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Good morning and welcome to the Annaly Capital Management Second Quarter 2020 Conference Call. For its 2021 fiscal year, ANNALY CAPITAL MANAGEMENT, listed the following CEO pay ratio data on its annual proxy statement to the SEC. None of Annaly's achievements would have been possible without . 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. Okay. In the commercial sector, we're slowly beginning to see activity pick up but volumes do remain somewhat muted. in Business Administration from the University of Washington and a M.B.A. from the University of Chicago, Booth School of Business. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. When I look this morning three month 10-year swaption was up 53 basis points. 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 about David L. Finkelstein's net worth. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. We add the incremental dollar role income to core income and then the outcome. 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. pictures of the galvin family; springfield, ma city council candidates; david finkelstein annaly compensation He received an undergraduate degree from the University of Washington and an MBA from The University of Chicago Booth School of Business. 1 dividend stock for a LIFETIME of income. We would expect more equity allocated to it, certainly, with the option to apply a modest amount of leverage. I think that's probably the best description of what we brought them through the shares. Yeah that's great. 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. Annaly is internally managed and has elected to be taxed as a real estate investment trust, or REIT, for federal income tax purposes. Mr. Finkelstein was elected to serve as a director of Annaly in March 2020. 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. [Operator instructions] Our first question comes from Eric Hagen with KBW. 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. biography. ANNALY CAPITAL MANAGEMENT Executive Salaries & Other Compensation Mr. Haylon has previously served on the boards of Aberdeen Asset Management and Phoenix Investment Partners. in Economics from Connecticut College and an M.B.A. in Finance from New York University. 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. You may also find the annual proxy statement by going directly to the company's website. 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. The portfolio generated 188 points of NIM up Q1 of 118 basis points, driven primarily by the decrease in cost on funds that I mentioned a moment ago. 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. 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. . from the University of Michigan and J.D. 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. I'd now like to turn the conference over to Purvi Kamdar. Mr. Reeves is a member of the Henry Crown Fellows at the Aspen Institute and was honored as a Chicago United Business Leader of Color. 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. 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. We have entered a more normalized environment with fed action serving as a key driver and spreads have retraced much the widening experienced in March we do remain positive on the sector given ample funding availability at low rates due to rate volatility and a complete reversal of an inferior technical backdrop that characterizes sector at the outset of this year. 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. So the NIM itself is not reflective of TBAs at all to your dollar role at all? David L. Finkelstein is Chief Executive Officer and Chief Investment Officer of Annaly. ANNALY CAPITAL MANAGEMENT income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. 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. Annaly Capital Management, Inc. Announces Executive Management 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. It's been relatively calm. Ms. Denahan has a B.S. 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. David L. Finkelstein is CEO and Chief Investment Officer of Annaly. Thorough reviews have been conducted to assure this data accurately reflects disclosures. ANNALY@brunswickgroup.com, Navigate to the << Back to Please. 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. david finkelstein annaly compensation. 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. Mr. Campbell also worked at General Electric Capital Corporation and D.B. 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. And to repo financing remains ample. Prior to joining Annaly in 2013, Mr. Votek was an Executive Vice President and Treasurer at CIT Group since 1999 and also President of Consumer Finance since 2012. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. The charts on this page feature a breakdown of the total annual pay for the top executives at ANNALY CAPITAL MANAGEMENT as reported in their proxy statements. Alex Yankus So right now balance sheet leverage pools of finance through the repo market is more attractive than structural leverage meaning derivatives who when I say structural leverage I mean an asset whose outcome is dependent on a larger asset like derivatives are. Please note today's event is being recorded. 