Blackstone Long-Short Credit Income Fund (BGX)
Ticker Symbol
BGX
Daily Net Asset Value per Share (NAV)
As of 3/21/2023$12.62
Monthly Net Asset Value per Share (NAV)
As of 2/28/2023$12.91
Premium/Discount
As of 3/21/2023-13.47%
Total Net Assets
As of 3/21/2023$160,322,693.43
Turnover
As of 12/31/202190%
Source: ALPS Fund Services, Inc.
View Quarterly Fact Sheet as PDF
View Monthly Fund Snapshot as PDF
Blackstone Long Short Credit Income Fund (“BGX” or herein, the “Fund”) is a closed‐end fund that trades on the New York Stock Exchange under the symbol “BGX”. BGX’s primary investment objective is to provide current income, with a secondary objective of capital appreciation. BGX will take long positions in investments which we believe offer the potential for attractive returns under various economic and interest rate environments. BGX may also take short positions in investments which we believe will under‐perform due to a greater sensitivity to earnings growth of the issuer, default risk or the general level and direction of interest rates. BGX must hold no less than 70% of its Managed Assets in first‐ and second‐lien secured floating rate loans (“Secured Loans”), but may also invest in unsecured loans and high yield bonds.
Portfolio Management Team
| Name | Title | Location |
|---|---|---|
| ROBERT ZABLE | Senior Managing Director | NEW YORK |
| GORDON MCKEMIE | Managing Director | NEW YORK |
| DANIEL T. MCMULLEN | Senior Managing Director | NEW YORK |
| ROBERT POST | Principal | NEW YORK |
Holdings (as of January 31, 2023)
| Rank | Issue | Quantity | Value ($) | % of Managed Assets |
|---|---|---|---|---|
| 1 | Froneri International, Ltd., First Lien Facility B2 | 3,557,137 | $3,529,089 | 1.31% |
| 2 | Mitchell International, Inc., First Lien | 3,047,887 | $2,917,879 | 1.09% |
| 3 | Level 3 Financing, Inc., First Lien | 2,764,531 | $2,722,427 | 1.01% |
| 4 | Telenet Financing USD LLC, First Lien | 2,353,616 | $2,336,600 | 0.87% |
| 5 | UPC Financing Partnership, First Lien Facility AT | 2,190,005 | $2,173,580 | 0.81% |
| 6 | Park River Holdings, Inc., First Lien Initial | 2,306,806 | $2,104,003 | 0.78% |
| 7 | Kodiak Building Partners Inc. TLB, First Lien | 2,138,891 | $2,059,570 | 0.77% |
| 8 | Polaris Newco LLC, First Lien Dollar | 2,070,100 | $1,970,156 | 0.73% |
| 9 | Freeport LNG, First Lien | 2,004,246 | $1,950,221 | 0.73% |
| 10 | Tiaa Clo III, Ltd. | 2,500,000 | $1,938,844 | 0.72% |
| 11 | LBM Acquisition LLC, First Lien Initial | 2,061,932 | $1,870,131 | 0.70% |
| 12 | Vision Solutions, Inc., First Lien | 2,050,363 | $1,807,395 | 0.67% |
| 13 | Ziggo Financing Partnership, First Lien I Facility | 1,795,328 | $1,783,129 | 0.66% |
| 14 | AmWINS Group, Inc., First Lien | 1,760,785 | $1,752,712 | 0.65% |
| 15 | Help/Systems Holdings, Inc., First Lien Seventh Amendment Refinancing | 1,849,938 | $1,748,959 | 0.65% |
| 16 | PRO MACH Group, Inc., First Lien Closing Date Initial | 1,742,082 | $1,740,018 | 0.65% |
| 17 | Virgin Media Bristol LLC, First Lien | 1,743,300 | $1,736,771 | 0.65% |
| 18 | Atlas CC Acquisition Corp., First Lien B | 1,954,459 | $1,722,367 | 0.64% |
| 19 | Trans Union LLC, First Lien | 1,695,019 | $1,688,061 | 0.63% |
| 20 | Verscend Holding Corp., First Lien B-1 | 1,664,783 | $1,665,224 | 0.62% |
| 21 | Auris Luxembourg III SARL, First Lien Facility B2 | 1,750,008 | $1,606,358 | 0.60% |
| 22 | Univision Communications, Inc., First Lien | 1,589,208 | $1,575,414 | 0.59% |
| 23 | AqGen Island Holdings, Inc., First Lien | 1,747,855 | $1,568,699 | 0.58% |
| 24 | Cornerstone OnDemand, Inc., First Lien Initial | 1,684,757 | $1,556,294 | 0.58% |
| 25 | National Mentor Holdings, Inc., TL, First Lien | 2,108,100 | $1,556,052 | 0.58% |
| 26 | AthenaHealth Group, Inc., First Lien | 1,634,164 | $1,553,134 | 0.58% |
| 27 | CDK Global, Inc., First Lien | 1,550,414 | $1,549,205 | 0.58% |
| 28 | Momentive, Inc., First Lien | 1,558,602 | $1,531,326 | 0.57% |
| 29 | Covanta 11/21 TLB, First Lien | 1,528,608 | $1,531,207 | 0.57% |
| 30 | CoreLogic, Inc., First Lien Initial | 1,753,752 | $1,494,346 | 0.56% |
| 31 | Triton Water Holdings, Inc., First Lien Initial | 1,555,754 | $1,484,975 | 0.55% |
| 32 | Endurance International Group Holdings, Inc., First Lien Initial | 1,566,649 | $1,482,771 | 0.55% |
| 33 | Grifols Worldwide Operations, TLB, First Lien | 1,501,088 | $1,476,590 | 0.55% |
| 34 | CCI Buyer, Inc., First Lien Initial | 1,475,939 | $1,451,955 | 0.54% |
| 35 | CP Atlas Buyer, Inc., First Lien B | 1,588,198 | $1,430,704 | 0.53% |
| 36 | Elanco Animal Health, Inc., First Lien B | 1,438,452 | $1,417,954 | 0.53% |
| 37 | Tecostar Holdings, Inc., First Lien 2017 | 1,606,768 | $1,414,534 | 0.53% |
| 38 | DCert Buyer, Inc., Second Lien First Amendment Refinancing | 1,525,691 | $1,405,222 | 0.52% |
| 39 | Prime Security Services Borrower LLC, First Lien 2021 Refinancing B-1 | 1,396,447 | $1,397,319 | 0.52% |
| 40 | Calpine Corp., First Lien | 1,396,382 | $1,394,832 | 0.52% |
| 41 | Cogeco Communications USA II LP, First Lien | 1,386,706 | $1,384,737 | 0.52% |
| 42 | 1011778 B.C. Unlimited Liability Company, First Lien B-4 | 1,396,401 | $1,383,812 | 0.51% |
| 43 | Magenta Buyer LLC, First Lien Initial | 1,567,877 | $1,380,288 | 0.51% |
| 44 | St. George's University Scholastic Services LLC, First Lien Term Loan B | 1,375,242 | $1,367,335 | 0.51% |
| 45 | Bally's Corp., First Lien | 1,406,611 | $1,355,713 | 0.50% |
| 46 | Aegion Corp., First Lien Initial | 1,403,633 | $1,344,680 | 0.50% |
| 47 | Hyland Software, Inc., Second Lien 2021 Refinancing | 1,394,543 | $1,332,284 | 0.50% |
| 48 | Avis Budget Car Rental LLC, First Lien | 1,346,530 | $1,331,549 | 0.50% |
| 49 | Carestream Health Holdings Inc , Equity | 76,071 | $1,331,243 | 0.50% |
| 50 | White Cap Buyer LLC, First Lien Initial Closing Date | 1,338,040 | $1,329,677 | 0.49% |
| 51 | Global Medical Response, Inc., First Lien 2018 New | 1,792,391 | $1,326,370 | 0.49% |
| 52 | LifePoint Health, Inc., First Lien B | 1,351,799 | $1,316,125 | 0.49% |
| 53 | YI LLC, First Lien Initial | 1,348,592 | $1,304,763 | 0.49% |
| 54 | The Citco Group Limited, TLB, First Lien | 1,296,750 | $1,299,181 | 0.48% |
| 55 | Zest Acquisition Corp., Second Lien Initial | 1,285,714 | $1,283,304 | 0.48% |
| 56 | Pre Paid Legal Services, Inc., First Lien | 1,299,336 | $1,280,333 | 0.48% |
| 57 | Tailwind Smith Cooper Intermediate Corp., First Lien Initial | 1,363,044 | $1,258,471 | 0.47% |
| 58 | Burgess Point Purchaser Corp., First Lien | 1,297,200 | $1,250,825 | 0.47% |
| 59 | UPC Financing Partnership, First Lien | 1,250,000 | $1,249,688 | 0.46% |
| 60 | Brookfield WEC Holdings, Inc., First Lien Initial (2021) | 1,225,297 | $1,225,304 | 0.46% |
| 61 | National Intergovernmental Purchasing Alliance Company, Second Lien Initial | 1,227,350 | $1,215,077 | 0.45% |
| 62 | TruGreen LP, First Lien | 1,296,692 | $1,205,599 | 0.45% |
| 63 | Onex TSG Intermediate Corp., First Lien Initial | 1,349,815 | $1,205,385 | 0.45% |
| 64 | Signal Peak CLO 10, Ltd. | 1,250,000 | $1,184,239 | 0.44% |
| 65 | LTI Holdings, Inc., First Lien Initial | 1,203,678 | $1,168,133 | 0.43% |
| 66 | Weld North Education LLC, First Lien | 1,169,135 | $1,166,031 | 0.43% |
| 67 | Chariot Buyer LLC, First Lien | 1,156,495 | $1,159,676 | 0.43% |
| 68 | Project Castle, Inc., First Lien | 1,336,151 | $1,145,756 | 0.43% |
| 69 | United AirLines, Inc., First Lien Class B | 1,139,700 | $1,141,826 | 0.42% |
| 70 | Amplify Finco Pty, Ltd., First Lien U.S. Dollar | 1,175,440 | $1,136,257 | 0.42% |
| 71 | Commscope, Inc., First Lien Initial | 1,150,000 | $1,129,156 | 0.42% |
| 72 | Champ Acquisition Corp., First Lien Initial | 1,116,067 | $1,116,770 | 0.42% |
| 73 | Lumen Technologies, Inc., First Lien | 1,150,000 | $1,113,649 | 0.41% |
| 74 | Tacala Investment Corp., Second Lien Initial | 1,207,931 | $1,105,511 | 0.41% |
| 75 | Curia Global, Inc., First Lien 2021 | 1,272,554 | $1,105,080 | 0.41% |
| 76 | Justrite Safety Group, First Lien Initial | 1,206,963 | $1,099,845 | 0.41% |
| 77 | Imperva, Inc., First Lien | 1,285,721 | $1,095,756 | 0.41% |
| 78 | Parexel International Corporation, First Lien | 1,100,000 | $1,092,625 | 0.41% |
| 79 | Nordam Group LLC, First Lien Initial | 1,386,000 | $1,084,552 | 0.40% |
| 80 | Dun & Bradstreet Corp., First Lien Initial Borrowing | 1,077,190 | $1,076,711 | 0.40% |
| 81 | Quest Borrower Ltd., First Lien | 1,231,859 | $1,061,597 | 0.39% |
| 82 | Vantage Specialty Chemicals, Inc., First Lien Closing Date | 1,060,573 | $1,050,742 | 0.39% |
| 83 | Focus Financial Partners LLC, First Lien | 1,047,342 | $1,048,070 | 0.39% |
| 84 | Charter Communications Operating LLC, First Lien | 1,047,294 | $1,045,094 | 0.39% |
| 85 | Brown Group Holding LLC, First Lien | 1,047,160 | $1,043,809 | 0.39% |
| 86 | Clear Channel Outdoor Holdings, Inc., First Lien B | 1,088,747 | $1,038,392 | 0.39% |
| 87 | Minotaur Acquisition, Inc., First Lien B | 1,076,547 | $1,036,849 | 0.39% |
| 88 | DaVita, Inc., First Lien B | 1,041,362 | $1,031,146 | 0.38% |
| 89 | Heartland Dental LLC, First Lien 2021 Incremental | 1,058,081 | $1,020,164 | 0.38% |
| 90 | Cornerstone Building Brands, Inc., First Lien Tranche B | 1,080,827 | $1,014,767 | 0.38% |
| 91 | Peraton Corp., First Lien B | 1,017,928 | $1,014,366 | 0.38% |
| 92 | Garda World Security Corp., First Lien B-2 | 1,015,521 | $1,013,998 | 0.38% |
| 93 | Revspring, Inc., First Lien Initial | 1,036,800 | $1,013,472 | 0.38% |
| 94 | Radiate Holdco, LLC,, First Lien | 1,196,977 | $1,003,145 | 0.37% |
| 95 | TransDigm, Inc., First Lien Tranche F Refinancing | 1,000,000 | $999,320 | 0.37% |
| 96 | Eco Services Operations Corp., First Lien | 998,018 | $998,288 | 0.37% |
| 97 | Catalent Pharma Solutions, Inc., First Lien | 997,462 | $996,006 | 0.37% |
| 98 | MIRION TECHNOLOGIES, INC., TLB, First Lien | 997,481 | $995,406 | 0.37% |
| 99 | Chariot Buyer LLC, First Lien | 1,027,222 | $993,555 | 0.37% |
| 100 | Covenant Surgical Partners, Inc., First Lien Initial | 1,147,548 | $981,153 | 0.36% |
| 101 | Viant Medical Holdings, Inc., First Lien Initial | 1,074,751 | $978,211 | 0.36% |
| 102 | Titan Acquisition, Ltd., First Lien Initial | 997,382 | $974,004 | 0.36% |
| 103 | Whatabrands LLC, First Lien Initial B | 974,232 | $965,878 | 0.36% |
| 104 | Jamestown CLO XIV, Ltd. | 1,000,000 | $960,362 | 0.36% |
| 105 | WWEX UNI TopCo Holdings LLC, First Lien Initial | 987,385 | $938,480 | 0.35% |
| 106 | Padagis LLC, First Lien Initial | 1,005,096 | $938,091 | 0.35% |
| 107 | Learning Care Group No. 2, Inc. | 1,011,572 | $931,911 | 0.35% |
| 108 | OCP CLO 2020-18, Ltd. | 1,000,000 | $938,069 | 0.35% |
| 109 | Messer Industries Llc Tl, First Lien | 911,113 | $910,593 | 0.34% |
| 110 | Magnetite XXXII, Ltd. | 1,000,000 | $919,288 | 0.34% |
| 111 | Park Avenue Institutional Advisers CLO, Ltd. 2022-1 | 1,000,000 | $915,029 | 0.34% |
| 112 | Galaxy 30 Clo, Ltd. | 1,000,000 | $909,021 | 0.34% |
| 113 | Romark CLO IV, Ltd. | 1,000,000 | $901,869 | 0.34% |
| 114 | Mineral Resources, Ltd. | 890,000 | $920,669 | 0.34% |
| 115 | Air Canada, First Lien B | 897,744 | $900,146 | 0.33% |
| 116 | Ingram Micro, Inc., First Lien Initial | 897,722 | $896,976 | 0.33% |
| 117 | PetVet Care Centers LLC | 987,000 | $895,293 | 0.33% |
| 118 | Aramark Services, Inc., First Lien | 864,684 | $864,148 | 0.32% |
| 119 | S&S Holdings LLC, First Lien Initial | 895,473 | $860,773 | 0.32% |
| 120 | Loire UK Midco 3, Ltd., First Lien Facility B2 | 903,025 | $856,370 | 0.32% |
| 121 | Access CIG LLC, Second Lien Initial | 940,445 | $855,805 | 0.32% |
| 122 | Amentum Government Services Holdings LLC, First Lien | 858,949 | $848,749 | 0.32% |
| 123 | AMMC CLO 24, Ltd. | 900,000 | $864,823 | 0.32% |
| 124 | Heartland Dental Care, Inc., First Lien | 855,078 | $825,150 | 0.31% |
| 125 | United Site Cov-Lite, First Lien | 957,791 | $823,284 | 0.31% |
| 126 | Pediatric Associates Holding Co. LLC, First Lien | 827,720 | $819,447 | 0.30% |
| 127 | AlixPartners, LLP, First Lien USD B | 797,970 | $797,750 | 0.30% |
| 128 | Starwood Property Trust, Inc. | 900,000 | $808,920 | 0.30% |
| 129 | Churchill Downs, Inc. | 850,000 | $796,425 | 0.30% |
| 130 | Kenan Advantage Group, Inc.,The, First Lien U.S. B-1 | 800,000 | $792,832 | 0.29% |
