Ms. Bovich has a B.A. He joined the firm in 2013 and assumed the role of Chief Investment Officer in 2016. Will Others Follow? Thank you for attending today's presentation. David L. Finkelstein C.F.A. My No. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. That has largely taken delivery of the most negatively convex MBS, which has resulted in a shift to the TBA deliverable across production coupons to more newly originated pools and as a result, nominal carry on production coupons TBAs has improved dramatically thereby adding to returns for TBA holders. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. 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. Mar 16, 2020. You may now disconnect. 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. Actual events and results may differ materially from these forward-looking statements. Prior to that, Mr. Finkelstein held senior Agency MBS trading positions at Salomon Smith Barney, Citigroup Inc. and Barclays PLC. 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. 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. 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. There was a depreciation in the amount on the balance sheet of MSR, half of which was amortization and the other half of which was the multiple compression. The proxy statement includes footnotes and explanations of this information plus other information that is pertinent in assessing the overall value and appropriateness of the compensation information. Annaly is internally managed and has elected to be taxed as a real estate investment trust, or REIT, for federal income tax purposes. 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. So thank you, guys. With respect to the incremental benefit of the TBA position for the second quarter, I'll say I think the actual dollar contribution or in pennies was about $0.07 and with respect to the NIM contribution, Serena you can. Mr. Finkelstein was elected to serve as a director of Annaly in March 2020 and previously served as Chief Investment Officer. Wellington J. Denahan co-founded Annaly in 1996 and has served as a Director since that time. Alex Yankus Thanks again. Mr. Reeves received his B.A. Learn More on David L. Finkelstein's contact information. Please go ahead. 2014. In the second quarter and beyond as we mentioned, we bought back $175 million worth of stock. 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? Learn More on David L. Finkelstein's salary. History of Analytic Philosophy. 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. Sorry, I think we're thinking about it a little differently, but yeah that's correct. Mr. Campbell also worked at General Electric Capital Corporation and D.B. Nov 07, 2016. The Residential Credit group involves non-agency residential mortgage assets within securitized products and whole loan markets. Thank you. Mr. Finkelstein received a B.A. Below are excerpts from my letter to shareholders, released April 7, 2021. NEW YORK, June 09, 2022--Annaly Capital Management, Inc. (NYSE: NLY) (the "Company" or "Annaly") announced today the publication of its third corporate responsibility report for the year 2021 . David Finkelstein - Chief . Mr. Haylon has served as Managing Director and Head of Conning North America at Conning, Inc., a global provider of investment management solutions, services and research to the insurance industry, since June 2018. As the CEO of Annaly Capital Management, Inc., Mr. Finkelstein earned a total compensation package of $9,138,764.00 in 2021. 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. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. These initiatives are a testament to our focus on driving shareholder value, ensuring that the firm as a whole, our structure as well as our portfolio is positioned to continue outperforming as our second quarter results demonstrate. 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. There are 11 older and 9 younger executives at Annaly Capital Management Inc. Annaly provides supplemental disclosures under the Sustainability Accounting Standards Board (SASB) standards and the Global Reporting Initiative (GRI) standards frameworks. Glenn A. Votek was elected to serve as a Director of Annaly in November 2019. in Finance from the University of Dayton. I know you mentioned in some of the tail risks and just any more additional comments on the hedge positioning will be great thanks. from Loras College. Independent ChairAudit CommitteeNCG CommitteeRisk Committee. 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. pictures of the galvin family; springfield, ma city council candidates; david finkelstein annaly compensation Chief Executive OfficerChief Investment Officer. Last updated: 1 March 2023 at 11:00am EST. The corporate mailing address for Mr. Finkelstein and other Annaly Capital Management executives is 1211 AVENUE OF THE AMERICAS, NEW YORK NY, 10036. David L. Finkelstein is Chief Executive Officer and Chief Investment Officer of Annaly. 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. 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. No, I think I understand. Annaly is a leading diversified capital manager with investment strategies across mortgage finance. Annaly Capital Management, Inc. engages in the investment and financing of residential and commercial assets. Ms. Wolfe held a variety of roles across industries since beginning her career at E&Y in 1998, including most recently as EYs Central Region Real Estate Hospitality & Construction leader since 2017. company's disclosure obligations under Regulation FD and to post and update investor presentations and some more materials on a regular basis. Mr A is 48, he's been the Pres and CEO & Director of Annaly Capital Management Inc since . Financial Highlights. david finkelstein annaly compensationmostar bridge jump injuries. 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 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. 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. 2022 Mr. Haylon has previously served on the boards of Aberdeen Asset Management and Phoenix Investment Partners. A lot of that is driven by the tailwind from the fed and specialism and TBAs where our role income doubled over the quarter and it is currently existent today and if we look at past episodes it [indiscernible] persisted for some time. And finally, the company has performed exceptionally well given the challenges faced from remote work and market uncertainty. From September 2010 to December 2011, Mr. Haylon served as Head of Investment Product Management at General Re New England Asset Management. 