from the University of Michigan and J.D. And as part of our preparation, we've chosen to be conservative with our leverage as well as our dividend. At quarter end, we closed our previously announced internalization transaction, which marks a significant step in the series of measures Annaly has implemented as an industry leader from a government standpoint. I suspect that one of the things that influences the outlook is reinvestment risk as the speeds pick up. 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. Great. Last updated: 1 March 2023 at 11:00am EST. The report demonstrates Annaly's continued focus on setting and measuring progress on . Insiders at Annaly Capital Management own 0.3% of the company. Annaly Capital Management, Inc. (NYSE:NYSE:NLY) Q2 2020 Earnings Conference Call July 30, 2020, 09:00 AM ET Company Participants Purvi Kamdar - Head, IR David Finkelstein - CEO & Chief. Most recently he exercised 31,721 units of NLY stock worth $179,224 on 30 June 2022. . Right. GAAP net income (loss . Prior to Barclays, Mr. Hamilton held various Managing Director roles at Citigroup, Inc. and Salomon Brothers, Inc., where he began his career. In credit as we've said, we like our portfolio. 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. Mr. Green has served as Chief Corporate Officer since January 2019 and Chief Legal Officer since March 2017. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. 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. The estimated net worth of David L. Finkelstein is at least $36.42 million as of June 17th, 2022. The average price of those shares was I believe $6.30 or meaningfully above that level now. We remain comfortable with our existing credit portfolios and the associated Cecil reserves and will continue to monitor specific asset performance and economic projections as we determine future reserves. Enter your email address below to get our daily insider buying and selling report. Sure Ken you bet and what I meant by that is that the increase in agency could occur over the very short term as credit markets are still redeveloping and we do have some runoff in that capital will be reallocated to agency over the very near term and when we say that, a very small percentage. The Agency group invests in agency mortgage-backed securities. 1-888-8Annaly Annaly is internally managed and has elected to be taxed as a real estate investment trust, or REIT, for federal income tax purposes. 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. Please go ahead. 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. And finally, the company has performed exceptionally well given the challenges faced from remote work and market uncertainty. Non-Equity Incentive Plan Compensation: $0: Change in Pension Value and Deferred Compensation Earnings: $0: All Other Compensation: $13,763: Total: $9,138,764: Annaly Capital Management, Inc. disclosed its CEO pay was. Ms. Williams has over 17 years of compensation and governance experience. 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. 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. In terms of how it's actually reflected in the yield it's not. Eric A. Reeves was elected to serve as an independent director of Annaly in March 2021. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. Thorough reviews have been conducted to assure this data accurately reflects disclosures. On average, Mr trades about 51,067 units every 152 days since 2016. 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 CAPITAL MANAGEMENT income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. Mr. Finkelstein was elected to serve as a director of Annaly in March 2020. Will Others Follow? From September 2010 to December 2011, Mr. Haylon served as Head of Investment Product Management at General Re New England Asset Management. NCG Committee (Chair)Corporate Responsibility Committee. Investor Relations Total core income is used to buy, Eric. 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. David Finkelstein - President, CEO & Director. The corporate mailing address for Mr. Finkelstein and other Annaly Capital Management executives is 1211 AVENUE OF THE AMERICAS, NEW YORK NY, 10036. As the CEO of Annaly Capital Management, Inc., Mr. Finkelstein earned a total compensation package of $9,138,764.00 in 2021. Chief Executive OfficerChief Investment Officer. Salary, bonuses, stock options, stock awards and other compensation for David L. Finkelstein, Chief Executive Officer, President and Director at ANNALY CAPITAL MANAGEMENT. Learn More on David L. Finkelstein's trading history. 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. So first of all with respect to the repositioning, what we experienced in the quarter was initially a pretty insignificant steepening of the curve, which we anticipated I think got to roughly 20 basis points to 25 basis points higher than it was now. 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. 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. Content referenced in today's call can be found in our second quarter 2020 investor presentation and second quarter 2020 financial supplement, both found under the Presentation section of our 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. Please go ahead. 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. You may now disconnect. June 30, 2022 . 2015. 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. "Athlete | Empire" presents the in-depth, intimate stories of these businesses, as told by the players themselves. Prior to joining Annaly in December 2019, Ms. Wolfe had served as a Partner at Ernst & Young LLP (E&Y) since 2011. We add the incremental dollar role income to core income and then the outcome. ANNALY CAPITAL MANAGEMENT Compensation by Company. From 2015 until 2018, Dr. Hannan served as a Senior Advisor for KPMGs Board Leadership Center and National Leader Total Impact Strategy and, from 2009 until 2015, as KPMGs National Managing Partner of Diversity and Corporate Responsibility. Mr. Haylon has previously served on the boards of Aberdeen Asset Management and Phoenix Investment Partners. And everything you said the two words that stood out everything changes. Nov 07, 2016. Now, even Taiwan's own foreign minister is saying that China is on the cusp of a full scale invasion. Okay. As of 1 February 2023 he still owns at least 401,561 units of Annaly Capital Management Inc stock. 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. PHIL 21505/31505 Wonder, Magic, and Skepticism. David Finkelstein, Annaly's Chief Executive Officer and Chief Investment Officer, commented: "Since 1997, Annaly has become the largest mortgage REIT in the world and delivered $24 billion in dividends to our shareholders in a variety of interest rate and economic conditions. Mr. Reeves has served as Managing Director, Head of Private Capital Investments of Duchossois Capital Management (DCM) since 2017. Most recently he exercised 6,186 units of NLY stock worth $125,761 on 1 February 2023. Thanks David. In addition, he makes $8,203,772 as Pres and CEO & Director at Annaly Capital . Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. 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. Prior to his roles at Con Forms, Mr. Hamilton spent 24 years in a number of leadership positions in the financial industry. 