UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-22393

Blackstone Senior Floating Rate 2027 Term Fund
(exact name of Registrant as specified in charter)

345 Park Avenue
New York, New York 10154
(Address of principal executive offices) (Zip code)

(Name and address of agent for service)

Patricia Leeson
Blackstone Alternative Credit Advisors LP
345 Park Avenue
New York, New York 10154

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

Date of fiscal year end: December 31

Date of reporting period: June 30, 2026

Item 1. Report to Stockholders.

Table of Contents

To Our Shareholders:

US credit markets in 2026 followed a familiar pattern: absorbing a significant shock in the first quarter before recovering in the second. This year, markets faced not one disruption, but two — the accelerating impact of artificial intelligence and the conflict in the Middle East.

Spiraling energy prices reignited inflation fears, weighing on global growth and pushing the S&P 500 to its worst monthly performance since 2022 in March, down 5%, with the VIX and MOVE indices returning to last April’s Liberation Day levels.¹ Uncertainty over the energy shock’s longer-term economic impact drove the 10Y Treasury to an annual peak of 4.6% in May before it recovered to 4.4% by the end of June.²

Nonetheless, liquid credit markets rebounded from their Q1 losses to deliver positive returns over the first half, supported by ceasefire hopes, strong Q1 earnings, the AI hyperscale-led capex cycle, and fundamental strength. High yield returned 2% over the first half, forging ahead of loans at 1.31% and CLO BBs at 1.8%.³

Dispersion was the defining theme, playing out across credit asset classes, sectors, and ratings cohorts. Loans bore the brunt of the software selloff given their greater sector exposure, while higher energy prices added a further dimension — supporting energy names while weighing on airlines and building materials.⁴ Bifurcation between higher- and lower-rated assets became increasingly pronounced through Q2.

Renewed opportunities emerged amid the volatility: February’s software selloff created attractive entry points into resilient assets with perceived competitive moats for investors able to distinguish between assets facing genuine disruption risk and those able to adapt and thrive.⁵ Among them, CLO buyers moved to buy the dip to ramp new deals while simultaneously repositioning portfolios.

Diving into the Data

In loans, average prices ended the first half at $94.96, 167bps below the start of the year.⁶ It was a tale of two markets however: software loans closed the first half at $85.65 — 11 points below non-software loans at $96.67 — and have lost 6.31% YTD versus the 1.31% gain for the broader index.⁷ Double-Bs outperformed with a 2.54% gain, while the share of loans priced below $80 rose to 6.9% from 4.4% in January.⁸

At $462 billion, institutional loan supply tracked closely with last year, with opportunistic and amendment activity still dominating the more-limited buyout and M&A-related deals as private equity dealmaking fell to its second-lowest level in eight years in Q2.⁹ The new-money supply that did materialize was generally concentrated in a small number of high-profile jumbo transactions, including the largest institutional loan since the global financial crisis (“GFC”), Warner Bros’ $13 billion term loan.¹⁰ $195 billion of loans were repriced in the first six months after the par-plus cohort rose to the mid-60s in January and above 40% in April and May, while sponsors also looked to chip away at the maturity wall.¹¹

Demand was mixed and led to a weaker technical backdrop as the first half of 2026 progressed. A stream of IPOs led to elevated repayments,¹² while retail fund flows were negative at -$4.3 billion following heavy drawdowns in February and March.¹³

CLO issuance ran 18% behind last year at $80.3 billion¹⁴ as CLO managers prioritized optimizing existing higher spread transactions into tightening liability spreads. Refinancings at $60.87 billion are 20% ahead of last year, while resets at $83.86 billion, though lagging 2025, are elevated by historical standards.¹⁵ US CLO ETF inflows were up roughly 25% YoY pushing AUM to ~$45 billion.¹⁶

Top tier CLO AAA coupons compressed to 119bps in Q1 before widening again to 123bps over the second quarter, with funding costs nudging from about 156bps in Q1 to 158bps in Q2 keeping the equity arbitrage in focus.¹⁷ On a relative basis, CLO AAA spreads at ~120bps remain compelling compared with corporate debt at ~80bps.¹⁸

