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The information shown here is a reporting of information included in the company's proxy statement. pictures of the galvin family; springfield, ma city council candidates; david finkelstein annaly compensation Jun 09, 2022. 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. This chart shows David L Finkelstein's buying and selling at Annaly Capital Management by year and by quarter. Current positions of David Finkelstein. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. 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. ANNALY@brunswickgroup.com, Navigate to the << Back to Mr. Finkelstein received a B.A. ANNALY CAPITAL MANAGEMENT annual reports of executive compensation and pay are most commonly found in the Def 14a documents. Prior to Barclays, Mr. Hamilton held various Managing Director roles at Citigroup, Inc. and Salomon Brothers, Inc., where he began his career. Salary, bonuses, stock options, stock awards and other compensation for David L. Finkelstein, Chief Executive Officer, President and Director at ANNALY CAPITAL MANAGEMENT. Okay. in International and Comparative Law from Cornell Law School. We continue to think it critical in the current environment to consider the address economic scenarios available in this process and to err on the side of conservatism given a significant uncertainty in the economic and market values scenarios. David L. Finkelstein C.F.A. He was President and Chief Operating Officer of the Global Wealth Management division of Morgan Stanley from 2000 to 2005. From 1995 until 2002, he held the position of Executive Vice President of Phoenix Investment Partners, Ltd., a NYSE-listed company, and President of Phoenix Investment Counsel, where he was responsible for the management and oversight of $25 billion in closed-end and open-end mutual funds, corporate pension funds and insurance company portfolios. Our next question comes from Rick Shane with JPMorgan. Annaly actively integrates ESG considerations into its overall strategy through the following key areas: corporate governance, human capital, responsible investments and the environment. Mr. Finkelstein earned a salary of $1,000,000.00, a bonus of $6,325,000.00, stock awards of $1,800,001.00, and other compensation of $13,763.00. We can't say how long that will persist for, but we do think about this for much more than just the quarter or two where we do have the specialist and we're trying to get the appropriate level where we know it's sustainable and that's how we feel about it and if we continue to out-earn it that's perfectly okay because we're given the shareholder a 10.5% dividend yield on their book value. 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. 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. Serena Wolfe is Chief Financial Officer of Annaly. Net Worth The estimated Net Worth of David L Finkelstein is at least Annaly Capital Management Inc . Compensation Ownership; David . Mr A is 48, he's been the Pres and CEO & Director of Annaly Capital Management Inc since . So we feel good about it. All participants will be in a listen-only mode. The corporate mailing address for Mr. Finkelstein and other Annaly Capital Management executives is 1211 AVENUE OF THE AMERICAS, NEW YORK NY, 10036. Mr. Green has served as Chief Corporate Officer since January 2019 and Chief Legal Officer since March 2017. 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. Nov 07, 2016. Yeah that's great. david finkelstein annaly compensation. On a more positive note, multifamily remained strong throughout the quarter. The Residential Credit group involves non-agency residential mortgage assets within securitized products and whole loan markets. Beyond just prepays is what happens to pool pricing over the next quarter or two. 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. Mr. Finkelstein was elected to serve as a director of Annaly in March 2020. Prior to joining Annaly in 2009, Mr. Green was a partner in the Corporate, Securities, Mergers & Acquisitions Group at K&L Gates LLP. 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. Financial Highlights GAAP net income (loss) of ($1.96) per average common share for the quarter; $3.93 per average common share for the full year 2022 Earnings available for distribution [] Chief Executive Officer, President and Director. 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. Good morning and nice quarter guys. If the United States goes to war with another nuclear armed superpower, this could have a devastating impact on your retirement portfolio. Our next question comes from Kenneth Lee with RBC Capital Markets. So we like to see it flatten a little bit further and we think it should given the posture the fed and when you look at the last set of economic projections, so lift off not likely to occur for the next couple of years, you could see some further flattening in the term curve but we're watching it and we're making incremental steps to term out our repo. So look with respect to the agency market, we are in an environment where funding is abundantly available and will be for some time given the reserves in the system. Mr. Campbell also worked at General Electric Capital Corporation and D.B. Signaling from a fed on continued low rates combined with considerable injection of additional reserves in the financial system through repo operation and asset purchases have led to very stable funding conditions with repo markets experiencing no signs of stress through the quarter even on pivotal month end and quarter end days 1.8. Mr. Campbell currently serves on the Advisory Board for the Fitzgerald Institute of Real Estate at the University of Notre Dame. 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. Nevertheless, financial conditions have improved considerably. 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. Mr. Campbell received a B.B.A. Does that answer your question? We do not undertake and specifically disclaim any obligation to update or revise this information. Good morning and welcome to the second quarter 2020 earnings call for Annaly Capital Management. 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. These funds represent a broad scope of investment strategies including equities, taxable fixed income, municipal bonds, and cash management. David L. Finkelstein is Chief Executive Officer and President of Annaly. from Loras College. 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. Sorry, I think we're thinking about it a little differently, but yeah that's correct. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. Learn More on David L. Finkelstein's trading history. 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. Last updated: 1 March 2023 at 11:00am EST. Annaly is internally managed and has elected to be taxed as a real estate investment trust, or REIT, for federal income tax purposes. All proxy statements are public filings made available to the general public by the SEC. 