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Blackstone Long-Short Credit Income Fund (BGX)

Ticker Symbol

BGX

Daily Net Asset Value per Share (NAV)

As of 10/10/2024

$13.39

Monthly Net Asset Value per Share (NAV)

As of 9/30/2024

$13.35

Premium/Discount

As of 10/10/2024

-3.29%

Total Net Assets

As of 10/10/2024

$170,113,212.05

Turnover

As of 12/31/2021

90%

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

NameTitleLocation
ROBERT ZABLESenior Managing DirectorNEW YORK
GORDON MCKEMIEManaging DirectorNEW YORK
DANIEL T. MCMULLENSenior Managing DirectorNEW YORK
ROBERT POSTManaging DirectorNEW YORK

Holdings (as of May 31, 2024)

Rank Issue Quantity Value ($) % of Managed Assets
1 Clover CLO 2021-3 LLC 2,000,000 $2,008,500 0.81%
2 Peraton Corp., First Lien B 1,988,547 $1,993,478 0.80%
3 Allied Universal Holdco LLC, First Lien Initial U.S. Dollar 1,908,670 $1,911,065 0.77%
4 Genuine Financial Holdings LLC, First Lien 1,814,611 $1,818,467 0.73%
5 GLOB MED RESPONSE INC, First Lien 1,795,170 $1,773,852 0.71%
6 Genesee & WY Inc, First Lien 1,765,113 $1,771,132 0.71%
7 Cotiviti Inc., First Lien 1,753,130 $1,746,187 0.70%
8 Garda World Security Corp., First Lien 1,619,188 $1,636,797 0.66%
9 Vision Solutions, Inc., First Lien 1,627,463 $1,620,342 0.65%
10 Cornerstone OnDemand, Inc., First Lien Initial 1,663,539 $1,610,513 0.65%
11 Siemens/SivantosWS Audiology, First Lien 1,600,818 $1,606,829 0.65%
12 Bain Capital Credit CLO 2022-3, Ltd. 1,620,000 $1,623,799 0.65%
13 CIFC Funding 2019-V, Ltd. 1,600,000 $1,606,843 0.65%
14 Flutter Financing B.V., First Lien 1,559,306 $1,567,750 0.63%
15 Pro Mach Group, Inc., First Lien Closing Date Initial 1,528,259 $1,538,880 0.62%
16 Tamko Building Products LLC, First Lien 1,506,768 $1,513,669 0.61%
17 Cloud Software Group Inc aka Balboa/Citrix TLB 1L, First Lien 1,490,431 $1,497,883 0.60%
18 Gainwell Acquisition Corp., First Lien 1,523,286 $1,484,572 0.60%
19 Quartz Acquireco LLC aka Qualtrics TLB 1L, First Lien 1,473,524 $1,483,043 0.60%
20 Dcert Buyer, Inc., Second Lien First Amendment Refinancing 1,625,691 $1,482,093 0.60%
21 Newfold Digital Holdings Group, Inc., First Lien Initial 1,546,768 $1,452,755 0.58%
22 1011778 BC Unlimited Liability Company, First Lien 1,430,017 $1,433,599 0.58%
23 Focus Financial Partners LLC, First Lien 1,428,975 $1,431,568 0.58%
24 Culligan 11/23 Incre CovLi, First Lien 1,395,648 $1,405,243 0.56%
25 Aegion Corporation, First Lien 1,386,772 $1,398,213 0.56%
26 Calpine Corp., First Lien 1,381,912 $1,386,168 0.56%
27 ACProducts Holdings, Inc., First Lien 1,606,022 $1,367,351 0.55%
28 Elanco Animal Health, Inc., First Lien B 1,365,237 $1,365,175 0.55%
29 Engineered Machinery Holdings, Inc., First Lien 1,342,312 $1,352,493 0.54%
30 Tailwind Smith Cooper Intermediate Corp., First Lien Initial 1,345,434 $1,344,088 0.54%
31 Onex TSG Intermediate Corp., First Lien Initial 1,332,685 $1,339,349 0.54%
32 Bally's Corp., First Lien 1,388,851 $1,335,686 0.54%
33 Tekni-Plex, Inc., First Lien Tranche B-3 Initial 1,325,495 $1,330,372 0.53%
34 Nordam Group LLC, First Lien Initial 1,368,000 $1,320,120 0.53%
35 UPC Financing Partnership, First Lien Facility AT 1,335,308 $1,317,783 0.53%
36 SS&C Technologies, Inc., First Lien 1,308,057 $1,314,839 0.53%
37 Amentum Government Services Holdings LLC, First Lien 1,292,744 $1,302,847 0.52%
38 Virtusa Corp., First Lien 1,290,026 $1,297,417 0.52%
39 The Citco Group Limited, First Lien 1,280,500 $1,287,434 0.52%
40 Fiserv Investment Solutions, Inc., First Lien Initial 1,329,352 $1,279,834 0.51%
41 Hyperion Refinance Sarl, First Lien 1,268,610 $1,277,015 0.51%
42 Cetera Financial 5/24 TLB 1L, First Lien 1,269,059 $1,276,990 0.51%
43 Osaic Holdings Inc aka Advisor Group, First Lien 1,261,763 $1,273,806 0.51%
44 Victory Buyer LLC, First Lien 1,298,978 $1,263,958 0.51%
45 Arsenal AIC Parent, LLC, First Lien 1,247,082 $1,259,946 0.51%
46 Mitchell International, Inc., First Lien 1,251,135 $1,255,571 0.50%
47 Caesars Entertainment, Inc., First Lien 1,247,598 $1,253,225 0.50%
48 AG Group Holdings, Inc., First Lien 1,252,447 $1,253,036 0.50%
49 LBM ACQUISITION LLC, First Lien 1,259,420 $1,250,762 0.50%
50 Radiology Partners Inc, First Lien 1,294,061 $1,241,089 0.50%
51 Burgess Point Purchaser Corp., First Lien 1,280,985 $1,240,954 0.50%
52 Vistra Operations Co. LLC, First Lien 2018 Incremental 1,232,206 $1,238,010 0.50%
53 Ecovyst Catalyst Technologies LLC, First Lien 1,233,490 $1,237,171 0.50%
54 Vaco Holdings, LLC, First Lien 1,235,444 $1,234,678 0.50%
55 BROADSTREET PARTNERS INC, First Lien 1,225,429 $1,232,108 0.49%
56 Idera, Inc., First Lien B-1 1,208,059 $1,213,012 0.49%
57 Apex Group Treasury, Ltd., First Lien USD 1,200,323 $1,202,766 0.48%
58 Action Environmental Group, Inc., First Lien 1,191,805 $1,202,233 0.48%
59 Project Castle, Inc., First Lien 1,319,408 $1,198,194 0.48%
60 Delta Topco, Inc., First Lien 1,191,858 $1,197,692 0.48%
61 Justrite Safety Group, First Lien Initial 1,191,328 $1,194,682 0.48%
62 Tricorbraun Holdings, Inc., First Lien Closing Date Initial 1,190,816 $1,190,245 0.48%
63 Curia Global, Inc., First Lien 2021 1,256,405 $1,187,541 0.48%
64 LTI Holdings, Inc., First Lien Initial 1,187,964 $1,172,782 0.47%
65 Catalent Pharma Solutions, Inc., First Lien 1,163,364 $1,163,876 0.47%
66 Entain plc, First Lien 1,142,049 $1,147,222 0.46%
67 Padagis LLC, First Lien Initial 1,158,828 $1,139,997 0.46%
68 Oscar Acquisitionco LLC, First Lien 1,130,900 $1,133,988 0.46%
69 Quest Borrower Ltd., First Lien 1,513,360 $1,131,714 0.45%
70 CCI Buyer, Inc., First Lien Initial 1,123,993 $1,130,934 0.45%
71 Omnia Partners, LLC, First Lien 1,122,186 $1,128,184 0.45%
72 Atlas CC Acquisition Corp., First Lien B 1,295,166 $1,118,700 0.45%
73 TK Elevator Midco GmbH, First Lien 1,097,266 $1,105,896 0.44%
74 Help/Systems Holdings, Inc., First Lien Seventh Amendment Refinancing 1,176,160 $1,101,180 0.44%
75 Presidio/Fortress Intermediate 4/24 TLB 1L, First Lien 1,089,000 $1,093,764 0.44%
76 PROJ ALPHA INTER HLDG INC, First Lien 1,075,044 $1,083,494 0.44%
77 U.S. Anesthesia Partners, Inc., First Lien 1,109,883 $1,081,354 0.43%
78 Prime Sec Services Borrower LLC, TL, First Lien 1,074,615 $1,080,015 0.43%
79 Trans Union LLC, First Lien 1,075,436 $1,078,393 0.43%
80 Minotaur Acquisition, Inc., First Lien B 1,062,566 $1,067,746 0.43%
