Hey how much did TBAs add to your net interest margin for the quarter? Mr. Finkelstein also holds the Chartered Financial Analyst designation. [Operator Instructions] Please note this event is being recorded. 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. Prior to joining Annaly in 2009, Mr. Green was a partner in the Corporate, Securities, Mergers & Acquisitions Group at K&L Gates LLP. 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. Do you expect any meaningful shift in terms of equity capital allocation going forward, thanks? Book value increased our GAAP net income of $856 million or $0.58 per share, which includes $0.05 related to Cecil and specific reserves and higher other comprehensive income of $721 million or $0.51 per share on improved valuations on agency MBS resulting from lower market rates. Okay. During this call, we may present both GAAP and non-GAAP financial measures. We would expect more equity allocated to it, certainly, with the option to apply a modest amount of leverage. David L. Finkelstein Chief Executive Officer, President and Director: NEW YORK-(BUSINESS WIRE)-Annaly Capital Management, Inc. (NYSE: NLY) ("Annaly" or the "Company") today announced its financial results for the quarter and year ended December 31, 2022. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. 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. pictures of the galvin family; springfield, ma city council candidates; david finkelstein annaly compensation 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. 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. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. All proxy statements are public filings made available to the general public by the SEC. David L. Finkelstein is President, Chief Executive Officer & Director at Annaly Capital Management, Inc. These funds represent a broad scope of investment strategies including equities, taxable fixed income, municipal bonds, and cash management. 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. It operates through the following investment groups: Agency, Residential Credit, and Mortgage Servicing Rights. In addition to her roles at KPMG, as a Native American Indian and member of the Ho-Chunk Nation Tribe, Dr. Hannan served on President George W. Bushs National Advisory Council on Indian Education. 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. For its 2021 fiscal year, ANNALY CAPITAL MANAGEMENT, listed the following CEO pay ratio data on its annual proxy statement to the SEC. Mr. Campbell previously served as Head of Business Operations of Annaly and has over 25 years of experience in financial services. The conference has now concluded. Now core earnings in Q2 were above that dividend and we expect them to be so in Q3. 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 . Mr. David L. Finkelstein C.F.A. 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. Mr. Green was Deputy General Counsel of Annaly from 2009 until March 2017. We further reduced the LIBOR footprint of our hedge portfolio with our swap now 80% in OIS and we reinitiated our treasury future short position that was unwound in the first quarter. 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. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. 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. Thomas Hamilton was elected to serve as an independent director of Annaly in March 2019. There are 11 older and 9 younger executives at Annaly Capital Management Inc. 212-333-3810 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. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. in Business Administration from the University of Washington and a M.B.A. from the University of Chicago, Booth School of Business. 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. You may also find the annual proxy statement by going directly to the company's website. From 1986 until 1990, he was Managing Director at Aetna Bond Investors where he was responsible for management of insurance company and pension fund portfolios. Dr. Hannan is a former Global Lead Partner, National Managing Partner and Vice Chairman of KPMG, LLP, the U.S. member firm of the global audit, tax and advisory services firm KPMG International. This concludes our question-and-answer session. 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. Additionally, the content of this conference call may contain time-sensitive information that is accurate only as of the date hereof. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. 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. Given this dynamic, we increased our TBA position in the quarter and gravitated further down in coupon. Interim CEO Glenn Votek to Assume Role of Senior Advisor and Remain on the Board of Directors. The most active insiders traders include Wellington Denahan, Kevin Keyes, and David L Finkelstein. So we feel good about it. Following one of the most challenging and unforeseen operating environments in analysts history, we were pleased with our performance during the second quarter. Ms. Williams previously served as Senior Vice President, Compensation, Benefits and HRIS at NBCUniversal beginning in 2011. Mr. Haylon has served as Managing Director and Head of Conning North America at Conning, Inc., a global provider of investment management solutions, services and research to the insurance industry, since June 2018. There are no executives at Annaly Capital Management Inc getting paid more. 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. 