| Adjustment To PEO Compensation, Footnote |
Year | | Reported Summary Compensation Table Total for PEO ($) | | | Reported Value of Equity Awards (a) ($) | | | Equity Awards Adjustments (b) ($) | | | Compensation Actually Paid to PEO ($) | | 2025 | | $ | 929,107 | | | $ | 570,861 | | | $ | (85,395 | ) | | $ | 843,712 | | 2024 | | $ | 390,274 | | | $ | 0 | | | $ | 0 | | | $ | 390,274 | | 2023 | | $ | 361,512 | | | $ | 0 | | | $ | 0 | | | $ | 361,512 | |
____________ (a) | The grant date fair value of equity awards represents the total of the amounts reported in the “Stock Awards” and “Option Awards” columns in the Summary Compensation Table for the applicable year. | | | (b) | The equity award adjustments for each applicable year include the addition (or subtraction, as applicable) of the following (after deducting, as instructed by Item 402(v) of Regulation S-K, the grant date fair value of equity awards presented in the Summary Compensation Table above and described in footnote (a) immediately above): (i) adding the year-end fair value of any equity awards granted in the applicable year and that are outstanding and unvested as of the end of the applicable year; (ii) adding the amount of change as of the end of the applicable year (from the end of the prior fiscal year) in fair value of any awards granted in prior years and that are outstanding and unvested as of the end of the applicable year; (iii) adding the fair value, as of the vesting date, of all awards that were both granted and vested in the applicable year; (iv) adding the amount of change as of the vesting date (from the end of the prior fiscal year) in fair value of any awards granted in prior years and that vested in the applicable year; (v) subtracting an amount equal to the fair value, at the end of the prior fiscal year, of awards granted in prior years and that failed to meet the related vesting conditions during the applicable year; and (vi) adding the dollar value of any dividends or other earnings paid on stock or option awards in the applicable year, prior to the vesting date, and that are not otherwise reflected in the fair value of such award or included in any other component of total compensation for the applicable year. The valuation assumptions used to calculate fair values did not materially differ from those disclosed at the time of grant. The amounts deducted or added in calculating the equity award adjustments are as follows: |
Year | | MINUS: Reported Value of Equity Awards ($) | | | PLUS: End-of-Year Fair Value of Outstanding and Unvested Equity Awards Granted During the Year ($) | | | PLUS: Year-Over-Year Change in Fair Value of Outstanding and Unvested Equity Awards Granted in Prior Years ($) | | | PLUS: Fair Value as of Vesting Date of Equity Awards Granted and Vested in the Year ($) | | | PLUS: Year-Over- Year Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year ($) | | | MINUS: Fair Value at the End of the Prior Year of Equity Awards that Failed to Meet Vesting Conditions in the Year ($) | | | PLUS: Fair Value of Dividends or Other Earnings Paid on Stock or Option Awards Not Otherwise Reflected in or Total Compensation in the Year ($) | | | Total Equity Award Adjustments ($) | | 2025 | | $ | 570,861 | | | $ | 485,466 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | (85,395 | ) | 2024 | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | 2023 | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | |
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| Adjustment to Non-PEO NEO Compensation Footnote |
Year | | Reported Summary Compensation Table Total for Non-PEO NEO ($) | | | Reported Value of Equity Awards (a) ($) | | | Equity Awards Adjustments (b) ($) | | | Compensation Actually Paid to Non-PEO NEO ($) | | 2025 | | $ | 920,505 | | | $ | 570,861 | | | $ | (85,395) | | | $ | 835,110 | | 2024 | | $ | 389,602 | | | $ | 0 | | | $ | 0 | | | $ | 389,602 | | 2023 | | $ | 370,014 | | | $ | 0 | | | $ | 0 | | | $ | 370,014 | |
____________ (a) | The grant date fair value of equity awards represents the total of the amounts reported in the “Stock Awards” and “Option Awards” columns in the Summary Compensation Table for the applicable year. | | | (b) | The equity award adjustments for each applicable year include the addition (or subtraction, as applicable) of the following (after deducting, as instructed by Item 402(v) of Regulation S-K, the grant date fair value of equity awards presented in the Summary Compensation Table above and described in footnote (a) immediately above): (i) adding the year-end fair value of any equity awards granted in the applicable year and that are outstanding and unvested as of the end of the applicable year; (ii) adding the amount of change as of the end of the applicable year (from the end of the prior fiscal year) in fair value of any awards granted in prior years and that are outstanding and unvested as of the end of the applicable year; (iii) adding the fair value, as of the vesting date, of all awards that were both granted and vested in the applicable year; (iv) adding the amount of change as of the vesting date (from the end of the prior fiscal year) in fair value of any awards granted in prior years and that vested in the applicable year; (v) subtracting an amount equal to the fair value, at the end of the prior fiscal year, of awards granted in prior years and that failed to meet the related vesting conditions during the applicable year; and (vi) adding the dollar value of any dividends or other earnings paid on stock or option awards in the applicable year, prior to the vesting date, and that are not otherwise reflected in the fair value of such award or included in any other component of total compensation for the applicable year. The valuation assumptions used to calculate fair values did not materially differ from those disclosed at the time of grant. The amounts deducted or added in calculating the equity award adjustments are as follows: |
Year | | MINUS: Reported Fair Value of Equity Awards ($) | | | PLUS: End-of-Year Fair Value of Outstanding and Unvested Equity Awards Granted During the Year ($) | | | PLUS: Year-Over-Year Change in Fair Value of Outstanding and Unvested Equity Awards Granted in Prior Years ($) | | | PLUS: Fair Value as of Vesting Date of Equity Awards Granted and Vested in the Year ($) | | | PLUS: Year-Over- Year Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year ($) | | | MINUS: Fair Value at the End of the Prior Year of Equity Awards that Failed to Meet Vesting Conditions in the Year ($) | | | PLUS: Fair Value of Dividends or Other Earnings Paid on Stock or Option Awards Not Otherwise Reflected in or Total Compensation in the Year ($) | | | Total Equity Award Adjustments ($) | | 2025 | | $ | 570,861 | | | $ | 485,466 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | (85,395 | ) | 2024 | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | 2023 | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | |
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| 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 are providing the following information about the relationship between executive compensation actually paid and certain financial performance of the Company. | | Pay versus Performance Chart | | Year | | Summary Compensation Table for PEO (1) | | | Compensation Actually Paid to PEO (2) | | | Summary Compensation Table for Non-PEO NEO (3) | | | Compensation Actually Paid to Non-PEO NEO (4) | | | Value of Initial Fixed $100 Investment Based on Total Shareholder Return (5) | | | Net Income (6) | | (a) | | (b) | | | (c) | | | (d) | | | (e) | | | (f) | | | (g) | | 2025 | | $ | 929,107 | | | $ | 843,712 | | | $ | 920,505 | | | $ | 835,110 | | | $ | - | | | $ | (264,953,075 | ) | 2024 | | $ | 390,274 | | | $ | 390,274 | | | $ | 389,602 | | | $ | 389,602 | | | $ | 52.00 | | | $ | 1,167,726 | | 2023 | | $ | 361,512 | | | $ | 361,512 | | | $ | 370,014 | | | $ | 370,014 | | | $ | 65.33 | | | $ | (1,165,506 | ) |
____________ (1) | The dollar amounts reported in column (b) are the amounts of total compensation reported for Douglas M. Polinsky, our Chief Executive Officer, for each corresponding year in the “Total” column of the Summary Compensation Table. For detail regarding this number, please refer to “Executive Compensation—Summary Compensation Table” above. | | | (2) | The dollar amounts reported in column (c) represent the amounts of “compensation actually paid” to Mr. Polinsky, computed in accordance with Item 402(v) of Regulation S-K. The dollar amounts do not reflect the actual amount of compensation earned by or paid to Mr. Polinsky during the applicable year. In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to Mr. Polinsky’s total compensation for each year to determine “compensation actually paid” as reflected in the table above: |
Year | | Reported Summary Compensation Table Total for PEO ($) | | | Reported Value of Equity Awards (a) ($) | | | Equity Awards Adjustments (b) ($) | | | Compensation Actually Paid to PEO ($) | | 2025 | | $ | 929,107 | | | $ | 570,861 | | | $ | (85,395 | ) | | $ | 843,712 | | 2024 | | $ | 390,274 | | | $ | 0 | | | $ | 0 | | | $ | 390,274 | | 2023 | | $ | 361,512 | | | $ | 0 | | | $ | 0 | | | $ | 361,512 | |
