Pay vs Performance Disclosure - USD ($)
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Pay Versus Performance
The table below is provided in accordance with Item 402(v) of Regulation S-K. This information is being provided for compliance purposes. Neither the Compensation Committee nor the executives of our Company use the information in this table when making compensation decisions. In determining the “compensation actually paid” to our NEOs, we are required to make various adjustments to amounts that have been previously reported in the Summary Compensation Table in previous years, as the SEC’s valuation methods for this section differ from those required in the Summary Compensation Table. The table below summarizes compensation values both previously reported in our Summary Compensation Table, as well as the adjusted values required in this section for 2025, 2024, and 2023. Note that for our NEOs other than our principal executive officer (the “PEO”), compensation is reported as an average of each of the NEOs’ total compensation for the respective fiscal year.
Year | Summary Compensation Table Total for PEO(1) | Compensation Actually Paid to PEO(2) | Average Summary Compensation Table Total for Non-PEO NEOs(3) | Average Compensation Actually Paid to Non-PEO NEOs(2)(3) | Total Shareholder Return(4) | Net Income (Loss)(5) | ||||||||||||
2025 | $1,235,000 | $1,233,642 | $613,099 | $613,333 | $89.89 | $6,942,000 | ||||||||||||
2024 | $348,864 | $309,979 | $468,241 | $418,296 | $62.32 | $12,210,000 | ||||||||||||
2023 | $115,746 | $62,915 | $364,538 | $326,665 | $67.66 | ($35,455,000) | ||||||||||||
(1) | For each of the years included above, our PEO was Mr. Lown, our President and Chief Executive Officer. |
(2) | As required by Item 402(v) of Regulation S-K, reconciliation tables illustrating the calculation of Compensation Actually Paid are presented under “Pay versus Performance Supplemental Information – Reconciliation of Summary Compensation to Compensation Actually Paid” immediately below. |
(3) | Individuals comprising our non-PEO NEOs for the fiscal year ended 2025 are Ms. Healey, our General Counsel and Secretary, and Mr. Evans, our Chief Investment Officer. Individuals comprising our non-PEO NEOs for the fiscal years ended 2024 and 2023 were Mr. Hutchby, our former Chief Financial Officer, Treasurer and Secretary, and Mr. Evans, our Chief Investment Officer. |
(4) | Total Shareholder Return assumes $100 invested at December 31, 2023 in our common stock and the reinvestment of dividends. |
(5) | Represents GAAP net income before allocation to noncontrolling interests as reported in our Annual Report on Form 10-K for the year ended December 31, 2025. |
Pay versus Performance Supplemental Information – Reconciliation of Summary Compensation to Compensation Actually Paid
“Compensation actually paid” represents totals from the Summary Compensation Table above, adjusted for certain items as detailed in the following table for the years ended December 31, 2025, 2024, and 2023:
Adjustments to Summary Compensation Tables to Determine Compensation Actually Paid to Chief Executive Officer | 2025 | 2024 | 2023 | ||||||
Reported Summary Compensation Table for Chief Executive Officer | $1,235,000 | $348,864 | $115,746 | ||||||
Deduction of Amounts Reported under the “Stock Awards” column in the Summary Compensation Table | — | ($45,864) | ($115,746) | ||||||
Equity Award Adjustments | |||||||||
Year End Fair Value of Unvested Equity Awards Granted in the Covered Year | — | $30,888 | $77,164 | ||||||
Year over Year Change in Fair Value of Outstanding and Unvested Equity Awards | ($1,275) | ($23,659) | ($14,666) | ||||||
Year over Year Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Covered Year | ($83) | ($250) | $417 | ||||||
Compensation Actually Paid to Chief Executive Officer | $1,233,642 | $309,979 | $62,915 | ||||||
Adjustments to Summary Compensation Tables to Determine Average Compensation Actually Paid to Non-CEO NEOs | 2025 | 2024 | 2023 | ||||||
Average Reported Summary Compensation Table for Non-CEO NEOs | $613,099 | $468,241 | $364,538 | ||||||
