Do you expect any meaningful shift in terms of equity capital allocation going forward, thanks? 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. 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. Across sectors within commercial, the operating fundamentals remain challenged in hospitality as the average national occupancy rate hovers around 40% and in retail the prolonged shutdown and increasing number of retailer bankruptcies is continuing to weigh on that sector. The 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. 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. History of Analytic Philosophy. 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. John H. Schaefer was elected to serve as an independent director of Annaly in 2013. So thank you, guys. Vice ChairRisk Committee (Chair)Corporate Responsibility Committee. Compensation Ownership; David . 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. Appreciate the color. Mr. Reeves was formerly a law partner of McDermott, Will & Emery and a corporate attorney at Jones Day. 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. 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. As the CEO of Annaly Capital Management, Inc., Mr. Finkelstein earned a total compensation package of $9,138,764.00 in 2021. Thanks for joining us today and we'll talk to you soon. Ms. Wolfe currently serves on the boards of Berkshire Grey, Inc. and Doma Holdings, Inc. Ms. Wolfe received a Bachelor of Commerce in Accounting from the University of Queensland. Ms. Wolfe has over 20 years of experience in accounting, of which 13 years were focused solely in real estate practice. Dr. Hannan is a former Global Lead Partner, National Managing Partner and Vice Chairman of KPMG, LLP, the U.S. member firm of the global audit, tax and advisory services firm KPMG International. Current positions of David Finkelstein. Our next question comes from Kenneth Lee with RBC Capital Markets. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. Nevertheless, financial conditions have improved considerably. 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. David L. Finkelstein C.F.A. David L. Finkelstein is Chief Executive Officer and Chief Investment Officer of Annaly. Mr. Finkelstein was elected to serve as a director of Annaly in March 2020. The economic slowdown brought on by the pandemic has obviously created considerable uncertainty and this is different kind of recession than that which we've experienced in the past, given the unprecedented speed and magnitude of the downturn. Please go ahead. Audit Committee (Chair)Management Development and Compensation CommitteeNCG Committee. In the second quarter and beyond as we mentioned, we bought back $175 million worth of stock. Since 2011, Ms. Bovich has been a trustee of The Bradley Trusts. Learn More on Annaly Capital Management's active insiders. Steven F. Campbell is President and Chief Operating Officer of Annaly. 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. 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. 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 do not undertake and specifically disclaim any obligation to update or revise this information. 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. Reinvestment is a key criteria here. Sorry, I think we're thinking about it a little differently, but yeah that's correct. Thomas Hamilton was elected to serve as an independent director of Annaly in March 2019. 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. Learn More about insider trades at Annaly Capital Management. 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. We recorded reserves associated with our credit businesses of $68.8 million on funded commitments during the second quarter. David L. Finkelstein is President, Chief Executive Officer & Director at Annaly Capital Management, Inc. 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 . And everything you said the two words that stood out everything changes. 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. As always we spent time analyzing the results of the reserve calculations and ensuring our expectations align with the quality of the portfolio and the performance of the borrowers. Hey guys, this is actually Josh Bolton on for Doug. However, non-agency lending has been somewhat slow to redevelop as credit standards have tightened relative to pre-pandemic underwriting and mortgage originators tend to focused more on agency originations in light of fewer frictions in a wide primary secondary spread. PHIL 21505/31505 Wonder, Magic, and Skepticism. [Operator Instructions] After todays presentation, there will be an opportunity to ask questions. Chief Executive Officer, President and Director. 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. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. 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. company's disclosure obligations under Regulation FD and to post and update investor presentations and some more materials on a regular basis. David L. Finkelstein C.F.A. 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. 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. The oldest executive at Annaly Capital Management Inc is FrancineBovich, 68, who is the Independent Director. Total core income is used to buy, Eric. Mr. Green has served as Chief Corporate Officer since January 2019 and Chief Legal Officer since March 2017. Prior to Barclays, Mr. Hamilton held various Managing Director roles at Citigroup, Inc. and Salomon Brothers, Inc., where he began his career. 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 the good news is, if China invades Taiwan, there is a way to protect yourself. Mr. Finkelstein received a B.A. 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. Glenn A. Votek was elected to serve as a Director of Annaly in November 2019. Social distancing and mandated shutdowns have damaged certain sectors of the economy and the corresponding impact on the labor market has been substantial. ANNALY CAPITAL MANAGEMENT income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. Yes the TBA role provided about $97.5 million post NIM for the quarter. David L Finkelstein is CEO/Chief Investment Ofcr at Annaly. And as part of our preparation, we've chosen to be conservative with our leverage as well as our dividend. 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. Prior to that, Mr. Finkelstein held senior Agency MBS trading positions at Salomon Smith Barney, Citigroup Inc. and Barclays PLC. Learn More on David L. Finkelstein's salary. Thorough reviews have been conducted to assure this data accurately reflects disclosures. David L. Finkelstein is Chief Executive Officer and Chief Investment Officer of Annaly. Annaly actively integrates ESG considerations into its overall strategy through the following key areas: corporate governance, human capital, responsible investments and the environment. Aggregate issuance under our OBX shelf has now reached 4.5 billion across 11 transactions since 2018. David Finkelstein-- Chief Executive Officer and Chief Investment Officer Yeah. 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. 2022 Most recently he exercised 6,186 units of NLY stock worth $125,761 on 1 February 2023. 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. 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. from the University of Notre Dame and a M.B.A. from the University of Chicago, Booth School of Business. Mr. Finkelstein has over 25 years of experience in fixed income investments. These funds represent a broad scope of investment strategies including equities, taxable fixed income, municipal bonds, and cash management. We would expect more equity allocated to it, certainly, with the option to apply a modest amount of leverage. Jun 09, 2022. No, I think I understand. 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. Now to begin with, I wanted to touch on a few strategic corporate actions we've taken as of late. 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). Good morning and welcome to the Annaly Capital Management Second Quarter 2020 Conference Call. 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. from Loras College. [Operator instructions] Our first question comes from Eric Hagen with KBW. ANNALY CAPITAL MANAGEMENT Compensation by Company. Mr. Schaefer received a B.B.A. We don't anticipate increasing agency meaningfully, but we do recognize that these credit markets are a little bit slow to redevelop. When expanded it provides a list of search options that will switch the search inputs to match the current selection. Mr. Finkelstein also holds the Chartered Financial Analyst designation. 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. The conference has now concluded. Financial Highlights. Eric A. Reeves was elected to serve as an independent director of Annaly in March 2021. Mr. Finkelstein has 25 years of experience in fixed income investments. Annaly Capital Management, Inc. engages in the investment and financing of residential and commercial assets. Please disable your ad-blocker and refresh. Annaly Capital Management, Inc. NLY ("Annaly" or the "Company") today announced its financial results for the quarter and year ended December 31, 2022. Athletes' ambitions don't end when they leave the field of play. in Business Administration from the University of Washington and a M.B.A. from the University of Chicago, Booth School of Business. So it's reflected in your funding cost. Over the last 20 years, insiders at Annaly Capital Management Inc have traded over $734,400 worth of Annaly Capital Management Inc stock and bought 3,810,453 units worth $38,359,155 ANNALY@brunswickgroup.com, Navigate to the << Back to For its 2021 fiscal year, ANNALY CAPITAL MANAGEMENT, listed the following CEO pay ratio data on its annual proxy statement to the SEC. The most active insiders traders include Wellington Denahan, Kevin Keyes, and David L Finkelstein. Thank you, David and good morning, everyone. 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. 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. Prior to joining Annaly in 2013, Mr. Finkelstein served for four years as an Officer in the Markets Group . Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. Right. 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. Mr. Haylon has previously served on the boards of Aberdeen Asset Management and Phoenix Investment Partners. None of Annaly's achievements would have been possible without . 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. [Operator instructions] Our next question comes from George Bahamondes with Deutsche Bank. Ms. Williams received a B.S. Insiders at Annaly Capital Management own 0.3% of the company. This concludes our question-and-answer session. Chief Executive OfficerChief Investment Officer. So it's not an apples-to-apples comparison. Hey how much did TBAs add to your net interest margin for the quarter? He is also a Director of the Friedreichs Ataxia Research Alliance, along with Co-Founder of his own charitable scientific effort, the CureFA Foundation. 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? The housing market remained strong given long-term positive fundamentals, which we believe will help the ultimate recovery. None of Annaly's achievements would have been possible without . 