[SCHEDULE 13G] Blackstone Senior Floating Rate 2027 Term Fund Passive Investment Disclosure (>5%)
Sit Investment Associates reports 6.3% stake in Blackstone fund
Sit Investment Associates, Inc. and Sit Fixed Income Advisors II, LLC report shared beneficial ownership of 822,750 shares (6.3%) of Blackstone Senior Floating Rate 2027 Term Fund common stock.
Sit Investment Associates, Inc. and Sit Fixed Income Advisors II, LLC report shared beneficial ownership of 822,750 shares (6.3%) of Blackstone Senior Floating Rate 2027 Term Fund common stock. The filing states shares outstanding were 13,019,938 as of December 31, 2025.
The filing is a joint Schedule 13G disclosure dated 06/30/2026 (signed 07/06/2026) and describes that SIA and SFI exercise shared voting and dispositive power over the listed shares as investment advisers to client accounts; both entities disclaim beneficial ownership under Rule 13d-4.
Positive
None.
Negative
None.
Insights
Joint Schedule 13G shows passive shared ownership of 6.3% by adviser-managed accounts.
The filing reports 822,750 shares (6.3%) held by client accounts for which Sit Investment Associates, Inc. and Sit Fixed Income Advisors II, LLC serve as investment advisers. The entities state shared voting and dispositive power and disclaim beneficial ownership pursuant to Rule 13d-4.
Disclosure is consistent with passive-investor reporting; subsequent filings would show any change in percent ownership or voting posture.
The position is held in advisory client accounts and reported jointly; ownership is reported on a Form 13G basis.
The filing ties the percentage to a denominator of 13,019,938 shares outstanding as of December 31, 2025. It identifies the accounts as the owners while the advisers report shared authority to vote and dispose of the securities.
Cash‑flow treatment and whether any single account exceeds 5% is addressed: no single advised Account exceeds 5% per the filing.
Key Figures
Reported shares:822,750 sharesPercent of class:6.3%Shares outstanding:13,019,938 shares+2 more
5 metrics
Reported shares822,750 sharesAmount beneficially owned as reported on cover pages
Percent of class6.3%Percent of class reported on cover pages
Shares outstanding13,019,938 sharesShares outstanding as of December 31, 2025
Form type date06/30/2026Date on Schedule 13G cover
Signature date07/06/2026Filing signed by Paul E. Rasmussen, Vice President
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.
shared voting powerregulatory
"SIA and SFI possess <b>shared voting</b> and dispositive power"
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.
Rule 13d-4regulatory
"SIA and SFI <b>disclaim beneficial ownership pursuant to Rule 13d-4</b>"
FAQ
What stake does Sit Investment Associates report in Blackstone Senior Floating Rate 2027 Term Fund (BSL)?
Sit Investment Associates and Sit Fixed Income Advisors II report shared beneficial ownership of 822,750 shares, representing 6.3% of the class based on 13,019,938 shares outstanding as of December 31, 2025.
Does Sit claim direct beneficial ownership of the 822,750 shares?
No. The filing states the shares are owned by client accounts advised by SIA and SFI and both advisers disclaim beneficial ownership pursuant to Rule 13d-4, while reporting shared voting and dispositive power.
When was the Schedule 13G filed and signed?
The disclosure is dated 06/30/2026 on the form and was signed by Paul E. Rasmussen, Vice President, on 07/06/2026, as shown on the cover page signatures.
Is any single client account shown to hold more than 5% of the class?
The filing states that, except for possible joint filings with a registered investment company, not more than 5% of the class is owned by any one Account subject to SIA or SFI investment advice.
What voting or disposition powers do SIA and SFI report for these shares?
Both SIA and SFI report shared voting power of 822,750 shares and shared dispositive power of 822,750 shares, with no sole voting or sole dispositive power listed.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
Blackstone Senior Floating Rate 2027 Term Fund
(Name of Issuer)
Common Stock
(Title of Class of Securities)
09256U105
(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):
09256U105
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
822,750.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
822,750.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
822,750.00
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)
6.3 %
12
Type of Reporting Person (See Instructions)
IA
SCHEDULE 13G
CUSIP Number(s):
09256U105
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
822,750.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
822,750.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
822,750.00
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)
6.3 %
12
Type of Reporting Person (See Instructions)
IA
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Blackstone Senior Floating Rate 2027 Term Fund
(b)
Address of issuer's principal executive offices:
345 Park Avenue, 31st Floor, 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):
09256U105
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 13,019,938 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.
