BGX Blackstone Long Short Credit Income Fund

Blackstone Long-Short Credit Income Fund

 

Portfolio of Investments

September 30, 2024 (Unaudited)

 

		Principal Amount				Value
FLOATING RATE LOAN INTERESTS(a) - 116.91%
Aerospace & Defense - 4.93%
Atlas CC Acquisition Corp., First Lien B Term Loan, 3M SOFR + 4.25%, 0.75% Floor, 05/25/2028		$	1,288,508			$	1,001,460
Atlas CC Acquisition Corp., First Lien C Term Loan, 3M SOFR + 4.25%, 0.75% Floor, 05/25/2028			262,069				203,687
Dynasty Acquisition Co Inc., First Lien Term Loan, 3M SOFR + 3.50%, 08/24/2028			537,807				538,831
Nordam Group LLC, First Lien Initial Term Loan, 1M SOFR + 5.50%, 04/09/2026			1,364,400				1,354,167
Novaria Holdings, LLC, First Lien Term Loan, 3M SOFR + 4.25%, 06/06/2031			480,556				481,555
Peraton Corp., First Lien B Term Loan, 1M SOFR + 3.75%, 0.75% Floor, 02/01/2028			1,978,073				1,907,812
Standard Aero, Ltd., First Lien Term Loan, 1M SOFR + 3.50%, 08/24/2028			207,364				207,760
TransDigm, Inc., First Lien Term Loan:
3M SOFR + 2.50%, 02/28/2031			848,761				846,410
6M SOFR + 2.50%, 01/19/2032			648,214				646,389
Vertex Aerospace Corp., First Lien Term Loan, 1M SOFR + 2.75%, 12/06/2030			782,062				782,551
World Wide Technology Holding Co LLC, First Lien Term Loan, 3M SOFR + 3.50%, 0.50% Floor, 04/21/2031			380,788				382,692
							8,353,314
Air Freight & Logistics - 2.49%
ASP LS Acquisition Corp., First Lien Term Loan, 3M SOFR + 4.50%, 0.75% Floor, 05/07/2028			1,058,950				673,624
Clue Opco LLC, First Lien Term Loan, 3M SOFR + 4.50%, 12/19/2030			1,049,644				1,044,003
Rinchem Company, Inc., First Lien Term Loan, 3M SOFR + 4.25%, 03/02/2029			1,190,523				1,010,778
Savage Enterprises LLC, First Lien Term Loan, 3M US L + 3.25%, 0.50% Floor, 09/15/2028			512,776				514,973
WWEX UNI TopCo Holdings LLC, First Lien Initial Term Loan, 3M SOFR + 4.00%, 0.75% Floor, 07/26/2028			969,931				975,741
							4,219,119
Automobile Components - 1.64%
Belron Finance US LLC, First Lien Term Loan, 3M SOFR + 2.25%, 0.50% Floor, 04/18/2029			318,825				319,156
Clarios Glob LP, First Lien Term Loan, 1M SOFR + 2.50%, 05/06/2030			496,074				496,902
First Brands Group LLC, First Lien Term Loan, 3M SOFR + 5.00%, 1.00% Floor, 03/30/2027			420,968				417,285
First Brands Group, LLC, First Lien 2018 New Tranche E Term Loan, 3M SOFR + 5.00%, 03/30/2027			378,042				374,676
LTI Holdings, Inc., First Lien Term Loan, 1M SOFR + 4.75%, 07/29/2029			1,192,089				1,174,023
							2,782,042
Biotechnology - 0.28%
Grifols Worldwide Operations, First Lien Term Loan, 3M SOFR + 2.00%, 11/15/2027			481,115				468,486
Broadline Retail - 0.20%
Peer Hldg III BV, First Lien Term Loan, 3M SOFR + 3.00%, 07/01/2031			334,266				335,728
Building Products - 2.52%
LBM Acquisition LLC, First Lien Term Loan, 1M SOFR + 3.75%, 06/06/2031			1,256,295				1,233,983
LHS Borrower, LLC, First Lien Term Loan, 1M SOFR + 4.75%, 0.50% Floor, 02/16/2029			727,489				696,719
MI Windows and Doors, LLC, First Lien Term Loan 03/28/2031			820,896			$	823,346
Oscar Acquisitionco LLC, First Lien Term Loan, 3M SOFR + 4.25%, 0.50% Floor, 04/29/2029			726,177				718,211
Resideo Funding Inc, First Lien Term Loan, 3M SOFR + 2.00%, 06/13/2031			133,155				133,488
Trulite Holding Corp., First Lien Term Loan, 3M SOFR + 6.00%, 03/01/2030(b)			695,797				674,924
							4,280,671
Capital Markets - 5.59%
Apex Group Treasury, Ltd., First Lien USD Term Loan, 6M SOFR + 3.75%, 0.50% Floor, 07/27/2028			1,197,245				1,200,239
AssetMark 6/24 TLB 1L, First Lien Term Loan, 3M SOFR + 3.25%, 09/05/2031			534,746				529,148

		Principal Amount				Value
Capital Markets (continued)
Cetera Financial 5/24 TLB 1L, First Lien Term Loan, 1M SOFR + 4.00%, 08/09/2030		$	1,623,906			$	1,593,003
Citadel Securities LP, First Lien Term Loan, 1M SOFR + 2.25%, 07/29/2030			369,628				369,816
CITCO FDG LLC, First Lien Term Loan, 3M SOFR + 2.75%, 04/27/2028			1,694,154				1,705,276
Focus Financial Partners, LLC, First Lien Term Loan:
1M SOFR + 3.25%, 09/11/2031			1,471,849				1,469,141
6M SOFR + 3.25%, 09/11/2031			158,080				157,789
June Purchaser, LLC, First Lien Term Loan, 6M SOFR + 3.75%, 09/11/2031			583,704				581,880
June Purchaser/Janney Montgomery 9/24 Delayed TL 1, First Lien Term Loan, 6M SOFR + 3.75%, 09/11/2031			97,284				96,980
Kestra Advisor Services Holdings A INC, First Lien Term Loan, 3M SOFR + 4.00%, 03/22/2031			521,346				523,463
Osaic Holdings Inc aka Advisor Group, First Lien Term Loan, 1M SOFR + 4.00%, 08/17/2028			1,258,608				1,246,607
							9,473,342
Chemicals - 1.53%
CI Maroon Holdings LLC, First Lien Term Loan, 3M SOFR + 4.00%, 03/01/2031			315,000				316,707
Discovery Purchaser/Bayer/Envu 8/22 TL, First Lien Term Loan, 3M SOFR + 4.38%, 10/04/2029			705,026				702,968
Ecovyst Catalyst Technologies LLC, First Lien Term Loan, 3M SOFR + 2.25%, 06/12/2031			1,233,490				1,227,612
Geon Performance Solutions LLC, First Lien Term Loan, 3M SOFR + 4.25%, 0.75% Floor, 08/18/2028			341,040				342,319
							2,589,606
Commercial Services & Supplies - 4.57%
Action Environmental Group, Inc., First Lien Term Loan, 3M SOFR + 4.00%, 0.50% Floor, 10/24/2030			1,412,572				1,417,869
Allied Universal Holdco LLC, First Lien Initial U.S. Dollar Term Loan, 1M SOFR + 3.75%, 0.50% Floor, 05/12/2028			1,903,776				1,887,356
Amex GBT 7/24 Cov-Lite, First Lien Term Loan, 6M US L + 0.00%, 07/25/2031			500,331				499,914
Belfor Holdings, Inc., First Lien Term Loan, 1M SOFR + 3.75%, 0.50% Floor, 11/01/2030			235,738				237,065
Equiniti Group PLC, First Lien Term Loan, 6M SOFR + 4.50%, 12/11/2028(b)			295,623				297,840
GFL Environmental, Inc., First Lien Term Loan, 3M US L + 2.00%, 0.50% Floor, 07/03/2031			145,000				145,026
Justrite Safety Group, First Lien Delayed Draw Term Loan, 1M SOFR + 4.50%, 06/28/2026			64,070				64,110
Justrite Safety Group, First Lien Initial Term Loan, 1M SOFR + 4.50%, 06/28/2026			1,185,075				1,185,816
Prime Sec Services Borrower LLC, TL, First Lien Term Loan, 3M US L + 2.25%, 10/13/2030			1,074,615				1,074,615
TMF Sapphire US LLC aka TMF Group TLB 1L, First Lien Term Loan, 6M SOFR + 3.50%, 05/03/2028			256,891				258,389
Vortex Opco, LLC First-Out TL 1L, First Lien Term Loan, 3M SOFR + 6.25%, 04/30/2030(c)			170,816				178,102
Vortex Opco, LLC Second-Out TL 1L, First Lien Term Loan, 3M SOFR + 4.25%, 12/17/2028(c)			686,090				495,700
							7,741,802
Communications Equipment - 0.02%
MLN US HoldCo LLC, First Lien B Term Loan, 3M SOFR + 4.50%, 11/30/2025			699,130				41,948
Construction & Engineering - 1.99%
Amentum/Amazon Holdco 7/24 TLB 1L, First Lien Term Loan, 6M SOFR + 2.75%, 07/30/2031			743,666				742,271
Arcosa 8/24 TL 1L, First Lien Term Loan, 6M SOFR + 2.75%, 08/12/2031			133,568				133,568
Azuria Water Solutions Inc aka Aegion TLB 1L, First Lien Term Loan, 1M SOFR + 3.75%, 05/17/2028			1,383,296				1,390,649
Groundworks LLC, First Lien Term Loan:
1M SOFR + 3.50%, 03/14/2031			675,156				671,568
6M SOFR + 4.00%, 03/14/2031(d)			19,932				19,826
TenCate 8/24 TLB 1L, First Lien Term Loan, 3M SOFR + 3.25%, 02/21/2031			421,646				421,711
							3,379,593
Construction Materials - 0.89%
Tamko Building Products LLC, First Lien Term Loan, 1M SOFR + 3.25%, 09/20/2030			1,499,196				1,504,818
Consumer Finance - 0.26%
CPI Holdco B LLC, First Lien Term Loan, 1M SOFR + 2.00%, 05/17/2031			445,330				443,778