2020. Ms. Wolfe held a variety of roles across industries since beginning her career at E&Y in 1998, including most recently as EYs Central Region Real Estate Hospitality & Construction leader since 2017. 212-333-3810 Mr. Finkelstein has over 25 years of experience in fixed income investments. NEW YORK -- (BUSINESS WIRE)-- Annaly Capital Management, Inc. (NYSE: NLY) (the "Company" or "Annaly") announced today the publication of its third corporate responsibility report for the year 2021, titled Taking Stock of Our Impact. Now core earnings in Q2 were above that dividend and we expect them to be so in Q3. Mr. David L. Finkelstein C.F.A. [Operator Instructions] Please note this event is being recorded. 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. Finkelstein owns 1,669,013 shares of Annaly Capital Management stock worth more than $33,931,034 as of March 4th. Learn More on David L. Finkelstein's contact information. Mr. Hamilton has served as an Owner and Director of Construction Forms, Inc. (Con Forms), an industrial manufacturing company, since 2013. The most active insiders traders include Wellington Denahan, Kevin Keyes, and David L Finkelstein. We encourage you to read the disclaimer in our earnings release in addition to our quarterly and annual filings. In terms of how it's actually reflected in the yield it's not. It's all dependent Rick on the attractiveness of the repurchase option relative to other options in our capital allocation policy. Coronavirus Tips Working and Protection. Mr. Finkelstein is a member of the Treasury Market Practices Group sponsored by the Federal Reserve Bank of New York. Our efficiency metrics changed modestly relative to Q1 being 2.1% of equity for the second quarter in comparison to 1.98%. Dr. Hannan has over 30 years of industry experience and held numerous leadership roles during her distinguished career with KPMG. Previously, he was Chief Financial Officer of Annaly from August 2013 to December 2019. 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. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. 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. Wondering if you could just provide a bit more color on your prepared remarks on the potential to increase agency allocation. Sure. 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. Thank you for attending today's presentation. 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. in Finance from Florida State University. 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. Finkelstein received a B.A. in Accounting from the University of Notre Dame and a M.B.A. from the Harvard Graduate School of Business. 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. Independent ChairAudit CommitteeNCG CommitteeRisk Committee. Mr. Reeves received his B.A. Below are excerpts from my letter to shareholders, released April 7, 2021. And now with that, I'll hand it over to Serena to discuss the financials. 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. in Economics from Connecticut College and an M.B.A. in Finance from New York University. Thorough reviews have been conducted to assure this data accurately reflects disclosures. Bloomberg View columnist Barry Ritholtz looks at the people and ideas that shape markets, investing and business. Mr has made over 7 trades of the Annaly Capital Management Inc stock since 2016, according to the Form 4 filled with the SEC. There was a depreciation in the amount on the balance sheet of MSR, half of which was amortization and the other half of which was the multiple compression. . NEW YORK-(BUSINESS WIRE)-Annaly Capital Management, Inc. (NYSE: NLY) ("Annaly" or the "Company") today announced its financial results for the quarter and year ended December 31, 2022. 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. Yeah that's great. 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. Mr. Green has over 20 years of experience in corporate and securities law. Mr. Campbell previously served as Head of Business Operations of Annaly and has over 25 years of experience in financial services. The estimated net worth of David L. Finkelstein is at least $36.42 million as of June 17th, 2022. Our next question comes from Rick Shane with JPMorgan. This net worth evaluation does not reflect any other assets that Mr. Finkelstein may own. This report is not for commercial use. Mr. Finkelstein was elected to serve as a director of Annaly in March 2020. Thanks Brendon for your help and we hope everybody stay safe. Our next question comes from Doug Harter with Credit Suisse. He began his investment banking career at E.F. Hutton & Company in 1976. There are 11 older and 9 younger executives at Annaly Capital Management Inc. We have previously discussed our methodology and are thorough and thoughtful approach to Cecil reserves. These and our other ESG milestones have helped create durable value for all of our stakeholders., Corporate Responsibility Report Highlights. Press Releases | Annaly Capital, https://www.businesswire.com/news/home/20220609005206/en/. Click here to read the full letter and more from Annaly's 2020 Annual Report. 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. Participants on this morning's call include David Finkelstein, Chief Executive Officer and Chief Investment Officer; Serena Wolfe, Chief Financial Officer; Mike Fania, Head of Residential Credit; Tim Gallagher, Head of Commercial Real Estate; Tim Coffey, Chief Credit Officer and Ilker Ertas, Head of Securitized Products.
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