David Schiff
About David Schiff
David Schiff, 53, is an independent director of FS Credit Real Estate Income Trust, Inc. (FSREI) since December 2022, with a 25+ year career building specialty finance businesses and investing across credit and real estate markets; he holds a B.S. with distinction in Consumer Economics and Housing from Cornell University and serves as Chairman of the Innovatus Investment Committee, leading investment sourcing, structuring, and performance oversight .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Innovatus Capital Partners LLC | Founding Partner; CEO; Chairman of Investment Committee | Since 2016 | Leads all investments; veto authority; manages senior investment team; built income-producing asset classes |
| Perella Weinberg Partners | Partner; Portfolio Manager, Asset Backed Value Funds | 2008–2016 | Managed ~$2.3B equity at peak AUM; launched >12 operating businesses/joint ventures, 1,250+ employees |
| Broadworth Capital | CEO; CIO | 2007 | Asset-backed vehicle for two high-net-worth families |
| Amaranth Advisors | Managing Director | 2006 | Constructed non-mortgage ABS portfolio; oversaw liquidation |
| Wachovia Securities | Director | 2003–2005 | Developed structured principal finance opportunities |
| JPMorgan | Senior management roles (ABS & Securitization) | 1993–2001 | Various leadership positions in securitization |
External Roles
| Organization | Role | Nature | Notes |
|---|---|---|---|
| Samsara Vision, Inc. | Director | Private/portfolio | Ophthalmic devices; Innovatus portfolio investment |
| White Pine Trading LLC | Director | Private/portfolio | Diamond trading; Innovatus portfolio investment |
| Flagship Marine Ventures LLC | Director | Private/portfolio | LR product tanker shipping; Innovatus portfolio investment |
Board Governance
- Independence: Board affirmatively determined Schiff is “independent” under FSREI charter, SEC rules, and committee standards; FSREI’s 2025 board had 10 directors, 7 independent .
- Committees: FSREI has one standing committee (Audit); membership is Connors (Chair), Brown, Fry—Schiff is not listed as a member and holds no chair roles .
- Lead Independent Director: John A. Fry appointed March 11, 2025; leads executive sessions of independent directors among other duties .
- Attendance: Board met 5 times in FY2024; each director then serving attended at least 75% of Board meetings .
Fixed Compensation
- Structure: Non-employee directors receive an annual retainer of $150,000, payable quarterly; Audit Chair and Lead Independent receive additional $20,000 each. Directors may elect 40–50% cash, remainder in restricted Class I shares; expenses reimbursed per policy .
| Year | Cash Fees ($000) | Stock Awards ($000) | Total ($000) |
|---|---|---|---|
| 2024 (Schiff) | 75 | 75 | 150 |
| 2023 (Schiff) | 75 | 75 | 150 |
Performance Compensation
- Equity Grant Cadence (Independent Director Restricted Share Plan):
- 2024 aggregate grants to independent directors: 23,002 restricted Class I shares; per-share grant date fair values: $24.17 (Feb), $24.20 (May), $24.19 (Aug), $24.17 (Dec) .
- 2023 aggregate grants to independent directors: 19,812 restricted Class I shares; per-share grant date fair values: $24.28 (Feb), $24.25 (May), $24.23 (Aug), $24.25 (Dec) .
- Vesting & Triggers: Restricted shares vest on one-year anniversary of grant; vesting accelerates upon death, disability, or change of control .
- Performance Metrics: None disclosed for director equity; awards are time-based, not tied to revenue/EBITDA/TSR or ESG metrics .
| Metric | 2023 | 2024 |
|---|---|---|
| Director equity plan performance linkage | None (time-based vesting) | None (time-based vesting) |
| Aggregate restricted shares granted (all independent directors) | 19,812 | 23,002 |
| Example grant-date fair values (per share) | Feb $24.28; May $24.25; Aug $24.23; Dec $24.25 | Feb $24.17; May $24.20; Aug $24.19; Dec $24.17 |
Other Directorships & Interlocks
| Category | Disclosure |
|---|---|
| Current public company boards | Not disclosed; proxy lists portfolio company directorships, not public boards |
| Committee roles at other companies | Not disclosed for public companies; Innovatus Investment Committee Chair |
| Interlocks/related-party exposure | Proxy’s “Certain Relationships and Related Party Transactions” details adviser/sponsor arrangements; no director-specific related-party transaction disclosed for Schiff |
Expertise & Qualifications
- Deep specialization in structured credit, ABS/securitization, and real assets; built income-producing asset classes across equipment, royalties, franchise lending, litigation finance, distressed corporate/C&I loans, CRE/RE, and insurance-linked assets .
- Proven portfolio construction and risk oversight; led ~$2.3B equity strategies and launched operating platforms with large-scale employment, indicating operational governance experience .
- Senior leadership and investment committee governance with veto authority, strengthening board effectiveness in externally managed REIT oversight .
Equity Ownership
| Date | Shares Beneficially Owned | % of Outstanding | Pledged/Hedged |
|---|---|---|---|
| April 1, 2025 | 7,023 | <1% (asterisk in table) | Not pledged; company has no specific hedging policy adopted |
| April 1, 2024 | 4,283 | <1% (asterisk in table) | Not pledged; company had no specific hedging policy |
Note: FSREI’s hedging policy section states the Board has not adopted specific practices/policies restricting hedging transactions by officers/directors/adviser affiliates .
Governance Assessment
-
Strengths
- Independence affirmed; no disclosed material business/professional relationship with FSREI aside from board service .
- Attendance threshold met; Board met five times in FY2024 with ≥75% attendance for all directors .
- Alignment signals: Schiff’s beneficial ownership increased from 4,283 to 7,023 shares YoY, alongside equity-based retainer structure .
-
Watch items / potential RED FLAGS
- No anti-hedging policy adopted—common governance best practice is to prohibit hedging/derivatives; absence may weaken alignment safeguards for directors/executives/adviser affiliates (RED FLAG) .
- No standing nominating or compensation committee; Audit is sole standing committee, with the full Board setting director pay—may dilute concentrated accountability (RED FLAG) .
- Director equity awards are time-based restricted shares with dividends permissible prior to vesting; lack of performance-based metrics could weaken pay-for-performance (RED FLAG) .
- Externally managed structure with extensive adviser/sub-adviser fees (management, performance, administrative) and origination fees paid by borrowers; while overseen by independent directors per charter, inherent conflicts warrant ongoing scrutiny (RED FLAG) .