DEF 14A of TPG Mortgage Investment Trust, Inc.
Filed Mar 16, 2026 · FY20250001628280-26-018152
PROPOSAL 1: ELECTION OF DIRECTORS
PROPOSAL 1: ELECTION OF DIRECTORS Our Board currently consists of six members. Our Nominating and Corporate Governance Committee analyzes the composition of our Board each year. In connection with this review, the Board, upon the recommendation of the Nominating and Corporate Governance Committee, nominated the following six individuals, including four directors that meet the independence standards of the NYSE, to serve until the 2027 annual meeting of stockholders and until their successors are duly elected and qualified: Debra Hess, T.J. Durkin, Dianne Hurley, Matthew Jozoff, M. Christian Mitchell and Nicholas Smith (each a “Nominee,” and, collectively, the “Nominees”). All of the Nominees currently serve on the Board and were elected by the stockholders at the 2025 annual meeting of stockholders. The Board anticipates that, if elected, each Nominee will serve as a director. However, if any Nominee is unable to accept election, the proxies will be voted for the election of such other person or persons as the Board may recommend, unless the Board determines to reduce the number of directors or to leave a vacant seat on our Board in accordance with the Company’s charter and bylaws. RECOMMENDATION OF THE BOARD: THE BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS A VOTE “FOR” THE ELECTION OF EACH OF THE NOMINEES TO THE BOARD OF DIRECTORS. The voting requirements for this proposal are described above in the “General Information About the Annual Meeting and Voting” section of this Proxy Statement.
DIRECTOR NOMINEES AND EXECUTIVE OFFICERS
DIRECTOR NOMINEES AND EXECUTIVE OFFICERS
Information Regarding Director Nominees
Information Regarding Director Nominees We believe that all of the Nominees are intelligent, collegial, insightful, proactive with respect to management and risk oversight, diligent and exercise good judgment. The biographical descriptions below set forth certain information with respect to each Nominee for election as a director at the Annual Meeting, including the age of each Nominee as of the date of this Proxy Statement, and the experience, qualifications, attributes or skills of each Nominee that led us to conclude that such person should serve as a director.
Information Regarding Director Nominees
| Debra Hess Non-Executive Chair of the Board Independent Director since 2018 Age: 61 Committees: - Audit - Compensation - Nominating and Corporate Governance (Chair) | Ms. Hess served as Chief Financial Officer of NorthStar Asset Management Group Inc. (NYSE: NSAM) (“NorthStar”) from July 2014 until January 2017, when NorthStar merged with Colony Capital, Inc. (NYSE: CLNY) (“Colony Capital”), which is now known as DigitalBridge Group, Inc. (NYSE: DBRG). Ms. Hess had also served as Chief Financial Officer of NorthStar Realty Finance Corp. (NYSE: NRF) (“NRF”) from July 2011 to January 2017, when NRF merged with Colony Capital. During her tenure at NorthStar until August 2015, Ms. Hess served as Chief Financial Officer of NorthStar’s non-traded companies. Ms. Hess also served as Interim Chief Financial Officer of NorthStar Realty Europe Corp. (NYSE: NRE) from June 2015 to November 2015. Prior to joining NorthStar, Ms. Hess served as Chief Financial Officer of H/2 Capital Partners, where she was employed from August 2008 to June 2011. From March 2003 to July 2008, Ms. Hess was a managing director at Fortress Investment Group, where she also served as Chief Financial Officer of Newcastle Investment Corp., a Fortress portfolio company and a NYSE-listed alternative investment manager. From 1993 to 2003, Ms. Hess served in various positions at Goldman, Sachs & Co., including as Vice President in Goldman Sachs’ Principal Finance Group and as a Manager of Financial Reporting in Goldman Sachs’ Finance Division. Prior to 1993, Ms. Hess was employed by the Chemical Banking Corporation in the corporate credit policy group and by Arthur Andersen & Company as a supervisory senior auditor. Ms. Hess currently serves on the board of directors of Radian Group Inc. where she became chair of the Audit Committee in January 2022 (NYSE: RDN), and on the board of directors of CenterPoint Properties Trust where she is the chair of the Audit Committee. Ms. Hess holds a Bachelor of Science in Accounting from the University of Connecticut and a Master of Business Administration in Finance from New York University. Due to her extensive mortgage banking, finance and real estate experience, her role as the Chief Financial Officer of various publicly traded companies in our