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Pay vs Performance Disclosure | 12 Months Ended
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Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($)
Pay vs Performance Disclosure |  |  |  |
Pay vs Performance Disclosure, Table | Pay Versus Performance As required by Section 953(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 402(v) of Regulation S-K, we have prepared this pay versus performance disclosure, which serves to further demonstrate the alignment of our executive compensation program with stockholder interests.
| ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ | Value of Initial Fixed $100 Investment Based on: | ​ | ​ |  | ​ | ​ |
Year | ​ | ​ | Summary Compensation Table Total for PEO ($) | ​ | ​ | Compensation Actually Paid to PEO(1) ($) | ​ | ​ | Average Summary Compensation Table Total for Non-PEO NEOs ($) | ​ | ​ | Average Compensation Actually Paid to Non-PEO NEOs(2) ($) | ​ | ​ | Total Stockholder Return(3) ($) | ​ | ​ | Peer Group Total Stockholder Return(3)(4) ($) | ​ | ​ | Net Income/ (Loss)(5) ($ in thousands) | ​ | ​ | Adjusted Distributable Earnings ROAE(6) (%)
2023 | ​ | ​ | ​6,640,540 | ​ | ​ | ​8,535,274 | ​ | ​ | ​2,117,517 | ​ | ​ | ​2,389,541 | ​ | ​ | 55.42 | ​ | ​ | 79.21 | ​ | ​ | ​80,164 | ​ | ​ | 11.98%
2022 | ​ | ​ | 6,262,232 | ​ | ​ | 1,308,212 | ​ | ​ | 1,915,344 | ​ | ​ | 875,766 | ​ | ​ | 42.43 | ​ | ​ | 69.20 | ​ | ​ | ​(231,581) | ​ | ​ | 11.03%
2021 | ​ | ​ | 7,411,604 | ​ | ​ | 8,255,983 | ​ | ​ | 2,142,227 | ​ | ​ | ​2,307,231 | ​ | ​ | 67.39 | ​ | ​ | 91.50 | ​ | ​ | ​328,870 | ​ | ​ | 10.46%
2020 | ​ | ​ | 4,579,952 | ​ | ​ | ​870,934 | ​ | ​ | 1,421,460 | ​ | ​ | ​522,051 | ​ | ​ | 52.80 | ​ | ​ | 77.80 | ​ | ​ | ​(679,390) | ​ | ​ | (0.72%)
1. | For each of 2023, 2022, 2021 and 2020, our principal executive officer (PEO) was Craig L. Knutson. For more detail regarding how the amounts in this column are calculated, refer to the Summary Compensation Table found on page 55 of this Proxy Statement and “Adjustments to Summary Compensation Tables to Determine Compensation Actually Paid” tables below.
2. | For 2023, our remaining NEOs consisted of Gudmundur Kristjansson, Bryan Wulfsohn, Michael C. Roper, Harold E. Schwartz and Stephen D. Yarad, our former Chief Financial Officer, who resigned his employment with the Company on September 15, 2023. For each of 2022, 2021 and 2020, our remaining NEOs consisted of Gudmundur Kristjansson, Bryan Wulfsohn, Stephen D. Yarad and Harold E. Schwartz. For more detail regarding how the amounts in this column are calculated, refer to the Summary Compensation Table found on page 55 of this Proxy Statement and “Adjustments to Summary Compensation Tables to Determine Compensation Actually Paid” tables below.
3. | Total Stockholder Return and Peer Group Total Stockholder Return assume an initial investment of $100 invested at December 31, 2019.
4. | As permitted by SEC rules, the Peer Group referenced for purpose of the Total Stockholder Return comparison consists of the Bloomberg Mortgage REIT Index (BBREMTG), which is an industry peer group used for purposes of Item 201(e) of Regulation S-K. The separate peer group used by the Compensation Committee for purposes of evaluating the compensation paid to our executive officers is described on page 37.
5. | Reflects after-tax net income/(loss) in accordance with GAAP for each of the years shown.
6. | The Company has designated “Adjusted Distributable Earnings ROAE” as its Company Selected Measure, as this measure (as well as, “Adjusted GAAP ROAE”) is the most important measure identified below under “2023 Most Important Financial Measures” which in the Company’s assessment, represents for 2023 the most important performance measure used to link compensation actually paid to our PEO and other NEOs to the Company’s performance. Adjusted Distributable Earnings ROAE is defined on page 40 and is a non-GAAP financial measure. Per SEC rules, percentage shown is for the applicable calendar year. See Appendix B for a reconciliation of such measure to its comparable GAAP measure for the 2023 calendar year.
Compensation Actually Paid represents the Summary Compensation Table Totals adjusted for the following items:
| ​ | ​ | Year 2023
Adjustments to Summary Compensation Table Totals to Determine Compensation Actually Paid | ​ | ​ | PEO | ​ | ​ | Average for Non-PEO- NEOs
Deduction for amounts reported under the Stock Awards Column in the Summary Compensation Table | ​ | ​ | ($4,000,015) | ​ | ​ | ($990,014)
Increase for fair value at 12/31/2023 of awards granted during 2023 that remain unvested as of year-end | ​ | ​ | $5,551,780 | ​ | ​ | $1,256,102
Increase/(Deduction) for change in fair value from 12/31/2022 to 12/31/2023 of awards granted in 2022 that were outstanding and unvested as of 12/31/2023 | ​ | ​ | $249,366 | ​ | ​ | $50,653
Increase/(Deduction) for change in fair value from 12/31/2022 to vesting date of awards granted in 2021 that vested during 2023 | ​ | ​ | $384,236 | ​ | ​ | $72,102
Increase/(Deduction) for fair value at 12/31/2022 of forfeited performance-based awards granted in 2021 due to failure to meet required performance levels for vesting | ​ | ​ | ($290,633) | ​ | ​ | ($116,819)
Total adjustments added to/(subtracted from) Summary Compensation Table Total to determine Compensation Actually Paid | ​ | ​ | $1,894,734 | ​ | ​ | $272,024
| ​ | ​ | Year 2022
Adjustments to Summary Compensation Table Totals to Determine Compensation Actually Paid | ​ | ​ | PEO | ​ | ​ | Average for Non-PEO- NEOs
Deduction for amounts reported under the Stock Awards Column in the Summary Compensation Table | ​ | ​ | ($3,200,032) | ​ | ​ | ($687,519)
Increase for fair value at 12/31/2022 of awards granted during 2022 that remain unvested as of year-end | ​ | ​ | $1,244,743 | ​ | ​ | $267,430
Increase/(Deduction) for change in fair value from 12/31/2021 to 12/31/2022 of awards granted in 2021 that were outstanding and unvested as of 12/31/2022 | ​ | ​ | ($2,318,936) | ​ | ​ | ($469,731)
Increase/(Deduction) for change in fair value from 12/31/2021 to vesting date of awards granted in 2020 that vested during 2022 | ​ | ​ | ($304,753) | ​ | ​ | ($73,879)
(Deduction) for fair value at 12/31/2021 of forfeited performance-based awards granted in 2020 due to failure to meet required performance levels for vesting | ​ | ​ | ($375,042) | ​ | ​ | ($75,879)
Total adjustments added to/(subtracted from) Summary Compensation Table Total to determine Compensation Actually Paid | ​ | ​ | ($4,954,020) | ​ | ​ | ($1,039,578)
| ​ | ​ | Year 2021
Adjustments to Summary Compensation Table Totals to Determine Compensation Actually Paid | ​ | ​ | PEO | ​ | ​ | Average for Non-PEO- NEOs
Deduction for amounts reported under the Stock Awards Column in the Summary Compensation Table | ​ | ​ | ($2,850,004) | ​ | ​ | ($587,502)
Increase for fair value at 12/31/2021 of awards granted during 2021 that remain unvested as of year-end | ​ | ​ | $4,049,339 | ​ | ​ | $827,995
Increase/(Deduction) for change in fair value from 12/31/2020 to 12/31/2021 of awards granted in 2020 that were outstanding and unvested as of 12/31/2021 | ​ | ​ | ($219,388) | ​ | ​ | ($40,488)
Increase/(Deduction) for change in fair value from 12/31/2020 to vesting date of awards granted in 2019 that vested during 2021 | ​ | ​ | $87,209 | ​ | ​ | $22,282
(Deduction) for fair value at 12/31/2020 of forfeited performance-based awards granted in 2019 due to failure to meet required performance levels for vesting | ​ | ​ | ($222,777) | ​ | ​ | ($57,283)
Total adjustments added to/(subtracted from) Summary Compensation Table Total to determine Compensation Actually Paid | ​ | ​ | $844,379 | ​ | ​ | $165,004
| ​ | ​ | Year 2020
Adjustments to Summary Compensation Table Totals to Determine Compensation Actually Paid | ​ | ​ | PEO | ​ | ​ | Average for Non-PEO- NEOs
Deduction for amounts reported under the Stock Awards Column in the Summary Compensation Table | ​ | ​ | ($2,668,552) | ​ | ​ | ($585,060)
Increase for fair value at 12/31/2020 of awards granted during 2020 that remain unvested as of year-end | ​ | ​ | $1,296,984 | ​ | ​ | $285,082
