Renee R. Schultz
About Renee R. Schultz
Independent director since May 2021; age 56. Former Senior Vice President, Capital Markets at Fannie Mae (2012–2021) and Vice President, Capital Markets (2006–2012), with 22 years at Fannie Mae leading pricing/sales, credit risk transfer, structured transactions, whole-loan conduit, and securitization policy. BA, Saint Mary’s College, Notre Dame, Indiana .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Fannie Mae | Senior Vice President, Capital Markets | May 2012–Apr 2021 | Managed pricing and sales desk, CRT programs, structured transactions, whole loan conduit; oversaw securitization policy team |
| Fannie Mae | Vice President, Capital Markets | Mar 2006–2012 | Leadership roles in capital markets; extensive regulatory experience |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Saint Mary’s College, Notre Dame | Trustee (former) | Not disclosed | Higher education governance experience |
| Big Brothers Big Sisters of Martin & Palm Beach Counties | Board of Governors (former) | Not disclosed | Community engagement |
| ALICE (women in mortgage finance) | Founding member; former director | Not disclosed | Diversity and industry advancement focus |
Board Governance
- Committee assignments: Compensation Committee Chair; member, Finance; member, Related Party Matters .
- Independence: Board determined she is independent (part of 80% independent trustees) .
- Attendance: Each trustee attended at least 75% of Board and committee meetings in 2024; Board met five times .
| Committee | Role | 2024 Meetings | Independence |
|---|---|---|---|
| Compensation | Chair | 4 | All members independent under NYSE/SEC |
| Finance | Member | 4 | All members independent under NYSE |
| Related Party Matters | Member | 13 | All members independent under NYSE |
| Board of Trustees | Trustee | 5 | Independent trustee |
- Related Party Matters Committee oversight: Reviews, approves, and recommends actions on management and servicing agreements and other related-party transactions; engages an outside independent consultant (Joseph Sturtevant) since 2013 for monitoring fee arrangements—important for mitigating external management conflicts in PMT’s REIT structure .
Fixed Compensation
| Component | Amount (USD) | Notes |
|---|---|---|
| Base annual retainer | $95,000 | All non-management trustees |
| Committee membership (per committee) | $7,750 | Audit, Compensation, Finance, Nominating & Corporate Governance, Related Party Matters, Risk |
| Committee chair – Compensation | $10,750 | Chair premium |
| Fees Earned (Fiscal 2024) | $129,000 | Aggregate cash fees for 2024 |
| Stock Awards (Fiscal 2024) | $109,998 | RSU grant fair value under ASC 718 |
| Total (Fiscal 2024) | $238,998 | Sum of cash fees and equity |
Compensation process: Trustee pay reviewed with independent consultant (Pearl Meyer); despite market study indicating an increase was warranted, Compensation Committee recommended no changes from prior year—signals restraint and alignment .
Performance Compensation
| Grant Type | Grant Date | RSUs | Grant-Date Fair Value (USD) | Vesting | Dividend Equivalents | Accelerated Vesting Terms |
|---|---|---|---|---|---|---|
| Time-based RSUs (annual trustee grant) | Mar 12, 2024 | 7,660 | $109,998 | Vests on first anniversary of grant date | Entitled to receive cash distributions during vesting | Upon termination other than for cause, change in control, or termination of management agreement other than for cause: may become fully or pro rata vested and settled in common shares |
Policy regarding shares-in-lieu of cash fees: Trustees may elect to receive fees in common shares, but none elected to do so .
Other Directorships & Interlocks
| Company | Role | Interlock/Conflict Notes |
|---|---|---|
| None disclosed (public company boards) | — | No public company directorships are disclosed for Schultz beyond PMT, limiting interlock risk . |
Expertise & Qualifications
- Capital markets and housing finance expertise; deep experience in securitization, credit risk transfer, structured transactions, and whole loan conduit operations .
- Regulatory experience from Fannie Mae tenure; aligns with oversight needs in an externally managed mortgage REIT .
- Governance leadership as Compensation Committee Chair; involvement in Finance and Related Party Matters committees indicates broad oversight across pay, capital allocation, and conflict management .
Equity Ownership
| Holder | Common Shares Beneficially Owned | % of Outstanding | Unvested RSUs (as of 12/31/2024) | Pledged? |
|---|---|---|---|---|
| Renee R. Schultz | 26,339 | <1.0% (based on 87,010,608 shares) | 7,660 | None; “None of the shares have been pledged as security.” |
Stock ownership guidelines: Non-management trustees must hold common shares and unvested RSUs equal to at least five times the base annual retainer within five years of appointment; compliance reviewed annually by the Nominating & Corporate Governance Committee .
Insider Transactions
| Filing Date | Transaction Date | Form | Type | Shares | Price | Ownership |
|---|---|---|---|---|---|---|
| Feb 26, 2025 | Feb 24, 2025 | 4 | Stock Award (Grant) | — | $0.00 | Direct |
| Mar 14, 2024 | Mar 12, 2024 | 4 | Stock Award (Grant) | 7,660 | — | Direct |
Note: PMT’s governance policies restrict hedging, pledging, short sales, and trading in puts/calls or on margin by officers, employees, and trustees—supportive of alignment .
Say-on-Pay & Shareholder Voting Signals
- Historic support: Approximately 98% of votes cast supported Say-On-Pay at 2024, 2023, and 2022 annual meetings—indicates broad investor approval of pay practices .
- 2025 Annual Meeting election support: Schultz received 41,617,958 votes for, 12,548,014 against, 108,575 abstentions; broker non-votes 17,007,281 (81.9% quorum)—solid mandate in an uncontested election .
Governance Assessment
- Strengths: Independent director with deep capital markets and regulatory background; chairs the Compensation Committee (independent members, use of independent consultant, strong shareholder support for pay); sits on Finance (capital structure/liquidity oversight) and Related Party Matters (robust oversight of external management agreements, outside consultant engaged, high meeting cadence) .
- Alignment: Equity component via time-based RSUs; robust trustee ownership guidelines (5x base retainer within 5 years); no pledging of shares; prohibition on hedging/pledging—good investor alignment .
- Workload/engagement: Multiple committee roles with meaningful meeting frequency (Comp 4; Finance 4; RPM 13; Board 5) and minimum attendance threshold met—signals active oversight .
- Structural conflict monitoring: PMT’s externally managed REIT model inherently creates related-party exposure; Schultz’s role on the Related Party Matters Committee, supported by an independent outside consultant and frequent meetings, is a mitigating mechanism; continued scrutiny of fee arrangements and agreement amendments remains a focus area for investor confidence .
- Red flags: None disclosed related to pledging, hedging, related-party transactions involving Schultz personally, or low attendance; trustee compensation remained disciplined despite market benchmarking suggesting increases .