sector, and her significant financial, accounting and compliance experience at public companies, we believe Ms. Hess should serve as a member of our Board. | | T.J. Durkin Chief Executive Officer & President Director since 2018 Age: 43 | Mr. Durkin joined TPG Credit in 2008 and is the Managing Partner of TPG’s Asset Based Finance business. Mr. Durkin also serves as co‐Portfolio Manager of TPG’s asset based securities portfolios, and as our Chief Executive Officer, President, and as a board member, having served in such positions since October 2022, April 2021, and 2018, respectively. Mr. Durkin began his career at Bear, Stearns & Co. where he was a Managing Director on the Non‐Agency Trading Desk focused on the structuring and trading of multiple asset classes, including subprime, Alt‐A, second lien and small balance commercial. Mr. Durkin earned his Bachelor’s degree in finance from Fordham University and currently serves as a member of the school’s President’s Council. He is also a board member of VE International, a not‐for‐profit organization focused on preparing high school students for college and careers through skills learned in an entrepreneurship‐based curriculum. Due to his vast industry experience and mortgage and structured products expertise, we believe Mr. Durkin should serve as a member of our Board. |
Information Regarding Director Nominees
| Dianne Hurley Independent Director since 2020 Age: 63 Committees: - Audit - Compensation (Chair) | Ms. Hurley is currently the Chief Operating Officer of MonCap Holdings, LLC, a growth private equity firm. She has also been an operations, finance and human capital management c-suite consultant in the real estate, asset management and education sectors since 2015. Ms. Hurley also served as a Managing Director at Glocap Search, LLC (2022-2023), the Chief Financial and Operations Officer of Moravian Academy (2020-2022) and as the Chief Administrative Officer of A&E Real Estate, one of the largest owner/operators of multi-family real estate in New York City (2017-2020). From 2009 to 2011, Ms. Hurley served as the first Chief Operating Officer of Global Distribution in the Asset Management Division of Credit Suisse. From 2004 to 2009, Ms. Hurley served as the founding Chief Administrative Officer of TPG-Axon, a large investment management firm affiliated with TPG Capital. Ms. Hurley began her career in the real estate department of Goldman, Sachs & Co. Ms. Hurley currently serves as the chair of the Compensation Committee and member of the Audit Committee for American Healthcare REIT (NYSE:AHR). She has also previously served as an independent director of an additional three public companies within the real estate industry. Ms. Hurley holds a Bachelor of Arts from Harvard University and a Master of Business Administration from Yale University. Due to her extensive financial and real estate experience, as well as her experience as a director for several other public companies within the real estate industry, we believe Ms. Hurley should serve as a member of our Board. | | Matthew Jozoff Independent Director since 2022 Age: 60 Committees: - Compensation - Nominating and Corporate Governance | Mr. Jozoff is currently Co-Chief Executive Officer, Portfolio Manager and Partner of Trevally Capital, an asset management and advisory firm. Before joining Trevally Capital, Mr. Jozoff served as a Managing Director at Radkl, a quantitative trading firm for digital assets and cryptocurrencies, from 2021 to 2023. Prior to joining Radkl, Mr. Jozoff served in various positions at JPMorgan Chase & Co., including as a Managing Director and Co-Head of Fixed Income, Currencies, Commodities and Index Research (2019-2021), Head of Rates and Securitized Products Research (2013-2019), and Head of Mortgage/Securitized Products Research (2006-2013). Prior to joining J.P. Morgan, Mr. Jozoff worked at Goldman Sachs & Co. as a Vice President and Head of Mortgage Strategy from 1997 to 2006 and at Lehman Brothers in its Mortgage Research division from 1991 to 1997. Mr. Jozoff holds a Bachelor of Arts from Princeton University and a Master of Business Administration from the University of Pennsylvania. Due to his extensive experience in the mortgage origination, fixed income and finance industries, we believe Mr. Jozoff should serve as a member of our Board. |
Information Regarding Director Nominees
