ThZeal - The Zeal

bcred-20250331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_____________________________________________________________________________________________________________________________________________________

FORM 10-Q

_____________________________________________________________________________________________________________________________________________________

(Mark One)


x			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2025


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to __________

Commission File Number 814-01358

_____________________________________________________

Blackstone Private Credit Fund

(Exact name of Registrant as specified in its Charter)

_____________________________________________________


Delaware						84-7071531
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

345 Park Avenue, 31st Floor New York, New York						10154
(Address of principal executive offices)						(Zip Code)

Registrant’s telephone number, including area code: (212) 503-2100

N/A

(Former name, former address and former fiscal year, if changed since last report)

________________________

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

None

Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes x No ¨

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act:

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No x

The number of shares of Registrant’s common shares of beneficial interest (“Common Shares”), $0.01 par value per share, outstanding as of May 12, 2025 was 1,150,812,923, 543,102,015 and 25,755,533 of Class I, Class S and Class D common shares, respectively. Common shares outstanding exclude May 1, 2025 subscriptions since the issuance price is not yet finalized at this time.

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		Page
PART I	FINANCIAL INFORMATION
Item 1.	Financial Statements
	Condensed Consolidated Statements of Assets and Liabilities as of March 31, 2025 and December 31, 2024 (Unaudited)	3
	Condensed Consolidated Statements of Operations for the three months ended March 31, 2025 and 2024 (Unaudited)	5
	Condensed Consolidated Statements of Changes in Net Assets for the three months ended March 31, 2025 and 2024 (Unaudited)	6
	Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2025 and 2024 (Unaudited)	7
	Condensed Consolidated Schedules of Investments as of March 31, 2025 and December 31, 2024 (Unaudited)	9
	Notes to Condensed Consolidated Financial Statements (Unaudited)	135
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	280
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	294
Item 4.	Controls and Procedures	295

PART II	OTHER INFORMATION
Item 1.	Legal Proceedings	296
Item 1A.	Risk Factors	296
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	296
Item 3.	Defaults Upon Senior Securities	296
Item 4.	Mine Safety Disclosures	296
Item 5.	Other Information	296
Item 6.	Exhibits	297
Signatures

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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This report contains forward-looking statements that involve substantial risks and uncertainties. Such statements involve known and unknown risks, uncertainties and other factors and undue reliance should not be placed thereon. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about Blackstone Private Credit Fund (together, with its consolidated subsidiaries, the “Company,” “we,” “us” or “our”), our current and prospective portfolio investments, our industry, our beliefs and opinions, and our assumptions. Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” “outlook,” “potential,” “predicts” and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including without limitation:

•our future operating results;

•our business prospects and the prospects of the companies in which we may invest;

•the impact of the investments that we expect to make;

•our ability to raise sufficient capital and repurchase shares to execute our investment strategy;

•general economic, logistical and political trends and other external factors, including inflation, trade policies and recent supply chain disruptions and their impacts on our portfolio companies and on the industries in which we invest;

•the ability of our portfolio companies to achieve their objectives;

•our current and expected financing arrangements and investments;

•changes in the general interest rate environment;

•the adequacy of our cash resources, financing sources and working capital;

•the timing and amount of cash flows, distributions and dividends, if any, from our portfolio companies;

•our contractual arrangements and relationships with third parties;

•risks associated with the demand for liquidity under our share repurchase program and the continued approval of quarterly tender offers by the Board of Trustees (the “Board”);

•actual and potential conflicts of interest with Blackstone Private Credit Strategies LLC (the “Adviser”), Blackstone Credit BDC Advisors LLC (the “Sub-Adviser” and together with the Adviser, the “Advisers”) or any of their affiliates;

•the dependence of our future success on the general economy and its effect on the industries in which we may invest;

•our use of financial leverage, including the use of borrowed money to finance a portion of our investments and the availability of equity and debt capital on favorable terms or at all;

•our business prospects and the prospects of our portfolio companies, including our and their ability to effectively respond to macroeconomic effects;

•the ability of the Advisers to source suitable investments for us and to monitor and administer our investments;

•the impact of future acquisitions and divestitures;

•the ability of the Advisers or their affiliates to attract and retain highly talented professionals;

•general price and volume fluctuations in the stock market;

•our ability to maintain our qualification as a regulated investment company (“RIC”) and as a business development company (“BDC”);

•the impact on our business of U.S. and international financial reform legislation, rules and regulations;

•the effect of changes to tax legislation and our tax position; and

•the tax status of the enterprises in which we may invest.

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. In light of these and other uncertainties, the inclusion of any projection or forward-looking statement in this report should not be regarded as a representation by us that our plans and objectives will be achieved. These risks and uncertainties include those described or identified in the section entitled “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2024 as updated by the Company’s periodic filings with the United States Securities and Exchange Commission (the “SEC”). These projections and forward-looking statements apply only as of the date of this report. Moreover, we assume no duty and do not undertake to update the forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law. You are advised to consult any additional disclosures that we make directly to you or through reports that we have filed or in the future file with the SEC including annual reports on Form 10-K, registration statements on Form N-2, quarterly reports on Form 10-Q and current reports on Form 8-K.

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Because we are an investment company, the forward-looking statements and projections contained in this report are excluded from the safe harbor protection provided by Section 21E of the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”).

WEBSITE DISCLOSURE

We use our website (www.bcred.com) as a channel of distribution of company information. The information we post through this channel may be deemed material. Accordingly, investors should monitor this channel, in addition to following our press releases and SEC filings. The contents of our website are not, however, a part of this Quarterly Report on Form 10-Q.

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PART I - FINANCIAL INFORMATION

Item 1. Financial Statements.

Blackstone Private Credit Fund

Condensed Consolidated Statements of Assets and Liabilities

(in thousands, except share and per share amounts)

(Unaudited)


	March 31, 2025		December 31, 2024
ASSETS
Investments at fair value
Non-controlled/non-affiliated investments (cost of $66,892,877 and $66,124,775, respectively)	$	66,496,763	$	65,689,987
Non-controlled/affiliated investments (cost of $12,141 and $558, respectively)	12,603		1,394
Controlled/affiliated investments (cost of $2,879,133 and $2,860,338, respectively)	2,680,337		2,728,396
Total investments at fair value (cost of $69,784,151 and $68,985,671, respectively)	69,189,703		68,419,777
Cash and cash equivalents (restricted cash of $494,504 and $305,900, respectively)	3,273,843		1,650,679
Interest receivable from non-controlled/non-affiliated investments	677,431		712,903
Interest receivable from non-controlled/affiliated investments	29		—
Interest receivable from controlled/affiliated investments	69		96
Dividend receivable from controlled/affiliated investments	60,093		56,636
Receivable from broker	233,859		253,890
Deferred financing costs	133,886		132,751
Deferred offering costs	1,301		1,524
Receivable for investments sold	107,768		38,838

Derivative assets at fair value (Note 6)	73,589		16,476

Total assets	$	73,751,571	$	71,283,570
LIABILITIES
Debt (net of unamortized debt issuance costs of $177,377 and $136,810, respectively)	$	29,922,534	$	30,452,578
Payable for investments purchased	296,966		250,150
Management fees payable (Note 3)	129,106		120,103
Income based incentive fees payable (Note 3)	151,776		144,724
Capital gains incentive fees payable (Note 3)	—		—
Interest payable	391,408		398,004
Derivative liabilities at fair value (Note 6)	69,092		126,281
Due to affiliates	17,453		20,721
Distribution payable (Note 9)	359,606		331,762
Payable for share repurchases (Note 9)	581,365		531,058
Board of Trustee payable	242		224
Accrued expenses and other liabilities	26,304		52,202
Total liabilities	31,945,852		32,427,807
Commitments and contingencies (Note 8)
NET ASSETS
Common Shares, $0.01 par value 1,655,814,859 and 1,528,574,321 shares issued and outstanding, respectively)	16,558		15,286
Additional paid in capital	42,192,819		38,958,382
Distributable earnings (loss)	(403,658)		(117,905)
Total net assets	41,805,719		38,855,763
Total liabilities and net assets	$	73,751,571	$	71,283,570


The accompanying notes are an integral part of these condensed consolidated financial statements.

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Blackstone Private Credit Fund
Condensed Consolidated Statements of Assets and Liabilities
(in thousands, except share and per share amounts)
(Unaudited)
NET ASSET VALUE PER SHARE	March 31, 2025		December 31, 2024
Class I Shares:
Net assets	$	27,811,579	$	25,661,534
Common Shares outstanding ($0.01 par value, unlimited shares authorized)	1,101,546,131		1,009,518,371
Net asset value per share	$	25.25	$	25.42
Class S Shares:
Net assets	$	13,355,820	$	12,611,626
Common Shares outstanding ($0.01 par value, unlimited shares authorized)	528,986,958		496,136,844
Net asset value per share	$	25.25	$	25.42
Class D Shares:
Net assets	$	638,320	$	582,603
Common Shares outstanding ($0.01 par value, unlimited shares authorized)	25,281,770		22,919,106
Net asset value per share	$	25.25	$	25.42

The accompanying notes are an integral part of these condensed consolidated financial statements.

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Blackstone Private Credit Fund

Condensed Consolidated Statements of Operations

(in thousands)

(Unaudited)


	Three Months Ended March 31,
	2025		2024
Investment income:
From non-controlled/non-affiliated investments:
Interest income	$	1,653,532	$	1,390,843
Payment-in-kind interest income	91,935		92,331
Dividend income	8,107		—
Fee income	7,489		2,390
From non-controlled/affiliated investments:
Interest income	29		—
Payment-in-kind interest income	35		—

From controlled/affiliated investments:
Interest income	474		—
Payment-in-kind interest income	5,931		349
Dividend income	73,902		82,951
Total investment income	1,841,434		1,568,864
Expenses:
Interest expense	479,635		450,062
Management fees (Note 3)	129,106		95,382
Income based incentive fees (Note 3)	151,776		125,357
Capital gains based incentive fees (Note 3)	—		—
Distribution and shareholder servicing fees
Class S	28,088		21,405
Class D	385		259
Professional fees	1,270		3,583
Board of Trustees’ fees	242		221
Administrative service expenses (Note 3)	2,241		1,833
Other general and administrative	5,823		4,839

Amortization of continuous offering costs	1,123		639
Total expenses before tax expense	799,689		703,580





Net investment income before tax expense	1,041,745		865,284
Excise and other tax expense	7,783		9,451
Net investment income after tax expense	1,033,962		855,833
Realized and unrealized gain (loss):
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated investments	(125,001)		141,351
Non-controlled/affiliated investments	(374)		(232)
Controlled/affiliated investments	(66,854)		(52,658)
Derivative instruments (Note 6)	(12,789)		21,621
Foreign currency and other transactions	(1,082)		(161)

Income tax (provision) benefit	(1,334)		—
Net change in unrealized appreciation (depreciation)	(207,434)		109,921
Net realized gain (loss):
Non-controlled/non-affiliated investments	(59,178)		(42,398)


Derivative instruments (Note 6)	(19,413)		(6,397)


Foreign currency and other transactions	12,615		2,089
Current tax expense on realized gains	(1,243)		—
Net realized gain (loss)	(67,219)		(46,706)
Net realized and change in unrealized gain (loss)	(274,653)		63,215
Net increase (decrease) in net assets resulting from operations	$	759,309	$	919,048

The accompanying notes are an integral part of these condensed consolidated financial statements.

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Blackstone Private Credit Fund

Condensed Consolidated Statements of Changes in Net Assets

(in thousands)

(Unaudited)


	Three Months Ended March 31,
	2025		2024
Operations:
Net investment income after tax expense	$	1,033,962	$	855,833
Net change in unrealized appreciation (depreciation)	(207,434)		109,921
Net realized gain (loss)	(67,219)		(46,706)
Net increase (decrease) in net assets resulting from operations	759,309		919,048
Distributions to common shareholders:
Class I	(713,781)		(520,413)
Class S	(315,435)		(240,186)
Class D	(15,847)		(10,542)
Net decrease in net assets resulting from distributions	(1,045,063)		(771,141)
Share transactions:
Class I:
Proceeds from shares sold	2,431,752		1,731,701
Share transfers between classes	43,221		41,217
Distributions reinvested	328,177		241,268
Repurchased shares, net of early repurchase deduction	(462,595)		(448,947)
Net increase (decrease) from share transactions	2,340,555		1,565,239
Class S:
Proceeds from shares sold	833,417		797,084
Share transfers between classes	(40,966)		(41,557)
Distributions reinvested	159,217		115,110
Repurchased shares, net of early repurchase deduction	(116,573)		(103,536)
Net increase (decrease) from share transactions	835,095		767,101
Class D:
Proceeds from shares sold	60,771		26,207
Share transfers between classes	(2,255)		340
Distributions reinvested	3,136		1,593
Repurchased shares, net of early repurchase deduction	(1,592)		(5,096)
Net increase (decrease) from share transactions	60,060		23,044
Total increase (decrease) in net assets	2,949,956		2,503,291
Net assets, beginning of period	38,855,763		28,534,437
Net assets, end of period	$	41,805,719	$	31,037,728

The accompanying notes are an integral part of these condensed consolidated financial statements.

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Blackstone Private Credit Fund

Condensed Consolidated Statements of Cash Flows

(in thousands)

(Unaudited)


	Three Months Ended March 31,
	2025		2024
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations	$	759,309	$	919,048
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Net change in unrealized (appreciation) depreciation on investments	192,229		(88,461)
Net change in unrealized (appreciation) depreciation on derivative instruments	12,789		(21,621)
Net change in unrealized (appreciation) depreciation on foreign currency and other transactions	(714)		161
Net realized (gain) loss on investments	59,178		42,398
Net realized (gain) loss on derivative instruments	—		6,397
Net realized (gain) loss on foreign currency and other transactions	(12,615)		(2,089)
Net change due to hedging activity	(1,917)		—
Payment-in-kind interest capitalized	(105,430)		(83,919)
Net accretion of discount and amortization of premium	(76,692)		(43,879)
Amortization of deferred financing costs	8,498		8,585
Amortization of original issue discount and debt issuance costs (including premiums and discounts)	9,420		7,829
Amortization of offering costs	1,123		639


Purchases of investments	(5,009,226)		(3,000,252)
Proceeds from sale of investments and principal repayments	4,333,690		1,355,622
Changes in operating assets and liabilities:
Interest receivable	35,470		(89,037)

Dividend receivable	(3,457)		(2,990)
Receivable from broker	20,031		(15,719)
Receivable for investments sold	(68,930)		(44,171)


Payable for investments purchased	46,816		291,767
Management fees payable	9,003		8,110
Income based incentive fees payable	7,052		2,414

Interest payable	(6,596)		18,391
Due to affiliates	(3,268)		(929)
Accrued expenses and other liabilities	(25,880)		(15,274)
Net cash provided by (used in) operating activities	179,883		(746,980)
Cash flows from financing activities:
Borrowings on debt	5,481,852		1,093,597
Repayments on debt	(6,274,581)		(343,502)
Deferred financing costs paid	(9,162)		(21,139)
Debt issuance costs paid	(17,564)		(18,782)
Deferred offering costs paid	(824)		(934)
Proceeds from issuance of common shares	3,325,940		2,554,992
Repurchased shares, net of early repurchase deduction paid	(530,648)		(532,655)
Dividends paid in cash	(526,688)		(393,158)
Net cash provided by (used in) financing activities	1,448,325		2,338,419
Net increase (decrease) in cash and cash equivalents	1,628,208		1,591,439
Effect of foreign exchange rate changes on cash and cash equivalents	(5,044)		(1,681)
Cash and cash equivalents, beginning of period	1,650,679		1,481,770
Cash and cash equivalents, end of period	$	3,273,843	$	3,071,528

The accompanying notes are an integral part of these condensed consolidated financial statements.

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Blackstone Private Credit Fund

Condensed Consolidated Statements of Cash Flows

(in thousands)

(Unaudited)



	Three Months Ended March 31,
	2025		2024
Supplemental information and non-cash activities:
Interest paid during the period	$	589,353	$	491,504
Distribution payable	359,606		265,044

Reinvestment of dividends during the period	490,530		357,971
Accrued but unpaid debt financing costs	12		8,582
Accrued but unpaid debt issuance costs	3,336		—
Accrued but unpaid offering costs	616		6
Share repurchases accrued but not yet paid	581,365		557,702
Excise taxes paid	34,703		26,402

The accompanying notes are an integral part of these condensed consolidated financial statements.

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Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien
First Lien Debt - non-controlled/non-affiliated
Aerospace & Defense
Atlas CC Acquisition Corp.	(7)(10)	SOFR +	4.25%	8.82%	5/25/2021	5/25/2028	$	62,612	$	61,732	$	29,785	0.07	%
Corfin Holdings, Inc.	(4)(10)	SOFR +	5.25%	9.67%	1/7/2021	12/27/2027	32,386		32,354		32,386		0.08
Corfin Holdings, Inc.	(4)(10)	SOFR +	5.25%	9.67%	1/10/2025	12/27/2027	139,363		138,068		139,363		0.33
Fastener Distribution Holdings LLC	(4)(7)(10)	SOFR +	4.75%	9.07%	10/31/2024	11/4/2031	175,010		173,041		173,795		0.42
Frontgrade Technologies Holdings, Inc.	(4)(7)(10)	SOFR +	5.00%	9.32%	1/9/2023	1/9/2030	2,341		2,287		2,341		0.01
Frontgrade Technologies Holdings, Inc.	(4)(5)(10)	SOFR +	5.00%	9.30%	3/18/2025	1/9/2030	355		351		355		0.00
Horizon CTS Buyer, LLC	(4)(5)(7)(10)	SOFR +	4.50%	8.83%	3/28/2025	3/28/2032	63,278		62,453		62,451		0.15
Loar Group Inc	(4)(6)(7)(11)	SOFR +	4.75%	9.07%	7/28/2022	5/10/2030	281,366		278,407		280,426		0.67
Magneto Components BuyCo, LLC	(4)(7)(10)	SOFR +	6.00%	10.30% (incl. 2.57% PIK)	12/5/2023	12/5/2030	54,678		53,305		53,270		0.13
Maverick Acquisition, Inc.	(4)(11)(17)	SOFR +	6.25%	10.55%	6/1/2021	6/1/2027	47,851		47,426		26,318		0.06
Maverick Acquisition, Inc.	(4)(5)(7)(11)	SOFR +	6.25%	10.69%	3/4/2025	6/1/2027	715		672		715		0.00
Peraton Corp.	(10)	SOFR +	3.75%	8.17%	2/1/2021	2/1/2028	14,285		14,303		12,746		0.03
TransDigm Inc	(6)(8)	SOFR +	2.50%	6.80%	11/28/2023	2/28/2031	12,915		12,953		12,858		0.03
Vertex Aerospace Services Corp.	(6)(10)	SOFR +	2.25%	6.57%	12/6/2021	12/6/2030	11,644		11,606		11,498		0.03
West Star Aviation Acquisition, LLC	(4)(5)(11)	SOFR +	5.00%	9.33%	11/3/2023	3/1/2028	9,853		9,720		9,853		0.02
West Star Aviation Acquisition, LLC	(4)(10)	SOFR +	5.00%	9.33%	3/1/2022	3/1/2028	4,864		4,802		4,864		0.01
									903,480		853,024		2.04
Air Freight & Logistics
AGI-CFI Holdings, Inc.	(4)(10)	SOFR +	4.75%	9.20%	6/11/2021	6/11/2027	228,904		227,286		228,904		0.55
AGI-CFI Holdings, Inc.	(4)(10)	SOFR +	4.75%	9.20%	12/21/2021	6/11/2027	51,315		50,904		51,315		0.12
AGI-CFI Holdings, Inc.	(4)(9)	SOFR +	4.75%	9.20%	7/25/2022	6/11/2027	93,505		92,664		93,505		0.22
AGI-CFI Holdings, Inc.	(4)(5)(10)	SOFR +	4.75%	9.17%	3/19/2025	6/11/2027	24,340		24,220		24,340		0.06
ENV Bidco AB	(4)(6)(7)(8)	E +	5.25%	7.61%	12/12/2024	7/19/2029	EUR	114,257	113,949		123,176		0.29
ENV Bidco AB	(4)(6)(10)	SOFR +	5.25%	9.55%	12/12/2024	7/19/2029	114,097		112,436		114,097		0.27
Mode Purchaser, Inc.	(4)(11)	SOFR +	6.25%	10.71%	1/7/2021	12/9/2026	27,349		27,089		26,529		0.06
Mode Purchaser, Inc.	(4)(11)	SOFR +	6.25%	10.71%	2/4/2022	2/5/2029	135,783		134,290		131,709		0.32
R1 Holdings LLC	(4)(5)(7)(11)	SOFR +	6.25%	10.49%	12/30/2022	12/30/2028	1,182		1,157		1,148		0.00
RWL Holdings, LLC	(4)(10)	SOFR +	5.75%	10.20%	12/13/2021	12/31/2028	269,452		266,585		239,812		0.57