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. ANNALY CAPITAL MANAGEMENT income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. 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. Press Releases | Annaly Capital, https://www.businesswire.com/news/home/20220609005206/en/. There are 11 older and 9 younger executives at Annaly Capital Management Inc. These funds represent a broad scope of investment strategies including equities, taxable fixed income, municipal bonds, and cash management. The Agency group invests in agency mortgage-backed securities. Mr. Green holds a B.A. This report is not for commercial use. Prior to that, Mr. Finkelstein held senior Agency MBS trading positions at Salomon Smith Barney, Citigroup Inc. and Barclays PLC. Okay. Mr. Campbell currently serves on the Advisory Board for the Fitzgerald Institute of Real Estate at the University of Notre Dame. Mr. Finkelstein has 25 years of experience in fixed income investments. He was Chief Financial Officer of the Phoenix Companies, Inc. from 2004 until 2007, and Executive Vice President and Chief Investment Officer of the Phoenix Companies in 2002 and 2003. Click Here for Your Free Ultimate Dividend Package. Good morning and welcome to the second quarter 2020 earnings call for Annaly Capital Management. And with that, I'll turn it over to operator for questions. As a reminder, the impending model introduced by the new Cecil is based on expected losses rather than incurred losses, which was the previous management for reserve historically. Additionally during the second quarter, we utilized our share buyback program and have now repurchased $175 million common stock year-to-date. Mr. Hamilton has served as an Owner and Director of Construction Forms, Inc. (Con Forms), an industrial manufacturing company, since 2013. Additionally, the content of this conference call may contain time-sensitive information that is accurate only as of the date hereof. Learn More about insider trades at Annaly Capital Management. 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. 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. 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. There are no executives at Annaly Capital Management Inc getting paid more. Mr has made over 9 trades of the Annaly Capital Management Inc stock since 2016, according to the Form 4 filled with the SEC. 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. Non-Equity Incentive Plan Compensation: $0: Change in Pension Value and Deferred Compensation Earnings: $0: All Other Compensation: $13,763: Total: $9,138,764: Annaly Capital Management, Inc. disclosed its CEO pay was. The estimated net worth of David L. Finkelstein is at least $33.93 million as of June 17th, 2022. Wallmine is a radically better financial terminal. There are no executives at Annaly Capital Management Inc getting paid more. Portfolio construct has been protected against broader sectors that have witnessed demand destruction and we maintain meaningful exposure where pockets of spend remainder resilient. 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. Corporate Responsibility Committee (Chair)NCG CommitteeRisk Committee. Mr. Green has over 20 years of experience in corporate and securities law. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. We appropriately conservatively reserve for any what we think to be of any eventuality down out the horizon but there's idiosyncratic risk in every credit asset and so we feel good about it, but there could be one-off disruptions and so that's we're looking at as well. Our efficiency metrics changed modestly relative to Q1 being 2.1% of equity for the second quarter in comparison to 1.98%. When expanded it provides a list of search options that will switch the search inputs to match the current selection. 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. . David L. Finkelstein Chief Executive Officer, President and Director: David L. Finkelstein is Chief Executive Officer and Chief Investment Officer of Annaly. So the NIM itself is not reflective of TBAs at all to your dollar role at all? Salary, bonuses, stock options, stock awards and other compensation for David L. Finkelstein, Chief Executive Officer, President and Director at ANNALY CAPITAL MANAGEMENT. NEW YORK -- (BUSINESS WIRE)-- Annaly Capital Management, Inc. (the "Company" or "Annaly") today announced management promotions within its senior executive team, which are effective immediately. Thanks David. Thank you, David and good morning, everyone. Good morning and welcome to the Annaly Capital Management Second Quarter 2020 Conference Call. 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. The oldest executive at Annaly Capital Management Inc is FrancineBovich, 68, who is the Independent Director. California Weighs $360,000 in Reparations to Eligible Black Residents. He received an undergraduate degree from the University of Washington and an MBA from The University of Chicago Booth School of Business. Biography of David Finkelstein. Is it picked up in your asset yield or your funding costs or both? Compensation Ownership; David . Thorough reviews have been conducted to assure this data accurately reflects disclosures. With the improved stability in the financial markets, we've seen an improvement of lenders appetite to finance credit assets particularly in the residential space in anticipation of the expiration of our FHLB membership in February of 2021, we're executing an offset financing strategy involving committed funding facilities for our residential credit business and as David mentioned, we maintain a strong presence in residential securitization market. Now core earnings in Q2 were above that dividend and we expect them to be so in Q3. 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. 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. Chief Executive Officer, President and Director. 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. 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. Dr. Hannan has over 30 years of industry experience and held numerous leadership roles during her distinguished career with KPMG. 