Anthony Coniglio
About Anthony Coniglio
Anthony Coniglio, 56, is President, Chief Executive Officer, and a director of NewLake Capital Partners (NLCP). He joined the board in March 2021, served as President and Chief Investment Officer until July 2022, and became CEO on July 15, 2022 . He previously led Primary Capital Mortgage Company as CEO and spent 14 years at JPMorgan as a Managing Director, with experience in complex restructurings (e.g., GMAC, Chrysler Financial) and IPOs (e.g., MasterCard) . He holds a B.S. in Accounting and Finance from SUNY Oneonta and was a CPA at Price Waterhouse . Under his leadership, NLCP uses equity incentives tied to relative TSR and absolute stock-price CAGR via PSUs, aligning pay with shareholder outcomes; 2023–2024 revenue grew from $46.78M to $49.60M (+6.0%) and EBITDA from $38.92M to $42.03M (+8.1%)* (see table below), while the board maintains an independent Chair separate from the CEO role .
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Revenue ($) | 46,783,000* | 49,598,000* |
| EBITDA ($) | 38,921,000* | 42,029,000* |
Values retrieved from S&P Global.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| NewLake Capital Partners (pre-merger entity) | CEO | 2019–2021 | Led platform merged into NLCP; positioned for IPO and public-market governance . |
| JPMorgan | Managing Director | ~14 years (prior to PCM) | Led businesses to leadership positions; executed crisis restructurings (GMAC, Chrysler Financial) and major IPOs (MasterCard) . |
| Primary Capital Mortgage Company | CEO | Pre-2019 | Operated a residential mortgage company; CEO leadership experience . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Atlas Resource Partners | Independent Director; Audit and Special Committees | Prior service | NYSE board experience; committee oversight . |
| St. Mary’s Hospital for Children | Director; Chair IT & Cybersecurity and Audit Committees | Current | Non-profit governance; recognized with 2018 Distinguished Trustee Award . |
Fixed Compensation
| Component | 2023 | 2024 | Notes |
|---|---|---|---|
| Base Salary ($) | 400,000 | 400,000 | Per employment agreement; board may increase during term . |
| Target Annual Bonus ($) | 300,000 | 300,000 | Target equals 75% of base salary for CEO . |
| Actual Annual Bonus Paid ($) | 229,200 | 233,974 | Paid based on quantitative/qualitative assessment by Compensation Committee . |
| All Other Compensation ($) | — | — | No perquisite amounts disclosed in table for 2023 or 2024 . |
Performance Compensation
- Plan architecture:
- RSUs vest over time; dividends accrue and are paid upon vesting .
- PSUs vest based on three-year performance on (1) relative TSR vs a peer group and (2) absolute stock-price CAGR; payout range 0%–200%; dividends accrue and are paid on issued PSUs .
- Company did not grant stock options in 2024 and does not currently plan to use options as incentive compensation .
| Incentive Type | Metric | Weighting | Target | Actual/Payout | Vesting / Performance Window |
|---|---|---|---|---|---|
| Annual Cash Bonus | Company and individual performance (quantitative + qualitative) | Discretionary | 75% of base salary target | 2024 payout: $233,974 | Annual; paid in cash . |
| PSUs (2024 grant: 28,261 units; CEO) | Relative TSR vs peer group | Not disclosed | 0–200% | Not disclosed (cycle-based) | Three-year performance period; dividends accrue; last cycle (ending 12/31/2024) issued 15,518 PSUs on 1/17/2025 . |
| PSUs (2024 grant: 28,261 units; CEO) | Absolute stock-price CAGR | Not disclosed | 0–200% | Not disclosed (cycle-based) | Same as above; Monte Carlo valuation . |
| RSUs (2024 grant: 12,112 units; CEO) | Service-vesting | N/A | N/A | Time-based vesting | Vest over stated schedules; dividends accrue to vest date . |
Equity Ownership & Alignment
- Beneficial ownership: 611,673 shares (3.0% of common stock) beneficially owned by Coniglio as of April 10, 2025 .
- Securities detail:
- Includes 42,980 warrants currently exercisable (via NLCP Holdings, LLC) .
- Unvested awards at 12/31/2024: 20,710 RSUs (MV $362,425) and 73,872 unearned PSUs (MV $1,292,760) using $17.50 stock price; 15,518 PSUs from 2022–2024 cycle issued on 1/17/2025 .
- Future vesting (scheduled RSUs excluded from ownership count): 4,299 RSUs vest on 3/10/2026; 8,075 RSUs vest 2/28/2026 and 2/28/2027; 11,719 RSUs vest 2/15/2026, 2/15/2027, 2/15/2028 .
- Pledging/Hedging: Company policy prohibits hedging and pledging; none of the shares beneficially owned by executives/directors are pledged .
- Director fees: As a management director, Coniglio receives no additional director compensation .
