Every material Form 8-K Blackstone Long-Short Credit Income Fund has filed with the SEC since November 14, 2013, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
The fund's Board of Trustees approved a change to its investment guidelines that removes the specific limit on long investments, while keeping short positions capped at 30% of net assets. The change is intended to take effect January 3, 2017, and the filing says leverage limits in the prospectus still cap long exposure. Shareholders should note the fund's stated strategy and risk profile are changing.
Long investments will no longer have a specific limit; previously long positions were capped at 150% of net assets.
Short positions, directly or through derivatives, remain limited to up to 30% of net assets.
Previous aggregate long and short limit of 160% of net assets is replaced.
Total leverage and short sales exposure will not exceed 40% of total assets (equivalent to 67% of net assets).
The fund's Board of Trustees approved a change to its investment guidelines, raising the limit on long positions from 130% to 150% of net assets while keeping short positions at 30% and total positions at up to 160%. The Board also approved a higher credit facility commitment allowing borrowings of up to 50% of net assets, and the change is intended to take effect in January 2015. The change lets the fund apply borrowed proceeds to long investments, which the prior guidelines did not allow, so shareholders face more leverage if the fund uses the expanded limits.
Long positions, directly or through derivatives, may total up to 150% of net assets, up from 130%.
Short positions may total up to 30% of net assets, unchanged; total long and short positions may total up to 160%.
Credit facility borrowings may reach up to 50% of net assets, under terms substantially consistent with the current facility.
The change is currently intended to take effect in January 2015.
The fund disclosed in a Regulation FD filing that its portfolio holdings as of November 8, 2013 are available on its website. The filing is administrative and contains no financial results, guidance, or changes to the fund's operations.
Portfolio holdings are dated as of November 8, 2013.
Holdings are posted at blackstone-gso.com/bgx-holdings.php.
The 8-K was filed November 14, 2013 and signed by President Daniel H. Smith, Jr.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.
Only material 8-Ks get a brief: results, deals, executive changes, restructuring, impairments, delisting notices, restatements, cybersecurity incidents and other disclosed events. Routine filings (vote results, exhibits only) are skipped. Every Blackstone Long-Short Credit Income Fund filing is on SEC EDGAR ↗. 8-K briefs of other companies →