Blackstone/GSO Strategic Credit Fund NCSRS Certified semi-annual shareholder report (management investment company)

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

Blackstone Strategic Credit 2027 Term Fund

(exact name of Registrant as specified in charter)

345 Park Avenue, 31^st Floor

New York, New York 10154

(Address of principal executive offices) (Zip code)

(Name and address of agent for service)

Marisa Beeney

Blackstone Alternative Credit Advisors LP

345 Park Avenue, 31^st Floor

New York, New York 10154

Registrant’s telephone number, including area code: (877) 876-1121

Date of fiscal year end: December 31

Date of reporting period: June 30, 2024

Item 1. Report to Stockholders.

(a)

Table of Contents

Manager Commentary	2
Fund Summary	4
Portfolio of Investments	13
Statements of Assets and Liabilities	72
Statements of Operations	73
Statements of Changes in Net Assets	74
Statements of Cash Flows	75
Financial Highlights	76
Notes to Financial Statements	86
Summary of Dividend Reinvestment Plan	103
Additional Information	104
Privacy Procedures	106
Approval of Investment Advisory Agreement	116
Trustees & Officers	120

Blackstone Credit & Insurance Funds

Manager Commentary

June 30, 2024 (Unaudited)

To Our Shareholders:

Strong market technicals, resilient fundamentals and the potential to earn historically elevated total returns ensured positive performance across the US loan and high yield markets over the first half of 2024. Loans beat high yield, gaining 1.90% over the second quarter and 4.38% over the first six months, with gains of 1.09% and 2.58%, respectively, for high yield.¹ Both asset classes outperformed investment grade bonds and US Treasuries, although lagged equites, and also lagged respective gains made through the first half of 2023.²

A generally supportive macroeconomic backdrop underpinned performance, as hopes for a potential soft landing replaced last year’s recession concerns at the start of the year. As the quarter progressed, markets took their cue from economic growth, the continuous stream of economic data releases and any sign that the U.S. Federal Reserve (the “Fed”) sufficiently subdued inflation to ease restrictive monetary policy. Although inflation slowed through the second half of 2023, it turned sticky with a series of upside surprises as 2024 got underway, despite the Fed holding base rates at their highest level in 22 years (5.25%-5.50%) since July 2023.³ The prospect of delays to the Fed pivot, which may cause the economy to slow too quickly, sparked greater rate volatility, which impacted fixed rate investment grade performance and high yield performance over the second quarter.⁴Renewed disinflation and moderating growth toward the end of the first half of 2024 reinvigorated hopes for a Fed pivot and the start of looser monetary conditions later this year.⁵

6-Month Total Returns as of June 30, 2024

US Loans (Morningstar LSTA Leveraged Loan Index)	4.40%
US High Yield Bonds (Bloomberg High Yield US High Yield Index)	2.58%
3-month Treasury Bills (Bloomberg U.S. Treasury Bellwethers: 3 Month)	2.65%
10-year Treasuries (Bloomberg U.S. Treasury Bellwethers: 10 Year)	-2.03%
US Aggregate Bonds (Bloomberg U.S. Aggregate Index)	-0.71%
US Investment Grade Bonds (Bloomberg U.S. Corporate Investment Grade Index)	-0.49%
Emerging Markets (Bloomberg EM USD Aggregate Index)	2.22%
US Large Cap Equities (S&P 500^® Index)	15.29%

Sources: Bloomberg, Barclays, S&P/LCD

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

Higher base rates ensured coupon-clipping or “carry” was the primary driver of returns across credit markets over the first half of 2024, fueling demand, which pushed credit spreads close to the lowest levels recorded.⁶ Strong appetite lifted average loan prices to an annual high of $97 in May, continuing the rally underway since November 2023.⁷ The percentage of the loan market priced above par topped 60% in May, a high since 2018⁸— triggering a record $372 billion repricing wave.⁹ Meanwhile, the high yield Index yield-to-worst rose to the widest levels so far in 2024 of 8.3% post April CPI, from 7.48% at the start of the year, before hovering along at ~8% for the rest of the first half of 2024.¹⁰

Loan and high yield retail funds secured inflows—of $12 billion and $5.5 billion respectively—over the first half of 2024, reversing the significant outflows over the same period in 2023.¹¹ CLO creation, at just over $100 billion in the year-to-date period, almost doubled issuance in the same period in 2023,¹² although elevated redemption activity significantly reduced net CLO supply and sent cash back to investors.¹³ Heavy demand from investors, including US and European banks and insurance companies and Japanese banks, also drove CLO liability spreads lower.¹⁴

On the other side of the technical ledger, capital markets reopened in earnest in 2024, and the subsequent heavy issuance pushed high yield supply 79% ahead of last year, and institutional loan supply a hefty 182% ahead of last year.¹⁵ New money supply remained scarce, but loan and high yield borrowers shored up balance sheets by cutting interest expense and bolstering free cash flow through refinancings, repricings and by extending maturities as record pace.¹⁶ As a result, just $40 billion of loans are due to mature by the end of 2025, while $111 billion of high yield bonds are due in 2024-2025, down from $159 billion at the start of 2024.¹⁷

Tightening loan spreads enabled borrowers to refinance more expensive direct lending loans in the cheaper syndicated loan market. The market refinanced $6.3 billion of privately placed second-lien debt with syndicated first-lien term loans in the first six months of 2024, compared to less than $400 million in the first six months of 2023.¹⁸

Headwinds remain as we move into the second half of the year, including a more challenging fundamental backdrop due to slower growth, higher rates and the potential for ongoing volatility, as well as the US presidential election in November, and other geopolitical concerns.

Corporate fundamentals have weakened but remain resilient due to earnings growth and refinancing/repricing efforts. Credit defaults have mostly been confined to idiosyncratic situations and remain close to the long-term averages.¹⁹ Liability management exercises remain elevated, and their potential to erode value for investors is something we continue to monitor closely.²⁰

We expect appetite for CCC-rated assets to remain limited and very credit specific in this tougher environment,²¹ but believe that managers able to target cash-flow-positive credits in sectors that are more resilient through the cycle can seek safer yield in leveraged finance markets and avoid secularly challenged CCCs.²² Managers may also have the opportunity to differentiate themselves through this period of increased credit and performance dispersion.

2	www.blackstone-credit.com

Blackstone Credit & Insurance Funds

Manager Commentary

June 30, 2024 (Unaudited)

We believe that moderating growth and ongoing disinflation should provide the Fed with air cover to finally bring rates down. Lower rates are likely to reduce the cost of capital for corporate borrowers, alleviating the pressure on those more highly levered entities, setting up a supportive environment for risk assets, in our view.

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 www.blackstone-credit.com.

Sincerely,

Blackstone Liquid Credit Strategies LLC

All figures are approximate and as of June 30, 2024, 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.

Morningstar LSTA Leveraged Loan Index, Bloomberg High Yield Index, as of June 30, 2024.

BBG S&P 500 Index, Morningstar LSTA Leveraged Loan Index, Bloomberg High Yield Index, Bloomberg US Corporate Index, as of June 30, 2024, and as of June 30, 2023.

BBC News, Fed raises interest rates to highest in 22 years, as of July 26, 2024.

⁴

Bloomberg High Yield Index, Bloomberg US Corporate Index, as of June 30, 2024.

⁵

BXCI Views and Beliefs, as of June 2024.

⁶

BBG US HY Index and US Corporate IG Index, as of June 30, 2024.

⁷

Morningstar LSTA Leveraged Loan Index, Bloomberg High Yield Index, as of June 30, 2024.

⁸

Morningstar LSTA US Loan Index, as of May 31, 2024.

⁹

Pitchbook LCD data, as of June 25, 2024. (Q2 US Leveraged Loan Market Wrap: Demand surges, leading to record activity, as of June 26, 2024.)

¹⁰

BBG HY Corporate Index, as of June 30, 2024.

¹¹

JP Morgan High Yield and Leveraged Loan Morning Intelligence, as of June 28, 2024.

¹²

Pitchbook LCD CLO Data, as of June 25, 2024.

¹³

Pitchbook LCD, Q2 US CLO Wrap: Tailwinds strengthen as market sets record pace of new issuance, as of June 27, 2024.

¹⁴

Pitchbook LCD, Q2 US CLO Wrap: Tailwinds strengthen as market sets record pace of new issuance, as of June 27, 2024.

¹⁵

Pitchbook LCD data, as of June 30, 2024.

¹⁶

Pitchbook LCD, Q2 US Leveraged Loan Market Wrap, as of June 26, 2024. Barclays CLO Research, as of June 21, 2024.

¹⁷

Pitchbook LCD, Q2 US Leveraged Loan Market Wrap, as of June 26, 2024.

¹⁸

Pitchbook LCD, Q2 Private Credit Wrap: Lenders strengthen defences against refi, repricing wave, as of June 20, 2024.

¹⁹

JP Morgan Default Monitor, as of June 3, 2024.

²⁰

JP Morgan Mid-Year Outlook, as of May 26, 2024.

²¹

Fed dot plot, BBG US High Yield Corporate Index, as of June 30, 2024.

²²

BXCI Views and Beliefs, as of June 2024. JP Morgan Default Monitor, as of August 1, 2024. Pitchbook LCD, Quick Take: Lower-rated loans fare worst in Monday's market plunge, as of August 7, 2024.

Semi-Annual Report | June 30, 2024

Blackstone Senior Floating Rate 2027 Term Fund

Fund Summary

June 30, 2024 (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

Fund Performance

As of June 30, 2024, BSL outperformed its benchmark, the Morningstar LSTA Leveraged Loan Index (“Morningstar LLI”), on a Net Asset Value (“NAV”) per share basis for the six-month, one-year, five-year, ten-year, and since inception periods and underperformed its benchmark for the three-year period. On a share price basis, the Fund underperformed its benchmark for the three-year, five-year, and since inception periods. The shares of the Fund traded at an average discount to NAV of 5.2% for the six months ended June 30, 2024, compared to its peer group average discount of 3.4% over the same period.

NAV Performance Factors

The Fund’s outperformance relative to the benchmark for the six months ended June 30, 2024 was primarily attributable to the Fund’s leverage and credit selection within the Fund’s loan allocation. The Fund’s allocation to CLO securities also contributed to the Fund’s outperformance for the period. By issuer, the largest positive contributors to performance were Global Medical Response Inc, Radiology Partners Inc, and Covenant Surgical Partners Inc. The most significant detractors were Atlas CC Acquisition Corp, Magenta Buyer LLC, and Ivanti Software Inc.

Portfolio Activity and Positioning

During the period, we continued to dynamically manage the Fund. The Fund’s largest sector overweights were financial services, commercial & professional services, and capital goods; the largest sector underweights included materials, media & entertainment, and consumer discretionary & retail. The Fund’s asset allocation remained stable during the period.

4	www.blackstone-credit.com

Blackstone Senior Floating Rate 2027 Term Fund

Fund Summary

June 30, 2024 (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

BSL Total Return (as of June 30, 2024)

	6 Month	1 Year	3 Year	5 Year	10 Year	Since Inception
NAV*	5.29%**	14.04%	4.82%	5.76%	5.21%	5.72%
Market Price*	9.22%	20.84%	3.28%	4.43%	5.30%	4.97%
Morningstar LSTA US Leveraged Loan Index	4.40%	11.11%	6.14%	5.53%	4.60%	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, 2024 may differ from the net asset value for financial reporting purposes.

Semi-Annual Report | June 30, 2024

Blackstone Senior Floating Rate 2027 Term Fund

Fund Summary

June 30, 2024 (Unaudited)

BSL’s Portfolio Composition*

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*

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

Portfolio Characteristics

Average All-In Rate	8.66%
Current Dividend Yield^	9.76%
Effective Duration^^	0.19 yr
Average Position*	0.19%
Leverage*	31.99%

Using current dividend rate of $0.114/share and market price/share as of June 30, 2024.

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*

Focus Financial Partners LLC	0.9%
Delta Topco Inc	0.9%
Peraton Corp.	0.8%
Endurance International Group Holdings Inc	0.8%
Trans Union LLC	0.7%
Bain Capital Credit Clo, Limited	0.7%
Genesee & Wyoming Inc	0.7%
Auris Luxembourg III SARL	0.7%
Cifc Funding Ltd	0.7%
Global Medical Response	0.7%
Top 10 Issuer	7.6%

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	12.5%
Professional Services	8.5%
Financial Services	6.7%
Health Care Providers & Services	5.7%
Commercial Services & Supplies	5.0%
Top 5 Industries	38.4%

As a percentage of Managed Assets.

GICS Industry Classification Schema.

6	www.blackstone-credit.com

Blackstone Long-Short Credit Income Fund

Fund Summary

June 30, 2024 (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 first- and second-lien secured loans (“Secured Loans”), but may also invest in unsecured loans and high yield bonds.

Portfolio Management Commentary

Fund Performance

As of June 30, 2024, 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 six-month, one-year, five-year, ten-year, and since inception periods and underperformed its benchmark for the three-year period. On a share price basis, the Fund underperformed its benchmark for the three-year and five-year periods. The shares of the Fund traded at an average discount to NAV of 7.7% for the six months ended June 30, 2024, compared to its peer group average discount of 3.5% over the same period.

NAV Performance Factors

The Fund’s outperformance relative to the benchmark for the six months ended June 30, 2024 was primarily attributable to the Fund’s leverage and credit selection within the Fund’s loan allocation. The Fund’s allocation to CLO securities also contributed to the Fund’s outperformance for the period. By issuer, the largest positive contributors to performance were Global Medical Response, Radiology Partners Inc, and Covenant Surgical Partners Inc. The most significant detractors were Atlas CC Acquisition Corp, Magenta Buyer LLC, and Carestream Health Holdings Inc.

Portfolio Activity and Positioning

During the period, we continued to dynamically manage the Fund. The Fund’s largest sector overweights were financial services, commercial & professional services, and capital goods; the largest sector underweights included media & entertainment, materials, and energy. The Fund’s asset allocation remained stable during the period.

Semi-Annual Report | June 30, 2024

Blackstone Long-Short Credit Income Fund

Fund Summary

June 30, 2024 (Unaudited)

Performance Summary

Value of a $10,000 Investment

BGX Total Return (as of June 30, 2024)

	6 Month	1 Year	3 Year	5 Year	10 Year	Since Inception
NAV*	5.39%**	14.32%	4.00%	5.53%	5.41%	5.82%
Market Price*	13.21%	21.91%	2.67%	4.54%	5.46%	4.94%
70% Morningstar LSTA US LLI / 30% Bloomberg U.S. HYI	3.86%	10.94%	4.82%	5.07%	4.53%	4.97%
85% Morningstar LLI / 15% Bloomberg HYI***	4.13%	11.03%	5.48%	5.30%	4.57%	4.83%

***

Effective June 1, 2023, BGX changed its benchmark from a composite weighting of the Morningstar LLI and the Bloomberg U.S. High Yield Index (“Bloomberg HYI”) (70% loans, 30% high yield bonds) to a composite weighting of the Morningstar LLI and the Bloomberg HYI (85% loans, 15% high yield bonds) in order to reflect the midpoint of the Fund’s possible exposure to high yield bond investments, rather than the maximum level.

8	www.blackstone-credit.com

Blackstone Long-Short Credit Income Fund

Fund Summary

June 30, 2024 (Unaudited)

BGX’s Portfolio Composition*

BGX’s Moody’s Rating Distribution*

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

Portfolio Characteristics

Average All-In Rate	8.54%
Current Dividend Yield^	10.14%
Effective Duration^^	0.40 yr
Average Position*	0.20%
Leverage*	31.95%

Using current dividend rate of $0.105/share and market price/share as of June 30, 2024.

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*

Clover Clo	0.8%
Peraton Corp.	0.8%
Focus Financial Partners LLC	0.8%
Allied Universal Holdco LLC	0.8%
LTI Holdings, Inc.	0.8%
Genuine Financial Holdings LLC	0.7%
Genesee & Wyoming Inc	0.7%
Cotiviti Corporation	0.7%
First Brands Group LLC	0.7%
Citco Funding LLC	0.7%
Top 10 Issuer	7.5%

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	11.0%
Professional Services	7.4%
Financial Services	6.4%
Health Care Providers & Services	5.9%
Commercial Services & Supplies	4.8%
Top 5 Industries	35.5%

As a percentage of Managed Assets.

GICS Industry Classification Schema.

Semi-Annual Report | June 30, 2024

Blackstone Strategic Credit 2027 Term Fund

Fund Summary

June 30, 2024 (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

Fund Performance

As of June 30, 2024, 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 six-month, one-year, ten-year, and since inception periods and underperformed its benchmark for the three-year and five-year periods. On a share price basis, the Fund underperformed for the three-year, five-year, and since inception periods. The shares of the Fund traded at an average discount to NAV of 7.6% for the six months ended June 30, 2024, compared to its peer group average discount of 3.5% over the same period.

NAV Performance Factors

The Fund’s outperformance relative to the benchmark for the six months ended June 30, 2024 was primarily attributable to the Fund’s leverage and credit selection within the Fund’s loan allocation. The Fund’s credit selection within its high yield bond allocation also contributed to the Fund’s outperformance for the period. By issuer, the largest positive contributors to performance were Global Medical Response Inc, Radiology partners Inc, and Covenant Surgical Partners Inc. The most significant detractors were Atlas CC Acquisition Corp, Magenta Buyer LLC, and CSC Holdings LLC.

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 financial services; the largest sector underweights included materials, media & entertainment, and consumer services. The Fund’s asset allocation remained stable during the period.

10	www.blackstone-credit.com

Blackstone Strategic Credit 2027 Term Fund

Fund Summary

June 30, 2024 (Unaudited)

Performance Summary

Value of a $10,000 Investment

BGB Total Return (as of June 30, 2024)

	6 Month	1 Year	3 Year	5 Year	10 Year	Since Inception
NAV*	4.95%**	13.97%	3.82%	4.66%	4.65%	5.09%
Market Price*	9.28%	20.29%	3.26%	4.44%	4.71%	4.05%
75% Morningstar LSTA US LLI / 25% Bloomberg HYI	3.95%	10.97%	5.04%	5.15%	4.55%	4.80%

Semi-Annual Report | June 30, 2024

Blackstone Strategic Credit 2027 Term Fund

Fund Summary

June 30, 2024 (Unaudited)

BGB’s Portfolio Composition*

BGB’s Moody’s Rating Distribution*

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

Portfolio Characteristics

Average All-In Rate	8.18%
Current Dividend Yield^	10.19%
Effective Duration^^	0.62 yr
Average Position*	0.19%
Leverage*	37.08%

Using current dividend rate of $0.101/share and market price/share as of June 30, 2024.

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*

Peraton Corp.	0.8%
Caesars Entertain Inc	0.7%
Trans Union LLC	0.7%
Genesee & Wyoming Inc	0.7%
Cotiviti Corporation	0.7%
Genuine Financial Holdings LLC	0.7%
Focus Financial Partners LLC	0.7%
LTI Holdings, Inc.	0.7%
Pro Mach Group, Inc.	0.7%
Transdigm Inc	0.7%
Top 10 Issuer	7.1%

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	10.5%
Professional Services	7.7%
Health Care Providers & Services	5.9%
Commercial Services & Supplies	4.5%
Hotels, Restaurants & Leisure	4.4%
Top 5 Industries	33.0%

As a percentage of Managed Assets.

GICS Industry Classification Schema.

12	www.blackstone-credit.com

Blackstone Senior Floating Rate 2027 Term Fund

Portfolio of Investments

June 30, 2024 (Unaudited)

	Principal Amount		Value
FLOATING RATE LOAN INTERESTS^(a)- 139.78%
Aerospace & Defense - 4.50%
Atlas CC Acquisition Corp., First Lien B Term Loan, 3M CME TERM SOFR + 4.25%, 0.75% Floor, 05/25/2028	$	1,331,077	$	987,400
Atlas CC Acquisition Corp., First Lien C Term Loan, 3M CME TERM SOFR + 4.25%, 0.75% Floor, 05/25/2028		270,032		200,311
Dynasty Acquisition Co Inc., First Lien Term Loan, 1M US SOFR + 3.50%, 08/24/2028		162,911		163,688
Nordam Group LLC, First Lien Initial Term Loan, 1M US SOFR + 5.50%, 04/09/2026		1,667,600		1,609,234
Novaria Holdings, LLC, First Lien Term Loan, 1M US SOFR + 4.25%, 06/05/2031^(b)		547,222		551,326
Peraton Corp., First Lien B Term Loan, 1M US SOFR + 3.75%, 0.75% Floor, 02/01/2028		2,269,683		2,272,690
Standard Aero, Ltd., First Lien Term Loan, 1M US SOFR + 3.50%, 08/24/2028		62,814		63,114
TransDigm, Inc., First Lien Term Loan, 3M CME TERM SOFR + 3.25%, 02/28/2031		1,509,172		1,514,077
Vertex Aerospace Corp., First Lien Term Loan, 1M US SOFR + 2.75%, 12/06/2030		849,993		852,042
World Wide Technology Holding Co LLC, First Lien Term Loan, 3M CME TERM SOFR + 3.50%, 0.50% Floor, 04/21/2031		445,386		448,170
				8,662,052

Air Freight & Logistics - 2.20%
ASP LS Acquisition Corp., First Lien Term Loan, 3M CME TERM SOFR + 4.50%, 0.75% Floor, 05/07/2028		482,595		412,554
Clue Opco LLC, First Lien Term Loan, 3M CME TERM SOFR + 4.50%, 12/19/2030		1,188,978		1,111,843
Rinchem Company, Inc., First Lien Term Loan, 3M CME TERM SOFR + 4.25%, 03/02/2029		1,349,677		1,169,252
Savage Enterprises LLC, First Lien Term Loan, 3M US L + 3.25%, 0.50% Floor, 09/15/2028		592,689		594,775
WWEX UNI TopCo Holdings LLC, First Lien Initial Term Loan, 3M CME TERM SOFR + 4.00%, 0.75% Floor, 07/26/2028		946,812		950,741
				4,239,165

Automobile Components - 2.34%
Belron Finance US LLC, First Lien Term Loan, 3M CME TERM SOFR + 2.25%, 0.50% Floor, 04/18/2029		361,249		362,528
Clarios Glob LP, First Lien Term Loan, 6M CME TERM SOFR + 2.75%, 06/05/2030		1,402,650		1,407,692
First Brands Group LLC, First Lien Term Loan, 3M CME TERM SOFR + 5.00%, 1.00% Floor, 03/30/2027		1,095,531		1,090,738
First Brands Group, LLC, First Lien 2018 New Tranche E Term Loan, 3M CME TERM SOFR + 5.00%, 03/30/2027		797,095		793,237
LTI Holdings, Inc., First Lien Term Loan, 1M US SOFR + 4.75%, 07/24/2026		411,906		408,277
LTI Holdings, Inc., Second Lien Initial Term Loan, 1M US SOFR + 6.75%, 09/06/2026		468,085		444,096
				4,506,568

Beverages - 0.64%
Triton Water Holdings, Inc., First Lien Initial Term Loan, 3M CME TERM SOFR + 3.25%, 0.50% Floor, 03/31/2028		1,226,544		1,228,384

Biotechnology - 0.94%
Grifols Worldwide Operations, First Lien Term Loan, 1M US SOFR + 2.00%, 11/15/2027		1,836,439		1,808,893

Broadline Retail - 0.20%
Peer Hldg III BV, First Lien Term Loan, 6M CME TERM SOFR + 3.00%, 06/23/2031		381,229		382,103

Building Products - 3.62%
Gulfside Supply Inc, First Lien Term Loan, 6M CME TERM SOFR + 3.50%, 05/29/2031^(b)		262,418		262,910
LBM Acquisition LLC, First Lien Term Loan, 1M US SOFR + 3.75%, 05/30/2031		1,484,336		1,461,551
LHS Borrower, LLC, First Lien Term Loan, 1M US SOFR + 4.75%, 0.50% Floor, 02/16/2029		816,918		775,255
Miter Brands Acquisition Holdco Inc., First Lien Term Loan, 1M US SOFR + 3.50%, 03/28/2031		964,311		971,346

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2024

Blackstone Senior Floating Rate 2027 Term Fund

Portfolio of Investments

June 30, 2024 (Unaudited)

	Principal Amount		Value
Building Products (continued)
Oscar Acquisitionco LLC, First Lien Term Loan, 3M CME TERM SOFR + 4.25%, 0.50% Floor, 04/29/2029	$	1,104,946	$	1,105,725
Resideo Funding Inc, First Lien Term Loan, 6M CME TERM SOFR + 2.25%, 06/13/2031		151,862		151,863
Tailwind Smith Cooper Intermediate Corp., First Lien Initial Term Loan, 3M CME TERM SOFR + 5.00%, 05/28/2026		1,458,624		1,459,536
Trulite Holding Corp., First Lien Term Loan, 1M US SOFR + 6.00%, 03/01/2030		799,298		777,317
				6,965,503

Capital Markets - 5.79%
Apex Group Treasury, Ltd., First Lien USD Term Loan, 3M CME TERM SOFR + 3.75%, 0.50% Floor, 07/27/2028		1,436,153		1,439,744
AssetMark 6/24 TLB 1L, First Lien Term Loan, 6M CME TERM SOFR + 3.25%, 06/03/2031		609,074		610,216
Cetera Financial 5/24 TLB 1L, First Lien Term Loan, 3M CME TERM SOFR + 9.34%, 08/09/2030		1,596,407		1,604,557
Citadel Securities LP, First Lien Term Loan, 1M US SOFR + 2.25%, 07/29/2030		435,195		436,936
CITCO FDG LLC, First Lien Term Loan, 3M CME TERM SOFR + 2.75%, 04/27/2028		1,930,650		1,939,502
CPI Holdco B LLC, First Lien Term Loan, 1M US SOFR + 2.00%, 05/17/2031		507,229		507,310
Edelman Financial Engines Center LLC, First Lien Term Loan, 1M US SOFR + 3.25%, 04/07/2028		60,900		61,057
Focus Financial Partners LLC, First Lien Term Loan, 1M US SOFR + 2.50%, 0.50% Floor, 06/30/2028		1,968,304		1,968,766
Focus Financial Partners, LLC, First Lien Term Loan, 1M US SOFR + 2.75%, 06/30/2028		534,741		534,819
Kestra Advisor Services Holdings A INC, First Lien Term Loan, 1M US SOFR + 4.00%, 03/22/2031		610,720		613,697
Osaic Holdings Inc aka Advisor Group, First Lien Term Loan, 1M US SOFR + 4.00%, 08/17/2028		1,424,594		1,430,741
				11,147,345

Chemicals - 2.35%
CI Maroon Holdings LLC, First Lien Term Loan, 3M CME TERM SOFR + 4.00%, 03/01/2031		369,000		371,306
Ecovyst Catalyst Technologies LLC, First Lien Term Loan, 6M CME TERM SOFR + 2.25%, 06/12/2031		1,631,438		1,633,037
Geon Performance Solutions LLC, First Lien Term Loan, 3M CME TERM SOFR + 4.25%, 0.75% Floor, 08/18/2028		1,136,361		1,142,759
Nouryon USA Ltarfruit US TLB 1L, First Lien Term Loan, 3M CME TERM SOFR + 3.50%, 04/03/2028		942,875		946,529
Starfruit US Holdco LLC TLB 1L, First Lien Term Loan, 3M CME TERM SOFR + 3.50%, 04/03/2028		422,340		424,980
				4,518,611

Commercial Services & Supplies - 7.34%
Action Environmental Group, Inc., First Lien Term Loan:
3M CME TERM SOFR + 4.00%, 0.50% Floor, 10/24/2030^(b)		1,249,416		1,258,786
6M CME TERM SOFR + 4.00%, 0.50% Floor, 10/24/2030^(b)		92,430		93,123
6M CME TERM SOFR + 4.00%, 0.50% Floor, 10/24/2030^(b)		123,240		124,165
Allied Universal Holdco LLC, First Lien Initial U.S. Dollar Term Loan, 1M US SOFR + 3.75%, 0.50% Floor, 05/12/2028		1,496,154		1,492,092
Aramark Intermediate HoldCo Corp., First Lien U.S. B-4 Term Loan, 1M US SOFR + 1.75%, 01/15/2027		700,000		700,788
Belfor Holdings, Inc., First Lien Term Loan, 1M US SOFR + 3.75%, 0.50% Floor, 11/01/2030		276,889		278,966
Equiniti Group PLC, First Lien Term Loan, 6M CME TERM SOFR + 4.50%, 12/11/2028		1,465,385		1,473,628
Garda World Security Corp., First Lien Term Loan, 3M CME TERM SOFR + 4.25%, 02/01/2029		1,805,846		1,819,389
GFL Environmental, Inc., First Lien Term Loan, 6M US L + 0.00%, 0.50% Floor, 06/27/2031^(b)		163,333		163,742
Justrite Safety Group, First Lien Delayed Draw Term Loan, 1M US SOFR + 4.50%, 06/28/2026		73,695		73,742
Justrite Safety Group, First Lien Initial Term Loan, 1M US SOFR + 4.50%, 06/28/2026		1,363,125		1,363,984

See Notes to Financial Statements.

14	www.blackstone-credit.com

Blackstone Senior Floating Rate 2027 Term Fund

Portfolio of Investments

June 30, 2024 (Unaudited)

	Principal Amount		Value
Commercial Services & Supplies (continued)
Omnia Partners, LLC, First Lien Term Loan, L + 3.75%, 07/25/2030	$	1,557,039	$	1,559,709
Prime Sec Services Borrower LLC, TL, First Lien Term Loan, 3M CME TERM SOFR + 2.25%, 10/13/2030		1,212,153		1,213,002
Strategic Materials Holding Corp., Second Lien Initial Term Loan, 3M CME TERM SOFR + 7.75%, 1.00% Floor, 10/31/2025^(b)		800,000		16,000
TMF Sapphire US LLC aka TMF Group TLB 1L, First Lien Term Loan 05/03/2028		289,455	$	290,586
TRC Companies, First Lien Term Loan, 1M US SOFR + 3.75%, 12/08/2028		1,118,855		1,122,631
United Site Cov-Lite, First Lien Term Loan, 3M CME TERM SOFR + 4.25%, 12/15/2028		1,068,493		715,297
Vestis Corp, First Lien Term Loan, 3M CME TERM SOFR + 2.25%, 02/22/2031		374,063		372,738
				14,132,368

Communications Equipment - 0.05%
MLN US HoldCo LLC, First Lien B Term Loan, 3M CME TERM SOFR + 4.50%, 11/30/2025		854,492		96,130


Construction & Engineering - 2.12%
Amentum Government Services Holdings LLC, First Lien Term Loan, 1M US SOFR + 4.00%, 02/15/2029		1,080,378		1,086,456
Artera Services LLC aka PowerTeam, First Lien Term Loan, 3M CME TERM SOFR + 4.50%, 02/15/2031		307,522		309,525
Azuria Water Solutions Inc aka Aegion TLB 1L, First Lien Term Loan 05/17/2028		1,420,703		1,428,190
Groundworks LLC, First Lien Term Loan:
1M US SOFR + 3.50%, 03/14/2031		544,898		545,238
6M CME TERM SOFR + 4.00%, 03/14/2031^(c)		5,516		5,519
Touchdown Acquirer Inc aka TenCate, First Lien Term Loan, 3M CME TERM SOFR + 4.00%, 02/21/2031		401,639		404,024
Tutor Perini Corp., First Lien B Term Loan, 1M US SOFR + 4.75%, 1.00% Floor, 08/18/2027		300,960		302,027
				4,080,979

Construction Materials - 1.01%
Quikrete Holdings, Inc., First Lien Term Loan, 1M US SOFR + 2.50%, 04/14/2031		1,476,968		1,481,968
Summit Materials LLC, First Lien Term Loan, 3M CME TERM SOFR + 2.50%, 01/12/2029		203,447		205,100
Tamko Building Products LLC, First Lien Term Loan, 1M US SOFR + 3.25%, 09/20/2030		249,873		250,185
				1,937,253

Containers & Packaging - 2.84%
Altium Packaging LLC, First Lien Term Loan, 1M US SOFR + 2.50%, 06/11/2031		131,250		131,250
Anchor Packaging LLC, First Lien Term Loan, 1M US SOFR + 3.75%, 07/18/2029		414,000		414,813
Berlin Packaging LLC, First Lien Term Loan, 6M CME TERM SOFR + 4.00%, 06/07/2031		575,620		577,583
ProAmpac PG Borrower LLC, First Lien Term Loan, 3M CME TERM SOFR + 4.00%, 0.75% Floor, 09/15/2028		495,360		497,156
Reynolds Consumer Products LLC, First Lien Initial Term Loan, 1M US SOFR + 1.75%, 02/04/2027		1,443,718		1,448,114
Supplyone 3/24, First Lien Term Loan, 6M CME TERM SOFR + 4.50%, 04/19/2031		774,245		776,425
Trident TPI Holdings, Inc., First Lien Term Loan, 3M CME TERM SOFR + 9.33%, 0.50% Floor, 09/15/2028		1,615,642		1,620,021
				5,465,362
Distributors - 1.51%
Burgess Point Purchaser Corp., First Lien Term Loan, 1M US SOFR + 5.25%, 07/25/2029		1,449,920		1,409,141
Johnstone Supply LLC, First Lien Term Loan, 3M CME TERM SOFR + 3.00%, 05/16/2031		547,000		548,367
S&S Holdings LLC, First Lien Initial Term Loan, 1M US SOFR + 5.00%, 0.50% Floor, 03/11/2028		959,055		961,453
				2,918,961

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2024

Blackstone Senior Floating Rate 2027 Term Fund

Portfolio of Investments

June 30, 2024 (Unaudited)

	Principal Amount		Value
Diversified Consumer Services - 3.15%
Cengage Learning, Inc., First Lien Term Loan, 6M CME TERM SOFR + 4.25%, 1.00% Floor, 03/24/2031	$	804,974	$	808,246
Fugue Finance LLC aka Nord Anglia, First Lien Term Loan, 3M CME TERM SOFR + 3.75%, 02/26/2031		340,095		343,369
Imagine Learning LLC, First Lien Term Loan, 1M US SOFR + 3.50%, 12/21/2029		1,147,125		1,148,375
Loyalty Ventures, Inc., First Lien Term Loan, 3M Prime + 3.50%, 11/03/2027^(b)		462,410		4,624
McKissock Investment Holdings, LLC, First Lien Term Loan, 3M CME TERM SOFR + 5.00%, 03/12/2029		227,367		228,528
Mister Car Wash 3/24, First Lien Term Loan, 1M US SOFR + 3.00%, 03/27/2031		379,673		381,266
Spring Education Group, Inc., First Lien Term Loan, 3M CME TERM SOFR + 4.00%, 10/04/2030		850,400		855,626
St. George's University Scholastic Services LLC, First Lien Term Loan B Term Loan, 1M US SOFR + 2.75%, 0.50% Floor, 02/10/2029		1,030,176		1,030,820
TruGreen LP, First Lien Term Loan, 1M US SOFR + 4.00%, 0.75% Floor, 11/02/2027		435,762		420,946
Wand NewCo 3 Inc aka Caliber Collision, First Lien Term Loan, 1M US SOFR + 3.75%, 01/30/2031		847,764		854,347
				6,076,147

Diversified REITs - 0.38%
Iron Mountain Information Management LLC, First Lien Term Loan, 3M CME TERM SOFR + 2.25%, 01/31/2031		466,200		464,839
Opry Entertainment/OEG, First Lien Term Loan, 6M CME TERM SOFR + 3.75%, 06/25/2031^(b)		262,160		262,815
				727,654

Diversified Telecommunication Services - 3.48%
Coral-US Co-Borrower LLC, First Lien B-5 Term Loan, 1M US SOFR + 2.25%, 01/31/2028		804,325		778,812
Level 3 Financing Inc., First Lien Term Loan:
1M US SOFR + 6.56%, 04/15/2029		410,203		402,577
1M US SOFR + 6.56%, 04/15/2030		413,212		403,295
Lorca Finco PLC, First Lien Term Loan, 6M CME TERM SOFR + 3.50%, 04/17/2031		326,667		327,892
Lumen Technologies Inc, First Lien Term Loan, 1M US SOFR + 2.25%, 04/15/2029		1,504		1,042
Lumen Technologies, Inc., First Lien Term Loan, 1M US SOFR + 6.00%, 06/01/2028		39,971		33,309
Radiate Holdco, LLC,, First Lien Term Loan, 1M US SOFR + 3.25%, 09/25/2026		1,277,078		1,037,894
Telenet Financing USD LLC, First Lien Term Loan, 1M US SOFR + 2.00%, 04/30/2028		1,056,336		1,007,703
UPC Financing Partnership, First Lien Facility AT Term Loan, 1M US SOFR + 2.25%, 04/30/2028		1,331,027		1,309,750
Zacapa S.A.R.L., First Lien Term Loan, 3M CME TERM SOFR + 4.00%, 03/22/2029		1,402,395		1,403,054
				6,705,328

Electric Utilities - 1.48%
Generation Bridge Northeast LLC, First Lien Term Loan, 1M US SOFR + 3.50%, 08/22/2029		589,794		594,217
NRG Energy 3/24 Cov-Lite, First Lien Term Loan, 1M US SOFR + 2.00%, 04/16/2031		815,049		816,170
Vistra Operations Co. LLC, First Lien 2018 Incremental Term Loan, 1M US SOFR + 2.00%, 12/20/2030		1,439,824		1,442,602
				2,852,989

Electrical Equipment - 0.68%
WEC US Holdings Ltd., First Lien Term Loan, 1M US SOFR + 2.75%, 01/27/2031		1,315,697		1,318,454

Electronic Equipment, Instruments & Components - 2.07%
Celestica 5/24 TLB 1L, First Lien Term Loan, 1M US SOFR + 1.75%, 05/23/2031		199,662		199,662
Coherent Corp., First Lien Term Loan, 1M US SOFR + 2.50%, 0.50% Floor, 07/02/2029		1,005,831		1,007,843
DG Investment Intermediate Holdings 2, Inc., Second Lien Initial Term Loan, 1M US SOFR + 6.75%, 0.75% Floor, 03/30/2029		601,071		590,835
Discovery Energy Corp., First Lien Term Loan, 3M CME TERM SOFR + 4.75%, 05/01/2031		784,467		788,758

See Notes to Financial Statements.

16	www.blackstone-credit.com

Blackstone Senior Floating Rate 2027 Term Fund

Portfolio of Investments

June 30, 2024 (Unaudited)

	Principal Amount		Value
Electronic Equipment, Instruments & Components (continued)
Mirion Technologies US, Inc., First Lien Term Loan, 3M CME TERM SOFR + 2.25%, 0.50% Floor, 10/20/2028	$	1,391,584	$	1,395,285
				3,982,383

Energy Equipment & Services - 0.33%
Ursa Minor US Bidco LLC aka Rosen, First Lien Term Loan, 3M CME TERM SOFR + 3.50%, 03/26/2031		639,507		644,572

Entertainment - 1.24%
CE Intermediate I LLC, First Lien Term Loan, 3M CME TERM SOFR + 3.50%, 0.50% Floor, 11/10/2028		853,689		856,625
EP Purcasher, LLC, First Lien Term Loan, 3M CME TERM SOFR + 3.50%, 11/06/2028		1,533,929		1,536,675
				2,393,300

Financial Services - 1.79%
FleetCor Technologies Operating Co. LLC, First Lien Term Loan, 1M US SOFR + 1.75%, 04/28/2028		1,178,755		1,180,800
Mitchell International, First Lien Term Loan, 6M CME TERM SOFR + 3.25%, 06/17/2031		1,646,975		1,635,018
Planet US Buyer, LLC, First Lien Term Loan, 3M CME TERM SOFR + 3.50%, 02/07/2031		627,705		632,491
Polaris Newco LLC, First Lien Dollar Term Loan, 3M CME TERM SOFR + 4.00%, 0.50% Floor, 06/02/2028		684		685
				3,448,994

Food Products - 1.58%
CH Guenther 11/21, First Lien Term Loan, 3M CME TERM SOFR + 3.00%, 12/08/2028		567,236		569,012
Froneri International, Ltd., First Lien Facility B2 Term Loan, 1M US SOFR + 2.25%, 01/29/2027		1,016,692		1,017,271
Saratoga Food Specialties LLC, First Lien Term Loan, 3M CME TERM SOFR + 3.75%, 03/07/2029		296,456		298,495
Snacking Investments BidCo Pty, Ltd., First Lien Initial US Term Loan, 3M CME TERM SOFR + 4.00%, 1.00% Floor, 12/18/2026		1,148,006		1,150,876
				3,035,654

Ground Transportation - 2.60%
Genesee & WY Inc, First Lien Term Loan, 3M CME TERM SOFR + 2.00%, 04/10/2031		2,020,158		2,020,349
Uber Technologies, Inc., First Lien Term Loan, 3M CME TERM SOFR + 2.75%, 03/03/2030		1,235,058		1,242,426
XPO, Inc., First Lien Term Loan, 1M US SOFR + 2.00%, 05/24/2028		1,731,298		1,738,388
				5,001,163

Health Care Equipment & Supplies - 1.56%
Resonetics LLC, First Lien Term Loan, 3M CME TERM SOFR + 9.08%, 06/06/2031		983,970		987,045
Siemens/SivantosWS Audiology, First Lien Term Loan, 6M CME TERM SOFR + 4.25%, 02/28/2029		2,012,288		2,019,835
				3,006,880

Health Care Providers & Services - 8.16%
DaVita, Inc., First Lien B Term Loan, 3M CME TERM SOFR + 1.75%, 08/12/2026		563,555		564,025
Global Medical Response, Inc., First Lien Term Loan, 3M CME TERM SOFR + 5.50%, 1.00% Floor, 10/31/2028(d)		2,062,708		2,001,858
Heartland Dental LLC, First Lien Term Loan, 6M CME TERM SOFR + 4.50%, 0.75% Floor, 04/28/2028		1,159,158		1,163,581
IVI America LLC aka IVIRMA, First Lien Term Loan, 6M CME TERM SOFR + 4.50%, 04/18/2031		512,500		516,264
MED ParentCo, LP, First Lien Term Loan, 1M US SOFR + 4.00%, 04/15/2031		520,534		520,976
Medical Solutions LLC, First Lien Term Loan, 1M US SOFR + 3.25%, 11/01/2028		1,120,353		854,068

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2024

Blackstone Senior Floating Rate 2027 Term Fund

Portfolio of Investments

June 30, 2024 (Unaudited)

	Principal Amount		Value
Health Care Providers & Services (continued)
Midwest Physcn Admin Srvcs LLC, First Lien Term Loan, 3M CME TERM SOFR + 3.25%, 03/12/2028	$	1,380,341	$	1,212,975
NAPA Management Services Corp., First Lien Term Loan, 1M US SOFR + 5.25%, 0.75% Floor, 02/23/2029		1,139,661		1,093,482
Onex TSG Intermediate Corp., First Lien Initial Term Loan, 3M CME TERM SOFR + 4.75%, 0.75% Floor, 02/28/2028		1,374,167		1,373,019
Outcomes Group Holdings, Inc., First Lien Term Loan, 3M US L + 4.25%, 05/06/2031		894,490		898,474
Pathway Vet Alliance LLC, First Lien 2021 Replacement Term Loan, 1M US SOFR + 3.75%, 03/31/2027		1,499,697		1,185,323
Pediatric Associates Holding Co. LLC, First Lien Term Loan, 1M US SOFR + 3.25%, 0.50% Floor, 12/29/2028		1,409,406		1,365,651
Radiology Partners Inc, First Lien Term Loan, 6M CME TERM SOFR + 5.00%, 01/31/2029		1,472,242		1,400,102
Surgery Center Holdings Inc, First Lien Term Loan, 1M US SOFR + 2.75%, 12/19/2030		342,132		343,438
U.S. Anesthesia Partners, Inc., First Lien Term Loan, 3M CME TERM SOFR + 4.25%, 0.50% Floor, 10/01/2028		1,271,565		1,222,997
				15,716,233

Health Care Technology - 2.86%
Cotiviti Inc., First Lien Term Loan, 6M US L + 0.00%, 05/01/2031		2,008,027		2,000,920
Gainwell Acquisition Corp., First Lien Term Loan, 3M CME TERM SOFR + 4.00%, 0.75% Floor, 10/01/2027		1,446,038		1,403,857
GHX Ultimate Parent Corp., First Lien Term Loan, 3M CME TERM SOFR + 4.00%, 0.50% Floor, 06/30/2027^(b)		1,188,103		1,197,014
Project Ruby Ultimate Parent Corp., First Lien Closing Date Term Loan, 1M US SOFR + 3.25%, 0.75% Floor, 03/10/2028		728,431		730,401
Waystar Technologies, Inc., First Lien Term Loan, 6M CME TERM SOFR + 3.00%, 10/22/2029		169,962		170,387
				5,502,579

Hotels, Restaurants & Leisure - 5.88%
1011778 BC UNLIMITED LIABILITY CO, First Lien Term Loan, 1M US SOFR + 1.75%, 09/20/2030		1,772,296		1,770,054
Bally's Corp., First Lien Term Loan, 3M CME TERM SOFR + 3.25%, 0.50% Floor, 10/02/2028		1,361,499		1,296,120
Caesars Entertainment, Inc., First Lien Term Loan:
3M CME TERM SOFR + 2.75%, 0.50% Floor, 02/06/2030		1,260,725		1,263,184
3M CME TERM SOFR + 2.75%, 0.50% Floor, 02/06/2031		437,756		438,645
Cedar Fair LP, First Lien Term Loan, 1M US SOFR + 2.00%, 05/01/2031		340,018		339,860
Entain plc, First Lien Term Loan, 3M CME TERM SOFR + 2.75%, 10/31/2029		1,294,233		1,297,928
Fertitta Entertainment, LLC, First Lien Term Loan, 1M US SOFR + 3.75%, 01/27/2029		645,744		647,235
Flutter Financing B.V., First Lien Term Loan, 3M CME TERM SOFR + 2.25%, 11/25/2030		1,805,069		1,808,273
Hilton Grand Vacations Borrower, LLC, First Lien Term Loan, 1M US SOFR + 2.75%, 01/17/2031		233,324		233,616
IRB Holding Corporation, First Lien Term Loan, 1M US SOFR + 2.75%, 12/15/2027		836,626		837,254
LC Ahab US Bidco LLC, First Lien Term Loan, 1M US SOFR + 3.50%, 05/01/2031		313,752		314,734
OVG Business Services, LLC TLB 1L, First Lien Term Loan, 6M US L + 0.00%, 06/13/2031		521,709		521,385
Tacala Investment Corp, First Lien Term Loan, 1M US SOFR + 4.00%, 01/31/2031		561,624		564,727
				11,333,015

Household Durables - 0.91%
ACProducts Holdings, Inc., First Lien Term Loan, 3M US L + 4.25%, 0.50% Floor, 05/17/2028		2,068,715		1,759,266

Independent Power and Renewable Electricity Producers - 0.69%
Calpine Corp., First Lien Term Loan, 1M US SOFR + 2.00%, 01/31/2031		1,332,558		1,329,920

Insurance - 3.27%
AmWINS Group, Inc., First Lien Term Loan, 1M US SOFR + 2.25%, 0.75% Floor, 02/19/2028		660,303		660,561

See Notes to Financial Statements.