Increase/(Deduction) for change in fair value from 12/31/2019 to 12/31/2020 of awards granted in 2019 that were outstanding and unvested as of 12/31/2020 | ​ | ​ | ($1,093,613) | ​ | ​ | ($280,402)
Increase/(Deduction) for change in fair value from 12/31/2019 to vesting date of awards granted in 2018 that vested during 2020 | ​ | ​ | ($617,410) | ​ | ​ | ($157,956)
(Deduction) for fair value at 12/31/2019 of forfeited performance-based awards granted in 2018 due to failure to meet required performance levels for vesting | ​ | ​ | ($626,427) | ​ | ​ | ($161,073)
Total adjustments added to/(subtracted from) Summary Compensation Table Total to determine Compensation Actually Paid | ​ | ​ | ($3,709,018) | ​ | ​ | ($899,409)
Company Selected Measure Name | Adjusted Distributable Earnings ROAE |  |  |
Named Executive Officers, Footnote |
1. | For each of 2023, 2022, 2021 and 2020, our principal executive officer (PEO) was Craig L. Knutson. For more detail regarding how the amounts in this column are calculated, refer to the Summary Compensation Table found on page 55 of this Proxy Statement and “Adjustments to Summary Compensation Tables to Determine Compensation Actually Paid” tables below.
2. | For 2023, our remaining NEOs consisted of Gudmundur Kristjansson, Bryan Wulfsohn, Michael C. Roper, Harold E. Schwartz and Stephen D. Yarad, our former Chief Financial Officer, who resigned his employment with the Company on September 15, 2023. For each of 2022, 2021 and 2020, our remaining NEOs consisted of Gudmundur Kristjansson, Bryan Wulfsohn, Stephen D. Yarad and Harold E. Schwartz. For more detail regarding how the amounts in this column are calculated, refer to the Summary Compensation Table found on page 55 of this Proxy Statement and “Adjustments to Summary Compensation Tables to Determine Compensation Actually Paid” tables below.
Peer Group Issuers, Footnote |
3. | Total Stockholder Return and Peer Group Total Stockholder Return assume an initial investment of $100 invested at December 31, 2019.
4. | As permitted by SEC rules, the Peer Group referenced for purpose of the Total Stockholder Return comparison consists of the Bloomberg Mortgage REIT Index (BBREMTG), which is an industry peer group used for purposes of Item 201(e) of Regulation S-K. The separate peer group used by the Compensation Committee for purposes of evaluating the compensation paid to our executive officers is described on page 37.
PEO Total Compensation Amount | $ 6,640,540 | $ 6,262,232 | $ 7,411,604 | $ 4,579,952
PEO Actually Paid Compensation Amount | $ 8,535,274 | 1,308,212 | 8,255,983 | 870,934
Adjustment To PEO Compensation, Footnote | Compensation Actually Paid represents the Summary Compensation Table Totals adjusted for the following items:
| ​ | ​ | Year 2023
Adjustments to Summary Compensation Table Totals to Determine Compensation Actually Paid | ​ | ​ | PEO | ​ | ​ | Average for Non-PEO- NEOs
Deduction for amounts reported under the Stock Awards Column in the Summary Compensation Table | ​ | ​ | ($4,000,015) | ​ | ​ | ($990,014)
Increase for fair value at 12/31/2023 of awards granted during 2023 that remain unvested as of year-end | ​ | ​ | $5,551,780 | ​ | ​ | $1,256,102
Increase/(Deduction) for change in fair value from 12/31/2022 to 12/31/2023 of awards granted in 2022 that were outstanding and unvested as of 12/31/2023 | ​ | ​ | $249,366 | ​ | ​ | $50,653
Increase/(Deduction) for change in fair value from 12/31/2022 to vesting date of awards granted in 2021 that vested during 2023 | ​ | ​ | $384,236 | ​ | ​ | $72,102
Increase/(Deduction) for fair value at 12/31/2022 of forfeited performance-based awards granted in 2021 due to failure to meet required performance levels for vesting | ​ | ​ | ($290,633) | ​ | ​ | ($116,819)
Total adjustments added to/(subtracted from) Summary Compensation Table Total to determine Compensation Actually Paid | ​ | ​ | $1,894,734 | ​ | ​ | $272,024
| ​ | ​ | Year 2022
Adjustments to Summary Compensation Table Totals to Determine Compensation Actually Paid | ​ | ​ | PEO | ​ | ​ | Average for Non-PEO- NEOs
