William Renahan
About William Renahan
William Renahan (birth year: 1969) serves as Chief Compliance Officer (CCO) of Blackstone Secured Lending Fund (BXSL) and Blackstone Credit’s registered funds; he has been an officer of BXSL since 2022 . He is a Managing Director in Blackstone’s Legal & Compliance Group, admitted to practice law in New York, and holds FINRA Series 7 and 24 licenses . Education: B.A. (Hobart College), J.D. with honors (Albany Law School), and LL.M. in Taxation (NYU School of Law) . Prior to Blackstone (joined 2022), he was Senior Managing Director and CCO at Duff & Phelps Investment Management; earlier roles included Senior Counsel at Legg Mason and associate at Battle Fowler (later merged into Paul Hastings) .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Duff & Phelps Investment Management | Senior Managing Director; Chief Compliance Officer | — | Led compliance for the adviser and affiliated registered investment companies . |
| Legg Mason (and predecessor firms) | Managing Director; Senior Counsel | ~13 years (dates not disclosed) | Senior legal counsel across investment management businesses . |
| Battle Fowler LLP (merged into Paul Hastings LLP) | Associate (NY office) | — | Early legal career in investment management-related practice . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Blackstone’s Registered Funds (incl. BCRED) | Chief Compliance Officer | 2022–present | CCO of BXSL and Blackstone’s Registered Funds; CCO of BCRED . |
| Investment Company Institute (ICI) | Chairman, Closed-end Fund Committee | 2014–2018 | Industry leadership role in closed-end fund governance and compliance . |
Fixed Compensation
- BXSL does not pay its executive officers directly. Instead, BXSL reimburses the Administrator (a Blackstone affiliate) for the allocable portion of compensation and overhead for the CCO, CFO and related administrative personnel based on time devoted to BXSL .
- As a BDC under the 1940 Act, BXSL is prohibited from issuing equity incentive compensation (options, SARs, restricted stock/stock units) to officers and trustees; no company equity grants are made to executive officers .
| Component | Company-level disclosure | Implication |
|---|---|---|
| Base salary | Not disclosed by BXSL (paid by Administrator; BXSL reimburses allocable portion) . | No executive cash figures available at BXSL level. |
| Annual bonus | Not disclosed by BXSL (paid by Administrator; BXSL reimburses allocable portion) . | Bonus design and outcomes not visible to BXSL shareholders. |
| Equity awards | Prohibited for officers/trustees under 1940 Act; none granted by BXSL . | No BXSL equity-based pay or vesting overhang. |
| Perks/benefits | Not disclosed at BXSL level (administered by Administrator) . | Limited transparency. |
| Clawback/hedging | BXSL has no hedging policy for executive officers/trustees at this time . | Potential misalignment risk from absence of hedging restrictions. |
Performance Compensation
- No BXSL-level performance incentive plan applies to executive officers; compensation is administered by the Administrator and equity awards by BXSL are prohibited .
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Not applicable (no BXSL executive incentive plan; equity awards prohibited) . | — | — | — | — | — |
Equity Ownership & Alignment
- Beneficial ownership in BXSL common shares by Mr. Renahan was not reported (no shares listed) across the periods shown below; amounts for named officers in these tables round to less than 1% when applicable .
- BXSL states it does not have a hedging policy for executive officers and trustees at this time; no specific pledging policy disclosure identified .
| As-of date | Shares owned | % of outstanding | Source |
|---|---|---|---|
| Feb 22, 2023 | — (no shares reported) | — | |
| Feb 20, 2024 | — (no shares reported) | — | |
| Jul 8, 2024 | — (no shares reported) | — | |
| Feb 19, 2025 | — (no shares reported) | — | |
| Jun 27, 2025 | — (no shares reported) | — |
Notes:
- “—” indicates no shares reported for the individual in the company’s beneficial ownership tables .
- Hedging policy: BXSL has no hedging policy for executive officers/trustees at this time .
Employment Terms
| Term | Disclosure | Source |
|---|---|---|
| BXSL role | Chief Compliance Officer; officer since 2022 | |
| Appointment effective date | Appointed CCO effective August 3, 2022 | |
| Term of office | Indefinite (officers serve at the discretion of the Board) | |
| Employment agreement with BXSL | None disclosed; executive officers are employees of Administrator/affiliates; BXSL reimburses allocable compensation | |
| Severance / Change-of-control | Not disclosed at BXSL level (administered by employer, not BXSL) | |
| Non-compete / Non-solicit | Not disclosed by BXSL | |
| Role scope | CCO of BXSL, BCRED, and Blackstone’s Registered Funds | |
| Licenses | Admitted in NY; FINRA Series 7 and 24 |
Governance Context (relevance to CCO remit)
- The BXSL Board’s risk oversight is conducted via independent committees and includes active monitoring of the CCO and compliance policies and procedures .
- BXSL maintains codes of ethics under the 1940 Act and Advisers Act that govern personal trading; copies available from the SEC by request .
Investment Implications
- Pay-for-performance linkage: There is no BXSL-level executive compensation program; the CCO’s cash compensation is set and paid by a Blackstone affiliate (Administrator) and not disclosed at the company level; BXSL is prohibited from granting equity, so there are no RSU/PSU/option overhangs or vesting-related selling pressures at BXSL .
- Alignment and ownership: Mr. Renahan has no reported BXSL share ownership across the last three reporting cycles reviewed; combined with the absence of BXSL equity awards, direct “skin-in-the-game” at the company level appears minimal .
- Hedging/pledging risk: BXSL discloses it has no hedging policy for executive officers/trustees at this time, which may permit hedging activity absent restrictions elsewhere (e.g., Blackstone policies) and is a governance alignment consideration for investors .
- Retention/transition risk: As a Blackstone Managing Director with multi-fund CCO responsibilities (BXSL/BCRED/registered funds), retention risk is principally tied to Blackstone’s employment terms rather than BXSL’s; no BXSL severance or change-of-control economics are disclosed, limiting visibility into incentives during corporate events .
- Role materiality: The Board explicitly includes active monitoring of the CCO within its risk oversight, underscoring the centrality of compliance to BXSL’s governance and operations .