# EDGAR Filing Document

**Accession Number:** 0001546429
**File Stem:** 0001398344-25-017602
**Filing Date:** 2025-9
**Character Count:** 456294
**Document Hash:** a188bb99c822a11341968502d6b16c0a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-25-017602.hdr.sgml**: 20250904

**ACCESSION NUMBER**: 0001398344-25-017602

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 27

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250904

**DATE AS OF CHANGE**: 20250904

**EFFECTIVENESS DATE**: 20250904

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Blackstone Strategic Credit 2027 Term Fund
- **CENTRAL INDEX KEY:** 0001546429

**ORGANIZATION NAME:**
- **EIN:** 900824512
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22686
- **FILM NUMBER:** 251293967

**BUSINESS ADDRESS:**
- **STREET 1:** 345 PARK AVENUE
- **STREET 2:** 31ST FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10154
- **BUSINESS PHONE:** 212-503-2100

**MAIL ADDRESS:**
- **STREET 1:** 345 PARK AVENUE
- **STREET 2:** 31ST FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10154

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Blackstone Strategic Credit Fund
- **DATE OF NAME CHANGE:** 20201210

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Blackstone / GSO Strategic Credit Fund
- **DATE OF NAME CHANGE:** 20120403

?xml version='1.0' encoding='ASCII'?

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

 **MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number: 811-22686

<u>Blackstone Strategic Credit 2027 Term Fund</u>

(exact name of Registrant as specified in charter)

345 Park Avenue, 31<sup>st</sup> Floor

New York, New York 10154

(Address of principal executive offices) (Zip code)

(Name and address of agent for service)

Kevin Michel

Blackstone Alternative Credit Advisors LP

345 Park Avenue, 31<sup>st</sup> Floor

New York, New York 10154

Registrant's telephone number, including area code: <u>(877) 876-1121</u>

Date of fiscal year end: <u>December 31</u>

Date of reporting period: <u>June 30, 2025</u>

Item 1. **Report to Stockholders.**

**(a)** ![](fp0095031-1_01.jpg)

**Table of Contents**

---

| | |
|:---|:---|
| Manager Commentary | 2 |
| Fund Summary | 4 |
| Portfolio of Investments | 13 |
| Statements of Assets and Liabilities | 64 |
| Statements of Operations | 65 |
| Statements of Changes in Net Assets | 66 |
| Statements of Cash Flows | 67 |
| Financial Highlights | 68 |
| Notes to Financial Statements | 76 |
| Summary of Dividend Reinvestment Plan | 92 |
| Additional Information | 93 |
| Privacy Procedures | 94 |
| Approval of Investment Advisory Agreement | 104 |
| Trustees & Officers | 108 |

---

Blackstone Credit & Insurance Funds Manager Commentary

June 30, 2025 (Unaudited)

**To Our Shareholders:**

**Credit Resilience Through the Volatility**

Credit markets have weathered an exciting and dynamic few months to round out the first half of 2025, characterized by solid gains, robust supply and healthy spreads, which broadly show little evidence of April's tariff drama. An almost unwavering supply/demand technical dynamic buffered markets from the impact of global trade and macroeconomic and geopolitical headwinds, allowing investors to take advantage of the opportunities that often arise from more volatile periods.

Persistent demand for higher yielding credit assets against a still-limited new money supply underpinned performance across US loans, high yield and CLOs over the first half of 2025, enabling credit markets to swiftly rebound from the global tariff-related volatility of March and April and wrap the period with solid gains.

---

| | |
|:---|:---|
| **6-Month Total Returns as of June 30, 2025** | |
| US Loans (Morningstar LSTA US Leveraged Loan Index) | 2.81% |
| US High Yield Bonds (Bloomberg High Yield US High Yield Index) | 4.57% |
| 3-month Treasury Bills (Bloomberg U.S. Treasury Bellwethers: 3 Month) | 2.10% |
| 10-year Treasuries (Bloomberg U.S. Treasury Bellwethers: 10 Year) | 5.08% |
| US Aggregate Bonds (Bloomberg U.S. Aggregate Index) | 4.02% |
| US Investment Grade Bonds (Bloomberg U.S. Corporate Investment Grade Index) | 4.17% |
| Emerging Markets (Bloomberg EM USD Aggregate Index) | 4.94% |
| US Large Cap Equities (S&P 500<sup>®</sup> Index) | 6.16% |

---

 

*Sources: Bloomberg, Pitchbook/LCD*

 

*Past Performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.*

US High Yield Index returned 4.57% over the first half of 2025,<sup>1</sup> leading the pack and spurred on by the rally across risk assets at the end of the second quarter. That rally pushed the S&P 500 to an all-time high in June and resulted in a first half return of 6.2%,<sup>2</sup> while the US 10-year Treasury yield ended the period at 4.2%.<sup>3</sup> Ongoing carry across floating rate loans and CLOs supported 2.8% and 2.7% gains for US loans and CLO AAAs, respectively<sup>4</sup>. It was almost a complete reversal of a year ago, when the 4.4% gain for loans outperformed the US High-Yield Index's 2.6% return over the first half of 2024.<sup>5</sup>

**Drilling into the Demand/Supply Technical**

In loans, average prices fully retraced April's selloff. There was a three point increase from April's low, resulting in a price of $97.1 at the end of June. This pushed the cohort of "par plus" loans to 41% in June, triggering a fresh wave of repricings. ~$28 billion of loans repriced in June and activity picked up pace in July following January's $138 billion of repricings—the second highest tally on record—when ~65% of the market was priced at par and above.<sup>6</sup>

CLO demand fueled the rebound, as May's supply, at a six-month high, pushed US CLO volumes to $99 billion in the YTD period, which was just slightly behind 2024's record pace.<sup>7</sup> While still small, demand from CLO ETFs continues to strengthen, growing to ~$29 billion, or roughly 5% of the $577 billion US AAA CLO market.<sup>8</sup> Flows into retail loan funds have proved less stellar, at ~$4 billion of outflows split roughly 50:50 between mutual funds and ETFs through the first six months of 2025.<sup>9</sup> By contrast, 10 consecutive weeks of flows into US high yield retail funds were driven mostly by high yield ETFs and more than offset April's $13 billion withdrawal, leaving the YTD net inflows at $11.4 billion.<sup>10</sup>

On the other side of the technical ledger, loan and high yield issuance lagged last year despite picking up pace after April's tariff temporary lull. Fewer refinancings in the first half of 2025 left the $223 billion of institutional loan volume 23% behind where it was in 2024.<sup>11</sup> US LBO loan issuance fared better and was up 28% year-over-year, although the flow eased over the second quarter of 2025.<sup>12</sup> Average new issue spreads on M&A related deals tightened to roughly S+325 in May and June, retracing from nearly S+400 in April but not quite returning to February's post-great financial crisis low of S+307.<sup>13</sup>

Borrowers leveraged the new money shortfall to bring other opportunistic deals such as dividend recaps and hung deals.<sup>14</sup> Private credit has yielded additional financing opportunities, with 15 borrowers refinancing $15.4 billion of direct loans with cheaper broadly syndicated loans over the first half of 2025.<sup>15</sup> High yield issuance lags last year by a similar 22%, dominated by refinancings at ~66%, with LBOs running at about 3% of this year's volume.<sup>16</sup>

**Opportunities, and Volatility Ahead**

So far, we believe the impact from tariffs on inflation and growth has been encouraging. Ongoing economic data releases reflect a relatively benign backdrop. Global trade, US policy and geopolitical headwinds remain, and we are mindful of the forecasted marginal deceleration in growth towards the end of the year before forecasted improvement in 2026. As such, our base case remains for a soft landing across the US, Europe and the UK.<sup>17</sup>

Markets have normalized since the widening in response to the tariff announcements, but the strong technical and resilient data keep us constructive on the credit opportunity ahead. Dampened rate cut expectations support the carry benefit for floating rate loans and CLOs. In the case of the latter, forecasts for ongoing elevated supply could keep US CLO spreads wider vs. this year's pre-Liberation Day tights. In loans, repricing risk is a consideration, although we believe the magnitude of such risk will be lower than last year because so much spread has come out of the market.<sup>18</sup>

2 www.blackstone-credit.com

Blackstone Credit & Insurance Funds Manager Commentary

June 30, 2025 (Unaudited)

Finally, the potential for additional volatility and continued credit and manager performance dispersion amid ongoing LME activity highlights the importance of manager selection. Lower-rated CCC credits may have rallied as risk appetite returned in June, but higher-rated loans have continued to lead YTD performance, with CCCs weighed down by steeper market value losses.<sup>20</sup> Resilient credit fundamentals such as steady leverage and improving interest coverage should serve as a potential cushion against any increased pressure on corporate balance sheets.<sup>21</sup> Credit default rates remain historically low.<sup>22</sup>

Scaled managers, like Blackstone, with broadly diversified and fully integrated platforms seek to pivot to the best opportunities available to generate alpha. We also aim to stay up in quality and in sectors underpinned by secular tailwinds in an effort to help mitigate downside through the uncertainty ahead.

At Blackstone Credit & Insurance, we value your continued investment and confidence in us and in our family of funds. Additional information about our funds is available on our website at https://www.blackstone.com/our-businesses/registered-products/#closed-end-funds

**Sincerely, Blackstone Liquid Credit Strategies LLC**

All figures are approximate and as of June 30, 2025, unless otherwise indicated. The words "we", "us", and "our" refer to BSL, BGX and BGB, unless the context requires otherwise. In all other instances, including with respect to current and forward-looking views and opinions of the market and BSL, BGX and BGB's portfolio and performance positioning, these terms refer to BSL's, BGX's and BGB's adviser, Blackstone Liquid Credit Strategies LLC.

Certain information contained in this communication constitutes "forward-looking statements" within the meaning of the federal securities laws and the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by the use of forward-looking terminology, such as "outlook," "indicator," "believes," "expects," "potential," "continues," "may," "can," "will," "should," "seeks," "approximately," "predicts," "intends," "plans," "estimates," "anticipates", "confident," "conviction," "identified" or the negative versions of these words or other comparable words thereof. These may include BSL's, BGX's and BGB's financial estimates and their underlying assumptions, statements about plans, objectives and expectations with respect to future operations, statements regarding future performance, statements regarding economic and market trends and statements regarding identified but not yet closed investments. Such forward-looking statements are inherently uncertain and there are or may be important factors that could cause actual outcomes or results to differ materially from those indicated in such statements. BSL, BGX and BGB believe these factors include but are not limited to those described under the section entitled "Risk Factors" in their prospectuses and annual reports for the most recent fiscal year, and any such updated factors included in their periodic filings with the Securities and Exchange Commission (the "SEC"), which are accessible on the SEC's website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this document (or BSL's, BGX's and BGB's prospectus and other filings). Except as otherwise required by federal securities laws, BSL, BGX and BGB undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise.

<sup>1</sup> Bloomberg US High Yield Index, as of June 30, 2025.

<sup>2</sup> BBG S&P 500 Index, as of June 30, 2025.

<sup>3</sup> Bloomberg US HY Index, S&P 500 Index, and USGG 10Y Index, as of June 30, 2025.

<sup>4</sup> Morningstar LSTA US Leveraged Loan Index, as of June 30, 2025.

<sup>5</sup> Morningstar LSTA US Leveraged Loan Index, Bloomberg High Yield Index, as of June 30, 2024.

<sup>6</sup> Morningstar LSTA US Leveraged Loan Index, as of June 30, 2025. Pitchbook LCD Q2 US Loan Market Wrap: Dealmaking, prices pick up after April outage, as of June 26, 2025.

<sup>7</sup> Pitchbook LCD CLO Data, as of June 30, 2025.

<sup>8</sup> BofA CLO Research analysis, as of July 8, 2025.

<sup>9</sup> Morningstar Fund Flow data, (reported in Pitchbook LCD), as of July 7, 2025.

<sup>10</sup> Pitchbook LCD news reports quoting Morningstar Direct data, as of July 7, 2025.

<sup>11</sup> Pitchbook LCD Q2 US Loan Market Wrap: Dealmaking, prices pick up after April outage, as of June 26, 2025.

<sup>12</sup> Pitchbook LCD, Q2 US Loan Market Wrap, as of June 26, 2025.

<sup>13</sup> Pitchbook LCD Q2 US Loan Market Wrap: Dealmaking, prices pick up after April outage, as of June 26, 2025.

<sup>14</sup> BXCI Views and Beliefs, as of July 2025.

<sup>15</sup> Pitchbook LCD Q2 US Private Credit Wrap: Mega loans salvage deal flow wrecked by tariffs, as of June 23, 2025.

<sup>16</sup> Pitchbook LCD, Q2 US HY Wrap: Borrowers swoop on rapid recovery in eye of tariff storm, as of June 25 (data through June 17, 2025).

<sup>17</sup> Blackstone Private Wealth Investment Strategy Team, as of July 10, 2025.

<sup>18</sup> BXCI Views and Beliefs, as of July 1, 2025.

<sup>19</sup> BXCI views and beliefs, as of July 2025.

<sup>20</sup> Pitchbook LCD Q2 US Loan Market Wrap: Dealmaking, prices pick up after April outage, as of June 26, 2025.

<sup>21</sup> JP Morgan Q1'25 Leveraged Loan Credit Fundamentals, as of June 23, 2025.

<sup>22</sup> JP Morgan Default Monitor, as of July 1, 2025.

Semi-Annual Report \| June 30, 2025 3

Blackstone Senior Floating Rate 2027 Term Fund Fund Summary

June 30, 2025 (Unaudited)

**Blackstone Senior Floating Rate 2027 Term Fund**

**Fund Overview**

Blackstone Senior Floating Rate 2027 Term Fund ("BSL" or herein, the "Fund") is a closed-end term fund that trades on the New York Stock Exchange under the symbol "BSL". BSL's primary investment objective is to seek high current income, with a secondary objective to seek preservation of capital, consistent with its primary goal of high current income. Under normal market conditions, the Fund invests at least 80% of its Managed Assets in senior, secured floating rate loans ("Senior Loans"). BSL may also invest in second-lien loans and high yield bonds and employs financial leverage, which may increase risk to the Fund. The Fund has a limited term, and absent shareholder approval to extend the life of the Fund, the Fund will dissolve on or about May 31, 2027.

**Portfolio Management Commentary (BSL)**

*Fund Performance*

As of June 30, 2025, BSL outperformed its benchmark, the Morningstar LSTA US Leveraged Loan Index ("Morningstar LLI"), on a Net Asset Value ("NAV") per share basis for the three-year, five-year, ten-year, and since inception periods and underperformed its benchmark for the six-month and one-year period. On a share price basis, the Fund outperformed its benchmark for the six-month, one-year, three-year, five-year, ten-year, and since inception periods. The shares of the Fund traded at an average discount to NAV of 1.9% for the six months ended June 30, 2025, compared to its peer group average discount of 2.0% over the same period.

*NAV Performance Factors*

The Fund's underperformance relative to the benchmark for the six months ended June 30, 2025 was primarily attributable to credit selection within the Fund's loan allocation. The Fund's allocation to CLO securities contributed positively to the Fund's performance for the period. By issuer, the largest positive contributors to performance were Dcert Buyer Inc, Cornerstone OnDemand Inc, and Envision Healthcare Corp. The most significant detractors were CDK Global II LLC, Newfold Digital Holdings Group Inc, and Mitnick Corporate Purchaser Inc.

*Portfolio Activity and Positioning* 

During the period, we continued to dynamically manage the Fund. The Fund's largest sector overweights were commercial & professional services, capital goods, and automobiles & components; the largest sector underweights included consumer services, materials, and media & entertainment. The Fund slightly increased its asset allocation to CLO securities and decreased its exposure to loans during the period.

4 www.blackstone-credit.com

Blackstone Senior Floating Rate 2027 Term Fund Fund Summary

June 30, 2025 (Unaudited)

**Performance Summary**

*Performance quoted represents past performance, which may be higher or lower than current performance. Past performance is not indicative of future results. The returns shown do not reflect taxes that an investor would pay on Fund distributions or on the sale of Fund shares. To obtain the most recent month-end performance, visit www.blackstone-credit.com.*

**Value of a $10,000 Investment**

![](fp0095031-1_02.jpg)

**BSL Total Return (as of June 30, 2025)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **3 Year** | **5 Year** | **10 Year** | **Since Inception** |
| NAV\* | 2.01%\*\* | 6.91% | 10.06% | 8.48% | 5.69% | 5.80% |
| Market Price\* | 3.27% | 11.61% | 12.36% | 10.81% | 6.22% | 5.40% |
| Morningstar LSTA US Leveraged Loan Index | 2.81% | 7.29% | 9.69% | 7.45% | 5.15% | 5.20% |

---

\* *NAV is equal to the total assets attributable to common shareholders less liabilities divided by the number of common shares outstanding. Market Price is the price at which a share can currently be traded in the market. Market Price is based on the close price at 4 p.m. ET and does not represent the returns an investor would receive if shares were traded at other times. Return assumes distributions are reinvested pursuant to the Fund's dividend reinvestment plan. Performance data quoted represents past performance and does not guarantee future results.*

\*\* *Excludes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value and total return for shareholder transactions reported to the market as of June 30, 2025 may differ from the net asset value for financial reporting purposes.*

Semi-Annual Report \| June 30, 2025 5

Blackstone Senior Floating Rate 2027 Term Fund Fund Summary

June 30, 2025 (Unaudited)

**BSL's Portfolio Composition\***

![](fp0095031-1_03.jpg)

\* *Numbers may not sum to 100.00% due to rounding. The Fund's Cash and Other represents net cash and other assets and liabilities, which includes amounts payable for investments purchased but not yet settled and amounts receivable for investments sold but not yet settled. At period end, the amounts payable for investments purchased but not yet settled exceeded the amount of cash on hand. The Fund uses sales proceeds or funds from its leverage program to settle amounts payable for investments purchased, but such amounts are not reflected in the Fund's net cash.*

**BSL's Moody's Rating\***

![](fp0095031-1_04.jpg)

\* *For more information on Moody's ratings and descriptions refer to https://ratings.moodys.io/ratings.*

 

**Portfolio Characteristics**

---

| | |
|:---|:---|
| Average All-In Rate | 7.71% |
| Current Dividend Yield^ | 8.14% |
| Effective Duration^^ | 0.12 yr |
| Average Position\* | 0.28% |
| Leverage\* | 31.50% |

---

---

| | |
|:---|:---|
| ^ | *Using current dividend rate of $0.097/share and market price/share as of June 30, 2025.* |

---

^^ *Loan durations are based on the actual remaining time until the underlying base rate is reset for each individual loan.*

*\** *As a percentage of Managed Assets.*

**Top 10 Issuers\***

---

| | |
|:---|:---|
| Boxer Parent Company Inc | 1.1% |
| Quikrete Holdings Inc | 1.1% |
| MJH Healthcare Holdings, LLC | 0.9% |
| Project Alpha Intermediate Holding Inc | 0.8% |
| Action Environmental Gro | 0.8% |
| Prime Security Services Borrower LLC | 0.8% |
| Global Medical Response | 0.8% |
| Hyperion Refinance Sarl | 0.8% |
| Fortress Intermediate 3 Inc | 0.8% |
| Bain Capital Credit Clo, Limited | 0.7% |
| **Top 10 Issuer** | **8.6%** |

---

\* *As a percentage of Managed Assets.*

*Portfolio holdings and distributions are subject to change and are not recommendations to buy or sell any security.*

**Top 5 Industries\*^**

---

| | |
|:---|:---|
| Software | 13.4% |
| Financial Services<sup>#</sup> | 9.1% |
| Professional Services | 7.5% |
| Health Care Providers & Services | 5.3% |
| IT Services | 4.8% |
| **Top 5 Industries** | **40.1%** |

---

\* *As a percentage of Managed Assets.*

^ *Global Industry Classification Schema ("GICS").*

# *Includes 7.2% of CLO Securities as a percentage of Managed Assets.*

6 www.blackstone-credit.com

Blackstone Long-Short Credit Income Fund Fund Summary

June 30, 2025 (Unaudited)

**Blackstone Long-Short Credit Income Fund**

**Fund Overview**

Blackstone Long Short Credit Income Fund ("BGX" or herein, the "Fund") is a closed-end fund that trades on the New York Stock Exchange under the symbol "BGX". BGX's primary investment objective is to provide current income, with a secondary objective of capital appreciation. BGX will take long positions in investments which we believe offer the potential for attractive returns under various economic and interest rate environments. BGX may also take short positions in investments which we believe will under-perform due to a greater sensitivity to earnings growth of the issuer, default risk or the general level and direction of interest rates. BGX must hold no less than 70% of its Managed Assets in firstand second-lien secured loans ("Secured Loans"), but may also invest in unsecured loans and high yield bonds.

**Portfolio Management Commentary (BGX)**

*Fund Performance* 

As of June 30, 2025, BGX outperformed a composite weighting of the Morningstar LLI and the Bloomberg U.S. High Yield Index ("Bloomberg HYI") (85% loans, 15% high yield bonds) on a NAV per share basis for the one-year, three-year, five-year, ten-year, and since inception periods and underperformed its benchmark for the six-month period. On a share price basis, the Fund outperformed its benchmark for the six-month, one-year, three-year, five-year, ten- year, and since inception periods. The shares of the Fund traded at an average discount to NAV of 4.9% for the six months ended June 30, 2025, compared to its peer group average discount of 2.4% over the same period.

*NAV Performance Factors*

The Fund's underperformance relative to the benchmark for the six months ended June 30, 2025 was primarily attributable to the Fund's underweight allocation to high yield bonds. The Fund's overweight allocation to CLO securities contributed positively to the Fund's performance for the period. By issuer, the largest positive contributors to performance were Dcert Buyer Inc, Cornerstone OnDemand Inc, and Envision Healthcare Corp. The most significant detractors were CDK Global II LLC, Atlas CC Acquisition Corp, and Lasership, Inc.

*Portfolio Activity and Positioning*

During the period, we continued to dynamically manage the Fund. The Fund's largest sector overweights were commercial & professional services, financial services, and capital goods; the largest sector underweights included materials, media & entertainment, and consumer services**.** The Fund increased its allocation to high yield bonds and CLO securities and decreased its exposure to loans during the period.

Semi-Annual Report \| June 30, 2025 7

Blackstone Long-Short Credit Income Fund Fund Summary

June 30, 2025 (Unaudited)

**Performance Summary**

*Performance quoted represents past performance, which may be higher or lower than current performance. Past performance is not indicative of future results. The returns shown do not reflect taxes that an investor would pay on Fund distributions or on the sale of Fund shares. To obtain the most recent month-end performance, visit www.blackstone-credit.com.*

**Value of a $10,000 Investment**

![](fp0095031-1_05.jpg)

**BGX Total Return (as of June 30, 2025)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **3 Year** | **5 Year** | **10 Year** | **Since Inception** |
| NAV\* | 2.50%\*\* | 7.87% | 10.40% | 8.38% | 6.02% | 5.96% |
| Market Price\* | 3.35% | 9.26% | 13.13% | 9.89% | 7.07% | 5.24% |
| 85% Morningstar LLI / 15% Bloomberg HYI | 3.07% | 7.74% | 9.74% | 7.25% | 5.19% | 5.03% |

---

\* *NAV is equal to the total assets attributable to common shareholders less liabilities divided by the number of common shares outstanding. Market Price is the price at which a share can currently be traded in the market. Market Price is based on the close price at 4 p.m. ET and does not represent the returns an investor would receive if shares were traded at other times. Return assumes distributions are reinvested pursuant to the Fund's dividend reinvestment plan. Performance data quoted represents past performance and does not guarantee future results.*

\*\* *Excludes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value and total return for shareholder transactions reported to the market as of June 30, 2025 may differ from the net asset value for financial reporting purposes.*

8 www.blackstone-credit.com

Blackstone Long-Short Credit Income Fund Fund Summary

June 30, 2025 (Unaudited)

**BGX's Portfolio Composition\***

![](fp0095031-1_06.jpg)

\* *Numbers may not sum to 100.00% due to rounding. The Fund's Cash and Other represents net cash and other assets and liabilities, which includes amounts payable for investments purchased but not yet settled and amounts receivable for investments sold but not yet settled. At period end, the amounts payable for investments purchased but not yet settled exceeded the amount of cash on hand. The Fund uses sales proceeds or funds from its leverage program to settle amounts payable for investments purchased, but such amounts are not reflected in the Fund's net cash.*

**BGX's Moody's Rating Distribution\***

![](fp0095031-1_07.jpg)

\* *For more information on Moody's ratings and descriptions refer to https://ratings.moodys.io/ratings.*

**Portfolio Characteristics**

---

| | |
|:---|:---|
| Average All-In Rate | 7.64% |
| Current Dividend Yield^ | 8.12% |
| Effective Duration^^ | 0.57 yr |
| Average Position\* | 0.19% |
| Leverage\* | 31.37% |

---

---

| | |
|:---|:---|
| ^ | *Using current dividend rate of $0.084/share and market price/share as of June 30, 2025.* |

---

^^ *Loan durations are based on the actual remaining time until the underlying base rate is reset for each individual loan.*

*\** *As a percentage of Managed Assets.*

**Top 10 Issuers\*** 

---

| | |
|:---|:---|
| Boxer Parent Company Inc | 1.1% |
| Action Environmental Gro | 0.9% |
| Project Alpha Intermediate Holding Inc | 0.8% |
| Hyperion Refinance Sarl | 0.8% |
| Aretec Group Inc | 0.8% |
| Cloud Software Group Inc | 0.7% |
| Gainwell Acquisition Cor | 0.7% |
| Citco Funding LLC | 0.7% |
| Colossus Acquireco LLC | 0.7% |
| Global Medical Response | 0.7% |
| **Top 10 Issuer** | **7.8%** |

---

\* *As a percentage of Managed Assets.*

*Portfolio holdings and distributions are subject to change and are not recommendations to buy or sell any security.*

**Top 5 Industries\*^**

---

| | |
|:---|:---|
| Software | 12.6% |
| Financial Services# | 8.8% |
| Professional Services | 6.4% |
| Health Care Providers & Services | 5.3% |
| Commercial Services & Supplies | 3.8% |
| **Top 5 Industries** | **36.9%** |

---

\* *As a percentage of Managed Assets.*

^ *Global Industry Classification Schema ("GICS").*

# *Includes 7.3% of CLO Securities as a percentage of Managed Assets.*

Semi-Annual Report \| June 30, 2025 9

Blackstone Strategic Credit 2027 Term Fund Fund Summary

June 30, 2025 (Unaudited)

**Blackstone Strategic Credit 2027 Term Fund**

**Fund Overview**

Blackstone Strategic Credit 2027 Term Fund ("BGB" or herein, the "Fund") is a closed-end term fund that trades on the New York Stock Exchange under the symbol "BGB". BGB's primary investment objective is to seek high current income, with a secondary objective to seek preservation of capital, consistent with its primary goal of high current income. BGB invests primarily in a diversified portfolio of loans and other fixed income instruments of predominantly U.S. corporate issuers, including first- and second-lien loans ("Senior Secured Loans") and high yield corporate bonds of varying maturities. BGB must hold no less than 80% of its Managed Assets in credit investments comprised of corporate fixed income instruments and other investments (including derivatives) with similar economic characteristics. The Fund has a limited term and will dissolve on or about September 15, 2027, absent shareholder approval to extend such term.

**Portfolio Management Commentary (BGB)**

*Fund Performance*

As of June 30, 2025, BGB outperformed a composite weighting of the Morningstar LLI and the Bloomberg HYI (75% loans, 25% high yield bonds) on a NAV per share basis for the one-year, three-year, five-year, ten-year, and since inception periods and underperformed its benchmark for the six-month periods. On a share price basis, the Fund outperformed its benchmark for the one-year, three-year, five-year, and ten-year periods, and underperformed for the six- month and since inception periods. The shares of the Fund traded at an average discount to NAV of 4.1% for the six months ended June 30, 2025 compared to its peer group average discount of 2.4% over the same period.

*NAV Performance Factors*

The Fund's underperformance relative to the benchmark for the six months ended June 30, 2025 was primarily attributable to the Fund's overweight allocation to loans and underweight allocation to high yield bonds. The Fund's credit selection within its high yield bond allocation contributed positively to the Fund's outperformance for the period. By issuer, the largest positive contributors to performance were Dcert Buyer Inc, Cornerstone OnDemand Inc, and MPT Operating Partnership LP. The most significant detractors were CDK Global II LLC, Mitnick Corporate Purchaser Inc, and Lasership, Inc.

*Portfolio Activity and Positioning*

During the period, we continued to dynamically manage the Fund. The Fund's largest sector overweights were commercial & professional services, financial services, and energy; the largest sector underweights included materials, consumer services, and telecommunication services. The Fund increased its asset allocation to high yield bonds and decreased its exposure to loans during the period.

10 www.blackstone-credit.com

Blackstone Strategic Credit 2027 Term Fund Fund Summary

June 30, 2025 (Unaudited)

**Performance Summary**

*Performance quoted represents past performance, which may be higher or lower than current performance. Past performance is not indicative of future results. The returns shown do not reflect taxes that an investor would pay on Fund distributions or on the sale of Fund shares. To obtain the most recent month-end performance, visit www.blackstone-credit.com.*

**Value of a $10,000 Investment**

![](fp0095031-1_08.jpg)

**BGB Total Return (as of June 30, 2025)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **3 Year** | **5 Year** | **10 Year** | **Since Inception** |
| NAV\* | 3.00%\*\* | 8.71% | 10.31% | 8.18% | 5.30% | 5.37% |
| Market Price\* | 2.80% | 11.51% | 12.78% | 10.03% | 6.40% | 4.61% |
| 75% Morningstar LLI / 25% Bloomberg HYI | 3.25% | 8.04% | 9.78% | 7.11% | 5.22% | 5.05% |

---

\* *NAV is equal to the total assets attributable to common shareholders less liabilities divided by the number of common shares outstanding. Market Price is the price at which a share can currently be traded in the market. Market Price is based on the close price at 4 p.m. ET and does not represent the returns an investor would receive if shares were traded at other times. Return assumes distributions are reinvested pursuant to the Fund's dividend reinvestment plan. Performance data quoted represents past performance and does not guarantee future results.*

\*\* *Excludes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value and total return for shareholder transactions reported to the market as of June 30, 2025 may differ from the net asset value for financial reporting purposes.*

Semi-Annual Report \| June 30, 2025 11

Blackstone Strategic Credit 2027 Term Fund Fund Summary

June 30, 2025 (Unaudited)

**BGB's Portfolio Composition\***

![](fp0095031-1_09.jpg)

\* *Numbers may not sum to 100.00% due to rounding. The Fund's Cash and Other represents net cash and other assets and liabilities, which includes amounts payable for investments purchased but not yet settled and amounts receivable for investments sold but not yet settled. At period end, the amounts payable for investments purchased but not yet settled exceeded the amount of cash on hand. The Fund uses sales proceeds or funds from its leverage program to settle amounts payable for investments purchased, but such amounts are not reflected in the Fund's net cash.*

**BGB's Moody's Rating Distribution\***

![](fp0095031-1_10.jpg)

\* *For more information on Moody's ratings and descriptions refer to https://ratings.moodys.io/ratings.*

**Portfolio Characteristics**

---

| | |
|:---|:---|
| Average All-In Rate | 7.37% |
| Current Dividend Yield^ | 8.81% |
| Effective Duration^^ | 0.81 yr |
| Average Position\* | 0.19% |
| Leverage\* | 36.52% |

---

---

| | |
|:---|:---|
| ^ | *Using current dividend rate of $0.089/share and market price/share as of June 30, 2025.* |

---

^^ *Loan durations are based on the actual remaining time until the underlying base rate is reset for each individual loan.*

\* *As a percentage of Managed Assets.*

**Top 10 Issuers\***

---

| | |
|:---|:---|
| Boxer Parent Company Inc | 1.1% |
| Cloud Software Group Inc | 0.8% |
| Prime Security Services Borrower LLC | 0.7% |
| Hyperion Refinance Sarl | 0.7% |
| Colossus Acquireco LLC | 0.7% |
| Citco Funding LLC | 0.6% |
| Project Alpha Intermediate Holding Inc | 0.6% |
| Jetblue Airways Corporation | 0.6% |
| Fertitta Entertainment | 0.6% |
| Dcert Buyer Inc | 0.6% |
| **Top 10 Issuer** | **7.0%** |

---

\* *As a percentage of Managed Assets.*

*Portfolio holdings and distributions are subject to change and are not recommendations to buy or sell any security.*

**Top 5 Industries\*^**

---

| | |
|:---|:---|
| Software | 11.6% |
| Professional Services | 6.5% |
| Oil, Gas & Consumable Fuels | 5.9% |
| Health Care Providers & Services | 5.2% |
| Commercial Services & Supplies | 3.9% |
| **Top 5 Industries** | **33.1%** |

---

\* *As a percentage of Managed Assets.*

^ *Global Industry Classification Schema ("GICS").*

12 www.blackstone-credit.com

Blackstone Senior Floating Rate 2027 Term Fund Portfolio of Investments

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount** |<br>**Value** |
| FLOATING RATE LOAN INTERESTS<sup>(a)</sup> - 136.53% |  |  |
| **Aerospace & Defense - 4.11%** |  |  |
| &nbsp;&nbsp;&nbsp;Atlas CC Acquisition Corp., First Lien B Term Loan, 3M SOFR + 4.25%, 0.75% Floor, 05/25/2028 | $1313968 | $703676 |
| &nbsp;&nbsp;&nbsp;Atlas CC Acquisition Corp., First Lien C Term Loan, 3M SOFR + 4.25%, 0.75% Floor, 05/25/2028 | 267248 | 143006 |
| &nbsp;&nbsp;&nbsp;DAE Aviation 10/24 TLB1, First Lien Term Loan, 1M SOFR + 2.25%, 10/31/2031 | 420017 | 420683 |
| &nbsp;&nbsp;&nbsp;DAE Aviation 10/24 TLB2, First Lien Term Loan, 1M SOFR + 2.25%, 10/31/2031 | 159761 | 160014 |
| &nbsp;&nbsp;&nbsp;Kaman 1/25 Cov-Lite TLB, First Lien Term Loan, 6M CME TERM + 3.00%, 02/26/2032 | 669274 | 669328 |
| &nbsp;&nbsp;&nbsp;Kaman 1/25 Delayed TL 1L, First Lien Term Loan, 6M CME TERM + 3.00%, 02/26/2032 | 63139 | 63144 |
| &nbsp;&nbsp;&nbsp;Karman Holdings LLC, First Lien Term Loan, 3M SOFR + 3.50%, 04/01/2032<sup>(b)</sup> | 668640 | 671147 |
| &nbsp;&nbsp;&nbsp;Novaria Holdings, LLC, First Lien Term Loan, 1M SOFR + 4.25%, 06/06/2031 | 786142 | 787125 |
| &nbsp;&nbsp;&nbsp;Peraton Corp., First Lien B Term Loan, 1M SOFR + 3.75%, 0.75% Floor, 02/01/2028 | 1780448 | 1576809 |
| &nbsp;&nbsp;&nbsp;Signia Aerospace 11/24 TL, First Lien Term Loan, 3M SOFR + 3.00%, 12/11/2031 | 424067 | 426717 |
| &nbsp;&nbsp;&nbsp;TransDigm, Inc., First Lien Term Loan: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3M SOFR + 2.50%, 02/28/2031 | 501599 | 503056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3M SOFR + 2.50%, 01/19/2032 | 733741 | 735675 |
| &nbsp;&nbsp;&nbsp;Vertex Aerospace Corp., First Lien Term Loan, 3M SOFR + 2.75%, 12/06/2030 | 884502 | 884091 |
|  |  | 7744471 |
| **Air Freight & Logistics - 0.67%** |  |  |
| &nbsp;&nbsp;&nbsp;AIT Worldwide Logistics Holdings, Inc., First Lien Term Loan, 3M SOFR + 4.00%, 0.75% Floor, 04/08/2030 | 577173 | 579410 |
| &nbsp;&nbsp;&nbsp;Clue Opco LLC, First Lien Term Loan, 3M SOFR + 4.50%, 12/19/2030 | 280924 | 279709 |
| &nbsp;&nbsp;&nbsp;Stonepeak Nile Parent LLC, First Lien Term Loan, 6M CME TERM + 3.25%, 04/09/2032 | 407665 | 409499 |
|  |  | 1268618 |
| **Automobile Components - 2.36%** |  |  |
| &nbsp;&nbsp;&nbsp;Belron 10/24 (USD) TLB, First Lien Term Loan, 3M SOFR + 2.75%, 10/16/2031 | 663910 | 667744 |
| &nbsp;&nbsp;&nbsp;First Brands Group LLC, First Lien Term Loan, 3M SOFR + 5.00%, 1.00% Floor, 03/30/2027 | 821974 | 777965 |
| &nbsp;&nbsp;&nbsp;First Brands Group, LLC, First Lien 2018 New Tranche E Term Loan, 3M SOFR + 5.00%, 03/30/2027 | 473708 | 448855 |
| &nbsp;&nbsp;&nbsp;LTI Holdings, Inc., First Lien Term Loan, 1M SOFR + 4.25%, 07/29/2029 | 1350679 | 1352158 |
| &nbsp;&nbsp;&nbsp;Tenneco, Inc., First Lien Term Loan, 6M CME TERM + 5.00%, 0.50% Floor, 11/17/2028 | 1049624 | 1026795 |
| &nbsp;&nbsp;&nbsp;Truck Hero, Inc. TLB, First Lien Term Loan, 1M SOFR + 3.75%, 01/31/2028 | 191952 | 172541 |
|  |  | 4446058 |
| **Broadline Retail - 0.39%** |  |  |
| &nbsp;&nbsp;&nbsp;Peer Hldg III BV, First Lien Term Loan: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3M SOFR + 2.50%, 10/28/2030 | 183848 | 185199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3M SOFR + 3.25%, 07/01/2031 | 539614 | 543188 |
|  |  | 728387 |
| **Building Products - 2.03%** |  |  |
| &nbsp;&nbsp;&nbsp;LBM Acquisition LLC, First Lien Term Loan, 1M SOFR + 3.75%, 06/06/2031 | 1009086 | 946018 |
| &nbsp;&nbsp;&nbsp;LHS Borrower, LLC, First Lien Term Loan, 1M SOFR + 4.75%, 0.50% Floor, 02/16/2029 | 828047 | 763186 |
| &nbsp;&nbsp;&nbsp;Miter Brands Acquisition Holdco Inc., First Lien Term Loan, 1M SOFR + 3.00%, 03/28/2031 | 954668 | 957924 |
| &nbsp;&nbsp;&nbsp;Oscar Acquisitionco LLC, First Lien Term Loan, 3M SOFR + 4.25%, 0.50% Floor, 04/29/2029 | 639122 | 590986 |
| &nbsp;&nbsp;&nbsp;Sunbelt Transformer 10/24, First Lien Term Loan, 3M SOFR + 3.50%, 10/24/2031 | 298111 | 299229 |
| &nbsp;&nbsp;&nbsp;Trulite Holding Corp., First Lien Term Loan, 3M SOFR + 6.00%, 03/01/2030 | 267924 | 261226 |
|  |  | 3818569 |
| **Capital Markets - 5.60%** |  |  |
| &nbsp;&nbsp;&nbsp;Advisor Group 11/24 TLB, First Lien Term Loan, 3M SOFR + 3.50%, 08/17/2028 | 966530 | 969874 |
| &nbsp;&nbsp;&nbsp;Apex Group Treasury LLC, First Lien Term Loan, 1M SOFR + 3.50%, 02/27/2032 | 1421543 | 1418437 |

---

*See Notes to Financial Statements.*

Semi-Annual Report \| June 30, 2025 13

Blackstone Senior Floating Rate 2027 Term Fund Portfolio of Investments

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount** |<br>**Value** |
| **Capital Markets (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Aretec Group, Inc., First Lien Term Loan, 1M SOFR + 3.50%, 08/09/2030 | $1860290 | $1865759 |
| &nbsp;&nbsp;&nbsp;Ascensus Holdings, Inc., First Lien Term Loan, 1M SOFR + 3.00%, 0.50% Floor, 08/02/2028 | 517717 | 519335 |
| &nbsp;&nbsp;&nbsp;Citadel Securities Global Holdings LLC, First Lien Term Loan, 1M SOFR + 2.00%, 10/31/2031 | 430827 | 433063 |
| &nbsp;&nbsp;&nbsp;CITCO FDG LLC, First Lien Term Loan, 3M SOFR + 2.75%, 04/27/2028 | 1906517 | 1917956 |
| &nbsp;&nbsp;&nbsp;Focus Financial Partners, LLC, First Lien Term Loan, 1M SOFR + 2.75%, 09/15/2031 | 1408864 | 1407462 |
| &nbsp;&nbsp;&nbsp;June Purchaser, LLC, First Lien Term Loan, 3M SOFR + 3.75%, 11/28/2031 | 655862 | 659319 |
| &nbsp;&nbsp;&nbsp;Kestra Advisor Services Holdings A, Inc., First Lien Term Loan, 3M SOFR + 3.25%, 03/21/2031 | 619455 | 619907 |
| &nbsp;&nbsp;&nbsp;Orion US Finco, First Lien Term Loan, 3M SOFR + 0.00%, 05/20/2032 | 560440 | 562821 |
| &nbsp;&nbsp;&nbsp;Osttra Group LTD, First Lien Term Loan, 3M SOFR + 0.00%, 05/03/2032 | 161657 | 162702 |
|  |  | 10536635 |
| **Chemicals - 2.65%** |  |  |
| &nbsp;&nbsp;&nbsp;Barentz Intl BV, First Lien Term Loan, 3M SOFR + 3.25%, 03/03/2031 | 366237 | 365895 |
| &nbsp;&nbsp;&nbsp;Discovery Purchaser/Bayer/Envu 8/22 TL, First Lien Term Loan, 3M SOFR + 4.38%, 10/04/2029 | 948096 | 947798 |
| &nbsp;&nbsp;&nbsp;Fortis 333 Inc, First Lien Term Loan, 3M SOFR + 3.50%, 03/27/2032 | 395000 | 395432 |
| &nbsp;&nbsp;&nbsp;Geon Performance Solutions LLC, First Lien Term Loan, 3M SOFR + 4.25%, 0.75% Floor, 08/18/2028 | 1122867 | 1071776 |
| &nbsp;&nbsp;&nbsp;Nouryon Finance BV, First Lien Term Loan: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3M SOFR + 3.25%, 04/03/2028 | 419178 | 421668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3M SOFR + 3.25%, 04/03/2028 | 912532 | 917952 |
| &nbsp;&nbsp;&nbsp;Vibrantz Technologies, Inc., First Lien Term Loan, 3M SOFR + 4.25%, 0.50% Floor, 04/21/2029 | 994885 | 871420 |
|  |  | 4991941 |
| **Commercial Services & Supplies - 6.70%** |  |  |
| &nbsp;&nbsp;&nbsp;Action Environmental Group, Inc., First Lien Term Loan, 3M SOFR + 4.00%, 0.50% Floor, 10/24/2030<sup>(b)</sup> | 2271100 | 2276777 |
| &nbsp;&nbsp;&nbsp;Allied Universal Holdco LLC, First Lien Initial U.S. Dollar Term Loan, 1M SOFR + 3.75%, 0.50% Floor, 05/12/2028 | 1004245 | 1010165 |
| &nbsp;&nbsp;&nbsp;Belfor Holdings, Inc., First Lien Term Loan, 1M SOFR + 3.00%, 0.50% Floor, 11/01/2030 | 262756 | 263413 |
| &nbsp;&nbsp;&nbsp;Garda World Security Corp., First Lien Term Loan, 1M SOFR + 3.00%, 02/01/2029 | 520413 | 522000 |
| &nbsp;&nbsp;&nbsp;Justrite Safety Group, First Lien Delayed Draw Term Loan, 1M SOFR + 4.50%, 06/28/2026 | 72924 | 72947 |
| &nbsp;&nbsp;&nbsp;Justrite Safety Group, First Lien Initial Term Loan, 1M SOFR + 4.50%, 06/28/2026 | 1348777 | 1349202 |
| &nbsp;&nbsp;&nbsp;Kidde Global 10/24 TLB, First Lien Term Loan, 1M SOFR + 4.25%, 12/02/2031 | 1019780 | 1026475 |
| &nbsp;&nbsp;&nbsp;Minimax Viking GmbH, First Lien Term Loan, 1M SOFR + 2.25%, 03/17/2032 | 633635 | 637199 |
| &nbsp;&nbsp;&nbsp;Orbit Private Holdings I Ltd 12/24 TLB, First Lien Term Loan, 6M SOFR + 3.75%, 12/11/2028 | 1842024 | 1853997 |
| &nbsp;&nbsp;&nbsp;Prime Sec Services Borrower LLC, First Lien Term Loan, 1M SOFR + 1.75%, 03/07/2032 | 859685 | 853865 |
| &nbsp;&nbsp;&nbsp;Protection One/ADT 11/24, First Lien Term Loan, 1M SOFR + 2.00%, 10/13/2030 | 1280218 | 1282298 |
| &nbsp;&nbsp;&nbsp;Tidal Waste 10/24 TLB 1L, First Lien Term Loan, 3M SOFR + 3.00%, 10/24/2031 | 782040 | 787577 |
| &nbsp;&nbsp;&nbsp;TRC Companies 1/25, First Lien Term Loan, 1M SOFR + 3.50%, 12/08/2028 | 681004 | 680408 |
|  |  | 12616323 |
| **Communications Equipment - 0.10%** |  |  |
| &nbsp;&nbsp;&nbsp;MLN US HoldCo LLC, First Lien B Term Loan, 3M SOFR + 3.50%, 11/30/2025 | 854492 | 6430 |
| &nbsp;&nbsp;&nbsp;Viavi Solutions Inc, First Lien Term Loan, 3M SOFR + 0.00%, 06/11/2032 | 185955 | 186246 |
|  |  | 192676 |
| **Construction & Engineering - 2.05%** |  |  |
| &nbsp;&nbsp;&nbsp;Aegion 1/25 Cov-Lite TLB, First Lien Term Loan, 1M SOFR + 3.00%, 05/17/2028 | 1427904 | 1435044 |
| &nbsp;&nbsp;&nbsp;Amentum/Amazon Holdco 7/24 TLB 1L, First Lien Term Loan, 1M SOFR + 2.25%, 09/29/2031 | 463500 | 463500 |
| &nbsp;&nbsp;&nbsp;Arcosa Inc, First Lien Term Loan, 3M SOFR + 0.00%, 10/01/2031 | 151753 | 152448 |
| &nbsp;&nbsp;&nbsp;Azuria Water Solution Inc, First Lien Term Loan, 3M SOFR + 0.00%, 05/17/2028 | 48390 | 48632 |
| &nbsp;&nbsp;&nbsp;KNIFE RIV CORP, First Lien Term Loan, 3M SOFR + 2.00%, 03/08/2032 | 791343 | 794809 |
| &nbsp;&nbsp;&nbsp;Socotec 11/24 (USD) TL, First Lien Term Loan, 3M SOFR + 8.08%, 06/30/2028 | 662596 | 665908 |

---

*See Notes to Financial Statements.*

14 www.blackstone-credit.com

Blackstone Senior Floating Rate 2027 Term Fund Portfolio of Investments

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount** |<br>**Value** |
| **Construction & Engineering (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Tecta America Corp, First Lien Term Loan, 1M SOFR + 3.00%, 02/18/2032 | $292394 | $293400 |
|  |  | 3853741 |
| **Construction Materials - 1.69%** |  |  |
| &nbsp;&nbsp;&nbsp;Quikrete Holdings, Inc., First Lien Term Loan: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M SOFR + 2.25%, 04/14/2031 | 1462217 | 1461304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M SOFR + 2.25%, 02/10/2032 | 1476781 | 1476596 |
| &nbsp;&nbsp;&nbsp;Tamko Building Products LLC, First Lien Term Loan, 3M SOFR + 2.75%, 09/20/2030 | 247997 | 248927 |
|  |  | 3186827 |
| **Consumer Finance - 0.55%** |  |  |
| &nbsp;&nbsp;&nbsp;CPI Holdco B LLC, First Lien Term Loan, 1M SOFR + 2.00%, 05/17/2031 | 592904 | 591866 |
| &nbsp;&nbsp;&nbsp;CPI Holdco/Creative 10/24, First Lien Term Loan, 1M SOFR + 2.75%, 05/17/2031 | 450764 | 450907 |
|  |  | 1042773 |
| **Containers & Packaging - 3.01%** |  |  |
| &nbsp;&nbsp;&nbsp;Anchor Packaging LLC, First Lien Term Loan, 1M SOFR + 3.50%, 07/18/2029 | 419857 | 422534 |
| &nbsp;&nbsp;&nbsp;Berlin Packaging LLC, First Lien Term Loan, 1M SOFR + 3.50%, 06/07/2031 | 372310 | 374067 |
| &nbsp;&nbsp;&nbsp;Clydesdale Acquisition Holdings, Inc., First Lien Term Loan: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M SOFR + 3.25%, 04/01/2032 | 1534234 | 1529976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3M SOFR + 0.00%, 04/01/2032 | 26822 | 26748 |
| &nbsp;&nbsp;&nbsp;Iris Holding, Inc., First Lien Term Loan, 3M SOFR + 4.75%, 0.50% Floor, 06/28/2028 | 816025 | 795580 |
| &nbsp;&nbsp;&nbsp;ProAmpac PG Borrower LLC, First Lien Term Loan, 3M SOFR + 4.00%, 0.75% Floor, 09/15/2028 | 491636 | 494155 |
| &nbsp;&nbsp;&nbsp;Reynolds Consumer Products, LLC, First Lien Term Loan, 1M SOFR + 1.75%, 03/04/2032 | 404855 | 407215 |
| &nbsp;&nbsp;&nbsp;Tricorbraun Holdings, Inc., First Lien Closing Date Initial Term Loan, 1M SOFR + 3.25%, 0.50% Floor, 03/03/2028 | 410009 | 410046 |
| &nbsp;&nbsp;&nbsp;Trident TPI Holdings, Inc., First Lien Term Loan, 3M SOFR + 3.75%, 0.50% Floor, 09/15/2028 | 1233821 | 1213932 |
|  |  | 5674253 |
| **Distributors - 1.36%** |  |  |
| &nbsp;&nbsp;&nbsp;Burgess Point Purchaser Corp., First Lien Term Loan, 3M SOFR + 5.25%, 07/25/2029 | 1438880 | 1236199 |
| &nbsp;&nbsp;&nbsp;S&S Holdings LLC, First Lien Initial Term Loan, 1M SOFR + 5.00%, 0.50% Floor, 03/11/2028 | 608133 | 597303 |
| &nbsp;&nbsp;&nbsp;S&S Holdings LLC, First Lien Term Loan, 1M SOFR + 5.00%, 10/01/2031 | 753409 | 723510 |
|  |  | 2557012 |
| **Diversified Consumer Services - 2.13%** |  |  |
| &nbsp;&nbsp;&nbsp;Cengage Learning, Inc., First Lien Term Loan, 1M SOFR + 3.50%, 1.00% Floor, 03/24/2031 | 1350949 | 1355758 |
| &nbsp;&nbsp;&nbsp;Fugue Finance B.V. 12/24, First Lien Term Loan, 3M SOFR + 3.25%, 01/09/2032 | 521992 | 525745 |
| &nbsp;&nbsp;&nbsp;Fugue Finance BV, First Lien Term Loan, 3M SOFR + 3.25%, 01/09/2032 | 99720 | 100437 |
| &nbsp;&nbsp;&nbsp;Imagine Learning LLC, First Lien Term Loan, 1M SOFR + 3.50%, 12/21/2029 | 1135625 | 1109755 |
| &nbsp;&nbsp;&nbsp;Learning Care Group US No 2, Inc., First Lien Term Loan, 3M SOFR + 4.00%, 0.50% Floor, 08/11/2028 | 970 | 971 |
| &nbsp;&nbsp;&nbsp;TruGreen LP, First Lien Term Loan, 1M SOFR + 4.00%, 0.75% Floor, 11/02/2027 | 431246 | 410225 |
| &nbsp;&nbsp;&nbsp;Wand NewCo 3, Inc., First Lien Term Loan, 1M SOFR + 2.50%, 01/30/2031 | 498705 | 497054 |
|  |  | 3999945 |
| **Diversified REITs - 0.42%** |  |  |
| &nbsp;&nbsp;&nbsp;Iron Mountain Information Management LLC, First Lien Term Loan, 1M SOFR + 2.00%, 01/31/2031 | 461515 | 461706 |
| &nbsp;&nbsp;&nbsp;Opry Entertainment/OEG, First Lien Term Loan, 3M SOFR + 3.50%, 06/30/2031 | 337302 | 336670 |
|  |  | 798376 |
| **Diversified Telecommunication Services - 2.03%** |  |  |
| &nbsp;&nbsp;&nbsp;Cable & Wireless 1/25 B7, First Lien Term Loan, 3M SOFR + 3.25%, 02/02/2032 | 1194324 | 1183497 |

---

*See Notes to Financial Statements.*

Semi-Annual Report \| June 30, 2025 15

Blackstone Senior Floating Rate 2027 Term Fund Portfolio of Investments

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount** |<br>**Value** |
| **Diversified Telecommunication Services (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Radiate Holdco, LLC, First Lien Term Loan, 6M CME TERM SOFR + 7.69%, 09/25/2029 | $1029854 | $890824 |
| &nbsp;&nbsp;&nbsp;Ufinet/Zacapa 10/24 TL, First Lien Term Loan, 3M SOFR + 4.00%, 03/22/2029 | 1543299 | 1550051 |
| &nbsp;&nbsp;&nbsp;Zayo Group Holdings, Inc., First Lien Term Loan, 1M SOFR + 3.00%, 03/09/2027 | 206562 | 197018 |
|  |  | 3821390 |
| **Electric Utilities - 2.86%** |  |  |
| &nbsp;&nbsp;&nbsp;Alpha Generation LLC, First Lien Term Loan, 1M SOFR + 2.00%, 09/30/2031 | 1075854 | 1075672 |
| &nbsp;&nbsp;&nbsp;Cogentrix Finance Holdco I, LLC, First Lien Term Loan, 1M SOFR + 2.75%, 02/26/2032 | 365676 | 366775 |
| &nbsp;&nbsp;&nbsp;Lightning Power 8/24 TLB, First Lien Term Loan, 3M SOFR + 2.25%, 08/18/2031 | 1378746 | 1382861 |
| &nbsp;&nbsp;&nbsp;NRG Energy 3/24 Cov-Lite, First Lien Term Loan, 1M SOFR + 1.75%, 04/16/2031 | 1127083 | 1130605 |
| &nbsp;&nbsp;&nbsp;Vistra Operations Co. LLC, First Lien 2018 Incremental Term Loan, 1M SOFR + 2.00%, 12/20/2030 | 1425353 | 1430648 |
|  |  | 5386561 |
| **Electrical Equipment - 0.11%** |  |  |
| &nbsp;&nbsp;&nbsp;Arcline FM Holdings, LLC, First Lien Term Loan, 3M SOFR + 3.50%, 06/23/2030 | 206075 | 207262 |
| **Electronic Equipment, Instruments & Components - 1.13%** |  |  |
| &nbsp;&nbsp;&nbsp;Coherent Corp., First Lien Term Loan, 1M SOFR + 2.00%, 0.50% Floor, 07/02/2029 | 481464 | 482769 |
| &nbsp;&nbsp;&nbsp;DG Investment Intermediate Holdings 2, Inc., Second Lien Initial Term Loan, 1M SOFR + 6.75%, 0.75% Floor, 03/30/2029 | 601071 | 599004 |
| &nbsp;&nbsp;&nbsp;MION TL B 1L, First Lien Term Loan, 3M SOFR + 0.00%, 06/07/2032 | 545204 | 546821 |
| &nbsp;&nbsp;&nbsp;Modena Buyer LLC, First Lien Term Loan, 3M SOFR + 4.50%, 07/01/2031 | 515134 | 497426 |
|  |  | 2126020 |
| **Energy Equipment & Services - 1.68%** |  |  |
| &nbsp;&nbsp;&nbsp;Colossus AcquireCo LLC, First Lien Term Loan, 3M SOFR + 0.00%, 06/12/2032 | 1894847 | 1884663 |
| &nbsp;&nbsp;&nbsp;Covia Hldgs LLC, First Lien Term Loan, 1M SOFR + 3.25%, 02/26/2032 | 334164 | 335696 |
| &nbsp;&nbsp;&nbsp;Ursa Minor US Bidco LLC aka Rosen, First Lien Term Loan, 3M SOFR + 3.00%, 03/26/2031 | 933967 | 937703 |
|  |  | 3158062 |
| **Entertainment - 2.57%** |  |  |
| &nbsp;&nbsp;&nbsp;Bingo Holdings I LLC, First Lien Term Loan, 1M SOFR + 4.30%, 06/13/2032 | 681799 | 672212 |
| &nbsp;&nbsp;&nbsp;Delta 2 Lux Sarl, First Lien Term Loan: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3M SOFR + 2.00%, 0.50% Floor, 09/30/2031 | 333333 | 334292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3M SOFR + 3.50%, 0.50% Floor, 09/30/2031 | 166667 | 167146 |
| &nbsp;&nbsp;&nbsp;Endeavor 1/25 Cov-Lite, First Lien Term Loan, 1M SOFR + 3.00%, 03/24/2032 | 1333832 | 1337167 |
| &nbsp;&nbsp;&nbsp;EP Purcasher LLC, First Lien Term Loan, 3M SOFR + 4.50%, 0.50% Floor, 11/06/2028 | 187299 | 184958 |
| &nbsp;&nbsp;&nbsp;EP Purcasher, LLC, First Lien Term Loan, 3M SOFR + 3.50%, 11/06/2028 | 1518236 | 1495083 |
| &nbsp;&nbsp;&nbsp;Zuffa 11/24 TLB 1L, First Lien Term Loan, 3M SOFR + 2.25%, 11/21/2031 | 635864 | 638960 |
|  |  | 4829818 |
| **Financial Services - 2.72%** |  |  |
| &nbsp;&nbsp;&nbsp;Corpay Technologies Operating Company, LLC, First Lien Term Loan, 1M SOFR + 1.75%, 04/28/2028 | 1580725 | 1582701 |
| &nbsp;&nbsp;&nbsp;Envestnet, Inc., First Lien Term Loan, 1M SOFR + 3.25%, 11/25/2031 | 311512 | 312407 |
| &nbsp;&nbsp;&nbsp;Mitchell International, First Lien Term Loan, 3M SOFR + 3.25%, 06/17/2031 | 514856 | 515026 |
| &nbsp;&nbsp;&nbsp;Planet US Buyer, LLC, First Lien Term Loan, 3M SOFR + 3.00%, 02/07/2031 | 376904 | 378930 |
| &nbsp;&nbsp;&nbsp;Polaris Newco LLC, First Lien Dollar Term Loan, 3M SOFR + 3.75%, 0.50% Floor, 06/02/2028 | 1088710 | 1062472 |
| &nbsp;&nbsp;&nbsp;Shift4 Payments LLC, First Lien Term Loan, 3M SOFR + 0.00%, 05/10/2032 | 312203 | 315082 |
| &nbsp;&nbsp;&nbsp;Synechron Inc, First Lien Term Loan, 3M SOFR + 3.75%, 10/03/2031(b) | 977550 | 953111 |
|  |  | 5119729 |
| **Food Products - 1.89%** |  |  |
| &nbsp;&nbsp;&nbsp;Froneri US, Inc., First Lien Term Loan, 6M SOFR + 2.00%, 09/30/2031 | 1014044 | 1005176 |