| M. Christian Mitchell Independent Director since 2023 Age: 71 Committees: - Audit (Chair) - Nominating and Corporate Governance | Mr. Mitchell retired from Deloitte & Touche LLP in 2003, where he was the national managing partner of the mortgage banking and finance companies practice. During his 26 year career at Deloitte, he also served as regional managing partner for various practices including audit, enterprise risk services and financial services. He was also a founding board member of Deloitte Consulting USA. Mr. Mitchell serves as a member of the board of directors and a senior advisor for Marshall & Stevens, a national valuation and financial advisory firm. He is also a director of Columbia Banking System, Inc. (NASDAQ: COLB), a Tacoma, Washington-based bank holding company, Parsons Corporation (NYSE: PSN), a Chantilly, Virginia-based provider of technology-driven solutions in the defense, intelligence and critical infrastructure markets, and a member of the Board of Visitors for the Culverhouse College of Business at the University of Alabama. Mr. Mitchell previously served on the board of directors of Western Asset Mortgage Capital Corporation (NYSE: WMC) from 2012 until it was acquired by the Company in 2023, as well as a director of numerous public, private equity-backed, and private companies, including PS Business Parks, Inc. from 2021 to 2022 and Pacific Premier Bancorp, Inc. (NASDAQ: PPBI) from 2018 until its acquisition by Columbia Banking System, Inc. in 2025. Additionally, Mr. Mitchell served as a board member of Huntington Health, a non-for-profit Cedars Sinai-affiliated hospital in Pasadena, California from 2018 to 2025, and as an adjunct professor of accounting at the University of Redlands. He is the chairman emeritus of the National Association of Corporate Directors ("NACD"), Pacific Southwest, and was a member of the national board of NACD from 2017 to 2019. Mr. Mitchell holds a Bachelor of Science from the University of Alabama. In 2011 and 2012, Mr. Mitchell was named "one of the 100 most influential people in corporate governance" by Directorship magazine. Due to his extensive experience in the real estate and mortgage industry, his professional and educational background in accounting and finance, and his previous experience serving on boards of directors, we believe Mr. Mitchell should serve as a member of our Board. | | Nicholas Smith Chief Investment Officer Director since 2022 Age: 45 | Mr. Smith joined TPG Credit in 2021 and is a Business Unit Partner in the Asset Based Finance team and the head of the strategy’s Residential Whole Loan Business. Mr. Smith has served as our Chief Investment Officer since April 2021 and as a member of our Board of Directors since October 2022. Mr. Smith also serves as a board member of Arc Home LLC, a mortgage originator and GSE licensed servicer owned by the Company and certain affiliates of TPG. Mr. Smith has also served as a board member of the Structured Finance Association since December 2024. Prior to joining TPG Credit, Mr. Smith was a Managing Director at Bank of America Securities, where he was the Non-Agency RMBS and ABS Trading Desk Head. During his tenure at Bank of America Securities, Mr. Smith was instrumental in developing the Whole Loan Purchase Program along with the disposition of Credit Sensitive Loans for the Legacy Assets and Servicing Group. Prior to working at Bank of America, Mr. Smith worked at Guggenheim Capital Markets and Bear, Stearns & Co. in various trading, banking and structuring roles. Mr. Smith holds a Bachelor’s degree in Mathematical Economics from Colgate University. Due to his deep expertise in residential mortgage origination, trading, underwriting and lending, and extensive industry experience, we believe Mr. Smith should serve as a member of our Board. |
Biographical Information Regarding Executive Officers Who Are Not Directors
Biographical Information Regarding Executive Officers Who Are Not Directors The following is a list of individuals serving as executive officers of the Company, other than T.J. Durkin (our Chief Executive Officer and President) and Nicholas Smith (our Chief Investment Officer), who serve as members of our Board in addition to their roles as executive officers. For biographical information regarding Messrs. Durkin and Smith, see “Information Regarding Director Nominees” above. All of our executive officers serve at the discretion of the Board. In addition, all of our executive officers are employed by an affiliate of TPG Inc. (NASDAQ: TPG) (“TPG”), a leading global alternative asset management firm and an affiliate of our Manager, in various executive, managerial and administrative positions. Pursuant to the terms of our management agreement, our Manager is obligated to supply us with our management team, including a chief executive officer, chief financial officer and chief investment officer or similar positions.