81 CoreLogic, Inc., First Lien Initial 1,072,085 $1,060,694 0.43%
82 Coherent Corp., First Lien 1,045,095 $1,052,410 0.42%
83 Baldwin Insurance Group Holdings LLC, First Lien 1,045,425 $1,049,346 0.42%
84 Zacapa S.A.R.L., First Lien 1,040,647 $1,042,884 0.42%
85 Midwest Physcn Admin Srvcs LLC, First Lien 1,205,792 $1,039,996 0.42%
86 Grifols Worldwide Operations, First Lien 1,045,628 $1,039,684 0.42%
87 Champ Acquisition Corp., First Lien Initial 1,028,568 $1,036,668 0.42%
88 Rinchem Company, Inc., First Lien 1,193,560 $1,026,742 0.41%
89 Heartland Dental LLC, First Lien 1,007,052 $1,013,034 0.41%
90 St. George's University Scholastic Services LLC, First Lien Term Loan B 1,010,283 $1,012,682 0.41%
91 Magnetite XXXV, Ltd. 1,000,000 $1,028,000 0.41%
92 Danby Park CLO, Ltd. 1,000,000 $1,017,002 0.41%
93 GHX Ultimate Parent Corp., First Lien 997,962 $1,002,952 0.40%
94 Generac Power Systems, Inc., First Lien 1,000,000 $1,002,190 0.40%
95 Pediatric Associates Holding Co. LLC, First Lien 1,017,768 $997,413 0.40%
96 Cloudera, Inc., First Lien 994,911 $995,120 0.40%
97 Quikrete Holdings, Inc., First Lien 989,154 $994,040 0.40%
98 Froneri International, Ltd., First Lien Facility B2 983,481 $986,102 0.40%
99 OCP CLO 2020-18, Ltd. 1,000,000 $1,003,170 0.40%
100 Romark CLO IV, Ltd. 1,000,000 $989,200 0.40%
101 Park Avenue Institutional Advisers CLO, Ltd. 2022-1 1,000,000 $987,500 0.40%
102 LSF11 Trinity BidCo, Inc., First Lien 976,193 $982,909 0.39%
103 Imagine Learning LLC, First Lien 980,000 $981,686 0.39%
104 WWEX UNI TopCo Holdings LLC, First Lien Initial 974,918 $979,734 0.39%
105 United Airlines, Inc. aka Continental, First Lien 969,732 $974,756 0.39%
106 Pathway Vet Alliance LLC, First Lien 2021 Replacement 1,232,735 $970,440 0.39%
107 Clue Opco LLC, First Lien 1,049,644 $967,861 0.39%
108 NAPA Management Services Corp., First Lien 1,005,363 $967,662 0.39%
109 USI Inc/NY aka Compass Investors TLB, First Lien 955,008 $958,503 0.39%
110 AlixPartners, LLP, First Lien USD B 954,281 $958,427 0.39%
111 Rocket Software, Inc., First Lien 946,360 $951,849 0.38%
112 Central Parent, Inc., First Lien 940,294 $949,114 0.38%
113 EP Purcasher, LLC, First Lien 942,409 $947,630 0.38%
114 Telenet Financing USD LLC, First Lien 980,607 $946,286 0.38%
115 Mavis Tire Express Services Topco Corp., First Lien 929,492 $936,523 0.38%
116 Radiate Holdco, LLC,, First Lien 1,181,864 $936,444 0.38%
117 Foundation Building Materials, Inc., First Lien 930,030 $936,057 0.38%
118 Magenta Buyer LLC, First Lien Initial 1,548,030 $933,656 0.38%
119 First Brands Group LLC, First Lien 936,175 $931,495 0.37%
120 Surf Holdings Sarl., First Lien Dollar Tranche 893,046 $896,551 0.36%
121 Dynasty Acquisition Co Inc., First Lien 887,794 $896,219 0.36%
122 S&S Holdings LLC, First Lien Initial 891,869 $895,771 0.36%
123 Cast & Crew LLC, First Lien 883,033 $888,208 0.36%
124 Loire UK Midco 3, Ltd., First Lien Facility B2 891,794 $883,808 0.36%
125 Triton Water Holdings, Inc., First Lien Initial 883,336 $883,084 0.35%
126 StubHub Holdco Sub LLC, First Lien 860,764 $862,920 0.35%
127 Eisner Advisory Group LLC, First Lien 851,496 $861,433 0.35%
128 TransDigm Inc, First Lien 848,761 $853,111 0.34%
129 MODENA BUYER LLC, First Lien 869,313 $852,105 0.34%
130 Fertitta Entertainment, LLC, First Lien 836,997 $840,487 0.34%
131 Miter Brands Acquisition Holdco Inc., First Lien 828,659 $835,997 0.34%
132 ProAmpac PG Borrower LLC, First Lien 822,797 $829,276 0.33%
133 Grant Thornton 5/24 Cov-Lite TLB 1L, First Lien 822,739 $829,173 0.33%
134 Polaris Newco LLC, First Lien Dollar 823,162 $824,631 0.33%
135 Mitchell International, Inc., Second Lien 815,979 $819,333 0.33%
136 HPS Loan Management CLO 6-2015, Ltd. 833,000 $829,914 0.33%
137 Project Leopard Holdings, Inc., First Lien 861,341 $802,278 0.32%
138 Medical Solutions LLC, First Lien 983,950 $798,475 0.32%
139 Mirion Technologies US, Inc., First Lien 793,222 $796,149 0.32%
140 Xerox 11/23, First Lien 785,701 $788,156 0.32%
141 Vertex Aerospace Corp., First Lien 784,022 $787,781 0.32%
142 First Brands Group, LLC, First Lien 2018 New Tranche E 781,035 $774,618 0.31%
143 GTCR W Merger Sub LLC, First Lien 767,099 $771,307 0.31%
144 OUTCOMES GROUP HLDGS INC, First Lien 764,477 $770,451 0.31%
145 Spring Education Group, Inc., First Lien 759,033 $766,528 0.31%
146 Galaxy US Opco Inc. TL, First Lien 861,341 $764,440 0.31%
147 American Greetings Corp., First Lien 750,350 $755,978 0.30%
148 CE Intermediate I LLC, First Lien 754,600 $754,600 0.30%
149 Aramark Intermediate HoldCo Corp., First Lien U.S. B-4 750,000 $751,781 0.30%
150 Park River Holdings, Inc., First Lien Initial 742,876 $736,261 0.30%
151 Wand NewCo 3 Inc aka Caliber Collision, First Lien 727,065 $733,758 0.29%
152 Bettcher Industries, Inc., First Lien 731,905 $730,533 0.29%
153 DTI Holdco, Inc., First Lien 720,463 $723,810 0.29%
154 NRG Energy 3/24 Cov-Lite, First Lien 715,789 $719,368 0.29%
155 Hilton Grand Vacations Borrower, LLC, First Lien 701,668 $705,615 0.28%
156 LHS Borrower, LLC, First Lien 729,379 $703,202 0.28%
157 Trulite Holding Corp., First Lien 704,605 $699,320 0.28%
158 Staples, Inc., First Lien 702,756 $698,507 0.28%
159 Coral-US Co-Borrower LLC, First Lien B-5 704,605 $697,369 0.28%
160 Cengage Learning, Inc., First Lien 688,895 $693,018 0.28%
161 Parexel International Corporation, First Lien 686,567 $691,324 0.28%
162 Supplyone 3/24, First Lien 679,367 $687,010 0.28%
163 Groundworks LLC, First Lien 676,848 $679,491 0.27%
164 Discovery Energy Corp., First Lien 669,667 $673,748 0.27%
165 Ahead DB Holdings, LLC, First Lien 668,582 $673,061 0.27%
166 Dun & Bradstreet Corp., First Lien 668,000 $671,016 0.27%
167 CD&R Hydr SunSource, First Lien 655,290 $659,930 0.27%
168 Avolon TLB Borrower 1 (US), First Lien 651,019 $653,711 0.26%
169 SPX FLOW Inc, First Lien 636,852 $641,663 0.26%
170 Windsor Holdings III LLC, First Lien 626,726 $634,890 0.26%
171 United Site Cov-Lite, First Lien 945,698 $634,308 0.25%
172 Element Materials Technology Group Holdings, First Lien 628,938 $633,391 0.25%
173 VS BUYER LLC, First Lien 619,708 $624,938 0.25%
174 Hyperion Materials & Technologies, Inc., First Lien Initial 632,542 $619,259 0.25%
175 Ryan LLC., First Lien 602,968 $607,340 0.24%
176 DaVita, Inc., First Lien B 601,558 $602,454 0.24%
177 Infoblox 4/24 2nd lien TL 1L, Second Lien 579,428 $589,712 0.24%
