Mr. Reeves serves on the boards of several DCM portfolio companies and funds as well as on the Advisory Board of Ozinga Bros. His civic and philanthropic commitments include trusteeships at Rush University Medical Center and the National Philanthropic Trust. In credit as we've said, we like our portfolio. The conference has now concluded. . 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. 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. You may also find the annual proxy statement by going directly to the company's website. Prior to joining Annaly in 2013 . Mr. David L. Finkelstein C.F.A. Leadership | Annaly Capital 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. 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. in Business Administration from the University of Washington and a M.B.A. from the University of Chicago, Booth School of Business. Ms. Williams has over 17 years of compensation and governance experience. 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. Mr. Haylon has previously served on the boards of Aberdeen Asset Management and Phoenix Investment Partners. 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. Mr. Finkelstein was appointed as Chief Executive Officer and elected to serve on the Board of Directors in March 2020. 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. Hey how much did TBAs add to your net interest margin for the quarter? Mr. Green was Deputy General Counsel of Annaly from 2009 until March 2017. 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. in Business Administration from the University of Washington and a M.B.A. from the University of Chicago, Booth School of Business. in Economics and Political Science from the University of Pennsylvania and a J.D. David L. Finkelstein C.F.A. Net Worth (2023) | wallmine I would like to turn the conference back over to David Finkelstein for any closing remarks. And to repo financing remains ample. 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. company's disclosure obligations under Regulation FD and to post and update investor presentations and some more materials on a regular basis. Until December 2017, Ms. Denahan served as Chairman of the Board of Annaly (from November 2012) and Executive Chairman of Annaly (from September 2015). In the commercial sector, we're slowly beginning to see activity pick up but volumes do remain somewhat muted. 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. in International and Comparative Law from Cornell Law School. The estimated Net Worth of David L Finkelstein is at least $16.4 Million dollars as of 1 February 2023. The stock was acquired at an average cost of $5.56 per share, with a total value of $1,112,000.00. Is it picked up in your asset yield or your funding costs or both? 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. Mr. Haylon received a B.A. It operates through the following investment groups: Agency, Residential Credit, and Mortgage Servicing Rights. Mr. Finkelstein owns 1,669,013 shares of Annaly Capital Management stock worth more than $36,417,864 as of February 13th. 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. 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. Is this happening to you frequently? Annaly Capital Management (NLY) Q4 2022 Earnings Call Transcript 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 internally managed and has elected to be taxed as a real estate investment trust, or REIT, for federal income tax purposes. He received an undergraduate degree from the University of Washington and an MBA from The University of Chicago Booth School of Business. The corporate mailing address for Mr. Finkelstein and other Annaly Capital Management executives is 1211 AVENUE OF THE AMERICAS, NEW YORK NY, 10036. 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. Donnell A. Segalas Concludes his Service as a Member of the Board of Compensation Information for David L. Finkelstein, Chief Executive Mr. Finkelstein was elected to serve as a director of Annaly in March 2020. Does that answer your question? While at KPMG, Dr. Hannan also founded the KPMG Womens Advisory Board. The Agency group invests in agency mortgage-backed securities. 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. Non-agency securities across legacy CRT jumbo 2.0 and non-QN have seen substantial recovery. Prior to Barclays, Mr. Hamilton held various Managing Director roles at Citigroup, Inc. and Salomon Brothers, Inc., where he began his career. Mr. Green holds a B.A. While financial conditions have stabilized, there is still significant uncertainty around the long-term economic picture. Management Development and Compensation Committee (Chair)Audit Committee. 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. 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 . Mr. Finkelstein was elected to serve as a director of Annaly in March 2020. He received an undergraduate degree from the University of Washington and an MBA 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. David L. Finkelstein is Chief Executive Officer and Chief Investment Officer of Annaly. I didn't in the prepared comments. 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. Trustee. 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. 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 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. Annaly Capital Management, Inc. Reports 4th Quarter 2022 Results It's been relatively calm. Okay. Chart Data in Insider Trading History Table. Bloomberg View columnist Barry Ritholtz looks at the people and ideas that shape markets, investing and business. Alex Yankus The largest trade he's ever made was buying 200,000 units of Annaly Capital Management Inc stock on 17 June 2022 worth over $1,112,000. There are no executives at Annaly Capital Management Inc getting paid more. 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. Hey guys, this is actually Josh Bolton on for Doug. Okay. Okay. The Residential Credit group involves non-agency residential mortgage assets within securitized products and whole loan markets. Wallmine is a radically better financial terminal. Thomas Hamilton was elected to serve as an independent director of Annaly in March 2019. Compensation Ownership; David . Mr. Finkelstein also holds the Chartered Financial Analyst designation. Nevertheless, financial conditions have improved considerably. Annaly Capital Management, Inc. Reports 4th Quarter 2022 Results 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. 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. Michael Haylon was elected to serve as an independent director of Annaly in 2008. All proxy statements are public filings made available to the general public by the SEC. Steven F. Campbell is President and Chief Operating Officer of Annaly. 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. Prior to that, Mr. Finkelstein held senior Agency MBS trading positions at Salomon Smith Barney, Citigroup Inc. and Barclays PLC. 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. Thorough reviews have been conducted to assure this data accurately reflects disclosures. David L. Finkelstein C.F.A. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. Good morning and nice quarter guys. 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. None of Annaly's achievements would have been possible without . Stock Market | Pittsburgh Post-Gazette We have previously discussed our methodology and are thorough and thoughtful approach to Cecil reserves. 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. 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. These and our other ESG milestones have helped create durable value for all of our stakeholders., Corporate Responsibility Report Highlights. 2020. Consistent with that strategy, since the beginning of the second quarter, we added $1.125 billion of capacity across two new credit facilities for our residential credit group, the permanent nonrecourse financing. This news release and our public documents to which we refer contain or incorporate by reference certain forward-looking statements which are based on various assumptions (some of which are beyond our control) and may be identified by reference to a future period or periods or by the use of forward-looking terminology, such as may, will, believe, expect, anticipate, continue, or similar terms or variations on those terms or the negative of those terms. Kathy Hopinkah Hannan, Ph.D., C.P.A. 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. Things do look I think positive generally, but just wondering how you guys think about downside risk from here? Mr. Finkelstein is a member of the Treasury Market Practices Group sponsored by the Federal Reserve Bank of New York. Mr. David L. Finkelstein, C.F.A., serves as Chief Investment Officer of Annaly Capital Management, Inc. since November 16, 2022. . Learn More on David L. Finkelstein's salary. Mr. Schaefer was Executive Vice President and Chief Strategic and Administrative Officer of Morgan Stanley from 1998 to 2000. And everything you said the two words that stood out everything changes. Exactly, exactly and we'll see where we end the year but we feel good about where we think it is. 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.
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