Jeffrey Bajtner
About Jeffrey Bajtner
Jeffrey Bajtner (age 40) is Chief Investment Officer (since March 2022) and, effective the 2025 Record Date, Chief Operating Officer at Strawberry Fields REIT; he joined the company in June 2021 to oversee acquisitions and dispositions. He holds a B.S. in Accounting & Finance from Yeshiva University (2007) and is a licensed CPA in Illinois . Company performance under the current team included portfolio growth from 107 to 124 facilities in 2024 and to 130 by early 2025, with acquisitions of $108.0M in 2023 and $130.3M in 2024 and AFFO demonstrating a 12.6% CAGR over six years; the stock price increased during 2024 from $7.79 to $10.54 (peak $12.90) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| BlitzLake Partners (Chicago real estate developer) | Oversaw acquisitions and asset management | 2015–2021 | Acquisition and asset management leadership across mixed-use properties |
| NorthStar Realty Finance Corp. | Asset management and capital markets (focus: healthcare, multifamily, retail) | 2012–2015 | Exposure to healthcare/multifamily/retail investments, capital markets execution |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| None disclosed | — | — | No external board or committee roles disclosed in company filings |
Fixed Compensation
| Metric | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Base Salary ($) | $150,000 | $180,000 | $200,000 | $250,000 |
| Bonus ($) | $0 | $0 | $0 | $0 |
| Total Cash ($) | $150,000 | $180,000 | $200,000 | $250,000 |
Notes:
- The company had not adopted formal compensation policies for executive bonuses or equity grants as of the 2024 proxy; incentives were expected to be designed by the compensation committee going forward .
Performance Compensation
- The company disclosed no formal performance metric framework (weightings, targets, payout curves) and paid no annual bonuses to Bajtner in 2021–2024 .
- Equity award activity: Bajtner reported a Form 4 stock award grant of 2,174 common shares on January 31, 2025; post-transaction beneficial ownership was 2,174 shares. Vesting schedule and award type were not detailed in proxy filings; Form 4 identifies the award and holdings .
Equity Awards Detail
| Grant Date | Instrument | Shares Granted | Fair Value | Vesting Schedule |
|---|---|---|---|---|
| 2025-01-31 | Stock award (Form 4) | 2,174 | Not disclosed | Not disclosed |
Equity Ownership & Alignment
| Item | Value |
|---|---|
| Beneficial Ownership (common shares) | 2,174 shares |
| Ownership as % of Common Shares Outstanding | 0.0% |
| OP Units | None disclosed for Bajtner |
| Options (exercisable/unexercisable) | None disclosed |
| Shares pledged as collateral | None; company states no executive or director pledges |
| Stock ownership guidelines | Not disclosed |
Employment Terms
| Term | Disclosure |
|---|---|
| Employment start at STRW | June 2021 (joined to lead acquisitions/dispositions) |
| Current roles | CIO since March 2022; COO effective Record Date (March 25, 2025) |
| Employment agreement | None; officers are not party to employment agreements |
| Severance provisions | Not disclosed |
| Change-of-control provisions | Not disclosed |
| Non-compete / Non-solicit | Not disclosed |
| Clawback policy | Not disclosed (code of conduct discussed; no clawback specifics) |
Performance & Track Record
| Metric | 2023 | 2024 | Notes |
|---|---|---|---|
| Acquisitions (real estate) | $108.0M | $130.3M | CEO letter highlights disciplined 10%+ unlevered cash-on-cash return focus |
| Facilities Count | — | 124 at YE 2024; 130 by early 2025 | |
| AFFO Growth | — | 12.6% CAGR over six years (company-wide) | |
| Stock Price (calendar 2024) | Start: $7.79 | End: $10.54; intrayear high: $12.90 | |
| 2024–2025 acquisitions impact | 21 SNFs + 2 ALs acquired (Jan 1, 2024–Mar 13, 2025) for $154.3M; expected initial annual cash revenues ≈ $17.7M |
Compensation Committee Analysis
- Committee members: Stanford Gertz, Jack Levine, Mark Myers; all independent directors per governance disclosures .
- Scope: CEO goal-setting and pay approvals, incentive plan design/administration, proxy disclosure, director remuneration reviews .
- Company noted intention for the compensation committee to design pay programs aligned to operating results and shareholder returns; formalized policies were not yet adopted as of 2024 proxy .
Related Party Transactions (Governance context)
- A significant number of STRW tenants are related parties affiliated with CEO Moishe Gubin and director Michael Blisko; multiple master leases cover these relationships (e.g., Indiana and Tennessee master leases) with defined rent schedules and escalators .
- No guarantees from related parties to company debt; deposits held at OptimumBank (where CEO is chairman) were $5.9M at 12/31/2024 .
Risk Indicators & Red Flags
- Minimal direct equity ownership by Bajtner (2,174 shares; 0.0%), limiting “skin-in-the-game” alignment; however, no pledging and recent stock award increase alignment incrementally .
- Absence of employment agreement and disclosed severance/change-of-control terms reduces contractual retention levers .
- Extensive related-party tenant base introduces governance scrutiny and potential conflict-of-interest perceptions (though terms are disclosed) .
Say-on-Pay & Shareholder Feedback
- No say-on-pay approval percentages or shareholder proposal outcomes specific to executive compensation were disclosed in the cited filings; board/committee structures and attendance provided .
Investment Implications
- Alignment: Bajtner’s direct ownership is de minimis (2,174 shares; 0.0%), and there are no disclosed options/OP units—this lowers personal economic exposure but avoids pledging concerns; the January 2025 stock award introduces modest alignment .
- Retention: No employment agreement or severance/change-of-control protections are disclosed, suggesting limited golden-handcuff retention features; retention likely depends on role scope, future equity awards, and market compensation resets the committee plans to design .
- Performance linkage: With no formal performance metric framework or bonus history through 2024, pay-for-performance mechanisms appear nascent; investors should monitor the compensation committee’s program roll-out to tie incentives to AFFO growth, disciplined ROIC/lease yields, and stock performance as outlined by management .
- Governance/trading signals: The company’s rapid portfolio expansion and expected $17.7M initial annual cash revenue from recent acquisitions support operating momentum, but the breadth of related-party leases elevates governance risk premia; insider activity by Bajtner shows grant-only (no sales), implying no near-term selling pressure from him .