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. He joined the firm in 2013 and assumed the role of Chief Investment Officer in 2016. From 2015 until 2018, Dr. Hannan served as a Senior Advisor for KPMGs Board Leadership Center and National Leader Total Impact Strategy and, from 2009 until 2015, as KPMGs National Managing Partner of Diversity and Corporate Responsibility. 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 Capital Management, Inc. Publishes Third Corporate ANNALY CAPITAL MANAGEMENT Compensation by Company. 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. Hey how much did TBAs add to your net interest margin for the quarter? No, it is not reflected in the funding cost. Prior to that, Mr. Finkelstein held senior Agency MBS trading positions at Salomon Smith Barney, Citigroup Inc. and Barclays PLC. 96% of the portfolio is in specified pools and we built that portfolio we'll over a number of years and we use the opportunity in March to reduce the pool holdings that we didn't find as attractive and what we're left with is a portfolio that is very high quality. Annaly is a leading diversified capital manager that invests in and finances residential and commercial assets. Chief Executive OfficerChief Investment Officer. 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. Okay. Most recently he exercised 7,989 units of NLY stock worth $50,490 on 29 January 2022. . Prior to Barclays, Mr. Hamilton held various Managing Director roles at Citigroup, Inc. and Salomon Brothers, Inc., where he began his career. The corporate mailing address for Mr. Finkelstein and other Annaly Capital Management executives is 1211 AVENUE OF THE AMERICAS, NEW YORK NY, 10036. So that could change but derivatives without achieving a little bit as well as MSR for it to be more attractive. Thanks Brendon for your help and we hope everybody stay safe. During this call, we may present both GAAP and non-GAAP financial measures. The conference has now concluded. David L. Finkelstein C.F.A. Annaly Capital Management, Inc. Reports 4th Quarter 2022 Results We encourage you to read the disclaimer in our earnings release in addition to our quarterly and annual filings. 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. Please go ahead. David Finkelstein - Biography Dr. Hannan has over 30 years of industry experience and held numerous leadership roles during her distinguished career with KPMG. 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. 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. David L. Finkelstein C.F.A. 212-333-3810 Thanks David. Mr. Finkelstein has over 25 years of experience in fixed income investments. 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. John H. Schaefer was elected to serve as an independent director of Annaly in 2013. Okay. But the good news is, if China invades Taiwan, there is a way to protect yourself. Wondering if you could just provide a bit more color on your prepared remarks on the potential to increase agency allocation. 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. Mr. . Learn More on David L. Finkelstein's trading history. Will His AI Plans Be Any Different? 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. My No. While financial conditions have stabilized, there is still significant uncertainty around the long-term economic picture. So it's reflected in your funding cost. Previously, he was Chief Financial Officer of Annaly from August 2013 to December 2019. 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. Additionally, the content of this conference call may contain time-sensitive information that is accurate only as of the date hereof. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. US Jobs Report and Powell Testimony Take Center Stage: Eco Week, Bond Mavens Favor Curve Wagers for Next Encounter With Jobs Data, Bank of Canada Risks Falling Too Far Behind Fed, Scotia Says, Feds Daly Says More Rate Hikes Likely Needed to Cool Inflation, Colombia Prices Rise Less than Forecast to a Fresh 24-Year High, Porsche, Ferrari E-Fuel Push at Heart of EU Engine Debate. Mr. Finkelstein was elected to serve as a director of Annaly in March 2020 and previously served as Chief Investment Officer. 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. in Business Administration from the University of Washington and a M.B.A. from the University of Chicago, Booth School of Business. Out treasury function is the best in the business and their expertise and exemplary market timing was a key component that helped us weather the market dislocation last quarter and our ability to deliver strong core earnings this quarter. Mr A is 48, he's been the Pres and CEO & Director of Annaly Capital Management Inc since . Wellington J. Denahan co-founded Annaly in 1996 and has served as a Director since that time. Most recently he exercised 31,721 units of NLY stock worth 194,767$ on 30 June 2022. . Corporate Responsibility Committee (Chair)NCG CommitteeRisk Committee. 