So right now balance sheet leverage pools of finance through the repo market is more attractive than structural leverage meaning derivatives who when I say structural leverage I mean an asset whose outcome is dependent on a larger asset like derivatives are. 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. 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. History of Analytic Philosophy. Annaly Capital Management, Inc. NLY ("Annaly" or the "Company") today announced its financial results for the quarter and year ended December 31, 2022. The oldest executive at Annaly Capital Management Inc is FrancineBovich, 68, who is the Independent Director. 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. And that's exactly right. So we don't expect a meaningful increase in agency, but over the near term you can see a small uptick. In the second quarter and beyond as we mentioned, we bought back $175 million worth of stock. david finkelstein annaly compensationmostar bridge jump injuries. 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. Total reserves now comprise 5.32% of our acreage in MML loan portfolios as of June 30, 2020. Mr. Finkelstein has 25 years of experience in fixed income investments. 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: . Mr. Green has served as Chief Corporate Officer since January 2019 and Chief Legal Officer since March 2017. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. He received an undergraduate degree from the University of Washington and an MBA from The University of Chicago Booth School of Business. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. Now core earnings in Q2 were above that dividend and we expect them to be so in Q3. Consisting of $22 million of additional reserves during the quarter primarily resulting from the impacts of COVID-19 on our [indiscernible] and more general reserves related to forecast for a deterioration in economic conditions and market values of $46.8 million. 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. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. Thank you for attending today's presentation. Annaly provides supplemental disclosures under the Sustainability Accounting Standards Board (SASB) standards and the Global Reporting Initiative (GRI) standards frameworks. Mr. Finkelstein was elected to serve as a director of Annaly in March 2020. Now of additional note with respect to our direct lending portfolios, we have taken what we believe to be a very conservative approach regarding reserves and Cecil adjustment which Serena will discuss in further detail. Most recently, on Friday, June 17th, David L. Finkelstein bought 200,000 shares of Annaly Capital Management stock. Okay. 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. From 1997 to 1998, Mr. Schaefer was Managing Director and Head of Strategic Planning and Capital Management at Morgan Stanley. Last updated: 2 February 2023 at 6:03pm EST. Data Year: 2021. It operates through the following investment groups: Agency, Residential Credit, and Mortgage Servicing Rights. Mr. Finkelstein is a member of the Treasury Market Practices Group sponsored by the Federal Reserve Bank of New York. My No. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. This information is according to proxy statements filed for the 2021 fiscal year. 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. in Finance from Florida State University. So we set the dividend at $0.22 because we believe that to be the sustainable level for the foreseeable future as long as we had a lens into the horizon. Investor Relations 2015. We delivered an economic return of nearly 15% and achieved core earnings well in excess of our right size dividend. California Weighs $360,000 in Reparations to Eligible Black Residents. Annaly Capital Management, Inc. (NYSE: NLY) (the "Company" or "Annaly") announced today the publication of its second corporate responsibility report for the year 2020, titled Leading with Purpose.The report demonstrates Annaly's continued focus on environmental, social and governance ("ESG") endeavors and provides an update on Annaly's ESG goals and commitments. Mr. Hamilton has served as a Director of Larimar Therapeutics, Inc., a clinical-stage biotechnology company focused on developing treatments for rare complex diseases, since May 2020 when Chondrial Therapeutics, Inc. merged with Zafgen, Inc. and the combined company began operating as Larimar. The conference has now concluded. Beyond just prepays is what happens to pool pricing over the next quarter or two. Ms. Williams has served as Chief Human Resources Officer for NBCUniversal, a multinational media . 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. Mr. . Annaly actively integrates ESG considerations into its overall strategy through the following key areas: corporate governance, human capital, responsible investments and the environment. in Economics from Connecticut College and an M.B.A. in Finance from New York University. 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. 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. 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). Mr. Hamilton has served as an Owner and Director of Construction Forms, Inc. (Con Forms), an industrial manufacturing company, since 2013. 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. A reconciliation of GAAP to non-GAAP measures is included in our earnings release. Mr. Finkelstein received a B.A. Mr. Finkelstein has 25 years of experience in fixed income investments. This report is not for commercial use. Salary, bonuses, stock options, stock awards and other compensation for David L. Finkelstein, Chief Executive Officer, President and Director at ANNALY CAPITAL MANAGEMENT. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. There are 11 older and 9 younger executives at Annaly Capital Management Inc. View source version on businesswire.com: https://www.businesswire.com/news/home/20220609005206/en/, Annaly Capital Management, Inc. Mr. Reeves received his B.A. Please note today's event is being recorded. 