DEF: Blackstone Funds to Hold Joint Annual Meeting, 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 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) will hold a Joint Annual Meeting of Shareholders on April 23, 2025.
• Shareholders will vote to elect one trustee for each fund.
• Daniel Leiter has been nominated for election as trustee for each of the three funds.
• The record date for determining shareholders eligible to vote is February 12, 2025.
• 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.
• The Boards of Trustees unanimously recommend that shareholders vote for the election of the nominee.

Sentiment

Score: 7

Explanation: The document is a standard proxy statement, indicating a neutral to slightly positive sentiment due to the routine nature of the meeting and the unanimous recommendation of the board.

Positives

• The Boards of Trustees unanimously recommend that shareholders vote for the election of the nominee, Daniel Leiter.

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.

Future Outlook

The document outlines the process for the upcoming Joint Annual Meeting and provides information for shareholders regarding voting and submitting proposals for future meetings.

Management Comments

• Daniel Leiter's appointment as Chairman reflects each Board of Trustees belief that his experience, familiarity with the relevant Funds day-to-day operations and access to individuals with responsibility for the relevant Funds management and operations provides each Board of Trustees with insight into the relevant Funds business and activities and, with his access to appropriate administrative support, facilitates the efficient development of meeting agendas that address the relevant Funds business, legal and other needs and the orderly conduct of board meetings.

Industry Context

This is a standard proxy statement for a registered investment company, outlining the election of trustees, which is a routine governance procedure.

Comparison to Industry Standards

• The trustee compensation structure is typical for closed-end funds, with retainer fees paid to independent trustees and additional fees for committee chairs and lead independent trustees.
• The audit and nominating and governance committee structures are standard for registered investment companies, ensuring independent oversight of financial reporting and governance matters.
• The disclosure of beneficial ownership by trustees and executive officers is a standard requirement under SEC regulations.

Management Changes

Corporate Governance

Stakeholder Impact

• Shareholders have the opportunity to vote on the election of the trustee, influencing the governance of the funds.
• The outcome of the vote will determine the composition of the Board of Trustees, which oversees the management and operations of the funds.

Next Steps

• Shareholders should review the proxy statement and vote on the election of the trustee.
• The Joint Annual Meeting of Shareholders will be held on April 23, 2025.
• Shareholders will be informed of the voting results in the Funds Semi-Annual Report dated June 30, 2025.

Key Dates