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2025-12-31 COMMON SHARES 12708275 INVESTMENT OBJECTIVES <div style="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> The Fund’s primary investment objective is to provide current income, with a secondary objective of capital appreciation. There can be no assurance that the Funds will achieve their investment objectives. There have been no changes in the Funds’ investment objectives since the prior disclosure date. INVESTMENT STRATEGIES <div style="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> There have been no changes in the Funds' Investment Strategies since the prior disclosure date. BGX The Fund 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 bonds of varying maturities. The loans and fixed-income instruments that the Fund invests in long positions in are typically rated below investment grade at the time of purchase. Substantially all of the Fund’s assets are invested in loans and fixed-income instruments that are below investment grade quality. Below investment grade quality instruments are those that, at the time of investment, are rated Ba1 or lower by Moody’s and BB+ or lower by S&P or Fitch, or if unrated are determined by the Adviser to be of comparable quality. Instruments of below investment grade quality, commonly referred to as “junk” or “high yield” securities, are regarded as having predominantly speculative characteristics with respect to an issuer’s capacity to pay interest and repay principal. Under normal market conditions, the Fund may maintain both long and short positions based predominantly on the Adviser’s fundamental view on a particular investment. The Fund takes long positions in investments that the Adviser believes offer the potential for attractive returns under various economic and interest rate environments. The Fund may take short positions in investments that the Adviser believes will under-perform due to a greater sensitivity to earnings growth of the issuer, default risk or interest rates. The Fund’s short positions, either directly or through the use of derivatives, may total up to 30% of the Fund’s net assets. The term “net assets” means total assets of the Fund minus liabilities (including accrued expenses or dividends). The Adviser believes that changing investment environments over time offer attractive investment opportunities with varying degrees of investment risk in the loan and fixed-income instruments markets. In order to capitalize on attractive investments and effectively manage potential risk, the Adviser believes that the combination of thorough and continuous credit analysis, diversification, and the ability to reallocate investments among senior and subordinated debt with both a long and short strategy is critical to achieving higher risk-adjusted returns relative to other high yield securities. The Fund invests at least 70% of its Managed Assets (as defined below) in Secured Loans. Secured Loans are made to U.S. and, to a limited extent, non-U.S. corporations, partnerships and other business entities (“Borrowers”) that operate in various industries and geographical regions. Secured Loans pay interest at rates that are determined periodically on the basis of a floating base lending rate, primarily the SOFR, plus a premium. “Managed Assets” means net assets plus any borrowings for investment purposes. For the purpose of the Managed Assets definition, the term “Borrowings” includes the Fund’s Preferred Shares, the principal amount of any borrowings of money and any effective leverage obtained through securities lending, swap contract arrangements, short selling or other derivative transactions (whether or not such amounts are covered with segregated assets). The Fund may also invest in (i) unsecured loans, (ii) fixed-income instruments (including, without limitation, U.S. government debt securities and investment grade and below investment grade, subordinated and unsubordinated corporate debt securities), (iii) warrants and equity securities issued by a Borrower or issuer or its affiliates as part of a package investment in a Borrower or issuer or its affiliates, (iv) structured products such as collateralized loan obligations and credit-linked notes and (v) derivatives, including credit derivatives. The Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in credit investments, including, but not limited to, loans and fixed-income instruments. Under normal market conditions, the use of derivatives by the Fund does not exceed 30% of the Fund’s Managed Assets. In addition, the Fund may invest up to 25% of its total assets in any one counterparty (at any one time). The Fund’s principal investments in derivative instruments will include investments in credit default swaps, total return swaps, futures transactions, options and options on futures as well as certain currency and interest rate instruments such as foreign currency forward contracts, currency exchange transactions on a spot (i.e., cash) basis, put and call options on foreign currencies and interest rate swaps. In a total return swap, the Fund pays the counterparty a floating short-term interest rate and receives in exchange the total return of underlying loans or debt securities. The Fund bears the risk of default on the underlying loans or debt securities, based on the notional amount of the swap. The Fund would typically have to post collateral to cover this potential obligation. An investment by the Fund in credit default swaps will allow the Fund to obtain economic exposure to certain credits without having a direct exposure to such credits. As a buyer of credit default swaps, Fund is able to express a negative view on a particular instrument, but they are not short sales and are not subject to the Fund’s investment limitations with regard to short sales. The Fund may also enter into futures contracts on securities or currencies. A futures contract is an agreement to buy or sell a security or currency (or to deliver a final cash settlement price in the case of a contract relating to an index or otherwise not calling for physical delivery at the end of trading in the contract) for a set price at a future date. As an example, the Fund may purchase or sell exchange traded U.S. Treasury futures to alter the Fund’s overall duration as well as its exposure to various portions of the yield curve. In addition, the Fund may purchase “call” and “put” options and options on futures contracts for hedging or investment purposes and may engage in interest rate swaps to minimize the Fund’s exposure to interest rate movements. The Fund may enter into repurchase agreements, in which the Fund purchases a security from a bank or broker-dealer and the bank or broker-dealer agrees to repurchase the security at the Fund’s cost plus interest within a specified time. If the party agreeing to repurchase should default, the Fund will seek to sell the securities which it holds. This could involve transaction costs or delays in addition to a loss on the securities if their value should fall below their repurchase price. Repurchase agreements maturing in more than seven days are considered to be illiquid securities. The Fund may enter into reverse repurchase agreements, under which the Fund will effectively pledge its assets as collateral to secure a short-term loan. Generally, the other party to the agreement makes the loan in an amount equal to a percentage of the market value of the pledge collateral. At the maturity of the reverse repurchase agreement, the Fund will be required to repay the loan and correspondingly receive back its collateral. While used as collateral, the assets continue to pay principal and interest, which are for the benefit of the Fund. The Fund may invest up to 10% of its Managed Assets in structured products, consisting of collateralized loan obligations (“CLOs”) and credit-linked notes. The Fund may invest up to 20% of its Managed Assets in instruments that are denominated in non-U.S. currencies. In order to minimize the impact of currency fluctuations, the Adviser may at times hedge certain or all of the Fund’s investments denominated in foreign currencies into U.S. dollars. Foreign currency transactions in which the Fund is likely to invest include, foreign currency forward contracts, currency exchange transactions on a spot (i.e., cash) basis, and put and call options on foreign currencies. These transactions may be used to hedge against the risk of loss due to changing currency exchange rates. The Fund’s short positions, either directly or through the use of derivatives, may total up to 30% of the Fund’s net assets. A “short sale” is a transaction in which the Fund sells a security that it does not own (and borrows the security to deliver it to the buyer) in anticipation that the market price of the security will decline. The long and short positions held by the Fund may vary over time as market opportunities develop. As part of its investment strategy, the Fund may sell short positions in investments that the Adviser believes will under-perform, due to a greater sensitivity to earnings growth of the issuer, default risk and interest rates. The Fund may sell short certain securities, including, but not limited to, U.S. Treasuries, investment grade and high yield corporate bonds, either for investment and/or hedging and/or financing purposes. The Adviser expects that most of its short investments will be in U.S. Treasuries and investment grade bonds. Because these securities have historically low upward volatility, this may serve to reduce the Fund’s risk of loss from short sales. Short positions in high yield corporate bonds have a fixed coupon and may have a longer duration and weighted average life than loan investments. The Adviser does not currently anticipate engaging in short sales on loans, but may do so if an active market for selling loans short develops in the future. The Fund may also use credit default swaps to express a negative credit view on a loan or other investment. If the Fund purchases protection under a credit default swap and no credit event occurs on the reference obligation, the Fund will have made a series of periodic payments and recover nothing of monetary value. However, if a credit event occurs on the reference obligation, the Fund (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. During an expanding or normal economic cycle, the strategy of buying U.S. and, to a limited extent, foreign loans and fixed-income instruments that are rated below investment grade is designed to generate a consistent level of monthly income and capital appreciation. However, during general economy or market downturns, the “short” strategy of having sold borrowed securities that the Adviser believes could decline in price, may help lessen the impact of a significant decline in the value of the Fund’s long holdings. In times of unusual or adverse market, economic, regulatory or political conditions, the Fund may not be able, fully or partially, to implement its short selling strategy. Periods of unusual or adverse market, economic, regulatory or political conditions may exist for as long as six months and, in some cases, much longer. Regulatory limitations or bans on short selling activities may prevent the Fund from fully implementing its strategy. To secure the Fund’s obligation to cover its short positions, the Fund may pledge collateral as security to the broker, which may include securities that it owns. This pledged collateral is segregated and maintained with the Fund’s custodian. The Fund may invest up to 25% of its Managed Assets in securities that, at the time of investment, are illiquid (determined using the Securities and Exchange Commission’s (“SEC”) standard applicable to registered investment companies, i.e., securities that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the securities). The Fund may also invest, without limit, in securities that are unregistered (but are eligible for purchase and sale by certain qualified institutional buyers) or are held by control persons of the issuer and securities that are subject to contractual restrictions on their resale (“restricted securities”). However, restricted securities determined by the Adviser to be illiquid are subject to the limitations set forth above. Leverage. The Fund incurs leverage through securities lending arrangements and/or swap contract arrangements. In addition, the Fund may incur leverage by reinvesting the proceeds from the sale of borrowed securities (“short sales”) in accordance with the Fund’s investment objectives; however, the Fund may also enter into shorting programs without incurring leverage. Although certain forms of effective leverage used by the Fund, such as leverage incurred in securities lending, swap contract arrangements, other derivative transactions or short selling, may not be considered senior securities under the 1940 Act, such effective leverage will be considered leverage for the Fund’s leverage limits. The Fund’s use of these forms of effective leverage will not exceed 30% of its net assets (as defined below). The Fund uses borrowings, including loans from certain financial institutions and the issuance of debt securities (collectively, “Borrowings”), in an aggregate amount of up to 33 1/3% of the Fund’s total assets, less all liabilities and indebtedness not represented by senior securities, immediately after such Borrowings. Furthermore, the Fund previously added leverage to its portfolio through the issuance of preferred shares (“Preferred Shares,” collectively with the Common Shares, “Shares”), and although it has no current intention to do so, may do so again. The Fund may in the future continue to use leverage through such issuances in an aggregate amount of up to 33 1/3% of the Fund's total assets immediately after such issuance. The Fund’s total leverage and short sales exposure, either through traditional leverage programs or through securities lending, swap contract arrangements, other derivative transactions or short selling (including the market value of securities the Fund is obligated to repay through short sales even in transactions that do not result in leverage), will not exceed 40% of the Fund’s Managed Assets (67% of the Fund’s net assets (as defined below)). The use of leverage is a speculative technique that involves special risks and costs associated with the leveraging of the Shares. There can be no assurance that any leveraging strategy the Fund employs will be successful during any period in which it is employed. As used in this Report, the term “net assets” means total assets of the Fund minus liabilities (including accrued expenses or dividends). RISKS APPLICABLE TO EACH FUND <div style="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <div id="xdx_986_ecef--RiskTextBlock_c20250101__20251231__cef--RiskAxis__custom--InvestmentAndMarketRiskMember_zGBuQWbGokKb"> Investment and Market Risk An investment in the Fund’s Common Shares is subject to investment risk, including the possible loss of the entire principal amount invested. An investment in the Fund’s Common Shares represents an indirect investment in the portfolio of floating rate instruments, other securities and derivative investments owned by the Fund, and the value of these investments may fluctuate, sometimes rapidly and unpredictably. At any point in time an investment in the Fund’s Common Shares may be worth less than the original amount invested, even after taking into account distributions paid by the Fund and the ability of common shareholders to reinvest dividends. The Fund may also use leverage, which would magnify the Fund’s investment, market and certain other risks. </div> <div id="xdx_98C_ecef--RiskTextBlock_c20250101__20251231__cef--RiskAxis__custom--BelowInvestmentGradeOrHighYieldInstrumentsRiskMember_zfsUW0rQdTkl"> Below Investment Grade, or High Yield, Instruments Risk The Fund anticipates that it may invest substantially all of its assets in instruments that are rated below investment grade. Below investment grade instruments are commonly referred to as “junk” or “high yield” instruments and are regarded as predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal. Lower grade instruments may be particularly susceptible to economic downturns. It is likely that a prolonged or deepening economic downturn could adversely affect the ability of the issuers of such instruments to repay principal and pay interest thereon, increase the incidence of default for such instruments and severely disrupt the market value of such instruments. Below investment grade instruments, though generally higher yielding, are characterized by higher risk. They may be subject to certain risks with respect to the issuing entity and to greater market fluctuations than certain lower yielding, higher rated instruments. The retail secondary market for lower grade instruments may be less liquid than that for higher rated instruments. Adverse conditions could make it difficult at times for the Fund to sell certain instruments or could result in lower prices than those used in calculating the Fund’s NAV. Because of the substantial risks associated with investments in lower grade instruments, investors could lose money on their investment in Common Shares of the Fund, both in the short-term and the long-term. </div> <div id="xdx_988_ecef--RiskTextBlock_c20250101__20251231__cef--RiskAxis__custom--CovenantLiteObligationsRiskMember_zZX4qy2U4yE6"> “Covenant-lite” Obligations Risk The Fund may invest in, or obtain exposure to, obligations that may be “covenant-lite,” which means such obligations lack certain financial maintenance covenants. While these loans may still contain other collateral protections, a covenant-lite loan may carry more risk than a covenant-heavy loan made by the same borrower as it does not require the borrower to provide affirmation that certain specific financial tests have been satisfied on a routine basis as is required under a covenant-heavy loan agreement. Should a loan held by the Fund begin to deteriorate in quality, the Fund’s ability to negotiate with the borrower may be delayed under a covenant-lite loan compared to a loan with full maintenance covenants. This may in turn delay the Fund’s ability to seek to recover its investment. </div> <div id="xdx_988_ecef--RiskTextBlock_c20250101__20251231__cef--RiskAxis__custom--ValuationRiskMember_znoMXbvOgTz1"> Valuation Risk Unlike publicly traded common stock which trades on national exchanges, there is no central place or exchange for most of the Fund’s investments to trade. The Fund’s investments generally trade on an “over-the-counter” market which may be anywhere in the world where the buyer and seller can settle on a price. Due to the lack of centralized information and trading, the valuation of loans or fixed-income instruments may carry more risk than that of common stock. Uncertainties in the conditions of the financial market, unreliable reference data, lack of transparency and inconsistency of valuation models and processes may lead to inaccurate asset pricing. In addition, other market participants may value securities differently than the Fund. As a result, the Fund may be subject to the risk that when an instrument is sold in the market, the amount received by the Fund is less than the value of such instrument carried on the Fund’s books. </div> <div id="xdx_98C_ecef--RiskTextBlock_c20250101__20251231__cef--RiskAxis__custom--SwapRiskMember_zAk8ava5Nppj"> Swap Risk The Fund may also invest in credit default swaps, total return swaps and interest rate swaps. Such transactions are subject to market risk, liquidity risk, risk of default by the other party to the transaction, known as “counterparty risk,” and risk of imperfect correlation between the value of such instruments and the underlying assets and may involve commissions or other costs. When buying protection under a swap, the risk of loss with respect to swaps generally is limited to the net amount of payments that the Fund is contractually obligated to make. However, when selling protection under a swap, the risk of loss is often the notional value of the underlying asset, which can result in a loss substantially greater than the amount invested in the swap itself. The swap market has grown substantially in recent years with a large number of banks and investment banking firms acting both as principals and as agents utilizing standardized swap documentation. As a result, the swap market has become relatively liquid; however, there is no guarantee that the swap market will continue to provide liquidity. If the Adviser is incorrect in its forecasts of market values, interest rates or currency exchange rates, the investment performance of the Fund would be less favorable than it would have been if these investment techniques were not used. In a total return swap, the Fund pays the counterparty a floating short-term interest rate and receives in exchange the total return of underlying loans or debt securities (or pays an equivalent amount, if the total return is negative). The Fund bears the risk of default on the underlying loans or debt securities, based on the notional amount of the swap. The Fund would typically have to post collateral to cover potential obligations under the swap. </div> <div id="xdx_98F_ecef--RiskTextBlock_c20250101__20251231__cef--RiskAxis__custom--CreditsRiskMember_zvB2u13HdPx6"> Credit Risk Credit risk is the risk that one or more Loans or other instruments in the Fund’s portfolio will decline in price or fail to pay interest or principal when due because the issuer of the instrument experiences a decline in its financial status. While a senior position in the capital structure of a Borrower or issuer may provide some protection with respect to the Fund’s investments in certain Loans, losses may still occur because the market value of Loans is affected by the creditworthiness of Borrowers or issuers and by general economic and specific industry conditions and the Fund’s other investments will often be subordinate to other debt in the issuer’s capital structure. To the extent the Fund invests in below investment grade instruments, it will be exposed to a greater amount of credit risk than a fund which invests in investment grade securities. The prices of lower grade instruments are more sensitive to negative developments, such as a decline in the issuer’s revenues or a general economic downturn, than are the prices of higher grade instruments. Instruments of below investment grade quality are predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal when due and therefore involve a greater risk of default. In addition, the Fund may enter into credit derivatives which may expose it to additional risk in the event that the instruments underlying the derivatives default. </div> <div id="xdx_98E_ecef--RiskTextBlock_c20250101__20251231__cef--RiskAxis__us-gaap--InterestRateRiskMember_zcCHqTAKuYv"> Interest Rate Risk The fixed-income instruments that the Fund may invest in are subject to the risk that market values of such securities will decline as interest rates increase. These changes in interest rates have a more pronounced effect on securities with longer durations. Typically, the impact of changes in interest rates on the market value of an instrument will be more pronounced for fixed-rate instruments, such as most corporate bonds, than it will for Loans or other floating rate instruments. Fluctuations in the value of portfolio securities will not affect interest income on existing portfolio securities but will be reflected in the Fund’s NAV. The Federal Reserve raised interest rates several times from March 2022 until July 2023, and has decreased interest rates several times beginning from September 2024. We cannot assure shareholders that a significant change in market interest rates will not have a material adverse effect on the Fund’s returns. </div> <div id="xdx_980_ecef--RiskTextBlock_c20250101__20251231__cef--RiskAxis__custom--SystematicStrategiesRelatedToBondInvestmentsRiskMember_zVXWms29dwk1"> Systematic Strategies Related to Bond Investments Risk With respect to the bond portion of the Fund’s portfolio, to the extent to which the proprietary model used by the Adviser (the “Model”) or comparable methods or strategies are employed, certain of the Adviser’s securities analysis methods will rely on the assumption that the companies whose securities are purchased or sold, the rating agencies that review these securities, and other publicly available sources of information about these securities, are providing accurate and unbiased data. While the Adviser is alert to indications that data may be incorrect, there is always a risk that the Adviser’s analysis may be compromised by inaccurate or misleading information. The Model the Adviser intends to utilize to manage the Fund’s bond investments could lead to unsatisfactory investments. The Adviser might not be able to effectively implement the Model, and there can be no guarantee that the Fund will achieve the desired results. Certain aspects of the Adviser’s investment process with respect to the Model are dependent on complex proprietary software, which requires constant development and refinement. The Adviser has implemented procedures designed to appropriately control the development and implementation of the Model. However, analytical, coding and implementation errors present substantial risks to complex models and quantitative investment management strategies. The Adviser cannot guarantee that its internal controls will be effective in all circumstances. The Fund could be negatively affected by undetected software defects or fundamental issues with the Adviser’s method of interpreting and acting upon the Model’s output. The Adviser’s implementation of its investment strategy with respect to the Fund’s bond portfolio utilizing the Model will rely on the analytical and mathematical foundation of the Model and the incorporation of the Model’s outputs into a complex computational environment. Any such strategy is also dependent on the quality of the market data utilized by the Model, changes in credit market conditions, creation and maintenance of the Model’s software and the successful incorporation of the Model’s output into the construction of the Fund’s bond portfolio. There is always a possibility of human error in the creation, maintenance and use of the Model. Moreover, the Adviser’s portfolio managers exercise discretion in the utilization of the Model, and the investment results of the relevant portion(s) of the Fund’s investments are dependent on the ability of portfolio managers to correctly understand and implement or disregard the Model’s signals. There can be no assurance that utilizing the Model will yield better results than any other investment method. </div> <div id="xdx_989_ecef--RiskTextBlock_c20250101__20251231__cef--RiskAxis__custom--ForceMajeureRiskMember_zPn8Baj8fPLc"> Force Majeure Risk The Fund may be affected by force majeure events (e.g., acts of God, fire, flood, earthquakes, outbreaks of an infectious disease, pandemic or any other serious public health concern, war, terrorism, nationalization of industry and labor strikes). Force majeure events could adversely affect the ability of the Fund or a counterparty to perform its obligations. The liability and cost arising out of a failure to perform obligations as a result of a force majeure event could be considerable and could be borne by the Fund. Certain force majeure events, such as war or an outbreak of an infectious disease, could have a broader negative impact on the global or local economy, thereby affecting the Fund. Additionally, a major governmental intervention into industry, including the nationalization of an industry or the assertion of control, could result in a loss to the Fund if an investment is affected, and any compensation provided by the relevant government may not be adequate. </div> <div id="xdx_982_ecef--RiskTextBlock_c20250101__20251231__cef--RiskAxis__custom--EpidemicAndPandemicRiskMember_zbe5vT98rk3k"> Epidemic and Pandemic Risk (updated since the prior disclosure date for the Funds) The world has been susceptible to epidemics/pandemics, most recently COVID-19. Any outbreak of COVID-19, SARS, H1N1/09 flu, respiratory syncytial virus, or RSV, avian flu, other coronavirus, Ebola or other existing or new epidemics/pandemics, or the threat thereof, together with any resulting restrictions on travel or quarantines imposed, has had, and will continue to have, an adverse impact on the economy and business activity globally (including in the countries in which the Fund invests), and thereby is expected to adversely affect the performance of the Fund’s investments and the Fund’s ability to fulfill its investment objectives. Furthermore, the rapid development of epidemics/pandemics could preclude prediction as to their ultimate adverse impact on economic and market conditions, and, as a result, presents material uncertainty and risk with respect to the Fund and the performance of its investments. </div> <div id="xdx_98C_ecef--RiskTextBlock_c20250101__20251231__cef--RiskAxis__custom--FraudMember_z2GI0Xju9FY"> Fraud (added since the prior disclosure date for the Funds) A concern in investments in