Learn More about David L. Finkelstein's net worth. 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. Coronavirus Tips Working and Protection. in Business Administration from the University of Washington and a M.B.A. from the University of Chicago, Booth School of Business. All proxy statements are public filings made available to the general public by the SEC. We feel good about where pools are at. This net worth evaluation does not reflect any other assets that Mr. Finkelstein may own. Actual results could differ materially from those set forth in forward-looking statements due to a variety of factors, including, but not limited to, risks and uncertainties related to the COVID-19 pandemic, including as related to adverse economic conditions on real estate-related assets and financing conditions (and our outlook for our business in light of these conditions, which is uncertain); changes in interest rates; changes in the yield curve; changes in prepayment rates; the availability of mortgage-backed securities and other securities for purchase; the availability of financing and, if available, the terms of any financing; changes in the market value of our assets; changes in business conditions and the general economy; operational risks or risk management failures by us or critical third parties, including cybersecurity incidents; our ability to grow our residential credit business; the sale of our middle market lending business; credit risks related to our investments in credit risk transfer securities, residential mortgage-backed securities and related residential mortgage credit assets and corporate debt; risks related to investments in mortgage servicing rights; our ability to consummate any contemplated investment opportunities; changes in government regulations or policy affecting our business; our ability to maintain our qualification as a REIT for U.S. federal income tax purposes; and our ability to maintain our exemption from registration under the Investment Company Act. 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. Thank you. Net Worth The estimated Net Worth of David L Finkelstein is at least Annaly Capital Management Inc . As outlined in our report, we continue to Take Stock of Our Impact establishing ESG goals and commitments and tracking our considerable progress as we strive to integrate ESG priorities across our business, said David Finkelstein, Annalys Chief Executive Officer and President. 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. Mr. Hamiltons prior roles at Barclays include serving as the Global Head of Securitized Product Trading and Banking, in which capacity he was responsible for the build out of the Barclayss Global Securitized Product businesses, and as the Head of Municipal Trading and Investment Banking. But nonetheless it's a more balanced hedge profile now with a slight steepening bias and we took advantage of near zero rates at the front end of the curve, which we think has very limited downside potential in terms of those hedges losing money because it's not our view that we end up in a negative rate scenarios negative policy rate scenario that is. June 30, 2022 . This makes analysis regarding Cecil reserves particularly challenging. We can't say how long that will persist for, but we do think about this for much more than just the quarter or two where we do have the specialist and we're trying to get the appropriate level where we know it's sustainable and that's how we feel about it and if we continue to out-earn it that's perfectly okay because we're given the shareholder a 10.5% dividend yield on their book value. 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. Mr. Finkelstein was elected to serve as a director of Annaly in March 2020. David L. Finkelstein is Chief Executive Officer and Chief Investment Officer of Annaly. Good morning and welcome to the Annaly Capital Management Second Quarter 2020 Conference Call. No, it is not reflected in the funding cost. There was a depreciation in the amount on the balance sheet of MSR, half of which was amortization and the other half of which was the multiple compression. Annualized core return on average equity excluding PAA was 12.82% for the quarter in comparison to 9.27% for Q1. 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. Bloomberg View columnist Barry Ritholtz looks at the people and ideas that shape markets, investing and business. 