____________ (a) | The grant date fair value of equity awards represents the total of the amounts reported in the “Stock Awards” and “Option Awards” columns in the Summary Compensation Table for the applicable year. | | | (b) | The equity award adjustments for each applicable year include the addition (or subtraction, as applicable) of the following (after deducting, as instructed by Item 402(v) of Regulation S-K, the grant date fair value of equity awards presented in the Summary Compensation Table above and described in footnote (a) immediately above): (i) adding the year-end fair value of any equity awards granted in the applicable year and that are outstanding and unvested as of the end of the applicable year; (ii) adding the amount of change as of the end of the applicable year (from the end of the prior fiscal year) in fair value of any awards granted in prior years and that are outstanding and unvested as of the end of the applicable year; (iii) adding the fair value, as of the vesting date, of all awards that were both granted and vested in the applicable year; (iv) adding the amount of change as of the vesting date (from the end of the prior fiscal year) in fair value of any awards granted in prior years and that vested in the applicable year; (v) subtracting an amount equal to the fair value, at the end of the prior fiscal year, of awards granted in prior years and that failed to meet the related vesting conditions during the applicable year; and (vi) adding the dollar value of any dividends or other earnings paid on stock or option awards in the applicable year, prior to the vesting date, and that are not otherwise reflected in the fair value of such award or included in any other component of total compensation for the applicable year. The valuation assumptions used to calculate fair values did not materially differ from those disclosed at the time of grant. The amounts deducted or added in calculating the equity award adjustments are as follows: |
Year | | MINUS: Reported Value of Equity Awards ($) | | | PLUS: End-of-Year Fair Value of Outstanding and Unvested Equity Awards Granted During the Year ($) | | | PLUS: Year-Over-Year Change in Fair Value of Outstanding and Unvested Equity Awards Granted in Prior Years ($) | | | PLUS: Fair Value as of Vesting Date of Equity Awards Granted and Vested in the Year ($) | | | PLUS: Year-Over- Year Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year ($) | | | MINUS: Fair Value at the End of the Prior Year of Equity Awards that Failed to Meet Vesting Conditions in the Year ($) | | | PLUS: Fair Value of Dividends or Other Earnings Paid on Stock or Option Awards Not Otherwise Reflected in or Total Compensation in the Year ($) | | | Total Equity Award Adjustments ($) | | 2025 | | $ | 570,861 | | | $ | 485,466 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | (85,395 | ) | 2024 | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | 2023 | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | |
(3) | The dollar amounts reported in column (d) represent the amounts reported for the Mr. Joseph A. Geraci, II—our only “named executive officer” (NEO) who was not our “principal executive officer” (PEO)—in the “Total” column of the Summary Compensation Table in each applicable year. | | | (4) | The dollar amounts reported in column (e) represent the amounts of “compensation actually paid” to the NEO, excluding our PEO, computed in accordance with Item 402(v) of Regulation S-K. The dollar amounts do not reflect the actual amount of compensation earned by or paid to the NEO, excluding our PEO, during the applicable year. In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to total compensation for the NEO, excluding our PEO, for each year to determine the “compensation actually paid” as reflected in the table above, using the same methodology described above in Note 2: |
Year | | Reported Summary Compensation Table Total for Non-PEO NEO ($) | | | Reported Value of Equity Awards (a) ($) | | | Equity Awards Adjustments (b) ($) | | | Compensation Actually Paid to Non-PEO NEO ($) | | 2025 | | $ | 920,505 | | | $ | 570,861 | | | $ | (85,395) | | | $ | 835,110 | | 2024 | | $ | 389,602 | | | $ | 0 | | | $ | 0 | | | $ | 389,602 | | 2023 | | $ | 370,014 | | | $ | 0 | | | $ | 0 | | | $ | 370,014 | |
