Velarion · Company Intelligence
Compensation Brief
Fiscal year 2024 · Filings through 2026-04-30

Maverick Merger Sub 2 (COOP)

Fiscal year 2024 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$13,618,538
Jay Bray total, FY2024
40th
CEO pay percentile vs peers
291:1
CEO-to-median pay ratio
67.92%
Say-on-pay support, latest vote
Companies that benchmark against COOP
No companies currently name COOP as a compensation peer in their most recent disclosure.

This is the complete answer, not a partial one — the list is never padded.

01

Summary Compensation Table — fiscal year 2024

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Jay Bray$1,000,000$0$7,977,273$0$4,625,000$0$16,265$13,618,538
Chairman & Chief Executive Officer
Christopher Marshall750,00003,794,40303,512,500018,2178,075,120
Former Vice Chairman & Former President
Michael Weinbach706,731350,0002,000,04602,775,000013,0225,844,799
President
Kurt Johnson500,00001,650,48101,362,750014,8013,528,032
Executive Vice President & Chief Financial Officer
Michael Rawls450,0000850,01401,242,000015,3002,557,314
Executive Vice President & CEO Xome
Carlos Pelayo430,0000387,0500631,971012,1241,461,145
Executive Vice President & Chief Legal Officer

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2024 totalFY2023 totalFY2022 totalΔ FY20232024
Jay Bray$13,618,538$30,310,962$10,762,373−16,692,424
Christopher Marshall8,075,1208,600,5046,412,157−525,384
Michael Weinbach5,844,799
Kurt Johnson3,528,0322,323,4101,373,792+1,204,622
Michael Rawls2,557,3142,341,1892,376,422+216,125
Carlos Pelayo1,461,1451,808,050−346,905

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

No insider equity transactions reported since the proxy statement.

03

Grants of plan-based awards — fiscal year 2024

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Jay BrayRSU2024-03-0150,856$3,625,016
Jay BrayPSU2024-03-0125,42850,856101,7124,352,257
Carlos PelayoRSU2024-03-015,430387,050
Christopher MarshallRSU2024-03-0129,5672,107,536
Michael RawlsRSU2024-03-0111,925850,014
Kurt JohnsonRSU2024-03-0110,522750,008
Michael WeinbachRSU2024-03-0128,0592,000,046
Christopher MarshallPSU2024-03-019,85619,71139,4221,686,867
Kurt JohnsonPSU2024-03-015,26110,52221,044900,473
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Jay Bray$3,625,016$4,352,257$054.6%
Carlos Pelayo387,050000.0%
Christopher Marshall2,107,5361,686,867044.5%
Michael Rawls850,014000.0%
Kurt Johnson750,008900,473054.6%
Michael Weinbach2,000,046000.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2024

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Jay BrayRSU52,077$4,999,913
Michael RawlsRSU11,9251,144,919
Carlos PelayoRSU9,153878,780
Jay BrayPSU166,32415,968,767
Christopher MarshallPSU39,4223,784,906
Michael RawlsRSU7,611730,732
Christopher MarshallRSU13,1421,261,763
Christopher MarshallRSU29,5672,838,728
Jay BrayRSU22,9992,208,134
Christopher MarshallPSU74,2827,131,815
Michael WeinbachRSU28,0592,693,945
Kurt JohnsonRSU10,5221,010,217
Jay BrayPSU129,56212,439,248
Jay BrayPSU318,41630,571,120
Jay BrayRSU106,13910,190,405
Jay BrayPSU101,7129,765,369
Christopher MarshallPSU97,5009,360,975
Jay BrayRSU50,8564,882,685
Christopher MarshallRSU30,5282,930,993
Kurt JohnsonPSU21,0442,020,434
Michael RawlsRSU12,2121,172,474
Kurt JohnsonRSU8,620827,606
Carlos PelayoRSU5,430521,334
Kurt JohnsonRSU3,286315,489
05

Incentive-plan design — the Compensation Discussion & Analysis

We review our compensation programs and related governance provisions and practices to ensure our compensation programs are aligned to the interests of stockholders, provide for appropriate pay-for-performance alignment, contain risk mitigating features and do not promote unnecessary and excessive risk.

