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 2024, 2023 and 2022. 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) |
|---|
| 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) |
| 2022 | $105,000 | $67,170 | $322,200 | $286,871 | $84.75 | $22,189,000 |
| (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 are Mr. Hutchby, our Chief Financial Officer, Treasurer and Secretary, and Mr. Evans, our Chief Investment Officer. |
| (4) | Total Shareholder Return assumes $100 invested at December 31, 2022 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, 2024. |
