Blackstone Senior Floating Rate 2027 Term Fund
Portfolio of Investments
September 30, 2024 (Unaudited)
| | |
Principal
Amount | | |
Value | |
| FLOATING RATE LOAN INTERESTS(a) - 140.34% | |
| | | |
| | |
| Aerospace & Defense - 4.90% | |
| | | |
| | |
| Atlas CC Acquisition Corp., First Lien B Term Loan, 3M SOFR + 4.25%, 0.75% Floor, 05/25/2028 | |
$ | 1,327,655 | | |
$ | 1,031,887 | |
| Atlas CC Acquisition Corp., First Lien C Term Loan, 3M SOFR + 4.25%, 0.75% Floor, 05/25/2028 | |
| 270,032 | | |
| 209,875 | |
| Dynasty Acquisition Co Inc., First Lien Term Loan, 3M SOFR + 3.50%, 08/24/2028 | |
| 176,821 | | |
| 177,158 | |
| Nordam Group LLC, First Lien Initial Term Loan, 1M SOFR + 5.50%, 04/09/2026 | |
| 1,667,600 | | |
| 1,655,093 | |
| Novaria Holdings, LLC, First Lien Term Loan, 3M SOFR + 4.25%, 06/06/2031 | |
| 547,222 | | |
| 548,361 | |
| Peraton Corp., First Lien B Term Loan, 1M SOFR + 3.75%, 0.75% Floor, 02/01/2028 | |
| 2,269,683 | | |
| 2,189,064 | |
| Standard Aero, Ltd., First Lien Term Loan, 1M SOFR + 3.50%, 08/24/2028 | |
| 68,177 | | |
| 68,307 | |
| TransDigm, Inc., First Lien Term Loan: | |
| | | |
| | |
| 3M SOFR + 2.50%, 02/28/2031 | |
| 1,509,172 | | |
| 1,504,991 | |
| 6M SOFR + 2.50%, 01/19/2032 | |
| 739,286 | | |
| 737,205 | |
| Vertex Aerospace Corp., First Lien Term Loan, 1M SOFR + 2.75%, 12/06/2030 | |
| 847,868 | | |
| 848,398 | |
| World Wide Technology Holding Co LLC, First Lien Term Loan, 3M SOFR + 3.50%, 0.50% Floor, 04/21/2031 | |
| 445,386 | | |
| 447,613 | |
| | |
| | | |
| 9,417,952 | |
| | |
| | | |
| | |
| Air Freight & Logistics - 2.43% | |
| | | |
| | |
| ASP LS Acquisition Corp., First Lien Term Loan, 3M SOFR + 4.50%, 0.75% Floor, 05/07/2028 | |
| 1,241,358 | | |
| 789,659 | |
| Clue Opco LLC, First Lien Term Loan, 3M SOFR + 4.50%, 12/19/2030 | |
| 1,188,978 | | |
| 1,182,587 | |
| Rinchem Company, Inc., First Lien Term Loan, 3M SOFR + 4.25%, 03/02/2029 | |
| 1,349,677 | | |
| 1,145,902 | |
| Savage Enterprises LLC, First Lien Term Loan, 3M US L + 3.25%, 0.50% Floor, 09/15/2028 | |
| 592,689 | | |
| 595,229 | |
| WWEX UNI TopCo Holdings LLC, First Lien Initial Term Loan, 3M SOFR + 4.00%, 0.75% Floor, 07/26/2028 | |
| 946,812 | | |
| 952,484 | |
| | |
| | | |
| 4,665,861 | |
| | |
| | | |
| | |
| Automobile Components - 2.11% | |
| | | |
| | |
| Belron Finance US LLC, First Lien Term Loan, 3M SOFR + 2.25%, 0.50% Floor, 04/18/2029 | |
| 360,339 | | |
| 360,714 | |
| Clarios Glob LP, First Lien Term Loan, 1M SOFR + 2.50%, 05/06/2030 | |
| 1,402,650 | | |
| 1,404,993 | |
| First Brands Group LLC, First Lien Term Loan, 3M SOFR + 5.00%, 1.00% Floor, 03/30/2027 | |
| 520,437 | | |
| 515,883 | |
| First Brands Group, LLC, First Lien 2018 New Tranche E Term Loan, 3M SOFR + 5.00%, 03/30/2027 | |
| 446,616 | | |
| 442,639 | |
| LTI Holdings, Inc., First Lien Term Loan, 1M SOFR + 4.75%, 07/29/2029 | |
| 1,357,466 | | |
| 1,336,893 | |
| | |
| | | |
| 4,061,122 | |
| | |
| | | |
| | |
| Biotechnology - 0.47% | |
| | | |
| | |
| Grifols Worldwide Operations, First Lien Term Loan, 3M SOFR + 2.00%, 11/15/2027 | |
| 932,282 | | |
| 907,809 | |
| | |
| | | |
| | |
| Broadline Retail - 0.20% | |
| | | |
| | |
| Peer Hldg III BV, First Lien Term Loan, 3M SOFR + 3.00%, 07/01/2031 | |
| 381,229 | | |
| 382,896 | |
| | |
| | | |
| | |
| Building Products - 2.71% | |
| | | |
| | |
| LBM Acquisition LLC, First Lien Term Loan, 1M SOFR + 3.75%, 06/06/2031 | |
| 1,484,336 | | |
| 1,457,974 | |
| LHS Borrower, LLC, First Lien Term Loan, 1M SOFR + 4.75%, 0.50% Floor, 02/16/2029 | |
| 816,918 | | |
| 782,366 | |
| MI Windows and Doors, LLC, First Lien Term Loan 03/28/2031 | |
| 955,277 | | |
$ | 958,129 | |
| Oscar Acquisitionco LLC, First Lien Term Loan, 3M SOFR + 4.25%, 0.50% Floor, 04/29/2029 | |
| 1,104,946 | | |
| 1,092,825 | |
| Resideo Funding Inc, First Lien Term Loan, 3M SOFR + 2.00%, 06/13/2031 | |
| 151,862 | | |
| 152,242 | |
| Trulite Holding Corp., First Lien Term Loan, 3M SOFR + 6.00%, 03/01/2030(b) | |
| 799,298 | | |
| 775,319 | |
| | |
| | | |
| 5,218,855 | |
| | |
| | | |
| | |
| Capital Markets - 5.73% | |
| | | |
| | |
| Apex Group Treasury, Ltd., First Lien USD Term Loan, 6M SOFR + 3.75%, 0.50% Floor, 07/27/2028 | |
| 1,432,471 | | |
| 1,436,052 | |
| AssetMark 6/24 TLB 1L, First Lien Term Loan, 3M SOFR + 3.25%, 09/05/2031 | |
| 609,074 | | |
| 602,697 | |
| Cetera Financial 5/24 TLB 1L, First Lien Term Loan, 1M SOFR + 4.00%, 08/09/2030 | |
| 2,008,495 | | |
| 1,970,274 | |
| Citadel Securities LP, First Lien Term Loan, 1M SOFR + 2.25%, 07/29/2030 | |
| 434,083 | | |
| 434,304 | |
| CITCO FDG LLC, First Lien Term Loan, 3M SOFR + 2.75%, 04/27/2028 | |
| 1,925,823 | | |
| 1,938,466 | |
| | |
Principal
Amount | | |
Value | |
| Capital Markets (continued) | |
| | | |
| | |
| Focus Financial Partners, LLC, First Lien Term Loan: | |
| | | |
| | |
| 1M SOFR + 3.25%, 09/11/2031 | |
$ | 1,676,036 | | |
$ | 1,672,953 | |
| 6M SOFR + 3.25%, 09/11/2031 | |
| 180,011 | | |
| 179,679 | |
| June Purchaser, LLC, First Lien Term Loan, 6M SOFR + 3.75%, 09/11/2031 | |
| 657,506 | | |
| 655,451 | |
| June Purchaser/Janney Montgomery 9/24 Delayed TL 1, First Lien Term Loan, 6M SOFR + 3.75%, 09/11/2031 | |
| 109,584 | | |
| 109,242 | |
| Kestra Advisor Services Holdings A INC, First Lien Term Loan, 3M SOFR + 4.00%, 03/22/2031 | |
| 610,720 | | |
| 613,199 | |
| Osaic Holdings Inc aka Advisor Group, First Lien Term Loan, 1M SOFR + 4.00%, 08/17/2028 | |
| 1,424,594 | | |
| 1,411,011 | |
| | |
| | | |
| 11,023,328 | |
| | |
| | | |
| | |
| Chemicals - 2.75% | |
| | | |
| | |
| CI Maroon Holdings LLC, First Lien Term Loan, 3M SOFR + 4.00%, 03/01/2031 | |
| 368,078 | | |
| 370,073 | |
| Discovery Purchaser/Bayer/Envu 8/22 TL, First Lien Term Loan, 3M SOFR + 4.38%, 10/04/2029 | |
| 794,168 | | |
| 791,849 | |
| Ecovyst Catalyst Technologies LLC, First Lien Term Loan, 3M SOFR + 2.25%, 06/12/2031 | |
| 1,631,438 | | |
| 1,623,664 | |
| Geon Performance Solutions LLC, First Lien Term Loan, 3M SOFR + 4.25%, 0.75% Floor, 08/18/2028 | |
| 1,133,662 | | |
| 1,137,913 | |
| Nouryon USA Ltarfruit US TLB 1L, First Lien Term Loan, 3M SOFR + 3.50%, 04/03/2028 | |
| 942,875 | | |
| 945,529 | |
| Starfruit US Holdco LLC TLB 1L, First Lien Term Loan, 3M SOFR + 3.50%, 04/03/2028 | |
| 422,340 | | |
| 423,836 | |
| | |
| | | |
| 5,292,864 | |
| | |
| | | |
| | |
| Commercial Services & Supplies - 6.76% | |
| | | |
| | |
| Action Environmental Group, Inc., First Lien Term Loan, 3M SOFR + 4.00%, 0.50% Floor, 10/24/2030 | |
| 1,505,774 | | |
| 1,511,421 | |
| Allied Universal Holdco LLC, First Lien Initial U.S. Dollar Term Loan, 1M SOFR + 3.75%, 0.50% Floor, 05/12/2028 | |
| 1,496,154 | | |
| 1,483,250 | |
| Amex GBT 7/24 Cov-Lite, First Lien Term Loan, 6M US L + 0.00%, 07/25/2031 | |
| 1,190,105 | | |
| 1,189,111 | |
| Aramark Intermediate HoldCo Corp., First Lien U.S. B-4 Term Loan, 1M SOFR + 1.75%, 01/15/2027 | |
| 700,000 | | |
| 701,005 | |
| Belfor Holdings, Inc., First Lien Term Loan, 1M SOFR + 3.75%, 0.50% Floor, 11/01/2030 | |
| 276,889 | | |
| 278,448 | |
| Equiniti Group PLC, First Lien Term Loan, 6M SOFR + 4.50%, 12/11/2028(b) | |
| 1,464,523 | | |
| 1,475,507 | |
| Garda World Security Corp., First Lien Term Loan, 1M SOFR + 3.75%, 02/01/2029 | |
| 374,150 | | |
| 374,571 | |
| GFL Environmental, Inc., First Lien Term Loan, 3M US L + 2.00%, 0.50% Floor, 07/03/2031 | |
| 163,333 | | |
| 163,363 | |
| Justrite Safety Group, First Lien Delayed Draw Term Loan, 1M SOFR + 4.50%, 06/28/2026 | |
| 73,695 | | |
| 73,741 | |
| Justrite Safety Group, First Lien Initial Term Loan, 1M SOFR + 4.50%, 06/28/2026 | |
| 1,363,125 | | |
| 1,363,977 | |
| Omnia Partners, LLC, First Lien Term Loan, 3M SOFR + 3.25%, 07/25/2030 | |
| 988,962 | | |
| 993,022 | |
| Prime Sec Services Borrower LLC, TL, First Lien Term Loan, 3M US L + 2.25%, 10/13/2030 | |
| 1,212,153 | | |
| 1,212,153 | |
| TMF Sapphire US LLC aka TMF Group TLB 1L, First Lien Term Loan, 6M SOFR + 3.50%, 05/03/2028 | |
| 289,455 | | |
| 291,142 | |
| TRC Companies, First Lien Term Loan, 1M SOFR + 3.75%, 12/08/2028 | |
| 1,118,855 | | |
| 1,119,733 | |
| Vortex Opco, LLC First-Out TL 1L, First Lien Term Loan, 3M SOFR + 6.25%, 04/30/2030(c) | |
| 193,491 | | |
| 201,744 | |
| Vortex Opco, LLC Second-Out TL 1L, First Lien Term Loan, 3M SOFR + 4.25%, 12/17/2028(c) | |
| 777,164 | | |
| 561,501 | |
| | |
| | | |
| 12,993,689 | |
| | |
| | | |
| | |
| Communications Equipment - 0.03% | |
| | | |
| | |
