Blackstone Credit & Insurance Closed-End Funds Declare Monthly Distributions

Rhea-AI Summary

Blackstone Credit & Insurance has announced monthly distributions for three closed-end funds it advises: Blackstone Senior Floating Rate 2027 Term Fund (BSL), Blackstone Long-Short Credit Income Fund (BGX), and Blackstone Strategic Credit 2027 Term Fund (BGB). The distributions are set at $0.114, $0.101, and $0.093 per share respectively.

Key dates for these distributions are:

• Ex-Date: Sept 23, Oct 24, Nov 21, 2024
• Record Date: Sept 23, Oct 24, Nov 21, 2024
• Payable Date: Sept 30, Oct 31, Nov 29, 2024

The funds employ a dynamic distribution strategy, allowing for flexibility in maintaining portfolio credit quality and reducing the need for income reserves. Distributions may come from various sources, including short-term capital gain, long-term capital gain, or return of capital.

NEW YORK, Sept. 13, 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"), 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 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	$ 0.101
BGB	Strategic Credit 2027 Term Fund	$ 0.093

 

Ex-Date:	September 23, 2024	October 24, 2024	November 21, 2024
Record Date:	September 23, 2024	October 24, 2024	November 21, 2024
Payable Date:	September 30, 2024	October 31, 2024	November 29, 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 & Insurance 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 private investment grade, asset based lending, public investment grade and high yield, sustainable resources, infrastructure debt, collateralized loan obligations, direct lending and opportunistic 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 monthly distribution amounts for Blackstone Strategic Credit 2027 Term Fund (BGB)?

Blackstone Strategic Credit 2027 Term Fund (BGB) will distribute $0.093 per share monthly.

When are the payable dates for BGB's distributions in 2024?

The payable dates for BGB's distributions in 2024 are September 30, October 31, and November 29.

What is the dynamic distribution strategy mentioned for BGB?

The dynamic distribution strategy allows Blackstone Credit & Insurance greater flexibility to maintain portfolio credit quality in varying market conditions and reduces the need to retain reserves from net investment income.

How might the tax characteristics of BGB's distributions be determined?

The final determination of the source and tax characteristics of BGB's distributions will depend on the Fund's investment experience during its fiscal year and will be made after the Fund's year end.