178 Cushman & Wakefield US Borrower LLC, First Lien 577,320 $582,372 0.23%
179 LI Group Holdings, Inc., First Lien 2021 577,881 $580,771 0.23%
180 DG Investment Intermediate Holdings 2, Inc., Second Lien Initial 581,429 $567,346 0.23%
181 Ursa Minor US Bidco LLC aka Rosen, First Lien 560,221 $564,891 0.23%
182 Skopima Merger Sub Inc., First Lien Initial 552,719 $552,777 0.22%
183 Planet US Buyer, LLC, First Lien 540,595 $545,176 0.22%
184 American Airlines, Inc., First Lien 535,010 $535,922 0.22%
185 CoreLogic, Inc., Second Lien Initial 553,488 $534,116 0.21%
186 Generation Bridge Northeast LLC, First Lien 521,335 $526,765 0.21%
187 Kestra Advisor Services Holdings A INC, First Lien 521,346 $525,126 0.21%
188 Snacking Investments BidCo Pty, Ltd., First Lien Initial US 516,834 $519,741 0.21%
189 Savage Enterprises LLC, First Lien 512,776 $514,699 0.21%
190 Brown Group Holding LLC, First Lien 509,237 $511,396 0.21%
191 Neptune Bidco US, Inc., First Lien 531,244 $510,658 0.21%
192 Cushman & Wakefield US Borrower LLC, First Lien 505,291 $507,817 0.20%
193 Berlin Packaging LLC, First Lien 505,375 $506,883 0.20%
194 Buckeye Partners LP, First Lien 496,991 $498,263 0.20%
195 Air Canada, First Lien 493,052 $496,442 0.20%
196 TRC Companies, First Lien 493,000 $494,849 0.20%
197 AmWINS Group, Inc., First Lien 492,307 $493,914 0.20%
198 Clarios Global LP, First Lien 487,169 $490,672 0.20%
199 Tacala Investment Corp, First Lien 482,599 $485,849 0.20%
200 Parallel 2021-2, Ltd. 500,000 $491,418 0.20%
201 Truist Insurance 3/24 2nd Lien Cov-Lite, Second Lien 472,588 $484,107 0.19%
202 JOHNSTONE SUPPLY LLC, First Lien 480,247 $481,849 0.19%
203 Virgin Media Bristol LLC, First Lien 493,300 $480,876 0.19%
204 Focus Financial Partners, LLC, First Lien 475,775 $477,077 0.19%
205 PPM CLO 3, Ltd. 500,000 $475,084 0.19%
206 MED PARENTCO LP, First Lien 455,086 $458,281 0.18%
207 CPI HOLDCO B LLC, First Lien 445,330 $445,933 0.18%
208 IVI America LLC aka IVIRMA, First Lien 437,500 $439,143 0.18%
209 FLEXERA SOFTWARE LLC, First Lien 434,294 $436,739 0.18%
210 Hyperion Refinance Sarl, First Lien 428,962 $431,931 0.17%
211 CITCO FUNDING LLC, First Lien 417,900 $420,056 0.17%
212 Go Daddy Oper Co LLC, First Lien 414,000 $414,503 0.17%
213 EG America LLC, First Lien 415,237 $407,798 0.16%
214 Iron Mountain Information Management LLC, First Lien 401,625 $401,960 0.16%
215 Neptune Bidco US, Inc., First Lien 415,331 $398,126 0.16%
216 Ivanti Software, Inc., Second Lien 476,866 $392,937 0.16%
217 Lumen Technologies Inc, First Lien 558,788 $390,453 0.16%
218 Lumen Technologies, First Lien 571,319 $388,814 0.16%
219 Fleet Midco I Ltd., First Lien 382,987 $385,859 0.15%
220 Boxer Parent Company Inc., First Lien 381,176 $384,445 0.15%
221 World Wide Technology Holding Co LLC, First Lien 380,788 $384,002 0.15%
222 Veritext 3/24, First Lien 379,490 $381,862 0.15%
223 Fastlane Parent Co., Inc., First Lien 376,804 $376,427 0.15%
224 ASP LS Acquisition Corp., First Lien 422,763 $376,143 0.15%
225 Mitnick Corporate Purchaser Inc., First Lien 384,247 $374,161 0.15%
226 Citadel Securities LP, First Lien 371,508 $374,040 0.15%
227 TruGreen LP, First Lien 395,700 $373,937 0.15%
228 Anchor Packaging LLC, First Lien 363,000 $365,236 0.15%
229 LTI Holdings, Inc., Second Lien Initial 382,979 $362,872 0.15%
230 DaVita, Inc. 415,000 $372,080 0.15%
231 LTI Holdings, Inc., First Lien 361,364 $357,186 0.14%
232 Whitewater Whistler Holdings, LLC, First Lien 352,922 $355,128 0.14%
233 World Wide Technology 3/24, First Lien 351,986 $354,846 0.14%
234 Caesars Entertainment, Inc., First Lien 351,625 $353,163 0.14%
235 IRB Holding Corporation, First Lien 349,112 $350,873 0.14%
236 Virtusa Corp., First Lien 348,223 $350,182 0.14%
237 Touchdown Acquirer Inc aka TenCate, First Lien 345,901 $349,037 0.14%
238 Standard Aero, Ltd., First Lien 342,310 $345,559 0.14%
239 Crosby US Acquisition corp., First Lien 341,627 $345,151 0.14%
240 Geon Performance Solutions LLC, First Lien 341,852 $344,416 0.14%
241 Starwood Property Trust, Inc. 370,000 $347,023 0.14%
242 Iron Mountain, Inc. 360,000 $336,214 0.14%
243 Univision Communications, Inc., First Lien 328,607 $329,121 0.13%
244 Mister Car Wash 3/24, First Lien 326,984 $329,087 0.13%
245 Epicor Software Corp, First Lien 320,993 $322,879 0.13%
246 Belron Finance US LLC, First Lien 320,439 $322,174 0.13%
247 Lereta, LLC, First Lien 426,921 $320,460 0.13%
248 Vestis Corp, First Lien 320,122 $319,523 0.13%
249 GIP Pilot Acquisition Partners LP, First Lien 317,105 $319,166 0.13%
250 CI Maroon Holdings LLC, First Lien 315,000 $318,150 0.13%
251 HomeServe 5/24 TLB 1L, First Lien 312,412 $313,290 0.13%
252 Isolved, Inc., First Lien 311,131 $312,979 0.13%
253 Frontier Communications Holdings LLC 360,000 $328,939 0.13%
254 Tempur Sealy International, Inc. 365,000 $327,633 0.13%
255 TransDigm, Inc. 350,000 $324,841 0.13%
256 Xerox Holdings Corp. 356,000 $313,126 0.13%
257 Apttus Corp., First Lien Initial 306,315 $307,593 0.12%
258 Cable One, Inc., First Lien 307,734 $305,830 0.12%
259 BEP Intermediate/Buyers Edge 4/24 TLB, First Lien 298,143 $300,752 0.12%
260 Cedar Fair LP, First Lien 297,386 $298,688 0.12%
261 Fugue Finance LLC aka Nord Anglia, First Lien 290,325 $293,410 0.12%
262 Blackstone Mortgage Trust, Inc., First Lien 295,431 $292,846 0.12%
263 Element Materials Technology Group Holdings DTL, First Lien 290,278 $292,334 0.12%
264 LORCA FINCO PLC, First Lien 290,000 $292,175 0.12%
265 Blackstone Mortgage Trust, Inc., First Lien 295,361 $291,264 0.12%
266 LC AHAB US BIDCO LLC, First Lien 274,413 $276,472 0.11%
267 Instructure Holdings, INC., First Lien 274,709 $275,396 0.11%
268 CH Guenther 11/21, First Lien 271,907 $273,267 0.11%
269 Chrysaor Bidco Sarl TLB 1L, First Lien 266,849 $268,184 0.11%
270 Surgery Center Holdings, INC., Term Loan, First Lien 265,380 $267,143 0.11%
271 Artera Services LLC aka PowerTeam, First Lien 263,578 $266,131 0.11%
272 Webpros Luxembourg Sarl, First Lien 262,920 $264,727 0.11%
273 Buckeye Partners LP, First Lien 262,554 $263,456 0.11%
274 New Fortress Energy, Inc. 280,000 $263,753 0.11%
275 TMF Sapphire Bidco B.V., TL, First Lien 257,536 $259,736 0.10%
276 Saratoga Food Specialties LLC, First Lien 253,073 $254,971 0.10%
277 Resonetics LLC, First Lien Initial 248,724 $249,528 0.10%
278 FCG Acquisitions, Inc., First Lien Initial 247,828 $248,882 0.10%