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. While financial conditions have stabilized, there is still significant uncertainty around the long-term economic picture. Mr. Haylon received a B.A. 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. 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. 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. So the NIM itself is not reflective of TBAs at all to your dollar role at all? 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 has also served as General Counsel & Secretary of The Duchossois Group, a family-owned holding company comprised of diversified operating companies and DCM, since 2007 and its Chief Administrative Officer since 2017. 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? 212-333-3810 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. David you had in your comments suggested that Q3 earnings core earnings are on track to exceed the dividend again and I'm curious when you guys think about dividend policy, currently your ROEs are very high. It's been relatively calm. 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. 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. 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. 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. 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. 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. David L. Finkelstein C.F.A. Is this special mix reflected in both the asset yield and the cost of funds and then how big is your TBA balance now versus the end of June? 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. Annaly is internally managed and has elected to be taxed as a real estate investment trust, or REIT, for federal income tax purposes. 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. 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. Most recently he exercised 7,989 units of NLY stock worth $50,490 on 29 January 2022. . I wanted to talk a little bit about dividend policy. From 2013 until September 2020, Mr. Hamilton also served as Con Forms President and Chief Executive Officer. The Company does not undertake, and specifically disclaims any obligation, to publicly release the result of any revisions which may be made to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements, except as required by law. Mr. Schaefer served as a board member and chair of the audit committee of USI Holdings Corporation from 2008 through 2012. 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. As of 1 February 2023 he still owns at least 401,561 units of Annaly Capital Management Inc stock. Right. Chief Corporate OfficerChief Legal Officer. You may now disconnect. And everything you said the two words that stood out everything changes. I didn't in the prepared comments. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. Consistent with our communication last quarter, we continue to speak actively with sponsors, borrowers and agents to closely monitor performance. Annaly Capital Management, Inc. (NYSE:NLY) Q1 2022 Earnings Conference Call April 28, 2022 9:00 AM ETCompany Participants. Mr. Green has over 20 years of experience in corporate and securities law. Ms. Williams has over 17 years of compensation and governance experience. 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. Appreciate the color. was elected to serve as an independent director of Annaly in February 2019. Thorough reviews have been conducted to assure this data accurately reflects disclosures. We've isolated around where we ended the quarter and right now as about last night it's up roughly 1%. 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. Biography of David Finkelstein. In the commercial sector, we're slowly beginning to see activity pick up but volumes do remain somewhat muted. Learn More about David L. Finkelstein's net worth. 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. 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. While our allocation agency may increase modestly, we do continue to evaluate opportunities to deploy capital across our three credit businesses and we are beginning to develop the better lends into how each credit sector is evolving and we expect to shift to a more offensive posture in the coming months as we gain more clarity on the economic and real estate landscape. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. 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. 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. The decline in portfolio size is driven by approximately $53 million in loan payoff as well as securities sales. He received an undergraduate degree from the University of Washington and an MBA from The University of Chicago Booth School of Business. In fact some of our industry concentrations have maturely benefited from the current environment. I would like to turn the conference back over to David Finkelstein for any closing remarks. 25. times its median employee's . We further reduced the LIBOR footprint of our hedge portfolio with our swap now 80% in OIS and we reinitiated our treasury future short position that was unwound in the first quarter. 2022-2023 Spring Category. 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. When I look this morning three month 10-year swaption was up 53 basis points. Please go ahead. The reason why they appreciate is because there worth it. Coronavirus Tips Working and Protection, For its 2021 fiscal year, ANNALY CAPITAL MANAGEMENT, listed the following executives on its annual proxy statement to the SEC. ANNALY CAPITAL MANAGEMENT Compensation by Company. We don't anticipate increasing agency meaningfully, but we do recognize that these credit markets are a little bit slow to redevelop. 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 as part of our preparation, we've chosen to be conservative with our leverage as well as our dividend. 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 Prior to that, he worked at AT&T and its finance subsidiary from 1986 to 1999 in various financial management roles. from the University of Michigan and J.D. Prior to the 1997 merger of Dean Witter, Discover and Morgan Stanley, Mr. Schaefer was Executive Vice President, Investment Banking and Head of Corporate Finance at Dean Witter, a position he had held since 1991. Hey how much did TBAs add to your net interest margin for the quarter? David Finkelstein - President, CEO & Director. Dr. Hannan previously served as the Midwest Area Managing Partner for KPMGs Tax Services. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. . We add the incremental dollar role income to core income and then the outcome. Mr. Finkelstein was elected to serve as a director of Annaly in March 2020. 