California Weighs $360,000 in Reparations to Eligible Black Residents. Currently, Dr. Hannan serves on the Board of Directors of Otis Elevator Co., Gingko Bioworks and Carpenter Technology Corporation, is Chairman of the Board of Trustees and a member of the Executive Committee of the Smithsonian National Museum of the American Indian, is a Trustee of the Committee for Economic Development in Washington D.C., and is an active member of Women Corporate Directors. 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. In credit as we've said, we like our portfolio. The oldest executive at Annaly Capital Management Inc is FrancineBovich, 68, who is the Independent Director. Will Others Follow? 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. There been some signs that the worst of the economic distress may be behind us although the recent surge in cases in some areas of the US demonstrates the fragile nature of the recovery. Glenn A. Votek was elected to serve as a Director of Annaly in November 2019. We can't say how long that will persist for, but we do think about this for much more than just the quarter or two where we do have the specialist and we're trying to get the appropriate level where we know it's sustainable and that's how we feel about it and if we continue to out-earn it that's perfectly okay because we're given the shareholder a 10.5% dividend yield on their book value. 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. Okay. David Finkelstein | AFL-CIO David's mailing address filed with the SEC is C/O ANNALY CAPITAL MANAGEMENT, INC., 1211 AVENUE OF THE AMERICAS, NEW YORK, NY, 10036. As Chief Executive Officer, President and Director at ANNALY CAPITAL MANAGEMENT, David L. Finkelstein made $9,138,764 in total compensation. During this call, we may present both GAAP and non-GAAP financial measures. When I look this morning three month 10-year swaption was up 53 basis points. David L. Finkelstein is President, Chief Executive Officer & Director at Annaly Capital Management, Inc. I'd now like to turn the conference over to Purvi Kamdar. As a reminder, Annaly routinely posts important information for investors on the company's website at www.annaly.com. We have previously discussed our methodology and are thorough and thoughtful approach to Cecil reserves. 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. Green holds a B.A. . Okay. 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 [] david finkelstein annaly compensation Thorough reviews have been conducted to assure this data accurately reflects disclosures. 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. 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. Mr. Finkelstein has over 25 years of experience in fixed income investments. 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. And with that I'll turn the call over to David. Thanks David. For its 2021 fiscal year, ANNALY CAPITAL MANAGEMENT, listed the following CEO pay ratio data on its annual proxy statement to the SEC. 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. So it's reflected in your funding cost. 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. 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. Learn More on David L. Finkelstein's trading history. Mr. Reeves received his B.A. Will His AI Plans Be Any Different? Ms. Denahan has a B.S. 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 proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. 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. 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. 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. Mr. Hamilton received a B.S. David L. Finkelstein C.F.A. Mr. Finkelstein was elected to serve as a director of Annaly in March 2020 and previously served as Chief Investment Officer. The information shown here is a reporting of information included in the company's proxy statement. 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. [Operator Instructions] After todays presentation, there will be an opportunity to ask questions. 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. Mr. Haylon received a B.A. Exactly, exactly and we'll see where we end the year but we feel good about where we think it is. There are no executives at Annaly Capital Management Inc getting paid more. David Finkelstein About Us; Blog; Press; AFLCIO.tv; Union Plus Benefits; Toggle Search Form . david finkelstein annaly compensationgetting married in tanzania. Chart Data in Insider Trading History Table. Mr. Finkelstein was elected to serve as a director of Annaly in March 2020. . Most recently he exercised 6,186 units of NLY stock worth $125,761 on 1 February 2023. While at KPMG, Dr. Hannan also founded the KPMG Womens Advisory Board. 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. This net worth evaluation does not reflect any other assets that Mr. Finkelstein may own. Mr. Campbell also worked at General Electric Capital Corporation and D.B. David L Finkelstein is CEO/Chief Investment Ofcr at Annaly. in International and Comparative Law from Cornell Law School. We're experiencing a meaningful imbalance between supply and demand as a cyclically low number of housing units, meets continued strong household formations and anecdotal evidence suggests that pandemic disruptions that limited impact on the home buying and refinancing processes. Annaly Capital Management can also be reached via phone at (212) 696-0100 and via email at [emailprotected] Learn More on David L. Finkelstein's contact information. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. Given this dynamic, we increased our TBA position in the quarter and gravitated further down in coupon. Now to begin with, I wanted to touch on a few strategic corporate actions we've taken as of late. Audit CommitteeManagement Development and Compensation CommitteeRisk Committee. [Operator Instructions] Please note this event is being recorded. I think that's probably the best description of what we brought them through the shares. 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. Annaly is a leading diversified capital manager with investment strategies across mortgage finance. You may also find the annual proxy statement by going directly to the company's website. 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. 