18	www.blackstone-credit.com

Blackstone Senior Floating Rate 2027 Term Fund

Portfolio of Investments

June 30, 2024 (Unaudited)

	Principal Amount		Value
Insurance (continued)
AssuredPartners, Inc., First Lien Term Loan, 1M US SOFR + 3.50%, 02/14/2031	$	347,410	$	348,713
Baldwin Insurance Group Holdings LLC, First Lien Term Loan, 6M CME TERM SOFR + 3.50%, 05/26/2031^(b)		878,178		879,275
BroadStreet Partners Inc, First Lien Term Loan, 6M CME TERM SOFR + 3.25%, 06/13/2031		1,115,759		1,114,085
Hyperion Refinance Sarl, First Lien Term Loan:
1M US SOFR + 4.00%, 0.50% Floor, 04/18/2030		1,456,842		1,460,856
1M US SOFR + 3.50%, 0.50% Floor, 02/15/2031		487,595		489,260
Truist Insurance 3/24 2nd Lien Cov-Lite, Second Lien Term Loan, 3M CME TERM SOFR + 4.75%, 05/06/2032		567,317		580,081
USI Inc/NY aka Compass Investors TLB, First Lien Term Loan, 3M CME TERM SOFR + 2.75%, 09/27/2030		770,019		770,982
				6,303,813

Interactive Media & Services - 0.68%
Foundational Education Group, Inc., First Lien Term Loan, 3M CME TERM SOFR + 3.75%, 08/31/2028^(b)		34,218		33,362
LI Group Holdings, Inc., First Lien 2021 Term Loan, 1M US SOFR + 3.50%, 0.75% Floor, 03/11/2028^(b)		1,282,560		1,285,766
				1,319,128

IT Services - 5.77%
Access CIG LLC, First Lien Term Loan, 3M CME TERM SOFR + 5.00%, 0.50% Floor, 08/18/2028		900,955		907,856
Ahead DB Holdings, LLC, First Lien Term Loan, 3M CME TERM SOFR + 4.25%, 02/01/2031		1,340,314		1,346,393
Asurion LLC, Second Lien Term Loan, 1M US SOFR + 5.25%, 01/20/2029		61,459		56,874
Blackhawk Network Holdings Inc, First Lien Term Loan, 1M US SOFR + 5.00%, 03/12/2029		1,000,000		1,003,440
Chrysaor Bidco Sarl DDTL 1L, First Lien Term Loan, 6M CME TERM SOFR + 4.00%, 05/14/2031		22,473		22,599
Chrysaor Bidco Sarl TLB 1L, First Lien Term Loan, 6M CME TERM SOFR + 4.00%, 05/14/2031		303,869		305,580
Dcert Buyer, Inc., Second Lien First Amendment Refinancing Term Loan, 1M US SOFR + 7.00%, 02/19/2029		1,881,655		1,688,785
Go Daddy Oper Co LLC, First Lien Term Loan, 1M US SOFR + 1.75%, 05/30/2031		472,500		472,637
Newfold Digital Holdings Group, Inc., First Lien Initial Term Loan, 1M US SOFR + 3.50%, 0.75% Floor, 02/10/2028		2,326,630		2,166,674
Presidio/Fortress Intermediate 4/24 TLB 1L, First Lien Term Loan, 6M CME TERM SOFR + 4.00%, 05/09/2031^(b)		1,242,000		1,245,105
Skopima Merger Sub Inc., First Lien Initial Term Loan, 1M US SOFR + 4.00%, 05/12/2028		599,786		600,053
Virtusa Corp., First Lien Term Loan, 1M US SOFR + 3.25%, 0.75% Floor, 02/15/2029		918,491		922,078
World Wide Technology 3/24, First Lien Term Loan, 1M US SOFR + 2.75%, 03/01/2030^(b)		366,285		368,117
				11,106,191

Leisure Products - 0.08%
Amer Sports Co, First Lien Term Loan, 3M CME TERM SOFR + 3.25%, 02/17/2031^(b)		153,933		155,087

Life Sciences Tools & Services - 2.22%
Catalent Pharma Solutions, Inc., First Lien Term Loan, 1M US SOFR + 2.00%, 0.50% Floor, 02/22/2028		1,150,433		1,151,296
Curia Global, Inc., First Lien 2021 Term Loan, 3M CME TERM SOFR + 3.75%, 0.75% Floor, 08/30/2026		1,505,395		1,421,823
IQVIA INC., First Lien Term Loan, 3M CME TERM SOFR + 2.00%, 01/02/2031		194,216		195,248
Loire UK Midco 3, Ltd., First Lien Facility B2 Term Loan, 1M US SOFR + 3.75%, 0.75% Floor, 04/21/2027		923,260		918,260

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2024

Blackstone Senior Floating Rate 2027 Term Fund

Portfolio of Investments

June 30, 2024 (Unaudited)

	Principal Amount		Value
Life Sciences Tools & Services (continued)
Parexel International Corporation, First Lien Term Loan, 1M US SOFR + 3.25%, 0.50% Floor, 11/15/2028	$	581,643	$	583,550
				4,270,177

Machinery - 6.50%
Asp Blade Holdings, Inc., First Lien Term Loan, 3M CME TERM SOFR + 4.00%, 0.50% Floor, 10/13/2028		238,402		182,318
Bettcher Industries, Inc., First Lien Term Loan, 3M CME TERM SOFR + 4.00%, 12/14/2028		825,902		824,353
Crosby US Acquisition corp., First Lien Term Loan, 1M US SOFR + 4.00%, 08/16/2029		399,189		401,892
Engineered Machinery Holdings, Inc., First Lien Term Loan, 3M CME TERM SOFR + 3.75%, 0.75% Floor, 05/19/2028		1,413,479		1,420,879
Hyperion Materials & Technologies, Inc., First Lien Initial Term Loan, 3M CME TERM SOFR + 4.50%, 0.50% Floor, 08/30/2028		716,388		699,732
INNIO Group Hldg GmbH, First Lien Term Loan, 6M CME TERM SOFR + 3.50%, 11/02/2028		184,467		185,102
LSF11 Trinity Bidco Inc, First Lien Term Loan, 3M CME TERM SOFR + 3.50%, 06/14/2030		1,067,892		1,074,235
Osmosis Buyer Limited, First Lien Initial B Term Loan, 3M CME TERM SOFR + 4.00%, 0.50% Floor, 07/31/2028		1,613,606		1,618,301
Pro Mach Group, Inc., First Lien Closing Date Initial Term Loan, 1M US SOFR + 3.50%, 1.00% Floor, 08/31/2028		1,448,756		1,457,810
Project Castle, Inc., First Lien Term Loan, 3M CME TERM SOFR + 5.50%, 06/01/2029		1,493,400		1,337,840
SPX FLOW Inc, First Lien Term Loan, 1M US SOFR + 3.50%, 04/05/2029		430,235		433,212
TK Elevator Midco GmbH, First Lien Term Loan, 6M CME TERM SOFR + 3.50%, 04/30/2030		1,792,009		1,803,487
Victory Buyer LLC, First Lien Term Loan, 3M CME TERM SOFR + 3.75%, 0.50% Floor, 11/19/2028		1,122,205		1,082,928
				12,522,089

Media - 1.43%
ABG Intermediate Holdings 2 LLC, First Lien Term Loan, 6M CME TERM SOFR + 2.75%, 12/21/2028		218,958		219,438
American Greetings Corp., First Lien Term Loan, 1M US SOFR + 5.75%, 10/30/2029		859,413		865,592
Cable One, Inc., First Lien Term Loan, 3M US L + 2.00%, 05/03/2028		350,384		345,566
Cogeco Financing 2 LP, First Lien Term Loan, 3M CME TERM SOFR + 2.50%, 0.50% Floor, 09/01/2028		198,311		192,256
Fleet Midco I Ltd., First Lien Term Loan, 1M US SOFR + 3.25%, 02/21/2031		444,701		447,480
Univision Communications, Inc., First Lien Term Loan, 1M US SOFR + 3.25%, 0.75% Floor, 03/15/2026		691,938		693,108
				2,763,440

Metals & Mining - 0.18%
Arsenal AIC Parent, LLC, First Lien Term Loan, 1M US SOFR + 3.75%, 08/18/2030		341,639		344,116


Mortgage Real Estate Investment - 0.30%
Blackstone Mortgage Trust, Inc., First Lien Term Loan:
1M US SOFR + 2.25%, 04/23/2026		294,588		289,800
1M US SOFR + 2.75%, 0.50% Floor, 04/23/2026		294,670		290,987
				580,787

Oil, Gas & Consumable Fuels - 0.90%
Buckeye Partners LP, First Lien Term Loan:
1M US SOFR + 2.00%, 11/01/2026		354,058		354,816
3M CME TERM SOFR + 2.00%, 11/22/2030		259,145		259,428
Freeport LNG, First Lien Term Loan, 3M CME TERM SOFR + 3.50%, 12/21/2028		363,368		363,417
GIP Pilot Acquisition Partners LP, First Lien Term Loan, 3M CME TERM SOFR + 2.50%, 10/04/2030		358,142		359,038

See Notes to Financial Statements.

20	www.blackstone-credit.com

Blackstone Senior Floating Rate 2027 Term Fund

Portfolio of Investments

June 30, 2024 (Unaudited)

	Principal Amount		Value
Oil, Gas & Consumable Fuels (continued)
Whitewater Whistler Holdings LLC, First Lien Term Loan, 6M CME TERM SOFR + 2.25%, 02/15/2030	$	399,770	$	400,354
				1,737,053

Passenger Airlines - 1.32%
Air Canada, First Lien Term Loan, 3M CME TERM SOFR + 2.50%, 03/21/2031		577,135		578,668
American Airlines, Inc., First Lien 2020 Term Loan, 6M CME TERM SOFR + 1.75%, 01/29/2027		228,870		228,370
American Airlines, Inc., First Lien Term Loan, 1M US SOFR + 2.75%, 02/15/2028		602,828		602,243
United Airlines, Inc. aka Continental, First Lien Term Loan, 1M US SOFR + 2.75%, 02/22/2031		1,123,178		1,127,390
				2,536,671

Pharmaceuticals - 1.33%
Elanco Animal Health, Inc., First Lien B Term Loan, 1M US SOFR + 1.75%, 08/01/2027		1,376,867		1,373,535
Padagis LLC, First Lien Initial Term Loan, 3M CME TERM SOFR + 4.75%, 0.50% Floor, 07/06/2028^(b)		1,216,013		1,191,693
				2,565,228

Professional Services - 12.48%
AG Group Holdings, Inc., First Lien Term Loan, 1M US SOFR + 4.00%, 12/29/2028		1,758,610		1,756,412
AlixPartners, LLP, First Lien USD B Term Loan, 1M US SOFR + 2.50%, 0.50% Floor, 02/04/2028		1,516,292		1,519,135
Ankura Consulting Group LLC, First Lien Term Loan, 3M CME TERM SOFR + 4.25%, 0.75% Floor, 03/17/2028		302,175		303,372
Cast & Crew LLC, First Lien Term Loan, 1M US SOFR + 3.75%, 0.50% Floor, 12/29/2028		1,010,019		1,011,821
CoreLogic, Inc., First Lien Initial Term Loan, 1M US SOFR + 3.50%, 0.50% Floor, 06/02/2028		361,789		357,008
CoreLogic, Inc., Second Lien Initial Term Loan, 1M US SOFR + 6.50%, 0.50% Floor, 06/04/2029		567,442		557,512
DTI Holdco, Inc., First Lien Term Loan, 1M US SOFR + 4.75%, 04/26/2029		747,830		751,831
Dun & Bradstreet Corp., First Lien Term Loan, 1M US SOFR + 2.75%, 01/18/2029		928,511		930,252
EAB Global, Inc., First Lien Term Loan, 3M CME TERM SOFR + 3.50%, 0.50% Floor, 08/16/2028		850,789		851,002
Eisner Advisory Group LLC, First Lien Term Loan, 1M US SOFR + 4.00%, 02/28/2031		967,145		977,827
Element Materials Technology Group Holdings DTL, First Lien Term Loan, 3M CME TERM SOFR + 4.25%, 07/06/2029		562,728		565,660
Element Materials Technology Group Holdings, First Lien Term Loan, 3M CME TERM SOFR + 4.25%, 07/06/2029		1,219,244		1,225,597
Galaxy US Opco Inc. TL, First Lien Term Loan, 3M CME TERM SOFR + 4.75%, 04/29/2029		983,131		802,072
Genuine Financial Holdings LLC, First Lien Term Loan, 3M CME TERM SOFR + 4.00%, 09/27/2030		1,837,787		1,834,112
Grant Thornton 5/24 Cov-Lite TLB 1L, First Lien Term Loan, 6M CME TERM SOFR + 3.75%, 06/02/2031		936,876		940,731
Inmar, Inc., First Lien Term Loan, 1M US SOFR + 5.50%, 05/01/2026		589,248		591,458
Isolved, Inc., First Lien Term Loan, 1M US SOFR + 3.50%, 10/15/2030		350,223		351,536
Lereta, LLC, First Lien Term Loan, 1M US SOFR + 5.25%, 07/30/2028		479,804		361,851
Mermaid Bidco Inc aka Datasite TL 1L, First Lien Term Loan, 6M CME TERM SOFR + 3.50%, 06/30/2031^(b)		505,545		506,809
Neptune Bidco US, Inc., First Lien Term Loan:
3M CME TERM SOFR + 4.75%, 10/11/2028		474,335		446,230
3M CME TERM SOFR + 5.00%, 0.50% Floor, 04/11/2029		606,429		572,317
Ryan LLC., First Lien Term Loan, 1M US SOFR + 3.50%, 11/14/2030		698,673		702,428
Sedwick CMS 2/23 TLB, First Lien Term Loan, 1M US SOFR + 3.75%, 02/24/2028		867,923		869,972

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2024

Blackstone Senior Floating Rate 2027 Term Fund

Portfolio of Investments

June 30, 2024 (Unaudited)

	Principal Amount		Value
Professional Services (continued)
Trans Union LLC, First Lien Term Loan:
1M US SOFR + 2.00%, 12/01/2028	$	281,428	$	281,854
6M CME TERM SOFR + 1.75%, 06/06/2031		1,768,357		1,767,473
TTF Holdings LLC, First Lien Term Loan, 6M CME TERM SOFR + 4.00%, 06/20/2031^(b)		779,034		779,034
Vaco Holdings, LLC, First Lien Term Loan, 3M CME TERM SOFR + 5.00%, 01/21/2029		1,471,393		1,463,418
Veritext 3/24, First Lien Term Loan, 1M US SOFR + 3.50%, 08/09/2030		959,188		964,823
				24,043,547

Real Estate Management & Development - 0.72%
Cushman & Wakefield US Borrower LLC, First Lien Initial Term Loan, 1M US SOFR + 3.00%, 01/31/2030^(b)		581,176		581,902
Cushman & Wakefield US Borrower LLC, First Lien Term Loan, 1M US SOFR + 3.75%, 0.50% Floor, 01/31/2030^(b)		790,890		796,822
				1,378,724

Software - 18.25%
Apttus Corp., First Lien Initial Term Loan, 1M US SOFR + 4.00%, 0.75% Floor, 05/08/2028		272,582		272,923
BEP Intermediate/Buyers Edge 4/24 TLB, First Lien Term Loan, 1M US SOFR + 3.75%, 04/25/2031^(b)		340,735		342,439
Boost Newco Borrower LLC aka Worldpay 1L TL, First Lien Term Loan 01/31/2031		867,155		869,445
Boxer Parent Company Inc., First Lien Term Loan, 3M CME TERM SOFR + 4.00%, 12/29/2028		446,014		447,486
Central Parent, Inc., First Lien Term Loan, 3M CME TERM SOFR + 3.25%, 07/06/2029		1,692,738		1,673,169
Cloud Software Group Inc aka Balboa/Citrix TLB 1L, First Lien Term Loan, 3M CME TERM SOFR + 4.00%, 03/30/2029		1,576,043		1,576,737
Cloud Software Group Inc, First Lien Term Loan, 3M CME TERM SOFR + 4.50%, 03/21/2031		265,716		266,775
Cloudera, Inc., First Lien Term Loan, 3M CME TERM SOFR + 3.75%, 0.50% Floor, 10/08/2028		1,144,148		1,146,293
Connectwise, LLC, First Lien Term Loan, 3M CME TERM SOFR + 3.50%, 0.50% Floor, 09/29/2028		757,852		753,684
Cornerstone OnDemand, Inc., First Lien Initial Term Loan, 1M US SOFR + 3.75%, 0.50% Floor, 10/16/2028		1,770,902		1,676,451
Delta Topco, Inc., First Lien Term Loan, 3M CME TERM SOFR + 3.50%, 11/30/2029		1,788,855		1,790,161
Epicor Software Corp, First Lien Term Loan:
1M US SOFR + 3.25%, 05/30/2031^(c)		322,751		324,499
3M US L + 0.00%, 05/30/2031		42,901		43,134
Fiserv Investment Solutions, Inc., First Lien Initial Term Loan, 3M CME TERM SOFR + 4.00%, 02/18/2027		1,440,506		1,389,339
Flexera Software LLC, First Lien Term Loan, 3M CME TERM SOFR + 8.83%, 03/03/2028		495,514		497,992
Genesys Cloud Services Holdings II LLC aka Genesys, First Lien Term Loan, 1M US SOFR + 3.75%, 12/01/2027		157,796		159,061
Genesys Cloud Services Holdings II LLC, First Lien Term Loan, 1M US SOFR + 3.50%, 0.75% Floor, 12/01/2027		1,395,199		1,403,424
Help/Systems Holdings, Inc., First Lien Seventh Amendment Refinancing Term Loan, 3M CME TERM SOFR + 4.00%, 0.75% Floor, 11/19/2026		1,303,650		1,177,359
Idera INC, First Lien Term Loan, 1M US SOFR + 3.50%, 03/02/2028		1,352,552		1,344,944
Infoblox 4/24 2nd lien TL 1L, Second Lien Term Loan, 3M CME TERM SOFR + 5.25%, 11/29/2030		652,689		663,784
Instructure Holdings, INC., First Lien Term Loan, 3M CME TERM SOFR + 2.75%, 10/30/2028		318,045		318,244
Ivanti Software, Inc., First Lien First Amendment Term Loan, 3M CME TERM SOFR + 4.00%, 0.75% Floor, 12/01/2027		247,187		195,587
Ivanti Software, Inc., Second Lien Term Loan, 3M CME TERM SOFR + 7.25%, 12/01/2028		537,313		353,619
Magenta Buyer LLC, First Lien Initial Term Loan, 1M US SOFR + 5.00%, 0.75% Floor, 07/27/2028		1,677,104		940,226
Mitnick Corporate Purchaser Inc., First Lien Term Loan, 3M CME TERM SOFR + 4.50%, 05/02/2029		992,797		926,280
Modena Buyer LLC, First Lien Term Loan, 6M CME TERM SOFR + 4.25%, 04/18/2031		979,226		957,042
Perforce Software, Inc., First Lien New Term Loan, 1M US SOFR + 3.75%, 07/01/2026		320,231		319,831

See Notes to Financial Statements.

22	www.blackstone-credit.com

Blackstone Senior Floating Rate 2027 Term Fund

Portfolio of Investments

June 30, 2024 (Unaudited)

	Principal Amount		Value
Software (continued)
Planview Parent Inc, First Lien Term Loan, 6M CME TERM SOFR + 3.75%, 12/17/2027	$	625,783	$	626,043
Project Alpha Intermediate Holding Inc, First Lien Term Loan, 6M CME TERM SOFR + 3.75%, 10/28/2030		1,228,620		1,233,909
Project Leopard Holdings, Inc., First Lien Term Loan, 3M CME TERM SOFR + 5.25%, 0.50% Floor, 07/20/2029		980,642		915,277
Proofpoint Inc, First Lien Term Loan, 3M CME TERM SOFR + 3.00%, 08/31/2028		258,967		259,502
Quartz Acquireco LLC, First Lien Term Loan, 3M CME TERM SOFR + 2.75%, 06/28/2030		1,546,264		1,549,163
Quest Borrower Ltd., First Lien Term Loan, 3M CME TERM SOFR + 4.25%, 02/01/2029		1,726,766		1,286,924
Rocket Software, Inc., First Lien Term Loan, 1M US SOFR + 4.75%, 0.50% Floor, 11/28/2028		1,077,303		1,083,126
SS&C Technologies, Inc., First Lien Term Loan, 1M US SOFR + 2.00%, 05/09/2031		1,488,152		1,492,006
Surf Holdings Sarl., First Lien Dollar Tranche Term Loan, 1M US SOFR + 3.50%, 03/05/2027		1,633,000		1,636,830
Vision Solutions, Inc., First Lien Term Loan, 3M CME TERM SOFR + 4.25%, 0.75% Floor, 04/24/2028		1,676,619		1,653,565
VS Buyer LLC, First Lien Term Loan, 1M US SOFR + 3.25%, 04/12/2031		708,547		711,204
Webpros Luxembourg Sarl, First Lien Term Loan, 1M US SOFR + 4.00%, 03/28/2031^(b)		305,195		308,056
Xplor T1, LLC, First Lien Term Loan, 3M CME TERM SOFR + 9.60%, 06/14/2031^(b)		553,000		553,000
				35,138,533

Specialty Retail - 1.79%
APRO LLC, First Lien Term Loan, 6M CME TERM SOFR + 4.00%, 06/13/2034^(b)		553,226		553,918
EG America LLC, First Lien Term Loan, 3M CME TERM SOFR + 5.50%, 0.50% Floor, 02/07/2028		529,223		523,712
HomeServe USA Corp., First Lien Term Loan, 1M US SOFR + 2.50%, 10/21/2030		352,998		354,286
Mavis Tire Express Services Topco Corp., First Lien Term Loan, 1M US SOFR + 3.75%, 0.75% Floor, 05/04/2028		221,430		222,198
Spencer Spirit IH LLC, First Lien Term Loan, 6M US L + 0.00%, 06/01/2034^(b)		814,897		814,897
StubHub Holdco Sub LLC, First Lien Term Loan, 1M US SOFR + 4.75%, 03/15/2030		969,978		971,496
				3,440,507

Technology Hardware, Storage & Peripherals - 0.25%
Xerox 11/23, First Lien Term Loan, 1M US SOFR + 4.00%, 11/17/2029		479,700		479,925

Textiles, Apparel & Luxury Goods - 0.65%
Champ Acquisition Corp., First Lien Initial Term Loan, 3M CME TERM SOFR + 5.50%, 12/19/2025		1,241,539		1,247,591

Trading Companies & Distributors - 4.71%
American Builders & Contractors Supply Co., Inc., First Lien Term Loan, 1M US SOFR + 2.00%, 01/31/2031		225,414		226,147
Avolon TLB Borrower 1 (US), First Lien Term Loan, 1M US SOFR + 2.00%, 06/22/2028		731,704		733,533
CD&R Hydr SunSource, First Lien Term Loan, 1M US SOFR + 4.00%, 03/25/2031		764,539		766,928
Core & Main LP, First Lien Term Loan, 3M CME TERM SOFR + 2.25%, 02/09/2031^(b)		176,859		177,413
FCG Acquisitions, Inc., First Lien Initial Term Loan, 1M US L + 3.75%, 0.50% Floor, 03/31/2028		603,266		604,096
FCG Acquisitions, Inc., First Lien Term Loan 03/31/2028		538,020		540,038
Foundation Building Materials, Inc., First Lien Term Loan, 3M CME TERM SOFR + 4.00%, 01/29/2031		1,080,035		1,077,038
Kodiak Building Partners Inc., First Lien Term Loan, 3M CME TERM SOFR + 3.25%, 0.75% Floor, 03/12/2028		1,483,043		1,485,594
Park River Holdings, Inc., First Lien Initial Term Loan, 3M CME TERM SOFR + 3.25%, 0.75% Floor, 12/28/2027		572,616		561,004
White Cap Buyer LLC, First Lien Term Loan, 1M US SOFR + 3.25%, 10/19/2029		1,488,454		1,492,688
Windsor Holdings III LLC, First Lien Term Loan, 1M US SOFR + 4.00%, 08/01/2030		1,394,267		1,405,072
				9,069,551

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2024

Blackstone Senior Floating Rate 2027 Term Fund

Portfolio of Investments

June 30, 2024 (Unaudited)

	Principal Amount		Value
Transportation Infrastructure - 0.50%
Brown Group Holding LLC, First Lien Term Loan, 1M US SOFR + 2.75%, 0.50% Floor, 06/07/2028	$	970,257	$	970,927

Wireless Telecommunication Services - 0.16%
CCI Buyer, Inc., First Lien Initial Term Loan, 3M CME TERM SOFR + 4.00%, 0.75% Floor, 12/17/2027		302,961		303,647

TOTAL FLOATING RATE LOAN INTERESTS
(Cost $272,983,776)				269,200,940

COLLATERALIZED LOAN OBLIGATION SECURITIES^(a) - 7.83%
Consumer Finance - 0.25%
PPM CLO 3, Ltd., 3M CME TERM SOFR + 6.87%, 04/17/2034^(b)^(e)		500,000		475,028

Financial Services - 7.58%
Allegro CLO XII, Ltd., 3M CME TERM SOFR + 7.36%, 01/21/2032^(b)^(e)		1,000,000		1,005,639
Ares LXI CLO, Ltd., 3M CME TERM SOFR + 3.90%, 04/20/2037^(b)^(e)		1,000,000		1,021,194
Bain Capital Credit CLO 2020-4, Ltd., 3M CME TERM SOFR + 7.98%, 10/20/2036^(b)^(e)		1,000,000		1,045,880
Bain Capital Credit CLO 2022-3, Ltd., 3M CME TERM SOFR + 3.70%, 07/17/2035^(b)^(e)		1,000,000		1,003,336
Barings CLO, Ltd. 2018-III, 3M CME TERM SOFR + 3.16%, 07/20/2029^(b)^(e)		1,000,000		1,003,611
Carlyle US CLO 2022-6, Ltd., 3M CME TERM SOFR + 4.75%, 10/25/2036^(b)^(e)		1,000,000		1,031,596
CIFC Funding 2019-V, Ltd., 3M CME TERM SOFR + 3.41%, 01/15/2035^(b)^(e)		1,000,000		1,004,653
CIFC Funding 2022-VII, Ltd., 3M CME TERM SOFR + 5.35%, 10/22/2035^(b)^(e)		1,000,000		1,012,333
Clover CLO 2021-3 LLC, 3M CME TERM SOFR + 3.36%, 01/25/2035^(b)^(e)		1,250,000		1,256,579
HPS Loan Management CLO 6-2015, Ltd., 3M CME TERM SOFR + 5.36%, 02/05/2031^(b)^(e)		834,000		830,902
Octagon 60, Ltd., 3M CME TERM SOFR + 5.00%, 10/20/2035^(b)^(e)		1,000,000		1,013,091
Park Avenue Institutional Advisers CLO, Ltd. 2022-1, 3M CME TERM SOFR + 7.29%, 04/20/2035^(b)^(e)		1,000,000		987,437
Rad CLO 5, Ltd., 3M CME TERM SOFR + 6.96%, 07/24/2032^(b)^(e)		500,000		503,603
Romark CLO IV, Ltd., 3M CME TERM SOFR + 7.21%, 07/10/2034^(b)^(e)		1,000,000		970,596
Sound Point CLO XXXII, Ltd., 3M CME TERM SOFR + 6.96%, 10/25/2034^(b)^(e)		1,000,000		910,905
				14,601,355

TOTAL COLLATERALIZED LOAN OBLIGATION SECURITIES
(Cost $14,942,903)				15,076,383

CORPORATE BONDS - 3.20%
Aerospace & Defense - 0.11%
KBR, Inc., 4.750%, 09/30/2028^(e)		20,000		18,688
TransDigm, Inc.:
4.625%, 01/15/2029		34,000		31,753
4.880%, 05/01/2029		105,000		98,461
Triumph Group, Inc., 9.000%, 03/15/2028^(e)		52,000		54,573
				203,475

Automobile Components - 0.02%
Patrick Industries, Inc., 4.750%, 05/01/2029^(e)		45,000		41,509

Banks - 0.02%
Popular, Inc., 7.250%, 03/13/2028		30,000		30,835

Beverages - 0.02%
Primo Water Holdings, Inc., 4.375%, 04/30/2029^(e)		44,000		40,571

See Notes to Financial Statements.

24	www.blackstone-credit.com

Blackstone Senior Floating Rate 2027 Term Fund

Portfolio of Investments

June 30, 2024 (Unaudited)

	Principal Amount		Value
Broadline Retail - 0.06%
Kohl's Corp., 5.550%, 07/17/2045	$	10,000	$	6,828
Nordstrom, Inc., 5.000%, 01/15/2044		17,000		13,747
Rakuten Group, Inc.:
11.250%, 02/15/2027^(e)		69,000		73,820
9.750%, 04/15/2029^(e)		20,000		20,645
				115,040

Building Products - 0.01%
Griffon Corp., 5.750%, 03/01/2028		18,000		17,384

Chemicals - 0.07%
Chemours Co., 5.750%, 11/15/2028^(e)		55,000		50,841
CVR Partners LP / CVR Nitrogen Finance Corp., 6.125%, 06/15/2028^(e)		30,000		28,849
Tronox, Inc., 4.625%, 03/15/2029^(e)		65,000		58,744
				138,434

Commercial Services & Supplies - 0.06%
Cimpress PLC, 7.000%, 06/15/2026		60,000		60,015
CoreCivic, Inc., 8.250%, 04/15/2029		20,000		20,690
Deluxe Corp., 8.000%, 06/01/2029^(e)		10,000		9,396
Pitney Bowes, Inc., 7.250%, 03/15/2029^(e)		32,000		28,783
				118,884

Construction & Engineering - 0.02%
Great Lakes Dredge & Dock Corp., 5.250%, 06/01/2029^(e)		14,000		12,509
Tutor Perini Corp., 11.880%, 04/30/2029^(e)		28,000		30,142
				42,651

Consumer Finance - 0.26%
Ally Financial, Inc., 6.700%, 02/14/2033		17,000		16,911
Enova International, Inc., 11.250%, 12/15/2028^(e)		15,000		16,035
FirstCash, Inc.:
4.630%, 09/01/2028^(e)		20,000		18,817
5.625%, 01/01/2030^(e)		55,000		52,145
6.875%, 03/01/2032^(e)		39,000		39,043
goeasy, Ltd.:
9.250%, 12/01/2028^(e)		37,000		39,308
7.625%, 07/01/2029^(e)		30,000		30,626
Navient Corp.:
5.000%, 03/15/2027		20,000		19,113
4.880%, 03/15/2028		50,000		45,940
9.380%, 07/25/2030		19,000		19,997
11.500%, 03/15/2031		20,000		22,050
5.625%, 08/01/2033		20,000		15,983
OneMain Finance Corp.:
3.880%, 09/15/2028		10,000		8,976
5.375%, 11/15/2029		15,000		14,079
7.875%, 03/15/2030		33,000		34,051
7.500%, 05/15/2031		9,000		9,115
PRA Group, Inc.:
8.380%, 02/01/2028^(e)		10,000		9,974
8.880%, 01/31/2030^(e)		15,000		14,987
Synchrony Financial, 7.250%, 02/02/2033		51,000		50,743

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2024

Blackstone Senior Floating Rate 2027 Term Fund

Portfolio of Investments

June 30, 2024 (Unaudited)

	Principal Amount		Value
Consumer Finance (continued)
World Acceptance Corp., 7.000%, 11/01/2026^(e)	$	15,000	$	14,312
				492,205

Containers & Packaging - 0.01%
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC, 4.000%, 09/01/2029^(e)		25,000		21,184

Diversified Consumer Services - 0.01%
Adtalem Global Education, Inc., 5.500%, 03/01/2028^(e)		25,000		24,077

Diversified REITs - 0.04%
Iron Mountain, Inc., 5.625%, 07/15/2032^(e)		57,000		54,175
Service Properties Trust:
4.950%, 10/01/2029		19,000		14,433
4.375%, 02/15/2030		20,000		14,147
				82,755

Diversified Telecommunication Services - 0.13%
Cogent Communications Group, Inc., 7.000%, 06/15/2027^(e)		67,000		66,437
Consolidated Communications, Inc., 6.500%, 10/01/2028^(e)		27,000		23,142
Frontier Communications Holdings LLC:
6.750%, 05/01/2029^(e)		100,000		91,825
5.875%, 11/01/2029		22,000		19,189
6.000%, 01/15/2030^(e)		15,000		13,071
Viasat, Inc.:
6.500%, 07/15/2028^(e)		32,000		24,257
7.500%, 05/30/2031^(e)		10,000		6,656
				244,577

Electric Utilities - 0.03%
NRG Energy, Inc., 3.625%, 02/15/2031^(e)		16,000		13,734
Vistra Operations Co. LLC:
5.000%, 07/31/2027^(e)		20,000		19,360
7.750%, 10/15/2031^(e)		27,000		28,139
				61,233

Energy Equipment & Services - 0.14%
Archrock Partners LP / Archrock Partners Finance Corp., 6.250%, 04/01/2028^(e)		49,000		48,575
Enerflex, Ltd., 9.000%, 10/15/2027^(e)		45,000		45,723
Helix Energy Solutions Group, Inc., 9.750%, 03/01/2029^(e)		25,000		26,674
Precision Drilling Corp., 6.875%, 01/15/2029^(e)		30,000		29,706
Transocean, Inc., 7.500%, 04/15/2031		26,000		24,412
USA Compression Partners LP / USA Compression Finance Corp., 7.125%, 03/15/2029^(e)		50,000		50,422
Valaris, Ltd., 8.380%, 04/30/2030^(e)		50,000		51,804
				277,316

Entertainment - 0.02%
Cinemark USA, Inc., 5.250%, 07/15/2028^(e)		48,000		45,931

Financial Services - 0.17%
Burford Capital Global Finance LLC, 9.250%, 07/01/2031^(e)		40,000		42,150
Compass Group Diversified Holdings LLC, 5.250%, 04/15/2029^(e)		10,000		9,494
Encore Capital Group, Inc.:
9.250%, 04/01/2029^(e)		15,000		15,650
8.500%, 05/15/2030^(e)		23,000		23,442

See Notes to Financial Statements.

26	www.blackstone-credit.com

Blackstone Senior Floating Rate 2027 Term Fund

Portfolio of Investments

June 30, 2024 (Unaudited)

	Principal Amount		Value
Financial Services (continued)
Nationstar Mortgage Holdings, Inc.:
6.000%, 01/15/2027^(e)	$	50,000	$	49,514
5.500%, 08/15/2028^(e)		70,000		67,329
7.125%, 02/01/2032^(e)		6,000		6,042
PennyMac Financial Services, Inc.:
4.250%, 02/15/2029^(e)		90,000		81,928
7.875%, 12/15/2029^(e)		19,000		19,607
5.750%, 09/15/2031^(e)		15,000		14,059
PHH Mortgage Corp., 7.875%, 03/15/2026^(e)		6,000		5,870
				335,085

Food Products - 0.02%
Post Holdings, Inc., 4.625%, 04/15/2030^(e)		50,000		45,977

Gas Utilities - 0.04%
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.000%, 06/01/2031^(e)		57,000		51,380
Superior Plus LP / Superior General Partner, Inc., 4.500%, 03/15/2029^(e)		30,000		27,559
				78,939

Health Care Providers & Services - 0.14%
AdaptHealth LLC:
6.125%, 08/01/2028^(e)		35,000		33,451
5.125%, 03/01/2030^(e)		40,000		35,027
CHS/Community Health Systems, Inc.:
6.875%, 04/15/2029^(e)		9,000		6,893
6.125%, 04/01/2030^(e)		23,000		16,119
10.880%, 01/15/2032^(e)		37,000		38,555
DaVita, Inc.:
4.625%, 06/01/2030^(e)		110,000		99,492
3.750%, 02/15/2031^(e)		15,000		12,809
ModivCare Escrow Issuer, Inc., 5.000%, 10/01/2029^(e)		5,000		3,529
Pediatrix Medical Group, Inc., 5.375%, 02/15/2030^(e)		25,000		22,128
				268,003

Health Care REITs - 0.04%
MPT Operating Partnership LP / MPT Finance Corp.:
5.250%, 08/01/2026		15,000		13,644
5.000%, 10/15/2027		40,000		33,073
4.625%, 08/01/2029		48,000		34,888
				81,605

Hotels, Restaurants & Leisure - 0.06%
Brinker International, Inc., 8.250%, 07/15/2030^(e)		25,000		26,271
Churchill Downs, Inc., 4.750%, 01/15/2028^(e)		30,000		28,673
NCL Corp., Ltd., 5.875%, 03/15/2026^(e)		60,000		59,360
				114,304

Household Durables - 0.10%
Dream Finders Homes, Inc., 8.250%, 08/15/2028^(e)		10,000		10,250
Forestar Group, Inc., 3.850%, 05/15/2026^(e)		30,000		28,773
LGI Homes, Inc., 8.750%, 12/15/2028^(e)		23,000		23,971
M/I Homes, Inc.:
4.950%, 02/01/2028		20,000		19,304
3.950%, 02/15/2030		30,000		26,778

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2024

Blackstone Senior Floating Rate 2027 Term Fund

Portfolio of Investments

June 30, 2024 (Unaudited)

	Principal Amount		Value
Household Durables (continued)
Tempur Sealy International, Inc.:
4.000%, 04/15/2029^(e)	$	85,000	$	76,758
3.880%, 10/15/2031^(e)		15,000		12,587
				198,421

Household Products - 0.02%
Energizer Holdings, Inc., 4.750%, 06/15/2028^(e)		44,000		41,233

Industrial Conglomerates - 0.07%
Icahn Enterprises LP / Icahn Enterprises Finance Corp.:
6.250%, 05/15/2026		50,000		49,648
5.250%, 05/15/2027		8,000		7,516
9.750%, 01/15/2029^(e)		35,000		36,304
9.000%, 06/15/2030^(e)		31,000		30,870
				124,338

IT Services - 0.09%
Bread Financial Holdings, Inc., 9.750%, 03/15/2029^(e)		63,000		66,245
Conduent Business Services LLC / Conduent State & Local Solutions, Inc., 6.000%, 11/01/2029^(e)		40,000		37,405
Sabre GLBL, Inc.:
8.630%, 06/01/2027^(e)		43,000		39,655
11.250%, 12/15/2027^(e)		22,000		21,400
				164,705

Machinery - 0.02%
Allison Transmission, Inc., 4.750%, 10/01/2027^(e)		30,000		29,015
Park-Ohio Industries, Inc., 6.625%, 04/15/2027		16,000		15,418
Wabash National Corp., 4.500%, 10/15/2028^(e)		2,000		1,802
				46,235

Marine Transportation - 0.01%
Danaos Corp., 8.500%, 03/01/2028^(e)		17,000		17,480

Media - 0.25%
Advantage Sales & Marketing, Inc., 6.500%, 11/15/2028^(e)		55,000		49,813
AMC Networks, Inc., 4.250%, 02/15/2029		24,000		16,218
CCO Holdings LLC / CCO Holdings Capital Corp.:
5.125%, 05/01/2027^(e)		30,000		28,829
5.000%, 02/01/2028^(e)		30,000		28,072
5.375%, 06/01/2029^(e)		12,000		10,928
4.750%, 03/01/2030^(e)		20,000		17,335
4.250%, 02/01/2031^(e)		15,000		12,258
7.375%, 03/01/2031^(e)		20,000		19,733
4.500%, 05/01/2032		18,000		14,510
Clear Channel Outdoor Holdings, Inc.:
7.750%, 04/15/2028^(e)		38,000		33,293
7.500%, 06/01/2029^(e)		38,000		31,792
CSC Holdings LLC:
7.500%, 04/01/2028^(e)		5,000		2,659
11.750%, 01/31/2029^(e)		30,000		25,604
5.750%, 01/15/2030^(e)		10,000		3,783
Gray Television, Inc.:
4.750%, 10/15/2030^(e)		49,000		29,448
5.375%, 11/15/2031^(e)		37,000		21,005

See Notes to Financial Statements.

