Thomas Jasper
About Thomas W. Jasper
Thomas W. Jasper is an Independent Trustee of Blackstone Senior Floating Rate 2027 Term Fund (BSL) and serves as Chair of the Audit Committee; he has served on BSL’s board since April 2010 and is designated the fund complex’s “audit committee financial expert.” He is the Managing Partner of Manursing Partners LLC (consulting firm) and is recognized for investment expertise in structured products and risk management; birth year 1948. He is independent under the 1940 Act and NYSE standards, with no disqualifying relationships or transactions with the Adviser or affiliates reported.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Blackstone Senior Floating Rate 2027 Term Fund (BSL) | Independent Trustee | Trustee since April 2010; current term expires 2027 | Audit Committee Chair; members-only committee leadership across funds |
| Blackstone Long-Short Credit Income Fund (BGX) | Independent Trustee | Trustee since November 2010; current term expires 2027 | Audit Committee Chair |
| Blackstone Strategic Credit 2027 Term Fund (BGB) | Independent Trustee | Trustee since May 2012; current term expires 2027 | Audit Committee Chair |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Sisecam Resources LP (formerly Ciner Resources LP), MLP | Director | Until 2023 | Prior public company board; ended in 2023 |
Board Governance
- Committee assignments: Audit Committee Chair; Nominating & Governance Committee member across BSL/BGX/BGB; Audit Committees comprise only independent trustees. Jasper is designated “audit committee financial expert.”
- Leadership: Boards chaired by an Interested Trustee (Daniel Leiter) with Lead Independent Trustee (Jane M. Siebels); all committees chaired by independent trustees.
- Attendance: In 2024 each Board met 8 times; each Trustee attended at least 75% of Board and applicable committee meetings. Audit Committees met 4 times in 2024. In 2023, BSL Board met 10 times (BGX/BGB met 11); Audit Committees met 5 times; each Trustee attended at least 75%.
- Annual Meeting engagement: Trustees are not required to attend annual shareholder meetings; none attended the prior year’s telephonic meetings (2023 and 2024).
- Independence and conflicts: Independent trustees and immediate families reported no securities ownership or relationships with Blackstone Liquid Credit Strategies LLC or its affiliates exceeding $120,000; no related-party transactions >$120,000 during the last two fiscal years.
Fixed Compensation
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| BSL – Compensation Paid to Jasper ($) | 27,249 | 31,699 |
| BGX – Compensation Paid to Jasper ($) | 23,897 | 27,825 |
| BGB – Compensation Paid to Jasper ($) | 80,589 | 94,216 |
| Total from Fund Complex ($) | 167,000 | 167,000 |
| BGFLX Component Included in Total ($) | 35,265 | 13,260 |
- Retainer structure (Independent Trustees): Base retainer $155,000 per annum; Audit Committee Chair additional $12,000; Nominating & Governance Chair additional $12,000; Lead Independent Trustee $16,000; fees paid quarterly and allocated pro rata by each Fund’s average NAV.
Performance Compensation
| Element | Status | Basis |
|---|---|---|
| Equity awards (RSUs/PSUs), options, performance bonuses | None disclosed | Independent Trustee compensation described solely as cash retainers and committee chair/lead fees; no equity or performance-conditioned pay indicated in proxy tables/text |
| Performance metrics tied to pay (TSR, revenue, EBITDA, ESG) | Not applicable | No performance-linked elements disclosed for Independent Trustees |
Other Directorships & Interlocks
| Company | Role | Overlap/Interlock Risk |
|---|---|---|
| Sisecam Resources LP (MLP) | Director (until 2023) | No ongoing overlap disclosed with BSL Adviser; ended in 2023 |
Expertise & Qualifications
- Investment professional with structured products and risk management expertise; Board selected based on integrity, time commitment, and experience.
- Designated “audit committee financial expert” under SEC rules and NYSE standards; chairs Audit Committees.
- Managing Partner of Manursing Partners LLC (consulting).
Equity Ownership
| Shares Held (BSL Common) | Dec 31, 2023 | Dec 31, 2024 |
|---|---|---|
| Total shares | 2,500 | 2,500 |
| % of outstanding | <1% | <1% |
| Dollar Range of Holdings | As of Dec 31, 2023 | As of Dec 31, 2024 |
|---|---|---|
| BSL | $10,001–$50,000 | $10,001–$50,000 |
| BGX | None | None |
| BGB | None | None |
| Aggregate across Fund Family | $50,001–$100,000 | $10,001–$50,000 |
- Section 16 compliance: Funds report full compliance for officers, Trustees, and >10% owners in 2023 and 2024.
- Pledging/hedging: No pledging or hedging disclosures for Jasper; not indicated in proxy.
Governance Assessment
- Strengths: Long-tenured independent trustee with deep structured products/risk background; chairs Audit Committee and serves as the designated financial expert, supporting robust financial reporting oversight. Consistent attendance at or above 75% suggests engagement; independence affirmed with no related-party transactions >$120k involving Adviser/affiliates.
- Alignment: Holds 2,500 BSL shares (<1%); dollar-range ownership indicates personal exposure, but stakes are modest relative to retainer size; no equity-based director pay, which favors objectivity but limits performance alignment.
- Committee effectiveness: Audit Committee met 4x in 2024 (5x in 2023); Charter reviewed and available; oversight covers accounting integrity, internal controls, independence of auditors (Deloitte). Jasper led recommendations to include audited financials in annual reports.
- Engagement signals: Trustees are not required to attend annual shareholder meetings; none attended the prior telephonic meetings—policy-driven, but may limit direct shareholder interaction.
- Policy watch: By-laws include qualification requirements with age limits and limits on other board service; Jasper’s birth year is 1948, and the board maintains a Trustee Emeritus program tied to retirement at age 75—monitor future board actions for consistency with qualification policies.
RED FLAGS
- No related-party transactions or Adviser-affiliate interests reported—no conflict red flags identified.
- Low share ownership and lack of equity-based compensation may signal weaker economic alignment with shareholders, though common for closed-end fund independent trustees.
- Limited annual meeting participation (policy) may be viewed as reduced shareholder engagement.
Notable change: Edward H. D’Alelio resigned Feb 21, 2025, reducing Audit Committee membership from four to three independent trustees across the funds; Jasper remains Chair.