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. 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 . 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. Please note today's event is being recorded. There are no executives at Annaly Capital Management Inc getting paid more. The Residential Credit group involves non-agency residential mortgage assets within securitized products and whole loan markets. Prior to that, Mr. Finkelstein held senior Agency MBS trading positions at Salomon Smith Barney, Citigroup Inc. and Barclays PLC. When expanded it provides a list of search options that will switch the search inputs to match the current selection. Thanks again. Yeah that's great. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. David L. Finkelstein C.F.A. 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. 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. Annaly Capital Management, Inc. (NYSE: NLY) (the "Company" or "Annaly") announced today the publication of its third corporate responsibility report f Comprehensive performance, salary and tenure analysis for the CEO, board and leadership team. Sure. Annaly Capital Management, Inc. (NYSE:NLY) Q1 2022 Earnings Conference Call April 28, 2022 9:00 AM ETCompany Participants. 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. in Economics from Connecticut College and an M.B.A. in Finance from New York University. Now with respect to our hedges, we added to our swap portfolio primarily in the front end and short-term swaps with pay rates close to 0% providing attractive hedge to our financing. Ms. Bovich is a member of The Economic Club of New York, and an emeritus trustee of Connecticut College and a Member of the Investment Sub-Committee for its endowment. Eric A. Reeves was elected to serve as an independent director of Annaly in March 2021. The average price of those shares was I believe $6.30 or meaningfully above that level now. 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). We add the incremental dollar role income to core income and then the outcome. 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. 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. And everything you said the two words that stood out everything changes. NCG Committee (Chair)Corporate Responsibility Committee. Mr. Reeves has served as Managing Director, Head of Private Capital Investments of Duchossois Capital Management (DCM) since 2017. Is this happening to you frequently? Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. Social distancing and mandated shutdowns have damaged certain sectors of the economy and the corresponding impact on the labor market has been substantial. MSR has different structural aspects to it that make it very cheap, but nonetheless structural leverage is a little bit inferior right now to balance sheet leverage. No, it is not reflected in the funding cost. 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 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. Prior to joining Annaly in 2013 . Chief Executive Officer, President and Director. 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. Annaly Capital Management, Inc. Publishes Third Corporate Our next question comes from Rick Shane with JPMorgan. He served as Senior Advisor to Annaly from March 2020 to August 2020 after serving as Interim Chief Executive Officer and President of Annaly from November 2019 to March 2020. Mr. Finkelstein has over 25 years of experience in fixed income investments. We delivered an economic return of nearly 15% and achieved core earnings well in excess of our right size dividend. David Finkelstein | Committee for Economic Development of The Chief Executive OfficerChief Investment Officer. . And that's exactly right. So we're very happy that the market picked up the slack and did a lot of that work. June 30, 2022; my septum piercing won't flip up; vegan mochi cake recipe Annaly Capital Management, Inc. Reports 4th Quarter 2022 Results pictures of the galvin family; springfield, ma city council candidates; david finkelstein annaly compensation Trustee. 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. It's all dependent Rick on the attractiveness of the repurchase option relative to other options in our capital allocation policy. . Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. From September 2010 to December 2011, Mr. Haylon served as Head of Investment Product Management at General Re New England Asset Management. So that could change but derivatives without achieving a little bit as well as MSR for it to be more attractive. The estimated net worth of David L. Finkelstein is at least $33.93 million as of June 17th, 2022. As we gain further clarity around the long-term implications of COVID, we are reassured by the stable and defensive nature of our portfolio and remain confident in its ability to withstand prolonged bouts of market volatility. Now in terms of amortization of the cost, I'll give you the MSR for example, which mimics the derivates portfolio. Wallmine is a radically better financial terminal. 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. Please go ahead. He joined the firm in 2013 and assumed the role of Chief Investment Officer in 2016. Financial Highlights. These funds represent a broad scope of investment strategies including equities, taxable fixed income, municipal bonds, and cash management. 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. Ms. Denahan was Annalys Chief Operating Officer from January 2006 to October 2012 and Chief Investment Officer from 2000 to November 2012. 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. 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. David L. Finkelstein is CEO and Chief Investment Officer of Annaly. David L. Finkelstein has not been actively trading shares of Annaly Capital Management within the last three months. Mr. Haylon has served as Managing Director and Head of Conning North America at Conning, Inc., a global provider of investment management solutions, services and research to the insurance industry, since June 2018. Dr. Hannan previously served as the Midwest Area Managing Partner for KPMGs Tax Services. In the second quarter and beyond as we mentioned, we bought back $175 million worth of stock. 