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Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Air Freight & Logistics (continued)
SEKO Global Logistics Network, LLC	(4)(5)(11)	SOFR +	8.00%	12.79%	7/1/2024	12/30/2026	$	1,896	$	1,870	$	1,896	0.00	%
SEKO Global Logistics Network, LLC	(4)(5)(11)	SOFR +	8.00%	12.67%	10/15/2024	12/30/2026	1,481		1,458		1,481		0.00
SEKO Global Logistics Network, LLC	(4)(5)(11)	SOFR +	8.00%	12.32%	11/27/2024	11/27/2029	5,937		5,826		5,937		0.01
SEKO Global Logistics Network, LLC	(4)(11)	SOFR +	5.00%	9.32%	11/27/2024	5/27/2030	28,947		28,947		28,947		0.07
The Kenan Advantage Group, Inc.	(8)	SOFR +	3.25%	7.57%	8/6/2024	1/25/2029	12,918		12,918		12,883		0.03
Wwex Uni Topco Holdings, LLC	(10)	SOFR +	4.00%	8.30%	11/8/2024	7/26/2028	17,594		17,597		17,395		0.04
Wwex Uni Topco Holdings, LLC	(4)(10)	SOFR +	4.75%	9.06%	3/21/2025	7/26/2028	84,516		83,044		83,037		0.20
									1,202,240		1,186,111		2.81
Airlines
Air Canada	(6)(8)	SOFR +	2.00%	6.34%	3/21/2024	3/14/2031	6,276		6,262		6,215		0.01
Auto Components
Clarios Global LP	(6)(8)	SOFR +	2.50%	6.82%	7/16/2024	5/6/2030	3,483		3,483		3,441		0.01
Dellner Couplers Group AB	(5)(6)(8)	E +	5.50%	7.78%	6/20/2024	6/18/2029	EUR	23,500	24,959		25,506		0.06
									28,442		28,947		0.07
Beverages
Triton Water Holdings, Inc.	(9)	SOFR +	2.25%	6.55%	3/31/2021	3/31/2028	44,199		44,199		44,071		0.11
Biotechnology
Grifols Worldwide Operations USA Inc	(8)	SOFR +	2.00%	6.46%	1/7/2021	11/15/2027	37		37		37		0.00
Broadline Retail
Peer Holding III BV	(6)(8)	SOFR +	2.50%	6.80%	6/26/2024	7/1/2031	6,983		6,983		6,979		0.02
Building Products
Cornerstone Building Brands, Inc.	(6)(9)	SOFR +	5.63%	9.94%	7/25/2022	8/1/2028	25,437		25,197		23,481		0.06
Cornerstone Building Brands, Inc.	(6)(9)	SOFR +	3.25%	7.66%	4/15/2021	4/12/2028	4,805		4,786		4,066		0.01
ES Group Holdings III Ltd	(4)(6)(8)	E +	5.75%	9.10%	11/22/2021	4/23/2028	EUR	30,879	33,702		28,715		0.07
ES Group Holdings III Ltd	(4)(6)(10)	SOFR +	5.75%	10.32%	11/22/2021	4/23/2028	64,562		63,696		55,523		0.13
Fencing Supply Group Acquisition, LLC	(4)(11)	SOFR +	6.00%	10.42%	2/26/2021	2/26/2027	109,324		108,705		105,224		0.25
Great Day Improvements, LLC	(4)(7)(13)	SOFR +	5.50%	9.93%	6/13/2024	6/13/2030	37,534		36,806		36,484		0.09
Jacuzzi Brands, LLC	(4)(10)	SOFR +	6.00%	10.31%	1/7/2021	2/25/2027	43,474		43,315		40,214		0.10
Jacuzzi Brands, LLC	(4)(10)	SOFR +	6.00%	10.31%	4/20/2022	2/25/2027	187,540		186,623		173,474		0.41
Jacuzzi Brands, LLC	(4)(10)	SOFR +	6.00%	10.31%	1/7/2021	2/25/2027	6,319		6,294		5,845		0.01
L&S Mechanical Acquisition, LLC	(4)(10)	SOFR +	6.25%	10.58%	9/1/2021	9/1/2027	135,447		134,135		134,092		0.32

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Building Products (continued)
LBM Acquisition, LLC	(10)	SOFR +	3.75%	8.17%	6/6/2024	5/31/2031	$	50,130	$	49,690	$	46,421	0.11	%
Lindstrom, LLC	(4)(11)	SOFR +	6.25%	10.67%	4/19/2022	5/1/2027	146,111		146,088		144,650		0.35
MIWD Holdco II, LLC	(8)	SOFR +	3.00%	7.32%	3/28/2024	3/21/2031	4,477		4,498		4,408		0.01
Oscar Acquisitionco, LLC	(9)	SOFR +	4.25%	8.50%	4/29/2022	4/29/2029	2,970		2,979		2,786		0.01
The Chamberlain Group, Inc.	(9)	SOFR +	3.25%	7.67%	11/3/2021	11/3/2028	24,887		24,760		24,686		0.06
Windows Acquisition Holdings, Inc.	(4)(11)	SOFR +	6.50%	10.98% (incl. 8.58% PIK)	1/7/2021	12/29/2026	59,796		59,470		47,388		0.11
									930,744		877,457		2.10
Capital Markets
Apex Group Treasury, LLC	(6)(8)	SOFR +	3.50%	7.82%	2/27/2025	2/27/2032	92,944		92,765		92,771		0.22
Aretec Group, Inc.	(6)(8)	SOFR +	3.50%	7.82%	5/29/2024	8/9/2030	9,330		9,337		9,265		0.02
FFML Holdco Ltd	(4)(6)(10)	B +	6.25%	10.06%	11/11/2022	11/30/2028	NZD	36,590	22,306		20,774		0.05
Focus Financial Partners, LLC	(8)	SOFR +	2.75%	7.07%	1/31/2025	9/15/2031	16,447		16,421		16,307		0.04
GTCR Everest Borrower, LLC	(6)(7)(8)	SOFR +	2.75%	7.08%	9/5/2024	9/5/2031	12,357		12,056		12,244		0.03
Osaic Holdings Inc	(6)(8)	SOFR +	3.50%	7.82%	11/26/2024	8/17/2028	6,097		6,097		6,060		0.01
Resolute Investment Managers, Inc.	(5)(11)	SOFR +	6.50%	11.09%	12/29/2023	4/30/2027	3,874		3,838		3,859		0.01
Situs-AMC Holdings Corporation	(4)(10)	SOFR +	5.50%	9.93%	12/22/2021	12/22/2027	12,151		12,095		12,151		0.03
Superannuation And Investments US, LLC	(6)(9)	SOFR +	3.75%	8.19%	12/1/2021	12/1/2028	12,992		12,945		13,067		0.03
The Edelman Financial Engines Center, LLC	(6)(8)	SOFR +	3.00%	7.32%	6/5/2024	4/7/2028	18,324		18,324		18,293		0.04
									206,184		204,791		0.48
Chemicals
Charter Next Generation Inc	(10)	SOFR +	3.00%	7.31%	11/5/2024	11/29/2030	6,953		6,971		6,952		0.02
DCG Acquisition Corp.	(4)(7)(10)	SOFR +	4.50%	8.80%	6/13/2024	6/13/2031	210,895		208,542		208,766		0.50
Derby Buyer, LLC	(6)(9)	SOFR +	3.00%	7.31%	12/13/2024	11/1/2030	6,435		6,435		6,399		0.02
Formulations Parent Corp.	(4)(7)(10)	SOFR +	5.75%	10.07%	11/15/2023	11/15/2030	21,214		20,818		20,966		0.05
Geon Performance Solutions, LLC	(10)	SOFR +	4.25%	8.84%	8/18/2021	8/18/2028	3,572		3,559		3,526		0.01
Hyperion Materials & Technologies, Inc.	(9)	SOFR +	4.50%	8.94%	8/30/2021	8/30/2028	7,878		7,869		7,687		0.02
									254,194		254,296		0.62

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Commercial Services & Supplies
Access CIG, LLC	(9)	SOFR +	4.25%	8.54%	8/18/2023	8/18/2028	$	43,305	$	42,908	$	43,371	0.10	%
Allied Universal Holdco, LLC	(9)	SOFR +	3.75%	8.17%	4/8/2021	5/12/2028	40,641		40,597		40,644		0.10
Anticimex, Inc.	(6)(9)	SOFR +	3.15%	7.49%	11/8/2021	11/16/2028	11,615		11,591		11,602		0.03
Armor Holdco, Inc.	(6)(9)	SOFR +	3.75%	8.03%	12/13/2024	12/11/2028	6,347		6,347		6,341		0.02
Bazaarvoice, Inc.	(4)(7)(8)	SOFR +	4.75%	8.75%	5/7/2021	5/7/2029	403,329		403,329		403,329		0.96
CFS Brands, LLC	(4)(7)(11)	SOFR +	5.00%	9.32%	12/20/2024	10/2/2030	219,533		215,602		219,533		0.53
DG Investment Intermediate Holdings 2, Inc.	(10)	SOFR +	3.75%	8.19%	3/31/2021	3/31/2028	22,419		22,438		22,344		0.05
EAB Global, Inc.	(9)	SOFR +	3.00%	7.32%	8/16/2021	8/16/2030	13,307		13,289		12,924		0.03
EMB Purchaser, Inc.	(4)(5)(7)(10)	SOFR +	4.50%	8.80%	3/13/2025	3/13/2032	2,006		1,359		1,354		0.00
EMB Purchaser, Inc.	(4)(10)	SOFR +	4.50%	8.80%	3/13/2025	3/13/2032	148,520		147,046		147,034		0.35
Foundational Education Group, Inc.	(9)	SOFR +	3.75%	8.30%	8/31/2021	8/31/2028	8,846		8,802		8,072		0.02
FusionSite Midco, LLC	(4)(11)	SOFR +	5.75%	10.31%	11/17/2023	11/17/2029	44,893		44,114		44,893		0.11
FusionSite Midco, LLC	(4)(11)	SOFR +	5.50%	10.06%	11/17/2023	11/17/2029	19,417		19,080		19,417		0.05
FusionSite Midco, LLC	(4)(7)(11)	SOFR +	5.75%	10.31%	9/25/2024	11/17/2029	37,134		36,755		36,968		0.09
Garda World Security, Corp.	(6)(8)	SOFR +	3.00%	7.32%	8/6/2024	2/1/2029	20,863		20,863		20,815		0.05
Gatekeeper Systems, Inc.	(4)(10)	SOFR +	5.00%	9.31%	8/27/2024	8/28/2030	251,402		248,003		249,516		0.60
Gatekeeper Systems, Inc.	(4)(7)(10)	SOFR +	5.00%	9.29%	8/27/2024	8/28/2030	28,857		27,791		28,151		0.07
GBT US III, LLC	(6)(8)	SOFR +	2.50%	6.80%	2/4/2025	7/25/2031	3,990		3,990		3,976		0.01
Gorilla Investor LLC	(4)(10)	SOFR +	5.00%	9.30%	9/26/2024	9/30/2031	166,736		163,640		165,068		0.39
Ground Penetrating Radar Systems, LLC	(4)(10)	SOFR +	4.50%	8.80%	1/2/2025	1/2/2032	120,854		119,688		119,645		0.29
Ground Penetrating Radar Systems, LLC	(4)(5)(7)(10)	SOFR +	4.50%	8.80%	1/2/2025	1/2/2032	1,549		1,318		1,309		0.00
Iris Buyer, LLC	(4)(11)	SOFR +	5.25%	9.54%	10/2/2023	10/2/2030	54,404		53,228		54,404		0.13
Iris Buyer, LLC	(4)(5)(11)	SOFR +	5.25%	9.55%	10/2/2023	10/2/2030	5,130		5,037		5,130		0.01
Iris Buyer, LLC	(4)(5)(7)(11)	SOFR +	5.25%	9.55%	2/4/2025	10/2/2030	575		474		521		0.00
Iris Buyer, LLC	(4)(7)(11)	SOFR +	5.25%	9.55%	10/2/2023	10/2/2029	2,361		2,199		2,361		0.01
Java Buyer, Inc.	(4)(10)	SOFR +	5.00%	9.30%	12/15/2021	12/15/2027	137,832		136,641		137,832		0.33
Java Buyer, Inc.	(4)(10)	SOFR +	5.00%	9.30%	11/9/2023	12/15/2027	53,798		52,988		53,798		0.13
Java Buyer, Inc.	(4)(10)	SOFR +	5.00%	9.30%	12/15/2021	12/15/2027	95,632		94,882		95,632		0.23
Java Buyer, Inc.	(4)(5)(7)(10)	SOFR +	5.00%	9.30%	6/28/2024	12/15/2027	65,227		64,456		64,900		0.16
JSS Holdings, Inc.	(4)(10)	SOFR +	5.25%	9.55% (incl. 3.00% PIK)	12/29/2021	11/8/2031	238,892		237,004		238,892		0.57
JSS Holdings, Inc.	(4)(10)	SOFR +	5.25%	9.55% (incl. 3.00% PIK)	1/7/2021	11/8/2031	45,734		45,353		45,734		0.11
JSS Holdings, Inc.	(4)(7)(10)	SOFR +	5.25%	9.55% (incl. 3.00% PIK)	11/8/2024	11/8/2031	571,186		565,214		570,501		1.36

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Commercial Services & Supplies (continued)
Knowledge Pro Buyer, Inc.	(4)(7)(10)	SOFR +	5.00%	9.42%	12/10/2021	12/10/2027	$	93,107	$	92,369	$	93,020	0.22	%
KPSKY Acquisition, Inc.	(4)(10)(18)	SOFR +	5.50%	9.89%	10/19/2021	10/19/2028	46,384		45,913		39,890		0.10
KPSKY Acquisition, Inc.	(4)(10)(18)	SOFR +	5.50%	9.89%	10/19/2021	10/19/2028	20,683		20,473		17,787		0.04
Lsf12 Crown US Commercial Bidco LLC	(7)(8)	SOFR +	4.25%	8.56%	12/2/2024	12/2/2031	97,232		93,690		94,542		0.23
OMNIA Partners, LLC	(8)	SOFR +	2.75%	7.05%	1/26/2024	7/25/2030	4,975		5,015		4,947		0.01
Onex Baltimore Buyer, Inc.	(4)(10)(18)	SOFR +	5.27%	9.60%	12/1/2021	12/1/2027	187,232		185,552		187,232		0.45
Onex Baltimore Buyer, Inc.	(4)(7)(11)(18)	SOFR +	4.75%	9.08%	12/1/2021	12/1/2027	218,536		216,032		218,536		0.52
Pearce Intermediate Holdings, Inc	(4)(11)	SOFR +	4.75%	9.07%	6/2/2021	6/2/2029	82,191		81,408		82,191		0.20
Pearce Intermediate Holdings, Inc	(4)(5)(7)(11)	SOFR +	4.75%	9.07%	6/29/2023	6/2/2029	27,690		27,131		27,320		0.07
Pearce Intermediate Holdings, Inc	(4)(11)	SOFR +	4.75%	9.07%	11/6/2024	6/2/2029	114,425		113,388		114,425		0.27
Polyphase Elevator Holding Co.	(4)(5)(7)(11)	SOFR +	6.00%	10.40%	6/23/2021	6/23/2027	6,084		6,052		5,357		0.01
Polyphase Elevator Holding Co.	(4)(5)(11)	SOFR +	6.00%	10.48%	12/21/2021	6/23/2027	10,792		10,792		9,578		0.02
Prime Security Services Borrower, LLC	(6)(8)	SOFR +	2.00%	6.32%	11/20/2024	10/13/2030	1,493		1,493		1,488		0.00
Pye-Barker Fire & Safety, LLC	(4)(5)(10)	SOFR +	4.50%	8.80%	5/24/2024	5/24/2031	4,461		4,461		4,461		0.01
Pye-Barker Fire & Safety, LLC	(4)(5)(10)	SOFR +	4.50%	8.83%	5/24/2024	5/24/2031	13,816		13,756		13,747		0.03
Safety Products/JHC Acquisition Corp	(8)	SOFR +	4.50%	8.92%	1/7/2021	6/28/2026	59,788		59,716		59,676		0.14
TEI Intermediate LLC	(4)(10)	SOFR +	4.75%	9.05%	12/13/2024	12/15/2031	146,288		144,887		145,556		0.35
TEI Intermediate LLC	(4)(5)(7)(10)	P +	3.75%	11.25%	12/13/2024	12/15/2031	2,905		2,476		2,560		0.01
The Hiller Companies, LLC	(4)(10)	SOFR +	5.00%	9.30%	6/20/2024	6/20/2030	75,305		74,650		74,740		0.18
The Hiller Companies, LLC	(4)(5)(7)(10)	SOFR +	5.00%	9.30%	6/20/2024	6/20/2030	5,451		5,214		5,226		0.01
TRC Cos, LLC	(8)	SOFR +	3.00%	7.32%	1/14/2025	12/8/2028	26,726		26,726		26,509		0.06
Vaco Holdings, Inc.	(10)	SOFR +	5.00%	9.48%	1/21/2022	1/21/2029	8,917		8,893		8,264		0.02
Veregy Consolidated, Inc.	(11)	SOFR +	6.00%	10.55%	1/7/2021	11/2/2027	19,906		19,927		19,956		0.05
Water Holdings Acquisition LLC	(4)(7)(10)	SOFR +	5.50%	9.79% (incl. 3.00% PIK)	7/31/2024	7/31/2031	191,053		189,243		189,926		0.45
									4,305,283		4,322,945		10.34

