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. Annaly Capital Management, Inc. engages in the investment and financing of residential and commercial assets. 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. Mr. Finkelstein has 25 years of experience in fixed income investments. And to repo financing remains ample. 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. 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. Press Releases | Annaly Capital, https://www.businesswire.com/news/home/20220609005206/en/. Mr. Finkelstein received a B.A. 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. Okay. As we look at the buyback policy, it's not a point in time estimated, everything changes on a daily basis because asset prices changes in the relative attractiveness of buying back stock versus putting that capital to work in the portfolio changes and if you just think about the immediate accretion of the stock buyback in terms of book value versus the longer-term earnings of the portfolio, there is a trade-off there certainly and we generated 25% accretion from the buyback thus far. Mr A is 48, he's been the Pres and CEO & Director of Annaly Capital Management Inc since . Mr. Reeves has served as Managing Director, Head of Private Capital Investments of Duchossois Capital Management (DCM) since 2017. This point was evidenced the quarter with the improvement in fair value measures and resulting improved book value. Annaly is a leading diversified capital manager with investment strategies across mortgage finance. Learn More about David L. Finkelstein's net worth. So it's reflected in your funding cost. David L Finkelstein is CEO/Chief Investment Ofcr at Annaly. The proxy statement includes footnotes and explanations of this information plus other information that is pertinent in assessing the overall value and appropriateness of the compensation information. This information is according to proxy statements filed for the 2021 fiscal year. David L. Finkelstein is Chief Executive Officer and Chief Investment Officer of Annaly. David Finkelstein-- Chief Executive Officer and Chief Investment Officer Yeah. Dr. Hannan has over 30 years of industry experience and held numerous leadership roles during her distinguished career with KPMG. I'd now like to turn the conference over to Purvi Kamdar. Serena Wolfe is Chief Financial Officer of Annaly. We do not undertake and specifically disclaim any obligation to update or revise this information. Mr. Votek has over 30 years of experience in financial services. 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. Our residential portfolio was roughly unchanged quarter-over-quarter at $2.6 billion as modest purchases and mark-to-market increases largely offset sales and portfolio runoff. 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. Our efficiency metrics changed modestly relative to Q1 being 2.1% of equity for the second quarter in comparison to 1.98%. Salary, bonuses, stock options, stock awards and other compensation for David L. Finkelstein, Chief Executive Officer, President and Director at ANNALY CAPITAL MANAGEMENT. Annaly is a leading diversified capital manager that invests in and finances residential and commercial assets. Mr. Finkelstein was elected to serve as a director of Annaly in March 2020. Comprehensive performance, salary and tenure analysis for the CEO, board and leadership team. 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. Non-Equity Incentive Plan Compensation: $0: Change in Pension Value and Deferred Compensation Earnings: $0: All Other Compensation: $13,763: Total: $9,138,764: Annaly Capital Management, Inc. disclosed its CEO pay was. From September 2010 to December 2011, Mr. Haylon served as Head of Investment Product Management at General Re New England Asset Management. The conference has now concluded. 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. Schaefer served as a board member and chair of the audit committee of USI Holdings Corporation from 2008 through 2012. 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 the University of Notre Dame and a M.B.A. from the University of Chicago, Booth School of Business. In credit as we've said, we like our portfolio. David L. Finkelstein, who has been serving as Annaly's Chief Investment Officer, Agency and RMBS, has been named Annaly's . Mr. Finkelstein was elected to serve as a director of Annaly in March 2020. Dr. Hannan received a Ph.D. in Leadership Studies from Benedictine University and a B.A. 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. in International and Comparative Law from Cornell Law School. In terms of how it's actually reflected in the yield it's not. All proxy statements are public filings made available to the general public by the SEC. Learn More on David L. Finkelstein's salary. 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. Mr. Finkelstein received a B.A. Yeah that's great. The oldest executive at Annaly Capital Management Inc is FrancineBovich, 68, who is the Independent Director. Prior to that, Mr. Finkelstein held senior Agency MBS trading positions at Salomon Smith Barney, Citigroup Inc. and Barclays PLC. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. In comparison our base case scenario was altered in a modest release of reserve, which we felt inappropriate given the continued economic uncertainty centered around the evolving pandemic. 2022-2023 Spring Category. He began his career in 1979 in the commercial lending program at Philadelphia National Bank. 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. Management Development and Compensation Committee (Chair)Audit Committee. 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. 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. 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. California Weighs $360,000 in Reparations to Eligible Black Residents. Annaly is internally managed and has elected to be taxed as a real estate investment trust, or REIT, for federal income tax purposes. So we don't expect a meaningful increase in agency, but over the near term you can see a small uptick. Net Worth The estimated Net Worth of David L Finkelstein is at least Annaly Capital Management Inc . Hey guys, this is actually Josh Bolton on for Doug. 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. 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. 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. Sure. A reconciliation of GAAP to non-GAAP measures is included in our earnings release. ANNALY CAPITAL MANAGEMENT income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. 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. As the CEO of Annaly Capital Management, Inc., Mr. Finkelstein earned a total compensation package of $9,138,764.00 in 2021. David's mailing address filed with the SEC is C/O ANNALY CAPITAL MANAGEMENT, INC., 1211 AVENUE OF THE AMERICAS, NEW YORK, NY, 10036. This concludes our question-and-answer session. 