Additionally, the content of this conference call may contain time-sensitive information that is accurate only as of the date hereof. None of Annaly's achievements would have been possible without . 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. Thank you. 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. Prior to joining NBCUniversal, Ms. Williams was a Partner with Pay Governance LLC and a Principal with Towers Perrin (now Willis Towers Watson). He received an undergraduate degree from the University of Washington and an MBA from The University of Chicago Booth School of Business. 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. Annaly Capital Management, Inc. Announces Executive Management Mr. Green has served as Chief Corporate Officer since January 2019 and Chief Legal Officer since March 2017. So we're very happy that the market picked up the slack and did a lot of that work. So thank you, guys. Overall, we maintained a more constructive view of the operating environment and our ability to deliver compelling returns as each of our businesses respected sectors begins to emerge from the initial volatility and destruction caused by the pandemic. The report demonstrates Annaly's continued focus on setting and measuring progress on . . 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. Mr. Haylon has served as Managing Director and Head of Conning North America at Conning, Inc., a global provider of investment management solutions, services and research to the insurance industry, since June 2018. 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. So is it fair to say that the repurchase will be part of the flaps in terms of using that excess earnings in the short term? While at KPMG, Dr. Hannan also founded the KPMG Womens Advisory Board. ANNALY CAPITAL MANAGEMENT income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. 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. The most recent stock trade was executed by Anthony C Green on 1 February 2023, trading 1,584 units of NLY stock currently worth $32,203. 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. As always we spent time analyzing the results of the reserve calculations and ensuring our expectations align with the quality of the portfolio and the performance of the borrowers. in Accounting from the University of Notre Dame and a M.B.A. from the Harvard Graduate School of Business. 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. The most active insiders traders include Wellington Denahan, Kevin Keyes, and David L Finkelstein. David Finkelstein | Department of Philosophy from Bowdoin College and a M.B.A. from the University of Connecticut. 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. Nevertheless, financial conditions have improved considerably. Thorough reviews have been conducted to assure this data accurately reflects disclosures. David L. Finkelstein is Chief Executive Officer and Chief Investment Officer of Annaly. This button displays the currently selected search type. But nonetheless it's a more balanced hedge profile now with a slight steepening bias and we took advantage of near zero rates at the front end of the curve, which we think has very limited downside potential in terms of those hedges losing money because it's not our view that we end up in a negative rate scenarios negative policy rate scenario that is. This chart shows David L Finkelstein's buying and selling at Annaly Capital Management by year and by quarter. From 1997 to 1998, Mr. Schaefer was Managing Director and Head of Strategic Planning and Capital Management at Morgan Stanley. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. 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. Jun 09, 2022. Things do look I think positive generally, but just wondering how you guys think about downside risk from here? 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. Biography of David Finkelstein. The Mortgage Servicing Rights group provides the right to service residential mortgage loans in exchange for a portion of the interest payments made on the loans. Annaly Capital Management, Inc. Publishes Third Corporate In the last twelve months, Annaly Capital Management insiders bought shares 1 times. And prepay is obviously being the uncertainty and the risk which we I don't think you heard a lot about I'm sure this quarter and I think we managed prepay risk as well as anybody. Chart Data in Insider Trading History Table. 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. Serena Wolfe - CFO. 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. Learn More on Annaly Capital Management's active insiders. 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. 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. Reinvestment is a key criteria here. 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. All proxy statements are public filings made available to the general public by the SEC. Mar 16, 2020. and LL.M. 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. company's disclosure obligations under Regulation FD and to post and update investor presentations and some more materials on a regular basis. 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. Chief Corporate OfficerChief Legal Officer. 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. Leadership | Annaly Capital pictures of the galvin family; springfield, ma city council candidates; david finkelstein annaly compensation Until December 2017, Ms. Denahan served as Chairman of the Board of Annaly (from November 2012) and Executive Chairman of Annaly (from September 2015). Annaly Capital Management, Inc. (NLY) CEO David Finkelstein on Q2 2020 Learn about Annaly Capital Management, Inc. (NLY) stock's management team. 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. Haylon has served as a Managing Director at Conning, Inc. since January 2012 and previously served as Head of Asset Management Sales, Products and Marketing from December 2014 until June 2018 and as Head of Investment Products from January 2012 until December 2014. Annaly Capital Management, Inc. Names David L. Finkelstein Chief Serena Wolfe is Chief Financial Officer of Annaly. As an internally managed REIT, we look forward to demonstrating increased transparency and alignment with our shareholders who will benefit from our ability to be more nimble in the way we do business in order to generate long-term value. 