from the Ohio State University. He was President and Chief Operating Officer of the Global Wealth Management division of Morgan Stanley from 2000 to 2005. Mr. Finkelstein also holds the Chartered Financial Analyst designation. We believe our focused industry-specific positioning within nondiscretionary defensive and mission-critical names will generate the outperformance for peers that will further differentiate our brand in the sector. Now core earnings in Q2 were above that dividend and we expect them to be so in Q3. So we feel good about it. 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. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. 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. Good morning and welcome to the Annaly Capital Management Second Quarter 2020 Conference Call. David Finkelstein is Chief Executive Officer and a Board Director of Annaly Capital Management.<br><br>David has 25 years of experience in fixed income investments. These and our other ESG milestones have helped create durable value for all of our stakeholders., Corporate Responsibility Report Highlights. So we don't expect a meaningful increase in agency, but over the near term you can see a small uptick. Given this dynamic, we increased our TBA position in the quarter and gravitated further down in coupon. Prior to joining Annaly in 2009, Mr. Green was a partner in the Corporate, Securities, Mergers & Acquisitions Group at K&L Gates LLP. Now to begin with, I wanted to touch on a few strategic corporate actions we've taken as of late. 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. from the University of Notre Dame and a M.B.A. from the University of Chicago, Booth School of Business. Sean Kensil - Vice President, Investor Relations. Additional information on the Company can be found at www.annaly.com. The average price of those shares was I believe $6.30 or meaningfully above that level now. You may also find the annual proxy statement by going directly to the company's website. In addition, he makes $8,203,772 as Pres and CEO & Director at Annaly Capital Management Inc. Mr has made over 11 trades of the Annaly Capital Management Inc stock since 2016, according to the Form 4 filled with the SEC. Share Your Design Ideas, New JerseysMurphy Defends $10 Billion Rainy Day Fund as States Economy Slows, This Week in Crypto: Ukraine War, Marathon Digital, FTX. NEW YORK--(BUSINESS WIRE)-- Great. There are 11 older and 9 younger executives at Annaly Capital Management Inc. in Economics from Connecticut College and an M.B.A. in Finance from New York University. There are 11 older and 9 younger executives at Annaly Capital Management Inc. PHIL 21505/31505 Wonder, Magic, and Skepticism. As outlined in our report, we continue to Take Stock of Our Impact establishing ESG goals and commitments and tracking our considerable progress as we strive to integrate ESG priorities across our business, said David Finkelstein, Annalys Chief Executive Officer and President. 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. 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. He began his investment banking career at E.F. Hutton & Company in 1976. 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. Mr. Campbell currently serves on the Advisory Board for the Fitzgerald Institute of Real Estate at the University of Notre Dame. As Chief Executive Officer, President and Director at ANNALY CAPITAL MANAGEMENT, David L. Finkelstein made $9,138,764 in total compensation. You may now disconnect. investor@annaly.com, Brunswick Group Mr. Finkelstein was appointed as Chief Executive Officer and elected to serve on the Board of Directors in March 2020. Mr. Finkelstein was elected to serve as a director of Annaly in March 2020. Ms. Denahan was Annalys Chief Operating Officer from January 2006 to October 2012 and Chief Investment Officer from 2000 to November 2012. 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. Ms. Williams received a B.S. He was Chief Financial Officer of the Phoenix Companies, Inc. from 2004 until 2007, and Executive Vice President and Chief Investment Officer of the Phoenix Companies in 2002 and 2003. 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. Mr. Schaefer received a B.B.A. Turning to earnings, the largest factor quarter-over-quarter to quote an ex-PAA will lower interest expense of $186 million versus $503 million in the prior quarter due to lower average repo rates and balances as well as higher TBA [indiscernible] income of $96 million versus $44 million in the prior quarter, due to higher average balances partially offset by higher expense from the net interest component of interest-rate swaps of $65 million visits $14 million in the prior quarter and higher average balance. Net Worth The estimated Net Worth of David L Finkelstein is at least Annaly Capital Management Inc . Do you expect any meaningful shift in terms of equity capital allocation going forward, thanks? Consequently, we