Bryan Doran
About Bryan Doran
Bryan Doran is Senior Vice President and Chief Accounting Officer at MFA Financial, appointed December 13, 2023. He is 44, a Certified Public Accountant, and holds B.S. and M.S. degrees in Accounting from St. John’s University . Prior to MFA, he spent 2002–2023 at Ernst & Young LLP, serving as audit partner since 2016 in the Real Estate, Hospitality & Construction practice focused on publicly traded mortgage and equity REITs . MFA’s 2024 operating backdrop tied to executive incentives included GAAP net income of ~$119.3 million, $1.40 per-share dividends, interest income of ~$724.0 million, and eight securitizations totaling $2.4 billion UPB; leverage and liquidity were actively managed (unrestricted cash ~$339 million; overall leverage 5.0:1) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Ernst & Young LLP | Audit Partner, Real Estate, Hospitality & Construction | 2016–2023 | Led audits and client services for publicly traded mortgage and equity REITs, aligning with MFA’s sector |
| Ernst & Young LLP | Assurance professional | 2002–2016 | Progressively senior audit roles; began career at EY in 2002 |
External Roles
- Not disclosed for Mr. Doran in MFA filings.
Fixed Compensation
- Mr. Doran is not listed as a Named Executive Officer (NEO) in the 2024 CD&A tables; base salary and bonus were not disclosed in the proxy .
Performance Compensation
| Award Type | Grant Date | Metric | Weighting | Target | Actual | Payout Range | Vesting & Settlement |
|---|---|---|---|---|---|---|---|
| Time-based RSUs (Phantom Shares) | Jan 2, 2025 | Time-based (service) | Not disclosed | 8,220 units | Ongoing | N/A | Vests 12/31/2027; settles within 30 days after vesting |
| Performance RSUs (Phantom Shares) | Jan 2, 2025 | Absolute TSR | Not disclosed | Included in 13,260 target PRSUs | Ongoing | 0–200% of target | Generally vests 12/31/2027 (or later upon Committee certification); settled January 2029; dividend equivalents adjust vested amounts |
| Performance RSUs (Phantom Shares) | Jan 2, 2025 | Relative TSR vs designated mortgage REIT peers | Not disclosed | Included in 13,260 target PRSUs | Ongoing | 0–200% of target | Generally vests 12/31/2027 (or later upon Committee certification); settled January 2029; dividend equivalents adjust vested amounts |
- MFA’s PRSU design for executives uses a three-year performance period with absolute TSR and relative TSR to a designated peer group; vesting range 0–200% of target (consistent with Doran’s Form 4 description) .
Equity Ownership & Alignment
| Date | Common Shares Beneficially Owned | Derivative Securities Beneficially Owned | Notes |
|---|---|---|---|
| Dec 15, 2023 (Form 3) | 0 | 0 | Initial statement upon appointment |
| Jan 3, 2025 (Form 4, after grants) | Not listed | 40,129 phantom shares total beneficially owned after reported transactions | Includes 8,220 time-based and 13,260 target PRSUs granted 1/2/2025; settlement timelines as above |
- Anti-hedging and pledging: Company policy prohibits employees, including executive officers, from hedging MFA securities and from pledging MFA securities as collateral or holding them in margin accounts .
- Section 16 compliance: MFA disclosed all directors and executive officers complied with timely Section 16 filings during 2024 .
- Ownership guidelines: A formal stock retention requirement applies to certain NEOs (e.g., CEO, President); no specific ownership guideline is disclosed for Mr. Doran .
Employment Terms
| Term | Detail |
|---|---|
| Appointment to CAO | Effective Dec 13, 2023 |
| Role | Senior Vice President & Chief Accounting Officer (principal accounting officer) |
| Contract & Severance | Individual employment agreement terms (salary, severance multiples) not disclosed for Mr. Doran in proxy/8-K |
| Change-in-Control (Equity Awards) | Under the Amended Equity Plan, if employment is terminated by MFA without Cause within 12 months following a change in control, outstanding grants become fully vested; performance award vesting calculation specified by grant agreement |
| Clawback Policy | Recovery of performance-based compensation upon certain accounting restatements; three-year lookback; applies to executive officers |
| Anti-hedging/pledging | Prohibits short sales, derivatives, hedging (e.g., collars), margin accounts, and pledging MFA securities |
Investment Implications
- Alignment and retention: Doran’s compensation is equity-heavy with multi-year cliff vesting (TRSUs vest 12/31/2027; PRSUs vest based on 2024–2027 TSR outcomes), creating strong retention incentives and alignment with shareholder returns; near-term selling pressure is limited by deferred settlement (PRSUs settle Jan 2029) and anti-hedging/pledging bans .
- Performance levers: PRSU payout ranges (0–200% of target) directly link Doran’s realized equity to MFA’s absolute and relative TSR versus mortgage REIT peers—sensitive to market rate volatility, financing mix, and securitization execution highlighted in MFA’s 2024 performance discussion .
- Governance quality: Company-level policies—no single-trigger CIC vesting, no tax gross-ups, robust clawback—reduce shareholder-unfriendly features and support pay-for-performance integrity .
- Monitoring signals: Watch Section 16 forms for additional grants or sales; with 2027 vesting and 2029 PRSU settlement, potential supply from award settlement could emerge post-vesting windows. Track TSR relative to peer group and any changes to equity plan or peer composition in proxies for payout sensitivity .