Annaly Capital Management (NLY) Q4 2022 Earnings Call Transcript So look with respect to the agency market, we are in an environment where funding is abundantly available and will be for some time given the reserves in the system. 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. Prior to Barclays, Mr. Hamilton held various Managing Director roles at Citigroup, Inc. and Salomon Brothers, Inc., where he began his career. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. David L Finkelstein is CEO/Chief Investment Ofcr at Annaly. Coronavirus Tips Working and Protection, For its 2021 fiscal year, ANNALY CAPITAL MANAGEMENT, listed the following executives on its annual proxy statement to the SEC. 2020. 2022-2023 Spring Category. 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. So thank you, guys. Please go ahead. 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. Learn More on David L. Finkelstein's trading history. Right. Thank you. Mr. Schaefer received a B.B.A. 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. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. Wondering if you could just provide a bit more color on your prepared remarks on the potential to increase agency allocation. In the commercial sector, we're slowly beginning to see activity pick up but volumes do remain somewhat muted. David L. Finkelstein C.F.A. Francine J. Bovich was elected to serve as an independent director of Annaly in 2014. Wellington J. Denahan co-founded Annaly in 1996 and has served as a Director since that time.
David L. Finkelstein C.F.A. Net Worth (2022) | wallmine Annaly Capital Management, Inc. Reports 4th Quarter 2022 Results All participants will be in a listen-only mode. Now, even Taiwan's own foreign minister is saying that China is on the cusp of a full scale invasion. 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. There are no executives at Annaly Capital Management Inc getting paid more. Ms. Williams received a B.S. Ms. Williams has served as Chief Human Resources Officer for NBCUniversal, a multinational media . 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. David L. Finkelstein, who has been serving as Annaly's Chief Investment Officer, Agency and RMBS, has been named Annaly's . 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. I would like to turn the conference back over to David Finkelstein for any closing remarks. Chief Executive OfficerChief Investment Officer. 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. Dr. Hannan received a Ph.D. in Leadership Studies from Benedictine University and a B.A. Wallmine is a radically better financial terminal. So that could change but derivatives without achieving a little bit as well as MSR for it to be more attractive. Thanks for that. 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. Shifting to residential credit, the sector saw significantly more activity as market dynamics began to improve following the crisis. 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. 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. 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. For its 2021 fiscal year, ANNALY CAPITAL MANAGEMENT, listed the following CEO pay ratio data on its annual proxy statement to the SEC. We're experiencing a meaningful imbalance between supply and demand as a cyclically low number of housing units, meets continued strong household formations and anecdotal evidence suggests that pandemic disruptions that limited impact on the home buying and refinancing processes. 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. Please go ahead. The most active insiders traders include Wellington Denahan, Kevin Keyes, and David L Finkelstein. Net Worth The estimated Net Worth of David L Finkelstein is at least Annaly Capital Management Inc . So it's reflected in your funding cost. We've isolated around where we ended the quarter and right now as about last night it's up roughly 1%. Salary, bonuses, stock options, stock awards and other compensation for David L. Finkelstein, Chief Executive Officer, President and Director at ANNALY CAPITAL MANAGEMENT. From 1990 until 1994, he was Senior Vice President of Fixed-Income at Phoenix Home Life Insurance Company. The decline in portfolio size is driven by approximately $53 million in loan payoff as well as securities sales. Prior to joining Annaly in 2009, Mr. Green was a partner in the Corporate, Securities, Mergers & Acquisitions Group at K&L Gates LLP. Mr A is 48, he's been the Pres and CEO & Director of Annaly Capital Management Inc since . 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.