279 Waystar Technologies, Inc., First Lien 246,838 $247,918 0.10%
280 Perforce Software, Inc., First Lien New 246,136 $245,735 0.10%
281 Belfor Holdings, Inc., First Lien 236,999 $238,481 0.10%
282 Rad CLO 5, Ltd. 250,000 $251,010 0.10%
283 Rithm Capital Corp. 264,000 $257,130 0.10%
284 Rakuten Group, Inc. 237,000 $250,248 0.10%
285 Valaris, Ltd. 235,000 $243,085 0.10%
286 Nationstar Mortgage Holdings, Inc. 250,000 $238,779 0.10%
287 Parkland Corp. 260,000 $236,694 0.10%
288 GULFSIDE SUPPLY INC, First Lien 231,284 $232,006 0.09%
289 Atlas CC Acquisition Corp., First Lien C 263,424 $227,532 0.09%
290 Proofpoint Inc, First Lien 221,069 $221,940 0.09%
291 Cogent Communications Group, Inc. 233,000 $232,132 0.09%
292 Fair Isaac Corp. 250,000 $231,615 0.09%
293 CVR Energy, Inc. 230,000 $231,167 0.09%
294 Northern Oil & Gas, Inc. 226,000 $229,948 0.09%
295 NCL Corp., Ltd. 230,000 $226,287 0.09%
296 Bread Financial Holdings, Inc. 212,000 $222,235 0.09%
297 Navient Corp. 240,000 $220,036 0.09%
298 CHS/Community Health Systems, Inc. 210,000 $217,244 0.09%
299 Ivanti Software, Inc., First Lien First Amendment 240,682 $211,299 0.08%
300 American Airlines, Inc., First Lien 2020 200,716 $200,417 0.08%
301 Cloud Software Group Inc, First Lien 195,132 $196,473 0.08%
302 American Builders & Contractors Supply Co., Inc., First Lien 191,738 $192,751 0.08%
303 Carnival Corp., First Lien 188,140 $189,762 0.08%
304 Envision Healthcare Corp. Equity , Equity 23,801 $190,408 0.08%
305 Tronox, Inc. 231,000 $209,862 0.08%
306 Comstock Resources, Inc. 210,000 $203,294 0.08%
307 Hanesbrands, Inc. 198,000 $202,320 0.08%
308 Beazer Homes USA, Inc. 200,000 $199,805 0.08%
309 Staples, Inc. 203,000 $196,678 0.08%
310 Delek Logistics Partners LP / Delek Logistics Finance Corp. 197,000 $194,664 0.08%
311 Triumph Group, Inc. 183,000 $189,141 0.08%
312 Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC 270,000 $187,677 0.08%
313 Asp Blade Holdings, Inc., First Lien 229,647 $179,763 0.07%
314 Summit Materials LLC, First Lien 175,717 $177,255 0.07%
315 Celestica 5/24 TLB 1L, First Lien 175,338 $175,338 0.07%
316 COGECO Financing 2 LP, First Lien 174,131 $170,172 0.07%
317 IQVIA INC., First Lien 167,849 $169,118 0.07%
318 Level 3 Financing Inc., First Lien 174,177 $168,764 0.07%
319 Level 3 Financing Inc., First Lien 172,908 $168,234 0.07%
320 iHeartCommunications, Inc., First Lien New 204,842 $161,939 0.07%
321 Mineral Resources, Ltd. 180,000 $183,290 0.07%
322 Chemours Co. 200,000 $183,236 0.07%
323 Synchrony Financial 180,000 $180,695 0.07%
324 Archrock Partners LP / Archrock Partners Finance Corp. 182,000 $180,014 0.07%
325 Icahn Enterprises LP / Icahn Enterprises Finance Corp. 180,000 $175,659 0.07%
326 CNX Resources Corp. 178,000 $173,830 0.07%
327 USA Compression Partners LP / USA Compression Finance Corp. 170,000 $170,332 0.07%
328 Advantage Sales & Marketing, Inc. 186,000 $167,553 0.07%
329 Navient Corp. 158,000 $165,329 0.07%
330 CCO Holdings LLC / CCO Holdings Capital Corp. 170,000 $164,587 0.07%
331 Enerflex, Ltd. 160,000 $163,642 0.07%
332 Post Holdings, Inc. 180,000 $163,565 0.07%
333 OneMain Finance Corp. 159,000 $162,121 0.07%
334 INNIO Group Holding GmbH, First Lien 157,867 $159,117 0.06%
335 Hub International Limited, First Lien 157,143 $158,367 0.06%
336 Core & Main LP, First Lien 155,203 $156,173 0.06%
337 Freeport LNG, First Lien 142,278 $142,436 0.06%
338 FirstCash, Inc. 170,000 $161,218 0.06%
339 Clear Channel Outdoor Holdings, Inc. 180,000 $155,436 0.06%
340 Kodiak Gas Services LLC 150,000 $152,385 0.06%
341 Cinemark USA, Inc. 160,000 $149,545 0.06%
342 Mineral Resources, Ltd. 147,000 $148,660 0.06%
343 Nationstar Mortgage Holdings, Inc. 150,000 $148,051 0.06%
344 Burford Capital Global Finance LLC 140,000 $147,117 0.06%
345 Hudbay Minerals, Inc. 150,000 $146,325 0.06%
346 Newmark Group, Inc. 143,000 $146,160 0.06%
347 Gap, Inc. 166,000 $143,810 0.06%
348 MicroStrategy, Inc. 150,000 $143,523 0.06%
349 Patrick Industries, Inc. 155,000 $142,271 0.06%
350 goeasy, Ltd. 134,000 $141,994 0.06%
351 Sabre GLBL, Inc. 150,000 $138,208 0.06%
352 Access CIG LLC, First Lien 135,239 $136,582 0.05%
353 McKissock Investment Holdings, LLC, First Lien 135,521 $136,465 0.05%
354 RESIDEO FDG INC, First Lien 133,155 $133,821 0.05%
355 FirstCash, Inc. 136,000 $135,033 0.05%
356 Grifols SA 150,000 $130,644 0.05%
357 Vistra Operations Co. LLC 125,000 $129,968 0.05%
358 Cimpress PLC 130,000 $129,823 0.05%
359 CSC Holdings LLC 160,000 $129,264 0.05%
360 Howard Hughes Corp. 145,000 $128,964 0.05%
361 PBF Holding Co. LLC / PBF Finance Corp. 125,000 $128,514 0.05%
362 FMG Resources August 2006 Pty, Ltd. 130,000 $126,201 0.05%
363 Conduent Business Services LLC / Conduent State & Local Solutions, Inc. 135,000 $125,628 0.05%
364 Apollo Commercial Real Estate Finance, Inc. 150,000 $125,483 0.05%
365 Icahn Enterprises LP / Icahn Enterprises Finance Corp. 120,000 $123,260 0.05%
366 AdaptHealth LLC 140,000 $122,402 0.05%
367 goeasy, Ltd. 120,000 $122,094 0.05%
368 PennyMac Financial Services, Inc. 130,000 $119,670 0.05%
369 Superior Plus LP / Superior General Partner, Inc. 130,000 $118,738 0.05%
370 Gray Television, Inc. 207,000 $117,976 0.05%
371 Suburban Propane Partners LP/Suburban Energy Finance Corp. 130,000 $116,747 0.05%
372 AdaptHealth LLC 120,000 $114,882 0.05%
373 CVR Partners LP / CVR Nitrogen Finance Corp. 120,000 $114,856 0.05%
374 Taseko Mines, Ltd. 111,000 $113,924 0.05%
375 Victoria's Secret & Co. 135,000 $110,210 0.04%
376 Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC 132,000 $109,112 0.04%
377 Gap, Inc. 130,000 $108,061 0.04%
378 SunCoke Energy, Inc. 120,000 $107,955 0.04%
379 Allison Transmission, Inc. 110,000 $106,170 0.04%
380 Zebra Technologies Corp. 105,000 $105,764 0.04%
381 Griffon Corp. 109,000 $105,453 0.04%
382 Icahn Enterprises LP / Icahn Enterprises Finance Corp. 106,000 $104,696 0.04%
383 IAMGOLD Corp. 110,000 $103,364 0.04%
384 ANGI Group LLC 120,000 $102,938 0.04%
385 TransDigm, Inc. 109,000 $100,482 0.04%
386 New Gold, Inc. 100,000 $100,387 0.04%
387 Forestar Group, Inc. 105,000 $100,221 0.04%
388 Eldorado Gold Corp. 105,000 $100,118 0.04%
389 Great Lakes Dredge & Dock Corp. 111,000 $98,364 0.04%
390 Popular, Inc. 95,000 $97,088 0.04%
391 Calumet Specialty Products Partners LP / Calumet Finance Corp. 98,000 $93,154 0.04%
