So it's not an apples-to-apples comparison. Good morning and welcome to the Annaly Capital Management Second Quarter 2020 Conference Call. So the NIM itself is not reflective of TBAs at all to your dollar role at all? Mr. Finkelstein is a member of the Treasury Market Practices Group sponsored by the Federal Reserve Bank of New York. Mar 16, 2020. And now with that, I'll hand it over to Serena to discuss the financials. Francine J. Bovich was elected to serve as an independent director of Annaly in 2014. 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. It's been relatively calm. Thorough reviews have been conducted to assure this data accurately reflects disclosures. Mr A is 48, he's been the Pres and CEO & Director of Annaly Capital Management Inc since . 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. Learn More on David L. Finkelstein's contact information. Musk Made a Mess at Twitter. Actual events and results may differ materially from these forward-looking statements. Thanks again. He received an undergraduate degree from the University of Washington and an MBA from The University of Chicago Booth School of Business. Net Worth The estimated Net Worth of David L Finkelstein is at least Annaly Capital Management Inc . Additionally, the content of this conference call may contain time-sensitive information that is accurate only as of the date hereof. The report demonstrates Annaly's continued focus on setting and measuring progress on . 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. Annaly Capital Management, Inc. Investor Relations 1-888-8Annaly www.annaly.com Release Summary Donnell A. Segalas Concludes his Service as a Member of the Board of Annaly Capital Management, Inc. The most active insiders traders include Wellington Denahan, Kevin Keyes, and David L Finkelstein. Thank you. Now of additional note with respect to our direct lending portfolios, we have taken what we believe to be a very conservative approach regarding reserves and Cecil adjustment which Serena will discuss in further detail. Chief Corporate OfficerChief Legal Officer. I know you mentioned in some of the tail risks and just any more additional comments on the hedge positioning will be great thanks. Mr. Finkelstein was elected to serve as a director of Annaly in March 2020. So thank you, guys. Things do look I think positive generally, but just wondering how you guys think about downside risk from here? There are no executives at Annaly Capital Management Inc getting paid more. David L. Finkelstein is CEO and Chief Investment Officer of Annaly. Non-agency securities across legacy CRT jumbo 2.0 and non-QN have seen substantial recovery. 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. Until December 2017, Ms. Denahan served as Chairman of the Board of Annaly (from November 2012) and Executive Chairman of Annaly (from September 2015). There are no executives at Annaly Capital Management Inc getting paid more. Mr. Green was Deputy General Counsel of Annaly from 2009 until March 2017. These funds represent a broad scope of investment strategies including equities, taxable fixed income, municipal bonds, and cash management. A reconciliation of GAAP to non-GAAP measures is included in our earnings release. 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. Total reserves now comprise 5.32% of our acreage in MML loan portfolios as of June 30, 2020. From 1980 until 1984, he was a Senior Financial Analyst at Travelers Insurance Companies. From 2013 until September 2020, Mr. Hamilton also served as Con Forms President and Chief Executive Officer. Liquidity tools have sufficiently supported funding markets and credit facilities have opened channels to credit for businesses, households and local governments, the temporary adjustments to regulations have somewhat encouraged bank lending and most impactful to Annaly's portfolio the asset purchases have supported the smooth functioning of treasury and agency markets. Audit CommitteeManagement Development and Compensation CommitteeRisk Committee. Okay. David's mailing address filed with the SEC is C/O ANNALY CAPITAL MANAGEMENT, INC., 1211 AVENUE OF THE AMERICAS, NEW YORK, NY, 10036. Sorry, I think we're thinking about it a little differently, but yeah that's correct. investor@annaly.com, Brunswick Group Portfolio construct has been protected against broader sectors that have witnessed demand destruction and we maintain meaningful exposure where pockets of spend remainder resilient. I'd now like to turn the conference over to Purvi Kamdar. ANNALY CAPITAL MANAGEMENT income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. Mr. Finkelstein has over 25 years of experience in fixed income investments. 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. 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. For its 2021 fiscal year, ANNALY CAPITAL MANAGEMENT, listed the following CEO pay ratio data on its annual proxy statement to the SEC. in Accounting from the University of Notre Dame and a M.B.A. from the Harvard Graduate School of Business. 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. June 30, 2022; my septum piercing won't flip up; vegan mochi cake recipe company's disclosure obligations under Regulation FD and to post and update investor presentations and some more materials on a regular basis. Steven F. Campbell is President and Chief Operating Officer of Annaly. 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. In the second quarter and beyond as we mentioned, we bought back $175 million worth of stock. From 2014 to 2020, Dr. Hannan served as Chairman of the Board & National President for Girl Scouts of the USA. Annaly Capital Management's insider roster includes David Finkelstein (CEO), and Thomas Hamilton (Director). David L. Finkelstein C.F.A. And everything you said the two words that stood out everything changes. Look, first of all I'll talk about the footprint and agency derivatives for example and what we're talking about here Eric is the difference between balance sheet leverage and instructional leverage. from the University of Michigan and J.D. During this call, we may present both GAAP and non-GAAP financial measures. There are 11 older and 9 younger executives at Annaly Capital Management Inc. 2020. Learn More on David L. Finkelstein's trading history. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. 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. David L. Finkelstein is Chief Executive Officer and Chief Investment Officer of Annaly. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. Learn about Annaly Capital Management, Inc. (NLY) stock's management team. 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. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. Annaly intends to use our webpage as a means of disclosing material non-public information for complying with the company's disclosure obligations under Regulation FD and to post and update investor presentations and some more materials on a regular basis. Mr. Finkelstein was appointed as Chief Executive Officer and elected to serve on the Board of Directors in March 2020. Most recently, on Friday, June 17th, David L. Finkelstein bought 200,000 shares of Annaly Capital Management stock. Glenn A. Votek was elected to serve as a Director of Annaly in November 2019. ANNALY CAPITAL MANAGEMENT annual reports of executive compensation and pay are most commonly found in the Def 14a documents. For the agency derivatives portfolio, I realized you guys maybe [indiscernible] surface very often, but how much of your cost basis was amortized through core earnings in that portfolio last quarter and then with rates having coming down quite a bit, presumably some of those assets are cheap and how are you guys thinking about your footprint in that portfolio? 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. These and our other ESG milestones have helped create durable value for all of our stakeholders., Corporate Responsibility Report Highlights. Ms. Williams has served as Chief Human Resources Officer for NBCUniversal, a multinational media conglomerate, since July 2018, where she is responsible for the companys global human resources function, including compensation, benefits, development and learning, talent acquisition, executive search, HR systems, and the HR service center. NCG Committee (Chair)Corporate Responsibility Committee. Learn More on David L. Finkelstein's salary. Great. Good morning and welcome to the second quarter 2020 earnings call for Annaly Capital Management. 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. 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. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. Mr. Reeves was formerly a law partner of McDermott, Will & Emery and a corporate attorney at Jones Day. from Loras College. How much did David L. Finkelstein make as Chief Executive Officer, President and Director of ANNALY CAPITAL MANAGEMENT in 2021 Net Worth The estimated Net Worth of David L Finkelstein is at least Annaly Capital Management Inc . We delivered an economic return of nearly 15% and achieved core earnings well in excess of our right size dividend. Ilker . Do you expect any meaningful shift in terms of equity capital allocation going forward, thanks? For its 2021 fiscal year, ANNALY CAPITAL MANAGEMENT, listed the following board members on its annual proxy statement to the SEC. 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. No, it is not reflected in the funding cost. Click Here for Your Free Ultimate Dividend Package. 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. Okay. in Finance from Florida State University. Current positions of David Finkelstein. Does that answer your question? We remain comfortable with our existing credit portfolios and the associated Cecil reserves and will continue to monitor specific asset performance and economic projections as we determine future reserves. Please go ahead. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. This chart shows David L Finkelstein's buying and selling at Annaly Capital Management by year and by quarter. We recorded reserves associated with our credit businesses of $68.8 million on funded commitments during the second quarter. Financial Highlights. 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. 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. 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. Biography of David Finkelstein. Board of Directors in ANNALY CAPITAL MANAGEMENT. Thank you, David and good morning, everyone. We feel good about where pools are at. 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. Mr. Haylon received a B.A. 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. The information shown here is a reporting of information included in the company's proxy statement. Prior to joining Annaly in April 2015, Mr. Campbell held various roles over six years at Fortress Investment Group LLC, including serving as a Managing Director in the Credit Funds business. Ms. Williams has over 17 years of compensation and governance experience. 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. 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. Ms. Wolfe has over 20 years of experience in accounting, of which 13 years were focused solely in real estate practice. Nevertheless, financial conditions have improved considerably. Chief Executive Officer, President and Director. Press Releases | Annaly Capital, https://www.businesswire.com/news/home/20220609005206/en/. But the good news is, if China invades Taiwan, there is a way to protect yourself. Ms. Bovich has also served as a board member of The Dreyfus Family of Funds since 2012, including currently serving as a board member of a number of registered investment funds within the fund complex. 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. 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. We maintained the view that the agency sector represents the most attractive investment opportunity currently while also providing strong liquidity. 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. The improvement in singles that the market currently believes that the majority of forbearance cases, which have stabilized over the past couple of months will ultimately be resolved. 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. So that could change but derivatives without achieving a little bit as well as MSR for it to be more attractive. David L. Finkelstein, who has been serving as Annaly's Chief Investment Officer, Agency and RMBS, has been named Annaly's . Our efficiency metrics changed modestly relative to Q1 being 2.1% of equity for the second quarter in comparison to 1.98%. 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. None of Annaly's achievements would have been possible without . 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 . Ms. Williams has over 17 years of compensation and governance experience. This point was evidenced the quarter with the improvement in fair value measures and resulting improved book value. 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. Most recently he exercised 6,186 units of NLY stock worth $125,761 on 1 February 2023. David L. Finkelstein C.F.A. 1-888-8Annaly Corporate Responsibility Committee (Chair)NCG CommitteeRisk Committee. Aggregate issuance under our OBX shelf has now reached 4.5 billion across 11 transactions since 2018. Thomas Hamilton was elected to serve as an independent director of Annaly in March 2019.
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