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. These and our other ESG milestones have helped create durable value for all of our stakeholders., Corporate Responsibility Report Highlights. 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. 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. Audit Committee (Chair)Management Development and Compensation CommitteeNCG Committee. Corporate Responsibility Committee (Chair)NCG CommitteeRisk Committee. 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. The charts on this page feature a breakdown of the total annual pay for the top executives at ANNALY CAPITAL MANAGEMENT as reported in their proxy statements. But the good news is, if China invades Taiwan, there is a way to protect yourself. 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. pictures of the galvin family; springfield, ma city council candidates; david finkelstein annaly compensation All participants will be in a listen-only mode. June 30, 2022; my septum piercing won't flip up; vegan mochi cake recipe Net Worth The estimated Net Worth of David L Finkelstein is at least Annaly Capital Management Inc . Ms. Wolfe is a Certified Public Accountant in the states of New York, California, Illinois and Pennsylvania. 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. The stock was acquired at an average cost of $5.56 per share, with a total value of $1,112,000.00. 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. Please go ahead. 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? On average, Mr trades about 51,067 units every 152 days since 2016. Please go ahead. Mr has made over 7 trades of the Annaly Capital Management Inc stock since 2016, according to the Form 4 filled with the SEC. Ms. Williams received a B.S. So we feel good about it. And now with that, I'll hand it over to Serena to discuss the financials. [Operator instructions] Our first question comes from Eric Hagen with KBW. NEW YORK--(BUSINESS WIRE)-- Shifting to residential credit, the sector saw significantly more activity as market dynamics began to improve following the crisis. This Supreme Court Case Could Redefine Crime, YellowstoneBackers Wanted to Cash OutThen the Streaming Bubble Burst, How Countries Leading on Early Years of Child Care Get It Right, Female Execs Are Exhausted, Frustrated and Heading for the Exits, More Iranian Schoolgirls Sickened in Suspected Poisoning Wave, No Major Offer Expected on Childcare in UK Budget, Oil Investors Get $128 Billion Handout as Doubts Grow About Fossil Fuels, Climate Change Is Launching a MutantSeed Space Race, This Former Factory Is Now New Taipeis Edgiest Project, What Do You Want to See in a Covid Memorial? Last updated: 1 March 2023 at 11:00am EST. 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. 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. For its 2021 fiscal year, ANNALY CAPITAL MANAGEMENT, listed the following CEO pay ratio data on its annual proxy statement to the SEC. Mr has made over 9 trades of the Annaly Capital Management Inc stock since 2016, according to the Form 4 filled with the SEC. This report is not for commercial use. From 1991 through 2005, Ms. Bovich served as the U.S. Representative to the United Nations Investment Committee, which advised a global portfolio of approximately $30 billion. Mr. Finkelstein was elected to serve as a director of Annaly in March 2020. Ms. Wolfe held a variety of roles across industries since beginning her career at E&Y in 1998, including most recently as EYs Central Region Real Estate Hospitality & Construction leader since 2017. Mr. Finkelstein has over 25 years of experience in fixed income investments. 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. While at KPMG, Dr. Hannan also founded the KPMG Womens Advisory Board. Chief Executive OfficerChief Investment Officer. We feel good about where pools are at. Total core income is used to buy, Eric. 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). David's mailing address filed with the SEC is C/O ANNALY CAPITAL MANAGEMENT, INC., 1211 AVENUE OF THE AMERICAS, NEW YORK, NY, 10036. 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. and LL.M. Just on the TBAs again just every mortgage rate, it feels like accounts for $I specialness a little differently in their NIM. in Accounting from the University of Notre Dame and a M.B.A. from the Harvard Graduate School of Business. Mr. Campbell also worked at General Electric Capital Corporation and D.B. in Business Administration from the University of Washington and a M.B.A. from the University of Chicago, Booth School of Business. Ms. Williams has over 17 years of compensation and governance experience. 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. 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 to begin with, I wanted to touch on a few strategic corporate actions we've taken as of late. This button displays the currently selected search type. Aggregate issuance under our OBX shelf has now reached 4.5 billion across 11 transactions since 2018. 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. Insiders at Annaly Capital Management own 0.3% of the company. I'm curious how you guys are looking at this and especially in light of having cut the dividend earlier in the year? At quarter end, we closed our previously announced internalization transaction, which marks a significant step in the series of measures Annaly has implemented as an industry leader from a government standpoint. 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. 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 do not undertake and specifically disclaim any obligation to update or revise this information. Alex Yankus But when you look at the portfolio and the economic return of the portfolio on the quarter, that was 15% and that persists we think. Consistent with our communication last quarter, we continue to speak actively with sponsors, borrowers and agents to closely monitor performance. Jun 09, 2022. When I look this morning three month 10-year swaption was up 53 basis points. David L. Finkelstein is Chief Executive Officer and Chief Investment Officer of Annaly. 