david finkelstein annaly compensation david finkelstein annaly compensation

Yes the TBA role provided about $97.5 million post NIM for the quarter. My No. If you have an ad-blocker enabled you may be blocked from proceeding. It's all dependent Rick on the attractiveness of the repurchase option relative to other options in our capital allocation policy. He is also a Director of the Friedreichs Ataxia Research Alliance, along with Co-Founder of his own charitable scientific effort, the CureFA Foundation. 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. David L Finkelstein is CEO/Chief Investment Ofcr at Annaly. David L. Finkelstein C.F.A. So it's not an apples-to-apples comparison. 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. Is it picked up in your asset yield or your funding costs or both? All proxy statements are public filings made available to the general public by the SEC. They purchased a total of 200,000 shares worth more than $1,112,000.00. 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. Prior to joining Annaly in April 2015, Mr. Campbell held various roles over six years at Fortress Investment Group LLC, including serving as a Managing Director in the Credit Funds business. Under the standard an entity recognizes its estimate of lifetime expected credit losses as an allowance, which the fed believes will result in more timely recognition of such losses and while changes in economic scenarios and asset performance in the future will impact Cecil reserves in subsequent quarters, current reserve levels should not be considered as a pervasive credit issue within the portfolio or an indication of what reserves may be recorded in the future. 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. Mr. Finkelstein was appointed as Chief Executive Officer and elected to serve on the Board of Directors in March 2020. 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. 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. Ilker . Steven F. Campbell is President and Chief Operating Officer of Annaly. On average, Annaly Capital Management Inc executives and independent directors trade stock every 35 days with the average trade being worth of $908,853. Dr. Hannan has over 30 years of industry experience and held numerous leadership roles during her distinguished career with KPMG. Please go ahead. 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. We maintained the view that the agency sector represents the most attractive investment opportunity currently while also providing strong liquidity. There are no executives at Annaly Capital Management Inc getting paid more. I didn't in the prepared comments. And to repo financing remains ample. Ms. Bovich has a B.A. from the University of Michigan and J.D. . Ms. Wolfe is a Certified Public Accountant in the states of New York, California, Illinois and Pennsylvania. So we feel good about it. Ms. Williams has served as Chief Human Resources Officer for NBCUniversal, a multinational media conglomerate, since July 2018, where she is responsible for the companys global human resources function, including compensation, benefits, development and learning, talent acquisition, executive search, HR systems, and the HR service center. Mr. Votek holds a B.S. 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. Please go ahead. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. The stock was acquired at an average cost of $5.56 per share, with a total value of $1,112,000.00. 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. Annaly provides supplemental disclosures under the Sustainability Accounting Standards Board (SASB) standards and the Global Reporting Initiative (GRI) standards frameworks. Musk Made a Mess at Twitter. The information shown here is a reporting of information included in the company's proxy statement. 1-888-8Annaly Nov 07, 2016. I think that's probably the best description of what we brought them through the shares. Mr A is 48, he's been the Pres and CEO & Director of Annaly Capital Management Inc since . Until December 2017, Ms. Denahan served as Chairman of the Board of Annaly (from November 2012) and Executive Chairman of Annaly (from September 2015). Prior to his roles at Con Forms, Mr. Hamilton spent 24 years in a number of leadership positions in the financial industry. Learn More on David L. Finkelstein's salary. Press Releases | Annaly Capital, https://www.businesswire.com/news/home/20220609005206/en/. The estimated net worth of David L. Finkelstein is at least $33.93 million as of June 17th, 2022. Michael Haylon was elected to serve as an independent director of Annaly in 2008. View source version on businesswire.com: https://www.businesswire.com/news/home/20220609005206/en/, Annaly Capital Management, Inc. Last updated: 2 February 2023 at 6:03pm EST. 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. Data Year: 2021. Okay. Annaly Capital Management, Inc. NLY ("Annaly" or the "Company") today announced its financial results for the quarter and year ended December 31, 2022. 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. We remain comfortable with our existing credit portfolios and the associated Cecil reserves and will continue to monitor specific asset performance and economic projections as we determine future reserves. Dr. Hannan received a Ph.D. in Leadership Studies from Benedictine University and a B.A. 