Marie D. Reynolds
About Marie D. Reynolds
Marie D. Reynolds, age 58, has served on Lument Finance Trust’s board since June 15, 2022 and is designated by Lument Investment Holdings, LLC (“Lument IH”) under a director designation agreement dated April 26, 2022 . She is CFO and COO of Boston Financial Investment Management, LP, a leader in affordable housing, with over 35 years of financial services experience; she holds an MBA from Suffolk University and a B.B.A. from Siena College . She is classified by LFT as an executive director (not independent) due to her employment with an affiliate of the Manager .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Boston Financial Investment Management, LP | Chief Financial Officer | 2014–present | Sets financial and organizational policies; member of Executive Committee & Investment Committee |
| Boston Financial Investment Management, LP | Chief Operating Officer | 2020–present | Strategic direction, organization-wide policy impact |
| Boston Financial Investment Management, LP | Executive Vice President & Director of Finance, Reporting & Treasury | 2009–2014 | Finance, reporting, treasury leadership |
| Boston Financial (under Lend Lease and MuniMae ownerships) | Business Unit Controller | 1999–2009 | Business unit finance leadership |
| Boston Financial | Assistant Controller; Senior Financial Analyst | 1995–1999 | Corporate reporting; analysis |
| Liberty Real Estate Group | Financial reporting functions | 1989–2005 | Financial reporting experience |
| Lehman Brothers | Financial reporting functions | 1989–2005 | Financial reporting experience |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Boston Financial Investment Management, LP | CFO & COO | 2014–present (CFO); 2020–present (COO) | Executive Committee and Investment Committee member; participant in ORIX USA parent-sponsored initiatives |
Board Governance
| Item | Detail |
|---|---|
| Independence status | Executive Director (not independent) |
| Committee memberships | None of the standing committees; LFT’s standing committees (Audit, Compensation, Nominating) are composed exclusively of independent directors |
| Committee chair roles | None |
| Board meeting attendance (2024) | No director attended fewer than 75% of board and applicable committee meetings |
| Annual meeting attendance (2024) | All directors attended the June 13, 2024 annual meeting |
| Years of service on LFT board | Director since June 15, 2022 |
| Designation & tenure terms | Nominee designated by Lument IH under director designation agreement; designation right expires if Lument IH ownership falls below 5% |
| Lead Independent Director & executive sessions | Lead Independent Director: William A. Houlihan; independent directors hold executive sessions chaired by the Lead Independent Director |
Fixed Compensation
| Component | 2024 Amount | Notes |
|---|---|---|
| Annual retainer (cash) | $0 | Executive directors receive no cash or equity compensation for board service |
| Committee membership fees | $0 | Standing committees are independent-only; not applicable |
| Committee chair fees | $0 | Not applicable |
| Meeting fees | $0 | No meeting fees disclosed for executive directors |
| Equity director grants | $0 | Executive directors receive no equity compensation |
Performance Compensation
| Award Type | Grant Details | 2024 Value | Performance Metrics |
|---|---|---|---|
| RSUs/PSUs | None granted to executive directors | $0 | None applicable (no compensation) |
| Options | None granted to executive directors | $0 | None applicable (no compensation) |
| Deferred stock units | None granted to executive directors | $0 | None applicable (no compensation) |
Executive directors (including Ms. Reynolds) receive no cash or equity compensation for board service, so no performance-linked metrics apply .
Other Directorships & Interlocks
| Entity | Relationship | Details / Potential Conflict |
|---|---|---|
| Lument Investment Holdings, LLC | Designating stockholder | Holds 14,318,614 shares (27.4%) as of Apr 15, 2025; designated Ms. Reynolds as a board nominee; designation right expires when ownership <5% |
| Lument Real Estate Capital Holdings, LLC (“Lument”) | Manager affiliate | CEO (and LFT Chairman) is James P. Flynn; Lument is an ORIX USA subsidiary; extensive related-party arrangements described in proxy |
| Boston Financial Investment Management, LP | Employer | ORIX USA subsidiary; Ms. Reynolds is CFO/COO and on Executive & Investment Committees; shared parent affiliation with LFT’s Manager (ORIX USA) |
Related-party transactions overview:
- Manager collateral management roles (fees waived) and absorption of ~$1.1 million debt issuance costs in 2023 for LMF 2023-1 .
- Servicing/special servicing by Lument Real Estate Capital, LLC for certain assets; fees arrangements disclosed .
- Purchases of two investments at par totaling $45.4 million from Lument Structured Finance, LLC in 2024 .
- Director designation agreement with Lument IH governing nominee rights .
Expertise & Qualifications
- 35+ years of financial services experience with deep LIHTC/affordable housing domain knowledge; CFO/COO leadership at Boston Financial .
- MBA (Suffolk University) and B.B.A. (Siena College) .
- Executive Committee and Investment Committee membership at Boston Financial; organization-wide policy setting and strategic direction .
Equity Ownership
| Holder | Shares of Common Stock Owned | % of Outstanding | Vested vs. Unvested | Pledged |
|---|---|---|---|---|
| Marie D. Reynolds | — | — | Not applicable | None pledged for any directors/executives |
Notes:
- Beneficial ownership table reports “—, —” for Ms. Reynolds, indicating no shares reported; 52,324,472 shares outstanding at Apr 15, 2025 .
- The proxy states that none of the shares beneficially owned by any directors or executive officers are pledged as security .
Governance Assessment
- Independence and committee structure: Ms. Reynolds is an executive director (not independent) and, consistent with LFT’s policy that committees are comprised exclusively of independent directors, does not sit on Audit, Compensation, or Nominating committees—mitigating direct influence over oversight functions .
- Attendance and engagement: Board met four times in 2024; no director fell below 75% attendance, and all directors attended the 2024 annual meeting—positive engagement signal .
- Compensation and alignment: She receives no cash or equity compensation for board service, and the beneficial ownership table shows no reported share ownership—limited visible “skin in the game” alignment; executive directors’ no-comp policy reduces pay-driven conflicts but absence of ownership can be viewed as a signal to monitor .
- Interlocks and potential conflicts: She is designated by Lument IH, a 27.4% stockholder, and employed by Boston Financial (an ORIX USA subsidiary), while LFT’s Manager (Lument) is also an ORIX USA subsidiary—creating a network of affiliations and related-party transactions that warrant heightened governance scrutiny; designation rights persist until Lument IH ownership drops below 5% .
- Compliance: Section 16(a) reporting compliance was timely for 2024, indicating orderly insider reporting processes .
RED FLAGS to monitor:
- Major stockholder designation and affiliate network (Lument/ORIX USA/Boston Financial) with ongoing related-party transactions .
- No reported personal share ownership in LFT by Ms. Reynolds per the beneficial ownership table .
Mitigants:
- Independent-only committee composition and a Lead Independent Director structure with executive sessions support oversight .
- Attendance metrics and annual meeting participation suggest active engagement .