Rina Paniry
About Rina Paniry
Rina Paniry is CFO, Treasurer, Principal Financial Officer and Chief Accounting Officer at Starwood Property Trust (STWD), serving since May 2014; she is age 51 as of March 2025 and age 50 as of March 2024 . Her credentials include BAcc/BA in Management Information Systems and MAcc from Florida International University, and licensure as a CPA in Florida; she spent 11 years at Deloitte & Touche focused on real estate audit and M&A . STWD’s Compensation Committee evaluates executive pay using qualitative performance factors including stock price performance, profitability, Distributable Earnings, capital structure management, investment activity, and risk management, rather than fixed metric scorecards; Distributable Earnings is emphasized as a core driver of value and is used for manager incentive fee computation .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| LNR Property LLC (subsidiary of STWD) | Chief Financial Officer | 2013–2014 | Led integration and transition of core finance functions to LNR’s Miami office post-2013 acquisition . |
| LNR Property LLC | Chief Accounting Officer | 2006–2013 | Oversaw complex accounting and technical transactions in real estate . |
| Deloitte & Touche | Various roles (audit, M&A), real estate focus | ~1995–2006 (11 years) | Real estate audit and M&A experience; increasing responsibility . |
| Starwood Property Trust | CFO, Treasurer, PFO, CAO | Since May 2014 | Appointed CFO May 7, 2014; granted 14,547 RS to support transition . |
External Roles
No external board or public company roles disclosed for Ms. Paniry in STWD’s proxies and 8-Ks. Skip.
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Salary ($) | $600,000 | $600,000 | $600,000 |
| Bonus ($) | $1,575,000 | $1,631,700 | $1,631,700 |
| Stock Awards ($) | $1,133,803 | $975,000 | $2,318,292 |
| Total ($) | $3,308,803 | $3,206,700 | $4,549,992 |
Notes:
- Cash compensation for Ms. Paniry is paid directly by STWD under a Secondment Agreement; other NEOs (e.g., President) are paid by affiliates, with STWD not reimbursing most cash comp other than dividend equivalents; cash bonus levels target the 50th–75th percentile of peer data and are determined without fixed metrics using qualitative factors (stock price, profitability including Distributable Earnings, risk management, investment activity, capital structure) .
Performance Compensation
Equity Awards Granted (RS)
| Grant Date | Shares | Grant Date Fair Value ($) | Vesting Terms |
|---|---|---|---|
| Mar 15, 2014 | 14,547 | N/A | Equal quarterly installments over 3 years starting Jun 30, 2014 . |
| Mar 15, 2022 | 48,913 | Valued at $23.18 close on grant date | 3-year ratable vesting beginning Mar 15, 2022 . |
| Mar 9, 2023 | 51,560 | $975,000 (at $18.91 close) | Equal annual installments over 3 years beginning Mar 15, 2024 . |
| Mar 7, 2024 | 40,231 | $818,298 | 3-year ratable vesting: ~1/3 on Mar 15, 2025/2026/2027 . |
| Mar 7, 2024 | 73,746 | $1,499,994 | Cliff vest on Mar 15/25, 2027 (proxy shows March 25, 2027) . |
| Mar 2025 | 40,793 | ~$818,300 | Granted for 2024 performance . |
Vesting realized:
- Stock vested in 2024: 109,910 shares; value realized $2,210,290 (FMV at vesting dates) .
Vesting Schedule Detail (Outstanding as of Dec 31, 2024)
| Award | Remaining Unvested Shares | Vesting Dates and Amounts |
|---|---|---|
| 40,231 RS (granted 2024) | 40,231 | 13,410 on Mar 15, 2025; 13,410 on Mar 15, 2026; 13,411 on Mar 15, 2027 . |
| 73,746 RS (granted 2024) | 73,746 | Cliff vest on Mar 25, 2027 . |
| 34,374 RS (granted 2023) | 34,374 | 17,186 on Mar 15, 2025; 17,188 on Mar 15, 2026 . |
| 16,305 RS (granted 2022) | 16,305 | Vested on Mar 15, 2025 . |
Compensation determination notes:
- No fixed performance metric weights; Committee considers common stock performance, profitability (including Distributable Earnings), operations, risk management, investment activity, capital structure, and M&A; awards recommended by CEO and informed by independent consultant Meridian .
Clawback:
- STWD adopted a Clawback Policy on Nov 1, 2023 requiring recovery of erroneously paid incentive compensation for executives in compliance with SEC Rule 10D-1 and NYSE standards .
Equity Ownership & Alignment
| As-of Date | Beneficially Owned Shares | Percent of Class | Notes |
|---|---|---|---|
| Mar 6, 2024 | 466,730 | <1% | Ownership includes direct/indirect holdings; percent less than 1% per proxy table . |
| Mar 3, 2025 | 580,707 | <1% | Increased holdings year-over-year . |
- Anti-hedging: Directors, employees and immediate families may not transact in Company or Starwood Capital-affiliate securities, including derivatives, without prior approval from legal counsel .
- No disclosure found on pledging of Ms. Paniry’s shares; no specific executive stock ownership guidelines disclosed (director guideline is 3× board cash retainer) .
Employment Terms
| Item | Disclosure |
|---|---|
| Secondment | Ms. Paniry is seconded to STWD under a Secondment Agreement effective Jan 1, 2014; STWD and certain subsidiaries directly pay her salary, bonus, employee benefits and certain payroll taxes . |
| Severance / Employment Contracts | STWD has no employment or severance agreements with named executive officers; no severance cash multiples disclosed . |
| Change-in-Control / Accelerated Vesting | All unvested RS/RSUs vest immediately upon termination without cause and, for Ms. Paniry, upon resignation for good reason or termination due to death or disability; also vest upon Change in Control (with exceptions for transactions involving the Manager or affiliates) . |
| Ownership / Trading Policies | Insider Trading Policy on purchases/sales; anti-hedging restrictions; Board communications and governance detailed in proxy . |
Investment Implications
- Pay-for-performance calibration: Cash bonuses target market median-to-upper quartile and are judgment-based on factors such as Distributable Earnings and stock performance; equity grants are sizable with multi-year vesting, aligning Ms. Paniry with long-term value creation and dividend continuity for a mortgage REIT .
- Retention dynamics: Multi-year RS awards with annual and cliff vest dates (notably March 15/25, 2025–2027) create ongoing retention hooks; acceleration on termination without cause or good reason for Ms. Paniry reduces downside severance uncertainty but can mitigate departure friction; investors should watch vesting calendars for potential selling windows post-vesting .
- Ownership alignment: Beneficial ownership increased from 466,730 to 580,707 shares YoY and remains <1% of the float; no pledging disclosed and anti-hedging restrictions are in place, supporting alignment and reducing hedging-related red flags .
- Governance risk mitigants: SEC/NYSE-compliant clawback adopted Nov 2023; compensation overseen by an independent Compensation Committee using an outside consultant (Meridian), which lowers risk of pay inflation or misalignment, though absence of explicit quantitative scorecards limits transparency for payout determination .