Nimish Bhatt
About Nimish Bhatt
Nimish S. Bhatt is an Interested Trustee, Chair of the Board (since inception), and President (since 2023) of Thornburg Income Builder Opportunities Trust (TBLD). He is also Managing Director and Chief Financial Officer of Thornburg Investment Management, Inc. (the Adviser) and has been responsible for corporate finance, tax, fund accounting, and fund administration since 2016; prior roles include senior finance and operating posts at Calamos Asset Management and earlier positions at BISYS, Evergreen, PwC, EY, and KPMG . Year of birth: 1963 (approx. age 62); Trustee since 2020 (approx. 5 years of board tenure as of 2025) . Education: B.S. in Advanced Accounting and Auditing and LL.B. (Gujarat University), MBA (Ohio State Fisher), Advanced Management Program (Wharton); FINRA Series 27 and 99 registrations . The proxy does not disclose TSR, revenue growth, or EBITDA growth for TBLD or attribute such performance to individual trustees .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Thornburg Investment Management, Inc. | Managing Director, Chief Financial Officer and Treasurer | 2016–present (since 2016) | Oversees corporate finance, tax, fund accounting, and fund administration for Adviser to TBLD |
| Thornburg Investment Trust | President; Chief Financial Officer; Treasurer; Secretary | President since 2023; CFO 2019–2023; Treasurer 2016–2019; Secretary 2018–2019 | Senior leadership across the affiliated fund complex |
| Calamos Asset Management, Inc. | Senior Vice President and Chief Financial Officer | Not disclosed | Finance leadership; responsible for fund administration, operations, and IT |
| Calamos Fund Complex | Vice President and Chief Financial Officer | Not disclosed | Oversight across mutual funds, ETF, and closed-end funds |
| The BISYS Group, Evergreen Asset Management Corp., PwC, EY, KPMG | Various roles | Not disclosed | Progressive roles spanning strategy, finance, operations, and accounting |
External Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Thornburg Global Investment plc (Ireland) | Board member | Not disclosed | Governance of overseas fund platform |
| New Mexico Museum of Natural History Foundation | Board member | Not disclosed | Community and institutional governance |
| Greater Albuquerque Chamber of Commerce | Board member | Not disclosed | Regional business leadership |
| Goldvest Financial Services Pvt. Ltd. (India) | Board member | Not disclosed | International finance oversight |
| Share My Fortune, Inc. | Board member | Not disclosed | Non-profit/mission governance |
Fixed Compensation
TBLD does not pay salaries or compensation to interested trustees or officers. As an Interested Trustee and President, Mr. Bhatt receives no compensation from the Trust.
| Component | FY 2023 | FY 2024 |
|---|---|---|
| Base salary (Trust) | $0 | $0 |
| Target bonus % (Trust) | Not applicable | Not applicable |
| Actual bonus paid (Trust) | Not applicable | Not applicable |
Context on board compensation (independent trustees only) for FY 2024: annual retainer $50,000; Lead Independent Trustee +$8,000; Committee Chairs +$6,000 each; Committee members +$1,500 per committee; independent trustee totals for FY 2024 shown in proxy table. Mr. Bhatt, as an interested trustee, received $0 from the Trust .
Performance Compensation
The Trust pays no equity, option, or performance-based awards to interested trustees or officers. Accordingly, there are no performance metrics, targets, payouts, or vesting tied to Mr. Bhatt’s compensation at TBLD.
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| No performance-based awards from the Trust for Interested Trustees | — | — | — | — | — |
Equity Ownership & Alignment
| Item | As of date | Disclosure |
|---|---|---|
| Dollar range of TBLD shares beneficially owned | Dec 31, 2024 | None |
| Aggregate dollar range across family of investment companies | Dec 31, 2024 | None |
| Shares outstanding (for context) | Jan 17, 2025 | 32,081,883 common shares |
| 5%+ record holders (for context) | Jan 17, 2025 | UBS WM USA 24.8%; Wells Fargo 16.4%; Stifel 11.1%; Raymond James 7.1% (record holders) |
Notes:
- The proxy shows “None” for Mr. Bhatt’s dollar range of equity securities in TBLD; it does not present a share count, pledging, hedging, or ownership guideline compliance for him. No ownership guidelines for trustees are disclosed in the proxy .
Employment Terms
| Term | Detail |
|---|---|
| Board class and term | Class II Trustee; re-elected in 2024 for term expiring at 2027 annual meeting ; continuing Class II Trustee as of 2025 proxy |
| Board leadership | Chair of the Board (Interested Trustee); President of the Trust since 2023 |
| Committee roles | Audit Committee and Nominating & Corporate Governance Committee are composed solely of Independent Trustees; Chairs are independent (Audit: Brian W. Wixted; Nominating: Dina A. Tantra) |
| Independence and dual-role implication | Mr. Bhatt is an Interested Trustee because he is a managing director and CFO of the Adviser; Board explains rationale for an interested Chair and mitigations (independent committee chairs; executive sessions of Independent Trustees with independent counsel and auditors) |
| Retirement policy | Independent Trustees retire by end of year in which they turn 75; not stated for interested trustees |
| Board size and composition | Board reduced from five to four trustees effective Nov 6, 2024 after a resignation; three Independent Trustees and one Interested Trustee (Mr. Bhatt) |
Board Governance and Director Compensation (context)
- Lead Independent Trustee: Anne W. Kritzmire .
- Independent trustee cash compensation schedule (FY 2024): $50,000 retainer; +$8,000 Lead Independent; +$6,000 for Audit and Nominating Chairs; +$1,500 per committee member; Mr. Bhatt receives $0 as an interested trustee .
- In FY 2023, the Trust increased Independent Trustee compensation from a lower retainer/meeting fee structure; interested trustees (including Mr. Bhatt) received $0 .
Track Record and Qualifications
- Professional background: 30+ years across strategy, leveraged finance, equity issuance, M&A, operations, technology, accounting, administration, and tax in investment management .
- Education and credentials: B.S., LL.B., MBA, Wharton AMP; FINRA Series 27 and 99 .
- Prior leadership: Former SVP & CFO at Calamos Asset Management; CFO of affiliated Calamos funds .
Investment Implications
- Alignment and insider signals: Mr. Bhatt reported “None” for TBLD share ownership as of Dec 31, 2024, and receives no compensation from the Trust. This limits direct pay-for-performance alignment to TBLD’s equity and implies minimal insider buying/selling pressure tied to Trust-level incentives .
- Governance and dual-role risk: He is an Interested Trustee and serves as Chair and President while concurrently CFO of the Adviser; although mitigated by independent committee structure and executive sessions, the leadership model may warrant a modest governance discount vs. fully independent chairs in closed-end funds .
- Retention risk: Compensation and primary employment are at the Adviser (not disclosed in the proxy); tenure at Thornburg since 2016 suggests continuity, but retention levers are driven outside the Trust and are not investor-visible in TBLD disclosures .
- Trading takeaways: No disclosed equity ownership and absence of Trust-level equity awards mean limited predictive insider-trading signals specific to TBLD. Monitoring Form 4 filings (if any) and future proxies for ownership changes remains prudent .