Preliminary proxy statement not related to a contested matter or merger/acquisition

Pay vs Performance Disclosure

v3.23.1
Pay vs Performance Disclosure
12 Months Ended
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Pay vs Performance Disclosure [Table]      
Pay vs Performance [Table Text Block]
Pay vs. Performance
In accordance with the final rule adopted by the SEC in August 2022 implementing
Section
 953(a) of the Dodd-Frank Act, we are providing the following table that sets forth certain compensation measures for certain of our officers alongside certain performance metrics for the Company and certain of its industry peers:
 
                                                                 
                           
Value of Initial $100
Investment:
             
Year
 
Summary
Compensation
Table CEO
Total
Compensation
($)
   
Compensation
Actually Paid
to CEO ($)
(1)
   
Average SCT
Non-CEO

NEOs Total
Compensation
($)
   
Average
Compensation
Actually Paid
to
Non-CEO

NEOs ($)
(1)
   
Company
TSR ($)
   
Peer Group
TSR ($)
(2)
   
Net
Investment
Income

($ in
thousands)
   
Return on
Equity
 
2022
    7,370,508       12,508,448       1,441,832       1,354,862       131.26       113.50       188,068       11.6
2021
    7,410,986       11,960,041       1,548,309       1,560,941       145.05       125.26       149,968       11.1
2020
    7,871,404       12,662,414       1,621,547       1,676,816       115.13       91.15       157,140       11.3
 
2022 CEO is Bluestein;
non-CEO
NEOs are Meyer, Botelho and Follmann
2021 CEO is Bluestein;
non-CEO
NEOs are Meyer and Grace
2020 CEO is Bluestein;
non-CEO
NEOs are Meyer and Grace
(1)
 
The
amounts shown for Compensation Actually Paid (CAP) have been calculated in accordance with Item 402(v) of Regulation
S-K
and do not reflect compensation actually earned, realized, or received by our CEO or Other NEOs. These amounts reflect the Summary Compensation Table Total (SCT) with certain adjustments as set forth in the following reconciliation table:
 
Name
 
Year
   
SCT
Total ($)
   
SCT Stock
Awards ($)
   
Fair
Value of
Stock
Awards
Granted
in the
Covered
Year ($)
   
Change
in Fair
Value of
Unvested
Stock
Awards
from
Prior
Years ($)
   
Fair
Value of
Stock
Awards
Granted
and
Vested
in the
Covered
Year ($)
   
Change
in Fair
Value of
Stock
Awards
from
Prior
Years
that
Vested in
the
Covered
Year ($)
   
Fair
Value of
Stock
Awards
Forfeited
($)
   
Value of
Dividends
on
Unvested
Stock
Awards
Not
Otherwise
Reflected
in Fair
Value ($)
   
Compensation
Actually Paid
 
PEO
    2022       7,370,508       (3,700,008     3,211,607       (126,779     -       5,753,121       -       -       12,508,448  
    2021       7,410,986       (3,449,995     4,289,439       2,843,025       -       866,586       -       -       11,960,041  
    2020       7,871,404       (3,989,493     4,454,699       4,439,836       -       (114,033     -       -       12,662,414  
NEO
Average
    2022       1,441,832       (541,665     470,981       (20,807     -       4,521       -       -       1,354,862  
    2021       1,548,309       (611,752     676,676       7,210       -       65,068       (124,571     -       1,560,941  
    2020       1,621,547       (602,500     672,756       21,233       -       (36,220     -       -       1,676,816  
 
(2)
 
“Peer Group” TSR is the S&P500 BDC Index
   
Company Selected Measure Name Return on Equity    
Named Executive Officers, Footnote [Text Block] Meyer, Botelho and Follmann Meyer and Grace Meyer and Grace
Peer Group Issuers, Footnote [Text Block] “Peer Group” TSR is the S&P500 BDC Index    
PEO Total Compensation Amount $ 7,370,508 $ 7,410,986 $ 7,871,404
PEO Actually Paid Compensation Amount $ 12,508,448 11,960,041 12,662,414
Adjustment To PEO Compensation, Footnote [Text Block]
(1)
 
