Net Worth The estimated Net Worth of David L Finkelstein is at least Annaly Capital Management Inc . Net Worth The estimated Net Worth of David L Finkelstein is at least Annaly Capital Management Inc . is the Pres, CEO & Director at Annaly Capital Management Inc. As the Pres and CEO & Director of Annaly Capital Management Inc, the total compensation of Mr A at Annaly Capital Management Inc is $8,203,772. Mr. Green holds a B.A. Our measured approach to weathering the crisis served us well we feel very good about our positioning as the recovery progresses as I'll get into more detail. NEW YORK -- (BUSINESS WIRE)-- Annaly Capital Management, Inc. (the "Company" or "Annaly") today announced management promotions within its senior executive team, which are effective immediately. 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. 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. 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. 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. Mr. Finkelstein has 25 years of experience in fixed income investments. 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. Mr. Finkelstein was elected to serve as a director of Annaly in March 2020. 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. Following one of the most challenging and unforeseen operating environments in analysts history, we were pleased with our performance during the second quarter. As of 1 February 2023 he still owns at least 401,561 units of Annaly Capital Management Inc stock. 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. From 2014 to 2020, Dr. Hannan served as Chairman of the Board & National President for Girl Scouts of the USA. 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. Additionally, the content of this conference call may contain time-sensitive information that is accurate only as of the date hereof. Wallmine is a radically better financial terminal. So it's reflected in your funding cost. Signaling from a fed on continued low rates combined with considerable injection of additional reserves in the financial system through repo operation and asset purchases have led to very stable funding conditions with repo markets experiencing no signs of stress through the quarter even on pivotal month end and quarter end days 1.8. And with that, I'll turn it over to operator for questions. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. [Operator instructions] Our next question comes from George Bahamondes with Deutsche Bank. Mr. David L. Finkelstein, C.F.A., serves as Chief Investment Officer of Annaly Capital Management, Inc. since November 16, 2022. . 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. 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. For the agency derivatives portfolio, I realized you guys maybe [indiscernible] surface very often, but how much of your cost basis was amortized through core earnings in that portfolio last quarter and then with rates having coming down quite a bit, presumably some of those assets are cheap and how are you guys thinking about your footprint in that portfolio? See David L Finkelstein's compensation, career history, education, & memberships. Mr. Finkelstein was elected to serve as a director of Annaly in March 2020. Enter your email address below to get our daily insider buying and selling report. David L. Finkelstein is Chief Executive Officer and Chief Investment Officer of Annaly. ANNALY CAPITAL MANAGEMENT annual reports of executive compensation and pay are most commonly found in the Def 14a documents. Ms. Williams has over 17 years of compensation and governance experience. NCG Committee (Chair)Corporate Responsibility Committee. It's been relatively calm. David Finkelstein - President, CEO & Director. Okay. Annaly is a leading diversified capital manager that invests in and finances residential and commercial assets. Steven F. Campbell is President and Chief Operating Officer of Annaly. So we feel good about it. 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. Consistent with our communication last quarter, we continue to speak actively with sponsors, borrowers and agents to closely monitor performance. And actually as you're answering that question, I'm realizing there's another element to that, which is that some of that additional that excess earnings is coming back to you shareholders in the form of the repurchases at a discount as well. 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. However, non-agency lending has been somewhat slow to redevelop as credit standards have tightened relative to pre-pandemic underwriting and mortgage originators tend to focused more on agency originations in light of fewer frictions in a wide primary secondary spread. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. david finkelstein annaly compensationgetting married in tanzania. And my other questions have been asked and answered. 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. Mr has made over 7 trades of the Annaly Capital Management Inc stock since 2016, according to the Form 4 filled with the SEC. David L. Finkelstein C.F.A. Current positions of David Finkelstein. 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. Please disable your ad-blocker and refresh. Prior to joining Annaly in December 2019, Ms. Wolfe had served as a Partner at Ernst & Young LLP (E&Y) since 2011. 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. Vice ChairRisk Committee (Chair)Corporate Responsibility Committee. Over the last 20 years, insiders at Annaly Capital Management Inc have traded over $734,400 worth of Annaly Capital Management Inc stock and bought 3,810,453 units worth $38,359,155 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. 