Matthew Swatt
About Matthew Swatt
Matthew Swatt is Co‑Chief Accounting Officer, Co‑Treasurer, and Co‑Controller of Blue Owl Technology Finance Corp. (OTF) and the other Blue Owl BDCs; he is a Managing Director at Blue Owl and has served as an OTF officer since 2021 . He is 36, holds a B.S. in Accounting from the University of Maryland, and is a licensed CPA in New York . Prior experience includes Assistant Controller (Private Credit) at Guggenheim Partners and earlier audit/valuation work at PwC focused on alternative investments . Context for performance: OTF reported record 2024 net investment income (NII) per share of $1.79 and dividends of $1.46, and closed its merger with OTF II on March 24, 2025, positioning it as the largest software‑focused BDC by total assets; in 2023, OTF delivered 11% total economic return and $1.45/share in dividends .
OTF performance snapshot
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| NII per share | — | $1.79 |
| Dividends per share | $1.45 | $1.46 |
| Total economic return | 11% | — |
| Weighted avg. EBITDA of borrowers (year‑end) | $173M | $227M |
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Blue Owl (incl. Owl Rock predecessor) | Managing Director; Co‑Chief Accounting Officer, Co‑Treasurer, Co‑Controller across Blue Owl BDCs | May 2016–present | Built and oversees finance, accounting, treasury and reporting control functions across BDC complex, supporting scale and portfolio durability |
| Guggenheim Partners (Private Credit) | Assistant Controller | –May 2016 | Led finance, accounting, and financial reporting for private credit strategies, relevant to BDC asset valuation and reporting rigor |
| PwC (Financial Services—Alternative Investments) | Senior in Alternative Investments practice | Prior to Guggenheim | Specialized in financial reporting, fair valuation of illiquid investments/structured products, internal controls for hedge funds, BDCs, and PE funds |
External Roles
- None disclosed (no public company directorships or outside board roles for Mr. Swatt were reported) .
Fixed Compensation
| Component | Disclosure | Notes |
|---|---|---|
| Base salary | Not disclosed by OTF | OTF has no employees; executive officers do not receive direct compensation from OTF. Compensation is paid by the external adviser; OTF only reimburses the adviser for an allocable portion of CFO/CCO and their staffs’ compensation per the Administration Agreement . |
| Target/actual bonus | Not disclosed by OTF | No company‑level executive pay tables; executives are adviser employees . |
| Perquisites, pensions, deferred comp | Not disclosed by OTF | No executive benefit disclosures for company officers, consistent with externally managed BDC model . |
Performance Compensation
OTF’s externally managed structure ties economics primarily to adviser‑level fees, not individual executive scorecards.
| Component | Metric/definition | Hurdle/Rate | Timing | Notes |
|---|---|---|---|---|
| Management fee | % of average gross assets (ex‑cash) | 0.50% pre‑listing; post‑listing: 1.50% on assets above 200% asset coverage and 1.00% below 200% | Quarterly in arrears | Drives adviser revenue scale; not contingent on individual KPIs . |
| Income incentive fee | Pre‑incentive fee NII on beginning net assets | 1.5% quarterly hurdle; 100% catch‑up to 17.5% at 1.82% quarterly; then 17.5% thereafter | Quarterly in arrears post‑listing | Not payable before an exchange listing; can be earned even if total return negative (if NII exceeds hurdle) . |
| Capital gains incentive fee | Cumulative realized gains less realized losses and unrealized depreciation since listing | 17.5% | Annually in arrears post‑listing | Accrued on unrealized appreciation but paid only on realization; capped per Advisers Act limits . |
Implication: Pay‑for‑performance at the company level is linked to NII generation and realized gains (post‑listing), not to disclosed individual executive performance weightings or targets; no RSU/PSU/option grants for company executives are disclosed by OTF .
Equity Ownership & Alignment
| Item | 2023 (Record date 3/25/2024) | 2024 (Record date 3/28/2025) |
|---|---|---|
| Beneficial ownership – Matthew Swatt (shares) | 0 | 0 |
Policies and alignment levers
- Hedging and pledging: Directors/officers of OTF and employees of the adviser/administrator are prohibited from short‑selling, hedging/monetization transactions, and pledging OTF securities in margin or as collateral, enhancing alignment and reducing forced‑sale risk .
- 5% holders: No person other than enumerated institutions owned ≥5% as of Mar 28, 2025; Mr. Swatt is not a significant holder .
- Section 16 compliance: The company reports timely Form 3/4/5 filings by insiders for 2024 and 2025 .
Not disclosed: vested vs. unvested shares, options outstanding, ownership guideline multiples, compliance status .
Employment Terms
| Term | Disclosure |
|---|---|
| Employer of record | Blue Owl Technology Credit Advisors LLC (the external Adviser); OTF has no employees . |
| OTF offices held | Co‑Chief Accounting Officer, Co‑Treasurer, Co‑Controller (also across Blue Owl BDCs) . |
| Officer since | 2021 . |
| Education/credentials | B.S. Accounting (University of Maryland); CPA (New York) . |
| Contract/term | Not disclosed; as an officer, serves until a successor is duly elected/qualified, resignation, or removal . |
| Severance/CoC | Not disclosed at OTF; no executive employment or severance agreements are described for company officers . |
| Non‑compete/Non‑solicit | Not disclosed. |
| Clawbacks | Not disclosed for executives; company maintains Code of Conduct and insider trading policy . |
| Legal proceedings | None of the type specified in Reg S‑K 401(f)(7)-(8) reported against officers in the past 10 years . |
Investment Implications
- Alignment and selling pressure: With zero reported beneficial ownership at OTF for 2024–2025 and a strict no‑hedge/no‑pledge policy, insider selling pressure from Mr. Swatt appears minimal; however, the lack of disclosed equity incentives at the company level means alignment flows through Blue Owl employment and adviser economics rather than OTF equity .
- Retention risk: As compensation and employment terms are at the adviser, retention depends on Blue Owl’s incentives and career pathing. No severance/CoC protections are disclosed at OTF for officers, but his multi‑BDC remit and MD rank at Blue Owl suggest institutional anchoring within the platform .
- Execution risk: Swatt’s background in alternative investment accounting, valuation, and controls (PwC/Guggenheim) is a positive for financial reporting quality in a complex, illiquid credit book; there were no reported legal or compliance issues tied to officers .
- Company‑level performance levers: Adviser fees are sensitive to NII generation and realized gains post‑listing; 2023–2024 trends (record NII/share, strong dividends, borrower EBITDA scale growth, and OTF II merger scale) support continued fee‑driven economics but do not translate into disclosed, metric‑weighted bonuses for company officers –.