david finkelstein annaly compensation

Annaly is internally managed and has elected to be taxed as a real estate investment trust, or REIT, for federal income tax purposes. Okay. The largest trade he's ever made was buying 200,000 units of Annaly Capital Management Inc stock on 17 June 2022 worth over $1,112,000. 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 While our portfolio speech did experience an increase on the quarter, prepays on our overall portfolio were notably lower than the GSE universe, which paid roughly eight CPR faster despite the higher average coupon of our portfolio relative to the universe. Wallmine is a radically better financial terminal. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. David L. Finkelstein is CEO and Chief Investment Officer of Annaly. 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. Thanks again. And now with that, I'll hand it over to Serena to discuss the financials. Under the standard an entity recognizes its estimate of lifetime expected credit losses as an allowance, which the fed believes will result in more timely recognition of such losses and while changes in economic scenarios and asset performance in the future will impact Cecil reserves in subsequent quarters, current reserve levels should not be considered as a pervasive credit issue within the portfolio or an indication of what reserves may be recorded in the future. 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. David Finkelstein - President, CEO & Director. in International and Comparative Law from Cornell Law School. Mr A is 48, he's been the Pres and CEO & Director of Annaly Capital Management Inc since . On average, Mr trades about 51,067 units every 152 days since 2016. NCG Committee (Chair)Corporate Responsibility Committee. The conference has now concluded. 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. Last updated: 2 February 2023 at 6:03pm EST. And with that I'll turn the call over to David. 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. Prior to his roles at Con Forms, Mr. Hamilton spent 24 years in a number of leadership positions in the financial industry. There are 11 older and 9 younger executives at Annaly Capital Management Inc. David Finkelstein is Chief Executive Officer and a Board Director of Annaly Capital Management.<br><br>David has 25 years of experience in fixed income investments. 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). Mr. Haylon has served as Managing Director and Head of Conning North America at Conning, Inc., a global provider of investment management solutions, services and research to the insurance industry, since June 2018. 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. Everyone at Annaly contributes to our success and we're proud of the results that we've reported for the second quarter and expect to continue providing best in class results for our shareholders. Biography of David Finkelstein. 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. Share Your Design Ideas, New JerseysMurphy Defends $10 Billion Rainy Day Fund as States Economy Slows, This Week in Crypto: Ukraine War, Marathon Digital, FTX. in Business Administration from the University of Washington and a M.B.A. from the University of Chicago, Booth School of Business. Our next question comes from Doug Harter with Credit Suisse. Mar 16, 2020. . 2015. Mr. Campbell previously served as Head of Business Operations of Annaly and has over 25 years of experience in financial services. Mr. David L. Finkelstein, C.F.A., serves as Chief Investment Officer of Annaly Capital Management, Inc. since November 16, 2022. . 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. Thanks. 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. Following one of the most challenging and unforeseen operating environments in analysts history, we were pleased with our performance during the second quarter. investor@annaly.com, Brunswick Group . Chief Executive Officer, President and Director. 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. Last updated: 1 March 2023 at 11:00am EST. 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. 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. Jun 09, 2022. 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. For its 2021 fiscal year, ANNALY CAPITAL MANAGEMENT, listed the following CEO pay ratio data on its annual proxy statement to the SEC. 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 CAPITAL MANAGEMENT income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. There are 11 older and 9 younger executives at Annaly Capital Management Inc. Mr. David L. Finkelstein C.F.A. Thanks for that. Thorough reviews have been conducted to assure this data accurately reflects disclosures. Mr. Haylon received a B.A. 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. Annaly is a leading diversified capital manager that invests in and finances residential and commercial assets. Kathy Hopinkah Hannan, Ph.D., C.P.A. 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. 2022 Chief Executive OfficerChief Investment Officer. 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. 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. My No. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. Enter your email address below to get our daily insider buying and selling report. GAAP net income (loss . from the University of Notre Dame and a M.B.A. from the University of Chicago, Booth School of Business. 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. 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. [Operator instructions] Our next question comes from George Bahamondes with Deutsche Bank. 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. 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. 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 company was founded by Michael A. J. Farrell and Wellington Jamie Denahan-Norris on February 18, 1997 and is headquartered in New York, NY. We delivered an economic return of nearly 15% and achieved core earnings well in excess of our right size dividend. With respect to the incremental benefit of the TBA position for the second quarter, I'll say I think the actual dollar contribution or in pennies was about $0.07 and with respect to the NIM contribution, Serena you can. Mr. Haylon has previously served on the boards of Aberdeen Asset Management and Phoenix Investment Partners. 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. But the good news is, if China invades Taiwan, there is a way to protect yourself. Good morning and nice quarter guys. 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. 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. 