In the second quarter and beyond as we mentioned, we bought back $175 million worth of stock. David L. Finkelstein is Chief Executive Officer and Chief Investment Officer of Annaly. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. Consistent with our communication last quarter, we continue to speak actively with sponsors, borrowers and agents to closely monitor performance. We add the incremental dollar role income to core income and then the outcome. Serena Wolfe - CFO. I wanted to talk a little bit about dividend policy. Please go ahead. 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. Do you expect any meaningful shift in terms of equity capital allocation going forward, thanks? 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. from the Ohio State University. from Loras College. 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. David L. Finkelstein C.F.A. And now with that, I'll hand it over to Serena to discuss the financials. Musk Made a Mess at Twitter. There are no executives at Annaly Capital Management Inc getting paid more. Shifting to residential credit, the sector saw significantly more activity as market dynamics began to improve following the crisis. We don't complete clarity on the economy and some of that runoff could go into the agency sector. Learn More about David L. Finkelstein's net worth. Things do look I think positive generally, but just wondering how you guys think about downside risk from here? 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. Steven F. Campbell is President and Chief Operating Officer of Annaly. If you have an ad-blocker enabled you may be blocked from proceeding. Sorry, I think we're thinking about it a little differently, but yeah that's correct. 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. Enter your email address below to get our daily insider buying and selling report. Learn More about insider trades at Annaly Capital Management. in Finance from the University of Dayton. Compensation Ownership; David . 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. Across sectors within commercial, the operating fundamentals remain challenged in hospitality as the average national occupancy rate hovers around 40% and in retail the prolonged shutdown and increasing number of retailer bankruptcies is continuing to weigh on that sector. 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. Reinvestment is a key criteria here. Just one [indiscernible] quarter, really favorable backdrop funding cost attractive, specialist TV end market. Thanks again. Independent ChairAudit CommitteeNCG CommitteeRisk Committee. Learn More on David L. Finkelstein's trading history. 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. [Operator Instructions] Please note this event is being recorded. Learn More on Annaly Capital Management's active insiders. 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. Exactly, exactly and we'll see where we end the year but we feel good about where we think it is. 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. None of Annaly's achievements would have been possible without . Mr. Campbell currently serves on the Advisory Board for the Fitzgerald Institute of Real Estate at the University of Notre Dame. We've isolated around where we ended the quarter and right now as about last night it's up roughly 1%. Yes the TBA role provided about $97.5 million post NIM for the quarter. 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. Finkelstein has 25 years of experience in fixed income investments. Mr. Schaefer was Executive Vice President and Chief Strategic and Administrative Officer of Morgan Stanley from 1998 to 2000. Prior to joining Annaly in 2013 . From 1997 to 1998, Mr. Schaefer was Managing Director and Head of Strategic Planning and Capital Management at Morgan Stanley. biography. 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. 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. 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. 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. 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? And my other questions have been asked and answered. Thank you. Annaly Capital Management, Inc. NLY ("Annaly" or the "Company") today announced its financial results for the quarter and year ended December 31, 2022. Beyond just prepays is what happens to pool pricing over the next quarter or two. Annaly Capital Management, Inc. (NYSE: NLY) (the "Company" or "Annaly") announced today the publication of its second corporate responsibility report for the year 2020, titled Leading with Purpose.The report demonstrates Annaly's continued focus on environmental, social and governance ("ESG") endeavors and provides an update on Annaly's ESG goals and commitments. Previously, he was Chief Financial Officer of Annaly from August 2013 to December 2019. 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. California Weighs $360,000 in Reparations to Eligible Black Residents. No, I think I understand. Liquidity tools have sufficiently supported funding markets and credit facilities have opened channels to credit for businesses, households and local governments, the temporary adjustments to regulations have somewhat encouraged bank lending and most impactful to Annaly's portfolio the asset purchases have supported the smooth functioning of treasury and agency markets. from the University of Notre Dame and a M.B.A. from the University of Chicago, Booth School of Business. 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. There been some signs that the worst of the economic distress may be behind us although the recent surge in cases in some areas of the US demonstrates the fragile nature of the recovery. 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. For its 2021 fiscal year, ANNALY CAPITAL MANAGEMENT, listed the following CEO pay ratio data on its annual proxy statement to the SEC. 