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. 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. Chief Executive OfficerChief Investment Officer. Please. Mr. Finkelstein has 25 years of experience in fixed income investments. None of Annaly's achievements would have been possible without . The most active insiders traders include Wellington Denahan, Kevin Keyes, and David L Finkelstein. 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. [Operator instructions] Our next question comes from George Bahamondes with Deutsche Bank. 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. On average, Mr trades about 51,067 units every 152 days since 2016. All proxy statements are public filings made available to the general public by the SEC. David Finkelstein-- Chief Executive Officer and Chief Investment Officer Yeah. In addition, he makes $8,203,772 as Pres and CEO & Director at Annaly Capital . 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. Board of Directors in ANNALY CAPITAL MANAGEMENT. This concludes our question-and-answer session. Annaly provides supplemental disclosures under the Sustainability Accounting Standards Board (SASB) standards and the Global Reporting Initiative (GRI) standards frameworks. Please go ahead. Data Year: 2021. Learn More about David L. Finkelstein's net worth. Annaly Capital Management (NYSE:NLY) Q4 2021 Earnings Conference Call February 10, 2022 10:00 AM ETCompany Participants. Consequently, we reduced leverage during the quarter from 6.8 times to 6.4 times and made the prudent decision to set our quarterly dividend at $0.22. Okay. Kathy Hopinkah Hannan, Ph.D., C.P.A. investor@annaly.com, Brunswick Group Today I'd like to highlight a number of current corporate initiatives, provide an update on the market and discuss portfolio activity across our core business during the quarter and finally provide our outlook for the balance of the year and then I'll hand it off to Serena to discuss the financials. Sure. We would expect more equity allocated to it, certainly, with the option to apply a modest amount of leverage. 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. Prior to joining Annaly in 2013 . We recorded reserves associated with our credit businesses of $68.8 million on funded commitments during the second quarter. In credit as we've said, we like our portfolio. So while implied volatility is very low and that's by design on part of the part of the fed and to the extent it continues to decline, it will be a more attractive hedge to our agency portfolio and I would say that in current levels, you should expect it to be a critical component of the portfolio going forward. Click here to read the full letter and more from Annaly's 2020 Annual Report. from the University of Notre Dame and a M.B.A. from the University of Chicago, Booth School of Business. 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. For its 2021 fiscal year, ANNALY CAPITAL MANAGEMENT, listed the following CEO pay ratio data on its annual proxy statement to the SEC. I know you mentioned in some of the tail risks and just any more additional comments on the hedge positioning will be great thanks. 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 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. Thanks. For example, government mandates at all levels have created an even greater dependency on technology while also driving demand and behavior in ways that has made once boring annuity business into growth sectors. As outlined in our report, we continue to Take Stock of Our Impact establishing ESG goals and commitments and tracking our considerable progress as we strive to integrate ESG priorities across our business, said David Finkelstein, Annalys Chief Executive Officer and President. Ms. Williams has over 17 years of compensation and governance experience. 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. 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. Thanks David. Mr. . Thank you for attending today's presentation. Okay. from the Ohio State University. The report demonstrates Annaly's continued focus on setting and measuring progress on . 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. From 1980 until 1984, he was a Senior Financial Analyst at Travelers Insurance Companies. 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. Alex Yankus 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. Chief Executive OfficerChief Investment Officer. Please note today's event is being recorded. On average, Annaly Capital Management Inc executives and independent directors trade stock every 35 days with the average trade being worth of $908,853. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. Please go ahead. Prior to that, Mr. Finkelstein held senior Agency MBS trading positions at Salomon Smith Barney, Citigroup Inc. and Barclays PLC. So that could change but derivatives without achieving a little bit as well as MSR for it to be more attractive. 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. Mr. Finkelstein also holds the Chartered Financial Analyst designation. Please go ahead. Just had a curiosity what are some things that you are concerned about or really looking closely at, you kind of in the end and immediate term. This Supreme Court Case Could Redefine Crime, YellowstoneBackers Wanted to Cash OutThen the Streaming Bubble Burst, How Countries Leading on Early Years of Child Care Get It Right, Female Execs Are Exhausted, Frustrated and Heading for the Exits, More Iranian Schoolgirls Sickened in Suspected Poisoning Wave, No Major Offer Expected on Childcare in UK Budget, Oil Investors Get $128 Billion Handout as Doubts Grow About Fossil Fuels, Climate Change Is Launching a MutantSeed Space Race, This Former Factory Is Now New Taipeis Edgiest Project, What Do You Want to See in a Covid Memorial? 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. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. 2020. As a result we ran numerous scenarios in excess of 20, to determine the appropriate amount of Cecil reserves to the quarter and ultimately booked reserves that were considerably more conservative than our base case scenario. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. Mr. Finkelstein also holds the Chartered Financial Analyst designation. Prior to joining Annaly in 2013, Mr. Votek was an Executive Vice President and Treasurer at CIT Group since 1999 and also President of Consumer Finance since 2012. Please go ahead. It operates through the following investment groups: Agency, Residential Credit, and Mortgage Servicing Rights. 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. david finkelstein annaly compensationmostar bridge jump injuries. Information on this page was last updated on 6/17/2022. 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.