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Prior to joining NBCUniversal, Ms. Williams was a Partner with Pay Governance LLC and a Principal with Towers Perrin (now Willis Towers Watson). Data Year: 2021. 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. 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. As I mentioned we out-earned the dividend by $0.05 this quarter and absent another market dislocation or other foreseen developments, we expect Q3 core canings to also the dividend. Will Others Follow? We continue to be impressed by the resiliency of our workforce and the exemplary service that our IT infrastructure team has provided to every one of us during the time of remote work. Annaly Capital Management Inc executives and other stock owners filed with the SEC include: Track performance, allocation, dividends, and risks, Annotate, download XLSX & look up similar tables, Filter, compare, and track coins & tokens, insiders at Annaly Capital Management Inc, Stocks and cryptocurrency portfolio tracker. The oldest executive at Annaly Capital Management Inc is FrancineBovich, 68, who is the Independent Director. In Blacklisting Inspur, US Targets Partner Used by Intel and IBM, Twitter Revenue, Earnings Fell About 40% in December, WSJ Says, China E-Commerce Giant JD Set for $1.4 Billion Discount Spree, Bolsonaro Says Mission Isnt Over as US Conservatives Fete Him, Biden Closes In on Order to Restrict US Investment in China Tech, Harrods Shrugs Off Recession Fears as Rich Get Richer, FT Says, Wealthy NYC Family Feuds Over $258 Million Madison Avenue Sale, Tom Sizemore, 'Saving Private Ryan' Actor, Dies at 61. This point was evidenced the quarter with the improvement in fair value measures and resulting improved book value. Learn More on Annaly Capital Management's active insiders. Thorough reviews have been conducted to assure this data accurately reflects disclosures. Prior to joining Annaly in 2013, Mr. Finkelstein served for four years as an Officer in the . Mr. Reeves has served as Managing Director, Head of Private Capital Investments of Duchossois Capital Management (DCM) since 2017. This information is according to proxy statements filed for the 2021 fiscal year. Of this total $1,000,000 was received as a salary, $6,325,000 was received as a bonus, $0 was received in stock options, $1,800,001 was awarded as stock and $13,763 came from other types of compensation. This reduced our pay rate as well as shorten the maturity of our swap portfolio. Zwirn & Co., L.P. with a focus on credit and debt restructuring. 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. He began his career in 1979 in the commercial lending program at Philadelphia National Bank. Kathy Hopinkah Hannan, Ph.D., C.P.A. Mr. Finkelstein owns 1,669,013 shares of Annaly Capital Management stock worth more than $36,417,864 as of February 13th. The conference has now concluded. Previously, he was Chief Financial Officer of Annaly from August 2013 to December 2019. Mr. Schaefer has over 40 years of financial services experience including serving as a member of the management committee of Morgan Stanley from 1998 through 2005. David Finkelstein-- Chief Executive Officer and Chief Investment Officer Yeah. Yeah that's great. 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. 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. 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. In the commercial sector, we're slowly beginning to see activity pick up but volumes do remain somewhat muted. And with that, I'll turn it over to operator for questions. All participants will be in a listen-only mode. Mr. Finkelstein received a B.A. Shifting to middle-market lending, activity has also picked up as of late as spreads have tightened and sponsors have refinanced transactions that have exhibited improving underlying leverage profiles. Nov 07, 2016. Mr. Campbell previously served as Head of Business Operations of Annaly and has over 25 years of experience in financial services. 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. 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. View source version on businesswire.com: https://www.businesswire.com/news/home/20220609005206/en/, Annaly Capital Management, Inc. 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. Please. David L. Finkelstein, who has been serving as Annaly's Chief Investment Officer, Agency and RMBS, has been named Annaly's . 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. 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. 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? The most active insiders traders include Wellington Denahan, Kevin Keyes, and David L Finkelstein. Annaly Capital Management's insider roster includes David Finkelstein (CEO), and Thomas Hamilton (Director). As a reminder, Annaly routinely posts important information for investors on the company's website at www.annaly.com. 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. Ms. Denahan was Annalys Chief Operating Officer from January 2006 to October 2012 and Chief Investment Officer from 2000 to November 2012. Ms. Wolfe is a Certified Public Accountant in the states of New York, California, Illinois and Pennsylvania. Now core earnings in Q2 were above that dividend and we expect them to be so in Q3. 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? Mr. Finkelstein was elected to serve as a director of Annaly in March 2020. Learn More about David L. Finkelstein's net worth. Mr. Finkelstein has over 25 years of experience in fixed income investments. And to repo financing remains ample. Mr. Finkelstein was elected to serve as a director of Annaly in March 2020 and previously served as Chief Investment Officer. Annaly is internally managed and has elected to be taxed as a real estate investment trust, or REIT, for federal income tax purposes. From 2014 to 2020, Dr. Hannan served as Chairman of the Board & National President for Girl Scouts of the USA. 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. 