CEO STI target (% of salary)250%
CEO LTI target (% of salary)
Independent consultantKorn Ferry
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingTrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20242024-05-2335,415,54215,880,647844,68867.92%Passed
20232023-05-1150,333,4581,098,686117,10297.64%Passed
20222022-05-1935,915,39419,943,61168,32264.22%Passed
20212021-05-1351,811,47720,410,526145,06571.6%Passed
20202020-05-1449,770,77018,969,128148,23472.25%Passed
20192019-05-1641,778,54028,993,7132,314,97857.16%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20242024-05-2367.92%a
20232023-05-1197.64%b
20222022-05-1964.22%c

a. Approved under the standard stated in the filing — “If you choose to abstain in voting on any other matter, your abstention will be counted as a vote AGAINST the proposal, as the required vote is calculated through the following calculation: votes FOR divided by the sum of votes FOR plus votes AGAINST plus votes ABSTAINING.”.

b. Approved under the standard stated in the filing — “If you choose to abstain in voting on any other matter, your abstention will be counted as a vote AGAINST the proposal, as the required vote is calculated through the following calculation: votes FOR divided by the sum of votes FOR plus votes AGAINST plus votes ABSTAINING.”.

c. Approved under the standard stated in the filing — “If you choose to abstain in voting on any other matter, your abstention will be counted as a vote AGAINST the proposal, as the required vote is calculated through the following calculation: votes FOR divided by the sum of votes FOR plus votes AGAINST plus votes ABSTAINING.”.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)291 : 1
CEO total compensation
Median employee compensation
08

Director compensation — fiscal year 2024

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Roy GuthrieIndependent · Lead Independent Director · Audit & Risk (Chair) · Compensation$240,356$125,000$0$0$0$365,356
Tagar OlsonIndependent · Compensation (Chair)185,000125,000000310,000
Steven ScheiweIndependent · Audit & Risk · Compensation180,000125,000000305,000
Mike MaloneIndependent · Compensation · Nominating & Corporate Governance (Chair) · Departed during FY169,075125,000000294,075
Daniela JorgeIndependent · Nominating & Corporate Governance160,000125,000000285,000
Busy BurrIndependent · Compensation · Departed during FY150,000125,000000275,000
Shveta MujumdarIndependent · Nominating & Corporate Governance145,000125,000000270,000
Jay BrayEmployee director · Board Chair00000
Andrew Bon SalleIndependent · Audit & Risk · Nominating & Corporate Governance (Chair) · Newly elected000000
09

Board fee structure and ownership guideline

Annual cash retainer$0
Annual equity retainer
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)
Stock ownership guideline
09b

Total cost of the board

ComponentFY2024
Cash retainers and fees$1,229,431
Equity awards (grant-date value)$875,000
All other compensation$0
Total cost of the board$2,104,431

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2024

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies Maverick Merger Sub 2 names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Maverick Merger Sub 2.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Rocket Companies, Inc.2025Varun Krishna$1,262,603$46,999,970$0$3,992,981$52,889,799
2Sofi Technologies, Inc.2025Anthony Noto1,000,00025,308,94102,760,00030,275,733
3Rithm Capital Corp.2025Michael Nierenberg1,000,00012,000,00707,440,00020,450,903
4Annaly Capital Management, Inc.2025David Finkelstein1,000,0009,483,6290019,270,629
5Walker & Dunlop, Inc.2025William Walker1,000,00013,170,93101,324,82115,500,252
6OneMain Holdings, Inc.2025Douglas Shulman1,097,3088,190,54204,551,25015,074,230
7Maverick Merger Sub 22024Jay Bray1,000,0007,977,27304,625,00013,618,538
8PennyMac Financial Services, Inc.2025David Spector1,483,3335,437,4442,025,6873,608,25012,660,536
9Radian Group Inc.2025Richard Thornberry1,000,0007,085,3473,120,00011,318,967
10Zillow Group, Inc.2025Jeremy Wacksman850,2664,006,8002,249,53607,138,557
11loanDepot, Inc.2025Frank Martell363,07775,000002,518,273
UWM Holdings Corporationnot in coverage universe

