v3.25.4
Directors Fees
9 Months Ended
Nov. 30, 2025
Directors Fees [Abstract]  
Directors Fees

Note 10. Directors Fees

 

The independent directors of the Company’s board of directors each receive an annual fee of $90,000. They also receive $3,500 plus reimbursement of reasonable out-of-pocket expenses incurred in connection with attending each board meeting and receive $2,000 plus reimbursement of reasonable out-of-pocket expenses incurred in connection with attending each committee meeting. In addition, the chairman of the audit committee receives an annual fee of $15,000 and the chairman of each other committee receives an annual fee of $8,000 for their additional services in these capacities. In addition, we have purchased directors and officers liability insurance on behalf of our directors and officers. Independent directors have the option to receive their directors fees in the form of our common stock issued at a price per share equal to the greater of NAV or the market price at the time of payment. No compensation is paid to directors who are “interested persons” of the Company (as defined in Section 2(a)(19) of the 1940 Act). For the three months ended November 30, 2025 and November 30, 2024, the Company incurred $0.1 million and $0.1 million for directors fees and expenses, respectively. For the nine months ended November 30, 2025 and November 30, 2024, the Company incurred $0.3 million and $0.3 million for directors fees and expenses, respectively. As of November 30, 2025 and February 28, 2025, $0.0 million and $0.0 million in directors fees and expenses were accrued and unpaid, respectively. As of November 30, 2025, the Company had not issued any common stock to our directors as compensation for their services.