---

*See Notes to Financial Statements.*

16 www.blackstone-credit.com

Blackstone Senior Floating Rate 2027 Term Fund Portfolio of Investments

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount** |<br>**Value** |
| **Food Products (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;RED SPV LLC, First Lien Term Loan, 1M SOFR + 2.25%, 03/15/2032 | $847550 | $847550 |
| &nbsp;&nbsp;&nbsp;Sazerac Co Inc., First Lien Term Loan 06/25/2032 | 553344 | $554036 |
| &nbsp;&nbsp;&nbsp;Snacking Investments BidCo Pty, Ltd., First Lien Initial US Term Loan, 3M SOFR + 4.00%, 1.00% Floor, 12/18/2026 | 1136017 | 1145957 |
|  |  | 3552719 |
| **Gas Utilities - 0.29%** |  |  |
| &nbsp;&nbsp;&nbsp;CQP Holdco LP, First Lien Term Loan, 3M SOFR + 2.00%, 0.50% Floor, 12/31/2030 | 550000 | 550709 |
| **Ground Transportation - 0.51%** |  |  |
| &nbsp;&nbsp;&nbsp;Genesee & WY Inc, First Lien Term Loan, 3M SOFR + 1.75%, 04/10/2031 | 961638 | 957753 |
| **Health Care Equipment & Supplies - 1.83%** |  |  |
| &nbsp;&nbsp;&nbsp;Embecta Corp, TLB, First Lien Term Loan, 1M SOFR + 3.00%, 03/30/2029 | 1022875 | 1019678 |
| &nbsp;&nbsp;&nbsp;Hanger, Inc., First Lien Term Loan, 1M SOFR + 3.50%, 10/23/2031 | 414419 | 415593 |
| &nbsp;&nbsp;&nbsp;Siemens/SivantosWS Audiology, First Lien Term Loan, 6M CME TERM SOFR + 4.25%, 02/28/2029 | 1997221 | 2002844 |
|  |  | 3438115 |
| **Health Care Providers & Services - 7.54%** |  |  |
| &nbsp;&nbsp;&nbsp;Agiliti Health, Inc., First Lien Term Loan, 6M SOFR + 3.00%, 05/01/2030 | 915029 | 888150 |
| &nbsp;&nbsp;&nbsp;CHG Healthcare Services, Inc., First Lien Term Loan, 3M SOFR + 3.00%, 0.50% Floor, 09/29/2028 | 363128 | 364796 |
| &nbsp;&nbsp;&nbsp;Global Medical Response, Inc., First Lien Term Loan, 3M SOFR + 5.50%, 1.00% Floor, 10/31/2028<sup>(c)</sup> | 2117681 | 2123272 |
| &nbsp;&nbsp;&nbsp;Heartland Dental LLC, First Lien Term Loan, 1M SOFR + 4.50%, 0.75% Floor, 04/28/2028 | 650057 | 651685 |
| &nbsp;&nbsp;&nbsp;Inception Finco Sa rl, First Lien Term Loan, 3M SOFR + 3.75%, 04/18/2031 | 581461 | 587279 |
| &nbsp;&nbsp;&nbsp;IVI America LLC, First Lien Term Loan, 3M SOFR + 0.00%, 04/14/2031 | 123937 | 125177 |
| &nbsp;&nbsp;&nbsp;MED ParentCo LP, First Lien Term Loan: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M SOFR + 3.75%, 04/15/2031 | 800 | 804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3M SOFR + 0.00%, 04/15/2031 | 339070 | 340827 |
| &nbsp;&nbsp;&nbsp;Medical Solutions LLC, First Lien Term Loan, 3M SOFR + 3.50%, 11/01/2028 | 1111801 | 599100 |
| &nbsp;&nbsp;&nbsp;Midwest Physcn Admin Srvcs LLC, First Lien Term Loan, 3M SOFR + 3.00%, 03/12/2028 | 1108953 | 1036871 |
| &nbsp;&nbsp;&nbsp;Onex TSG Intermediate Corp., First Lien Initial Term Loan, 3M SOFR + 4.75%, 0.75% Floor, 02/28/2028 | 713542 | 716328 |
| &nbsp;&nbsp;&nbsp;Outcomes Group Holdings, Inc., First Lien Term Loan, 1M SOFR + 3.50%, 05/06/2031 | 577535 | 581685 |
| &nbsp;&nbsp;&nbsp;Pathway Vet Alliance LLC TLA 1L, First Lien Term Loan, 6M CME TERM + 3.25%, 06/30/2028 | 508218 | 512156 |
| &nbsp;&nbsp;&nbsp;Pathway Vet Alliance LLC TLB 1L, First Lien Term Loan, 6M CME TERM + 7.00%, 06/30/2028 | 1322815 | 1073133 |
| &nbsp;&nbsp;&nbsp;Pediatric Associates Holding Co. LLC, First Lien Term Loan, 3M SOFR + 3.25%, 0.50% Floor, 12/29/2028 | 827204 | 741899 |
| &nbsp;&nbsp;&nbsp;R1 RCM 10/24 Cov-Lite TLB, First Lien Term Loan, 1M SOFR + 3.50%, 11/19/2031 | 532632 | 532832 |
| &nbsp;&nbsp;&nbsp;Radiology Partners Inc, First Lien Term Loan, 3M SOFR + 4.50%, 06/26/2032 | 1410097 | 1400402 |
| &nbsp;&nbsp;&nbsp;Southern Veterinary 10/24, First Lien Term Loan, 3M SOFR + 3.25%, 12/04/2031 | 1126686 | 1129277 |
| &nbsp;&nbsp;&nbsp;U.S. Anesthesia Partners, Inc., First Lien Term Loan, 1M SOFR + 4.25%, 0.50% Floor, 10/01/2028 | 471525 | 466596 |
| &nbsp;&nbsp;&nbsp;US Fertility 10/24 Delayed TL 1L, First Lien Term Loan, 3M SOFR + 2.25%, 10/11/2031<sup>(b)</sup> | 13565 | 13667 |
| &nbsp;&nbsp;&nbsp;US Fertility 10/24 TLB 1L, First Lien Term Loan, 3M SOFR + 4.50%, 10/11/2031<sup>(b)</sup> | 297689 | 299921 |
|  |  | 14185857 |
| **Health Care Technology - 1.85%** |  |  |
| &nbsp;&nbsp;&nbsp;Cotiviti Inc., First Lien Term Loan, 1M SOFR + 7.63%, 05/01/2031 | 1208027 | 1216332 |
| &nbsp;&nbsp;&nbsp;Cotiviti, Inc., First Lien Term Loan, 1M SOFR + 2.75%, 03/26/2032 | 589800 | 587712 |

---

*See Notes to Financial Statements.*

Semi-Annual Report \| June 30, 2025 17

Blackstone Senior Floating Rate 2027 Term Fund Portfolio of Investments

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Principal<br>Amount |<br>Value |
| **Health Care Technology (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Gainwell Acquisition Corp., First Lien Term Loan, 3M SOFR + 4.00%, 0.75% Floor, 10/01/2027 | $1739282 | $1679712 |
|  |  | 3483756 |
| **Hotels, Restaurants & Leisure - 5.55%** |  |  |
| &nbsp;&nbsp;&nbsp;1011778 BC UNLIMITED LIABILITY CO, First Lien Term Loan, 1M SOFR + 1.75%, 09/20/2030 | 877286 | 874637 |
| &nbsp;&nbsp;&nbsp;Bally's Corp., First Lien Term Loan, 3M SOFR + 3.25%, 0.50% Floor, 10/02/2028 | 846190 | 750994 |
| &nbsp;&nbsp;&nbsp;Caesars Entertainment, Inc., First Lien Term Loan: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3M SOFR + 2.75%, 0.50% Floor, 02/06/2030 | 491397 | 491766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3M SOFR + 2.25%, 0.50% Floor, 02/06/2031 | 158958 | 159058 |
| &nbsp;&nbsp;&nbsp;Cedar Fair LP, First Lien Term Loan, 1M SOFR + 2.00%, 05/01/2031 | 157280 | 157614 |
| &nbsp;&nbsp;&nbsp;Entain plc, First Lien Term Loan, 6M SOFR + 2.75%, 10/31/2029 | 1281291 | 1287813 |
| &nbsp;&nbsp;&nbsp;Fertitta Entertainment, LLC, First Lien Term Loan, 1M SOFR + 3.75%, 01/27/2029 | 1302773 | 1302825 |
| &nbsp;&nbsp;&nbsp;Flutter Entertainment Public Limited, First Lien Term Loan, 3M SOFR + 4.32%, 06/04/2032 | 124420 | 124575 |
| &nbsp;&nbsp;&nbsp;Flutter Financing BV, First Lien Term Loan, 3M SOFR + 1.75%, 0.50% Floor, 11/30/2030 | 1786928 | 1784694 |
| &nbsp;&nbsp;&nbsp;Flynn Restaurant Group LP, First Lien Term Loan, 1M SOFR + 3.75%, 01/28/2032 | 1783907 | 1783907 |
| &nbsp;&nbsp;&nbsp;Herschend Entertainment Co LLC, First Lien Term Loan, 1M SOFR + 3.25%, 05/27/2032 | 243191 | 245192 |
| &nbsp;&nbsp;&nbsp;Hilton Grand Vacations Borrower, LLC, First Lien Term Loan, 1M SOFR + 2.25%, 01/17/2031 | 231570 | 231590 |
| &nbsp;&nbsp;&nbsp;Ovg Business Services LLC, First Lien Term Loan, 1M SOFR + 3.00%, 06/25/2031 | 517796 | 515854 |
| &nbsp;&nbsp;&nbsp;Voyager Parent, LLC, First Lien Term Loan, 3M SOFR + 0.00%, 05/08/2032 | 744800 | 738179 |
|  |  | 10448698 |
| **Household Durables - 1.34%** |  |  |
| &nbsp;&nbsp;&nbsp;ACProducts Holdings, Inc., First Lien Term Loan, 3M SOFR + 4.25%, 0.50% Floor, 05/17/2028 | 2047388 | 1560499 |
| &nbsp;&nbsp;&nbsp;Restoration Hardware, Inc. TLB 1L, First Lien Term Loan, 1M SOFR + 2.50%, 10/20/2028 | 994832 | 969896 |
|  |  | 2530395 |
| **Independent Power and Renewable Electricity Producers - 0.89%** |  |  |
| &nbsp;&nbsp;&nbsp;Calpine Corp., First Lien Term Loan, 1M SOFR + 1.75%, 01/31/2031 | 1667379 | 1669079 |
| **Insurance - 4.30%** |  |  |
| &nbsp;&nbsp;&nbsp;Alera Group Inc, First Lien Term Loan, 6M CME TERM + 4.33%, 05/21/2032 | 994095 | 998195 |
| &nbsp;&nbsp;&nbsp;Alera Group Inc, Second Lien Term Loan, 1M SOFR + 5.50%, 05/23/2033 | 294864 | 300945 |
| &nbsp;&nbsp;&nbsp;Alliant Holdings Intermediate LLC, First Lien Term Loan, 1M SOFR + 2.75%, 09/19/2031 | 287178 | 287569 |
| &nbsp;&nbsp;&nbsp;AmWINS Group, Inc., First Lien Term Loan, 1M SOFR + 2.25%, 0.75% Floor, 01/30/2032 | 1278248 | 1280127 |
| &nbsp;&nbsp;&nbsp;Baldwin Insurance Group Holdings LLC, First Lien Term Loan, 1M SOFR + 3.00%, 05/26/2031 | 593647 | 594885 |
| &nbsp;&nbsp;&nbsp;BroadStreet Partners Inc, First Lien Term Loan, 1M SOFR + 3.00%, 06/13/2031 | 746231 | 747966 |
| &nbsp;&nbsp;&nbsp;CCC Intelligent Solutions, Inc., First Lien Term Loan, 1M SOFR + 2.00%, 0.50% Floor, 01/23/2032 | 588449 | 589555 |
| &nbsp;&nbsp;&nbsp;Hyperion Insurance/Howden 7/24 TLB 1L, First Lien Term Loan, 1M SOFR + 3.50%, 04/18/2030 | 2099004 | 2112847 |
| &nbsp;&nbsp;&nbsp;Ryan Specialty LLC, First Lien Term Loan, 1M SOFR + 2.25%, 09/15/2031 | 317676 | 318074 |
| &nbsp;&nbsp;&nbsp;Trucordia Insurance Holdings LLC, First Lien Term Loan, 1M SOFR + 3.25%, 06/12/2032 | 550791 | 552512 |
| &nbsp;&nbsp;&nbsp;Truist Insurance 3/24 2nd Lien Cov-Lite, Second Lien Term Loan, 3M SOFR + 4.75%, 05/06/2032 | 298588 | 302632 |
|  |  | 8085307 |
| **Interactive Media & Services - 1.92%** |  |  |
| &nbsp;&nbsp;&nbsp;LI Group Holdings, Inc., First Lien 2021 Term Loan, 1M SOFR + 3.50%, 0.75% Floor, 03/11/2028 | 1266495 | 1270978 |
| &nbsp;&nbsp;&nbsp;Project Boost Purchaser, LLC aka JD Power/Autodata, Second Lien Term Loan, 3M SOFR + 5.25%, 07/16/2032 | 618975 | 625422 |
| &nbsp;&nbsp;&nbsp;Trip.com/TripAdvisor 7/24, First Lien Term Loan, 1M SOFR + 2.75%, 07/08/2031 | 1087082 | 1085723 |

---

*See Notes to Financial Statements.*

18 www.blackstone-credit.com

Blackstone Senior Floating Rate 2027 Term Fund Portfolio of Investments

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount** |<br>**Value** |
| **Interactive Media & Services (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;WH Borrower LLC, First Lien Term Loan, 6M SOFR + 4.75%, 02/20/2032 | $632000 | $632986 |
|  |  | 3615109 |
| **IT Services - 6.57%** |  |  |
| &nbsp;&nbsp;&nbsp;Access CIG LLC, First Lien Term Loan, 3M SOFR + 4.25%, 0.50% Floor, 08/18/2028 | 1029178 | 1035209 |
| &nbsp;&nbsp;&nbsp;Ahead 7/24 TLB3 1L, First Lien Term Loan, 3M SOFR + 3.00%, 02/03/2031 | 884875 | 886720 |
| &nbsp;&nbsp;&nbsp;Asurion LLC, Second Lien Term Loan, 1M SOFR + 5.25%, 01/31/2028 | 619686 | 594319 |
| &nbsp;&nbsp;&nbsp;Blackhawk Network Holdings, Inc., First Lien Term Loan, 1M SOFR + 4.00%, 1.00% Floor, 03/12/2029 | 1141693 | 1149274 |
| &nbsp;&nbsp;&nbsp;Dcert Buyer, Inc., Second Lien First Amendment Refinancing Term Loan, 1M SOFR + 7.00%, 02/19/2029 1,881,655 |  | 1653504 |
| &nbsp;&nbsp;&nbsp;Endurance Intl Group Hldgs Inc TLB 1L, First Lien Term Loan, 3M SOFR + 3.61%, 02/10/2028 | 2308641 | 1674492 |
| &nbsp;&nbsp;&nbsp;Fortress Intermediate 3 Inc, First Lien Term Loan, 3M SOFR + 0.00%, 06/27/2031<sup>(b)</sup> | 2063846 | 2071586 |
| &nbsp;&nbsp;&nbsp;Go Daddy Oper Co LLC, First Lien Term Loan, 1M SOFR + 1.75%, 05/30/2031 | 467775 | 468830 |
| &nbsp;&nbsp;&nbsp;Skopima Consilio Parent, LLC, First Lien Term Loan, 1M SOFR + 3.75%, 0.50% Floor, 05/15/2028 | 1106655 | 1093707 |
| &nbsp;&nbsp;&nbsp;ThoughtWorks, Inc., First Lien Incremental Term Loan, 1M SOFR + 2.50%, 0.50% Floor, 03/24/2028 | 47371 | 46790 |
| &nbsp;&nbsp;&nbsp;Virtusa Corp., First Lien Term Loan, 1M SOFR + 3.25%, 0.75% Floor, 02/15/2029 | 726904 | 727995 |
| &nbsp;&nbsp;&nbsp;World Wide Technology Holding Co. LLC, First Lien Term Loan, 1M SOFR + 2.50%, 0.50% Floor, 03/01/2030<sup>(b)</sup> | 950949 | 956892 |
|  |  | 12359318 |
| **Life Sciences Tools & Services - 0.49%** |  |  |
| &nbsp;&nbsp;&nbsp;Loire Finco Luxembourg Sarl TLB, First Lien Term Loan, 1M SOFR + 4.00%, 01/21/2030<sup>(b)</sup> | 918649 | 923242 |
| **Machinery - 5.76%** |  |  |
| &nbsp;&nbsp;&nbsp;AI Aqua Merger Sub, Inc., First Lien Term Loan, 1M SOFR + 3.25%, 0.50% Floor, 07/31/2028 | 309360 | 309270 |
| &nbsp;&nbsp;&nbsp;Asp Blade Holdings, Second Lien Term Loan, 6M SOFR + 4.00%, 10/15/2029 | 517818 | 422451 |
| &nbsp;&nbsp;&nbsp;Beach Acquisition Bidco LLC, Second Lien Term Loan, 3M SOFR + 3.25%, 06/28/2032<sup>(b)</sup> | 244691 | 246220 |
| &nbsp;&nbsp;&nbsp;Bettcher Industries, Inc., First Lien Term Loan, 1M SOFR + 4.00%, 12/14/2028 | 859237 | 856376 |
| &nbsp;&nbsp;&nbsp;Cube Industrials 10/24, First Lien Term Loan, 3M SOFR + 3.75%, 10/17/2031 | 285606 | 287479 |
| &nbsp;&nbsp;&nbsp;Engineered Machinery Holdings, Inc., First Lien Term Loan, 3M SOFR + 3.75%, 0.75% Floor, 05/19/2028 | 1274218 | 1283437 |
| &nbsp;&nbsp;&nbsp;Husky Injection Molding Systems Ltd., First Lien Term Loan, 3M SOFR + 5.25%, 02/15/2029 | 450719 | 452488 |
| &nbsp;&nbsp;&nbsp;Hyperion Materials & Technologies, Inc., First Lien Initial Term Loan, 3M SOFR + 4.50%, 0.50% Floor, 08/30/2028 | 709040 | 685554 |
| &nbsp;&nbsp;&nbsp;LSF11 Trinity Bidco, Inc., First Lien Term Loan, 1M SOFR + 3.25%, 06/14/2030 | 1083207 | 1088623 |
| &nbsp;&nbsp;&nbsp;Madison IAQ LLC, First Lien Term Loan, 3M SOFR + 3.25%, 0.50% Floor, 05/06/2032 | 1085087 | 1089378 |
| &nbsp;&nbsp;&nbsp;Motion Finco LLC, First Lien Term Loan, 3M SOFR + 3.50%, 11/12/2029 | 309068 | 294969 |
| &nbsp;&nbsp;&nbsp;Project Castle, Inc., First Lien Term Loan, 3M SOFR + 5.50%, 06/01/2029 | 1482000 | 1175537 |
| &nbsp;&nbsp;&nbsp;TK Elevator Midco GmbH, First Lien Term Loan, 3M SOFR + 3.00%, 04/30/2030 | 547742 | 549796 |
| &nbsp;&nbsp;&nbsp;Vertiv Group Corp., First Lien Term Loan, 1M SOFR + 1.75%, 03/02/2027 | 994987 | 997191 |
| &nbsp;&nbsp;&nbsp;Victory Buyer LLC, First Lien Term Loan, 1M SOFR + 3.75%, 0.50% Floor, 11/19/2028 | 1110725 | 1100212 |
|  |  | 10838981 |
| **Media - 2.70%** |  |  |
| &nbsp;&nbsp;&nbsp;ABG Intermediate Holdings 2 LLC, First Lien Term Loan: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M SOFR + 2.25%, 12/21/2028 | 194343 | 194479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M SOFR + 2.25%, 02/13/2032 | 694061 | 693627 |
| &nbsp;&nbsp;&nbsp;American Greetings Corp., First Lien Term Loan, 1M SOFR + 5.75%, 10/30/2029 | 837927 | 840738 |
| &nbsp;&nbsp;&nbsp;McGraw-Hill Education, Inc., First Lien Term Loan, 1M SOFR + 3.25%, 0.50% Floor, 08/06/2031 | 402241 | 404085 |
| &nbsp;&nbsp;&nbsp;MJH Healthcare Holdings LLC aka MJH Life Sciences, First Lien Term Loan, 3M SOFR + 3.25%, 01/28/2029 | 2409098 | 2419132 |

---

*See Notes to Financial Statements.*

Semi-Annual Report \| June 30, 2025 19

Blackstone Senior Floating Rate 2027 Term Fund Portfolio of Investments

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Principal<br>Amount |<br>Value |
| **Media (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;WideOpenWest Finance LLC, First Lien Term Loan, 3M SOFR + 3.00%, 1.50% Floor, 12/11/2028 | $618129 | $529273 |
|  |  | 5081334 |
| **Metals & Mining - 0.70%** |  |  |
| &nbsp;&nbsp;&nbsp;Arsenal AIC Parent LLC, First Lien Term Loan, 1M SOFR + 2.75%, 08/18/2030 | 338231 | 338400 |
| &nbsp;&nbsp;&nbsp;SCIH Salt Holdings, Inc., First Lien Incremental B-1 Term Loan, 3M SOFR + 4.00%, 0.75% Floor, 01/31/2029 | 973832 | 975303 |
|  |  | 1313703 |
| **Mortgage Real Estate Investment Trusts (REITs) - 0.48%** |  |  |
| &nbsp;&nbsp;&nbsp;Apollo Commercial Real Estate Finance Inc, Second Lien Term Loan, 3M SOFR + 0.00%, 06/05/2030 | 330499 | 331739 |
| &nbsp;&nbsp;&nbsp;KREF Holdings X LLC, First Lien Term Loan, 1M SOFR + 3.25%, 03/05/2032 | 233108 | 234638 |
| &nbsp;&nbsp;&nbsp;Starwood Property Mortgage, L.L.C. TLB 1L, First Lien Term Loan, 1M SOFR + 2.50%, 0.50% Floor, 01/02/2030 | 344099 | 345606 |
|  |  | 911983 |
| **Oil, Gas & Consumable Fuels - 0.62%** |  |  |
| &nbsp;&nbsp;&nbsp;Buckeye Partners LP, First Lien Term Loan, 1M SOFR + 1.75%, 11/22/2030 | 292276 | 292930 |
| &nbsp;&nbsp;&nbsp;Freeport LNG Investments LLLP, First Lien Term Loan, 3M SOFR + 3.25%, 0.50% Floor, 12/21/2028 | 345096 | 345888 |
| &nbsp;&nbsp;&nbsp;GIP Pilot Acquisition Partners LP, First Lien Term Loan, 3M SOFR + 2.00%, 10/04/2030 | 342880 | 344451 |
| &nbsp;&nbsp;&nbsp;WhiteWater Matterhorn Holdings, LLC, First Lien Term Loan, 3M SOFR + 0.00%, 05/12/2032 | 184328 | 184482 |
| &nbsp;&nbsp;&nbsp;WhiteWater Whistler 12/24, First Lien Term Loan, 3M SOFR + 1.75%, 02/15/2030 | 992 | 994 |
|  |  | 1168745 |
| **Passenger Airlines - 2.61%** |  |  |
| &nbsp;&nbsp;&nbsp;AAdvantage Loyalty IP, Ltd., First Lien Term Loan, 3M SOFR + 0.00%, 05/28/2032 | 339333 | 341963 |
| &nbsp;&nbsp;&nbsp;Air Canada, First Lien Term Loan, 1M SOFR + 2.00%, 03/21/2031 | 637815 | 639709 |
| &nbsp;&nbsp;&nbsp;Alaska Air 10/24 TLB 1L, First Lien Term Loan, 3M SOFR + 2.00%, 10/15/2031 | 423957 | 426712 |
| &nbsp;&nbsp;&nbsp;American Airlines, Inc., First Lien 2020 Term Loan, 3M SOFR + 1.75%, 01/29/2027 | 226486 | 224655 |
| &nbsp;&nbsp;&nbsp;American Airlines, Inc., First Lien Term Loan, 6M SOFR + 2.25%, 02/15/2028 | 838099 | 831268 |
| &nbsp;&nbsp;&nbsp;Jetblue 8/24 TLB 1L, First Lien Term Loan, 3M SOFR + 4.75%, 08/27/2029 | 491739 | 463036 |
| &nbsp;&nbsp;&nbsp;United Airlines, Inc., First Lien Term Loan, 3M SOFR + 2.00%, 02/22/2031 | 933117 | 936327 |
| &nbsp;&nbsp;&nbsp;Vista Management Holding Inc, First Lien Term Loan, 3M SOFR + 3.75%, 04/01/2031 | 1036410 | 1040297 |
|  |  | 4903967 |
| **Pharmaceuticals - 1.85%** |  |  |
| &nbsp;&nbsp;&nbsp;Dechra Pharmaceuticals, First Lien Term Loan, 3M SOFR + 3.25%, 01/27/2032 | 1000926 | 1004459 |
| &nbsp;&nbsp;&nbsp;OPAL US LLC, First Lien Term Loan, 6M SOFR + 3.50%, 04/23/2032 | 1834832 | 1844584 |
| &nbsp;&nbsp;&nbsp;Padagis LLC, First Lien Initial Term Loan, 3M SOFR + 4.75%, 0.50% Floor, 07/06/2028 | 669712 | 629530 |
|  |  | 3478573 |
| **Professional Services - 10.98%** |  |  |
| &nbsp;&nbsp;&nbsp;AG Group Holdings, Inc., First Lien Term Loan, 1M SOFR + 4.00%, 12/29/2028 | 1586844 | 1485683 |
| &nbsp;&nbsp;&nbsp;AlixPartners, LLP, First Lien USD B Term Loan, 1M SOFR + 2.50%, 0.50% Floor, 02/04/2028 | 1500617 | 1507940 |
| &nbsp;&nbsp;&nbsp;Ankura Consulting Group LLC, First Lien Term Loan, 3M SOFR + 3.50%, 0.75% Floor, 12/29/2031 | 558592 | 558941 |
| &nbsp;&nbsp;&nbsp;Berkeley Resh Group LLC, First Lien Term Loan, 1M SOFR + 3.25%, 04/30/2032 | 1179600 | 1185392 |
| &nbsp;&nbsp;&nbsp;Camelot US Acquisition LLC, First Lien Term Loan, 6M CME TERM + 3.00%, 01/31/2031 | 1000000 | 990940 |
| &nbsp;&nbsp;&nbsp;Cast & Crew LLC, First Lien Term Loan, 1M SOFR + 3.75%, 0.50% Floor, 12/29/2028 | 1495800 | 1417674 |
| &nbsp;&nbsp;&nbsp;CohnReznick Advisory LLC, First Lien Term Loan: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3M SOFR + 4.00%, 03/31/2032 | 134381 | 134046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3M SOFR + 4.00%, 03/31/2032 | 580528 | 579076 |

---

*See Notes to Financial Statements.*

20 www.blackstone-credit.com

Blackstone Senior Floating Rate 2027 Term Fund Portfolio of Investments

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount** |<br>**Value** |
| **Professional Services (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Deerfield Dakota Holding LLC, First Lien Initial Dollar Term Loan, 3M SOFR + 3.75%, 1.00% Floor, 04/09/2027 | $1022865 | $996301 |
| &nbsp;&nbsp;&nbsp;DTI Holdco Inc, First Lien Term Loan, 1M SOFR + 4.00%, 04/26/2029 | 509348 | 504208 |
| &nbsp;&nbsp;&nbsp;Dun & Bradstreet 11/24, First Lien Term Loan, 1M SOFR + 2.25%, 01/18/2029 | 661005 | 661253 |
| &nbsp;&nbsp;&nbsp;Eisner Advisory Group LLC, First Lien Term Loan, 3M SOFR + 4.00%, 02/28/2031 | 957492 | 962878 |
| &nbsp;&nbsp;&nbsp;Element Materials Technology Group Holdings, First Lien Term Loan, 3M SOFR + 4.25%, 07/06/2029 | 1763882 | 1771599 |
| &nbsp;&nbsp;&nbsp;First Advantage Holdings, LLC, First Lien Term Loan, 1M SOFR + 3.25%, 10/31/2031 | 800420 | 801797 |
| &nbsp;&nbsp;&nbsp;Grant Thornton Advisors LLC, First Lien Term Loan, 1M SOFR + 3.00%, 05/30/2031 | 257363 | 258103 |
| &nbsp;&nbsp;&nbsp;Lereta, LLC, First Lien Term Loan, 1M SOFR + 5.25%, 07/30/2028 | 474870 | 422127 |
| &nbsp;&nbsp;&nbsp;Mermaid Bidco Inc aka Datasite TL 1L, First Lien Term Loan, 3M SOFR + 3.25%, 07/03/2031 | 744245 | 746105 |
| &nbsp;&nbsp;&nbsp;Perficient/Plano 8/24 TLB 1L, First Lien Term Loan, 3M SOFR + 3.50%, 10/02/2031 | 676439 | 644308 |
| &nbsp;&nbsp;&nbsp;Secretariat Advisors LLC, First Lien Term Loan: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3M SOFR + 4.00%, 02/28/2032<sup>(b)</sup> | 294224 | 294960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6M SOFR + 0.00%, 02/28/2032<sup>(b)</sup> | 35538 | 35626 |
| &nbsp;&nbsp;&nbsp;Trans Union LLC, First Lien Term Loan, 1M SOFR + 1.75%, 06/24/2031 | 1304057 | 1307173 |
| &nbsp;&nbsp;&nbsp;TTF Holdings LLC, First Lien Term Loan, 6M SOFR + 3.75%, 07/18/2031 | 1182072 | 1175423 |
| &nbsp;&nbsp;&nbsp;Vaco Holdings, LLC, First Lien Term Loan, 3M SOFR + 5.00%, 01/21/2029 | 1456302 | 1338706 |
| &nbsp;&nbsp;&nbsp;VT Topco, Inc. 12/24 1L, First Lien Term Loan, 3M SOFR + 3.00%, 08/09/2030 | 890451 | 893403 |
|  |  | 20673662 |
| **Real Estate Management & Development - 0.56%** |  |  |
| &nbsp;&nbsp;&nbsp;Cushman & Wakefield US Borrower LLC, First Lien Term Loan: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M SOFR + 2.75%, 0.50% Floor, 01/31/2030 | 579723 | 583224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M SOFR + 3.25%, 0.50% Floor, 01/31/2030 | 458959 | 462018 |
|  |  | 1045242 |
| **Semiconductors & Semiconductor Equipment - 0.78%** |  |  |
| &nbsp;&nbsp;&nbsp;Altar Bidco, Inc., First Lien Term Loan, 3M SOFR + 3.10%, 0.50% Floor, 02/01/2029 | 994872 | 993146 |
| &nbsp;&nbsp;&nbsp;MKS, Inc., First Lien Term Loan, 1M SOFR + 2.00%, 0.50% Floor, 08/17/2029 | 476180 | 478025 |
|  |  | 1471171 |
| **Software - 19.54%** |  |  |
| &nbsp;&nbsp;&nbsp;Avalara, Inc., First Lien Term Loan, 3M SOFR + 3.25%, 03/26/2032 | 1328214 | 1335506 |
| &nbsp;&nbsp;&nbsp;BEP Intermediate Holdco LLC, First Lien Term Loan, 1M SOFR + 3.25%, 04/25/2031 | 337334 | 339021 |
| &nbsp;&nbsp;&nbsp;BMC Software 7/24 2nd Lien TL, Second Lien Term Loan, 3M SOFR + 5.75%, 07/30/2032 | 1255640 | 1225040 |
| &nbsp;&nbsp;&nbsp;Boost Newco Borrower LLC, First Lien Term Loan, 3M SOFR + 2.00%, 01/31/2031 | 756408 | 759245 |
| &nbsp;&nbsp;&nbsp;Boxer Parent Co., Inc., First Lien Term Loan, 6M CME TERM + 3.25%, 07/30/2031 | 1803652 | 1794517 |
| &nbsp;&nbsp;&nbsp;Central Parent LLC, First Lien Term Loan, 3M SOFR + 3.25%, 07/06/2029 | 1545454 | 1294395 |
| &nbsp;&nbsp;&nbsp;Clearwater Analytics LLC, First Lien Term Loan, 6M SOFR + 0.00%, 04/21/2032(b) | 163229 | 163433 |
| &nbsp;&nbsp;&nbsp;Cloud Software Group, Inc., First Lien Term Loan, 3M SOFR + 3.75%, 0.50% Floor, 03/21/2031 | 550681 | 552228 |
| &nbsp;&nbsp;&nbsp;Cloudera, Inc., First Lien Term Loan, 1M SOFR + 3.75%, 0.50% Floor, 10/08/2028 | 733474 | 707069 |
| &nbsp;&nbsp;&nbsp;Conga Corp., First Lien Term Loan, 3M SOFR + 3.50%, 0.75% Floor, 05/08/2028 | 269842 | 271124 |
| &nbsp;&nbsp;&nbsp;Connectwise, LLC, First Lien Term Loan, 3M SOFR + 3.50%, 0.50% Floor, 09/29/2028 | 1047002 | 1053656 |
| &nbsp;&nbsp;&nbsp;Cornerstone OnDemand, Inc., First Lien Initial Term Loan, 1M SOFR + 3.75%, 0.50% Floor, 10/16/2028 | 1752786 | 1649266 |
| &nbsp;&nbsp;&nbsp;Delta Topco, Inc., First Lien Term Loan, 3M SOFR + 2.75%, 11/30/2029 | 648052 | 644173 |
| &nbsp;&nbsp;&nbsp;Fiserv Investment Solutions, Inc., First Lien Initial Term Loan, 3M SOFR + 4.00%, 02/18/2027 | 1421798 | 1409357 |
| &nbsp;&nbsp;&nbsp;Flexera Software LLC, First Lien Term Loan, 3M SOFR + 3.00%, 0.75% Floor, 03/03/2028 | 813496 | 815095 |
| &nbsp;&nbsp;&nbsp;Help/Systems Holdings, Inc., First Lien Seventh Amendment Refinancing Term Loan, 3M SOFR + 4.00%, 0.75% Floor, 11/19/2026 | 826401 | 789449 |
| &nbsp;&nbsp;&nbsp;Idera INC, First Lien Term Loan, 3M SOFR + 3.50%, 03/02/2028 | 1339005 | 1259361 |
| &nbsp;&nbsp;&nbsp;Infoblox 4/24 2nd lien TL 1L, Second Lien Term Loan, 3M SOFR + 5.25%, 11/29/2030 | 652689 | 657378 |
| &nbsp;&nbsp;&nbsp;ION Trading Technologies Sarl, First Lien Term Loan, 3M SOFR + 3.50%, 04/01/2028 | 1588727 | 1591658 |

---

*See Notes to Financial Statements.*

Semi-Annual Report \| June 30, 2025 21

Blackstone Senior Floating Rate 2027 Term Fund Portfolio of Investments

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount** |<br>**Value** |
| **Software (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;IVANTI SOFTWARE INC, First Lien Term Loan, 3M SOFR + 5.75%, 06/01/2029 | $133765 | $137945 |
| &nbsp;&nbsp;&nbsp;Ivanti Software, Inc., First Lien Term Loan: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3M SOFR + 0.00%, 06/01/2029 | 251367 | 209656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3M SOFR + 0.00%, 06/01/2029<sup>(b)</sup> | 542687 | 328326 |
| &nbsp;&nbsp;&nbsp;Magenta Security Holdings, LLC First Out TL 1L, First Lien Term Loan, 1M SOFR + 6.75%, 07/27/2028 | 967621 | 813072 |
| &nbsp;&nbsp;&nbsp;Magenta Security Holdings, LLC Second Out TL 1L, First Lien Term Loan, 6M SOFR + 7.00%, 07/27/2028 | 257200 | 121784 |
| &nbsp;&nbsp;&nbsp;Magenta Security Holdings, LLC Third Out 1L TL, First Lien Term Loan, 6M SOFR + 6.25%, 07/27/2028 | 177467 | 43776 |
| &nbsp;&nbsp;&nbsp;McAfee Corp., First Lien Term Loan, 1M SOFR + 3.00%, 0.50% Floor, 03/01/2029 | 984349 | 957998 |
| &nbsp;&nbsp;&nbsp;Mitnick Corporate Purchaser Inc., First Lien Term Loan, 3M SOFR + 4.50%, 05/02/2029 | 982692 | 668108 |
| &nbsp;&nbsp;&nbsp;Perforce Software, Inc., First Lien Term Loan, 1M SOFR + 4.75%, 07/02/2029 | 1059235 | 1023486 |
| &nbsp;&nbsp;&nbsp;Planview Parent, Inc., First Lien Term Loan, 3M SOFR + 3.50%, 12/17/2027 | 426934 | 416420 |
| &nbsp;&nbsp;&nbsp;Project Alpha (Qlik), First Lien Term Loan, 3M SOFR + 3.75%, 10/26/2030 | 2033858 | 2045725 |
| &nbsp;&nbsp;&nbsp;Project Alpha (Qlik), Second Lien Term Loan, 3M SOFR + 5.00%, 05/09/2033 | 254056 | 253103 |
| &nbsp;&nbsp;&nbsp;Project Leopard Holdings, Inc., First Lien Term Loan, 3M SOFR + 5.25%, 0.50% Floor, 07/20/2029 | 1269155 | 1156518 |
| &nbsp;&nbsp;&nbsp;Proofpoint Inc, First Lien Term Loan: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3M SOFR + 3.00%, 08/31/2028 | 82490 | 82638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3M SOFR + 3.00%, 08/31/2028 | 358156 | 358797 |
| &nbsp;&nbsp;&nbsp;Quartz Acquireco, LLC, First Lien Term Loan, 3M SOFR + 2.25%, 06/28/2030 | 1530685 | 1538338 |
| &nbsp;&nbsp;&nbsp;Rocket Software, Inc., First Lien Term Loan, 1M SOFR + 4.25%, 0.50% Floor, 11/28/2028 | 280929 | 281898 |
| &nbsp;&nbsp;&nbsp;SciQuest 10/24 2nd Lien, Second Lien Term Loan, 3M SOFR + 5.25%, 12/06/2032 | 784000 | 775180 |
| &nbsp;&nbsp;&nbsp;SciQuest 10/24 TL 1L, First Lien Term Loan, 3M SOFR + 3.25%, 12/05/2031 | 447116 | 449490 |
| &nbsp;&nbsp;&nbsp;Sophos Intermediate II, Ltd., First Lien Term Loan, 1M SOFR + 3.50%, 03/05/2027 | 1801209 | 1810179 |
| &nbsp;&nbsp;&nbsp;SS&C Technologies, Inc., First Lien Term Loan, 1M SOFR + 2.00%, 05/09/2031 | 685892 | 689966 |
| &nbsp;&nbsp;&nbsp;Starlight Parent, LLC, First Lien Term Loan, 6M CME TERM + 3.75%, 04/16/2032 | 852649 | 835775 |
| &nbsp;&nbsp;&nbsp;Storable Inc, First Lien Term Loan, 1M SOFR + 3.25%, 04/16/2031 | 293664 | 293787 |
| &nbsp;&nbsp;&nbsp;Tibco Software/Citrix/Cloud Software 11/24 TLB 1L, First Lien Term Loan, 3M SOFR + 3.50%, 03/29/2029 | 1162010 | 1164584 |
| &nbsp;&nbsp;&nbsp;Vision Solutions, Inc., First Lien Term Loan, 3M SOFR + 4.26%, 0.75% Floor, 04/24/2028 | 1168160 | 1112088 |
| &nbsp;&nbsp;&nbsp;Webpros Luxembourg Sarl, First Lien Term Loan, 1M SOFR + 3.75%, 03/28/2031 | 302135 | 304401 |
| &nbsp;&nbsp;&nbsp;Xplor Technologies 12/24, First Lien Term Loan, 3M SOFR + 3.75%, 06/24/2031 | 1383 | 1388 |
| &nbsp;&nbsp;&nbsp;Zuora 12/24 Cov-Lite TLB, First Lien Term Loan, 1M SOFR + 3.50%, 02/14/2032 | 590000 | 588156 |
|  |  | 36773553 |
| **Specialty Retail - 2.59%** |  |  |
| &nbsp;&nbsp;&nbsp;APRO LLC, First Lien Term Loan, 1M SOFR + 3.75%, 07/09/2031 | 360480 | 360030 |
| &nbsp;&nbsp;&nbsp;EG Group Limited 12/24 TLB 1L, First Lien Term Loan, 3M SOFR + 4.75%, 02/07/2028 | 1164314 | 1171067 |
| &nbsp;&nbsp;&nbsp;Great Outdoors Group LLC, First Lien Term Loan, 1M SOFR + 3.25%, 0.75% Floor, 01/23/2032 | 799330 | 799457 |
| &nbsp;&nbsp;&nbsp;Mavis Tire Express Services Topco Corp., First Lien Term Loan, 3M SOFR + 3.00%, 0.75% Floor, 05/04/2028 | 399699 | 400005 |
| &nbsp;&nbsp;&nbsp;RVR Dealership Holdings LLC, First Lien Term Loan, 1M SOFR + 3.75%, 0.75% Floor, 02/08/2028 | 95090 | 87642 |
| &nbsp;&nbsp;&nbsp;Spencer Spirit IH LLC, First Lien Term Loan, 3M SOFR + 4.75%, 07/15/2031 | 808786 | 805247 |
| &nbsp;&nbsp;&nbsp;StubHub Holdco Sub LLC, First Lien Term Loan, 1M SOFR + 4.75%, 03/15/2030 | 960133 | 934526 |
| &nbsp;&nbsp;&nbsp;Valvoline, Inc., First Lien Term Loan, 3M SOFR + 2.00%, 03/19/2032 | 317585 | 319019 |
|  |  | 4876993 |
| **Technology Hardware, Storage & Peripherals - 0.65%** |  |  |
| &nbsp;&nbsp;&nbsp;SanDisk 12/24 Cov-Lite, First Lien Term Loan, 3M SOFR + 3.00%, 02/20/2032 | 1234492 | 1229863 |

---

*See Notes to Financial Statements.*

22 www.blackstone-credit.com

Blackstone Senior Floating Rate 2027 Term Fund Portfolio of Investments

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount** |<br>**Value** |
| **Trading Companies & Distributors - 2.49%** |  |  |
| &nbsp;&nbsp;&nbsp;Avolon TLB Borrower 1 (US), First Lien Term Loan, 1M SOFR + 1.75%, 06/22/2030 | $728040 | $729387 |
| &nbsp;&nbsp;&nbsp;BCPE Empire Holdings INC, First Lien Term Loan, 1M SOFR + 3.25%, 12/11/2030 | 319251 | 317814 |
| &nbsp;&nbsp;&nbsp;CD&R Hydr SunSource, First Lien Term Loan, 1M SOFR + 4.00%, 03/25/2031 | 60920 | 60090 |
| &nbsp;&nbsp;&nbsp;FCG Acquisitions, Inc., First Lien Term Loan, 3M SOFR + 3.25%, 0.50% Floor, 03/31/2028 | 748185 | 749655 |
| &nbsp;&nbsp;&nbsp;Foundation Building Materials, Inc., First Lien Term Loan, 3M SOFR + 4.00%, 01/29/2031 | 148181 | 145482 |
| &nbsp;&nbsp;&nbsp;Kodiak Building Partners, First Lien Term Loan, 3M SOFR + 3.75%, 12/04/2031 | 1127624 | 1088625 |
| &nbsp;&nbsp;&nbsp;MRC Global 10/24 TLB, First Lien Term Loan, 3M SOFR + 3.50%, 10/29/2031(b) | 393015 | 394489 |
| &nbsp;&nbsp;&nbsp;Park River Holdings, Inc., First Lien Initial Term Loan, 3M SOFR + 3.25%, 0.75% Floor, 12/28/2027 | 362927 | 354306 |
| &nbsp;&nbsp;&nbsp;QXO Building Products, Inc., First Lien Term Loan, 3M SOFR + 3.00%, 04/30/2032 | 208450 | 210133 |
| &nbsp;&nbsp;&nbsp;White Cap Buyer LLC, First Lien Term Loan, 1M SOFR + 3.25%, 10/19/2029 | 635035 | 632536 |
|  |  | 4682517 |
| **Transportation Infrastructure - 0.33%** |  |  |
| &nbsp;&nbsp;&nbsp;Liquid Tech Solutions Holdings LLC, First Lien Term Loan, 1M SOFR + 3.75%, 0.75% Floor, 03/19/2028<sup>(b)</sup> | 616135 | 617675 |
| TOTAL FLOATING RATE LOAN INTERESTS |  |  |
| (Cost $262,061,221) |  | 256973466 |
| COLLATERALIZED LOAN OBLIGATION SECURITIES<sup>(a)</sup> - 10.50% |  |  |
| **Consumer Finance - 0.80%** |  |  |
| &nbsp;&nbsp;&nbsp;Octagon 75, Ltd., 3M SOFR + 4.95%, 01/22/2038<sup>(b)(d)</sup> | 1500000 | 1498284 |
| **Financial Services - 9.70%** |  |  |
| &nbsp;&nbsp;&nbsp;Ares LXI CLO, Ltd., 3M SOFR + 3.90%, 04/20/2037<sup>(b)(d)</sup> | 1000000 | 1004893 |
| &nbsp;&nbsp;&nbsp;Bain Capital Credit CLO 2020-4, Ltd., 3M SOFR + 7.98%, 10/20/2036<sup>(b)(d)</sup> | 1000000 | 1010574 |
| &nbsp;&nbsp;&nbsp;Bain Capital Credit CLO 2022-3, Ltd., 3M SOFR + 3.70%, 07/17/2035<sup>(b)(d)</sup> | 1000000 | 1006000 |
| &nbsp;&nbsp;&nbsp;Carlyle US CLO 2022-6, Ltd., 3M SOFR + 4.75%, 10/25/2036<sup>(b)(d)</sup> | 1000000 | 1002760 |
| &nbsp;&nbsp;&nbsp;Cedar Funding XIV CLO, Ltd., 3M SOFR + 7.39%, 10/15/2037<sup>(b)(d)</sup> | 1375000 | 1385559 |
| &nbsp;&nbsp;&nbsp;CIFC Funding 2019-V, Ltd., 3M SOFR + 3.41%, 01/15/2035<sup>(b)(d)</sup> | 1000000 | 1002298 |
| &nbsp;&nbsp;&nbsp;Columbia Cent CLO 34, Ltd., 3M SOFR + 6.85%, 01/25/2038<sup>(b)(d)</sup> | 1500000 | 1532887 |
| &nbsp;&nbsp;&nbsp;New Mountain CLO 1, Ltd., 3M SOFR + 5.25%, 01/15/2038<sup>(b)(d)</sup> | 1000000 | 1004582 |
| &nbsp;&nbsp;&nbsp;OCP CLO 2021-21, Ltd., 3M SOFR + 4.70%, 01/20/2038<sup>(b)(d)</sup> | 1000000 | 992834 |
| &nbsp;&nbsp;&nbsp;Park Avenue Institutional Advisers CLO, Ltd. 2022-1, 3M SOFR + 7.29%, 04/20/2035<sup>(b)(d)</sup> | 1000000 | 1002623 |
| &nbsp;&nbsp;&nbsp;Pikes Peak CLO 6, 3M SOFR + 4.60%, 05/18/2034<sup>(b)(d)</sup> | 1000000 | 988214 |
| &nbsp;&nbsp;&nbsp;PPM CLO 3, Ltd., 3M SOFR + 6.87%, 04/17/2034<sup>(b)(d)</sup> | 500000 | 448800 |
| &nbsp;&nbsp;&nbsp;Rad CLO 5, Ltd., 3M SOFR + 6.96%, 07/24/2032<sup>(b)(d)</sup> | 500000 | 501347 |
| &nbsp;&nbsp;&nbsp;Regatta 32 Funding, Ltd., 3M SOFR + 5.75%, 07/25/2038<sup>(b)(d)</sup> | 1000000 | 1005000 |
| &nbsp;&nbsp;&nbsp;Regatta XVIII Funding, Ltd., 3M SOFR + 4.70%, 04/15/2038<sup>(b)(d)</sup> | 1000000 | 986687 |
| &nbsp;&nbsp;&nbsp;Romark CLO IV, Ltd., 3M SOFR + 7.21%, 07/10/2034<sup>(b)(d)</sup> | 1000000 | 976335 |
| &nbsp;&nbsp;&nbsp;Sixth Street CLO XIV, Ltd., 3M SOFR + 4.65%, 01/20/2038<sup>(b)(d)</sup> | 1000000 | 988093 |
| &nbsp;&nbsp;&nbsp;Sound Point CLO XXXII, Ltd., 3M SOFR + 6.96%, 10/25/2034<sup>(b)(d)</sup> | 1000000 | 915594 |
| &nbsp;&nbsp;&nbsp;TICP CLO XI, Ltd., 3M SOFR + 6.70%, 04/25/2037<sup>(b)(d)</sup> | 500000 | 508876 |
|  |  | 18263956 |
| TOTAL COLLATERALIZED LOAN OBLIGATION SECURITIES |  |  |
| (Cost $19,821,542) |  | 19762240 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| COMMON STOCK - 0.26% |  |  |
| **Diversified Consumer Services - 0.00%(e)** |  |  |
| &nbsp;&nbsp;&nbsp;Loyalty Ventures Inc<sup>(b)(f)</sup> | 462410 | 4624 |

---

*See Notes to Financial Statements.*

Semi-Annual Report \| June 30, 2025 23

Blackstone Senior Floating Rate 2027 Term Fund Portfolio of Investments

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care Providers & Services - 0.26%** |  |  |
| &nbsp;&nbsp;&nbsp;Envision Healthcare Corp. Equity<sup>(f)</sup> | 29091 | $480911 |
| TOTAL COMMON STOCK |  |  |
| (Cost $975,447) |  | 485535 |
| SHORT-TERM INVESTMENTS - 3.34% |  |  |
| **Open-end Investment Companies - 3.34%** |  |  |
| &nbsp;&nbsp;&nbsp;Bank of New York Cash Reserve (1.69% 7-Day Yield) | 6284340 | 6284340 |
| TOTAL SHORT-TERM INVESTMENTS |  |  |
| (Cost $6,284,340) |  | 6284340 |
| Total Investments- 150.63% |  |  |
| (Cost $289,142,550) |  | 283505581 |
| Liabilities in Excess of Other Assets - (4.62)% |  | (8695806) |
| Leverage Facility - (46.01)% |  | (86600000) |
| **Net Assets - 100.00%** |  | $188209775 |

---

*Amounts above are shown as a percentage of net assets as of June 30, 2025.*

**Investment Abbreviations:**

SOFR - Secured Overnight Financing Rate

**Reference Rates:**

1M US SOFR - 1 Month SOFR as of June 30, 2025 was 4.32%

3M US SOFR - 3 Month SOFR as of June 30, 2025 was 4.34%

6M US SOFR - 6 Month SOFR as of June 30, 2025 was 4.37%

6M CME TERM SOFR - 6 Month CME TERM SOFR as of June 30, 2025 was 4.15%

*<sup>(a)</sup>* *Floating or variable rate security. The reference rate is described above. The rate in effect as of June 30, 2025, 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.*

*<sup>(b)</sup>* *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.*

*<sup>(c)</sup>* *Represents a payment-in-kind ("PIK") security which may pay interest/dividend in additional par/shares.*

*<sup>(d)</sup>* *Security exempt from registration under Rule 144A of the Securities Act of 1933. Total market value of Rule 144A securities amounts to $19,762,240, which represented approximately 10.50% of net assets as of June 30, 2025. Such securities may normally be sold to qualified institutional buyers in transactions exempt from registration.*

*<sup>(e)</sup>* *Amount represents less than 0.005% of net assets.*

*<sup>(f)</sup>* *Non-income producing security.*

*See Notes to Financial Statements.*

24 www.blackstone-credit.com

Blackstone Long-Short Credit Income Fund Portfolio of Investments

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount** |<br>**Value** |
| FLOATING RATE LOAN INTERESTS<sup>(a)</sup> - 114.37% |  |  |
| **Aerospace & Defense - 3.45%** |  |  |
| &nbsp;&nbsp;&nbsp;Atlas CC Acquisition Corp., First Lien B Term Loan, 3M SOFR + 4.25%, 0.75% Floor, 05/25/2028 | $1278519 | $684692 |
| &nbsp;&nbsp;&nbsp;Atlas CC Acquisition Corp., First Lien C Term Loan, 3M SOFR + 4.25%, 0.75% Floor, 05/25/2028 | 260038 | 139147 |
| &nbsp;&nbsp;&nbsp;DAE Aviation 10/24 TLB1, First Lien Term Loan, 1M SOFR + 2.00%, 10/31/2031 | 368717 | 369302 |
| &nbsp;&nbsp;&nbsp;DAE Aviation 10/24 TLB2, First Lien Term Loan, 1M SOFR + 2.00%, 10/31/2031 | 140248 | 140471 |
| &nbsp;&nbsp;&nbsp;Kaman 1/25 Cov-Lite TLB, First Lien Term Loan, 6M CME TERM + 3.00%, 02/26/2032 | 490869 | 490908 |
| &nbsp;&nbsp;&nbsp;Kaman 1/25 Delayed TL 1L, First Lien Term Loan, 6M CME TERM + 3.00%, 02/26/2032 | 46308 | 46312 |
| &nbsp;&nbsp;&nbsp;Karman Holdings LLC, First Lien Term Loan, 3M SOFR + 3.50%, 04/01/2032<sup>(b)</sup> | 589040 | 591249 |
| &nbsp;&nbsp;&nbsp;Novaria Holdings, LLC, First Lien Term Loan, 1M SOFR + 4.25%, 06/06/2031 | 689127 | 689988 |
| &nbsp;&nbsp;&nbsp;Peraton Corp., First Lien B Term Loan, 1M SOFR + 3.75%, 0.75% Floor, 02/01/2028 | 1554069 | 1376322 |
| &nbsp;&nbsp;&nbsp;Signia Aerospace 11/24 TL, First Lien Term Loan, 3M SOFR + 3.00%, 12/11/2031 | 384676 | 387080 |
| &nbsp;&nbsp;&nbsp;Vertex Aerospace Corp., First Lien Term Loan, 3M SOFR + 2.75%, 12/06/2030 | 813470 | 813092 |
|  |  | 5728563 |
| **Air Freight & Logistics - 0.46%** |  |  |
| &nbsp;&nbsp;&nbsp;AIT Worldwide Logistics Holdings, Inc., First Lien Term Loan, 3M SOFR + 4.00%, 0.75% Floor, 04/08/2030 | 508559 | 510530 |
| &nbsp;&nbsp;&nbsp;Clue Opco LLC, First Lien Term Loan, 3M SOFR + 4.50%, 12/19/2030 | 246228 | 245163 |
|  |  | 755693 |
| **Automobile Components - 2.32%** |  |  |
| &nbsp;&nbsp;&nbsp;Belron 10/24 (USD) TLB, First Lien Term Loan, 3M SOFR + 2.75%, 10/16/2031 | 565689 | 568956 |
| &nbsp;&nbsp;&nbsp;First Brands Group LLC, First Lien Term Loan, 3M SOFR + 5.00%, 1.00% Floor, 03/30/2027 | 688976 | 652088 |
| &nbsp;&nbsp;&nbsp;First Brands Group, LLC, First Lien 2018 New Tranche E Term Loan, 3M SOFR + 5.00%, 03/30/2027 | 403818 | 382632 |
| &nbsp;&nbsp;&nbsp;LTI Holdings, Inc., First Lien Term Loan, 1M SOFR + 4.25%, 07/29/2029 | 1186129 | 1187428 |
| &nbsp;&nbsp;&nbsp;Tenneco, Inc., First Lien Term Loan, 6M CME TERM + 5.00%, 0.50% Floor, 11/17/2028 | 928345 | 908153 |
| &nbsp;&nbsp;&nbsp;Truck Hero, Inc. TLB, First Lien Term Loan, 1M SOFR + 3.75%, 01/31/2028 | 168245 | 151231 |
|  |  | 3850488 |
| **Broadline Retail - 0.39%** |  |  |
| &nbsp;&nbsp;&nbsp;Peer Hldg III BV, First Lien Term Loan: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3M SOFR + 2.50%, 10/28/2030 | 161405 | 162590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3M SOFR + 3.25%, 07/01/2031 | 473317 | 476453 |
|  |  | 639043 |
| **Building Products - 1.92%** |  |  |
| &nbsp;&nbsp;&nbsp;LBM Acquisition LLC, First Lien Term Loan, 1M SOFR + 3.75%, 06/06/2031 | 856199 | 802686 |
| &nbsp;&nbsp;&nbsp;LHS Borrower, LLC, First Lien Term Loan, 1M SOFR + 4.75%, 0.50% Floor, 02/16/2029 | 737124 | 679385 |
| &nbsp;&nbsp;&nbsp;Miter Brands Acquisition Holdco Inc., First Lien Term Loan, 1M SOFR + 3.00%, 03/28/2031 | 820372 | 823170 |
| &nbsp;&nbsp;&nbsp;Oscar Acquisitionco LLC, First Lien Term Loan, 3M SOFR + 4.25%, 0.50% Floor, 04/29/2029 | 421106 | 389391 |
| &nbsp;&nbsp;&nbsp;Sunbelt Transformer 10/24, First Lien Term Loan, 3M SOFR + 3.50%, 10/24/2031 | 262742 | 263727 |
| &nbsp;&nbsp;&nbsp;Trulite Holding Corp., First Lien Term Loan, 3M SOFR + 6.00%, 03/01/2030 | 234706 | 228839 |
|  |  | 3187198 |
| **Capital Markets - 4.81%** |  |  |
| &nbsp;&nbsp;&nbsp;Advisor Group 11/24 TLB, First Lien Term Loan, 3M SOFR + 3.50%, 08/17/2028 | 798649 | 801412 |
| &nbsp;&nbsp;&nbsp;Apex Group Treasury LLC, First Lien Term Loan, 1M SOFR + 3.50%, 02/27/2032 | 1188112 | 1185516 |
| &nbsp;&nbsp;&nbsp;Aretec Group, Inc., First Lien Term Loan, 1M SOFR + 3.50%, 08/09/2030 | 1760045 | 1765220 |
| &nbsp;&nbsp;&nbsp;Citadel Securities Global Holdings LLC, First Lien Term Loan, 1M SOFR + 2.00%, 10/31/2031 | 367780 | 369688 |
| &nbsp;&nbsp;&nbsp;CITCO FDG LLC, First Lien Term Loan, 3M SOFR + 2.75%, 04/27/2028 | 1677170 | 1687233 |
| &nbsp;&nbsp;&nbsp;Focus Financial Partners LLC, First Lien Term Loan, 1M SOFR + 2.75%, 09/15/2031 | 956950 | 955998 |

---

*See Notes to Financial Statements.*

Semi-Annual Report \| June 30, 2025 25

Blackstone Long-Short Credit Income Fund Portfolio of Investments

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Principal<br>Amount |<br>Value |
| **Capital Markets (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;June Purchaser, LLC, First Lien Term Loan, 3M SOFR + 3.75%, 11/28/2031 | $583704 | $586780 |
| &nbsp;&nbsp;&nbsp;Orion US Finco, First Lien Term Loan, 3M SOFR + 0.00%, 05/20/2032 | 491221 | 493309 |
| &nbsp;&nbsp;&nbsp;Osttra Group LTD, First Lien Term Loan, 3M SOFR + 0.00%, 05/03/2032 | 141691 | 142607 |
|  |  | 7987763 |
| **Chemicals - 1.62%** |  |  |
| &nbsp;&nbsp;&nbsp;Discovery Purchaser/Bayer/Envu 8/22 TL, First Lien Term Loan, 3M SOFR + 4.38%, 10/04/2029 | 839543 | 839278 |
| &nbsp;&nbsp;&nbsp;Fortis 333 Inc, First Lien Term Loan, 3M SOFR + 3.50%, 03/27/2032 | 345000 | 345378 |
| &nbsp;&nbsp;&nbsp;Geon Performance Solutions LLC, First Lien Term Loan, 3M SOFR + 4.25%, 0.75% Floor, 08/18/2028 | 337792 | 322423 |
| &nbsp;&nbsp;&nbsp;Nouryon Finance BV, First Lien Term Loan, 3M SOFR + 3.25%, 04/03/2028 | 735905 | 740276 |
| &nbsp;&nbsp;&nbsp;Vibrantz Technologies, Inc., First Lien Term Loan, 3M SOFR + 4.25%, 0.50% Floor, 04/21/2029 | 497442 | 435710 |
|  |  | 2683065 |
| **Commercial Services & Supplies - 5.43%** |  |  |
| &nbsp;&nbsp;&nbsp;Action Environmental Group, Inc., First Lien Term Loan, 3M SOFR + 4.00%, 0.50% Floor, 10/24/2030<sup>(b)</sup> | 2102944 | 2108203 |
| &nbsp;&nbsp;&nbsp;Allied Universal Holdco LLC, First Lien Initial U.S. Dollar Term Loan, 1M SOFR + 3.75%, 0.50% Floor, 05/12/2028 | 1277848 | 1285380 |
| &nbsp;&nbsp;&nbsp;Belfor Holdings, Inc., First Lien Term Loan, 1M SOFR + 3.00%, 0.50% Floor, 11/01/2030 | 224304 | 224865 |
| &nbsp;&nbsp;&nbsp;Justrite Safety Group, First Lien Delayed Draw Term Loan, 1M SOFR + 4.50%, 06/28/2026 | 63566 | 63586 |
| &nbsp;&nbsp;&nbsp;Justrite Safety Group, First Lien Initial Term Loan, 1M SOFR + 4.50%, 06/28/2026 | 1175694 | 1176065 |
| &nbsp;&nbsp;&nbsp;Kidde Global 10/24 TLB, First Lien Term Loan, 1M SOFR + 4.25%, 12/02/2031 | 892308 | 898166 |
| &nbsp;&nbsp;&nbsp;Minimax Viking GmbH, First Lien Term Loan, 1M SOFR + 2.25%, 03/17/2032 | 616167 | 619633 |
| &nbsp;&nbsp;&nbsp;Orbit Private Holdings I Ltd, First Lien Term Loan, 6M SOFR + 3.75%, 12/11/2028 | 639345 | 643501 |
| &nbsp;&nbsp;&nbsp;Prime Sec Services Borrower LLC, First Lien Term Loan, 1M SOFR + 1.75%, 03/07/2032 | 763204 | 758037 |
| &nbsp;&nbsp;&nbsp;Protection One/ADT 11/24, First Lien Term Loan, 1M SOFR + 2.00%, 10/13/2030 | 536496 | 537367 |
| &nbsp;&nbsp;&nbsp;Tidal Waste 10/24 TLB 1L, First Lien Term Loan, 3M SOFR + 3.00%, 10/24/2031 | 694260 | 699175 |
|  |  | 9013978 |
| **Communications Equipment - 0.10%** |  |  |
| &nbsp;&nbsp;&nbsp;MLN US HoldCo LLC, First Lien B Term Loan, 3M SOFR + 3.50%, 11/30/2025 | 699130 | 5261 |
| &nbsp;&nbsp;&nbsp;Viavi Solutions Inc, First Lien Term Loan, 3M SOFR + 0.00%, 06/11/2032 | 163892 | 164149 |
|  |  | 169410 |
| **Construction & Engineering - 1.33%** |  |  |
| &nbsp;&nbsp;&nbsp;Aegion 1/25 Cov-Lite TLB, First Lien Term Loan, 1M SOFR + 3.00%, 05/17/2028 | 808099 | 812140 |
| &nbsp;&nbsp;&nbsp;Amentum/Amazon Holdco 7/24 TLB 1L, First Lien Term Loan, 1M SOFR + 2.25%, 09/29/2031 | 406142 | 406142 |
| &nbsp;&nbsp;&nbsp;Azuria Water Solutions Inc aka Aegion TLB 1L, First Lien Term Loan, 3M SOFR + 0.00%, 05/17/2028 | 42078 | 42288 |
| &nbsp;&nbsp;&nbsp;Knife River Corp, First Lien Term Loan, 3M SOFR + 2.00%, 03/08/2032 | 37681 | 37846 |
| &nbsp;&nbsp;&nbsp;Socotec 11/24 (USD) TL, First Lien Term Loan, 3M SOFR + 8.081%, 06/30/2028 | 641831 | 645041 |
| &nbsp;&nbsp;&nbsp;TECTA AMERICA CORP, First Lien Term Loan, 1M SOFR + 3.00%, 02/18/2032 | 256700 | 257583 |
|  |  | 2201040 |
| **Construction Materials - 1.31%** |  |  |
| &nbsp;&nbsp;&nbsp;Quikrete Holdings, Inc., First Lien Term Loan, 1M SOFR + 2.25%, 02/10/2032 | 674898 | 674814 |
| &nbsp;&nbsp;&nbsp;Tamko Building Products LLC, First Lien Term Loan, 3M SOFR + 2.75%, 09/20/2030 | 1491700 | 1497294 |
|  |  | 2172108 |
| **Consumer Finance - 0.55%** |  |  |
| &nbsp;&nbsp;&nbsp;CPI Holdco B LLC, First Lien Term Loan, 1M SOFR + 2.00%, 05/17/2031 | 520546 | 519635 |

