DEF: Blackstone Strategic Credit 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 are holding a joint annual meeting 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.
• The record date for determining shareholders eligible to vote is February 12, 2025.
• The proxy statement and accompanying materials were mailed to shareholders on or about March 7, 2025.
• Daniel Leiter has been nominated for election as trustee for each of the three funds.
• 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 corporate governance process.

Positives

• The Boards of Trustees unanimously recommend that shareholders vote for the election of the nominee, Daniel Leiter.
• The Funds have a Lead Independent Trustee and all committees are chaired by Independent Trustees, ensuring adequate control and influence over governance.
• The Audit Committee has reviewed the audited financial statements for the fiscal year ended December 31, 2024, and recommends their inclusion in the Funds Annual Report.

Risks

• The Control Share Statute may limit the ability of holders of control beneficial interests to vote their shares above certain threshold levels unless other shareholders vote to reinstate those rights.
• The Board of Trustees risk management oversight is subject to substantial limitations, as not all risks can be identified, and mitigation may not be practical or cost-effective.

Future Outlook

The Funds will hold their 2026 annual meeting, with specific deadlines for shareholder proposals outlined in the proxy statement.

Industry Context

This announcement is a routine 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 a Lead Independent Trustee and independent committee chairs, aligns with industry best practices for corporate governance in investment companies.
• The compensation levels for Independent Trustees are within the typical range for closed-end funds of similar size and complexity.
• The process for shareholder nominations and communications with the Board is consistent with regulatory requirements and industry norms.

Management Changes

Stakeholder Impact

• Shareholders have the opportunity to participate in the governance of the Funds by voting on the election of trustees.
• The election of qualified trustees is intended to ensure the Funds are managed in the best interests of shareholders.

Next Steps

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

Key Dates