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Construction & Engineering
Azuria Water Solutions, Inc.	(10)	SOFR +	3.00%	7.32%	1/27/2025	5/17/2028	$	34,350	$	34,350	$	34,187	0.08	%
Brookfield WEC Holdings, Inc.	(8)	SOFR +	2.25%	6.56%	1/25/2024	1/27/2031	7,923		7,851		7,860		0.02
Consor Intermediate II, LLC	(4)(7)(10)	SOFR +	4.50%	8.80%	5/10/2024	5/10/2031	57,346		56,625		57,168		0.14
Gannett Fleming Inc	(4)(7)(10)	SOFR +	4.75%	9.04%	8/5/2024	8/5/2030	376,608		371,134		373,223		0.89
Groundworks, LLC	(8)	SOFR +	3.00%	7.31%	3/14/2024	3/14/2031	9,011		9,028		8,842		0.02
Groundworks, LLC	(7)(8)	SOFR +	3.00%	7.31%	3/14/2024	3/14/2031	265		172		234		0.00
Home Service TopCo IV Inc	(4)(7)(11)	SOFR +	4.50%	8.91%	6/9/2023	12/31/2027	208,495		205,580		208,200		0.50
Peak Utility Services Group, Inc.	(11)	SOFR +	4.50%	8.92%	3/2/2021	3/2/2028	15,170		15,107		15,019		0.04
Peak Utility Services Group, Inc.	(5)(11)	SOFR +	4.50%	8.92%	3/2/2021	3/2/2028	2,023		2,017		2,002		0.00
Pike Electric Corp.	(8)	SOFR +	3.00%	7.44%	6/7/2022	1/21/2028	1,000		1,011		1,004		0.00
Thermostat Purchaser III, Inc.	(7)(10)	SOFR +	4.25%	8.58%	6/20/2024	8/31/2028	11,550		11,458		11,523		0.03
									714,333		719,262		1.72
Construction Materials
Quikrete Holdings, Inc.	(8)	SOFR +	2.25%	6.57%	2/18/2025	2/10/2032	12,000		11,970		11,880		0.03
Tamko Building Products, LLC	(8)	SOFR +	2.75%	7.08%	10/23/2024	9/20/2030	2,977		2,977		2,968		0.01
									14,947		14,848		0.04
Containers & Packaging
Anchor Packaging, LLC	(8)	SOFR +	3.25%	7.57%	12/13/2024	7/18/2029	5,227		5,247		5,230		0.01
Ascend Buyer, LLC	(4)(7)(10)	SOFR +	5.75%	10.05%	10/18/2022	9/30/2028	11,270		10,998		11,270		0.03
Ascend Buyer, LLC	(4)(5)(10)	SOFR +	5.75%	10.05%	3/20/2025	9/30/2028	1,371		1,357		1,371		0.00
Berlin Packaging, LLC	(8)	SOFR +	3.50%	7.83%	6/7/2024	6/7/2031	18,814		18,845		18,772		0.04
Clydesdale Acquisition Holdings, Inc.	(9)	SOFR +	3.18%	7.50%	4/13/2022	4/13/2029	13,989		13,764		13,945		0.03
Graham Packaging Co, Inc.	(8)	SOFR +	2.50%	6.82%	7/31/2024	8/4/2027	7,836		7,836		7,836		0.02
MAR Bidco S.à r.l.	(6)(9)	SOFR +	4.20%	8.80%	6/28/2021	7/6/2028	3,809		3,800		3,737		0.01
ProAmpac PG Borrower, LLC	(10)	SOFR +	4.00%	8.30%	4/9/2024	9/15/2028	16,151		16,151		16,084		0.04
Ring Container Technologies Group, LLC	(9)	SOFR +	2.75%	7.07%	7/19/2024	8/12/2028	980		980		979		0.00
TricorBraun Holdings, Inc.	(9)	SOFR +	3.25%	7.69%	3/3/2021	3/3/2028	14,364		14,308		14,255		0.03
Trident TPI Holdings, Inc.	(9)	SOFR +	3.75%	8.19%	10/18/2024	9/15/2028	12,063		12,063		11,679		0.03
									105,349		105,158		0.24

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Distributors
BP Purchaser, LLC	(4)(5)(10)	SOFR +	5.50%	10.06%	12/10/2021	12/11/2028	$	8,174	$	8,092	$	6,948	0.02	%
Bradyplus Holdings LLC	(4)(11)	SOFR +	5.00%	9.29%	10/11/2024	10/31/2029	217,696		214,396		217,696		0.52
Bradyplus Holdings LLC	(4)(5)(7)(11)	SOFR +	5.00%	9.29%	10/11/2024	10/31/2029	1,378		1,290		1,327		0.00
Genuine Cable Group, LLC	(4)(10)	SOFR +	5.75%	10.17%	11/1/2021	11/2/2026	29,516		29,277		27,745		0.07
Marcone Yellowstone Buyer, Inc.	(4)(10)	SOFR +	7.25%	11.71% (incl. 3.25% PIK)	11/1/2022	6/23/2028	15,661		15,393		14,095		0.03
Marcone Yellowstone Buyer, Inc.	(4)(10)	SOFR +	7.00%	11.41% (incl. 3.25% PIK)	12/31/2021	6/23/2028	26,426		26,185		23,652		0.06
NDC Acquisition Corp.	(4)(7)(11)	SOFR +	5.00%	9.32%	3/9/2021	3/9/2028	21,600		21,378		21,600		0.05
PT Intermediate Holdings III, LLC	(4)(7)(10)	SOFR +	5.00%	9.30% (incl. 1.75% PIK)	4/9/2024	4/9/2030	170,892		170,532		170,877		0.41
S&S Holdings, LLC	(9)	SOFR +	5.00%	9.42%	3/11/2021	3/11/2028	7,772		7,785		7,726		0.02
Tailwind Colony Holding Corporation	(4)(11)	SOFR +	6.50%	10.89%	1/7/2021	5/13/2026	81,562		81,306		79,523		0.19
									575,634		571,189		1.37
Diversified Consumer Services
American Restoration Holdings, LLC	(4)(11)	SOFR +	5.00%	9.40%	7/19/2024	7/24/2030	27,403		26,918		27,403		0.07
American Restoration Holdings, LLC	(4)(5)(11)	SOFR +	5.00%	9.40%	7/19/2024	7/24/2030	8,180		8,035		8,180		0.02
American Restoration Holdings, LLC	(4)(5)(7)(11)	SOFR +	5.00%	9.40%	7/19/2024	7/24/2030	3,110		2,973		3,110		0.01
American Restoration Holdings, LLC	(4)(5)(11)	SOFR +	5.00%	9.40%	7/19/2024	7/24/2030	21,190		20,815		21,190		0.05
American Restoration Holdings, LLC	(4)(5)(7)(11)	SOFR +	5.00%	9.41%	2/19/2025	7/24/2030	1,181		934		941		0.00
Barbri Holdings, Inc.	(4)(10)	SOFR +	5.00%	9.30%	12/20/2024	4/30/2030	132,716		131,431		132,716		0.32
Barbri Holdings, Inc.	(4)(10)	SOFR +	5.00%	9.30%	12/20/2024	4/30/2030	42,145		41,945		42,145		0.10
BPPH2 Limited	(4)(6)(8)	S +	6.75%	11.32%	3/16/2021	3/16/2028	GBP	40,700	55,614		52,574		0.13
BPPH2 Limited	(4)(5)(6)(8)	S +	6.00%	10.46%	6/17/2024	3/16/2028	GBP	8,269	10,385		10,948		0.03
BPPH2 Limited	(4)(5)(6)(10)	CA +	6.00%	8.99%	6/17/2024	3/16/2028	CAD	5,090	3,659		3,626		0.01
BPPH2 Limited	(4)(5)(6)(10)	SOFR +	6.00%	10.31%	6/17/2024	3/16/2028	2,645		2,592		2,711		0.01
Cambium Learning Group, Inc.	(4)(7)(10)	SOFR +	5.50%	9.89%	7/20/2021	7/20/2028	936,581		932,163		936,581		2.24
Cengage Learning, Inc.	(6)(11)	SOFR +	3.50%	7.82%	11/22/2024	3/22/2031	8,436		8,436		8,380		0.02
Charger Debt Merger Sub, LLC	(4)(10)	SOFR +	4.75%	9.08%	5/31/2024	5/31/2031	54,725		54,243		54,725		0.13
Charger Debt Merger Sub, LLC	(4)(5)(7)(10)	SOFR +	4.75%	9.05%	5/31/2024	5/31/2031	15,645		15,384		15,504		0.04

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Diversified Consumer Services (continued)
DTA Intermediate II Ltd.	(4)(11)	SOFR +	5.25%	9.55%	3/27/2024	3/27/2030	$	51,320	$	50,466	$	50,550	0.12	%
DTA Intermediate II Ltd.	(4)(5)(7)(11)	SOFR +	5.25%	9.54%	3/27/2024	3/27/2030	6,445		5,982		5,946		0.01
Element Materials Technology Group US Holdings Inc.	(6)(9)	SOFR +	3.75%	8.08%	6/24/2022	7/6/2029	7,366		7,315		7,363		0.02
Endeavor Schools Holdings, LLC	(4)(11)	SOFR +	6.25%	10.54%	7/18/2023	7/18/2029	46,892		46,053		44,079		0.11
Endeavor Schools Holdings, LLC	(4)(5)(11)	SOFR +	6.25%	10.57%	7/18/2023	7/18/2029	8,618		8,488		8,101		0.02
Essential Services Holding Corp	(4)(7)(10)	SOFR +	5.00%	9.30%	6/17/2024	6/17/2031	71,044		70,284		70,972		0.17
Go Car Wash Management Corp.	(4)(11)	SOFR +	5.75%	10.17%	10/12/2021	12/31/2026	88,920		88,182		86,697		0.21
Imagine Learning, LLC	(9)	SOFR +	3.50%	7.82%	2/1/2024	12/21/2029	64,548		64,288		64,391		0.15
Mckissock Investment Holdings, LLC	(10)	SOFR +	5.00%	9.45%	3/10/2022	3/12/2029	9,721		9,666		9,689		0.02
Mckissock Investment Holdings, LLC	(10)	SOFR +	5.00%	9.29%	11/20/2023	3/12/2029	27,156		26,650		27,066		0.06
Pre-Paid Legal Services, Inc.	(9)	SOFR +	3.25%	7.57%	12/15/2021	12/15/2028	17,517		17,443		17,357		0.04
Seahawk Bidco, LLC	(4)(7)(11)	SOFR +	4.75%	9.05%	12/19/2024	12/19/2031	243,824		241,242		242,103		0.58
Spring Education Group, Inc.	(8)	SOFR +	4.00%	8.33%	9/29/2023	9/29/2030	13,613		13,478		13,614		0.03
Sunshine Cadence Holdco, LLC	(4)(10)	SOFR +	5.00%	9.31%	5/1/2024	5/1/2031	198,981		197,252		196,991		0.47
Sunshine Cadence Holdco, LLC	(4)(5)(7)(10)	SOFR +	5.00%	9.31%	5/1/2024	5/1/2031	20,706		20,255		20,179		0.05
University Support Services, LLC	(9)	SOFR +	2.75%	7.06%	2/10/2022	2/10/2029	9,472		9,445		9,410		0.02
									2,192,016		2,195,242		5.26
Diversified REITs
Iron Mountain Information Management, LLC	(8)	SOFR +	2.00%	6.32%	12/28/2023	1/31/2031	5,940		5,959		5,916		0.01
Diversified Telecommunication Services
Point Broadband Acquisition, LLC	(4)(7)(11)	SOFR +	5.50%	9.79%	10/1/2021	10/1/2028	230,466		227,577		228,161		0.55
Zacapa, LLC	(6)(9)	SOFR +	3.75%	8.08%	10/29/2024	3/22/2029	10,418		10,418		10,420		0.02
									237,995		238,581		0.57

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Electric Utilities
Qualus Power Services Corp.	(4)(11)	SOFR +	5.00%	9.31%	3/26/2021	3/26/2027	$	60,870	$	60,442	$	60,870	0.15	%
Qualus Power Services Corp.	(4)(11)	SOFR +	5.00%	9.31%	7/27/2023	3/26/2027	53,874		53,140		53,874		0.13
Qualus Power Services Corp.	(4)(7)(11)	SOFR +	5.00%	9.30%	5/9/2024	3/26/2027	42,619		41,671		42,362		0.10
Tiger Acquisition, LLC	(8)	SOFR +	2.75%	7.07%	11/16/2022	6/1/2028	11,783		11,783		11,761		0.03
									167,036		168,867		0.41
Electrical Equipment
Emergency Power Holdings, LLC	(4)(7)(11)	SOFR +	4.75%	9.04%	8/17/2021	8/17/2030	193,874		191,852		193,436		0.46
IEM New Sub 2, LLC	(4)(7)(10)	SOFR +	4.75%	9.27%	8/8/2024	8/8/2030	327,813		322,916		324,784		0.78
Madison IAQ, LLC	(9)	SOFR +	2.50%	6.76%	6/21/2021	6/21/2028	39,617		39,385		39,228		0.09
									554,153		557,448		1.33
Electronic Equipment, Instruments & Components
Albireo Energy, LLC	(4)(11)	SOFR +	6.00%	10.30%	1/7/2021	12/23/2026	24,929		24,784		24,057		0.06
Albireo Energy, LLC	(4)(5)(11)	SOFR +	6.00%	10.39%	1/7/2021	12/23/2026	7,483		7,456		7,221		0.02
Albireo Energy, LLC	(4)(5)(11)	SOFR +	6.00%	10.40%	1/7/2021	12/23/2026	1,919		1,913		1,852		0.00
Duro Dyne National Corp	(4)(7)(10)	SOFR +	5.00%	9.30%	11/15/2024	11/15/2031	189,657		187,396		188,192		0.45
Dwyer Instruments LLC	(4)(7)(10)	SOFR +	4.75%	9.05%	11/15/2024	7/30/2029	46,869		46,345		46,301		0.11
Infinite Bidco, LLC	(9)	SOFR +	3.75%	8.30%	3/2/2021	3/2/2028	19,815		19,734		18,787		0.04
Modena Buyer, LLC	(8)	SOFR +	4.50%	8.79%	7/1/2024	7/1/2031	49,836		48,943		48,366		0.12
Phoenix 1 Buyer Corp.	(4)(7)(10)	SOFR +	4.75%	9.04%	11/20/2023	11/20/2030	42,801		42,389		42,801		0.10
Spectrum Safety Solutions Purchaser, LLC	(4)(5)(6)(9)	E +	5.00%	7.68%	7/1/2024	7/1/2030	EUR	5,040	5,412		5,409		0.01
Spectrum Safety Solutions Purchaser, LLC	(4)(5)(6)(9)	E +	5.00%	7.68%	7/1/2024	7/1/2031	EUR	64,119	67,935		68,812		0.16
Spectrum Safety Solutions Purchaser, LLC	(4)(6)(7)(9)	SOFR +	5.00%	9.31%	7/1/2024	7/1/2031	268,186		263,305		265,216		0.63
									715,612		717,014		1.70

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Energy Equipment & Services
ISQ Hawkeye Holdco, Inc.	(4)(5)(10)	SOFR +	4.75%	9.13%	8/20/2024	8/20/2031	$	8,789	$	8,635	$	8,789	0.02	%
ISQ Hawkeye Holdco, Inc.	(4)(5)(7)(10)	SOFR +	4.75%	9.13%	8/20/2024	8/20/2030	569		547		562		0.00
LPW Group Holdings, Inc.	(4)(7)(11)	SOFR +	6.00%	10.42%	3/15/2024	3/15/2031	32,583		31,754		32,583		0.08
									40,936		41,934		0.10
Entertainment
EP Purchaser, LLC	(9)	SOFR +	3.50%	8.09%	11/4/2021	11/6/2028	9,425		9,304		9,365		0.02
Renaissance Holdings Corp	(9)	SOFR +	4.00%	8.32%	12/6/2024	4/5/2030	2,505		2,505		2,462		0.01
									11,809		11,827		0.03
Financial Services
Atlas Securitized Products Funding 2, L.P.	(4)(5)(6)(7)(8)	SOFR +	1.50%	5.81%	3/28/2024	5/25/2063	112,940		109,184		111,076		0.27
Carr Riggs & Ingram Capital LLC	(4)(9)	SOFR +	4.75%	9.07%	11/18/2024	11/18/2031	43,387		42,976		43,170		0.10
Carr Riggs & Ingram Capital LLC	(4)(5)(7)(9)	SOFR +	4.75%	9.07%	11/18/2024	11/18/2031	6,262		6,057		6,097		0.01
DM Intermediate Parent LLC	(4)(7)(10)	SOFR +	5.00%	9.28%	9/30/2024	9/30/2030	104,574		102,450		103,238		0.25
Harp Finco, Ltd.	(4)(5)(6)(8)	S +	5.50%	9.96%	3/27/2025	3/27/2032	GBP	84,561	107,312		107,047		0.26
Mitchell International, Inc.	(9)	SOFR +	3.25%	7.57%	6/17/2024	6/17/2031	64,898		64,609		64,218		0.15
More Cowbell II, LLC	(4)(10)	SOFR +	5.00%	8.89%	9/1/2023	9/1/2030	19,741		19,359		19,741		0.05
More Cowbell II, LLC	(4)(5)(7)(10)	SOFR +	5.00%	9.20%	9/1/2023	9/1/2029	523		449		495		0.00
PKF O'Connor Davies Advisory, LLC	(4)(7)(10)	SOFR +	4.50%	8.79%	11/15/2024	11/18/2031	84,784		83,706		84,099		0.20
RFS Opco, LLC	(4)(7)(9)	SOFR +	4.75%	9.05%	4/4/2024	4/4/2031	31,594		31,302		31,565		0.08
Solera, LLC	(9)(18)	SOFR +	4.00%	8.55%	6/4/2021	6/2/2028	32,412		32,238		31,104		0.07
									599,642		601,850		1.44
Food Products
Snacking Investments US, LLC	(6)(11)	SOFR +	4.00%	8.30%	1/7/2021	12/18/2026	4,817		4,829		4,838		0.01
Ground Transportation
Channelside AcquisitionCo, Inc.	(4)(7)(10)	SOFR +	4.75%	9.04%	5/15/2024	5/15/2031	156,066		155,557		156,030		0.37

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Health Care Equipment & Supplies
AEC Parent Holdings Inc.	(9)	SOFR +	5.75%	10.23%	6/13/2022	6/13/2029	$	24,746	$	24,380	$	19,465	0.05	%
Auris Luxembourg III S.à r.l.	(6)(8)	SOFR +	3.75%	8.18%	9/27/2024	2/28/2029	8,812		8,812		8,812		0.02
Bamboo US BidCo, LLC	(4)(7)(11)	SOFR +	5.25%	9.54%	9/29/2023	9/30/2030	30,788		29,887		30,724		0.07
Bamboo US BidCo, LLC	(4)(11)	E +	5.25%	7.86%	9/29/2023	9/30/2030	EUR	72,423	74,964		78,311		0.19
Bamboo US BidCo, LLC	(4)(5)(11)	SOFR +	5.25%	9.54%	11/20/2024	9/30/2030	4,713		4,597		4,713		0.01
CPI Buyer, LLC	(4)(10)	SOFR +	5.50%	10.07%	11/1/2021	11/1/2028	141,560		140,110		141,560		0.34
CPI Buyer, LLC	(4)(5)(7)(10)	SOFR +	5.50%	10.07%	5/23/2024	11/1/2028	13,211		12,937		12,624		0.03
CPI Buyer, LLC	(4)(10)	SOFR +	5.50%	10.07%	11/1/2021	11/1/2028	26,619		26,447		26,619		0.06
Egrotron Acquisition, LLC	(4)(10)	SOFR +	5.25%	9.58%	7/6/2022	7/6/2028	62,525		61,865		62,525		0.15
GCX Corporation Buyer, LLC	(4)(10)	SOFR +	5.50%	9.90%	9/13/2021	9/13/2027	191,189		189,618		186,409		0.45
GCX Corporation Buyer, LLC	(4)(10)	SOFR +	5.50%	9.92%	9/13/2021	9/13/2027	48,386		48,031		47,177		0.11
Natus Medical Incorporated	(9)	SOFR +	5.50%	9.92%	7/21/2022	7/20/2029	42,370		40,538		41,947		0.10
Natus Medical Incorporated	(5)(7)(9)	SOFR +	4.50%	8.92%	7/21/2022	7/21/2027	1,275		1,210		1,161		0.00
Sharp Services, LLC	(8)	SOFR +	3.25%	7.58%	10/25/2024	12/31/2028	7,645		7,645		7,636		0.02
Zeus, LLC	(4)(7)(10)	SOFR +	5.50%	9.80%	2/28/2024	2/28/2031	51,941		51,162		51,862		0.12
									722,203		721,545		1.72
Health Care Providers & Services
123Dentist, Inc.	(4)(6)(10)	CA +	5.00%	7.72%	8/10/2022	8/10/2029	CAD	260,530	200,460		181,043		0.43
123Dentist, Inc.	(4)(5)(6)(7)(10)	CA +	5.00%	7.72%	8/9/2024	8/10/2029	CAD	14,997	7,220		10,352		0.02
ACI Group Holdings, Inc.	(4)(5)(7)(10)	SOFR +	5.50%	9.92%	8/2/2021	8/2/2027	2,578		2,411		1,719		0.00
ACI Group Holdings, Inc.	(4)(10)	SOFR +	6.00%	10.42% (incl. 3.25% PIK)	7/7/2023	8/2/2028	134,804		132,915		129,411		0.31
ADCS Clinics Intermediate Holdings, LLC	(4)(11)	SOFR +	6.25%	10.78%	5/7/2021	5/7/2027	10,381		10,308		10,381		0.02
ADCS Clinics Intermediate Holdings, LLC	(4)(11)	SOFR +	6.25%	10.57%	5/7/2021	5/7/2027	8,537		8,484		8,537		0.02
ADCS Clinics Intermediate Holdings, LLC	(4)(5)(7)(11)	SOFR +	6.25%	10.63%	5/7/2021	5/7/2026	892		875		892		0.00
ADCS Clinics Intermediate Holdings, LLC	(4)(5)(11)	SOFR +	6.25%	10.78%	4/14/2022	5/7/2027	249		248		249		0.00

