Thomas Antonucci
About Thomas Antonucci
Thomas Antonucci is the Treasurer of PCF and an “interested person” affiliated with the Adviser; he has served as an officer since 2018 and was born in 1968 . His principal occupation over the past five years has been Director of Operations at Bulldog Investors (the Adviser) and Ryan Heritage, LLP . PCF’s proxies do not disclose individual officer performance metrics (e.g., TSR, revenue, EBITDA), nor do they provide executive-specific bonus or equity plans; the Fund states it does not have a bonus, profit sharing, pension or retirement plan .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Bulldog Investors (the Adviser) | Director of Operations | Past five years (ongoing) | Operations leadership supporting the Fund’s advisory activities (as disclosed principal occupation) |
| Ryan Heritage, LLP | Director of Operations | Past five years (ongoing) | Operational oversight at affiliated entity (as disclosed principal occupation) |
External Roles
| Organization | Role | Years |
|---|---|---|
| None disclosed | — | — |
PCF proxies list Antonucci’s principal occupations but do not disclose outside public company directorships or committee roles for him .
Fixed Compensation
| Metric | FY 2021 | FY 2022 | FY 2023 | Policy change (effective Nov 8, 2024) |
|---|---|---|---|---|
| Officer annual retainer (Treasurer) | $25,000 paid quarterly | $30,000 paid quarterly | $30,000 paid quarterly | Interested persons serving as Trustees and/or officers no longer receive compensation from the Fund (or compensation is deducted from advisory fees) |
- The Fund does not have a bonus, profit sharing, pension or retirement plan .
Performance Compensation
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Not disclosed for Fund officers | — | — | — | — | — |
- PCF’s proxies do not disclose performance-based incentive plans (RSUs/PSUs/options with targets), and explicitly state the absence of bonus/profit-sharing plans .
Equity Ownership & Alignment
| Year | Dollar Range of Equity Securities in PCF Owned by Antonucci |
|---|---|
| 2020 | None |
| 2021 | None |
| 2022 | None |
| 2023 | None |
- Officers and Trustees, as a group, beneficially owned less than 5% of the Fund’s shares in these years .
- No pledging or hedging of PCF shares by Antonucci is disclosed in the proxies; no officer stock ownership guidelines are disclosed .
Employment Terms
| Item | Disclosure |
|---|---|
| Title | Treasurer |
| Term | 1 year; since 2018 |
| Affiliation | “Interested person” due to Adviser affiliation |
| Compensation policy change | Effective Nov 8, 2024: Interested persons serving as Trustees and/or officers do not receive compensation from the Fund (or compensation is deducted from advisory fees) |
| Legal proceedings | No material legal proceedings regarding any nominee, trustee, or officer in past ten years disclosed |
PCF proxies do not disclose individual employment contracts, severance multiples, change-of-control terms, clawbacks, tax gross-ups, non-compete/non-solicit, or deferred compensation elections for officers .
Investment Implications
- Pay-for-performance alignment appears limited: compensation historically consisted of a fixed officer retainer, with no disclosed performance metrics or equity incentives; as of Nov 8, 2024, interested persons serving as officers (including the Treasurer) no longer receive compensation from the Fund (or any such compensation is offset against advisory fees) .
- Skin-in-the-game is low: proxies repeatedly show Antonucci with “None” for PCF share ownership across 2020–2023, reducing insider selling pressure but also limiting alignment via equity exposure .
- Retention risk is tied to Adviser employment rather than Fund-based long-term incentives; there are no disclosed severance or change-of-control economics that would create meaningful optionality at the Fund level .
- Governance context: Antonucci is one of the senior officers whose reporting supports the Board’s risk oversight, but without variable pay linked to Fund KPIs, trading signals from insider incentives are weak; monitor any future ownership or policy changes for improved alignment .