Ryan Leshaw

About Ryan Leshaw

Ryan G. Leshaw (born 1980) serves as Chief Legal Officer and Secretary of PIMCO Dynamic Income Opportunities Fund (PDO) and related PIMCO-sponsored closed-end funds; he has been Chief Legal Officer since 2019 and Secretary since 2024. He is Executive Vice President and Deputy General Counsel at PIMCO; previously, he was an Associate at Willkie Farr & Gallagher LLP . He is regularly designated as Secretary and Chief Legal Officer in fund proxy materials and SEC filings, including serving as signatory or attorney-in-fact on Section 16 filings and 8‑K exhibits . The proxy statements for PDO focus on trustee elections and do not disclose TSR or operating performance metrics attributable to executive officers; officers who are PIMCO employees are not compensated by the funds, and performance-linked pay details are not included .

Past Roles

External Roles

Fixed Compensation

• Officers who are principals, officers, members or employees of PIMCO (the Manager) are not compensated by PDO or the other funds; the proxy does not disclose base salary, target bonus, or actual bonus for fund officers .
• As a result, cash compensation details for Ryan Leshaw (base salary, bonus) are not provided in fund disclosures .

Performance Compensation

• Equity awards (RSUs/PSUs), options, performance metrics, vesting schedules, and payout calculations for fund officers are not disclosed in the PDO proxy, as fund officers employed by PIMCO are not compensated by the funds .

Equity Ownership & Alignment

• As of the February 21, 2025 record date, Trustees, nominees, and officers of each fund—individually and as a group—beneficially owned less than 1% of each fund’s outstanding shares (including PDO) .
• Outstanding PDO common shares as of the record date: 127,212,157.32 .
• Pledging/hedging policies and officer stock ownership guidelines are not disclosed for officers; the proxy provides large record-holder concentrations but no officer-specific holdings breakdown .
• Recent Section 16 filings show Ryan Leshaw acting as attorney-in-fact on Form 3 for another PIMCO insider; that filing reported “No securities are beneficially owned” by the reporting person, and was signed “/s/ Ryan Leshaw, Attorney-in-Fact” . Multiple SEC forms list his role as “Chief Legal Officer and Secretary of the Funds” .

Employment Terms

• Officers hold office at the pleasure of the relevant Board, until successors are chosen and qualified, or until earlier death, resignation, removal, or disqualification; officers employed by PIMCO are not compensated by the funds .
• No employment agreements with PDO, severance provisions, or change-of-control economics for fund officers are disclosed in the proxy .
• In fund governance documents and filings, Ryan Leshaw is regularly designated as Secretary/Chief Legal Officer and as signatory for shareholder communications procedures and proxy administration; he is listed as agent for service in PDO’s registration filings (Form N‑8A) .

Investment Implications

• Pay-for-performance and trading signals: Because fund officers are compensated by PIMCO (not the funds) and compensation details are not disclosed, there is no direct visibility into Leshaw’s cash/equity pay mix or performance metrics tied to his compensation; this limits pay-for-performance analysis and reduces utility of insider-based trading signals for PDO .
• Alignment and retention risk: Officer/Trustee/officer group holdings are under 1% of shares outstanding, which is typical for externally managed closed-end fund complexes and suggests alignment primarily via PIMCO corporate obligations rather than personal fund equity stakes; pledging/hedging and ownership guidelines for officers are not disclosed, leaving limited insight into additional alignment levers .
• Governance stability: Leshaw’s long-standing role (CLO since 2019; Secretary since 2024) and recurrent designation in proxies and SEC filings indicate continuity of legal governance oversight, but do not create direct performance-linked equity signals for PDO .