Biographical Information Regarding Executive Officers Who Are Not Directors
| Anthony Rossiello Chief Financial Officer and Treasurer Age: 38 | Mr. Rossiello was appointed as our Chief Financial Officer and Treasurer, and as a Managing Director at TPG, in January 2021. In this position, Mr. Rossiello also serves as our Principal Financial and Accounting Officer. Mr. Rossiello has previously served as our Controller and interim Principal Accounting Officer during 2020. Prior to joining TPG in 2020, Mr. Rossiello began his career at Ernst & Young LLP where he was a Senior Manager in the Banking and Capital Markets practice primarily focusing on providing client services to publicly traded companies within the banking and mortgage REIT industry as well as working with private companies within the mortgage origination and servicing industry. Mr. Rossiello holds a Bachelor of Science in Accounting from the State University of New York at Albany and is a Certified Public Accountant. | | Jenny B. Neslin General Counsel and Secretary Age: 43 | Ms. Neslin has served as our General Counsel and Secretary since April 2021. Ms. Neslin is a Managing Director and General Counsel, Registered Funds, at TPG and also serves as General Counsel and Secretary of TPG Twin Brook Capital Income Fund (“TCAP”) and TPG Private Equity Opportunities, L.P., positions she has held since February 2022 and February 2025, respectively, as well as having previously served in such roles for TCAP's predecessors since November 2021. In addition, she served as Interim Chief Compliance Officer of TCAP from October 2023 to March 2025. Prior to joining the Company and TPG in April 2021, Ms. Neslin was Managing Director and Deputy General Counsel at Colony Capital, which is now known as DigitalBridge Group, Inc. (NYSE: DBRG). At Colony Capital, Ms. Neslin was responsible for legal oversight of Colony Capital’s capital markets activities (including public and private equity and debt offerings), ongoing disclosure and reporting obligations under U.S. federal securities laws and corporate governance matters. Prior to joining a Colony Capital predecessor in July 2013 as Associate General Counsel, Ms. Neslin was an associate in the Capital Markets group at Clifford Chance US LLP, where she primarily advised REITs and investment banks in public and private capital markets transactions. Ms. Neslin holds a Bachelor of Music in Music Business from New York University and a Juris Doctor from Benjamin N. Cardozo School of Law at Yeshiva University. | | Andrew Parks Chief Risk Officer Age: 53 | Mr. Parks joined TPG in August 2009 as Chief Risk Officer and has served as our Chief Risk Officer since our IPO in July 2011. Before joining TPG, Mr. Parks was associated with Morgan Stanley where he served as an Executive Director overseeing the risk management group for the ultra-high net worth division in the U.S. and Latin America. Prior to joining Morgan Stanley, Mr. Parks worked as a corporate attorney at Cravath, Swaine & Moore LLP in New York in the areas of mergers and acquisitions, debt and equity capital markets, secured corporate credit and real estate acquisition/finance. Mr. Parks holds a Bachelor of Arts from Tulane University and a Juris Doctor from The University of Texas School of Law. |
Compensation Discussion and Analysis
Compensation Discussion and Analysis Our Compensation Discussion and Analysis describes our compensation program, objectives and policies for the executive officers named in this Proxy Statement and our executive officers generally. Overview of Compensation Program We have no employees. We are externally managed by our Manager, pursuant to a management agreement between our Manager and us. Because the management agreement provides that our Manager is responsible for managing our affairs, our executive officers, all of whom are employees of our Manager or an affiliate of our Manager, do not receive cash compensation from us. Instead, our executive officers are compensated by our Manager or an affiliate of our Manager, in part, with the management fee we pay to our Manager and with the expense reimbursement we provide to our Manager related to compensation. The management agreement provides for our reimbursement to the Manager of the allocable share of annual base salary, bonus, and any related withholding taxes and employee benefits paid to our chief financial officer, general counsel and other non-investment personnel based on the percentage of time those individuals spent on our affairs or another agreed upon methodology fair to the Company. We do not determine the compensation payable to personnel, including our executive officers, by our Manager or its affiliates. Our Manager or its affiliates, in their discretion, determine the levels of base salary, cash incentive compensation and other benefits earned by our executive officers. Cash and Other Compensation Our named executive officers and other personnel who conduct our business are employees of our Manager or its affiliates. Accordingly, we do not pay or accrue any salary or bonus for our executive officers. Equity-Based Compensation Our Compensation Committee may, from time to time, grant equity awards in the form of restricted stock, stock options, restricted stock units or other types of awards to our Manager or to our named executive officers pursuant to our equity incentive plans. These awards are designed to align the interests of our named executive officers with those of our stockholders by allowing our named executive officers to share in the creation of value for our stockholders through stock appreciation and dividends. These equity awards are generally subject to vesting requirements over a number of years and are designed to promote the retention of management and to achieve strong performance for our Company. These awards further provide flexibility to us in enabling our Manager to attract, motivate and retain talented individuals. Notwithstanding the foregoing, following the execution of an amendment to our management agreement in November 2021 related to the incentive fee, the Compensation Committee no longer expects to continue its historical practice of making periodic equity grants to the Manager pursuant to the Company's 2021 manager equity incentive plan. We believe our equity-based compensation policies are particularly appropriate since we are an externally managed REIT. Pursuant to REIT qualification requirements, we must generally pay at least 90% of our “REIT taxable income” (computed without regard to the dividends paid deduction and our net capital gain) to stockholders as dividends. We have not and do not intend to either backdate stock options or grant stock options retroactively. Presently, we do not have designated dates on which we grant stock option awards. We do not intend to time stock options grants with our release of material nonpublic information for the purpose of affecting the value of executive compensation. To further align the interests of management and our stockholders, TPG, an affiliate of our Manager, may, in its discretion, grant to its employees separate awards of shares of our common stock that TPG and its affiliates acquired or received from us. TPG did not grant any shares of our common stock in connection with 2025 bonus compensation. As of the date of this proxy statement, TPG holds 288,290 shares of our common stock that may be granted to its employees, including our executive officers.
Summary Compensation Table
Summary Compensation Table Our named executive officers are not our employees and, other than the 2024 Equity Awards (as defined below), are not paid compensation by us. Other than the 2024 Equity Awards, we have not paid any compensation to our named executive officers for the years ended December 31, 2023, December 31, 2024 or December 31, 2025. As a result, the following table provides compensation information solely related to the 2024 Equity Grants granted by our Compensation Committee to our Chief Financial Officer and Treasurer and our General Counsel and Secretary for the year ended December 31, 2024.
Summary Compensation Table
| Name and Principal Position | Year | Salary ($) | Bonus ($) | Stock Awards ($)(1) | Non-Equity Incentive Plan Compensation ($) | Non-qualified Deferred Compensation Earnings ($) | All Other Compensation ($) | Total ($) | | T.J. Durkin(2) Chief Executive Officer and President | 2025 | — | — | — | — | — | — | — | | | 2024 | — | — | — | — | — | — | — | | | 2023 | — | — | — | — | — | — | — | | Anthony W. Rossiello Chief Financial Officer & Treasurer | 2025 | — | — | — | — | — | — | — | | | 2024 | — | — | $347,500 | — | — | — | $347,500 | | | 2023 | — | — | — | — | — | — | — | | Jenny B. Neslin General Counsel & Secretary | 2025 | — | — | — | — | — | — | — | | | 2024 | — | — | $347,500 | — | — | — | $347,500 | | | 2023 | — | — | — | — | — | — | — |
Summary Compensation Table
(1)Amounts reported in this column represent the aggregate grant date fair value, determined in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 718. The grant date fair value for the awards granted in 2024 (the “2024 Equity Awards”) was calculated based on the number of shares subject to the award multiplied by the closing price on the date of grant. There were no awards granted to our named executive officers in 2025 or 2023. (2)The Company’s Chief Executive Officer has not been paid compensation by us; however, Mr. Durkin, as the Company’s principal executive officer, is included in the table as required by Item 402(n) of Regulation S-K.
