Shareholder Trevor Montano plans to vote against Class II trustee nominees Keith M. Schappert and Andrea N. Mullins at the Sept. 25 meeting.
Montano cites their holdover status since June 2025 despite failing to win sufficient votes at the 2025 annual meeting.
Criticism targets board entrenchment provisions, including a classified board, removal only for cause, supermajority thresholds, and limited bylaw rights.
A May 2026 preferred share issuance to a single investor is cited as shifting two board seats to preferred holders under the 1940 Act.
Montano points to the persistent discount to net asset value since Feb. 27, 2020 as a key performance concern.
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