Thomas O'Malley
About Thomas O’Malley
Thomas O’Malley (age 66) serves as Chief Financial Officer, Chief Accounting Officer, Treasurer, and Senior Vice President of Global Self Storage, Inc. (SELF) since 2005; he is a certified public accountant and oversees financial reporting and assists in acquisitions, development, management, and operations of the self-storage portfolio . During 2024, SELF achieved record total revenues of $12.5 million (+2.8% YoY), net income of $2.1 million, FFO of $3.9 million, and AFFO of $4.3 million, supported by record same-store revenue per leased square foot, same-store NOI of $7.7 million, year-end same-store occupancy of 92.9%, and peer-leading average tenant duration of ~3.4 years . Pay-versus-performance disclosures show cumulative TSR moved from $101 to $122 on a $100 initial investment from 2023 to 2024, with net income of $2.9 million in 2023 and $2.1 million in 2024, aligning equity payouts with corporate performance .
Past Roles
- Not disclosed beyond current leadership and affiliate positions in company filings .
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Bexil Investment Trust; Foxby Corp.; Midas Series Trust (collectively, “Funds”) | CFO, Chief Accounting Officer, Treasurer, Vice President | Not disclosed | Finance leadership across affiliated investment entities |
| Bexil Advisers LLC; Midas Management Corporation (“Advisers”) | CFO, Chief Accounting Officer, Treasurer, Vice President | Not disclosed | Oversee finance for affiliated registered investment advisers |
| Midas Securities Group, Inc. (“Broker-Dealer”) | CFO, Chief Accounting Officer, Treasurer, Vice President | Not disclosed | Broker-dealer finance and controls |
| Bexil Corporation (“Bexil”) | CFO, Chief Accounting Officer, Treasurer, Vice President | Not disclosed | Holding company finance |
| Tuxis Corporation (“Tuxis”) | CFO, Chief Accounting Officer, Treasurer, Vice President | Not disclosed | Affiliate operations and finance |
| Winmill & Co. Incorporated (“Winco”) | CFO, Chief Accounting Officer, Treasurer, Vice President | Not disclosed | Parent-level finance and shared services |
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | 216,599 | 218,928 |
| Cash Bonus ($) | 9,303 | 9,146 |
| All Other Compensation ($) | 13,039 | 13,106 |
| Benefits detail ($) | 991 benefits; 401(k) match 12,115 | 991 benefits; 401(k) match 12,115 |
Notes:
- Compensation design: base salary, annual cash bonus, and long-term equity. A portion of compensation may be deferred at O’Malley’s election .
- Bonus determination mixes company-wide weeks-of-salary and corporate financial performance, with subjective components based on individual contribution .
Performance Compensation
| Metric | Weighting | Threshold | Target | Maximum | Actual (2024) | Payout | Vesting Mechanics |
|---|---|---|---|---|---|---|---|
| Adjusted Funds From Operations (AFFO) ($) | 50% | 3,200,310 | 3,555,900 | 3,911,490 | 4,259,327 | 200% | Earned shares vest quarterly (6.25%) over remaining four-year time-vesting period |
| Same-Store Revenue Growth (SSRG) (%) | 50% | -1.75% | -0.60% | 0.55% | 2.90% | 200% | Dividends on unearned shares retained by company and released only for earned shares |
Earned Share Outcomes for Thomas O’Malley (2024 grants):
- Target shares: 5,527; Earned: 11,054 (200% weighted payout) .
- As of March 31, 2025, 25% of earned shares vested; remainder vests quarterly at 6.25% increments, subject to continued employment .
Plan-Level Change-in-Control (CIC) Terms:
- If CIC occurs in 2025, earned shares equal the greater of granted vs performance-to-date; if post-CIC termination without Cause or with Good Reason, all unvested restricted shares fully vest (double-trigger acceleration) .