392 ams-OSRAM AG 90,000 $93,085 0.04%
393 Vector Group, Ltd. 100,000 $91,863 0.04%
394 Foot Locker, Inc. 110,000 $91,218 0.04%
395 Helix Energy Solutions Group, Inc. 86,000 $91,100 0.04%
396 PennyMac Financial Services, Inc. 100,000 $89,685 0.04%
397 Brinker International, Inc. 85,000 $88,757 0.04%
398 Sonic Automotive, Inc. 100,000 $87,829 0.04%
399 Phoenix Guarantor Inc aka BrightSpring, First Lien 80,807 $80,951 0.03%
400 MLN US HoldCo LLC, First Lien B 699,130 $78,215 0.03%
401 Justrite Safety Group, First Lien Delayed Draw 64,407 $64,588 0.03%
402 Carestream Health Holdings Inc , Equity 76,071 $68,464 0.03%
403 Adtalem Global Education, Inc. 90,000 $86,407 0.03%
404 FirstCash, Inc. 90,000 $84,465 0.03%
405 Mineral Resources, Ltd. 80,000 $84,206 0.03%
406 RingCentral, Inc. 80,000 $83,797 0.03%
407 Anywhere Real Estate Group LLC / Realogy Co.-Issuer Corp. 120,000 $82,458 0.03%
408 Crocs, Inc. 90,000 $82,231 0.03%
409 LGI Homes, Inc. 79,000 $82,074 0.03%
410 Viasat, Inc. 110,000 $81,969 0.03%
411 Danaos Corp. 80,000 $81,853 0.03%
412 Clear Channel Outdoor Holdings, Inc. 99,000 $81,378 0.03%
413 Encore Capital Group, Inc. 81,000 $81,165 0.03%
414 Insight Enterprises, Inc. 80,000 $80,590 0.03%
415 Precision Drilling Corp. 80,000 $79,363 0.03%
416 Mativ Holdings, Inc. 80,000 $78,846 0.03%
417 Transocean, Inc. 84,000 $78,433 0.03%
418 Gray Television, Inc. 140,000 $77,889 0.03%
419 Sabre GLBL, Inc. 80,000 $77,813 0.03%
420 Upbound Group, Inc. 80,000 $77,225 0.03%
421 Service Properties Trust 98,000 $76,141 0.03%
422 Wolverine World Wide, Inc. 90,000 $75,038 0.03%
423 Primo Water Holdings, Inc. 80,000 $73,427 0.03%
424 CoreCivic, Inc. 70,000 $73,151 0.03%
425 Consolidated Communications, Inc. 85,000 $72,026 0.03%
426 CCO Holdings LLC / CCO Holdings Capital Corp. 80,000 $71,723 0.03%
427 Rakuten Group, Inc. 70,000 $70,546 0.03%
428 Bath & Body Works, Inc. 70,000 $68,345 0.03%
429 Herbalife Nutrition, Ltd. / HLF Financing, Inc. 70,000 $68,213 0.03%
430 Energean PLC 70,000 $66,210 0.03%
431 Sunoco LP / Sunoco Finance Corp. 72,000 $66,137 0.03%
432 Delek Logistics Partners LP / Delek Logistics Finance Corp. 64,000 $65,492 0.03%
433 Deluxe Corp. 70,000 $65,368 0.03%
434 BWX Technologies, Inc. 70,000 $64,574 0.03%
435 World Acceptance Corp. 68,000 $64,442 0.03%
436 Organon & Co. / Organon Foreign Debt Co-Issuer BV 63,000 $62,852 0.03%
437 Asurion LLC, Second Lien 53,839 $50,357 0.02%
438 Epicor Software Corp, First Lien 37,662 $37,883 0.02%
439 AMC Networks, Inc. 88,000 $62,175 0.02%
440 Nexstar Media, Inc. 65,000 $61,403 0.02%
441 NGL Energy Operating LLC / NGL Energy Finance Corp. 60,000 $61,122 0.02%
442 Brandywine Operating Partnership LP 70,000 $61,032 0.02%
443 Frontier Communications Holdings LLC 70,000 $60,522 0.02%
444 Pediatrix Medical Group, Inc. 70,000 $60,369 0.02%
445 Mercer International, Inc. 68,000 $59,609 0.02%
446 Service Properties Trust 80,000 $58,095 0.02%
447 M/I Homes, Inc. 60,000 $57,102 0.02%
448 CNX Resources Corp. 56,000 $56,815 0.02%
449 Vornado Realty LP 70,000 $54,515 0.02%
450 Asbury Automotive Group, Inc. 60,000 $53,747 0.02%
451 Enova International, Inc. 50,000 $53,667 0.02%
452 Encore Capital Group, Inc. 50,000 $52,097 0.02%
453 PRA Group, Inc. 52,000 $51,481 0.02%
454 NRG Energy, Inc. 60,000 $51,459 0.02%
455 W&T Offshore, Inc. 50,000 $51,258 0.02%
456 CCO Holdings LLC / CCO Holdings Capital Corp. 60,000 $51,158 0.02%
457 Berry Petroleum Co. LLC 50,000 $49,280 0.02%
458 CHS/Community Health Systems, Inc. 62,000 $48,583 0.02%
459 Vistra Operations Co. LLC 50,000 $48,390 0.02%
460 Tutor Perini Corp. 44,000 $47,022 0.02%
461 Kaiser Aluminum Corp. 50,000 $46,565 0.02%
462 MPT Operating Partnership LP / MPT Finance Corp. 50,000 $45,445 0.02%
463 OneMain Finance Corp. 50,000 $44,517 0.02%
464 Nexstar Media, Inc. 50,000 $44,145 0.02%
465 Navient Corp. 40,000 $43,956 0.02%
466 M/I Homes, Inc. 50,000 $43,710 0.02%
467 Frontier Communications Holdings LLC 50,000 $43,426 0.02%
468 DaVita, Inc. 50,000 $41,996 0.02%
469 Service Properties Trust 50,000 $41,547 0.02%
470 NGL Energy Operating LLC / NGL Energy Finance Corp. 40,000 $40,765 0.02%
471 Landsea Homes Corp. 42,000 $40,753 0.02%
472 Nordstrom, Inc. 50,000 $39,372 0.02%
473 Park-Ohio Industries, Inc. 40,000 $38,294 0.02%
474 Organon & Co. / Organon Foreign Debt Co-Issuer BV 37,000 $37,649 0.02%
475 Groundworks LLC, First Lien 19,932 $20,010 0.01%
476 Tutor Perini Corp., First Lien B 35,028 $35,167 0.01%
477 Foundational Education Group, Inc., First Lien 32,882 $32,388 0.01%
478 Chrysaor Bidco Sarl DDTL 1L, First Lien 19,735 $19,834 0.01%
479 Lumen Technologies, Inc., First Lien 17,062 $13,650 0.01%
480 American Airlines, Inc. 36,000 $35,978 0.01%
481 CSC Holdings LLC 45,000 $35,790 0.01%
482 Compass Group Diversified Holdings LLC 35,000 $32,814 0.01%
483 Pitney Bowes, Inc. 35,000 $32,514 0.01%
484 Vistra Operations Co. LLC 32,000 $32,229 0.01%
485 OneMain Finance Corp. 32,000 $32,037 0.01%
486 EnQuest PLC 30,000 $30,989 0.01%
487 Dream Finders Homes, Inc. 30,000 $30,843 0.01%
488 Nationstar Mortgage Holdings, Inc. 30,000 $29,879 0.01%
489 PRA Group, Inc. 30,000 $29,837 0.01%
490 Sotera Health Holdings LLC 30,000 $29,779 0.01%
491 Starwood Property Trust, Inc. 28,000 $27,881 0.01%
492 Nabors Industries, Ltd. 29,000 $27,619 0.01%
493 Icahn Enterprises LP / Icahn Enterprises Finance Corp. 30,000 $27,546 0.01%
494 Viasat, Inc. 40,000 $27,306 0.01%
495 Sinclair Television Group, Inc. 40,000 $26,465 0.01%
496 GrafTech Global Enterprises, Inc. 35,000 $26,462 0.01%
497 Energizer Holdings, Inc. 25,000 $23,087 0.01%
498 Pitney Bowes, Inc. 25,000 $22,337 0.01%
499 PHH Mortgage Corp. 20,000 $19,494 0.01%
500 CCO Holdings LLC / CCO Holdings Capital Corp. 20,000 $15,882 0.01%
501 ModivCare Escrow Issuer, Inc. 20,000 $14,224 0.01%
502 Strategic Materials Holding Corp., Second Lien Initial 533,333 $11,555 0.00%
503 Loyalty Ventures, Inc., First Lien 409,425 $4,094 0.00%
504 LBM Acquisition LLC, First Lien Initial 0 $0 0.00%
505 Nationstar Mortgage Holdings, Inc. 10,000 $9,253 0.00%
506 Comstock Resources, Inc. 10,000 $9,226 0.00%
507 CSC Holdings LLC 15,000 $6,497 0.00%
508 PennyMac Financial Services, Inc. 5,000 $5,123 0.00%
509 Wabash National Corp. 5,000 $4,519 0.00%
Net Cash Equivalent & Other Assets Minus Liabilities^ $-4,581,324 -1.84%
Total 248,903,008 100%

