"Of the 2,341,269 shares of the Company's common stock eligible to vote as of the record date for the Annual Meeting, 869,410 shares of the Company's common stock were held by persons or entities not affiliated with the Company."
A staggering 63 percent of outstanding share is held by insiders. That is even larger than I had estimated. I've always done well investing in companies with a large percentage of insider ownership but I've never seen these sort of numbers before.
Couldn't the IRS start to raise objections to this at some point? Just one man (the CEO) holds over 50% by my estimate, that makes it a publicly trade BDC in name only.
The proxy materials have insiders at 29% (CO at 27% including his controlled entities). Institutions with greater than 5% are at 21%. That accounts for 50%. I am as confused as you are about that statement in the proxy, frankly.