We do not pay our directors additional fees for attending board meetings, but reimburse each of our directors for reasonable out- of-pocket expenses incurred in attending board and committee meetings (including, but not limited to, airfare, hotel and meals). Our directors who are affiliated with Starwood Capital, including the Advisor, will not receive additional compensation for serving on the board of directors or committees thereof. The following table sets forth the compensation to our directors for the fiscal year ended December 31, 2024:
Fees Earned or Paid in Cash
Stock Awards (1)
Name
Total
Barry S. Sternlicht
$
— $
— $
— — — — —
Sean Harris
— — — —
— — — —
John P. McCarthy, Jr.
Mark Deason Austin Nowlin
Richard D. Bronson David B. Henry Robin Josephs Peggy Lamb Dale Anne Reiss James E. Walker
90,009 90,009 94,006 90,009 98,004 98,004
134,991 134,991 140,994 134,991 146,996 146,996
225,000 225,000 235,000 225,000 245,000
245,000 (1) Includes the total value in restricted stock granted to each of the independent directors during the year ended December 31, 2024. The grants of Class I restricted shares were made in August 2024 and vest in August 2025. The grants were valued based on a NAV per share of $22.40, the then-current NAV per share of our Class I shares. Independent Director Stock Ownership Policy Our board of directors has adopted a stock ownership policy for our independent directors in order to better align our independent directors’ financial interests with those of our stockholders by requiring our independent directors to own a minimum level of our stock. Effective January 1, 2024, each of our independent directors will be required to own shares of our common stock in an amount equal to five times his or her annual cash retainer within five years of becoming subject to this policy.
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