Annaly Capital Management, Inc. (NYSE:NLY) (“Annaly” or the
“Company”) today announced that it has added senior hires across
its investment groups and within its corporate infrastructure, as
profiled below. Kevin Keyes, Annaly’s Chairman, Chief Executive
Officer and President, commented: “The addition of these seasoned
professionals amplifies the reach of our four investment groups and
broadens Annaly’s risk, strategy, IT and governance expertise. Each
of these individuals bring unique experience which strengthen their
respective groups, and further solidifies Annaly as an industry
leader. Our ongoing investment in our talent, along with our unique
and expansive employee stock ownership guidelines, continue to be
essential elements of our success.”
Additions to Investment Groups
Commercial Real Estate
Timothy (Tim) Gallagher has joined Annaly as Head of the
Commercial Real Estate Group. Tim has over 20 years of commercial
real estate lending and capital markets experience at leading real
estate finance and investment firms. Prior to joining Annaly, Tim
spent time in senior roles at Prima Capital, Morgan Stanley and
Goldman Sachs. Tim is a member of the Executive Committee of the
Board of Governors for the Commercial Real Estate Finance Council
(“CREFC”) and previously served as the Chairman of CREFC’s Board
and a member of the Advisory Board of the Center for Real Estate at
the Fisher College of Business at The Ohio State University.
David Sotolov has joined Annaly as a Managing Director,
Commercial Real Estate Group. Prior to joining Annaly, David was an
Executive Vice President at iStar, Inc. and head of iStar’s West
Coast Investments. Prior to that, David worked as a Senior Vice
President, Loan Originator at Fremont Investment & Loan and
started his real estate career as an Associate at Southern Pacific
Bank. David has almost 20 years of experience in commercial real
estate loan origination.
Nishant Nadella has joined Annaly as a Director,
Commercial Real Estate Group. Prior to joining Annaly, Nishant was
a Senior Vice President and Partner at H/2 Capital Partners, where
he was responsible for trading and risk management of a
multibillion dollar portfolio of commercial mortgage backed
securities (“CMBS”). Prior to H/2, Nishant held various CMBS
related trading positions at Citigroup. In his time at Citigroup,
Nishant was instrumental in starting both the Agency CMBS and Build
America Bond trading businesses.
Agency and Residential Credit
Jay DeLong has joined Annaly as a Director, Agency and
Residential Credit Groups. Jay joins Annaly from Sovarnum Capital
LP (“Sovarnum”), where he was a Portfolio Manager and Head of
Research. Prior to Sovarnum, Jay held the position of Head of
Securitized Products Research at PointState Capital LP and Duquesne
Capital Management LLC with previous experience at Lehman Brothers,
Inc. as a mortgage strategist and quantitative researcher.
Middle Market Lending
Mark McNally has joined Annaly as a Director, Middle
Market Lending Group. Mark has over 20 years of middle market
lending experience. Mark joins Annaly from Bank of Ireland’s
Leveraged Acquisition Finance Group, where he was a Director
focused on underwriting transactions and participated in the Bank
of Ireland’s selective Future Leaders program.
Additions to Corporate
Infrastructure
Tanya Rakpraja has joined Annaly as a Managing Director,
Government Relations and Social Responsibility Group. Prior to
joining Annaly, Tanya was a Senior Director of Strategic Lending
Initiatives at Capital Impact Partners (“CIP”), the Community
Development Financial Institution with which Annaly has a social
impact joint venture. Prior to CIP, Tanya oversaw Mortgage
Operations and Trading for the Federal Reserve’s Large Scale Asset
Purchase Program.
Danielle Cooper has joined Annaly as a Director,
Corporate Development and Strategy Group. Danielle joins Annaly
from Bank of America Merrill Lynch, where she was a Vice President
in the Mergers and Acquisitions Structured Solutions Group and
focused on advising clients on a broad range of complex financing
and advisory solutions. Earlier this year, Danielle was named to
Forbes’ 30 Under 30 Finance professionals list.
Christian Greco has joined Annaly as a Director, Legal
and Compliance Group, supporting the Agency and Residential Credit
Groups. Prior to joining Annaly, Christian was an Associate General
Counsel at Goldman Sachs & Co. LLC. Prior to Goldman, Christian
held the position of Assistant General Counsel in the Securitized
Products Group at JPMorgan Chase & Co., with previous
experience at Sidley Austin LLP. Christian has over 16 years of
experience in the securitized products and structured finance
industry.
