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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. Learn More on Annaly Capital Management's active insiders. David L. Finkelstein is Chief Executive Officer and President of Annaly. Annaly Capital Management, Inc. NLY ("Annaly" or the "Company") today announced its financial results for the quarter and year ended December 31, 2022. We delivered an economic return of nearly 15% and achieved core earnings well in excess of our right size dividend. 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 about Annaly Capital Management, Inc. (NLY) stock's management team. The information shown here is a reporting of information included in the company's proxy statement. Steven F. Campbell is President and Chief Operating Officer of Annaly. 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. Click here to read the full letter and more from Annaly's 2020 Annual Report. Prior to joining Annaly in 2013, Mr. Finkelstein served for four years as an Officer in the Markets Group . Mr. Green was Deputy General Counsel of Annaly from 2009 until March 2017. 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. 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. in Economics and Political Science from the University of Pennsylvania and a J.D. Non-agency securities across legacy CRT jumbo 2.0 and non-QN have seen substantial recovery. For its 2021 fiscal year, ANNALY CAPITAL MANAGEMENT, listed the following CEO pay ratio data on its annual proxy statement to the SEC. Mr. Finkelstein is a member of the Treasury Market Practices Group sponsored by the Federal Reserve Bank of New York. Reinvestment is a key criteria here. So we feel good about it. Musk Made a Mess at Twitter. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. Biography of David Finkelstein. My No. As Chief Executive Officer, President and Director at ANNALY CAPITAL MANAGEMENT, David L. Finkelstein made $9,138,764 in total compensation. Dr. Hannan previously served as the Midwest Area Managing Partner for KPMGs Tax Services. in Business Administration from the University of Washington and a M.B.A. from the University of Chicago, Booth School of Business. 2020. Our efficiency metrics changed modestly relative to Q1 being 2.1% of equity for the second quarter in comparison to 1.98%. 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. 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. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. Annaly is a leading diversified capital manager that invests in and finances residential and commercial assets. 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. Learn More on David L. Finkelstein's trading history. Press Releases | Annaly Capital, https://www.businesswire.com/news/home/20220609005206/en/. Learn More on Annaly Capital Management's active insiders. 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. 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. GAAP net income (loss . and LL.M. Mr. Campbell previously served as Head of Business Operations of Annaly and has over 25 years of experience in financial services. David L. Finkelstein, who has been serving as Annaly's Chief Investment Officer, Agency and RMBS, has been named Annaly's . 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. The estimated Net Worth of David L Finkelstein is at least $16.4 Million dollars as of 1 February 2023. Investor Relations Serena Wolfe - CFO. 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. Prior to joining Annaly in 2013, Mr. Finkelstein served for four years as an Officer in the . 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 provides supplemental disclosures under the Sustainability Accounting Standards Board (SASB) standards and the Global Reporting Initiative (GRI) standards frameworks. in Business Administration from the University of Washington and a M.B.A. from the University of Chicago, Booth School of Business. Is it picked up in your asset yield or your funding costs or both? So thank you, guys. 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. Ilker . Mr. Finkelstein owns 1,669,013 shares of Annaly Capital Management stock worth more than $33,931,034 as of March 4th. The estimated net worth of David L. Finkelstein is at least $33.93 million as of June 17th, 2022. Mr. Finkelstein was appointed as Chief Executive Officer and elected to serve on the Board of Directors in March 2020. Total core income is used to buy, Eric. 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. I think that's probably the best description of what we brought them through the shares. Interim CEO Glenn Votek to Assume Role of Senior Advisor and Remain on the Board of Directors. Last updated: 1 March 2023 at 11:00am EST. 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. 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. Ms. Denahan was Annalys Chief Operating Officer from January 2006 to October 2012 and Chief Investment Officer from 2000 to November 2012. Net Worth The estimated Net Worth of David L Finkelstein is at least Annaly Capital Management Inc . Beyond just prepays is what happens to pool pricing over the next quarter or two. Management Development and Compensation Committee (Chair)Audit Committee. Mr. Reeves was formerly a law partner of McDermott, Will & Emery and a corporate attorney at Jones Day. Prior to Barclays, Mr. Hamilton held various Managing Director roles at Citigroup, Inc. and Salomon Brothers, Inc., where he began his career. 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. 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. Now, even Taiwan's own foreign minister is saying that China is on the cusp of a full scale invasion. On a more positive note, multifamily remained strong throughout the quarter. Yeah that's great. [Operator instructions] Our next question comes from George Bahamondes with Deutsche Bank. Vice ChairRisk Committee (Chair)Corporate Responsibility Committee. The dividend represented 10.5% yield on our book value which is in line with our historical average while being competitive relative to our peers and various fixed income benchmarks. Annaly Capital Management (NYSE:NLY) Q4 2021 Earnings Conference Call February 10, 2022 10:00 AM ETCompany Participants. 