Eric Reeves
About Eric A. Reeves
Independent director of Annaly Capital Management (NLY) since 2021; age 52 as of the 2025 proxy. Founder & CEO of Prospect Park LLC (advisory and merchant banking). Former Managing Director, Head of Private Capital Investments at Duchossois Capital Management; prior CAO, General Counsel & Secretary of The Duchossois Group; earlier a partner at McDermott Will & Emery and attorney at Jones Day. Education: B.A. (University of Michigan) and J.D. (Ohio State University). Annaly classifies Reeves as an independent director.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Prospect Park LLC | Founder & Chief Executive Officer | 2023–present | Merchant banking/advisory leadership; private capital expertise emphasized in board qualifications. |
| Duchossois Capital Management (DCM) | Managing Director, Head of Private Capital Investments | 2017–2023 | Sourcing/executing/managing private investments; multiple portfolio company board roles. |
| The Duchossois Group | Chief Administrative Officer; General Counsel & Secretary | 2007–2023 | Led legal and administrative functions; board-relevant legal governance background. |
| McDermott Will & Emery | Law Partner | n/a | Corporate/transactional legal expertise. |
| Jones Day | Corporate Attorney | n/a | Corporate law experience. |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Ozinga Bros. | Advisory Board Member | n/a | External advisory role. |
| Rush University Medical Center | Trustee | n/a | Non-profit governance. |
| National Philanthropic Trust | Trustee | n/a | Non-profit governance. |
| Aspen Institute | Henry Crown Fellow | n/a | Leadership network affiliation. |
| Chicago United | Business Leader of Color (Honoree) | n/a | Recognition/awards. |
Board Governance
- Current Annaly committee assignments: Chair, Corporate Responsibility (CR); Member, Nominating/Corporate Governance (NCG); Member, Risk.
- Committee independence: All five standing committees (Audit, CR, MDC, NCG, Risk) are 100% independent; 2024 meeting counts: Audit (6), CR (4), MDC (7), NCG (4), Risk (4); Board held 11 meetings in 2024.
- Attendance/engagement: In 2024, all directors attended at least 75% of aggregate Board and committee meetings; all directors attended the 2024 Annual Meeting.
- Independence and leadership: Annaly separates CEO and Independent Chair roles; independent directors held 11 executive sessions in 2024.
- Cyber and risk oversight: Audit and Risk Committees jointly oversee cybersecurity; Risk Committee oversees enterprise risk, including capital, liquidity, market/credit, counterparty and operational risk. Reeves serves on the Risk Committee.
- Board composition policy: Refreshment policy (earlier of 15 years of service or age 73, with limited exceptions); outside board limits (non-CEOs ≤3 other public boards; sitting CEOs ≤1). Reeves holds zero other public company directorships (in compliance).
Fixed Compensation (Director)
| Year | Cash Fees ($) | Equity Awards ($) | Total ($) | Notes |
|---|---|---|---|---|
| 2024 | 145,000 | 175,000 | 320,000 | Stock awards are DSUs granted May 15, 2024 at grant-date fair value per ASC 718; DSUs fully vested at grant. |
| 2025 structure (select retainers) | — | — | — | Additional cash retainers: Independent Board Chair $115,000; Committee Member $10,000; Committee Chairs: Audit $25,000; MDC $20,000; other committees $15,000. |
- Director equity vehicle: DSUs granted at the annual meeting; settle in shares within 30 days after the first anniversary of grant or upon separation (director may defer settlement). DSUs pay dividend equivalents in cash or additional DSUs at the director’s election.
- Director stock ownership guideline: 5x annual cash retainer; 50% net profit shares from DSUs retained until guideline met; as of the proxy, all non-employee directors had met or were on track.
Performance Compensation (Director)
| Award Type | Grant Date | Number/Shares | Fair Value ($) | Vesting | Performance Metrics |
|---|---|---|---|---|---|
| DSUs (2024 annual grant) | May 15, 2024 | Not disclosed by person | 175,000 | Fully vested at grant; settles as noted above | None (no performance metrics apply to director DSUs) |
- Annaly’s director program uses DSUs (time-based), not performance-conditioned awards for directors; directors may be eligible for other stock-based awards under the 2020 Equity Incentive Plan (subject to a cap), but performance metrics are not disclosed/applicable for director DSUs.
Other Directorships & Interlocks
| Company | Ticker | Role | Committee Roles |
|---|---|---|---|
| None (current public company boards) | — | — | — |
- Reeves has zero current public company boards, reducing interlock/conflict risk.
- Prior/other governance roles are with private companies/non-profits (DCM portfolio company boards; trusteeships noted above).
Expertise & Qualifications
- Private capital investing, transaction sourcing/execution/management; seasoned legal background from GC and law firm partner roles; private company board experience (as highlighted by Annaly).
- Board-level skills context: All continuing directors collectively cover risk management, corporate governance, capital markets/M&A and financial services; Reeves contributes investment/transaction and legal governance perspective.
Equity Ownership
| Holder | Beneficial Ownership (#) | Percent of Class | DSUs Included (#) | As-Of Date |
|---|---|---|---|---|
| Eric A. Reeves | 31,515 | <1% | 15,899 | March 17, 2025 |
- Hedging/pledging: Annaly’s Insider Trading Policy prohibits directors from pledging company stock or engaging in hedging transactions.
- Ownership alignment: Director guideline is 5x annual cash retainer; status across directors is on track/met as of the proxy.
Governance Assessment
- Independence and committee leadership: Reeves is an independent director and serves as CR Committee Chair while also serving on NCG and Risk—positions that enhance oversight of ESG, governance, and enterprise risk (positive for board effectiveness).
- Engagement and attendance: Company reports all directors met at least the 75% attendance threshold and attended the 2024 Annual Meeting (baseline acceptable engagement).
- Pay and alignment: Director pay balanced between cash ($145k) and DSUs ($175k) in 2024; DSU design, ownership guideline (5x retainer), and anti-hedging/pledging policies support alignment; no director-specific performance pay that could misalign incentives.
- Conflicts/related-party transactions: Company states there were no related person transactions since the beginning of 2024 requiring disclosure or approval under its policy (no Reeves-specific related-party exposure disclosed).
- Overboarding/commitment: Policy limits other boards; Reeves holds zero current public company directorships, consistent with time-commitment expectations (particularly given his CEO role at a private firm).
- Shareholder sentiment signal: 2024 Say-on-Pay support was ~63% (below five-year average ~88%); Board and MDC chair engaged and implemented changes—relevant to governance responsiveness even though this relates to executive pay, not director pay.
RED FLAGS: None specifically disclosed for Reeves. No related-party transactions involving Reeves; no pledged shares permitted by policy; attendance threshold met; no overboarding; no public company interlocks. Continue monitoring Form 4 filings for trading behavior and any future related-party disclosures.