| 131 | Travel Leaders Group LLC, First Lien 2018 Refinancing | 850,149 | $789,470 | 0.29% |
| 132 | Fiserv Investment Solutions, Inc., First Lien Initial | 796,617 | $785,328 | 0.29% |
| 133 | Buckeye Partners LP, First Lien | 768,041 | $769,001 | 0.29% |
| 134 | Coherent Corp., First Lien | 768,040 | $767,798 | 0.29% |
| 135 | Intesa Sanpaolo SpA | 800,000 | $786,540 | 0.29% |
| 136 | Radiology Partners, Inc., First Lien | 877,722 | $762,705 | 0.28% |
| 137 | CE Intermediate I LLC, First Lien | 764,225 | $750,851 | 0.28% |
| 138 | Aramark Intermediate HoldCo Corp., First Lien U.S. B-4 | 750,000 | $745,391 | 0.28% |
| 139 | Inmar, Inc., Second Lien Initial | 802,345 | $742,674 | 0.28% |
| 140 | Bausch + Lomb Corp., First Lien | 749,963 | $731,563 | 0.27% |
| 141 | Skopima Merger Sub Inc., First Lien Initial | 750,499 | $728,768 | 0.27% |
| 142 | Park Place Technologies LLC, First Lien Closing Date | 753,538 | $721,196 | 0.27% |
| 143 | Mavis Tire Express Services Topco Corp., First Lien | 723,332 | $711,075 | 0.26% |
| 144 | American Airlines, Inc., First Lien 2020 | 730,845 | $710,849 | 0.26% |
| 145 | Pathway Vet Alliance LLC, First Lien 2021 Replacement | 846,611 | $710,548 | 0.26% |
| 146 | Epicor Software Corp., Second Lien Initial | 704,746 | $705,038 | 0.26% |
| 147 | LI Group Holdings, Inc., First Lien 2021 | 707,168 | $704,074 | 0.26% |
| 148 | Redwood Star Merger Sub, Inc., First Lien | 728,986 | $703,340 | 0.26% |
| 149 | Madison IAQ LLC, First Lien Initial | 731,435 | $701,530 | 0.26% |
| 150 | Bettcher Industries, Inc., First Lien | 741,241 | $700,780 | 0.26% |
| 151 | DTI Holdco, Inc. TL, First Lien | 729,606 | $698,142 | 0.26% |
| 152 | Project Ruby Ultimate Parent Corp., First Lien Closing Date | 715,550 | $693,189 | 0.26% |
| 153 | Elmwood CLO 16, Ltd. | 750,000 | $710,746 | 0.26% |
| 154 | HPS Loan Management CLO 6-2015, Ltd. | 833,000 | $701,934 | 0.26% |
| 155 | Recess Holdings, Inc., First Lien Initial | 683,489 | $680,925 | 0.25% |
| 156 | American Airlines, Inc., First Lien 2018 Replacement | 675,528 | $663,615 | 0.25% |
| 157 | Hyperion Materials & Technologies, Inc., First Lien Initial | 664,115 | $661,001 | 0.25% |
| 158 | Rad CLO 2, Ltd. | 750,000 | $666,610 | 0.25% |
| 159 | Flutter Financing B.V., First Lien | 652,604 | $654,647 | 0.24% |
| 160 | NAPA Management Services Corp., First Lien | 817,295 | $648,045 | 0.24% |
| 161 | Foundation Building Materials, Inc., First Lien Initial | 654,622 | $636,758 | 0.24% |
| 162 | NFP Corp., First Lien Closing Date | 643,384 | $632,328 | 0.24% |
| 163 | Apidos CLO XXXV | 700,000 | $652,894 | 0.24% |
| 164 | Fair Isaac Corp. | 700,000 | $650,839 | 0.24% |
| 165 | EnergySolutions LLC, First Lien Initial | 648,023 | $627,639 | 0.23% |
| 166 | Genesis Care Finance Pty, Ltd., First Lien Facility B5 | 1,689,079 | $619,529 | 0.23% |
| 167 | MH Sub I LLC, Second Lien 2021 Replacement | 675,113 | $610,978 | 0.23% |
| 168 | Allied Universal Holdco LLC, First Lien Initial U.S. Dollar | 616,473 | $595,045 | 0.22% |
| 169 | TRC Companies, Second Lien | 633,538 | $589,191 | 0.22% |
| 170 | Zacapa S.A.R.L., First Lien | 588,794 | $579,489 | 0.22% |
| 171 | Royal Caribbean Cruises, Ltd. | 560,000 | $595,000 | 0.22% |
| 172 | Wynn Resorts Finance LLC / Wynn Resorts Capital Corp. | 665,000 | $594,347 | 0.22% |
| 173 | Service Properties Trust | 715,000 | $591,351 | 0.22% |
| 174 | Galaxy US Opco Inc. TL, First Lien | 632,043 | $577,529 | 0.21% |
| 175 | EG Group, Ltd., First Lien Additional Facility | 588,078 | $569,289 | 0.21% |
| 176 | Telesat Canada, First Lien B-5 | 1,193,514 | $557,968 | 0.21% |
| 177 | Vantage Specialty Chemicals, Inc., Second Lien Initial | 588,834 | $554,331 | 0.21% |
| 178 | Apex Group Treasury, Ltd., First Lien USD | 562,404 | $553,617 | 0.21% |
| 179 | Virgin Media Bristol LLC, First Lien | 550,000 | $551,161 | 0.20% |
| 180 | DG Investment Intermediate Holdings 2, Inc., Second Lien Initial | 581,429 | $549,450 | 0.20% |
| 181 | Vantage Specialty Chemicals, Inc., First Lien | 554,400 | $549,261 | 0.20% |
| 182 | Apttus Corp., First Lien Initial | 562,171 | $547,768 | 0.20% |
| 183 | Electron Bidco, Inc., First Lien | 550,000 | $547,641 | 0.20% |
| 184 | Radnet Management, Inc., First Lien Initial | 550,000 | $545,776 | 0.20% |
| 185 | Fertitta Entertainment, LLC, First Lien | 550,000 | $544,539 | 0.20% |
| 186 | Vertex Aerospace Corp., First Lien | 542,058 | $540,906 | 0.20% |
| 187 | Proofpoint, Inc., TL, First Lien | 550,000 | $540,246 | 0.20% |
| 188 | TRC Companies, First Lien | 539,386 | $532,420 | 0.20% |
| 189 | Engineered Machinery Holdings, Inc., First Lien | 526,455 | $524,810 | 0.20% |
| 190 | Galaxy XXVII CLO, Ltd. | 625,000 | $547,043 | 0.20% |
| 191 | Las Vegas Sands Corp. | 606,000 | $543,655 | 0.20% |
| 192 | TransDigm, Inc. | 600,000 | $542,148 | 0.20% |
| 193 | FirstCash, Inc. | 600,000 | $539,850 | 0.20% |
| 194 | Life Time, Inc. | 540,000 | $525,150 | 0.20% |
| 195 | Snacking Investments BidCo Pty, Ltd., First Lien Initial US | 524,930 | $523,182 | 0.19% |
| 196 | Edelman Financial Center LLC, Second Lien Initial | 553,846 | $522,809 | 0.19% |
| 197 | Adevinta ASA, First Lien Facility B2 | 498,734 | $499,046 | 0.19% |
| 198 | Maravai Intermediate Holdings LLC, First Lien | 498,741 | $498,117 | 0.19% |
| 199 | Gartner, Inc. | 580,000 | $521,762 | 0.19% |
| 200 | Nationstar Mortgage Holdings, Inc. | 639,000 | $518,469 | 0.19% |
| 201 | Frontier Communications Holdings LLC | 590,000 | $506,680 | 0.19% |
| 202 | Xerox Holdings Corp. | 595,000 | $505,351 | 0.19% |
| 203 | Bombardier, Inc. | 502,000 | $502,070 | 0.19% |
| 204 | LABL, Inc., First Lien | 502,071 | $490,998 | 0.18% |
| 205 | AG Group Holdings, Inc., First Lien | 489,730 | $486,057 | 0.18% |
| 206 | Envision Healthcare Corp., First Lien | 1,179,244 | $483,490 | 0.18% |
| 207 | AMC Entertainment Holdings, Inc., First Lien B-1 | 799,671 | $475,660 | 0.18% |
| 208 | Eaton Vance CLO 2013-1, Ltd. | 500,000 | $473,421 | 0.18% |
| 209 | Sirius XM Radio, Inc. | 590,000 | $487,122 | 0.18% |
| 210 | Iron Mountain, Inc. | 530,000 | $477,546 | 0.18% |
| 211 | Greeneden U.S. Holdings I LLC, First Lien Initial Dollar (2020) | 476,485 | $468,792 | 0.17% |
| 212 | Caesars Entertainment, Inc., First Lien | 460,200 | $460,366 | 0.17% |
| 213 | Octagon Investment Partners 43, Ltd. | 500,000 | $468,519 | 0.17% |
| 214 | Parallel 2021-2, Ltd. | 500,000 | $447,506 | 0.17% |
| 215 | 522 Funding CLO 2021-7, Ltd. | 500,000 | $444,936 | 0.17% |
| 216 | Lamb Weston Holdings, Inc. | 465,000 | $450,324 | 0.17% |
| 217 | Allison Transmission, Inc. | 530,000 | $449,016 | 0.17% |
| 218 | Rinchem Company, Inc., First Lien | 452,273 | $434,182 | 0.16% |
| 219 | Connectwise, LLC, First Lien | 445,287 | $430,258 | 0.16% |
| 220 | PPM CLO 3, Ltd. | 500,000 | $424,395 | 0.16% |
| 221 | NCL Corp., Ltd. | 505,000 | $437,451 | 0.16% |
| 222 | Service Corp. International | 490,000 | $429,113 | 0.16% |
| 223 | Icahn Enterprises LP / Icahn Enterprises Finance Corp. | 490,000 | $427,372 | 0.16% |
| 224 | CoreLogic, Inc., Second Lien Initial | 553,488 | $408,198 | 0.15% |
| 225 | Lereta, LLC, First Lien | 432,394 | $395,911 | 0.15% |
| 226 | FMG Resources August 2006 Pty, Ltd. | 426,000 | $415,787 | 0.15% |
| 227 | PRA Group, Inc. | 480,000 | $412,751 | 0.15% |
| 228 | Carnival Corp. | 450,000 | $410,078 | 0.15% |
| 229 | Booz Allen Hamilton, Inc. | 450,000 | $407,585 | 0.15% |
| 230 | Precision Drilling Corp. | 420,000 | $405,038 | 0.15% |
| 231 | Transocean, Inc. | 425,000 | $400,091 | 0.15% |
| 232 | Transocean, Inc. | 435,000 | $399,724 | 0.15% |
| 233 | Rayonier AM Products, Inc. | 425,000 | $397,911 | 0.15% |
| 234 | Viasat, Inc. | 495,000 | $397,861 | 0.15% |
| 235 | Mitnick Corporate Purchaser Inc., First Lien | 389,123 | $377,839 | 0.14% |
| 236 | TransUnion 11/21 B6 TLB, First Lien | 368,955 | $368,662 | 0.14% |
| 237 | Griffon Corp. | 410,000 | $388,510 | 0.14% |
| 238 | OI European Group BV | 428,000 | $384,751 | 0.14% |
| 239 | Lamb Weston Holdings, Inc. | 425,000 | $383,614 | 0.14% |
| 240 | Nabors Industries, Ltd. | 400,000 | $381,892 | 0.14% |
| 241 | Howard Hughes Corp. | 440,000 | $380,453 | 0.14% |
| 242 | Ashland LLC | 450,000 | $374,054 | 0.14% |
| 243 | Meritage Homes Corp. | 420,000 | $372,744 | 0.14% |
| 244 | Valvoline, Inc. | 440,000 | $370,806 | 0.14% |
| 245 | Tempur Sealy International, Inc. | 420,000 | $367,393 | 0.14% |
| 246 | 1011778 BC ULC / New Red Finance, Inc. | 430,000 | $366,599 | 0.14% |
| 247 | WHITEWATER WHISTLER HOLDINGS, LLC TLB 1L, First Lien | 362,390 | $362,390 | 0.13% |
| 248 | LTI Holdings, Inc., First Lien | 366,094 | $357,247 | 0.13% |
| 249 | Atlas CC Acquisition Corp., First Lien C | 397,516 | $350,311 | 0.13% |
| 250 | Geon Performance Solutions LLC, First Lien | 346,235 | $345,369 | 0.13% |
| 251 | Carnival Corp., First Lien | 352,709 | $345,068 | 0.13% |
| 252 | TransDigm, Inc. | 400,000 | $361,452 | 0.13% |
| 253 | Post Holdings, Inc. | 365,000 | $351,754 | 0.13% |
| 254 | CVR Energy, Inc. | 380,000 | $348,209 | 0.13% |
| 255 | Occidental Petroleum Corp. | 294,000 | $346,579 | 0.13% |
| 256 | ATI, Inc. | 380,000 | $345,718 | 0.13% |
| 257 | MGIC Investment Corp. | 360,000 | $339,811 | 0.13% |
| 258 | Open Text Corp. | 390,000 | $339,403 | 0.13% |
| 259 | LTI Holdings, Inc., Second Lien Initial | 382,979 | $319,069 | 0.12% |
| 260 | Mitchell International, Inc., Second Lien | 365,979 | $314,801 | 0.12% |
| 261 | Northern Oil and Gas, Inc. | 330,000 | $329,147 | 0.12% |
| 262 | Consensus Cloud Solutions, Inc. | 345,000 | $323,486 | 0.12% |
| 263 | MSCI, Inc. | 360,000 | $318,182 | 0.12% |
| 264 | Patterson-UTI Energy, Inc. | 340,000 | $317,988 | 0.12% |
| 265 | Icahn Enterprises LP / Icahn Enterprises Finance Corp. | 340,000 | $317,021 | 0.12% |
| 266 | SS&C Technologies, Inc., First Lien | 300,540 | $300,429 | 0.11% |
| 267 | Blackstone Mortgage Trust, Inc., First Lien | 299,239 | $296,994 | 0.11% |
| 268 | Vaco Holdings, LLC, First Lien | 301,243 | $296,974 | 0.11% |
| 269 | Blackstone Mortgage Trust, Inc., First Lien | 299,227 | $296,516 | 0.11% |
| 270 | Ivanti Software, Inc., Second Lien | 476,866 | $289,338 | 0.11% |
| 271 | Output Services Group, Inc. TLA 1L, First Lien | 458,802 | $286,752 | 0.11% |
| 272 | Acrisure LLC, First Lien 2021-1 Additional | 295,211 | $285,709 | 0.11% |
| 273 | Yum! Brands, Inc. | 330,000 | $309,090 | 0.11% |
| 274 | Rithm Capital Corp. | 330,000 | $307,746 | 0.11% |
| 275 | 1011778 BC ULC / New Red Finance, Inc. | 350,000 | $306,700 | 0.11% |
| 276 | 1011778 BC ULC / New Red Finance, Inc. | 330,000 | $304,086 | 0.11% |
| 277 | Sirius XM Radio, Inc. | 340,000 | $303,069 | 0.11% |
| 278 | Encompass Health Corp. | 325,000 | $298,334 | 0.11% |
| 279 | PennyMac Financial Services, Inc. | 350,000 | $288,197 | 0.11% |
| 280 | Hilton Domestic Operating Co., Inc. | 320,000 | $284,683 | 0.11% |
| 281 | Energizer Holdings, Inc. | 290,000 | $283,149 | 0.11% |
| 282 | Deerfield Dakota Holding LLC, Second Lien 2021 Replacement | 296,000 | $280,090 | 0.10% |
| 283 | Team Health Holdings, Inc., First Lien Initial | 289,280 | $267,269 | 0.10% |
| 284 | Berry Global, Inc., First Lien | 261,149 | $260,971 | 0.10% |
| 285 | Femur Buyer, Inc., First Lien Initial | 292,752 | $259,819 | 0.10% |
| 286 | Delta 2 (Lux) Sarl, TLB, First Lien | 254,227 | $255,525 | 0.10% |
| 287 | Group 1 Automotive, Inc. | 320,000 | $281,848 | 0.10% |
| 288 | Sunoco LP / Sunoco Finance Corp. | 310,000 | $280,883 | 0.10% |
| 289 | Enerflex, Ltd. | 273,000 | $278,422 | 0.10% |
| 290 | Tutor Perini Corp. | 310,000 | $276,593 | 0.10% |
| 291 | Eldorado Gold Corp. | 295,000 | $270,725 | 0.10% |
| 292 | Service Properties Trust | 325,000 | $266,320 | 0.10% |
| 293 | Energizer Holdings, Inc. | 290,000 | $259,905 | 0.10% |
| 294 | Murphy Oil USA, Inc. | 310,000 | $259,750 | 0.10% |
| 295 | Howmet Aerospace, Inc. | 256,000 | $258,730 | 0.10% |
| 296 | Bath & Body Works, Inc. | 283,000 | $256,315 | 0.10% |
| 297 | Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp. | 270,000 | $255,412 | 0.10% |
| 298 | Crown Finance US, Inc., First Lien Initial Dollar Tranche | 1,389,110 | $243,449 | 0.09% |
