Jonathan Bock
About Jonathan Bock
Co-Chief Executive Officer of Blackstone Secured Lending Fund (BXSL) since 2023; Senior Managing Director at Blackstone and Global Head of Market Research for Blackstone Credit & Insurance; previously CEO of Barings BDC and senior finance roles across Barings’ listed/private BDCs . Birth year 1982; BXSL officer term is indefinite . Under his and Brad Marshall’s co-leadership, BXSL reported record total investment income in FY24, increased NAV, a 98.0% first-lien portfolio with 46.0% LTV, and declared a Q1 2025 dividend of $0.77/share; fair value of investments was ~$13.1B at 12/31/24 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Barings BDC | Chief Executive Officer | Pre-2023 | Led listed BDC; oversight of portfolio and capital allocation |
| Barings Private Credit Corporation | Co-CEO and President | Pre-2023 | Leadership of private BDC, origination and portfolio execution |
| Barings Capital Investment Corporation | Chief Financial Officer | Pre-2023 | Finance leadership for BDC platform |
| Barings Corporate Investors | Chief Financial Officer | Pre-2023 | Finance leadership for listed credit vehicle |
| Barings Participation Investors | Chief Financial Officer | Pre-2023 | Finance leadership for listed credit vehicle |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Blackstone Credit & Insurance | Senior Managing Director; Global Head of Market Research | 2023–present | Senior leadership within Blackstone’s credit platform |
| Blackstone Private Credit Fund (BCRED) | Co-Chief Executive Officer | 2023–present | Co-CEO of affiliated BDC |
| Blackstone Private Multi‑Asset Credit & Income Fund (BMACX) | Co‑President | 2023–present | Senior leadership of affiliated fund |
Fixed Compensation
- Executive officers (including Co-CEO) do not receive direct compensation from BXSL; BXSL reimburses administrators only for allocable costs of CCO/CFO staffs and certain admin personnel time .
- BXSL is prohibited under the 1940 Act from issuing equity incentive compensation (options, SARs, restricted stock, stock) to officers and trustees .
- Hedging policy: BXSL does not have a hedging policy for executive officers and trustees at this time .
- Clawback: BXSL adopted a clawback policy to comply with NYSE 303A.14; however, BXSL currently neither pays nor plans to pay incentive compensation to “Covered Executives” under the policy (policy filed as Exhibit 97.1 to the Annual Report) .
Performance Compensation (Adviser fee structure driving management incentives)
Note: As an externally managed BDC, BXSL pays fees to its investment adviser; senior personnel are employed by the adviser/affiliates (not BXSL). These fees define platform incentives and can indirectly influence management behavior.
| Component | Terms | Key Details |
|---|---|---|
| Base Management Fee | 1.0% annually on average gross assets (quarterly in arrears) | “Gross assets” exclude undrawn commitments but include assets purchased with borrowings |
| Income-based Incentive Fee | 17.5% of pre-incentive fee NII over a 1.5% quarterly hurdle with 100% catch-up; trailing-12-quarter lookback and cap | Hurdle = 1.5% per quarter on beginning NAV; catch-up to 7.27% annualized equivalent; subject to Incentive Fee Cap; higher interest rates can make surpassing the hurdle easier, increasing fees |
| Capital Gains Incentive Fee | 17.5% of cumulative realized gains net of losses/depreciation, payable annually | Accrued on unrealized appreciation but only paid on realized gains net of losses |
Context:
- After the IPO waiver period ended (10/28/2023), management fee and incentive fee rates stood at 1.00% and 17.5% respectively (the waiver had previously kept them at 0.75% and 15.0%) .
- Proxy notes members of the adviser’s investment committee share in adviser profits/fees via their financial interests; executive officers themselves are not paid by BXSL .
- Incentive fees may be payable even when quarterly capital losses produce a net loss; rising rates can increase probability and amount of fee accruals .
Equity Ownership & Alignment
| Metric | July 8, 2024 | June 27, 2025 |
|---|---|---|
| Total BXSL shares beneficially owned (Jonathan Bock) | 0 | 0 |
- Stock ownership guidelines for executive officers: Not disclosed by BXSL (only trustee dollar ranges are disclosed) .
- Shares pledged as collateral: Not disclosed.
- Hedging policy: None in place for executives/trustees, a potential governance gap .
- Company equity compensation to executives: Prohibited by the 1940 Act (no RSUs/PSUs/options from BXSL) .
Employment Terms
| Item | Details |
|---|---|
| BXSL Officer Role | Co-Chief Executive Officer; officer since 2023; term of office: indefinite |
| Employer of Record | Blackstone/affiliates; BXSL has no employees; services provided by adviser/administrator personnel |
| Contract Term/Auto-Renewal | Not disclosed for individual officers; advisory/administration agreements have standard approval/termination terms |
| Severance/Change-of-Control | Not disclosed for officers; not part of BXSL filings given external management |
| Non‑compete/Non‑solicit/Garden Leave | Not disclosed by BXSL |
| Clawback | Policy adopted for NYSE compliance; BXSL currently does not pay incentive comp to Covered Executives |
Performance & Track Record (BXSL context under Bock co‑leadership)
| Indicator | FY2024/Q4 2024 | Notes |
|---|---|---|
| Portfolio composition | 98.0% first lien senior secured; 46.0% LTV | Management cited “record total investment income” and increased NAV |
| Fair value of investments | ~$13.1 billion (12/31/2024) | Reported in 10‑K |
| Dividend | $0.77/share (Q1 2025) | Declared Feb 26, 2025 |
| Asset coverage ratio | 185.7% (12/31/2024) | Within BDC regulatory limits |
Compensation Structure Analysis
- External management means executive cash/equity compensation is not paid by BXSL; instead, BXSL pays a 1.0% base fee on gross assets and two 17.5% incentive fees (income and capital gains) to the adviser, aligning platform incentives with asset growth and net investment income generation rather than executive stock-based pay at BXSL .
- The income fee’s 1.5% quarterly hurdle and catch‑up, plus a statement that higher rates can increase fee accruals, can amplify adviser fee earnings in strong rate environments even if capital losses occur in a quarter .
- BXSL prohibits executive equity grants and has no hedging policy for executives/trustees; Bock reported no beneficial ownership in 2024 and 2025, limiting direct stock-alignment but consistent with the 1940 Act constraints on BDC executive equity awards .
Risk Indicators & Red Flags
- Potential conflicts: The adviser and affiliates face conflicts from compensation arrangements; this could result in actions not fully aligned with shareholders’ interests (structural BDC risk) .
- Incentive fee asymmetry: Adviser can earn income-based incentive fees in periods when capital losses produce a net loss; rising rates can boost fee accruals .
- Governance gap: No hedging policy for executives/trustees disclosed; no company-level stock ownership guidelines for officers; no executive-level equity at BXSL due to statutory prohibitions .
- Key person/retention risk resides at the adviser; loss of senior personnel could impair BXSL’s results given the external management model .
Investment Implications
- Incentive alignment resides at the adviser level: fees scale with gross assets and net investment income, incentivizing prudent leverage/deployment and stable NII, but may also favor asset growth; monitor deployment pace, fee drag, and NII coverage of dividends .
- Direct insider selling pressure appears limited near-term given zero reported beneficial ownership for Bock and the 1940 Act’s prohibition on BXSL equity awards to officers; absence of a hedging policy is a governance nuance rather than a current pressure point .
- Execution under co‑leadership has coincided with robust portfolio quality metrics (98% first lien, 46% LTV), higher NAV, and sustained dividends; continue tracking non‑accruals, asset coverage, and fair value growth to validate ongoing value creation .