Equity Ownership & Alignment
| Item | As-of Date | Amount | Notes |
|---|---|---|---|
| Beneficial ownership (shares) | April 7, 2025 | 80,640 | Less than 1% of outstanding shares |
| Restricted shares subject to forfeiture/transfer restrictions (shares) | April 7, 2025 | 79,139 | Four-year lapse from grant date |
| Unvested time-based restricted shares (shares) | Dec 31, 2024 | 13,993 | 6.25% quarterly vesting |
| Unvested performance-based restricted shares (shares) | Dec 31, 2024 | 14,539 | 6.25% quarterly vesting after performance determination |
| Market value assumption per share ($) | Dec 31, 2024 | 5.33 | Nasdaq closing price used for award valuation |
| Hedging/Pledging | Policy | Company has not adopted practices prohibiting hedging; pledging not disclosed |
Stock Ownership Guidelines:
- None disclosed for executives; compliance status not disclosed .
Employment Terms
- Start date: 2005; roles include CFO, Chief Accounting Officer, Treasurer, SVP .
- Benefits: medical, dental, vision, life, long-term disability; 401(k) match (allocated plan match $107,456 total for company; O’Malley’s 2024 match $12,115) .
- Deferred compensation: permitted at executive election .
- Equity plan: 2017 Equity Incentive Plan governs restricted share awards; annual performance grants expected with AFFO and SSRG metrics; multi-year issuance targets; remaining shares available for grant (371,995 as of year-end 2024) .
- Outsourced payroll and benefits administration via MMC/PEO; company paid MMC $3,039,878 for compensation/benefits in 2024; shared services cost allocations among affiliates .
- Insider trading policy: procedures in place; Section 16(a) compliance reported as timely for 2024 .
Multi-Year Compensation and Performance Linkage
| Metric | 2023 | 2024 |
|---|---|---|
| Stock Awards ($) | 35,969 | 118,696 |
| Pay vs Performance – Average NEO CAP ($) | 268,433 | 394,464 |
| TSR – Value of $100 Investment ($) | 101 | 122 |
Observations:
- Increased equity grants in 2024 materially shifted mix toward long-term equity, aligning O’Malley’s compensation more tightly with AFFO/SSRG outcomes .
- Company achieved above-maximum performance on both AFFO and SSRG in 2024, driving 200% PSU earnouts .
Say-on-Pay & Shareholder Feedback
- 2024 Annual Meeting say-on-pay approval: ~77% (non-binding) .
- Historical approvals: ~74% in 2020; ~90% in 2017 (plan and say-on-pay) .
- Compensation committee uses Willis Towers Watson as consultant since 2017 to maintain alignment with strategy and long-term value creation .
Related Party Transactions
- Payroll/benefits administered via MMC (subsidiary of Winco); 2024 payments to MMC of $3,039,878; administrative reimbursements to Winco of $36,723; month-to-month office/storage leases to affiliates; 401(k) match allocated among affiliates .
Performance Context (Company-Level Indicators)
- 2024 results: revenues $12.5m (+2.8%), net income $2.1m, same-store NOI $7.7m, AFFO $4.3m, FFO $3.9m; same-store occupancy 92.9%; average tenant duration ~3.4 years; four quarterly dividends totaling $0.29 per share .
Investment Implications
- Pay-for-performance alignment: O’Malley’s equity tied 50/50 to AFFO and SSRG with strict earnout ranges; 200% payout in 2024 indicates robust operational performance and disciplined capital allocation; vesting cadence (6.25% quarterly over four years) promotes retention .
- Retention risk: High proportion of unvested equity and plan-level double-trigger CIC protection reduce near-term voluntary departure risk; however, absence of hedging prohibitions could dilute alignment if hedging occurs (no indication it has) .
- Ownership alignment: Beneficial ownership is <1% with substantial restricted shares outstanding; absence of pledging disclosures is positive, but explicit pledging policy is not provided .
- Governance and shareholder sentiment: Say-on-pay approval of ~77% suggests acceptable but scrutinized pay design; continued consultant involvement and annual performance grants should maintain alignment with TSR and AFFO metrics .