SCHEDULE 13G/A: First Trust Entities Disclose 14.52% Stake in Blackstone Long-Short Credit Income Fund

First Trust Portfolios L.P., First Trust Advisors L.P., and The Charger Corporation have jointly filed an amendment to their Schedule 13G, reporting a combined beneficial ownership of 14.52% in Blackstone Long-Short Credit Income Fund as of March 31, 2025.

Summary

• First Trust Portfolios L.P., First Trust Advisors L.P., and The Charger Corporation collectively reported beneficial ownership of 1,845,759 common shares of Blackstone Long-Short Credit Income Fund.
• This aggregate amount represents 14.52% of the class of securities.
• The filing is an Amendment No. 16 to their Schedule 13G, indicating ongoing reporting of their ownership stake.
• First Trust Portfolios L.P. holds shared dispositive power over 1,837,136 shares.
• First Trust Advisors L.P. and The Charger Corporation each hold shared voting power over 8,623 shares and shared dispositive power over 1,845,759 shares.
• The Charger Corporation is the General Partner of both First Trust Portfolios L.P. and First Trust Advisors L.P.
• First Trust Portfolios L.P. acts as sponsor of unit investment trusts that hold shares of the issuer, with no single trust holding more than 3% of the issuer's shares.
• First Trust Advisors L.P. serves as portfolio supervisor for these unit investment trusts and as investment advisor/sub-advisor for other investment companies, pooled vehicles, and separately managed accounts holding issuer shares.
• The reporting persons disclaim beneficial ownership of the shares, stating they were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer.

Sentiment

Score: 5

Explanation: The document is a factual, routine regulatory filing disclosing beneficial ownership. It contains no positive or negative operational or financial news about the issuer, thus maintaining a neutral sentiment.

Positives

• The significant ownership stake by First Trust entities, a prominent investment firm, could be interpreted as a vote of confidence in the Blackstone Long-Short Credit Income Fund, even though beneficial ownership is disclaimed.

Risks

• The reporting persons disclaim beneficial ownership of the shares, meaning they do not directly control the voting or disposition of the majority of the shares reported, which are held by various investment vehicles they manage or advise.

Future Outlook

This filing is a routine disclosure of beneficial ownership and does not contain any forward-looking statements or guidance regarding the future performance or strategic direction of Blackstone Long-Short Credit Income Fund.

Management Comments

• "By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under §§ 240.14a-11."

Industry Context

Schedule 13G filings are standard disclosures in the investment management industry, used by passive investors (those not seeking to control or influence the issuer) to report significant ownership stakes (5% or more). This filing indicates that First Trust entities, as major players in the investment advisory and fund sponsorship space, hold a substantial, but passive, position in the Blackstone Long-Short Credit Income Fund, consistent with their business model of managing various investment vehicles.

Related Party Transactions

• The filing discloses the relationship between the reporting entities: The Charger Corporation is the General Partner of both First Trust Portfolios L.P. and First Trust Advisors L.P., and First Trust Advisors L.P. is an affiliate of First Trust Portfolios L.P. This structure facilitates the joint filing.

Stakeholder Impact

• Shareholders of Blackstone Long-Short Credit Income Fund are informed of a significant ownership stake held by First Trust entities, providing transparency regarding the fund's investor base.
• Investment professionals gain insight into the holdings of major institutional investors, which can influence market perception and liquidity.

Next Steps

• The reporting persons will continue to file amendments to Schedule 13G as required by SEC regulations if their beneficial ownership percentage changes significantly or if their investment intent shifts.

Key Dates

Keywords

Schedule 13G, Beneficial Ownership, Blackstone Long-Short Credit Income Fund, First Trust Portfolios L.P., First Trust Advisors L.P., The Charger Corporation, Investment Fund, SEC Filing, Ownership Disclosure, Common Stock, Investment Management