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Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. The Mortgage Servicing Rights group provides the right to service residential mortgage loans in exchange for a portion of the interest payments made on the loans. David L. Finkelstein C.F.A. And with that, I'll turn it over to operator for questions. So we set the dividend at $0.22 because we believe that to be the sustainable level for the foreseeable future as long as we had a lens into the horizon. GAAP net income (loss . Shifting to residential credit, the sector saw significantly more activity as market dynamics began to improve following the crisis. 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. Hey how much did TBAs add to your net interest margin for the quarter? Anthony C. Green is Chief Corporate Officer and Chief Legal Officer of Annaly. June 30, 2022 . 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. 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. David L. Finkelstein has not been actively trading shares of Annaly Capital Management within the last three months. Mr. Finkelstein has 25 years of experience in fixed income investments. 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. From September 2010 to December 2011, Mr. Haylon served as Head of Investment Product Management at General Re New England Asset Management. Please go ahead. in Business Administration from the University of Washington and a M.B.A. from the University of Chicago, Booth School of Business. Do you expect any meaningful shift in terms of equity capital allocation going forward, thanks? Ilker . Mr. Finkelstein also holds the Chartered Financial Analyst designation. Thomas Hamilton was elected to serve as an independent director of Annaly in March 2019. Mar 16, 2020. Annaly actively integrates ESG considerations into its overall strategy through the following key areas: corporate governance, human capital, responsible investments and the environment. 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. Additionally during the second quarter, we utilized our share buyback program and have now repurchased $175 million common stock year-to-date. David L. Finkelstein is Chief Executive Officer and Chief Investment Officer of Annaly. 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. ANNALY CAPITAL MANAGEMENT annual reports of executive compensation and pay are most commonly found in the Def 14a documents. Mr. Finkelstein has over 25 years of experience in fixed income investments. Mr. Finkelstein was elected to serve as a director of Annaly in March 2020. US Jobs Report and Powell Testimony Take Center Stage: Eco Week, Bond Mavens Favor Curve Wagers for Next Encounter With Jobs Data, Bank of Canada Risks Falling Too Far Behind Fed, Scotia Says, Feds Daly Says More Rate Hikes Likely Needed to Cool Inflation, Colombia Prices Rise Less than Forecast to a Fresh 24-Year High, Porsche, Ferrari E-Fuel Push at Heart of EU Engine Debate. 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. Thanks. Select Other Years 2007 2006 For its 2021 fiscal year, ANNALY CAPITAL MANAGEMENT, listed the following executives on its annual proxy statement to the SEC . Non-agency securities across legacy CRT jumbo 2.0 and non-QN have seen substantial recovery. Volatility is low and the fed is specifically directing volatility lower and they also happen to be a huge tailwind in terms of purchases of agency MBS, so the technicals are very favorable and to your point, it does appear to be a very good backdrop for the foreseeable future for agency. 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. On average, Annaly Capital Management Inc executives and independent directors trade stock every 35 days with the average trade being worth of $908,853. Mr. Green has over 20 years of experience in corporate and securities law. Okay. 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. Please go ahead. Liquidity tools have sufficiently supported funding markets and credit facilities have opened channels to credit for businesses, households and local governments, the temporary adjustments to regulations have somewhat encouraged bank lending and most impactful to Annaly's portfolio the asset purchases have supported the smooth functioning of treasury and agency markets. Jun 09, 2022. Of note, while last quarter each of our credit meters providing an in-depth look at their respective markets and portfolios to be efficient, I'll provide those updates today but as Purvi noted each of our business heads are here as well to join in Q&A. David L. Finkelstein is Chief Executive Officer and President of Annaly. Thanks Brendon for your help and we hope everybody stay safe. Mr. Finkelstein owns 1,669,013 shares of Annaly Capital Management stock worth more than $36,417,864 as of February 13th. Great. Mr. Finkelstein is a member of the Treasury Market Practices Group sponsored by the Federal Reserve Bank of New York. 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. 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. 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. Thank you for attending today's presentation. 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). Mr. Finkelstein has over 25 years of experience in fixed income investments. [email protected], Navigate to the << Back to Our measured approach to weathering the crisis served us well we feel very good about our positioning as the recovery progresses as I'll get into more detail. 1-888-8Annaly 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? This information is according to proxy statements filed for the 2021 fiscal year. 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 . From 1997 to 1998, Mr. Schaefer was Managing Director and Head of Strategic Planning and Capital Management at Morgan Stanley. 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. This makes analysis regarding Cecil reserves particularly challenging. The report demonstrates Annalys continued focus on setting and measuring progress on environmental, social and governance (ESG) goals, as well as its commitment to providing increased disclosure and transparency. Mr. Hamilton received a B.S. Mr. Finkelstein has over 25 years of experience in fixed income investments. And did you guys say what your book value was through July? Prior to that, Mr. Finkelstein held senior Agency MBS trading positions at Salomon Smith Barney, Citigroup Inc. and Barclays PLC. Good morning and nice quarter guys. Just on the TBAs again just every mortgage rate, it feels like accounts for $I specialness a little differently in their NIM. 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. 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. Chief Executive OfficerChief Investment Officer. 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. He served as Senior Advisor to Annaly from March 2020 to August 2020 after serving as Interim Chief Executive Officer and President of Annaly from November 2019 to March 2020. Okay. So it's reflected in your funding cost. Okay. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. David L. Finkelstein C.F.A. Serena Wolfe is Chief Financial Officer of Annaly. 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. 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. You may also find the annual proxy statement by going directly to the company's website. 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. 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. 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. 