The Fund announced that the Fund’s Board of Trustees (the “Board”) approved an extension of the Fund’s reinvestment period (the “Extension”). The Fund continues to have a limited term and is scheduled to dissolve on or about May 31, 2027 (the “Dissolution Date”). The Extension will permit the Fund to continue to reinvest proceeds generated by maturities, prepayments and sales of investments until the effective date of any plan of liquidation the Board adopts. Previously, the Fund’s reinvestment period was scheduled to end one year prior to the Dissolution Date (i.e., May 31, 2026).
The Extension was approved by the Board based on the recommendation of Blackstone Liquid Credit Strategies LLC, the Fund’s investment adviser (the “Adviser”). The Extension is intended, among other things, to enable the Fund to continue to generate income by making new investments until the effective date of the plan of liquidation, consistent with the Fund’s investment objectives. Absent the Extension, the Fund would have been unable to reinvest proceeds received from its loan portfolio after May 31, 2026, would likely have caused the Fund to liquidate its holdings well in advance of the Dissolution Date, resulting in a higher concentration of risk in the Fund’s loan portfolio.