---

*See Notes to Financial Statements.*

26 www.blackstone-credit.com

Blackstone Long-Short Credit Income Fund Portfolio of Investments

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount** |<br>**Value** |
| **Consumer Finance (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;CPI Holdco/Creative 10/24, First Lien Term Loan, 1M SOFR + 2.75%, 05/17/2031 | $396213 | $396338 |
|  |  | 915973 |
| **Containers & Packaging - 2.96%** |  |  |
| &nbsp;&nbsp;&nbsp;Anchor Packaging LLC, First Lien Term Loan, 1M SOFR + 3.50%, 07/18/2029 | 368063 | 370410 |
| &nbsp;&nbsp;&nbsp;Berlin Packaging LLC, First Lien Term Loan, 1M SOFR + 3.50%, 06/07/2031 | 252841 | 254034 |
| &nbsp;&nbsp;&nbsp;Clydesdale Acquisition Holdings, Inc., First Lien Term Loan: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M SOFR + 3.25%, 04/01/2032 | 1346942 | 1343204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3M SOFR + 0.00%, 04/01/2032 | 23548 | 23483 |
| &nbsp;&nbsp;&nbsp;Iris Holding, Inc., First Lien Term Loan, 3M SOFR + 4.75%, 0.50% Floor, 06/28/2028 | 715240 | 697319 |
| &nbsp;&nbsp;&nbsp;ProAmpac PG Borrower LLC, First Lien Term Loan, 3M SOFR + 4.00%, 0.75% Floor, 09/15/2028 | 812512 | 816676 |
| &nbsp;&nbsp;&nbsp;Tricorbraun Holdings, Inc., First Lien Closing Date Initial Term Loan, 1M SOFR + 3.25%, 0.50% Floor, 03/03/2028 | 359667 | 359699 |
| &nbsp;&nbsp;&nbsp;Trident TPI Holdings, Inc., First Lien Term Loan, 3M SOFR + 3.75%, 0.50% Floor, 09/15/2028 | 1062046 | 1044926 |
|  |  | 4909751 |
| **Distributors - 1.13%** |  |  |
| &nbsp;&nbsp;&nbsp;Burgess Point Purchaser Corp., First Lien Term Loan, 3M SOFR + 5.25%, 07/25/2029 | 1268013 | 1089401 |
| &nbsp;&nbsp;&nbsp;S&S Holdings LLC, First Lien Initial Term Loan, 1M SOFR + 5.00%, 0.50% Floor, 03/11/2028 | 556565 | 546653 |
| &nbsp;&nbsp;&nbsp;S&S Holdings LLC, First Lien Term Loan, 1M SOFR + 5.00%, 10/01/2031 | 251410 | 241432 |
|  |  | 1877486 |
| **Diversified Consumer Services - 1.53%** |  |  |
| &nbsp;&nbsp;&nbsp;Cengage Learning, Inc., First Lien Term Loan, 1M SOFR + 3.50%, 1.00% Floor, 03/24/2031 | 683737 | 686171 |
| &nbsp;&nbsp;&nbsp;Fugue Finance B.V. 12/24, First Lien Term Loan, 3M SOFR + 3.25%, 01/09/2032 | 450086 | 453322 |
| &nbsp;&nbsp;&nbsp;Fugue Finance BV, First Lien Term Loan, 3M SOFR + 3.25%, 01/09/2032 | 87403 | 88032 |
| &nbsp;&nbsp;&nbsp;Imagine Learning LLC, First Lien Term Loan, 1M SOFR + 3.50%, 12/21/2029 | 967750 | 945705 |
| &nbsp;&nbsp;&nbsp;TruGreen LP, First Lien Term Loan, 1M SOFR + 4.00%, 0.75% Floor, 11/02/2027 | 390588 | 371548 |
|  |  | 2544778 |
| **Diversified REITs - 0.42%** |  |  |
| &nbsp;&nbsp;&nbsp;Iron Mountain Information Management LLC, First Lien Term Loan, 1M SOFR + 2.00%, 01/31/2031 | 396592 | 396757 |
| &nbsp;&nbsp;&nbsp;Opry Entertainment/OEG, First Lien Term Loan, 3M SOFR + 3.50%, 06/30/2031 | 296872 | 296315 |
|  |  | 693072 |
| **Diversified Telecommunication Services - 2.23%** |  |  |
| &nbsp;&nbsp;&nbsp;Cable & Wireless 1/25 B7, First Lien Term Loan, 3M SOFR + 3.25%, 02/02/2032 | 1054605 | 1045045 |
| &nbsp;&nbsp;&nbsp;Radiate Holdco, LLC, First Lien Term Loan, 6M CME TERM SOFR + 7.69%, 09/25/2029 | 950635 | 822299 |
| &nbsp;&nbsp;&nbsp;Ufinet/Zacapa 10/24 TL, First Lien Term Loan, 3M SOFR + 4.00%, 03/22/2029 | 1169321 | 1174437 |
| &nbsp;&nbsp;&nbsp;Virgin Media Bristol LLC, First Lien Term Loan, 1M SOFR + 2.50%, 01/31/2028 | 493300 | 487649 |
| &nbsp;&nbsp;&nbsp;Zayo Group Holdings, Inc., First Lien Term Loan, 1M SOFR + 3.00%, 03/09/2027 | 181050 | 172684 |
|  |  | 3702114 |
| **Electric Utilities - 2.09%** |  |  |
| &nbsp;&nbsp;&nbsp;Alpha Generation LLC, First Lien Term Loan, 1M SOFR + 2.00%, 09/30/2031 | 944322 | 944162 |
| &nbsp;&nbsp;&nbsp;Cogentrix Finance Holdco I LLC, First Lien Term Loan, 1M SOFR + 2.75%, 02/26/2032 | 321036 | 322001 |
| &nbsp;&nbsp;&nbsp;Lightning Power 8/24 TLB, First Lien Term Loan, 3M SOFR + 2.25%, 08/18/2031 | 1205202 | 1208800 |
| &nbsp;&nbsp;&nbsp;NRG Energy 3/24 Cov-Lite, First Lien Term Loan, 1M SOFR + 1.75%, 04/16/2031 | 994205 | 997311 |
|  |  | 3472274 |
| **Electrical Equipment - 0.11%** |  |  |
| &nbsp;&nbsp;&nbsp;ARCLINE FM HLDGS LLC, First Lien Term Loan, 3M SOFR + 3.50%, 06/23/2030 | 180918 | 181960 |

---

*See Notes to Financial Statements.*

Semi-Annual Report \| June 30, 2025 27

Blackstone Long-Short Credit Income Fund Portfolio of Investments

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount** |<br>**Value** |
| **Electronic Equipment, Instruments & Components - 0.94%** |  |  |
| &nbsp;&nbsp;&nbsp;Coherent Corp., First Lien Term Loan, 1M SOFR + 2.00%, 0.50% Floor, 07/02/2029 | $545012 | $546489 |
| &nbsp;&nbsp;&nbsp;DG Investment Intermediate Holdings 2, Inc., Second Lien Initial Term Loan, 1M SOFR + 6.75%, 0.75% Floor, 03/30/2029 | 581429 | 579429 |
| &nbsp;&nbsp;&nbsp;Modena Buyer LLC, First Lien Term Loan, 3M SOFR + 4.50%, 07/01/2031 | 457312 | 441592 |
|  |  | 1567510 |
| **Energy Equipment & Services - 1.66%** |  |  |
| &nbsp;&nbsp;&nbsp;Colossus AcquireCo LLC, First Lien Term Loan, 3M SOFR + 0.00%, 06/12/2032 | 1663533 | 1654592 |
| &nbsp;&nbsp;&nbsp;Covia Hldgs LLC, First Lien Term Loan, 1M SOFR + 3.25%, 02/26/2032 | 293371 | 294716 |
| &nbsp;&nbsp;&nbsp;Ursa Minor US Bidco LLC aka Rosen, First Lien Term Loan, 3M SOFR + 3.00%, 03/26/2031 | 804777 | 807996 |
|  |  | 2757304 |
| **Entertainment - 1.42%** |  |  |
| &nbsp;&nbsp;&nbsp;Bingo Holdings I LLC, First Lien Term Loan, 1M SOFR + 4.30%, 06/13/2032 | 598568 | 590152 |
| &nbsp;&nbsp;&nbsp;Endeavor 1/25 Cov-Lite, First Lien Term Loan, 1M SOFR + 3.00%, 03/24/2032 | 693185 | 694918 |
| &nbsp;&nbsp;&nbsp;EP Purcasher, LLC, First Lien Term Loan, 3M SOFR + 3.50%, 11/06/2028 | 930388 | 916200 |
| &nbsp;&nbsp;&nbsp;EP Purchaser LLC, First Lien Term Loan, 3M SOFR + 4.50%, 0.50% Floor, 11/06/2028 | 164855 | 162794 |
|  |  | 2364064 |
| **Financial Services - 1.63%** |  |  |
| &nbsp;&nbsp;&nbsp;Corpay Technologies Operating Company, LLC, First Lien Term Loan, 1M SOFR + 1.75%, 04/28/2028 | 361554 | 362006 |
| &nbsp;&nbsp;&nbsp;Envestnet, Inc., First Lien Term Loan, 1M SOFR + 3.25%, 11/25/2031 | 276729 | 277525 |
| &nbsp;&nbsp;&nbsp;Polaris Newco LLC, First Lien Dollar Term Loan, 3M SOFR + 3.75%, 0.50% Floor, 06/02/2028 | 963779 | 940551 |
| &nbsp;&nbsp;&nbsp;Shift4 Payments LLC, First Lien Term Loan, 3M SOFR + 0.00%, 05/10/2032 | 274104 | 276631 |
| &nbsp;&nbsp;&nbsp;Synechron Inc, First Lien Term Loan, 3M SOFR + 3.75%, 10/03/2031<sup>(b)</sup> | 867825 | 846129 |
|  |  | 2702842 |
| **Food Products - 1.65%** |  |  |
| &nbsp;&nbsp;&nbsp;Froneri US, Inc., First Lien Term Loan, 6M SOFR + 2.00%, 09/30/2031 | 1001084 | 992330 |
| &nbsp;&nbsp;&nbsp;RED SPV LLC, First Lien Term Loan, 1M SOFR + 2.25%, 03/15/2032 | 744120 | 744120 |
| &nbsp;&nbsp;&nbsp;Sazerac Co Inc., First Lien Term Loan 06/25/2032 | 485795 | 486402 |
| &nbsp;&nbsp;&nbsp;Snacking Investments BidCo Pty, Ltd., First Lien Initial US Term Loan, 3M SOFR + 4.00%, 1.00% Floor, 12/18/2026 | 511436 | 515911 |
|  |  | 2738763 |
| **Gas Utilities - 0.30%** |  |  |
| &nbsp;&nbsp;&nbsp;CQP Holdco LP, First Lien Term Loan, 3M SOFR + 2.00%, 0.50% Floor, 12/31/2030 | 500000 | 500645 |
| **Ground Transportation - 0.31%** |  |  |
| &nbsp;&nbsp;&nbsp;Genesee & WY Inc, First Lien Term Loan, 3M SOFR + 1.75%, 04/10/2031 | 510667 | 508604 |
| **Health Care Equipment & Supplies - 1.74%** |  |  |
| &nbsp;&nbsp;&nbsp;Embecta Corp, TLB, First Lien Term Loan, 1M SOFR + 3.00%, 03/30/2029 | 930193 | 927287 |
| &nbsp;&nbsp;&nbsp;Hanger, Inc., First Lien Term Loan, 1M SOFR + 3.50%, 10/23/2031 | 367902 | 368945 |
| &nbsp;&nbsp;&nbsp;Siemens/SivantosWS Audiology, First Lien Term Loan, 6M CME TERM SOFR + 4.25%, 02/28/2029 | 1588832 | 1593304 |
|  |  | 2889536 |
| **Health Care Providers & Services - 6.98%** |  |  |
| &nbsp;&nbsp;&nbsp;Agiliti Health, Inc., First Lien Term Loan, 6M SOFR + 3.00%, 05/01/2030 | 838881 | 814239 |
| &nbsp;&nbsp;&nbsp;CHG Healthcare Services, Inc., First Lien Term Loan, 3M SOFR + 3.00%, 0.50% Floor, 09/29/2028 | 393404 | 395212 |
| &nbsp;&nbsp;&nbsp;Global Medical Response, Inc., First Lien Term Loan, 3M SOFR + 5.50%, 1.00% Floor, 10/31/2028<sup>(c)</sup> | 1630976 | 1635282 |

---

*See Notes to Financial Statements.*

28 www.blackstone-credit.com

Blackstone Long-Short Credit Income Fund Portfolio of Investments

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount** |<br>**Value** |
| **Health Care Providers & Services (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Heartland Dental LLC, First Lien Term Loan, 1M SOFR + 4.50%, 0.75% Floor, 04/28/2028 | $496983 | $498228 |
| &nbsp;&nbsp;&nbsp;Inception Finco Sa rl, First Lien Term Loan, 3M SOFR + 3.75%, 04/18/2031 | 497548 | 502526 |
| &nbsp;&nbsp;&nbsp;IVI America LLC, First Lien Term Loan, 3M SOFR + 0.00%, 04/14/2031 | 108630 | 109717 |
| &nbsp;&nbsp;&nbsp;MED ParentCo LP, First Lien Term Loan: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M SOFR + 3.75%, 04/15/2031 | 636 | 640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3M SOFR + 0.00%, 04/15/2031 | 271430 | 272836 |
| &nbsp;&nbsp;&nbsp;Medical Solutions LLC, First Lien Term Loan, 3M SOFR + 3.50%, 11/01/2028 | 973960 | 524823 |
| &nbsp;&nbsp;&nbsp;Midwest Physcn Admin Srvcs LLC, First Lien Term Loan, 3M SOFR + 3.00%, 03/12/2028 | 966225 | 903420 |
| &nbsp;&nbsp;&nbsp;NAPA Management Services Corp., First Lien Term Loan, 3M SOFR + 5.25%, 0.75% Floor, 02/23/2029 | 10 | 8 |
| &nbsp;&nbsp;&nbsp;Onex TSG Intermediate Corp., First Lien Initial Term Loan, 3M SOFR + 4.75%, 0.75% Floor, 02/28/2028 | 718981 | 721789 |
| &nbsp;&nbsp;&nbsp;Pathway Vet Alliance LLC TLA 1L, First Lien Term Loan, 6M CME TERM + 3.25%, 06/30/2028 | 416670 | 419899 |
| &nbsp;&nbsp;&nbsp;Pathway Vet Alliance LLC TLB 1L, First Lien Term Loan, 6M CME TERM + 7.00%, 06/30/2028 | 1084530 | 879825 |
| &nbsp;&nbsp;&nbsp;Pediatric Associates Holding Co. LLC, First Lien Term Loan, 3M SOFR + 3.25%, 0.50% Floor, 12/29/2028 | 595821 | 534377 |
| &nbsp;&nbsp;&nbsp;R1 RCM 10/24 Cov-Lite TLB, First Lien Term Loan, 1M SOFR + 3.50%, 11/19/2031 | 469710 | 469886 |
| &nbsp;&nbsp;&nbsp;Radiology Partners Inc, First Lien Term Loan, 3M SOFR + 4.50%, 06/26/2032 | 1237959 | 1229448 |
| &nbsp;&nbsp;&nbsp;Southern Veterinary 10/24, First Lien Term Loan, 3M SOFR + 3.25%, 12/04/2031 | 988237 | 990510 |
| &nbsp;&nbsp;&nbsp;U.S. Anesthesia Partners, Inc., First Lien Term Loan, 1M SOFR + 4.25%, 0.50% Floor, 10/01/2028 | 410515 | 406223 |
| &nbsp;&nbsp;&nbsp;US Fertility 10/24 Delayed TL 1L, First Lien Term Loan, 3M SOFR + 2.25%, 10/11/2031<sup>(b)</sup> | 12174 | 12265 |
| &nbsp;&nbsp;&nbsp;US Fertility 10/24 TLB 1L, First Lien Term Loan, 3M SOFR + 4.50%, 10/11/2031<sup>(b)</sup> | 267157 | 269160 |
|  |  | 11590313 |
| **Health Care Technology - 1.34%** |  |  |
| &nbsp;&nbsp;&nbsp;Cotiviti, Inc., First Lien Term Loan, 1M SOFR + 2.75%, 03/26/2032 | 517800 | 515967 |
| &nbsp;&nbsp;&nbsp;Gainwell Acquisition Corp., First Lien Term Loan, 3M SOFR + 4.00%, 0.75% Floor, 10/01/2027 | 1773766 | 1713014 |
|  |  | 2228981 |
| **Hotels, Restaurants & Leisure - 4.54%** |  |  |
| &nbsp;&nbsp;&nbsp;1011778 BC UNLIMITED LIABILITY CO, First Lien Term Loan, 1M SOFR + 1.75%, 09/20/2030 | 1415717 | 1411441 |
| &nbsp;&nbsp;&nbsp;Bally's Corp., First Lien Term Loan, 3M SOFR + 3.25%, 0.50% Floor, 10/02/2028 | 739155 | 656000 |
| &nbsp;&nbsp;&nbsp;Cedar Fair LP, First Lien Term Loan, 1M SOFR + 2.00%, 05/01/2031 | 138080 | 138373 |
| &nbsp;&nbsp;&nbsp;Entain plc, First Lien Term Loan, 6M SOFR + 2.75%, 10/31/2029 | 1133483 | 1139253 |
| &nbsp;&nbsp;&nbsp;Fertitta Entertainment, LLC, First Lien Term Loan, 1M SOFR + 3.75%, 01/27/2029 | 1095404 | 1095448 |
| &nbsp;&nbsp;&nbsp;Flutter Entertainment Public Limited, First Lien Term Loan, 3M SOFR + 4.32%, 06/04/2032 | 109231 | 109368 |
| &nbsp;&nbsp;&nbsp;Flynn Restaurant Group LP, First Lien Term Loan, 1M SOFR + 3.75%, 01/28/2032 | 1409183 | 1409183 |
| &nbsp;&nbsp;&nbsp;Herschend Entertainment Co LLC, First Lien Term Loan, 1M SOFR + 3.25%, 05/27/2032 | 214338 | 216101 |
| &nbsp;&nbsp;&nbsp;Hilton Grand Vacations Borrower, LLC, First Lien Term Loan, 1M SOFR + 2.25%, 01/17/2031 | 694652 | 694711 |
| &nbsp;&nbsp;&nbsp;Voyager Parent, LLC, First Lien Term Loan, 3M SOFR + 0.00%, 05/08/2032 | 661200 | 655322 |
|  |  | 7525200 |
| **Household Durables - 1.17%** |  |  |
| &nbsp;&nbsp;&nbsp;ACProducts Holdings, Inc., First Lien Term Loan, 3M SOFR + 4.25%, 0.50% Floor, 05/17/2028 | 1585379 | 1208360 |
| &nbsp;&nbsp;&nbsp;Restoration Hardware, Inc. TLB 1L, First Lien Term Loan, 1M SOFR + 2.50%, 10/20/2028 | 746124 | 727423 |
|  |  | 1935783 |
| **Independent Power and Renewable Electricity Producers - 0.80%** |  |  |
| &nbsp;&nbsp;&nbsp;Calpine Corp., First Lien Term Loan, 1M SOFR + 1.75%, 01/31/2031 | 1326848 | 1328201 |
| **Insurance - 3.40%** |  |  |
| &nbsp;&nbsp;&nbsp;Alera Group Inc, First Lien Term Loan, 6M CME TERM + 4.33%, 05/21/2032 | 872740 | 876340 |
| &nbsp;&nbsp;&nbsp;Alera Group Inc, Second Lien Term Loan, 1M SOFR + 5.50%, 05/23/2033 | 264621 | 270079 |

---

*See Notes to Financial Statements.*

Semi-Annual Report \| June 30, 2025 29

Blackstone Long-Short Credit Income Fund Portfolio of Investments

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Principal<br>Amount |<br>Value |
| **Insurance (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;AmWINS Group, Inc., First Lien Term Loan, 1M SOFR + 2.25%, 0.75% Floor, 01/30/2032 | $624758 | $625677 |
| &nbsp;&nbsp;&nbsp;Baldwin Insurance Group Holdings LLC, First Lien Term Loan, 1M SOFR + 3.00%, 05/26/2031 | 355280 | 356021 |
| &nbsp;&nbsp;&nbsp;CCC Intelligent Solutions, Inc., First Lien Term Loan, 1M SOFR + 2.00%, 0.50% Floor, 01/23/2032 | 577346 | 578432 |
| &nbsp;&nbsp;&nbsp;Hyperion Insurance/Howden 7/24 TLB 1L, First Lien Term Loan, 1M SOFR + 3.50%, 04/18/2030 | 1831303 | 1843380 |
| &nbsp;&nbsp;&nbsp;Ryan Specialty LLC, First Lien Term Loan, 1M SOFR + 2.25%, 09/15/2031 | 352876 | 353317 |
| &nbsp;&nbsp;&nbsp;Trucordia Insurance Holdings LLC, First Lien Term Loan, 1M SOFR + 3.25%, 06/12/2032 | 483576 | 485087 |
| &nbsp;&nbsp;&nbsp;Truist Insurance 3/24 2nd Lien Cov-Lite, Second Lien Term Loan, 3M SOFR + 4.75%, 05/06/2032 | 248730 | 252100 |
|  |  | 5640433 |
| **Interactive Media & Services - 1.82%** |  |  |
| &nbsp;&nbsp;&nbsp;LI Group Holdings, Inc., First Lien 2021 Term Loan, 1M SOFR + 3.50%, 0.75% Floor, 03/11/2028 | 568861 | 570875 |
| &nbsp;&nbsp;&nbsp;Project Boost Purchaser, LLC aka JD Power/Autodata, Second Lien Term Loan, 3M SOFR + 5.25%, 07/16/2032 | 542725 | 548378 |
| &nbsp;&nbsp;&nbsp;Trip.com/TripAdvisor 7/24, First Lien Term Loan, 1M SOFR + 2.75%, 07/08/2031 | 1357094 | 1355397 |
| &nbsp;&nbsp;&nbsp;WH Borrower LLC, First Lien Term Loan, 6M SOFR + 4.75%, 02/20/2032 | 552000 | 552861 |
|  |  | 3027511 |
| **IT Services - 3.26%** |  |  |
| &nbsp;&nbsp;&nbsp;Access CIG LLC, First Lien Term Loan, 3M SOFR + 4.25%, 0.50% Floor, 08/18/2028 | 252933 | 254415 |
| &nbsp;&nbsp;&nbsp;Ahead 7/24 TLB3 1L, First Lien Term Loan, 3M SOFR + 3.00%, 02/03/2031 | 302214 | 302844 |
| &nbsp;&nbsp;&nbsp;Asurion LLC, Second Lien Term Loan, 1M SOFR + 5.25%, 01/31/2028 | 543150 | 520916 |
| &nbsp;&nbsp;&nbsp;Dcert Buyer, Inc., Second Lien First Amendment Refinancing Term Loan, 1M SOFR + 7.00%, 02/19/2029 | 1625691 | 1428576 |
| &nbsp;&nbsp;&nbsp;Endurance Intl Group Hldgs Inc TLB 1L, First Lien Term Loan, 3M SOFR + 3.61%, 02/10/2028 | 1530863 | 1110358 |
| &nbsp;&nbsp;&nbsp;Go Daddy Oper Co LLC, First Lien Term Loan, 1M SOFR + 1.75%, 05/30/2031 | 409860 | 410784 |
| &nbsp;&nbsp;&nbsp;Skopima Consilio Parent, LLC, First Lien Term Loan, 1M SOFR + 3.75%, 0.50% Floor, 05/15/2028 | 478778 | 473176 |
| &nbsp;&nbsp;&nbsp;ThoughtWorks, Inc., First Lien Incremental Term Loan, 1M SOFR + 2.50%, 0.50% Floor, 03/24/2028 | 41520 | 41011 |
| &nbsp;&nbsp;&nbsp;World Wide Technology Holding Co. LLC, First Lien Term Loan, 1M SOFR + 2.50%, 0.50% Floor, 03/01/2030<sup>(b)</sup> | 864973 | 870379 |
|  |  | 5412459 |
| **Life Sciences Tools & Services - 0.54%** |  |  |
| &nbsp;&nbsp;&nbsp;Loire Finco Luxembourg Sa rl TLB, First Lien Term Loan, 1M SOFR + 4.00%, 01/21/2030<sup>(b)</sup> | 882909 | 887324 |
| **Machinery - 4.75%** |  |  |
| &nbsp;&nbsp;&nbsp;AI Aqua Merger Sub, Inc., First Lien Term Loan, 1M SOFR + 3.25%, 0.50% Floor, 07/31/2028 | 353404 | 353301 |
| &nbsp;&nbsp;&nbsp;Asp Blade Holdings, Inc., Second Lien Term Loan, 6M SOFR + 4.00%, 10/15/2029 | 472804 | 385728 |
| &nbsp;&nbsp;&nbsp;Bettcher Industries, Inc., First Lien Term Loan, 1M SOFR + 4.00%, 12/14/2028 | 757390 | 754868 |
| &nbsp;&nbsp;&nbsp;Cube Industrials 10/24, First Lien Term Loan, 3M SOFR + 3.75%, 10/17/2031 | 251720 | 253372 |
| &nbsp;&nbsp;&nbsp;Engineered Machinery Holdings, Inc., First Lien Term Loan, 3M SOFR + 3.75%, 0.75% Floor, 05/19/2028 | 605399 | 609779 |
| &nbsp;&nbsp;&nbsp;Husky Injection Molding Systems Ltd., First Lien Term Loan, 3M SOFR + 5.25%, 02/15/2029 | 397801 | 399363 |
| &nbsp;&nbsp;&nbsp;Hyperion Materials & Technologies, Inc., First Lien Initial Term Loan, 3M SOFR + 4.50%, 0.50% Floor, 08/30/2028 | 624453 | 603768 |
| &nbsp;&nbsp;&nbsp;LSF11 Trinity Bidco, Inc., First Lien Term Loan, 1M SOFR + 3.25%, 06/14/2030 | 258078 | 259368 |
| &nbsp;&nbsp;&nbsp;Madison IAQ LLC, First Lien Term Loan, 3M SOFR + 3.25%, 0.50% Floor, 05/06/2032 | 952181 | 955946 |
| &nbsp;&nbsp;&nbsp;Motion Finco LLC, First Lien Term Loan, 3M SOFR + 3.50%, 11/12/2029 | 270896 | 258538 |
| &nbsp;&nbsp;&nbsp;Project Castle, Inc., First Lien Term Loan, 3M SOFR + 5.50%, 06/01/2029 | 1306013 | 1035942 |
| &nbsp;&nbsp;&nbsp;Vertiv Group Corp., First Lien Term Loan, 1M SOFR + 1.75%, 03/02/2027 | 746241 | 747894 |

---

*See Notes to Financial Statements.*

30 www.blackstone-credit.com

Blackstone Long-Short Credit Income Fund Portfolio of Investments

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount** |<br>**Value** |
| **Machinery (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Victory Buyer LLC, First Lien Term Loan, 1M SOFR + 3.75%, 0.50% Floor, 11/19/2028 | $1282410 | $1270271 |
|  |  | 7888138 |
| **Media - 2.17%** |  |  |
| &nbsp;&nbsp;&nbsp;ABG Intermediate Holdings 2 LLC, First Lien Term Loan: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M SOFR + 2.25%, 12/21/2028 | 171865 | 171985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M SOFR + 2.25%, 02/13/2032 | 617700 | 617314 |
| &nbsp;&nbsp;&nbsp;American Greetings Corp., First Lien Term Loan, 1M SOFR + 5.75%, 10/30/2029 | 731591 | 734046 |
| &nbsp;&nbsp;&nbsp;McGraw-Hill Education, Inc., First Lien Term Loan, 1M SOFR + 3.25%, 0.50% Floor, 08/06/2031 | 357091 | 358728 |
| &nbsp;&nbsp;&nbsp;MJH Healthcare Holdings LLC aka MJH Life Sciences, First Lien Term Loan, 3M SOFR + 3.25%, 01/28/2029 | 1245599 | 1250786 |
| &nbsp;&nbsp;&nbsp;WideOpenWest Finance LLC, First Lien Term Loan, 3M SOFR + 3.00%, 1.50% Floor, 12/11/2028 | 541785 | 463904 |
|  |  | 3596763 |
| **Metals & Mining - 1.19%** |  |  |
| &nbsp;&nbsp;&nbsp;Arsenal AIC Parent LLC, First Lien Term Loan, 1M SOFR + 2.75%, 08/18/2030 | 1231548 | 1232164 |
| &nbsp;&nbsp;&nbsp;SCIH Salt Holdings, Inc., First Lien Incremental B-1 Term Loan, 3M SOFR + 4.00%, 0.75% Floor, 01/31/2029 | 740404 | 741522 |
|  |  | 1973686 |
| **Mortgage Real Estate Investment Trusts (REITs) - 0.48%** |  |  |
| &nbsp;&nbsp;&nbsp;Apollo Commercial Real Estate Finance Inc, First Lien Term Loan, 3M SOFR + 0.00%, 06/05/2030 | 289680 | 290766 |
| &nbsp;&nbsp;&nbsp;KREF HLDGS X LLC, First Lien Term Loan, 1M SOFR + 3.25%, 03/05/2032 | 202703 | 204034 |
| &nbsp;&nbsp;&nbsp;Starwood Property Mortgage, L.L.C. TLB 1L, First Lien Term Loan, 1M SOFR + 2.50%, 0.50% Floor, 01/02/2030 | 299968 | 301282 |
|  |  | 796082 |
| **Oil, Gas & Consumable Fuels - 0.57%** |  |  |
| &nbsp;&nbsp;&nbsp;Freeport LNG Investments LLLP, First Lien Term Loan, 3M SOFR + 3.25%, 0.50% Floor, 12/21/2028 | 476828 | 477923 |
| &nbsp;&nbsp;&nbsp;GIP Pilot Acquisition Partners LP, First Lien Term Loan, 3M SOFR + 2.00%, 10/04/2030 | 303451 | 304840 |
| &nbsp;&nbsp;&nbsp;WhiteWater Matterhorn Holdings LLC, First Lien Term Loan, 3M SOFR + 0.00%, 05/12/2032 | 161834 | 161969 |
| &nbsp;&nbsp;&nbsp;WhiteWater Whistler 12/24, First Lien Term Loan, 3M SOFR + 1.75%, 02/15/2030 | 873 | 875 |
|  |  | 945607 |
| **Passenger Airlines - 1.55%** |  |  |
| &nbsp;&nbsp;&nbsp;AAdvantage Loyalty IP, Ltd., First Lien Term Loan, 3M SOFR + 0.00%, 05/28/2032 | 298063 | 300372 |
| &nbsp;&nbsp;&nbsp;Alaska Air 10/24 TLB 1L, First Lien Term Loan, 3M SOFR + 2.00%, 10/15/2031 | 376370 | 378816 |
| &nbsp;&nbsp;&nbsp;American Airlines, Inc., First Lien 2020 Term Loan, 3M SOFR + 1.75%, 01/29/2027 | 198625 | 197019 |
| &nbsp;&nbsp;&nbsp;American Airlines, Inc., First Lien Term Loan, 6M SOFR + 2.25%, 02/15/2028 | 623181 | 618102 |
| &nbsp;&nbsp;&nbsp;Jetblue 8/24 TLB 1L, First Lien Term Loan, 3M SOFR + 4.75%, 08/27/2029 | 435793 | 410356 |
| &nbsp;&nbsp;&nbsp;Vista Management Holding Inc, First Lien Term Loan, 3M SOFR + 3.75%, 04/01/2031 | 664103 | 666593 |
|  |  | 2571258 |
| **Pharmaceuticals - 1.81%** |  |  |
| &nbsp;&nbsp;&nbsp;Dechra Pharmaceuticals, First Lien Term Loan, 3M SOFR + 3.25%, 01/27/2032 | 777593 | 780337 |
| &nbsp;&nbsp;&nbsp;OPAL US LLC, First Lien Term Loan, 6M SOFR + 3.50%, 04/23/2032 | 1610920 | 1619482 |
| &nbsp;&nbsp;&nbsp;Padagis LLC, First Lien Initial Term Loan, 3M SOFR + 4.75%, 0.50% Floor, 07/06/2028 | 638218 | 599925 |
|  |  | 2999744 |
| **Professional Services - 9.21%** |  |  |
| &nbsp;&nbsp;&nbsp;AG Group Holdings, Inc., First Lien Term Loan, 1M SOFR + 4.00%, 12/29/2028 | 1130119 | 1058074 |

---

*See Notes to Financial Statements.*

Semi-Annual Report \| June 30, 2025 31

Blackstone Long-Short Credit Income Fund Portfolio of Investments

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount** |<br>**Value** |
| **Professional Services (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Ankura Consulting Group LLC, First Lien Term Loan, 3M SOFR + 3.50%, 0.75% Floor, 12/29/2031 | $492959 | $493267 |
| &nbsp;&nbsp;&nbsp;Berkeley Resh Group LLC, First Lien Term Loan, 1M SOFR + 3.25%, 04/30/2032 | 1035600 | 1040685 |
| &nbsp;&nbsp;&nbsp;Camelot US Acquisition LLC, First Lien Term Loan, 6M CME TERM + 3.00%, 01/31/2031 | 750000 | 743205 |
| &nbsp;&nbsp;&nbsp;Cast & Crew LLC, First Lien Term Loan, 1M SOFR + 3.75%, 0.50% Floor, 12/29/2028 | 1289972 | 1222597 |
| &nbsp;&nbsp;&nbsp;CohnReznick Advisory LLC, First Lien Term Loan: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3M SOFR + 4.00%, 03/31/2032 | 117977 | 117682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3M SOFR + 4.00%, 03/31/2032 | 509660 | 508385 |
| &nbsp;&nbsp;&nbsp;Deerfield Dakota Holding LLC, First Lien Initial Dollar Term Loan, 3M SOFR + 3.75%, 1.00% Floor, 04/09/2027 | 947064 | 922469 |
| &nbsp;&nbsp;&nbsp;DTI Holdco Inc, First Lien Term Loan, 1M SOFR + 4.00%, 04/26/2029 | 238753 | 236344 |
| &nbsp;&nbsp;&nbsp;Dun & Bradstreet 11/24, First Lien Term Loan, 1M SOFR + 2.25%, 01/18/2029 | 434418 | 434580 |
| &nbsp;&nbsp;&nbsp;Eisner Advisory Group LLC, First Lien Term Loan, 3M SOFR + 4.00%, 02/28/2031 | 490535 | 493294 |
| &nbsp;&nbsp;&nbsp;Element Materials Technology Group Holdings, First Lien Term Loan, 3M SOFR + 4.25%, 07/06/2029 | 907581 | 911552 |
| &nbsp;&nbsp;&nbsp;First Advantage Holdings, LLC, First Lien Term Loan, 1M SOFR + 3.25%, 10/31/2031 | 701818 | 703025 |
| &nbsp;&nbsp;&nbsp;Grant Thornton Advisors LLC, First Lien Term Loan, 1M SOFR + 3.00%, 05/30/2031 | 226725 | 227376 |
| &nbsp;&nbsp;&nbsp;Lereta, LLC, First Lien Term Loan, 1M SOFR + 5.25%, 07/30/2028 | 421448 | 374637 |
| &nbsp;&nbsp;&nbsp;Mermaid Bidco Inc aka Datasite TL 1L, First Lien Term Loan, 3M SOFR + 3.25%, 07/03/2031 | 667039 | 668706 |
| &nbsp;&nbsp;&nbsp;Perficient/Plano 8/24 TLB 1L, First Lien Term Loan, 3M SOFR + 3.50%, 10/02/2031 | 593109 | 564937 |
| &nbsp;&nbsp;&nbsp;Secretariat Advisors LLC, First Lien Term Loan: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3M SOFR + 4.00%, 02/28/2032<sup>(b)</sup> | 258532 | 259178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6M SOFR + 0.00%, 02/28/2032<sup>(b)</sup> | 31148 | 31226 |
| &nbsp;&nbsp;&nbsp;Thevelia US LLC, First Lien Term Loan, 3M SOFR + 3.00%, 0.50% Floor, 06/18/2029 | 1196962 | 1199458 |
| &nbsp;&nbsp;&nbsp;Trans Union LLC, First Lien Term Loan, 1M SOFR + 1.75%, 06/24/2031 | 667689 | 669284 |
| &nbsp;&nbsp;&nbsp;TTF Holdings LLC, First Lien Term Loan, 6M SOFR + 3.75%, 07/18/2031 | 1037912 | 1032074 |
| &nbsp;&nbsp;&nbsp;Vaco Holdings, LLC, First Lien Term Loan, 3M SOFR + 5.00%, 01/21/2029 | 1265065 | 1162911 |
| &nbsp;&nbsp;&nbsp;VT Topco, Inc. 12/24 1L, First Lien Term Loan, 3M SOFR + 3.00%, 08/09/2030 | 204031 | 204708 |
|  |  | 15279654 |
| **Semiconductors & Semiconductor Equipment - 0.74%** |  |  |
| &nbsp;&nbsp;&nbsp;Altar Bidco, Inc., First Lien Term Loan, 3M SOFR + 3.10%, 0.50% Floor, 02/01/2029 | 746154 | 744859 |
| &nbsp;&nbsp;&nbsp;MKS, Inc., First Lien Term Loan, 1M SOFR + 2.00%, 0.50% Floor, 08/17/2029 | 476180 | 478026 |
|  |  | 1222885 |
| **Software - 17.90%** |  |  |
| &nbsp;&nbsp;&nbsp;Avalara, Inc., First Lien Term Loan, 3M SOFR + 3.25%, 03/26/2032 | 924643 | 929719 |
| &nbsp;&nbsp;&nbsp;BEP Intermediate Holdco LLC, First Lien Term Loan, 1M SOFR + 3.25%, 04/25/2031 | 295167 | 296643 |
| &nbsp;&nbsp;&nbsp;BMC Software 7/24 2nd Lien TL, Second Lien Term Loan, 3M SOFR + 5.75%, 07/30/2032 | 1100959 | 1074129 |
| &nbsp;&nbsp;&nbsp;Boost Newco Borrower LLC, First Lien Term Loan, 3M SOFR + 2.00%, 01/31/2031 | 662986 | 665472 |
| &nbsp;&nbsp;&nbsp;Boxer Parent Co., Inc., First Lien Term Loan, 6M CME TERM + 3.25%, 07/30/2031 | 1582017 | 1574004 |
| &nbsp;&nbsp;&nbsp;Central Parent LLC, First Lien Term Loan, 3M SOFR + 3.25%, 07/06/2029 | 1122409 | 940074 |
| &nbsp;&nbsp;&nbsp;Clearwater Analytics LLC, First Lien Term Loan, 6M SOFR + 0.00%, 04/21/2032<sup>(b)</sup> | 143310 | 143489 |
| &nbsp;&nbsp;&nbsp;Cloud Software Group, Inc., First Lien Term Loan, 3M SOFR + 3.75%, 0.50% Floor, 03/21/2031 | 385445 | 386528 |
| &nbsp;&nbsp;&nbsp;Cloudera, Inc., First Lien Term Loan, 1M SOFR + 3.75%, 0.50% Floor, 10/08/2028 | 236666 | 228146 |
| &nbsp;&nbsp;&nbsp;Conga Corp., First Lien Term Loan, 3M SOFR + 3.50%, 0.75% Floor, 05/08/2028 | 303236 | 304677 |
| &nbsp;&nbsp;&nbsp;Connectwise, LLC, First Lien Term Loan, 3M SOFR + 3.50%, 0.50% Floor, 09/29/2028 | 593846 | 597620 |
| &nbsp;&nbsp;&nbsp;Cornerstone OnDemand, Inc., First Lien Initial Term Loan, 1M SOFR + 3.75%, 0.50% Floor, 10/16/2028 | 1642320 | 1545325 |
| &nbsp;&nbsp;&nbsp;Delta Topco, Inc., First Lien Term Loan, 3M SOFR + 2.75%, 11/30/2029 | 568941 | 565536 |
| &nbsp;&nbsp;&nbsp;Fiserv Investment Solutions, Inc., First Lien Initial Term Loan, 3M SOFR + 4.00%, 02/18/2027 | 1312088 | 1300607 |
| &nbsp;&nbsp;&nbsp;Flexera Software LLC, First Lien Term Loan, 3M SOFR + 3.00%, 0.75% Floor, 03/03/2028 | 249373 | 249863 |
| &nbsp;&nbsp;&nbsp;Help/Systems Holdings, Inc., First Lien Seventh Amendment Refinancing Term Loan, 3M SOFR + 4.00%, 0.75% Floor, 11/19/2026 | 747875 | 714434 |
| &nbsp;&nbsp;&nbsp;Idera INC, First Lien Term Loan, 3M SOFR + 3.50%, 03/02/2028 | 1048705 | 986328 |

---

*See Notes to Financial Statements.*

32 www.blackstone-credit.com

Blackstone Long-Short Credit Income Fund Portfolio of Investments

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Principal<br>Amount |<br>Value |
| **Software (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Infoblox 4/24 2nd lien TL 1L, Second Lien Term Loan, 3M SOFR + 5.25%, 11/29/2030 | $579428 | $583591 |
| &nbsp;&nbsp;&nbsp;ION Trading Technologies Sarl, First Lien Term Loan, 3M SOFR + 3.50%, 04/01/2028 | 1394783 | 1397356 |
| &nbsp;&nbsp;&nbsp;IVANTI SOFTWARE INC, First Lien Term Loan, 3M SOFR + 5.75%, 06/01/2029 | 122323 | 126145 |
| &nbsp;&nbsp;&nbsp;Ivanti Software, Inc., First Lien Term Loan: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3M SOFR + 0.00%, 06/01/2029 | 244752 | 204139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3M SOFR + 0.00%, 06/01/2029(<sup>b)</sup> | 481634 | 291389 |
| &nbsp;&nbsp;&nbsp;Magenta Security Holdings, LLC First Out TL 1L, First Lien Term Loan, 1M SOFR + 6.75%, 07/27/2028 | 881203 | 740457 |
| &nbsp;&nbsp;&nbsp;Magenta Security Holdings, LLC Second Out TL 1L, First Lien Term Loan, 6M SOFR + 7.00%, 07/27/2028 | 237405 | 112411 |
| &nbsp;&nbsp;&nbsp;Magenta Security Holdings, LLC Third Out 1L TL, First Lien Term Loan, 6M SOFR + 6.25%, 07/27/2028 | 163809 | 40407 |
| &nbsp;&nbsp;&nbsp;McAfee Corp., First Lien Term Loan, 1M SOFR + 3.00%, 0.50% Floor, 03/01/2029 | 872757 | 849394 |
| &nbsp;&nbsp;&nbsp;Mitnick Corporate Purchaser Inc., First Lien Term Loan, 3M SOFR + 4.50%, 05/02/2029 | 379371 | 257925 |
| &nbsp;&nbsp;&nbsp;Perforce Software, Inc., First Lien Term Loan, 1M SOFR + 4.75%, 07/02/2029 | 1392055 | 1345073 |
| &nbsp;&nbsp;&nbsp;Project Alpha (Qlik), First Lien Term Loan, 3M SOFR + 3.75%, 10/26/2030 | 1778435 | 1788812 |
| &nbsp;&nbsp;&nbsp;Project Alpha (Qlik), Second Lien Term Loan, 3M SOFR + 5.00%, 05/09/2033 | 223105 | 222268 |
| &nbsp;&nbsp;&nbsp;Project Leopard Holdings, Inc., First Lien Term Loan, 3M SOFR + 5.25%, 0.50% Floor, 07/20/2029 | 1148907 | 1046942 |
| &nbsp;&nbsp;&nbsp;Quartz Acquired, LLC, First Lien Term Loan, 3M SOFR + 2.25%, 06/28/2030 | 1455013 | 1462288 |
| &nbsp;&nbsp;&nbsp;Rocket Software, Inc., First Lien Term Loan, 1M SOFR + 4.25%, 0.50% Floor, 11/28/2028 | 277366 | 278323 |
| &nbsp;&nbsp;&nbsp;SciQuest 10/24 2nd Lien, Second Lien Term Loan, 3M SOFR + 5.25%, 12/06/2032 | 696000 | 688170 |
| &nbsp;&nbsp;&nbsp;SciQuest 10/24 TL 1L, First Lien Term Loan, 3M SOFR + 3.25%, 12/05/2031 | 394068 | 396160 |
| &nbsp;&nbsp;&nbsp;Sophos Intermediate II, Ltd., First Lien Term Loan, 1M SOFR + 3.50%, 03/05/2027 | 1042505 | 1047697 |
| &nbsp;&nbsp;&nbsp;SS&C Technologies, Inc., First Lien Term Loan, 1M SOFR + 2.00%, 05/09/2031 | 364583 | 366749 |
| &nbsp;&nbsp;&nbsp;Starlight Parent, LLC, First Lien Term Loan, 6M CME TERM + 3.75%, 04/16/2032 | 753311 | 738403 |
| &nbsp;&nbsp;&nbsp;Storable Inc, First Lien Term Loan, 1M SOFR + 3.25%, 04/16/2031 | 256000 | 256108 |
| &nbsp;&nbsp;&nbsp;Tibco Software/Citrix/Cloud Software 11/24 TLB 1L, First Lien Term Loan, 3M SOFR + 3.50%, 03/29/2029 | 1098889 | 1101323 |
| &nbsp;&nbsp;&nbsp;Vision Solutions, Inc., First Lien Term Loan, 3M SOFR + 4.26%, 0.75% Floor, 04/24/2028 | 1133941 | 1079512 |
| &nbsp;&nbsp;&nbsp;Webpros Luxembourg Sarl, First Lien Term Loan, 1M SOFR + 3.75%, 03/28/2031 | 259633 | 261580 |
| &nbsp;&nbsp;&nbsp;Zuora 12/24 Cov-Lite TLB, First Lien Term Loan, 1M SOFR + 3.50%, 02/14/2032 | 520000 | 518375 |
|  |  | 29703591 |
| **Specialty Retail - 2.60%** |  |  |
| &nbsp;&nbsp;&nbsp;APRO LLC, First Lien Term Loan, 1M SOFR + 3.75%, 07/09/2031 | 318280 | 317882 |
| &nbsp;&nbsp;&nbsp;Beach Acquisition Bidco LLC, First Lien Term Loan, 3M SOFR + 3.25%, 06/28/2032<sup>(b)</sup> | 214820 | 216163 |
| &nbsp;&nbsp;&nbsp;EG Group Limited 12/24 TLB 1L, First Lien Term Loan, 3M SOFR + 4.75%, 02/07/2028 | 1053208 | 1059316 |
| &nbsp;&nbsp;&nbsp;Great Outdoors Group LLC, First Lien Term Loan, 1M SOFR + 3.25%, 0.75% Floor, 01/23/2032 | 762484 | 762606 |
| &nbsp;&nbsp;&nbsp;Mavis Tire Express Services Topco Corp., First Lien Term Loan, 3M SOFR + 3.00%, 0.75% Floor, 05/04/2028 | 351785 | 352055 |
| &nbsp;&nbsp;&nbsp;RVR Dealership Holdings LLC, First Lien Term Loan, 1M SOFR + 3.75%, 0.75% Floor, 02/08/2028 | 83562 | 77016 |
| &nbsp;&nbsp;&nbsp;Spencer Spirit IH LLC, First Lien Term Loan, 3M SOFR + 4.75%, 07/15/2031 | 718003 | 714862 |
| &nbsp;&nbsp;&nbsp;StubHub Holdco Sub LLC, First Lien Term Loan, 1M SOFR + 4.75%, 03/15/2030 | 839413 | 817026 |
|  |  | 4316926 |
| **Technology Hardware, Storage & Peripherals - 0.65%** |  |  |
| &nbsp;&nbsp;&nbsp;SanDisk 12/24 Cov-Lite, First Lien Term Loan, 3M SOFR + 3.00%, 02/20/2032 | 1085466 | 1081395 |
| **Thrifts & Mortgage Finance - 0.65%** |  |  |
| &nbsp;&nbsp;&nbsp;Fortress Intermediate 3 Inc, First Lien Term Loan, 3M SOFR + 0.00%, 06/27/2031<sup>(b)</sup> | 1080665 | 1084718 |

---

*See Notes to Financial Statements.*

Semi-Annual Report \| June 30, 2025 33

Blackstone Long-Short Credit Income Fund Portfolio of Investments

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount** |<br>**Value** |
| **Trading Companies & Distributors - 2.11%** |  |  |
| &nbsp;&nbsp;&nbsp;Avolon TLB Borrower 1 (US), First Lien Term Loan, 1M SOFR + 1.75%, 06/22/2030 | $646136 | $647331 |
| &nbsp;&nbsp;&nbsp;CD&R Hydr SunSource, First Lien Term Loan, 1M SOFR + 4.00%, 03/25/2031 | 52085 | 51375 |
| &nbsp;&nbsp;&nbsp;Foundation Building Materials, Inc., First Lien Term Loan, 3M SOFR + 4.00%, 01/29/2031 | 127911 | 125581 |
| &nbsp;&nbsp;&nbsp;Kodiak Building Partners, First Lien Term Loan, 3M SOFR + 3.75%, 12/04/2031 | 989969 | 955731 |
| &nbsp;&nbsp;&nbsp;MRC Global 10/24 TLB, First Lien Term Loan, 3M SOFR + 3.50%, 10/29/2031<sup>(b)</sup> | 720493 | 723195 |
| &nbsp;&nbsp;&nbsp;Park River Holdings, Inc., First Lien Initial Term Loan, 3M SOFR + 3.25%, 0.75% Floor, 12/28/2027 | 470839 | 459654 |
| &nbsp;&nbsp;&nbsp;QXO Building Products, Inc., First Lien Term Loan, 3M SOFR + 3.00%, 04/30/2032 | 183003 | 184481 |
| &nbsp;&nbsp;&nbsp;White Cap Buyer LLC, First Lien Term Loan, 1M SOFR + 3.25%, 10/19/2029 | 349985 | 348607 |
|  |  | 3495955 |
| **Transportation Infrastructure - 0.32%** |  |  |
| &nbsp;&nbsp;&nbsp;Liquid Tech Solutions Holdings LLC, First Lien Term Loan, 1M SOFR + 3.75%, 0.75% Floor, 03/19/2028<sup>(b)</sup> | 537115 | 538458 |
| TOTAL FLOATING RATE LOAN INTERESTS |  |  |
| (Cost $193,983,848) |  | 189786090 |
| COLLATERALIZED LOAN OBLIGATION SECURITIES<sup>(a)</sup> - 10.68% |  |  |
| **Consumer Finance - 0.90%** |  |  |
| &nbsp;&nbsp;&nbsp;Octagon 75, Ltd., 3M SOFR + 4.95%, 01/22/2038<sup>(b)(d)</sup> | 1500000 | 1498284 |
| **Financial Services - 9.78%** |  |  |
| &nbsp;&nbsp;&nbsp;Bain Capital Credit CLO 2022-3, Ltd., 3M SOFR + 3.70%, 07/17/2035<sup>(b)(d)</sup> | 1620000 | 1629720 |
| &nbsp;&nbsp;&nbsp;Carval Clo VIII-C, Ltd., 3M SOFR + 6.15%, 10/22/2037<sup>(b)(d)</sup> | 1000000 | 929403 |
| &nbsp;&nbsp;&nbsp;Cedar Funding XIV CLO, Ltd., 3M SOFR + 7.39%, 10/15/2037<sup>(b)(d)</sup> | 1375000 | 1385559 |
| &nbsp;&nbsp;&nbsp;CIFC Funding 2019-V, Ltd., 3M SOFR + 3.41%, 01/15/2035<sup>(b)(d)</sup> | 1600000 | 1603677 |
| &nbsp;&nbsp;&nbsp;Columbia Cent CLO 34, Ltd., 3M SOFR + 6.85%, 01/25/2038<sup>(b)(d)</sup> | 1500000 | 1532887 |
| &nbsp;&nbsp;&nbsp;Magnetite XXXV, Ltd., 3M SOFR + 4.00%, 10/25/2036<sup>(b)(d)</sup> | 1000000 | 1004257 |
| &nbsp;&nbsp;&nbsp;New Mountain CLO 1, Ltd., 3M SOFR + 5.25%, 01/15/2038<sup>(b)(d)</sup> | 1000000 | 1004582 |
| &nbsp;&nbsp;&nbsp;OCP CLO 2021-21, Ltd., 3M SOFR + 4.70%, 01/20/2038<sup>(b)(d)</sup> | 1000000 | 992834 |
| &nbsp;&nbsp;&nbsp;Parallel 2021-2, Ltd., 3M SOFR + 7.46%, 10/20/2034<sup>(b)(d)</sup> | 500000 | 494694 |
| &nbsp;&nbsp;&nbsp;Park Avenue Institutional Advisers CLO, Ltd. 2022-1, 3M SOFR + 7.29%, 04/20/2035<sup>(b)(d)</sup> | 1000000 | 1002623 |
| &nbsp;&nbsp;&nbsp;PPM CLO 3, Ltd., 3M SOFR + 6.87%, 04/17/2034<sup>(b)(d)</sup> | 500000 | 448799 |
| &nbsp;&nbsp;&nbsp;Rad CLO 5, Ltd., 3M SOFR + 6.96%, 07/24/2032<sup>(b)(d)</sup> | 250000 | 250674 |
| &nbsp;&nbsp;&nbsp;Regatta XVIII Funding, Ltd., 3M SOFR + 4.70%, 04/15/2038<sup>(b)(d)</sup> | 1000000 | 986687 |
| &nbsp;&nbsp;&nbsp;Romark CLO IV, Ltd., 3M SOFR + 7.21%, 07/10/2034<sup>(b)(d)</sup> | 1000000 | 976335 |
| &nbsp;&nbsp;&nbsp;RR 19, Ltd., 3M SOFR + 4.70%, 04/15/2040<sup>(b)(d)</sup> | 1000000 | 1001490 |
| &nbsp;&nbsp;&nbsp;Sixth Street CLO XIV, Ltd., 3M SOFR + 4.65%, 01/20/2038<sup>(b)(d)</sup> | 1000000 | 988093 |
|  |  | 16232314 |
| TOTAL COLLATERALIZED LOAN OBLIGATION SECURITIES |  |  |
| (Cost $17,774,931) |  | 17730598 |
| CORPORATE BONDS - 22.07% |  |  |
| **Aerospace & Defense - 0.54%** |  |  |
| &nbsp;&nbsp;&nbsp;AAR Escrow Issuer LLC, 6.750%, 03/15/2029<sup>(d)</sup> | 210000 | 217767 |
| &nbsp;&nbsp;&nbsp;Bombardier, Inc., 7.450%, 05/01/2034<sup>(d)</sup> | 12000 | 13076 |
| &nbsp;&nbsp;&nbsp;BWX Technologies, Inc., 4.125%, 04/15/2029<sup>(d)</sup> | 195000 | 188141 |

---

*See Notes to Financial Statements.*

34 www.blackstone-credit.com

Blackstone Long-Short Credit Income Fund Portfolio of Investments

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount** |<br>**Value** |
| **Aerospace & Defense (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;TransDigm, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.375%, 03/01/2029<sup>(d)</sup> | $358000 | $367734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.375%, 05/31/2033<sup>(d)</sup> | 100000 | 100341 |
|  |  | 887059 |
| **Air Freight & Logistics - 0.04%** |  |  |
| &nbsp;&nbsp;&nbsp;Clue Opco LLC, 9.500%, 10/15/2031<sup>(d)</sup> | 34000 | 36077 |
| &nbsp;&nbsp;&nbsp;Stonepeak Nile Parent LLC, 7.250%, 03/15/2032<sup>(d)</sup> | 26000 | 27578 |
|  |  | 63655 |
| **Automobile Components - 0.48%** |  |  |
| &nbsp;&nbsp;&nbsp;Adient Global Holdings, Ltd., 7.500%, 02/15/2033<sup>(d)</sup> | 10000 | 10235 |
| &nbsp;&nbsp;&nbsp;Benteler International AG, 10.500%, 05/15/2028<sup>(d)</sup> | 50000 | 52668 |
| &nbsp;&nbsp;&nbsp;Garrett Motion Holdings, Inc. / Garrett LX I Sarl, 7.750%, 05/31/2032<sup>(d)</sup> | 292000 | 304277 |
| &nbsp;&nbsp;&nbsp;Goodyear Tire & Rubber Co., 6.625%, 07/15/2030 | 264000 | 269489 |
| &nbsp;&nbsp;&nbsp;Tenneco, Inc., 8.000%, 11/17/2028<sup>(d)</sup> | 60000 | 59398 |
| &nbsp;&nbsp;&nbsp;ZF North America Capital, Inc., 6.875%, 04/23/2032<sup>(d)</sup> | 100000 | 92503 |
|  |  | 788570 |
| **Broadline Retail - 0.37%** |  |  |
| &nbsp;&nbsp;&nbsp;Macy's Retail Holdings LLC, 4.500%, 12/15/2034 | 60000 | 47986 |
| &nbsp;&nbsp;&nbsp;Rakuten Group, Inc., 9.750%, 04/15/2029<sup>(d)</sup> | 511000 | 561167 |
|  |  | 609153 |
| **Building Products - 0.12%** |  |  |
| &nbsp;&nbsp;&nbsp;Griffon Corp., 5.750%, 03/01/2028 | 200000 | 200103 |
| **Capital Markets - 0.46%** |  |  |
| &nbsp;&nbsp;&nbsp;AG Issuer LLC, 6.250%, 03/01/2028<sup>(d)</sup> | 50000 | 50041 |
| &nbsp;&nbsp;&nbsp;Aretec Group, Inc., 10.000%, 08/15/2030<sup>(d)</sup> | 50000 | 55009 |
| &nbsp;&nbsp;&nbsp;Jane Street Group / JSG Finance, Inc., 6.750%, 05/01/2033<sup>(d)</sup> | 98000 | 100825 |
| &nbsp;&nbsp;&nbsp;Jefferies Finance LLC / JFIN Co.-Issuer Corp., 5.000%, 08/15/2028<sup>(d)</sup> | 50000 | 48371 |
| &nbsp;&nbsp;&nbsp;Prospect Capital Corp., 3.437%, 10/15/2028 | 80000 | 71798 |
| &nbsp;&nbsp;&nbsp;Stonex Escrow Issuer LLC, 6.875%, 07/15/2032<sup>(d)</sup> | 120000 | 121304 |
| &nbsp;&nbsp;&nbsp;Stonex Group, Inc., 7.875%, 03/01/2031<sup>(d)</sup> | 300000 | 314664 |
|  |  | 762012 |
| **Chemicals - 0.14%** |  |  |
| &nbsp;&nbsp;&nbsp;CVR Partners LP / CVR Nitrogen Finance Corp., 6.125%, 06/15/2028<sup>(d)</sup> | 120000 | 120282 |
| &nbsp;&nbsp;&nbsp;INEOS Quattro Finance 2 PLC, 9.625%, 03/15/2029<sup>(d)</sup> | 50000 | 50752 |
| &nbsp;&nbsp;&nbsp;Tronox, Inc., 4.625%, 03/15/2029<sup>(d)</sup> | 74000 | 63919 |
|  |  | 234953 |
| **Commercial Services & Supplies - 0.18%** |  |  |
| &nbsp;&nbsp;&nbsp;Pitney Bowes, Inc., 7.250%, 03/15/2029<sup>(d)</sup> | 205000 | 209166 |
| &nbsp;&nbsp;&nbsp;RR Donnelley & Sons Co., 9.500%, 08/01/2029<sup>(d)</sup> | 80000 | 80060 |
|  |  | 289226 |
| **Communications Equipment - 0.29%** |  |  |
| &nbsp;&nbsp;&nbsp;CommScope LLC, 7.125%, 07/01/2028<sup>(d)</sup> | 391000 | 384566 |
| &nbsp;&nbsp;&nbsp;Viavi Solutions, Inc., 3.750%, 10/01/2029<sup>(d)</sup> | 110000 | 102895 |
|  |  | 487461 |
| **Construction & Engineering - 0.17%** |  |  |
| &nbsp;&nbsp;&nbsp;Brundage-Bone Concrete Pumping Holdings, Inc., 7.500%, 02/01/2032<sup>(d)</sup> | 14000 | 13887 |