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. Corporate Responsibility CommitteeRisk Committee. Chief Executive OfficerChief Investment Officer. Mr. Finkelstein owns 1,669,013 shares of Annaly Capital Management stock worth more than $33,931,034 as of March 4th. Mr. Green holds a B.A. Now, even Taiwan's own foreign minister is saying that China is on the cusp of a full scale invasion. A lot of that is driven by the tailwind from the fed and specialism and TBAs where our role income doubled over the quarter and it is currently existent today and if we look at past episodes it [indiscernible] persisted for some time. Mr. Reeves serves on the boards of several DCM portfolio companies and funds as well as on the Advisory Board of Ozinga Bros. His civic and philanthropic commitments include trusteeships at Rush University Medical Center and the National Philanthropic Trust. And with that, I'll turn it over to operator for questions. Please go ahead. The oldest executive at Annaly Capital Management Inc is FrancineBovich, 68, who is the Independent Director. On a more positive note, multifamily remained strong throughout the quarter. California Weighs $360,000 in Reparations to Eligible Black Residents. Mr. Green was Deputy General Counsel of Annaly from 2009 until March 2017. 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. Okay. 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. In fact some of our industry concentrations have maturely benefited from the current environment. 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. Great. Any forward-looking statements made during today's call are subject to certain risks and uncertainties including with respect to COVID-19 impacts, which are outlined in the risk factors section in our most recent annual and quarterly SEC filings. Vicki Williams was appointed to serve as an independent director of Annaly effective January 2018. Annualized core return on average equity excluding PAA was 12.82% for the quarter in comparison to 9.27% for Q1. This point was evidenced the quarter with the improvement in fair value measures and resulting improved book value. And everything you said the two words that stood out everything changes. 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. Previously, Ms. Denahan served as Chief Executive Officer of Annaly from November 2012 to September 2015 and as Co-Chief Executive Officer of Annaly from October 2012 to November 2012. [Operator Instructions] Please note this event is being recorded. Learn about Annaly Capital Management, Inc. (NLY) stock's management team. Mr. Finkelstein has 25 years of experience in fixed income investments. 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. Anthony C. Green is Chief Corporate Officer and Chief Legal Officer of Annaly. We would expect more equity allocated to it, certainly, with the option to apply a modest amount of leverage. Board of Directors in ANNALY CAPITAL MANAGEMENT. Nevertheless, financial conditions have improved considerably. Previously, he was Chief Financial Officer of Annaly from August 2013 to December 2019. In the second quarter and beyond as we mentioned, we bought back $175 million worth of stock. 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. Mr. Finkelstein has over 25 years of experience in fixed income investments. We add the incremental dollar role income to core income and then the outcome. Mr. Schaefer was Executive Vice President and Chief Strategic and Administrative Officer of Morgan Stanley from 1998 to 2000. 2022-2023 Spring Category. PHIL 21505/31505 Wonder, Magic, and Skepticism. There are no executives at Annaly Capital Management Inc getting paid more. He received an undergraduate degree from the University of Washington and an MBA from The University of Chicago Booth School of Business. NEW YORK -- (BUSINESS WIRE)-- Annaly Capital Management, Inc. (NYSE: NLY) ("Annaly" or the "Company") announced today the Board of Directors (the "Board") has elected David L. Finkelstein as its Chief Executive Officer and a . [Operator instructions] Our first question comes from Eric Hagen with KBW. These and our other ESG milestones have helped create durable value for all of our stakeholders., Corporate Responsibility Report Highlights. 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. Annaly Capital Management (NYSE:NLY) Q4 2021 Earnings Conference Call February 10, 2022 10:00 AM ETCompany Participants. from the University of Michigan and J.D. 1 dividend stock for a LIFETIME of income. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. Prior to joining Annaly in December 2019, Ms. Wolfe had served as a Partner at Ernst & Young LLP (E&Y) since 2011. The housing market remained strong given long-term positive fundamentals, which we believe will help the ultimate recovery. He began his career in 1979 in the commercial lending program at Philadelphia National Bank. This underscores our belief that the stock is undervalued relative to our book value and affirms our support of the value of our stock through the various capital allocation tools we have on hand. Yeah it depends on the shape of the curve, like over the last couple of months, the term structure of repo has flattened pretty considerably, which has enabled us to extend out curve at very attractive rate. Serena Wolfe - CFO. Ms. Denahan has a B.S. 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. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. 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. David L. Finkelstein is Chief Executive Officer and Chief Investment Officer of Annaly. So the NIM itself is not reflective of TBAs at all to your dollar role at all? Salary, bonuses, stock options, stock awards and other compensation for David L. Finkelstein, Chief Executive Officer, President and Director at ANNALY CAPITAL MANAGEMENT. You may also find the annual proxy statement by going directly to the company's website. A reconciliation of GAAP to non-GAAP measures is included in our earnings release. They provide a much better competitive profile with lower prepayment characteristics than the market, but generally speaking pool pricing can be variable and so that's probably the risk in any agency. Most recently he exercised 6,186 units of NLY stock worth $125,761 on 1 February 2023. Ms. Wolfe has over 20 years of experience in accounting, of which 13 years were focused solely in real estate practice. The corporate mailing address for Mr. Finkelstein and other Annaly Capital Management executives is 1211 AVENUE OF THE AMERICAS, NEW YORK NY, 10036. This news release and our public documents to which we refer contain or incorporate by reference certain forward-looking statements which are based on various assumptions (some of which are beyond our control) and may be identified by reference to a future period or periods or by the use of forward-looking terminology, such as may, will, believe, expect, anticipate, continue, or similar terms or variations on those terms or the negative of those terms. Investor Relations 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. 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 . Mr. Finkelstein was elected to serve as a director of Annaly in March 2020. So it's not an apples-to-apples comparison. The information shown here is a reporting of information included in the company's proxy statement.