Korey Bauer
About Korey Bauer
Korey Bauer is Vice President of Source Capital (SOR), serving since 2023; he was born in 1989 and is based at 2220 E. Route 66, Suite 226, Glendora, CA 91740 . His prior experience includes Vice President/Business Development at Mutual Fund Administration LLC; CIO and Portfolio Manager at Foothill Capital Management; Portfolio Manager at AXS Investments; and President/CEO/CCO at Bauer Capital Management . Source Capital reorganized into a Delaware statutory trust effective January 1, 2025, continuing under ticker SOR with the same investment objective and strategy . Fund-level snapshot as of Q2 2025: equity exposure 41.0%, credit 38.3%, cash and equivalents 16.8% .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Mutual Fund Administration, LLC | Vice President/Business Development | 2022–present | Not disclosed |
| Foothill Capital Management, LLC | Chief Investment Officer; Managing Trustee; Portfolio Manager | 2018–2022 | Not disclosed |
| AXS Investments, LLC | Portfolio Manager | 2020–2022 | Not disclosed |
| Bauer Capital Management, LLC | President; CEO; Chief Compliance Officer | 2014–2018 | Not disclosed |
External Roles
No public company directorships or board committee roles are disclosed for Bauer in Source Capital’s proxy or reports .
Fixed Compensation
The Trust pays no compensation to any officer or Trustee who is an officer or employee of the investment adviser or its affiliates; officer-level salary/bonus details are not disclosed by the Trust .
Performance Compensation
No disclosure of performance-based incentives (RSUs/PSUs/options, metrics, vesting schedules, or payouts) for officers is provided by the Trust .
Equity Ownership & Alignment
| Metric | Value |
|---|---|
| Officers and Trustees beneficial ownership (group) | Less than 1% of outstanding shares as of April 2, 2025 |
| Individual officer holdings, pledging, hedging | Not disclosed |
Employment Terms
| Item | Detail |
|---|---|
| Position and tenure | Vice President; first elected as officer in 2023 |
| Code of Ethics | Trust has a Code of Ethics and a Code of Ethics for Senior Executive and Financial Officers; available via SEC filings and on request |
| Indemnification framework | Officers covered under Trust’s Declaration with indemnification except for willful misfeasance, bad faith, gross negligence, or reckless disregard of duties |
| Severance/change-of-control | Not disclosed for officers |
| Section 16 compliance | Trust believes all filing requirements were met by Trustees and officers for FY 2024 |
Performance Compensation
No performance plan metrics, weights, targets, vesting, or payouts are disclosed for Bauer (officer compensation not reported by the Trust) .
Fund Snapshot (context)
| Metric | Q2 2025 |
|---|---|
| Equity exposure (%) | 41.0 |
| Credit exposure (%) | 38.3 |
| Cash and equivalents (%) | 16.8 |
Investment Implications
- Alignment signal limited: officer compensation and individual share ownership disclosures are not provided; the Trust states it pays no compensation to officers employed by the adviser or affiliates, reducing visibility into pay-for-performance and potential selling pressure .
- Retention and contract economics unknown: no employment contract, severance, or change-of-control terms disclosed for officers, making retention risk and event-driven payout analysis infeasible .
- Governance and compliance baseline: the Trust maintains Codes of Ethics and indemnification provisions, and reported Section 16 compliance for officers, which supports baseline governance but does not substitute for detailed incentives disclosure .
- Track record: Bauer’s career spans investment management and fund administration roles (Foothill Capital, AXS, Bauer Capital, MFA LLC), indicating investment and operational expertise; however, officer-specific performance metrics (TSR under tenure, revenue/EBITDA growth) are not applicable/disclosed for a closed-end fund officer role .