NPORT-EX 2 fp0093794-1_nportex.htm

Blackstone Senior Floating Rate 2027 Term Fund

 

Portfolio of Investments

March 31, 2025 (Unaudited)

 

   Principal
Amount		   Value 
FLOATING RATE LOAN INTERESTS(a) - 138.09%
Aerospace & Defense - 5.47%          
Atlas CC Acquisition Corp., First Lien B Term Loan, 3M SOFR + 4.25%, 0.75% Floor, 05/25/2028  $1,317,390   $798,872 
Atlas CC Acquisition Corp., First Lien C Term Loan, 3M SOFR + 4.25%, 0.75% Floor, 05/25/2028   267,944    162,482 
DAE Aviation 10/24 TLB1, First Lien Term Loan, 1M SOFR + 2.25%, 10/31/2031   421,070    420,400 
DAE Aviation 10/24 TLB2, First Lien Term Loan, 1M SOFR + 2.25%, 10/31/2031   160,162    159,907 
Kaman 1/25 Cov-Lite TLB, First Lien Term Loan, 6M CME TERM + 3.00%, 01/30/2032   1,034,791    1,022,286 
Kaman 1/25 Delayed TL 1L, First Lien Term Loan, 6M CME TERM + 3.00%, 01/30/2032   97,622    96,442 
KARMAN HLDGS LLC, First Lien Term Loan, 6M SOFR + 3.25%, 02/27/2032(b)   590,000    590,738 
Nordam Group LLC, First Lien Initial Term Loan, 1M SOFR + 5.50%, 04/09/2026   1,654,400    1,656,468 
Novaria Holdings, LLC, First Lien Term Loan, 1M SOFR + 4.25%, 06/06/2031   788,118    788,118 
Peraton Corp., First Lien B Term Loan, 1M SOFR + 3.75%, 0.75% Floor, 02/01/2028   2,251,705    2,009,117 
Signia Aerospace 11/24 TL, First Lien Term Loan, 6M CME TERM + 3.50%, 12/11/2031   424,067    422,477 
TransDigm, Inc., First Lien Term Loan:          
3M SOFR + 2.50%, 02/28/2031   504,132    501,927 
3M SOFR + 2.50%, 01/19/2032   737,438    734,462 
Vertex Aerospace Corp., First Lien Term Loan, 3M SOFR + 2.75%, 12/06/2030   886,725    875,640 
         10,239,336 
           
Air Freight & Logistics - 1.32%          
AIT Worldwide Logistics Holdings, Inc., First Lien Term Loan, 6M SOFR + 4.25%, 0.75% Floor, 04/08/2030   287,798    287,947 
Jetblue 8/24 TLB 1L, First Lien Term Loan, 3M SOFR + 5.50%, 08/27/2029   713,123    692,749 
Lasership 11/24 TLB 1L, First Lien Term Loan, 6M SOFR + 5.50%, 06/30/2025   818,965    482,166 
Savage Enterprises LLC, First Lien Term Loan, 1M SOFR + 2.75%, 0.50% Floor, 09/15/2028   591,155    590,786 
STONEPEAK NILE PARENT LLC, First Lien Term Loan, 6M CME TERM + 3.25%, 02/04/2032   407,665    406,582 
         2,460,230 
           
Automobile Components - 3.72%          
Belron 10/24 (USD) TLB, First Lien Term Loan, 3M SOFR + 2.75%, 10/16/2031   1,218,637    1,218,070 
Clarios Glob LP, First Lien Term Loan, 1M SOFR + 2.50%, 05/06/2030   800,643    791,036 
Clarios Global LP, First Lien Term Loan, 1M SOFR + 3.25%, 01/28/2032   589,614    581,751 
First Brands Group LLC, First Lien Term Loan, 3M SOFR + 5.00%, 1.00% Floor, 03/30/2027   822,701    766,655 
First Brands Group, LLC, First Lien 2018 New Tranche E Term Loan, 3M SOFR + 5.00%, 03/30/2027   473,708    441,290 
LTI Holdings, Inc., First Lien Term Loan, 1M SOFR + 4.75%, 07/29/2029   1,354,072    1,352,095 
Tenneco, Inc., First Lien Term Loan, 6M CME TERM + 5.00%, 0.50% Floor, 11/17/2028   1,049,624    1,023,998 
Truck Hero, Inc. TLB, First Lien Term Loan, 1M SOFR + 3.50%, 01/31/2028   824,102    789,193 
         6,964,088 
           
Broadline Retail - 0.39%          
Peer Hldg III BV, First Lien Term Loan:          
3M SOFR + 2.25%, 10/28/2030   184,313    184,342 
3M SOFR + 2.25%, 07/01/2031   540,013    539,743 
         724,085 
           
Building Products - 2.56%          
LBM Acquisition LLC, First Lien Term Loan, 1M SOFR + 3.75%, 06/06/2031   1,121,829    1,038,813 
LHS Borrower, LLC, First Lien Term Loan, 1M SOFR + 4.75%, 0.50% Floor, 02/16/2029   810,549    692,732 
Miter Brands Acquisition Holdco Inc., First Lien Term Loan, 1M SOFR + 3.00%, 03/28/2031   959,490    944,565 
Oscar Acquisitionco LLC, First Lien Term Loan, 3M SOFR + 4.25%, 0.50% Floor, 04/29/2029   1,096,511    1,028,763 
Sunbelt Transformer 10/24, First Lien Term Loan, 3M SOFR + 3.50%, 10/24/2031   299,609    299,235 
Trulite Holding Corp., First Lien Term Loan, 3M SOFR + 6.00%, 03/01/2030(b)   789,244    783,325 
         4,787,433 

   

 

   Principal
Amount		   Value 
Capital Markets - 5.06%          
Advisor Group 11/24 TLB, First Lien Term Loan, 3M SOFR + 3.50%, 08/17/2028  $968,959   $962,995 
Apex Group Treasury LLC, First Lien Term Loan, 6M SOFR + 3.75%, 02/27/2032   1,425,106    1,422,441 
Aretec Group, Inc., First Lien Term Loan, 1M SOFR + 3.50%, 08/09/2030   1,869,638    1,856,691 
Ascensus Holdings, Inc., First Lien Term Loan, 1M SOFR + 3.00%, 0.50% Floor, 08/02/2028   520,470    518,029 
Citadel Securities Global Holdings LLC, First Lien Term Loan, 3M SOFR + 2.00%, 10/31/2031   431,910    431,966 
CITCO FDG LLC, First Lien Term Loan, 3M SOFR + 2.75%, 04/27/2028   1,911,343    1,917,316 
FOCUS FINL PARTNERS LLC, First Lien Term Loan, 1M SOFR + 2.75%, 09/15/2031   1,077,923    1,068,804 
June Purchaser, LLC, First Lien Term Loan, 3M SOFR + 3.75%, 11/28/2031   657,506    659,149 
Kestra Advisor Services Holdings A, Inc., First Lien Term Loan, 3M SOFR + 3.25%, 03/21/2031   622,567    617,752 
         9,455,143 
           
Chemicals - 3.30%          
Barentz Intl BV, First Lien Term Loan, 6M CME TERM + 3.75%, 03/03/2031   367,155    365,549 
Discovery Purchaser/Bayer/Envu 8/22 TL, First Lien Term Loan, 3M SOFR + 4.38%, 10/04/2029   862,003    854,999 
Ecovyst Catalyst Technologies LLC, First Lien Term Loan, 3M SOFR + 2.25%, 06/12/2031   925,035    911,932 
Fortis 333 Inc, First Lien Term Loan, 6M SOFR + 3.75%, 02/06/2032(b)   395,000    393,025 
Geon Performance Solutions LLC, First Lien Term Loan, 3M SOFR + 4.25%, 0.75% Floor, 08/18/2028   1,125,566    1,111,023 
Nouryon Finance BV, First Lien Term Loan:          
3M SOFR + 3.25%, 04/03/2028   421,285    422,077 
3M SOFR + 3.25%, 04/03/2028   917,161    916,395 
Valvoline, Inc., First Lien Term Loan 03/19/2032   317,585   317,783 
Vibrantz Technologies, Inc., First Lien Term Loan 04/21/2029   997,442    882,113 
         6,174,896 
           
