Blackstone Senior Floating Rate 2027 Term Fund (BSL)


Ticker Symbol

BSL


Daily Net Asset Value per Share (NAV)

As of 4/19/2024

$14.89


Monthly Net Asset Value per Share (NAV)

As of 3/31/2024

$14.87


Premium/Discount

As of 4/19/2024

-4.04%


Total Net Assets

As of 4/19/2024

$193,732,318.85


Turnover

As of 12/31/2021

97%

Source: ALPS Fund Services, Inc.

VIEW QUARTERLY FACT SHEET AS PDF

View Monthly Fund Snapshot as PDF 

Blackstone Senior Floating Rate 2027 Term Fund (“BSL” or herein, the “Fund”) is a closed‐end term fund that trades on the New York Stock Exchange under the symbol “BSL”. BSL’s primary investment objective is to seek high current income, with a secondary objective to seek preservation of capital, consistent with its primary goal of high current income. Under normal market conditions, the fund invests at least 80% of its Managed Assets in senior, secured floating rate loans (“Senior Loans”). BSL may also invest in second‐lien loans and high yield bonds and employs financial leverage, which may increase risk to the fund. The Fund has a limited term, and absent shareholder approval to extend the life of the Fund, the Fund will dissolve on or about May 31, 2027.

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 February 29, 2024)

