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. It operates through the following investment groups: Agency, Residential Credit, and Mortgage Servicing Rights. 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. 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). Mr. Finkelstein has over 25 years of experience in fixed income investments. Just on the TBAs again just every mortgage rate, it feels like accounts for $I specialness a little differently in their NIM. 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. Okay. 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. As a reminder, Annaly routinely posts important information for investors on the company's website at www.annaly.com. After a pace of purchases at the height of the volatility to reach nearly $50 billion per day to help stabilize sector, that is transitioned to a steady run rate of $40 billion per month net of portfolio runoff, which on a gross basis equates to roughly 40% current agency issuance. Thank you, Purvi and good morning, everyone and thanks for joining us on our second quarter earnings call. The housing market remained strong given long-term positive fundamentals, which we believe will help the ultimate recovery. Chart Data in Insider Trading History Table. Exactly, exactly and we'll see where we end the year but we feel good about where we think it is. 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. 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 . 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. We recorded reserves associated with our credit businesses of $68.8 million on funded commitments during the second quarter. This reduced our pay rate as well as shorten the maturity of our swap portfolio. Ms. Wolfe has over 20 years of experience in accounting, of which 13 years were focused solely in real estate practice. Our efficiency metrics changed modestly relative to Q1 being 2.1% of equity for the second quarter in comparison to 1.98%. Last quarter I noted that most of assets and liabilities are at fair value and that our book value decline was not a function of post asset sales but rather unrealized mark-to-market losses with potential for recruitment. Learn More about David L. Finkelstein's net worth. 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. Sorry, I think we're thinking about it a little differently, but yeah that's correct. 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 December 2019, Ms. Wolfe had served as a Partner at Ernst & Young LLP (E&Y) since 2011. David Finkelstein - President, CEO & Director. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. Mr has made over 9 trades of the Annaly Capital Management Inc stock since 2016, according to the Form 4 filled with the SEC. 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. The most recent insider tranaction occured on June, 17th when CEO David L Finkelstein bought 200,000 shares worth more than $1,112,000.00. David L. Finkelstein is President, Chief Executive Officer & Director at Annaly Capital Management, Inc. 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. David L Finkelstein is CEO/Chief Investment Ofcr at Annaly. 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. Non-agency securities across legacy CRT jumbo 2.0 and non-QN have seen substantial recovery. ANNALY CAPITAL MANAGEMENT Compensation by Company. Additionally during the second quarter, we utilized our share buyback program and have now repurchased $175 million common stock year-to-date. Previously, Ms. Denahan served as Chief Executive Officer of Annaly from November 2012 to September 2015 and as Co-Chief Executive Officer of Annaly from October 2012 to November 2012. Okay. Yeah that's great. 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. 2022 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. from the Ohio State University. 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. 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. Mr. Campbell currently serves on the Advisory Board for the Fitzgerald Institute of Real Estate at the University of Notre Dame. Thorough reviews have been conducted to assure this data accurately reflects disclosures. 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. Annaly is a leading diversified capital manager that invests in and finances residential and commercial assets. It's all dependent Rick on the attractiveness of the repurchase option relative to other options in our capital allocation policy. California Weighs $360,000 in Reparations to Eligible Black Residents. Annualized core return on average equity excluding PAA was 12.82% for the quarter in comparison to 9.27% for Q1. You may also find the annual proxy statement by going directly to the company's website. In comparison our base case scenario was altered in a modest release of reserve, which we felt inappropriate given the continued economic uncertainty centered around the evolving pandemic. Francine J. Bovich was elected to serve as an independent director of Annaly in 2014. Net Worth The estimated Net Worth of David L Finkelstein is at least Annaly Capital Management Inc . As Chief Executive Officer, President and Director at ANNALY CAPITAL MANAGEMENT, David L. Finkelstein made $9,138,764 in total compensation. The estimated Net Worth of David L Finkelstein is at least $16.4 Million dollars as of 1 February 2023. Hey how much did TBAs add to your net interest margin for the quarter? Okay. I know you mentioned in some of the tail risks and just any more additional comments on the hedge positioning will be great thanks. Serena Wolfe is Chief Financial Officer of Annaly. Annaly is internally managed and has elected to be taxed as a real estate investment trust, or REIT, for federal income tax purposes. Learn about Annaly Capital Management, Inc. (NLY) stock's management team. 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. Information on this page was last updated on 6/17/2022. . Mr. Finkelstein received a B.A. in Education with a concentration in mathematics education and an M.B.A. with a concentration in finance and quantitative statistics, each with honors from the University of Georgia. 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. 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. Yes the TBA role provided about $97.5 million post NIM for the quarter. Prior to joining Annaly in 2013, Mr. Finkelstein served for four years as an Officer in the Markets Group . He began his career in 1979 in the commercial lending program at Philadelphia National Bank. The oldest executive at Annaly Capital Management Inc is FrancineBovich, 68, who is the Independent Director. Ms. Denahan was Annalys Chief Operating Officer from January 2006 to October 2012 and Chief Investment Officer from 2000 to November 2012.

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