Todd Schuster
About Todd Schuster
Independent director of TPG RE Finance Trust, Inc. (TRTX); age 64 as of April 1, 2025; director since July 2020. Founder and head of Rivrock Group; prior senior leadership in real estate credit and mortgage finance. Education: B.A., Tufts University. The board has determined he is independent under NYSE standards .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Rivrock Group | Founder and Head | Not disclosed (current role stated) | Oversees diversified investments including hedge fund separate account; multi-asset investing remit |
| Ares Management (NYSE: ARES) | Senior Partner; Global Head of Real Estate Credit; Member of 12-person Management Committee; Investment Committee (US & Europe/UK) | Jun 2013–Sep 2015 | Led real estate credit globally; committee oversight on debt/equity vehicles |
| Ares Commercial Real Estate (NYSE: ACRE) | CEO and Director; previously Independent Director & Audit Committee Member | Independent director/audit: May 2012–May 2013; CEO/Director: Jun 2013–Sep 2015 | Public REIT governance; audit oversight; later executive leadership |
| CW Financial Services | Founder, CEO, Principal | 1992–2009 | Built 400-employee platform across CWCapital (agency lending), CWCapital Investments (~$10B AUM), CWCapital Asset Management (special servicer with >$175B collateral) |
| Salomon Brothers; Bankers Trust | Various roles, commercial mortgage finance | Not disclosed | Capital markets and mortgage finance experience |
External Roles
| Company/Institution | Role | Status/Timing |
|---|---|---|
| Ares Commercial Real Estate (NYSE: ACRE) | Independent Director & Audit Committee Member; later CEO and Director | Past (2012–2015) |
| Ares Management (NYSE: ARES) | Senior Partner; Global Head of Real Estate Credit | Past (2013–2015) |
| CW Financial Services | Founder/CEO/Principal | Past (1992–2009) |
| Rivrock Group | Founder and Head | Current role stated; not disclosed as a public company directorship |
Board Governance
- Committee memberships: Compensation Committee member; Nominating & Corporate Governance Committee member .
- Committee chair roles: None disclosed for Schuster; Compensation Committee chaired by Wendy Silverstein; Nominating & Corporate Governance chaired by Bradley Smith .
- Independence: Board determined Schuster is independent under NYSE standards (and eligible for committee service) .
- Attendance and engagement: 2024—Board 8 meetings; Compensation 3; Nominating & Corporate Governance 2. Each director attended at least 75% of combined board/committee meetings; all eight directors attended the May 14, 2024 annual meeting .
- Lead Independent Director and executive sessions: Lead Independent Director is Bradley Smith; independent directors hold periodic executive sessions without management .
- Director stock ownership guideline: Minimum $200,000 in TRTX shares within five years of initial election; grants in respect of annual director fees count toward guideline .
- Anti-hedging policy: Directors prohibited from hedging/short sales or derivative monetization transactions in Company securities .
Fixed Compensation
| Component (2024) | Amount | Detail/Date |
|---|---|---|
| Annual cash retainer | $100,000 | Non-management director cash retainer |
| Committee membership fees | $12,500 | Audit: $10,000; Compensation: $7,500; Nominating & Corporate Governance: $5,000; mix for Schuster totals $12,500 |
| Committee chair fees | $0 | Not a chair |
| Lead independent director fee | $0 | Not applicable to Schuster |
| Cash fees subtotal | $112,500 | Sum of above |
| Equity (Deferred Stock Units) | 14,415 DSUs; $121,086 grant-date fair value | Granted 12/27/2024; DSUs 100% vested at grant, delivered upon “Separation from Service”; dividends credited in additional DSUs |
| Total 2024 director compensation | $233,586 | Cash $112,500 + Stock awards $121,086 |
| Program note | Base director fee increased to $217,500 in 2024 (paid partly in cash, partly equity) | Applies to non-management directors; committee/lead fees additional |
Performance Compensation
| Element | Metrics | Structure | Notes |
|---|---|---|---|
| Performance-based pay for directors | None disclosed | N/A | Director equity grants are DSUs; no performance metrics disclosed for director compensation |
Other Directorships & Interlocks
| Topic | Disclosure |
|---|---|
| Current public company directorships | None disclosed for Schuster beyond TRTX |
| Prior public company boards | Ares Commercial Real Estate (NYSE: ACRE) audit committee member (2012–2013), later CEO and board member (2013–2015) |
| Compensation committee interlocks | None—committee members (including Schuster) were never officers/employees of the Company or affiliates; no Item 404 relationships requiring disclosure |
| Shared directorships with competitors/suppliers/customers | None disclosed for Schuster; several directors are TPG partners, but Schuster is identified as independent |
Expertise & Qualifications
- 30+ years across real estate credit, mortgage finance, asset management, and special servicing; founded and scaled CW Financial Services to 400 employees with ~$10B AUM and >$175B special-serviced collateral .
- Public REIT governance and audit oversight experience via ACRE; executive leadership as CEO of ACRE; global credit leadership at Ares .
- Education: B.A., Tufts University .
Equity Ownership
| Item | Amount | Notes |
|---|---|---|
| Beneficial ownership (shares) | 50,087 | Represents shares underlying DSUs; <1% of outstanding shares |
| Ownership % | Less than 1% | Based on 80,384,687 shares outstanding as of Mar 28, 2025 |
| DSUs outstanding (12/31/2024) | 49,958 | DSUs accrue dividends as additional DSUs; delivered upon separation |
| Pledged shares | Not disclosed | No pledging disclosure identified |
| Ownership guideline | $200,000 within five years of initial election (July 2020) | Grants in lieu of fees count toward guideline; individual compliance status not disclosed |
Governance Assessment
- Board effectiveness and independence: Schuster strengthens independent oversight across compensation and nominating/governance; independence affirmed; no related-party or interlock concerns disclosed under Item 404 .
- Attendance and engagement: Meets TRTX’s 75% threshold; board/committee activity robust in 2024; attended prior annual meeting—supports investor confidence in governance engagement .
- Alignment and pay structure: Director pay uses cash plus DSUs (settled at separation) and adheres to anti-hedging; equity-linked fees and stock ownership guidelines aim to align interests, though no explicit disclosure of guideline compliance for Schuster .
- Potential conflicts/related-party exposure: None specific to Schuster; Company’s external manager is TPG with standard management/trademark agreements; committee of independent directors reviews related-party transactions; Schuster remains independent from TPG .
- RED FLAGS: None identified for Schuster regarding attendance shortfalls, related party transactions, hedging/pledging, or pay anomalies; compensation committee states no interlocks/insider participation conflicts .