Blackstone Credit & Insurance Closed-End Funds Declare Monthly Distributions

Rhea-AI Summary

Blackstone Credit & Insurance, an affiliate of Blackstone Alternative Credit Advisors, declared monthly distributions for three of its listed 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).

The distribution amounts per share are $0.114 for BSL, $0.105 for BGX, and $0.101 for BGB. The ex-dates are June 20, July 23, and August 22, 2024, with corresponding record dates on June 21, July 24, and August 23, and payable dates on June 28, July 31, and August 30, 2024.

The distribution amounts typically vary each quarter based on the Funds' average monthly net income. A portion of these distributions may be sourced from short-term capital gain, long-term capital gain, or return of capital. The final tax characteristics will be determined post fiscal year-end.

Positive

• Consistent monthly distributions for investors.
• High flexibility in maintaining portfolio credit quality.
• Dynamic distribution strategy reducing the need for reserves.
• Clear and defined payout schedule.

Negative

• Distribution amounts vary quarterly, leading to potential unpredictability.
• Portions of distributions may be from non-income sources, affecting tax treatment.
• Investors require intermediaries or brokers to buy/sell shares, potentially increasing transaction costs.

NEW YORK, June 11, 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	$ 0.105
BGB	Strategic Credit 2027 Term Fund	$ 0.101

Ex-Date:	June 20, 2024	July 23, 2024	August 22, 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.

View original content to download multimedia:https://www.prnewswire.com/news-releases/blackstone-credit--insurance-closed-end-funds-declare-monthly-distributions-302169807.html

SOURCE Blackstone

FAQ

What are the monthly distribution amounts for Blackstone's funds?

The monthly distribution amounts are $0.114 for BSL, $0.105 for BGX, and $0.101 for BGB.

When are the ex-dates for Blackstone's fund distributions?

The ex-dates are June 20, July 23, and August 22, 2024.

When will Blackstone's fund distributions be paid out?

The payable dates are June 28, July 31, and August 30, 2024.

Will Blackstone's fund distribution amounts remain the same?

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

What portions of Blackstone's fund distributions may come from non-income sources?

A portion may come from short-term capital gain, long-term capital gain, or return of capital.