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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-CSR

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

 

Investment Company Act file number: 811-22686

 

Blackstone Strategic Credit 2027 Term Fund

(exact name of Registrant as specified in charter)

 

345 Park Avenue, 31st Floor

New York, New York 10154

(Address of principal executive offices) (Zip code)

 

(Name and address of agent for service)

 

Marisa Beeney

Blackstone Alternative Credit Advisors LP

345 Park Avenue, 31st Floor

New York, New York 10154

 

Registrant’s telephone number, including area code: (877) 876-1121

 

Date of fiscal year end: December 31

 

Date of reporting period: December 31, 2023

 

 

Item 1. Report to Stockholders.

 

(a) 

 

 

 

Table of Contents

 

 

 

Manager Commentary 2
Fund Summary 4
Portfolio of Investments 13
Statements of Assets and Liabilities 66
Statements of Operations 67
Statements of Changes in Net Assets 68
Statements of Cash Flows 69
Financial Highlights 70
Notes to Financial Statements 78
Report of Independent Registered Public Accounting Firm 96
Summary of Dividend Reinvestment Plan 97
Additional Information 98
Summary of Updated Information Regarding the Funds 100
Summary of Fund Expenses 127
Senior Securities 128
Market and Net Asset Value Information 130
Privacy Procedures 133
Trustees & Officers 144

 

 

Blackstone Credit & Insurance Funds Manager Commentary

 

December 31, 2023 (Unaudited)

 

To Our Shareholders:

 

Credit markets staged a recovery in 2023 as resilent economic momentum seemed to have overpowered fears of a recession driven by the Federal Reserve (the “Fed”). In addition to positive credit fundamentals, returns were further boosted by market technicals as limited new issue supply drove demand into secondary markets. The return to positive performance across both US loans and high yield came despite another year of historic rate volatility and geopolitical headwinds. These elements led to periods of market weakness through the year, including after March’s regional banking stress, although a strong December rally after indications by Fed Chairman Powell that a pivot was on the horizon drove markets to finish the year with double-digit returns.i

 

The US loan market gained 2.87% in the fourth quarter, driving the index to its second-highest annual return of 13.32% for 2023.i The US high yield market lagged loans for most of the year; however, a late-year rally led to gains of 7.16% for high yield in the fourth quarter and 13.45% for the year.ii Spreads decreased to 459 basis points (“bps”) and 346 bps in loans and high yield, respectively, over the fourth quarter as data continued to highlight moderating inflation and economic resilience, diminishing recession fears.iii

 

In both markets, contracting net supply amid repayments, private credit refinancings (loans), and rising star upgrades (high yield) supported prices for secondary market assets. Average loan prices rose to their highest level of the year at $96.23 on December 31,iv while high yield bond prices increased nearly seven points from their 2023 low in October to close the year at $93.07.v

 

12-Month Total Returns as of December 31, 2023  
US Loans (Morningstar LSTA US Leveraged Loan Index) 13.32%
US High Yield Bonds (Bloomberg High Yield Index) 13.45%
3-month Treasury Bills (Bloomberg U.S. Treasury Bellwethers: 3 Month) 5.16%
10-year Treasuries (Bloomberg U.S. Treasury Bellwethers: 10 Year) 3.21%
US Aggregate Bonds (Bloomberg U.S. Aggregate Index) 5.53%
US Investment Grade Bonds (Bloomberg U.S. Corporate Investment Grade Index) 8.52%
Emerging Markets (Bloomberg EM USD Aggregate Index) 9.09%
US Large Cap Equities (S&P 500® Index) 24.23%

 

Sources: Bloomberg, Barclays, S&P/LCD

 

Past Performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

 

Having largely stalled during 2022’s volatility, institutional loan gross issuance rebounded slightly to $234 billion in 2023vi as borrowers flooded the market with amend-to-extend and refinancing transactions. Net new money deals remained scarce given the decline in the M&A market, and the year’s supply was less than a third of the loan market’s historic peak of $615 billion in 2021.vii High yield issuance surged in November to finish the year at $176 billion, 72% ahead of 2022, although as with loans, refinancings rather than new money supply dominated.viii

 

Shifting to demand, recession fears caused investors to pull $17 billion from loan funds over the year versus a more muted $7 billion for high yield, which was primarily propped up by fourth quarter inflows as recession fears subsided.ix

 

Collateralized loan obligiation (“CLO”) demand largely offset the retail loan fund outflows, although CLO new issuance of $113 billion for the year was down $13 billion from 2022, hampered by a still-challenged CLO equity arbitrage. Top-rated CLO spreads compressed over the final quarter, and again in January 2024, spurring new issuance over that period. The JPMorgan CLOIE Index returned 10.54% for the year, which was ahead of US investment grade but lagged both senior loans and high yield bonds.x

 

From a fundamental perspective, higher interest burdens due to higher rates have eroded corporate free cash flow and interest coverage ratios, although a combination of macroeconomic resilience, healthy corporate balance sheets heading into this cycle, and efforts by corporate borrowers to push out the near-term maturity wall kept both loan and high yield defaults in line with long-term averages at 3.15% and 2.84%, respectively, in 2023.xi

 

As we move further into 2024, we believe floating rate loans, CLO debt, and high yield are likely to remain attractive even if the Fed begins cutting rates, given historically attractive all-in yields, moderate expected default rates and supportive technicals.

 

Corporate borrowers had a busy start to the year, again focused on refinancing near-term maturities. Through January 2024, the loan market has already seen the strongest wave of repricing transactions since early 2021, after the rally pushed over 40% of the market above par.xii Incremental net new issue loan supply would slow down repricing activity, and there are hopes that pent-up demand from private equity dry powder may spur a pick-up in M&A and leveraged buy-out activity, but this will take time to materialize and it is expected that some of these will be funded via direct lending.

 

From a macro perspective, inflation has been heading lower, but we expect central banks may be more patient cutting rates to ensure inflation is truly tamed.xiii The US economy has proved surprisingly resilient to the Fed’s aggressive tightening cycle, and we expect a relatively benign corporate default backdrop over the year ahead.

 

That said, we remain cautious of the potential for elevated rates to cause growth to slow. As a result, we expect increased dispersion between companies able to weather an elevated rate environment and those whose balance sheets will come under more pressure. In addition, corporate borrowers face refinancing near-term maturities at substantially higher debt costs, although we believe private credit lenders may step in to offer a potential alternative refinancing solution in certain cases.xiv

 

We expect increased dispersion may create opportunities for active managers with strong credit selection ability to identify mispriced credits. We believe that thematic investing and targeting larger, cash-flow generative businesses in defensive and high-growth sectors, where we have built dedicated expertise and where defaults have typically been more muted, will hopefully give us an edge during the next part of this cycle.

 

 

2 www.blackstone-credit.com

 

 

Blackstone Credit & Insurance Funds Manager Commentary

 

December 31, 2023 (Unaudited)

 

At Blackstone Credit & Insurance, we value your continued investment and confidence in us and in our family of funds. Additional information about our funds is available on our website at www.blackstone-credit.com.

 

Sincerely,

Blackstone Liquid Credit Strategies LLC

 

All figures are approximate and as of December 31, 2023, unless otherwise indicated. The words “we”, “us”, and “our” refer to BSL, BGX and BGB, unless the context requires otherwise. In all other instances, including with respect to current and forward-looking views and opinions of the market and BSL, BGX and BGB's portfolio and performance positioning, these terms refer to BSL's, BGX's and BGB's adviser, Blackstone Liquid Credit Strategies LLC.

 

Certain information contained in this communication constitutes “forward-looking statements” within the meaning of the federal securities laws and the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by the use of forward-looking terminology, such as “outlook,” “indicator,” “believes,” “expects,” “potential,” “continues,” “may,” “can,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates”, “confident,” “conviction,” “identified” or the negative versions of these words or other comparable words thereof. These may include BSL's, BGX's and BGB's financial estimates and their underlying assumptions, statements about plans, objectives and expectations with respect to future operations, statements regarding future performance, statements regarding economic and market trends and statements regarding identified but not yet closed investments. Such forward-looking statements are inherently uncertain and there are or may be important factors that could cause actual outcomes or results to differ materially from those indicated in such statements. BSL, BGX and BGB believe these factors include but are not limited to those described under the section entitled “Risk Factors” in their prospectuses and annual reports for the most recent fiscal year, and any such updated factors included in their periodic filings with the Securities and Exchange Commission (the “SEC”), which are accessible on the SEC's website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this document (or BSL's, BGX's and BGB's prospectus and other filings). Except as otherwise required by federal securities laws, BSL, BGX and BGB undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise.

 

iMorningstar LSTA US Leveraged Loan Index and Bloomberg US High Yield Index as of December 31, 2023.
iiPitchbook LCD, as of January 2, 2024.
iiiMorningstar LSTA US Leveraged Loan Index, Bloomberg US High Yield Index, as of December 31, 2023.
ivPitchbook LCD, as of December 31, 2023.
vBloomberg US High Yield Index, as of December 31, 2023.
viPitchbook LCD as of December 31, 2023
viiLCD, as of December 31, 2023.
viiiBloomberg US High Yield Index, Outlook sources: JPM: High Yield Bond and LL Outlook (11/22/2023); MS: U.S. Credit Strategy Outlook (11/28/2023); BAML: Global Credit Strategy Year Ahead (11/20/2023); Barclays: Global Credit Alpha (11/16/2023); DB: 2024 Credit Outlook (11/29/2023). as of December 31, 2023.
ixJP Morgan, Lipper, as of December 31, 2023.
xJP Morgan CLOIE Index, as of December 31, 2023.
xiHistorical total returns and spreads for Loans and High Yield are sourced from Morningstar LSTA US Leveraged Loan Index and Bloomberg Barclays High Yield Index. Historical default rates represent JP Morgan’s full year last twelve months par-weighted default rates. Historical loan, high yield, and CLO new-issuance data are sourced from LCD. Outlook sources: JPM: High Yield Bond and LL Outlook (11/22/2023); MS: U.S. Credit Strategy Outlook (11/28/2023); BAML: Global Credit Strategy Year Ahead (11/20/2023); Barclays: Global Credit Alpha (11/16/2023); DB: 2024 Credit Outlook (11/29/2023). Loan Issuance: JPM, MS, BAML, and DB figures include repricing; Barclays figures are the midpoint of their projected range. Default rates are on a par-weighted basis. CLO issuance forecast represents U.S. CLO amount.
xiiJP Morgan Morning Intelligence, as of January 8, 2024.
xiiiBlackstone’s Views and Opinions, as of December 4, 2023.
xivPitchbook LCD, Morningstar LSTA US Leveraged Loan Index, as of November 30, 2023.

 

 

Annual Report | December 31, 2023 3

 

 

Blackstone Senior Floating Rate 2027 Term Fund Fund Summary

 

December 31, 2023 (Unaudited)

 

Blackstone Senior Floating Rate 2027 Term Fund

 

Fund Overview

 

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 Commentary

 

Fund Performance

As of December 31, 2023, BSL outperformed its benchmark, the Morningstar LSTA US Leveraged Loan Index (“Morningstar LLI”), on a Net Asset Value (“NAV”) per share basis for the one-year, ten-year and since inception periods and underperformed its benchmark for the three-year and five-year periods. On a share price basis, the Fund outperformed its benchmark for the one-year and three-year periods and underperformed for the five-year, ten-year, and since inception periods. The shares of the Fund traded at an average discount to NAV of 10.6% for the twelve-months ended December 31, 2023, compared to its peer group average discount of 9.8% over the same period.

 

NAV Performance Factors

We believe the Fund’s outperformance relative to the benchmark for the twelve months ended December 31, 2023, was primarily attributable to leverage, the Fund’s credit selection within its loan allocation, and the Fund’s CLO allocation. By issuer, the largest positive contributors to total return were CoreLogic, Global Medical Response, and National Mentor Holdings, and the most significant detractors were Carestream Health, Output Services Group, and Lumen Technologies.

 

Portfolio Activity and Positioning

During the year, we continued to dynamically manage the Fund. The Fund’s largest sector overweights were Financial Services, Healthcare Providers & Services and Professional Services. The largest sector underweights were Software, Specialty Retail and Chemicals. The Fund increased its allocation to first lien broadly syndicated senior loans while reducing its exposure to high yield bonds.

 

 

4 www.blackstone-credit.com

 

 

Blackstone Senior Floating Rate 2027 Term Fund Fund Summary

 

December 31, 2023 (Unaudited)

 

Performance Summary

Performance quoted represents past performance, which may be higher or lower than current performance. Past performance is not indicative of future results. The returns shown do not reflect taxes that an investor would pay on Fund distributions or on the sale of Fund shares. To obtain the most recent month-end performance, visit www.blackstone-credit.com.

 

Value of a $10,000 Investment

 

 

BSL Total Return (as of December 31, 2023)

 

  1 Year 3 Year 5 Year 10 Year Since Inception
NAV* 16.64%** 5.24% 5.71% 4.92% 5.54%
Market Price* 19.88% 5.88% 5.30% 4.20% 4.48%
Morningstar LSTA US Leveraged Loan Index 13.32% 5.76% 5.80% 4.42% 4.91%

 

*NAV is equal to the total assets attributable to common shareholders less liabilities divided by the number of common shares outstanding. Market Price is the price at which a share can currently be traded in the market. Market Price is based on the close price at 4 p.m. ET and does not represent the returns an investor would receive if shares were traded at other times. Return assumes distributions are reinvested pursuant to the Fund’s dividend reinvestment plan. Performance data quoted represents past performance and does not guarantee future results.

**Excludes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value and total return for shareholder transactions reported to the market as of December 31, 2023 may differ from the net asset value for financial reporting purposes.

 

 

Annual Report | December 31, 2023 5

 

 

Blackstone Senior Floating Rate 2027 Term Fund Fund Summary

 

December 31, 2023 (Unaudited)

 

BSL’s Portfolio Composition*

 

 

*Numbers may not sum to 100.00% due to rounding. The Fund’s Cash and Other represents net cash and other assets and liabilities, which 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. The Fund uses sales proceeds or funds from its leverage program to settle amounts payable for investments purchased, but such amounts are not reflected in the Fund’s net cash.

 

BSL’s Moody’s Rating*

 

 

*For more information on Moody's ratings and descriptions refer to https://ratings.moodys.io/ratings.

 

Portfolio Characteristics 

Average All-In Rate 9.10%
Current Dividend Yield^ 10.25%
Effective Duration^^ 0.18 yr
Average Position* 0.21%
Leverage* 32.01%

 

^Using current dividend rate of $0.114/share and market price/share as of December 31, 2023.
^^Loan durations are based on the actual remaining time until the underlying base rate is reset for each individual loan.
*As a percentage of Managed Assets.

 

Top 10 Issuers* 

Focus Financial Partners LLC 0.9%
Global Medical Response, Inc. 0.9%
Mitchell International, Inc. 0.8%
Endure Digital Inc 0.8%
Project Alpha Intermediate Holding Inc 0.8%
Peraton Corp. 0.8%
Auris Luxembourg III S.a r.l. 0.8%
Atlas CC Acquisition Corp. 0.8%
UPC Financing Partnership 0.8%
Trans Union LLC 0.7%
Top 10 Issuer 8.1%

 

*As a percentage of Managed Assets.

Portfolio holdings and distributions are subject to change and are not recommendations to buy or sell any security.

 

Top 5 Industries*^ 

Software 10.9%
Financial Services 6.6%
Health Care Providers & Services 6.5%
Professional Services 5.6%
Commercial Services & Supplies 4.5%
Top 5 Industries 34.1%

 

*As a percentage of Managed Assets.
^GICS Industry Classification Schema.

 

 

6 www.blackstone-credit.com

 

 

Blackstone Long-Short Credit Income Fund Fund Summary

 

December 31, 2023 (Unaudited)

 

Blackstone Long-Short Credit Income Fund

 

Fund Overview

 

Blackstone Long Short Credit Income Fund (“BGX” or herein, the “Fund”) is a closed-end fund that trades on the New York Stock Exchange under the symbol “BGX”. BGX’s primary investment objective is to provide current income, with a secondary objective of capital appreciation. BGX will take long positions in investments which we believe offer the potential for attractive returns under various economic and interest rate environments. BGX may also take short positions in investments which we believe will under-perform due to a greater sensitivity to earnings growth of the issuer, default risk or the general level and direction of interest rates. BGX must hold no less than 70% of its Managed Assets in first- and second-lien secured loans (“Secured Loans”), but may also invest in unsecured loans and high yield bonds.

 

Portfolio Management Commentary

 

Fund Performance

As of December 31, 2023, BGX outperformed a composite weighting of the Morningstar LLI and the Bloomberg U.S. High Yield Index (“Bloomberg HYI”) (85% loans, 15% high yield bonds) on a NAV per share basis for the one-year, ten-year, and since inception periods and underperformed its benchmark for the three-year and five-year periods. On a share price basis, the Fund outperformed its benchmark for the one-year period and underperformed for the three-year, five-year, ten-year, and since inception periods. The shares of the Fund traded at an average discount to NAV of 12.8% for the twelve-months ended December 31, 2023, compared to its peer group average discount of 10.0% over the same period.

 

As of December 31, 2023, BGX outperformed its prior benchmark, a composite weighting of the Morningstar LLI and the Bloomberg HYI (70% loans, 30% high yield bonds), on a NAV per share basis for the one-year, ten-year, and since inception periods and underperformed its prior benchmark for the three-year and five-year periods. On a share price basis, the Fund outperformed its prior benchmark for the one-year period and underperformed for the three-year, five-year, ten-year, and since inception periods.

 

NAV Performance Factors

We believe the Fund’s outperformance relative to the benchmark for the twelve months ended December 31, 2023, was primarily attributable to leverage, the Fund’s credit selection within its loan allocation, and the Fund’s CLO allocation. By issuer, the largest positive contributors to total return were CoreLogic, Global Medical Response, and Mitchell International, and the most significant detractors were Carestream Health, Lumen Technologies, and Output Services Group.

 

Portfolio Activity and Positioning

During the period, we continued to dynamically manage the Fund. The Fund’s largest sector overweights were Financial Services, Aerospace & Defense, and Healthcare Providers & Services. The largest sector underweights were Software, Chemicals and Specialty Retail. The Fund increased its allocation to broadly syndicated loans while reducing its exposure to high yield bonds.

 

 

Annual Report | December 31, 2023 7

 

 

Blackstone Long-Short Credit Income Fund Fund Summary

 

December 31, 2023 (Unaudited)

 

Performance Summary

 

Performance quoted represents past performance, which may be higher or lower than current performance. Past performance is not indicative of future results. The returns shown do not reflect taxes that an investor would pay on Fund distributions or on the sale of Fund shares. To obtain the most recent month-end performance, visit www.blackstone-credit.com.

