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. Mr. Finkelstein has over 25 years of experience in fixed income investments. Most recently he exercised 31,721 units of NLY stock worth $179,224 on 30 June 2022. . Now in terms of amortization of the cost, I'll give you the MSR for example, which mimics the derivates portfolio. Trustee. Mr. . Mr A is 48, he's been the Pres and CEO & Director of Annaly Capital Management Inc since . Okay. We would expect more equity allocated to it, certainly, with the option to apply a modest amount of leverage. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. in Business Administration from the University of Washington and a M.B.A. from the University of Chicago, Booth School of Business. 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. 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. 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? For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. View source version on businesswire.com: https://www.businesswire.com/news/home/20220609005206/en/, Annaly Capital Management, Inc. Total core income is used to buy, Eric. 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. Mar 16, 2020. in Finance and Economics from Kean University/University of Arizona, a M.B.A in Finance from Rutgers University and attended the Executive Education Program of the Colgate W. Darden Graduate School of Business Administration at the University of Virginia. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. from Bowdoin College and a M.B.A. from the University of Connecticut. From September 2010 to December 2011, Mr. Haylon served as Head of Investment Product Management at General Re New England Asset Management. Please go ahead. Most recently, on Friday, June 17th, David L. Finkelstein bought 200,000 shares of Annaly Capital Management stock. Prior to that, Mr. Finkelstein held senior Agency MBS trading positions at Salomon Smith Barney, Citigroup Inc. and Barclays PLC. Thank you for attending today's presentation. This information is according to proxy statements filed for the 2021 fiscal year. Thorough reviews have been conducted to assure this data accurately reflects disclosures. Today I'd like to highlight a number of current corporate initiatives, provide an update on the market and discuss portfolio activity across our core business during the quarter and finally provide our outlook for the balance of the year and then I'll hand it off to Serena to discuss the financials. I wanted to talk a little bit about dividend policy. Annaly Capital Management, Inc. (NYSE: NLY) (the "Company" or "Annaly") announced today the publication of its third corporate responsibility report f 2022 . Thorough reviews have been conducted to assure this data accurately reflects disclosures. 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. in Business Administration from the University of Washington and a M.B.A. from the University of Chicago, Booth School of Business. The most recent insider tranaction occured on June, 17th when CEO David L Finkelstein bought 200,000 shares worth more than $1,112,000.00. Additionally during the second quarter, we utilized our share buyback program and have now repurchased $175 million common stock year-to-date. from Loras College. As of 1 February 2023 he still owns at least 401,561 units of Annaly Capital Management Inc stock. The corporate mailing address for Mr. Finkelstein and other Annaly Capital Management executives is 1211 AVENUE OF THE AMERICAS, NEW YORK NY, 10036. 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. 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. You may also find the annual proxy statement by going directly to the company's website. The portfolio generated 188 points of NIM up Q1 of 118 basis points, driven primarily by the decrease in cost on funds that I mentioned a moment ago. She is also a graduate of the Chicago Management Institute at the University of Chicago, Booth School of Business and the Institute of Comparative Political & Economic Systems at Georgetown University. Additionally, the content of this conference call may contain time-sensitive information that is accurate only as of the date hereof. 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. Glenn has been an invaluable part of our leadership team and we thank him for his numerous contributions over the years and look forward to his continuing service on our board. New deal activity is primarily relegated to more broadly syndicated loans however, the context first lien executions on larger transactions have tightened 75 basis points to 100 basis points over the past quarter, while traditional middle-market has shown less movement in pricing. On average, Annaly Capital Management Inc executives and independent directors trade stock every 35 days with the average trade being worth of $908,853. 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. ANNALY CAPITAL MANAGEMENT annual reports of executive compensation and pay are most commonly found in the Def 14a documents. was elected to serve as an independent director of Annaly in February 2019. Liquidity tools have sufficiently supported funding markets and credit facilities have opened channels to credit for businesses, households and local governments, the temporary adjustments to regulations have somewhat encouraged bank lending and most impactful to Annaly's portfolio the asset purchases have supported the smooth functioning of treasury and agency markets. Also as David mentioned, our internalization transaction closed at the end of the quarter and we anticipate generating cost savings over the long time as we embark on being an internally managed company. Mr. Finkelstein was elected to serve as a director of Annaly in March 2020 and previously served as Chief Investment Officer. Alex Yankus Things do look I think positive generally, but just wondering how you guys think about downside risk from here? We don't complete clarity on the economy and some of that runoff could go into the agency sector. David L. Finkelstein is CEO and Chief Investment Officer of Annaly. Prior to joining Annaly in 2013, Mr. Votek was an Executive Vice President and Treasurer at CIT Group since 1999 and also President of Consumer Finance since 2012. And with that I'll turn the call over to David. 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. And my other questions have been asked and answered. Most recently he exercised 7,989 units of NLY stock worth $50,490 on 29 January 2022. . Information on this page was last updated on 6/17/2022. David L. Finkelstein is Chief Executive Officer and Chief Investment Officer of Annaly. Net Worth The estimated Net Worth of David L Finkelstein is at least Annaly Capital Management Inc . You may now disconnect. 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. Mr. Campbell currently serves on the Advisory Board for the Fitzgerald Institute of Real Estate at the University of Notre Dame. Mr. Finkelstein has over 25 years of experience in fixed income investments. 