To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. And as part of our preparation, we've chosen to be conservative with our leverage as well as our dividend. Thanks Brendon for your help and we hope everybody stay safe. The decline in portfolio size is driven by approximately $53 million in loan payoff as well as securities sales. Exactly, exactly and we'll see where we end the year but we feel good about where we think it is. The information shown here is a reporting of information included in the company's proxy statement. David L Finkelstein, Annaly: Profile and Biography 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. Our goal has been to maintain optimal liquidity thresholds and to manage the portfolio within conservative risk parameters to produce the highest level of quality earnings in this market environment. Please go ahead. Mr. Finkelstein was elected to serve as a director of Annaly in March 2020. Mr. Finkelstein also holds the Chartered Financial Analyst designation. We maintained the view that the agency sector represents the most attractive investment opportunity currently while also providing strong liquidity. David L. Finkelstein C.F.A. biography. 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. Mr. David L. Finkelstein, C.F.A., serves as Chief Investment Officer of Annaly Capital Management, Inc. since November 16, 2022. . In the commercial sector, we're slowly beginning to see activity pick up but volumes do remain somewhat muted. However, non-agency lending has been somewhat slow to redevelop as credit standards have tightened relative to pre-pandemic underwriting and mortgage originators tend to focused more on agency originations in light of fewer frictions in a wide primary secondary spread. For its 2021 fiscal year, ANNALY CAPITAL MANAGEMENT, listed the following CEO pay ratio data on its annual proxy statement to the SEC.
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