 

Value of a $10,000 Investment

 

 

BGX Total Return (as of December 31, 2023)

 

  1 Year 3 Year 5 Year 10 Year Since Inception
NAV* 17.64%** 4.51% 5.70% 5.17% 5.62%
Market Price* 18.77% 3.48% 5.52% 4.44% 4.14%
70% Morningstar LSTA US LLI / 30% Bloomberg U.S. HYI 13.39% 4.66% 5.70% 4.49% 4.85%
85% Morningstar LLI / 15% Bloomberg HYI*** 13.36% 5.21% 5.75% 4.46% 4.70%

 

*NAV is equal to the total assets attributable to common shareholders less liabilities divided by the number of common shares outstanding. Market Price is the price at which a share can currently be traded in the market. Market Price is based on the close price at 4 p.m. ET and does not represent the returns an investor would receive if shares were traded at other times. Return assumes distributions are reinvested pursuant to the Fund’s dividend reinvestment plan. Performance data quoted represents past performance and does not guarantee future results.
**Excludes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value and total return for shareholder transactions reported to the market as of December 31, 2023 may differ from the net asset value for financial reporting purposes.
***Effective June 1, 2023, BGX changed its benchmark from a composite weighting of the Morningstar LLI and the Bloomberg U.S. High Yield Index (“Bloomberg HYI”) (70% loans, 30% high yield bonds) to a composite weighting of the Morningstar LLI and the Bloomberg HYI (85% loans, 15% high yield bonds) in order to reflect the midpoint of the Fund’s possible exposure to high yield bond investments, rather than the maximum level.

 

 

8 www.blackstone-credit.com

 

 

Blackstone Long-Short Credit Income Fund Fund Summary

 

December 31, 2023 (Unaudited)

 

BGX’s Portfolio Composition*

 

 

*Numbers may not sum to 100.00% due to rounding. The Fund’s Cash and Other represents net cash and other assets and liabilities, which 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. The Fund uses sales proceeds or funds from its leverage program to settle amounts payable for investments purchased, but such amounts are not reflected in the Fund’s net cash.

 

BGX’s Moody’s Rating Distribution*

 

 

*For more information on Moody's ratings and descriptions refer to https://ratings.moodys.io/ratings.

 

Portfolio Characteristics

Average All-In Rate 8.93%
Current Dividend Yield^ 10.79%
Effective Duration^^ 0.40 yr
Average Position* 0.23%
Leverage* 31.62%

 

^Using current dividend rate of $0.103/share and market price/share as of December 31, 2023.
^^Loan durations are based on the actual remaining time until the underlying base rate is reset for each individual loan.
*As a percentage of Managed Assets.

 

Top 10 Issuers*

Mitchell International, Inc. 0.9%
UPC Financing Partnership 0.9%
Atlas CC Acquisition Corp. 0.9%
Global Medical Response, Inc. 0.8%
Project Alpha Intermediate Holding Inc 0.8%
Peraton Corp. 0.8%
Clover Clo 0.8%
Allied Universal Holdco LLC 0.8%
Focus Financial Partners LLC 0.8%
LTI Holdings, Inc. 0.8%
Top 10 Issuer 8.3%

 

*As a percentage of Managed Assets.

Portfolio holdings and distributions are subject to change and are not recommendations to buy or sell any security.

 

Top 5 Industries*^

Software 9.9%
Financial Services 7.1%
Health Care Providers & Services 6.0%
Hotels, Restaurants & Leisure 5.4%
Aerospace & Defense 5.2%
Top 5 Industries 33.6%

 

*As a percentage of Managed Assets.
^GICS Industry Classification Schema.

 

 

Annual Report | December 31, 2023 9

 

 

Blackstone Strategic Credit 2027 Term Fund Fund Summary

 

December 31, 2023 (Unaudited)

 

Blackstone Strategic Credit 2027 Term Fund

 

Fund Overview

 

Blackstone Strategic Credit 2027 Term Fund (“BGB” or herein, the “Fund”) is a closed-end term fund that trades on the New York Stock Exchange under the symbol “BGB”. BGB’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. BGB invests primarily in a diversified portfolio of loans and other fixed income instruments of predominantly U.S. corporate issuers, including first- and second-lien loans (“Senior Secured Loans”) and high yield corporate bonds of varying maturities. BGB must hold no less than 80% of its Managed Assets in credit investments comprised of corporate fixed income instruments and other investments (including derivatives) with similar economic characteristics. The Fund has a limited term and will dissolve on or about September 15, 2027, absent shareholder approval to extend such term.

 

Portfolio Management Commentary

 

Fund Performance

As of December 31, 2023, BGB outperformed a composite weighting of the Morningstar LLI and the Bloomberg HYI (75% loans, 25% high yield bonds) on a NAV per share basis for the one-year, ten-year, and since inception periods and underperformed its benchmark for the three-year and five-year periods. On a share price basis, the Fund outperformed its benchmark for the one-year and three-year periods and underperformed for the five-year, ten-year, and since inception periods. The shares of the Fund traded at an average discount to NAV of 12.2% for the twelve-months ended December 31, 2023, compared to its peer group average discount of 10.1% over the same period.

 

NAV Performance Factors

We believe the Fund’s outperformance relative to the benchmark for the twelve months ended December 31, 2023, was primarily attributable to leverage and credit selection within its loan allocation. By issuer, the largest positive contributors to total return were CoreLogic, Global Medical Response and National Mentor Holdings, and the most significant detractors were Carestream Health, Output Services Group and Loyalty Ventures.

 

Portfolio Activity and Positioning

During the period, we continued to dynamically manage the Fund. The Fund’s largest sector overweights were Healthcare Providers & Services, Professional Services and Financial Services. The largest sector underweights were Specialty Retail, Containers & Packaging and Chemicals. The Fund increased its allocation to broadly syndicated loans while reducing its exposure to high yield bonds.

 

 

10 www.blackstone-credit.com

 

 

Blackstone Strategic Credit 2027 Term Fund Fund Summary

 

December 31, 2023 (Unaudited)

 

Performance Summary

Performance quoted represents past performance, which may be higher or lower than current performance. Past performance is not indicative of future results. The returns shown do not reflect taxes that an investor would pay on Fund distributions or on the sale of Fund shares. To obtain the most recent month-end performance, visit www.blackstone-credit.com.

 

Value of a $10,000 Investment

 

 

BGB Total Return (as of December 31, 2023)

 

  1 Year 3 Year 5 Year 10 Year Since Inception
NAV* 16.91%** 4.34% 4.83% 4.57% 4.87%
Market Price* 19.36% 4.92% 5.17% 4.15% 3.41%
75% Morningstar LSTA US LLI / 25% Bloomberg HYI 13.38% 4.84% 5.72% 4.48% 4.66%

 

*NAV is equal to the total assets attributable to common shareholders less liabilities divided by the number of common shares outstanding. Market Price is the price at which a share can currently be traded in the market. Market Price is based on the close price at 4 p.m. ET and does not represent the returns an investor would receive if shares were traded at other times. Return assumes distributions are reinvested pursuant to the Fund’s dividend reinvestment plan. Performance data quoted represents past performance and does not guarantee future results.
**Excludes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value and total return for shareholder transactions reported to the market as of December 31, 2023 may differ from the net asset value for financial reporting purposes.

 

 

Annual Report | December 31, 2023 11

 

 

Blackstone Strategic Credit 2027 Term Fund Fund Summary

 

December 31, 2023 (Unaudited)

 

BGB’s Portfolio Composition*

 

 

*Numbers may not sum to 100.00% due to rounding. The Fund’s Cash and Other represents net cash and other assets and liabilities, which 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. The Fund uses sales proceeds or funds from its leverage program to settle amounts payable for investments purchased, but such amounts are not reflected in the Fund’s net cash.

 

BGB’s Moody’s Rating Distribution*

 

 

*For more information on Moody's ratings and descriptions refer to https://ratings.moodys.io/ratings.

 

Portfolio Characteristics

Average All-In Rate 8.61%
Current Dividend Yield^ 9.96%
Effective Duration^^ 0.62 yr
Average Position* 0.22%
Leverage* 36.68%

 

^Using current dividend rate of $0.094/share and market price/share as of December 31, 2023.
^^Loan durations are based on the actual remaining time until the underlying base rate is reset for each individual loan.
*As a percentage of Managed Assets.

 

Top 10 Issuers*

Carnival Corp 1.0%
Mitchell International, Inc. 0.8%
UPC Financing Partnership 0.8%
Peraton Corp. 0.8%
Atlas CC Acquisition Corp. 0.8%
Pro Mach Group, Inc. 0.8%
Access CIG LLC 0.8%
Project Alpha Intermediate Holding Inc 0.8%
Global Medical Response, Inc. 0.8%
Amwins Group Inc 0.8%
Top 10 Issuer 8.2%

 

*As a percentage of Managed Assets.

 

Portfolio holdings and distributions are subject to change and are not recommendations to buy or sell any security.

 

Top 5 Industries*^

Software 8.8%
Health Care Providers & Services 6.2%
Hotels, Restaurants & Leisure 5.8%
Professional Services 4.6%
Aerospace & Defense 4.6%
Top 5 Industries 30.0%

 

*As a percentage of Managed Assets.
^GICS Industry Classification Schema.

 

 

12 www.blackstone-credit.com

 

 

Blackstone Senior Floating Rate 2027 Term Fund Portfolio of Investments

 

December 31, 2023

 

  

Principal

Amount

   Value 
FLOATING RATE LOAN INTERESTS(a) - 138.23%          
Aerospace & Defense - 6.22%          
Amentum Government Services Holdings LLC, First Lien Term Loan, 3M US SOFR + 4.00%, 02/15/2029  $1,361,309   $1,364,372 
Atlas CC Acquisition Corp., First Lien B Term Loan, 3M US SOFR + 4.25%, 0.75% Floor, 05/25/2028   1,988,216    1,856,954 
Atlas CC Acquisition Corp., First Lien C Term Loan, 3M US SOFR + 4.25%, 0.75% Floor, 05/25/2028   404,383    377,686 
Avolon TLB Borrower 1 (US) TL, First Lien Term Loan, 1M US SOFR + 2.50%, 06/22/2028   735,380    737,892 
Dynasty Acquisition Co., Inc., First Lien Term Loan, 1M US SOFR + 4.00%, 08/24/2028   158,802    159,411 
LSF11 Trinity BidCo, Inc., First Lien Term Loan, First Lien Term Loan, 6M US SOFR + 4.00%, 06/14/2030(b)   1,055,419    1,063,334 
Nordam Group LLC, First Lien Initial Term Loan, 1M US SOFR + 5.50%, 04/09/2026   1,676,400    1,544,803 
Peraton Corp., First Lien B Term Loan, 1M US SOFR + 3.75%, 0.75% Floor, 02/01/2028   2,281,669    2,290,225 
Standard Aero, Ltd., First Lien Term Loan, 1M US SOFR + 4.00%, 08/24/2028   68,058    68,319 
TransDigm Inc., TLI, First Lien Term Loan, 3M US SOFR + 3.25%, 08/24/2028   1,509,172    1,517,932 
Vertex Aerospace Corp., First Lien Term Loan, 1M US SOFR + 3.75%, 12/06/2028   852,129    854,110 
         11,835,038 
Air Freight & Logistics - 2.11%          
Clue Opco LLC, First Lien Term Loan, 3M US SOFR + 4.50%, 09/20/2030   1,280,000    1,217,063 
Rinchem Company, Inc., First Lien Term Loan, 3M US SOFR + 4.25%, 03/02/2029   1,356,563    1,172,158 
WWEX UNI TopCo Holdings LLC, First Lien Initial Term Loan, 3M US SOFR + 4.00%, 0.75% Floor, 07/26/2028   1,655,881    1,627,466 
         4,016,687 
Automobile Components - 2.70%          
Belron Finance US LLC, First Lien Term Loan, 6M US L + 0.00%, 0.50% Floor, 04/18/2029(b)   362,159    363,970 
Burgess Point Purchaser Corp., First Lien Term Loan, 1M US SOFR + 5.25%, 07/25/2029   1,457,280    1,385,174 
Clarios Global LP, TL, First Lien Term Loan, 3M US SOFR + 3.75%, 05/06/2030   1,396,110    1,400,996 
First Brands Group LLC, First Lien Term Loan, 3M US SOFR + 5.00%, 1.00% Floor, 03/30/2027   867,192    862,319 
First Brands Group, LLC, First Lien 2018 New Tranche E Term Loan, 3M US L + 2.50%,          
03/30/2027   467,781    464,857 
Phinia Inc., TL, First Lien Term Loan, 6M US SOFR + 3.75%, 07/03/2028(b)   651,700    655,366 
         5,132,682 
Beverages - 0.80%          
Triton Water Holdings, Inc., First Lien Initial Term Loan, 3M US SOFR + 3.50%, 0.50% Floor, 03/31/2028   1,530,468    1,518,989 
           
Biotechnology - 0.97%          
Grifols Worldwide Operations, TLB, First Lien Term Loan, 3M US SOFR + 2.00%, 11/15/2027   1,846,054    1,848,362 
           
Building Products - 2.49%          
CP Atlas Buyer, Inc., First Lien B Term Loan, 3M US SOFR + 3.50%, 0.50% Floor, 11/23/2027   1,052,696    1,038,327 
LBM Acquisition LLC, First Lien Initial Term Loan, 1M US SOFR + 3.75%, 0.75% Floor, 12/17/2027   1,045,086    1,035,126 
LHS Borrower, LLC, TL, First Lien Term Loan, 1M US SOFR + 4.75%, 0.50% Floor, 02/16/2029   151,447    137,343 
Oscar Acquisitionco LLC, First Lien Term Loan, 3M US SOFR + 4.50%, 0.50% Floor, 04/29/2029   1,110,569    1,101,646 
Tailwind Smith Cooper Intermediate Corp., First Lien Initial Term Loan, 3M US SOFR + 5.00%, 05/28/2026   1,466,281    1,421,926 
         4,734,368 
Capital Markets - 6.22%          
Advisor Group Holdings, Inc., First Lien Term Loan, 1M US SOFR + 4.50%, 08/17/2028   1,204,181    1,209,546 

 

See Notes to Financial Statements.

 

Annual Report | December 31, 2023 13

 

 

Blackstone Senior Floating Rate 2027 Term Fund Portfolio of Investments

 

December 31, 2023

 

  

Principal

Amount

   Value 
Capital Markets (continued)          
Apex Group Treasury, Ltd., First Lien USD Term Loan, 3M US SOFR + 3.75%, 0.50% Floor, 07/27/2028  $1,443,518   $1,439,909 
AqGen Island Holdings, Inc., First Lien Term Loan, 3M US SOFR + 6.50%, 08/02/2029   1,865,513    1,801,386 
Aretec Group, Inc., First Lien Term Loan, 1M US SOFR + 4.50%, 08/09/2030   1,181,934    1,182,738 
Citadel Securities LP, First Lien Term Loan, 1M US SOFR + 2.50%, 07/29/2030   437,333    438,882 
CITCO FUNDING LLC TL 1L, First Lien Term Loan, 6M US SOFR + 3.25%, 04/27/2028   478,794    481,114 
Focus Financial Partners LLC, First Lien Term Loan:          
1M US SOFR + 3.50%, 06/30/2028   537,429    539,492 
3M US L + 2.50%, 0.50% Floor, 06/30/2028   1,978,449    1,982,041 
Minotaur Acquisition, Inc., First Lien B Term Loan, 1M US SOFR + 4.75%, 03/27/2026   1,302,109    1,304,082 
The Citco Group Limited, TLB, First Lien Term Loan, 3M US SOFR + 3.50%, 04/27/2028   1,456,680    1,463,053 
         11,842,243 
Chemicals - 2.18%          
Ecovyst Catalyst Technologies LLC, First Lien Term Loan, 3M US SOFR + 2.50%, 0.50% Floor, 06/09/2028   1,639,848    1,644,570 
Geon Performance Solutions LLC, First Lien Term Loan, 3M US SOFR + 4.75%, 0.75% Floor, 08/18/2028   1,139,275    1,140,699 
Nouryon Finance B.V., TLB, First Lien Term Loan, 3M US SOFR + 4.00%, 04/03/2028   423,397    425,514 
Nouryon USA LLC, First Lien Term Loan, 1M US SOFR + 4.00%, 04/03/2028   940,158    945,005 
         4,155,788 
Commercial Services & Supplies - 6.50%          
Action Environmental Group, Inc., First Lien Term Loan, 3M US SOFR + 4.50%, 0.50% Floor, 10/24/2030(b)   977,416    982,303 
Allied Universal Holdco LLC, TLB, First Lien Term Loan, 3M US SOFR + 4.75%, 05/12/2028   1,510,000    1,513,420 
Aramark Intermediate HoldCo Corp., First Lien U.S. B-4 Term Loan, 1M US SOFR + 1.75%, 01/15/2027   700,000    700,217 
Belfor Holdings, Inc., First Lien Term Loan, 1M US SOFR + 3.75%, 0.50% Floor, 11/01/2030   295,578    296,873 
Covanta 11/21 TLB, First Lien Term Loan, 3M US L + 2.50%, 11/30/2028   1,291,527    1,292,838 
Covanta 11/21 TLC, First Lien Term Loan, 1M US SOFR + 2.50%, 11/30/2028   98,467    98,567 
Covanta Holding Corporation, TL, First Lien Term Loan:          
1M US SOFR + 3.00%, 11/30/2028   29,070    29,142 
1M US SOFR + 3.00%, 11/30/2028   386,624    387,591 
DG Investment Intermediate Holdings 2, Inc., Second Lien Initial Term Loan, 1M US SOFR + 6.75%, 0.75% Floor, 03/30/2029   601,071    544,970 
Garda World Security Corp., First Lien B-2 Term Loan, 1M US SOFR + 4.25%, 10/30/2026   1,101,356    1,104,715 
HOMESERVE USA HOLDING CORP. TLB 1L, First Lien Term Loan, 1M US SOFR + 3.00%, 10/21/2030   353,882    355,430 
Justrite Safety Group, First Lien Delayed Draw Term Loan, 1M US SOFR + 4.50%, 06/28/2026   74,274    72,881 
Justrite Safety Group, First Lien Initial Term Loan, 1M US SOFR + 4.50%, 06/28/2026   1,370,300    1,344,607 
Revspring, Inc., First Lien Initial Term Loan, 3M US SOFR + 4.00%, 10/11/2025   1,254,000    1,249,818 
Strategic Materials Holding Corp., Second Lien Initial Term Loan, 3M US SOFR + 7.75%, 1.00% Floor, 10/31/2025(c)   800,000    18,200 
TMF Sapphire Bidco B.V., TLB, First Lien Term Loan, 1M US SOFR + 5.00%, 05/03/2028   290,909    293,454 
TRC Companies, First Lien Term Loan, 3M US SOFR + 3.75%, 12/08/2028   569,273    569,273 
TRC Companies, Second Lien Term Loan, 1M US SOFR + 6.75%, 12/07/2029(b)   713,846    674,585 
United Site Cov-Lite, First Lien Term Loan, 3M US SOFR + 4.25%, 12/15/2028   1,076,712    845,833 
         12,374,717 
Communications Equipment - 0.05%          
MLN US HoldCo LLC, First Lien B Term Loan, 3M US SOFR + 4.50%, 11/30/2025   854,492    99,689 
           
Construction & Engineering - 4.36%          
Aegion Corp., First Lien Initial Term Loan, 1M US SOFR + 4.75%, 0.75% Floor, 05/17/2028   1,427,479    1,430,448 

 

See Notes to Financial Statements.