Deduction of Average Amounts Reported under the “Stock Awards” Column in the Summary Compensation Table | — | ($74,241) | ($74,538) | ||||||
Equity Award Adjustments | |||||||||
Average Year End Fair Value of Unvested Equity Awards Granted in the Covered Year | — | $39,897 | $49,692 | ||||||
Average Year over Year Change in Fair Value of Outstanding and Unvested Equity Awards | ($623) | ($15,211) | ($13,432) | ||||||
Average Year over Year Change in Fair Value of Equity Awards Granted in Prior Years and Vested in the Covered Year | $857 | ($390) | $405 | ||||||
Average Compensation Actually Paid to Non-CEO NEOs | $613,333 | $418,296 | $326,665 | ||||||
(1) | For each of the years included above, our PEO was Mr. Lown, our President and Chief Executive Officer. |
(3) | Individuals comprising our non-PEO NEOs for the fiscal year ended 2025 are Ms. Healey, our General Counsel and Secretary, and Mr. Evans, our Chief Investment Officer. Individuals comprising our non-PEO NEOs for the fiscal years ended 2024 and 2023 were Mr. Hutchby, our former Chief Financial Officer, Treasurer and Secretary, and Mr. Evans, our Chief Investment Officer. |
Pay versus Performance Supplemental Information – Reconciliation of Summary Compensation to Compensation Actually Paid
“Compensation actually paid” represents totals from the Summary Compensation Table above, adjusted for certain items as detailed in the following table for the years ended December 31, 2025, 2024, and 2023:
Adjustments to Summary Compensation Tables to Determine Compensation Actually Paid to Chief Executive Officer | 2025 | 2024 | 2023 | ||||||
Reported Summary Compensation Table for Chief Executive Officer | $1,235,000 | $348,864 | $115,746 | ||||||
Deduction of Amounts Reported under the “Stock Awards” column in the Summary Compensation Table | — | ($45,864) | ($115,746) | ||||||
Equity Award Adjustments | |||||||||
Year End Fair Value of Unvested Equity Awards Granted in the Covered Year | — | $30,888 | $77,164 | ||||||
Year over Year Change in Fair Value of Outstanding and Unvested Equity Awards | ($1,275) | ($23,659) | ($14,666) | ||||||
Year over Year Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Covered Year | ($83) | ($250) | $417 | ||||||
Compensation Actually Paid to Chief Executive Officer | $1,233,642 | $309,979 | $62,915 | ||||||
Pay versus Performance Supplemental Information – Reconciliation of Summary Compensation to Compensation Actually Paid
“Compensation actually paid” represents totals from the Summary Compensation Table above, adjusted for certain items as detailed in the following table for the years ended December 31, 2025, 2024, and 2023:
Adjustments to Summary Compensation Tables to Determine Average Compensation Actually Paid to Non-CEO NEOs | 2025 | 2024 | 2023 | ||||||
Average Reported Summary Compensation Table for Non-CEO NEOs | $613,099 | $468,241 | $364,538 | ||||||
Deduction of Average Amounts Reported under the “Stock Awards” Column in the Summary Compensation Table | — | ($74,241) | ($74,538) | ||||||
Equity Award Adjustments | |||||||||
Average Year End Fair Value of Unvested Equity Awards Granted in the Covered Year | — | $39,897 | $49,692 | ||||||
Average Year over Year Change in Fair Value of Outstanding and Unvested Equity Awards | ($623) | ($15,211) | ($13,432) | ||||||
Average Year over Year Change in Fair Value of Equity Awards Granted in Prior Years and Vested in the Covered Year | $857 | ($390) | $405 | ||||||
Average Compensation Actually Paid to Non-CEO NEOs | $613,333 | $418,296 | $326,665 | ||||||
The graph below illustrates the relationship of “compensation actually paid” to our Chief Executive Officer and “average compensation actually paid” to our Non-CEO NEOs, in either case, to total shareholder return for the years ended December 31, 2025, 2024 and 2023.
The graph below illustrates the relationship of “compensation actually paid” to our Chief Executive Officer and “average compensation actually paid” to our Non-CEO NEOs, in either case, to net income (loss) for the years ended December 31, 2025, 2024 and 2023.
