RELATED PARTY TRANSACTIONS AND AGREEMENTS |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| RELATED PARTY TRANSACTIONS AND AGREEMENTS | |
| RELATED PARTY TRANSACTIONS AND AGREEMENTS | (4) RELATED PARTY TRANSACTIONS AND AGREEMENTS
Except as noted below, as compensation for services to the Fund, each Independent Director receives an annual fee of $40,000 paid quarterly in arrears, a fee of $2,000 for each meeting of the Board of Directors or committee thereof attended in person, a fee of $1,000 for participation in each telephonic meeting of the Board or committee thereof, and reimbursement of all out-of-pocket expenses relating to attendance at such meetings. The chair of each of our standing committees (audit, compensation, and nominating and governance) also receives an annual fee of $50,000, payable quarterly in arrears. We may also pay other one-time or recurring fees to members of our Board of Directors in special circumstances. None of our interested directors receive annual fees for their service on the Board of Directors. We may also pay other one-time or recurring fees to members of our Board of Directors in special circumstances. None of our interested directors receive annual fees for their service on the Board of Directors. In respect of services provided to the Fund by members of the Board not in connection with their roles and duties as directors, the Fund pays a rate of $300 per hour for services rendered.
As of December 31, 2025, we accrued $0.3 million in unpaid director fees, as well as $0.6 million and $0.5 million in accrued but unpaid compensation to our Chief Executive Officer and our Chief Compliance Officer, respectively.
As of December 31, 2025 and 2024, we paid $1.1 million and $0.7 million, respectively on behalf of Morgan. As of December 31, 2025 and 2024, the accrued interest on Morgan’s senior debt was $2.7 million and $1.5 million, respectively. |