Ryan Paylor
About Ryan Paylor
Ryan M. Paylor is a Portfolio Manager of Herzfeld Credit Income Fund, Inc. (HERZ), age 44, serving as an officer since 2019 and a portfolio manager at Thomas J. Herzfeld Advisors, Inc. since 2012 . As of September 30, 2025, he beneficially owned 50,502 HERZ shares and is reported at less than 1% ownership; HERZ had 16,908,652 shares outstanding on the record date . Company documents do not disclose executive officer compensation metrics (TSR, revenue growth, EBITDA growth) tied to Paylor’s pay; no performance scorecards are provided in the proxy .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Thomas J. Herzfeld Advisors, Inc. | Portfolio Manager | 2012–present | Not disclosed |
| Herzfeld Credit Income Fund, Inc. | Portfolio Manager (Officer) | 2019–present | Not disclosed |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| None disclosed for Ryan M. Paylor | — | — | Other directorships: NA |
Fixed Compensation
- The proxy discloses director compensation but does not disclose compensation for executive officers (e.g., salary, bonus) of HERZ; directors and executive officers of the Fund do not receive pension or retirement benefits from the Fund .
- HERZ is externally advised; Thomas J. Herzfeld Advisors, Inc. serves as investment adviser under a contract dated June 24, 2025 (the advisory fee and officer pay structure at the adviser are not detailed in the proxy) .
Performance Compensation
- Not disclosed: No RSU/PSU awards, option grants, performance metric targets, or payouts are provided for executive officers in the proxy .
Equity Ownership & Alignment
| Metric | Detail | Source |
|---|---|---|
| Shares outstanding (record date) | 16,908,652 | |
| Ryan M. Paylor beneficial ownership | 50,502 shares; less than 1% | |
| Ryan M. Paylor % of outstanding | ~0.30% (50,502 ÷ 16,908,652) | |
| Group insider ownership (execs + directors) | 7,181,444 shares; 42.47% of outstanding | |
| Shared beneficial ownership by T. Herzfeld & E. Herzfeld (as portfolio managers of advisory accounts) | 6,430,939 shares; 13.63% | |
| Stock ownership guidelines for officers | Not disclosed | |
| Pledging or hedging of stock by Paylor | Not disclosed | |
| Vested vs unvested shares, options | Not disclosed | |
| Section 16(a) compliance | All reporting persons complied in FY2025; one late Form 3 for B. Herzfeld; no issues noted for Paylor |
Employment Terms
- Employment start date (HERZ officer): 2019 .
- Contract terms, severance, change-of-control, non-compete/non-solicit, garden leave, consulting arrangements: Not disclosed in proxy or other HERZ filings reviewed .
Board Governance (context)
- Paylor is an officer, not a director; governance details and board committee structures are provided for directors and independent oversight but do not assign committee roles to Paylor .
Investment Implications
- Alignment: Paylor’s direct stake (~0.30%) is modest, while overall insider and executive/director group ownership is high at 42.47%, indicating concentrated control and potential alignment with long-term outcomes driven by the adviser’s strategy .
- Compensation transparency: Absence of officer compensation disclosures (cash/equity mix, performance metrics, vesting) reduces visibility into pay-for-performance alignment and retention incentives; advisory contract details are disclosed without officer-specific pay .
- Trading signals: Proxy indicates Section 16 compliance for FY2025 (no noted issues for Paylor); however, no grant/award tables or option schedules are disclosed, limiting signal extraction on selling pressure or vesting events .
- Monitoring: Given the external-adviser model and high shared beneficial ownership by T. Herzfeld and E. Herzfeld through advisory accounts (6.43M shares), monitor Form 4 filings for Paylor for any changes in direct holdings, as well as future proxies for any adoption of officer ownership guidelines, pledging/hedging policies, or disclosure of performance-based awards .