ETF Education Report: Blackstone Senior Floating Rate 2027 Term Fund (BSL)

What this ETF is trying to do

The Blackstone Senior Floating Rate 2027 Term Fund (BSL) is an ETF traded on the NYSE. While specific holdings are not listed in this report, ETFs like this generally aim to provide investors with regular income through distributions.

What the numbers show

It is important to understand that "price return" and "total return" tell different stories. Price return only tracks how the share price moves. Total return includes both the price movement and the cash distributions paid out to investors.

Based on the data as of September 22, 2026:

• Year-to-Date (YTD): The price return is approximately -3.41%. However, the YTD total return is positive at about 1.23%.

• One Year: The one-year price return is approximately -7.71%, while the one-year total return is approximately -0.05%.

• Three Year: The three-year price return is approximately -1.88%, but the three-year total return is much higher at approximately 27.13%.

To visualize the price change, we can look at an estimated price from roughly one year ago, which was $14.13. The current price is $13.04.

Income and distribution explanation

This ETF has a distribution yield of approximately 8.14%. This means the fund pays out a significant amount of cash relative to its share price. These distributions happen frequently; the fund usually pays out monthly, with 12 payments recorded over the last year.

It is important to remember that a high distribution yield does not guarantee that an investor's total investment will grow. High yields can sometimes exist even when the share price is falling.

NAV erosion explanation

"NAV erosion" refers to a decline in the Net Asset Value (the actual value of the assets held by the fund). While a falling market price is a "share-price decline," it does not always mean the NAV has declined.

For this ETF, the erosion-risk score is 75, which is labeled as "Mild price erosion." This is a measurement of risk, not a definitive proof that the fund's value has collapsed. There is no severe erosion-risk flag for this fund.

Pros

• The fund offers a high distribution yield of approximately 8.14%.

• When looking at a three-year period, the total return (which includes distributions) has been positive at approximately 27.13%.

Cons

• The share price has seen declines over the one-year and three-year periods.

• There is a measurement of "mild price erosion" according to the erosion-risk score.

Beginner takeaway

When looking at BSL, it is helpful to distinguish between the share price and the total return. While the share price has decreased in several timeframes, the total return (which includes the cash paid out to you) tells a different story, especially over three years. Always remember that high distributions provide cash income, but they do not guarantee that the share price will stay stable.