Definitive proxy statements

Pay vs Performance Disclosure

v3.23.1
Pay vs Performance Disclosure
 12 Months Ended
Dec. 31, 2022
USD ($)
$ / shares
Dec. 31, 2021
USD ($)
$ / shares
Dec. 31, 2020
USD ($)
$ / shares
Pay vs Performance Disclosure [Table]      
Pay vs Performance [Table Text Block]

2022 PAY VERSUS PERFORMANCE TABLE

 

In accordance with rules adopted by the Securities and Exchange Commission pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, we provide the following disclosure regarding executive compensation for our principal executive officer (“PEO”) and Non-PEO NEOs and Company performance for the fiscal years listed below. The Compensation Committee did not consider the pay versus performance disclosure below in making its pay decisions for any of the years shown.

 

                    Value of initial fixed $100
investment based on(4):		          
Year   Summary
compensation
table total for
PEO ($)(1)		   Compensation
actually paid to
PEO ($)(1, 2, 3)		   Average summary
compensation
table total for non-
PEO NEOs ($)(1)		   Average
compensation
actually paid to
non-PEO NEOs
($)(1, 2, 3)		   Total
shareholder
return		   Peer
group total
shareholder
return		   Net Income
(thousand $)		   Distributable
Earning per
share ($)(5)		  
2022   8,013,744   (977,130)   2,705,951   713,079   100.75   100.69   41,911   2.08  
2021   9,241,605   4,411,821   2,953,807   2,040,073   176.97   134.1   127,346   1.88  
2020   3,998,245   25,869,661   1,658,095   7,764,371   205.95   94.92   82,759   1.55  

 

 

 

(1) Mr. Eckel was our PEO for each year presented. The individuals comprising the Non-PEO NEOs for each year presented are listed below.

 

2020   2021   2022
Jeffrey A. Lipson   Jeffrey A. Lipson   Jeffrey A. Lipson
J. Brendan Herron   J. Brendan Herron   Nathaniel J. Rose
Nathaniel J. Rose   Nathaniel J. Rose   Susan D. Nickey
Steven L. Chuslo   Steven L. Chuslo   Marc T. Pangburn
Daniel K. McMahon   Daniel K. McMahon    
    Susan D. Nickey    
    Marc T. Pangburn    

 

(2) The amounts shown for Compensation Actually Paid have been calculated in accordance with Item 402(v) of Regulation S-K and do not reflect compensation actually earned, realized, or received by the Company’s NEOs. These amounts reflect the Summary Compensation Table total with certain adjustments as described in footnote 3 below.
(3) Compensation Actually Paid reflects the exclusions and inclusions of certain amounts for the PEO and the Non-PEO NEOs as set forth below. Equity values are calculated in accordance with FASB ASC Topic 718. Amounts in the Exclusion of Stock Awards column are the totals from the Stock Awards columns set forth in the Summary Compensation Table.

 

 

 

Year    Summary
Compensation Table
Total for PEO
($)		    Exclusion of Change
in Pension Value
for PEO
($)		    Exclusion of Stock
Awards for PEO
($)		    Inclusion of
Pension Service
Cost for PEO
($)		    Inclusion of Equity
Values for PEO
($)		      Compensation
Actually Paid to PEO
($)		  
2022   8,013,744   —   (4,430,369)   —   (4,560,505 ) (977,130 )
2021   9,241,605   —   (5,857,833)   —   1,028,050   4,411,821  
2020   3,998,245   —   (2,385,784)   —   24,257,200   25,869,661  

 

  

Year    Average Summary
Compensation Table
Total for Non-PEO
NEOs
($)		    Average Exclusion of
Change in Pension
Value for Non-PEO
NEOs
($)		    Average Exclusion
of Stock Awards for
Non-PEO NEOs
($)		    Average Inclusion
of Pension Service
Cost for Non-PEO
NEOs
($)		    Average Inclusion of
Equity Values for Non-
PEO NEOs
($)		    Average
Compensation
Actually Paid to
Non-PEO NEOs
($)		  
2022   2,705,951   —   (1,112,201)   —   (880,671 ) 713,079  
2021   2,953,807   —   (1,586,951)   —   673,217   2,040,073  
2020   1,658,095   —   (835,541)   —   6,941,817   7,764,371  