| 299 | Perforce Software, Inc., First Lien New | 249,350 | $232,480 | 0.09% |
| 300 | Romark CLO II, Ltd. | 250,000 | $237,718 | 0.09% |
| 301 | Rad CLO 5, Ltd. | 250,000 | $233,406 | 0.09% |
| 302 | Tri Pointe Homes, Inc. | 270,000 | $253,581 | 0.09% |
| 303 | Summit Midstream Holdings LLC / Summit Midstream Finance Corp. | 260,000 | $253,500 | 0.09% |
| 304 | Primo Water Holdings, Inc. | 290,000 | $253,393 | 0.09% |
| 305 | Commercial Metals Co. | 290,000 | $251,364 | 0.09% |
| 306 | Calumet Specialty Products Partners LP / Calumet Finance Corp. | 260,000 | $251,177 | 0.09% |
| 307 | PBF Holding Co. LLC / PBF Finance Corp. | 265,000 | $250,217 | 0.09% |
| 308 | DPL, Inc. | 271,000 | $247,827 | 0.09% |
| 309 | Hologic, Inc. | 280,000 | $246,723 | 0.09% |
| 310 | SunCoke Energy, Inc. | 280,000 | $246,707 | 0.09% |
| 311 | Global Partners LP / GLP Finance Corp. | 255,000 | $245,224 | 0.09% |
| 312 | Service Corp. International | 290,000 | $244,122 | 0.09% |
| 313 | Superior Plus LP / Superior General Partner, Inc. | 275,000 | $243,415 | 0.09% |
| 314 | Holly Energy Partners LP / Holly Energy Finance Corp. | 260,000 | $242,388 | 0.09% |
| 315 | NuStar Logistics LP | 250,000 | $240,272 | 0.09% |
| 316 | MSCI, Inc. | 270,000 | $235,352 | 0.09% |
| 317 | Post Holdings, Inc. | 270,000 | $233,257 | 0.09% |
| 318 | Allison Transmission, Inc. | 241,000 | $232,294 | 0.09% |
| 319 | Crocs, Inc. | 265,000 | $231,228 | 0.09% |
| 320 | ATI, Inc. | 250,000 | $229,043 | 0.09% |
| 321 | MLN US HoldCo LLC, First Lien B | 699,130 | $207,701 | 0.08% |
| 322 | EG Group, Ltd., First Lien Additional Facility | 213,517 | $206,391 | 0.08% |
| 323 | Covenant Surgical Partners, Inc., First Lien Delayed Draw | 237,230 | $202,831 | 0.08% |
| 324 | Ivanti Software, Inc., First Lien First Amendment | 243,784 | $202,190 | 0.08% |
| 325 | Wellfleet CLO 2020-1, Ltd. | 250,000 | $227,523 | 0.08% |
| 326 | Taseko Mines, Ltd. | 240,000 | $227,747 | 0.08% |
| 327 | Gap, Inc. | 295,000 | $226,823 | 0.08% |
| 328 | Chemours Co. | 270,000 | $225,964 | 0.08% |
| 329 | EnLink Midstream Partners LP | 265,000 | $220,709 | 0.08% |
| 330 | TTM Technologies, Inc. | 250,000 | $218,745 | 0.08% |
| 331 | Patrick Industries, Inc. | 255,000 | $218,341 | 0.08% |
| 332 | Acadia Healthcare Co., Inc. | 230,000 | $215,336 | 0.08% |
| 333 | Navient Corp. | 240,000 | $212,491 | 0.08% |
| 334 | Brundage-Bone Concrete Pumping Holdings, Inc. | 222,000 | $211,920 | 0.08% |
| 335 | Wabash National Corp. | 240,000 | $210,890 | 0.08% |
| 336 | Commercial Metals Co. | 240,000 | $210,834 | 0.08% |
| 337 | Hilton Domestic Operating Co., Inc. | 220,000 | $207,696 | 0.08% |
| 338 | TriMas Corp. | 230,000 | $205,012 | 0.08% |
| 339 | Asbury Automotive Group, Inc. | 235,000 | $202,975 | 0.08% |
| 340 | Delek Logistics Partners LP / Delek Logistics Finance Corp. | 220,000 | $202,098 | 0.08% |
| 341 | SS&C Technologies, Inc., First Lien | 199,460 | $199,386 | 0.07% |
| 342 | Univision Communications, Inc., First Lien | 191,311 | $191,551 | 0.07% |
| 343 | Tutor Perini Corp., First Lien B | 185,963 | $177,983 | 0.07% |
| 344 | Loyalty Ventures, Inc., First Lien | 434,172 | $176,925 | 0.07% |
| 345 | Oceaneering International, Inc. | 210,000 | $201,084 | 0.07% |
| 346 | PGT Innovations, Inc. | 230,000 | $198,760 | 0.07% |
| 347 | EnLink Midstream Partners LP | 250,000 | $196,804 | 0.07% |
| 348 | Ziff Davis, Inc. | 220,000 | $195,201 | 0.07% |
| 349 | Ingevity Corp. | 220,000 | $193,102 | 0.07% |
| 350 | Apollo Commercial Real Estate Finance, Inc. | 235,000 | $192,726 | 0.07% |
| 351 | Viavi Solutions, Inc. | 220,000 | $192,247 | 0.07% |
| 352 | LD Holdings Group LLC | 250,000 | $192,160 | 0.07% |
| 353 | Navient Corp. | 210,000 | $191,927 | 0.07% |
| 354 | Macy's Retail Holdings LLC | 210,000 | $191,916 | 0.07% |
| 355 | Berry Petroleum Co. LLC | 200,000 | $191,764 | 0.07% |
| 356 | Nufarm Australia, Ltd. / Nufarm Americas, Inc. | 210,000 | $190,980 | 0.07% |
| 357 | Tempur Sealy International, Inc. | 230,000 | $189,788 | 0.07% |
| 358 | Energean PLC | 200,000 | $188,294 | 0.07% |
| 359 | Vista Outdoor, Inc. | 230,000 | $186,590 | 0.07% |
| 360 | PennyMac Financial Services, Inc. | 220,000 | $185,219 | 0.07% |
| 361 | M/I Homes, Inc. | 200,000 | $184,734 | 0.07% |
| 362 | Bombardier, Inc. | 180,000 | $179,811 | 0.07% |
| 363 | PennyMac Financial Services, Inc. | 192,000 | $178,861 | 0.07% |
| 364 | Forestar Group, Inc. | 200,000 | $178,483 | 0.07% |
| 365 | Antero Midstream Partners LP / Antero Midstream Finance Corp. | 190,000 | $176,713 | 0.07% |
| 366 | Nouryon USA LLC, First Lien Initial Dollar | 175,989 | $174,725 | 0.06% |
| 367 | Global Medical Response, Inc., First Lien 2020 Refinancing | 225,742 | $167,896 | 0.06% |
| 368 | Envision Healthcare Corp., First Lien | 182,312 | $161,346 | 0.06% |
| 369 | Element Materials Technology Group Holdings TL, First Lien | 157,952 | $156,965 | 0.06% |
| 370 | KKR Apple Bidco LLC, Second Lien Initial | 153,086 | $150,598 | 0.06% |
| 371 | Science Applications International Corp. | 180,000 | $168,966 | 0.06% |
| 372 | Encompass Health Corp. | 180,000 | $168,273 | 0.06% |
| 373 | Builders FirstSource, Inc. | 170,000 | $166,605 | 0.06% |
| 374 | Hughes Satellite Systems Corp. | 170,000 | $164,639 | 0.06% |
| 375 | Minerals Technologies, Inc. | 179,000 | $163,875 | 0.06% |
| 376 | Spirit AeroSystems, Inc. | 190,000 | $159,985 | 0.06% |
| 377 | CHS/Community Health Systems, Inc. | 250,000 | $158,513 | 0.06% |
| 378 | ModivCare, Inc. | 160,000 | $154,859 | 0.06% |
| 379 | LGI Homes, Inc. | 190,000 | $154,171 | 0.06% |
| 380 | Apache Corp. | 185,000 | $153,446 | 0.06% |
| 381 | Sonic Automotive, Inc. | 190,000 | $152,000 | 0.06% |
| 382 | OneMain Finance Corp. | 180,000 | $151,425 | 0.06% |
| 383 | Central Garden & Pet Co. | 180,000 | $151,184 | 0.06% |
| 384 | Sabre GLBL, Inc. | 140,000 | $148,488 | 0.06% |
| 385 | Hudbay Minerals, Inc. | 160,000 | $147,949 | 0.06% |
| 386 | Mauser Packaging Solutions Holding Co bwy TLB 1L, First Lien | 148,779 | $147,663 | 0.05% |
| 387 | Strategic Materials Holding Corp., Second Lien Initial | 533,333 | $141,333 | 0.05% |
| 388 | McKissock Investment Holdings, LLC, First Lien | 137,248 | $133,131 | 0.05% |
| 389 | EG Group, Ltd., First Lien Facility B | 132,292 | $128,065 | 0.05% |
| 390 | Outcomes Group Holdings, Inc., Second Lien Initial | 133,136 | $127,811 | 0.05% |
| 391 | Pediatric Associates Holding Co. LLC, First Lien | 125,720 | $124,464 | 0.05% |
| 392 | Cargo Aircraft Management, Inc. | 160,000 | $144,746 | 0.05% |
| 393 | Iron Mountain, Inc. | 160,000 | $144,715 | 0.05% |
| 394 | TriNet Group, Inc. | 170,000 | $142,990 | 0.05% |
| 395 | Enova International, Inc. | 150,000 | $142,885 | 0.05% |
| 396 | CHS/Community Health Systems, Inc. | 150,000 | $141,629 | 0.05% |
| 397 | Beazer Homes USA, Inc. | 150,000 | $138,782 | 0.05% |
| 398 | Installed Building Products, Inc. | 150,000 | $138,383 | 0.05% |
| 399 | Office Properties Income Trust | 170,000 | $136,641 | 0.05% |
| 400 | Marriott Ownership Resorts, Inc. | 150,000 | $135,525 | 0.05% |
| 401 | Bombardier, Inc. | 140,000 | $132,961 | 0.05% |
| 402 | Asbury Automotive Group, Inc. | 150,000 | $131,395 | 0.05% |
| 403 | Navient Corp. | 169,000 | $131,247 | 0.05% |
| 404 | Royal Caribbean Cruises, Ltd. | 140,000 | $130,257 | 0.05% |
| 405 | Louisiana-Pacific Corp. | 150,000 | $130,012 | 0.05% |
| 406 | Xerox Holdings Corp. | 135,000 | $125,746 | 0.05% |
| 407 | FMG Resources August 2006 Pty, Ltd. | 126,000 | $123,200 | 0.05% |
| 408 | Eastern Power LLC, First Lien | 133,737 | $119,403 | 0.04% |
| 409 | Covanta 11/21 TLC, First Lien | 115,368 | $115,564 | 0.04% |
| 410 | Methanex Corp. | 130,000 | $119,696 | 0.04% |
| 411 | Taylor Morrison Communities, Inc. | 130,000 | $119,026 | 0.04% |
| 412 | CHS/Community Health Systems, Inc. | 120,000 | $116,001 | 0.04% |
| 413 | Frontier Communications Holdings LLC | 140,000 | $115,163 | 0.04% |
| 414 | Hess Midstream Operations LP | 130,000 | $114,034 | 0.04% |
| 415 | Service Properties Trust | 130,000 | $112,746 | 0.04% |
| 416 | Clear Channel Outdoor Holdings, Inc. | 130,000 | $110,825 | 0.04% |
| 417 | Howard Hughes Corp. | 133,000 | $110,671 | 0.04% |
| 418 | AdaptHealth LLC | 125,000 | $108,919 | 0.04% |
| 419 | Royal Caribbean Cruises, Ltd. | 125,000 | $108,613 | 0.04% |
| 420 | LPL Holdings, Inc. | 120,000 | $105,204 | 0.04% |
| 421 | Pitney Bowes, Inc. | 120,000 | $100,793 | 0.04% |
| 422 | PHH Mortgage Corp. | 110,000 | $100,513 | 0.04% |
| 423 | Royal Caribbean Cruises, Ltd. | 110,000 | $98,588 | 0.04% |
| 424 | SBA Communications Corp. | 116,000 | $98,419 | 0.04% |
| 425 | HB Fuller Co. | 110,000 | $97,462 | 0.04% |
| 426 | FMG Resources August 2006 Pty, Ltd. | 110,000 | $96,946 | 0.04% |
| 427 | ZipRecruiter, Inc. | 110,000 | $95,842 | 0.04% |
| 428 | Parkland Corp. | 110,000 | $94,507 | 0.04% |
| 429 | Wand NewCo 3, Inc., First Lien Tranche B-1 | 90,440 | $88,331 | 0.03% |
| 430 | Carestream Health, Inc. TL 1L, First Lien | 119,671 | $87,559 | 0.03% |
| 431 | Element Materials Technology Group Holdings DTL, First Lien | 72,901 | $72,446 | 0.03% |
| 432 | CommScope, Inc. | 110,000 | $93,718 | 0.03% |
| 433 | MPT Operating Partnership LP / MPT Finance Corp. | 110,000 | $93,122 | 0.03% |
| 434 | New Gold, Inc. | 100,000 | $92,944 | 0.03% |
| 435 | Yum! Brands, Inc. | 100,000 | $91,137 | 0.03% |
| 436 | Sensata Technologies BV | 100,000 | $89,908 | 0.03% |
| 437 | Conduent Business Services LLC / Conduent State & Local Solutions, Inc. | 100,000 | $88,652 | 0.03% |
| 438 | TopBuild Corp. | 101,000 | $86,199 | 0.03% |
| 439 | CDI Escrow Issuer, Inc. | 90,000 | $85,396 | 0.03% |
| 440 | Prestige Brands, Inc. | 100,000 | $85,047 | 0.03% |
| 441 | Kaiser Aluminum Corp. | 100,000 | $84,691 | 0.03% |
| 442 | Foot Locker, Inc. | 100,000 | $84,669 | 0.03% |
| 443 | Century Communities, Inc. | 100,000 | $84,188 | 0.03% |
| 444 | Seagate HDD Cayman | 100,000 | $84,116 | 0.03% |
| 445 | Adtalem Global Education, Inc. | 90,000 | $83,873 | 0.03% |
| 446 | Acadia Healthcare Co., Inc. | 85,000 | $81,972 | 0.03% |
| 447 | Cinemark USA, Inc. | 90,000 | $80,944 | 0.03% |
| 448 | Bloomin' Brands, Inc. / OSI Restaurant Partners LLC | 90,000 | $80,489 | 0.03% |
| 449 | Navient Corp. | 80,000 | $78,904 | 0.03% |
| 450 | Iron Mountain, Inc. | 90,000 | $77,240 | 0.03% |
| 451 | Yum! Brands, Inc. | 90,000 | $76,851 | 0.03% |
| 452 | Central Garden & Pet Co. | 90,000 | $76,618 | 0.03% |
| 453 | Post Holdings, Inc. | 80,000 | $74,279 | 0.03% |
| 454 | Frontier Communications Holdings LLC | 90,000 | $73,474 | 0.03% |
| 455 | Stericycle, Inc. | 80,000 | $71,082 | 0.03% |
| 456 | Howmet Aerospace, Inc. | 80,000 | $69,903 | 0.03% |
| 457 | Hilton Domestic Operating Co., Inc. | 80,000 | $69,437 | 0.03% |
| 458 | AthenaHealth Group, Inc. Delayed, First Lien | 43,570 | $41,410 | 0.02% |
| 459 | Justrite Safety Group, First Lien Delayed Draw | 65,247 | $59,457 | 0.02% |
| 460 | VT Topco, Inc., First Lien 2021 | 48,803 | $48,620 | 0.02% |
| 461 | National Mentor Holdings, Inc., TLC, First Lien | 59,805 | $44,144 | 0.02% |
| 462 | Macy's Retail Holdings LLC | 70,000 | $65,183 | 0.02% |
| 463 | DISH DBS Corp. | 80,000 | $65,078 | 0.02% |
| 464 | M/I Homes, Inc. | 70,000 | $58,962 | 0.02% |
| 465 | Macy's Retail Holdings LLC | 80,000 | $58,863 | 0.02% |
| 466 | Carnival Corp. | 70,000 | $58,199 | 0.02% |
| 467 | NuStar Logistics LP | 60,000 | $57,869 | 0.02% |
| 468 | Consensus Cloud Solutions, Inc. | 60,000 | $57,472 | 0.02% |
| 469 | Hess Midstream Operations LP | 60,000 | $56,576 | 0.02% |
| 470 | Service Properties Trust | 74,000 | $56,453 | 0.02% |
| 471 | Full House Resorts, Inc. | 60,000 | $56,022 | 0.02% |
| 472 | Bath & Body Works, Inc. | 60,000 | $54,759 | 0.02% |
| 473 | CHS/Community Health Systems, Inc. | 70,000 | $53,653 | 0.02% |
| 474 | Mineral Resources, Ltd. | 50,000 | $51,255 | 0.02% |
| 475 | NuStar Logistics LP | 50,000 | $49,022 | 0.02% |
| 476 | Coeur Mining, Inc. | 60,000 | $48,386 | 0.02% |
| 477 | LD Holdings Group LLC | 70,000 | $45,755 | 0.02% |
| 478 | Macy's Retail Holdings LLC | 50,000 | $44,827 | 0.02% |
| 479 | Asbury Automotive Group, Inc. | 50,000 | $44,186 | 0.02% |
