Blackstone Credit manages (i) pooled investment vehicles operating as private investment funds,
including collateralized loan obligation (“CLO”) vehicles, open-ended funds, closed-ended funds,
and funds in which affiliates or employees of Blackstone Credit invest alongside such other private
investment funds and (ii) registered investment companies (collectively, the “Funds”). In addition,
Blackstone Credit provides sub-advisory services to other investment advisers (the “Adviser
Clients”) who in turn advise their clients. Also, Blackstone Credit provides investment advisory
services to individually-managed accounts (the “Managed Accounts”). The Funds, Adviser Clients,
and the third party investors in or owners of such Managed Accounts shall be referred to herein as
the “Clients.” BCM generally serves as investment manager for various CLOs. Affiliates of the
Registrant serve as general partner (each, a “General Partner”) of certain of the Funds. Blackstone
Credit also provides investment management or sub-advisory services to other clients, other
investment funds, client accounts (including managed accounts), and proprietary accounts and/or
similar arrangements (including arrangements in which one or more Clients or one or more Other
Clients (defined herein) own interests) in each case including any related vehicles (such other
clients, funds and accounts, collectively the “Other Blackstone Credit Clients” (as further defined
below)). In addition, Blackstone provides investment management or sub-advisory services to
other clients, other investment funds, client accounts (including managed accounts), and
proprietary accounts and/or other similar arrangements (including arrangements in which one or
more Clients or one or more Other Clients own interests), in each case including any related vehicles
(such other clients, funds and accounts, other than Clients and the Other Blackstone Credit Clients,
collectively the “Blackstone Clients” (as further defined below), and together with the Other
Blackstone Credit Clients, the “Other Clients”).
Blackstone Credit (formerly known as GSO) was founded in July 2005. On March 3, 2008, Blackstone
acquired a controlling stake in the business. The ultimate parent of the Registrant is Blackstone Inc.,
which is a
publicly held corporation listed on the New York Stock Exchange that trades under the
ticker symbol “BX.” Effective as of July 1, 2019, Blackstone Inc. (formerly known as The Blackstone
Group Inc.) converted from a Delaware limited partnership named The Blackstone Group L.P. to a
Delaware corporation. Please see the structure chart below. Blackstone is a leading global
alternative investment manager with investment vehicles focused on real estate, private equity,
hedge fund solutions, credit, infrastructure, secondary funds of funds and other multi-asset class
strategies. Effective as of January 1, 2024, Blackstone Credit, Blackstone Insurance Solutions and
Blackstone’s Asset Based Finance platform were integrated into a single new unit, “Blackstone
Credit & Insurance” or “BXCI”. For the avoidance of doubt, references to Blackstone Credit
throughout this brochure exclude any insurance-focused asset management affiliates in BXCI.
Please see Item 10 – Other Financial Industry Activities and Affiliations for more information.
Blackstone Credit provides investment advice to Clients primarily in respect of investments in first
lien loans, second lien loans, high yield bonds, distressed securities, mezzanine securities, public
and private equity, and derivatives in respect of the foregoing. Blackstone Credit provides advice
with respect to direct lending loan origination and with respect to trading of syndicated and actively
traded loans or securities.
In certain situations, the Registrant is able to tailor its advisory services and investments based on
specific Client objectives and/or investment strategies as discussed with the applicable Client.
BCM’s regulatory assets under management were approximately $8.4 billion as of December 31,
2023, approximately $8.3 billion of which are managed on a discretionary basis and approximately
$140 million of which are managed on a non-discretionary basis.
1
1 The assets reported above include assets attributable to the amount that clients advised by an investment adviser that is a related person of BCM
have invested in clients of BCM. As a result, those assets are included in the regulatory assets under management of both BCM and such other affiliated
advisers.