---

*See Notes to Financial Statements.*

Semi-Annual Report \| June 30, 2025 35

Blackstone Long-Short Credit Income Fund Portfolio of Investments

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount** |<br>**Value** |
| **Construction & Engineering (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Great Lakes Dredge & Dock Corp., 5.250%, 06/01/2029<sup>(d)</sup> | $100000 | $96182 |
| &nbsp;&nbsp;&nbsp;Tutor Perini Corp., 11.880%, 04/30/2029<sup>(d)</sup> | 148000 | 166720 |
|  |  | 276789 |
| **Construction Materials - 0.06%** |  |  |
| &nbsp;&nbsp;&nbsp;Smyrna Ready Mix Concrete LLC, 8.875%, 11/15/2031<sup>(d)</sup> | 100000 | 104923 |
| **Consumer Finance - 2.13%** |  |  |
| &nbsp;&nbsp;&nbsp;Ally Financial, Inc., 6.700%, 02/14/2033 | 150000 | 156374 |
| &nbsp;&nbsp;&nbsp;Azorra Finance, Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.750%, 04/15/2030<sup>(d)</sup> | 50000 | 52182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.250%, 01/15/2031<sup>(d)</sup> | 68000 | 69593 |
| &nbsp;&nbsp;&nbsp;Bread Financial Holdings, Inc., 9.750%, 03/15/2029<sup>(d)</sup> | 150000 | 161637 |
| &nbsp;&nbsp;&nbsp;Credit Acceptance Corp., 6.625%, 03/15/2030<sup>(d)</sup> | 220000 | 223126 |
| &nbsp;&nbsp;&nbsp;Enova International, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.250%, 12/15/2028<sup>(d)</sup> | 190000 | 204251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.125%, 08/01/2029<sup>(d)</sup> | 150000 | 158024 |
| &nbsp;&nbsp;&nbsp;FirstCash, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.630%, 09/01/2028<sup>(d)</sup> | 487000 | 478482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625%, 01/01/2030<sup>(d)</sup> | 35000 | 34956 |
| &nbsp;&nbsp;&nbsp;goeasy, Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.250%, 12/01/2028<sup>(d)</sup> | 221000 | 233969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.625%, 07/01/2029<sup>(d)</sup> | 222000 | 229017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.875%, 05/15/2030<sup>(d)</sup> | 250000 | 251574 |
| &nbsp;&nbsp;&nbsp;Jefferson Capital Holdings LLC, 8.250%, 05/15/2030<sup>(d)</sup> | 60000 | 62216 |
| &nbsp;&nbsp;&nbsp;Navient Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.880%, 03/15/2028 | 43000 | 42431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 03/15/2029 | 70000 | 68605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.380%, 07/25/2030 | 347000 | 383015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.500%, 03/15/2031 | 9000 | 10204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.875%, 06/15/2032 | 200000 | 208250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625%, 08/01/2033 | 3000 | 2761 |
| &nbsp;&nbsp;&nbsp;OneMain Finance Corp., 6.625%, 05/15/2029 | 10000 | 10283 |
| &nbsp;&nbsp;&nbsp;PRA Group, Inc., 8.380%, 02/01/2028<sup>(d)</sup> | 24000 | 24645 |
| &nbsp;&nbsp;&nbsp;PROG Holdings, Inc., 6.000%, 11/15/2029<sup>(d)</sup> | 150000 | 144172 |
| &nbsp;&nbsp;&nbsp;SLM Corp., 6.500%, 01/31/2030 | 88000 | 92435 |
| &nbsp;&nbsp;&nbsp;Synchrony Financial, 7.250%, 02/02/2033 | 223000 | 233440 |
|  |  | 3535642 |
| **Consumer Staples Distribution & Retail - 0.06%** |  |  |
| &nbsp;&nbsp;&nbsp;United Natural Foods, Inc., 6.750%, 10/15/2028<sup>(d)</sup> | 100000 | 98796 |
| **Containers & Packaging - 0.88%** |  |  |
| &nbsp;&nbsp;&nbsp;Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC, 4.000%, 09/01/2029<sup>(d)</sup> | 584000 | 533669 |
| &nbsp;&nbsp;&nbsp;Cascades, Inc./Cascades USA, Inc., 6.750%, 07/15/2030<sup>(d)</sup> | 132000 | 132755 |
| &nbsp;&nbsp;&nbsp;Mauser Packaging Solutions Holding Co., 7.875%, 04/15/2027<sup>(d)</sup> | 140000 | 142470 |
| &nbsp;&nbsp;&nbsp;Owens-Brockway Glass Container, Inc., 7.375%, 06/01/2032<sup>(d)</sup> | 500000 | 510040 |
| &nbsp;&nbsp;&nbsp;TriMas Corp., 4.125%, 04/15/2029(d) | 151000 | 143558 |
|  |  | 1462492 |
| **Diversified Consumer Services - 0.13%** |  |  |
| &nbsp;&nbsp;&nbsp;Adtalem Global Education, Inc., 5.500%, 03/01/2028<sup>(d)</sup> | 117000 | 116126 |

---

*See Notes to Financial Statements.*

36 www.blackstone-credit.com

Blackstone Long-Short Credit Income Fund Portfolio of Investments

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount** |<br>**Value** |
| **Diversified Consumer Services (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Carriage Services, Inc., 4.250%, 05/15/2029<sup>(d)</sup> | $110000 | $104005 |
|  |  | 220131 |
| **Diversified REITs - 0.19%** |  |  |
| &nbsp;&nbsp;&nbsp;Iron Mountain, Inc., 4.500%, 02/15/2031<sup>(d)</sup> | 169000 | 161148 |
| &nbsp;&nbsp;&nbsp;RHP Hotel Properties LP / RHP Finance Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 02/15/2029<sup>(d)</sup> | 100000 | 97812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 06/15/2033<sup>(d)</sup> | 48000 | 49410 |
|  |  | 308370 |
| **Diversified Telecommunication Services - 0.30%** |  |  |
| &nbsp;&nbsp;&nbsp;Cogent Communications Group LLC / Cogent Finance, Inc., 6.500%, 07/01/2032<sup>(d)</sup> | 124000 | 122259 |
| &nbsp;&nbsp;&nbsp;Directv Financing LLC / Directv Financing Co.-Obligor, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875%, 08/15/2027<sup>(d)</sup> | 30000 | 29921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.000%, 02/15/2031<sup>(d)</sup> | 172000 | 167101 |
| &nbsp;&nbsp;&nbsp;Lumen Technologies, Inc., 4.500%, 01/15/2029<sup>(d)</sup> | 84000 | 75680 |
| &nbsp;&nbsp;&nbsp;Viasat, Inc., 7.500%, 05/30/2031<sup>(d)</sup> | 61000 | 52901 |
| &nbsp;&nbsp;&nbsp;Virgin Media Finance PLC, 5.000%, 07/15/2030<sup>(d)</sup> | 51000 | 46649 |
|  |  | 494511 |
| **Electric Utilities - 0.01%** |  |  |
| &nbsp;&nbsp;&nbsp;Leeward Renewable Energy Operations LLC, 4.250%, 07/01/2029<sup>(d)</sup> | 23000 | 21490 |
| **Electronic Equipment, Instruments & Components - 0.12%** |  |  |
| &nbsp;&nbsp;&nbsp;Sensata Technologies BV, 4.000%, 04/15/2029<sup>(d)</sup> | 200000 | 190390 |
| **Energy Equipment & Services - 0.95%** |  |  |
| &nbsp;&nbsp;&nbsp;Diamond Foreign Asset Co. / Diamond Finance LLC, 8.500%, 10/01/2030<sup>(d)</sup> | 50000 | 52102 |
| &nbsp;&nbsp;&nbsp;Enerflex, Ltd., 9.000%, 10/15/2027<sup>(d)</sup> | 206000 | 213140 |
| &nbsp;&nbsp;&nbsp;Precision Drilling Corp., 6.875%, 01/15/2029<sup>(d)</sup> | 130000 | 128528 |
| &nbsp;&nbsp;&nbsp;USA Compression Partners LP / USA Compression Finance Corp., 7.125%, 03/15/2029<sup>(d)</sup> | 670000 | 687123 |
| &nbsp;&nbsp;&nbsp;Valaris, Ltd., 8.380%, 04/30/2030<sup>(d)</sup> | 370000 | 379903 |
| &nbsp;&nbsp;&nbsp;Viridien, 10.000%, 10/15/2030<sup>(d)</sup> | 123000 | 121134 |
|  |  | 1581930 |
| **Financial Services - 0.45%** |  |  |
| &nbsp;&nbsp;&nbsp;Burford Capital Global Finance LLC, 6.875%, 04/15/2030<sup>(d)</sup> | 62000 | 61992 |
| &nbsp;&nbsp;&nbsp;Freedom Mortgage Corp., 12.250%, 10/01/2030<sup>(d)</sup> | 92000 | 102092 |
| &nbsp;&nbsp;&nbsp;Freedom Mortgage Holdings LLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.125%, 05/15/2031<sup>(d)</sup> | 50000 | 51602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.375%, 04/01/2032<sup>(d)</sup> | 48000 | 48555 |
| &nbsp;&nbsp;&nbsp;PennyMac Financial Services, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.875%, 12/15/2029<sup>(d)</sup> | 27000 | 28690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.125%, 11/15/2030<sup>(d)</sup> | 110000 | 114073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, 09/15/2031<sup>(d)</sup> | 130000 | 127567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.875%, 05/15/2032<sup>(d)</sup> | 57000 | 58316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.875%, 02/15/2033<sup>(d)</sup> | 50000 | 51313 |
| &nbsp;&nbsp;&nbsp;TrueNoord Capital DAC, 8.750%, 03/01/2030<sup>(d)</sup> | 50000 | 51960 |
| &nbsp;&nbsp;&nbsp;UWM Holdings LLC, 6.625%, 02/01/2030<sup>(d)</sup> | 50000 | 50099 |
|  |  | 746259 |
| **Food Products - 0.47%** |  |  |
| &nbsp;&nbsp;&nbsp;B&G Foods, Inc., 8.000%, 09/15/2028<sup>(d)</sup> | 50000 | 48202 |

---

*See Notes to Financial Statements.*

Semi-Annual Report \| June 30, 2025 37

Blackstone Long-Short Credit Income Fund Portfolio of Investments

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount** |<br>**Value** |
| **Food Products (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Post Holdings, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625%, 04/15/2030<sup>(d)</sup> | $555000 | $534056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 09/15/2031<sup>(d)</sup> | 220000 | 204401 |
|  |  | 786659 |
| **Gas Utilities - 0.39%** |  |  |
| &nbsp;&nbsp;&nbsp;AmeriGas Partners LP / AmeriGas Finance Corp., 9.500%, 06/01/2030<sup>(d)</sup> | 98000 | 101748 |
| &nbsp;&nbsp;&nbsp;Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.000%, 06/01/2031<sup>(d)</sup> | 392000 | 371115 |
| &nbsp;&nbsp;&nbsp;Superior Plus LP / Superior General Partner, Inc., 4.500%, 03/15/2029<sup>(d)</sup> | 173000 | 166511 |
|  |  | 639374 |
| **Ground Transportation - 0.57%** |  |  |
| &nbsp;&nbsp;&nbsp;Avis Budget Car Rental LLC / Avis Budget Finance, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.250%, 01/15/2030<sup>(d)</sup> | 578000 | 604157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.375%, 06/15/2032<sup>(d)</sup> | 100000 | 104690 |
| &nbsp;&nbsp;&nbsp;Hertz Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625%, 12/01/2026<sup>(d)</sup> | 161000 | 144405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.625%, 07/15/2029<sup>(d)</sup> | 33000 | 34548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2029<sup>(d)</sup> | 92000 | 64673 |
|  |  | 952473 |
| **Health Care Equipment & Supplies - 0.24%** |  |  |
| &nbsp;&nbsp;&nbsp;Cheplapharm Arzneimittel GmbH, 5.500%, 01/15/2028<sup>(d)</sup> | 50000 | 48366 |
| &nbsp;&nbsp;&nbsp;Hologic Inc Holx 4 5/8 02/01/28, 4.625%, 02/01/2028<sup>(d)</sup> | 359000 | 355047 |
|  |  | 403413 |
| **Health Care Providers & Services - 0.54%** |  |  |
| &nbsp;&nbsp;&nbsp;AdaptHealth LLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625%, 08/01/2029<sup>(d)</sup> | 105000 | 99043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125%, 03/01/2030<sup>(d)</sup> | 117000 | 111278 |
| &nbsp;&nbsp;&nbsp;APH Somerset Investor 2 LLC / APH2 Somerset Investor 2 LLC / APH3 Somerset Inves, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.875%, 11/01/2029<sup>(d)</sup> | 60000 | 61425 |
| &nbsp;&nbsp;&nbsp;CHS/Community Health Systems, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.875%, 04/15/2029<sup>(d)</sup> | 272000 | 217105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.125%, 04/01/2030<sup>(d)</sup> | 60000 | 44423 |
| &nbsp;&nbsp;&nbsp;DaVita, Inc., 4.625%, 06/01/2030<sup>(d)</sup> | 377000 | 361466 |
|  |  | 894740 |
| **Health Care REITs - 0.65%** |  |  |
| &nbsp;&nbsp;&nbsp;Diversified Healthcare Trust, 4.750%, 02/15/2028 | 360000 | 333493 |
| &nbsp;&nbsp;&nbsp;MPT Operating Partnership LP / MPT Finance Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/15/2027 | 280000 | 258868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625%, 08/01/2029 | 347000 | 273714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 03/15/2031 | 300000 | 212378 |
|  |  | 1078453 |
| **Hotels, Restaurants & Leisure - 0.43%** |  |  |
| &nbsp;&nbsp;&nbsp;Churchill Downs, Inc., 4.750%, 01/15/2028<sup>(d)</sup> | 210000 | 207424 |
| &nbsp;&nbsp;&nbsp;Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc., 4.625%, 01/15/2029<sup>(d)</sup> | 100000 | 95844 |
| &nbsp;&nbsp;&nbsp;Voyager Parent LLC, 9.250%, 07/01/2032<sup>(d)</sup> | 83000 | 86407 |
| &nbsp;&nbsp;&nbsp;Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 5.250%, 05/15/2027<sup>(d)</sup> | 200000 | 200286 |
| &nbsp;&nbsp;&nbsp;Wynn Resorts Finance LLC / Wynn Resorts Capital Corp., 7.125%, 02/15/2031<sup>(d)</sup> | 100000 | 106709 |
| &nbsp;&nbsp;&nbsp;Yum! Brands, Inc., 4.750%, 01/15/2030<sup>(d)</sup> | 23000 | 22808 |
|  |  | 719478 |

---

*See Notes to Financial Statements.*

38 www.blackstone-credit.com

Blackstone Long-Short Credit Income Fund Portfolio of Investments

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount** |<br>**Value** |
| **Household Durables - 0.48%** |  |  |
| &nbsp;&nbsp;&nbsp;Beazer Homes USA, Inc., 7.500%, 03/15/2031<sup>(d)</sup> | $113000 | $114698 |
| &nbsp;&nbsp;&nbsp;Brookfield Residential Properties, Inc. / Brookfield Residential US LLC, 5.000%, 06/15/2029<sup>(d)</sup> | 50000 | 45547 |
| &nbsp;&nbsp;&nbsp;M/I Homes, Inc., 3.950%, 02/15/2030 | 36000 | 33823 |
| &nbsp;&nbsp;&nbsp;Somnigroup International, Inc., 4.000%, 04/15/2029<sup>(d)</sup> | 421000 | 402950 |
| &nbsp;&nbsp;&nbsp;Taylor Morrison Communities, Inc., 5.750%, 01/15/2028<sup>(d)</sup> | 150000 | 152356 |
| &nbsp;&nbsp;&nbsp;Tri Pointe Homes, Inc., 5.700%, 06/15/2028 | 45000 | 45429 |
|  |  | 794803 |
| **Industrial Conglomerates - 0.32%** |  |  |
| &nbsp;&nbsp;&nbsp;Dcli Bidco LLC, 7.750%, 11/15/2029<sup>(d)</sup> | 50000 | 50690 |
| &nbsp;&nbsp;&nbsp;Icahn Enterprises LP / Icahn Enterprises Finance Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.750%, 01/15/2029 | 87000 | 84623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.000%, 11/15/2029<sup>(d)</sup> | 371000 | 367763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.000%, 06/15/2030 | 32000 | 29949 |
|  |  | 533025 |
| **Interactive Media & Services - 0.10%** |  |  |
| &nbsp;&nbsp;&nbsp;ZipRecruiter, Inc., 5.000%, 01/15/2030<sup>(d)</sup> | 200000 | 170934 |
| **IT Services - 0.35%** |  |  |
| &nbsp;&nbsp;&nbsp;Go Daddy Operating Co. LLC / GD Finance Co, Inc., 3.500%, 03/01/2029<sup>(d)</sup> | 316000 | 298885 |
| &nbsp;&nbsp;&nbsp;Sabre GLBL, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.630%, 06/01/2027<sup>(d)</sup> | 12000 | 12293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.750%, 11/15/2029<sup>(d)</sup> | 224000 | 231010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.125%, 07/15/2030<sup>(d)</sup> | 27000 | 28276 |
| &nbsp;&nbsp;&nbsp;Twilio, Inc., 3.625%, 03/15/2029 | 15000 | 14294 |
|  |  | 584758 |
| **Life Sciences Tools & Services - 0.04%** |  |  |
| &nbsp;&nbsp;&nbsp;Star Parent, Inc., 9.000%, 10/01/2030<sup>(d)</sup> | 60000 | 63184 |
| **Machinery - 0.46%** |  |  |
| &nbsp;&nbsp;&nbsp;Allison Transmission, Inc., 3.750%, 01/30/2031<sup>(d)</sup> | 423000 | 387978 |
| &nbsp;&nbsp;&nbsp;Crane NXT Co., 4.200%, 03/15/2048 | 17000 | 10281 |
| &nbsp;&nbsp;&nbsp;JB Poindexter & Co., Inc., 8.750%, 12/15/2031<sup>(d)</sup> | 50000 | 50948 |
| &nbsp;&nbsp;&nbsp;Park-Ohio Industries, Inc., 6.625%, 04/15/2027 | 136000 | 132934 |
| &nbsp;&nbsp;&nbsp;Roller Bearing Co. of America, Inc., 4.375%, 10/15/2029<sup>(d)</sup> | 184000 | 178406 |
|  |  | 760547 |
| **Marine Transportation - 0.03%** |  |  |
| &nbsp;&nbsp;&nbsp;Stena International SA, 7.250%, 01/15/2031<sup>(d)</sup> | 50000 | 50199 |
| **Media - 1.07%** |  |  |
| &nbsp;&nbsp;&nbsp;AMC Networks, Inc., 4.250%, 02/15/2029 | 55000 | 44114 |
| &nbsp;&nbsp;&nbsp;CCO Holdings LLC / CCO Holdings Capital Corp., 4.250%, 02/01/2031<sup>(d)</sup> | 138000 | 129003 |
| &nbsp;&nbsp;&nbsp;Clear Channel Outdoor Holdings, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.750%, 04/15/2028<sup>(d)</sup> | 183000 | 173077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.500%, 06/01/2029<sup>(d)</sup> | 80000 | 74057 |
| &nbsp;&nbsp;&nbsp;CSC Holdings LLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.750%, 01/31/2029<sup>(d)</sup> | 165000 | 157044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 02/01/2029<sup>(d)</sup> | 100000 | 81399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, 01/15/2030<sup>(d)</sup> | 15000 | 7434 |
| &nbsp;&nbsp;&nbsp;Gray Media, Inc., 4.750%, 10/15/2030<sup>(d)</sup> | 300000 | 227250 |

---

*See Notes to Financial Statements.*

Semi-Annual Report \| June 30, 2025 39

Blackstone Long-Short Credit Income Fund Portfolio of Investments

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount** |<br>**Value** |
| **Media (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Nexstar Media, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625%, 07/15/2027<sup>(d)</sup> | $285000 | $284517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750%, 11/01/2028<sup>(d)</sup> | 350000 | 341161 |
| &nbsp;&nbsp;&nbsp;Sinclair Television Group, Inc., 5.500%, 03/01/2030<sup>(d)</sup> | 74000 | 60032 |
| &nbsp;&nbsp;&nbsp;Univision Communications, Inc., 8.500%, 07/31/2031<sup>(d)</sup> | 200000 | 200403 |
|  |  | 1779491 |
| **Metals & Mining - 0.71%** |  |  |
| &nbsp;&nbsp;&nbsp;Cleveland-Cliffs, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.500%, 09/15/2031<sup>(d)</sup> | 111000 | 107148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.375%, 05/01/2033<sup>(d)</sup> | 46000 | 43224 |
| &nbsp;&nbsp;&nbsp;Compass Minerals International, Inc., 8.000%, 07/01/2030<sup>(d)</sup> | 103000 | 106494 |
| &nbsp;&nbsp;&nbsp;Mineral Resources, Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.000%, 11/01/2027<sup>(d)</sup> | 93000 | 93501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.250%, 10/01/2028<sup>(d)</sup> | 269000 | 275633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.500%, 05/01/2030<sup>(d)</sup> | 80000 | 79667 |
| &nbsp;&nbsp;&nbsp;New Gold, Inc., 6.875%, 04/01/2032<sup>(d)</sup> | 200000 | 206248 |
| &nbsp;&nbsp;&nbsp;SunCoke Energy, Inc., 4.880%, 06/30/2029<sup>(d)</sup> | 130000 | 121100 |
| &nbsp;&nbsp;&nbsp;Taseko Mines, Ltd., 8.250%, 05/01/2030<sup>(d)</sup> | 138000 | 144642 |
|  |  | 1177657 |
| **Mortgage Real Estate Investment Trusts (REITs) - 0.78%** |  |  |
| &nbsp;&nbsp;&nbsp;Apollo Commercial Real Estate Finance, Inc., 4.625%, 06/15/2029<sup>(d)</sup> | 140000 | 133187 |
| &nbsp;&nbsp;&nbsp;Rithm Capital Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.000%, 04/01/2029<sup>(d)</sup> | 294000 | 297254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.000%, 07/15/2030<sup>(d)</sup> | 121000 | 121697 |
| &nbsp;&nbsp;&nbsp;Starwood Property Trust, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.630%, 07/15/2026<sup>(d)</sup> | 130000 | 127882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.380%, 01/15/2027<sup>(d)</sup> | 370000 | 366806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.250%, 04/01/2029<sup>(d)</sup> | 28000 | 29486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 04/15/2030<sup>(d)</sup> | 210000 | 212544 |
|  |  | 1288856 |
| **Office REITs - 0.14%** |  |  |
| &nbsp;&nbsp;&nbsp;Brandywine Operating Partnership LP, 8.875%, 04/12/2029 | 220000 | 238361 |
| **Oil, Gas & Consumable Fuels - 3.86%** |  |  |
| &nbsp;&nbsp;&nbsp;Alliance Resource Operating Partners LP / Alliance Resource Finance Corp., 8.630%, 06/15/2029<sup>(d)</sup> | 110000 | 116985 |
| &nbsp;&nbsp;&nbsp;Baytex Energy Corp., 8.500%, 04/30/2030<sup>(d)</sup> | 277000 | 277369 |
| &nbsp;&nbsp;&nbsp;California Resources Corp., 8.250%, 06/15/2029<sup>(d)</sup> | 250000 | 256812 |
| &nbsp;&nbsp;&nbsp;Calumet Specialty Products Partners LP / Calumet Finance Corp., 9.750%, 07/15/2028<sup>(d)</sup> | 60000 | 59863 |
| &nbsp;&nbsp;&nbsp;Civitas Resources, Inc., 8.750%, 07/01/2031<sup>(d)</sup> | 162000 | 164002 |
| &nbsp;&nbsp;&nbsp;CNX Resources Corp., 6.000%, 01/15/2029<sup>(d)</sup> | 398000 | 399850 |
| &nbsp;&nbsp;&nbsp;Comstock Resources, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.750%, 03/01/2029<sup>(d)</sup> | 400000 | 401198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875%, 01/15/2030<sup>(d)</sup> | 355000 | 345150 |
| &nbsp;&nbsp;&nbsp;Crescent Energy Finance LLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.250%, 02/15/2028<sup>(d)</sup> | 50000 | 52152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.625%, 04/01/2032<sup>(d)</sup> | 265000 | 258969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.375%, 01/15/2033<sup>(d)</sup> | 54000 | 51666 |
| &nbsp;&nbsp;&nbsp;CVR Energy, Inc., 8.500%, 01/15/2029<sup>(d)</sup> | 369000 | 369420 |

---

*See Notes to Financial Statements.*

40 www.blackstone-credit.com

Blackstone Long-Short Credit Income Fund Portfolio of Investments

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount** |<br>**Value** |
| **Oil, Gas & Consumable Fuels (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Delek Logistics Partners LP / Delek Logistics Finance Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.125%, 06/01/2028<sup>(d)</sup> | $135000 | $135646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.630%, 03/15/2029<sup>(d)</sup> | 378000 | 392567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.375%, 06/30/2033<sup>(d)</sup> | 183000 | 182306 |
| &nbsp;&nbsp;&nbsp;Energean PLC, 6.500%, 04/30/2027<sup>(d)</sup> | 70000 | 68808 |
| &nbsp;&nbsp;&nbsp;Gulfport Energy Operating Corp., 6.750%, 09/01/2029<sup>(d)</sup> | 248000 | 254473 |
| &nbsp;&nbsp;&nbsp;Hess Midstream Operations LP: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875%, 03/01/2028<sup>(d)</sup> | 210000 | 213261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.130%, 06/15/2028<sup>(d)</sup> | 410000 | 407413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 02/15/2030<sup>(d)</sup> | 70000 | 67359 |
| &nbsp;&nbsp;&nbsp;Hilcorp Energy I LP / Hilcorp Finance Co.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 02/01/2031<sup>(d)</sup> | 50000 | 48406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.250%, 04/15/2032<sup>(d)</sup> | 80000 | 76463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.375%, 11/01/2033<sup>(d)</sup> | 50000 | 51918 |
| &nbsp;&nbsp;&nbsp;Karoon USA Finance, Inc., 10.500%, 05/14/2029<sup>(d)</sup> | 96000 | 97492 |
| &nbsp;&nbsp;&nbsp;Kraken Oil & Gas Partners LLC, 7.625%, 08/15/2029<sup>(d)</sup> | 50000 | 49164 |
| &nbsp;&nbsp;&nbsp;Magnolia Oil & Gas Operating LLC / Magnolia Oil & Gas Finance Corp., 6.875%, 12/01/2032<sup>(d)</sup> | 146000 | 147166 |
| &nbsp;&nbsp;&nbsp;Murphy Oil USA, Inc., 3.750%, 02/15/2031<sup>(d)</sup> | 83000 | 76664 |
| &nbsp;&nbsp;&nbsp;Northern Oil & Gas, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.130%, 03/01/2028<sup>(d)</sup> | 390000 | 393746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.750%, 06/15/2031<sup>(d)</sup> | 100000 | 103175 |
| &nbsp;&nbsp;&nbsp;PBF Holding Co. LLC / PBF Finance Corp., 9.875%, 03/15/2030<sup>(d)</sup> | 50000 | 48673 |
| &nbsp;&nbsp;&nbsp;Summit Midstream Holdings LLC, 8.625%, 10/31/2029<sup>(d)</sup> | 127000 | 130028 |
| &nbsp;&nbsp;&nbsp;Sunoco LP, 7.000%, 05/01/2029<sup>(d)</sup> | 60000 | 62526 |
| &nbsp;&nbsp;&nbsp;Sunoco LP / Sunoco Finance Corp., 4.500%, 05/15/2029 | 387000 | 375978 |
| &nbsp;&nbsp;&nbsp;Talos Production, Inc., 9.375%, 02/01/2031<sup>(d)</sup> | 269000 | 274855 |
|  |  | 6411523 |
| **Paper & Forest Products - 0.03%** |  |  |
| &nbsp;&nbsp;&nbsp;Magnera Corp., 7.250%, 11/15/2031<sup>(d)</sup> | 50000 | 47189 |
| **Passenger Airlines - 0.44%** |  |  |
| &nbsp;&nbsp;&nbsp;American Airlines, Inc., 8.500%, 05/15/2029<sup>(d)</sup> | 32000 | 33573 |
| &nbsp;&nbsp;&nbsp;JetBlue Airways Corp. / JetBlue Loyalty LP, 9.875%, 09/20/2031<sup>(d)</sup> | 668000 | 650302 |
| &nbsp;&nbsp;&nbsp;VistaJet Malta Finance PLC / Vista Management Holding, Inc., 9.500%, 06/01/2028<sup>(d)</sup> | 50000 | 51429 |
|  |  | 735304 |
| **Personal Care Products - 0.14%** |  |  |
| &nbsp;&nbsp;&nbsp;HLF Financing Sarl LLC / Herbalife International, Inc., 4.875%, 06/01/2029<sup>(d)</sup> | 275000 | 232608 |
| **Pharmaceuticals - 0.05%** |  |  |
| &nbsp;&nbsp;&nbsp;Prestige Brands, Inc., 3.750%, 04/01/2031<sup>(d)</sup> | 80000 | 73773 |
| **Professional Services - 0.08%** |  |  |
| &nbsp;&nbsp;&nbsp;Science Applications International Corp., 4.880%, 04/01/2028<sup>(d)</sup> | 140000 | 137917 |
| **Real Estate Management & Development - 0.24%** |  |  |
| &nbsp;&nbsp;&nbsp;Anywhere Real Estate Group LLC / Realogy Co.-Issuer Corp., 5.750%, 01/15/2029<sup>(d)</sup> | 205000 | 180030 |
| &nbsp;&nbsp;&nbsp;Howard Hughes Corp., 4.125%, 02/01/2029<sup>(d)</sup> | 235000 | 223962 |
|  |  | 403992 |
| **Semiconductors & Semiconductor Equipment - 0.09%** |  |  |
| &nbsp;&nbsp;&nbsp;AMS-OSRAM AG, 12.250%, 03/30/2029<sup>(d)</sup> | 140000 | 149502 |

---

*See Notes to Financial Statements.*

Semi-Annual Report \| June 30, 2025 41

Blackstone Long-Short Credit Income Fund Portfolio of Investments

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount** |<br>**Value** |
| **Software - 0.53%** |  |  |
| &nbsp;&nbsp;&nbsp;Cloud Software Group, Inc., 6.500%, 03/31/2029<sup>(d)</sup> | $300000 | $302987 |
| &nbsp;&nbsp;&nbsp;Fair Isaac Corp., 4.000%, 06/15/2028<sup>(d)</sup> | 588000 | 572779 |
|  |  | 875766 |
| **Specialized REITs - 0.18%** |  |  |
| &nbsp;&nbsp;&nbsp;Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC, 6.000%, 01/15/2030<sup>(d)</sup> | 7000 | 6565 |
| &nbsp;&nbsp;&nbsp;Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC, 6.500%, 02/15/2029<sup>(d)</sup> | 295000 | 285411 |
|  |  | 291976 |
| **Specialty Retail - 0.45%** |  |  |
| &nbsp;&nbsp;&nbsp;PetSmart, Inc. / PetSmart Finance Corp., 4.750%, 02/15/2028<sup>(d)</sup> | 80000 | 78081 |
| &nbsp;&nbsp;&nbsp;Upbound Group, Inc., 6.375%, 02/15/2029<sup>(d)</sup> | 70000 | 69332 |
| &nbsp;&nbsp;&nbsp;Valvoline, Inc., 3.630%, 06/15/2031<sup>(d)</sup> | 57000 | 51658 |
| &nbsp;&nbsp;&nbsp;Wayfair LLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.250%, 10/31/2029<sup>(d)</sup> | 378000 | 379114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.750%, 09/15/2030<sup>(d)</sup> | 162000 | 163411 |
|  |  | 741596 |
| **Textiles, Apparel & Luxury Goods - 0.09%** |  |  |
| &nbsp;&nbsp;&nbsp;Wolverine World Wide, Inc., 4.000%, 08/15/2029<sup>(d)</sup> | 167000 | 149960 |
| **Thrifts & Mortgage Finance - 0.03%** |  |  |
| &nbsp;&nbsp;&nbsp;United Wholesale Mortgage LLC, 5.500%, 04/15/2029<sup>(d)</sup> | 50000 | 48578 |
| **Trading Companies & Distributors - 0.03%** |  |  |
| &nbsp;&nbsp;&nbsp;Veritiv Operating Co., 10.500%, 11/30/2030<sup>(d)</sup> | 50000 | 54187 |
| TOTAL CORPORATE BONDS |  |  |
| (Cost $35,769,197) |  | 36634191 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| COMMON STOCK - 0.24% |  |  |
| **Diversified Consumer Services - 0.00%(e)** |  |  |
| &nbsp;&nbsp;&nbsp;Loyalty Ventures Inc<sup>(b)(f)</sup> | 409425 | 4094 |
| **Health Care Providers & Services - 0.24%** |  |  |
| &nbsp;&nbsp;&nbsp;Envision Healthcare Corp. Equity<sup>(f)</sup> | 23801 | 393460 |
| TOTAL COMMON STOCK |  |  |
| (Cost $798,093) |  | 397554 |
| SHORT TERM INVESTMENTS - 1.64% |  |  |
| **Open-end Investment Companies - 1.64%** |  |  |
| &nbsp;&nbsp;&nbsp;Fidelity Treasury Portfolio |  |  |
| &nbsp;&nbsp;&nbsp;(4.18% 7-Day Yield) | 2721342 | 2721342 |
| TOTAL SHORT TERM INVESTMENTS |  |  |
| (Cost $2,721,342) |  | 2721342 |

---

*See Notes to Financial Statements.*

42 www.blackstone-credit.com

Blackstone Long-Short Credit Income Fund Portfolio of Investments

June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| Total Investments- 149.00% |  |
| (Cost $251,047,411) | $247269775 |
| Liabilities in Excess of Other Assets - (3.20)% | (5321279) |
| Leverage Facility - (45.80)% | (76000000) |
| **Net Assets - 100.00%** | $165948496 |

---

*Amounts above are shown as a percentage of net assets as of June 30, 2025.*

**Investment Abbreviations:**

SOFR - Secured Overnight Financing Rate

**Reference Rates:**

1M US SOFR - 1 Month SOFR as of June 30, 2025 was 4.32%

3M US SOFR - 3 Month SOFR as of June 30, 2025 was 4.34%

6M US SOFR - 6 Month SOFR as of June 30, 2025 was 4.37%

6M CME TERM SOFR - 6 Month CME TERM SOFR as of June 30, 2025 was 4.15%

*<sup>(a)</sup>* *Floating or variable rate security. The reference rate is described above. The rate in effect as of June 30, 2025, 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.*

*<sup>(b)</sup>* *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.*

*<sup>(c)</sup>* *Represents a payment-in-kind ("PIK") security which may pay interest/dividend in additional par/shares.*

*<sup>(d)</sup>* *Security exempt from registration under Rule 144A of the Securities Act of 1933. Total market value of Rule 144A securities amounts to $50,479,376, which represented approximately 30.42% of net assets as of June 30, 2025. Such securities may normally be sold to qualified institutional buyers in transactions exempt from registration.*

*<sup>(e)</sup>* *Amount represents less than 0.005% of net assets.*

*<sup>(f)</sup>* *Non-income producing security.*

*See Notes to Financial Statements.*

Semi-Annual Report \| June 30, 2025 43

Blackstone Strategic Credit 2027 Term Fund Portfolio of Investments

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount** |<br>**Value** |
| FLOATING RATE LOAN INTERESTS<sup>(a)</sup> - 118.94% |  |  |
| **Aerospace & Defense - 4.01%** |  |  |
| &nbsp;&nbsp;&nbsp;Atlas CC Acquisition Corp., First Lien B Term Loan, 3M SOFR + 4.25%, 0.75% Floor, 05/25/2028 | $4180031 | $2238553 |
| &nbsp;&nbsp;&nbsp;Atlas CC Acquisition Corp., First Lien C Term Loan, 3M SOFR + 4.25%, 0.75% Floor, 05/25/2028 | 850176 | 454933 |
| &nbsp;&nbsp;&nbsp;DAE Aviation 10/24 TLB1, First Lien Term Loan, 1M SOFR + 2.00%, 10/31/2031 | 1348758 | 1350895 |
| &nbsp;&nbsp;&nbsp;DAE Aviation 10/24 TLB2, First Lien Term Loan, 1M SOFR + 2.00%, 10/31/2031 | 513024 | 513838 |
| &nbsp;&nbsp;&nbsp;Kaman 1/25 Cov-Lite TLB, First Lien Term Loan, 6M CME TERM + 3.00%, 02/26/2032 | 2226460 | 2226638 |
| &nbsp;&nbsp;&nbsp;Kaman 1/25 Delayed TL 1L, First Lien Term Loan, 6M CME TERM + 3.00%, 02/26/2032 | 210043 | 210060 |
| &nbsp;&nbsp;&nbsp;Karman Holdings LLC, First Lien Term Loan, 3M SOFR + 3.50%, 04/01/2032<sup>(b)</sup> | 2142320 | 2150354 |
| &nbsp;&nbsp;&nbsp;Novaria Holdings, LLC, First Lien Term Loan, 1M SOFR + 4.25%, 06/06/2031 | 2515831 | 2518976 |
| &nbsp;&nbsp;&nbsp;Peraton Corp., First Lien B Term Loan, 1M SOFR + 3.75%, 0.75% Floor, 02/01/2028 | 5711387 | 5058147 |
| &nbsp;&nbsp;&nbsp;Signia Aerospace 11/24 TL, First Lien Term Loan, 3M SOFR + 3.00%, 12/11/2031 | 1417152 | 1426009 |
| &nbsp;&nbsp;&nbsp;TransDigm, Inc., First Lien Term Loan, 3M SOFR + 2.75%, 03/22/2030 | 1769440 | 1777809 |
| &nbsp;&nbsp;&nbsp;Vertex Aerospace Corp., First Lien Term Loan, 3M SOFR + 2.75%, 12/06/2030 | 2779856 | 2778563 |
|  |  | 22704775 |
| **Air Freight & Logistics - 0.46%** |  |  |
| &nbsp;&nbsp;&nbsp;AIT Worldwide Logistics Holdings, Inc., First Lien Term Loan, 3M SOFR + 4.00%, 0.75% Floor, 04/08/2030 | 1779659 | 1786555 |
| &nbsp;&nbsp;&nbsp;Clue Opco LLC, First Lien Term Loan, 3M SOFR + 4.50%, 12/19/2030 | 832848 | 829246 |
|  |  | 2615801 |
| **Automobile Components - 2.48%** |  |  |
| &nbsp;&nbsp;&nbsp;Belron 10/24 (USD) TLB, First Lien Term Loan, 3M SOFR + 2.75%, 10/16/2031 | 2093665 | 2105756 |
| &nbsp;&nbsp;&nbsp;First Brands Group LLC, First Lien Term Loan, 3M SOFR + 5.00%, 1.00% Floor, 03/30/2027 | 2353785 | 2227763 |
| &nbsp;&nbsp;&nbsp;First Brands Group, LLC, First Lien 2018 New Tranche E Term Loan, 3M SOFR + 5.00%, 03/30/2027 | 1601757 | 1517721 |
| &nbsp;&nbsp;&nbsp;LTI Holdings, Inc., First Lien Term Loan, 1M SOFR + 4.25%, 07/29/2029 | 4319429 | 4324159 |
| &nbsp;&nbsp;&nbsp;Tenneco, Inc., First Lien Term Loan, 6M CME TERM + 5.00%, 0.50% Floor, 11/17/2028 | 3423993 | 3349521 |
| &nbsp;&nbsp;&nbsp;Truck Hero, Inc. TLB, First Lien Term Loan, 1M SOFR + 3.75%, 01/31/2028 | 568502 | 511012 |
|  |  | 14035932 |
| **Broadline Retail - 0.40%** |  |  |
| &nbsp;&nbsp;&nbsp;Peer Hldg III BV, First Lien Term Loan: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3M SOFR + 2.50%, 10/28/2030 | 589885 | 594217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3M SOFR + 3.25%, 07/01/2031 | 1641048 | 1651920 |
|  |  | 2246137 |
| **Building Products - 2.01%** |  |  |
| &nbsp;&nbsp;&nbsp;LBM Acquisition LLC, First Lien Term Loan, 1M SOFR + 3.75%, 06/06/2031 | 3026776 | 2837602 |
| &nbsp;&nbsp;&nbsp;LHS Borrower, LLC, First Lien Term Loan, 1M SOFR + 4.75%, 0.50% Floor, 02/16/2029 | 2635250 | 2428831 |
| &nbsp;&nbsp;&nbsp;Miter Brands Acquisition Holdco Inc., First Lien Term Loan, 1M SOFR + 3.00%, 03/28/2031 | 2712192 | 2721441 |
| &nbsp;&nbsp;&nbsp;Oscar Acquisitionco LLC, First Lien Term Loan, 3M SOFR + 4.25%, 0.50% Floor, 04/29/2029 | 1734421 | 1603793 |
| &nbsp;&nbsp;&nbsp;Sunbelt Transformer 10/24, First Lien Term Loan, 3M SOFR + 3.50%, 10/24/2031 | 954967 | 958548 |
| &nbsp;&nbsp;&nbsp;Trulite Holding Corp., First Lien Term Loan, 3M SOFR + 6.00%, 03/01/2030 | 857100 | 835673 |
|  |  | 11385888 |
| **Capital Markets - 5.10%** |  |  |
| &nbsp;&nbsp;&nbsp;Advisor Group 11/24 TLB, First Lien Term Loan, 3M SOFR + 3.50%, 08/17/2028 | 2872476 | 2882415 |
| &nbsp;&nbsp;&nbsp;Apex Group Treasury LLC, First Lien Term Loan, 1M SOFR + 3.50%, 02/27/2032 | 3917811 | 3909250 |
| &nbsp;&nbsp;&nbsp;Aretec Group, Inc., First Lien Term Loan, 1M SOFR + 3.50%, 08/09/2030 | 3216479 | 3225936 |
| &nbsp;&nbsp;&nbsp;Ascensus Holdings, Inc., First Lien Term Loan, 1M SOFR + 3.00%, 0.50% Floor, 08/02/2028 | 2200000 | 2206875 |
| &nbsp;&nbsp;&nbsp;Citadel Securities Global Holdings LLC, First Lien Term Loan, 1M SOFR + 2.00%, 10/31/2031 | 1218926 | 1225253 |

---

*See Notes to Financial Statements.*

44 www.blackstone-credit.com

Blackstone Strategic Credit 2027 Term Fund Portfolio of Investments

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount** |<br>**Value** |
| **Capital Markets (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;CITCO FDG LLC, First Lien Term Loan, 3M SOFR + 2.75%, 04/27/2028 | $5600392 | $5633995 |
| &nbsp;&nbsp;&nbsp;Focus Financial Partners, First Lien Term Loan, 1M SOFR + 2.75%, 09/15/2031 | 4385114 | 4380751 |
| &nbsp;&nbsp;&nbsp;Hudson River Trading LLC, First Lien Term Loan, 3M SOFR + 3.00%, 03/18/2030 | 236029 | 237025 |
| &nbsp;&nbsp;&nbsp;Jane Street Group LLC, First Lien Term Loan, 3M SOFR + 2.00%, 12/15/2031 | 1989583 | 1989374 |
| &nbsp;&nbsp;&nbsp;June Purchaser, LLC, First Lien Term Loan, 3M SOFR + 3.75%, 11/28/2031 | 1039378 | 1044856 |
| &nbsp;&nbsp;&nbsp;Orion US Finco, First Lien Term Loan, 3M SOFR + 0.00%, 05/20/2032 | 1661518 | 1668579 |
| &nbsp;&nbsp;&nbsp;Osttra Group LTD, First Lien Term Loan, 3M SOFR + 0.00%, 05/03/2032 | 479260 | 482356 |
|  |  | 28886665 |
| **Chemicals - 2.48%** |  |  |
| &nbsp;&nbsp;&nbsp;Barentz Intl BV, First Lien Term Loan, 3M SOFR + 3.25%, 03/03/2031 | 2000000 | 1998130 |
| &nbsp;&nbsp;&nbsp;Discovery Purchaser/Bayer/Envu 8/22 TL, First Lien Term Loan, 3M SOFR + 4.38%, 10/04/2029 | 3053788 | 3052826 |
| &nbsp;&nbsp;&nbsp;Fortis 333 Inc, First Lien Term Loan, 3M SOFR + 3.50%, 03/27/2032 | 1260000 | 1261380 |
| &nbsp;&nbsp;&nbsp;Geon Performance Solutions LLC, First Lien Term Loan, 3M SOFR + 4.25%, 0.75% Floor, 08/18/2028 | 2985343 | 2849509 |
| &nbsp;&nbsp;&nbsp;Nouryon Finance BV, First Lien Term Loan, 3M SOFR + 3.25%, 04/03/2028 | 2695270 | 2711280 |
| &nbsp;&nbsp;&nbsp;Vibrantz Technologies, Inc., First Lien Term Loan, 3M SOFR + 4.25%, 0.50% Floor, 04/21/2029 | 2487212 | 2178549 |
|  |  | 14051674 |
| **Commercial Services & Supplies - 5.58%** |  |  |
| &nbsp;&nbsp;&nbsp;Action Environmental Group, Inc., First Lien Term Loan, 3M SOFR + 4.00%, 0.50% Floor, 10/24/2030<sup>(b)</sup> | 4846558 | 4858674 |
| &nbsp;&nbsp;&nbsp;Allied Universal Holdco LLC, First Lien Initial U.S. Dollar Term Loan, 1M SOFR + 3.75%, 0.50% Floor, 05/12/2028 | 4007539 | 4031163 |
| &nbsp;&nbsp;&nbsp;Anticimex Global AB, First Lien Term Loan, 3M SOFR + 3.40%, 0.50% Floor, 11/16/2028 | 277696 | 279154 |
| &nbsp;&nbsp;&nbsp;Belfor Holdings, Inc., First Lien Term Loan, 1M SOFR + 3.00%, 0.50% Floor, 11/01/2030 | 743407 | 745265 |
| &nbsp;&nbsp;&nbsp;Justrite Safety Group, First Lien Delayed Draw Term Loan, 1M SOFR + 4.50%, 06/28/2026 | 216654 | 216722 |
| &nbsp;&nbsp;&nbsp;Justrite Safety Group, First Lien Initial Term Loan, 1M SOFR + 4.50%, 06/28/2026 | 4007163 | 4008426 |
| &nbsp;&nbsp;&nbsp;Kidde Global 10/24 TLB, First Lien Term Loan, 1M SOFR + 4.25%, 12/02/2031 | 3266484 | 3287928 |
| &nbsp;&nbsp;&nbsp;Minimax Viking GmbH, First Lien Term Loan, 1M SOFR + 2.25%, 03/17/2032 | 928208 | 933429 |
| &nbsp;&nbsp;&nbsp;Orbit Private Holdings I Ltd, First Lien Term Loan, 6M SOFR + 3.75%, 12/11/2028 | 3319453 | 3341029 |
| &nbsp;&nbsp;&nbsp;Prime Sec Services Borrower LLC, First Lien Term Loan, 1M SOFR + 1.75%, 03/07/2032 | 2770770 | 2752012 |
| &nbsp;&nbsp;&nbsp;Protection One/ADT 11/24, First Lien Term Loan, 1M SOFR + 2.00%, 10/13/2030 | 3933652 | 3940044 |
| &nbsp;&nbsp;&nbsp;Tidal Waste 10/24 TLB 1L, First Lien Term Loan, 3M SOFR + 3.00%, 10/24/2031 | 2513700 | 2531497 |
| &nbsp;&nbsp;&nbsp;TRC Companies 1/25, First Lien Term Loan, 1M SOFR + 3.50%, 12/08/2028 | 706365 | 705747 |
|  |  | 31631090 |
| **Communications Equipment - 0.11%** |  |  |
| &nbsp;&nbsp;&nbsp;MLN US HoldCo LLC, First Lien B Term Loan, 3M SOFR + 3.50%, 11/30/2025 | 2330432 | 17537 |
| &nbsp;&nbsp;&nbsp;Viavi Solutions Inc, First Lien Term Loan, 3M SOFR + 0.00%, 06/11/2032 | 595685 | 596617 |
|  |  | 614154 |
| **Construction & Engineering - 1.61%** |  |  |
| &nbsp;&nbsp;&nbsp;Aegion 1/25 Cov-Lite TLB, First Lien Term Loan, 1M SOFR + 3.00%, 05/17/2028 | 2470876 | 2483231 |
| &nbsp;&nbsp;&nbsp;Amentum/Amazon Holdco 7/24 TLB 1L, First Lien Term Loan, 1M SOFR + 2.25%, 09/29/2031 | 1374125 | 1374124 |
| &nbsp;&nbsp;&nbsp;Azuria Water Solution Inc, First Lien Term Loan, 3M SOFR + 0.00%, 05/17/2028 | 154987 | 155762 |
| &nbsp;&nbsp;&nbsp;KNIFE RIV CORP, First Lien Term Loan, 3M SOFR + 2.00%, 03/08/2032 | 2133209 | 2142553 |
| &nbsp;&nbsp;&nbsp;Socotec 11/24 (USD) TL, First Lien Term Loan, 3M SOFR + 8.081%, 06/30/2028 | 2023382 | 2033499 |
| &nbsp;&nbsp;&nbsp;Tecta America Corp, First Lien Term Loan, 1M SOFR + 3.00%, 02/18/2032 | 938159 | 941386 |
|  |  | 9130555 |
| **Construction Materials - 0.96%** |  |  |
| &nbsp;&nbsp;&nbsp;Quikrete Holdings, Inc., First Lien Term Loan, 1M SOFR + 2.25%, 02/10/2032 | 4713131 | 4712542 |

---

*See Notes to Financial Statements.*

Semi-Annual Report \| June 30, 2025 45

Blackstone Strategic Credit 2027 Term Fund Portfolio of Investments

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount** |<br>**Value** |
| **Construction Materials (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Tamko Building Products LLC, First Lien Term Loan, 3M SOFR + 2.75%, 09/20/2030 | $728491 | $731223 |
|  |  | 5443765 |
| **Consumer Finance - 0.59%** |  |  |
| &nbsp;&nbsp;&nbsp;CPI Holdco B LLC, First Lien Term Loan, 1M SOFR + 2.00%, 05/17/2031 | 1902193 | 1898864 |
| &nbsp;&nbsp;&nbsp;CPI Holdco/Creative 10/24, First Lien Term Loan, 1M SOFR + 2.75%, 05/17/2031 | 1449911 | 1450368 |
|  |  | 3349232 |
| **Containers & Packaging - 3.51%** |  |  |
| &nbsp;&nbsp;&nbsp;Anchor Packaging LLC, First Lien Term Loan, 1M SOFR + 3.50%, 07/18/2029 | 1341790 | 1350344 |
| &nbsp;&nbsp;&nbsp;Berlin Packaging LLC, First Lien Term Loan, 1M SOFR + 3.50%, 06/07/2031 | 1994987 | 2004404 |
| &nbsp;&nbsp;&nbsp;Clydesdale Acquisition Holdings, Inc., First Lien Term Loan: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M SOFR + 3.25%, 04/01/2032 | 4922659 | 4908998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3M SOFR + 0.00%, 04/01/2032 | 86060 | 85822 |
| &nbsp;&nbsp;&nbsp;Iris Holding, Inc., First Lien Term Loan, 3M SOFR + 4.75%, 0.50% Floor, 06/28/2028 | 2419245 | 2358631 |
| &nbsp;&nbsp;&nbsp;ProAmpac PG Borrower LLC, First Lien Term Loan, 3M SOFR + 4.00%, 0.75% Floor, 09/15/2028 | 1049683 | 1055062 |
| &nbsp;&nbsp;&nbsp;Supplyone 3/24, First Lien Term Loan, 1M SOFR + 3.50%, 04/19/2031 | 2217200 | 2228087 |
| &nbsp;&nbsp;&nbsp;Tricorbraun Holdings, Inc., First Lien Closing Date Initial Term Loan, 1M SOFR + 3.25%, 0.50% Floor, 03/03/2028 | 3260920 | 3261213 |
| &nbsp;&nbsp;&nbsp;Trident TPI Holdings, Inc., First Lien Term Loan, 3M SOFR + 3.75%, 0.50% Floor, 09/15/2028 | 2663261 | 2620330 |
|  |  | 19872891 |
| **Distributors - 1.12%** |  |  |
| &nbsp;&nbsp;&nbsp;Burgess Point Purchaser Corp., First Lien Term Loan, 3M SOFR + 5.25%, 07/25/2029 | 4226710 | 3631336 |
| &nbsp;&nbsp;&nbsp;S&S Holdings LLC, First Lien Initial Term Loan, 1M SOFR + 5.00%, 0.50% Floor, 03/11/2028 | 1912651 | 1878586 |
| &nbsp;&nbsp;&nbsp;S&S Holdings LLC, First Lien Term Loan, 1M SOFR + 5.00%, 10/01/2031 | 850846 | 817081 |
|  |  | 6327003 |
| **Diversified Consumer Services - 1.47%** |  |  |
| &nbsp;&nbsp;&nbsp;Cengage Learning, Inc., First Lien Term Loan, 1M SOFR + 3.50%, 1.00% Floor, 03/24/2031 | 3216100 | 3227549 |
| &nbsp;&nbsp;&nbsp;Fugue Finance B.V. 12/24, First Lien Term Loan, 3M SOFR + 3.25%, 01/09/2032 | 1546508 | 1557627 |
| &nbsp;&nbsp;&nbsp;Fugue Finance BV, First Lien Term Loan, 3M SOFR + 3.25%, 01/09/2032 | 295636 | 297761 |
| &nbsp;&nbsp;&nbsp;Imagine Learning LLC, First Lien Term Loan, 1M SOFR + 3.50%, 12/21/2029 | 3209375 | 3136266 |
| &nbsp;&nbsp;&nbsp;KUEHG Corp, First Lien Term Loan, 3M SOFR + 0.00%, 06/12/2030 | 137487 | 137712 |
|  |  | 8356915 |
| **Diversified REITs - 0.77%** |  |  |
| &nbsp;&nbsp;&nbsp;Iron Mountain Information Management LLC, First Lien Term Loan, 1M SOFR + 2.00%, 01/31/2031 | 3296040 | 3297408 |
| &nbsp;&nbsp;&nbsp;Opry Entertainment/OEG, First Lien Term Loan, 3M SOFR + 3.50%, 06/30/2031 | 1082250 | 1080221 |
|  |  | 4377629 |
| **Diversified Telecommunication Services - 1.68%** |  |  |
| &nbsp;&nbsp;&nbsp;Cable & Wireless 1/25 B7, First Lien Term Loan, 3M SOFR + 3.25%, 02/02/2032 | 3833075 | 3798328 |
| &nbsp;&nbsp;&nbsp;Radiate Holdco, LLC, First Lien Term Loan, 6M CME TERM SOFR + 7.69%, 09/25/2029 | 3168783 | 2740997 |
| &nbsp;&nbsp;&nbsp;Ufinet/Zacapa 10/24 TL, First Lien Term Loan, 3M SOFR + 4.00%, 03/22/2029 | 2383190 | 2393616 |
| &nbsp;&nbsp;&nbsp;Zayo Group Holdings, Inc., First Lien Term Loan, 1M SOFR + 3.00%, 03/09/2027 | 612388 | 584093 |
|  |  | 9517034 |
| **Electric Utilities - 2.23%** |  |  |
| &nbsp;&nbsp;&nbsp;Alpha Generation LLC, First Lien Term Loan, 1M SOFR + 2.00%, 09/30/2031 | 3431367 | 3430783 |
| &nbsp;&nbsp;&nbsp;Cogentrix Finance Holdco I, First Lien Term Loan, 1M SOFR + 2.75%, 02/26/2032 | 1173288 | 1176814 |
| &nbsp;&nbsp;&nbsp;Lightning Power 8/24 TLB, First Lien Term Loan, 3M SOFR + 2.25%, 08/18/2031 | 4405688 | 4418839 |

---

*See Notes to Financial Statements.*

46 www.blackstone-credit.com

Blackstone Strategic Credit 2027 Term Fund Portfolio of Investments

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount** |<br>**Value** |
| **Electric Utilities (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;NRG Energy 3/24 Cov-Lite, First Lien Term Loan, 1M SOFR + 1.75%, 04/16/2031 | $3615750 | $3627049 |
|  |  | 12653485 |
| **Electrical Equipment - 0.47%** |  |  |
| &nbsp;&nbsp;&nbsp;Arcline FM Holdings, First Lien Term Loan, 3M SOFR + 3.50%, 06/23/2030 | 661200 | 665009 |
| &nbsp;&nbsp;&nbsp;WEC US Holdings Ltd., First Lien Term Loan, 1M SOFR + 2.75%, 01/27/2031 | 2000000 | 2002750 |
|  |  | 2667759 |
| **Electronic Equipment, Instruments & Components - 1.10%** |  |  |
| &nbsp;&nbsp;&nbsp;Coherent Corp., First Lien Term Loan, 1M SOFR + 2.00%, 0.50% Floor, 07/02/2029 | 2768415 | 2775917 |
| &nbsp;&nbsp;&nbsp;DG Investment Intermediate Holdings 2, Inc., Second Lien Initial Term Loan, 1M SOFR + 6.75%, 0.75% Floor, 03/30/2029 | 1885714 | 1879227 |
| &nbsp;&nbsp;&nbsp;Modena Buyer LLC, First Lien Term Loan, 3M SOFR + 4.50%, 07/01/2031 | 1655787 | 1598869 |
|  |  | 6254013 |
| **Energy Equipment & Services - 1.74%** |  |  |
| &nbsp;&nbsp;&nbsp;Colossus AcquireCo LLC, First Lien Term Loan, 3M SOFR + 0.00%, 06/12/2032 | 6079704 | 6047025 |
| &nbsp;&nbsp;&nbsp;Ursa Minor US Bidco LLC aka Rosen, First Lien Term Loan, 3M SOFR + 3.00%, 03/26/2031 | 3823741 | 3839037 |
|  |  | 9886062 |
| **Entertainment - 1.84%** |  |  |
| &nbsp;&nbsp;&nbsp;Bingo Holdings I LLC, First Lien Term Loan, 1M SOFR + 4.30%, 06/13/2032 | 2187581 | 2156824 |
| &nbsp;&nbsp;&nbsp;Endeavor 1/25 Cov-Lite, First Lien Term Loan, 1M SOFR + 3.00%, 03/24/2032 | 4722126 | 4733931 |
| &nbsp;&nbsp;&nbsp;EP Purcasher, LLC, First Lien Term Loan, 3M SOFR + 3.50%, 11/06/2028 | 2987857 | 2942292 |
| &nbsp;&nbsp;&nbsp;EP Purchaser LLC, First Lien Term Loan, 3M SOFR + 4.50%, 0.50% Floor, 11/06/2028 | 600957 | 593445 |
|  |  | 10426492 |
| **Financial Services - 2.01%** |  |  |
| &nbsp;&nbsp;&nbsp;Corpay Technologies Operating Company, LLC, First Lien Term Loan, 1M SOFR + 1.75%, 04/28/2028 | 1318057 | 1319704 |
| &nbsp;&nbsp;&nbsp;Envestnet, Inc., First Lien Term Loan, 1M SOFR + 3.25%, 11/25/2031 | 2444100 | 2451127 |
| &nbsp;&nbsp;&nbsp;Polaris Newco LLC, First Lien Dollar Term Loan, 3M SOFR + 3.75%, 0.50% Floor, 06/02/2028 | 3631017 | 3543510 |
| &nbsp;&nbsp;&nbsp;Shift4 Payments LLC, First Lien Term Loan, 3M SOFR + 0.00%, 05/10/2032 | 1001166 | 1010397 |
| &nbsp;&nbsp;&nbsp;Synechron Inc, First Lien Term Loan, 3M SOFR + 3.75%, 10/03/2031<sup>(b)</sup> | 3142125 | 3063572 |
|  |  | 11388310 |
| **Food Products - 1.75%** |  |  |
| &nbsp;&nbsp;&nbsp;Froneri US, Inc., First Lien Term Loan, 6M SOFR + 2.00%, 09/30/2031 | 3684148 | 3651930 |
| &nbsp;&nbsp;&nbsp;RED SPV LLC, First Lien Term Loan, 1M SOFR + 2.25%, 03/15/2032 | 2717906 | 2717906 |
| &nbsp;&nbsp;&nbsp;Sazerac Co Inc., First Lien Term Loan 06/25/2032 | 1775430 | 1777650 |
| &nbsp;&nbsp;&nbsp;Snacking Investments BidCo Pty, Ltd., First Lien Initial US Term Loan, 3M SOFR + 4.00%, 1.00% Floor, 12/18/2026 | 1733200 | 1748366 |
|  |  | 9895852 |
| **Gas Utilities - 0.32%** |  |  |
| &nbsp;&nbsp;&nbsp;CQP Holdco LP, First Lien Term Loan, 3M SOFR + 2.00%, 0.50% Floor, 12/31/2030 | 1800000 | 1802322 |
| **Ground Transportation - 0.56%** |  |  |
| &nbsp;&nbsp;&nbsp;Genesee & WY Inc, First Lien Term Loan, 3M SOFR + 1.75%, 04/10/2031 | 3199520 | 3186594 |
| **Health Care Equipment & Supplies - 1.47%** |  |  |
| &nbsp;&nbsp;&nbsp;Embecta Corp, TLB, First Lien Term Loan, 1M SOFR + 3.00%, 03/30/2029 | 3132934 | 3123143 |
| &nbsp;&nbsp;&nbsp;Hanger, Inc., First Lien Term Loan, 1M SOFR + 3.50%, 10/23/2031 | 1332060 | 1335836 |