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. Mr. Hamiltons prior roles at Barclays include serving as the Global Head of Securitized Product Trading and Banking, in which capacity he was responsible for the build out of the Barclayss Global Securitized Product businesses, and as the Head of Municipal Trading and Investment Banking. We remain comfortable with our existing credit portfolios and the associated Cecil reserves and will continue to monitor specific asset performance and economic projections as we determine future reserves. 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. The report demonstrates Annaly's continued focus on setting and measuring progress on . The report demonstrates Annalys continued focus on setting and measuring progress on environmental, social and governance (ESG) goals, as well as its commitment to providing increased disclosure and transparency. The most active insiders traders include Wellington Denahan, Kevin Keyes, and David L Finkelstein. Ms. Wolfe has over 20 years of experience in accounting, of which 13 years were focused solely in real estate practice. Please go ahead. 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. Prior to joining Annaly in 2013 . We don't complete clarity on the economy and some of that runoff could go into the agency sector. John H. Schaefer was elected to serve as an independent director of Annaly in 2013. Biography of David Finkelstein. Unit tranches and second lean loans within middle-market are experiencing more notable price discovery than its larger market blathering and we expect these gaps to remain as traditional middle-market participants grapple with their portfolios. 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. ANNALY CAPITAL MANAGEMENT income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. 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. Prior to joining Annaly in April 2015, Mr. Campbell held various roles over six years at Fortress Investment Group LLC, including serving as a Managing Director in the Credit Funds business. We maintained the view that the agency sector represents the most attractive investment opportunity currently while also providing strong liquidity. As COO, Steve will expand on the work he's been doing as Head of Business Operations and work closely with the executive team to help oversee Annaly's overall operations and risk management functions. 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. 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 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. Yes the TBA role provided about $97.5 million post NIM for the quarter. They provide a much better competitive profile with lower prepayment characteristics than the market, but generally speaking pool pricing can be variable and so that's probably the risk in any agency. Learn More on Annaly Capital Management's active insiders. Learn More on David L. Finkelstein's salary. 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. 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. 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. Mr. Finkelstein has over 25 years of experience in fixed income investments. On average, Annaly Capital Management Inc executives and independent directors trade stock every 35 days with the average trade being worth of $908,853. Audit CommitteeManagement Development and Compensation CommitteeRisk Committee. Annaly Capital Management, Inc. (NYSE: NLY) (the "Company" or "Annaly") announced today the publication of its third corporate responsibility report f ANNALY CAPITAL MANAGEMENT Compensation by Company. [Operator Instructions] After todays presentation, there will be an opportunity to ask questions. All proxy statements are public filings made available to the general public by the SEC. It operates through the following investment groups: Agency, Residential Credit, and Mortgage Servicing Rights. 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. from the University of Notre Dame and a M.B.A. from the University of Chicago, Booth School of Business. He was President and Chief Operating Officer of the Global Wealth Management division of Morgan Stanley from 2000 to 2005. You may also find the annual proxy statement by going directly to the company's website. 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. Glenn has been an invaluable part of our leadership team and we thank him for his numerous contributions over the years and look forward to his continuing service on our board. 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. He began his career in 1979 in the commercial lending program at Philadelphia National Bank. And now with that, I'll hand it over to Serena to discuss the financials. Mr. Campbell received a B.B.A. The proxy statement includes footnotes and explanations of this information plus other information that is pertinent in assessing the overall value and appropriateness of the compensation information. We feel good about where pools are at. 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. 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. Yeah that's great. [Operator Instructions] Please note this event is being recorded. Dr. Hannan is a former Global Lead Partner, National Managing Partner and Vice Chairman of KPMG, LLP, the U.S. member firm of the global audit, tax and advisory services firm KPMG International. Please. Athletes' ambitions don't end when they leave the field of play. Ms. Denahan was Annalys Chief Operating Officer from January 2006 to October 2012 and Chief Investment Officer from 2000 to November 2012. 212-333-3810 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 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. 2015. From 2013 until September 2020, Mr. Hamilton also served as Con Forms President and Chief Executive Officer. So we're very happy that the market picked up the slack and did a lot of that work. 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. Annaly is a leading diversified capital manager that invests in and finances residential and commercial assets. NEW YORK--(BUSINESS WIRE)-- Mr. Green has served as Chief Corporate Officer since January 2019 and Chief Legal Officer since March 2017. Vice ChairRisk Committee (Chair)Corporate Responsibility Committee. 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.

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