		Principal Amount				Value
Containers & Packaging - 2.33%
Altium Packaging LLC, First Lien Term Loan, 1M SOFR + 2.50%, 06/11/2031		$	116,227			$	115,719
Anchor Packaging LLC, First Lien Term Loan, 1M SOFR + 3.75%, 07/18/2029			363,000				364,731
Berlin Packaging LLC, First Lien Term Loan, 1M SOFR + 3.75%, 06/07/2031			504,111				504,316
ProAmpac PG Borrower LLC, First Lien Term Loan, 3M SOFR + 4.00%, 0.75% Floor, 09/15/2028			818,683				820,934
Supplyone 3/24, First Lien Term Loan, 3M SOFR + 4.50%, 04/19/2031			677,669				680,494
Tricorbraun Holdings, Inc., First Lien Closing Date Initial Term Loan, 1M SOFR + 3.25%, 0.50% Floor, 03/03/2028			90,292				88,684
Trident TPI Holdings, Inc., First Lien Term Loan, 3M SOFR + 4.00%, 0.50% Floor, 09/15/2028			1,362,729				1,366,463
							3,941,341
Distributors - 1.71%
Burgess Point Purchaser Corp., First Lien Term Loan, 1M SOFR + 5.25%, 07/25/2029			1,274,499				1,207,925
S&S Holdings LLC, First Lien Initial Term Loan, 1M SOFR + 5.00%, 0.50% Floor, 03/11/2028			1,289,571				1,285,889
S&S Holdings LLC, First Lien Term Loan, 6M SOFR + 5.00%, 10/31/2031			412,785				407,885
							2,901,699
Diversified Consumer Services - 2.11%
Cengage Learning, Inc., First Lien Term Loan, 6M SOFR + 4.25%, 1.00% Floor, 03/24/2031			687,173				689,492
Fugue Finance LLC aka Nord Anglia, First Lien Term Loan, 3M SOFR + 3.75%, 02/26/2031			289,599				291,735
Imagine Learning LLC, First Lien Term Loan, 1M SOFR + 3.50%, 12/21/2029			977,550				978,229
Loyalty Ventures, Inc., First Lien Term Loan, 3M Prime + 3.50%, 11/03/2027(b)			409,425				4,094
McKissock Investment Holdings, LLC, First Lien Term Loan, 3M SOFR + 5.00%, 03/12/2029			134,830				135,239
St. George's University Scholastic Services LLC, First Lien Term Loan B Term Loan, 1M SOFR + 2.75%, 0.50% Floor, 02/10/2029			1,091,607				1,089,729
TruGreen LP, First Lien Term Loan, 3M SOFR + 4.00%, 0.75% Floor, 11/02/2027			394,678				382,640
							3,571,158
Diversified REITs - 0.37%
Iron Mountain Information Management LLC, First Lien Term Loan, 1M SOFR + 2.00%, 01/31/2031			400,619				398,866
Opry Entertainment/OEG, First Lien Term Loan, 3M SOFR + 3.75%, 06/30/2031			229,356				229,499
							628,365
Diversified Telecommunication Services - 3.63%
Coral-US Co-Borrower LLC, First Lien B-5 Term Loan, 1M SOFR +  2.25%, 01/31/2028			704,605				697,510
Level 3 Financing Inc., First Lien Term Loan:
1M SOFR + 6.56%, 04/15/2029			172,908				176,820
1M SOFR + 6.56%, 04/15/2030			174,177				177,676
Lorca Finco PLC, First Lien Term Loan, 3M SOFR + 3.50%, 03/25/2031			288,550				289,571
Lumen Technologies, Inc., First Lien Term Loan, 1M SOFR + 6.00%, 06/01/2028			16,353				15,797
Radiate Holdco, LLC,, First Lien Term Loan, 3M US L + 3.25%, 09/25/2026			1,178,841				1,014,540
Telenet Financing USD LLC, First Lien Term Loan, 1M SOFR + 2.00%, 04/30/2028			980,607				947,208
UPC Financing Partnership, First Lien Facility AT Term Loan, 1M SOFR + 2.25%, 04/30/2028			1,335,308				1,321,835
Virgin Media Bristol LLC, First Lien Term Loan, 1M SOFR + 2.50%, 01/31/2028			493,300				472,744
Zacapa S.A.R.L., First Lien Term Loan, 3M SOFR + 4.00%, 03/22/2029			1,037,995				1,041,322
							6,155,023
Electric Utilities - 2.23%
Alpha Generation LLC, First Lien Term Loan, 6M SOFR + 3.25%, 09/19/2031			867,588				868,828
Lightning Power 8/24 TLB, First Lien Term Loan, 6M SOFR + 3.25%, 08/18/2031			1,589,604				1,594,683
NRG Energy 3/24 Cov-Lite, First Lien Term Loan, 1M SOFR + 2.00%, 04/16/2031			714,000				716,053
Vistra Operations Co. LLC, First Lien 2018 Incremental Term Loan, 1M SOFR + 2.00%, 12/20/2030			607,964				608,693
							3,788,257
Electronic Equipment, Instruments & Components - 1.40%
Celestica 5/24 TLB 1L, First Lien Term Loan, 1M SOFR + 1.75%, 06/20/2031(b)			175,338				175,557
Coherent Corp., First Lien Term Loan, 1M SOFR + 2.50%, 0.50% Floor, 07/02/2029			977,652				979,177

		Principal Amount				Value
Electronic Equipment, Instruments & Components (continued)
DG Investment Intermediate Holdings 2, Inc., Second Lien Initial Term Loan, 1M SOFR + 6.75%, 0.75% Floor, 03/30/2029		$	581,429			$	548,360
Discovery Energy Corp., First Lien Term Loan, 3M SOFR + 4.75%, 05/01/2031			667,993				675,090
							2,378,184
Energy Equipment & Services - 0.33%
Ursa Minor US Bidco LLC aka Rosen, First Lien Term Loan, 3M SOFR + 3.50%, 03/26/2031			558,821				560,567
Entertainment - 1.00%
CE Intermediate I LLC, First Lien Term Loan, 3M SOFR + 3.50%, 0.50% Floor, 11/10/2028			752,675				754,794
EP Purcasher, LLC, First Lien Term Loan, 3M SOFR + 3.50%, 11/06/2028			937,601				941,116
							1,695,910
Financial Services - 1.66%
Envestnet, Inc., First Lien Term Loan, 6M SOFR + 3.50%, 09/19/2031			676,729				674,543
Mitchell International, First Lien Term Loan, 1M SOFR + 3.25%, 06/17/2031			809,780				798,884
Planet US Buyer, LLC, First Lien Term Loan, 3M SOFR + 3.50%, 02/07/2031			539,243				540,861
Polaris Newco LLC, First Lien Dollar Term Loan, 3M SOFR + 4.00%, 0.50% Floor, 06/02/2028			818,940				806,362
							2,820,650
Food Products - 0.75%
Froneri US, Inc., First Lien Term Loan, 6M SOFR + 2.50%, 09/17/2031			501,084				499,864
Saratoga Food Specialties LLC, First Lien Term Loan, 3M SOFR + 3.75%, 03/07/2029			252,440				253,860
Snacking Investments BidCo Pty, Ltd., First Lien Initial US Term Loan, 1M SOFR + 4.00%, 1.00% Floor, 12/18/2026			515,484				518,384
							1,272,108
Ground Transportation - 0.60%
Genesee & WY Inc, First Lien Term Loan, 3M SOFR + 2.00%, 04/10/2031			1,015,113				1,013,697
Health Care Equipment & Supplies - 0.95%
Auris Luxembourg III SARL, First Lien Term Loan 02/28/2029			1,600,818				1,603,323
Health Care Providers & Services - 7.62%
CHG Healthcare Services, Inc., First Lien Term Loan, 1M SOFR + 3.50%, 0.50% Floor, 09/29/2028			145,753				146,147
Global Medical Response, Inc., First Lien Term Loan, 3M SOFR + 5.50%, 1.00% Floor, 9.71% PIK, 10/31/2028(e)			1,630,367				1,623,617
Heartland Dental LLC, First Lien Term Loan, 3M SOFR + 4.50%, 0.75% Floor, 04/28/2028			1,002,017				986,466
IVI America LLC aka IVIRMA, First Lien Term Loan, 3M SOFR + 4.50%, 04/09/2031			437,500				441,055
MED ParentCo, LP, First Lien Term Loan, 1M SOFR + 4.00%, 04/15/2031			455,086				456,322
Medical Solutions LLC, First Lien Term Loan, 3M SOFR + 3.25%, 11/01/2028			978,955				751,103
Midwest Physcn Admin Srvcs LLC, First Lien Term Loan, 3M SOFR + 3.00%, 03/12/2028			1,199,577				1,086,469
NAPA Management Services Corp., First Lien Term Loan, 1M SOFR + 5.25%, 0.75% Floor, 02/23/2029			1,000,234				944,806
Onex TSG Intermediate Corp., First Lien Initial Term Loan, 1M SOFR + 4.75%, 0.75% Floor, 02/28/2028			1,325,833				1,326,244
Outcomes Group Holdings, Inc., First Lien Term Loan, 1M SOFR + 4.25%, 05/06/2031			764,477				769,973
Pathway Vet Alliance LLC, First Lien 2021 Replacement Term Loan, 1M SOFR + 3.75%, 03/31/2027			1,226,364				1,038,577
Pediatric Associates Holding Co. LLC, First Lien Term Loan, 1M SOFR + 3.25%, 0.50% Floor, 12/29/2028			1,015,172				989,438
Radiology Partners Inc, First Lien Term Loan, 3M SOFR + 5.00%, 01/31/2029			1,300,641				1,277,886
U.S. Anesthesia Partners, Inc., First Lien Term Loan, 3M US L + 4.25%, 0.50% Floor, 10/01/2028			1,107,037				1,086,352
							12,924,455
Health Care Technology - 2.67%
Cotiviti Inc., First Lien Term Loan, 3M US L + 7.63%, 05/01/2031			1,753,130				1,763,718