---

*See Notes to Financial Statements.*

Semi-Annual Report \| June 30, 2025 47

Blackstone Strategic Credit 2027 Term Fund Portfolio of Investments

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Principal<br>Amount |<br>Value |
| **Health Care Equipment & Supplies (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Siemens/SivantosWS Audiology, First Lien Term Loan, 6M CME TERM SOFR + 4.25%, 02/28/2029 | $3880013 | $3890936 |
|  |  | 8349915 |
| **Health Care Providers & Services - 6.86%** |  |  |
| &nbsp;&nbsp;&nbsp;Agiliti Health, Inc., First Lien Term Loan, 6M SOFR + 3.00%, 05/01/2030 | 2822799 | 2739879 |
| &nbsp;&nbsp;&nbsp;CHG Healthcare Services, Inc., First Lien Term Loan, 3M SOFR + 3.00%, 0.50% Floor, 09/29/2028 | 3122765 | 3137114 |
| &nbsp;&nbsp;&nbsp;Global Medical Response, Inc., First Lien Term Loan, 3M SOFR + 5.50%, 1.00% Floor, 10/31/2028<sup>(c)</sup> | 4049057 | 4059747 |
| &nbsp;&nbsp;&nbsp;Heartland Dental LLC, First Lien Term Loan, 1M SOFR + 4.50%, 0.75% Floor, 04/28/2028 | 1697291 | 1701543 |
| &nbsp;&nbsp;&nbsp;Inception Finco Sa rl, First Lien Term Loan, 3M SOFR + 3.75%, 04/18/2031 | 1672791 | 1689527 |
| &nbsp;&nbsp;&nbsp;IVI America LLC, First Lien Term Loan, 3M SOFR + 0.00%, 04/14/2031 | 367433 | 371109 |
| &nbsp;&nbsp;&nbsp;MED ParentCo LP, First Lien Term Loan, 3M SOFR + 0.00%, 04/15/2031 | 66217 | 66560 |
| &nbsp;&nbsp;&nbsp;Medical Solutions LLC, First Lien Term Loan, 3M SOFR + 3.50%, 11/01/2028 | 3556706 | 1916549 |
| &nbsp;&nbsp;&nbsp;Midwest Physcn Admin Srvcs LLC, First Lien Term Loan, 3M SOFR + 3.00%, 03/12/2028 | 3566979 | 3335125 |
| &nbsp;&nbsp;&nbsp;Onex TSG Intermediate Corp., First Lien Initial Term Loan, 3M SOFR + 4.75%, 0.75% Floor, 02/28/2028 | 2154514 | 2162927 |
| &nbsp;&nbsp;&nbsp;Outcomes Group Holdings, Inc., First Lien Term Loan, 1M SOFR + 3.50%, 05/06/2031 | 2001928 | 2016312 |
| &nbsp;&nbsp;&nbsp;Pathway Vet Alliance LLC TLB 1L, First Lien Term Loan, 6M CME TERM + 7.00%, 06/30/2028 | 3882393 | 3149592 |
| &nbsp;&nbsp;&nbsp;Pediatric Associates Holding Co. LLC, First Lien Term Loan, 3M SOFR + 3.25%, 0.50% Floor, 12/29/2028 | 1973659 | 1770125 |
| &nbsp;&nbsp;&nbsp;R1 RCM 10/24 Cov-Lite TLB, First Lien Term Loan, 1M SOFR + 3.50%, 11/19/2031 | 121409 | 121454 |
| &nbsp;&nbsp;&nbsp;Radiology Partners Inc, First Lien Term Loan, 3M SOFR + 4.50%, 06/26/2032 | 4524359 | 4493254 |
| &nbsp;&nbsp;&nbsp;Southern Veterinary 10/24, First Lien Term Loan, 3M SOFR + 3.25%, 12/04/2031 | 3613988 | 3622300 |
| &nbsp;&nbsp;&nbsp;U.S. Anesthesia Partners, Inc., First Lien Term Loan, 1M SOFR + 4.25%, 0.50% Floor, 10/01/2028 | 1499181 | 1483507 |
| &nbsp;&nbsp;&nbsp;US Fertility 10/24 Delayed TL 1L, First Lien Term Loan, 3M SOFR + 2.25%, 10/11/2031<sup>(b)</sup> | 43826 | 44155 |
| &nbsp;&nbsp;&nbsp;US Fertility 10/24 TLB 1L, First Lien Term Loan, 3M SOFR + 4.50%, 10/11/2031<sup>(b)</sup> | 961763 | 968977 |
|  |  | 38849756 |
| **Health Care Technology - 0.96%** |  |  |
| &nbsp;&nbsp;&nbsp;Cotiviti, Inc., First Lien Term Loan, 1M SOFR + 2.75%, 03/26/2032 | 1892400 | 1885701 |
| &nbsp;&nbsp;&nbsp;Gainwell Acquisition Corp., First Lien Term Loan, 3M SOFR + 4.00%, 0.75% Floor, 10/01/2027 | 3690189 | 3563800 |
|  |  | 5449501 |
| **Hotels, Restaurants & Leisure - 4.97%** |  |  |
| &nbsp;&nbsp;&nbsp;1011778 BC UNLIMITED LIABILITY CO, First Lien Term Loan, 1M SOFR + 1.75%, 09/20/2030 | 2567890 | 2560135 |
| &nbsp;&nbsp;&nbsp;Bally's Corp., First Lien Term Loan, 3M SOFR + 3.25%, 0.50% Floor, 10/02/2028 | 2694127 | 2391038 |
| &nbsp;&nbsp;&nbsp;Caesars Entertainment, Inc., First Lien Term Loan: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3M SOFR + 2.75%, 0.50% Floor, 02/06/2030 | 1093527 | 1094347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3M SOFR + 2.25%, 0.50% Floor, 02/06/2031 | 1064649 | 1065320 |
| &nbsp;&nbsp;&nbsp;Cedar Fair LP, First Lien Term Loan, 1M SOFR + 2.00%, 05/01/2031 | 504640 | 505712 |
| &nbsp;&nbsp;&nbsp;Entain plc, First Lien Term Loan, 6M SOFR + 2.75%, 10/31/2029 | 3760811 | 3779954 |
| &nbsp;&nbsp;&nbsp;Fertitta Entertainment, LLC, First Lien Term Loan, 1M SOFR + 3.75%, 01/27/2029 | 4760158 | 4760348 |
| &nbsp;&nbsp;&nbsp;Flutter Entertainment Public Limited, First Lien Term Loan, 3M SOFR + 4.32%, 06/04/2032 | 399206 | 399705 |
| &nbsp;&nbsp;&nbsp;Flutter Financing BV, First Lien Term Loan, 3M SOFR + 1.75%, 0.50% Floor, 11/30/2030 | 1617644 | 1615622 |
| &nbsp;&nbsp;&nbsp;Flynn Restaurant Group LP, First Lien Term Loan, 1M SOFR + 3.75%, 01/28/2032 | 4329156 | 4329156 |
| &nbsp;&nbsp;&nbsp;Herschend Entertainment Co LLC, First Lien Term Loan, 1M SOFR + 3.25%, 05/27/2032 | 779034 | 785446 |
| &nbsp;&nbsp;&nbsp;Hilton Grand Vacations Borrower, LLC, First Lien Term Loan, 1M SOFR + 2.25%, 01/17/2031 | 2481027 | 2481238 |
| &nbsp;&nbsp;&nbsp;Voyager Parent, LLC, First Lien Term Loan, 3M SOFR + 0.00%, 05/08/2032 | 2394000 | 2372717 |
|  |  | 28140738 |

---

*See Notes to Financial Statements.*

48 www.blackstone-credit.com

Blackstone Strategic Credit 2027 Term Fund Portfolio of Investments

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount** |<br>**Value** |
| **Household Durables - 1.19%** |  |  |
| &nbsp;&nbsp;&nbsp;ACProducts Holdings, Inc., First Lien Term Loan, 3M SOFR + 4.25%, 0.50% Floor, 05/17/2028 | $5697596 | $4342651 |
| &nbsp;&nbsp;&nbsp;Restoration Hardware, Inc. TLB 1L, First Lien Term Loan, 1M SOFR + 2.50%, 10/20/2028 | 2487080 | 2424741 |
|  |  | 6767392 |
| **Independent Power and Renewable Electricity Producers - 0.76%** |  |  |
| &nbsp;&nbsp;&nbsp;Calpine Corp., First Lien Term Loan, 1M SOFR + 1.75%, 01/31/2031 | 4299083 | 4303468 |
| **Insurance - 3.70%** |  |  |
| &nbsp;&nbsp;&nbsp;Alera Group Inc, First Lien Term Loan, 6M CME TERM + 4.33%, 05/21/2032 | 3189598 | 3202755 |
| &nbsp;&nbsp;&nbsp;Alera Group Inc, Second Lien Term Loan, 1M SOFR + 5.50%, 05/23/2033 | 952636 | 972285 |
| &nbsp;&nbsp;&nbsp;AmWINS Group, Inc., First Lien Term Loan, 1M SOFR + 2.25%, 0.75% Floor, 01/30/2032 | 2308059 | 2311452 |
| &nbsp;&nbsp;&nbsp;Baldwin Insurance Group Holdings LLC, First Lien Term Loan, 1M SOFR + 3.00%, 05/26/2031 | 1994987 | 1999147 |
| &nbsp;&nbsp;&nbsp;BroadStreet Partners Inc, First Lien Term Loan, 1M SOFR + 3.00%, 06/13/2031 | 1434286 | 1437621 |
| &nbsp;&nbsp;&nbsp;CRC Insurance Group LLC, First Lien Term Loan, 3M SOFR + 2.75%, 05/06/2031 | 2200000 | 2203663 |
| &nbsp;&nbsp;&nbsp;Hyperion Insurance/Howden 7/24 TLB 1L, First Lien Term Loan, 1M SOFR + 3.50%, 04/18/2030 | 6236861 | 6277993 |
| &nbsp;&nbsp;&nbsp;Trucordia Insurance Holdings LLC, First Lien Term Loan, 1M SOFR + 3.25%, 06/12/2032 | 1766266 | 1771785 |
| &nbsp;&nbsp;&nbsp;Truist Insurance 3/24 2nd Lien Cov-Lite, Second Lien Term Loan, 3M SOFR + 4.75%, 05/06/2032 | 756284 | 766528 |
|  |  | 20943229 |
| **Interactive Media & Services - 1.89%** |  |  |
| &nbsp;&nbsp;&nbsp;LI Group Holdings, Inc., First Lien 2021 Term Loan, 1M SOFR + 3.50%, 0.75% Floor, 03/11/2028 | 1831456 | 1837939 |
| &nbsp;&nbsp;&nbsp;Project Boost Purchaser, LLC aka JD Power/Autodata, Second Lien Term Loan, 3M SOFR + 5.25%, 07/16/2032 | 1978030 | 1998631 |
| &nbsp;&nbsp;&nbsp;Trip.com/TripAdvisor 7/24, First Lien Term Loan, 1M SOFR + 2.75%, 07/08/2031 | 4880790 | 4874689 |
| &nbsp;&nbsp;&nbsp;WH Borrower LLC, First Lien Term Loan, 6M SOFR + 4.75%, 02/20/2032 | 2016000 | 2019145 |
|  |  | 10730404 |
| **IT Services - 4.16%** |  |  |
| &nbsp;&nbsp;&nbsp;Access CIG LLC, First Lien Term Loan, 3M SOFR + 4.25%, 0.50% Floor, 08/18/2028 | 3087019 | 3105109 |
| &nbsp;&nbsp;&nbsp;Ahead 7/24 TLB3 1L, First Lien Term Loan, 3M SOFR + 3.00%, 02/03/2031 | 1021244 | 1023373 |
| &nbsp;&nbsp;&nbsp;Asurion LLC, Second Lien Term Loan, 1M SOFR + 5.25%, 01/31/2028 | 1837164 | 1761960 |
| &nbsp;&nbsp;&nbsp;Dcert Buyer, Inc., Second Lien First Amendment Refinancing Term Loan, 1M SOFR + 7.00%, 02/19/2029 | 5863456 | 5152512 |
| &nbsp;&nbsp;&nbsp;Endurance Intl Group Hldgs Inc TLB 1L, First Lien Term Loan, 3M SOFR + 3.61%, 02/10/2028 | 4927119 | 3573713 |
| &nbsp;&nbsp;&nbsp;Fortress Intermediate 3 Inc, First Lien Term Loan, 3M SOFR + 0.00%, 06/27/2031<sup>(b)</sup> | 3255594 | 3267802 |
| &nbsp;&nbsp;&nbsp;Go Daddy Oper Co LLC, First Lien Term Loan, 1M SOFR + 1.75%, 05/30/2031 | 1498365 | 1501744 |
| &nbsp;&nbsp;&nbsp;Skopima Consilio Parent, LLC, First Lien Term Loan, 1M SOFR + 3.75%, 0.50% Floor, 05/15/2028 | 1849923 | 1828279 |
| &nbsp;&nbsp;&nbsp;ThoughtWorks, Inc., First Lien Incremental Term Loan, 1M SOFR + 2.50%, 0.50% Floor, 03/24/2028 | 140438 | 138718 |
| &nbsp;&nbsp;&nbsp;Virtusa Corp., First Lien Term Loan, 1M SOFR + 3.25%, 0.75% Floor, 02/15/2029 | 2244318 | 2247685 |
|  |  | 23600895 |
| **Life Sciences Tools & Services - 0.51%** |  |  |
| &nbsp;&nbsp;&nbsp;Loire Finco Luxembourg Sa rl TLB, First Lien Term Loan, 1M SOFR + 4.00%, 01/21/2030<sup>(b)</sup> | 2882832 | 2897246 |
| **Machinery - 4.40%** |  |  |
| &nbsp;&nbsp;&nbsp;Asp Blade Holdings, Inc., Second Lien Term Loan, 6M SOFR + 4.00%, 10/15/2029 | 1569893 | 1280766 |
| &nbsp;&nbsp;&nbsp;Bettcher Industries, Inc., First Lien Term Loan, 1M SOFR + 4.00%, 12/14/2028 | 2526286 | 2517873 |
| &nbsp;&nbsp;&nbsp;Cube Industrials 10/24, First Lien Term Loan, 3M SOFR + 3.75%, 10/17/2031 | 914907 | 920909 |
| &nbsp;&nbsp;&nbsp;Husky Injection Molding Systems Ltd., First Lien Term Loan, 3M SOFR + 5.25%, 02/15/2029 | 1463247 | 1468990 |

---

*See Notes to Financial Statements.*

Semi-Annual Report \| June 30, 2025 49

Blackstone Strategic Credit 2027 Term Fund Portfolio of Investments

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount** |<br>**Value** |
| **Machinery (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Hyperion Materials & Technologies, Inc., First Lien Initial Term Loan, 3M SOFR + 4.50%, 0.50% Floor, 08/30/2028 | $2136351 | $2065585 |
| &nbsp;&nbsp;&nbsp;Madison IAQ LLC, First Lien Term Loan, 3M SOFR + 3.25%, 0.50% Floor, 05/06/2032 | 3405987 | 3419457 |
| &nbsp;&nbsp;&nbsp;Motion Finco LLC, First Lien Term Loan, 3M SOFR + 3.50%, 11/12/2029 | 918582 | 876676 |
| &nbsp;&nbsp;&nbsp;Project Castle, Inc., First Lien Term Loan, 3M SOFR + 5.50%, 06/01/2029 | 4353375 | 3453141 |
| &nbsp;&nbsp;&nbsp;TK Elevator Midco GmbH, First Lien Term Loan, 3M SOFR + 3.00%, 04/30/2030 | 2000000 | 2007500 |
| &nbsp;&nbsp;&nbsp;Vertiv Group Corp., First Lien Term Loan, 1M SOFR + 1.75%, 03/02/2027 | 2487469 | 2492978 |
| &nbsp;&nbsp;&nbsp;Victory Buyer LLC, First Lien Term Loan, 1M SOFR + 3.75%, 0.50% Floor, 11/19/2028 | 4456641 | 4414459 |
|  |  | 24918334 |
| **Media - 2.10%** |  |  |
| &nbsp;&nbsp;&nbsp;ABG Intermediate Holdings 2 LLC, First Lien Term Loan: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M SOFR + 2.25%, 12/21/2028 | 624286 | 624723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M SOFR + 2.25%, 02/13/2032 | 2230909 | 2229514 |
| &nbsp;&nbsp;&nbsp;American Greetings Corp., First Lien Term Loan, 1M SOFR + 5.75%, 10/30/2029 | 2683919 | 2692924 |
| &nbsp;&nbsp;&nbsp;MJH Healthcare Holdings LLC aka MJH Life Sciences, First Lien Term Loan, 3M SOFR + 3.25%, 01/28/2029 | 4474640 | 4493277 |
| &nbsp;&nbsp;&nbsp;Wasserman Media Group LLC, First Lien Term Loan, 3M SOFR + 4.321%, 06/14/2032 | 315096 | 315884 |
| &nbsp;&nbsp;&nbsp;WideOpenWest Finance LLC, First Lien Term Loan, 3M SOFR + 3.00%, 1.50% Floor, 12/11/2028 | 1832548 | 1569119 |
|  |  | 11925441 |
| **Metals & Mining - 0.49%** |  |  |
| &nbsp;&nbsp;&nbsp;Arsenal AIC Parent LLC, First Lien Term Loan, 1M SOFR + 2.75%, 08/18/2030 | 993554 | 994050 |
| &nbsp;&nbsp;&nbsp;SCIH Salt Holdings, Inc., First Lien Incremental B-1 Term Loan, 3M SOFR + 4.00%, 0.75% Floor, 01/31/2029 | 1800000 | 1802718 |
|  |  | 2796768 |
| **Mortgage Real Estate Investment Trusts (REITs) - 0.50%** |  |  |
| &nbsp;&nbsp;&nbsp;Apollo Commercial Real Estate Finance Inc, First Lien Term Loan, 3M SOFR + 0.00%, 06/05/2030 | 979821 | 983495 |
| &nbsp;&nbsp;&nbsp;KREF Holdings X LLC, First Lien Term Loan, 1M SOFR + 3.25%, 03/05/2032 | 746622 | 751523 |
| &nbsp;&nbsp;&nbsp;Starwood Property Mortgage, L.L.C. TLB 1L, First Lien Term Loan, 1M SOFR + 2.50%, 0.50% Floor, 01/02/2030 | 1102113 | 1106941 |
|  |  | 2841959 |
| **Oil, Gas & Consumable Fuels - 1.05%** |  |  |
| &nbsp;&nbsp;&nbsp;Buckeye Partners LP, First Lien Term Loan, 1M SOFR + 1.75%, 11/22/2030 | 1296823 | 1299728 |
| &nbsp;&nbsp;&nbsp;Freeport LNG Investments LLLP, First Lien Term Loan, 3M SOFR + 3.25%, 0.50% Floor, 12/21/2028 | 3026491 | 3033436 |
| &nbsp;&nbsp;&nbsp;GIP Pilot Acquisition Partners LP, First Lien Term Loan, 3M SOFR + 2.00%, 10/04/2030 | 1006095 | 1010704 |
| &nbsp;&nbsp;&nbsp;WhiteWater Whistler 12/24, First Lien Term Loan: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3M SOFR + 1.75%, 02/15/2030 | 2899 | 2904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3M SOFR + 0.00%, 05/12/2032 | 591099 | 591593 |
|  |  | 5938365 |
| **Passenger Airlines - 1.66%** |  |  |
| &nbsp;&nbsp;&nbsp;AAdvantage Loyalty IP, Ltd., First Lien Term Loan, 3M SOFR + 0.00%, 05/28/2032 | 1082196 | 1090583 |
| &nbsp;&nbsp;&nbsp;American Airlines, Inc., First Lien 2020 Term Loan, 3M SOFR + 1.75%, 01/29/2027 | 893096 | 885876 |
| &nbsp;&nbsp;&nbsp;American Airlines, Inc., First Lien Term Loan, 6M SOFR + 2.25%, 02/15/2028 | 2667956 | 2646213 |
| &nbsp;&nbsp;&nbsp;Jetblue 8/24 TLB 1L, First Lien Term Loan, 3M SOFR + 4.75%, 08/27/2029 | 1563952 | 1472664 |
| &nbsp;&nbsp;&nbsp;Vista Management Holding Inc, First Lien Term Loan, 3M SOFR + 3.75%, 04/01/2031 | 3325641 | 3338112 |
|  |  | 9433448 |

---

*See Notes to Financial Statements.*

50 www.blackstone-credit.com

Blackstone Strategic Credit 2027 Term Fund Portfolio of Investments

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount** |<br>**Value** |
| **Pharmaceuticals - 1.28%** |  |  |
| &nbsp;&nbsp;&nbsp;Dechra Pharmaceuticals, First Lien Term Loan, 3M SOFR + 3.25%, 01/27/2032 | $900000 | $903177 |
| &nbsp;&nbsp;&nbsp;OPAL US LLC, First Lien Term Loan, 6M SOFR + 3.50%, 04/23/2032 | 4355445 | 4378594 |
| &nbsp;&nbsp;&nbsp;Padagis LLC, First Lien Initial Term Loan, 3M SOFR + 4.75%, 0.50% Floor, 07/06/2028 | 2105514 | 1979183 |
|  |  | 7260954 |
| **Professional Services - 9.95%** |  |  |
| &nbsp;&nbsp;&nbsp;AG Group Holdings, Inc., First Lien Term Loan, 1M SOFR + 4.00%, 12/29/2028 | 3885590 | 3637884 |
| &nbsp;&nbsp;&nbsp;Ankura Consulting Group LLC, First Lien Term Loan, 3M SOFR + 3.50%, 0.75% Floor, 12/29/2031 | 2704427 | 2706117 |
| &nbsp;&nbsp;&nbsp;Berkeley Resh Group LLC, First Lien Term Loan, 1M SOFR + 3.25%, 04/30/2032 | 3521906 | 3539199 |
| &nbsp;&nbsp;&nbsp;Camelot US Acquisition LLC, First Lien Term Loan, 6M CME TERM + 3.00%, 01/31/2031 | 2500000 | 2477350 |
| &nbsp;&nbsp;&nbsp;Cast & Crew LLC, First Lien Term Loan, 1M SOFR + 3.75%, 0.50% Floor, 12/29/2028 | 4961431 | 4702295 |
| &nbsp;&nbsp;&nbsp;CohnReznick Advisory LLC, First Lien Term Loan: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3M SOFR + 4.00%, 03/31/2032 | 431169 | 430091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3M SOFR + 4.00%, 03/31/2032 | 1862649 | 1857993 |
| &nbsp;&nbsp;&nbsp;Deerfield Dakota Holding LLC, First Lien Initial Dollar Term Loan, 3M SOFR + 3.75%, 1.00% Floor, 04/09/2027 | 3239229 | 3155106 |
| &nbsp;&nbsp;&nbsp;DTI Holdco Inc, First Lien Term Loan, 1M SOFR + 4.00%, 04/26/2029 | 1125007 | 1113655 |
| &nbsp;&nbsp;&nbsp;Dun & Bradstreet 11/24, First Lien Term Loan, 1M SOFR + 2.25%, 01/18/2029 | 1704107 | 1704746 |
| &nbsp;&nbsp;&nbsp;Eisner Advisory Group LLC, First Lien Term Loan, 3M SOFR + 4.00%, 02/28/2031 | 1816204 | 1826420 |
| &nbsp;&nbsp;&nbsp;Element Materials Technology Group Holdings, First Lien Term Loan, 3M SOFR + 4.25%, 07/06/2029 | 2991003 | 3004088 |
| &nbsp;&nbsp;&nbsp;First Advantage Holdings, LLC, First Lien Term Loan, 1M SOFR + 3.25%, 10/31/2031 | 2557865 | 2562264 |
| &nbsp;&nbsp;&nbsp;Grant Thornton Advisors LLC, First Lien Term Loan, 1M SOFR + 3.00%, 05/30/2031 | 821111 | 823472 |
| &nbsp;&nbsp;&nbsp;Lereta, LLC, First Lien Term Loan, 1M SOFR + 5.25%, 07/30/2028 | 1388996 | 1234720 |
| &nbsp;&nbsp;&nbsp;Mermaid Bidco Inc aka Datasite TL 1L, First Lien Term Loan, 3M SOFR + 3.25%, 07/03/2031 | 2433309 | 2439392 |
| &nbsp;&nbsp;&nbsp;Perficient/Plano 8/24 TLB 1L, First Lien Term Loan, 3M SOFR + 3.50%, 10/02/2031 | 4156663 | 3959222 |
| &nbsp;&nbsp;&nbsp;Secretariat Advisors LLC, First Lien Term Loan: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3M SOFR + 4.00%, 02/28/2032<sup>(b)</sup> | 872278 | 874458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6M SOFR + 0.00%, 02/28/2032<sup>(b)</sup> | 105357 | 105621 |
| &nbsp;&nbsp;&nbsp;Sedgwick Claims Management Services, Inc., First Lien Term Loan, 1M SOFR + 3.00%, 07/31/2031 | 1994975 | 2004401 |
| &nbsp;&nbsp;&nbsp;Thevelia US LLC, First Lien Term Loan, 3M SOFR + 3.00%, 0.50% Floor, 06/18/2029 | 3740506 | 3748305 |
| &nbsp;&nbsp;&nbsp;TTF Holdings LLC, First Lien Term Loan, 6M SOFR + 3.75%, 07/18/2031 | 3618564 | 3598210 |
| &nbsp;&nbsp;&nbsp;Vaco Holdings, LLC, First Lien Term Loan, 3M SOFR + 5.00%, 01/21/2029 | 4546162 | 4179059 |
| &nbsp;&nbsp;&nbsp;VT Topco, Inc. 12/24 1L, First Lien Term Loan, 3M SOFR + 3.00%, 08/09/2030 | 690120 | 692408 |
|  |  | 56376476 |
| **Real Estate Management & Development - 0.12%** |  |  |
| &nbsp;&nbsp;&nbsp;Cushman & Wakefield US Borrower LLC, First Lien Term Loan, 1M SOFR + 3.25%, 0.50% Floor, 01/31/2030 | 697377 | 702025 |
| **Semiconductors & Semiconductor Equipment - 0.82%** |  |  |
| &nbsp;&nbsp;&nbsp;Altar Bidco, Inc., First Lien Term Loan, 3M SOFR + 3.10%, 0.50% Floor, 02/01/2029 | 2487179 | 2482864 |
| &nbsp;&nbsp;&nbsp;MKS, Inc., First Lien Term Loan, 1M SOFR + 2.00%, 0.50% Floor, 08/17/2029 | 2150959 | 2159294 |
|  |  | 4642158 |
| **Software - 17.27%** |  |  |
| &nbsp;&nbsp;&nbsp;Avalara, Inc., First Lien Term Loan, 3M SOFR + 3.25%, 03/26/2032 | 3421446 | 3440230 |
| &nbsp;&nbsp;&nbsp;BEP Intermediate Holdco LLC, First Lien Term Loan, 1M SOFR + 3.25%, 04/25/2031 | 1080522 | 1085925 |
| &nbsp;&nbsp;&nbsp;BMC Software 7/24 2nd Lien TL, Second Lien Term Loan, 3M SOFR + 5.75%, 07/30/2032 | 4012587 | 3914800 |
| &nbsp;&nbsp;&nbsp;Boost Newco Borrower LLC, First Lien Term Loan, 3M SOFR + 2.00%, 01/31/2031 | 2243353 | 2251766 |
| &nbsp;&nbsp;&nbsp;Boxer Parent Co., Inc., First Lien Term Loan, 6M CME TERM + 3.25%, 07/30/2031 | 5785443 | 5756140 |
| &nbsp;&nbsp;&nbsp;Central Parent LLC, First Lien Term Loan, 3M SOFR + 3.25%, 07/06/2029 | 4680089 | 3919809 |
| &nbsp;&nbsp;&nbsp;Clearwater Analytics LLC, First Lien Term Loan, 6M SOFR + 0.00%, 04/21/2032<sup>(b)</sup> | 523441 | 524095 |

---

*See Notes to Financial Statements.*

Semi-Annual Report \| June 30, 2025 51

Blackstone Strategic Credit 2027 Term Fund Portfolio of Investments

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount** |<br>**Value** |
| **Software (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Cloud Software Group, Inc., First Lien Term Loan, 3M SOFR + 3.75%, 0.50% Floor, 03/21/2031 | $1731271 | $1736136 |
| &nbsp;&nbsp;&nbsp;Conga Corp., First Lien Term Loan, 3M SOFR + 3.50%, 0.75% Floor, 05/08/2028 | 888775 | 892996 |
| &nbsp;&nbsp;&nbsp;Connectwise, LLC, First Lien Term Loan, 3M SOFR + 3.50%, 0.50% Floor, 09/29/2028 | 2721795 | 2739092 |
| &nbsp;&nbsp;&nbsp;Cornerstone OnDemand, Inc., First Lien Initial Term Loan, 1M SOFR + 3.75%, 0.50% Floor, 10/16/2028 | 5371407 | 5054171 |
| &nbsp;&nbsp;&nbsp;Delta Topco, Inc., First Lien Term Loan, 3M SOFR + 2.75%, 11/30/2029 | 2079304 | 2066859 |
| &nbsp;&nbsp;&nbsp;Fiserv Investment Solutions, Inc., First Lien Initial Term Loan, 3M SOFR + 4.00%, 02/18/2027 | 4529758 | 4490123 |
| &nbsp;&nbsp;&nbsp;Flexera Software LLC, First Lien Term Loan, 3M SOFR + 3.00%, 0.75% Floor, 03/03/2028 | 897744 | 899508 |
| &nbsp;&nbsp;&nbsp;Help/Systems Holdings, Inc., First Lien Seventh Amendment Refinancing Term Loan, 3M SOFR + 4.00%, 0.75% Floor, 11/19/2026 | 2351993 | 2246824 |
| &nbsp;&nbsp;&nbsp;Idera INC, First Lien Term Loan, 3M SOFR + 3.50%, 03/02/2028 | 4021890 | 3782668 |
| &nbsp;&nbsp;&nbsp;Infoblox 4/24 2nd lien TL 1L, Second Lien Term Loan, 3M SOFR + 5.25%, 11/29/2030 | 2097928 | 2113001 |
| &nbsp;&nbsp;&nbsp;ION Trading Technologies Sarl, First Lien Term Loan, 3M SOFR + 3.50%, 04/01/2028 | 5110278 | 5119707 |
| &nbsp;&nbsp;&nbsp;IVANTI SOFTWARE INC, First Lien Term Loan, 3M SOFR + 5.75%, 06/01/2029 | 402109 | 414675 |
| &nbsp;&nbsp;&nbsp;Ivanti Software, Inc., First Lien Term Loan: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3M SOFR + 0.00%, 06/01/2029 | 800404 | 667589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3M SOFR + 0.00%, 06/01/2029<sup>(b)</sup> | 1587358 | 960352 |
| &nbsp;&nbsp;&nbsp;Magenta Security Holdings, LLC First Out TL 1L, First Lien Term Loan, 1M SOFR + 6.75%, 07/27/2028 | 2918308 | 2452196 |
| &nbsp;&nbsp;&nbsp;Magenta Security Holdings, LLC Second Out TL 1L, First Lien Term Loan, 6M SOFR + 7.00%, 07/27/2028 | 780468 | 369552 |
| &nbsp;&nbsp;&nbsp;Magenta Security Holdings, LLC Third Out 1L TL, First Lien Term Loan, 6M SOFR + 6.25%, 07/27/2028 | 538520 | 132837 |
| &nbsp;&nbsp;&nbsp;McAfee Corp., First Lien Term Loan, 1M SOFR + 3.00%, 0.50% Floor, 03/01/2029 | 3197784 | 3112180 |
| &nbsp;&nbsp;&nbsp;Mitnick Corporate Purchaser Inc., First Lien Term Loan, 3M SOFR + 4.50%, 05/02/2029 | 3093269 | 2103036 |
| &nbsp;&nbsp;&nbsp;Perforce Software, Inc., First Lien Term Loan, 1M SOFR + 4.75%, 07/02/2029 | 5159827 | 4985682 |
| &nbsp;&nbsp;&nbsp;Project Alpha (Qlik), First Lien Term Loan, 3M SOFR + 3.75%, 10/26/2030 | 4768414 | 4796238 |
| &nbsp;&nbsp;&nbsp;Project Alpha (Qlik), Second Lien Term Loan, 3M SOFR + 5.00%, 05/09/2033 | 812463 | 809416 |
| &nbsp;&nbsp;&nbsp;Project Leopard Holdings, Inc., First Lien Term Loan, 3M SOFR + 5.25%, 0.50% Floor, 07/20/2029 | 4160228 | 3791008 |
| &nbsp;&nbsp;&nbsp;Proofpoint Inc, First Lien Term Loan, 3M SOFR + 0.00%, 08/31/2028 | 263635 | 264107 |
| &nbsp;&nbsp;&nbsp;Quartz Acquired, LLC, First Lien Term Loan, 3M SOFR + 2.25%, 06/28/2030 | 1735998 | 1744678 |
| &nbsp;&nbsp;&nbsp;SciQuest 10/24 2nd Lien, Second Lien Term Loan, 3M SOFR + 5.25%, 12/06/2032 | 2520000 | 2491650 |
| &nbsp;&nbsp;&nbsp;Sophos Intermediate II, Ltd., First Lien Term Loan, 1M SOFR + 3.50%, 03/05/2027 | 1994754 | 2004688 |
| &nbsp;&nbsp;&nbsp;SS&C Technologies, Inc., First Lien Term Loan, 1M SOFR + 2.00%, 05/09/2031 | 1335963 | 1343898 |
| &nbsp;&nbsp;&nbsp;Starlight Parent, LLC, First Lien Term Loan, 6M CME TERM + 3.75%, 04/16/2032 | 2740066 | 2685840 |
| &nbsp;&nbsp;&nbsp;Storable Inc, First Lien Term Loan, 1M SOFR + 3.25%, 04/16/2031 | 940576 | 940971 |
| &nbsp;&nbsp;&nbsp;Tibco Software/Citrix/Cloud Software 11/24 TLB 1L, First Lien Term Loan, 3M SOFR + 3.50%, 03/29/2029 | 3577396 | 3585320 |
| &nbsp;&nbsp;&nbsp;Vision Solutions, Inc., First Lien Term Loan, 3M SOFR + 4.26%, 0.75% Floor, 04/24/2028 | 3624719 | 3450732 |
| &nbsp;&nbsp;&nbsp;Webpros Luxembourg Sarl, First Lien Term Loan, 1M SOFR + 3.75%, 03/28/2031 | 858360 | 864798 |
| &nbsp;&nbsp;&nbsp;Zuora 12/24 Cov-Lite TLB, First Lien Term Loan, 1M SOFR + 3.50%, 02/14/2032 | 1890000 | 1884094 |
|  |  | 97889387 |
| **Specialty Retail - 3.02%** |  |  |
| &nbsp;&nbsp;&nbsp;APRO LLC, First Lien Term Loan, 1M SOFR + 3.75%, 07/09/2031 | 1119158 | 1117759 |
| &nbsp;&nbsp;&nbsp;Beach Acquisition Bidco LLC, First Lien Term Loan, 3M SOFR + 3.25%, 06/28/2032<sup>(b)</sup> | 785101 | 790008 |
| &nbsp;&nbsp;&nbsp;EG Group Limited 12/24 TLB 1L, First Lien Term Loan, 3M SOFR + 4.75%, 02/07/2028 | 3547646 | 3568222 |
| &nbsp;&nbsp;&nbsp;Great Outdoors Group LLC, First Lien Term Loan, 1M SOFR + 3.25%, 0.75% Floor, 01/23/2032 | 3455934 | 3456487 |
| &nbsp;&nbsp;&nbsp;Mavis Tire Express Services Topco Corp., First Lien Term Loan, 3M SOFR + 3.00%, 0.75% Floor, 05/04/2028 | 1285667 | 1286651 |
| &nbsp;&nbsp;&nbsp;RVR Dealership Holdings LLC, First Lien Term Loan, 1M SOFR + 3.75%, 0.75% Floor, 02/08/2028 | 281910 | 259828 |
| &nbsp;&nbsp;&nbsp;Spencer Spirit IH LLC, First Lien Term Loan, 3M SOFR + 4.75%, 07/15/2031 | 2599668 | 2588294 |

---

*See Notes to Financial Statements.*

52 www.blackstone-credit.com

Blackstone Strategic Credit 2027 Term Fund Portfolio of Investments

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount** |<br>**Value** |
| **Specialty Retail (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;StubHub Holdco Sub LLC, First Lien Term Loan, 1M SOFR + 4.75%, 03/15/2030 | $3076434 | $2994386 |
| &nbsp;&nbsp;&nbsp;Valvoline, Inc., First Lien Term Loan, 3M SOFR + 2.00%, 03/19/2032 | 1018985 | 1023585 |
|  |  | 17085220 |
| **Technology Hardware, Storage & Peripherals - 0.70%** |  |  |
| &nbsp;&nbsp;&nbsp;SanDisk 12/24 Cov-Lite, First Lien Term Loan, 3M SOFR + 3.00%, 02/20/2032 | 3966377 | 3951503 |
| **Trading Companies & Distributors - 2.40%** |  |  |
| &nbsp;&nbsp;&nbsp;Avolon TLB Borrower 1 (US), First Lien Term Loan, 1M SOFR + 1.75%, 06/22/2030 | 2129518 | 2133458 |
| &nbsp;&nbsp;&nbsp;CD&R Hydr SunSource, First Lien Term Loan, 1M SOFR + 4.00%, 03/25/2031 | 170529 | 168205 |
| &nbsp;&nbsp;&nbsp;Foundation Building Materials, Inc., First Lien Term Loan, 3M SOFR + 4.00%, 01/29/2031 | 418779 | 411151 |
| &nbsp;&nbsp;&nbsp;Herc Holdings Inc, First Lien Term Loan, 3M SOFR + 0.00%, 05/17/2032 | 227963 | 229103 |
| &nbsp;&nbsp;&nbsp;Kodiak Building Partners, First Lien Term Loan, 3M SOFR + 3.75%, 12/04/2031 | 3618032 | 3492903 |
| &nbsp;&nbsp;&nbsp;MRC Global 10/24 TLB, First Lien Term Loan, 3M SOFR + 3.50%, 10/29/2031<sup>(b)</sup> | 2631608 | 2641476 |
| &nbsp;&nbsp;&nbsp;Park River Holdings, Inc., First Lien Initial Term Loan, 3M SOFR + 3.25%, 0.75% Floor, 12/28/2027 | 1837670 | 1794016 |
| &nbsp;&nbsp;&nbsp;QXO Building Products, Inc., First Lien Term Loan, 3M SOFR + 3.00%, 04/30/2032 | 668820 | 674221 |
| &nbsp;&nbsp;&nbsp;White Cap Buyer LLC, First Lien Term Loan, 1M SOFR + 3.25%, 10/19/2029 | 2048335 | 2040275 |
|  |  | 13584808 |
| **Transportation Infrastructure - 0.35%** |  |  |
| &nbsp;&nbsp;&nbsp;Liquid Tech Solutions Holdings LLC, First Lien Term Loan, 1M SOFR + 3.75%, 0.75% Floor, 03/19/2028<sup>(b)</sup> | 1973417 | 1978350 |
| TOTAL FLOATING RATE LOAN INTERESTS |  |  |
| (Cost $689,529,545) |  | 674065769 |
| CORPORATE BONDS - 38.81% |  |  |
| **Aerospace & Defense - 0.66%** |  |  |
| &nbsp;&nbsp;&nbsp;AAR Escrow Issuer LLC, 6.750%, 03/15/2029<sup>(d)</sup> | 74000 | 76737 |
| &nbsp;&nbsp;&nbsp;Bombardier, Inc., 7.450%, 05/01/2034<sup>(d)</sup> | 407000 | 443496 |
| &nbsp;&nbsp;&nbsp;BWX Technologies, Inc., 4.125%, 04/15/2029<sup>(d)</sup> | 386000 | 372422 |
| &nbsp;&nbsp;&nbsp;TransDigm, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.750%, 08/15/2028<sup>(d)</sup> | 100000 | 102239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.375%, 03/01/2029<sup>(d)</sup> | 2053000 | 2108824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 01/15/2033<sup>(d)</sup> | 143000 | 143869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.375%, 05/31/2033<sup>(d)</sup> | 500000 | 501703 |
|  |  | 3749290 |
| **Air Freight & Logistics - 0.09%** |  |  |
| &nbsp;&nbsp;&nbsp;Clue Opco LLC, 9.500%, 10/15/2031<sup>(d)</sup> | 206000 | 218582 |
| &nbsp;&nbsp;&nbsp;Stonepeak Nile Parent LLC, 7.250%, 03/15/2032<sup>(d)</sup> | 290000 | 307605 |
|  |  | 526187 |
| **Auto Components - 0.11%** |  |  |
| &nbsp;&nbsp;&nbsp;ZF North America Capital, Inc., 6.875%, 04/23/2032<sup>(d)</sup> | 700000 | 647522 |
| **Automobile Components - 0.87%** |  |  |
| &nbsp;&nbsp;&nbsp;Adient Global Holdings, Ltd., 7.500%, 02/15/2033<sup>(d)</sup> | 62000 | 63457 |
| &nbsp;&nbsp;&nbsp;Benteler International AG, 10.500%, 05/15/2028<sup>(d)</sup> | 350000 | 368677 |
| &nbsp;&nbsp;&nbsp;Garrett Motion Holdings, Inc. / Garrett LX I Sarl, 7.750%, 05/31/2032<sup>(d)</sup> | 1873000 | 1951750 |
| &nbsp;&nbsp;&nbsp;Goodyear Tire & Rubber Co., 6.625%, 07/15/2030 | 1594000 | 1627141 |
| &nbsp;&nbsp;&nbsp;Patrick Industries, Inc., 6.375%, 11/01/2032<sup>(d)</sup> | 400000 | 401381 |

---

*See Notes to Financial Statements.*

Semi-Annual Report \| June 30, 2025 53

Blackstone Strategic Credit 2027 Term Fund Portfolio of Investments

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount** |<br>**Value** |
| **Automobile Components (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Tenneco, Inc., 8.000%, 11/17/2028<sup>(d)</sup> | $540000 | $534582 |
|  |  | 4946988 |
| **Broadline Retail - 0.74%** |  |  |
| &nbsp;&nbsp;&nbsp;Macy's Retail Holdings LLC, 5.125%, 01/15/2042 | 1130000 | 784250 |
| &nbsp;&nbsp;&nbsp;Rakuten Group, Inc., 9.750%, 04/15/2029<sup>(d)</sup> | 3084000 | 3386768 |
|  |  | 4171018 |
| **Building Products - 0.38%** |  |  |
| &nbsp;&nbsp;&nbsp;Griffon Corp., 5.750%, 03/01/2028 | 2160000 | 2161111 |
| **Capital Markets - 0.77%** |  |  |
| &nbsp;&nbsp;&nbsp;AG Issuer LLC, 6.250%, 03/01/2028<sup>(d)</sup> | 300000 | 300246 |
| &nbsp;&nbsp;&nbsp;Aretec Group, Inc., 10.000%, 08/15/2030<sup>(d)</sup> | 320000 | 352054 |
| &nbsp;&nbsp;&nbsp;Jane Street Group / JSG Finance, Inc., 6.750%, 05/01/2033<sup>(d)</sup> | 720000 | 740758 |
| &nbsp;&nbsp;&nbsp;Jefferies Finance LLC / JFIN Co.-Issuer Corp., 5.000%, 08/15/2028<sup>(d)</sup> | 275000 | 266039 |
| &nbsp;&nbsp;&nbsp;Prospect Capital Corp., 3.437%, 10/15/2028 | 780000 | 700034 |
| &nbsp;&nbsp;&nbsp;Stonex Escrow Issuer LLC, 6.875%, 07/15/2032<sup>(d)</sup> | 728000 | 735909 |
| &nbsp;&nbsp;&nbsp;StoneX Group, Inc., 7.875%, 03/01/2031<sup>(d)</sup> | 1220000 | 1279635 |
|  |  | 4374675 |
| **Chemicals - 0.20%** |  |  |
| &nbsp;&nbsp;&nbsp;CVR Partners LP / CVR Nitrogen Finance Corp., 6.125%, 06/15/2028<sup>(d)</sup> | 749000 | 750758 |
| &nbsp;&nbsp;&nbsp;INEOS Quattro Finance 2 PLC, 9.625%, 03/15/2029<sup>(d)</sup> | 250000 | 253760 |
| &nbsp;&nbsp;&nbsp;Tronox, Inc., 4.625%, 03/15/2029<sup>(d)</sup> | 127000 | 109699 |
|  |  | 1114217 |
| **Commercial Services & Supplies - 0.49%** |  |  |
| &nbsp;&nbsp;&nbsp;Pitney Bowes, Inc., 7.250%, 03/15/2029<sup>(d)</sup> | 1240000 | 1265197 |
| &nbsp;&nbsp;&nbsp;RB Global Holdings, Inc., 6.750%, 03/15/2028<sup>(d)</sup> | 1000000 | 1027020 |
| &nbsp;&nbsp;&nbsp;RR Donnelley & Sons Co., 9.500%, 08/01/2029<sup>(d)</sup> | 460000 | 460347 |
|  |  | 2752564 |
| **Communications Equipment - 0.57%** |  |  |
| &nbsp;&nbsp;&nbsp;CommScope LLC, 7.125%, 07/01/2028<sup>(d)</sup> | 2381000 | 2341820 |
| &nbsp;&nbsp;&nbsp;Viavi Solutions, Inc., 3.750%, 10/01/2029<sup>(d)</sup> | 930000 | 869932 |
|  |  | 3211752 |
| **Construction & Engineering - 0.33%** |  |  |
| &nbsp;&nbsp;&nbsp;Brundage-Bone Concrete Pumping Holdings, Inc., 7.500%, 02/01/2032<sup>(d)</sup> | 85000 | 84311 |
| &nbsp;&nbsp;&nbsp;Great Lakes Dredge & Dock Corp., 5.250%, 06/01/2029<sup>(d)</sup> | 760000 | 730983 |
| &nbsp;&nbsp;&nbsp;Tutor Perini Corp., 11.880%, 04/30/2029<sup>(d)</sup> | 934000 | 1052141 |
|  |  | 1867435 |
| **Construction Materials - 0.10%** |  |  |
| &nbsp;&nbsp;&nbsp;Smyrna Ready Mix Concrete LLC, 8.875%, 11/15/2031<sup>(d)</sup> | 560000 | 587567 |
| **Consumer Finance - 3.71%** |  |  |
| &nbsp;&nbsp;&nbsp;Ally Financial, Inc., 6.700%, 02/14/2033 | 800000 | 833995 |
| &nbsp;&nbsp;&nbsp;Azorra Finance, Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.750%, 04/15/2030<sup>(d)</sup> | 310000 | 323531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.250%, 01/15/2031<sup>(d)</sup> | 414000 | 423697 |
| &nbsp;&nbsp;&nbsp;Bread Financial Holdings, Inc., 9.750%, 03/15/2029<sup>(d)</sup> | 1000000 | 1077578 |
| &nbsp;&nbsp;&nbsp;Credit Acceptance Corp., 6.625%, 03/15/2030<sup>(d)</sup> | 1770000 | 1795152 |

---

*See Notes to Financial Statements.*

54 www.blackstone-credit.com

Blackstone Strategic Credit 2027 Term Fund Portfolio of Investments

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount** |<br>**Value** |
| **Consumer Finance (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Enova International, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.250%, 12/15/2028<sup>(d)</sup> | $770000 | $827753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.125%, 08/01/2029<sup>(d)</sup> | 1350000 | 1422214 |
| &nbsp;&nbsp;&nbsp;FirstCash, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.630%, 09/01/2028<sup>(d)</sup> | 3335000 | 3276670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625%, 01/01/2030<sup>(d)</sup> | 350000 | 349562 |
| &nbsp;&nbsp;&nbsp;goeasy, Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.250%, 12/01/2028<sup>(d)</sup> | 1598000 | 1691774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.625%, 07/01/2029<sup>(d)</sup> | 839000 | 865519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.875%, 05/15/2030<sup>(d)</sup> | 1450000 | 1459127 |
| &nbsp;&nbsp;&nbsp;Jefferson Capital Holdings LLC, 8.250%, 05/15/2030<sup>(d)</sup> | 410000 | 425145 |
| &nbsp;&nbsp;&nbsp;Navient Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 03/15/2029 | 190000 | 186213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.380%, 07/25/2030 | 1514000 | 1671140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.875%, 06/15/2032 | 923000 | 961073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625%, 08/01/2033 | 434000 | 399443 |
| &nbsp;&nbsp;&nbsp;OneMain Finance Corp., 6.625%, 05/15/2029 | 302000 | 310547 |
| &nbsp;&nbsp;&nbsp;PRA Group, Inc., 8.380%, 02/01/2028<sup>(d)</sup> | 197000 | 202294 |
| &nbsp;&nbsp;&nbsp;PROG Holdings, Inc., 6.000%, 11/15/2029<sup>(d)</sup> | 300000 | 288344 |
| &nbsp;&nbsp;&nbsp;SLM Corp., 6.500%, 01/31/2030 | 631000 | 662803 |
| &nbsp;&nbsp;&nbsp;Synchrony Financial, 7.250%, 02/02/2033 | 1527000 | 1598489 |
|  |  | 21052063 |
| **Consumer Staples Distribution & Retail - 0.14%** |  |  |
| &nbsp;&nbsp;&nbsp;United Natural Foods, Inc., 6.750%, 10/15/2028<sup>(d)</sup> | 800000 | 790370 |
| **Containers & Packaging - 1.39%** |  |  |
| &nbsp;&nbsp;&nbsp;Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC, 4.000%, 09/01/2029<sup>(d)</sup> | 3290000 | 3006458 |
| &nbsp;&nbsp;&nbsp;Cascades, Inc./Cascades USA, Inc., 6.750%, 07/15/2030<sup>(d)</sup> | 799000 | 803570 |
| &nbsp;&nbsp;&nbsp;Mauser Packaging Solutions Holding Co., 7.875%, 04/15/2027<sup>(d)</sup> | 890000 | 905701 |
| &nbsp;&nbsp;&nbsp;OI European Group BV, 4.750%, 02/15/2030<sup>(d)</sup> | 630000 | 606460 |
| &nbsp;&nbsp;&nbsp;Owens-Brockway Glass Container, Inc., 7.375%, 06/01/2032<sup>(d)</sup> | 1780000 | 1815744 |
| &nbsp;&nbsp;&nbsp;TriMas Corp., 4.125%, 04/15/2029<sup>(d)</sup> | 775000 | 736804 |
|  |  | 7874737 |
| **Diversified Consumer Services - 0.35%** |  |  |
| &nbsp;&nbsp;&nbsp;Adtalem Global Education, Inc., 5.500%, 03/01/2028<sup>(d)</sup> | 529000 | 525047 |
| &nbsp;&nbsp;&nbsp;Carriage Services, Inc., 4.250%, 05/15/2029<sup>(d)</sup> | 770000 | 728036 |
| &nbsp;&nbsp;&nbsp;Cogent Communications Group LLC / Cogent Finance, Inc., 6.500%, 07/01/2032<sup>(d)</sup> | 745000 | 734540 |
|  |  | 1987623 |
| **Diversified REITs - 0.25%** |  |  |
| &nbsp;&nbsp;&nbsp;Iron Mountain, Inc., 4.500%, 02/15/2031<sup>(d)</sup> | 833000 | 794299 |
| &nbsp;&nbsp;&nbsp;RHP Hotel Properties LP / RHP Finance Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 02/15/2029<sup>(d)</sup> | 337000 | 329628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 06/15/2033<sup>(d)</sup> | 289000 | 297488 |
|  |  | 1421415 |
| **Diversified Telecommunication Services - 0.40%** |  |  |
| &nbsp;&nbsp;&nbsp;Directv Financing LLC / Directv Financing Co.-Obligor, Inc., 10.000%, 02/15/2031<sup>(d)</sup> | 1245000 | 1209540 |
| &nbsp;&nbsp;&nbsp;Lumen Technologies, Inc., 4.500%, 01/15/2029<sup>(d)</sup> | 470000 | 423447 |
| &nbsp;&nbsp;&nbsp;Viasat, Inc., 7.500%, 05/30/2031<sup>(d)</sup> | 324000 | 280982 |

---

*See Notes to Financial Statements.*

Semi-Annual Report \| June 30, 2025 55

Blackstone Strategic Credit 2027 Term Fund Portfolio of Investments

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount** |<br>**Value** |
| **Diversified Telecommunication Services (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Virgin Media Finance PLC, 5.000%, 07/15/2030<sup>(d)</sup> | $407000 | $372279 |
|  |  | 2286248 |
| **Electric Utilities - 0.03%** |  |  |
| &nbsp;&nbsp;&nbsp;Leeward Renewable Energy Operations LLC, 4.250%, 07/01/2029<sup>(d)</sup> | 159000 | 148561 |
| **Electronic Equipment, Instruments & Components - 0.12%** |  |  |
| &nbsp;&nbsp;&nbsp;Crane NXT Co., 4.200%, 03/15/2048 | 100000 | 60477 |
| &nbsp;&nbsp;&nbsp;Sensata Technologies BV, 4.000%, 04/15/2029<sup>(d)</sup> | 666000 | 633999 |
|  |  | 694476 |
| **Energy Equipment & Services - 1.73%** |  |  |
| &nbsp;&nbsp;&nbsp;Diamond Foreign Asset Co. / Diamond Finance LLC, 8.500%, 10/01/2030<sup>(d)</sup> | 310000 | 323028 |
| &nbsp;&nbsp;&nbsp;Enerflex, Ltd., 9.000%, 10/15/2027<sup>(d)</sup> | 1338000 | 1384375 |
| &nbsp;&nbsp;&nbsp;Precision Drilling Corp., 6.875%, 01/15/2029<sup>(d)</sup> | 930000 | 919471 |
| &nbsp;&nbsp;&nbsp;USA Compression Partners LP / USA Compression Finance Corp., 7.125%, 03/15/2029<sup>(d)</sup> | 4093000 | 4197605 |
| &nbsp;&nbsp;&nbsp;Valaris, Ltd., 8.380%, 04/30/2030<sup>(d)</sup> | 2150000 | 2207543 |
| &nbsp;&nbsp;&nbsp;Viridien, 10.000%, 10/15/2030<sup>(d)</sup> | 765000 | 753396 |
|  |  | 9785418 |
| **Financial Services - 0.85%** |  |  |
| &nbsp;&nbsp;&nbsp;Freedom Mortgage Corp., 12.250%, 10/01/2030<sup>(d)</sup> | 564000 | 625864 |
| &nbsp;&nbsp;&nbsp;Freedom Mortgage Holdings LLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.250%, 02/01/2029<sup>(d)</sup> | 340000 | 353405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.375%, 04/01/2032<sup>(d)</sup> | 294000 | 297402 |
| &nbsp;&nbsp;&nbsp;PennyMac Financial Services, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 02/15/2029<sup>(d)</sup> | 2371000 | 2281604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.875%, 05/15/2032<sup>(d)</sup> | 415000 | 424585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.875%, 02/15/2033<sup>(d)</sup> | 309000 | 317111 |
| &nbsp;&nbsp;&nbsp;TrueNoord Capital DAC, 8.750%, 03/01/2030<sup>(d)</sup> | 270000 | 280585 |
| &nbsp;&nbsp;&nbsp;UWM Holdings LLC, 6.625%, 02/01/2030<sup>(d)</sup> | 220000 | 220435 |
|  |  | 4800991 |
| **Food Products - 0.79%** |  |  |
| &nbsp;&nbsp;&nbsp;B&G Foods, Inc., 8.000%, 09/15/2028<sup>(d)</sup> | 120000 | 115684 |
| &nbsp;&nbsp;&nbsp;Post Holdings, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625%, 04/15/2030<sup>(d)</sup> | 3385000 | 3257264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 09/15/2031<sup>(d)</sup> | 1195000 | 1110268 |
|  |  | 4483216 |
| **Gas Utilities - 0.61%** |  |  |
| &nbsp;&nbsp;&nbsp;AmeriGas Partners LP / AmeriGas Finance Corp., 9.500%, 06/01/2030<sup>(d)</sup> | 452000 | 469286 |
| &nbsp;&nbsp;&nbsp;Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.000%, 06/01/2031<sup>(d)</sup> | 2390000 | 2262666 |
| &nbsp;&nbsp;&nbsp;Superior Plus LP / Superior General Partner, Inc., 4.500%, 03/15/2029<sup>(d)</sup> | 773000 | 744007 |
|  |  | 3475959 |
| **Ground Transportation - 0.87%** |  |  |
| &nbsp;&nbsp;&nbsp;Avis Budget Car Rental LLC / Avis Budget Finance, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.250%, 01/15/2030<sup>(d)</sup> | 3329000 | 3479654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.375%, 06/15/2032<sup>(d)</sup> | 341000 | 356993 |

---

*See Notes to Financial Statements.*

56 www.blackstone-credit.com

Blackstone Strategic Credit 2027 Term Fund Portfolio of Investments

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount** |<br>**Value** |
| **Ground Transportation (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Hertz Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625%, 12/01/2026<sup>(d)</sup> | $396000 | $355183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.625%, 07/15/2029<sup>(d)</sup> | 219000 | 229274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2029<sup>(d)</sup> | 689000 | 484339 |
|  |  | 4905443 |
| **Health Care Equipment & Supplies - 0.22%** |  |  |
| &nbsp;&nbsp;&nbsp;Cheplapharm Arzneimittel GmbH, 5.500%, 01/15/2028<sup>(d)</sup> | 300000 | 290193 |
| &nbsp;&nbsp;&nbsp;Hologic Inc Holx 4 5/8 02/01/28, 4.625%, 02/01/2028<sup>(d)</sup> | 940000 | 929650 |
|  |  | 1219843 |
| **Health Care Providers & Services - 1.15%** |  |  |
| &nbsp;&nbsp;&nbsp;AdaptHealth LLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625%, 08/01/2029<sup>(d)</sup> | 858000 | 809324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125%, 03/01/2030<sup>(d)</sup> | 583000 | 554486 |
| &nbsp;&nbsp;&nbsp;APH Somerset Investor 2 LLC / APH2 Somerset Investor 2 LLC / APH3 Somerset Inves, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.875%, 11/01/2029<sup>(d)</sup> | 350000 | 358312 |
| &nbsp;&nbsp;&nbsp;CHS/Community Health Systems, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.875%, 04/15/2029<sup>(d)</sup> | 1300000 | 1037634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.125%, 04/01/2030<sup>(d)</sup> | 700000 | 518271 |
| &nbsp;&nbsp;&nbsp;DaVita, Inc., 4.625%, 06/01/2030<sup>(d)</sup> | 2427000 | 2326999 |
| &nbsp;&nbsp;&nbsp;Encompass Health Corp., 4.500%, 02/01/2028 | 898000 | 890518 |
|  |  | 6495544 |
| **Health Care REITs - 1.15%** |  |  |
| &nbsp;&nbsp;&nbsp;Diversified Healthcare Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750%, 02/15/2028 | 1800000 | 1667464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375%, 03/01/2031 | 470000 | 397393 |
| &nbsp;&nbsp;&nbsp;MPT Operating Partnership LP / MPT Finance Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/15/2027 | 390000 | 360566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625%, 08/01/2029 | 3639000 | 2870444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 03/15/2031 | 1710000 | 1210557 |
|  |  | 6506424 |
| **Hotels, Restaurants & Leisure - 0.44%** |  |  |
| &nbsp;&nbsp;&nbsp;Churchill Downs, Inc., 4.750%, 01/15/2028<sup>(d)</sup> | 573000 | 565972 |
| &nbsp;&nbsp;&nbsp;Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc., 4.625%, 01/15/2029<sup>(d)</sup> | 450000 | 431299 |
| &nbsp;&nbsp;&nbsp;Hilton Domestic Operating Co., Inc., 5.875%, 04/01/2029<sup>(d)</sup> | 59000 | 60298 |
| &nbsp;&nbsp;&nbsp;Voyager Parent LLC, 9.250%, 07/01/2032<sup>(d)</sup> | 521000 | 542388 |
| &nbsp;&nbsp;&nbsp;Wynn Resorts Finance LLC / Wynn Resorts Capital Corp., 7.125%, 02/15/2031<sup>(d)</sup> | 820000 | 875010 |
|  |  | 2474967 |
| **Household Durables - 0.73%** |  |  |
| &nbsp;&nbsp;&nbsp;Beazer Homes USA, Inc., 7.500%, 03/15/2031<sup>(d)</sup> | 77000 | 78157 |
| &nbsp;&nbsp;&nbsp;Brookfield Residential Properties, Inc. / Brookfield Residential US LLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2029<sup>(d)</sup> | 400000 | 364374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.875%, 02/15/2030<sup>(d)</sup> | 100000 | 89356 |
| &nbsp;&nbsp;&nbsp;Century Communities, Inc., 3.880%, 08/15/2029<sup>(d)</sup> | 50000 | 46370 |
| &nbsp;&nbsp;&nbsp;M/I Homes, Inc., 3.950%, 02/15/2030 | 615000 | 577811 |
| &nbsp;&nbsp;&nbsp;Somnigroup International, Inc., 4.000%, 04/15/2029<sup>(d)</sup> | 2378000 | 2276045 |
| &nbsp;&nbsp;&nbsp;Taylor Morrison Communities, Inc., 5.750%, 01/15/2028<sup>(d)</sup> | 440000 | 446910 |
| &nbsp;&nbsp;&nbsp;Tri Pointe Homes, Inc., 5.700%, 06/15/2028 | 268000 | 270556 |
|  |  | 4149579 |