 

14 www.blackstone-credit.com

 

 

Blackstone Senior Floating Rate 2027 Term Fund Portfolio of Investments

 

December 31, 2023

 

  

Principal

Amount

   Value 
Construction & Engineering (continued)          
APi Group DE, Inc., First Lien Term Loan, 1M US SOFR + 2.50%, 01/03/2029  $906,058   $907,920 
Brookfield WEC Holdings, Inc., First Lien Initial (2021) Term Loan, 1M US SOFR + 2.75%, 0.50% Floor, 08/01/2025   1,315,697    1,320,690 
TK Elevator Midco GmbH, First Lien Facility B1 Term Loan, 6M US L + 3.50%, 0.50% Floor, 07/30/2027   1,602,662    1,608,271 
Tutor Perini Corp., First Lien B Term Loan, 1M US L + 4.75%, 1.00% Floor, 08/18/2027   1,405,244    1,376,704 
Victory Buyer LLC, First Lien Term Loan, 1M US SOFR + 3.75%, 0.50% Floor, 11/19/2028   1,729,443    1,647,294 
         8,291,327 
Construction Materials - 1.03%          
Quickrete Holdings, Inc., First Lien Initial Term Loan, 1M US SOFR + 2.625%, 02/01/2027   1,484,536    1,494,282 
Summit Materials LLC, First Lien Term Loan, 6M US SOFR + 3.00%, 11/30/2028   203,957    204,850 
Tamko Building Products LLC, First Lien Term Loan, 3M US SOFR + 3.50%, 09/20/2030   251,130    252,648 
         1,951,780 
Containers & Packaging - 2.55%          
Berry Global, Inc., First Lien Term Loan, 3M US SOFR + 1.75%, 07/01/2026   180,024    180,811 
Proampac Pg Borrower LLC, First Lien Term Loan, 1M US SOFR + 4.75%, 0.50% Floor, 09/15/2028   1,604,740    1,609,755 
Reynolds Consumer Products LLC, First Lien Initial Term Loan, 1M US SOFR + 1.75%, 02/04/2027   1,483,943    1,488,580 
Tekni-Plex, Inc., First Lien Tranche B-3 Initial Term Loan, 3M US SOFR + 4.00%, 0.50% Floor, 09/15/2028   1,573,827    1,571,537 
         4,850,683 
Distributors - 0.48%          
S&S Holdings LLC, First Lien Initial Term Loan, 3M US SOFR + 5.00%, 0.50% Floor, 03/11/2028   925,371    907,442 
           
Diversified Consumer Services - 3.07%          
Loyalty Ventures, Inc., First Lien Term Loan, PRIME + 3.50%, 11/03/2027(c)   490,359    6,742 
McKissock Investment Holdings, LLC, First Lien Term Loan, 3M US SOFR + 5.00%, 03/12/2029  227,934    228,219 
Prime Security Services Borrower, LLC, TL, First Lien Term Loan, 3M US SOFR + 2.50%, 10/13/2030   634,649    637,276 
Spring Education Group, Inc., TL, First Lien Term Loan, 6M US SOFR + 4.75%, 10/04/2030   441,122    442,941 
St. George's University Scholastic Services LLC, First Lien Term Loan B Term Loan, 1M US SOFR + 3.25%, 0.50% Floor, 02/10/2029   1,756,182    1,758,597 
TruGreen LP, First Lien Term Loan, 1M US SOFR + 4.00%, 0.75% Floor, 11/02/2027   1,089,615    1,054,475 
Weld North Education LLC, First Lien Term Loan, 1M US SOFR + 3.75%, 0.50% Floor, 12/21/2027   1,711,021    1,713,340 
         5,841,590 
Diversified REITs - 0.25%          
Iron Mountain, Inc., First Lien Term Loan, 6M US L + 0.00%, 01/31/2031   468,543    469,276 
           
Diversified Telecommunication Services - 4.73%          
Level 3 Financing, Inc., First Lien Term Loan, First Lien Term Loan, 6M US SOFR + 1.75%, 03/01/2027(b)   1,502,467    1,449,881 
Lumen Technologies, Inc., First Lien Term Loan, First Lien Term Loan, 6M US L + 0.00%, 03/15/2027(b)   1,436,201    998,160 
Radiate Holdco, LLC,, First Lien Term Loan, 1M US SOFR + 3.25%, 09/25/2026   1,283,627    1,033,923 
Telenet Financing USD LLC, First Lien Term Loan, 1M US SOFR + 2.00%, 04/30/2028   1,942,903    1,935,860 
UPC Financing Partnership, First Lien Facility AT Term Loan, 1M US SOFR + 2.25%, 04/30/2028   2,182,983    2,178,890 

 

See Notes to Financial Statements.

 

Annual Report | December 31, 2023 15

 

 

Blackstone Senior Floating Rate 2027 Term Fund Portfolio of Investments

 

December 31, 2023

 

  

Principal

Amount

   Value 
Diversified Telecommunication Services (continued)          
Zacapa S.A.R.L., First Lien Term Loan, 3M US SOFR + 4.00%, 03/22/2029  $1,409,550   $1,408,767 
         9,005,481 
Electric Utilities - 1.07%          
Generation Bridge Northeast LLC, First Lien Term Loan, 1M US SOFR + 4.25%, 08/22/2029   590,424    593,500 
Vistra Operations Co. LLC, First Lien 2018 Incremental Term Loan, 1M US SOFR + 2.00%, 12/31/2025   1,447,059    1,448,933 
         2,042,433 
Electrical Equipment - 0.86%          
INNIO Group Holding GmbH Term Loan, First Lien Term Loan, 6M US SOFR + 4.50%, 10/31/2028   184,930    185,315 
Madison IAQ LLC, First Lien Initial Term Loan, 1M US SOFR + 3.25%, 0.50% Floor, 06/21/2028   1,446,310    1,443,844 
         1,629,159 
Electronic Equipment, Instruments & Components - 1.91%          
Chariot Buyer LLC, First Lien Term Loan, 1M US SOFR + 3.25%, 0.50% Floor, 11/03/2028   352,730    352,352 
Coherent Corp., First Lien Term Loan, 1M US SOFR + 2.75%, 0.50% Floor, 07/02/2029   1,047,206    1,053,097 
LTI Holdings, Inc., First Lien Term Loan, 1M US SOFR + 4.75%, 07/24/2026   414,068    402,164 
LTI Holdings, Inc., Second Lien Initial Term Loan, 1M US SOFR + 6.75%, 09/06/2026   468,085    421,473 
Miron Technologies, Inc., First Lien Term Loan, 3M US SOFR + 2.75%, 10/20/2028   1,391,584    1,398,020 
         3,627,106 
Entertainment - 1.25%          
CE Intermediate I LLC, First Lien Term Loan, 3M US SOFR + 3.50%, 0.50% Floor, 11/10/2028   855,840    849,421 
EP Purcasher, LLC, First Lien Term Loan, 3M US SOFR + 3.50%, 11/06/2028   1,541,775    1,531,491 
         2,380,912 
Financial Services - 2.54%          
FleetCor Technologies Operating Co. LLC, First Lien Term Loan, 1M US SOFR + 1.75%,          
04/28/2028   1,184,825    1,187,142 
Mitchell International, Inc., First Lien Term Loan, 1M US SOFR + 3.75%, 10/15/2028   1,497,108    1,498,620 
Mitchell International, Inc., Second Lien Term Loan, 1M US SOFR + 6.50%, 10/15/2029   862,371    849,168 
Polaris Newco LLC, First Lien Dollar Term Loan, 1M US SOFR + 4.00%, 0.50% Floor, 06/02/2028   1,318,674    1,302,685 
         4,837,615 
Food Products - 2.28%          
CH Guenther 11/21 TL, First Lien Term Loan, 1M US SOFR + 3.00%, 12/08/2028(b)   1,270,176    1,273,352 
Froneri International, Ltd., First Lien Facility B2 Term Loan, 1M US SOFR + 2.25%, 01/29/2027   1,723,805    1,727,769 
Snacking Investments BidCo Pty, Ltd., First Lien Initial US Term Loan, 3M US SOFR + 4.00%, 1.00% Floor, 12/18/2026   1,154,001    1,155,686 
Sovos Brands Intermediate, Inc., First Lien Term Loan, 3M US SOFR + 3.50%, 0.75% Floor, 06/08/2028   188,049    188,993 
         4,345,800 
Ground Transportation - 2.97%          
Avis Budget Car Rental LLC, First Lien Term Loan, 1M US SOFR + 1.75%, 08/06/2027   1,332,648    1,331,648 
Kenan Advantage Group, Inc., First Lien U.S. B-1 Term Loan, 6M US SOFR + 4.18%, 0.75% Floor, 03/24/2026   1,337,493    1,335,039 
Uber Technologies, Inc., TLB, First Lien Term Loan, 3M US SOFR + 2.75%, 03/03/2030   1,242,891    1,247,944 

 

See Notes to Financial Statements.

 

16 www.blackstone-credit.com

 

 

Blackstone Senior Floating Rate 2027 Term Fund Portfolio of Investments

 

December 31, 2023

 

  

Principal

Amount

   Value 
Ground Transportation (continued)          
XPO, Inc., TLB, First Lien Term Loan, 1M US SOFR + 2.00%, 05/24/2028  $1,731,298   $1,740,717 
         5,655,348 
Health Care Equipment & Supplies - 2.07%          
Auris Luxembourg III SARL, First Lien Facility B2 Term Loan, 6M US SOFR + 0.00%, 02/27/2026   2,266,932    2,243,696 
Carestream Health, Inc. TL 1L, First Lien Term Loan, 3M US L + 7.50%, 09/30/2027   150,441    117,580 
Femur Buyer, Inc., First Lien Initial Term Loan, 3M US SOFR + 4.50%, 03/05/2026   636,149    575,078 
Resonetics LLC, First Lien Initial Term Loan, 3M US SOFR + 4.00%, 0.75% Floor, 04/28/2028   994,924    996,998 
         3,933,352 
Health Care Providers & Services - 9.31%          
Covenant Surgical Partners, Inc., First Lien Delayed Draw Term Loan, 3M US SOFR + 4.00%, 07/01/2026   269,360    210,909 
Covenant Surgical Partners, Inc., First Lien Initial Term Loan, 1M US L + 4.00%, 07/01/2026   1,293,219    1,012,591 
DaVita, Inc., First Lien B Term Loan, 1M US SOFR + 1.75%, 08/12/2026   953,610    954,377 
Electron Bidco, Inc., First Lien Term Loan, 1M US SOFR + 3.00%, 11/01/2028   988,656    992,363 
Global Medical Response, Inc., First Lien 2018 New Term Loan, 1M US SOFR + 4.25%, 1.00% Floor, 03/14/2025   2,306,684    1,817,160 
Global Medical Response, Inc., First Lien 2020 Refinancing Term Loan, 3M US SOFR + 4.25%, 1.00% Floor, 10/02/2025   696,410    549,005 
Heartland Dental, LLC, TL, First Lien Term Loan, 1M US SOFR + 5.00%, 04/28/2028   1,169,296    1,168,934 
Midwest Physcn Admin Srvcs LLC, TL, First Lien Term Loan, 3M US SOFR + 3.25%, 03/12/2028   937,475    853,102 
NAPA Management Services Corp., First Lien Term Loan, 3M US SOFR + 5.25%, 0.75% Floor, 02/23/2029   1,145,490    1,057,310 
National Mentor Holdings, Inc., TL, First Lien Term Loan, 3M US SOFR + 3.75%, 03/02/2028   804,692    735,118 
National Mentor Holdings, Inc., TLC, First Lien Term Loan, 3M US SOFR + 3.75%, 03/02/2028   23,078    21,083 
Onex TSG Intermediate Corp., First Lien Initial Term Loan, 3M US SOFR + 4.75%, 0.75% Floor, 02/28/2028   1,381,190    1,366,514 
Outcomes Group Holdings, Inc., Second Lien Initial Term Loan, 3M US SOFR + 7.50%, 10/26/2026(b)   162,722    150,518 
Pathway Vet Alliance LLC, First Lien 2021 Replacement Term Loan, 1M US SOFR + 3.75%, 03/31/2027   1,507,467    1,332,933 
Pediatric Associates Holding Co. LLC, First Lien Term Loan, 3M US SOFR + 3.25%, 0.50% Floor, 12/29/2028   1,420,220    1,377,613 
Phoenix Guarantor, Inc., First Lien Tranche B-3 Term Loan, 1M US SOFR + 3.50%, 03/05/2026   1,038,733    1,040,193 
Radiology Partners, Inc., First Lien Term Loan, 1M US SOFR + 4.25%, 07/09/2025   1,260,716    1,023,153 
Radnet Management, Inc., First Lien Initial Term Loan, 1M US SOFR + 3.00%, 0.75% Floor, 04/23/2028   566,215    568,729 
Surgery Center Holdings, INC., Term Loan, First Lien Term Loan, 6M US SOFR + 4.00%, 12/19/2030   310,874    312,526 
U.S. Anesthesia Partners, Inc., First Lien Term Loan, 1M US SOFR + 4.25%, 0.50% Floor, 10/01/2028   1,278,078    1,172,994 
         17,717,125 
Health Care Technology - 2.58%          
Gainwell Acquisition Corp., First Lien Term Loan, 3M US SOFR + 4.00%, 0.75% Floor, 10/01/2027   1,131,800    1,103,505 
GHX Ultimate Parent Corp, TL, First Lien Term Loan, 3M US SOFR + 4.75%, 06/30/2027   1,194,073    1,198,802 
Project Ruby Ultimate Parent Corp., First Lien Closing Date Term Loan, 1M US SOFR + 3.25%, 0.75% Floor, 03/10/2028   732,195    732,979 

 

See Notes to Financial Statements.

 

Annual Report | December 31, 2023 17

 

 

Blackstone Senior Floating Rate 2027 Term Fund Portfolio of Investments

 

December 31, 2023

 

  

Principal

Amount

   Value 
Health Care Technology (continued)          
Verscend Holding Corp., First Lien B-1 Term Loan, 1M US SOFR + 4.00%, 08/27/2025  $1,873,201   $1,881,780 
         4,917,066 
Hotels, Restaurants & Leisure - 6.19%          
1011778 BC Unlimited Liability Company, First Lien Term Loan, 1M US SOFR + 2.25%, 0.50% Floor, 09/23/2030   888,369    889,795 
Bally's Corp., First Lien Term Loan, 3M US SOFR + 3.25%, 0.50% Floor, 10/02/2028   1,371,972    1,304,032 
BCPE Grill Parent, Inc.TLB, First Lien Term Loan, 1M US SOFR + 4.75%, 09/30/2030   436,000    428,551 
Caesars Entertainment, Inc., First Lien Term Loan, 1M US SOFR + 3.25%, 0.50% Floor, 02/06/2030   1,320,602    1,325,864 
Carnival Corp., First Lien Term Loan, 1M US SOFR + 3.25%, 0.75% Floor, 10/18/2028   1,372,799    1,376,808 
Entain PLC, First Lien Term Loan, 3M US L + 7.51%, 0.50% Floor, 10/31/2029   1,300,779    1,304,844 
Fertitta Entertainment, LLC, First Lien Term Loan, 1M US SOFR + 4.00%, 01/27/2029   1,138,413    1,140,371 
Flutter Financing B.V., First Lien Term Loan, 3M US SOFR + 3.25%, 0.50% Floor, 07/22/2028   508,673    511,074 
Flutter Financing B.V., TL, First Lien Term Loan, 3M US SOFR + 2.25%, 11/25/2030   1,341,295    1,346,325 
IRB Holding Corp., First Lien Term Loan, 3M US SOFR + 3.00%, 0.75% Floor, 12/15/2027   1,690,458    1,695,284 
Whatabrands LLC, First Lien Initial B Term Loan, 1M US SOFR + 3.25%, 0.50% Floor, 08/03/2028   452,275    453,609 
         11,776,557 
Household Durables - 0.70%          
Culligan 11/23 Incre CovLi TL 1L, First Lien Term Loan, 6M US SOFR + 4.50%, 07/31/2028(d)   1,332,978    1,341,310 
           
Independent Power and Renewable Electricity Producers - 0.78%          
Calpine Corp., First Lien Term Loan, 1M US SOFR + 2.00%, 04/05/2026   1,332,558    1,336,829 
Eastern Power LLC, First Lien Term Loan, 1M US SOFR + 3.75%, 1.00% Floor, 10/02/2025   155,996    153,765 
         1,490,594 
Insurance - 3.27%          
AmWINS Group, Inc., First Lien Term Loan:          
1M US SOFR + 2.25%, 0.75% Floor, 02/19/2028   1,436,202    1,440,245 
1M US SOFR + 2.75%, 0.75% Floor, 02/19/2028   224,956    225,870 
Baldwin Risk Partners, LLC, First Lien Initial Term Loan, 1M US SOFR + 3.50%, 10/14/2027   1,347,577    1,349,820 
Hyperion Refinance S.a r.l. TL, First Lien Term Loan, 3M US SOFR + 0.00%, 0.50% Floor, 04/18/2030   1,459,882    1,465,050 
NFP Corp., First Lien Closing Date Term Loan, 1M US SOFR + 3.25%, 02/16/2027   1,400,089    1,408,951 
USI, Inc., First Lien Term Loan, 3M US SOFR + 3.25%, 09/27/2030   324,701    325,613 
         6,215,549 
Interactive Media & Services - 1.73%          
Adevinta ASA, First Lien Facility B2 Term Loan, 3M US SOFR + 2.75%, 0.75% Floor, 06/26/2028   207,821    210,569 
Foundational Education Group, Inc., First Lien Term Loan, 3M US SOFR + 3.75%, 08/31/2028(b)   34,393    33,705 
LI Group Holdings, Inc., First Lien 2021 Term Loan, 1M US SOFR + 3.75%, 0.75% Floor, 03/11/2028   1,290,593    1,294,626 
MH Sub I LLC, First Lien Term Loan, 1M US SOFR + 4.25%, 05/03/2028   1,114,400    1,097,684 
MH Sub I LLC, Second Lien 2021 Replacement Term Loan, 1M US SOFR + 6.25%, 02/23/2029   705,038    662,104 
         3,298,688 
IT Services - 6.40%          
Access CIG LLC, First Lien Term Loan, 1M US SOFR + 5.00%, 0.50% Floor, 08/18/2028   748,125    750,310 
Access CIG LLC, Second Lien Initial Term Loan, 3M US SOFR + 7.75%, 02/27/2026   1,074,290    1,073,393 
AG Group Holdings, Inc., First Lien Term Loan, 3M US SOFR + 4.00%, 12/29/2028   1,342,713    1,335,167 

 

See Notes to Financial Statements.