Grants of Plan Based Awards in 2025
Grants of Plan Based Awards in 2025 We did not grant any shares of restricted stock, options, restricted stock units or other incentive compensation to our named executive officers during the year ended December 31, 2025.
Outstanding Equity Awards at Fiscal Year-End
Outstanding Equity Awards at Fiscal Year-End The following table sets forth certain information with respect to the 2024 Equity Grants, which represents all outstanding equity-based awards made by us to our named executive officers and held as of December 31, 2025.
Outstanding Equity Awards at Fiscal Year-End
| | Stock Awards | | | Name | Number of Shares or Units of Stock That Have Not Vested (#)(1) | Market Value of Shares or Units of Stock That Have Not Vested ($)(2) | | T.J. Durkin(3) | — | — | | Anthony W. Rossiello | 50,000 | $426,000 | | Jenny B. Neslin | 50,000 | $426,000 |
Outstanding Equity Awards at Fiscal Year-End
(1)This column reflects the number of unvested restricted shares of common stock granted by us pursuant to our 2020 Equity Incentive Plan and held by each named executive officer on December 31, 2025. These restricted shares of common stock are generally scheduled to vest ratably in three annual installments beginning on January 13, 2026. (2)Market value is based on the closing price of our common stock on December 31, 2025 (the last trading day of 2025) of $8.52 per share. (3)The Company’s Chief Executive Officer has not been paid compensation by us; however, Mr. Durkin, as the Company’s principal executive officer, is included in the table as required by Item 402(n) or Regulation S-K.
Options Exercised and Stock Vested
Options Exercised and Stock Vested As of December 31, 2025, we had not issued any outstanding options to purchase shares of common stock to any of our named executive officers. No option to purchase shares of our common stock or restricted shares of common stock granted by the Company to any of our named executive officers vested in 2025.
Pension Benefits
Pension Benefits We do not provide any of our named executive officers with pension benefits.
Nonqualified Deferred Compensation
Nonqualified Deferred Compensation We do not provide any of our named executive officers with any nonqualified deferred compensation plans.
Potential Payments Upon Termination of Employment
Potential Payments Upon Termination of Employment We do not have any employment agreement with any of our named executive officers and are not obligated to make any payment to them upon termination of employment.
Pay Versus Performance*
Pay Versus Performance* As required by Item 402(v) of Regulation S-K, we are providing the following information regarding the relationship between executive compensation and the Company’s financial performance for each of 2025 and 2024. The table below summarizes the (i) compensation values reported in the Summary Compensation Table for our principal executive officer (“PEO”) and average for our other non-PEO NEOs as compared to the “Compensation Actually Paid,” calculated pursuant to the applicable rules and (ii) Company’s financial performance for the years ended December 31, 2025 and 2024.
Pay Versus Performance*
| Year | Summary compensation table total for PEO | Compensation actually paid to PEO | Average summary compensation table total for non-PEO named executive officers | Average compensation actually paid to non-PEO named executive officers | Value of initial fixed $100 investment based on: Total stockholder return(2) | Net income(4) | | 2025 | — | — | — | $46,750(3) | 126.9% | $48,668,000 | | 2024 | — | — | $173,750(1) | $166,250(3) | 58.7% | $55,737,000 |
Pay Versus Performance*
*As previously noted, the Summary Compensation Table totals include only the amounts of compensation that were paid by us, which was solely limited to the 2024 Equity Awards to certain non-PEO named executive officers in the year ended December 31, 2024. As such, the table only includes the grant date fair value of the 2024 Equity Awards. (1)The dollar amounts reported represent the average of the amounts reported for our NEOs as a group (excluding our PEO) in the “Total” column of our Summary Compensation Table in each applicable year. Non-PEO NEOs for each applicable year are Nicholas Smith, Anthony W. Rossiello, Andrew Parks and Jenny B. Neslin. Neither Mr. Smith nor Mr. Parks received any compensation from us. Mr. Rossiello and Ms. Neslin did not receive any compensation from us other than the 2024 Equity Awards as described above. (2)Total Stockholder Return assumes $100 invested at December 31, 2022. (3)The amounts reported represent the amounts of “average compensation actually paid” to our non-PEO named executive officers, as calculated in accordance with Item 402(v) of Regulation S-K. In accordance with the requirements of Item 402(v) of Regulation S-K the following adjustments were made to our non-PEO’s compensation as reported in the Summary Compensation Table for the years ended December 31, 2025 and 2024:
Pay Versus Performance*
| Average of Non-PEO NEOs | 2025 | 2024 | | Summary Compensation Table (“SCT”) Total | $— | $173,750 | | Deduction of SCT Stock Awards | — | (173,750) | | Add (Subtract): | | | | Year End Fair Value of Unvested Stock Awards | — | 166,250 | | Year End Change In Fair Value of Prior Year Unvested Stock Awards | 46,750 | — | | Change in Fair Value of Prior Year Stock Awards | — | — | | Fair Value of Stock Awards Forfeited | — | — | | Value of Dividends on Unvested Stock Awards | — | — | | Compensation Actually Paid | $46,750 | $166,250 |
Pay Versus Performance*
(4)The dollar amounts reported represent the amount of net income reflected in our audited consolidated financial statements for the applicable year (rounded to the nearest thousand).