---

*See Notes to Financial Statements.*

Semi-Annual Report \| June 30, 2025 57

Blackstone Strategic Credit 2027 Term Fund Portfolio of Investments

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount** |<br>**Value** |
| **Industrial Conglomerates - 0.58%** |  |  |
| &nbsp;&nbsp;&nbsp;Dcli Bidco LLC, 7.750%, 11/15/2029<sup>(d)</sup> | $310000 | $314279 |
| &nbsp;&nbsp;&nbsp;Icahn Enterprises LP / Icahn Enterprises Finance Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.000%, 11/15/2029<sup>(d)</sup> | 2658000 | 2634806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.000%, 06/15/2030 | 365000 | 341608 |
|  |  | 3290693 |
| **Interactive Media & Services - 0.27%** |  |  |
| &nbsp;&nbsp;&nbsp;Cars.com, Inc., 6.375%, 11/01/2028<sup>(d)</sup> | 500000 | 501668 |
| &nbsp;&nbsp;&nbsp;ZipRecruiter, Inc., 5.000%, 01/15/2030<sup>(d)</sup> | 1186000 | 1013640 |
|  |  | 1515308 |
| **IT Services - 0.39%** |  |  |
| &nbsp;&nbsp;&nbsp;ASGN, Inc., 4.625%, 05/15/2028<sup>(d)</sup> | 605000 | 590419 |
| &nbsp;&nbsp;&nbsp;Sabre GLBL, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.630%, 06/01/2027<sup>(d)</sup> | 43000 | 44048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.750%, 11/15/2029<sup>(d)</sup> | 1354000 | 1396375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.125%, 07/15/2030<sup>(d)</sup> | 163000 | 170702 |
|  |  | 2201544 |
| **Life Sciences Tools & Services - 0.07%** |  |  |
| &nbsp;&nbsp;&nbsp;Star Parent, Inc., 9.000%, 10/01/2030<sup>(d)</sup> | 380000 | 400166 |
| **Machinery - 0.93%** |  |  |
| &nbsp;&nbsp;&nbsp;Allison Transmission, Inc., 3.750%, 01/30/2031<sup>(d)</sup> | 1875000 | 1719762 |
| &nbsp;&nbsp;&nbsp;ATS Corp., 4.125%, 12/15/2028<sup>(d)</sup> | 11000 | 10526 |
| &nbsp;&nbsp;&nbsp;JB Poindexter & Co., Inc., 8.750%, 12/15/2031<sup>(d)</sup> | 350000 | 356632 |
| &nbsp;&nbsp;&nbsp;Mueller Water Products, Inc., 4.000%, 06/15/2029<sup>(d)</sup> | 1047000 | 1005930 |
| &nbsp;&nbsp;&nbsp;Park-Ohio Industries, Inc., 6.625%, 04/15/2027 | 815000 | 796628 |
| &nbsp;&nbsp;&nbsp;Roller Bearing Co. of America, Inc., 4.375%, 10/15/2029<sup>(d)</sup> | 1160000 | 1124734 |
| &nbsp;&nbsp;&nbsp;Titan International, Inc., 7.000%, 04/30/2028 | 260000 | 261243 |
|  |  | 5275455 |
| **Marine Transportation - 0.11%** |  |  |
| &nbsp;&nbsp;&nbsp;Stena International SA: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.250%, 01/15/2031<sup>(d)</sup> | 300000 | 301192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.625%, 02/15/2031<sup>(d)</sup> | 340000 | 349445 |
|  |  | 650637 |
| **Media - 2.04%** |  |  |
| &nbsp;&nbsp;&nbsp;AMC Networks, Inc., 4.250%, 02/15/2029 | 366000 | 293556 |
| &nbsp;&nbsp;&nbsp;CCO Holdings LLC / CCO Holdings Capital Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750%, 03/01/2030<sup>(d)</sup> | 883000 | 856110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 02/01/2031<sup>(d)</sup> | 1102000 | 1030154 |
| &nbsp;&nbsp;&nbsp;Clear Channel Outdoor Holdings, Inc., 7.750%, 04/15/2028<sup>(d)</sup> | 1571000 | 1485812 |
| &nbsp;&nbsp;&nbsp;CSC Holdings LLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.500%, 04/01/2028<sup>(d)</sup> | 110000 | 81737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.750%, 01/31/2029<sup>(d)</sup> | 710000 | 675764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 02/01/2029<sup>(d)</sup> | 590000 | 480252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, 01/15/2030<sup>(d)</sup> | 200000 | 99122 |
| &nbsp;&nbsp;&nbsp;Gray Media, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750%, 10/15/2030<sup>(d)</sup> | 1200000 | 909000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.375%, 11/15/2031<sup>(d)</sup> | 510000 | 382855 |
| &nbsp;&nbsp;&nbsp;Lamar Media Corp., 3.750%, 02/15/2028 | 558000 | 541272 |

---

*See Notes to Financial Statements.*

58 www.blackstone-credit.com

Blackstone Strategic Credit 2027 Term Fund Portfolio of Investments

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount** |<br>**Value** |
| **Media (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Nexstar Media, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625%, 07/15/2027<sup>(d)</sup> | $99000 | $98832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750%, 11/01/2028<sup>(d)</sup> | 3100000 | 3021713 |
| &nbsp;&nbsp;&nbsp;Sinclair Television Group, Inc., 5.500%, 03/01/2030<sup>(d)</sup> | 456000 | 369930 |
| &nbsp;&nbsp;&nbsp;Univision Communications, Inc., 8.500%, 07/31/2031<sup>(d)</sup> | 1240000 | 1242496 |
|  |  | 11568605 |
| **Metals & Mining - 0.92%** |  |  |
| &nbsp;&nbsp;&nbsp;Alumina Pty, Ltd., 6.375%, 09/15/2032<sup>(d)</sup> | 290000 | 295635 |
| &nbsp;&nbsp;&nbsp;Cleveland-Cliffs, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.500%, 09/15/2031<sup>(d)</sup> | 233000 | 224915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.375%, 05/01/2033<sup>(d)</sup> | 350000 | 328874 |
| &nbsp;&nbsp;&nbsp;Compass Minerals International, Inc., 8.000%, 07/01/2030<sup>(d)</sup> | 524000 | 541777 |
| &nbsp;&nbsp;&nbsp;Kaiser Aluminum Corp., 4.500%, 06/01/2031<sup>(d)</sup> | 57000 | 53365 |
| &nbsp;&nbsp;&nbsp;Mineral Resources, Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.000%, 11/01/2027<sup>(d)</sup> | 23000 | 23124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.250%, 10/01/2028<sup>(d)</sup> | 1538000 | 1575924 |
| &nbsp;&nbsp;&nbsp;SunCoke Energy, Inc., 4.880%, 06/30/2029<sup>(d)</sup> | 995000 | 926880 |
| &nbsp;&nbsp;&nbsp;Taseko Mines, Ltd., 8.250%, 05/01/2030<sup>(d)</sup> | 1160000 | 1215829 |
|  |  | 5186323 |
| **Mortgage Real Estate Investment Trusts (REITs) - 1.30%** |  |  |
| &nbsp;&nbsp;&nbsp;Apollo Commercial Real Estate Finance, Inc., 4.625%, 06/15/2029<sup>(d)</sup> | 320000 | 304427 |
| &nbsp;&nbsp;&nbsp;Rithm Capital Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.000%, 04/01/2029<sup>(d)</sup> | 1810000 | 1830031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.000%, 07/15/2030<sup>(d)</sup> | 729000 | 733203 |
| &nbsp;&nbsp;&nbsp;Starwood Property Trust, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.630%, 07/15/2026<sup>(d)</sup> | 2422000 | 2382549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.250%, 04/01/2029<sup>(d)</sup> | 580000 | 610781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 04/15/2030<sup>(d)</sup> | 600000 | 607268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 07/01/2030<sup>(d)</sup> | 850000 | 878505 |
|  |  | 7346764 |
| **Office REITs - 0.28%** |  |  |
| &nbsp;&nbsp;&nbsp;Brandywine Operating Partnership LP, 8.875%, 04/12/2029 | 1478000 | 1601351 |
| **Oil, Gas & Consumable Fuels - 7.17%** |  |  |
| &nbsp;&nbsp;&nbsp;Alliance Resource Operating Partners LP / Alliance Resource Finance Corp., 8.630%, 06/15/2029<sup>(d)</sup> | 930000 | 989058 |
| &nbsp;&nbsp;&nbsp;Baytex Energy Corp., 8.500%, 04/30/2030<sup>(d)</sup> | 1836000 | 1838444 |
| &nbsp;&nbsp;&nbsp;Buckeye Partners LP, 4.500%, 03/01/2028<sup>(d)</sup> | 770000 | 758917 |
| &nbsp;&nbsp;&nbsp;California Resources Corp., 8.250%, 06/15/2029<sup>(d)</sup> | 1513000 | 1554225 |
| &nbsp;&nbsp;&nbsp;Calumet Specialty Products Partners LP / Calumet Finance Corp., 9.750%, 07/15/2028<sup>(d)</sup> | 347000 | 346207 |
| &nbsp;&nbsp;&nbsp;CNX Resources Corp., 6.000%, 01/15/2029<sup>(d)</sup> | 985000 | 989578 |
| &nbsp;&nbsp;&nbsp;Comstock Resources, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.750%, 03/01/2029<sup>(d)</sup> | 2550000 | 2557635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875%, 01/15/2030<sup>(d)</sup> | 1951000 | 1896868 |
| &nbsp;&nbsp;&nbsp;Crescent Energy Finance LLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.250%, 02/15/2028<sup>(d)</sup> | 830000 | 865719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.625%, 04/01/2032<sup>(d)</sup> | 1317000 | 1287025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.375%, 01/15/2033<sup>(d)</sup> | 159000 | 152129 |
| &nbsp;&nbsp;&nbsp;CVR Energy, Inc., 8.500%, 01/15/2029<sup>(d)</sup> | 2278000 | 2280590 |

---

*See Notes to Financial Statements.*

Semi-Annual Report \| June 30, 2025 59

Blackstone Strategic Credit 2027 Term Fund Portfolio of Investments

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount** |<br>**Value** |
| **Oil, Gas & Consumable Fuels (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Delek Logistics Partners LP / Delek Logistics Finance Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.125%, 06/01/2028<sup>(d)</sup> | $888000 | $892249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.630%, 03/15/2029<sup>(d)</sup> | 2294000 | 2382404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.375%, 06/30/2033<sup>(d)</sup> | 1104000 | 1099811 |
| &nbsp;&nbsp;&nbsp;Energean PLC, 6.500%, 04/30/2027<sup>(d)</sup> | 300000 | 294891 |
| &nbsp;&nbsp;&nbsp;Global Partners LP / GLP Finance Corp., 6.875%, 01/15/2029 | 1700000 | 1727305 |
| &nbsp;&nbsp;&nbsp;Gulfport Energy Operating Corp., 6.750%, 09/01/2029<sup>(d)</sup> | 1517000 | 1556598 |
| &nbsp;&nbsp;&nbsp;Hess Midstream Operations LP: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875%, 03/01/2028<sup>(d)</sup> | 610000 | 619474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.130%, 06/15/2028<sup>(d)</sup> | 2502000 | 2486211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 06/01/2029<sup>(d)</sup> | 120000 | 123490 |
| &nbsp;&nbsp;&nbsp;Hilcorp Energy I LP / Hilcorp Finance Co.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 02/01/2031<sup>(d)</sup> | 40000 | 38725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.250%, 04/15/2032<sup>(d)</sup> | 630000 | 602142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.375%, 11/01/2033<sup>(d)</sup> | 380000 | 394578 |
| &nbsp;&nbsp;&nbsp;Karoon USA Finance, Inc., 10.500%, 05/14/2029<sup>(d)</sup> | 740000 | 751504 |
| &nbsp;&nbsp;&nbsp;Kraken Oil & Gas Partners LLC, 7.625%, 08/15/2029<sup>(d)</sup> | 310000 | 304814 |
| &nbsp;&nbsp;&nbsp;Magnolia Oil & Gas Operating LLC / Magnolia Oil & Gas Finance Corp., 6.875%, 12/01/2032<sup>(d)</sup> | 929000 | 936419 |
| &nbsp;&nbsp;&nbsp;MEG Energy Corp., 5.875%, 02/01/2029<sup>(d)</sup> | 1397000 | 1396447 |
| &nbsp;&nbsp;&nbsp;Murphy Oil USA, Inc., 3.750%, 02/15/2031<sup>(d)</sup> | 571000 | 527409 |
| &nbsp;&nbsp;&nbsp;Northern Oil & Gas, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.130%, 03/01/2028<sup>(d)</sup> | 1968000 | 1986905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.750%, 06/15/2031<sup>(d)</sup> | 850000 | 876983 |
| &nbsp;&nbsp;&nbsp;PBF Holding Co. LLC / PBF Finance Corp., 9.875%, 03/15/2030<sup>(d)</sup> | 380000 | 369917 |
| &nbsp;&nbsp;&nbsp;Summit Midstream Holdings LLC, 8.625%, 10/31/2029<sup>(d)</sup> | 802000 | 821125 |
| &nbsp;&nbsp;&nbsp;Sunoco LP / Sunoco Finance Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.000%, 09/15/2028<sup>(d)</sup> | 1000000 | 1032474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 05/15/2029 | 2673000 | 2596875 |
| &nbsp;&nbsp;&nbsp;Talos Production, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.000%, 02/01/2029<sup>(d)</sup> | 225000 | 230527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.375%, 02/01/2031<sup>(d)</sup> | 1049000 | 1071831 |
|  |  | 40637503 |
| **Paper & Forest Products - 0.06%** |  |  |
| &nbsp;&nbsp;&nbsp;Magnera Corp., 7.250%, 11/15/2031<sup>(d)</sup> | 360000 | 339759 |
| **Passenger Airlines - 0.81%** |  |  |
| &nbsp;&nbsp;&nbsp;American Airlines, Inc., 8.500%, 05/15/2029<sup>(d)</sup> | 223000 | 233962 |
| &nbsp;&nbsp;&nbsp;JetBlue Airways Corp. / JetBlue Loyalty LP, 9.875%, 09/20/2031<sup>(d)</sup> | 3913000 | 3809330 |
| &nbsp;&nbsp;&nbsp;VistaJet Malta Finance PLC / Vista Management Holding, Inc., 9.500%, 06/01/2028<sup>(d)</sup> | 520000 | 534858 |
|  |  | 4578150 |
| **Personal Care Products - 0.24%** |  |  |
| &nbsp;&nbsp;&nbsp;HLF Financing Sarl LLC / Herbalife International, Inc., 4.875%, 06/01/2029<sup>(d)</sup> | 1633000 | 1381269 |
| **Pharmaceuticals - 0.12%** |  |  |
| &nbsp;&nbsp;&nbsp;Prestige Brands, Inc., 3.750%, 04/01/2031<sup>(d)</sup> | 746000 | 687936 |
| **Professional Services - 0.16%** |  |  |
| &nbsp;&nbsp;&nbsp;Science Applications International Corp., 4.880%, 04/01/2028<sup>(d)</sup> | 930000 | 916163 |
| **Real Estate Management & Development - 0.40%** |  |  |
| &nbsp;&nbsp;&nbsp;Anywhere Real Estate Group LLC / Realogy Co.-Issuer Corp., 5.750%, 01/15/2029<sup>(d)</sup> | 1050000 | 922105 |

---

*See Notes to Financial Statements.*

60 www.blackstone-credit.com

Blackstone Strategic Credit 2027 Term Fund Portfolio of Investments

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount** |<br>**Value** |
| **Real Estate Management & Development (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Howard Hughes Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125%, 02/01/2029<sup>(d)</sup> | $1170000 | $1115042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.380%, 02/01/2031<sup>(d)</sup> | 270000 | 249350 |
|  |  | 2286497 |
| **Road & Rail - 0.11%** |  |  |
| &nbsp;&nbsp;&nbsp;Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 5.375%, 03/01/2029<sup>(d)</sup> | 660000 | 636665 |
| **Semiconductors & Semiconductor Equipment - 0.13%** |  |  |
| &nbsp;&nbsp;&nbsp;AMS-OSRAM AG, 12.250%, 03/30/2029<sup>(d)</sup> | 710000 | 758189 |
| **Software - 0.97%** |  |  |
| &nbsp;&nbsp;&nbsp;Cloud Software Group, Inc., 6.500%, 03/31/2029<sup>(d)</sup> | 1860000 | 1878522 |
| &nbsp;&nbsp;&nbsp;Fair Isaac Corp., 4.000%, 06/15/2028<sup>(d)</sup> | 3690000 | 3594481 |
|  |  | 5473003 |
| **Specialized REITs - 0.34%** |  |  |
| &nbsp;&nbsp;&nbsp;Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC, 6.000%, 01/15/2030<sup>(d)</sup> | 42000 | 39390 |
| &nbsp;&nbsp;&nbsp;Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC, 6.500%, 02/15/2029<sup>(d)</sup> | 1960000 | 1896288 |
|  |  | 1935678 |
| **Specialty Retail - 0.80%** |  |  |
| &nbsp;&nbsp;&nbsp;PetSmart, Inc. / PetSmart Finance Corp., 4.750%, 02/15/2028<sup>(d)</sup> | 620000 | 605129 |
| &nbsp;&nbsp;&nbsp;Upbound Group, Inc., 6.375%, 02/15/2029<sup>(d)</sup> | 328000 | 324869 |
| &nbsp;&nbsp;&nbsp;Victra Holdings LLC / Victra Finance Corp., 8.750%, 09/15/2029<sup>(d)</sup> | 290000 | 304175 |
| &nbsp;&nbsp;&nbsp;Wayfair LLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.250%, 10/31/2029<sup>(d)</sup> | 2269000 | 2275689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.750%, 09/15/2030<sup>(d)</sup> | 1007000 | 1015767 |
|  |  | 4525629 |
| **Textiles, Apparel & Luxury Goods - 0.20%** |  |  |
| &nbsp;&nbsp;&nbsp;Wolverine World Wide, Inc., 4.000%, 08/15/2029<sup>(d)</sup> | 1258000 | 1129642 |
| **Thrifts & Mortgage Finance - 0.06%** |  |  |
| &nbsp;&nbsp;&nbsp;United Wholesale Mortgage LLC, 5.500%, 04/15/2029<sup>(d)</sup> | 350000 | 340046 |
| **Trading Companies & Distributors - 0.11%** |  |  |
| &nbsp;&nbsp;&nbsp;Velocity Vehicle Group LLC, 8.000%, 06/01/2029<sup>(d)</sup> | 210000 | 210001 |
| &nbsp;&nbsp;&nbsp;Veritiv Operating Co., 10.500%, 11/30/2030<sup>(d)</sup> | 370000 | 400986 |
|  |  | 610987 |
| TOTAL CORPORATE BONDS |  |  |
| (Cost $214,097,451) |  | 219937165 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| COMMON STOCK - 0.45% |  |  |
| **Diversified Consumer Services - 0.00%<sup>(e)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;Loyalty Ventures Inc<sup>(b)(f)</sup> | 1353511 | 13535 |
| **Energy Equipment & Services - 0.22%** |  |  |
| &nbsp;&nbsp;&nbsp;Brock Holdings III Inc.<sup>(b)(f)</sup> | 164832 |  |
| &nbsp;&nbsp;&nbsp;Total Safety Holdings, LLC<sup>(b)(f)</sup> | 2951 | 1106625 |

---

*See Notes to Financial Statements.*

Semi-Annual Report \| June 30, 2025 61

Blackstone Strategic Credit 2027 Term Fund Portfolio of Investments

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Energy Equipment & Services (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Utex Industries Holdings, LLC<sup>(f)</sup> | 3182 | $132849 |
|  |  | 1239474 |
| **Health Care Providers & Services - 0.23%** |  |  |
| &nbsp;&nbsp;&nbsp;Envision Healthcare Corp. Equity<sup>(f)</sup> | 79338 | 1311556 |
| TOTAL COMMON STOCK |  |  |
| (Cost $9,129,123) |  | 2564565 |
| WARRANTS - 0.00%<sup>(e)</sup> |  |  |
| **Energy Equipment & Services - 0.00%<sup>(e)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;Utex Industries Holdings, LLC expires 12/31/2049 at $114.76<sup>(b)</sup> | 7955 | 3182 |
| TOTAL WARRANTS |  |  |
| (Cost $0) |  | 3182 |
| SHORT TERM INVESTMENTS - 4.66% |  |  |
| **Open-end Investment Companies - 4.66%** |  |  |
| &nbsp;&nbsp;&nbsp;Fidelity Treasury Portfolio |  |  |
| &nbsp;&nbsp;&nbsp;(4.18% 7-Day Yield) | 26397289 | 26397289 |
| TOTAL SHORT TERM INVESTMENTS |  |  |
| (Cost $26,397,289) |  | 26397289 |
| Total Investments- 162.86% |  |  |
| (Cost $939,153,408) |  | 922967970 |
| Liabilities in Excess of Other Assets - (5.30)% |  | (30062912) |
| Mandatory Redeemable Preferred Shares - (7.98)% |  |  |
| &nbsp;&nbsp;&nbsp;(liquidation preference plus distributions payable on term preferred shares) |  | (45191790) |
| Leverage Facility - (49.58)% |  | (281000000) |
| **Net Assets - 100.00%** |  | $566713268 |

---

*Amounts above are shown as a percentage of net assets as of June 30, 2025.*

**Investment Abbreviations:**

SOFR - Secured Overnight Financing Rate

**Reference Rates:**

1M US SOFR - 1 Month SOFR as of June 30, 2025 was 4.32%

3M US SOFR - 3 Month SOFR as of June 30, 2025 was 4.34%

6M US SOFR - 6 Month SOFR as of June 30, 2025 was 4.37%

6M CME TERM SOFR - 6 Month CME TERM SOFR as of June 30, 2025 was 4.15%

*See Notes to Financial Statements.*

62 www.blackstone-credit.com

Blackstone Strategic Credit 2027 Term Fund Portfolio of Investments

June 30, 2025 (Unaudited)

*<sup>(a)</sup>* *Floating or variable rate security. The reference rate is described above. The rate in effect as of June 30, 2025, 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.*

*<sup>(b)</sup>* *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.*

*<sup>(c)</sup>* *Represents a payment-in-kind ("PIK") security which may pay interest/dividend in additional par/shares.*

*<sup>(d)</sup>* *Security exempt from registration under Rule 144A of the Securities Act of 1933. Total market value of Rule 144A securities amounts to $191,575,300, which represented approximately 33.80% of net assets as of June 30, 2025. Such securities may normally be sold to qualified institutional buyers in transactions exempt from registration.*

*<sup>(e)</sup>* *Amount represents less than 0.005% of net assets.*

*<sup>(f)</sup>* *Non-income producing security.*

*See Notes to Financial Statements.*

Semi-Annual Report \| June 30, 2025 63

Blackstone Credit & Insurance Funds Statements of Assets and Liabilities

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Senior Floating Rate**<br>**2027 Term Fund** | **Long-Short Credit**<br>**Income Fund** | **Strategic Credit**<br>**2027 Term Fund** |
| **ASSETS:** |  |  |  |
| Investments, at fair value (Cost $289,142,550, $251,047,411 and $939,153,408, respectively) | $283505581 | $247269775 | $922967970 |
| Cash |  | 1016193 | 5650304 |
| Receivable for investment securities sold | 18043385 | 15387976 | 49268624 |
| Interest receivable | 1908868 | 1516406 | 8170209 |
| Net unrealized appreciation on unfunded loan commitments | 1482 | 1095 | 2477 |
| Prepaid offering costs | 78387 | 72630 | 608524 |
| Prepaid legal other | 60403 | 53179 | 130283 |
| Prepaid expenses and other assets | 28375 | 24809 | 84949 |
| **Total Assets** | 303626481 | 265342063 | 986883340 |
| **LIABILITIES:** |  |  |  |
| Payable to custodian overdraft | 334450 |  |  |
| Payable for investment securities purchased | 27012116 | 22173111 | 89695766 |
| Leverage facility | 86600000 | 76000000 | 281000000 |
| Interest due on leverage facility | 507098 | 472126 | 1430846 |
| Accrued investment advisory fee payable | 197479 | 163636 | 701221 |
| Accrued fund accounting and administration fees payable | 143404 | 117981 | 396044 |
| Accrued trustees' fees payable | 50334 | 40939 | 116783 |
| Other payables and accrued expenses | 571825 | 425774 | 1637622 |
| Mandatory redeemable preferred shares<sup>(a)</sup> (net of deferred financing costs of: –, – and $352,710, respectively)<sup>(a)</sup> |  |  | 44647290 |
| Distributions payable on mandatory redeemable preferred shares | – | – | 544500 |
| Total Liabilities | 115416706 | 99393567 | 420170072 |
| Commitments and contingent liabilities (Note 8) |  |  |  |
| Net Assets Attributable to Common Shareholders | $188209775 | $165948496 | $566713268 |
| **COMPOSITION OF NET ASSETS ATTRIBUTABLE TO COMMON SHARES:** |  |  |  |
| Par value ($0.001 per share, applicable to 13,015,904, 12,708,275 and 44,664,382 shares issued and outstanding) | $13016 | $12708 | $44664 |
| Paid-in capital in excess of par value | 257309411 | 236816138 | 839503351 |
| Total distributable earnings | (69112652) | (70880350) | (272834747) |
| Net Assets Attributable to Common Shareholders | $188209775 | $165948496 | $566713268 |
| Net Asset Value per Common Share | $14.46 | $13.06 | $12.69 |

---

*<sup>(a)</sup>* *$1,000 liquidation value per share. 45,000 shares issued and outstanding for BGB .*

*See Notes to Financial Statements.*

64 www.blackstone-credit.com

Blackstone Credit & Insurance Funds Statements of Operations

For the Six Months Ended June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Senior Floating Rate**<br>**2027 Term Fund** | **Long-Short Credit**<br>**Income Fund** | **Strategic Credit**<br>**2027 Term Fund** |
| **INVESTMENT INCOME:** |  |  |  |
| Interest | $11910056 | $10423160 | $38440662 |
| Total Investment Income | 11910056 | 10423160 | 38440662 |
| **EXPENSES:** |  |  |  |
| Investment advisory fee | 1237992 | 987971 | 4415346 |
| Fund accounting and administration fees | 183858 | 160961 | 486790 |
| Insurance expense | 33548 | 29230 | 102724 |
| Legal and audit fees | 208177 | 180361 | 308821 |
| Custodian fees | 89967 | 37228 | 65668 |
| Amortization of deferred financing costs |  |  | 84669 |
| Offering costs | 217386 |  |  |
| Trustees' fees and expenses | 59204 | 48741 | 143684 |
| Printing expense | 27698 | 23898 | 30725 |
| Transfer agent fees | 9663 | 8367 | 14247 |
| Interest on leverage facility | 2485934 | 2189308 | 7843992 |
| Other expenses |  | 627 | 29407 |
| Distributions to mandatory redeemable preferred shares | – | – | 1485000 |
| Total Expenses | 4553427 | 3666692 | 15011073 |
| **Net Investment Income** | 7356629 | 6756468 | 23429589 |
| **NET REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS:** |  |  |  |
| Net realized gain/(loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities and unfunded loan commitments | (864667) | (1170082) | (3674454) |
| Net realized loss: | (864667) | (1170082) | (3674454) |
| Net change in unrealized appreciation/(depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities | (3175455) | (1657553) | (3857446) |
| Net change in unrealized appreciation/(depreciation) on investments | (3175455) | (1657553) | (3857446) |
| Net Realized and Unrealized Loss on Investments | (4040122) | (2827635) | (7531900) |
| **Net Increase in Net Assets Attributable to Common Shares from Operations** | $3316507 | $3928833 | $15897689 |

---

*See Notes to Financial Statements.*

Semi-Annual Report \| June 30, 2025 65

Blackstone Credit & Insurance Funds Statements of Changes in Net Assets

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Senior Floating Rate<br> 2027 Term Fund** | **Senior Floating Rate<br> 2027 Term Fund** | **Long-Short Credit<br> Income Fund** | **Long-Short Credit<br> Income Fund** | **Strategic Credit<br> 2027 Term Fund** | **Strategic Credit<br> 2027 Term Fund** |
|  | **For the Six<br> Months Ended<br> June 30, 2025<br> (Unaudited)** | **For the<br> Year Ended<br> December 31,<br> 2024** | **For the Six<br> Months Ended<br> June 30, 2025<br> (Unaudited)** | **For the<br> Year Ended<br> December 31,<br> 2024** | **For the Six<br> Months Ended<br> June 30, 2025<br> (Unaudited)** | **For the<br> Year Ended<br> December 31,<br> 2024** |
| **FROM OPERATIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | $7356629 | $17563286 | $6756468 | $14992081 | $23429589 | $51468005 |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) | (864667) | (1687621) | (1170082) | (700450) | (3674454) | 1354482 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on Investment securities | (3175455) | 2681774 | (1657553) | 2017641 | (3857446) | 3008456 |
| **Net Increase in Net Assets Attributable to Common Shares from Operations** | 3316507 | 18557439 | 3928833 | 16309272 | 15897689 | 55830943 |
| **DISTRIBUTIONS TO COMMON SHAREHOLDERS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (6454330) | (17639582) | (5578933) | (15631178) | (19875650) | (50604744) |
| **Net Decrease in Net Assets from Distributions to Common Shareholders** | (6454330) | (17639582) | (5578933) | (15631178) | (19875650) | (50604744) |
| Net asset value of common shares issued to shareholders from reinvestment of dividends | 104482 | – | – | – | – | – |
| **Net Increase from Capital Share Transactions** | 104482 | – | – | – | – | – |
| **Net Increase/(Decrease) in Net Assets Attributable to Common Shares** | (3033341) | 917857 | (1650100) | 678094 | (3977961) | 5226199 |
| **NET ASSETS ATTRIBUTABLE TO COMMON SHAREHOLDERS:** |  |  |  |  |  |  |
| Beginning of period | 191243116 | 190325259 | 167598596 | 166920502 | 570691229 | 565465030 |
| End of period | $188209775 | $191243116 | $165948496 | $167598596 | $566713268 | $570691229 |

---

*<sup>(a)</sup>* *Includes impact of distributions to preferred shareholders from net investment income. Distributions on the Fund's mandatory redeemable preferred shares ("MRPS" or "Mandatory Redeemable Preferred Shares") are treated as an operating expense under GAAP and are included in the calculation of net investment income. See Note 10 - Leverage. BGB recorded distributions of $1,485,000, to holders of Series B MRPS for the six months ended June 30, 2025. For the fiscal year ended December 31, 2024, BGB recorded distributions of $2,970,000, to holders of Series A MRPS. See Note 11 for details on tax characterization of distributions.*

*See Notes to Financial Statements.*

66 www.blackstone-credit.com

Blackstone Credit & Insurance Funds Statements of Cash Flows

For the Six Months Ended June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Senior Floating Rate**<br>**2027 Term Fund** | **Long-Short Credit**<br>**Income Fund** | **Strategic Credit**<br>**2027 Term Fund** |
| **CASH FLOWS FROM OPERATING ACTIVITIES:** |  |  |  |
| Net increase in net assets from operations | $3316507 | $3928833 | $15897689 |
| Adjustments to reconcile net increase in net assets from operations to net cash provided by/(used in) operating activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of investment securities | (143481707) | (149787170) | (665031678) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from disposition of investment securities | 149208724 | 155657092 | 694313197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net discounts (accreted)/premiums amortized | (348532) | (469863) | (2056659) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gains / (losses) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities and unfunded loan commitments | 864667 | 1170082 | 3674454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities | 3175455 | 1657553 | 3857446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net (purchases) / sales of short term investments | (1783690) | 7236605 | 15506561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs |  |  | 84669 |
| &nbsp;&nbsp;&nbsp;(Increase)/Decrease in assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest receivable | (508140) | (98572) | (1903590) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid legal other | (20188) | (33049) | (56251) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable for Investments sold | 2518034 | (6979528) | (19972846) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid offering costs | 378794 | 16290 | 142576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation on unfunded loan commitments | 5237 | 4639 | 17288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 57297 | 69101 | 152229 |
| &nbsp;&nbsp;&nbsp;Increase/(Decrease) in liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions payable on mandatory redeemable preferred shares |  |  | (8250) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest due on loan facility | 399746 | 373556 | 1071459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued investment advisory fees payable | (179442) | (77428) | (69587) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to custodian due to overdraft | 333142 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for investments purchased | (2114810) | (505150) | (2870554) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued fund accounting and administration expense payable | 2845 | (4041) | 29689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued trustees' fees payable | (3014) | (6004) | (42286) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other payables and accrued expenses | (66155) | (146491) | (606302) |
| **Net Cash Provided by Operating Activities** | 11754770 | 12006455 | 42129254 |
| **CASH FLOWS FROM FINANCING ACTIVITIES:** |  |  |  |
| Proceeds from leverage facility |  |  | 9000000 |
| Payments on leverage facility | (4000000) | (4500000) | (22000000) |
| Payment of deferred financing costs |  |  | (84669) |
| Distributions paid - common shareholders - net of distributions reinvested | (7754770) | (6811636) | (23850780) |
| **Net Cash Used in Financing Activities** | (11754770) | (11311636) | (36935449) |
| **Net Increase in Cash** |  | 694819 | 5193805 |
| **Cash, beginning balance** | $– | $321374 | $456499 |
| **Cash, ending balance** | $– | $1016193 | $5650304 |
| **Supplemental disclosure of cash flow information:** |  |  |  |
| Interest paid on leverage facility during the year | $2086188 | $1815752 | $6772533 |
| Non cash reinvestment on distributions | $104482 |  |  |

---

*See Notes to Financial Statements.*

Semi-Annual Report \| June 30, 2025 67

Blackstone Senior Floating Rate 2027 Term Fund Financial Highlights

For a Share Outstanding Throughout the Periods Indicated

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Six**<br>**Months Ended**<br>**June 30, 2025**<br>**(Unaudited)** |<br>**For the**<br>**Year Ended**<br>**December 31, 2024** |<br>**For the**<br>**Year Ended**<br>**December 31, 2023** |<br>**For the**<br>**Year Ended**<br>**December 31, 2022** |
| **PER COMMON SHARE OPERATING PERFORMANCE:** |  |  |  |  |
| Net asset value - beginning of period | $14.70 | $14.63 | $14.00 | $16.21 |
| **INCOME/(LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.57 | 1.35 | 1.37 | 1.04 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments, foreign currency transactions and unfunded loan commitments | (0.31) | 0.08 | 0.70 | (2.39) |
| **Total Income/(Loss) from Investment Operations** | 0.26 | 1.43 | 2.07 | (1.35) |
| **DISTRIBUTIONS TO COMMON SHAREHOLDERS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.50) | (1.36) | (1.44) | (0.86) |
| **Total Distributions to Common Shareholders** | (0.50) | (1.36) | (1.44) | (0.86) |
| Net asset value per common share - end of period | $14.46 | $14.70 | $14.63 | $14.00 |
| Market price per common share - end of period | $14.30 | $14.34 | $13.35 | $12.43 |
| **Total Investment Return - Net Asset Value<sup>(b)</sup>** | 1.94% | 10.42% | 16.64% | (8.01%) |
| **Total Investment Return - Market Price<sup>(b)</sup>** | 3.27% | 18.05% | 19.88% | (22.89%) |
| **RATIOS AND SUPPLEMENTAL DATA:** |  |  |  |  |
| Net assets attributable to common shares, end of period (000s) | $188210 | $191243 | $190325 | $182140 |
| Ratio of expenses to average net assets attributable to common shares | 4.81 %<sup>(c)</sup> | 5.08% | 4.69% | 3.18% |
| Ratio of expenses to average managed assets<sup>(d)</sup> | 3.28 %<sup>(c)</sup> | 3.46% | 3.28% | 2.16% |
| Ratio of net investment income to average net assets attributable to common shares | 7.86 %<sup>(c)</sup> | 9.11% | 9.50% | 6.95% |
| Portfolio turnover rate | 51 %<sup>(e)</sup> | 112% | 60% | 75% |
| **LEVERAGE FACILITY:** |  |  |  |  |
| Aggregate principal amount, end of period (000s) | $86600 | $90600 | $89600 | $85000 |
| Average borrowings outstanding during the period (000s) | $88600 | $90589 | $80626 | $94819 |
| Asset coverage, end of period per $1,000<sup>(f)</sup> | $3173 | $3111 | $3124 | $3143 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the**<br>**Year Ended**<br>**December 31, 2021** | **For the**<br>**Year Ended**<br>**December 31, 2020 <sup>(g)</sup>** | **For the**<br>**Year Ended**<br>**December 31, 2019** | **For the**<br>**Year Ended**<br>**December 31, 2018** |
| **PER COMMON SHARE OPERATING PERFORMANCE:** |  |  |  |  |
| Net asset value - beginning of period | $15.88 | $16.41 | $16.48 | $17.57 |
| **INCOME/(LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 1.02 | 1.08 | 1.31 | 1.32 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments, foreign currency transactions and unfunded loan commitments | 0.30 | (0.72) | (0.06) | (1.00) |
| **Total Income from Investment Operations** | 1.32 | 0.36 | 1.25 | 0.32 |
| **DISTRIBUTIONS TO COMMON SHAREHOLDERS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.99) | (1.09) | (1.32) | (1.41) |
| **Total Distributions to Common Shareholders** | (0.99) | (1.09) | (1.32) | (1.41) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Accretion to net asset value resulting from share repurchases | – | 0.20 | – | – |
| **Total Capital Share Transactions** | – | 0.20 | – | – |
| Net asset value per common share - end of period | $16.21 | $15.88 | $16.41 | $16.48 |
| Market price per common share - end of period | $17.17 | $14.22 | $16.15 | $15.33 |

---

*See Notes to Financial Statements.*

68 www.blackstone-credit.com

Blackstone Senior Floating Rate 2027 Term Fund Financial Highlights

For a Share Outstanding Throughout the Periods Indicated

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the** <br> **Year Ended** <br> **December 31, 2021** | **For the** <br> **Year Ended** <br> **December 31, 2020 <sup>(g)</sup>** | **For the** <br> **Year Ended** <br> **December 31, 2019** | **For the** <br> **Year Ended** <br> **December 31, 2018** |
| **Total Investment Return - Net Asset Value<sup>(b)</sup>** | 8.57% | 4.98% | 7.92% | 1.88% |
| **Total Investment Return - Market Price<sup>(b)</sup>** | 28.43% | (4.48%) | 14.17% | (7.49%) |
| **RATIOS AND SUPPLEMENTAL DATA:** |  |  |  |  |
| Net assets attributable to common shares, end of period (000s) | $219387 | $215253 | $250848 | $251645 |
| **Ratio of expenses to average net assets attributable to common shares** | 2.36% | 2.75% | 3.54% | 3.35% |
| Ratio of expenses to average managed assets<sup>(d)</sup> | 1.60% | 1.87% | 2.37% | 2.25% |
| Ratio of net investment income to average net assets attributable to common shares | 6.23% | 7.19% | 7.82% | 7.49% |
| Portfolio turnover rate | 97% | 76% | 40% | 88% |
| **LEVERAGE FACILITY:** |  |  |  |  |
| Aggregate principal amount, end of period (000s) | $105500 | $100000 | $123500 | $124000 |
| Average borrowings outstanding during the period (000s) | $105974 | $104521 | $125408 | $132067 |
| Asset coverage, end of period per $1,000<sup>(f)</sup> | $3079 | $3153 | $3031 | $3029 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **For the <br> Year Ended <br> December 31, 2017** | **For the <br> Year Ended <br> December 31, 2016** | **For the <br> Year Ended <br> December 31, 2015** |
| **PER COMMON SHARE OPERATING PERFORMANCE:** |  |  |  |
| Net asset value - beginning of period | $17.61 | $15.96 | $18.08 |
| **INCOME/(LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 1.26 | 1.24 | 1.22 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments, foreign currency transactions and unfunded loan commitments | (0.14) | 1.57 | (2.17) |
| **Total Income/(Loss) from Investment Operations** | 1.12 | 2.81 | (0.95) |
| **DISTRIBUTIONS TO COMMON SHAREHOLDERS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (1.16) | (1.16) | (1.17) |
| **Total Distributions to Common Shareholders** | (1.16) | (1.16) | (1.17) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Accretion to net asset value resulting from share repurchases | – | – | – |
| **Total Capital Share Transactions** | – | – | – |
| Net asset value per common share - end of period | $17.57 | $17.61 | $15.96 |
| Market price per common share - end of period | $18.00 | $18.08 | $14.85 |
| **Total Investment Return - Net Asset Value<sup>(b)</sup>** | 6.67% | 18.44% | (5.19%) |
| **Total Investment Return - Market Price<sup>(b)</sup>** | 6.44% | 30.70% | (4.72%) |
| **RATIOS AND SUPPLEMENTAL DATA:** |  |  |  |
| Net assets attributable to common shares, end of period (000s) | $267903 | $268153 | $242874 |
| **Ratio of expenses to average net assets attributable to common shares** | 3.01% | 2.59% | 2.48% |
| Ratio of expenses to average managed assets<sup>(d)</sup> | 2.02% | 1.74% | 1.67% |
| Ratio of net investment income to average net assets attributable to common shares | 7.11% | 7.48% | 6.84% |
| Portfolio turnover rate | 135% | 99% | 65% |
| **LEVERAGE FACILITY:** |  |  |  |
| Aggregate principal amount, end of period (000s) | $132000 | $131000 | $119500 |
| Average borrowings outstanding during the period (000s) | $132323 | $122782 | $132372 |
| Asset coverage, end of period per $1,000<sup>(f)</sup> | $3030 | $3047 | $3032 |

---

*See Notes to Financial Statements.*

Semi-Annual Report \| June 30, 2025 69

Blackstone Senior Floating Rate 2027 Term Fund Financial Highlights

For a Share Outstanding Throughout the Periods Indicated

*<sup>(a)</sup>* *Calculated using average common shares outstanding.*

*<sup>(b)</sup>* *Total investment return is calculated assuming a purchase of common share at the opening on the first day and a sale at closing on the last day of each period reported. Dividends and distributions are assumed for purposes of this calculation to be reinvested at prices obtained under the Fund's dividend reinvestment plan. Total investment returns does not reflect sales load or brokerage commissions, if any, and are not annualized.*

*<sup>(c)</sup>* *Annualized.*

*<sup>(d)</sup>* *Average managed assets represent net assets applicable to common shares plus principal value of leverage.*

*<sup>(e)</sup>* *Percentage represents the results for the period and is not annualized.*

*<sup>(f)</sup>* *Calculated by subtracting the Fund's total liabilities (excluding the principal amount of the Leverage Facility) from the Fund's total assets and dividing by the principal amount of the Leverage Facility and then multiplying by $1,000.*

*<sup>(g)</sup>* *Prior to December 10, 2020 the Blackstone Senior Floating Rate 2027 Term Fund was known as the Blackstone / GSO Senior Floating Rate Term Fund.*

*See Notes to Financial Statements.*

70 www.blackstone-credit.com

Blackstone Long-Short Credit Income Fund Financial Highlights

For a Share Outstanding Throughout the Periods Indicated

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Six**<br>**Months Ended**<br>**June 30, 2025**<br>**(Unaudited)** |<br>**For the**<br>**Year Ended**<br>**December 31, 2024** |<br>**For the**<br>**Year Ended**<br>**December 31, 2023** |<br>**For the**<br>**Year Ended**<br>**December 31, 2022** |
| **PER COMMON SHARE OPERATING PERFORMANCE:** | | | | |
| Net asset value - beginning of period | $13.19 | $13.13 | $12.55 | $15.22 |
| **INCOME/(LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)(b)</sup> | 0.53 | 1.18 | 1.26 | 1.06 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments, foreign currency transactions and unfunded loan commitments | (0.22) | 0.11 | 0.66 | (2.85) |
| **Total Income/(Loss) from Investment Operations** | 0.31 | 1.29 | 1.92 | (1.79) |
| **DISTRIBUTIONS TO COMMON SHAREHOLDERS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.44) | (1.23) | (1.34) | (0.88) |
| **Total Distributions to Common Shareholders** | (0.44) | (1.23) | (1.34) | (0.88) |
| Net asset value per common share - end of period | $13.06 | $13.19 | $13.13 | $12.55 |
| Market price per common share - end of period | $12.41 | $12.44 | $11.45 | $10.84 |
| **Total Investment Return - Net Asset Value<sup>(c)</sup>** | 2.58% | 10.66% | 17.64% | (11.19%) |
| **Total Investment Return - Market Price<sup>(c)</sup>** | 3.35% | 19.69% | 18.77% | (20.58%) |
| **RATIOS AND SUPPLEMENTAL DATA:** |  |  |  |  |
| Net assets attributable to common shares, end of period (000s) | $165948 | $167599 | $166921 | $159531 |
| Ratio of expenses to average net assets attributable to common shares | 4.45 %<sup>(d)</sup> | 5.20% | 5.24% | 3.67% |
| Ratio of expenses to average managed assets<sup>(e)</sup> | 3.03 %<sup>(d)</sup> | 3.54% | 3.39% | 2.24% |
| Ratio of net investment income to average net assets attributable to common shares | 8.21 %<sup>(d)</sup> | 8.86% | 9.77% | 7.68% |
| Portfolio turnover rate | 60 %<sup>(f)</sup> | 129% | 88% | 94% |
| **MANDATORY REDEEMABLE PREFERRED SHARES:** |  |  |  |  |
| Liquidation value, end of period, including dividends payable on |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Mandatory Redeemable |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Preferred Shares (000s) | $N/A | $N/A | $N/A | $20125 |
| Total shares outstanding (000s) |  |  |  | 20 |
| Asset coverage, end of period per $1,000<sup>(g)</sup> | $N/A | $N/A | $N/A | $2550 |
| Liquidation preference per share | $N/A | $N/A | $N/A | $1000 |
| **LEVERAGE FACILITY:** |  |  |  |  |
| Aggregate principal amount, end of period (000s) | $76000 | $80500 | $77200 | $82800 |
| Average borrowings outstanding during the period (000s) | $78116 | $79580 | $78190 | $92127 |
| Asset coverage, end of period per $1,000<sup>(h)</sup> | $3184 | $3082 | $3162 | $3170 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the**<br>**Year Ended**<br>**December 31, 2021** | **For the**<br>**Year Ended**<br>**December 31, 2020 <sup>(i)</sup>** | **For the**<br>**Year Ended**<br>**December 31, 2019** | **For the**<br>**Year Ended**<br>**December 31, 2018** |
| **PER COMMON SHARE OPERATING PERFORMANCE:** |  |  |  |  |
| Net asset value - beginning of period | $14.94 | $15.74 | $15.62 | $17.09 |
| **INCOME/(LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)(b)</sup> | 1.06 | 1.18 | 1.46 | 1.46 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments, foreign currency transactions and unfunded loan commitments | 0.25 | (0.79) | 0.12 | (1.32) |
| **Total Income from Investment Operations** | 1.31 | 0.39 | 1.58 | 0.14 |
| **DISTRIBUTIONS TO COMMON SHAREHOLDERS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (1.03) | (1.19) | (1.46) | (1.61) |
| **Total Distributions to Common Shareholders** | (1.03) | (1.19) | (1.46) | (1.61) |

---

*See Notes to Financial Statements.*

Semi-Annual Report \| June 30, 2025 71

Blackstone Long-Short Credit Income Fund Financial Highlights

For a Share Outstanding Throughout the Periods Indicated

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the**<br>**Year Ended**<br>**December 31, 2021** | **For the**<br>**Year Ended**<br>**December 31, 2020 <sup>(i)</sup>** | **For the**<br>**Year Ended**<br>**December 31, 2019** | **For the**<br>**Year Ended**<br>**December 31, 2018** |
| Net asset value per common share - end of period | $15.22 | $14.94 | $15.74 | $15.62 |
| Market price per common share - end of period | $14.70 | $13.42 | $15.64 | $13.74 |
| **Total Investment Return - Net Asset Value<sup>(c)</sup>** | 9.26% | 4.41% | 10.73% | 1.25% |
| **Total Investment Return - Market Price<sup>(c)</sup>** | 17.48% | (5.62%) | 25.08% | (4.40%) |
| **RATIOS AND SUPPLEMENTAL DATA:** |  |  |  |  |
| Net assets attributable to common shares, end of period (000s) | $193368 | $189901 | $199982 | $198399 |
| **Ratio of expenses to average net assets attributable to common shares** | 2.69% | 3.08% | 3.85% | 3.73% |
| Ratio of expenses to average managed assets<sup>(e)</sup> | 1.67% | 1.89% | 2.36% | 2.31% |
| Ratio of net investment income to average net assets attributable to common shares | 6.89% | 8.28% | 9.15% | 8.52% |
| Portfolio turnover rate | 90% | 77% | 40% | 75% |
| **MANDATORY REDEEMABLE PREFERRED SHARES:** |  |  |  |  |
| Liquidation value, end of period, including dividends payable on |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Mandatory Redeemable |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Preferred Shares (000s) | $20128 | $20128 | $20128 | $20122 |
| Total shares outstanding (000s) | 20 | 20 | 20 | 20 |
| Asset coverage , end of period per $1,000<sup>(g)</sup> | $2626 | $2638 | $2562 | $2556 |
| Liquidation preference per share | $1000 | $1000 | $1000 | $1000 |
| **LEVERAGE FACILITY:** |  |  |  |  |
| Aggregate principal amount, end of period (000s) | $98900 | $95900 | $108000 | $107500 |
| Average borrowings outstanding during the period (000s) | $100347 | $93946 | $109385 | $115392 |
| Asset coverage, end of period per $1,000<sup>(h)</sup> | $3157 | $3189 | $3037 | $3032 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **For the**<br>**Year Ended**<br>**December 31, 2017** | **For the**<br>**Year Ended**<br>**December 31, 2016** | **For the**<br>**Year Ended**<br>**December 31, 2015** |
| **PER COMMON SHARE OPERATING PERFORMANCE:** |  |  |  |
| Net asset value - beginning of period | $16.94 | $15.37 | $17.82 |
| **INCOME/(LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)(b)</sup> | 1.34 | 1.40 | 1.48 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments, foreign currency transactions and unfunded loan commitments | 0.05 | 1.60 | (2.66) |
| **Total Income/(Loss) from Investment Operations** | 1.39 | 3.00 | (1.18) |
| **DISTRIBUTIONS TO COMMON SHAREHOLDERS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (1.24) | (1.43) | (1.27) |
| **Total Distributions to Common Shareholders** | (1.24) | (1.43) | (1.27) |
| Net asset value per common share - end of period | $17.09 | $16.94 | $15.37 |
| Market price per common share - end of period | $15.92 | $15.92 | $13.48 |
| **Total Investment Return - Net Asset Value<sup>(c)</sup>** | 8.85% | 21.21% | (6.04%) |
| **Total Investment Return - Market Price<sup>(c)</sup>** | 7.90% | 29.89% | (5.44%) |
| **RATIOS AND SUPPLEMENTAL DATA:** |  |  |  |
| Net assets attributable to common shares, end of period (000s) | $217067 | $215236 | $195204 |
| **Ratio of expenses to average net assets attributable to common shares** | 3.03% | 2.58% | 2.07% |
| Ratio of expenses to average managed assets<sup>(e)</sup> | 1.93% | 1.73% | 1.43% |
| Ratio of net investment income to average net assets attributable to common shares | 7.82% | 8.67% | 8.45% |
| Portfolio turnover rate | 126% | 103% | 72% |

---

*See Notes to Financial Statements.*

72 www.blackstone-credit.com

Blackstone Long-Short Credit Income Fund Financial Highlights

For a Share Outstanding Throughout the Periods Indicated

---

| | | | |
|:---|:---|:---|:---|
| | **For the**<br>**Year Ended**<br>**December 31, 2017** | **For the**<br>**Year Ended**<br>**December 31, 2016** | **For the**<br>**Year Ended**<br>**December 31, 2015** |
| **MANDATORY REDEEMABLE PREFERRED SHARES:** |  |  |  |
| Liquidation value, end of period, including dividends payable on |  |  |  |
| &nbsp;&nbsp;&nbsp;Mandatory Redeemable |  |  |  |
| &nbsp;&nbsp;&nbsp;Preferred Shares (000s) | $20121 | $20125 | $N/A |
| Total shares outstanding (000s) | 20 | 20 |  |
| Asset coverage , end of period per $1,000<sup>(g)</sup> | $2644 | $2905 | $N/A |
| Liquidation preference per share | $1000 | $1000 | $N/A |
| **LEVERAGE FACILITY:** |  |  |  |
| Aggregate principal amount, end of period (000s) | $112000 | $93000 | $96000 |
| Average borrowings outstanding during the period (000s) | $105633 | $93684 | $100261 |
| Asset coverage, end of period per $1,000<sup>(h)</sup> | $3117 | $3314 | $3033 |

---

*<sup>(a)</sup>* *Calculated using average common shares outstanding.*

*<sup>(b)</sup>* *Distributions on the Fund's MRPS are treated as an operating expense under GAAP and are included in the calculation of net investment income. See Note 10 - Leverage.*

*<sup>(c)</sup>* *Total investment return is calculated assuming a purchase of common share at the opening on the first day and a sale at closing on the last day of each period reported. Dividends and distributions are assumed for purposes of this calculation to be reinvested at prices obtained under the Fund's dividend reinvestment plan. Total investment returns does not reflect sales load or brokerage commissions, if any, and are not annualized.*

*<sup>(d)</sup>* *Annualized.*

*<sup>(e)</sup>* *Average managed assets represent net assets applicable to common shares plus principal value of leverage.*

*<sup>(f)</sup>* *Percentage represents the results for the period and is not annualized.*

*<sup>(g)</sup>* *Calculated by subtracting the Fund's total liabilities (excluding the liquidation value of the Mandatory Redeemable Preferred Shares, including dividends payable on Mandatory Redeemable Preferred Shares, and the principal amount of the Leverage Facility) from the Fund's total assets and dividing by the liquidation value of the Mandatory Redeemable Preferred Shares and the principal amount of the Leverage Facility and then multiplying by $1,000. On July 27, 2023, BGX redeemed all of its outstanding Series A Mandatory Redeemable Preferred Shares at liquidation value in the amount of $20,000,000.*

*<sup>(h)</sup>* *Calculated by subtracting the Fund's total liabilities (excluding Mandatory Redeemable Preferred Shares at liquidation value, including dividends payable on Mandatory Redeemable Preferred Shares, and the principal amount of the Leverage Facility) from the Fund's total assets and dividing by the principal amount of the Leverage Facility and then multiplying by $1,000. On July 27, 2023, BGX redeemed all of its outstanding Series A Mandatory Redeemable Preferred Shares at liquidation value in the amount of $20,000,000.*

*<sup>(i)</sup>* *Prior to December 10, 2020 the Blackstone Long-Short Credit Income Fund was known as the Blackstone / GSO Long-Short Credit Income Fund.*

*See Notes to Financial Statements.*

Semi-Annual Report \| June 30, 2025 73

Blackstone Strategic Credit 2027 Term Fund Financial Highlights

For a Share Outstanding Throughout the Periods Indicated

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Six**<br>**Months Ended**<br>**June 30, 2025**<br>**(Unaudited)** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2024** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2023** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2022** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2021** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2020 <sup>(a)</sup>** |
| **PER COMMON SHARE OPERATING PERFORMANCE:** |  |  |  |  |  |  |
| Net asset value - beginning of period | $12.78 | $12.66 | $12.06 | $14.44 | $14.19 | $15.25 |
| **INCOME/(LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(b)(c)</sup> | 0.52 | 1.15 | 1.14 | 0.93 | 0.93 | 1.08 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments, foreign currency transactions and unfunded loan commitments | (0.16) | 0.10 | 0.67 | (2.53) | 0.21 | (1.04) |
| **Total Income/(Loss) from Investment Operations** | 0.36 | 1.25 | 1.81 | (1.60) | 1.14 | 0.04 |
| **DISTRIBUTIONS TO COMMON SHAREHOLDERS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.45) | (1.13) | (1.21) | (0.78) | (0.89) | (1.10) |
| **Total Distributions to Common Shareholders** | (0.45) | (1.13) | (1.21) | (0.78) | (0.89) | (1.10) |
| Net asset value per common share - end of period | $12.69 | $12.78 | $12.66 | $12.06 | $14.44 | $14.19 |
| Market price per common share - end of period | $12.12 | $12.23 | $11.32 | $10.58 | $13.49 | $12.48 |
| **Total Investment Return - Net Asset Value<sup>(d)</sup>** | 3.00% | 10.77% | 17.10% | (10.68%) | 8.60% | 2.03% |
| **Total Investment Return - Market Price<sup>(d)</sup>** | 2.80% | 18.55% | 19.36% | (16.13%) | 15.36% | (4.83%) |
| **RATIOS AND SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Net assets attributable to common shares, end of period (000s) | $566713 | $570691 | $565465 | $538860 | $645050 | $633741 |
| **Ratio of expenses to average net assets attributable to common shares** | 5.37 %<sup>(e)</sup> | 6.22% | 5.70% | 3.67% | 2.78% | 3.15% |
| Ratio of expenses to average managed assets<sup>(f)</sup> | 3.38 %<sup>(e)</sup> | 3.92% | 3.65% | 2.32% | 1.77% | 2.00% |
| Ratio of net investment income to average net assets attributable to common shares | 8.37 %<sup>(e)</sup> | 8.98% | 9.22% | 7.08% | 6.36% | 7.90% |
| Portfolio turnover rate | 73 %<sup>(g)</sup> | 144% | 81% | 81% | 101% | 77% |
| **MANDATORY REDEEMABLE PREFERRED SHARES:** |  |  |  |  |  |  |
| Liquidation value, end of period, including dividends payable on Mandatory Redeemable Preferred Shares (000s) | $45192 | $45115 | $44891 | $45281 | $45287 | $45287 |
| Total shares outstanding (000s) | 45 | 45 | 45 | 45 | 45 | 45 |
| Asset coverage, end of period per $1,000<sup>(h)</sup> | $2738 | $2683 | $2726 | $2715 | $2749 | $2790 |
| Liquidation preference per share | $1000 | $1000 | $1000 | $1000 | $1000 | $1000 |
| **LEVERAGE FACILITY:** |  |  |  |  |  |  |
| Aggregate principal amount, end of period (000s) | $281000 | $294000 | $282600 | $268900 | $323800 | $309100 |
| Average borrowings outstanding during the period (000s) | $287359 | $292352 | $266066 | $300105 | $325709 | $306661 |
| Asset coverage, end of period per $1,000<sup>(i)</sup> | $3176 | $3093 | $3160 | $3172 | $3131 | $3196 |

---

*<sup>(a)</sup>* *Prior to December 10, 2020 the Blackstone Strategic Credit 2027 Term Fund was known as the Blackstone / GSO Strategic Credit Fund.*

*<sup>(b)</sup>* *Calculated using average common shares outstanding.*

*<sup>(c)</sup>* *Distributions on the Fund's MRPS are treated as an operating expense under GAAP and are included in the calculation of net investment income. See Note 10 - Leverage.*

*See Notes to Financial Statements.*

74 www.blackstone-credit.com

Blackstone Strategic Credit 2027 Term Fund Financial Highlights

For a Share Outstanding Throughout the Periods Indicated

*<sup>(d)</sup>* *Total investment return is calculated assuming a purchase of common share at the opening on the first day and a sale at closing on the last day of each period reported. Dividends and distributions are assumed for purposes of this calculation to be reinvested at prices obtained under the Fund's dividend reinvestment plan. Total investment returns does not reflect sales load or brokerage commissions, if any, and are not annualized.*

*<sup>(e)</sup>* *Annualized.*

*<sup>(f)</sup>* *Average managed assets represent net assets applicable to common shares plus principal value of leverage.*

*<sup>(g)</sup>* *Percentage represents the results for the period and is not annualized.*

*<sup>(h)</sup>* *Calculated by subtracting the Fund's total liabilities (excluding the liquidation value of the Mandatory Redeemable Preferred Shares, including dividends payable on Mandatory Redeemable Preferred Shares, and the principal amount of the Leverage Facility) from the Fund's total assets and dividing by the liquidation value of the Mandatory Redeemable Preferred Shares and the principal amount of the Leverage Facility and then multiplying by $1,000. On July 25, 2023, BGB issued 45,000 4-year Series B Mandatory Redeemable Preferred Shares with a liquidation value of $45,000,000. On July 27, 2023, BGB redeemed all of its outstanding Series A Mandatory Redeemable Preferred Shares at liquidation value in the amount of $45,000,000.*

*<sup>(i)</sup>* *Calculated by subtracting the Fund's total liabilities (excluding Mandatory Redeemable Preferred Shares at liquidation value, including dividends payable on Mandatory Redeemable Preferred Shares, and the principal amount of the Leverage Facility) from the Fund's total assets and dividing by the principal amount of the Leverage Facility and then multiplying by $1,000. On July 25, 2023, BGB issued 45,000 4-year Series B Mandatory Redeemable Preferred Shares with a liquidation value of $45,000,000. On July 27, 2023, BGB redeemed all of its outstanding Series A Mandatory Redeemable Preferred Shares at liquidation value in the amount of $45,000,000.*

*See Notes to Financial Statements.*

Semi-Annual Report \| June 30, 2025 75

Blackstone Credit & Insurance Funds Notes to Financial Statements

June 30, 2025 (Unaudited)

**NOTE 1. ORGANIZATION**

Blackstone Senior Floating Rate 2027 Term Fund ("BSL"), is a diversified, closed-end management investment company. BSL was organized as a Delaware statutory trust on March 4, 2010. BSL was registered under the Investment Company Act of 1940, as amended (the "1940 Act"), on March 5, 2010. BSL commenced operations on May 26, 2010. Prior to that date, BSL had no operations other than matters relating to its organization and the sale and issuance of 5,236 common shares of beneficial interest in BSL to Blackstone Liquid Credit Strategies LLC (the "Adviser") at a price of $19.10 per share. The Adviser serves as BSL's investment adviser. BSL's common shares are listed on the New York Stock Exchange (the "Exchange") and trade under the ticker symbol "BSL."