Commercial Services & Supplies - 6.58%          
Action Environmental Group, Inc., First Lien Term Loan, 3M SOFR + 4.00%, 0.50% Floor, 10/24/2030   1,882,646    1,884,999 
Allied Universal Holdco LLC, First Lien Initial U.S. Dollar Term Loan, 1M SOFR + 3.75%, 0.50% Floor, 05/12/2028   1,009,461    1,009,542 
Amspec Parent LLC, First Lien Term Loan, 6M SOFR + 4.25%, 12/22/2031   272,619    272,790 
Belfor 1/25 (USD) TLB3, First Lien Term Loan, 1M SOFR + 3.00%, 11/01/2030(b)   269,428    269,428 
Garda World Security Corp., First Lien Term Loan, 1M SOFR + 3.00%, 02/01/2029   521,717    520,523 
Justrite Safety Group, First Lien Delayed Draw Term Loan, 1M SOFR + 4.50%, 06/28/2026   73,117    72,980 
Justrite Safety Group, First Lien Initial Term Loan, 1M SOFR + 4.50%, 06/28/2026   1,352,364    1,349,835 
Kidde Global 10/24 TLB, First Lien Term Loan, 1M SOFR + 4.25%, 12/02/2031   1,132,308    1,114,378 
Minimax Viking GmbH, First Lien Term Loan 02/20/2032(b)   633,635    632,447 
ORBIT PRIVATE HLDGS I LTD, First Lien Term Loan 12/11/2028   393,200    392,832 
Orbit Private Holdings I Ltd 12/24 TLB, First Lien Term Loan, 6M SOFR + 4.00%, 0.50% Floor, 12/11/2028   1,457,116    1,455,754 
Prime Sec Services Borrower LLC, First Lien Term Loan, 6M CME TERM + 1.75%, 03/07/2032   390,000    386,100 
Protection One/ADT 11/24, First Lien Term Loan, 1M SOFR + 2.00%, 10/13/2030   1,283,434    1,279,494 
Tidal Waste 10/24 TLB 1L, First Lien Term Loan, 3M SOFR + 3.50%, 10/24/2031   784,000    785,592 
TRC Companies 1/25, First Lien Term Loan, 1M SOFR + 3.50%, 12/11/2028   684,426    678,865 
Vortex Opco, LLC First-Out TL 1L, First Lien Term Loan, 3M SOFR + 6.25%, 04/30/2030   193,491    198,892 
Vortex Opco, LLC Second-Out TL 1L, First Lien Term Loan, 3M SOFR + 4.25%, 12/17/2028   968    470 
         12,304,921 
           
Communications Equipment - 0.00%(f)          
MLN US HoldCo LLC, First Lien B Term Loan, 3M SOFR + 4.50%, 11/30/2025   854,492    6,430 
           
Construction & Engineering - 2.25%          
Aegion 1/25 Cov-Lite TLB, First Lien Term Loan, 6M SOFR + 3.00%, 05/17/2028   1,107,281    1,102,033 
Arcosa 8/24 TL 1L, First Lien Term Loan, 1M SOFR + 2.25%, 08/12/2031   152,134    152,229 
KNIFE RIV CORP, First Lien Term Loan, 6M SOFR + 2.25%, 03/08/2032   793,326    792,334 
Socotec 11/24 (USD) TL, First Lien Term Loan, 6M CME TERM + 3.75%, 06/30/2028   669,288    670,543 
TECTA AMERICA CORP, First Lien Term Loan 02/18/2032   292,394    290,603 
Tencate 1/25 (USD), First Lien Term Loan, 6M SOFR + 3.00%, 02/21/2031   1,208,781    1,195,938 
         4,203,680 

   

 

   Principal
Amount		   Value 
Construction Materials - 1.69%          
QUIKRETE HLDGS INC, First Lien Term Loan:          
1M SOFR + 2.25%, 04/14/2031  $1,469,565   $1,455,281 
6M CME TERM + 2.75%, 02/10/2032   1,480,482    1,465,722 
Tamko Building Products LLC, First Lien Term Loan, 3M SOFR + 2.75%, 09/20/2030   248,620    247,791 
         3,168,794 
           
Consumer Finance - 0.51%          
CPI Holdco B LLC, First Lien Term Loan, 1M SOFR + 2.00%, 05/17/2031   505,961    501,640 
CPI Holdco/Creative 10/24, First Lien Term Loan, 1M SOFR + 2.75%, 05/17/2031   450,764    448,231 
         949,871 
           
Containers & Packaging - 2.94%          
Anchor Packaging LLC, First Lien Term Loan, 1M SOFR + 3.50%, 07/18/2029   420,918    421,180 
Berlin Packaging LLC, First Lien Term Loan, 3M SOFR + 3.50%, 06/07/2031   373,246    372,406 
CLYDESDALE ACQUISITION HLDGS INC, First Lien Term Loan 03/27/2032   26,822    26,705 
Clydesdale Acquisition Holdings, Inc., First Lien Term Loan 03/27/2032   1,534,234    1,527,522 
ProAmpac PG Borrower LLC, First Lien Term Loan, 3M SOFR + 4.00%, 0.75% Floor, 09/15/2028   491,636    489,588 
Reynolds Consumer Products, LLC, First Lien Term Loan, 6M SOFR + 1.75%, 03/04/2032   773,043    775,220 
Supplyone 3/24, First Lien Term Loan, 1M SOFR + 4.50%, 04/19/2031   770,364    772,529 
Tricorbraun Holdings, Inc., First Lien Closing Date Initial Term Loan, 1M SOFR + 3.25%, 0.50% Floor, 03/03/2028   411,074    407,954 
Trident TPI Holdings, Inc., First Lien Term Loan, 3M SOFR + 3.75%, 0.50% Floor, 09/15/2028   736,338    712,867 
         5,505,971 
           
Distributors - 1.26%          
Burgess Point Purchaser Corp., First Lien Term Loan, 3M SOFR + 5.25%, 07/25/2029   1,438,880    1,285,100 
S&S Holdings LLC, First Lien Initial Term Loan, 1M SOFR + 5.00%, 0.50% Floor, 03/11/2028   609,077    605,511 
S&S Holdings LLC, First Lien Term Loan, 1M SOFR + 5.00%, 10/01/2031   467,181    457,984 
         2,348,595 
           
Diversified Consumer Services - 1.95%          
Cengage Learning, Inc., First Lien Term Loan, 1M SOFR + 3.50%, 1.00% Floor, 03/24/2031   802,956    797,552 
Fugue Finance B.V. 12/24, First Lien Term Loan, 6M SOFR + 3.50%, 01/09/2032   523,300    523,504 
Imagine Learning LLC, First Lien Term Loan, 1M SOFR + 3.50%, 12/21/2029   1,141,375    1,138,596 
Learning Care Group US No 2, Inc., First Lien Term Loan 08/11/2028   385,217    383,002 
Spring Education Group, Inc., First Lien Term Loan, 3M SOFR + 4.00%, 10/04/2030   396,127    396,162 
TruGreen LP, First Lien Term Loan, 1M SOFR + 4.00%, 0.75% Floor, 11/02/2027   432,375    408,236 
         3,647,052 
           
Diversified REITs - 0.25%          
Iron Mountain Information Management LLC, First Lien Term Loan, 1M SOFR + 2.00%, 01/31/2031   463,858    461,974 
           
Diversified Telecommunication Services - 2.04%          
Cable & Wireless 1/25 B7, First Lien Term Loan, 6M SOFR + 3.00%, 02/02/2032   1,194,324    1,170,622 
Radiate Holdco, LLC, First Lien Term Loan, 1M SOFR + 3.25%, 09/25/2026   1,270,529    1,091,772 
Ufinet/Zacapa 10/24 TL, First Lien Term Loan, 3M SOFR + 4.00%, 03/22/2029   1,543,299    1,543,623 
         3,806,017 
           
Electric Utilities - 2.83%          
Alpha Generation LLC, First Lien Term Loan, 1M SOFR + 2.75%, 09/30/2031   985,825    987,368 
COGENTRIX FIN HOLDCO I LLC, First Lien Term Loan, 6M SOFR + 3.25%, 02/26/2032   365,676    364,762 
Lightning Power 8/24 TLB, First Lien Term Loan, 3M SOFR + 3.25%, 08/18/2031   1,385,692    1,379,719 
NRG Energy 3/24 Cov-Lite, First Lien Term Loan, 1M SOFR + 1.75%, 04/16/2031   1,132,790    1,132,081 
Vistra Operations Co. LLC, First Lien 2018 Incremental Term Loan, 1M SOFR + 2.00%, 12/20/2030   1,432,588    1,429,845 
         5,293,775 
           
Electrical Equipment - 0.11%          
ARCLINE FM HLDGS LLC, First Lien Term Loan 06/24/2030   206,075    205,456 

   

 

   Principal
Amount		   Value 
Electronic Equipment, Instruments & Components - 1.54%          
Coherent Corp., First Lien Term Loan, 6M SOFR + 2.50%, 0.50% Floor, 07/02/2029  $492,915   $492,863 
DG Investment Intermediate Holdings 2, Inc., Second Lien Initial Term Loan, 1M SOFR + 10.85%, 0.75% Floor, 03/30/2029   601,071    597,690 
Mirion Technologies US, Inc., First Lien Term Loan, 3M SOFR + 2.25%, 0.50% Floor, 10/20/2028   841,584    840,793 
Modena Buyer LLC, First Lien Term Loan, 3M SOFR + 4.50%, 07/01/2031   976,778    947,983 
         2,879,329 
           
Energy Equipment & Services - 0.52%          
Covia Hldgs LLC, First Lien Term Loan, 6M SOFR + 3.50%, 02/26/2032   334,164    333,643 
Ursa Minor US Bidco LLC aka Rosen, First Lien Term Loan, 3M SOFR + 3.50%, 03/26/2031   636,314    637,109 
         970,752 
           