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). So we feel good about it. Mr. Finkelstein was appointed as Chief Executive Officer and elected to serve on the Board of Directors in March 2020. Prior to that, he worked at AT&T and its finance subsidiary from 1986 to 1999 in various financial management roles. Prior to that, Mr. Finkelstein held senior Agency MBS trading positions at Salomon Smith Barney, Citigroup Inc. and Barclays PLC. Most recently he exercised 31,721 units of NLY stock worth $179,224 on 30 June 2022. . Additionally, the report incorporates summary ESG metrics for the past three years, which include further details on the composition of Annalys Board of Directors and employees, philanthropy and volunteerism efforts and environmental indicators. Annaly encourages investors, analysts, the media and other interested parties to monitor the company's website in addition to following Annaly's press releases, SEC filings, public conference calls, presentations, webcasts and other information they post from time to time on its website. Annaly Capital Management, Inc. (NYSE: NLY) (the "Company" or "Annaly") announced today the publication of its third corporate responsibility report f Mr. Reeves received his B.A. 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. Mr. Finkelstein also holds the Chartered Financial Analyst designation. Learn More about insider trades at Annaly Capital Management. On a more positive note, multifamily remained strong throughout the quarter. 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. from the Ohio State University. Mr. Campbell also worked at General Electric Capital Corporation and D.B. Annaly Capital Management, Inc. (NYSE:NYSE:NLY) Q2 2020 Earnings Conference Call July 30, 2020, 09:00 AM ET Company Participants Purvi Kamdar - Head, IR David Finkelstein - CEO & Chief. 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. 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. 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. Non-agency securities across legacy CRT jumbo 2.0 and non-QN have seen substantial recovery. 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. Learn More on David L. Finkelstein's salary. In addition, he makes $8,203,772 as Pres and CEO & Director at Annaly Capital . . View source version on businesswire.com: https://www.businesswire.com/news/home/20220609005206/en/, Annaly Capital Management, Inc. Press Releases | Annaly Capital, https://www.businesswire.com/news/home/20220609005206/en/. Prior to his roles at Con Forms, Mr. Hamilton spent 24 years in a number of leadership positions in the financial industry. 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. There are no executives at Annaly Capital Management Inc getting paid more. Mr. Finkelstein also holds the Chartered Financial Analyst designation. During this call, we may present both GAAP and non-GAAP financial measures. Good morning and welcome to the second quarter 2020 earnings call for Annaly Capital Management. Things do look I think positive generally, but just wondering how you guys think about downside risk from here? 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. And with that I'll turn the call over to David. Learn More on David L. Finkelstein's trading history. 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. Annaly Capital Management can also be reached via phone at (212) 696-0100 and via email at [emailprotected] Learn More on David L. Finkelstein's contact information. David Finkelstein About Us; Blog; Press; AFLCIO.tv; Union Plus Benefits; Toggle Search Form . The estimated Net Worth of David L Finkelstein is at least $16.4 Million dollars as of 1 February 2023. 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. Prior to joining Annaly in 2013, Mr. Votek was an Executive Vice President and Treasurer at CIT Group since 1999 and also President of Consumer Finance since 2012. Ilker . Will His AI Plans Be Any Different? And now with that, I'll hand it over to Serena to discuss the financials. from the University of Notre Dame and a M.B.A. from the University of Chicago, Booth School of Business. 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. from Bowdoin College and a M.B.A. from the University of Connecticut. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. 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. From 1995 until 2002, he held the position of Executive Vice President of Phoenix Investment Partners, Ltd., a NYSE-listed company, and President of Phoenix Investment Counsel, where he was responsible for the management and oversight of $25 billion in closed-end and open-end mutual funds, corporate pension funds and insurance company portfolios. 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. Mr. Finkelstein is a member of the Treasury Market Practices Group sponsored by the Federal Reserve Bank of New York. David L. Finkelstein is Chief Executive Officer and Chief Investment Officer of Annaly. Please go ahead. Beyond just prepays is what happens to pool pricing over the next quarter or two. 1 dividend stock for a LIFETIME of income. The oldest executive at Annaly Capital Management Inc is FrancineBovich, 68, who is the Independent Director. Prior to joining Annaly in 2013 . You may retrieve the full proxy statement by going to the Securities and Exchange Commission (SEC) website at www.sec.gov and entering the company's name and then looking in the first column for an entry of "Form DEF 14A" (or any similar code). Now in terms of amortization of the cost, I'll give you the MSR for example, which mimics the