Rank Issue Quantity Value ($) % of Managed Assets
1 CCI Buyer, Inc., First Lien Initial 2,336,073 $2,324,428 0.82%
2 Newfold Digital Holdings Group, Inc., First Lien Initial 2,338,623 $2,294,774 0.81%
3 Peraton Corp., First Lien B 2,281,669 $2,286,894 0.81%
4 Auris Luxembourg III SARL, First Lien Facility B2 2,260,999 $2,252,520 0.80%
5 Cotiviti Inc, TL, First Lien 2,103,681 $2,098,422 0.74%
6 Global Medical Response, Inc., First Lien 2018 New 2,306,691 $2,045,274 0.72%
7 Kodiak Building Partners Inc. TLB, First Lien 2,042,278 $2,042,992 0.72%
8 Help/Systems Holdings, Inc., First Lien Seventh Amendment Refinancing 2,058,432 $1,982,527 0.70%
9 Focus Financial Partners LLC, First Lien 1,978,449 $1,970,476 0.70%
10 Verscend Holding Corp., First Lien B-1 1,873,201 $1,876,910 0.66%
11 Genuine Financial Holdings LLC, First Lien 1,847,046 $1,845,660 0.65%
12 Grifols Worldwide Operations, TLB, First Lien 1,846,054 $1,813,979 0.64%
13 Garda World Security Corp., First Lien 1,810,441 $1,813,030 0.64%
14 Telenet Financing USD LLC, First Lien 1,854,247 $1,810,217 0.64%
15 PROJECT ALPHA INTERMEDIATE HOLDING, INC., TL, First Lien 1,781,699 $1,788,870 0.63%
16 Atlas CC Acquisition Corp., First Lien B 1,988,257 $1,783,844 0.63%
17 AG Group Holdings, Inc., First Lien 1,792,713 $1,783,185 0.63%
18 Trans Union LLC, First Lien 1,773,631 $1,774,189 0.63%
19 Pro Mach Group, Inc., First Lien Closing Date Initial 1,753,139 $1,757,425 0.62%
20 XPO, Inc., TLB, First Lien 1,731,298 $1,738,509 0.61%
21 Cornerstone OnDemand, Inc., First Lien Initial 1,779,961 $1,736,583 0.61%
22 Froneri International, Ltd., First Lien Facility B2 1,723,805 $1,725,219 0.61%
23 Dcert Buyer, Inc., Second Lien First Amendment Refinancing 1,881,655 $1,722,382 0.61%
24 Central Parent, Inc., First Lien 1,692,738 $1,698,594 0.60%
25 Pilot Travel Centers LLC, First Lien 1,682,785 $1,684,535 0.60%
26 Vision Solutions, Inc., First Lien 1,685,239 $1,676,391 0.59%
27 Victory Buyer LLC, First Lien 1,729,476 $1,668,512 0.59%
28 Surf Holdings S.a r.l., First Lien Dollar Tranche 1,641,500 $1,643,774 0.58%
29 WWEX UNI TopCo Holdings LLC, First Lien Initial 1,651,668 $1,638,719 0.58%
30 Ecovyst Catalyst Technologies LLC, First Lien 1,635,643 $1,633,598 0.58%
31 Aretec Group, Inc., First Lien 1,604,439 $1,612,967 0.57%
32 TK Elevator Midco GmbH, First Lien Facility B1 1,598,655 $1,602,923 0.57%
33 Tekni-Plex, Inc., First Lien Tranche B-3 Initial 1,573,827 $1,573,827 0.56%
34 Cloud Software Group, Inc., First Lien 1,580,039 $1,568,600 0.55%
35 OMNIA PARTNERS, LLC???TL 1L, First Lien 1,560,941 $1,567,489 0.55%
36 Nordam Group LLC, First Lien Initial 1,676,400 $1,562,204 0.55%
37 EP Purcasher, LLC, First Lien 1,541,775 $1,528,285 0.54%
38 AlixPartners, LLP, First Lien USD B 1,524,129 $1,525,752 0.54%
39 TransDigm Inc., TLI, First Lien 1,509,172 $1,513,828 0.54%
40 Allied Universal Holdco LLC, TLB, First Lien 1,506,225 $1,509,298 0.53%
41 Triton Water Holdings, Inc., First Lien Initial 1,530,468 $1,506,554 0.53%
42 Virtusa Corp., First Lien 1,492,327 $1,493,260 0.53%
43 Quickrete Holdings, Inc., First Lien Initial 1,484,536 $1,486,585 0.53%
44 Reynolds Consumer Products LLC, First Lien Initial 1,483,943 $1,485,056 0.53%
45 Hyperion Refinance S.a r.l. TL, First Lien 1,464,219 $1,465,866 0.52%
46 The Citco Group Limited, TLB, First Lien 1,456,738 $1,462,200 0.52%
47 Culligan 11/23 Incre CovLi TL 1L, First Lien 1,448,036 $1,451,207 0.51%
48 Tailwind Smith Cooper Intermediate Corp., First Lien Initial 1,466,281 $1,453,143 0.51%
49 Univision Communications, Inc., First Lien 1,450,156 $1,450,700 0.51%
50 Vistra Operations Co. LLC, First Lien 2018 Incremental 1,447,059 $1,442,385 0.51%
51 Apex Group Treasury, Ltd., First Lien USD 1,439,836 $1,438,036 0.51%
52 AmWINS Group, Inc., First Lien 1,436,202 $1,432,008 0.51%
53 Curia Global, Inc., First Lien 2021 1,513,154 $1,430,249 0.51%
54 Osaic Holdings Inc aka Advisor Group, TL, First Lien 1,427,605 $1,429,482 0.51%
55 Aegion Corporation, TL, First Lien 1,424,264 $1,424,264 0.50%
56 Vaco Holdings, LLC, First Lien 1,426,396 $1,412,311 0.50%
57 Engineered Machinery Holdings, Inc., First Lien 1,420,728 $1,405,633 0.50%
58 Zacapa S.A.R.L., First Lien 1,405,972 $1,405,480 0.50%
59 Windsor Holdings III, LLC, TL, First Lien 1,401,273 $1,405,435 0.50%
60 Clarios Global LP, First Lien 1,392,619 $1,395,453 0.49%
61 Gainwell Acquisition Corp., First Lien 1,453,530 $1,393,572 0.49%
62 Miron Technologies, Inc., First Lien 1,391,584 $1,393,323 0.49%
63 Fiserv Investment Solutions, Inc., First Lien Initial 1,444,247 $1,383,322 0.49%
64 Quartz Acquireco, LLC, TL, First Lien 1,379,586 $1,381,310 0.49%
65 Quest Borrower Ltd., First Lien 1,731,160 $1,378,670 0.49%
66 Burgess Point Purchaser Corp., First Lien 1,457,280 $1,374,404 0.49%
67 Elanco Animal Health, Inc., First Lien B 1,384,578 $1,369,133 0.48%
68 Onex TSG Intermediate Corp., First Lien Initial 1,381,250 $1,367,437 0.48%
69 Project Castle, Inc., First Lien 1,501,000 $1,363,411 0.48%
70 Mitchell International, Inc., First Lien 1,355,914 $1,351,378 0.48%
71 Idera, Inc., First Lien B-1 1,356,038 $1,350,953 0.48%
72 Justrite Safety Group, First Lien Initial 1,370,300 $1,350,033 0.48%
73 AHEAD DB HOLDINGS, LLC, TL, First Lien 1,340,314 $1,341,990 0.47%
74 Baldwin Risk Partners, LLC, First Lien Initial 1,344,130 $1,338,532 0.47%
75 Flutter Financing B.V., TL, First Lien 1,341,295 $1,338,083 0.47%
76 Kenan Advantage Group, Inc, TL, First Lien 1,337,493 $1,336,417 0.47%
77 Greeneden U.S. Holdings I LLC, First Lien Initial Dollar (2020) 1,329,759 $1,335,856 0.47%
78 CoreLogic, Inc., First Lien Initial 1,366,214 $1,333,875 0.47%
79 Calpine Corp., First Lien 1,332,558 $1,324,836 0.47%
80 Avis Budget Car Rental LLC, First Lien 1,332,648 $1,324,652 0.47%
81 Caesars Entertainment, Inc., First Lien 1,320,602 $1,324,273 0.47%
82 UPC Financing Partnership, First Lien Facility AT 1,331,027 $1,317,384 0.47%
83 WEC US HOLDINGS LTD., TL, First Lien 1,315,697 $1,312,198 0.46%
84 Bally's Corp., First Lien 1,368,481 $1,303,054 0.46%
85 Minotaur Acquisition, Inc., First Lien B 1,302,109 $1,302,435 0.46%
86 Entain PLC, First Lien 1,297,506 $1,302,372 0.46%
87 Pathway Vet Alliance LLC, First Lien 2021 Replacement 1,507,467 $1,296,113 0.46%
88 Polaris Newco LLC, First Lien Dollar 1,318,674 $1,293,870 0.46%
89 LI Group Holdings, Inc., First Lien 2021 1,290,593 $1,290,593 0.46%
90 Covanta 11/21 TLB, First Lien 1,291,527 $1,286,936 0.46%
91 Champ Acquisition Corp., First Lien Initial 1,283,371 $1,286,419 0.46%
92 Pediatric Associates Holding Co. LLC, First Lien 1,416,615 $1,278,495 0.45%
93 Brown Group Holding LLC, First Lien 1,276,431 $1,273,164 0.45%
94 Revspring, Inc., First Lien Initial 1,254,000 $1,252,044 0.44%
95 VT Topco, Inc., First Lien 1,244,434 $1,250,463 0.44%
96 Uber Technologies, Inc., TLB, First Lien 1,238,975 $1,243,528 0.44%
97 iHeartCommunications, Inc., First Lien New 1,400,000 $1,239,000 0.44%
98 U.S. Anesthesia Partners, Inc., First Lien 1,278,102 $1,231,969 0.44%
99 Clover CLO 2021-3 LLC 1,250,000 $1,253,632 0.44%
100 Element Materials Technology Group Holdings TL, First Lien 1,225,434 $1,213,688 0.43%
101 GHX Ultimate Parent Corp aka Global Healthcare Exc, First Lien 1,191,081 $1,195,547 0.42%
102 FleetCor Technologies Operating Co. LLC, First Lien 1,184,825 $1,182,936 0.42%
103 Rinchem Company, Inc., First Lien 1,356,563 $1,179,023 0.42%
104 Heartland Dental, LLC, TL, First Lien 1,164,991 $1,167,833 0.41%
105 Padagis LLC, First Lien Initial 1,216,013 $1,164,333 0.41%
106 Catalent Pharma Solutions, Inc., First Lien 1,156,379 $1,156,980 0.41%
107 Snacking Investments BidCo Pty, Ltd., First Lien Initial US 1,151,004 $1,152,442 0.41%
108 Clue Opco LLC, First Lien 1,188,978 $1,150,336 0.41%
109 Imagine Learning LLC TL 1L, First Lien 1,150,000 $1,150,006 0.41%
110 Cloudera, Inc., First Lien 1,147,074 $1,143,489 0.40%
111 Geon Performance Solutions LLC, First Lien 1,139,275 $1,140,699 0.40%
112 Fertitta Entertainment, LLC, First Lien 1,138,413 $1,140,656 0.40%
113 Equiniti Group PLC, First Lien 1,134,028 $1,139,415 0.40%
114 United Airlines, Inc. aka Continental TLB, First Lien 1,125,993 $1,126,696 0.40%
115 Oscar Acquisitionco LLC, First Lien 1,110,569 $1,108,948 0.39%
116 NAPA Management Services Corp., First Lien 1,145,490 $1,091,079 0.39%
117 Amentum Government Services Holdings LLC, First Lien 1,085,890 $1,088,149 0.38%
118 Radiology Partners, Inc., First Lien 1,127,089 $1,085,882 0.38%
119 FOUNDATION BUILDING MATERIALS, INC., TL, First Lien 1,080,035 $1,081,093 0.38%
120 USI, Inc., First Lien 1,073,889 $1,075,317 0.38%
121 EG America LLC, First Lien 1,077,160 $1,062,349 0.38%
122 LSF11 Trinity BidCo, Inc., First Lien Term Loan, First Lien 1,055,420 $1,058,058 0.37%
123 Radiate Holdco, LLC,, First Lien 1,283,627 $1,057,388 0.37%
124 Lumen Technologies, Inc., First Lien Term Loan, First Lien 1,431,602 $1,050,438 0.37%
125 White Cap Buyer LLC, First Lien Initial Closing Date 1,042,571 $1,044,979 0.37%
126 Coherent Corp., First Lien 1,038,770 $1,040,848 0.37%
127 Parexel International Corporation, First Lien 1,034,618 $1,034,944 0.37%
128 Charter Communications Operating LLC, First Lien 1,036,469 $1,034,121 0.37%
129 Magenta Buyer LLC, First Lien Initial 1,681,404 $1,016,787 0.36%
130 Covenant Surgical Partners, Inc., First Lien Initial 1,289,986 $1,011,027 0.36%
131 Bain Capital Credit CLO 2020-4, Ltd. 1,000,000 $1,021,373 0.36%
132 Carlyle US CLO 2022-6, Ltd. 1,000,000 $1,016,217 0.36%
133 Octagon 60, Ltd. 1,000,000 $1,015,339 0.36%
134 CIFC Funding 2022-VII, Ltd. 1,000,000 $1,014,407 0.36%
135 Allegro CLO XII, Ltd. 1,000,000 $1,010,768 0.36%
136 Park Avenue Institutional Advisers CLO, Ltd. 2022-1 1,000,000 $1,009,719 0.36%
137 Barings CLO, Ltd. 2018-III 1,000,000 $1,003,685 0.36%
138 Resonetics LLC, First Lien Initial 992,386 $994,157 0.35%
139 Caesars Entertainment, Inc., First Lien 988,854 $989,269 0.35%
140 Action Environmental Group, Inc., First Lien 977,416 $981,081 0.35%
141 CIFC Funding 2019-V, Ltd. 1,000,000 $999,146 0.35%
142 Bain Capital Credit CLO 2022-3, Ltd. 1,000,000 $993,365 0.35%
143 DaVita, Inc., First Lien B 953,610 $953,924 0.34%
144 Mitnick Corporate Purchaser Inc., First Lien 997,850 $951,544 0.34%
145 Romark CLO IV, Ltd. 1,000,000 $962,542 0.34%
146 Nouryon USA LLC, First Lien 945,250 $947,022 0.33%
147 Midwest Physcn Admin Srvcs LLC, TL, First Lien 1,161,848 $928,026 0.33%
148 Dun & Bradstreet Corp., First Lien 928,511 $927,466 0.33%
149 S&S Holdings LLC, First Lien Initial 925,421 $918,194 0.32%
150 Redwood Star Merger Sub, Inc., First Lien 912,310 $915,106 0.32%
151 Loire UK Midco 3, Ltd., First Lien Facility B2 927,893 $910,959 0.32%