Total Holdings: 509

^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 -1.84% 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 YearEx-DateRecord DatePayable DatePer Share AmountDistribution TypeSection 19a Notice
2024November 21, 2024November 21, 2024November 29, 2024$0.101Ordinary Income
2024October 24, 2024October 24, 2024October 31, 2024$0.101Ordinary Income
2024September 23, 2024September 23, 2024September 30, 2024$0.101Ordinary Income
2024August 23, 2024August 23, 2024August 30, 2024$0.105Ordinary Income
2024July 24, 2024July 24, 2024July 31, 2024$0.105Ordinary Income
2024June 21, 2024June 21, 2024June 28, 2024$0.105Ordinary Income
2024May 22, 2024May 23, 2024May 31, 2024$0.105Ordinary Income
2024April 22, 2024April 23, 2024April 30, 2024$0.105Ordinary Income
2024March 20, 2024March 21, 2024March 28, 2024$0.105Ordinary Income
2024February 21, 2024February 22, 2024February 29, 2024$0.103Ordinary Income
2023December 28, 2023December 29, 2023January 31, 2024$0.103Ordinary Income
2023December 20, 2023December 21, 2023December 29, 2023$0.103Ordinary Income
2023November 21, 2023November 22, 2023November 30, 2023$0.112Ordinary Income
2023October 23, 2023October 24, 2023October 31, 2023$0.112Ordinary Income
2023September 21, 2023September 22, 2023September 29, 2023$0.112Ordinary Income
2023August 23, 2023August 24, 2023August 31, 2023$0.104Ordinary Income
2023July 21, 2023July 24, 2023July 31, 2023$0.104Ordinary Income
2023June 22, 2023June 23, 2023June 30, 2023$0.104Ordinary Income
2023May 22, 2023May 23, 2023May 31, 2023$0.099Ordinary Income
2023April 20, 2023April 21, 2023April 28, 2023$0.099Ordinary Income
2023March 23, 2023March 24, 2023March 31, 2023$0.099Ordinary Income
2023February 17, 2023February 21, 2023February 28, 2023$0.095Ordinary Income
2023January 23, 2023January 24, 2023January 31, 2023$0.095Ordinary Income
2022December 21, 2022December 22, 2022December 30, 2022$0.095Ordinary Income
2022November 21, 2022November 22, 2022November 30, 2022$0.085Ordinary Income
2022October 21, 2022October 24, 2022October 31, 2022$0.085Ordinary Income
2022September 22September 23September 30$0.085Ordinary Income
2022August 23August 24August 31$0.079Ordinary Income
2022July 21July 22July 29$0.079Ordinary Income
2022June 22June 23June 30$0.079Ordinary Income
2022May 20May 23May 31$0.073Ordinary Income
2022April 21April 22April 29$0.073Ordinary Income
2022March 23March 24March 31$0.073Ordinary Income
2022February 17February 18February 28$0.078Ordinary Income—
2021December 30December 31January 31, 2022$0.078Ordinary Income—
2021December 30December 31January 31, 2022$0.058Special Distribution—
2021December 22December 23December 31$0.078Ordinary Income—
2021November 19November 22November 30$0.083Ordinary Income —
2021October 21October 22October 29$0.083Ordinary Income —
2021September 22September 23September 30$0.083Ordinary Income —
2021August 23August 24August 31$0.081Ordinary Income—
2021July 22July 23July 30$0.081Ordinary Income—
2021June 22June 23June 30$0.081Ordinary Income—
2021May 20May 21May 28$0.081Ordinary Income—
2021April 22April 23April 30$0.081Ordinary Income—
2021March 23March 24March 31$0.081Ordinary Income—
2021February 18February 19February 26$0.082Ordinary Income—
2020December 30December 31January 29, 2021$0.017Special Distribution—
2020December 30December 31January 29, 2021$0.082Ordinary Income—
2020December 22December 23December 31$0.082Ordinary Income—
2020November 19November 20November 30$0.087Ordinary Income—
2020October 22October 23October 30$0.087Ordinary Income—
2020September 22September 23September 30$0.087Ordinary Income—
2020August 21August 24August 31$0.100Ordinary Income—
2020July 23July 24July 31$0.100Ordinary Income—
2020June 22June 23June 30$0.100Ordinary Income—
2020May 20May 21May 29$0.112Ordinary Income—
2020April 22April 23April 30$0.112Ordinary Income—
2020March 23March 24March 31$0.112Ordinary Income—
2020February 20February 21February 28$0.115Ordinary Income—
2019December 30December 31January 31, 2020$0.115Ordinary Income—
2019December 30December 31January 31, 2020$0.048Special Distribution—
2019December 20December 23December 31$0.115Ordinary Income—
2019November 21November 22November 29$0.119Ordinary Income—
2019October 23October 24October 31$0.119Ordinary Income—
2019September 20September 23September 30$0.119Ordinary Income—
2019August 22August 23August 30$0.122Ordinary Income—
2019July 23July 24July 31$0.122Ordinary Income—
2019June 20June 21June 28$0.122Ordinary Income—
2019May 22May 23May 31$0.115Ordinary Income—
2019April 22April 23April 30$0.115Ordinary Income—
2019March 21March 22March 29$0.115Ordinary Income—
2019February 20February 21February 28$0.117Ordinary Income—
2018December 28December 31January 31, 2019$0.117Ordinary Income—
2018December 28December 31January 31, 2019$0.349Special Distribution—
2018December 20December 21December 31$0.117Ordinary Income—
2018November 21November 23November 30$0.103Ordinary Income—
2018October 23October 24October 31$0.103Ordinary Income—
2018September 20September 21September 28$0.103Ordinary Income—
2018August 23August 24August 31$0.103Ordinary Income—
2018July 23July 24July 31$0.103Ordinary Income—
2018June 21June 22June 29$0.103Ordinary Income—
2018May 22May 23May 31$0.103Ordinary Income—
2018April 20April 23April 30$0.103Ordinary Income—
2018March 21March 22March 29$0.103Ordinary Income—
2018February 20February 21February 28$0.103Ordinary Income—
2017December 28December 29January 31, 2018$0.103Ordinary Income—
2017December 20December 21December 29$0.103Ordinary Income—
2017November 21November 22November 30$0.103Ordinary Income—
2017October 23October 24October 31$0.103Ordinary Income—
2017September 21September 22September 29$0.103Ordinary Income—
2017August 22August 24August 31$0.103Ordinary Income—
2017July 20July 24July 31$0.103Ordinary Income—
2017June 21June 23June 30$0.103Ordinary Income—
2017May 19May 23May 31$0.103Ordinary Income—
2017April 19April 21April 28$0.103Ordinary Income—
2017March 22March 24March 31$0.103Ordinary Income—
2017February 16February 21February 28$0.103Ordinary Income—
2016December 28December 30January 31, 2017$0.103Ordinary Income—
2016December 28December 30January 31, 2017$0.253Special Distribution—
2016December 20December 22December 30$0.098Ordinary Income—
2016November 18November 22November 30$0.098Ordinary Income—
2016October 20October 24October 31$0.098Ordinary Income—
2016September 21September 23September 30$0.098Ordinary Income—
2016August 22August 24August 31$0.098Ordinary Income—
2016July 20July 22July 29$0.098Ordinary Income—
2016June 21June 23June 30$0.098Ordinary Income—
2016May 19May 23May 31$0.098Ordinary Income—
2016April 20April 22April 29$0.098Ordinary Income—
2016March 21March 23March 31$0.098Ordinary Income—
2016February 18February 22February 29$0.098Ordinary Income—
2015December 29December 31January 29, 2016$0.098Ordinary Income—
2015December 21December 23December 31$0.098Ordinary Income—
2015November 18November 20November 30$0.098Ordinary Income—
2015October 21October 23October 30$0.098Ordinary Income—
2015September 21September 23September 30$0.098Ordinary Income—
2015August 20August 24August 31$0.098Ordinary Income—
2015July 22July 24July 31$0.098Ordinary Income—
2015June 19June 23June 30$0.098Ordinary Income—
2015May 19May 21May 29$0.098Ordinary Income—
2015April 21April 23April 30$0.098Ordinary Income—
2015March 20March 24March 31$0.098Ordinary Income—
2015February 18February 20February 27$0.098Ordinary IncomeFEBRUARY
2015January 21January 23January 30$0.098Ordinary IncomeJANUARY
2014December 19December 23December 31$0.098Ordinary IncomeDECEMBER
2014November 18November 20November 28$0.098Ordinary IncomeNOVEMBER
2014October 22October 24October 31$0.042Short Term Capital GainsOCTOBER
2014October 22October 24October 31$0.041Ordinary IncomeOCTOBER
2014October 22October 24October 31$0.015Long Term Capital GainsOCTOBER
2014September 19September 23September 30$0.098Ordinary IncomeSEPTEMBER
2014August 20August 22August 29$0.098Ordinary IncomeAUGUST
2014July 22July 24July 31$0.098Ordinary IncomeJULY
2014June 19June 23June 30$0.098Ordinary IncomeJUNE
2014May 20May 22May 30$0.098Ordinary IncomeMAY
2014April 21April 23April 30$0.098Ordinary IncomeAPRIL
2014March 20March 24March 31$0.098Ordinary IncomeMARCH
2014February 19February 21February 28$0.108Ordinary IncomeFEBRUARY
2014January 22January 24January 31$0.108Ordinary IncomeJANUARY
2013December 19December 23December 31$0.158Ordinary IncomeDECEMBER
2013November 14November 18November 29$0.108Ordinary IncomeNOVEMBER
2013October 16October 18October 31$0.108Ordinary IncomeOCTOBER
2013September 18September 20September 30$0.108Ordinary IncomeSEPTEMBER
2013August 15August 19August 30$0.108Ordinary IncomeAUGUST
2013July 16July 18July 31$0.108Ordinary IncomeJULY
2013June 13June 17June 28$0.108Ordinary IncomeJUNE
2013May 15May 17May 31$0.108Ordinary Income—
2013April 17April 19April 30$0.108Ordinary Income—
2013March 14March 18March 28$0.108Ordinary Income—
2013February 13February 15February 28$0.108Ordinary Income—
2012December 14December 18December 31$0.108Ordinary Income—
2012November 15November 19November 30$0.108Ordinary Income—
2012October 17October 19October 31$0.108Ordinary Income—
2012September 14September 18September 28$0.108Ordinary Income—
2012August 15August 17August 31$0.108Ordinary Income—
2012July 18July 20July 31$0.108Ordinary IncomeJULY
2012June 15June 19June 29$0.108Ordinary IncomeJUNE
2012May 16May 18May 31$0.108Ordinary Income—
2012April 18April 20April 30$0.108Ordinary IncomeAPRIL
2012March 15March 19March 30$0.110Ordinary IncomeMARCH
2012February 15February 17February 29$0.108Ordinary IncomeFEBRUARY
2012January 17January 19January 31$0.108Ordinary IncomeJANUARY
2011December 14December 16December 30$0.108Ordinary IncomeDECEMBER
2011November 16November 18November 30$0.108Ordinary IncomeNOVEMBER
2011October 17October 19October 31$0.108Ordinary IncomeOCTOBER
2011September 15September 19September 30$0.108Ordinary IncomeSEPTEMBER
2011August 16August 18August 31$0.108Ordinary IncomeAUGUST
2011July 18July 20July 29$0.108Ordinary IncomeJULY
2011June 15June 17June 30$0.108Ordinary IncomeJUNE
2011May 17May 19May 31$0.108Ordinary IncomeMAY
2011April 18April 20April 29$0.108Ordinary IncomeAPRIL
2011March 16March 18March 31$0.108Ordinary IncomeMARCH