DIRECTOR COMPENSATION
DIRECTOR COMPENSATION
Director Compensation
Director Compensation Our Compensation Committee is responsible for discharging our Board’s responsibilities relating to compensation payable to our non-employee directors. Our Compensation Committee annually evaluates compensation paid to our non-employee directors and may, from time to time, recommend to the full Board changes to such compensation as appropriate. Our Compensation Committee did not retain a compensation consultant in connection with establishing the compensation paid to our non-employee directors for 2025. The Company does not pay director compensation to directors who are also employees of our Manager or its affiliates (i.e., T.J. Durkin and Nicholas Smith). Each member of our Board who is not an employee of our Manager or its affiliates received annual compensation for service as a director during 2025 as follows: •Each non-employee director receives an annual base fee of $150,000, of which $70,000 is payable in unrestricted cash and the other $80,000 is payable in shares of restricted common stock. •In addition, our Non-Executive Chair of the Board receives an additional annual fee of $60,000, of which $30,000 is payable in unrestricted cash and the other $30,000 is payable in shares of restricted common stock. •In addition, the chair of our Audit Committee receives an annual fee of $25,000, and the chairs of our Compensation and Nominating and Corporate Governance Committees each receive an annual fee of $10,000.
2025 Director Compensation Table
2025 Director Compensation Table The following table summarizes the compensation that we paid to our non-employee directors for their services in fiscal year 2025:
2025 Director Compensation Table
| Name | Fees Earned or Paid in Cash(1) | Stock Awards(2) | Total | | Debra Hess | $110,015 | $109,985 | $220,000 | | Dianne Hurley | 85,103 | 79,993 | 165,096 | | Matthew Jozoff | 70,007 | 79,993 | 150,000 | | Peter Linneman(3) | 27,182 | 27,174 | 54,356 | | M. Christian Mitchell | 86,514 | 79,993 | 166,507 | | Lisa G. Quateman(3) | 23,785 | 27,174 | 50,959 |
2025 Director Compensation Table
(1) Amounts include cash in lieu of fractional shares relating to the portion of the annual compensation paid in stock. (2) Amounts reflect the aggregate grant date fair value, calculated in accordance with Accounting Standards Codification (“ASC”) 718, of the stock awards granted to our non-employee directors. (3) Did not stand for re-election at the Company’s 2025 annual meeting of stockholders. The annual cash and equity compensation for our non-employee directors is paid quarterly in arrears. The number of shares of restricted common stock to be issued each quarter to each non-employee director is determined based on the average of the high and low prices of the Company’s common stock on the NYSE on the last trading day of each fiscal quarter. In addition, the restricted common stock issued to non-employee directors may not be sold or transferred during such director’s term of service on the Board. Each member of our Board is also reimbursed for reasonable out-of-pocket expenses associated with service on the Board and Committee thereof and with attendance at or participation in board meetings or committee meetings, including reasonable travel expenses.