Deduction for amounts reported under the Stock Awards Column in the Summary Compensation Table | ​ | ​ | ($3,200,032) | ​ | ​ | ($687,519)
Increase for fair value at 12/31/2022 of awards granted during 2022 that remain unvested as of year-end | ​ | ​ | $1,244,743 | ​ | ​ | $267,430
Increase/(Deduction) for change in fair value from 12/31/2021 to 12/31/2022 of awards granted in 2021 that were outstanding and unvested as of 12/31/2022 | ​ | ​ | ($2,318,936) | ​ | ​ | ($469,731)
Increase/(Deduction) for change in fair value from 12/31/2021 to vesting date of awards granted in 2020 that vested during 2022 | ​ | ​ | ($304,753) | ​ | ​ | ($73,879)
(Deduction) for fair value at 12/31/2021 of forfeited performance-based awards granted in 2020 due to failure to meet required performance levels for vesting | ​ | ​ | ($375,042) | ​ | ​ | ($75,879)
Total adjustments added to/(subtracted from) Summary Compensation Table Total to determine Compensation Actually Paid | ​ | ​ | ($4,954,020) | ​ | ​ | ($1,039,578)
| ​ | ​ | Year 2021
Adjustments to Summary Compensation Table Totals to Determine Compensation Actually Paid | ​ | ​ | PEO | ​ | ​ | Average for Non-PEO- NEOs
Deduction for amounts reported under the Stock Awards Column in the Summary Compensation Table | ​ | ​ | ($2,850,004) | ​ | ​ | ($587,502)
Increase for fair value at 12/31/2021 of awards granted during 2021 that remain unvested as of year-end | ​ | ​ | $4,049,339 | ​ | ​ | $827,995
Increase/(Deduction) for change in fair value from 12/31/2020 to 12/31/2021 of awards granted in 2020 that were outstanding and unvested as of 12/31/2021 | ​ | ​ | ($219,388) | ​ | ​ | ($40,488)
Increase/(Deduction) for change in fair value from 12/31/2020 to vesting date of awards granted in 2019 that vested during 2021 | ​ | ​ | $87,209 | ​ | ​ | $22,282
(Deduction) for fair value at 12/31/2020 of forfeited performance-based awards granted in 2019 due to failure to meet required performance levels for vesting | ​ | ​ | ($222,777) | ​ | ​ | ($57,283)
Total adjustments added to/(subtracted from) Summary Compensation Table Total to determine Compensation Actually Paid | ​ | ​ | $844,379 | ​ | ​ | $165,004
| ​ | ​ | Year 2020
Adjustments to Summary Compensation Table Totals to Determine Compensation Actually Paid | ​ | ​ | PEO | ​ | ​ | Average for Non-PEO- NEOs
Deduction for amounts reported under the Stock Awards Column in the Summary Compensation Table | ​ | ​ | ($2,668,552) | ​ | ​ | ($585,060)
Increase for fair value at 12/31/2020 of awards granted during 2020 that remain unvested as of year-end | ​ | ​ | $1,296,984 | ​ | ​ | $285,082
Increase/(Deduction) for change in fair value from 12/31/2019 to 12/31/2020 of awards granted in 2019 that were outstanding and unvested as of 12/31/2020 | ​ | ​ | ($1,093,613) | ​ | ​ | ($280,402)
Increase/(Deduction) for change in fair value from 12/31/2019 to vesting date of awards granted in 2018 that vested during 2020 | ​ | ​ | ($617,410) | ​ | ​ | ($157,956)
(Deduction) for fair value at 12/31/2019 of forfeited performance-based awards granted in 2018 due to failure to meet required performance levels for vesting | ​ | ​ | ($626,427) | ​ | ​ | ($161,073)
Total adjustments added to/(subtracted from) Summary Compensation Table Total to determine Compensation Actually Paid | ​ | ​ | ($3,709,018) | ​ | ​ | ($899,409)
Non-PEO NEO Average Total Compensation Amount | $ 2,117,517 | 1,915,344 | 2,142,227 | 1,421,460
Non-PEO NEO Average Compensation Actually Paid Amount | $ 2,389,541 | 875,766 | 2,307,231 | 522,051
Adjustment to Non-PEO NEO Compensation Footnote | Compensation Actually Paid represents the Summary Compensation Table Totals adjusted for the following items:
| ​ | ​ | Year 2023
Adjustments to Summary Compensation Table Totals to Determine Compensation Actually Paid | ​ | ​ | PEO | ​ | ​ | Average for Non-PEO- NEOs
Deduction for amounts reported under the Stock Awards Column in the Summary Compensation Table | ​ | ​ | ($4,000,015) | ​ | ​ | ($990,014)
