CEO Adam Portnoy was paid $4,817,047 in fiscal year 2025, ↓ down 2.0% from fiscal year 2024, the 25th percentile of its disclosed peer group (SEC filing 0001104659-26-004085 ↗): 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.
$4,817,047 ↓ Adam Portnoy total, FY2025 | 25th CEO pay percentile vs peers | — CEO-to-median pay ratio | 99.75% Say-on-pay support, latest vote |
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| Named executive officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension / NQDC | All other | Total |
|---|---|---|---|---|---|---|---|---|
| Adam Portnoy | $375,000 | $2,300,000 | $2,079,973 | $0 | $0 | $0 | $62,074 | $4,817,047 |
| Managing Director, President and Chief Executive Officer | ||||||||
| Jennifer Clark | 375,000 | 2,880,000 | 1,204,975 | 0 | 0 | 0 | 61,623 | 4,521,598 |
| Former Managing Director, Executive Vice President, General Counsel and Secretary | ||||||||
| Matthew Jordan | 375,000 | 2,450,000 | 1,414,968 | 0 | 0 | 0 | 73,226 | 4,313,194 |
| Managing Director, Executive Vice President, Chief Operating Officer, Former Chief Financial Officer and Treasurer | ||||||||
| Christopher Bilotto | 375,000 | 950,000 | 1,154,974 | 0 | 0 | 0 | 35,179 | 2,515,153 |
| Executive Vice President | ||||||||
| John Murray | 37,500 | 191,250 | 699,977 | 0 | 0 | 0 | 46,597 | 975,323 |
| Executive Vice President | ||||||||
| Jeffrey Leer | 37,500 | 100,000 | 774,977 | 0 | 0 | 0 | 16,873 | 929,350 |
| Executive Vice President | ||||||||
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.
| Named executive officer | FY2025 total | FY2024 total | FY2023 total | Δ FY2024→2025 |
|---|---|---|---|---|
| Adam Portnoy | $4,817,047 | $4,916,896 | $4,212,670 | ↓ −99,849 |
| Jennifer Clark | 4,521,598 | 4,576,695 | 4,651,216 | ↓ −55,097 |
| Matthew Jordan | 4,313,194 | 4,248,031 | 4,263,527 | ↑ +65,163 |
| Christopher Bilotto | 2,515,153 | 2,052,208 | — | ↑ +462,945 |
| John Murray | 975,323 | 1,400,606 | 1,609,491 | ↓ −425,283 |
| Jeffrey Leer | 929,350 | — | — | — |
Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.
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This is the complete answer, not a partial one — the list is never padded.
One page per director: the seat, the committees and the fee table, read for one person at a time.
| Director | Role | FY2025 total |
|---|---|---|
| Ann Logan | Independent Director | $217,500 |
| Jonathan Veitch | Independent Director | $212,500 |
| Rosen Plevneliev | Lead Independent Director | $215,000 |
| Walter C. Watkins Jr | Independent Director | $212,500 |
No insider equity transactions reported since the proxy statement.