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. David L. Finkelstein Chief Executive Officer, President and Director: As a result we ran numerous scenarios in excess of 20, to determine the appropriate amount of Cecil reserves to the quarter and ultimately booked reserves that were considerably more conservative than our base case scenario. David L. Finkelstein C.F.A. Mr has made over 9 trades of the Annaly Capital Management Inc stock since 2016, according to the Form 4 filled with the SEC. Our efficiency metrics changed modestly relative to Q1 being 2.1% of equity for the second quarter in comparison to 1.98%. 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. I suspect that one of the things that influences the outlook is reinvestment risk as the speeds pick up. And now with that, I'll hand it over to Serena to discuss the financials. Information on this page was last updated on 6/17/2022. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. 1 dividend stock for a LIFETIME of income. This report is not for commercial use. Mr. Finkelstein was elected to serve as a director of Annaly in March 2020 and previously served as Chief Investment Officer. The Agency group invests in agency mortgage-backed securities. Mr. . Wondering if you could just provide a bit more color on your prepared remarks on the potential to increase agency allocation. On a more positive note, multifamily remained strong throughout the quarter. Financial Highlights GAAP net income of $1.37 per average common share for the quarter Earnings available for distribution ("EAD") of $0.28 per average common share for the quarter; unchanged from the prior . Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. David L. Finkelstein is Chief Executive Officer and Chief Investment Officer of Annaly. Now, even Taiwan's own foreign minister is saying that China is on the cusp of a full scale invasion. Independent ChairAudit CommitteeNCG CommitteeRisk Committee. 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. Our next question comes from Doug Harter with Credit Suisse. 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. Corporate Responsibility CommitteeRisk Committee. 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. 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). 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. 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. 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. 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? All proxy statements are public filings made available to the general public by the SEC. But the good news is, if China invades Taiwan, there is a way to protect yourself. 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. 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). While at KPMG, Dr. Hannan also founded the KPMG Womens Advisory Board. Prior to joining Annaly in 2013 . 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 . Last updated: 2 February 2023 at 6:03pm EST. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. 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. Most recently he exercised 6,186 units of NLY stock worth $125,761 on 1 February 2023. Hey guys, this is actually Josh Bolton on for Doug. You may now disconnect. 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. 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. We maintained the view that the agency sector represents the most attractive investment opportunity currently while also providing strong liquidity. Okay. 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. All proxy statements are public filings made available to the general public by the SEC. None of Annaly's achievements would have been possible without . Annaly actively integrates ESG considerations into its overall strategy through the following key areas: corporate governance, human capital, responsible investments and the environment. 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. Learn More on Annaly Capital Management's active insiders. Please go ahead. With the improved stability in the financial markets, we've seen an improvement of lenders appetite to finance credit assets particularly in the residential space in anticipation of the expiration of our FHLB membership in February of 2021, we're executing an offset financing strategy involving committed funding facilities for our residential credit business and as David mentioned, we maintain a strong presence in residential securitization market. Yes the TBA role provided about $97.5 million post NIM for the quarter. Investor Relations in Finance from Florida State University. Our next question comes from Rick Shane with JPMorgan. This concludes our question-and-answer session. When expanded it provides a list of search options that will switch the search inputs to match the current selection. 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. On average, Mr trades about 51,067 units every 152 days since 2016. Francine J. Bovich was elected to serve as an independent director of Annaly in 2014. Ms. Wolfe is a Certified Public Accountant in the states of New York, California, Illinois and Pennsylvania. 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. Aggregate issuance under our OBX shelf has now reached 4.5 billion across 11 transactions since 2018. David L. Finkelstein is CEO and Chief Investment Officer of Annaly. 