Jason Schreiber
About Jason Schreiber
Jason Schreiber (age 45 as of April 29, 2025) is a non‑independent director of CIM Real Estate Finance Trust, Inc. (CMRF), serving since April 2022. He is a Principal at CIM Group in the Investments department and a member of CIM’s Investment Committee since 2016. He holds an MBA from Harvard Business School and a BA in Economics and the History of Art from Brown University .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Goldman, Sachs & Co. | Analyst | Jul 2001 – Jul 2005 | Early finance training |
| CIM Group | Associate, Investments | Jul 2007 – Apr 2010 | Deal execution |
| CIM Group | Vice President, Investments | May 2010 – Mar 2014 | Transactions, portfolio work |
| CIM Group | 1st Vice President, Investments | Apr 2014 – Apr 2016 | Senior investment responsibilities |
| CIM Group | Principal, Investments; Investment Committee member | May 2016 – Present; IC since 2016 | Investment oversight/decision-making |
| CMRF (Board) | Director | Apr 2022 – Present | Board service; not on standing committees |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| CIM Group | Principal, Investments | May 2016 – Present | Member, CIM Investment Committee since 2016 |
Board Governance
- Board composition and independence: Board has five directors; three independent (Duncan, Kretzmer, Silver). Schreiber is not independent due to employment with CIM .
- Committee memberships (current): Audit (Silver [Chair], Duncan, Kretzmer) ; Compensation (Kretzmer [Chair], Duncan, Silver) ; Nominating & Corporate Governance (Duncan [Chair], Kretzmer) ; Investment Risk Management (Ressler [Chair], Duncan, Silver). Schreiber is not listed as a member of any standing committee .
- Board leadership: Combined Chair/CEO (Ressler); no Lead Independent Director, with independent oversight via committees .
- Attendance: Board held five meetings in FY2024; all directors attended all board meetings and all committee meetings of their respective committees; four of five directors attended the 2024 Annual Meeting .
| Governance Metric (FY2024) | Value |
|---|---|
| Board meetings held | 5 |
| Schreiber board attendance | 100% |
| Committee memberships (Schreiber) | None |
| Independence status | Not independent (CIM employee) |
Fixed Compensation
Directors who are officers or employees of CIM or its affiliates (currently Ressler and Schreiber) do not receive remuneration for board or committee service. Independent directors receive cash retainers and equity awards; Schreiber receives none for his director role .
| Component | Amount |
|---|---|
| Annual board cash retainer | $0 (non‑independent director) |
| Committee chair/member fees | $0 (non‑independent director) |
| Equity (director restricted stock) | $0 (non‑independent director) |
Performance Compensation
- No performance-based compensation (options, PSUs, RSUs tied to metrics) is disclosed for Schreiber’s director role. Independent directors received time‑vested restricted stock; Schreiber did not receive director equity .
Other Directorships & Interlocks
| Company | Role | Committee Roles | Notes |
|---|---|---|---|
| None disclosed | — | — | No other public company directorships disclosed for Schreiber |
| CIM Group (affiliate) | Principal; Investment Committee member | Investment Committee | Employment at manager affiliate creates interlock/affiliation with CMRF’s external manager |
Expertise & Qualifications
- Real estate investments and transactions expertise; senior investment leadership at CIM; selected for board based on real estate investment experience and transaction insight .
- Education: MBA (Harvard Business School); BA in Economics and History of Art (Brown University) .
Equity Ownership
| Holder | Beneficial Ownership (Shares) | % of Outstanding | Notes |
|---|---|---|---|
| Jason Schreiber | 21,417 | <1% | As of Apr 24, 2025; address: company HQ |
| Shares pledged/hedged | Not disclosed | — | Hedging/pledging requires pre‑approval under Company/CIM policy; no pledging disclosed for Schreiber |
Governance Assessment
- Alignment: Schreiber owns 21,417 shares (<1%); he does not receive director cash or equity, limiting direct director‑level pay incentives. Equity alignment exists but is small relative to shares outstanding .
- Independence and committees: As a CIM Principal, Schreiber is not independent; he is not seated on audit, compensation, or nominating committees, which are fully independent—this structure mitigates direct influence over related‑party approvals and pay decisions .
- External management conflicts: CMRF pays substantial fees to CIM affiliates (Management Fee $39.3 million in 2024; reimbursed expenses $12.0 million), with a three‑times termination fee formula if terminated without cause; multiple co‑investments and advisory/sub‑advisory arrangements with CIM/OFS affiliates indicate ongoing related‑party exposure .
- Oversight mitigants: Audit committee (independent) approves related‑party transactions; asset allocation policy governs co‑investment allocations; board retains rights to terminate management/advisory agreements subject to independent director vote thresholds .
RED FLAGS
- Non‑independent director employed by the manager’s parent (CIM), alongside extensive related‑party arrangements, heightening conflict risk .
- Large external management fees and termination fee multiple may dampen investor confidence in governance alignment and fee discipline .
- Broad co‑investment and sub‑advisory ties with affiliates (e.g., OFS/CLO participation) increase complexity and potential for conflicts; reliance on committee oversight is critical .
Mitigating Factors
- Full independence of key oversight committees (audit/comp/nominating); explicit related‑party approval procedures; rotation/criteria‑based asset allocation policy; documented hedging/pledging pre‑approval requirements .