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 NameAction
PROSPECTUSDOWNLOAD
QUARTERLY FACT SHEETDOWNLOAD
MONTHLY FUND SNAPSHOTDOWNLOAD
ANNUAL REPORTDOWNLOAD
SEMI-ANNUAL REPORTDOWNLOAD
Q1’23 PORTFOLIO HOLDINGSDOWNLOAD
Q3’23 PORTFOLIO HOLDINGSDOWNLOAD
SEC FILINGSVIEW
AUDIT COMMITTEE CHARTERDOWNLOAD
NOMINATING AND GOVERNANCE COMMITTEE CHARTERDOWNLOAD

News

Document NameDateAction
BLACKSTONE CREDIT & INSURANCE CLOSED-END FUNDS DECLARE MONTHLY DISTRIBUTIONSSeptember 13, 2024DOWNLOAD
BLACKSTONE CREDIT & INSURANCE CLOSED-END FUNDS ANNOUNCE CORRECTED EX-DIVIDEND DATES FOR MONTHLY DISTRIBUTIONSJune 12, 2024DOWNLOAD
BLACKSTONE CREDIT & INSURANCE CLOSED-END FUNDS DECLARE MONTHLY DISTRIBUTIONSJune 11, 2024DOWNLOAD
BLACKSTONE CREDIT & INSURANCE CLOSED-END FUNDS DECLARE MONTHLY DISTRIBUTIONSMarch 11, 2024DOWNLOAD
BLACKSTONE CREDIT CLOSED-END FUNDS ANNOUNCE TRUSTEE AND OFFICER CHANGEJanuary 4, 2024DOWNLOAD
BLACKSTONE CREDIT CLOSED-END FUNDS DECLARE MONTHLY DISTRIBUTIONSDecember 11, 2023DOWNLOAD
BLACKSTONE CREDIT CLOSED-END FUNDS DECLARE MONTHLY DISTRIBUTIONSSeptember 12, 2023DOWNLOAD
BLACKSTONE CREDIT CLOSED-END FUNDS DECLARE MONTHLY DISTRIBUTIONSJune 12, 2023DOWNLOAD
BLACKSTONE CREDIT CLOSED-END FUNDS DECLARE MONTHLY DISTRIBUTIONSMarch 13, 2023DOWNLOAD
BLACKSTONE CREDIT CLOSED-END FUNDS DECLARE MONTHLY DISTRIBUTIONSDecember 12, 2022DOWNLOAD
BLACKSTONE CREDIT CLOSED-END FUNDS DECLARE MONTHLY DSITRIBUTIONSSeptember 12, 2022DOWNLOAD
BLACKSTONE CREDIT CLOSED-END FUNDS DECLARE MONTHLY DISTRIBUTIONSJune 9, 2022DOWNLOAD
BLACKSTONE CREDIT CLOSED-END FUNDS DECLARE MONTHLY DISTRIBUTIONSMarch 10, 2022DOWNLOAD
BLACKSTONE CREDIT CLOSED-END FUNDS DECLARE SPECIAL DISTRIBUTIONSDecember 20, 2021DOWNLOAD
BLACKSTONE CREDIT CLOSED-END FUNDS DECLARE MONTHLY DISTRIBUTIONSDecember 13, 2021DOWNLOAD
BLACKSTONE CREDIT CLOSED-END FUNDS DECLARE MONTHLY DISTRIBUTIONS September 10, 2021 DOWNLOAD
BLACKSTONE CREDIT CLOSED-END FUNDS DECLARE MONTHLY DISTRIBUTIONSJune 9, 2021DOWNLOAD
BLACKSTONE CREDIT CLOSED-END FUNDS DECLARE MONTHLY DISTRIBUTIONSMarch 11, 2021DOWNLOAD
BLACKSTONE CREDIT CLOSED-END FUNDS DECLARE SPECIAL DISTRIBUTIONSDecember 18, 2020DOWNLOAD
BLACKSTONE CREDIT ANNOUNCES CLOSED-END FUND NAME CHANGESDecember 10, 2020DOWNLOAD
BLACKSTONE / GSO CLOSED-END FUNDS DECLARE MONTHLY DISTRIBUTIONSDecember 9, 2020DOWNLOAD
BLACKSTONE / GSO CLOSED-END FUNDS DECLARE MONTHLY DISTRIBUTIONSSeptember 10, 2020DOWNLOAD
BGX ESTABLISHES AT-THE-MARKET EQUITY SHELF PROGRAMAugust 19, 2020DOWNLOAD
BLACKSTONE / GSO ANNOUNCES UPDATE TO CLOSED-END FUND PORTFOLIO MANAGEMENT TEAMAugust 03, 2020DOWNLOAD
BLACKSTONE / GSO CLOSED-END FUNDS DECLARE MONTHLY DISTRIBUTIONSJune 09, 2020DOWNLOAD
BLACKSTONE / GSO CLOSED-END FUNDS CHANGE DATE AND LOCATION OF ANNUAL MEETINGApril 03, 2020DOWNLOAD
BLACKSTONE / GSO CLOSED-END FUNDS DECLARE MONTHLY DISTRIBUTIONSMarch 10, 2020DOWNLOAD
BLACKSTONE / GSO CLOSED-END FUNDS DECLARE SPECIAL DISTRIBUTIONSDecember 18, 2019DOWNLOAD
BLACKSTONE / GSO CLOSED-END FUNDS DECLARE MONTHLY DISTRIBUTIONSDecember 10, 2019DOWNLOAD
BLACKSTONE / GSO CLOSED-END FUNDS DECLARE MONTHLY DISTRIBUTIONSSeptember 11, 2019DOWNLOAD
BLACKSTONE / GSO CLOSED-END FUNDS DECLARE MONTHLY DISTRIBUTIONSJune 11, 2019DOWNLOAD
BLACKSTONE / GSO CLOSED-END FUNDS DECLARE MONTHLY DISTRIBUTIONSMarch 11, 2019DOWNLOAD
BLACKSTONE / GSO CLOSED-END FUNDS DECLARE SPECIAL DISTRIBUTIONSDecember 17, 2018DOWNLOAD
BLACKSTONE / GSO CLOSED-END FUNDS ANNOUNCE TRANSITION TO DYNAMIC MONTHLY DISTRIBUTIONS AND DECLARE MONTHLY DISTRIBUTIONSNovember 20, 2018DOWNLOAD
BLACKSTONE / GSO CLOSED-END FUNDS DECLARE MONTHLY DISTRIBUTIONSSeptember 12, 2018DOWNLOAD
BLACKSTONE / GSO CLOSED-END FUNDS DECLARE MONTHLY DISTRIBUTIONSMay 08, 2018DOWNLOAD
BLACKSTONE / GSO CLOSED-END FUNDS DECLARE MONTHLY DISTRIBUTIONSFebruary 22, 2018DOWNLOAD
BLACKSTONE / GSO CLOSED-END FUNDS DECLARE MONTHLY DISTRIBUTIONSNovember 14, 2017DOWNLOAD
BLACKSTONE / GSO CLOSED-END FUNDS DECLARE MONTHLY DISTRIBUTIONSSeptember 27, 2017DOWNLOAD
BLACKSTONE / GSO CLOSED-END FUNDS DECLARE MONTHLY DISTRIBUTIONSMay 19, 2017DOWNLOAD
BLACKSTONE / GSO CLOSED-END FUNDS DECLARE MONTHLY DISTRIBUTIONSFebruary 23, 2017DOWNLOAD
BLACKSTONE / GSO LONG-SHORT CREDIT INCOME FUND DECLARES SPECIAL DISTRIBUTIONDecember 12, 2016DOWNLOAD
BLACKSTONE / GSO LONG-SHORT CREDIT INCOME FUND ANNOUNCES CHANGE IN INVESTMENT GUIDELINESNovember 28, 2016DOWNLOAD
BLACKSTONE / GSO CLOSED-END FUNDS DECLARE MONTHLY DISTRIBUTIONSNovember 18, 2016DOWNLOAD
