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. Mr. . Sorry, I think we're thinking about it a little differently, but yeah that's correct. 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. Ms. Williams previously served as Senior Vice President, Compensation, Benefits and HRIS at NBCUniversal beginning in 2011. This makes analysis regarding Cecil reserves particularly challenging. 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. David L. Finkelstein Chief Executive Officer, President and Director: 2020. Following the completion of the transaction, the chief executive officer now directly owns 1,669,013 shares of the company's stock, valued at $9,279,712.28. The oldest executive at Annaly Capital Management Inc is FrancineBovich, 68, who is the Independent Director. Last updated: 1 March 2023 at 11:00am EST. Annaly Capital Management, Inc. NLY ("Annaly" or the "Company") today announced its financial results for the quarter and year ended December 31, 2022. It did get below that level in early 2019 to about 49 basis points and then the last time prior to that was 2017 and before that it was pre-crisis. It's all dependent Rick on the attractiveness of the repurchase option relative to other options in our capital allocation policy. Mr. Finkelstein also holds the Chartered Financial Analyst designation. Mr. Green has over 20 years of experience in corporate and securities law. Thank you, Purvi and good morning, everyone and thanks for joining us on our second quarter earnings call. 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. Athletes' ambitions don't end when they leave the field of play. in Finance from the University of Dayton. 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. Additional information on the Company can be found at www.annaly.com. 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. Prior to that, he worked at AT&T and its finance subsidiary from 1986 to 1999 in various financial management roles. Mr A is 48, he's been the Pres and CEO & Director of Annaly Capital Management Inc since . Mr. Reeves was formerly a law partner of McDermott, Will & Emery and a corporate attorney at Jones Day. Thorough reviews have been conducted to assure this data accurately reflects disclosures. As David mentioned earlier, the stabilizing actions of the Fed coupled with our active portfolio management resulted in improved fed value of our agency assets and significant improvement in financial performance. 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. Learn More on David L. Finkelstein's salary. 212-333-3810 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. biography. Leadership | Annaly Capital From 1990 until 1994, he was Senior Vice President of Fixed-Income at Phoenix Home Life Insurance Company. There are no executives at Annaly Capital Management Inc getting paid more. Please go ahead. 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. 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. And did you guys say what your book value was through July? We add the incremental dollar role income to core income and then the outcome. Insiders at Annaly Capital Management own 0.3% of the company. from Loras College. 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. 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. And with that, I'll turn it over to operator for questions. pictures of the galvin family; springfield, ma city council candidates; david finkelstein annaly compensation NCG Committee (Chair)Corporate Responsibility Committee. David L. Finkelstein C.F.A. was elected to serve as an independent director of Annaly in February 2019. Yes the TBA role provided about $97.5 million post NIM for the quarter. In the commercial sector, we're slowly beginning to see activity pick up but volumes do remain somewhat muted. Mr. Finkelstein is a member of the Treasury Market Practices Group sponsored by the Federal Reserve Bank of New York. From 1986 until 1990, he was Managing Director at Aetna Bond Investors where he was responsible for management of insurance company and pension fund portfolios. Prior to joining Annaly in 2013, Mr. Finkelstein served for four years as an Officer in the . You may also find the annual proxy statement by going directly to the company's website. Net Worth The estimated Net Worth of David L Finkelstein is at least Annaly Capital Management Inc . As an internally managed REIT, we look forward to demonstrating increased transparency and alignment with our shareholders who will benefit from our ability to be more nimble in the way we do business in order to generate long-term value. Please note today's event is being recorded. View source version on businesswire.com: https://www.businesswire.com/news/home/20220609005206/en/, Annaly Capital Management, Inc. Annaly Capital Management, Inc. Publishes Third Corporate In the latest report, the Company included additional disclosures outlining climate-related risks and opportunities across its business in the short-, medium- and long-term horizons following the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). Does that answer your question? 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 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. 