| 480 | Tekni-Plex, Inc., First Lien Tranche B-3 Initial | 38,133 | $37,500 | 0.01% |
| 481 | Crown Finance US, Inc., First Lien Second Amendment Dollar Tranche | 219,619 | $36,127 | 0.01% |
| 482 | Western Midstream Operating LP | 45,000 | $39,143 | 0.01% |
| 483 | Carrols Restaurant Group, Inc. | 50,000 | $38,477 | 0.01% |
| 484 | Howard Hughes Corp. | 40,000 | $37,103 | 0.01% |
| 485 | Pitney Bowes, Inc. | 30,000 | $23,666 | 0.01% |
| 486 | Parkland Corp. | 20,000 | $17,218 | 0.01% |
| 487 | Medical Solutions LLC, First Lien | 9,734 | $9,434 | 0.00% |
| 488 | Occidental Petroleum Corp. | 10,000 | $8,369 | 0.00% |
| Net Cash Equivalent & Other Assets Minus Liabilities^ | $-4,224,039 | -1.57% | ||
| Total | 268,866,102 | 100% |
Total Holdings: 488
^The Fund's Net Cash and Other Assets Less Liabilities includes amounts payable for investments purchased but not yet settled and amounts receivable for investments sold but not yet settled. At period end, the amounts payable for investments purchased but not yet settled exceeded the amount of cash on hand, and the Fund’s Net Cash and Other Assets Less Liabilities therefore equaled -1.57% of the Fund's Managed Assets. The Fund uses funds from its leverage program to settle amounts payable for investments purchased, but such funds are not reflected in the Fund's net cash.
Distribution History
BGX
| Calendar Year | Ex-Date | Record Date | Payable Date | Per Share Amount | Distribution Type | Section 19a Notice |
|---|---|---|---|---|---|---|
| 2023 | May 22, 2023 | May 23, 2023 | May 31, 2023 | $0.099 | Ordinary Income | |
| 2023 | April 20, 2023 | April 21, 2023 | April 28, 2023 | $0.099 | Ordinary Income | |
| 2023 | March 23, 2023 | March 24, 2023 | March 31, 2023 | $0.099 | Ordinary Income | |
| 2023 | February 17, 2023 | February 21, 2023 | February 28, 2023 | $0.095 | Ordinary Income | |
| 2023 | January 23, 2023 | January 24, 2023 | January 31, 2023 | $0.095 | Ordinary Income | |
| 2022 | December 21, 2022 | December 22, 2022 | December 30, 2022 | $0.095 | Ordinary Income | |
| 2022 | November 21, 2022 | November 22, 2022 | November 30, 2022 | $0.085 | Ordinary Income | |
| 2022 | October 21, 2022 | October 24, 2022 | October 31, 2022 | $0.085 | Ordinary Income | |
| 2022 | September 22 | September 23 | September 30 | $0.085 | Ordinary Income | |
| 2022 | August 23 | August 24 | August 31 | $0.079 | Ordinary Income | |
| 2022 | July 21 | July 22 | July 29 | $0.079 | Ordinary Income | |
| 2022 | June 22 | June 23 | June 30 | $0.079 | Ordinary Income | |
| 2022 | May 20 | May 23 | May 31 | $0.073 | Ordinary Income | |
| 2022 | April 21 | April 22 | April 29 | $0.073 | Ordinary Income | |
| 2022 | March 23 | March 24 | March 31 | $0.073 | Ordinary Income | |
| 2022 | February 17 | February 18 | February 28 | $0.078 | Ordinary Income | — |
| 2021 | December 30 | December 31 | January 31, 2022 | $0.078 | Ordinary Income | — |
| 2021 | December 30 | December 31 | January 31, 2022 | $0.058 | Special Distribution | — |
| 2021 | December 22 | December 23 | December 31 | $0.078 | Ordinary Income | — |
| 2021 | November 19 | November 22 | November 30 | $0.083 | Ordinary Income | — |
| 2021 | October 21 | October 22 | October 29 | $0.083 | Ordinary Income | — |
| 2021 | September 22 | September 23 | September 30 | $0.083 | Ordinary Income | — |
| 2021 | August 23 | August 24 | August 31 | $0.081 | Ordinary Income | — |
| 2021 | July 22 | July 23 | July 30 | $0.081 | Ordinary Income | — |
| 2021 | June 22 | June 23 | June 30 | $0.081 | Ordinary Income | — |
| 2021 | May 20 | May 21 | May 28 | $0.081 | Ordinary Income | — |
| 2021 | April 22 | April 23 | April 30 | $0.081 | Ordinary Income | — |
| 2021 | March 23 | March 24 | March 31 | $0.081 | Ordinary Income | — |
| 2021 | February 18 | February 19 | February 26 | $0.082 | Ordinary Income | — |
| 2020 | December 30 | December 31 | January 29, 2021 | $0.017 | Special Distribution | — |
| 2020 | December 30 | December 31 | January 29, 2021 | $0.082 | Ordinary Income | — |
| 2020 | December 22 | December 23 | December 31 | $0.082 | Ordinary Income | — |
| 2020 | November 19 | November 20 | November 30 | $0.087 | Ordinary Income | — |
| 2020 | October 22 | October 23 | October 30 | $0.087 | Ordinary Income | — |
| 2020 | September 22 | September 23 | September 30 | $0.087 | Ordinary Income | — |
| 2020 | August 21 | August 24 | August 31 | $0.100 | Ordinary Income | — |
| 2020 | July 23 | July 24 | July 31 | $0.100 | Ordinary Income | — |
| 2020 | June 22 | June 23 | June 30 | $0.100 | Ordinary Income | — |
| 2020 | May 20 | May 21 | May 29 | $0.112 | Ordinary Income | — |
| 2020 | April 22 | April 23 | April 30 | $0.112 | Ordinary Income | — |
| 2020 | March 23 | March 24 | March 31 | $0.112 | Ordinary Income | — |
| 2020 | February 20 | February 21 | February 28 | $0.115 | Ordinary Income | — |
| 2019 | December 30 | December 31 | January 31, 2020 | $0.115 | Ordinary Income | — |
| 2019 | December 30 | December 31 | January 31, 2020 | $0.048 | Special Distribution | — |
| 2019 | December 20 | December 23 | December 31 | $0.115 | Ordinary Income | — |
| 2019 | November 21 | November 22 | November 29 | $0.119 | Ordinary Income | — |
| 2019 | October 23 | October 24 | October 31 | $0.119 | Ordinary Income | — |
| 2019 | September 20 | September 23 | September 30 | $0.119 | Ordinary Income | — |
| 2019 | August 22 | August 23 | August 30 | $0.122 | Ordinary Income | — |
| 2019 | July 23 | July 24 | July 31 | $0.122 | Ordinary Income | — |
| 2019 | June 20 | June 21 | June 28 | $0.122 | Ordinary Income | — |
| 2019 | May 22 | May 23 | May 31 | $0.115 | Ordinary Income | — |
| 2019 | April 22 | April 23 | April 30 | $0.115 | Ordinary Income | — |
| 2019 | March 21 | March 22 | March 29 | $0.115 | Ordinary Income | — |
| 2019 | February 20 | February 21 | February 28 | $0.117 | Ordinary Income | — |
| 2018 | December 28 | December 31 | January 31, 2019 | $0.117 | Ordinary Income | — |
| 2018 | December 28 | December 31 | January 31, 2019 | $0.349 | Special Distribution | — |
| 2018 | December 20 | December 21 | December 31 | $0.117 | Ordinary Income | — |
| 2018 | November 21 | November 23 | November 30 | $0.103 | Ordinary Income | — |
| 2018 | October 23 | October 24 | October 31 | $0.103 | Ordinary Income | — |
| 2018 | September 20 | September 21 | September 28 | $0.103 | Ordinary Income | — |
| 2018 | August 23 | August 24 | August 31 | $0.103 | Ordinary Income | — |
| 2018 | July 23 | July 24 | July 31 | $0.103 | Ordinary Income | — |
| 2018 | June 21 | June 22 | June 29 | $0.103 | Ordinary Income | — |
| 2018 | May 22 | May 23 | May 31 | $0.103 | Ordinary Income | — |
| 2018 | April 20 | April 23 | April 30 | $0.103 | Ordinary Income | — |
| 2018 | March 21 | March 22 | March 29 | $0.103 | Ordinary Income | — |
| 2018 | February 20 | February 21 | February 28 | $0.103 | Ordinary Income | — |
| 2017 | December 28 | December 29 | January 31, 2018 | $0.103 | Ordinary Income | — |
| 2017 | December 20 | December 21 | December 29 | $0.103 | Ordinary Income | — |
| 2017 | November 21 | November 22 | November 30 | $0.103 | Ordinary Income | — |
| 2017 | October 23 | October 24 | October 31 | $0.103 | Ordinary Income | — |
| 2017 | September 21 | September 22 | September 29 | $0.103 | Ordinary Income | — |
| 2017 | August 22 | August 24 | August 31 | $0.103 | Ordinary Income | — |
| 2017 | July 20 | July 24 | July 31 | $0.103 | Ordinary Income | — |
| 2017 | June 21 | June 23 | June 30 | $0.103 | Ordinary Income | — |
| 2017 | May 19 | May 23 | May 31 | $0.103 | Ordinary Income | — |
| 2017 | April 19 | April 21 | April 28 | $0.103 | Ordinary Income | — |
| 2017 | March 22 | March 24 | March 31 | $0.103 | Ordinary Income | — |
| 2017 | February 16 | February 21 | February 28 | $0.103 | Ordinary Income | — |
| 2016 | December 28 | December 30 | January 31, 2017 | $0.103 | Ordinary Income | — |
| 2016 | December 28 | December 30 | January 31, 2017 | $0.253 | Special Distribution | — |
| 2016 | December 20 | December 22 | December 30 | $0.098 | Ordinary Income | — |
| 2016 | November 18 | November 22 | November 30 | $0.098 | Ordinary Income | — |
| 2016 | October 20 | October 24 | October 31 | $0.098 | Ordinary Income | — |
| 2016 | September 21 | September 23 | September 30 | $0.098 | Ordinary Income | — |
| 2016 | August 22 | August 24 | August 31 | $0.098 | Ordinary Income | — |
| 2016 | July 20 | July 22 | July 29 | $0.098 | Ordinary Income | — |
| 2016 | June 21 | June 23 | June 30 | $0.098 | Ordinary Income | — |
| 2016 | May 19 | May 23 | May 31 | $0.098 | Ordinary Income | — |
| 2016 | April 20 | April 22 | April 29 | $0.098 | Ordinary Income | — |
| 2016 | March 21 | March 23 | March 31 | $0.098 | Ordinary Income | — |
| 2016 | February 18 | February 22 | February 29 | $0.098 | Ordinary Income | — |
| 2015 | December 29 | December 31 | January 29, 2016 | $0.098 | Ordinary Income | — |
| 2015 | December 21 | December 23 | December 31 | $0.098 | Ordinary Income | — |
| 2015 | November 18 | November 20 | November 30 | $0.098 | Ordinary Income | — |
| 2015 | October 21 | October 23 | October 30 | $0.098 | Ordinary Income | — |
| 2015 | September 21 | September 23 | September 30 | $0.098 | Ordinary Income | — |
| 2015 | August 20 | August 24 | August 31 | $0.098 | Ordinary Income | — |
| 2015 | July 22 | July 24 | July 31 | $0.098 | Ordinary Income | — |
| 2015 | June 19 | June 23 | June 30 | $0.098 | Ordinary Income | — |
| 2015 | May 19 | May 21 | May 29 | $0.098 | Ordinary Income | — |
| 2015 | April 21 | April 23 | April 30 | $0.098 | Ordinary Income | — |
| 2015 | March 20 | March 24 | March 31 | $0.098 | Ordinary Income | — |
| 2015 | February 18 | February 20 | February 27 | $0.098 | Ordinary Income | FEBRUARY |
| 2015 | January 21 | January 23 | January 30 | $0.098 | Ordinary Income | JANUARY |
| 2014 | December 19 | December 23 | December 31 | $0.098 | Ordinary Income | DECEMBER |
| 2014 | November 18 | November 20 | November 28 | $0.098 | Ordinary Income | NOVEMBER |
| 2014 | October 22 | October 24 | October 31 | $0.042 | Short Term Capital Gains | OCTOBER |
| 2014 | October 22 | October 24 | October 31 | $0.041 | Ordinary Income | OCTOBER |
| 2014 | October 22 | October 24 | October 31 | $0.015 | Long Term Capital Gains | OCTOBER |
| 2014 | September 19 | September 23 | September 30 | $0.098 | Ordinary Income | SEPTEMBER |
| 2014 | August 20 | August 22 | August 29 | $0.098 | Ordinary Income | AUGUST |
| 2014 | July 22 | July 24 | July 31 | $0.098 | Ordinary Income | JULY |
| 2014 | June 19 | June 23 | June 30 | $0.098 | Ordinary Income | JUNE |
| 2014 | May 20 | May 22 | May 30 | $0.098 | Ordinary Income | MAY |
| 2014 | April 21 | April 23 | April 30 | $0.098 | Ordinary Income | APRIL |
| 2014 | March 20 | March 24 | March 31 | $0.098 | Ordinary Income | MARCH |
| 2014 | February 19 | February 21 | February 28 | $0.108 | Ordinary Income | FEBRUARY |
| 2014 | January 22 | January 24 | January 31 | $0.108 | Ordinary Income | JANUARY |
| 2013 | December 19 | December 23 | December 31 | $0.158 | Ordinary Income | DECEMBER |
| 2013 | November 14 | November 18 | November 29 | $0.108 | Ordinary Income | NOVEMBER |
| 2013 | October 16 | October 18 | October 31 | $0.108 | Ordinary Income | OCTOBER |
| 2013 | September 18 | September 20 | September 30 | $0.108 | Ordinary Income | SEPTEMBER |
| 2013 | August 15 | August 19 | August 30 | $0.108 | Ordinary Income | AUGUST |
| 2013 | July 16 | July 18 | July 31 | $0.108 | Ordinary Income | JULY |
| 2013 | June 13 | June 17 | June 28 | $0.108 | Ordinary Income | JUNE |
| 2013 | May 15 | May 17 | May 31 | $0.108 | Ordinary Income | — |
| 2013 | April 17 | April 19 | April 30 | $0.108 | Ordinary Income | — |
| 2013 | March 14 | March 18 | March 28 | $0.108 | Ordinary Income | — |
| 2013 | February 13 | February 15 | February 28 | $0.108 | Ordinary Income | — |
| 2012 | December 14 | December 18 | December 31 | $0.108 | Ordinary Income | — |
| 2012 | November 15 | November 19 | November 30 | $0.108 | Ordinary Income | — |
| 2012 | October 17 | October 19 | October 31 | $0.108 | Ordinary Income | — |
| 2012 | September 14 | September 18 | September 28 | $0.108 | Ordinary Income | — |
| 2012 | August 15 | August 17 | August 31 | $0.108 | Ordinary Income | — |
| 2012 | July 18 | July 20 | July 31 | $0.108 | Ordinary Income | JULY |
| 2012 | June 15 | June 19 | June 29 | $0.108 | Ordinary Income | JUNE |
| 2012 | May 16 | May 18 | May 31 | $0.108 | Ordinary Income | — |
| 2012 | April 18 | April 20 | April 30 | $0.108 | Ordinary Income | APRIL |
| 2012 | March 15 | March 19 | March 30 | $0.110 | Ordinary Income | MARCH |
| 2012 | February 15 | February 17 | February 29 | $0.108 | Ordinary Income | FEBRUARY |
| 2012 | January 17 | January 19 | January 31 | $0.108 | Ordinary Income | JANUARY |
| 2011 | December 14 | December 16 | December 30 | $0.108 | Ordinary Income | DECEMBER |
| 2011 | November 16 | November 18 | November 30 | $0.108 | Ordinary Income | NOVEMBER |
| 2011 | October 17 | October 19 | October 31 | $0.108 | Ordinary Income | OCTOBER |
| 2011 | September 15 | September 19 | September 30 | $0.108 | Ordinary Income | SEPTEMBER |
| 2011 | August 16 | August 18 | August 31 | $0.108 | Ordinary Income | AUGUST |
| 2011 | July 18 | July 20 | July 29 | $0.108 | Ordinary Income | JULY |
| 2011 | June 15 | June 17 | June 30 | $0.108 | Ordinary Income | JUNE |
| 2011 | May 17 | May 19 | May 31 | $0.108 | Ordinary Income | MAY |
| 2011 | April 18 | April 20 | April 29 | $0.108 | Ordinary Income | APRIL |
| 2011 | March 16 | March 18 | March 31 | $0.108 | Ordinary Income | MARCH |
The Fund anticipates that sources of distributions to shareholders will include net investment income, net realized short-term capital gains, net realized long-term capital gains and return of capital. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund’s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. If a distribution includes anything other than net investment income, the fund provides a Section 19(a) notice of the best estimate of its distribution sources at that time, available at www.blackstone-credit.com. These estimates may not match the final tax characterization (for the full year’s distributions) contained in shareholders’ 1099-DIV forms after the end of the year.
Investor Documents
| Document Name | Action |
|---|---|
| PROXY STATEMENT | DOWNLOAD |
| PROSPECTUS | DOWNLOAD |
| QUARTERLY FACT SHEET | DOWNLOAD |
| MONTHLY FUND SNAPSHOT | DOWNLOAD |
| ANNUAL REPORT | DOWNLOAD |
| SEMI-ANNUAL REPORT | DOWNLOAD |
| Q1’22 PORTFOLIO HOLDINGS | DOWNLOAD |
| Q3’22 PORTFOLIO HOLDINGS | DOWNLOAD |
| SEC FILINGS | VIEW |
| AUDIT COMMITTEE CHARTER | DOWNLOAD |
| NOMINATING AND GOVERNANCE COMMITTEE CHARTER | DOWNLOAD |
News
| Document Name | Date | Action |
|---|---|---|
| BLACKSTONE CREDIT CLOSED-END FUNDS DECLARE MONTHLY DISTRIBUTIONS | March 13, 2023 | DOWNLOAD |
| BLACKSTONE CREDIT CLOSED-END FUNDS DECLARE MONTHLY DISTRIBUTIONS | December 12, 2022 | DOWNLOAD |
| BLACKSTONE CREDIT CLOSED-END FUNDS DECLARE MONTHLY DSITRIBUTIONS | September 12, 2022 | DOWNLOAD |
| BLACKSTONE CREDIT CLOSED-END FUNDS DECLARE MONTHLY DISTRIBUTIONS | June 9, 2022 | DOWNLOAD |
| BLACKSTONE CREDIT CLOSED-END FUNDS DECLARE MONTHLY DISTRIBUTIONS | March 10, 2022 | DOWNLOAD |
| BLACKSTONE CREDIT CLOSED-END FUNDS DECLARE SPECIAL DISTRIBUTIONS | December 20, 2021 | DOWNLOAD |
| BLACKSTONE CREDIT CLOSED-END FUNDS DECLARE MONTHLY DISTRIBUTIONS | December 13, 2021 | DOWNLOAD |
| BLACKSTONE CREDIT CLOSED-END FUNDS DECLARE MONTHLY DISTRIBUTIONS | September 10, 2021 | DOWNLOAD |
| BLACKSTONE CREDIT CLOSED-END FUNDS DECLARE MONTHLY DISTRIBUTIONS | June 9, 2021 | DOWNLOAD |
| BLACKSTONE CREDIT CLOSED-END FUNDS DECLARE MONTHLY DISTRIBUTIONS | March 11, 2021 | DOWNLOAD |
| BLACKSTONE CREDIT CLOSED-END FUNDS DECLARE SPECIAL DISTRIBUTIONS | December 18, 2020 | DOWNLOAD |
| BLACKSTONE CREDIT ANNOUNCES CLOSED-END FUND NAME CHANGES | December 10, 2020 | DOWNLOAD |
| BLACKSTONE / GSO CLOSED-END FUNDS DECLARE MONTHLY DISTRIBUTIONS | December 9, 2020 | DOWNLOAD |
| BLACKSTONE / GSO CLOSED-END FUNDS DECLARE MONTHLY DISTRIBUTIONS | September 10, 2020 | DOWNLOAD |
| BGX ESTABLISHES AT-THE-MARKET EQUITY SHELF PROGRAM | August 19, 2020 | DOWNLOAD |
| BLACKSTONE / GSO ANNOUNCES UPDATE TO CLOSED-END FUND PORTFOLIO MANAGEMENT TEAM | August 03, 2020 | DOWNLOAD |
| BLACKSTONE / GSO CLOSED-END FUNDS DECLARE MONTHLY DISTRIBUTIONS | June 09, 2020 | DOWNLOAD |
| BLACKSTONE / GSO CLOSED-END FUNDS CHANGE DATE AND LOCATION OF ANNUAL MEETING | April 03, 2020 | DOWNLOAD |
| BLACKSTONE / GSO CLOSED-END FUNDS DECLARE MONTHLY DISTRIBUTIONS | March 10, 2020 | DOWNLOAD |
| BLACKSTONE / GSO CLOSED-END FUNDS DECLARE SPECIAL DISTRIBUTIONS | December 18, 2019 | DOWNLOAD |
| BLACKSTONE / GSO CLOSED-END FUNDS DECLARE MONTHLY DISTRIBUTIONS | December 10, 2019 | DOWNLOAD |
| BLACKSTONE / GSO CLOSED-END FUNDS DECLARE MONTHLY DISTRIBUTIONS | September 11, 2019 | DOWNLOAD |
| BLACKSTONE / GSO CLOSED-END FUNDS DECLARE MONTHLY DISTRIBUTIONS | June 11, 2019 | DOWNLOAD |
| BLACKSTONE / GSO CLOSED-END FUNDS DECLARE MONTHLY DISTRIBUTIONS | March 11, 2019 | DOWNLOAD |
| BLACKSTONE / GSO CLOSED-END FUNDS DECLARE SPECIAL DISTRIBUTIONS | December 17, 2018 | DOWNLOAD |
| BLACKSTONE / GSO CLOSED-END FUNDS ANNOUNCE TRANSITION TO DYNAMIC MONTHLY DISTRIBUTIONS AND DECLARE MONTHLY DISTRIBUTIONS | November 20, 2018 | DOWNLOAD |
| BLACKSTONE / GSO CLOSED-END FUNDS DECLARE MONTHLY DISTRIBUTIONS | September 12, 2018 | DOWNLOAD |
| BLACKSTONE / GSO CLOSED-END FUNDS DECLARE MONTHLY DISTRIBUTIONS | May 08, 2018 | DOWNLOAD |
| BLACKSTONE / GSO CLOSED-END FUNDS DECLARE MONTHLY DISTRIBUTIONS | February 22, 2018 | DOWNLOAD |
| BLACKSTONE / GSO CLOSED-END FUNDS DECLARE MONTHLY DISTRIBUTIONS | November 14, 2017 | DOWNLOAD |
| BLACKSTONE / GSO CLOSED-END FUNDS DECLARE MONTHLY DISTRIBUTIONS | September 27, 2017 | DOWNLOAD |
| BLACKSTONE / GSO CLOSED-END FUNDS DECLARE MONTHLY DISTRIBUTIONS | May 19, 2017 | DOWNLOAD |
| BLACKSTONE / GSO CLOSED-END FUNDS DECLARE MONTHLY DISTRIBUTIONS | February 23, 2017 | DOWNLOAD |
| BLACKSTONE / GSO LONG-SHORT CREDIT INCOME FUND DECLARES SPECIAL DISTRIBUTION | December 12, 2016 | DOWNLOAD |
| BLACKSTONE / GSO LONG-SHORT CREDIT INCOME FUND ANNOUNCES CHANGE IN INVESTMENT GUIDELINES | November 28, 2016 | DOWNLOAD |
| BLACKSTONE / GSO CLOSED-END FUNDS DECLARE MONTHLY DISTRIBUTIONS | November 18, 2016 | DOWNLOAD |
| BLACKSTONE / GSO CLOSED-END FUNDS DECLARE MONTHLY DISTRIBUTIONS | October 03, 2016 | DOWNLOAD |
| BLACKSTONE / GSO CLOSED-END FUNDS DECLARE MONTHLY DISTRIBUTIONS | May 18, 2016 | DOWNLOAD |
| BLACKSTONE / GSO CLOSED-END FUNDS DECLARE MONTHLY DISTRIBUTIONS | February 25, 2016 | DOWNLOAD |
| BLACKSTONE / GSO CLOSED-END FUNDS DECLARE MONTHLY DISTRIBUTIONS | November 20, 2015 | DOWNLOAD |
| BLACKSTONE / GSO CLOSED-END FUNDS DECLARE MONTHLY DISTRIBUTIONS | September 30, 2015 | DOWNLOAD |
| BLACKSTONE / GSO CLOSED-END FUNDS ANNOUNCE PORTFOLIO MANAGER CHANGE | August 17, 2015 | DOWNLOAD |
| BLACKSTONE / GSO CLOSED-END FUNDS DECLARE MONTHLY DISTRIBUTIONS | May 22, 2015 | DOWNLOAD |
| BLACKSTONE / GSO CLOSED-END FUNDS DECLARE MONTHLY DISTRIBUTIONS | February 25, 2015 | DOWNLOAD |
| BLACKSTONE / GSO LONG-SHORT CREDIT INCOME FUND ANNOUNCES CHANGE IN INVESTMENT GUIDELINES | December 19, 2014 | DOWNLOAD |
| BLACKSTONE / GSO CLOSED-END FUNDS DECLARE MONTHLY DISTRIBUTIONS | November 28, 2014 | DOWNLOAD |
| BLACKSTONE / GSO LONG-SHORT CREDIT INCOME FUND DECLARES MONTHLY DISTRIBUTION OF $0.098 PER SHARE | September 09, 2014 | DOWNLOAD |
| BLACKSTONE / GSO LONG-SHORT CREDIT INCOME FUND DECLARES MONTHLY DISTRIBUTION OF $0.098 PER SHARE | May 23, 2014 | DOWNLOAD |
| BLACKSTONE / GSO LONG-SHORT CREDIT INCOME FUND DECLARES MONTHLY DISTRIBUTION OF $0.098 PER SHARE | February 28, 2014 | DOWNLOAD |
| BLACKSTONE / GSO LONG-SHORT CREDIT INCOME FUND DECLARES SPECIAL DISTRIBUTION OF $0.05 PER SHARE | November 22, 2013 | DOWNLOAD |
| BLACKSTONE / GSO LONG-SHORT CREDIT INCOME FUND DECLARES MONTHLY DISTRIBUTIONS OF $0.108 PER SHARE | November 22, 2013 | DOWNLOAD |
| BLACKSTONE / GSO LONG-SHORT CREDIT INCOME FUND DECLARES MONTHLY DISTRIBUTIONS OF $0.108 PER SHARE | August 23, 2013 | DOWNLOAD |
| BLACKSTONE / GSO LONG-SHORT CREDIT INCOME FUND DECLARES MONTHLY DISTRIBUTIONS OF $0.108 PER SHARE | May 30, 2013 | DOWNLOAD |
| BLACKSTONE / GSO LONG-SHORT CREDIT INCOME FUND DECLARES MONTHLY DISTRIBUTIONS OF $0.108 PER SHARE | February 27, 2013 | DOWNLOAD |
| BLACKSTONE / GSO LONG-SHORT CREDIT INCOME FUND DECLARES MONTHLY DISTRIBUTIONS OF $0.108 PER SHARE | December 03, 2012 | DOWNLOAD |
| BLACKSTONE / GSO LONG-SHORT CREDIT INCOME FUND DECLARES MONTHLY DISTRIBUTIONS OF $0.108 PER SHARE | August 28, 2012 | DOWNLOAD |
| BLACKSTONE / GSO LONG-SHORT CREDIT INCOME FUND DECLARES MONTHLY DISTRIBUTIONS OF $0.108 PER SHARE | May 18, 2012 | DOWNLOAD |
| BLACKSTONE / GSO LONG-SHORT CREDIT INCOME FUND DECLARES MONTHLY DISTRIBUTIONS OF $0.108 PER SHARE | February 28, 2012 | DOWNLOAD |
| BLACKSTONE / GSO LONG-SHORT CREDIT INCOME FUND DECLARES MONTHLY DISTRIBUTIONS OF $0.108 PER SHARE | November 21, 2011 | DOWNLOAD |
| BLACKSTONE / GSO LONG-SHORT CREDIT INCOME FUND DECLARES MONTHLY DISTRIBUTIONS OF $0.108 PER SHARE | September 08, 2011 | DOWNLOAD |
| BLACKSTONE / GSO LONG-SHORT CREDIT INCOME FUND DECLARES MONTHLY DISTRIBUTIONS OF $0.108 PER SHARE | May 25, 2011 | DOWNLOAD |
| BLACKSTONE / GSO LONG-SHORT CREDIT INCOME FUND DECLARES INITIAL MONTHLY DISTRIBUTIONS OF $0.108 PER SHARE | March 02, 2011 | DOWNLOAD |
Disclosure
Investment Strategies – The Fund will seek to achieve its investment objectives by employing a dynamic long-short strategy in a diversified portfolio of loans and fixed-income instruments of predominantly U.S. corporate issuers, including first- and second-lien secured loans (“Secured Loans”) and high-yield corporate debt securities of varying maturities. The loans and fixed-income instruments that the Fund invests in long positions in will typically be rated below investment grade at the time of purchase. The Fund’s investments in below investment grade loans and fixed-income instruments are commonly referred to as “high-yield” or “junk” instruments and are considered speculative with respect to the issuer’s capacity to pay interest and repay principal.
Under normal market conditions, the Fund intends to maintain both long and short positions based primarily on the fundamental analysis and views of Blackstone Liquid Credit Strategies LLC, formerly known as “GSO / Blackstone Debt Funds Management LLC” (the “Adviser”) on a particular investment. The Fund will take long positions in investments that the Adviser believes offer the potential for attractive returns under various economic and interest rate environments. The Fund will take short positions in investments that the Adviser believes will under-perform due to a greater sensitivity to earnings growth of the issuer, default risk or interest rates. The Fund’s long positions, either directly or through the use of derivatives, may total up to 130% of the Fund’s net assets. The Fund’s short positions, either directly or through the use of derivatives, may total up to 30% of the Fund’s net assets.
The Fund will invest at least 70% of its Managed Assets in Secured Loans. Secured Loans will be made to U.S. and, to a limited extent, non-U.S. corporations, partnerships and other business entities (“Borrowers”) which operate in various industries and geographical regions. Secured Loans pay interest at rates which are determined periodically on the basis of a floating base lending rate, primarily the London-Interbank Offered Rate, plus a premium.
There is no assurance that the Fund will achieve its investment objectives.
Market Discount Risk
Common shares of closed-end management investment companies frequently trade at a discount from their net asset value. This risk may be greater for investors who sell their Common Shares in a relatively short period of time after completion of the initial offering. The Fund’s Common Shares may trade at a price that is less than the initial offering price.
Investment and Market Risk