		Principal Amount				Value
Health Care Technology (continued)
Gainwell Acquisition Corp., First Lien Term Loan, 3M SOFR + 4.00%, 0.75% Floor, 10/01/2027		$	1,515,414			$	1,446,273
GHX Ultimate Parent Corp., First Lien Term Loan, 3M SOFR + 4.00%, 0.50% Floor, 06/30/2027			992,960				998,545
Vizient 7/24 TLB 1L, First Lien Term Loan, 1M SOFR + 2.00%, 08/01/2031			184,184				184,737
Waystar Technologies, Inc., First Lien Term Loan, 6M SOFR + 3.00%, 10/22/2029			130,911				131,157
							4,524,430
Hotels, Restaurants & Leisure - 6.00%
1011778 BC UNLIMITED LIABILITY CO, First Lien Term Loan, 1M SOFR + 1.75%, 09/20/2030			1,430,017				1,418,019
Bally's Corp., First Lien Term Loan, 3M SOFR + 3.25%, 0.50% Floor, 10/02/2028			1,385,299				1,322,531
Caesars Entertainment, Inc., First Lien Term Loan:
1M SOFR + 2.75%, 0.50% Floor, 02/06/2030			1,190,889				1,193,211
1M SOFR + 2.75%, 0.50% Floor, 02/06/2031			350,746				351,267
Entain plc, First Lien Term Loan, 6M SOFR + 2.75%, 10/31/2029			1,139,194				1,140,851
Fertitta Entertainment, LLC, First Lien Term Loan, 1M SOFR + 3.75%, 01/27/2029			1,082,087				1,080,323
Flutter Financing B.V., First Lien Term Loan, 3M SOFR + 2.25%, 11/30/2030			1,551,490				1,555,090
Hilton Grand Vacations Borrower, LLC, First Lien Term Loan, 1M SOFR + 2.25%, 01/17/2031			698,160				694,233
LC Ahab US Bidco LLC, First Lien Term Loan, 1M SOFR + 3.50%, 05/01/2031			274,413				275,958
Ovg Business Services LLC, First Lien Term Loan, 1M SOFR + 3.00%, 06/25/2031			457,441				455,725
Raising Cane's Restaurants, L.L.C., First Lien Term Loan, 6M SOFR + 2.50%, 09/18/2031			201,970				202,286
Tacala Investment Corp., First Lien Term Loan 01/31/2031			481,392				482,716
							10,172,210
Household Durables - 0.79%
ACProducts Holdings, Inc., First Lien Term Loan, 3M SOFR + 4.25%, 0.50% Floor, 05/17/2028			1,597,765				1,343,265
Independent Power and Renewable Electricity Producers - 0.60%
Calpine Corp., First Lien Term Loan, 1M SOFR + 2.00%, 01/31/2031			1,025,880				1,023,818
Industrial Conglomerates - 0.30%
Madison Safety & Flow LLC, First Lien Term Loan, 6M SOFR + 3.75%, 09/19/2031			511,977				512,458
Insurance - 2.90%
Alliant Holdings Intermediate LLC, First Lien Term Loan, 6M SOFR + 3.25%, 09/12/2031			745,714				742,381
AmWINS Group, Inc., First Lien Term Loan, 1M SOFR + 2.25%, 0.75% Floor, 02/19/2028			489,764				489,534
AssuredPartners, Inc., First Lien Term Loan, 1M SOFR + 3.50%, 02/14/2031			258,999				259,044
BroadStreet Partners Inc, First Lien Term Loan, 1M SOFR + 3.25%, 06/13/2031			648,375				646,537
Hyperion Insurance/Howden 7/24 TLB 1L, First Lien Term Loan, 1M SOFR + 3.50%, 04/18/2030			1,262,203				1,264,122
Hyperion Refinance Sarl, First Lien Term Loan, 1M SOFR + 3.50%, 0.50% Floor, 02/15/2031			426,817				427,618
Ryan Specialty LLC, First Lien Term Loan, 1M SOFR + 2.25%, 09/12/2031			105,276				105,407
Truist Insurance 3/24 2nd Lien Cov-Lite, Second Lien Term Loan, 3M SOFR + 4.75%, 05/06/2032			472,588				481,449
USI Inc/NY aka Compass Investors TLB, First Lien Term Loan, 3M SOFR + 2.75%, 09/27/2030			499,691				498,754
							4,914,846
Interactive Media & Services - 0.99%
Foundational Education Group, Inc., First Lien Term Loan, 3M SOFR + 3.75%, 08/31/2028			32,798				31,773
LI Group Holdings, Inc., First Lien 2021 Term Loan, 1M SOFR + 3.50%, 0.75% Floor, 03/11/2028(b)			574,273				576,427
Project Boost Purchaser, LLC aka JD Power/Autodata, Second Lien Term Loan, 6M SOFR + 5.50%, 07/16/2032			542,725				544,532
Trip.com/TripAdvisor 7/24, First Lien Term Loan, 6M SOFR + 3.25%, 07/08/2031			520,260				520,096
							1,672,828
IT Services - 4.57%
Access CIG LLC, First Lien Term Loan, 3M SOFR + 5.00%, 0.50% Floor, 08/18/2028			134,560				135,304
Ahead 7/24 TLB3 1L, First Lien Term Loan, 6M SOFR + 3.50%, 02/01/2031			668,582				670,330
Asurion LLC, Second Lien Term Loan, 1M SOFR + 5.25%, 01/20/2029			53,839				49,957

		Principal Amount				Value
IT Services (continued)
Chrysaor Bidco Sarl DDTL 1L, First Lien Term Loan, 6M SOFR + 4.00%, 05/14/2031		$	6			$	6
Chrysaor Bidco Sarl TLB 1L, First Lien Term Loan, 6M SOFR + 4.00%, 07/17/2031			87				88
Dcert Buyer, Inc., Second Lien First Amendment Refinancing Term Loan, 1M SOFR + 7.00%, 02/19/2029			1,625,691				1,412,034
Go Daddy Oper Co LLC, First Lien Term Loan, 1M SOFR + 1.75%, 05/30/2031			414,000				413,412
Newfold Digital Holdings Group, Inc., First Lien Initial Term Loan, 1M SOFR + 3.50%, 0.75% Floor, 02/10/2028			1,538,815				1,364,460
Presidio/Fortress Intermediate 4/24 TLB 1L, First Lien Term Loan, 1M SOFR + 3.75%, 06/27/2031			1,589,000				1,588,007
Skopima Merger Sub Inc., First Lien Initial Term Loan, 1M SOFR + 4.00%, 05/12/2028			900,402				900,123
Synechron Inc, First Lien Term Loan, 6M SOFR + 3.75%, 09/26/2031(b)			870,000				863,475
World Wide Technology 3/24, First Lien Term Loan, 1M SOFR + 2.75%, 03/01/2030(b)			350,221				351,535
							7,748,731
Life Sciences Tools & Services - 1.83%
Catalent Pharma Solutions, Inc., First Lien Term Loan, 1M SOFR + 2.00%, 0.50% Floor, 02/22/2028			1,160,366				1,160,911
Curia Global, Inc., First Lien 2021 Term Loan, 3M SOFR + 3.75%, 0.75% Floor, 08/30/2026			923,700				881,916
IQVIA INC., First Lien Term Loan, 3M SOFR + 2.00%, 01/02/2031			167,007				167,912
Loire UK Midco 3, Ltd., First Lien Facility B2 Term Loan, 1M SOFR + 3.75%, 0.75% Floor, 04/21/2027			889,564				885,116
Phoenix Newco, Inc., First Lien Term Loan, 1M SOFR + 3.00%, 0.50% Floor, 11/15/2028			635				636
							3,096,491
Machinery - 5.22%
Asp Blade Holdings, Inc., First Lien Term Loan, 3M SOFR + 4.00%, 0.50% Floor, 10/13/2028			228,543				169,979
Bettcher Industries, Inc., First Lien Term Loan, 3M SOFR + 4.00%, 12/14/2028			728,171				725,743
Crosby US Acquisition Corp., First Lien Term Loan, 1M SOFR + 3.50%, 08/16/2029			340,771				341,836
Engineered Machinery Holdings, Inc., First Lien Term Loan, 3M SOFR + 3.75%, 0.75% Floor, 05/19/2028			1,335,446				1,341,475
Hyperion Materials & Technologies, Inc., First Lien Initial Term Loan, 3M SOFR + 4.50%, 0.50% Floor, 08/30/2028			629,306				586,986
INNIO Group Hldg GmbH, First Lien Term Loan, 6M SOFR + 3.50%, 11/02/2028			157,472				158,326
LSF11 Trinity Bidco Inc, First Lien Term Loan, 1M SOFR + 3.50%, 06/14/2030(b)			487,128				488,346
Pro Mach Group, Inc., First Lien Term Loan, 1M SOFR + 3.50%, 1.00% Floor, 08/31/2028			1,471,313				1,477,853
Project Castle, Inc., First Lien Term Loan, 3M SOFR + 5.50%, 06/01/2029			1,312,710				1,204,418
TK Elevator Midco GmbH, First Lien Term Loan, 6M SOFR + 3.50%, 04/30/2030			1,094,523				1,097,943
Victory Buyer LLC, First Lien Term Loan, 3M SOFR + 3.75%, 0.50% Floor, 11/19/2028			1,295,664				1,252,745
							8,845,650
Media - 1.08%
ABG Intermediate Holdings 2 LLC, First Lien Term Loan, 6M SOFR + 2.75%, 12/21/2028			194,381				194,807
American Greetings Corp., First Lien Term Loan, 1M SOFR + 5.75%, 10/30/2029			745,660				752,535
Cable One, Inc., First Lien Term Loan, 3M US L + 2.00%, 05/03/2028			306,152				298,575
Cogeco Financing 2 LP, First Lien Term Loan, 3M SOFR + 2.50%, 0.50% Floor, 09/01/2028			173,242				170,481
McGraw-Hill 8/24 Cov-Lite TLB 1L, First Lien Term Loan, 6M SOFR + 4.25%, 08/06/2031			406,430				408,462
							1,824,860
Metals & Mining - 0.73%
Arsenal AIC Parent LLC, First Lien Term Loan, 1M SOFR + 3.50%, 08/18/2030			1,240,846				1,241,467
Mortgage Real Estate Investment - 0.34%
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 - 0.63%
Buckeye Partners LP, First Lien Term Loan, 3M SOFR + 2.00%, 11/22/2030			261,898				261,915
Freeport LNG, First Lien Term Loan, 3M SOFR + 3.50%, 12/21/2028			141,911				140,829

