Oran Ebel
About Oran Ebel
Oran Ebel (birth year 1979) serves as Managing Director at Blackstone, Deputy General Counsel of Blackstone Credit & Insurance (BXCI), and Chief Legal Officer (CLO) and Secretary of BXSL and BCRED. He joined Blackstone in 2013 after practicing in Debevoise & Plimpton’s Finance Group; he holds an A.B., cum laude, from Princeton University and a J.D., cum laude, from NYU School of Law . He has been an officer of BXSL since 2023, with an indefinite term of office .
Company performance context during his tenure (headline fundamentals):
- BXSL Net Income: FY 2022 $404.6M; FY 2023 $612.0M; FY 2024 $694.1M [GetFinancials: Net Income - (IS) FY 2022–FY 2024; citations embedded below].
- BXSL Revenues: FY 2022 $4.162M*; FY 2023 $7.010M*; FY 2024 $3.663M* (see S&P Global note) [GetFinancials: Revenues*].
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Net Income - (IS) (USD) | 404,556,000 | 611,951,000 | 694,097,000 |
| Revenues (USD) | 4,162,000* | 7,010,000* | 3,663,000* |
Note: Values with asterisk (*) retrieved from S&P Global.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Debevoise & Plimpton LLP (NY) | Associate, Finance Group | –2013 | Structured finance/legal execution experience prior to joining Blackstone |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Blackstone Credit & Insurance (BXCI) | Deputy General Counsel; MD, Legal & Compliance | 2013–present | Oversees legal for BXCI’s BDCs and private credit investments; leads key legal functions |
| Blackstone Private Credit Fund (BCRED) | Chief Legal Officer and Secretary | 2023–present | CLO/Secretary duties for affiliated BDC (BCRED) |
Fixed Compensation
- Executive officers of BXSL, including the CLO, do not receive direct compensation from the Company; BXSL reimburses the Administrator for the allocable portion of compensation for the CFO, CCO, and related administrative personnel only .
- Term of office for officers is indefinite; Mr. Ebel has served as CLO and Secretary since 2023 .
| Component | Structure/Amount | Source |
|---|---|---|
| Base Salary | None paid directly by BXSL (executives compensated by Adviser/Administrator affiliates) | |
| Target/Actual Cash Bonus | Not paid by BXSL | |
| Administrative Reimbursements | BXSL reimburses Administrator for CFO/CCO and admin staff only |
Performance Compensation
- BXSL is prohibited under the Investment Company Act from issuing equity incentive compensation (options, RSUs/restricted stock) to officers and trustees; therefore, no company-level equity awards, performance metrics, or vesting schedules apply to Mr. Ebel at BXSL .
- BXSL has adopted a clawback policy compliant with NYSE Section 303A.14, but the Company states it neither pays nor plans to pay incentive compensation to covered executives .
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Not applicable (equity incentives/awards prohibited; no BXSL-paid incentives) | — | — | — | — | — |
Equity Ownership & Alignment
- Beneficial ownership (BXSL): As of June 27, 2025 (record date), the proxy lists Oran Ebel with no BXSL shares; as of July 8, 2024, likewise none .
- Hedging policy: BXSL discloses it does not have a hedging policy for executive officers and trustees at this time .
- Pledging and ownership guidelines: No specific pledging or officer ownership guideline disclosures for executives were identified in the proxy statements.
| Holder | Date (Record) | Shares Owned | % Outstanding | Notes |
|---|---|---|---|---|
| Oran Ebel | Jun 27, 2025 | — | — | Listed with no reported holdings |
| Oran Ebel | Jul 8, 2024 | — | — | Listed with no reported holdings |
Employment Terms
| Term | Detail | Source |
|---|---|---|
| Title | Chief Legal Officer and Secretary (BXSL; BCRED) | |
| Officer Since | 2023 (effective August 2023 per 2023 proxy footnote relating to transition) | |
| Term of Office | Indefinite (serves at Board’s discretion) | |
| Employment Agreement with BXSL | None disclosed; officers are employees of Blackstone affiliates | |
| Severance/Change-of-Control | Not disclosed at BXSL level | — |
| Clawback Policy | Adopted to comply with NYSE; currently no incentive compensation paid/awarded | |
| Hedging Policy | No hedging policy for executive officers and trustees | |
| Non-compete/Non-solicit | Not disclosed at BXSL level | — |
Additional Observations Tied to Role Execution
- Mr. Ebel signs company credit agreement amendments and related financing documents in his capacity as CLO/Secretary, evidencing direct involvement in capital markets documentation and lender negotiations .
Investment Implications
- Pay-for-performance alignment at the BXSL entity level is structurally limited: executive officers receive no direct BXSL cash compensation, and the 1940 Act prohibition on equity incentives eliminates company-level equity alignment and vesting overhang; retention and incentives reside at Blackstone affiliates and are not disclosed by BXSL .
- Insider selling pressure from vesting is not an overhang for BXSL because officers do not receive BXSL equity awards; no BXSL option/RSU grant calendars apply to Mr. Ebel .
- Ownership alignment at BXSL appears minimal: proxies show no reported BXSL share ownership for Mr. Ebel in 2024 and 2025, and the Company lacks a hedging policy for executives and trustees, a potential governance weakness if executives held stock elsewhere in the complex .
- Clawback exists but is moot currently given no incentive compensation at BXSL; any meaningful retention/compensation levers are at the Adviser level (not publicly detailed), creating opacity on individual incentives and retention risk .
- Execution scope: As CLO/Secretary, Ebel’s remit spans BDC legal oversight and private credit transactions, including documentation of financing facilities—important for BXSL’s funding architecture and risk management—while company financials indicate strong net income levels through FY 2024, aligning with a period of scaled private credit activity and Net Income table above.
Citations
- Officer background, education, roles at BXCI/BXSL/BCRED: .
- Officer roster and “Officer Since”: .
- Executive compensation/no direct pay; equity incentive prohibition: .
- Clawback policy (no incentive pay currently): .
- Hedging policy disclosure: .
- Security ownership tables (no shares for Ebel): .
- Signatory on financing amendments: .
- Financial performance (Net Income values with citations; Revenues from S&P Global): See table above.
S&P Global note: Values marked with an asterisk (*) were retrieved from S&P Global via GetFinancials.