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. 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. 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. Trustee. 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. David L. Finkelstein has not been actively trading shares of Annaly Capital Management within the last three months. I'm curious how you guys are looking at this and especially in light of having cut the dividend earlier in the year? 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. Yes the TBA role provided about $97.5 million post NIM for the quarter. Thank you, David and good morning, everyone. And my other questions have been asked and answered. Do you expect any meaningful shift in terms of equity capital allocation going forward, thanks? And with that I'll turn the call over to David. Glenn A. Votek was elected to serve as a Director of Annaly in November 2019. [Operator Instructions] Please note this event is being recorded. I am pleased to share all that we have accomplished in 2021, including enhancing the Companys executive compensation program, expanding our parental leave and fertility benefits and providing additional climate-related disclosures. It operates through the following investment groups: Agency, Residential Credit, and Mortgage Servicing Rights. Overall, we maintained a more constructive view of the operating environment and our ability to deliver compelling returns as each of our businesses respected sectors begins to emerge from the initial volatility and destruction caused by the pandemic. During this call, we may present both GAAP and non-GAAP financial measures. Good morning and welcome to the Annaly Capital Management Second Quarter 2020 Conference Call. Consequently, we reduced leverage during the quarter from 6.8 times to 6.4 times and made the prudent decision to set our quarterly dividend at $0.22. 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 Portfolio construct has been protected against broader sectors that have witnessed demand destruction and we maintain meaningful exposure where pockets of spend remainder resilient. 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. 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. Chief Executive OfficerChief Investment Officer. In the last twelve months, Annaly Capital Management insiders bought shares 1 times. And that's exactly right. Mr. Reeves has served as Managing Director, Head of Private Capital Investments of Duchossois Capital Management (DCM) since 2017. 212-333-3810 Annaly Capital Management, Inc. Names David L. Finkelstein Chief Executive Officer Interim CEO Glenn Votek to Assume Role of Senior Advisor and Remain on the Board of Directors March 16, 2020 07: . 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. We add the incremental dollar role income to core income and then the outcome. We encourage you to read the disclaimer in our earnings release in addition to our quarterly and annual filings. Wondering if you could just provide a bit more color on your prepared remarks on the potential to increase agency allocation. 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. 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. Most recently, on Friday, June 17th, David L. Finkelstein bought 200,000 shares of Annaly Capital Management stock. 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. On average, Annaly Capital Management Inc executives and independent directors trade stock every 35 days with the average trade being worth of $908,853. From 1980 until 1984, he was a Senior Financial Analyst at Travelers Insurance Companies. NEW YORK-(BUSINESS WIRE)-Annaly Capital Management, Inc. (NYSE: NLY) ("Annaly" or the "Company") today announced its financial results for the quarter ended March 31, 2022. Great. Thanks for that. The corporate mailing address for Mr. Finkelstein and other Annaly Capital Management executives is 1211 AVENUE OF THE AMERICAS, NEW YORK NY, 10036. 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. Hey guys, this is actually Josh Bolton on for Doug. David L. Finkelstein is Chief Executive Officer and Chief Investment Officer of Annaly. While our portfolio speech did experience an increase on the quarter, prepays on our overall portfolio were notably lower than the GSE universe, which paid roughly eight CPR faster despite the higher average coupon of our portfolio relative to the universe. Mr. Finkelstein also holds the Chartered Financial Analyst designation. Coronavirus Tips Working and Protection. Annualized core return on average equity excluding PAA was 12.82% for the quarter in comparison to 9.27% for Q1. This chart shows David L Finkelstein's buying and selling at Annaly Capital Management by year and by quarter. "Athlete | Empire" presents the in-depth, intimate stories of these businesses, as told by the players themselves. 1 dividend stock for a LIFETIME of income. I didn't in the prepared comments. biography. Prior to joining Annaly in 2013 . 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. Mr. Hamilton received a B.S. For its 2021 fiscal year, ANNALY CAPITAL MANAGEMENT, listed the following CEO pay ratio data on its annual proxy statement to the SEC. Mr. Finkelstein received a B.A. Data Year: 2021. From 2013 until September 2020, Mr. Hamilton also served as Con Forms President and Chief Executive Officer. 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. 