loans or debt securities is the possibility of material misrepresentation or omission on the part of the borrower or issuers of debt securities. Such inaccuracy or incompleteness can adversely affect the valuation of the collateral underlying the loans or debt securities (if any) or can adversely affect the ability of the Fund to perfect or effectuate a lien on any collateral securing the loan or debt securities. The Fund will rely upon the accuracy and completeness of representations made by borrowers and issuers to the extent reasonable when it makes its investments, but cannot guarantee such accuracy or completeness. Under certain circumstances, payments to the Fund can be reclaimed if any such payment or distribution is later determined to have been a fraudulent conveyance or a preferential payment. </div> <div id="xdx_986_ecef--RiskTextBlock_c20250101__20251231__cef--RiskAxis__custom--MarketDisruptionAndGeopoliticalRiskMember_zLq133FZfFy"> Market Disruption and Geopolitical Risk (updated since the prior disclosure date for the Funds) The Fund may be adversely affected by uncertainties such as terrorism, international political developments, protectionist trade policies, and changes in government policies, taxation, restrictions on foreign investment and currency repatriation, currency fluctuations and other developments in the laws and regulations of the countries in which it is invested. Likewise, natural and environmental disasters, epidemics or pandemics, and systemic market dislocations may be highly disruptive to economies and markets. See “—Epidemic and Pandemic Risk” above. Uncertainties and events around the world may (i) result in market volatility, (ii) have long-term effects on the U.S. and worldwide financial markets and (iii) cause further economic uncertainties in the United States and worldwide. The Fund cannot predict the effects of geopolitical events in the future on the U.S. economy and securities markets. Additionally, certain of the Funds’ investments may operate in, or have dealings with, countries subject to sanctions or embargos imposed by the U.S. government, foreign governments, or the United Nations or other international organizations. For example, the ongoing conflict due to Russia’s invasion of Ukraine, the ongoing conflict in the Middle East, and the rapidly evolving measures in response could be expected to have a negative impact on the economy and business activity globally (including in the countries in which the Fund invests). The severity and duration of these conflicts and their impact on global economic and market conditions are impossible to predict, and as a result, present material uncertainty and risk with respect to the Fund and its investments and operations, and the ability of the Fund to achieve its investment objectives. Sanctions could also result in Russia taking counter measures or retaliatory actions which could adversely impact the Fund’s business or the business of the Fund’s investments, including, but not limited to, cyberattacks targeting private companies, individuals or other infrastructure upon which the Fund’s business and the business of the Fund’s obligors rely. In addition, the failure of certain financial institutions, namely banks, may increase the possibility of a sustained deterioration of financial market liquidity, or illiquidity at clearing, cash management and/or custodial financial institutions. The failure of a bank (or banks) with which the Fund or its obligors have a commercial relationship could adversely affect, among other things, the Fund’s or its obligors’ ability to pursue key strategic initiatives, including by affecting the Fund’s or its obligors’ ability to access deposits or borrow from financial institutions on favorable terms. Additionally, if an obligor has a commercial relationship with a bank that has failed or is otherwise distressed, the obligor may experience issues receiving financial support to support its operations or consummate transactions, to the detriment of its business, financial condition and/or results of operations. The ability of the Fund and its obligors to spread banking relationships among multiple institutions may be limited by certain contractual arrangements, including liens placed on their respective assets as a result of a bank agreeing to provide financing. Recent technological advances in artificial intelligence and machine learning technologies (collectively, “AI Technologies”) have led to an increasing trend toward machine driven and artificially intelligent trading systems, particularly providing such systems with increasing levels of autonomy in trading decisions. Regulators of financial markets have become increasingly focused on the potential impact of AI Technologies on investment activities and may issue regulations that are intended to affect the use of AI Technologies in trading activities. Any such AI Technologies regulations may not have the intended effect on financial markets and it is not possible to predict the full extent of current or future risks related thereto. AI Technologies may suffer from the introduction of errors, defects or security vulnerabilities which can go undetected. AI Technologies and their current and potential future applications including in the investment and financial sectors, as well as the legal and regulatory frameworks within which they operate, continue to rapidly evolve, and it is impossible to predict the full extent of current or future risks related thereto. AI Technologies companies typically have high research and capital expenditures and, as a result, their profitability can vary widely, if they are profitable at all. </div> <div id="xdx_986_ecef--RiskTextBlock_c20250101__20251231__cef--RiskAxis__custom--LenderLiabilityRiskMember_zliu7Uj9UW0b"> Lender Liability Risk A number of U.S. judicial decisions have upheld judgments obtained by Borrowers against lending institutions on the basis of various evolving legal theories, collectively termed “lender liability.” Generally, lender liability is founded on the premise that a lender has violated a duty (whether implied or contractual) of good faith, commercial reasonableness and fair dealing, or a similar duty owed to the Borrower or has assumed an excessive degree of control over the Borrower resulting in the creation of a fiduciary duty owed to the Borrower or its other creditors or shareholders. Because of the nature of its investments, the Fund may be subject to allegations of lender liability. In addition, under common law principles that in some cases form the basis for lender liability claims, if a lender or bondholder (a) intentionally takes an action that results in the undercapitalization of a Borrower to the detriment of other creditors of such Borrower, (b) engages in other inequitable conduct to the detriment of such other creditors, (c) engages in fraud with respect to, or makes misrepresentations to, such other creditors or (d) uses its influence as a stockholder to dominate or control a Borrower to the detriment of other creditors of such Borrower, a court may elect to subordinate the claim of the offending lender or bondholder to the claims of the disadvantaged creditor or creditors, a remedy called “equitable subordination.” Because affiliates of, or persons related to, the Adviser may hold equity or other interests in obligors of the Fund, the Fund could be exposed to claims for equitable subordination or lender liability or both based on such equity or other holdings. </div> <div id="xdx_983_ecef--RiskTextBlock_c20250101__20251231__cef--RiskAxis__custom--CounterpartyRiskMember_zwibCKw4ANQ9"> Counterparty Risk The Fund is subject to credit risk with respect to the counterparties to its derivatives contracts (whether a clearing corporation in the case of exchange-traded instruments or the Fund’s hedge counterparty in the case of OTC instruments) purchased by the Fund. Counterparty risk is the risk that the other party in a derivative transaction will not fulfill its contractual obligation. Changes in the credit quality of the companies that serve as the Fund’s counterparties with respect to their derivative transactions will affect the value of those instruments. By entering into derivatives transactions, the Fund assumes the risks that theses counterparties could experience financial or other hardships that could call into question their continued ability to perform their obligations. In the case of a default by the counterparty, the Fund could become subject to adverse market movements while replacement transactions are executed. The ability of the Fund to transact business with any one or number of counterparties, the possible lack of a meaningful and independent evaluation of such counterparties’ financial capabilities, and the absence of a regulated market to facilitate settlement may increase the potential for losses by the Fund. Furthermore, concentration of derivatives in any particular counterparty would subject the Fund to an additional degree of risk with respect to defaults by such counterparty. The Adviser evaluates and monitors the creditworthiness of counterparties in order to ensure that such counterparties can perform their obligations under the relevant agreements. If a counterparty becomes bankrupt or otherwise fails to perform its obligations under a derivative contract due to financial or other difficulties, the Fund may experience significant delays in obtaining any recovery under the derivative contract in a dissolution, assignment for the benefit of creditors, liquidation, winding-up, bankruptcy or other analogous proceedings. In addition, in the event of the insolvency of a counterparty to a derivative transaction, the derivative contract would typically be terminated at its fair market value. If the Fund is owed this fair market value upon the termination of the derivative contract and its claim is unsecured, the Fund will be treated as a general creditor of such counterparty, and will not have any claim with respect to the underlying assets. The Fund may obtain only a limited recovery or may obtain no recovery at all in such circumstances. In addition, regulations that were adopted by prudential regulators in 2019 require certain bank-regulated counterparties and certain of their affiliates to include in certain financial contracts, including many derivatives contracts, terms that delay or restrict the rights of counterparties, such as the Fund, to terminate such contracts, foreclose upon collateral, exercise other default rights or restrict transfers of credit support in the event that such counterparty and/or its affiliates are subject to certain types of resolution or insolvency proceedings. Certain categories of interest rate and credit default swaps are subject to mandatory clearing, and more categories may be subject to mandatory clearing in the future. The counterparty risk for cleared derivatives is generally lower than for uncleared OTC derivative transactions because generally a clearing organization becomes substituted for each counterparty to a cleared derivative contract and, in effect, guarantees the parties’ performance under the contract as each party to a trade looks only to the clearing house for performance of financial obligations. However, there can be no assurance that a clearing house, or its members, will satisfy the clearing house’s obligations (including, but not limited to, financial obligations and legal obligations to segregate margins collected by the clearing house) to the Fund. Counterparty risk with respect to certain exchange-traded and over-the-counter derivatives may be further complicated by recently enacted U.S. financial reform legislation. </div> <div id="xdx_984_ecef--RiskTextBlock_c20250101__20251231__cef--RiskAxis__custom--PotentialConflictsOfInterestRiskMember_zMHVSbki1Aib"> Potential Conflicts of Interest Risk The Adviser is subject to certain conflicts of interest in its management of the Fund. These conflicts will arise primarily from the involvement of the Adviser, Blackstone Credit & Insurance, Blackstone Inc. (“Blackstone”) and their affiliates in other activities that may conflict with those of the Fund. The Adviser, Blackstone Credit & Insurance, Blackstone and their affiliates engage in a broad spectrum of activities. In the ordinary course of their business activities, the Adviser, Blackstone Credit & Insurance, Blackstone and their affiliates may engage in activities where the interests of certain divisions of the Adviser, Blackstone Credit & Insurance, Blackstone and their affiliates or the interests of their clients may conflict with the interests of the Fund or the common shareholders. Other present and future activities of the Adviser, Blackstone Credit & Insurance, Blackstone and their affiliates may give rise to additional conflicts of interest, which may have a negative impact on the Fund. In addressing these conflicts and regulatory, legal and contractual requirements across its various businesses, Blackstone has implemented certain policies and procedures (e.g., information walls) that may reduce the positive firm-wide synergies that the Adviser may have potentially utilized for purposes of finding attractive investments. Additionally, Blackstone may limit a client and/or its portfolio companies from engaging in agreements with or related to companies in which any fund of Blackstone has or has considered making an investment or which is otherwise an advisory client of Blackstone and/or from time to time restrict or otherwise limit the ability of the Fund to make investments in or otherwise engage in businesses or activities competitive with companies or other clients of Blackstone, either as result of contractual restrictions or otherwise. Finally, Blackstone has in the past entered, and is likely in the future to enter, into one or more strategic relationships in certain regions or with respect to certain types of investments that, although possibly intended to provide greater opportunities for the Fund, may require the Fund to share such opportunities or otherwise limit the amount of an opportunity the Fund can otherwise take. As part of its regular business, Blackstone provides a broad range of services other than those provided by the Adviser, including investment banking, underwriting, capital markets syndication and advisory (including underwriting), placement, financial advisory, restructuring and advisory, consulting, asset/property management, mortgage servicing, insurance (including title insurance), monitoring, commitment, syndication, origination, servicing, management consulting and other similar operational and finance matters, healthcare consulting/brokerage, group purchasing, organizational, operational, loan servicing, financing, divestment and other services. In addition, Blackstone may provide services in the future beyond those currently provided. The Fund will not receive a benefit from the fees or profits derived from such services. In such a case, a client of Blackstone would typically require Blackstone to act exclusively on its behalf. This request may preclude all of Blackstone clients (including the Fund) from participating in related transactions that would otherwise be suitable. Blackstone will be under no obligation to decline any such engagements in order to make an investment opportunity available to the Fund. In connection with its other businesses, Blackstone will likely come into possession of information that limits its ability to engage in potential transactions. The Fund’s activities are expected to be constrained as a result of the inability of the personnel of Blackstone to use such information. For example, employees of Blackstone from time to time are prohibited by law or contract from sharing information with members of the Adviser’s investment team that would be relevant to monitoring the Fund’s portfolio and other investment decisions. Additionally, there are expected to be circumstances in which one or more of certain individuals associated with Blackstone will be precluded from providing services related to the Fund’s activities because of certain confidential information available to those individuals or to other parts of Blackstone (e.g., trading may be restricted). Blackstone has long term relationships with a significant number of corporations and their senior management. In determining whether to invest in a particular transaction on behalf of the Fund, the Adviser will consider those relationships, and may decline to participate in a transaction as a result of such relationships. To the extent permitted by the 1940 Act and any applicable co-invest order from the SEC, the Fund may also co-invest with clients of Blackstone in particular investment opportunities, and the relationship with such clients could influence the decisions made by the Adviser with respect to such investments. The Fund may be forced to sell or hold existing investments (possibly at disadvantageous times or under disadvantageous conditions) as a result of various relationships that Blackstone may have or transactions or investments Blackstone and its affiliates may make or have made. The inability to transact in any security, derivative or loan held by the Fund could result in significant losses or lost opportunity costs to the Fund. </div> <div id="xdx_988_ecef--RiskTextBlock_c20250101__20251231__cef--RiskAxis__custom--LimitationsOnTransactionsWithAffiliatesRiskMember_ztJPhysDU0Cj"> Limitations on Transactions with Affiliates Risk The 1940 Act limits our ability to enter into certain transactions with certain of our affiliates. As a result of these restrictions, we may be prohibited from buying or selling any security directly from or to any portfolio company of or private equity fund managed by Blackstone, Blackstone Credit & Insurance or any of their respective affiliates. However, the Fund may under certain circumstances purchase any such portfolio company’s loans or securities in the secondary market, which could create a conflict for the Adviser between the interests of the Fund and the portfolio company, in that the ability of the Adviser to recommend actions in the best interest of the Fund might be impaired. The 1940 Act also prohibits certain “joint” transactions with certain of our affiliates, which could include investments in the same portfolio company (whether at the same or different times). These limitations may limit the scope of investment opportunities that would otherwise be available to us. Although the Fund has received an exemptive order from the SEC that permits it, among other things, to co-invest with certain affiliates of the Adviser and certain funds managed and controlled by the Adviser and its affiliates, it may only do so in accordance with certain terms and conditions that limit the types of transactions the Fund may engage in. </div> <div id="xdx_985_ecef--RiskTextBlock_c20250101__20251231__cef--RiskAxis__custom--DependenceOnKeyPersonnelRiskMember_zy8OakrHvueg"> Dependence on Key Personnel Risk The Adviser is dependent upon the experience and expertise of certain key personnel in providing services with respect to the Fund’s investments. If the Adviser were to lose the services of these individuals, its ability to service the Fund could be adversely affected. As with any managed fund, the Adviser may not be successful in selecting the best-performing securities or investment techniques for the Fund’s portfolio and the Fund’s performance may lag behind that of similar funds. The Adviser has informed the Fund that the investment professionals associated with the Adviser are actively involved in other investment activities not concerning the Fund and will not be able to devote all of their time to the Fund’s business and affairs. In addition, individuals not currently associated with the Adviser may become associated with the Fund and the performance of the Fund may also depend on the experience and expertise of such individuals as well as the persons and firms our Adviser may retain to provide services on our behalf. </div> <div id="xdx_987_ecef--RiskTextBlock_c20250101__20251231__cef--RiskAxis__us-gaap--PrepaymentRiskMember_zRrNdFXZuPzg"> Prepayment Risk During periods of declining interest rates, Borrowers or issuers may exercise their option to prepay principal earlier than scheduled. For fixed rate securities, such payments often occur during periods of declining interest rates, forcing the Fund to reinvest in lower yielding securities, resulting in a possible decline in the Fund’s income and distributions to common shareholders. This is known as prepayment or “call” risk. Below investment grade instruments frequently have call features that allow the issuer to redeem the security at dates prior to its stated maturity at a specified price (typically greater than par) only if certain prescribed conditions are met (“call protection”). An issuer may redeem a below investment grade instrument if, for example, the issuer can refinance the debt at a lower cost due to declining interest rates or an improvement in the credit standing of the issuer. Loans and the loans underlying CLOs in which the Fund invests typically do not have call protection after a certain period from initial issuance. For premium bonds (bonds acquired at prices that exceed their par or principal value) purchased by the Fund, prepayment risk may be enhanced. </div> <div id="xdx_98B_ecef--RiskTextBlock_c20250101__20251231__cef--RiskAxis__custom--RepurchaseAgreementsRiskMember_zX6vUJbdngo"> Repurchase Agreements Risk Subject to its investment objectives and policies, the Fund may invest in repurchase agreements as a buyer for investment purposes. Repurchase agreements typically involve the acquisition by the Fund of debt securities from a selling financial institution such as a bank, savings and loan association or broker-dealer. The agreement provides that the Fund will sell the securities back to the institution at a fixed time in the future. The Fund does not bear the risk of a decline in the value of the underlying security unless the seller defaults under its repurchase obligation. In the event of the bankruptcy or other default of a seller of a repurchase agreement, the Fund could experience both delays in liquidating the underlying securities and losses, including (1) possible decline in the value of the underlying security during the period in which the Fund seeks to enforce its rights thereto; (2) possible lack of access to income on the underlying security during this period; and (3) expenses of enforcing its rights. In addition, as described above, the value of the collateral underlying the repurchase agreement will be at least equal to the repurchase price, including any accrued interest earned on the repurchase agreement. In the event of a default or bankruptcy by a selling financial institution, the Fund generally will seek to liquidate such collateral. However, the exercise of the Fund’s right to liquidate such collateral could involve certain costs or delays and, to the extent that proceeds from any sale upon a default of the obligation to repurchase were less than the repurchase price, the Fund could suffer a loss. </div> <div id="xdx_98E_ecef--RiskTextBlock_c20250101__20251231__cef--RiskAxis__custom--ReverseRepurchaseAgreementsRiskMember_zi66nol6Efv1"> Reverse Repurchase Agreements Risk The Fund’s use of reverse repurchase agreements involves many of the same risks involved in the Fund’s use of leverage, as the proceeds from reverse repurchase agreements generally will be invested in additional securities. There is a risk that the market value of the securities acquired in the reverse repurchase agreement may decline below the price of the securities that the Fund has sold but remains obligated to repurchase. In addition, there is a risk that the market value of the securities retained by the Fund may decline. If the buyer of securities under a reverse repurchase agreement were to file for bankruptcy or experiences insolvency, the Fund may be adversely affected. Also, in entering into reverse repurchase agreements, the Fund would bear the risk of loss to the extent that the proceeds of the reverse repurchase agreement are less than the value of the underlying securities. In addition, due to the interest costs associated with reverse repurchase agreements transactions, the Fund’s NAV will decline, and, in some cases, the Fund may be worse off than if it had not used such instruments. To the extent not appropriately covered, the Fund’s use of reverse repurchase agreements will be subject to the 33 1/3% limitation on the issuance of senior securities representing indebtedness under the 1940 Act. </div> <div id="xdx_982_ecef--RiskTextBlock_c20250101__20251231__cef--RiskAxis__custom--InvestmentsInEquitySecuritiesOrWarrantsIncidentalToInvestmentsInFixedIncomeInstrumentsMember_zedcxwMJ2xVf"> Investments in Equity Securities or Warrants Incidental to Investments in Fixed Income Instruments From time to time the Fund also may invest in or hold common stock and other equity securities or warrants incidental to the purchase or ownership of a fixed income instrument or in connection with a reorganization of an issuer. Investments in equity securities incidental to investments in fixed income instruments entail certain risks in addition to those associated with investments in fixed income instruments. Because equity is merely the residual value of an issuer after all claims and other interests, it is inherently more risky than the bonds or loans of the same issuer. The value of the equity securities may be affected more rapidly, and to a greater extent, by company-specific developments and general market conditions. These risks may increase fluctuations in the Fund’s NAV. The Fund frequently may possess material non-public information about a Borrower or issuer as a result of its ownership of a fixed income instrument. Because of prohibitions on trading in securities while in possession of material non-public information, the Fund might be unable to enter into a transaction in a security of an issuer when it would otherwise be advantageous to do so. </div> <div id="xdx_985_ecef--RiskTextBlock_c20250101__20251231__cef--RiskAxis__custom--InflationDeflationRiskMember_zYHxOue7WOlb"> Inflation/Deflation Risk Inflation risk is the risk that the value of certain assets or income from the Fund’s investments will be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the Common Shares and Preferred Shares (in the case of BGB), and distributions thereon, can decline. In addition, during any periods of rising inflation, the dividend rates or borrowing costs associated with the Fund’s use of leverage would likely increase, which would tend to further reduce returns to common shareholders. Deflation risk is the risk that prices throughout the economy decline over time—the opposite of inflation. Deflation may have an adverse effect on the creditworthiness of issuers and may make issuer defaults more likely, which may result in a decline in the value of the Fund’s portfolio. </div> <div id="xdx_986_ecef--RiskTextBlock_c20250101__20251231__cef--RiskAxis__custom--USGovernmentDebtSecuritiesRiskMember_zCmitFZxF5c4"> U.S. Government Debt Securities Risk U.S. government debt securities generally do not involve the credit risks associated with investments in other types of debt securities, although, as a result, the yields available from U.S. government debt securities are generally lower than the yields available from other securities. Like other debt securities, however, the values of U.S. government securities change as interest rates fluctuate. Fluctuations in the value of portfolio securities will not affect interest income on existing portfolio securities but will be reflected in the Fund’s NAV. Since the magnitude of these fluctuations will generally be greater at times when the Fund’s average maturity is longer, under certain market conditions the Fund may, for temporary defensive purposes, accept lower current income from short-term investments rather than investing in higher yielding long-term securities. Further, a decreased U.S. government credit rating, any default by the U.S. government on its obligations, or any prolonged U.S. government shutdown, could create broader financial turmoil and uncertainty, which may weigh heavily on the Fund’s financial performance. </div> <div id="xdx_98C_ecef--RiskTextBlock_c20250101__20251231__cef--RiskAxis__custom--CyberSecurityRiskAndIdentityTheftRisksMember_zavzN4XASbSj"> Cyber-Security Risk and Identity Theft Risks (updated since the prior disclosure date for the Funds) The Fund’s operations are highly dependent on the Adviser’s information systems and technology and the Fund relies heavily on the Adviser’s financial, accounting, communications and other data processing systems. The Adviser’s systems may fail to operate properly or become disabled as a result of tampering or a breach of its network security systems or otherwise. In addition, the Adviser’s systems face ongoing cybersecurity threats and attacks, which could result in the loss of confidentiality, integrity or availability of such systems and the data held by such systems. Attacks on the Adviser’s systems could involve, and in some instances have in the past involved, attempts intended to obtain unauthorized access to its proprietary information, destroy data or disable, degrade or sabotage its systems, or divert or otherwise steal funds, including through the introduction of computer viruses, “phishing” attempts and other forms of social engineering. Attacks on the Adviser's systems could also involve ransomware or other forms of cyber extortion. Cyberattacks and other security threats could originate from a wide variety of external sources, including cyber criminals, nation state hackers, hacktivists and other outside parties. Cyberattacks and other data security threats could also originate from the malicious or accidental acts of insiders, such as employees of the Adviser, consultants, independent contractors or other service providers. There has been an increase in the frequency and sophistication of the cyber and data security threats the Adviser faces, with attacks ranging from those common to businesses to those that are more advanced and persistent, which may target the Adviser because, as an alternative asset management firm, the Adviser holds a significant amount of confidential and sensitive information about its investors, its portfolio companies or obligors (as applicable) and potential investments. As a result, the Adviser may face a heightened risk of a security breach or disruption with respect to this information. There can be no assurance that measures the Adviser takes to ensure the integrity of its systems will provide adequate protection, especially because cyberattack techniques used are continually evolving and it is possible cyberattacks will persist undetected over extended periods of time and/or will not be mitigated in a timely manner to prevent or minimize the impact of an attack on the Adviser, the Fund and its respective potential investments or investors. If the Adviser’s systems or those of third-party service providers are compromised, either as a result of malicious activity or through inadvertent transmittal or other loss of data, do not operate properly or are disabled, or it fails to provide the appropriate regulatory or other notifications in a timely manner, the Adviser could suffer financial loss, increased costs, a disruption of its businesses, liability to the Adviser's counterparties, its investment funds and fund investors, including the Fund and common shareholders, regulatory intervention or reputational damage. The costs related to cyber or other data security threats or disruptions may not be fully insured or indemnified by other means. In addition, the Fund could also suffer losses in connection with updates to, or the failure to timely update, the Adviser’s information systems and technology. In addition, the Adviser has become increasingly reliant on third party service providers for certain aspects of its business, including for the administration of certain funds, as well as for certain information systems and technology, including cloud-based services. These third party service providers could also face ongoing cyber security threats and compromises of their systems and as a result, unauthorized individuals could gain, and in some past instances have gained, access to certain confidential data. Cybersecurity has become a top priority for regulators around the world, and rapidly developing and changing privacy, data protection and cybersecurity laws and regulations could further increase compliance costs and subject the Fund to enforcement risk and reputational damage. Many jurisdictions in which the Adviser operates have laws and regulations relating to data privacy, cybersecurity and protection of personal information, including, as examples, the General Data Protection Regulation in the EU that went into effect in May 2018, the U.K Data Protection Act and the California Consumer Privacy Act that went into effect in January 2020. Some jurisdictions have also enacted laws requiring companies to notify individuals and government agencies of data security breaches involving certain types of personal data. Breaches in security, whether malicious in nature or through inadvertent transmittal or other loss of data, could potentially jeopardize the Adviser, its employees’ or the Fund’s investors’ or counterparties’ confidential, proprietary and other information processed and stored in, and transmitted through, the Adviser’s computer systems and networks, or otherwise cause interruptions or malfunctions in its, its employees’, the Fund’s investors’, the Fund’s counterparties’ or third parties’ business and operations, which could result in significant financial losses, increased costs, liability to the Fund’s investors and other counterparties, regulatory intervention and reputational damage. Furthermore, if the Adviser fails to comply with the relevant laws and regulations or fail to provide the appropriate regulatory or other notifications of breach in a timely matter, it could result in regulatory investigations and penalties, which could lead to negative publicity and reputational harm, and may cause the Fund’s investors and clients to lose confidence in the effectiveness of the Adviser’s security measures. Obligors of the Fund also rely on data processing systems and the secure processing, storage and transmission of information, including payment and health information, which in some instances are provided by third parties. A disruption or compromise of these systems could have a material adverse effect on the value of these businesses. The Fund may invest in strategic assets having a national or regional profile or in infrastructure, the nature of which could expose it to a greater risk of being subject to a terrorist attack or a security breach than other assets or businesses. Such an event may have material adverse consequences on the Fund’s investment or assets of the same type or may require obligors of the Fund to increase preventative security measures or expand insurance coverage. Finally, the Adviser’s and the Fund’s technology, data and intellectual property and the technology, data and intellectual property of their portfolio companies or obligors (as applicable) are also subject to a heightened risk of theft or compromise to the extent the Adviser and the Fund’s portfolio companies or obligors (as applicable) engage in operations outside the United States, in particular in those jurisdictions that do not have comparable levels of protection of proprietary information and assets such as intellectual property, trademarks, trade secrets, know-how and customer information and records. In addition, the Adviser and the Fund and their portfolio companies or obligors (as applicable) may be required to compromise protections or forego rights to technology, data and intellectual property in order to operate in or access markets in a foreign jurisdiction. Any such direct or indirect compromise of these assets could have a material adverse impact on the Adviser and the Fund and their portfolio companies or obligors (as applicable). </div> <div id="xdx_985_ecef--RiskTextBlock_c20250101__20251231__cef--RiskAxis__custom--PortfolioTurnoverRiskMember_zgOCjVWkntm1"> Portfolio Turnover Risk The Fund’s annual portfolio turnover rate may vary greatly from year to year, as well as within a given year. However, portfolio turnover rate is not considered a limiting factor in the execution of investment decisions for the Fund. High portfolio turnover may result in the realization of net short-term capital gains by the Fund which, when distributed to common shareholders, will be taxable as ordinary income. A high portfolio turnover may increase the Fund’s current and accumulated earnings and profits, resulting in a greater portion of the Fund’s distributions being treated as a dividend to the Fund’s common shareholders. In addition, a higher portfolio turnover rate results in correspondingly greater brokerage commissions and other transactional expenses that are borne by the Fund. </div> <div id="xdx_98A_ecef--RiskTextBlock_c20250101__20251231__cef--RiskAxis__custom--GovernmentInterventionInTheFinancialMarketsMember_zN1xPMexxEYc"> Government Intervention in the Financial Markets (updated since the prior disclosure date for the Funds) In the past, instability in the financial markets has led the U.S. government to take a number of unprecedented actions designed to support certain financial institutions and segments of the financial markets that have experienced extreme volatility, and in some cases a lack of liquidity. Federal, state, and other governments, their regulatory agencies or self-regulatory organizations may take additional actions that affect the regulation of the securities or structured products in which the Fund invests, or the issuers of such securities or structured products, in ways that are unforeseeable. Borrowers under Secured Loans held by the Fund may seek protection under the bankruptcy laws. Legislation or regulation may also change the way in which the Fund itself is regulated. Such legislation or regulation could limit or preclude the Fund’s ability to achieve its investment objectives. The Adviser will monitor developments and seek to manage the Fund’s portfolio in a manner consistent with achieving the Fund’s investment objectives, but there can be no assurance that it will be successful in doing so. </div> <div id="xdx_98D_ecef--RiskTextBlock_c20250101__20251231__cef--RiskAxis__custom--InflationRiskMember_zpQUBsxFTHpa"> Inflation Risk Globally, inflation and rapid fluctuations in inflation rates have in the past had negative effects on economies and financial markets, particularly in emerging economies, and may do so in the future. Wages and prices of inputs increase during periods of inflation which can negatively impact returns on our investments. In an attempt to stabilize inflation, governments may impose wage and price controls, or otherwise intervene in the economy. Governmental efforts to curb inflation often have negative effects on levels of economic activity. There can be no assurance that inflation will not become a serious problem in the future and have an adverse impact on the Fund’s returns. </div> <div id="xdx_987_ecef--RiskTextBlock_c20250101__20251231__cef--RiskAxis__custom--RegulatoryRiskMember_zOErXHWOmxgf"> Regulatory Risk Governmental and regulatory actions may have unexpected or adverse consequences on particular markets, strategies, or investments, which may adversely impact the Fund and impair how it is managed. Changes in U.S. federal policy, including tax policies, and at regulatory agencies occur over time through policy and personnel changes following elections, which lead to changes involving the level of oversight and focus on the financial services industry or the tax rates paid by corporate entities. These policy and legislative changes in the United States and in other countries may affect many aspects of financial regulation, and may in some instances contribute to decreased liquidity and increased volatility in the financial markets. Further, an extended federal government shutdown resulting from failing to pass budget appropriations, adopt continuing funding resolutions, or raise the debt ceiling, and other budgetary decisions limiting or delaying deferral government spending, may negatively impact U.S. or global economic conditions, including corporate and consumer spending, and liquidity of capital markets. The impact of these changes on the markets, and the practical implications for the Fund and other market participants, could be indirect and may not be fully known for some time. </div> FUND SPECIFIC RISKS <div style="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> BGX <div id="xdx_984_ecef--RiskTextBlock_c20250101__20251231__cef--RiskAxis__custom--DerivativesRiskMember_zLAQ4WfxYVF"> Derivatives Risk Under normal market conditions, the use of derivatives by the Fund does not exceed 30% of the Fund’s Managed Assets. The Fund’s derivative investments have risks, including: the imperfect correlation between the value of such instruments and the underlying assets of the Fund, which creates the possibility that the loss on such instruments may be greater than the gain in the value of the underlying assets in the Fund’s portfolio; the loss of principal; the possible default of the other party to the transaction; and illiquidity of the derivative investments. If a counterparty becomes bankrupt or otherwise fails to perform its obligations under a derivative contract due to financial difficulties, the Fund may experience significant delays in obtaining any recovery under the derivative contract in a bankruptcy or other reorganization proceeding. In addition, in the event of the insolvency of a counterparty to a derivative transaction, the derivative contract would typically be terminated at its fair market value. If the Fund is owed this fair market value in the termination of the derivative contract and its claim is unsecured, the Fund will be treated as a general creditor of such counterparty, and will not have any claim with respect to the underlying security. Certain of the derivative investments in which the Fund may invest may, in certain circumstances, give rise to a form of financial leverage, which may magnify the risk of owning such instruments. Furthermore, the ability to successfully use derivative investments depends on the ability of the Adviser to predict pertinent market movements, which cannot be assured. Thus, the use of derivative investments to generate income, for hedging, for currency or interest rate management or other purposes may result in losses greater than if they had not been used, may require the Fund to sell or purchase portfolio securities at inopportune times or for prices below or above the current market values, may limit the amount of appreciation the Fund can realize on an investment or may cause the Fund to hold a security that it might otherwise want to sell. In addition, there may be situations in which the Adviser elects not to use derivative investments that result in losses greater than if they had been used. Amounts paid by the Fund as premiums and cash or other assets held in margin accounts with respect to the Fund’s derivative investments would not be available to the Fund for other investment purposes, which may result in lost opportunities for gain. Changes to the derivatives markets as a result of the Dodd-Frank Act and other government regulation may also have an adverse effect on the Fund’s ability to make use of derivative transactions. Rule 18f-4 requires registered investment companies to adopt a written policies and procedures reasonably designed to manage the Fund’s derivatives risks. In the event that the Fund’s derivatives exposure exceeds 10% of its net assets, the Fund will be required to adopt a written derivatives risk management program and comply with a value-at-risk based limit on leverage risk. The Board of Trustees has an oversight role in ensuring these new requirements are being taken into account and, if required, will appoint a derivatives risk manager to handle the day-to-day responsibilities of the derivatives risk management program. </div> <div id="xdx_982_ecef--RiskTextBlock_c20250101__20251231__cef--RiskAxis__custom--SecuredLoansRiskMember_zRll8STS8fU9"> Secured Loans Risk (updated since the prior disclosure date for the Funds) Under normal market conditions, the Fund invests at least 70% of its Managed Assets in Secured Loans. Secured Loans hold senior positions 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. The Secured Loans the Fund invests in are usually rated below investment grade or may also be unrated. As a result, the risks associated with Secured Loans are similar to the risks of below investment grade instruments, although Secured Loans are senior and secured in contrast to other below investment grade instruments, which are often subordinated or unsecured. Nevertheless, if a Borrower under a Secured Loan defaults, becomes insolvent or goes into bankruptcy, the Fund may recover only a fraction of what is owed on the Secured Loan or nothing at all. Secured Loans are subject to a number of risks described elsewhere in this Report, including, but not limited to, credit risk, “covenant-lite” obligations risk, liquidity risk, valuation risk, below investment grade, or high yield, instruments risk and management risk. Although the Secured Loans in which the Fund invests in are secured by collateral, there can be no assurance that the Fund will have first-lien priority in such collateral or that such collateral could be readily liquidated or that the liquidation of such collateral would satisfy the Borrower’s obligation in the event of non-payment of scheduled interest or principal. In the event of the bankruptcy or insolvency of a Borrower, the Fund could experience delays or limitations with respect to its ability to realize the benefits of the collateral securing a Secured Loan. In the event of a decline in the value of the already pledged collateral, if the terms of a Secured Loan do not require the Borrower to pledge additional collateral, the Fund will be exposed to the risk that the value of the collateral will not at all times equal or exceed the amount of the Borrower’s obligations under the Secured Loans. To the extent that a Secured Loan is collateralized by stock in the Borrower or its subsidiaries, such stock may lose some or all of its value in the event of the bankruptcy or insolvency of the Borrower. Those Secured Loans that are under-collateralized involve a greater risk of loss. In general, the secondary trading market for Secured Loans is not fully-developed. No active trading market may exist for certain Secured Loans, which may make it difficult to value them. Illiquidity and adverse market conditions may mean that the Fund may not be able to sell certain Secured Loans quickly or at a fair price. Although the Senior Loans secondary market has grown substantially since its inception, the market may still be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods. Some Secured Loans are subject to the risk that a court, pursuant to fraudulent conveyance or other similar laws, could subordinate the Secured Loans to presently existing or future indebtedness of the Borrower or take other action detrimental to lenders, including the Fund. Such court action could under certain circumstances include invalidation of Secured Loans. If legislation or state or federal regulations impose additional requirements or restrictions on the ability of financial institutions to make loans, the availability of Secured Loans for investment by the Fund may be adversely affected. In addition, such requirements or restrictions could reduce or eliminate sources of financing for certain Borrowers. This would increase the risk of default. If legislation or federal or state regulations require financial institutions to increase their capital requirements this may cause financial institutions to dispose of Secured Loans that are considered highly levered transactions. Such sales could result in prices that, in the opinion of the Adviser, do not represent fair value. If the Fund attempts to sell a Secured Loan at a time when a financial institution is engaging in such a sale, the price the Fund could get for the Secured Loan may be adversely affected. The Fund acquires Secured Loans through assignments or participations. The Fund typically acquires Secured Loans through assignment and may 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; however, the purchaser’s rights can be more restricted than those of the assigning institution, and the Fund may not be able to unilaterally enforce all rights and remedies under the loan and with regard to any associated collateral. 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 to mitigate credit and counterparty risk in the atypical situation when the Fund must acquire a Secured Loan through a participation. The Adviser has established a counterparty and liquidity committee that regularly reviews each broker-dealer counterparty for, among other things, its quality and the quality of its execution. The established procedures and guidelines require trades to be placed for execution only with broker-dealer counterparties approved by the counterparty and liquidity committee of the Adviser. The factors considered by the 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. In purchasing participations, the Fund generally has no right to enforce compliance by the Borrower with the terms of the loan agreement against the Borrower, and the Fund may not directly benefit from the collateral, if any, supporting the debt obligation in which it has purchased the participation. As a result, the Fund will be exposed to the credit risk of both the Borrower and the institution selling the participation. Further, in purchasing participations in lending syndicates, the Fund may not be able to conduct the due diligence on the Borrower or the quality of the Secured Loan with respect to which it is buying a participation that the Fund would otherwise conduct if it were investing directly in the Secured Loan, which may result in the Fund being exposed to greater credit or fraud risk with respect to the Borrower or the Secured Loan than the Fund expected when initially purchasing the participation. </div> <div id="xdx_98D_ecef--RiskTextBlock_c20250101__20251231__cef--RiskAxis__custom--FixedIncomeInstrumentsRiskMember_zERrQrvaF6yb"> Fixed-Income Instruments Risk The Fund may invest up to 30% of its Managed Assets in fixed-income instruments, such as U.S. government debt securities and investment grade and below investment grade, subordinated and unsubordinated corporate debt securities. Fixed-income instruments are subject to many of the same risks that affect Secured Loans and unsecured loans, however they are often unsecured and typically lower in the issuer’s capital structure than loans, and thus may be exposed to greater risk of default and lower recoveries in the event of a default. This risk can be further heightened in the case of below investment grade instruments. Additionally, most fixed-income instruments are fixed-rate and thus are generally more susceptible than floating rate loans to price volatility related to changes in prevailing interest rates. </div> <div id="xdx_985_ecef--RiskTextBlock_c20250101__20251231__cef--RiskAxis__custom--UnsecuredLoansRiskMember_zPquwMWdShTc"> Unsecured Loans Risk The Fund may invest in unsecured loans. Unsecured loans generally are subject to similar risks as those associated with investments in Secured Loans except that such loans are not secured by collateral. In the event of default on an unsecured loan, the first priority lien holder has first claim to the underlying collateral of the loan. Unsecured loans are subject to the additional risk that the cash flow of the Borrower may be insufficient to meet scheduled payments after giving effect to the secured obligations of the Borrower. Unsecured loans generally have greater price volatility than Secured Loans and may be less liquid. </div> <div id="xdx_98F_ecef--RiskTextBlock_c20250101__20251231__cef--RiskAxis__custom--ShortSellingRiskMember_znDsPyH6N2D6"> Short Selling Risk The Fund may engage in short sales for investment and risk management purposes, including when the Adviser believes an investment will under-perform due to a greater sensitivity to earnings growth of the issuer, default risk or interest rates. The Fund may also engage in short sales for financing purposes. In times of unusual or adverse market, economic, regulatory or political conditions, the Fund may not be able, fully or partially, to implement its short selling strategy. Periods of unusual or adverse market, economic, regulatory or political conditions may exist for as long as six months and, in some cases, much longer. Short sales are transactions in which the Fund sells a security or other instrument that it does not own but can borrow in the market. Short selling allows the Fund to profit from a decline in market price to the extent such decline exceeds the transaction costs and the costs of borrowing the securities and to obtain a low cost means of financing long investments that the Adviser believes are attractive. If a security sold short increases in price, the Fund may have to cover its short position at a higher price than the short sale price, resulting in a loss. The Fund is permitted to have substantial short positions and must borrow those securities to make delivery to the buyer under the short sale transaction. The Fund may not be able to borrow a security that it needs to deliver or it may not be able to close out a short position at an acceptable price and may have to sell related long positions earlier than it had expected. Thus, the Fund may not be able to successfully implement its short sale strategy due to limited availability of desired securities or for other reasons. Also, there is the risk that the counterparty to a short sale may fail to honor its contractual terms, causing a loss to the Fund. Generally, the Fund will have to pay a fee or premium if it borrows securities and will be obligated to repay the lender of the security any dividends or interest that accrues on the security during the term of the loan. The amount of any gain from a short sale will be decreased, and the amount of any loss increased, by the amount of such fee, premium, dividends, interest or expense the Fund pays in connection with the short sale. Until the Fund replaces a borrowed security, it may be required to maintain a segregated account of cash or liquid assets with a broker or custodian to cover the Fund’s short position. Generally, securities held in a segregated account cannot be sold unless they are replaced with other liquid assets. The Fund’s ability to access the pledged collateral may also be impaired in the event the broker becomes bankrupt insolvent or otherwise fails to comply with the terms of the contract. In such instances the Fund may not be able to substitute or sell the pledged collateral and may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Fund may obtain only a limited recovery or may obtain no recovery in these circumstances. Additionally, the Fund must maintain sufficient liquid assets (less any additional collateral pledged to the broker), marked-to-market daily, to cover the borrowed securities obligations. This may limit the Fund’s investment flexibility, as well as its ability to meet other current obligations. Because losses on short sales arise from increases in the value of the security sold short, such losses are theoretically unlimited. By contrast, a loss on a long position arises from decreases in the value of the security and is limited by the fact that a security’s value cannot decrease below zero. The Adviser’s use of short sales in combination with long positions in the Fund’s portfolio in an attempt to improve performance or reduce overall portfolio risk may not be successful and may result in greater losses or lower positive returns than if the Fund held only long positions. It is possible that the Fund’s long securities positions will decline in value at the same time that the value of its short securities positions increase, thereby increasing potential losses to the Fund. In addition, the Fund’s short selling strategies will limit its ability to fully benefit from increases in the fixed-income markets. By investing the proceeds received from selling securities short, the Fund could be deemed to be employing a form of leverage, which creates special risks. The use of leverage may increase the Fund’s exposure to long securities positions and make any change in the Fund’s NAV greater than it would be without the use of leverage. This could result in increased volatility of returns. There is no guarantee that any leveraging strategy the Fund employs will be successful during any period in which it is employed. Finally, regulations imposed by the SEC or other regulatory bodies relating to short selling may restrict the Fund’s ability to engage in short selling. </div> <div id="xdx_98A_ecef--RiskTextBlock_c20250101__20251231__cef--RiskAxis__custom--StructuredProductsRiskMember_zanXnVEgAd8j"> Structured Products Risk The Fund may invest up to 10% of its Managed Assets in structured products, consisting of CLOs and credit-linked notes. Holders of structured products bear risks of the underlying investments, index or reference obligation and are subject to counterparty risk. The Fund may have the right to receive payments only from the structured product, and generally does not have direct rights against the issuer or the entity that sold the assets to be securitized. While certain structured products enable the investor to acquire interests in a pool of securities without the brokerage and other expenses associated with directly holding the same securities, investors in structured products generally pay their share of the structured product’s administrative and other expenses. Although it is difficult to predict whether the prices of indices and securities underlying structured products will rise or fall, these prices (and, therefore, the prices of structured products) will be influenced by the same types of political and economic events that affect issuers of securities and capital markets generally. If the issuer of a structured product uses shorter term financing to purchase longer term securities, the issuer may be forced to sell its securities at below market prices if it experiences difficulty in obtaining short-term financing, which may adversely affect the value of the structured products owned by the Fund. Certain structured products may be thinly traded or have a limited trading market. CLOs and credit-linked notes are typically privately offered and sold. As a result, investments in CLOs and credit-linked notes may be characterized by the Fund as illiquid securities. In addition to the general risks associated with debt securities discussed herein, CLOs carry additional risks, including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the possibility that the investments in CLOs are subordinate to other classes or tranches thereof; and (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results. </div> <div id="xdx_989_ecef--RiskTextBlock_c20250101__20251231__cef--RiskAxis__custom--LiquidityRiskMember_zxyi9AL1Iiwl"> Liquidity Risk The Fund may invest up to 25% of its Managed Assets in securities that, at the time of investment, are illiquid (determined using the SEC’s standard applicable to registered investment companies, i.e., securities that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the securities). The Fund may also invest in restricted securities. Investments in restricted securities could have the effect of increasing the amount of the Fund’s assets invested in illiquid securities if qualified institutional buyers are unwilling to purchase these securities. Illiquid and restricted securities may be difficult to dispose of at a fair price at the times when the Fund believes it is desirable to do so. The market price of illiquid and restricted securities generally is more volatile than that of more liquid securities, which may adversely affect the price that the Fund pays for or recovers upon the sale of such securities. Illiquid and restricted securities are also more difficult to value, especially in challenging markets. The Adviser’s judgment may play a greater role in the valuation process. Investment of the Fund’s assets in illiquid and restricted securities may restrict the Fund’s ability to take advantage of market opportunities. In order to dispose of an unregistered security, the Fund, where it has contractual rights to do so, may have to cause such security to be registered. A considerable period may elapse between the time the decision is made to sell the security and the time the security is registered, thereby enabling the Fund to sell it. Contractual restrictions on the resale of securities vary in length and scope and are generally the result of a negotiation between the issuer and acquiror of the securities. In either case, the Fund would bear market risks during that period. Some loans and fixed-income instruments are not readily marketable and may be subject to restrictions on resale. Loans and fixed-income instruments may not be listed on any national securities exchange and no active trading market may exist for certain of the loans and fixed-income instruments in which the Fund will invest. Where a secondary market exists, the market for some loans and fixed-income instruments may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods. </div> <div id="xdx_987_ecef--RiskTextBlock_c20250101__20251231__cef--RiskAxis__custom--LeverageRiskMember_z5cVZlfwBB4l"> Leverage Risk The Fund incurs leverage as part of its investment strategy. All costs and expenses related to any form of leverage used by the Fund are borne entirely by common shareholders. Certain forms of effective leverage used by the Fund, such as leverage incurred in securities lending, swap contract arrangements, other derivative transactions or short selling, may not be considered senior securities under the 1940 Act, but will be considered leverage for the Fund’s leverage limits. The Fund’s use of these forms of effective leverage will not exceed 30% of its net assets. The Fund uses borrowings. Furthermore, the Fund previously added leverage to its portfolio through the issuance of preferred shares, and although it has no current intention to do so, may do so again. The Fund’s total use of leverage and short sales exposure, either through traditional leverage programs or through securities lending, total swap contract arrangements, other derivative transactions or short selling (including the market value of securities the Fund is obligated to repay through short sales even in transactions that do not result in leverage), will not exceed 40% of the Fund’s Managed Assets (67% of the Fund’s net assets). With respect to its short positions in securities and certain of its derivative positions, the Fund may maintain an amount of cash or liquid securities in a segregated account equal to the face value of those positions. The Fund may also offset derivative positions against one another or against other assets to manage the effective market exposure resulting from derivatives in its portfolio. To the extent that the Fund does not segregate liquid assets or otherwise cover its obligations under such transactions, such transactions will be treated as borrowings for purposes of the requirement under the 1940 Act that the Fund may not enter into any such transactions if the Fund’s borrowings would thereby exceed 33 1/3% of its Managed Assets. In addition, to the extent that any offsetting positions do not behave in relation to one another as expected, the Fund may perform as if it were leveraged. The Fund’s use of leverage could create the opportunity for a higher return for common shareholders but would also result in special risks for common shareholders and can magnify the effect of any losses. If the income and gains earned on the securities and investments purchased with leverage proceeds are greater than the cost of the leverage, the return on the common shares will be greater than if leverage had not been used. Conversely, if the income and gains from the securities and investments purchased with such proceeds do not cover the cost of leverage, the return on the common shares will be less than if leverage had not been used. There is no assurance that a leveraging strategy will be successful. Leverage involves risks and special considerations for common shareholders including: <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 20pt"></td><td style="width: 20pt; text-align: left">●</td><td style="text-align: justify">the likelihood of greater volatility of NAV and market price of the common shares than a comparable portfolio without leverage;</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 20pt"></td><td style="width: 20pt; text-align: left">●</td><td style="text-align: justify">the risk that fluctuations in interest rates on Borrowings and short-term debt or in the dividend rates on the MRPS that the Fund may pay will reduce the return to the common shareholders or will result in fluctuations in the dividends paid on the common shares;</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 20pt"></td><td style="width: 20pt; text-align: left">●</td><td style="text-align: justify">the effect of leverage in a declining market, which is likely to cause a greater decline in the NAV of the common shares than if the Fund were not leveraged, which may result in a greater decline in the market price of the common shares; and</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 20pt"></td><td style="width: 20pt; text-align: left">●</td><td style="text-align: justify">when the Fund uses certain types of leverage, the investment advisory fee payable to the Adviser will be higher than if the Fund did not use leverage.</td> </tr></table> The Fund may continue to use leverage if the benefits to the Fund’s shareholders of maintaining the leveraged position are believed to outweigh any current reduced return. </div> <div id="xdx_98A_ecef--RiskTextBlock_c20250101__20251231__cef--RiskAxis__custom--ForeignCurrencyRiskMember_zynpYqg6ADS5"> Foreign Currency Risk Because the Fund may invest up to 20% of its Managed Assets in securities or other instruments denominated or quoted in currencies other than the U.S. dollar, changes in foreign currency exchange rates may affect the value of instruments held by the Fund and the unrealized appreciation or depreciation of investments. Currencies of certain countries may be volatile and therefore may affect the value of instruments denominated in such currencies, which means that the Fund’s NAV could decline as a result of changes in the exchange rates between foreign currencies and the U.S. dollar. The Adviser may, but is not required to, seek to protect the Fund from changes in currency exchange rates through hedging transactions depending on market conditions. The Fund may incur costs in connection with the conversions between various currencies. In addition, certain countries may impose foreign currency exchange controls or other restrictions on the repatriation, transferability or convertibility of currency. </div> Investment and Market Risk An investment in the Fund’s Common Shares is subject to investment risk, including the possible loss of the entire principal amount invested. An investment in the Fund’s Common Shares represents an indirect investment in the portfolio of floating rate instruments, other securities and derivative investments owned by the Fund, and the value of these investments may fluctuate, sometimes rapidly and unpredictably. At any point in time an investment in the Fund’s Common Shares may be worth less than the original amount invested, even after taking into account distributions paid by the Fund and the ability of common shareholders to reinvest dividends. The Fund may also use leverage, which would magnify the Fund’s investment, market and certain other risks. Below Investment Grade, or High Yield, Instruments Risk The Fund anticipates that it may invest substantially all of its assets in instruments that are rated below investment grade. Below investment grade instruments are commonly referred to as “junk” or “high yield” instruments and are regarded as predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal. Lower grade instruments may be particularly susceptible to economic downturns. It is likely that a prolonged or deepening economic downturn could adversely affect the ability of the issuers of such instruments to repay principal and pay interest thereon, increase the incidence of default for such instruments and severely disrupt the market value of such instruments. Below investment grade instruments, though generally higher yielding, are characterized by higher risk. They may be subject to certain risks with respect to the issuing entity and to greater market fluctuations than certain lower yielding, higher rated instruments. The retail secondary market for lower grade instruments may be less liquid than that for higher rated instruments. Adverse conditions could make it difficult at times for the Fund to sell certain instruments or could result in lower prices than those used in calculating the Fund’s NAV. Because of the substantial risks associated with investments in lower grade instruments, investors could lose money on their investment in Common Shares of the Fund, both in the short-term and the long-term. “Covenant-lite” Obligations Risk The Fund may invest in, or obtain exposure to, obligations that may be “covenant-lite,” which means such obligations lack certain financial maintenance covenants. While these loans may still contain other collateral protections, a covenant-lite loan may carry more risk than a covenant-heavy loan made by the same borrower as it does not require the borrower to provide affirmation that certain specific financial tests have been satisfied on a routine basis as is required under a covenant-heavy loan agreement. Should a loan held by the Fund begin to deteriorate in quality, the Fund’s ability to negotiate with the borrower may be delayed under a covenant-lite loan compared to a loan with full maintenance covenants. This may in turn delay the Fund’s ability to seek to recover its investment. Valuation Risk Unlike publicly traded common stock which trades on national exchanges, there is no central place or exchange for most of the Fund’s investments to trade. The Fund’s investments generally trade on an “over-the-counter” market which may be anywhere in the world where the buyer and seller can settle on a price. Due to the lack of centralized information and trading, the valuation of loans or fixed-income instruments may carry more risk than that of common stock. Uncertainties in the conditions of the financial market, unreliable reference data, lack of transparency and inconsistency of valuation models and processes may lead to inaccurate asset pricing. In addition, other market participants may value securities differently than the Fund. As a result, the Fund may be subject to the risk that when an instrument is sold in the market, the amount received by the Fund is less than the value of such instrument carried on the Fund’s books. Swap Risk The Fund may also invest in credit default swaps, total return swaps and interest rate swaps. Such transactions are subject to market risk, liquidity risk, risk of default by the other party to the transaction, known as “counterparty risk,” and risk of imperfect correlation between the value of such instruments and the underlying assets and may involve commissions or other costs. When buying protection under a swap, the risk of loss with respect to swaps generally is limited to the net amount of payments that the Fund is contractually obligated to make. However, when selling protection under a swap, the risk of loss is often the notional value of the underlying asset, which can result in a loss substantially greater than the amount invested in the swap itself. The swap market has grown substantially in recent years with a large number of banks and investment banking firms acting both as principals and as agents utilizing standardized swap documentation. As a result, the swap market has become relatively liquid; however, there is no guarantee that the swap market will continue to provide liquidity. If the Adviser is incorrect in its forecasts of market values, interest rates or currency exchange rates, the investment performance of the Fund would be less favorable than it would have been if these investment techniques were not used. In a total return swap, the Fund pays the counterparty a floating short-term interest rate and receives in exchange the total return of underlying loans or debt securities (or pays an equivalent amount, if the total return is negative). The Fund bears the risk of default on the underlying loans or debt securities, based on the notional amount of the swap. The Fund would typically have to post collateral to cover potential obligations under the swap. Credit Risk Credit risk is the risk that one or more Loans or other instruments in the Fund’s portfolio will decline in price or fail to pay interest or principal when due because the issuer of the instrument experiences a decline in its financial status. While a senior position in the capital structure of a Borrower or issuer may provide some protection with respect to the Fund’s investments in certain Loans, losses may still occur because the market value of Loans is affected by the creditworthiness of Borrowers or issuers and by general economic and specific industry conditions and the Fund’s other investments will often be subordinate to other debt in the issuer’s capital structure. To the extent the Fund invests in below investment grade instruments, it will be exposed to a greater amount of credit risk than a fund which invests in investment grade securities. The prices of lower grade instruments are more sensitive to negative developments, such as a decline in the issuer’s revenues or a general economic downturn, than are the prices of higher grade instruments. Instruments of below investment grade quality are predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal when due and therefore involve a greater risk of default. In addition, the Fund may enter into credit derivatives which may expose it to additional risk in the event that the instruments underlying the derivatives default. Interest Rate Risk The fixed-income instruments that the Fund may invest in are subject to the risk that market values of such securities will decline as interest rates increase. These changes in interest rates have a more pronounced effect on securities with longer durations. Typically, the impact of changes in interest rates on the market value of an instrument will be more pronounced for fixed-rate instruments, such as most corporate bonds, than it will for Loans or other floating rate instruments. Fluctuations in the value of portfolio securities will not affect interest income on existing portfolio securities but will be reflected in the Fund’s NAV. The Federal Reserve raised interest rates several times from March 2022 until July 2023, and has decreased interest rates several times beginning from September 2024. We cannot assure shareholders that a significant change in market interest rates will not have a material adverse effect on the Fund’s returns. Systematic Strategies Related to Bond Investments Risk With respect to the bond portion of the Fund’s portfolio, to the extent to which the proprietary model used by the Adviser (the “Model”) or comparable methods or strategies are employed, certain of the Adviser’s securities analysis methods will rely on the assumption that the companies whose securities are purchased or sold, the rating agencies that review these securities, and other publicly available sources of information about these securities, are providing accurate and unbiased data. While the Adviser is alert to indications that data may be incorrect, there is always a risk that the Adviser’s analysis may be compromised by inaccurate or misleading information. The Model the Adviser intends to utilize to manage the Fund’s bond investments could lead to unsatisfactory investments. The Adviser might not be able to effectively implement the Model, and there can be no guarantee that the Fund will achieve the desired results. Certain aspects of the Adviser’s investment process with respect to the Model are dependent on complex proprietary software, which requires constant development and refinement. The Adviser has implemented procedures designed to appropriately control the development and implementation of the Model. However, analytical, coding and implementation errors present substantial risks to complex models and quantitative investment management strategies. The Adviser cannot guarantee that its internal controls will be effective in all circumstances. The Fund could be negatively affected by undetected software defects or fundamental issues with the Adviser’s method of interpreting and acting upon the Model’s output. The Adviser’s implementation of its investment strategy with respect to the Fund’s bond portfolio utilizing the Model will rely on the analytical and mathematical foundation of the Model and the incorporation of the Model’s outputs into a complex computational environment. Any such strategy is also dependent on the quality of the market data utilized by the Model, changes in credit market conditions, creation and maintenance of the Model’s software and the successful incorporation of the Model’s output into the construction of the Fund’s bond portfolio. There is always a possibility of human error in the creation, maintenance and use of the Model. Moreover, the Adviser’s portfolio managers exercise discretion in the utilization of the Model, and the investment results of the relevant portion(s) of the Fund’s investments are dependent on the ability of portfolio managers to correctly understand and implement or disregard the Model’s signals. There can be no assurance that utilizing the Model will yield better results than any other investment method. Force Majeure Risk The Fund may be affected by force majeure events (e.g., acts of God, fire, flood, earthquakes, outbreaks of an infectious disease, pandemic or any other serious public health concern, war, terrorism, nationalization of industry and labor strikes). Force majeure events could adversely affect the ability of the Fund or a counterparty to perform its obligations. The liability and cost arising out of a failure to perform obligations as a result of a force majeure event could be considerable and could be borne by the Fund. Certain force majeure events, such as war or an outbreak of an infectious disease, could have a broader negative impact on the global or local economy, thereby affecting the Fund. Additionally, a major governmental intervention into industry, including the nationalization of an industry or the assertion of control, could result in a loss to the Fund if an investment is affected, and any compensation provided by the relevant government may not be adequate. Epidemic and Pandemic Risk (updated since the prior disclosure date for the Funds) The world has been susceptible to epidemics/pandemics, most recently COVID-19. Any outbreak of COVID-19, SARS, H1N1/09 flu, respiratory syncytial virus, or RSV, avian flu, other coronavirus, Ebola or other existing or new epidemics/pandemics, or the threat thereof, together with any resulting restrictions on travel or quarantines imposed, has had, and will continue to have, an adverse impact on the economy and business activity globally (including in the countries in which the Fund invests), and thereby is expected to adversely affect the performance of the Fund’s investments and the Fund’s ability to fulfill its investment objectives. Furthermore, the rapid development of epidemics/pandemics could preclude prediction as to their ultimate adverse impact on economic and market conditions, and, as a result, presents material uncertainty and risk with respect to the Fund and the performance of its investments. Fraud (added since the prior disclosure date for the Funds) A concern in investments in loans or debt securities is the possibility of material misrepresentation or omission on the part of the borrower or issuers of debt securities. Such inaccuracy or incompleteness can adversely affect the valuation of the collateral underlying the loans or debt securities (if any) or can adversely affect the ability of the Fund to perfect or effectuate a lien on any collateral securing the loan or debt securities. The Fund will rely upon the accuracy and completeness of representations made by borrowers and issuers to the extent reasonable when it makes its investments, but cannot guarantee such accuracy or completeness. Under certain circumstances, payments to the Fund can be reclaimed if any such payment or distribution is later determined to have been a fraudulent conveyance or a preferential payment. Market Disruption and Geopolitical Risk (updated since the prior disclosure date for the Funds) The Fund may be adversely affected by uncertainties such as terrorism, international political developments, protectionist trade policies, and changes in government policies, taxation, restrictions on foreign investment and currency repatriation, currency fluctuations and other developments in the laws and regulations of the countries in which it is invested. Likewise, natural and environmental disasters, epidemics or pandemics, and systemic market dislocations may be highly disruptive to economies and markets. See “—Epidemic and Pandemic Risk” above. Uncertainties and events around the world may (i) result in market volatility, (ii) have long-term effects on the U.S. and worldwide financial markets and (iii) cause further economic uncertainties in the United States and worldwide. The Fund cannot predict the effects of geopolitical events in the future on the U.S. economy and securities markets. Additionally, certain of the Funds’ investments may operate in, or have dealings with, countries subject to sanctions or embargos imposed by the U.S. government, foreign governments, or the United Nations or other international organizations. For example, the ongoing conflict due to Russia’s invasion of Ukraine, the ongoing conflict in the Middle East, and the rapidly evolving measures in response could be expected to have a negative impact on the economy and business activity globally (including in the countries in which the Fund invests). The severity and duration of these conflicts and their impact on global economic and market conditions are impossible to predict, and as a result, present material uncertainty and risk with respect to the Fund and its investments and operations, and the ability of the Fund to achieve its investment objectives. Sanctions could also result in Russia taking counter measures or retaliatory actions which could adversely impact the Fund’s business or the business of the Fund’s investments, including, but not limited to, cyberattacks targeting private companies, individuals or other infrastructure upon which the Fund’s business and the business of the Fund’s obligors rely. In addition, the failure of certain financial institutions, namely banks, may increase the possibility of a sustained deterioration of financial market liquidity, or illiquidity at clearing, cash management and/or custodial financial institutions. The failure of a bank (or banks) with which the Fund or its obligors have a commercial relationship could adversely affect, among other things, the Fund’s or its obligors’ ability to pursue key strategic initiatives, including by affecting the Fund’s or its obligors’ ability to access deposits or borrow from financial institutions on favorable terms. Additionally, if an obligor has a commercial relationship with a bank that has failed or is otherwise distressed, the obligor may experience issues receiving financial support to support its operations or consummate transactions, to the detriment of its business, financial condition and/or results of operations. The ability of the Fund and its obligors to spread banking relationships among multiple institutions may be limited by certain contractual arrangements, including liens placed on their respective assets as a result of a bank agreeing to provide financing. Recent technological advances in artificial intelligence and machine learning technologies (collectively, “AI Technologies”) have led to an increasing trend toward machine driven and artificially intelligent trading systems, particularly providing such systems with increasing levels of autonomy in trading decisions. Regulators of financial markets have become increasingly focused on the potential impact of AI Technologies on investment activities and may issue regulations that are intended to affect the use of AI Technologies in trading activities. Any such AI Technologies regulations may not have the intended effect on financial markets and it is not possible to predict the full extent of current or future risks related thereto. AI Technologies may suffer from the introduction of errors, defects or security vulnerabilities which can go undetected. AI Technologies and their current and potential future applications including in the investment and financial sectors, as well as the legal and regulatory frameworks within which they operate, continue to rapidly evolve, and it is impossible to predict the full extent of current or future risks related thereto. AI Technologies companies typically have high research and capital expenditures and, as a result, their profitability can vary widely, if they are profitable at all. Lender Liability Risk A number of U.S. judicial decisions have upheld judgments obtained by Borrowers against lending institutions on the basis of various evolving legal theories, collectively termed “lender liability.” Generally, lender liability is founded on the premise that a lender has violated a duty (whether implied or contractual) of good faith, commercial reasonableness and fair dealing, or a similar duty owed to the Borrower or has assumed an excessive degree of control over the Borrower resulting in the creation of a fiduciary duty owed to the Borrower or its other creditors or shareholders. Because of the nature of its investments, the Fund may be subject to allegations of lender liability. In addition, under common law principles that in some cases form the basis for lender liability claims, if a lender or bondholder (a) intentionally takes an action that results in the undercapitalization of a Borrower to the detriment of other creditors of such Borrower, (b) engages in other inequitable conduct to the detriment of such other creditors, (c) engages in fraud with respect to, or makes misrepresentations to, such other creditors or (d) uses its influence as a stockholder to dominate or control a Borrower to the detriment of other creditors of such Borrower, a court may elect to subordinate the claim of the offending lender or bondholder to the claims of the disadvantaged creditor or creditors, a remedy called “equitable subordination.” Because affiliates of, or persons related to, the Adviser may hold equity or other interests in obligors of the Fund, the Fund could be exposed to claims for equitable subordination or lender liability or both based on such equity or other holdings. Counterparty Risk The Fund is subject to credit risk with respect to the counterparties to its derivatives contracts (whether a clearing corporation in the case of exchange-traded instruments or the Fund’s hedge counterparty in the case of OTC instruments) purchased by the Fund. Counterparty risk is the risk that the other party in a derivative transaction will not fulfill its contractual obligation. Changes in the credit quality of the companies that serve as the Fund’s counterparties with respect to their derivative transactions will affect the value of those instruments. By entering into derivatives transactions, the Fund assumes the risks that theses counterparties could experience financial or other hardships that could call into question their continued ability to perform their obligations. In the case of a default by the counterparty, the Fund could become subject to adverse market movements while replacement transactions are executed. The ability of the Fund to transact business with any one or number of counterparties, the possible lack of a meaningful and independent evaluation of such counterparties’ financial capabilities, and the absence of a regulated market to facilitate settlement may increase the potential for losses by the Fund. Furthermore, concentration of derivatives in any particular counterparty would subject the Fund to an additional degree of risk with respect to defaults by such counterparty. The Adviser evaluates and monitors the creditworthiness of counterparties in order to ensure that such counterparties can perform their obligations under the relevant agreements. If a counterparty becomes bankrupt or otherwise fails to perform its obligations under a derivative contract due to financial or other difficulties, the Fund may experience significant delays in obtaining any recovery under the derivative contract in a dissolution, assignment for the benefit of creditors, liquidation, winding-up, bankruptcy or other analogous proceedings. In addition, in the event of the insolvency of a counterparty to a derivative transaction, the derivative contract would typically be terminated at its fair market value. If the Fund is owed this fair market value upon the termination of the derivative contract and its claim is unsecured, the Fund will be treated as a general creditor of such counterparty, and will not have any claim with respect to the underlying assets. The Fund may obtain only a limited recovery or may obtain no recovery at all in such circumstances. In addition, regulations that were adopted by prudential regulators in 2019 require certain bank-regulated counterparties and certain of their affiliates to include in certain financial contracts, including many derivatives contracts, terms that delay or restrict the rights of counterparties, such as the Fund, to terminate such contracts, foreclose upon collateral, exercise other default rights or restrict transfers of credit support in the event that such counterparty and/or its affiliates are subject to certain types of resolution or insolvency proceedings. Certain categories of interest rate and credit default swaps are subject to mandatory clearing, and more categories may be subject to mandatory clearing in the future. The counterparty risk for cleared derivatives is generally lower than for uncleared OTC derivative transactions because generally a clearing organization becomes substituted for each counterparty to a cleared derivative contract and, in effect, guarantees the parties’ performance under the contract as each party to a trade looks only to the clearing house for performance of financial obligations. However, there can be no assurance that a clearing house, or its members, will satisfy the clearing house’s obligations (including, but not limited to, financial obligations and legal obligations to segregate margins collected by the clearing house) to the Fund. Counterparty risk with respect to certain exchange-traded and over-the-counter derivatives may be further complicated by recently enacted U.S. financial reform legislation. Potential Conflicts of Interest Risk The Adviser is subject to certain conflicts of interest in its management of the Fund. These conflicts will arise primarily from the involvement of the Adviser, Blackstone Credit & Insurance, Blackstone Inc. (“Blackstone”) and their affiliates in other activities that may conflict with those of the Fund. The Adviser, Blackstone Credit & Insurance, Blackstone and their affiliates engage in a broad spectrum of activities. In the ordinary course of their business activities, the Adviser, Blackstone Credit & Insurance, Blackstone and their affiliates may engage in activities where the interests of certain divisions of the Adviser, Blackstone Credit & Insurance, Blackstone and their affiliates or the interests of their clients may conflict with the interests of the Fund or the common shareholders. Other present and future activities of the Adviser, Blackstone Credit & Insurance, Blackstone and their affiliates may give rise to additional conflicts of interest, which may have a negative impact on the Fund. In addressing these conflicts and regulatory, legal and contractual requirements across its various businesses, Blackstone has implemented certain policies and procedures (e.g., information walls) that may reduce the positive firm-wide synergies that the Adviser may have potentially utilized for purposes of finding attractive investments. Additionally, Blackstone may limit a client and/or its portfolio companies from engaging in agreements with or related to companies in which any fund of Blackstone has or has considered making an investment or which is otherwise an advisory client of Blackstone and/or from time to time restrict or otherwise limit the ability of the Fund to make investments in or otherwise engage in businesses or activities competitive with companies or other clients of Blackstone, either as result of contractual restrictions or otherwise. Finally, Blackstone has in the past entered, and is likely in the future to enter, into one or more strategic relationships in certain regions or with respect to certain types of investments that, although possibly intended to provide greater opportunities for the Fund, may require the Fund to share such opportunities or otherwise limit the amount of an opportunity the Fund can otherwise take. As part of its regular business, Blackstone provides a broad range of services other than those provided by the Adviser, including investment banking, underwriting, capital markets syndication and advisory (including underwriting), placement, financial advisory, restructuring and advisory, consulting, asset/property management, mortgage servicing, insurance (including title insurance), monitoring, commitment, syndication, origination, servicing, management consulting and other similar operational and finance matters, healthcare consulting/brokerage, group purchasing, organizational, operational, loan servicing, financing, divestment and other services. In addition, Blackstone may provide services in the future beyond those currently provided. The Fund will not receive a benefit from the fees or profits derived from such services. In such a case, a client of Blackstone would typically require Blackstone to act exclusively on its behalf. This request may preclude all of Blackstone clients (including the Fund) from participating in related transactions that would otherwise be suitable. Blackstone will be under no obligation to decline any such engagements in order to make an investment opportunity available to the Fund. In connection with its other businesses, Blackstone will likely come into possession of information that limits its ability to engage in potential transactions. The Fund’s activities are expected to be constrained as a result of the inability of the personnel of Blackstone to use such information. For example, employees of Blackstone from time to time are prohibited by law or contract from sharing information with members of the Adviser’s investment team that would be relevant to monitoring the Fund’s portfolio and other investment decisions. Additionally, there are expected to be circumstances in which one or more of certain individuals associated with Blackstone will be precluded from providing services related to the Fund’s activities because of certain confidential information available to those individuals or to other parts of Blackstone (e.g., trading may be restricted). Blackstone has long term relationships with a significant number of corporations and their senior management. In determining whether to invest in a particular transaction on behalf of the Fund, the Adviser will consider those relationships, and may decline to participate in a transaction as a result of such relationships. To the extent permitted by the 1940 Act and any applicable co-invest order from the SEC, the Fund may also co-invest with clients of Blackstone in particular investment opportunities, and the relationship with such clients could influence the decisions made by the Adviser with respect to such investments. The Fund may be forced to sell or hold existing investments (possibly at disadvantageous times or under disadvantageous conditions) as a result of various relationships that Blackstone may have or transactions or investments Blackstone and its affiliates may make or have made. The inability to transact in any security, derivative or loan held by the Fund could result in significant losses or lost opportunity costs to the Fund. Limitations on Transactions with Affiliates Risk The 1940 Act limits our ability to enter into certain transactions with certain of our affiliates. As a result of these restrictions, we may be prohibited from buying or selling any security directly from or to any portfolio company of or private equity fund managed by Blackstone, Blackstone Credit & Insurance or any of their respective affiliates. However, the Fund may under certain circumstances purchase any such portfolio company’s loans or securities in the secondary market, which could create a conflict for the Adviser between the interests of the Fund and the portfolio company, in that the ability of the Adviser to recommend actions in the best interest of the Fund might be impaired. The 1940 Act also prohibits certain “joint” transactions with certain of our affiliates, which could include investments in the same portfolio company (whether at the same or different times). These limitations may limit the scope of investment opportunities that would otherwise be available to us. Although the Fund has received an exemptive order from the SEC that permits it, among other things, to co-invest with certain affiliates of the Adviser and certain funds managed and controlled by the Adviser and its affiliates, it may only do so in accordance with certain terms and conditions that limit the types of transactions the Fund may engage in. Dependence on Key Personnel Risk The Adviser is dependent upon the experience and expertise of certain key personnel in providing services with respect to the Fund’s investments. If the Adviser were to lose the services of these individuals, its ability to service the Fund could be adversely affected. As with any managed fund, the Adviser may not be successful in selecting the best-performing securities or investment techniques for the Fund’s portfolio and the Fund’s performance may lag behind that of similar funds. The Adviser has informed the Fund that the investment professionals associated with the Adviser are actively involved in other investment activities not concerning the Fund and will not be able to devote all of their time to the Fund’s business and affairs. In addition, individuals not currently associated with the Adviser may become associated with the Fund and the performance of the Fund may also depend on the experience and expertise of such individuals as well as the persons and firms our Adviser may retain to provide services on our behalf. Prepayment Risk During periods of declining interest rates, Borrowers or issuers may exercise their option to prepay principal earlier than scheduled. For fixed rate securities, such payments often occur during periods of declining interest rates, forcing the Fund to reinvest in lower yielding securities, resulting in a possible decline in the Fund’s income and distributions to common shareholders. This is known as prepayment or “call” risk. Below investment grade instruments frequently have call features that allow the issuer to redeem the security at dates prior to its stated maturity at a specified price (typically greater than par) only if certain prescribed conditions are met (“call protection”). An issuer may redeem a below investment grade instrument if, for example, the issuer can refinance the debt at a lower cost due to declining interest rates or an improvement in the credit standing of the issuer. Loans and the loans underlying CLOs in which the Fund invests typically do not have call protection after a certain period from initial issuance. For premium bonds (bonds acquired at prices that exceed their par or principal value) purchased by the Fund, prepayment risk may be enhanced. Repurchase Agreements Risk Subject to its investment objectives and policies, the Fund may invest in repurchase agreements as a buyer for investment purposes. Repurchase agreements typically involve the acquisition by the Fund of debt securities from a selling financial institution such as a bank, savings and loan association or broker-dealer. The agreement provides that the Fund will sell the securities back to the institution at a fixed time in the future. The Fund does not bear the risk of a decline in the value of the underlying security unless the seller defaults under its repurchase obligation. In the event of the bankruptcy or other default of a seller of a repurchase agreement, the Fund could experience both delays in liquidating the underlying securities and losses, including (1) possible decline in the value of the underlying security during the period in which the Fund seeks to enforce its rights thereto; (2) possible lack of access to income on the underlying security during this period; and (3) expenses of enforcing its rights. In addition, as described above, the value of the collateral underlying the repurchase agreement will be at least equal to the repurchase price, including any accrued interest earned on the repurchase agreement. In the event of a default or bankruptcy by a selling financial institution, the Fund generally will seek to liquidate such collateral. However, the exercise of the Fund’s right to liquidate such collateral could involve certain costs or delays and, to the extent that proceeds from any sale upon a default of the obligation to repurchase were less than the repurchase price, the Fund could suffer a loss. Reverse Repurchase Agreements Risk The Fund’s use of reverse repurchase agreements involves many of the same risks involved in the Fund’s use of leverage, as the proceeds from reverse repurchase agreements generally will be invested in additional securities. There is a risk that the market value of the securities acquired in the reverse repurchase agreement may decline below the price of the securities that the Fund has sold but remains obligated to repurchase. In addition, there is a risk that the market value of the securities retained by the Fund may decline. If the buyer of securities under a reverse repurchase agreement were to file for bankruptcy or experiences insolvency, the Fund may be adversely affected. Also, in entering into reverse repurchase agreements, the Fund would bear the risk of loss to the extent that the proceeds of the reverse repurchase agreement are less than the value of the underlying securities. In addition, due to the interest costs associated with reverse repurchase agreements transactions, the Fund’s NAV will decline, and, in some cases, the Fund may be worse off than if it had not used such instruments. To the extent not appropriately covered, the Fund’s use of reverse repurchase agreements will be subject to the 33 1/3% limitation on the issuance of senior securities representing indebtedness under the 1940 Act. Investments in Equity Securities or Warrants Incidental to Investments in Fixed Income Instruments From time to time the Fund also may invest in or hold common stock and other equity securities or warrants incidental to the purchase or ownership of a fixed income instrument or in connection with a reorganization of an issuer. Investments in equity securities incidental to investments in fixed income instruments entail certain risks in addition to those associated with investments in fixed income instruments. Because equity is merely the residual value of an issuer after all claims and other interests, it is inherently more risky than the bonds or loans of the same issuer. The value of the equity securities may be affected more rapidly, and to a greater extent, by company-specific developments and general market conditions. These risks may increase fluctuations in the Fund’s NAV. The Fund frequently may possess material non-public information about a Borrower or issuer as a result of its ownership of a fixed income instrument. Because of prohibitions on trading in securities while in possession of material non-public information, the Fund might be unable to enter into a transaction in a security of an issuer when it would otherwise be advantageous to do so. Inflation/Deflation Risk Inflation risk is the risk that the value of certain assets or income from the Fund’s investments will be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the Common Shares and Preferred Shares (in the case of BGB), and distributions thereon, can decline. In addition, during any periods of rising inflation, the dividend rates or borrowing costs associated with the Fund’s use of leverage would likely increase, which would tend to further reduce returns to common shareholders. Deflation risk is the risk that prices throughout the economy decline over time—the opposite of inflation. Deflation may have an adverse effect on the creditworthiness of issuers and may make issuer defaults more likely, which may result in a decline in the value of the Fund’s portfolio. U.S. Government Debt Securities Risk U.S. government debt securities generally do not involve the credit risks associated with investments in other types of debt securities, although, as a result, the yields available from U.S. government debt securities are generally lower than the yields available from other securities. Like other debt securities, however, the values of U.S. government securities change as interest rates fluctuate. Fluctuations in the value of portfolio securities will not affect interest income on existing portfolio securities but will be reflected in the Fund’s NAV. Since the magnitude of these fluctuations will generally be greater at times when the Fund’s average maturity is longer, under certain market conditions the Fund may, for temporary defensive purposes, accept lower current income from short-term investments rather than investing in higher yielding long-term securities. Further, a decreased U.S. government credit rating, any default by the U.S. government on its obligations, or any prolonged U.S. government shutdown, could create broader financial turmoil and uncertainty, which may weigh heavily on the Fund’s financial performance. Cyber-Security Risk and Identity Theft Risks (updated since the prior disclosure date for the Funds) The Fund’s operations are highly dependent on the Adviser’s information systems and technology and the Fund relies heavily on the Adviser’s financial, accounting, communications and other data processing systems. The Adviser’s systems may fail to operate properly or become disabled as a result of tampering or a breach of its network security systems or otherwise. In addition, the Adviser’s systems face ongoing cybersecurity threats and attacks, which could result in the loss of confidentiality, integrity or availability of such systems and the data held by such systems. Attacks on the Adviser’s systems could involve, and in some instances have in the past involved, attempts intended to obtain unauthorized access to its proprietary information, destroy data or disable, degrade or sabotage its systems, or divert or otherwise steal funds, including through the introduction of computer viruses, “phishing” attempts and other forms of social engineering. Attacks on the Adviser's systems could also involve ransomware or other forms of cyber extortion. Cyberattacks and other security threats could originate from a wide variety of external sources, including cyber criminals, nation state hackers, hacktivists and other outside parties. Cyberattacks and other data security threats could also originate from the malicious or accidental acts of insiders, such as employees of the Adviser, consultants, independent contractors or other service providers. There has been an increase in the frequency and sophistication of the cyber and data security threats the Adviser faces, with attacks ranging from those common to businesses to those that are more advanced and persistent, which may target the Adviser because, as an alternative asset management firm, the Adviser holds a significant amount of confidential and sensitive information about its investors, its portfolio companies or obligors (as applicable) and potential investments. As a result, the Adviser may face a heightened risk of a security breach or disruption with respect to this information. There can be no assurance that measures the Adviser takes to ensure the integrity of its systems will provide adequate protection, especially because cyberattack techniques used are continually evolving and it is possible cyberattacks will persist undetected over extended periods of time and/or will not be mitigated in a timely manner to prevent or minimize the impact of an attack on the Adviser, the Fund and its respective potential investments or investors. If the Adviser’s systems or those of third-party service providers are compromised, either as a result of malicious activity or through inadvertent transmittal or other loss of data, do not operate properly or are disabled, or it fails to provide the appropriate regulatory or other notifications in a timely manner, the Adviser could suffer financial loss, increased costs, a disruption of its businesses, liability to the Adviser's counterparties, its investment funds and fund investors, including the Fund and common shareholders, regulatory intervention or reputational damage. The costs related to cyber or other data security threats or disruptions may not be fully insured or indemnified by other means. In addition, the Fund could also suffer losses in connection with updates to, or the failure to timely update, the Adviser’s information systems and technology. In addition, the Adviser has become increasingly reliant on third party service providers for certain aspects of its business, including for the administration of certain funds, as well as for certain information systems and technology, including cloud-based services. These third party service providers could also face ongoing cyber security threats and compromises of their systems and as a result, unauthorized individuals could gain, and in some past instances have gained, access to certain confidential data. Cybersecurity has become a top priority for regulators around the world, and rapidly developing and changing privacy, data protection and cybersecurity laws and regulations could further increase compliance costs and subject the Fund to enforcement risk and reputational damage. Many jurisdictions in which the Adviser operates have laws and regulations relating to data privacy, cybersecurity and protection of personal information, including, as examples, the General Data Protection Regulation in the EU that went into effect in May 2018, the U.K Data Protection Act and the California Consumer Privacy Act that went into effect in January 2020. Some jurisdictions have also enacted laws requiring companies to notify individuals and government agencies of data security breaches involving certain types of personal data. Breaches in security, whether malicious in nature or through inadvertent transmittal or other loss of data, could potentially jeopardize the Adviser, its employees’ or the Fund’s investors’ or counterparties’ confidential, proprietary and other information processed and stored in, and transmitted through, the Adviser’s computer systems and networks, or otherwise cause interruptions or malfunctions in its, its employees’, the Fund’s investors’, the Fund’s counterparties’ or third parties’ business and operations, which could result in significant financial losses, increased costs, liability to the Fund’s investors and other counterparties, regulatory intervention and reputational damage. Furthermore, if the Adviser fails to comply with the relevant laws and regulations or fail to provide the appropriate regulatory or other notifications of breach in a timely matter, it could result in regulatory investigations and penalties, which could lead to negative publicity and reputational harm, and may cause the Fund’s investors and clients to lose confidence in the effectiveness of the Adviser’s security measures. Obligors of the Fund also rely on data processing systems and the secure processing, storage and transmission of information, including payment and health information, which in some instances are provided by third parties. A disruption or compromise of these systems could have a material adverse effect on the value of these businesses. The Fund may invest in strategic assets having a national or regional profile or in infrastructure, the nature of which could expose it to a greater risk of being subject to a terrorist attack or a security breach than other assets or businesses. Such an event may have material adverse consequences on the Fund’s investment or assets of the same type or may require obligors of the Fund to increase preventative security measures or expand insurance coverage. Finally, the Adviser’s and the Fund’s technology, data and intellectual property and the technology, data and intellectual property of their portfolio companies or obligors (as applicable) are also subject to a heightened risk of theft or compromise to the extent the Adviser and the Fund’s portfolio companies or obligors (as applicable) engage in operations outside the United States, in particular in those jurisdictions that do not have comparable levels of protection of proprietary information and assets such as intellectual property, trademarks, trade secrets, know-how and customer information and records. In addition, the Adviser and the Fund and their portfolio companies or obligors (as applicable) may be required to compromise protections or forego rights to technology, data and intellectual property in order to operate in or access markets in a foreign jurisdiction. Any such direct or indirect compromise of these assets could have a material adverse impact on the Adviser and the Fund and their portfolio companies or obligors (as applicable). Portfolio Turnover Risk The Fund’s annual portfolio turnover rate may vary greatly from year to year, as well as within a given year. However, portfolio turnover rate is not considered a limiting factor in the execution of investment decisions for the Fund. High portfolio turnover may result in the realization of net short-term capital gains by the Fund which, when distributed to common shareholders, will be taxable as ordinary income. A high portfolio turnover may increase the Fund’s current and accumulated earnings and profits, resulting in a greater portion of the Fund’s distributions being treated as a dividend to the Fund’s common shareholders. In addition, a higher portfolio turnover rate results in correspondingly greater brokerage commissions and other transactional expenses that are borne by the Fund. Government Intervention in the Financial Markets (updated since the prior disclosure date for the Funds) In the past, instability in the financial markets has led the U.S. government to take a number of unprecedented actions designed to support certain financial institutions and segments of the financial markets that have experienced extreme volatility, and in some cases a lack of liquidity. Federal, state, and other governments, their regulatory agencies or self-regulatory organizations may take additional actions that affect the regulation of the securities or structured products in which the Fund invests, or the issuers of such securities or structured products, in ways that are unforeseeable. Borrowers under Secured Loans held by the Fund may seek protection under the bankruptcy laws. Legislation or regulation may also change the way in which the Fund itself is regulated. Such legislation or regulation could limit or preclude the Fund’s ability to achieve its investment objectives. The Adviser will monitor developments and seek to manage the Fund’s portfolio in a manner consistent with achieving the Fund’s investment objectives, but there can be no assurance that it will be successful in doing so. Inflation Risk Globally, inflation and rapid fluctuations in inflation rates have in the past had negative effects on economies and financial markets, particularly in emerging economies, and may do so in the future. Wages and prices of inputs increase during periods of inflation which can negatively impact returns on our investments. In an attempt to stabilize inflation, governments may impose wage and price controls, or otherwise intervene in the economy. Governmental efforts to curb inflation often have negative effects on levels of economic activity. There can be no assurance that inflation will not become a serious problem in the future and have an adverse impact on the Fund’s returns. Regulatory Risk Governmental and regulatory actions may have unexpected or adverse consequences on particular markets, strategies, or investments, which may adversely impact the Fund and impair how it is managed. Changes in U.S. federal policy, including tax policies, and at regulatory agencies occur over time through policy and personnel changes following elections, which lead to changes involving the level of oversight and focus on the financial services industry or the tax rates paid by corporate entities. These policy and legislative changes in the United States and in other countries may affect many aspects of financial regulation, and may in some instances contribute to decreased liquidity and increased volatility in the financial markets. Further, an extended federal government shutdown resulting from failing to pass budget appropriations, adopt continuing funding resolutions, or raise the debt ceiling, and other budgetary decisions limiting or delaying deferral government spending, may negatively impact U.S. or global economic conditions, including corporate and consumer spending, and liquidity of capital markets. The impact of these changes on the markets, and the practical implications for the Fund and other market participants, could be indirect and may not be fully known for some time. Derivatives Risk Under normal market conditions, the use of derivatives by the Fund does not exceed 30% of the Fund’s Managed Assets. The Fund’s derivative investments have risks, including: the imperfect correlation between the value of such instruments and the underlying assets of the Fund, which creates the possibility that the loss on such instruments may be greater than the gain in the value of the underlying assets in the Fund’s portfolio; the loss of principal; the possible default of the other party to the transaction; and illiquidity of the derivative investments. If a counterparty becomes bankrupt or otherwise fails to perform its obligations under a derivative contract due to financial difficulties, the Fund may experience significant delays in obtaining any recovery under the derivative contract in a bankruptcy or other reorganization proceeding. In addition, in the event of the insolvency of a counterparty to a derivative transaction, the derivative contract would typically be terminated at its fair market value. If the Fund is owed this fair market value in the termination of the derivative contract and its claim is unsecured, the Fund will be treated as a general creditor of such counterparty, and will not have any claim with respect to the underlying security. Certain of the derivative investments in which the Fund may invest may, in certain circumstances, give rise to a form of financial leverage, which may magnify the risk of owning such instruments. Furthermore, the ability to successfully use derivative investments depends on the ability of the Adviser to predict pertinent market movements, which cannot be assured. Thus, the use of derivative investments to generate income, for hedging, for currency or interest rate management or other purposes may result in losses greater than if they had not been used, may require the Fund to sell or purchase portfolio securities at inopportune times or for prices below or above the current market values, may limit the amount of appreciation the Fund can realize on an investment or may cause the Fund to hold a security that it might otherwise want to sell. In addition, there may be situations in which the Adviser elects not to use derivative investments that result in losses greater than if they had been used. Amounts paid by the Fund as premiums and cash or other assets held in margin accounts with respect to the Fund’s derivative investments would not be available to the Fund for other investment purposes, which may result in lost opportunities for gain. Changes to the derivatives markets as a result of the Dodd-Frank Act and other government regulation may also have an adverse effect on the Fund’s ability to make use of derivative transactions. Rule 18f-4 requires registered investment companies to adopt a written policies and procedures reasonably designed to manage the Fund’s derivatives risks. In the event that the Fund’s derivatives exposure exceeds 10% of its net assets, the Fund will be required to adopt a written derivatives risk management program and comply with a value-at-risk based limit on leverage risk. The Board of Trustees has an oversight role in ensuring these new requirements are being taken into account and, if required, will appoint a derivatives risk manager to handle the day-to-day responsibilities of the derivatives risk management program. Secured Loans Risk (updated since the prior disclosure date for the Funds) Under normal market conditions, the Fund invests at least 70% of its Managed Assets in Secured Loans. Secured Loans hold senior positions 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. The Secured Loans the Fund invests in are usually rated below investment grade or may also be unrated. As a result, the risks associated with Secured Loans are similar to the risks of below investment grade instruments, although Secured Loans are senior and secured in contrast to other below investment grade instruments, which are often subordinated or unsecured. Nevertheless, if a Borrower under a Secured Loan defaults, becomes insolvent or goes into bankruptcy, the Fund may recover only a fraction of what is owed on the Secured Loan or nothing at all. Secured Loans are subject to a number of risks described elsewhere in this Report, including, but not limited to, credit risk, “covenant-lite” obligations risk, liquidity risk, valuation risk, below investment grade, or high yield, instruments risk and management risk. Although the Secured Loans in which the Fund invests in are secured by collateral, there can be no assurance that the Fund will have first-lien priority in such collateral or that such collateral could be readily liquidated or that the liquidation of such collateral would satisfy the Borrower’s obligation in the event of non-payment of scheduled interest or principal. In the event of the bankruptcy or insolvency of a Borrower, the Fund could experience delays or limitations with respect to its ability to realize the benefits of the collateral securing a Secured Loan. In the event of a decline in the value of the already pledged collateral, if the terms of a Secured Loan do not require the Borrower to pledge additional collateral, the Fund will be exposed to the risk that the value of the collateral will not at all times equal or exceed the amount of the Borrower’s obligations under the Secured Loans. To the extent that a Secured Loan is collateralized by stock in the Borrower or its subsidiaries, such stock may lose some or all of its value in the event of the bankruptcy or insolvency of the Borrower. Those Secured Loans that are under-collateralized involve a greater risk of loss. In general, the secondary trading market for Secured Loans is not fully-developed. No active trading market may exist for certain Secured Loans, which may make it difficult to value them. Illiquidity and adverse market conditions may mean that the Fund may not be able to sell certain Secured Loans quickly or at a fair price. Although the Senior Loans secondary market has grown substantially since its inception, the market may still be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods. Some Secured Loans are subject to the risk that a court, pursuant to fraudulent conveyance or other similar laws, could subordinate the Secured Loans to presently existing or future indebtedness of the Borrower or take other action detrimental to lenders, including the Fund. Such court action could under certain circumstances include invalidation of Secured Loans. If legislation or state or federal regulations impose additional requirements or restrictions on the ability of financial institutions to make loans, the availability of Secured Loans for investment by the Fund may be adversely affected. In addition, such requirements or restrictions could reduce or eliminate sources of financing for certain Borrowers. This would increase the risk of default. If legislation or federal or state regulations require financial institutions to increase their capital requirements this may cause financial institutions to dispose of Secured Loans that are considered highly levered transactions. Such sales could result in prices that, in the opinion of the Adviser, do not represent fair value. If the Fund attempts to sell a Secured Loan at a time when a financial institution is engaging in such a sale, the price the Fund could get for the Secured Loan may be adversely affected. The Fund acquires Secured Loans through assignments or participations. The Fund typically acquires Secured Loans through assignment and may 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; however, the purchaser’s rights can be more restricted than those of the assigning institution, and the Fund may not be able to unilaterally enforce all rights and remedies under the loan and with regard to any associated collateral. 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 to mitigate credit and counterparty risk in the atypical situation when the Fund must acquire a Secured Loan through a participation. The Adviser has established a counterparty and liquidity committee that regularly reviews each broker-dealer counterparty for, among other things, its quality and the quality of its execution. The established procedures and guidelines require trades to be placed for execution only with broker-dealer counterparties approved by the counterparty and liquidity committee of the Adviser. The factors considered by the 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. In purchasing participations, the Fund generally has no right to enforce compliance by the Borrower with the terms of the loan agreement against the Borrower, and the Fund may not directly benefit from the collateral, if any, supporting the debt obligation in which it has purchased the participation. As a result, the Fund will be exposed to the credit risk of both the Borrower and the institution selling the participation. Further, in purchasing participations in lending syndicates, the Fund may not be able to conduct the due diligence on the Borrower or the quality of the Secured Loan with respect to which it is buying a participation that the Fund would otherwise conduct if it were investing directly in the Secured Loan, which may result in the Fund being exposed to greater credit or fraud risk with respect to the Borrower or the Secured Loan than the Fund expected when initially purchasing the participation. Fixed-Income Instruments Risk The Fund may invest up to 30% of its Managed Assets in fixed-income instruments, such as U.S. government debt securities and investment grade and below investment grade, subordinated and unsubordinated corporate debt securities. Fixed-income instruments are subject to many of the same risks that affect Secured Loans and unsecured loans, however they are often unsecured and typically lower in the issuer’s capital structure than loans, and thus may be exposed to greater risk of default and lower recoveries in the event of a default. This risk can be further heightened in the case of below investment grade instruments. Additionally, most fixed-income instruments are fixed-rate and thus are generally more susceptible than floating rate loans to price volatility related to changes in prevailing interest rates. Unsecured Loans Risk The Fund may invest in unsecured loans. Unsecured loans generally are subject to similar risks as those associated with investments in Secured Loans except that such loans are not secured by collateral. In the event of default on an unsecured loan, the first priority lien holder has first claim to the underlying collateral of the loan. Unsecured loans are subject to the additional risk that the cash flow of the Borrower may be insufficient to meet scheduled payments after giving effect to the secured obligations of the Borrower. Unsecured loans generally have greater price volatility than Secured Loans and may be less liquid. Short Selling Risk The Fund may engage in short sales for investment and risk management purposes, including when the Adviser believes an investment will under-perform due to a greater sensitivity to earnings growth of the issuer, default risk or interest rates. The Fund may also engage in short sales for financing purposes. In times of unusual or adverse market, economic, regulatory or political conditions, the Fund may not be able, fully or partially, to implement its short selling strategy. Periods of unusual or adverse market, economic, regulatory or political conditions may exist for as long as six months and, in some cases, much longer. Short sales are transactions in which the Fund sells a security or other instrument that it does not own but can borrow in the market. Short selling allows the Fund to profit from a decline in market price to the extent such decline exceeds the transaction costs and the costs of borrowing the securities and to obtain a low cost means of financing long investments that the Adviser believes are attractive. If a security sold short increases in price, the Fund may have to cover its short position at a higher price than the short sale price, resulting in a loss. The Fund is permitted to have substantial short positions and must borrow those securities to make delivery to the buyer under the short sale transaction. The Fund may not be able to borrow a security that it needs to deliver or it may not be able to close out a short position at an acceptable price and may have to sell related long positions earlier than it had expected. Thus, the Fund may not be able to successfully implement its short sale strategy due to limited availability of desired securities or for other reasons. Also, there is the risk that the counterparty to a short sale may fail to honor its contractual terms, causing a loss to the Fund. Generally, the Fund will have to pay a fee or premium if it borrows securities and will be obligated to repay the lender of the security any dividends or interest that accrues on the security during the term of the loan. The amount of any gain from a short sale will be decreased, and the amount of any loss increased, by the amount of such fee, premium, dividends, interest or expense the Fund pays in connection with the short sale. Until the Fund replaces a borrowed security, it may be required to maintain a segregated account of cash or liquid assets with a broker or custodian to cover the Fund’s short position. Generally, securities held in a segregated account cannot be sold unless they are replaced with other liquid assets. The Fund’s ability to access the pledged collateral may also be impaired in the event the broker becomes bankrupt insolvent or otherwise fails to comply with the terms of the contract. In such instances the Fund may not be able to substitute or sell the pledged collateral and may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Fund may obtain only a limited recovery or may obtain no recovery in these circumstances. Additionally, the Fund must maintain sufficient liquid assets (less any additional collateral pledged to the broker), marked-to-market daily, to cover the borrowed securities obligations. This may limit the Fund’s investment flexibility, as well as its ability to meet other current obligations. Because losses on short sales arise from increases in the value of the security sold short, such losses are theoretically unlimited. By contrast, a loss on a long position arises from decreases in the value of the security and is limited by the fact that a security’s value cannot decrease below zero. The Adviser’s use of short sales in combination with long positions in the Fund’s portfolio in an attempt to improve performance or reduce overall portfolio risk may not be successful and may result in greater losses or lower positive returns than if the Fund held only long positions. It is possible that the Fund’s long securities positions will decline in value at the same time that the value of its short securities positions increase, thereby increasing potential losses to the Fund. In addition, the Fund’s short selling strategies will limit its ability to fully benefit from increases in the fixed-income markets. By investing the proceeds received from selling securities short, the Fund could be deemed to be employing a form of leverage, which creates special risks. The use of leverage may increase the Fund’s exposure to long securities positions and make any change in the Fund’s NAV greater than it would be without the use of leverage. This could result in increased volatility of returns. There is no guarantee that any leveraging strategy the Fund employs will be successful during any period in which it is employed. Finally, regulations imposed by the SEC or other regulatory bodies relating to short selling may restrict the Fund’s ability to engage in short selling. Structured Products Risk The Fund may invest up to 10% of its Managed Assets in structured products, consisting of CLOs and credit-linked notes. Holders of structured products bear risks of the underlying investments, index or reference obligation and are subject to counterparty risk. The Fund may have the right to receive payments only from the structured product, and generally does not have direct rights against the issuer or the entity that sold the assets to be securitized. While certain structured products enable the investor to acquire interests in a pool of securities without the brokerage and other expenses associated with directly holding the same securities, investors in structured products generally pay their share of the structured product’s administrative and other expenses. Although it is difficult to predict whether the prices of indices and securities underlying structured products will rise or fall, these prices (and, therefore, the prices of structured products) will be influenced by the same types of political and economic events that affect issuers of securities and capital markets generally. If the issuer of a structured product uses shorter term financing to purchase longer term securities, the issuer may be forced to sell its securities at below market prices if it experiences difficulty in obtaining short-term financing, which may adversely affect the value of the structured products owned by the Fund. Certain structured products may be thinly traded or have a limited trading market. CLOs and credit-linked notes are typically privately offered and sold. As a result, investments in CLOs and credit-linked notes may be characterized by the Fund as illiquid securities. In addition to the general risks associated with debt securities discussed herein, CLOs carry additional risks, including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the possibility that the investments in CLOs are subordinate to other classes or tranches thereof; and (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results. Liquidity Risk The Fund may invest up to 25% of its Managed Assets in securities that, at the time of investment, are illiquid (determined using the SEC’s standard applicable to registered investment companies, i.e., securities that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the securities). The Fund may also invest in restricted securities. Investments in restricted securities could have the effect of increasing the amount of the Fund’s assets invested in illiquid securities if qualified institutional buyers are unwilling to purchase these securities. Illiquid and restricted securities may be difficult to dispose of at a fair price at the times when the Fund believes it is desirable to do so. The market price of illiquid and restricted securities generally is more volatile than that of more liquid securities, which may adversely affect the price that the Fund pays for or recovers upon the sale of such securities. Illiquid and restricted securities are also more difficult to value, especially in challenging markets. The Adviser’s judgment may play a greater role in the valuation process. Investment of the Fund’s assets in illiquid and restricted securities may restrict the Fund’s ability to take advantage of market opportunities. In order to dispose of an unregistered security, the Fund, where it has contractual rights to do so, may have to cause such security to be registered. A considerable period may elapse between the time the decision is made to sell the security and the time the security is registered, thereby enabling the Fund to sell it. Contractual restrictions on the resale of securities vary in length and scope and are generally the result of a negotiation between the issuer and acquiror of the securities. In either case, the Fund would bear market risks during that period. Some loans and fixed-income instruments are not readily marketable and may be subject to restrictions on resale. Loans and fixed-income instruments may not be listed on any national securities exchange and no active trading market may exist for certain of the loans and fixed-income instruments in which the Fund will invest. Where a secondary market exists, the market for some loans and fixed-income instruments may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods. Leverage Risk The Fund incurs leverage as part of its investment strategy. All costs and expenses related to any form of leverage used by the Fund are borne entirely by common shareholders. Certain forms of effective leverage used by the Fund, such as leverage incurred in securities lending, swap contract arrangements, other derivative transactions or short selling, may not be considered senior securities under the 1940 Act, but will be considered leverage for the Fund’s leverage limits. The Fund’s use of these forms of effective leverage will not exceed 30% of its net assets. The Fund uses borrowings. Furthermore, the Fund previously added leverage to its portfolio through the issuance of preferred shares, and although it has no current intention to do so, may do so again. The Fund’s total use of leverage and short sales exposure, either through traditional leverage programs or through securities lending, total swap contract arrangements, other derivative transactions or short selling (including the market value of securities the Fund is obligated to repay through short sales even in transactions that do not result in leverage), will not exceed 40% of the Fund’s Managed Assets (67% of the Fund’s net assets). With respect to its short positions in securities and certain of its derivative positions, the Fund may maintain an amount of cash or liquid securities in a segregated account equal to the face value of those positions. The Fund may also offset derivative positions against one another or against other assets to manage the effective market exposure resulting from derivatives in its portfolio. To the extent that the Fund does not segregate liquid assets or otherwise cover its obligations under such transactions, such transactions will be treated as borrowings for purposes of the requirement under the 1940 Act that the Fund may not enter into any such transactions if the Fund’s borrowings would thereby exceed 33 1/3% of its Managed Assets. In addition, to the extent that any offsetting positions do not behave in relation to one another as expected, the Fund may perform as if it were leveraged. The Fund’s use of leverage could create the opportunity for a higher return for common shareholders but would also result in special risks for common shareholders and can magnify the effect of any losses. If the income and gains earned on the securities and investments purchased with leverage proceeds are greater than the cost of the leverage, the return on the common shares will be greater than if leverage had not been used. Conversely, if the income and gains from the securities and investments purchased with such proceeds do not cover the cost of leverage, the return on the common shares will be less than if leverage had not been used. There is no assurance that a leveraging strategy will be successful. Leverage involves risks and special considerations for common shareholders including: <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 20pt"></td><td style="width: 20pt; text-align: left">●</td><td style="text-align: justify">the likelihood of greater volatility of NAV and market price of the common shares than a comparable portfolio without leverage;</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 20pt"></td><td style="width: 20pt; text-align: left">●</td><td style="text-align: justify">the risk that fluctuations in interest rates on Borrowings and short-term debt or in the dividend rates on the MRPS that the Fund may pay will reduce the return to the common shareholders or will result in fluctuations in the dividends paid on the common shares;</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 20pt"></td><td style="width: 20pt; text-align: left">●</td><td style="text-align: justify">the effect of leverage in a declining market, which is likely to cause a greater decline in the NAV of the common shares than if the Fund were not leveraged, which may result in a greater decline in the market price of the common shares; and</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 20pt"></td><td style="width: 20pt; text-align: left">●</td><td style="text-align: justify">when the Fund uses certain types of leverage, the investment advisory fee payable to the Adviser will be higher than if the Fund did not use leverage.</td> </tr></table> The Fund may continue to use leverage if the benefits to the Fund’s shareholders of maintaining the leveraged position are believed to outweigh any current reduced return. Foreign Currency Risk Because the Fund may invest up to 20% of its Managed Assets in securities or other instruments denominated or quoted in currencies other than the U.S. dollar, changes in foreign currency exchange rates may affect the value of instruments held by the Fund and the unrealized appreciation or depreciation of investments. Currencies of certain countries may be volatile and therefore may affect the value of instruments denominated in such currencies, which means that the Fund’s NAV could decline as a result of changes in the exchange rates between foreign currencies and the U.S. dollar. The Adviser may, but is not required to, seek to protect the Fund from changes in currency exchange rates through hedging transactions depending on market conditions. The Fund may incur costs in connection with the conversions between various currencies. In addition, certain countries may impose foreign currency exchange controls or other restrictions on the repatriation, transferability or convertibility of currency. The purpose of the following table and example is to help you understand all fees and expenses common shareholders would bear directly or indirectly. The table below is based on the capital structure of the Funds for the year ended December 31, 2025 (except as noted below). <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Senior Floating Rate 2027 Term Fund</td><td style="border-bottom: Black 1pt solid; font-weight: bold"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Long-Short Credit Income Fund</td><td style="border-bottom: Black 1pt solid; font-weight: bold"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Strategic Credit 2027 Term Fund</td><td style="border-bottom: Black 1pt solid; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: Gainsboro"> <td style="font-weight: bold; text-align: left">ANNUAL EXPENSES</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 49%; text-align: left">Advisory Fees (1)</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">1.32</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">1.20</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">1.58</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: Gainsboro"> <td style="text-align: left">Dividends on Preferred Shares (2)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">–</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">–</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.53</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Other expenses (3)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.77</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.86</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.49</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-bottom: Black 1pt solid; text-align: left">Interest on Borrowed Funds (4)</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2.59</td><td style="border-bottom: Black 1pt solid; text-align: left">%</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2.59</td><td style="border-bottom: Black 1pt solid; text-align: left">%</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2.80</td><td style="border-bottom: Black 1pt solid; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">TOTAL ANNUAL EXPENSES</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.68</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.65</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.40</td><td style="text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">(1)</td><td style="text-align: justify">The Adviser receives a monthly management fee at the annual rate of 0.90% and 1.00% of the average daily managed assets of BSL and BGB, respectively. The Adviser receives 1.20% of the average daily value of BGX's net assets.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">(2)</td><td style="text-align: justify">Assumes the annual dividend rate for the Series B MRPS is 6.60% as of December 31, 2025 for BGB and has not increased as a result of any downgrade in the ratings of the Series B MRPS. If the ratings of the Series B MRPS are downgraded, the Fund's dividend expense may increase.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">(3)</td><td style="text-align: justify">“Other Expenses” are estimated amounts for the current fiscal year based on the Fund’s fees and expenses for the year ended December 31, 2025. “Other Expenses” include professional fees and other expenses, including, without limitation, SEC filing fees, printing fees, administration fees, transfer agency fees, custody fees, trustee fees and insurance costs.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">(4)</td><td style="text-align: justify">Interest Payments on Borrowed Funds is based on estimated amounts for the current fiscal year. The actual amount of interest expense borne by the Fund will vary over time in accordance with the level of the Fund’s borrowings and market interest rates. Interest Payments on Borrowed Funds are required to be treated as an expense of the Fund for accounting purposes.</td></tr></table> 0.0120 0.0086 0.0259 0.0465 “Other Expenses” are estimated amounts for the current fiscal year based on the Fund’s fees and expenses for the year ended December 31, 2025. “Other Expenses” include professional fees and other expenses, including, without limitation, SEC filing fees, printing fees, administration fees, transfer agency fees, custody fees, trustee fees and insurance costs. Example As required by the relevant SEC regulations, the following example illustrates the expenses that you would pay on a $1,000 investment in each Funds' Common Shares assuming (i) total annual expenses of 4.68%, 4.65% and 5.40% for BSL, BGX and BGB, respectively of net assets attributable to each Funds' Common Shares, (ii) a 5% annual return and (iii) reinvestment of all dividends and distributions at NAV: <table cellpadding="2" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; width: 44%"> </td> <td style="border-bottom: Black 1pt solid; width: 14%; text-align: center">1 Year</td> <td style="border-bottom: Black 1pt solid; width: 14%; text-align: center">3 Years</td> <td style="border-bottom: Black 1pt solid; width: 14%; text-align: center">5 Years</td> <td style="border-bottom: Black 1pt solid; width: 14%; text-align: center">10 Years</td></tr> <tr style="vertical-align: bottom; background-color: Gainsboro"> <td>Blackstone Senior Floating Rate 2027 Term Fund</td> <td style="text-align: center">$47</td> <td style="text-align: center">$141</td> <td style="text-align: center">$236</td> <td style="text-align: center">$475</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Blackstone Long-Short Credit Income Fund</td> <td style="text-align: center">$47</td> <td style="text-align: center">$140</td> <td style="text-align: center">$235</td> <td style="text-align: center">$473</td></tr> <tr style="vertical-align: bottom; background-color: Gainsboro"> <td>Blackstone Strategic Credit 2027 Term Fund</td> <td style="text-align: center">$54</td> <td style="text-align: center">$161</td> <td style="text-align: center">$267</td> <td style="text-align: center">$530</td></tr> </table> The example should not be considered a representation of future expenses. Actual expenses may be greater or less than those assumed. The example assumes that the estimated “Other expenses” set forth in the Annual Expenses table are accurate, and that all dividends and distributions are reinvested at NAV. Moreover, the Funds’ actual rate of return may be greater or less than the hypothetical 5% return shown in the example. 47 140 235 473 Blackstone Long-Short Credit Income Fund <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td> </td> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Total Amount Outstanding</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Asset Coverage Per $1,000 of</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Involuntary Liquidating</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Average Market</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: left; font-weight: bold">Year</td><td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Name of Loan</td><td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">(in thousands)</td><td style="border-bottom: Black 1pt solid; font-weight: bold"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Indebtedness</td><td style="border-bottom: Black 1pt solid; font-weight: bold"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Preference Per Unit(1)</td><td style="border-bottom: Black 1pt solid; font-weight: bold"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Value Per Unit(2)</td><td style="border-bottom: Black 1pt solid; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: Gainsboro"> <td style="width: 5%; text-align: left">2012(3)</td><td style="width: 1%"> </td> <td style="width: 26%; text-align: center">Revolving Credit Facility</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_981_ecef--SeniorSecuritiesAmt_iI_c20121231__us-gaap--StatementClassOfStockAxis__custom--RevolvingCreditsFacilityMember_fKDMp_zm4dEcTNQl37" style="width: 14%; text-align: right">–</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98C_ecef--SeniorSecuritiesCvgPerUnit_iI_c20121231__us-gaap--StatementClassOfStockAxis__custom--RevolvingCreditsFacilityMember_fKDMp_zAIF888clqya" style="width: 14%; text-align: right">–</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_981_eus-gaap--PreferredStockLiquidationPreference_iI_c20121231__us-gaap--StatementClassOfStockAxis__custom--RevolvingCreditsFacilityMember_fKDEpICgzKQ_____ztNhuT9r4G1c" style="width: 14%; text-align: right">–</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_982_ecef--SeniorSecuritiesAverageMarketValuePerUnit_c20120101__20121231__us-gaap--StatementClassOfStockAxis__custom--RevolvingCreditsFacilityMember_fKDIpICgzKQ_____zfDtIXddEqU4" style="width: 14%; text-align: right">–</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2013(3)</td><td> </td> <td style="text-align: center">Revolving Credit Facility</td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_ecef--SeniorSecuritiesAmt_iI_c20131231__us-gaap--StatementClassOfStockAxis__custom--RevolvingCreditsFacilityMember_fKDMp_zYbctcfMD2s2" style="text-align: right">–</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_ecef--SeniorSecuritiesCvgPerUnit_iI_c20131231__us-gaap--StatementClassOfStockAxis__custom--RevolvingCreditsFacilityMember_fKDMp_ztwojowbMvAe" style="text-align: right">–</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--PreferredStockLiquidationPreference_iI_c20131231__us-gaap--StatementClassOfStockAxis__custom--RevolvingCreditsFacilityMember_fKDEpICgzKQ_____zG3lNZDipPcb" style="text-align: right">–</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_ecef--SeniorSecuritiesAverageMarketValuePerUnit_c20130101__20131231__us-gaap--StatementClassOfStockAxis__custom--RevolvingCreditsFacilityMember_fKDIpICgzKQ_____zDsp5oc83icc" style="text-align: right">–</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: Gainsboro"> <td style="text-align: left">2014</td><td> </td> <td style="text-align: center">Revolving Credit Facility</td><td> </td> <td style="text-align: left">$</td><td id="xdx_982_ecef--SeniorSecuritiesAmt_iI_c20141231__us-gaap--StatementClassOfStockAxis__custom--RevolvingCreditsFacilityMember_zldlFId9xGMb" style="text-align: right">73,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_982_ecef--SeniorSecuritiesCvgPerUnit_iI_c20141231__us-gaap--StatementClassOfStockAxis__custom--RevolvingCreditsFacilityMember_z5v55Zz8E3b2" style="text-align: right">4,100</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--PreferredStockLiquidationPreference_iI_c20141231__us-gaap--StatementClassOfStockAxis__custom--RevolvingCreditsFacilityMember_fKDEp_zUF7oTVrFH7j" style="text-align: right">–</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_ecef--SeniorSecuritiesAverageMarketValuePerUnit_c20140101__20141231__us-gaap--StatementClassOfStockAxis__custom--RevolvingCreditsFacilityMember_fKDIp_zvj6JR6lXo44" style="text-align: right">–</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2015</td><td> </td> <td style="text-align: center">Revolving Credit Facility</td><td> </td> <td style="text-align: left">$</td><td id="xdx_98B_ecef--SeniorSecuritiesAmt_iI_c20151231__us-gaap--StatementClassOfStockAxis__custom--RevolvingCreditsFacilityMember_zCpryJLDvT66" style="text-align: right">96,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_984_ecef--SeniorSecuritiesCvgPerUnit_iI_c20151231__us-gaap--StatementClassOfStockAxis__custom--RevolvingCreditsFacilityMember_zRdHRWhyvS0f" style="text-align: right">3,033</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--PreferredStockLiquidationPreference_iI_c20151231__us-gaap--StatementClassOfStockAxis__custom--RevolvingCreditsFacilityMember_fKDEp_zmyvjVIxPRVa" style="text-align: right">–</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_ecef--SeniorSecuritiesAverageMarketValuePerUnit_c20150101__20151231__us-gaap--StatementClassOfStockAxis__custom--RevolvingCreditsFacilityMember_fKDIp_zOF1orPlcNsl" style="text-align: right">–</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: Gainsboro"> <td style="text-align: left">2016</td><td> </td> <td style="text-align: center">Revolving Credit Facility</td><td> </td> <td style="text-align: left">$</td><td id="xdx_98D_ecef--SeniorSecuritiesAmt_iI_c20161231__us-gaap--StatementClassOfStockAxis__custom--RevolvingCreditsFacilityMember_z40UlKTpFgHf" style="text-align: right">93,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98A_ecef--SeniorSecuritiesCvgPerUnit_iI_c20161231__us-gaap--StatementClassOfStockAxis__custom--RevolvingCreditsFacilityMember_z1Fa2If0hqRc" style="text-align: right">3,314</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--PreferredStockLiquidationPreference_iI_c20161231__us-gaap--StatementClassOfStockAxis__custom--RevolvingCreditsFacilityMember_fKDEp_zrXXhrbQFss3" style="text-align: right">–</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_ecef--SeniorSecuritiesAverageMarketValuePerUnit_c20160101__20161231__us-gaap--StatementClassOfStockAxis__custom--RevolvingCreditsFacilityMember_fKDIp_ztscPElR9Xdc" style="text-align: right">–</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td> </td> <td style="text-align: center">MRPS (Series A)</td><td> </td> <td style="text-align: left">$</td><td id="xdx_982_ecef--SeniorSecuritiesAmt_iI_c20161231__us-gaap--StatementClassOfStockAxis__custom--MRPSSeriesAMember_zqz2QHgSFyzk" style="text-align: right">20,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_988_ecef--SeniorSecuritiesCvgPerUnit_iI_c20161231__us-gaap--StatementClassOfStockAxis__custom--MRPSSeriesAMember_zcPh2qSbCg5" style="text-align: right">2,905</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_982_eus-gaap--PreferredStockLiquidationPreference_iI_c20161231__us-gaap--StatementClassOfStockAxis__custom--MRPSSeriesAMember_fKDEp_zGTHMZ21wjDk" style="text-align: right">1,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_ecef--SeniorSecuritiesAverageMarketValuePerUnit_c20160101__20161231__us-gaap--StatementClassOfStockAxis__custom--MRPSSeriesAMember_fKDIp_zgkAmdSb2OFh" style="text-align: right">–</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: Gainsboro"> <td style="text-align: left">2017</td><td> </td> <td style="text-align: center">Revolving Credit Facility</td><td> </td> <td style="text-align: left">$</td><td id="xdx_98A_ecef--SeniorSecuritiesAmt_iI_c20171231__us-gaap--StatementClassOfStockAxis__custom--RevolvingCreditsFacilityMember_zP2NdfnQwX36" style="text-align: right">112,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98E_ecef--SeniorSecuritiesCvgPerUnit_iI_c20171231__us-gaap--StatementClassOfStockAxis__custom--RevolvingCreditsFacilityMember_zxCC22j84Lh9" style="text-align: right">3,117</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--PreferredStockLiquidationPreference_iI_c20171231__us-gaap--StatementClassOfStockAxis__custom--RevolvingCreditsFacilityMember_fKDEp_zqDXfTeY97Xi" style="text-align: right">–</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_ecef--SeniorSecuritiesAverageMarketValuePerUnit_c20170101__20171231__us-gaap--StatementClassOfStockAxis__custom--RevolvingCreditsFacilityMember_fKDIp_zUydlumm5tSe" style="text-align: right">–</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td> </td> <td style="text-align: center">MRPS (Series A)</td><td> </td> <td style="text-align: left">$</td><td id="xdx_98C_ecef--SeniorSecuritiesAmt_iI_c20171231__us-gaap--StatementClassOfStockAxis__custom--MRPSSeriesAMember_zqG9Mrl3jKS1" style="text-align: right">20,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_988_ecef--SeniorSecuritiesCvgPerUnit_iI_c20171231__us-gaap--StatementClassOfStockAxis__custom--MRPSSeriesAMember_z7BCbsOKwg9f" style="text-align: right">2,644</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_980_eus-gaap--PreferredStockLiquidationPreference_iI_c20171231__us-gaap--StatementClassOfStockAxis__custom--MRPSSeriesAMember_fKDEp_ztNrowR5eEhd" style="text-align: right">1,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_ecef--SeniorSecuritiesAverageMarketValuePerUnit_c20170101__20171231__us-gaap--StatementClassOfStockAxis__custom--MRPSSeriesAMember_fKDIp_zyKIucJolaYc" style="text-align: right">–</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: Gainsboro"> <td style="text-align: left">2018</td><td> </td> <td style="text-align: center">Revolving Credit Facility</td><td> </td> <td style="text-align: left">$</td><td id="xdx_982_ecef--SeniorSecuritiesAmt_iI_c20181231__us-gaap--StatementClassOfStockAxis__custom--RevolvingCreditsFacilityMember_zUsEPajyFBYb" style="text-align: right">107,500</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_980_ecef--SeniorSecuritiesCvgPerUnit_iI_c20181231__us-gaap--StatementClassOfStockAxis__custom--RevolvingCreditsFacilityMember_zY3CVERFvoYa" style="text-align: right">3,032</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--PreferredStockLiquidationPreference_iI_c20181231__us-gaap--StatementClassOfStockAxis__custom--RevolvingCreditsFacilityMember_fKDEp_zhfAKxZt61Mb" style="text-align: right">–</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_ecef--SeniorSecuritiesAverageMarketValuePerUnit_c20180101__20181231__us-gaap--StatementClassOfStockAxis__custom--RevolvingCreditsFacilityMember_fKDIp_zqlxLabCy9hg" style="text-align: right">–</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td> </td> <td style="text-align: center">MRPS (Series A)</td><td> </td> <td style="text-align: left">$</td><td id="xdx_982_ecef--SeniorSecuritiesAmt_iI_c20181231__us-gaap--StatementClassOfStockAxis__custom--MRPSSeriesAMember_zaOn393SXvv3" style="text-align: right">20,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_989_ecef--SeniorSecuritiesCvgPerUnit_iI_c20181231__us-gaap--StatementClassOfStockAxis__custom--MRPSSeriesAMember_znopdmG9sxu7" style="text-align: right">2,556</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_980_eus-gaap--PreferredStockLiquidationPreference_iI_c20181231__us-gaap--StatementClassOfStockAxis__custom--MRPSSeriesAMember_fKDEp_zRynrHGvYQT4" style="text-align: right">1,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_ecef--SeniorSecuritiesAverageMarketValuePerUnit_c20180101__20181231__us-gaap--StatementClassOfStockAxis__custom--MRPSSeriesAMember_fKDIp_zK1Qll9Irwnj" style="text-align: right">–</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: Gainsboro"> <td style="text-align: left">2019</td><td> </td> <td style="text-align: center">Revolving Credit Facility</td><td> </td> <td style="text-align: left">$</td><td id="xdx_98B_ecef--SeniorSecuritiesAmt_iI_c20191231__us-gaap--StatementClassOfStockAxis__custom--RevolvingCreditsFacilityMember_zyMYjCvCFqqg" style="text-align: right">108,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98C_ecef--SeniorSecuritiesCvgPerUnit_iI_c20191231__us-gaap--StatementClassOfStockAxis__custom--RevolvingCreditsFacilityMember_zfXzF9kGCIni" style="text-align: right">3,037</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--PreferredStockLiquidationPreference_iI_c20191231__us-gaap--StatementClassOfStockAxis__custom--RevolvingCreditsFacilityMember_fKDEp_zvwfvKuFHrf3" style="text-align: right">–</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_ecef--SeniorSecuritiesAverageMarketValuePerUnit_c20190101__20191231__us-gaap--StatementClassOfStockAxis__custom--RevolvingCreditsFacilityMember_fKDIp_zVfkRktThKl5" style="text-align: right">–</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td> </td> <td style="text-align: center">MRPS (Series A)</td><td> </td> <td style="text-align: left">$</td><td id="xdx_98B_ecef--SeniorSecuritiesAmt_iI_c20191231__us-gaap--StatementClassOfStockAxis__custom--MRPSSeriesAMember_zCca5yRAvef1" style="text-align: right">20,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98A_ecef--SeniorSecuritiesCvgPerUnit_iI_c20191231__us-gaap--StatementClassOfStockAxis__custom--MRPSSeriesAMember_zIUGVrZQfa68" style="text-align: right">2,562</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98F_eus-gaap--PreferredStockLiquidationPreference_iI_c20191231__us-gaap--StatementClassOfStockAxis__custom--MRPSSeriesAMember_fKDEp_zSpcu6nZjada" style="text-align: right">1,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_ecef--SeniorSecuritiesAverageMarketValuePerUnit_c20190101__20191231__us-gaap--StatementClassOfStockAxis__custom--MRPSSeriesAMember_fKDIp_zUxue2erzwDf" style="text-align: right">–</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: Gainsboro"> <td style="text-align: left">2020</td><td> </td> <td style="text-align: center">Revolving Credit Facility</td><td> </td> <td style="text-align: left">$</td><td id="xdx_98B_ecef--SeniorSecuritiesAmt_iI_c20201231__us-gaap--StatementClassOfStockAxis__custom--RevolvingCreditsFacilityMember_zzqaqaRe8a03" style="text-align: right">95,900</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98C_ecef--SeniorSecuritiesCvgPerUnit_iI_c20201231__us-gaap--StatementClassOfStockAxis__custom--RevolvingCreditsFacilityMember_zLjJl6gQswW1" style="text-align: right">3,189</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--PreferredStockLiquidationPreference_iI_c20201231__us-gaap--StatementClassOfStockAxis__custom--RevolvingCreditsFacilityMember_fKDEp_zG6a7AJcFmj1" style="text-align: right">–</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_ecef--SeniorSecuritiesAverageMarketValuePerUnit_c20200101__20201231__us-gaap--StatementClassOfStockAxis__custom--RevolvingCreditsFacilityMember_fKDIp_zfvD8IS8i76a" style="text-align: right">–</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td> </td> <td style="text-align: center">MRPS (Series A)</td><td> </td> <td style="text-align: left">$</td><td id="xdx_981_ecef--SeniorSecuritiesAmt_iI_c20201231__us-gaap--StatementClassOfStockAxis__custom--MRPSSeriesAMember_zQvp7Xcx7i77" style="text-align: right">20,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_985_ecef--SeniorSecuritiesCvgPerUnit_iI_c20201231__us-gaap--StatementClassOfStockAxis__custom--MRPSSeriesAMember_zNN0KDoBJDc" style="text-align: right">2,638</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_980_eus-gaap--PreferredStockLiquidationPreference_iI_c20201231__us-gaap--StatementClassOfStockAxis__custom--MRPSSeriesAMember_fKDEp_z9hZd7FvYo5e" style="text-align: right">1,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_ecef--SeniorSecuritiesAverageMarketValuePerUnit_c20200101__20201231__us-gaap--StatementClassOfStockAxis__custom--MRPSSeriesAMember_fKDIp_zq8SspJVt1Vi" style="text-align: right">–</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: Gainsboro"> <td style="text-align: left">2021</td><td> </td> <td style="text-align: center">Revolving Credit Facility</td><td> </td> <td style="text-align: left">$</td><td id="xdx_989_ecef--SeniorSecuritiesAmt_iI_c20211231__us-gaap--StatementClassOfStockAxis__custom--RevolvingCreditsFacilityMember_zrPRxpTZvtb3" style="text-align: right">98,900</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_987_ecef--SeniorSecuritiesCvgPerUnit_iI_c20211231__us-gaap--StatementClassOfStockAxis__custom--RevolvingCreditsFacilityMember_zq7G6eA6yXHh" style="text-align: right">3,157</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--PreferredStockLiquidationPreference_iI_c20211231__us-gaap--StatementClassOfStockAxis__custom--RevolvingCreditsFacilityMember_fKDEp_zuNlmc8Ha1Ka" style="text-align: right">–</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_ecef--SeniorSecuritiesAverageMarketValuePerUnit_c20210101__20211231__us-gaap--StatementClassOfStockAxis__custom--RevolvingCreditsFacilityMember_fKDIp_zIe1grG5Qwmd" style="text-align: right">–</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td> </td> <td style="text-align: center">MRPS (Series A)</td><td> </td> <td style="text-align: left">$</td><td id="xdx_98A_ecef--SeniorSecuritiesAmt_iI_c20211231__us-gaap--StatementClassOfStockAxis__custom--MRPSSeriesAMember_z4Cywp0CvqYk" style="text-align: right">20,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_986_ecef--SeniorSecuritiesCvgPerUnit_iI_c20211231__us-gaap--StatementClassOfStockAxis__custom--MRPSSeriesAMember_zvBmXRcnP5A1" style="text-align: right">2,626</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_989_eus-gaap--PreferredStockLiquidationPreference_iI_c20211231__us-gaap--StatementClassOfStockAxis__custom--MRPSSeriesAMember_fKDEp_zo43kcTGkwf5" style="text-align: right">1,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_ecef--SeniorSecuritiesAverageMarketValuePerUnit_c20210101__20211231__us-gaap--StatementClassOfStockAxis__custom--MRPSSeriesAMember_fKDIp_zXYBHCANXd8f" style="text-align: right">–</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: Gainsboro"> <td style="text-align: left">2022</td><td> </td> <td style="text-align: center">Revolving Credit Facility</td><td> </td> <td style="text-align: left">$</td><td id="xdx_98F_ecef--SeniorSecuritiesAmt_iI_c20221231__us-gaap--StatementClassOfStockAxis__custom--RevolvingCreditsFacilityMember_zpuLZUux12I8" style="text-align: right">82,800</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98F_ecef--SeniorSecuritiesCvgPerUnit_iI_c20221231__us-gaap--StatementClassOfStockAxis__custom--RevolvingCreditsFacilityMember_zBt7Fr1zJRoh" style="text-align: right">3,170</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--PreferredStockLiquidationPreference_iI_c20221231__us-gaap--StatementClassOfStockAxis__custom--RevolvingCreditsFacilityMember_fKDEp_zWU0aQLm9Vc1" style="text-align: right">–</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_ecef--SeniorSecuritiesAverageMarketValuePerUnit_c20220101__20221231__us-gaap--StatementClassOfStockAxis__custom--RevolvingCreditsFacilityMember_fKDIp_zq6C9dFEA7vd" style="text-align: right">–</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td> </td> <td style="text-align: center">MRPS (Series A)</td><td> </td> <td style="text-align: left">$</td><td id="xdx_981_ecef--SeniorSecuritiesAmt_iI_c20221231__us-gaap--StatementClassOfStockAxis__custom--MRPSSeriesAMember_zG9hpdfbgFS9" style="text-align: right">20,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_989_ecef--SeniorSecuritiesCvgPerUnit_iI_c20221231__us-gaap--StatementClassOfStockAxis__custom--MRPSSeriesAMember_zTcFuW22OHc1" style="text-align: right">2,550</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_980_eus-gaap--PreferredStockLiquidationPreference_iI_c20221231__us-gaap--StatementClassOfStockAxis__custom--MRPSSeriesAMember_fKDEp_zNtRcovsuT7f" style="text-align: right">1,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_ecef--SeniorSecuritiesAverageMarketValuePerUnit_c20220101__20221231__us-gaap--StatementClassOfStockAxis__custom--MRPSSeriesAMember_fKDIp_zmCpCNdnnfa5" style="text-align: right">–</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: Gainsboro"> <td style="text-align: left">2023</td><td> </td> <td style="text-align: center">Revolving Credit Facility</td><td> </td> <td style="text-align: left">$</td><td id="xdx_985_ecef--SeniorSecuritiesAmt_iI_c20231231__us-gaap--StatementClassOfStockAxis__custom--RevolvingCreditsFacilityMember_zZLHpOc4Ynq6" style="text-align: right">77,200</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_982_ecef--SeniorSecuritiesCvgPerUnit_iI_c20231231__us-gaap--StatementClassOfStockAxis__custom--RevolvingCreditsFacilityMember_ziNA9FUySaT5" style="text-align: right">3,162</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--PreferredStockLiquidationPreference_iI_c20231231__us-gaap--StatementClassOfStockAxis__custom--RevolvingCreditsFacilityMember_fKDEp_zRyQY1XNBLB2" style="text-align: right">–</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_ecef--SeniorSecuritiesAverageMarketValuePerUnit_c20230101__20231231__us-gaap--StatementClassOfStockAxis__custom--RevolvingCreditsFacilityMember_fKDIp_z3wewuGyXZa5" style="text-align: right">–</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2024</td><td> </td> <td style="text-align: center">Revolving Credit Facility</td><td> </td> <td style="text-align: left">$</td><td id="xdx_98F_ecef--SeniorSecuritiesAmt_iI_c20241231__us-gaap--StatementClassOfStockAxis__custom--RevolvingCreditsFacilityMember_zKft7A58STHe" style="text-align: right">80,500</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98F_ecef--SeniorSecuritiesCvgPerUnit_iI_c20241231__us-gaap--StatementClassOfStockAxis__custom--RevolvingCreditsFacilityMember_zyXXIcmBvtve" style="text-align: right">3,082</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--PreferredStockLiquidationPreference_iI_c20241231__us-gaap--StatementClassOfStockAxis__custom--RevolvingCreditsFacilityMember_fKDEp_z3xAgJbE6dsj" style="text-align: right">–</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_ecef--SeniorSecuritiesAverageMarketValuePerUnit_c20240101__20241231__us-gaap--StatementClassOfStockAxis__custom--RevolvingCreditsFacilityMember_fKDIp_zrD7zlW1O094" style="text-align: right">–</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: Gainsboro"> <td style="text-align: left">2025</td><td> </td> <td style="text-align: center">Revolving Credit Facility</td><td> </td> <td style="text-align: left">$</td><td id="xdx_98E_ecef--SeniorSecuritiesAmt_iI_c20251231__us-gaap--StatementClassOfStockAxis__custom--RevolvingCreditsFacilityMember_zfy2KrbMiQxd" style="text-align: right">79,700</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_980_ecef--SeniorSecuritiesCvgPerUnit_iI_c20251231__us-gaap--StatementClassOfStockAxis__custom--RevolvingCreditsFacilityMember_zfGbimPJDai2" style="text-align: right">3,051</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--PreferredStockLiquidationPreference_iI_c20251231__us-gaap--StatementClassOfStockAxis__custom--RevolvingCreditsFacilityMember_fKDEp_znQ92PhdjaJg" style="text-align: right">–</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_ecef--SeniorSecuritiesAverageMarketValuePerUnit_c20250101__20251231__us-gaap--StatementClassOfStockAxis__custom--RevolvingCreditsFacilityMember_fKDIp_z8pJ62IK4yP3" style="text-align: right">–</td><td style="text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">(1)</td><td>The amount to which a holder of each class of senior security would be entitled upon the involuntary liquidation of the Fund in preference to the holder of any class of security with a junior ranking.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">(2)</td><td>Not applicable, as senior securities are not registered for public trading.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">(3)</td><td>At December 31, 2012 and 2013, the Fund did not have a revolving credit agreement or MRPS, but it had securities lending arrangements with cash collateral received valued as $52,405,671 and $38,219,410, respectively</td></tr></table> 73000 4100 96000 3033 93000 3314 20000 2905

1000

112000 3117 20000 2644

1000

107500 3032 20000 2556

1000

108000 3037 20000 2562

1000

95900 3189 20000 2638

1000

98900 3157 20000 2626

1000

82800 3170 20000 2550

1000

77200 3162 80500 3082 79700 3051 Blackstone Long-Short Credit Income Fund <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">Quarterly Closing</td><td style="font-weight: bold"> </td><td> </td> <td colspan="10" style="text-align: center"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Sale Price</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Quarter-End Closing</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Net Asset</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Premium/</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Value Per</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">(Discount) of</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Share of</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Quarter-End</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Sale</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Common</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Sale Price</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">High</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Low</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Price</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Shares(1)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">to NAV(2)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Fiscal Year 2019</td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: Gainsboro"> <td style="width: 37%">March 29, 2019</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_980_ecef--HighestPriceOrBid_pid_uUSDPShares_c20190101__20190329__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_z0KW4mqOeqX9" style="width: 8%; text-align: right">15.67</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_987_ecef--LowestPriceOrBid_pid_uUSDPShares_c20190101__20190329__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_zjMDLkVz5Fxd" style="width: 8%; text-align: right">13.99</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_984_eus-gaap--SharePrice_iI_pid_uUSDPShares_c20190329__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_zXrZ477sM9V" style="width: 8%; text-align: right">15.27</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_989_eus-gaap--NetAssetValuePerShare_iI_pid_uUSDPShares_c20190329__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_fKDEp_zoPcfK0r8BD" style="width: 12%; text-align: right">16.08</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">(5.0</td><td style="width: 1%; text-align: left">)%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>June 28, 2019</td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_ecef--HighestPriceOrBid_pid_uUSDPShares_c20190330__20190628__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_zhksa4ja9sv" style="text-align: right">15.79</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_ecef--LowestPriceOrBid_pid_uUSDPShares_c20190330__20190628__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_zVvWPdIGmrNf" style="text-align: right">14.94</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--SharePrice_iI_pid_uUSDPShares_c20190628__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_z1xD1hfMvWU8" style="text-align: right">15.69</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--NetAssetValuePerShare_iI_pid_uUSDPShares_c20190628__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_fKDEp_zGuSxBOwrNWj" style="text-align: right">15.98</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1.8</td><td style="text-align: left">)%</td></tr> <tr style="vertical-align: bottom; background-color: Gainsboro"> <td>September 30, 2019</td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_ecef--HighestPriceOrBid_pid_uUSDPShares_c20190629__20190930__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_zHh6i1eKv2mf" style="text-align: right">16.40</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_ecef--LowestPriceOrBid_pid_uUSDPShares_c20190629__20190930__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_zbp408PEn0A3" style="text-align: right">15.63</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--SharePrice_iI_pid_uUSDPShares_c20190930__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_zOAqAflwlpwh" style="text-align: right">15.78</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--NetAssetValuePerShare_iI_pid_uUSDPShares_c20190930__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_fKDEp_zSQcB5W8ryi2" style="text-align: right">15.79</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90A_ecef--LatestPremiumDiscountToNavPercent_pid_dp_c20190629__20190930__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_fKDIp_zsgC3bDw2EBd" title="Latest Premium (Discount) to NAV [Percent]">(0.1</td><td style="text-align: left">)%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>December 31, 2019</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_ecef--HighestPriceOrBid_pid_uUSDPShares_c20191001__20191231__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_zk2uhQ73saMd" style="text-align: right">15.84</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_ecef--LowestPriceOrBid_pid_uUSDPShares_c20191001__20191231__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_zQlfrTxhBzv7" style="text-align: right">14.94</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--SharePrice_iI_pid_uUSDPShares_c20191231__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_zxuDeSrDDU5" style="text-align: right">15.64</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--NetAssetValuePerShare_iI_pid_uUSDPShares_c20191231__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_fKDEp_zGz2dZCCgSP" style="text-align: right">15.74</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_900_ecef--LatestPremiumDiscountToNavPercent_pid_dp_c20191001__20191231__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_fKDIp_z00C00MWw806" title="Latest Premium (Discount) to NAV [Percent]">(0.6</td><td style="text-align: left">)%</td></tr> <tr style="vertical-align: bottom; background-color: Gainsboro"> <td style="font-weight: bold; text-align: left">Fiscal Year 2020</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>March 31, 2020</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_ecef--HighestPriceOrBid_pid_uUSDPShares_c20200101__20200331__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_zf3eRoQAVDN8" style="text-align: right">16.44</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_ecef--LowestPriceOrBid_pid_uUSDPShares_c20200101__20200331__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_zaZZjQpaClqa" style="text-align: right">8.61</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--SharePrice_iI_pid_uUSDPShares_c20200331__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_zFDFNy5agfMg" style="text-align: right">10.54</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--NetAssetValuePerShare_iI_pid_uUSDPShares_c20200331__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_fKDEp_zUK2AGELAmE" style="text-align: right">11.67</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90A_ecef--LatestPremiumDiscountToNavPercent_pid_dp_c20200101__20200331__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_fKDIp_zAG9uO3pqhx6" title="Latest Premium (Discount) to NAV [Percent]">(9.7</td><td style="text-align: left">)%</td></tr> <tr style="vertical-align: bottom; background-color: Gainsboro"> <td>June 30, 2020</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_ecef--HighestPriceOrBid_pid_uUSDPShares_c20200401__20200630__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_zE8hnieoC65g" style="text-align: right">12.25</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_ecef--LowestPriceOrBid_pid_uUSDPShares_c20200401__20200630__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_z0BEQYS2TYR6" style="text-align: right">9.87</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--SharePrice_iI_pid_uUSDPShares_c20200630__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_zmS5sKq8hNZ3" style="text-align: right">12.05</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--NetAssetValuePerShare_iI_pid_uUSDPShares_c20200630__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_fKDEp_zEEWyKPPWMQj" style="text-align: right">13.61</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_909_ecef--LatestPremiumDiscountToNavPercent_pid_dp_c20200401__20200630__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_fKDIp_zASqNH67Tcmg" title="Latest Premium (Discount) to NAV [Percent]">(11.5</td><td style="text-align: left">)%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>September 30, 2020</td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_ecef--HighestPriceOrBid_pid_uUSDPShares_c20200701__20200930__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_z88glVG9hrJa" style="text-align: right">12.97</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_ecef--LowestPriceOrBid_pid_uUSDPShares_c20200701__20200930__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_zaXW1OHfX2Dc" style="text-align: right">11.95</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--SharePrice_iI_pid_uUSDPShares_c20200930__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_zBfENSSVT1sf" style="text-align: right">12.86</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--NetAssetValuePerShare_iI_pid_uUSDPShares_c20200930__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_fKDEp_z8W1blUabpYg" style="text-align: right">14.35</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90D_ecef--LatestPremiumDiscountToNavPercent_pid_dp_c20200701__20200930__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_fKDIp_zEeXAW40uDll" title="Latest Premium (Discount) to NAV [Percent]">(10.4</td><td style="text-align: left">)%</td></tr> <tr style="vertical-align: bottom; background-color: Gainsboro"> <td>December 31, 2020</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_ecef--HighestPriceOrBid_pid_uUSDPShares_c20201001__20201231__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_zI61KGk0GRF1" style="text-align: right">13.79</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_ecef--LowestPriceOrBid_pid_uUSDPShares_c20201001__20201231__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_zFAxmdrrILx" style="text-align: right">12.41</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--SharePrice_iI_pid_uUSDPShares_c20201231__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_z2T51Nxtcno9" style="text-align: right">13.42</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--NetAssetValuePerShare_iI_pid_uUSDPShares_c20201231__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_fKDEp_z7mReCKc1SQ4" style="text-align: right">14.94</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90B_ecef--LatestPremiumDiscountToNavPercent_pid_dp_c20201001__20201231__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_fKDIp_zUTVdzdeRkEh" title="Latest Premium (Discount) to NAV [Percent]">(10.2</td><td style="text-align: left">)%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Fiscal Year 2021</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: Gainsboro"> <td>March 31, 2021</td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_ecef--HighestPriceOrBid_pid_uUSDPShares_c20210101__20210331__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_zrCxu2Wsx6A1" style="text-align: right">14.26</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_ecef--LowestPriceOrBid_pid_uUSDPShares_c20210101__20210331__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_zdsSXYAXuTb8" style="text-align: right">13.36</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--SharePrice_iI_pid_uUSDPShares_c20210331__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_zkTIDUDjFBl2" style="text-align: right">14.14</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--NetAssetValuePerShare_iI_pid_uUSDPShares_c20210331__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_fKDEp_zR4brkpe40C4" style="text-align: right">15.31</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_903_ecef--LatestPremiumDiscountToNavPercent_pid_dp_c20210101__20210331__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_fKDIp_zqd6lJ1f7XQ1" title="Latest Premium (Discount) to NAV [Percent]">(7.6</td><td style="text-align: left">)%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>June 30, 2021</td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_ecef--HighestPriceOrBid_pid_uUSDPShares_c20210401__20210630__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_zcmOTulHby0e" style="text-align: right">15.18</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_ecef--LowestPriceOrBid_pid_uUSDPShares_c20210401__20210630__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_zDZcSRT2I5Wb" style="text-align: right">14.07</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--SharePrice_iI_pid_uUSDPShares_c20210630__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_zo8v3Rj2kc09" style="text-align: right">15.12</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--NetAssetValuePerShare_iI_pid_uUSDPShares_c20210630__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_fKDEp_zCOYv3Gcnam4" style="text-align: right">15.53</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_906_ecef--LatestPremiumDiscountToNavPercent_pid_dp_c20210401__20210630__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_fKDIp_zKgTdTvwnkxc" title="Latest Premium (Discount) to NAV [Percent]">(2.6</td><td style="text-align: left">)%</td></tr> <tr style="vertical-align: bottom; background-color: Gainsboro"> <td>September 30, 2021</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_ecef--HighestPriceOrBid_pid_uUSDPShares_c20210701__20210930__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_z5mz8OuPlDG1" style="text-align: right">15.39</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_ecef--LowestPriceOrBid_pid_uUSDPShares_c20210701__20210930__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_z29eNnyT3itb" style="text-align: right">14.39</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--SharePrice_iI_pid_uUSDPShares_c20210930__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_z2DEQY9AlDNg" style="text-align: right">15.17</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--NetAssetValuePerShare_iI_pid_uUSDPShares_c20210930__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_fKDEp_zqam6GyjNd7c" style="text-align: right">15.52</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90C_ecef--LatestPremiumDiscountToNavPercent_pid_dp_c20210701__20210930__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_fKDIp_z0ff9Gr94ty6" title="Latest Premium (Discount) to NAV [Percent]">(2.3</td><td style="text-align: left">)%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>December 31, 2021</td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_ecef--HighestPriceOrBid_pid_uUSDPShares_c20211001__20211231__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_zcaYrSNajjFl" style="text-align: right">15.59</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_ecef--LowestPriceOrBid_pid_uUSDPShares_c20211001__20211231__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_zuO0u0f1eTBc" style="text-align: right">14.32</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--SharePrice_iI_pid_uUSDPShares_c20211231__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_zXy3ARWIHhK8" style="text-align: right">14.76</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--NetAssetValuePerShare_iI_pid_uUSDPShares_c20211231__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_fKDEp_zPQsF28ZJPk5" style="text-align: right">15.22</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90F_ecef--LatestPremiumDiscountToNavPercent_pid_dp_c20211001__20211231__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_fKDIp_zlen3EHuQZ52" title="Latest Premium (Discount) to NAV [Percent]">(4.9</td><td style="text-align: left">)%</td></tr> <tr style="vertical-align: bottom; background-color: Gainsboro"> <td style="font-weight: bold; text-align: left">Fiscal Year 2022</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>March 31, 2022</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_ecef--HighestPriceOrBid_pid_uUSDPShares_c20220101__20220331__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_zhJb9wHQjAji" style="text-align: right">15.00</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_ecef--LowestPriceOrBid_pid_uUSDPShares_c20220101__20220331__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_zmHW73vFxE8c" style="text-align: right">13.05</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--SharePrice_iI_pid_uUSDPShares_c20220331__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_zDOmeo6nWkvl" style="text-align: right">13.44</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--NetAssetValuePerShare_iI_pid_uUSDPShares_c20220331__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_fKDEp_zzHF21HmyH66" style="text-align: right">14.81</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_903_ecef--LatestPremiumDiscountToNavPercent_pid_dp_c20220101__20220331__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_fKDIp_zvb84ml5BIkd" title="Latest Premium (Discount) to NAV [Percent]">(9.2</td><td style="text-align: left">)%</td></tr> <tr style="vertical-align: bottom; background-color: Gainsboro"> <td>June 30, 2022</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_ecef--HighestPriceOrBid_pid_uUSDPShares_c20220401__20220630__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_z41ONltWREfd" style="text-align: right">13.74</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_ecef--LowestPriceOrBid_pid_uUSDPShares_c20220401__20220630__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_z5szvscBK7Vk" style="text-align: right">11.36</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--SharePrice_iI_pid_uUSDPShares_c20220630__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_zjqyC7L7tfwa" style="text-align: right">11.50</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--NetAssetValuePerShare_iI_pid_uUSDPShares_c20220630__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_fKDEp_zA16phQyqYui" style="text-align: right">13.04</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90D_ecef--LatestPremiumDiscountToNavPercent_pid_dp_c20220401__20220630__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_fKDIp_zZV488TKLqs1" title="Latest Premium (Discount) to NAV [Percent]">(11.8</td><td style="text-align: left">)%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>September 30, 2022</td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_ecef--HighestPriceOrBid_pid_uUSDPShares_c20220701__20220930__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_zX15YTC8gefb" style="text-align: right">12.84</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_ecef--LowestPriceOrBid_pid_uUSDPShares_c20220701__20220930__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_znDh7PrdM4N3" style="text-align: right">10.81</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--SharePrice_iI_pid_uUSDPShares_c20220930__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_z00xF2zk6yV2" style="text-align: right">10.90</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--NetAssetValuePerShare_iI_pid_uUSDPShares_c20220930__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_fKDEp_zBmO3r7Nh4T6" style="text-align: right">12.52</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90E_ecef--LatestPremiumDiscountToNavPercent_pid_dp_c20220701__20220930__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_fKDIp_zRTjqSm1gCD3" title="Latest Premium (Discount) to NAV [Percent]">(12.9</td><td style="text-align: left">)%</td></tr> <tr style="vertical-align: bottom; background-color: Gainsboro"> <td>December 30, 2022</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_ecef--HighestPriceOrBid_pid_uUSDPShares_c20221001__20221230__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_z1AeHWo6N999" style="text-align: right">11.49</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_ecef--LowestPriceOrBid_pid_uUSDPShares_c20221001__20221230__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_zDgsqcmr6Dmd" style="text-align: right">10.58</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--SharePrice_iI_pid_uUSDPShares_c20221230__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_zeUapa4AepYc" style="text-align: right">10.84</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--NetAssetValuePerShare_iI_pid_uUSDPShares_c20221230__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_fKDEp_zxGXTNVWLx03" style="text-align: right">12.55</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_905_ecef--LatestPremiumDiscountToNavPercent_pid_dp_c20221001__20221230__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_fKDIp_zBcL8hMFeHi9" title="Latest Premium (Discount) to NAV [Percent]">(13.6</td><td style="text-align: left">)%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Fiscal Year 2023</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: Gainsboro"> <td>March 31, 2023</td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_ecef--HighestPriceOrBid_pid_uUSDPShares_c20230101__20230331__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_zgKnzDFV8nri" style="text-align: right">11.00</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_ecef--LowestPriceOrBid_pid_uUSDPShares_c20230101__20230331__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_zuv0qmXLwam" style="text-align: right">10.91</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--SharePrice_iI_pid_uUSDPShares_c20230331__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_zV5hAZAeeQVk" style="text-align: right">10.91</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--NetAssetValuePerShare_iI_pid_uUSDPShares_c20230331__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_fKDEp_zfVspTKWwpFg" style="text-align: right">12.76</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90B_ecef--LatestPremiumDiscountToNavPercent_pid_dp_c20230101__20230331__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_fKDIp_zVvfUMCMNiw2" title="Latest Premium (Discount) to NAV [Percent]">(14.50</td><td style="text-align: left">)%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>June 30, 2023</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_ecef--HighestPriceOrBid_pid_uUSDPShares_c20230401__20230630__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_zqxQuARK6C6h" style="text-align: right">11.39</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_ecef--LowestPriceOrBid_pid_uUSDPShares_c20230401__20230630__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_zK3RhTXsbRbd" style="text-align: right">11.31</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--SharePrice_iI_pid_uUSDPShares_c20230630__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_za2xEjufySz" style="text-align: right">11.34</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--NetAssetValuePerShare_iI_pid_uUSDPShares_c20230630__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_fKDEp_zq2YegSGPr02" style="text-align: right">12.91</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_904_ecef--LatestPremiumDiscountToNavPercent_pid_dp_c20230401__20230630__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_fKDIp_zuVksci5K91l" title="Latest Premium (Discount) to NAV [Percent]">(12.16</td><td style="text-align: left">)%</td></tr> <tr style="vertical-align: bottom; background-color: Gainsboro"> <td>September 29, 2023</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_ecef--HighestPriceOrBid_pid_uUSDPShares_c20230701__20230929__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_zCCv6lVw6pt7" style="text-align: right">11.77</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_ecef--LowestPriceOrBid_pid_uUSDPShares_c20230701__20230929__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_zCzuDpr69dza" style="text-align: right">11.64</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--SharePrice_iI_pid_uUSDPShares_c20230929__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_zkWrbdxv2MXj" style="text-align: right">11.65</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--NetAssetValuePerShare_iI_pid_uUSDPShares_c20230929__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_fKDEp_zzUpHkDmfjO8" style="text-align: right">13.07</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90C_ecef--LatestPremiumDiscountToNavPercent_pid_dp_c20230701__20230929__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_fKDIp_z8rDeHE2z4kh" title="Latest Premium (Discount) to NAV [Percent]">(10.86</td><td style="text-align: left">)%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>December 29, 2023</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_ecef--HighestPriceOrBid_pid_uUSDPShares_c20230930__20231229__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_ztVqnJGpAvjh" style="text-align: right">11.50</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_ecef--LowestPriceOrBid_pid_uUSDPShares_c20230930__20231229__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_zGXVElG2ytK3" style="text-align: right">11.45</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--SharePrice_iI_pid_uUSDPShares_c20231229__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_zTmZdnaanop9" style="text-align: right">11.45</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--NetAssetValuePerShare_iI_pid_uUSDPShares_c20231229__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_fKDEp_z8IA68adk8t" style="text-align: right">13.13</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_901_ecef--LatestPremiumDiscountToNavPercent_pid_dp_c20230930__20231229__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_fKDIp_zflSOS3dPGg2" title="Latest Premium (Discount) to NAV [Percent]">(12.80</td><td style="text-align: left">)%</td></tr> <tr style="vertical-align: bottom; background-color: Gainsboro"> <td style="font-weight: bold; text-align: left">Fiscal Year 2024</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>March 28, 2024</td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_ecef--HighestPriceOrBid_pid_uUSDPShares_c20240101__20240328__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_z7xottKOA4wg" style="text-align: right">12.35</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_ecef--LowestPriceOrBid_pid_uUSDPShares_c20240101__20240328__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_zPqnYC2n37Ye" style="text-align: right">12.30</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--SharePrice_iI_pid_uUSDPShares_c20240328__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_zw0LGPenWKzd" style="text-align: right">12.31</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--NetAssetValuePerShare_iI_pid_uUSDPShares_c20240328__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_fKDEp_zJFfcZCzKMWc" style="text-align: right">13.34</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90D_ecef--LatestPremiumDiscountToNavPercent_pid_dp_c20240101__20240328__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_fKDIp_zji9mvDjorpi" title="Latest Premium (Discount) to NAV [Percent]">(7.72</td><td style="text-align: left">)%</td></tr> <tr style="vertical-align: bottom; background-color: Gainsboro"> <td>June 28, 2024</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_ecef--HighestPriceOrBid_pid_uUSDPShares_c20240329__20240628__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_ztK0JFvQC1Aa" style="text-align: right">12.53</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_ecef--LowestPriceOrBid_pid_uUSDPShares_c20240329__20240628__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_z3FvEpKh6ID3" style="text-align: right">12.40</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--SharePrice_iI_pid_uUSDPShares_c20240628__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_zkFZgVYqT0b9" style="text-align: right">12.43</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--NetAssetValuePerShare_iI_pid_uUSDPShares_c20240628__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_fKDEp_zJOVLs3X3F8e" style="text-align: right">13.27</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90D_ecef--LatestPremiumDiscountToNavPercent_pid_dp_c20240329__20240628__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_fKDIp_zbbFp7qJ2q86" title="Latest Premium (Discount) to NAV [Percent]">(7.23</td><td style="text-align: left">)%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>September 30, 2024</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_ecef--HighestPriceOrBid_pid_uUSDPShares_c20240629__20240930__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_zpd5m4TnKFG1" style="text-align: right">12.90</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_ecef--LowestPriceOrBid_pid_uUSDPShares_c20240629__20240930__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_z2V2LcNjvCb9" style="text-align: right">12.79</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--SharePrice_iI_pid_uUSDPShares_c20240930__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_z2Pmjxczsvyk" style="text-align: right">12.79</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--NetAssetValuePerShare_iI_pid_uUSDPShares_c20240930__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_fKDEp_zvtH8FfDuKm9" style="text-align: right">13.35</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90A_ecef--LatestPremiumDiscountToNavPercent_pid_dp_c20240629__20240930__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_fKDIp_z6j1tgVWjc99" title="Latest Premium (Discount) to NAV [Percent]">(4.19</td><td style="text-align: left">)%</td></tr> <tr style="vertical-align: bottom; background-color: Gainsboro"> <td>December 31, 2024</td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_ecef--HighestPriceOrBid_pid_uUSDPShares_c20241001__20241231__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_zPjP6obcpsql" style="text-align: right">12.88</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_ecef--LowestPriceOrBid_pid_uUSDPShares_c20241001__20241231__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_zT0AXoKy7wB" style="text-align: right">12.44</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--SharePrice_iI_pid_uUSDPShares_c20241231__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_zdqwQi7Z5ABj" style="text-align: right">12.44</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--NetAssetValuePerShare_iI_pid_uUSDPShares_c20241231__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_fKDEp_zzwwPdU82zWj" style="text-align: right">13.22</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_904_ecef--LatestPremiumDiscountToNavPercent_pid_dp_c20241001__20241231__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_fKDIp_z868OIBQN9Vk" title="Latest Premium (Discount) to NAV [Percent]">(5.90</td><td style="text-align: left">)%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Fiscal Year 2025</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: Gainsboro"> <td>March 31, 2025</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_ecef--HighestPriceOrBid_pid_uUSDPShares_c20250101__20250331__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_zMpjVjl92PZd" style="text-align: right">12.41</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_ecef--LowestPriceOrBid_pid_uUSDPShares_c20250101__20250331__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_zO5EBCzJm3b2" style="text-align: right">12.31</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--SharePrice_iI_pid_uUSDPShares_c20250331__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_z1Lh7ojrxLlj" style="text-align: right">12.35</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--NetAssetValuePerShare_iI_pid_uUSDPShares_c20250331__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_fKDEp_zzhbTZmdwBo" style="text-align: right">12.94</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_904_ecef--LatestPremiumDiscountToNavPercent_pid_dp_c20250101__20250331__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_fKDIp_z3SnQP7jdSq9" title="Latest Premium (Discount) to NAV [Percent]">(4.56</td><td style="text-align: left">)%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>June 30, 2025</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_ecef--HighestPriceOrBid_pid_uUSDPShares_c20250401__20250630__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_zVRgheKQuV9b" style="text-align: right">12.41</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_ecef--LowestPriceOrBid_pid_uUSDPShares_c20250401__20250630__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_zQfWVWQSOjNg" style="text-align: right">12.29</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--SharePrice_iI_pid_uUSDPShares_c20250630__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_zX1lKN3blJ31" style="text-align: right">12.41</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--NetAssetValuePerShare_iI_pid_uUSDPShares_c20250630__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_fKDEp_zKGoHGKQLC75" style="text-align: right">13.08</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_900_ecef--LatestPremiumDiscountToNavPercent_pid_dp_c20250401__20250630__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_fKDIp_zLp2m7k6uoSh" title="Latest Premium (Discount) to NAV [Percent]">(5.12</td><td style="text-align: left">)%</td></tr> <tr style="vertical-align: bottom; background-color: Gainsboro"> <td>September 30, 2025</td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_ecef--HighestPriceOrBid_pid_uUSDPShares_c20250701__20250930__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_zgH2A9UzH8zh" style="text-align: right">12.02</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_ecef--LowestPriceOrBid_pid_uUSDPShares_c20250701__20250930__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_zVJyc988IXy2" style="text-align: right">11.93</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--SharePrice_iI_pid_uUSDPShares_c20250930__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_z6iyeLCJHYy5" style="text-align: right">12.00</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--NetAssetValuePerShare_iI_pid_uUSDPShares_c20250930__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_fKDEp_zskHUu2k3Vpj" style="text-align: right">13.07</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90A_ecef--LatestPremiumDiscountToNavPercent_pid_dp_c20250701__20250930__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_fKDIp_zw6jZk71fnYg" title="Latest Premium (Discount) to NAV [Percent]">(8.19</td><td style="text-align: left">)%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>December 31, 2025</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_ecef--HighestPriceOrBid_pid_uUSDPShares_c20251001__20251231__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_z3WkExpQP044" style="text-align: right">11.68</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_ecef--LowestPriceOrBid_pid_uUSDPShares_c20251001__20251231__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_zj7hiwBbKSlf" style="text-align: right">11.59</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--SharePrice_iI_pid_uUSDPShares_c20251231__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_ztte9DYuE5B7" style="text-align: right">11.66</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--NetAssetValuePerShare_iI_pid_uUSDPShares_c20251231__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_fKDEp_zWEVq4yUP68k" style="text-align: right">12.86</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90B_ecef--LatestPremiumDiscountToNavPercent_pid_dp_c20251001__20251231__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_fKDIp_zJSST3sJzHPi" title="Latest Premium (Discount) to NAV [Percent]">(9.33</td><td style="text-align: left">)%</td></tr> </table> <div> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">(1)</td><td>NAV per share is determined as of close of business on the last day of the relevant quarter and therefore may not reflect the NAV per share on the date of the high and low closing sales prices, which may or may not fall on the last day of the quarter.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">(2)</td><td>Calculated as of the quarter-end by dividing quarter-end closing sales price by the quarter-end NAV, minus 1.</td></tr></table></div> 15.67 13.99

15.27

16.08

-0.050 15.79 14.94

15.69

15.98

-0.018 16.40 15.63

15.78

15.79

-0.001 15.84 14.94

15.64

15.74

-0.006 16.44 8.61

10.54

11.67

-0.097 12.25 9.87

12.05

13.61

-0.115 12.97 11.95

12.86

14.35

-0.104 13.79 12.41

13.42

14.94

-0.102 14.26 13.36

14.14

15.31

-0.076 15.18 14.07

15.12

15.53

-0.026 15.39 14.39

15.17

15.52

-0.023 15.59 14.32

14.76

15.22

-0.049 15.00 13.05

13.44

14.81

-0.092 13.74 11.36

11.50

13.04

-0.118 12.84 10.81

10.90

12.52

-0.129 11.49 10.58

10.84

12.55

-0.136 11.00 10.91

10.91

12.76

-0.1450 11.39 11.31

11.34

12.91

-0.1216 11.77 11.64

11.65

13.07

-0.1086 11.50 11.45

11.45

13.13

-0.1280 12.35 12.30

12.31

13.34

-0.0772 12.53 12.40

12.43

13.27

-0.0723 12.90 12.79

12.79

13.35

-0.0419 12.88 12.44

12.44

13.22

-0.0590 12.41 12.31

12.35

12.94

-0.0456 12.41 12.29

12.41

13.08

-0.0512 12.02 11.93

12.00

13.07

-0.0819 11.68 11.59

11.66

12.86

-0.0933 The Adviser receives a monthly management fee at the annual rate of 0.90% and 1.00% of the average daily managed assets of BSL and BGB, respectively. The Adviser receives 1.20% of the average daily value of BGX's net assets. Assumes the annual dividend rate for the Series B MRPS is 6.60% as of December 31, 2025 for BGB and has not increased as a result of any downgrade in the ratings of the Series B MRPS. If the ratings of the Series B MRPS are downgraded, the Fund's dividend expense may increase. “Other Expenses” are estimated amounts for the current fiscal year based on the Fund’s fees and expenses for the year ended December 31, 2025. “Other Expenses” include professional fees and other expenses, including, without limitation, SEC filing fees, printing fees, administration fees, transfer agency fees, custody fees, trustee fees and insurance costs. Interest Payments on Borrowed Funds is based on estimated amounts for the current fiscal year. The actual amount of interest expense borne by the Fund will vary over time in accordance with the level of the Fund’s borrowings and market interest rates. Interest Payments on Borrowed Funds are required to be treated as an expense of the Fund for accounting purposes. The amount to which a holder of each class of senior security would be entitled upon the involuntary liquidation of the Fund in preference to the holder of any class of security with a junior ranking. At December 31, 2012 and 2013, the Fund did not have a revolving credit agreement or MRPS, but it had securities lending arrangements with cash collateral received valued as $52,405,671 and $38,219,410, respectively Not applicable, as senior securities are not registered for public trading. NAV per share is determined as of close of business on the last day of the relevant quarter and therefore may not reflect the NAV per share on the date of the high and low closing sales prices, which may or may not fall on the last day of the quarter. Calculated as of the quarter-end by dividing quarter-end closing sales price by the quarter-end NAV, minus 1.