derivates portfolio. He began his investment banking career at E.F. Hutton & Company in 1976. Steven F. Campbell is President and Chief Operating Officer of Annaly. David Finkelstein-- Chief Executive Officer and Chief Investment Officer Yeah. The conference has now concluded. Anthony C. Green is Chief Corporate Officer and Chief Legal Officer of Annaly. Annaly Capital Management, Inc. engages in the investment and financing of residential and commercial assets. We recorded reserves associated with our credit businesses of $68.8 million on funded commitments during the second quarter. Mr A is 48, he's been the Pres and CEO & Director of Annaly Capital Management Inc since . The proxy statement's main purpose is to alert shareholders to the annual meeting and provide them information about the issues that will be voted on during the annual meeting, including decisions such as electing directors, ratifying the selection of auditors, and other shareholder-related decisions, including shareholder-initiated initiatives. In credit as we've said, we like our portfolio. So it's not an apples-to-apples comparison. Trustee. david finkelstein annaly compensationgetting married in tanzania. Right. We have previously discussed our methodology and are thorough and thoughtful approach to Cecil reserves. Please. Ms. Wolfe held a variety of roles across industries since beginning her career at E&Y in 1998, including most recently as EYs Central Region Real Estate Hospitality & Construction leader since 2017. 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. Yes the TBA role provided about $97.5 million post NIM for the quarter. Okay. 2014. Annaly Capital Management, Inc. Names David L. Finkelstein Chief Executive Officer Interim CEO Glenn Votek to Assume Role of Senior Advisor and Remain on the Board of Directors March 16, 2020 07: . 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 Chief Corporate OfficerChief Legal Officer. 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. 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? David L. Finkelstein is Chief Executive Officer and Chief Investment Officer of Annaly. 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. The estimated Net Worth of David L Finkelstein is at least $16.4 Million dollars as of 1 February 2023. Most recently, Mr. Hamilton served as a Strategic Advisor to the Global Head of Fixed Income, Currencies and Commodities at Barclays Capital in New York. Mr. David L. Finkelstein, C.F.A., serves as Chief Investment Officer of Annaly Capital Management, Inc. since November 16, 2022. . 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. So we set the dividend at $0.22 because we believe that to be the sustainable level for the foreseeable future as long as we had a lens into the horizon. But the good news is, if China invades Taiwan, there is a way to protect yourself. Previously, he was Chief Financial Officer of Annaly from August 2013 to December 2019. GAAP net income improved this quarter as a result of higher GAAP net interest income of $399 million, primarily due to lower interest expense from reduced repo rates and balances and we also experienced lower losses on our core portfolio of $92 million. PHIL 21505/31505 Wonder, Magic, and Skepticism. And my other questions have been asked and answered. Now, even Taiwan's own foreign minister is saying that China is on the cusp of a full scale invasion. biography. Chief Executive OfficerChief Investment Officer. Sorry, I think we're thinking about it a little differently, but yeah that's correct. Okay. 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. 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. 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. Vicki Williams was appointed to serve as an independent director of Annaly effective January 2018. Salary, bonuses, stock options, stock awards and other compensation for David L. Finkelstein, Chief Executive Officer, President and Director at ANNALY CAPITAL MANAGEMENT. The estimated net worth of David L. Finkelstein is at least $36.42 million as of June 17th, 2022. pictures of the galvin family; springfield, ma city council candidates; david finkelstein annaly compensation 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. You may now disconnect. Shifting to residential credit, the sector saw significantly more activity as market dynamics began to improve following the crisis. 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. Mr. Finkelstein also holds the Chartered Financial Analyst designation. 