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. Now to begin with, I wanted to touch on a few strategic corporate actions we've taken as of late. It's been relatively calm. This concludes our question-and-answer session. So that could change but derivatives without achieving a little bit as well as MSR for it to be more attractive. 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. Annaly is a leading diversified capital manager that invests in and finances residential and commercial assets. Annaly Capital Management, Inc. Publishes Third Corporate Vicki Williams was appointed to serve as an independent director of Annaly effective January 2018. Mr. Hamilton has served as an Owner and Director of Construction Forms, Inc. (Con Forms), an industrial manufacturing company, since 2013. There are 11 older and 9 younger executives at Annaly Capital Management Inc. 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. Mr. Finkelstein received a B.A. 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). This report is not for commercial use. Biography of David Finkelstein. 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. ANNALY CAPITAL MANAGEMENT Compensation by Company. 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. Ms. Williams has over 17 years of compensation and governance experience. Michael Haylon was elected to serve as an independent director of Annaly in 2008. 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 December 2019, Ms. Wolfe had served as a Partner at Ernst & Young LLP (E&Y) since 2011. Mr. Finkelstein was elected to serve as a director of Annaly in March 2020. Annaly Capital Management's insider roster includes David Finkelstein (CEO), and Thomas Hamilton (Director). David Finkelstein Net Worth, Biography, and Insider Trading The stock was acquired at an average cost of $5.56 per share, with a total value of $1,112,000.00. Okay. in Business Administration from the University of Washington and a M.B.A. from the University of Chicago, Booth School of Business. 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. Ms. Bovich is a member of The Economic Club of New York, and an emeritus trustee of Connecticut College and a Member of the Investment Sub-Committee for its endowment. David Finkelstein - Biography - MarketScreener.com I would like to turn the conference back over to David Finkelstein for any closing remarks. 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. Interim CEO Glenn Votek to Assume Role of Senior Advisor and Remain on the Board of Directors. David Finkelstein | Committee for Economic Development of The 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. Ms. Bovich has also served as a board member of The Dreyfus Family of Funds since 2012, including currently serving as a board member of a number of registered investment funds within the fund complex. Mr. Finkelstein was elected to serve as a director of Annaly in March 2020 and previously served as Chief Investment Officer. David L. Finkelstein C.F.A. Net Worth (2023) | wallmine from the University of Michigan and J.D. I'm curious how you guys are looking at this and especially in light of having cut the dividend earlier in the year? 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. Mr has made over 7 trades of the Annaly Capital Management Inc stock since 2016, according to the Form 4 filled with the SEC. ANNALY CAPITAL MANAGEMENT Executive Salaries & Other Compensation Okay. ANNALY@brunswickgroup.com, Navigate to the << Back to 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. So it's not an apples-to-apples comparison. Click here to read the full letter and more from Annaly's 2020 Annual Report. 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. 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. Data Year: 2021. Annaly Capital Management, Inc. (NLY) CEO David Finkelstein on Q2 2020 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. "Athlete | Empire" presents the in-depth, intimate stories of these businesses, as told by the players themselves. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. 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. Mr. Finkelstein was elected to serve as a director of Annaly in March 2020. Coronavirus Tips Working and Protection. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Annaly intends to use our webpage as a means of disclosing material non-public information for complying with the company's disclosure obligations under Regulation FD and to post and update investor presentations and some more materials on a regular basis. Mr. Finkelstein has 25 years of experience in fixed income investments. And that's exactly right. Our efficiency metrics changed modestly relative to Q1 being 2.1% of equity for the second quarter in comparison to 1.98%. My No. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. Learn More on Annaly Capital Management's active insiders. This net worth evaluation does not reflect any other assets that Mr. Finkelstein may own. For its 2021 fiscal year, ANNALY CAPITAL MANAGEMENT, listed the following board members on its annual proxy statement to the SEC. As the CEO of Annaly Capital Management, Inc., Mr. Finkelstein earned a total compensation package of $9,138,764.00 in 2021. Mr. Campbell received a B.B.A. 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. 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. Since 2011, Ms. Bovich has been a trustee of The Bradley Trusts. Our next question comes from Kenneth Lee with RBC Capital Markets. Mr. Votek has over 30 years of experience in financial services. No, it is not reflected in the funding cost. 