Alexander Duka
About Alexander Duka
Alexander Duka (58) is an independent Class III director of Portman Ridge Finance Corporation (PTMN) since April 2019, with his current term expiring in 2027. He serves as Lead Independent Director, chairs the Compensation Committee, and sits on the Audit and Nominating & Corporate Governance Committees. His background includes 20 years at Citigroup as a Managing Director in Financial Institutions, executive roles at Acceleration Bay LLC, and earlier positions at Bank of New York and United Jersey Bank; he holds a B.A. and MBA from Rutgers University .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Acceleration Bay LLC | EVP, Corporate Development; later Senior Advisor | EVP: Sep 2017–Dec 2019; Senior Advisor: Dec 2019–Present | Led finance, investor relations, strategic relationships, new ventures, M&A |
| Citigroup, Inc. | Managing Director, Financial Institutions (Global Banking) | 1997–Feb 2017 | Senior banker overseeing financings, capital markets, M&A and banking services for asset managers; developed permanent capital vehicles (BDCs, REITs, CEFs, EU listed) |
| Bank of New York | Various roles | Not disclosed | Prior banking experience |
| United Jersey Bank | Various roles | Not disclosed | Prior banking experience |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Trade Arcade, Inc. | Independent Director | Sep 2021–Present | Current public/private company role |
| BondHouse Investment Trust | Director; later Advisor to sponsor | Director until Feb 2021; Advisor thereafter | Past board service |
| BC Partners Lending Corporation (BCPL) | Director | Since 2018 | Fund complex affiliate |
| Alternative Credit Income Fund | Trustee | Since 2020 | Fund complex affiliate |
| Logan Ridge Finance Corporation (LRFC) | Director | Since Jul 2021 | Fund complex affiliate |
| Opportunistic Credit Interval Fund | Trustee | Since Apr 2022 | Fund complex affiliate |
Board Governance
- Lead Independent Director; Board majority is independent; all matters relating to the Adviser or affiliates require approval by a majority of independent directors .
- Committee memberships and chairs:
- Compensation Committee: Chair (members: Duka, Grunebaum, Kehler, Morea, Warshauer, Westwood); met 4 times in FY2024; members are independent under Nasdaq and 1940 Act .
- Audit Committee: Member (members: Duka, Grunebaum, Warshauer—Chair & audit committee financial expert, Westwood); met 4 times in FY2024 .
- Nominating & Corporate Governance Committee: Member (members: Duka, Grunebaum—Chair, Morea, Warshauer, Westwood); met 4 times in FY2024; all independent .
- Board met 6 times in FY2024; each director attended at least 75% of board and committee meetings; directors encouraged, but not required, to attend annual meeting .
- Independence: Board annually confirms independence under Nasdaq rules and 1940 Act; all current and FY2024-serving directors are independent except Messrs. Goldthorpe and Schafer .
Fixed Compensation
| Component (FY2024) | Amount ($) | Notes |
|---|---|---|
| PTMN Fees Earned or Paid in Cash | $115,000 | As reported for Alexander Duka |
| Fund Complex Total Compensation | $343,000 | PTMN, LRFC, BCPL, Alternative Credit Income Fund, Opportunistic Credit Interval Fund |
| Annual Board Retainer (Independent Directors) | $77,000 | Policy level (applies to each independent director) |
| Lead Independent Director Retainer | $10,000 | Policy level |
| Compensation Committee Chair Fee | $5,000 | Policy level |
| Audit Committee Chair Fee | $10,000 | Policy level (not applicable to Duka; Warshauer is Chair) |
| Nominating & Corporate Governance Chair Fee | $5,000 | Policy level (not applicable to Duka; Grunebaum is Chair) |
| Stock-Based Compensation | None | Company does not maintain stock or option plan for directors |
| Reimbursements | Actuals reimbursed | Out-of-pocket expenses reimbursed |
Note: Director cash compensation amounts include compensation related to FY2023 that was payable as of Dec 31, 2023 and paid during FY2024 .