 

 

The amounts in the Inclusion of Equity Values in the tables above are derived from the amounts set forth in the following tables:

 

Year    Year-End Fair
Value of Equity
Awards Granted
During Year
That Remained
Unvested as of
Last Day of Year
for PEO
($)		    Change in Fair
Value from Last
Day of Prior Year
to Last Day of Year
of Unvested Equity
Awards for PEO
($)		      Vesting-Date Fair
Value of Equity
Awards Granted
During Year that
Vested During
Year for PEO
($)		    Change in Fair Value
from Last Day of Prior
Year to Vesting Date
of Unvested Equity
Awards that Vested
During Year for PEO
($)		      Fair Value at Last
Day of Prior Year
of Equity Awards
Forfeited During
Year for PEO
($)		    Value of
Dividends or
Other Earnings
Paid on Equity
Awards Not
Otherwise
Included for PEO
($)		    Total - Inclusion of
Equity Values for
PEO
($)		  
2022   2,262,307   (6,165,136 ) —   (1,433,346 ) —   775,670   (4,560,505 )
2021   5,701,032   (2,907,648 ) —   (2,460,600 ) —   695,265   1,028,050  
2020   10,486,926   11,633,770   —   1,114,284   —   1,022,220   24,257,200  

 

 

 

Year    Average Year-End
Fair Value of Equity
Awards Granted
During Year That
Remained Unvested
as of Last Day of
Year for Non-PEO
NEOs
($)		    Average Change
in Fair Value from
Last Day of Prior
Year to Last Day of
Year of Unvested
Equity Awards for
Non-PEO NEOs
($)		      Average Vesting-
Date Fair Value
of Equity Awards
Granted During
Year that Vested
During Year for
Non-PEO NEOs
($)		    Average Change
in Fair Value from
Last Day of Prior
Year to Vesting Date
of Unvested Equity
Awards that Vested
During Year for
Non-PEO NEOs
($)		      Average Fair
Value at Last Day
of Prior Year of
Equity Awards
Forfeited During
Year for Non-PEO
NEOs
($)		    Average Value
of Dividends or
Other Earnings
Paid on Equity
Awards Not
Otherwise
Included for
Non-PEO NEOs
($)		    Total - Average
Inclusion of
Equity Values for
Non-PEO NEOs
($)		  
2022   567,921   (1,341,806 ) —   (235,527 ) —   128,741   (880,671 )
2021   1,543,385   (513,005 ) —   (548,620 ) —   191,457   673,217  
2020   3,394,119   3,162,358   —   159,713   —   225,627   6,941,817  

 

 

 

(4) The Peer Group TSR set forth in this table utilizes the FTSE NAREIT All Equity REIT Index (“FTSE NAREIT All Equity”), which we also utilize in the stock performance graph required by Item 201(e) of Regulation S-K included in our Annual Report for the year ended December 31, 2022. The comparison assumes $100 was invested for the period starting December 31, 2019, through the end of the listed year in the Company and in the FTSE NAREIT All Equity, respectively. Historical stock performance is not necessarily indicative of future stock performance.
(5) We determined Distributable Earnings Per Share to be the most important financial performance measure used to link Company performance to Compensation Actually Paid to our PEO and Non-PEO NEOs in 2022. See Item 7 to our Annual Report on Form 10-K, filed on February 21, 2023, for an explanation of Distributable Earnings, including a reconciliation to the relevant GAAP measure. This performance measure may not have been the most important financial performance measure for years 2021 and 2020 and we may determine a different financial performance measure to be the most important financial performance measure in future years.
   
Named Executive Officers, Footnote [Text Block]

 

 

(1) Mr. Eckel was our PEO for each year presented. The individuals comprising the Non-PEO NEOs for each year presented are listed below.

