[SCHEDULE 13G] Blackstone Strategic Credit 2027 Term Fund Passive Investment Disclosure (>5%)
Sit reports 2.75M shares (6.2%) of Blackstone 2027 Fund
Blackstone Strategic Credit 2027 Term Fund Schedule 13G: Sit Investment Associates, Inc. and Sit Fixed Income Advisors II, LLC report shared beneficial ownership of 2,753,133 shares of common stock, representing 6.2% of the class.
Blackstone Strategic Credit 2027 Term Fund Schedule 13G: Sit Investment Associates, Inc. and Sit Fixed Income Advisors II, LLC report shared beneficial ownership of 2,753,133 shares of common stock, representing 6.2% of the class.
The filing states the ownership percentage is based on 44,678,740 shares outstanding as of December 31, 2025. Sit entities disclose shared voting and dispositive power over the shares held by client accounts and disclaim beneficial ownership pursuant to Rule 13d-4.
Positive
None.
Negative
None.
Key Figures
Shares beneficially owned:2,753,133 sharesPercent of class:6.2%Shares outstanding (used):44,678,740 shares+3 more
6 metrics
Shares beneficially owned2,753,133 sharesreported by Sit entities on Schedule 13G
Percent of class6.2%calculated from shares outstanding as of <date>12/31/2025</date>
Shares outstanding (used)44,678,740 sharesas of <date>December 31, 2025</date>
CUSIP09257R101Blackstone Strategic Credit 2027 Term Fund Common Stock
Filing cover date03/31/2026date shown on cover page
Signature date04/06/2026signed by Paul Rasmussen, Vice President
Key Terms
shared voting power, beneficially owned, Rule 13d-4, Form N-CSR
4 terms
shared voting powerregulatory
"Shared Voting Power 2,753,133.00"
Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.
beneficially ownedregulatory
"Amount beneficially owned: See response to item 9 on each cover page."
Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.
Rule 13d-4regulatory
"Pursuant to Rule 13d-4 of the Securities Exchange Act of 1934"
Form N-CSRregulatory
"as reported in the Issuer's Report on Form N-CSR filed with the Securities Exchange Commission"
Form N-CSR is a regulatory filing that U.S.-registered investment funds use to deliver certified shareholder reports to regulators and the public, including audited financial statements, a snapshot of portfolio holdings, fee and performance information, and governance disclosures. For investors it acts like a fund’s report card and safety check—providing verified details needed to assess a fund’s financial health, costs, holdings and compliance so you can compare funds, monitor risks and spot red flags.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What stake does Sit Investment report in BGB (Blackstone Strategic Credit 2027 Term Fund)?
Sit reports shared beneficial ownership of 2,753,133 shares, equal to 6.2% of the class. This percentage is calculated from 44,678,740 shares outstanding as of December 31, 2025, per the filing.
Does Sit Investment claim legal ownership of the BGB shares?
No. Sit disclaims beneficial ownership under Rule 13d-4 and states the shares are owned by client accounts. The filing attributes voting and dispositive power to Sit for those accounts.
Which entities filed the Schedule 13G for BGB?
The filing was made by Sit Investment Associates, Inc. and Sit Fixed Income Advisors II, LLC. Addresses and citizenship details are included in the filing cover pages.
What outstanding share count did the filing use to calculate the 6.2% stake?
The filing uses 44,678,740 shares outstanding as of December 31, 2025, reported in the issuer's Form N-CSR, to compute the 6.2% figure.
When was the Schedule 13G for BGB signed?
The Schedule 13G was signed by Paul Rasmussen, Vice President, on 04/06/2026. The cover page lists a date of 03/31/2026 associated with the filing data.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
Blackstone Strategic Credit 2027 Term Fund
(Name of Issuer)
Common Stock
(Title of Class of Securities)
09257R101
(CUSIP Number)
03/31/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
09257R101
1
Names of Reporting Persons
Sit Investment Associates, Inc.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
MINNESOTA
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
2,753,133.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
2,753,133.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,753,133.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
6.2 %
12
Type of Reporting Person (See Instructions)
IA
SCHEDULE 13G
CUSIP Number(s):
09257R101
1
Names of Reporting Persons
Sit Fixed Income Advisors II, LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
2,753,133.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
2,753,133.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,753,133.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
6.2 %
12
Type of Reporting Person (See Instructions)
IA
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Blackstone Strategic Credit 2027 Term Fund
(b)
Address of issuer's principal executive offices:
345 Park Avenue, New York, New York 10154
Item 2.
(a)
Name of person filing:
Sit Investment Associates, Inc.
Sit Fixed Income Advisors II, LLC
(b)
Address or principal business office or, if none, residence:
c/o Sit Investment Associates, Inc.
80 South Eighth Street, Suite 3300
Minneapolis, MN 55402
(c)
Citizenship:
Sit Investment Associates, Inc. Minnesota Corporation
Sit Fixed Income Advisors II, LLC Delaware LLC
(d)
Title of class of securities:
Common Stock
(e)
CUSIP Number(s):
09257R101
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
See response to item 9 on each cover page.
(b)
Percent of class:
See response to item 11 on each cover page.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
See response to item 5 on each cover page.
(ii) Shared power to vote or to direct the vote:
See response to item 6 on each cover page.
(iii) Sole power to dispose or to direct the disposition of:
See response to item 7 on each cover page.
(iv) Shared power to dispose or to direct the disposition of:
See response to item 8 on each cover page.
The ownership percentages reported are based on 44,678,740 shares of common stock outstanding as of December 31, 2025, as reported in the Issuer's Report on Form N-CSR filed with the Securities Exchange Commission.
Sit Investment Associates, Inc. ("SIA") is an investment adviser registered under section 203 of the Investment Advisers Act of 1940. Sit Fixed Income Advisors II, LLC ("SFI") is an investment adviser registered under section 203 of the Investment Advisers Act of 1940 and a subsidiary of SIA. SIA and SFI provide investment management services to client accounts ("Accounts"). In their roles as investment advisers SIA and SFI possess shared voting and investment power over securities of the Issuer described in this schedule 13G owned by the Accounts and may be deemed to be the beneficial owner of such shares of the Issuer owned by the Accounts. All securities reported in this schedule 13G are owned by the Accounts. Pursuant to Rule 13d-4 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), SIA and SFI disclaim beneficial ownership of such securities.
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
The Accounts are known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities.
Except as may be indicated if this is a joint filing with a registered investment company managed by SIA or SFI, not more than 5% of the class of such securities is owned by any one Account subject to the investment advice of SIA or SFI.
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