152 APi Group DE, Inc., First Lien 907,832 $908,685 0.32%
153 Access CIG LLC, First Lien 905,493 $907,870 0.32%
154 St. George's University Scholastic Services LLC, First Lien Term Loan B 906,182 $904,143 0.32%
155 Level 3 Financing, Inc., First Lien Term Loan, First Lien 912,764 $894,130 0.32%
156 Air Canada, First Lien B 888,722 $891,192 0.32%
157 1011778 BC Unlimited Liability Company, First Lien 888,369 $885,753 0.31%
158 Park Place Technologies LLC, First Lien Closing Date 881,094 $883,940 0.31%
159 GTCR W Merger Sub LLC, TL, First Lien 867,155 $871,491 0.31%
160 First Brands Group LLC, First Lien 867,208 $869,918 0.31%
161 Mitchell International, Inc., Second Lien 862,371 $862,552 0.31%
162 Sound Point CLO XXXII, Ltd. 1,000,000 $878,192 0.31%
163 CE Intermediate I LLC, First Lien 855,867 $855,066 0.30%
164 Vertex Aerospace Corp., First Lien 852,129 $853,492 0.30%
165 Wand NewCo 3 Inc aka Caliber Collision TL 1L, First Lien 847,764 $850,150 0.30%
166 United Site Cov-Lite, First Lien 1,073,973 $839,992 0.30%
167 Bettcher Industries, Inc., First Lien 830,126 $829,089 0.29%
168 Trulite Holding Corp, TL, First Lien 804,325 $794,271 0.28%
169 Cushman & Wakefield US Borrower LLC, First Lien 792,873 $792,873 0.28%
170 First Brands Group, LLC, First Lien 2018 New Tranche E 789,522 $792,384 0.28%
171 Staples, Inc., First Lien 804,325 $786,787 0.28%
172 DISCOVERY ENERGY CORP., TL, First Lien 784,467 $769,758 0.27%
173 Connectwise, LLC, First Lien 761,739 $761,621 0.27%
174 National Mentor Holdings, Inc., TL, First Lien 802,629 $751,128 0.27%
175 DTI Holdco, Inc. TL, First Lien 751,636 $750,775 0.27%
176 HPS Loan Management CLO 6-2015, Ltd. 834,000 $764,024 0.27%
177 LBM Acquisition LLC, First Lien Initial 742,411 $741,067 0.26%
178 Avolon TLB Borrower 1 (US) TL, First Lien 735,380 $736,193 0.26%
179 Project Ruby Ultimate Parent Corp., First Lien Closing Date 732,195 $728,864 0.26%
180 Hyperion Materials & Technologies, Inc., First Lien Initial 720,062 $720,962 0.26%
181 Aramark Intermediate HoldCo Corp., First Lien U.S. B-4 700,000 $699,783 0.25%
182 IRB Holding Corp., First Lien 698,223 $698,248 0.25%
183 MH Sub I LLC, Second Lien 2021 Replacement 705,038 $681,098 0.24%
184 TRC Companies, Second Lien 713,846 $674,585 0.24%
185 Cotiviti Inc, TL, First Lien 654,346 $657,618 0.23%
186 Phinia Inc., TL, First Lien 651,700 $653,329 0.23%
187 Ursa Minor US Bidco LLC aka Rosen, TL, First Lien 639,507 $640,841 0.23%
188 Prime Security Services Borrower, LLC, TL, First Lien 634,649 $635,208 0.22%
189 Phoenix Guarantor Inc aka BrightSpring, TL 640,000 $633,533 0.22%
190 HUSKY INJECTION MOLDING SYSTEMS LTD., TL, First Lien 635,467 $630,701 0.22%
191 Planet US Buyer, LLC TLB 1L, First Lien 627,705 $628,097 0.22%
192 MH Sub I LLC, First Lien 634,400 $624,963 0.22%
193 Global Medical Response, Inc., First Lien 2020 Refinancing 696,410 $617,629 0.22%
194 Proampac Pg Borrower LLC, First Lien 604,740 $606,403 0.21%
195 FCG Acquisitions, Inc., First Lien Initial 606,376 $606,224 0.21%
196 American Airlines, Inc., First Lien 602,828 $601,038 0.21%
197 Skopima Merger Sub Inc., First Lien Initial 602,870 $600,772 0.21%
198 Generation Bridge Northeast LLC, First Lien 590,036 $592,621 0.21%
199 Inmar, Inc., TL, First Lien 590,732 $588,425 0.21%
200 Cushman & Wakefield US Borrower LLC, First Lien 582,640 $577,541 0.20%
201 CH Guenther 11/21 TL, First Lien 570,176 $570,176 0.20%
202 Radnet Management, Inc., First Lien Initial 566,215 $567,243 0.20%
203 TRC Companies, First Lien 567,828 $567,235 0.20%
204 Femur Buyer, Inc., First Lien Initial 636,149 $565,775 0.20%
205 TACALA INVESTMENT CORP TL 1L, First Lien 563,032 $564,088 0.20%
206 DG Investment Intermediate Holdings 2, Inc., Second Lien Initial 601,071 $563,973 0.20%
207 Element Materials Technology Group Holdings DTL, First Lien 565,585 $560,164 0.20%
208 Park River Holdings, Inc., First Lien Initial 574,093 $559,859 0.20%
209 Rocket Software, Inc., TL, First Lien 554,278 $547,890 0.19%
210 CP Atlas Buyer, Inc., First Lien B 543,754 $537,327 0.19%
211 FOCUS FINANCIAL PARTNERS, LLC, TL, First Lien 537,429 $534,741 0.19%
212 CoreLogic, Inc., Second Lien Initial 567,442 $516,730 0.18%
213 Flutter Financing B.V., First Lien 513,126 $514,658 0.18%
214 Ryan LLC., First Lien 494,603 $496,265 0.18%
215 Rad CLO 5, Ltd. 500,000 $496,049 0.18%
216 Xerox 11/23 TLB 1L, First Lien 492,000 $493,437 0.17%
217 Buckeye Partners LP, First Lien 490,537 $491,322 0.17%
218 Eisner Advisory Group LLC, TL, First Lien 489,410 $486,963 0.17%
219 Hyperion Refinance Sarl, First Lien 488,817 $486,933 0.17%
220 CITCO FUNDING LLC TL 1L, First Lien 478,800 $480,098 0.17%
221 Access CIG LLC, Second Lien Initial 477,375 $478,196 0.17%
222 Iron Mountain, Inc., First Lien 468,543 $466,495 0.17%
223 Ivanti Software, Inc., Second Lien 537,313 $465,045 0.16%
224 Boxer Parent Company Inc., Term Loan, First Lien 448,255 $450,243 0.16%
225 FLEET MIDCO I LIMITED, TL, First Lien 444,701 $444,978 0.16%
226 Spring Education Group, Inc., TL, First Lien 441,122 $441,605 0.16%
227 PPM CLO 3, Ltd. 500,000 $455,815 0.16%
228 Citadel Securities LP, First Lien 436,264 $436,419 0.15%
229 LTI Holdings, Inc., Second Lien Initial 468,085 $435,085 0.15%
230 Fastlane Parent Co., Inc., First Lien 426,636 $427,393 0.15%
231 Flexera Software LLC, First Lien B-1 424,087 $424,587 0.15%
232 TruGreen LP, First Lien 438,020 $424,255 0.15%
233 IRB Holding Corporation, TL, First Lien 424,066 $424,081 0.15%
234 Nouryon Finance B.V., TLB, First Lien 423,404 $424,067 0.15%
235 World Wide Technology Holding Co., LLC, TL, First Lien 408,347 $410,133 0.15%
236 LTI Holdings, Inc., First Lien 414,068 $408,892 0.14%
237 CROSBY US ACQUISITION CORP.???TL 1L, First Lien 401,195 $403,370 0.14%
238 Touchdown Acquirer Inc aka TenCate TL 1L, First Lien 401,639 $402,392 0.14%
239 Whitewater Whistler Holdings, LLC, TL, First Lien 400,801 $401,220 0.14%
240 Vestis Corp TLB, First Lien 375,000 $376,172 0.13%
241 Lereta, LLC, First Lien 482,271 $369,591 0.13%
242 Atlas CC Acquisition Corp., First Lien C 404,391 $362,816 0.13%
243 Belron Finance US LLC, First Lien 362,159 $362,538 0.13%
244 Freeport LNG, First Lien 364,305 $361,631 0.13%
245 GIP Pilot Acquisition Partners LP, First Lien 359,040 $359,640 0.13%
246 HOMESERVE USA HOLDING CORP. TLB 1L, First Lien 353,882 $354,049 0.13%
247 Arsenal AIC Parent, LLC TLB 1L, First Lien 343,356 $343,999 0.12%
248 Fugue Finance LLC aka Nord Anglia TLB, First Lien 340,095 $340,520 0.12%
249 ISOLVED, INC.TLB 1L, First Lien 320,000 $321,501 0.11%
250 Perforce Software, Inc., First Lien New 321,908 $319,724 0.11%
251 INSTRUCTURE HOLDINGS, INC. TLB 1L, First Lien 319,672 $318,873 0.11%
252 Surgery Center Holdings, INC., Term Loan, First Lien 310,874 $311,889 0.11%
253 Artera Services LLC aka PowerTeam, TL, First Lien 308,293 $309,449 0.11%
254 Deerfield Dakota Holding LLC, Second Lien 2021 Replacement 304,000 $302,670 0.11%
255 NFP Corp., First Lien Closing Date 300,089 $300,874 0.11%
256 Tutor Perini Corp., First Lien B 300,009 $298,509 0.11%
257 Belfor Holdings, Inc., First Lien 295,578 $296,686 0.10%
258 AssuredPartners, Inc. TL 1L 296,052 $296,469 0.10%
259 Blackstone Mortgage Trust, Inc., First Lien 296,193 $295,452 0.10%
260 Blackstone Mortgage Trust, Inc., First Lien 296,134 $295,209 0.10%
261 SS&C Technologies, Inc., First Lien 293,415 $293,654 0.10%
262 TMF Sapphire Bidco B.V., TL, First Lien 290,909 $293,091 0.10%
263 Waystar Technologies, Inc., First Lien 289,656 $290,381 0.10%
264 Chariot Buyer LLC, First Lien 285,037 $284,787 0.10%
265 TRANS UNION, LLC, TL, First Lien 282,133 $282,259 0.10%
266 Apttus Corp., First Lien Initial 273,282 $273,923 0.10%
267 Action Environmental Group Inc, TL 272,000 $273,020 0.10%
268 Envision Healthcare Corp. Equity , Equity 29,091 $292,728 0.10%
269 Buckeye Partners, LP TLB 1L, First Lien 259,794 $260,281 0.09%
270 Tamko Building Products LLC, First Lien 251,131 $251,604 0.09%
271 Hilton Grand Vacations Borrower, LLC TLB 1L, First Lien 233,909 $233,860 0.08%
272 Ivanti Software, Inc., First Lien First Amendment 247,824 $231,759 0.08%
273 McKissock Investment Holdings, LLC, First Lien 227,947 $228,575 0.08%
274 American Airlines, Inc., First Lien 2020 228,870 $227,082 0.08%
275 American Builders & Contractors Supply Co., Inc., First Lien 225,977 $226,401 0.08%
276 AmWINS Group, Inc., First Lien 224,956 $225,216 0.08%
277 Asp Blade Holdings, Inc. TLB, First Lien 239,551 $216,623 0.08%
278 Univision Communications, Inc., First Lien 214,909 $215,473 0.08%
279 Covenant Surgical Partners, Inc., First Lien Delayed Draw 269,360 $211,111 0.07%
280 Adevinta ASA, First Lien Facility B2 207,821 $208,693 0.07%
281 BCPE Grill Parent, Inc.TLB, First Lien 207,115 $205,449 0.07%
282 Summit Materials LLC, First Lien 203,957 $204,806 0.07%
283 Mavis Tire Express Services Topco Corp., First Lien 196,483 $196,914 0.07%
284 IQVIA INC., TL, First Lien 195,192 $196,046 0.07%
285 Sovos Brands Intermediate, Inc., First Lien 188,049 $188,418 0.07%
286 INNIO Group Holding GmbH Term Loan, First Lien 184,930 $185,566 0.07%
287 HUB INTERNATIONAL LIMITED, TL, First Lien 184,082 $184,091 0.07%
288 Core & Main LP, First Lien 177,303 $177,303 0.06%
289 Medical Solutions LLC, First Lien 192,588 $166,348 0.06%
290 Blackhawk Network Holdings Inc, TL, First Lien 166,329 $164,977 0.06%
291 Dynasty Acquisition Co., Inc., First Lien 158,404 $158,914 0.06%
292 Genesys Cloud Services Holdings II LLC aka Genesys 158,191 $158,883 0.06%
293 Outcomes Group Holdings, Inc., Second Lien Initial 162,722 $154,586 0.05%
294 Amer Sports Co TL 1L, First Lien 154,318 $154,318 0.05%
295 SS&C Technologies, Inc., First Lien 150,960 $151,083 0.05%
296 LHS Borrower, LLC, TL, First Lien 151,447 $142,029 0.05%
297 Epicor Software Corp. TL 1L, First Lien 130,909 $131,656 0.05%
298 Carestream Health, Inc. TL 1L, First Lien 153,319 $128,548 0.05%
299 COGECO Financing 2 LP, First Lien 113,117 $109,017 0.04%
300 Berry Global, Inc., First Lien 107,455 $107,709 0.04%
301 MLN US HoldCo LLC, First Lien B 854,492 $105,384 0.04%
302 Xerox Holdings Corp. 134,000 $121,339 0.04%
303 Triumph Group, Inc. 110,000 $115,124 0.04%
304 NCL Corp., Ltd. 110,000 $107,525 0.04%
305 Rakuten Group, Inc. 100,000 $106,493 0.04%
306 Covanta 11/21 TLC, First Lien 98,467 $98,117 0.03%
307 Touchdown Acquirer Inc aka TenCate DDTL 1L, First Lien 87,950 $88,115 0.03%
308 Justrite Safety Group, First Lien Delayed Draw 74,081 $72,986 0.03%
309 TransDigm, Inc. 105,000 $96,554 0.03%
310 Starwood Property Trust, Inc. 100,000 $93,878 0.03%
311 Frontier Communications Holdings LLC 104,000 $93,494 0.03%
312 Clear Channel Outdoor Holdings, Inc. 98,000 $84,830 0.03%
