And then our TBA balances roughly unchanged for the quarter and with respect to what we expect for the third quarter is likely to be in the proximity of where we were at for Q2 maybe a touch higher. I didn't in the prepared comments. Now in terms of amortization of the cost, I'll give you the MSR for example, which mimics the derivates portfolio. Press Releases | Annaly Capital, https://www.businesswire.com/news/home/20220609005206/en/. Most recently he exercised 7,989 units of NLY stock worth $50,490 on 29 January 2022. . The chart on this page features a breakdown of the total annual pay for David L. Finkelstein, Chief Executive Officer, President and Director at ANNALY CAPITAL MANAGEMENT as reported in their proxy statements. Our goal has been to maintain optimal liquidity thresholds and to manage the portfolio within conservative risk parameters to produce the highest level of quality earnings in this market environment. Mr. Finkelstein also holds the Chartered Financial Analyst designation. David L Finkelstein is CEO/Chief Investment Ofcr at Annaly. Okay. I would like to turn the conference back over to David Finkelstein for any closing remarks. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. Annualized core return on average equity excluding PAA was 12.82% for the quarter in comparison to 9.27% for Q1. 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. 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. Insiders at Annaly Capital Management own 0.3% of the company. 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. John H. Schaefer was elected to serve as an independent director of Annaly in 2013. David L. Finkelstein is CEO and Chief Investment Officer of Annaly. Annaly Capital Management, Inc. (NYSE:NLY) Q1 2022 Earnings Conference Call April 28, 2022 9:00 AM ETCompany Participants. So we're very happy that the market picked up the slack and did a lot of that work. 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. Annaly Capital Management, Inc. Publishes Third Corporate 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. Sean Kensil - Vice President, Investor Relations. We've isolated around where we ended the quarter and right now as about last night it's up roughly 1%. My No. 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. Below are excerpts from my letter to shareholders, released April 7, 2021. 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. Ms. Williams has served as Chief Human Resources Officer for NBCUniversal, a multinational media . We have previously discussed our methodology and are thorough and thoughtful approach to Cecil reserves. The estimated net worth of David L. Finkelstein is at least $33.93 million as of June 17th, 2022. 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. 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. Thorough reviews have been conducted to assure this data accurately reflects disclosures. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. See David L Finkelstein's compensation, career history, education, & memberships. 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. Mar 16, 2020. 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. Dr. Hannan received a Ph.D. in Leadership Studies from Benedictine University and a B.A. We maintained the view that the agency sector represents the most attractive investment opportunity currently while also providing strong liquidity. This chart shows David L Finkelstein's buying and selling at Annaly Capital Management by year and by quarter. While at KPMG, Dr. Hannan also founded the KPMG Womens Advisory Board. Anthony C. Green is Chief Corporate Officer and Chief Legal Officer of Annaly. [Operator Instructions] Please note this event is being recorded. 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. Wallmine is a radically better financial terminal. 212-333-3810 As the latest data indicates over 90% of renters made a full or partial rent payment as of June and in the office sector, although new leasing has slowed significantly, office REITs have reported strong rent recollections above 90% throughout the back end of the second quarter. Mr. Campbell received a B.B.A. Learn More on David L. Finkelstein's trading history. The most active insiders traders include Wellington Denahan, Kevin Keyes, and David L Finkelstein. Mr. Votek holds a B.S. Nov 07, 2016. Learn More about David L. Finkelstein's net worth. pictures of the galvin family; springfield, ma city council candidates; david finkelstein annaly compensation ANNALY CAPITAL MANAGEMENT annual reports of executive compensation and pay are most commonly found in the Def 14a documents. Trustee. 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. 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. Dr. Hannan has over 30 years of industry experience and held numerous leadership roles during her distinguished career with KPMG. Get notified the next time David L. Finkelstein buys or sells Annaly Capital Management stock. Mr. Schaefer received a B.B.A. 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. Thanks again. 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. David L. Finkelstein is Chief Executive Officer and Chief Investment Officer of Annaly. My Letter to Shareholders - LinkedIn This reduced our pay rate as well as shorten the maturity of our swap portfolio. 