Patrick Quilty
About Patrick Quilty
Patrick Quilty, age 59, has served as an independent director of Generation Income Properties (GIPR) since July 2019. He is the Chief Credit Officer for a top global insurance company (since September 2012), overseeing highly structured transactions for middle market and Fortune 50 companies; prior roles include senior portfolio management focused on Specialty Finance and REITs at Barclays Capital (2003–2010) and credit derivatives trading, with earlier senior positions at ABN AMRO, Chase Asset Management, Lehman Brothers, and JP Morgan. He holds a B.S. in Economics from Florida State University and completed graduate coursework in Real Estate Investment & Development at Baruch College’s Steven L. Newman Real Estate Institute. The Board has determined Quilty is an “independent director” under Nasdaq Rule 5605(a)(2) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Barclays Capital | Senior Portfolio Manager (Loan Portfolio; Specialty Finance & REIT sectors) | Nov 2003 – Oct 2010 | Focused on sector portfolio risk and performance |
| Specialized Performance Advisory Group LLC | Co‑Founder & Head of Credit Risk | Oct 2010 – Sep 2012 | Investment, advisory and risk counseling for family office/institutional clients |
| ABN AMRO; Chase Asset Management; Lehman Brothers; JP Morgan | Senior portfolio, trading and risk management positions | Not disclosed | Broad credit, trading, and risk management experience |
External Roles
| Organization | Role | Tenure | Scope |
|---|---|---|---|
| Top global insurance company (name not disclosed) | Chief Credit Officer | Since Sep 2012 | Oversees, assesses and approves global risk solutions for diversified industries |
Board Governance
- Committees: Audit; Compensation; Nominating & Corporate Governance (chair) .
- Independence: Board determined Quilty (and committee peers) meet Nasdaq and SEC independence standards; majority‑independent board .
- Lead Independent Director: Benjamin Adams; independent directors hold executive sessions periodically .
- Attendance: In 2024, the Board met 7 times; no director attended less than 75% of Board and applicable committee meetings .
| Meeting Body | 2024 Meetings |
|---|---|
| Board of Directors | 7 |
| Audit Committee | 4 |
| Compensation Committee | 1 |
| Nominating & Corporate Governance Committee | 2 |
Fixed Compensation
- Director cash fees: None; GIPR states directors have “never been paid any cash compensation” for board service .
- Equity retainer: Stock-based awards; $50,000 fair value in 2023 and 2024 for Quilty, with time‑based vesting .
| Component ($USD) | FY 2023 | FY 2024 |
|---|---|---|
| Cash fees | $0 | $0 |
| Stock awards (grant-date fair value) | $50,000 | $50,000 |
| Director Equity Grants (Independent Directors) | Grant Date | Units | Vesting | Notes |
|---|---|---|---|---|
| Restricted Stock | Mar 1, 2023 | 8,803 | Over 3 years (service-based) | Aggregate fair value based on $4.08/share; 0% forfeiture assumption |
| Restricted Stock Units (RSU) | Jun 15, 2024 | 12,255 | Cliff vest on 1st anniversary (service-based) | Each independent director; RSU agreements |
| Restricted Stock Units (RSU) | Mar 31, 2025 | 31,250 | Cliff vest on 1st anniversary (service-based) | Each independent director |
| Historical grants (2019–2022) | Various | 2,500 (2019); 2,500 (2020); 2,500 (2021); 7,143 (2022) | Time-based (service) | Applies to Quilty (2019–2023), and peers (years noted) |
Performance Compensation
- Director performance metrics: None disclosed; director awards are time‑based (service-vesting), not tied to KPIs (e.g., EBITDA, TSR, ESG) .
| Award | Performance Metric | Target/Weight | Measurement Window |
|---|---|---|---|
| Restricted Stock (Mar 1, 2023) | None disclosed (time‑based) | N/A | 3‑year service vesting |
| RSU (Jun 15, 2024) | None disclosed (time‑based) | N/A | 1‑year cliff |
| RSU (Mar 31, 2025) | None disclosed (time‑based) | N/A | 1‑year cliff |
Expertise & Qualifications
- Credit and risk management leader with 30+ years across portfolio management, credit derivatives trading, and structured finance; deep REIT/Specialty Finance exposure .
- Education: B.S. Economics (Florida State); graduate coursework in Real Estate Investment & Development (Baruch College) .
- Board qualifications cited: understanding of accounting principles, risk management, financial presentation and analysis .
Equity Ownership
- Total beneficial ownership: 36,701 shares; less than 1% of outstanding shares (5,447,772 common shares outstanding as of Oct 22, 2025) .
- Breakdown: 20,946 restricted common shares (15,077 vested); 10,000 warrants exercisable at $10.00; 10,000 common shares .
| Ownership Component | Quantity | Terms |
|---|---|---|
| Restricted Common Stock | 20,946 (15,077 vested) | Time-based vesting; director grants as disclosed |
| Warrants | 10,000 | $10.00 strike; exercisable; within 60‑day test for beneficial ownership |
| Common Shares | 10,000 | Outstanding as of record date context |
| Total Beneficial | 36,701; less than 1% | Outstanding shares: 5,447,772 |
| Hedging/Pledging | Hedging, short sales, and options trading in GIPR prohibited by policy; pledging not specified | Insider Trading Policy prohibits hedging/short/options; copy filed with 2024 10‑K |
Governance Assessment
- Committee leadership and engagement: Quilty chairs the Nominating & Corporate Governance Committee and serves on Audit and Compensation, indicating active governance involvement; committees met 1–4 times in 2024, and Board met 7 times with all directors ≥75% attendance .
- Independence and oversight: Board and key committees are majority‑independent; Audit Committee has a designated financial expert (Eisenberg); independent directors meet in executive session, which supports robust oversight .
- Alignment via equity‑only director pay: No cash fees; annual equity retainer delivered via time‑based restricted stock/RSUs; consistent $50k grant‑date value in 2023–2024 for Quilty .
- Ownership: Quilty’s beneficial stake is modest (<1%) but includes vested/unvested restricted stock and 10,000 warrants ($10.00 strike), providing equity exposure .
- Governance considerations and potential red flags:
- Combined Chair/CEO role (Sobelman) can weaken independent oversight; mitigated by a Lead Independent Director (Benjamin Adams) and executive sessions of independent directors .
- Related‑party transactions with the CEO (company loan; ongoing guarantee fee payments) heighten governance scrutiny; committee oversight and disclosure are critical to investor confidence .
- No director cash compensation: alignment‑positive but may affect recruitment/retention if equity value is volatile .
- Indemnification and code/policies: Standard indemnification agreements; anti‑hedging policy applicable to directors .
Overall signal: Quilty’s independence, committee leadership (as N&G chair), and equity‑only compensation are positive governance signals. The Board’s combined Chair/CEO structure and disclosed CEO‑related transactions warrant continued monitoring; the presence of a Lead Independent Director and independent committees partially mitigates these concerns .