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And with that I'll turn the call over to David. Hey guys, this is actually Josh Bolton on for Doug. Since 2011, Ms. Bovich has been a trustee of The Bradley Trusts. Annaly Capital Management, Inc. (NYSE:NLY) Q2 2020 Earnings Conference Call July 30, 2020 9:00 AM ET, David Finkelstein - CEO & Chief Investment Officer, Tim Gallagher - Head, Commercial Real Estate. Please go ahead. Securitization market started to show signs of life in mid-May and we issued nearly $500 million of expanded prime securities earlier this month, subsequent to quarter end. As Chief Executive Officer, President and Director at ANNALY CAPITAL MANAGEMENT, David L. Finkelstein made $9,138,764 in total compensation. Now turning specifically to the agency market, the fed's purchase in upwards of $850 billion MBS in just over four months has dramatically altered the supply and demand picture for the sector. Mr. Finkelstein also holds the Chartered Financial Analyst designation. David Finkelstein is Chief Executive Officer and a Board Director of Annaly Capital Management.<br><br>David has 25 years of experience in fixed income investments. 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 Okay. Steven F. Campbell is President and Chief Operating Officer of Annaly. Enter your email address below to get our daily insider buying and selling report. Mr. Finkelstein has 25 years of experience in fixed income investments. 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. 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. And finally shifting to our outlook, as we think about our capital allocation out of the horizon, we've been focused on preserving flexibility given uncertainty in the greater economy related to COVID shutdown. 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. Additional information on the Company can be found at www.annaly.com. 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. 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. 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. We have previously discussed our methodology and are thorough and thoughtful approach to Cecil reserves. 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. I would like to turn the conference back over to David Finkelstein for any closing remarks. Annaly Capital Management, Inc. (NLY) CEO David Finkelstein on Q2 2020 Prior to Barclays, Mr. Hamilton held various Managing Director roles at Citigroup, Inc. and Salomon Brothers, Inc., where he began his career. ANNALY CAPITAL MANAGEMENT income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. This concludes our question-and-answer session. Compensation Information for David L. Finkelstein, Chief Executive Prior to joining Annaly in 2009, Mr. Green was a partner in the Corporate, Securities, Mergers & Acquisitions Group at K&L Gates LLP. There are 11 older and 9 younger executives at Annaly Capital Management Inc. We add the incremental dollar role income to core income and then the outcome. 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. Board of Directors in ANNALY CAPITAL MANAGEMENT. from Bowdoin College and a M.B.A. from the University of Connecticut. So I think we had $25 million of the $277 million in the MSR that started the quarter was actual amortization and derivatives you might say on the ISI would mimic that. Serena Wolfe - CFO. He joined the firm in 2013 and assumed the role of Chief Investment Officer in 2016. Most recently he exercised 31,721 units of NLY stock worth 194,767$ on 30 June 2022. . I wanted to talk a little bit about dividend policy. Our book value per share was $8.39 for Q2, a 12% increase from Q1 and we generated core earnings per share excluding PAA of $0.27, a 30% increase from the prior quarter. from the University of Notre Dame and a M.B.A. from the University of Chicago, Booth School of Business. We maintained the view that the agency sector represents the most attractive investment opportunity currently while also providing strong liquidity. Nevertheless, financial conditions have improved considerably. Annaly Capital Management, Inc. engages in the investment and financing of residential and commercial assets. This makes analysis regarding Cecil reserves particularly challenging. 2014. And now with that, I'll hand it over to Serena to discuss the financials. 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. In the latest report, the Company included additional disclosures outlining climate-related risks and opportunities across its business in the short-, medium- and long-term horizons following the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). 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. 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. Mr. Finkelstein has over 25 years of experience in fixed income investments. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. In credit as we've said, we like our portfolio. Comprehensive performance, salary and tenure analysis for the CEO, board and leadership team. Glenn A. Votek was elected to serve as a Director of Annaly in November 2019. Our next question comes from Doug Harter with Credit Suisse. Across sectors within commercial, the operating fundamentals remain challenged in hospitality as the average national occupancy rate hovers around 40% and in retail the prolonged shutdown and increasing number of retailer bankruptcies is continuing to weigh on that sector. 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. Thank you for attending today's presentation. Annaly Capital Management, Inc. Publishes Third Corporate So we don't expect a meaningful increase in agency, but over the near term you can see a small uptick. Annaly is a leading diversified capital manager that invests in and finances residential and commercial assets. Learn More on David L. Finkelstein's salary. Most recently he exercised 31,721 units of NLY stock worth $179,224 on 30 June 2022. . Annaly is a leading diversified capital manager that invests in and finances residential and commercial assets. 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. The stock was acquired at an average cost of $5.56 per share, with a total value of $1,112,000.00. Previously, he was Chief Financial Officer of Annaly from August 2013 to December 2019. The estimated net worth of David L. Finkelstein is at least $33.93 million as of June 17th, 2022. 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. Our next question comes from Rick Shane with JPMorgan. 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. 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. Now in terms of amortization of the cost, I'll give you the MSR for example, which mimics the derivates portfolio. Mr. Finkelstein has 25 years of experience in fixed income investments. Mr. Reeves has served as Managing Director, Head of Private Capital Investments of Duchossois Capital Management (DCM) since 2017. Mr. Votek has over 30 years of experience in financial services. in Finance from the University of Dayton. 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. Annaly Capital Management's insider roster includes David Finkelstein (CEO), and Thomas Hamilton (Director). Prior to joining Annaly in 2013 . Non-Equity Incentive Plan Compensation: $0: Change in Pension Value and Deferred Compensation Earnings: $0: All Other Compensation: $13,763: Total: $9,138,764: Annaly Capital Management, Inc. disclosed its CEO pay was. 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 Accounting from the University of Notre Dame and a M.B.A. from the Harvard Graduate School of Business. NEW YORK -- (BUSINESS WIRE)-- 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. It's been relatively calm. He received an undergraduate degree from the University of Washington and an MBA from The University of Chicago Booth School of Business. As we look at the buyback policy, it's not a point in time estimated, everything changes on a daily basis because asset prices changes in the relative attractiveness of buying back stock versus putting that capital to work in the portfolio changes and if you just think about the immediate accretion of the stock buyback in terms of book value versus the longer-term earnings of the portfolio, there is a trade-off there certainly and we generated 25% accretion from the buyback thus far. 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. David L. Finkelstein C.F.A. Net Worth (2022) | wallmine Learn More about David L. Finkelstein's net worth.