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. All participants will be in a listen-only mode. Annaly Capital Management, Inc. (NYSE:NLY) Q1 2022 Earnings Conference Call April 28, 2022 9:00 AM ETCompany Participants. Please go ahead. Bloomberg View columnist Barry Ritholtz looks at the people and ideas that shape markets, investing and business. Additionally during the second quarter, we utilized our share buyback program and have now repurchased $175 million common stock year-to-date. 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. This is in large part due to the ongoing decisive actions taken by the Federal Reserve, which have been successful in restoring markets and easing credit strains. 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. Mr. Reeves received his B.A. David Finkelstein-- Chief Executive Officer and Chief Investment Officer Yeah. 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. Sure. The oldest executive at Annaly Capital Management Inc is FrancineBovich, 68, who is the Independent Director. It operates through the following investment groups: Agency, Residential Credit, and Mortgage Servicing Rights. Wellington J. Denahan co-founded Annaly in 1996 and has served as a Director since that time. Alex Yankus No, it is not reflected in the funding cost. There are 11 older and 9 younger executives at Annaly Capital Management Inc. in Business Administration from the University of Washington and a M.B.A. from the University of Chicago, Booth School of Business. 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. from Bowdoin College and a M.B.A. from the University of Connecticut. And my other questions have been asked and answered. 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. Annaly Capital Management, Inc. NLY ("Annaly" or the "Company") today announced its financial results for the quarter and year ended December 31, 2022. So we feel good about it. Please go ahead. Thanks for that. Prior to joining NBCUniversal, Ms. Williams was a Partner with Pay Governance LLC and a Principal with Towers Perrin (now Willis Towers Watson). Annualized core return on average equity excluding PAA was 12.82% for the quarter in comparison to 9.27% for Q1. 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. 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. This concludes our question-and-answer session. Mr. Campbell received a B.B.A. Mr A is 48, he's been the Pres and CEO & Director of Annaly Capital Management Inc since . 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. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. David L. Finkelstein is Chief Executive Officer and President of Annaly. Learn More about David L. Finkelstein's net worth. Audit Committee (Chair)Management Development and Compensation CommitteeNCG Committee. 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. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Dr. Hannan received a Ph.D. in Leadership Studies from Benedictine University and a B.A. 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. 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. This chart shows David L Finkelstein's buying and selling at Annaly Capital Management by year and by quarter. 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. Mr. Reeves is a member of the Henry Crown Fellows at the Aspen Institute and was honored as a Chicago United Business Leader of Color. There are 11 older and 9 younger executives at Annaly Capital Management Inc. . Annaly is a leading diversified capital manager that invests in and finances residential and commercial assets. We believe our focused industry-specific positioning within nondiscretionary defensive and mission-critical names will generate the outperformance for peers that will further differentiate our brand in the sector. Management Development and Compensation Committee (Chair)Audit Committee. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. Exactly, exactly and we'll see where we end the year but we feel good about where we think it is. So that could change but derivatives without achieving a little bit as well as MSR for it to be more attractive. Most recently he exercised 7,989 units of NLY stock worth $50,490 on 29 January 2022. . These and our other ESG milestones have helped create durable value for all of our stakeholders., Corporate Responsibility Report Highlights. 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. Mr. Finkelstein received a B.A. Chart Data in Insider Trading History Table. 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. Prior to that, Mr. Finkelstein held senior Agency MBS trading positions at Salomon Smith Barney, Citigroup Inc. and Barclays PLC. Comprehensive performance, salary and tenure analysis for the CEO, board and leadership team. 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. Mr has made over 7 trades of the Annaly Capital Management Inc stock since 2016, according to the Form 4 filled with the SEC. 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. GAAP net income improved this quarter as a result of higher GAAP net interest income of $399 million, primarily due to lower interest expense from reduced repo rates and balances and we also experienced lower losses on our core portfolio of $92 million. David L. Finkelstein Chief Executive Officer, President and Director: 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. Wallmine is a radically better financial terminal. 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. 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. So thank you, guys. In addition, he makes $8,203,772 as Pres and CEO & Director at Annaly Capital Management Inc. Mr has made over 11 trades of the Annaly Capital Management Inc stock since 2016, according to the Form 4 filled with the SEC. 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. 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. Mr. Finkelstein owns 1,669,013 shares of Annaly Capital Management stock worth more than $36,417,864 as of February 13th. 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. When I look this morning three month 10-year swaption was up 53 basis points. Ms. Wolfe is a Certified Public Accountant in the states of New York, California, Illinois and Pennsylvania. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. Mr. Finkelstein owns 1,669,013 shares of Annaly Capital Management stock worth more than $33,931,034 as of March 4th. My No. Is it picked up in your asset yield or your funding costs or both? 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. Overall we feel good about conservative positioning in the portfolio across sectors and the strength of our relationships with best in class sponsors and operating partners to mitigate in further disruption. 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. David L. Finkelstein, who has been serving as Annaly's Chief Investment Officer, Agency and RMBS, has been named Annaly's . 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. This net worth evaluation does not reflect any other assets that Mr. Finkelstein may own. 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. 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. If you have an ad-blocker enabled you may be blocked from proceeding. from the University of Notre Dame and a M.B.A. from the University of Chicago, Booth School of Business. We feel good about where pools are at. 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.