| MLN US HoldCo LLC, First Lien B Term Loan, 3M SOFR + 4.50%, 11/30/2025 | |
| 854,492 | | |
| 51,270 | |
| | |
| | | |
| | |
| Construction & Engineering - 1.81% | |
| | | |
| | |
| Amentum/Amazon Holdco 7/24 TLB 1L, First Lien Term Loan, 6M SOFR + 2.75%, 07/30/2031 | |
| 846,833 | | |
| 845,245 | |
| Arcosa 8/24 TL 1L, First Lien Term Loan, 6M SOFR + 2.75%, 08/12/2031 | |
| 152,134 | | |
| 152,134 | |
| Azuria Water Solutions Inc aka Aegion TLB 1L, First Lien Term Loan, 1M SOFR + 3.75%, 05/17/2028 | |
| 1,417,142 | | |
| 1,424,674 | |
| Groundworks LLC, First Lien Term Loan: | |
| | | |
| | |
| 1M SOFR + 3.50%, 03/14/2031 | |
| 544,898 | | |
| 542,002 | |
| 6M SOFR + 4.00%, 03/14/2031(d) | |
| 20,449 | | |
| 20,340 | |
| TenCate 8/24 TLB 1L, First Lien Term Loan, 3M SOFR + 3.25%, 02/21/2031 | |
| 489,589 | | |
| 489,665 | |
| | |
| | | |
| 3,474,060 | |
| | |
| | | |
| | |
| Construction Materials - 0.90% | |
| | | |
| | |
| Quikrete Holdings, Inc., First Lien Term Loan, 1M SOFR + 2.50%, 04/14/2031 | |
| 1,476,968 | | |
| 1,479,147 | |
| Tamko Building Products LLC, First Lien Term Loan, 1M SOFR + 3.25%, 09/20/2030 | |
| 249,873 | | |
| 250,810 | |
| | |
| | | |
| 1,729,957 | |
| | |
Principal
Amount | | |
Value | |
| Consumer Finance - 0.26% | |
| | | |
| | |
| CPI
Holdco B LLC, First Lien Term Loan, 1M SOFR + 2.00%, 05/17/2031 | |
$ | 507,229 | | |
$ | 505,461 | |
| | |
| | | |
| | |
| Containers & Packaging - 2.87% | |
| | | |
| | |
| Altium Packaging LLC, First
Lien Term Loan, 1M SOFR + 2.50%, 06/11/2031 | |
| 131,250 | | |
| 130,676 | |
| Anchor Packaging LLC, First
Lien Term Loan, 1M SOFR + 3.75%, 07/18/2029 | |
| 414,000 | | |
| 415,975 | |
| Berlin Packaging LLC, First
Lien Term Loan, 1M SOFR + 3.75%, 06/07/2031 | |
| 575,620 | | |
| 575,853 | |
| ProAmpac PG Borrower LLC,
First Lien Term Loan, 3M SOFR + 4.00%, 0.75% Floor, 09/15/2028 | |
| 495,360 | | |
| 496,722 | |
| Reynolds Consumer Products
LLC, First Lien Initial Term Loan, 1M SOFR + 1.75%, 02/04/2027 | |
| 1,403,493 | | |
| 1,407,753 | |
| Supplyone 3/24, First Lien
Term Loan, 3M SOFR + 4.50%, 04/19/2031 | |
| 774,245 | | |
| 777,474 | |
| Tricorbraun Holdings, Inc.,
First Lien Closing Date Initial Term Loan, 1M SOFR + 3.25%, 0.50% Floor, 03/03/2028 | |
| 103,015 | | |
| 101,180 | |
| Trident
TPI Holdings, Inc., First Lien Term Loan, 3M SOFR + 4.00%, 0.50% Floor, 09/15/2028 | |
| 1,615,642 | | |
| 1,620,069 | |
| | |
| | | |
| 5,525,702 | |
| | |
| | | |
| | |
| Distributors - 1.69% | |
| | | |
| | |
| Burgess Point Purchaser Corp.,
First Lien Term Loan, 1M SOFR + 5.25%, 07/25/2029 | |
| 1,449,920 | | |
| 1,374,184 | |
| S&S Holdings LLC, First
Lien Initial Term Loan, 1M SOFR + 5.00%, 0.50% Floor, 03/11/2028 | |
| 1,409,055 | | |
| 1,405,032 | |
| S&S
Holdings LLC, First Lien Term Loan, 6M SOFR + 5.00%, 10/31/2031 | |
| 468,352 | | |
| 462,792 | |
| | |
| | | |
| 3,242,008 | |
| | |
| | | |
| | |
| Diversified Consumer Services - 2.52% | |
| | | |
| | |
| Cengage Learning, Inc., First
Lien Term Loan, 6M SOFR + 4.25%, 1.00% Floor, 03/24/2031 | |
| 804,974 | | |
| 807,691 | |
| Fugue Finance LLC aka Nord
Anglia, First Lien Term Loan, 3M SOFR + 3.75%, 02/26/2031 | |
| 339,245 | | |
| 341,747 | |
| Imagine Learning LLC, First
Lien Term Loan, 1M SOFR + 3.50%, 12/21/2029 | |
| 1,147,125 | | |
| 1,147,922 | |
| Loyalty
Ventures, Inc., First Lien Term Loan, 3M Prime + 3.50%, 11/03/2027(b) | |
| 462,410 | | |
| 4,624 | |
| McKissock Investment Holdings,
LLC, First Lien Term Loan, 3M SOFR + 5.00%, 03/12/2029 | |
| 226,787 | | |
| 227,474 | |
| Spring Education Group, Inc.,
First Lien Term Loan, 3M SOFR + 4.00%, 10/04/2030 | |
| 850,400 | | |
| 857,628 | |
| St. George's University Scholastic
Services LLC, First Lien Term Loan B Term Loan, 1M SOFR + 2.75%, 0.50% Floor, 02/10/2029 | |
| 1,030,176 | | |
| 1,028,404 | |
| TruGreen
LP, First Lien Term Loan, 3M SOFR + 4.00%, 0.75% Floor, 11/02/2027 | |
| 435,762 | | |
| 422,472 | |
| | |
| | | |
| 4,837,962 | |
| | |
| | | |
| | |
| Diversified REITs - 0.38% | |
| | | |
| | |
| Iron Mountain Information
Management LLC, First Lien Term Loan, 1M SOFR + 2.00%, 01/31/2031 | |
| 466,200 | | |
| 464,161 | |
| Opry
Entertainment/OEG, First Lien Term Loan, 3M SOFR + 3.75%, 06/30/2031 | |
| 262,160 | | |
| 262,323 | |
| | |
| | | |
| 726,484 | |
| | |
| | | |
| | |
| Diversified Telecommunication Services - 3.56% | |
| | | |
| | |
| Coral-US Co-Borrower LLC,
First Lien B-5 Term Loan, 1M SOFR + 2.25%, 01/31/2028 | |
| 804,325 | | |
| 796,225 | |
| Level 3 Financing Inc., First
Lien Term Loan: | |
| | | |
| | |
| 1M SOFR + 6.56%, 04/15/2029 | |
| 410,203 | | |
| 419,483 | |
| 1M SOFR + 6.56%, 04/15/2030 | |
| 413,212 | | |
| 421,514 | |
| Lorca Finco PLC, First Lien
Term Loan, 3M SOFR + 3.50%, 03/25/2031 | |
| 325,033 | | |
| 326,184 | |
| Lumen Technologies Inc, First
Lien Term Loan, 1M SOFR + 2.25%, 04/15/2029 | |
| 5,458 | | |
| 4,804 | |
| Lumen Technologies, Inc.,
First Lien Term Loan: | |
| | | |
| | |
| 1M SOFR + 6.00%, 06/01/2028 | |
| 39,302 | | |
| 37,966 | |
| 1M SOFR + 5.32%, 04/15/2030 | |
| 5,580 | | |
| 4,851 | |
| Radiate Holdco, LLC,, First
Lien Term Loan, 3M US L + 3.25%, 09/25/2026 | |
| 1,277,078 | | |
| 1,099,085 | |
| Telenet Financing USD LLC,
First Lien Term Loan, 1M SOFR + 2.00%, 04/30/2028 | |
| 1,056,336 | | |
| 1,020,358 | |
| UPC Financing Partnership,
First Lien Facility AT Term Loan, 1M SOFR + 2.25%, 04/30/2028 | |
| 1,331,027 | | |
| 1,317,597 | |
| Zacapa
S.A.R.L., First Lien Term Loan, 3M SOFR + 4.00%, 03/22/2029 | |
| 1,398,820 | | |
| 1,403,304 | |
| | |
| | | |
| 6,851,371 | |
| | |
| | | |
| | |
| Electric Utilities - 2.64% | |
| | | |
| | |
| Alpha Generation LLC, First
Lien Term Loan, 6M SOFR + 3.25%, 09/19/2031 | |
| 988,296 | | |
| 989,709 | |
| Lightning Power 8/24 TLB,
First Lien Term Loan, 6M SOFR + 3.25%, 08/18/2031 | |
| 1,816,690 | | |
| 1,822,494 | |
| NRG Energy 3/24 Cov-Lite,
First Lien Term Loan, 1M SOFR + 2.00%, 04/16/2031 | |
| 815,049 | | |
| 817,393 | |
| Vistra
Operations Co. LLC, First Lien 2018 Incremental Term Loan, 1M SOFR + 2.00%, 12/20/2030 | |
| 1,439,824 | | |
| 1,441,551 | |
| | |
| | | |
| 5,071,147 | |
| | |
Principal
Amount | | |
Value | |
| Electrical Equipment - 0.69% | |
| | | |
| | |
| WEC
US Holdings Ltd., First Lien Term Loan, 1M SOFR + 2.75%, 01/27/2031 | |
$ | 1,315,697 | | |
$ | 1,316,895 | |
| | |
| | | |
| | |
| Electronic Equipment, Instruments & Components
- 2.04% | |
| | | |
| | |
| Celestica
5/24 TLB 1L, First Lien Term Loan, 1M SOFR + 1.75%, 06/20/2031(b) | |
| 199,662 | | |
| 199,912 | |
| Coherent Corp., First Lien
Term Loan, 1M SOFR + 2.50%, 0.50% Floor, 07/02/2029 | |
| 961,081 | | |
| 962,580 | |
| DG Investment Intermediate
Holdings 2, Inc., Second Lien Initial Term Loan, 1M SOFR + 6.75%, 0.75% Floor, 03/30/2029 | |
| 601,071 | | |
| 566,885 | |
| Discovery Energy Corp., First
Lien Term Loan, 3M SOFR + 4.75%, 05/01/2031 | |
| 784,467 | | |
| 792,802 | |
| Mirion
Technologies US, Inc., First Lien Term Loan, 3M SOFR + 2.25%, 0.50% Floor, 10/20/2028 | |
| 1,391,584 | | |
| 1,391,368 | |
| | |
| | | |
| 3,913,547 | |
| | |
| | | |
| | |
| Energy Equipment & Services - 0.33% | |
| | | |
| | |
| Ursa
Minor US Bidco LLC aka Rosen, First Lien Term Loan, 3M SOFR + 3.50%, 03/26/2031 | |
| 639,507 | | |
| 641,506 | |
| | |
| | | |
| | |
| Entertainment - 1.25% | |
| | | |
| | |
| CE Intermediate I LLC, First
Lien Term Loan, 3M SOFR + 3.50%, 0.50% Floor, 11/10/2028 | |
| 851,511 | | |
| 853,908 | |
| EP Purcasher,
LLC, First Lien Term Loan, 3M SOFR + 3.50%, 11/06/2028 | |
| 1,533,929 | | |
| 1,539,681 | |
| | |
| | | |
| 2,393,589 | |
| | |
| | | |
| | |
| Financial Services - 2.18% | |
| | | |
| | |
| Corpay Technologies Operating Company, LLC,
First Lien Term Loan, 6M SOFR + 1.75%, 04/28/2028 | |
| 1,178,755 | | |
| 1,178,850 | |
| Envestnet, Inc., First Lien
Term Loan, 6M SOFR + 3.50%, 09/19/2031 | |
| 762,292 | | |
| 759,830 | |
| Mitchell International, First
Lien Term Loan, 1M SOFR + 3.25%, 06/17/2031 | |
| 1,646,975 | | |
| 1,624,815 | |
| Planet US Buyer, LLC, First
Lien Term Loan, 3M SOFR + 3.50%, 02/07/2031 | |
| 627,705 | | |
| 629,588 | |
| Polaris
Newco LLC, First Lien Dollar Term Loan, 3M SOFR + 4.00%, 0.50% Floor, 06/02/2028 | |
| 684 | | |
| 673 | |
| | |
| | | |
| 4,193,756 | |
| | |
| | | |
| | |
| Food Products - 1.28% | |
| | | |
| | |
| Froneri International, Ltd.,
First Lien Facility B2 Term Loan, 1M SOFR + 2.25%, 01/29/2027 | |
| 2,648 | | |
| 2,646 | |
| Froneri US, Inc., First Lien