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Health Care Providers & Services (continued)
Amerivet Partners Management, Inc.	(4)(7)(11)	SOFR +	5.25%	9.72%	2/25/2022	2/25/2028	$	20,946	$	20,550	$	20,946	0.05	%
Canadian Hospital Specialties Ltd.	(4)(6)(11)	CA +	4.50%	7.57%	4/15/2021	4/14/2028	CAD	14,632	11,616		10,015		0.02
Canadian Hospital Specialties Ltd.	(4)(6)(7)(10)	CA +	4.50%	7.57%	4/15/2021	4/15/2027	CAD	3,330	2,578		2,258		0.01
Caramel Bidco Limited	(4)(6)(8)	S +	6.00%	10.45%	2/11/2022	2/24/2029	GBP	60,000	78,896		66,461		0.16
Caramel Bidco Limited	(4)(5)(6)(8)	S +	6.00%	10.45%	2/24/2022	2/24/2029	GBP	2,265	3,024		2,509		0.01
Caramel Bidco Limited	(4)(6)(8)	E +	6.00%	8.69%	2/24/2022	2/24/2029	EUR	14,000	15,591		12,981		0.03
Caramel Bidco Limited	(4)(6)(8)	SOFR +	6.00%	10.34%	2/24/2022	2/24/2029	6,125		6,352		5,252		0.01
CCBlue Bidco, Inc.	(4)(5)(10)	SOFR +	6.50%	10.90% (incl. 4.00% PIK)	12/21/2021	12/21/2028	577,788		572,764		495,453		1.19
Compsych Investments Corp	(4)(7)(10)	SOFR +	4.75%	9.04%	7/22/2024	7/22/2031	70,492		70,129		70,442		0.17
CSC Mkg Topco, LLC	(4)(10)	SOFR +	5.75%	10.17%	2/1/2022	2/1/2029	160,004		158,250		160,004		0.38
CSC Mkg Topco, LLC	(4)(10)	SOFR +	5.75%	10.16%	8/1/2022	2/1/2029	21,381		20,971		21,381		0.05
DCA Investment Holdings, LLC	(4)(10)	SOFR +	6.41%	10.70%	3/12/2021	4/3/2028	25,076		24,980		23,822		0.06
DCA Investment Holdings, LLC	(4)(5)(10)	SOFR +	6.50%	10.80%	12/28/2022	4/3/2028	9,870		9,701		9,377		0.02
Epoch Acquisition, Inc.	(4)(11)	SOFR +	6.00%	10.53%	1/7/2021	10/4/2026	28,448		28,448		28,448		0.07
Examworks Bidco, Inc.	(9)	SOFR +	2.75%	7.07%	11/1/2021	11/1/2028	4,000		4,014		3,997		0.01
Heartland Dental, LLC	(10)	SOFR +	4.50%	8.82%	5/30/2024	4/30/2028	9,900		9,939		9,901		0.02
Imagine 360 LLC	(4)(7)(10)	SOFR +	4.75%	9.05%	9/18/2024	9/30/2028	97,032		96,055		96,393		0.23
Inception Fertility Ventures, LLC	(4)(7)(10)	SOFR +	5.50%	9.79%	4/29/2024	4/29/2030	271,970		271,730		267,415		0.64
Jayhawk Buyer, LLC	(4)(11)	SOFR +	5.00%	9.40%	5/26/2021	10/15/2026	223,779		222,420		213,150		0.51
Kwol Acquisition, Inc.	(4)(5)(7)(10)	SOFR +	4.75%	9.05%	12/8/2023	12/6/2029	6,537		6,392		6,537		0.02
MB2 Dental Solutions, LLC	(4)(10)	SOFR +	5.50%	9.82%	2/13/2024	2/13/2031	37,456		37,139		37,456		0.09
MB2 Dental Solutions, LLC	(4)(5)(7)(10)	SOFR +	5.50%	9.83%	2/13/2024	2/13/2031	4,330		4,254		4,309		0.01
MB2 Dental Solutions, LLC	(4)(5)(10)	SOFR +	5.50%	9.82%	2/13/2024	2/13/2031	5,540		5,502		5,540		0.01
Navigator Acquiror, Inc.	(4)(7)(9)	SOFR +	5.50%	9.92% (incl. 4.00% PIK)	7/16/2021	7/16/2030	526,909		524,903		466,078		1.11
Onex TSG Intermediate Corp.	(6)(10)	SOFR +	4.75%	9.30%	2/26/2021	2/28/2028	22,480		22,399		22,668		0.05
ONS MSO, LLC	(4)(5)(7)(11)	SOFR +	5.75%	10.04%	12/13/2023	7/8/2026	34,862		34,582		34,324		0.08
ONS MSO, LLC	(4)(5)(7)(11)	P +	5.25%	12.75%	12/13/2023	7/8/2026	5,083		5,032		5,048		0.01
ONS MSO, LLC	(4)(11)	SOFR +	5.75%	10.04%	4/26/2024	7/8/2026	9,925		9,868		9,851		0.02
Plasma Buyer, LLC	(4)(10)	SOFR +	5.75%	10.05%	5/12/2022	5/12/2029	92,819		91,663		86,803		0.21
Plasma Buyer, LLC	(4)(5)(7)(10)	SOFR +	5.75%	10.05%	5/12/2022	5/12/2028	11,959		11,809		11,019		0.03

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Health Care Providers & Services (continued)
PPV Intermediate Holdings, LLC	(4)(10)	SOFR +	5.75%	10.06%	8/31/2022	8/31/2029	$	125,974	$	124,456	$	125,974	0.30	%
PPV Intermediate Holdings, LLC	(4)(5)(7)(10)	SOFR +	6.00%	10.31%	9/6/2023	8/31/2029	12,716		12,413		12,657		0.03
PSKW Intermediate, LLC	(4)(11)	SOFR +	5.50%	9.92%	12/11/2024	3/9/2028	12,040		12,040		12,040		0.03
Smile Doctors, LLC	(4)(10)	SOFR +	5.90%	10.32%	6/9/2023	12/23/2028	516,794		511,078		503,874		1.21
Smile Doctors, LLC	(4)(7)(10)	SOFR +	5.90%	10.32%	6/9/2023	12/23/2028	88,343		85,495		84,049		0.20
Snoopy Bidco, Inc.	(4)(10)	SOFR +	6.00%	10.58%	6/1/2021	6/1/2028	707,413		702,100		673,811		1.61
Southern Veterinary Partners LLC	(8)	SOFR +	3.25%	7.71%	12/4/2024	10/31/2031	10,210		10,259		10,194		0.02
SpecialtyCare, Inc.	(4)(11)	SOFR +	5.75%	10.32%	6/18/2021	6/18/2028	67,018		66,093		65,678		0.16
SpecialtyCare, Inc.	(4)(5)(11)	SOFR +	5.75%	10.31%	6/18/2021	6/18/2028	580		576		568		0.00
SpecialtyCare, Inc.	(4)(5)(7)(8)	SOFR +	4.00%	8.44%	6/18/2021	6/18/2026	2,493		2,449		2,443		0.01
Stepping Stones Healthcare Services, LLC	(4)(10)	SOFR +	5.00%	9.30%	12/30/2021	1/2/2029	178,170		176,664		178,170		0.43
Stepping Stones Healthcare Services, LLC	(4)(5)(7)(10)	SOFR +	5.00%	9.30%	4/25/2024	1/2/2029	13,487		12,947		13,219		0.03
Surgery Centers Holdings, Inc.	(6)(8)	SOFR +	2.75%	7.07%	6/20/2024	12/19/2030	5,630		5,630		5,630		0.01
The Fertility Partners, Inc.	(4)(6)(7)(10)	CA +	5.75%	8.78%	3/16/2022	3/16/2028	CAD	138,073	106,962		89,909		0.22
The Fertility Partners, Inc.	(4)(6)(10)	SOFR +	5.75%	10.19%	3/16/2022	3/16/2028	45,535		45,011		42,803		0.10
UMP Holdings, LLC	(4)(10)	SOFR +	5.75%	10.05%	7/15/2022	7/15/2028	9,475		9,372		9,404		0.02
UMP Holdings, LLC	(4)(5)(10)	SOFR +	5.75%	10.04%	7/15/2022	7/15/2028	12,999		12,943		12,901		0.03
Unified Women's Healthcare LP	(4)(9)	SOFR +	5.25%	9.55%	6/16/2022	6/18/2029	876,184		876,184		876,184		2.10
Unified Women's Healthcare LP	(4)(5)(7)(9)	SOFR +	5.25%	9.57%	3/22/2024	6/18/2029	6,495		6,446		6,486		0.02
US Oral Surgery Management Holdco, LLC	(4)(10)	SOFR +	5.25%	9.68%	11/18/2021	11/20/2028	153,992		152,907		153,992		0.37
US Oral Surgery Management Holdco, LLC	(4)(10)	SOFR +	5.25%	9.66%	11/18/2021	11/20/2028	64,821		64,409		64,821		0.16
US Oral Surgery Management Holdco, LLC	(4)(5)(7)(10)	SOFR +	6.00%	10.52%	8/16/2023	11/20/2028	9,626		9,157		9,202		0.02
US Oral Surgery Management Holdco, LLC	(4)(5)(10)	SOFR +	5.25%	9.65%	12/5/2022	11/20/2028	107		107		107		0.00
Veonet Lense GmbH	(6)(8)	S +	4.75%	9.21%	2/26/2025	3/14/2029	GBP	253,448	319,028		326,847		0.78
WHCG Purchaser III Inc	(4)(5)(7)(10)	SOFR +	6.50%	10.83% (incl. 5.40% PIK)	8/2/2024	6/30/2029	46,562		46,562		46,562		0.11
WHCG Purchaser III Inc	(4)(5)(10)(17)		10.00%	10.00% PIK	8/2/2024	6/30/2030	37,229		14,654		14,892		0.04
									6,130,414		5,894,839		14.09

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Health Care Technology
athenahealth, Inc.	(9)	SOFR +	3.00%	7.32%	2/15/2022	2/15/2029	$	36,189	$	35,967	$	35,827	0.09	%
Brilliance Technologies, Inc.	(4)(5)(7)(9)	SOFR +	4.50%	8.82%	3/11/2025	3/11/2032	88,253		87,202		87,194		0.21
Caerus US 1, Inc.	(4)(6)(10)	SOFR +	5.00%	9.30%	5/25/2022	5/25/2029	441,291		436,060		441,291		1.06
Caerus US 1, Inc.	(4)(5)(6)(7)(10)	SOFR +	5.00%	9.33%	5/25/2022	5/25/2029	1,694		1,089		1,694		0.00
Caerus US 1, Inc.	(4)(6)(10)	SOFR +	5.00%	9.46%	10/28/2022	5/25/2029	36,025		35,786		36,025		0.09
Caerus US 1, Inc.	(4)(6)(10)	SOFR +	5.00%	9.30%	10/28/2022	5/25/2029	246,220		245,150		246,220		0.59
Caerus US 1, Inc.	(4)(6)(10)	SOFR +	5.00%	9.30%	3/27/2024	5/25/2029	69,645		69,645		69,645		0.17
Color Intermediate, LLC	(4)(10)	SOFR +	4.75%	9.15%	7/2/2024	10/1/2029	364,240		358,409		364,240		0.87
Continental Buyer, Inc.	(4)(5)(7)(10)	SOFR +	4.50%	8.82%	2/14/2025	4/2/2031	40,366		39,713		40,286		0.10
Cotiviti, Inc.	(8)	SOFR +	2.75%	7.06%	5/1/2024	5/1/2031	43,156		42,968		42,293		0.10
CT Technologies Intermediate Holdings, Inc.	(4)(7)(10)	SOFR +	5.00%	9.32%	8/30/2024	8/30/2031	160,229		158,632		160,088		0.38
eResearchTechnology, Inc.	(4)(10)	SOFR +	4.75%	9.07%	1/15/2025	1/19/2032	836,328		828,207		827,965		1.98
eResearchTechnology, Inc.	(4)(5)(7)(10)	SOFR +	4.75%	9.07%	1/15/2025	1/19/2032	7,965		5,700		5,632		0.01
GI Ranger Intermediate, LLC	(4)(7)(10)	SOFR +	5.75%	10.17%	10/29/2021	10/29/2028	102,573		101,562		102,573		0.25
Healthcomp Holding Company, LLC	(4)(10)	SOFR +	6.25%	10.55% (incl. 3.00% PIK)	11/8/2023	11/8/2029	185,575		184,205		185,575		0.44
Imprivata, Inc.	(9)	SOFR +	3.50%	7.79%	4/4/2024	12/1/2027	1,997		1,997		2,001		0.00
Kona Buyer, LLC	(4)(10)	SOFR +	4.50%	8.79%	7/23/2024	7/23/2031	215,097		213,158		214,021		0.51
Kona Buyer, LLC	(4)(5)(7)(10)	SOFR +	4.50%	8.79%	7/23/2024	7/23/2031	12,621		11,764		12,114		0.03
Magic Bidco Inc	(4)(5)(7)(10)	SOFR +	5.75%	10.05%	7/1/2024	7/1/2030	8,115		7,781		7,816		0.02
Magic Bidco Inc	(4)(10)	SOFR +	5.75%	10.05%	7/1/2024	7/1/2030	44,887		43,905		44,438		0.11
Neptune Holdings, Inc.	(4)(7)(10)	SOFR +	4.50%	8.80%	12/12/2024	8/31/2030	14,813		14,489		14,763		0.04
Netsmart Technologies Inc	(4)(7)(10)	SOFR +	4.95%	9.27% (incl. 2.45% PIK)	8/23/2024	8/23/2031	187,314		185,269		187,184		0.45
NMC Crimson Holdings, Inc.	(4)(10)	SOFR +	6.09%	10.55%	3/1/2021	3/1/2028	71,173		70,284		71,173		0.17
NMC Crimson Holdings, Inc.	(4)(10)	SOFR +	6.09%	10.56%	3/1/2021	3/1/2028	14,758		14,652		14,758		0.04
Project Ruby Ultimate Parent Corp	(8)	SOFR +	3.00%	7.44%	11/20/2024	3/10/2028	9,088		9,088		9,071		0.02
Rocky MRA Acquisition Corp	(4)(9)	SOFR +	5.75%	10.15%	4/1/2022	4/1/2028	163,155		161,680		163,155		0.39
Vizient, Inc.	(9)	SOFR +	1.75%	6.07%	8/1/2024	8/1/2031	4,748		4,780		4,753		0.01
Waystar Technologies, Inc.	(8)	SOFR +	2.25%	6.57%	12/30/2024	10/22/2029	6,479		6,479		6,462		0.02
									3,375,621		3,398,257		8.15

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Hotels, Restaurants & Leisure
Alterra Mountain Co	(4)(8)	SOFR +	2.75%	7.07%	11/7/2024	8/17/2028	$	9,108	$	9,108	$	9,108	0.02	%
Bally's Corp	(6)(9)	SOFR +	3.25%	7.80%	10/1/2021	10/2/2028	9,504		9,478		8,487		0.02
Caesars Entertainment, Inc.	(6)(9)	SOFR +	2.25%	6.56%	2/6/2023	2/6/2030	2,485		2,501		2,474		0.01
Carnival Finance, LLC	(6)(10)	SOFR +	2.00%	6.32%	1/13/2025	10/18/2028	1,000		1,011		1,001		0.00
Century Casinos, Inc.	(6)(10)	SOFR +	6.00%	10.41%	4/1/2022	4/2/2029	31,048		30,690		28,002		0.07
Fertitta Entertainment, LLC	(9)	SOFR +	3.50%	7.82%	1/27/2022	1/27/2029	13,289		13,285		13,104		0.03
IRB Holding Corp.	(10)	SOFR +	2.50%	6.82%	12/11/2024	12/15/2027	21,426		21,426		21,316		0.05
Mic Glen, LLC	(9)	SOFR +	3.50%	7.82%	1/30/2025	7/21/2028	12,693		12,693		12,726		0.03
New Red Finance, Inc.	(6)(8)	SOFR +	1.75%	6.07%	6/16/2024	9/12/2030	6,435		6,421		6,385		0.02
Scientific Games Holdings LP	(9)	SOFR +	3.00%	7.30%	6/11/2024	4/4/2029	19,679		19,712		19,589		0.05
Tacala Investment Corp.	(10)	SOFR +	3.50%	7.82%	9/26/2024	1/31/2031	2,970		2,979		2,973		0.01
Whatabrands, LLC	(9)	SOFR +	2.50%	6.82%	12/11/2024	8/3/2028	11,323		11,323		11,288		0.03
									140,627		136,453		0.34
Household Durables
AI Aqua Merger Sub, Inc.	(9)	SOFR +	3.00%	7.31%	12/5/2024	7/31/2028	32,391		32,391		32,135		0.08
Madison Safety & Flow LLC	(8)	SOFR +	2.75%	7.07%	9/26/2024	9/26/2031	6,965		6,965		6,962		0.02
									39,356		39,097		0.10
Industrial Conglomerates
Bettcher Industries, Inc.	(9)	SOFR +	4.00%	8.33%	12/14/2021	12/14/2028	6,919		6,882		6,858		0.02
CEP V Investment 11 S.à r.l.	(4)(6)(7)(10)	SA +	6.45%	7.20%	5/6/2022	2/11/2028	CHF	47,449	47,993		52,784		0.13
CEP V Investment 11 S.à r.l.	(4)(6)(10)	E +	6.45%	8.84%	3/31/2023	2/23/2028	EUR	66,051	63,853		70,554		0.17
Engineered Machinery Holdings, Inc.	(10)	SOFR +	3.75%	8.34%	8/12/2021	5/19/2028	11,724		11,698		11,745		0.03
Excelitas Technologies Corp.	(4)(8)	E +	5.25%	7.80%	8/12/2022	8/13/2029	EUR	24,754	25,099		26,499		0.06
Excelitas Technologies Corp.	(4)(7)(10)	SOFR +	5.25%	9.57%	8/12/2022	8/13/2029	33,241		32,634		32,712		0.08
									188,159		201,152		0.49
Insurance
Accession Risk Management Group Inc	(4)(10)	SOFR +	4.75%	9.08%	11/12/2021	11/1/2029	59,638		59,625		59,638		0.14
Accession Risk Management Group Inc	(4)(7)(10)	SOFR +	4.75%	9.08%	1/7/2021	11/1/2029	198,660		197,365		198,552		0.47
Alera Group, Inc.	(4)(10)	SOFR +	5.25%	9.57%	9/30/2021	10/2/2028	54,729		54,449		54,729		0.13
Alera Group, Inc.	(4)(5)(10)	SOFR +	5.75%	10.07%	11/17/2023	10/2/2028	22,207		22,047		22,207		0.05
Alliant Holdings Intermediate LLC	(8)	SOFR +	2.75%	7.07%	9/12/2024	9/19/2031	3,644		3,644		3,626		0.01