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. Audit Committee (Chair)Management Development and Compensation CommitteeNCG Committee. GAAP net income improved this quarter as a result of higher GAAP net interest income of $399 million, primarily due to lower interest expense from reduced repo rates and balances and we also experienced lower losses on our core portfolio of $92 million. 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. Our efficiency metrics changed modestly relative to Q1 being 2.1% of equity for the second quarter in comparison to 1.98%. 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). Thank you, Purvi and good morning, everyone and thanks for joining us on our second quarter earnings call. As we gain further clarity around the long-term implications of COVID, we are reassured by the stable and defensive nature of our portfolio and remain confident in its ability to withstand prolonged bouts of market volatility. David L. Finkelstein C.F.A. Net Worth (2022) | wallmine US Jobs Report and Powell Testimony Take Center Stage: Eco Week, Bond Mavens Favor Curve Wagers for Next Encounter With Jobs Data, Bank of Canada Risks Falling Too Far Behind Fed, Scotia Says, Feds Daly Says More Rate Hikes Likely Needed to Cool Inflation, Colombia Prices Rise Less than Forecast to a Fresh 24-Year High, Porsche, Ferrari E-Fuel Push at Heart of EU Engine Debate. I wanted to talk a little bit about dividend policy. David L. Finkelstein C.F.A. Net Worth (2022) | wallmine Learn More about David L. Finkelstein's net worth. . As of 1 February 2023 he still owns at least 401,561 units of Annaly Capital Management Inc stock. Okay. So the NIM itself is not reflective of TBAs at all to your dollar role at all? Mr. Schaefer was Executive Vice President and Chief Strategic and Administrative Officer of Morgan Stanley from 1998 to 2000. And with that, I'll turn it over to operator for questions. Please. Actual results could differ materially from those set forth in forward-looking statements due to a variety of factors, including, but not limited to, risks and uncertainties related to the COVID-19 pandemic, including as related to adverse economic conditions on real estate-related assets and financing conditions (and our outlook for our business in light of these conditions, which is uncertain); changes in interest rates; changes in the yield curve; changes in prepayment rates; the availability of mortgage-backed securities and other securities for purchase; the availability of financing and, if available, the terms of any financing; changes in the market value of our assets; changes in business conditions and the general economy; operational risks or risk management failures by us or critical third parties, including cybersecurity incidents; our ability to grow our residential credit business; the sale of our middle market lending business; credit risks related to our investments in credit risk transfer securities, residential mortgage-backed securities and related residential mortgage credit assets and corporate debt; risks related to investments in mortgage servicing rights; our ability to consummate any contemplated investment opportunities; changes in government regulations or policy affecting our business; our ability to maintain our qualification as a REIT for U.S. federal income tax purposes; and our ability to maintain our exemption from registration under the Investment Company Act. ANNALY CAPITAL MANAGEMENT income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. Non-agency securities across legacy CRT jumbo 2.0 and non-QN have seen substantial recovery. Now with respect to our hedges, we added to our swap portfolio primarily in the front end and short-term swaps with pay rates close to 0% providing attractive hedge to our financing. Ms. Denahan was Annalys Chief Operating Officer from January 2006 to October 2012 and Chief Investment Officer from 2000 to November 2012. 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. Select Other Years 2007 2006 For its 2021 fiscal year, ANNALY CAPITAL MANAGEMENT, listed the following executives on its annual proxy statement to the SEC . Vicki Williams was appointed to serve as an independent director of Annaly effective January 2018. We add the incremental dollar role income to core income and then the outcome. Athletes' ambitions don't end when they leave the field of play. 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. Mr. Schaefer served as a board member and chair of the audit committee of USI Holdings Corporation from 2008 through 2012. Just on the TBAs again just every mortgage rate, it feels like accounts for $I specialness a little differently in their NIM. . The most active insiders traders include Wellington Denahan, Kevin Keyes, and David L Finkelstein. Learn More about insider trades 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 [] 212-333-3810 David L. Finkelstein is President, Chief Executive Officer & Director at Annaly Capital Management, Inc. 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 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. David L. Finkelstein C.F.A. Net Worth (2023) | wallmine He began his career in 1979 in the commercial lending program at Philadelphia National Bank. David L. Finkelstein C.F.A. Net Worth (2023) | wallmine Prior to that, he worked at AT&T and its finance subsidiary from 1986 to 1999 in various financial management roles. [Operator instructions] Our first question comes from Eric Hagen with KBW. We feel good about where pools are at. Annaly Capital Management, Inc. Reports 1st Quarter 2022 Results - Wire19 Mr. Haylon has previously served on the boards of Aberdeen Asset Management and Phoenix Investment Partners. Okay. Learn More on David L. Finkelstein's trading history. Learn More on David L. Finkelstein's salary. 