Term Loan, 6M SOFR + 2.50%, 09/17/2031 | |
| 1,016,692 | | |
| 1,014,216 | |
| Saratoga Food Specialties
LLC, First Lien Term Loan, 3M SOFR + 3.75%, 03/07/2029 | |
| 295,715 | | |
| 297,379 | |
| Snacking
Investments BidCo Pty, Ltd., First Lien Initial US Term Loan, 1M SOFR + 4.00%, 1.00% Floor, 12/18/2026 | |
| 1,145,009 | | |
| 1,151,449 | |
| | |
| | | |
| 2,465,690 | |
| | |
| | | |
| | |
| Ground Transportation - 1.67% | |
| | | |
| | |
| Genesee & WY Inc, First
Lien Term Loan, 3M SOFR + 2.00%, 04/10/2031 | |
| 1,470,158 | | |
| 1,468,107 | |
| XPO,
Inc., First Lien Term Loan, 3M SOFR + 2.00%, 05/24/2028 | |
| 1,731,298 | | |
| 1,739,011 | |
| | |
| | | |
| 3,207,118 | |
| | |
| | | |
| | |
| Health Care Equipment & Supplies - 1.56% | |
| | | |
| | |
| Auris Luxembourg III SARL,
First Lien Term Loan 02/28/2029 | |
| 2,012,288 | | |
| 2,015,437 | |
| Resonetics LLC, First Lien
Term Loan, 1M SOFR + 3.75%, 06/18/2031 | |
| 983,970 | | |
| 986,430 | |
| Siemens/SivantosWS
Audiology, First Lien Term Loan, 3M SOFR + 9.56%, 02/28/2029 | |
| 5,031 | | |
| 5,039 | |
| | |
| | | |
| 3,006,906 | |
| | |
| | | |
| | |
| Health Care Providers & Services - 7.94% | |
| | | |
| | |
| CHG Healthcare Services, Inc.,
First Lien Term Loan, 1M SOFR + 3.50%, 0.50% Floor, 09/29/2028 | |
| 165,790 | | |
| 166,239 | |
| Global
Medical Response, Inc., First Lien Term Loan, 3M SOFR + 5.50%, 1.00% Floor, 9.71% PIK, 10/31/2028(e) | |
| 2,118,566 | | |
| 2,109,795 | |
| Heartland Dental LLC, First
Lien Term Loan, 3M SOFR + 4.50%, 0.75% Floor, 04/28/2028 | |
| 1,159,158 | | |
| 1,141,168 | |
| IVI America LLC aka IVIRMA,
First Lien Term Loan, 3M SOFR + 4.50%, 04/09/2031 | |
| 512,500 | | |
| 516,664 | |
| MED ParentCo, LP, First Lien
Term Loan, 1M SOFR + 4.00%, 04/15/2031 | |
| 520,534 | | |
| 521,947 | |
| Medical Solutions LLC, First
Lien Term Loan, 3M SOFR + 3.25%, 11/01/2028 | |
| 1,120,353 | | |
| 859,591 | |
| Midwest Physcn Admin Srvcs
LLC, First Lien Term Loan, 3M SOFR + 3.00%, 03/12/2028 | |
| 1,380,341 | | |
| 1,250,189 | |
| NAPA Management Services Corp.,
First Lien Term Loan, 1M SOFR + 5.25%, 0.75% Floor, 02/23/2029 | |
| 1,139,661 | | |
| 1,076,506 | |
| Onex TSG Intermediate Corp.,
First Lien Initial Term Loan, 1M SOFR + 4.75%, 0.75% Floor, 02/28/2028 | |
| 1,374,167 | | |
| 1,374,593 | |
| Outcomes Group Holdings, Inc.,
First Lien Term Loan, 1M SOFR + 4.25%, 05/06/2031 | |
| 894,490 | | |
| 900,921 | |
| | |
Principal
Amount | | |
Value | |
| Health Care Providers & Services (continued) | |
| | | |
| | |
| Pathway Vet Alliance LLC, First Lien 2021 Replacement Term Loan, 1M SOFR + 3.75%, 03/31/2027 | |
$ | 1,499,697 | | |
$ | 1,270,056 | |
| Pediatric Associates Holding Co. LLC, First Lien Term Loan, 1M SOFR + 3.25%, 0.50% Floor, 12/29/2028 | |
| 1,409,406 | | |
| 1,373,678 | |
| Radiology Partners Inc, First Lien Term Loan, 3M SOFR + 5.00%, 01/31/2029 | |
| 1,479,736 | | |
| 1,453,848 | |
| U.S. Anesthesia Partners, Inc., First Lien Term Loan, 3M US L + 4.25%, 0.50% Floor, 10/01/2028 | |
| 1,271,565 | | |
| 1,247,805 | |
| | |
| | | |
| 15,263,000 | |
| | |
| | | |
| | |
| Health Care Technology - 2.58% | |
| | | |
| | |
| Cotiviti Inc., First Lien Term Loan, 3M US L + 7.63%, 05/01/2031 | |
| 2,008,027 | | |
| 2,020,156 | |
| Gainwell Acquisition Corp., First Lien Term Loan, 3M SOFR + 4.00%, 0.75% Floor, 10/01/2027 | |
| 1,446,038 | | |
| 1,380,062 | |
| GHX Ultimate Parent Corp., First Lien Term Loan, 3M SOFR + 4.00%, 0.50% Floor, 06/30/2027 | |
| 1,185,125 | | |
| 1,191,792 | |
| Vizient 7/24 TLB 1L, First Lien Term Loan, 1M SOFR + 2.00%, 08/01/2031 | |
| 210,138 | | |
| 210,768 | |
| Waystar Technologies, Inc., First Lien Term Loan, 6M SOFR + 3.00%, 10/22/2029 | |
| 154,045 | | |
| 154,334 | |
| | |
| | | |
| 4,957,112 | |
| | |
| | | |
| | |
| Hotels, Restaurants & Leisure - 5.40% | |
| | | |
| | |
| 1011778 BC UNLIMITED LIABILITY CO, First Lien Term Loan, 1M SOFR + 1.75%, 09/20/2030 | |
| 886,148 | | |
| 878,713 | |
| Bally's Corp., First Lien Term Loan, 3M SOFR + 3.25%, 0.50% Floor, 10/02/2028 | |
| 1,361,499 | | |
| 1,299,809 | |
| Caesars Entertainment, Inc., First Lien Term Loan: | |
| | | |
| | |
| 1M SOFR + 2.75%, 0.50% Floor, 02/06/2030 | |
| 1,260,725 | | |
| 1,263,184 | |
| 1M SOFR + 2.75%, 0.50% Floor, 02/06/2031 | |
| 437,756 | | |
| 438,406 | |
| Cedar Fair LP, First Lien Term Loan, 1M SOFR + 2.00%, 05/01/2031 | |
| 340,018 | | |
| 339,933 | |
| Entain plc, First Lien Term Loan, 6M SOFR + 2.75%, 10/31/2029 | |
| 1,294,233 | | |
| 1,296,116 | |
| Fertitta Entertainment, LLC, First Lien Term Loan, 1M SOFR + 3.75%, 01/27/2029 | |
| 1,194,337 | | |
| 1,192,390 | |
| Flutter Financing B.V., First Lien Term Loan, 3M SOFR + 2.25%, 11/30/2030 | |
| 1,805,069 | | |
| 1,809,257 | |
| Hilton Grand Vacations Borrower, LLC, First Lien Term Loan, 1M SOFR + 2.25%, 01/17/2031 | |
| 233,324 | | |
| 232,012 | |
| LC Ahab US Bidco LLC, First Lien Term Loan, 1M SOFR + 3.50%, 05/01/2031 | |
| 313,752 | | |
| 315,518 | |
| Ovg Business Services LLC, First Lien Term Loan, 1M SOFR + 3.00%, 06/25/2031 | |
| 521,709 | | |
| 519,753 | |
| Raising Cane's Restaurants, L.L.C., First Lien Term Loan, 6M SOFR + 2.50%, 09/18/2031 | |
| 227,507 | | |
| 227,863 | |
| Tacala Investment Corp., First Lien Term Loan 01/31/2031 | |
| 561,624 | | |
| 563,169 | |
| | |
| | | |
| 10,376,123 | |
| | |
| | | |
| | |
| Household Durables - 0.90% | |
| | | |
| | |
| ACProducts Holdings, Inc., First Lien Term Loan, 3M SOFR + 4.25%, 0.50% Floor, 05/17/2028 | |
| 2,068,715 | | |
| 1,739,200 | |
| | |
| | | |
| | |
| Independent Power and Renewable Electricity Producers - 0.69% | |
| | | |
| | |
| Calpine Corp., First Lien Term Loan, 1M SOFR + 2.00%, 01/31/2031 | |
| 1,329,227 | | |
| 1,326,555 | |
| | |
| | | |
| | |
| Industrial Conglomerates - 0.30% | |
| | | |
| | |
| Madison Safety & Flow LLC, First Lien Term Loan, 6M SOFR + 3.75%, 09/19/2031 | |
| 583,140 | | |
| 583,688 | |
| | |
| | | |
| | |
| Insurance - 4.22% | |
| | | |
| | |
| Alliant Holdings Intermediate LLC, First Lien Term Loan, 6M SOFR + 3.25%, 09/12/2031 | |
| 840,000 | | |
| 836,245 | |
| AmWINS Group, Inc., First Lien Term Loan, 1M SOFR + 2.25%, 0.75% Floor, 02/19/2028 | |
| 660,303 | | |
| 659,993 | |
| AssuredPartners, Inc., First Lien Term Loan, 1M SOFR + 3.50%, 02/14/2031 | |
| 639,156 | | |
| 639,268 | |
| Baldwin Insurance Group Holdings LLC, First Lien Term Loan, 3M SOFR + 3.50%, 05/26/2031 | |
| 878,178 | | |
| 880,373 | |
| BroadStreet Partners Inc, First Lien Term Loan, 1M SOFR + 3.25%, 06/13/2031 | |
| 1,115,009 | | |
| 1,111,848 | |
| Hyperion Insurance/Howden 7/24 TLB 1L, First Lien Term Loan, 1M SOFR + 3.50%, 04/18/2030 | |
| 1,456,842 | | |
| 1,459,057 | |
| Hyperion Refinance Sarl, First Lien Term Loan, 1M SOFR + 3.50%, 0.50% Floor, 02/15/2031 | |
| 487,595 | | |
| 488,509 | |
| Ryan Specialty LLC, First Lien Term Loan, 1M SOFR + 2.25%, 09/12/2031 | |
| 120,025 | | |
| 120,175 | |
| Truist Insurance 3/24 2nd Lien Cov-Lite, Second Lien Term Loan, 3M SOFR + 4.75%, 05/06/2032 | |
| 567,317 | | |
| 577,954 | |
| USI Inc/NY aka Compass Investors TLB, First Lien Term Loan, 3M SOFR + 2.75%, 09/27/2030 | |
| 1,337,274 | | |
| 1,334,766 | |
| | |
| | | |
| 8,108,188 | |
| | |
| | | |
| | |
| Interactive Media & Services - 1.31% | |
| | | |
| | |
| Foundational Education Group, Inc., First Lien Term Loan, 3M SOFR + 3.75%, 08/31/2028 | |
| 34,130 | | |
| 33,063 | |
| LI Group Holdings, Inc., First Lien 2021 Term Loan, 1M SOFR + 3.50%, 0.75% Floor, 03/11/2028(b) | |
| 1,282,560 | | |
| 1,287,370 | |
| | |
Principal
Amount | | |
Value | |
| Interactive Media & Services (continued) | |
| | | |
| | |
| Project Boost Purchaser, LLC aka JD Power/Autodata, Second Lien Term Loan, 6M SOFR + 5.50%, 07/16/2032 | |
$ | 618,975 | | |
$ | 621,037 | |
| Trip.com/TripAdvisor 7/24, First Lien Term Loan, 6M SOFR + 3.25%, 07/08/2031 | |
| 586,040 | | |
| 585,855 | |
| | |
| | | |
| 2,527,325 | |
| | |
| | | |
| | |
| IT Services - 6.52% | |
| | | |
| | |
| Access CIG LLC, First Lien Term Loan, 3M SOFR + 5.00%, 0.50% Floor, 08/18/2028 | |
| 900,955 | | |
| 905,941 | |
| Ahead 7/24 TLB3 1L, First Lien Term Loan, 6M SOFR + 3.50%, 02/01/2031 | |
| 1,340,314 | | |
| 1,343,819 | |
| Asurion LLC, Second Lien Term Loan, 1M SOFR + 5.25%, 01/20/2029 | |
| 61,459 | | |
| 57,027 | |
| Blackhawk Network Holdings Inc, First Lien Term Loan, 1M SOFR + 5.00%, 03/12/2029 | |
| 1,000,000 | | |
| 1,005,625 | |