In high yield, technicals remained a key driver, helping spreads recover from March’s wides of 335bps to 257bps in Q2 — within a few basis points of their historical tights — before edging wider in June.¹⁹ Yields at ~7%, at their 63rd post-GFC percentile continue to offer compelling nominal income even as spread compensation looks limited.²⁰ Similar to loans, higher-rated bonds outperformed their lower rated cohorts. Technical strength came despite supply outweighing demand for the first time in six years, as refinancings remained the key driver.²¹ Still, the year’s $181 billion of high yield issuance ran 22% ahead of last year’s pace, fueled by AI urgency and a five-year high for M&A/LBO volume.²² Demand, as measured by retail fund flows, came under pressure from the macro and geopolitical backdrop with YTD flows of $1.27 billion only just edging into the black in June.²³

Outlook

We remain cautiously optimistic heading into the second half, supported by a broadly constructive macro backdrop underpinned by the substantial AI capex cycle. Q1 earnings underscored the fundamental resilience of the US economy: growth is solid, and labor markets are balanced and improving. Inflation faces some near-term headwinds, but wage moderation, shelter disinflation, and strong productivity point to cooling over time.²⁴

We believe corporate balance sheets remain healthy with leveraged loan credit fundamentals improving again over the first quarter, particularly across coverage metrics, while revenues and EBITDA expanded at the highest and second highest rate in the three-plus years.²⁵ US high-yield corporate balance sheets remain in decent condition despite a modest erosion in credit metrics.²⁶ Defaults remain broadly benign. The par-weighted loan default rate declined over the first half to 2.29%, its lowest level in over three years, while the high yield default rate has edged up to 2.67%, both still well below long term and post-GFC averages.²⁷

A more hawkish Fed and elevated rate environment should support an ongoing carry benefit across floating rate loans and CLOs, while high yield remains resilient and high quality —a record 55% of the index is now rated BB. M&A is warming back up with US volumes up 64% YoY, although this will take time to feed through to the leveraged finance markets, where the near-term new money supply remains limited.²⁸

That said, persistent concerns over the impact of AI, volatile energy prices, the durability of consumer spending, and ultimate recoveries have pressured specific sectors and led to the largest percentage of distressed assets in loans since the COVID-19 pandemic. We continue to closely monitor the pace of AIdriven sector disruption as it reshapes competitive dynamics across software and technology-enabled credits. We expect further volatility to create better entry points ahead, a dynamic that will likely be exacerbated by the 2028 maturity wall and the risk of liability management exercises.

Ultimately, this environment reinforces the notion that manager selection matters and requires a highly proactive approach to credit selection and portfolio management. Periods of disruption and rapid technological change tend to reward credit managers with scale, experience, and a proven ability to act decisively when the opportunity presents itself.

At Blackstone Credit & Insurance, we value your continued investment and confidence in us and in our family of funds. Additional information about our funds is available on our website at www.blackstone-credit.com.

Sincerely,

Blackstone Liquid Credit Strategies LLC

All figures are approximate and as of June 30, 2026, unless otherwise indicated. The words “we”, “us”, and “our” refer to BSL, BGX and BGB, unless the context requires otherwise. In all other instances, including with respect to current and forward-looking views and opinions of the market and BSL, BGX and BGB’s portfolio and performance positioning, these terms refer to BSL’s, BGX’s and BGB’s adviser, Blackstone Liquid Credit Strategies LLC.

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

Blackstone Senior Floating Rate 2027 Term Fund

Fund Overview

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

Portfolio Management Commentary

Fund Performance

As of June 30, 2026, BSL outperformed its benchmark, the Morningstar LSTA Leveraged Loan Index (“Morningstar LLI”), on a Net Asset Value (“NAV”) per share basis for the ten-year, and since inception periods and underperformed its benchmark for the six-month, one-year, three-year, and five-year periods. On a share price basis, the Fund outperformed its benchmark for the three-year and ten-year periods and underperformed its benchmark for the six-month, one-year, five-year and since inception periods. The shares of the Fund traded at an average discount to NAV of 3.5% for the six months ending June 30, 2026, compared to its peer group average discount of 6.2% over the same period.

