Hey guys, this is actually Josh Bolton on for Doug. Annaly Capital Management, Inc. (NYSE: NLY) (the Company or Annaly) announced today the publication of its third corporate responsibility report for the year 2021, titled Taking Stock of Our Impact. On average, Annaly Capital Management Inc executives and independent directors trade stock every 35 days with the average trade being worth of $908,853. ANNALY CAPITAL MANAGEMENT Compensation by Company. Thanks. Actual events and results may differ materially from these forward-looking statements. In credit as we've said, we like our portfolio. "Athlete | Empire" presents the in-depth, intimate stories of these businesses, as told by the players themselves. 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. As the CEO of Annaly Capital Management, Inc., Mr. Finkelstein earned a total compensation package of $9,138,764.00 in 2021. 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. Annaly Capital Management, Inc. (NYSE:NLY) Q2 2020 Earnings Conference Call July 30, 2020 9:00 AM ET, David Finkelstein - CEO & Chief Investment Officer, Tim Gallagher - Head, Commercial Real Estate. Mr. Reeves received his B.A. Thank you, Purvi and good morning, everyone and thanks for joining us on our second quarter earnings call. 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. 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). And prepay is obviously being the uncertainty and the risk which we I don't think you heard a lot about I'm sure this quarter and I think we managed prepay risk as well as anybody. Financial Highlights. Mr. Finkelstein received a B.A. The Residential Credit group involves non-agency residential mortgage assets within securitized products and whole loan markets. Ilker . 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. Sean Kensil - Vice President, Investor Relations. So we feel good about it. Annaly is internally managed and has elected to be taxed as a real estate investment trust, or REIT, for federal income tax purposes. Thank you, David and good morning, everyone. Overall we feel good about conservative positioning in the portfolio across sectors and the strength of our relationships with best in class sponsors and operating partners to mitigate in further disruption. Current positions of David Finkelstein. Mr. Campbell previously served as Head of Business Operations of Annaly and has over 25 years of experience in financial services. 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. We delivered an economic return of nearly 15% and achieved core earnings well in excess of our right size dividend. 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. This chart shows David L Finkelstein's buying and selling at Annaly Capital Management by year and by quarter. Annaly Capital Management, Inc. NLY ("Annaly" or the "Company") today announced its financial results for the quarter and year ended December 31, 2022. Coronavirus Tips Working and Protection. GAAP net income (loss . As outlined in our report, we continue to Take Stock of Our Impact establishing ESG goals and commitments and tracking our considerable progress as we strive to integrate ESG priorities across our business, said David Finkelstein, Annalys Chief Executive Officer and President. 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. 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. 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. 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. Thank you for attending today's presentation. 212-333-3810 The oldest executive at Annaly Capital Management Inc is FrancineBovich, 68, who is the Independent Director. From September 2010 to December 2011, Mr. Haylon served as Head of Investment Product Management at General Re New England Asset Management. Annaly Capital Management, Inc. engages in the investment and financing of residential and commercial assets. 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. I didn't in the prepared comments. Mr. Finkelstein has over 25 years of experience in fixed income investments. Okay. Press Releases | Annaly Capital, https://www.businesswire.com/news/home/20220609005206/en/. Thanks David. David L. Finkelstein is Chief Executive Officer and Chief Investment Officer of Annaly. Total reserves now comprise 5.32% of our acreage in MML loan portfolios as of June 30, 2020. Now with respect to options, we did reinvest a lot of the runoff in our swap portfolio back in out of money options and I'll tell you going forward that will be a function of the level of implied volatility. 2020. Chief Executive OfficerChief Investment Officer. 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. Prior to joining Annaly in December 2019, Ms. Wolfe had served as a Partner at Ernst & Young LLP (E&Y) since 2011. June 30, 2022 . Most recently, Mr. Hamilton served as a Strategic Advisor to the Global Head of Fixed Income, Currencies and Commodities at Barclays Capital in New York. Bloomberg View columnist Barry Ritholtz looks at the people and ideas that shape markets, investing and business. Ms. Wolfe is a Certified Public Accountant in the states of New York, California, Illinois and Pennsylvania. Mr. Finkelstein was elected to serve as a director of Annaly in March 2020. Prior to joining Annaly in 2013, Mr. Finkelstein served for four years as an Officer in the . PHIL 21505/31505 Wonder, Magic, and Skepticism. Yeah I think prepay is kind of an obvious one outside of that. in Business Administration from the University of Washington and a M.B.A. from the University of Chicago, Booth School of Business. He received an undergraduate degree from the University of Washington and an MBA from The University of Chicago Booth School of Business. David L. Finkelstein C.F.A. 