Entertainment - 2.14%          
CE Intermediate I LLC, First Lien Term Loan, 6M CME TERM + 3.50%, 02/06/2032   373,323    372,040 
Delta 2 Lux Sarl, First Lien Term Loan:          
3M CME TERM +%, 2.00% Floor, 09/30/2031   166,667    166,615 
3M CME TERM +%, 2.00% Floor, 09/30/2031   333,333    333,230 
Endeavor 1/25 Cov-Lite, First Lien Term Loan, 6M SOFR + 3.25%, 01/27/2032   783,832    783,346 
EP Purcasher, LLC, First Lien Term Loan, 3M SOFR + 3.50%, 11/06/2028   1,522,160    1,512,410 
EP Purchaser LLC, First Lien Term Loan, 3M SOFR + 4.50%, 0.50% Floor, 11/06/2028   188,549    189,256 
Zuffa 11/24 TLB 1L, First Lien Term Loan, 3M SOFR + 2.25%, 11/21/2031   639,059    638,168 
         3,995,065 
           
Financial Services - 2.76%          
Corpay Technologies Operating Company, LLC, First Lien Term Loan, 1M SOFR + 1.75%, 04/28/2028   1,588,669    1,586,309 
Envestnet, Inc., First Lien Term Loan, 3M SOFR + 3.50%, 11/25/2031   312,292    311,707 
Mitchell International, First Lien Term Loan, 1M SOFR + 3.25%, 06/17/2031   517,450    512,027 
Planet US Buyer, LLC, First Lien Term Loan, 3M SOFR + 3.50%, 02/07/2031   729,689    728,700 
Polaris Newco LLC, First Lien Dollar Term Loan, 3M SOFR + 4.00%, 0.50% Floor, 06/02/2028   1,094,106    1,049,937 
Synechron Inc, First Lien Term Loan, 3M SOFR + 3.75%, 10/03/2031(b)   980,000    978,775 
         5,167,455 
           
Food Products - 1.79%          
Froneri US, Inc., First Lien Term Loan, 6M SOFR + 2.00%, 09/30/2031   1,014,044    1,008,776 
RED SPV LLC, First Lien Term Loan 03/15/2032(b)   847,550    843,312 
Snacking Investments BidCo Pty, Ltd., First Lien Initial US Term Loan, 3M SOFR + 4.00%, 1.00% Floor, 12/18/2026   1,139,014    1,143,821 
Solina/Powder 1/25 (USD), First Lien Term Loan, 6M CME TERM + 3.50%, 03/12/2029   355,788    356,158 
         3,352,067 
           
Ground Transportation - 0.51%          
Genesee & WY Inc, First Lien Term Loan, 3M SOFR + 2.00%, 04/10/2031   966,482    958,629 
           
Health Care Equipment & Supplies - 1.89%          
Auris Luxembourg III SARL, First Lien Term Loan, 6M SOFR + 3.75%, 02/28/2029   1,997,221    1,997,221 
Embecta Corp, TLB, First Lien Term Loan, 1M SOFR + 3.00%, 03/30/2029   1,121,369    1,120,562 
Hanger, Inc., First Lien Term Loan, 1M SOFR + 3.50%, 10/23/2031   415,457    415,674 
         3,533,457 
           
Health Care Providers & Services - 8.56%          
Agiliti Health, Inc., First Lien Term Loan, 6M SOFR + 3.00%, 05/01/2030   917,358    870,724 
CHG Healthcare Services, Inc., First Lien Term Loan, 1M SOFR + 3.00%, 0.50% Floor, 09/29/2028   363,290    363,221 
Global Medical Response, Inc., First Lien Term Loan, 3M SOFR + 5.50%, 1.00% Floor, 9.01% PIK, 10/31/2028(c)   2,118,239    2,120,590 
Heartland Dental LLC, First Lien Term Loan, 1M SOFR + 4.50%, 0.75% Floor, 04/28/2028   651,702    651,774 
Inception Finco Sa rl, First Lien Term Loan, 6M CME TERM + 3.75%, 04/18/2031   583,117    584,848 
MED ParentCo LP, First Lien Term Loan, 1M SOFR + 3.75%, 04/15/2031   318,433    318,367 
Medical Solutions LLC, First Lien Term Loan, 3M SOFR + 5.50%, 11/01/2028   1,111,801    721,559 
Midwest Physcn Admin Srvcs LLC, First Lien Term Loan, 3M SOFR + 3.00%, 03/12/2028   1,373,208    1,205,560 

   

 

   Principal
Amount		   Value 
Health Care Providers & Services (continued)          
Onex TSG Intermediate Corp., First Lien Initial Term Loan, 3M SOFR + 4.75%, 0.75% Floor, 02/28/2028  $1,363,542   $1,374,907 
Outcomes Group Holdings, Inc., First Lien Term Loan, 1M SOFR + 3.50%, 05/06/2031   1,126,935    1,128,811 
Pacific Dental Services, Inc., First Lien Term Loan 03/15/2031   354,000    352,618 
Pathway Vet Alliance LLC, First Lien 2021 Replacement Term Loan, 3M SOFR + 3.75%, 03/31/2027(b)   1,491,927    1,226,878 
Pediatric Associates Holding Co. LLC, First Lien Term Loan, 3M SOFR + 3.25%, 0.50% Floor, 12/29/2028   1,316,407    1,230,511 
R1 RCM 10/24 Cov-Lite TLB, First Lien Term Loan, 1M SOFR + 3.50%, 11/19/2031   533,967    528,182 
Radiology Partners Inc, First Lien Term Loan, 3M SOFR + 3.50%, 01/31/2029   1,483,810    1,433,961 
Southern Veterinary 10/24, First Lien Term Loan, 1M SOFR + 3.25%, 12/04/2031   1,129,510    1,127,697 
U.S. Anesthesia Partners, Inc., First Lien Term Loan, 1M SOFR + 4.25%, 0.50% Floor, 10/01/2028   472,750    464,692 
US Fertility 10/24 TLB 1L, First Lien Term Loan, 3M SOFR + 4.50%, 10/11/2031(b)   298,435    299,181 
         16,004,081 
           
Health Care Technology - 1.82%          
Cotiviti Inc., First Lien Term Loan, 7.63%, 05/01/2031   1,208,027    1,191,417 
Cotiviti, Inc., First Lien Term Loan, 6M SOFR + 2.75%, 02/17/2032   589,800    577,267 
Gainwell Acquisition Corp., First Lien Term Loan, 3M SOFR + 4.00%, 0.75% Floor, 10/01/2027   1,743,835    1,640,321 
         3,409,005 
           
Hotels, Restaurants & Leisure - 5.52%          
1011778 BC UNLIMITED LIABILITY CO, First Lien Term Loan, 1M SOFR + 1.75%, 09/20/2030   881,717    874,871 
Bally’s Corp., First Lien Term Loan, 3M SOFR + 3.25%, 0.50% Floor, 10/02/2028   977,666    873,090 
Caesars Entertainment, Inc., First Lien Term Loan:          
3M SOFR + 2.75%, 0.50% Floor, 02/06/2030   491,988    489,939 
3M SOFR + 2.25%, 0.50% Floor, 02/06/2031   460,521    458,218 
Entain plc, First Lien Term Loan, 3M SOFR + 2.75%, 10/31/2029   1,287,762    1,290,550 
Fertitta Entertainment, LLC, First Lien Term Loan, 1M SOFR + 3.75%, 01/27/2029   892,677    880,224 
Flutter Financing BV, First Lien Term Loan, 3M SOFR + 1.75%, 0.50% Floor, 11/30/2030   1,795,998    1,791,185 
Flynn Restaurant Group LP, First Lien Term Loan, 1M SOFR + 3.75%, 01/28/2032   1,788,378    1,756,330 
Hilton Grand Vacations Borrower, LLC, First Lien Term Loan, 1M SOFR + 2.25%, 01/17/2031   232,155    230,777 
LC Ahab US Bidco LLC, First Lien Term Loan, 1M SOFR + 3.50%, 05/01/2031(b)   605,659    601,873 
Ovg Business Services LLC, First Lien Term Loan, 1M SOFR + 3.00%, 06/25/2031   520,405    519,104 
Tacala Investment Corp., First Lien Term Loan, 1M SOFR + 3.50%, 0.75% Floor, 01/31/2031   558,816    559,383 
         10,325,544 
           
Household Durables - 1.24%          
ACProducts Holdings, Inc., First Lien Term Loan, 3M SOFR + 4.25%, 0.50% Floor, 05/17/2028   2,052,720    1,360,789 
Restoration Hardware, Inc. TLB 1L, First Lien Term Loan 10/20/2028   997,416    953,934 
         2,314,723 
           
Independent Power and Renewable Electricity Producers - 0.89%          
Calpine Corp., First Lien Term Loan, 1M SOFR + 1.75%, 01/31/2031   1,667,379    1,663,035 
           
Insurance - 3.68%          
Alliant Holdings Intermediate LLC, First Lien Term Loan, 1M SOFR + 2.75%, 09/19/2031   287,900    286,460 
AmWINS Group, Inc., First Lien Term Loan, 1M SOFR + 2.25%, 0.75% Floor, 01/30/2032   1,284,671    1,275,942 
Baldwin Insurance Group Holdings LLC, First Lien Term Loan, 1M SOFR + 3.00%, 05/26/2031   997,633    996,077 
BroadStreet Partners Inc, First Lien Term Loan, 1M SOFR + 3.00%, 06/13/2031   748,116    742,572 
CCC Intelligent Solutions, Inc., First Lien Term Loan, 1M SOFR + 2.00%, 0.50% Floor, 01/23/2032   589,927    589,559 
Hyperion Insurance/Howden 7/24 TLB 1L, First Lien Term Loan, 1M SOFR + 3.50%, 04/18/2030   1,445,778    1,447,129 
Hyperion Refinance Sarl, First Lien Term Loan, 1M SOFR + 3.25%, 0.50% Floor, 02/15/2031   619,399    615,844 
Ryan Specialty LLC, First Lien Term Loan, 1M SOFR + 2.25%, 09/15/2031   618,475    617,779 
Truist Insurance 3/24 2nd Lien Cov-Lite, Second Lien Term Loan, 3M SOFR + 4.75%, 05/06/2032   298,588    302,041 
         6,873,403 

   

 

   Principal
Amount		   Value 
Interactive Media & Services - 1.93%          
LI Group Holdings, Inc., First Lien 2021 Term Loan, 1M SOFR + 3.50%, 0.75% Floor, 03/11/2028  $1,270,511   $1,278,458 
Project Boost Purchaser, LLC aka JD Power/Autodata, Second Lien Term Loan, 3M SOFR + 5.25%, 07/16/2032   618,975    620,523 
Trip.com/TripAdvisor 7/24, First Lien Term Loan, 1M SOFR + 3.25%, 07/08/2031   1,092,558    1,078,147 
WH BORROWER LLC, First Lien Term Loan, 6M SOFR + 4.75%, 02/20/2032   632,000    629,731 
         3,606,859 
           
IT Services - 6.28%          
Access CIG LLC, First Lien Term Loan, 3M SOFR + 5.00%, 0.50% Floor, 08/18/2028   1,034,416    1,035,998 
Ahead 7/24 TLB3 1L, First Lien Term Loan, 3M SOFR + 3.50%, 02/01/2031   1,404,782    1,404,017 
Blackhawk Network Holdings, Inc., First Lien Term Loan, 1M SOFR + 4.00%, 1.00% Floor, 03/12/2029   1,144,561    1,141,494 
Dcert Buyer, Inc., Second Lien First Amendment Refinancing Term Loan, 1M SOFR + 7.00%, 02/19/2029   1,881,655    1,538,253 
Endurance Intl Group Hldgs Inc TLB 1L, First Lien Term Loan, 3M SOFR + 3.61%, 02/10/2028   2,314,637    1,695,472 
Go Daddy Oper Co LLC, First Lien Term Loan, 1M SOFR + 1.75%, 05/30/2031   470,138    468,194 
Presidio/Fortress Intermediate 4/24 TLB 1L, First Lien Term Loan, 1M SOFR + 3.75%, 06/27/2031   2,081,540    2,080,249 
Skopima Consilio Parent, LLC, First Lien Term Loan, 6M SOFR + 4.00%, 0.50% Floor, 05/15/2028   1,112,216    1,105,615 
Virtusa Corp., First Lien Term Loan, 1M SOFR + 3.25%, 0.75% Floor, 02/15/2029   328,745    328,437 
World Wide Technology Holding Co. LLC, First Lien Term Loan, 1M SOFR + 2.50%, 0.50% Floor, 03/01/2030   953,338    953,338 
         11,751,067 
           
Life Sciences Tools & Services - 0.49%          
Loire Finco Luxembourg Sa rl TLB, First Lien Term Loan 01/31/2030   918,649    917,648 
           
Machinery - 5.82%          
AI Aqua Merger Sub, Inc., First Lien Term Loan, 1M SOFR + 3.25%, 0.50% Floor, 07/31/2028   309,360    306,908 
ASP BLADE HLDGS INC, Second Lien Term Loan, 6M SOFR + 4.00%, 10/15/2029   519,115    386,092 
Bettcher Industries, Inc., First Lien Term Loan, 1M SOFR + 4.00%, 12/14/2028   861,350    853,813 
Cube Industrials 10/24, First Lien Term Loan, 3M SOFR + 3.75%, 10/17/2031   285,606    284,059 
Engineered Machinery Holdings, Inc., First Lien Term Loan, 3M SOFR + 3.75%, 0.75% Floor, 05/19/2028   1,402,606    1,405,131 
Husky Injection Molding Systems Ltd., First Lien Term Loan, 3M SOFR + 5.25%, 02/15/2029   1,040,304    1,037,162 
Hyperion Materials & Technologies, Inc., First Lien Initial Term Loan, 3M SOFR + 4.50%, 0.50% Floor, 08/30/2028   712,714    695,491 
LSF11 Trinity Bidco, Inc., First Lien Term Loan, 1M SOFR + 3.25%, 06/14/2030(b)   1,088,720    1,084,637 
Madison IAQ LLC, First Lien Term Loan 03/26/2032(b)   775,244    768,945 
Oregon Tool Lux LP, First Lien Term Loan 10/15/2029   163,991    166,533 
Project Castle, Inc., First Lien Term Loan, 3M SOFR + 5.50%, 06/01/2029   1,485,800    1,264,416 
TK Elevator Midco GmbH, First Lien Term Loan 04/30/2030   552,189    551,397 
Vertiv Group Corp., First Lien Term Loan 03/02/2027   997,494    996,077 
Victory Buyer LLC, First Lien Term Loan, 1M SOFR + 3.75%, 0.50% Floor, 11/19/2028   1,113,595    1,083,567 
         10,884,228 
           
Media - 2.00%          
ABG Intermediate Holdings 2 LLC, First Lien Term Loan:          
1M SOFR + 2.25%, 12/21/2028   194,832    193,041 
6M CME TERM + 2.25%, 02/13/2032   695,800    688,988 
American Greetings Corp., First Lien Term Loan, 1M SOFR + 5.75%, 10/30/2029   843,299    847,688 
McGraw-Hill Education, Inc., First Lien Term Loan, 6M CME TERM + 3.50%, 0.50% Floor, 08/06/2031   421,911    421,761 
MJH Healthcare Holdings LLC aka MJH Life Sciences, First Lien Term Loan, 3M CME TERM + 3.25%, 01/28/2029   1,599,994    1,593,330 
         3,744,808 
           
Metals & Mining - 0.57%          
Arsenal AIC Parent LLC, First Lien Term Loan, 6M SOFR + 2.75%, 08/18/2030   339,081    337,216 
Novelis Inc, First Lien Term Loan 02/20/2032   459,476    459,573 

   

 

   Principal
Amount		   Value 
Metals & Mining (continued)          
SCIH Salt Holdings, Inc., First Lien Incremental B-1 Term Loan, 3M SOFR + 4.00%, 0.75% Floor, 01/31/2029  $274,519   $272,631 
         1,069,420 
           
Mortgage Real Estate Investment Trusts (REITs) - 0.31%          
KREF HLDGS X LLC, First Lien Term Loan, 6M SOFR + 3.50%, 03/05/2032   233,108    232,235 
Starwood Property Mortgage, L.L.C. TLB 1L, First Lien Term Loan, 1M SOFR + 2.50%, 0.50% Floor, 01/02/2030   345,828    345,181 
         577,416 
           
Oil, Gas & Consumable Fuels - 0.54%          
Buckeye Partners LP, First Lien Term Loan, 1M SOFR + 1.75%, 11/22/2030   293,008    293,084 
Freeport LNG Investments LLLP, First Lien Term Loan, 3M SOFR + 3.25%, 0.50% Floor, 12/21/2028   360,559    356,802 
GIP Pilot Acquisition Partners LP, First Lien Term Loan, 6M CME TERM + 2.25%, 10/04/2030   366,174    365,202 
WhiteWater Whistler 12/24, First Lien Term Loan, 6M CME TERM + 1.75%, 02/15/2030   992    986 
         1,016,074 
           
Passenger Airlines - 2.04%          
Air Canada, First Lien Term Loan, 3M SOFR + 2.00%, 03/21/2031   639,426    633,230 
Alaska Air 10/24 TLB 1L, First Lien Term Loan, 3M SOFR + 2.00%, 10/15/2031   425,022    425,500 
American Airlines, Inc., First Lien 2020 Term Loan, 3M SOFR + 1.75%, 01/29/2027   226,486    224,752 
American Airlines, Inc., First Lien Term Loan, 6M SOFR + 2.25%, 02/15/2028   846,739    834,779 
United Airlines, Inc., First Lien Term Loan, 3M SOFR + 2.00%, 02/22/2031   937,842    937,002 
VISTA MGMT HLDG INC, First Lien Term Loan 03/18/2031(b)   756,410    752,155 
         3,807,418 
           
Pharmaceuticals - 1.88%          
Dechra Pharmaceuticals, First Lien Term Loan, 3M SOFR + 3.25%, 01/27/2032   600,926    600,457 
Elanco Animal Health, Inc., First Lien B Term Loan, 1M SOFR + 1.75%, 08/01/2027   337,723    337,426 
OPAL US LLC, First Lien Term Loan 03/01/2032   1,834,832    1,832,539 
Padagis LLC, First Lien Initial Term Loan, 3M SOFR + 4.75%, 0.50% Floor, 07/06/2028   784,514    736,463 
         3,506,885 
           