An investment in the Fund’s Common Shares is subject to investment risk, including the possible loss of the entire principal amount invested. An investment in the Fund’s Common Shares represents an indirect investment in the portfolio of loans and fixed-income instruments, short positions and other securities and derivative instruments owned by the Fund, and the value of these securities and instruments may fluctuate, sometimes rapidly and unpredictably. At any point in time an investment in the Fund’s Common Shares may be worth less than the original amount invested, even after taking into account distributions paid by the Fund and the ability of shareholders to reinvest dividends. The Fund may also use leverage, which would magnify the Fund’s investment, market and certain other risks.
Secured Loans Risk
Under normal market conditions, the Fund will invest at least 70% of its Managed Assets in Secured Loans. Secured Loans hold senior positions in the capital structure of a business entity, are secured with specific collateral and have a claim on the assets and/or stock of the Borrower that is senior to that held by unsecured creditors, subordinated debt holders and stockholders of the Borrower. The Secured Loans the Fund will invest in are usually rated below investment grade or may also be unrated. As a result, the risks associated with Secured Loans are similar to the risks of below investment grade instruments, although Secured Loans are senior and secured in contrast to other below investment grade instruments, which are often subordinated or unsecured. Nevertheless, if a Borrower under a Secured Loan defaults, becomes insolvent or goes into bankruptcy, the Fund may recover only a fraction of what is owed on the Secured Loan or nothing at all. Secured Loans are subject to a number of risks described elsewhere in this Prospectus, including credit risk, liquidity risk, below investment grade instruments risk and management risk.
Although the Secured Loans in which the Fund will invest will be secured by collateral, there can be no assurance that the Fund will have first-lien priority in such collateral or that such collateral could be readily liquidated or that the liquidation of such collateral would satisfy the Borrower’s obligation in the event of non-payment of scheduled interest or principal. In the event of the bankruptcy or insolvency of a Borrower, the Fund could experience delays or limitations with respect toits ability to realize the benefits of the collateral securing a Secured Loan. In the event of a decline in the value of the already pledged collateral, if the terms of a Secured Loan do not require the Borrower to pledge additional collateral, the Fund will be exposed to the risk that the value of the collateral will not at all times equal or exceed the amount of the Borrower’s obligations under the Secured Loans. To the extent that a Secured Loan is collateralized by stock in the Borrower or its subsidiaries, such stock may lose some or all of its value in the event of the bankruptcy or insolvency of the Borrower. Those Secured Loans that are under-collateralized involve a greater risk of loss.
In general, the secondary trading market for Secured Loans is not fully-developed. No active trading market may exist for certain Secured Loans, which may make it difficult to value them. Illiquidity and adverse market conditions may mean that the Fund may not be able to sell certain Secured Loans quickly or at a fair price. To the extent that a secondary market does exist for certain Secured Loans, the market for them may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods.
Some Secured Loans are subject to the risk that a court, pursuant to fraudulent conveyance or other similar laws, could subordinate the Secured Loans to presently existing or future indebtedness of the Borrower or take other action detrimental to lenders, including the Fund. Such court action could under certain circumstances include invalidation of Secured Loans.
If legislation or state or federal regulations impose additional requirements or restrictions on the ability of financial institutions to make loans, the availability of Secured Loans for investment by the Fund may be adversely affected. In addition, such requirements or restrictions could reduce or eliminate sources of financing for certain Borrowers. This would increase the risk of default.
If legislation or federal or state regulations require financial institutions to increase their capital requirements this may cause financial institutions to dispose of Secured Loans that are considered highly levered transactions. Such sales could result in prices that, in the opinion of the Adviser, do not represent fair value. If the Fund attempts to sell a Secured Loan at a time when a financial institution is engaging in such a sale, the price the Fund could get for the Secured Loan may be adversely affected.
The Fund may acquire Secured Loans through assignments or participations. The Fund will typically acquire Secured Loans through assignment and may elevate a participation interest into an assignment as soon as practicably possible. The purchaser of an assignment typically succeeds to all the rights and obligations of the assigning institution and becomes a lender under the credit agreement with respect to the debt obligation; however, the purchaser’s rights can be more restricted than those of the assigning institution, and the Fund may not be able to unilaterally enforce all rights and remedies under the loan and with regard to any associated collateral. A participation typically results in a contractual relationship only with the institution participating out the interest, not with the Borrower. Sellers of participations typically include banks, broker-dealers, other financial institutions and lending institutions. The Adviser has adopted best execution procedures and guidelines to mitigate credit and counterparty risk in the atypical situation when the Fund must acquire a Secured Loan through a participation. The Adviser has established a risk and valuation committee that regularly reviews each broker-dealer counterparty for, among other things, its quality and the quality of its execution. The established procedures and guidelines require trades to be placed for execution only with broker-dealer counterparties approved by the risk and valuation committee of the Adviser. The factors considered by the committee when selecting and approving brokers and dealers include, but are not limited to: (i) quality, accuracy, and timeliness of execution, (ii) review of the reputation, financial strength and stability of the financial institution, (iii) willingness and ability of the counterparty to commit capital, (iv) ongoing reliability and (v) access to underwritten offerings and secondary markets. In purchasing participations, the Fund generally will have no right to enforce compliance by the Borrower with the terms of the loan agreement against the Borrower, and the Fund may not directly benefit from the collateral supporting the debt obligation in which it has purchased the participation. As a result, the Fund will be exposed to the credit risk of both the Borrower and the institution selling the participation. Further, in purchasing participations in lending syndicates, the Fund will not be able to conduct the due diligence on the Borrower or the quality of the Secured Loan with respect to which it is buying a participation that the Fund would otherwise conduct if it were investing directly in the Secured Loan, which may result in the Fund being exposed to greater credit or fraud risk with respect to the Borrower or the Secured Loan than the Fund expected when initially purchasing the participation.
Fixed-Income Instruments Risk
The Fund may invest up to 30% of its Managed Assets in fixed-income instruments, such as U.S. government debt securities and investment grade and below investment grade, subordinated and unsubordinated corporate debt securities. Fixed-income instruments are subject to many of the same risks that affect Secured Loans and unsecured loans; however they are often unsecured and typically lower in the issuer’s capital structure than loans, and thus may be exposed to greater risk of default and lower recoveries in the event of a default. This risk can be further heightened in the case of below investment grade instruments. Additionally, most fixed-income instruments are fixed-rate and thus are generally more susceptible than floating rate loans to price volatility related to changes in prevailing interest rates.
Unsecured Loans Risk
The Fund may invest in unsecured loans. Unsecured loans generally are subject to similar risks as those associated with investments in Secured Loans except that such loans are not secured by collateral. In the event of default on an unsecured loan, the first priority lien holder has first claim to the underlying collateral of the loan. Unsecured loans are subject to the additional risk that the cash flow of the Borrower may be insufficient to meet scheduled payments after giving effect to the secured obligations of the Borrower. Unsecured loans generally have greater price volatility than Secured Loans and may be less liquid.
Below Investment Grade Instruments Risk
The Fund anticipates that it may invest substantially all of its assets in loans and fixed-income instruments that are rated below investment grade. Below investment grade instruments are commonly referred to as “junk” or high-yield instruments and are regarded as predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal. Lower grade instruments may be particularly susceptible to economic downturns. It is likely that a prolonged or deepening economic recession could adversely affect the ability of the issuers of such instruments to repay principal and pay interest thereon, increase the incidence of default for such instruments and severely disrupt the market value of such instruments.
Lower grade instruments, though higher yielding, are characterized by higher risk. They may be subject to certain risks with respect to the issuing entity and to greater market fluctuations than certain lower yielding, higher rated instruments. The retail secondary market for lower grade instruments may be less liquid than that for higher rated instruments. Adverse conditions could make it difficult at times for the Fund to sell certain instruments or could result in lower prices than those used in calculating the Fund’s net asset value. Because of the substantial risks associated with investments in lower grade instruments, investors could lose money on their investment in Common Shares of the Fund, both in the short-term and the long-term.
Valuation Risk
Unlike publicly traded common stock which trades on national exchanges, there is no central place or exchange for loans or fixed-income instruments to trade. Loans and fixed-income instruments generally trade on an “over-the-counter” market which may be anywhere in the world where the buyer and seller can settle on a price. Due to the lack of centralized information and trading, the valuation of loans or fixed-income instruments may carry more risk than that of common stock. Uncertainties in the conditions of the financial market, unreliable reference data, lack of transparency and inconsistency of valuation models and processes may lead to inaccurate asset pricing. In addition, other market participants may value securities differently than the Fund. As a result, the Fund may be subject to the risk that when a loan or fixed-income instrument is sold in the market, the amount received by the Fund is less than the value of such loans or fixed-income instruments carried on the Fund’s books.
Short Selling Risk
The Fund will engage in short sales for investment and risk management purposes, including when the Adviser believes an investment will under-perform due to a greater sensitivity to earnings growth of the issuer, default risk or interest rates. The Fund may also engage in short sales for financing purposes. In times of unusual or adverse market, economic, regulatory or political conditions, the Fund may not be able, fully or partially, to implement its short selling strategy. Periods of unusual or adverse market, economic, regulatory or political conditions may exist for as long as six months and, in some cases, much longer.
