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Our next question comes from Doug Harter with Credit Suisse. Mr. Finkelstein has 25 years of experience in fixed income investments. 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. 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. I am pleased to share all that we have accomplished in 2021, including enhancing the Companys executive compensation program, expanding our parental leave and fertility benefits and providing additional climate-related disclosures. in Accounting from the University of Notre Dame and a M.B.A. from the Harvard Graduate School of Business. 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 Our efficiency metrics changed modestly relative to Q1 being 2.1% of equity for the second quarter in comparison to 1.98%. 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. 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. Learn More on David L. Finkelstein's salary. 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. And now with that, I'll hand it over to Serena to discuss the financials. From 2014 to 2020, Dr. Hannan served as Chairman of the Board & National President for Girl Scouts of the USA. Annaly is a leading diversified capital manager that invests in and finances residential and commercial assets. Annaly Capital Management's insider roster includes David Finkelstein (CEO), and Thomas Hamilton (Director). 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. 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. 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. We can't say how long that will persist for, but we do think about this for much more than just the quarter or two where we do have the specialist and we're trying to get the appropriate level where we know it's sustainable and that's how we feel about it and if we continue to out-earn it that's perfectly okay because we're given the shareholder a 10.5% dividend yield on their book value. 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. Please go ahead. On a more positive note, multifamily remained strong throughout the quarter. Learn More on Annaly Capital Management's active insiders. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. Okay. 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. With respect to the incremental benefit of the TBA position for the second quarter, I'll say I think the actual dollar contribution or in pennies was about $0.07 and with respect to the NIM contribution, Serena you can. We were certainly careful to take prudent steps during the early phase of the market recovery to ensure we are well positioned to capitalize on the opportunities that are sure to arise. I didn't in the prepared comments. David Finkelstein-- Chief Executive Officer and Chief Investment Officer Yeah. Please go ahead. David Finkelstein - President, CEO & Director. 2020. 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. 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. Board of Directors in ANNALY CAPITAL MANAGEMENT. in Business Administration from the University of Washington and a M.B.A. from the University of Chicago, Booth School of Business. Will Others Follow? 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? 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. Mr. Finkelstein owns 1,669,013 shares of Annaly Capital Management stock worth more than $36,417,864 as of February 13th. 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. Mr. Finkelstein earned a salary of $1,000,000.00, a bonus of $6,325,000.00, stock awards of $1,800,001.00, and other compensation of $13,763.00. David L. Finkelstein is CEO and Chief Investment Officer of Annaly. Mr. Finkelstein was elected to serve as a director of Annaly in March 2020. Mr. Votek has over 30 years of experience in financial services. 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. 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. ANNALY CAPITAL MANAGEMENT income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. He received an undergraduate degree from the University of Washington and an MBA from The University of Chicago Booth School of Business. Eric A. Reeves was elected to serve as an independent director of Annaly in March 2021. Wallmine is a radically better financial terminal. In the commercial sector, we're slowly beginning to see activity pick up but volumes do remain somewhat muted. 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. I will provide brief financial highlights of the quarter ended June 30, 2020 and while earnings release discloses our GAAP and non-GAAP core results, I will be focusing this morning primarily on our core results and related metrics or excluding PAA. David L. Finkelstein has not been actively trading shares of Annaly Capital Management within the last three months. Annaly encourages investors, analysts, the media and other interested parties to monitor the company's website in addition to following Annaly's press releases, SEC filings, public conference calls, presentations, webcasts and other information they post from time to time on its website. Highlights and achievements from the 2021 Corporate Responsibility Report include: To learn more about Annalys corporate responsibility initiatives and to view the 2021 Corporate Responsibility Report, please visit www.annaly.com/our-responsibility. Now with respect to options, we did reinvest a lot of the runoff in our swap portfolio back in out of money options and I'll tell you going forward that will be a function of the level of implied volatility. Audit CommitteeManagement Development and Compensation CommitteeRisk Committee. 