| Executive | Award | Shares unvested | Exercise price | Market value unvested |
|---|---|---|---|---|
| Christopher Bilotto | RSU | 9,756 | — | $56,877 |
| Christopher Bilotto | RSU | 3,000 | — | 13,230 |
| Matthew Jordan | RSU | 56,074 | — | 247,286 |
| Adam Portnoy | RSU | 12,715 | — | 131,092 |
| Adam Portnoy | RSU | 65,420 | — | 288,502 |
| Jennifer Clark | RSU | 44,775 | — | 197,458 |
| Jeffrey Leer | RSU | 44,775 | — | 197,458 |
| Jeffrey Leer | RSU | 5,633 | — | 32,840 |
| Jennifer Clark | RSU | 70,175 | — | 190,174 |
| Jennifer Clark | RSU | 11,157 | — | 65,045 |
| Adam Portnoy | RSU | 28,469 | — | 165,975 |
| Christopher Bilotto | RSU | 2,212 | — | 22,806 |
| Matthew Jordan | RSU | 63,157 | — | 171,155 |
| Matthew Jordan | RSU | 14,234 | — | 82,984 |
| Christopher Bilotto | RSU | 6,198 | — | 36,134 |
| Matthew Jordan | RSU | 32,505 | — | 88,089 |
| Adam Portnoy | RSU | 32,520 | — | 189,592 |
| Adam Portnoy | RSU | 14,256 | — | 83,112 |
| Matthew Jordan | RSU | 12,715 | — | 131,092 |
| Adam Portnoy | RSU | 70,175 | — | 190,174 |
| Christopher Bilotto | RSU | 65,420 | — | 288,502 |
| Jennifer Clark | RSU | 35,211 | — | 205,280 |
| Jeffrey Leer | RSU | 65,420 | — | 288,502 |
| Jennifer Clark | RSU | 56,074 | — | 247,286 |
| Jennifer Clark | RSU | 6,000 | — | 34,980 |
| Adam Portnoy | RSU | 35,211 | — | 205,281 |
| Adam Portnoy | RSU | 44,775 | — | 197,458 |
| Jeffrey Leer | RSU | 3,632 | — | 37,446 |
| John Murray | RSU | 12,000 | — | 32,520 |
| Christopher Bilotto | RSU | 44,775 | — | 197,458 |
| John Murray | RSU | 70,175 | — | 190,174 |
| Adam Portnoy | RSU | 33,859 | — | 91,758 |
| Christopher Bilotto | RSU | 70,175 | — | 190,174 |
| Jennifer Clark | RSU | 13,658 | — | 79,626 |
| Matthew Jordan | RSU | 32,520 | — | 189,592 |
| Jennifer Clark | RSU | 2,400 | — | 13,992 |
| Matthew Jordan | RSU | 42,984 | — | 189,559 |
| Jeffrey Leer | RSU | 42,104 | — | 114,102 |
| Matthew Jordan | RSU | 25,351 | — | 147,796 |
| John Murray | RSU | 32,709 | — | 144,247 |
| John Murray | RSU | 26,865 | — | 118,475 |
| Jennifer Clark | RSU | 8,000 | — | 35,280 |
| Jeffrey Leer | RSU | 300 | — | 1,749 |
| Jennifer Clark | RSU | 10,898 | — | 112,358 |
| Jennifer Clark | RSU | 33,859 | — | 91,758 |
| Matthew Jordan | RSU | 14,256 | — | 83,112 |
| John Murray | RSU | 9,756 | — | 56,877 |
| John Murray | RSU | 33,859 | — | 91,758 |
| Christopher Bilotto | RSU | 6,000 | — | 26,460 |
| Jennifer Clark | RSU | 14,234 | — | 82,984 |
| John Murray | RSU | 3,000 | — | 17,490 |
| John Murray | RSU | 14,084 | — | 82,110 |
| Jennifer Clark | RSU | 3,600 | — | 20,988 |
| Christopher Bilotto | RSU | 14,084 | — | 82,109 |
| John Murray | RSU | 3,632 | — | 37,446 |
| Jennifer Clark | RSU | 16,000 | — | 70,560 |
| Matthew Jordan | RSU | 16,000 | — | 70,560 |
| Matthew Jordan | RSU | 8,000 | — | 35,280 |
| John Murray | RSU | 16,000 | — | 70,560 |
| Jeffrey Leer | RSU | 16,000 | — | 70,560 |
| Christopher Bilotto | RSU | 3,632 | — | 37,446 |
| Jennifer Clark | RSU | 10,000 | — | 58,300 |
| Jennifer Clark | RSU | 1,200 | — | 6,996 |
| Jeffrey Leer | RSU | 9,756 | — | 56,877 |
| Christopher Bilotto | RSU | 20,316 | — | 55,056 |
| Jennifer Clark | RSU | 3,982 | — | 41,054 |
| Adam Portnoy | RSU | 5,088 | — | 52,457 |
| Matthew Jordan | RSU | 5,088 | — | 52,457 |
| Adam Portnoy | RSU | 7,349 | — | 42,845 |
| John Murray | RSU | 1,200 | — | 6,996 |
| Jennifer Clark | RSU | 7,349 | — | 42,845 |
| Christopher Bilotto | RSU | 1,600 | — | 4,336 |
| Matthew Jordan | RSU | 7,349 | — | 42,845 |
| John Murray | RSU | 2,400 | — | 13,992 |
| John Murray | RSU | 7,116 | — | 41,486 |
| John Murray | RSU | 8,000 | — | 35,280 |
| Christopher Bilotto | RSU | 7,116 | — | 41,486 |
| John Murray | RSU | 2,212 | — | 22,806 |
| Jeffrey Leer | RSU | 7,116 | — | 41,486 |
| John Murray | RSU | 6,198 | — | 36,134 |
We strive to maintain an executive compensation program which reflects best practices. We compensate our executive officers with a combination of base salary, cash bonus and equity compensation awards, and we also recommend to certain of our clients that they award equity to our executive officers as well.
