Thanks for that. 2022-2023 Spring Category. Mr. Finkelstein also holds the Chartered Financial Analyst designation. Everyone at Annaly contributes to our success and we're proud of the results that we've reported for the second quarter and expect to continue providing best in class results for our shareholders. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. Learn about Annaly Capital Management, Inc. (NLY) stock's management team. 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. 2020. There are 11 older and 9 younger executives at Annaly Capital Management Inc. Chief Executive Officer, President and Director. was elected to serve as an independent director of Annaly in February 2019. Management Development and Compensation Committee (Chair)Audit Committee. Michael Haylon was elected to serve as an independent director of Annaly in 2008. 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. 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. 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. 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. There are no executives at Annaly Capital Management Inc getting paid more. from Loras College. ANNALY CAPITAL MANAGEMENT income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. 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. 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. Thank you, Purvi and good morning, everyone and thanks for joining us on our second quarter earnings call. 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. So given the slope of the curve, given the significant decrease in front end OIS rates to zero roughly, we took the opportunity to add hedges and move down the curve and better balance out the hedge profile to bring the average life to about half what it was at the end of the first quarter and it's still about twice the duration may be a little bit more than twice the duration of the asset portfolio currently, but at 40% hedge ratio being more -- a little bit over twice the duration you get to roughly 80% to 90% may be a little bit more interest rate protection assuming a parallel shift in the curve with a still slight steepening bias which we think is the appropriate approach. 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. Mr. Hamilton received a B.S. 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 . 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. David L. Finkelstein is Chief Executive Officer and Chief Investment Officer of Annaly. 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. Given this dynamic, we increased our TBA position in the quarter and gravitated further down in coupon. Mr. Finkelstein has over 25 years of experience in fixed income investments. 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. Learn More about David L. Finkelstein's net worth. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. Data Year: 2021. Independent ChairAudit CommitteeNCG CommitteeRisk Committee. from Bowdoin College and a M.B.A. from the University of Connecticut. Mr. Finkelstein also holds the Chartered Financial Analyst designation. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. 2022 I'd now like to turn the conference over to Purvi Kamdar. 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. 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. Learn More on Annaly Capital Management's active insiders. investor@annaly.com, Brunswick Group As a reminder, Annaly routinely posts important information for investors on the company's website at www.annaly.com. 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. Biography of David Finkelstein. So the NIM itself is not reflective of TBAs at all to your dollar role at all? Prior to that, Mr. Finkelstein held senior Agency MBS trading positions at Salomon Smith Barney, Citigroup Inc. and Barclays PLC. 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. He was President and Chief Operating Officer of the Global Wealth Management division of Morgan Stanley from 2000 to 2005. 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. Board of Directors in ANNALY CAPITAL MANAGEMENT. 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? 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. Is this happening to you frequently? 2015. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. david finkelstein annaly compensationmostar bridge jump injuries. Good morning and welcome to the second quarter 2020 earnings call for Annaly Capital Management. These and our other ESG milestones have helped create durable value for all of our stakeholders., Corporate Responsibility Report Highlights. So it's reflected in your funding cost. Beyond just prepays is what happens to pool pricing over the next quarter or two. Interim CEO Glenn Votek to Assume Role of Senior Advisor and Remain on the Board of Directors. 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. David L. Finkelstein C.F.A. Participants on this morning's call include David Finkelstein, Chief Executive Officer and Chief Investment Officer; Serena Wolfe, Chief Financial Officer; Mike Fania, Head of Residential Credit; Tim Gallagher, Head of Commercial Real Estate; Tim Coffey, Chief Credit Officer and Ilker Ertas, Head of Securitized Products. david finkelstein annaly compensationgetting married in tanzania. Mr. Haylon received a B.A. 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. 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. from the University of Notre Dame and a M.B.A. from the University of Chicago, Booth School of Business. 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. 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 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. Sorry, I think we're thinking about it a little differently, but yeah that's correct. We recorded reserves associated with our credit businesses of $68.8 million on funded commitments during the second quarter. 212-333-3810 Now to begin with, I wanted to touch on a few strategic corporate actions we've taken as of late. There are no executives at Annaly Capital Management Inc getting paid more. Ilker . Despite the challenging environment, we're pleased with how the portfolio has performed during the period ending the quarter essentially unchanged at $2.2 billion in assets. Below are excerpts from my letter to shareholders, released April 7, 2021. 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. 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. 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. The chart on this page features a breakdown of the total annual pay for David L. Finkelstein, Chief Executive Officer, President and Director at ANNALY CAPITAL MANAGEMENT as reported in their proxy statements. Francine J. Bovich was elected to serve as an independent director of Annaly in 2014. 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. David L. Finkelstein Chief Executive Officer, President and Director: Ms. Denahan has a B.S. And finally, the company has performed exceptionally well given the challenges faced from remote work and market uncertainty. David L. Finkelstein is Chief Executive Officer and Chief Investment Officer of Annaly. Mr. Finkelstein has over 25 years of experience in fixed income investments. Now, even Taiwan's own foreign minister is saying that China is on the cusp of a full scale invasion. How much did David L. Finkelstein make as Chief Executive Officer, President and Director of ANNALY CAPITAL MANAGEMENT in 2021 Social distancing and mandated shutdowns have damaged certain sectors of the economy and the corresponding impact on the labor market has been substantial. The most active insiders traders include Wellington Denahan, Kevin Keyes, and David L Finkelstein. Just on the TBAs again just every mortgage rate, it feels like accounts for $I specialness a little differently in their NIM. Annaly is internally managed and has elected to be taxed as a real estate investment trust, or REIT, for federal income tax purposes. Prior to joining NBCUniversal, Ms. Williams was a Partner with Pay Governance LLC and a Principal with Towers Perrin (now Willis Towers Watson). Wallmine is a radically better financial terminal. 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. Serena Wolfe is Chief Financial Officer of Annaly. 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. PHIL 21505/31505 Wonder, Magic, and Skepticism. 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. Prior to his roles at Con Forms, Mr. Hamilton spent 24 years in a number of leadership positions in the financial industry. 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. Prior to joining Annaly in 2013, Mr. Finkelstein served for four years as an Officer in the . This concludes our question-and-answer session. For its 2021 fiscal year, ANNALY CAPITAL MANAGEMENT, listed the following CEO pay ratio data on its annual proxy statement to the SEC. We don't anticipate increasing agency meaningfully, but we do recognize that these credit markets are a little bit slow to redevelop. Mr Finkelstein owns over 6,186 units of Annaly Capital Management Inc stock worth over $8,163,735 and over the last 6 years he sold NLY stock worth over $0. There been some signs that the worst of the economic distress may be behind us although the recent surge in cases in some areas of the US demonstrates the fragile nature of the recovery. 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.

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