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. Annaly Capital Management (NYSE:NLY) Q4 2021 Earnings Conference Call February 10, 2022 10:00 AM ETCompany Participants. Currently, Dr. Hannan serves on the Board of Directors of Otis Elevator Co., Gingko Bioworks and Carpenter Technology Corporation, is Chairman of the Board of Trustees and a member of the Executive Committee of the Smithsonian National Museum of the American Indian, is a Trustee of the Committee for Economic Development in Washington D.C., and is an active member of Women Corporate Directors. 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. On a more positive note, multifamily remained strong throughout the quarter. Annaly Capital Management, Inc. engages in the investment and financing of residential and commercial assets. Chart Data in Insider Trading History Table. 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. from the Ohio State University. 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. Independent ChairAudit CommitteeNCG CommitteeRisk Committee. Annaly is a leading diversified capital manager with investment strategies across mortgage finance. Mr. Finkelstein has over 25 years of experience in fixed income investments. Chief Executive OfficerChief Investment Officer. We appropriately conservatively reserve for any what we think to be of any eventuality down out the horizon but there's idiosyncratic risk in every credit asset and so we feel good about it, but there could be one-off disruptions and so that's we're looking at as well. Mr. Reeves has also served as General Counsel & Secretary of The Duchossois Group, a family-owned holding company comprised of diversified operating companies and DCM, since 2007 and its Chief Administrative Officer since 2017. Net Worth The estimated Net Worth of David L Finkelstein is at least Annaly Capital Management Inc . Data Year: 2021. David L. Finkelstein C.F.A. Okay. A reconciliation of GAAP to non-GAAP measures is included in our earnings release. David Finkelstein About Us; Blog; Press; AFLCIO.tv; Union Plus Benefits; Toggle Search Form . Mr. Finkelstein also holds the Chartered Financial Analyst designation. Steven F. Campbell is President and Chief Operating Officer of Annaly. Learn More about David L. Finkelstein's net worth. Mr. Hamilton received a B.S. Prior to joining NBCUniversal, Ms. Williams was a Partner with Pay Governance LLC and a Principal with Towers Perrin (now Willis Towers Watson). Annaly is a leading diversified capital manager that invests in and finances residential and commercial assets. From September 2010 to December 2011, Mr. Haylon served as Head of Investment Product Management at General Re New England Asset Management. Kathy Hopinkah Hannan, Ph.D., C.P.A. 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 estimated net worth of David L. Finkelstein is at least $36.42 million as of June 17th, 2022. in Economics from Connecticut College and an M.B.A. in Finance from New York University. 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. Mr. Green has over 20 years of experience in corporate and securities law. Mr. David L. Finkelstein, C.F.A., serves as Chief Investment Officer of Annaly Capital Management, Inc. since November 16, 2022. . Ms. Wolfe is a Certified Public Accountant in the states of New York, California, Illinois and Pennsylvania. ANNALY CAPITAL MANAGEMENT annual reports of executive compensation and pay are most commonly found in the Def 14a documents. 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. The market dysfunction that occurred amid the initial COVID outbreak in the US has dissipated and we have seen significant improvement in liquidity and asset pricing. I would like to turn the conference back over to David Finkelstein for any closing remarks. We delivered an economic return of nearly 15% and achieved core earnings well in excess of our right size dividend. 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 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. 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 makes analysis regarding Cecil reserves particularly challenging. From 1997 to 1998, Mr. Schaefer was Managing Director and Head of Strategic Planning and Capital Management at Morgan Stanley. Chief Executive OfficerChief Investment Officer. This point was evidenced the quarter with the improvement in fair value measures and resulting improved book value. 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. And as part of our preparation, we've chosen to be conservative with our leverage as well as our dividend. And to repo financing remains ample. 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. 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. Glenn A. Votek was elected to serve as a Director of Annaly in November 2019. Prior to joining Annaly in 2013, Mr. Finkelstein served for four years as an Officer in the . Net Worth The estimated Net Worth of David L Finkelstein is at least Annaly Capital Management Inc . Ms. Bovich has a B.A. In the commercial sector, we're slowly beginning to see activity pick up but volumes do remain somewhat muted. 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. The stock was acquired at an average cost of $5.56 per share, with a total value of $1,112,000.00. Nevertheless, financial conditions have improved considerably. Reinvestment is a key criteria here. 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. Sean Kensil - Vice President, Investor Relations. Our residential portfolio was roughly unchanged quarter-over-quarter at $2.6 billion as modest purchases and mark-to-market increases largely offset sales and portfolio runoff. 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. The Residential Credit group involves non-agency residential mortgage assets within securitized products and whole loan markets.
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