| Ownership and Awards (CEO) | Amount | Notes |
|---|---|---|
| Beneficial Ownership (Shares) | 611,673 | 3.0% of outstanding common stock . |
| Warrants (Exercisable) | 42,980 | Held via NLCP Holdings, LLC . |
| Unvested RSUs (12/31/24) | 20,710 | MV $362,425 at $17.50/share . |
| Unearned PSUs (12/31/24) | 73,872 | MV $1,292,760; includes 15,518 from cycle ending 12/31/24 issued 1/17/25 . |
| Scheduled RSU Vesting | See dates | 3/10/2026; 2/28/2026, 2/28/2027; 2/15/2026, 2/15/2027, 2/15/2028 . |
| Shares Pledged | 0 | Prohibited by policy; none pledged . |
Employment Terms
| Term | CEO (Coniglio) | Source |
|---|---|---|
| Title/Role | President & CEO; devotes substantially all business time to NLCP | |
| Term | Extended March 18, 2025 for one year; auto-renews annually unless notice ≥90 days before term end | |
| Base Salary | $400,000; board/committee may increase | |
| Target/Max Bonus | Target $300,000; Max $600,000; based on Company and individual goals with Committee | |
| Equity Eligibility | RSUs/PSUs under 2021 Plan (through Aug 12, 2031) | |
| Severance (No Cause/Good Reason) | Accrued obligations; any unpaid prior-year bonus; pro-rated target bonus for year of term; 2x (base + target bonus); 18 months COBRA; all outstanding equity immediately vests | |
| Death/Disability | Accrued obligations; unpaid prior-year bonus; pro-rated target bonus; 18 months COBRA; all equity vests | |
| Non-Renewal (Company) | Accrued obligations; unpaid prior-year bonus; pro-rated target bonus; equity vests per award terms; if after Change in Control: add 18 months COBRA + formulaic additional payment for remaining months in 24-month window | |
| Restrictive Covenants | Non-compete and non-solicit during employment and 12 months post-termination; confidentiality | |
| 280G/CIC Taxes | Parties cooperate to mitigate 280G impact; no excise tax gross-up disclosed | |
| Clawback | Policy adopted under Rule 10D-1; applies to incentive-based compensation upon restatement | |
| Hedging/Pledging | Hedging/pledging/margin transactions prohibited |
Board Governance
- Role: Director since March 2021; management director (not independent) .
- Leadership structure: Independent Chair (separate from CEO) reduces dual-role concentration risk; regular independent executive sessions .
- Committee roles: Member of Investment Committee (not Audit/Comp/NGC/ESG). Post-June 5, 2025, Investment Committee chaired by David Weinstein; Coniglio remains a member .
- Independence and policies: Board determined 5 of 7 directors independent; anti-hedging/anti-pledging; code of ethics; annual evaluations .
- Meeting attendance: Board held 12 meetings in 2024; directors generally ≥75% attendance (exceptions listed for other directors) .
- Say-on-pay: As an Emerging Growth Company and Smaller Reporting Company, NLCP is exempt from say-on-pay and uses scaled disclosures .
Compensation Structure Analysis
- Shift toward equity and performance: CEO equity awards comprise RSUs and PSUs with three-year cycles tied to relative TSR and absolute price CAGR, aligning long-term pay with returns .
- Cash vs equity mix: 2024 CEO comp included $400k salary, $233,974 cash bonus, and $683,919 equity, emphasizing at-risk pay .
- Discretion in annual bonus: Committee uses a quantitative and qualitative assessment; explicit metric weightings not disclosed, a mild transparency gap .
- Options: Company did not grant options in 2024 and does not plan to use options currently; CEO holds exercisable warrants (legacy structure), not company stock options .
- Consultant independence: Lyons, Benenson & Company advised the Compensation Committee; no conflicts disclosed .
- Clawback and anti-hedging/pledging policies in place, strengthening alignment and risk management .
Related Party Transactions
- No related-party transactions involving Coniglio are identified in the 2025 proxy’s related-party section; option grants referenced pertain to other individuals (e.g., Pringle, DuGan) .
Risk Indicators & Red Flags
- Pledging/Hedging: Prohibited; none reported—reduces misalignment risk .
- Equity acceleration: Single-trigger equity acceleration upon certain terminations (without cause/good reason) is relatively generous and could be shareholder-sensitive .
- 280G: No tax gross-ups disclosed; cooperative mitigation approach .
- Insider reporting: One administrative delay (share withholding on 12/29/2023 reported 1/19/2024) noted in Section 16(a) compliance .
Say-on-Pay & Shareholder Feedback
- Say-on-pay votes not required due to EGC/Smaller Reporting status; therefore, no historical approval percentages disclosed .
Expertise & Qualifications
- 30+ years across finance and real estate; NYSE board and committee experience; turnaround and IPO expertise; CPA background; healthcare non-profit governance leadership .
Work History & Career Trajectory
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| NLCP (public REIT) | President & CEO; Director | 2022–present (CEO since 7/15/2022); Director since 2021 | Evolved from President/CIO to CEO per succession plan . |
| Pre-merger company | CEO | 2019–2021 | Combined with NewLake in 2021 merger . |
| Primary Capital Mortgage Company | CEO | Pre-2019 | Mortgage operator leadership . |
| JPMorgan | Managing Director | ~14 years | Led complex transactions and IPOs . |
Director Compensation (for context)
- Management directors do not receive additional pay for board service (applies to Coniglio) .
Investment Implications
- Alignment: High portion of CEO comp delivered in PSUs/RSUs with three-year performance cycles and prohibition on hedging/pledging supports long-term alignment; CEO holds 3.0% beneficial stake plus unvested equity, indicating meaningful skin-in-the-game .
- Retention and supply overhang: Auto-renewing contract with competitive severance reduces near-term departure risk; however, scheduled RSU tranches in 2026–2028 and PSU issuances on cycle completions may create periodic insider selling windows if liquidity is sought .
- Pay-for-performance: Annual cash bonus relies on committee judgment rather than disclosed weightings; PSUs directly tether outcomes to TSR and stock-price CAGR, a favorable structure for long-term investors seeking management alignment with shareholder returns .
- Governance quality: Independent Chair/CEO split, robust committee structure, clawback, and anti-hedging/pledging mitigate governance risk and dual-role concerns (CEO is not Chair) .
- Contract economics: Single-trigger equity acceleration on certain terminations could be scrutinized by some investors; absence of 280G gross-ups is shareholder-friendly .
Note: All citations refer to NLCP’s 2025 DEF 14A unless otherwise indicated.