is included in our earnings release. 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. 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. Please disable your ad-blocker and refresh. David L. Finkelstein is Chief Executive Officer and Chief Investment Officer of Annaly. The information shown here is a reporting of information included in the company's proxy statement. Sean Kensil - Vice President, Investor Relations. Serena Wolfe - CFO. Ms. Wolfe has over 20 years of experience in accounting, of which 13 years were focused solely in real estate practice. Good morning and welcome to the Annaly Capital Management Second Quarter 2020 Conference Call. Annaly intends to use our webpage as a means of disclosing material non-public information for complying with the company's disclosure obligations under Regulation FD and to post and update investor presentations and some more materials on a regular basis. Mr. Campbell currently serves on the Advisory Board for the Fitzgerald Institute of Real Estate at the University of Notre Dame. Our next question comes from Rick Shane with JPMorgan. 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. During this call, we may present both GAAP and non-GAAP financial measures. You can see the complete history of Mr Finkelstein stock trades at the bottom of the page. in Accounting from the University of Notre Dame and a M.B.A. from the Harvard Graduate School of Business. Mr. Schaefer received a B.B.A. 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. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. Mr. Reeves was formerly a law partner of McDermott, Will & Emery and a corporate attorney at Jones Day. 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. Mr. Reeves is a member of the Henry Crown Fellows at the Aspen Institute and was honored as a Chicago United Business Leader of Color. Mr. Finkelstein also holds the Chartered Financial Analyst designation. These and our other ESG milestones have helped create durable value for all of our stakeholders., Corporate Responsibility Report Highlights. We encourage you to read the disclaimer in our earnings release in addition to our quarterly and annual filings. Audit Committee (Chair)Management Development and Compensation CommitteeNCG Committee. Most recently he exercised 6,186 units of NLY stock worth $125,761 on 1 February 2023. Comprehensive performance, salary and tenure analysis for the CEO, board and leadership team. Dr. Hannan received a Ph.D. in Leadership Studies from Benedictine University and a B.A. Mr. Finkelstein received a B.A. Thanks David. 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. David Finkelstein-- Chief Executive Officer and Chief Investment Officer Yeah. We add the incremental dollar role income to core income and then the outcome. Mr. Finkelstein is a member of the Treasury Market Practices Group sponsored by the Federal Reserve Bank of New York. The reason why they appreciate is because there worth it. 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. in Business Administration from the University of Washington and a M.B.A. from the University of Chicago, Booth School of Business. Mr. . Compensation Ownership; David . Prior to joining Annaly in 2013, Mr. Finkelstein served for four years as an Officer in the Markets Group . Ms. Denahan has a B.S. The information shown here is a reporting of information included in the company's proxy statement. As I mentioned we out-earned the dividend by $0.05 this quarter and absent another market dislocation or other foreseen developments, we expect Q3 core canings to also the dividend. 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 . And my other questions have been asked and answered. 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. 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. Mr. Finkelstein owns 1,669,013 shares of Annaly Capital Management stock worth more than $36,417,864 as of February 13th. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. Additionally, the content of this conference call may contain time-sensitive information that is accurate only as of the date hereof. Ilker . Learn More on David L. Finkelstein's trading history. 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. In the last twelve months, Annaly Capital Management insiders bought shares 1 times. We also continue to take advantage of the attractive low levels of volatility to hedge the tail risk of a sharp rise in rates in the long end of the yield curve and as such, we replaced much of our legacy swaps in position with additional out of the money payers options. from the University of Michigan and J.D. From 2013 until September 2020, Mr. Hamilton also served as Con Forms President and Chief Executive Officer. investor@annaly.com, Brunswick Group Appreciate the color. Vice ChairRisk Committee (Chair)Corporate Responsibility Committee. ANNALY CAPITAL MANAGEMENT income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. 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. 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: . Current positions of David Finkelstein. in Business Administration from the University of Washington and a M.B.A. from the University of Chicago, Booth School of Business. 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. NEW YORK -- (BUSINESS WIRE)-- 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. We have entered a more normalized environment with fed action serving as a key driver and spreads have retraced much the widening experienced in March we do remain positive on the sector given ample funding availability at low rates due to rate volatility and a complete reversal of an inferior technical backdrop that characterizes sector at the outset of this year. Most recently he exercised 31,721 units of NLY stock worth $179,224 on 30 June 2022. . in Finance from Florida State University. David's mailing address filed with the SEC is C/O ANNALY CAPITAL MANAGEMENT, INC., 1211 AVENUE OF THE AMERICAS, NEW YORK, NY, 10036. Mr. Reeves received his B.A. Out treasury function is the best in the business and their expertise and exemplary market timing was a key component that helped us weather the market dislocation last quarter and our ability to deliver strong core earnings this quarter. Information on this page was last updated on 6/17/2022. 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. Mr. Haylon has previously served on the boards of Aberdeen Asset Management and Phoenix Investment Partners. David L. Finkelstein, who has been serving as Annaly's Chief Investment Officer, Agency and RMBS, has been named Annaly's . This net worth evaluation does not reflect any other assets that Mr. Finkelstein may own. Exactly, exactly and we'll see where we end the year but we feel good about where we think it is. ANNALY@brunswickgroup.com, Navigate to the << Back to Please go ahead. 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. While financial conditions have stabilized, there is still significant uncertainty around the long-term economic picture. Musk Made a Mess at Twitter. Annaly actively integrates ESG considerations into its overall strategy through the following key areas: corporate governance, human capital, responsible investments and the environment. 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. The report demonstrates Annaly's continued focus on setting and measuring progress on . Ms. Williams received a B.S. There are 11 older and 9 younger executives at Annaly Capital Management Inc. ANNALY CAPITAL MANAGEMENT income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. Does that answer your question? 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. Now core earnings in Q2 were above that dividend and we expect them to be so in Q3. But the good news is, if China invades Taiwan, there is a way to protect yourself. He joined the firm in 2013 and assumed the role of Chief Investment Officer in 2016. 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. 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. "Athlete | Empire" presents the in-depth, intimate stories of these businesses, as told by the players themselves. The estimated net worth of David L. Finkelstein is at least $33.93 million as of June 17th, 2022. 1-888-8Annaly For example, government mandates at all levels have created an even greater dependency on technology while also driving demand and behavior in ways that has made once boring annuity business into growth sectors. The estimated Net Worth of David L Finkelstein is at least $16.4 Million dollars as of 1 February 2023. 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. Insiders at Annaly Capital Management own 0.3% of the company. David L. Finkelstein C.F.A. 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 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). There are no executives at Annaly Capital Management Inc getting paid more. 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. 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? Now, even Taiwan's own foreign minister is saying that China is on the cusp of a full scale invasion. 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. [Operator instructions] Our first question comes from Eric Hagen with KBW. As outlined in our report, we continue to Take Stock of Our Impact establishing ESG goals and commitments and tracking our considerable progress as we strive to integrate ESG priorities across our business, said David Finkelstein, Annalys Chief Executive Officer and President. He was President and Chief Operating Officer of the Global Wealth Management division of Morgan Stanley from 2000 to 2005. In credit as we've said, we like our portfolio. from the University of Notre Dame and a M.B.A. from the University of Chicago, Booth School of Business. 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. 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. We feel good about where pools are at. Prior to joining Annaly in 2009, Mr. Green was a partner in the Corporate, Securities, Mergers & Acquisitions Group at K&L Gates LLP. 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. 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. In the commercial sector, we're slowly beginning to see activity pick up but volumes do remain somewhat muted. Learn More on David L. Finkelstein's contact information. Mar 16, 2020. 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. As COO, Steve will expand on the work he's been doing as Head of Business Operations and work closely with the executive team to help oversee Annaly's overall operations and risk management functions. The estimated net worth of David L. Finkelstein is at least $36.42 million as of June 17th, 2022. Thank you for attending today's presentation. 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. I know you mentioned in some of the tail risks and just any more additional comments on the hedge positioning will be great thanks. Annaly Capital Management's insider roster includes David Finkelstein (CEO), and Thomas Hamilton (Director). Data Year: 2021. Dr. Hannan is a former Global Lead Partner, National Managing Partner and Vice Chairman of KPMG, LLP, the U.S. member firm of the global audit, tax and advisory services firm KPMG International. Press Releases | Annaly Capital, https://www.businesswire.com/news/home/20220609005206/en/. Bloomberg View columnist Barry Ritholtz looks at the people and ideas that shape markets, investing and business. And that's exactly right. Michael Haylon was elected to serve as an independent director of Annaly in 2008. in Business Administration from the University of Washington and a M.B.A. from the University of Chicago, Booth School of Business. 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. Audit CommitteeManagement Development and Compensation CommitteeRisk Committee. We were certainly careful to take prudent steps during the early phase of the market recovery to ensure we are well positioned to capitalize on the opportunities that are sure to arise. Liquidity tools have sufficiently supported funding markets and credit facilities have opened channels to credit for businesses, households and local governments, the temporary adjustments to regulations have somewhat encouraged bank lending and most impactful to Annaly's portfolio the asset purchases have supported the smooth functioning of treasury and agency markets. The dividend represented 10.5% yield on our book value which is in line with our historical average while being competitive relative to our peers and various fixed income benchmarks. David L. Finkelstein C.F.A. The largest trade he's ever made was buying 200,000 units of Annaly Capital Management Inc stock on 17 June 2022 worth over $1,112,000. Click Here for Your Free Ultimate Dividend Package. As Chief Executive Officer, President and Director at ANNALY CAPITAL MANAGEMENT, David L. Finkelstein made $9,138,764 in total compensation. And to repo financing remains ample. Board of Directors in ANNALY CAPITAL MANAGEMENT. 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. GAAP net income (loss . Prior to joining NBCUniversal, Ms. Williams was a Partner with Pay Governance LLC and a Principal with Towers Perrin (now Willis Towers Watson). David L. Finkelstein is President, Chief Executive Officer & Director at Annaly Capital Management, Inc. 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. 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. Nevertheless, financial conditions have improved considerably. Thanks Brendon for your help and we hope everybody stay safe. And as a consequence of that portfolio, we did see a fair amount of appreciation in those pools in the second quarter as markets stabilize and that is one of the risks I think going forward. Just on the TBAs again just every mortgage rate, it feels like accounts for $I specialness a little differently in their NIM. Mr. David L. Finkelstein, C.F.A., serves as Chief Investment Officer of Annaly Capital Management, Inc. since November 16, 2022. . And finally, the company has performed exceptionally well given the challenges faced from remote work and market uncertainty. Until December 2017, Ms. Denahan served as Chairman of the Board of Annaly (from November 2012) and Executive Chairman of Annaly (from September 2015). Most recently he exercised 31,721 units of NLY stock worth 194,767$ on 30 June 2022. . 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. All proxy statements are public filings made available to the general public by the SEC. 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.