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. A reconciliation of GAAP to non-GAAP measures is included in our earnings release. Annaly Capital Management's insider roster includes David Finkelstein (CEO), and Thomas Hamilton (Director). The improvement in singles that the market currently believes that the majority of forbearance cases, which have stabilized over the past couple of months will ultimately be resolved. Great. Now that being said, we are starting to get through this phase 2 as I mentioned last quarter where it's really about recalibrating each portfolio in the business and making sure we're optimizing each of the businesses and we're starting to get a better look at how things are going to unfold and we're seeing opportunities in credit and we're very strong constructive and it just may take a little bit of time to make sure we have the right approach and we have complete clarity on how things are going to play out. 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. The Residential Credit group involves non-agency residential mortgage assets within securitized products and whole loan markets. Ms. Williams has over 17 years of compensation and governance experience. in Economics and Political Science from the University of Pennsylvania and a J.D. Mr. Finkelstein owns 1,669,013 shares of Annaly Capital Management stock worth more than $33,931,034 as of March 4th. in Business Administration from the University of Washington and a M.B.A. from the University of Chicago, Booth School of Business. So thank you, guys. 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 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. The decline in portfolio size is driven by approximately $53 million in loan payoff as well as securities sales. 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. Kathy Hopinkah Hannan, Ph.D., C.P.A. 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. 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. 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. Annaly Capital Management, Inc. engages in the investment and financing of residential and commercial assets. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Bloomberg View columnist Barry Ritholtz looks at the people and ideas that shape markets, investing and business. From 2013 until September 2020, Mr. Hamilton also served as Con Forms President and Chief Executive Officer. ANNALY CAPITAL MANAGEMENT Compensation by Company. in International and Comparative Law from Cornell Law School. Mr. Schaefer was Executive Vice President and Chief Strategic and Administrative Officer of Morgan Stanley from 1998 to 2000. Thanks for joining us today and we'll talk to you soon. in Business Administration from the University of Washington and a M.B.A. from the University of Chicago, Booth School of Business. 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. David Finkelstein - Chief . 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. In terms of how it's actually reflected in the yield it's not. Mr. Schaefer received a B.B.A. david finkelstein annaly compensationgetting married in tanzania. Shifting to middle-market lending, activity has also picked up as of late as spreads have tightened and sponsors have refinanced transactions that have exhibited improving underlying leverage profiles. in Accounting from the University of Notre Dame and a M.B.A. from the Harvard Graduate School of Business. 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. 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. from the University of Notre Dame and a M.B.A. from the University of Chicago, Booth School of Business. For a discussion of the risks and uncertainties which could cause actual results to differ from those contained in the forward-looking statements, see Risk Factors in our most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. These and our other ESG milestones have helped create durable value for all of our stakeholders., Corporate Responsibility Report Highlights. 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. Yeah I think prepay is kind of an obvious one outside of that. from Bowdoin College and a M.B.A. from the University of Connecticut. Anthony C. Green is Chief Corporate Officer and Chief Legal Officer of Annaly. Mr. Campbell previously served as Head of Business Operations of Annaly and has over 25 years of experience in financial services. This makes analysis regarding Cecil reserves particularly challenging. The average price of those shares was I believe $6.30 or meaningfully above that level now. Non-Equity Incentive Plan Compensation: $0: Change in Pension Value and Deferred Compensation Earnings: $0: All Other Compensation: $13,763: Total: $9,138,764: Annaly Capital Management, Inc. disclosed its CEO pay was. Mr. Finkelstein has over 25 years of experience in fixed income investments. 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). From September 2010 to December 2011, Mr. Haylon served as Head of Investment Product Management at General Re New England Asset Management. David L. Finkelstein is Chief Executive Officer and Chief Investment Officer of Annaly. 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. from Loras College. 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. Prior to that, Mr. Finkelstein held senior Agency MBS trading positions at Salomon Smith Barney, Citigroup Inc. and Barclays PLC. Zwirn & Co., L.P. with a focus on credit and debt restructuring. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. 