The
amounts shown for Compensation Actually Paid (CAP) have been calculated in accordance with Item 402(v) of Regulation
S-K
and do not reflect compensation actually earned, realized, or received by our CEO or Other NEOs. These amounts reflect the Summary Compensation Table Total (SCT) with certain adjustments as set forth in the following reconciliation table:
 
Name
 
Year
   
SCT
Total ($)
   
SCT Stock
Awards ($)
   
Fair
Value of
Stock
Awards
Granted
in the
Covered
Year ($)
   
Change
in Fair
Value of
Unvested
Stock
Awards
from
Prior
Years ($)
   
Fair
Value of
Stock
Awards
Granted
and
Vested
in the
Covered
Year ($)
   
Change
in Fair
Value of
Stock
Awards
from
Prior
Years
that
Vested in
the
Covered
Year ($)
   
Fair
Value of
Stock
Awards
Forfeited
($)
   
Value of
Dividends
on
Unvested
Stock
Awards
Not
Otherwise
Reflected
in Fair
Value ($)
   
Compensation
Actually Paid
 
PEO
    2022       7,370,508       (3,700,008     3,211,607       (126,779     -       5,753,121       -       -       12,508,448  
    2021       7,410,986       (3,449,995     4,289,439       2,843,025       -       866,586       -       -       11,960,041  
    2020       7,871,404       (3,989,493     4,454,699       4,439,836       -       (114,033     -       -       12,662,414  
NEO
Average
    2022       1,441,832       (541,665     470,981       (20,807     -       4,521       -       -       1,354,862  
    2021       1,548,309       (611,752     676,676       7,210       -       65,068       (124,571     -       1,560,941  
    2020       1,621,547       (602,500     672,756       21,233       -       (36,220     -       -       1,676,816  
   
Non-PEO NEO Average Total Compensation Amount $ 1,441,832 1,548,309 1,621,547
Non-PEO NEO Average Compensation Actually Paid Amount $ 1,354,862 1,560,941 1,676,816
Adjustment to Non-PEO NEO Compensation Footnote [Text Block]
(1)
 
The
amounts shown for Compensation Actually Paid (CAP) have been calculated in accordance with Item 402(v) of Regulation
S-K
and do not reflect compensation actually earned, realized, or received by our CEO or Other NEOs. These amounts reflect the Summary Compensation Table Total (SCT) with certain adjustments as set forth in the following reconciliation table:
 
Name
 
Year
   
SCT
Total ($)
   
SCT Stock
Awards ($)
   
Fair
Value of
Stock
Awards
Granted
in the
Covered
Year ($)
   
Change
in Fair
Value of
Unvested
Stock
Awards
from
Prior
Years ($)
   
Fair
Value of
Stock
Awards
Granted
and
Vested
in the
Covered
Year ($)
   
Change
in Fair
Value of
Stock
Awards
from
Prior
Years
that
Vested in
the
Covered
Year ($)
   
Fair
Value of
Stock
Awards
Forfeited
($)
   
Value of
Dividends
on
Unvested
Stock
Awards
Not
Otherwise
Reflected
in Fair
Value ($)
   
Compensation
Actually Paid
 
PEO
    2022       7,370,508       (3,700,008     3,211,607       (126,779     -       5,753,121       -       -       12,508,448  
    2021       7,410,986       (3,449,995     4,289,439       2,843,025       -       866,586       -       -       11,960,041  
    2020       7,871,404       (3,989,493     4,454,699       4,439,836       -       (114,033     -       -       12,662,414  
NEO
Average
    2022       1,441,832       (541,665     470,981       (20,807     -       4,521       -       -       1,354,862  
    2021       1,548,309       (611,752     676,676       7,210       -       65,068       (124,571     -       1,560,941  
    2020       1,621,547       (602,500     672,756       21,233       -       (36,220     -       -       1,676,816  
   