| Chrysaor Bidco Sarl DDTL 1L, First Lien Term Loan, 6M SOFR + 4.00%, 05/14/2031 | |
| 107 | | |
| 107 | |
| Chrysaor Bidco Sarl TLB 1L, First Lien Term Loan, 6M SOFR + 4.00%, 07/17/2031 | |
| 1,441 | | |
| 1,449 | |
| Dcert Buyer, Inc., Second Lien First Amendment Refinancing Term Loan, 1M SOFR + 7.00%, 02/19/2029 | |
| 1,881,655 | | |
| 1,634,358 | |
| Go Daddy Oper Co LLC, First Lien Term Loan, 1M SOFR + 1.75%, 05/30/2031 | |
| 472,500 | | |
| 471,829 | |
| Newfold Digital Holdings Group, Inc., First Lien Initial Term Loan, 1M SOFR + 3.50%, 0.75% Floor, 02/10/2028 | |
| 2,326,630 | | |
| 2,063,011 | |
| Presidio/Fortress Intermediate 4/24 TLB 1L, First Lien Term Loan, 1M SOFR + 3.75%, 06/27/2031 | |
| 2,092,000 | | |
| 2,090,693 | |
| Skopima Merger Sub Inc., First Lien Initial Term Loan, 1M SOFR + 4.00%, 05/12/2028 | |
| 1,297,987 | | |
| 1,297,585 | |
| Synechron Inc, First Lien Term Loan, 6M SOFR + 3.75%, 09/26/2031(b) | |
| 980,000 | | |
| 972,650 | |
| Virtusa Corp., First Lien Term Loan, 1M SOFR + 3.25%, 0.75% Floor, 02/15/2029 | |
| 331,235 | | |
| 331,483 | |
| World Wide Technology 3/24, First Lien Term Loan, 1M SOFR + 2.75%, 03/01/2030(b) | |
| 365,367 | | |
| 366,738 | |
| | |
| | | |
| 12,542,315 | |
| | |
| | | |
| | |
| Leisure Products - 0.08% | |
| | | |
| | |
| Amer Sports Co, First Lien Term Loan, 3M SOFR + 3.25%, 02/17/2031 | |
| 153,933 | | |
| 154,510 | |
| | |
| | | |
| | |
| | |
| | | |
| | |
| Life Sciences Tools & Services - 1.73% | |
| | | |
| | |
| Catalent Pharma Solutions, Inc., First Lien Term Loan, 1M SOFR + 2.00%, 0.50% Floor, 02/22/2028 | |
| 1,150,433 | | |
| 1,150,974 | |
| Curia Global, Inc., First Lien 2021 Term Loan, 3M SOFR + 3.75%, 0.75% Floor, 08/30/2026 | |
| 1,109,608 | | |
| 1,059,415 | |
| IQVIA INC., First Lien Term Loan, 3M SOFR + 2.00%, 01/02/2031 | |
| 194,216 | | |
| 195,268 | |
| Loire UK Midco 3, Ltd., First Lien Facility B2 Term Loan, 1M SOFR + 3.75%, 0.75% Floor, 04/21/2027 | |
| 923,260 | | |
| 918,643 | |
| Phoenix Newco, Inc., First Lien Term Loan, 1M SOFR + 3.00%, 0.50% Floor, 11/15/2028 | |
| 539 | | |
| 540 | |
| | |
| | | |
| 3,324,840 | |
| | |
| | | |
| | |
| Machinery - 5.77% | |
| | | |
| | |
| Asp Blade Holdings, Inc., First Lien Term Loan, 3M SOFR + 4.00%, 0.50% Floor, 10/13/2028 | |
| 238,402 | | |
| 177,312 | |
| Bettcher Industries, Inc., First Lien Term Loan, 3M SOFR + 4.00%, 12/14/2028 | |
| 825,902 | | |
| 823,147 | |
| Crosby US Acquisition Corp., First Lien Term Loan, 1M SOFR + 3.50%, 08/16/2029 | |
| 399,189 | | |
| 400,437 | |
| Engineered Machinery Holdings, Inc., First Lien Term Loan, 3M SOFR + 3.75%, 0.75% Floor, 05/19/2028 | |
| 1,413,479 | | |
| 1,419,861 | |
| Hyperion Materials & Technologies, Inc., First Lien Initial Term Loan, 3M SOFR + 4.50%, 0.50% Floor, 08/30/2028 | |
| 716,388 | | |
| 668,211 | |
| INNIO Group Hldg GmbH, First Lien Term Loan, 6M SOFR + 3.50%, 11/02/2028 | |
| 184,467 | | |
| 185,467 | |
| LSF11 Trinity Bidco Inc, First Lien Term Loan, 1M SOFR + 3.50%, 06/14/2030(b) | |
| 1,065,209 | | |
| 1,067,872 | |
| Pro Mach Group, Inc., First Lien Term Loan, 1M SOFR + 3.50%, 1.00% Floor, 08/31/2028 | |
| 1,783,506 | | |
| 1,791,434 | |
| Project Castle, Inc., First Lien Term Loan, 3M SOFR + 5.50%, 06/01/2029 | |
| 1,493,400 | | |
| 1,370,202 | |
| SPX FLOW Inc, First Lien Term Loan, 1M SOFR + 3.50%, 04/05/2029 | |
| 306,926 | | |
| 307,662 | |
| TK Elevator Midco GmbH, First Lien Term Loan, 6M SOFR + 3.50%, 04/30/2030 | |
| 1,787,529 | | |
| 1,793,115 | |
| Victory Buyer LLC, First Lien Term Loan, 3M SOFR + 3.75%, 0.50% Floor, 11/19/2028 | |
| 1,122,205 | | |
| 1,085,032 | |
| | |
| | | |
| 11,089,752 | |
| | |
| | | |
| | |
| Media - 1.92% | |
| | | |
| | |
| ABG Intermediate Holdings 2 LLC, First Lien Term Loan, 6M SOFR + 2.75%, 12/21/2028 | |
| 218,958 | | |
| 219,438 | |
| American Greetings Corp., First Lien Term Loan, 1M SOFR + 5.75%, 10/30/2029 | |
| 854,041 | | |
| 861,915 | |
| Cable One, Inc., First Lien Term Loan, 3M US L + 2.00%, 05/03/2028 | |
| 350,384 | | |
| 341,712 | |
| Cogeco Financing 2 LP, First Lien Term Loan, 3M SOFR + 2.50%, 0.50% Floor, 09/01/2028 | |
| 197,761 | | |
| 194,608 | |
| McGraw-Hill 8/24 Cov-Lite TLB 1L, First Lien Term Loan, 6M SOFR + 4.25%, 08/06/2031 | |
| 457,818 | | |
| 460,107 | |
| | |
Principal
Amount | | |
Value | |
| Media (continued) | |
| | | |
| | |
| MJH Healthcare Holdings LLC aka MJH Life Sciences, First Lien Term Loan, 3M SOFR + 3.25%, 01/28/2029 | |
$ | 1,608,034 | | |
$ | 1,608,541 | |
| | |
| | | |
| 3,686,321 | |
| | |
| | | |
| | |
| Metals & Mining - 0.18% | |
| | | |
| | |
| Arsenal AIC Parent LLC, First Lien Term Loan, 1M SOFR + 3.50%, 08/18/2030 | |
| 341,639 | | |
| 341,810 | |
| | |
| | | |
| | |
| Mortgage Real Estate Investment - 0.30% | |
| | | |
| | |
| Blackstone Mortgage Trust, Inc., First Lien Term Loan: | |
| | | |
| | |
| 1M SOFR + 2.25%, 04/23/2026 | |
| 294,588 | | |
| 290,661 | |
| 1M SOFR + 2.75%, 0.50% Floor, 04/23/2026(b) | |
| 294,670 | | |
| 293,196 | |
| | |
| | | |
| 583,857 | |
| | |
| | | |
| | |
| Oil, Gas & Consumable Fuels - 0.90% | |
| | | |
| | |
| Buckeye Partners LP, First Lien Term Loan: | |
| | | |
| | |
| 6M SOFR + 1.75%, 11/01/2026 | |
| 352,832 | | |
| 353,273 | |
| 3M SOFR + 2.00%, 11/22/2030 | |
| 259,145 | | |
| 259,161 | |
| Freeport LNG, First Lien Term Loan, 3M SOFR + 3.50%, 12/21/2028 | |
| 362,432 | | |
| 359,668 | |
| GIP Pilot Acquisition Partners LP, First Lien Term Loan, 3M SOFR + 2.50%, 10/04/2030 | |
| 357,240 | | |
| 358,430 | |
| Whitewater Whistler Holdings LLC, First Lien Term Loan, 3M SOFR + 2.25%, 02/15/2030 | |
| 398,739 | | |
| 398,490 | |
| | |
| | | |
| 1,729,022 | |
| | |
| | | |
| | |
| Passenger Airlines - 1.97% | |
| | | |
| | |
| Air Canada, First Lien Term Loan, 3M SOFR + 2.50%, 03/21/2031 | |
| 577,135 | | |
| 579,299 | |
| American Airlines, Inc., First Lien 2020 Term Loan, 3M SOFR + 1.75%, 01/29/2027 | |
| 228,870 | | |
| 228,049 | |
| American Airlines, Inc., First Lien Term Loan, 1M SOFR + 2.75%, 02/15/2028 | |
| 1,146,739 | | |
| 1,145,839 | |
| Jetblue 8/24 TLB 1L, First Lien Term Loan, 6M SOFR + 5.50%, 08/27/2029 | |
| 716,707 | | |
| 703,491 | |
| United Airlines, Inc. aka Continental, First Lien Term Loan, 3M SOFR + 2.75%, 02/22/2031 | |
| 1,123,178 | | |
| 1,126,687 | |
| | |
| | | |
| 3,783,365 | |
| | |
| | | |
| | |
| Pharmaceuticals - 1.09% | |
| | | |
| | |
| Elanco Animal Health, Inc., First Lien B Term Loan, 3M SOFR + 1.75%, 08/01/2027 | |
| 967,141 | | |
| 966,005 | |
| Padagis LLC, First Lien Initial Term Loan, 3M SOFR + 4.75%, 0.50% Floor, 07/06/2028 | |
| 1,216,013 | | |
| 1,136,972 | |
| | |
| | | |
| 2,102,977 | |
| | |
| | | |
| | |
| Professional Services - 13.18% | |
| | | |
| | |
| AG Group Holdings, Inc., First Lien Term Loan, 1M SOFR + 4.00%, 12/29/2028 | |
| 1,754,048 | | |
| 1,716,775 | |
| AlixPartners, LLP, First Lien USD B Term Loan, 1M SOFR + 2.50%, 0.50% Floor, 02/04/2028 | |
| 1,516,292 | | |
| 1,519,703 | |
| Ankura Consulting Group LLC, First Lien Term Loan, 3M SOFR + 4.25%, 0.75% Floor, 03/17/2028 | |
| 301,420 | | |
| 302,740 | |
| Cast & Crew LLC, First Lien Term Loan, 1M SOFR + 3.75%, 0.50% Floor, 12/29/2028 | |
| 1,010,019 | | |
| 1,013,175 | |
| CoreLogic, Inc., First Lien Initial Term Loan, 1M SOFR + 3.50%, 0.50% Floor, 06/02/2028 | |
| 361,789 | | |
| 359,109 | |
| CoreLogic, Inc., Second Lien Initial Term Loan, 1M SOFR + 6.50%, 0.50% Floor, 06/04/2029 | |
| 567,442 | | |
| 555,145 | |
| DTI Holdco, Inc., First Lien Term Loan, 1M SOFR + 4.75%, 04/26/2029 | |
| 747,830 | | |
| 751,704 | |
| Dun & Bradstreet Corp., First Lien Term Loan, 1M SOFR + 2.75%, 01/18/2029 | |
| 926,189 | | |
| 926,449 | |
| EAB Global, Inc., First Lien Term Loan, 3M SOFR + 3.25%, 0.50% Floor, 08/16/2028 | |
| 1,147,882 | | |
| 1,145,156 | |
| Eisner Advisory Group LLC, First Lien Term Loan, 3M SOFR + 4.00%, 02/28/2031 | |
| 967,145 | | |
| 971,642 | |
| Element Materials Technology Group Holdings, First Lien Term Loan, 3M SOFR + 4.25%, 07/06/2029 | |
| 1,781,973 | | |
| 1,788,664 | |
| First Advantage Holdings, LLC, First Lien Term Loan, 6M US L + 0.00%, 09/19/2031(b) | |
| 1,202,273 | | |
| 1,198,516 | |
| Galaxy US Opco Inc. TL, First Lien Term Loan, 3M SOFR + 4.75%, 04/29/2029 | |
| 1,600,321 | | |
| 1,346,775 | |
| Grant Thornton 5/24 Cov-Lite TLB 1L, First Lien Term Loan, 1M SOFR + 3.25%, 06/02/2031 | |
| 936,876 | | |
| 939,289 | |
| HireRight Holdings Corp., First Lien Term Loan, 1M SOFR + 4.00%, 09/27/2030 | |
| 668,809 | | |
