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Bexil Investment Trust
Thomas O'Malley's Bexil Investment Trust is a registered closed-end fund that invests energy, real estate, and credit family capital.
Bexil Investment Trust
Bexil Investment Trust was registered in 1997 under the Investment Company Act of 1940 as a non-diversified closed-end management investment company, a structure that replaced an earlier partnership. Thomas O'Malley, its CEO, built his reputation in petroleum refining, serving as Chairman and CEO of Tosco when it was sold to Phillips Petroleum in 2001 for $7.5 billion, and later as Chairman of Premcor, sold to Valero in 2005 for $8 billion in stock and cash (per Oil & Gas Journal, 2005). The O'Malley family controls Bexil through beneficial ownership of its shares. The trust invests with a concentrated multi-asset approach spanning oil and gas interests, commercial real estate, and private credit opportunities. Historically, Bexil owned Bexil Securities, a broker-dealer, and held significant positions in energy infrastructure and exploration-stage companies. Its oil and gas investments include both operating and non-operating working interests in domestic fields. Real estate exposure has included direct property acquisitions in New York and Florida. The trust also periodically provides mezzanine financing to small and mid-market companies, holding the resulting notes as portfolio assets. Bexil is closely associated with the brokerage firm Winthrop Securities, through which O'Malley maintains his trading and advisory activities. In recent years, the trust has diversified into marketable securities, including significant reported holdings in common stocks and, at times, high-yield bonds (per the firm's annual report, 2023). Its tight-knit operations involve fewer than a handful of core professionals, with James D. Bennett serving as President and overseeing portfolio management. September 2023: Bexil repurchased a significant block of its own shares in a tender offer to consolidate family ownership (per SEC filings, September 2023). The trust's closed-end corporate structure is uncommon among single-family offices, which typically adopt partnership or LLC forms. This regulatory posture mandates SEC reporting and shareholder meetings, providing an unusual window into its holdings. The permanent capital vehicle allows O'Malley to deploy capital without redemption pressure, mirroring the multi-decade hold periods he employed in the refining industry while remaining free to co-invest alongside the family's other ventures.
General information
Firm type
Single Family Office
Year founded
1997
AUM
Undisclosed
Location
Region
North America
Country
United States
City
New York
Corporate office
New York, NY, United States
Principals
Thomas O'Malley
Chief Executive Officer
James D. Bennett
President
Sector focus
Frequently asked questions
Who runs investment decisions at Bexil?
Thomas O'Malley, as Chief Executive Officer, has ultimate authority over investment decisions. James D. Bennett serves as President and oversees day-to-day portfolio operations. The trust's small executive team reflects O'Malley's closely held management style, which has carried through from his tenure at Tosco and Premcor.
Where does Bexil's underlying wealth come from?
The wealth originated from Thomas O'Malley's career in petroleum refining. He led Tosco as Chairman and CEO when it sold to Phillips Petroleum for $7.5 billion in 2001, and later served as Premcor's Chairman when Valero acquired it for $8 billion in 2005. These transactions established the capital base deployed through Bexil.
Is Bexil structured as a single family office or an independent investment company?
Bexil is legally a closed-end investment company registered under the 1940 Act, but it functions as the O'Malley family's permanent capital vehicle. The O'Malley family owns a controlling block of shares. The corporate structure imposes SEC reporting requirements, making Bexil's holdings more transparent than a typical family office.
How does Bexil source its investment opportunities?
Bexil sources primarily through Thomas O'Malley's network in energy and finance. The trust's affiliation with Winthrop Securities provides additional origination capacity for structured credit and direct placements. Deals often involve co-investment with O'Malley's operating company interests in the refining sector.
Does Bexil commit to external fund managers or invest directly?
Bexil invests directly in operating oil and gas interests, real estate, and marketable securities rather than allocating to outside funds. The trust also originates its own private credit positions, including mezzanine loans, and holds them to maturity on its own balance sheet.
What investment sectors does Bexil explicitly avoid?
Bexil does not publish a formal exclusion list, but its portfolio has historically avoided venture-stage technology, biotechnology, and consumer-facing businesses. The trust concentrates on energy, real estate, and financial instruments where Thomas O'Malley and his team hold operational or structural knowledge advantages.
Does the O'Malley family maintain separate philanthropic structures?
Public records do not identify a separate O'Malley family foundation directly linked to Bexil. The trust's registered-investment-company status, which requires shareholder reporting, would typically disclose a controlled foundation if one existed. Charitable giving may occur through personal rather than institutional vehicles.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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