Caryn Effron
About Caryn Effron
Independent director of Arbor Realty Trust since December 2021; age 63; commercial real estate finance executive and angel investor with 25+ years in CRE capital markets and asset management. Former Managing Director at Ackman-Ziff specializing in debt/mezzanine financing with over $1B in transactions; co-founded Declare (Parity-Partners) focused on leadership development for women and minorities in finance. The Board deems her independent under NYSE standards and cites her diverse CRE and capital markets experience as rationale for service. She is nominated to continue as a Class I director through the 2028 annual meeting.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Ackman-Ziff Real Estate Group | Managing Director (debt/mezzanine financing) | Not disclosed (prior to 2016) | Financed over $1B in transactions; CRE capital markets expertise |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Declare (f/k/a Parity-Partners) | Co-Founder (leadership platform) | Since 2016 | Mentorship/professional development for women and minorities in finance |
| IDiF (NY nonprofit) | Founding Member; Co-Chair, Board | Current | Focus on representation in asset management; diversity and economic justice |
| Code Nation | Director | Current | Expands access to tech careers via coding education in under-resourced schools |
| LP investments (multiple funds) | Limited Partner | Past decade | 645Ventures, Avid Ventures, Inspired Capital, Stellation Capital, Clerisy, Invictus Global Management |
| Angel investments/advisor | Investor/Advisor to diverse founders | Past decade | Learnvest, Springboard, Finhabits, The Helm, OurOffice |
Board Governance
- Committees: Audit Committee member; Corporate Governance Committee member. Not a committee chair.
- Independence: Affirmed independent by the Board under NYSE standards.
- Attendance: Board met 11 times in 2024; Audit met 4 times; Corporate Governance met 3 times; no incumbent director attended fewer than 75% of Board and committee meetings.
- Board leadership: Lead Independent Director is William C. Green; independent directors meet regularly in executive session chaired by the Lead Director.
- Tenure/classification: Director since December 2021; Class I nominee to serve until 2028.
Fixed Compensation
| Component (Director) | Amount | Period/Details |
|---|---|---|
| Annual cash retainer | $100,000 | 2024 plan |
| Committee membership fees | $20,000 | $10,000 per committee for Audit and Corporate Governance (non-chair) in 2024 |
| Total cash fees paid | $120,000 | 2024 director compensation table (Effron) |
Notes:
- Additional chair fees (not applicable to Effron): Audit Chair +$25k; Corporate Governance Chair +$20k; Compensation Chair +$15k; Lead Director +$50k.
Performance Compensation
| Equity Award | Shares | Grant Value | Vesting/Notes |
|---|---|---|---|
| 2024 annual director stock grant | 9,172 | $116,301 | Issued as fully vested common stock (or RSUs if elected; Effron received common stock) |
| 2025 annual director stock grant | 9,545 | Not stated | Granted March 14, 2025; fully vested common stock |
- Director equity framework: standard annual equity (~$117.5k in 2024) as part of ~$217.5k total value; directors may elect cash in lieu if meeting ownership threshold; director deferred compensation plan exists for deferral of cash/equity.
Other Directorships & Interlocks
| Category | Disclosed Items |
|---|---|
| Current public company boards | None disclosed in ABR’s 2025 proxy for Effron |
| Committee leadership roles at other publics | None disclosed |
| Potential interlocks/conflicts | None disclosed beyond the independence review noted below |
Expertise & Qualifications
- 25+ years CRE finance, capital markets, asset management; prior MD at Ackman-Ziff with >$1B financings.
- Entrepreneur/angel investor with broad network across venture and diverse-led funds; governance experience in nonprofits and leadership organizations (IDiF, Code Nation).
- Board rationale: CRE/capital markets leadership and diverse business experience.
Equity Ownership
| Metric | Value |
|---|---|
| Beneficial ownership (common shares) | 35,686 shares |
| % of shares outstanding | <1% (as reported) |
| Director stock ownership guideline | 5x prior-year cash compensation; new directors have 5 years to comply |
| Effron’s cash comp (2024) | $120,000 |
| Guideline target (5x cash) | $600,000 |
| Approx. value of holdings @ $13.85 (12/31/2024) | ~$494,996 (=35,686×$13.85) |
| Compliance window | Through December 2026 (appointed Dec 2021; 5-year window) |
Interpretation: Based on disclosed holdings and the 12/31/2024 stock price, current value appears below the $600k guideline; however, policy provides a 5-year period to reach compliance and the window remains open.
Related-Party / Independence Review
- The Board reviewed a $250,000 investment by Arbor Commercial Mortgage (ACM) in a business in which Effron’s son is a principal and in which Effron also invested; after reviewing ownership and control details (no management role/control by ACM or Effron), the Board concluded this had no impact on Effron’s independence.
Risk Indicators & Governance Signals
- Attendance/engagement: No directors under 75% attendance in 2024; Board (11 mtgs), Audit (4), Governance (3) indicate active cadence.
- Independence: Affirmed under NYSE standards; specific related-party review did not impair status.
- Alignment: Mix of cash and equity (2024 total $236,301 with ~$116k in stock) supports alignment; ownership guideline is stringent (5x cash) with a 5-year runway for new directors.
- Policies: Insider trading policy applies to directors; policy prohibits pledging/hedging of company securities by covered persons.
- Section 16 filings: Company reports all required filings were timely for 2024.
Governance Assessment
Strengths
- Relevant CRE finance and capital markets expertise on key oversight committees (Audit; Corporate Governance).
- Independence affirmed despite a disclosed ACM-related investment touching a family member; demonstrates formal RPT oversight.
- Compensation structure appropriately balanced between cash and equity; director ownership guidelines are robust.
Watch items
- Related-party proximity: The ACM investment in an entity tied to Effron’s son warrants ongoing monitoring, even though independence was affirmed.
- Ownership alignment: As of 12/31/2024, disclosed holdings’ market value appears below the 5x cash guideline; compliance not yet required but should be tracked through 2026.