313 Intesa Sanpaolo SpA 85,000 $84,256 0.03%
314 Archrock Partners LP / Archrock Partners Finance Corp. 80,000 $78,070 0.03%
315 Sunoco LP / Sunoco Finance Corp. 83,000 $76,747 0.03%
316 PennyMac Financial Services, Inc. 85,000 $76,733 0.03%
317 Tempur Sealy International, Inc. 85,000 $76,270 0.03%
318 Spirit AeroSystems, Inc. 85,000 $74,707 0.03%
319 Service Properties Trust 80,000 $73,539 0.03%
320 American Airlines, Inc. 70,000 $70,646 0.03%
321 CVR Energy, Inc. 70,000 $70,494 0.03%
322 Standard Aero, Ltd., First Lien 67,887 $68,106 0.02%
323 Cable One, Inc., First Lien 60,324 $59,470 0.02%
324 Coral-US Co-Borrower LLC, First Lien B-5 53,622 $53,094 0.02%
325 DaVita, Inc. 80,000 $70,447 0.02%
326 Cogent Communications Group, Inc. 67,000 $66,964 0.02%
327 Nationstar Mortgage Holdings, Inc. 70,000 $66,176 0.02%
328 Northern Oil & Gas, Inc. 60,000 $60,808 0.02%
329 goeasy, Ltd. 57,000 $60,534 0.02%
330 Vistra Operations Co. LLC 57,000 $59,010 0.02%
331 Suburban Propane Partners LP/Suburban Energy Finance Corp. 62,000 $55,756 0.02%
332 Parkland Corp. 59,000 $53,968 0.02%
333 Iron Mountain, Inc. 57,000 $53,041 0.02%
334 OneMain Finance Corp. 60,000 $52,494 0.02%
335 Gap, Inc. 62,000 $52,443 0.02%
336 Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC 68,000 $52,425 0.02%
337 Valaris, Ltd. 50,000 $51,312 0.02%
338 Advantage Sales & Marketing, Inc. 55,000 $51,239 0.02%
339 FMG Resources August 2006 Pty, Ltd. 51,000 $50,449 0.02%
340 CNX Resources Corp. 52,000 $50,025 0.02%
341 Synchrony Financial 51,000 $49,615 0.02%
342 Nationstar Mortgage Holdings, Inc. 50,000 $49,204 0.02%
343 Carnival Corp. 45,000 $49,133 0.02%
344 Edgewell Personal Care Co. 50,000 $48,860 0.02%
345 Icahn Enterprises LP / Icahn Enterprises Finance Corp. 50,000 $48,769 0.02%
346 Mineral Resources, Ltd. 48,000 $48,476 0.02%
347 Civitas Resources, Inc. 45,000 $47,145 0.02%
348 Coherent Corp. 50,000 $46,672 0.02%
349 Navient Corp. 50,000 $45,704 0.02%
350 M/I Homes, Inc. 51,000 $45,564 0.02%
351 Post Holdings, Inc. 50,000 $45,532 0.02%
352 Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC 55,000 $44,732 0.02%
353 Griffon Corp. 45,000 $43,582 0.02%
354 Newmark Group, Inc. 42,000 $42,741 0.02%
355 Howard Hughes Corp. 50,000 $42,663 0.02%
356 Lumen Technologies Inc aka CenturyLink,Inc., TL, First Lien 40,477 $37,666 0.01%
357 Foundational Education Group, Inc., First Lien 34,305 $33,962 0.01%
358 National Mentor Holdings, Inc., TLC, First Lien 23,078 $21,597 0.01%
359 Strategic Materials Holding Corp., Second Lien Initial 800,000 $17,000 0.01%
360 Carestream Health Holdings Inc , Equity 55,510 $22,204 0.01%
361 Burford Capital Global Finance LLC 40,000 $42,050 0.01%
362 Patrick Industries, Inc. 45,000 $41,234 0.01%
363 Enerflex, Ltd. 40,000 $40,308 0.01%
364 CSC Holdings LLC 39,000 $40,278 0.01%
365 Energizer Holdings, Inc. 44,000 $40,277 0.01%
366 Antero Midstream Partners LP / Antero Midstream Finance Corp. 40,000 $39,249 0.01%
367 FirstCash, Inc. 39,000 $38,663 0.01%
368 Realogy Group LLC / Realogy Co.-Issuer Corp. 50,000 $37,250 0.01%
369 Conduent Business Services LLC / Conduent State & Local Solutions, Inc. 40,000 $36,745 0.01%
370 Gap, Inc. 45,000 $36,352 0.01%
371 Sabre GLBL, Inc. 41,000 $36,140 0.01%
372 Mineral Resources, Ltd. 35,000 $35,690 0.01%
373 Asbury Automotive Group, Inc. 40,000 $35,555 0.01%
374 Victoria's Secret & Co. 42,000 $35,478 0.01%
375 Precision Drilling Corp. 35,000 $34,602 0.01%
376 Rithm Capital Corp. 35,000 $34,579 0.01%
377 OneMain Finance Corp. 33,000 $33,589 0.01%
378 Beazer Homes USA, Inc. 34,000 $33,079 0.01%
379 Eldorado Gold Corp. 35,000 $32,821 0.01%
380 MicroStrategy, Inc. 34,000 $32,821 0.01%
381 AdaptHealth LLC 35,000 $32,032 0.01%
382 Parkland Corp. 35,000 $32,005 0.01%
383 CSC Holdings LLC 44,000 $31,328 0.01%
384 Upbound Group, Inc. 32,000 $30,653 0.01%
385 NRG Energy, Inc. 35,000 $30,581 0.01%
386 SunCoke Energy, Inc. 34,000 $30,565 0.01%
387 ams-OSRAM AG 30,000 $30,469 0.01%
388 Global Partners LP / GLP Finance Corp. 30,000 $30,033 0.01%
389 Hess Midstream Operations LP 30,000 $29,603 0.01%
390 Parkland Corp. 30,000 $29,470 0.01%
391 ANGI Group LLC 34,000 $29,251 0.01%
392 Allison Transmission, Inc. 30,000 $28,794 0.01%
393 PBF Holding Co. LLC / PBF Finance Corp. 28,000 $28,713 0.01%
394 Forestar Group, Inc. 30,000 $28,536 0.01%
395 Encompass Health Corp. 30,000 $28,415 0.01%
396 Churchill Downs, Inc. 30,000 $28,403 0.01%
397 CCO Holdings LLC / CCO Holdings Capital Corp. 30,000 $28,391 0.01%
398 CCO Holdings LLC / CCO Holdings Capital Corp. 30,000 $27,712 0.01%
399 Superior Plus LP / Superior General Partner, Inc. 30,000 $27,184 0.01%
400 Foot Locker, Inc. 32,000 $27,116 0.01%
401 Ally Financial, Inc. 27,000 $26,624 0.01%
402 Apollo Commercial Real Estate Finance, Inc. 32,000 $26,508 0.01%
403 Gray Television, Inc. 41,000 $26,461 0.01%
404 Helix Energy Solutions Group, Inc. 25,000 $26,442 0.01%
405 IAMGOLD Corp. 29,000 $25,916 0.01%
406 Delek Logistics Partners LP / Delek Logistics Finance Corp. 27,000 $25,876 0.01%
407 ModivCare Escrow Issuer, Inc. 35,000 $25,851 0.01%
408 Titan International, Inc. 25,000 $24,842 0.01%
409 New Gold, Inc. 25,000 $24,784 0.01%
410 Transocean, Inc. 25,000 $24,735 0.01%
411 Taseko Mines, Ltd. 25,000 $24,644 0.01%
412 LGI Homes, Inc. 23,000 $24,121 0.01%
413 Adtalem Global Education, Inc. 25,000 $23,823 0.01%
414 Viasat, Inc. 32,000 $23,741 0.01%
415 Consolidated Communications, Inc. 27,000 $23,220 0.01%
416 Hanesbrands, Inc. 23,000 $23,075 0.01%
417 Nordstrom, Inc. 32,000 $22,899 0.01%
418 TriNet Group, Inc. 25,000 $22,162 0.01%
419 Clear Channel Outdoor Holdings, Inc. 26,000 $21,543 0.01%
420 Dream Finders Homes, Inc. 20,000 $20,801 0.01%
421 Sabre GLBL, Inc. 22,000 $20,694 0.01%
422 RingCentral, Inc. 20,000 $20,694 0.01%
423 Navient Corp. 19,000 $19,878 0.01%
424 Bath & Body Works, Inc. 20,000 $19,488 0.01%
425 PennyMac Financial Services, Inc. 19,000 $19,465 0.01%
426 CCO Holdings LLC / CCO Holdings Capital Corp. 20,000 $19,391 0.01%
427 Navient Corp. 20,000 $18,984 0.01%
428 Nexstar Media, Inc. 20,000 $18,975 0.01%
429 FirstCash, Inc. 20,000 $18,970 0.01%
430 Frontier Communications Holdings LLC 22,000 $18,866 0.01%
431 Compass Group Diversified Holdings LLC 20,000 $18,815 0.01%
432 FirstCash, Inc. 20,000 $18,524 0.01%
433 NGL Energy Operating LLC / NGL Energy Finance Corp. 18,000 $18,185 0.01%
434 Delek Logistics Partners LP / Delek Logistics Finance Corp. 18,000 $18,042 0.01%
435 Louisiana-Pacific Corp. 20,000 $17,972 0.01%
436 Calumet Specialty Products Partners LP / Calumet Finance Corp. 18,000 $17,852 0.01%
437 CHS/Community Health Systems, Inc. 18,000 $17,838 0.01%
438 Danaos Corp. 17,000 $17,463 0.01%
439 Iron Mountain, Inc. 17,000 $17,273 0.01%
440 Transocean, Inc. 20,000 $17,081 0.01%
441 Builders FirstSource, Inc. 17,000 $16,982 0.01%
442 Brandywine Operating Partnership LP 20,000 $16,711 0.01%
443 Navient Corp. 20,000 $16,314 0.01%
444 BlueLinx Holdings, Inc. 17,000 $16,235 0.01%
445 CNX Resources Corp. 16,000 $15,955 0.01%
446 Vornado Realty LP 20,000 $15,535 0.01%
447 W&T Offshore, Inc. 15,000 $15,445 0.01%
448 Service Properties Trust 20,000 $15,437 0.01%
449 CHS/Community Health Systems, Inc. 15,000 $15,293 0.01%
450 Thor Industries, Inc. 17,000 $15,066 0.01%
451 Beazer Homes USA, Inc. 15,000 $15,058 0.01%
452 AMC Networks, Inc. 23,000 $14,909 0.01%
453 Enova International, Inc. 15,000 $14,869 0.01%
454 Pitney Bowes, Inc. 17,000 $14,739 0.01%
455 Berry Petroleum Co. LLC 15,000 $14,707 0.01%
456 Mercer International, Inc. 17,000 $14,669 0.01%
457 Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC 20,000 $14,623 0.01%
458 CHS/Community Health Systems, Inc. 23,000 $14,414 0.01%
459 CCO Holdings LLC / CCO Holdings Capital Corp. 18,000 $14,238 0.01%
460 Air Canada 15,000 $14,223 0.01%
461 CVR Partners LP / CVR Nitrogen Finance Corp. 15,000 $14,197 0.01%
462 Moog, Inc. 15,000 $14,053 0.01%
463 OneMain Finance Corp. 15,000 $13,938 0.01%
464 Loyalty Ventures, Inc., First Lien 490,359 $6,129 0.00%
465 World Acceptance Corp. 15,000 $13,894 0.00%
466 PennyMac Financial Services, Inc. 15,000 $13,806 0.00%
467 NRG Energy, Inc. 16,000 $13,471 0.00%
468 MPT Operating Partnership LP / MPT Finance Corp. 15,000 $13,376 0.00%
469 American Axle & Manufacturing, Inc. 15,000 $13,021 0.00%
470 Frontier Communications Holdings LLC 15,000 $12,842 0.00%
471 Service Properties Trust 15,000 $12,702 0.00%
472 Tempur Sealy International, Inc. 15,000 $12,492 0.00%
473 Great Lakes Dredge & Dock Corp. 14,000 $12,246 0.00%
474 Scripps Escrow, Inc. 15,000 $12,191 0.00%
475 Calumet Specialty Products Partners LP / Calumet Finance Corp. 12,000 $11,890 0.00%
476 Northern Oil & Gas, Inc. 11,000 $11,509 0.00%
477 Navient Corp. 10,000 $10,951 0.00%
478 CCO Holdings LLC / CCO Holdings Capital Corp. 12,000 $10,864 0.00%
479 NCL Corp., Ltd. 10,000 $10,258 0.00%
480 iHeartCommunications, Inc. 12,000 $10,230 0.00%
481 NGL Energy Operating LLC / NGL Energy Finance Corp. 10,000 $10,166 0.00%
482 TransDigm, Inc. 11,000 $10,097 0.00%
483 Tutor Perini Corp. 10,000 $9,897 0.00%
484 FMG Resources August 2006 Pty, Ltd. 10,000 $9,798 0.00%
485 PRA Group, Inc. 10,000 $9,781 0.00%
486 American Airlines Group, Inc. 10,000 $9,778 0.00%
487 Gray Television, Inc. 15,000 $9,720 0.00%
488 Iron Mountain, Inc. 10,000 $9,649 0.00%
489 Starwood Property Trust, Inc. 10,000 $9,337 0.00%
490 Bloomin' Brands, Inc. / OSI Restaurant Partners LLC 10,000 $9,262 0.00%
491 Service Properties Trust 10,000 $9,261 0.00%
492 Energean PLC 10,000 $9,145 0.00%
493 Sirius XM Radio, Inc. 10,000 $9,019 0.00%
494 Nexstar Media, Inc. 10,000 $8,891 0.00%
495 EnQuest PLC 9,000 $8,822 0.00%
496 Deluxe Corp. 10,000 $8,738 0.00%
497 Sinclair Television Group, Inc. 12,000 $8,718 0.00%
498 Macy's Retail Holdings LLC 10,000 $8,249 0.00%
499 GrafTech Global Enterprises, Inc. 10,000 $7,953 0.00%
500 Macy's Retail Holdings LLC 7,000 $6,522 0.00%
501 Light & Wonder International, Inc. 6,000 $6,255 0.00%
502 Nationstar Mortgage Holdings, Inc. 6,000 $5,906 0.00%
503 CSC Holdings LLC 10,000 $5,890 0.00%
504 CHS/Community Health Systems, Inc. 9,000 $5,754 0.00%
505 Scripps Escrow II, Inc. 10,000 $5,712 0.00%
506 PHH Mortgage Corp. 6,000 $5,546 0.00%
507 Popular, Inc. 5,000 $5,075 0.00%
508 Premier Entertainment Sub LLC / Premier Entertainment Finance Corp. 7,000 $5,047 0.00%
509 Park-Ohio Industries, Inc. 5,000 $4,580 0.00%
510 CCO Holdings LLC / CCO Holdings Capital Corp. 5,000 $4,258 0.00%
511 Chemours Co. 3,000 $2,634 0.00%
512 Wabash National Corp. 2,000 $1,833 0.00%
Net Cash Equivalent & Other Assets Minus Liabilities^ $-1,159,261 -0.41%
Total 282,770,424 100%