 

18 www.blackstone-credit.com

 

 

Blackstone Senior Floating Rate 2027 Term Fund Portfolio of Investments

 

December 31, 2023

 

  

Principal

Amount

   Value 
IT Services (continued)          
Dcert Buyer, Inc., Second Lien First Amendment Refinancing Term Loan, 6M US SOFR + 7.00%, 02/19/2029  $1,881,655   $1,721,714 
Newfold Digital Holdings Group, Inc., First Lien Initial Term Loan, 6M US SOFR + 3.50%, 0.75% Floor, 02/10/2028   2,344,619    2,303,226 
Park Place Technologies LLC, First Lien Closing Date Term Loan, 1M US SOFR + 5.00%, 1.00% Floor, 11/10/2027   881,094    879,204 
Skopima Merger Sub Inc., First Lien Initial Term Loan, 1M US SOFR + 4.00%, 05/12/2028   810,301    808,782 
Vaco Holdings, LLC, First Lien Term Loan, 3M US SOFR + 5.00%, 01/21/2029   1,426,396    1,411,241 
Virtusa Corp., First Lien Term Loan, 1M US SOFR + 3.75%, 0.75% Floor, 02/11/2028   1,492,327    1,497,774 
World Wide Technology Holding Co., LLC, TL, First Lien Term Loan, 1M US SOFR + 3.25%, 03/01/2030   408,342    410,386 
         12,191,197 
Leisure Products - 0.13%          
Recess Holdings, Inc., First Lien Term Loan, 3M US SOFR + 4.00%, 1.00% Floor, 03/29/2027(b)   240,760    242,867 
           
Life Sciences Tools & Services - 2.64%          
Catalent Pharma Solutions, Inc., First Lien Term Loan, 1M US SOFR + 2.00%, 0.50% Floor, 02/22/2028   836,794    822,883 
Curia Global, Inc., First Lien 2021 Term Loan, 3M US SOFR + 3.75%, 0.75% Floor, 08/30/2026   1,513,154    1,366,098 
IQVIA INC., TL, First Lien Term Loan, 3M US SOFR + 2.00%, 01/02/2031   195,192    196,221 
Loire UK Midco 3, Ltd., First Lien Facility B2 Term Loan, 1M US SOFR + 3.75%, 0.75% Floor, 04/21/2027    927,893    908,640 
Maravai Intermediate Holdings LLC, First Lien Term Loan, 1M US L + 3.25%, 0.50% Floor, 10/19/2027   343,825    336,663 
Parexel International Corporation, First Lien Term Loan, 1M US SOFR + 3.25%, 0.50% Floor, 11/15/2028   1,381,479    1,391,322 
         5,021,827 
Machinery - 3.84%          
Asp Blade Holdings, Inc. TLB, First Lien Term Loan, 3M US SOFR + 4.00%, 0.50% Floor, 10/13/2028   239,551    214,848 
Bettcher Industries, Inc., First Lien Term Loan, 1M US SOFR + 4.00%, 12/14/2028   832,239    829,380 
Engineered Machinery Holdings, Inc., First Lien Term Loan, 3M US SOFR + 3.50%, 0.75% Floor, 05/19/2028   1,424,352    1,418,341 
Hyperion Materials & Technologies, Inc., First Lien Initial Term Loan, 3M US SOFR + 4.25%, 0.50% Floor, 08/30/2028   732,947    723,709 
Pro Mach Group, Inc., First Lien Closing Date Initial Term Loan, 1M US SOFR + 4.00%, 1.00% Floor, 08/31/2028   1,753,139    1,760,449 
Project Castle, Inc., First Lien Term Loan, 3M US SOFR + 5.50%, 06/01/2029   1,501,000    1,339,642 
Redwood Star Merger Sub, Inc., First Lien Term Loan, 1M US SOFR + 4.50%, 04/05/2029   912,310    916,493 
Titan Acquisition, Ltd., First Lien Initial Term Loan, 1M US SOFR + 3.00%, 03/28/2025   98,778    98,768 
         7,301,630 
Media - 2.06%          
Charter Communications Operating LLC, First Lien Term Loan, 1M US SOFR + 1.75%, 02/01/2027   1,039,175    1,040,479 
iHeartCommunications, Inc., First Lien New Term Loan, 1M US SOFR + 3.00%, 05/01/2026   1,400,000    1,213,709 
Univision Communications, Inc., First Lien Term Loan:          
1M US SOFR + 3.25%, 0.75% Floor, 03/15/2026   1,450,156    1,454,695 
3M US SOFR + 4.25%, 06/24/2029   214,909    215,769 
         3,924,652 

 

See Notes to Financial Statements.

 

Annual Report | December 31, 2023 19

 

 

Blackstone Senior Floating Rate 2027 Term Fund Portfolio of Investments

 

December 31, 2023

 

  

Principal

Amount

   Value 
Metals & Mining - 0.18%          
Arsenal Aic Parent LLC, TL, First Lien Term Loan, 1M US SOFR + 4.75%, 08/18/2030  $343,356   $345,287 
           
Mortgage Real Estate Investment Trusts (REITs) - 0.31%          
Blackstone Mortgage Trust, Inc., First Lien Term Loan:          
1M US SOFR + 2.25%, 04/23/2026   296,134    292,432 
1M US SOFR + 2.75%, 0.50% Floor, 04/23/2026(b)   296,193    293,231 
         585,663 
Oil, Gas & Consumable Fuels - 0.99%          
Buckeye Partners LP, First Lien Term Loan, 1M US SOFR + 2.25%, 11/01/2026   490,537    492,352 
Buckeye Partners, LP TLB 1L, First Lien Term Loan, 1M US SOFR + 2.50%, 11/22/2030   259,794    260,959 
Freeport LNG, First Lien Term Loan, 3M US SOFR + 3.50%, 12/21/2028   365,241    365,601 
GIP Pilot Acquisition Partners LP, First Lien Term Loan, 3M US SOFR + 3.00%, 10/04/2030   359,040    359,584 
Whitewater Whistler Holdings, LLC, TL, First Lien Term Loan, 1M US SOFR + 8.49%, 02/15/2030   409,468    410,957 
         1,889,453 
Passenger Airlines - 1.40%          
Air Canada, First Lien B Term Loan, 3M US SOFR + 3.50%, 0.75% Floor, 08/11/2028   890,977    894,804 
American Airlines, Inc., First Lien 2020 Term Loan, 3M US SOFR + 1.75%, 01/29/2027   231,254    229,564 
American Airlines, Inc., First Lien Term Loan, 6M US SOFR + 2.75%, 02/15/2028   602,828    603,054 
United AirLines, Inc., First Lien Class B Term Loan, 1M US SOFR + 3.75%, 0.75% Floor, 04/21/2028   930,595    935,248 
         2,662,670 
Pharmaceuticals - 1.25%          
Elanco Animal Health, Inc., First Lien B Term Loan, 1M US SOFR + 1.75%, 08/01/2027   1,384,556    1,377,827 
Padagis LLC, First Lien Initial Term Loan, 3M US SOFR + 4.75%, 0.50% Floor, 07/06/2028   1,040,524    1,008,008 
         2,385,835 
Professional Services - 8.28%          
AlixPartners, LLP, First Lien USD B Term Loan, 1M US SOFR + 2.50%, 0.50% Floor, 02/04/2028   1,524,129    1,529,273 
CoreLogic, Inc., First Lien Initial Term Loan, 1M US SOFR + 3.50%, 0.50% Floor, 06/02/2028   1,366,214    1,333,199 
CoreLogic, Inc., Second Lien Initial Term Loan, 1M US SOFR + 6.50%, 0.50% Floor, 06/04/2029   567,442    511,055 
Deerfield Dakota Holding LLC, Second Lien 2021 Replacement Term Loan, 3M US SOFR + 6.75%, 0.75% Floor, 04/07/2028   304,000    292,220 
DTI Holdco, Inc. TL, First Lien Term Loan, 3M US SOFR + 4.75%, 04/26/2029   751,604    744,761 
Dun & Bradstreet Corp., First Lien Term Loan, 1M US SOFR + 2.75%, 02/06/2026   928,511    931,561 
Element Materials Technology Group Holdings DTL, First Lien Term Loan, 3M US SOFR + 4.25%, 07/06/2029   565,585    562,050 
Element Materials Technology Group Holdings TL, First Lien Term Loan, 3M US SOFR + 4.25%, 07/06/2029   1,225,434    1,217,775 
Equiniti Group PLC, First Lien Term Loan, 6M US SOFR + 4.50%, 12/11/2028   1,134,028    1,139,698 
Genuine Financial Holdings LLC, First Lien Term Loan, 6M US SOFR + 4.25%, 09/27/2030   1,300,296    1,299,133 
Inmar, Inc., TL, First Lien Term Loan, 1M US SOFR + 5.25%, 05/01/2026   592,217    586,294 
Lereta, LLC, First Lien Term Loan, 1M US SOFR + 5.00%, 07/30/2028   482,271    370,143 
Omnia Partners, LLC, TL, First Lien Term Loan, 4M US SOFR + 4.25%, 07/25/2030   1,426,899    1,437,608 
Ryan LLC., First Lien Term Loan, 1M US SOFR + 4.50%, 11/14/2030   494,603    496,923 
Trans Union LLC, First Lien Term Loan, 1M US SOFR + 1.75%, 11/16/2026   1,773,631    1,777,976 
TransUnion 11/21 B6 TLB, First Lien Term Loan, 1M US SOFR + 2.25%, 12/01/2028   285,869    287,174 
VT Topco, Inc., First Lien Term Loan, 3M US SOFR + 4.25%, 0.50% Floor, 08/09/2030   1,244,434    1,252,212 
         15,769,055 

 

See Notes to Financial Statements.

 

20 www.blackstone-credit.com

 

 

Blackstone Senior Floating Rate 2027 Term Fund Portfolio of Investments

 

December 31, 2023

 

  

Principal

Amount

   Value 
Real Estate Management & Development - 0.72%          
Cushman & Wakefield US Borrower LLC, First Lien Term Loan:          
1M US SOFR + 3.25%, 0.50% Floor, 01/31/2030  $582,640   $579,362 
3M US SOFR + 4.00%, 01/31/2030   792,873    793,864 
         1,373,226 
Software - 16.05%          
Apttus Corp., First Lien Initial Term Loan, 1M US SOFR + 4.00%, 0.75% Floor, 05/08/2028   573,983    576,196 
Boxer Parent Company Inc., Term Loan, First Lien Term Loan, 6M US SOFR + 4.50%, 12/02/2028   353,846    356,898 
Central Parent, Inc., First Lien Term Loan, 3M US SOFR + 4.00%, 07/06/2029   1,692,738    1,704,282 
Cloud Software Group, Inc., First Lien Term Loan, 3M US SOFR + 4.50%, 0.50% Floor, 03/30/2029   1,580,039    1,547,356 
Cloudera, Inc., First Lien Term Loan, 1M US SOFR + 3.75%, 0.50% Floor, 10/08/2028   1,150,000    1,142,094 
Connectwise, LLC, First Lien Term Loan, 1M US SOFR + 3.50%, 0.50% Floor, 09/29/2028   1,611,739    1,611,739 
Cornerstone OnDemand, Inc., First Lien Initial Term Loan, 3M US SOFR + 3.75%, 0.50% Floor, 10/16/2028   1,779,961    1,726,562 
Epicor Software Corp. TL 1L, First Lien Term Loan, 1M US SOFR + 3.75%, 07/30/2027   130,909    132,218 
Fiserv Investment Solutions, Inc., First Lien Initial Term Loan, 3M US SOFR + 4.00%, 02/18/2027   1,447,989    1,383,278 
Greeneden U.S. Holdings I LLC, First Lien Initial Dollar (2020) Term Loan, 1M US SOFR + 4.00%, 0.75% Floor, 12/01/2027   1,333,186    1,339,966 
GTCR W Merger Sub LLC, TL, First Lien Term Loan, 6M US SOFR + 3.75%, 0.50% Floor, 09/20/2030   867,155    872,033 
Help/Systems Holdings, Inc., First Lien Seventh Amendment Refinancing Term Loan, 3M US SOFR + 4.00%, 0.75% Floor, 11/19/2026   2,058,432    1,956,251 
Idera, Inc., First Lien B-1 Term Loan, 1M US SOFR + 3.75%, 0.75% Floor, 03/02/2028   1,356,038    1,351,800 
INSTRUCTURE HOLDINGS, INC. TLB 1L, First Lien Term Loan, 6M US SOFR + 2.75%, 10/30/2028   319,672    321,670 
ISOLVED, INC.TLB 1L, First Lien Term Loan, 6M US SOFR + 4.00%, 10/14/2030   320,000    321,000 
Ivanti Software, Inc., First Lien First Amendment Term Loan, 3M US SOFR + 4.00%, 0.75% Floor, 12/01/2027   247,811    235,472 
Ivanti Software, Inc., Second Lien Term Loan, 3M US SOFR + 7.25%, 12/01/2028   537,313    436,118 
Magenta Buyer LLC, First Lien Initial Term Loan, 3M US SOFR + 5.00%, 0.75% Floor, 07/27/2028   1,685,704    1,206,332 
Mitnick Corporate Purchaser Inc., First Lien Term Loan, 3M US SOFR + 4.75%, 05/02/2029   1,000,376    949,422 
Perforce Software, Inc., First Lien New Term Loan, 1M US SOFR + 3.75%, 07/01/2026   321,908    319,493 
PROJECT ALPHA INTERMEDIATE HOLDING, INC., TL, First Lien Term Loan, 1M US SOFR + 4.75%, 10/28/2030   2,277,269    2,294,110 
Proofpoint, Inc., TL, First Lien Term Loan, 1M US SOFR + 3.25%, 08/31/2028   1,686,984    1,689,852 
Quartz Acquireco, LLC, TL, First Lien Term Loan, 1M US SOFR + 3.50%, 06/28/2030(b)   1,379,586    1,385,622 
Quest Borrower Ltd., First Lien Term Loan, 3M US SOFR + 4.25%, 02/01/2029   1,735,554    1,334,450 
Rocket Software, Inc., TL, First Lien Term Loan, 1M US SOFR + 4.75%, 0.50% Floor, 11/28/2028   554,278    545,617 
SS&C Technologies, Inc., First Lien Term Loan:          
1M US L + 2.25%, 0.50% Floor, 03/22/2029   175,631    176,129 
1M US L + 2.25%, 0.50% Floor, 03/22/2029   295,560    296,398 
Surf Holdings S.a r.l., First Lien Dollar Tranche Term Loan, 1M US SOFR + 3.50%, 03/05/2027   1,641,483    1,647,023 
Vision Solutions, Inc., First Lien Term Loan, 3M US SOFR + 4.25%, 0.75% Floor, 04/24/2028   1,689,549    1,679,412 
         30,538,793 
Specialty Retail - 1.77%          
EG America LLC, First Lien Term Loan, 1M US SOFR + 4.00%, 0.50% Floor, 02/07/2028   1,514,550    1,491,832 
Mavis Tire Express Services Topco Corp., First Lien Term Loan, 1M US SOFR + 4.00%, 0.75% Floor, 05/04/2028   196,483    197,097 

 

See Notes to Financial Statements.

 

Annual Report | December 31, 2023 21

 

 

Blackstone Senior Floating Rate 2027 Term Fund Portfolio of Investments

 

December 31, 2023

 

  

Principal

Amount

   Value 
Specialty Retail (continued)          
Pilot Travel Centers LLC, First Lien Term Loan, 1M US L + 2.00%, 08/04/2028  $1,682,785   $1,689,970 
         3,378,899 
Technology Hardware, Storage & Peripherals - 0.26%          
Xerox 11/23 TLB 1L, First Lien Term Loan, 3M US SOFR + 4.00%, 11/17/2029   492,000    493,537 
           
Textiles, Apparel & Luxury Goods - 0.68%          
Champ Acquisition Corp., First Lien Initial Term Loan, 3M US SOFR + 5.50%, 12/19/2025   1,283,371    1,289,788 
           
Trading Companies & Distributors - 3.50%          
Fastlane Parent Co., Inc., First Lien Term Loan, 1M US SOFR + 4.75%, 0.50% Floor, 09/29/2028   426,636    426,836 
FCG Acquisitions, Inc., First Lien Initial Term Loan, 3M US L + 3.75%, 0.50% Floor, 03/31/2028   1,158,573    1,160,891 
Kodiak Building Partners Inc. TLB, First Lien Term Loan, 3M US SOFR + 3.25%, 0.75% Floor, 03/12/2028   2,042,278    2,041,512 
Park River Holdings, Inc., First Lien Initial Term Loan, 3M US SOFR + 3.25%, 0.75% Floor, 12/28/2027   575,570    563,198 
White Cap Buyer LLC, First Lien Initial Closing Date Term Loan, 1M US SOFR + 3.75%, 0.50% Floor, 10/19/2027   1,045,230    1,048,716 
Windsor Holdings III, LLC, TL, First Lien Term Loan, 6M US SOFR + 4.50%, 08/01/2030   1,401,249    1,413,510 
         6,654,663 
Transportation Infrastructure - 0.67%          
Brown Group Holding LLC, First Lien Term Loan, 1M US SOFR + 2.50%, 0.50% Floor, 06/07/2028   1,276,431    1,279,342 
           
Wireless Telecommunication Services - 0.88%          
CCI Buyer, Inc., First Lien Initial Term Loan, 3M US SOFR + 4.00%, 0.75% Floor, 12/17/2027   1,674,947    1,672,551 
           
TOTAL FLOATING RATE LOAN INTERESTS          
(Cost $266,562,634)        263,085,691 
           
COLLATERALIZED LOAN OBLIGATION SECURITIES(a) - 6.97%          
Consumer Finance - 0.78%          
Octagon 60, Ltd., 3M US SOFR + 5.00%, 10/20/2035(b)(e)   1,000,000    1,013,092 
PPM CLO 3, Ltd., 3M US SOFR + 6.87%, 04/17/2034(b)(e)   500,000    459,067 
         1,472,159 
Financial Services - 6.19%          
Allegro CLO XII, Ltd., 3M US SOFR + 7.36%, 01/21/2032(b)(e)   1,000,000    991,008 
Bain Capital Credit CLO 2020-4, Ltd., 3M US SOFR + 7.98%, 10/20/2036(b)(e)   1,000,000    1,002,964 
Bain Capital Credit CLO 2022-3, Ltd., 3M US SOFR + 3.70%, 07/17/2035(b)(e)   1,000,000    990,090 
Carlyle US CLO 2022-6, Ltd., 3M US SOFR + 4.75%, 10/25/2036(b)(e)   1,000,000    1,013,164 
CIFC Funding 2019-V, Ltd., 3M US SOFR + 3.41%, 01/15/2035(b)(e)   1,000,000    988,713 
CIFC Funding 2022-VII, Ltd., 3M US SOFR + 5.35%, 10/22/2035(b)(e)   1,000,000    1,013,823 
Clover CLO 2021-3 LLC, 3M US SOFR + 3.36%, 01/25/2035(b)(e)   1,250,000    1,249,828 
Eaton Vance CLO 2013-1, Ltd., 3M US SOFR + 7.06%, 01/15/2034(b)(e)   500,000    494,777 
HPS Loan Management CLO 6-2015, Ltd., 3M US SOFR + 5.36%, 02/05/2031(b)(e)   834,000    761,441 
Park Avenue Institutional Advisers CLO, Ltd. 2022-1, 3M US SOFR + 7.29%, 04/20/2035(b)(e)   1,000,000    988,650 
Rad CLO 5, Ltd., 3M US SOFR + 6.96%, 07/24/2032(b)(e)   500,000    494,275 
Romark CLO IV, Ltd., 3M US SOFR + 7.21%, 07/10/2034(b)(e)   1,000,000    930,139 

 

See Notes to Financial Statements.

