Brandon Satoren
About Brandon Satoren
Brandon Satoren (age 36) is Chief Financial Officer, Secretary, and Treasurer of Portman Ridge Finance Corporation (PTMN) since April 2024; he previously served as Chief Accounting Officer at Logan Ridge Finance Corporation and held roles at PennantPark, AQR Capital Management, and PwC. He holds a B.S. in Accounting from the University of Central Florida (2010), is a licensed CPA in Colorado, and a member of the AICPA . As of April 25, 2025, his beneficial ownership in PTMN is 20 shares (<1% of outstanding), and he signed PTMN’s 2025 proxy as Secretary and multiple registration statements as Principal Financial/Accounting Officer, evidencing core finance leadership and governance responsibilities . Company-level performance context: net asset value (NAV) per share declined from $22.76 to $19.41 in 2024 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| PennantPark | Vice President and Controller | Not disclosed | Not disclosed |
| AQR Capital Management, LLC | Vice President | Not disclosed | Not disclosed |
| PricewaterhouseCoopers LLP | Manager | Not disclosed | Not disclosed |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Logan Ridge Finance Corporation (LRFC) | Chief Financial Officer (since Apr 1, 2024); Secretary & Treasurer (since Nov 9, 2021) | 2024–present; 2021–present | Principal Financial Officer; executed Sarbanes-Oxley Section 906 certifications |
| Alternative Credit Income Fund | Chief Financial Officer; previously CAO | 2024–present; prior years | Principal Financial Officer; executed regulatory certifications |
| Opportunistic Credit Interval Fund | Chief Financial Officer; previously CAO | 2024–present; prior years | Principal Financial Officer |
Fixed Compensation
PTMN is externally managed; executive officers do not receive direct compensation from the Company. Compensation for the CFO (and CCO and support personnel) is paid by affiliates and PTMN reimburses its Administrator for an allocable portion under the Administration Agreement . PTMN incurred ~$1.8 million of administration services expenses in FY 2024 and reimbursed ~$1.9 million, which includes the allocable portion of CFO/CCO compensation .
| Component | FY 2024 |
|---|---|
| Direct PTMN salary (CFO) | Not applicable – executives are not compensated by PTMN |
| PTMN reimbursement of Administrator (covers CFO/CCO/support personnel) ($) | $1.8m incurred ; $1.9m reimbursed |
Notes:
- PTMN is prohibited under the 1940 Act from issuing equity incentive compensation (options, restricted stock) to officers/directors .
- No employment agreements exist at PTMN, so no Company-level fixed pay contracts for the CFO .
Performance Compensation
PTMN cannot grant equity incentive awards (RSUs, PSUs, options) to officers/directors under 1940 Act restrictions, and its executive officers do not receive direct Company incentive pay; any incentives would be at the Adviser level and are not disclosed by PTMN .
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| None (PTMN cannot grant officer equity incentives; exec pay not set/paid by PTMN) | — | — | — | — | — |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total beneficial ownership (shares) | 20 shares |
| Ownership as % of shares outstanding | <1% (percent not specified; asterisk denotes less than 1%) ; shares outstanding 9,202,870 as of record date |
| Vested vs. unvested shares | Not disclosed; no Company equity grants to officers |
| Options (exercisable/unexercisable) | None disclosed at PTMN; equity option grants prohibited for officers |
| Shares pledged as collateral | Not disclosed; Insider Trading Policy prohibits short sales and derivatives but pledging policy not specified in DEF 14A |
| Insider Trading Policy constraints | Prohibits short sales and transactions in puts/calls or other derivatives; filed as Exhibit 19.1 to 2024 Form 10-K |
| Stock ownership guidelines (executives) | Not disclosed |
| Section 16 filings | Form 3 filed Apr 1, 2024: 20 common shares, Direct (D) |
Employment Terms
| Term | Detail |
|---|---|
| Employment start date at PTMN | CFO/Secretary/Treasurer since April 2024 |
| Contract term length/expiration | None; PTMN does not have employment agreements |
| Auto-renewal clauses | Not applicable |
| Severance provisions | None at the Company (no employment agreements) |
| Change-of-control economics | None at the Company (no employment agreements) |
| Non-compete / non-solicit / garden leave | Not disclosed |
| Post-termination consulting | Not disclosed |
| Officer responsibilities | Principal Financial/Accounting Officer; signatory on PTMN proxies and registration statements |
Compensation Structure Analysis
- Externalized model: Executives (including CFO) are compensated by the Adviser/Administrator; PTMN reimburses an allocable portion, which insulates Company pay-for-performance linkage at the officer level and shifts incentive alignment to the Adviser’s economics .
- Equity incentives: Company is prohibited from equity incentive compensation to officers, eliminating RSU/option repricing risk and typical vesting-related selling pressure at the Company level .
- Adviser incentives: PTMN pays management and incentive fees (17.5% income/capital gains with 7% hurdle), which can be earned even in periods of portfolio unrealized depreciation—introducing potential conflicts versus stockholder outcomes; this dynamic is at the Company–Adviser level, not the CFO’s Company pay .
Risk Indicators & Red Flags
- Conflicts of interest: PTMN details multiple Adviser-related conflicts, including the possibility of incentive fees paid on accrued income (e.g., PIK) and paying incentive fees despite net losses from depreciation; CFO’s compensation is via affiliates, reinforcing reliance on Adviser structures .
- Hedging/derivative trading: Insider Trading Policy prohibits short sales and trading in puts/calls or derivatives, reducing misalignment from hedging; pledging stance not specified in DEF 14A .
- Ownership alignment: Very small personal holding (20 shares), implying limited “skin in the game” at the Company level .
- Multi-entity roles: CFO concurrently serves across PTMN, LRFC, and affiliated funds, which PTMN flags broadly as a source of potential conflicts and capacity constraints within Adviser personnel .
Investment Implications
- Minimal Company-level equity incentives and small personal holdings suggest low insider selling pressure from vesting/unlocks; alignment relies more on Adviser-level compensation structures than PTMN officer equity stakes .
- Governance and control of compensation via the Administrator/Adviser reduce direct pay-for-performance levers at PTMN; monitoring should focus on Adviser fee structures and portfolio outcomes (e.g., NAV trajectory: $22.76 → $19.41 in 2024) rather than CFO compensation changes at PTMN .
- Retention risk appears tied more to Adviser employment terms than PTMN contracts (no Company employment agreements or severance/CoC provisions), so stability hinges on the Adviser’s ability to retain key personnel and manage conflicts and workloads across entities .