Top execs at Finra had to make do with only modest bumps in pay last year as the regulator faced red ink.

Finra lost $39.5 million in 2015, whereas it had enjoyed a net income of $129 million in 2014.

As a result, pay increases for the top dogs at Finra were generally under 1 percent, according to its annual report, released Thursday.

Chief executive Richard Ketchum pulled in $2.91 million in salary, incentive pay and deferred compensation last year, up 0.7 percent from 2014.

Despite the muted raises, running Finra (a nonprofit) is still a good gig financially. Eight Finra executives pulled in $1 million or more in total pay last year.

Overall, Finra’s revenues were $992.5 million, down 0.4 percent from 2014. Expenses increased 7.6 percent to $1.04 billion.

The cost increases came from the regulator’s expansion into options surveillance and investments in cloud migration, Finra said.

Lower income from its $1.98 billion investment portfolio and reduced fines also attributed to the shortfall.

Finra had portfolio returns of 0.4 percent in 2015, down from 5.8 percent in 2014, a swing of $91.1 million.

Total fines decreased year over year to $93.8 million, from $132.6 million.
Traditionally, Finra has relied on investment returns to supplement its budget.

After the financial crisis, Finra reduced the risk and increased the liquidity of its investments after losing $568 million, or 26.5 percent, on its endowment-model portfolio in 2008, which had significant exposure to alternatives.

As of December 31, 2015, the portfolio was 54 percent in bonds and cash, 30 percent in stocks, 12 percent in alternatives and 4 percent in real assets.