Brian Lockhart
About Brian Lockhart
Brian J. Lockhart serves as Vice President of Nuveen Mortgage & Income Fund (JLS), with an indefinite term and service since 2019; he is a Senior Managing Director and Head of Investment Oversight at Nuveen and a Senior Managing Director of Nuveen Fund Advisors, LLC, holding the Chartered Financial Analyst (CFA) and Certified Financial Risk Manager (FRM) designations; year of birth: 1974 . Officers of the Fund receive no compensation from the Fund (compensation is paid by the adviser), so fund-level pay-for-performance linkages (e.g., NAV total return, discount management) are not disclosed for officers in the proxy .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Nuveen | Previously held various positions (prior to current role) | Not disclosed | Progression into investment oversight leadership roles within the Nuveen fund complex |
External Roles
- None disclosed in the Fund’s proxy statement .
Fixed Compensation
- Officers receive no compensation from the Funds; officer compensation is paid by the adviser (Nuveen/Nuveen Fund Advisors). The proxy discloses CCO compensation mechanics (paid by the adviser with partial reimbursement to the adviser for the CCO’s incentive comp), but provides no cash salary/bonus for other officers at the fund level .
Performance Compensation
- No fund-level performance-based incentive plan is disclosed for officers (e.g., RSUs/PSUs, option awards, performance metrics, vesting schedules). CCO incentive mechanics (paid by adviser, partially reimbursed by Funds) are disclosed, but this does not extend to other officers in the proxy .
Equity Ownership & Alignment
| Topic | Detail |
|---|---|
| Officer’s individual ownership | Not separately disclosed; the proxy provides only group totals for Board Members and officers . |
| Board Members and executive officers as a group | Beneficially owned less than 1% of outstanding shares of each Fund as of 12/31/2024/2-18-2025 . |
| Shares pledged/hedging | Not disclosed for officers . |
| Stock ownership guidelines (officers) | Not disclosed . |
Significant shareholders in JLS (context for trading/liquidity/discount dynamics):
| Date (as of) | Holder | Shares | % of Class |
|---|---|---|---|
| 2025-02-18 | Sit Investment Associates, Inc. | 1,517,612 | 27.71% |
| 2025-02-18 | First Trust Portfolios L.P.; First Trust Advisors L.P.; The Charger Corporation (joint) | 282,999 | 5.17% |
| 2025-09-30 | Sit Investment Associates, Inc.; Sit Fixed Income Advisors II, LLC (joint 13G/A) | 1,228,685 | 22.4% |
Employment Terms
| Item | Disclosure |
|---|---|
| Fund title | Vice President |
| Term of office | Indefinite |
| Length of time served | Since 2019 |
| Employer (primary) | Nuveen; Nuveen Fund Advisors, LLC |
| Non-compete / non-solicit | Not disclosed for officers in the proxy |
| Severance / change-in-control | Not disclosed for officers in the proxy |
| Clawback / pledging policy | Not disclosed for officers in the proxy |
Performance & Track Record
- Fund-level performance (e.g., NAV total return, distribution rate, discount/premium) is monitored by the Board’s Closed-End Fund Committee each quarter, but the proxy does not attribute outcomes to specific officers; no TSR/EBITDA/revenue metrics are disclosed for officer evaluation in this fund complex proxy .
Governance Context (for completeness)
- Officers are elected annually by the Board and serve until successors are elected and qualified; officers receive no compensation from the Funds .
- Board compensation is disclosed (independent trustees’ retainers/fees allocated across the Nuveen closed-end funds), but this is not applicable to officers such as Mr. Lockhart .
Investment Implications
- Compensation alignment: With no fund-paid officer compensation disclosed and officer pay borne by the adviser, there is limited transparency into pay-for-performance linkages at the fund level for Mr. Lockhart; ownership by officers collectively is <1%, indicating modest direct “skin in the game” at the fund level .
- Retention risk: Tenure since 2019 and senior leadership at Nuveen suggest stability; however, lack of fund-level contract/severance/vesting disclosures limits assessment of retention economics or change-of-control incentives at the officer level .
- Trading signals: Shareholder concentration (Sit at ~28% in Feb-2025, ~22% by Sep-2025) may affect governance dynamics and actions to address discounts or distributions; monitor Schedule 13D/G updates and proxy developments for potential activism or strategic shifts that could influence market price vs. NAV, though these holdings are not directly tied to Mr. Lockhart’s incentives as disclosed .
Data constraints: The Fund’s proxy provides officer identities/tenure and confirms no fund-paid officer compensation; it does not disclose individual officer compensation packages, equity awards, vesting schedules, ownership pledges, or employment contract terms for Mr. Lockhart .