		Principal Amount				Value
Oil, Gas & Consumable Fuels (continued)
GIP Pilot Acquisition Partners LP, First Lien Term Loan, 3M SOFR + 2.50%, 10/04/2030		$	316,306			$	317,359
Whitewater Whistler Holdings LLC, First Lien Term Loan, 3M SOFR + 2.25%, 02/15/2030			352,011				351,791
							1,071,894
Passenger Airlines - 1.00%
American Airlines, Inc., First Lien 2020 Term Loan, 3M SOFR + 1.75%, 01/29/2027			200,716				199,995
American Airlines, Inc., First Lien Term Loan, 1M SOFR + 2.75%, 02/15/2028			879,606				878,915
Jetblue 8/24 TLB 1L, First Lien Term Loan, 6M SOFR + 5.50%, 08/27/2029			636,260				624,528
							1,703,438
Pharmaceuticals - 0.92%
Elanco Animal Health, Inc., First Lien B Term Loan, 3M SOFR + 1.75%, 08/01/2027			476,661				476,101
Padagis LLC, First Lien Initial Term Loan, 3M SOFR + 4.75%, 0.50% Floor, 07/06/2028			1,158,828				1,083,504
							1,559,605
Professional Services - 10.14%
AG Group Holdings, Inc., First Lien Term Loan, 1M SOFR + 4.00%, 12/29/2028			1,249,199				1,222,653
Ankura Consulting Group LLC, First Lien Term Loan, 3M SOFR + 4.25%, 0.75% Floor, 03/17/2028			263,265				264,418
CoreLogic, Inc., First Lien Initial Term Loan, 1M SOFR + 3.50%, 0.50% Floor, 06/02/2028			393,382				390,467
CoreLogic, Inc., Second Lien Initial Term Loan, 1M SOFR + 6.50%, 0.50% Floor, 06/04/2029			553,488				541,494
DTI Holdco, Inc., First Lien Term Loan, 1M SOFR + 4.75%, 04/26/2029			716,806				720,519
Dun & Bradstreet Corp., First Lien Term Loan, 1M SOFR + 2.75%, 01/18/2029			666,330				666,516
EAB Global, Inc., First Lien Term Loan, 3M SOFR + 3.25%, 0.50% Floor, 08/16/2028			748,158				746,381
Eisner Advisory Group LLC, First Lien Term Loan, 3M SOFR + 4.00%, 02/28/2031			845,121				849,051
Element Materials Technology Group Holdings, First Lien Term Loan, 3M SOFR + 4.25%, 07/06/2029			916,890				920,333
First Advantage Holdings, LLC, First Lien Term Loan, 6M US L + 0.00%, 09/19/2031(b)			1,054,167				1,050,872
Galaxy US Opco Inc. TL, First Lien Term Loan, 3M SOFR + 4.75%, 04/29/2029			1,399,197				1,177,515
Grant Thornton 5/24 Cov-Lite TLB 1L, First Lien Term Loan, 1M SOFR + 3.25%, 06/02/2031			822,739				824,858
HireRight Holdings Corp., First Lien Term Loan, 1M SOFR + 4.00%, 09/27/2030			657,056				653,771
Isolved, Inc., First Lien Term Loan, 1M SOFR + 3.50%, 10/15/2030			310,353				311,958
Lereta, LLC, First Lien Term Loan, 1M SOFR + 5.25%, 07/30/2028			424,732				346,156
Mermaid Bidco Inc aka Datasite TL 1L, First Lien Term Loan, 3M SOFR + 3.25%, 07/03/2031			486,113				486,114
Neptune Bidco US, Inc., First Lien Term Loan:
3M SOFR + 4.75%, 10/11/2028			414,282				388,493
3M SOFR + 5.00%, 0.50% Floor, 04/11/2029			529,902				498,866
Perficient/Plano 8/24 TLB 1L, First Lien Term Loan, 6M SOFR + 3.50%, 08/30/2031			594,596				596,082
Rockwood Service 7/24, First Lien Term Loan, 1M SOFR + 3.50%, 07/30/2031			178,352				179,384
Ryan LLC., First Lien Term Loan, 1M SOFR + 3.50%, 11/14/2030			599,954				594,203
Trans Union LLC, First Lien Term Loan, 3M SOFR + 1.75%, 06/24/2031			1,072,747				1,071,835
TTF Holdings LLC, First Lien Term Loan, 1M SOFR + 3.75%, 07/18/2031			1,056,941				1,059,584
Vaco Holdings, LLC, First Lien Term Loan, 3M SOFR + 5.00%, 01/21/2029			1,274,897				1,254,582
Veritext 3/24, First Lien Term Loan, 1M SOFR + 3.50%, 08/09/2030			378,541				380,158
							17,196,263
Real Estate Management & Development - 0.30%
Cushman & Wakefield US Borrower LLC, First Lien Initial Term Loan, 1M SOFR + 3.00%, 01/31/2030(b)			505,291				505,922
Software - 15.98%
BEP Intermediate/Buyers Edge 4/24 TLB, First Lien Term Loan, 1M SOFR + 3.75%, 04/25/2031(b)			297,398				298,885
BMC Software 7/24 2nd Lien TL, Second Lien Term Loan, 6M SOFR + 6.00%, 07/30/2032			1,100,959				1,085,364
Boost Newco Borrower LLC, First Lien Term Loan, 3M SOFR + 2.50%, 01/31/2031			767,099				768,376
Boxer Parent Co., Inc., First Lien Term Loan, 6M SOFR + 4.00%, 07/30/2031			1,585,982				1,584,721
Central Parent LLC, First Lien Term Loan, 3M SOFR + 3.25%, 07/06/2029			940,294				931,676
Cloud Software Group Inc aka Balboa/Citrix TLB 1L, First Lien Term Loan, 3M SOFR + 4.00%, 03/30/2029			1,486,705				1,482,364
Cloud Software Group Inc, First Lien Term Loan, 3M SOFR + 4.50%, 03/21/2031			195,132				195,890

