Despite the challenging environment, we're pleased with how the portfolio has performed during the period ending the quarter essentially unchanged at $2.2 billion in assets. from the Ohio State University. Stock Market | Pittsburgh Post-Gazette 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. Nov 07, 2016. Maurion Davis on LinkedIn: #leader #citibank Our next question comes from Rick Shane with JPMorgan. As David mentioned earlier, the stabilizing actions of the Fed coupled with our active portfolio management resulted in improved fed value of our agency assets and significant improvement in financial performance. . Please go ahead. Mr. Finkelstein is a member of the Treasury Market Practices Group sponsored by the Federal Reserve Bank of New York. And to repo financing remains ample. And with that, I'll turn it over to operator for questions. Mr. Schaefer was Executive Vice President and Chief Strategic and Administrative Officer of Morgan Stanley from 1998 to 2000. While financial conditions have stabilized, there is still significant uncertainty around the long-term economic picture. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. As I mentioned last quarter, we expect to see more growth in this segment as markets continue to normalize and we are encouraged by the steady pace of securitization activity to support our asset generation strategy. Prior to joining Annaly in 2013, Mr. Finkelstein served for four years as an Officer in the Markets Group . Ms. Wolfe is a Certified Public Accountant in the states of New York, California, Illinois and Pennsylvania. Mr. Finkelstein also holds the Chartered Financial Analyst designation. All participants will be in a listen-only mode. 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. So we set the dividend at $0.22 because we believe that to be the sustainable level for the foreseeable future as long as we had a lens into the horizon. 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. He received an undergraduate degree from the University of Washington and an MBA from The University of Chicago Booth School of Business. in International and Comparative Law from Cornell Law School. Mr. Finkelstein has over 25 years of experience in fixed income investments. 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? I think that's probably the best description of what we brought them through the shares. investor@annaly.com, Brunswick Group 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. The dividend represented 10.5% yield on our book value which is in line with our historical average while being competitive relative to our peers and various fixed income benchmarks. from the University of Michigan and J.D. As Chief Executive Officer, President and Director at ANNALY CAPITAL MANAGEMENT, David L. Finkelstein made $9,138,764 in total compensation. David L. Finkelstein C.F.A. He received an undergraduate degree from the University of Washington and an MBA from The University of Chicago Booth School of Business. 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. 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. Mr. Reeves has served as Managing Director, Head of Private Capital Investments of Duchossois Capital Management (DCM) since 2017. Mr. Finkelstein has over 25 years of experience in fixed income investments. 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. Mr. Finkelstein has over 25 years of experience in fixed income investments. On average, Annaly Capital Management Inc executives and independent directors trade stock every 35 days with the average trade being worth of $908,853. Prior to that, Mr. Finkelstein held senior Agency MBS trading positions at Salomon Smith Barney, Citigroup Inc. and Barclays PLC. Learn More about David L. Finkelstein's net worth. Volatility is low and the fed is specifically directing volatility lower and they also happen to be a huge tailwind in terms of purchases of agency MBS, so the technicals are very favorable and to your point, it does appear to be a very good backdrop for the foreseeable future for agency. My Letter to Shareholders - LinkedIn 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. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. From 1980 until 1984, he was a Senior Financial Analyst at Travelers Insurance Companies. Actual results could differ materially from those set forth in forward-looking statements due to a variety of factors, including, but not limited to, risks and uncertainties related to the COVID-19 pandemic, including as related to adverse economic conditions on real estate-related assets and financing conditions (and our outlook for our business in light of these conditions, which is uncertain); changes in interest rates; changes in the yield curve; changes in prepayment rates; the availability of mortgage-backed securities and other securities for purchase; the availability of financing and, if available, the terms of any financing; changes in the market value of our assets; changes in business conditions and the general economy; operational risks or risk management failures by us or critical third parties, including cybersecurity incidents; our ability to grow our residential credit business; the sale of our middle market lending business; credit risks related to our investments in credit risk transfer securities, residential mortgage-backed securities and related residential mortgage credit assets and corporate debt; risks related to investments in mortgage servicing rights; our ability to consummate any contemplated investment opportunities; changes in government regulations or policy affecting our business; our ability to maintain our qualification as a REIT for U.S. federal income tax purposes; and our ability to maintain our exemption from registration under the Investment Company Act. David Finkelstein | Department of Philosophy Please. Annaly Capital Management, Inc. Reports 4th Quarter 2022 Results Click Here for Your Free Ultimate Dividend Package. And finally, the company has performed exceptionally well given the challenges faced from remote work and market uncertainty. So broadly speaking in agency it's probably pool pricing and in credit there could be unforeseen events given the economy that could disrupt individual assets. Following one of the most challenging and unforeseen operating environments in analysts history, we were pleased with our performance during the second quarter. On average, Annaly Capital Management Inc executives and independent directors trade stock every 35 days with the average trade being worth of $908,853. ANNALY CAPITAL MANAGEMENT annual reports of executive compensation and pay are most commonly found in the Def 14a documents. Mr. Campbell received a B.B.A. The housing market remained strong given long-term positive fundamentals, which we believe will help the ultimate recovery. David Finkelstein | AFL-CIO Now core earnings in Q2 were above that dividend and we expect them to be so in Q3. We encourage you to read the disclaimer in our earnings release in addition to our quarterly and annual filings. Annaly Capital Management, Inc. (NYSE:NLY) Q2 2020 Earnings Conference Call July 30, 2020 9:00 AM ET, David Finkelstein - CEO & Chief Investment Officer, Tim Gallagher - Head, Commercial Real Estate. Learn More on David L. Finkelstein's trading history. 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. Annaly Capital Management, Inc. Announces Executive Management Annaly is internally managed and has elected to be taxed as a real estate investment trust, or REIT, for federal income tax purposes. 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. So that could change but derivatives without achieving a little bit as well as MSR for it to be more attractive. 