28	www.blackstone-credit.com

Blackstone Senior Floating Rate 2027 Term Fund

Portfolio of Investments

June 30, 2024 (Unaudited)

	Principal Amount		Value
Media (continued)
Nexstar Media, Inc.:
5.625%, 07/15/2027^(e)	$	125,000	$	118,846
4.750%, 11/01/2028^(e)		10,000		8,900
Sinclair Television Group, Inc., 5.500%, 03/01/2030^(e)		12,000		7,309
				480,335

Metals & Mining - 0.19%
Eldorado Gold Corp., 6.250%, 09/01/2029^(e)		35,000		33,665
FMG Resources August 2006 Pty, Ltd.:
5.875%, 04/15/2030^(e)		9,000		8,802
6.125%, 04/15/2032^(e)		30,000		29,685
Hudbay Minerals, Inc., 4.500%, 04/01/2026^(e)		40,000		39,166
Iamgold Corp, 5.750%, 10/15/2028^(e)		34,000		32,158
Kaiser Aluminum Corp., 4.625%, 03/01/2028^(e)		20,000		18,737
Mineral Resources, Ltd.:
8.130%, 05/01/2027^(e)		43,000		43,375
8.000%, 11/01/2027^(e)		45,000		46,088
9.250%, 10/01/2028^(e)		30,000		31,523
New Gold, Inc., 7.500%, 07/15/2027^(e)		25,000		25,191
SunCoke Energy, Inc., 4.880%, 06/30/2029^(e)		34,000		30,840
Taseko Mines, Ltd., 8.250%, 05/01/2030^(e)		34,000		34,825
				374,055

Mortgage Real Estate Investment - 0.11%
Apollo Commercial Real Estate Finance, Inc., 4.625%, 06/15/2029^(e)		32,000		26,862
Rithm Capital Corp., 8.000%, 04/01/2029^(e)		72,000		69,956
Starwood Property Trust, Inc.:
3.630%, 07/15/2026^(e)		10,000		9,417
4.380%, 01/15/2027^(e)		100,000		94,780
7.250%, 04/01/2029^(e)		8,000		8,096
				209,111

Office REITs - 0.02%
Brandywine Operating Partnership LP, 4.550%, 10/01/2029		20,000		17,432
Vornado Realty LP, 3.400%, 06/01/2031		20,000		15,723
				33,155

Oil, Gas & Consumable Fuels - 0.37%
Berry Petroleum Co. LLC, 7.000%, 02/15/2026^(e)		15,000		14,840
California Resources Corp., 8.250%, 06/15/2029^(e)		23,000		23,494
Calumet Specialty Products Partners LP / Calumet Finance Corp.:
8.130%, 01/15/2027^(e)		12,000		11,326
9.750%, 07/15/2028^(e)		33,000		31,283
CNX Resources Corp.:
6.000%, 01/15/2029^(e)		52,000		50,927
7.250%, 03/01/2032^(e)		16,000		16,331
Comstock Resources, Inc.:
6.750%, 03/01/2029^(e)		70,000		67,892
5.875%, 01/15/2030^(e)		29,000		27,005
CVR Energy, Inc., 8.500%, 01/15/2029^(e)		70,000		70,349
Delek Logistics Partners LP / Delek Logistics Finance Corp.:
7.125%, 06/01/2028^(e)		52,000		51,394
8.630%, 03/15/2029^(e)		18,000		18,538
DT Midstream, Inc., 4.125%, 06/15/2029^(e)		23,000		21,267
Energean PLC, 6.500%, 04/30/2027^(e)		10,000		9,864

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2024

Blackstone Senior Floating Rate 2027 Term Fund

Portfolio of Investments

June 30, 2024 (Unaudited)

	Principal Amount		Value
Oil, Gas & Consumable Fuels (continued)
EnQuest PLC, 11.630%, 11/01/2027^(e)	$	9,000	$	9,151
Karoon USA Finance, Inc., 10.500%, 05/14/2029^(e)		7,000		7,044
Magnolia Oil & Gas Operating LLC / Magnolia Oil & Gas Finance Corp., 6.000%, 08/01/2026^(e)		15,000		14,867
New Fortress Energy, Inc., 6.500%, 09/30/2026^(e)		85,000		78,268
NGL Energy Operating LLC / NGL Energy Finance Corp.:
8.130%, 02/15/2029^(e)		18,000		18,354
8.380%, 02/15/2032^(e)		10,000		10,162
Northern Oil & Gas, Inc.:
8.130%, 03/01/2028^(e)		60,000		60,722
8.750%, 06/15/2031^(e)		11,000		11,556
Parkland Corp., 4.500%, 10/01/2029^(e)		24,000		21,987
PBF Holding Co. LLC / PBF Finance Corp., 7.875%, 09/15/2030^(e)		28,000		28,688
Sunoco LP / Sunoco Finance Corp., 4.500%, 05/15/2029		28,000		26,207
W&T Offshore, Inc., 11.750%, 02/01/2026^(e)		15,000		15,442
				716,958

Paper & Forest Products - 0.02%
Mativ Holdings, Inc., 6.875%, 10/01/2026^(e)		20,000		19,894
Mercer International, Inc., 5.125%, 02/01/2029		22,000		19,384
				39,278

Passenger Airlines - 0.01%
American Airlines, Inc., 7.250%, 02/15/2028^(e)		10,000		10,017


Personal Care Products - 0.03%
Edgewell Personal Care Co., 5.500%, 06/01/2028^(e)		50,000		48,825
Herbalife Nutrition, Ltd. / HLF Financing, Inc., 7.875%, 09/01/2025^(e)		10,000		9,832
HLF Financing Sarl LLC / Herbalife International, Inc., 4.875%, 06/01/2029^(e)		5,000		3,469
				62,126

Pharmaceuticals - 0.02%
Organon & Co. / Organon Foreign Debt Co-Issuer BV:
6.750%, 05/15/2034^(e)		18,000		17,998
7.875%, 05/15/2034^(e)		11,000		11,316
				29,314

Real Estate Management & Development - 0.05%
Howard Hughes Corp., 4.380%, 02/01/2031^(e)		40,000		34,479
Landsea Homes Corp., 8.880%, 04/01/2029^(e)		11,000		10,904
Newmark Group, Inc., 7.500%, 01/12/2029^(e)		42,000		43,211
				88,594

Semiconductors & Semiconductor Equipment - 0.01%
ams-OSRAM AG, 12.250%, 03/30/2029^(e)		25,000		25,917

Software - 0.07%
Fair Isaac Corp., 4.000%, 06/15/2028^(e)		110,000		102,989
MicroStrategy, Inc., 6.125%, 06/15/2028^(e)		34,000		32,989
				135,978

Specialized REITs - 0.03%
Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC, 6.000%, 01/15/2030^(e)		20,000		12,125

See Notes to Financial Statements.

30	www.blackstone-credit.com

Blackstone Senior Floating Rate 2027 Term Fund

Portfolio of Investments

June 30, 2024 (Unaudited)

	Principal Amount		Value
Specialized REITs (continued)
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC, 6.500%, 02/15/2029^(e)	$	58,000	$	37,048
				49,173

Specialty Retail - 0.10%
Asbury Automotive Group, Inc., 5.000%, 02/15/2032^(e)		20,000		18,133
Bath & Body Works, Inc., 6.950%, 03/01/2033		20,000		19,489
Foot Locker, Inc., 4.000%, 10/01/2029^(e)		32,000		26,696
Gap, Inc.:
3.625%, 10/01/2029^(e)		37,000		32,065
3.875%, 10/01/2031^(e)		45,000		37,612
Sonic Automotive, Inc., 4.880%, 11/15/2031^(e)		20,000		17,624
Upbound Group, Inc., 6.375%, 02/15/2029^(e)		6,000		5,761
Victoria's Secret & Co., 4.625%, 07/15/2029^(e)		44,000		36,619
				193,999

Technology Hardware, Storage & Peripherals - 0.05%
Xerox Holdings Corp., 5.500%, 08/15/2028^(e)		104,000		89,676

Textiles, Apparel & Luxury Goods - 0.03%
Crocs, Inc., 4.250%, 03/15/2029^(e)		25,000		22,813
Wolverine World Wide, Inc., 4.000%, 08/15/2029^(e)		40,000		33,520
				56,333

Tobacco - 0.03%
Vector Group, Ltd., 5.750%, 02/01/2029^(e)		60,000		56,282

TOTAL CORPORATE BONDS
(Cost $6,060,127)				6,164,687

	Shares		Value
COMMON STOCK - 0.19%
Health Care Equipment & Supplies - 0.04%
Carestream Health Holdings Inc^(b)^(f)		55,510		90,204

Health Care Providers & Services - 0.15%
Envision Healthcare Corp. Equity^(f)		29,091		288,485

TOTAL COMMON STOCK
(Cost $2,026,807)				378,689

SHORT-TERM INVESTMENTS - 3.31%
Open-end Investment Companies - 3.31%
Bank of New York Cash Reserve
(1.69% 7-Day Yield)		6,369,627		6,369,627

TOTAL SHORT-TERM INVESTMENTS
(Cost $6,369,627)				6,369,627

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2024

Blackstone Senior Floating Rate 2027 Term Fund

Portfolio of Investments

June 30, 2024 (Unaudited)

Total Investments- 154.32%
(Cost $302,383,241)	$	297,190,326

Liabilities in Excess of Other Assets - (7.28)%		(14,010,422	)

Leverage Facility - (47.05)%		(90,600,000	)

Net Assets - 100.00%	$	192,579,904

Amounts above are shown as a percentage of net assets as of June 30, 2024.

Investment Abbreviations:

LIBOR - London Interbank Offered Rate

SOFR - Secured Overnight Financing Rate

Reference Rates:

1M US L - 1 Month LIBOR as of June 30, 2024 was 5.45%

3M US L - 3 Month LIBOR as of June 30, 2024 was 5.59%

6M US L - 6 Month LIBOR as of June 30, 2024 was 5.68%

1M US SOFR- 1 Month SOFR as of June 30, 2024 was 5.34%

3M US SOFR - 3 Month SOFR as of June 30, 2024 was 5.32%

6M US SOFR - 6 Month SOFR as of June 30, 2024 was 5.25%

1M CME TERM SOFR - 1 Month CME TERM SOFR as of June 30, 2024 was 5.34%

3M CME TERM SOFR - 3 Month CME TERM SOFR as of June 30, 2024 was 5.32%

6M CME TERM SOFR - 6 Month CME TERM SOFR as of June 30, 2024 was 5.25%

PRIME - US Prime Rate as of June 30, 2024 was 8.50%

^(a)

Floating or variable rate security. The reference rate is described above. The rate in effect as of June 30, 2024 is based on the reference rate plus the displayed spread as of the security's last reset date. Where applicable, the reference rate is subject to a floor rate.

^{^(b)}

Level 3 assets valued using significant unobservable inputs as a result of unavailable quoted prices from an active market or the unavailability of other significant observable inputs.

^{^(c)}

A portion of this position was not funded as of June 30, 2024. The Portfolio of Investments records only the funded portion of each position. As of June 30, 2024, the Fund has unfunded delayed draw loans in the amount of $424,300. Fair value of these unfunded delayed draws was $426,493. Additional information is provided in Note 9 General Commitments and Contingencies.

^(d)

Represents a payment-in-kind (“PIK”) security which may pay interest/dividend in additional par/shares.

^{^(e)}

Security exempt from registration under Rule 144A of the Securities Act of 1933. Total market value of Rule 144A securities amounts to $20,302,986, which represented approximately 10.54% of net assets as of June 30, 2024. Such securities may normally be sold to qualified institutional buyers in transactions exempt from registration.

^{^(f)}

Non-income producing security.

See Notes to Financial Statements.

32	www.blackstone-credit.com

Blackstone Long-Short Credit Income Fund

Portfolio of Investments

June 30, 2024 (Unaudited)

	Principal Amount		Value
FLOATING RATE LOAN INTERESTS^(a) - 130.25%
Aerospace & Defense - 4.55%
Atlas CC Acquisition Corp., First Lien B Term Loan, 3M CME TERM SOFR + 4.25%, 0.75% Floor, 05/25/2028	$	1,295,166	$	960,761
Atlas CC Acquisition Corp., First Lien C Term Loan, 3M CME TERM SOFR + 4.25%, 0.75% Floor, 05/25/2028		262,746		194,907
Dynasty Acquisition Co Inc., First Lien Term Loan, 1M US SOFR + 3.50%, 08/24/2028		525,615		528,122
Nordam Group LLC, First Lien Initial Term Loan, 1M US SOFR + 5.50%, 04/09/2026		1,364,400		1,316,646
Novaria Holdings, LLC, First Lien Term Loan, 1M US SOFR + 4.25%, 06/05/2031^(b)		480,556		484,160
Peraton Corp., First Lien B Term Loan, 1M US SOFR + 3.75%, 0.75% Floor, 02/01/2028		1,983,310		1,985,938
Standard Aero, Ltd., First Lien Term Loan, 1M US SOFR + 3.50%, 08/24/2028		202,664		203,631
TransDigm, Inc., First Lien Term Loan, 3M CME TERM SOFR + 3.25%, 02/28/2031		848,761		851,519
Vertex Aerospace Corp., First Lien Term Loan, 1M US SOFR + 2.75%, 12/06/2030		784,022		785,911
World Wide Technology Holding Co LLC, First Lien Term Loan, 3M CME TERM SOFR + 3.50%, 0.50% Floor, 04/21/2031		380,788		383,168
				7,694,763

Air Freight & Logistics - 2.29%
ASP LS Acquisition Corp., First Lien Term Loan, 3M CME TERM SOFR + 4.50%, 0.75% Floor, 05/07/2028		422,763		361,405
Clue Opco LLC, First Lien Term Loan, 3M CME TERM SOFR + 4.50%, 12/19/2030		1,049,644		981,549
Rinchem Company, Inc., First Lien Term Loan, 3M CME TERM SOFR + 4.25%, 03/02/2029		1,190,523		1,031,374
Savage Enterprises LLC, First Lien Term Loan, 3M US L + 3.25%, 0.50% Floor, 09/15/2028		512,776		514,581
WWEX UNI TopCo Holdings LLC, First Lien Initial Term Loan, 3M CME TERM SOFR + 4.00%, 0.75% Floor, 07/26/2028		972,425		976,460
				3,865,369

Automobile Components - 2.62%
Belron Finance US LLC, First Lien Term Loan, 3M CME TERM SOFR + 2.25%, 0.50% Floor, 04/18/2029		320,439		321,573
Clarios Glob LP, First Lien Term Loan, 6M CME TERM SOFR + 2.75%, 06/05/2030		496,074		497,857
First Brands Group LLC, First Lien Term Loan, 3M CME TERM SOFR + 5.00%, 1.00% Floor, 03/30/2027		936,175		932,080
First Brands Group, LLC, First Lien 2018 New Tranche E Term Loan, 3M CME TERM SOFR + 5.00%, 03/30/2027		781,035		777,254
LTI Holdings, Inc., First Lien Initial Term Loan, 1M CME TERM SOFR + 3.50%, 09/06/2025		1,184,821		1,169,916
LTI Holdings, Inc., First Lien Term Loan, 1M US SOFR + 4.75%, 07/24/2026		360,418		357,243
LTI Holdings, Inc., Second Lien Initial Term Loan, 1M US SOFR + 6.75%, 09/06/2026		382,979		363,351
				4,419,274
Beverages - 0.38%
Triton Water Holdings, Inc., First Lien Initial Term Loan, 3M CME TERM SOFR + 3.25%, 0.50% Floor, 03/31/2028		633,336		634,286

Biotechnology - 0.61%
Grifols Worldwide Operations, First Lien Term Loan, 1M US SOFR + 2.00%, 11/15/2027		1,042,898		1,027,254

Broadline Retail - 0.20%
Peer Hldg III BV, First Lien Term Loan, 6M CME TERM SOFR + 3.00%, 06/23/2031		334,266		335,033

Building Products - 3.72%
Gulfside Supply Inc, First Lien Term Loan, 6M CME TERM SOFR + 3.50%, 05/29/2031^(b)		231,284		231,717
LBM Acquisition LLC, First Lien Term Loan, 1M US SOFR + 3.75%, 05/30/2031		1,259,443		1,240,111
LHS Borrower, LLC, First Lien Term Loan, 1M US SOFR + 4.75%, 0.50% Floor, 02/16/2029		727,489		690,387
Miter Brands Acquisition Holdco Inc., First Lien Term Loan, 1M US SOFR + 3.50%, 03/28/2031		828,659		834,704

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2024

Blackstone Long-Short Credit Income Fund

Portfolio of Investments

June 30, 2024 (Unaudited)

	Principal Amount		Value
Building Products (continued)
Oscar Acquisitionco LLC, First Lien Term Loan, 3M CME TERM SOFR + 4.25%, 0.50% Floor, 04/29/2029	$	1,128,030	$	1,128,825
Resideo Funding Inc, First Lien Term Loan, 6M CME TERM SOFR + 2.25%, 06/13/2031		133,155		133,155
Tailwind Smith Cooper Intermediate Corp., First Lien Initial Term Loan, 3M CME TERM SOFR + 5.00%, 05/28/2026		1,341,912		1,342,751
Trulite Holding Corp., First Lien Term Loan, 1M US SOFR + 6.00%, 03/01/2030		700,201		680,946
				6,282,596

Capital Markets - 5.50%
Apex Group Treasury, Ltd., First Lien USD Term Loan, 3M CME TERM SOFR + 3.75%, 0.50% Floor, 07/27/2028		1,200,323		1,203,324
AssetMark 6/24 TLB 1L, First Lien Term Loan, 6M CME TERM SOFR + 3.25%, 06/03/2031		534,746		535,749
Cetera Financial 5/24 TLB 1L, First Lien Term Loan, 3M CME TERM SOFR + 9.34%, 08/09/2030		1,265,886		1,272,348
Citadel Securities LP, First Lien Term Loan, 1M US SOFR + 2.25%, 07/29/2030		370,596		372,078
CITCO FDG LLC, First Lien Term Loan, 3M CME TERM SOFR + 2.75%, 04/27/2028		1,698,400		1,706,187
CPI Holdco B LLC, First Lien Term Loan, 1M US SOFR + 2.00%, 05/17/2031		445,330		445,401
Edelman Financial Engines Center LLC, First Lien Term Loan, 1M US SOFR + 3.25%, 04/07/2028		54,064		54,204
Focus Financial Partners LLC, First Lien Term Loan, 1M US SOFR + 2.50%, 0.50% Floor, 06/30/2028		1,425,301		1,425,636
Focus Financial Partners, LLC, First Lien Term Loan, 1M US SOFR + 2.75%, 06/30/2028		474,583		474,652
Kestra Advisor Services Holdings A INC, First Lien Term Loan, 1M US SOFR + 4.00%, 03/22/2031		521,346		523,888
Osaic Holdings Inc aka Advisor Group, First Lien Term Loan, 1M US SOFR + 4.00%, 08/17/2028		1,261,763		1,267,207
				9,280,674

Chemicals - 1.12%
CI Maroon Holdings LLC, First Lien Term Loan, 3M CME TERM SOFR + 4.00%, 03/01/2031		315,000		316,969
Ecovyst Catalyst Technologies LLC, First Lien Term Loan, 6M CME TERM SOFR + 2.25%, 06/12/2031		1,233,490		1,234,698
Geon Performance Solutions LLC, First Lien Term Loan, 3M CME TERM SOFR + 4.25%, 0.75% Floor, 08/18/2028		341,852		343,777
				1,895,444

Commercial Services & Supplies - 6.83%
Action Environmental Group, Inc., First Lien Term Loan:
3M CME TERM SOFR + 4.00%, 0.50% Floor, 10/24/2030^(b)		1,191,805		1,200,743
6M CME TERM SOFR + 4.00%, 0.50% Floor, 10/24/2030^(b)		82,950		83,572
6M CME TERM SOFR + 4.00%, 0.50% Floor, 10/24/2030^(b)		110,600		111,430
Allied Universal Holdco LLC, First Lien Initial U.S. Dollar Term Loan, 1M US SOFR + 3.75%, 0.50% Floor, 05/12/2028		1,903,776		1,898,607
Aramark Intermediate HoldCo Corp., First Lien U.S. B-4 Term Loan, 1M US SOFR + 1.75%, 01/15/2027		750,000		750,844
Belfor Holdings, Inc., First Lien Term Loan, 1M US SOFR + 3.75%, 0.50% Floor, 11/01/2030		236,369		238,141
Equiniti Group PLC, First Lien Term Loan, 6M CME TERM SOFR + 4.50%, 12/11/2028		297,143		298,814
Garda World Security Corp., First Lien Term Loan, 3M CME TERM SOFR + 4.25%, 02/01/2029		1,619,188		1,631,332
GFL Environmental, Inc., First Lien Term Loan, 6M US L + 0.00%, 0.50% Floor, 06/27/2031^(b)		145,000		145,362
Justrite Safety Group, First Lien Delayed Draw Term Loan, 1M US SOFR + 4.50%, 06/28/2026		64,238		64,279
Justrite Safety Group, First Lien Initial Term Loan, 1M US SOFR + 4.50%, 06/28/2026		1,188,202		1,188,950
Omnia Partners, LLC, First Lien Term Loan, L + 3.75%, 07/25/2030		1,122,186		1,124,111
Prime Sec Services Borrower LLC, TL, First Lien Term Loan, 3M CME TERM SOFR + 2.25%, 10/13/2030		1,074,615		1,075,367

See Notes to Financial Statements.

34	www.blackstone-credit.com

Blackstone Long-Short Credit Income Fund

Portfolio of Investments

June 30, 2024 (Unaudited)

	Principal Amount		Value
Commercial Services & Supplies (continued)
Strategic Materials Holding Corp., Second Lien Initial Term Loan, 3M CME TERM SOFR + 7.75%, 1.00% Floor, 10/31/2025^(b)	$	533,333	$	10,667
TMF Sapphire Bidco B.V., TL, First Lien Term Loan, 3M CME TERM SOFR + 4.00%, 05/03/2028		645		648
TMF Sapphire US LLC aka TMF Group TLB 1L, First Lien Term Loan 05/03/2028		256,891	$	257,895
TRC Companies, First Lien Term Loan, 1M US SOFR + 3.75%, 12/08/2028		491,742		493,402
United Site Cov-Lite, First Lien Term Loan, 3M CME TERM SOFR + 4.25%, 12/15/2028		943,279		631,474
Vestis Corp, First Lien Term Loan, 3M CME TERM SOFR + 2.25%, 02/22/2031		320,122		318,989
				11,524,627

Communications Equipment - 0.05%
MLN US HoldCo LLC, First Lien B Term Loan, 3M CME TERM SOFR + 4.50%, 11/30/2025		699,130		78,652

Construction & Engineering - 2.39%
Aegion Corporation, First Lien Term Loan, 3M CME TERM SOFR + 4.25%, 05/17/2028		3,476		3,494
Amentum Government Services Holdings LLC, First Lien Term Loan, 1M US SOFR + 4.00%, 02/15/2029		1,289,455		1,296,708
Artera Services LLC aka PowerTeam, First Lien Term Loan, 3M CME TERM SOFR + 4.50%, 02/15/2031		262,919		264,632
Azuria Water Solutions Inc aka Aegion TLB 1L, First Lien Term Loan 05/17/2028		1,386,772		1,394,080
Groundworks LLC, First Lien Term Loan:
1M US SOFR + 3.50%, 03/14/2031		676,848		677,272
6M CME TERM SOFR + 4.00%, 03/14/2031^(c)		19,932		19,944
Touchdown Acquirer Inc aka TenCate, First Lien Term Loan, 3M CME TERM SOFR + 4.00%, 02/21/2031		345,901		347,956
Tutor Perini Corp., First Lien B Term Loan, 1M US SOFR + 4.75%, 1.00% Floor, 08/18/2027		34,918		35,042
				4,039,128

Construction Materials - 1.59%
Quikrete Holdings, Inc., First Lien Term Loan, 1M US SOFR + 2.50%, 04/14/2031		989,154		992,502
Summit Materials LLC, First Lien Term Loan, 3M CME TERM SOFR + 2.50%, 01/12/2029		175,277		176,701
Tamko Building Products LLC, First Lien Term Loan, 1M US SOFR + 3.25%, 09/20/2030		1,502,982		1,504,861
				2,674,064

Containers & Packaging - 2.99%
Altium Packaging LLC, First Lien Term Loan, 1M US SOFR + 2.50%, 06/11/2031		116,518		116,518
Anchor Packaging LLC, First Lien Term Loan, 1M US SOFR + 3.75%, 07/18/2029		363,000		363,713
Berlin Packaging LLC, First Lien Term Loan, 6M CME TERM SOFR + 4.00%, 06/07/2031		505,375		507,098
ProAmpac PG Borrower LLC, First Lien Term Loan, 3M CME TERM SOFR + 4.00%, 0.75% Floor, 09/15/2028		820,740		823,715
Supplyone 3/24, First Lien Term Loan, 6M CME TERM SOFR + 4.50%, 04/19/2031		679,367		681,279
Tricorbraun Holdings, Inc., First Lien Closing Date Initial Term Loan, 1M CME TERM SOFR + 3.25%, 0.50% Floor, 03/03/2028		1,187,755		1,187,387
Trident TPI Holdings, Inc., First Lien Term Loan, 3M CME TERM SOFR + 9.33%, 0.50% Floor, 09/15/2028		1,366,145		1,369,847
				5,049,557

Distributors - 1.55%
Burgess Point Purchaser Corp., First Lien Term Loan, 1M US SOFR + 5.25%, 07/25/2029		1,277,742		1,241,805
Johnstone Supply LLC, First Lien Term Loan, 3M CME TERM SOFR + 3.00%, 05/16/2031		480,247		481,448
S&S Holdings LLC, First Lien Initial Term Loan, 1M US SOFR + 5.00%, 0.50% Floor, 03/11/2028		889,571		891,795
				2,615,048

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2024

Blackstone Long-Short Credit Income Fund

Portfolio of Investments

June 30, 2024 (Unaudited)

	Principal Amount		Value
Diversified Consumer Services - 3.22%
Cengage Learning, Inc., First Lien Term Loan, 6M CME TERM SOFR + 4.25%, 1.00% Floor, 03/24/2031	$	687,173	$	689,966
Fugue Finance LLC aka Nord Anglia, First Lien Term Loan, 3M CME TERM SOFR + 3.75%, 02/26/2031		290,325		293,119
Imagine Learning LLC, First Lien Term Loan, 1M US SOFR + 3.50%, 12/21/2029		977,550		978,616
Loyalty Ventures, Inc., First Lien Term Loan, 3M Prime + 3.50%, 11/03/2027^(b)		409,425		4,094
McKissock Investment Holdings, LLC, First Lien Term Loan, 3M CME TERM SOFR + 5.00%, 03/12/2029		135,176		135,866
Mister Car Wash 3/24, First Lien Term Loan, 1M US SOFR + 3.00%, 03/27/2031		326,984		328,356
Spring Education Group, Inc., First Lien Term Loan, 3M CME TERM SOFR + 4.00%, 10/04/2030		757,130		761,783
St. George's University Scholastic Services LLC, First Lien Term Loan B Term Loan, 1M US SOFR + 2.75%, 0.50% Floor, 02/10/2029		1,121,880		1,122,581
TruGreen LP, First Lien Term Loan, 1M US SOFR + 4.00%, 0.75% Floor, 11/02/2027		394,678		381,258
Wand NewCo 3 Inc aka Caliber Collision, First Lien Term Loan, 1M US SOFR + 3.75%, 01/30/2031		727,065		732,711
				5,428,350

Diversified REITs - 0.37%
Iron Mountain Information Management LLC, First Lien Term Loan, 3M CME TERM SOFR + 2.25%, 01/31/2031		400,619		399,449
Opry Entertainment/OEG, First Lien Term Loan, 6M CME TERM SOFR + 3.75%, 06/25/2031^(b)		229,356		229,929
				629,378

Diversified Telecommunication Services - 3.59%
Coral-US Co-Borrower LLC, First Lien B-5 Term Loan, 1M US SOFR + 2.25%, 01/31/2028		704,605		682,255
Level 3 Financing Inc., First Lien Term Loan:
1M US SOFR + 6.56%, 04/15/2029		172,908		169,694
1M US SOFR + 6.56%, 04/15/2030		174,177		169,996
Lorca Finco PLC, First Lien Term Loan, 6M CME TERM SOFR + 3.50%, 04/17/2031		290,000		291,088
Lumen Technologies, Inc., First Lien Term Loan, 1M US SOFR + 6.00%, 06/01/2028		17,062		14,218
Radiate Holdco, LLC,, First Lien Term Loan, 1M US SOFR + 3.25%, 09/25/2026		1,178,841		958,056
Telenet Financing USD LLC, First Lien Term Loan, 1M US SOFR + 2.00%, 04/30/2028		980,607		935,460
UPC Financing Partnership, First Lien Facility AT Term Loan, 1M US SOFR + 2.25%, 04/30/2028		1,335,308		1,313,964
Virgin Media Bristol LLC, First Lien Term Loan, 1M CME TERM SOFR + 2.50%, 01/31/2028		493,300		472,586
Zacapa S.A.R.L., First Lien Term Loan, 3M CME TERM SOFR + 4.00%, 03/22/2029		1,040,647		1,041,136
				6,048,453

Electric Utilities - 1.47%
Generation Bridge Northeast LLC, First Lien Term Loan, 1M US SOFR + 3.50%, 08/22/2029		521,335		525,245
NRG Energy 3/24 Cov-Lite, First Lien Term Loan, 1M US SOFR + 2.00%, 04/16/2031		714,000		714,982
Vistra Operations Co. LLC, First Lien 2018 Incremental Term Loan, 1M US SOFR + 2.00%, 12/20/2030		1,229,118		1,231,490
				2,471,717

Electrical Equipment - 0.59%
Generac Power 6/24 TL, First Lien Term Loan 02/12/2031^(b)		1,000,000		1,002,500

Electronic Equipment, Instruments & Components - 1.92%
Celestica 5/24 TLB 1L, First Lien Term Loan, 1M US SOFR + 1.75%, 05/23/2031		175,338		175,338
Coherent Corp., First Lien Term Loan, 1M US SOFR + 2.50%, 0.50% Floor, 07/02/2029		1,023,173		1,025,219
DG Investment Intermediate Holdings 2, Inc., Second Lien Initial Term Loan, 1M US SOFR + 6.75%, 0.75% Floor, 03/30/2029		581,429		571,527
Discovery Energy Corp., First Lien Term Loan, 3M CME TERM SOFR + 4.75%, 05/01/2031		669,667		673,330

See Notes to Financial Statements.

36	www.blackstone-credit.com

Blackstone Long-Short Credit Income Fund

Portfolio of Investments

June 30, 2024 (Unaudited)

	Principal Amount		Value
Electronic Equipment, Instruments & Components (continued)
Mirion Technologies US, Inc., First Lien Term Loan, 3M CME TERM SOFR + 2.25%, 0.50% Floor, 10/20/2028	$	793,222	$	795,331
				3,240,745

Energy Equipment & Services - 0.34%
Ursa Minor US Bidco LLC aka Rosen, First Lien Term Loan, 3M CME TERM SOFR + 3.50%, 03/26/2031		560,221		564,658

Entertainment - 1.01%
CE Intermediate I LLC, First Lien Term Loan, 3M CME TERM SOFR + 3.50%, 0.50% Floor, 11/10/2028		752,675		755,264
EP Purcasher, LLC, First Lien Term Loan, 3M CME TERM SOFR + 3.50%, 11/06/2028		940,005		941,688
				1,696,952

Financial Services - 1.52%
Mitchell International, First Lien Term Loan, 6M CME TERM SOFR + 3.25%, 06/17/2031		1,209,780		1,200,997
Planet US Buyer, LLC, First Lien Term Loan, 3M CME TERM SOFR + 3.50%, 02/07/2031		540,595		544,717
Polaris Newco LLC, First Lien Dollar Term Loan, 3M CME TERM SOFR + 4.00%, 0.50% Floor, 06/02/2028		821,051		821,704
				2,567,418

Food Products - 1.20%
CH Guenther 11/21, First Lien Term Loan, 3M CME TERM SOFR + 3.00%, 12/08/2028		271,204		272,053
Froneri International, Ltd., First Lien Facility B2 Term Loan, 1M US SOFR + 2.25%, 01/29/2027		980,927		981,486
Saratoga Food Specialties LLC, First Lien Term Loan, 3M CME TERM SOFR + 3.75%, 03/07/2029		253,073		254,812
Snacking Investments BidCo Pty, Ltd., First Lien Initial US Term Loan, 3M CME TERM SOFR + 4.00%, 1.00% Floor, 12/18/2026		516,834		518,126
				2,026,477

Ground Transportation - 1.05%
Genesee & WY Inc, First Lien Term Loan, 3M CME TERM SOFR + 2.00%, 04/10/2031		1,765,113		1,765,281

Health Care Equipment & Supplies - 1.47%
Resonetics LLC, First Lien Term Loan, 3M CME TERM SOFR + 9.08%, 06/06/2031		862,757		865,453
Siemens/SivantosWS Audiology, First Lien Term Loan, 6M CME TERM SOFR + 4.25%, 02/28/2029		1,600,818		1,606,821
				2,472,274

Health Care Providers & Services - 7.97%
DaVita, Inc., First Lien B Term Loan, 3M CME TERM SOFR + 1.75%, 08/12/2026		601,558		602,060
Global Medical Response, Inc., First Lien Term Loan, 3M CME TERM SOFR + 5.50%, 1.00% Floor, 10/31/2028^(d)		1,563,867		1,517,733
Heartland Dental LLC, First Lien Term Loan, 6M CME TERM SOFR + 4.50%, 0.75% Floor, 04/28/2028		1,004,535		1,008,367
IVI America LLC aka IVIRMA, First Lien Term Loan, 6M CME TERM SOFR + 4.50%, 04/18/2031		437,500		440,714
MED ParentCo, LP, First Lien Term Loan, 1M US SOFR + 4.00%, 04/15/2031		455,086		455,473
Medical Solutions LLC, First Lien Term Loan, 1M US SOFR + 3.25%, 11/01/2028		981,452		748,181
Midwest Physcn Admin Srvcs LLC, First Lien Term Loan, 3M CME TERM SOFR + 3.25%, 03/12/2028		1,202,685		1,056,859
NAPA Management Services Corp., First Lien Term Loan, 1M US SOFR + 5.25%, 0.75% Floor, 02/23/2029		1,002,798		962,165

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2024

Blackstone Long-Short Credit Income Fund

Portfolio of Investments

June 30, 2024 (Unaudited)

	Principal Amount		Value
Health Care Providers & Services (continued)
Onex TSG Intermediate Corp., First Lien Initial Term Loan, 3M CME TERM SOFR + 4.75%, 0.75% Floor, 02/28/2028	$	1,329,259	$	1,328,150
Outcomes Group Holdings, Inc., First Lien Term Loan, 3M US L + 4.25%, 05/06/2031		764,477		767,882
Pathway Vet Alliance LLC, First Lien 2021 Replacement Term Loan, 1M US SOFR + 3.75%, 03/31/2027		1,229,550		971,805
Pediatric Associates Holding Co. LLC, First Lien Term Loan, 1M US SOFR + 3.25%, 0.50% Floor, 12/29/2028		1,015,172		983,656
Radiology Partners Inc, First Lien Term Loan, 6M CME TERM SOFR + 5.00%, 01/31/2029		1,298,917		1,235,270
Surgery Center Holdings Inc, First Lien Term Loan, 1M US SOFR + 2.75%, 12/19/2030		293,130		294,248
U.S. Anesthesia Partners, Inc., First Lien Term Loan, 3M CME TERM SOFR + 4.25%, 0.50% Floor, 10/01/2028		1,107,037		1,064,754
				13,437,317

Health Care Technology - 2.59%
Cotiviti Inc., First Lien Term Loan, 6M US L + 0.00%, 05/01/2031		1,753,130		1,746,923
Gainwell Acquisition Corp., First Lien Term Loan, 3M CME TERM SOFR + 4.00%, 0.75% Floor, 10/01/2027		1,519,350		1,475,030
GHX Ultimate Parent Corp., First Lien Term Loan, 3M CME TERM SOFR + 4.00%, 0.50% Floor, 06/30/2027^(b)		997,962		1,005,447
Waystar Technologies, Inc., First Lien Term Loan, 6M CME TERM SOFR + 3.00%, 10/22/2029		144,838		145,200
				4,372,600

Hotels, Restaurants & Leisure - 6.16%
1011778 BC UNLIMITED LIABILITY CO, First Lien Term Loan, 1M US SOFR + 1.75%, 09/20/2030		1,430,017		1,428,208
Bally's Corp., First Lien Term Loan, 3M CME TERM SOFR + 3.25%, 0.50% Floor, 10/02/2028		1,385,299		1,318,777
Caesars Entertainment, Inc., First Lien Term Loan:
3M CME TERM SOFR + 2.75%, 0.50% Floor, 02/06/2030		1,194,040		1,196,368
3M CME TERM SOFR + 2.75%, 0.50% Floor, 02/06/2031		350,746		351,458
Cedar Fair LP, First Lien Term Loan, 1M US SOFR + 2.00%, 05/01/2031		297,386		297,247
Entain plc, First Lien Term Loan, 3M CME TERM SOFR + 2.75%, 10/31/2029		1,142,049		1,145,309
Fertitta Entertainment, LLC, First Lien Term Loan, 1M US SOFR + 3.75%, 01/27/2029		834,862		836,790
Flutter Financing B.V., First Lien Term Loan, 3M CME TERM SOFR + 2.25%, 11/25/2030		1,555,398		1,558,159
Hilton Grand Vacations Borrower, LLC, First Lien Term Loan, 1M US SOFR + 2.75%, 01/17/2031		699,914		700,789
IRB Holding Corporation, First Lien Term Loan, 1M US SOFR + 2.75%, 12/15/2027		349,112		349,374
LC Ahab US Bidco LLC, First Lien Term Loan, 1M US SOFR + 3.50%, 05/01/2031		274,413		275,272
OVG Business Services, LLC TLB 1L, First Lien Term Loan, 6M US L + 0.00%, 06/13/2031		457,441		457,157
Tacala Investment Corp, First Lien Term Loan, 1M US SOFR + 4.00%, 01/31/2031		481,392		484,052
				10,398,960

Household Durables - 0.81%
ACProducts Holdings, Inc., First Lien Term Loan, 3M US L + 4.25%, 0.50% Floor, 05/17/2028		1,601,893		1,362,274

Independent Power and Renewable Electricity Producers - 0.82%
Calpine Corp., First Lien Term Loan, 1M US SOFR + 2.00%, 01/31/2031		1,381,912		1,379,176

Insurance - 3.27%
AmWINS Group, Inc., First Lien Term Loan, 1M US SOFR + 2.25%, 0.75% Floor, 02/19/2028		491,036		491,227
Baldwin Insurance Group Holdings LLC, First Lien Term Loan, 6M CME TERM SOFR + 3.50%, 05/26/2031^(b)		1,045,425		1,046,732
BroadStreet Partners Inc, First Lien Term Loan, 6M CME TERM SOFR + 3.25%, 06/13/2031		845,429		844,161
Hyperion Refinance Sarl, First Lien Term Loan:
1M US SOFR + 4.00%, 0.50% Floor, 04/18/2030		1,265,407		1,268,893
1M US SOFR + 3.50%, 0.50% Floor, 02/15/2031		427,890		429,351

See Notes to Financial Statements.