| CEO STI target (% of salary) | — |
|---|---|
| CEO LTI target (% of salary) | — |
| Independent consultant | — |
| Clawback policy | — |
| Anti-hedging | — |
| Anti-pledging | — |
| Meeting year | Meeting date | For | Against | Abstain | Support | Outcome |
|---|---|---|---|---|---|---|
| 2026 | 2026-03-26 | 170,462,536 | 432,282 | 89,841 | 99.75% | Passed |
| 2025 | 2025-03-27 | 170,701,806 | 1,430,170 | 70,987 | 99.17% | Passed |
| 2024 | 2024-03-27 | 171,571,365 | 1,671,662 | 55,172 | 99.04% | Passed |
| 2023 | 2023-03-29 | 169,656,519 | 1,794,006 | 149,518 | 98.95% | Passed |
| 2022 | 2022-03-10 | 170,508,041 | 2,087,325 | 281,030 | 98.79% | 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.
| Meeting year | Meeting date | Approval — company's computation |
|---|---|---|
| 2026 | 2026-03-26 | 99.75%a |
| 2025 | 2025-03-27 | 99.17%b |
| 2024 | 2024-03-27 | 99.04%c |
a. Voting standard not stated in the filing.
b. Voting standard not stated in the filing.
c. Approved under the standard stated in the filing — “Advisory vote to approve executive compensation -- Majority of all votes cast*”.
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.
| Director | Cash fees | Stock awards | Option awards | Non-equity incentive | All other | Total |
|---|---|---|---|---|---|---|
| Ann LoganIndependent · Audit (Chair) · Compensation · Nominating/Governance | $117,500 | $100,000 | — | — | $0 | $217,500 |
| Rosen PlevnelievIndependent · Lead Independent Director · Audit · Compensation · Nominating/Governance · Lead Independent Director | 115,000 | 100,000 | — | — | 0 | 215,000 |
| Walter C. Watkins JrIndependent · Audit · Compensation · Nominating/Governance | 112,500 | 100,000 | — | — | 0 | 212,500 |
| Jonathan VeitchIndependent · Audit · Compensation · Nominating/Governance (Chair) | 112,500 | 100,000 | — | — | 0 | 212,500 |
| Jennifer B. ClarkEmployee director | 0 | 100,000 | — | — | 0 | 100,000 |
| Adam D. PortnoyEmployee director | 0 | 100,000 | — | — | 0 | 100,000 |
| Matthew P. JordanEmployee director · Newly elected | 0 | 0 | — | — | 0 | 0 |
| Annual cash retainer | $97,500 |
|---|---|
| Annual equity retainer | $100,000 |
| Per board meeting fee | — |
| Committee chair fees (audit / comp / nom-gov) | 20,000 / 15,000 / 15,000 |
| Stock ownership guideline | — |
| Component | FY2025 |
|---|---|
| Cash retainers and fees | $457,500 |
| Equity awards (grant-date value) | $600,000 |
| All other compensation | $0 |
| Total cost of the board | $1,057,500 |
Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.
Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.
| Rank | Company | FY | Chief executive | Salary | Stock awards | Option awards | Non-equity incentive | Total |
|---|---|---|---|---|---|---|---|---|
| 1 | RMR Group | 2025 | Adam Portnoy | $375,000 | $2,079,973 | $0 | $0 | $4,817,047 |
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.
Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.
