Jonathan Lamm
About Jonathan Lamm
Jonathan Lamm, age 50, is Chief Operating Officer and Chief Financial Officer of Blue Owl Capital Corporation (OBDC) and the other Blue Owl BDCs; he has served as an officer since 2021 and is also a Senior Managing Director at Blue Owl . Prior to joining Blue Owl in April 2021, he spent 22 years at Goldman Sachs, including serving as CFO/Treasurer of Goldman Sachs BDC, Inc. (GSBD) and building and overseeing GSBD’s finance, treasury, accounting and operations functions, including its 2015 IPO, and earlier roles in GSAM Credit Alternatives and Goldman’s Financial Reporting/Product Controller groups; he began his career in public accounting at Deloitte & Touche . OBDC’s recent performance context: 2024 delivered over 12% ROE and record dividends of $1.72 per share, with borrowers delivering mid-to-high single digit EBITDA and revenue growth; the merger with OBDE increased scale and diversification . In 2023, OBDC achieved record NII per share, highest NAV per share, $1.59 total dividends, and a total return over 40% for the year .
Company performance metrics (context for tenure)
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Total dividends per share | $1.59 | $1.72 |
| Total return | Over 40% | — |
| Return on equity (ROE) | — | Over 12% |
| Borrower growth (EBITDA, revenue) | Low-to-mid single digit each quarter | Mid-to-high single digit YoY |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Blue Owl Capital Corporation and other Blue Owl BDCs | Chief Operating Officer; Chief Financial Officer; Senior Managing Director | 2021–present | Oversees finance/operations across Blue Owl BDCs, supports scaled credit platform execution |
| Goldman Sachs BDC, Inc. (NYSE: GSBD) | Chief Financial Officer and Treasurer | 2013–2021 | Built and oversaw finance, treasury, accounting, operations; led IPO in March 2015 |
| GSAM Credit Alternatives (Goldman Sachs) | Managing Director/COO/CFO; previously VP/COO/CFO | 2007–2013 (VP); 2013–2021 (MD) | Led credit alternatives finance/operations through market cycles |
| Goldman Sachs – Financial Reporting | Vice President, Financial Reporting | 2005–2007 | Financial reporting leadership for complex investment products |
| Goldman Sachs – Product Controller | Product Controller | 1999–2005 | Product control and accounting rigor across trading businesses |
| Deloitte & Touche | Public Accounting | Pre-1999 | Foundation in audit/accounting |
External Roles
- No public company board service or external directorships disclosed for Mr. Lamm in OBDC filings .
Fixed Compensation
- OBDC does not directly compensate executive officers; services are provided by employees of Blue Owl Credit Advisors under the advisory and administration agreements. OBDC reimburses the Adviser for the allocable portion of compensation for the Chief Compliance Officer and Chief Financial Officer and their staffs based on time devoted to OBDC .
- As a result, base salary, target bonus, and equity award details for Mr. Lamm are not disclosed by OBDC; compensation is paid by the Adviser and not reported in OBDC’s proxy .
Performance Compensation
- No executive-specific incentive plan metrics (e.g., revenue growth, EBITDA, TSR) or payouts for Mr. Lamm are disclosed in OBDC filings; executive pay is not set or paid by OBDC .
- Context: Adviser compensation is tied to OBDC performance via management and incentive fees, including a quarterly income-based hurdle and a capital gains component (17.5% structure), aligning the external manager’s economics with net investment income and realized gains, though this is the Adviser's fee framework, not Mr. Lamm’s personal compensation .
Equity Ownership & Alignment
| Holder | Shares Beneficially Owned | % of Outstanding | Notes |
|---|---|---|---|
| Jonathan Lamm | 7,500 | Less than 1% | Includes 6,500 shares held by a trust for which Mr. Lamm is trustee; he disclaims beneficial ownership of trust shares |
| Shares outstanding (record date) | 511,046,234 | — | As of March 28, 2025 |
- Hedging and pledging of Company securities are prohibited for directors, officers, and personnel of the Adviser/Administrator under the insider trading policy—reducing misalignment risk from collateral pledges or derivatives overlays .
- All Section 16(a) beneficial ownership filing requirements for officers/directors were timely filed in 2024 (and 2023), indicating compliance discipline .
Employment Terms
- Officer since 2021; currently serves as COO and CFO of OBDC and each of the Blue Owl BDCs .
- Prior experience: 22 years at Goldman Sachs across finance roles, and earlier at Deloitte & Touche .
- Officers hold office until successors are duly elected and qualified; OBDC’s day-to-day operations are externally managed under the Investment Advisory and Administration Agreements (no individual employment contract terms for Mr. Lamm are disclosed) .
- Mr. Lamm is named as a proxy on OBDC proxy cards (administrative role in meeting governance) .
Investment Implications
- Pay-for-performance transparency is limited: As an externally managed BDC, OBDC does not disclose executive compensation details; direct alignment is primarily via the Adviser’s fee structure (income/capital gains), not personal CFO incentives—reducing traditional CFO-specific incentive signal value but tying firm-level economics to NII and realized gains .
- Insider selling pressure appears low: Mr. Lamm’s beneficial ownership is 7,500 shares (<1%), and hedging/pledging are prohibited, lowering risk of forced selling or collateral-driven sales; however, the small stake also implies limited “skin-in-the-game” alignment at the personal level .
- Retention risk resides at the Adviser: Mr. Lamm’s role spans all Blue Owl BDCs; retention and succession depend on the Adviser rather than OBDC contracts—mitigated by platform scale and governance continuity but not directly disclosed in employment terms .
- Execution track record is favorable in context: OBDC delivered strong 2023 total returns and 2024 ROE/dividends while maintaining excellent credit quality and scaling via the OBDE merger; CFO/COO continuity supports operational discipline, though individual attribution is not broken out .