NAV Performance Factors

The Fund’s underperformance relative to the benchmark for the six months ending June 30, 2026 was primarily attributable to credit selection within the Fund’s loan allocation. The Fund’s allocation to CLO securities contributed positively to its relative performance during the period. By issuer, the largest positive contributors to performance were ACProducts Holdings Inc, Midwest Physician Administrative Services LLC, and Envision Healthcare Corp. The most significant detractors were Atlas CC Acquisition Corp, Fortna Group Inc, and Cornerstone OnDemand Inc.

Portfolio Activity and Positioning

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

Performance Summary

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

Value of a $10,000 Investment

BSL Total Return (as of June 30, 2026)

Blackstone Long-Short Credit Income Fund

Fund Overview

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

Portfolio Management Commentary

Fund Performance

As of June 30, 2026, BGX outperformed a composite weighting of the Morningstar LLI and the Bloomberg U.S. High Yield Index (“Bloomberg HYI”) (85% loans, 15% high yield bonds) on a NAV per share basis for the three-year, ten-year and since inception periods and underperformed its benchmark for the six-month, one-year, and five-year periods. On a share price basis, the Fund outperformed its benchmark for the three-year and ten-year periods and underperformed its benchmark for the six-month, one-year, five-year, and since inception periods. The shares of the Fund traded at an average discount to NAV of 10.9% for the six months ending June 30, 2026, compared to its peer group average discount of 7.1% over the same period.

NAV Performance Factors

The Fund’s underperformance relative to the benchmark for the six months ended June 30, 2026 was primarily attributable to security selection within the Fund’s loan allocation. The Fund’s overweight allocation to CLO securities contributed positively to the Fund’s performance during the period. By issuer, the largest positive contributors to performance were Loyalty Ventures Inc, Envision Healthcare Group, and Radiate Holdco LLC. The most significant detractors were Atlas CC Acquisition Corp, Fortna Group Inc, and Ivanti Software Inc.

Portfolio Activity and Positioning

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

Performance Summary

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

Value of a $10,000 Investment

BGX Total Return (as of June 30, 2026)

Blackstone Strategic Credit 2027 Term Fund

Fund Overview

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

Portfolio Management Commentary

Fund Performance

As of June 30, 2026, BGB outperformed a composite weighting of the Morningstar LLI and the Bloomberg HYI (75% loans, 25% high yield bonds) on a NAV per share basis for the three-year, five-year, ten-year, and since-inception periods, and underperformed its benchmark for the six-month period. On a share price basis, the Fund outperformed its benchmark for the three-year and ten-year periods and underperformed its benchmark for the six-month, one-year, five-year, and since-inception periods. The shares of the Fund traded at an average discount to NAV of 4.5% for the six months ending June 30, 2026, compared to its peer group average discount of 7.1% over the same period.

NAV Performance Factors

The Fund’s underperformance relative to the benchmark for the six months ended June 30, 2026 was primarily attributable to weaker performance within the Fund’s loan allocation, particularly security selection in term loans. The Fund’s overweight allocation to loans and underweight allocation to high yield bonds also detracted modestly from relative performance. Credit selection within the Fund’s high yield bond allocation contributed positively to performance during the period. By issuer, the largest positive contributors to performance were Loyalty Ventures Inc, Envision Healthcare Corp, and Radiate Holdco LLC. The most significant detractors were Atlas CC Acquisition Corp, Fortna Group Inc, and Ivanti Software Inc.

Portfolio Activity and Positioning

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

Performance Summary

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

Value of a $10,000 Investment

BGB Total Return (as of June 30, 2026)