Joshua Ratner
About Joshua Ratner
Joshua D. Ratner (born 1976) serves as President and Principal Executive Officer of PFN and other PIMCO-managed registered funds; he has held the President role since 2024 and is Executive Vice President and Head of Americas Operations – Client, Legal and Funds, and Deputy General Counsel at PIMCO . He previously served as Vice President, Secretary, and Chief Legal Officer across PIMCO fund complexes (dating to at least 2014) . Education and credentials include a JD from the University of Chicago Law School and a BA from Brandeis University . Fund-level TSR, revenue, or EBITDA growth for his tenure are not disclosed in PFN’s proxy; PFN officers are PIMCO employees and not compensated by the Fund, so pay-for-performance linkages at the fund level are not presented .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| PIMCO (Funds complex incl. PFN) | President (Principal Executive Officer) | Since 2024 | Oversight and signatory authority across US mutual funds, ETFs, closed-end and interval funds |
| PIMCO (Fund complexes) | Vice President, Secretary, Chief Legal Officer | Since 2014 (at least) | Legal leadership and governance roles across PIMCO-managed funds |
| PIMCO | Executive Vice President; Head of Americas Operations – Client, Legal & Funds; Deputy General Counsel | Current | Leads Americas fund/client operations, legal strategy, and fund governance |
| PIMCO Investments LLC | Chief Legal Officer | Historical (pre-2024) | Broker-dealer legal leadership within PIMCO distribution |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Skadden, Arps, Slate, Meagher & Flom LLP | Associate | Prior to PIMCO | Corporate/securities law experience supporting later fund governance leadership |
| Ropes & Gray LLP | Associate | Prior to PIMCO | Regulatory and investment management legal foundation |
Fixed Compensation
PFN officers who are principals, officers, or employees of PIMCO are not compensated by the Fund; specific base salary, target bonus, or actual bonus paid for fund officers (including the President) are not disclosed in PFN’s proxy.
| Component | Latest Disclosed | Notes |
|---|---|---|
| Base Salary | Not disclosed | Officers are PIMCO employees; PFN does not pay officers |
| Target Bonus % | Not disclosed | Not presented for fund officers |
| Actual Bonus Paid | Not disclosed | Not presented for fund officers |
| Perquisites | Not disclosed | Not presented for fund officers |
Performance Compensation
No performance compensation schedule, metrics, or payout tables for PFN officers are disclosed in PFN’s proxy.
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Not disclosed for PFN officers | — | — | — | — | — |
| Note | Officers are paid by PIMCO, not by PFN; fund proxy does not include officer incentive metrics |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Officer/Trustee group beneficial ownership | Less than 1% of each Fund’s outstanding shares as of the Record Date |
| PFN outstanding common shares (Record Date: Apr 28, 2025) | 93,356,454.48 |
| Individual officer holdings breakdown | Not disclosed in proxy |
| Shares pledged/hedged by officers | Not disclosed in proxy |
| Trustee dollar range examples (context) | Independent Trustee Sarah E. Cogan: PFN $10,001–$50,000 (illustrative of board alignment; not applicable to officers) |
| Ownership guidelines/compliance | Not disclosed for officers |
Employment Terms
| Term | Disclosure |
|---|---|
| Employment start date (PFN President) | President role established in 2024; POA signed Jan 8, 2024 as President and Principal Executive Officer |
| Term length/expiration | Officers serve at the pleasure of the Board until successors are chosen and qualified |
| Compensation source | Officers who are PIMCO personnel are not compensated by the Funds |
| Severance/chg-of-control | Not disclosed for officers in PFN proxy |
| Non-compete/non-solicit | Not disclosed |
| Garden leave/consulting | Not disclosed |
Performance & Track Record
- Execution leadership: Ratner signed the multi-fund tender offer documentation on March 12, 2024 as President, including PFN’s offer to repurchase 100% of its Auction Rate Preferred Shares (ARPS) at 96% of $25,000 liquidation preference ($24,000 per share), plus accrued dividends .
- Authority and filings: Ratner’s Power of Attorney (Jan 8, 2024) authorizes execution of SEC registrations and amendments on behalf of PFN and other PIMCO funds as President and Principal Executive Officer .
- Section 16 compliance: PFN reports that trustees, officers, the investment adviser, relevant affiliates, and >10% beneficial owners complied with applicable Section 16(a) reporting requirements in the most recent fiscal year .
Risk Indicators & Red Flags
| Indicator | Status |
|---|---|
| Hedging/pledging by officer | Not disclosed |
| Tax gross-ups/golden parachutes | Not disclosed |
| Option repricing/modification | Not applicable/not disclosed for PFN officers |
| Related party transactions involving officer | Not disclosed |
| Say-on-pay issues | Not applicable to fund officers; trustees’ compensation disclosed separately |
| Legal/SEC investigations | None indicated in PFN proxy; Section 16 compliance affirmed |
Compensation & Governance Context (Trustees, for completeness)
- Independent Trustee compensation ranges and committee compositions are disclosed; officers do not receive fund-paid compensation .
- Audit Oversight and Governance & Nominating Committee charters outline oversight and nomination frameworks; officers are not committee members .
Investment Implications
- Alignment: As PFN’s President is a PIMCO employee not compensated by the Fund, pay-for-performance alignment at the fund level is indirect; alignment relies on PIMCO’s internal incentives, which are not disclosed in PFN’s proxy . This reduces risk of fund-level guaranteed pay increases or discretionary bonuses unrelated to PFN performance, but limits transparency into officer incentives.
- Retention risk: Lack of disclosed employment contract terms, severance, or change-of-control provisions means retention and turnover risk should be assessed via PIMCO’s corporate disclosures rather than PFN’s proxy .
- Trading signals: Officer and trustee group ownership is <1% and there is no disclosed pledging, suggesting low immediate insider selling pressure at PFN (though individual officer holdings are not reported) . Monitor Section 16 filings for future changes in ownership and any 8-K Item 5.02 events for officer transitions (none found in PFN’s recent 8-Ks) [ListDocuments: 3,4,5,6,7].
- Execution capability: Ratner’s role in authorizing and signing key transactions (e.g., ARPS tender at $24,000 per PFN ARPS) demonstrates operational execution; corporate actions that improve capital structure or liquidity can be positive for NAV stability and market discount narrowing in closed-end funds .
Key gaps to monitor: Any officer-specific compensation disclosures at PIMCO level; PFN-specific insider Form 4 filings; future PFN governance updates affecting officer roles.
Citations:
- Executive officers and roles
- Beneficial ownership group <1%
- PFN outstanding shares
- Trustee dollar ranges
- Committee and charters
- Section 16 compliance statement
- Power of Attorney (Jan 8, 2024)
- SC TO-I tender offer (Mar 12, 2024)
- Prior fund officer roles (2015 NCSR)
- Education/background (LinkedIn)