Morgan Stanley reports 5.7% stake in BGB fund

Morgan Stanley and its affiliate Morgan Stanley Smith Barney LLC reported beneficial ownership of common shares of Blackstone Strategic Credit 2027 Term Fund.

Rhea-AI Filing Summary

Morgan Stanley and its affiliate Morgan Stanley Smith Barney LLC reported beneficial ownership of common shares of Blackstone Strategic Credit 2027 Term Fund. As of 06/30/2026, they reported beneficial ownership of 2,536,491 Common Shares, representing 5.7% of the fund’s outstanding common shares. The reporting persons indicate shared dispositive power over 2,536,491 shares and minimal shared voting power. Both entities are organized in Delaware, with principal offices at 1585 Broadway, New York, NY 10036. The filing notes that it reflects securities beneficially owned, or deemed beneficially owned, by specified Morgan Stanley reporting units, and excludes other disaggregated operating units under applicable SEC guidance.

Key Figures

Beneficially owned shares: 2,536,491 Common Shares Ownership percentage: 5.7% Shared voting power: 1 share +2 more

5 metrics

Beneficially owned shares 2,536,491 Common Shares Beneficial ownership of Blackstone Strategic Credit 2027 Term Fund as of 06/30/2026

Ownership percentage 5.7% Percent of outstanding common shares of Blackstone Strategic Credit 2027 Term Fund

Shared voting power 1 share Number of shares over which the reporting persons have shared voting power

Shared dispositive power 2,536,491 shares Number of shares over which the reporting persons have shared power to dispose

As-of date 06/30/2026 Date tied to the reported beneficial ownership position

Key Terms

Schedule 13G, beneficially owned, shared dispositive power, parent holding company, +1 more

5 terms

Schedule 13G regulatory

"This filing reflects the securities beneficially owned, or that may be deemed to be beneficially owned"

A Schedule 13G is a formal document that investors file with the government when they acquire a large ownership stake in a company, usually for investment purposes rather than control. It helps keep the public informed about who owns significant parts of a company's shares, which can influence how the company is managed and how investors make decisions. Filing this schedule is important for transparency and understanding the ownership landscape of publicly traded companies.

beneficially owned financial

"this filing reflects the securities beneficially owned, or that may be deemed to be beneficially owned"

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.

shared dispositive power financial

"Shared Dispositive Power 2,536,491.00"

parent holding company regulatory

"Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company"

disaggregated regulatory

"ownership of securities is disaggregated from that of the MS Reporting Units in accordance with the Release"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What stake in Blackstone Strategic Credit 2027 Term Fund (BGB) did Morgan Stanley report?

Morgan Stanley and Morgan Stanley Smith Barney LLC reported beneficial ownership of 2,536,491 Common Shares of Blackstone Strategic Credit 2027 Term Fund, representing 5.7% of the fund’s outstanding common shares as of 06/30/2026.

How much voting and dispositive power over BGB shares does Morgan Stanley report?

The reporting entities indicate shared voting power over 1 share and shared dispositive power over 2,536,491 shares of Blackstone Strategic Credit 2027 Term Fund, with no sole voting or sole dispositive power reported.

Which Morgan Stanley entities filed the Schedule 13G for Blackstone Strategic Credit 2027 Term Fund (BGB)?

The Schedule 13G was filed jointly by Morgan Stanley and Morgan Stanley Smith Barney LLC, both organized in Delaware, with principal offices at 1585 Broadway, New York, NY 10036.

What percentage of Blackstone Strategic Credit 2027 Term Fund (BGB) does 2,536,491 shares represent?

The filing states that beneficial ownership of 2,536,491 Common Shares represents 5.7% of the outstanding common shares of Blackstone Strategic Credit 2027 Term Fund, making Morgan Stanley a holder above the 5% reporting threshold.

How does Morgan Stanley classify itself in the BGB Schedule 13G filing?

Morgan Stanley is classified as HC (holding company), and Morgan Stanley Smith Barney LLC is classified as BD, IA (broker-dealer, investment adviser), reflecting their regulated roles in relation to the reported holdings.

Does the BGB Schedule 13G include all Morgan Stanley units’ holdings?

No. The filing explains it reflects securities beneficially owned by specified MS Reporting Units and excludes other operating units whose ownership is disaggregated in accordance with SEC Release No. 34-39538.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 08/13/2026 - 04:54 PM Accepted by SEC EDGAR 08/13/2026 - 04:53 PM Learn about SEC filing dates

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 Shares

(Title of Class of Securities)

09257R101

(CUSIP Number)

06/30/2026

(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

Morgan Stanley

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 1.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,536,491.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,536,491.00

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)

5.7 %

12

Type of Reporting Person (See Instructions)

HC, CO

SCHEDULE 13G

CUSIP Number(s): 09257R101

1

Names of Reporting Persons

Morgan Stanley Smith Barney 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 1.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,536,491.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,536,491.00

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)

5.7 %

12

Type of Reporting Person (See Instructions)

BD, IA, CO

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, 31ST FLOOR, NEW YORK, NY, 10154
Item 2.
(a)	Name of person filing: 1: Morgan Stanley 2: Morgan Stanley Smith Barney LLC
(b)	Address or principal business office or, if none, residence: 1: 1585 Broadway, New York, NY 10036 ;2: 1585 Broadway, New York, NY 10036
(c)	Citizenship: 1: Delaware 2: Delaware
(d)	Title of class of securities: Common Shares
(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 the response(s) to Item 9 on the attached cover page(s).
(b)	Percent of class: 5.7 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See the response(s) to Item 5 on the attached cover page(s).
	(ii) Shared power to vote or to direct the vote: See the response(s) to Item 6 on the attached cover page(s).
	(iii) Sole power to dispose or to direct the disposition of: See the response(s) to Item 7 on the attached cover page(s).
	(iv) Shared power to dispose or to direct the disposition of: See the response(s) to Item 8 on the attached cover page(s).
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.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. See Exhibit 99.2
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. * In Accordance with the Securities and Exchange Commission Release No. 34-39538 (January 12, 1998) (the "Release"), this filing reflects the securities beneficially owned, or that may be deemed to be beneficially owned, by certain operating units (collectively, the "MS Reporting Units") of Morgan Stanley and its subsidiaries and affiliates (collectively, "MS"). This filing does not reflect securities, if any, beneficially owned by any operating units of MS whose ownership of securities is disaggregated from that of the MS Reporting Units in accordance with the Release.

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.

Morgan Stanley

Signature:	Claire Gordon
Name/Title:	Authorized Signatory, Morgan Stanley
Date:	08/13/2026

Morgan Stanley Smith Barney LLC

Signature:	David Galasso
Name/Title:	Authorized Signatory, Morgan Stanley Smith Barney LLC
Date:	08/13/2026

Exhibit Information

EXHIBIT NO. EXHIBITS ------------------ ------------------------------------ 99.1 Joint Filing Agreement 99.2 Item 7 Information * Attention. Intentional misstatements or omissions of fact constitute federal criminal violations (see 18 U.S.C. 1001).