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. 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. Does that answer your question? 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. 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. 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. Mr. Hamilton has served as an Owner and Director of Construction Forms, Inc. (Con Forms), an industrial manufacturing company, since 2013. Mr has made over 7 trades of the Annaly Capital Management Inc stock since 2016, according to the Form 4 filled with the SEC. The estimated net worth of David L. Finkelstein is at least $33.93 million as of June 17th, 2022. 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. It operates through the following investment groups: Agency, Residential Credit, and Mortgage Servicing Rights. In addition, he makes $8,203,772 as Pres and CEO & Director at Annaly Capital . Previously, he was Chief Financial Officer of Annaly from August 2013 to December 2019. Interim CEO Glenn Votek to Assume Role of Senior Advisor and Remain on the Board of Directors. 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. ANNALY CAPITAL MANAGEMENT income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. 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. Please go ahead. Right. Mr. Haylon has served as a Managing Director at Conning, Inc. since January 2012 and previously served as Head of Asset Management Sales, Products and Marketing from December 2014 until June 2018 and as Head of Investment Products from January 2012 until December 2014. Prior to Barclays, Mr. Hamilton held various Managing Director roles at Citigroup, Inc. and Salomon Brothers, Inc., where he began his career. Ms. Williams received a B.S. Annaly Capital Management, Inc. (NYSE:NLY) Q1 2022 Earnings Conference Call April 28, 2022 9:00 AM ETCompany Participants. Aggregate issuance under our OBX shelf has now reached 4.5 billion across 11 transactions since 2018. We delivered an economic return of nearly 15% and achieved core earnings well in excess of our right size dividend. Annaly Capital Management's insider roster includes David Finkelstein (CEO), and Thomas Hamilton (Director). 212-333-3810 Ms. Denahan was Annalys Chief Operating Officer from January 2006 to October 2012 and Chief Investment Officer from 2000 to November 2012. We add the incremental dollar role income to core income and then the outcome. The report demonstrates Annaly's continued focus on setting and measuring progress on . Mar 16, 2020. If the United States goes to war with another nuclear armed superpower, this could have a devastating impact on your retirement portfolio. Wallmine is a radically better financial terminal. Sorry, I think we're thinking about it a little differently, but yeah that's correct. Mr. Finkelstein owns 1,669,013 shares of Annaly Capital Management stock worth more than $36,417,864 as of February 13th. 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. . Mr. Campbell also worked at General Electric Capital Corporation and D.B. David Finkelstein - Chief . Most recently he exercised 6,186 units of NLY stock worth $125,761 on 1 February 2023. You may also find the annual proxy statement by going directly to the company's website. Great. 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 . 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. 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 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. from the University of Notre Dame and a M.B.A. from the University of Chicago, Booth School of Business. Net Worth The estimated Net Worth of David L Finkelstein is at least Annaly Capital Management Inc . 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. You may also find the annual proxy statement by going directly to the company's website. Financial Highlights GAAP net income of $1.37 per average common share for the quarter Earnings available for distribution ("EAD") of $0.28 per average common share for the quarter; unchanged from the prior . 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. June 30, 2022 . 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. 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. Mr. David L. Finkelstein, C.F.A., serves as Chief Investment Officer of Annaly Capital Management, Inc. since November 16, 2022. . Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. 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 go ahead. Thanks David. Actual events and results may differ materially from these forward-looking statements. None of Annaly's achievements would have been possible without . Prior to joining Annaly in 2013, Mr. Finkelstein served for four years as an Officer in the . The information shown here is a reporting of information included in the company's proxy statement. pictures of the galvin family; springfield, ma city council candidates; david finkelstein annaly compensation Compensation Information for David L. Finkelstein, Chief Executive Mr. Green has over 20 years of experience in corporate and securities law. Okay. Annaly Capital Management, Inc. (NLY) Leadership & Management Team Prior to his roles at Con Forms, Mr. Hamilton spent 24 years in a number of leadership positions in the financial industry. 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. I know you mentioned in some of the tail risks and just any more additional comments on the hedge positioning will be great thanks. 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. 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. During this call, we may present both GAAP and non-GAAP financial measures. Mr. David L. Finkelstein C.F.A. Mr. Finkelstein was elected to serve as a director of Annaly in March 2020. Annaly provides supplemental disclosures under the Sustainability Accounting Standards Board (SASB) standards and the Global Reporting Initiative (GRI) standards frameworks. Thorough reviews have been conducted to assure this data accurately reflects disclosures. 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. And as part of our preparation, we've chosen to be conservative with our leverage as well as our dividend. Mr. Haylon has previously served on the boards of Aberdeen Asset Management and Phoenix Investment Partners. 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. The conference has now concluded. 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. Annualized core return on average equity excluding PAA was 12.82% for the quarter in comparison to 9.27% for Q1. David L. Finkelstein C.F.A. Net Worth (2022) | wallmine 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. David L. Finkelstein is President, Chief Executive Officer & Director at 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. So given the slope of the curve, given the significant decrease in front end OIS rates to zero roughly, we took the opportunity to add hedges and move down the curve and better balance out the hedge profile to bring the average life to about half what it was at the end of the first quarter and it's still about twice the duration may be a little bit more than twice the duration of the asset portfolio currently, but at 40% hedge ratio being more -- a little bit over twice the duration you get to roughly 80% to 90% may be a little bit more interest rate protection assuming a parallel shift in the curve with a still slight steepening bias which we think is the appropriate approach. David L. Finkelstein is Chief Executive Officer and Chief Investment Officer of Annaly. Donnell A. Segalas Concludes his Service as a Member of the Board of