Francine J. Bovich was elected to serve as an independent director of Annaly in 2014. Please. None of Annaly's achievements would have been possible without . Exactly, exactly and we'll see where we end the year but we feel good about where we think it is. Wondering if you could just provide a bit more color on your prepared remarks on the potential to increase agency allocation. 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. Mr. Finkelstein received a B.A. 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. I know you mentioned in some of the tail risks and just any more additional comments on the hedge positioning will be great thanks. 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. Enter your email address below to get our daily insider buying and selling report. Mr. Campbell currently serves on the Advisory Board for the Fitzgerald Institute of Real Estate at the University of Notre Dame. 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. We feel good about where pools are at. Interim CEO Glenn Votek to Assume Role of Senior Advisor and Remain on the Board of Directors. Annaly is a leading diversified capital manager that invests in and finances residential and commercial assets. GAAP net income (loss . 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. 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? David L. Finkelstein is Chief Executive Officer and Chief Investment Officer of Annaly. For a discussion of the risks and uncertainties which could cause actual results to differ from those contained in the forward-looking statements, see Risk Factors in our most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q. Please go ahead. Learn More on David L. Finkelstein's salary. The stock was acquired at an average cost of $5.56 per share, with a total value of $1,112,000.00. Will His AI Plans Be Any Different? So it's not an apples-to-apples comparison. Mr. Finkelstein is a member of the Treasury Market Practices Group sponsored by the Federal Reserve Bank of New York. Annaly is internally managed and has elected to be taxed as a real estate investment trust, or REIT, for federal income tax purposes. Now more than ever, players rightly see themselves as multi-faceted entrepreneurs, and seek ways to leverage their brands in everything from real estate to venture capital. 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. 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. from Loras College. Musk Made a Mess at Twitter. Non-agency securities across legacy CRT jumbo 2.0 and non-QN have seen substantial recovery. Prior to the merger, Mr. Hamilton had served as Chairman of the Board of Chondrial Therapeutics, Inc., a biotechnology company he started to cure a rare neurodegenerative disease called Friedreichs Ataxia, since 2013. And that's exactly right. Dr. Hannan has over 30 years of industry experience and held numerous leadership roles during her distinguished career with KPMG. [Operator instructions] Our first question comes from Eric Hagen with KBW. Thank you, David and good morning, everyone. This report is not for commercial use. 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. For its 2021 fiscal year, ANNALY CAPITAL MANAGEMENT, listed the following CEO pay ratio data on its annual proxy statement to the SEC. 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. Chief Corporate OfficerChief Legal Officer. 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. The estimated net worth of David L. Finkelstein is at least $33.93 million as of June 17th, 2022. ANNALY@brunswickgroup.com, Navigate to the << Back to The most active insiders traders include Wellington Denahan, Kevin Keyes, and David L Finkelstein. 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. 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. There are no executives at Annaly Capital Management Inc getting paid more. 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. Audit CommitteeManagement Development and Compensation CommitteeRisk Committee. 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? From 2014 to 2020, Dr. Hannan served as Chairman of the Board & National President for Girl Scouts of the USA. in Business Administration from the University of Washington and a M.B.A. from the University of Chicago, Booth School of Business. I wanted to talk a little bit about dividend policy. 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. Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. Also as David mentioned, our internalization transaction closed at the end of the quarter and we anticipate generating cost savings over the long time as we embark on being an internally managed company. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. Prior to joining NBCUniversal, Ms. Williams was a Partner with Pay Governance LLC and a Principal with Towers Perrin (now Willis Towers Watson). 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. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. We add the incremental dollar role income to core income and then the outcome. and LL.M. [Operator Instructions] Please note this event is being recorded. . Annaly Capital Management (NYSE:NLY) Q4 2021 Earnings Conference Call February 10, 2022 10:00 AM ETCompany Participants. Thorough reviews have been conducted to assure this data accurately reflects disclosures. Following one of the most challenging and unforeseen operating environments in analysts history, we were pleased with our performance during the second quarter. Our next question comes from Doug Harter with Credit Suisse. Sean Kensil - Vice President, Investor Relations. Just one [indiscernible] quarter, really favorable backdrop funding cost attractive, specialist TV end market. Mr. Finkelstein was elected to serve as a director of Annaly in March 2020. But when you look at the portfolio and the economic return of the portfolio on the quarter, that was 15% and that persists we think. Prior to joining Annaly in 2013, Mr. Finkelstein served for four years as an Officer in the Markets Group . 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. 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. David L. Finkelstein is Chief Executive Officer and Chief Investment Officer of Annaly. These funds represent a broad scope of investment strategies including equities, taxable fixed income, municipal bonds, and cash management. Please go ahead. 2014. Mr. Finkelstein received a B.A. 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. He received an undergraduate degree from the University of Washington and an MBA from The University of Chicago Booth School of Business. 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. Yeah it depends on the shape of the curve, like over the last couple of months, the term structure of repo has flattened pretty considerably, which has enabled us to extend out curve at very attractive rate. NEW YORK -- (BUSINESS WIRE)-- Annaly Capital Management, Inc. (the "Company" or "Annaly") today announced management promotions within its senior executive team, which are effective immediately. in International and Comparative Law from Cornell Law School. Okay. Overall we feel good about conservative positioning in the portfolio across sectors and the strength of our relationships with best in class sponsors and operating partners to mitigate in further disruption. Highlights and achievements from the 2021 Corporate Responsibility Report include: To learn more about Annalys corporate responsibility initiatives and to view the 2021 Corporate Responsibility Report, please visit www.annaly.com/our-responsibility. 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.