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 . In terms of how it's actually reflected in the yield it's not. While our portfolio speech did experience an increase on the quarter, prepays on our overall portfolio were notably lower than the GSE universe, which paid roughly eight CPR faster despite the higher average coupon of our portfolio relative to the universe. Francine J. Bovich was elected to serve as an independent director of Annaly in 2014. David Finkelstein About Us; Blog; Press; AFLCIO.tv; Union Plus Benefits; Toggle Search Form . 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. We have previously discussed our methodology and are thorough and thoughtful approach to Cecil reserves. Non-agency securities across legacy CRT jumbo 2.0 and non-QN have seen substantial recovery. 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. Prior to joining Annaly in 2013, Mr. Finkelstein served for four years as an Officer in the . We delivered an economic return of nearly 15% and achieved core earnings well in excess of our right size dividend. 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. Do you expect any meaningful shift in terms of equity capital allocation going forward, thanks? Learn More about David L. Finkelstein's net worth. 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. Thanks for that. I think that's probably the best description of what we brought them through the shares. I didn't in the prepared comments. The estimated net worth of David L. Finkelstein is at least $33.93 million as of June 17th, 2022. Corporate Responsibility Committee (Chair)NCG CommitteeRisk Committee. Reinvestment is a key criteria here. And now with that, I'll hand it over to Serena to discuss the financials. Mr. Finkelstein received a B.A. I'd now like to turn the conference over to Purvi Kamdar. Great. Learn More about David L. Finkelstein's net worth. Chief Executive Officer, President and Director. 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. David Finkelstein interviewed on WBEZ's "Odyssey" Recent Courses PHIL 50212 Late Wittgenstein: The Absolute Basics for The Confused, Skeptical, and Ignorant (IV) David Finkelstein. and LL.M. 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. Sorry, I think we're thinking about it a little differently, but yeah that's correct. Please note today's event is being recorded. Jun 09, 2022. Now that being said, we are starting to get through this phase 2 as I mentioned last quarter where it's really about recalibrating each portfolio in the business and making sure we're optimizing each of the businesses and we're starting to get a better look at how things are going to unfold and we're seeing opportunities in credit and we're very strong constructive and it just may take a little bit of time to make sure we have the right approach and we have complete clarity on how things are going to play out. The most active insiders traders include Wellington Denahan, Kevin Keyes, and David L Finkelstein. Mr. Finkelstein has over 25 years of experience in fixed income investments. 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. Please disable your ad-blocker and refresh. 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. When expanded it provides a list of search options that will switch the search inputs to match the current selection. 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. Salary, bonuses, stock options, stock awards and other compensation for David L. Finkelstein, Chief Executive Officer, President and Director at ANNALY CAPITAL MANAGEMENT. Actual events and results may differ materially from these forward-looking statements. Mr has made over 7 trades of the Annaly Capital Management Inc stock since 2016, according to the Form 4 filled with the SEC. in Accounting from the University of Notre Dame and a M.B.A. from the Harvard Graduate School of Business. Annaly Capital Management, Inc. NLY ("Annaly" or the "Company") today announced its financial results for the quarter and year ended December 31, 2022. 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. No, it is not reflected in the funding cost. Thank you, David and good morning, everyone. We add the incremental dollar role income to core income and then the outcome. In credit as we've said, we like our portfolio. 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. Our next question comes from Kenneth Lee with RBC Capital Markets. On average, Mr trades about 51,067 units every 152 days since 2016. David Finkelstein - Chief . So look with respect to the agency market, we are in an environment where funding is abundantly available and will be for some time given the reserves in the system. 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. If the United States goes to war with another nuclear armed superpower, this could have a devastating impact on your retirement portfolio. None of Annaly's achievements would have been possible without . Hey how much did TBAs add to your net interest margin for the quarter? However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. None of Annaly's achievements would have been possible without . 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. We further reduced the LIBOR footprint of our hedge portfolio with our swap now 80% in OIS and we reinitiated our treasury future short position that was unwound in the first quarter. Mr. Campbell previously served as Head of Business Operations of Annaly and has over 25 years of experience in financial services. In addition, he makes $8,203,772 as Pres and CEO & Director at Annaly Capital . David Finkelstein-- Chief Executive Officer and Chief Investment Officer Yeah. Given this dynamic, we increased our TBA position in the quarter and gravitated further down in coupon. 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). Okay. 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. The Agency group invests in agency mortgage-backed securities. 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. Book value increased our GAAP net income of $856 million or $0.58 per share, which includes $0.05 related to Cecil and specific reserves and higher other comprehensive income of $721 million or $0.51 per share on improved valuations on agency MBS resulting from lower market rates. Mr. Finkelstein also holds the Chartered Financial Analyst designation. Mr. Finkelstein was elected to serve as a director of Annaly in March 2020. 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. 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. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. Annaly provides supplemental disclosures under the Sustainability Accounting Standards Board (SASB) standards and the Global Reporting Initiative (GRI) standards frameworks. So the NIM itself is not reflective of TBAs at all to your dollar role at all? 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. 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.
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