| 665,465 | |
| Inmar, Inc., First Lien Term Loan, 1M SOFR + 5.50%, 05/01/2026 | |
| 587,764 | | |
| 589,577 | |
| Isolved, Inc., First Lien Term Loan, 1M SOFR + 3.50%, 10/15/2030 | |
| 350,223 | | |
| 352,033 | |
| Lereta, LLC, First Lien Term Loan, 1M SOFR + 5.25%, 07/30/2028 | |
| 479,804 | | |
| 391,040 | |
| Mermaid Bidco Inc aka Datasite TL 1L, First Lien Term Loan, 3M SOFR + 3.25%, 07/03/2031 | |
| 542,858 | | |
| 542,858 | |
| Neptune Bidco US, Inc., First Lien Term Loan: | |
| | | |
| | |
| 3M SOFR + 4.75%, 10/11/2028 | |
| 473,137 | | |
| 443,684 | |
| 3M SOFR + 5.00%, 0.50% Floor, 04/11/2029 | |
| 604,898 | | |
| 569,469 | |
| Perficient/Plano 8/24 TLB 1L, First Lien Term Loan, 6M SOFR + 3.50%, 08/30/2031 | |
| 678,134 | | |
| 679,829 | |
| Rockwood Service 7/24, First Lien Term Loan, 1M SOFR + 3.50%, 07/30/2031 | |
| 202,908 | | |
| 204,082 | |
| Ryan LLC., First Lien Term Loan, 1M SOFR + 3.50%, 11/14/2030 | |
| 698,673 | | |
| 691,976 | |
| | |
Principal
Amount | | |
Value | |
| Professional Services (continued) | |
| | | |
| | |
| Trans Union LLC, First Lien Term Loan: | |
| | | |
| | |
| 1M SOFR + 2.00%, 12/01/2028 | |
$ | 281,428 | | |
$ | 281,604 | |
| 3M SOFR + 1.75%, 06/24/2031 | |
| 1,768,357 | | |
| 1,766,854 | |
| TTF Holdings LLC, First Lien Term Loan, 1M SOFR + 3.75%, 07/18/2031 | |
| 1,203,744 | | |
| 1,206,753 | |
| Vaco Holdings, LLC, First Lien Term Loan, 3M SOFR + 5.00%, 01/21/2029 | |
| 1,471,393 | | |
| 1,447,947 | |
| Veritext 3/24, First Lien Term Loan, 1M SOFR + 3.50%, 08/09/2030 | |
| 956,791 | | |
| 960,876 | |
| | |
| | | |
| 25,328,889 | |
| | |
| | | |
| | |
| Real Estate Management & Development - 0.72% | |
| | | |
| | |
| Cushman & Wakefield US Borrower LLC, First Lien Initial Term Loan, 1M SOFR + 3.00%, 01/31/2030(b) | |
| 581,176 | | |
| 581,902 | |
| Cushman & Wakefield US Borrower LLC, First Lien Term Loan, L + 8.07%, 01/31/2030 | |
| 790,890 | | |
| 792,373 | |
| | |
| | | |
| 1,374,275 | |
| | |
| | | |
| | |
| Software - 18.48% | |
| | | |
| | |
| BEP Intermediate/Buyers Edge 4/24 TLB, First Lien Term Loan, 1M SOFR + 3.75%, 04/25/2031(b) | |
| 340,735 | | |
| 342,439 | |
| BMC Software 7/24 2nd Lien TL, Second Lien Term Loan, 6M SOFR + 6.00%, 07/30/2032 | |
| 1,255,640 | | |
| 1,237,853 | |
| Boost Newco Borrower LLC, First Lien Term Loan, 3M SOFR + 2.50%, 01/31/2031 | |
| 867,155 | | |
| 868,599 | |
| Boxer Parent Co., Inc., First Lien Term Loan, 6M SOFR + 4.00%, 07/30/2031 | |
| 1,808,173 | | |
| 1,806,735 | |
| Central Parent LLC, First Lien Term Loan, 3M SOFR + 3.25%, 07/06/2029 | |
| 1,692,738 | | |
| 1,677,224 | |
| Cloud Software Group Inc aka Balboa/Citrix TLB 1L, First Lien Term Loan, 3M SOFR + 4.00%, 03/30/2029 | |
| 1,572,103 | | |
| 1,567,513 | |
| Cloud Software Group Inc, First Lien Term Loan, 3M SOFR + 4.50%, 03/21/2031 | |
| 265,716 | | |
| 266,748 | |
| Cloudera, Inc., First Lien Term Loan, 1M SOFR + 3.75%, 0.50% Floor, 10/08/2028 | |
| 1,141,221 | | |
| 1,114,117 | |
| Conga Corp., First Lien Term Loan, 6M SOFR + 3.50%, 0.75% Floor, 05/08/2028 | |
| 271,881 | | |
| 273,207 | |
| Connectwise, LLC, First Lien Term Loan, 3M SOFR + 3.50%, 0.50% Floor, 09/29/2028 | |
| 1,057,083 | | |
| 1,057,612 | |
| Cornerstone OnDemand, Inc., First Lien Initial Term Loan, 1M SOFR + 3.75%, 0.50% Floor, 10/16/2028 | |
| 1,770,902 | | |
| 1,663,541 | |
| Epicor Software Corp, First Lien Term Loan, 1M SOFR + 3.25%, 05/30/2031 | |
| 38,396 | | |
| 38,470 | |
| Fiserv Investment Solutions, Inc., First Lien Initial Term Loan, 3M SOFR + 4.00%, 02/18/2027 | |
| 1,436,764 | | |
| 1,384,681 | |
| Flexera Software LLC, First Lien Term Loan, 1M SOFR + 3.50%, 03/03/2028 | |
| 494,275 | | |
| 495,118 | |
| Genesys Cloud Services Holdings I, LLC, First Lien Term Loan 12/01/2027 | |
| 1,548,994 | | |
| 1,553,897 | |
| Help/Systems Holdings, Inc., First Lien Seventh Amendment Refinancing Term Loan, 1M | |
| | | |
| | |
| SOFR + 4.00%, 0.75% Floor, 11/19/2026 | |
| 1,286,131 | | |
| 1,229,862 | |
| Idera INC, First Lien Term Loan, 3M SOFR + 3.50%, 03/02/2028 | |
| 1,352,552 | | |
| 1,327,827 | |
| Infoblox 4/24 2nd lien TL 1L, Second Lien Term Loan, 6M SOFR + 5.25%, 11/29/2030 | |
| 652,689 | | |
| 657,858 | |
| Instructure Holdings, Inc., First Lien Term Loan, 6M SOFR + 3.50%, 09/11/2031 | |
| 1,285,730 | | |
| 1,277,290 | |
| Instructure Holdings, INC., First Lien Term Loan, 3M SOFR + 2.75%, 10/30/2028 | |
| 813 | | |
| 815 | |
| Ivanti Software, Inc., First Lien First Amendment Term Loan, 3M SOFR + 4.00%, 0.75% Floor, 12/01/2027 | |
| 246,550 | | |
| 206,794 | |
| Ivanti Software, Inc., Second Lien Term Loan, 3M SOFR + 7.25%, 12/01/2028 | |
| 537,313 | | |
| 347,462 | |
| Magenta Security Holdings, LLC First Out TL 1L, First Lien Term Loan, 6M US L + 0.00%, 07/27/2028(c) | |
| 710,941 | | |
| 675,764 | |
| Magenta Security Holdings, LLC Second Out TL 1L, First Lien Term Loan, 6M SOFR + 7.00%, 07/27/2028 | |
| 540,316 | | |
| 378,761 | |
| Magenta Security Holdings, LLC Third Out 1L TL, First Lien Term Loan, 6M SOFR + 6.25%, 07/27/2028 | |
| 170,626 | | |
| 51,614 | |
| McAfee 8/24, First Lien Term Loan, 3M SOFR + 6.25%, 07/27/2028 | |
| 250,655 | | |
| 255,668 | |
| Mitnick Corporate Purchaser Inc., First Lien Term Loan, 3M SOFR + 4.50%, 05/02/2029 | |
| 992,797 | | |
| 887,625 | |
| Modena Buyer LLC, First Lien Term Loan, 3M SOFR + 4.25%, 07/01/2031 | |
| 979,226 | | |
| 939,754 | |
| Perforce Software, Inc., First Lien New Term Loan, 1M SOFR + 3.75%, 07/01/2026 | |
| 320,231 | | |
| 319,475 | |
| Planview Parent Inc, First Lien Term Loan, 3M SOFR + 3.75%, 12/17/2027 | |
| 625,783 | | |
| 626,963 | |
| Project Alpha Intermediate Holding Inc, First Lien Term Loan, 3M SOFR + 3.75%, 10/28/2030 | |
| 1,228,620 | | |
| 1,232,735 | |
| Project Leopard Holdings, Inc., First Lien Term Loan, 3M US L + 5.25%, 0.50% Floor, 07/20/2029 | |
| 980,642 | | |
| 883,906 | |
| Proofpoint Inc, First Lien Term Loan, 3M SOFR + 3.00%, 08/31/2028 | |
| 647 | | |
| 648 | |
| Quartz Acquireco LLC, First Lien Term Loan, 3M SOFR + 2.75%, 06/28/2030 | |
| 1,546,264 | | |
| 1,549,171 | |
| Rocket Software, Inc., First Lien Term Loan, 1M SOFR + 4.75%, 0.50% Floor, 11/28/2028 | |
| 1,077,303 | | |
| 1,079,701 | |
| SS&C Technologies, Inc., First Lien Term Loan, 1M SOFR + 2.00%, 05/09/2031 | |
| 1,399,279 | | |
| 1,400,825 | |
| Surf Holdings Sarl., First Lien Dollar Tranche Term Loan, 3M US L + 3.50%, 03/05/2027 | |
| 1,633,000 | | |
| 1,638,797 | |
| Vision Solutions, Inc., First Lien Term Loan, 3M SOFR + 4.26%, 0.75% Floor, 04/24/2028 | |
| 1,676,619 | | |
| 1,636,808 | |
| VS Buyer LLC, First Lien Term Loan, 1M SOFR + 3.25%, 04/12/2031 | |
| 708,547 | | |
| 710,613 | |
| Webpros Luxembourg Sarl, First Lien Term Loan, 3M SOFR + 4.00%, 03/28/2031 | |
| 305,195 | | |
| 306,721 | |
| | |
Principal
Amount | | |
Value | |
| Software (continued) | |
| | | |
| | |
| Xplor
T1, LLC, First Lien Term Loan, 3M SOFR + 9.60%, 06/24/2031(b) | |
$ | 553,000 | | |
$ | 555,765 | |
| | |
| | | |
| 35,526,976 | |
| | |
| | | |
| | |
| Specialty Retail - 1.68% | |
| | | |
| | |
| APRO LLC, First Lien Term
Loan, 1M SOFR + 3.75%, 07/09/2031 | |
| 553,226 | | |
| 555,821 | |
| EG America LLC, First Lien
Term Loan, 3M SOFR + 5.50%, 0.50% Floor, 02/07/2028 | |
| 527,894 | | |
| 528,334 | |
| HomeServe USA Corp., First
Lien Term Loan, 1M SOFR + 2.50%, 10/21/2030 | |
| 352,998 | | |
| 352,777 | |
| Spencer Spirit IH LLC, First
Lien Term Loan, 3M SOFR + 5.50%, 07/15/2031 | |
| 814,897 | | |
| 816,935 | |
| StubHub
Holdco Sub LLC, First Lien Term Loan, 1M SOFR + 4.75%, 03/15/2030 | |
| 969,978 | | |
| 970,783 | |
| | |
| | | |
| 3,224,650 | |
| | |
| | | |
| | |
| Technology Hardware, Storage & Peripherals - 0.70% | |
| | | |
| | |
| Dragon Buyer, Inc., First
Lien Term Loan, 6M US L + 0.00%, 09/24/2031 | |
| 219,457 | | |
| 218,689 | |
| Xerox
11/23, First Lien Term Loan, 3M SOFR + 4.00%, 11/17/2029 | |
| 1,129,700 | | |
| 1,127,582 | |
| | |
| | | |
| 1,346,271 | |
| | |
| | | |
| | |
| Textiles, Apparel & Luxury Goods - 0.65% | |
| | | |
| | |
| Champ
Acquisition Corp., First Lien Initial Term Loan, 3M SOFR + 5.50%, 12/19/2025 | |
| 1,241,539 | | |
| 1,248,522 | |
| | |
| | | |
| | |
| Trading Companies & Distributors - 4.37% | |
| | | |
| | |
| Avolon TLB Borrower 1 (US),
First Lien Term Loan, 1M SOFR + 2.00%, 06/22/2028 | |
| 731,704 | | |
| 734,074 | |
| CD&R Hydr SunSource, First
Lien Term Loan, 1M SOFR + 4.00%, 03/25/2031 | |
| 764,539 | | |
| 760,480 | |
| Core & Main LP, First
