Tracy Collins
About Tracy Collins
Tracy Collins (born 1963) is an Independent Trustee of Blackstone Secured Lending Fund (BXSL) since 2018. She is an experienced structured finance executive: former CEO of SmartFinance LLC (2013–2017), Senior Managing Director and Head of ABS Research at Bear Stearns for six years, and Managing Director/Head of ABS & Structured Products at Credit Suisse First Boston for nine years; she graduated from the University of Texas at Austin, Plan II Honors Program . Collins serves on BXSL’s Audit, Compensation, and chairs the Nominating & Governance Committee; she is “independent” under the 1940 Act/NYSE standards and is financially literate per Audit Committee composition, though not the designated “audit committee financial expert” (that role is held by Robert Bass) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| SmartFinance LLC | Chief Executive Officer | 2013–2017 | Led fintech startup; acquired by MidFirst Bank in Dec 2017 |
| Bear Stearns & Co., Inc. | Senior Managing Director; Head of Asset-Backed Securities Research | ~6 years | Recognized “First Team All American Research Analyst” |
| Credit Suisse / CSFB | Managing Director; Head of ABS & Structured Products | ~9 years | Led structured products/ABS franchise |
| KKR Financial | Independent Director | Aug 2006–May 2014 | Prior public company board service |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Blackstone Private Credit Fund (BCRED) | Trustee | Current | Oversees multiple funds in the Blackstone fund complex; Collins oversees 4 portfolios in the complex |
| Other public/registered investment company boards (past 5 years) | — | — | None disclosed for Collins in past five years |
Board Governance
| Aspect | Detail |
|---|---|
| Independence status | Independent Trustee; not an “interested person” under the 1940 Act; independent under NYSE standards |
| Committees | Audit Committee (member); Compensation Committee (member); Nominating & Governance Committee (Chair) |
| Attendance | Board met 9 times in FY2023; 8 times in FY2024; each Trustee attended ≥75% of Board and committee meetings where a member |
| Executive sessions | Independent Trustees hold executive sessions regularly throughout the year |
| Annual meeting attendance | Not required; 1 Trustee attended in 2023; 2 Trustees attended in 2024 |
| Board size & leadership | Seven Trustees (5 independent, 2 interested); Chair is Brad Marshall (interested); all committees chaired by Independent Trustees |
Fixed Compensation
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Fees Earned or Paid in Cash (BXSL) | $180,500 | $215,500 |
| Total Compensation Paid from Fund Complex | $361,000 (incl. BCRED $180,500) | $393,500 (incl. BCRED $178,000) |
| Meeting fee policy (effective date) | Prior to Apr 1, 2024: $150,000 annual retainer; $2,500 per regular Board meeting; $1,000 per committee meeting; $10,000 Audit Chair fee | Effective Apr 1, 2024: $200,000 annual retainer; $2,500 per regular Board meeting; $1,000 per committee meeting; $15,000 Audit Chair fee (Collins is N&G Chair) |
- BXSL is prohibited under the 1940 Act from issuing equity incentive compensation (options, RSUs, etc.) to Officers or Trustees; Independent Trustees receive cash fees and reimbursement of reasonable expenses .
Performance Compensation
| Component | Detail |
|---|---|
| Performance-based pay elements | None for Trustees; BXSL is prohibited from awarding equity incentive compensation to Trustees under the 1940 Act |
| Clawback policy | BXSL adopted an NYSE Rule 303A.14-compliant clawback policy; Company currently pays no incentive compensation to Covered Executives |
Other Directorships & Interlocks
| Company | Role | Period | Interlock/Notes |
|---|---|---|---|
| BCRED (Blackstone Private Credit Fund) | Trustee | Current | Shared governance across Blackstone registered funds; enhances oversight continuity |
| KKR Financial | Director | 2006–2014 | No current interlock; historical experience |
| Other boards (last five years) | — | — | None disclosed |
Expertise & Qualifications
- Structured finance and ABS leadership across Bear Stearns and CSFB; fintech CEO experience .
- Financially literate per Audit Committee composition; Audit Committee financial expert designation is Robert Bass, not Collins .
- University of Texas at Austin, Plan II Honors Program .
- Registered fund governance experience across the Blackstone fund complex .
Equity Ownership
| Metric | As of Jul 8, 2024 | As of Jun 27, 2025 |
|---|---|---|
| Shares beneficially owned (BXSL) | None (“—”) | None (“—”) |
| Dollar range of BXSL equity | None | None |
| Aggregate dollar range in fund complex | None | None |
- BXSL does not have a hedging policy for executive officers and Trustees at this time .
Insider Trades
| Period | SEC Form 4 activity (Tracy Collins) |
|---|---|
| FY 2023 | None reported in the proxy statement’s security ownership section; no beneficial holdings disclosed |
| FY 2024 | None reported in the proxy statement’s security ownership section; no beneficial holdings disclosed |
Governance Assessment
- Strengths
- Independent status; chairs Nominating & Governance; serves on Audit and Compensation, indicating active governance engagement .
- Financial literacy and extensive structured finance expertise; regular executive sessions and independent committee leadership support board effectiveness .
- No related-party transactions or affiliate ownership for Independent Trustees in the last two fiscal years; quarterly related-party reviews by Independent Trustees .
- Alignment considerations
- No personal BXSL share ownership; dollar range “None,” which may reduce perceived economic alignment relative to investors who prefer director share ownership .
- Company lacks a hedging policy for Trustees; many investors prefer explicit anti-hedging/anti-pledging policies for alignment .
- Compensation structure signals
- Increase in cash retainer (from $150k to $200k effective Apr 1, 2024) and higher Audit Chair fee reflect market alignment; Collins’ role as N&G Chair does not carry a chair fee, keeping her pay structure primarily retainer and meeting-based .
Potential conflicts: None disclosed involving Collins. Independent Trustees and immediate family members had no transactions or interests >$120,000 with Advisers/affiliates; related-party loan purchases/sales (e.g., with QIA) are reviewed under a formal policy with Independent Trustee oversight .