DEF: Blackstone Funds Announce Joint Annual Meeting of Shareholders to Elect Trustees

Blackstone Senior Floating Rate 2027 Term Fund, Blackstone Long-Short Credit Income Fund, and Blackstone Strategic Credit 2027 Term Fund will hold a Joint Annual Meeting of Shareholders on April 23, 2025, to elect trustees.

Summary

• Blackstone Senior Floating Rate 2027 Term Fund (BSL), Blackstone Long-Short Credit Income Fund (BGX), and Blackstone Strategic Credit 2027 Term Fund (BGB) are holding a Joint Annual Meeting of Shareholders on April 23, 2025.
• The primary purpose of the meeting is to elect one trustee for each fund.
• Shareholders of record as of February 12, 2025, are entitled to vote.
• The proxy statement and accompanying materials were mailed to shareholders on or about March 7, 2025.
• The Board of Trustees recommends that shareholders vote for the election of the nominee, Daniel Leiter, for each fund.
• As of the record date, there were 13,010,746 BSL Common Shares, 12,708,275 BGX Common Shares, 44,664,382 BGB Common Shares and 45,000 BGB Preferred Shares outstanding.

Sentiment

Score: 7

Explanation: The document is a routine proxy statement, indicating a neutral to slightly positive sentiment due to the standard corporate governance processes being followed.

Positives

• The Boards of Trustees are actively engaged in risk oversight, receiving reports and making inquiries regarding significant fund risks.
• The Audit Committee is composed of independent trustees and oversees the Funds' accounting and financial reporting policies and practices.
• The Nominating and Governance Committee is responsible for selecting and nominating candidates for election as Trustees.
• Shareholders have the ability to communicate with the Board of Trustees.

Risks

• The Control Share Statute limits the ability of holders of control beneficial interests to vote their shares of a fund above various threshold levels that start at 10% unless the other shareholders of such fund vote to reinstate those rights.
• The Board of Trustees acknowledges that not all risks can be identified or mitigated, and risk management oversight is subject to limitations.

Future Outlook

The document outlines the process for future shareholder proposals for the 2026 annual meeting.

Management Comments

• Each Board of Trustees has determined that its leadership structure is appropriate in light of the relevant Funds circumstances and provides for the informed and independent exercise of its responsibilities.
• Each Board of Trustees believes that not all risks that may affect the Funds can be identified, that it may not be practical or cost-effective to eliminate or mitigate certain risks, that it may be necessary to bear certain risks (such as investment-related risks) to achieve the Funds goals, and that the processes, procedures and controls employed to address certain risks may be limited in their effectiveness.

Industry Context

This announcement is a standard part of corporate governance for registered investment companies, ensuring shareholders have a voice in the election of trustees who oversee the funds' operations.

Comparison to Industry Standards

• The structure of the Board of Trustees, with independent members and committees, aligns with industry best practices for closed-end funds.
• The disclosure of trustee compensation and potential conflicts of interest is consistent with regulatory requirements and promotes transparency.
• The process for shareholder nominations and communications with the board is in line with standard corporate governance procedures.

Management Changes

Stakeholder Impact

• Shareholders have the opportunity to vote on the election of trustees, influencing the governance of the funds.
• The disclosure of information regarding trustees and officers promotes transparency and accountability.

Next Steps

• Shareholders are urged to vote on the proposals.
• The Joint Annual Meeting will be held on April 23, 2025.
• The voting results will be reported in the Funds' Semi-Annual Report dated June 30, 2025.

Key Dates