david finkelstein annaly compensation

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. 1 dividend stock for a LIFETIME of income. Thanks Brendon for your help and we hope everybody stay safe. Hey guys, this is actually Josh Bolton on for Doug. I'd now like to turn the conference over to Purvi Kamdar. We have to look at how attractive assets are and then put that in the context of where thee stock prices make a buyback decision based on that. 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. Aggregate issuance under our OBX shelf has now reached 4.5 billion across 11 transactions since 2018. Please go ahead. Despite the challenging environment, we're pleased with how the portfolio has performed during the period ending the quarter essentially unchanged at $2.2 billion in assets. Dr. Hannan has over 30 years of industry experience and held numerous leadership roles during her distinguished career with KPMG. pictures of the galvin family; springfield, ma city council candidates; david finkelstein annaly compensation 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. 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. David Finkelstein, Annaly's Chief Executive Officer and Chief Investment Officer, commented: "Since 1997, Annaly has become the largest mortgage REIT in the world and delivered $24 billion in . Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. The stock was acquired at an average cost of $5.56 per share, with a total value of $1,112,000.00. Press Releases | Annaly Capital, https://www.businesswire.com/news/home/20220609005206/en/. 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. Okay. There are no executives at Annaly Capital Management Inc getting paid more. was elected to serve as an independent director of Annaly in February 2019. In the second quarter and beyond as we mentioned, we bought back $175 million worth of stock. Learn More on David L. Finkelstein's contact information. And as part of our preparation, we've chosen to be conservative with our leverage as well as our dividend. Chief Executive OfficerChief Investment Officer. Good morning and welcome to the second quarter 2020 earnings call for Annaly Capital Management. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. 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. He began his career in 1979 in the commercial lending program at Philadelphia National Bank. Chief Executive Officer, President and Director. Will His AI Plans Be Any Different? 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. 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. Mr. Campbell also worked at General Electric Capital Corporation and D.B. I suspect that one of the things that influences the outlook is reinvestment risk as the speeds pick up. The Agency group invests in agency mortgage-backed securities. Ms. Denahan was Annalys Chief Operating Officer from January 2006 to October 2012 and Chief Investment Officer from 2000 to November 2012. 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. While at KPMG, Dr. Hannan also founded the KPMG Womens Advisory Board. He joined the firm in 2013 and assumed the role of Chief Investment Officer in 2016. ANNALY CAPITAL MANAGEMENT income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. The charts on this page feature a breakdown of the total annual pay for the top executives at ANNALY CAPITAL MANAGEMENT as reported in their proxy statements. These funds represent a broad scope of investment strategies including equities, taxable fixed income, municipal bonds, and cash management. Thank you, David and good morning, everyone. We maintained the view that the agency sector represents the most attractive investment opportunity currently while also providing strong liquidity. The lower coupon holdings are predominantly in TBAs and higher coupons are concentrated and specified pools in light of the meaningful elevation in prepayment speeds in this environment. Coronavirus Tips Working and Protection. As the CEO of Annaly Capital Management, Inc., Mr. Finkelstein earned a total compensation package of $9,138,764.00 in 2021. Our next question comes from Doug Harter with Credit Suisse. As of 1 February 2023 he still owns at least 401,561 units of Annaly Capital Management Inc stock. My No. 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. None of Annaly's achievements would have been possible without . 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. 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. Enter your email address below to get our daily insider buying and selling report. Management Development and Compensation Committee (Chair)Audit Committee. 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. You may also find the annual proxy statement by going directly to the company's website. The Residential Credit group involves non-agency residential mortgage assets within securitized products and whole loan markets. This chart shows David L Finkelstein's buying and selling at Annaly Capital Management by year and by quarter. Thorough reviews have been conducted to assure this data accurately reflects disclosures. Mr. Campbell currently serves on the Advisory Board for the Fitzgerald Institute of Real Estate at the University of Notre Dame. David Finkelstein, Annaly's Chief Executive Officer and Chief Investment Officer, commented: "Since 1997, Annaly has become the largest mortgage REIT in the world and delivered $24 billion in dividends to our shareholders in a variety of interest rate and economic conditions. Annaly Capital Management, Inc. Names David L. Finkelstein Chief Executive Officer Interim CEO Glenn Votek to Assume Role of Senior Advisor and Remain on the Board of Directors March 16, 2020 07: . He served as Senior Advisor to Annaly from March 2020 to August 2020 after serving as Interim Chief Executive Officer and President of Annaly from November 2019 to March 2020. In terms of how it's actually reflected in the yield it's not. Audit Committee (Chair)Management Development and Compensation CommitteeNCG Committee. 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. Consistent with that strategy, since the beginning of the second quarter, we added $1.125 billion of capacity across two new credit facilities for our residential credit group, the permanent nonrecourse financing. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. Annaly is internally managed and has elected to be taxed as a real estate investment trust, or REIT, for federal income tax purposes. Prior to joining Annaly in December 2019, Ms. Wolfe had served as a Partner at Ernst & Young LLP (E&Y) since 2011. 