Short sales are transactions in which the Fund sells a security or other instrument (such as an option, forward or futures contract) that it does not own but can borrow in the market. Short selling allows the Fund to profit from a decline in market price to the extent such decline exceeds the transaction costs and the costs of borrowing the securities and to obtain a low cost means of financing long investments that the Adviser believes are attractive. If a security sold short increases in price, the Fund may have to cover its short position at a higher price than the short sale price, resulting in a loss. The Fund will have substantial short positions and must borrow those securities to make delivery to the buyer under the short sale transaction. The Fund may not be able to borrow a security that it needs to deliver or it may not be able to close out a short position at an acceptable price and may have to sell related long positions earlier than it had expected. Thus, the Fund may not able to successfully implement its short sale strategy due to limited availability of desired securities or for other reasons. Also, there is the risk that the counterparty to a short sale may fail to honor its contractual terms, causing a loss to the Fund.
Generally, the Fund will have to pay a fee or premium to borrow securities and will be obligated to repay the lender of the security any dividends or interest that accrues on the security during the term of the loan. The amount of any gain from a short sale will be decreased, and the amount of any loss increased, by the amount of such fee, premium, dividends, interest or expense the Fund pays in connection with the short sale.
Until the Fund replaces a borrowed security, it may be required to maintain a segregated account of cash or liquid assets with a broker or custodian to cover the Fund’s short position. Generally, securities held in a segregated account cannot be sold unless they are replaced with other liquid assets. The Fund’s ability to access the pledged collateral may also be impaired in the event the broker becomes bankrupt, insolvent or otherwise fails to comply with the terms of the contract. In such instances the Fund may not be able to substitute or sell the pledged collateral and may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Fund may obtain only a limited recovery or may obtain no recovery in these circumstances. Additionally, the Fund must maintain sufficient liquid assets (less any additional collateral pledged to the broker), marked-to-market daily, to cover the borrowed securities obligations. This may limit the Fund’s investment flexibility, as well as its ability to meet other current obligations.
Because losses on short sales arise from increases in the value of the security sold short, such losses are theoretically unlimited. By contrast, a loss on a long position arises from decreases in the value of the security and is limited by the fact that a security’s value cannot decrease below zero. The Adviser’s use of short sales in combination with long positions in the Fund’s portfolio in an attempt to improve performance or reduce overall portfolio risk may not be successful and may result in greater losses or lower positive returns than if the Fund held only long positions. It is possible that the Fund’s long securities positions will decline in value at the same time that the value of its short securities positions increase, thereby increasing potential losses to the Fund. In addition, the Fund’s short selling strategies will limit its ability to fully benefit from increases in the fixed-income markets.
By investing the proceeds received from selling securities short, the Fund could be deemed to be employing a form of leverage, which creates special risks. The use of leverage may increase the Fund’s exposure to long securities positions and make any change in the Fund’s NAV greater than it would be without the use of leverage. This could result in increased volatility of returns. There is no guarantee that any leveraging strategy the Fund employs will be successful during any period in which it is employed.
The Securities and Exchange Commission (“SEC”) recently proposed certain restrictions on short sales. If the SEC’s proposals are adopted, they could restrict the Fund’s ability to engage in short sales in certain circumstances. In addition, regulatory authorities in the United States or other countries may adopt bans on short sales of certain securities, either generally, or with respect to certain industries or countries, in response to market events. Restrictions and/or bans on short selling may make it impossible for the Fund to execute certain investment strategies.
Liquidity Risk
The Fund may invest up to 25% of its Managed Assets in securities that, at the time of investment, are illiquid (determined using the SEC’s standard applicable to registered investment companies, i.e., securities that cannot be disposed of by the Fund within seven days in the ordinary course of business at approximately the amount at which the Fund has valued the securities). The Fund may also invest in restricted securities. Investments in restricted securities could have the effect of increasing the amount of the Fund’s assets invested in illiquid securities if qualified institutional buyers are unwilling to purchase these securities. Illiquid and restricted securities may be difficult to dispose of at a fair price at the times when the Fund believes it is desirable to do so. The market price of illiquid and restricted securities generally is more volatile than that of more liquid securities, which may adversely affect the price that the Fund pays for or recovers upon the sale of such securities.
Illiquid and restricted securities are also more difficult to value, especially in challenging markets. The Adviser’s judgment may play a greater role in the valuation process. Investment of the Fund’s assets in illiquid and restricted securities may restrict the Fund’s ability to take advantage of market opportunities. In order to dispose of an unregistered security, the Fund, where it has contractual rights to do so, may have to cause such security to be registered. A considerable period may elapse between the time the decision is made to sell the security and the time the security is registered, thereby enabling the Fund to sell it. Contractual restrictions on the resale of securities vary in length and scope and are generally the result of a negotiation between the issuer and acquiror of the securities. In either case, the Fund would bear market risks during that period.
Some loans and fixed-income instruments are not readily marketable and may be subject to restrictions on resale. Loans and fixed-income instruments may not be listed on any national securities exchange and no active trading market may exist for certain of the loans and fixed-income instruments in which the Fund will invest. Where a secondary market exists, the market for some loans and fixed-income instruments may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods.
Credit Risk
Credit risk is the risk that one or more loans or other debt instruments in the Fund’s portfolio will decline in price or fail to pay interest or principal when due because the issuer of the instrument experiences a decline in its financial status. While a senior position in the capital structure of a Borrower or issuer may provide some protection with respect to the Fund’s investments in Secured Loans, losses may still occur because the market value of Secured Loans is affected by the creditworthiness of Borrowers or issuers and by general economic and specific industry conditions and the Fund’s other investments will often be subordinate to other debt in the issuer’s capital structure. To the extent the Fund invests in below investment grade instruments, it will be exposed to a greater amount of credit risk than a fund which invests in investment grade securities. The prices of lower grade instruments are more sensitive to negative developments, such as a decline in the issuer’s revenues or a general economic downturn, than are the prices of higher grade instruments. Instruments of below investment grade quality are predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal when due and therefore involve a greater risk of default. In addition, the Fund may enter into credit derivatives which may expose it to additional risk in the event that the instruments underlying the derivatives default.
Interest Rate Risk
Loans, corporate debt securities or other fixed-income instruments that the Fund may invest in are subject to the risk that market values of such securities will decline as interest rates increase. These changes in interest rates have a more pronounced effect on securities with longer durations. Fluctuations in the value of portfolio securities will not affect interest income on existing portfolio securities but will be reflected in the Fund’s NAV.
Leverage Risk
The Fund anticipates incurring leverage as part of its investment strategy. All costs and expenses related to any form of leverage used by the Fund will be borne entirely by the holders of the Common Shares. The Fund initially expects to incur leverage through securities lending arrangements and/or total return swap arrangements. In addition, the Fund may incur leverage by reinvesting the proceeds from short sales in accordance with the Fund’s investment objectives; however, the Fund may also enter into shorting programs without incurring leverage. Although certain forms of effective leverage used by the Fund, such as leverage incurred in securities lending, total return swap arrangements, other derivative transactions or short selling, may not be considered senior securities under the Investment Company Act of 1940, as amended (the “Investment Company Act”), such effective leverage will be considered leverage for the Fund’s leverage limits. The Fund’s use of these forms of effective leverage will not exceed 30% of its net assets. Although it has no current intention to do so, the Fund reserves the flexibility to issue Preferred Shares, debt securities or commercial paper, borrow money, or enter into similar transactions to add leverage to its portfolio. The Fund’s total use of leverage and short sales exposure, either through traditional leverage programs or through securities lending, total return swap arrangements, other derivative transactions or short selling (including the market value of securities the Fund is obligated to repay through short sales even in transactions that do not result in leverage), will not exceed 40% of the Fund’s Managed Assets (67% of the Fund’s net assets). With respect to its short positions in securities and certain of its derivative positions, the Fund may maintain an amount of cash or liquid securities in a segregated account equal to the face value of those positions.
The Fund may also offset derivative positions against one another or against other assets to manage the effective market exposure resulting from derivatives in its portfolio.
To the extent that the Fund does not segregate liquid assets or otherwise cover its obligations under such transactions, such transactions will be treated as senior securities representing indebtedness (“borrowings”) for purposes of the requirement under the Investment Company Act, that the Fund may not enter into any such transactions if the Fund’s borrowings would thereby exceed 33 1/3% of its Managed Assets. In addition, to the extent that any offsetting positions do not behave in relation to one another as expected, the Fund may perform as if it were leveraged. The Fund’s use of leverage could create the opportunity for a higher return for common shareholders but would also result in special risks for common shareholders and can magnify the effect of any losses. If the income and gains earned on the securities and investments purchased with leverage proceeds are greater than the cost of the leverage, the return on the Common Shares will be greater than if leverage had not been used. Conversely, if the income and gains from the securities and investments purchased with such proceeds do not cover the cost of leverage, the return on the Common Shares will be less than if leverage had not been used. There is no assurance that a leveraging strategy will be successful. Leverage involves risks and special considerations for common shareholders including:
- the likelihood of greater volatility of NAV and market price of the Common Shares than a comparable portfolio without leverage;
- the risk that fluctuations in interest rates on borrowings and short-term debt or in the dividend rates on any Preferred Shares that the Fund may pay will reduce the return to the common shareholders or will result in fluctuations in the dividends paid on the Common Shares;
- the effect of leverage in a declining market, which is likely to cause a greater decline in the NAV of the Common Shares than if the Fund were not leveraged, which may result in a greater decline in the market price of the Common Shares; and when the Fund uses certain types of leverage, the investment advisory fee payable to the Adviser will be higher than if the Fund did not use leverage.
The Fund may continue to use leverage if the benefits to the Fund’s shareholders of maintaining the leveraged position are believed to outweigh any current reduced return.
Derivatives Risk
Under normal market conditions, the use of derivatives by the Fund, other than for hedging purposes, will not exceed 30% of the Fund’s Managed Assets. The Fund’s derivative investments have risks, including: the imperfect correlation between the value of such instruments and the underlying assets of the Fund, which creates the possibility that the loss on such instruments may be greater than the gain in the value of the underlying assets in the Fund’s portfolio; the loss of principal; the possible default of the other party to the transaction; and illiquidity of the derivative investments. If a counterparty becomes bankrupt or otherwise fails to perform its obligations under a derivative contract due to financial difficulties, the Fund may experience significant delays in obtaining any recovery under the derivative contract in a bankruptcy or other reorganization proceeding. In addition, in the event of the insolvency of a counterparty to a derivative transaction, the derivative contract would typically be terminated at its fair market value. If the Fund is owed this fair market value in the termination of the derivative contract and its claim is unsecured, the Fund will be treated as a general creditor of such counterparty, and will not have any claim with respect to the underlying security. Certain of the derivative investments in which the Fund may invest may, in certain circumstances, give rise to a form of financial leverage, which may magnify the risk of owning such instruments. Furthermore, the ability to successfully use derivative investments depends on the ability of the Adviser to predict pertinent market movements, which cannot be assured. Thus, the use of derivative investments to generate income, for hedging, for currency or interest rate management or other purposes may result in losses greater than if they had not been used, may require the Fund to sell or purchase portfolio securities at inopportune times or for prices below or above the current market values, may limit the amount of appreciation the Fund can realize on an investment or may cause the Fund to hold a security that it might otherwise want to sell. In addition, there may be situations in which the Adviser elects not to use derivative investments that result in losses greater than if they had been used. Amounts paid by the Fund as premiums and cash or other assets held in margin accounts with respect to the Fund’s derivative investments would not be available to the Fund for other investment purposes, which may result in lost opportunities for gain.
Congress has recently enacted the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”). The Dodd-Frank Act will likely impact the use of derivatives by entities, which may include the Fund, and is intended to improve the existing regulatory framework by closing the regulatory gaps and eliminating the speculative trading practices that contributed to the 2008 financial market crisis. The legislation is designed to impose stringent regulation on the over-the-counter derivatives market in an attempt to increase transparency and accountability by, among other things, requiring many derivative transactions to be cleared and traded on an exchange, expanding entity registration requirements, imposing business conduct requirements on dealers and requiring banks to move some derivatives trading units to a non-guaranteed affiliate separate from the deposit-taking bank or divest them altogether. While many provisions of the Dodd-Frank Act must be implemented through future rulemaking, and any regulatory or legislative activity may not necessarily have a direct, immediate effect upon the Fund, it is possible that, upon the effectiveness of these rules, they could potentially limit or completely restrict the ability of the Fund to use these instruments as a part of its investment strategy, increase the costs of using these instruments or make them less effective. Limits or restrictions applicable to the counterparties with which the Fund engages in derivative transactions could also prevent the Fund from using these instruments or affect the pricing or other factors relating to these instruments, or may change availability of certain investments.
The SEC has also indicated that it may adopt new policies on the use of derivatives by registered investment companies. Such policies could affect the nature and extent of derivatives use by the Fund.
Swap Risk
The Fund may also invest in credit default swaps, total return swaps and interest rate swaps. Such transactions are subject to market risk, liquidity risk, risk of default by the other party to the transaction, known as “counterparty risk” and risk of imperfect correlation between the value of such instruments and the underlying assets and may involve commissions or other costs. When buying protection under a swap, the risk of loss with respect to swaps generally is limited to the net amount of payments that the Fund is contractually obligated to make. However, when selling protection under a swap, the risk of loss is often the notional value of the underlying asset, which can result in a loss substantially greater than the amount invested in the swap itself. The swap market has grown substantially in recent years with a large number of banks and investment banking firms acting both as principals and as agents utilizing standardized swap documentation. As a result, the swap market has become relatively liquid; however there is no guarantee that the swap market will continue to provide liquidity. If the Adviser is incorrect in its forecasts of market values, interest rates or currency exchange rates, the investment performance of the Fund would be less favorable than it would have been if these investment techniques were not used. In a total return swap, the Fund pays the counterparty a floating short-term interest rate and receives in exchange the total return of underlying loans or debt securities. The Fund bears the risk of default on the underlying loans or debt securities, based on the notional amount of the swap. The Fund would typically have to post collateral to cover this potential obligation.
Counterparty and Prime Brokerage Risk
Changes in the credit quality of the companies that serve as the Fund’s prime brokers or counterparties with respect to derivatives or other transactions supported by another party’s credit will affect the value of those instruments. Certain entities that have served as prime brokers or counterparties in the markets for these transactions have recently incurred significant financial hardships including bankruptcy and losses as a result of exposure to sub-prime mortgages and other lower quality credit investments that have experienced recent defaults or otherwise suffered extreme credit deterioration. As a result, such hardships have reduced such entities’ capital and called into question their continued ability to perform their obligations under such transactions. By using derivatives, swaps or other transactions, the Fund assumes the risk that its counterparties could experience similar financial hardships. If a prime broker or counterparty becomes bankrupt or otherwise fails to perform its obligations under a derivative contract due to financial difficulties, the Fund may experience significant delays in obtaining any recovery under the derivative contract in a bankruptcy or other reorganization proceeding; if the Fund’s claim is unsecured, the Fund will be treated as a general creditor of such prime broker or counterparty and will not have any claim with respect to the underlying security. The Fund may obtain only a limited recovery or may obtain no recovery in such circumstances.