Lien Term Loan, 1M SOFR + 2.25%, 02/09/2031 | |
| 176,416 | | |
| 176,857 | |
| FCG Acquisitions, Inc., First
Lien Initial Term Loan, 1M US L + 3.75%, 0.50% Floor, 03/31/2028 | |
| 1,139,903 | | |
| 1,141,470 | |
| Foundation Building Materials,
Inc., First Lien Term Loan, 3M SOFR + 4.00%, 01/29/2031 | |
| 1,077,335 | | |
| 1,051,441 | |
| Kodiak Building Partners Inc.,
First Lien Term Loan, 1M SOFR + 3.25%, 0.75% Floor, 03/12/2028 | |
| 1,483,043 | | |
| 1,485,023 | |
| Park River Holdings, Inc., First Lien Initial
Term Loan, 3M SOFR + 3.25%, 0.75% Floor, 12/28/2027 | |
| 571,140 | | |
| 562,958 | |
| White Cap Buyer LLC, First
Lien Term Loan, 1M SOFR + 3.25%, 10/19/2029 | |
| 1,088,454 | | |
| 1,081,858 | |
| Windsor
Holdings III LLC, First Lien Term Loan, 6M SOFR + 3.50%, 08/01/2030 | |
| 1,394,267 | | |
| 1,402,611 | |
| | |
| | | |
| 8,396,772 | |
| | |
| | | |
| | |
| Wireless Telecommunication Services - 1.04% | |
| | | |
| | |
| CCI Buyer,
Inc., First Lien Initial Term Loan, 3M SOFR + 4.00%, 0.75% Floor, 12/17/2027 | |
| 2,001,540 | | |
| 2,001,230 | |
| | |
| | | |
| | |
| TOTAL FLOATING RATE LOAN INTERESTS | |
| | | |
| | |
| (Cost $272,086,041) | |
| | | |
| 269,786,350 | |
| | |
| | | |
| | |
| COLLATERALIZED LOAN OBLIGATION
SECURITIES(a) - 7.31% | |
| | | |
| | |
| Consumer Finance - 0.24% | |
| | | |
| | |
| PPM
CLO 3, Ltd., 3M SOFR + 6.87%, 04/17/2034(b)(f) | |
| 500,000 | | |
| 464,309 | |
| | |
| | | |
| | |
| Financial Services - 7.07% | |
| | | |
| | |
| Ares
LXI CLO, Ltd., 3M SOFR + 3.90%, 04/20/2037(b)(f) | |
| 1,000,000 | | |
| 1,018,340 | |
| Bain
Capital Credit CLO 2020-4, Ltd., 3M SOFR + 7.98%, 10/20/2036(b)(f) | |
| 1,000,000 | | |
| 1,039,654 | |
| Bain
Capital Credit CLO 2022-3, Ltd., 3M SOFR + 3.70%, 07/17/2035(b)(f) | |
| 1,000,000 | | |
| 1,001,605 | |
| Barings
CLO, Ltd. 2018-III, 3M SOFR + 3.16%, 07/20/2029(b)(f) | |
| 1,000,000 | | |
| 1,006,330 | |
| Carlyle
US CLO 2022-6, Ltd., 3M SOFR + 4.75%, 10/25/2036(b)(f) | |
| 1,000,000 | | |
| 1,022,369 | |
| CIFC
Funding 2019-V, Ltd., 3M SOFR + 3.41%, 01/15/2035(b)(f) | |
| 1,000,000 | | |
| 1,003,423 | |
| CIFC
Funding 2022-VII, Ltd., 3M SOFR + 5.35%, 10/22/2035(b)(f) | |
| 1,000,000 | | |
| 1,007,499 | |
| Clover
CLO 2021-3 LLC, 3M SOFR + 3.36%, 01/25/2035(b)(f) | |
| 1,250,000 | | |
| 1,255,856 | |
| HPS
Loan Management CLO 6-2015, Ltd., 3M SOFR + 5.36%, 02/05/2031(b)(f) | |
| 834,000 | | |
| 826,996 | |
| Octagon
60, Ltd., 3M SOFR + 5.00%, 10/20/2035(b)(f) | |
| 1,000,000 | | |
| 1,006,849 | |
| Park
Avenue Institutional Advisers CLO, Ltd. 2022-1, 3M SOFR + 7.29%, 04/20/2035(b)(f) | |
| 1,000,000 | | |
| 996,939 | |
| Rad
CLO 5, Ltd., 3M SOFR + 6.96%, 07/24/2032(b)(f) | |
| 500,000 | | |
| 502,024 | |
| Romark
CLO IV, Ltd., 3M SOFR + 7.21%, 07/10/2034(b)(f) | |
| 1,000,000 | | |
| 970,439 | |
| | |
Principal
Amount | | |
Value | |
| Financial Services (continued) | |
| | | |
| | |
| Sound Point CLO XXXII, Ltd., 3M SOFR + 6.96%, 10/25/2034(b)(f) | |
$ | 1,000,000 | | |
$ | 923,506 | |
| | |
| | | |
| 13,581,829 | |
| | |
| | | |
| | |
| TOTAL COLLATERALIZED LOAN OBLIGATION SECURITIES | |
| | | |
| | |
|
(Cost $13,944,616) | |
| | | |
| 14,046,138 | |
| | |
| Shares | | |
| Value | |
| COMMON STOCK - 0.28% | |
| | | |
| | |
| Health Care Equipment & Supplies - 0.12% | |
| | | |
| | |
| Carestream Health Holdings Inc(g) | |
| 55,510 | | |
| 222,040 | |
| | |
| | | |
| | |
| Health Care Providers & Services - 0.16% | |
| | | |
| | |
| Envision Healthcare Corp. Equity(g) | |
| 29,091 | | |
| 309,092 | |
| | |
| | | |
| | |
| TOTAL COMMON STOCK | |
| | | |
| | |
| (Cost $2,026,807) | |
| | | |
| 531,132 | |
| | |
| | | |
| | |
| SHORT-TERM INVESTMENTS - 5.58% | |
| | | |
| | |
| Open-end Investment Companies - 5.58% | |
| | | |
| | |
| Bank of New York Cash Reserve | |
| | | |
| | |
| (1.69% 7-Day Yield) | |
| 10,735,877 | | |
| 10,735,877 | |
| | |
| | | |
| | |
| TOTAL SHORT-TERM INVESTMENTS | |
| | | |
| | |
| (Cost $10,735,877) | |
| | | |
| 10,735,877 | |
| | |
| | | |
| | |
| Total Investments- 153.51% | |
| | | |
| | |
| (Cost $298,793,341) | |
| | | |
| 295,099,497 | |
| | |
| | | |
| | |
| Liabilities in Excess of Other Assets - (6.38)% | |
| | | |
| (12,262,402 | ) |
| | |
| | | |
| | |
| Leverage Facility - (47.13)% | |
| | | |
| (90,600,000 | ) |
| | |
| | | |
| | |
| Net Assets - 100.00% | |
| | | |
$ | 192,237,095 | |
Amounts above are shown as a percentage of net assets as of September
30, 2024.
Investment Abbreviations:
LIBOR - London Interbank Offered Rate
SOFR - Secured Overnight Financing Rate
Reference Rates:
1M US L - 1 Month LIBOR as of September 30, 2024 was
4.96%
3M US L - 3 Month LIBOR as of September 30, 2024 was
4.85%
6M US L - 6 Month LIBOR as of September 30, 2024 was
4.68%
1M US SOFR - 1 Month SOFR as of September 30, 2024 was 4.85%
3M US SOFR - 3 Month SOFR as of September 30, 2024
was 4.59%
6M US SOFR - 6 Month SOFR as of September 30, 2024
was 4.25%
PRIME - US Prime Rate as of September 30, 2024 was
8.00%
| (a) | Floating or variable rate security. The reference rate is described
above. The rate in effect as of September 30, 2024 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 September 30,
2024. The Portfolio of Investments records only the funded portion of each position. As of September 30, 2024, the Fund has unfunded
delayed draw loans in the amount of $259,647. Fair value of these unfunded delayed draws was $259,195. Additional information is provided
in Note 4 General Commitments and Contingencies. |
| (e) | Represents a payment-in-kind (“PIK”) security which
may pay interest/dividend in additional par/shares. |
| (f) | Security exempt from registration under Rule 144A of the Securities
Act of 1933. Total market value of Rule 144A securities amounts to $14,046,138, which represented approximately 7.31% of net assets as
of September 30, 2024. Such securities may normally be sold to qualified institutional buyers in transactions exempt from registration. |
| (g) | Non-income producing security. |
NOTE 1. ORGANIZATION
Blackstone Senior Floating Rate 2027 Term Fund (formerly
known as Blackstone Senior Floating Rate Term Fund) (“BSL”, the “Fund”,), is a diversified, closed-end management
investment company. BSL was organized as a Delaware statutory trust on March 4, 2010. BSL was registered under the Investment Company
Act of 1940, as amended (the “1940 Act”), on March 5, 2010. BSL commenced operations on May 26, 2010. Prior to that date,
BSL had no operations other than matters relating to its organization and the sale and issuance of 5,236 common shares of beneficial interest
in BSL to Blackstone Liquid Credit Strategies LLC (the “Adviser”) at a price of $19.10 per share. The Adviser serves as BSL’s
investment adviser. BSL’s common shares are listed on the New York Stock Exchange (the “Exchange”) and trade under the
ticker symbol “BSL.”
Absent shareholder approval to extend the term of
BSL, BSL was initially scheduled to dissolve on or about May 31, 2020. Upon dissolution, BSL will distribute substantially all of its
net assets to shareholders, after making appropriate provision for any liabilities. Pursuant to BSL’s Amended and Restated Agreement
and Declaration of Trust, prior to the date of dissolution, a majority of BSL’s Board of Trustees (the “Board”), with
the approval of a majority of the shareholders entitled to vote (as defined in the 1940 Act), may extend the life of BSL by a period of
two years or such shorter time as may be determined. The dissolution date of BSL may be extended an unlimited number of times. On March
31, 2017, BSL announced an extension of BSL’s reinvestment period. The extension allows BSL to continue to reinvest proceeds generated
by maturities, prepayments and sales of investments until one year prior to BSL’s scheduled dissolution date. On November 17, 2017,
BSL’s shareholders approved extending the term of BSL by two years by changing BSL’s scheduled dissolution date from May 31,
2020 to May 31, 2022. On November 18, 2019, the Board approved a proposal to amend BSL's charter to allow an extension of up to five years
in length (the “Charter Amendment”). The Board also approved a proposal to extend the term of BSL by five years by changing
BSL's scheduled dissolution date from May 31, 2022 to May 31, 2027 (the “Term Extension”). The Charter Amendment and the Term
Extension were subject to shareholder approval, which was obtained at a special shareholder meeting held on February 19, 2020.