 

2020   2021   2022
Jeffrey A. Lipson   Jeffrey A. Lipson   Jeffrey A. Lipson
J. Brendan Herron   J. Brendan Herron   Nathaniel J. Rose
Nathaniel J. Rose   Nathaniel J. Rose   Susan D. Nickey
Steven L. Chuslo   Steven L. Chuslo   Marc T. Pangburn
Daniel K. McMahon   Daniel K. McMahon    
    Susan D. Nickey    
    Marc T. Pangburn    
   
Changed Peer Group, Footnote [Text Block] The Peer Group TSR set forth in this table utilizes the FTSE NAREIT All Equity REIT Index (“FTSE NAREIT All Equity”), which we also utilize in the stock performance graph required by Item 201(e) of Regulation S-K included in our Annual Report for the year ended December 31, 2022. The comparison assumes $100 was invested for the period starting December 31, 2019, through the end of the listed year in the Company and in the FTSE NAREIT All Equity, respectively. Historical stock performance is not necessarily indicative of future stock performance.    
PEO Total Compensation Amount [1] $ 8,013,744 $ 9,241,605 $ 3,998,245
PEO Actually Paid Compensation Amount [1] $ (977,130) 4,411,821 25,869,661
Adjustment To PEO Compensation, Footnote [Text Block]

 

Year    Summary
Compensation Table
Total for PEO
($)		    Exclusion of Change
in Pension Value
for PEO
($)		    Exclusion of Stock
Awards for PEO
($)		    Inclusion of
Pension Service
Cost for PEO
($)		    Inclusion of Equity
Values for PEO
($)		      Compensation
Actually Paid to PEO
($)		  
2022   8,013,744   —   (4,430,369)   —   (4,560,505 ) (977,130 )
2021   9,241,605   —   (5,857,833)   —   1,028,050   4,411,821  
2020   3,998,245   —   (2,385,784)   —   24,257,200   25,869,661  

 

 

Year    Year-End Fair
Value of Equity
Awards Granted
During Year
That Remained
Unvested as of
Last Day of Year
for PEO
($)		    Change in Fair
Value from Last
Day of Prior Year
to Last Day of Year
of Unvested Equity
Awards for PEO
($)		      Vesting-Date Fair
Value of Equity
Awards Granted
During Year that
Vested During
Year for PEO
($)		    Change in Fair Value
from Last Day of Prior
Year to Vesting Date
of Unvested Equity
Awards that Vested
During Year for PEO
($)		      Fair Value at Last
Day of Prior Year
of Equity Awards
Forfeited During
Year for PEO
($)		    Value of
Dividends or
Other Earnings
Paid on Equity
Awards Not
Otherwise
Included for PEO
($)		    Total - Inclusion of
Equity Values for
PEO
($)		  
2022   2,262,307   (6,165,136 ) —   (1,433,346 ) —   775,670   (4,560,505 )
2021   5,701,032   (2,907,648 ) —   (2,460,600 ) —   695,265   1,028,050  
2020   10,486,926   11,633,770   —   1,114,284   —   1,022,220   24,257,200  

 

    
Non-PEO NEO Average Total Compensation Amount [1] $ 2,705,951 2,953,807 1,658,095
Non-PEO NEO Average Compensation Actually Paid Amount [1] $ 713,079 2,040,073 7,764,371
Adjustment to Non-PEO NEO Compensation Footnote [Text Block]

  

Year    Average Summary
Compensation Table
Total for Non-PEO
NEOs
($)		    Average Exclusion of
Change in Pension
Value for Non-PEO
NEOs
($)		    Average Exclusion
of Stock Awards for
Non-PEO NEOs
($)		    Average Inclusion
of Pension Service
Cost for Non-PEO
NEOs
($)		    Average Inclusion of
Equity Values for Non-
PEO NEOs
($)		    Average
Compensation
Actually Paid to
Non-PEO NEOs
($)		  
2022   2,705,951   —   (1,112,201)   —   (880,671 ) 713,079  
2021   2,953,807   —   (1,586,951)   —   673,217   2,040,073  
2020   1,658,095   —   (835,541)   —   6,941,817   7,764,371  

 