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Insurance (continued)
Amerilife Holdings, LLC	(4)(7)(10)	SOFR +	5.00%	9.26%	6/17/2024	8/31/2029	$	577,032	$	570,302	$	577,032	1.38	%
Amerilife Holdings, LLC	(4)(5)(7)(10)	SOFR +	5.00%	9.26%	6/17/2024	8/31/2029	55,809		54,791		55,512		0.13
AssuredPartners, Inc.	(9)	SOFR +	3.50%	7.82%	2/16/2024	2/14/2031	25,416		25,389		25,475		0.06
Baldwin Insurance Group Holdings, LLC	(6)(8)	SOFR +	3.00%	7.31%	12/11/2024	5/26/2031	11,899		11,899		11,881		0.03
BroadStreet Partners, Inc.	(8)	SOFR +	3.00%	7.32%	6/14/2024	6/14/2031	13,895		13,933		13,792		0.03
CFC Underwriting, Ltd.	(4)(6)(7)(9)	SOFR +	4.95%	9.29%	1/25/2022	5/16/2029	138,161		135,942		137,898		0.33
Foundation Risk Partners Corp.	(4)(10)	SOFR +	5.00%	9.30%	10/29/2021	10/29/2030	8,758		8,683		8,758		0.02
Foundation Risk Partners Corp.	(4)(5)(10)	SOFR +	5.00%	9.30%	11/17/2023	10/29/2030	26,883		26,473		26,883		0.06
Foundation Risk Partners Corp.	(4)(10)	SOFR +	5.00%	9.30%	4/14/2022	10/29/2030	38,602		38,267		38,602		0.09
Foundation Risk Partners Corp.	(4)(7)(10)	SOFR +	5.00%	9.30%	10/21/2024	10/29/2030	33,174		32,639		32,855		0.08
Galway Borrower, LLC	(4)(10)	SOFR +	4.50%	8.80%	9/30/2021	9/29/2028	241,081		239,229		241,081		0.58
Galway Borrower, LLC	(4)(5)(7)(10)	SOFR +	4.50%	8.80%	9/30/2021	9/29/2028	6,767		6,558		6,758		0.02
Galway Borrower, LLC	(4)(5)(10)	SOFR +	4.50%	8.80%	4/28/2023	9/29/2028	270		270		270		0.00
Gimlet Bidco GmbH	(4)(6)(8)	E +	5.75%	8.36%	4/15/2024	4/23/2031	EUR	110,003	114,644		117,757		0.28
Gimlet Bidco GmbH	(4)(6)(7)(8)	E +	5.75%	8.36%	4/15/2024	4/23/2031	EUR	20,317	20,061		21,484		0.05
Higginbotham Insurance Agency, Inc.	(4)(6)(11)	SOFR +	4.50%	8.83%	7/3/2024	11/25/2028	89,967		89,892		89,967		0.22
High Street Buyer, Inc.	(4)(10)	SOFR +	5.25%	9.55%	4/16/2021	4/14/2028	19,140		19,031		19,140		0.05
High Street Buyer, Inc.	(4)(7)(10)	SOFR +	5.25%	9.55%	4/16/2021	4/14/2028	158,957		157,437		158,873		0.38
High Street Buyer, Inc.	(4)(7)(10)	SOFR +	5.25%	9.57%	1/2/2025	4/14/2028	7,934		7,548		7,572		0.02
Hyperion Refinance S.à r.l.	(6)(9)	SOFR +	3.00%	7.32%	11/22/2024	2/15/2031	7,444		7,444		7,401		0.02
Integrity Marketing Acquisition LLC	(4)(7)(10)	SOFR +	5.00%	9.31%	8/27/2024	8/25/2028	255,569		253,843		255,531		0.61
OneDigital Borrower, LLC	(9)	SOFR +	3.00%	7.32%	1/28/2025	7/2/2031	9,925		9,925		9,873		0.02
Paisley Bidco Ltd	(4)(5)(6)(8)	S +	4.75%	9.21%	4/17/2024	4/18/2031	GBP	14,988	18,564		19,167		0.05
Paisley Bidco Ltd	(4)(5)(6)(8)	E +	4.75%	7.36%	4/17/2024	4/18/2031	EUR	7,947	8,443		8,508		0.02
Paisley Bidco Ltd	(4)(5)(6)(8)	E +	4.75%	7.50%	4/17/2024	4/18/2031	EUR	7,010	7,224		7,504		0.02
Patriot Growth Insurance Services, LLC.	(4)(10)	SOFR +	5.00%	9.45%	10/14/2021	10/16/2028	23,913		23,741		23,913		0.06
Patriot Growth Insurance Services, LLC.	(4)(5)(7)(10)	SOFR +	5.00%	9.30%	11/17/2023	10/16/2028	18,726		18,532		18,423		0.04
Patriot Growth Insurance Services, LLC.	(4)(5)(7)(10)	SOFR +	5.00%	9.42%	10/14/2021	10/16/2028	3,567		3,491		3,425		0.01
Riser Merger Sub, Inc.	(4)(5)(10)	S +	6.00%	10.70%	10/31/2023	10/31/2029	GBP	9,198	11,028		11,882		0.03
Riser Merger Sub, Inc.	(4)(7)(10)	SOFR +	6.00%	10.33%	10/31/2023	10/31/2029	96,056		94,130		95,678		0.23
Riser Topco II LLC	(4)(5)(10)	S +	5.00%	9.45%	8/16/2024	10/31/2029	GBP	16,399	20,675		21,183		0.05
Riser Topco II LLC	(4)(5)(7)(10)	SOFR +	5.00%	9.46%	6/4/2024	10/31/2029	63,202		62,706		63,126		0.15

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Insurance (continued)
SelectQuote Inc.	(4)(6)(20)	SOFR +	9.50%	13.92% (incl. 3.00% PIK)	10/15/2024	9/30/2027	$	125,461	$	125,442	$	120,442	0.29	%
SG Acquisition, Inc.	(4)(7)(10)	SOFR +	4.75%	9.06%	4/3/2024	4/3/2030	213,329		211,641		213,329		0.51
Shelf Bidco Ltd	(4)(6)(10)(18)	SOFR +	5.18%	9.48%	10/17/2024	10/17/2031	940,677		936,270		940,677		2.25
Simplicity Financial Marketing Group Holdings Inc	(4)(6)(7)(10)	SOFR +	5.00%	9.28%	12/31/2024	12/31/2031	47,244		46,681		46,660		0.11
Sparta UK Bidco Ltd	(4)(5)(6)(7)(8)	S +	6.00%	10.46%	9/4/2024	9/25/2031	GBP	43,276	56,952		55,902		0.13
SQ ABS Issuer LLC	(4)(6)(8)		7.80%	7.80%	10/11/2024	10/20/2039	20,972		20,833		20,867		0.05
Tennessee Bidco Limited	(4)(5)(6)(8)	E +	5.25%	7.81% (incl. 2.00% PIK)	7/1/2024	7/1/2031	EUR	4,562	5,699		4,932		0.01
Tennessee Bidco Limited	(4)(6)(8)	S +	5.25%	9.95% (incl. 2.00% PIK)	7/1/2024	7/1/2031	GBP	150,783	202,172		194,774		0.47
Tennessee Bidco Limited	(4)(5)(6)(7)(8)	S +	5.25%	9.70% (incl. 2.00% PIK)	7/1/2024	7/1/2031	GBP	13,685	17,002		17,055		0.04
Tennessee Bidco Limited	(4)(6)(8)	SOFR +	5.25%	9.51% (incl. 2.00% PIK)	7/1/2024	7/1/2031	591,630		576,952		591,630		1.42
Tennessee Bidco Limited	(4)(5)(6)(8)	SOFR +	5.25%	9.51% (incl. 2.00% PIK)	7/1/2024	7/1/2031	29,857		29,576		29,857		0.07
Tennessee Bidco Limited	(4)(5)(6)(8)	E +	5.25%	7.81% (incl. 2.00% PIK)	7/1/2024	7/1/2031	EUR	8,785	9,199		9,499		0.02
THG Acquisition LLC	(4)(10)	SOFR +	4.75%	9.07%	10/31/2024	10/31/2031	66,980		66,350		66,980		0.16
THG Acquisition LLC	(4)(5)(7)(10)	SOFR +	4.75%	9.07%	10/31/2024	10/31/2031	606		464		532		0.00
TIH Insurance Holdings, LLC.	(7)(8)	SOFR +	2.75%	7.08%	12/6/2024	5/6/2031	20,192		19,825		19,841		0.05
USI, Inc.	(8)	SOFR +	2.25%	6.58%	12/23/2024	11/22/2029	8,801		8,801		8,729		0.02
USI, Inc.	(8)	SOFR +	2.25%	6.58%	12/23/2024	9/29/2030	1,970		1,970		1,954		0.00
World Insurance Associates, LLC	(4)(7)(11)	SOFR +	5.00%	9.30%	10/20/2023	4/3/2030	81,390		79,945		81,089		0.19
									4,865,638		4,900,705		11.71

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Interactive Media & Services
North Haven Ushc Acquisition Inc	(4)(5)(11)	SOFR +	5.00%	9.40%	8/28/2024	10/30/2027	$	12,468	$	12,316	$	12,375	0.03	%
North Haven Ushc Acquisition Inc	(4)(5)(11)	SOFR +	5.00%	9.40%	8/28/2024	10/30/2027	7,300		7,210		7,245		0.02
North Haven Ushc Acquisition Inc	(4)(5)(11)	SOFR +	5.00%	9.39%	8/28/2024	10/30/2027	3,106		3,068		3,082		0.01
North Haven Ushc Acquisition Inc	(4)(5)(7)(11)	SOFR +	5.00%	9.40%	8/28/2024	10/30/2027	4,486		4,274		4,260		0.01
North Haven Ushc Acquisition Inc	(4)(5)(11)	SOFR +	5.00%	9.40%	8/28/2024	10/30/2027	3,613		3,569		3,586		0.01
North Haven Ushc Acquisition Inc	(4)(11)	SOFR +	5.00%	9.40%	8/28/2024	10/30/2027	22,240		21,969		22,074		0.05
North Haven Ushc Acquisition Inc	(4)(5)(7)(11)	SOFR +	5.00%	9.40%	8/28/2024	10/30/2027	10,486		10,278		10,358		0.02
Project Boost Purchaser, LLC	(8)	SOFR +	3.00%	7.31%	7/16/2024	7/16/2031	7,593		7,584		7,559		0.02
Speedster Bidco GmbH	(6)(9)	SOFR +	3.25%	7.55%	10/17/2024	12/10/2031	20,321		19,864		20,318		0.05
Speedster Bidco GmbH	(6)(7)(8)	E +	2.50%	5.66%	10/17/2024	12/10/2031	EUR	33,908	35,537		36,612		0.09
WH Borrower, LLC	(9)	SOFR +	4.75%	9.06%	2/20/2025	2/20/2032	40,000		39,803		39,856		0.10
									165,472		167,325		0.41
Internet & Direct Marketing Retail
Prodege International Holdings, LLC	(4)(10)	SOFR +	5.75%	10.25%	12/15/2021	12/15/2027	548,826		544,553		526,873		1.26
IT Services
Ahead DB Holdings, LLC	(10)	SOFR +	3.00%	7.30%	8/2/2024	2/1/2031	2,512		2,509		2,510		0.01
AI Altius Luxembourg S.à r.l.	(4)(5)(8)		9.75%	9.75% PIK	12/21/2021	12/21/2029	28,353		28,017		28,140		0.07
AI Altius US Bidco, Inc.	(4)(7)(10)	SOFR +	4.75%	9.03%	5/21/2024	12/21/2028	245,269		243,017		245,269		0.59
Allium Buyer, LLC	(4)(7)(11)	SOFR +	5.00%	9.29%	5/2/2023	5/2/2030	1,576		1,537		1,569		0.00
Cassipoée SASU	(4)(5)(6)(8)	E +	4.50%	6.98%	2/26/2025	2/26/2032	EUR	160	164		170		0.00
Dcert Buyer, Inc.	(8)	SOFR +	4.00%	8.32%	1/7/2021	10/16/2026	19,254		19,263		18,775		0.04
Fern Bidco Ltd	(4)(5)(6)(8)	S +	5.25%	9.71%	7/1/2024	7/3/2031	GBP	40,356	50,115		51,218		0.12
Fern Bidco Ltd	(4)(5)(6)(7)(8)	S +	5.25%	9.71%	7/1/2024	7/3/2031	GBP	4,414	5,449		5,246		0.01
Infostretch Corporation	(4)(10)	SOFR +	5.75%	10.20%	4/1/2022	4/1/2028	177,968		176,188		165,510		0.40
Inovalon Holdings, Inc.	(4)(10)	SOFR +	5.75%	10.31%	11/24/2021	11/24/2028	1,012,690		1,000,558		1,012,690		2.42
Inovalon Holdings, Inc.	(4)(10)	SOFR +	5.75%	10.31%	11/24/2021	11/24/2028	77,157		76,130		77,157		0.18
KEN Bidco, Ltd.	(4)(5)(6)(10)	S +	6.00%	10.57% (incl. 2.50% PIK)	5/3/2024	8/3/2028	GBP	14,126	17,320		17,700		0.04
Monterey Financing, S.à r.l.	(4)(6)(8)	CI +	6.00%	8.31%	9/28/2022	9/28/2029	DKK	560,750	72,711		81,272		0.19
Monterey Financing, S.à r.l.	(4)(6)(9)	N +	6.00%	10.56%	9/28/2022	9/28/2029	NOK	599,094	54,900		56,944		0.14
Monterey Financing, S.à r.l.	(4)(6)(8)	ST +	6.00%	8.35%	9/28/2022	9/28/2029	SEK	243,186	21,384		24,193		0.06
Monterey Financing, S.à r.l.	(4)(6)(8)	E +	6.00%	8.36%	9/28/2022	9/28/2029	EUR	110,819	106,680		119,828		0.29

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
IT Services (continued)
Nephele III BV	(4)(5)(6)(7)(8)	E +	5.25%	7.61%	3/31/2025	1/14/2032	EUR	267	$	287	$	284	0.00	%
Newfold Digital Holdings Group Inc	(10)	SOFR +	3.50%	7.92%	2/10/2021	2/10/2028	$	44,130	43,966		32,325		0.08
Park Place Technologies, LLC	(4)(10)	SOFR +	5.25%	9.54%	3/25/2024	3/25/2031	544,063		539,943		544,063		1.30
Park Place Technologies, LLC	(4)(5)(7)(10)	SOFR +	5.25%	9.57%	3/25/2024	3/25/2030	14,979		14,446		14,979		0.04
Park Place Technologies, LLC	(4)(5)(7)(10)	SOFR +	5.25%	9.57%	3/25/2024	3/25/2031	43,971		43,418		43,763		0.10
Razor Holdco, LLC	(4)(10)	SOFR +	5.75%	10.16%	10/25/2021	10/25/2027	95,717		94,897		95,717		0.23
Red River Technology, LLC	(4)(11)	SOFR +	6.00%	10.44%	5/26/2021	5/26/2027	145,908		144,993		130,223		0.31
Redwood Services Group, LLC	(4)(10)	SOFR +	5.25%	9.55%	1/3/2025	6/15/2029	149,209		147,533		149,209		0.36
Redwood Services Group, LLC	(4)(5)(7)(10)	SOFR +	5.25%	9.55%	2/5/2024	6/15/2029	5,446		5,283		5,244		0.01
Smartronix, LLC	(8)	SOFR +	4.50%	8.80%	2/7/2025	2/6/2032	342,282		332,516		342,282		0.82
Smartronix, LLC	(5)(7)(8)	SOFR +	3.50%	7.80%	2/7/2025	2/7/2030	1,368		899		1,150		0.00
Turing Holdco, Inc.	(4)(6)(8)	E +	6.00%	9.06% (incl. 2.50% PIK)	10/14/2021	9/28/2028	EUR	17,168	19,527		18,007		0.04
Turing Holdco, Inc.	(4)(6)(8)	E +	6.00%	8.36% (incl. 2.50% PIK)	10/14/2021	8/3/2028	EUR	6,548	7,500		6,868		0.02
Turing Holdco, Inc.	(4)(6)(8)	SOFR +	6.00%	10.40% (incl. 2.50% PIK)	10/14/2021	10/16/2028	6,669		6,961		6,469		0.02
Turing Holdco, Inc.	(4)(6)(8)	SOFR +	6.00%	10.39% (incl. 2.50% PIK)	10/14/2021	9/28/2028	13,413		13,223		13,011		0.03
Turing Holdco, Inc.	(4)(5)(6)(7)(10)	S +	6.00%	10.57% (incl. 2.50% PIK)	5/3/2024	8/3/2028	GBP	23,696	29,051		29,692		0.07
Turing Holdco, Inc.	(4)(6)(7)(10)	SOFR +	6.00%	10.42% (incl. 2.50% PIK)	5/3/2024	8/3/2028	31,495		30,758		30,550		0.07
Virtusa Corp.	(10)	SOFR +	3.25%	7.57%	6/21/2024	2/15/2029	14,826		14,842		14,812		0.04
									3,365,985		3,386,839		8.10
Life Sciences Tools & Services
Bidco Jupiter Ltd	(4)(6)(9)	E +	6.25%	8.61%	8/5/2022	8/27/2029	EUR	5,922	5,845		5,731		0.01
Bidco Jupiter Ltd	(4)(6)(10)	SOFR +	6.25%	10.55%	8/5/2022	8/27/2029	88,177		86,513		78,918		0.19
Cambrex Corp.	(4)(7)(10)	SOFR +	4.75%	9.07%	3/5/2025	3/5/2032	114,962		113,591		113,576		0.27
Creek Parent Inc.	(4)(7)(10)	SOFR +	5.25%	9.57%	12/17/2024	12/18/2031	133,351		130,790		130,682		0.31
Falcon Parent Holdings, Inc.	(4)(7)(10)	SOFR +	5.00%	9.30%	11/6/2024	11/6/2031	109,023		107,743		107,976		0.26
Falcon Parent Holdings, Inc.	(4)(5)(7)(10)	SOFR +	5.00%	9.30%	3/5/2025	11/6/2031	18,196		17,952		17,963		0.04
Parexel International, Inc.	(9)	SOFR +	2.50%	6.82%	1/27/2025	11/15/2028	7,379		7,403		7,371		0.02
									469,837		462,217		1.10

