Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. GAAP net income (loss . Mr. Votek has over 30 years of experience in financial services. 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. Please go ahead. 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. Additionally, the content of this conference call may contain time-sensitive information that is accurate only as of the date hereof. Chart Data in Insider Trading History Table. Okay. 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. For its 2021 fiscal year, ANNALY CAPITAL MANAGEMENT, listed the following CEO pay ratio data on its annual proxy statement to the SEC. 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. From 1991 through 2005, Ms. Bovich served as the U.S. Representative to the United Nations Investment Committee, which advised a global portfolio of approximately $30 billion. NEW YORK-(BUSINESS WIRE)-Annaly Capital Management, Inc. (NYSE: NLY) ("Annaly" or the "Company") today announced its financial results for the quarter and year ended December 31, 2022. In addition, he makes $8,203,772 as Pres and CEO & Director at Annaly Capital . Steven F. Campbell is President and Chief Operating Officer of Annaly. 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. David L Finkelstein is CEO/Chief Investment Ofcr at Annaly. 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. Now, even Taiwan's own foreign minister is saying that China is on the cusp of a full scale invasion. They purchased a total of 200,000 shares worth more than $1,112,000.00. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. Now with respect to options, we did reinvest a lot of the runoff in our swap portfolio back in out of money options and I'll tell you going forward that will be a function of the level of implied volatility. 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. As a reminder, Annaly routinely posts important information for investors on the company's website at www.annaly.com. in Accounting from the University of Notre Dame and a M.B.A. from the Harvard Graduate School of Business. This report is not for commercial use. Right. Eric A. Reeves was elected to serve as an independent director of Annaly in March 2021. 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. 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 . 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. Our next question comes from Doug Harter with Credit Suisse. Ms. Bovich is a member of The Economic Club of New York, and an emeritus trustee of Connecticut College and a Member of the Investment Sub-Committee for its endowment. As I mentioned last quarter, we expect to see more growth in this segment as markets continue to normalize and we are encouraged by the steady pace of securitization activity to support our asset generation strategy. You can see the complete history of Mr Finkelstein stock trades at the bottom of the page. Most recently he exercised 6,186 units of NLY stock worth $125,761 on 1 February 2023. She is also a graduate of the Chicago Management Institute at the University of Chicago, Booth School of Business and the Institute of Comparative Political & Economic Systems at Georgetown University. Mr. Votek holds a B.S. 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. NCG Committee (Chair)Corporate Responsibility Committee. Beyond just prepays is what happens to pool pricing over the next quarter or two. He joined the firm in 2013 and assumed the role of Chief Investment Officer in 2016. On average, Annaly Capital Management Inc executives and independent directors trade stock every 35 days with the average trade being worth of $908,853. David L. Finkelstein is President, Chief Executive Officer & Director at Annaly Capital Management, Inc. 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. in Business Administration from the University of Washington and a M.B.A. from the University of Chicago, Booth School of Business. Mr. Hamilton has served as a Director of Larimar Therapeutics, Inc., a clinical-stage biotechnology company focused on developing treatments for rare complex diseases, since May 2020 when Chondrial Therapeutics, Inc. merged with Zafgen, Inc. and the combined company began operating as Larimar. 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. Ms. Williams received a B.S. 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. . Interim CEO Glenn Votek to Assume Role of Senior Advisor and Remain on the Board of Directors. 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. Learn More about David L. Finkelstein's net worth. Biography of David Finkelstein. Additionally as noted above, core did benefit from a reduction in financing costs with low average repo rates down to 79 basis points from 1.77% combined with lower average repo balanced stands at $68.5 million from $96.8 million and we achieved these results while opportunistically extending our repo book term increasing our weighted average date of maturity by 50% from 48 days to 74 days. The estimated net worth of David L. Finkelstein is at least $36.42 million as of June 17th, 2022. 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. Given this dynamic, we increased our TBA position in the quarter and gravitated further down in coupon. Mr has made over 7 trades of the Annaly Capital Management Inc stock since 2016, according to the Form 4 filled with the SEC. 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. Wellington J. Denahan co-founded Annaly in 1996 and has served as a Director since that time. 2015. company's disclosure obligations under Regulation FD and to post and update investor presentations and some more materials on a regular basis. Ms. Wolfe is a Certified Public Accountant in the states of New York, California, Illinois and Pennsylvania. I know you mentioned in some of the tail risks and just any more additional comments on the hedge positioning will be great thanks. Prior to that, Mr. Finkelstein held senior Agency MBS trading positions at Salomon Smith Barney, Citigroup Inc. and Barclays PLC. Is it picked up in your asset yield or your funding costs or both? in International and Comparative Law from Cornell Law School. David L. Finkelstein is President, Chief Executive Officer & Director at Annaly Capital Management, Inc. Prior to joining Annaly in 2013, Mr. Finkelstein served for four years as an Officer in the Markets Group . 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.