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. 2022 Mr. Campbell currently serves on the Advisory Board for the Fitzgerald Institute of Real Estate at the University of Notre Dame. Mr. Green holds a B.A. Right. David L Finkelstein is CEO/Chief Investment Ofcr at Annaly. On a more positive note, multifamily remained strong throughout the quarter. This reduced our pay rate as well as shorten the maturity of our swap portfolio. 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. From 2013 until September 2020, Mr. Hamilton also served as Con Forms President and Chief Executive Officer. Current positions of David Finkelstein. 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. While at KPMG, Dr. Hannan also founded the KPMG Womens Advisory Board. I know you mentioned in some of the tail risks and just any more additional comments on the hedge positioning will be great thanks. And as part of our preparation, we've chosen to be conservative with our leverage as well as our dividend. The chart on this page features a breakdown of the total annual pay for David L. Finkelstein, Chief Executive Officer, President and Director at ANNALY CAPITAL MANAGEMENT as reported in their proxy statements. 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. Investor Relations Annaly Capital Management, Inc. NLY ("Annaly" or the "Company") today announced its financial results for the quarter and year ended December 31, 2022. Wondering if you could just provide a bit more color on your prepared remarks on the potential to increase agency allocation. 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. Mr. Hamilton received a B.S. 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. A reconciliation of GAAP to non-GAAP measures is included in our earnings release. Sean Kensil - Vice President, Investor Relations. 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 joining Annaly in 2009, Mr. Green was a partner in the Corporate, Securities, Mergers & Acquisitions Group at K&L Gates LLP. Portfolio construct has been protected against broader sectors that have witnessed demand destruction and we maintain meaningful exposure where pockets of spend remainder resilient. 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. As the latest data indicates over 90% of renters made a full or partial rent payment as of June and in the office sector, although new leasing has slowed significantly, office REITs have reported strong rent recollections above 90% throughout the back end of the second quarter. Just on the TBAs again just every mortgage rate, it feels like accounts for $I specialness a little differently in their NIM. Now core earnings in Q2 were above that dividend and we expect them to be so in Q3. And everything you said the two words that stood out everything changes. Steven F. Campbell is President and Chief Operating Officer of Annaly. 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. Annaly Capital Management, Inc. (NYSE: NLY) (the "Company" or "Annaly") announced today the publication of its second corporate responsibility report for the year 2020, titled Leading with Purpose.The report demonstrates Annaly's continued focus on environmental, social and governance ("ESG") endeavors and provides an update on Annaly's ESG goals and commitments. 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. Thanks Brendon for your help and we hope everybody stay safe. We feel good about where pools are at. Annualized core return on average equity excluding PAA was 12.82% for the quarter in comparison to 9.27% for Q1. During this call, we may present both GAAP and non-GAAP financial measures. Good morning and nice quarter guys. 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. 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. Chief Corporate OfficerChief Legal Officer. I would like to turn the conference back over to David Finkelstein for any closing remarks. Okay. This information is according to proxy statements filed for the 2021 fiscal year. Serena Wolfe - CFO. Mr. Campbell received a B.B.A. 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. The housing market remained strong given long-term positive fundamentals, which we believe will help the ultimate recovery. Annaly Capital Management's insider roster includes David Finkelstein (CEO), and Thomas Hamilton (Director). As the CEO of Annaly Capital Management, Inc., Mr. Finkelstein earned a total compensation package of $9,138,764.00 in 2021. And now with that, I'll hand it over to Serena to discuss the financials. Previously, he was Chief Financial Officer of Annaly from August 2013 to December 2019. in Finance from Florida State University. David Finkelstein - Chief . 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. Francine J. Bovich was elected to serve as an independent director of Annaly in 2014. Do you expect any meaningful shift in terms of equity capital allocation going forward, thanks? Glenn A. Votek was elected to serve as a Director of Annaly in November 2019. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal 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. Mr. Schaefer was Executive Vice President and Chief Strategic and Administrative Officer of Morgan Stanley from 1998 to 2000. 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. 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. You can see the complete history of Mr Finkelstein stock trades at the bottom of the page. We encourage you to read the disclaimer in our earnings release in addition to our quarterly and annual filings. 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. 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. On average, Mr trades about 51,067 units every 152 days since 2016. Please go ahead. The reason why they appreciate is because there worth it. 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). Insiders at Annaly Capital Management own 0.3% of the company. 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. 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. So we're very happy that the market picked up the slack and did a lot of that work. investor@annaly.com, Brunswick Group David's mailing address filed with the SEC is C/O ANNALY CAPITAL MANAGEMENT, INC., 1211 AVENUE OF THE AMERICAS, NEW YORK, NY, 10036. Prior to joining Annaly in 2013, Mr. Finkelstein served for four years as an Officer in the Markets Group . Additionally, the content of this conference call may contain time-sensitive information that is accurate only as of the date hereof. Turning to earnings, the largest factor quarter-over-quarter to quote an ex-PAA will lower interest expense of $186 million versus $503 million in the prior quarter due to lower average repo rates and balances as well as higher TBA [indiscernible] income of $96 million versus $44 million in the prior quarter, due to higher average balances partially offset by higher expense from the net interest component of interest-rate swaps of $65 million visits $14 million in the prior quarter and higher average balance. 