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Machinery
Bidco 76 S.p.A.	(4)(6)(7)(8)	E +	5.00%	7.66%	12/11/2024	12/10/2031	EUR	115,204	$	118,690	$	122,173	0.29	%
Chart Industries, Inc.	(6)(9)	SOFR +	2.50%	6.81%	7/2/2024	3/16/2030	$	5,300	5,300		5,308		0.01
Crosby US Acquisition Corp.	(9)	SOFR +	3.50%	7.82%	9/16/2024	8/16/2029	311		315		311		0.00
LSF11 Trinity Bidco, Inc.	(4)(8)	SOFR +	3.00%	7.32%	12/11/2024	6/14/2030	1,058		1,058		1,054		0.00
MHE Intermediate Holdings, LLC	(4)(7)(11)	SOFR +	6.00%	10.44%	7/21/2021	7/21/2027	5,909		5,859		5,877		0.01
MHE Intermediate Holdings, LLC	(4)(5)(11)	SOFR +	6.50%	10.97%	12/20/2022	7/21/2027	229		227		228		0.00
MHE Intermediate Holdings, LLC	(4)(5)(11)	SOFR +	6.25%	10.69%	8/30/2022	7/21/2027	228		225		227		0.00
Pro Mach Group, Inc.	(11)	SOFR +	2.75%	7.07%	3/4/2025	8/31/2028	6,895		6,895		6,884		0.02
SPX Flow, Inc.	(9)	SOFR +	3.00%	7.32%	6/6/2024	4/5/2029	8,651		8,651		8,645		0.02
TK Elevator U.S. Newco, Inc.	(6)(9)	SOFR +	3.50%	7.74%	3/14/2024	4/30/2030	17,464		17,458		17,439		0.04
Victory Buyer, LLC	(9)	SOFR +	3.75%	8.19%	11/19/2021	11/19/2028	26,076		25,949		25,373		0.06
									190,627		193,519		0.45
Marine
Armada Parent, Inc.	(4)(7)(10)	SOFR +	5.75%	10.16%	10/29/2021	10/29/2027	230,966		228,794		230,966		0.55
Kattegat Project Bidco AB	(4)(5)(6)(7)(8)	E +	5.50%	7.86%	3/20/2024	4/7/2031	EUR	51,768	54,794		55,825		0.13
Kattegat Project Bidco AB	(4)(5)(6)(8)	SOFR +	5.50%	9.80%	3/20/2024	4/7/2031	4,522		4,425		4,522		0.01
									288,013		291,313		0.69
Media
Bimini Group Purchaser Inc	(4)(10)	SOFR +	5.25%	9.56%	4/26/2024	4/26/2031	206,605		204,814		206,605		0.49
Bimini Group Purchaser Inc	(4)(5)(7)(10)	SOFR +	5.25%	9.55%	4/26/2024	4/26/2031	8,555		8,048		8,170		0.02
McGraw-Hill Education, Inc.	(9)	SOFR +	3.25%	7.57%	1/16/2025	8/6/2031	11,146		11,146		11,142		0.03
Radiate Holdco, LLC	(10)	SOFR +	3.25%	7.69%	11/1/2021	9/25/2026	28,142		28,124		24,183		0.06
									252,132		250,100		0.60
Metals & Mining
SCIH Salt Holdings, Inc.	(10)	SOFR +	3.00%	7.29%	4/29/2021	1/31/2029	15,708		15,645		15,600		0.04
Oil, Gas & Consumable Fuels
Eagle Midstream Canada Finance Inc	(4)(6)(10)	SOFR +	5.25%	9.57%	8/30/2024	8/15/2028	32,834		32,608		32,834		0.08
Freeport LNG Investments, LLLP	(9)	SOFR +	3.25%	7.54%	1/15/2025	12/21/2028	34,723		34,723		34,362		0.08
KKR Alberta Midstream Finance Inc.	(4)(6)(10)	SOFR +	5.25%	9.57%	8/30/2024	8/15/2028	17,861		17,729		17,861		0.04
									85,060		85,057		0.20

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Paper & Forest Products
Profile Products, LLC	(4)(10)	SOFR +	5.75%	10.29%	11/12/2021	11/12/2027	$	62,460	$	61,983	$	61,367	0.15	%
Profile Products, LLC	(4)(5)(7)(10)	P +	4.75%	12.25%	11/12/2021	11/12/2027	9,046		8,961		8,873		0.02
Profile Products, LLC	(4)(5)(7)(10)	P +	4.75%	12.25%	11/12/2021	11/12/2027	824		780		700		0.00
									71,724		70,940		0.17
Pharmaceuticals
Dechra Finance US LLC	(6)(8)	SOFR +	3.25%	7.51%	12/3/2024	12/3/2031	5,000		5,044		4,996		0.01
Dolcetto Holdco S.p.A.	(4)(5)(6)(8)	E +	5.50%	8.96%	10/11/2022	10/27/2028	EUR	60,136	58,626		65,025		0.16
Dolcetto Holdco S.p.A.	(4)(5)(6)(8)	E +	5.50%	7.87%	1/28/2025	10/27/2028	EUR	23,167	23,873		25,050		0.06
Eden Acquisitionco, Ltd.	(4)(5)(6)(7)(10)	SOFR +	6.25%	10.53%	11/2/2023	11/18/2030	110,286		107,917		110,215		0.26
Elanco Animal Health, Inc.	(5)(6)(8)	SOFR +	1.75%	6.17%	1/30/2025	8/1/2027	996		997		995		0.00
Gusto Sing Bidco Pte Ltd	(4)(5)(6)(7)(10)	BB +	4.75%	9.46%	11/15/2024	11/15/2031	AUD	1,000	643		618		0.00
Opal Bidco SAS	(6)(8)	SOFR +	3.25%	7.55%	3/31/2025	3/31/2032	46,648		46,415		46,590		0.11
Padagis, LLC	(6)(9)	SOFR +	4.75%	9.30%	7/6/2021	7/6/2028	19,556		19,537		18,358		0.04
Rhea Parent, Inc.	(4)(7)(10)	SOFR +	4.75%	9.10%	12/20/2024	12/20/2030	266,862		264,149		266,572		0.64
									527,201		538,419		1.28
Professional Services
AG Group Holdings Inc	(9)	SOFR +	4.25%	8.57%	12/29/2021	12/29/2028	6,068		6,048		5,967		0.01
ALKU, LLC	(4)(10)	SOFR +	6.25%	10.47%	5/23/2023	5/23/2029	54,715		53,791		54,715		0.13
ALKU, LLC	(4)(10)	SOFR +	5.50%	9.72%	2/21/2024	5/23/2029	4,950		4,872		4,876		0.01
Alpine Intel Intermediate 2 LLC	(4)(5)(7)(10)	SOFR +	4.50%	8.89%	8/28/2024	1/31/2028	3,185		2,989		3,185		0.01
Apex Companies, LLC	(4)(11)	SOFR +	5.25%	9.54%	1/31/2023	1/31/2028	1,970		1,940		1,955		0.00
Apex Companies, LLC	(4)(11)	SOFR +	5.25%	9.56%	8/28/2024	1/31/2028	10,924		10,784		10,842		0.03
Apex Companies, LLC	(4)(5)(7)(11)	SOFR +	5.25%	9.56%	8/28/2024	1/31/2028	2,786		2,728		2,726		0.01
Artisan Acquisitionco, Ltd.	(4)(6)(7)(8)	SOFR +	5.00%	9.30%	9/23/2024	9/30/2031	392,805		385,005		385,385		0.92
Ascensus Group Holdings Inc	(9)	SOFR +	3.00%	7.32%	12/13/2024	8/2/2028	40,709		40,709		40,518		0.10
Baker Tilly Advisory Group LP	(4)(7)(10)	SOFR +	4.75%	9.07%	6/3/2024	6/3/2031	175,883		172,898		175,683		0.42
Cast & Crew Payroll, LLC	(9)	SOFR +	3.75%	8.07%	12/30/2021	12/29/2028	11,541		11,465		11,146		0.03
CFGI Holdings, LLC	(4)(7)(10)	SOFR +	4.50%	8.82%	11/2/2021	11/2/2027	20,718		20,367		20,319		0.05
Chartwell Cumming Holding, Corp.	(4)(7)(11)	SOFR +	4.75%	9.07%	5/26/2021	11/16/2029	210,835		208,908		210,499		0.50
Chartwell Cumming Holding, Corp.	(4)(7)(11)	SOFR +	4.75%	9.07%	11/18/2022	11/16/2029	25,983		25,357		25,983		0.06
Chartwell Cumming Holding, Corp.	(4)(11)	SOFR +	4.75%	9.07%	2/14/2025	11/16/2029	33,492		33,164		33,492		0.08
Chronicle Bidco, Inc.	(4)(11)	SOFR +	6.25%	10.56%	5/19/2022	5/18/2029	2,870		2,870		2,870		0.01
Chronicle Bidco, Inc.	(4)(11)	SOFR +	6.25%	10.56%	5/19/2022	5/18/2029	41,655		41,431		41,655		0.10
Chronicle Bidco, Inc.	(4)(5)(7)(11)	SOFR +	6.25%	10.57%	3/26/2024	5/18/2029	2,157		2,036		2,017		0.00
Cisive Holdings Corp	(4)(7)(11)	SOFR +	5.75%	10.15%	12/8/2021	12/8/2028	33,515		33,409		32,923		0.08

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Professional Services (continued)
Claims Automation Intermediate 2, LLC	(4)(10)	SOFR +	4.50%	8.89%	12/16/2021	12/16/2027	$	44,458	$	44,057	$	44,458	0.11	%
Claims Automation Intermediate 2, LLC	(4)(10)	SOFR +	4.50%	8.81%	12/16/2021	12/16/2027	68,350		67,732		66,982		0.16
Clearview Buyer, Inc.	(4)(7)(10)	SOFR +	5.35%	9.65%	8/26/2021	8/26/2027	118,221		117,205		118,221		0.28
CohnReznick Advisory LLC	(4)(7)(8)	SOFR +	4.00%	8.30%	3/26/2025	3/31/2032	14,764		14,690		14,781		0.04
CRCI Longhorn Holdings Inc	(4)(7)(10)	SOFR +	5.00%	9.32%	8/27/2024	8/27/2031	63,987		63,325		63,903		0.15
CRCI Longhorn Holdings Inc	(4)(5)(7)(10)	SOFR +	5.00%	9.31%	8/27/2024	8/27/2031	5,777		5,675		5,777		0.01
Deerfield Dakota Holding, LLC	(11)	SOFR +	3.75%	8.08%	1/7/2021	4/9/2027	84,160		83,971		80,066		0.19
DTI Holdco, Inc.	(7)(10)	SOFR +	4.00%	8.32%	2/12/2025	1/25/2029	24,438		24,194		22,718		0.05
East River Bidco Gmbh	(4)(6)(8)	E +	5.25%	7.62%	3/26/2025	3/26/2032	EUR	90	95		96		0.00
East River Bidco Gmbh	(4)(6)(8)	E +	5.25%	7.62%	3/26/2025	3/26/2032	EUR	36	38		39		0.00
Eisner Advisory Group, LLC	(9)	SOFR +	4.00%	8.32%	2/28/2024	2/28/2031	995		1,010		995		0.00
Eliassen Group, LLC	(4)(10)	SOFR +	5.75%	10.04%	4/14/2022	4/14/2028	66,913		66,415		65,241		0.16
Emerald US, Inc.	(6)(8)	SOFR +	3.00%	7.30%	7/12/2019	7/12/2028	3,799		3,797		3,792		0.01
First Advantage Holdings, LLC	(8)	SOFR +	3.25%	7.57%	10/31/2024	10/31/2031	5,489		5,513		5,465		0.01
G&A Partners Holding Company II, LLC	(4)(9)	SOFR +	5.50%	9.81%	3/1/2024	3/1/2031	60,039		59,025		60,039		0.14
G&A Partners Holding Company II, LLC	(4)(5)(7)(9)	SOFR +	5.50%	9.81%	3/1/2024	3/1/2031	7,347		6,955		7,157		0.02
Genuine Financial Holdings, LLC	(8)	SOFR +	3.25%	7.55%	2/5/2025	9/27/2030	8,947		8,973		8,804		0.02
Guidehouse, Inc.	(4)(10)	SOFR +	5.00%	9.32% (incl. 2.00% PIK)	10/15/2021	12/16/2030	1,245,193		1,236,793		1,245,193		2.98
IG Investments Holdings, LLC	(4)(7)(10)	SOFR +	5.00%	9.29%	11/1/2024	9/22/2028	577,197		572,265		577,197		1.38
Inmar, Inc.	(11)	SOFR +	5.00%	9.33%	6/21/2023	10/30/2031	24,873		24,755		24,896		0.06
Kwor Acquisition, Inc.	(4)(5)(7)(11)	SOFR +	5.25%	9.56%	2/28/2025	2/28/2030	52		52		40		0.00
Kwor Acquisition, Inc.	(4)(5)(11)	SOFR +	5.25%	9.56% (incl. 5.25% PIK)	2/28/2025	2/28/2030	6,202		6,202		6,202		0.01
Legacy Intermediate, LLC	(4)(10)	SOFR +	5.75%	10.21%	2/25/2022	2/25/2028	120,265		119,116		120,265		0.29
Legacy Intermediate, LLC	(4)(10)	SOFR +	5.75%	10.20%	12/22/2023	2/25/2028	23,221		22,888		23,221		0.06
Lereta, LLC	(10)	SOFR +	5.25%	9.69%	7/30/2021	7/30/2028	28,840		28,702		25,520		0.06
Mantech International CP	(4)(7)(10)	SOFR +	5.00%	9.29%	4/12/2024	9/14/2029	896,842		884,577		895,642		2.14
Mercury Bidco Globe Limited	(4)(5)(6)(7)(8)	S +	5.75%	10.21%	1/18/2024	1/31/2031	GBP	80,581	100,583		103,798		0.25
Minotaur Acquisition, Inc.	(4)(7)(11)	SOFR +	5.00%	9.32%	5/10/2024	5/10/2030	114,937		112,642		114,147		0.27

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Professional Services (continued)
MPG Parent Holdings, LLC	(4)(11)	SOFR +	5.00%	9.30%	1/8/2024	1/8/2030	$	18,075	$	17,786	$	18,075	0.04	%
MPG Parent Holdings, LLC	(4)(5)(7)(11)	SOFR +	5.00%	9.30%	1/8/2024	1/8/2030	4,437		4,296		4,399		0.01
Oxford Global Resources Inc	(4)(11)	SOFR +	6.00%	10.42%	8/17/2021	8/17/2027	92,781		92,046		92,781		0.22
Oxford Global Resources Inc	(4)(5)(7)(11)	SOFR +	6.00%	10.42%	8/17/2021	8/17/2027	8,705		8,581		8,705		0.02
Oxford Global Resources Inc	(4)(5)(9)	SOFR +	6.00%	10.41%	6/6/2024	8/17/2027	9,899		9,728		9,899		0.02
Pavion Corp.	(4)(6)(10)	SOFR +	6.00%	10.29% (incl. 2.25% PIK)	10/30/2023	10/30/2030	112,160		110,372		111,038		0.27
Pavion Corp.	(4)(5)(6)(7)(10)	SOFR +	6.00%	10.29% (incl. 2.25% PIK)	10/30/2023	10/30/2030	23,797		23,387		23,520		0.06
Petrus Buyer, Inc.	(4)(10)	SOFR +	4.75%	9.07%	10/17/2022	10/17/2029	35,516		34,824		35,516		0.08
Petrus Buyer, Inc.	(4)(5)(7)(10)	SOFR +	4.75%	9.07%	10/17/2022	10/17/2029	6,359		6,087		6,286		0.02
Petrus Buyer, Inc.	(4)(5)(10)	SOFR +	4.75%	9.07%	2/26/2025	10/17/2029	12,251		12,191		12,251		0.03
Plano HoldCo Inc	(8)	SOFR +	3.50%	7.83%	12/11/2024	10/1/2031	1,000		1,018		998		0.00
Polyconcept Investments B.V.	(10)	SOFR +	5.50%	9.83%	5/20/2022	5/18/2029	24,228		23,940		22,994		0.06
Sedgwick Claims Management Services, Inc.	(8)	SOFR +	3.00%	7.31%	2/24/2023	7/31/2031	5,159		5,121		5,148		0.01
STV Group, Inc.	(4)(10)	SOFR +	5.00%	9.32%	3/20/2024	3/20/2031	58,249		57,255		58,249		0.14
STV Group, Inc.	(4)(5)(7)(10)	P +	4.00%	11.50%	3/20/2024	3/20/2030	2,522		2,183		2,353		0.01
The North Highland Co LLC	(4)(10)	SOFR +	4.75%	9.07%	12/20/2024	12/20/2031	92,109		91,230		91,188		0.22
The North Highland Co LLC	(4)(5)(7)(10)	SOFR +	4.75%	9.07%	12/20/2024	12/20/2030	12,173		11,762		11,742		0.03
Thevelia US, LLC	(6)(9)	SOFR +	3.00%	7.30%	7/29/2024	6/18/2029	33,689		33,689		33,661		0.08
Trinity Air Consultants Holdings Corp.	(4)(10)	SOFR +	5.25%	9.76%	6/29/2021	6/29/2028	24,735		24,556		24,735		0.06
Trinity Air Consultants Holdings Corp.	(4)(7)(10)	SOFR +	5.25%	9.67%	6/29/2021	6/29/2028	66,777		65,435		65,630		0.16
Trinity Partners Holdings, LLC	(4)(11)(18)	SOFR +	6.24%	10.66%	12/21/2021	12/21/2028	379,476		375,362		379,476		0.91
TTF Lower Intermediate LLC	(7)(8)	SOFR +	3.75%	8.00%	7/18/2024	7/18/2031	50,174		46,716		48,971		0.12
Victors CCC Buyer, LLC	(4)(7)(10)	SOFR +	4.75%	9.07%	6/1/2022	6/1/2029	150,798		148,844		150,798		0.36
West Monroe Partners, LLC	(4)(7)(10)	SOFR +	4.75%	9.07%	11/9/2021	11/8/2028	713,366		705,619		706,233		1.69
West Monroe Partners, LLC	(4)(7)(10)	SOFR +	4.75%	9.07%	12/18/2024	11/8/2028	24,378		24,151		24,134		0.06
YA Intermediate Holdings II, LLC	(4)(10)	SOFR +	5.00%	9.31%	10/1/2024	10/1/2031	44,194		43,840		43,973		0.11
YA Intermediate Holdings II, LLC	(4)(5)(7)(10)	SOFR +	5.00%	9.32%	10/1/2024	10/1/2031	2,481		2,308		2,340		0.01
									6,724,343		6,766,504		16.20

