Ronald R. Redell
About Ronald R. Redell
Ronald R. Redell (year of birth 1970) serves as Trustee, Chairman, President, and Chief Executive Officer of DoubleLine Opportunistic Credit Fund (DBL). He is an “interested person” under the 1940 Act due to his officer roles at DoubleLine and ownership interests in the adviser and DoubleLine Alternatives LP; he participates in oversight of day-to-day business affairs of the Funds . Redell has led DBL since July 2011 and holds parallel leadership roles at DoubleLine Income Solutions Fund (DSL) and DoubleLine Yield Opportunities Fund (DLY), and at DoubleLine ETF Trust and DoubleLine Group LP . Fund performance metrics (e.g., TSR) are not provided in the proxy; the Annual Report link is noted therein for performance materials .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| DoubleLine Opportunistic Credit Fund (DBL) | Trustee, Chairman, President, CEO | Since July 2011 | N/A |
| DoubleLine Income Solutions Fund (DSL) | Trustee, Chairman, President, CEO | Since January 2013 | N/A |
| DoubleLine Yield Opportunities Fund (DLY) | Trustee, Chairman, President, CEO | Since November 2019 | N/A |
| DoubleLine Group LP | President | Since January 2019; Executive Jan 2013–Jan 2019 | N/A |
| DoubleLine Capital LP | Executive | Since July 2010 | N/A |
| DoubleLine Funds Trust | President | Since January 2010 | N/A |
| DoubleLine ETF Trust | Trustee and President | Since November 2021 | N/A |
| DoubleLine Funds Trust | Interested Trustee | January 2019–September 2023 | N/A |
External Roles
| Organization | Role | Years |
|---|---|---|
| DoubleLine ETF Trust | Trustee and President | Since November 2021 |
| DoubleLine Group LP | President | Since January 2019; Executive Jan 2013–Jan 2019 |
| DoubleLine Capital LP | Executive | Since July 2010 |
| DoubleLine Alternatives LP | Ownership interests | Not dated in proxy |
Board Governance
- Board leadership: Redell is Chairman of the DBL Board and an “interested person”; he also serves as President of the Funds and DoubleLine Funds Trust .
- Lead Independent Trustee: John C. Salter serves as the lead Independent Trustee; Independent Trustees hold executive sessions during a portion of each quarterly meeting, advised by independent legal counsel .
- Committees: Audit Committee members are independent trustees (Salter, Ciprari, Friedman, Odell); Redell is not a member. Nominating Committee comprises independent trustees (Ciprari, Friedman, Odell, Salter). QLCC consists of independent trustees (Ciprari, Friedman, Odell, Salter) .
- Meetings and attendance: FY ended Sep 30, 2024 – Board held 4 regular and 2 special meetings; Audit Committee met 4 times; Nominating Committee met 2 times; each current Trustee attended at least 75% of meetings of the Board and committees on which they served .
Fixed Compensation
| Component | FY 2024 Disclosure | Notes |
|---|---|---|
| Cash Retainer/Salary from DBL | None | Redell does not receive any compensation from the Funds for serving as an Interested Trustee or officer . |
| Trustee/Committee Fees | Not applicable | Independent Trustee fee schedule disclosed; Redell not paid by Funds . |
Independent Trustee compensation schedule for context (effective Nov 19, 2024): Trustee $400,000; Audit Committee Chair $21,600; Lead Independent Trustee $25,000; borne per fund in 2025 ($30,000 DBL; $48,000 DSL; $35,000 DLY; audit chair and lead fees apportioned similarly) .
Performance Compensation
| Incentive Type | Metric Linkage | Payout/Grant | Vesting |
|---|---|---|---|
| Fund-paid bonus/incentive | None | None | None |
| Equity awards (RSU/PSU/options) from Funds | None | None | None |
Equity Ownership & Alignment
As of December 31, 2024.
| Item | DBL | DSL | DLY | Family-of-Investment Companies (Aggregate Dollar Range) |
|---|---|---|---|---|
| Beneficial Ownership | None | None | None | Over $100,000 |
| Outstanding Shares (for % context) | 18,313,082 | 111,482,808 | 48,312,207 | N/A |
| Ownership as % of Shares Outstanding (DBL) | 0.0% (None; 18,313,082 outstanding) | N/A | N/A | N/A |
Notes:
- Trustees and officers as a group beneficially owned less than 1% of each Fund’s outstanding Common Shares .
- No disclosure of pledging, hedging, or stock ownership guidelines in the proxy for Redell .
Employment Terms
| Item | Disclosure |
|---|---|
| Role start date (DBL) | Trustee, Chairman, President, CEO since July 2011 |
| Board term | DBL Class III term through 2027 |
| Contract term/auto-renewal | Not disclosed in proxy |
| Non-compete / non-solicit / garden leave | Not disclosed in proxy |
| Severance / change-of-control | Not disclosed in proxy; officers are employees of the adviser (DoubleLine) |
Additional Governance and Ownership Context
| Item | Disclosure |
|---|---|
| Interested person status | Redell is an “interested person” of the Funds under the 1940 Act . |
| Adviser linkage | Redell is an officer of the Adviser and holds direct or indirect ownership interests in the Adviser and DoubleLine Alternatives LP . |
| 5%+ Beneficial Owner (DBL) | Sit Investment Associates, Inc.: 2,948,686 shares; 16.1% of class (as of Dec 31, 2024) . |
| Section 16(a) compliance | All required filings complied, except a late Form 3 for Mr. Ciprari for DLY due to administrative error . |
Investment Implications
- Dual-role governance risk: Redell’s combination of Chairman, President, and CEO with “interested person” status concentrates authority; mitigated by the presence of a lead Independent Trustee and quarterly executive sessions of Independent Trustees with independent counsel .
- Pay-for-performance alignment at fund level: No fund-paid cash or equity compensation for Redell; alignment is primarily via his roles and ownership interests at DoubleLine adviser entities, which may tie incentives more to adviser economics than to closed-end fund share performance .
- Insider selling pressure: With “None” direct beneficial ownership in DBL, DSL, and DLY as of Dec 31, 2024, near-term selling pressure from Redell is unlikely; trustees/officers collectively hold under 1% .
- Oversight and independence: Key committees (Audit, Nominating, QLCC) are fully independent; meeting cadence and 75%+ attendance suggest regular oversight despite dual-role dynamics .
- Ownership concentration: A single institutional holder controls 16.1% of DBL, potentially influencing governance outcomes; monitor for activism or votes impacting board composition/strategy .