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. Michael Haylon was elected to serve as an independent director of Annaly in 2008. Mr. Campbell previously served as Head of Business Operations of Annaly and has over 25 years of experience in financial services. [Operator instructions] Our next question comes from George Bahamondes with Deutsche Bank. This point was evidenced the quarter with the improvement in fair value measures and resulting improved book value. The information shown here is a reporting of information included in the company's proxy statement. Prior to joining Annaly in 2009, Mr. Green was a partner in the Corporate, Securities, Mergers & Acquisitions Group at K&L Gates LLP. Mr. Campbell received a B.B.A. My No. During this call, we may present both GAAP and non-GAAP financial measures. This net worth evaluation does not reflect any other assets that Mr. Finkelstein may own. For its 2021 fiscal year, ANNALY CAPITAL MANAGEMENT, listed the following board members on its annual proxy statement to the SEC. 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. 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. From 1995 until 2002, he held the position of Executive Vice President of Phoenix Investment Partners, Ltd., a NYSE-listed company, and President of Phoenix Investment Counsel, where he was responsible for the management and oversight of $25 billion in closed-end and open-end mutual funds, corporate pension funds and insurance company portfolios. The oldest executive at Annaly Capital Management Inc is FrancineBovich, 68, who is the Independent Director. Annaly's principal business objective is to generate net income for distribution to its stockholders and to optimize its returns through prudent management of its diversified investment strategies. in Business Administration from the University of Washington and a M.B.A. from the University of Chicago, Booth School of Business. David L. Finkelstein has not been actively trading shares of Annaly Capital Management within the last three months. Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. The Agency group invests in agency mortgage-backed securities. Social distancing and mandated shutdowns have damaged certain sectors of the economy and the corresponding impact on the labor market has been substantial. ANNALY CAPITAL MANAGEMENT annual reports of executive compensation and pay are most commonly found in the Def 14a documents. in Economics and Political Science from the University of Pennsylvania and a J.D. David L. Finkelstein C.F.A. Net Worth (2022) | wallmine GB Mr. Finkelstein has 25 years of experience in fixed income investments. Exactly, exactly and we'll see where we end the year but we feel good about where we think it is. 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. david finkelstein annaly compensationmostar bridge jump injuries. From September 2010 to December 2011, Mr. Haylon served as Head of Investment Product Management at General Re New England Asset Management. Sure Ken you bet and what I meant by that is that the increase in agency could occur over the very short term as credit markets are still redeveloping and we do have some runoff in that capital will be reallocated to agency over the very near term and when we say that, a very small percentage. As Chief Executive Officer, President and Director at ANNALY CAPITAL MANAGEMENT, David L. Finkelstein made $9,138,764 in total compensation. David Finkelstein - Chief Executive Officer & Chief - LinkedIn Mr. Reeves has served as Managing Director, Head of Private Capital Investments of Duchossois Capital Management (DCM) since 2017. Since 2011, Ms. Bovich has been a trustee of The Bradley Trusts. We have to look at how attractive assets are and then put that in the context of where thee stock prices make a buyback decision based on that. And to repo financing remains ample. Salary, bonuses, stock options, stock awards and other compensation for David L. Finkelstein, Chief Executive Officer, President and Director at ANNALY CAPITAL MANAGEMENT. Thanks for joining us today and we'll talk to you soon. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. In the second quarter and beyond as we mentioned, we bought back $175 million worth of stock. And with that I'll turn the call over to David. And everything you said the two words that stood out everything changes. Mr A is 48, he's been the Pres and CEO & Director of Annaly Capital Management Inc since . Thanks for that. Sure. 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. David L. Finkelstein C.F.A. The oldest executive at Annaly Capital Management Inc is FrancineBovich, 68, who is the Independent Director. There been some signs that the worst of the economic distress may be behind us although the recent surge in cases in some areas of the US demonstrates the fragile nature of the recovery. Learn More about David L. Finkelstein's net worth. 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. 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. 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. david finkelstein annaly compensation 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). NEW YORK-(BUSINESS WIRE)-Annaly Capital Management, Inc. (NYSE: NLY) ("Annaly" or the "Company") today announced its financial results for the quarter ended March 31, 2022. Mr. Finkelstein was elected to serve as a director of Annaly in March 2020. Prior to that, Mr. Finkelstein held senior Agency MBS trading positions at Salomon Smith Barney, Citigroup Inc. and Barclays PLC. 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. Annaly Capital Management (NLY) CEO David Finkelstein on Q4 2021 Audit CommitteeManagement Development and Compensation CommitteeRisk Committee. 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: . from the University of Michigan and J.D. David Finkelstein About Us; Blog; Press; AFLCIO.tv; Union Plus Benefits; Toggle Search Form . Ms. Bovich is a member of The Economic Club of New York, and an emeritus trustee of Connecticut College and a Member of the Investment Sub-Committee for its endowment. Steven F. Campbell is President and Chief Operating Officer of Annaly. ANNALY CAPITAL MANAGEMENT Compensation by Company. 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. Mr. Campbell also worked at General Electric Capital Corporation and D.B. Dr. Hannan received a Ph.D. in Leadership Studies from Benedictine University and a B.A. Ms. Wolfe is a Certified Public Accountant in the states of New York, California, Illinois and Pennsylvania. 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. Consistent with our communication last quarter, we continue to speak actively with sponsors, borrowers and agents to closely monitor performance.