Year    Average Year-End
Fair Value of Equity
Awards Granted
During Year That
Remained Unvested
as of Last Day of
Year for Non-PEO
NEOs
($)		    Average Change
in Fair Value from
Last Day of Prior
Year to Last Day of
Year of Unvested
Equity Awards for
Non-PEO NEOs
($)		      Average Vesting-
Date Fair Value
of Equity Awards
Granted During
Year that Vested
During Year for
Non-PEO NEOs
($)		    Average Change
in Fair Value from
Last Day of Prior
Year to Vesting Date
of Unvested Equity
Awards that Vested
During Year for
Non-PEO NEOs
($)		      Average Fair
Value at Last Day
of Prior Year of
Equity Awards
Forfeited During
Year for Non-PEO
NEOs
($)		    Average Value
of Dividends or
Other Earnings
Paid on Equity
Awards Not
Otherwise
Included for
Non-PEO NEOs
($)		    Total - Average
Inclusion of
Equity Values for
Non-PEO NEOs
($)		  
2022   567,921   (1,341,806 ) —   (235,527 ) —   128,741   (880,671 )
2021   1,543,385   (513,005 ) —   (548,620 ) —   191,457   673,217  
2020   3,394,119   3,162,358   —   159,713   —   225,627   6,941,817  

 

    
Compensation Actually Paid vs. Total Shareholder Return [Text Block]

Description of Relationship Between PEO and Non-PEO NEO Compensation Actually Paid and Company Total Shareholder Return (“TSR”)

 

The following chart sets forth the relationship between Compensation Actually Paid to our PEO, the average of Compensation Actually Paid to our Non-PEO NEOs, and the Company’s cumulative TSR over the three most recently completed fiscal years.

 

    
Compensation Actually Paid vs. Net Income [Text Block]

Description of Relationship Between PEO and Non-PEO NEO Compensation Actually Paid and Net Income

 

The following chart sets forth the relationship between Compensation Actually Paid to our PEO, the average of Compensation Actually Paid to our Non-PEO NEOs, and our Net Income during the three most recently completed fiscal years.

 

    
Compensation Actually Paid vs. Company Selected Measure [Text Block]

Description of Relationship Between PEO and Non-PEO NEO Compensation Actually Paid and Distributable Earnings Per Share

 

The following chart sets forth the relationship between Compensation Actually Paid to our PEO, the average of Compensation Actually Paid to our Non-PEO NEOs, and Distributable Earnings Per Share during the three most recently completed fiscal years.

 

    
Total Shareholder Return Vs Peer Group [Text Block]

Description of Relationship Between Company TSR and Peer Group TSR

 

The following chart compares our cumulative TSR over the three most recently completed fiscal years to that of the FTSE NAREIT All Equity REIT Index over the same period.

 

 

    
Tabular List [Table Text Block]

Tabular List of Most Important Financial Performance Measures

 

The following table presents the financial performance measures that the Company considers to have been the most important in linking Compensation Actually Paid to our PEO and Non-PEO NEOs for 2022 to Company performance. The measures in this table are not ranked.

 

Distributable EPS

TSR

Distributable ROE
   
Total Shareholder Return Amount $ 100.75 176.97 205.95
Peer Group Total Shareholder Return Amount 100.69 134.1 94.92
Net Income (Loss) $ 41,911,000 $ 127,346,000 $ 82,759,000
Company Selected Measure Amount | $ / shares 2.08 1.88 1.55
Additional 402(v) Disclosure [Text Block] The amounts shown for Compensation Actually Paid have been calculated in accordance with Item 402(v) of Regulation S-K and do not reflect compensation actually earned, realized, or received by the Company’s NEOs. These amounts reflect the Summary Compensation Table total with certain adjustments as described in footnote 3 below.    
Measure [Axis]: 1      
Pay vs Performance Disclosure [Table]      
Measure Name Distributable EPS    
Measure [Axis]: 2      
Pay vs Performance Disclosure [Table]      
Measure Name TSR    
Measure [Axis]: 3      
Pay vs Performance Disclosure [Table]      
Measure Name Distributable ROE    
PEO [Member] | Exclusion of Change in Pension Value for PEO      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount
PEO [Member] | Exclusion of Stock Awards for PEO      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount (4,430,369) (5,857,833) (2,385,784)
PEO [Member] | Inclusion of Pension Service Cost for PEO      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount
PEO [Member] | Inclusion of Equity Values for PEO      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount (4,560,505) 1,028,050 24,257,200
PEO [Member] | Year End Fair Value of Equity Awards Granted During Year That Remained Unvested as of Last Day of Year for PEO      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 2,262,307 5,701,032 10,486,926
PEO [Member] | Change in Fair Value from Last Day of Prior Year to Last Day of Year of Unvested Equity Awards for PEO      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount (6,165,136) (2,907,648) 11,633,770
PEO [Member] | Vesting Date Fair Value of Equity Awards Granted During Year that Vested During Year for PEO      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount
PEO [Member] | Change in Fair Value from Last Day of Prior Year to Vesting Date of Unvested Equity Awards that Vested During Year for PEO      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount (1,433,346) (2,460,600) 1,114,284
PEO [Member] | Fair Value at Last Day of Prior Year of Equity Awards For feited During Year for PEO      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount
PEO [Member] | Value of Dividends or Other Earnings Paid on Equity Awards Not Otherwise Included for PEO      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount $ 775,670 $ 695,265 $ 1,022,220
PEO [Member] | Mr Eckel      
Pay vs Performance Disclosure [Table]      
PEO Name Mr. Eckel Mr. Eckel Mr. Eckel
Non-PEO NEO [Member] | Average Exclusion of Change in Pension Value for Non-PEO NEOs      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount
Non-PEO NEO [Member] | Average Exclusion of Stock Awards for Non-PEO NEOs      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount (1,112,201) (1,586,951) (835,541)
Non-PEO NEO [Member] | Average Inclusion of Pension Service Cost for Non-PEO NEOs      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount
Non-PEO NEO [Member] | Average Inclusion of Equity Values for Non-PEO NEOs      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount (880,671) 673,217 6,941,817
Non-PEO NEO [Member] | Average Year End Fair Value of Equity Awards Granted During Year That Remained Unvested as of Last Day of Year for Non-PEO NEOs      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 567,921 1,543,385 3,394,119
Non-PEO NEO [Member] | Average Change in Fair Value from Last Day of Prior Year to Last Day of Year of Unvested Equity Awards for Non-PEO NEOs      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount (1,341,806) (513,005) 3,162,358
Non-PEO NEO [Member] | Average Vesting Date Fair Value of Equity Awards Granted During Year that Vested During Year for Non-PEO NEOs      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount
Non-PEO NEO [Member] | Average Change in Fair Value from Last Day of Prior Year to Vesting Date of Unvested Equity Awards that Vested During Year for Non-PEO NEOs      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount (235,527) (548,620) 159,713
Non-PEO NEO [Member] | Average Fair Value at Last Day of Prior Year of Equity Awards For feited During Year for Non-PEO NEOs      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount
Non-PEO NEO [Member] | Average Value of Dividends or Other Earnings Paid on Equity Awards Not Otherwise Included for Non-PEO NEOs      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount $ 128,741 $ 191,457 $ 225,627
Non-PEO NEO [Member] | Jeffrey A Lipson      
Pay vs Performance Disclosure [Table]      
PEO Name Jeffrey A. Lipson Jeffrey A. Lipson Jeffrey A. Lipson
Non-PEO NEO [Member] | J Brendan Herron      
Pay vs Performance Disclosure [Table]      
PEO Name   J. Brendan Herron J. Brendan Herron
Non-PEO NEO [Member] | Nathaniel J Rose      
Pay vs Performance Disclosure [Table]      
PEO Name Nathaniel J. Rose Nathaniel J. Rose Nathaniel J. Rose
Non-PEO NEO [Member] | Susan D Nickey      
Pay vs Performance Disclosure [Table]      
PEO Name Susan D. Nickey Susan D. Nickey  
Non-PEO NEO [Member] | Steven L Chuslo      
Pay vs Performance Disclosure [Table]      
PEO Name   Steven L. Chuslo Steven L. Chuslo
Non-PEO NEO [Member] | Marc T Pangburn      
Pay vs Performance Disclosure [Table]      
PEO Name Marc T. Pangburn Marc T. Pangburn  
Non-PEO NEO [Member] | Daniel K Mc Mahon      
Pay vs Performance Disclosure [Table]      
PEO Name   Daniel K. McMahon Daniel K. McMahon
[1] Mr. Eckel was our PEO for each year presented. The individuals comprising the Non-PEO NEOs for each year presented are listed below.