Eugenia R. Cheng
About Eugenia R. Cheng
Independent director at New York Mortgage Trust (NYMT), serving since June 2022. Age 53. Background spans real estate capital raising, debt strategies, portfolio management, and investor relations; currently Managing Director at Prospect Avenue Partners (since Aug 2019). Education: B.A. in Architectural Theory and Design (Princeton), J.D. and M.B.A. (NYU). The Board cites her operational experience in real estate-related finance as strengthening board effectiveness .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Prospect Avenue Partners | Managing Director | Aug 2019–present | Real estate capital raising, debt strategies |
| USAA Real Estate Company | Managing Director, Global Investors Group | Jul 2014–Feb 2019 | Investor engagement and capital sourcing |
| Forum Partners | Managing Director, Marketing & IR | Mar 2010–Mar 2014 | Marketing and investor relations leadership |
| JT Partners LLC | Managing Director & Chief Operating Officer | Oct 2006–Aug 2009 | Operations oversight |
| ABP Investments US (now APG Asset Management) | Portfolio Manager, Private Real Estate | 2002–2006 | Portfolio management |
| Morgan Stanley & Co., Inc. | Associate, Investment Banking | 2000–2002 | Investment banking |
| Arthur Andersen LLP | Consultant, Real Estate Advisory Services | 1993–1996 | Advisory services |
External Roles
| Organization | Role | Tenure | Committees |
|---|---|---|---|
| Generation Income Properties, Inc. (public REIT, net lease) | Director | Oct 2021–present | Compensation Committee; Governance Committee |
Board Governance
- Independence: Determined independent under Nasdaq standards; one of five independent directors on a seven-member board .
- Committee assignments: Member, Compensation Committee; Member, Nominating & Corporate Governance Committee (not Chair) .
- Attendance: Board held 11 meetings in 2024; all directors attended ≥75% of Board and committee meetings; all directors attended the 2024 Annual Meeting .
- Executive sessions: Independent directors met in executive session on four occasions .
- Governance practices: No hedging or pledging of company securities permitted for directors; robust stock ownership guidelines; majority voting standard in uncontested elections .
- Compensation consultant for executive and director matters: Pearl Meyer serves as independent advisor; committee assessed and confirmed independence; no conflicts identified .
Fixed Compensation
| Year | Cash Retainer (quarterly) | Annual Cash (total) | Equity Type | Grant Units | Grant Date Fair Value | Vesting |
|---|---|---|---|---|---|---|
| 2024 | $30,000 per quarter | $120,000 | Deferred Stock Units (DSUs) | 18,462 DSUs | $120,000 | Vests June 11, 2025 |
- DSU features: Dividend Equivalent Rights (DERs) attached; unvested DERs of $3,692 as of 12/31/2024; directors may elect to defer settlement to change-in-control or third anniversary; vested DSUs continue to receive DERs until settled .
Performance Compensation
| Award Type | Performance Metrics | Weighting | Payout Determination |
|---|---|---|---|
| DSUs (Director Equity) | None; time-based vesting tied to continued Board service until the day before the next annual meeting | N/A | Not performance-based; vests per schedule |
- Directors may elect to receive cash retainers in stock; but no performance metrics are applied to director DSUs; compensation is a mix of fixed cash and time-based equity .
Other Directorships & Interlocks
| Company | Role | Committee Interlocks / Related Notes |
|---|---|---|
| Generation Income Properties, Inc. | Director; Compensation and Governance Committees | Public REIT role disclosed; NYMT reports no compensation committee interlocking relationships among its directors during 2024 . |
Expertise & Qualifications
- Real estate finance and operations: Capital raising, debt strategies, portfolio management, investor relations; valued by NYMT’s Board for strengthening collective qualifications .
- Education: Princeton B.A.; NYU J.D. and M.B.A. .
- Sector experience: Mix of private real estate, institutional asset management, investment banking, and RE operations .
Equity Ownership
| Holder | Beneficially Owned Shares | % of Outstanding | Reference Outstanding Shares | Notes |
|---|---|---|---|---|
| Eugenia R. Cheng | 40,061 | <1% | 90,298,221 (as of 4/17/2025) | Includes shares over which she has voting/investment power per SEC rules |
| Unvested DSUs (as of 12/31/2024) | 18,462 | N/A | N/A | Unvested DERs of $3,692; DSUs vest 6/11/2025 |
| Director Ownership Guideline | Required to hold stock equal to 3x annual cash retainer ($360,000) | Compliance window: later of 5 years from adoption or 5 years from board start | Status: all non-employee directors either exceeded or within compliance period | Anti-hedging and anti-pledging policy prohibits pledging or hedging of NYMT securities |
Say-on-Pay & Shareholder Feedback
| Year | Say-on-Pay Approval | Committee Response |
|---|---|---|
| 2023 | 62% approval | Re-evaluated program; eliminated positive discretion for 2023 and 2024 AIPs; adjusted 2024 PSU terms; increased investor outreach |
| 2024 | 95% support | Considered strong support in structuring 2025 compensation program |
Governance Assessment
- Independence and engagement: Independent director with committee roles on Compensation and Nominating & Corporate Governance; attendance thresholds met; participated in a Board that held 11 meetings and four independent executive sessions—indicative of active oversight .
- Compensation mix and alignment: 2024 director pay split equally between cash ($120k) and time-based DSUs ($120k; 18,462 units), with DERs and elective deferral—aligns director incentives with shareholder outcomes through equity, without short-term meeting fees or performance gaming .
- Ownership alignment: Beneficial ownership of 40,061 shares; subject to strict anti-hedging/anti-pledging and stock ownership guidelines (3x cash retainer; compliance window), which limits misalignment and risk behaviors like pledging (red flag prohibited) .
- Other directorships and conflicts: Serves on Generation Income Properties’ board and committees; NYMT discloses no compensation committee interlocks or insider participation for 2024, reducing conflict risk; no related-party transactions disclosed for Cheng in proxy .
- Compensation governance quality: Use of independent consultant (Pearl Meyer) with confirmed independence and periodic peer group benchmarking; responsiveness to shareholder feedback after 2023’s lower approval, with structural changes that improved support in 2024—positive signal for governance rigor .
- RED FLAGS: None disclosed specific to Cheng. NYMT prohibits hedging/pledging; no interlocks; attendance acceptable; no director-specific related-party transactions surfaced in 2025 proxy .