Matthew Curtis
About Matthew Curtis
Matthew Curtis (age 54) serves as Tax Officer of Barings Corporate Investors (MCI) and Barings Participation Investors (MPV) since 2022; he is Managing Director and Global Head of Tax at Barings (since 2017) based in Charlotte, NC . Officers of the Trusts serve until a successor is duly elected and qualified . The Trustees and Officers as a group beneficially owned 1.95% of MCI’s outstanding shares as of March 17, 2025 (20,298,644 shares outstanding), but individual officer holdings are not disclosed in the proxy . Company net income for FY 2024 and FY 2023 is shown below; values retrieved from S&P Global.*
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Net Income - (IS) ($USD) | $36,959,036* | $35,582,326* |
*Values retrieved from S&P Global
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Barings LLC | Managing Director & Global Head of Tax | 2017–present | Leads global tax function for Barings and serves as Tax Officer across multiple Barings-advised investment vehicles . |
| Barings Corporate Investors (MCI) | Tax Officer | 2022–present | Tax oversight and compliance for the Trust . |
| Barings Participation Investors (MPV) | Tax Officer | 2022–present | Tax oversight and compliance for the Trust . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Barings BDC, Inc. | Tax Officer | 2022–present | Business development company advised by Barings . |
| Barings Capital Investment Corporation | Tax Officer | 2022–present | Business development company advised by Barings . |
| Barings Private Credit Corporation | Tax Officer | 2022–present | Business development company advised by Barings . |
| Barings Global Short Duration High Yield Fund | Tax Officer | 2022–present | Closed-end investment company advised by Barings . |
| Barings Private Equity Opportunities and Commitments Fund | Tax Officer | 2022–2024 | Closed-end investment company advised by Barings until Feb 2024 . |
Fixed Compensation
- Compensation for Trust officers (including the Tax Officer) is paid by Barings pursuant to service contracts; the Trusts do not disclose officer salary, bonus or equity awards in the proxy .
- Independent Trustee fees are disclosed (for context on governance compensation), but do not apply to officers; e.g., in FY 2024 independent Trustees received quarterly fees of $18,794 (MCI) and $12,431 (MPV), plus committee stipends; officer compensation remains paid by Barings rather than the Trusts .
Performance Compensation
- No officer performance incentive metrics, bonus determinations, RSU/PSU grants, or option awards for Trust officers are disclosed in the proxy; compensation is paid by Barings and not itemized at the Trust level .
Equity Ownership & Alignment
- As of March 17, 2025, Trustees and Officers of each Trust as a group beneficially owned 1.95% of MCI’s outstanding shares; individual officer ownership (including Matthew Curtis) is not broken out by name in the proxy .
- MCI shares outstanding on the record date: 20,298,644 .
- Section 16(a) compliance: the Trusts state relevant officers complied with filing requirements for FY 2024 through March 17, 2025, with noted exceptions for other named individuals (not Matthew Curtis) .
- No pledging or hedging disclosures specific to officers are provided in the proxy; officer-level share pledging is not indicated .
Employment Terms
- Position and tenure: Tax Officer since 2022; officers hold office until a successor is duly elected and qualified .
- Compensation source: paid by Barings under service contracts; the Trusts do not list officer employment agreements, severance, or change-in-control terms for officers .
- Governance structure: Board leadership and committee oversight (Audit, Governance, Nominating) are composed of Independent Trustees; this framework oversees Barings’ services (including compliance and risk) rather than disclosing officer contracts .
Investment Implications
- Pay-for-performance signal quality is limited at the Trust level for officers: compensation is paid by Barings and not tied to Trust-specific disclosed metrics or equity awards, so traditional NEO alignment levers (bonus metrics, PSU/TSR targets, option grant terms) are not available for analysis .
- Retention risk appears modest for a long-tenured Barings executive functioning across multiple Barings-advised vehicles; role continuity is underscored by the “until successor elected” clause common to Trust officers .
- Insider trading/pledging pressure indicators are muted given the absence of officer-specific equity grant disclosures and Section 16(a) compliance noted without exceptions for Curtis; monitoring should focus on governance and adviser performance rather than individual officer pay packages .
- Company fundamentals context: Net income for FY 2024 was $35.58M vs $36.96M in FY 2023 (values retrieved from S&P Global), reflecting operational results that inform investor expectations but not officer incentive payouts at the Trust level.*
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