Total Holdings: 512

^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 -0.41% 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

BSL

Calendar YearEx-DateRecord DatePayable DatePer Share AmountDistribution TypeSection 19a Notice
2024May 22, 2024May 23, 2024May 31, 2024$0.114Ordinary Income
2024April 22, 2024April 23, 2024April 30, 2024$0.114Ordinary Income
2024March 20, 2024March 21, 2024March 28, 2024$0.114Ordinary Income
2024February 21, 2024February 22, 2024February 29, 2024$0.114Ordinary Income
2023December 28, 2023December 29, 2023January 31, 2024$0.114Ordinary Income
2023December 20, 2023December 21, 2023December 29, 2023$0.114Ordinary Income
2023November 21, 2023November 22, 2023November 30, 2023$0.119Ordinary Income
2023October 23, 2023October 24, 2023October 31, 2023$0.119Ordinary Income
2023September 21, 2023September 22, 2023September 29, 2023$0.119Ordinary Income
2023August 23, 2023August 24, 2023August 31, 2023$0.109Ordinary Income
2023July 21, 2023July 24, 2023July 31, 2023$0.109Ordinary Income
2023June 22, 2023June 23, 2023June 30, 2023$0.109Ordinary Income
2023May 22, 2023May 23, 2023May 31, 2023$0.108Ordinary Income
2023April 20, 2023April 21, 2023April 28, 2023$0.108Ordinary Income
2023March 23, 2023March 24, 2023March 31, 2023$0.108Ordinary Income
2023February 17, 2023February 21, 2023February 28, 2023$0.100Ordinary Income
2023January 23, 2023January 24, 2023January 31, 2023$0.100Ordinary Income
2022December 21, 2022December 22, 2022December 30, 2022$0.100Ordinary Income
2022November 21, 2022November 22, 2022November 30, 2022$0.082Ordinary Income
2022October 21, 2022October 24, 2022October 31, 2022$0.082Ordinary Income
2022September 22September 23September 30$0.082Ordinary Income
2022August 23August 24August 31$0.074Ordinary Income
2022July 21July 22July 29$0.074Ordinary Income
2022June 22June 23June 30$0.074Ordinary Income
2022 May 20May 23May 31 $0.071Ordinary Income
2022April 21April 22April 29 $0.071Ordinary Income
2022March 23March 24March 31$0.071Ordinary Income
2022February 17February 18February 28$0.075Ordinary Income
2021December 30December 31January 31, 2022$0.075Ordinary Income
2021December 30December 31January 31, 2022$0.086Special Distribution
2021December 22December 23December 31$0.075Ordinary Income
2021November 19November 22November 30$0.078Ordinary Income
2021October 21October 22October 29$0.078Ordinary Income
2021September 22September 23September 30$0.078Ordinary Income
2021August 23August 24August 31$0.075Ordinary Income
2021July 22July 23July 30$0.075Ordinary Income
2021June 22June 23June30$0.075Ordinary Income
2021May 20May 21May 28$0.073Ordinary Income
2021April 22April 23April 30$0.073Ordinary Income
2021March 23March 24March 31$0.073Ordinary Income
2021February 18February 19February 26$0.074Ordinary Income
2020December 30December 31January 29, 2021$0.029Special Distribution
2020December 30December 31January 29, 2021$0.074Ordinary Income
2020December 22December 23December 31$0.074Ordinary Income
2020November 19November 20November 30$0.079Ordinary Income
2020October 22October 23October 30$0.079Ordinary Income
2020September 22September 23September 30$0.079Ordinary Income
2020August 21August 24August 31$0.093Ordinary Income
2020July 23July 24July 31$0.093Ordinary Income
2020June 22June 23June 30$0.093Ordinary Income
2020May 20May 21May 29$0.098Ordinary Income
2020April 22April 23April 30$0.098Ordinary Income
2020March 23March 24March 31$0.098Ordinary Income
2020February 20February 21February 28$0.101Ordinary Income
2019December 30December 31January 31, 2020$0.101Ordinary Income
2019December 30December 31January 31, 2020$0.021Special Distribution
2019December 20December 23December 31$0.101Ordinary Income
2019November 21November 22November 29$0.107Ordinary Income
2019October 23October 24October 31$0.107Ordinary Income
2019September 20September 23September 30$0.107Ordinary Income
2019August 22August 23August 30$0.111Ordinary Income
2019July 23July 24July 31$0.111Ordinary Income
2019June 20June 21June 28$0.111Ordinary Income
2019May 22May 23May 31$0.111Ordinary Income
2019April 22April 23April 30$0.111Ordinary Income
2019March 21March 22March 29$0.111Ordinary Income
2019February 20February 21February 28$0.107Ordinary Income
2018December 28December 31January 31, 2019$0.107Ordinary Income
2018December 28December 31January 31, 2019$0.228Special Distribution
2018December 20December 21December 31$0.107Ordinary Income
2018November 21November 23November 30$0.097Ordinary Income
2018October 23October 24October 31$0.097Ordinary Income
2018September 20September 21September 28$0.097Ordinary Income
2018August 23August 24August 31$0.097Ordinary Income
2018July 23July 24July 31$0.097Ordinary Income
2018June 21June 22June 29$0.097Ordinary Income
2018May 22May 23May 31$0.097Ordinary Income
2018April 20April 23April 30$0.097Ordinary Income
2018March 21March 22March 29$0.097Ordinary Income
2018February 20February 21February 28$0.097Ordinary Income
2017December 28December 29January 31, 2018$0.097Ordinary Income
2017December 20December 21December 29$0.097Ordinary Income
2017November 21November 22November 30$0.097Ordinary Income
2017October 23October 24October 31$0.097Ordinary Income
2017September 21September 22September 29$0.097Ordinary Income
2017August 22August 24August 31$0.097Ordinary Income
2017July 20July 24July 31$0.097Ordinary Income
2017June 21June 23June 30$0.097Ordinary Income
2017May 19May 23May 31$0.097Ordinary Income
2017April 19April 21April 28$0.097Ordinary Income
2017March 22March 24March 31$0.097Ordinary Income
2017February 16February 21February 28$0.097Ordinary Income
2016December 28December 30January 31, 2017$0.097Ordinary Income
2016December 20December 22December 30$0.097Ordinary Income
2016November 18November 22November 30$0.098Ordinary Income
2016October 20October 24October 31$0.097Ordinary Income
2016September 21September 23September 30$0.097Ordinary Income
2016August 22August 24August 31$0.097Ordinary Income
2016July 20July 22July 29$0.097Ordinary Income
2016June 21June 23June 30$0.097Ordinary Income
2016May 19May 23May 31$0.097Ordinary Income
2016April 20April 22April 29$0.097Ordinary Income
2016March 21March 23March 31$0.097Ordinary Income
2016February 18February 22February 29$0.090Ordinary Income
2015December 29December 31January 29, 2016$0.090Ordinary Income
2015December 21December 23December 31$0.090Ordinary Income
2015November 18November 20November 30$0.090Ordinary Income
2015October 21October 23October 30$0.090Ordinary Income
2015September 21September 23September 30$0.090Ordinary Income
2015August 20August 24August 31$0.090Ordinary Income
2015July 22July 24July 31$0.090Ordinary Income
2015June 19June 23June 30$0.090Ordinary Income
2015May 19May 21May 29$0.090Ordinary Income
2015April 21April 23April 30$0.090Ordinary Income
2015March 20March 24March 31$0.090Ordinary Income
2015February 18February 20February 27$0.090Ordinary IncomeFEBRUARY
2015January 21January 23January 30$0.090Ordinary IncomeJANUARY
2014December 19December 23December 31$0.090Ordinary IncomeDECEMBER
2014November 18November 20November 28$0.100Ordinary IncomeNOVEMBER
2014October 22October 24October 31$0.039Short Term Capital GainsOCTOBER
2014October 22October 24October 31$0.021Ordinary IncomeOCTOBER
2014October 22October 24October 31$0.040Long Term Capital GainsOCTOBER
2014September 19September 23September 30$0.100Ordinary IncomeSEPTEMBER
2014August 20August 22August 29$0.100Ordinary IncomeAUGUST
2014July 22July 24July 31$0.100Ordinary IncomeJULY
2014June 19June 23June 30$0.100Ordinary IncomeJUNE
2014May 20May 22May 30$0.100Ordinary IncomeMAY
2014April 21April 23April 30$0.100Ordinary IncomeAPRIL
2014March 20March 24March 31$0.100Ordinary IncomeMARCH
2014February 19February 21February 28$0.110Ordinary IncomeFEBRUARY
2014January 22January 24January 31$0.110Ordinary IncomeJANUARY
2013December 19December 23December 31$0.110Ordinary IncomeDECEMBER
2013November 14November 18November 29$0.110Ordinary IncomeNOVEMBER
2013October 16October 18October 31$0.110Ordinary Income

2013September 18September 20September 30$0.110Ordinary IncomeSEPTEMBER
2013August 15August 19August 30$0.110Ordinary Income
2013July 16July 18July 31$0.110Ordinary IncomeJULY
2013June 13June 17June 28$0.110Ordinary Income
JUNE
2013May 15May 17May 31$0.110Ordinary IncomeMAY
2013April 17April 19April 30$0.110Ordinary Income
2013March 14March 18March 28$0.110Ordinary Income
2013February 13February 15February 28$0.110Ordinary Income
2012December 27December 31January 31, 2013$0.100SpecialJANUARY
2012December 27December 31January 31, 2013$0.110Ordinary Income
2012December 14December 18December 31$0.110Ordinary Income
2012November 15November 19November 30$0.110Ordinary Income
2012October 17October 19October 31$0.110Ordinary Income
2012September 14September 18September 28$0.110Ordinary IncomeSEPTEMBER
2012August 15August 17August 31$0.110Ordinary IncomeAUGUST
2012July 18July 20July 31$0.110Ordinary Income
2012June 15June 19June 29$0.110Ordinary IncomeJUNE
2012May 16May 18May 31$0.110Ordinary Income
2012April 18April 20April 30$0.110Ordinary Income
2012March 15March 19March 30$0.110Ordinary Income
2012February 15February 17February 29$0.110Ordinary Income
2011December 28December 30January 31, 2012$0.060SpecialJANUARY
2011December 28December 30January 13, 2012$0.110Ordinary Income
2011December 14December 16December 30$0.110Ordinary Income
2011November 16November 18November 30$0.110Ordinary Income
2011October 17October 19October 31$0.110Ordinary Income
2011September 15September 19September 30$0.086Short Term Capital GainsSEPTEMBER
2011September 15September 19September 30$0.024Ordinary IncomeSEPTEMBER
2011August 16August 18August 31$0.110Ordinary Income
2011July 18July 20July 29$0.110Ordinary Income
2011June 15June 17June 30$0.110Ordinary Income
2011May 17May 19May 31$0.110Ordinary Income
2011April 18April 20April 29$0.110Ordinary Income
2011March 16March 18March 31$0.110Ordinary Income
2011February 16February 18February 28$0.110Ordinary Income
2010December 29December 31January 14, 2011$0.110Ordinary IncomeJANUARY
2010December 15December 17December 31$0.110Ordinary IncomeDECEMBER
2010November 17November 19November 30$0.110Ordinary IncomeNOVEMBER
2010October 18October 20October 29$0.110Ordinary IncomeOCTOBER
2010September 15September 17September 30$0.110Ordinary Income
2010August 16August 18August 31$0.110Ordinary Income