Stock Market | FinancialContent Business Page So first of all with respect to the repositioning, what we experienced in the quarter was initially a pretty insignificant steepening of the curve, which we anticipated I think got to roughly 20 basis points to 25 basis points higher than it was now. 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. ANNALY CAPITAL MANAGEMENT income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. David L. Finkelstein is Chief Executive Officer and Chief Investment Officer of Annaly. As David touched on, our economic leverage declined to 6.4 times from 6.8 times quarter-over-quarter, which was mainly due to a decrease in repo balance of $5.4 billion and an increase in our equity-base of $1.1 billion that was partially offset by an increase in TBA contracts of $5.8 million and an increase in net payables for investments purchased of $1.5 billion. 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. Dr. Hannan has over 30 years of industry experience and held numerous leadership roles during her distinguished career with KPMG. Our next question comes from Doug Harter with Credit Suisse. Enter your email address below to get our daily insider buying and selling report. Thank you for attending today's presentation. Previously, Ms. Denahan served as Chief Executive Officer of Annaly from November 2012 to September 2015 and as Co-Chief Executive Officer of Annaly from October 2012 to November 2012. david finkelstein annaly compensation. Insiders at Annaly Capital Management own 0.3% of the company. Independent ChairAudit CommitteeNCG CommitteeRisk Committee. And my other questions have been asked and answered. It operates through the following investment groups: Agency, Residential Credit, and Mortgage Servicing Rights. Very helpful and one quick follow-up if I may, you mentioned in terms of the agency funding composition extending out the repo financing terms, wondering going forward, would you expect to either further lengthen the repo financing terms or maintain what you've been doing, thanks? If the United States goes to war with another nuclear armed superpower, this could have a devastating impact on your retirement portfolio. Mr. Finkelstein also holds the Chartered Financial Analyst designation. Mr. Finkelstein has over 25 years of experience in fixed income investments. David Finkelstein - Chief . Annaly Capital Management (NYSE:NLY) Q4 2021 Earnings Conference Call February 10, 2022 10:00 AM ETCompany Participants. Mr. Green holds a B.A. 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. Mr. Green has over 20 years of experience in corporate and securities law. Please go ahead. When I look this morning three month 10-year swaption was up 53 basis points. David L. Finkelstein is Chief Executive Officer and President of Annaly.
Annaly Capital Management, Inc. Names David L. Finkelstein Chief 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. On a more positive note, multifamily remained strong throughout the quarter. Ms. Wolfe is a Certified Public Accountant in the states of New York, California, Illinois and Pennsylvania. I'd now like to turn the conference over to Purvi Kamdar. He received an undergraduate degree from the University of Washington and an MBA from The University of Chicago Booth School of Business. Anthony C. Green is Chief Corporate Officer and Chief Legal Officer of Annaly. Thorough reviews have been conducted to assure this data accurately reflects disclosures. You may also find the annual proxy statement by going directly to the company's website. Mr. Finkelstein also holds the Chartered Financial Analyst designation.
Donnell A. Segalas Concludes his Service as a Member of the Board of Sure Ken you bet and what I meant by that is that the increase in agency could occur over the very short term as credit markets are still redeveloping and we do have some runoff in that capital will be reallocated to agency over the very near term and when we say that, a very small percentage. Overall, we maintained a more constructive view of the operating environment and our ability to deliver compelling returns as each of our businesses respected sectors begins to emerge from the initial volatility and destruction caused by the pandemic. Mr. Haylon has served as a Managing Director at Conning, Inc. since January 2012 and previously served as Head of Asset Management Sales, Products and Marketing from December 2014 until June 2018 and as Head of Investment Products from January 2012 until December 2014. 1 dividend stock for a LIFETIME of income. Hey guys, this is actually Josh Bolton on for Doug. 25. times its median employee's . None of Annaly's achievements would have been possible without . 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 .