Professional Services - 11.37%          
AG Group Holdings, Inc., First Lien Term Loan, 1M SOFR + 4.00%, 12/29/2028   1,710,913    1,682,315 
AlixPartners, LLP, First Lien USD B Term Loan, 1M SOFR + 2.50%, 0.50% Floor, 02/04/2028   1,504,535    1,505,476 
Amspec Parent LLC, First Lien Term Loan, 6M SOFR + 4.25%, 12/22/2031(d)   105    105 
Ankura Consulting Group LLC, First Lien Term Loan, 1M SOFR + 3.50%, 0.75% Floor, 12/29/2031   561,399    555,903 
BERKELEY RESH GROUP LLC, First Lien Term Loan 03/17/2032   1,179,600    1,166,512 
Camelot US Acquisition LLC, First Lien Term Loan 01/31/2031   1,000,000    987,705 
Cast & Crew LLC, First Lien Term Loan, 1M SOFR + 3.75%, 0.50% Floor, 12/29/2028   1,503,552    1,452,078 
COHNREZNICK ADVISORY LLC, First Lien Term Loan:          
3M SOFR + 4.00%, 03/26/2032(b)   580,528    580,528 
3M SOFR + 4.00%, 03/01/2035(b)   134,381    134,381 
CoreLogic, Inc., First Lien Initial Term Loan, 1M SOFR + 3.50%, 0.50% Floor, 06/02/2028   358,999    353,016 
Deerfield Dakota Holding LLC, First Lien Initial Dollar Term Loan, 3M SOFR + 3.75%, 1.00% Floor, 04/09/2027   1,321,933    1,257,628 
DTI Holdco Inc, First Lien Term Loan, 1M SOFR + 4.00%, 04/26/2029   510,624    507,177 
Dun & Bradstreet 11/24, First Lien Term Loan, 1M SOFR + 2.25%, 01/18/2029   662,679    661,850 
Eisner Advisory Group LLC, First Lien Term Loan, 3M SOFR + 4.00%, 02/28/2031   959,892    960,276 
Element Materials Technology Group Holdings, First Lien Term Loan, 3M SOFR + 4.25%, 07/06/2029   1,768,405    1,767,848 
First Advantage Holdings, LLC, First Lien Term Loan, 1M SOFR + 3.25%, 10/31/2031   807,987    804,327 
Grant Thornton Advisors Holdings LLC, First Lien Term Loan, 6M CME TERM + 2.75%, 06/02/2031   1,250    1,245 
Infinisource/iSolved 11/24 TLB 1L, First Lien Term Loan, 1M SOFR + 3.25%, 10/15/2030   348,474    349,350 
Lereta, LLC, First Lien Term Loan, 1M SOFR + 5.25%, 07/30/2028   476,104    421,309 
Mermaid Bidco Inc aka Datasite TL 1L, First Lien Term Loan, 3M SOFR + 3.25%, 07/03/2031   610,731    612,261 
Perficient/Plano 8/24 TLB 1L, First Lien Term Loan, 3M SOFR + 3.50%, 10/02/2031   678,134    676,439 
SECRETARIAT ADVISORS LLC, First Lien Term Loan:          
6M SOFR + 0.00%, 02/24/2032(b)   35,538    35,449 
6M SOFR + 0.00%, 02/24/2032(b)   294,962    294,224 

   

 

   Principal
Amount		   Value 
Professional Services (continued)          
Trans Union LLC, First Lien Term Loan, 1M SOFR + 1.75%, 06/24/2031  $1,307,350   $1,304,899 
TTF Holdings LLC, First Lien Term Loan, 6M SOFR + 3.75%, 07/18/2031   1,200,735    1,182,723 
Vaco Holdings, LLC, First Lien Term Loan, 3M SOFR + 5.00%, 01/21/2029   1,460,075    1,353,183 
VT Topco, Inc. 12/24 1L, First Lien Term Loan, 3M SOFR + 3.00%, 08/09/2030   660,055    660,468 
         21,268,675 
           
Real Estate Management & Development - 0.72%          
Cushman & Wakefield US Borrower LLC, First Lien Term Loan:          
1M SOFR + 2.75%, 0.50% Floor, 01/31/2030(b)   579,723    578,998 
1M SOFR + 3.25%, 0.50% Floor, 01/31/2030   771,069    771,389 
         1,350,387 
           
Semiconductors & Semiconductor Equipment - 0.79%          
Altar Bidco, Inc., First Lien Term Loan 02/01/2029   997,436    986,125 
MKS Instruments, Inc., First Lien Term Loan, 1M SOFR + 2.00%, 0.50% Floor, 08/17/2029   497,975    498,132 
         1,484,257 
           
Software - 17.98%          
Avalara, Inc., First Lien Term Loan 03/20/2032   1,053,214    1,050,418 
BEP Intermediate Holdco LLC, First Lien Term Loan, 1M SOFR + 3.25%, 04/25/2031(b)   338,184    339,029 
BMC Software 7/24 2nd Lien TL, Second Lien Term Loan, 3M SOFR + 5.75%, 07/30/2032   1,255,640    1,214,831 
BMC Software, Inc., First Lien Term Loan, 6M CME TERM + 3.25%, 07/30/2031   1,808,173    1,779,260 
Central Parent LLC, First Lien Term Loan, 3M SOFR + 3.25%, 07/06/2029   1,549,347    1,334,375 
CLEARWATER ANALYTICS LLC, First Lien Term Loan, 6M SOFR + 0.00%, 02/07/2032(b)   163,229    162,821 
Cloud Software Group, Inc., First Lien Term Loan, 3M SOFR + 3.75%, 0.50% Floor, 03/21/2031   552,065    547,433 
Cloudera, Inc., First Lien Term Loan, 1M SOFR + 3.75%, 0.50% Floor, 10/08/2028   735,369    726,750 
Conga Corp., First Lien Term Loan, 3M SOFR + 3.50%, 0.75% Floor, 05/08/2028   270,522    271,164 
Connectwise, LLC, First Lien Term Loan, 3M SOFR + 3.50%, 0.50% Floor, 09/29/2028   1,049,715    1,050,156 
Cornerstone OnDemand, Inc., First Lien Initial Term Loan, 1M SOFR + 3.75%, 0.50% Floor, 10/16/2028   1,757,315    1,531,061 
Fiserv Investment Solutions, Inc., First Lien Initial Term Loan, 3M SOFR + 4.00%, 02/18/2027   1,425,539    1,420,194 
Flexera Software LLC, First Lien Term Loan, 3M SOFR + 3.00%, 0.75% Floor, 03/03/2028   513,496    511,491 
Help/Systems Holdings, Inc., First Lien Seventh Amendment Refinancing Term Loan, 3M SOFR + 4.00%, 0.75% Floor, 11/19/2026   828,582    760,638 
Idera INC, First Lien Term Loan, 3M SOFR + 3.50%, 03/02/2028   1,345,789    1,250,951 
Infoblox 4/24 2nd lien TL 1L, Second Lien Term Loan, 3M SOFR + 5.25%, 11/29/2030   652,689    653,707 
IVANTI SOFTWARE INC TLB 1, First Lien Term Loan, 6M SOFR + 4.00%, 12/01/2027(b)   245,276    197,447 
Ivanti Software, Inc., Second Lien Term Loan, 3M SOFR + 7.25%, 12/01/2028   537,313    231,464 
Magenta Security Holdings, LLC First Out TL 1L, First Lien Term Loan, 1M SOFR + 6.75%, 07/27/2028   967,621    878,464 
Magenta Security Holdings, LLC Second Out TL 1L, First Lien Term Loan, 6M SOFR + 7.00%, 07/27/2028   547,090    283,940 
Magenta Security Holdings, LLC Third Out 1L TL, First Lien Term Loan, 6M SOFR + 6.25%, 07/27/2028   175,086    50,191 
McAfee Corp., First Lien Term Loan, 1M SOFR + 3.00%, 0.50% Floor, 03/01/2029   989,296    946,756 
Mitnick Corporate Purchaser Inc., First Lien Term Loan, 3M SOFR + 4.50%, 05/02/2029   987,745    839,583 
Perforce Software, Inc., First Lien Term Loan, 1M SOFR + 4.75%, 07/02/2029   1,061,897    1,015,221 
Planview Parent, Inc., First Lien Term Loan, 3M SOFR + 3.50%, 12/17/2027   427,292    423,554 
Project Alpha (Qlik), First Lien Term Loan, 3M SOFR + 3.75%, 10/26/2030   1,222,476    1,221,199 
Project Alpha (Qlik), Second Lien Term Loan, 6M SOFR + 5.00%, 11/22/2032   254,056    253,103 
Project Alpha Intermediate Holding, Inc., First Lien Term Loan, 6M SOFR + 3.25%, 0.50% Floor, 10/28/2030   814,445    813,594 
Project Leopard Holdings, Inc., First Lien Term Loan, 3M SOFR + 5.25%, 0.50% Floor, 07/20/2029   1,275,664    1,108,833 
Proofpoint Inc, First Lien Term Loan, 3M SOFR + 3.00%, 08/31/2028   358,307    357,580 
Quartz Acquired, LLC, First Lien Term Loan, 6M SOFR + 2.50%, 06/28/2030(b)   1,534,580    1,526,907 
Rocket Software, Inc., First Lien Term Loan, 1M SOFR + 4.25%, 0.50% Floor, 11/28/2028   282,344    281,992 
SciQuest 10/24 2nd Lien, Second Lien Term Loan, 3M SOFR + 5.25%, 12/06/2032   784,000    780,327 
SciQuest 10/24 TL 1L, First Lien Term Loan, 3M SOFR + 3.25%, 12/05/2031   448,236    446,667 
Sophos Intermediate II, Ltd., First Lien Term Loan, 1M SOFR + 3.50%, 03/05/2027   1,805,946    1,808,366 
SS&C Technologies, Inc., First Lien Term Loan, 1M SOFR + 2.00%, 05/09/2031   1,266,914    1,267,231 
STARLIGHT PARENT LLC, First Lien Term Loan 03/12/2032   852,649    829,205 
Storable Inc, First Lien Term Loan 04/17/2031   294,400    293,021 