		Principal Amount				Value
Software (continued)
Cloudera, Inc., First Lien Term Loan, 1M SOFR + 3.75%, 0.50% Floor, 10/08/2028		$	992,366			$	968,798
Conga Corp., First Lien Term Loan, 6M SOFR + 3.50%, 0.75% Floor, 05/08/2028			305,528				307,017
Connectwise, LLC, First Lien Term Loan, 3M SOFR + 3.50%, 0.50% Floor, 09/29/2028			598,462				598,761
Cornerstone OnDemand, Inc., First Lien Initial Term Loan, 1M SOFR + 3.75%, 0.50% Floor, 10/16/2028			1,655,051				1,554,714
Epicor Software Corp, First Lien Term Loan, 1M SOFR + 3.25%, 05/30/2031			33,707				33,772
Fiserv Investment Solutions, Inc., First Lien Initial Term Loan, 3M SOFR + 4.00%, 02/18/2027			1,322,447				1,274,508
Flexera Software LLC, First Lien Term Loan, 1M SOFR + 3.50%, 03/03/2028			432,122				432,859
Help/Systems Holdings, Inc., First Lien Seventh Amendment Refinancing Term Loan, 1M SOFR + 4.00%, 0.75% Floor, 11/19/2026			1,157,284				1,106,653
Idera INC, First Lien Term Loan, 3M SOFR + 3.50%, 03/02/2028			808,059				793,287
Infoblox 4/24 2nd lien TL 1L, Second Lien Term Loan, 6M SOFR + 5.25%, 11/29/2030			579,428				584,017
Instructure Holdings, Inc., First Lien Term Loan, 6M SOFR + 3.50%, 09/11/2031			1,127,343				1,119,942
Instructure Holdings, INC., First Lien Term Loan, 3M SOFR + 2.75%, 10/30/2028			701				702
Ivanti Software, Inc., First Lien First Amendment Term Loan, 3M SOFR + 4.00%, 0.75% Floor, 12/01/2027			239,442				200,832
Ivanti Software, Inc., Second Lien Term Loan, 3M SOFR + 7.25%, 12/01/2028			476,866				308,372
Magenta Security Holdings, LLC First Out TL 1L, First Lien Term Loan, 6M US L + 0.00%, 07/27/2028(c)			656,226				623,756
Magenta Security Holdings, LLC Second Out TL 1L, First Lien Term Loan, 6M SOFR + 7.00%, 07/27/2028			498,732				349,611
Magenta Security Holdings, LLC Third Out 1L TL, First Lien Term Loan, 6M SOFR + 6.25%, 07/27/2028			157,494				47,642
McAfee 8/24, First Lien Term Loan, 3M SOFR + 6.25%, 07/27/2028			231,364				235,991
Mitnick Corporate Purchaser Inc., First Lien Term Loan, 3M SOFR + 4.50%, 05/02/2029			383,272				342,670
Modena Buyer LLC, First Lien Term Loan, 3M SOFR + 4.25%, 07/01/2031			869,313				834,271
Perforce Software, Inc., First Lien New Term Loan, 1M SOFR + 3.75%, 07/01/2026			244,851				244,273
Planview Parent Inc, First Lien Term Loan, 3M SOFR + 3.75%, 12/17/2027			555,542				556,589
Project Alpha Intermediate Holding Inc, First Lien Term Loan, 3M SOFR + 3.75%, 10/28/2030			1,072,356				1,075,949
Project Leopard Holdings, Inc., First Lien Term Loan, 3M US L + 5.25%, 0.50% Floor, 07/20/2029			859,160				774,408
Proofpoint Inc, First Lien Term Loan, 3M SOFR + 3.00%, 08/31/2028			553				553
Quartz Acquireco LLC, First Lien Term Loan, 3M SOFR + 2.75%, 06/28/2030			1,466,120				1,468,876
Rocket Software, Inc., First Lien Term Loan, 1M SOFR + 4.75%, 0.50% Floor, 11/28/2028			943,982				946,082
SS&C Technologies, Inc., First Lien Term Loan, 1M SOFR + 2.00%, 05/09/2031			743,781				744,603
Surf Holdings Sarl., First Lien Dollar Tranche Term Loan, 3M US L + 3.50%, 03/05/2027			890,727				893,889
Vision Solutions, Inc., First Lien Term Loan, 3M SOFR + 4.26%, 0.75% Floor, 04/24/2028			1,619,117				1,580,671
Webpros Luxembourg Sarl, First Lien Term Loan, 3M SOFR + 4.00%, 03/28/2031			261,802				263,111
Xplor T1, LLC, First Lien Term Loan, 3M SOFR + 9.60%, 06/24/2031(b)			483,000				485,415
							27,099,870
Specialty Retail - 1.65%
APRO LLC, First Lien Term Loan, 1M SOFR + 3.75%, 07/09/2031			491,129				493,432
EG America LLC, First Lien Term Loan, 3M SOFR + 5.50%, 0.50% Floor, 02/07/2028			414,194				414,540
HomeServe USA Corp., First Lien Term Loan, 1M SOFR + 2.50%, 10/21/2030			310,850				310,655
Spencer Spirit IH LLC, First Lien Term Loan, 3M SOFR + 5.50%, 07/15/2031			723,429				725,238
StubHub Holdco Sub LLC, First Lien Term Loan, 1M SOFR + 4.75%, 03/15/2030			845,869				846,571
							2,790,436
Technology Hardware, Storage & Peripherals - 0.73%
Dragon Buyer, Inc., First Lien Term Loan, 6M US L + 0.00%, 09/24/2031			218,217				217,453
Xerox 11/23, First Lien Term Loan, 3M SOFR + 4.00%, 11/17/2029			1,015,810				1,013,905
							1,231,358
Textiles, Apparel & Luxury Goods - 0.59%
Champ Acquisition Corp., First Lien Initial Term Loan, 3M SOFR + 5.50%, 12/19/2025			999,315				1,004,936
Trading Companies & Distributors - 2.40%
Avolon TLB Borrower 1 (US), First Lien Term Loan, 1M SOFR + 2.00%, 06/22/2028			649,387				651,491
CD&R Hydr SunSource, First Lien Term Loan, 1M SOFR + 4.00%, 03/25/2031			652,014				648,551

		Principal Amount				Value
Trading Companies & Distributors (continued)
Core & Main LP, First Lien Term Loan, 1M SOFR + 2.25%, 02/09/2031		$	154,814			$	155,201
Fastlane Parent Co., Inc., First Lien Term Loan, 1M SOFR + 4.50%, 0.50% Floor, 09/29/2028			375,857				356,360
Foundation Building Materials, Inc., First Lien Term Loan, 3M SOFR + 4.00%, 01/29/2031			927,705				905,408
Park River Holdings, Inc., First Lien Initial Term Loan, 3M SOFR + 3.25%, 0.75% Floor, 12/28/2027			740,960				730,346
Windsor Holdings III LLC, First Lien Term Loan, 6M SOFR + 3.50%, 08/01/2030			625,156				628,897
							4,076,254
Wireless Telecommunication Services - 0.95%
CCI Buyer, Inc., First Lien Initial Term Loan, 3M SOFR + 4.00%, 0.75% Floor, 12/17/2027			1,616,907				1,616,657
TOTAL FLOATING RATE LOAN INTERESTS
(Cost $200,358,470)							198,230,528
COLLATERALIZED LOAN OBLIGATION SECURITIES(a) - 7.24%
Consumer Finance - 0.29%
Parallel 2021-2, Ltd., 3M SOFR + 7.46%, 10/20/2034(b)(f)			500,000				491,567
Financial Services - 6.95%
Bain Capital Credit CLO 2022-3, Ltd., 3M SOFR + 3.70%, 07/17/2035(b)(f)			1,620,000				1,622,600
CIFC Funding 2019-V, Ltd., 3M SOFR + 3.41%, 01/15/2035(b)(f)			1,600,000				1,605,477
Clover CLO 2021-3 LLC, 3M SOFR + 3.36%, 01/25/2035(b)(f)			2,000,000				2,009,370
Danby Park CLO, Ltd., 3M SOFR + 5.33%, 10/21/2035(b)(f)			1,000,000				1,009,685
HPS Loan Management CLO 6-2015, Ltd., 3M SOFR + 5.36%, 02/05/2031(b)(f)			833,000				826,004
Magnetite XXXV, Ltd., 3M SOFR + 4.00%, 10/25/2036(b)(f)			1,000,000				1,018,760
Park Avenue Institutional Advisers CLO, Ltd. 2022-1, 3M SOFR + 7.29%, 04/20/2035(b)(f)			1,000,000				996,939
PPM CLO 3, Ltd., 3M SOFR + 6.87%, 04/17/2034(b)(f)			500,000				464,309
Rad CLO 5, Ltd., 3M SOFR + 6.96%, 07/24/2032(b)(f)			250,000				251,012
Regatta XVIII Funding, Ltd., 3M SOFR + 6.21%, 01/15/2034(b)(f)			1,000,000				1,005,207
Romark CLO IV, Ltd., 3M SOFR + 7.21%, 07/10/2034(b)(f)			1,000,000				970,439
							11,779,802
TOTAL COLLATERALIZED LOAN OBLIGATION SECURITIES
(Cost $12,136,832)							12,271,369
CORPORATE BONDS - 22.84%
Aerospace & Defense - 0.75%
Bombardier, Inc., 7.450%, 05/01/2034(f)			200,000				221,362
BWX Technologies, Inc.:
4.125%, 06/30/2028(f)			70,000				67,582
4.125%, 04/15/2029(f)			120,000				115,421
KBR, Inc., 4.750%, 09/30/2028(f)			60,000				57,423
TransDigm, Inc.:
4.625%, 01/15/2029			109,000				105,353
6.375%, 03/01/2029(f)			350,000				361,540
4.880%, 05/01/2029			350,000				341,099
							1,269,780
Automobile Components - 0.14%
Patrick Industries, Inc., 4.750%, 05/01/2029(f)			155,000				147,617
Phinia, Inc., 6.625%, 10/15/2032(f)			81,000				81,728
							229,345
Banks - 0.10%
Popular, Inc., 7.250%, 03/13/2028			165,000				174,352