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. View source version on businesswire.com: https://www.businesswire.com/news/home/20220609005206/en/, Annaly Capital Management, Inc. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. . Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. in Economics and Political Science from the University of Pennsylvania and a J.D. Serena Wolfe is Chief Financial Officer of Annaly. Eric A. Reeves was elected to serve as an independent director of Annaly in March 2021. But when you look at the portfolio and the economic return of the portfolio on the quarter, that was 15% and that persists we think. 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. 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. 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 . California Weighs $360,000 in Reparations to Eligible Black Residents. 2014. ANNALY CAPITAL MANAGEMENT annual reports of executive compensation and pay are most commonly found in the Def 14a documents. Chief Executive Officer, President and Director. Please. Ms. Wolfe is a Certified Public Accountant in the states of New York, California, Illinois and Pennsylvania. Thanks. Mr. Finkelstein owns 1,669,013 shares of Annaly Capital Management stock worth more than $36,417,864 as of February 13th. from Bowdoin College and a M.B.A. from the University of Connecticut. Please go ahead. 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. 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. Additionally during the second quarter, we utilized our share buyback program and have now repurchased $175 million common stock year-to-date. 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. David L. Finkelstein has not been actively trading shares of Annaly Capital Management within the last three months. 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. [Operator Instructions] After todays presentation, there will be an opportunity to ask questions. See David L Finkelstein's compensation, career history, education, & memberships. 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. 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. 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 has made over 9 trades of the Annaly Capital Management Inc stock since 2016, according to the Form 4 filled with the SEC. Learn More about David L. Finkelstein's net worth. Mr. Finkelstein has over 25 years of experience in fixed income investments. Beyond just prepays is what happens to pool pricing over the next quarter or two. 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. 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. 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. 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. With respect to our CRE portfolio specifically, total assets at quarter end of $2.5 billion represented a slight decrease while economic interest remained essentially flat. Prior to that, Mr. Finkelstein held senior Agency MBS trading positions at Salomon Smith Barney, Citigroup Inc. and Barclays PLC. 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. 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. [Operator instructions] Our next question comes from George Bahamondes with Deutsche Bank. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. Right. ANNALY CAPITAL MANAGEMENT income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. Biography of David Finkelstein. 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. Annaly is a leading diversified capital manager that invests in and finances residential and commercial assets. The information shown here is a reporting of information included in the company's proxy statement. Mar 16, 2020. 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 is internally managed and has elected to be taxed as a real estate investment trust, or REIT, for federal income tax purposes. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. David L. Finkelstein is Chief Executive Officer and Chief Investment Officer of Annaly. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. 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? Ms. Denahan was Annalys Chief Operating Officer from January 2006 to October 2012 and Chief Investment Officer from 2000 to November 2012. Annaly is internally managed and has elected to be taxed as a real estate investment trust, or REIT, for federal income tax purposes. Musk Made a Mess at Twitter. 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. 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. He is also a Director of the Friedreichs Ataxia Research Alliance, along with Co-Founder of his own charitable scientific effort, the CureFA Foundation. Yeah I think prepay is kind of an obvious one outside of that. From 1991 through 2005, Ms. Bovich served as the U.S. Representative to the United Nations Investment Committee, which advised a global portfolio of approximately $30 billion. Get notified the next time David L. Finkelstein buys or sells Annaly Capital Management stock. So thank you, guys. 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. Okay. In the commercial sector, we're slowly beginning to see activity pick up but volumes do remain somewhat muted. The information shown here is a reporting of information included in the company's proxy statement. Mr. . David Finkelstein-- Chief Executive Officer and Chief Investment Officer Yeah. 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. [Operator instructions] Our first question comes from Eric Hagen with KBW. Zwirn & Co., L.P. with a focus on credit and debt restructuring. If you have an ad-blocker enabled you may be blocked from proceeding. Thomas Hamilton was elected to serve as an independent director of Annaly in March 2019. Most recently he exercised 7,989 units of NLY stock worth $50,490 on 29 January 2022. . 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. Mr. Finkelstein is a member of the Treasury Market Practices Group sponsored by the Federal Reserve Bank of New York.
Colorado Sunburst Anemone, Skyrocket Og Strain, Best High Schools For Lgbt Students, Articles D