Jonathan Lamm
About Jonathan Lamm
Jonathan Lamm serves as Chief Financial Officer and Chief Operating Officer of Blue Owl Technology Finance Corp. (OTF) and the other Blue Owl BDCs; he has been an executive officer since 2021 and is age 50 . Previously, he was CFO/Treasurer of Goldman Sachs BDC and held senior finance roles across GSAM Credit Alternatives and Goldman Sachs from 1999–2021 . During his tenure at OTF, company performance highlights include total economic return of 11% in 2023 and record 2024 results with net investment income per share of $1.79 and dividends of $1.46; borrowers delivered low/mid single-digit revenue and EBITDA growth in 2023, and mid/high single-digit growth in 2024, with weighted average borrower EBITDA rising from $173M to $227M .
Company performance highlights during Lamm’s tenure
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Total Economic Return (%) | 11% | — |
| Net Investment Income per Share ($) | — | 1.79 |
| Dividends per Share ($) | 1.45 | 1.46 |
| Borrower EBITDA Growth (avg) | Low-to-mid single digit (qualitative) | Mid-to-high single digit (qualitative) |
| Weighted Avg Borrower EBITDA ($MM) | 173 | 227 |
Note: Growth descriptors are management qualitative commentary, not quantified targets .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Blue Owl Technology Finance Corp. and Blue Owl BDCs | CFO & COO | 2021–present | Senior finance and operations leadership across Blue Owl’s BDC complex . |
| Goldman Sachs BDC, Inc. | CFO & Treasurer | 2013–2021 | Built and oversaw finance, treasury, accounting and operations, including IPO (2015) and merger integration (2020) . |
| GSAM Credit Alternatives (Goldman Sachs) | MD/COO/CFO | 2013–2021 | Led finance/operations for credit alternatives platform . |
| GSAM Credit Alternatives (Goldman Sachs) | VP/COO/CFO | 2007–2013 | Scaled finance and operations for credit strategies . |
| Goldman Sachs | VP, Financial Reporting; Product Controller | 1999–2007 | Financial reporting and product control leadership . |
| Deloitte & Touche | Public Accounting | Pre-1999 | Foundational audit/accounting experience . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Not disclosed | — | — | Company filings provide no external board or director roles for Lamm . |
Fixed Compensation
OTF is externally managed; executives are employees of the Adviser and do not receive direct compensation from OTF. OTF reimburses the Adviser for allocable portions of compensation for the CFO and CCO and their staffs based on time devoted to OTF under the Administration Agreement .
| Component | Company direct pay | Notes |
|---|---|---|
| Base Salary | Not paid by OTF | Lamm is compensated by the Adviser; OTF reimburses a portion . |
| Target Bonus % | Not disclosed | No executive bonus disclosure at OTF level . |
| Actual Bonus Paid | Not disclosed | — |
| Benefits/Perquisites | Not disclosed | — |
Performance Compensation
Because executives are Adviser employees, OTF does not disclose RSUs/PSUs/options or performance metric weightings for Lamm. No company-level executive equity grants or vesting schedules are reported for OTF executives; compensation metrics tied to Lamm’s pay are not disclosed in OTF proxies .
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Not disclosed | — | — | — | — | — |
Equity Ownership & Alignment
| Metric | FY 2024 | FY 2025 |
|---|---|---|
| Beneficial shares owned | 5,443 | 5,443 |
| % of shares outstanding | <1% (out of 208,464,789) | <1% (out of 465,122,953) |
| Options/RSUs held | Not disclosed | Not disclosed |
| Shares pledged as collateral | Prohibited by insider policy | Prohibited by insider policy |
- Hedging and pledging of company securities are prohibited for directors/officers and covered Adviser/administrator personnel under OTF’s insider trading policy, reducing alignment risks from hedging/monetization and forced-selling via pledges .
- Section 16(a) compliance: OTF reports that all beneficial ownership filings by directors/officers were timely for FY 2023 and FY 2024, indicating ongoing disclosure of insider positions/changes .
Employment Terms
| Term | Disclosure |
|---|---|
| Employment contract term/expiration | Not disclosed; executives are employed by the Adviser, not OTF . |
| Severance multiples | Not disclosed at OTF level . |
| Change-of-control (single/double trigger) | Not disclosed for executives; OTF discloses Adviser fee mechanics and co-investment framework, not executive CIC terms –. |
| Clawbacks | Not disclosed for executive compensation; OTF maintains a Code of Conduct and insider policy . |
| Non-compete/non-solicit/garden leave | Not disclosed for executives . |
| Named proxy appointment | Lamm is a named proxy for OTF’s annual meetings (e.g., 2024, 2025) . |
| Start date/tenure confirmation | Officer since 2021; CFO/COO roles evidenced by DEF 14A and 8-K signatures . |
Investment Implications
- Pay-for-performance opacity: As an externally managed BDC, OTF does not disclose executive cash/equity awards; Lamm’s compensation is at the Adviser with only allocable reimbursements disclosed at OTF, limiting direct analysis of incentives vs. performance targets .
- Alignment: Lamm’s direct beneficial ownership is small (5,443 shares, <1%), but hedging/pledging prohibitions reduce misalignment risks from hedging or collateral pledges; absence of pledged shares lowers forced-selling pressure risk .
- Execution track record: Lamm’s senior finance leadership coincides with strong OTF outcomes—11% economic return in 2023 and record 2024 NII/share and dividends; borrower metrics improved and scale increased via OTF II merger (closed March 24, 2025), supporting platform durability and operational leverage .
- Governance/insider discipline: Timely Section 16 filings and strict trading policy are positives for compliance and reduce red flags tied to hedging or pledging; no executive legal proceedings disclosed .
- Data gaps for trading signals: Vesting schedules, option holdings, and insider sale cadence are not reported at OTF; monitoring Forms 3/4/5 remains necessary for near-term selling pressure analysis (OTF reports timely filings but does not summarize trades in proxies) .