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 . Mr A is 48, he's been the Pres and CEO & Director of Annaly Capital Management Inc since . 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. The Residential Credit group involves non-agency residential mortgage assets within securitized products and whole loan markets. Nevertheless, financial conditions have improved considerably. Jun 09, 2022. Ms. Wolfe is a Certified Public Accountant in the states of New York, California, Illinois and Pennsylvania. While financial conditions have stabilized, there is still significant uncertainty around the long-term economic picture. Annaly Capital Management, Inc. (NYSE:NLY) Q2 2020 Earnings Conference Call July 30, 2020 9:00 AM ET, David Finkelstein - CEO & Chief Investment Officer, Tim Gallagher - Head, Commercial Real Estate. Right. Please. Learn More on David L. Finkelstein's salary. Mr. Schaefer served as a board member and chair of the audit committee of USI Holdings Corporation from 2008 through 2012. David L. Finkelstein is Chief Executive Officer and Chief Investment Officer of Annaly. 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. For its 2021 fiscal year, ANNALY CAPITAL MANAGEMENT, listed the following board members on its annual proxy statement to the SEC. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. David Finkelstein interviewed on WBEZ's "Odyssey" Recent Courses PHIL 50212 Late Wittgenstein: The Absolute Basics for The Confused, Skeptical, and Ignorant (IV) David Finkelstein. Mr. Finkelstein has over 25 years of experience in fixed income investments. David L. Finkelstein is Chief Executive Officer and Chief Investment Officer of Annaly. My No. We delivered an economic return of nearly 15% and achieved core earnings well in excess of our right size dividend. So broadly speaking in agency it's probably pool pricing and in credit there could be unforeseen events given the economy that could disrupt individual assets. Okay. 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. 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). Annaly ended the quarter with excellent liquidity profile within $7.9 billion of unencumbered assets an increase of $1 billion from prior quarter and including cash and unencumbered agency MBS of $5.3 billion. He is also a Director of the Friedreichs Ataxia Research Alliance, along with Co-Founder of his own charitable scientific effort, the CureFA Foundation. Ms. Williams previously served as Senior Vice President, Compensation, Benefits and HRIS at NBCUniversal beginning in 2011. David's mailing address filed with the SEC is C/O ANNALY CAPITAL MANAGEMENT, INC., 1211 AVENUE OF THE AMERICAS, NEW YORK, NY, 10036. 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. Mr. Finkelstein also holds the Chartered Financial Analyst designation. Previously, he was Chief Financial Officer of Annaly from August 2013 to December 2019. The proxy statement's main purpose is to alert shareholders to the annual meeting and provide them information about the issues that will be voted on during the annual meeting, including decisions such as electing directors, ratifying the selection of auditors, and other shareholder-related decisions, including shareholder-initiated initiatives. The Agency group invests in agency mortgage-backed securities. david finkelstein annaly compensationmostar bridge jump injuries. 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. Please go ahead. 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. From 1997 to 1998, Mr. Schaefer was Managing Director and Head of Strategic Planning and Capital Management at Morgan Stanley. 1-888-8Annaly in Business Administration from the University of Washington and a M.B.A. from the University of Chicago, Booth School of Business. Mr. Finkelstein was elected to serve as a director of Annaly in March 2020 and previously served as Chief Investment Officer. 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. Mr. Finkelstein owns 1,669,013 shares of Annaly Capital Management stock worth more than $33,931,034 as of March 4th. Mr. Finkelstein has 25 years of experience in fixed income investments. At quarter end, we closed our previously announced internalization transaction, which marks a significant step in the series of measures Annaly has implemented as an industry leader from a government standpoint. 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. The company was founded by Michael A. J. Farrell and Wellington Jamie Denahan-Norris on February 18, 1997 and is headquartered in New York, NY. Non-agency securities across legacy CRT jumbo 2.0 and non-QN have seen substantial recovery. NEW YORK -- (BUSINESS WIRE)-- Annaly Capital Management, Inc. (NYSE: NLY) ("Annaly" or the "Company") announced today the Board of Directors (the "Board") has elected David L. Finkelstein as its Chief Executive Officer and a . There are no executives at Annaly Capital Management Inc getting paid more. And that's exactly right. 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. From 2013 until September 2020, Mr. Hamilton also served as Con Forms President and Chief Executive Officer. Annaly Capital Management, Inc. engages in the investment and financing of residential and commercial assets. Mr. Hamilton received a B.S. 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.