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. ANNALY CAPITAL MANAGEMENT income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. Below are excerpts from my letter to shareholders, released April 7, 2021. "Athlete | Empire" presents the in-depth, intimate stories of these businesses, as told by the players themselves. Mr. Campbell previously served as Head of Business Operations of Annaly and has over 25 years of experience in financial services. This report is not for commercial use. For example, government mandates at all levels have created an even greater dependency on technology while also driving demand and behavior in ways that has made once boring annuity business into growth sectors. Mr. Green was Deputy General Counsel of Annaly from 2009 until March 2017. None of Annaly's achievements would have been possible without . While our allocation agency may increase modestly, we do continue to evaluate opportunities to deploy capital across our three credit businesses and we are beginning to develop the better lends into how each credit sector is evolving and we expect to shift to a more offensive posture in the coming months as we gain more clarity on the economic and real estate landscape. Audit CommitteeManagement Development and Compensation CommitteeRisk Committee. 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. Thank you, Purvi and good morning, everyone and thanks for joining us on our second quarter earnings call. Thanks David. 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. Annaly is a leading diversified capital manager that invests in and finances residential and commercial assets. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. The information shown here is a reporting of information included in the company's proxy statement. 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. 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. The corporate mailing address for Mr. Finkelstein and other Annaly Capital Management executives is 1211 AVENUE OF THE AMERICAS, NEW YORK NY, 10036. June 30, 2022; my septum piercing won't flip up; vegan mochi cake recipe He received an undergraduate degree from the University of Washington and an MBA from The University of Chicago Booth School of Business. We add the incremental dollar role income to core income and then the outcome. Our efficiency metrics changed modestly relative to Q1 being 2.1% of equity for the second quarter in comparison to 1.98%. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. All proxy statements are public filings made available to the general public by the SEC. 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. Learn More on David L. Finkelstein's contact information. 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. David L. Finkelstein Chief Executive Officer, President and Director: Please go ahead. Mr. Haylon has previously served on the boards of Aberdeen Asset Management and Phoenix Investment Partners. 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. David's mailing address filed with the SEC is C/O ANNALY CAPITAL MANAGEMENT, INC., 1211 AVENUE OF THE AMERICAS, NEW YORK, NY, 10036. Okay. Learn More on David L. Finkelstein's salary. Mr. Finkelstein has 25 years of experience in fixed income investments. We do not undertake and specifically disclaim any obligation to update or revise this information. We don't complete clarity on the economy and some of that runoff could go into the agency sector. Mr. Schaefer served as a board member and chair of the audit committee of USI Holdings Corporation from 2008 through 2012. June however, did bring about an increase in new refinancing requests with some new acquisition activity at post-COVID purchase prices and simultaneously, we've seen a significant number of warehouse providers begin to close new loans although pricing levels have been reset higher. David L. Finkelstein C.F.A. ANNALY CAPITAL MANAGEMENT annual reports of executive compensation and pay are most commonly found in the Def 14a documents. And prepay is obviously being the uncertainty and the risk which we I don't think you heard a lot about I'm sure this quarter and I think we managed prepay risk as well as anybody. This reduced our pay rate as well as shorten the maturity of our swap portfolio. 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. This Supreme Court Case Could Redefine Crime, YellowstoneBackers Wanted to Cash OutThen the Streaming Bubble Burst, How Countries Leading on Early Years of Child Care Get It Right, Female Execs Are Exhausted, Frustrated and Heading for the Exits, More Iranian Schoolgirls Sickened in Suspected Poisoning Wave, No Major Offer Expected on Childcare in UK Budget, Oil Investors Get $128 Billion Handout as Doubts Grow About Fossil Fuels, Climate Change Is Launching a MutantSeed Space Race, This Former Factory Is Now New Taipeis Edgiest Project, What Do You Want to See in a Covid Memorial? Mr. Reeves was formerly a law partner of McDermott, Will & Emery and a corporate attorney at Jones Day. Thank you for attending today's presentation. 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. 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. As the latest data indicates over 90% of renters made a full or partial rent payment as of June and in the office sector, although new leasing has slowed significantly, office REITs have reported strong rent recollections above 90% throughout the back end of the second quarter.