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Real Estate Management & Development
Castle Management Borrower, LLC	(4)(7)(11)	SOFR +	5.50%	9.80%	11/3/2023	11/3/2029	$	34,497	$	34,055	$	34,497	0.08	%
Community Management Holdings Midco 2 LLC	(4)(10)	SOFR +	5.00%	9.29%	11/1/2024	11/1/2031	55,468		54,678		55,052		0.13
Community Management Holdings Midco 2 LLC	(4)(5)(7)(10)	SOFR +	5.00%	9.29%	11/1/2024	11/1/2031	2,181		1,891		1,945		0.00
Cushman & Wakefield US Borrower, LLC	(6)(9)	SOFR +	3.25%	7.57%	9/25/2024	1/31/2030	1,560		1,560		1,561		0.00
Cushman & Wakefield US Borrower, LLC	(4)(6)(9)	SOFR +	2.75%	7.07%	1/22/2025	1/31/2030	7,443		7,443		7,433		0.02
Neptune BidCo SAS	(4)(5)(6)(7)(8)	E +	5.25%	7.86%	3/28/2024	4/1/2031	EUR	6,495	6,868		6,937		0.02
Odevo AB	(4)(5)(6)(8)	ST +	5.50%	7.84%	10/31/2024	12/31/2030	SEK	601,705	54,321		59,561		0.14
Odevo AB	(4)(5)(6)(8)	E +	5.50%	8.05%	10/31/2024	12/31/2030	EUR	1,236	1,288		1,330		0.00
Odevo AB	(4)(5)(6)(8)	S +	5.50%	9.96%	10/31/2024	12/31/2030	GBP	28,090	35,418		36,104		0.09
Odevo AB	(4)(6)(7)(8)	SOFR +	5.50%	9.80%	10/31/2024	12/31/2030	143,644		143,292		142,430		0.34
Phoenix Strategy S.à r.l.	(4)(6)(8)	S +	2.75%	7.45%	10/2/2024	10/2/2028	GBP	53,099	69,577		68,076		0.16
Phoenix Strategy S.à r.l.	(4)(6)(8)	E +	2.75%	5.77%	10/2/2024	10/2/2028	EUR	50,089	53,634		53,755		0.13
Phoenix Strategy S.à r.l.	(4)(6)(8)	E +	2.75%	5.93%	10/2/2024	10/2/2028	EUR	140,261	153,435		150,526		0.36
Progress Residential PM Holdings, LLC	(4)(10)	SOFR +	5.50%	9.92%	2/16/2021	8/8/2030	79,357		78,310		79,357		0.19
Progress Residential PM Holdings, LLC	(4)(7)(10)	SOFR +	5.50%	9.92%	7/26/2022	8/8/2030	15,205		14,954		15,205		0.04
									710,724		713,769		1.70
Software
Abacus Holdco 2 Oy	(4)(5)(6)(7)(8)	E +	4.75%	7.54%	10/11/2024	10/10/2031	EUR	838	905		900		0.00
AI Titan Parent Inc	(4)(7)(10)	SOFR +	4.75%	9.07%	8/29/2024	8/29/2031	110,274		109,037		109,751		0.26
Analytic Partners LP	(4)(7)(10)	SOFR +	4.75%	9.04%	4/4/2022	4/4/2030	21,204		20,948		21,009		0.05
Analytic Partners LP	(4)(5)(10)	SOFR +	4.75%	9.13%	12/17/2024	4/4/2030	12,035		11,950		11,945		0.03
Anaplan, Inc.	(4)(5)(10)	SOFR +	5.00%	9.30%	4/25/2024	6/21/2029	200		198		200		0.00
Anaplan, Inc.	(4)(7)(10)	SOFR +	5.00%	9.30%	6/21/2022	6/21/2029	536,190		529,208		536,190		1.28
Aptean, Inc.	(4)(10)	SOFR +	5.25%	9.56%	1/29/2024	1/30/2031	44,065		43,719		44,065		0.11
Aptean, Inc.	(4)(5)(7)(10)	SOFR +	5.25%	9.55%	1/29/2024	1/30/2031	863		779		817		0.00
Armstrong Bidco Limited	(4)(6)(8)	S +	5.25%	9.70%	6/2/2022	6/28/2029	GBP	478,945	574,678		606,303		1.45
Arnhem BidCo GmbH	(4)(6)(7)(8)	E +	4.75%	7.11%	9/18/2024	10/1/2031	EUR	229,680	252,290		245,587		0.59
AuditBoard Inc	(4)(7)(10)	SOFR +	4.75%	9.05%	7/12/2024	7/12/2031	80,730		79,695		80,298		0.19
Azurite Intermediate Holdings, Inc.	(4)(7)(10)	SOFR +	6.50%	10.82%	3/19/2024	3/19/2031	61,560		60,686		61,560		0.15
Banyan Software Holdings, LLC	(4)(11)	SOFR +	5.25%	9.57%	1/2/2025	1/2/2031	54,123		53,604		53,582		0.13
Banyan Software Holdings, LLC	(4)(5)(7)(11)	SOFR +	5.25%	9.57%	1/2/2025	1/2/2031	11,265		11,017		11,006		0.03

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Software (continued)
Bayshore Intermediate #2 LP	(4)(7)(10)	SOFR +	6.25%	10.56% (incl. 3.38% PIK)	11/8/2024	10/1/2028	$	317,568	$	317,116	$	317,444	0.76	%
Bending Spoons US, Inc.	(6)(11)	SOFR +	5.25%	9.54%	2/19/2025	3/7/2031	74,031		72,765		74,401		0.18
BlueCat Networks USA, Inc.	(4)(10)	SOFR +	6.00%	10.30% (incl. 1.00% PIK)	8/8/2022	8/8/2028	69,936		69,185		69,587		0.17
BlueCat Networks USA, Inc.	(4)(10)	SOFR +	6.00%	10.30% (incl. 1.00% PIK)	8/8/2022	8/8/2028	12,334		12,202		12,273		0.03
BlueCat Networks USA, Inc.	(4)(5)(10)	SOFR +	6.00%	10.30% (incl. 1.00% PIK)	8/8/2022	8/8/2028	8,488		8,408		8,445		0.02
BlueCat Networks USA, Inc.	(4)(10)	SOFR +	6.00%	10.30% (incl. 1.00% PIK)	10/25/2024	8/8/2028	56,753		56,002		56,469		0.14
Bluefin Holding, LLC	(4)(7)(11)	SOFR +	6.25%	10.80%	9/12/2023	9/12/2029	54,582		53,527		54,434		0.13
Boxer Parent Company, Inc.	(8)	SOFR +	3.00%	7.29%	1/24/2025	7/30/2031	15,431		15,431		15,184		0.04
Brave Parent Holdings, Inc.	(4)(7)(10)	SOFR +	5.00%	9.32%	11/28/2023	11/28/2030	499,102		494,587		498,933		1.19
Caribou Bidco Ltd	(4)(5)(6)(8)	S +	5.00%	9.70%	7/2/2024	2/1/2029	GBP	221,441	281,292		286,046		0.68
CDK Global Inc.	(8)	SOFR +	3.25%	7.58%	5/16/2024	7/6/2029	4,960		4,960		4,272		0.01
Cloud Software Group, Inc.	(9)	SOFR +	3.50%	7.83%	11/25/2024	3/30/2029	5,544		5,544		5,500		0.01
Cloud Software Group, Inc.	(9)	SOFR +	3.75%	8.08%	11/4/2024	3/21/2031	2,594		2,594		2,572		0.01
Cloudera, Inc.	(9)	SOFR +	3.75%	8.17%	10/8/2021	10/8/2028	34,981		34,730		34,571		0.08
Confine Visual Bidco	(4)(6)(8)	SOFR +	5.75%	10.06%	2/23/2022	2/23/2029	257,960		253,679		208,303		0.50
Confine Visual Bidco	(4)(6)(8)	SOFR +	5.75%	10.06%	3/11/2022	2/23/2029	6,159		6,052		4,973		0.01
Confluence Technologies, Inc.	(4)(5)(9)	SOFR +	5.00%	9.29%	2/14/2025	7/30/2028	19,938		19,340		19,540		0.05
Conga Corp.	(10)	SOFR +	3.50%	7.79%	8/8/2024	5/8/2028	11,451		11,451		11,479		0.03
Connatix Buyer, Inc.	(4)(10)	SOFR +	5.50%	10.05%	7/14/2021	7/14/2027	106,725		105,913		105,124		0.25
Connatix Buyer, Inc.	(4)(5)(7)(10)	SOFR +	5.50%	10.07%	7/14/2021	7/14/2027	3,259		3,135		3,014		0.01
Connatix Buyer, Inc.	(4)(5)(7)(10)	SOFR +	5.50%	10.05%	10/9/2024	7/14/2027	6,005		5,774		5,857		0.01
ConnectWise, LLC	(9)	SOFR +	3.50%	8.09%	9/30/2021	9/29/2028	27,959		27,915		27,971		0.07
Cornerstone OnDemand, Inc.	(9)	SOFR +	3.75%	8.19%	10/15/2021	10/16/2028	26,806		26,748		23,355		0.06
Cornerstone OnDemand, Inc.	(4)(11)	SOFR +	6.00%	10.32%	9/7/2023	10/16/2028	34,383		33,652		33,953		0.08
Coupa Software Inc.	(4)(6)(7)(10)	SOFR +	5.25%	9.54%	2/27/2023	2/27/2030	1,822		1,787		1,820		0.00
Crewline Buyer, Inc.	(4)(7)(11)	SOFR +	6.75%	11.07%	11/8/2023	11/8/2030	122,658		119,943		121,983		0.29
Databricks, Inc.	(4)(7)(8)	SOFR +	4.50%	8.82%	1/3/2025	1/3/2031	525,000		522,471		523,253		1.25

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Software (continued)
Delta Topco, Inc.	(8)	SOFR +	2.75%	7.07%	5/1/2024	11/30/2029	$	79,152	$	79,166	$	78,365	0.19	%
Denali Bidco Ltd	(4)(5)(6)(7)(10)	S +	5.00%	9.46%	8/29/2023	8/29/2030	GBP	14,404	17,795		18,604		0.04
Denali Bidco Ltd	(4)(5)(6)(8)	E +	5.00%	7.68%	8/29/2023	8/29/2030	EUR	4,174	4,424		4,514		0.01
Denali Bidco Ltd	(4)(5)(6)(8)	E +	5.00%	7.68%	2/28/2024	8/29/2030	EUR	263	276		285		0.00
Denali Bidco Ltd	(4)(5)(6)(8)	E +	5.00%	7.68%	2/28/2024	8/29/2030	EUR	5,845	6,265		6,320		0.02
Diligent Corp	(4)(7)(10)	SOFR +	5.00%	9.31%	4/30/2024	8/2/2030	173,460		172,124		173,085		0.41
Diligent Corp	(4)(10)	SOFR +	5.00%	9.31%	4/30/2024	8/2/2030	29,736		29,595		29,736		0.07
Discovery Education, Inc.	(4)(10)	SOFR +	6.75%	11.14% (incl. 6.07% PIK)	4/7/2022	4/9/2029	589,507		584,184		496,660		1.19
Discovery Education, Inc.	(4)(5)(10)	SOFR +	5.75%	10.15%	4/7/2022	4/9/2029	52,540		51,937		44,265		0.11
Discovery Education, Inc.	(4)(11)	SOFR +	6.75%	11.04% (incl. 6.02% PIK)	10/3/2023	4/9/2029	66,344		65,757		55,895		0.13
Doit International Ltd	(4)(7)(11)	SOFR +	4.50%	8.82%	11/25/2024	11/26/2029	100,067		98,228		98,066		0.23
Dropbox, Inc.	(4)(6)(7)(10)(18)	SOFR +	6.38%	10.70%	12/11/2024	12/11/2029	333,161		325,356		325,654		0.78
ECI Macola Max Holding, LLC	(6)(10)	SOFR +	3.25%	7.58%	9/20/2024	5/9/2030	5,410		5,410		5,418		0.01
Edison Bidco AS	(4)(5)(6)(7)(8)	E +	5.25%	7.91%	12/18/2024	12/18/2031	EUR	345	608		86		0.00
Elements Finco Ltd	(4)(5)(6)(8)	S +	5.25%	9.70% (incl. 2.25% PIK)	3/27/2024	4/29/2031	GBP	67,966	84,221		87,136		0.21
Elements Finco Ltd	(4)(5)(6)(8)	SOFR +	4.75%	9.29% (incl. 1.97% PIK)	3/27/2024	4/29/2031	21,262		21,045		21,102		0.05
Elements Finco Ltd	(4)(5)(6)(8)	SOFR +	4.75%	9.07%	4/30/2024	4/29/2031	17,609		17,518		17,477		0.04
Elements Finco Ltd	(4)(5)(6)(8)	S +	5.25%	9.70% (incl. 2.25% PIK)	11/29/2024	4/29/2031	GBP	12,529	15,517		16,063		0.04
Elements Finco Ltd	(4)(5)(6)(8)	S +	5.25%	9.83% (incl. 2.25% PIK)	3/27/2024	4/29/2031	GBP	30,467	37,754		39,061		0.09
Epicor Software Corp.	(10)	SOFR +	2.75%	7.07%	5/30/2024	5/30/2031	5,074		5,061		5,066		0.01
Everbridge Holdings, LLC	(4)(6)(10)	SOFR +	5.00%	9.31%	7/2/2024	7/2/2031	34,728		34,573		34,641		0.08
Everbridge Holdings, LLC	(4)(5)(6)(7)(10)	SOFR +	5.00%	9.31%	7/2/2024	7/2/2031	3,403		3,361		3,373		0.01
Experity, Inc.	(4)(10)	SOFR +	6.00%	10.30% (incl. 3.25% PIK)	7/22/2021	2/24/2028	107,557		106,640		107,557		0.26
Experity, Inc.	(4)(7)(10)	SOFR +	6.00%	10.30% (incl. 3.25% PIK)	2/24/2022	2/24/2028	34,631		34,011		34,430		0.08
Flash Charm, Inc.	(10)	SOFR +	3.50%	7.79%	6/11/2024	3/2/2028	51,842		51,839		48,189		0.12
Flexera Software, LLC	(10)	SOFR +	3.00%	7.35%	5/20/2024	3/3/2028	9,760		9,760		9,722		0.02

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Software (continued)
Gen Digital Inc	(6)(9)	SOFR +	1.75%	6.07%	6/5/2024	9/12/2029	$	4,982	$	4,982	$	4,962	0.01	%
Gigamon Inc.	(4)(10)	SOFR +	5.75%	10.20%	3/11/2022	3/9/2029	421,742		416,995		395,383		0.95
Gigamon Inc.	(4)(5)(7)(10)	SOFR +	5.75%	10.19%	3/11/2022	3/9/2029	7,732		7,606		6,121		0.01
GovernmentJobs.com, Inc.	(4)(7)(10)	SOFR +	5.00%	9.30%	7/15/2024	12/2/2028	285,635		283,005		285,027		0.68
Granicus Inc.	(4)(10)	SOFR +	5.75%	10.04% (incl. 2.25% PIK)	1/17/2024	1/17/2031	30,891		30,645		30,891		0.07
Granicus Inc.	(4)(5)(7)(10)	SOFR +	5.25%	9.54% (incl. 2.25% PIK)	1/17/2024	1/17/2031	8,271		8,194		8,263		0.02
Graphpad Software, LLC	(4)(10)	SOFR +	4.75%	9.05%	6/28/2024	6/28/2031	142,700		141,746		142,700		0.34
Graphpad Software, LLC	(4)(5)(7)(10)	SOFR +	4.75%	9.05%	6/28/2024	6/28/2031	3,710		3,368		3,473		0.01
GS Acquisitionco Inc	(4)(5)(11)	SOFR +	5.25%	9.55%	3/26/2024	5/25/2028	11,964		11,925		11,904		0.03
GS Acquisitionco Inc	(4)(5)(7)(10)	SOFR +	5.25%	9.55%	3/26/2024	5/25/2028	1,313		1,277		1,273		0.00
Homecare Software Solutions, LLC	(4)(10)	SOFR +	5.55%	9.87% (incl. 2.93% PIK)	6/14/2024	6/14/2031	77,712		77,032		77,324		0.18
Homecare Software Solutions, LLC	(4)(5)(10)	SOFR +	5.55%	9.87% (incl. 2.93% PIK)	6/14/2024	6/14/2031	30,350		30,086		30,199		0.07
Homecare Software Solutions, LLC	(4)(10)	SOFR +	5.55%	9.87% (incl. 2.93% PIK)	9/26/2024	6/14/2031	35,901		35,574		35,722		0.09
HS Purchaser, LLC	(10)	SOFR +	4.00%	8.39%	6/23/2021	11/19/2026	23,503		23,508		21,576		0.05
Icefall Parent, Inc.	(4)(7)(11)	SOFR +	6.50%	10.79%	1/26/2024	1/25/2030	72,237		70,966		72,237		0.17
Idemia America Corp	(6)(10)	SOFR +	4.25%	8.58%	2/2/2024	9/30/2028	992		998		999		0.00
IGT Holding IV AB	(4)(5)(6)(8)	E +	5.25%	8.60%	10/25/2022	3/31/2028	EUR	14,835	15,948		16,041		0.04
ION Trading Finance Ltd.	(6)(8)	SOFR +	3.50%	7.83%	12/10/2024	4/1/2028	23,053		23,053		22,888		0.05
IQN Holding Corp	(4)(10)	SOFR +	5.25%	9.56%	5/2/2022	5/2/2029	45,774		45,519		45,774		0.11
IQN Holding Corp	(4)(5)(7)(10)	SOFR +	5.25%	9.57%	5/2/2022	5/2/2028	3,141		3,112		3,141		0.01
IRI Group Holdings Inc	(4)(10)	SOFR +	5.00%	9.31%	4/1/2024	12/1/2028	1,583,182		1,563,107		1,583,182		3.79
IRI Group Holdings Inc	(4)(5)(7)(10)	SOFR +	5.00%	9.32%	4/1/2024	12/1/2027	11,750		10,571		11,750		0.03
Javelin Buyer Inc	(6)(8)	SOFR +	3.25%	7.56%	12/6/2024	10/8/2031	3,000		3,018		2,990		0.01
JS Parent Inc	(4)(7)(10)	SOFR +	5.00%	9.59%	4/24/2024	4/24/2031	81,015		80,630		80,975		0.19
Kaseya, Inc.	(7)(8)	SOFR +	3.25%	7.57%	3/20/2025	3/22/2032	125,000		123,442		124,641		0.30
LD Lower Holdings, Inc.	(4)(11)	SOFR +	7.50%	11.90%	2/8/2021	8/9/2027	107,088		106,704		106,285		0.25
LogicMonitor Inc	(4)(7)(10)	SOFR +	5.50%	9.79%	11/15/2024	11/15/2031	91,603		90,382		90,315		0.22

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Software (continued)
Magenta Security Holdings LLC	(5)(11)	SOFR +	6.25%	10.54%	8/14/2024	7/27/2028	$	9,724	$	9,391	$	9,892	0.02	%
Magenta Security Holdings LLC	(5)(10)(18)	SOFR +	6.75%	11.30%	8/14/2024	7/27/2028	27,581		26,421		25,039		0.06
Magenta Security Holdings LLC	(5)(10)(17)(18)	SOFR +	7.00%	11.55% (incl. 5.50% PIK)	8/14/2024	7/27/2028	6,792		2,110		1,947		0.00
Magnesium BorrowerCo, Inc.	(4)(10)	S +	5.25%	9.71%	5/19/2022	5/18/2029	GBP	100,826	124,111		130,242		0.31
Magnesium BorrowerCo, Inc.	(4)(10)	SOFR +	5.25%	9.57%	5/19/2022	5/18/2029	1,043,076		1,027,327		1,043,076		2.50
Magnesium BorrowerCo, Inc.	(4)(10)	SOFR +	5.25%	9.57%	3/21/2024	5/18/2029	29,190		28,902		29,190		0.07
Mandolin Technology Intermediate Holdings, Inc.	(4)(9)	SOFR +	3.75%	8.20%	7/30/2021	7/31/2028	75,896		75,353		66,030		0.16
Mandolin Technology Intermediate Holdings, Inc.	(4)(7)(9)	SOFR +	6.25%	10.70%	6/9/2023	7/31/2028	61,896		60,488		57,441		0.14
Maverick Bidco Inc.	(10)	SOFR +	3.75%	8.19%	5/18/2021	5/18/2028	16,450		16,412		16,474		0.04
Maverick Bidco Inc.	(4)(5)(10)	SOFR +	5.00%	9.39%	5/26/2023	5/18/2028	69,161		67,584		69,161		0.17
Maverick Bidco Inc.	(4)(5)(7)(10)	SOFR +	4.75%	9.14%	8/16/2024	5/18/2028	57,477		56,954		57,190		0.14
McAfee Corp.	(6)(9)	SOFR +	3.00%	7.31%	5/31/2024	3/1/2029	29,647		29,647		28,372		0.07
Medallia, Inc.	(4)(10)	SOFR +	6.50%	10.82% (incl. 4.00% PIK)	10/28/2021	10/29/2028	874,484		866,504		780,477		1.87
Medallia, Inc.	(4)(10)	SOFR +	6.50%	10.82% (incl. 4.00% PIK)	8/16/2022	10/29/2028	215,744		213,354		192,551		0.46
Mitnick Purchaser, Inc.	(9)(18)	SOFR +	4.50%	8.89%	5/2/2022	5/2/2029	11,586		11,552		9,848		0.02
Monk Holding Co.	(4)(10)(18)	SOFR +	5.50%	9.90%	12/1/2021	12/1/2027	10,916		10,799		10,916		0.03
Monk Holding Co.	(4)(7)(10)	SOFR +	5.50%	9.90%	12/1/2021	12/1/2027	5,416		5,273		5,187		0.01
MRI Software, LLC	(11)	SOFR +	4.75%	9.05%	1/7/2021	2/10/2027	240,833		239,605		239,027		0.57
MRI Software, LLC	(4)(7)(11)	SOFR +	4.75%	9.05%	8/27/2024	2/10/2027	8,769		8,514		7,729		0.02
NAVEX TopCo, Inc.	(4)(7)(10)	SOFR +	5.50%	9.82%	11/9/2023	11/9/2030	99,640		97,916		99,640		0.24
Nintex Topco Limited	(4)(6)(8)	SOFR +	6.00%	10.45% (incl. 1.50% PIK)	11/12/2021	11/13/2028	679,095		672,196		624,767		1.49
Noble Midco 3 Ltd	(4)(5)(6)(7)(10)	SOFR +	5.00%	9.30%	6/10/2024	6/24/2031	39,633		39,200		39,587		0.09
Optimizely North America Inc	(4)(5)(10)	S +	5.50%	9.96%	10/30/2024	10/30/2031	GBP	2,135	2,743		2,731		0.01
Optimizely North America Inc	(4)(5)(10)	E +	5.25%	7.61%	10/30/2024	10/30/2031	EUR	7,118	7,657		7,619		0.02
Optimizely North America Inc	(4)(5)(7)(10)	SOFR +	5.00%	9.32%	10/30/2024	10/30/2031	20,286		20,067		20,053		0.05
Optus 1011 GmbH	(4)(5)(6)(7)(8)	E +	5.00%	7.41%	3/7/2025	3/24/2032	EUR	33,860	35,553		35,609		0.09

