Sheila K. McGrath
About Sheila K. McGrath
Sheila K. McGrath, age 60, is an independent director of Granite Point Mortgage Trust Inc. (GPMT) since 2023 and serves on the Audit Committee and the Nominating & Corporate Governance Committee. She is designated by the Board as an “audit committee financial expert,” reflecting 25+ years of REIT-focused equity research experience, including senior roles at Evercore and prior work as a commercial real estate appraiser (MAI) at CB Commercial; she holds an MBA in Finance & Real Estate from Rutgers University and an AB from Lafayette College .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Evercore | Senior Managing Director, Equity REITs & Real Estate Operating Companies | 2012–2022 | Senior sell-side leadership; REIT coverage |
| Keefe, Bruyette & Woods | Managing Director; Senior Vice President; Member, Research Review & Leadership Committees | 2007–2012 | Research governance and leadership responsibilities |
| Smith Barney; UBS; Dresdner Kleinwort | Senior equity research analyst covering REITs | 20+ years (aggregate) | Long-tenor REIT analysis and valuation experience |
| CB Commercial | Commercial real estate appraiser (MAI designation) | Not disclosed | CRE valuation/feasibility for lenders and institutional investors |
External Roles
| Organization | Role | Tenure | Committees/Program |
|---|---|---|---|
| Alexandria Real Estate Equities, Inc. (NYSE: ARE) | Director | 2023–present | Member, Life Science, Agtech & Advanced Technologies Committee |
| Real Estate Investment Advisory Council (REIAC) | Advisory Board of Governors – Member | Not disclosed | Industry advisory board service |
| NAREIT | Former Steering Committee Member | Not disclosed | Dividends Through Diversity & Inclusion; Best Financial Practices Committee |
| Rutgers Business School | Founding Board Member; Mentor (GROW) | Not disclosed | Center for Women in Business; GROW mentorship program |
| ICSC; ULI; U.S. Green Building Council | Associate Member | Not disclosed | Industry affiliations |
Board Governance
- Independence: Board determined McGrath is independent under NYSE standards .
- Committee assignments: Audit (member); Nominating & Corporate Governance (member). She is a designated audit committee financial expert .
- Meetings and attendance: Board met 9 times in 2024; Audit 8; Compensation 10; N&CG 5. Each director attended at least 75% of Board/committee meetings; independent directors meet in executive session at each Board meeting led by the independent Chair .
- Board refreshment: McGrath added over the past two years as part of Board refreshment, alongside new independent directors, enhancing skills breadth .
- Board leadership: Independent Chair (Stephen G. Kasnet); separation of Chair/CEO roles; executive sessions each Board meeting .
| Committee | Role | Meetings in 2024 | Financial Expert Status |
|---|---|---|---|
| Audit | Member | 8 | Yes |
| Nominating & Corporate Governance | Member | 5 | N/A |
Fixed Compensation
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Fees Earned or Paid in Cash ($) | 104,331 | 108,750 |
| Stock Awards ($) | 108,749 | 108,748 |
| Total ($) | 213,080 | 217,498 |
| Unvested RSUs (units, year-end) | 22,609 | 34,855 |
Director retainer structure (equal cash/equity mix; RSUs vest in one year; DERs paid on dividends; prorated grants for mid-year appointees) :
| Component | Cash ($) | RSU ($) |
|---|---|---|
| Board – Other Directors | 100,000 | 100,000 |
| Audit Committee – Member | 5,000 | 5,000 |
| N&CG Committee – Member | 3,750 | 3,750 |
Performance Compensation
- Director equity is delivered as time-based RSUs; no performance metrics (e.g., PSUs) are used for non-employee directors under the Director Compensation Policy .
- Plan features governing director awards and equity structure:
- No single-trigger acceleration at change in control; acceleration generally requires awards not assumed/substituted or qualifying termination within 24 months (double-trigger) .
- No repricing of options/SARs without shareholder approval .
- Annual cap on non-employee director awards (cash + equity) of $750,000; exceptions up to $1,500,000 in extraordinary circumstances (e.g., special committee service) .
- No evergreen; no excise tax gross-ups in the plan .
- For 2025, RSUs with an aggregate grant-date value of $707,500 are expected to be granted to independent directors, sized by committee roles; unit counts determined at grant using closing price on meeting date, subject to stockholder approval of the Amended & Restated 2022 Plan .
| Equity Feature | Policy / Term |
|---|---|
| RSU vesting | One-year cliff; prorated upon departure; DERs on dividends |
| Change-in-control | No single-trigger acceleration; double-trigger within 24 months or if not assumed/substituted |
| Award limits | Non-employee director cap $750k; exception up to $1.5m for extraordinary service |
| Repricing | Prohibited without shareholder approval |
| Tax gross-ups | None under plan |
| 2025 expected director RSUs | $707,500 aggregate to independent directors, sized per committee roles, subject to shareholder approval |
Other Directorships & Interlocks
| Company | Role | Tenure | Committee Assignment |
|---|---|---|---|
| Alexandria Real Estate Equities, Inc. (NYSE: ARE) | Director | 2023–present | Life Science, Agtech & Advanced Technologies Committee |
- Governance note: Audit Committee reviews, approves and oversees related person transactions >$120,000; policy applies to directors and their affiliates .
Expertise & Qualifications
- REIT/Real Estate: Extensive REIT research background and industry organization involvement (REIAC, NAREIT), providing deep sector insight .
- Strategic/M&A/Capital Markets: 25+ years of public-market analysis of M&A and capital markets; balance-sheet management insight .
- Finance/Accounting: REIT fundamentals and valuation expertise; audit committee financial expert designation .
- Credit/Principal Investing: Former MAI appraiser with deep CRE valuation and feasibility analysis for financing and investment decisions .
- Investor communications: Long-standing sell-side relationships supporting investor outreach .
- ESG/inclusion: Roles in NAREIT diversity initiatives and Rutgers Center for Women in Business programs .
Equity Ownership
| Metric | As of | Amount | Notes |
|---|---|---|---|
| Common shares beneficially owned | Mar 15, 2025 | 29,747 | Less than 1% of outstanding; 48,246,760 shares outstanding |
| Unvested RSUs | Dec 31, 2024 | 34,855 | Annual director RSU vesting after one year |
| Pledging/Hedging | Policy | Prohibited for directors/officers/employees | |
| Ownership guidelines | Policy | 3× annual cash retainer; 5 years to comply; 50% net share retention until compliant; compliance reviewed annually |
Governance Assessment
- Board effectiveness: McGrath strengthens audit oversight and investor-facing credibility via her audit financial expert designation and long sell-side tenure; Board maintained 9 meetings and committee cadence in 2024 with 75%+ attendance and regular executive sessions, supporting robust governance .
- Alignment: Director pay is evenly split between cash and RSUs, with one-year vesting and DERs; ownership guidelines require meaningful equity (3× cash retainer) and prohibit hedging/pledging, aligning incentives with shareholders .
- Conflicts: Related person transactions are pre-approved/overseen by the Audit Committee under a formal policy; no pledging/hedging permitted. No specific related-party transactions involving McGrath are identified in the cited sections .
- Compensation risk controls: Non-employee director award caps, no single-trigger acceleration, and no repricing/gross-ups reflect shareholder-friendly features that limit pay inflation and reduce governance risk .
- Signals for investor confidence: Independent status, audit expertise, and active committee service, combined with balanced cash/equity compensation and strong trading/ownership policies, indicate positive governance quality and alignment .