Teddy Desloge
About Teddy Desloge
Teddy Desloge (born 1988) is Chief Financial Officer and Portfolio Manager of Blackstone Secured Lending Fund (BXSL) and BCRED, and a Managing Director at Blackstone Credit & Insurance; he joined Blackstone in 2015 and became an officer of BXSL in 2023 with an indefinite term . As CFO, he signs the company’s Sarbanes-Oxley certifications and 8‑K filings, evidencing direct responsibility for financial reporting and controls . Under his tenure, BXSL reported 3Q25 net investment income (NII) of $189 million ($0.82 per share) with 106% dividend coverage, 97.5% first‑lien mix, 10.0% weighted average yield, and 0.1% non‑accruals, reflecting strong earnings support and portfolio quality .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Blackstone Credit & Insurance | Managing Director | 2015–present | Investment management across direct lending funds; focused on origination, research, and execution of private and opportunistic credit investments across industries . |
| Blackstone Secured Lending Fund (BXSL) and BCRED | Chief Financial Officer and Portfolio Manager | Officer since 2023 | Principal financial officer for BXSL; SOX 302/906 certifications and SEC filing signatory; capital markets execution including supplemental indenture and funding profile oversight . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| None disclosed in BXSL’s proxy | — | — | — . |
Fixed Compensation
| Component | Disclosure | Notes |
|---|---|---|
| Company-paid executive compensation | Not paid directly by BXSL | “None of our executive officers will receive direct compensation from the Company.” BXSL reimburses the Administrator for allocable portion of CFO/CCO and admin staff compensation based on time devoted . |
| Equity incentive compensation by BXSL | Prohibited | BXSL is prohibited under the 1940 Act from issuing equity incentive compensation (options, SARs, restricted stock/stock) to Officers/Trustees . |
Performance Compensation
| Metric/Plan | Weighting | Target | Actual/Payout | Vesting |
|---|---|---|---|---|
| Incentive-based compensation (Company-level) | — | — | BXSL currently neither pays nor plans to pay incentive compensation to covered executives; Clawback Policy adopted to comply with NYSE Section 303A.14 . | — |
Equity Ownership & Alignment
| Item | Value | As-of Date |
|---|---|---|
| Beneficial ownership (common shares) | None reported for Teddy Desloge | June 27, 2025 . |
| Ownership % of outstanding | — (none) | June 27, 2025 . |
| Vested vs. unvested shares | Not applicable (no equity awards at Company) | — . |
| Options exercisable/unexercisable | Not applicable (prohibited at Company) | — . |
| Shares pledged as collateral | Not disclosed | — |
| Hedging policy | The Company does not have a hedging policy for executive officers and Trustees at this time | Proxy disclosure . |
| Stock ownership guidelines (officers) | Not disclosed | — |
Employment Terms
| Term | Disclosure |
|---|---|
| Officer start date and tenure | Officer since 2023; term of office: indefinite . |
| Employment agreement, severance, change-of-control | Not disclosed at BXSL; executives are employed by/compensated through Blackstone’s Administrator/Sub‑Administrator; BXSL reimburses allocable costs . |
| Non-compete, non-solicit, garden leave | Not disclosed at BXSL. |
| Clawback policy | Adopted to comply with NYSE Section 303A.14; currently no incentive compensation paid/planned to covered executives . |
Performance & Track Record
BXSL performance indicators during Desloge’s tenure as CFO:
| Metric | 3Q 2024 | 3Q 2025 |
|---|---|---|
| Net Investment Income ($USD Millions) | $186 | $189 |
| Net Investment Income per Share ($) | $0.91 | $0.82 |
| Net Income per Share ($) | $0.75 | $0.57 |
| Regular Dividend per Share ($) | $0.77 | $0.77 |
| Dividend Coverage (%) | 118% | 106% |
| NAV per Share ($) | $27.27 | $27.15 |
| Weighted Avg Yield on Performing Debt (%) | 11.2% | 10.0% |
| First Lien Senior Secured Debt (%) | 98.7% | 97.5% |
| Investments at Fair Value ($USD Billions) | $12.0 | $13.8 |
| Number of Portfolio Companies | 252 | 311 |
Additional CFO execution signals:
- Signed SOX 302 and 906 certifications on the Q3 2025 10‑Q, indicating responsibility for disclosure controls and internal control over financial reporting .
- Executed Ninth Supplemental Indenture and multiple debt funding sources; maintained investment‑grade ratings and diversified unsecured funding with total committed debt of ~$10.0B and available liquidity of ~$2.5B as of 9/30/25 .
Investment Implications
- Compensation alignment and insider pressure: BXSL does not directly compensate its executives and prohibits equity incentives; Desloge reports no beneficial ownership in BXSL, implying limited direct equity alignment and minimal insider selling pressure at the Company level .
- Governance and controls: Regular SOX certifications and strong portfolio quality (97.5% first lien, 0.1% non‑accruals) with consistent dividend coverage support confidence in finance/reporting execution under Desloge’s CFO leadership .
- Retention risk: Key terms (severance, change‑of‑control) are not disclosed at BXSL and are likely governed by Blackstone’s Administrator agreements; retention and incentives are therefore tied to Blackstone compensation frameworks rather than BXSL‑issued equity or cash plans .
- Trading signals: Absence of hedging restrictions, no disclosed pledging, and zero reported beneficial ownership reduce typical insider-signal noise; focus should remain on BXSL credit metrics, dividend sustainability, leverage, and funding mix that the CFO oversees .