38	www.blackstone-credit.com

Blackstone Long-Short Credit Income Fund

Portfolio of Investments

June 30, 2024 (Unaudited)

	Principal Amount		Value
Insurance (continued)
Truist Insurance 3/24 2nd Lien Cov-Lite, Second Lien Term Loan, 3M CME TERM SOFR + 4.75%, 05/06/2032	$	472,588	$	483,221
USI Inc/NY aka Compass Investors TLB, First Lien Term Loan, 3M CME TERM SOFR + 2.75%, 09/27/2030		952,620		953,811
				5,517,396

Interactive Media & Services - 0.36%
Foundational Education Group, Inc., First Lien Term Loan, 3M CME TERM SOFR + 3.75%, 08/31/2028^(b)		32,882		32,060
LI Group Holdings, Inc., First Lien 2021 Term Loan, 1M US SOFR + 3.50%, 0.75% Floor, 03/11/2028^(b)		576,077		577,517
				609,577

IT Services - 4.50%
Access CIG LLC, First Lien Term Loan, 3M CME TERM SOFR + 5.00%, 0.50% Floor, 08/18/2028		135,239		136,275
Ahead DB Holdings, LLC, First Lien Term Loan, 3M CME TERM SOFR + 4.25%, 02/01/2031		668,582		671,614
Asurion LLC, Second Lien Term Loan, 1M US SOFR + 5.25%, 01/20/2029		53,839		49,822
Chrysaor Bidco Sarl DDTL 1L, First Lien Term Loan, 6M CME TERM SOFR + 4.00%, 05/14/2031		19,735		19,846
Chrysaor Bidco Sarl TLB 1L, First Lien Term Loan, 6M CME TERM SOFR + 4.00%, 05/14/2031		266,849		268,352
Dcert Buyer, Inc., Second Lien First Amendment Refinancing Term Loan, 1M US SOFR + 7.00%, 02/19/2029		1,625,691		1,459,057
Go Daddy Oper Co LLC, First Lien Term Loan, 1M US SOFR + 1.75%, 05/30/2031		414,000		414,120
Newfold Digital Holdings Group, Inc., First Lien Initial Term Loan, 1M US SOFR + 3.50%, 0.75% Floor, 02/10/2028		1,542,792		1,436,725
Presidio/Fortress Intermediate 4/24 TLB 1L, First Lien Term Loan, 6M CME TERM SOFR + 4.00%, 05/09/2031^(b)		1,089,000		1,091,722
Skopima Merger Sub Inc., First Lien Initial Term Loan, 1M US SOFR + 4.00%, 05/12/2028		551,301		551,547
Virtusa Corp., First Lien Term Loan, 1M US SOFR + 3.25%, 0.75% Floor, 02/15/2029		1,138,249		1,142,694
World Wide Technology 3/24, First Lien Term Loan, 1M US SOFR + 2.75%, 03/01/2030^(b)		351,986		353,746
				7,595,520

Life Sciences Tools & Services - 2.42%
Catalent Pharma Solutions, Inc., First Lien Term Loan, 1M US SOFR + 2.00%, 0.50% Floor, 02/22/2028		1,160,366		1,161,236
Curia Global, Inc., First Lien 2021 Term Loan, 3M CME TERM SOFR + 3.75%, 0.75% Floor, 08/30/2026		1,253,175		1,183,605
IQVIA INC., First Lien Term Loan, 3M CME TERM SOFR + 2.00%, 01/02/2031		167,428		168,317
Loire UK Midco 3, Ltd., First Lien Facility B2 Term Loan, 1M US SOFR + 3.75%, 0.75% Floor, 04/21/2027		889,564		884,747
Parexel International Corporation, First Lien Term Loan, 1M US SOFR + 3.25%, 0.50% Floor, 11/15/2028		684,815		687,062
				4,084,967

Machinery - 6.44%
Asp Blade Holdings, Inc., First Lien Term Loan, 3M CME TERM SOFR + 4.00%, 0.50% Floor, 10/13/2028		229,095		175,201
Bettcher Industries, Inc., First Lien Term Loan, 3M CME TERM SOFR + 4.00%, 12/14/2028		730,038		728,669
Crosby US Acquisition corp., First Lien Term Loan, 1M US SOFR + 4.00%, 08/16/2029		340,771		343,078
Engineered Machinery Holdings, Inc., First Lien Term Loan, 3M CME TERM SOFR + 3.75%, 0.75% Floor, 05/19/2028		1,338,879		1,345,888
Hyperion Materials & Technologies, Inc., First Lien Initial Term Loan, 3M CME TERM SOFR + 4.50%, 0.50% Floor, 08/30/2028		630,924		616,255
INNIO Group Hldg GmbH, First Lien Term Loan, 6M CME TERM SOFR + 3.50%, 11/02/2028		157,472		158,014

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2024

Blackstone Long-Short Credit Income Fund

Portfolio of Investments

June 30, 2024 (Unaudited)

	Principal Amount		Value
Machinery (continued)
INNIO Group Holding GmbH, First Lien Term Loan, 3M CME TERM SOFR + 4.25%, 11/02/2028	$	395	$	396
LSF11 Trinity Bidco Inc, First Lien Term Loan, 3M CME TERM SOFR + 3.50%, 06/14/2030		989,614		995,493
Osmosis Buyer Limited, First Lien Initial B Term Loan, 3M CME TERM SOFR + 4.00%, 0.50% Floor, 07/31/2028		1,395,648		1,399,709
Pro Mach Group, Inc., First Lien Closing Date Initial Term Loan, 1M US SOFR + 3.50%, 1.00% Floor, 08/31/2028		1,174,438		1,181,779
Project Castle, Inc., First Lien Term Loan, 3M CME TERM SOFR + 5.50%, 06/01/2029		1,316,059		1,178,971
SPX FLOW Inc, First Lien Term Loan, 1M US SOFR + 3.50%, 04/05/2029		386,852		389,529
TK Elevator Midco GmbH, First Lien Term Loan, 6M CME TERM SOFR + 3.50%, 04/30/2030		1,097,266		1,104,294
Victory Buyer LLC, First Lien Term Loan, 3M CME TERM SOFR + 3.75%, 0.50% Floor, 11/19/2028		1,295,664		1,250,316
				10,867,592

Media - 1.16%
ABG Intermediate Holdings 2 LLC, First Lien Term Loan, 6M CME TERM SOFR + 2.75%, 12/21/2028		194,381		194,807
American Greetings Corp., First Lien Term Loan, 1M US SOFR + 5.75%, 10/30/2029		750,350		755,745
Cable One, Inc., First Lien Term Loan, 3M US L + 2.00%, 05/03/2028		306,943		302,723
Cogeco Financing 2 LP, First Lien Term Loan, 3M CME TERM SOFR + 2.50%, 0.50% Floor, 09/01/2028		173,686		168,383
Fleet Midco I Ltd., First Lien Term Loan, 1M US SOFR + 3.25%, 02/21/2031		382,987		385,381
Univision Communications, Inc., First Lien Term Loan, 1M US SOFR + 3.25%, 0.75% Floor, 03/15/2026		157,218		157,483
				1,964,522

Metals & Mining - 0.74%
Arsenal AIC Parent, LLC, First Lien Term Loan, 1M US SOFR + 3.75%, 08/18/2030		1,243,957		1,252,975

Mortgage Real Estate Investment - 0.34%
Blackstone Mortgage Trust, Inc., First Lien Term Loan:
1M US SOFR + 2.25%, 04/23/2026		294,588		289,800
1M US SOFR + 2.75%, 0.50% Floor, 04/23/2026		294,670		290,987
				580,787

Oil, Gas & Consumable Fuels - 0.85%
Buckeye Partners LP, First Lien Term Loan:
1M US SOFR + 2.00%, 11/01/2026		357,474		358,239
3M CME TERM SOFR + 2.00%, 11/22/2030		262,554		262,842
Freeport LNG, First Lien Term Loan, 3M CME TERM SOFR + 3.50%, 12/21/2028		142,278		142,297
GIP Pilot Acquisition Partners LP, First Lien Term Loan, 3M CME TERM SOFR + 2.50%, 10/04/2030		317,105		317,898
Whitewater Whistler Holdings LLC, First Lien Term Loan, 6M CME TERM SOFR + 2.25%, 02/15/2030		352,922		353,437
				1,434,713
Passenger Airlines - 1.30%
Air Canada, First Lien Term Loan, 3M CME TERM SOFR + 2.50%, 03/21/2031		491,820		493,125
American Airlines, Inc., First Lien 2020 Term Loan, 6M CME TERM SOFR + 1.75%, 01/29/2027		200,716		200,277
American Airlines, Inc., First Lien Term Loan, 1M US SOFR + 2.75%, 02/15/2028		535,010		534,491
United Airlines, Inc. aka Continental, First Lien Term Loan, 1M US SOFR + 2.75%, 02/22/2031		967,308		970,936
				2,198,829

See Notes to Financial Statements.

40	www.blackstone-credit.com

Blackstone Long-Short Credit Income Fund

Portfolio of Investments

June 30, 2024 (Unaudited)

	Principal Amount		Value
Pharmaceuticals - 1.48%
Elanco Animal Health, Inc., First Lien B Term Loan, 1M US SOFR + 1.75%, 08/01/2027	$	1,361,425	$	1,358,130
Padagis LLC, First Lien Initial Term Loan, 3M CME TERM SOFR + 4.75%, 0.50% Floor, 07/06/2028^(b)		1,158,828		1,135,651
				2,493,781

Professional Services - 10.85%
AG Group Holdings, Inc., First Lien Term Loan, 1M US SOFR + 4.00%, 12/29/2028		1,249,199		1,247,637
AlixPartners, LLP, First Lien USD B Term Loan, 1M US SOFR + 2.50%, 0.50% Floor, 02/04/2028		951,821		953,606
Ankura Consulting Group LLC, First Lien Term Loan, 3M CME TERM SOFR + 4.25%, 0.75% Floor, 03/17/2028		263,925		264,970
Cast & Crew LLC, First Lien Term Loan, 1M US SOFR + 3.75%, 0.50% Floor, 12/29/2028		880,774		882,347
CoreLogic, Inc., First Lien Initial Term Loan, 1M US SOFR + 3.50%, 0.50% Floor, 06/02/2028		394,396		389,184
CoreLogic, Inc., Second Lien Initial Term Loan, 1M US SOFR + 6.50%, 0.50% Floor, 06/04/2029		553,488		543,802
DTI Holdco, Inc., First Lien Term Loan, 1M US SOFR + 4.75%, 04/26/2029		718,635		722,479
Dun & Bradstreet Corp., First Lien Term Loan, 1M US SOFR + 2.75%, 01/18/2029		666,330		667,579
EAB Global, Inc., First Lien Term Loan, 3M CME TERM SOFR + 3.50%, 0.50% Floor, 08/16/2028		755,292		755,481
Eisner Advisory Group LLC, First Lien Term Loan, 1M US SOFR + 4.00%, 02/28/2031		847,239		856,596
Element Materials Technology Group Holdings DTL, First Lien Term Loan, 3M CME TERM SOFR + 4.25%, 07/06/2029		290,278		291,791
Element Materials Technology Group Holdings, First Lien Term Loan, 3M CME TERM SOFR + 4.25%, 07/06/2029		628,938		632,215
Galaxy US Opco Inc. TL, First Lien Term Loan, 3M CME TERM SOFR + 4.75%, 04/29/2029		861,341		702,712
Genuine Financial Holdings LLC, First Lien Term Loan, 3M CME TERM SOFR + 4.00%, 09/27/2030		1,810,052		1,806,432
Grant Thornton 5/24 Cov-Lite TLB 1L, First Lien Term Loan, 6M CME TERM SOFR + 3.75%, 06/02/2031		822,739		826,124
Isolved, Inc., First Lien Term Loan, 1M US SOFR + 3.50%, 10/15/2030		311,131		312,298
Lereta, LLC, First Lien Term Loan, 1M US SOFR + 5.25%, 07/30/2028		425,826		321,143
Mermaid Bidco Inc aka Datasite TL 1L, First Lien Term Loan, 6M CME TERM SOFR + 3.50%, 06/30/2031^(b)		448,800		449,922
Neptune Bidco US, Inc., First Lien Term Loan:
3M CME TERM SOFR + 4.75%, 10/11/2028		415,331		390,722
3M CME TERM SOFR + 5.00%, 0.50% Floor, 04/11/2029		531,244		501,362
Ryan LLC., First Lien Term Loan, 1M US SOFR + 3.50%, 11/14/2030		601,461		604,694
Sedwick CMS 2/23 TLB, First Lien Term Loan, 1M US SOFR + 3.75%, 02/24/2028		770,503		772,322
Trans Union LLC, First Lien Term Loan, 6M CME TERM SOFR + 1.75%, 06/06/2031		1,075,436		1,074,898
TTF Holdings LLC, First Lien Term Loan, 6M CME TERM SOFR + 4.00%, 06/20/2031^(b)		682,817		682,817
Vaco Holdings, LLC, First Lien Term Loan, 3M CME TERM SOFR + 5.00%, 01/21/2029		1,278,174		1,271,247
Veritext 3/24, First Lien Term Loan, 1M US SOFR + 3.50%, 08/09/2030		379,490		381,720
				18,306,100

Real Estate Management & Development - 0.65%
Cushman & Wakefield US Borrower LLC, First Lien Initial Term Loan, 1M US SOFR + 3.00%, 01/31/2030^(b)		505,291		505,922
Cushman & Wakefield US Borrower LLC, First Lien Term Loan, 1M US SOFR + 3.75%, 0.50% Floor, 01/31/2030^(b)		577,320		581,650
				1,087,572

Software - 15.92%
Apttus Corp., First Lien Initial Term Loan, 1M US SOFR + 4.00%, 0.75% Floor, 05/08/2028		306,315		306,698
BEP Intermediate/Buyers Edge 4/24 TLB, First Lien Term Loan, 1M US SOFR + 3.75%, 04/25/2031^(b)		298,143		299,634

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2024

Blackstone Long-Short Credit Income Fund

Portfolio of Investments

June 30, 2024 (Unaudited)

	Principal Amount		Value
Software (continued)
Boost Newco Borrower LLC aka Worldpay 1L TL, First Lien Term Loan 01/31/2031		767,099	$	769,124
Boxer Parent Company Inc., First Lien Term Loan, 3M CME TERM SOFR + 4.00%, 12/29/2028		380,221		381,476
Central Parent, Inc., First Lien Term Loan, 3M CME TERM SOFR + 3.25%, 07/06/2029		940,294		929,424
Cloud Software Group Inc aka Balboa/Citrix TLB 1L, First Lien Term Loan, 3M CME TERM SOFR + 4.00%, 03/30/2029		1,490,431		1,491,087
Cloud Software Group Inc, First Lien Term Loan, 3M CME TERM SOFR + 4.50%, 03/21/2031		195,132		195,909
Cloudera, Inc., First Lien Term Loan, 3M CME TERM SOFR + 3.75%, 0.50% Floor, 10/08/2028		994,911		996,776
Cornerstone OnDemand, Inc., First Lien Initial Term Loan, 1M US SOFR + 3.75%, 0.50% Floor, 10/16/2028		1,659,295		1,570,796
Delta Topco, Inc., First Lien Term Loan, 3M CME TERM SOFR + 3.50%, 11/30/2029		541,858		542,253
Epicor Software Corp, First Lien Term Loan:
1M US SOFR + 3.25%, 05/30/2031^(c)		283,331		284,865
3M US L + 0.00%, 05/30/2031		37,662		37,866
Fiserv Investment Solutions, Inc., First Lien Initial Term Loan, 3M CME TERM SOFR + 4.00%, 02/18/2027		1,329,352		1,282,134
Flexera Software LLC, First Lien Term Loan, 3M CME TERM SOFR + 8.83%, 03/03/2028		433,208		435,374
Help/Systems Holdings, Inc., First Lien Seventh Amendment Refinancing Term Loan, 3M CME TERM SOFR + 4.00%, 0.75% Floor, 11/19/2026		1,173,097		1,059,454
Idera INC, First Lien Term Loan, 1M US SOFR + 3.50%, 03/02/2028		1,208,059		1,201,263
Infoblox 4/24 2nd lien TL 1L, Second Lien Term Loan, 3M CME TERM SOFR + 5.25%, 11/29/2030		579,428		589,278
Instructure Holdings, INC., First Lien Term Loan, 3M CME TERM SOFR + 2.75%, 10/30/2028		274,008		274,180
Ivanti Software, Inc., First Lien First Amendment Term Loan, 3M CME TERM SOFR + 4.00%, 0.75% Floor, 12/01/2027		240,682		190,440
Ivanti Software, Inc., Second Lien Term Loan, 3M CME TERM SOFR + 7.25%, 12/01/2028		476,866		313,837
Magenta Buyer LLC, First Lien Initial Term Loan, 1M US SOFR + 5.00%, 0.75% Floor, 07/27/2028		1,548,030		867,864
Mitnick Corporate Purchaser Inc., First Lien Term Loan, 3M CME TERM SOFR + 4.50%, 05/02/2029		383,272		357,593
Modena Buyer LLC, First Lien Term Loan, 6M CME TERM SOFR + 4.25%, 04/18/2031		869,313		849,619
Perforce Software, Inc., First Lien New Term Loan, 1M US SOFR + 3.75%, 07/01/2026		245,494		245,187
Planview Parent Inc, First Lien Term Loan, 6M CME TERM SOFR + 3.75%, 12/17/2027		555,542		555,773
Project Alpha Intermediate Holding Inc, First Lien Term Loan, 6M CME TERM SOFR + 3.75%, 10/28/2030		1,072,356		1,076,973
Project Leopard Holdings, Inc., First Lien Term Loan, 3M CME TERM SOFR + 5.25%, 0.50% Floor, 07/20/2029		861,341		803,928
Proofpoint Inc, First Lien Term Loan, 3M CME TERM SOFR + 3.00%, 08/31/2028		220,517		220,972
Quartz Acquireco LLC, First Lien Term Loan, 3M CME TERM SOFR + 2.75%, 06/28/2030		1,469,822		1,472,578
Quest Borrower Ltd., First Lien Term Loan, 3M CME TERM SOFR + 4.25%, 02/01/2029		1,513,360		1,127,877
Rocket Software, Inc., First Lien Term Loan, 1M US SOFR + 4.75%, 0.50% Floor, 11/28/2028		943,982		949,084
SS&C Technologies, Inc., First Lien Term Loan, 1M US SOFR + 2.00%, 05/09/2031		1,308,057		1,311,445
Surf Holdings Sarl., First Lien Dollar Tranche Term Loan, 1M US SOFR + 3.50%, 03/05/2027		890,727		892,816
Vision Solutions, Inc., First Lien Term Loan, 3M CME TERM SOFR + 4.25%, 0.75% Floor, 04/24/2028		1,627,463		1,605,085
VS Buyer LLC, First Lien Term Loan, 1M US SOFR + 3.25%, 04/12/2031		619,708		622,032
Webpros Luxembourg Sarl, First Lien Term Loan, 1M US SOFR + 4.00%, 03/28/2031^(b)		262,262		264,721
Xplor T1, LLC, First Lien Term Loan, 3M CME TERM SOFR + 9.60%, 06/14/2031^(b)		483,000		483,000
				26,858,415
Specialty Retail - 2.21%
APRO LLC, First Lien Term Loan, 6M CME TERM SOFR + 4.00%, 06/13/2034^(b)		491,129		491,743
EG America LLC, First Lien Term Loan, 3M CME TERM SOFR + 5.50%, 0.50% Floor, 02/07/2028		415,237		410,912
HomeServe USA Corp., First Lien Term Loan, 1M US SOFR + 2.50%, 10/21/2030		311,631		312,768
Mavis Tire Express Services Topco Corp., First Lien Term Loan, 1M US SOFR + 3.75%, 0.75% Floor, 05/04/2028		929,437		932,663

See Notes to Financial Statements.

42	www.blackstone-credit.com

Blackstone Long-Short Credit Income Fund

Portfolio of Investments

June 30, 2024 (Unaudited)

	Principal Amount		Value
Specialty Retail (continued)
Spencer Spirit IH LLC, First Lien Term Loan, 6M US L + 0.00%, 06/01/2034^(b)	$	723,429	$	723,429
StubHub Holdco Sub LLC, First Lien Term Loan, 1M US SOFR + 4.75%, 03/15/2030		848,021		849,348
				3,720,863

Technology Hardware, Storage & Peripherals - 0.46%
Xerox 11/23, First Lien Term Loan, 1M US SOFR + 4.00%, 11/17/2029		775,755		776,120

Textiles, Apparel & Luxury Goods - 0.61%
Champ Acquisition Corp., First Lien Initial Term Loan, 3M CME TERM SOFR + 5.50%, 12/19/2025		1,015,804		1,020,756

Trading Companies & Distributors - 3.22%
American Builders & Contractors Supply Co., Inc., First Lien Term Loan, 1M US SOFR + 2.00%, 01/31/2031		191,260		191,883
Avolon TLB Borrower 1 (US), First Lien Term Loan, 1M US SOFR + 2.00%, 06/22/2028		649,387		651,010
CD&R Hydr SunSource, First Lien Term Loan, 1M US SOFR + 4.00%, 03/25/2031		653,652		655,694
Core & Main LP, First Lien Term Loan, 3M CME TERM SOFR + 2.25%, 02/09/2031^(b)		155,203		155,689
Fastlane Parent Co., Inc., First Lien Term Loan, 1M CME TERM SOFR + 4.50%, 0.50% Floor, 09/29/2028		375,857		374,730
FCG Acquisitions, Inc., First Lien Initial Term Loan, 1M US L + 3.75%, 0.50% Floor, 03/31/2028		724,821		725,818
Foundation Building Materials, Inc., First Lien Term Loan, 3M CME TERM SOFR + 4.00%, 01/29/2031		930,030		927,449
Park River Holdings, Inc., First Lien Initial Term Loan, 3M CME TERM SOFR + 3.25%, 0.75% Floor, 12/28/2027		742,876		727,811
White Cap Buyer LLC, First Lien Term Loan, 1M US SOFR + 3.25%, 10/19/2029		393,287		394,406
Windsor Holdings III LLC, First Lien Term Loan, 1M US SOFR + 4.00%, 08/01/2030		625,156		630,001
				5,434,491

Transportation Infrastructure - 0.30%
Brown Group Holding LLC, First Lien Term Loan, 1M US SOFR + 2.75%, 0.50% Floor, 06/07/2028		507,837		508,188

Wireless Telecommunication Services - 0.67%
CCI Buyer, Inc., First Lien Initial Term Loan, 3M CME TERM SOFR + 4.00%, 0.75% Floor, 12/17/2027		1,121,096		1,123,635

TOTAL FLOATING RATE LOAN INTERESTS
(Cost $222,965,135)				219,717,098

COLLATERALIZED LOAN OBLIGATION SECURITIES^(a) - 7.29%
Consumer Finance - 0.29%
Parallel 2021-2, Ltd., 3M CME TERM SOFR + 7.46%, 10/20/2034^(b)(e)		500,000		491,383

Financial Services - 7.00%
Bain Capital Credit CLO 2022-3, Ltd., 3M CME TERM SOFR + 3.70%, 07/17/2035^(b)(e)		1,620,000		1,625,404
CIFC Funding 2019-V, Ltd., 3M CME TERM SOFR + 3.41%, 01/15/2035^(b)(e)		1,600,000		1,607,445
Clover CLO 2021-3 LLC, 3M CME TERM SOFR + 3.36%, 01/25/2035^(b)(e)		2,000,000		2,010,526
Danby Park CLO, Ltd., 3M CME TERM SOFR + 5.33%, 10/21/2035^(b)(e)		1,000,000		1,015,264
HPS Loan Management CLO 6-2015, Ltd., 3M CME TERM SOFR + 5.36%, 02/05/2031^(b)(e)		833,000		829,906
Magnetite XXXV, Ltd., 3M CME TERM SOFR + 4.00%, 10/25/2036^(b)(e)		1,000,000		1,027,418
OCP CLO 2020-18, Ltd., 3M CME TERM SOFR + 6.69%, 07/20/2032^(b)(e)		1,000,000		1,003,043
Park Avenue Institutional Advisers CLO, Ltd. 2022-1, 3M CME TERM SOFR + 7.29%, 04/20/2035^(b)(e)		1,000,000		987,437
PPM CLO 3, Ltd., 3M CME TERM SOFR + 6.87%, 04/17/2034^(b)(e)		500,000		475,028

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2024

Blackstone Long-Short Credit Income Fund

Portfolio of Investments

June 30, 2024 (Unaudited)

	Principal Amount		Value
Financial Services (continued)
Rad CLO 5, Ltd., 3M CME TERM SOFR + 6.96%, 07/24/2032^(b)(e)	$	250,000	$	251,801
Romark CLO IV, Ltd., 3M CME TERM SOFR + 7.21%, 07/10/2034^(b)(e)		1,000,000		970,596
				11,803,868

TOTAL COLLATERALIZED LOAN OBLIGATION SECURITIES
(Cost $12,121,874)				12,295,251

CORPORATE BONDS - 12.64%
Aerospace & Defense - 0.45%
Bombardier, Inc., 7.000%, 06/01/2032^(e)		40,000		40,606
BWX Technologies, Inc., 4.125%, 06/30/2028^(e)		70,000		65,431
KBR, Inc., 4.750%, 09/30/2028^(e)		60,000		56,064
TransDigm, Inc.:
4.625%, 01/15/2029		109,000		101,795
4.880%, 05/01/2029		350,000		328,204
Triumph Group, Inc., 9.000%, 03/15/2028^(e)		183,000		192,057
				784,157

Automobile Components - 0.08%
Patrick Industries, Inc., 4.750%, 05/01/2029^(e)		155,000		142,975

Banks - 0.06%
Popular, Inc., 7.250%, 03/13/2028		95,000		97,642

Beverages - 0.08%
Primo Water Holdings, Inc., 4.375%, 04/30/2029^(e)		152,000		140,154

Broadline Retail - 0.23%
Kohl's Corp., 5.550%, 07/17/2045		30,000		20,484
Nordstrom, Inc., 5.000%, 01/15/2044		50,000		40,431
Rakuten Group, Inc.:
11.250%, 02/15/2027^(e)		237,000		253,556
9.750%, 04/15/2029^(e)		70,000		72,258
				386,729

Building Products - 0.03%
Griffon Corp., 5.750%, 03/01/2028		49,000		47,323

Chemicals - 0.30%
Chemours Co., 5.750%, 11/15/2028^(e)		200,000		184,877
CVR Partners LP / CVR Nitrogen Finance Corp., 6.125%, 06/15/2028^(e)		120,000		115,395
Tronox, Inc., 4.625%, 03/15/2029^(e)		231,000		208,769
				509,041

Commercial Services & Supplies - 0.22%
Cimpress PLC, 7.000%, 06/15/2026		130,000		130,032
CoreCivic, Inc., 8.250%, 04/15/2029		70,000		72,416
Deluxe Corp., 8.000%, 06/01/2029^(e)		70,000		65,767
Pitney Bowes, Inc.:
6.875%, 03/15/2027^(e)		35,000		33,092
7.250%, 03/15/2029^(e)		85,000		76,455
				377,762

See Notes to Financial Statements.

44	www.blackstone-credit.com

Blackstone Long-Short Credit Income Fund

Portfolio of Investments

June 30, 2024 (Unaudited)

	Principal Amount		Value
Construction & Engineering - 0.12%
Great Lakes Dredge & Dock Corp., 5.250%, 06/01/2029^(e)	$	111,000	$	99,177
Tutor Perini Corp., 11.880%, 04/30/2029^(e)		94,000		101,192
				200,369

Consumer Finance - 1.01%
Enova International, Inc., 11.250%, 12/15/2028^(e)		50,000		53,451
FirstCash, Inc.:
4.630%, 09/01/2028^(e)		90,000		84,677
5.625%, 01/01/2030^(e)		170,000		161,174
6.875%, 03/01/2032^(e)		136,000		136,152
goeasy, Ltd.:
9.250%, 12/01/2028^(e)		134,000		142,359
7.625%, 07/01/2029^(e)		120,000		122,503
Navient Corp.:
4.880%, 03/15/2028		240,000		220,512
9.380%, 07/25/2030		158,000		166,290
11.500%, 03/15/2031		40,000		44,101
OneMain Finance Corp.:
3.880%, 09/15/2028		50,000		44,877
7.875%, 03/15/2030		159,000		164,064
7.500%, 05/15/2031		32,000		32,408
PRA Group, Inc.:
8.380%, 02/01/2028^(e)		30,000		29,920
8.880%, 01/31/2030^(e)		52,000		51,956
Synchrony Financial, 7.250%, 02/02/2033		180,000		179,093
World Acceptance Corp., 7.000%, 11/01/2026^(e)		68,000		64,883
				1,698,420

Containers & Packaging - 0.04%
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC, 4.000%, 09/01/2029^(e)		80,000		67,790

Diversified Consumer Services - 0.05%
Adtalem Global Education, Inc., 5.500%, 03/01/2028^(e)		90,000		86,677

Diversified REITs - 0.28%
Iron Mountain, Inc., 5.625%, 07/15/2032^(e)		360,000		342,160
Service Properties Trust:
4.950%, 10/01/2029		98,000		74,444
4.375%, 02/15/2030		80,000		56,588
				473,192

Diversified Telecommunication Services - 0.50%
Cogent Communications Group, Inc., 7.000%, 06/15/2027^(e)		233,000		231,043
Consolidated Communications, Inc., 6.500%, 10/01/2028^(e)		85,000		72,854
Frontier Communications Holdings LLC:
6.750%, 05/01/2029^(e)		360,000		330,571
5.875%, 11/01/2029		70,000		61,056
6.000%, 01/15/2030^(e)		50,000		43,571
Viasat, Inc.:
6.500%, 07/15/2028^(e)		110,000		83,384
7.500%, 05/30/2031^(e)		40,000		26,621
				849,100

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2024

Blackstone Long-Short Credit Income Fund

Portfolio of Investments

June 30, 2024 (Unaudited)

	Principal Amount		Value
Electric Utilities - 0.14%
NRG Energy, Inc., 3.625%, 02/15/2031^(e)	$	60,000	$	51,501
Vistra Operations Co. LLC:
5.000%, 07/31/2027^(e)		50,000		48,402
7.750%, 10/15/2031^(e)		125,000		130,272
				230,175

Energy Equipment & Services - 0.60%
Archrock Partners LP / Archrock Partners Finance Corp., 6.250%, 04/01/2028^(e)		182,000		180,420
Enerflex, Ltd., 9.000%, 10/15/2027^(e)		160,000		162,571
Helix Energy Solutions Group, Inc., 9.750%, 03/01/2029^(e)		86,000		91,758
Precision Drilling Corp., 6.875%, 01/15/2029^(e)		80,000		79,217
Transocean, Inc., 7.500%, 04/15/2031		84,000		78,871
USA Compression Partners LP / USA Compression Finance Corp., 7.125%, 03/15/2029^(e)		170,000		171,434
Valaris, Ltd., 8.380%, 04/30/2030^(e)		235,000		243,478
				1,007,749

Entertainment - 0.09%
Cinemark USA, Inc., 5.250%, 07/15/2028^(e)		160,000		153,103

Financial Services - 0.58%
Burford Capital Global Finance LLC, 9.250%, 07/01/2031^(e)		140,000		147,524
Compass Group Diversified Holdings LLC, 5.250%, 04/15/2029^(e)		35,000		33,229
Encore Capital Group, Inc.:
9.250%, 04/01/2029^(e)		50,000		52,166
8.500%, 05/15/2030^(e)		81,000		82,559
Nationstar Mortgage Holdings, Inc.:
6.000%, 01/15/2027^(e)		150,000		148,543
5.500%, 08/15/2028^(e)		250,000		240,459
5.750%, 11/15/2031^(e)		10,000		9,408
7.125%, 02/01/2032^(e)		30,000		30,209
PennyMac Financial Services, Inc.:
4.250%, 02/15/2029^(e)		100,000		91,031
7.875%, 12/15/2029^(e)		5,000		5,160
5.750%, 09/15/2031^(e)		130,000		121,849
PHH Mortgage Corp., 7.875%, 03/15/2026^(e)		20,000		19,567
				981,704

Food Products - 0.10%
Post Holdings, Inc., 4.625%, 04/15/2030^(e)		180,000		165,518

Gas Utilities - 0.14%
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.000%, 06/01/2031^(e)		130,000		117,182
Superior Plus LP / Superior General Partner, Inc., 4.500%, 03/15/2029^(e)		130,000		119,422
				236,604

Health Care Providers & Services - 0.59%
AdaptHealth LLC:
6.125%, 08/01/2028^(e)		120,000		114,689
5.125%, 03/01/2030^(e)		140,000		122,596
CHS/Community Health Systems, Inc.:
6.875%, 04/15/2029^(e)		62,000		47,486
10.880%, 01/15/2032^(e)		210,000		218,828
DaVita, Inc.:
4.625%, 06/01/2030^(e)		415,000		375,355
3.750%, 02/15/2031^(e)		50,000		42,699

See Notes to Financial Statements.

46	www.blackstone-credit.com

Blackstone Long-Short Credit Income Fund

Portfolio of Investments

June 30, 2024 (Unaudited)

	Principal Amount		Value
Health Care Providers & Services (continued)
ModivCare Escrow Issuer, Inc., 5.000%, 10/01/2029^(e)	$	20,000	$	14,114
Pediatrix Medical Group, Inc., 5.375%, 02/15/2030^(e)		70,000		61,958
				997,725

Health Care REITs - 0.17%
MPT Operating Partnership LP / MPT Finance Corp.:
5.250%, 08/01/2026		50,000		45,480
5.000%, 10/15/2027		140,000		115,756
4.625%, 08/01/2029		162,000		117,747
				278,983

Hotels, Restaurants & Leisure - 0.19%
Brinker International, Inc., 8.250%, 07/15/2030^(e)		85,000		89,320
NCL Corp., Ltd., 5.875%, 03/15/2026^(e)		230,000		227,547
				316,867

Household Durables - 0.42%
Dream Finders Homes, Inc., 8.250%, 08/15/2028^(e)		30,000		30,751
Forestar Group, Inc., 3.850%, 05/15/2026^(e)		105,000		100,706
LGI Homes, Inc., 8.750%, 12/15/2028^(e)		79,000		82,336
M/I Homes, Inc.:
4.950%, 02/01/2028		120,000		115,827
3.950%, 02/15/2030		50,000		44,629
Tempur Sealy International, Inc., 4.000%, 04/15/2029^(e)		365,000		329,608
				703,857

Household Products - 0.01%
Energizer Holdings, Inc., 4.750%, 06/15/2028^(e)		25,000		23,428

Industrial Conglomerates - 0.26%
Icahn Enterprises LP / Icahn Enterprises Finance Corp.:
6.250%, 05/15/2026		180,000		178,733
5.250%, 05/15/2027		30,000		28,186
9.750%, 01/15/2029^(e)		120,000		124,470
9.000%, 06/15/2030^(e)		106,000		105,556
				436,945

IT Services - 0.34%
Bread Financial Holdings, Inc., 9.750%, 03/15/2029^(e)		212,000		222,920
Conduent Business Services LLC / Conduent State & Local Solutions, Inc., 6.000%, 11/01/2029^(e)		135,000		126,243
Sabre GLBL, Inc.:
8.630%, 06/01/2027^(e)		150,000		138,332
11.250%, 12/15/2027^(e)		80,000		77,817
				565,312

Machinery - 0.10%
Allison Transmission, Inc., 4.750%, 10/01/2027^(e)		110,000		106,389
Park-Ohio Industries, Inc., 6.625%, 04/15/2027		66,000		63,599
Wabash National Corp., 4.500%, 10/15/2028^(e)		5,000		4,506
				174,494

Marine Transportation - 0.05%
Danaos Corp., 8.500%, 03/01/2028^(e)		80,000		82,259

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2024

Blackstone Long-Short Credit Income Fund

Portfolio of Investments

June 30, 2024 (Unaudited)

	Principal Amount		Value
Media - 0.97%
Advantage Sales & Marketing, Inc., 6.500%, 11/15/2028^(e)	$	186,000	$	168,457
AMC Networks, Inc., 4.250%, 02/15/2029		88,000		59,465
CCO Holdings LLC / CCO Holdings Capital Corp.:
5.375%, 06/01/2029^(e)		80,000		72,855
4.750%, 03/01/2030^(e)		140,000		121,347
4.250%, 02/01/2031^(e)		50,000		40,861
7.375%, 03/01/2031^(e)		170,000		167,727
4.500%, 05/01/2032		20,000		16,122
Clear Channel Outdoor Holdings, Inc.:
7.750%, 04/15/2028^(e)		180,000		157,706
7.500%, 06/01/2029^(e)		99,000		82,826
CSC Holdings LLC:
11.250%, 05/15/2028^(e)		90,000		78,490
11.750%, 01/31/2029^(e)		45,000		38,407
5.750%, 01/15/2030^(e)		15,000		5,674
Gray Television, Inc.:
4.750%, 10/15/2030^(e)		160,000		96,159
5.375%, 11/15/2031^(e)		140,000		79,477
Nexstar Media, Inc.:
5.625%, 07/15/2027^(e)		395,000		375,553
4.750%, 11/01/2028^(e)		50,000		44,500
Sinclair Television Group, Inc., 5.500%, 03/01/2030^(e)		40,000		24,364
				1,629,990

Metals & Mining - 0.75%
Eldorado Gold Corp., 6.250%, 09/01/2029^(e)		105,000		100,997
FMG Resources August 2006 Pty, Ltd., 5.875%, 04/15/2030^(e)		130,000		127,137
Hudbay Minerals, Inc., 4.500%, 04/01/2026^(e)		150,000		146,871
Iamgold Corp, 5.750%, 10/15/2028^(e)		110,000		104,041
Kaiser Aluminum Corp., 4.625%, 03/01/2028^(e)		50,000		46,841
Mineral Resources, Ltd.:
8.130%, 05/01/2027^(e)		147,000		148,282
8.000%, 11/01/2027^(e)		180,000		184,351
9.250%, 10/01/2028^(e)		80,000		84,063
New Gold, Inc., 7.500%, 07/15/2027^(e)		100,000		100,762
SunCoke Energy, Inc., 4.880%, 06/30/2029^(e)		120,000		108,848
Taseko Mines, Ltd., 8.250%, 05/01/2030^(e)		111,000		113,694
				1,265,887

Mortgage Real Estate Investment - 0.45%
Apollo Commercial Real Estate Finance, Inc., 4.625%, 06/15/2029^(e)		150,000		125,915
Rithm Capital Corp., 8.000%, 04/01/2029^(e)		264,000		256,505
Starwood Property Trust, Inc.:
4.380%, 01/15/2027^(e)		370,000		350,687
7.250%, 04/01/2029^(e)		28,000		28,335
				761,442

Office REITs - 0.07%
Brandywine Operating Partnership LP, 4.550%, 10/01/2029		70,000		61,011
Vornado Realty LP, 3.400%, 06/01/2031		70,000		55,032
				116,043

Oil, Gas & Consumable Fuels - 1.52%
Berry Petroleum Co. LLC, 7.000%, 02/15/2026^(e)		50,000		49,468
California Resources Corp., 8.250%, 06/15/2029^(e)		80,000		81,718

See Notes to Financial Statements.

48	www.blackstone-credit.com

Blackstone Long-Short Credit Income Fund

Portfolio of Investments

June 30, 2024 (Unaudited)

	Principal Amount		Value
Oil, Gas & Consumable Fuels (continued)
Calumet Specialty Products Partners LP / Calumet Finance Corp., 9.750%, 07/15/2028^(e)	$	138,000	$	130,819
CNX Resources Corp.:
6.000%, 01/15/2029^(e)		178,000		174,329
7.250%, 03/01/2032^(e)		56,000		57,158
Comstock Resources, Inc.:
6.750%, 03/01/2029^(e)		240,000		232,772
5.875%, 01/15/2030^(e)		105,000		97,778
CVR Energy, Inc., 8.500%, 01/15/2029^(e)		230,000		231,147
Delek Logistics Partners LP / Delek Logistics Finance Corp.:
7.125%, 06/01/2028^(e)		197,000		194,705
8.630%, 03/15/2029^(e)		64,000		65,913
DT Midstream, Inc., 4.125%, 06/15/2029^(e)		51,000		47,157
Energean PLC, 6.500%, 04/30/2027^(e)		70,000		69,048
EnQuest PLC, 11.630%, 11/01/2027^(e)		30,000		30,504
Karoon USA Finance, Inc., 10.500%, 05/14/2029^(e)		26,000		26,162
Magnolia Oil & Gas Operating LLC / Magnolia Oil & Gas Finance Corp., 6.000%, 08/01/2026^(e)		50,000		49,555
New Fortress Energy, Inc., 6.500%, 09/30/2026^(e)		280,000		257,823
NGL Energy Operating LLC / NGL Energy Finance Corp.:
8.130%, 02/15/2029^(e)		60,000		61,180
8.380%, 02/15/2032^(e)		40,000		40,648
Northern Oil & Gas, Inc., 8.130%, 03/01/2028^(e)		226,000		228,720
Parkland Corp., 4.500%, 10/01/2029^(e)		210,000		192,389
PBF Holding Co. LLC / PBF Finance Corp., 7.875%, 09/15/2030^(e)		125,000		128,069
Sunoco LP / Sunoco Finance Corp., 4.500%, 05/15/2029		72,000		67,390
W&T Offshore, Inc., 11.750%, 02/01/2026^(e)		50,000		51,474
				2,565,926

Paper & Forest Products - 0.08%
Mativ Holdings, Inc., 6.875%, 10/01/2026^(e)		80,000		79,575
Mercer International, Inc., 5.125%, 02/01/2029		68,000		59,915
				139,490

Passenger Airlines - 0.02%
American Airlines, Inc., 7.250%, 02/15/2028^(e)		36,000		36,061

Personal Care Products - 0.03%
Herbalife Nutrition, Ltd. / HLF Financing, Inc., 7.875%, 09/01/2025^(e)		40,000		39,326
HLF Financing Sarl LLC / Herbalife International, Inc., 4.875%, 06/01/2029^(e)		15,000		10,407
				49,733

Pharmaceuticals - 0.06%
Organon & Co. / Organon Foreign Debt Co-Issuer BV:
6.750%, 05/15/2034^(e)		63,000		62,991
7.875%, 05/15/2034^(e)		37,000		38,064
				101,055

Real Estate Management & Development - 0.19%
Howard Hughes Corp., 4.125%, 02/01/2029^(e)		145,000		129,826
Landsea Homes Corp., 8.880%, 04/01/2029^(e)		42,000		41,631
Newmark Group, Inc., 7.500%, 01/12/2029^(e)		143,000		147,123
				318,580

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2024

Blackstone Long-Short Credit Income Fund

Portfolio of Investments

June 30, 2024 (Unaudited)

	Principal Amount		Value
Semiconductors & Semiconductor Equipment - 0.06%
ams-OSRAM AG, 12.250%, 03/30/2029^(e)	$	90,000	$	93,302

Software - 0.28%
Fair Isaac Corp., 4.000%, 06/15/2028^(e)		350,000		327,691
MicroStrategy, Inc., 6.125%, 06/15/2028^(e)		150,000		145,540
				473,231

Specialized REITs - 0.10%
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC, 6.500%, 02/15/2029^(e)		270,000		172,467

Specialty Retail - 0.41%
Asbury Automotive Group, Inc., 5.000%, 02/15/2032^(e)		60,000		54,398
Bath & Body Works, Inc., 6.950%, 03/01/2033		70,000		68,212
Foot Locker, Inc., 4.000%, 10/01/2029^(e)		110,000		91,767
Gap, Inc.:
3.625%, 10/01/2029^(e)		166,000		143,860
3.875%, 10/01/2031^(e)		130,000		108,658
Sonic Automotive, Inc., 4.880%, 11/15/2031^(e)		100,000		88,121
Upbound Group, Inc., 6.375%, 02/15/2029^(e)		20,000		19,203
Victoria's Secret & Co., 4.625%, 07/15/2029^(e)		149,000		124,005
				698,224

Technology Hardware, Storage & Peripherals - 0.18%
Xerox Holdings Corp., 5.500%, 08/15/2028^(e)		356,000		306,966

Textiles, Apparel & Luxury Goods - 0.12%
Crocs, Inc., 4.250%, 03/15/2029^(e)		90,000		82,126
Wolverine World Wide, Inc., 4.000%, 08/15/2029^(e)		140,000		117,322
				199,448

Tobacco - 0.12%
Vector Group, Ltd., 5.750%, 02/01/2029^(e)		215,000		201,675

TOTAL CORPORATE BONDS
(Cost $21,018,770)				21,345,574

	Shares	Value
COMMON STOCK - 0.21%
Health Care Equipment & Supplies - 0.07%
Carestream Health Holdings Inc^(b)(f)	76,071	123,615

Health Care Providers & Services - 0.14%
Envision Healthcare Corp. Equity^(f)	23,801	236,027

TOTAL COMMON STOCK
(Cost $2,238,878)		359,642

SHORT TERM INVESTMENTS - 2.95%
Open-end Investment Companies - 2.95%

See Notes to Financial Statements.

50	www.blackstone-credit.com

Blackstone Long-Short Credit Income Fund

Portfolio of Investments

June 30, 2024 (Unaudited)

	Shares		Value
Fidelity Treasury Portfolio
(5.20% 7-Day Yield)		4,969,233	$	4,969,233

TOTAL SHORT TERM INVESTMENTS
(Cost $4,969,233)				4,969,233

Total Investments- 153.35%
(Cost $263,313,891)				258,686,798

Liabilities in Excess of Other Assets - (6.40)%				(10,800,445	)

Leverage Facility - (46.95)%				(79,200,000	)

Net Assets - 100.00%			$	168,686,352

Amounts above are shown as a percentage of net assets as of June 30, 2024.

Investment Abbreviations:

LIBOR - London Interbank Offered Rate

SOFR - Secured Overnight Financing Rate

Reference Rates:

1M US L - 1 Month LIBOR as of June 30, 2024 was 5.45%

3M US L - 3 Month LIBOR as of June 30, 2024 was 5.59%

6M US L - 6 Month LIBOR as of June 30, 2024 was 5.68%

1M US SOFR- 1 Month SOFR as of June 30, 2024 was 5.34%

3M US SOFR - 3 Month SOFR as of June 30, 2024 was 5.32%

6M US SOFR - 6 Month SOFR as of June 30, 2024 was 5.25%

1M CME TERM SOFR - 1 Month CME TERM SOFR as of June 30, 2024 was 5.34%

3M CME TERM SOFR - 3 Month CME TERM SOFR as of June 30, 2024 was 5.32%

6M CME TERM SOFR - 6 Month CME TERM SOFR as of June 30, 2024 was 5.25%

PRIME - US Prime Rate as of June 30, 2024 was 8.50%

^(a)

^(b)

Level 3 assets valued using significant unobservable inputs as a result of unavailable quoted prices from an active market or the unavailability of other significant observable inputs.

^(c)

A portion of this position was not funded as of June 30, 2024. The Portfolio of Investments records only the funded portion of each position. As of June 30, 2024, the Fund has unfunded delayed draw loans in the amount of $406,838. Fair value of these unfunded delayed draws was $408,879. Additional information is provided in Note 9 General Commitments and Contingencies.

^(d)

Represents a payment-in-kind (“PIK”) security which may pay interest/dividend in additional par/shares.

^(e)

Security exempt from registration under Rule 144A of the Securities Act of 1933. Total market value of Rule 144A securities amounts to $30,583,090, which represented approximately 18.13% of net assets as of June 30, 2024. Such securities may normally be sold to qualified institutional buyers in transactions exempt from registration.

^(f)

Non-income producing security.

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2024

Blackstone Strategic Credit 2027 Term Fund

Portfolio of Investments

June 30, 2024 (Unaudited)

	Principal Amount		Value
FLOATING RATE LOAN INTERESTS^(a) - 137.26%
Aerospace & Defense - 4.25%
Atlas CC Acquisition Corp., First Lien B Term Loan, 3M CME TERM SOFR + 4.25%, 0.75% Floor, 05/25/2028	$	4,234,458	$	3,141,142
Atlas CC Acquisition Corp., First Lien C Term Loan, 3M CME TERM SOFR + 4.25%, 0.75% Floor, 05/25/2028		859,032		637,234
Dynasty Acquisition Co Inc., First Lien Term Loan, 1M US SOFR + 3.50%, 08/24/2028		476,516		481,270
KBR, Inc. TLB 1L, First Lien Term Loan, 1M CME TERM SOFR + 2.25%, 01/17/2031		294,012		295,740
Nordam Group LLC, First Lien Initial Term Loan, 1M US SOFR + 5.50%, 04/09/2026		4,548,000		4,388,820
Novaria Holdings, LLC, First Lien Term Loan, 1M US SOFR + 4.25%, 06/05/2031^(b)		1,750,000		1,763,125
Peraton Corp., First Lien B Term Loan, 1M US SOFR + 3.75%, 0.75% Floor, 02/01/2028		7,162,689		7,172,181
Standard Aero, Ltd., First Lien Term Loan, 1M US SOFR + 3.50%, 08/24/2028		183,732		185,678
TransDigm Inc, First Lien Term Loan, 6M CME TERM SOFR + 2.75%, 02/28/2031		2,843,348		2,852,589
TransDigm, Inc., First Lien Term Loan, 3M CME TERM SOFR + 2.75%, 03/22/2030		289,918		290,795
Vertex Aerospace Services Corp aka V2X, First Lien Term Loan, 6M CME TERM SOFR + 3.00%, 12/06/2030		1,764,135		1,768,387
World Wide Technology Holding Co LLC, First Lien Term Loan, 3M CME TERM SOFR + 3.50%, 0.50% Floor, 04/21/2031		1,264,761		1,272,665
				24,249,626
Air Freight & Logistics - 2.20%
ASP LS Acquisition Corp., First Lien Term Loan, 3M CME TERM SOFR + 4.50%, 0.75% Floor, 05/07/2028		1,543,845		1,319,779
Clue Opco LLC, First Lien Term Loan, 3M CME TERM SOFR + 4.50%, 12/19/2030		3,483,333		3,257,352
Rinchem Company, Inc., First Lien Term Loan, 3M CME TERM SOFR + 4.25%, 03/02/2029		4,308,230		3,732,306
Savage Enterprises LLC, First Lien Term Loan, 3M US L + 3.25%, 0.50% Floor, 09/15/2028		1,891,278		1,897,935
WWEX UNI TopCo Holdings LLC, First Lien Initial Term Loan, 3M CME TERM SOFR + 4.00%, 0.75% Floor, 07/26/2028		2,315,547		2,325,157
				12,532,529
Automobile Components - 3.05%
Belron Finance US LLC, First Lien Term Loan, 3M CME TERM SOFR + 2.25%, 0.50% Floor, 04/18/2029		1,065,610		1,069,382
Clarios Glob LP, First Lien Term Loan, 6M CME TERM SOFR + 2.75%, 06/05/2030		4,140,177		4,155,061
First Brands Group LLC, First Lien Term Loan, 3M CME TERM SOFR + 5.00%, 1.00% Floor, 03/30/2027		3,069,162		3,055,735
First Brands Group, LLC, First Lien 2018 New Tranche E Term Loan, 3M CME TERM SOFR + 5.00%, 03/30/2027		2,909,058		2,894,978
LTI Holdings, Inc., First Lien Initial Term Loan, 1M CME TERM SOFR + 3.50%, 09/06/2025		3,832,445		3,784,233
LTI Holdings, Inc., First Lien Term Loan, 1M US SOFR + 4.75%, 07/24/2026		1,209,973		1,199,314
LTI Holdings, Inc., Second Lien Initial Term Loan, 1M US SOFR + 6.75%, 09/06/2026		1,276,596		1,211,170
				17,369,873
Beverages - 0.52%
Triton Water Holdings, Inc., First Lien Initial Term Loan, 3M CME TERM SOFR + 3.25%, 0.50% Floor, 03/31/2028		2,982,261		2,986,734

Biotechnology - 0.77%
Grifols Worldwide Operations, First Lien Term Loan, 1M US SOFR + 2.00%, 11/15/2027		4,453,982		4,387,172

Broadline Retail - 0.20%
Peer Hldg III BV, First Lien Term Loan, 6M CME TERM SOFR + 3.00%, 06/23/2031		1,132,635		1,135,235

Building Products - 3.90%
Gulfside Supply Inc, First Lien Term Loan, 6M CME TERM SOFR + 3.50%, 05/29/2031^(b)		840,627		842,203
LBM Acquisition LLC, First Lien Term Loan, 1M US SOFR + 3.75%, 05/30/2031		4,452,581		4,384,234

See Notes to Financial Statements.

52	www.blackstone-credit.com

Blackstone Strategic Credit 2027 Term Fund

Portfolio of Investments

June 30, 2024 (Unaudited)

	Principal Amount		Value
Building Products (continued)
LHS Borrower, LLC, First Lien Term Loan, 1M US SOFR + 4.75%, 0.50% Floor, 02/16/2029	$	2,604,153	$	2,471,341
Miter Brands Acquisition Holdco Inc., First Lien Term Loan, 1M US SOFR + 3.50%, 03/28/2031		2,739,588		2,759,573
Oscar Acquisitionco LLC, First Lien Term Loan, 3M CME TERM SOFR + 4.25%, 0.50% Floor, 04/29/2029		4,398,555		4,401,656
Resideo Funding Inc, First Lien Term Loan, 6M CME TERM SOFR + 2.25%, 06/13/2031		485,300		485,302
Tailwind Smith Cooper Intermediate Corp., First Lien Initial Term Loan, 3M CME TERM SOFR + 5.00%, 05/28/2026		4,426,752		4,429,519
Trulite Holding Corp., First Lien Term Loan, 1M US SOFR + 6.00%, 03/01/2030		2,556,993		2,486,676
				22,260,504
Capital Markets - 5.65%
Apex Group Treasury, Ltd., First Lien USD Term Loan, 3M CME TERM SOFR + 3.75%, 0.50% Floor, 07/27/2028		4,786,578		4,798,545
AssetMark 6/24 TLB 1L, First Lien Term Loan, 6M CME TERM SOFR + 3.25%, 06/03/2031		1,953,165		1,956,828
Cetera Financial 5/24 TLB 1L, First Lien Term Loan, 3M CME TERM SOFR + 9.34%, 08/09/2030		4,445,338		4,468,032
Citadel Securities LP, First Lien Term Loan, 1M US SOFR + 2.25%, 07/29/2030		1,228,260		1,233,173
CITCO FDG LLC, First Lien Term Loan, 3M CME TERM SOFR + 2.75%, 04/27/2028		5,671,283		5,697,286
CPI Holdco B LLC, First Lien Term Loan, 1M US SOFR + 2.00%, 05/17/2031		1,626,572		1,626,832
Edelman Financial Engines Center LLC, First Lien Term Loan, 1M US SOFR + 3.25%, 04/07/2028		195,750		196,255
Focus Financial Partners LLC, First Lien Term Loan, 1M US SOFR + 2.50%, 0.50% Floor, 06/30/2028		4,669,064		4,670,161
Focus Financial Partners, LLC, First Lien Term Loan, 1M US SOFR + 2.75%, 06/30/2028		1,564,119		1,564,345
Kestra Advisor Services Holdings A INC, First Lien Term Loan, 1M US SOFR + 4.00%, 03/22/2031		1,727,890		1,736,314
Osaic Holdings Inc aka Advisor Group, First Lien Term Loan, 1M US SOFR + 4.00%, 08/17/2028		4,235,674		4,253,951
				32,201,722
Chemicals - 2.08%
CI Maroon Holdings LLC, First Lien Term Loan, 3M CME TERM SOFR + 4.00%, 03/01/2031		1,044,000		1,050,525
Ecovyst Catalyst Technologies LLC, First Lien Term Loan, 6M CME TERM SOFR + 2.25%, 06/12/2031		4,245,123		4,249,283
Geon Performance 4/24 TLB 1L, First Lien Term Loan, 6M CME TERM SOFR + 4.25%, 08/18/2028		3,021,219		3,038,229
Nouryon USA Ltarfruit US TLB 1L, First Lien Term Loan, 3M CME TERM SOFR + 3.50%, 04/03/2028		3,523,375		3,537,028
				11,875,065
Commercial Services & Supplies - 6.74%
Action Environmental Group, Inc., First Lien Term Loan:
6M CME TERM SOFR + 4.00%, 0.50% Floor, 10/24/2030^(b)		298,620		300,860
6M CME TERM SOFR + 4.00%, 0.50% Floor, 10/24/2030^(b)		398,160		401,146
6M CME TERM SOFR + 4.25%, 0.50% Floor, 10/24/2030^(b)		1,872,283		1,886,325
Allied Universal Holdco LLC, First Lien Initial U.S. Dollar Term Loan, 1M US SOFR + 3.75%, 0.50% Floor, 05/12/2028		5,970,552		5,954,342
Aramark 3/24 B8 TL 1L, First Lien Term Loan, 1M CME TERM SOFR + 2.00%, 06/22/2030		118,007		118,346
Aramark Intermediate HoldCo Corp., First Lien U.S. B-4 Term Loan, 1M US SOFR + 1.75%, 01/15/2027		1,500,000		1,501,687
Belfor Holdings, Inc., First Lien Term Loan, 1M US SOFR + 3.75%, 0.50% Floor, 11/01/2030		783,393		789,269
Equiniti Group PLC, First Lien Term Loan, 6M CME TERM SOFR + 4.50%, 12/11/2028		2,076,273		2,087,952
Garda World Security Corp., First Lien Term Loan, 3M CME TERM SOFR + 4.25%, 02/01/2029		5,505,648		5,546,941
GFL Environmental, Inc., First Lien Term Loan, 6M US L + 0.00%, 0.50% Floor, 06/27/2031^(b)		525,000		526,312

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2024

Blackstone Strategic Credit 2027 Term Fund

Portfolio of Investments

June 30, 2024 (Unaudited)

	Principal Amount		Value
Commercial Services & Supplies (continued)
Justrite Safety Group, First Lien Delayed Draw Term Loan, 1M US SOFR + 4.50%, 06/28/2026	$	218,946	$	219,084
Justrite Safety Group, First Lien Initial Term Loan, 1M US SOFR + 4.50%, 06/28/2026		4,049,793		4,052,344
Omnia Partners, LLC, First Lien Term Loan, L + 3.75%, 07/25/2030		3,796,295		3,802,806
Prime Sec Services Borrower LLC, TL, First Lien Term Loan, 3M CME TERM SOFR + 2.25%, 10/13/2030		3,714,390		3,716,990
Strategic Materials Holding Corp., Second Lien Initial Term Loan, 3M CME TERM SOFR + 7.75%, 1.00% Floor, 10/31/2025^(b)		2,666,667		53,333
TMF Sapphire US LLC aka TMF Group TLB 1L, First Lien Term Loan 05/03/2028		846,655	$	849,965
TRC Companies, First Lien Term Loan, 1M US SOFR + 3.75%, 12/08/2028		3,453,036		3,464,690
United Site Cov-Lite, First Lien Term Loan, 3M CME TERM SOFR + 4.25%, 12/15/2028		3,130,351		2,095,598
Vestis Corp, First Lien Term Loan, 3M CME TERM SOFR + 2.25%, 02/22/2031		1,058,323		1,054,577
				38,422,567
Communications Equipment - 0.05%
MLN US HoldCo LLC, First Lien B Term Loan, 3M CME TERM SOFR + 4.50%, 11/30/2025		2,330,432		262,174

Construction & Engineering - 1.84%
Amentum Government Services Holdings LLC, First Lien Term Loan, 1M US SOFR + 4.00%, 02/15/2029		2,296,823		2,309,743
Artera Services LLC aka PowerTeam, First Lien Term Loan, 3M CME TERM SOFR + 4.50%, 02/15/2031		873,268		878,958
Azuria Water Solutions Inc aka Aegion TLB 1L, First Lien Term Loan 05/17/2028		4,500,334		4,524,051
Groundworks LLC, First Lien Term Loan:
1M US SOFR + 3.50%, 03/14/2031		1,465,414		1,466,330
6M CME TERM SOFR + 4.00%, 03/14/2031^(c)		43,153		43,180
Touchdown Acquirer Inc aka TenCate, First Lien Term Loan, 3M CME TERM SOFR + 4.00%, 02/21/2031		1,142,621		1,149,408
Tutor Perini Corp., First Lien B Term Loan, 1M US SOFR + 4.75%, 1.00% Floor, 08/18/2027		125,192		125,635
				10,497,305
Construction Materials - 0.69%
Quikrete Holdings, Inc., First Lien Term Loan, 1M US SOFR + 2.50%, 04/14/2031		2,622,610		2,631,487
Summit Materials LLC, First Lien Term Loan, 3M CME TERM SOFR + 2.50%, 01/12/2029		582,171		586,901
Tamko Building Products LLC, First Lien Term Loan, 1M US SOFR + 3.25%, 09/20/2030		733,993		734,911
				3,953,299
Containers & Packaging - 3.04%
Altium Packaging LLC, First Lien Term Loan, 1M US SOFR + 2.50%, 06/11/2031		421,875		421,875
Anchor Packaging LLC, First Lien Term Loan, 1M US SOFR + 3.75%, 07/18/2029		1,323,000		1,325,600
Berlin Packaging LLC, First Lien Term Loan, 6M CME TERM SOFR + 4.00%, 06/07/2031		1,845,887		1,852,181
ProAmpac PG Borrower LLC, First Lien Term Loan, 3M CME TERM SOFR + 4.00%, 0.75% Floor, 09/15/2028		1,921,556		1,928,521
Supplyone 3/24, First Lien Term Loan, 6M CME TERM SOFR + 4.50%, 04/19/2031		2,474,783		2,481,749
Tricorbraun Holdings, Inc., First Lien Closing Date Initial Term Loan, 1M CME TERM SOFR + 3.25%, 0.50% Floor, 03/03/2028		4,556,479		4,555,066
Trident TPI Holdings, Inc., First Lien Term Loan, 3M CME TERM SOFR + 9.33%, 0.50% Floor, 09/15/2028		4,730,949		4,743,770
				17,308,762
Distributors - 1.57%
Burgess Point Purchaser Corp., First Lien Term Loan, 1M US SOFR + 5.25%, 07/25/2029		4,259,140		4,139,351
Johnstone Supply LLC, First Lien Term Loan, 3M CME TERM SOFR + 3.00%, 05/16/2031		1,754,108		1,758,494

See Notes to Financial Statements.

54	www.blackstone-credit.com

Blackstone Strategic Credit 2027 Term Fund

Portfolio of Investments

June 30, 2024 (Unaudited)

	Principal Amount		Value
Distributors (continued)
S&S Holdings LLC, First Lien Initial Term Loan, 1M US SOFR + 5.00%, 0.50% Floor, 03/11/2028	$	3,039,476	$	3,047,075
				8,944,920
Diversified Consumer Services - 3.52%
Cengage Learning, Inc., First Lien Term Loan, 6M CME TERM SOFR + 4.25%, 1.00% Floor, 03/24/2031		2,277,487		2,286,745
Fugue Finance LLC aka Nord Anglia, First Lien Term Loan, 3M CME TERM SOFR + 3.75%, 02/26/2031		962,220		971,482
Imagine Learning LLC, First Lien Term Loan, 1M US SOFR + 3.50%, 12/21/2029		3,241,875		3,245,409
Loyalty Ventures, Inc., First Lien Term Loan, 3M Prime + 3.50%, 11/03/2027^(b)		1,353,511		13,535
McKissock Investment Holdings, LLC, First Lien Term Loan, 3M CME TERM SOFR + 5.00%, 03/12/2029		2,879,496		2,894,196
Mister Car Wash 3/24, First Lien Term Loan, 1M US SOFR + 3.00%, 03/27/2031		1,080,132		1,084,663
Spring Education Group, Inc., First Lien Term Loan, 3M CME TERM SOFR + 4.00%, 10/04/2030		2,729,509		2,746,282
TruGreen LP, First Lien Term Loan, 1M US SOFR + 4.00%, 0.75% Floor, 11/02/2027		1,399,644		1,352,056
Univ Support Services LLC, First Lien Term Loan, 6M CME TERM SOFR + 2.75%, 02/10/2029		3,036,806		3,038,704
Wand NewCo 3 Inc aka Caliber Collision, First Lien Term Loan, 1M US SOFR + 3.75%, 01/30/2031		2,402,476		2,421,131
				20,054,203
Diversified REITs - 0.38%
Iron Mountain Information Management LLC, First Lien Term Loan, 3M CME TERM SOFR + 2.25%, 01/31/2031		1,324,465		1,320,597
Opry Entertainment/OEG, First Lien Term Loan, 6M CME TERM SOFR + 3.75%, 06/25/2031^(b)		841,151		843,254
				2,163,851
Diversified Telecommunication Services - 3.55%
Coral-US Co-Borrower LLC, First Lien B-5 Term Loan, 1M US SOFR + 2.25%, 01/31/2028		2,573,075		2,491,457
Level 3 Financing Inc., First Lien Term Loan:
1M US SOFR + 6.56%, 04/15/2029		1,259,453		1,236,040
1M US SOFR + 6.56%, 04/15/2030		1,268,693		1,238,244
Lorca Finco PLC, First Lien Term Loan, 6M CME TERM SOFR + 3.50%, 04/17/2031		1,050,000		1,053,938
Lumen Technologies Inc, First Lien Term Loan, 1M US SOFR + 2.25%, 04/15/2029		3,838		2,660
Lumen Technologies, Inc., First Lien Term Loan, 1M US SOFR + 6.00%, 06/01/2028		124,278		103,565
Radiate Holdco, LLC,, First Lien Term Loan, 1M US SOFR + 3.25%, 09/25/2026		3,929,471		3,193,520
Telenet Financing USD LLC, First Lien Term Loan, 1M US SOFR + 2.00%, 04/30/2028		3,116,588		2,973,100
UPC Financing Partnership, First Lien Facility AT Term Loan, 1M US SOFR + 2.25%, 04/30/2028		4,447,467		4,376,375
Zacapa S.A.R.L., First Lien Term Loan, 3M CME TERM SOFR + 4.00%, 03/22/2029		3,568,147		3,569,824
				20,238,723
Electric Utilities - 1.48%
Generation Bridge Northeast LLC, First Lien Term Loan, 1M US SOFR + 3.50%, 08/22/2029		1,727,243		1,740,197
NRG Energy 3/24 Cov-Lite, First Lien Term Loan, 1M US SOFR + 2.00%, 04/16/2031		2,607,383		2,610,968
Vistra Operations Co. LLC, First Lien 2018 Incremental Term Loan, 1M US SOFR + 2.00%, 12/20/2030		4,073,647		4,081,509
				8,432,674
Electrical Equipment - 1.00%
Generac Power 6/24 TL, First Lien Term Loan 02/12/2031^(b)		4,000,000		4,010,000
WEC US Holdings Ltd., First Lien Term Loan, 1M US SOFR + 2.75%, 01/27/2031		1,715,024		1,718,617
				5,728,617

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2024

Blackstone Strategic Credit 2027 Term Fund

Portfolio of Investments

June 30, 2024 (Unaudited)

	Principal Amount		Value
Electronic Equipment, Instruments & Components - 2.43%
Celestica 5/24 TLB 1L, First Lien Term Loan, 1M US SOFR + 1.75%, 05/23/2031	$	638,514	$	638,514
Coherent Corp., First Lien Term Loan, 1M US SOFR + 2.50%, 0.50% Floor, 07/02/2029		4,623,800		4,633,048
DG Investment Intermediate Holdings 2, Inc., Second Lien Initial Term Loan, 1M US SOFR + 6.75%, 0.75% Floor, 03/30/2029		1,885,714		1,853,601
Discovery Energy Corp., First Lien Term Loan, 3M CME TERM SOFR + 4.75%, 05/01/2031		2,219,467		2,231,607
Mirion Technologies US, Inc., First Lien Term Loan, 3M CME TERM SOFR + 2.25%, 0.50% Floor, 10/20/2028		4,490,471		4,502,415
				13,859,185
Energy Equipment & Services - 0.36%
Ursa Minor US Bidco LLC aka Rosen, First Lien Term Loan, 3M CME TERM SOFR + 3.50%, 03/26/2031		2,045,815		2,062,018

Entertainment - 1.76%
CE Intermediate I LLC, First Lien Term Loan, 3M CME TERM SOFR + 3.50%, 0.50% Floor, 11/10/2028		2,493,711		2,502,289
EP Purcasher, LLC, First Lien Term Loan, 3M CME TERM SOFR + 3.50%, 11/06/2028		3,018,739		3,024,143
Live Nation Entertainment, Inc., First Lien Term Loan, 1M CME TERM SOFR + 1.75%, 10/19/2026		4,528,682		4,531,513
				10,057,945
Financial Services - 1.24%
Mitchell International, First Lien Term Loan, 6M CME TERM SOFR + 3.25%, 06/17/2031		5,336,249		5,297,508
Planet US Buyer, LLC, First Lien Term Loan, 3M CME TERM SOFR + 3.50%, 02/07/2031		1,785,756		1,799,373
				7,096,881
Food Products - 1.12%
CH Guenther 11/21, First Lien Term Loan, 3M CME TERM SOFR + 3.00%, 12/08/2028		629,244		631,213
Froneri International, Ltd., First Lien Facility B2 Term Loan, 1M US SOFR + 2.25%, 01/29/2027		3,140,402		3,142,192
Saratoga Food Specialties LLC, First Lien Term Loan, 3M CME TERM SOFR + 3.75%, 03/07/2029		838,755		844,522
Snacking Investments BidCo Pty, Ltd., First Lien Initial US Term Loan, 3M CME TERM SOFR + 4.00%, 1.00% Floor, 12/18/2026		1,751,492		1,755,871
				6,373,798
Ground Transportation - 1.99%
Genesee & WY Inc, First Lien Term Loan, 3M CME TERM SOFR + 2.00%, 04/10/2031		6,469,107		6,469,721
Uber Technologies, Inc., First Lien Term Loan, 3M CME TERM SOFR + 2.75%, 03/03/2030		3,656,806		3,678,619
XPO, Inc., First Lien Term Loan, 1M US SOFR + 2.00%, 05/24/2028		1,196,000		1,200,898
				11,349,238
Health Care Equipment & Supplies - 1.54%
Resonetics LLC, First Lien Term Loan, 3M CME TERM SOFR + 9.08%, 06/06/2031		3,144,427		3,154,253
Siemens/SivantosWS Audiology, First Lien Term Loan, 6M CME TERM SOFR + 4.25%, 02/28/2029		5,622,109		5,643,192
				8,797,445
Health Care Providers & Services - 8.05%
DaVita, Inc., First Lien B Term Loan, 3M CME TERM SOFR + 1.75%, 08/12/2026		1,909,496		1,911,091
Global Medical Response, Inc., First Lien Term Loan, 3M CME TERM SOFR + 5.50%, 1.00% Floor, 10/31/2028^(d)		4,761,507		4,621,042
Heartland Dental LLC, First Lien Term Loan, 6M CME TERM SOFR + 4.50%, 0.75% Floor, 04/28/2028		3,230,111		3,242,434

See Notes to Financial Statements.

56	www.blackstone-credit.com

Blackstone Strategic Credit 2027 Term Fund

Portfolio of Investments

June 30, 2024 (Unaudited)

	Principal Amount		Value
Health Care Providers & Services (continued)
IVI America LLC aka IVIRMA, First Lien Term Loan, 6M CME TERM SOFR + 4.50%, 04/18/2031	$	1,450,000	$	1,460,650
MED ParentCo, LP, First Lien Term Loan, 1M US SOFR + 4.00%, 04/15/2031		1,667,883		1,669,300
Medical Solutions LLC, First Lien Term Loan, 1M US SOFR + 3.25%, 11/01/2028		3,584,066		2,732,205
Midwest Physcn Admin Srvcs LLC, First Lien Term Loan, 3M CME TERM SOFR + 3.25%, 03/12/2028		4,439,908		3,901,569
NAPA Management Services Corp., First Lien Term Loan, 1M US SOFR + 5.25%, 0.75% Floor, 02/23/2029		3,512,555		3,370,227
Onex TSG Intermediate Corp., First Lien Initial Term Loan, 3M CME TERM SOFR + 4.75%, 0.75% Floor, 02/28/2028		4,338,056		4,334,433
Outcomes Group Holdings, Inc., First Lien Term Loan, 3M US L + 4.25%, 05/06/2031		2,537,854		2,549,160
Pathway Vet Alliance LLC, First Lien 2021 Replacement Term Loan, 1M US SOFR + 3.75%, 03/31/2027		4,401,534		3,478,863
Pediatric Associates Holding Co. LLC, First Lien Term Loan, 1M US SOFR + 3.25%, 0.50% Floor, 12/29/2028		3,362,758		3,258,362
Radiology Partners Inc, First Lien Term Loan, 6M CME TERM SOFR + 5.00%, 01/31/2029		4,749,111		4,516,405
Surgery Center Holdings Inc, First Lien Term Loan, 1M US SOFR + 2.75%, 12/19/2030		980,019		983,758
U.S. Anesthesia Partners, Inc., First Lien Term Loan, 3M CME TERM SOFR + 4.25%, 0.50% Floor, 10/01/2028		4,042,852		3,888,435
				45,917,934
Health Care Technology - 2.65%
Cotiviti Inc., First Lien Term Loan, 6M US L + 0.00%, 05/01/2031		6,388,733		6,366,116
Gainwell Acquisition Corp., First Lien Term Loan, 3M CME TERM SOFR + 4.00%, 0.75% Floor, 10/01/2027		2,805,463		2,723,628
GHX Ultimate Parent Corp., First Lien Term Loan, 3M CME TERM SOFR + 4.00%, 0.50% Floor, 06/30/2027^(b)		3,195,401		3,219,366
Project Ruby Ultimate Parent Corp., First Lien Closing Date Term Loan, 1M US SOFR + 3.25%, 0.75% Floor, 03/10/2028		2,301,936		2,308,163
Waystar Technologies, Inc., First Lien Term Loan, 6M CME TERM SOFR + 3.00%, 10/22/2029		480,329		481,529
				15,098,802
Hotels, Restaurants & Leisure - 6.51%
1011778 BC UNLIMITED LIABILITY CO, First Lien Term Loan, 1M US SOFR + 1.75%, 09/20/2030		2,695,455		2,692,045
1011778 BC Unlimited Liability Company, First Lien Term Loan, 3M CME TERM SOFR + 2.25%, 0.50% Floor, 09/20/2030		2,593,829		2,590,548
Bally's Corp., First Lien Term Loan, 3M CME TERM SOFR + 3.25%, 0.50% Floor, 10/02/2028		4,478,863		4,263,788
Caesars Entertainment, Inc., First Lien Term Loan:
3M CME TERM SOFR + 2.75%, 0.50% Floor, 02/06/2030		3,916,965		3,924,603
3M CME TERM SOFR + 2.75%, 0.50% Floor, 02/06/2031		2,806,155		2,811,851
Cedar Fair LP, First Lien Term Loan, 1M US SOFR + 2.00%, 05/01/2031		1,088,681		1,088,175
Entain plc, First Lien Term Loan, 3M CME TERM SOFR + 2.75%, 10/31/2029		3,798,799		3,809,645
Fertitta Entertainment, LLC, First Lien Term Loan, 1M US SOFR + 3.75%, 01/27/2029		3,054,582		3,061,638
Flutter Financing B.V., First Lien Term Loan, 3M CME TERM SOFR + 2.25%, 11/25/2030		4,878,745		4,887,405
Hilton Grand Vacations Borrower, LLC, First Lien Term Loan, 1M US SOFR + 2.75%, 01/17/2031		2,499,822		2,502,947
IRB Holding Corporation, First Lien Term Loan, 1M US SOFR + 2.75%, 12/15/2027		1,212,451		1,213,360
LC Ahab US Bidco LLC, First Lien Term Loan, 1M US SOFR + 3.50%, 05/01/2031		1,004,582		1,007,726
OVG Business Services, LLC TLB 1L, First Lien Term Loan, 6M US L + 0.00%, 06/13/2031		1,667,201		1,666,167
Tacala Investment Corp, First Lien Term Loan, 1M US SOFR + 4.00%, 01/31/2031		1,597,764		1,606,591
				37,126,489

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2024

Blackstone Strategic Credit 2027 Term Fund

Portfolio of Investments

June 30, 2024 (Unaudited)

	Principal Amount		Value
Household Durables - 0.86%
ACProducts Holdings, Inc., First Lien Term Loan, 3M US L + 4.25%, 0.50% Floor, 05/17/2028	$	5,756,946	$	4,895,793

Independent Power and Renewable Electricity Producers - 0.95%
Calpine Corp., First Lien Term Loan, 1M US SOFR + 2.00%, 01/31/2031		5,415,368		5,404,646

Insurance - 3.06%
AmWINS Group, Inc., First Lien Term Loan, 1M US SOFR + 2.25%, 0.75% Floor, 02/19/2028		5,176,240		5,178,259
Baldwin Insurance Group Holdings LLC, First Lien Term Loan, 6M CME TERM SOFR + 3.50%, 05/26/2031^(b)		2,509,873		2,513,011
BroadStreet Partners Inc, First Lien Term Loan, 6M CME TERM SOFR + 3.25%, 06/13/2031		1,725,892		1,723,303
Hyperion Refinance Sarl, First Lien Term Loan:
1M US SOFR + 4.00%, 0.50% Floor, 04/18/2030		4,183,356		4,194,881
1M US SOFR + 3.50%, 0.50% Floor, 02/15/2031		1,386,645		1,391,380
Truist Insurance 3/24 2nd Lien Cov-Lite, Second Lien Term Loan, 3M CME TERM SOFR + 4.75%, 05/06/2032		1,436,939		1,469,270
USI Inc/NY aka Compass Investors TLB, First Lien Term Loan, 3M CME TERM SOFR + 2.75%, 09/27/2030		996,416		997,662
				17,467,766
Interactive Media & Services - 0.34%
Foundational Education Group, Inc., First Lien Term Loan, 3M CME TERM SOFR + 3.75%, 08/31/2028^(b)		106,740		104,071
LI Group Holdings, Inc., First Lien 2021 Term Loan, 1M US SOFR + 3.50%, 0.75% Floor, 03/11/2028^(b)		1,854,688		1,859,325
				1,963,396
IT Services - 5.03%
Access CIG LLC, First Lien Term Loan, 3M CME TERM SOFR + 5.00%, 0.50% Floor, 08/18/2028		2,674,201		2,694,686
Ahead DB Holdings, LLC, First Lien Term Loan, 3M CME TERM SOFR + 4.25%, 02/01/2031		1,392,000		1,398,313
Asurion LLC, Second Lien Term Loan, 1M US SOFR + 5.25%, 01/20/2029		196,611		181,942
Chrysaor Bidco Sarl DDTL 1L, First Lien Term Loan, 6M CME TERM SOFR + 4.00%, 05/14/2031		71,981		72,386
Chrysaor Bidco Sarl TLB 1L, First Lien Term Loan, 6M CME TERM SOFR + 4.00%, 05/14/2031		973,306		978,786
Dcert Buyer, Inc., Second Lien First Amendment Refinancing Term Loan, 1M US SOFR + 7.00%, 02/19/2029		5,863,456		5,262,452
Go Daddy Oper Co LLC, First Lien Term Loan, 1M US SOFR + 1.75%, 05/30/2031		1,513,500		1,513,939
Newfold Digital Holdings Group, Inc., First Lien Initial Term Loan, 1M US SOFR + 3.50%, 0.75% Floor, 02/10/2028		4,965,512		4,624,133
Presidio/Fortress Intermediate 4/24 TLB 1L, First Lien Term Loan, 6M CME TERM SOFR + 4.00%, 05/09/2031^(b)		3,969,000		3,978,922
Skopima Merger Sub Inc., First Lien Initial Term Loan, 1M US SOFR + 4.00%, 05/12/2028		3,262,483		3,263,935
Virtusa Corp., First Lien Term Loan, 1M US SOFR + 3.25%, 0.75% Floor, 02/15/2029		3,526,070		3,539,839
World Wide Technology 3/24, First Lien Term Loan, 1M US SOFR + 2.75%, 03/01/2030^(b)		1,142,655		1,148,368
				28,657,701
Leisure Products - 0.08%
Amer Sports Co, First Lien Term Loan, 3M CME TERM SOFR + 3.25%, 02/17/2031^(b)		437,319		440,599

Life Sciences Tools & Services - 2.10%
Catalent Pharma Solutions, Inc., First Lien Term Loan, 1M US SOFR + 2.00%, 0.50% Floor, 02/22/2028		4,446,871		4,450,206
Curia Global, Inc., First Lien 2021 Term Loan, 3M CME TERM SOFR + 3.75%, 0.75% Floor, 08/30/2026		2,443,342		2,307,699
IQVIA INC., First Lien Term Loan, 3M CME TERM SOFR + 2.00%, 01/02/2031		535,769		538,614

See Notes to Financial Statements.

58	www.blackstone-credit.com

Blackstone Strategic Credit 2027 Term Fund

Portfolio of Investments

June 30, 2024 (Unaudited)

	Principal Amount		Value
Life Sciences Tools & Services (continued)
Loire UK Midco 3, Ltd., First Lien Facility B2 Term Loan, 1M US SOFR + 3.75%, 0.75% Floor, 04/21/2027	$	2,904,562	$	2,888,834
Parexel International Corporation, First Lien Term Loan, 1M US SOFR + 3.25%, 0.50% Floor, 11/15/2028		1,798,769		1,804,669
				11,990,022
Machinery - 6.69%
Asp Blade Holdings, Inc., First Lien Term Loan, 3M CME TERM SOFR + 4.00%, 0.50% Floor, 10/13/2028		745,507		570,126
Bettcher Industries, Inc., First Lien Term Loan, 3M CME TERM SOFR + 4.00%, 12/14/2028		2,418,712		2,414,177
Crosby US Acquisition corp., First Lien Term Loan, 1M US SOFR + 4.00%, 08/16/2029		1,129,413		1,137,059
Engineered Machinery Holdings, Inc., First Lien Term Loan, 3M CME TERM SOFR + 3.75%, 0.75% Floor, 05/19/2028		4,344,304		4,367,046
Hyperion Materials & Technologies, Inc., First Lien Initial Term Loan, 3M CME TERM SOFR + 4.50%, 0.50% Floor, 08/30/2028		2,158,490		2,108,305
INNIO Group Hldg GmbH, First Lien Term Loan, 6M CME TERM SOFR + 3.50%, 11/02/2028		521,908		523,703
LSF11 Trinity Bidco Inc, First Lien Term Loan, 3M CME TERM SOFR + 3.50%, 06/14/2030		3,268,350		3,287,764
Osmosis Buyer Limited, First Lien Initial B Term Loan, 3M CME TERM SOFR + 4.00%, 0.50% Floor, 07/31/2028		4,794,724		4,808,677
Pro Mach Group, Inc., First Lien Closing Date Initial Term Loan, 1M US SOFR + 3.50%, 1.00% Floor, 08/31/2028		6,119,563		6,157,810
Project Castle, Inc., First Lien Term Loan, 3M CME TERM SOFR + 5.50%, 06/01/2029		4,386,863		3,929,905
SPX FLOW Inc, First Lien Term Loan, 1M US SOFR + 3.50%, 04/05/2029		1,161,062		1,169,097
TK Elevator Midco GmbH, First Lien Term Loan, 6M CME TERM SOFR + 3.50%, 04/30/2030		3,303,890		3,325,051
Victory Buyer LLC, First Lien Term Loan, 3M CME TERM SOFR + 3.75%, 0.50% Floor, 11/19/2028		4,502,705		4,345,110
				38,143,830
Media - 1.57%
ABG Intermediate Holdings 2 LLC, First Lien Term Loan, 6M CME TERM SOFR + 2.75%, 12/21/2028		703,795		705,336
American Greetings Corp., First Lien Term Loan, 1M US SOFR + 5.75%, 10/30/2029		2,752,738		2,772,530
Cable One, Inc., First Lien Term Loan, 3M US L + 2.00%, 05/03/2028		1,120,895		1,105,483
Cogeco Financing 2 LP, First Lien Term Loan, 3M CME TERM SOFR + 2.50%, 0.50% Floor, 09/01/2028		634,408		615,036
Fleet Midco I Ltd., First Lien Term Loan, 1M US SOFR + 3.25%, 02/21/2031		1,265,128		1,273,035
Univision Communications, Inc., First Lien Term Loan, 1M US SOFR + 3.25%, 0.75% Floor, 03/15/2026		2,504,269		2,508,501
				8,979,921
Metals & Mining - 0.18%
Arsenal AIC Parent, LLC, First Lien Term Loan, 1M US SOFR + 3.75%, 08/18/2030		1,003,565		1,010,840

Mortgage Real Estate Investment - 0.33%
Blackstone Mortgage Trust, Inc., First Lien Term Loan:
1M US SOFR + 2.25%, 04/23/2026		942,680		927,362
1M US SOFR + 2.75%, 0.50% Floor, 04/23/2026		942,944		931,157
				1,858,519
Oil, Gas & Consumable Fuels - 1.44%
Buckeye Partners LP, First Lien Term Loan:
1M US SOFR + 2.00%, 11/01/2026		1,624,884		1,628,361
3M CME TERM SOFR + 2.00%, 11/22/2030		1,193,429		1,194,736
Freeport LNG, First Lien Term Loan, 3M CME TERM SOFR + 3.50%, 12/21/2028		3,186,740		3,187,170

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2024

Blackstone Strategic Credit 2027 Term Fund

Portfolio of Investments

June 30, 2024 (Unaudited)

	Principal Amount		Value
Oil, Gas & Consumable Fuels (continued)
GIP Pilot Acquisition Partners LP, First Lien Term Loan, 3M CME TERM SOFR + 2.50%, 10/04/2030	$	1,048,313	$	1,050,933
Whitewater Whistler Holdings LLC, First Lien Term Loan, 6M CME TERM SOFR + 2.25%, 02/15/2030		1,171,201		1,172,911
				8,234,111
Passenger Airlines - 1.31%
Air Canada, First Lien Term Loan, 3M CME TERM SOFR + 2.50%, 03/21/2031		1,631,034		1,635,365
American Airlines, Inc., First Lien 2020 Term Loan, 6M CME TERM SOFR + 1.75%, 01/29/2027		902,497		900,525
American Airlines, Inc., First Lien Term Loan, 1M US SOFR + 2.75%, 02/15/2028		1,745,461		1,743,768
United Airlines, Inc. aka Continental, First Lien Term Loan, 1M US SOFR + 2.75%, 02/22/2031		3,203,334		3,215,347
				7,495,005
Pharmaceuticals - 1.55%
Elanco Animal Health, Inc., First Lien B Term Loan, 1M US SOFR + 1.75%, 08/01/2027		5,086,610		5,074,300
Padagis LLC, First Lien Initial Term Loan, 3M CME TERM SOFR + 4.75%, 0.50% Floor, 07/06/2028^(b)		3,823,033		3,746,572
				8,820,872
Professional Services - 12.16%
AG Group Holdings, Inc., First Lien Term Loan, 1M US SOFR + 4.00%, 12/29/2028		4,295,010		4,289,641
AlixPartners, LLP, First Lien USD B Term Loan, 1M US SOFR + 2.50%, 0.50% Floor, 02/04/2028		3,104,650		3,110,471
Ankura Consulting Group LLC, First Lien Term Loan, 3M CME TERM SOFR + 4.25%, 0.75% Floor, 03/17/2028		963,900		967,717
Cast & Crew LLC, First Lien Term Loan, 1M US SOFR + 3.75%, 0.50% Floor, 12/29/2028		3,231,102		3,236,869
CoreLogic, Inc., First Lien Initial Term Loan, 1M US SOFR + 3.50%, 0.50% Floor, 06/02/2028		968,287		955,491
CoreLogic, Inc., Second Lien Initial Term Loan, 1M US SOFR + 6.50%, 0.50% Floor, 06/04/2029		1,786,047		1,754,791
Corporation Service Company, First Lien Term Loan, 1M CME TERM SOFR + 2.75%, 11/02/2029		1,353,619		1,360,387
DTI Holdco, Inc., First Lien Term Loan, 1M US SOFR + 4.75%, 04/26/2029		2,332,912		2,345,393
Dun & Bradstreet Corp., First Lien Term Loan, 1M US SOFR + 2.75%, 01/18/2029		3,028,775		3,034,454
EAB Global, Inc., First Lien Term Loan, 3M CME TERM SOFR + 3.50%, 0.50% Floor, 08/16/2028		2,734,679		2,735,363
Eisner Advisory Group LLC, First Lien Term Loan, 1M US SOFR + 4.00%, 02/28/2031		3,093,945		3,128,118
Element Materials Technology Group Holdings DTL, First Lien Term Loan, 3M CME TERM SOFR + 4.25%, 07/06/2029		956,637		961,621
Element Materials Technology Group Holdings, First Lien Term Loan, 3M CME TERM SOFR + 4.25%, 07/06/2029		2,072,712		2,083,511
Galaxy US Opco Inc. TL, First Lien Term Loan, 3M CME TERM SOFR + 4.75%, 04/29/2029		3,155,529		2,574,391
Genuine Financial Holdings LLC, First Lien Term Loan, 3M CME TERM SOFR + 4.00%, 09/27/2030		6,375,879		6,363,127
Grant Thornton 5/24 Cov-Lite TLB 1L, First Lien Term Loan, 6M CME TERM SOFR + 3.75%, 06/02/2031		3,000,857		3,013,205
Isolved, Inc., First Lien Term Loan, 1M US SOFR + 3.50%, 10/15/2030		1,033,887		1,037,764
Lereta, LLC, First Lien Term Loan, 1M US SOFR + 5.25%, 07/30/2028		1,403,427		1,058,416
Mermaid Bidco Inc aka Datasite TL 1L, First Lien Term Loan, 6M CME TERM SOFR + 3.50%, 06/30/2031^(b)		1,624,966		1,629,028
Neptune Bidco US, Inc., First Lien Term Loan:
3M CME TERM SOFR + 4.75%, 10/11/2028		1,519,715		1,429,672
3M CME TERM SOFR + 5.00%, 0.50% Floor, 04/11/2029		1,939,996		1,830,871
Ryan LLC., First Lien Term Loan, 1M US SOFR + 3.50%, 11/14/2030		2,052,430		2,063,462

See Notes to Financial Statements.

60	www.blackstone-credit.com

Blackstone Strategic Credit 2027 Term Fund

Portfolio of Investments

June 30, 2024 (Unaudited)

	Principal Amount		Value
Professional Services (continued)
Sedwick CMS 2/23 TLB, First Lien Term Loan, 1M US SOFR + 3.75%, 02/24/2028	$	2,789,754	$	2,796,338
Trans Union LLC, First Lien Term Loan:
1M US SOFR + 2.00%, 12/01/2028		949,819		951,258
6M CME TERM SOFR + 1.75%, 06/06/2031		5,648,918		5,646,094
TTF Holdings LLC, First Lien Term Loan, 6M CME TERM SOFR + 4.00%, 06/20/2031^(b)		2,309,578		2,309,578
Vaco Holdings, LLC, First Lien Term Loan, 3M CME TERM SOFR + 5.00%, 01/21/2029		4,593,272		4,568,377
Veritext 3/24, First Lien Term Loan, 1M US SOFR + 3.50%, 08/09/2030		2,116,717		2,129,153
				69,364,561
Real Estate Management & Development - 0.99%
Cushman & Wakefield US Borrower LLC, First Lien Initial Term Loan, 1M US SOFR + 3.00%, 01/31/2030^(b)		3,113,640		3,117,532
Cushman & Wakefield US Borrower LLC, First Lien Term Loan, 1M US SOFR + 3.75%, 0.50% Floor, 01/31/2030^(b)		2,534,178		2,553,185
				5,670,717
Semiconductors & Semiconductor Equipment - 0.05%
MKS Instruments 6/24 (USD) TLB 1L, First Lien Term Loan 08/17/2029		270,872		271,492

Software - 16.15%
Apttus Corp., First Lien Initial Term Loan, 1M US SOFR + 4.00%, 0.75% Floor, 05/08/2028		897,799		898,921
BEP Intermediate/Buyers Edge 4/24 TLB, First Lien Term Loan, 1M US SOFR + 3.75%, 04/25/2031^(b)		1,091,416		1,096,873
Boost Newco Borrower LLC aka Worldpay 1L TL, First Lien Term Loan 01/31/2031		2,543,100		2,549,814
Boxer Parent Company Inc., First Lien Term Loan, 3M CME TERM SOFR + 4.00%, 12/29/2028		1,260,774		1,264,934
Central Parent, Inc., First Lien Term Loan, 3M CME TERM SOFR + 3.25%, 07/06/2029		5,079,721		5,021,000
Cloud Software Group Inc aka Balboa/Citrix TLB 1L, First Lien Term Loan, 3M CME TERM SOFR + 4.00%, 03/30/2029		4,852,049		4,854,184
Cloud Software Group Inc, First Lien Term Loan, 3M CME TERM SOFR + 4.50%, 03/21/2031		455,284		457,098
Cloudera, Inc., First Lien Term Loan, 3M CME TERM SOFR + 3.75%, 0.50% Floor, 10/08/2028		4,733,333		4,742,208
Cornerstone OnDemand, Inc., First Lien Initial Term Loan, 1M US SOFR + 3.75%, 0.50% Floor, 10/16/2028		5,426,925		5,137,480
Delta Topco, Inc., First Lien Term Loan, 3M CME TERM SOFR + 3.50%, 11/30/2029		2,519,595		2,521,434
Epicor Software Corp, First Lien Term Loan:
1M US SOFR + 3.25%, 05/30/2031^(c)		1,036,417		1,042,029
3M US L + 0.00%, 05/30/2031		137,765		138,511
Fiserv Investment Solutions, Inc., First Lien Initial Term Loan, 3M CME TERM SOFR + 4.00%, 02/18/2027		4,577,440		4,414,849
Flexera Software LLC, First Lien Term Loan, 3M CME TERM SOFR + 8.83%, 03/03/2028		1,221,599		1,227,707
Genesys Cloud Services Holdings II LLC aka Genesys, First Lien Term Loan, 1M US SOFR + 3.75%, 12/01/2027		448,294		451,890
Genesys Cloud Services Holdings II LLC, First Lien Term Loan, 1M US SOFR + 3.50%, 0.75% Floor, 12/01/2027		195,920		197,075
Help/Systems Holdings, Inc., First Lien Seventh Amendment Refinancing Term Loan, 3M CME TERM SOFR + 4.00%, 0.75% Floor, 11/19/2026		3,689,275		3,331,877
Idera INC, First Lien Term Loan, 1M US SOFR + 3.50%, 03/02/2028		5,462,579		5,431,852
Infoblox 4/24 2nd lien TL 1L, Second Lien Term Loan, 3M CME TERM SOFR + 5.25%, 11/29/2030		2,097,928		2,133,592
Instructure Holdings, INC., First Lien Term Loan, 3M CME TERM SOFR + 2.75%, 10/30/2028		910,099		910,668
Ivanti Software, Inc., First Lien First Amendment Term Loan, 3M CME TERM SOFR + 4.00%, 0.75% Floor, 12/01/2027		787,097		622,790
Ivanti Software, Inc., Second Lien Term Loan, 3M CME TERM SOFR + 7.25%, 12/01/2028		1,571,642		1,034,337
Magenta Buyer LLC, First Lien Initial Term Loan, 1M US SOFR + 5.00%, 0.75% Floor, 07/27/2028		5,089,142		2,853,100

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2024

Blackstone Strategic Credit 2027 Term Fund

Portfolio of Investments

June 30, 2024 (Unaudited)

	Principal Amount		Value
Software (continued)
Mitnick Corporate Purchaser Inc., First Lien Term Loan, 3M CME TERM SOFR + 4.50%, 05/02/2029	$	3,125,076	$	2,915,696
Modena Buyer LLC, First Lien Term Loan, 6M CME TERM SOFR + 4.25%, 04/18/2031		3,147,513		3,076,206
Perforce Software, Inc., First Lien New Term Loan, 1M US SOFR + 3.75%, 07/01/2026		846,353		845,295
Planview Parent Inc, First Lien Term Loan, 6M CME TERM SOFR + 3.75%, 12/17/2027		2,011,446		2,012,281
Project Alpha Intermediate Holding Inc, First Lien Term Loan, 6M CME TERM SOFR + 3.75%, 10/28/2030		3,441,521		3,456,337
Project Leopard Holdings, Inc., First Lien Term Loan, 3M CME TERM SOFR + 5.25%, 0.50% Floor, 07/20/2029		3,147,540		2,937,741
Proofpoint Inc, First Lien Term Loan, 3M CME TERM SOFR + 3.00%, 08/31/2028		732,687		734,200
Quartz Acquireco LLC, First Lien Term Loan, 3M CME TERM SOFR + 2.75%, 06/28/2030		1,753,667		1,756,956
Quest Borrower Ltd., First Lien Term Loan, 3M CME TERM SOFR + 4.25%, 02/01/2029		5,193,023		3,870,256
Rocket Software, Inc., First Lien Term Loan, 1M US SOFR + 4.75%, 0.50% Floor, 11/28/2028		3,310,114		3,328,005
SS&C Technologies, Inc., First Lien Term Loan, 1M US SOFR + 2.00%, 05/09/2031		4,786,730		4,799,128
Vision Solutions, Inc., First Lien Term Loan, 3M CME TERM SOFR + 4.25%, 0.75% Floor, 04/24/2028		5,202,292		5,130,760
VS Buyer LLC, First Lien Term Loan, 1M US SOFR + 3.25%, 04/12/2031		2,268,652		2,277,159
Webpros Luxembourg Sarl, First Lien Term Loan, 1M US SOFR + 4.00%, 03/28/2031^(b)		867,052		875,181
Xplor T1, LLC, First Lien Term Loan, 3M CME TERM SOFR + 9.60%, 06/14/2031^(b)		1,764,000		1,764,000
				92,113,424
Specialty Retail - 2.25%
APRO LLC, First Lien Term Loan, 6M CME TERM SOFR + 4.00%, 06/13/2034^(b)		1,778,226		1,780,449
EG America LLC, First Lien Term Loan, 3M CME TERM SOFR + 5.50%, 0.50% Floor, 02/07/2028		1,395,098		1,380,568
HomeServe USA Corp., First Lien Term Loan, 1M US SOFR + 2.50%, 10/21/2030		1,034,173		1,037,948
Mavis Tire Express Services Topco Corp., First Lien Term Loan, 1M US SOFR + 3.75%, 0.75% Floor, 05/04/2028		2,918,970		2,929,099
Spencer Spirit IH LLC, First Lien Term Loan, 6M US L + 0.00%, 06/01/2034^(b)		2,619,313		2,619,312
StubHub Holdco Sub LLC, First Lien Term Loan, 1M US SOFR + 4.75%, 03/15/2030		3,107,981		3,112,845
				12,860,221
Technology Hardware, Storage & Peripherals - 0.47%
Xerox 11/23, First Lien Term Loan, 1M US SOFR + 4.00%, 11/17/2029		2,701,979		2,703,249

Textiles, Apparel & Luxury Goods - 0.60%
Champ Acquisition Corp., First Lien Initial Term Loan, 3M CME TERM SOFR + 5.50%, 12/19/2025		3,386,012		3,402,519

Trading Companies & Distributors - 4.50%
American Builders & Contractors Supply Co., Inc., First Lien Term Loan, 1M US SOFR + 2.00%, 01/31/2031		635,257		637,325
Avolon TLB Borrower 1 (US), First Lien Term Loan, 1M US SOFR + 2.00%, 06/22/2028		2,140,233		2,145,583
CD&R Hydr SunSource, First Lien Term Loan, 1M US SOFR + 4.00%, 03/25/2031		2,171,058		2,177,843
Core & Main LP, First Lien Term Loan, 3M CME TERM SOFR + 2.25%, 02/09/2031^(b)		501,703		503,273
Fastlane Parent Co., Inc., First Lien Term Loan, 1M CME TERM SOFR + 4.50%, 0.50% Floor, 09/29/2028		1,242,539		1,238,812
FCG Acquisitions, Inc., First Lien Initial Term Loan, 1M US L + 3.75%, 0.50% Floor, 03/31/2028		3,510,959		3,515,787
Foundation Building Materials, Inc., First Lien Term Loan, 3M CME TERM SOFR + 4.00%, 01/29/2031		3,060,099		3,051,607
Kodiak Building Partners Inc., First Lien Term Loan, 3M CME TERM SOFR + 3.25%, 0.75% Floor, 03/12/2028		2,382,649		2,386,747
Park River Holdings, Inc., First Lien Initial Term Loan, 3M CME TERM SOFR + 3.25%, 0.75% Floor, 12/28/2027		2,899,424		2,840,624

See Notes to Financial Statements.

62	www.blackstone-credit.com

Blackstone Strategic Credit 2027 Term Fund

Portfolio of Investments

June 30, 2024 (Unaudited)

	Principal Amount		Value
Trading Companies & Distributors (continued)
White Cap Buyer LLC, First Lien Term Loan, 1M US SOFR + 3.25%, 10/19/2029	$	5,020,704	$	5,034,988
Windsor Holdings III LLC, First Lien Term Loan, 1M US SOFR + 4.00%, 08/01/2030		2,086,306		2,102,475
				25,635,064
Transportation Infrastructure - 0.31%
Brown Group Holding LLC, First Lien Term Loan, 1M US SOFR + 2.75%, 0.50% Floor, 06/07/2028		1,750,136		1,751,344

Wireless Telecommunication Services - 0.16%
CCI Buyer, Inc., First Lien Initial Term Loan, 3M CME TERM SOFR + 4.00%, 0.75% Floor, 12/17/2027		900,418		902,457

TOTAL FLOATING RATE LOAN INTERESTS
(Cost $793,996,947)				782,783,359

CORPORATE BONDS - 25.22%
Aerospace & Defense - 0.89%
Bombardier, Inc., 7.000%, 06/01/2032^(e)		400,000		406,056
KBR, Inc., 4.750%, 09/30/2028^(e)		430,000		401,794
TransDigm, Inc.:
4.625%, 01/15/2029		1,835,000		1,713,705
4.880%, 05/01/2029		1,350,000		1,265,929
Triumph Group, Inc., 9.000%, 03/15/2028^(e)		1,244,000		1,305,565
				5,093,049
Automobile Components - 0.18%
Patrick Industries, Inc., 4.750%, 05/01/2029^(e)		1,130,000		1,042,336

Banks - 0.12%
Popular, Inc., 7.250%, 03/13/2028		660,000		678,358

Beverages - 0.16%
Primo Water Holdings, Inc., 4.375%, 04/30/2029^(e)		971,000		895,325

Broadline Retail - 0.46%
Kohl's Corp., 5.550%, 07/17/2045		200,000		136,560
Nordstrom, Inc., 5.000%, 01/15/2044		340,000		274,935
Rakuten Group, Inc.:
11.250%, 02/15/2027^(e)		1,643,000		1,757,776
9.750%, 04/15/2029^(e)		447,000		461,416
				2,630,687
Building Products - 0.06%
Griffon Corp., 5.750%, 03/01/2028		364,000		351,545

Chemicals - 0.59%
Chemours Co., 5.750%, 11/15/2028^(e)		1,300,000		1,201,697
CVR Partners LP / CVR Nitrogen Finance Corp., 6.125%, 06/15/2028^(e)		800,000		769,299
Tronox, Inc., 4.625%, 03/15/2029^(e)		1,540,000		1,391,796
				3,362,792
Commercial Services & Supplies - 0.42%
Cimpress PLC, 7.000%, 06/15/2026		859,000		859,210
CoreCivic, Inc., 8.250%, 04/15/2029		550,000		568,980

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2024

Blackstone Strategic Credit 2027 Term Fund

Portfolio of Investments

June 30, 2024 (Unaudited)

	Principal Amount		Value
Commercial Services & Supplies (continued)
Deluxe Corp., 8.000%, 06/01/2029^(e)	$	270,000	$	253,675
Pitney Bowes, Inc.:
6.875%, 03/15/2027^(e)		220,000		208,005
7.250%, 03/15/2029^(e)		590,000		530,691
				2,420,561
Construction & Engineering - 0.21%
Great Lakes Dredge & Dock Corp., 5.250%, 06/01/2029^(e)		509,000		454,785
Tutor Perini Corp., 11.880%, 04/30/2029^(e)		695,000		748,174
				1,202,959
Consumer Finance - 2.07%
Ally Financial, Inc., 6.700%, 02/14/2033		490,000		487,448
Enova International, Inc., 11.250%, 12/15/2028^(e)		400,000		427,606
FirstCash, Inc.:
4.630%, 09/01/2028^(e)		715,000		672,716
5.625%, 01/01/2030^(e)		990,000		938,602
6.875%, 03/01/2032^(e)		915,000		916,021
goeasy, Ltd.:
9.250%, 12/01/2028^(e)		962,000		1,022,008
7.625%, 07/01/2029^(e)		728,000		743,186
Navient Corp.:
5.000%, 03/15/2027		160,000		152,901
4.880%, 03/15/2028		1,150,000		1,056,619
5.500%, 03/15/2029		150,000		137,093
9.380%, 07/25/2030		529,000		556,756
11.500%, 03/15/2031		580,000		639,460
5.625%, 08/01/2033		393,000		314,066
OneMain Finance Corp.:
3.880%, 09/15/2028		300,000		269,264
5.375%, 11/15/2029		400,000		375,450
7.875%, 03/15/2030		633,000		653,162
7.500%, 05/15/2031		217,000		219,765
PRA Group, Inc.:
8.380%, 02/01/2028^(e)		200,000		199,470
8.880%, 01/31/2030^(e)		350,000		349,703
Synchrony Financial, 7.250%, 02/02/2033		1,205,000		1,198,924
World Acceptance Corp., 7.000%, 11/01/2026^(e)		465,000		443,687
				11,773,907
Containers & Packaging - 0.09%
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC, 4.000%, 09/01/2029^(e)		620,000		525,370

Diversified Consumer Services - 0.11%
Adtalem Global Education, Inc., 5.500%, 03/01/2028^(e)		670,000		645,260

Diversified REITs - 0.31%
Iron Mountain, Inc.:
5.250%, 07/15/2030^(e)		390,000		370,988
4.500%, 02/15/2031^(e)		10,000		9,035
5.625%, 07/15/2032^(e)		500,000		475,222

See Notes to Financial Statements.

64	www.blackstone-credit.com

Blackstone Strategic Credit 2027 Term Fund

Portfolio of Investments

June 30, 2024 (Unaudited)

	Principal Amount		Value
Diversified REITs (continued)
Service Properties Trust:
3.950%, 01/15/2028	$	589,000	$	493,911
4.950%, 10/01/2029		91,000		69,126
4.375%, 02/15/2030		500,000		353,673
				1,771,955
Diversified Telecommunication Services - 0.98%
Cogent Communications Group, Inc., 7.000%, 06/15/2027^(e)		1,580,000		1,566,730
Consolidated Communications, Inc., 6.500%, 10/01/2028^(e)		500,000		428,553
Frontier Communications Holdings LLC:
6.750%, 05/01/2029^(e)		2,440,000		2,240,538
5.875%, 11/01/2029		500,000		436,109
6.000%, 01/15/2030^(e)		350,000		304,998
Viasat, Inc.:
6.500%, 07/15/2028^(e)		770,000		583,688
7.500%, 05/30/2031^(e)		80,000		53,243
				5,613,859
Electric Utilities - 0.28%
NRG Energy, Inc.:
3.375%, 02/15/2029^(e)		267,000		237,794
3.625%, 02/15/2031^(e)		200,000		171,670
Vistra Operations Co. LLC:
5.000%, 07/31/2027^(e)		500,000		484,019
7.750%, 10/15/2031^(e)		672,000		700,342
				1,593,825
Electronic Equipment, Instruments & Components - 0.05%
Sensata Technologies, Inc., 6.625%, 07/15/2032^(e)		258,000		260,023

Energy Equipment & Services - 1.12%
Archrock Partners LP / Archrock Partners Finance Corp., 6.250%, 04/01/2028^(e)		1,203,000		1,192,555
Enerflex, Ltd., 9.000%, 10/15/2027^(e)		1,050,000		1,066,874
Helix Energy Solutions Group, Inc., 9.750%, 03/01/2029^(e)		499,000		532,411
Precision Drilling Corp., 6.875%, 01/15/2029^(e)		670,000		663,441
Transocean, Inc., 7.500%, 04/15/2031		510,000		478,860
USA Compression Partners LP / USA Compression Finance Corp., 7.125%, 03/15/2029^(e)		1,200,000		1,210,120
Valaris, Ltd., 8.380%, 04/30/2030^(e)		1,180,000		1,222,572
				6,366,833
Entertainment - 0.19%
Cinemark USA, Inc., 5.250%, 07/15/2028^(e)		1,110,000		1,062,153

Financial Services - 1.30%
Burford Capital Global Finance LLC, 9.250%, 07/01/2031^(e)		950,000		1,001,054
Compass Group Diversified Holdings LLC, 5.250%, 04/15/2029^(e)		253,000		240,197
Encore Capital Group, Inc.:
9.250%, 04/01/2029^(e)		300,000		312,996
8.500%, 05/15/2030^(e)		546,000		556,508
Nationstar Mortgage Holdings, Inc.:
6.000%, 01/15/2027^(e)		1,848,000		1,830,045
5.500%, 08/15/2028^(e)		900,000		865,654
5.750%, 11/15/2031^(e)		220,000		206,971
7.125%, 02/01/2032^(e)		50,000		50,348

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2024

Blackstone Strategic Credit 2027 Term Fund

Portfolio of Investments

June 30, 2024 (Unaudited)

	Principal Amount		Value
Financial Services (continued)
PennyMac Financial Services, Inc.:
5.375%, 10/15/2025^(e)	$	460,000	$	456,261
4.250%, 02/15/2029^(e)		105,000		95,582
7.875%, 12/15/2029^(e)		454,000		468,507
5.750%, 09/15/2031^(e)		1,240,000		1,162,257
PHH Mortgage Corp., 7.875%, 03/15/2026^(e)		160,000		156,539
				7,402,919
Food Products - 0.19%
Post Holdings, Inc., 4.625%, 04/15/2030^(e)		1,200,000		1,103,451

Gas Utilities - 0.34%
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.000%, 06/01/2031^(e)		1,360,000		1,225,903
Superior Plus LP / Superior General Partner, Inc., 4.500%, 03/15/2029^(e)		750,000		688,976
				1,914,879
Health Care Providers & Services - 1.22%
AdaptHealth LLC:
6.125%, 08/01/2028^(e)		810,000		774,153
5.125%, 03/01/2030^(e)		1,010,000		884,443
CHS/Community Health Systems, Inc.:
6.875%, 04/15/2029^(e)		430,000		329,341
10.880%, 01/15/2032^(e)		1,408,000		1,467,187
DaVita, Inc.:
4.625%, 06/01/2030^(e)		2,900,000		2,622,962
3.750%, 02/15/2031^(e)		300,000		256,192
ModivCare Escrow Issuer, Inc., 5.000%, 10/01/2029^(e)		130,000		91,741
Pediatrix Medical Group, Inc., 5.375%, 02/15/2030^(e)		610,000		539,917
				6,965,936
Health Care REITs - 0.34%
MPT Operating Partnership LP / MPT Finance Corp.:
5.250%, 08/01/2026		400,000		363,839
5.000%, 10/15/2027		1,000,000		826,828
4.625%, 08/01/2029		1,019,000		740,643
				1,931,310
Hotels, Restaurants & Leisure - 0.48%
Brinker International, Inc., 8.250%, 07/15/2030^(e)		590,000		619,988
Churchill Downs, Inc., 4.750%, 01/15/2028^(e)		445,000		425,317
NCL Corp., Ltd., 5.875%, 03/15/2026^(e)		1,390,000		1,375,173
Royal Caribbean Cruises, Ltd., 5.500%, 08/31/2026^(e)		340,000		336,441
				2,756,919
Household Durables - 0.83%
Dream Finders Homes, Inc., 8.250%, 08/15/2028^(e)		219,000		224,477
Forestar Group, Inc., 3.850%, 05/15/2026^(e)		600,000		575,465
LGI Homes, Inc., 8.750%, 12/15/2028^(e)		534,000		556,551
M/I Homes, Inc.:
4.950%, 02/01/2028		500,000		482,610
3.950%, 02/15/2030		707,000		631,058

See Notes to Financial Statements.

66	www.blackstone-credit.com

Blackstone Strategic Credit 2027 Term Fund

Portfolio of Investments

June 30, 2024 (Unaudited)

	Principal Amount		Value
Household Durables (continued)
Tempur Sealy International, Inc.:
4.000%, 04/15/2029^(e)	$	2,290,000	$	2,067,953
3.880%, 10/15/2031^(e)		230,000		192,993
				4,731,107
Household Products - 0.08%
Energizer Holdings, Inc., 4.750%, 06/15/2028^(e)		513,000		480,735

Industrial Conglomerates - 0.49%
Icahn Enterprises LP / Icahn Enterprises Finance Corp.:
6.250%, 05/15/2026		974,000		967,147
5.250%, 05/15/2027		300,000		281,857
9.750%, 01/15/2029^(e)		780,000		809,054
9.000%, 06/15/2030^(e)		717,000		713,999
				2,772,057
IT Services - 0.68%
Bread Financial Holdings, Inc., 9.750%, 03/15/2029^(e)		1,530,000		1,608,814
Conduent Business Services LLC / Conduent State & Local Solutions, Inc., 6.000%, 11/01/2029^(e)		870,000		813,563
Sabre GLBL, Inc.:
8.630%, 06/01/2027^(e)		1,055,000		972,937
11.250%, 12/15/2027^(e)		500,000		486,353
				3,881,667
Machinery - 0.19%
Allison Transmission, Inc., 4.750%, 10/01/2027^(e)		650,000		628,664
Park-Ohio Industries, Inc., 6.625%, 04/15/2027		395,000		380,631
Wabash National Corp., 4.500%, 10/15/2028^(e)		50,000		45,054
				1,054,349
Marine Transportation - 0.08%
Danaos Corp., 8.500%, 03/01/2028^(e)		450,000		462,705

Media - 1.94%
Advantage Sales & Marketing, Inc., 6.500%, 11/15/2028^(e)		1,114,000		1,008,932
AMC Networks, Inc., 4.250%, 02/15/2029		618,000		417,603
CCO Holdings LLC / CCO Holdings Capital Corp.:
5.125%, 05/01/2027^(e)		710,000		682,279
5.375%, 06/01/2029^(e)		650,000		591,948
4.750%, 03/01/2030^(e)		1,025,000		888,436
4.500%, 08/15/2030^(e)		120,000		101,680
4.250%, 02/01/2031^(e)		220,000		179,786
7.375%, 03/01/2031^(e)		350,000		345,321
4.500%, 05/01/2032		190,000		153,158
Clear Channel Outdoor Holdings, Inc.:
7.750%, 04/15/2028^(e)		930,000		814,814
7.500%, 06/01/2029^(e)		960,000		803,160
CSC Holdings LLC:
7.500%, 04/01/2028^(e)		110,000		58,500
11.250%, 05/15/2028^(e)		105,000		91,572
11.750%, 01/31/2029^(e)		710,000		605,970
5.750%, 01/15/2030^(e)		200,000		75,656

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2024

Blackstone Strategic Credit 2027 Term Fund

Portfolio of Investments

June 30, 2024 (Unaudited)

	Principal Amount		Value
Media (continued)
Gray Television, Inc.:
4.750%, 10/15/2030^(e)	$	1,168,000	$	701,958
5.375%, 11/15/2031^(e)		835,000		474,026
Nexstar Media, Inc.:
5.625%, 07/15/2027^(e)		2,650,000		2,519,534
4.750%, 11/01/2028^(e)		350,000		311,499
Sinclair Television Group, Inc., 5.500%, 03/01/2030^(e)		390,000		237,553
				11,063,385
Metals & Mining - 1.59%
Eldorado Gold Corp., 6.250%, 09/01/2029^(e)		810,000		779,117
FMG Resources August 2006 Pty, Ltd.:
5.875%, 04/15/2030^(e)		862,000		843,018
6.125%, 04/15/2032^(e)		247,000		244,412
Hudbay Minerals, Inc., 4.500%, 04/01/2026^(e)		1,000,000		979,141
Iamgold Corp, 5.750%, 10/15/2028^(e)		760,000		718,826
Kaiser Aluminum Corp., 4.625%, 03/01/2028^(e)		460,000		430,941
Mineral Resources, Ltd.:
8.130%, 05/01/2027^(e)		1,128,000		1,137,838
8.000%, 11/01/2027^(e)		1,140,000		1,167,556
9.250%, 10/01/2028^(e)		500,000		525,391
New Gold, Inc., 7.500%, 07/15/2027^(e)		650,000		654,954
SunCoke Energy, Inc., 4.880%, 06/30/2029^(e)		795,000		721,119
Taseko Mines, Ltd., 8.250%, 05/01/2030^(e)		847,000		867,556
				9,069,869
Mortgage Real Estate Investment - 0.84%
Apollo Commercial Real Estate Finance, Inc., 4.625%, 06/15/2029^(e)		800,000		671,549
Rithm Capital Corp., 8.000%, 04/01/2029^(e)		1,790,000		1,739,179
Starwood Property Trust, Inc.:
3.630%, 07/15/2026^(e)		1,322,000		1,244,938
4.380%, 01/15/2027^(e)		1,020,000		966,758
7.250%, 04/01/2029^(e)		187,000		189,239
				4,811,663
Office REITs - 0.13%
Brandywine Operating Partnership LP, 4.550%, 10/01/2029		500,000		435,791
Vornado Realty LP, 3.400%, 06/01/2031		400,000		314,471
				750,262
Oil, Gas & Consumable Fuels - 3.07%
Alliance Resource Operating Partners LP / Alliance Resource Finance Corp., 8.630%, 06/15/2029^(e)		10,000		10,270
Berry Petroleum Co. LLC, 7.000%, 02/15/2026^(e)		400,000		395,741
California Resources Corp., 8.250%, 06/15/2029^(e)		529,000		540,358
Calumet Specialty Products Partners LP / Calumet Finance Corp.:
8.130%, 01/15/2027^(e)		230,000		217,080
9.750%, 07/15/2028^(e)		822,000		779,224
CNX Resources Corp.:
6.000%, 01/15/2029^(e)		1,298,000		1,271,226
7.250%, 03/01/2032^(e)		378,000		385,819
Comstock Resources, Inc.:
6.750%, 03/01/2029^(e)		1,520,000		1,474,224
5.875%, 01/15/2030^(e)		810,000		754,284
CVR Energy, Inc., 8.500%, 01/15/2029^(e)		1,650,000		1,658,230

See Notes to Financial Statements.

68	www.blackstone-credit.com

Blackstone Strategic Credit 2027 Term Fund

Portfolio of Investments

June 30, 2024 (Unaudited)

	Principal Amount		Value
Oil, Gas & Consumable Fuels (continued)
Delek Logistics Partners LP / Delek Logistics Finance Corp.:
7.125%, 06/01/2028^(e)	$	1,354,000	$	1,338,228
8.630%, 03/15/2029^(e)		430,000		442,854
DT Midstream, Inc., 4.125%, 06/15/2029^(e)		526,000		486,366
Energean PLC, 6.500%, 04/30/2027^(e)		300,000		295,922
EnQuest PLC, 11.630%, 11/01/2027^(e)		220,000		223,696
Global Partners LP / GLP Finance Corp., 6.875%, 01/15/2029		648,000		642,569
Karoon USA Finance, Inc., 10.500%, 05/14/2029^(e)		170,000		171,061
Magnolia Oil & Gas Operating LLC / Magnolia Oil & Gas Finance Corp., 6.000%, 08/01/2026^(e)		300,000		297,329
New Fortress Energy, Inc., 6.500%, 09/30/2026^(e)		2,035,000		1,873,823
NGL Energy Operating LLC / NGL Energy Finance Corp.:
8.130%, 02/15/2029^(e)		350,000		356,887
8.380%, 02/15/2032^(e)		200,000		203,238
Northern Oil & Gas, Inc.:
8.130%, 03/01/2028^(e)		1,050,000		1,062,637
8.750%, 06/15/2031^(e)		296,000		310,958
Parkland Corp., 4.500%, 10/01/2029^(e)		630,000		577,169
PBF Holding Co. LLC / PBF Finance Corp., 7.875%, 09/15/2030^(e)		674,000		690,547
Sunoco LP / Sunoco Finance Corp., 4.500%, 05/15/2029		665,000		622,420
W&T Offshore, Inc., 11.750%, 02/01/2026^(e)		400,000		411,792
				17,493,952
Paper & Forest Products - 0.16%
Mativ Holdings, Inc., 6.875%, 10/01/2026^(e)		500,000		497,344
Mercer International, Inc., 5.125%, 02/01/2029		480,000		422,928
				920,272
Passenger Airlines - 0.04%
American Airlines, Inc., 7.250%, 02/15/2028^(e)		225,000		225,383

Personal Care Products - 0.06%
Herbalife Nutrition, Ltd. / HLF Financing, Inc., 7.875%, 09/01/2025^(e)		240,000		235,956
HLF Financing Sarl LLC / Herbalife International, Inc., 4.875%, 06/01/2029^(e)		120,000		83,255
				319,211
Pharmaceuticals - 0.12%
Organon & Co. / Organon Foreign Debt Co-Issuer BV:
6.750%, 05/15/2034^(e)		428,000		427,942
7.875%, 05/15/2034^(e)		248,000		255,131
				683,073
Real Estate Management & Development - 0.40%
Howard Hughes Corp., 4.125%, 02/01/2029^(e)		1,050,000		940,116
Landsea Homes Corp., 8.880%, 04/01/2029^(e)		300,000		297,364
Newmark Group, Inc., 7.500%, 01/12/2029^(e)		1,018,000		1,047,353
				2,284,833
Semiconductors & Semiconductor Equipment - 0.10%
ams-OSRAM AG, 12.250%, 03/30/2029^(e)		550,000		570,177

Software - 0.51%
Fair Isaac Corp., 4.000%, 06/15/2028^(e)		2,250,000		2,106,587

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2024

Blackstone Strategic Credit 2027 Term Fund

Portfolio of Investments

June 30, 2024 (Unaudited)

	Principal Amount		Value
Software (continued)
MicroStrategy, Inc., 6.125%, 06/15/2028^(e)	$	810,000	$	785,917
				2,892,504
Specialized REITs - 0.19%
Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC, 6.000%, 01/15/2030^(e)		350,000		212,184
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC, 6.500%, 02/15/2029^(e)		1,390,000		887,885
				1,100,069
Specialty Retail - 0.76%
Asbury Automotive Group, Inc., 5.000%, 02/15/2032^(e)		400,000		362,653
Bath & Body Works, Inc., 6.950%, 03/01/2033		500,000		487,229
Foot Locker, Inc., 4.000%, 10/01/2029^(e)		670,000		558,945
Gap, Inc.:
3.625%, 10/01/2029^(e)		945,000		818,962
3.875%, 10/01/2031^(e)		1,020,000		852,547
Sonic Automotive, Inc., 4.880%, 11/15/2031^(e)		370,000		326,047
Upbound Group, Inc., 6.375%, 02/15/2029^(e)		79,000		75,853
Victoria's Secret & Co., 4.625%, 07/15/2029^(e)		1,024,000		852,220
				4,334,456
Technology Hardware, Storage & Peripherals - 0.36%
Xerox Holdings Corp., 5.500%, 08/15/2028^(e)		2,406,000		2,074,607

Textiles, Apparel & Luxury Goods - 0.22%
Crocs, Inc., 4.250%, 03/15/2029^(e)		500,000		456,256
Wolverine World Wide, Inc., 4.000%, 08/15/2029^(e)		930,000		779,354
				1,235,610
Tobacco - 0.22%
Vector Group, Ltd., 5.750%, 02/01/2029^(e)		1,355,000		1,271,024

TOTAL CORPORATE BONDS
(Cost $141,742,069)				143,849,181

	Shares		Value
COMMON STOCK - 0.43%
Energy Equipment & Services - 0.22%
Brock Holdings III Inc.^(b)(f)		164,832		–
Total Safety Holdings, LLC^(b)(f)		2,951		1,106,625
Utex Industries Holdings, LLC^(f)		3,182		146,372
				1,252,997
Health Care Equipment & Supplies - 0.07%
Carestream Health Holdings Inc^(b)(f)		242,545		394,136

Health Care Providers & Services - 0.14%
Envision Healthcare Corp. Equity^(f)		79,338		786,768

TOTAL COMMON STOCK
(Cost $13,722,925)				2,433,901

See Notes to Financial Statements.

70	www.blackstone-credit.com

Blackstone Strategic Credit 2027 Term Fund

Portfolio of Investments

June 30, 2024 (Unaudited)

	Shares		Value
WARRANTS - 0.00%^(g)
Energy Equipment & Services - 0.00%^(g)
Utex Industries Holdings, LLC expires 12/31/2049 at $114.76^(b)		7,955	$	3,182

TOTAL WARRANTS
(Cost $0)				3,182

SHORT TERM INVESTMENTS - 2.92%
Open-end Investment Companies - 2.92%
Fidelity Treasury Portfolio
(5.20% 7-Day Yield)		16,628,490		16,628,490

TOTAL SHORT TERM INVESTMENTS
(Cost $16,628,490)				16,628,490

Total Investments- 165.83%
(Cost $966,090,431)				945,698,113

Liabilities in Excess of Other Assets - (6.94)%				(39,549,508	)

Mandatory Redeemable Preferred Shares - (7.85)%

(liquidation preference plus distributions payable on term preferred shares)				(44,763,049	)

Leverage Facility - (51.05)%				(291,100,000	)

Net Assets - 100.00%			$	570,285,556

Amounts above are shown as a percentage of net assets as of June 30, 2024.

Investment Abbreviations:

LIBOR - London Interbank Offered Rate

SOFR - Secured Overnight Financing Rate

Reference Rates:

1M US L - 1 Month LIBOR as of June 30, 2024 was 5.45%

3M US L - 3 Month LIBOR as of June 30, 2024 was 5.59%

6M US L - 6 Month LIBOR as of June 30, 2024 was 5.68%

1M US SOFR- 1 Month SOFR as of June 30, 2024 was 5.34%

3M US SOFR - 3 Month SOFR as of June 30, 2024 was 5.32%

6M US SOFR - 6 Month SOFR as of June 30, 2024 was 5.25%

1M CME TERM SOFR - 1 Month CME TERM SOFR as of June 30, 2024 was 5.34%

3M CME TERM SOFR - 3 Month CME TERM SOFR as of June 30, 2024 was 5.32%

6M CME TERM SOFR - 6 Month CME TERM SOFR as of June 30, 2024 was 5.25%

PRIME - US Prime Rate as of June 30, 2024 was 8.50%

	^(a)	Floating or variable rate security. The reference rate is described above. The rate in effect as of June 30, 2024 is based on the reference rate plus the displayed spread as of the security's last reset date. Where applicable, the reference rate is subject to a floor rate.
	^(b)	Level 3 assets valued using significant unobservable inputs as a result of unavailable quoted prices from an active market or the unavailability of other significant observable inputs.
	^(c)	A portion of this position was not funded as of June 30, 2024. The Portfolio of Investments records only the funded portion of each position. As of June 30, 2024, the Fund has unfunded delayed draw loans in the amount of $926,648. Fair value of these unfunded delayed draws was $931,050. Additional information is provided in Note 9 General Commitments and Contingencies.
	^(d)	Represents a payment-in-kind (“PIK”) security which may pay interest/dividend in additional par/shares.
	^(e)	Security exempt from registration under Rule 144A of the Securities Act of 1933. Total market value of Rule 144A securities amounts to $124,598,751, which represented approximately 21.85% of net assets as of June 30, 2024. Such securities may normally be sold to qualified institutional buyers in transactions exempt from registration.
	^(f)	Non-income producing security.
	^(g)	Amount represents less than 0.005% of net assets.

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2024

Blackstone Credit & Insurance Funds

Statements of Assets and Liabilities

June 30, 2024 (Unaudited)

	Senior Floating Rate 2027 Term Fund			Long-Short Credit Income Fund			Strategic Credit 2027 Term Fund
ASSETS:
Investments, at fair value (Cost $302,383,241, $263,313,891 and $966,090,431, respectively)	$	297,190,326		$	258,686,798		$	945,698,113
Cash		39,406			3,179,765			1,482,836
Receivable for investment securities sold		26,993,772			19,663,410			53,421,861
Interest receivable		1,683,558			1,600,858			5,882,749
Net unrealized appreciation on unfunded loan commitments		3,051			2,880			5,858
Prepaid offering costs		358,525			446,647			–
Prepaid expenses and other assets		21,476			17,008			67,712
Total Assets		326,290,114			283,597,366			1,006,559,129

LIABILITIES:
Payable for investment securities purchased		40,848,632			33,805,056			94,739,483
Leverage facility		90,600,000			79,200,000			291,100,000
Interest due on leverage facility		940,481			415,525			2,137,087
Accrued investment advisory fee payable		309,331			506,294			698,357
Accrued fund accounting and administration fees payable		204,629			185,853			599,276
Accrued trustees' fees payable		28,381			31,218			134,147
Other payables and accrued expenses		778,756			767,068			2,102,174
Mandatory redeemable preferred shares^(a) (net of deferred financing costs of: –, – and 523,451, respectively)^(a)		–			–			44,476,549
Distributions payable on mandatory redeemable preferred shares		–			–			286,500
Total Liabilities		133,710,210			114,911,014			436,273,573
Net Assets Attributable to Common Shareholders	$	192,579,904		$	168,686,352		$	570,285,556

COMPOSITION OF NET ASSETS ATTRIBUTABLE TO COMMON SHARES:
Par value ($0.001 per share, applicable to 13,008,542, 12,708,275 and 44,664,382 shares issued and outstanding)	$	13,009		$	12,708		$	44,664
Paid-in capital in excess of par value		257,204,936			236,816,138			839,503,351
Total distributable earnings		(64,638,041	)		(68,142,494	)		(269,262,459	)
Net Assets Attributable to Common Shareholders	$	192,579,904		$	168,686,352		$	570,285,556

Net Asset Value per Common Share	$	14.80		$	13.27		$	12.77

^(a)

$1,000 liquidation value per share. 45,000 shares issued and outstanding for BGB .

See Notes to Financial Statements.

72	www.blackstone-credit.com

Blackstone Credit & Insurance Funds

Statements of Operations

For the Six Months Ended June 30, 2024 (Unaudited)

	Senior Floating Rate 2027 Term Fund			Long-Short Credit Income Fund			Strategic Credit 2027 Term Fund
INVESTMENT INCOME:
Interest	$	14,029,757		$	12,167,307		$	43,555,134
Total Investment Income		14,029,757			12,167,307			43,555,134

EXPENSES:
Investment advisory fee		1,268,266			1,008,875			4,461,476
Fund accounting and administration fees		151,915			133,207			479,493
Insurance expense		2,731			1,891			18,379
Legal and audit fees		208,299			129,274			498,039
Custodian fees		116,201			41,544			107,937
Amortization of deferred financing costs		–			–			88,372
Trustees' fees and expenses		62,384			55,629			192,783
Printing expense		1,206			16,490			17,656
Transfer agent fees		5,937			2,823			30,148
Interest on leverage facility		3,027,919			2,636,177			9,094,021
Other expenses		90,644			65,565			309,881
Distributions to mandatory redeemable preferred shares		–			–			1,485,000
Total Expenses		4,935,502			4,091,475			16,783,185
Net Investment Income		9,094,255			8,075,832			26,771,949

NET REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS:
Net realized gain/(loss) on:
Investment securities and unfunded loan commitments		624,886			825,815			4,275,364
Net realized gain:		624,886			825,815			4,275,364
Net change in unrealized appreciation/(depreciation) on:
Investment securities		(49,627	)		(489,369	)		(5,055,870	)
Net change in unrealized appreciation/(depreciation) on investments		(49,627	)		(489,369	)		(5,055,870	)
Net Realized and Unrealized Gain/(Loss) on Investments		575,259			336,446			(780,506	)

Net Increase in Net Assets Attributable to Common Shares from Operations	$	9,669,514		$	8,412,278		$	25,991,443

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2024

Blackstone Credit & Insurance Funds

Statements of Changes in Net Assets

	Senior Floating Rate 2027 Term Fund						Long-Short Credit Income Fund						Strategic Credit 2027 Term Fund
	For the Six Months Ended June 30, 2024 (Unaudited)			For the Year Ended December 31, 2023			For the Six Months Ended June 30, 2024 (Unaudited)			For the Year Ended December 31, 2023			For the Six Months Ended June 30, 2024 (Unaudited)			For the Year Ended December 31, 2023
FROM OPERATIONS:
Net investment income^(a)	$	9,094,255		$	17,810,755		$	8,075,832		$	16,070,215		$	26,771,949		$	51,138,592
Net realized gain/(loss)		624,886			(5,625,243	)		825,815			(7,329,703	)		4,275,364			(25,331,662	)
Net change in unrealized appreciation/(depreciation) on Investment securities		(49,627	)		14,680,231			(489,369	)		15,691,034			(5,055,870	)		54,842,312
Net Increase in Net Assets Attributable to Common Shares from Operations		9,669,514			26,865,743			8,412,278			24,431,546			25,991,443			80,649,242

DISTRIBUTIONS TO COMMON SHAREHOLDERS:
From distributable earnings		(7,414,869	)		(18,680,266	)		(6,646,428	)		(17,041,796	)		(21,170,917	)		(54,043,902	)
Net Decrease in Net Assets from Distributions to Common Shareholders		(7,414,869	)		(18,680,266	)		(6,646,428	)		(17,041,796	)		(21,170,917	)		(54,043,902	)

Net Increase in Net Assets Attributable to Common Shares		2,254,645			8,185,477			1,765,850			7,389,750			4,820,526			26,605,340

NET ASSETS ATTRIBUTABLE TO COMMON SHAREHOLDERS:
Beginning of period		190,325,259			182,139,782			166,920,502			159,530,752			565,465,030			538,859,690
End of period	$	192,579,904		$	190,325,259		$	168,686,352		$	166,920,502		$	570,285,556		$	565,465,030

^(a)

Includes impact of distributions to preferred shareholders from net investment income. Distributions on the Fund's mandatory redeemable preferred stock ("MRPS") are treated as an operating expense under GAAP and are included in the calculation of net investment income. See Note 11 - Leverage. The Long-Short Credit Income Fund and the Strategic Credit 2027 Term Fund recorded distributions of $– and $1,485,000, respectively, to holders of MRPS for the six months ended June 30, 2024. For the fiscal year ended December 31, 2023, the Long-Short Credit Income Fund and the Strategic Credit 2027 Term Fund recorded distributions of $416,686 and $2,183,294, respectively, to holders of MRPS. See Note 12 for details on tax characterization of distributions.

See Notes to Financial Statements.

74	www.blackstone-credit.com

Blackstone Credit & Insurance Funds

Statements of Cash Flows

For the Six Months Ended June 30, 2024 (Unaudited)

	Senior Floating Rate 2027 Term Fund			Long-Short Credit Income Fund			Strategic Credit 2027 Term Fund
CASH FLOWS FROM OPERATING ACTIVITIES:
Net increase in net assets from operations	$	9,669,514		$	8,412,278		$	25,991,443
Adjustments to reconcile net increase in net assets from operations to net cash provided by/(used in) operating activities:
Purchases of investment securities		(150,073,769	)		(135,460,983	)		(586,497,328	)
Payment-in-kind interest		(60,699	)		(55,951	)		(196,228	)
Proceeds from disposition of investment securities		146,809,908			134,736,025			580,057,067
Net discounts (accreted)/premiums amortized		(488,503	)		(558,825	)		(2,515,051	)
Net realized gains on:
Investment securities and unfunded loan commitments		(624,886	)		(825,815	)		(4,275,364	)
Net change in unrealized depreciation on:
Investment securities		49,627			489,369			5,055,870
Net purchases of short term investment		1,848,850			1,461,105			(316,884	)
Amortization of deferred financing costs		–			–			88,372
(Increase)/Decrease in assets:
Interest receivable		184,651			210,695			970,409
Net unrealized appreciation on unfunded loan commitments		2,252			1,448			7,582
Prepaid expenses and other assets		3,557			2,706			29,247
Increase/(Decrease) in liabilities:
Distributions payable on mandatory redeemable preferred shares		–			–			(216,750	)
Interest due on loan facility		452,693			(184,238	)		(892,040	)
Accrued investment advisory fees payable		(45,893	)		336,105			(59,016	)
Accrued fund accounting and administration expense payable		78,135			68,294			246,950
Accrued trustees' fees payable		3,288			3,892			18,243
Other payables and accrued expenses		124,052			97,294			298,056
Net Cash Provided by/(Used in) Operating Activities		7,932,777			8,733,399			17,794,578

CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from leverage facility		1,000,000			2,000,000			50,500,000
Payments on leverage facility		–			–			(42,000,000	)
Distributions paid - common shareholders - net of distributions reinvested		(8,897,843	)		(7,955,380	)		(25,369,369	)
Net Cash Used in Financing Activities		(7,897,843	)		(5,955,380	)		(16,869,369	)

Net Increase in Cash		34,934			2,778,019			925,209
Cash, beginning balance	$	4,472		$	401,746		$	557,627
Cash, ending balance	$	39,406		$	3,179,765		$	1,482,836

Supplemental disclosure of cash flow information:
Interest paid on leverage facility during the period	$	2,575,226		$	2,820,415		$	9,986,061

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2024

Blackstone Senior Floating Rate 2027 Term Fund

Financial Highlights

For a Share Outstanding Throughout the Periods Indicated

	For the Six Months Ended June 30, 2024 (Unaudited)			For the Year Ended December 31, 2023			For the Year Ended December 31, 2022			For the Year Ended December 31, 2021
PER COMMON SHARE OPERATING PERFORMANCE:
Net asset value - beginning of period	$	14.63		$	14.00		$	16.21		$	15.88
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income^(a)		0.70			1.37			1.04			1.02
Net realized and unrealized gain/(loss) on investments, foreign currency transactions and unfunded loan commitments		0.04			0.70			(2.39	)		0.30
Total Income/(Loss) from Investment Operations		0.74			2.07			(1.35	)		1.32

DISTRIBUTIONS TO COMMON SHAREHOLDERS:
From net investment income		(0.57	)		(1.44	)		(0.86	)		(0.99	)
Total Distributions to Common Shareholders		(0.57	)		(1.44	)		(0.86	)		(0.99	)

Net asset value per common share - end of period	$	14.80		$	14.63		$	14.00		$	16.21
Market price per common share - end of period	$	14.01		$	13.35		$	12.43		$	17.17

Total Investment Return - Net Asset Value^(b)		5.29	%		16.64	%		(8.01	%)		8.57	%
Total Investment Return - Market Price^(b)		9.22	%		19.88	%		(22.89	%)		28.43	%

RATIOS AND SUPPLEMENTAL DATA:
Net assets attributable to common shares, end of period (000s)	$	192,580		$	190,325		$	182,140		$	219,387
Ratio of expenses to average net assets attributable to common shares		5.14	%^(c)		4.69	%		3.18	%		2.36	%
Ratio of expenses to average managed assets^(d)		3.50	%^(c)		3.28	%		2.16	%		1.60	%
Ratio of net investment income to average net assets attributable to common shares		9.48	%^(c)		9.50	%		6.95	%		6.23	%
Portfolio turnover rate		60	%^(e)		60	%		75	%		97	%

LEVERAGE FACILITY:
Aggregate principal amount, end of period (000s)	$	90,600		$	89,600		$	85,000		$	105,500
Average borrowings outstanding during the period (000s)	$	90,479		$	80,626		$	94,819		$	105,974
Asset coverage, end of period per $1,000^(f)	$	3,126		$	3,124		$	3,143		$	3,079

See Notes to Financial Statements.

76	www.blackstone-credit.com

Blackstone Senior Floating Rate 2027 Term Fund

Financial Highlights

For a Share Outstanding Throughout the Periods Indicated

	For the Year Ended December 31, 2020 ^(g)			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Year Ended December 31, 2017
PER COMMON SHARE OPERATING PERFORMANCE:
Net asset value - beginning of period	$	16.41		$	16.48		$	17.57		$	17.61
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income^(a)		1.08			1.31			1.32			1.26
Net realized and unrealized gain/(loss) on investments, foreign currency transactions and unfunded loan commitments		(0.72	)		(0.06	)		(1.00	)		(0.14	)
Total Income from Investment Operations		0.36			1.25			0.32			1.12

DISTRIBUTIONS TO COMMON SHAREHOLDERS:
From net investment income		(1.09	)		(1.32	)		(1.41	)		(1.16	)
Total Distributions to Common Shareholders		(1.09	)		(1.32	)		(1.41	)		(1.16	)

CAPITAL SHARE TRANSACTIONS:
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	$	15.88		$	16.41		$	16.48		$	17.57
Market price per common share - end of period	$	14.22		$	16.15		$	15.33		$	18.00

Total Investment Return - Net Asset Value^(b)		4.98	%		7.92	%		1.88	%		6.67	%
Total Investment Return - Market Price^(b)		(4.48	%)		14.17	%		(7.49	%)		6.44	%

RATIOS AND SUPPLEMENTAL DATA:
Net assets attributable to common shares, end of period (000s)	$	215,253		$	250,848		$	251,645		$	267,903
Ratio of expenses to average net assets attributable to common shares		2.75	%		3.54	%		3.35	%		3.01	%
Ratio of expenses to average managed assets^(d)		1.87	%		2.37	%		2.25	%		2.02	%
Ratio of net investment income to average net assets attributable to common shares		7.19	%		7.82	%		7.49	%		7.11	%
Portfolio turnover rate		76	%		40	%		88	%		135	%

LEVERAGE FACILITY:
Aggregate principal amount, end of period (000s)	$	100,000		$	123,500		$	124,000		$	132,000
Average borrowings outstanding during the period (000s)	$	104,521		$	125,408		$	132,067		$	132,323
Asset coverage, end of period per $1,000^(f)	$	3,153		$	3,031		$	3,029		$	3,030

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2024

Blackstone Senior Floating Rate 2027 Term Fund

Financial Highlights

For a Share Outstanding Throughout the Periods Indicated

	For the Year Ended December 31, 2016			For the Year Ended December 31, 2015			For the Year Ended December 31, 2014
PER COMMON SHARE OPERATING PERFORMANCE:
Net asset value - beginning of period	$	15.96		$	18.08		$	19.27
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income^(a)		1.24			1.22			0.92
Net realized and unrealized gain/(loss) on investments, foreign currency transactions and unfunded loan commitments		1.57			(2.17	)		(0.84	)
DISTRIBUTIONS TO PREFERRED SHAREHOLDERS:
From net investment income^(a)		–			–			(0.06	)
From net realized gains		–			–			–
Total Income/(Loss) from Investment Operations		2.81			(0.95	)		0.02

DISTRIBUTIONS TO COMMON SHAREHOLDERS:
From net investment income		(1.16	)		(1.17	)		(0.86	)
From net realized gains		–			–			(0.08	)
From tax return of capital		–			–			(0.27	)
Total Distributions to Common Shareholders		(1.16	)		(1.17	)		(1.21	)

Net asset value per common share - end of period	$	17.61		$	15.96		$	18.08
Market price per common share - end of period	$	18.08		$	14.85		$	16.74

Total Investment Return - Net Asset Value^(b)		18.44	%		(5.19	%)		0.38	%
Total Investment Return - Market Price^(b)		30.70	%		(4.72	%)		(4.99	%)

RATIOS AND SUPPLEMENTAL DATA:
Net assets attributable to common shares, end of period (000s)	$	268,153		$	242,874		$	275,201
Ratio of expenses to average net assets attributable to common shares		2.59	%		2.48	%		3.02	%^(h)
Ratio of expenses to average managed assets(d)		1.74	%		1.67	%		2.02	%^(h)
Ratio of net investment income to average net assets attributable to common shares		7.48	%		6.84	%		4.88	%^(h)
Portfolio turnover rate		99	%		65	%		66	%

SENIOR SECURED NOTES:
Aggregate principal amount, end of period (000s)	$	N/A		$	N/A		$	–	⁽ⁱ⁾
Average borrowings outstanding during the period (000s)	$	N/A		$	N/A		$	96,000	⁽ⁱ⁾
Asset coverage, end of period per $1,000	$	N/A		$	N/A		$	_N/A	⁽ⁱ⁾

LEVERAGE FACILITY:
Aggregate principal amount, end of period (000s)	$	131,000		$	119,500		$	133,000
Average borrowings outstanding during the period (000s)	$	122,782		$	132,372		$	137,412	^(j)
Asset coverage, end of period per $1,000^(f)	$	3,047		$	3,032		$	3,069

^(a)

Calculated using average common shares outstanding.

^(b)

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.

^(c)

Annualized.

^(d)

Average managed assets represent net assets applicable to common shares plus principal value of leverage.

^(e)

Percentage represents the results for the period and is not annualized.

^(f)

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.

^(g)

Prior to December 10, 2020 the Blackstone Senior Floating Rate 2027 Term Fund was known as the Blackstone / GSO Senior Floating Rate Term Fund.

^(h)

Ratios do not reflect dividend payments to preferred shareholders.

⁽ⁱ⁾

On October 8, 2014, BSL redeemed 100% of the senior secured notes at 100% of their principal amount and entered into a new 364-day revolving credit facility. Average borrowings are shown for the period January 1, 2014 through the redemption date.

^(j)

Since first borrowing was made on October 8, 2014.

See Notes to Financial Statements.

78	www.blackstone-credit.com

Blackstone Long-Short Credit Income Fund

Financial Highlights

For a Share Outstanding Throughout the Periods Indicated

	For the Six Months Ended June 30, 2024 (Unaudited)			For the Year Ended December 31, 2023			For the Year Ended December 31, 2022			For the Year Ended December 31, 2021
PER COMMON SHARE OPERATING PERFORMANCE:
Net asset value - beginning of period	$	13.13		$	12.55		$	15.22		$	14.94
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income^(a)(b)		0.64			1.26			1.06			1.06
Net realized and unrealized gain/(loss) on investments, foreign currency transactions and unfunded loan commitments		0.02			0.66			(2.85	)		0.25
Total Income/(Loss) from Investment Operations		0.66			1.92			(1.79	)		1.31

DISTRIBUTIONS TO COMMON SHAREHOLDERS:
From net investment income		(0.52	)		(1.34	)		(0.88	)		(1.03	)
Total Distributions to Common Shareholders		(0.52	)		(1.34	)		(0.88	)		(1.03	)

Net asset value per common share - end of period	$	13.27		$	13.13		$	12.55		$	15.22
Market price per common share - end of period	$	12.43		$	11.45		$	10.84		$	14.70

Total Investment Return - Net Asset Value^(c)		5.39	%		17.64	%		(11.19	%)		9.26	%
Total Investment Return - Market Price^(c)		13.21	%		18.77	%		(20.58	%)		17.48	%

RATIOS AND SUPPLEMENTAL DATA:
Net assets attributable to common shares, end of period (000s)	$	168,686		$	166,921		$	159,531		$	193,368
Ratio of expenses to average net assets attributable to common shares		4.87	%^(d)		5.24	%		3.67	%		2.69	%
Ratio of expenses to average managed assets^(e)		3.33	%^(d)		3.39	%		2.24	%		1.67	%
Ratio of net investment income to average net assets attributable to common shares		9.61	%^(d)		9.77	%		7.68	%		6.89	%
Portfolio turnover rate		61	%^(f)		88	%		94	%		90	%

MANDATORY REDEEMABLE PREFERRED SHARES:
Liquidation value, end of period, including dividends payable on Mandatory Redeemable Preferred Shares (000s)	$	N/A		$	N/A		$	20,125		$	20,128
Total shares outstanding (000s)		–			–			20			20
Asset coverage , end of period per $1,000^(g)	$	N/A		$	N/A		$	2,550		$	2,626
Liquidation preference per share	$	N/A		$	N/A		$	1,000		$	1,000

LEVERAGE FACILITY:
Aggregate principal amount, end of period (000s)	$	79,200		$	77,200		$	82,800		$	98,900
Average borrowings outstanding during the period (000s)	$	78,552		$	78,190		$	92,127		$	100,347
Asset coverage, end of period per $1,000^(h)	$	3,130		$	3,162		$	3,170		$	3,157

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2024

Blackstone Long-Short Credit Income Fund

Financial Highlights

For a Share Outstanding Throughout the Periods Indicated

	For the Year Ended December 31, 2020 ⁽ⁱ⁾			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Year Ended December 31, 2017
PER COMMON SHARE OPERATING PERFORMANCE:
Net asset value - beginning of period	$	15.74		$	15.62		$	17.09		$	16.94
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income^(a)(b)		1.18			1.46			1.46			1.34
Net realized and unrealized gain/(loss) on investments, foreign currency transactions and unfunded loan commitments		(0.79	)		0.12			(1.32	)		0.05
Total Income from Investment Operations		0.39			1.58			0.14			1.39

DISTRIBUTIONS TO COMMON SHAREHOLDERS:
From net investment income		(1.19	)		(1.46	)		(1.61	)		(1.24	)
Total Distributions to Common Shareholders		(1.19	)		(1.46	)		(1.61	)		(1.24	)

Net asset value per common share - end of period	$	14.94		$	15.74		$	15.62		$	17.09
Market price per common share - end of period	$	13.42		$	15.64		$	13.74		$	15.92

Total Investment Return - Net Asset Value^(c)		4.41	%		10.73	%		1.25	%		8.85	%
Total Investment Return - Market Price^(c)		(5.62	%)		25.08	%		(4.40	%)		7.90	%

RATIOS AND SUPPLEMENTAL DATA:
Net assets attributable to common shares, end of period (000s)	$	189,901		$	199,982		$	198,399		$	217,067
Ratio of expenses to average net assets attributable to common shares		3.08	%		3.85	%		3.73	%		3.03	%
Ratio of expenses to average managed assets^(e)		1.89	%		2.36	%		2.31	%		1.93	%
Ratio of net investment income to average net assets attributable to common shares		8.28	%		9.15	%		8.52	%		7.82	%
Portfolio turnover rate		77	%		40	%		75	%		126	%

MANDATORY REDEEMABLE PREFERRED SHARES:
Liquidation value, end of period, including dividends payable on Mandatory Redeemable Preferred Shares (000s)	$	20,128		$	20,128		$	20,122		$	20,121
Total shares outstanding (000s)		20			20			20			20
Asset coverage , end of period per $1,000^(g)	$	2,638		$	2,562		$	2,556		$	2,644
Liquidation preference per share	$	1,000		$	1,000		$	1,000		$	1,000

LEVERAGE FACILITY:
Aggregate principal amount, end of period (000s)	$	95,900		$	108,000		$	107,500		$	112,000
Average borrowings outstanding during the period (000s)	$	93,946		$	109,385		$	115,392		$	105,633
Asset coverage, end of period per $1,000^(h)	$	3,189		$	3,037		$	3,032		$	3,117

See Notes to Financial Statements.

80	www.blackstone-credit.com

Blackstone Long-Short Credit Income Fund

Financial Highlights

For a Share Outstanding Throughout the Periods Indicated

	For the Year Ended December 31, 2016			For the Year Ended December 31, 2015			For the Year Ended December 31, 2014
PER COMMON SHARE OPERATING PERFORMANCE:
Net asset value - beginning of period	$	15.37		$	17.82		$	19.11
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income^(a)(b)		1.40			1.48			0.94
Net realized and unrealized gain/(loss) on investments, foreign currency transactions and unfunded loan commitments		1.60			(2.66	)		(1.03	)
Total Income/(Loss) from Investment Operations		3.00			(1.18	)		(0.09	)

DISTRIBUTIONS TO COMMON SHAREHOLDERS:
From net investment income		(1.43	)		(1.27	)		(0.96	)
From net realized gains		–			–			(0.06	)
From tax return of capital		–			–			(0.18	)
Total Distributions to Common Shareholders		(1.43	)		(1.27	)		(1.20	)

Net asset value per common share - end of period	$	16.94		$	15.37		$	17.82
Market price per common share - end of period	$	15.92		$	13.48		$	15.53

Total Investment Return - Net Asset Value^(c)		21.21	%		(6.04	%)		(0.06	%)
Total Investment Return - Market Price^(c)		29.89	%		(5.44	%)		(6.86	%)

RATIOS AND SUPPLEMENTAL DATA:
Net assets attributable to common shares, end of period (000s)	$	215,236		$	195,204		$	226,316
Ratio of expenses to average net assets attributable to common shares		2.58	%		2.07	%		1.85	%
Ratio of expenses to average managed assets^(e)		1.73	%		1.43	%		1.66	%
Ratio of net investment income to average net assets attributable to common shares		8.67	%		8.45	%		4.99	%
Portfolio turnover rate		103	%		72	%		66	%

MANDATORY REDEEMABLE PREFERRED SHARES:
Liquidation value, end of period, including dividends payable on Mandatory Redeemable Preferred Shares (000s)	$	20,125		$	N/A		$	N/A
Total shares outstanding (000s)		20			–			–
Asset coverage , end of period per $1,000^(g)	$	2,905		$	N/A		$	N/A
Liquidation preference per share	$	1,000		$	N/A		$	N/A

LEVERAGE FACILITY:
Aggregate principal amount, end of period (000s)	$	93,000		$	96,000		$	73,000
Average borrowings outstanding during the period (000s)	$	93,684		$	100,261		$	66,827	^(j)
Asset coverage, end of period per $1,000^(h)	$	3,314		$	3,033		$	4,100

^(a)

Calculated using average common shares outstanding.

^(b)

Distributions on the Company's MRPS are treated as an operating expense under GAAP and are included in the calculation of net investment income. See Note 11 - Leverage.

^(c)

^(d)

Annualized.

^(e)

Average managed assets represent net assets applicable to common shares plus principal value of leverage.

^(f)

Percentage represents the results for the period and is not annualized.

^(g)

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.

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2024

Blackstone Long-Short Credit Income Fund

Financial Highlights

For a Share Outstanding Throughout the Periods Indicated

^(h)

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.

⁽ⁱ⁾

Prior to December 10, 2020 the Blackstone Long-Short Credit Income Fund was known as the Blackstone / GSO Long-Short Credit Income Fund.

^(j)

Since first borrowing was made on July 29, 2014.

See Notes to Financial Statements.

82	www.blackstone-credit.com

Blackstone Strategic Credit 2027 Term Fund

Financial Highlights

For a Share Outstanding Throughout the Periods Indicated

	For the Six Months Ended June 30, 2024 (Unaudited)			For the Year Ended December 31, 2023			For the Year Ended December 31, 2022			For the Year Ended December 31, 2021			For the Year Ended December 31, 2020 ^(a)
PER COMMON SHARE OPERATING PERFORMANCE:
Net asset value - beginning of period	$	12.66		$	12.06		$	14.44		$	14.19		$	15.25
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income^(b)(c)		0.60			1.14			0.93			0.93			1.08
Net realized and unrealized gain/(loss) on investments, foreign currency transactions and unfunded loan commitments		(0.02	)		0.67			(2.53	)		0.21			(1.04	)
Total Income/(Loss) from Investment Operations		0.58			1.81			(1.60	)		1.14			0.04

DISTRIBUTIONS TO COMMON SHAREHOLDERS:
From net investment income		(0.47	)		(1.21	)		(0.78	)		(0.89	)		(1.10	)
Total Distributions to Common Shareholders		(0.47	)		(1.21	)		(0.78	)		(0.89	)		(1.10	)

Net asset value per common share - end of period	$	12.77		$	12.66		$	12.06		$	14.44		$	14.19

Market price per common share - end of period	$	11.89		$	11.32		$	10.58		$	13.49		$	12.48

Total Investment Return - Net Asset Value^(d)		4.95	%		17.10	%		(10.68	%)		8.60	%		2.03	%
Total Investment Return - Market Price^(d)		9.28	%		19.36	%		(16.13	%)		15.36	%		(4.83	%)

RATIOS AND SUPPLEMENTAL DATA:
Net assets attributable to common shares, end of period (000s)	$	570,286		$	565,465		$	538,860		$	645,050		$	633,741
Ratio of expenses to average net assets attributable to common shares		5.91	%^(e)		5.70	%		3.67	%		2.78	%		3.15	%
Ratio of expenses to average managed assets^(f)		3.72	%^(e)		3.65	%		2.32	%		1.77	%		2.00	%
Ratio of net investment income to average net assets attributable to common shares		9.43	%^(e)		9.22	%		7.08	%		6.36	%		7.90	%
Portfolio turnover rate		68	%^(g)		81	%		81	%		101	%		77	%

MANDATORY REDEEMABLE PREFERRED SHARES:
Liquidation value, end of period, including dividends payable on Mandatory Redeemable Preferred Shares (000s)	$	44,763		$	44,891		$	45,281		$	45,287		$	45,287
Total shares outstanding (000s)		45			45			45			45			45
Asset coverage, end of period per $1,000^(h)	$	2,697		$	2,726		$	2,715		$	2,749		$	2,790
Liquidation preference per share	$	1,000		$	1,000		$	1,000		$	1,000		$	1,000

LEVERAGE FACILITY:
Aggregate principal amount, end of period (000s)	$	291,100		$	282,600		$	268,900		$	323,800		$	309,100
Average borrowings outstanding during the period (000s)	$	290,534		$	266,066		$	300,105		$	325,709		$	306,661
Asset coverage, end of period per $1,000⁽ⁱ⁾	$	3,114		$	3,160		$	3,172		$	3,131		$	3,196

See Notes to Financial Statements.

Semi-Annual Report | June 30, 2024

Blackstone Strategic Credit 2027 Term Fund

Financial Highlights

For a Share Outstanding Throughout the Periods Indicated

	For the Year Ended December 31, 2019
PER COMMON SHARE OPERATING PERFORMANCE:
Net asset value - beginning of period	$	15.30
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income^(b)(c)		1.35
Net realized and unrealized loss on investments, foreign currency transactions and unfunded loan commitments		(0.06	)
Total Income from Investment Operations		1.29

DISTRIBUTIONS TO COMMON SHAREHOLDERS:
From net investment income		(1.34	)
Total Distributions to Common Shareholders		(1.34	)

Net asset value per common share - end of period	$	15.25
Market price per common share - end of period	$	14.38

Total Investment Return - Net Asset Value^(d)		9.29	%
Total Investment Return - Market Price^(d)		17.05	%

RATIOS AND SUPPLEMENTAL DATA:
Net assets attributable to common shares, end of period (000s)	$	681,312
Ratio of expenses to average net assets attributable to common shares		3.97	%
Ratio of expenses to average managed assets^(f)		2.50	%
Ratio of net investment income to average net assets attributable to common shares		8.68	%
Portfolio turnover rate		40	%

MANDATORY REDEEMABLE PREFERRED SHARES:
Liquidation value, end of period, including dividends payable on Mandatory Redeemable Preferred Shares (000s)	$	45,287
Total shares outstanding (000s)		45
Asset coverage, end of period per $1,000^(h)	$	2,697
Liquidation preference per share	$	1,000

LEVERAGE FACILITY:
Aggregate principal amount, end of period (000s)	$	356,500
Average borrowings outstanding during the period (000s)	$	363,945
Asset coverage, end of period per $1,000⁽ⁱ⁾	$	3,037

^(a)

Prior to December 10, 2020 the Blackstone Strategic Credit 2027 Term Fund was known as the Blackstone / GSO Strategic Credit Fund.

^(b)

Calculated using average common shares outstanding.

^(c)

Distributions on the Company's MRPS are treated as an operating expense under GAAP and are included in the calculation of net investment income. See Note 11 - Leverage.

^(d)

See Notes to Financial Statements.

84	www.blackstone-credit.com

Blackstone Strategic Credit 2027 Term Fund

Financial Highlights

For a Share Outstanding Throughout the Periods Indicated

^(e)

Annualized.

^(f)

Average managed assets represent net assets applicable to common shares plus principal value of leverage.

^(g)

Percentage represents the results for the period and is not annualized.

^(h)

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.

⁽ⁱ⁾

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, 2024

Blackstone Credit & Insurance Funds

Notes to Financial Statements

June 30, 2024 (Unaudited)

NOTE 1. ORGANIZATION

Blackstone Senior Floating Rate 2027 Term Fund (formerly known as Blackstone Senior Floating Rate 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.”

Absent shareholder approval to extend the term of BSL, BSL was initially scheduled to dissolve on or about May 31, 2020. 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 November 17, 2017, BSL’s shareholders approved extending the term of BSL by two years by changing BSL’s scheduled dissolution date from May 31, 2020 to May 31, 2022. On November 18, 2019, the BSL Board approved a proposal to amend BSL's charter to allow an extension of up to five years in length (the “Charter Amendment”). The BSL Board also approved a proposal to extend the term of BSL by five years by changing BSL's scheduled dissolution date from May 31, 2022 to May 31, 2027 (the “Term Extension”). The Charter Amendment and the Term Extension were subject to shareholder approval, which was obtained at a special shareholder meeting held on February 19, 2020.

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. During the year ended December 31, 2022, BSL sold 2,004 common shares totaling $32,583, net of offering costs of $87, pursuant to this shelf registration. For the period ended June 30, 2024, BSL did not sell any shares pursuant to this shelf registration.

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.”

On May 22, 2020, the SEC declared effective a registration statement filed under the “shelf” registration process for BGX. Pursuant to the shelf registration, BGX 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 BGX designates from time to time, directly to purchasers, through ATM offerings or through a combination of these methods. On August 19, 2020, BGX launched an ATM offering to sell up to $50,000,000 aggregate amount of its common shares. On July 30, 2021, the SEC declared effective an updated shelf registration statement and BGX filed an updated prospectus supplement with respect to the ATM offering on August 19, 2021. As of June 30, 2024, BGX has not yet sold any shares pursuant to this shelf registration.

Blackstone Strategic Credit 2027 Term Fund (formerly known as Blackstone Strategic Credit 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.

86	www.blackstone-credit.com

Blackstone Credit & Insurance Funds

Notes to Financial Statements

June 30, 2024 (Unaudited)

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”).

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.

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.

Semi-Annual Report | June 30, 2024

Blackstone Credit & Insurance Funds

Notes to Financial Statements

June 30, 2024 (Unaudited)

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.

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.

88	www.blackstone-credit.com

Blackstone Credit & Insurance Funds

Notes to Financial Statements

June 30, 2024 (Unaudited)

The following tables summarize valuation of the Funds’ investments under the fair value hierarchy levels as of June 30, 2024:

Blackstone Senior Floating Rate 2027 Term Fund


Investments in Securities at Fair Value*	Level 1 - Quoted Prices		Level 2 - Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Floating Rate Loan Interests
Aerospace & Defense	$	–	$	8,110,726	$	551,326	$	8,662,052
Building Products		–		6,702,593		262,910		6,965,503
Commercial Services & Supplies		–		12,476,552		1,655,816		14,132,368
Diversified Consumer Services		–		6,071,523		4,624		6,076,147
Diversified REITs		–		464,839		262,815		727,654
Health Care Technology		–		4,305,565		1,197,014		5,502,579
Insurance		–		5,424,538		879,275		6,303,813
Interactive Media & Services		–		–		1,319,128		1,319,128
IT Services		–		9,492,969		1,613,222		11,106,191
Leisure Products		–		–		155,087		155,087
Pharmaceuticals		–		1,373,535		1,191,693		2,565,228
Professional Services		–		22,757,704		1,285,843		24,043,547
Real Estate Management & Development		–		–		1,378,724		1,378,724
Software		–		33,935,038		1,203,495		35,138,533
Specialty Retail		–		2,071,692		1,368,815		3,440,507
Trading Companies & Distributors		–		8,892,138		177,413		9,069,551
Other		–		132,614,328		–		132,614,328
Collateralized Loan Obligation Securities
Consumer Finance		–		–		475,028		475,028
Financial Services		–		–		14,601,355		14,601,355
Corporate Bonds		–		6,164,687		–		6,164,687
Common Stock
Health Care Equipment & Supplies		–		–		90,204		90,204
Health Care Providers & Services		–		288,485		–		288,485
Short-Term Investments		6,369,627		–		–		6,369,627
Total	$	6,369,627	$	261,146,912	$	29,673,787	$	297,190,326

Other Financial Instruments
Assets
Net Unrealized Appreciation on Unfunded Loan Commitments		–		1,668		1,383		3,051
Total		–		1,668		1,383		3,051

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, 2024, the Fund's outstanding borrowings of $90,600,000 under its Leverage Facility are categorized as Level 2 within the fair value hierarchy.

Semi-Annual Report | June 30, 2024

Blackstone Credit & Insurance Funds

Notes to Financial Statements

June 30, 2024 (Unaudited)

Blackstone Long-Short Credit Income Fund

Investments in Securities at Fair Value*	Level 1 - Quoted Prices		Level 2 - Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Floating Rate Loan Interests
Aerospace & Defense	$	–	$	7,210,603	$	484,160	$	7,694,763
Building Products		–		6,050,879		231,717		6,282,596
Commercial Services & Supplies		–		9,972,853		1,551,774		11,524,627
Diversified Consumer Services		–		5,424,256		4,094		5,428,350
Diversified REITs		–		399,449		229,929		629,378
Electrical Equipment		–		–		1,002,500		1,002,500
Health Care Technology		–		3,367,153		1,005,447		4,372,600
Insurance		–		4,470,664		1,046,732		5,517,396
Interactive Media & Services		–		–		609,577		609,577
IT Services		–		6,150,052		1,445,468		7,595,520
Pharmaceuticals		–		1,358,130		1,135,651		2,493,781
Professional Services		–		17,173,361		1,132,739		18,306,100
Real Estate Management & Development		–		–		1,087,572		1,087,572
Software		–		25,811,060		1,047,355		26,858,415
Specialty Retail		–		2,505,691		1,215,172		3,720,863
Trading Companies & Distributors		–		5,278,802		155,689		5,434,491
Other		–		111,158,569		–		111,158,569
Collateralized Loan Obligation Securities
Consumer Finance		–		–		491,383		491,383
Financial Services		–		–		11,803,868		11,803,868
Corporate Bonds		–		21,345,574		–		21,345,574
Common Stock
Health Care Equipment & Supplies		–		–		123,615		123,615
Health Care Providers & Services		–		236,027		–		236,027
Short Term Investments		4,969,233		–		–		4,969,233
Total	$	4,969,233	$	227,913,123	$	25,804,442	$	258,686,798

Other Financial Instruments
Assets
Net Unrealized Appreciation on Unfunded Loan Commitments		–		1,562		1,318		2,880
Total		–		1,562		1,318		2,880

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, 2024, the Fund's outstanding borrowings of $79,200,000 under its Leverage Facility are categorized as Level 2 within the fair value hierarchy.

90	www.blackstone-credit.com

Blackstone Credit & Insurance Funds

Notes to Financial Statements

June 30, 2024 (Unaudited)

Blackstone Strategic Credit 2027 Term Fund

Investments in Securities at Fair Value*	Level 1 - Quoted Prices		Level 2 - Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Floating Rate Loan Interests
Aerospace & Defense	$	–	$	22,486,501	$	1,763,125	$	24,249,626
Building Products		–		21,418,301		842,203		22,260,504
Commercial Services & Supplies		–		35,254,591		3,167,976		38,422,567
Diversified Consumer Services		–		20,040,668		13,535		20,054,203
Diversified REITs		–		1,320,597		843,254		2,163,851
Electrical Equipment		–		1,718,617		4,010,000		5,728,617
Health Care Technology		–		11,879,436		3,219,366		15,098,802
Insurance		–		14,954,755		2,513,011		17,467,766
Interactive Media & Services		–		–		1,963,396		1,963,396
IT Services		–		23,530,411		5,127,290		28,657,701
Leisure Products		–		–		440,599		440,599
Pharmaceuticals		–		5,074,300		3,746,572		8,820,872
Professional Services		–		65,425,955		3,938,606		69,364,561
Real Estate Management & Development		–		–		5,670,717		5,670,717
Software		–		88,377,370		3,736,054		92,113,424
Specialty Retail		–		8,460,460		4,399,761		12,860,221
Trading Companies & Distributors		–		25,131,791		503,273		25,635,064
Other		–		391,810,868		–		391,810,868
Corporate Bonds		–		143,849,181		–		143,849,181
Common Stock
Energy Equipment & Services		–		146,372		1,106,625		1,252,997
Health Care Equipment & Supplies		–		–		394,136		394,136
Health Care Providers & Services		–		786,768		–		786,768
Warrants
Energy Equipment & Services		–		–		3,182		3,182
Short Term Investments		16,628,490		–		–		16,628,490
Total	$	16,628,490	$	881,666,942	$	47,402,681	$	945,698,113

Other Financial Instruments
Assets
Net Unrealized Appreciation on Unfunded Loan Commitments		–		4,622		1,236		5,858
Total		–		4,622		1,236		5,858

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, 2024, the Fund's outstanding borrowings of $291,100,000 under its Leverage Facility are categorized as Level 2 within the fair value hierarchy.

Semi-Annual Report | June 30, 2024

Blackstone Credit & Insurance Funds

Notes to Financial Statements

June 30, 2024 (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 Loan Interests			Collateralized Loan Obligation Securities			Common Stock			Unfunded Loan Commitments		Total
Balance as of December 31, 2023	$	9,566,894		$	13,259,309		$	247,274		$	1,036	$	23,074,513
Accrued discount/ premium		3,396			3,274			–			–		6,670
Realized Gain/(Loss)		25,898			(4,585	)		–			–		21,313
Change in Unrealized Appreciation/(Depreciation)		553,402			313,500			41,213			347		908,462
Purchases⁽¹⁾		11,094,439			2,000,300			–			–		13,094,739
Sales Proceeds⁽²⁾		(8,012,385	)		(495,415	)		(1	)		–		(8,507,801	)
Transfer into Level 3		2,498,083			–			90,204			–		2,588,287
Transfer out of Level 3		(1,222,527	)		–			(288,486	)		–		(1,511,013	)
Balance as of June 30, 2024	$	14,507,200		$	15,076,383		$	90,204		$	1,383	$	29,675,170
Net change in unrealized appreciation/(depreciation) included in the Statements of Operations attributable to Level 3 investments held at June 30, 2024	$	499,923		$	308,227		$	66,150		$	1,383	$	875,733

Blackstone Long-Short Credit Income Fund		Floating Rate Loan Interests		Collateralized Loan Obligation Securities			Common Stock			Unfunded Loan Commitments		Total
Balance as of December 31, 2023	$	7,867,628		$	12,768,682		$	202,309		$	973	$	20,839,592
Accrued discount/ premium		2,870			5,049			–			–		7,919
Realized Gain/(Loss)		29,366			4,782			–			–		34,148
Change in Unrealized Appreciation/(Depreciation)		486,238			262,468			33,718			345		782,769
Purchases		10,740,333			–			–			–		10,740,333
Sales Proceeds		(6,584,175	)		(745,730	)		–			–		(7,329,905	)
Transfer into Level 3		1,727,929			–			123,615			–		1,851,544
Transfer out of Level 3		(884,613	)		–			(236,027	)		–		(1,120,640	)
Balance as of June 30, 2024	$	13,385,576		$	12,295,251		$	123,615		$	1,318	$	25,805,760
Net change in unrealized appreciation/(depreciation) included in the Statements of Operations attributable to Level 3 investments held at June 30, 2024	$	445,739		$	267,095		$	90,651		$	1,318	$	804,803

Blackstone Strategic Credit 2027 Term Fund	Floating Rate Loan Interests			Common Stock			Warrants		Unfunded Loan Commitments			Total
Balance as of December 31, 2023	$	21,296,184		$	1,780,998		$	3,182	$	2,034		$	23,082,398
Accrued discount/ premium		9,117			–			–		–			9,117
Realized Gain/(Loss)		84,465			–			–		–			84,465
Change in Unrealized Appreciation/(Depreciation)		1,488,008			112,395			–		(798	)		1,599,605
Purchases⁽¹⁾		41,146,293			–			–		–			41,146,293
Sales Proceeds⁽²⁾		(21,166,342	)		–			–		–			(21,166,342	)
Transfer into Level 3		5,672,765			394,136			–		–			6,066,901
Transfer out of Level 3		(2,631,752	)		(786,786	)		–		–			(3,418,520	)
Balance as of June 30, 2024	$	45,898,738		$	1,500,761		$	3,182	$	1,236		$	47,403,917
Net change in unrealized appreciation/(depreciation) included in the Statements of Operations attributable to Level 3 investments held at June 30, 2024	$	1,493,299		$	289,033		$	–	$	1,236		$	1,783,568

⁽¹⁾

Purchases include all purchases of securities and securities received in corporate actions.

⁽²⁾

Sales Proceeds include all sales of securities, maturities, paydowns and securities tendered in corporate actions.

92	www.blackstone-credit.com

Blackstone Credit & Insurance Funds

Notes to Financial Statements

June 30, 2024 (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, 2024:

Blackstone Senior Floating Rate 2027 Term Fund

Fair Value

Valuation Technique

Unobservable
Input(s)

Value/Rate
(Weighted Average)

Floating Rate Loan Interests

14,507,200

Third Party Vendor Pricing Services

Broker Quotes

N/A

Collateralized Loan Obligation Securities

15,076,383

Third Party Vendor Pricing Services

Broker Quotes

N/A

Common Stock

90,204

Third Party Vendor Pricing Services

Broker Quotes

N/A

Unfunded Loan Commitments

1,383

Third Party Vendor Pricing Services

Broker Quote

N/A

Blackstone Long-Short Credit Income Fund	Fair Value		Valuation Technique	Unobservable Input(s)	Value/Rate (Weighted Average)
Floating Rate Loan Interests	$	13,385,576	Third Party Vendor Pricing Services	Broker Quotes	N/A
Collateralized Loan Obligation Securities		12,295,251	Third Party Vendor Pricing Services	Broker Quotes	N/A
Common Stock		123,615	Third Party Vendor Pricing Services	Broker Quotes	N/A
Unfunded Loan Commitments		1,318	Third Party Vendor Pricing Services	Broker Quotes	N/A

Blackstone Strategic Credit 2027 Term Fund

Fair Value

Valuation Technique

Unobservable
Input(s)

Value/Rate
(Weighted Average)

Floating Rate Loan Interests

45,898,738

Third Party Vendor Pricing Services

Broker Quotes

N/A

Common Stock

–

Performance Multiple Methodology

EBITDA Multiple

7.38x

1,500,761

Third Party Vendor Pricing Services

Broker Quotes

N/A

Warrants

3,182

Third Party Vendor Pricing Services

Broker Quotes

N/A

Unfunded Loan Commitments

1,236

Third Party Vendor Pricing Services

Broker Quotes

N/A

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

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, 2024, 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, 2024, 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.

Semi-Annual Report | June 30, 2024

Blackstone Credit & Insurance Funds

Notes to Financial Statements

June 30, 2024 (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, through June 30, 2024, are approximately $358,525. The Statement of Assets and Liabilities reflects the current offering costs of $358,525 as prepaid offering cost. These offering costs will be charged to paid-in-capital upon the issuance of shares. Any remaining deferred offering costs at the end of the shelf offering period will be charged to expense and costs incurred to keep the shelf registration current are expensed as incurred.

Offering costs incurred in connection with BGX's shelf registration statement, through June 30, 2024, are approximately $557,435. The Statement of Assets and Liabilities reflects the current offering costs of $446,647 as deferred offering costs, of which $379,142 will be charged to paid-in-capital upon the issuance of shares. Any remaining deferred offering costs at the end of the shelf offering period will be charged to expense and costs incurred to keep the shelf registration current are expensed as incurred.

The estimates and assumptions underlying the Funds' financial statements are based on the information available as of June 30, 2024. 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, 2024, management fees are included on the Statement of Operations. As of June 30, 2024, accrued payables relating to management fees are included on the Statement of Assets and Liabilities.

Trustee Fees: Effective January 1, 2024, the Funds and Blackstone Floating Rate Enhanced Income Fund (collectively the "Blackstone Credit & Insurance Funds") agreed to pay a retainer fee of $155,000 per annum to each Trustee who is not a director, officer, employee, or affiliate of Blackstone Credit & Insurance or ALPS Fund Services, Inc. (“ALPS”). The Chairman of the Audit Committee and the Chairman of the Nominating and Governance Committee also agreed to receive a retainer fee of $12,000 per annum and the Lead Independent Trustee agreed to receive a retainer fee of $16,000 per annum from the Blackstone Credit & Insurance Funds.

The Board implemented a Trustee Emeritus program (the “Program”) in November 2021. A Trustee Emeritus appointed under the Program will receive compensation equal to 10% of his or her retainer for serving as a Trustee as of the date on which the Board appoints such person as Trustee Emeritus. The term of service of a Trustee Emeritus expires twelve months from the date of the Trustee’s retirement from the Board.

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.

94	www.blackstone-credit.com

Blackstone Credit & Insurance Funds

Notes to Financial Statements

June 30, 2024 (Unaudited)

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.