On January 26, 2022, the Securities and Exchange Commission
(the “SEC”) declared effective a registration statement filed under the “shelf” registration process for BSL.
Pursuant to the shelf registration, BSL may offer, from time to time, in one or more offerings, up to $100,000,000 of common shares. These
shares may be offered and sold to or through underwriters, through dealers or agents that BSL designates from time to time, directly to
purchasers, through at-the-market (“ATM”) offerings or through a combination of these methods. On February 1, 2022, BSL launched
an ATM offering to sell up to $50,000,000 aggregate amount of its common shares. For the period ended September 30, 2024, BSL has not
sold any shares pursuant to this shelf registration.
The Fund was previously classified as a non-diversified
investment company for purposes of the 1940 Act. As a result of ongoing operations, the Fund as of April 1, 2014 is now classified as
a diversified company. This means that with respect to 75% of the Fund’s total assets, no more than 5% of such Fund’s total
assets may be invested in any one issuer, excepting cash and cash items, U.S. government securities, and securities of other investment
companies. The Fund may not resume operating in a non-diversified manner without first obtaining shareholder approval in accordance with
the 1940 Act.
Investment Objectives: 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, at least 80% of BSL’s Managed Assets (defined in Note 3) will be invested
in senior secured, floating rate loans (“Senior Loans”).
NOTE 2. SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation: The Fund’s financial
statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”)
and are stated in U.S. dollars. The Fund is considered an Investment Company under U.S. GAAP and follows the accounting and reporting
guidance applicable to investment companies in the Financial Accounting Standards Board Accounting Standards Codification Topic 946.
The preparation of financial statements requires management
to make certain estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statement.
Actual results could differ from these estimates.
Portfolio Valuation: BSL’s net asset
value (“NAV”) is determined daily on each day that the Exchange is open for business, as of the close of the regular trading
session on the Exchange. The Fund calculates NAV per share by subtracting liabilities (including accrued expenses or dividends) from the
total assets of the Fund (the value of the securities plus cash or other assets, including interest accrued but not yet received) and
dividing the result by the total number of outstanding common shares of the Fund.
Senior Loans, secured loans and senior secured loans (collectively
“Loans”) are primarily valued by using a composite loan price from a nationally recognized loan pricing service. The methodology
used by the Fund’s nationally recognized loan pricing provider for composite loan prices is to value loans at the mean of the bid
and ask prices from one or more brokers or dealers. Collateralized Loan Obligation securities (“CLOs”) are valued at the
price provided by a nationally recognized pricing service. The prices provided by the nationally recognized pricing service are typically
based on the evaluated mid-price of each of the CLOs. Corporate bonds and convertible bonds, other than short-term investments, are valued
at the price provided by a nationally recognized pricing service. The prices provided by the nationally recognized pricing service are
typically based on the mean of bid and ask prices for each corporate bond security. In determining the value of a particular investment,
pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrices,
market transactions in comparable investments, various relationships observed in the market between investments and calculated yield
measures based on valuation technology commonly employed in the market for such investments. Equity securities for which market quotations
are available are generally valued at the last sale price or official closing price on the primary market or exchange on which they trade.
Futures contracts, if any, are ordinarily valued at the last sales price on the securities or commodities exchange on which they are
traded. Open-end investment companies are generally valued at their closing net asset values as reported on each business day. To the
extent current market quotations are not readily available, short-term debt investments, if any, having a remaining maturity of 60 days
or less when purchased would be valued at cost adjusted for amortization of premiums and accretion of discounts.
In accordance with Rule 2a-5 under the 1940 Act, the
Board has designated the Adviser as the valuation designee to perform fair value determinations related to the Fund’s investments,
subject to the Board’s oversight and periodic reporting requirements.
Any investments and other assets for which such current
market quotations are not readily available are valued at fair value (“Fair Valued Assets”) as determined in good faith by
a committee of the Adviser (the “Fair Valued Asset Committee”) under procedures established by, and under the general supervision
and responsibility of the Board. Such methods may include, but are not limited to, the use of a market comparable and/or income approach
methodologies. A Fair Valued Asset Committee meeting may be called at any time by any member of the Fair Valued Asset Committee. The pricing
of all Fair Valued Assets and determinations thereof shall be reported by the Adviser as valuation designee to the Board at each regularly
scheduled quarterly meeting. The Fund has procedures to identify and investigate potentially stale or missing prices for investments which
are valued using a nationally recognized pricing service, exchange price or broker-dealer quotations. After performing such procedures,
any prices which are deemed to be stale are reviewed by the Fair Valued Asset Committee and an alternative pricing source is determined.
Various inputs are used to determine the value of
BSL’s investments. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset
or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs
that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or
liability developed based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in
the three broad levels listed below.
Level 1 — Unadjusted quoted prices in active markets for identical investments at the measurement date.
Level 2 — Significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).
Level 3 — Significant unobservable inputs (including the Fund’s own assumption in determining the fair value of investments).
The categorization of a value determined for investments
and other financial instruments is based on the pricing transparency of the investment and other financial instrument and does not necessarily
correspond to the Fund’s perceived risk of investing in those securities. Investments measured and reported at fair value are classified
and disclosed in one of the following levels within the fair value hierarchy based on the lowest level of input that is significant to
the fair value measurement.
The following table summarizes the valuation of BSL’s
investments under the fair value hierarchy levels as of September 30, 2024:
Blackstone Senior Floating Rate 2027 Term Fund
| Investments in Securities at Fair Value* | |
Level 1 - Quoted Prices | | |
Level 2 – Significant
Observable Inputs | | |
Level 3 – Significant
Unobservable Inputs | | |
Total | |
| Floating Rate Loan Interests | |
| | | |
| | | |
| | | |
| | |
| Building Products | |
$ | – | | |
$ | 4,443,536 | | |
$ | 775,319 | | |
$ | 5,218,855 | |
| Commercial Services & Supplies | |
| – | | |
| 11,518,182 | | |
| 1,475,507 | | |
| 12,993,689 | |
| Diversified Consumer Services | |
| – | | |
| 4,833,338 | | |
| 4,624 | | |
| 4,837,962 | |
| Electronic Equipment, Instruments & Components | |
| – | | |
| 3,713,635 | | |
| 199,912 | | |
| 3,913,547 | |
| Interactive Media & Services | |
| – | | |
| 1,239,955 | | |
| 1,287,370 | | |
| 2,527,325 | |
| IT Services | |
| – | | |
| 11,202,927 | | |
| 1,339,388 | | |
| 12,542,315 | |
| Machinery | |
| – | | |
| 10,021,880 | | |
| 1,067,872 | | |
| 11,089,752 | |
| Mortgage Real Estate Investment | |
| – | | |
| 290,661 | | |
| 293,196 | | |
| 583,857 | |
| Professional Services | |
| – | | |
| 24,130,373 | | |
| 1,198,516 | | |
| 25,328,889 | |
| Real Estate Management & Development | |
| – | | |
| 792,373 | | |
| 581,902 | | |
| 1,374,275 | |
| Software | |
| – | | |
| 34,628,772 | | |
| 898,204 | | |
| 35,526,976 | |
| Other | |
| – | | |
| 153,848,908 | | |
| – | | |
| 153,848,908 | |
| Collateralized Loan Obligation Securities | |
| | | |
| | | |
| | | |
| | |
| Consumer Finance | |
| – | | |
| – | | |
| 464,309 | | |
| 464,309 | |
| Financial Services | |
| – | | |
| – | | |
| 13,581,829 | | |
| 13,581,829 | |
| Common Stock | |
| – | | |
| 531,132 | | |
| – | | |
| 531,132 | |
| Short-Term Investments | |
| 10,735,877 | | |
| – | | |
| – | | |
| 10,735,877 | |
| Total | |
$ | 10,735,877 | | |
$ | 261,195,672 | | |
$ | 23,167,948 | | |
$ | 295,099,497 | |
| | |
| | | |
| | | |
| | | |
| | |
| Other Financial Instruments | |
| | | |
| | | |
| | | |
| | |
| Liabilities | |
| | | |
| | | |
| | | |
| | |
| Net Unrealized Depreciation on Unfunded Loan Commitments |
|
|
– |
|
|
|
(52 |
) |
|
|
– |
|
|
|
(52 |
) |
| | |
| | | |
| | | |
| | | |
| | |
| Total | |
| – | | |
| (52 | ) | |
| – | | |
| (52 | ) |
| * | Refer to the Fund's Portfolio
of Investments for a listing of securities by type. |
The Fund may hold assets and/or liabilities in which
the fair value approximates the carrying amount for financial statement purposes. As of September 30, 2024, the Fund's outstanding borrowings
of $90,600,000 under its Leverage Facility are categorized as Level 2 within the fair value hierarchy.
The changes of the fair value of investments for which BSL has used
significant unobservable (Level 3) inputs to determine the fair value are as follows:
| Blackstone Senior
Floating Rate 2027 Term Fund | |
Floating
Rate
Loan Interests | | |
Collateralized
Loan Obligation Securities | | |
Common
Stock | | |
Unfunded
Loan
Commitments | | |
Total | |
| Balance as of December 31, 2023 | |
$ | 9,566,894 | | |
$ | 13,259,309 | | |
$ | 247,274 | | |
$ | 1,036 | | |
$ | 23,074,513 | |
| Accrued discount/ premium | |
| 6,966 | | |
| 4,987 | | |
| – | | |
| – | | |
| 11,953 | |
| Realized Gain/(Loss) | |
| 26,688 | | |
| (4,585 | ) | |
| – | | |
| – | | |
| 22,103 | |
| Change in Unrealized Appreciation/(Depreciation) | |
| 479,904 | | |
| 281,542 | | |
| 61,818 | | |
| – | | |
| 823,264 | |
| Purchases(1) | |
| 6,055,695 | | |
| 2,000,300 | | |
| – | | |
| – | | |
| 8,055,995 | |
| Sales Proceeds(2) | |
| (9,075,156 | ) | |
| (1,495,415 | ) | |
| – | | |
| – | | |
| (10,570,571 | ) |
| Transfer into Level 3 | |
| 3,966,017 | | |
| – | | |
| – | | |
| – | | |
| 3,966,017 | |
| Transfer out of Level
3 | |
| (1,905,198 | ) | |
| – | | |
| (309,092 | ) | |
| (1,036 | ) | |
| (2,215,326 | ) |
| Balance as of September 30, 2024 | |
$ | 9,121,810 | | |
$ | 14,046,138 | | |
$ | – | | |
$ | – | | |
$ | 23,167,948 | |
| Net change in unrealized appreciation/(depreciation)
attributable to Level 3 investments held at September 30, 2024 | |
$ | 434,480 | | |
$ | 267,327 | | |
$ | – | | |
$ | – | | |
$ | 701,807 | |
| (1) | Purchases
include all purchases of securities and securities received in corporate actions. |
| (2) | Sales Proceeds
include all sales of securities, maturities, paydowns and securities tendered in corporate
actions. |
Information about Level 3 fair value measurements
as of September 30, 2024:
Blackstone Senior Floating Rate 2027
Term Fund | |
Fair Value | | |
Valuation Technique(s) | |
Unobservable
Input(s) | |
Value/Range
(Weighted
Average) |
| Assets | |
| | | |
| |
| |
|
| Floating Rate Loan Interests | |
$ | 9,121,810 | | |
Third-party vendor pricing service | |
Broker quotes | |
N/A |
| Collateralized Loan Obligation Securities | |
| 14,046,138 | | |
Third-party vendor pricing service | |
Broker quotes | |
N/A |
Securities were transferred from Level 2 to Level
3 because of a lack of observable market data due to decrease in market activity and information for these securities. Other securities
were transferred from Level 3 to Level 2 as observable inputs were available for purposes of valuing those assets.
Securities Transactions and Investment Income:
Securities transactions are recorded on trade date for financial reporting purposes, and amounts payable or receivable for trades
not settled at the time of period end are reflected as liabilities and assets, respectively. Interest income is recognized on an accrual
basis from the date of settlement. Accretion of discount and amortization of premium, which are included in interest income, are accreted
or amortized daily using the accrual basis interest method. Dividend income is recorded on the ex-dividend date. Realized gains and losses
from securities transactions and foreign currency transactions, if any, are recorded on the basis of identified cost.