 

22 www.blackstone-credit.com

 

 

Blackstone Senior Floating Rate 2027 Term Fund Portfolio of Investments

 

December 31, 2023

 

  

Principal

Amount

   Value 
Financial Services (continued)          
Sound Point CLO XXXII, Ltd., 3M US SOFR + 6.96%, 10/25/2034(b)(e)  $1,000,000   $868,278 
         11,787,150 
TOTAL COLLATERALIZED LOAN OBLIGATION SECURITIES          
(Cost $13,439,329)        13,259,309 
           
CORPORATE BONDS - 3.16%          
Aerospace & Defense - 0.15%          
Bombardier, Inc., 8.750%, 11/15/2030(e)   5,000    5,330 
Moog, Inc., 4.250%, 12/15/2027(e)   13,000    12,288 
Rolls-Royce PLC, 5.750%, 10/15/2027(e)   10,000    10,023 
Spirit AeroSystems, Inc., 4.600%, 06/15/2028   40,000    35,426 
TransDigm, Inc.:          
4.625%, 01/15/2029   15,000    14,093 
4.880%, 05/01/2029   110,000    102,942 
Triumph Group, Inc., 7.750%, 08/15/2025   113,000    112,721 
         292,823 
Automobile Components - 0.02%          
Patrick Industries, Inc., 4.750%, 05/01/2029(e)   45,000    41,101 
           
Automobiles - 0.01%          
Thor Industries, Inc., 4.000%, 10/15/2029(e)   17,000    15,184 
           
Banks - 0.05%          
Intesa Sanpaolo SpA, 5.710%, 01/15/2026(e)   85,000    84,638 
Popular, Inc., 7.250%, 03/13/2028   5,000    5,149 
         89,787 
Broadline Retail - 0.00%          
Macy's Retail Holdings LLC, 4.500%, 12/15/2034   10,000    8,117 
           
Building Products - 0.02%          
Griffon Corp., 5.750%, 03/01/2028   45,000    44,270 
           
Chemicals - 0.03%          
Chemours Co., 5.750%, 11/15/2028(e)   3,000    2,862 
CVR Partners LP / CVR Nitrogen Finance Corp., 6.125%, 06/15/2028(e)   15,000    14,011 
Methanex Corp., 5.125%, 10/15/2027   15,000    14,669 
Minerals Technologies, Inc., 5.000%, 07/01/2028(e)   22,000    21,178 
         52,720 
Commercial Services & Supplies - 0.02%          
Deluxe Corp., 8.000%, 06/01/2029(e)   10,000    8,858 
Pitney Bowes, Inc., 7.250%, 03/15/2029(e)   17,000    14,574 
Steelcase, Inc., 5.125%, 01/18/2029   25,000    23,734 
         47,166 
Construction & Engineering - 0.01%          
Great Lakes Dredge & Dock Corp., 5.250%, 06/01/2029(e)   14,000    11,917 
Tutor Perini Corp., 6.875%, 05/01/2025(e)   13,000    12,702 
         24,619 

 

See Notes to Financial Statements.

 

Annual Report | December 31, 2023 23

 

 

Blackstone Senior Floating Rate 2027 Term Fund Portfolio of Investments

 

December 31, 2023

 

  

Principal

Amount

   Value 
Consumer Finance - 0.24%          
Ally Financial, Inc., 6.700%, 02/14/2033  $22,000   $22,049 
Enova International, Inc., 8.500%, 09/15/2025(e)   15,000    14,753 
FirstCash, Inc.:          
4.630%, 09/01/2028(e)   55,000    51,395 
5.625%, 01/01/2030(e)   20,000    19,180 
goeasy, Ltd., 9.250%, 12/01/2028(e)   47,000    50,236 
Goeasy, Ltd., 4.375%, 05/01/2026(e)   19,000    18,314 
Navient Corp.:          
5.000%, 03/15/2027   20,000    19,328 
4.880%, 03/15/2028   50,000    46,510 
9.375%, 07/25/2030   19,000    19,921 
5.625%, 08/01/2033   30,000    24,656 
OneMain Finance Corp.:          
3.880%, 09/15/2028   60,000    53,134 
5.375%, 11/15/2029   15,000    14,068 
7.875%, 03/15/2030   23,000    23,696 
PRA Group, Inc., 8.375%, 02/01/2028(e)   10,000    9,633 
SLM Corp., 4.200%, 10/29/2025   40,000    38,836 
Synchrony Financial, 7.250%, 02/02/2033   19,000    18,869 
World Acceptance Corp., 7.000%, 11/01/2026(e)   15,000    13,531 
         458,109 
Containers & Packaging - 0.02%          
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC, 4.000%, 09/01/2029(e)   30,000    25,432 
Cascades, Inc./Cascades USA, Inc., 5.380%, 01/15/2028(e)   10,000    9,688 
         35,120 
Diversified Consumer Services - 0.02%          
Adtalem Global Education, Inc., 5.500%, 03/01/2028(e)   25,000    24,074 
WW International, Inc., 4.500%, 04/15/2029(e)   18,000    11,819 
         35,893 
Diversified REITs - 0.06%          
Iron Mountain, Inc.:          
5.250%, 03/15/2028(e)   10,000    9,729 
7.000%, 02/15/2029(e)   17,000    17,484 
Service Properties Trust:          
5.250%, 02/15/2026   10,000    9,721 
4.750%, 10/01/2026   10,000    9,344 
4.950%, 02/15/2027   80,000    72,526 
         118,804 
Diversified Telecommunication Services - 0.12%          
Cogent Communications Group, Inc., 7.000%, 06/15/2027(e)   60,000    60,356 
Consolidated Communications, Inc., 6.500%, 10/01/2028(e)   27,000    23,422 
Frontier Communications Holdings LLC:          
6.750%, 05/01/2029(e)   104,000    93,106 
5.875%, 11/01/2029   12,000    10,154 
6.000%, 01/15/2030(e)   10,000    8,542 
Viasat, Inc., 6.500%, 07/15/2028(e)   32,000    26,315 
         221,895 

 

See Notes to Financial Statements.

 

24 www.blackstone-credit.com

 

 

Blackstone Senior Floating Rate 2027 Term Fund Portfolio of Investments

 

December 31, 2023

 

  

Principal

Amount

   Value 
Electric Utilities - 0.04%          
NRG Energy, Inc.:          
3.375%, 02/15/2029(e)  $35,000   $30,952 
3.625%, 02/15/2031(e)   16,000    13,766 
Vistra Operations Co. LLC, 7.750%, 10/15/2031(e)   22,000    22,866 
         67,584 
Energy Equipment & Services - 0.14%          
Archrock Partners LP / Archrock Partners Finance Corp., 6.250%, 04/01/2028(e)   80,000    78,883 
Helix Energy Solutions Group, Inc., 9.750%, 03/01/2029(e)   25,000    26,311 
Oceaneering International, Inc., 6.000%, 02/01/2028   20,000    19,408 
Precision Drilling Corp., 6.875%, 01/15/2029(e)   35,000    33,790 
Transocean, Inc.:          
7.500%, 01/15/2026(e)   25,000    24,587 
7.500%, 04/15/2031   42,000    37,021 
Valaris, Ltd., 8.375%, 04/30/2030(e)   50,000    51,270 
         271,270 
Entertainment - 0.02%          
Cinemark USA, Inc., 5.250%, 07/15/2028(e)   33,000    30,306 
           
Financial Services - 0.14%          
Burford Capital Global Finance LLC, 6.875%, 04/15/2030(e)   18,000    17,396 
Compass Group Diversified Holdings LLC, 5.250%, 04/15/2029(e)   20,000    18,914 
Nationstar Mortgage Holdings, Inc.:          
6.000%, 01/15/2027(e)   50,000    49,677 
5.500%, 08/15/2028(e)   70,000    67,386 
PennyMac Financial Services, Inc.:          
4.250%, 02/15/2029(e)   85,000    76,608 
7.875%, 12/15/2029(e)   19,000    19,585 
5.750%, 09/15/2031(e)   15,000    13,904 
PHH Mortgage Corp., 7.875%, 03/15/2026(e)   6,000    5,380 
         268,850 
Gas Utilities - 0.04%          
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.000%, 06/01/2031(e)   62,000    56,301 
Superior Plus LP / Superior General Partner, Inc., 4.500%, 03/15/2029(e)   30,000    27,845 
         84,146 
Ground Transportation - 0.00%          
XPO, Inc., 7.125%, 02/01/2032(e)   8,000    8,262 
           
Health Care Providers & Services - 0.08%          
CHS/Community Health Systems, Inc.:          
8.000%, 03/15/2026(e)   18,000    17,956 
6.875%, 04/15/2029(e)   35,000    22,625 
6.125%, 04/01/2030(e)   23,000    14,920 
DaVita, Inc., 4.625%, 06/01/2030(e)   70,000    61,171 
MPH Acquisition Holdings LLC, 5.750%, 11/01/2028(e)   40,000    32,544 
         149,216 
Hotels, Restaurants & Leisure - 0.20%          
Bloomin' Brands, Inc. / OSI Restaurant Partners LLC, 5.125%, 04/15/2029(e)   10,000    9,234 
Carnival Corp.:          
6.000%, 05/01/2029(e)   60,000    57,778 
10.500%, 06/01/2030(e)   45,000    49,254 

 

See Notes to Financial Statements.

 

Annual Report | December 31, 2023 25

 

 

Blackstone Senior Floating Rate 2027 Term Fund Portfolio of Investments

 

December 31, 2023

 

  

Principal

Amount

   Value 
Hotels, Restaurants & Leisure (continued)          
Carrols Restaurant Group, Inc., 5.875%, 07/01/2029(e)  $20,000   $17,688 
Churchill Downs, Inc., 4.750%, 01/15/2028(e)   30,000    28,771 
Light & Wonder International, Inc., 7.500%, 09/01/2031(e)   6,000    6,262 
NCL Corp., Ltd.:          
5.875%, 03/15/2026(e)   110,000    107,563 
7.750%, 02/15/2029(e)   10,000    10,070 
Premier Entertainment Sub LLC / Premier Entertainment Finance Corp., 5.625%, 09/01/2029(e)   12,000    9,612 
Royal Caribbean Cruises, Ltd.:          
5.375%, 07/15/2027(e)   10,000    9,906 
7.500%, 10/15/2027   15,000    15,788 
3.700%, 03/15/2028   60,000    55,358 
         377,284 
Household Durables - 0.20%          
Beazer Homes USA, Inc.:          
5.875%, 10/15/2027   34,000    33,252 
7.250%, 10/15/2029   15,000    15,151 
Century Communities, Inc., 3.880%, 08/15/2029(e)   24,000    21,750 
Dream Finders Homes, Inc., 8.250%, 08/15/2028(e)   10,000    10,579 
LGI Homes, Inc., 8.750%, 12/15/2028(e)   23,000    24,481 
M/I Homes, Inc., 3.950%, 02/15/2030   51,000    45,441 
Taylor Morrison Communities, Inc., 5.750%, 01/15/2028(e)   75,000    75,432 
Tempur Sealy International, Inc.:          
4.000%, 04/15/2029(e)   85,000    76,863 
3.880%, 10/15/2031(e)   15,000    12,700 
TopBuild Corp., 3.630%, 03/15/2029(e)   35,000    31,751 
Tri Pointe Homes, Inc., 5.700%, 06/15/2028   35,000    34,668 
         382,068 
Household Products - 0.03%          
Central Garden & Pet Co., 4.125%, 04/30/2031(e)   9,000    7,963 
Energizer Holdings, Inc., 4.750%, 06/15/2028(e)   44,000    40,726 
         48,689 
Interactive Media & Services - 0.01%          
ANGI Group LLC, 3.875%, 08/15/2028(e)   19,000    16,065 
           
IT Services - 0.04%          
Conduent Business Services LLC / Conduent State & Local Solutions, Inc., 6.000%, 11/01/2029(e)   10,000    9,017 
Sabre GLBL, Inc.:          
8.625%, 06/01/2027(e)   41,000    37,346 
11.250%, 12/15/2027(e)   22,000    21,629 
         67,992 
Machinery - 0.07%          
Allison Transmission, Inc., 4.750%, 10/01/2027(e)   90,000    87,020 
Manitowoc Co., Inc., 9.000%, 04/01/2026(e)   20,000    20,149 
Park-Ohio Industries, Inc., 6.625%, 04/15/2027   5,000    4,631 
Titan International, Inc., 7.000%, 04/30/2028   25,000    25,035 
Wabash National Corp., 4.500%, 10/15/2028(e)   2,000    1,807 
         138,642 

 

See Notes to Financial Statements.

 

26 www.blackstone-credit.com

 

 

Blackstone Senior Floating Rate 2027 Term Fund Portfolio of Investments

 

December 31, 2023

 

  

Principal

Amount

   Value 
Marine Transportation - 0.01%          
Danaos Corp., 8.500%, 03/01/2028(e)  $17,000   $17,276 
           
Media - 0.28%          
Advantage Sales & Marketing, Inc., 6.500%, 11/15/2028(e)   49,000    45,207 
AMC Networks, Inc., 4.250%, 02/15/2029   23,000    17,572 
CCO Holdings LLC / CCO Holdings Capital Corp.:          
5.125%, 05/01/2027(e)   30,000    29,004 
5.000%, 02/01/2028(e)   30,000    28,727 
5.375%, 06/01/2029(e)   12,000    11,327 
4.750%, 03/01/2030(e)   15,000    13,728 
7.375%, 03/01/2031(e)   20,000    20,540 
4.500%, 05/01/2032   18,000    15,440 
Clear Channel Outdoor Holdings, Inc.:          
7.750%, 04/15/2028(e)   98,000    84,589 
7.500%, 06/01/2029(e)   13,000    10,822 
CSC Holdings LLC:          
7.500%, 04/01/2028(e)   44,000    32,958 
11.250%, 05/15/2028(e)   22,000    22,684 
5.750%, 01/15/2030(e)   10,000    6,235 
DISH DBS Corp., 7.750%, 07/01/2026   64,000    44,643 
Gray Escrow II, Inc., 5.375%, 11/15/2031(e)   15,000    11,334 
Gray Television, Inc.:          
7.000%, 05/15/2027(e)   76,000    72,311 
4.750%, 10/15/2030(e)   5,000    3,769 
iHeartCommunications, Inc., 6.375%, 05/01/2026   12,000    10,242 
Nexstar Media, Inc., 4.750%, 11/01/2028(e)   10,000    9,223 
Scripps Escrow II, Inc., 5.375%, 01/15/2031(e)   16,000    11,761 
Scripps Escrow, Inc., 5.875%, 07/15/2027(e)   22,000    19,566 
Sinclair Television Group, Inc., 5.500%, 03/01/2030(e)   7,000    5,259 
Sirius XM Radio, Inc., 4.000%, 07/15/2028(e)   10,000    9,255 
Urban One, Inc., 7.375%, 02/01/2028(e)   6,000    5,106 
         541,302 
Metals & Mining - 0.16%          
Eldorado Gold Corp., 6.250%, 09/01/2029(e)   35,000    33,058 
FMG Resources August 2006 Pty, Ltd.:          
5.875%, 04/15/2030(e)   10,000    9,922 
6.125%, 04/15/2032(e)   76,000    76,653 
GrafTech Global Enterprises, Inc., 9.875%, 12/15/2028(e)   10,000    7,725 
IAMGOLD Corp., 5.750%, 10/15/2028(e)   17,000    14,643 
Mineral Resources, Ltd.:          
8.125%, 05/01/2027(e)   48,000    48,829 
8.000%, 11/01/2027(e)   35,000    35,932 
New Gold, Inc., 7.500%, 07/15/2027(e)   25,000    25,254 
SunCoke Energy, Inc., 4.880%, 06/30/2029(e)   34,000    30,635 
Taseko Mines, Ltd., 7.000%, 02/15/2026(e)   25,000    23,760 
         306,411 
Mortgage Real Estate Investment Trusts (REITs) - 0.10%          
Apollo Commercial Real Estate Finance, Inc., 4.625%, 06/15/2029(e)   32,000    26,955 
Rithm Capital Corp., 6.250%, 10/15/2025(e)   35,000    34,492 

 

See Notes to Financial Statements.

 

Annual Report | December 31, 2023 27

 

 

Blackstone Senior Floating Rate 2027 Term Fund Portfolio of Investments

 

December 31, 2023

 

  

Principal

Amount

   Value 
Mortgage Real Estate Investment Trusts (REITs) (continued)          
Starwood Property Trust, Inc.:          
3.630%, 07/15/2026(e)  $28,000   $26,548 
4.380%, 01/15/2027(e)   100,000    94,349 
         182,344 
Oil, Gas & Consumable Fuels - 0.41%          
Antero Midstream Partners LP / Antero Midstream Finance Corp., 5.750%, 01/15/2028(e)   40,000    39,638 
Berry Petroleum Co. LLC, 7.000%, 02/15/2026(e)   15,000    14,528 
Calumet Specialty Products Partners LP / Calumet Finance Corp.:          
8.125%, 01/15/2027(e)   12,000    11,802 
9.750%, 07/15/2028(e)   18,000    17,898 
Civitas Resources, Inc.:          
8.375%, 07/01/2028(e)   45,000    47,034 
8.750%, 07/01/2031(e)   5,000    5,329 
CNX Resources Corp., 6.000%, 01/15/2029(e)   52,000    49,911 
Comstock Resources, Inc., 6.750%, 03/01/2029(e)   26,000    23,810 
CVR Energy, Inc., 5.750%, 02/15/2028(e)   43,000    39,712 
Delek Logistics Partners LP / Delek Logistics Finance Corp., 7.125%, 06/01/2028(e)   27,000    25,532 
Energean PLC, 6.500%, 04/30/2027(e)   10,000    9,142 
EnLink Midstream Partners LP, 5.450%, 06/01/2047   5,000    4,374 
EnQuest PLC, 11.625%, 11/01/2027(e)   9,000    8,592 
Global Partners LP / GLP Finance Corp., 7.000%, 08/01/2027   30,000    29,359 
Hess Midstream Operations LP, 5.625%, 02/15/2026(e)   30,000    29,807 
Northern Oil and Gas, Inc.:          
8.125%, 03/01/2028(e)   60,000    60,813 
8.750%, 06/15/2031(e)   11,000    11,471 
NuStar Logistics LP, 5.750%, 10/01/2025   11,000    10,940 
Parkland Corp.:          
5.875%, 07/15/2027(e)   30,000    29,898 
4.500%, 10/01/2029(e)   59,000    54,149 
4.630%, 05/01/2030(e)   35,000    32,238 
PBF Holding Co. LLC / PBF Finance Corp., 7.875%, 09/15/2030(e)   28,000    28,548 
SM Energy Co., 5.625%, 06/01/2025   50,000    49,458 
Sunoco LP / Sunoco Finance Corp., 4.500%, 05/15/2029   93,000    86,492 
Vital Energy, Inc., 7.750%, 07/31/2029(e)   37,000    35,416 
W&T Offshore, Inc., 11.750%, 02/01/2026(e)   15,000    15,438 
         771,329 
Paper & Forest Products - 0.02%          
Louisiana-Pacific Corp., 3.625%, 03/15/2029(e)   20,000    17,938 
Mercer International, Inc., 5.125%, 02/01/2029   30,000    25,809 
         43,747 
Passenger Airlines - 0.03%          
Air Canada, 3.875%, 08/15/2026(e)   35,000    33,461 
American Airlines Group, Inc., 3.750%, 03/01/2025(e)   10,000    9,754 
American Airlines, Inc., 7.250%, 02/15/2028(e)   20,000    20,247 
         63,462 
Personal Care Products - 0.05%          
Edgewell Personal Care Co., 5.500%, 06/01/2028(e)   50,000    49,117 
Herbalife Nutrition, Ltd. / HLF Financing, Inc., 7.875%, 09/01/2025(e)   39,000    38,569 
         87,686 

 

See Notes to Financial Statements.