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Maverick Merger Sub 2185%PSU 50 · RSU 50Yes — Relative TSRKorn Ferry
Annaly Capital Management, Inc.142%PSU 60 · RSU 40NoSemler Brossy
loanDepot, Inc.60%RSU 50 · PSU 50Nonot disclosed
OneMain Holdings, Inc.166%PSU 55 · RSU 45NoMeridian Compensation Partners, LLC
PennyMac Financial Services, Inc.84.9%PSU 50 · RSU 25 · Options 25NoPearl Meyer
Radian Group Inc.not disclosedPSU 60 · RSU 40not disclosedWillis Towers Watson
Rithm Capital Corp.186%PSU 75 · RSU 25NoFW Cook
Rocket Companies, Inc.115%RSU 50 · PSU 50NoSemler Brossy Consulting Group, LLC
Sofi Technologies, Inc.138%RSU 50 · PSU 50NoCompensia, Inc.
UWM Holdings Corporationnot disclosednot disclosednot disclosednot disclosed
Walker & Dunlop, Inc.132%not disclosedNoPay Governance
Zillow Group, Inc.not disclosednot disclosednot disclosedEquilar

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Jay BrayDEF 14A2025-04-100001193125-25-077327Section “Summary Compensation Table” · page 57. As printed: 13,618,538. Filing ↗machine: r3 · c14 · span 831428–831438
2Section 01, Christopher MarshallDEF 14A2025-04-100001193125-25-077327Section “Summary Compensation Table” · page 57. As printed: 8,075,120. Filing ↗machine: r29 · c14 · span 851710–851719
3Section 01, Michael WeinbachDEF 14A2025-04-100001193125-25-077327Section “Summary Compensation Table” · page 57. As printed: 5,844,799. Filing ↗machine: r15 · c14 · span 840133–840142
4Section 01, Kurt JohnsonDEF 14A2025-04-100001193125-25-077327Section “Summary Compensation Table” · page 57. As printed: 3,528,032. Filing ↗machine: r9 · c14 · span 835767–835776
5Section 01, Michael RawlsDEF 14A2025-04-100001193125-25-077327Section “Summary Compensation Table” · page 57. As printed: 2,557,314. Filing ↗machine: r22 · c14 · span 845753–845762
6Section 01, Carlos PelayoDEF 14A2025-04-100001193125-25-077327Section “Summary Compensation Table” · page 57. As printed: 1,461,145. Filing ↗machine: r18 · c14 · span 842582–842591
7Section 03, Jay Bray RSUDEF 14A2025-04-100001193125-25-077327Section “Grants of Plan Based Awards for 2024” · grants of plan-based awards table. Filing ↗machine: t184 · r8 · c18 · span 874692–874698
8Section 03, Jay Bray PSUDEF 14A2025-04-100001193125-25-077327Section “Grants of Plan Based Awards for 2024” · grants of plan-based awards table. Filing ↗machine: t184 · r8 · c18 · span 874692–874698
9Section 03, Carlos Pelayo RSUDEF 14A2025-04-100001193125-25-077327Section “Grants of Plan Based Awards for 2024” · grants of plan-based awards table. Filing ↗machine: t184 · r30 · c18 · span 900117–900122
10Section 03, Christopher Marshall RSUDEF 14A2025-04-100001193125-25-077327Section “Grants of Plan Based Awards for 2024” · grants of plan-based awards table. Filing ↗machine: t184 · r43 · c18 · span 915576–915582
11Section 03, Michael Rawls RSUDEF 14A2025-04-100001193125-25-077327Section “Grants of Plan Based Awards for 2024” · grants of plan-based awards table. Filing ↗machine: t184 · r36 · c18 · span 906875–906881
12Section 03, Kurt Johnson RSUDEF 14A2025-04-100001193125-25-077327Section “Grants of Plan Based Awards for 2024” · grants of plan-based awards table. Filing ↗machine: t184 · r16 · c18 · span 884023–884029