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
PROXY STATEMENTDOWNLOAD
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 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 ANNOUNCES NAME CHANGES FOR TWO CLOSED-END FUNDS TO SPECIFY “2027 TERM” IN NAMEFebruary 23, 2023DOWNLOAD
BLACKSTONE CREDIT CLOSED-END FUNDS DECLARE MONTHLY DISTRIBUTIONSDecember 12, 2022DOWNLOAD
BLACKSTONE CREDIT CLOSED-END FUNDS DECLARE MONTHLY DISTRIBUTIONSSeptember 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, 2021DOWNLOAD
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
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 SENIOR FLOATING RATE TERM FUND ANNOUNCES SHAREHOLDER APPROVAL OF TERM EXTENSIONFebruary 19, 2020DOWNLOAD
BLACKSTONE / GSO CLOSED-END FUNDS DECLARE SPECIAL DISTRIBUTIONSDecember 18, 2019DOWNLOAD
BLACKSTONE / GSO CLOSED-END FUNDS DECLARE MONTHLY DISTRIBUTIONSDecember 10, 2019DOWNLOAD
BLACKSTONE / GSO SENIOR FLOATING RATE TERM FUND ANNOUNCED PROPOSED TERM EXTENSION AND UPDATE ON STATUS OF PREVIOUSLY PROPOSED RIGHTS OFFERINGDecember 04, 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 SENIOR FLOATING RATE TERM FUND UPDATE ON POTENTIAL RIGHTS OFFERINGSeptember 12, 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 SENIOR FLOATING RATE TERM FUND ANNOUNCES PRELIMINARY FILING FOR A RIGHTS OFFERINGJanuary 20, 2018DOWNLOAD
BLACKSTONE / GSO SENIOR FLOATING RATE TERM FUND ANNOUNCES SHAREHOLDER APPROVAL OF TERM EXTENSIONNovember 17, 2017DOWNLOAD
BLACKSTONE / GSO CLOSED-END FUNDS DECLARE MONTHLY DISTRIBUTIONSNovember 14, 2017DOWNLOAD
BLACKSTONE / GSO CLOSED-END FUNDS DECLARE MONTHLY DISTRIBUTIONSSeptember 27, 2017DOWNLOAD
BLACKSTONE / GSO SENIOR FLOATING RATE TERM FUND ANNOUNCES PROPOSED TERM EXTENSIONSeptember 12, 2017DOWNLOAD
BLACKSTONE / GSO CLOSED-END FUNDS DECLARE MONTHLY DISTRIBUTIONSMay 19, 2017DOWNLOAD
BLACKSTONE/GSO SENIOR FLOATING RATE TERM FUND ANNOUNCES EXTENSION OF REINVESTMENT PERIODMarch 31, 2017DOWNLOAD
BLACKSTONE / GSO CLOSED-END FUNDS DECLARE MONTHLY DISTRIBUTIONSFebruary 23, 2017DOWNLOAD
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 CLOSED-END FUNDS DECLARE MONTHLY DISTRIBUTIONSNovember 28, 2014DOWNLOAD
BLACKSTONE / GSO SENIOR FLOATING RATE TERM FUND ANNOUNCES LEVERAGE REFINANCING PLANOctober 07, 2014DOWNLOAD
BLACKSTONE / GSO SENIOR FLOATING RATE TERM FUND DECLARES MONTHLY DISTRIBUTIONS OF $0.10 PER SHARESeptember 09, 2014DOWNLOAD
BLACKSTONE / GSO SENIOR FLOATING RATE TERM FUND DECLARES MONTHLY DISTRIBUTIONS OF $0.10 PER SHAREMay 23, 2014DOWNLOAD
BLACKSTONE / GSO SENIOR FLOATING RATE TERM FUND DECLARES MONTHLY DISTRIBUTIONS OF $0.10 PER SHAREFebruary 28, 2014DOWNLOAD
BLACKSTONE / GSO SENIOR FLOATING RATE TERM FUND DECLARES MONTHLY DISTRIBUTIONS OF $0.11 PER SHAREDecember 14, 2013DOWNLOAD
BLACKSTONE / GSO SENIOR FLOATING RATE TERM FUND DECLARES MONTHLY DISTRIBUTIONS OF $0.11 PER SHAREAugust 24, 2013DOWNLOAD
BLACKSTONE / GSO SENIOR FLOATING RATE TERM FUND DECLARES MONTHLY DISTRIBUTIONS OF $0.11 PER SHAREAugust 24, 2013DOWNLOAD
BLACKSTONE / GSO SENIOR FLOATING RATE TERM FUND DECLARES MONTHLY DISTRIBUTIONS OF $0.11 PER SHAREMay 31, 2013DOWNLOAD
BLACKSTONE / GSO SENIOR FLOATING RATE TERM FUND DECLARES MONTHLY DISTRIBUTIONS OF $0.11 PER SHAREFebruary 28, 2013DOWNLOAD
BLACKSTONE / GSO SENIOR FLOATING RATE TERM FUND DECLARES SPECIAL DISTRIBUTION OF $0.10 PER SHAREDecember 20, 2012DOWNLOAD
BLACKSTONE / GSO SENIOR FLOATING RATE TERM FUND DECLARES MONTHLY DISTRIBUTIONS OF $0.11 PER SHAREAugust 29, 2012DOWNLOAD
BLACKSTONE / GSO SENIOR FLOATING RATE TERM FUND DECLARES MONTHLY DISTRIBUTIONS OF $0.11 PER SHAREAugust 29, 2012DOWNLOAD
BLACKSTONE / GSO SENIOR FLOATING RATE TERM FUND DECLARES MONTHLY DISTRIBUTIONS OF $0.11 PER SHAREMay 19, 2012DOWNLOAD
BLACKSTONE / GSO SENIOR FLOATING RATE TERM FUND DECLARES SPECIAL DISTRIBUTION OF $0.06 PER SHAREDecember 24, 2011DOWNLOAD
BLACKSTONE / GSO SENIOR FLOATING RATE TERM FUND DECLARES MONTHLY DISTRIBUTIONS OF $0.11 PER SHARENovember 22, 2011DOWNLOAD
BLACKSTONE / GSO SENIOR FLOATING RATE TERM FUND DECLARES MONTHLY DISTRIBUTIONS OF $0.11 PER SHAREMay 26, 2011DOWNLOAD
BLACKSTONE / GSO SENIOR FLOATING RATE TERM FUND DECLARES MONTHLY DISTRIBUTIONS OF $0.11 PER SHAREFebruary 23, 2011DOWNLOAD
BLACKSTONE / GSO SENIOR FLOATING RATE TERM FUND DECLARES MONTHLY DISTRIBUTIONS OF $0.11 PER SHAREDecember 04, 2010DOWNLOAD
BLACKSTONE / GSO SENIOR FLOATING RATE TERM FUND ISSUES SENIOR SECURED NOTES AND TERM PREFERRED SHARESAugust 17, 2010DOWNLOAD
BLACKSTONE / GSO SENIOR FLOATING RATE TERM FUND DECLARES MONTHLY DISTRIBUTIONS OF $0.11 PER SHAREJuly 15, 2010DOWNLOAD
BLACKSTONE / GSO SENIOR FLOATING RATE TERM FUND DECLARES INITIAL MONTHLY DISTRIBUTION OF $0.11 PER SHAREJuly 02, 2010DOWNLOAD
BLACKSTONE INTRODUCES BLACKSTONE / GSO SENIOR FLOATING RATE TERM FUNDMay 27, 2010DOWNLOAD

Disclosure

The Fund is a closed-end management investment company designed primarily as a long-term investment and not as a trading vehicle. The Fund is not intended to be a complete investment program and, due to the uncertainty inherent in all investments, there can be no assurance that the Fund will achieve its investment objectives. 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 the distributions paid by and the ability of shareholders to reinvest dividends.

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. Any offering or redemption of preferred shares and the costs and expenses of any borrowing would result in further dilution.

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 Senior Loans and other securities owned by the Fund, and the value of these securities 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 anticipates using leverage, which will magnify the Fund’s investment, market and certain other risks.

Senior Loans Risk

Under normal market conditions, the Fund will invest at least 80% of its Managed Assets in Senior Loans. “Managed Assets” means the total assets of the Fund (including any assets attributable to money borrowed for investment purposes and including assets attributable to any preferred stock that may be outstanding) minus the sum of the Fund’s accrued liabilities (other than Fund liabilities incurred for the express purpose of creating leverage). This policy is not fundamental and may be changed by the board of trustees of the Fund with at least 60 days’ written notice provided to shareholders. Senior Loans hold the most senior position 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. Senior Loans are usually rated below investment grade or may also be unrated. As a result, the risks associated with Senior Loans are similar to the risks of below investment grade securities, although Senior Loans are senior and secured in contrast to other below investment grade securities, which are often subordinated or unsecured. Nevertheless, if a borrower under a Senior Loan defaults or goes into bankruptcy, the Fund may recover only a fraction of what is owed on the Senior Loan or nothing at all. Senior Loans are subject to a number of other risks including credit risk, liquidity risks and management risks.

There may be less readily available and reliable information about most Senior Loans than is the case for many other types of securities, including securities issued in transactions registered under the Securities Act of 1933, as amended, or registered under the Exchange Act of 1934, as amended. As a result, the Adviser will rely primarily on its own evaluation of a borrower’s credit quality rather than on any available independent sources. Therefore, the Fund will be particularly dependent on the analytical abilities of the Adviser.

The Fund will typically invest in Senior Loans rated below investment grade, which are considered speculative because of the credit risk of their issuers. Such companies are more likely than investment grade issuers to default on their payments of interest and principal owed to the Fund, and such defaults could reduce the Fund’s net asset value and income distributions. An economic downturn would generally lead to a higher non-payment rate, and a Senior Loan may lose significant market value before a default occurs. Moreover, any specific collateral used to secure a Senior Loan may decline in value or become illiquid, which would adversely affect the Senior Loan’s value.

In general, the secondary trading market for Senior Loans is not well developed. No active trading market may exist for certain Senior 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 Senior Loans quickly or at a fair price. To the extent that a secondary market does exist for certain Senior Loans, the market for them may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods.

Senior Loans and other variable rate debt instruments are subject to the risk of payment defaults of scheduled interest or principal. Such payment defaults would result in a reduction of income to the Fund, a reduction in the value of the investment and a potential decrease in the net asset value of the Fund. Similarly, a sudden and significant increase in market interest rates may increase the risk for payment defaults and cause a decline in the value of these investments and in the Fund’s net asset value. Other factors (including, but not limited to, rating downgrades, credit deterioration, a large downward movement in stock prices, a disparity in supply and demand of certain securities or market conditions that reduce liquidity) can reduce the value of Senior Loans and other debt obligations, impairing the Fund’s net asset value.

Although the Senior Loans in which the Fund will invest will be secured by collateral, there can be no assurance 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 to its ability to realize the benefits of the collateral securing a Senior Loan. In the event of a decline in the value of the already pledged collateral, if the terms of a Senior 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 Senior Loans. To the extent that a Senior 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 Senior Loans that are under-collateralized involve a greater risk of loss.

Some Senior Loans are subject to the risk that a court, pursuant to fraudulent conveyance or other similar laws, could subordinate the Senior 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 Senior 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 Senior 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 Senior 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 Senior Loan at a time when a financial institution is engaging in such a sale, the price the Fund could get for the Senior Loan may be adversely affected.

The Fund may acquire Senior Loans through assignments or participations. The Fund will typically acquire Senior 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 Senior 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 Senior Loan with respect to which it is buying a participation that the Fund would otherwise conduct if it were investing directly in the Senior Loan, which may result in the Fund being exposed to greater credit or fraud risk with respect to the borrower or the Senior Loan than the Fund expected when initially purchasing the participation.

The Fund may obtain exposure to Senior Loans through the use of derivative instruments, which have become increasingly available. Although the Fund does not have an intention to do so, the Fund may utilize these instruments and similar instruments that may be available in the future. Derivative transactions involve the risk of loss due to unanticipated adverse changes in securities prices, interest rates, the inability to close out a position, imperfect correlation between a position and the desired hedge, tax constraints on closing out positions and portfolio management constraints on securities subject to such transactions. The potential loss on derivative instruments may be substantial relative to the initial investment therein. The Fund may also be subject to the risk that the counterparty in a derivative transaction will default on its obligations.

Subordinated Loans Risk

The Fund may invest up to 20% of its Managed Assets in second lien or other subordinate/or unsecured floating rate or fixed rate debt (“Subordinated Loans”). Subordinated Loans generally are subject to similar risks as those associated with investments in Senior Loans except that such loans are subordinated in payment and/or lower in lien priority to first lien holders. In the event of default on a Subordinated Loan, the first priority lien holder has first claim to the underlying collateral of the loan. Subordinated Loans are subject to the additional risk that the cash flow of the borrower and property securing the loan or debt, if any, may be insufficient to meet scheduled payments after giving effect to the senior unsecured or senior secured obligations of the borrower. This risk is generally higher for subordinated unsecured loans or debt, which are not backed by a security interest in any specific collateral. Subordinated Loans generally have greater price volatility than Senior Loans and may be less liquid.

Below Investment Grade Securities Risk

The Fund anticipates that it will invest the majority of its assets in Senior Loans, Subordinated Loans and other debt securities that are rated below investment grade. Below investment grade securities are commonly referred to as “junk” or high yield securities and are regarded as predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal. Lower grade securities 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 securities to repay principal and pay interest thereon, increase the incidence of default for such securities and severely disrupt the market value of such securities.

Lower grade securities, 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 securities. The retail secondary market for lower grade securities may be less liquid than that for higher rated securities. Adverse conditions could make it difficult at times for the Fund to sell certain securities 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 securities, investors could lose money on their investment in common shares of the Fund, both in the short-term and the long-term.

Distressed and Defaulted Securities Risk

Investments in the securities of financially distressed companies involve substantial risks. These risks are often greater than those associated with below investment grade securities because of the uncertainties of investing in the issuer undergoing the financial distress. These securities may present a substantial risk of default or may be in default at the time of investment. The Fund may incur additional expenses to the extent it is required to seek recovery upon a default in the payment of principal of or interest on its portfolio holdings. In any reorganization or liquidation proceeding relating to a borrower or issuer, the Fund may lose its entire investment or may be required to accept cash or securities with a value less than its original investment. Among the risks inherent in investments in a troubled entity is the fact that it frequently may be difficult to obtain information as to the true financial condition of such borrower or issuer. The Adviser’s judgments about the credit quality of the borrower or issuer and the relative value of its securities may prove to be wrong.

Liquidity Risk

The Fund may invest up to 50% of its Managed Assets in securities that are considered illiquid. “Illiquid securities” are securities which cannot be sold within seven days in the ordinary course of business at approximately the value used by the Fund in determining its net asset value. The Fund may not be able to readily dispose of such securities at prices that approximate those at which the Fund could sell such securities if they were more widely-traded and, as a result of such illiquidity, the Fund may have to sell other investments or engage in borrowing transactions if necessary to raise cash to meet its obligations. Limited liquidity can also affect the market price of securities, thereby adversely affecting the Fund’s net asset value and ability to make dividend distributions.

Some Senior Loans are not readily marketable and may be subject to restrictions on resale. Senior Loans are not listed on any national securities exchange and no active trading market may exist for the Senior Loans in which the Fund will invest. Where a secondary market exists, the market for some Senior Loans may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods. The Fund has no limitation on the amount of its assets which may be invested in securities that are not readily marketable or are subject to restrictions on resale.

Credit Risk

Credit risk is the risk that one or more debt securities in the Fund’s portfolio will decline in price or fail to pay interest or principal when due because the issuer of the security experiences a decline in its financial status. While a senior position in the capital structure of a borrower may provide some protection with respect to the Fund’s investments in Senior Loans, losses may still occur because the market value of Senior Loans is affected by the creditworthiness of borrowers and by general economic and specific industry conditions. To the extent the Fund invests in below investment grade securities, 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 securities 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 securities. Securities 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 use credit derivatives which may expose it to additional risk in the event that the securities underlying the derivatives default.

Interest Rate Risk

The floating or variable rate feature of Senior Loans is a significant difference from typical fixed income investments that carry significant interest rate risk. The Fund can normally be expected to have less significant interest rate-related fluctuations in its net asset value per share than investment companies investing primarily in fixed income securities (other than money market funds and some short term bond funds). When interest rates decline, the value of a fixed income portfolio can normally be expected to rise. Conversely, when interest rates rise, the value of a fixed income portfolio can normally be expected to decline. Although the income available to the Fund will vary, the Adviser expects the Fund’s policy of acquiring interests in Senior Loans may minimize fluctuations in net asset value of the Fund resulting from changes in market interest rates. However, because floating or variable rates on Senior Loans only reset periodically, changes in prevailing interest rates can be expected to cause some fluctuations in the Fund’s net asset value. Similarly, a sudden and significant increase in market interest rates may cause a decline in the Fund’s net asset value. In addition, Senior Loans may allow the borrower to opt between LIBOR-based interest rates and interest rates based on bank prime rates, which may have an impact on the Fund’s net asset value. A material decline in the Fund’s net asset value may impair the Fund’s ability to maintain required levels of asset coverage.

Limited Term Risk

Unless the dissolution date is extended by a majority of shareholders in accordance with the Agreement and Declaration of Trust, the Fund will be dissolved on or about May 31, 2020. The Fund does not seek to return $20.00 per share upon dissolution. The Fund’s limited term may cause it to sell securities when it otherwise would not, which could cause the Fund’s returns to decrease and the market price of the common shares to fall. Rather than reinvesting the proceeds of its matured, called or sold securities, the Fund may distribute the proceeds in one or more liquidating distributions prior to the final dissolution, which may cause the Fund’s fixed expenses to increase when expressed as a percentage of assets under management. Alternatively, the Fund may invest the proceeds in lower yielding securities or hold the proceeds in cash or cash equivalents, which may adversely affect the performance of the Fund. The board of trustees may in its sole discretion, without the consent or vote of the shareholders, choose to dissolve the Fund prior to the required dissolution date, which would cause the Fund to miss any market appreciation that occurs after the Fund is dissolved. Conversely, if the shareholders extend the dissolution date, market conditions may deteriorate and the Fund may experience losses.

Leverage Risk

The Fund anticipates currently utilizing leverage in an aggregate amount of up to 33 1/3% of its Managed Assets at the time the leverage is incurred in order to buy additional securities. The Fund currently anticipates that it will issue preferred shares and it may also borrow funds from banks and other financial institutions and issue notes. The use of leverage to purchase additional securities creates an opportunity for increased common share dividends, but also creates risks for the holders of common shares. Leverage is a speculative technique that exposes the Fund to greater risk and increased costs than if it were not implemented. Increases and decreases in the value of the Fund’s portfolio will be magnified when the Fund uses leverage. As a result, leverage may cause greater changes in the Fund’s net asset value which will be borne by the Fund’s common shareholders. The Fund will also have to pay dividends on its preferred shares or interest on its borrowings, if any, which will increase expenses and may reduce the Fund’s return. These dividend payments or interest expenses may be greater than the Fund’s return on the underlying investments. The Fund’s leveraging strategy may not be successful.

The Fund intends to issue preferred shares as a form of leverage. Any such preferred shares of the Fund would be senior to the Fund’s common shares, such that holders of preferred shares would have priority over the common shareholders in the distribution of the Fund’s assets, including dividends, distributions of principal proceeds after the reinvestment period and liquidating distributions. If preferred shares are issued and outstanding, holders of the preferred shares would elect two trustees of the Fund, and would vote separately as a class on certain matters which may at times give holders of preferred shares disproportionate influence over the Fund’s affairs. If the preferred shares were limited in their term, redemptions of such preferred shares would require the Fund to liquidate its investments and would reduce the Fund’s use of leverage, which could negatively impact common shareholders.

In addition, the Fund will pay (and the holders of common shares will bear) all costs and expenses relating to the issuance and ongoing maintenance of any preferred shares issued by the Fund, including higher advisory fees. Accordingly, the Fund cannot assure you that the issuance of preferred shares will result in a higher yield or return to the holders of the common shares. If the Fund offers preferred shares, costs of the offering are estimated to be approximately 1.0% of the total offering price of the preferred shares, all of which will be borne immediately by the Fund’s common shareholders and result in a reduction of the net asset value of the common shares. Assuming an offering of 12,500,000 common shares and further assuming an offering of preferred shares with an aggregate liquidation value of $119,125,000, the total offering costs are estimated to be $1,191,250 or $0.10 per share (0.48% of the common share offering price).

The Fund anticipates that any money borrowed from a bank or other financial institution for investment purposes will accrue interest based on shorter-term interest rates that would be periodically reset. So long as the Fund’s portfolio provides a higher rate of return, net of expenses, than the interest rate on borrowed money, as reset periodically, the leverage may cause the holders of common shares to receive a higher current rate of return than if the Fund were not leveraged. If, however, long-term and/or short-term rates rise, the interest rate on borrowed money could exceed the rate of return on securities held by the Fund, reducing return to the holders of common shares. Recent developments in the credit markets may adversely affect the ability of the Fund to borrow for investment purposes and may increase the costs of such borrowings, which would reduce returns to the holders of common shares.

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 net asset value, market price and dividend rate 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 dividend payments on, principal proceeds distributed to or redemption of any preferred shares that the Fund has issued will reduce the return to the common shareholders;
  • the effect of leverage in a declining market, which is likely to cause a greater decline in the net asset value 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;
  • when the Fund uses financial leverage, the investment advisory and administrative fees payable to the Adviser and ALPS Fund Services, Inc., the Fund’s administrator, will be higher than if the Fund did not use leverage and may provide a financial incentive to the Adviser to increase the Fund’s use of leverage and create an inherent conflict of interest; and
  • leverage may increase expenses, which may reduce total return.

If the Fund issues preferred shares or borrows money the Fund will be required to maintain asset coverage in conformity with the requirements of the Investment Company Act.

The Fund may be subject to certain restrictions on investments imposed by guidelines of one or more rating agencies, which may issue ratings for the preferred shares or short-term debt securities issued by the Fund. These guidelines may impose asset coverage or portfolio composition requirements that are more stringent than those imposed by the Investment Company Act of 1940, as amended (the “Investment Company Act”). Certain types of borrowings by the Fund may result in the Fund being subject to covenants in credit agreements relating to asset coverage and portfolio composition requirements. These covenants and restrictions may negatively affect the Fund’s ability to achieve its investment objectives.

Structured Products Risk

The Fund may invest up to 20% of its Managed Assets in structured products, including, without limitation, collateralized loan obligations (“CLOs”), structured notes, credit linked notes and derivatives, including credit derivatives. 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 are typically privately offered and sold. As a result, investments in CLOs 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.

Investments in structured notes involve risks, including credit risk and market risk. Where the Fund’s investments in structured notes are based upon the movement of one or more factors, including currency exchange rates, interest rates, referenced bonds and stock indices, depending on the factor used and the use of multipliers or deflators, changes in interest rates and movement of the factor may cause significant price fluctuations. Additionally, changes in the reference instrument or security may cause the interest rate on the structured note to be reduced to zero, and any further changes in the reference instrument may then reduce the principal amount payable on maturity. Structured notes may be less liquid than other types of securities and more volatile than the reference instrument or security underlying the note.

Lender Liability Risk

A number of U.S. judicial decisions have upheld judgments of 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 of Senior Loans or other securities 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 private equity fund managed by Blackstone, Blackstone Credit and Insurance or any of their respective affiliates. 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 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 securities 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 security 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. Senior 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.

Inflation/Deflation Risk

Inflation risk is the risk that the value of certain assets or income from the Fund’s investments will be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the common shares and distributions on the common shares can decline. In addition, during any periods of rising inflation, the dividend rates or borrowing costs associated with the Fund’s use of leverage would likely increase, which would tend to further reduce returns to shareholders. Deflation risk is the risk that prices throughout the economy decline over time-the opposite of inflation. Deflation may have an adverse affect on the creditworthiness of issuers and may make issuer defaults more likely, which may result in a decline in the value of the Fund’s portfolio.

Non-U.S. Securities Risk

The Fund may invest in securities, including Senior Loans and Subordinated Loans, of non-U.S. issuers or borrowers (“Non-U.S. Securities”). Such investments involve certain risks not involved in domestic investments and may experience more rapid and extreme changes in value than investments in securities of U.S. companies. Securities markets in foreign countries often are not as developed, efficient or liquid as securities markets in the United States, and therefore, the prices of Non-U.S. Securities can be more volatile. Certain foreign countries may impose restrictions on the ability of issuers of Non-U.S. Securities to make payments of principal and interest to investors located outside the country, whether from currency blockage or otherwise. In addition, the Fund will be subject to risks associated with adverse political and economic developments in foreign countries, including seizure or nationalization of foreign deposits, different legal systems and laws relating to creditors’ rights and the potential inability to enforce legal judgments, all of which could cause the Fund to lose money on its investments in Non-U.S. Securities. Generally, there is less readily available and reliable information about Non-U.S. issuers or borrowers due to less rigorous disclosure or accounting standards and regulatory practices. The ability of a foreign sovereign issuer to make timely payments on its debt obligations will also be strongly influenced by the sovereign issuer’s balance of payments, including export performance, its access to international credit facilities and investments, fluctuations of interest rates and the extent of its foreign reserves. The cost of servicing external debt will also generally be adversely affected by rising international interest rates, as many external debt obligations bear interest at rates which are adjusted based upon international interest rates. Because Non-U.S. Securities may trade on days when the Fund’s common shares are not priced, net asset value can change at times when common shares cannot be sold.

Foreign Currency Risk

Because the Fund may invest in securities denominated or quoted in currencies other than the U.S. dollar, changes in foreign currency exchange rates may affect the value of securities in the Fund and the unrealized appreciation or depreciation of investments. Currencies of certain countries may be volatile and therefore may affect the value of securities denominated in such currencies, which means that the Fund’s net asset value could decline as a result of changes in the exchange rates between foreign currencies and the U.S. dollar. The Adviser may, but is not required to, elect for the Fund to seek to protect itself from changes in currency exchange rates through hedging transactions depending on market conditions. The Fund may incur costs in connection with the conversions between various currencies. In addition, certain countries may impose foreign currency exchange controls or other restrictions on the repatriation, transferability or convertibility of currency.