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. Ms. Williams has over 17 years of compensation and governance experience. David Finkelstein - President, CEO & Director. Additionally, the report incorporates summary ESG metrics for the past three years, which include further details on the composition of Annalys Board of Directors and employees, philanthropy and volunteerism efforts and environmental indicators. Get notified the next time David L. Finkelstein buys or sells Annaly Capital Management stock. Ms. Williams has over 17 years of compensation and governance experience. He was President and Chief Operating Officer of the Global Wealth Management division of Morgan Stanley from 2000 to 2005. Yeah it depends on the shape of the curve, like over the last couple of months, the term structure of repo has flattened pretty considerably, which has enabled us to extend out curve at very attractive rate. Thank you. Trustee. Please disable your ad-blocker and refresh. Mr. Reeves received his B.A. 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. 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. Appreciate the color. On a more positive note, multifamily remained strong throughout the quarter. 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. 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. We also announced two leadership changes, Steve Campbell was appointed as Chief Operating Officer and Glenn Votek will retire from his role as Senior Advisor at the end of August while remaining a Director on our board. Ms. Wolfe has over 20 years of experience in accounting, of which 13 years were focused solely in real estate practice. Learn More on David L. Finkelstein's contact information. Okay. 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. 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. Is it picked up in your asset yield or your funding costs or both? Volatility is low and the fed is specifically directing volatility lower and they also happen to be a huge tailwind in terms of purchases of agency MBS, so the technicals are very favorable and to your point, it does appear to be a very good backdrop for the foreseeable future for agency. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Please go ahead. ANNALY CAPITAL MANAGEMENT Compensation by Company. Interim CEO Glenn Votek to Assume Role of Senior Advisor and Remain on the Board of Directors. Things do look I think positive generally, but just wondering how you guys think about downside risk from here? No, I think I understand. NEW YORK-(BUSINESS WIRE)-Annaly Capital Management, Inc. (NYSE: NLY) ("Annaly" or the "Company") today announced its financial results for the quarter and year ended December 31, 2022. investor@annaly.com, Brunswick Group This makes analysis regarding Cecil reserves particularly challenging. biography. Investor Relations Portfolio construct has been protected against broader sectors that have witnessed demand destruction and we maintain meaningful exposure where pockets of spend remainder resilient. Mr. Finkelstein has over 25 years of experience in fixed income investments. On average, Annaly Capital Management Inc executives and independent directors trade stock every 35 days with the average trade being worth of $908,853. 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. 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 [] In fact some of our industry concentrations have maturely benefited from the current environment. Yes the TBA role provided about $97.5 million post NIM for the quarter. 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. Net Worth The estimated Net Worth of David L Finkelstein is at least Annaly Capital Management Inc . 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. Consistent with our communication last quarter, we continue to speak actively with sponsors, borrowers and agents to closely monitor performance. As of 1 February 2023 he still owns at least 401,561 units of Annaly Capital Management Inc stock. The stock was acquired at an average cost of $5.56 per share, with a total value of $1,112,000.00. Mr. Hamilton has served as an Owner and Director of Construction Forms, Inc. (Con Forms), an industrial manufacturing company, since 2013. You can see the complete history of Mr Finkelstein stock trades at the bottom of the page. Prior to joining Annaly in 2013, Mr. Finkelstein served for four years as an Officer in the Markets Group . Prior to joining NBCUniversal, Ms. Williams was a Partner with Pay Governance LLC and a Principal with Towers Perrin (now Willis Towers Watson). If you have an ad-blocker enabled you may be blocked from proceeding. in Finance from the University of Dayton. Learn More on Annaly Capital Management's active insiders. Mr A is 48, he's been the Pres and CEO & Director of Annaly Capital Management Inc since . David L. Finkelstein is President, Chief Executive Officer & Director at Annaly Capital Management, Inc. From 1980 until 1984, he was a Senior Financial Analyst at Travelers Insurance Companies. Mr. Finkelstein owns 1,669,013 shares of Annaly Capital Management stock worth more than $33,931,034 as of March 4th. Please go ahead. 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. Please. 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. As a reminder, Annaly routinely posts important information for investors on the company's website at www.annaly.com. Musk Made a Mess at Twitter. 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. Sean Kensil - Vice President, Investor Relations. This report is not for commercial use. Following one of the most challenging and unforeseen operating environments in analysts history, we were pleased with our performance during the second quarter. David L. Finkelstein C.F.A. Eric A. Reeves was elected to serve as an independent director of Annaly in March 2021. ANNALY@brunswickgroup.com, Navigate to the << Back to John H. Schaefer was elected to serve as an independent director of Annaly in 2013. So it's not an apples-to-apples comparison. Okay. You may also find the annual proxy statement by going directly to the company's website. Mr. Haylon has previously served on the boards of Aberdeen Asset Management and Phoenix Investment Partners. Our next question comes from Doug Harter with Credit Suisse. Additionally during the second quarter, we utilized our share buyback program and have now repurchased $175 million common stock year-to-date. Annualized core return on average equity excluding PAA was 12.82% for the quarter in comparison to 9.27% for Q1. I'm curious how you guys are looking at this and especially in light of having cut the dividend earlier in the year? david finkelstein annaly compensationmostar bridge jump injuries. It operates through the following investment groups: Agency, Residential Credit, and Mortgage Servicing Rights. 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.
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