BSL will dissolve on or about May 31, 2027, absent shareholder approval to extend such term. Upon dissolution, BSL will distribute substantially all of its net assets to shareholders, after making appropriate provision for any liabilities. Pursuant to BSL's Amended and Restated Agreement and Declaration of Trust, prior to the date of dissolution a majority of BSL's Board of Trustees (the "BSL Board"), with the approval of a majority of the shareholders entitled to vote (as defined in the 1940 Act), may extend the life of BSL by a period of two years or such shorter time as may be determined. The dissolution date of BSL may be extended an unlimited number of times. On March 31, 2017, BSL announced an extension of BSL's reinvestment period. The extension allows BSL to continue to reinvest proceeds generated by maturities, prepayments and sales of investments until one year prior to BSL's scheduled dissolution date.

On January 26, 2022, the Securities and Exchange Commission (the "SEC") declared effective a registration statement filed under the "shelf" registration process for BSL. Pursuant to the shelf registration, BSL may offer, from time to time, in one or more offerings, up to $100,000,000 of common shares. These shares may be offered and sold to or through underwriters, through dealers or agents that BSL designates from time to time, directly to purchasers, through at-the-market ("ATM") offerings or through a combination of these methods. On February 1, 2022, BSL launched an ATM offering to sell up to $50,000,000 aggregate amount of its common shares. BSL's shelf registration expired on January 26, 2025, and BSL sold 2,004 common shares totaling $32,583, net of offering costs of $87, pursuant to this shelf.

Blackstone Long-Short Credit Income Fund ("BGX") 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 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 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 Exchange and trade under the ticker symbol "BGX."

Blackstone Strategic Credit 2027 Term Fund ("BGB" and, collectively with BSL and BGX, the "Funds") is a diversified, closed-end management investment company. BGB was organized as a Delaware statutory trust on March 28, 2012. BGB was registered under the 1940 Act on April 6, 2012. BGB commenced operations on September 26, 2012. Prior to that, BGB had no operations other than matters relating to its organization and the sale and issuance of 5,236 common shares of beneficial interest in BGB to the Adviser at a price of $19.10 per share. The Adviser serves as the investment adviser for BGB. BGB's common shares are listed on the Exchange and trade under the ticker symbol "BGB."

BGB will dissolve on or about September 15, 2027, absent shareholder approval to extend such term. Upon dissolution, BGB will distribute substantially all of its net assets to shareholders, after making appropriate provision for any liabilities. Pursuant to BGB's Amended and Restated Agreement and Declaration of Trust, prior to the date of dissolution a majority of BGB's Board of Trustees (the "BGB Board"), with the approval of a majority of the outstanding voting securities entitled to vote (as defined in the 1940 Act), may extend the life of BGB. If approved, the dissolution date of BGB may be extended by a period of two years or such shorter time as may be determined. The dissolution date of BGB may be extended an unlimited number of times.

The Funds were previously classified as non-diversified investment companies for purposes of the 1940 Act. As a result of ongoing operations, the Funds are now classified as diversified companies; BGX and BSL as of April 1, 2014 and BGB as of September 25, 2015. This means that with respect to 75% of each 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 Funds may not resume operating in a non-diversified manner without first obtaining shareholder approval in accordance with the 1940 Act. The name changes of BSL and BGB became effective on March 6, 2023.

**Investment Objectives:** BSL's primary investment objective is to seek high current income, with a secondary objective to seek preservation of capital, consistent with its primary goal of high current income. Under normal market conditions, at least 80% of BSL's Managed Assets (defined in Note 3) will be invested in senior secured, floating rate loans ("Senior Loans").

76 www.blackstone-credit.com

Blackstone Credit & Insurance Funds Notes to Financial Statements

June 30, 2025 (Unaudited)

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 such Fund's net assets.

BGB's primary investment objective is to seek high current income, with a secondary objective to seek preservation of capital, consistent with its primary goal of high current income. BGB will seek to achieve its investment objectives by investing primarily in a diversified portfolio of loans and other fixed income instruments of predominantly U.S. corporate issuers, including first- and second-lien secured loans (''Senior Secured Loans'') and high yield corporate bonds of varying maturities. Under normal market conditions, at least 80% of BGB's Managed Assets (defined in Note 3) will be invested in credit investments comprised of corporate fixed income instruments and other investments (including derivatives) with similar economic characteristics.

Senior Loans, Secured Loans and Senior Secured Loans are referred to collectively as "Loans" throughout the Notes to Financial Statements.

**NOTE 2. SIGNIFICANT ACCOUNTING POLICIES**

**Basis of Presentation:** The Funds' 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. Each 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. Each Fund operates as a single operating segment. As a result, the Funds' segment accounting policies are consistent with those described herein and the Funds do not have any intra-segment sales and transfers of assets. See "Note 13. Segment Reporting"for further information.

**Portfolio Valuation:** Each Fund'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. Each Fund calculates NAV per share by subtracting liabilities (including accrued expenses or dividends) from the total assets of such 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 such Fund.

Loans are primarily valued by using a composite loan price from a nationally recognized loan pricing service. The methodology used by the Funds' 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. Written and purchased options, if any, are ordinarily valued at the closing 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 Funds' Board of Trustees (the "Board") has designated the Adviser as the valuation designee to perform fair value determinations related to each 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 ("Fair Valued Asset Committee") under procedures established by, and under the general supervision and responsibility of, the Funds' 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 the valuation designee to the Board at each regularly scheduled quarterly meeting. The Funds have 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.

Semi-Annual Report \| June 30, 2025 77

Blackstone Credit & Insurance Funds Notes to Financial Statements

June 30, 2025 (Unaudited)

Various inputs are used to determine the value of the Funds' 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 Funds' own assumptions 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 Funds' 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 tables summarize valuation of the Funds' investments under the fair value hierarchy levels as of June 30, 2025:

**Blackstone Senior Floating Rate 2027 Term Fund**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Fair Value\*** | **Level 1 - Quoted Prices** | **Level 2 - Significant<br> Observable Inputs** | **Level 3 - Significant<br> Unobservable Inputs** | **Total** |
| Floating Rate Loan Interests |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Aerospace & Defense | $– | $7073324 | $671147 | $7744471 |
| &nbsp;&nbsp;&nbsp;Commercial Services & Supplies |  | 10339546 | 2276777 | 12616323 |
| &nbsp;&nbsp;&nbsp;Financial Services |  | 4166618 | 953111 | 5119729 |
| &nbsp;&nbsp;&nbsp;Health Care Providers & Services |  | 13872269 | 313588 | 14185857 |
| &nbsp;&nbsp;&nbsp;IT Services |  | 9330840 | 3028478 | 12359318 |
| &nbsp;&nbsp;&nbsp;Life Sciences Tools & Services |  |  | 923242 | 923242 |
| &nbsp;&nbsp;&nbsp;Machinery |  | 10592761 | 246220 | 10838981 |
| &nbsp;&nbsp;&nbsp;Professional Services |  | 20343076 | 330586 | 20673662 |
| &nbsp;&nbsp;&nbsp;Software |  | 36281794 | 491759 | 36773553 |
| &nbsp;&nbsp;&nbsp;Trading Companies & Distributors |  | 4288028 | 394489 | 4682517 |
| &nbsp;&nbsp;&nbsp;Transportation Infrastructure |  |  | 617675 | 617675 |
| &nbsp;&nbsp;&nbsp;Other |  | 130438138 |  | 130438138 |
| Collateralized Loan Obligation Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Consumer Finance |  |  | 1498284 | 1498284 |
| &nbsp;&nbsp;&nbsp;Financial Services |  |  | 18263956 | 18263956 |
| Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Diversified Consumer Services |  |  | 4624 | 4624 |
| &nbsp;&nbsp;&nbsp;Health Care Providers & Services |  | 480911 |  | 480911 |
| Short-Term Investments | 6284340 | – | – | 6284340 |
| Total | $6284340 | $247207305 | $30013936 | $283505581 |
| **Other Financial Instruments** |  |  |  |  |
| **Assets** |  |  |  |  |
| Net Unrealized Appreciation on Unfunded Loan Commitments | – | 1482 | – | 1482 |
| Total | – | 1482 | – | 1482 |

---

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of June 30, 2025, the Fund's outstanding borrowings of $86,600,000 under its Leverage Facility are categorized as Level 2 within the fair value hierarchy.

78 www.blackstone-credit.com

Blackstone Credit & Insurance Funds Notes to Financial Statements

June 30, 2025 (Unaudited)

**Blackstone Long-Short Credit Income Fund**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Fair Value\*** | **Level 1 - Quoted Prices** | **Level 2 - Significant<br> Observable Inputs** | **Level 3 - Significant<br> Unobservable Inputs** | **Total** |
| Floating Rate Loan Interests |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Aerospace & Defense | $– | $5137314 | $591249 | $5728563 |
| &nbsp;&nbsp;&nbsp;Commercial Services & Supplies |  | 6905775 | 2108203 | 9013978 |
| &nbsp;&nbsp;&nbsp;Financial Services |  | 1856713 | 846129 | 2702842 |
| &nbsp;&nbsp;&nbsp;Health Care Providers & Services |  | 11308888 | 281425 | 11590313 |
| &nbsp;&nbsp;&nbsp;IT Services |  | 4542080 | 870379 | 5412459 |
| &nbsp;&nbsp;&nbsp;Life Sciences Tools & Services |  |  | 887324 | 887324 |
| &nbsp;&nbsp;&nbsp;Professional Services |  | 14989250 | 290404 | 15279654 |
| &nbsp;&nbsp;&nbsp;Software |  | 29268713 | 434878 | 29703591 |
| &nbsp;&nbsp;&nbsp;Specialty Retail |  | 4100763 | 216163 | 4316926 |
| &nbsp;&nbsp;&nbsp;Thrifts & Mortgage Finance |  |  | 1084718 | 1084718 |
| &nbsp;&nbsp;&nbsp;Trading Companies & Distributors |  | 2772760 | 723195 | 3495955 |
| &nbsp;&nbsp;&nbsp;Transportation Infrastructure |  |  | 538458 | 538458 |
| &nbsp;&nbsp;&nbsp;Other |  | 100031309 |  | 100031309 |
| Collateralized Loan Obligation Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Consumer Finance |  |  | 1498284 | 1498284 |
| &nbsp;&nbsp;&nbsp;Financial Services |  |  | 16232314 | 16232314 |
| Corporate Bonds |  | 36634191 |  | 36634191 |
| Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Diversified Consumer Services |  |  | 4094 | 4094 |
| &nbsp;&nbsp;&nbsp;Health Care Providers & Services |  | 393460 |  | 393460 |
| Short Term Investments | 2721342 | – | – | 2721342 |
| Total | $2721342 | $217941216 | $26607217 | $247269775 |
| **Other Financial Instruments** |  |  |  |  |
| **Assets** |  |  |  |  |
| Net Unrealized Appreciation on Unfunded Loan Commitments | – | 1095 | – | 1095 |
| Total | – | 1095 | – | 1095 |

---

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of June 30, 2025, the Fund's outstanding borrowings of $76,000,000 under its Leverage Facility are categorized as Level 2 within the fair value hierarchy.

Semi-Annual Report \| June 30, 2025 79

Blackstone Credit & Insurance Funds Notes to Financial Statements

June 30, 2025 (Unaudited)

**Blackstone Strategic Credit 2027 Term Fund**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Fair Value\*** | **Level 1 - Quoted Prices** | **Level 2 - Significant<br> Observable Inputs** | **Level 3 - Significant<br> Unobservable Inputs** | **Total** |
| Floating Rate Loan Interests |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Aerospace & Defense | $– | $20554421 | $2150354 | $22704775 |
| &nbsp;&nbsp;&nbsp;Commercial Services & Supplies |  | 26772416 | 4858674 | 31631090 |
| &nbsp;&nbsp;&nbsp;Financial Services |  | 8324738 | 3063572 | 11388310 |
| &nbsp;&nbsp;&nbsp;Health Care Providers & Services |  | 37836624 | 1013132 | 38849756 |
| &nbsp;&nbsp;&nbsp;IT Services |  | 20333093 | 3267802 | 23600895 |
| &nbsp;&nbsp;&nbsp;Life Sciences Tools & Services |  |  | 2897246 | 2897246 |
| &nbsp;&nbsp;&nbsp;Professional Services |  | 55396397 | 980079 | 56376476 |
| &nbsp;&nbsp;&nbsp;Software |  | 96404940 | 1484447 | 97889387 |
| &nbsp;&nbsp;&nbsp;Specialty Retail |  | 16295212 | 790008 | 17085220 |
| &nbsp;&nbsp;&nbsp;Trading Companies & Distributors |  | 10943332 | 2641476 | 13584808 |
| &nbsp;&nbsp;&nbsp;Transportation Infrastructure |  |  | 1978350 | 1978350 |
| &nbsp;&nbsp;&nbsp;Other |  | 356079456 |  | 356079456 |
| Corporate Bonds |  | 219937165 |  | 219937165 |
| Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Diversified Consumer Services |  |  | 13535 | 13535 |
| &nbsp;&nbsp;&nbsp;Energy Equipment & Services |  | 132849 | 1106625 | 1239474 |
| &nbsp;&nbsp;&nbsp;Health Care Providers & Services |  | 1311556 |  | 1311556 |
| Warrants |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Energy Equipment & Services |  |  | 3182 | 3182 |
| Short Term Investments | 26397289 | – | – | 26397289 |
| Total | $26397289 | $870322199 | $26248482 | $922967970 |
| **Other Financial Instruments** |  |  |  |  |
| **Assets** |  |  |  |  |
| Net Unrealized Appreciation on Unfunded Loan Commitments | – | 2477 | – | 2477 |
| Total | – | 2477 | – | 2477 |

---

\* *Refer to each 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 June 30, 2025, the Fund's outstanding borrowings of $281,000,000 under its Leverage Facility are categorized as Level 2 within the fair value hierarchy.

80 www.blackstone-credit.com

Blackstone Credit & Insurance Funds Notes to Financial Statements

June 30, 2025 (Unaudited)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Blackstone Senior Floating Rate 2027 Term Fund** | **Floating Rate<br> Loan Interests** | **Collateralized Loan<br> Obligation Securities** | **Common<br> Stock** | **Unfunded Loan<br> Commitments** | **Total** |
| Balance as of December 31, 2024 | $9142878 | $11762047 | $– | $1232 | $20906157 |
| &nbsp;&nbsp;&nbsp;Accrued discount/ premium | 17201 | 2336 |  |  | 19537 |
| &nbsp;&nbsp;&nbsp;Realized Gain/(Loss) | (9443) | 25146 |  |  | 15703 |
| &nbsp;&nbsp;&nbsp;Change in Unrealized Appreciation/(Depreciation) | (302388) | (219983) |  | (1232) | (523603) |
| &nbsp;&nbsp;&nbsp;Purchases<sup>(1)</sup> | 5502291 | 10442694 |  |  | 15944985 |
| &nbsp;&nbsp;&nbsp;Sales Proceeds<sup>(2)</sup> | (2332695) | (2249998) |  |  | (4582693) |
| &nbsp;&nbsp;&nbsp;Transfer into Level 3 | 2576698 |  | 4624 |  | 2581322 |
| &nbsp;&nbsp;&nbsp;Transfer out of Level 3 | (4347472) | – | – | – | (4347472) |
| Balance as of June 30, 2025 | $10247070 | $19762242 | $4624 | $– | $30013936 |
| Net change in unrealized appreciation/(depreciation) included in the Statements of Operations attributable to Level 3 investments held at June 30, 2025 | $(222097) | $(182025) | $– | $(1232) | $(405354) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Blackstone Long-Short Credit Income Fund** | **Floating Rate<br> Loan Interests** | **Collateralized Loan<br> Obligation Securities** | **Common<br> Stock** | **Unfunded Loan<br> Commitments** | **Total** |
| Balance as of December 31, 2024 | $7714837 | $11502297 | $– | $1244 | $19218378 |
| &nbsp;&nbsp;&nbsp;Accrued discount/ premium | (3143) | 3121 |  |  | (22) |
| &nbsp;&nbsp;&nbsp;Realized Gain/(Loss) | (14612) | 36276 |  |  | 21664 |
| &nbsp;&nbsp;&nbsp;Change in Unrealized Appreciation/(Depreciation) | (260367) | (253789) |  | (1244) | (515400) |
| &nbsp;&nbsp;&nbsp;Purchases<sup>(1)</sup> | 4184255 | 9442694 |  |  | 13626949 |
| &nbsp;&nbsp;&nbsp;Sales Proceeds<sup>(2)</sup> | (2253330) | (3000000) |  |  | (5253330) |
| &nbsp;&nbsp;&nbsp;Transfer into Level 3 | 2377362 |  | 4094 |  | 2381456 |
| &nbsp;&nbsp;&nbsp;Transfer out of Level 3 | (2872478) | – | – | – | (2872478) |
| Balance as of June 30, 2025 | $8872524 | $17730599 | $4094 | $– | $26607217 |
| Net change in unrealized appreciation/(depreciation) included in the Statements of Operations attributable to Level 3 investments held at June 30, 2025 | $(197870) | $(204369) | $– | $(1244) | $(403483) |

---

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Blackstone Strategic Credit 2027 Term Fund** | **Floating Rate<br> Loan Interests** | **Common Stock** | **Warrants** | **Unfunded Loan<br> Commitments** | **Total** |
| Balance as of December 31, 2024 | $27689006 | $1106625 | $3182 | $4977 | $28803790 |
| &nbsp;&nbsp;&nbsp;Accrued discount/ premium | 11495 |  |  |  | 11495 |
| &nbsp;&nbsp;&nbsp;Realized Gain/(Loss) | (27669) |  |  |  | (27669) |
| &nbsp;&nbsp;&nbsp;Change in Unrealized Appreciation/(Depreciation) | (1052400) | 13535 |  | (4977) | (1043513) |
| &nbsp;&nbsp;&nbsp;Purchases<sup>(1)</sup> | 15137260 |  |  |  | 15137260 |
| &nbsp;&nbsp;&nbsp;Sales Proceeds<sup>(2)</sup> | (10517117) |  |  |  | (10517117) |
| &nbsp;&nbsp;&nbsp;Transfer into Level 3 | 6702109 |  |  |  | 6702109 |
| &nbsp;&nbsp;&nbsp;Transfer out of Level 3 | (12817544) | – | – | – | (12817544) |
| Balance as of June 30, 2025 | $25125140 | $1120160 | $3182 | $– | $26248482 |
| Net change in unrealized appreciation/(depreciation) included in the Statements of Operations attributable to Level 3 investments held at June 30, 2025 | $(681273) | $13535 | $– | $(4977) | $(672386) |

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*<sup>(1)&nbsp;&nbsp;&nbsp;&nbsp;</sup> Purchases include all purchases of securities and securities received in corporate actions.*

*<sup>(2)&nbsp;&nbsp;&nbsp;&nbsp;</sup> Sales Proceeds include all sales of securities, maturities, paydowns and securities tendered in corporate actions.*

Semi-Annual Report \| June 30, 2025 81

Blackstone Credit & Insurance Funds Notes to Financial Statements

June 30, 2025 (Unaudited)

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.

Information about Level 3 fair value measurements as of June 30, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Blackstone Senior Floating Rate 2027 Term Fund** | **Fair Value** | **Valuation Technique** | **Unobservable<br> Input(s)** | **Value/Rate<br> (Weighted Average)** |
| Floating Rate Loan Interests | $10247070 | Third Party Vendor Pricing Services | Broker Quotes | N/A |
| Collateralized Loan Obligation Securities | 19762242 | Third Party Vendor Pricing Services | Broker Quotes | N/A |
| Common Stock | 4624 | Third Party Vendor Pricing Services | Broker Quotes | N/A |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| **Blackstone Long-Short Credit Income Fund** | **Fair Value** | **Valuation Technique** | **Unobservable<br> Input(s)** | **Value/Rate<br> (Weighted Average)** |
| Floating Rate Loan Interests | $8872524 | Third Party Vendor Pricing Services | Broker Quotes | N/A |
| Collateralized Loan Obligation Securities | 17730599 | Third Party Vendor Pricing Services | Broker Quotes | N/A |
| Common Stock | 4094 | Third Party Vendor Pricing Services | Broker Quotes | N/A |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| **Blackstone Strategic Credit 2027 Term Fund** | **Fair Value** | **Valuation Technique** | **Unobservable<br> Input(s)** | **Value/Rate<br> (Weighted Average)** |
| Floating Rate Loan Interests | $25125140 | Third Party Vendor Pricing Services | Broker Quotes | N/A |
| Common Stock |  | Performance Multiple Methodology | EBITDA Multiple | 7.38x |
|  | 1120160 | Third Party Vendor Pricing Services | Broker Quotes | N/A |
| Warrants | 3182 | Third Party Vendor Pricing Services | Broker Quotes | N/A |

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A change to the unobservable input at the reporting date would result in a significant change to the value of the investment as follows:

---

| | | |
|:---|:---|:---|
| **Unobservable Input** | **Impact to Value if Input Increases** | **Impact to Value if Input Decreases** |
| EBITDA Multiple | Increase | Decrease |
| Broker Quotes | Increase | Decrease |

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**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 and stated separately in the Statements of Operations.

When the Funds sell a floating rate loan interest, they may pay an agency fee. The Funds earn 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.

**Federal Income Taxes:** It is the policy of the Funds to continue to qualify as regulated investment companies by complying with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended. For the period ended June 30, 2025, Management has analyzed the tax positions taken by the Funds and has concluded that no income tax provisions are required.

Income distributions and capital gain distributions, if any, are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatments of income and gains on various investment securities held by the Funds, including differences in the timing of recognition or income, losses, and/or gains, and differing characterization of distributions made by the Funds as a whole.

As of and during the period ended June 30, 2025, the Funds did not incur a liability arising from any unrecognized tax benefits. The Funds file U.S. federal, state, and local tax returns as required. The Funds' tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return for federal purposes and four years after the filing of most state and local returns for state and local purposes. Tax returns for any open years have not required and as such not incorporated any uncertain tax positions that result in a provision for income taxes.

82 www.blackstone-credit.com

Blackstone Credit & Insurance Funds Notes to Financial Statements

June 30, 2025 (Unaudited)

**Distributions to Shareholders:** The Funds make monthly cash distributions of all or a portion of their net investment income to common shareholders. The Funds will distribute to common shareholders at least annually all or substantially all of their net investment income determined after the payment of dividends and/or interest, if any, owed with respect to any outstanding preferred shares and/or borrowings. The Funds intend to pay any capital gain distributions at least annually, if any. The Funds utilize a "dynamic" distribution strategy that is based on the net investment income earned by the Funds. The Funds declare a set of monthly distributions each quarter in amounts closely tied to the Funds' recent average monthly net investment income. As a result, the monthly distribution amounts for the Funds typically vary when compared quarter over quarter. A distribution may be treated as paid by December 31 of any calendar year if such a distribution is declared by the Fund in October, November or December with a record date in such a month and is paid by the Fund prior to January 31 of the following calendar year. Such distributions may be taxable to shareholders in the calendar year in which the distributions are declared, rather than taxable to shareholders in the calendar year in which the distributions are paid.

**Offering Costs:** Offering costs incurred in connection with BSL's shelf registration statement, which expired on January 26, 2025, through June 30, 2025, are approximately $217,386. The Statements of Operations reflect the remaining deferred offering costs which were fully expensed at the end of the shelf offering period.

The estimates and assumptions underlying the Funds' financial statements are based on the information available as of June 30, 2025. The estimates and assumptions include judgments about financial market and economic conditions which have changed, and may continue to change, over time.

**NOTE 3. MANAGEMENT FEES, ADMINISTRATION FEES, AND OTHER AGREEMENTS**

**Management Fees:** The Adviser, a wholly-owned subsidiary of Blackstone Alternative Credit Advisors LP (collectively with its affiliates in the credit, asset-based finance and insurance asset management business unit of Blackstone Inc., "Blackstone Credit & Insurance"), is a registered investment adviser and is responsible for the day-to-day management of, and providing administrative and compliance oversight services to, the Funds.

For BSL, the Adviser receives a monthly fee at the annual rate of 0.90% of the average daily value of BSL's total assets (including any assets attributable to any leverage used) minus the sum of BSL's accrued liabilities (other than Fund liabilities incurred for any leverage) ("BSL Managed Assets"). Effective November 17, 2017, the Adviser agreed to reduce a portion of the previous management fee ("Reduced Management Fee"), from an annual rate of 1.00% to 0.90% of BSL's Managed Assets, in connection with the extension of BSL's term through May 31, 2022. Due to the approval of the extension of the BSL term to May 31, 2027, the Reduced Management Fee will continue through BSL's dissolution date. If BSL's term is extended again by shareholders beyond May 31, 2027, the Reduced Management Fee will be assessed at that time. For BGX, the Adviser receives a monthly fee at the annual rate of 1.20% of the average daily value of BGX's net assets (total assets of BGX minus liabilities, including accrued expenses or dividends). For BGB, the Adviser receives a monthly fee at the annual rate of 1.00% of the average daily value of BGB's total assets (including any assets attributable to any leverage used) minus the sum of BGB's accrued liabilities (other than Fund liabilities incurred for any leverage) ("BGB Managed Assets").

For the period ended June 30, 2025, management fees are included on the Statement of Operations. As of June 30, 2025, accrued payables relating to management fees are included on the Statement of Assets and Liabilities.

**Fund Accounting and Administration Fees:** ALPS serves as administrator to the Funds. Under the administration agreement, ALPS is responsible for calculating the NAV of the common shares and generally managing the administrative affairs of the Funds. For BSL and BGB, ALPS receives a monthly fee based on the average daily value of each fund's respective Managed Assets, plus out-of-pocket expenses. For BGX, ALPS receives a monthly fee based on the average daily value of the fund's net assets, plus out-of-pocket expenses. ALPS is not considered an affiliate of the Funds, as defined under the 1940 Act.

**Custodian and Transfer Agent:** The Bank of New York Mellon serves as the Funds' custodian. Computershare Inc. ("Computershare") serves as the Funds' transfer agent. The Bank of New York Mellon and Computershare are not considered affiliates of the Funds as defined under the 1940 Act.

Semi-Annual Report \| June 30, 2025 83

Blackstone Credit & Insurance Funds Notes to Financial Statements

June 30, 2025 (Unaudited)

**NOTE 4. SECURITIES TRANSACTIONS**

Investment transactions for the period ended June 30, 2025, excluding temporary short-term investments, were as follows:

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| | | |
|:---|:---|:---|
| <br>**Fund** | **Cost of Investments**<br>**Purchased** | **Proceeds from**<br>**Investments Sold** |
| Blackstone Senior Floating Rate 2027 Term Fund | $143481707 | $146098752 |
| Blackstone Long-Short Credit Income Fund | 149787171 | 153951003 |
| Blackstone Strategic Credit 2027 Term Fund | 665031677 | 689249634 |

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**NOTE 5. RELATED PARTY TRANSACTIONS**

The Adviser is a related party of the Funds. Fee arrangements with related parties are disclosed in Note 3 and amounts incurred are disclosed in the Statements of Operations.

During the period ended June 30, 2025, none of the Funds engaged in cross trades with an affiliate pursuant to Rule 17a-7 under the 1940 Act.

Blackstone Holdings Finance Co. L.L.C ("FINCO"), an affiliate of the Adviser, pays expenses on behalf of the Funds from time to time. The Funds reimburse FINCO for such expenses paid on behalf of the Funds. FINCO does not charge any fees for providing such services. The amounts of $112,026, $100,031 and $206,207 for BSL, BGX, and BGB, respectively, as of the period ended June 30, 2025, are recorded as other payables and accrued expenses on the Funds' Statements of Assets and Liabilities.

Blackstone Securities Partners L.P. ("BSP"), an affiliate of BSL and of the Adviser, served as the Distributor for BSL's ATM offering of common shares of beneficial interest ("BSL Common Shares") under a distribution agreement with BSL (the "Distribution Agreement"). Pursuant to the Distribution Agreement, BSL compensated BSP with respect to the sale of BSL Common Shares in the ATM offering, which expired January 26, 2025, at a commission rate of 1.00% of the gross proceeds of the sale of BSL Common Shares. Additionally, BSP entered into a sub-placement agent agreement with UBS Securities LLC (the "Sub Placement Agent") and of the commission rate of 1.00%, BSP compensated the Sub-Placement Agent at a rate of 0.80% of the gross proceeds of the sale of BSL's Common Shares sold through the Sub-Placement Agent. For the period ended June 30, 2025, BSL did not sell any shares, pursuant to this shelf registration and $0 gross proceeds were rebated by BSP back to BSL.

84 www.blackstone-credit.com

Blackstone Credit & Insurance Funds Notes to Financial Statements

June 30, 2025 (Unaudited)

**NOTE 6. CAPITAL**

The Funds have authorized an unlimited number of $0.001 par value common shares.

Transactions in shares were as follows:

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| | | |
|:---|:---|:---|
| <br>**Blackstone Senior Floating Rate 2027 Term Fund** | **For the Six<br> Months Ended<br> June 30, 2025<br> (Unaudited)** | <br>**For the**<br> **Year Ended**<br> **December 31, 2024** |
| Common shares outstanding - beginning of period | 13008542 | 13008542 |
| Common shares issued as reinvestment of dividends | 7362 | – |
| Common shares outstanding - end of period | 13015904 | 13008542 |

---

---

| | | |
|:---|:---|:---|
| <br>**Blackstone Long-Short Credit Income Fund** | **For the Six<br> Months Ended<br> June 30, 2025<br> (Unaudited)** | <br>**For the**<br> **Year Ended**<br> **December 31, 2024** |
| Common shares outstanding - beginning of period | 12708275 | 12708275 |
| Common shares issued as reinvestment of dividends | – | – |
| Common shares outstanding - end of period | 12708275 | 12708275 |

---

---

| | | |
|:---|:---|:---|
| <br>**Blackstone Strategic Credit 2027 Term Fund** | **For the Six<br> Months Ended<br> June 30, 2025<br> (Unaudited)** | <br>**For the**<br> **Year Ended**<br> **December 31, 2024** |
| Common shares outstanding - beginning of period | 44664382 | 44664382 |
| Common shares issued as reinvestment of dividends | – | – |
| Common shares outstanding - end of period | 44664382 | 44664382 |

---

**NOTE 7. LOANS AND OTHER INVESTMENTS**

BSL defines "Senior Loans" as senior secured, floating rate loans that are made to U.S. and, to a limited extent, non-U.S. corporations, partnerships and other business entities ("Borrowers"), which operate in various industries and geographical regions. BGX includes first and second lien secured, floating rate loans in its definition of "Secured Loans." Under normal market conditions, at least 80% of BSL's Managed Assets (defined below) will be invested in Senior Loans and 70% of BGX's Managed Assets (defined below) will be invested in Secured Loans. BSL defines "Managed Assets" as total assets (including any assets attributable to any leverage used) minus the sum of BSL's accrued liabilities (other than liabilities related to the principal amount of leverage). 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). BGB defines "Managed Assets" as total assets (including "effective leverage" (meaning leverage incurred through total return swaps, securities lending arrangements, credit default swaps or other derivative transactions) and "traditional leverage" (meaning borrowing money or issuing preferred shares (but will not issue auction rate preferred shares), debt securities or commercial paper, or enter into similar transactions)). Under normal market conditions, at least 80% of BGB's Managed Assets will be invested in credit investments comprised of corporate fixed income instruments and other investments (including derivatives) with similar economic characteristics. At June 30, 2025, 91.24% of BSL's Managed Assets were held in Senior Loans, 79.01% of BGX's Managed Assets were held in Secured Loans, and 100.14% of BGB's Managed Assets were held in corporate fixed income instruments including Senior Secured Loans. BGB may invest in assignments or participations of Senior Secured Loans made to U.S. and, to a limited extent, non-U.S. corporations, partnerships and other business entities ("Borrowers") which operate in various industries and geographical regions.

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 prepayments from Borrowers' excess cash flows or permit the Borrowers to repay at their election. The degree to which Borrowers repay, whether as a contractual requirement 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 Secured Overnight Financing Rate ("SOFR"), plus a premium or credit spread.

Semi-Annual Report \| June 30, 2025 85

Blackstone Credit & Insurance Funds Notes to Financial Statements

June 30, 2025 (Unaudited)

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 any of the Funds. Risk of loss of income 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 applicable 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 June 30, 2025, BSL, BGX and BGB had invested $7,986,937, $6,553,362, and $23,140,777, respectively, in second lien secured loans. Second lien secured loans are considered Secured Loans for BGX and Senior Secured Loans for BGB, but are not considered Senior Loans for BSL.

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 Funds typically invest 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 Funds, 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.

The Funds may acquire Loans through assignments or participations. The Funds typically acquire these Loans through assignment, and if a Fund 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 the Funds must acquire a Loan through a participation.

BSL and BGX have invested in CLO securities. A CLO is a financing entity (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, each 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, each 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.

86 www.blackstone-credit.com

Blackstone Credit & Insurance Funds Notes to Financial Statements

June 30, 2025 (Unaudited)

**NOTE 8. GENERAL COMMITMENTS AND CONTINGENCIES**

As of June 30, 2025, the Funds had unfunded loan commitments outstanding, which could be extended at the option of the borrower, as detailed below:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Blackstone Senior Floating<br> Rate 2027 Term Fund** | **Blackstone Senior Floating<br> Rate 2027 Term Fund** | **Blackstone Long-Short<br> Credit Income Fund** | **Blackstone Long-Short<br> Credit Income Fund** | **Blackstone Strategic<br> Credit 2027 Term Fund** | **Blackstone Strategic<br> Credit 2027 Term Fund** |
| <br>**Borrower** | **Par Value** | **Fair Value** | **Par Value** | **Fair Value** | **Par Value** | **Fair Value** |
| Hanger, Inc., First Lien Term Loan | $53472 | $53624 | $47471 | $47604 | $171875 | $172362 |
| June Purchaser/Janney Montgomery 9/24 Delayed TL 1., First Lien Term Loan | 109584 | 110162 | 97284 | 97797 | 173664 | 174579 |
| R1 RCM 10/24 Cov-Lite., First Lien Term Loan | 38141 | 38155 | 33635 | 33647 | 8694 | 8697 |
| Signia Aerospace 11/24., First Lien Term Loan | 35339 | 35560 | 32056 | 32257 | 118096 | 118834 |
| Grant Thornton Advisors LLC, First Lien Term Loan | 40118 | 40133 | 35444 | 35458 | 128924 | 128973 |
| Total | $276654 | $277634 | $245890 | $246763 | $601253 | $603445 |

---

Unfunded loan commitments are marked to market on the relevant day of the valuation in accordance with the Funds' valuation policies. Any related unrealized appreciation/(depreciation) on unfunded loan commitments is recorded on the Statements of Assets and Liabilities and the Statements of Operations. For the period ended June 30, 2025, BSL, BGX, and BGB recorded net unrealized appreciation on unfunded loan commitments totaling $1,482, $1,095, and $2,477, respectively.

**NOTE 9. CREDIT DEFAULT SWAPS**

BGX may enter into over-the-counter ("OTC") and/or centrally cleared credit default swap contracts and may also use credit default swaps to express a negative credit view on a loan or other investment. If BGX purchases protection under a credit default swap and no credit event occurs on the reference obligation, BGX will have made a series of periodic payments and recover nothing of monetary value. However, if a credit event occurs on the reference obligation, BGX (if the buyer of protection) will receive the full notional value of the reference obligation through a cash payment in exchange for the reference obligation or alternatively, a cash payment representing the difference between the expected recovery rate and the full notional value.

The periodic swap payments received or made by BGX are recorded in the Statements of Operations as realized gains or losses, respectively. Any upfront fees paid are recorded as assets and any upfront fees received are recorded as liabilities and amortized over the term of the swap. Swaps are marked-to-market daily and changes in value, including the accrual of periodic amounts of interest, are recorded as unrealized appreciation (depreciation) and shown on BGX's Statement of Operations. When the swap is terminated, BGX will record a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and BGX's basis in the contract, if any. Generally, the basis of the contracts is the unamortized premium received or paid.

International Swaps and Derivatives Association, Inc. Master Agreements ("ISDA Master Agreements") govern OTC financial derivative transactions entered into by a Fund and those counterparties. The ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements.

Swap transactions involve, to varying degrees, elements of interest rate, credit and market risk in excess of the amounts recognized in the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions. The Adviser selects only those counterparties that it believes are credit-worthy.

During the period ended June 30, 2025, BGX did not enter into any credit default swaps.

Semi-Annual Report \| June 30, 2025 87

Blackstone Credit & Insurance Funds Notes to Financial Statements

June 30, 2025 (Unaudited)

**NOTE 10. LEVERAGE**

On July 27, 2016, BGX and BGB issued 7-year Mandatory Redeemable Preferred Shares (the "Series A MRPS"). BGX issued 20,000 Series A MRPS with a total liquidation value of $20,000,000 and BGB issued 45,000 Series A MRPS with a total liquidation value of $45,000,000. As of February 11, 2021, the Series A MRPS of BGB and BGX were rated "AA" by Fitch Ratings. On February 12, 2021, Fitch Ratings downgraded the ratings on both BGB's Series A MRPS and BGX's Series A MRPS to "A". The downgrades were driven by changes to Fitch Ratings' rating criteria for closed-end funds, rather than by any fundamental changes to the Funds' credit profiles. The dividend rate on the Funds' Series A MRPS would have increased if the credit rating for the relevant Fund were downgraded below "A" by Fitch Ratings or the equivalent rating of other nationally recognized statistical ratings organizations. BGB and BGX used the proceeds of the offerings to make additional investments for their portfolios. The final redemption date of the Series A MRPS was July 27, 2023, and on that date, BGB and BGX redeemed all of their outstanding Series A MRPS at liquidation value in the amount of $45,000,000 and $20,000,000, respectively. Prior to redemption, BGB and BGX made quarterly dividend payments on the Series A MRPS at an annual dividend rate of 3.61%. On July 25, 2023 BGB issued 45,000 4-year mandatory redeemable preferred shares (the "Series B MRPS") with a par value of $0.001 per share and a total liquidation value of $45,000,000. As of July 25, 2023, the Series B MRPS were rated "A" by Fitch Ratings. The Series B MRPS are redeemable on July 25, 2027, and pay quarterly distributions at an annual dividend rate of 6.60%. The dividend rate on the Fund's Series B MRPS will increase if the Fund's credit rating is downgraded below "A" by Fitch Ratings or the equivalent rating of other nationally recognized statistical ratings organizations. BGB used substantially all of the proceeds of the offering to fund the redemption payment for the Series A MRPS. Due to the terms of the Series B MRPS, face value approximates fair value at June 30, 2025. This fair value is based on Level 2 inputs under the three- tier fair valuation hierarchy (see Note 2).

In connection with BGB and BGX's issuance of Series A MRPS, certain costs were incurred by BGB and BGX and have been recorded net against the outstanding liability. These costs were amortized over the period beginning July 27, 2016 (day of issuance) through July 27, 2023, the final redemption date. In connection with BGB's issuance of Series B MRPS, certain costs were incurred by BGB and have been recorded net against the outstanding liability. These costs are being amortized over the period beginning July 25, 2023 (day of issuance) through July 25, 2027 (final redemption date) and are shown on BGB's Statements of Operations under amortization of deferred financing costs.

Except for matters that do not require the vote of the holders of Series B MRPS under the 1940 Act and except as otherwise provided in BGB's Declaration of Trust, Bylaws, or the applicable Securities Purchase Agreement or as otherwise required by applicable law, each holder of Series B MRPS shall be entitled to one vote for each Series B MRPS held on each matter submitted to a vote of shareholders of the Fund, and the holders of outstanding preferred shares and common shares shall vote together as a single class on all matters submitted to shareholders; provided, however, that the holders of outstanding preferred shares shall be entitled, as a class, to the exclusion of the holders of shares of all other classes of beneficial interest of the Fund, to elect two Trustees of the applicable Fund at all times.

Each Fund terminated its previously existing leverage facilities (the "Prior Leverage Facilities") in December 2024 and entered into a new, separate Credit Agreement (each, an "Agreement") with a new lender to borrow money pursuant to an evergreen revolving line of credit (each, a "Leverage Facility") for BSL, BGX and BGB. Each Leverage Facility does not have a scheduled maturity date, but can be terminated (i) by the applicable Fund upon at least three (3) business days' written notice to the lender under the applicable Leverage Facility or (ii) by such lender on the latest to occur of (a) the 365th day after the initial closing date of such Leverage Facility, (b) the 270th day after such lender delivers a notice of termination to the applicable Fund or (c) a later date specified by such lender in the applicable notice of termination.

BSL entered into an agreement dated December 24, 2024, to borrow up to a limit of $100 million ("BSL Revolving Loans").

BGX entered into an agreement dated December 24, 2024, to borrow up to a limit of $90 million ("BGX Revolving Loans").

BGB entered into an agreement dated December 24, 2024, to borrow up to a limit of $315 million ("BGB Revolving Loans" and collectively with BSL Revolving Loans and BGX Revolving Loans, the "Revolving Loans").

Borrowings under each Agreement are secured by the assets of the applicable Fund.

Interest on outstanding Revolving Loans under each Leverage Facility is currently charged at a rate of 1.15% above adjusted term Secured Overnight Financing Rate ("SOFR") with respect to the applicable Revolving Loans, with either a one (1) month interest period or three (3) month interest period as elected by the applicable Fund. The Funds may also elect to borrow daily interest rate loans based on a customary alternate base rate.

Under the terms of the applicable Agreement, each Fund must pay a commitment fee on any undrawn amounts, currently in an amount equal to 0.15% on the undrawn amounts when drawn amounts equal or exceed 75% of the borrowing limit and 0.25% on the undrawn amounts at any other time.

88 www.blackstone-credit.com

Blackstone Credit & Insurance Funds Notes to Financial Statements

June 30, 2025 (Unaudited)

Under the terms of the applicable Agreement, the lender under the applicable Revolving Facility may deliver a notice that it will adjust the interest rate margin and/or commitment fees payable under the Revolving Facility (not more than once in any 365-day period with respect to the interest rate margin and not more than once in any 365-day period with respect to commitment fees). To the extent the applicable Revolving Facility is not previously terminated, any such adjustment will become effective without the consent of the Funds upon the latest to occur of (a) the 365th day after the initial closing date of such Leverage Facility, (b) the 60th day after such lender delivers such notice to the applicable Fund or (c) a later date specified by such lender in the applicable notice.

Interest is generally payable at the end of the respective interest period and fees are generally payable after the end of each calendar quarter. As of June 30, 2025, BSL, BGX, and BGB had borrowings outstanding under their respective Leverage Facility of $86.6 million, $76.0 million, and $281.0 million, at an interest rate of 5.47%, 5.47%, and 5.47%, respectively. Due to the short term nature of each Agreement, face value approximates fair value at June 30, 2025. This fair value is based on Level 2 inputs under the three-tier fair valuation hierarchy (see Note 2). For the period ended June 30, 2025, the average borrowings under BSL's, BGX's and BGB's Leverage Facility and the weighted average interest rates were $88,600,000 and 5.55%, $78,116,022 and 5.56%, and $287,359,116 and 5.47%, respectively. Prior to their termination, interest under BSL's and BGB's Prior Leverage Facilities was charged at a rate of 1.00% above adjusted term SOFR with respect to Tranche A Loans, 1.30% above adjusted term SOFR for one (1) month interest period Tranche B Loans and 1.20% above adjusted term SOFR for three (3) month interest period Tranche B Loans, with respect to the applicable loans thereunder. Prior to its termination, interest under BGX's Prior Leverage Facility was charged at a rate of 1.15% with respect to Tranche A Loans consisting of TS Loans, 1.30% above adjusted term SOFR for (1) month interest period Tranche B Loans and 1.20% above adjusted term SOFR for (3) month interest period Tranche B Loans. During the period ended June 30, 2025, BSL, BGX and BGB incurred $11,754, $6,175, and $23,545, respectively, for commitment fees on undrawn amounts under the Leverage Facility, which is included under Interest on leverage facility on the Statements of Operations. Prior to their termination, the commitment fee payable in BSL's, BGX's and BGB's Prior Leverage Facilities, for each of Tranche A and Tranche B Loans, was 0.15% when the drawn amounts exceeded 75% of the borrowing limit and 0.25% on the undrawn amounts at any other time.

Under each Agreement and governing document of the Series B MRPS, each Fund has agreed to certain covenants and additional investment limitations while the leverage is outstanding. Each Fund agreed to maintain asset coverage of three times over borrowings, and BGB has agreed to maintain 225% asset coverage over borrowings plus Series B MRPS. Calculations in compliance with the investment restrictions are performed by the Funds' custodian, The Bank of New York Mellon.

The use of borrowings to leverage the common shares of the Funds is expected to create certain risks. Changes in the value of the Funds' portfolios, including securities bought with the proceeds of leverage, are borne entirely by the holders of common shares of the Funds. All costs and expenses related to any form of leverage used by the Funds are borne entirely by common shareholders. If there is a net decrease or increase in the value of the Funds' investment portfolios, the leverage may decrease or increase, as the case may be, the NAV per common share to a greater extent than if the Funds did not utilize leverage. During periods when BSL and BGB are using leverage, the fees paid to the Adviser for advisory services and to ALPS for administrative services are higher than they would be if BSL and BGB did not use leverage because the fees paid are calculated on the basis of the Managed Assets of BSL and BGB, which include the assets purchased through leverage. As of June 30, 2025, BSL's, BGX's, and BGB's leverage represented 31.50%, 31.41%, and 36.52% of each Fund's Managed Assets, respectively. The leverage amount in BGB includes 5.04% of Managed Assets attributable to the Series B MRPS.

**NOTE 11. INCOME TAX**

Ordinary income, which as determined on a tax basis includes net short-term capital gains, if any, is allocated to common stockholders after the consideration of any payments due on outstanding term preferred shares. To the extent that the amount distributed to common stockholders exceeds the amount of available ordinary income these distributions may be treated as a return of capital on a tax basis. Additionally, to the extent that the amount distributed on any outstanding term preferred shares exceeds the amount of available ordinary income, these distributions may also be treated as a return of capital on a tax basis.

Amounts paid from net long-term capital gains of the Funds, if any, will be designated as such by the Funds and are determined after the consideration of any payments due on outstanding preferred shares.

Semi-Annual Report \| June 30, 2025 89

Blackstone Credit & Insurance Funds Notes to Financial Statements

June 30, 2025 (Unaudited)

The Funds may make certain adjustments to the classification of net assets as a result of significant permanent book-to-tax differences, which include differences in the book and tax basis of certain assets and liabilities, and non-deductible federal taxes or losses, among other items. These differences may be charged or credited to paid-in capital and distributable earnings as a result. For the year ended December 31, 2024 permanent differences were as follows:

---

| | | |
|:---|:---|:---|
| <br>**Fund** | **Increase/(Decrease)<br> Paid-in capital** | **Increase/(Decrease)<br> Total Distributable Earnings** |
| Blackstone Senior Floating Rate 2027 Term Fund | $– | $– |
| Blackstone Long-Short Credit Income Fund | $– | $– |
| Blackstone Strategic Credit 2027 Term Fund | $(1453) | $1453 |

---

The tax character of distributions paid by the Funds during the fiscal year ended December 31, 2024 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| <br>**2024** | **Blackstone Senior Floating<br> Rate 2027 Term Fund** | **Blackstone Long-Short Credit<br> Income Fund** | **Blackstone Strategic Credit<br> 2027 Term Fund** |
| Distributions Paid From: |  |  |  |
| &nbsp;&nbsp;&nbsp;Ordinary Income | $17639582 | $15631178 | $53574744 <sup>(a)</sup> |
| Total | $17639582 | $15631178 | $53574744 |

---

*<sup>(a)</sup>* *Distributions paid include common shares and mandatory redeemable preferred shares.*

Under the Regulated Investment Company Modernization Act of 2010, net capital losses recognized by the Fund may get carried forward indefinitely, and retain their character as short-term and/or long-term losses. Any such losses will be deemed to arise on the first day of the next taxable year. Losses for the year ended December 31, 2024, and as such are deemed to arise on the first day of the year ended December 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Short Term** | **Long Term** |
| Blackstone Senior Floating Rate 2027 Term Fund | $3417853 | $59917018 |
| Blackstone Long-Short Credit Income Fund | $5622604 | $60581224 |
| Blackstone Strategic Credit 2027 Term Fund | $15010872 | $242063531 |

---

At December 31, 2024, the components of distributable earnings on a tax basis for the Funds were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Blackstone Senior Floating<br> Rate 2027 Term Fund** | **Blackstone Long-Short Credit<br> Income Fund** | **Blackstone Strategic Credit<br> 2027 Term Fund** |
| Undistributed ordinary income | $– | $– | $671682 |
| Accumulated capital losses | (63334871) | (66203828) | (257074403) |
| Unrealized appreciation/(depreciation) | (2372440) | (2145256) | (12452612) |
| Other Cumulative effect of timing differences | (267518) | (881166) | – |
| Total | $(65974829) | $(69230250) | $(268855333) |

---

The amount of net tax unrealized appreciation/(depreciation) and the tax cost of investment securities at June 30, 2025, calculated using book/tax differences as of the most recently ended fiscal year, December 31, 2024, were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Blackstone Senior Floating<br> Rate 2027 Term Fund** | **Blackstone Long-Short Credit<br> Income Fund** | **Blackstone Strategic Credit<br> 2027 Term Fund** |
| Cost of investments for income tax purposes | $289053476 | $251072585 | $939278027 |
| Gross appreciation (excess of value over tax cost) | $1667424 | $2156220 | $9774797 |
| Gross depreciation (excess of tax cost over value) | (7215319) | (5959030) | (26084854) |
| Net unrealized depreciation | $(5547895) | $(3802810) | $(16310057) |

---

90 www.blackstone-credit.com

Blackstone Credit & Insurance Funds Notes to Financial Statements

June 30, 2025 (Unaudited)

**NOTE 12. RECENT ACCOUNTING PRONOUNCEMENT**

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023- 07"), which enhances disclosure requirements about significant segment expenses that are regularly provided to the chief operating decision maker (the "CODM"). ASU 2023-07, among other things, (i) requires a single segment public entity to provide all of the disclosures as required by ASC 280, (ii) requires a public entity to disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources and (iii) provides the ability for a public entity to elect more than one performance measure. ASU 2023-07 is effective for the fiscal years beginning after December 15, 2023, and interim periods beginning with the first quarter ended March 31, 2025. Early adoption is permitted and retrospective adoption is required for all prior periods presented. The Funds have adopted ASU 2023-07 effective December 31, 2024 and concluded that the application of this guidance did not have any material impact on their financial statements. See "Note 13. Segment Reporting" for further information.

**NOTE 13. SEGMENT REPORTING**

Each of the Funds operates as a single reportable segment and derives revenues from investing primarily in senior loans and other fixed income instruments.

The chief operating decision maker ("CODM") is comprised of the Funds' chief executive officer and chief financial officer. The CODM assesses performance and makes operating decisions primarily based on each of the Funds' net increase (decrease) in net assets attributable to common shares from operations and net investment income, respectively, which are reported on the Statements of Operations. These key metrics, in addition to other factors, are utilized by the CODM to determine the amount of dividends to be distributed to each of the Funds' common shareholders. As each of the Funds' operations comprise of a single reporting segment, the segment net assets are reflected on the Statement of Assets and Liabilities as net assets attributable to common shareholders and the significant segment expenses are listed on the Statement of Operations.

**NOTE 14. INDEMNIFICATIONS**

Under each Fund's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the respective Fund. Additionally, in the normal course of business, each Fund enters into agreements with service providers that may contain indemnification clauses. Under such agreements, underwriters and agents may be entitled to indemnification by a Fund against certain civil liabilities, including liabilities under the Securities Act of 1933, or to contribution for payments the underwriters or agents may be required to make. Each Fund's maximum exposure under these agreements is unknown as this would involve future claims that may be made against the respective Fund that have not yet occurred.

**NOTE 15. SUBSEQUENT EVENTS**

In preparing these financial statements, the Funds' management has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued.

Shareholder Distributions for BSL: On June 13, 2025, a monthly distribution of $0.097 per share was declared to common shareholders, payable on July 31, 2025, to common shareholders of record on July 24, 2025. On June 13, 2025, a monthly distribution of $0.097 per share was declared to common shareholders, payable on August 29, 2025 to common shareholders of record on August 22, 2025.

Shareholder Distributions for BGX: On June 13, 2025, a monthly distribution of $0.084 per share was declared to common shareholders, payable on July 31, 2025, to common shareholders of record on July 24, 2025. On June 13, 2025, a monthly distribution of $0.084 per share was declared to common shareholders, payable on August 29, 2025 to common shareholders of record on August 22, 2025.

Shareholder Distributions for BGB: On June 13, 2025, a monthly distribution of $0.089 per share was declared to common shareholders, payable on July 31, 2025, to common shareholders of record on July 24, 2025. On June 13, 2025, a monthly distribution of $0.089 per share was declared to common shareholders, payable on August 29, 2025 to common shareholders of record on August 22, 2025.

Semi-Annual Report \| June 30, 2025 91

Blackstone Credit & Insurance Funds Summary of Dividend Reinvestment Plan

June 30, 2025 (Unaudited)

Pursuant to the Funds' Dividend Reinvestment Plan (the "DRIP"), shareholders whose shares are registered in their own name may ''opt-in'' to the plan and elect to reinvest all or a portion of their distributions in common shares by providing the required enrollment notice to Computershare, the DRIP administrator. Shareholders whose shares are held in the name of a broker or other nominee may have distributions reinvested only if such a service is provided by the broker or the nominee or if the broker or the nominee permits participation in the DRIP. Shareholders whose shares are held in the name of a broker or other nominee should contact the broker or nominee for details. A shareholder may terminate participation in the DRIP at any time by notifying the DRIP administrator before the record date of the next distribution through the Internet, by telephone or in writing. All distributions to shareholders who do not participate in the DRIP, or have elected to terminate their participation in the DRIP, will be paid by check mailed directly to the record holder by or under the direction of the DRIP administrator when the Board declares a distribution.

When the Funds declare a distribution, shareholders who are participants in the applicable DRIP receive the equivalent of the amount of the distribution in common shares. If you participate in the DRIP, the number of common shares of the Funds that you will receive will be determined as follows:

(1) If the market price of the common shares plus any brokerage commissions on the payable date (or, if the payable date is not a New York Stock Exchange trading day, the immediately preceding trading day) for determining shareholders eligible to receive the relevant distribution (the ''determination date'') is equal to or exceeds 98% of the NAV per common share, the Fund will issue new common shares at a price equal to the greater of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) 98% of the NAV per share at the close of trading on the New York Stock Exchange on the determination date or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 95% of the market price per common share on the determination date.

(2) If 98% of the NAV per common share exceeds the market price of the common shares plus any brokerage commissions on the determination date, the DRIP administrator will receive the distribution in cash and will buy common shares in the open market, on the New York Stock Exchange or elsewhere, for your account as soon as practicable commencing on the trading day following the determination date and terminating no later than the earlier of (a) 30 days after the distribution payment date, or (b) the record date for the next succeeding distribution to be made to the shareholders; except when necessary to comply with applicable provisions of the federal securities laws. If during this period: (i) the market price plus any brokerage commissions rises so that it equals or exceeds 98% of the NAV per common share at the close of trading on the New York Stock Exchange on the determination date before the DRIP administrator has completed the open market purchases or (ii) the DRIP administrator is unable to invest the full amount eligible to be reinvested in open market purchases, the DRIP administrator will cease purchasing common shares in the open market and the Fund will issue the remaining common shares at a price per share equal to the greater of (a) 98% of the NAV per share at the close of trading on the New York Stock Exchange on the determination date or (b) 95% of the then current market price per share.

The DRIP administrator maintains all shareholder accounts in the dividend reinvestment plan and furnishes written confirmations of all transactions in the account, including information needed by shareholders for personal and tax records. Common shares in the account of each DRIP participant are held by the DRIP administrator in non-certificated form in the name of the participant, and each shareholder's proxy includes shares purchased pursuant to the DRIP.

There is no charge to participants for reinvesting regular distributions and capital gains distributions. The fees of the DRIP administrator for handling the reinvestment of regular distributions and capital gains distributions are included in the fee to be paid by us to our transfer agent. There are no brokerage charges with respect to shares issued directly by us as a result of regular distributions or capital gains distributions payable either in shares or in cash. However, each participant bears a pro rata share of brokerage commissions incurred with respect to the DRIP administrator's open market purchases in connection with the reinvestment of such distributions. Shareholders that opt-in to the DRIP will add to their investment through dollar cost averaging. Because all dividends and distributions paid to such shareholder will be automatically reinvested in additional common shares, the average cost of such shareholder's common shares will decrease over time. Dollar cost averaging is a technique for lowering the average cost per share over time if the Fund's NAV declines. While dollar cost averaging has definite advantages, it cannot assure profit or protect against loss in declining markets.

The automatic reinvestment of such dividends or distributions does not relieve participants of any income tax that may be payable on such dividends or distributions.

You may obtain additional information by contacting the DRIP administrator at the following address: Computershare, Attn: Sales Dept., P.O. Box 358035, Pittsburgh, PA 15252.

92 www.blackstone-credit.com

Blackstone Credit & Insurance Funds Additional Information

June 30, 2025 (Unaudited)

**Portfolio Information:** The Funds file their complete schedules of portfolio holdings with the Securities and Exchange Commission (the "SEC") for the first and third quarters of each fiscal year as an exhibit on Form N-PORT within 60 days after the end of the Funds' fiscal quarter. The Funds' portfolio holdings information for the third month of each fiscal quarter on Form N-PORT is available (1) on the Funds' website located at www.blackstone-credit.com or (2) on the SEC's website at http://www.sec.gov. Holdings and allocations shown on any Form N-PORT are as of the date indicated in the filing and may not be representative of future investments. Holdings and allocations should not be considered research or investment advice and should not be relied upon in making investment decisions.

**Proxy Information:** The policies and procedures used to determine how to vote proxies relating to securities held by the Funds are available (1) without charge, upon request, by calling 1-877-876-1121, (2) on the Funds' website located at www.blackstone-credit.com, and (3) on the SEC's website at http://www.sec.gov. Information regarding how the Funds voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30 is available on Form N-PX by August 31 of each year (1) without charge, upon request, by calling 1-877-876-1121, (2) on the Funds' website located www.blackstone-credit.com, and (3) on the SEC's website at http://www.sec.gov.

**Senior Officer Code of Ethics:** The Funds file a copy of their code of ethics that applies to the Funds' principal executive officer, principal financial officer or controller, or persons performing similar functions, with the SEC as an exhibit to each annual report on Form N-CSR. This will be available on the SEC's website at http://www.sec.gov.

