Fiscal year 2025 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.
Each company listed discloses AFCG in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named AFCG in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.
| Named executive officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension / NQDC | All other | Total |
|---|---|---|---|---|---|---|---|---|
| Robyn Tannenbaum | — | — | — | — | — | — | — | — |
| President and Chief Investment Officer | ||||||||
| Daniel Neville | — | — | — | — | — | — | — | — |
| Chief Executive Officer | ||||||||
| Brandon Hetzel | — | — | — | — | — | — | — | — |
| Chief Financial Officer and Treasurer | ||||||||
A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.
| Named executive officer | FY2025 total | FY2024 total | FY2023 total | Δ FY2024→2025 |
|---|---|---|---|---|
| Robyn Tannenbaum | — | $469,452 | $532,253 | — |
| Daniel Neville | — | 750,001 | — | — |
| Brandon Hetzel | — | 444,565 | 376,703 | — |
Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.
Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.
| Insider | Role | Transaction date | Code | Shares | Price | Value | Security | Source |
|---|---|---|---|---|---|---|---|---|
| Leonard M. Tannenbaum | Director | 2026-05-14 | A | 90,600 | $3 | $257,304 | Common | Form 4 ↗ |
Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.
The Company does not directly employ any executive officers; all executive officers are employed by the Adviser and/or its affiliates and receive compensation from the Adviser, not from the Company. The Company does not pay compensation directly to its executive officers for services rendered on its behalf.
| CEO STI target (% of salary) | — |
|---|---|
| CEO LTI target (% of salary) | — |
| Independent consultant | — |
| Clawback policy | true |
| Anti-hedging | true |
| Anti-pledging | true |
| Meeting year | Meeting date | For | Against | Abstain | Support | Outcome |
|---|---|---|---|---|---|---|
| 2025 | 2025-08-12 | — | — | — | 50% | Passed |
| 2025 | 2025-08-12 | — | — | — | 50% | Passed |
Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.
| Meeting year | Meeting date | Approval — company's computation |
|---|---|---|
| 2025 | 2025-08-12 | 50%a |
| 2025 | 2025-08-12 | 50%b |
a. Voting standard not stated in the filing.
b. Voting standard not stated in the filing.
Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.
| Ratio (CEO : median employee) | 1 : 1 |
|---|---|
| CEO total compensation | — |
| Median employee compensation | — |
| Director | Cash fees | Stock awards | Option awards | Non-equity incentive | All other | Total |
|---|---|---|---|---|---|---|
| Leonard M. TannenbaumNot independent · Board Chair | $0 | $2,799,996 | $0 | — | $0 | $2,799,996 |
| Alexander C. FrankIndependent · Audit (Chair) · Nominating and Corporate Governance (Chair) · Nominating Corporate Governance (Chair) | 80,000 | 29,998 | 0 | — | 0 | 109,998 |
| Thomas L. HarrisonIndependent · Lead Independent Director · Audit · Compensation (Chair) | 75,000 | 29,998 | 0 | — | 0 | 104,998 |
| Robert LevyIndependent · Audit · Compensation | 50,000 | 29,998 | 0 | — | 0 | 79,998 |
| Marnie SudnowIndependent · Compensation · Nominating and Corporate Governance | 50,000 | 29,998 | 0 | — | 0 | 79,998 |
| Annual cash retainer | $50,000 |
|---|---|
| Annual equity retainer | $29,998 |
| Per board meeting fee | — |
| Committee chair fees (audit / comp / nom-gov) | 25,000 / 10,000 / 5,000 |
| Stock ownership guideline | — |
| Component | FY2025 |
|---|---|
| Cash retainers and fees | $255,000 |
| Equity awards (grant-date value) | $2,919,988 |
| All other compensation | $0 |
| Total cost of the board | $3,174,988 |
Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.
Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.
| Rank | Company | FY | Chief executive | Salary | Stock awards | Option awards | Non-equity incentive | Total |
|---|---|---|---|---|---|---|---|---|
| — | Advanced Flower Capital | 2025 | Daniel Neville | — | — | — | — | not in coverage universe |
Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.
Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.
| # | Supports | Document | Filed | Accession | Location in document |
|---|---|---|---|---|---|
| 1 | Section 01, Robyn Tannenbaum | DEF 14A | 2026-04-17 | 0001140361-26-015204 | Section “Executive Compensation”. As printed: —. Filing ↗ |
| 2 | Section 01, Daniel Neville | DEF 14A | 2026-04-17 | 0001140361-26-015204 | Section “Executive Compensation”. As printed: —. Filing ↗ |
| 3 | Section 01, Brandon Hetzel | DEF 14A | 2026-04-17 | 0001140361-26-015204 | Section “Executive Compensation”. As printed: —. Filing ↗ |
| 4 | Section 07, pay ratio | DEF 14A | 2026-04-17 | 0001140361-26-015204 | Section “CEO Pay Ratio”. As printed: 1 : 1. Filing ↗ |
| 5 | Section 08, Leonard M. Tannenbaum | DEF 14A | 2026-04-17 | 0001140361-26-015204 | Section “Director Compensation”. As printed: 2,799,996. Filing ↗machine: t66 · r7 · c3 · span 225531–225540 |
| 6 | Section 08, Alexander C. Frank | DEF 14A | 2026-04-17 | 0001140361-26-015204 | Section “Director Compensation”. As printed: 109,998. Filing ↗machine: r3 · c3 · span 220088–220095 |
| 7 | Section 08, Thomas L. Harrison | DEF 14A | 2026-04-17 | 0001140361-26-015204 | Section “Director Compensation”. As printed: 104,998. Filing ↗machine: r2 · c3 · span 218578–218585 |
| 8 | Section 08, Robert Levy | DEF 14A | 2026-04-17 | 0001140361-26-015204 | Section “Director Compensation”. As printed: 79,998. Filing ↗machine: t66 · r4 · c3 · span 221374–221380 |
| 9 | Section 08, Marnie Sudnow | DEF 14A | 2026-04-17 | 0001140361-26-015204 | Section “Director Compensation”. As printed: 79,998. Filing ↗machine: t66 · r5 · c3 · span 222671–222677 |
| 10 | Section 02, Leonard M. Tannenbaum 2026-05-14 | Form 4 | 2026-05-19 | 0001628280-26-036480 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 11 | Section 06, 2025 vote | Form 8-K | 2026-04-17 | 0001140361-25-035139 | Item 5.07 · say-on-pay result. As reported: 50%. Filing ↗ |
| 12 | Section 06, 2025 vote | Form 8-K | 2026-04-17 | 0001140361-26-015204 | Item 5.07 · say-on-pay result. As reported: 50%. Filing ↗ |
| 13 | Section 09b board cost (computed) | Computed | — | computed | Cash 255,000 + equity 2,919,988 + all other 0 = 3,174,988, summed across the director compensation table rows.machine: formula: Σ = 3,174,988 |