Alan Kirshenbaum
About Alan Kirshenbaum
Alan Kirshenbaum, age 53, is Chief Financial Officer (CFO) of Blue Owl Capital Inc. and Co‑Chair of the firm’s Operating Committee; he has served as an executive officer since May 2021. He holds an MBA from NYU Stern and a BS from Rutgers University, with prior senior finance leadership across alternative asset managers and investment firms . Blue Owl discloses that executive compensation is not explicitly linked to specific financial performance metrics (no Company‑Selected Measure), with pay versus performance presented for transparency but not used to set pay .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Sixth Street Specialty Lending (TSLX) | Chief Financial Officer | 2011–2015 | Built and oversaw finance, treasury, accounting, operations; led IPO in March 2014 |
| TPG Special Situations Partners | Chief Financial Officer | 2011–2013 | Finance leadership for special situations platform |
| Natsource | Chief Financial Officer | Not disclosed | CFO for private investment firm |
| MainStay Investments | Managing Director, COO & CFO | Not disclosed | Senior operating and finance leadership at asset manager |
| Bear Stearns Asset Management | Chief Financial Officer | 2003–2006 | CFO following joining BSAM in 1999 |
| KPMG; J.H. Cohn | Public Accounting | Not disclosed | Audit/accounting experience foundation |
External Roles
| Organization | Role | Years |
|---|---|---|
| Boy Scouts of America | Active involvement | Not disclosed |
| Georgia Tech University | President’s Advisory Board member | Not disclosed |
| Seton Hall University | Parents Leadership Council member | Not disclosed |
Fixed Compensation
| Component | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | 500,000 | 500,000 | 500,000 |
| Annual Cash Bonus ($) | 3,500,000 | 4,500,000 | 4,500,000 |
| Other Compensation ($) | 111,226 | 119,772 | 135,663 |
Notes: Other Compensation includes wealth management services ($111,823 in 2024) and supplemental medical insurance ($23,822 in 2024), plus identity theft monitoring coverage .
Performance Compensation
Blue Owl utilizes equity-based awards—primarily Incentive Units (profits interests settled in Common Units and Class C/D shares) and RSUs—subject to time-based vesting and one-year lock‑up after grant or vesting; the company does not use predefined financial performance metrics (e.g., revenue/EBITDA/TSR targets) to determine executive payouts, and no options are currently granted per Item 402(x) .
2024 Grants to Alan Kirshenbaum
| Grant Date | Instrument | Quantity (#) | Vesting | Grant Date Fair Value ($) |
|---|---|---|---|---|
| 12/2/2024 | Incentive Units | 350,000 | Fully vested at grant; 1-year lock‑up | 7,766,500 |
| 12/2/2024 | Incentive Units | 1,750,000 | 5 equal installments on 12/15 of 2025–2029 | 34,475,000 |
Prior Grants (select)
| Grant Date | Instrument | Quantity (#) | Vesting | Grant Date Fair Value ($) |
|---|---|---|---|---|
| 1/12/2022 | Incentive Units | 1,000,000 | 5 equal installments on 12/15 of 2022–2026 | 10,580,000 |
| 12/1/2022 | Incentive Units | 200,000 | Fully vested at grant; 1-year lock‑up | 1,944,000 |
| 12/15/2022 | RSUs (context for peer NEO) | — | Shown for program structure; Alan’s RSUs not disclosed for 2022 | — |
| 5/19/2021 | E-1 Seller Earnout Units | 203,175 | Vested upon E‑1 Triggering Event; partially transferred/held in family trusts | 1,298,288 |
| 5/19/2021 | E-2 Seller Earnout Units | 203,175 | Vested upon E‑2 Triggering Event; partially transferred/held in family trusts | 908,192 |
2024 Equity Vesting/Settlement Activity
| Metric | Shares/Units (#) | Value Realized ($) | Notes |
|---|---|---|---|
| Stock Awards Vested (Incentive Units) | 550,000 | 12,356,500 | 200,000 units from 1/12/2022 grant vested 12/15/2024; 350,000 discretionary units granted 12/2/2024 were fully vested; subject to 1‑year lock‑up |
Incentive Structure and Payout Determinants
- Discretionary cash bonuses for Mr. Kirshenbaum reflect contributions to overall goals, leadership, and firm performance; awards are not formulaic to specific financial KPIs .
- Board approves all final equity grants; Co‑CEOs determine CFO compensation (no compensation committee, controlled company exemptions) .