reduced leverage during the quarter from 6.8 times to 6.4 times and made the prudent decision to set our quarterly dividend at $0.22. So that could change but derivatives without achieving a little bit as well as MSR for it to be more attractive. After a pace of purchases at the height of the volatility to reach nearly $50 billion per day to help stabilize sector, that is transitioned to a steady run rate of $40 billion per month net of portfolio runoff, which on a gross basis equates to roughly 40% current agency issuance. The largest trade he's ever made was buying 200,000 units of Annaly Capital Management Inc stock on 17 June 2022 worth over $1,112,000. For its 2021 fiscal year, ANNALY CAPITAL MANAGEMENT, listed the following CEO pay ratio data on its annual proxy statement to the SEC. david finkelstein annaly compensationgetting married in tanzania. I'd now like to turn the conference over to Purvi Kamdar. 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. 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. I know you mentioned in some of the tail risks and just any more additional comments on the hedge positioning will be great thanks. That has largely taken delivery of the most negatively convex MBS, which has resulted in a shift to the TBA deliverable across production coupons to more newly originated pools and as a result, nominal carry on production coupons TBAs has improved dramatically thereby adding to returns for TBA holders. Is this special mix reflected in both the asset yield and the cost of funds and then how big is your TBA balance now versus the end of June? Mr has made over 9 trades of the Annaly Capital Management Inc stock since 2016, according to the Form 4 filled with the SEC. biography. 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. He began his career in 1979 in the commercial lending program at Philadelphia National Bank. 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. 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. Most recently, on Friday, June 17th, David L. Finkelstein bought 200,000 shares of Annaly Capital Management stock. 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. Yeah I think prepay is kind of an obvious one outside of that. 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. . Please go ahead. Wellington J. Denahan co-founded Annaly in 1996 and has served as a Director since that time. Mr. . 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. 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. Dr. Hannan received a Ph.D. in Leadership Studies from Benedictine University and a B.A. 1 dividend stock for a LIFETIME of income. Mr. Haylon has previously served on the boards of Aberdeen Asset Management and Phoenix Investment Partners. Will His AI Plans Be Any Different? 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. 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. 212-333-3810 It operates through the following investment groups: Agency, Residential Credit, and Mortgage Servicing Rights. At the time we started quarter with a swap portfolio of about nine odd years I believe, now given how long that portfolio is in duration as we mentioned last quarter provides multiples of interest rate protection relative to the assets, which are much shorter in duration. Click Here for Your Free Ultimate Dividend Package. While at KPMG, Dr. Hannan also founded the KPMG Womens Advisory Board. Annaly Capital Management, Inc. (NYSE:NLY) Q1 2022 Earnings Conference Call April 28, 2022 9:00 AM ETCompany Participants. 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. Anthony C. Green is Chief Corporate Officer and Chief Legal Officer of Annaly. ANNALY CAPITAL MANAGEMENT income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. Mr has made over 7 trades of the Annaly Capital Management Inc stock since 2016, according to the Form 4 filled with the SEC. Mr. Finkelstein has over 25 years of experience in fixed income investments. Yeah that's great. There are no executives at Annaly Capital Management Inc getting paid more. NEW YORK -- (BUSINESS WIRE)-- Annaly Capital Management, Inc. (NYSE: NLY) ("Annaly" or the "Company") announced today the Board of Directors (the "Board") has elected David L. Finkelstein as its Chief Executive Officer and a . Ms. Wolfe is a Certified Public Accountant in the states of New York, California, Illinois and Pennsylvania. Yes the TBA role provided about $97.5 million post NIM for the quarter. Thank you for attending today's presentation. 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. Chart Data in Insider Trading History Table. David L. Finkelstein C.F.A. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. We've isolated around where we ended the quarter and right now as about last night it's up roughly 1%. Now with respect to options, we did reinvest a lot of the runoff in our swap portfolio back in out of money options and I'll tell you going forward that will be a function of the level of implied volatility. Annaly is a leading diversified capital manager that invests in and finances residential and commercial assets. I think that's probably the best description of what we brought them through the shares. This net worth evaluation does not reflect any other assets that Mr. Finkelstein may own. 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. We feel good about where pools are at. 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. Ms. Williams has served as Chief Human Resources Officer for NBCUniversal, a multinational media . 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. As a reminder, Annaly routinely posts important information for investors on the company's website at www.annaly.com. I suspect that one of the things that influences the outlook is reinvestment risk as the speeds pick up. Current positions of David Finkelstein. David L. Finkelstein C.F.A. Most recently, Mr. Hamilton served as a Strategic Advisor to the Global Head of Fixed Income, Currencies and Commodities at Barclays Capital in New York. Annaly actively integrates ESG considerations into its overall strategy through the following key areas: corporate governance, human capital, responsible investments and the environment. Just on the TBAs again just every mortgage rate, it feels like accounts for $I specialness a little differently in their NIM. From 2015 until 2018, Dr. Hannan served as a Senior Advisor for KPMGs Board Leadership Center and National Leader Total Impact Strategy and, from 2009 until 2015, as KPMGs National Managing Partner of Diversity and Corporate Responsibility. Mr. Finkelstein owns 1,669,013 shares of Annaly Capital Management stock worth more than $33,931,034 as of March 4th. Annaly provides supplemental disclosures under the Sustainability Accounting Standards Board (SASB) standards and the Global Reporting Initiative (GRI) standards frameworks. Learn More on David L. Finkelstein's contact information. Mr. Finkelstein also holds the Chartered Financial Analyst designation. Will Others Follow? Highlights and achievements from the 2021 Corporate Responsibility Report include: To learn more about Annalys corporate responsibility initiatives and to view the 2021 Corporate Responsibility Report, please visit www.annaly.com/our-responsibility. Board of Directors in ANNALY CAPITAL MANAGEMENT. Okay. Zwirn & Co., L.P. with a focus on credit and debt restructuring. ANNALY CAPITAL MANAGEMENT annual reports of executive compensation and pay are most commonly found in the Def 14a documents. From 1980 until 1984, he was a Senior Financial Analyst at Travelers Insurance Companies. Mr. David L. Finkelstein C.F.A. Good morning and nice quarter guys. Mr. Finkelstein has over 25 years of experience in fixed income investments. Portfolio construct has been protected against broader sectors that have witnessed demand destruction and we maintain meaningful exposure where pockets of spend remainder resilient. 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. Mr. Finkelstein has over 25 years of experience in fixed income investments. As of 1 February 2023 he still owns at least 401,561 units of Annaly Capital Management Inc stock. These initiatives are a testament to our focus on driving shareholder value, ensuring that the firm as a whole, our structure as well as our portfolio is positioned to continue outperforming as our second quarter results demonstrate. Under the standard an entity recognizes its estimate of lifetime expected credit losses as an allowance, which the fed believes will result in more timely recognition of such losses and while changes in economic scenarios and asset performance in the future will impact Cecil reserves in subsequent quarters, current reserve levels should not be considered as a pervasive credit issue within the portfolio or an indication of what reserves may be recorded in the future. 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. We remain comfortable with our existing credit portfolios and the associated Cecil reserves and will continue to monitor specific asset performance and economic projections as we determine future reserves. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. 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. David L. Finkelstein, who has been serving as Annaly's Chief Investment Officer, Agency and RMBS, has been named Annaly's . "Athlete | Empire" presents the in-depth, intimate stories of these businesses, as told by the players themselves. And finally, the company has performed exceptionally well given the challenges faced from remote work and market uncertainty. 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. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. It did get below that level in early 2019 to about 49 basis points and then the last time prior to that was 2017 and before that it was pre-crisis.
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