When the Fund sells a floating rate loan interest,
it may pay an agency fee. The Fund earns facility and other fees on floating rate loan interests, and facility fees are typically amortized
to income over the term of the loan. Consent and amendment fees are also recorded to income as earned.
NOTE 3. SENIOR AND SECURED FLOATING RATE LOANS
BSL defines “Senior Loans” as first lien
senior secured, floating rate loans that are made to U.S. and, to a limited extent, non-U.S. corporations, partnerships and other business
entities (“Borrowers”), which operate in various industries and geographical regions. Under normal market conditions, at least
80% of BSL’s Managed Assets (defined below) will be invested in Senior Loans. BSL defines “Managed Assets” as total
assets (including any assets attributable to any leverage used) minus the sum of BSL's accrued liabilities (other than liabilities related
to the principal amount of leverage). At September 30, 2024, 93.17% of BSL’s Managed Assets were held in Senior Loans.
Senior secured loans hold a senior position in the
capital structure of a business entity, are secured with specific collateral, and have a claim on the assets and/or stock of the Borrower
that is senior to that held by unsecured creditors, subordinated debt holders and stockholders of the Borrower.
Loans often require prepayment from Borrowers’
excess cash flows or permit the Borrowers’ to repay at their election. The degree to which Borrowers repay, whether as a contractual
requirements or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially
less than the stated maturities shown. However, floating rate loans typically have an expected average life of two to four years. Floating
rate loans typically have rates of interest which are re-determined periodically, either daily, monthly, quarterly or semi-annually by
reference to a floating base lending rate, primarily the London Interbank Offered Rate (“LIBOR”) and the Secured Overnight
Financing Rate (“SOFR”) (subject to the LIBOR transition as described below), plus a premium or credit spread.
The United Kingdom’s Financial Conduct Authority
announced a phase out of LIBOR in 2017. Although many LIBOR rates ceased to be published or were no longer representative of the underlying
market they sought to measure after December 31, 2021, a selection of widely used U.S. dollar LIBOR rates were published through June
30, 2023 in order to assist with the transition. Further, on March 15, 2022, the Consolidated Appropriations Act of 2022, which includes
the Adjustable Interest Rate (LIBOR) Act, was signed into law in the United States. This legislation establishes a uniform benchmark replacement
process for financial contracts that mature after June 30, 2023 that do not contain clearly defined or practicable fallback provisions.
The U.S. Federal Reserve System, in conjunction with the Alternative Reference Rates Committee, a steering committee comprised of large
U.S. financial institutions, has begun publishing SOFR, which is their preferred alternative rate for U.S. dollar LIBOR, and which is
a new index calculated by short-term repurchase agreements, backed by Treasury securities. Given the inherent differences between LIBOR
and SOFR, or any other alternative benchmark rate that may be established, there remains uncertainty regarding the continued transition
away from LIBOR and the nature of any replacement rate. Proposals for alternative reference rates for other currencies have also been
announced or have already begun publication. Markets are in the process of developing in response to these new rates, and there has been
no global consensus as to an alternative rate. There could be significant operational challenges which could affect the Fund’s performance
for the continued transition away from LIBOR. The Fund and the Fund’s portfolio companies and/or obligors may need to amend or restructure
the Fund’s existing LIBOR-based debt instruments and any related hedging arrangements, depending on the applicable LIBOR tenor.
Such amendments and restructurings may be difficult, costly and time consuming. The Fund may invest, or remain invested, in floating rate
loans and investment securities whose interest rates are indexed to LIBOR.
Loans are subject to the risk of payment defaults
of scheduled interest or principal. Such non-payment could result in a reduction of income, a reduction in the value of the investment
and a potential decrease in the NAV of the Fund. Risk of loss is generally higher for subordinated unsecured loans or debt, which are
not backed by a security interest in any specific collateral. There can be no assurance that the liquidation of any collateral securing
a Loan would satisfy the Borrower’s obligation to the Fund in the event of non-payment of scheduled interest or principal payments,
or that such collateral could be readily liquidated.
Second lien loans generally are subject to similar
risks as those associated with investments in first lien loans except that such loans are subordinated in payment and/or lower in lien
priority to first lien holders. In the event of default on a second lien loan, the first priority lien holder has first claim to the underlying
collateral of the loan. Second lien loans are subject to the additional risk that the cash flow of the Borrower and property securing
the loan or debt, if any, may be insufficient to meet scheduled payments after giving effect to the senior obligations of the Borrower.
At September 30, 2024, BSL had invested $6,255,580 in second lien secured loans. Second lien secured loans are not considered Senior Loans
for BSL.
Loans can be rated below investment grade or may also
be unrated. As a result, the risks associated with Loans may be similar to the risks of other below investment grade securities, although
they are senior and secured in contrast to other below investment grade securities, which are often subordinated or unsecured. The Fund
typically invests in Loans rated below investment grade, which are considered speculative because of the credit risk of the Borrowers.
Such companies are more likely than investment grade issuers to default on their payments of interest and principal owed to the Fund,
and such defaults could reduce NAV and income distributions. The amount of public information available with respect to below investment
grade loans will generally be less extensive than that available for registered or exchange-listed securities. In evaluating the creditworthiness
of Borrowers, the Adviser will consider, and may rely in part on, analyses performed by others. The Adviser’s established best execution
procedures and guidelines require trades to be placed for execution only with broker-dealer counterparties approved by the Counterparty
Committee of the Adviser. The factors considered by the Counterparty Committee when selecting and approving brokers and dealers include,
but are not limited to: (i) quality, accuracy, and timeliness of execution, (ii) review of the reputation, financial strength and stability
of the financial institution, (iii) willingness and ability of the counterparty to commit capital, (iv) ongoing reliability and (v) access
to underwritten offerings and secondary markets. The Counterparty Committee regularly reviews each broker-dealer counterparty based on
the foregoing factors.
BSL may acquire Loans through assignments or participations.
BSL typically acquires these Loans through assignment, and if BSL acquires a Loan through participation, it will seek to elevate a participation
interest into an assignment as soon as practicably possible. The purchaser of an assignment typically succeeds to all the rights and obligations
of the assigning institution and becomes a lender under the credit agreement with respect to the debt obligation. A participation typically
results in a contractual relationship only with the institution participating out the interest, not with the Borrower. Sellers of participations
typically include banks, broker-dealers, other financial institutions and lending institutions. The Adviser has adopted best execution
procedures and guidelines which seek to mitigate credit and counterparty risk in the atypical situation when BSL must acquire a Loan through
a participation.
BSL has invested in CLO securities. A CLO is a financing company
(generally called a Special Purpose Vehicle (“SPV”)), created to reapportion the risk and return characteristics of a pool
of assets. While the assets underlying a CLO are typically secured loans, the assets may also include (i) unsecured loans, (ii) debt
securities that are rated below investment grade, and (iii) equity securities incidental to investments in secured loans. When investing
in CLOs, each fund will not invest in equity tranches, which are the lowest tranche. However, the Fund may invest in lower tranches of
CLO debt securities, which typically experience a lower recovery, greater risk of loss or deferral or non-payment of interest than more
senior debt tranches of the CLO. In addition, the Fund intends to invest in CLOs consisting primarily of individual secured loans of
Borrowers and not repackaged CLO obligations from other high-risk pools. The underlying secured loans purchased by CLOs are generally
performing at the time of purchase but may become non-performing, distressed or defaulted. CLOs with underlying assets of non-performing,
distressed or defaulted loans are not contemplated to comprise a significant portion of each fund’s investments in CLOs. The key
feature of the CLO structure is the prioritization of the cash flows from a pool of debt securities among the several classes of the
CLO. The SPV is a company founded solely for the purpose of securitizing payment claims arising out of this diversified asset pool. On
this basis, marketable securities are issued by the SPV which, due to the diversification of the underlying risk, generally represent
a lower level of risk than the original assets. The redemption of the securities issued by the SPV typically takes place on a date earlier
than legal maturity from refinancing of the senior debt tranches.
NOTE 4. GENERAL COMMITMENTS AND CONTINGENCIES
As of September 30, 2024, BSL had unfunded loan commitments
outstanding, which could be extended at the option of the borrower, as detailed below:
| Borrower | |
Par Value | | |
Fair Value | | |
Unrealized Appreciation / (Depreciation) | |
| Action Environmental Group, Inc., First Lien Term Loan | |
$ | 123,240 | | |
$ | 123,702 | | |
$ | 462 | |
| Ryan LLC., First Lien Term Loan | |
| 52,063 | | |
| 51,564 | | |
| (499 | ) |
| Epicor Software Corp., First Lien Term Loan | |
| 4,505 | | |
| 4,514 | | |
| 28 | |
| Groundworks LLC., First Lien Term Loan | |
| 79,839 | | |
| 79,415 | | |
| (43 | ) |
| Total | |
$ | 259,647 | | |
$ | 259,195 | | |
$ | (52 | ) |
Unfunded loan commitments are marked to market on
the relevant day of the valuation in accordance with BSL’s valuation policies. For the period ended September 30, 2024, BSL recorded
a net increase in unrealized depreciation on unfunded loan commitments totaling $3,103.
NOTE 5. LEVERAGE
The Fund has entered into a Credit Agreement (the
“Agreement”) with a bank to borrow money pursuant to a two-year revolving line of credit (“Leverage Facility”)
set to terminate in 2025, originally dated October 4, 2019, as amended on October 2, 2020, October 1, 2021, November 29, 2021, September
30, 2022, September 29, 2023, and September 27, 2024 as may be amended, restated, supplemented, or modified from time to time, to borrow
up to a limit of $100 million, with $34 million for tranche A loans (“BSL Tranche A Loans”) and $66 million for tranche B
loans (“BSL Tranche B Loans”). Borrowings under the Agreement are secured by the assets of the Fund.
Interest on the Fund's Leverage Facility is charged
at a rate of 1.00% above adjusted term SOFR with respect to BSL Tranche A Loans, 1.30% above adjusted term SOFR for one (1) month interest
period BSL Tranche B Loans and 1.20% above adjusted term SOFR for three (3) month interest period BSL Tranche B Loans, with adjusted term
SOFR measured for the period commencing on the date of the making of such Loan at adjusted term SOFR (or the last date upon which any
other Loan was converted to, or continued as, such Loan at adjusted term SOFR) and ending on the numerically corresponding day in the
calendar month that is one (1), or three (3) months thereafter, as the Fund may elect, or such other periods as the lender may agree in
its sole and absolute discretion.
Under the terms of the Agreement, the Fund must pay
a commitment fee on any undrawn amounts. The commitment fee payable for each of BSL Tranche A Loans and BSL Tranche B Loans is 0.15% on
the undrawn amounts when drawn amounts exceed 75% of the borrowing limit and 0.25% on the undrawn amounts at any other time. Interest
and fees are generally payable at the end of the respective interest period. The Fund may elect to extend the Agreement for a further
period with the consent of the lending bank. At September 30, 2024, BSL had borrowings outstanding under its Leverage Facility of $90,600,000,
at an interest rate of 6.43%. Due to the short term nature of the Agreement, face value approximates fair value at September 30, 2024.
This fair value is based on Level 2 inputs under the three-tier fair valuation hierarchy (see Note 2). For the period ended September
30, 2024, the average borrowings under BSL’s Leverage Facility and the weighted average interest rate were $90,585,401 and 6.54%,
respectively. During the period ended September 30, 2024, the Fund incurred $17,289 for commitment fees on undrawn amounts.
Under the Agreement, the Fund has agreed to certain covenants
and additional investment limitations while the leverage is outstanding. The Fund has agreed to maintain asset coverage of three times
over borrowings. Compliance with the investment restrictions and calculations are performed by the Fund’s custodian, The Bank of
New York Mellon. As of September 30, 2024, the Fund was in compliance with all required investment limitations and asset coverage requirements
related to its leverage.
The use of borrowings to leverage the common shares
of the Fund can create risks. Changes in the value of the Fund’s portfolio, including securities bought with the proceeds of leverage,
are borne entirely by the holders of common shares of the Fund. All costs and expenses related to any form of leverage used by the Fund
are borne entirely by common shareholders. If there is a net decrease or increase in the value of the Fund’s investment portfolio,
the leverage may decrease or increase, as the case may be, the NAV per common share to a greater extent than if the Fund did not utilize
leverage. During periods when the Fund is using leverage, the fees paid to the Adviser for advisory services and to ALPS for administrative
services are higher than if the Fund did not use leverage because the fees paid are calculated on the basis of the Fund’s Managed
Assets, which include the assets purchased through leverage. As of September 30, 2024, BSL’s leverage represented 32.03% of the
Fund’s Managed Assets.
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