Blackstone / GSO Floating Rate Enhanced Income Fund
BGFLX
NASDAQ- -
USD
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- -
Capital Structure
FRC
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in mil. unless spec.Working Capital
FRC
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in mil. unless spec.Growth Rates
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in mil. unless spec.Quarterly Revenue
FRC
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in mil. unless spec.Quarterly Earnings Per Share
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in mil. unless spec.Quarterly Dividends Per Share
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in mil. unless spec.- Sector
- Financial Services
- Industry
- Investment - Banking & Investment Services
- Address
- IPO Date
- Apr 17, 2023
- Similar Companies
- Business
- Blackstone / GSO Floating Rate Enhanced Income Fund (BGFLX) is a non-diversified, closed-end management investment company registered under the Investment Company Act of 1940 and operated as an interval fund that seeks to provide attractive current income with low sensitivity to rising interest rates. The Fund invests at least 80% of its Managed Assets in floating rate loans, notes, or bonds, primarily senior secured floating rate loans rated below investment grade; up to 20% of Managed Assets may be allocated to structured products including rated debt tranches of collateralized loan obligations, floating rate mortgage-backed securities, and credit-linked notes, derivatives such as credit derivatives, warrants and equity securities incidental to floating rate investments or acquired in borrower reorganizations, and fixed rate instruments including high-yield corporate bonds and U.S. government securities. Share classes include Class I (BGFLX), Class D (BGFDX), Class T (BGFTX), Class T-I (BGFPX), and Class U (BGFVX), with daily NAV pricing, monthly distributions of realized and accrued income via an automatic reinvestment plan, and periodic repurchase offers for 5% of outstanding shares at NAV, subject to a potential 2% fee for shares held less than one year. The Fund, managed by GSO / Blackstone Debt Funds Management LLC, a unit of Blackstone Credit with approximately $145 billion in assets under management as of late 2020, employs leverage up to 33 1/3% of total assets through borrowings to enhance returns and targets primarily U.S. dollar-denominated securities of issuers worldwide across industries, though it may include non-U.S. dollar assets. In June 2024, amid ongoing liquidation proceedings approved by the Board of Trustees, the Fund declared two special liquidating dividends: a first distribution on June 13, 2024, of $21.4200 per Class I share, $21.4439 per Class D share, $21.3743 per Class T share, $21.9005 per Class T-I share, and $22.3174 per Class U share; and a second distribution of all remaining assets, anticipated by mid-August 2024 upon settlement of liquidated holdings and final interest payments, marking the Fund's wind-down and full capital return to shareholders with NAV per share at $0.00 across classes. No recent partnerships, acquisitions, funding rounds, or new product launches have been reported for the Fund in the past 1-2 years. The Fund provides individual investors access to Blackstone Credit's institutional platform, leveraging its expertise in below-investment-grade corporate credit across broadly syndicated loans, middle market assets, high-yield bonds, and mezzanine transactions.