Equity Ownership & Alignment
| As of Record Date | Class A Shares | Class C Shares | Class D Shares | Notes |
|---|---|---|---|---|
| Beneficially owned (direct) | — | — | — | No direct Class A/C/D shares reported in beneficial ownership table |
| Incentive Units outstanding (not counted in table) | 3,600,000 | — | — | Outstanding Incentive Units disclosed in footnotes (convertible upon vesting/settlement per plan mechanics) |
| Class D Shares/Units held on his behalf (disclaimed) | 57,696 | — | 57,696 | Held by Owl Rock Capital Feeder LLC on his behalf; Mr. Kirshenbaum disclaims beneficial ownership |
| Pledging | None disclosed for Mr. Kirshenbaum | — | — | Insider Trading Policy permits pledges only with audit committee approval; pledges disclosed for other NEOs, not for Mr. Kirshenbaum |
| Ownership guidelines | Not specified; firm expects NEOs to hold meaningful equity interests | — | — | Philosophy emphasizes equity ownership alignment |
Outstanding Unvested Awards (12/31/2024)
| Award | Unvested Units (#) | Vesting Dates | Market Value ($) |
|---|---|---|---|
| Incentive Units (granted 1/12/2022) | 400,000 | 12/15/2025; 12/15/2026 | 8,218,000 |
| Incentive Units (granted 12/2/2024) | 1,750,000 | 12/15/2025–2029 (annual) | 33,568,500 |
Employment Terms
| Term | Provision | Detail |
|---|---|---|
| Employment agreement | Letter agreement dated July 22, 2016 (Owl Rock Capital Partners LP) | Provides termination benefits; subject to restrictive covenants |
| Severance | Salary & benefits | Continued base salary and health benefits for 12 months post-termination; plus $1,000,000 lump sum at one‑year anniversary of termination |
| Covenants | Non‑solicitation; duties of fidelity/good faith | 12‑month post‑employment non‑solicit; 12‑month continued duties of fidelity and good faith |
| Change‑of‑control | Equity plan treatment | Plan administrator may accelerate vesting of Incentive Units at discretion; RSU treatment per 2021 Omnibus Plan; no executive‑specific change‑of‑control multiple disclosed for CFO |
| Clawback | NYSE 10D‑compliant | Recovery of excess incentive-based compensation upon accounting restatement (3-year lookback) |
| Hedging/shorting/derivatives | Prohibited without approval | No short‑selling, hedging, or speculative derivative transactions; pledging only with audit committee-approved parameters |
Related Party and Other Disclosures
- Tax Receivable Agreement payments received in 2024: $141,794 for Mr. Kirshenbaum .
- Investments alongside Blue Owl funds (2024): $938,615 aggregate by Mr. Kirshenbaum (direct and pooled vehicles; generally fee‑free for insiders) .
Compensation Structure Analysis
- Mix shift toward equity: Significant 2024 Incentive Unit grants ($42.24M grant‑date fair value) vs. prior years, with multi‑year vesting creating retention hooks .
- No options grants: Company states it does not currently grant options/SARs under Item 402(x) .
- Discretionary bonuses maintained despite absence of explicit performance metric targets; pay decisions centralized with Co‑CEOs given controlled company status .
- Stock ownership alignment: Substantial unvested/vested Incentive Units and lock‑ups; no pledging disclosed for CFO, reducing alignment risk concerns .
Say‑on‑Pay & Shareholder Feedback
- Prior advisory vote (2022): Majority approval; program unchanged thereafter .
- Say‑on‑frequency: Shareholders voted for triennial; Board recommends every three years; 2025 proxy includes say‑on‑pay and frequency proposals .
Investment Implications
- Retention and alignment: Material unvested Incentive Units through 2029 and one‑year lock‑ups reduce near‑term attrition risk and align CFO with long‑term equity value creation .
- Limited sell pressure: No disclosed pledges for CFO and lock‑up restrictions on recent grants suggest constrained near‑term supply from insider sales; monitor Form 4s for post‑lock‑up activity .
- Severance economics: CFO severance is modest relative to founders’ formulaic arrangements (salary/benefits for 12 months plus $1M), lowering change‑of‑control leakage risk versus more aggressive packages; equity acceleration remains discretionary under the plan .
- Governance risk mitigants: NYSE‑compliant clawback and anti‑hedging/short‑selling policy in place; compensation determined by Co‑CEOs under controlled company exemption—watch for continued transparency and board oversight on equity grant sizing .