Lucie Enns
About Lucie Enns
Lucie Enns (birth year: 1990) serves as Chief Securities Counsel of Blackstone Secured Lending (BXSL) and was appointed effective May 1, 2024; prior to Blackstone (joined 2021), she practiced in registered funds and investment management at Simpson Thacher & Bartlett and K&L Gates, and holds a B.S. from the University of Alabama and a J.D. (summa cum laude) from American University . BXSL’s FY2024 performance during her initial tenure included total investment income of $1,326.9 million (+16% YoY), net investment income (after tax) of $707.6 million (+8% YoY), NAV per share rising to $27.39, and FY2024 total returns of 13.7% on NAV and 29.8% on market value . As of October 14, 2025, company filings list Enns as Chief Legal Officer & Secretary, indicating increased legal leadership responsibilities at BXSL .
Company performance context (oldest → newest)
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Total investment income ($000s) | 1,143,517 | 1,326,901 |
| Net investment income after tax ($000s) | 653,905 | 707,595 |
| NAV per share (year-end, $) | 26.66 | 27.39 |
| Total return (NAV, %) | 14.7% | 13.7% |
| Total return (market value, %) | 37.4% | 29.8% |
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Simpson Thacher & Bartlett LLP | Attorney, Registered Funds Group | Pre-2021 (prior to joining Blackstone) | Structuring and disclosure for BDCs, interval and closed-end funds |
| K&L Gates | Investment Management Attorney | Pre-2021 | Mutual funds, ETFs, closed-end funds regulatory counsel |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Blackstone (BXCI) | Senior Vice President, Legal & Compliance | 2021–present | Based in New York |
| Blackstone Private Credit Fund (BCRED) | Chief Securities Counsel | 2024–present | Dual role supporting BCRED |
| BMACX | Chief Securities Counsel | 2024–present | Added remit per BXSL proxy |
| BXSL | Chief Legal Officer & Secretary | 2025 | Listed on 8-K signatures in Oct-2025 |
Fixed Compensation
- Executive Officer Compensation at BXSL: “None of our executive officers will receive direct compensation from the Company.” BXSL reimburses the Administrator for the allocable portion of compensation paid to the CCO and CFO and their staffs, and “other administrative personnel,” based on time devoted; specific figures for Ms. Enns are not disclosed .
- BXSL is prohibited under the 1940 Act from issuing equity incentive compensation (options, RSUs, restricted stock, etc.) to Officers and Trustees .
| Component | Company-paid? | Amount/Term |
|---|---|---|
| Base salary | No direct compensation from BXSL | Not disclosed (Blackstone employee) |
| Target/Actual bonus | No direct compensation from BXSL | Not disclosed |
| Perquisites/other cash | No direct compensation from BXSL | Not disclosed |
Performance Compensation
- BXSL does not provide incentive compensation to Covered Executives; a clawback policy exists solely to comply with NYSE 303A.14 (no incentive compensation currently paid/awarded) .
- The Adviser earns incentive fees from BXSL (e.g., income-based incentive fees were $150.1 million in FY2024), but this relates to the external advisory agreement rather than BXSL awards to officers; Ms. Enns’ individual compensation at Blackstone is not disclosed .
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Company executive incentive plan | N/A | N/A | N/A | Not applicable (no executive incentive compensation paid by BXSL) | N/A |
Equity Ownership & Alignment
- Beneficial ownership (as of June 27, 2025): Ms. Enns reported no shares of BXSL common stock beneficially owned; group (all Trustees and executive officers) owned 238,315 shares in aggregate (<1%); total shares outstanding were 229,680,609 .
| Holder | Shares owned | % of outstanding |
|---|---|---|
| Lucie Enns | — | — |
- Hedging/pledging and guidelines:
- “The Company does not have a hedging policy for its executive officers and Trustees at this time.” No pledging restrictions or stock ownership guidelines are disclosed for officers .
- As a BDC, BXSL is prohibited from granting equity awards to Officers/Trustees, limiting company-level equity alignment mechanisms .
Implications:
- No equity awards and zero reported holdings mean negligible insider-selling pressure from vesting-driven sales and limited “skin-in-the-game” alignment at the company level; alignment is primarily through Blackstone’s advisory economics rather than BXSL equity .
Employment Terms
| Term | Detail |
|---|---|
| Officer start date | Appointed Chief Securities Counsel effective May 1, 2024 |
| Current titles | Chief Securities Counsel (2024); listed as Chief Legal Officer & Secretary as of Oct 14, 2025 (8-K signature) |
| Term of office | Indefinite (officers) |
| Employment agreement | Not disclosed (officers are Blackstone employees; BXSL reimburses certain admin personnel costs) |
| Severance / Change-of-control | Not disclosed |
| Clawback | Adopted to comply with NYSE 303A.14; currently no incentive compensation to recoup |
| Hedging / Pledging | No hedging policy; no specific pledging disclosure |
Compensation Committee Analysis (structure and process)
- Composition (all independent under NYSE): Robert Bass (Chair), James F. Clark, Tracy Collins, Vicki L. Fuller, Michelle Greene .
- Mandate: Reviews/approves Independent Trustee compensation; would review executive officer compensation if BXSL ever directly compensates them .
- Activity: Met 3 times in FY2024; authority to engage consultants and delegate responsibilities .
Investment Implications
- Alignment: BXSL’s structure prohibits officer equity awards and the company does not directly compensate executive officers; Ms. Enns reported no beneficial ownership, so equity-driven alignment and insider selling signals are minimal at the company level. Any economic alignment is via Blackstone’s advisory platform and fee structures (income-based incentive fees of $150.1 million in FY2024) rather than BXSL equity .
- Retention risk: As a Blackstone employee with cross-vehicle responsibilities (BXSL, BCRED, BMACX), retention dynamics depend on Blackstone’s compensation and career path—not BXSL—and are not disclosed; the October 2025 listing as Chief Legal Officer & Secretary suggests increasing responsibility rather than imminent transition risk .
- Trading signals: Lack of equity awards and zero disclosed holdings remove typical vesting/sell-down overhangs; investors should look instead to adviser compensation disclosures (management and incentive fees) and company performance trends (NII, NAV TSR) for governance-alignment assessment. FY2024 demonstrated growth in total investment income and NII, with strong market and NAV total returns, underscoring a supportive backdrop during Enns’ tenure initiation .