Compensation Actually Paid vs. Total Shareholder Return [Text Block]
The graph below reflects the relationship between “Compensation Actually Paid” to our CEO and other NEOs and TSR for the Company and the S&P BDC Index:
 
 

   
Compensation Actually Paid vs. Net Income [Text Block]
The graph below reflects the relationship between “Compensation Actually Paid” to our CEO and other NEOs and Net Investment Income:
 
 

   
Compensation Actually Paid vs. Company Selected Measure [Text Block]
The graph below reflects the relationship between “Compensation Actually Paid” to our CEO and other NEOs and the Company Selected Performance Measure of ROE for the Company:
 
 

 
   
Total Shareholder Return Vs Peer Group [Text Block]
The graph below reflects the relationship between “Compensation Actually Paid” to our CEO and other NEOs and TSR for the Company and the S&P BDC Index:
 
 

   
Tabular List [Table Text Block]
As described above, restrictions imposed by the 1940 Act restrict the Compensation Committee’s
ability
to use nondiscretionary or formulaic Company performance goals or criteria to determine executive incentive compensation. The Compensation Committee instead considers several financial performance metrics, along with other factors including operational goals and individual performance criteria, in determining the appropriate compensation for the NEOs. Subject to the foregoing restrictions imposed by
the
1940 Act, in the Company’s assessment, the following list of performance measures represent the most important performance measures used to link compensation actually paid to our NEOs, for the most recently completed fiscal year, to Company performance:
 
   
return on equity (ROE)
;
   
total dividends paid to stockholders
;
   
net realized gain or losses; and
   
net unrealized appreciation or depreciation.
 
   
Total Shareholder Return Amount $ 131.26 145.05 115.13
Peer Group Total Shareholder Return Amount 113.5 125.26 91.15
Net Income (Loss) $ 188,068,000 $ 149,968,000 $ 157,140,000
Company Selected Measure Amount 0.116 0.111 0.113
PEO Name Bluestein Bluestein Bluestein
Measure [Axis]: 1      
Pay vs Performance Disclosure [Table]      
Measure Name return on equity (ROE)    
Measure [Axis]: 2      
Pay vs Performance Disclosure [Table]      
Measure Name total dividends paid to stockholders    
Measure [Axis]: 3      
Pay vs Performance Disclosure [Table]      
Measure Name net realized gain or losses    
Measure [Axis]: 4      
Pay vs Performance Disclosure [Table]      
Measure Name net unrealized appreciation or depreciation    
PEO [Member] | SCT Stock Awards [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount $ (3,700,008) $ (3,449,995) $ (3,989,493)
PEO [Member] | Fair Value of Stock Awards Granted in the Covered Year [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 3,211,607 4,289,439 4,454,699
PEO [Member] | Change in Fair Value of Unvested Stock Awards from Prior Years [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount (126,779) 2,843,025 4,439,836
PEO [Member] | Change in Fair Value of Stock Awards from Prior Years that Vested in the Covered Year [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 5,753,121 866,586 (114,033)
Non-PEO NEO [Member] | SCT Stock Awards [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount (541,665) (611,752) (602,500)
Non-PEO NEO [Member] | Fair Value of Stock Awards Granted in the Covered Year [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 470,981 676,676 672,756
Non-PEO NEO [Member] | Change in Fair Value of Unvested Stock Awards from Prior Years [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount (20,807) 7,210 21,233
Non-PEO NEO [Member] | Change in Fair Value of Stock Awards from Prior Years that Vested in the Covered Year [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount $ 4,521 65,068 $ (36,220)
Non-PEO NEO [Member] | Fair Value of Stock Awards Forfeited [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount   $ (124,571)