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. With the improved stability in the financial markets, we've seen an improvement of lenders appetite to finance credit assets particularly in the residential space in anticipation of the expiration of our FHLB membership in February of 2021, we're executing an offset financing strategy involving committed funding facilities for our residential credit business and as David mentioned, we maintain a strong presence in residential securitization market. Net Worth The estimated Net Worth of David L Finkelstein is at least Annaly Capital Management Inc . Sean Kensil - Vice President, Investor Relations. Just on the TBAs again just every mortgage rate, it feels like accounts for $I specialness a little differently in their NIM. 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. The Agency group invests in agency mortgage-backed securities. In addition, he makes $8,203,772 as Pres and CEO & Director at Annaly Capital Management Inc. Mr has made over 11 trades of the Annaly Capital Management Inc stock since 2016, according to the Form 4 filled with the SEC. On average, Annaly Capital Management Inc executives and independent directors trade stock every 35 days with the average trade being worth of $908,853. Right. David's mailing address filed with the SEC is C/O ANNALY CAPITAL MANAGEMENT, INC., 1211 AVENUE OF THE AMERICAS, NEW YORK, NY, 10036. 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). Thomas Hamilton was elected to serve as an independent director of Annaly in March 2019. The report demonstrates Annalys continued focus on setting and measuring progress on environmental, social and governance (ESG) goals, as well as its commitment to providing increased disclosure and transparency. So the NIM itself is not reflective of TBAs at all to your dollar role at all? Mr. Finkelstein received a B.A. 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 As the CEO of Annaly Capital Management, Inc., Mr. Finkelstein earned a total compensation package of $9,138,764.00 in 2021. No, I think I understand. Dr. Hannan received a Ph.D. in Leadership Studies from Benedictine University and a B.A. Please disable your ad-blocker and refresh. As a reminder, Annaly routinely posts important information for investors on the company's website at www.annaly.com. David L. Finkelstein is Chief Executive Officer and Chief Investment Officer of Annaly. Mr. Campbell received a B.B.A. Mr. Finkelstein was appointed as Chief Executive Officer and elected to serve on the Board of Directors in March 2020. So we're very happy that the market picked up the slack and did a lot of that work. These initiatives are a testament to our focus on driving shareholder value, ensuring that the firm as a whole, our structure as well as our portfolio is positioned to continue outperforming as our second quarter results demonstrate. 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 dividends to our shareholders in a variety of interest rate and economic conditions. Interim CEO Glenn Votek to Assume Role of Senior Advisor and Remain on the Board of Directors. was elected to serve as an independent director of Annaly in February 2019. NEW YORK, June 09, 2022--Annaly Capital Management, Inc. (NYSE: NLY) (the "Company" or "Annaly") announced today the publication of its third corporate responsibility report for the year 2021 . We continue to be impressed by the resiliency of our workforce and the exemplary service that our IT infrastructure team has provided to every one of us during the time of remote work. Ms. Denahan was Annalys Chief Operating Officer from January 2006 to October 2012 and Chief Investment Officer from 2000 to November 2012. 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. Learn More about David L. Finkelstein's net worth. Annaly provides supplemental disclosures under the Sustainability Accounting Standards Board (SASB) standards and the Global Reporting Initiative (GRI) standards frameworks. 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. 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. company's disclosure obligations under Regulation FD and to post and update investor presentations and some more materials on a regular basis. Dr. Hannan is a former Global Lead Partner, National Managing Partner and Vice Chairman of KPMG, LLP, the U.S. member firm of the global audit, tax and advisory services firm KPMG International. [Operator instructions] Our next question comes from George Bahamondes with Deutsche Bank. 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. Annaly Capital Management's insider roster includes David Finkelstein (CEO), and Thomas Hamilton (Director). All proxy statements are public filings made available to the general public by the SEC. We also continue to take advantage of the attractive low levels of volatility to hedge the tail risk of a sharp rise in rates in the long end of the yield curve and as such, we replaced much of our legacy swaps in position with additional out of the money payers options. This net worth evaluation does not reflect any other assets that Mr. Finkelstein may own. This report is not for commercial use. Mr. Schaefer has over 40 years of financial services experience including serving as a member of the management committee of Morgan Stanley from 1998 through 2005. Prior to the 1997 merger of Dean Witter, Discover and Morgan Stanley, Mr. Schaefer was Executive Vice President, Investment Banking and Head of Corporate Finance at Dean Witter, a position he had held since 1991. Comprehensive performance, salary and tenure analysis for the CEO, board and leadership team. Consistent with that strategy, since the beginning of the second quarter, we added $1.125 billion of capacity across two new credit facilities for our residential credit group, the permanent nonrecourse financing. Following one of the most challenging and unforeseen operating environments in analysts history, we were pleased with our performance during the second quarter. David L. Finkelstein is Chief Executive Officer and President of Annaly. Prior to joining Annaly in 2013 . The oldest executive at Annaly Capital Management Inc is FrancineBovich, 68, who is the Independent Director. and LL.M. Mr. Finkelstein also holds the Chartered Financial Analyst designation. NEW YORK--(BUSINESS WIRE)-- NEW YORK -- (BUSINESS WIRE)-- Annaly Capital Management, Inc. (NYSE: NLY) ("Annaly" or the "Company") announced today the Board of Directors (the "Board") has elected David L. Finkelstein as its Chief Executive Officer and a . Thorough reviews have been conducted to assure this data accurately reflects disclosures. And that's exactly right. He received an undergraduate degree from the University of Washington and an MBA from The University of Chicago Booth School of Business. Most recently he exercised 7,989 units of NLY stock worth $50,490 on 29 January 2022. . In the commercial sector, we're slowly beginning to see activity pick up but volumes do remain somewhat muted. It's been relatively calm. For its 2021 fiscal year, ANNALY CAPITAL MANAGEMENT, listed the following board members on its annual proxy statement to the SEC. David L. Finkelstein is Chief Executive Officer and Chief Investment Officer of Annaly. Press Releases | Annaly Capital, https://www.businesswire.com/news/home/20220609005206/en/. Investor Relations Information on this page was last updated on 6/17/2022. David Finkelstein - Chief . In terms of how it's actually reflected in the yield it's not. Annaly is internally managed and has elected to be taxed as a real estate investment trust, or REIT, for federal income tax purposes. From 1997 to 1998, Mr. Schaefer was Managing Director and Head of Strategic Planning and Capital Management at Morgan Stanley. 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. 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. from Bowdoin College and a M.B.A. from the University of Connecticut. GAAP net income (loss . Social distancing and mandated shutdowns have damaged certain sectors of the economy and the corresponding impact on the labor market has been substantial. 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. 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.

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