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 has 25 years of experience in fixed income investments. Prior to that, he worked at AT&T and its finance subsidiary from 1986 to 1999 in various financial management roles. Mr. Reeves has served as Managing Director, Head of Private Capital Investments of Duchossois Capital Management (DCM) since 2017. 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. Mr. Finkelstein was elected to serve as a director of Annaly in March 2020. ANNALY@brunswickgroup.com, Navigate to the << Back to Annualized core return on average equity excluding PAA was 12.82% for the quarter in comparison to 9.27% for Q1. And with that, I'll turn it over to operator for questions. Good morning and welcome to the Annaly Capital Management Second Quarter 2020 Conference Call. Annaly Capital Management's insider roster includes David Finkelstein (CEO), and Thomas Hamilton (Director). Currently, Dr. Hannan serves on the Board of Directors of Otis Elevator Co., Gingko Bioworks and Carpenter Technology Corporation, is Chairman of the Board of Trustees and a member of the Executive Committee of the Smithsonian National Museum of the American Indian, is a Trustee of the Committee for Economic Development in Washington D.C., and is an active member of Women Corporate Directors. David L. Finkelstein is Chief Executive Officer and Chief Investment Officer of Annaly. from Bowdoin College and a M.B.A. from the University of Connecticut. Click here to read the full letter and more from Annaly's 2020 Annual Report. from Loras College. Vicki Williams was appointed to serve as an independent director of Annaly effective January 2018. [Operator instructions] Our next question comes from George Bahamondes with Deutsche Bank. The conference has now concluded. Will Others Follow? Investor Relations 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. Additionally, the content of this conference call may contain time-sensitive information that is accurate only as of the date hereof. biography. 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. Ms. Williams has served as Chief Human Resources Officer for NBCUniversal, a multinational media . Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. Mr has made over 7 trades of the Annaly Capital Management Inc stock since 2016, according to the Form 4 filled with the SEC. Actual events and results may differ materially from these forward-looking statements. David L. Finkelstein C.F.A. Annaly Capital Management, Inc. engages in the investment and financing of residential and commercial assets. On a more positive note, multifamily remained strong throughout the quarter. Wallmine is a radically better financial terminal. Mr. Votek holds a B.S. Ms. Wolfe is a Certified Public Accountant in the states of New York, California, Illinois and Pennsylvania. 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. Please. As Chief Executive Officer, President and Director at ANNALY CAPITAL MANAGEMENT, David L. Finkelstein made $9,138,764 in total compensation. GAAP net income (loss . Right. 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. Please go ahead. Mr. Green has served as Chief Corporate Officer since January 2019 and Chief Legal Officer since March 2017. 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. 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. And my other questions have been asked and answered. 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. The proxy statement's main purpose is to alert shareholders to the annual meeting and provide them information about the issues that will be voted on during the annual meeting, including decisions such as electing directors, ratifying the selection of auditors, and other shareholder-related decisions, including shareholder-initiated initiatives. Overall, we maintained a more constructive view of the operating environment and our ability to deliver compelling returns as each of our businesses respected sectors begins to emerge from the initial volatility and destruction caused by the pandemic. Prior to joining Annaly in 2013, Mr. Finkelstein served for four years as an Officer in the Markets Group . 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. Our measured approach to weathering the crisis served us well we feel very good about our positioning as the recovery progresses as I'll get into more detail. He was President and Chief Operating Officer of the Global Wealth Management division of Morgan Stanley from 2000 to 2005. Mr. Haylon received a B.A. Dr. Hannan received a Ph.D. in Leadership Studies from Benedictine University and a B.A. Corporate Responsibility Committee (Chair)NCG CommitteeRisk Committee. "Athlete | Empire" presents the in-depth, intimate stories of these businesses, as told by the players themselves. 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. Mr. Haylon has served as a Managing Director at Conning, Inc. since January 2012 and previously served as Head of Asset Management Sales, Products and Marketing from December 2014 until June 2018 and as Head of Investment Products from January 2012 until December 2014. Mr. Finkelstein is a member of the Treasury Market Practices Group sponsored by the Federal Reserve Bank of New York. US Jobs Report and Powell Testimony Take Center Stage: Eco Week, Bond Mavens Favor Curve Wagers for Next Encounter With Jobs Data, Bank of Canada Risks Falling Too Far Behind Fed, Scotia Says, Feds Daly Says More Rate Hikes Likely Needed to Cool Inflation, Colombia Prices Rise Less than Forecast to a Fresh 24-Year High, Porsche, Ferrari E-Fuel Push at Heart of EU Engine Debate. Now more than ever, players rightly see themselves as multi-faceted entrepreneurs, and seek ways to leverage their brands in everything from real estate to venture capital. This reduced our pay rate as well as shorten the maturity of our swap portfolio. Financial Highlights. Vice ChairRisk Committee (Chair)Corporate Responsibility Committee. I wanted to talk a little bit about dividend policy. Thank you. 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. in Business Administration from the University of Washington and a M.B.A. from the University of Chicago, Booth School of Business. 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. Prior to that, Mr. Finkelstein held senior Agency MBS trading positions at Salomon Smith Barney, Citigroup Inc. and Barclays PLC. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. 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. Mr. Finkelstein was elected to serve as a director of Annaly in March 2020. 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. Net Worth The estimated Net Worth of David L Finkelstein is at least Annaly Capital Management Inc . Mr. Finkelstein has 25 years of experience in fixed income investments. There are no executives at Annaly Capital Management Inc getting paid more. 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. company's disclosure obligations under Regulation FD and to post and update investor presentations and some more materials on a regular basis. Mr. Reeves received his B.A. 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 estimated Net Worth of David L Finkelstein is at least $16.4 Million dollars as of 1 February 2023. Annaly provides supplemental disclosures under the Sustainability Accounting Standards Board (SASB) standards and the Global Reporting Initiative (GRI) standards frameworks. Total core income is used to buy, Eric. Insiders at Annaly Capital Management own 0.3% of the company. . 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. There are 11 older and 9 younger executives at Annaly Capital Management Inc. in Business Administration from the University of Washington and a M.B.A. from the University of Chicago, Booth School of Business. 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. Prior to joining Annaly in 2013 . from the University of Notre Dame and a M.B.A. from the University of Chicago, Booth School of Business. 25. times its median employee's . And as a consequence of that portfolio, we did see a fair amount of appreciation in those pools in the second quarter as markets stabilize and that is one of the risks I think going forward. Okay. 2022 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? Independent ChairAudit CommitteeNCG CommitteeRisk Committee. Additionally, the report incorporates summary ESG metrics for the past three years, which include further details on the composition of Annalys Board of Directors and employees, philanthropy and volunteerism efforts and environmental indicators. Most recently he exercised 31,721 units of NLY stock worth $179,224 on 30 June 2022. . 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. 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. We have previously discussed our methodology and are thorough and thoughtful approach to Cecil reserves. 2015. I know you mentioned in some of the tail risks and just any more additional comments on the hedge positioning will be great thanks. We would expect more equity allocated to it, certainly, with the option to apply a modest amount of leverage. Mr. Schaefer served as a board member and chair of the audit committee of USI Holdings Corporation from 2008 through 2012. 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. Thanks David. 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. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Most recently he exercised 7,989 units of NLY stock worth $50,490 on 29 January 2022. . in Finance and Economics from Kean University/University of Arizona, a M.B.A in Finance from Rutgers University and attended the Executive Education Program of the Colgate W. Darden Graduate School of Business Administration at the University of Virginia. Do you expect any meaningful shift in terms of equity capital allocation going forward, thanks? 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). David L Finkelstein is CEO/Chief Investment Ofcr at Annaly. 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. Finkelstein has over 25 years of experience in fixed income investments. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. Learn More on David L. Finkelstein's trading history. Board of Directors in ANNALY CAPITAL MANAGEMENT. Thanks for that. Okay. 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. 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. The most recent stock trade was executed by Anthony C Green on 1 February 2023, trading 1,584 units of NLY stock currently worth $32,203. 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 add the incremental dollar role income to core income and then the outcome. Now to begin with, I wanted to touch on a few strategic corporate actions we've taken as of late. 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. How much did David L. Finkelstein make as Chief Executive Officer, President and Director of ANNALY CAPITAL MANAGEMENT in 2021 He is also a Director of the Friedreichs Ataxia Research Alliance, along with Co-Founder of his own charitable scientific effort, the CureFA Foundation. I am pleased to share all that we have accomplished in 2021, including enhancing the Companys executive compensation program, expanding our parental leave and fertility benefits and providing additional climate-related disclosures. Additionally during the second quarter, we utilized our share buyback program and have now repurchased $175 million common stock year-to-date. The Mortgage Servicing Rights group provides the right to service residential mortgage loans in exchange for a portion of the interest payments made on the loans. I'm curious how you guys are looking at this and especially in light of having cut the dividend earlier in the year? Mr has made over 9 trades of the Annaly Capital Management Inc stock since 2016, according to the Form 4 filled with the SEC. Steven F. Campbell is President and Chief Operating Officer of Annaly. 2020. Total reserves now comprise 5.32% of our acreage in MML loan portfolios as of June 30, 2020. Mr. Finkelstein received a B.A. The estimated Net Worth of David L Finkelstein is at least $16.4 Million dollars as of 1 February 2023. Following one of the most challenging and unforeseen operating environments in analysts history, we were pleased with our performance during the second quarter. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. Compensation Ownership; David . Thorough reviews have been conducted to assure this data accurately reflects disclosures. Thomas Hamilton was elected to serve as an independent director of Annaly in March 2019. 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. David L. Finkelstein, who has been serving as Annaly's Chief Investment Officer, Agency and RMBS, has been named Annaly's .

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