Kevin Michel
About Kevin Michel
Kevin Michel is Chief Legal Officer and Secretary of Blackstone Senior Floating Rate 2027 Term Fund (BSL), appointed effective November 15, 2024, with an indefinite term. He is a Managing Director in Blackstone’s Legal & Compliance group, focused on legal structuring and management of retail-focused funds (including ’40 Act vehicles); prior to joining Blackstone in 2015, he was an Associate in the Asset Management group at Willkie Farr & Gallagher LLP. Birth year: 1986. The 2025 proxy notes his appointment followed the resignation of the prior CLO/Secretary (Marisa Beeney) effective November 15, 2024 .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Blackstone (Legal & Compliance) | Managing Director | 2015–present | Legal structuring/management of retail-focused funds; emphasis on registered investment companies under the Investment Company Act of 1940 |
| Willkie Farr & Gallagher LLP (Asset Management Group) | Associate | Pre-2015 (not specified) | Formation and operation of hedge funds and registered investment companies |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| — | — | — | No external directorships or board roles disclosed for Michel in the proxy . |
Fixed Compensation
Officers employed by Blackstone Credit & Insurance receive no compensation or expense reimbursement from the Funds. BSL discloses trustee compensation but does not disclose officer cash salary/bonus since officers are compensated by the Adviser, not the Funds .
| Component | FY2024 Fund-paid amount | Notes |
|---|---|---|
| Cash salary | $0 | Officers employed by Blackstone are not paid by the Funds |
| Cash bonus | $0 | Same as above |
| Other cash/perquisites | $0 | Same as above |
Performance Compensation
The Funds do not grant equity or options to officers; no RSU/PSU/option awards from the Funds are disclosed. Any incentive compensation for Michel would be paid by Blackstone (the Adviser) and is not reported in the Funds’ proxy. The Funds also have no Compensation Committee; the Nominating and Governance Committee reviews compensation only for Independent Trustees .
| Incentive type | Metric weighting | Targets | Actual/Payout | Vesting | Source/Notes |
|---|---|---|---|---|---|
| RSUs/PSUs (Fund-level) | — | — | — | — | No fund-level equity awards disclosed for officers; officers not compensated by the Funds |
| Stock options (Fund-level) | — | — | — | — | No fund-level option awards disclosed for officers |
| Annual incentive plan (Fund-level) | — | — | — | — | Not applicable; officers’ compensation is through the Adviser and not disclosed by the Funds |
| Compensation governance | — | — | — | — | No Compensation Committee; Nominating & Governance Committee reviews Independent Trustee pay |
Equity Ownership & Alignment
The proxy provides trustee/officer group ownership, but does not list Michel individually in the beneficial ownership tables. As of December 31, 2024, trustees and executive officers as a group held 2,750 BSL common shares (<1%); individual holders listed are D’Alelio, Jasper, Schpero, Siebels, Leiter, and Roppa. There is no disclosure of pledged shares or officer-level ownership guidelines for Michel in the Fund’s proxy .
| Item | Disclosure |
|---|---|
| Individual beneficial ownership (Michel) | Not disclosed in proxy tables |
| Group ownership (Trustees & Executive Officers) | 2,750 BSL shares (<1%) as of 12/31/2024 |
| Dollar range (Trustees; officers not shown) | For trustees, ranges disclosed (e.g., Jasper $10,001–$50,000); no officer ranges shown; Michel not included |
| Pledging/hedging | No Michel-specific disclosure in proxy |
| Ownership guidelines | No officer ownership guidelines disclosed by the Funds |
Employment Terms
| Term/Provision | Disclosure |
|---|---|
| Officer title | Chief Legal Officer and Secretary |
| Officer since (BSL/BGX/BGB) | November 2024 |
| Term of office | Indefinite |
| Employer | Blackstone Alternative Credit Advisors LP (Adviser) |
| Severance/Change-of-control (Fund) | Not disclosed by the Funds; officers are Adviser employees |
| Clawback/tax gross-ups (Fund) | Not disclosed by the Funds |
| Non-compete / non-solicit | Not disclosed by the Funds |
| Section 16 compliance | Funds state all applicable Section 16(a) filing requirements were complied with for FY2024 |
Investment Implications
- Compensation alignment: Michel’s cash/equity compensation is paid by the Adviser (Blackstone), not the Funds; the Fund discloses no officer pay or performance metrics, implying limited visibility into his personal pay-for-performance design from the Fund perspective. This reduces concerns about fund-level incentive misalignment but shifts alignment assessment to Blackstone’s internal frameworks, which are not disclosed here .
- Insider selling pressure/trading signals: The proxy does not disclose Michel’s individual beneficial ownership; the group of trustees and executive officers held only 2,750 BSL shares (<1%) as of December 31, 2024, limiting utility of officer-level insider trading signals from Fund disclosures .
- Retention risk: As an Adviser employee with an indefinite officer term at the Funds, retention risk hinges on Blackstone’s compensation/retention policies rather than Fund-level arrangements; no Fund-level severance or CoC economics for officers are disclosed .
- Governance continuity: Michel’s appointment followed a leadership transition (resignation of prior CLO/Secretary effective November 15, 2024), indicating continuity of legal/compliance oversight under Blackstone’s platform for ’40 Act funds .
- Compliance posture: The Funds reported full Section 16(a) compliance for FY2024, with no filing deficiencies noted, supporting baseline governance hygiene; however, absence of officer-specific Form 4 detail in the proxy constrains deeper ownership analytics for Michel .
Citations:
- Officer biography, role, birth year, appointment date, and term:
- Officers compensated by Adviser, not the Funds (no officer comp disclosure):
- Beneficial ownership tables (group holdings, named individuals; Michel not listed individually):
- No Compensation Committee; Nominating & Governance oversees Independent Trustee compensation:
- Section 16(a) compliance statement: