Stuart McFarland
About Stuart A. McFarland
Independent Director (Class III) of Brookfield Real Assets Income Fund Inc. (RA); born 1947; has served on the RA Board since inception in 2016, with current term up for election in 2025 and a Board-approved one-year retirement age extension allowing service until age 79 (scheduled to retire in 2026 under current policy). Former EVP & CFO of Fannie Mae and EVP & GM of GE Capital Mortgage Services; designated an Audit Committee Financial Expert; member of the Audit Committee, Governance Committee, and the Qualified Legal Compliance Committee (QLCC). Independent under NYSE listing standards. Oversees 10 portfolios in the Fund Complex.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Fannie Mae | Executive Vice President & Chief Financial Officer | Not disclosed (prior role) | Senior finance leadership; relevant for audit oversight |
| GE Capital Mortgage Services, Corp. | Executive Vice President & General Manager | Not disclosed (prior role) | Operations, restructuring, corporate finance expertise |
| Federal City Capital Advisors | Managing Partner | 1997–2021 | Corporate finance/restructuring experience |
| RA Fund Complex | Director/Trustee across investment companies | 2006–Present | Oversees 10 portfolios in Fund Complex |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| New America High Income Fund | Director | 2013–Present | Investment management board role |
| Raven SX | Chair of the Board | 2022–Present | Board leadership role |
| Drive Shack Inc. (formerly Newcastle Investment Corp.) | Director | 2002–2020 | Public company board service |
| New Senior Investment Group, Inc. | Director | 2014–2021 | Public company board service |
| Steward Partners | Director | 2017–2020 | Board service (private company) |
Board Governance
- Independence and leadership: Independent Director under NYSE standards; Board majority independent; independent Chair (Edward A. Kuczmarski). McFarland is recommended as a Class III nominee for a term through the 2028 annual meeting if elected.
- Committees: Member—Audit Committee (audit financial expert designation), Governance Committee (compensation-setting for Independent Directors resides with this committee), and QLCC. Chairs: Audit—William H. Wright II; Governance—Heather S. Goldman.
- Meetings and attendance (FY 2024): Board held 4 regular meetings; Audit Committee held 4; Governance Committee met 3; QLCC did not meet. Each Director attended at least 75% of Board and applicable Committee meetings.
- Retirement policy: Mandatory retirement age 78 with potential two one-year extensions to 80; McFarland granted a one-year extension and is currently scheduled to retire in 2026.
- Scope: Oversees 10 portfolios within the Fund Complex.
Meeting Cadence (FY 2024)
| Body | Meetings Held |
|---|---|
| Board of Directors | 4 |
| Audit Committee | 4 |
| Governance Committee | 3 |
| QLCC | 0 |
Fixed Compensation
| Item | FY 2024 | FY 2025 | Notes |
|---|---|---|---|
| Aggregate annual retainer (Independent Directors) | $250,000 | $260,000 (effective 1/1/2025) | Paid at Fund Complex level |
| Independent Chair additional fee | $55,000 | $55,000 | Chair fee (McFarland is not Chair) |
| Audit Committee Chair fee | $50,000 | $50,000 | Chair: W. H. Wright II |
| Governance Committee Chair fee | $15,000 | $15,000 | Chair: H. S. Goldman |
| Stuart A. McFarland—Total compensation (Fund only) | $51,270 | N/A | FY 2024 compensation from RA (Fund-level) |
| Stuart A. McFarland—Total compensation (Fund + Fund Complex) | $250,000 | N/A | FY 2024 total for Fund Complex |
| Pension/retirement plan | None | None | Fund does not have a pension/retirement plan |
- Other: Independent Directors are reimbursed for meeting expenses; encouraged to attend at least two in-person continuing education programs annually (Fund pays); unlimited reimbursement for virtual learning registration fees.
Performance Compensation
- Not applicable: The proxy discloses cash retainers and chair fees for Independent Directors; no equity grants, options, bonuses, or performance metric-based awards are disclosed for directors.
Other Directorships & Interlocks
| Company/Entity | Role | Status | Potential Interlock Considerations |
|---|---|---|---|
| New America High Income Fund | Director | Current | Investment company within broader ecosystem; no related-party transaction disclosed in RA proxy |
| Raven SX | Chair of the Board | Current | Not identified as RA counterparty/provider |
| Drive Shack Inc. | Director | Former (2002–2020) | No RA conflict disclosed |
| New Senior Investment Group, Inc. | Director | Former (2014–2021) | No RA conflict disclosed |
| Steward Partners | Director | Former (2017–2020) | No RA conflict disclosed |
- Related-party/other risks: Proxy notes adviser/sub-adviser relationships (Brookfield PSG and Oaktree) and identifies the Interested Director (Hurley); no related-party transactions involving McFarland are disclosed in the proxy. Section 16(a) reporting compliance was complete for FY 2024.
Expertise & Qualifications
- Designated “audit committee financial expert” (SEC Item 401(h))—supports audit oversight and financial reporting scrutiny.
- Senior executive finance roles (EVP & CFO at Fannie Mae; EVP & GM at GE Capital Mortgage Services), plus managing partner experience—depth in corporate finance, restructuring, and operations.
- Broad board experience across investment companies; oversees 10 portfolios in the Fund Complex—strong governance continuity and sector familiarity.
Equity Ownership
| Holder | Dollar Range in RA | Aggregate Dollar Range in Fund Complex | As-of Date |
|---|---|---|---|
| Stuart A. McFarland | E (Over $100,000) | E (Over $100,000) | December 31, 2024 |
- Directors and officers, individually and as a group, beneficially owned less than 1% of RA shares as of the record date; no 5% beneficial owners of the Fund.
Governance Assessment
-
Positives:
- Independent director with deep finance credentials; designated audit committee financial expert—supports robust audit oversight.
- Active committee engagement across Audit, Governance, and QLCC; Board majority independent with independent Chair—healthy checks and balances.
- Attendance: each Director attended at least 75% of meetings; clear disclosure of meeting cadence.
- Ownership alignment: holds >$100k in RA and Fund Complex; explicit disclosure.
- Transparent, cash-only director compensation with no pension; continuing education supported.
-
Watch items:
- Retirement policy extension granted in Nov 2024 to age 79—provides continuity but underscores need for succession planning in coming years.
- Retainer increase to $260,000 effective 2025—monitor value-for-fee as market/peer practices evolve; Governance Committee sets Independent Director pay.
-
RED FLAGS:
- None disclosed regarding related-party transactions, pledging/hedging, legal or regulatory sanctions; full Section 16(a) compliance reported for FY 2024. Continue to monitor for any changes.