   

 

   Principal
Amount		   Value 
Software (continued)          
Tibco Software/Citrix/Cloud Software 11/24 TLB 1L, First Lien Term Loan, 3M SOFR + 3.50%, 03/30/2029  $1,164,930   $1,155,663 
Vision Solutions, Inc., First Lien Term Loan, 3M SOFR + 4.26%, 0.75% Floor, 04/24/2028   1,171,194    1,132,603 
Webpros Luxembourg Sarl, First Lien Term Loan, 1M SOFR + 4.00%, 03/28/2031   303,665    304,803 
Zuora 12/24 Cov-Lite TLB, First Lien Term Loan, 6M SOFR + 3.75%, 02/14/2032   590,000    583,362 
         33,635,355 
           
Specialty Retail - 2.52%          
APRO LLC, First Lien Term Loan, 1M SOFR + 3.75%, 07/09/2031   962,548    960,748 
EG Group Limited 12/24 TLB 1L, First Lien Term Loan, 3M SOFR + 4.75%, 02/07/2028   1,167,247    1,169,232 
Great Outdoors Group LLC, First Lien Term Loan, 1M SOFR + 3.25%, 0.75% Floor, 01/23/2032   802,096    801,394 
Spencer Spirit IH LLC, First Lien Term Loan, 3M SOFR + 5.50%, 07/15/2031   812,860    820,989 
StubHub Holdco Sub LLC, First Lien Term Loan, 1M SOFR + 4.75%, 03/15/2030   962,594    960,188 
         4,712,551 
           
Technology Hardware, Storage & Peripherals - 1.18%          
SanDisk 12/24 Cov-Lite, First Lien Term Loan, 6M SOFR + 3.00%, 02/20/2032   1,299,465    1,281,195 
Xerox 11/23, First Lien Term Loan, 1M SOFR + 4.00%, 11/17/2029   970,055    927,615 
         2,208,810 
           
Trading Companies & Distributors - 3.19%          
Avolon TLB Borrower 1 (US), First Lien Term Loan, 1M SOFR + 1.75%, 06/22/2030   728,040    728,193 
BCPE EMPIRE HLDGS INC, First Lien Term Loan, 6M CME TERM + 3.25%, 12/11/2030   320,855    316,844 
CD&R Hydr SunSource, First Lien Term Loan, 1M SOFR + 4.00%, 03/25/2031   681,076    655,294 
FCG Acquisitions, Inc., First Lien Term Loan, 1M SOFR + 3.25%, 0.50% Floor, 03/31/2028   631,792    628,039 
Foundation Building Materials, Inc., First Lien Term Loan, 3M SOFR + 4.00%, 01/29/2031   442,023    404,544 
Kodiak Building Partners, First Lien Term Loan, 3M SOFR + 4.00%, 12/04/2031   1,130,450    1,088,866 
MRC Global 10/24 TLB, First Lien Term Loan, 6M SOFR + 3.50%, 10/29/2031(b)   394,000    394,985 
Park River Holdings, Inc., First Lien Initial Term Loan, 3M SOFR + 3.25%, 0.75% Floor, 12/28/2027   568,186    523,677 
White Cap Buyer LLC, First Lien Term Loan, 1M SOFR + 3.25%, 10/19/2029   1,264,682    1,229,227 
         5,969,669 
           
Transportation Infrastructure - 0.33%          
Liquid Tech Solutions Holdings LLC, First Lien Term Loan, 6M SOFR + 4.00%, 0.75% Floor, 03/19/2028   617,683    618,455 
           
Wireless Telecommunication Services - 1.06%          
CCI Buyer, Inc., First Lien Initial Term Loan, 3M SOFR + 4.00%, 0.75% Floor, 12/17/2027   1,987,434    1,991,022 
           
TOTAL FLOATING RATE LOAN INTERESTS          
(Cost $265,077,334)        258,275,296 
           
COLLATERALIZED LOAN OBLIGATION SECURITIES(a) - 10.49%          
           
Consumer Finance - 0.81%          
Octagon 75, Ltd., 3M SOFR + 4.95%, 01/22/2038(b)(e)   1,500,000    1,507,119 
           
Financial Services - 9.68%          
Ares LXI CLO, Ltd., 3M SOFR + 3.90%, 04/20/2037(b)(e)   1,000,000    1,007,163 
Bain Capital Credit CLO 2020-4, Ltd., 3M SOFR + 7.98%, 10/20/2036(b)(e)   1,000,000    1,009,747 
Bain Capital Credit CLO 2022-3, Ltd., 3M SOFR + 3.70%, 07/17/2035(b)(e)   1,000,000    999,500 
Carlyle US CLO 2022-6, Ltd., 3M SOFR + 4.75%, 10/25/2036(b)(e)   1,000,000    1,015,254 
Cedar Funding XIV CLO, Ltd., 3M SOFR + 7.39%, 10/15/2037(b)(e)   1,375,000    1,373,536 
CIFC Funding 2019-V, Ltd., 3M SOFR + 3.41%, 01/15/2035(b)(e)   1,000,000    1,001,793 
Columbia Cent CLO 34, Ltd., 3M SOFR + 6.85%, 01/25/2038(b)(e)   1,500,000    1,491,123 
New Mountain CLO 1, Ltd., 3M SOFR + 5.25%, 01/15/2038(b)(e)   1,000,000    995,131 
OCP CLO 2021-21, Ltd., 3M SOFR + 4.70%, 01/20/2038(b)(e)   1,000,000    980,622 
Park Avenue Institutional Advisers CLO, Ltd. 2022-1, 3M SOFR + 7.29%, 04/20/2035(b)(e)   1,000,000    991,926 
Pikes Peak CLO 6, 3M SOFR + 4.60%, 05/18/2034(b)(e)   1,000,000    990,905 
PPM CLO 3, Ltd., 3M SOFR + 6.87%, 04/17/2034(b)(e)   500,000    431,490 

   

 

   Principal
Amount		   Value 
Financial Services (continued)          
Rad CLO 5, Ltd., 3M SOFR + 6.96%, 07/24/2032(b)(e)  $500,000   $502,425 
Regatta XVIII Funding, Ltd., 3M SOFR + 4.70%, 04/15/2038(b)(e)   1,000,000    988,088 
Romark CLO IV, Ltd., 3M SOFR + 7.21%, 07/10/2034(b)(e)   1,000,000    965,000 
RR 38, Ltd., 3M SOFR + 4.50%, 04/15/2040(b)(e)   1,000,000    1,001,218 
Sixth Street CLO XIV, Ltd., 3M SOFR + 4.65%, 01/20/2038(b)(e)   1,000,000    988,168 
Sound Point CLO XXXII, Ltd., 3M SOFR + 6.96%, 10/25/2034(b)(e)   1,000,000    873,577 
TICP CLO XI, Ltd., 3M SOFR + 6.70%, 04/25/2037(b)(e)   500,000    507,030 
         18,113,696 
           
TOTAL COLLATERALIZED LOAN OBLIGATION SECURITIES          
(Cost $19,820,413)        19,620,815 

 

   Shares   Value 
COMMON STOCK - 0.17%          
Diversified Consumer Services - 0.00%(f)          
Loyalty Ventures Inc(b)(g)   462,410    4,624 
           
Health Care Providers & Services - 0.17%          
Envision Healthcare Corp. Equity(g)   29,091    312,728 
           
TOTAL COMMON STOCK          
(Cost $975,447)        317,352 
           
SHORT-TERM INVESTMENTS - 5.46%          
Open-end Investment Companies - 5.46%          
Bank of New York Cash Reserve          
(1.69% 7-Day Yield)   10,209,906    10,209,906 
           
TOTAL SHORT-TERM INVESTMENTS          
(Cost $10,209,906)        10,209,906 
           
Total Investments- 154.21%          
(Cost $296,083,100)        288,423,369 
           
Liabilities in Excess of Other Assets - (6.84)%        (12,794,743)
           
Leverage Facility - (47.37)%        (88,600,000)
           
Net Assets - 100.00%       $187,028,626 

 

Amounts above are shown as a percentage of net assets as of March 31, 2025. 

 

Investment Abbreviations:
SOFR - Secured Overnight Financing Rate
 
Reference Rates:

1M US SOFR - 1 Month SOFR as of March 31, 2025 was 4.33%

3M US SOFR - 3 Month SOFR as of March 31, 2025 was 4.35%

6M US SOFR - 6 Month SOFR as of March 31, 2025 was 4.55%

3M CME TERM SOFR - 3M CME TERM SOFR as of March 31, 2025 was 4.29%

6M CME TERM SOFR - 6M CME TERM SOFR as of March 31, 2025 was 4.19%

   

 

(a) Floating or variable rate security. The reference rate is described above. The rate in effect as of March 31, 2025, is based on the reference rate plus the displayed spread as of the security’s last reset date. Where applicable, the reference rate is subject to a floor rate.
(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) Represents a payment-in-kind (“PIK”) security which may pay interest/dividend in additional par/shares.
(d) A portion of this position was not funded as of March 31, 2025. The Portfolio of Investments records only the funded portion of each position. As of March 31, 2025, the Fund has unfunded delayed draw loans in the amount of $332,076. Fair value of these unfunded delayed draws was $331,736. Additional information is provided in Note 4 General Commitments and Contingencies.
(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. Total market value of Rule 144A securities amounts to $19,620,815, which represented approximately 10.49% of net assets as of March 31, 2025. Such securities may normally be sold to qualified institutional buyers in transactions exempt from registration.
(f) Amount represents less than 0.005% of net assets.
(g) Non-income producing security.

   

 

NOTE 1. ORGANIZATION

 

Blackstone Senior Floating Rate 2027 Term Fund (“BSL”, the “Fund”), 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 “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 Board approved a proposal to amend BSL’s charter to allow an extension of up to five years in length (the “Charter Amendment”). The 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. BSL’s ATM offering expired on January 26, 2025, and for the period ended March 31, 2025, BSL did not sell any shares pursuant to this shelf registration.

 

The Fund was previously classified as a non-diversified investment company for purposes of the 1940 Act. As a result of ongoing operations, the Fund as of April 1, 2014 is now classified as a diversified company. This means that with respect to 75% of the Fund’s total assets, no more than 5% of such Fund’s total assets may be invested in any one issuer, excepting cash and cash items, U.S. government securities, and securities of other investment companies. The Fund may not resume operating in a non-diversified manner without first obtaining shareholder approval in accordance with the 1940 Act.

 

Investment Objectives: 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”).

 

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 Fund’s financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and are stated in U.S. dollars. The Fund is considered an Investment Company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies in the Financial Accounting Standards Board Accounting Standards Codification Topic 946.

 

The preparation of financial statements requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statement. Actual results could differ from these estimates. The Fund operates as a single operating segment. As a result, the Fund’s segment accounting policies are consistent with those described herein and the Fund does not have any intra-segment sales and transfers of assets.

   

 

Portfolio Valuation: BSL’s net asset value (“NAV”) is determined daily on each day that the Exchange is open for business, as of the close of the regular trading session on the Exchange. The Fund calculates NAV per share by subtracting liabilities (including accrued expenses or dividends) from the total assets of the Fund (the value of the securities plus cash or other assets, including interest accrued but not yet received) and dividing the result by the total number of outstanding common shares of the Fund.

 

Loans are primarily valued by using a composite loan price from a nationally recognized loan pricing service. The methodology used by the Fund’s nationally recognized loan pricing provider for composite loan prices is to value loans at the mean of the bid and ask prices from one or more brokers or dealers. Collateralized Loan Obligation securities (“CLOs”) are valued at the price provided by a nationally recognized pricing service. The prices provided by the nationally recognized pricing service are typically based on the evaluated mid-price of each of the CLOs. Corporate bonds and convertible bonds, other than short-term investments, are valued at the price provided by a nationally recognized pricing service. The prices provided by the nationally recognized pricing service are typically based on the mean of bid and ask prices for each corporate bond security. In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrices, market transactions in comparable investments, various relationships observed in the market between investments and calculated yield measures based on valuation technology commonly employed in the market for such investments. Equity securities for which market quotations are available are generally valued at the last sale price or official closing price on the primary market or exchange on which they trade. Futures contracts, if any, are ordinarily valued at the last sales price on the securities or commodities exchange on which they are traded. Written and purchased options, if any, are ordinarily valued at the closing price on the securities or commodities exchange on which they are traded. Open-end investment companies are generally valued at their closing net asset values as reported on each business day. To the extent current market quotations are not readily available, short-term debt investments, if any, having a remaining maturity of 60 days or less when purchased would be valued at cost adjusted for amortization of premiums and accretion of discounts.

 

In accordance with Rule 2a-5 under the 1940 Act, the Board has designated the Adviser as the valuation designee to perform fair value determinations related to the Fund’s investments, subject to the Board’s oversight and periodic reporting requirements.

 

Any investments and other assets for which such current market quotations are not readily available are valued at fair value (“Fair Valued Assets”) as determined in good faith by a committee of the Adviser (the “Fair Valued Asset Committee”) under procedures established by, and under the general supervision and responsibility of the Board. Such methods may include, but are not limited to, the use of a market comparable and/or income approach methodologies. A Fair Valued Asset Committee meeting may be called at any time by any member of the Fair Valued Asset Committee. The pricing of all Fair Valued Assets and determinations thereof shall be reported by the Adviser as the valuation designee to the Board at each regularly scheduled quarterly meeting. The Fund has procedures to identify and investigate potentially stale or missing prices for investments which are valued using a nationally recognized pricing service, exchange price or broker-dealer quotations. After performing such procedures, any prices which are deemed to be stale are reviewed by the Fair Valued Asset Committee and an alternative pricing source is determined.

 

Various inputs are used to determine the value of BSL’s investments. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

 

Level 1 — Unadjusted quoted prices in active markets for identical investments at the measurement date.

 

Level 2 — Significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).

 

Level 3 — Significant unobservable inputs (including the Fund’s own assumption in determining the fair value of investments).

 

The categorization of a value determined for investments and other financial instruments is based on the pricing transparency of the investment and other financial instrument and does not necessarily correspond to the Fund’s perceived risk of investing in those securities. Investments measured and reported at fair value are classified and disclosed in one of the following levels within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement.

   

 

The following table summarizes the valuation of BSL’s investments under the fair value hierarchy levels as of March 31, 2025:

 

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  $–   $9,648,598   $590,738   $10,239,336 
Building Products   –    4,004,108    783,325    4,787,433 
Chemicals   –    5,781,871    393,025    6,174,896 
Commercial Services & Supplies   –    11,403,046    901,875    12,304,921 
Financial Services   –    4,188,680    978,775    5,167,455 
Food Products   –    2,508,755    843,312    3,352,067 
Health Care Providers & Services   –    14,478,022    1,526,059    16,004,081 
Hotels, Restaurants & Leisure   –    9,723,671    601,873    10,325,544 
Machinery   –    9,030,646    1,853,582    10,884,228 
Passenger Airlines   –    3,055,263    752,155    3,807,418 
Professional Services   –    20,224,093    1,044,582    21,268,675 
Real Estate Management & Development   –    771,389    578,998    1,350,387 
Software   –    31,409,151    2,226,204    33,635,355 
Trading Companies & Distributors   –    5,574,684    394,985    5,969,669 
Other   –    113,003,831    –    113,003,831 
Collateralized Loan Obligation Securities                    
Consumer Finance   –    –    1,507,119    1,507,119 
Financial Services   –    –    18,113,696    18,113,696 
Common Stock                    
Diversified Consumer Services   –    –    4,624    4,624 
Health Care Providers & Services   –    312,728    –    312,728 
Short-Term Investments   10,209,906    –    –    10,209,906 
Total  $10,209,906   $245,118,536   $33,094,927   $288,423,369 
                     

Other Financial Instruments

                    
Asset
Net Unrealized Appreciation on Unfunded Loan Commitments   –    263    34    297 
Total   –    263    34    297 

 

*Refer to the Fund’s Portfolio of Investments for a listing of securities by type.

 

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of March 31, 2025, the Fund’s outstanding borrowings of $88,600,000 under its Leverage Facility are categorized as Level 2 within the fair value hierarchy.

   

 

The changes of the fair value of investments for which BSL has 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, 2024  $9,142,878   $11,762,047   $–   $1,232   $20,906,157 
Accrued discount/ premium   1,296    1,206    –    –    2,502 
Realized Gain/(Loss)   3,021    25,146    –    –    28,167 
Change in Unrealized Appreciation/(Depreciation)   (22,683)   (360,278)   –    (1,198)   (384,159)
Purchases(1)   8,161,535    10,442,694    –    –    18,604,229 
Sales Proceeds(2)   (1,243,896)   (2,250,000)   –    –    (3,493,896)
Transfer into Level 3   3,749,044    –    4,624    –    3,753,668 
Transfer out of Level 3   (6,321,707)   –    –    –    (6,321,707)
Balance as of March 31, 2025  $13,469,488   $19,620,815   $4,624   $34   $33,094,961 
Net change in unrealized appreciation/(depreciation) attributable to Level 3 investments held at March 31, 2025  $(25,185)  $(322,320)  $–   $(1,198)  $(348,703)

 

(1)Purchases include all purchases of securities and securities received in corporate actions.
(2)Sales Proceeds include all sales of securities, maturities, paydowns and securities tendered in corporate actions.

