We feel good about where pools are at. Vice ChairRisk Committee (Chair)Corporate Responsibility Committee. 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. In addition, he makes $8,203,772 as Pres and CEO & Director at Annaly Capital . Current positions of David Finkelstein. Current positions of David Finkelstein. 25. times its median employee's . 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. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. Vicki Williams was appointed to serve as an independent director of Annaly effective January 2018. in Finance from the University of Dayton. Non-agency securities across legacy CRT jumbo 2.0 and non-QN have seen substantial recovery. Mr. Finkelstein was elected to serve as a director of Annaly in March 2020. Get notified the next time David L. Finkelstein buys or sells Annaly Capital Management stock. David L. Finkelstein C.F.A. 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. Now, even Taiwan's own foreign minister is saying that China is on the cusp of a full scale invasion. Our next question comes from Doug Harter with Credit Suisse. 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. Mr A is 48, he's been the Pres and CEO & Director of Annaly Capital Management Inc since . Last quarter I noted that most of assets and liabilities are at fair value and that our book value decline was not a function of post asset sales but rather unrealized mark-to-market losses with potential for recruitment. Annaly Capital Management, Inc. Publishes Third Corporate . Chief Corporate OfficerChief Legal Officer. 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. Mr. Finkelstein is a member of the Treasury Market Practices Group sponsored by the Federal Reserve Bank of New York. Annaly Capital Management, Inc. Reports 4th Quarter 2022 Results Please disable your ad-blocker and refresh. Our efficiency metrics changed modestly relative to Q1 being 2.1% of equity for the second quarter in comparison to 1.98%. Mr. Reeves was formerly a law partner of McDermott, Will & Emery and a corporate attorney at Jones Day. So is it fair to say that the repurchase will be part of the flaps in terms of using that excess earnings in the short term? It's all dependent Rick on the attractiveness of the repurchase option relative to other options in our capital allocation policy. in International and Comparative Law from Cornell Law School. Thanks. Wellington J. Denahan co-founded Annaly in 1996 and has served as a Director since that time. Annaly Capital Management, Inc. Publishes Second Corporate This makes analysis regarding Cecil reserves particularly challenging. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. NEW YORK--(BUSINESS WIRE)-- We've isolated around where we ended the quarter and right now as about last night it's up roughly 1%. I suspect that one of the things that influences the outlook is reinvestment risk as the speeds pick up. [Operator instructions] Our first question comes from Eric Hagen with KBW. 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. 2014. 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. 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. From 1991 through 2005, Ms. Bovich served as the U.S. Representative to the United Nations Investment Committee, which advised a global portfolio of approximately $30 billion. Annaly ended the quarter with excellent liquidity profile within $7.9 billion of unencumbered assets an increase of $1 billion from prior quarter and including cash and unencumbered agency MBS of $5.3 billion. Now of additional note with respect to our direct lending portfolios, we have taken what we believe to be a very conservative approach regarding reserves and Cecil adjustment which Serena will discuss in further detail. david finkelstein annaly compensation. [Operator Instructions] Please note this event is being recorded. June 30, 2022; my septum piercing won't flip up; vegan mochi cake recipe It operates through the following investment groups: Agency, Residential Credit, and Mortgage Servicing Rights. It did get below that level in early 2019 to about 49 basis points and then the last time prior to that was 2017 and before that it was pre-crisis. When expanded it provides a list of search options that will switch the search inputs to match the current selection. Given this dynamic, we increased our TBA position in the quarter and gravitated further down in coupon. Net Worth The estimated Net Worth of David L Finkelstein is at least Annaly Capital Management Inc . and LL.M. Right. David L. Finkelstein is CEO and Chief Investment Officer of Annaly. From September 2010 to December 2011, Mr. Haylon served as Head of Investment Product Management at General Re New England Asset Management. 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. Annaly is a leading diversified capital manager that invests in and finances residential and commercial assets. 