		Principal Amount				Value
Beverages - 0.11%
Primo Water Holdings, Inc., 4.375%, 04/30/2029(f)		$	200,000			$	191,963
Broadline Retail - 0.49%
Kohl's Corp., 5.550%, 07/17/2045			30,000				20,665
Nordstrom, Inc., 5.000%, 01/15/2044			50,000				38,628
Rakuten Group, Inc.:
11.250%, 02/15/2027(f)			327,000				358,234
9.750%, 04/15/2029(f)			370,000				404,514
							822,041
Building Products - 0.22%
Griffon Corp., 5.750%, 03/01/2028			369,000				364,686
Chemicals - 0.06%
Rayonier AM Products, Inc., 7.625%, 01/15/2026(f)			99,000				97,663
Commercial Services & Supplies - 0.41%
Deluxe Corp., 8.000%, 06/01/2029(f)			200,000				189,886
Enviri Corp., 5.750%, 07/31/2027(f)			200,000				196,495
Pitney Bowes, Inc., 7.250%, 03/15/2029(f)			305,000				299,374
							685,755
Communications Equipment - 0.11%
Viavi Solutions, Inc., 3.750%, 10/01/2029(f)			200,000				181,684
Construction & Engineering - 0.34%
AECOM, 5.125%, 03/15/2027			224,000				225,157
Great Lakes Dredge & Dock Corp., 5.250%, 06/01/2029(f)			171,000				159,117
Tutor Perini Corp., 11.880%, 04/30/2029(f)			174,000				194,124
							578,398
Construction Materials - 0.04%
James Hardie International Finance DAC, 5.000%, 01/15/2028(f)			76,000				75,199
Consumer Finance - 1.94%
Bread Financial Holdings, Inc., 9.750%, 03/15/2029(f)			208,000				219,979
Enova International, Inc.:
11.250%, 12/15/2028(f)			320,000				344,740
9.125%, 08/01/2029(f)			50,000				51,349
FirstCash, Inc.:
4.630%, 09/01/2028(f)			487,000				470,572
6.875%, 03/01/2032(f)			26,000				26,790
goeasy, Ltd., 7.625%, 07/01/2029(f)			220,000				228,138
Navient Corp.:
4.880%, 03/15/2028			140,000				135,459
9.380%, 07/25/2030			158,000				175,430
11.500%, 03/15/2031			409,000				467,670
OneMain Finance Corp.:
3.880%, 09/15/2028			50,000				46,418
7.875%, 03/15/2030			50,000				52,315
7.500%, 05/15/2031			32,000				32,968
PRA Group, Inc.:
8.380%, 02/01/2028(f)			124,000				128,456
8.880%, 01/31/2030(f)			352,000				367,071
PROG Holdings, Inc., 6.000%, 11/15/2029(f)			245,000				241,906
Synchrony Financial, 7.250%, 02/02/2033			280,000				291,061
							3,280,322

		Principal Amount				Value
Containers & Packaging - 0.12%
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC:
6.000%, 06/15/2027(f)		$	80,000			$	80,649
4.000%, 09/01/2029(f)			10,000				8,935
Graphic Packaging International LLC, 3.500%, 03/15/2028(f)			100,000				95,494
							185,078
Diversified Consumer Services - 0.29%
Adtalem Global Education, Inc., 5.500%, 03/01/2028(f)			210,000				208,198
Carriage Services, Inc., 4.250%, 05/15/2029(f)			200,000				185,464
Service Corp. International:
3.375%, 08/15/2030			40,000				36,281
5.750%, 10/15/2032			66,000				66,515
							496,458
Diversified REITs - 0.33%
Iron Mountain, Inc., 4.500%, 02/15/2031(f)			439,000				416,798
Service Properties Trust:
4.950%, 10/01/2029			98,000				77,935
4.375%, 02/15/2030			80,000				60,630
8.875%, 06/15/2032			10,000				9,561
							564,924
Diversified Telecommunication Services - 0.41%
Cogent Communications Group LLC, 7.000%, 06/15/2027(f)			513,000				522,462
Lumen Technologies, Inc.:
4.500%, 01/15/2029(f)			140,000				96,003
4.125%, 04/15/2029(f)			50,000				42,250
Viasat, Inc., 6.500%, 07/15/2028(f)			50,000				39,281
							699,996
Energy Equipment & Services - 0.44%
Archrock Partners LP / Archrock Partners Finance Corp., 6.250%, 04/01/2028(f)			82,000				82,472
Enerflex, Ltd., 9.000%, 10/15/2027(f)			260,000				269,128
Helix Energy Solutions Group, Inc., 9.750%, 03/01/2029(f)			126,000				135,220
Precision Drilling Corp., 6.875%, 01/15/2029(f)			80,000				79,899
USA Compression Partners LP / USA Compression Finance Corp., 7.125%, 03/15/2029(f)			170,000				175,226
							741,945
Entertainment - 0.07%
AMC Entertainment Holdings, Inc., 7.500%, 02/15/2029(f)			140,000				110,357
Financial Services - 0.98%
Burford Capital Global Finance LLC, 9.250%, 07/01/2031(f)			140,000				150,829
Encore Capital Group, Inc.:
9.250%, 04/01/2029(f)			50,000				53,860
8.500%, 05/15/2030(f)			181,000				190,929
LD Holdings Group LLC, 6.125%, 04/01/2028(f)			240,000				212,583
Nationstar Mortgage Holdings, Inc.:
5.000%, 02/01/2026(f)			460,000				458,150
5.500%, 08/15/2028(f)			100,000				99,076
6.500%, 08/01/2029(f)			130,000				132,296
PennyMac Financial Services, Inc.:
7.875%, 12/15/2029(f)			5,000				5,336
7.125%, 11/15/2030(f)			230,000				238,326
5.750%, 09/15/2031(f)			130,000				127,535
							1,668,920

		Principal Amount				Value
Food Products - 0.57%
Post Holdings, Inc.:
5.500%, 12/15/2029(f)		$	90,000			$	89,422
4.625%, 04/15/2030(f)			705,000				675,196
TreeHouse Foods, Inc., 4.000%, 09/01/2028			220,000				203,906
							968,524
Gas Utilities - 0.03%
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.000%, 06/01/2031(f)			60,000				55,989
Health Care Equipment & Supplies - 0.56%
Hologic Inc Holx 4 5/8 02/01/28, 4.625%, 02/01/2028(f)			550,000				540,106
Teleflex, Inc., 4.250%, 06/01/2028(f)			430,000				416,846
							956,952
Health Care Providers & Services - 0.97%
AdaptHealth LLC, 5.125%, 03/01/2030(f)			150,000				140,525
CHS/Community Health Systems, Inc.:
6.875%, 04/15/2029(f)			112,000				101,664
4.750%, 02/15/2031(f)			140,000				123,169
10.880%, 01/15/2032(f)			390,000				430,261
DaVita, Inc.:
4.625%, 06/01/2030(f)			402,000				383,522
3.750%, 02/15/2031(f)			50,000				45,142
Encompass Health Corp.:
4.500%, 02/01/2028			243,000				238,740
4.625%, 04/01/2031			80,000				76,663
ModivCare Escrow Issuer, Inc., 5.000%, 10/01/2029(f)			10,000				6,238
Pediatrix Medical Group, Inc., 5.375%, 02/15/2030(f)			100,000				96,935
							1,642,859
Health Care REITs - 0.59%
Diversified Healthcare Trust, 4.750%, 02/15/2028			258,000				233,786
MPT Operating Partnership LP / MPT Finance Corp.:
5.250%, 08/01/2026			58,000				55,287
5.000%, 10/15/2027			650,000				583,692
4.625%, 08/01/2029			162,000				130,468
							1,003,233
Hotel & Resort REITs - 0.03%
Pebblebrook Hotel LP / PEB Finance Corp., 6.375%, 10/15/2029(f)			54,000				54,403
Hotels, Restaurants & Leisure - 1.26%
1011778 BC ULC / New Red Finance, Inc.:
3.875%, 01/15/2028(f)			40,000				38,471
4.380%, 01/15/2028(f)			410,000				398,752
Hilton Domestic Operating Co., Inc.:
1M US L + 3.75%, 05/01/2029(f)			390,000				369,951
4.000%, 05/01/2031(f)			160,000				149,717
Lindblad Expeditions Holdings, Inc., 9.000%, 05/15/2028(f)			150,000				157,060
NCL Corp., Ltd., 5.875%, 03/15/2026(f)			230,000				230,158
Premier Entertainment Sub LLC / Premier Entertainment Finance Corp.:
5.625%, 09/01/2029(f)			110,000				82,372
5.875%, 09/01/2031(f)			220,000				150,294
Wyndham Hotels & Resorts, Inc., 4.375%, 08/15/2028(f)			210,000				202,725
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 5.250%, 05/15/2027(f)			300,000				300,434
Yum! Brands, Inc., 4.750%, 01/15/2030(f)			60,000				59,353
							2,139,287
Household Durables - 0.90%
Beazer Homes USA, Inc., 7.500%, 03/15/2031(f)			150,000				155,834