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.
| # | Supports | Document | Filed | Accession | Location in document |
|---|---|---|---|---|---|
| 1 | Section 01, Adam Portnoy | DEF 14A | 2026-01-15 | 0001104659-26-004085 | Section “Summary Compensation Table”. As printed: 4,817,047. Filing ↗machine: r1 · c35 · span 827869–827878 |
| 2 | Section 01, Jennifer Clark | DEF 14A | 2026-01-15 | 0001104659-26-004085 | Section “Summary Compensation Table”. As printed: 4,521,598. Filing ↗machine: r4 · c35 · span 840209–840218 |
| 3 | Section 01, Matthew Jordan | DEF 14A | 2026-01-15 | 0001104659-26-004085 | Section “Summary Compensation Table”. As printed: 4,313,194. Filing ↗machine: r7 · c35 · span 852038–852047 |
| 4 | Section 01, Christopher Bilotto | DEF 14A | 2026-01-15 | 0001104659-26-004085 | Section “Summary Compensation Table”. As printed: 2,515,153. Filing ↗machine: r13 · c35 · span 876134–876143 |
| 5 | Section 01, John Murray | DEF 14A | 2026-01-15 | 0001104659-26-004085 | Section “Summary Compensation Table”. As printed: 975,323. Filing ↗machine: r10 · c35 · span 864441–864448 |
| 6 | Section 01, Jeffrey Leer | DEF 14A | 2026-01-15 | 0001104659-26-004085 | Section “Summary Compensation Table”. As printed: 929,350. Filing ↗machine: r15 · c35 · span 885387–885394 |
| 7 | Section 08, Ann Logan | DEF 14A | 2026-01-15 | 0001104659-26-004085 | Section “Director Compensation”. As printed: 217,500. Filing ↗machine: span 586909–587059 |
| 8 | Section 08, Rosen Plevneliev | DEF 14A | 2026-01-15 | 0001104659-26-004085 | Section “Director Compensation”. As printed: 215,000. Filing ↗machine: span 588829–588979 |
| 9 | Section 08, Walter C. Watkins Jr | DEF 14A | 2026-01-15 | 0001104659-26-004085 | Section “Director Compensation”. As printed: 212,500. Filing ↗machine: span 595635–595785 |
| 10 | Section 08, Jonathan Veitch | DEF 14A | 2026-01-15 | 0001104659-26-004085 | Section “Director Compensation”. As printed: 212,500. Filing ↗machine: span 593012–593162 |
| 11 | Section 08, Jennifer B. Clark | DEF 14A | 2026-01-15 | 0001104659-26-004085 | Section “Director Compensation”. As printed: 100,000. Filing ↗machine: span 581896–582046 |
| 12 | Section 08, Adam D. Portnoy | DEF 14A | 2026-01-15 | 0001104659-26-004085 | Section “Director Compensation”. As printed: 100,000. Filing ↗machine: span 590262–590412 |
| 13 | Section 08, Matthew P. Jordan | DEF 14A | 2026-01-15 | 0001104659-26-004085 | Section “Director Compensation”. As printed: 0. Filing ↗ |
| 14 | Section 06, 2026 vote | Form 8-K | 2026-03-26 | 0001104659-26-035186 | Item 5.07 · say-on-pay result. As reported: 99.75% (votes for as printed: 170,462,536). Filing ↗ |
| 15 | Section 06, 2025 vote | Form 8-K | 2025-03-27 | 0001104659-25-028767 | Item 5.07 · say-on-pay result. As reported: 99.17% (votes for as printed: 170,701,806). Filing ↗ |
| 16 | Section 06, 2024 vote | Form 8-K | 2024-03-27 | 0001104659-24-039701 | Item 5.07 · say-on-pay result. As reported: 99.04% (votes for as printed: 171,571,365). Filing ↗ |
| 17 | Section 01 trend, Δ column (computed) | Computed | — | — | Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1) |
| 18 | Section 09b board cost (computed) | Computed | — | — | Cash 457,500 + equity 600,000 + all other 0 = 1,057,500, summed across the director compensation table rows.machine: formula: Σ = 1,057,500 |
| 19 | RMR Group (subject), Section 10b CEO total | DEF 14A | 2026-01-15 | 0001104659-26-004085 | CEO total compensation as printed in RMR Group's own proxy. As printed: 4,817,047. Filing ↗machine: r1 · c35 · span 827869–827878 |