NOTE 4. SECURITIES TRANSACTIONS

Investment transactions for the period ended June 30, 2024, excluding temporary short-term investments, were as follows:

	Cost of Investments		Proceeds from
Fund	Purchased		Investments Sold
Blackstone Senior Floating Rate 2027 Term Fund	$	178,142,678	$	171,493,445
Blackstone Long-Short Credit Income Fund		157,977,677		153,620,956
Blackstone Strategic Credit 2027 Term Fund		644,853,981		627,638,463

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, 2024, 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 $275,191, $215,053 and $384,275 for BSL, BGX, and BGB, respectively, as of the period ended June 30, 2024, is 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, serves 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 compensates BSP with respect to the sale of BSL Common Shares in the ATM offering 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 will compensate 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, 2024, BSL did not sell any shares, pursuant to this shelf registration and $0 gross proceeds were rebated by BSP back to BSL.

Semi-Annual Report | June 30, 2024

Blackstone Credit & Insurance Funds

Notes to Financial Statements

June 30, 2024 (Unaudited)

NOTE 6. CAPITAL

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

Transactions in shares were as follows:

	For the Six
	Months Ended		For the
	June 30, 2024		Year Ended
Blackstone Senior Floating Rate 2027 Term Fund	(Unaudited)		December 31, 2023
Common shares outstanding - beginning of period		13,008,542		13,008,542
Common shares issued as reinvestment of dividends		–		–
Common shares outstanding - end of period		13,008,542		13,008,542

	For the Six
	Months Ended		For the
	June 30, 2024		Year Ended
Blackstone Long-Short Credit Income Fund	(Unaudited)		December 31, 2023
Common shares outstanding - beginning of period		12,708,275		12,708,275
Common shares issued as reinvestment of dividends		–		–
Common shares outstanding - end of period		12,708,275		12,708,275

	For the Six
	Months Ended		For the
	June 30, 2024		Year Ended
Blackstone Strategic Credit 2027 Term Fund	(Unaudited)		December 31, 2023
Common shares outstanding - beginning of period		44,664,382		44,664,382
Common shares issued as reinvestment of dividends		–		–
Common shares outstanding - end of period		44,664,382		44,664,382

NOTE 7. LOANS AND OTHER INVESTMENTS

BSL defines “Senior Loans” as first lien 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, 2024, 93.32% of BSL’s Managed Assets were held in Senior Loans, 88.64% of BGX's Managed Assets were held in Secured Loans, and 102.31% of BGB’s Managed Assets were held in corporate fixed income instruments including Senior Secured Loans.

Senior secured loans hold a senior position in the capital structure of a business entity, are secured with specific collateral and have a claim on the assets and/or stock of the Borrower that is senior to that held by unsecured creditors, subordinated debt holders and stockholders of the Borrower.

Loans often require 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 London Interbank Offered Rate (“LIBOR”) and the Secured Overnight Financing Rate (“SOFR”) (subject to the LIBOR transition as described below and in Principal Risks—LIBOR Risk”), plus a premium or credit spread.

96	www.blackstone-credit.com

Blackstone Credit & Insurance Funds

Notes to Financial Statements

June 30, 2024 (Unaudited)

The United Kingdom's Financial Conduct Authority announced a phase out of LIBOR in 2017. Although many LIBOR rates ceased to be published or were no longer representative of the underlying market they sought to measure after December 31, 2021, a selection of widely used U.S. dollar LIBOR rates were published through June 30, 2023 in order to assist with the transition. Further, on March 15, 2022, the Consolidated Appropriations Act of 2022, which includes the Adjustable Interest Rate (LIBOR) Act, was signed into law in the United States. This legislation establishes a uniform benchmark replacement process for financial contracts that mature after June 30, 2023 that do not contain clearly defined or practicable fallback provisions. The U.S. Federal Reserve System, in conjunction with the Alternative Reference Rates Committee, a steering committee comprised of large U.S. financial institutions, has begun publishing SOFR, which is their preferred alternative rate for U.S. dollar LIBOR, and which is a new index calculated by short-term repurchase agreements, backed by Treasury securities. Given the inherent differences between LIBOR and SOFR, or any other alternative benchmark rate that may be established, there remains uncertainty regarding the continued transition away from LIBOR and the nature of any replacement rate. Proposals for alternative reference rates for other currencies have also been announced or have already begun publication. Markets are in the process of developing in response to these new rates, and there has been no global consensus as to an alternative rate. There could be significant operational challenges which could affect the Funds’ performance for the continued transition away from LIBOR. The Funds and our portfolio companies and/or obligors may need to amend or restructure our existing LIBOR-based debt instruments and any related hedging arrangements, depending on the applicable LIBOR tenor. Such amendments and restructurings may be difficult, costly and time consuming. The Funds may invest, or remain invested, in floating rate loans and investment securities whose interest rates are indexed to LIBOR.

Loans are subject to the risk of payment defaults of scheduled interest or principal. Such non-payment could result in a reduction of income, a reduction in the value of the investment and a potential decrease in the NAV of 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, 2024, BSL, BGX and BGB had invested $4,951,586, $4,384,563, and $14,954,487, 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.

Semi-Annual Report | June 30, 2024

Blackstone Credit & Insurance Funds

Notes to Financial Statements

June 30, 2024 (Unaudited)

NOTE 8. GENERAL COMMITMENTS AND CONTINGENCIES

As of June 30, 2024, the Funds had unfunded loan commitments outstanding, which could be extended at the option of the borrower, as detailed below:

	Blackstone Senior Floating				Blackstone Long-Short				Blackstone Strategic
	Rate 2027 Term Fund				Credit Income Fund				Credit 2027 Term Fund
Borrower	Par Value		Fair Value		Par Value		Fair Value		Par Value		Fair Value
Action Environmental Group, Inc., First Lien
Term Loan	$	146,612	$	147,712	$	144,346	$	145,428	$	164,817	$	166,054
Ryan LLC., First Lien Term Loan		52,063		52,343		44,444		44,683		147,302		148,093
Touchdown Acquirer Inc aka TenCate DDTL 1L		87,950		88,473		75,745		76,195		250,209		251,696
Groundworks LLC, First Lien Term Loan		94,772		94,831		104,642		104,707		226,555		226,696
Epicor Software Corp, First Lien Term Loan		42,902		43,134		37,661		37,866		137,765		138,511
Total	$	424,300	$	426,493	$	406,838	$	408,879	$	926,648	$	931,050

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, 2024, BSL, BGX, and BGB recorded a net decrease in unrealized appreciation on unfunded loan commitments totaling $2,252, $1,448, and $7,852, 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.

98	www.blackstone-credit.com

Blackstone Credit & Insurance Funds

Notes to Financial Statements

June 30, 2024 (Unaudited)

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, 2024, BGX did not enter into any credit default swaps.

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, 2024. 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 which do not require the vote of 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 has entered into a separate Credit Agreement (each, an “Agreement”) with a lender to borrow money pursuant to a two-year revolving line of credit (“Leverage Facility”) for BSL, BGX and BGB.

BSL entered into an agreement dated October 8, 2014, as amended on October 7, 2015, October 5, 2016, and October 4, 2017, and as further amended and restated on June 20, 2018 and as further amended and restated on October 4, 2019 and as amended on October 2, 2020, October 1, 2021, November 29, 2021, September 30, 2022 and September 29, 2023 to borrow up to a limit of $100 million, with $34 million for tranche A loans ("BSL Tranche A Loans") and $66 million for tranche B loans ("BSL Tranche B Loans").

BGX entered into an agreement dated July 29, 2014, as amended on January 26, 2015, July 28, 2015, July 26, 2016, July 25, 2017, January 8, 2018 and February 23, 2018 and as further amended and restated on June 20, 2018, and as further amended and restated on July 25, 2019 and as amended on July 23, 2020, July 26, 2021, November 29, 2021, July 21, 2022 and July 20, 2023, to borrow up to a limit of $100 million, with $34 million for tranche A loans (“BGX Tranche A Loans”) and $66 million for tranche B loans (“BGX Tranche B Loans”).

BGB entered into an agreement dated December 21, 2012, as amended on December 20, 2013, December 19, 2014, December 18, 2015, July 26, 2016, December 16, 2016, December 20, 2017, as amended and restated on June 20, 2018, as amended on December 4, 2018 and as further amended and restated on January 11, 2019, as further amended on January 10, 2020, January 8, 2021, September 30, 2021, December 31, 2021 and December 30, 2022, and as further amended and restated on December 29, 2023, to borrow up to a limit of $300 million, with $105 million for tranche A loans (“BGB Tranche A Loans” and collectively with BGX Tranche A Loans and BSL Tranche A Loans, the “Tranche A Loans”) and $195 million for tranche B loans (“BGB Tranche B Loans” and collectively with BGX Tranche B Loans and BSL Tranche B Loans, the “Tranche B Loans”).

Semi-Annual Report | June 30, 2024

Blackstone Credit & Insurance Funds

Notes to Financial Statements

June 30, 2024 (Unaudited)

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

Interest on BSL's Leverage Facility is charged at a rate of 1.00% above adjusted term Secured Overnight Financing Rate (“SOFR”) with respect to BSL Tranche A Loans, 1.30% above adjusted term SOFR for one (1) month interest period BSL Tranche B Loans and 1.20% above adjusted term SOFR for three (3) month interest period BSL Tranche B Loans, with adjusted term SOFR measured for the period commencing on the date of the making of such Loan at adjusted term SOFR (or the last date upon which any other Loan was converted to, or continued as, such Loan at adjusted term SOFR) and ending on the numerically corresponding day in the calendar month that is one (1), or three (3) months thereafter, as the Fund may elect, or such other periods as the lender may agree in its sole and absolute discretion.

Interest on BGB’s Leverage Facility is charged at a rate of 1.00% above adjusted term SOFR with respect to BGB Tranche A Loans, 1.30% above adjusted term SOFR for one (1) month interest period BGB Tranche B Loans and 1.20% above adjusted term SOFR for three (3) month interest period BGB Tranche B Loans, with adjusted term SOFR measured for the period commencing on the date of the making of such Loan at adjusted term SOFR (or the last date upon which any other Loan was converted to, or continued as, such Loan at adjusted term SOFR) and ending on the numerically corresponding day in the calendar month that is one (1) or three (3) months thereafter, as the Fund may elect, or such other periods as the lender may agree in its sole and absolute discretion.

Interest on BGX's Leverage Facility is charged at a rate of 1.00% above adjusted term SOFR with respect to BGX Tranche A Loans, 1.30% above adjusted term SOFR for one (1) month interest period BGX Tranche B Loans and 1.20% above adjusted term SOFR for three (3) month interest period BGX Tranche B Loans, with adjusted term SOFR measured for the period commencing on the date of the making of such Loan at adjusted term SOFR (or the last date upon which any other Loan was converted to, or continued as, such Loan to at adjusted term SOFR) and ending on the numerically corresponding day in the calendar month that is one (1) or three (3) months thereafter, as the Fund may elect, or such other periods as the lender may agree in its sole and absolute discretion.

Under the terms of the applicable Agreement, each Fund must pay a commitment fee on any undrawn amounts. The commitment fee payable in BSL, BGB and BGX, for each of Tranche A and Tranche B Loans is 0.15% on the undrawn amounts when drawn amounts exceed 75% of the borrowing limit and 0.25% on the undrawn amounts at any other time. Interest and fees are generally payable at the end of the respective interest period. Each Fund may elect to extend the applicable Agreement for a further period with the consent of the lending bank. At June 30, 2024, BSL, BGX, and BGB had borrowings outstanding under their respective Leverage Facility of $90,600,000, $79,200,000, and $291,100,000, at an interest rate of 6.47%, 6.48%, and 5.59%, respectively. Due to the short term nature of each Agreement, face value approximates fair value at June 30, 2024. This fair value is based on Level 2 inputs under the three-tier fair valuation hierarchy (see Note 2). For the period ended June 30, 2024, the average borrowings under BSL’s, BGX’s and BGB’s Leverage Facility and the weighted average interest rates were $90,479,121 and 6.59%, $78,551,648 and 6.57%, and $290,534,066 and 6.18%, respectively. During the period ended June 30, 2024, BSL, BGX and BGB incurred $16,203, $26,649, and $4,859, respectively, for commitment fees on undrawn amounts, which is included under Interest on leverage facility on the Statements of Operations.

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. Compliance with the investment restrictions and calculations are performed by the Funds’ custodian, The Bank of New York Mellon.

The use of borrowings to leverage the common shares of the Funds may create 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 if BSL and BGB did not use leverage because the fees paid are calculated on the basis of BSL and BGB’s Managed Assets, which include the assets purchased through leverage. As of June 30, 2024, BSL’s, BGX’s, and BGB’s leverage represented 31.99%, 31.95%, and 37.08% of each Fund’s Managed Assets, respectively. The leverage amount in BGB includes 4.96% of Managed Assets attributable to the Series B MRPS.

100	www.blackstone-credit.com

Blackstone Credit & Insurance Funds

Notes to Financial Statements

June 30, 2024 (Unaudited)

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.

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, 2023 permanent differences were as follows

	Increase/(Decrease)			Increase/(Decrease)
Fund	Paid-in capital			Total Distributable Earnings
Blackstone Senior Floating Rate 2027 Term Fund	$	(35,451	)	$	35,451
Blackstone Long-Short Credit Income Fund	$	(27,380	)	$	27,380
Blackstone Strategic Credit 2027 Term Fund	$	(203,128	)	$	203,128

The tax character of distributions paid by the Funds during the fiscal year ended December 31, 2023 was as follows:

	Blackstone Senior Floating		Blackstone Long-Short Credit			Blackstone Strategic Credit
2023	Rate 2027 Term Fund		Income Fund			2027 Term Fund
Distributions Paid From:
Ordinary Income	$	18,680,266	$	17,458,482	^(a)	$	56,227,196	^(a)
Total	$	18,680,266	$	17,458,482		$	56,227,196

^(a)

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, 2023, and as such are deemed to arise on the first day of the year ended December 31, 2024, were as follows:

Fund	Short Term		Long Term
Blackstone Senior Floating Rate 2027 Term Fund	$	4,272,583	$	57,701,462
Blackstone Long-Short Credit Income Fund	$	7,037,018	$	58,729,389
Blackstone Strategic Credit 2027 Term Fund	$	22,565,487	$	236,614,593

At December 31, 2023, the components of distributable earnings on a tax basis for the Funds were as follows:

	Blackstone Senior Floating			Blackstone Long-Short Credit			Blackstone Strategic Credit
	Rate 2027 Term Fund			Income Fund			2027 Term Fund
Undistributed ordinary income	$	155,795		$	–		$	229,988
Accumulated capital losses		(61,974,045	)		(65,766,407	)		(259,180,080	)
Unrealized appreciation/(depreciation)		(5,074,436	)		(4,057,943	)		(15,132,893	)
Other Cumulative effect of timing differences		–			(83,994	)		–
Total	$	(66,892,686	)	$	(69,908,344	)	$	(274,082,985	)

Semi-Annual Report | June 30, 2024

101

Blackstone Credit & Insurance Funds

Notes to Financial Statements

June 30, 2024 (Unaudited)

The amount of net tax unrealized appreciation/(depreciation) and the tax cost of investment securities at June 30, 2024, calculated using book/tax differences as of the most recently ended fiscal year, December 31, 2023, were as follows:

	Blackstone Senior Floating			Blackstone Long-Short Credit			Blackstone Strategic Credit
	Rate 2027 Term Fund			Income Fund			2027 Term Fund
Cost of investments for income tax purposes	$	302,314,389		$	263,234,110		$	965,886,874
Gross appreciation (excess of value over tax cost)	$	2,523,222		$	2,479,394		$	9,872,623
Gross depreciation (excess of tax cost over value)		(7,647,285	)		(7,026,706	)		(30,061,384	)
Net unrealized depreciation	$	(5,124,063	)	$	(4,547,312	)	$	(20,188,761	)

NOTE 12. RECENT ACCOUNTING PRONOUNCEMENT

In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848),” which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848), which expanded the scope of Topic 848 to include derivative instruments impacted by discounting transition. In December 2022, FASB issued Accounting Standards Update No. 2022-06, "Deferral of the Sunset Date of Topic 848" ("ASU 2022-06). ASU 2022-06 defers the sunset date of Topic 848 to December 31, 2024, to permit entities to apply the guidance in Topic 848 through an 18-month period after the cessation date of USD LIBOR, which occurred on June 30, 2023. Management does not expect ASU No. 2022-06 to have a material impact on the financial statements.

In June 2022, FASB issued Accounting Standards Update No. 2022-03, "Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions" ("ASU 2022-03"). ASU 2022-03 clarifies the guidance in ASC 820, related to the measurement of the fair value of an equity security subject to contractual sale restrictions, where it eliminates the ability to apply a discount to the fair value of these securities, and introduces disclosure requirements related to such equity securities. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. Management is currently evaluating the impact of applying this update.

NOTE 13. 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 14. 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 11, 2024, a monthly distribution of $0.114 per share was declared to common shareholders, payable on July 31, 2024, to common shareholders of record on July 24, 2024. On June 11, 2024, a monthly distribution of $0.114 per share was declared to common shareholders, payable on August 30, 2024 to common shareholders of record on August 23, 2024.

Shareholder Distributions for BGX: On June 11, 2024, a monthly distribution of $0.105 per share was declared to common shareholders, payable on July 31, 2024, to common shareholders of record on July 24, 2024. On June 11, 2024, a monthly distribution of $0.105 per share was declared to common shareholders, payable on August 30, 2024 to common shareholders of record on August 23, 2024.

Shareholder Distributions for BGB: On June 11, 2024, a monthly distribution of $0.101 per share was declared to common shareholders, payable on July 31, 2024, to common shareholders of record on July 24, 2024. On June 11, 2024, a monthly distribution of $0.101 per share was declared to common shareholders, payable on August 30, 2024 to common shareholders of record on August 23, 2024.

102	www.blackstone-credit.com

Blackstone Credit & Insurance Funds

Summary of Dividend Reinvestment Plan

June 30, 2024 (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:

(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 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.

Semi-Annual Report | June 30, 2024

103

Blackstone Credit & Insurance Funds

Additional Information

June 30, 2024 (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 17, 2024, BSL held a special meeting of shareholders to consider the proposals set forth below. The following votes were recorded:

Proposal 1: The election of Thomas W. Jasper as Class I Trustee of BSL, term to expire at the 2027 annual shareholder meeting (only common shareholders vote).

	Number of Shares	% of Shares Voted
Affirmative	10,490,677	96.21%
Withheld	412,776	3.79%
Total	10,903,453	100.00%

Proposal 2: The election of Gary S. Schpero as Class I Trustee of BSL, term to expire at the 2027 annual shareholder meeting (only common shareholders vote).

	Number of Shares	% of Shares Voted
Affirmative	10,402,946	95.41%
Withheld	500,507	4.59%
Total	10,903,453	100.00%

BGX Annual Meeting of Shareholders - Voting Results

On April 17, 2024, BGX held a special meeting of shareholders to consider the proposals set forth below. The following votes were recorded:

Proposal 1: The election of Thomas W. Jasper as Class III Trustee of BGX, term to expire at the 2027 annual shareholder meeting (only common shareholders vote).

	Number of Shares	% of Shares Voted
Affirmative	9,171,957	96.63%
Withheld	319,307	3.37%
Total	9,491,264	100.00%

Proposal 2: The election of Gary S. Schpero as Class III Trustee of BGX, term to expire at the 2027 annual shareholder meeting (only common shareholders vote).

	Number of Shares	% of Shares Voted
Affirmative	8,829,874	93.03%
Withheld	661,390	6.97%
Total	9,491,264	100.00%

104	www.blackstone-credit.com

Blackstone Credit & Insurance Funds

Additional Information

June 30, 2024 (Unaudited)

BGB Annual Meeting of Shareholders - Voting Results

On April 17, 2024, BGB held a special meeting of shareholders to consider the proposals set forth below. The following votes were recorded:

Proposal 1: The election of Thomas W. Jasper as Class II Trustee of BGB, term to expire at the 2027 annual shareholder meeting (only preferred shareholders vote).

	Number of Shares	% of Shares Voted
Affirmative	45,000	100.00%
Withheld	0	0.00%
Total	45,000	100.00%

Proposal 2: The election of Gary S. Schpero as Class II Trustee of BGB, term to expire at the 2027 annual shareholder meeting (common and preferred shareholders vote).

	Number of Shares	% of Shares Voted
Affirmative	29,718,300	77.16%
Withheld	8,798,501	22.84%
Total	38,516,801	100.00%

Semi-Annual Report | June 30, 2024

105

Blackstone Credit & Insurance Funds

Privacy Procedures

June 30, 2024 (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.

Rev May 2024

FACTS	WHAT DO BLACKSTONE REGISTERED FUNDS 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: ● Social Security number and income ● Assets and investment experience ● 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 Blackstone Registered Funds (as defined below) choose to share; and whether you can limit this sharing.

Reasons we can share your personal information	Do Blackstone Registered Funds 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

Questions?	Email us at GLB.privacy@blackstone.com
Who We Are
Who is providing this notice?	Blackstone Registered Funds consists of Blackstone Alternative Investment Funds, on behalf of its series Blackstone Alternative Multi-Strategy Fund, Blackstone Senior Floating Rate 2027 Term Fund, Blackstone Long-Short Credit Income Fund, Blackstone Strategic Credit 2027 Term Fund, and Blackstone Floating Rate Enhanced Income Fund, Blackstone Private Credit Fund, and Blackstone Secured Lending Fund.

106	www.blackstone-credit.com

Blackstone Credit & Insurance Funds

Privacy Procedures

June 30, 2024 (Unaudited)

What We Do
How do Blackstone Registered Funds 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 Blackstone Registered Funds collect my personal information?	We collect your personal information, for example, when you: ● open an account or give us your income information ● provide employment information or give us your contact information ● tell us about your investment or retirement portfolio 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: ● sharing for affiliates’ everyday business purposes—information about your creditworthiness ● affiliates from using your information to market to you sharing for nonaffiliates to market to you 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. ● 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. ● Blackstone Registered Funds 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. ● Our joint marketing partners include financial services companies.

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.

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 Blackstone Registered Funds’ 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 PrivacyQueries@Blackstone.com or access our web form www.blackstone.com/privacy.

You may also write to:

Blackstone Inc.

Attn: Legal & Compliance

345 Park Avenue

New York, NY 10154

Semi-Annual Report | June 30, 2024

107

Blackstone Credit & Insurance Funds

Privacy Procedures

June 30, 2024 (Unaudited)

INVESTOR DATA PRIVACY NOTICE

Why are you seeing this notice?

●

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 The Blackstone Group 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.

Who is providing this notice?

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.

What personal data do we collect about you?

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;

108	www.blackstone-credit.com

Blackstone Credit & Insurance Funds

Privacy Procedures

June 30, 2024 (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.

Where do we obtain your personal data?

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

WHAT

HOW

Personal data that you give us

● 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)

● When you provide it to us in correspondence and conversations, including electronic communications such as e-mail and telephone calls

● When you make transactions with respect to the Fund

● When you interact with our online platforms and websites (such as bxaccess.com)

● When you purchase securities from us and/or tell us where to send money

● From cookies, web beacons, and similar interactions when you or your devices access our sites

● 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:

● Publicly available and accessible directories and sources

● Bankruptcy registers

● 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

● Governmental and competent regulatory authorities to whom we have regulatory obligations

● Credit agencies

● Fraud prevention and detection agencies / organizations

● Transaction counterparties

Semi-Annual Report | June 30, 2024

109

Blackstone Credit & Insurance Funds

Privacy Procedures

June 30, 2024 (Unaudited)

Why do we process your personal data?

We may process your Personal Data for the following reasons:

WHY

HOW

Contract

It is necessary to perform our contract with you to:

● Administer, manage and set up your investor account(s) to allow you to purchase your holding (of shares or interests) in our Funds

● Meet the resulting contractual obligations we have to you

● Facilitate the continuation or termination of the contractual relationship between you and the Fund

● 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:

● Undertake our client and investor due diligence, and on-boarding checks

● Carry out verification, “know your client”, terrorist financing, sanctions, and anti-money laundering checks

● Verify the identity and addresses of our investors (and, if applicable, their beneficial owners)

● Comply with requests from regulatory, governmental, tax and law enforcement authorities

● Carry out surveillance and investigations

● Carry out audit checks

● Maintain statutory registers

● Prevent and detect fraud

● Comply with sanctions requirements

110	www.blackstone-credit.com

Blackstone Credit & Insurance Funds

Privacy Procedures

June 30, 2024 (Unaudited)

Legitimate Interests

For our legitimate interests or those of a third party (such as a transaction counterparty or lender) to:

● Manage and administer your holding in any Funds in which you are invested, and any related accounts on an ongoing basis

● Assess and process any applications or requests made by you

● Open, maintain or close accounts in connection with your investment in, or withdrawal from, the Fund scheme

● Send updates, information and notices or otherwise correspond with you in connection with your investment in the Fund scheme

● Address or investigate any complaints, claims, proceedings or disputes

● Provide you with, and inform you about, our investment products and services

● Monitor and improve our relationships with investors

● Comply with applicable prudential and regulatory obligations, including anti-money laundering, sanctions and “know your client” checks

● Assist our transaction counterparties to comply with their regulatory and legal obligations (including anti-money laundering, “know your client”, terrorist financing, and sanctions checks)

● Manage our risk and operations

● Comply with our accounting and tax-reporting requirements

● Comply with our audit requirements

● Assist with internal compliance with our policies and processes

● Ensure appropriate group management and governance

● Keep our internal records

● Prepare reports on incidents/accidents

● 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)

● Analyze and manage commercial risks

● Seek professional advice, including legal advice

● Enable any actual or proposed assignee or transferee, participant or nsub-participant of the partnership’s or Fund vehicles’ rights or obligations to evaluate proposed transactions

● Facilitate business asset transactions involving the Fund partnership or Fund-related vehicles

● Monitor communications to/from us using our systems

● Protect the security and integrity of our information technology systems

● Protect the security and safety of our buildings and locations where we operate

● Operate, run and schedule online meetings, webinars and conferences (for example, using Zoom and other online meeting platforms)

● Manage our financing arrangements with our financiers and financing transaction counterparties, including payment providers, intermediaries, and correspondent / agent banks

● Monitor the operation of Fund distribution platforms, where these are operated by third parties or service providers

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.

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.

Semi-Annual Report | June 30, 2024

111

Blackstone Credit & Insurance Funds

Privacy Procedures

June 30, 2024 (Unaudited)

Who we share your personal data with

We may share your Personal Data as follows:

Who	Why
Fund Associates	We share your Personal Data with our associates, related parties and members of our group. This is: ● To manage our relationship with you ● 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 ● For the purposes set out in this Data Privacy Notice
Fund Managers, Depositories, Administrators, Custodians, Distributors, Investment Advisers	● Delivering the services you require ● Managing your investment ● Supporting and administering investment-related activities ● Complying with applicable investment, anti-money laundering and other laws and regulations
Tax Authorities	● To comply with applicable laws and regulations ● 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 ● 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	● Delivering and facilitating the services needed to support our business relationship with you (including cloud services) ● Supporting and administering investment-related activities ● 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	● Assisting these transaction counterparties with regulatory checks, such as ‘know your client’, and anti-money laundering procedures ● Sourcing credit for Fund-related entities in the course of our transactions and fund life cycles
Our Lawyers, Auditors and other Professional Advisers	● Providing you with investment-related services ● To comply with applicable legal and regulatory requirements ● Supporting Blackstone with the purposes described in section 5 of this Data Privacy Notice

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.

112	www.blackstone-credit.com

Blackstone Credit & Insurance Funds

Privacy Procedures

June 30, 2024 (Unaudited)

Do you have to provide us with this personal data?

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.

Sending your personal data internationally

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 applicable 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’ section for details.

Consent – and your right to withdraw it

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 ‘Contact Us’ section for details).

Retention and deletion of your personal data

We keep your Personal Data for as long as it is required by us for our legitimate business purposes, to perform our contractual obligations 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, 2024

113

Blackstone Credit & Insurance Funds

Privacy Procedures

June 30, 2024 (Unaudited)

Your rights

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 ‘Contact Us’ section for details.

Concerns or queries

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 ‘Contact Us’ 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:

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

114	www.blackstone-credit.com

Blackstone Credit & Insurance Funds

Privacy Procedures

June 30, 2024 (Unaudited)

Contact us

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

Address

For EU/UK related queries:

40 Berkeley Square, London, W1J 5AL, United Kingdom

All other queries:

345 Park Avenue, New York, NY 10154

A list of country specific addresses and contacts for locations where we operate is available at

https://privacy.blackstone.com/visitors-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, 2024

115

Blackstone Credit & Insurance Funds

Approval of Investment Advisory Agreement

June 30, 2024 (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 30, 2024, 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 with their Independent Counsel (the “Review Session”) prior to the Contract Renewal Meeting 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 such information and also reflected 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, with one of the largest credit teams in the United States 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.

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 US Bank Loan Closed-End Fund classification (the “Morningstar Classification of Bank Loan”), which consists of 27 closed-end funds. Broadridge selected the Peer Group funds primarily from the Morningstar Classification of Bank Loan 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. On May 15, 2024, each of the members of the Board participated in a video conference call with Broadridge regarding the Broadridge Performance Information, including its peer grouping methodology and reporting format. Representatives of the Adviser also participated in that call. 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.

116	www.blackstone-credit.com

Blackstone Credit & Insurance Funds

Approval of Investment Advisory Agreement

June 30, 2024 (Unaudited)

The Peer Group for BSL consisted of eight funds, including BSL, for each of the 1-, 3-, 5- and 10-year periods ended March 31, 2024 (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 nine funds, including both BGX and BGB, for each of the 1-, 3-, 5- year and 10-year periods. The Peer Group for BGX and BGB included funds with historical portfolio allocations to bank loans higher than 20% 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 their assets allocated to bank loans. Broadridge included funds from outside the Morningstar Classification of Bank Loan with portfolio allocations to bank loans higher than 20% 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 at that time. The Board also noted that it also had 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 Classification of Bank Loan.

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 third out of eight among its Peer Group funds for the 1-year period; ranked fourth among its Peer Group funds for the 3-year period; ranked second among its Peer Group funds for the 5-year period; and ranked second among its Peer Group funds for the 10- year period.¹ BSL’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 fourth among its Peer Group funds for the 5-year period; and ranked fifth among its Peer Group funds for the 10-year period. Whether measured on a gross or net return basis, BSL’s returns were higher than the Peer Group median performance for the 1- and 5-year periods, and BSL’s gross returns were higher than the Peer Group median performance for each of the 1-, 3-, 5- and 10-year periods, but were lower than the Peer Group median performance with respect to net returns for each of the 3- and 10-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 1- 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 Peer Group median, classification median and benchmark. On a gross return basis, BSL’s Sharpe ratio ranked third, fourth, fourth and fifth among its Peer Group funds, respectively, for the 1-, 3-, 5- and 10-year periods. On a net return basis, BSL’s Sharpe ratio ranked second, seventh, sixth and seventh, 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 sixth out of nine among its Peer Group funds for the 1-year period; ranked eighth among its Peer Group funds for the 3-year period; and ranked fourth among its Peer Group funds for the 5- and 10-year periods. BGX’s returns, measured on a net return basis, ranked fifth among its Peer Group funds for the 1-year period; ranked eighth among its Peer Group funds for the 3-year period; ranked seventh among its Peer Group funds for the 5-year period; and ranked sixth among its Peer Group funds for the 10-year period. The Fund’s gross returns were higher than the Peer Group median return for the 5- and 10-year periods, while the Fund’s gross returns were lower than the Peer Group median return for the 1- and 3-year periods. The Fund’s net returns were higher than the Peer Group median return for the 1-year period, while the Fund’s net returns were lower than the Peer Group median return for the 3-, 5- and 10-year periods. 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 outperformed its Peer Group and classification medians and benchmark for each of the 5-, and 10-year periods. On a gross return basis, BGX’s Sharpe ratio ranked fourth, seventh, seventh and seventh among its Peer Group funds, respectively, for the 1-, 3-, 5- and 10- year periods. On a net return basis, BGX’s Sharpe ratio ranked seventh, seventh, eighth and eighth, 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 fourth out of nine among its Peer Group funds for the 1-year period; ranked sixth among its Peer Group funds for the 3- and 10-year periods; and ranked seventh among its Peer Group funds for the 5-year period. BGB’s returns, measured on a net return basis, ranked sixth among its Peer Group funds for the 1-year period and ranked last among its Peer Group funds for the each of the 3-, 5- and 10- year periods. The Fund’s returns on both a gross and net return basis were lower than the Peer Group median performance for each of the 3-, 5- and 10-year periods, and the Fund’s gross returns were higher than the Peer Group median return in the 1-year period, but the Fund’s net returns were below the Peer Group median return for the 1-year period. The Board also considered BGB’s performance relative to its benchmark and in absolute terms. The Broadridge Performance Information showed that on a gross return basis, BGB’s Sharpe ratio ranked seventh, sixth, eighth and eighth among its Peer Group funds, respectively, for the 1-, 3-, 5- and 10-year periods. On a net return basis, BGB’s Sharpe ratio ranked last among the Peer Group funds for each of the 1-, 3-, 5- and 10-year periods.

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, 2024

117

Blackstone Credit & Insurance Funds

Approval of Investment Advisory Agreement

June 30, 2024 (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 peer grouping. 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 Classification of Bank Loan 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 utilizes a highly disciplined and repeatable investment approach with respect to the Funds. 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 such Fund.

Additionally, the Board received and considered information and analyses that Broadridge prepared (the “Broadridge Expense Information”), comparing, among other things, the Advisory Fee for each Fund and each Fund’s overall expenses with corresponding information contained in the Morningstar Classification of Bank Loan and each Fund’s Peer Group. The comparison was based upon information as of 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 Classification of Bank Loan.

BSL

The eight funds in BSL’s Peer Group had average common share net assets ranging from $106.33 million to $751.03 million. Five 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 sixth among the eight 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 seventh among the funds in the Peer Group and were lower than the Peer Group median for that expense component.

BGX

The nine 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 $124.00 million to $751.03 million. Seven of the other funds in the Peer Group were larger than BGX and one was smaller. The Broadridge Expense Information—which compared BGX’s actual total expenses to those of 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 fourth among the funds in the Peer Group and was lower (i.e., better) than the Peer Group median for that expense component. The Fund’s actual total expenses, compared on the basis of common share net assets, tied for fifth in rank among the funds in the Peer Group and were higher than the Peer Group median for that expense component.

BGB

The nine 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 $124.00 million to $751.03 million. One of the other funds in the Peer Group was larger than BGB and seven were smaller. The Broadridge Expense Information—which compared BGB’s actual total expenses to those of 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, tied for sixth in rank among the funds in the Peer Group and were higher than the Peer Group median for that expense component.

118	www.blackstone-credit.com

Blackstone Credit & Insurance Funds

Approval of Investment Advisory Agreement

June 30, 2024 (Unaudited)

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 non- compensation expenses to the Funds increased year-over-year, while the allocation of compensation expenses to the Funds decreased 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 in the leveraged finance market 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 slightly lower 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.

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; therefore, any significant growth in its assets generally will occur through appreciation in the value of the Fund’s investment portfolio, rather than sales of additional shares in the Fund. The Board further noted that BGX and BSL were currently in the same circumstance, except that either could engage in an at-the-market offering to raise additional capital. 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. Prior to voting, the Independent Trustees discussed the proposed continuation of the Agreements in a private session with their Independent Counsel at which no representatives of the Adviser or Fund management were present.

Semi-Annual Report | June 30, 2024

119

Blackstone Credit & Insurance Funds

Trustees & Officers

June 30, 2024 (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


Name, Address and Year of Birth⁽¹⁾	Position(s) Held with the Funds	Term of Office and Length of Time Served	Principal Occupation(s) During the Past Five Years	Number of Portfolios in Fund Complex⁽²⁾ Overseen by Trustee	Other Directorships Held by the Trustee During the Past Five Years
Jane M. Siebels Birth Year: 1960	Lead Independent Trustee and member of Audit and Nominating and Governance Committees	Trustee Since: BSL: November 2021 BGX: November 2021 BGB: November 2021 Term Expires: BSL: 2026 BGX: 2026 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. Prior to 2019, she was CEO and CIO of Amber Asset Management, f/k/a Green Cay Asset Management.	4	Scotia Bank (Bahamas); Scotia Bank International (Bahamas); Scotia Trust (Bahamas); First Trust Bank (Bahamas); Global Innovation Fund; Amber Asset Management (until 2019)
Edward H. D'Alelio Birth Year: 1952	Trustee Member of Audit and Nominating and Governance Committees	Trustee Since: BSL: April 2010 BGX: November 2010 BGB: May 2012 Term Expires: BSL: 2026 BGX: 2026 BGB: 2026	Mr. D'Alelio was formerly a Managing Director and CIO for Fixed Income at Putnam Investments, Boston where he retired in 2002. He currently is an Executive in Residence with the School of Management, Univ. of Mass Boston.	4	Owl Rock Capital Corp. business development companies (“BDCs”) (7 portfolios overseen in Fund Complex)
Thomas W. Jasper Birth Year: 1948	Trustee, Chairman of Audit Committee and member of Nominating and Governance Committee	Trustee Since: BSL: April 2010 BGX: November 2010 BGB: May 2012 Term Expires: BSL: 2027 BGX: 2027 BGB: 2027	Mr. Jasper is the Managing Partner of Manursing Partners LLC, a consulting firm.	4	Sisecam Resources LP (formerly, Ciner Resources LP) (master limited partnership) (until 2023)
Gary S. Schpero Birth Year: 1953	Trustee, Chairman of Nominating and Governance Committee and member of Audit Committee	Trustee Since: BSL: May 2012 BGX: May 2012 BGB: May 2012 Term Expires: BSL: 2027 BGX: 2027 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.	4	EQ Advisors Trust; 1290 Funds

120	www.blackstone-credit.com

Blackstone Credit & Insurance Funds

Trustees & Officers

June 30, 2024 (Unaudited)

INTERESTED TRUSTEE⁽³⁾

Name, Address and Year of Birth⁽¹⁾

Position(s) Held with the Funds

Term of Office and Length of Time Served

Principal Occupation(s) During the Past Five Years

Number of Portfolios in Fund Complex⁽²⁾ Overseen by Trustee

Other Directorships Held by the Trustee During the Past Five Years

Robert Zable ⁽⁴⁾

Birth Year: 1972

Chairman of the Board, President, Chief Executive Officer, Trustee

Trustee Since:

BSL: January 2024

BGX: January 2024

BGB: January 2024

Term Expires:

BSL: 2025

BGX: 2025

BGB: 2025

Mr. Zable is the Global Head of Liquid Credit Strategies within Blackstone Credit and Insurance. In his role, Mr. Zable oversees the firm's liquid credit activities, including CLO management, CLO investing, senior loans, multi-asset credit, investment grade and high yield bonds. Prior to joining Blackstone Credit in 2007, Mr. Zable began his career at JP Morgan Securities Inc., where he focused on leveraged finance in New York and London.

None

Semi-Annual Report | June 30, 2024

121

Blackstone Credit & Insurance Funds

Trustees & Officers

June 30, 2024 (Unaudited)

OFFICERS

Name, Address and Year of Birth⁽¹⁾	Position(s) Held with the Funds	Term of Office and Length of Time Served	Principal Occupation During the Past Five Years
Robert Zable ⁽⁴⁾ Birth Year: 1972	Chairman of the Board, President, Chief Executive Officer, Trustee	Officer Since: BSL: September 2015 BGX: September 2015 BGB: September 2015	Mr. Zable is the Global Head of Liquid Credit Strategies within Blackstone Credit and Insurance. In his role, Mr. Zable oversees the firm's liquid credit activities, including CLO management, CLO investing, senior loans, multi-asset credit, investment grade and high yield bonds. Prior to joining Blackstone Credit in 2007, Mr. Zable began his career at JP Morgan Securities Inc., where he focused on leveraged finance in New York and London.
Gregory Roppa Birth Year: 1976	Chief Financial Officer and Treasurer	Officer Since: BSL: March 2022 BGX: March 2022 BGB: March 2022 Term of Office: 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 Birth Year: 1989	Executive Vice President and Assistant Secretary	Officer Since: BSL: January 2024 BGX: January 2024 BGB: January 2024 Term of Office: 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.
Marisa Beeney Birth Year: 1970	Chief Legal Officer and Secretary	Officer Since: BSL: April 2010 BGX: November 2010 BGB: May 2012 Term of Office: Indefinite	Ms. Beeney is a Senior Managing Director and General Counsel of Blackstone Credit & Insurance. Before joining Blackstone, she was with the finance group of DLA Piper.
William Renahan Birth Year: 1969	Chief Compliance Officer	Officer Since: BSL: September 2022 BGX: September 2022 BGB: September 2022 Term of Office: Indefinite	Mr. Renahan is a Managing Director in the Legal and Compliance group of Blackstone. Before joining Blackstone in 2022, he was a Senior Managing Director and Chief Compliance Officer at Duff & Phelps Investment Management.
Valerie Naratil Birth Year: 1988	Public Relations Officer	Officer Since: BSL: February 2021 BGX: February 2021 BGB: February 2021 Term of Office: Indefinite	Ms. Naratil is a Managing Director and a member of the Product Management team within 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.

	⁽¹⁾	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.
	⁽²⁾	The “Fund Complex” consists of the Blackstone Credit & Insurance Closed-End Funds, Blackstone Secured Lending Fund, Blackstone Private Credit Fund, and Blackstone Alternative Multi-Strategy Fund.
	⁽³⁾	"Interested person" of the Funds as defined in Section 2(a)(19) of the 1940 Act. Mr. Zable is an interested person due to his employment with the Adviser.
	⁽⁴⁾	Effective December 31, 2023, Daniel H. Smith resigned from his positions as Trustee and Chairman of the Board and as President and Chief Executive Officer of the Funds, and effective January 1, 2024, the Board appointed Robert Zable to these positions. Also effective December 31, 2023, Mr. Zable resigned from his positions as Executive Vice President and Assistant Secretary of the Funds, and effective January 1, 2024, the Board appointed Robert Post to these positions.

122	www.blackstone-credit.com

Page Intentionally Left Blank

(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.

(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.

(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.

(a)

Not applicable to this Report.

(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.

(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.

(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.

(a)

The registrant did not engage in securities lending activities during its most recent fiscal year.

(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.

(a)

Not applicable.

(b)

Not applicable.

Item 19. Exhibits.

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

(a)(2) Not applicable to this Report.

(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.

(a)(4) Not applicable.

(a)(5) Not applicable.

(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.

(c) Disclosure pursuant to Section 13(r) of the Securities Exchange Act of 1934, as amended, is attached hereto as Exhibit EX-99.IRANNOTICE.

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

By:	/s/ Robert Zable
	Robert Zable (Principal Executive Officer)
	President and Chief Executive Officer

Date:	September 6, 2024

By:	/s/ Gregory Roppa
	Gregory Roppa (Principal Financial Officer)
	Treasurer and Chief Financial Officer

Date:	September 6, 2024

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

By:	/s/ Robert Zable
	Robert Zable (Principal Executive Officer)
	President and Chief Executive Officer

Date:	September 6, 2024

By:	/s/ Gregory Roppa
	Gregory Roppa (Principal Financial Officer)
	Treasurer and Chief Financial Officer

Date:	September 6, 2024

Blackstone/GSO Strategic Credit Fund (BGB) N-CSRSCertified semi-annual shareholder report (management investment company)