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. He is also a Director of the Friedreichs Ataxia Research Alliance, along with Co-Founder of his own charitable scientific effort, the CureFA Foundation. From 1990 until 1994, he was Senior Vice President of Fixed-Income at Phoenix Home Life Insurance Company. I'd now like to turn the conference over to Purvi Kamdar. All proxy statements are public filings made available to the general public by the SEC. Learn More about insider trades at Annaly Capital Management. From 1995 until 2002, he held the position of Executive Vice President of Phoenix Investment Partners, Ltd., a NYSE-listed company, and President of Phoenix Investment Counsel, where he was responsible for the management and oversight of $25 billion in closed-end and open-end mutual funds, corporate pension funds and insurance company portfolios. Annaly intends to use our webpage as a means of disclosing material non-public information for complying with the company's disclosure obligations under Regulation FD and to post and update investor presentations and some more materials on a regular basis. Now turning specifically to the agency market, the fed's purchase in upwards of $850 billion MBS in just over four months has dramatically altered the supply and demand picture for the sector. 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. 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. Mr. Haylon has previously served on the boards of Aberdeen Asset Management and Phoenix Investment Partners. 1 dividend stock for a LIFETIME of income. In addition, he makes $8,203,772 as Pres and CEO & Director at Annaly Capital . Thomas Hamilton was elected to serve as an independent director of Annaly in March 2019. Annaly is internally managed and has elected to be taxed as a real estate investment trust, or REIT, for federal income tax purposes. When expanded it provides a list of search options that will switch the search inputs to match the current selection. 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 its 2021 fiscal year, ANNALY CAPITAL MANAGEMENT, listed the following board members on its annual proxy statement to the SEC. 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. 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. The report demonstrates Annaly's continued focus on setting and measuring progress on . Annaly Capital Management, Inc. Investor Relations 1-888-8Annaly www.annaly.com Release Summary Donnell A. Segalas Concludes his Service as a Member of the Board of Annaly Capital Management, Inc. We appropriately conservatively reserve for any what we think to be of any eventuality down out the horizon but there's idiosyncratic risk in every credit asset and so we feel good about it, but there could be one-off disruptions and so that's we're looking at as well. We maintained the view that the agency sector represents the most attractive investment opportunity currently while also providing strong liquidity. Annaly is a leading diversified capital manager that invests in and finances residential and commercial assets. Learn More on David L. Finkelstein's trading history. Net Worth The estimated Net Worth of David L Finkelstein is at least Annaly Capital Management Inc . 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. Nevertheless, financial conditions have improved considerably. Insiders at Annaly Capital Management own 0.3% of the company. He joined the firm in 2013 and assumed the role of Chief Investment Officer in 2016. Annaly is a leading diversified capital manager with investment strategies across mortgage finance. There are 11 older and 9 younger executives at Annaly Capital Management Inc. 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. 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. 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. Wondering if you could just provide a bit more color on your prepared remarks on the potential to increase agency allocation. 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. This report is not for commercial use. Do you expect any meaningful shift in terms of equity capital allocation going forward, thanks? None of Annaly's achievements would have been possible without . 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. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. 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. [email protected], Navigate to the << Back to Thanks again. Mr. Hamilton received a B.S. This net worth evaluation does not reflect any other assets that Mr. Finkelstein may own. For a discussion of the risks and uncertainties which could cause actual results to differ from those contained in the forward-looking statements, see Risk Factors in our most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q. 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. The housing market remained strong given long-term positive fundamentals, which we believe will help the ultimate recovery. pictures of the galvin family; springfield, ma city council candidates; david finkelstein annaly compensation 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. 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. 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. On average, Annaly Capital Management Inc executives and independent directors trade stock every 35 days with the average trade being worth of $908,853. 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. Things do look I think positive generally, but just wondering how you guys think about downside risk from here? 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. Trustee. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. Mr. Green has served as Chief Corporate Officer since January 2019 and Chief Legal Officer since March 2017. Additional information on the Company can be found at www.annaly.com. from Loras College. No, I think I understand. Net Worth The estimated Net Worth of David L Finkelstein is at least Annaly Capital Management Inc . Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. 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. Okay. David L. Finkelstein C.F.A. Just had a curiosity what are some things that you are concerned about or really looking closely at, you kind of in the end and immediate term. Chart Data in Insider Trading History Table. 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. Thank you. Prior to that, Mr. Finkelstein held senior Agency MBS trading positions at Salomon Smith Barney, Citigroup Inc. and Barclays PLC. You can see the complete history of Mr Finkelstein stock trades at the bottom of the page. Prior to joining Annaly in 2013, Mr. Finkelstein served for four years as an Officer in the Markets Group of the Federal Reserve Bank of New York where he was the primary strategist and policy advisor for the MBS Purchase Program. He received an undergraduate degree from the University of Washington and an MBA from The University of Chicago Booth School of Business. From September 2010 to December 2011, Mr. Haylon served as Head of Investment Product Management at General Re New England Asset Management. Is it picked up in your asset yield or your funding costs or both? There are 11 older and 9 younger executives at Annaly Capital Management Inc. 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. Does that answer your question? 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. Below are excerpts from my letter to shareholders, released April 7, 2021. Annalys 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. Ilker . david finkelstein annaly compensation. 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. Mr. Hamiltons prior roles at Barclays include serving as the Global Head of Securitized Product Trading and Banking, in which capacity he was responsible for the build out of the Barclayss Global Securitized Product businesses, and as the Head of Municipal Trading and Investment Banking. We would expect more equity allocated to it, certainly, with the option to apply a modest amount of leverage. in Economics from Connecticut College and an M.B.A. in Finance from New York University. and LL.M. 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 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. They purchased a total of 200,000 shares worth more than $1,112,000.00. Mr. Finkelstein was appointed as Chief Executive Officer and elected to serve on the Board of Directors in March 2020. Annaly Capital Management (NYSE:NLY) Q4 2021 Earnings Conference Call February 10, 2022 10:00 AM ETCompany Participants. 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. Annaly actively integrates ESG considerations into its overall strategy through the following key areas: corporate governance, human capital, responsible investments and the environment. In the second quarter and beyond as we mentioned, we bought back $175 million worth of stock. 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. And as part of our preparation, we've chosen to be conservative with our leverage as well as our dividend. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. The decline in portfolio size is driven by approximately $53 million in loan payoff as well as securities sales. Click Here for Your Free Ultimate Dividend Package. David L. Finkelstein is President, Chief Executive Officer & Director at Annaly Capital Management, Inc. 2022-2023 Spring Category. Total reserves now comprise 5.32% of our acreage in MML loan portfolios as of June 30, 2020. Consistent with our communication last quarter, we continue to speak actively with sponsors, borrowers and agents to closely monitor performance. Unit tranches and second lean loans within middle-market are experiencing more notable price discovery than its larger market blathering and we expect these gaps to remain as traditional middle-market participants grapple with their portfolios. 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. Audit CommitteeManagement Development and Compensation CommitteeRisk Committee. 25. times its median employee's . Learn More on David L. Finkelstein's salary. 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. 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. 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. 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. Press Releases | Annaly Capital, https://www.businesswire.com/news/home/20220609005206/en/. But the good news is, if China invades Taiwan, there is a way to protect yourself. The most active insiders traders include Wellington Denahan, Kevin Keyes, and David L Finkelstein. I didn't in the prepared comments. And did you guys say what your book value was through July? 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. 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 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. He was President and Chief Operating Officer of the Global Wealth Management division of Morgan Stanley from 2000 to 2005. PHIL 21505/31505 Wonder, Magic, and Skepticism. And with that I'll turn the call over to David. No, it is not reflected in the funding cost. Annaly encourages investors, analysts, the media and other interested parties to monitor the company's website in addition to following Annaly's press releases, SEC filings, public conference calls, presentations, webcasts and other information they post from time to time on its website. Last updated: 2 February 2023 at 6:03pm EST. From 1997 to 1998, Mr. Schaefer was Managing Director and Head of Strategic Planning and Capital Management at Morgan Stanley. in Business Administration from the University of Washington and a M.B.A. from the University of Chicago, Booth School of Business. Given this dynamic, we increased our TBA position in the quarter and gravitated further down in coupon. Enter your email address below to get our daily insider buying and selling report. Good morning and welcome to the second quarter 2020 earnings call for Annaly Capital Management.