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. Previously, he was Chief Financial Officer of Annaly from August 2013 to December 2019. Mr. Finkelstein has 25 years of experience in fixed income investments. And everything you said the two words that stood out everything changes. So it's not an apples-to-apples comparison. Additional information on the Company can be found at www.annaly.com. Additionally, the content of this conference call may contain time-sensitive information that is accurate only as of the date hereof. Serena Wolfe - CFO. And now with that, I'll hand it over to Serena to discuss the financials. But when we think about reinvestment into for example, pools where we see the levered returns on agency MBS is in the context of 11% to 12% maybe a little bit higher and so as we look at the dividend right now at 10.5% yield on book value the reinvestment of agency runoff is perfectly consistent with that longer-term more steady-state level assuming rates in this context, but keep in mind we do have this near-term tailwind of specialness and some other factors that are beneficial to the portfolio where were out-earning the dividend this quarter. 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. Mr. . As a reminder, Annaly routinely posts important information for investors on the company's website at www.annaly.com. He was Chief Financial Officer of the Phoenix Companies, Inc. from 2004 until 2007, and Executive Vice President and Chief Investment Officer of the Phoenix Companies in 2002 and 2003. 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. Sorry, I think we're thinking about it a little differently, but yeah that's correct. The housing market remained strong given long-term positive fundamentals, which we believe will help the ultimate recovery. 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 always we spent time analyzing the results of the reserve calculations and ensuring our expectations align with the quality of the portfolio and the performance of the borrowers.
David Finkelstein Net Worth, Biography, and Insider Trading 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. NEW YORK, June 09, 2022--Annaly Capital Management, Inc. (NYSE: NLY) (the "Company" or "Annaly") announced today the publication of its third corporate responsibility report for the year 2021 . The conference has now concluded. David L. Finkelstein C.F.A.
Annaly Capital Management, Inc. Announces Executive Management I suspect that one of the things that influences the outlook is reinvestment risk as the speeds pick up. 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. Thanks for joining us today and we'll talk to you soon. From 1980 until 1984, he was a Senior Financial Analyst at Travelers Insurance Companies. That has largely taken delivery of the most negatively convex MBS, which has resulted in a shift to the TBA deliverable across production coupons to more newly originated pools and as a result, nominal carry on production coupons TBAs has improved dramatically thereby adding to returns for TBA holders. In the last twelve months, Annaly Capital Management insiders bought shares 1 times. 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. 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. Our next question comes from Kenneth Lee with RBC Capital Markets. We have to look at how attractive assets are and then put that in the context of where thee stock prices make a buyback decision based on that. 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. We continue to think it critical in the current environment to consider the address economic scenarios available in this process and to err on the side of conservatism given a significant uncertainty in the economic and market values scenarios. 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. Ms. Williams has over 17 years of compensation and governance experience. 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 . 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. Social distancing and mandated shutdowns have damaged certain sectors of the economy and the corresponding impact on the labor market has been substantial. Ilker . On average, Mr trades about 51,067 units every 152 days since 2016. 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. David L. Finkelstein is Chief Executive Officer and Chief Investment Officer of Annaly. You can see the complete history of Mr Finkelstein stock trades at the bottom of the page. Mr has made over 7 trades of the Annaly Capital Management Inc stock since 2016, according to the Form 4 filled with the SEC. 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. Now core earnings in Q2 were above that dividend and we expect them to be so in Q3. Yeah I think prepay is kind of an obvious one outside of that. Just had a curiosity what are some things that you are concerned about or really looking closely at, you kind of in the end and immediate term. From 2013 until September 2020, Mr. Hamilton also served as Con Forms President and Chief Executive Officer. 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. Serena Wolfe is Chief Financial Officer of Annaly. 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. 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 I wanted to talk a little bit about dividend policy. 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. 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. ANNALY CAPITAL MANAGEMENT Compensation by Company. Mr. Votek has over 30 years of experience in financial services. Corporate Responsibility Committee (Chair)NCG CommitteeRisk Committee. As a reminder, the impending model introduced by the new Cecil is based on expected losses rather than incurred losses, which was the previous management for reserve historically. Mr. Finkelstein owns 1,669,013 shares of Annaly Capital Management stock worth more than $36,417,864 as of February 13th. 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. None of Annaly's achievements would have been possible without .
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