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. Great. 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. 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. You may now disconnect. NCG Committee (Chair)Corporate Responsibility Committee. 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. Annaly Capital Management, Inc. (NLY) Leadership & Management Team from the University of Michigan and J.D. Stock Market | FinancialContent Business Page 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. biography. 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 From 1980 until 1984, he was a Senior Financial Analyst at Travelers Insurance Companies. 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. Ilker . David Finkelstein - Chief Executive Officer & Chief - LinkedIn Dr. Hannan previously served as the Midwest Area Managing Partner for KPMGs Tax Services. in Economics and Political Science from the University of Pennsylvania and a J.D. 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. 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. 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. 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. All participants will be in a listen-only mode. You may also find the annual proxy statement by going directly to the company's website. 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. Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. Consistent with our communication last quarter, we continue to speak actively with sponsors, borrowers and agents to closely monitor performance. company's disclosure obligations under Regulation FD and to post and update investor presentations and some more materials on a regular basis. Maurion Davis on LinkedIn: #leader #citibank Total core income is used to buy, Eric. Net Worth The estimated Net Worth of David L Finkelstein is at least Annaly Capital Management Inc . Hey how much did TBAs add to your net interest margin for the quarter? He joined the firm in 2013 and assumed the role of Chief Investment Officer in 2016. . The estimated net worth of David L. Finkelstein is at least $36.42 million as of June 17th, 2022. David Finkelstein About Us; Blog; Press; AFLCIO.tv; Union Plus Benefits; Toggle Search Form . June 30, 2022 . and LL.M. 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. Mr. Schaefer was Executive Vice President and Chief Strategic and Administrative Officer of Morgan Stanley from 1998 to 2000. David Finkelstein-- Chief Executive Officer and Chief Investment Officer Yeah. David Finkelstein - conference-board.org 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. So the NIM itself is not reflective of TBAs at all to your dollar role at all? 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. The stock was acquired at an average cost of $5.56 per share, with a total value of $1,112,000.00. Will Others Follow? Annaly is a leading diversified capital manager with investment strategies across mortgage finance. This point was evidenced the quarter with the improvement in fair value measures and resulting improved book value. We do not undertake and specifically disclaim any obligation to update or revise this information. On average, Mr trades about 51,067 units every 152 days since 2016. Mr. Finkelstein was elected to serve as a director of Annaly in March 2020. Annaly Capital Management, Inc. Publishes Third Corporate 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. Compensation Ownership; David . David L. Finkelstein is Chief Executive Officer and Chief Investment Officer of Annaly. I'd now like to turn the conference over to Purvi Kamdar. In terms of how it's actually reflected in the yield it's not. Hey guys, this is actually Josh Bolton on for Doug. Click here to read the full letter and more from Annaly's 2020 Annual Report. Management Development and Compensation Committee (Chair)Audit Committee. 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. in Finance from the University of Dayton. Since 2011, Ms. Bovich has been a trustee of The Bradley Trusts. Prior to that, Mr. Finkelstein held senior Agency MBS trading positions at Salomon Smith Barney, Citigroup Inc. and Barclays PLC. 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, For its 2021 fiscal year, ANNALY CAPITAL MANAGEMENT, listed the following executives on its annual proxy statement to the SEC. 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. 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. 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. David L. Finkelstein is President, Chief Executive Officer & Director at Annaly Capital Management, Inc. The reason why they appreciate is because there worth it. 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: . Information on this page was last updated on 6/17/2022. 2022-2023 Spring Category. David L. Finkelstein, who has been serving as Annaly's Chief Investment Officer, Agency and RMBS, has been named Annaly's . ANNALY CAPITAL MANAGEMENT annual reports of executive compensation and pay are most commonly found in the Def 14a documents. 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.
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