		Principal Amount				Value
Household Durables (continued)
Century Communities, Inc., 3.880%, 08/15/2029(f)		$	188,000			$	176,368
Dream Finders Homes, Inc., 8.250%, 08/15/2028(f)			30,000				31,730
Forestar Group, Inc., 3.850%, 05/15/2026(f)			105,000				102,751
LGI Homes, Inc., 8.750%, 12/15/2028(f)			79,000				84,652
M/I Homes, Inc., 3.950%, 02/15/2030			50,000				46,992
Taylor Morrison Communities, Inc.:
5.875%, 06/15/2027(f)			140,000				143,033
5.750%, 01/15/2028(f)			150,000				152,752
Tempur Sealy International, Inc., 4.000%, 04/15/2029(f)			365,000				340,756
TopBuild Corp., 3.630%, 03/15/2029(f)			320,000				298,681
							1,533,549
Household Products - 0.01%
Energizer Holdings, Inc., 4.750%, 06/15/2028(f)			25,000				24,283
Industrial Conglomerates - 0.14%
Icahn Enterprises LP / Icahn Enterprises Finance Corp.:
9.750%, 01/15/2029(f)			40,000				41,549
9.000%, 06/15/2030(f)			196,000				197,826
							239,375
Interactive Media & Services - 0.06%
ANGI Group LLC, 3.875%, 08/15/2028(f)			40,000				36,715
Match Group Holdings II LLC, 4.625%, 06/01/2028(f)			70,000				68,118
							104,833
IT Services - 0.53%
Conduent Business Services LLC / Conduent State & Local Solutions, Inc., 6.000%, 11/01/2029(f)			135,000				130,185
Go Daddy Operating Co. LLC / GD Finance Co, Inc., 3.500%, 03/01/2029(f)			300,000				281,741
Sabre GLBL, Inc.:
8.630%, 06/01/2027(f)			240,000				236,250
11.250%, 12/15/2027(f)			240,000				249,187
							897,363
Machinery - 0.48%
Allison Transmission, Inc.:
4.750%, 10/01/2027(f)			110,000				108,318
3.750%, 01/30/2031(f)			290,000				263,883
Crane NXT Co., 4.200%, 03/15/2048			17,000				11,705
Mueller Water Products, Inc., 4.000%, 06/15/2029(f)			190,000				181,400
Park-Ohio Industries, Inc., 6.625%, 04/15/2027			86,000				84,451
Roller Bearing Co. of America, Inc., 4.375%, 10/15/2029(f)			44,000				42,268
TEREX CORP TEX 6 1/4 10/15/32, 6.250%, 10/15/2032			121,000				122,210
Wabash National Corp., 4.500%, 10/15/2028(f)			5,000				4,587
							818,822
Marine Transportation - 0.05%
Danaos Corp., 8.500%, 03/01/2028(f)			80,000				82,420
Media - 1.71%
Advantage Sales & Marketing, Inc., 6.500%, 11/15/2028(f)			256,000				243,259
AMC Networks, Inc., 4.250%, 02/15/2029			145,000				105,003

		Principal Amount				Value
Media (continued)
CCO Holdings LLC / CCO Holdings Capital Corp.:
5.375%, 06/01/2029(f)		$	80,000			$	77,159
4.750%, 03/01/2030(f)			140,000				128,882
4.250%, 02/01/2031(f)			320,000				282,361
4.750%, 02/01/2032(f)			30,000				26,464
4.500%, 05/01/2032			20,000				17,308
4.500%, 06/01/2033(f)			90,000				76,503
4.250%, 01/15/2034(f)			150,000				123,172
Clear Channel Outdoor Holdings, Inc.:
7.750%, 04/15/2028(f)			588,000				526,644
7.500%, 06/01/2029(f)			31,000				26,726
CSC Holdings LLC:
11.250%, 05/15/2028(f)			200,000				193,227
11.750%, 01/31/2029(f)			165,000				159,591
5.750%, 01/15/2030(f)			15,000				7,778
Gray Television, Inc.:
4.750%, 10/15/2030(f)			230,000				146,523
5.375%, 11/15/2031(f)			140,000				87,662
Lamar Media Corp., 3.750%, 02/15/2028			55,000				52,804
Nexstar Media, Inc.:
5.625%, 07/15/2027(f)			500,000				495,626
4.750%, 11/01/2028(f)			50,000				47,811
Sinclair Television Group, Inc.:
5.500%, 03/01/2030(f)			40,000				29,025
4.125%, 12/01/2030(f)			60,000				47,025
							2,900,553
Metals & Mining - 0.63%
Coeur Mining, Inc., 5.130%, 02/15/2029(f)			145,000				140,950
Commercial Metals Co., 4.125%, 01/15/2030			50,000				47,523
Eldorado Gold Corp., 6.250%, 09/01/2029(f)			205,000				204,818
Hudbay Minerals, Inc., 4.500%, 04/01/2026(f)			150,000				148,499
Iamgold Corp, 5.750%, 10/15/2028(f)			210,000				208,391
New Gold, Inc., 7.500%, 07/15/2027(f)			100,000				102,070
SunCoke Energy, Inc., 4.880%, 06/30/2029(f)			120,000				108,927
Taseko Mines, Ltd., 8.250%, 05/01/2030(f)			106,000				111,377
							1,072,555
Mortgage Real Estate Investment - 0.78%
Apollo Commercial Real Estate Finance, Inc., 4.625%, 06/15/2029(f)			210,000				188,157
Rithm Capital Corp., 8.000%, 04/01/2029(f)			434,000				439,552
Starwood Property Trust, Inc.:
3.630%, 07/15/2026(f)			310,000				299,600
4.380%, 01/15/2027(f)			370,000				360,883
7.250%, 04/01/2029(f)			28,000				29,395
							1,317,587
Office REITs - 0.14%
Brandywine Operating Partnership LP, 8.875%, 04/12/2029			130,000				143,802
Hudson Pacific Properties LP, 3.250%, 01/15/2030			50,000				37,954
Vornado Realty LP, 3.400%, 06/01/2031			70,000				60,386
							242,142
Oil, Gas & Consumable Fuels - 3.69%
Alliance Resource Operating Partners LP / Alliance Resource Finance Corp., 8.630%, 06/15/2029(f)			170,000				180,794
Antero Midstream Partners LP / Antero Midstream Finance Corp., 5.750%, 01/15/2028(f)			223,000				223,518
Berry Petroleum Co. LLC, 7.000%, 02/15/2026(f)			160,000				155,392
California Resources Corp., 8.250%, 06/15/2029(f)			380,000				387,539
Calumet Specialty Products Partners LP / Calumet Finance Corp., 9.750%,07/15/2028(f)			273,000				268,550

		Principal Amount				Value
Oil, Gas & Consumable Fuels (continued)
CNX Resources Corp.:
6.000%, 01/15/2029(f)		$	548,000			$	551,404
7.250%, 03/01/2032(f)			56,000				58,855
Comstock Resources, Inc.:
6.750%, 03/01/2029(f)			100,000				97,405
6.750%, 03/01/2029(f)			240,000				234,507
CVR Energy, Inc., 8.500%, 01/15/2029(f)			60,000				60,700
Delek Logistics Partners LP / Delek Logistics Finance Corp.:
7.125%, 06/01/2028(f)			347,000				347,671
8.630%, 03/15/2029(f)			266,000				280,081
DT Midstream, Inc.:
4.125%, 06/15/2029(f)			471,000				450,880
4.375%, 06/15/2031(f)			100,000				94,734
Energean PLC, 6.500%, 04/30/2027(f)			70,000				69,245
EnQuest PLC, 11.630%, 11/01/2027(f)			30,000				30,453
Hess Midstream Operations LP:
5.130%, 06/15/2028(f)			660,000				653,476
4.250%, 02/15/2030(f)			120,000				114,663
Karoon USA Finance, Inc., 10.500%, 05/14/2029(f)			146,000				150,141
Murphy Oil USA, Inc., 3.750%, 02/15/2031(f)			580,000				523,277
New Fortress Energy, Inc., 6.500%, 09/30/2026(f)			202,000				169,921
NGL Energy Operating LLC / NGL Energy Finance Corp., 8.130%, 02/15/2029(f)			250,000				256,535
Parkland Corp., 4.500%, 10/01/2029(f)			10,000				9,475
SM Energy Co.:
6.500%, 07/15/2028			200,000				199,987
7.000%, 08/01/2032(f)			91,000				91,414
Summit Midstream Holdings LLC, 8.625%, 10/31/2029(f)			220,000				230,297
Sunoco LP, 7.000%, 05/01/2029(f)			240,000				250,948
Sunoco LP / Sunoco Finance Corp., 4.500%, 05/15/2029			72,000				69,278
W&T Offshore, Inc., 11.750%, 02/01/2026(f)			50,000				51,015
							6,262,155
Paper & Forest Products - 0.00%(g)
Mercer International, Inc., 5.125%, 02/01/2029			8,000				6,833
Passenger Airlines - 0.16%
American Airlines, Inc., 7.250%, 02/15/2028(f)			36,000				36,882
JetBlue Airways Corp. / JetBlue Loyalty LP, 9.875%, 09/20/2031(f)			220,000				231,944
							268,826
Personal Care Products - 0.15%
Edgewell Personal Care Co., 5.500%, 06/01/2028(f)			150,000				149,261
HLF Financing Sarl LLC / Herbalife International, Inc., 4.875%, 06/01/2029(f)			165,000				104,640
							253,901
Real Estate Management & Development - 0.54%
Anywhere Real Estate Group LLC / Realogy Co.-Issuer Corp., 5.750%, 01/15/2029(f)			274,000				228,853
Howard Hughes Corp., 4.125%, 02/01/2029(f)			295,000				275,432
Kennedy-Wilson, Inc.:
4.750%, 03/01/2029			15,000				13,898
4.750%, 02/01/2030			100,000				90,773
Landsea Homes Corp., 8.880%, 04/01/2029(f)			142,000				149,892
Newmark Group, Inc., 7.500%, 01/12/2029			143,000				154,604
							913,452
Semiconductors & Semiconductor Equipment - 0.08%
AMS-OSRAM AG, 12.250%, 03/30/2029(f)			120,000				127,736
Software - 0.56%
Dye & Durham, Ltd., 8.625%, 04/15/2029(f)			200,000				211,752