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). The most active insiders traders include Wellington Denahan, Kevin Keyes, and David L Finkelstein. 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. Mr. Finkelstein was elected to serve as a director of Annaly in March 2020 and previously served as Chief Investment Officer. 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. As I mentioned we out-earned the dividend by $0.05 this quarter and absent another market dislocation or other foreseen developments, we expect Q3 core canings to also the dividend. in Economics and Political Science from the University of Pennsylvania and a J.D. from Bowdoin College and a M.B.A. from the University of Connecticut. Right. Mr. Finkelstein also holds the Chartered Financial Analyst designation. NCG Committee (Chair)Corporate Responsibility Committee. 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. 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. David Finkelstein About Us; Blog; Press; AFLCIO.tv; Union Plus Benefits; Toggle Search Form . 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. Data Year: 2021. 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. 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? Mr. Finkelstein was appointed as Chief Executive Officer and elected to serve on the Board of Directors in March 2020. The Agency group invests in agency mortgage-backed securities. Okay. So the NIM itself is not reflective of TBAs at all to your dollar role at all? History of Analytic Philosophy. Hey how much did TBAs add to your net interest margin for the quarter? Net Worth The estimated Net Worth of David L Finkelstein is at least Annaly Capital Management Inc . Mr. Green has over 20 years of experience in corporate and securities law. And with that, I'll turn it over to operator for questions. Most recently, on Friday, June 17th, David L. Finkelstein bought 200,000 shares of Annaly Capital Management stock. Dr. Hannan previously served as the Midwest Area Managing Partner for KPMGs Tax Services. Annaly provides supplemental disclosures under the Sustainability Accounting Standards Board (SASB) standards and the Global Reporting Initiative (GRI) standards frameworks. All proxy statements are public filings made available to the general public by the SEC. Click Here for Your Free Ultimate Dividend Package. david finkelstein annaly compensation. Total core income is used to buy, Eric. Prior to joining Annaly in 2013, Mr. Finkelstein served for four years as an Officer in the Markets Group . 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. Chief Corporate OfficerChief Legal Officer. I will provide brief financial highlights of the quarter ended June 30, 2020 and while earnings release discloses our GAAP and non-GAAP core results, I will be focusing this morning primarily on our core results and related metrics or excluding PAA. Ms. Williams has over 17 years of compensation and governance experience. And finally, the company has performed exceptionally well given the challenges faced from remote work and market uncertainty. Mr. Finkelstein has over 25 years of experience in fixed income investments. We're experiencing a meaningful imbalance between supply and demand as a cyclically low number of housing units, meets continued strong household formations and anecdotal evidence suggests that pandemic disruptions that limited impact on the home buying and refinancing processes. In addition, he makes $8,203,772 as Pres and CEO & Director at Annaly Capital Management Inc. Mr has made over 11 trades of the Annaly Capital Management Inc stock since 2016, according to the Form 4 filled with the SEC. As a reminder, Annaly routinely posts important information for investors on the company's website at www.annaly.com. 2020. 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. We do not undertake and specifically disclaim any obligation to update or revise this information. 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. The average price of those shares was I believe $6.30 or meaningfully above that level now. It's all dependent Rick on the attractiveness of the repurchase option relative to other options in our capital allocation policy. As we gain further clarity around the long-term implications of COVID, we are reassured by the stable and defensive nature of our portfolio and remain confident in its ability to withstand prolonged bouts of market volatility. Just on the TBAs again just every mortgage rate, it feels like accounts for $I specialness a little differently in their NIM. Mar 16, 2020. david finkelstein annaly compensationmostar bridge jump injuries. 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. Actual events and results may differ materially from these forward-looking statements. Mr. Finkelstein was elected to serve as a director of Annaly in March 2020. When I look this morning three month 10-year swaption was up 53 basis points. Also as David mentioned, our internalization transaction closed at the end of the quarter and we anticipate generating cost savings over the long time as we embark on being an internally managed company. This information is according to proxy statements filed for the 2021 fiscal year. Please note today's event is being recorded. 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. Thorough reviews have been conducted to assure this data accurately reflects disclosures. 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. Please go ahead. Great. Is it picked up in your asset yield or your funding costs or both? Mr. Finkelstein was elected to serve as a director of Annaly in March 2020. Comprehensive performance, salary and tenure analysis for the CEO, board and leadership team. Now core earnings in Q2 were above that dividend and we expect them to be so in Q3. 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. Annaly Capital Management, Inc. (NYSE:NLY) Q1 2022 Earnings Conference Call April 28, 2022 9:00 AM ETCompany Participants. 2022