 

28 www.blackstone-credit.com

 

 

Blackstone Senior Floating Rate 2027 Term Fund Portfolio of Investments

 

December 31, 2023

 

  

Principal

Amount

   Value 
Professional Services - 0.01%          
TriNet Group, Inc., 3.500%, 03/01/2029(e)  $25,000   $22,394 
           
Real Estate Management & Development - 0.06%          
Howard Hughes Corp., 4.380%, 02/01/2031(e)   74,000    64,309 
Kennedy-Wilson, Inc., 4.750%, 03/01/2029   27,000    22,572 
Realogy Group LLC / Realogy Co.-Issuer Corp., 5.750%, 01/15/2029(e)   40,000    31,131 
         118,012 
Software - 0.02%          
MicroStrategy, Inc., 6.125%, 06/15/2028(e)   34,000    33,021 
           
Specialized REITs - 0.06%          
Iron Mountain, Inc., 5.625%, 07/15/2032(e)   57,000    54,094 
Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC, 6.000%, 01/15/2030(e)   20,000    13,998 
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC, 6.500%, 02/15/2029(e)   68,000    49,140 
         117,232 
Specialty Retail - 0.10%          
Asbury Automotive Group, Inc., 5.000%, 02/15/2032(e)   40,000    36,399 
Foot Locker, Inc., 4.000%, 10/01/2029(e)   15,000    12,432 
Gap, Inc.:          
3.625%, 10/01/2029(e)   62,000    53,086 
3.875%, 10/01/2031(e)   35,000    28,873 
Upbound Group, Inc., 6.375%, 02/15/2029(e)   32,000    30,066 
Victoria's Secret & Co., 4.625%, 07/15/2029(e)   37,000    30,953 
         191,809 
Technology Hardware, Storage & Peripherals - 0.06%          
NCR Voyix Corp., 5.000%, 10/01/2028(e)   15,000    14,195 
Xerox Holdings Corp., 5.500%, 08/15/2028(e)   109,000    98,489 
         112,684 
Trading Companies & Distributors - 0.01%          
BlueLinx Holdings, Inc., 6.000%, 11/15/2029(e)   17,000    15,753 
           
TOTAL CORPORATE BONDS          
(Cost $5,751,290)        6,020,444 

 

   Shares   Value 
COMMON STOCK - 0.14%          
Health Care Equipment & Supplies - 0.01%          
Carestream Health Holdings Inc(f)   55,510    24,054 
           
Health Care Providers & Services - 0.13%          
Envision Healthcare Corp. Equity(b)(f)   29,091    247,274 
           
TOTAL COMMON STOCK          
(Cost $2,026,807)        271,328 

 

See Notes to Financial Statements.

 

Annual Report | December 31, 2023 29

 

 

Blackstone Senior Floating Rate 2027 Term Fund Portfolio of Investments

 

December 31, 2023

 

   Shares   Value 
SHORT-TERM INVESTMENTS - 4.36%          
Open-End Investment Companies - 4.36%          
           
Bank of New York Cash Reserve (0.00% 7-Day Yield)   8,289,886   $8,289,886 
           
TOTAL SHORT-TERM INVESTMENTS          
(Cost $8,289,886)        8,289,886 
           
Total Investments- 152.86%          
(Cost $296,069,946)        290,926,658 
           
Liabilities in Excess of Other Assets - (5.78)%        (11,001,399)
           
Leverage Facility - (47.08)%        (89,600,000)
           
Net Assets - 100.00%       $190,325,259 

 

Amounts above are shown as a percentage of net assets as of December 31, 2023.

 

Investment Abbreviations:

LIBOR - London Interbank Offered Rate

SOFR - Secured Overnight Financing Rate

 

Reference Rates:

1M US L - 1 Month LIBOR as of December 31, 2023 was 5.47 %

3M US L - 3 Month LIBOR as of December 31, 2023 was 5.59%

6M US L - 6 Month LIBOR as of December 31, 2023 was 5.59%

1M US SOFR - 1 Month SOFR as of December 31, 2023 was 5.35%

3M US SOFR - 3 Month SOFR as of December 31, 2023 was 5.33%

6M US SOFR - 6 Month SOFR as of December 31, 2023 was 5.16%

PRIME - US Prime Rate as of December 31, 2023 was 8.50%

 

(a)Floating or variable rate security. The reference rate is described above. The rate in effect as of December 31, 2023 is based on the reference rate plus the displayed spread as of the security's last reset date. Where applicable, the reference rate is subject to a floor rate.
(b)Level 3 assets valued using significant unobservable inputs as a result of unavailable quoted prices from an active market or the unavailability of other significant observable inputs.
(c)Security is in default as of period end.
(d)A portion of this position was not funded as of December 31, 2023. The Portfolio of Investments records only the funded portion of each position. As of December 31, 2023, the Fund has unfunded delayed draw loans in the amount of $613,344. Fair value of these unfunded delayed draws was $617,082. Additional information is provided in Note 9 General Commitments and Contingencies.
(e)Security exempt from registration under Rule 144A of the Securities Act of 1933. Total market value of Rule 144A securities amounts to $17,933,166, which represented approximately 9.42% of net assets as of December 31, 2023. Such securities may normally be sold to qualified institutional buyers in transactions exempt from registration.
(f)Non-income producing security.

 

See Notes to Financial Statements.

 

30 www.blackstone-credit.com

 

 

Blackstone Long-Short Credit Income Fund Portfolio of Investments

 

December 31, 2023

 

  

Principal

Amount

   Value 
FLOATING RATE LOAN INTERESTS(a) - 128.17%          
Aerospace & Defense - 6.90%          
Amentum Government Services Holdings LLC, First Lien Term Loan, 3M US SOFR + 4.00%, 02/15/2029  $1,547,198   $1,550,679 
Atlas CC Acquisition Corp., First Lien B Term Loan, 3M US SOFR + 4.25%, 0.75% Floor, 05/25/2028   1,934,577    1,806,856 
Atlas CC Acquisition Corp., First Lien C Term Loan, 3M US SOFR + 4.25%, 0.75% Floor, 05/25/2028   393,473    367,496 
Avolon TLB Borrower 1 (US) TL, First Lien Term Loan, 1M US SOFR + 2.50%, 06/22/2028   652,650    654,879 
Dynasty Acquisition Co., Inc., First Lien Term Loan, 1M US SOFR + 4.00%, 08/24/2028   863,236    866,547 
LSF11 Trinity BidCo, Inc., First Lien Term Loan, First Lien Term Loan, 6M US SOFR + 4.00%, 06/14/2030(b)   978,646    985,986 
Nordam Group LLC, First Lien Initial Term Loan, 1M US SOFR + 5.50%, 04/09/2026   1,371,600    1,263,930 
Peraton Corp., First Lien B Term Loan, 1M US SOFR + 3.75%, 0.75% Floor, 02/01/2028   1,993,783    2,001,260 
Standard Aero, Ltd., First Lien Term Loan, 1M US SOFR + 4.00%, 08/24/2028   369,958    371,377 
TransDigm Inc., TLI, First Lien Term Loan, 3M US SOFR + 3.25%, 08/24/2028   848,761    853,688 
Vertex Aerospace Corp., First Lien Term Loan, 1M US SOFR + 3.75%, 12/06/2028   785,992    787,819 
         11,510,517 
Air Freight & Logistics - 1.84%          
Clue Opco LLC, First Lien Term Loan, 3M US SOFR + 4.50%, 09/20/2030   1,130,000    1,074,438 
Rinchem Company, Inc., First Lien Term Loan, 3M US SOFR + 4.25%, 03/02/2029   1,196,597    1,033,938 
WWEX UNI TopCo Holdings LLC, First Lien Initial Term Loan, 3M US SOFR + 4.00%, 0.75% Floor, 07/26/2028   979,905    963,089 
         3,071,465 
Automobile Components - 2.35%          
Belron Finance US LLC, First Lien Term Loan, 6M US L + 0.00%, 0.50% Floor, 04/18/2029(b)   321,246    322,852 
Burgess Point Purchaser Corp., First Lien Term Loan, 1M US SOFR + 5.25%, 07/25/2029   1,284,228    1,220,684 
Clarios Global LP, TL, First Lien Term Loan, 3M US SOFR + 3.75%, 05/06/2030   488,390    490,100 
First Brands Group LLC, First Lien Term Loan, 3M US SOFR + 5.00%, 1.00% Floor, 03/30/2027   810,687    806,131 
First Brands Group, LLC, First Lien 2018 New Tranche E Term Loan, 3M US L + 2.50%, 03/30/2027   501,193    498,061 
Phinia Inc., TL, First Lien Term Loan, 6M US SOFR + 3.75%, 07/03/2028(b)   576,056    579,297 
         3,917,125 
Beverages - 0.53%          
Triton Water Holdings, Inc., First Lien Initial Term Loan, 3M US SOFR + 3.50%, 0.50% Floor, 03/31/2028   885,606    878,964 
           
Biotechnology - 0.63%          
Grifols Worldwide Operations, TLB, First Lien Term Loan, 3M US SOFR + 2.00%, 11/15/2027   1,048,358    1,049,669 
           
Building Products - 3.29%          
Cornerstone Building Brands, Inc., First Lien Tranche B Term Loan, 1M US SOFR + 3.25%, 0.50% Floor, 04/12/2028   1,072,577    1,074,700 
CP Atlas Buyer, Inc., First Lien B Term Loan, 3M US SOFR + 3.50%, 0.50% Floor, 11/23/2027   1,015,468    1,001,607 
LBM Acquisition LLC, First Lien Initial Term Loan, 1M US SOFR + 3.75%, 0.75% Floor, 12/17/2027   852,829    844,702 
LHS Borrower, LLC, TL, First Lien Term Loan, 1M US SOFR + 4.75%, 0.50% Floor, 02/16/2029   145,534    131,981 
Oscar Acquisitionco LLC, First Lien Term Loan, 3M US SOFR + 4.50%, 0.50% Floor, 04/29/2029   1,133,771    1,124,661 
Tailwind Smith Cooper Intermediate Corp., First Lien Initial Term Loan, 3M US SOFR + 5.00%, 05/28/2026   1,348,956    1,308,150 
         5,485,801 

 

See Notes to Financial Statements.

 

Annual Report | December 31, 2023 31

 

 

Blackstone Long-Short Credit Income Fund Portfolio of Investments

 

December 31, 2023

 

  

Principal

Amount

   Value 
Capital Markets - 5.95%          
Advisor Group Holdings, Inc., First Lien Term Loan, 1M US SOFR + 4.50%, 08/17/2028  $1,068,711   $1,073,472 
Apex Group Treasury, Ltd., First Lien USD Term Loan, 3M US SOFR + 3.75%, 0.50% Floor, 07/27/2028   1,206,479    1,203,462 
AqGen Island Holdings, Inc., First Lien Term Loan, 3M US SOFR + 6.50%, 08/02/2029   1,747,855    1,687,772 
Aretec Group, Inc., First Lien Term Loan, 1M US SOFR + 4.50%, 08/09/2030   901,203    901,816 
Citadel Securities LP, First Lien Term Loan, 1M US SOFR + 2.50%, 07/29/2030   373,333    374,655 
CITCO FUNDING LLC TL 1L, First Lien Term Loan, 6M US SOFR + 3.25%, 04/27/2028   418,945    420,975 
Focus Financial Partners LLC, First Lien Term Loan:          
1M US SOFR + 3.50%, 06/30/2028   476,968    478,800 
3M US L + 2.50%, 0.50% Floor, 06/30/2028   1,432,648    1,435,248 
Minotaur Acquisition, Inc., First Lien B Term Loan, 1M US SOFR + 4.75%, 03/27/2026   1,065,362    1,066,976 
The Citco Group Limited, TLB, First Lien Term Loan, 3M US SOFR + 3.50%, 04/27/2028   1,283,699    1,289,316 
         9,932,492 
Chemicals - 0.95%          
Ecovyst Catalyst Technologies LLC, First Lien Term Loan, 3M US SOFR + 2.50%, 0.50% Floor, 06/09/2028   1,239,848    1,243,418 
Geon Performance Solutions LLC, First Lien Term Loan, 3M US SOFR + 4.75%, 0.75% Floor, 08/18/2028   342,728    343,157 
         1,586,575 
Commercial Services & Supplies - 6.58%          
Action Environmental Group, Inc., First Lien Term Loan, 3M US SOFR + 4.50%, 0.50% Floor, 10/24/2030(b)   962,305    967,117 
Allied Universal Holdco LLC, First Lien Initial U.S. Dollar Term Loan, 1M US SOFR + 3.75%, 0.50% Floor, 05/12/2028   610,230    608,650 
Allied Universal Holdco LLC, TLB, First Lien Term Loan, 3M US SOFR + 4.75%, 05/12/2028   1,330,000    1,333,012 
Aramark Intermediate HoldCo Corp., First Lien U.S. B-4 Term Loan, 1M US SOFR + 1.75%, 01/15/2027   750,000    750,233 
Belfor Holdings, Inc., First Lien Term Loan, 1M US SOFR + 3.75%, 0.50% Floor, 11/01/2030   252,323    253,428 
Covanta 11/21 TLB, First Lien Term Loan, 3M US L + 2.50%, 11/30/2028   1,242,357    1,243,618 
Covanta 11/21 TLC, First Lien Term Loan, 1M US SOFR + 2.50%, 11/30/2028   94,718    94,814 
DG Investment Intermediate Holdings 2, Inc., Second Lien Initial Term Loan, 1M US SOFR + 6.75%, 0.75% Floor, 03/30/2029   581,429    527,161 
Garda World Security Corp., First Lien B-2 Term Loan, 1M US SOFR + 4.25%, 10/30/2026   1,015,521    1,018,618 
HOMESERVE USA HOLDING CORP. TLB 1L, First Lien Term Loan, 1M US SOFR + 3.00%, 10/21/2030   312,412    313,779 
Justrite Safety Group, First Lien Delayed Draw Term Loan, 1M US SOFR + 4.50%, 06/28/2026   64,743    63,529 
Justrite Safety Group, First Lien Initial Term Loan, 1M US SOFR + 4.50%, 06/28/2026   1,194,455    1,172,059 
Revspring, Inc., First Lien Initial Term Loan, 3M US SOFR + 4.00%, 10/11/2025   1,026,000    1,022,578 
Strategic Materials Holding Corp., Second Lien Initial Term Loan, 3M US SOFR + 7.75%, 1.00% Floor, 10/31/2025(c)   533,333    12,133 
TMF Sapphire Bidco B.V., TLB, First Lien Term Loan, 1M US SOFR + 5.00%, 05/03/2028   258,182    260,441 
TRC Companies, Second Lien Term Loan, 1M US SOFR + 6.75%, 12/07/2029(b)   633,538    598,694 
United Site Cov-Lite, First Lien Term Loan, 3M US SOFR + 4.25%, 12/15/2028   950,535    746,712 
         10,986,576 
Communications Equipment - 0.05%          
MLN US HoldCo LLC, First Lien B Term Loan, 3M US SOFR + 4.50%, 11/30/2025   699,130    81,564 
           
Construction & Engineering - 2.33%          
Aegion Corp., First Lien Initial Term Loan, 1M US SOFR + 4.75%, 0.75% Floor, 05/17/2028   1,393,386    1,396,284 
TK Elevator Midco GmbH, First Lien Facility B1 Term Loan, 6M US L + 3.50%, 0.50% Floor, 07/30/2027   847,875    850,843 
Tutor Perini Corp., First Lien B Term Loan, 1M US L + 4.75%, 1.00% Floor, 08/18/2027   164,826    161,478 

 

See Notes to Financial Statements.

 

32 www.blackstone-credit.com

 

 

Blackstone Long-Short Credit Income Fund Portfolio of Investments

 

December 31, 2023

 

  

Principal

Amount

   Value 
Construction & Engineering (continued)          
Victory Buyer LLC, First Lien Term Loan, 1M US SOFR + 3.75%, 0.50% Floor, 11/19/2028  $1,552,899   $1,479,137 
         3,887,742 
Construction Materials - 1.61%          
Quickrete Holdings, Inc., First Lien Initial Term Loan, 1M US SOFR + 2.625%, 02/01/2027   991,737    998,248 
Summit Materials LLC, First Lien Term Loan, 6M US SOFR + 3.00%, 11/30/2028   175,717    176,486 
Tamko Building Products LLC, First Lien Term Loan, 3M US SOFR + 3.50%, 09/20/2030   1,510,545    1,519,676 
         2,694,410 
Containers & Packaging - 2.31%          
Berry Global, Inc., First Lien Term Loan, 3M US SOFR + 1.75%, 07/01/2026   173,477    174,236 
Proampac Pg Borrower LLC, First Lien Term Loan, 1M US SOFR + 4.75%, 0.50% Floor, 09/15/2028   1,168,384    1,172,035 
Tekni-Plex, Inc., First Lien Tranche B-3 Initial Term Loan, 3M US SOFR + 4.00%, 0.50% Floor, 09/15/2028   1,328,850    1,326,917 
Tricorbraun Holdings, Inc., First Lien Closing Date Initial Term Loan, 1M US SOFR + 3.25%, 0.50% Floor, 03/03/2028   1,193,878    1,188,714 
         3,861,902 
Distributors - 0.52%          
S&S Holdings LLC, First Lien Initial Term Loan, 3M US SOFR + 5.00%, 0.50% Floor, 03/11/2028   886,310    869,138 
           
Diversified Consumer Services - 2.76%          
Loyalty Ventures, Inc., First Lien Term Loan, PRIME + 3.50%, 11/03/2027(c)   434,172    5,970 
McKissock Investment Holdings, LLC, First Lien Term Loan, 3M US SOFR + 5.00%, 03/12/2029   135,854    136,023 
Prime Security Services Borrower, LLC, TL, First Lien Term Loan, 3M US SOFR + 2.50%, 10/13/2030   561,929    564,255 
Spring Education Group, Inc., TL, First Lien Term Loan, 6M US SOFR + 4.75%, 10/04/2030   388,738    390,342 
St. George's University Scholastic Services LLC, First Lien Term Loan B Term Loan, 1M US SOFR + 3.25%, 0.50% Floor, 02/10/2029   1,262,867    1,264,603 
TruGreen LP, First Lien Term Loan, 1M US SOFR + 4.00%, 0.75% Floor, 11/02/2027   986,884    955,057 
Weld North Education LLC, First Lien Term Loan, 1M US SOFR + 3.75%, 0.50% Floor, 12/21/2027   1,291,847    1,293,598 
         4,609,848 
Diversified REITs - 0.24%          
Iron Mountain, Inc., First Lien Term Loan, 6M US L + 0.00%, 01/31/2031   402,632    403,262 
           
Diversified Telecommunication Services - 4.80%          
Level 3 Financing, Inc., First Lien Term Loan, First Lien Term Loan, 6M US SOFR + 1.75%, 03/01/2027(b)   633,319    611,153 
Lumen Technologies, Inc., First Lien Term Loan, First Lien Term Loan, 6M US L + 0.00%, 03/15/2027(b)   1,337,153    929,321 
Radiate Holdco, LLC,, First Lien Term Loan, 1M US SOFR + 3.25%, 09/25/2026   1,184,887    954,391 
Telenet Financing USD LLC, First Lien Term Loan, 1M US SOFR + 2.00%, 04/30/2028   1,803,616    1,797,078 
UPC Financing Partnership, First Lien Facility AT Term Loan, 1M US SOFR + 2.25%, 04/30/2028   2,190,005    2,185,899 
Virgin Media Bristol LLC, First Lien Term Loan, 1M US SOFR + 2.50%, 01/31/2028   493,300    492,409 
Zacapa S.A.R.L., First Lien Term Loan, 3M US SOFR + 4.00%, 03/22/2029   1,045,956    1,045,376 
         8,015,627 
Electric Utilities - 1.06%          
Generation Bridge Northeast LLC, First Lien Term Loan, 1M US SOFR + 4.25%, 08/22/2029   521,892    524,611 

 

See Notes to Financial Statements.