Increase for fair value at 12/31/2023 of awards granted during 2023 that remain unvested as of year-end | ​ | ​ | $5,551,780 | ​ | ​ | $1,256,102
Increase/(Deduction) for change in fair value from 12/31/2022 to 12/31/2023 of awards granted in 2022 that were outstanding and unvested as of 12/31/2023 | ​ | ​ | $249,366 | ​ | ​ | $50,653
Increase/(Deduction) for change in fair value from 12/31/2022 to vesting date of awards granted in 2021 that vested during 2023 | ​ | ​ | $384,236 | ​ | ​ | $72,102
Increase/(Deduction) for fair value at 12/31/2022 of forfeited performance-based awards granted in 2021 due to failure to meet required performance levels for vesting | ​ | ​ | ($290,633) | ​ | ​ | ($116,819)
Total adjustments added to/(subtracted from) Summary Compensation Table Total to determine Compensation Actually Paid | ​ | ​ | $1,894,734 | ​ | ​ | $272,024
| ​ | ​ | Year 2022
Adjustments to Summary Compensation Table Totals to Determine Compensation Actually Paid | ​ | ​ | PEO | ​ | ​ | Average for Non-PEO- NEOs
Deduction for amounts reported under the Stock Awards Column in the Summary Compensation Table | ​ | ​ | ($3,200,032) | ​ | ​ | ($687,519)
Increase for fair value at 12/31/2022 of awards granted during 2022 that remain unvested as of year-end | ​ | ​ | $1,244,743 | ​ | ​ | $267,430
Increase/(Deduction) for change in fair value from 12/31/2021 to 12/31/2022 of awards granted in 2021 that were outstanding and unvested as of 12/31/2022 | ​ | ​ | ($2,318,936) | ​ | ​ | ($469,731)
Increase/(Deduction) for change in fair value from 12/31/2021 to vesting date of awards granted in 2020 that vested during 2022 | ​ | ​ | ($304,753) | ​ | ​ | ($73,879)
(Deduction) for fair value at 12/31/2021 of forfeited performance-based awards granted in 2020 due to failure to meet required performance levels for vesting | ​ | ​ | ($375,042) | ​ | ​ | ($75,879)
Total adjustments added to/(subtracted from) Summary Compensation Table Total to determine Compensation Actually Paid | ​ | ​ | ($4,954,020) | ​ | ​ | ($1,039,578)
| ​ | ​ | Year 2021
Adjustments to Summary Compensation Table Totals to Determine Compensation Actually Paid | ​ | ​ | PEO | ​ | ​ | Average for Non-PEO- NEOs
Deduction for amounts reported under the Stock Awards Column in the Summary Compensation Table | ​ | ​ | ($2,850,004) | ​ | ​ | ($587,502)
Increase for fair value at 12/31/2021 of awards granted during 2021 that remain unvested as of year-end | ​ | ​ | $4,049,339 | ​ | ​ | $827,995
Increase/(Deduction) for change in fair value from 12/31/2020 to 12/31/2021 of awards granted in 2020 that were outstanding and unvested as of 12/31/2021 | ​ | ​ | ($219,388) | ​ | ​ | ($40,488)
Increase/(Deduction) for change in fair value from 12/31/2020 to vesting date of awards granted in 2019 that vested during 2021 | ​ | ​ | $87,209 | ​ | ​ | $22,282
(Deduction) for fair value at 12/31/2020 of forfeited performance-based awards granted in 2019 due to failure to meet required performance levels for vesting | ​ | ​ | ($222,777) | ​ | ​ | ($57,283)
Total adjustments added to/(subtracted from) Summary Compensation Table Total to determine Compensation Actually Paid | ​ | ​ | $844,379 | ​ | ​ | $165,004
| ​ | ​ | Year 2020
Adjustments to Summary Compensation Table Totals to Determine Compensation Actually Paid | ​ | ​ | PEO | ​ | ​ | Average for Non-PEO- NEOs
Deduction for amounts reported under the Stock Awards Column in the Summary Compensation Table | ​ | ​ | ($2,668,552) | ​ | ​ | ($585,060)
Increase for fair value at 12/31/2020 of awards granted during 2020 that remain unvested as of year-end | ​ | ​ | $1,296,984 | ​ | ​ | $285,082
Increase/(Deduction) for change in fair value from 12/31/2019 to 12/31/2020 of awards granted in 2019 that were outstanding and unvested as of 12/31/2020 | ​ | ​ | ($1,093,613) | ​ | ​ | ($280,402)
Increase/(Deduction) for change in fair value from 12/31/2019 to vesting date of awards granted in 2018 that vested during 2020 | ​ | ​ | ($617,410) | ​ | ​ | ($157,956)
(Deduction) for fair value at 12/31/2019 of forfeited performance-based awards granted in 2018 due to failure to meet required performance levels for vesting | ​ | ​ | ($626,427) | ​ | ​ | ($161,073)
Total adjustments added to/(subtracted from) Summary Compensation Table Total to determine Compensation Actually Paid | ​ | ​ | ($3,709,018) | ​ | ​ | ($899,409)
Compensation Actually Paid vs. Total Shareholder Return | The following graph illustrates the relationship between compensation actually paid (“CAP”) to our NEOs and each of MFA’s total stockholder return (TSR) and (ii) the TSR of The Bloomberg Mortgage REIT Index (BBREMTG), in each case on a cumulative basis assuming an initial investment of $100 made on December 31, 2019: |  |  |
Compensation Actually Paid vs. Net Income | The following graph illustrates the relationship between compensation actually paid (CAP) to our NEOs and MFA’s GAAP net income/(loss) available to common stock and participating securities on an annual basis for the years ended December 31, 2020, 2021, 2022 and 2023: |  |  |
Compensation Actually Paid vs. Company Selected Measure | The following graph illustrates the relationship between compensation actually paid (CAP) to our NEOs and Adjusted Distributable Earnings ROAE for the years ended December 31, 2020, 2021, 2022 and 2023: |  |  |
Total Shareholder Return Vs Peer Group | The following graph illustrates the relationship between compensation actually paid (“CAP”) to our NEOs and each of MFA’s total stockholder return (TSR) and (ii) the TSR of The Bloomberg Mortgage REIT Index (BBREMTG), in each case on a cumulative basis assuming an initial investment of $100 made on December 31, 2019: |  |  |
Tabular List, Table | 2023 Most Important Financial Measures MFA’s current compensation program is structured with the objective of linking the compensation of our NEOs to achievement of short- and long-term financial and market-based goals. In 2023, incentive compensation served as a material element of each NEO’s compensation package and serves to further align compensation to Company performance. In addition, a significant percentage of our NEOs’ compensation is in the form of equity awards that “cliff” vest after three years, and with respect to grants of awards made to our NEOs in 2023, the vesting of 60% of these awards (as determined by grant date value) is subject to our total stockholder return (both on an absolute basis and as compared to a group of peer companies) for the three-year period ending December 31, 2025. The most important financial performance measures utilized by the Compensation Committee to link compensation paid to our NEOs to MFA’s performance for 2023 were:
• | Adjusted Distributable Earnings ROAE
• | Adjusted GAAP ROAE
• | Absolute TSR
• | Relative TSR
Total Shareholder Return Amount | $ 55.42 | 42.43 | 67.39 | 52.8
Peer Group Total Shareholder Return Amount | 79.21 | 69.2 | 91.5 | 77.8
Net Income (Loss) | $ 80,164,000 | $ (231,581,000) | $ 328,870,000 | $ (679,390,000)
Company Selected Measure Amount | 0.1198 | 0.1103 | 0.1046 | (0.0072)
PEO Name | Craig L. Knutson | Craig L. Knutson | Craig L. Knutson | Craig L. Knutson
Measure:: 1 |  |  |  |
Pay vs Performance Disclosure |  |  |  |
Name | Adjusted Distributable Earnings ROAE |  |  |
Non-GAAP Measure Description |
6. | The Company has designated “Adjusted Distributable Earnings ROAE” as its Company Selected Measure, as this measure (as well as, “Adjusted GAAP ROAE”) is the most important measure identified below under “2023 Most Important Financial Measures” which in the Company’s assessment, represents for 2023 the most important performance measure used to link compensation actually paid to our PEO and other NEOs to the Company’s performance. Adjusted Distributable Earnings ROAE is defined on page 40 and is a non-GAAP financial measure. Per SEC rules, percentage shown is for the applicable calendar year. See Appendix B for a reconciliation of such measure to its comparable GAAP measure for the 2023 calendar year.
Measure:: 2 |  |  |  |
Pay vs Performance Disclosure |  |  |  |
Name | Adjusted GAAP ROAE |  |  |
Measure:: 3 |  |  |  |
Pay vs Performance Disclosure |  |  |  |
Name | Absolute TSR |  |  |
Measure:: 4 |  |  |  |
Pay vs Performance Disclosure |  |  |  |
Name | Relative TSR |  |  |
PEO |  |  |  |
Pay vs Performance Disclosure |  |  |  |
Adjustment to Compensation, Amount | $ 1,894,734 | $ (4,954,020) | $ 844,379 | $ (3,709,018)
PEO | Amounts Reported Under the Stock Awards Column in the Summary Compensation Table [Member] |  |  |  |
Pay vs Performance Disclosure |  |  |  |
Adjustment to Compensation, Amount | (4,000,015) | (3,200,032) | (2,850,004) | (2,668,552)
PEO | Fair Value of Awards Granted that Remain Unvested as of Year-End [Member] |  |  |  |
Pay vs Performance Disclosure |  |  |  |
Adjustment to Compensation, Amount | 5,551,780 | 1,244,743 | 4,049,339 | 1,296,984
PEO | Change in Fair Value of Awards Granted that were Outstanding and Unvested [Member] |  |  |  |
Pay vs Performance Disclosure |  |  |  |
Adjustment to Compensation, Amount | 249,366 | (2,318,936) | (219,388) | (1,093,613)
PEO | Change in Fair Value to Vesting Date of Awards Granted that Vested [Member] |  |  |  |
Pay vs Performance Disclosure |  |  |  |
Adjustment to Compensation, Amount | 384,236 | (304,753) | 87,209 | (617,410)
PEO | Fair Value of Forfeited Performance-Based Awards Granted Due to Failure to Meet Required Performance Levels for Vesting [Member] |  |  |  |
Pay vs Performance Disclosure |  |  |  |
Adjustment to Compensation, Amount | (290,633) | (375,042) | (222,777) | (626,427)
Non-PEO NEO |  |  |  |
Pay vs Performance Disclosure |  |  |  |
Adjustment to Compensation, Amount | 272,024 | (1,039,578) | 165,004 | (899,409)
Non-PEO NEO | Amounts Reported Under the Stock Awards Column in the Summary Compensation Table [Member] |  |  |  |
Pay vs Performance Disclosure |  |  |  |
Adjustment to Compensation, Amount | (990,014) | (687,519) | (587,502) | (585,060)
Non-PEO NEO | Fair Value of Awards Granted that Remain Unvested as of Year-End [Member] |  |  |  |
Pay vs Performance Disclosure |  |  |  |
Adjustment to Compensation, Amount | 1,256,102 | 267,430 | 827,995 | 285,082
Non-PEO NEO | Change in Fair Value of Awards Granted that were Outstanding and Unvested [Member] |  |  |  |
Pay vs Performance Disclosure |  |  |  |
Adjustment to Compensation, Amount | 50,653 | (469,731) | (40,488) | (280,402)
Non-PEO NEO | Change in Fair Value to Vesting Date of Awards Granted that Vested [Member] |  |  |  |
Pay vs Performance Disclosure |  |  |  |
Adjustment to Compensation, Amount | 72,102 | (73,879) | 22,282 | (157,956)
Non-PEO NEO | Fair Value of Forfeited Performance-Based Awards Granted Due to Failure to Meet Required Performance Levels for Vesting [Member] |  |  |  |
Pay vs Performance Disclosure |  |  |  |
Adjustment to Compensation, Amount | $ (116,819) | $ (75,879) | $ (57,283) | $ (161,073)

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