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. She is also a graduate of the Chicago Management Institute at the University of Chicago, Booth School of Business and the Institute of Comparative Political & Economic Systems at Georgetown University. NEW YORK -- (BUSINESS WIRE)-- Annaly Capital Management, Inc. (the "Company" or "Annaly") today announced management promotions within its senior executive team, which are effective immediately. Glenn A. Votek was elected to serve as a Director of Annaly in November 2019. . 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. 2020. Mr. David L. Finkelstein, C.F.A., serves as Chief Investment Officer of Annaly Capital Management, Inc. since November 16, 2022. . 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. 2015. Now to begin with, I wanted to touch on a few strategic corporate actions we've taken as of late. Following the completion of the transaction, the chief executive officer now directly owns 1,669,013 shares of the company's stock, valued at $9,279,712.28. Net Worth The estimated Net Worth of David L Finkelstein is at least Annaly Capital Management Inc . 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. And as a consequence of that portfolio, we did see a fair amount of appreciation in those pools in the second quarter as markets stabilize and that is one of the risks I think going forward. 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. June 30, 2022; my septum piercing won't flip up; vegan mochi cake recipe 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. Mr. Schaefer served as a board member and chair of the audit committee of USI Holdings Corporation from 2008 through 2012. [Operator instructions] Our first question comes from Eric Hagen with KBW. Previously, Ms. Denahan served as Chief Executive Officer of Annaly from November 2012 to September 2015 and as Co-Chief Executive Officer of Annaly from October 2012 to November 2012. And with that, I'll turn it over to operator for questions. Management Development and Compensation Committee (Chair)Audit Committee. Exactly, exactly and we'll see where we end the year but we feel good about where we think it is. I'd now like to turn the conference over to Purvi Kamdar. 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). 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. Ms. Williams has served as Chief Human Resources Officer for NBCUniversal, a multinational media . Appreciate the color. From 1997 to 1998, Mr. Schaefer was Managing Director and Head of Strategic Planning and Capital Management at Morgan Stanley. . 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. He began his investment banking career at E.F. Hutton & Company in 1976. Thanks. Ms. Williams received a B.S. Ms. Denahan has a B.S. So it's reflected in your funding cost. 212-333-3810 Prior to joining Annaly in 2013 . Biography of David Finkelstein. 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. Mr. Haylon has previously served on the boards of Aberdeen Asset Management and Phoenix Investment Partners. In addition, he makes $8,203,772 as Pres and CEO & Director at Annaly Capital . and LL.M. David L. Finkelstein has not been actively trading shares of Annaly Capital Management within the last three months. company's disclosure obligations under Regulation FD and to post and update investor presentations and some more materials on a regular basis. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. Prior to joining Annaly in 2013, Mr. Finkelstein served for four years as an Officer in the Markets Group . Salary, bonuses, stock options, stock awards and other compensation for David L. Finkelstein, Chief Executive Officer, President and Director at ANNALY CAPITAL MANAGEMENT. On average, Mr trades about 51,067 units every 152 days since 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. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. 1 dividend stock for a LIFETIME of income. Mr. Finkelstein is a member of the Treasury Market Practices Group sponsored by the Federal Reserve Bank of New York. That has largely taken delivery of the most negatively convex MBS, which has resulted in a shift to the TBA deliverable across production coupons to more newly originated pools and as a result, nominal carry on production coupons TBAs has improved dramatically thereby adding to returns for TBA holders. 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. When expanded it provides a list of search options that will switch the search inputs to match the current selection. Last updated: 1 March 2023 at 11:00am EST. 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. Mr. Finkelstein was elected to serve as a director of Annaly in March 2020. You may also find the annual proxy statement by going directly to the company's website. For its 2021 fiscal year, ANNALY CAPITAL MANAGEMENT, listed the following board members on its annual proxy statement to the SEC. David Finkelstein-- Chief Executive Officer and Chief Investment Officer Yeah. 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. Our next question comes from Kenneth Lee with RBC Capital Markets. Reinvestment is a key criteria here. 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. Athletes' ambitions don't end when they leave the field of play. Most recently he exercised 31,721 units of NLY stock worth 194,767$ on 30 June 2022. . Total core income is used to buy, Eric. Annalys 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. Annaly is internally managed and has elected to be taxed as a real estate investment trust, or REIT, for federal income tax purposes. 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. 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.