 

Annual Report | December 31, 2023 33

 

 

Blackstone Long-Short Credit Income Fund Portfolio of Investments

 

December 31, 2023

 

  

Principal

Amount

   Value 
Electric Utilities (continued)          
Vistra Operations Co. LLC, First Lien 2018 Incremental Term Loan, 1M US SOFR + 2.00%, 12/31/2025  $1,235,294   $1,236,894 
         1,761,505 
Electrical Equipment - 1.45%          
Generac Power Systems, Inc., First Lien Term Loan, 1M US SOFR + 1.75%, 12/13/2026   1,000,000    1,001,875 
INNIO Group Holding GmbH Term Loan, First Lien Term Loan, 6M US SOFR + 4.50%, 10/31/2028   157,867    158,196 
Madison IAQ LLC, First Lien Initial Term Loan, 1M US SOFR + 3.25%, 0.50% Floor, 06/21/2028   1,267,656    1,265,495 
         2,425,566 
Electronic Equipment, Instruments & Components - 2.43%          
Chariot Buyer LLC, First Lien Term Loan, 1M US SOFR + 3.25%, 0.50% Floor, 11/03/2028   342,163    341,797 
Coherent Corp., First Lien Term Loan, 1M US SOFR + 2.75%, 0.50% Floor, 07/02/2029   1,065,262    1,071,254 
LTI Holdings, Inc., First Lien Initial Term Loan, 1M US SOFR + 3.50%, 09/06/2025   1,191,107    1,152,646 
LTI Holdings, Inc., First Lien Term Loan, 1M US SOFR + 4.75%, 07/24/2026   362,310    351,893 
LTI Holdings, Inc., Second Lien Initial Term Loan, 1M US SOFR + 6.75%, 09/06/2026   382,979    344,842 
Miron Technologies, Inc., First Lien Term Loan, 3M US SOFR + 2.75%, 10/20/2028   793,222    796,890 
         4,059,322 
Entertainment - 1.01%          
CE Intermediate I LLC, First Lien Term Loan, 3M US SOFR + 3.50%, 0.50% Floor, 11/10/2028   756,501    750,828 
EP Purcasher, LLC, First Lien Term Loan, 3M US SOFR + 3.50%, 11/06/2028   944,813    938,511 
         1,689,339 
Financial Services - 2.24%          
Mitchell International, Inc., First Lien Term Loan, 1M US SOFR + 3.75%, 10/15/2028   1,384,942    1,386,341 
Mitchell International, Inc., Second Lien Term Loan, 1M US SOFR + 6.50%, 10/15/2029   815,979    803,487 
Polaris Newco LLC, First Lien Dollar Term Loan, 1M US SOFR + 4.00%, 0.50% Floor, 06/02/2028   1,575,914    1,556,805 
         3,746,633 
Food Products - 1.93%          
CH Guenther 11/21 TL, First Lien Term Loan, 1M US SOFR + 3.00%, 12/08/2028(b)   872,610    874,791 
Froneri International, Ltd., First Lien Facility B2 Term Loan, 1M US SOFR + 2.25%, 01/29/2027   1,637,724    1,641,491 
Snacking Investments BidCo Pty, Ltd., First Lien Initial US Term Loan, 3M US SOFR + 4.00%, 1.00% Floor, 12/18/2026   519,533    520,291 
Sovos Brands Intermediate, Inc., First Lien Term Loan, 3M US SOFR + 3.50%, 0.75% Floor, 06/08/2028   180,707    181,615 
         3,218,188 
Ground Transportation - 1.69%          
Avis Budget Car Rental LLC, First Lien Term Loan, 1M US SOFR + 1.75%, 08/06/2027   1,332,648    1,331,648 
Kenan Advantage Group, Inc., First Lien U.S. B-1 Term Loan, 6M US SOFR + 4.18%, 0.75% Floor, 03/24/2026   1,488,247    1,485,516 
         2,817,164 
Health Care Equipment & Supplies - 1.45%          
Auris Luxembourg III SARL, First Lien Facility B2 Term Loan, 6M US SOFR + 0.00%, 02/27/2026   1,736,373    1,718,576 
Carestream Health, Inc. TL 1L, First Lien Term Loan, 3M US L + 7.50%, 09/30/2027   115,644    90,383 
Femur Buyer, Inc., First Lien Initial Term Loan, 3M US SOFR + 4.50%, 03/05/2026   399,784    361,404 

 

See Notes to Financial Statements.

 

34 www.blackstone-credit.com

 

 

Blackstone Long-Short Credit Income Fund Portfolio of Investments

 

December 31, 2023

 

  

Principal

Amount

   Value 
Health Care Equipment & Supplies (continued)          
Resonetics LLC, First Lien Initial Term Loan, 3M US SOFR + 4.00%, 0.75% Floor, 04/28/2028  $249,362   $249,882 
         2,420,245 
Health Care Providers & Services - 8.28%          
Covenant Surgical Partners, Inc., First Lien Delayed Draw Term Loan, 3M US SOFR + 4.00%, 07/01/2026   237,230    185,751 
Covenant Surgical Partners, Inc., First Lien Initial Term Loan, 1M US L + 4.00%, 07/01/2026   1,138,963    891,808 
DaVita, Inc., First Lien B Term Loan, 1M US SOFR + 1.75%, 08/12/2026   1,017,916    1,018,735 
Electron Bidco, Inc., First Lien Term Loan, 1M US SOFR + 3.00%, 11/01/2028   237,943    238,835 
Global Medical Response, Inc., First Lien 2018 New Term Loan, 1M US SOFR + 4.25%, 1.00% Floor, 03/14/2025   1,778,378    1,401,958 
Global Medical Response, Inc., First Lien 2020 Refinancing Term Loan, 3M US SOFR + 4.25%, 1.00% Floor, 10/02/2025   820,362    646,720 
Heartland Dental, LLC, TL, First Lien Term Loan, 1M US SOFR + 5.00%, 04/28/2028   1,013,379    1,013,065 
Midwest Physcn Admin Srvcs LLC, TL, First Lien Term Loan, 3M US SOFR + 3.25%, 03/12/2028   858,900    781,599 
NAPA Management Services Corp., First Lien Term Loan, 3M US SOFR + 5.25%, 0.75% Floor, 02/23/2029   1,007,928    930,338 
National Mentor Holdings, Inc., TL, First Lien Term Loan, 3M US SOFR + 3.75%, 03/02/2028   637,329    582,226 
National Mentor Holdings, Inc., TLC, First Lien Term Loan, 3M US SOFR + 3.75%, 03/02/2028   18,213    16,638 
Onex TSG Intermediate Corp., First Lien Initial Term Loan, 3M US SOFR + 4.75%, 0.75% Floor, 02/28/2028   1,336,053    1,321,857 
Outcomes Group Holdings, Inc., Second Lien Initial Term Loan, 3M US SOFR + 7.50%, 10/26/2026(b)   133,136    123,151 
Pathway Vet Alliance LLC, First Lien 2021 Replacement Term Loan, 1M US SOFR + 3.75%, 03/31/2027   1,235,920    1,092,826 
Pediatric Associates Holding Co. LLC, First Lien Term Loan, 3M US SOFR + 3.25%, 0.50% Floor, 12/29/2028   1,022,961    992,272 
Radiology Partners, Inc., First Lien Term Loan, 1M US SOFR + 4.25%, 07/09/2025   1,175,238    953,782 
Radnet Management, Inc., First Lien Initial Term Loan, 1M US SOFR + 3.00%, 0.75% Floor, 04/23/2028   333,107    334,586 
Surgery Center Holdings, INC., Term Loan, First Lien Term Loan, 6M US SOFR + 4.00%, 12/19/2030   265,380    266,790 
U.S. Anesthesia Partners, Inc., First Lien Term Loan, 1M US SOFR + 4.25%, 0.50% Floor, 10/01/2028   1,112,708    1,021,221 
         13,814,158 
Health Care Technology - 2.32%          
Gainwell Acquisition Corp., First Lien Term Loan, 3M US SOFR + 4.00%, 0.75% Floor, 10/01/2027   1,245,380    1,214,245 
GHX Ultimate Parent Corp, TL, First Lien Term Loan, 3M US SOFR + 4.75%, 06/30/2027   1,002,977    1,006,949 
Verscend Holding Corp., First Lien B-1 Term Loan, 1M US SOFR + 4.00%, 08/27/2025   1,647,882    1,655,429 
         3,876,623 
Hotels, Restaurants & Leisure - 7.12%          
1011778 BC Unlimited Liability Company, First Lien Term Loan, 1M US SOFR + 2.25%, 0.50% Floor, 09/23/2030   1,433,601    1,435,902 
Bally's Corp., First Lien Term Loan, 3M US SOFR + 3.25%, 0.50% Floor, 10/02/2028   1,395,955    1,326,827 
BCPE Grill Parent, Inc.TLB, First Lien Term Loan, 1M US SOFR + 4.75%, 09/30/2030   386,950    380,339 
Caesars Entertainment, Inc., First Lien Term Loan, 1M US SOFR + 3.25%, 0.50% Floor, 02/06/2030   1,250,749    1,255,733 
Carnival Corp., First Lien Term Loan, 1M US SOFR + 3.25%, 0.75% Floor, 10/18/2028   1,242,567    1,246,195 
Entain PLC, First Lien Term Loan, 3M US L + 7.51%, 0.50% Floor, 10/31/2029   1,147,825    1,151,412 
Fertitta Entertainment, LLC, First Lien Term Loan, 1M US SOFR + 4.00%, 01/27/2029   1,340,408    1,342,713 
Flutter Financing B.V., First Lien Term Loan, 3M US SOFR + 3.25%, 0.50% Floor, 07/22/2028   267,864    269,128 

 

See Notes to Financial Statements.

 

Annual Report | December 31, 2023 35

 

 

Blackstone Long-Short Credit Income Fund Portfolio of Investments

 

December 31, 2023

 

  

Principal

Amount

   Value 
Hotels, Restaurants & Leisure (continued)          
Flutter Financing B.V., TL, First Lien Term Loan, 3M US SOFR + 2.25%, 11/25/2030  $1,157,919   $1,162,261 
IRB Holding Corp., First Lien Term Loan, 3M US SOFR + 3.00%, 0.75% Floor, 12/15/2027   848,734    851,157 
Tacala Investment Corp., Second Lien Initial Term Loan, 1M US SOFR + 8.00%, 0.75% Floor, 02/04/2028   1,207,931    1,208,312 
Whatabrands LLC, First Lien Initial B Term Loan, 1M US SOFR + 3.25%, 0.50% Floor, 08/03/2028   260,900    261,670 
         11,891,649 
Household Durables - 0.70%          
Culligan 11/23 Incre CovLi TL 1L, First Lien Term Loan, 6M US SOFR + 4.50%, 07/31/2028(d)   1,152,927    1,160,132 
           
Independent Power and Renewable Electricity Producers - 0.91%          
Calpine Corp., First Lien Term Loan, 1M US SOFR + 2.00%, 04/05/2026   1,381,912    1,386,341 
Eastern Power LLC, First Lien Term Loan, 1M US SOFR + 3.75%, 1.00% Floor, 10/02/2025   133,711    131,799 
         1,518,140 
Insurance - 3.83%          
AmWINS Group, Inc., First Lien Term Loan, 1M US SOFR + 2.25%, 0.75% Floor, 02/19/2028   1,345,773    1,349,562 
Baldwin Risk Partners, LLC, First Lien Initial Term Loan, 1M US SOFR + 3.50%, 10/14/2027   1,496,811    1,499,303 
Hyperion Refinance S.a r.l. TL, First Lien Term Loan, 3M US SOFR + 0.00%, 0.50% Floor, 04/18/2030   1,268,047    1,272,536 
NFP Corp., First Lien Closing Date Term Loan, 1M US SOFR + 3.25%, 02/16/2027   1,193,541    1,201,096 
USI, Inc., First Lien Term Loan, 3M US SOFR + 3.25%, 09/27/2030   1,060,057    1,063,036 
         6,385,533 
Interactive Media & Services - 1.46%          
Adevinta ASA, First Lien Facility B2 Term Loan, 3M US SOFR + 2.75%, 0.75% Floor, 06/26/2028  207,821    210,569 
Foundational Education Group, Inc., First Lien Term Loan, 3M US SOFR + 3.75%, 08/31/2028(b)   33,050    32,389 
LI Group Holdings, Inc., First Lien 2021 Term Loan, 1M US SOFR + 3.75%, 0.75% Floor, 03/11/2028   579,685    581,497 
MH Sub I LLC, First Lien Term Loan, 1M US SOFR + 4.25%, 05/03/2028   985,050    970,274 
MH Sub I LLC, Second Lien 2021 Replacement Term Loan, 1M US SOFR + 6.25%, 02/23/2029   675,113    634,002 
         2,428,731 
IT Services - 5.98%          
Access CIG LLC, Second Lien Initial Term Loan, 3M US SOFR + 7.75%, 02/27/2026   940,445    939,660 
AG Group Holdings, Inc., First Lien Term Loan, 3M US SOFR + 4.00%, 12/29/2028   1,276,735    1,269,560 
Dcert Buyer, Inc., Second Lien First Amendment Refinancing Term Loan, 6M US SOFR + 7.00%, 02/19/2029   1,625,691    1,487,508 
Newfold Digital Holdings Group, Inc., First Lien Initial Term Loan, 6M US SOFR + 3.50%, 0.75% Floor, 02/10/2028   1,554,720    1,527,272 
Park Place Technologies LLC, First Lien Closing Date Term Loan, 1M US SOFR + 5.00%, 1.00% Floor, 11/10/2027   745,868    744,268 
Skopima Merger Sub Inc., First Lien Initial Term Loan, 1M US SOFR + 4.00%, 05/12/2028   744,799    743,402 
Vaco Holdings, LLC, First Lien Term Loan, 3M US SOFR + 5.00%, 01/21/2029   1,238,604    1,225,444 
Virtusa Corp., First Lien Term Loan:          
1M US SOFR + 3.75%, 0.75% Floor, 02/11/2028   1,293,350    1,298,071 
1M US SOFR + 3.75%, 02/15/2029   349,112    350,072 
World Wide Technology Holding Co., LLC, TL, First Lien Term Loan, 1M US SOFR + 3.25%, 03/01/2030   392,401    394,364 
         9,979,621 

 

See Notes to Financial Statements.

 

36 www.blackstone-credit.com

 

 

Blackstone Long-Short Credit Income Fund Portfolio of Investments

 

December 31, 2023

 

  

Principal

Amount

   Value 
Leisure Products - 0.13%          
Recess Holdings, Inc., First Lien Term Loan, 3M US SOFR + 4.00%, 1.00% Floor, 03/29/2027(b)  $213,675   $215,544 
           
Life Sciences Tools & Services - 2.84%          
Catalent Pharma Solutions, Inc., First Lien Term Loan, 1M US SOFR + 2.00%, 0.50% Floor, 02/22/2028   886,794    872,051 
Curia Global, Inc., First Lien 2021 Term Loan, 3M US SOFR + 3.75%, 0.75% Floor, 08/30/2026   1,259,635    1,137,217 
IQVIA INC., TL, First Lien Term Loan, 3M US SOFR + 2.00%, 01/02/2031   168,269    169,156 
Loire UK Midco 3, Ltd., First Lien Facility B2 Term Loan, 1M US SOFR + 3.75%, 0.75% Floor, 04/21/2027   894,029    875,478 
Maravai Intermediate Holdings LLC, First Lien Term Loan, 1M US L + 3.25%, 0.50% Floor, 10/19/2027   343,825    336,663 
Parexel International Corporation, First Lien Term Loan, 1M US SOFR + 3.25%, 0.50% Floor, 11/15/2028   1,336,398    1,345,920 
         4,736,485 
Machinery - 4.45%          
Asp Blade Holdings, Inc. TLB, First Lien Term Loan, 3M US SOFR + 4.00%, 0.50% Floor, 10/13/2028   230,199    206,460 
Bettcher Industries, Inc., First Lien Term Loan, 1M US SOFR + 4.00%, 12/14/2028   735,639    733,113 
Engineered Machinery Holdings, Inc., First Lien Term Loan, 3M US SOFR + 3.50%, 0.75% Floor, 05/19/2028   1,349,178    1,343,484 
Hyperion Materials & Technologies, Inc., First Lien Initial Term Loan, 3M US SOFR + 4.25%, 0.50% Floor, 08/30/2028   647,787    639,621 
Pro Mach Group, Inc., First Lien Closing Date Initial Term Loan, 1M US SOFR + 4.00%, 1.00% Floor, 08/31/2028   1,528,259    1,534,632 
Project Castle, Inc., First Lien Term Loan, 3M US SOFR + 5.50%, 06/01/2029   1,322,756    1,180,560 
Redwood Star Merger Sub, Inc., First Lien Term Loan, 1M US SOFR + 4.50%, 04/05/2029   795,643    799,291 
Titan Acquisition, Ltd., First Lien Initial Term Loan, 1M US SOFR + 3.00%, 03/28/2025   987,782    987,683 
         7,424,844 
Media - 1.01%          
Charter Communications Operating LLC, First Lien Term Loan, 1M US SOFR + 1.75%, 02/01/2027   1,039,175    1,040,479 
iHeartCommunications, Inc., First Lien New Term Loan, 1M US SOFR + 3.00%, 05/01/2026   366,197    317,469 
Univision Communications, Inc., First Lien Term Loan, 1M US SOFR + 3.25%, 0.75% Floor, 03/15/2026   329,452    330,483 
         1,688,431 
Metals & Mining - 0.75%          
Arsenal Aic Parent LLC, TL, First Lien Term Loan, 1M US SOFR + 4.75%, 08/18/2030   1,250,207    1,257,240 
           
Mortgage Real Estate Investment Trusts (REITs) - 0.35%          
Blackstone Mortgage Trust, Inc., First Lien Term Loan:          
1M US SOFR + 2.25%, 04/23/2026   296,134    292,432 
1M US SOFR + 2.75%, 0.50% Floor, 04/23/2026(b)   296,193    293,231 
         585,663 
Oil, Gas & Consumable Fuels - 1.19%          
Buckeye Partners LP, First Lien Term Loan, 1M US SOFR + 2.25%, 11/01/2026   496,991    498,830 
Buckeye Partners, LP TLB 1L, First Lien Term Loan, 1M US SOFR + 2.50%, 11/22/2030   263,212    264,393 
Freeport LNG, First Lien Term Loan, 3M US SOFR + 3.50%, 12/21/2028   545,073    545,609 
GIP Pilot Acquisition Partners LP, First Lien Term Loan, 3M US SOFR + 3.00%, 10/04/2030   317,900    318,382 

 

See Notes to Financial Statements.