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. David L. Finkelstein C.F.A. Learn More about insider trades at Annaly Capital Management. Thanks for joining us today and we'll talk to you soon. This reduced our pay rate as well as shorten the maturity of our swap portfolio. Mr has made over 9 trades of the Annaly Capital Management Inc stock since 2016, according to the Form 4 filled with the SEC. Ilker . Most recently he exercised 6,186 units of NLY stock worth $125,761 on 1 February 2023. Our next question comes from Kenneth Lee with RBC Capital Markets. From 2014 to 2020, Dr. Hannan served as Chairman of the Board & National President for Girl Scouts of the USA. Sure. On a more positive note, multifamily remained strong throughout the quarter. Since 2011, Ms. Bovich has been a trustee of The Bradley Trusts. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. The Company does not undertake, and specifically disclaims any obligation, to publicly release the result of any revisions which may be made to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements, except as required by law. was elected to serve as an independent director of Annaly in February 2019. Annaly Capital Management, Inc. (NYSE:NYSE:NLY) Q2 2020 Earnings Conference Call July 30, 2020, 09:00 AM ET Company Participants Purvi Kamdar - Head, IR David Finkelstein - CEO & Chief. 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. Mr. Finkelstein received a B.A. This net worth evaluation does not reflect any other assets that Mr. Finkelstein may own. Prior to joining Annaly in 2013 . 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. Information on this page was last updated on 6/17/2022. He received an undergraduate degree from the University of Washington and an MBA from The University of Chicago Booth School of Business. Annaly Capital Management, Inc. Names David L. Finkelstein Chief 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. Thorough reviews have been conducted to assure this data accurately reflects disclosures. 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. Reeves was formerly a law partner of McDermott, Will & Emery and a corporate attorney at Jones Day. Good morning and welcome to the second quarter 2020 earnings call for Annaly Capital Management. 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. Our measured approach to weathering the crisis served us well we feel very good about our positioning as the recovery progresses as I'll get into more detail. We don't anticipate increasing agency meaningfully, but we do recognize that these credit markets are a little bit slow to redevelop. david finkelstein annaly compensation David Finkelstein About Us; Blog; Press; AFLCIO.tv; Union Plus Benefits; Toggle Search Form . Following one of the most challenging and unforeseen operating environments in analysts history, we were pleased with our performance during the second quarter. Glenn A. Votek was elected to serve as a Director of Annaly in November 2019. david finkelstein annaly compensationmostar bridge jump injuries. Consequently, we reduced leverage during the quarter from 6.8 times to 6.4 times and made the prudent decision to set our quarterly dividend at $0.22. . Mr has made over 7 trades of the Annaly Capital Management Inc stock since 2016, according to the Form 4 filled with the SEC. Annaly Capital Management, Inc. NLY ("Annaly" or the "Company") today announced its financial results for the quarter and year ended December 31, 2022. Chief Executive OfficerChief Investment Officer. We maintained the view that the agency sector represents the most attractive investment opportunity currently while also providing strong liquidity. Interim CEO Glenn Votek to Assume Role of Senior Advisor and Remain on the Board of Directors. Annaly Capital Management, Inc. Names David L. Finkelstein Chief Executive Officer Interim CEO Glenn Votek to Assume Role of Senior Advisor and Remain on the Board of Directors March 16, 2020 07: . You can see the complete history of Mr Finkelstein stock trades at the bottom of the page. Non-agency securities across legacy CRT jumbo 2.0 and non-QN have seen substantial recovery. 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. Ms. Williams has over 17 years of compensation and governance experience. David L. Finkelstein C.F.A. Net Worth (2022) | wallmine Sean Kensil - Vice President, Investor Relations. Just one [indiscernible] quarter, really favorable backdrop funding cost attractive, specialist TV end market. 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. The report demonstrates Annaly's continued focus on setting and measuring progress on . Mr. Finkelstein has 25 years of experience in fixed income investments. 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. You may now disconnect. 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? 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. I would like to turn the conference back over to David Finkelstein for any closing remarks. Good morning and nice quarter guys. Prior to joining Annaly in 2013, Mr. Finkelstein served for four years as an Officer in the . David L. Finkelstein is Chief Executive Officer and Chief Investment Officer of Annaly. Mr. Campbell received a B.B.A. 2022 David L. Finkelstein C.F.A. Net Worth (2023) | wallmine ANNALY CAPITAL MANAGEMENT income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system.