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. Thank you, David and good morning, everyone. NCG Committee (Chair)Corporate Responsibility Committee. Please go ahead. Francine J. Bovich was elected to serve as an independent director of Annaly in 2014. Please go ahead. He was Chief Financial Officer of the Phoenix Companies, Inc. from 2004 until 2007, and Executive Vice President and Chief Investment Officer of the Phoenix Companies in 2002 and 2003. On the financing side, our weighted average cost of borrowing decreased by roughly 60 basis points to 2.7% driven largely by a reduction in LIBOR given the fed cuts. Annaly Capital Management, Inc. Publishes Third Corporate 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. Mr. Finkelstein owns 1,669,013 shares of Annaly Capital Management stock worth more than $33,931,034 as of March 4th. But nonetheless it's a more balanced hedge profile now with a slight steepening bias and we took advantage of near zero rates at the front end of the curve, which we think has very limited downside potential in terms of those hedges losing money because it's not our view that we end up in a negative rate scenarios negative policy rate scenario that is. 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. Appreciate the color. And did you guys say what your book value was through July? Annaly is a leading diversified capital manager that invests in and finances residential and commercial assets. If the United States goes to war with another nuclear armed superpower, this could have a devastating impact on your retirement portfolio. Thank you for attending today's presentation. 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. And as part of our preparation, we've chosen to be conservative with our leverage as well as our dividend. Ms. Denahan has a B.S. Aggregate issuance under our OBX shelf has now reached 4.5 billion across 11 transactions since 2018. 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. I didn't in the prepared comments. Stock Market | Pittsburgh Post-Gazette We delivered an economic return of nearly 15% and achieved core earnings well in excess of our right size dividend. Annaly Capital Management, Inc. (NLY) Leadership & Management Team Reinvestment is a key criteria here. Now to begin with, I wanted to touch on a few strategic corporate actions we've taken as of late. Prior to joining Annaly in April 2015, Mr. Campbell held various roles over six years at Fortress Investment Group LLC, including serving as a Managing Director in the Credit Funds business. Mr. Votek has over 30 years of experience in financial services. Portfolio construct has been protected against broader sectors that have witnessed demand destruction and we maintain meaningful exposure where pockets of spend remainder resilient. No, I think I understand. 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. 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. So that could change but derivatives without achieving a little bit as well as MSR for it to be more attractive. During this call, we may present both GAAP and non-GAAP financial measures. 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. A reconciliation of GAAP to non-GAAP measures is included in our earnings release. 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. Ilker . Prior to joining Annaly in December 2019, Ms. Wolfe had served as a Partner at Ernst & Young LLP (E&Y) since 2011. Please note today's event is being recorded. Prior to that, Mr. Finkelstein held senior Agency MBS trading positions at Salomon Smith Barney, Citigroup Inc. and Barclays PLC. 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. Prior to Barclays, Mr. Hamilton held various Managing Director roles at Citigroup, Inc. and Salomon Brothers, Inc., where he began his career. Financial Highlights. 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. 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. Prior to joining Annaly in 2013, Mr. Finkelstein served for four years as an Officer in the . Additional information on the Company can be found at www.annaly.com. They purchased a total of 200,000 shares worth more than $1,112,000.00. 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. Okay. 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. Our next question comes from Kenneth Lee with RBC Capital Markets. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Mr. Campbell currently serves on the Advisory Board for the Fitzgerald Institute of Real Estate at the University of Notre Dame. David Finkelstein - conference-board.org 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. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. 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. All proxy statements are public filings made available to the general public by the SEC. 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. 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. 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. We were certainly careful to take prudent steps during the early phase of the market recovery to ensure we are well positioned to capitalize on the opportunities that are sure to arise. ANNALY CAPITAL MANAGEMENT Executive Salaries & Other Compensation 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. As a reminder, Annaly routinely posts important information for investors on the company's website at www.annaly.com. 