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. Mr. Finkelstein also holds the Chartered Financial Analyst designation. As a reminder, Annaly routinely posts important information for investors on the company's website at www.annaly.com. Prior to joining Annaly in 2009, Mr. Green was a partner in the Corporate, Securities, Mergers & Acquisitions Group at K&L Gates LLP. And with that I'll turn the call over to David. 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. Annaly Capital Management, Inc. (NYSE:NYSE:NLY) Q2 2020 Earnings Conference Call July 30, 2020, 09:00 AM ET Company Participants Purvi Kamdar - Head, IR David Finkelstein - CEO & Chief. 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? Salary, bonuses, stock options, stock awards and other compensation for David L. Finkelstein, Chief Executive Officer, President and Director at ANNALY CAPITAL MANAGEMENT. 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. Prior to that, Mr. Finkelstein held senior Agency MBS trading positions at Salomon Smith Barney, Citigroup Inc. and Barclays PLC. 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? Good morning and welcome to the second quarter 2020 earnings call for Annaly Capital Management. 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. Biography of David Finkelstein. Please go ahead. 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. If you have an ad-blocker enabled you may be blocked from proceeding. Mr. Haylon received a B.A. I wanted to talk a little bit about dividend policy. On the financing side, our weighted average cost of borrowing decreased by roughly 60 basis points to 2.7% driven largely by a reduction in LIBOR given the fed cuts. Mr. Campbell received a B.B.A. These and our other ESG milestones have helped create durable value for all of our stakeholders., Corporate Responsibility Report Highlights. John H. Schaefer was elected to serve as an independent director of Annaly in 2013. And did you guys say what your book value was through July? Mr. Finkelstein has over 25 years of experience in fixed income investments. It's all dependent Rick on the attractiveness of the repurchase option relative to other options in our capital allocation policy. Annaly is internally managed and has elected to be taxed as a real estate investment trust, or REIT, for federal income tax purposes. The chart on this page features a breakdown of the total annual pay for David L. Finkelstein, Chief Executive Officer, President and Director at ANNALY CAPITAL MANAGEMENT as reported in their proxy statements. Ms. Bovich has over 30 years of investment management experience lastly serving as a Managing Director of Morgan Stanley Investment Management from 1993 through 2010. The improvement in singles that the market currently believes that the majority of forbearance cases, which have stabilized over the past couple of months will ultimately be resolved. 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. Prior to joining NBCUniversal, Ms. Williams was a Partner with Pay Governance LLC and a Principal with Towers Perrin (now Willis Towers Watson). While our allocation agency may increase modestly, we do continue to evaluate opportunities to deploy capital across our three credit businesses and we are beginning to develop the better lends into how each credit sector is evolving and we expect to shift to a more offensive posture in the coming months as we gain more clarity on the economic and real estate landscape. Do you expect any meaningful shift in terms of equity capital allocation going forward, thanks? 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. 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. 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. 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. Ms. Williams has over 17 years of compensation and governance experience. Learn More on David L. Finkelstein's trading history. We would expect more equity allocated to it, certainly, with the option to apply a modest amount of leverage. David Finkelstein About Us; Blog; Press; AFLCIO.tv; Union Plus Benefits; Toggle Search Form . Annaly Capital Management's insider roster includes David Finkelstein (CEO), and Thomas Hamilton (Director). Okay. Since 2011, Ms. Bovich has been a trustee of The Bradley Trusts. From 1990 until 1994, he was Senior Vice President of Fixed-Income at Phoenix Home Life Insurance Company. 96% of the portfolio is in specified pools and we built that portfolio we'll over a number of years and we use the opportunity in March to reduce the pool holdings that we didn't find as attractive and what we're left with is a portfolio that is very high quality. This button displays the currently selected search type. 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. 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. The stock was acquired at an average cost of $5.56 per share, with a total value of $1,112,000.00. Now in terms of amortization of the cost, I'll give you the MSR for example, which mimics the derivates portfolio. No, it is not reflected in the funding cost. 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. David L. Finkelstein is Chief Executive Officer and Chief Investment Officer of Annaly. . Prior to joining Annaly in 2013, Mr. Finkelstein served for four years as an Officer in the . Zwirn & Co., L.P. with a focus on credit and debt restructuring. He began his investment banking career at E.F. Hutton & Company in 1976. 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.
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