____________ (a) | The grant date fair value of equity awards represents the total of the amounts reported in the “Stock Awards” and “Option Awards” columns in the Summary Compensation Table for the applicable year. | | | (b) | The equity award adjustments for each applicable year include the addition (or subtraction, as applicable) of the following (after deducting, as instructed by Item 402(v) of Regulation S-K, the grant date fair value of equity awards presented in the Summary Compensation Table above and described in footnote (a) immediately above): (i) adding the year-end fair value of any equity awards granted in the applicable year and that are outstanding and unvested as of the end of the applicable year; (ii) adding the amount of change as of the end of the applicable year (from the end of the prior fiscal year) in fair value of any awards granted in prior years and that are outstanding and unvested as of the end of the applicable year; (iii) adding the fair value, as of the vesting date, of all awards that were both granted and vested in the applicable year; (iv) adding the amount of change as of the vesting date (from the end of the prior fiscal year) in fair value of any awards granted in prior years and that vested in the applicable year; (v) subtracting an amount equal to the fair value, at the end of the prior fiscal year, of awards granted in prior years and that failed to meet the related vesting conditions during the applicable year; and (vi) adding the dollar value of any dividends or other earnings paid on stock or option awards in the applicable year, prior to the vesting date, and that are not otherwise reflected in the fair value of such award or included in any other component of total compensation for the applicable year. The valuation assumptions used to calculate fair values did not materially differ from those disclosed at the time of grant. The amounts deducted or added in calculating the equity award adjustments are as follows: |
Year | | MINUS: Reported Fair Value of Equity Awards ($) | | | PLUS: End-of-Year Fair Value of Outstanding and Unvested Equity Awards Granted During the Year ($) | | | PLUS: Year-Over-Year Change in Fair Value of Outstanding and Unvested Equity Awards Granted in Prior Years ($) | | | PLUS: Fair Value as of Vesting Date of Equity Awards Granted and Vested in the Year ($) | | | PLUS: Year-Over- Year Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year ($) | | | MINUS: Fair Value at the End of the Prior Year of Equity Awards that Failed to Meet Vesting Conditions in the Year ($) | | | PLUS: Fair Value of Dividends or Other Earnings Paid on Stock or Option Awards Not Otherwise Reflected in or Total Compensation in the Year ($) | | | Total Equity Award Adjustments ($) | | 2025 | | $ | 570,861 | | | $ | 485,466 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | (85,395 | ) | 2024 | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | 2023 | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | |
(5) | Cumulative total shareholder return (Cumulative TSR) is calculated by dividing the sum of the cumulative amount of dividends for the measurement period, assuming dividend reinvestment on the dividend payment date, plus the difference between the Company’s share price at the end and the beginning of the measurement period, by the Company’s share price at the beginning of the measurement period. | | | (6) | The dollar amounts reported for the years ended 2023 and 2024 are the “net increase in net assets resulting from operations” reflected in the Company’s audited financial statements for those years, given that the Company at that time presented its financial statements as an investment company in accordance with the accounting and reporting guidance of ASC 946. |
Analysis of the Information Presented in the Pay versus Performance Table In accordance with Item 402(v) of Regulation S-K, we are providing the following descriptions of the relationships between information presented in the Pay Versus Performance table above. Compensation Actually Paid and Cumulative TSR The following graph sets forth the relationship between Compensation Actually Paid to our PEO, the Compensation Actually Paid to our Non-PEO NEO, and the Company’s cumulative TSR over the three most recently completed fiscal years. Compensation Actually Paid and Net Income The graph below sets forth the relationship between Compensation Actually Paid to our PEO, and our Non-PEO NEO, and the Company’s “net income” over the three most recently completed fiscal years. Because the Company presented its financial statements as an investment company in accordance with the accounting and reporting guidance of ASC 946 through the period ended June 30, 2025, “net income” in the table below, for periods including and prior to that date, is the “net increase in net assets resulting from operations” as reflected in the Company’s audited financial statements for the applicable year.
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