Learn More on David L. Finkelstein's trading history. 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. New deal activity is primarily relegated to more broadly syndicated loans however, the context first lien executions on larger transactions have tightened 75 basis points to 100 basis points over the past quarter, while traditional middle-market has shown less movement in pricing. Mr. David L. Finkelstein C.F.A. david finkelstein annaly compensation. Okay. From September 2010 to December 2011, Mr. Haylon served as Head of Investment Product Management at General Re New England Asset Management. We do not undertake and specifically disclaim any obligation to update or revise this information. 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. and LL.M. 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. 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. Total core income is used to buy, Eric. from the University of Notre Dame and a M.B.A. from the University of Chicago, Booth School of Business. He was President and Chief Operating Officer of the Global Wealth Management division of Morgan Stanley from 2000 to 2005. 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. Learn about Annaly Capital Management, Inc. (NLY) stock's management team. In the second quarter and beyond as we mentioned, we bought back $175 million worth of stock. In comparison our base case scenario was altered in a modest release of reserve, which we felt inappropriate given the continued economic uncertainty centered around the evolving pandemic. I wanted to talk a little bit about dividend policy. Wallmine is a radically better financial terminal. 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. 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. While at KPMG, Dr. Hannan also founded the KPMG Womens Advisory Board. Ms. Bovich has a B.A. Mr. Hamilton received a B.S. So we don't expect a meaningful increase in agency, but over the near term you can see a small uptick. Now turning specifically to the agency market, the fed's purchase in upwards of $850 billion MBS in just over four months has dramatically altered the supply and demand picture for the sector. Annaly Capital Management (NYSE:NLY) Q4 2021 Earnings Conference Call February 10, 2022 10:00 AM ETCompany Participants. We also announced two leadership changes, Steve Campbell was appointed as Chief Operating Officer and Glenn Votek will retire from his role as Senior Advisor at the end of August while remaining a Director on our board. And as part of our preparation, we've chosen to be conservative with our leverage as well as our dividend. pictures of the galvin family; springfield, ma city council candidates; david finkelstein annaly compensation Annaly is a leading diversified capital manager with investment strategies across mortgage finance. You may now disconnect. All proxy statements are public filings made available to the general public by the SEC. 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). Mr. . Insiders at Annaly Capital Management own 0.3% of the company. Ms. Wolfe is a Certified Public Accountant in the states of New York, California, Illinois and Pennsylvania. 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. 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. 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. Net Worth The estimated Net Worth of David L Finkelstein is at least Annaly Capital Management Inc . Musk Made a Mess at Twitter. Additionally, the report incorporates summary ESG metrics for the past three years, which include further details on the composition of Annalys Board of Directors and employees, philanthropy and volunteerism efforts and environmental indicators. Prior to that, Mr. Finkelstein held senior Agency MBS trading positions at Salomon Smith Barney, Citigroup Inc. and Barclays PLC. So given the slope of the curve, given the significant decrease in front end OIS rates to zero roughly, we took the opportunity to add hedges and move down the curve and better balance out the hedge profile to bring the average life to about half what it was at the end of the first quarter and it's still about twice the duration may be a little bit more than twice the duration of the asset portfolio currently, but at 40% hedge ratio being more -- a little bit over twice the duration you get to roughly 80% to 90% may be a little bit more interest rate protection assuming a parallel shift in the curve with a still slight steepening bias which we think is the appropriate approach. Financial Highlights GAAP net income of $1.37 per average common share for the quarter Earnings available for distribution ("EAD") of $0.28 per average common share for the quarter; unchanged from the prior . All participants will be in a listen-only mode. Mr. Green has served as Chief Corporate Officer since January 2019 and Chief Legal Officer since March 2017. Reinvestment is a key criteria here. Additional information on the Company can be found at www.annaly.com. Mr. Schaefer received a B.B.A. Learn More on David L. Finkelstein's contact information. It's all dependent Rick on the attractiveness of the repurchase option relative to other options in our capital allocation policy. So it's reflected in your funding cost. Ms. Bovich is a member of The Economic Club of New York, and an emeritus trustee of Connecticut College and a Member of the Investment Sub-Committee for its endowment. He received an undergraduate degree from the University of Washington and an MBA from The University of Chicago Booth School of Business. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. Yeah that's great. in Economics from Connecticut College and an M.B.A. in Finance from New York University. Mr. Finkelstein also holds the Chartered Financial Analyst designation. Learn More on David L. Finkelstein's salary. As always we spent time analyzing the results of the reserve calculations and ensuring our expectations align with the quality of the portfolio and the performance of the borrowers. Mr. Reeves received his B.A. In fact some of our industry concentrations have maturely benefited from the current environment. Unit tranches and second lean loans within middle-market are experiencing more notable price discovery than its larger market blathering and we expect these gaps to remain as traditional middle-market participants grapple with their portfolios. Chief Executive OfficerChief Investment Officer. PHIL 21505/31505 Wonder, Magic, and Skepticism. 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. in Accounting from the University of Notre Dame and a M.B.A. from the Harvard Graduate School of Business. 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. GAAP net income (loss . Mr. Finkelstein also holds the Chartered Financial Analyst designation. Everyone at Annaly contributes to our success and we're proud of the results that we've reported for the second quarter and expect to continue providing best in class results for our shareholders. Now to begin with, I wanted to touch on a few strategic corporate actions we've taken as of late. Portfolio construct has been protected against broader sectors that have witnessed demand destruction and we maintain meaningful exposure where pockets of spend remainder resilient. See David L Finkelstein's compensation, career history, education, & memberships. 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 from the Ohio State University. Will Others Follow? 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. David L. Finkelstein is Chief Executive Officer and President of Annaly. Comprehensive performance, salary and tenure analysis for the CEO, board and leadership team. 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. Thanks for that. 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. Annaly Capital Management's insider roster includes David Finkelstein (CEO), and Thomas Hamilton (Director). Mr. Schaefer served as a board member and chair of the audit committee of USI Holdings Corporation from 2008 through 2012. It operates through the following investment groups: Agency, Residential Credit, and Mortgage Servicing Rights. Prior to his roles at Con Forms, Mr. Hamilton spent 24 years in a number of leadership positions in the financial industry. 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. For its 2021 fiscal year, ANNALY CAPITAL MANAGEMENT, listed the following CEO pay ratio data on its annual proxy statement to the SEC. 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 are 11 older and 9 younger executives at Annaly Capital Management Inc. The most active insiders traders include Wellington Denahan, Kevin Keyes, and David L Finkelstein. Securitization market started to show signs of life in mid-May and we issued nearly $500 million of expanded prime securities earlier this month, subsequent to quarter end. Additionally during the second quarter, we utilized our share buyback program and have now repurchased $175 million common stock year-to-date. All proxy statements are public filings made available to the general public by the SEC. Is this happening to you frequently? [Operator instructions] Our next question comes from George Bahamondes with Deutsche Bank. Yes the TBA role provided about $97.5 million post NIM for the quarter. 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. 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? 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. Mr. Haylon received a B.A. Previously, he was Chief Financial Officer of Annaly from August 2013 to December 2019. So we're very happy that the market picked up the slack and did a lot of that work. From 2013 until September 2020, Mr. Hamilton also served as Con Forms President and Chief Executive Officer. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. 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. 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. 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. Mr. Hamilton has served as an Owner and Director of Construction Forms, Inc. (Con Forms), an industrial manufacturing company, since 2013. From 2014 to 2020, Dr. Hannan served as Chairman of the Board & National President for Girl Scouts of the USA. Annaly actively integrates ESG considerations into its overall strategy through the following key areas: corporate governance, human capital, responsible investments and the environment. 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. Learn More on David L. Finkelstein's trading history. Enter your email address below to get our daily insider buying and selling report. He is also a Director of the Friedreichs Ataxia Research Alliance, along with Co-Founder of his own charitable scientific effort, the CureFA Foundation. I was wondering if you could talk a little bit more about the thought process around the hedge repositioning in the quarter, adding more hedges on the short end of the curve and then I guess should we expect more options hedging going forward.
2022-07-08T15:03:45+08:007月 8, 2022|