Mr. Green was Deputy General Counsel of Annaly from 2009 until March 2017. Prior to joining Annaly in 2013, Mr. Finkelstein served for four years as an Officer in the . 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. David L. Finkelstein, who has been serving as Annaly's Chief Investment Officer, Agency and RMBS, has been named Annaly's . David L. Finkelstein has not been actively trading shares of Annaly Capital Management within the last three months. 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. 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. 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. Net Worth The estimated Net Worth of David L Finkelstein is at least Annaly Capital Management Inc . In comparison our base case scenario was altered in a modest release of reserve, which we felt inappropriate given the continued economic uncertainty centered around the evolving pandemic. We don't complete clarity on the economy and some of that runoff could go into the agency sector. David L. Finkelstein is Chief Executive Officer and Chief Investment Officer of Annaly. 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. David L. Finkelstein C.F.A. 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. Please go ahead. was elected to serve as an independent director of Annaly in February 2019. He is also a Director of the Friedreichs Ataxia Research Alliance, along with Co-Founder of his own charitable scientific effort, the CureFA Foundation. Mr. Finkelstein has over 25 years of experience in fixed income investments. Okay. 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. 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. Additionally as noted above, core did benefit from a reduction in financing costs with low average repo rates down to 79 basis points from 1.77% combined with lower average repo balanced stands at $68.5 million from $96.8 million and we achieved these results while opportunistically extending our repo book term increasing our weighted average date of maturity by 50% from 48 days to 74 days. 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. Ms. Denahan has a B.S. 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. in Finance from the University of Dayton. Chief Executive Officer, President and Director. 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. 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. 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. ANNALY CAPITAL MANAGEMENT annual reports of executive compensation and pay are most commonly found in the Def 14a documents. Actual events and results may differ materially from these forward-looking statements. They purchased a total of 200,000 shares worth more than $1,112,000.00. 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). Mr. Finkelstein also holds the Chartered Financial Analyst designation. . Independent ChairAudit CommitteeNCG CommitteeRisk Committee. Financial Highlights GAAP net income of $1.37 per average common share for the quarter Earnings available for distribution ("EAD") of $0.28 per average common share for the quarter; unchanged from the prior . . Do you expect any meaningful shift in terms of equity capital allocation going forward, thanks? Sean Kensil - Vice President, Investor Relations. From 1990 until 1994, he was Senior Vice President of Fixed-Income at Phoenix Home Life Insurance Company. 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. Just had a curiosity what are some things that you are concerned about or really looking closely at, you kind of in the end and immediate term. 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. Beyond just prepays is what happens to pool pricing over the next quarter or two. I think that's probably the best description of what we brought them through the shares. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. Does that answer your question? She is also a graduate of the Chicago Management Institute at the University of Chicago, Booth School of Business and the Institute of Comparative Political & Economic Systems at Georgetown University. Nevertheless, financial conditions have improved considerably. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. Vice ChairRisk Committee (Chair)Corporate Responsibility Committee. David Finkelstein About Us; Blog; Press; AFLCIO.tv; Union Plus Benefits; Toggle Search Form . Mr. Campbell also worked at General Electric Capital Corporation and D.B. Board of Directors in ANNALY CAPITAL MANAGEMENT. 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. Learn about Annaly Capital Management, Inc. (NLY) stock's management team. Mr. Reeves was formerly a law partner of McDermott, Will & Emery and a corporate attorney at Jones Day. The estimated net worth of David L. Finkelstein is at least $33.93 million as of June 17th, 2022. 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. The corporate mailing address for Mr. Finkelstein and other Annaly Capital Management executives is 1211 AVENUE OF THE AMERICAS, NEW YORK NY, 10036. All proxy statements are public filings made available to the general public by the SEC. Given this dynamic, we increased our TBA position in the quarter and gravitated further down in coupon. Now to begin with, I wanted to touch on a few strategic corporate actions we've taken as of late. 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. in Business Administration from the University of Washington and a M.B.A. from the University of Chicago, Booth School of Business. 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. Mr. Haylon has previously served on the boards of Aberdeen Asset Management and Phoenix Investment Partners. Mr A is 48, he's been the Pres and CEO & Director of Annaly Capital Management Inc since . 212-333-3810 Comprehensive performance, salary and tenure analysis for the CEO, board and leadership team. Mr. Campbell currently serves on the Advisory Board for the Fitzgerald Institute of Real Estate at the University of Notre Dame. Okay. 