13Section 03, Michael Weinbach RSUDEF 14A2025-04-100001193125-25-077327Section “Grants of Plan Based Awards for 2024” · grants of plan-based awards table. Filing ↗machine: t184 · r24 · c18 · span 893360–893366
14Section 03, Christopher Marshall PSUDEF 14A2025-04-100001193125-25-077327Section “Grants of Plan Based Awards for 2024” · grants of plan-based awards table. Filing ↗machine: t184 · r45 · c14 · span 917774–917780
15Section 03, Kurt Johnson PSUDEF 14A2025-04-100001193125-25-077327Section “Grants of Plan Based Awards for 2024” · grants of plan-based awards table. Filing ↗machine: t184 · r16 · c18 · span 884023–884029
16Section 07, pay ratioDEF 14A0001193125-25-077327Section “CEO Pay Ratio”. As printed: 291 : 1.machine: span 1047306–1047311
17Section 08, Roy GuthrieDEF 14A2025-04-100001193125-25-077327Section “Director Compensation”. As printed: 365,356. Filing ↗
18Section 08, Tagar OlsonDEF 14A2025-04-100001193125-25-077327Section “Director Compensation”. As printed: 310,000. Filing ↗
19Section 08, Steven ScheiweDEF 14A2025-04-100001193125-25-077327Section “Director Compensation”. As printed: 305,000. Filing ↗
20Section 08, Mike MaloneDEF 14A2025-04-100001193125-25-077327Section “Director Compensation”. As printed: 294,075. Filing ↗machine: t94 · r19 · c11 · span 476944–476951
21Section 08, Daniela JorgeDEF 14A2025-04-100001193125-25-077327Section “Director Compensation”. As printed: 285,000. Filing ↗
22Section 08, Busy BurrDEF 14A2025-04-100001193125-25-077327Section “Director Compensation”. As printed: 275,000. Filing ↗machine: t94 · r17 · c11 · span 475662–475669
23Section 08, Shveta MujumdarDEF 14A2025-04-100001193125-25-077327Section “Director Compensation”. As printed: 270,000. Filing ↗
24Section 08, Jay BrayDEF 14A2025-04-100001193125-25-077327Section “Director Compensation”. As printed: 0. Filing ↗
25Section 08, Andrew Bon SalleDEF 14A2025-04-100001193125-25-077327Section “Director Compensation”. As printed: 0. Filing ↗machine: t94 · r3 · c11 · span 466271–466278
26Section 06, 2024 voteForm 8-K2024-05-240000933136-24-000059Item 5.07 · say-on-pay result. As reported: 67.92% (votes for as printed: 35,415,542.80). Filing ↗
27Section 06, 2023 voteForm 8-K2023-05-120000933136-23-000050Item 5.07 · say-on-pay result. As reported: 97.64% (votes for as printed: 50,333,458.23). Filing ↗
28Section 06, 2022 voteForm 8-K2022-05-200000933136-22-000051Item 5.07 · say-on-pay result. As reported: 64.22%. Filing ↗
29Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
30Section 03b vehicle mix (computed)ComputedcomputedRSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
31Section 09b board cost (computed)ComputedcomputedCash 1,229,431 + equity 875,000 + all other 0 = 2,104,431, summed across the director compensation table rows.machine: formula: Σ = 2,104,431
32Rocket Companies, Inc., Section 10b CEO totalDEF 14A2026-04-290001805284-26-000056CEO total compensation as printed in Rocket Companies, Inc.'s own proxy. As printed: 52,889,799. Filing ↗machine: t26 · r2 · c7 · span 1201777–1201787
33Sofi Technologies, Inc., Section 10b CEO totalDEF 14A2026-04-300001818874-26-000032CEO total compensation as printed in Sofi Technologies, Inc.'s own proxy. As printed: 30,275,733. Filing ↗machine: span 683389–683399
34Rithm Capital Corp., Section 10b CEO totalDEF 14A2026-04-090001104659-26-041536CEO total compensation as printed in Rithm Capital Corp.'s own proxy. As printed: 20,450,903. Filing ↗machine: span 416665–416675
35Annaly Capital Management, Inc., Section 10b CEO totalDEF 14A2026-04-300001104659-26-052954CEO total compensation as printed in Annaly Capital Management, Inc.'s own proxy. As printed: 19,270,629. Filing ↗machine: t91 · r1 · c36 · span 1399922–1399932
36Walker & Dunlop, Inc., Section 10b CEO totalDEF 14A2026-04-010001104659-26-038515CEO total compensation as printed in Walker & Dunlop, Inc.'s own proxy. As printed: 15,500,252. Filing ↗machine: t197 · r6 · c14 · span 849398–849408
37OneMain Holdings, Inc., Section 10b CEO totalDEF 14A2026-04-290001584207-26-000012CEO total compensation as printed in OneMain Holdings, Inc.'s own proxy. As printed: 15,074,230. Filing ↗machine: r2 · c24 · span 638050–638060
38Maverick Merger Sub 2 (subject), Section 10b CEO totalDEF 14A2025-04-100001193125-25-077327CEO total compensation as printed in Maverick Merger Sub 2's own proxy. As printed: 13,618,538. Filing ↗machine: r3 · c14 · span 831428–831438
39PennyMac Financial Services, Inc., Section 10b CEO totalDEF 14A2026-04-200001193125-26-164086CEO total compensation as printed in PennyMac Financial Services, Inc.'s own proxy. As printed: 12,660,536. Filing ↗machine: r3 · c26 · span 1032650–1032660
40Radian Group Inc., Section 10b CEO totalDEF 14A2026-04-020001193125-26-140155CEO total compensation as printed in Radian Group Inc.'s own proxy. As printed: 11,318,967. Filing ↗
41Zillow Group, Inc., Section 10b CEO totalDEF 14A2026-04-150001617640-26-000031CEO total compensation as printed in Zillow Group, Inc.'s own proxy. As printed: 7,138,557. Filing ↗machine: r2 · c39 · span 618709–618718
42loanDepot, Inc., Section 10b CEO totalDEF 14A2026-04-230001831631-26-000048CEO total compensation as printed in loanDepot, Inc.'s own proxy. As printed: 2,518,273. Filing ↗machine: t73 · r6 · c17 · span 320539–320548
43Section 10a, Annaly Capital Management, Inc. reciprocityDEF 14A0001104659-26-052954Annaly Capital Management, Inc.'s most recent proxy was read; its disclosed peer group does not include Maverick Merger Sub 2. Filing ↗
44Section 10a, OneMain Holdings, Inc. reciprocityDEF 14A0001584207-26-000012OneMain Holdings, Inc.'s most recent proxy was read; its disclosed peer group does not include Maverick Merger Sub 2. Filing ↗
45Section 10a, Radian Group Inc. reciprocityDEF 14A0001193125-26-140155Radian Group Inc.'s most recent proxy was read; its disclosed peer group does not include Maverick Merger Sub 2. Filing ↗
46Section 10a, Sofi Technologies, Inc. reciprocityDEF 14A0001818874-26-000032Sofi Technologies, Inc.'s most recent proxy was read; its disclosed peer group does not include Maverick Merger Sub 2. Filing ↗
47Section 10a, Walker & Dunlop, Inc. reciprocityDEF 14A0001104659-26-038515Walker & Dunlop, Inc.'s most recent proxy was read; its disclosed peer group does not include Maverick Merger Sub 2. Filing ↗