 

Annual Report | December 31, 2023 37

 

 

Blackstone Long-Short Credit Income Fund Portfolio of Investments

 

December 31, 2023

 

  

Principal

Amount

   Value 
Oil, Gas & Consumable Fuels (continued)          
Whitewater Whistler Holdings, LLC, TL, First Lien Term Loan, 1M US SOFR + 8.49%, 02/15/2030  $361,484   $362,798 
         1,990,012 
Passenger Airlines - 1.52%          
Air Canada, First Lien B Term Loan, 3M US SOFR + 3.50%, 0.75% Floor, 08/11/2028   890,977    894,804 
American Airlines, Inc., First Lien 2020 Term Loan, 3M US SOFR + 1.75%, 01/29/2027   202,806    201,324 
American Airlines, Inc., First Lien Term Loan, 6M US SOFR + 2.75%, 02/15/2028   535,010    535,210 
United AirLines, Inc., First Lien Class B Term Loan, 1M US SOFR + 3.75%, 0.75% Floor, 04/21/2028   900,184    904,685 
         2,536,023 
Pharmaceuticals - 1.40%          
Elanco Animal Health, Inc., First Lien B Term Loan, 1M US SOFR + 1.75%, 08/01/2027   1,369,028    1,362,374 
Padagis LLC, First Lien Initial Term Loan, 3M US SOFR + 4.75%, 0.50% Floor, 07/06/2028   1,005,096    973,687 
         2,336,061 
Professional Services - 6.22%          
AlixPartners, LLP, First Lien USD B Term Loan, 1M US SOFR + 2.50%, 0.50% Floor, 02/04/2028   956,741    959,970 
CoreLogic, Inc., First Lien Initial Term Loan, 1M US SOFR + 3.50%, 0.50% Floor, 06/02/2028   1,298,731    1,267,347 
CoreLogic, Inc., Second Lien Initial Term Loan, 1M US SOFR + 6.50%, 0.50% Floor, 06/04/2029   553,488    498,488 
Deerfield Dakota Holding LLC, Second Lien 2021 Replacement Term Loan, 3M US SOFR + 6.75%, 0.75% Floor, 04/07/2028   296,000    284,530 
DTI Holdco, Inc. TL, First Lien Term Loan, 3M US SOFR + 4.75%, 04/26/2029   722,262    715,686 
Dun & Bradstreet Corp., First Lien Term Loan, 1M US SOFR + 2.75%, 02/06/2026   668,000    670,194 
Element Materials Technology Group Holdings DTL, First Lien Term Loan, 3M US SOFR + 4.25%, 07/06/2029   291,013    289,195 
Element Materials Technology Group Holdings TL, First Lien Term Loan, 3M US SOFR + 4.25%, 07/06/2029   630,531    626,590 
Genuine Financial Holdings LLC, First Lien Term Loan, 6M US SOFR + 4.25%, 09/27/2030   1,573,103    1,571,695 
Lereta, LLC, First Lien Term Loan, 1M US SOFR + 5.00%, 07/30/2028   428,016    328,502 
Omnia Partners, LLC, TL, First Lien Term Loan, 4M US SOFR + 4.25%, 07/25/2030   1,028,392    1,036,110 
Ryan LLC., First Lien Term Loan, 1M US SOFR + 4.50%, 11/14/2030   422,222    424,202 
Trans Union LLC, First Lien Term Loan, 1M US SOFR + 1.75%, 11/16/2026   1,078,643    1,081,286 
VT Topco, Inc., First Lien Term Loan, 3M US SOFR + 4.25%, 0.50% Floor, 08/09/2030   629,036    632,967 
         10,386,762 
Real Estate Management & Development - 0.65%          
Cushman & Wakefield US Borrower LLC, First Lien Term Loan:          
1M US SOFR + 3.25%, 0.50% Floor, 01/31/2030   506,564    503,714 
3M US SOFR + 4.00%, 01/31/2030   578,767    579,491 
         1,083,205 
Software - 14.46%          
Apttus Corp., First Lien Initial Term Loan, 1M US SOFR + 4.00%, 0.75% Floor, 05/08/2028   557,890    560,041 
Boxer Parent Company Inc., Term Loan, First Lien Term Loan, 6M US SOFR + 4.50%, 12/02/2028   301,538    304,139 
Central Parent, Inc., First Lien Term Loan, 3M US SOFR + 4.00%, 07/06/2029   940,294    946,706 
Cloud Software Group, Inc., First Lien Term Loan, 3M US SOFR + 4.50%, 0.50% Floor, 03/30/2029   1,494,210    1,463,302 
Cloudera, Inc., First Lien Term Loan, 1M US SOFR + 3.75%, 0.50% Floor, 10/08/2028   1,000,000    993,125 
Connectwise, LLC, First Lien Term Loan, 1M US SOFR + 3.50%, 0.50% Floor, 09/29/2028   440,789    440,789 

 

See Notes to Financial Statements.

 

38 www.blackstone-credit.com

 

 

Blackstone Long-Short Credit Income Fund Portfolio of Investments

 

December 31, 2023

 

  

Principal

Amount

   Value 
Software (continued)          
Cornerstone OnDemand, Inc., First Lien Initial Term Loan, 3M US SOFR + 3.75%, 0.50% Floor, 10/16/2028  $1,667,782   $1,617,749 
Epicor Software Corp. TL 1L, First Lien Term Loan, 1M US SOFR + 3.75%, 07/30/2027   114,545    115,691 
Fiserv Investment Solutions, Inc., First Lien Initial Term Loan, 3M US SOFR + 4.00%, 02/18/2027   1,336,258    1,276,541 
GTCR W Merger Sub LLC, TL, First Lien Term Loan, 6M US SOFR + 3.75%, 0.50% Floor, 09/20/2030   767,099    771,414 
Help/Systems Holdings, Inc., First Lien Seventh Amendment Refinancing Term Loan, 3M US SOFR + 4.00%, 0.75% Floor, 11/19/2026   1,830,916    1,740,029 
Idera, Inc., First Lien B-1 Term Loan, 1M US SOFR + 3.75%, 0.75% Floor, 03/02/2028   1,211,172    1,207,387 
INSTRUCTURE HOLDINGS, INC. TLB 1L, First Lien Term Loan, 6M US SOFR + 2.75%, 10/30/2028   275,410    277,131 
ISOLVED, INC.TLB 1L, First Lien Term Loan, 6M US SOFR + 4.00%, 10/14/2030   284,000    284,888 
Ivanti Software, Inc., First Lien First Amendment Term Loan, 3M US SOFR + 4.00%, 0.75% Floor, 12/01/2027   241,289    229,276 
Ivanti Software, Inc., Second Lien Term Loan, 3M US SOFR + 7.25%, 12/01/2028   476,866    387,055 
Magenta Buyer LLC, First Lien Initial Term Loan, 3M US SOFR + 5.00%, 0.75% Floor, 07/27/2028   1,555,969    1,113,490 
Mitnick Corporate Purchaser Inc., First Lien Term Loan, 3M US SOFR + 4.75%, 05/02/2029   386,198    366,527 
Perforce Software, Inc., First Lien New Term Loan, 1M US SOFR + 3.75%, 07/01/2026   246,779    244,928 
PROJECT ALPHA INTERMEDIATE HOLDING, INC., TL, First Lien Term Loan, 1M US SOFR + 4.75%, 10/28/2030   2,013,135    2,028,022 
Proofpoint, Inc., TL, First Lien Term Loan, 1M US SOFR + 3.25%, 08/31/2028   1,792,129    1,795,175 
Quartz Acquireco, LLC, TL, First Lien Term Loan, 1M US SOFR + 3.50%, 06/28/2030(b)   1,328,291    1,334,102 
Quest Borrower Ltd., First Lien Term Loan, 3M US SOFR + 4.25%, 02/01/2029   1,521,062    1,169,529 
Rocket Software, Inc., TL, First Lien Term Loan, 1M US SOFR + 4.75%, 0.50% Floor, 11/28/2028   484,993    477,415 
SS&C Technologies, Inc., First Lien Term Loan:          
1M US L + 2.25%, 0.50% Floor, 03/22/2029   175,631    176,129 
1M US L + 2.25%, 0.50% Floor, 03/22/2029   295,560    296,398 
Surf Holdings S.a r.l., First Lien Dollar Tranche Term Loan, 1M US SOFR + 3.50%, 03/05/2027   895,348    898,369 
Vision Solutions, Inc., First Lien Term Loan, 3M US SOFR + 4.25%, 0.75% Floor, 04/24/2028   1,635,808    1,625,994 
         24,141,341 
Specialty Retail - 2.09%          
EG America LLC, First Lien Term Loan, 1M US SOFR + 4.00%, 0.50% Floor, 02/07/2028   1,188,340    1,170,515 
Mavis Tire Express Services Topco Corp., First Lien Term Loan, 1M US SOFR + 4.00%, 0.75% Floor, 05/04/2028   910,161    913,005 
Pilot Travel Centers LLC, First Lien Term Loan, 1M US L + 2.00%, 08/04/2028   1,392,875    1,398,823 
         3,482,343 
Technology Hardware, Storage & Peripherals - 0.25%          
Xerox 11/23 TLB 1L, First Lien Term Loan, 3M US SOFR + 4.00%, 11/17/2029   420,000    421,313 
           
Textiles, Apparel & Luxury Goods - 0.63%          
Champ Acquisition Corp., First Lien Initial Term Loan, 3M US SOFR + 5.50%, 12/19/2025   1,050,031    1,055,281 
           
Trading Companies & Distributors - 1.40%          
Fastlane Parent Co., Inc., First Lien Term Loan, 1M US SOFR + 4.75%, 0.50% Floor, 09/29/2028   377,751    377,928 
FCG Acquisitions, Inc., First Lien Initial Term Loan, 3M US L + 3.75%, 0.50% Floor, 03/31/2028   598,465    599,662 
Park River Holdings, Inc., First Lien Initial Term Loan, 3M US SOFR + 3.25%, 0.75% Floor, 12/28/2027   746,708    730,658 

 

See Notes to Financial Statements.

 

Annual Report | December 31, 2023 39

 

 

Blackstone Long-Short Credit Income Fund Portfolio of Investments

 

December 31, 2023

 

  

Principal

Amount

   Value 
Trading Companies & Distributors (continued)          
Windsor Holdings III, LLC, TL, First Lien Term Loan, 6M US SOFR + 4.50%, 08/01/2030  $628,286   $633,784 
         2,342,032 
Transportation Infrastructure - 0.46%          
Brown Group Holding LLC, First Lien Term Loan, 1M US SOFR + 2.50%, 0.50% Floor, 06/07/2028   761,324    763,060 
           
Wireless Telecommunication Services - 0.87%          
CCI Buyer, Inc., First Lien Initial Term Loan, 3M US SOFR + 4.00%, 0.75% Floor, 12/17/2027   1,460,917    1,458,828 
           
TOTAL FLOATING RATE LOAN INTERESTS          
(Cost $216,854,778)        213,939,694 
           
COLLATERALIZED LOAN OBLIGATION SECURITIES(a) - 7.65%          
Consumer Finance - 0.86%          
OCP CLO 2020-18, Ltd., 3M US SOFR + 6.69%, 07/20/2032(b)(e)   1,000,000    977,151 
PPM CLO 3, Ltd., 3M US SOFR + 6.87%, 04/17/2034(b)(e)   500,000    459,067 
         1,436,218 
Financial Services - 6.79%          
Bain Capital Credit CLO 2022-3, Ltd., 3M US SOFR + 3.70%, 07/17/2035(b)(e)   1,620,000    1,603,945 
CIFC Funding 2019-V, Ltd., 3M US SOFR + 3.41%, 01/15/2035(b)(e)   1,600,000    1,581,940 
Clover CLO 2021-3 LLC, 3M US SOFR + 3.36%, 01/25/2035(b)(e)   2,000,000    1,999,724 
Danby Park CLO, Ltd., 3M US SOFR + 5.33%, 10/21/2035(b)(e)   1,000,000    1,013,596 
Eaton Vance CLO 2013-1, Ltd., 3M US SOFR + 7.06%, 01/15/2034(b)(e)   500,000    494,777 
HPS Loan Management CLO 6-2015, Ltd., 3M US SOFR + 5.36%, 02/05/2031(b)(e)   833,000    760,529 
Magnetite XXXV, Ltd., 3M US SOFR + 4.00%, 10/25/2036(b)(e)   1,000,000    1,000,882 
Parallel 2021-2, Ltd., 3M US SOFR + 7.46%, 10/20/2034(b)(e)   500,000    460,665 
Park Avenue Institutional Advisers CLO, Ltd. 2022-1, 3M US SOFR + 7.29%, 04/20/2035(b)(e)   1,000,000    988,650 
Rad CLO 5, Ltd., 3M US SOFR + 6.96%, 07/24/2032(b)(e)   250,000    247,138 
Romark CLO II, Ltd., 3M US SOFR + 3.61%, 07/25/2031(b)(e)   250,000    250,479 
Romark CLO IV, Ltd., 3M US SOFR + 7.21%, 07/10/2034(b)(e)   1,000,000    930,139 
         11,332,464 
TOTAL COLLATERALIZED LOAN OBLIGATION SECURITIES          
(Cost $12,857,773)        12,768,682 
           
CORPORATE BONDS - 12.65%          
Aerospace & Defense - 0.66%          
Bombardier, Inc., 8.750%, 11/15/2030(e)   18,000    19,187 
BWX Technologies, Inc., 4.125%, 06/30/2028(e)   70,000    64,981 
Moog, Inc., 4.250%, 12/15/2027(e)   45,000    42,536 
Rolls-Royce PLC, 5.750%, 10/15/2027(e)   50,000    50,117 
Spirit AeroSystems, Inc., 4.600%, 06/15/2028   140,000    123,991 
TransDigm, Inc.:          
4.625%, 01/15/2029   70,000    65,765 
4.880%, 05/01/2029   350,000    327,544 
Triumph Group, Inc., 7.750%, 08/15/2025   404,000    403,002 
         1,097,123 
Automobile Components - 0.08%          
Patrick Industries, Inc., 4.750%, 05/01/2029(e)   155,000    141,571 

 

See Notes to Financial Statements.

 

40 www.blackstone-credit.com

 

 

Blackstone Long-Short Credit Income Fund Portfolio of Investments

 

December 31, 2023

 

  

Principal

Amount

   Value 
Automobiles - 0.03%          
Thor Industries, Inc., 4.000%, 10/15/2029(e)  $60,000   $53,591 
           
Banks - 0.19%          
Intesa Sanpaolo SpA, 5.710%, 01/15/2026(e)   300,000    298,721 
Popular, Inc., 7.250%, 03/13/2028   15,000    15,448 
         314,169 
Broadline Retail - 0.02%          
Macy's Retail Holdings LLC, 4.500%, 12/15/2034   35,000    28,411 
           
Building Products - 0.09%          
Griffon Corp., 5.750%, 03/01/2028   150,000    147,568 
           
Chemicals - 0.10%          
CVR Partners LP / CVR Nitrogen Finance Corp., 6.125%, 06/15/2028(e)   50,000    46,705 
Methanex Corp., 5.125%, 10/15/2027   40,000    39,117 
Minerals Technologies, Inc., 5.000%, 07/01/2028(e)   80,000    77,011 
         162,833 
Commercial Services & Supplies - 0.20%          
Cimpress PLC, 7.000%, 06/15/2026   120,000    117,383 
Deluxe Corp., 8.000%, 06/01/2029(e)   70,000    62,005 
Pitney Bowes, Inc.:          
6.875%, 03/15/2027(e)   35,000    32,725 
7.250%, 03/15/2029(e)   25,000    21,433 
Steelcase, Inc., 5.125%, 01/18/2029   100,000    94,936 
         328,482 
Construction & Engineering - 0.08%          
Great Lakes Dredge & Dock Corp., 5.250%, 06/01/2029(e)   111,000    94,488 
Tutor Perini Corp., 6.875%, 05/01/2025(e)   43,000    42,013 
         136,501 
Consumer Finance - 0.93%          
Ally Financial, Inc., 6.700%, 02/14/2033   80,000    80,177 
Enova International, Inc., 8.500%, 09/15/2025(e)   50,000    49,177 
FirstCash, Inc.:          
4.630%, 09/01/2028(e)   190,000    177,545 
5.625%, 01/01/2030(e)   50,000    47,951 
goeasy, Ltd., 9.250%, 12/01/2028(e)   164,000    175,293 
Goeasy, Ltd., 4.375%, 05/01/2026(e)   70,000    67,473 
Navient Corp.:          
4.880%, 03/15/2028   240,000    223,247 
9.375%, 07/25/2030   158,000    165,664 
5.625%, 08/01/2033   20,000    16,437 
OneMain Finance Corp.:          
6.625%, 01/15/2028   200,000    202,061 
3.880%, 09/15/2028   50,000    44,278 
7.875%, 03/15/2030   79,000    81,390 
PRA Group, Inc., 8.375%, 02/01/2028(e)   30,000    28,900 
Synchrony Financial, 7.250%, 02/02/2033   140,000    139,035 
World Acceptance Corp., 7.000%, 11/01/2026(e)   68,000    61,340 
         1,559,968 

 

See Notes to Financial Statements.

 

Annual Report | December 31, 2023 41

 

 

Blackstone Long-Short Credit Income Fund Portfolio of Investments

 

December 31, 2023

 

  

Principal

Amount

   Value 
Containers & Packaging - 0.05%          
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC, 4.000%, 09/01/2029(e)  $107,000   $90,708 
           
Diversified Consumer Services - 0.08%          
Adtalem Global Education, Inc., 5.500%, 03/01/2028(e)   90,000    86,666 
WW International, Inc., 4.500%, 04/15/2029(e)   60,000    39,399 
         126,065 
Diversified REITs - 0.19%          
Service Properties Trust:          
5.250%, 02/15/2026   18,000    17,498 
4.750%, 10/01/2026   175,000    163,518 
4.950%, 02/15/2027   155,000    140,518 
         321,534 
Diversified Telecommunication Services - 0.46%          
Cogent Communications Group, Inc., 7.000%, 06/15/2027(e)   210,000    211,246 
Consolidated Communications, Inc., 6.500%, 10/01/2028(e)   85,000    73,738 
Frontier Communications Holdings LLC:          
6.750%, 05/01/2029(e)   365,000    326,765 
5.875%, 11/01/2029   40,000    33,845 
6.000%, 01/15/2030(e)   40,000    34,170 
Viasat, Inc., 6.500%, 07/15/2028(e)   110,000    90,459 
         770,223 
Electric Utilities - 0.18%          
NRG Energy, Inc.:          
3.375%, 02/15/2029(e)   120,000    106,121 
3.625%, 02/15/2031(e)   60,000    51,623 
Vistra Operations Co. LLC, 7.750%, 10/15/2031(e)   142,000    147,586 
         305,330 
Energy Equipment & Services - 0.68%          
Archrock Partners LP / Archrock Partners Finance Corp., 6.250%, 04/01/2028(e)   295,000    290,879 
Helix Energy Solutions Group, Inc., 9.750%, 03/01/2029(e)   86,000    90,511 
Oceaneering International, Inc., 6.000%, 02/01/2028   70,000    67,928 
Precision Drilling Corp., 6.875%, 01/15/2029(e)   130,000    125,504 
Transocean, Inc.:          
7.500%, 01/15/2026(e)   100,000    98,347 
8.000%, 02/01/2027(e)   135,000    131,761 
7.500%, 04/15/2031   100,000    88,147 
Valaris, Ltd., 8.375%, 04/30/2030(e)   235,000    240,968 
         1,134,045 
Entertainment - 0.07%          
Cinemark USA, Inc., 5.250%, 07/15/2028(e)   120,000    110,205 
           
Financial Services - 0.52%          
Burford Capital Global Finance LLC, 6.875%, 04/15/2030(e)   80,000    77,314 
Compass Group Diversified Holdings LLC, 5.250%, 04/15/2029(e)   70,000    66,200 
Nationstar Mortgage Holdings, Inc.: