Jamie Handwerker
About Jamie Handwerker
Independent director of Franklin BSP Realty Trust (FBRT) since 2016; age 64. A real estate-focused investor and former sell-side REIT analyst, she is Partner at KSH Capital and previously held portfolio management and research roles with CRM, ING Furman Selz, and ING Barings/Furman Selz. She serves as Chair of FBRT’s Compensation Committee, sits on the Audit and Nominating & Corporate Governance Committees, and is affirmatively determined independent under NYSE rules. Current public board: LXP Industrial Trust .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| KSH Capital | Partner | 2016–Present | Real estate investment firm supporting platform growth; brings asset management and portfolio experience |
| Cramer Rosenthal McGlynn (CRM) LLC | SVP, Principal; Portfolio Manager (Windridge Partners) | 2002–2016 | Long/short US equity focus on real estate/consumer; portfolio management expertise |
| ING Furman Selz Asset Management | Managing Director; Portfolio Manager | 2000–2002 | Launched Windridge Partners hedge fund; PM experience |
| ING Barings / Furman Selz | Managing Director; Senior Equity Research Analyst (Sell-Side) | 1994–2000 | Exclusive focus on real estate and REIT industry; deep sector knowledge |
External Roles
| Organization | Role | Tenure/Status | Notes |
|---|---|---|---|
| LXP Industrial Trust | Director | Current | Public company board; enhances REIT/real estate oversight credentials |
Board Governance
- Committee assignments: Compensation Committee Chair; member—Audit; Nominating & Corporate Governance .
- Audit committee financial expert designation: Ms. Handwerker qualifies under SEC Item 407(d)(5) .
- Independence: Board determined Ms. Handwerker is independent; all three committees are 100% independent .
- Attendance: In 2024, each director attended at least 75% of Board and applicable committee meetings; Board met five times; Audit (5), Compensation (5), Nominating & Corporate Governance (4) .
- Executive sessions: Independent director-only executive session at every regular Board meeting; Lead Independent Director chairs .
- Stockholder engagement: Compensation Committee Chair participates in investor outreach, including discussions with largest institutional holders .
Committee Roles (FY 2024 context)
| Committee | Role | FY 2024 Meetings |
|---|---|---|
| Compensation | Chair | 5 |
| Audit | Member (financial expert) | 5 |
| Nominating & Corporate Governance | Member | 4 |
Fixed Compensation
| Component (2024) | Amount | Detail |
|---|---|---|
| Fees Paid in Cash | $150,000 | FBRT’s non-management director cash retainer is $110,000; chairs receive $20,000; committee members $10,000 each |
| Stock Awards | $110,000 | Restricted stock grants under plan; 2024 had annual grant ($85,000 at $12.47/sh on 5/31/2024) plus supplemental grant ($25,000 at $12.34/sh on 8/7/2024) to reflect equity retainer increase |
| Total | $260,000 | Sum of cash and equity for 2024 |
| Vesting terms | — | Director restricted shares vest on earlier of first anniversary of grant date or next annual meeting |
| Stock ownership guidelines | — | Non-management directors must hold ≥3x prior-year base cash retainer; all were compliant or on track as of 12/31/2024 |
Performance Compensation
Director equity is time-based; no performance-conditioned director awards disclosed .
Key financial performance measures used by the Compensation Committee under Ms. Handwerker’s chairmanship for NEO pay-for-performance decisions:
| Measure | Description |
|---|---|
| Distributable Earnings | Core NEO incentive consideration |
| Stockholder economic returns | Changes in GAAP book value per share plus dividends |
| Relative TSR | Versus peers |
| Company TSR | Absolute performance |
Director equity grant and vesting:
| Instrument | Grant Date(s) | Unvested as of 12/31/2024 | Vesting Terms |
|---|---|---|---|
| Restricted Stock | 5/31/2024; 8/7/2024 | 8,841 shares | Time-based; earlier of one year or next annual meeting |
Other Directorships & Interlocks
| Company | Role | Potential Interlock/Conflict |
|---|---|---|
| LXP Industrial Trust | Director | No FBRT-related party transactions involving Ms. Handwerker disclosed; related party policies require committee approval and quarterly review |
Expertise & Qualifications
- Real estate and REIT expertise from sell-side research and portfolio management; founding/partner experience at KSH Capital .
- Financial stewardship: Audit Committee financial expert designation; enhances oversight of reporting, controls, and risk .
- Governance leadership: Chairs Compensation Committee; oversees executive pay philosophy, equity programs, consultant engagement (F.W. Cook) .
- Risk oversight: Participates in audit oversight of financial, operational, cybersecurity risks .
Equity Ownership
| Item | Amount | Notes |
|---|---|---|
| Common shares beneficially owned | 37,408 | As of April 1, 2025 |
| Unvested restricted shares | 8,841 | Scheduled to vest May 28, 2025 |
| Ownership as % of common | <1% | Based on 83,637,434 common shares outstanding |
Governance Assessment
- Positive signals: Independent director; chairs a fully independent Compensation Committee; designated Audit financial expert; compliant/on-track stock ownership; robust hedging/pledging prohibitions; regular executive sessions; active shareholder engagement; 2024 say-on-pay support ~85% .
- External management conflicts inherent to FBRT’s REIT model are mitigated by Nominating & Corporate Governance Committee’s quarterly review/approval of related party transactions and 100% independent committees; independent directors deemed 2024 Advisor transactions fair and approved per policy .
- Attendance/engagement: Met at least 75% attendance threshold; Board held five meetings; committee cadence consistent with active oversight .
- Policies: Director time commitment limits and notification requirements reduce overboarding/conflict risk; no political contributions in 2024; no material legal/regulatory proceedings disclosed .
RED FLAGS to monitor
- Externally managed model creates structural conflict potential with Advisor fee arrangements; continue tracking committee oversight quality and any future related-party transactions .
- Equity awards for directors are time-based rather than performance-conditioned; ensure ownership guideline compliance sustains alignment .