BLACKSTONE / GSO CLOSED-END FUNDS DECLARE MONTHLY DISTRIBUTIONSOctober 03, 2016DOWNLOAD
BLACKSTONE / GSO CLOSED-END FUNDS DECLARE MONTHLY DISTRIBUTIONSMay 18, 2016DOWNLOAD
BLACKSTONE / GSO CLOSED-END FUNDS DECLARE MONTHLY DISTRIBUTIONSFebruary 25, 2016DOWNLOAD
BLACKSTONE / GSO CLOSED-END FUNDS DECLARE MONTHLY DISTRIBUTIONSNovember 20, 2015DOWNLOAD
BLACKSTONE / GSO CLOSED-END FUNDS DECLARE MONTHLY DISTRIBUTIONSSeptember 30, 2015DOWNLOAD
BLACKSTONE / GSO CLOSED-END FUNDS ANNOUNCE PORTFOLIO MANAGER CHANGEAugust 17, 2015DOWNLOAD
BLACKSTONE / GSO CLOSED-END FUNDS DECLARE MONTHLY DISTRIBUTIONSMay 22, 2015DOWNLOAD
BLACKSTONE / GSO CLOSED-END FUNDS DECLARE MONTHLY DISTRIBUTIONSFebruary 25, 2015DOWNLOAD
BLACKSTONE / GSO LONG-SHORT CREDIT INCOME FUND ANNOUNCES CHANGE IN INVESTMENT GUIDELINESDecember 19, 2014DOWNLOAD
BLACKSTONE / GSO CLOSED-END FUNDS DECLARE MONTHLY DISTRIBUTIONSNovember 28, 2014DOWNLOAD
BLACKSTONE / GSO LONG-SHORT CREDIT INCOME FUND DECLARES MONTHLY DISTRIBUTION OF $0.098 PER SHARESeptember 09, 2014DOWNLOAD
BLACKSTONE / GSO LONG-SHORT CREDIT INCOME FUND DECLARES MONTHLY DISTRIBUTION OF $0.098 PER SHAREMay 23, 2014DOWNLOAD
BLACKSTONE / GSO LONG-SHORT CREDIT INCOME FUND DECLARES MONTHLY DISTRIBUTION OF $0.098 PER SHAREFebruary 28, 2014DOWNLOAD
BLACKSTONE / GSO LONG-SHORT CREDIT INCOME FUND DECLARES SPECIAL DISTRIBUTION OF $0.05 PER SHARENovember 22, 2013DOWNLOAD
BLACKSTONE / GSO LONG-SHORT CREDIT INCOME FUND DECLARES MONTHLY DISTRIBUTIONS OF $0.108 PER SHARENovember 22, 2013DOWNLOAD
BLACKSTONE / GSO LONG-SHORT CREDIT INCOME FUND DECLARES MONTHLY DISTRIBUTIONS OF $0.108 PER SHAREAugust 23, 2013DOWNLOAD
BLACKSTONE / GSO LONG-SHORT CREDIT INCOME FUND DECLARES MONTHLY DISTRIBUTIONS OF $0.108 PER SHAREMay 30, 2013DOWNLOAD
BLACKSTONE / GSO LONG-SHORT CREDIT INCOME FUND DECLARES MONTHLY DISTRIBUTIONS OF $0.108 PER SHAREFebruary 27, 2013DOWNLOAD
BLACKSTONE / GSO LONG-SHORT CREDIT INCOME FUND DECLARES MONTHLY DISTRIBUTIONS OF $0.108 PER SHAREDecember 03, 2012DOWNLOAD
BLACKSTONE / GSO LONG-SHORT CREDIT INCOME FUND DECLARES MONTHLY DISTRIBUTIONS OF $0.108 PER SHAREAugust 28, 2012DOWNLOAD
BLACKSTONE / GSO LONG-SHORT CREDIT INCOME FUND DECLARES MONTHLY DISTRIBUTIONS OF $0.108 PER SHAREMay 18, 2012DOWNLOAD
BLACKSTONE / GSO LONG-SHORT CREDIT INCOME FUND DECLARES MONTHLY DISTRIBUTIONS OF $0.108 PER SHAREFebruary 28, 2012DOWNLOAD
BLACKSTONE / GSO LONG-SHORT CREDIT INCOME FUND DECLARES MONTHLY DISTRIBUTIONS OF $0.108 PER SHARENovember 21, 2011DOWNLOAD
BLACKSTONE / GSO LONG-SHORT CREDIT INCOME FUND DECLARES MONTHLY DISTRIBUTIONS OF $0.108 PER SHARESeptember 08, 2011DOWNLOAD
BLACKSTONE / GSO LONG-SHORT CREDIT INCOME FUND DECLARES MONTHLY DISTRIBUTIONS OF $0.108 PER SHAREMay 25, 2011DOWNLOAD
BLACKSTONE / GSO LONG-SHORT CREDIT INCOME FUND DECLARES INITIAL MONTHLY DISTRIBUTIONS OF $0.108 PER SHAREMarch 02, 2011DOWNLOAD

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 and Insurance”), Blackstone and their affiliates in other activities that may conflict with those of the Fund. The Adviser, Blackstone Credit and Insurance, Blackstone and their affiliates engage in a broad spectrum of activities. In the ordinary course of their business activities, the Adviser, Blackstone Credit and Insurance, Blackstone and their affiliates may engage in activities where the interests of certain divisions of the Adviser, Blackstone Credit and Insurance, 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 and Insurance, 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 Insurance and its affiliates have implemented certain policies and procedures (e.g., information walls). For example, Blackstone Credit and Insurance 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 and Insurance 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 Credit and Insurance has or has considered making an investment or which is otherwise an advisory client of Blackstone Credit and Insurance and 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 and Insurance, 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 and Insurance, Blackstone and their affiliates may serve as advisor to creditor or equity committees. This involvement, for which Blackstone Credit and Insurance, 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 and Insurance 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 and Insurance 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 and Insurance 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