Lenah Elaiwat
About Lenah Elaiwat
Lenah Elaiwat, 42, is Interim Chief Financial Officer and Treasurer of Seaport Entertainment Group (SEG) effective September 4, 2025; she also serves as the Company’s principal financial officer and has been Chief Accounting Officer since April 2024 . She holds a B.S. in Information Technology from NJIT, an M.B.A. in Accounting from Rutgers University, and is a Certified Public Accountant; prior roles include CAO at Regis Group PLC, VP Accounting & Finance at Midwood Investment and Development, and VP at Colony Capital/NorthStar Realty Finance, after beginning her career in EY’s real estate audit practice . Company operating KPIs most recently reported show total revenues of $16.1M in Q1 2025 vs $14.5M in Q1 2024, and improved net loss metrics year-over-year .
| Metric | Q1 2024 | Q1 2025 |
|---|---|---|
| Total revenues ($000s) | $14,511 | $16,069 |
| Net loss attributable to common stockholders ($000s) | $(44,078) | $(31,888) |
| Non-GAAP adjusted net loss attributable to common stockholders ($000s) | $(34,644) | $(22,758) |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Regis Group PLC | Chief Accounting Officer | 2022–2024 | Led accounting/finance for two startup real estate investment platforms |
| Midwood Investment & Development | VP Accounting & Finance | 2019–2022 | Oversaw accounting, treasury, finance, investor relations for NYC developer |
| Colony Capital / NorthStar Realty Finance | VP Accounting & Finance | 2014–2019 | Finance leadership at diversified REIT platforms |
| Ernst & Young LLP | Real Estate Audit Practice | Early career | Foundation in real estate auditing |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| — | — | — | No external board roles disclosed |
Fixed Compensation
| Component | Value | Notes |
|---|---|---|
| Base salary | Not disclosed | Lenah’s individual cash compensation not enumerated in the 2025 proxy; named NEOs are CEO, CFO (pre-9/4/25), and GC . |
| Stock ownership guideline | CFO: 3× base salary | Stock Ownership Guidelines require the CFO to maintain beneficial ownership ≥3× base salary within 5 years of appointment as an executive officer . |
| Insider Trading Policy | Adopted | Company-wide insider trading compliance policy governs transactions in Company securities . |
| Clawback Policy | Adopted | SEG adopted a clawback policy compliant with SEC/NYSE rules to recover excess incentive-based compensation upon an accounting restatement . |
Performance Compensation
SEG’s executive performance equity framework uses objective, investor-relevant metrics and defined payout scales; these policies govern executive awards (PSUs granted March 2025) and set the blueprint for CFO-level incentives.
| Metric | Weighting | Targets & Payout Scale | Vesting |
|---|---|---|---|
| Relative 3-Year TSR vs Russell 2000 | 50% | <35th percentile: 0%; 35th: 50%; 60th: 100%; 85th: 200% (straight-line interpolation between points) | Earned PSUs vest on March 7, 2028, subject to continued service (acceleration upon certain terminations/CIC per agreement) |
| Consolidated & Unconsolidated Asset-level EBITDA (FY 2027) | 50% | <$10M: 0%; $10M: 50%; $20M: 100%; $30M: 200% (straight-line interpolation); multiplier: 150% if 2027 Non-GAAP Adjusted Net Income is positive | Same as above |
Equity vehicles and plan terms:
- RSUs and options granted under the 2024 Equity Incentive Plan; standard RSU vesting is ratable over 3 years or cliff at 3–5 years; options typically 10-year term with cliff or pro rata vesting schedules .
- Plan share reserve initially 6.8M; ~5.9M remained available as of 12/31/2024 .
Equity Ownership & Alignment
| Item | Status |
|---|---|
| Beneficial ownership (Lenah) | Not disclosed in the 2025 proxy (table lists CEO, CFO, GC, directors, and >5% holders) . |
| Shares pledged | Not disclosed . |
| Ownership guidelines | CFO must maintain ≥3× base salary; compliance required within 5 years of appointment . |
| >5% shareholder influence | Pershing Square beneficially owns ~39.6% of common stock, with nomination rights and registration rights per investor rights agreement . |
Employment Terms
| Term | Detail |
|---|---|
| Appointment | Interim CFO & Treasurer effective Sept 4, 2025; assumes principal financial officer role; continues as CAO (appointed April 2024) . |
| Employment agreement | Not disclosed for Lenah; 8-K notes no related party transactions reportable under Item 404(a) . |
| Non-compete / non-solicit | Not disclosed for Lenah; company-level Insider Trading Policy and Clawback Policy in place . |
| Stock ownership guidelines | CFO guideline applies; 5-year compliance runway from appointment . |
Investment Implications
- CFO transition dynamics: Elaiwat’s elevation to Interim CFO amid the CEO handover (Partridge from CFO to CEO) concentrates execution risk around finance continuity; her deep real estate finance background and CAO tenure mitigate operational transition risk .
- Pay-for-performance alignment: SEG’s PSU design ties outcomes to relative TSR and 2027 asset-level EBITDA with a positive net income kicker (150% multiplier), closely linking executive payouts to value creation and profitability milestones relevant to creditors and equity holders .
- Ownership discipline and recourse: CFO-level stock ownership guidelines (3× salary, 5-year window) and a compliant clawback framework support alignment and downside recapture in restatement scenarios; Insider Trading Policy underpins governance hygiene in transactions .
- Concentrated shareholder influence: Pershing Square’s ~39.6% stake and board designation rights can shape capital allocation, compensation philosophy, and M&A posture—an important overlay to management incentive structures and retention levers .
- Disclosure limits: Individual compensation and holdings for Elaiwat are not itemized in the proxy; until definitive CFO appointment terms are filed, retention economics (severance/CIC), pledging/hedging restrictions, and personal ownership compliance status remain undisclosed, warranting monitoring of subsequent 8-Ks/proxy updates .
Notes:
- All facts and figures are drawn from cited company filings.
- Where Lenah-specific data is not disclosed, company-wide policies are presented to frame likely governance and incentive structures.