		Principal Amount				Value
Software (continued)
Fair Isaac Corp., 4.000%, 06/15/2028(f)		$	550,000			$	532,644
PTC, Inc., 4.000%, 02/15/2028(f)			210,000				203,899
							948,295
Specialized REITs - 0.23%
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC, 6.500%, 02/15/2029(f)			455,000				395,537
Specialty Retail - 0.36%
Foot Locker, Inc., 4.000%, 10/01/2029(f)			200,000				174,120
Group 1 Automotive, Inc.:
4.000%, 08/15/2028(f)			150,000				143,237
6.375%, 01/15/2030(f)			43,000				43,791
Upbound Group, Inc., 6.375%, 02/15/2029(f)			20,000				19,384
Victoria's Secret & Co., 4.625%, 07/15/2029(f)			252,000				222,818
							603,350
Technology Hardware, Storage & Peripherals - 0.20%
Seagate HDD Cayman, 4.875%, 06/01/2027			194,000				193,138
Xerox Holdings Corp., 5.500%, 08/15/2028(f)			162,000				138,471
							331,609
Textiles, Apparel & Luxury Goods - 0.10%
Wolverine World Wide, Inc., 4.000%, 08/15/2029(f)			190,000				167,866
TOTAL CORPORATE BONDS
(Cost $37,714,422)							38,753,155

 

		Shares				Value
COMMON STOCK - 0.33%
Health Care Equipment & Supplies - 0.18%
Carestream Health Holdings Inc(h)			76,071				304,284
Health Care Providers & Services - 0.15%
Envision Healthcare Corp. Equity(h)			23,801				252,886
TOTAL COMMON STOCK
(Cost $2,238,878)							557,170
SHORT TERM INVESTMENTS - 6.07%
Open-end Investment Companies - 6.07%
Fidelity Treasury Portfolio
(4.85% 7-Day Yield)			10,301,335				10,301,335
TOTAL SHORT TERM INVESTMENTS
(Cost $10,301,335)							10,301,335
Total Investments- 153.39%
(Cost $262,749,937)						$	260,113,557
Liabilities in Excess of Other Assets - (5.92)%							(10,041,844	)
Leverage Facility - (47.47)%							(80,500,000	)
Net Assets - 100.00%						$	169,571,713

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 $263,641. Fair value of these unfunded delayed draws was $263,080. 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 $45,321,149, which represented approximately 26.73% of net assets as of September 30, 2024. Such securities may normally be sold to qualified institutional buyers in transactions exempt from registration.

(g)

Amount represents less than 0.005% of net assets.

(h)

Non-income producing security.

NOTE 1. ORGANIZATION

 

Blackstone Long-Short Credit Income Fund (“BGX”, the “Fund”) is a diversified, closed-end management investment company. BGX was organized as a Delaware statutory trust on October 22, 2010. BGX was registered under the Investment Company Act of 1940, as amended (the “1940 Act”) on October 26, 2010. BGX commenced operations on January 27, 2011. Prior to that, BGX had no operations other than matters relating to its organization and the sale and issuance of 5,236 common shares of beneficial interest in BGX to Blackstone Liquid Credit Strategies LLC (the “Adviser”) at a price of $19.10 per share. The Adviser serves as the investment adviser for BGX. BGX’s common shares are listed on the New York Stock Exchange (the “Exchange”) and trade under the ticker symbol “BGX.”

 

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: BGX’s primary investment objective is to provide current income, with a secondary objective of capital appreciation. BGX seeks to achieve its investment objectives by employing a dynamic long-short strategy in a diversified portfolio of loans and fixed-income instruments of predominantly U.S. corporate issuers, including first- and second-lien secured loans (“Secured Loans”) and high-yield corporate debt securities of varying maturities. BGX’s short positions, either directly or through the use of derivatives, may total up to 30% of the Fund’s net assets.

 

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: BGX’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 Fund’s Board of Trustees (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 BGX’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 BGX’s investments under the fair value hierarchy levels as of September 30, 2024:

 

Blackstone Long-Short Credit Income 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		$	–			$	3,605,747			$	674,924			$	4,280,671
Commercial Services & Supplies			–				7,443,962				297,840				7,741,802
Diversified Consumer Services			–				3,567,064				4,094				3,571,158
Electronic Equipment, Instruments & Components			–				2,202,627				175,557				2,378,184
Interactive Media & Services			–				1,096,401				576,427				1,672,828
IT Services			–				6,533,721				1,215,010				7,748,731
Machinery			–				8,357,304				488,346				8,845,650
Mortgage Real Estate Investment			–				290,661				293,196				583,857
Professional Services			–				16,145,391				1,050,872				17,196,263
Real Estate Management & Development			–				–				505,922				505,922
Software			–				26,315,570				784,300				27,099,870
Other			–				116,605,592				–				116,605,592
Collateralized Loan Obligation Securities
Consumer Finance			–				–				491,567				491,567
Financial Services			–				–				11,779,802				11,779,802
Corporate Bonds			–				38,753,155				–				38,753,155
Common Stock		$	–			$	557,170			$	–			$	557,170
Short Term Investments			10,301,335				–				–				10,301,335
Total		$	10,301,335			$	231,474,365			$	18,337,857			$	260,113,557
Other Financial Instruments
Liabilities
Net Unrealized Depreciation on Unfunded Loan Commitments			–				(60	)			–				(60	)
Total			–				(60	)			–				(60	)

 

*

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 $80,500,000 under its Leverage Facility are categorized as Level 2 within the fair value hierarchy.

The changes of the fair value of investments for which BGX has used significant unobservable (Level 3) inputs to determine the fair value are as follows:

 

Blackstone Long-Short Credit Income Fund		Floating Rate Loan Interests				Collateralized Loan Obligation Securities				Common Stock				Unfunded Loan Commitments				Total
Balance as of December 31, 2023		$	7,867,628			$	12,768,682			$	202,309			$	973			$	20,839,592
Accrued discount/ premium			3,721				7,421				–				–				11,142
Realized Gain/(Loss)			31,911				12,868				–				–				44,779
Change in Unrealized
Appreciation/(Depreciation)			425,241				223,628				50,577				–				699,446
Purchases(1)			6,729,761				1,004,500				–				–				7,734,261
Sales Proceeds(2)			(7,803,497	)			(1,745,730	)			–				–				(9,549,227	)
Transfer into Level 3			580,521				–				–				–				580,521
Transfer out of Level 3			(1,768,798	)			–				(252,886	)			(973	)			(2,022,657	)
Balance as of September 30, 2024		$	6,066,488			$	12,271,369			$	–			$	–			$	18,337,857
Net change in unrealized appreciation/(depreciation) attributable to Level 3 investments held at September 30, 2024		$	383,698			$	213,866			$	–			$	–			$	597,564

 

(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 Long-Short Credit Income Fund		Fair Value				Valuation Technique(s)		Unobservable Input(s)		Value/Range (Weighted Average)
Assets
Floating Rate Loan Interests		$	6,066,488			Third-party vendor pricing service		Broker quotes		N/A
Collateralized Loan Obligation Securities			12,271,369			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

 

BGX includes first and second lien secured, floating rate loans in its definition of “Secured Loans”. Under normal market conditions, at least 70% of BGX’s Managed Assets (defined below) will be invested in Secured Loans. BGX defines its “Managed Assets” as total assets (including any assets attributable to any leverage used) minus the sum of BGX’s accrued liabilities (other than liabilities related to the principal amount of leverage). At September 30, 2024, 79.28% of BGX’s Managed Assets were held in Secured 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, BGX had invested $5,555,580 in second lien secured loans. Second lien secured loans are considered Secured Loans for BGX.

 

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.

 

BGX may acquire Loans through assignments or participations. BGX typically acquires these Loans through assignment, and if BGX 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 BGX must acquire a Loan through a participation.

BGX 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, BGX 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		$	110,600			$	111,015			$	415
Ryan LLC., First Lien Term Loan			44,444				44,018				(426	)
Epicor Software Corp., First Lien Term Loan			3,955				3,962				12
Groundworks LLC., First Lien Term Loan			104,642				104,085				(61	)
Total		$	263,641			$	263,080			$	(60	)

 

Unfunded loan commitments are marked to market on the relevant day of the valuation in accordance with BGX’s valuation policies. For the period ended September 30, 2024, BGX recorded a net increase in unrealized depreciation on unfunded loan commitments totaling $2,940.

 

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 July 29, 2014, as amended, restated, supplemented, or modified from time to time, to borrow up to a limit of $100 million, with $33,606,557 for tranche A loans ("BGX Tranche A Loans") and $66,393,443 for tranche B loans (“BGX 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 1.15% above adjusted term SOFR with respect to BGX Tranche A Loans, 1.30% above adjusted term SOFR for one (1) month interest period BGX Tranche B Loans and 1.20% above adjusted term SOFR for three (3) month interest period BGX 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 BGX Tranche A Loans and BGX 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, BGX had borrowings outstanding under its Leverage Facility of $80,500,000, at an interest rate of 6.36%. 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 BGX's Leverage Facility and the weighted average interest rate were $79,270,438 and 6.56%, respectively. During the period ended September 30, 2024, the Fund incurred $38,993 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 and 225% asset coverage over borrowings plus MRPS. 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. As of September 30, 2024, BGX’s leverage represented 32.19% of the Fund’s Managed Assets.

 

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