Blackstone Credit & Insurance Closed-End Funds Announce Corrected Ex-Dividend Dates for Monthly Distributions

Rhea-AI Summary

Blackstone Credit & Insurance announced corrected ex-dividend dates for its three closed-end funds: Blackstone Senior Floating Rate 2027 Term Fund (NYSE: BSL), Blackstone Long-Short Credit Income Fund (NYSE: BGX), and Blackstone Strategic Credit 2027 Term Fund (NYSE: BGB). Each ex-dividend date has been adjusted one day later than previously announced.

The new ex-dividend dates are June 21, 2024, July 24, 2024, and August 23, 2024. The corrected monthly distribution per share is $0.114 for BSL, $0.105 for BGX, and $0.101 for BGB. Payable dates are June 28, 2024, July 31, 2024, and August 30, 2024.

These distributions are aligned with each fund's average monthly net income and may vary quarterly. A portion of these distributions might come from sources other than net investment income. Final tax characteristics will be determined after the fiscal year's end. Blackstone Credit & Insurance aims to maintain portfolio credit quality and provide flexibility in varying market conditions.

Positive

• Corrected ex-dividend dates provide clarity to investors.
• Monthly distributions align with recent average monthly net income.
• Dynamic distribution strategy offers flexibility to maintain portfolio credit quality.
• Blackstone is the largest alternative asset manager with over $1 trillion in assets under management.

Negative

• Distributions may vary quarterly, leading to potential income instability for investors.
• A portion of distributions may come from non-net investment income sources, potentially complicating tax reporting.
• Initial incorrect ex-dividend dates could have caused confusion among investors.

NEW YORK, June 12, 2024 /PRNewswire/ -- Blackstone Liquid Credit Strategies LLC, an affiliate of Blackstone Alternative Credit Advisors LP (collectively, and together with their affiliates in the credit-focused business of Blackstone, Inc., "Blackstone Credit & Insurance"), recently announced monthly distributions for the three listed closed-end funds it advises, Blackstone Senior Floating Rate 2027 Term Fund (NYSE: BSL), Blackstone Long-Short Credit Income Fund (NYSE: BGX), and Blackstone Strategic Credit 2027 Term Fund (NYSE: BGB) (each a "Fund" and together the "Funds"). The ex-dividend dates in the prior press release announcing these distributions were incorrect and have been corrected below, with each ex-dividend date being adjusted to one day later than what was previously announced. Everything else published in the initial press release remains unchanged.

The Funds' monthly distributions are set forth below. The following dates apply to the distribution declarations for the Funds:

Ticker	Fund	Monthly Distribution Per Share
BSL	Senior Floating Rate 2027 Term Fund	$ 0.114
BGX	Long-Short Credit Income Fund	$ 0.105
BGB	Strategic Credit 2027 Term Fund	$ 0.101

Ex-Date:	June 21, 2024	July 24, 2024	August 23, 2024
Record Date:	June 21, 2024	July 24, 2024	August 23, 2024
Payable Date:	June 28, 2024	July 31, 2024	August 30, 2024

The Funds declare a set of monthly distributions each quarter in amounts closely tied to the respective Fund's recent average monthly net income. As a result, the monthly distribution amounts for the Funds typically vary quarter-to-quarter, and shareholders of any Fund should not expect that Fund to continue to pay distributions in the same amounts shown above. The dynamic distribution strategy provides Blackstone Credit with greater flexibility to maintain portfolio credit quality in varying market conditions. In addition, the dynamic distribution strategy reduces the need to retain reserves from net investment income to support the stability of future distributions.

A portion of each distribution may be treated as paid from sources other than net investment income, including but not limited to short-term capital gain, long-term capital gain, or return of capital. The final determination of the source and tax characteristics of these distributions will depend upon each Fund's investment experience during its fiscal year and will be made after the Fund's year end. Each Fund will send to investors a Form 1099-DIV for the calendar year that will define how to report these distributions for federal income tax purposes.

Blackstone and Blackstone Credit & Insurance

Blackstone is the world's largest alternative asset manager. We seek to deliver compelling returns for institutional and individual investors by strengthening the companies in which we invest. Our more than $1 trillion in assets under management include global investment strategies focused on real estate, private equity, infrastructure, life sciences, growth equity, credit, real assets, secondaries and hedge funds. Further information is available at www.blackstone.com. Follow @blackstone on LinkedIn, X (Twitter), and Instagram. 

Blackstone Credit & Insurance ("BXCI") is one of the world's leading credit investors. Our investments span the credit markets, including direct lending, opportunistic, CLOs, high yield, infrastructure and asset based credit. We seek to generate attractive risk-adjusted returns for institutional and individual investors by offering companies capital needed to strengthen and grow their businesses. BXCI is also a leading provider of investment management services for insurers, helping those companies better deliver for policyholders through our world-class capabilities in investment grade private credit.

Investors wishing to buy or sell shares need to place orders through an intermediary or broker.

Contact the Funds at 1 (877) 299-1588 or visit the Funds' website at www.blackstone-credit.com for additional information.

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SOURCE Blackstone

FAQ

What are the new ex-dividend dates for Blackstone's closed-end funds?

The new ex-dividend dates are June 21, 2024, July 24, 2024, and August 23, 2024.

What is the corrected monthly distribution per share for BGB?

The corrected monthly distribution per share for BGB is $0.101.

When is the payable date for Blackstone's closed-end funds in June?

The payable date for June is June 28, 2024.

Why were the ex-dividend dates for Blackstone's closed-end funds corrected?

The ex-dividend dates were adjusted one day later than previously announced to correct prior inaccuracies.

Will Blackstone's closed-end funds' distributions remain the same each quarter?

No, the monthly distribution amounts typically vary quarter-to-quarter based on the fund's recent average monthly net income.

What sources might Blackstone's fund distributions be paid from?

Distributions may come from net investment income, short-term capital gain, long-term capital gain, or return of capital.

How does Blackstone's dynamic distribution strategy benefit the funds?

It provides flexibility to maintain portfolio credit quality and reduces the need to retain reserves from net investment income.