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. Comprehensive performance, salary and tenure analysis for the CEO, board and leadership team. Serena Wolfe - CFO. The report demonstrates Annalys continued focus on setting and measuring progress on environmental, social and governance (ESG) goals, as well as its commitment to providing increased disclosure and transparency. Okay. 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. Dr. Hannan has over 30 years of industry experience and held numerous leadership roles during her distinguished career with KPMG. Biography of David Finkelstein. David L. Finkelstein is President, Chief Executive Officer & Director at Annaly Capital Management, Inc. David Finkelstein - Chief . For its 2021 fiscal year, ANNALY CAPITAL MANAGEMENT, listed the following board members on its annual proxy statement to the SEC. Mr. Finkelstein has over 25 years of experience in fixed income investments. As we look at the buyback policy, it's not a point in time estimated, everything changes on a daily basis because asset prices changes in the relative attractiveness of buying back stock versus putting that capital to work in the portfolio changes and if you just think about the immediate accretion of the stock buyback in terms of book value versus the longer-term earnings of the portfolio, there is a trade-off there certainly and we generated 25% accretion from the buyback thus far. Annaly Co-Founder Wellington J. Denahan to Retire from the Board after david finkelstein annaly compensation This report is not for commercial use. 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. 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. Annaly is internally managed and has elected to be taxed as a real estate investment trust, or REIT, for federal income tax purposes. Our book value per share was $8.39 for Q2, a 12% increase from Q1 and we generated core earnings per share excluding PAA of $0.27, a 30% increase from the prior quarter. 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. Annalys principal business objective is to generate net income for distribution to its stockholders and to optimize its returns through prudent management of its diversified investment strategies. Eric A. Reeves was elected to serve as an independent director of Annaly in March 2021. in Business Administration from the University of Washington and a M.B.A. from the University of Chicago, Booth School of Business. Our residential portfolio was roughly unchanged quarter-over-quarter at $2.6 billion as modest purchases and mark-to-market increases largely offset sales and portfolio runoff. David L. Finkelstein C.F.A. The oldest executive at Annaly Capital Management Inc is FrancineBovich, 68, who is the Independent Director. Now turning specifically to the agency market, the fed's purchase in upwards of $850 billion MBS in just over four months has dramatically altered the supply and demand picture for the sector. Hey how much did TBAs add to your net interest margin for the quarter? Mr. Finkelstein was elected to serve as a director of Annaly in March 2020. 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. Look, first of all I'll talk about the footprint and agency derivatives for example and what we're talking about here Eric is the difference between balance sheet leverage and instructional leverage. Thorough reviews have been conducted to assure this data accurately reflects disclosures. David L Finkelstein, Annaly: Profile and Biography pictures of the galvin family; springfield, ma city council candidates; david finkelstein annaly compensation 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. Insiders at Annaly Capital Management own 0.3% of the company. 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. Anthony C. Green is Chief Corporate Officer and Chief Legal Officer of Annaly. Donnell A. Segalas Concludes his Service as a Member of the Board of Learn More on David L. Finkelstein's salary. California Weighs $360,000 in Reparations to Eligible Black Residents. So balance sheet leverage is incredibly inexpensive right now and abundantly available because of the reserves in the system and in the agency space it's more favorable than structural leverage through derivatives. Mr. Hamilton has served as a Director of Larimar Therapeutics, Inc., a clinical-stage biotechnology company focused on developing treatments for rare complex diseases, since May 2020 when Chondrial Therapeutics, Inc. merged with Zafgen, Inc. and the combined company began operating as Larimar. I'd now like to turn the conference over to Purvi Kamdar. David L. Finkelstein is Chief Executive Officer and Chief Investment Officer of Annaly. Annaly Capital Management, Inc. (NYSE:NLY) Q1 2022 Earnings Conference Call April 28, 2022 9:00 AM ETCompany Participants. Prior to joining NBCUniversal, Ms. Williams was a Partner with Pay Governance LLC and a Principal with Towers Perrin (now Willis Towers Watson).
Warriors Thunder Mascot,
Superdrug Opening Times Near Me,
How Much Does A Lagoon Septic System Cost,
Secret Button On Gmc Steering Wheel,
Articles D