Suet Fung Lau has joined Annaly as a Director,
Information Technology Group. Suet joins Annaly from Sovarnum and
previously held senior positions at PointState Capital LP, Duquesne
Capital Management and Lehman Brothers, Inc. Suet brings over 20
years of experience in design and development of models, pricing
and analytics tools, risk management, quantitative trading
strategies and trading systems for fixed income instruments.
Gregory (Greg) Insinga has joined Annaly as a Director,
Treasury Group. Prior to joining Annaly, Greg worked as a risk
management and reporting compliance consultant assisting both
Deutsche Bank and Goldman Sachs. Prior to consulting, Greg was a
Vice President in Barclays Capital Inc.’s Securitized Products
Middle Office Group, where he oversaw the group’s daily treasury,
credit, repo and derivative trading operations. Greg also has
additional previous mortgage related experience from his time at
Morgan Stanley.
Annaly’s Employee Stock Ownership
Guidelines
Each of the professionals listed above are subject to the
Company’s broad-based employee stock ownership guidelines, which
were expanded to cover over 40% of Annaly’s employees in 2016.
Pursuant to these guidelines, and as a reflection of our commitment
to aligning the interests of our employees and our shareholders,
Director-level and above employees are asked to purchase
predetermined amounts of Annaly shares in the open market based on
certain criteria including seniority, compensation level and role.
In July 2017, Annaly’s Chairman, Chief Executive Officer and
President Kevin Keyes voluntarily increased his stock ownership
commitment by 50% to an aggregate of $15 million. In addition to
Mr. Keyes, other members of senior management, including Chief
Investment Officer David Finkelstein, Chief Credit Officer Timothy
Coffey, Chief Financial Officer Glenn Votek and Chief Legal Officer
Anthony Green, have also committed to voluntarily increase their
stock ownership positions beyond the amounts required pursuant to
the employee stock ownership guidelines. As of June 30, 2018, 100%
of employees subject to the Company’s expanded stock ownership
guidelines either met, or within the applicable period are expected
to meet, such guidelines.
About Annaly
Annaly is a leading diversified capital manager that invests in
and finances residential and commercial assets. Annaly’s principal
business objective is to generate net income for distribution to
its stockholders and to preserve capital through the prudent
selection of investments and continued management of its portfolio.
Annaly has elected to be taxed as a real estate investment trust,
or REIT, for federal income tax purposes. Annaly is externally
managed by Annaly Management Company LLC (the “Manager”). Each of
the individuals named in this release is employed by the Manager or
a subsidiary of Annaly and provides services to Annaly pursuant to
the management agreement between Annaly and the Manager. Additional
information is available at www.annaly.com.
Forward-Looking Statements
This news release and our public documents to which we refer
contain or incorporate by reference certain forward-looking
statements which are based on various assumptions (some of which
are beyond our control) and may be identified by reference to a
future period or periods or by the use of forward-looking
terminology, such as "may," "will," "believe," "expect,"
"anticipate," "continue," or similar terms or variations on those
terms or the negative of those terms. Actual results could differ
materially from those set forth in forward-looking statements due
to a variety of factors, including, but not limited to, 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 financings; changes in the market value
of our assets; changes in business conditions and the general
economy; our ability to grow our commercial business; our ability
to grow our residential mortgage credit business; credit risks
related to our investments in credit risk transfer securities,
residential mortgage-backed securities and related residential
mortgage credit assets, commercial real estate assets and corporate
debt; risks related to investments in mortgage servicing rights;
our ability to consummate any contemplated investment
opportunities; changes in government regulations affecting our
business; our ability to maintain our qualification as a REIT for
U.S. federal income tax purposes; our ability to maintain our
exemption from registration under the Investment Company Act of
1940, as amended; and any potential business disruption following
the acquisition of MTGE Investment Corp., which we completed on
September 7, 2018. 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. We do not undertake, and specifically
disclaim any obligation, to publicly release the result of any
revisions which may be made to any forward-looking statements to
reflect the occurrence of anticipated or unanticipated events or
circumstances after the date of such statements, except as required
by law.
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