BSL

Blackstone Senior Floating Rate 2027 Term Fund is a closed-end fund managed by Blackstone Credit BDC Advisors LLC that invests primarily in senior secured floating rate loans issued by below-investment-grade companies. The fund has a defined termination date in 2027 when assets will be liquidated and proceeds distributed to shareholders. This term structure addresses common closed-end fund concerns about perpetual discounts to net asset value by providing a predetermined liquidation event, creating a catalyst for discount narrowing as the term date approaches. The fund's portfolio consists primarily of senior secured loans (also called bank loans or leveraged loans) to sub-investment-grade corporate borrowers across diverse industries. These loans have senior claims on borrower assets, provide collateral protection, and feature floating interest rates that adjust periodically based on reference rates (such as SOFR). The floating rate nature makes the fund less sensitive to rising interest rates compared to fixed-rate bond funds, providing natural protection as rates increase. Blackstone's extensive credit investment platform, global sourcing capabilities, and deep relationships enable access to attractive loan opportunities across markets. As a closed-end fund, Blackstone Senior Floating Rate 2027 Term Fund trades on exchanges and may trade at premiums or discounts to NAV. The fund employs leverage to enhance returns and income generation, though leverage increases risk. The 2027 term structure provides certainty about the liquidation date, addressing perpetual fund discount concerns and creating potential for narrowing of any discount as 2027 approaches. The trust provides regular distributions sourced from interest income. The fund appeals to income investors seeking senior secured credit exposure, floating rate protection against rising rates, and the term structure's defined exit. Performance depends on credit spreads, default rates, interest rate levels, and Blackstone's credit selection. The senior secured positioning and floating rate features provide defensive characteristics compared to lower-ranked or fixed-rate credit strategies.