Curtis Holloway
About Curtis Holloway
Curtis Holloway (Year of Birth: 1967) serves as Treasurer and Chief Financial Officer of Thornburg Income Builder Opportunities Trust (NASDAQ: TBLD) since 2020; he is also Managing Director, Director of Finance (since 2021) and Director of Fund Administration at Thornburg Investment Management, and Treasurer of Thornburg Investment Trust since 2019 . Prior roles include Senior Vice President and Head of Fund Administration (2017–2019) at Calamos Investments, and Chief Financial Officer (2017–2019) and Treasurer (2010–2019) of Calamos Funds, underscoring deep fund administration and finance expertise . The Trust does not pay salaries or compensation to its officers, and the proxy statements do not disclose performance-linked metrics for Holloway’s compensation at the adviser level, limiting pay-for-performance analysis at the Trust entity .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Thornburg Investment Management, Inc. | Managing Director; Director of Finance; Director of Fund Administration | 2021–present | Leads finance and fund administration supporting Trust operations and fund complex |
| Thornburg Investment Trust | Treasurer | 2019–present | Oversight of mutual fund treasury and administration |
| Calamos Investments | Senior Vice President, Head of Fund Administration | 2017–2019 | Led fund administration across investment products |
| Calamos Funds | Chief Financial Officer; Treasurer | CFO 2017–2019; Treasurer 2010–2019 | Finance leadership and treasury for Calamos fund complex |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| None disclosed by the Trust | — | — | Officers’ “Other directorships” are reported as Not Applicable in the proxy |
Fixed Compensation
| Component | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Base salary (Trust) | $0 — Trust pays no salaries to officers | $0 — Trust pays no salaries to officers | $0 — Trust pays no salaries to officers |
| Target bonus % (Trust) | Not applicable — no officer compensation paid by Trust | Not applicable — no officer compensation paid by Trust | Not applicable — no officer compensation paid by Trust |
| Actual bonus paid (Trust) | Not applicable — no officer compensation paid by Trust | Not applicable — no officer compensation paid by Trust | Not applicable — no officer compensation paid by Trust |
| Perquisites (Trust-paid) | Not applicable — no officer compensation paid by Trust | Not applicable — no officer compensation paid by Trust | Not applicable — no officer compensation paid by Trust |
The Trust’s proxies state Independent Trustees receive retainers, but “the Trust pays no salaries or compensation to any of its interested trustees or its officers”; compensation, if any, is at the adviser (Thornburg Investment Management) and not disclosed in the Trust’s proxy .
Performance Compensation
| Incentive Type | Grant/Terms | Vesting | Performance Metrics | Payout/Realization |
|---|---|---|---|---|
| RSUs/PSUs (Trust) | None disclosed for officers | Not applicable | Not applicable | Not applicable |
| Stock Options (Trust) | None disclosed for officers | Not applicable | Not applicable | Not applicable |
| Cash STI/LTI tied to Trust metrics | None disclosed for officers | Not applicable | Not applicable | Not applicable |
Proxy statements do not provide any officer incentive plans or performance metric frameworks for Holloway at the Trust level; officers are compensated, if at all, by the adviser, which is not disclosed in the Trust’s filings .
Equity Ownership & Alignment
| Item | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Beneficial ownership in TBLD (officers) | Not disclosed in proxy (ownership tables cover Trustees only) | Not disclosed in proxy (ownership tables cover Trustees only) | Not disclosed in proxy (ownership tables cover Trustees only) |
| Ownership as % of shares outstanding | Not disclosed | Not disclosed | Not disclosed |
| Vested vs. unvested shares | Not disclosed | Not disclosed | Not disclosed |
| Options (exercisable vs. unexercisable; in-the-money) | Not disclosed | Not disclosed | Not disclosed |
| Shares pledged as collateral | Not disclosed | Not disclosed | Not disclosed |
| Ownership guidelines (officers) | Not disclosed | Not disclosed | Not disclosed |
Section 30(h)/16(a) compliance indicates officers and Trustees maintain required ownership filings; the Trust notes all required filings were met in the last fiscal year, except one late Form 3 for Geoffrey E. Black (who holds no Trust securities) .
Employment Terms
- Role and tenure: Treasurer and Chief Financial Officer since 2020; Managing Director, Director of Finance (since 2021) and Director of Fund Administration; Treasurer of Thornburg Investment Trust since 2019 .
- Reporting/oversight: Officers manage day-to-day operations and serve at the pleasure of the Board; management (including CFO) is responsible for preparing the Trust’s financial statements and maintaining accounting/internal controls, with Audit Committee oversight of quality/integrity and the independent auditor .
- Employment contract, severance, and change-of-control terms: Not disclosed in the Trust’s proxy statements for officers; the compensation section focuses on Independent Trustee retainers and states no officer compensation is paid by the Trust .
- Clawbacks, gross-ups, deferred compensation, non-compete/non-solicit, garden leave: Not disclosed in Trust proxies for officers .
- Section 16 compliance: Required filings were met in the last fiscal year; one late Form 3 (Black), with no Trust securities owned; no >10% beneficial owners among officers disclosed .
Investment Implications
- Limited pay-for-performance alignment at Trust level: The Trust does not compensate officers and discloses no equity or incentive awards for officers, so executive incentives tied to Trust performance appear minimal at the entity level; any incentives reside at the adviser and are undisclosed in the proxy .
- Retention risk and opacity: Holloway’s compensation and retention levers are determined by Thornburg Investment Management (his employer), not the Trust; absence of disclosed employment terms and compensation at the adviser increases analytical uncertainty on retention and incentive alignment .
- Insider selling pressure/trading signals: With officer holdings not disclosed and no officer ownership tables in proxies, direct insider-selling pressure signals for TBLD are muted; continue to monitor Section 16 updates and future proxies for any changes .
- Governance and execution: Management (including the CFO) prepares financials under Audit Committee oversight, which held four meetings in the last fiscal year; robust committee oversight may mitigate reporting risk but does not address incentive alignment for officers at the Trust .
- Data gap acknowledgment: As a closed-end fund, the proxies center on Trustee elections and audit/nominating governance; officer employment contracts, severance/change-of-control economics, and compensation peer benchmarking are not provided, limiting full incentive and risk analysis for Holloway at TBLD .