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. Francine J. Bovich was elected to serve as an independent director of Annaly in 2014. in Finance from Florida State University. Compensation Information for David L. Finkelstein, Chief Executive 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 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. 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. The reason why they appreciate is because there worth it. 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 . Annaly Capital Management, Inc. Publishes Second Corporate [Operator instructions] Our first question comes from Eric Hagen with KBW. 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. Thank you for attending today's presentation. Thanks for that. He joined the firm in 2013 and assumed the role of Chief Investment Officer in 2016. Mr. Finkelstein owns 1,669,013 shares of Annaly Capital Management stock worth more than $36,417,864 as of February 13th. 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. Mr. Finkelstein was elected to serve as a director of Annaly in March 2020. Now, even Taiwan's own foreign minister is saying that China is on the cusp of a full scale invasion. So broadly speaking in agency it's probably pool pricing and in credit there could be unforeseen events given the economy that could disrupt individual assets. Annaly Capital Management, Inc. Investor Relations 1-888-8Annaly www.annaly.com Release Summary Donnell A. Segalas Concludes his Service as a Member of the Board of Annaly Capital Management, Inc. As I mentioned last quarter, we expect to see more growth in this segment as markets continue to normalize and we are encouraged by the steady pace of securitization activity to support our asset generation strategy. 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. We have previously discussed our methodology and are thorough and thoughtful approach to Cecil reserves. Current positions of David Finkelstein. Steven F. Campbell is President and Chief Operating Officer of Annaly. 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 . 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. Thanks Brendon for your help and we hope everybody stay safe. Maurion Davis on LinkedIn: #leader #citibank Mr. Finkelstein owns 1,669,013 shares of Annaly Capital Management stock worth more than $33,931,034 as of March 4th. Shifting to residential credit, the sector saw significantly more activity as market dynamics began to improve following the crisis. Mr. Finkelstein was elected to serve as a director of Annaly in March 2020. 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. 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. But nonetheless it's a more balanced hedge profile now with a slight steepening bias and we took advantage of near zero rates at the front end of the curve, which we think has very limited downside potential in terms of those hedges losing money because it's not our view that we end up in a negative rate scenarios negative policy rate scenario that is. The estimated net worth of David L. Finkelstein is at least $33.93 million as of June 17th, 2022. Net Worth The estimated Net Worth of David L Finkelstein is at least Annaly Capital Management Inc . Stock Market | Pittsburgh Post-Gazette On average, Annaly Capital Management Inc executives and independent directors trade stock every 35 days with the average trade being worth of $908,853. 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. 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. We've isolated around where we ended the quarter and right now as about last night it's up roughly 1%. 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. Mr has made over 9 trades of the Annaly Capital Management Inc stock since 2016, according to the Form 4 filled with the SEC. 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. We delivered an economic return of nearly 15% and achieved core earnings well in excess of our right size dividend. 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. David's mailing address filed with the SEC is C/O ANNALY CAPITAL MANAGEMENT, INC., 1211 AVENUE OF THE AMERICAS, NEW YORK, NY, 10036. and LL.M. 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. Trustee. David L. Finkelstein C.F.A. None of Annaly's achievements would have been possible without . So right now balance sheet leverage pools of finance through the repo market is more attractive than structural leverage meaning derivatives who when I say structural leverage I mean an asset whose outcome is dependent on a larger asset like derivatives are. The housing market remained strong given long-term positive fundamentals, which we believe will help the ultimate recovery. The estimated net worth of David L. Finkelstein is at least $36.42 million as of June 17th, 2022. In addition, he makes $8,203,772 as Pres and CEO & Director at Annaly Capital . David Finkelstein - President, CEO & Director. 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. in International and Comparative Law from Cornell Law School. This chart shows David L Finkelstein's buying and selling at Annaly Capital Management by year and by quarter. Mr. Haylon has previously served on the boards of Aberdeen Asset Management and Phoenix Investment Partners.
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