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. Wondering if you could just provide a bit more color on your prepared remarks on the potential to increase agency allocation. in Business Administration from the University of Washington and a M.B.A. from the University of Chicago, Booth School of Business. Athletes' ambitions don't end when they leave the field of play. 1-888-8Annaly 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. It operates through the following investment groups: Agency, Residential Credit, and Mortgage Servicing Rights. Annaly ended the quarter with excellent liquidity profile within $7.9 billion of unencumbered assets an increase of $1 billion from prior quarter and including cash and unencumbered agency MBS of $5.3 billion. Annaly provides supplemental disclosures under the Sustainability Accounting Standards Board (SASB) standards and the Global Reporting Initiative (GRI) standards frameworks. 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. Ms. Williams has over 17 years of compensation and governance experience. No, I think I understand. 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. There are no executives at Annaly Capital Management Inc getting paid more. The market dysfunction that occurred amid the initial COVID outbreak in the US has dissipated and we have seen significant improvement in liquidity and asset pricing. Mr. Finkelstein was elected to serve as a director of Annaly in March 2020. Previously, he was Chief Financial Officer of Annaly from August 2013 to December 2019. The corporate mailing address for Mr. Finkelstein and other Annaly Capital Management executives is 1211 AVENUE OF THE AMERICAS, NEW YORK NY, 10036. 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. When expanded it provides a list of search options that will switch the search inputs to match the current selection. Chart Data in Insider Trading History Table. 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. Yes the TBA role provided about $97.5 million post NIM for the quarter. But when you look at the portfolio and the economic return of the portfolio on the quarter, that was 15% and that persists we think. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. Mr. Finkelstein also holds the Chartered Financial Analyst designation. Mr. Finkelstein also holds the Chartered Financial Analyst designation. Hey how much did TBAs add to your net interest margin for the quarter? 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. In the second quarter and beyond as we mentioned, we bought back $175 million worth of stock. 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. Most recently he exercised 6,186 units of NLY stock worth $125,761 on 1 February 2023. Prior to joining Annaly in 2013 . 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. Chief Executive OfficerChief Investment Officer. Thorough reviews have been conducted to assure this data accurately reflects disclosures. Actual results could differ materially from those set forth in forward-looking statements due to a variety of factors, including, but not limited to, risks and uncertainties related to the COVID-19 pandemic, including as related to adverse economic conditions on real estate-related assets and financing conditions (and our outlook for our business in light of these conditions, which is uncertain); changes in interest rates; changes in the yield curve; changes in prepayment rates; the availability of mortgage-backed securities and other securities for purchase; the availability of financing and, if available, the terms of any financing; changes in the market value of our assets; changes in business conditions and the general economy; operational risks or risk management failures by us or critical third parties, including cybersecurity incidents; our ability to grow our residential credit business; the sale of our middle market lending business; credit risks related to our investments in credit risk transfer securities, residential mortgage-backed securities and related residential mortgage credit assets and corporate debt; risks related to investments in mortgage servicing rights; our ability to consummate any contemplated investment opportunities; changes in government regulations or policy affecting our business; our ability to maintain our qualification as a REIT for U.S. federal income tax purposes; and our ability to maintain our exemption from registration under the Investment Company Act. 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. Net Worth The estimated Net Worth of David L Finkelstein is at least Annaly Capital Management Inc . 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. Of this total $1,000,000 was received as a salary, $6,325,000 was received as a bonus, $0 was received in stock options, $1,800,001 was awarded as stock and $13,763 came from other types of compensation. There are 11 older and 9 younger executives at Annaly Capital Management Inc. Mr. Finkelstein was appointed as Chief Executive Officer and elected to serve on the Board of Directors in March 2020. Mr. Green was Deputy General Counsel of Annaly from 2009 until March 2017. Thanks Brendon for your help and we hope everybody stay safe. During this call, we may present both GAAP and non-GAAP financial measures. David L. Finkelstein is President, Chief Executive Officer & Director at Annaly Capital Management, Inc. View source version on businesswire.com: https://www.businesswire.com/news/home/20220609005206/en/, Annaly Capital Management, Inc. 