Max Banhazl
About Max Banhazl
Max Banhazl (born 1987) serves as Vice President of Source Capital (the Company/Trust) and was first elected as an officer in 2023; he is based at 2220 E. Route 66, Suite 226, Glendora, CA 91740 . His recent professional background is in fund administration and distribution roles at Mutual Fund Administration, LLC and Foothill Capital Management, with responsibilities spanning compliance, marketing, and sales rather than portfolio management; the Company/Trust’s proxy materials do not disclose executive performance metrics (e.g., TSR, revenue growth, EBITDA growth) tied to his role .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Source Capital, Inc. / Source Capital (Delaware Statutory Trust) | Vice President | 2023–Present | Officer of the Company/Trust; supports administrative and corporate functions (as described in proxy officer biographies) |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Mutual Fund Administration, LLC | Vice President | 2012–Present | Fund administration leadership supporting registered fund operations |
| Foothill Capital Management, LLC | Managing Director; Marketing & Sales Director | 2018–2022 | Distribution, marketing, and sales leadership at a registered investment advisor |
Fixed Compensation
- No compensation is paid by the Company/Trust to any officer or Trustee who is a Trustee, officer or employee of the Adviser (First Pacific Advisors, LP) or its affiliates; proxy disclosures focus on independent director/trustee retainers and fees, not officer salary/bonus amounts .
| Item | Disclosure | Notes |
|---|---|---|
| Company/Trust-paid officer cash compensation | Not itemized in proxy | Disclosures state no compensation is paid by the Company/Trust to affiliated officers; officer-specific salary/bonus amounts are not presented |
| Director/Trustee cash retainers | Disclosed | Independent director/trustee retainers and total comp are shown for each year; interested directors/trustees receive $0 from the Company/Trust |
| Deferred compensation plan (board only) | Available | Independent directors/trustees may defer retainers under a non-qualified plan; officer participation is not described |
Performance Compensation
- Proxy materials do not describe officer performance-based pay programs (bonus metrics, RSUs/PSUs, options) or any vesting schedules; disclosures center on independent director/trustee fees and do not present officer incentive structures .
Equity Ownership & Alignment
| Metric | 2016 | 2017 | 2019 | 2021 | 2022 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Officers and Directors/Trustees beneficial ownership (% of shares outstanding) | <1% | <1% | <1% | ≈1% | ≈1% | <1% (as of Apr 2, 2024) | <1% (as of Apr 2, 2025) |
- Section 16(a) ownership filing compliance: the Company/Trust reports that all required ownership reports were filed for the periods disclosed .
- Officer-specific holdings (including vested/unvested breakdowns, options, pledging/hedging) are not itemized in the proxy materials reviewed; share ownership tables focus on directors/trustees .
Employment Terms
- Executive officer biographies provide role, year first elected, year of birth, and addresses; employment contracts, severance, change-of-control terms, non-compete/non-solicit provisions, clawbacks, or tax gross-ups for officers are not described in the proxy materials reviewed .
- Governance context: in 2024 the Board approved a plan to reorganize the Company into a Delaware statutory trust; 2025 proxy materials reflect the Trust structure with trustees and officers; co-administrators are UMB Fund Services, Inc. and Mutual Fund Administration, LLC .
Investment Implications
- Alignment: Officer pay is not funded by the Company/Trust and officer equity ownership disclosures are not presented; group beneficial ownership remains <1% in most years, indicating limited direct “skin in the game” at the issuer level for officers and trustees .
- Incentive risk: Absence of disclosed officer performance metrics, equity awards, or vesting schedules limits pay-for-performance visibility and reduces the ability to anticipate insider-selling pressure from award vesting; this diminishes compensation-based trading signals from executive incentives .
- Retention dynamics: Banhazl’s roles are housed at service providers (Mutual Fund Administration, LLC), suggesting retention and compensation drivers are primarily external to the Trust; officer biographies indicate administrative/distribution backgrounds rather than investment decision-making authority, implying limited direct linkage between his compensation and Trust investment performance .
- Governance stability: Section 16(a) compliance is consistently affirmed, and independent trustee compensation is transparent with optional deferral; however, officer employment terms (severance/change-of-control) are not disclosed, leaving gaps in formal retention and transition risk assessment .