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. Sorry, I think we're thinking about it a little differently, but yeah that's correct. 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. 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. 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. Finkelstein owns 1,669,013 shares of Annaly Capital Management stock worth more than $33,931,034 as of March 4th. Mr. Finkelstein received a B.A. 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. These funds represent a broad scope of investment strategies including equities, taxable fixed income, municipal bonds, and cash management. 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. Our next question comes from Doug Harter with Credit Suisse. Good morning and welcome to the Annaly Capital Management Second Quarter 2020 Conference Call. Hey how much did TBAs add to your net interest margin for the quarter? Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. The proxy statement's main purpose is to alert shareholders to the annual meeting and provide them information about the issues that will be voted on during the annual meeting, including decisions such as electing directors, ratifying the selection of auditors, and other shareholder-related decisions, including shareholder-initiated initiatives. Thanks David. 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. Our next question comes from Rick Shane with JPMorgan. 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. 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 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. For its 2021 fiscal year, ANNALY CAPITAL MANAGEMENT, listed the following CEO pay ratio data on its annual proxy statement to the SEC. Prior to that, he worked at AT&T and its finance subsidiary from 1986 to 1999 in various financial management roles. Mr. Votek holds a B.S. Previously, Ms. Denahan served as Chief Executive Officer of Annaly from November 2012 to September 2015 and as Co-Chief Executive Officer of Annaly from October 2012 to November 2012. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. She is also a graduate of the Chicago Management Institute at the University of Chicago, Booth School of Business and the Institute of Comparative Political & Economic Systems at Georgetown University. from Loras College. And finally shifting to our outlook, as we think about our capital allocation out of the horizon, we've been focused on preserving flexibility given uncertainty in the greater economy related to COVID shutdown. 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. The reason why they appreciate is because there worth it. from the Ohio State University. from the University of Notre Dame and a M.B.A. from the University of Chicago, Booth School of Business. We've isolated around where we ended the quarter and right now as about last night it's up roughly 1%. 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. Chief Executive OfficerChief Investment Officer. The estimated Net Worth of David L Finkelstein is at least $16.4 Million dollars as of 1 February 2023. 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. "Athlete | Empire" presents the in-depth, intimate stories of these businesses, as told by the players themselves. 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. Learn More about David L. Finkelstein's net worth. 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. Thanks. in Education with a concentration in mathematics education and an M.B.A. with a concentration in finance and quantitative statistics, each with honors from the University of Georgia. 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. Management Development and Compensation Committee (Chair)Audit Committee. 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. Please disable your ad-blocker and refresh. We have previously discussed our methodology and are thorough and thoughtful approach to Cecil reserves. Prior to joining Annaly in 2013, Mr. Votek was an Executive Vice President and Treasurer at CIT Group since 1999 and also President of Consumer Finance since 2012. Mr. Finkelstein has over 25 years of experience in fixed income investments. David Finkelstein-- Chief Executive Officer and Chief Investment Officer Yeah. Annaly Capital Management, Inc. (NYSE:NLY) Q1 2022 Earnings Conference Call April 28, 2022 9:00 AM ETCompany Participants. 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. Learn More about David L. Finkelstein's net worth. . None of Annaly's achievements would have been possible without . 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. Get notified the next time David L. Finkelstein buys or sells Annaly Capital Management stock. 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. 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. This makes analysis regarding Cecil reserves particularly challenging. Mr. Haylon has previously served on the boards of Aberdeen Asset Management and Phoenix Investment Partners. in Economics and Political Science from the University of Pennsylvania and a J.D. Consistent with that strategy, since the beginning of the second quarter, we added $1.125 billion of capacity across two new credit facilities for our residential credit group, the permanent nonrecourse financing. But when we think about reinvestment into for example, pools where we see the levered returns on agency MBS is in the context of 11% to 12% maybe a little bit higher and so as we look at the dividend right now at 10.5% yield on book value the reinvestment of agency runoff is perfectly consistent with that longer-term more steady-state level assuming rates in this context, but keep in mind we do have this near-term tailwind of specialness and some other factors that are beneficial to the portfolio where were out-earning the dividend this quarter.