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. Additionally, the content of this conference call may contain time-sensitive information that is accurate only as of the date hereof. Annaly Capital Management Inc executives and other stock owners filed with the SEC include: Track performance, allocation, dividends, and risks, Annotate, download XLSX & look up similar tables, Filter, compare, and track coins & tokens, insiders at Annaly Capital Management Inc, Stocks and cryptocurrency portfolio tracker. 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. 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. You may also find the annual proxy statement by going directly to the company's website. Management Development and Compensation Committee (Chair)Audit Committee. As of 1 February 2023 he still owns at least 401,561 units of Annaly Capital Management Inc stock. 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. 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. Information on this page was last updated on 6/17/2022. So it's reflected in your funding cost. Please go ahead. The estimated Net Worth of David L Finkelstein is at least $16.4 Million dollars as of 1 February 2023. From 1980 until 1984, he was a Senior Financial Analyst at Travelers Insurance Companies. ANNALY CAPITAL MANAGEMENT annual reports of executive compensation and pay are most commonly found in the Def 14a documents. Insiders at Annaly Capital Management own 0.3% of the company. Mr. Haylon received a B.A. 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. . David Finkelstein About Us; Blog; Press; AFLCIO.tv; Union Plus Benefits; Toggle Search Form . David L. Finkelstein C.F.A. Mr. Finkelstein is a member of the Treasury Market Practices Group sponsored by the Federal Reserve Bank of New York. Just on the TBAs again just every mortgage rate, it feels like accounts for $I specialness a little differently in their NIM. In terms of how it's actually reflected in the yield it's not. 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. We encourage you to read the disclaimer in our earnings release in addition to our quarterly and annual filings. 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. There are no executives at Annaly Capital Management Inc getting paid more. So we're very happy that the market picked up the slack and did a lot of that work. 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. We maintained the view that the agency sector represents the most attractive investment opportunity currently while also providing strong liquidity. So it's not an apples-to-apples comparison. 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. 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 The reason why they appreciate is because there worth it. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. 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. 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. And finally, the company has performed exceptionally well given the challenges faced from remote work and market uncertainty. I know you mentioned in some of the tail risks and just any more additional comments on the hedge positioning will be great thanks. in Finance from Florida State University. 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. Please note today's event is being recorded. Reinvestment is a key criteria here. Learn More on David L. Finkelstein's trading history. . In the last twelve months, Annaly Capital Management insiders bought shares 1 times. Mr. Haylon has previously served on the boards of Aberdeen Asset Management and Phoenix Investment Partners. Trustee. Kathy Hopinkah Hannan, Ph.D., C.P.A. These and our other ESG milestones have helped create durable value for all of our stakeholders., Corporate Responsibility Report Highlights. Click here to read the full letter and more from Annaly's 2020 Annual Report. 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. He joined the firm in 2013 and assumed the role of Chief Investment Officer in 2016. 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. in International and Comparative Law from Cornell Law School. Nevertheless, financial conditions have improved considerably. Mr has made over 9 trades of the Annaly Capital Management Inc stock since 2016, according to the Form 4 filled with the SEC. Mr. Campbell received a B.B.A. The decline in portfolio size is driven by approximately $53 million in loan payoff as well as securities sales. 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. The information shown here is a reporting of information included in the company's proxy statement. 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. Does that answer your question? 96% of the portfolio is in specified pools and we built that portfolio we'll over a number of years and we use the opportunity in March to reduce the pool holdings that we didn't find as attractive and what we're left with is a portfolio that is very high quality. Okay. Now, even Taiwan's own foreign minister is saying that China is on the cusp of a full scale invasion.
I'm Having A Problem Processing Your Order Waitr,
Road Conditions Albuquerque,
Lincoln Property Company Complaints,
Houses For Sale Gourock Esplanade,
Articles D