**BSL Annual Meeting of Shareholders - Voting Results:**

On April 23, 2025, BSL held a special meeting of shareholders to consider the proposals set forth below. The following votes were recorded:

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| | | |
|:---|:---|:---|
| | **Number of Shares** | **% of Shares Voted** |
| Affirmative | 10486505 | 96.37% |
| Withheld | 395475 | 3.63% |
| Total | 10881980 | 100.00% |

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**BGX Annual Meeting of Shareholders - Voting Results:**

On April 23, 2025, BGX held a special meeting of shareholders to consider the proposals set forth below. The following votes were recorded:

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| | | |
|:---|:---|:---|
| | **Number of Shares** | **% of Shares Voted** |
| Affirmative | 9577875 | 94.13% |
| Withheld | 597866 | 5.87% |
| Total | 10175741 | 100.00% |

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**BGB Annual Meeting of Shareholders - Voting Results:**

On April 23, 2025, BGB held a special meeting of shareholders to consider the proposals set forth below. The following votes were recorded:

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| | | |
|:---|:---|:---|
| | **Number of Shares** | **% of Shares Voted** |
| Affirmative | 34163860 | 84.91% |
| Withheld | 6071142 | 15.09% |
| Total | 40235002 | 100.00% |

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Semi-Annual Report \| June 30, 2025 93

Blackstone Credit & Insurance Funds Privacy Procedures

June 30, 2025 (Unaudited)

This privacy policy sets forth the Adviser's policies with respect to nonpublic personal information of individual investors, shareholders, prospective investors and former investors of investment funds managed by the Adviser. These policies apply to individuals only and are subject to change.

**July 2025**

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| | |
|:---|:---|
| **FACTS** | **WHAT DO WE DO WITH YOUR PERSONAL INFORMATION?** |
| **Why?** | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
| **What?** | The types of personal information we collect and share depend on the product or service you have with us. This information can include:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Social Security number and income<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Assets and investment experience<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Risk tolerance and transaction history |
| **How?** | All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons we may choose to share; and whether you can limit this sharing. |

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| | | |
|:---|:---|:---|
| **Reasons we can share your personal information** | **Do we share?** | **Can you limit this sharing?** |
| **For our everyday business purposes—** such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
| **For our marketing purposes—** to offer our products and services to you | Yes | No |
| **For joint marketing with other financial companies** | No | We don't share |
| **For our affiliates' everyday business purposes—** information about your transactions and experiences | No | We don't share |
| **For our affiliates' everyday business purposes—** information about your creditworthiness | No | We don't share |
| **For our affiliates to market to you** | No | We don't share |
| **For nonaffiliates to market to you** | No | We don't share |

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| | |
|:---|:---|
| **Questions?** | &nbsp;&nbsp;&nbsp;&nbsp;Email us at GLB.privacy@blackstone.com |

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Blackstone Credit & Insurance Funds Privacy Procedures

June 30, 2025 (Unaudited)

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| | |
|:---|:---|
| **What We Do** | |
| **How do we protect my personal information?** | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. |
| **How do we collect my personal information?** | We collect your personal information, for example, when you:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● open an account or give us your income information<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● provide employment information or give us your contact information<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● tell us about your investment or retirement portfolio<br> We also collect your personal information from others, such as credit bureaus, affiliates, or other companies. |
| **Why can** **'t I limit all sharing?** | Federal law gives you the right to limit only:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● sharing for affiliates' everyday business purposes—information about your creditworthiness<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● affiliates from using your information to market to you sharing for nonaffiliates to market to you<br> State laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law. |
| **What happens when I limit sharing for an account I hold jointly with someone else?** | Your choices will apply to everyone on your account—unless you tell us otherwise. |
| **Definitions** |  |
| **Affiliates** | Companies related by common ownership or control. They can be financial and nonfinancial companies.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Our affiliates include entities with a Blackstone name and certain other financial companies. |
| **Nonaffiliates** | Companies not related by common ownership or control. They can be financial and nonfinancial companies.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● We do not share with nonaffiliates so they can market to you. |
| **Joint marketing** | A formal agreement between nonaffiliated financial companies that together market financial products or services to you.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Our joint marketing partners include financial services companies. |

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---

| |
|:---|
| **Other Important Information** |
| **California Residents**—In accordance with California law, we will not share information we collect about California residents with nonaffiliates except as permitted by law, such as with the consent of the customer or to service the customer's accounts. We will also limit the sharing of information about you with our affiliates to the extent required by applicable California law. |

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---

| |
|:---|
| **Vermont Residents**—In accordance with Vermont law, we will not share information we collect about Vermont residents with nonaffiliates except as permitted by law, such as with the consent of the customer or to service the customer's accounts. We will not share creditworthiness information about Vermont residents among our affiliates except with the authorization or consent of the Vermont resident. |
| **Contact Us** |
| If you have any questions or comments about this Privacy Notice, or if you would like us to update information we have about you or your preferences, please email us at <u>PrivacyQueries@Blackstone.com</u> or access our web form <u>www.blackstone.com/privacy</u>. |
| You may also write to: |
| Blackstone Inc.<br> Attn: Legal & Compliance<br> 345 Park Avenue<br> New York, NY 10154 |

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Semi-Annual Report \| June 30, 2025 95

Blackstone Credit & Insurance Funds Privacy Procedures

June 30, 2025 (Unaudited)

**Investor Data Privacy Notice**

**<u>Why are you seeing this notice?</u>**

● You may need to provide Personal Data to us as part of your investment into a fund or other investment vehicle (as applicable, the **Fund**) managed or advised by investment advisers or management companies that are subsidiaries of Blackstone Inc. or its affiliates (and, where applicable, the general partner of the relevant Fund) (collectively, **Blackstone**).

● We want you to understand how and why we use, store and otherwise process your Personal Data when you deal with us or our relevant affiliates (including under applicable data protection laws). If this notice (the **Data Privacy Notice**) has been made available to you, you may have certain rights with respect to your Personal Data under applicable data protection laws (including as described in this Data Privacy Notice).

● "**Personal Data**" has the meaning given to it under data protection laws that apply to our processing of your personal information, and includes any information relating to an identified or identifiable individual (such as name, address, date of birth, personal identification numbers, sensitive personal information, and economic information).

● We ask that investors promptly provide the information contained in this Data Privacy Notice to any individuals whose Personal Data they provide to the Fund or its affiliates in connection with 'know your client' / anti-money laundering requests or otherwise.

**Please read the information below carefully. It explains how and why Personal Data is processed by us.**

**<u>Who is providing this notice?</u>**

Blackstone is committed to protecting and respecting your privacy. Blackstone is a global financial services firm with offices, branches, operations and entities globally, including as described at this link: https://privacy.blackstone.com/visitors-online-privacy-notice/#appendixA

● For transparency, the Blackstone entities on whose behalf this privacy statement is made are: (i) the Fund; and (ii) where applicable, the Blackstone general partner, manager and/or investment adviser of the relevant Fund, in each case, with which you contract, transact or otherwise share Personal Data (together, the **Fund Parties**).

● Where we use the terms "**we** ", "**us**" and "**our**" in this Data Privacy Notice, we are referring to the Fund and the Fund Parties.

● Please consult your subscription documents, private placement memorandum or other offering documentation provided to you by or on behalf of the Fund Parties which will further specify the entities and contact details of the Fund Parties relevant to our relationship with you.

● We welcome investors and their representatives to contact us if they have any queries with respect to the Fund Parties (in particular, which Fund Parties are relevant to their relationship with Blackstone). If you have any queries, please see the 'Contact Us' section.

When you provide us with your Personal Data, each Fund Party that decides how and why Personal Data is processed acts as a "**data controller**". In simple terms, this means that the Fund Party makes certain decisions on how to use and protect your Personal Data— but only to the extent that we have informed you about the use or are otherwise permitted by law.

Where your Personal Data is processed by an entity controlled by, or under common control with, the Blackstone entity/ies managing a Fund for its own purposes, this entity will also be a data controller.

**<u>What personal data do we collect about you?</u>**

The types of Personal Data that we collect and share depends on the product or service you have with us and the nature of your investment. The Personal Data we collect about you may include:

● Contact information, such as name, e-mail and postal address, and phone number;

● Demographic information, such as date and country of birth, gender, country of residence, nationality, and citizenship;

● Government-issued identification numbers provided in connection with a subscription to Funds, such as Social Security number, driver's license number, passport number, national identification number, and tax identification number;

● Professional or employment-related information, such as the name of your employer or the organization you represent and your position;

● Financial information, such as information related to your transactions with us or others, bank account details (e.g., account and routing number), financial account history, information concerning the source of funds used for investments, and details regarding your investment history (e.g., types and amounts of investments) assets, income, and financial returns and positions;

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Blackstone Credit & Insurance Funds Privacy Procedures

June 30, 2025 (Unaudited)

● Investment preferences;

● Information related to background checks (e.g., "know your client", anti-money laundering and sanctions checks) and any information related to applicable restrictions on your investments, such as political exposure or sanctions;

● Information collected in the context of monitoring and surveillance where permitted or required by applicable law, including recordings of telephone and video calls and CCTV; and

● Other information you or the organization you represent choose to provide, such as through eligibility questionnaires and ongoing investor relations communications.

We may combine Personal Data that you provide to us with Personal Data that we collect from you, or about you from other sources, in some circumstances. This will include Personal Data collected in an online or offline context.

**<u>Where do we obtain your personal data?</u>**

We collect Personal Data about you from a number of sources, including:

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| | |
|:---|:---|
| **WHAT** | **HOW** |
| **Personal data that you give us** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● From the forms and any associated documentation that you complete when subscribing for an investment, shares, interests, and/or opening an account with us. This can include information about your name, address, date of birth, passport details or other national identifier, driving license, your national insurance or Social Security number and income, employment information and details about your investment or retirement portfolio(s), and financial-related data (such as returns and financial positions)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● When you provide it to us in correspondence and conversations, including electronic communications such as e-mail and telephone calls<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● When you make transactions with respect to the Fund<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● When you interact with our online platforms and websites (such as bxaccess.com)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● When you purchase securities from us and/or tell us where to send money<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● From cookies, web beacons, and similar interactions when you or your devices access our sites<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● When we need to identify you and/or complete necessary security checks, where you visit one of our buildings or attend meetings. This can include form of ID, and your image for CCTV purposes. |
| **Personal data that we obtain from others** | We obtain Personal Data from:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Publicly available and accessible directories and sources<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Bankruptcy registers<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Tax authorities, including those that are based outside the territory in which you are located or domiciled, including the Cayman Islands, the United Kingdom (UK) and the European Economic Area (EEA), if you are subject to tax in another jurisdiction<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Governmental and competent regulatory authorities to whom we have regulatory obligations<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Credit agencies<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Fraud prevention and detection agencies / organizations<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Transaction counterparties |

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Semi-Annual Report \| June 30, 2025 97

Blackstone Credit & Insurance Funds Privacy Procedures

June 30, 2025 (Unaudited)

**<u>Why do we process your personal data?</u>**

We may process your Personal Data for the following reasons:

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| | |
|:---|:---|
| **WHY** | **HOW** |
| **Contract** | It is **necessary to perform our contract** with you to:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Administer, manage and set up your investor account(s) to allow you to purchase your holding (of shares or interests) in our Funds<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Meet the resulting contractual obligations we have to you<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Facilitate the continuation or termination of the contractual relationship between you and the Fund<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Facilitate the transfer of funds, and administering and facilitating any other transaction, between you and the Fund |
| **Compliance with law** | It is **necessary for compliance with an applicable legal or regulatory obligation** to which we are subject, in order to:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Undertake our client and investor due diligence, and on-boarding checks<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Carry out verification, "know your client", terrorist financing, sanctions, and anti-money laundering checks<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Verify the identity and addresses of our investors (and, if applicable, their beneficial owners)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Comply with requests from regulatory, governmental, tax and law enforcement authorities<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Carry out surveillance and investigations<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Carry out audit checks<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Maintain statutory registers<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Prevent and detect fraud<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Comply with sanctions requirements |

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Blackstone Credit & Insurance Funds Privacy Procedures

June 30, 2025 (Unaudited)

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| | |
|:---|:---|
| **Legitimate Interests** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For our **legitimate interests** or those of a third party (such as a transaction counterparty or lender) to:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Manage and administer your holding in any Funds in which you are invested, and any related accounts on an ongoing basis<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Assess and process any applications or requests made by you<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Open, maintain or close accounts in connection with your investment in, or withdrawal from, the Fund scheme<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Send updates, information and notices or otherwise correspond with you in connection with your investment in the Fund scheme<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Address or investigate any complaints, claims, proceedings or disputes<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Provide you with, and inform you about, our investment products and services<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Monitor and improve our relationships with investors<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Comply with applicable prudential and regulatory obligations, including anti-money laundering, sanctions and "know your client" checks<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Assist our transaction counterparties to comply with their regulatory and legal obligations (including anti-money laundering, "know your client", terrorist financing, and sanctions checks)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Manage our risk and operations<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Comply with our accounting and tax-reporting requirements<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Comply with our audit requirements<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Assist with internal compliance with our policies and processes<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Ensure appropriate group management and governance<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Keep our internal records<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Prepare reports on incidents/accidents<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Protect our business against fraud, breach of confidence, theft of proprietary materials, and other financial or business crimes (to the extent that this is not required of us by law)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Analyze and manage commercial risks<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Seek professional advice, including legal advice<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Enable any actual or proposed assignee or transferee, participant or<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● sub-participant of the partnership's or Fund vehicles' rights or obligations to evaluate proposed transactions<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Facilitate business asset transactions involving the Fund partnership or Fund-related vehicles<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Monitor communications to/from us using our systems<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Protect the security and integrity of our information technology systems<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Protect the security and safety of our buildings and locations where we operate<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Operate, run and schedule online meetings, webinars and conferences (for example, using Zoom and other online meeting platforms)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Manage our financing arrangements with our financiers and financing transaction counterparties, including payment providers, intermediaries, and correspondent / agent banks<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Monitor the operation of Fund distribution platforms, where these are operated by third parties or service providers<br>We only rely on these interests where we have considered that, on balance, the legitimate interests are not overridden by your interests, fundamental rights or freedoms. |

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**Monitoring as described in 'Legitimate Interests' above**

We monitor communications where the law requires us to do so. We will also monitor where we are required to do so to comply with regulatory rules and practices and, where we are permitted to do so, to protect our business and the security of our systems.

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Blackstone Credit & Insurance Funds Privacy Procedures

June 30, 2025 (Unaudited)

**<u>Who we share your personal data with</u>**

We may share your Personal Data as follows:

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| | |
|:---|:---|
| **WHO** | **WHY** |
| **Fund Associates** | We share your Personal Data with our associates, related parties and members of our group. This is:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● To manage our relationship with you<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● For the legitimate interests of a third party in carrying out anti-money laundering, 'know your client', and other compliance checks required of them under applicable laws and regulations<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● For the purposes set out in this Data Privacy Notice |
| **Fund Managers, Depositories, Administrators, Custodians, Distributors, Investment Advisers** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Delivering the services you require<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Managing your investment<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Supporting and administering investment-related activities<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Complying with applicable investment, anti-money laundering and other laws and regulations |
| **Tax Authorities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● To comply with applicable laws and regulations<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Where required or requested by tax authorities in the territory in which you are located or domiciled (in particular, Cayman Island or UK/EEA tax authorities) who, in turn, may share your Personal Data with foreign tax authorities<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Where required or requested by foreign tax authorities, including outside of the territory in which you are located or domiciled (including outside the Cayman Islands or UK/EEA) |
| **Service Providers** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Delivering and facilitating the services needed to support our business relationship with you (including cloud services)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Supporting and administering investment-related activities<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Where disclosure to the service provider is considered necessary to support Blackstone with the purposes described in section 5 of this Data Privacy Notice |
| **Financing Counterparties, Lenders, Correspondent and Agent Banks** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Assisting these transaction counterparties with regulatory checks, such as 'know your client', and anti-money laundering procedures<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Sourcing credit for Fund-related entities in the course of our transactions and fund life cycles |
| **Our Lawyers, Auditors and other Professional Advisers** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Providing you with investment-related services<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● To comply with applicable legal and regulatory requirements<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Supporting Blackstone with the purposes described in section 5 of this Data Privacy Notice |

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In exceptional circumstances, we will share your Personal Data with:

● Competent regulatory, prosecuting and other governmental agencies or litigation counterparties, in a country or territory; and

● Other organizations and agencies—where we are required to do so by law.

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Blackstone Credit & Insurance Funds Privacy Procedures

June 30, 2025 (Unaudited)

**<u>Do you have to provide us with this personal data?</u>**

Where we collect Personal Data from you, we will indicate if:

● Provision of the Personal Data is necessary for our compliance with a legal obligation; or

● It is purely voluntary and there are no implications for you if you do not wish to provide us with it.

Unless otherwise indicated, you should assume that we require the Personal Data for business and/or compliance purposes.

Some of the Personal Data that we request is necessary for us to perform our contract with you and if you do not wish to provide us with this Personal Data, it will affect our ability to provide our services to you and manage your investment.

**<u>Sending your personal data internationally</u>**

We may transfer your Personal Data between different countries to recipients in countries other than the country in which the information was originally collected (including to our affiliates and group members, members of the Fund's partnership, transaction counterparties, and third-party service providers). Where you are based in the UK, the EU, or another country which imposes data transfer restrictions outside of its territory, this includes transfers outside of the UK and the European Economic Area ("**EEA**") or that geographical area, to those countries in which our affiliates, group members, service providers and business partners operate. Those countries may not have the same data protection laws as the country in which you initially provided the information.

Where we transfer Personal Data outside of the UK, the EEA, or other territories subject to data transfer restrictions to other members of our group, our service providers or another third party recipient, we will ensure that our arrangements with them are governed by data transfer agreements or appropriate safeguards, designed to ensure that your Personal Data is protected as required under appli- cable data protection law (including, where appropriate, under an agreement on terms approved for this purpose by the European Commission or by obtaining your consent).

Please contact us if you would like to know more about these agreements or receive a copy of them. Please see the 'Contact Us' sec- tion for details.

**<u>Consent—and your right to withdraw it</u>**

Except as may otherwise be required by local law, we do not generally rely on obtaining your consent to process your Personal Data. In particular, we do not generally rely on obtaining your consent where our processing of your Personal Data is subject only to the data protection laws of the UK/EEA (in these circumstances we will usually rely on another legal basis more appropriate in the circumstances, including those set out in "Why do we process your Personal Data?" above). If we do rely on consent for processing of your Personal Data, you have the right to withdraw this consent at any time. Please contact us or send us an e-mail at PrivacyQueries@Blackstone.com at any time if you wish to do so.

Where required by applicable law, we will obtain your consent for the processing of your Personal Data for direct marketing purposes. If you do receive direct marketing communications from us (for example, by post, e-mail, fax or telephone), you may opt-out by clicking the link in the relevant communication, completing the forms provided to you (where relevant), or by contacting us (see the '<u>Contact Us</u>' section for details).

**<u>Retention and deletion of your personal data</u>**

We keep your Personal Data for as long as it is required by us for our legitimate business purposes, to perform our contractual obliga- tions or, where longer, such longer period as is required or permitted by law or regulatory obligations which apply to us. We will generally:

● Retain Personal Data about you throughout the life cycle of any investment you are involved in; and

● Retain some Personal Data after your relationship with us ends.

As a general principle, we do not retain your Personal Data for longer than we need it. We will usually delete your Personal Data (at the latest) after you cease to be an investor in any fund and there is no longer any legal / regulatory requirement, or business purpose, for retaining your Personal Data.

Semi-Annual Report \| June 30, 2025 101

Blackstone Credit & Insurance Funds Privacy Procedures

June 30, 2025 (Unaudited)

**<u>Your rights</u>**

You may, subject to certain limitations, have data protection rights depending on the data protection laws that apply to our processing of your Personal Data, including the right to:

● Access your Personal Data

● Restrict the use of your Personal Data in certain circumstances

● Have incomplete or inaccurate Personal Data corrected

● Ask us to stop processing your Personal Data

● Require us to delete your Personal Data in some limited circumstances

You also have the right in some circumstances to request us to "port" your Personal Data in a portable, re-usable format to other organizations (where this is possible).

We review and verify requests to protect your Personal Data, and will action data protection requests fairly and in accordance with applicable data protection laws and principles.

If you wish to exercise any of these rights, please see the '<u>Contact Us</u>' section for details.

**<u>Concerns or queries</u>**

We take your concerns very seriously. We encourage you to bring to our attention any concerns you have about our processing of your Personal Data. This Data Privacy Notice was drafted with simplicity and clarity in mind. We are, of course, happy to provide any further information or explanation needed. Please see the '<u>Contact Us</u>' section for details.

Please also contact us via any of the contact methods listed below if you have a disability and require an alternative format of this Data Privacy Notice.

If you want to make a complaint, you can also contact the body regulating data protection in your country, where you live or work, or the location where the data protection issue arose. In particular:

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| | |
|:---|:---|
| **Country** | **Supervisory Authority** |
| **Cayman Islands** | Cayman Islands Ombudsman (available at: <u>https://ombudsman.ky</u>) |
| **European Union** | A list of the EU data protection authorities and contact details is available by clicking this link:<br> <u>http://ec.europa.eu/newsroom/article29/item-detail.cfm?item_id=612080</u> |
| **United Kingdom** | Information Commissioner's Office (available at: https://ico.org.uk/global/contact-us/) |

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Blackstone Credit & Insurance Funds Privacy Procedures

June 30, 2025 (Unaudited)

**<u>Contact us</u>**

Please contact us if you have any questions about this Data Privacy Notice or the Personal Data we hold about you.

Contact us by **e-mail** or access our web form by e-mailing PrivacyQueries@Blackstone.com.

Contact us in **writing** using this address:

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| | |
|:---|:---|
| | **Address** |
| **For EU/UK**<br> **Related Queries** | 40 Berkeley Square London<br> W1J 5AL<br> United Kingdom |
| **For All Other**<br> **Queries** | 345 Park Avenue New York<br> NY 10154 |

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A list of country specific addresses and contacts for locations where we operate is available at www.blackstone.com/privacy/online-privacy-notice/#appendixA

**Changes to this data privacy notice**

We keep this Data Privacy Notice under regular review. Please check regularly for any updates at our investor portal (www.bxaccess.com).

Semi-Annual Report \| June 30, 2025 103

Blackstone Credit & Insurance Funds Approval of Investment Advisory Agreement

June 30, 2025 (Unaudited)

The Investment Company Act of 1940, as amended (the "1940 Act"), requires that the Board of Trustees (collectively, the "Board") of each of Blackstone Senior Floating Rate Term 2027 Term Fund ("BSL"), Blackstone Long-Short Credit Income Fund ("BGX"), and Blackstone Strategic Credit 2027 Term Fund ("BGB," and together with BSL and BGX, the "Funds" and each a "Fund"), including a majority of its members who are not considered to be "interested persons" under the 1940 Act (the "Independent Trustees") voting separately, approve on an annual basis the continuation of the Fund's investment advisory agreement (each, an "Agreement" and collectively, the "Agreements") with the Fund's investment adviser, Blackstone Liquid Credit Strategies LLC (the "Adviser"). At a joint meeting (the "Contract Renewal Meeting") held in person on May 29, 2025, the Board, including the Independent Trustees, considered, and unanimously approved, the continuation of each Agreement for an additional one-year term. To assist in its consideration, prior to the Contract Renewal Meeting, the Independent Trustees, through their Independent Legal Counsel ("Independent Counsel") had requested, received and considered a variety of information, including information provided in response to a supplemental request (together with the information provided at the Contract Renewal Meeting, the "Contract Renewal Information") about the Adviser, as well as the advisory arrangements for the Funds, certain portions of which are discussed below. In preparation for the Contract Renewal Meeting, the Independent Trustees met in person in a private session (the "Review Session") prior to the Contract Renewal Meeting with Independent Counsel to review the Contract Renewal Information. No representatives of the Funds, the Adviser, or Fund management were present at the Review Session. In addition to the Contract Renewal Information, the Board received performance and other information since each Fund's inception related to the services the Adviser renders to each Fund. The Board's evaluation took into account the information received since each Fund's inception and also reflected on the knowledge and familiarity gained as members of the Board with respect to the investment advisory and other services the Adviser provides to each Fund under that Fund's Agreement.

**Board Approval of the Continuation of the Agreements**

In its deliberations regarding renewal of each Agreement, the Board, including the Independent Trustees, considered various factors, including those set forth below.

**Nature, Extent and Quality of the Services Provided to the Funds under the Agreements**

The Board received and considered Contract Renewal Information regarding the nature, extent and quality of services the Adviser provides to the Funds under the Agreements. Specifically, the Board took into account the fact that the Adviser has a large and knowledgeable investment team, which sits within one of the largest credit teams in the United States ("U.S.") and globally, and has expanded its team and resources. The Adviser also reviewed with the Board its investment process, as well as its infrastructure and operational teams that serve the Funds.

The Board also reviewed Contract Renewal Information regarding the Adviser's compliance policies and procedures established pursuant to the 1940 Act and considered the compliance record for the Adviser and each Fund during the previous year and since its inception.

The Board reviewed the qualifications, backgrounds and responsibilities of the Funds' senior personnel and the portfolio management team primarily responsible for the day-to-day portfolio management of each Fund. The Board also considered, based on its knowledge of the Adviser and its affiliates, the Contract Renewal Information and the Board's discussions with the Adviser at the Contract Renewal Meeting, the general reputation and investment performance records of the Adviser and certain of its affiliates and the financial resources of the corporate parent of the Adviser, Blackstone Inc., available to support the Adviser's activities in respect of the Funds.

The Board considered the responsibilities of the Adviser under each Fund's Agreement, including the Adviser's coordination and oversight of the services other unaffiliated parties provided to the Fund.

In reaching its determinations regarding continuation of each Fund's Agreement, the Board took into account that the Funds' shareholders, in pursuing their investment goals and objectives, likely considered the reputation and the investment style, philosophy and strategy of the Adviser, as well as the resources available to the Adviser, in purchasing their shares.

After considering all these matters, the Board concluded that the nature and quality of the services the Adviser provides to the Funds was acceptable.

**Fund Performance**

Among other things, the Board received and considered information and analyses (the "Broadridge Performance Information") comparing the performance of each Fund with a group of funds (the "Peer Group") selected by Broadridge Financial Solutions ("Broadridge"), an independent provider of investment company data, primarily from the Morningstar U.S. Bank Loan Closed-End Fund classification (the "Morningstar Classification of Bank Loan") and the Morningstar U.S. High Yield Bond Closed-End Fund classifications (the "Morningstar Classification of High Yield Bonds," and, together with the Morningstar Classification of Bank Loan, the "Morningstar Classifications"). The Morningstar Classifications consist of 47 closed- end funds. Broadridge selected the Peer Group funds primarily from the Morningstar Classifications to be as comparable as possible to the Funds based upon its consideration of the constituent funds' investment style, share class characterization, and assets. The Board was provided with a description of the methodology Broadridge used to select each Fund's Peer Group. The Board noted Broadridge's view that the relatively limited number of closed-end funds compared to the open-end fund universe creates limitations on peer grouping as compared to certain open-end funds.

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Blackstone Credit & Insurance Funds Approval of Investment Advisory Agreement

June 30, 2025 (Unaudited)

The Peer Group for BSL consisted of seven funds, including BSL, for each of the 1-, 3-, 5- and 10-year periods ended March 31, 2025 (such periods being hereinafter called the "1- year period", the "3- year period", the "5- year period" and the "10- year period," respectively) with an emphasis on strategies that have high net historical portfolio allocations to bank loans. The Peer Groups for BGX and BGB were the same, which consisted of eight funds, including both BGX and BGB, for each of the 1-, 3-, 5- and 10-year periods. The Peer Group for BGX and BGB included funds with historical portfolio allocations to bank loans of at least 30% and allocations to high-yield bonds. Most Peer Group funds, similar to BGX and BGB, had a majority of their assets allocated to bank loans, while one Peer Group fund had less than 50% of its assets allocated to bank loans. Broadridge included seven funds from outside the Morningstar Classifications with portfolio allocations to bank loans higher than 30% in the Peer Group for BGX and BGB. The Board noted that it had received and discussed with the Adviser information at periodic intervals since each Fund's inception, comparing such Fund's performance against its benchmarks and its Peer Group funds. The Board also noted that it had also received the return volatility and Sharpe ratio (a measure of risk-weighted return) of each Fund relative to its Peer Group funds. The performance discussion below focuses on the comparison of the Funds' performance relative to the respective Peer Group, rather than to the broader Morningstar Classifications.

**BSL**

The Broadridge Performance Information comparing BSL's performance to that of its Peer Group based on net asset value ("NAV") per share showed, among other things, that BSL's returns, measured on a gross return basis, ranked second among its Peer Group funds for the 1-year period; ranked fifth among its Peer Group funds for the 3-year period; and ranked first among its Peer Group funds for the 5- and 10-year periods.<sup>1</sup> BSL's returns, measured on a net return basis, ranked fifth among its Peer Group funds for the 1-year period; ranked sixth among its Peer Group funds for the 3-year period; ranked first among its Peer Group funds for the 5-year period; and ranked fourth among its Peer Group funds for the 10-year period. On a net return basis, BSL's returns were higher than or equal to the Peer Group median performance for the 5- and 10-year periods, but were lower than the Peer Group median performance with respect to net returns for each of the 1- and 3-year periods. The Board also considered BSL's performance relative to its benchmark and in absolute terms. The Broadridge Performance Information showed that, measured on a gross and net return basis, BSL outperformed its benchmark for each of the 5- and 10-year periods. The Broadridge Performance Information noted that on an annualized trailing, gross return basis, BSL's 1-, 3-, 5- and 10-year returns outperformed its classification median and benchmark. On a net return basis, BSL's Sharpe ratio ranked fifth, sixth, third and sixth, respectively, among its Peer Group funds for the 1-, 3-, 5- and 10-year periods.

**BGX**

The Broadridge Performance Information comparing BGX's performance to that of the Peer Group based on NAV per share showed, among other things, that BGX's returns, measured on a gross return basis, ranked third among its Peer Group funds for the 1-year period; ranked fifth among its Peer Group funds for the 3-year period; and ranked second among its Peer Group funds for the 5- and 10-year periods. BGX's returns, measured on a net return basis, ranked third among its Peer Group funds for the 1-year period; ranked seventh among its Peer Group funds for the 3-year period; ranked second among its Peer Group funds for the 5-year period; and ranked fourth among its Peer Group funds for the 10- year period. The Fund's net returns were better than the Peer Group median return in the 1-, 5- and 10-year periods, while the Fund's net returns were worse than the Peer Group median return in the 3-year period. The Board also considered BGX's performance relative to its benchmark and in absolute terms. The Broadridge Performance Information noted that BGX on a gross return basis equaled or outperformed its classification median and benchmark for each of the 1-, 3-, 5-, and 10-year periods. On a net return basis, BGX's Sharpe ratio ranked third, seventh, sixth and sixth, respectively, among its Peer Group funds for the 1-, 3-, 5- and 10- year periods.

**BGB**

The Broadridge Performance Information comparing BGB's performance to that of the Peer Group based on NAV per share showed, among other things, that BGB's returns, measured on a gross return basis, ranked first among its Peer Group funds for the 1-year period; ranked fourth among its Peer Group funds for the 3-year period; ranked third among its Peer Group funds for the 5-year period; and ranked fifth among its Peer Group funds for the 10-year period. BGB's returns, measured on a net return basis, ranked fourth among its Peer Group funds for the 1- year period; ranked sixth among its Peer Group funds for the 3-year period; ranked seventh among its Peer Group funds for the 5-year period; and ranked last among its Peer Group funds for the 10-year period. The Fund's net returns were lower than the Peer Group median performance for each of the 3-, 5- and 10-year periods, and the Fund's net returns were better than the Peer Group median return in the 1-year period. The Board also considered BGB's performance relative to its benchmark and in absolute terms. The Broadridge Performance Information noted that BGB on a gross return basis outperformed its classification median and benchmark for each of the 1-, 3-, 5-, and 10-year periods. The Broadridge Performance Information showed that BGB's Sharpe ratio on a net return basis was ranked fifth, sixth, seventh and eighth, respectively, among its Peer Group funds for the 1-, 3-, 5- and 10- year periods.

*<sup>1</sup>* *First in these performance rankings represents the fund with the best returns in the Peer Group, and last in these performance rankings represents the fund with the worst returns in the Peer Group, whether measured on a gross or net return basis.*

Semi-Annual Report \| June 30, 2025 105

Blackstone Credit & Insurance Funds Approval of Investment Advisory Agreement

June 30, 2025 (Unaudited)

In assessing Fund performance, the Adviser noted that the small number and varying investment strategies of funds in the Peer Groups for BSL, BGX and BGB made meaningful performance comparisons challenging. Broadridge itself noted that the relatively limited number of closed-end funds compared to open-end funds poses particular challenges for creating a reasonable peer group. The Adviser also noted the particular limitations of the BGX and BGB Peer Groups, highlighting the wide range of investment strategies employed and returns achieved by funds in those Peer Groups (relative to the BSL Peer Group). In addition to the Broadridge Performance Information, the Board considered information provided by the Adviser regarding the Funds and the Morningstar Classifications and their respective Peer Groups as to differences in each Fund's portfolio composition by asset class, credit rating, investment size, and other relevant metrics.

The Board also took into account the credit review and other processes employed by the Adviser in managing the Funds' investment portfolios, including that the Adviser's investment process is highly disciplined, repeatable and proactively-enhanced. Based on its review and considering other relevant factors, including those noted above, the Board concluded that the Funds' performance was acceptable.

**Management Fees and Expenses**

The Board reviewed and considered the investment advisory fee (the "Advisory Fee") payable by each Fund to the Adviser under its respective Agreement in light of the nature, extent and overall quality of the investment advisory and other services the Adviser provides to that Fund.

Additionally, the Board received and considered information and analyses (the "Broadridge Expense Information") that Broadridge prepared, comparing, among other things, the Advisory Fee for each Fund and each Fund's overall expenses with corresponding information contained in the Morningstar Classifications and each Fund's Peer Group. The comparison was based upon the constituent funds' latest fiscal years. The discussion below focuses on the Funds' expenses relative to their respective Peer Groups, rather than to the broader Morningstar Classifications.

**BSL**

The six funds in BSL's Peer Group had average common share net assets ranging from $159.50 million to $1.998 billion. Four of the other funds in the Peer Group were larger than BSL and two were smaller. The Broadridge Expense Information—which compared BSL's actual total expenses to the Peer Group—showed, among other things, that the Fund's actual Advisory Fee (*i.e.,* giving effect to any voluntary fee waivers implemented by the Adviser with respect to the Fund and by the managers of the other Peer Group funds) as compared on the basis of common share net assets, ranked last among the seven funds in the Peer Group and was higher (*i.e.,* worse) than the Peer Group median for that expense component. The Board noted that BSL's actual advisory fee was closer to the average for managers with smaller fixed income retail platforms. The Fund's actual total expenses, compared on the basis of common share net assets, ranked sixth among the funds in the Peer Group and were higher than the Peer Group median for that expense component.

**BGX**

The seven funds in BGX's Peer Group (which was the same as BGB's Peer Group and included BGB) had average common share net assets ranging from $159.50 million to $1.998 billion. Five of the other funds in the Peer Group were larger than BGX and two were smaller. The Broadridge Expense Information—which compared BGX's actual total expenses to the Fund's Peer Group—showed, among other things, that the Fund's actual Advisory Fee as compared on the basis of common share net assets, ranked fifth among the funds in the Peer Group and was higher (*i.e.,* worse) than the Peer Group median for that expense component. The Fund's actual total expenses, compared on the basis of common share net assets, ranked seventh among the funds in the Peer Group and were higher than the Peer Group median for that expense component.

**BGB**

The seven funds in BGB's Peer Group (which was the same as BGX's Peer Group and included BGX) had average common share net assets ranging from $159.5 million to $1.998 billion. Two of the other funds in the Peer Group were larger than BGB and five were smaller. The Broadridge Expense Information—which compared BGB's actual total expenses to the Fund's Peer Group—showed, among other things, that the Fund's actual Advisory Fee as compared on the basis of common share net assets, ranked seventh among the funds in the Peer Group and was higher (*i.e.,* worse) than the Peer Group median for that expense component. The Board noted that BGB's actual advisory fee was closer to the average for managers with smaller fixed income retail platforms. The Fund's actual total expenses, compared on the basis of common share net assets, ranked last among the funds in the Peer Group and were higher than the Peer Group median for that expense component.

The Board took into account that Broadridge Expense Information indicated that the gross expense ratios of BSL, BGX and BGB increased year-over- year. The Board also noted that the allocation of compensation and non-compensation expenses to the Funds increased year-over-year.

In its evaluation of the Advisory Fee and the Broadridge Expense Information for each Fund, the Board took into account the complexity of each Fund's investment program and the credit review and other processes the Adviser employs in managing the Funds' investment portfolios, including how the Adviser's standing and reputation and the strength of its trading and middle office and risk management support teams is beneficial to the Funds. The Board noted that the Advisory Fee for each of BSL, BGX and BGB were higher year-over-year. The Board further noted that the relatively limited number of closed-end funds compared to the open-end fund universe makes concise peer grouping comparisons challenging. The Board considered the Adviser's belief that in making such peer comparisons, smaller funds, such as BSL and BGX, may be disadvantaged versus larger funds that have greater opportunities for economies of scale.

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Blackstone Credit & Insurance Funds Approval of Investment Advisory Agreement

June 30, 2025 (Unaudited)

The Board also considered Contract Renewal Information regarding fees (including sub-advisory fees) charged by the Adviser to other U.S. clients investing primarily in an asset class similar to that of the Funds, including, where applicable, institutional commingled funds and exchange-traded funds. The Board was advised that the base fees paid by such institutional and other clients generally are lower, and may be significantly lower, than the Advisory Fee for any one Fund. The Contract Renewal Information discussed the significant differences in scope of services provided to the Funds as compared to these other clients, noting that the Funds are subject to heightened regulatory requirements relative to institutional clients; that the Funds require additional resources for administration; and that the Adviser manages the leverage arrangements of the Funds and coordinates and oversees the provision of services to the Funds by other fund service providers. The Board considered the fee comparisons in light of the different services provided in managing these other types of clients and funds.

Taking all of the above into consideration, the Board determined that the Advisory Fee for each Fund was reasonable in light of the nature, extent and overall quality of the investment advisory and other services provided to such Fund under its Agreement.

**Profitability**

The Board, as part of the Contract Renewal Information, received an analysis of the profitability to the Adviser and its affiliates in providing services to each Fund for each of the past two fiscal years, as well as a description of the methodology by which the Adviser calculates that profitability and any changes in the methodology since the prior year. In addition, the Board received Contract Renewal Information with respect to the Adviser's revenue and cost allocation methodologies it used in preparing such profitability data. The Board agreed that the Adviser's profitability in providing investment advisory and other services to each Fund was not excessive in light of the nature, extent and overall quality of such services.

**Economies of Scale**

The Board received Contract Renewal Information concerning whether the Adviser would realize economies of scale if the Funds' assets grow. The Board noted that BGB currently does not have any plans to seek additional assets beyond maintaining its dividend reinvestment plan, and that any significant growth in its assets generally will occur through appreciation in the value of the Fund's investment portfolio. The Board determined that for each Fund, to the extent economies of scale may be realized by the Adviser, the benefits of such economies of scale would be shared with the Fund and its shareholders as the Fund grows.

**Other Benefits to the Adviser**

The Board considered other benefits the Adviser and its affiliates receive as a result of the Adviser's relationship with each of the Funds and did not regard such benefits as excessive.

\*\*\*\*\*

In light of all of the foregoing and other relevant factors, the Board determined that, under the circumstances, continuation of each Fund's Agreement would be in the interests of the Fund and its shareholders and unanimously voted to continue the Agreement for a period of one additional year.

The Board did not identify any single factor it reviewed as being the principal factor in determining whether to approve continuation of each Agreement for the next year, and each Board member attributed different weights to the various factors. The Independent Trustees were advised by their Independent Counsel throughout the process. Prior to the Review Session and the Contract Renewal Meeting, the Independent Trustees received a memorandum as to their responsibilities from their Independent Counsel.

Semi-Annual Report \| June 30, 2025 107

Blackstone Credit & Insurance Funds Trustees & Officers

June 30, 2025 (Unaudited)

The overall management of the business and affairs of the Funds, including oversight of the Adviser, is vested in the Board. The Board is classified into three classes—Class I, Class II and Class III—as nearly equal in number as reasonably possible, with the Trustees in each class to hold office until their successors are elected and qualified. At each succeeding annual meeting of shareholders, the successors to the class of Trustees whose terms expire at that meeting shall be elected to hold office for terms expiring at the later of the annual meeting of shareholders held in the third year following the year of their election or the election and qualification of their successors. The Funds' executive officers were appointed by the Board to hold office until removed or replaced by the Board or until their respective successors are duly elected and qualified.

Below is a list of the Trustees and officers of the Funds and their present positions and principal occupations during the past five years. The business address of the Funds, the Adviser, the Trustees and the Funds' officers is 345 Park Avenue, 31st Floor, New York, NY 10154, unless specified otherwise below. The SAI includes additional information about the board members and is available, without charge, upon request. Shareholders may call (888) 756-8443 or email BlackstoneShareholderRelations@Blackstone.com to request the SAI.

**NON-INTERESTED TRUSTEES<sup>(1)</sup>**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address and<br> Year of Birth<sup>(2)</sup>** | **Position(s) Held<br> with the Funds** | **Term of Office <br> and Length of <br> Time Served** | **Principal Occupation(s)<br> During the Past Five Years** | **Number of<br> Portfolios in Fund<br> Complex<sup>(4)</sup> Overseen by<br> Trustee** | **Other Directorships<br> Held by the Trustee<br> During the Past<br> Five Years** |
| Jane M. Siebels<sup>(3)</sup> <br> Birth Year: 1960 | Lead Independent Trustee and member of Audit and Nominating and Governance Committees | Trustee Since:<br> BSL: November 2021<br> BGX: November 2021<br> BGB: November 2021<br>Term Expires:<br> BSL: 2026<br> BGX: 2026<br> BGB: 2026 | Ms. Siebels was formerly a Consultant at Per4M and advises a small global equity hedge fund. Currently, she is the CEO of Homer Technology. | 3 | Scotia Bank (Bahamas); Scotia Bank International (Bahamas); Scotia Trust (Bahamas); First Trust Bank (Bahamas); Global Innovation Fund |
| Thomas W. Jasper<br> Birth Year: 1948 | Trustee, Chairman of Audit Committee and member of Nominating and Governance Committee | Trustee Since:<br> BSL: April 2010<br> BGX: November 2010<br> BGB: May 2012<br>Term Expires:<br> BSL: 2027<br> BGX: 2027<br> BGB: 2027 | Mr. Jasper is the Managing Partner of Manursing Partners LLC, a consulting firm. | 3 | Sisecam Resources LP (formerly, Ciner Resources LP) (master limited partnership) (until 2023) |
| Gary S. Schpero<br> Birth Year: 1953 | Trustee, Chairman of Nominating and Governance Committee and member of Audit Committee | Trustee Since:<br> BSL: May 2012<br> BGX: May 2012<br> BGB: May 2012<br>Term Expires:<br> BSL: 2027<br> BGX: 2027<br> BGB: 2027 | Mr. Schpero is retired. Prior to January 2000, he was a partner at the law firm of Simpson Thacher & Bartlett LLP where he served as managing partner of the Investment Management and Investment Company Practice Group. | 3 | EQ Advisors Trust; 1290 Funds |

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Blackstone Credit & Insurance Funds Trustees & Officers

June 30, 2025 (Unaudited)

**INTERESTED TRUSTEE<sup>(5)</sup>** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address and<br> Year of Birth<sup>(2)</sup>** | **Position(s) Held <br> with the Funds** | **Term of Office <br> and Length of <br> Time Served** | **Principal Occupation(s) <br> During the Past Five Years** | **Number of<br> Portfolios in<br> Fund Complex<sup>(4)</sup> Overseen by<br> Trustee** | **Other Directorships<br> Held by the Trustee<br> During the Past <br> Five Years** |
| Daniel Leiter<br> Birth Year: 1983 | Chairman of the Board, President, Chief Executive Officer, Trustee | Trustee Since:<br> BSL: November 2024<br> BGX: November 2024<br> BGB: November 2024<br>Term Expires:<br> BSL: 2028<br> BGX: 2028<br> BGB: 2028 | Dan Leiter is the Head of International for Blackstone Credit & Insurance and the Global Head of Liquid Credit Strategies. Prior to joining Blackstone in 2024, Mr. Leiter worked at Morgan Stanley where he was most recently a Managing Director in Fixed Income. At Morgan Stanley, Mr. Leiter was globally responsible for the Securitized Products Trading and Alternative Financing businesses. He was also the head of European Securitized Products across all business lines including trading, sales, structuring and lending. | 3 |  |

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Semi-Annual Report \| June 30, 2025 109

Blackstone Credit & Insurance Funds Trustees & Officers

June 30, 2025 (Unaudited)

**OFFICERS**

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| | | | |
|:---|:---|:---|:---|
| **Name, Address and**<br> **Year of Birth<sup>(2)</sup>** | **Position(s) Held <br> with the Funds** | **Term of Office and**<br> **Length of Time Served** | **Principal Occupation During the Past Five Years** |
| Daniel Leiter<br> Birth Year: 1983 | Chairman of the Board, President, Chief Executive Officer, Trustee | Officer Since:<br> BSL: November 2024<br> BGX: November 2024<br> BGB: November 2024 | Mr. Leiter is the Head of International for Blackstone Credit & Insurance and the Global Head of Liquid Credit Strategies. Prior to joining Blackstone in 2024, Mr. Leiter worked at Morgan Stanley where he was most recently a Managing Director in Fixed Income. At Morgan Stanley, Mr. Leiter was globally responsible for the Securitized Products Trading and Alternative Financing businesses. He was also the head of European Securitized Products across all business lines including trading, sales, structuring and lending. |
| Gregory Roppa<br> Birth Year: 1979 | Chief Financial Officer and Treasurer | Officer Since:<br> BSL: March 2022<br> BGX: March 2022<br> BGB: March 2022<br>Term of Office: <br> Indefinite | Mr. Roppa is a Managing Director in the Global Fund Finance group of Blackstone, where he focuses on the accounting and financial reporting for certain entities within Blackstone Credit & Insurance, and Real Estate businesses. Before joining Blackstone in 2019, Mr. Roppa was the Director of Operations and Fund Accounting for Clinton Group Inc., an alternative asset management firm. |
| Robert Post<br> Birth Year: 1989 | Executive Vice President and Assistant Secretary | Officer Since:<br> BSL: January 2024<br> BGX: January 2024<br> BGB: January 2024<br>Term of Office:<br> Indefinite | Mr. Post is a Managing Director and the Head of U.S. CLO Management for Blackstone Credit & Insurance. Mr. Post is also a Portfolio Manager of the U.S. closed-end funds. Before joining Blackstone in 2017, Mr. Post was a Junior Portfolio Manager at BlackRock, where his responsibilities included various leveraged loan and high yield mandates. |
| Kevin Michel<br> Birth Year: 1986 | Chief Legal Officer and Secretary | Officer Since:<br> BSL: November 2024<br> BGX: November 2024<br> BGB: November 2024<br>Term of Office:<br> Indefinite | Mr. Michel is a Managing Director in the Legal & Compliance group at Blackstone. He joined Blackstone in 2015 and is involved in the legal structuring and management of Blackstone's retail-focused funds, with a particular focus on investment companies registered under the Investment Company Act of 1940. Before joining Blackstone in 2015, Mr. Michel was an Associate in the Asset Management Group of Willkie Farr & Gallagher LLP, where he focused on the formation and operation of hedge funds and registered investment companies. |
| William Renahan<br> Birth Year: 1969 | Chief Compliance Officer | Officer Since:<br> BSL: September 2022<br> BGX: September 2022<br> BGB: September 2022<br>Term of Office:<br> Indefinite | Mr. Renahan is a Managing Director in the Legal & Compliance group at Blackstone. Before joining Blackstone in 2022, he was a Senior Managing Director and Chief Compliance Officer at Duff & Phelps Investment Management. |
| Valerie Naratil<br> Birth Year: 1988 | Public Relations Officer | Officer Since:<br> BSL: February 2021<br> BGX: February 2021<br> BGB: February 2021<br>Term of Office:<br> Indefinite | Ms. Naratil is a Managing Director and a member of the Institutional Client Solutions group at Blackstone, focused on Blackstone Credit & Insurance's Liquid Credit Strategies business. Before joining Blackstone Credit & Insurance in 2014, Ms. Naratil worked at UBS Investment Bank, advising corporate clients across the Healthcare industry. |

---

*<sup>(1)</sup>* *Effective upon adjournment of the meeting of the Board on February 21, 2025, Edward H. D'Alelio resigned from his position as Trustee of the Funds.*

*<sup>(2)</sup>* *Except for Daniel Leiter, the address of each Trustee/Nominee and Officer, unless otherwise noted, is Blackstone Alternative Credit Advisors LP, 345 Park Avenue, 31st Floor, New York, NY 10154. Daniel Leiter's address is Berkeley Square House, London, W1J6BD, United Kingdom.* 

*<sup>(3)</sup>* *Effective upon adjournment of the meeting of the Board on February 21, 2025, Edward H. D'Alelio resigned from his position as a preferred trustee with respect to BGB's mandatory redeemable preferred shares, and Jane M. Siebels was appointed as a preferred trustee with respect to BGB's mandatory redeemable preferred shares.*

110 www.blackstone-credit.com

Blackstone Credit & Insurance Funds Trustees & Officers

June 30, 2025 (Unaudited)

*<sup>(4)</sup>* *The "**Fund Complex**" consists of the Blackstone Credit & Insurance Closed-End Funds, Blackstone Secured Lending Fund, Blackstone Private Credit Fund, Blackstone Alternative Multi-Strategy Fund, Blackstone Private Real Estate Credit & Income Fund and Blackstone Private Multi-Asset Credit and Income Fund.*

*<sup>(5)</sup>* *"Interested person" of the Funds as defined in Section 2(a)(19) of the 1940 Act. Mr. Leiter is an interested person due to his employment with the Adviser.*

Semi-Annual Report \| June 30, 2025 111

![](fp0095031-1_11.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** Not
 applicable.

Item 2. **Code of Ethics.**

Not applicable to this Report.

Item 3. **Audit Committee Financial Expert.**

Not applicable to this Report.

Item 4. **Principal Accountant Fees and Services.**

Not applicable to this Report.

Item 5. **Audit Committee of Listed Registrants.**

Not applicable to this Report.

Item 6. **Investments.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule
 of Investments in securities of unaffiliated issuers as of the close of the reporting
 period is included as part of the Report to Stockholders filed under Item 1(a) of this
 Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not
 applicable.

Item 7. **Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

Not applicable to registrant.

Item 8. **Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable to registrant.

Item 9. **Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable to registrant.

Item 10. **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Not applicable to registrant.

Item 11. **Statement Regarding Basis for Approval of Investment Advisory Contract.** See Approval of Investment Advisory Agreement in Item 1(a).

Item 12. **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable to this Report.

Item 13. **Portfolio Managers of Closed-End Management Investment Companies.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Not
 applicable to this Report.

&nbsp;&nbsp;&nbsp;&nbsp;(b) As
 of the date of this filing, there have been no changes in any of the portfolio managers
 identified in the most recent annual report on Form N-CSR.

Item 14. **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

None.

Item 15. **Submission of Matters to a Vote of Security Holders.**

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's Board of Trustees, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K, or this Item.

Item 16. **Controls and Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 registrant's principal executive officer and principal financial officer have concluded
 that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c)
 under the 1940 Act) are effective as of a date within 90 days of the filing date of this
 Report, based on the evaluation of these controls and procedures required by Rule 30a-3(b)
 under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act
 of 1934, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There
 was no change in the registrant's internal control over financial reporting (as
 defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered
 by this Report that has materially affected, or is reasonably likely to materially affect,
 the registrant's internal control over financial reporting.

Item 17. **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 registrant did not engage in securities lending activities during its most recent fiscal
 year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 registrant did not engage in any securities lending activity and no services were provided
 by the securities lending agent to the registrant during its most recent fiscal year.

Item 18. **Recovery of Erroneously Awarded Compensation.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not
 applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not
 applicable.

Item 19. **Exhibits.**

(a)(1) Not applicable to this Report.

(a)(2) Not applicable.

(a)(3) [The certifications required by Rule 30a-2(a) under the 1940 Act, and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto as Exhibit 99.Cert.](fp0095032-1_ex99cert.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [The certifications by the registrant's principal executive officer and principal financial officer, as required by Rule 30a-2(b) under the 1940 Act, and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as Exhibit 99.906Cert.](fp0095032-1_ex99906cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) [Disclosure pursuant to Section 13(r) of the Securities Exchange Act of 1934, as amended, is attached hereto as Exhibit EX-99.IRANNOTICE.](fp0095032-1_ex99irannotice.htm)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| Blackstone Strategic Credit 2027 Term Fund | Blackstone Strategic Credit 2027 Term Fund |
| By: | /s/ Daniel Leiter |
|  | Daniel Leiter (Principal Executive Officer) |
|  | President and Chief Executive Officer |
| Date: | September 4, 2025 |
| By: | /s/ Gregory Roppa |
|  | Gregory Roppa (Principal Financial Officer) |
|  | Treasurer and Chief Financial Officer |
| Date: | September 4, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| Blackstone Strategic Credit 2027 Term Fund | Blackstone Strategic Credit 2027 Term Fund |
| By: | /s/ Daniel Leiter |
|  | Daniel Leiter (Principal Executive Officer) |
|  | President and Chief Executive Officer |
| Date: | September 4, 2025 |
| By: | /s/ Gregory Roppa |
|  | Gregory Roppa (Principal Financial Officer) |
|  | Treasurer and Chief Financial Officer |
| Date: | September 4, 2025 |

---

## Ex-99.Cert

**Exhibit 99.Cert**

I, Daniel Leiter, President and Chief Executive Officer of Blackstone Strategic Credit 2027 Term Fund (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of the Registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact
 or omit to state a material fact necessary to make the statements made, in light of the
 circumstances under which such statements were made, not misleading with respect to the
 period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in
 this report, fairly present in all material respects the financial condition, results
 of operations, changes in net assets, and cash flows (if the financial statements are
 required to include a statement of cash flows) of the Registrant as of, and for, the
 periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The
 Registrant's other certifying officer and I are responsible for establishing and
 maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the
 Investment Company Act of 1940) and internal control over financial reporting (as defined
 in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to
 the Registrant, including its consolidated subsidiaries, is made known to us by others
 within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed
 such internal control over financial reporting, or caused such internal control over
 financial reporting to be designed under our supervision, to provide reasonable assurance
 regarding the reliability of financial reporting and the preparation of financial statements
 for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated
 the effectiveness of the Registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and
 procedures, as of a date within 90 days prior to the filing date of this report based
 on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed
 in this report any change in the Registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected,
 or is reasonably likely to materially affect, the Registrant's internal control
 over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The
 Registrant's other certifying officer and I have disclosed to the Registrant's
 auditors and the audit committee of the Registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All
 significant deficiencies and material weaknesses in the design or operation of internal
 control over financial reporting which are reasonably likely to adversely affect the
 Registrant's ability to record, process, summarize, and report financial information;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any
 fraud, whether or not material, that involves management or other employees who have
 a significant role in the Registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| By: | /s/ Daniel Leiter |
|  | Daniel Leiter (Principal Executive Officer) |
|  | President and Chief Executive Officer |
| Date: | September 4, 2025 |

---

I, Gregory Roppa, Treasurer and Chief Financial Officer of Blackstone Strategic Credit 2027 Term Fund (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of the Registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact
 or omit to state a material fact necessary to make the statements made, in light of the
 circumstances under which such statements were made, not misleading with respect to the
 period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in
 this report, fairly present in all material respects the financial condition, results
 of operations, changes in net assets, and cash flows (if the financial statements are
 required to include a statement of cash flows) of the Registrant as of, and for, the
 periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The
 Registrant's other certifying officer and I are responsible for establishing and
 maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the
 Investment Company Act of 1940) and internal control over financial reporting (as defined
 in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to
 the Registrant, including its consolidated subsidiaries, is made known to us by others
 within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed
 such internal control over financial reporting, or caused such internal control over
 financial reporting to be designed under our supervision, to provide reasonable assurance
 regarding the reliability of financial reporting and the preparation of financial statements
 for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated
 the effectiveness of the Registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and
 procedures, as of a date within 90 days prior to the filing date of this report based
 on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed
 in this report any change in the Registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected,
 or is reasonably likely to materially affect, the Registrant's internal control
 over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The
 Registrant's other certifying officer and I have disclosed to the Registrant's
 auditors and the audit committee of the Registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All
 significant deficiencies and material weaknesses in the design or operation of internal
 control over financial reporting which are reasonably likely to adversely affect the
 Registrant's ability to record, process, summarize, and report financial information;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any
 fraud, whether or not material, that involves management or other employees who have
 a significant role in the Registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| By: | /s/ Gregory Roppa |
|  | Gregory Roppa (Principal Financial Officer) |
|  | Treasurer and Chief Financial Officer |
| Date: | September 4, 2025 |

---

## Exhibit 99.906

**Exhibit 99.906Cert**

This certification is furnished pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR for the period ended June 30, 2025 (the "Report") of Blackstone Strategic Credit 2027 Term Fund (the "Registrant").

I, Daniel Leiter, the President and Chief Executive Officer of the Registrant, certify that, to my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Report fully complies with the requirements of Section 13(a) or Section 15(d), as applicable,
 of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 information contained in the Report fairly presents, in all material respects, the financial
 condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| Dated: | September 4, 2025 |
| By: | /s/ Daniel Leiter |
|  | Daniel Leiter (Principal Executive Officer) |
|  | President and Chief Executive Officer |

---

This certification is furnished pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR for the period ended June 30, 2025 (the "Report") of Blackstone Strategic Credit 2027 Term Fund (the "Registrant").

I, Gregory Roppa, the Treasurer and Chief Financial Officer of the Registrant, certify that, to my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Report fully complies with the requirements of Section 13(a) or Section 15(d), as applicable
 of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 information contained in the Report fairly presents, in all material respects, the financial
 condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| Dated: | September 4, 2025 |
| By: | /s/ Gregory Roppa |
|  | Gregory Roppa (Principal Financial Officer) |
|  | Treasurer and Chief Financial Officer |

---

## Ex-99.Irannotice

**EX-99.IRANNOTICE**

**Iran-Related Activities Disclosure**

**Disclosure Pursuant to Section 219 of the Iran Threat Reduction and Syria Human Rights Act and Section 13(r) of the Securities Exchange Act of 1934**

Section 219 of the Iran Threat Reduction and Syria Human Rights Act of 2012 and Section 13(r) of the Securities Exchange Act of 1934 (the "Exchange Act") require an issuer to disclose in its annual and quarterly reports whether it or any of its affiliates have knowingly engaged in specified activities or transactions relating to Iran. Blackstone Strategic Credit 2027 Term Fund (the "Fund") is required to include certain disclosures in its periodic reports if the Fund or any of its "affiliates" (as defined in Rule 12b-2 under the Exchange Act) knowingly engaged in certain specified activities, transactions or dealings relating to Iran or with certain individuals or entities targeted by United States' economic sanctions during the period covered by the report. Disclosure is generally required even where the activities, transactions or dealings were conducted in compliance with applicable law. Neither Blackstone Alternative Credit Advisors LP nor any of its controlled affiliates or subsidiaries knowingly engaged in any of the specified activities relating to Iran or otherwise engaged in any activities associated with Iran during the reporting period. However, because the SEC defines the term "affiliate" broadly, it includes any person or entity that is under common control with the Fund as well as any entity that controls the Fund or is controlled by the Fund.

Blackstone Inc. ("Blackstone"), which may be considered the Fund's affiliate, included the disclosure reproduced below in its Annual Report on Form 10-K for the fiscal year ended December 31, 2024. The Fund has not independently verified or participated in preparation of this disclosure:

"Mundys S.p.A. (formerly "Atlantia S.p.A.") provided the disclosure reproduced below in connection with activities during the fiscal year ended December 31, 2024. We have not independently verified or participated in the preparation of this disclosure.

'Disclosure pursuant to Section 13(r) of the Securities Exchange Act of 1934. Funds affiliated with Blackstone first invested in Mundys S.p.A. on November 18, 2022 in connection with the voluntary public tender offer by Schema Alfa S.p.A. for all of the shares of Mundys S.p.A., pursuant to which such funds obtained a minority non-controlling interest in Mundys S.p.A. Mundys S.p.A. owns and controls Aeroporti di Roma S.p.A. ("ADR"), an operator of airports in Italy including Leonardo da Vinci-Fiumicino Airport. Iran Air has historically operated periodic flights to and from Leonardo da Vinci-Fiumicino Airport as authorized, from time to time, by an aviation-related bilateral agreement between Italy and Iran, scheduled in compliance with European Regulation 95/93, and approved by the Italian Civil Aviation Authority. ADR, as airport operator, is under a mandatory obligation to provide airport services to all air carriers (including Iran Air) authorized by the applicable Italian authority. The relevant turnover attributable to these activities (whose consideration is calculated on the basis of general tariffs determined by such independent Italian authority) in the fiscal year ended December 31, 2024 was less than €210,000. Mundys S.p.A. does not track profits specifically attributable to these activities.'"