2014. He began his investment banking career at E.F. Hutton & Company in 1976. Mr. Schaefer received a B.B.A. The report demonstrates Annaly's continued focus on setting and measuring progress on . Annaly Capital Management's insider roster includes David Finkelstein (CEO), and Thomas Hamilton (Director). Additionally, the content of this conference call may contain time-sensitive information that is accurate only as of the date hereof. Is it picked up in your asset yield or your funding costs or both? 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. 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. 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 stock was acquired at an average cost of $5.56 per share, with a total value of $1,112,000.00. 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. Management Development and Compensation Committee (Chair)Audit Committee. Annaly Capital Management, Inc. Names David L. Finkelstein Chief Executive Officer Interim CEO Glenn Votek to Assume Role of Senior Advisor and Remain on the Board of Directors March 16, 2020 07: . Annaly Capital Management, Inc. Names David L. Finkelstein Chief Learn More about insider trades at Annaly Capital Management. 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. 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. 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. Thanks Brendon for your help and we hope everybody stay safe. Securitization market started to show signs of life in mid-May and we issued nearly $500 million of expanded prime securities earlier this month, subsequent to quarter end. 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. Mr. David L. Finkelstein, C.F.A., serves as Chief Investment Officer of Annaly Capital Management, Inc. since November 16, 2022. . Select Other Years 2007 2006 For its 2021 fiscal year, ANNALY CAPITAL MANAGEMENT, listed the following executives on its annual proxy statement to the SEC . 212-333-3810 From 2014 to 2020, Dr. Hannan served as Chairman of the Board & National President for Girl Scouts of the USA. 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. Portfolio construct has been protected against broader sectors that have witnessed demand destruction and we maintain meaningful exposure where pockets of spend remainder resilient. Does that answer your question? Mr. Finkelstein earned a salary of $1,000,000.00, a bonus of $6,325,000.00, stock awards of $1,800,001.00, and other compensation of $13,763.00. The company was founded by Michael A. J. Farrell and Wellington Jamie Denahan-Norris on February 18, 1997 and is headquartered in New York, NY. The Mortgage Servicing Rights group provides the right to service residential mortgage loans in exchange for a portion of the interest payments made on the loans. Prior to the 1997 merger of Dean Witter, Discover and Morgan Stanley, Mr. Schaefer was Executive Vice President, Investment Banking and Head of Corporate Finance at Dean Witter, a position he had held since 1991. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. 2020. Nov 07, 2016. Now core earnings in Q2 were above that dividend and we expect them to be so in Q3. Prior to Barclays, Mr. Hamilton held various Managing Director roles at Citigroup, Inc. and Salomon Brothers, Inc., where he began his career. The estimated Net Worth of David L Finkelstein is at least $16.4 Million dollars as of 1 February 2023. Information on this page was last updated on 6/17/2022. from the Ohio State University. Annaly ended the quarter with excellent liquidity profile within $7.9 billion of unencumbered assets an increase of $1 billion from prior quarter and including cash and unencumbered agency MBS of $5.3 billion. Prior to joining NBCUniversal, Ms. Williams was a Partner with Pay Governance LLC and a Principal with Towers Perrin (now Willis Towers Watson). Ms. Williams received a B.S. This button displays the currently selected search type. We don't complete clarity on the economy and some of that runoff could go into the agency sector. Mr has made over 9 trades of the Annaly Capital Management Inc stock since 2016, according to the Form 4 filled with the SEC. Ilker . We recorded reserves associated with our credit businesses of $68.8 million on funded commitments during the second quarter. David Finkelstein - Biography - MarketScreener.com Mr has made over 9 trades of the Annaly Capital Management Inc stock since 2016, according to the Form 4 filled with the SEC. He received an undergraduate degree from the University of Washington and an MBA from The University of Chicago Booth School of Business. Annaly Capital Management, Inc. (NLY) Leadership & Management Team 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. There are 11 older and 9 younger executives at Annaly Capital Management Inc. On a more positive note, multifamily remained strong throughout the quarter. Annaly is a leading diversified capital manager that invests in and finances residential and commercial assets. David L. Finkelstein Chief Executive Officer, President and Director: Prior to that, Mr. Finkelstein held senior Agency MBS trading positions at Salomon Smith Barney, Citigroup Inc. and Barclays PLC. Mr. Finkelstein has 25 years of experience in fixed income investments. Mr. . Biography of David Finkelstein. They purchased a total of 200,000 shares worth more than $1,112,000.00. If you have an ad-blocker enabled you may be blocked from proceeding. Data Year: 2021. Consistent with our communication last quarter, we continue to speak actively with sponsors, borrowers and agents to closely monitor performance. 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. 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. Overall, we maintained a more constructive view of the operating environment and our ability to deliver compelling returns as each of our businesses respected sectors begins to emerge from the initial volatility and destruction caused by the pandemic. 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. 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. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. 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. NEW YORK, June 09, 2022--Annaly Capital Management, Inc. (NYSE: NLY) (the "Company" or "Annaly") announced today the publication of its third corporate responsibility report for the year 2021 .