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. There are no executives at Annaly Capital Management Inc getting paid more. Wondering if you could just provide a bit more color on your prepared remarks on the potential to increase agency allocation. The most active insiders traders include Wellington Denahan, Kevin Keyes, and David L Finkelstein. While at KPMG, Dr. Hannan also founded the KPMG Womens Advisory Board. 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. Jun 09, 2022. Mr. Finkelstein was elected to serve as a director of Annaly in March 2020. 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. 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. Vicki Williams was appointed to serve as an independent director of Annaly effective January 2018. 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. Aggregate issuance under our OBX shelf has now reached 4.5 billion across 11 transactions since 2018. David L. Finkelstein is Chief Executive Officer and President of Annaly. Sure Ken you bet and what I meant by that is that the increase in agency could occur over the very short term as credit markets are still redeveloping and we do have some runoff in that capital will be reallocated to agency over the very near term and when we say that, a very small percentage. Mr. Green has over 20 years of experience in corporate and securities law. 2022-2023 Spring Category. [Operator instructions] Our first question comes from Eric Hagen with KBW. 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. We would expect more equity allocated to it, certainly, with the option to apply a modest amount of leverage. Learn More on David L. Finkelstein's trading history. Exactly, exactly and we'll see where we end the year but we feel good about where we think it is. During this call, we may present both GAAP and non-GAAP financial measures. And that's exactly right. Audit Committee (Chair)Management Development and Compensation CommitteeNCG Committee. The estimated net worth of David L. Finkelstein is at least $36.42 million as of June 17th, 2022. 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. Mr. Finkelstein was elected to serve as a director of Annaly in March 2020. NCG Committee (Chair)Corporate Responsibility Committee. 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). Annaly is a leading diversified capital manager with investment strategies across mortgage finance. 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. 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. 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. Musk Made a Mess at Twitter. 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. investor@annaly.com, Brunswick Group 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. Mr. Schaefer served as a board member and chair of the audit committee of USI Holdings Corporation from 2008 through 2012. 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. Additionally, the content of this conference call may contain time-sensitive information that is accurate only as of the date hereof. Our residential portfolio was roughly unchanged quarter-over-quarter at $2.6 billion as modest purchases and mark-to-market increases largely offset sales and portfolio runoff. 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. Very helpful and one quick follow-up if I may, you mentioned in terms of the agency funding composition extending out the repo financing terms, wondering going forward, would you expect to either further lengthen the repo financing terms or maintain what you've been doing, thanks? 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. Prior to his roles at Con Forms, Mr. Hamilton spent 24 years in a number of leadership positions in the financial industry. 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. Reinvestment is a key criteria here. Our next question comes from Rick Shane with JPMorgan. We have entered a more normalized environment with fed action serving as a key driver and spreads have retraced much the widening experienced in March we do remain positive on the sector given ample funding availability at low rates due to rate volatility and a complete reversal of an inferior technical backdrop that characterizes sector at the outset of this year. These and our other ESG milestones have helped create durable value for all of our stakeholders., Corporate Responsibility Report Highlights. This chart shows David L Finkelstein's buying and selling at Annaly Capital Management by year and by quarter. As Chief Executive Officer, President and Director at ANNALY CAPITAL MANAGEMENT, David L. Finkelstein made $9,138,764 in total compensation. There are no executives at Annaly Capital Management Inc getting paid more. Glenn A. Votek was elected to serve as a Director of Annaly in November 2019. Mr. Finkelstein has over 25 years of experience in fixed income investments. Yeah that's great. This point was evidenced the quarter with the improvement in fair value measures and resulting improved book value. In terms of how it's actually reflected in the yield it's not. Ms. Wolfe has over 20 years of experience in accounting, of which 13 years were focused solely in real estate practice. Ms. Williams has served as Chief Human Resources Officer for NBCUniversal, a multinational media conglomerate, since July 2018, where she is responsible for the companys global human resources function, including compensation, benefits, development and learning, talent acquisition, executive search, HR systems, and the HR service center. 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. David L. Finkelstein C.F.A. 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. The information shown here is a reporting of information included in the company's proxy statement. In Blacklisting Inspur, US Targets Partner Used by Intel and IBM, Twitter Revenue, Earnings Fell About 40% in December, WSJ Says, China E-Commerce Giant JD Set for $1.4 Billion Discount Spree, Bolsonaro Says Mission Isnt Over as US Conservatives Fete Him, Biden Closes In on Order to Restrict US Investment in China Tech, Harrods Shrugs Off Recession Fears as Rich Get Richer, FT Says, Wealthy NYC Family Feuds Over $258 Million Madison Avenue Sale, Tom Sizemore, 'Saving Private Ryan' Actor, Dies at 61. 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.

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