How Sarner was paid
$3.8M in total for 2026, as reported in the Summary Compensation Table. Equity awards are valued at grant, not at what they turned out to be worth.
Named executive officers
| Executive | Salary | Bonus | Stock | Other | Total |
|---|---|---|---|---|---|
| Michael S. SarnerPresident and Chief Executive Officer | $500,000 | $1,113,697 | $1,708,000 | $470,173 | $3,791,870 |
| Chris T. RehbergerChief Financial Officer, Secretary and Treasurer | $350,000 | $649,857 | $960,750 | $210,457 | $2,171,064 |
| Joshua S. WeinsteinChief Investment Officer | $450,000 | $835,273 | $1,387,750 | $387,744 | $3,060,767 |
What changed and why
- $3.8M$3,791,870 CEO total compensation increased from $3,424,639 in fiscal 2025.
- $1.7M$1,708,000 CEO restricted stock award was granted on June 9, 2025.
- $1.2M$1,157,821 CEO value was realized from restricted stock vesting during fiscal 2026.
- 1940 Act restrictions prevent formulaic financial performance goals for incentive compensation and equity awards.
- 77.3%77.3% of votes cast supported fiscal 2025 executive compensation at the 2025 annual meeting.
- Four-year graded vesting applies to fiscal 2026 restricted stock awards, subject to continued employment.
About this page
Figures are automated and can be wrong; check the filing for the exact numbers. Totals follow SEC rules, which value stock and option awards at grant. Read the DEF 14A proxy statement for footnotes and the compensation committee's full reasoning.