Rita Dam
About Rita Dam
Rita Dam is Treasurer of Source Capital (the Trust) and was first elected as an officer in 2023; she was born in 1966 . Her background includes senior fund administration roles: Co‑Chief Executive Officer (2016–present) and Vice President (2006–2015) at Mutual Fund Administration, LLC; Treasurer and Assistant Secretary at Investment Managers Series Trust (2007–present); and Co‑President at Foothill Capital Management, LLC (2018–2022) . The proxy does not disclose education, specific performance metrics (TSR, revenue/EBITDA growth), or officer compensation; financial performance materials are incorporated by reference to Form N‑CSR for the year ended December 31, 2024 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Mutual Fund Administration, LLC | Co‑Chief Executive Officer | 2016–present | Executive leadership of fund administration for the Fund Complex |
| Mutual Fund Administration, LLC | Vice President | 2006–2015 | Senior administration supporting investment company operations |
| Investment Managers Series Trust | Treasurer and Assistant Secretary | 2007–present | Treasury and governance functions across IMST funds |
| Foothill Capital Management, LLC | Co‑President | 2018–2022 | Leadership at registered investment adviser |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Investment Managers Series Trust III | Officer (Treasurer/Assistant Secretary noted via IMST) | 2007–present | Officer across IMST III; Trust notes officers commonly serve in IMST III |
| Mutual Fund Administration, LLC | Co‑Chief Executive Officer | 2016–present | Co‑administrator to the Fund Complex per Trust disclosure |
| Foothill Capital Management, LLC | Co‑President | 2018–2022 | Registered investment adviser leadership |
Fixed Compensation
Closed‑end fund proxies disclose director/Trustee compensation but typically not officer pay; Source Capital’s proxy specifies compensation for Independent Trustees and states no compensation is paid by the Trust to any officer or Trustee who is a Trustee, officer or employee of the Adviser or its affiliates. No officer compensation details (salary/bonus) are disclosed for Rita Dam.
| Component | Amount/Status | Notes |
|---|---|---|
| Base salary | Not disclosed | Officer compensation is not provided in the proxy; Trustee compensation only is presented |
| Target bonus % | Not disclosed | Not provided for officers |
| Actual bonus paid | Not disclosed | Not provided for officers |
| Perquisites | Not disclosed | No officer perquisite disclosure |
Performance Compensation
| Incentive Type | Metric(s) | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|---|
| RSUs/PSUs | Not disclosed | Not disclosed | Not disclosed | Not disclosed | Not disclosed | Not disclosed |
| Options | Not disclosed | Not disclosed | Not disclosed | Not disclosed | Not disclosed | Not disclosed |
| Cash incentive | Not disclosed | Not disclosed | Not disclosed | Not disclosed | Not disclosed | Not disclosed |
Equity Ownership & Alignment
| Item | Detail | Date |
|---|---|---|
| Beneficial ownership (officers and Trustees as a group) | Less than 1% of outstanding shares | As of April 2, 2025 |
| Shares outstanding | 8,226,191 shares of common stock | Record date: April 2, 2025 |
| Individual ownership (Rita Dam) | Not disclosed | — |
| Shares pledged/hedging | Not disclosed | — |
| Stock ownership guidelines | Not disclosed | — |
Employment Terms
| Term | Details |
|---|---|
| Officer role | Treasurer of Source Capital (Trust) |
| First elected | 2023 |
| Address on file | 2220 E. Route 66, Suite 226, Glendora, CA 91740 |
| Contract term/expiration | Not disclosed |
| Severance/change‑of‑control | Not disclosed |
| Clawback/tax gross‑ups | Not disclosed |
| Non‑compete/non‑solicit | Not disclosed |
| Proxy authority | Named as attorney‑in‑fact and proxy on proxy card materials |
Additional Governance and Context
- The Trust pays Independent Trustees an annual retainer and meeting fees; Interested Trustees and Adviser‑affiliated personnel receive no compensation from the Trust .
- Board oversight structure includes Audit and Nominating & Governance Committees, with independent members and documented meeting cadence; Audit Committee met four times in FY2024; Nominating & Governance met twice .
- The proxy states officers and Trustees met Section 16(a) filing requirements for FY2024; no material legal proceedings involving nominees or executive officers over the past ten years .
- The Company reorganized into a Delaware statutory trust in 2024/2025; performance and financial statements are referenced to N‑CSR filings .
Investment Implications
- Compensation alignment: No officer pay detail is disclosed for Rita Dam; Trust compensation disclosures focus on Independent Trustees, and the Trust states it does not pay compensation to Adviser‑affiliated officers/Trustees—reducing visibility into cash/equity incentives and limiting direct pay‑for‑performance assessment at the Trust level for officers .
- Insider selling pressure: With no disclosed equity grants, options, or vesting schedules for officers, structural insider selling pressure tied to vesting appears limited; group beneficial ownership is under 1%, implying minimal officer‑level skin‑in‑the‑game at the Trust itself .
- Retention/contract risk: Absence of disclosed employment agreements, severance, or change‑of‑control terms for officers suggests reliance on external employer arrangements (administrator/adviser), which may diffuse direct retention levers at the Trust level; non‑compete/clawback terms are not disclosed .
- Governance and oversight: Independent committee structure and regular meetings indicate formal oversight; compliance with Section 16(a) and absence of material legal proceedings for executive officers provide baseline governance comfort, but lack of officer‑level ownership guidelines or pledging/hedging disclosures limits alignment transparency .
Overall, Rita Dam’s role is operational/administrative with limited Trust‑level compensation and ownership disclosure. For trading signals, the lack of equity awards and vesting detail implies low forced selling risk; for long‑term alignment, minimal disclosed ownership and absent performance‑linked incentives at the Trust level suggest governance reliance on independent Board oversight rather than officer pay structures .