Lazar Nikolic
About Lazar Nikolic
Independent director since 2025; age 45. Founder and Managing Member of JPL Advisors LLC, with deep experience in mortgage REITs, equity REITs, structured credit, and specialty finance. Prior roles include portfolio manager at Adler & Co., hedge fund analyst at Alpha Beta Capital Management, and software engineer at Bloomberg. Education: MS in Math-Finance (NYU) and BS (Lafayette College). Recommended to the Board by a stockholder; affirmed independent by the Board under NYSE standards.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| JPL Advisors LLC / JPL Management Services LLC | Founder & Managing Member | 2016–present | Leads portfolio mgmt. focused on mREITs/eREITs, BDCs, CEFs; investor perspective to Board |
| Adler & Co. | Portfolio Manager (RMBS, structured credit) | 2009–2015 | Principal investing and risk mgmt. expertise |
| Alpha Beta Capital Management | Hedge Fund Analyst | 2007–2009 | Research/analysis across strategies |
| Bloomberg LP | Software Engineer | 2003–2007 | Technical/engineering background |
External Roles
| Organization | Ticker | Role | Tenure | Committees/Impact |
|---|---|---|---|---|
| Front Yard Residential Corporation | RESI | Director | 2019–2021 | Governance experience prior to its private acquisition |
Board Governance
- Independence: Board affirmatively determined Nikolic is independent under NYSE standards.
- Committee assignments (2025): Nominating & Corporate Governance Committee (member). Current N&CG membership: Tanuja M. Dehne (Chair), Sheila K. McGrath, Lazar Nikolic.
- Board leadership: Independent Chair (Stephen G. Kasnet). All committees composed entirely of independent directors.
- Meetings/attendance baseline: 2024—Full Board 9; Audit 8; Compensation 10; N&CG 5. Each director attended ≥75% of meetings of the Board and committees on which they served in 2024. Note: Nikolic joined in January 2025; 2024 figures provide context.
- Director education: Formal policy; Company reimburses up to $5,000 per director annually for education; 2024 topics included cybersecurity, succession planning, AI, compensation/governance, regulatory trends.
Fixed Compensation
| Component | Amount (Cash) | Amount (RSUs) | Vesting/Notes |
|---|---|---|---|
| Board Annual Retainer – Director | $100,000 | $100,000 | RSUs granted at annual meeting; 1-year vest; pro-rated RSU grant upon mid-year appointment, vesting on first anniversary of prior annual meeting; RSUs carry DERs on dividends |
| Audit Committee – Member | $5,000 | $5,000 | Annual retainer |
| Audit Committee – Chair | $10,000 | $10,000 | Annual retainer |
| Compensation Committee – Member | $3,750 | $3,750 | Annual retainer |
| Compensation Committee – Chair | $6,250 | $6,250 | Annual retainer |
| Nominating & Corporate Governance – Member | $3,750 | $3,750 | Annual retainer |
| Nominating & Corporate Governance – Chair | $6,250 | $6,250 | Annual retainer |
- Ownership guidelines: Each independent director expected to hold stock equal to 3× annual cash retainer within five years; unvested RSUs count; if below guideline, must retain ≥50% of shares from award settlements (net of taxes) until compliance.
- Hedging/pledging: Prohibited for directors (and officers/employees).
Performance Compensation
- No performance-based director compensation disclosed; director equity grants are time-based RSUs with dividend equivalent rights.
Other Directorships & Interlocks
| Company | Sector | Role | Potential Interlock/Conflict Considerations |
|---|---|---|---|
| Front Yard Residential Corp. (RESI, former public) | Residential REIT | Director (2019–2021) | Historical governance role; not currently public; no direct GPMT transactional ties disclosed. |
- Director commitments policy: Non-CEO directors should not serve on >3 other public boards; audit committee members may serve on ≤2 other public-company audit committees.
- Investor outreach: The Company invites largest holders to governance and compensation discussions at least annually.
Expertise & Qualifications
- REIT/real estate finance, principal credit investing, M&A and capital markets oversight, investor communications from large-shareholder perspective.
- Education: MS Math-Finance (NYU), BS (Lafayette).
Equity Ownership
| Security | Beneficially Owned | % Outstanding | Ownership Details |
|---|---|---|---|
| Common Stock | 1,286,653 | 2.7% (of 48,246,760) | Includes 600,265 (JPL Opportunity Fund LP), 419,809 (Giordano Family Trusts), 173,139 (spouse), 55,000 (Soaring Eagle LLC) |
| 7.00% Series A Preferred | 34,797 | <1% | Includes 33,028 (JPL Opportunity Fund LP) and 769 (Soaring Eagle LLC) |
- Pledging/hedging: Company prohibits hedging/pledging; enhances alignment.
- Ownership guidelines: 3× cash retainer target within 5 years of appointment; retention requirement if below.
Governance Assessment
- Strengths
- Independence and committee appointment on N&CG signal governance focus and ESG oversight involvement.
- Significant “skin-in-the-game” with 2.7% common ownership; multi-entity holdings align incentives with shareholders.
- Company-level controls: no hedging/pledging; majority voting with resignation policy; all-independent committees.
- Watch items / RED FLAGS to monitor
- Director was recommended by a stockholder; beneficial ownership includes family trusts and affiliated investment vehicles—ensure Audit Committee oversight of any related-person dealings; none disclosed for 2024 beyond customary indemnification.
- New director in 2025; individual attendance rates for 2025 not yet disclosed; baseline expectation is ≥75%.
- Compensation alignment
- Director pay is balanced cash/RSUs with standard committee retainers; time-based RSUs and ownership guidelines support alignment; no director meeting fees or performance-linked director pay disclosed.
Related-party transactions governance: Audit Committee must approve any transaction >$120,000 involving a related person (directors, 5% holders, immediate family/affiliates) and determine it’s in stockholders’ best interest. No transactions involving Nikolic disclosed for 2024.
Company governance environment: Independent Chair; annual board elections; executive sessions; rigorous board/committee self-assessments; formal director education.