 

Information about Level 3 fair value measurements as of March 31, 2025:

 

Blackstone Senior Floating Rate 2027  Term Fund  Fair Value   Valuation Technique(s)  Unobservable
Input(s)		 

Value/Range

(Weighted Average)

Assets              
Floating Rate Loan Interests  $13,469,488   Third-party vendor pricing service  Broker quotes  N/A
Collateralized Loan Obligation Securities   19,620,815   Third-party vendor pricing service  Broker quotes  N/A
Common Stock   4,624   Third-party vendor pricing service  Broker quotes  N/A
Unfunded Loan Commitments   34   Third-party vendor pricing service  Broker quotes  N/A

 

Securities were transferred from Level 2 to Level 3 because of a lack of observable market data due to decrease in market activity and information for these securities. Other securities were transferred from Level 3 to Level 2 as observable inputs were available for purposes of valuing those assets.

 

Securities Transactions and Investment Income: Securities transactions are recorded on trade date for financial reporting purposes, and amounts payable or receivable for trades not settled at the time of period end are reflected as liabilities and assets, respectively. Interest income is recognized on an accrual basis from the date of settlement. Accretion of discount and amortization of premium, which are included in interest income, are accreted or amortized daily using the accrual basis interest method. Dividend income is recorded on the ex-dividend date. Realized gains and losses from securities transactions and foreign currency transactions, if any, are recorded on the basis of identified cost and stated separately in the Statements of Operations.

 

When the Fund sells a floating rate loan interest, it may pay an agency fee. The Fund earns facility and other fees on floating rate loan interests, and facility fees are typically amortized to income over the term of the loan. Consent and amendment fees are also recorded to income as earned.

 

NOTE 3. 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. Under normal market conditions, at least 80% of BSL’s Managed Assets (defined below) will be invested in Senior 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). At March 31, 2025, 91.32% of BSL’s Managed Assets were held in Senior Loans.

 

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

   

 

Loans often require prepayment from Borrowers’ excess cash flows or permit the Borrowers’ to repay at their election. The degree to which Borrowers repay, whether as a contractual requirements or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, floating rate loans typically have an expected average life of two to four years. Floating rate loans typically have rates of interest which are re-determined periodically, either daily, monthly, quarterly or semi-annually by reference to a floating base lending rate, primarily Secured Overnight Financing Rate (“SOFR”), plus a premium or credit spread.

 

Loans are subject to the risk of payment defaults of scheduled interest or principal. Such non-payment could result in a reduction of income, a reduction in the value of the investment and a potential decrease in the NAV of the Fund. Risk of loss 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 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 March 31, 2025, BSL had invested $6,578,031 in second lien secured loans. Second lien secured loans 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 Fund typically invests in Loans rated below investment grade, which are considered speculative because of the credit risk of the Borrowers. Such companies are more likely than investment grade issuers to default on their payments of interest and principal owed to the Fund, and such defaults could reduce NAV and income distributions. The amount of public information available with respect to below investment grade loans will generally be less extensive than that available for registered or exchange-listed securities. In evaluating the creditworthiness of Borrowers, the Adviser will consider, and may rely in part on, analyses performed by others. The Adviser’s established best execution procedures and guidelines require trades to be placed for execution only with broker-dealer counterparties approved by the Counterparty Committee of the Adviser. The factors considered by the Counterparty Committee when selecting and approving brokers and dealers include, but are not limited to: (i) quality, accuracy, and timeliness of execution, (ii) review of the reputation, financial strength and stability of the financial institution, (iii) willingness and ability of the counterparty to commit capital, (iv) ongoing reliability and (v) access to underwritten offerings and secondary markets. The Counterparty Committee regularly reviews each broker-dealer counterparty based on the foregoing factors.

 

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

 

BSL has 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, the Fund may invest in lower tranches of CLO debt securities, which typically experience a lower recovery, greater risk of loss or deferral or non-payment of interest than more senior debt tranches of the CLO. In addition, the Fund intends to invest in CLOs consisting primarily of individual secured loans of Borrowers and not repackaged CLO obligations from other high risk pools. The underlying secured loans purchased by CLOs are generally performing at the time of purchase but may become non-performing, distressed or defaulted. CLOs with underlying assets of non-performing, distressed or defaulted loans are not contemplated to comprise a significant portion of each fund’s investments in CLOs. The key feature of the CLO structure is the prioritization of the cash flows from a pool of debt securities among the several classes of the CLO. The SPV is a company founded solely for the purpose of securitizing payment claims arising out of this diversified asset pool. On this basis, marketable securities are issued by the SPV which, due to the diversification of the underlying risk, generally represent a lower level of risk than the original assets. The redemption of the securities issued by the SPV typically takes place on a date earlier than legal maturity from refinancing of the senior debt tranches.

   

 

NOTE 4. GENERAL COMMITMENTS AND CONTINGENCIES

 

As of March 31, 2025, BSL had unfunded loan commitments outstanding, which could be extended at the option of the borrower, as detailed below:

 

Borrower  Par Value   Fair Value  

Unrealized

Appreciation /
(Depreciation)

 
Amspec Parent LLC, First Lien Term Loan  $41,836   $41,863   $128 
Grant Thornton 12/24., First Lien Term Loan   40,118    39,962    (157)
Hanger Orthopedic 10/24., First Lien Term Loan   53,493    53,521    281 
June Purchaser/Janney Montgomery 9/24 Delayed TL 1., First Lien Term Loan   109,584    109,858   $274 
R1 RCM 10/24 Cov-Lite., First Lien Term Loan   38,141    37,727    (231)
Signia Aerospace 11/24., First Lien Term Loan   35,339    35,206    (32)
US Fertility 10/24 Delayed TL 1L., First Lien Term Loan   13,565    13,599    34 
Total  $332,076   $331,736   $297 

 

Unfunded loan commitments are marked to market on the relevant day of the valuation in accordance with BSL’s valuation policies. For the period ended March 31, 2025, BSL recorded a net decrease in unrealized appreciation on unfunded loan commitments totaling $6,422.

 

NOTE 5. LEVERAGE

 

The Fund has terminated its previously existing leverage facility and entered into a new, separate Credit Agreement (the “Agreement”), dated December 24, 2024, with a new lender to borrow up to a limit of $100 million pursuant to an evergreen revolving line of credit (the “Leverage Facility”). The Leverage Facility does not have a scheduled maturity date, but can be terminated (i) by the Fund upon at least three (3) business days’ written notice to the lender under the Leverage Facility or (ii) by such lender on the latest to occur of (a) the 365th day after the initial closing date of the Leverage Facility, (b) the 270th day after such lender delivers a notice of termination to the Fund or (c) a later date specified by such lender in the notice of termination. Borrowings under the Agreement are secured by the assets of the Fund.

 

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

 

Under the terms of the Agreement, the Fund must pay a commitment fee on any undrawn amounts, currently in an amount equal to 0.15% on the undrawn amounts when drawn amounts equal or exceed 75% of the borrowing limit and 0.25% on the undrawn amounts at any other time. Interest is generally payable at the end of the respective interest period and fees are generally payable after the end of each calendar quarter. At March 31, 2025, BSL had borrowings outstanding under its Leverage Facility of $88,600,000, at an interest rate of 5.47%. Due to the short term nature of the Agreement, face value approximates fair value at March 31, 2025. This fair value is based on Level 2 inputs under the three-tier fair valuation hierarchy (see Note 2). For the period ended March 31, 2025, the average borrowings under BSL’s Leverage Facility and the weighted average interest rate were $90,511,111 and 5.49%, respectively. During the period ended March 31, 2025, the Fund incurred $5,035 for commitment fees on undrawn amounts.

 

Under the Agreement, the Fund has agreed to certain covenants and additional investment limitations while the leverage is outstanding. The Fund has agreed to maintain asset coverage of three times over borrowings. Compliance with the investment restrictions and calculations are performed by the Fund’s custodian, The Bank of New York Mellon. As of March 31, 2025, the Fund was in compliance with all required investment limitations and asset coverage requirements related to its leverage.

 

The use of borrowings to leverage the common shares of the Fund can create risks. Changes in the value of the Fund’s portfolio, including securities bought with the proceeds of leverage, are borne entirely by the holders of common shares of the Fund. All costs and expenses related to any form of leverage used by the Fund are borne entirely by common shareholders. If there is a net decrease or increase in the value of the Fund’s investment portfolio, the leverage may decrease or increase, as the case may be, the NAV per common share to a greater extent than if the Fund did not utilize leverage. During periods when the Fund is using leverage, the fees paid to the Adviser for advisory services and to ALPS for administrative services are higher than if the Fund did not use leverage because the fees paid are calculated on the basis of the Fund’s Managed Assets, which include the assets purchased through leverage. As of March 31, 2025, BSL’s leverage represented 32.14% of the Fund’s Managed Assets.