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. from the University of Notre Dame and a M.B.A. from the University of Chicago, Booth School of Business. Hey guys, this is actually Josh Bolton on for Doug. Current positions of David Finkelstein. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. When expanded it provides a list of search options that will switch the search inputs to match the current selection. 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? Now to begin with, I wanted to touch on a few strategic corporate actions we've taken as of late. Net Worth The estimated Net Worth of David L Finkelstein is at least Annaly Capital Management Inc . Mr A is 48, he's been the Pres and CEO & Director of Annaly Capital Management Inc since . 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. 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. 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. Our next question comes from Kenneth Lee with RBC Capital Markets. 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. 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. As the CEO of Annaly Capital Management, Inc., Mr. Finkelstein earned a total compensation package of $9,138,764.00 in 2021. David L. Finkelstein is CEO and Chief Investment Officer of Annaly. It's all dependent Rick on the attractiveness of the repurchase option relative to other options in our capital allocation policy. Mr. Reeves has served as Managing Director, Head of Private Capital Investments of Duchossois Capital Management (DCM) since 2017. Please go ahead. Prior to joining NBCUniversal, Ms. Williams was a Partner with Pay Governance LLC and a Principal with Towers Perrin (now Willis Towers Watson). Please. 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. NCG Committee (Chair)Corporate Responsibility Committee. Below are excerpts from my letter to shareholders, released April 7, 2021. 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. A reconciliation of GAAP to non-GAAP measures is included in our earnings release. Serena Wolfe - CFO. Thanks for that. Corporate Responsibility Committee (Chair)NCG CommitteeRisk Committee. Please go ahead. Eric A. Reeves was elected to serve as an independent director of Annaly in March 2021. 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 we're very happy that the market picked up the slack and did a lot of that work. Wellington J. Denahan co-founded Annaly in 1996 and has served as a Director since that time. 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. He began his career in 1979 in the commercial lending program at Philadelphia National Bank. Learn More on David L. Finkelstein's trading history. Thorough reviews have been conducted to assure this data accurately reflects disclosures. Mr. Reeves serves on the boards of several DCM portfolio companies and funds as well as on the Advisory Board of Ozinga Bros. His civic and philanthropic commitments include trusteeships at Rush University Medical Center and the National Philanthropic Trust. Annaly Capital Management, Inc. (NYSE:NLY) Q1 2022 Earnings Conference Call April 28, 2022 9:00 AM ETCompany Participants. In credit as we've said, we like our portfolio. 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. Data Year: 2021. Yeah that's great. None of Annaly's achievements would have been possible without . Thank you, Purvi and good morning, everyone and thanks for joining us on our second quarter earnings call. 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. So that could change but derivatives without achieving a little bit as well as MSR for it to be more attractive. David Finkelstein-- Chief Executive Officer and Chief Investment Officer Yeah. 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. 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. After a pace of purchases at the height of the volatility to reach nearly $50 billion per day to help stabilize sector, that is transitioned to a steady run rate of $40 billion per month net of portfolio runoff, which on a gross basis equates to roughly 40% current agency issuance. We have previously discussed our methodology and are thorough and thoughtful approach to Cecil reserves. At the time we started quarter with a swap portfolio of about nine odd years I believe, now given how long that portfolio is in duration as we mentioned last quarter provides multiples of interest rate protection relative to the assets, which are much shorter in duration. Mr. Haylon received a B.A. Nov 07, 2016. The most active insiders traders include Wellington Denahan, Kevin Keyes, and David L Finkelstein. Independent ChairAudit CommitteeNCG CommitteeRisk Committee. The average price of those shares was I believe $6.30 or meaningfully above that level now. There are 11 older and 9 younger executives at Annaly Capital Management Inc. 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. Learn More on Annaly Capital Management's active insiders. Given this dynamic, we increased our TBA position in the quarter and gravitated further down in coupon. From 2013 until September 2020, Mr. Hamilton also served as Con Forms President and Chief Executive Officer. David Finkelstein - Chief . The stock was acquired at an average cost of $5.56 per share, with a total value of $1,112,000.00. 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. Financial Highlights GAAP net income (loss) of ($1.96) per average common share for the quarter; $3.93 per average common share for the full year 2022 Earnings available for distribution [] 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? Annaly Capital Management, Inc. (NYSE:NYSE:NLY) Q2 2020 Earnings Conference Call July 30, 2020, 09:00 AM ET Company Participants Purvi Kamdar - Head, IR David Finkelstein - CEO & Chief. None of Annaly's achievements would have been possible without . from the Ohio State University. Net Worth The estimated Net Worth of David L Finkelstein is at least Annaly Capital Management Inc . 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. Steven F. Campbell is President and Chief Operating Officer of Annaly. Now core earnings in Q2 were above that dividend and we expect them to be so in Q3. Learn More about insider trades at Annaly Capital Management. 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. There are no executives at Annaly Capital Management Inc getting paid more. Interim CEO Glenn Votek to Assume Role of Senior Advisor and Remain on the Board of Directors. As we look at the buyback policy, it's not a point in time estimated, everything changes on a daily basis because asset prices changes in the relative attractiveness of buying back stock versus putting that capital to work in the portfolio changes and if you just think about the immediate accretion of the stock buyback in terms of book value versus the longer-term earnings of the portfolio, there is a trade-off there certainly and we generated 25% accretion from the buyback thus far. View source version on businesswire.com: https://www.businesswire.com/news/home/20220609005206/en/, Annaly Capital Management, Inc. Appreciate the color. Right. PHIL 21505/31505 Wonder, Magic, and Skepticism. 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. 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. As a reminder, Annaly routinely posts important information for investors on the company's website at www.annaly.com. As Chief Executive Officer, President and Director at ANNALY CAPITAL MANAGEMENT, David L. Finkelstein made $9,138,764 in total compensation. We maintained the view that the agency sector represents the most attractive investment opportunity currently while also providing strong liquidity.