Montano, a former U.S. Treasury Chief Investment Officer, pointed to the trustees' status as holdovers since June 2025 as a primary grievance. Despite failing to secure sufficient votes during the 2025 annual meeting, both candidates remained on the board after being excluded from a subsequent special meeting ballot. This situation highlights a broader concern regarding the lack of independent board refreshment, as all four independent trustees have served since the fund's 2019 inception.

The investor further criticized the board for restrictive governing documents, including supermajority requirements and limited removal rights for trustees. Tensions escalated in May 2026 when the fund issued preferred shares to a single investor, a move that effectively stripped common shareholders of the right to elect two of the board's five members. With the fund’s common shares trading at a persistent discount to net asset value for over six years, Montano argues that the current board structure prioritizes insulation over performance and shareholder accountability.