Swap Risk

The Fund may also invest in swaps, including single name credit default swaps, single name loan credit default swaps, total return swaps, interest rate swaps and foreign currency swaps. Such transactions are subject to market 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. Swaps generally do not involve the delivery of securities, other underlying assets or principal. Accordingly, 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, or in the case of the other party to a swap defaulting, the net amount of payments that the Fund is contractually entitled to receive. However, because some swap agreements have a leverage component, adverse changes in the value or level of the underlying asset, reference rate, or index can result in a loss substantially greater than the amount invested in the swap itself. Certain swaps have the potential for unlimited loss, regardless of the size of the initial investment. 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.

Counterparty Risk

Changes in the credit quality of the companies that serve as the Fund’s counterparties with respect to derivatives, swaps or other transactions supported by another party’s credit will affect the value of those instruments. Certain entities that have served as counterparties in the markets for these transactions have recently incurred significant financial hardships including bankruptcy and losses as a result of exposure to subprime mortgages or 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. In the event of the insolvency of a counterparty, the Fund may sustain losses or be unable to liquidate a derivative or swap position.

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, 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 a default swap on a security, 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 than if the Fund invested in the reference obligation directly.

Repurchase Agreements Risk

Subject to its investment objectives and policies, the Fund may invest in repurchase agreements as a buyer for investment purposes. Repurchase agreements typically involve the acquisition by the Fund of debt securities from a selling financial institution such as a bank, savings and loan association or broker-dealer. The agreement provides that the Fund will sell the securities back to the institution at a fixed time in the future. The Fund does not bear the risk of a decline in the value of the underlying security unless the seller defaults under its repurchase obligation. In the event of the bankruptcy or other default of a seller of a repurchase agreement, the Fund could experience both delays in liquidating the underlying securities and losses, including (1) possible decline in the value of the underlying security during the period in which the Fund seeks to enforce its rights thereto; (2) possible lack of access to income on the underlying security during this period; and (3) expenses of enforcing its rights. In addition, as described above, the value of the collateral underlying the repurchase agreement will be at least equal to the repurchase price, including any accrued interest earned on the repurchase agreement. In the event of a default or bankruptcy by a selling financial institution, the Fund generally will seek to liquidate such collateral. However, the exercise of the Fund’s right to liquidate such collateral could involve certain costs or delays and, to the extent that proceeds from any sale upon a default of the obligation to repurchase were less than the repurchase price, the Fund could suffer a loss.

Investments in Equity Securities Incidental to Investments in Senior Loans

From time to time the Fund also may invest in or hold common stock and other equity securities incidental to the purchase or ownership of a Senior Loan or in connection with a reorganization of a borrower. Investments in equity securities incidental to investment in Senior Loans entail certain risks in addition to those associated with investments in Senior Loans. Because equity is merely the residual value of an issuer after all claims and other interests, it is inherently more risky than the bonds or Senior Loans of the same borrower. The value of the equity securities may be affected more rapidly, and to a greater extent, by company-specific developments and general market conditions. These risks may increase fluctuations in the Fund’s net asset value. The Fund frequently may possess material non-public information about a borrower as a result of its ownership of a Senior Loan of a borrower. Because of prohibitions on trading in securities while in possession of material non-public information, the Fund might be unable to enter into a transaction in a security of the borrower when it would otherwise be advantageous to do so.

U.S. Government Debt Securities Risk

U.S. government debt securities generally do not involve the credit risks associated with investments in other types of debt securities, although, as a result, the yields available from U.S. government debt securities are generally lower than the yields available from other securities. Like other debt securities, however, the values of U.S. government securities change as interest rates fluctuate. Fluctuations in the value of portfolio securities will not affect interest income on existing portfolio securities but will be reflected in the Fund’s net asset value. Since the magnitude of these fluctuations will generally be greater at times when the Fund’s average maturity is longer, under certain market conditions the Fund may, for temporary defensive purposes, accept lower current income from short-term investments rather than investing in higher yielding long-term securities.

Recent Developments

The U.S. credit markets have been experiencing extreme volatility and disruption for more than 2 years. Instability in the credit markets has made it more difficult for a number of issuers of debt securities to obtain financing or refinancing for their investment or lending activities or operations. In particular, because of volatile conditions in the credit markets, issuers of debt securities may be subject to increased cost for debt, tightening underwriting standards and reduced liquidity for loans they make, securities they purchase and securities they issue.

For example, certain borrowers may, due to macroeconomic conditions, be unable to repay the Senior Loans during this period. A borrower’s failure to satisfy financial or operating covenants imposed by lenders could lead to defaults and, potentially, termination of the Senior Loans and foreclosure on its secured assets, which could trigger cross-defaults under other agreements and jeopardize the borrower’s ability to meet its obligations under its debt securities. We may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting borrower. In addition, if one of the borrowers were to commence bankruptcy proceedings, even though the Fund may have structured its interest as senior debt, depending on the facts and circumstances, including the extent to which the Fund actually provided managerial assistance to such borrower, a bankruptcy court might recharacterize the Fund’s debt holding and subordinate all or a portion of its claim to that of other creditors. The current adverse economic conditions also may decrease the value of collateral securing some of the Fund’s loans and the value of its equity investments. The current recession could lead to financial losses in our portfolio and a decrease in revenues, net income and the value of the Fund’s assets.

These developments may increase the volatility of the value of securities owned by the Fund. These developments also may make it more difficult for the Fund to accurately value its securities or to sell its securities on a timely basis. These developments could adversely affect the ability of the Fund to use leverage for investment purposes and increase the cost of such leverage, which would reduce returns to the holders of common shares. These developments also may adversely affect the broader economy, which in turn may adversely affect the ability of issuers of securities owned by the Fund to make payments of principal and interest when due, lead to lower credit ratings of the issuer and increased defaults by the issuer. Such developments could, in turn, reduce the value of securities owned by the Fund and adversely affect the net asset value and market price of the Fund’s common shares.

Market Disruption and Geopolitical Risk

The instability in the Middle East and terrorist attacks in the United States and around the world may result in market volatility and may have long-term effects on the U.S. and worldwide financial markets and may cause further economic uncertainties in the United States and worldwide. The Fund cannot predict the effects of geopolitical events in the future on the U.S. economy and securities markets.

Government Intervention in the Financial Markets

The recent instability in the financial markets has led the U.S. government to take a number of unprecedented actions designed to support certain financial institutions and segments of the financial markets that have experienced extreme volatility, and in some cases a lack of liquidity. Federal, state, and other governments, their regulatory agencies or self regulatory organizations may take additional actions that affect the regulation of the securities or structured products in which the Fund invests, or the issuers of such securities or structured products, in ways that are unforeseeable. Borrowers under Senior Loans held by the Fund may seek protection under the bankruptcy laws. Legislation or regulation may also change the way in which the Fund itself is regulated. Such legislation or regulation could limit or preclude the Fund’s ability to achieve its investment objectives. The Adviser will monitor developments and seek to manage the Fund’s portfolio in a manner consistent with achieving the Fund’s investment objectives, but there can be no assurance that it will be successful in doing so.

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 net asset value.

HOW THE FUND MANAGES RISK

General Risk Management

The secondary investment objective of the Fund is to seek preservation of capital, consistent with its primary goal of high income. The ability of the Fund to achieve its secondary investment objective is limited due to the Fund’s investment policy of investing primarily in Senior Loans. Senior Loans are usually rated below investment grade or may also be unrated. Even though Senior Loans are senior and secured in contrast to other below investment grade securities, which are often subordinated or unsecured, the risks associated with Senior Loans are similar to the risks of below investment grade securities. If a borrower under a Senior Loan defaults, becomes insolvent or files for bankruptcy, the Fund may recover only a fraction of what is owed on the Senior Loan or nothing at all. Senior Loans are subject to a number of other risks including credit risk, liquidity risk and management risk. There may be less readily available and reliable information about most Senior Loans than is the case for many other types of securities, including securities issued in transactions registered under the Securities Act, or registered under the Exchange Act. The Fund does not intend to engage in hedging transactions in order to achieve its secondary investment objective of capital preservation.

However, the Adviser expects to achieve its secondary investment objective through a disciplined approach to its credit investment selection process in which the credit ratings of a borrower are not considered to be the sole or determinative factor of selection. Credit selection will focus on Senior Loans which are adequately collateralized or over-collateralized and covered by sufficient earnings and cash flow to service such indebtedness on a timely basis. The risks associated with investments in Senior Loans and other below investment grade investments will be mitigated by the Adviser’s careful selection of borrowers across a broad range of industries and of varying characteristics and return profiles, as well as active management of such investments in light of current economic developments and trends. The Fund, however, is classified as “non-diversified” under the Investment Company Act. As a result, it can invest a greater portion of its assets in obligations of a single issuer than a “diversified” fund. The Fund may therefore be more susceptible than a diversified fund to being adversely affected by any single corporate, economic, political or regulatory occurrence.

Additionally, the Adviser has established procedures for the regular and periodic monitoring of credit risk with a goal toward the early identification, and sale, of potential credit problems. This monitoring process will include, but not be limited to, the borrower’s financial resources and operating history, comparison of current operating results with the initial investment thesis and the Adviser’s initial expectations for the performance of the obligor for each investment held by the Fund, the borrower’s sensitivity to economic conditions, the ability of the borrower’s management, the borrower’s debt maturities and borrowing requirements, the borrower’s interest and asset coverage, and relative value based on anticipated cash flow. The Adviser will develop a ‘watch list’ requiring that any significant concerns which could result in potential for credit loss be elevated to review by the Investment Committee of the Adviser. Finally, the Adviser’s personnel are experienced in corporate reorganizations, work-outs and restructurings with the goal of maximizing recovery in the event of bankruptcy or serious financial failings or default of a Senior Loan or investment held by the Fund. Moreover, because of the attributes of a Senior Loan and its position in a borrower’s capital structure, Senior Loans are distinguishable from, and typically have more favorable recovery rates than, other securities of below investment grade credit quality.

Similar to Senior Loans, the Adviser adheres to a disciplined approach with respect to the Fund’s investments in structured products, which will primarily consist of CLOs. The Adviser’s personnel includes a dedicated structured products team, which focuses on the selection and subsequent monitoring of investments in structured products. To the extent possible, the Adviser will select structured products which are well structured and collateralized by portfolios of primarily Senior Loans that the Adviser believes to be of sufficient quality, diversity and amount to support the structure and fully collateralize the tranche the Fund is investing in. Once approved for investment, the structured product is monitored by a structured product investment analyst who reviews the expected performance of the underlying investments.

Investment Limitations

The Fund has adopted certain investment limitations designed to limit investment risk. These limitations are fundamental and may not be changed without the approval of the holders of a majority of the outstanding common shares and, if issued, preferred shares voting together as a single class, and the approval of the holders of a majority of the preferred shares voting as a separate class. The Fund’s investment objectives are not fundamental and may be changed by the board of trustees without the approval of shareholders.

The Fund may become subject to guidelines which are more limiting than its investment restrictions in order to obtain and maintain ratings from rating agencies of the preferred shares that it may issue. The Fund does not anticipate that such guidelines would have a material adverse effect on the Fund’s common shareholders or the Fund’s ability to achieve its investment objectives.

Management of Investment Portfolio and Capital Structure to Limit Leverage Risk The Fund may take certain actions if short-term interest rates increase or market conditions otherwise change (or the Fund anticipates such an increase or change) and the Fund’s leverage begins (or is expected) to adversely affect common shareholders. In order to attempt to offset such a negative impact of leverage on common shareholders, the Fund may shorten the average maturity of its investment portfolio (by investing in short-term securities) or may extend the maturity of outstanding preferred shares or reduce its indebtedness or unwind other leverage transactions. The Fund may also attempt to reduce the utilization of leverage by redeeming or otherwise purchasing preferred shares. The success of any such attempt to limit leverage risk depends on the Adviser’s ability to accurately predict interest rate or other market changes. Because of the difficulty of making such predictions, the Fund may never attempt to manage its capital structure in the manner described in this paragraph. If market conditions suggest that additional leverage would be beneficial, the Fund may sell previously unissued preferred shares or preferred shares that the Fund previously issued but later repurchased.

Hong Kong disclaimer

BLACKSTONE SENIOR FLOATING RATE 2027 TERM 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