Performance Compensation
| Metric/Structure | Status | Detail |
|---|---|---|
| Stock options, RSUs/PSUs, equity incentives | Not permitted | 1940 Act prohibits equity incentive compensation to officers/directors; no stock or option plan for directors |
| Non-equity incentive plan (bonus) | None | Company does not maintain a non-equity incentive plan for directors |
| Performance metrics tied to pay (TSR, EBITDA, ESG) | None | Not applicable under PTMN’s director compensation framework |
Other Directorships & Interlocks
| Company | Role | Relationship/Interlock |
|---|---|---|
| BCPL | Director | Affiliate in PTMN fund complex tied to BC Partners Credit |
| Alternative Credit Income Fund | Trustee | Affiliate in fund complex |
| LRFC | Director | Affiliate in fund complex |
| Opportunistic Credit Interval Fund | Trustee | Affiliate in fund complex |
| Trade Arcade, Inc. | Director | External role |
| BondHouse Investment Trust | Former Director; Advisor | External role |
Expertise & Qualifications
- 20 years of senior banking experience at Citigroup; oversight of financings, capital markets activity, and M&A for traditional and alternative asset managers; development of permanent capital vehicles (BDCs, REITs, CEFs) .
- Executive leadership in corporate development at Acceleration Bay (finance, IR, strategic relationships, new ventures, acquisitions) .
- Education: B.A. Rutgers College; MBA Rutgers Graduate School of Management .
- Oversees multiple affiliated portfolios (five in fund complex) consistent with BDC governance expertise .
Equity Ownership
| Holder | Shares Beneficially Owned | % of Class | Dollar Range of Equity Securities |
|---|---|---|---|
| Alexander Duka | 1,000 | <1% | $10,001–$50,000 (based on $12.29 close on Apr 25, 2025) |
| Independent Director | Owner(s) | Investment | Title of Class | Value Range |
|---|---|---|---|---|
| Alexander Duka | Alexander & Barbara Duka (spouse) | BC Partners Special Opportunities Fund I LP | Limited Partnership | Over $100,000 |
| Alexander Duka | Alexander & Barbara Duka (spouse) | BC Partners Lending Corporation | Common Stock | Over $100,000 |
| Alexander Duka | Alexander Duka | BC Partners Fund XI | Limited Partnership | Over $100,000 |
The “Fund Complex” comprises PTMN, LRFC, BCPL, Alternative Credit Income Fund, and Opportunistic Credit Interval Fund .
Insider Trades
| Period | Person | Summary |
|---|---|---|
| 2023-01-01 to 2025-11-20 | Alexander Duka | No Form 4 insider trades found for PTMN in this period (Insider-trades skill query executed; no records returned). |
Governance Assessment
- Independence and leadership: Duka is independent under Nasdaq and the 1940 Act and serves as Lead Independent Director, providing counterbalance to a combined Chair/CEO structure; committees are solely independent and he chairs Compensation .
- Attendance and engagement: Board met 6 times; each director attended at least 75% of board and committee meetings in FY2024; Duka sits on three committees that each met 4 times, indicating active engagement .
- Director pay mix: Compensation is entirely cash-based with no equity or performance incentives for directors; aligns with 1940 Act constraints but limits direct equity alignment for directors .
- Ownership alignment: Direct PTMN ownership is modest (1,000 shares, <$50k), which may be viewed as limited “skin in the game” relative to total fund complex fees .
- Potential conflicts — RED FLAG: Duka and his spouse hold “Over $100,000” in BC Partners-managed vehicles (including BCPL) while PTMN is externally managed by Sierra Crest (an affiliate of BC Partners). Although governance requires independent director approval for matters related to the Adviser, these overlapping interests present perceived conflict risk that investors should monitor .
- Audit oversight: Active audit committee participation; committee chaired by a designated audit committee financial expert (Warshauer), with the committee recommending inclusion of audited financials in the 10-K and selection of Deloitte for FY2025, supporting financial oversight credibility .
- Interlocks: No compensation committee interlocks or insider participation in FY2024, reducing structural pay-setting conflict risk .
Overall signal: Strong committee participation and independent leadership are positives; however, low direct PTMN share ownership and sizeable holdings in BC Partners-affiliated investments warrant continued scrutiny for related-party exposure and alignment with unaffiliated shareholders .