Credit Derivatives Risk
The use of credit derivatives is a highly specialized activity which involves strategies and risks different from those associated with ordinary portfolio security transactions. If the Adviser is incorrect in its forecasts of default risks, liquidity risk, counterparty risk, market spreads or other applicable factors, the investment performance of the Fund would diminish compared with what it would have been if these techniques were not used. Moreover, even if the Adviser is correct in its forecasts, there is a risk that a credit derivative position may correlate imperfectly with the price of the asset or liability being protected. The Fund’s risk of loss in a credit derivative transaction varies with the form of the transaction. For example, if the Fund sells protection under a credit default swap, it would collect periodic fees from the buyer and would profit if the credit of the underlying issuer or reference entity remains stable or improves while the swap is outstanding, but the Fund would be required to pay an agreed upon amount to the buyer (which may be the entire notional amount of the swap) if the reference entity defaults on the reference security. Credit default swap agreements involve greater risks facthan if the Fund invested in the reference obligation directly.
Structured Products Risk
The Fund may invest up to 10% of its Managed Assets in structured products, consisting of collateralized loan obligations (“CLOs”) and credit-linked notes. Holders of structured products bear risks of the underlying investments, index or reference obligation and are subject to counterparty risk.
The Fund may have the right to receive payments only from the structured product, and generally does not have direct rights against the issuer or the entity that sold the assets to be securitized. While certain structured products enable the investor to acquire interests in a pool of securities without the brokerage and other expenses associated with directly holding the same securities, investors in structured products generally pay their share of the structured product’s administrative and other expenses. Although it is difficult to predict whether the prices of indices and securities underlying structured products will rise or fall, these prices (and, therefore, the prices of structured products) will be influenced by the same types of political and economic events that affect issuers of securities and capital markets generally. If the issuer of a structured product uses shorter term financing to purchase longer term securities, the issuer may be forced to sell its securities at below market prices if it experiences difficulty in obtaining short-term financing, which may adversely affect the value of the structured products owned by the Fund.
Certain structured products may be thinly traded or have a limited trading market. CLOs and credit-linked notes are typically privately offered and sold. As a result, investments in CLOs and credit-linked notes may be characterized by the Fund as illiquid securities. In addition to the general risks associated with debt securities discussed herein, CLOs carry additional risks, including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the possibility that the investments in CLOs are subordinate to other classes or tranches thereof; and (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results.
Lender Liability Risk
A number of U.S. judicial decisions have upheld judgments obtained by Borrowers against lending institutions on the basis of various evolving legal theories, collectively termed “lender liability.” Generally, lender liability is founded on the premise that a lender has violated a duty (whether implied or contractual) of good faith, commercial reasonableness and fair dealing, or a similar duty owed to the Borrower or has assumed an excessive degree of control over the Borrower resulting in the creation of a fiduciary duty owed to the Borrower or its other creditors or shareholders. Because of the nature of its investments, the Fund may be subject to allegations of lender liability.
In addition, under common law principles that in some cases form the basis for lender liability claims, if a lender or bondholder (a) intentionally takes an action that results in the undercapitalization of a Borrower to the detriment of other creditors of such Borrower, (b) engages in other inequitable conduct to the detriment of such other creditors, (c) engages in fraud with respect to, or makes misrepresentations to, such other creditors or (d) uses its influence as a stockholder to dominate or control a Borrower to the detriment of other creditors of such Borrower, a court may elect to subordinate the claim of the offending lender or bondholder to the claims of the disadvantaged creditor or creditors, a remedy called “equitable subordination.”
Because affiliates of, or persons related to, the Adviser may hold equity or other interests in obligors of the Fund, the Fund could be exposed to claims for equitable subordination or lender liability or both based on such equity or other holdings.
Potential Conflicts of Interest Risk
The Adviser will be subject to certain conflicts of interest in its management of the Fund. These conflicts will arise primarily from the involvement of the Adviser, Blackstone Alternative Credit Advisors LP, formerly known as “GSO Capital Partners LP” (collectively, and together with their affiliates in the credit-focused business of Blackstone Inc., “Blackstone Credit”), Blackstone and their affiliates in other activities that may conflict with those of the Fund. The Adviser, Blackstone Credit, Blackstone and their affiliates engage in a broad spectrum of activities. In the ordinary course of their business activities, the Adviser, Blackstone Credit, Blackstone and their affiliates may engage in activities where the interests of certain divisions of the Adviser, Blackstone Credit, Blackstone and their affiliates or the interests of their clients may conflict with the interests of the Fund or the shareholders of the Fund. Other present and future activities of the Adviser, Blackstone Credit, Blackstone and their affiliates may give rise to additional conflicts of interest which may have a negative impact on the Fund.
In addressing these conflicts and regulatory, legal and contractual requirements across its various businesses, Blackstone Credit and its affiliates have implemented certain policies and procedures (e.g., information walls). For example, Blackstone Credit and its affiliates may come into possession of material non-public information with respect to companies in which the Fund may be considering making an investment or companies that are Blackstone Credit’s and its affiliates’ advisory clients. As a consequence, that information, which could be of benefit to the Fund, could also restrict the Fund’s activities and the investment opportunity may otherwise be unavailable to the Fund. Additionally, the terms of confidentiality or other agreements with or related to companies in which any fund managed by Blackstone Credithas or has considered making an investment or which is otherwise an advisory client of Blackstone Creditand its affiliates may restrict or otherwise limit the ability of the Fund to make investments in such companies.
As part of its regular business, Blackstone provides a broad range of investment banking, advisory, and other services. In the regular course of its investment banking and advisory businesses, Blackstone represents potential purchasers, sellers and other involved parties, including corporations, financial buyers, management, shareholders and institutions, with respect to transactions that could give rise to investments that would otherwise be available for investment by the Fund. Because of such relationships, there may be certain investments that the Adviser will decline or be unable to make. In addition, employees of Blackstone or its affiliates may possess information relating to such issuers that is not known to the individuals at the Adviser responsible for making investment decisions and performing the other obligations under the investment advisory agreement between the Fund and the Adviser. Those employees of Blackstone or its affiliates will not be obligated to share any such information with the Adviser and may be prohibited by law or contract from doing so.
The Adviser or certain of its affiliates may come into possession of material non-public information with respect to an issuer. Should this occur, the Adviser would be restricted from buying or selling securities, derivatives or loans of the issuer on behalf of the Fund until such time as the information became public or was no longer deemed material, so as to preclude the Fund from participating in an investment. Disclosure of such information to the Adviser’s personnel responsible for the affairs of the Fund will be on a need-to-know basis only, and the Fund may not be free to act upon any such information. Therefore, the Fund may not have access to material non-public information in the possession of the Adviser which might be relevant to an investment decision to be made by the Fund, and the Fund may initiate a transaction or sell an investment which, if such information had been known to it, may not have been undertaken. Due to these restrictions, the Fund may not be able to initiate a transaction that it otherwise might have initiated and may not be able to sell an investment that it otherwise might have sold.
Blackstone Credit, Blackstone and their affiliates may represent creditors or debtors in proceedings under Chapter 11 of the Bankruptcy Code or prior to such filings. From time to time, Blackstone Credit, Blackstone and their affiliates may serve as advisor to creditor or equity committees. This involvement, for which Blackstone Credit, Blackstone and their affiliates may be compensated, may limit or preclude the flexibility that the Fund may otherwise have to participate in restructurings. For example, in situations in which a Borrower or issuer of loans or fixed-income instruments held by the Fund is a client or a potential client of the restructuring and reorganization advisory practice, the Adviser may dispose of such securities or take such other actions reasonably necessary to the extent permitted under the Investment Company Act in order to avoid actual or perceived conflicts of interest with the restructuring and reorganization advisory practice. Further, there may also be instances in which the work of Blackstone’s restructuring and reorganization advisory practice prevents the Adviser from purchasing securities on behalf of the Fund. In addition, the Investment Company Act limits the Fund’s ability to enter into certain transactions with certain Blackstone Credit or Blackstone affiliates. As a result of these restrictions, the Fund may be prohibited from buying or selling any security directly from or to any portfolio company of a private equity fund managed by Blackstone, Blackstone Credit or one of its affiliates. However, the Fund may under certain circumstances purchase any such portfolio company’s loans or securities in the secondary market, which could create a conflict for the Adviser between the interests of the Fund and the portfolio company, in that the ability of the Adviser to recommend actions in the best interest of the Fund might be impaired. The Investment Company Act also prohibits certain “joint” transactions with certain of our affiliates, which could include investments in the same portfolio company (whether at the same or different times). These limitations may limit the scope of investment opportunities that would otherwise be available to the Fund.
Limitations on Transactions with Affiliates Risk
The Investment Company Act limits our ability to enter into certain transactions with certain of our affiliates. As a result of these restrictions, we may be prohibited from buying or selling any security directly from or to any portfolio company of a registered investment company or private equity fund managed by Blackstone, Blackstone Credit or any of their respective affiliates (the “Blackstone Related Parties”). The Investment Company Act also prohibits certain “joint” transactions with certain of our affiliates, which could include investments in the same portfolio company (whether at the same or different times). These limitations may limit the scope of investment opportunities that would otherwise be available to us.
Dependence on Key Personnel Risk
The Adviser is dependent upon the experience and expertise of certain key personnel in providing services with respect to the Fund’s investments. If the Adviser were to lose the services of these individuals, its ability to service the Fund could be adversely affected. As with any managed fund, the Adviser may not be successful in selecting the best-performing securities or investment techniques for the Fund’s portfolio and the Fund’s performance may lag behind that of similar funds. The Adviser has informed the Fund that the investment professionals associated with the Adviser are actively involved in other investment activities not concerning the Fund and will not be able to devote all of their time to the Fund’s business and affairs. In addition, individuals not currently associated with the Adviser may become associated with the Fund and the performance of the Fund may also depend on the experience and expertise of such individuals.
Prepayment Risk
During periods of declining interest rates, Borrowers or issuers may exercise their option to prepay principal earlier than scheduled. For fixed rate securities, such payments often occur during periods of declining interest rates, forcing the Fund to reinvest in lower yielding securities, resulting in a possible decline in the Fund’s income and distributions to shareholders. This is known as prepayment or “call” risk. Below investment grade instruments frequently have call features that allow the issuer to redeem the security at dates prior to its stated maturity at a specified price (typically greater than par) only if certain prescribed conditions are met (“call protection”). An issuer may redeem a below investment grade instrument if, for example, the issuer can refinance the debt at a lower cost due to declining interest rates or an improvement in the credit standing of the issuer. Secured Loans and Subordinated Loans typically do not have call protection. For premium bonds (bonds acquired at prices that exceed their par or principal value) purchased by the Fund, prepayment risk may be enhanced.
Anti-Takeover Provisions
The Fund’s Agreement and Declaration of Trust includes provisions that could limit the ability of other entities or persons to acquire control of the Fund or convert the Fund to open-end status. These provisions could deprive the holders of Common Shares of opportunities to sell their Common Shares at a premium over the then current market price of the Common Shares or at NAV.
The Fund may also be subject to the following categories of risk: Inflation/Deflation Risk, Non-U.S. Securities Risk, Foreign Currency Risk, Repurchase Agreements Risk, Reverse Repurchase Agreements Risk, Investments in Equity Securities or Warrants Incidental to Investments in Loans and Fixed-Income Instruments, U.S. Government Debt Securities Risk, Recent Developments, Market Disruption and Geopolitical Risk , Portfolio Turnover Risk and Government Intervention in the Financial Markets. For a complete listing of all the Fund’s risks with their full descriptions, please refer to the Fund’s prospectus.
Hong Kong disclaimer
BLACKSTONE LONG-SHORT CREDIT INCOME FUND (“FUND”) MAY NOT BE OFFERED OR SOLD, BY MEANS OF ANY DOCUMENT, AND NO ADVERTISEMENT, INVITATION OR DOCUMENT RELATING TO THE FUND, WHETHER IN HONG KONG (EXCEPT IF PERMITTED TO DO SO UNDER THE SECURITIES LAWS OF HONG KONG) OR ELSEWHERE, SHALL BE ISSUED, CIRCULATED OR DISTRIBUTED WHICH IS DIRECTED AT, OR THE CONTENTS OF WHICH ARE LIKELY TO BE ACCESSED OR READ BY, THE PUBLIC IN HONG KONG OTHER THAN (I) WITH RESPECT TO THE INTERESTS WHICH ARE OR ARE INTENDED TO BE DISPOSED OF ONLY TO PERSONS OUTSIDE HONG KONG OR ONLY TO “PROFESSIONAL INVESTORS” WITHIN THE MEANING OF THE SECURITIES AND FUTURES ORDINANCE (CAP. 571) OF HONG KONG (“SFO”) AND ANY RULES MADE THEREUNDER OR (II) IN CIRCUMSTANCES THAT DO NOT CONSTITUTE AN INVITATION TO THE PUBLIC FOR THE PURPOSES OF THE SFO.
THE CONTENTS OF THIS WEBSITE OR ANY DOCUMENTS REFERENCED HEREIN HAVE NOT BEEN REVIEWED BY ANY REGULATORY AUTHORITY IN HONG KONG. IF YOU ARE IN ANY DOUBT ABOUT ANY OF THE CONTENTS OF THIS WEBSITE OR ANY DOCUMENTS REFERENCED HEREIN, YOU SHOULD OBTAIN INDEPENDENT PROFESSIONAL ADVICE.
Singapore disclaimer
THE BLACKSTONE GROUP L.P. IS NOT MAKING ANY OFFER FOR SALE OR SUBSCRIPTION OR INVITING OR SOLICITING ANY OFFER TO BUY, SUBSCRIBE, OR DISPOSE OF ANY SECURITIES AND/OR INVESTMENT PRODUCTS AND/OR FINANCIAL INSTRUMENTS TO ANY PERSON (INCLUDING ANY PERSON IN SINGAPORE). ACCORDINGLY, ANY INVESTOR OR USER OF THIS WEBSITE WHO WISHES TO TRADE ANY INVESTMENT PRODUCT OR FINANCIAL INSTRUMENT MENTIONED ON THIS WEBSITE SHOULD ONLY DO SO THROUGH AN APPROPRIATELY REGULATED BROKER-DEALER.
An investment in the Fund is not appropriate for all investors and is not intended to be a complete investment program. The Fund is designed as a long-term investment and not as a trading vehicle.
Investing in the Fund involves risks, including the risk that you may receive little or no return on your investment or that you may lose part or even all of your investment. Therefore, before investing you should carefully consider the risks that you assume when you invest in the Fund’s common shares.
The Fund’s investment objectives and policies are not designed to seek to return the initial investment to investors that purchase shares.
Secured loan funds are a distinct segment of the fixed income market and are not an alternative to money markets or certificates of deposit.
Investors should consider the Fund’s investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this and other information about the fund. Please read the prospectus carefully before investing.
For a more complete information about the Fund, please read the prospectus , call your financial professional or call 1.877.299.1588.
Shares of closed-end investment companies frequently trade at a discount from their net asset value. The risk of loss due to this discount may be greater for investors expecting to sell their shares in a relatively short period. The Fund is newly organized with no operating history.
NOT FDIC INSURED | May Lose Value | No Bank Guarantee