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. Mr. Finkelstein also holds the Chartered Financial Analyst designation. NEW YORK -- (BUSINESS WIRE)-- Annaly Capital Management, Inc. (NYSE: NLY) ("Annaly" or the "Company") announced today the Board of Directors (the "Board") has elected David L. Finkelstein as its Chief Executive Officer and a . Consistent with our communication last quarter, we continue to speak actively with sponsors, borrowers and agents to closely monitor performance. Signaling from a fed on continued low rates combined with considerable injection of additional reserves in the financial system through repo operation and asset purchases have led to very stable funding conditions with repo markets experiencing no signs of stress through the quarter even on pivotal month end and quarter end days 1.8. Ms. Denahan has a B.S. 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. So we're very happy that the market picked up the slack and did a lot of that work. David L. Finkelstein C.F.A. 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. Just on the TBAs again just every mortgage rate, it feels like accounts for $I specialness a little differently in their NIM. 1-888-8Annaly 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. 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. We further reduced the LIBOR footprint of our hedge portfolio with our swap now 80% in OIS and we reinitiated our treasury future short position that was unwound in the first quarter. 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. Thank you for attending today's presentation. Since 2011, Ms. Bovich has been a trustee of The Bradley Trusts. Annaly Capital Management, Inc. (NYSE: NLY) (the "Company" or "Annaly") announced today the publication of its third corporate responsibility report f We don't complete clarity on the economy and some of that runoff could go into the agency sector. Net Worth The estimated Net Worth of David L Finkelstein is at least Annaly Capital Management Inc . . The estimated Net Worth of David L Finkelstein is at least $16.4 Million dollars as of 1 February 2023. 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 most recent insider tranaction occured on June, 17th when CEO David L Finkelstein bought 200,000 shares worth more than $1,112,000.00. Learn More on David L. Finkelstein's trading history. 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. David L. Finkelstein is Chief Executive Officer and Chief Investment Officer of Annaly. 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 as well as a member of the Financial Sector Advisory Council of the Federal Reserve Bank of Dallas. 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 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. This report is not for commercial use. Okay. 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. NEW YORK -- (BUSINESS WIRE)-- 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. 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. So I think we had $25 million of the $277 million in the MSR that started the quarter was actual amortization and derivatives you might say on the ISI would mimic that. Prior to that, Mr. Finkelstein held senior Agency MBS trading positions at Salomon Smith Barney, Citigroup Inc. and Barclays PLC. David L Finkelstein is CEO/Chief Investment Ofcr at Annaly. The portfolio generated 188 points of NIM up Q1 of 118 basis points, driven primarily by the decrease in cost on funds that I mentioned a moment ago. NCG Committee (Chair)Corporate Responsibility Committee. Below are excerpts from my letter to shareholders, released April 7, 2021. Prior to that, Mr. Finkelstein held senior Agency MBS trading positions at Salomon Smith Barney, Citigroup Inc. and Barclays PLC. 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. 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. Corporate Responsibility CommitteeRisk Committee. 25. times its median employee's . Dr. Hannan has over 30 years of industry experience and held numerous leadership roles during her distinguished career with KPMG. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. Mr. Finkelstein was elected to serve as a director of Annaly in March 2020 and previously served as Chief Investment Officer. 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. 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 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. And everything you said the two words that stood out everything changes. There are no executives at Annaly Capital Management Inc getting paid more. We recorded reserves associated with our credit businesses of $68.8 million on funded commitments during the second quarter. 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? The decline in portfolio size is driven by approximately $53 million in loan payoff as well as securities sales. Annaly is a leading diversified capital manager that invests in and finances residential and commercial assets. GAAP net income improved this quarter as a result of higher GAAP net interest income of $399 million, primarily due to lower interest expense from reduced repo rates and balances and we also experienced lower losses on our core portfolio of $92 million. Mr. Reeves has also served as General Counsel & Secretary of The Duchossois Group, a family-owned holding company comprised of diversified operating companies and DCM, since 2007 and its Chief Administrative Officer since 2017. Information on this page was last updated on 6/17/2022. From September 2010 to December 2011, Mr. Haylon served as Head of Investment Product Management at General Re New England Asset Management. 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. This Supreme Court Case Could Redefine Crime, YellowstoneBackers Wanted to Cash OutThen the Streaming Bubble Burst, How Countries Leading on Early Years of Child Care Get It Right, Female Execs Are Exhausted, Frustrated and Heading for the Exits, More Iranian Schoolgirls Sickened in Suspected Poisoning Wave, No Major Offer Expected on Childcare in UK Budget, Oil Investors Get $128 Billion Handout as Doubts Grow About Fossil Fuels, Climate Change Is Launching a MutantSeed Space Race, This Former Factory Is Now New Taipeis Edgiest Project, What Do You Want to See in a Covid Memorial?