On a more positive note, multifamily remained strong throughout the quarter. Ms. Williams received a B.S. In fact some of our industry concentrations have maturely benefited from the current environment. 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. David L. Finkelstein C.F.A. Net Worth (2022) | wallmine Hey how much did TBAs add to your net interest margin for the quarter? Learn More about insider trades at Annaly Capital Management. David L. Finkelstein C.F.A. Net Worth (2023) | wallmine Any forward-looking statements made during today's call are subject to certain risks and uncertainties including with respect to COVID-19 impacts, which are outlined in the risk factors section in our most recent annual and quarterly SEC filings. in Economics from Connecticut College and an M.B.A. in Finance from New York University. Learn More on David L. Finkelstein's salary. Serena Wolfe - CFO. In the second quarter and beyond as we mentioned, we bought back $175 million worth of stock. The estimated Net Worth of David L Finkelstein is at least $16.4 Million dollars as of 1 February 2023. We feel good about where pools are at. For its 2021 fiscal year, ANNALY CAPITAL MANAGEMENT, listed the following board members on its annual proxy statement to the SEC. He began his career in 1979 in the commercial lending program at Philadelphia National Bank. 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. Most recently he exercised 31,721 units of NLY stock worth $179,224 on 30 June 2022. . And finally shifting to our outlook, as we think about our capital allocation out of the horizon, we've been focused on preserving flexibility given uncertainty in the greater economy related to COVID shutdown. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. 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. When expanded it provides a list of search options that will switch the search inputs to match the current selection. 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. Last updated: 2 February 2023 at 6:03pm EST. David Finkelstein - conference-board.org There are no executives at Annaly Capital Management Inc getting paid more. Mr. Finkelstein owns 1,669,013 shares of Annaly Capital Management stock worth more than $33,931,034 as of March 4th. It's been relatively calm. Mr. Finkelstein is a member of the Treasury Market Practices Group sponsored by the Federal Reserve Bank of New York. This chart shows David L Finkelstein's buying and selling at Annaly Capital Management by year and by quarter. Investor Relations Okay. Mr. Campbell currently serves on the Advisory Board for the Fitzgerald Institute of Real Estate at the University of Notre Dame. And my other questions have been asked and answered. This report is not for commercial use. Mr. Reeves has served as Managing Director, Head of Private Capital Investments of Duchossois Capital Management (DCM) since 2017. He joined the firm in 2013 and assumed the role of Chief Investment Officer in 2016. 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. Thanks Brendon for your help and we hope everybody stay safe. 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. Financial Highlights. 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. Mr has made over 7 trades of the Annaly Capital Management Inc stock since 2016, according to the Form 4 filled with the SEC. Mr. Green was Deputy General Counsel of Annaly from 2009 until March 2017. Prior to joining Annaly in 2013, Mr. Finkelstein served for four years as an Officer in the Markets Group of the Federal Reserve Bank of New York where he was the primary strategist and policy advisor for the MBS Purchase Program. 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). Additionally during the second quarter, we utilized our share buyback program and have now repurchased $175 million common stock year-to-date. Click here to read the full letter and more from Annaly's 2020 Annual Report. from Bowdoin College and a M.B.A. from the University of Connecticut. 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. Mr. Haylon received a B.A. Annaly Capital Management, Inc. Reports 4th Quarter 2022 Results So that could change but derivatives without achieving a little bit as well as MSR for it to be more attractive. From September 2010 to December 2011, Mr. Haylon served as Head of Investment Product Management at General Re New England Asset Management. from Loras College. 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. 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 . Learn More about David L. Finkelstein's net worth. Learn More on Annaly Capital Management's active insiders. Annaly Capital Management, Inc. Publishes Second Corporate NEW YORK--(BUSINESS WIRE)-- Mr. Schaefer received a B.B.A. in Business Administration from the University of Washington and a M.B.A. from the University of Chicago, Booth School of Business. Please go ahead. 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 [] 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. 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. Independent ChairAudit CommitteeNCG CommitteeRisk Committee. 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. The most active insiders traders include Wellington Denahan, Kevin Keyes, and David L Finkelstein. He is also a Director of the Friedreichs Ataxia Research Alliance, along with Co-Founder of his own charitable scientific effort, the CureFA Foundation. Just one [indiscernible] quarter, really favorable backdrop funding cost attractive, specialist TV end market. 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. 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. Sure Ken you bet and what I meant by that is that the increase in agency could occur over the very short term as credit markets are still redeveloping and we do have some runoff in that capital will be reallocated to agency over the very near term and when we say that, a very small percentage. 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. [Operator instructions] Our first question comes from Eric Hagen with KBW. Nevertheless, financial conditions have improved considerably. 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. Participants on this morning's call include David Finkelstein, Chief Executive Officer and Chief Investment Officer; Serena Wolfe, Chief Financial Officer; Mike Fania, Head of Residential Credit; Tim Gallagher, Head of Commercial Real Estate; Tim Coffey, Chief Credit Officer and Ilker Ertas, Head of Securitized Products. So while implied volatility is very low and that's by design on part of the part of the fed and to the extent it continues to decline, it will be a more attractive hedge to our agency portfolio and I would say that in current levels, you should expect it to be a critical component of the portfolio going forward. Please go ahead. David Finkelstein-- Chief Executive Officer and Chief Investment Officer Yeah. Consistent with our communication last quarter, we continue to speak actively with sponsors, borrowers and agents to closely monitor performance. 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. Learn More on David L. Finkelstein's trading history. 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. biography. Just on the TBAs again just every mortgage rate, it feels like accounts for $I specialness a little differently in their NIM. Annaly is a leading diversified capital manager that invests in and finances residential and commercial assets. Yes the TBA role provided about $97.5 million post NIM for the quarter. Information on this page was last updated on 6/17/2022. If you have an ad-blocker enabled you may be blocked from proceeding. Annaly Capital Management (NYSE:NLY) Q4 2021 Earnings Conference Call February 10, 2022 10:00 AM ETCompany Participants. 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. The average price of those shares was I believe $6.30 or meaningfully above that level now. Michael Haylon was elected to serve as an independent director of Annaly in 2008. Since 2011, Ms. Bovich has been a trustee of The Bradley Trusts. Below are excerpts from my letter to shareholders, released April 7, 2021. in Finance from Florida State University. 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. Vicki Williams was appointed to serve as an independent director of Annaly effective January 2018. Despite the challenging environment, we're pleased with how the portfolio has performed during the period ending the quarter essentially unchanged at $2.2 billion in assets. David Finkelstein - Chief . 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. Mr. Haylon has served as Managing Director and Head of Conning North America at Conning, Inc., a global provider of investment management solutions, services and research to the insurance industry, since June 2018. Mr. Finkelstein was elected to serve as a director of Annaly in March 2020 and previously served as Chief Investment Officer. 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. Compensation Information for David L. Finkelstein, Chief Executive 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. 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 can also be reached via phone at (212) 696-0100 and via email at [emailprotected] Learn More on David L. Finkelstein's contact information. Does that answer your question? Data Year: 2021. Francine J. Bovich was elected to serve as an independent director of Annaly in 2014. 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. 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. 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. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. 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. 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.
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