The matt finish on this is spot on, no chalky look at all, and it thins down beautifully for glazing. Took me two thin coats to build up a solid leather tone on my squad's boots.
I was worried this brown would dry too glossy on cloaks, but the matt finish is spot on and layers build up without any chalky texture. Only needed two thin coats over a base to get crisp edge highlights on my squad's leather straps.
The smooth matt finish makes highlight blending so much easier than my other browns, and the 12ml pot lasts a good while. Water-based means cleanup is quick too, though you'll want to thin it slightly