Thomas Jasper
About Thomas W. Jasper
Independent Trustee of Blackstone Long-Short Credit Income Fund (BGX) since November 2010; Chair of the Audit Committee and member of the Nominating and Governance Committee. Birth year 1948. Current principal occupation: Managing Partner of Manursing Partners LLC (consulting). Designated “audit committee financial expert” under SEC rules and NYSE standards. Term expires in 2027.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Blackstone Long-Short Credit Income Fund (BGX) | Independent Trustee; Audit Committee Chair; Nominating & Governance Committee member | Trustee since Nov 2010; term expires 2027 | Board met 8x in 2024; Audit Committee met 4x; Nominating & Governance met 3x; Jasper designated “audit committee financial expert” |
| Blackstone Senior Floating Rate 2027 Term Fund (BSL) | Independent Trustee; Audit Committee Chair; Nominating & Governance Committee member | Trustee since Apr 2010; term expires 2027 | Same committee roles as BGX; Audit Committee report submitted under his chairmanship |
| Blackstone Strategic Credit 2027 Term Fund (BGB) | Independent Trustee; Audit Committee Chair; Nominating & Governance Committee member | Trustee since May 2012; term expires 2027 | Same committee roles as BGX; Audit Committee report submitted under his chairmanship |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Manursing Partners LLC | Managing Partner | Past five years (ongoing) | Principal occupation (consulting firm) |
| Sisecam Resources LP (f/k/a Ciner Resources LP) | Director (MLP) | Until 2023 | Listed as other directorship within last five years |
Board Governance
- Independence and structure
- Jasper is an Independent Trustee; all Audit and Nominating & Governance (N&G) Committee members are independent (not “interested persons”). Jasper chairs the Audit Committee; Schpero chairs N&G; Jane Siebels serves as Lead Independent Trustee.
- Audit Committee expert designation
- Boards determined Jasper is the “audit committee financial expert” for each fund; he serves as Audit Committee Chair.
- Meeting cadence and attendance
- 2024: Board met 8 times; Audit Committee met 4 times; N&G met 3 times. Each Trustee then serving attended at least 75% of Board and applicable Committee meetings.
- Committee remit and oversight
- Audit Committee oversight includes financial reporting integrity, internal controls, auditor independence, and PCAOB-required communications; Charter most recently reviewed Dec 18, 2024. Deloitte served as independent auditor; the Audit Committee submitted the required report.
- Compensation governance
- No separate Compensation Committee; N&G reviews Independent Trustee compensation and makes recommendations to the Board.
Fixed Compensation
| Component | Amount | Detail/Notes |
|---|---|---|
| Independent Trustee annual retainer (Fund Complex) | $155,000 | Paid by BSL, BGB, BGX (and BGFLX through Oct 23, 2024); allocated pro rata by fund NAV each quarter |
| Audit Committee Chair retainer | $12,000 | Annual; paid by the Blackstone Credit & Insurance closed-end funds |
| Total Compensation (FY2024) | $167,000 | For Jasper; per fund allocation: BSL $31,699; BGX $27,825; BGB $94,216; total includes $13,260 from BGFLX prior to de-registration on Oct 23, 2024 |
Performance Compensation
| Performance-Based Element | Status | Notes |
|---|---|---|
| Annual/long-term performance incentives (cash) | None disclosed | Trustees are paid retainers and chair/lead premiums; no performance bonuses disclosed |
| Equity awards (RSUs/PSUs), options | None disclosed | No director equity grant program disclosed; no options/RSUs for trustees |
| Performance metrics (TSR, EBITDA, ESG, etc.) | Not applicable | No performance-linked pay framework for trustees disclosed |
Other Directorships & Interlocks
| Company | Market/Type | Role | Potential Interlock/Conflict Notes |
|---|---|---|---|
| Sisecam Resources LP (f/k/a Ciner Resources LP) | Public MLP | Director (until 2023) | Only public board disclosed in last five years |
- Related-party and independence confirmations
- As of Dec 31, 2024, independent trustees and their immediate families did not own securities in the Adviser or its affiliates and had no transactions/relationships >$120,000 with the Adviser or affiliates in the past two fiscal years.
Expertise & Qualifications
- Financial reporting and risk: Experience as an investment professional in the structured products market; recognized risk management experience; designated as “audit committee financial expert.”
- Governance: Longstanding service across three related funds; chairs the Audit Committee; member of N&G Committee.
- Leadership balance: Board chaired by an interested person (Daniel Leiter), with Lead Independent Trustee (Jane Siebels) and all committees chaired by independents to ensure independent oversight.
Equity Ownership
| Fund | Percent of Shares Held | Total Shares Owned | Dollar Range (if disclosed) | As-of Date |
|---|---|---|---|---|
| BGX (Common) | 0% | 0 | None | Dec 31, 2024 |
| BSL (Common) | <1% | 2,500 | $10,001–$50,000 | Dec 31, 2024 |
| BGB (Common) | 0% | 0 | None | Dec 31, 2024 |
| BGB (Preferred) | 0% | 0 | N/A | Dec 31, 2024 |
- Aggregated family-of-funds ownership dollar range: $10,001–$50,000 (driven by BSL holdings).
- Pledging/hedging: No pledging or hedging disclosures were made for trustees; independence and related-party standards reiterated (see above).
Governance Assessment
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Strengths
- Clear independence: Independent trustee; independent committees; no related-party transactions >$120,000 with the Adviser/affiliates; no ownership of Adviser/affiliate securities by Jasper or immediate family.
- Financial expertise: Designated “audit committee financial expert”; chairs the Audit Committee; active oversight of auditor independence and financial reporting.
- Engagement: Board met 8x in 2024; Audit 4x; N&G 3x; each trustee attended at least 75% of applicable meetings.
-
Alignment considerations
- No BGX share ownership as of Dec 31, 2024, despite overall family-of-funds exposure via BSL; absence of BGX holdings may be viewed as a weaker alignment signal specific to BGX.
- Compensation is fixed (cash retainer + chair premium) with no equity-based or performance-linked elements; common for registered funds but provides limited direct pay-for-performance alignment.
-
Additional observations
- N&G oversees trustee compensation in lieu of a Compensation Committee; Board leadership includes Lead Independent Trustee; Board qualification requirements include age limits, limits on outside boards, and relationship restrictions to protect independence (codified in By-Laws).
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RED FLAGS
- None identified in filings: No related-party transactions >$120,000; no auditor independence issues; Section 16(a) compliance affirmed for 2024.
- Watch items: Lack of BGX share ownership; attendance disclosed only as “≥75%” at the aggregate level (no per-director granularity).