Jeffrey Friedman
About Jeffrey Friedman
Independent trustee of Peakstone Realty Trust since 2024; age 62; currently serves on the Audit Committee and the Nominating & Corporate Governance Committee. Background in real estate debt finance and capital markets: co-founded and co-led Mesa West Capital (2004–2018 sale to Morgan Stanley affiliate; co-CEO through 2023), founder of Moreton Bay Capital (2024), and prior roles at Maguire Partners, Credit Suisse, Nomura, Simpson Thacher, and Hashidate Law Office. Education: J.D. and M.A. (Applied Economics) from the University of Michigan; B.A. from UCLA .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Moreton Bay Capital | Founder | 2024–present | Platform creation in real asset sectors |
| Mesa West Capital | Co-CEO; Senior Advisor | 2004–2023; 2023–2024 | Built private equity-style real estate debt platform; sale to Morgan Stanley affiliate (2018) |
| Maguire Partners | Principal, Capital Markets | 2000–2023 | Led capital markets activities |
| Credit Suisse | Director, Originations | 1996–2000 | Real estate finance originations |
| Nomura Securities | VP, Originations | 1994–1996 | Origination leadership |
| Simpson Thacher | Corporate Lawyer | 1989–1994 | Legal advisory |
| Hashidate Law Office (affiliated with Sidley & Austin) | Corporate Lawyer | 1988–1989 | Legal advisory |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Mortgage Bankers Association | Board of Directors | 2022–2024 | Industry association board service |
No current public-company directorships disclosed for Friedman; the skills matrix flags “Other Public Board Experience” only for another trustee (Wold), not Friedman .
Board Governance
- Committee assignments: Audit Committee member; Nominating & Corporate Governance Committee member; initially appointed to Compensation Committee upon election (June 18, 2024) but replaced on August 17, 2024 due to anticipated time commitment, indicating workload balancing and governance responsiveness .
- Independence: Board determined Friedman is independent under NYSE and SEC rules; non-management trustees meet in executive sessions routinely .
- Attendance and engagement: Board held seven meetings in 2024; all trustees attended at least 75% of combined board and committee meetings; Audit held 6 meetings and Nominating & Corporate Governance held 3 meetings in 2024, aligning with Friedman’s committee memberships .
- Election support: At the June 18, 2024 annual meeting, Friedman received 12,067,897 “For” votes vs. 578,223 “Withheld,” indicating strong shareholder support .
- Leadership structure: Independent Chairperson role (Wold) with executive sessions and governance guidelines in place .
Fixed Compensation
| Metric | FY 2024 |
|---|---|
| Annual cash retainer (policy) | $90,000 per non-employee trustee |
| Committee chair supplements (policy) | Audit Chair $20,000; Compensation Chair $15,000; Nominating & Corporate Governance Chair $15,000 |
| Non-executive Chair supplements (policy) | $60,000 cash; $60,000 equity |
| Equity award (policy) | $90,000; 2024 grants were restricted common shares, 50% vest immediately and 50% on earlier of one-year anniversary or next annual meeting; dividends accrue and pay upon vesting |
| Friedman – Fees earned (cash) | $48,214 |
| Friedman – Stock awards (grant date fair value) | $90,003 |
| Friedman – All other compensation | $0 |
| Friedman – Unvested restricted shares held (Dec 31, 2024) | 4,036 |
Beginning with the 2025 annual meeting, trustee awards are RSUs with 50% immediate vesting and 50% on the earlier of one-year anniversary or next annual meeting; RSUs include distribution equivalent rights on dividends .
Performance Compensation
- Director compensation is not performance-based; no TSR, EBITDA, or other performance metrics tied to trustee pay disclosed .
- Executive compensation (for NEOs) is pay-for-performance with evolving metrics, but not applicable to trustees; included for governance context only .
| Performance Metric | Applies to Trustees? | Notes |
|---|---|---|
| TSR percentile | No | Not disclosed for trustee compensation |
| Revenue/EBITDA goals | No | Trustee awards are time-based; executive metrics evolve annually |
| ESG goals | No | Not disclosed for trustee compensation |
Other Directorships & Interlocks
- Compensation Committee interlocks: None reported; no officer/employee service or reciprocal committee service interlocks involving Friedman; he briefly served on the Compensation Committee in 2024 before being replaced due to time commitments .
- Related party transactions: None disclosed involving Friedman; related party items primarily involve entities controlled by a 5% shareholder (Kevin A. Shields) and are reviewed under the Related Party Transactions Policy .
Expertise & Qualifications
- Skills matrix highlights for Friedman: accounting/financial literacy; business transformation; capital markets and corporate finance; commercial real estate; corporate development; legal; property/asset management and operations; regional market expertise; risk management; strategic planning and leadership; talent development .
- Legal and capital markets training supports Audit and Governance committee effectiveness .
Equity Ownership
| Metric | As of Mar 14, 2025 |
|---|---|
| Common shares beneficially owned | 4,036; less than 1% of outstanding |
| Shares pledged as collateral | None; company policy prohibits pledging and hedging, and disclosure states no pledges by trustees or executive officers |
| Group holdings (trustees/executives, 7 persons) | 336,447 shares/OP Units; 0.9% of shares; 0.8% including OP Units |
Anti-hedging/anti-pledging policy prohibits options, short sales, margin accounts, hedging transactions, and pledging, except grandfathered pledges approved by the Board .
Insider Trades (Form 4)
| Date (Report Period) | Transaction | Quantity | Instrument | Source |
|---|---|---|---|---|
| 2025-05-28 | Stock Award (Grant) | 15,378 | Equity award to director (trustee RSUs/stock award per 2025 policy) |
Governance Assessment
- Board effectiveness: Friedman’s deep capital markets and real estate debt experience align with PKST’s strategic pivot toward industrial/IOS assets, strengthening Audit and Governance oversight roles .
- Independence & engagement: Affirmed independent; committee participation on Audit and Nominating & Governance; board-wide attendance was strong in 2024 (≥75% for all trustees) and committees met regularly, indicating active oversight cadence .
- Compensation alignment: Trustee pay mix is balanced cash/equity (policy $90k/$90k) with time-based vesting; RSU shift in 2025 maintains straightforward alignment without performance targets—typical for director compensation .
- Ownership alignment: Modest direct holdings (4,036 shares) and robust anti-hedging/anti-pledging policy reduce misalignment risks; no pledging disclosed—a positive signal .
- Shareholder sentiment: 2024 say-on-pay support of 83% and strong “For” votes for Friedman’s election suggest investor confidence in governance and oversight structure .
Red Flags
- Time-commitment adjustment: Removal from the Compensation Committee within two months of appointment due to anticipated time commitment may signal portfolio workload constraints; mitigated by ongoing service on Audit and Governance committees and no reported interlocks or related-party conflicts .
- No personal attendance rate disclosed beyond board-wide ≥75%; investors may monitor individual committee attendance in future proxies .
Overall View: Friedman’s finance/legal background and real estate debt leadership bolster PKST’s board skill mix. Independence, anti-hedging/pledging safeguards, and straightforward director pay structure support investor alignment, with limited conflict exposure and strong shareholder support for governance practices .