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Software (continued)
Oranje Holdco, Inc.	(4)(5)(11)	SOFR +	7.25%	11.82%	4/19/2024	2/1/2029	$	5,000	$	4,917	$	5,000	0.01	%
Oranje Holdco, Inc.	(4)(7)(11)	SOFR +	7.75%	12.04%	2/1/2023	2/1/2029	66,000		64,813		66,000		0.16
PDI TA Holdings, Inc.	(4)(10)	SOFR +	5.50%	9.79%	2/1/2024	2/3/2031	80,660		79,759		80,660		0.19
PDI TA Holdings, Inc.	(4)(5)(7)(10)	SOFR +	5.50%	9.79%	2/1/2024	2/3/2031	7,994		7,847		7,994		0.02
Perforce Software, Inc.	(9)	SOFR +	4.75%	9.07%	3/22/2024	3/25/2031	19,850		19,765		18,647		0.04
Perforce Software, Inc.	(8)	SOFR +	4.75%	9.07%	12/18/2024	7/1/2029	18,393		18,123		17,585		0.04
Ping Identity Holding Corp	(4)(7)(10)	SOFR +	4.75%	9.05%	10/21/2024	10/17/2029	38,363		37,980		38,363		0.09
Project Alpha Intermediate Holding Inc	(9)	SOFR +	3.25%	7.58%	5/14/2024	10/28/2030	70,676		70,676		70,602		0.17
Project Leopard Holdings, Inc.	(9)	SOFR +	5.25%	9.64%	7/20/2022	7/20/2029	132,953		128,224		115,565		0.28
Project Leopard Holdings, Inc.	(5)(7)(8)	SOFR +	4.25%	8.80%	7/20/2022	7/20/2027	9,480		9,487		6,429		0.02
Proofpoint, Inc.	(9)	SOFR +	3.00%	7.32%	5/28/2024	8/31/2028	6,904		6,904		6,890		0.02
QBS Parent, Inc.	(4)(5)(7)(10)	SOFR +	4.75%	9.05%	11/7/2024	11/7/2031	53,566		53,287		53,404		0.13
QBS Parent, Inc.	(4)(5)(10)	SOFR +	4.75%	9.05%	2/28/2025	11/7/2031	5,196		5,170		5,183		0.01
Rally Buyer, Inc.	(4)(10)	SOFR +	5.75%	10.05%	7/19/2022	7/19/2028	143,182		141,685		132,085		0.32
Rally Buyer, Inc.	(4)(5)(7)(10)	SOFR +	5.75%	10.05%	7/19/2022	7/19/2028	11,535		11,339		10,159		0.02
Relativity ODA, LLC	(4)(7)(11)	SOFR +	4.50%	8.82%	5/12/2021	5/12/2029	37,640		37,593		37,520		0.09
Rocket Software, Inc.	(9)	SOFR +	4.25%	8.56%	10/5/2023	11/28/2028	45,001		44,561		44,945		0.11
Scorpio BidCo SAS	(4)(5)(6)(7)(8)	E +	5.75%	8.11%	4/3/2024	4/30/2031	EUR	37,234	39,581		40,183		0.10
Severin Acquisition LLC	(4)(7)(10)	SOFR +	5.00%	9.31% (incl. 2.25% PIK)	10/1/2024	10/1/2031	341,449		337,687		339,244		0.81
Skopima Consilio Parent, LLC	(7)(9)	SOFR +	3.75%	8.07%	12/18/2024	5/12/2028	39,532		39,136		39,208		0.09
Solarwinds Holdings, Inc.	(8)	SOFR +	2.75%	7.07%	7/24/2024	2/5/2030	2,970		2,967		2,974		0.01
Sovos Compliance, LLC	(8)	SOFR +	4.00%	8.32%	2/11/2025	8/12/2029	13,721		13,719		13,679		0.03
Spaceship Purchaser Inc	(4)(7)(10)	SOFR +	5.00%	9.30%	10/17/2024	10/17/2031	502,321		496,730		498,853		1.19
Spitfire Parent, Inc.	(4)(11)	E +	5.50%	7.86%	3/8/2021	3/11/2027	EUR	18,818	22,569		20,347		0.05
Spitfire Parent, Inc.	(4)(11)	SOFR +	5.50%	9.92%	3/9/2021	3/11/2027	116,509		115,911		116,509		0.28
Stamps.com, Inc.	(4)(5)(10)	SOFR +	5.75%	10.14%	12/14/2021	10/5/2028	9,819		9,718		9,648		0.02
Stamps.com, Inc.	(4)(10)	SOFR +	5.75%	10.14%	10/5/2021	10/5/2028	834,789		826,411		820,180		1.96
Surf Holdings, LLC	(6)(8)	SOFR +	3.50%	7.94%	1/7/2021	3/5/2027	12,549		12,562		12,566		0.03
Tango Bidco SAS	(4)(5)(6)(8)	E +	5.00%	7.79%	10/17/2024	10/17/2031	EUR	69,197	73,939		73,768		0.18
Tango Bidco SAS	(4)(5)(6)(7)(8)	E +	5.00%	7.79%	10/17/2024	10/17/2031	EUR	18,953	20,815		20,039		0.05
Tegra118 Wealth Solutions, Inc.	(8)	SOFR +	4.00%	8.32%	1/7/2021	2/18/2027	6,775		6,761		6,750		0.02
TravelPerk Inc	(4)(6)(8)		11.50%	11.50% PIK	5/2/2024	5/2/2029	46,579		44,174		45,414		0.11
Tricentis Operations Holdings, Inc.	(4)(7)(11)	SOFR +	6.25%	10.55% (incl. 4.87% PIK)	2/11/2025	2/11/2032	132,410		130,819		130,788		0.31

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Software (continued)
Triple Lift, Inc.	(4)(7)(10)	SOFR +	5.75%	10.20%	5/6/2021	5/5/2028	$	43,429	$	42,919	$	41,120	0.10	%
Triple Lift, Inc.	(4)(10)	SOFR +	5.75%	10.20%	3/18/2022	5/5/2028	25,450		25,193		24,432		0.06
Varicent Parent Holdings Corp	(4)(7)(10)	SOFR +	6.00%	10.33% (incl. 3.25% PIK)	8/23/2024	8/23/2031	72,680		71,516		71,864		0.17
Vision Solutions, Inc.	(10)	SOFR +	4.00%	8.55%	10/25/2021	4/24/2028	39,893		39,816		38,578		0.09
VS Buyer, LLC	(7)(8)	SOFR +	2.75%	7.07%	11/19/2024	4/12/2031	6,302		5,516		5,335		0.01
WPEngine, Inc.	(4)(7)(10)	SOFR +	6.50%	10.82%	8/14/2023	8/14/2029	81,400		79,444		81,156		0.19
XPLOR T1, LLC	(4)(8)	SOFR +	3.50%	7.83%	12/11/2024	6/24/2031	34,818		34,822		34,861		0.08
Yellow Castle AB	(4)(6)(8)	ST +	5.00%	7.50% (incl. 2.25% PIK)	4/14/2022	7/9/2029	SEK	114,069	10,640		11,348		0.03
Yellow Castle AB	(4)(6)(8)	SA +	5.00%	5.44% (incl. 1.63% PIK)	4/14/2022	7/9/2029	CHF	10,774	10,903		12,178		0.03
Yellow Castle AB	(4)(5)(6)(9)	SA +	5.00%	5.44% (incl. 1.63% PIK)	7/28/2022	7/9/2029	CHF	3,516	3,534		3,974		0.01
Yellow Castle AB	(4)(6)(8)	E +	5.00%	7.65% (incl. 2.30% PIK)	4/14/2022	7/9/2029	EUR	32,139	32,173		34,752		0.08
Yellow Castle AB	(4)(5)(6)(8)	E +	5.00%	7.65% (incl. 2.30% PIK)	4/14/2022	7/9/2029	EUR	8,937	8,991		9,663		0.02
Yellow Castle AB	(4)(5)(6)(10)	S +	5.00%	9.70% (incl. 2.91% PIK)	7/28/2022	7/9/2029	GBP	12,584	14,946		16,255		0.04
Yellow Castle AB	(4)(5)(6)(7)(8)	E +	5.00%	7.46% (incl. 2.24% PIK)	2/27/2025	7/6/2029	EUR	15,055	15,551		16,157		0.04
Zendesk, Inc.	(4)(7)(10)	SOFR +	5.00%	9.30%	7/23/2024	11/22/2028	932,053		914,587		928,932		2.22
Zorro Bidco, Ltd.	(4)(5)(6)(7)(8)	S +	4.90%	9.36%	8/13/2024	8/13/2031	GBP	71,058	89,121		90,754		0.22
Zorro Bidco, Ltd.	(4)(5)(6)(8)	S +	4.90%	9.36%	1/30/2025	8/13/2031	GBP	7,896	9,727		10,098		0.02
Zorro Bidco, Ltd.	(4)(5)(6)(8)	ST +	4.90%	7.21%	9/13/2024	8/13/2031	SEK	108,262	9,845		10,663		0.03
									17,501,241		17,249,871		41.26
Specialty Retail
CustomInk, LLC	(4)(11)(18)	SOFR +	5.98%	10.38%	1/7/2021	5/3/2026	36,866		36,708		36,866		0.09
EG America, LLC	(6)(8)	SOFR +	4.25%	8.56%	12/10/2024	2/7/2028	12,067		11,867		12,088		0.03
Hoya Midco, LLC	(6)(9)	SOFR +	2.25%	6.55%	2/5/2025	2/3/2029	9,472		9,472		9,354		0.02
Mavis Tire Express Services Topco, Corp.	(10)	SOFR +	3.00%	7.31%	1/17/2025	5/4/2028	27,626		27,624		27,485		0.07
Metis Buyer, Inc.	(5)(7)(8)	SOFR +	3.25%	7.55%	5/4/2021	5/4/2026	6,390		6,346		6,270		0.01
StubHub Holdco Sub, LLC	(8)	SOFR +	4.75%	9.07%	3/15/2024	3/15/2030	11,181		11,171		11,153		0.03
									103,188		103,216		0.25

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Technology Hardware, Storage & Peripherals
Lytx, Inc.	(4)(11)	SOFR +	5.00%	9.42%	6/13/2024	2/28/2028	$	75,139	$	75,182	$	75,139	0.18	%
Trading Companies & Distributors
FCG Acquisitions, Inc.	(9)	SOFR +	3.25%	7.55%	2/11/2025	3/31/2028	22,643		22,641		22,507		0.05
Foundation Building Materials, Inc.	(9)	SOFR +	3.25%	7.80%	1/29/2021	1/31/2028	12,581		12,460		11,977		0.03
Hillman Group Inc	(6)(9)	SOFR +	2.00%	6.32%	7/14/2021	7/14/2028	6,401		6,411		6,383		0.02
Icebox Holdco III, Inc.	(9)	SOFR +	3.50%	8.09%	12/22/2021	12/22/2028	15,583		15,549		15,618		0.04
Paramount Global Surfaces Inc	(4)(11)	SOFR +	6.00%	10.43%	4/30/2021	4/1/2027	80,856		80,158		71,153		0.17
Park River Holdings, Inc.	(10)	SOFR +	3.25%	7.82%	1/7/2021	12/28/2027	45,560		45,289		41,990		0.10
Red Fox CD Acquisition Corp	(4)(11)	SOFR +	6.00%	10.30%	3/4/2024	3/4/2030	108,060		105,984		108,060		0.26
Sunsource Borrower, LLC	(8)	SOFR +	4.00%	8.42%	3/25/2024	3/25/2031	1,814		1,817		1,744		0.00
White Cap Buyer, LLC	(8)	SOFR +	3.25%	7.57%	6/13/2024	10/19/2029	14,456		14,423		14,049		0.03
Windsor Holdings III, LLC	(8)	SOFR +	2.75%	7.07%	3/21/2025	8/1/2030	8,836		8,834		8,759		0.02
									313,566		302,240		0.72
Transportation Infrastructure
Capstone Acquisition Holdings Inc	(4)(7)(11)	SOFR +	4.50%	8.92%	8/29/2024	11/13/2029	95,650		95,160		95,619		0.23
Enstructure, LLC	(4)(7)(11)(18)	SOFR +	6.27%	10.59%	6/10/2024	6/10/2029	230,696		227,887		229,285		0.55
Frontline Road Safety, LLC	(4)(5)(7)(8)	SOFR +	4.75%	9.07% (incl. 2.00% PIK)	3/4/2025	3/4/2032	434		176		173		0.00
Frontline Road Safety, LLC	(4)(8)	SOFR +	4.75%	9.07% (incl. 2.00% PIK)	3/4/2025	3/4/2032	81,219		80,417		80,407		0.19
Helix TS, LLC	(4)(10)	SOFR +	6.25%	10.54%	8/4/2021	8/4/2027	91,659		90,943		90,284		0.22
Helix TS, LLC	(4)(7)(10)	SOFR +	6.25%	10.55%	8/4/2021	8/4/2027	63,365		62,589		61,918		0.15
Helix TS, LLC	(4)(10)	SOFR +	6.25%	10.55%	12/22/2023	8/4/2027	13,724		13,547		13,518		0.03
Helix TS, LLC	(4)(5)(10)	SOFR +	6.25%	10.55%	12/14/2022	8/4/2027	980		970		965		0.00
Italian Motorway Holdings S.à r.l	(4)(6)(8)	E +	5.25%	8.14%	4/28/2022	4/28/2029	EUR	236,429	244,775		255,650		0.61
Roadsafe Holdings, Inc.	(4)(11)	SOFR +	5.75%	10.27%	4/19/2021	10/19/2027	71,338		70,705		68,128		0.16
Roadsafe Holdings, Inc.	(4)(11)	SOFR +	5.75%	10.14%	1/31/2022	10/19/2027	75,984		75,518		72,565		0.17
Roadsafe Holdings, Inc.	(4)(11)	SOFR +	5.75%	10.14%	4/19/2021	10/19/2027	54,490		54,427		52,038		0.12
Roadsafe Holdings, Inc.	(4)(5)(11)	P +	4.75%	12.25%	9/11/2024	10/19/2027	4,324		4,254		4,129		0.01
Safety Borrower Holdings LP	(4)(11)	SOFR +	5.25%	9.69%	9/1/2021	9/1/2027	47,176		46,996		47,176		0.11
Safety Borrower Holdings LP	(4)(5)(7)(11)	P +	4.25%	11.75%	9/1/2021	9/1/2027	839		825		805		0.00

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Transportation Infrastructure (continued)
Sam Holding Co, Inc.	(4)(11)	SOFR +	5.50%	9.91%	9/24/2021	9/24/2027	$	146,663	$	145,451	$	146,663	0.35	%
Sam Holding Co, Inc.	(4)(11)	SOFR +	5.50%	9.79%	9/19/2023	9/24/2027	63,095		62,315		63,095		0.15
Sam Holding Co, Inc.	(4)(11)	SOFR +	5.50%	9.90%	9/19/2023	9/24/2027	39,692		39,194		39,692		0.09
Sam Holding Co, Inc.	(4)(11)	SOFR +	5.50%	9.79%	9/24/2021	9/24/2027	45,514		45,160		45,514		0.11
Sam Holding Co, Inc.	(4)(5)(7)(11)	P +	4.50%	12.00%	9/24/2021	3/24/2027	6,400		6,227		6,400		0.02
Sam Holding Co, Inc.	(4)(5)(7)(11)	SOFR +	5.50%	9.89%	9/5/2024	9/24/2027	32,739		32,403		32,336		0.08
TRP Infrastructure Services, LLC	(4)(11)	SOFR +	5.50%	9.94%	7/9/2021	7/9/2027	71,292		70,753		71,292		0.17
TRP Infrastructure Services, LLC	(4)(7)(11)	SOFR +	5.50%	9.97%	12/2/2024	7/9/2027	24,432		24,135		24,332		0.06
									1,494,827		1,501,984		3.58
Wireless Telecommunication Services
CCI Buyer, Inc.	(10)	SOFR +	4.00%	8.33%	1/7/2021	12/17/2027	20,866		20,855		20,901		0.05
CyrusOne Revolving Warehouse	(4)(5)(6)(7)(8)	SOFR +	3.00%	7.32%	7/12/2024	7/2/2027	104,521		103,706		104,521		0.25
									124,561		125,422		0.30
Total First Lien Debt - non-controlled/non-affiliated									62,469,754		62,013,272		148.29
First Lien Debt - non-controlled/affiliated
Media
DMS Purchaser LLC	(4)(5)(6)(14)(16)	SOFR +	7.50%	11.80% (incl. 6.50% PIK)	2/24/2025	2/28/2030	6,151		6,151		6,151		0.01
Total First Lien Debt - non-controlled/affiliated									6,151		6,151		0.01
First Lien Debt - controlled/affiliated
Chemicals
Pigments Services, Inc.	(4)(6)(14)(16)(17)	SOFR +	8.25%	12.67% PIK	4/14/2023	4/14/2029	23,880		15,191		0		0.00
Pigments Services, Inc.	(4)(6)(14)(16)(17)	SOFR +	8.25%	12.67% PIK	4/14/2023	4/14/2029	11,661		11,573		8,897		0.02
									26,764		8,897		0.02
Insurance
CFCo, LLC (Benefytt Technologies, Inc.)	(4)(5)(8)(16)(17)(18)		0.00%	0.00%	9/11/2023	9/13/2038	86,098		12,571		0		0.00
Daylight Beta Parent, LLC (Benefytt Technologies, Inc.)	(4)(5)(8)(16)(17)(18)		10.00%	10.00% PIK	9/11/2023	9/12/2033	56,160		49,530		13,063		0.03
									62,101		13,063		0.03
Oil, Gas & Consumable Fuels
Pibb Member, LLC	(4)(5)(6)(8)(16)		6.41%	6.41%	11/22/2024	11/22/2049	2,250		2,250		2,250		0.01
Professional Services
Material Holdings, LLC	(4)(5)(7)(10)(16)	SOFR +	6.00%	10.43% (incl. 9.90% PIK)	6/14/2024	8/19/2027	238,505		236,812		238,132		0.57
Material Holdings, LLC	(4)(5)(10)(16)(17)	SOFR +	6.00%	10.43% PIK	6/14/2024	8/19/2027	59,023		57,075		10,435		0.02
									293,887		248,567		0.59
Total First Lien Debt - controlled/affiliated									385,002		272,777		0.65
Total First Lien Debt									62,860,907		62,292,200		148.95

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

Second Lien
Second Lien Debt - non-controlled/non-affiliated
Aerospace & Defense
Atlas CC Acquisition Corp.	(4)(10)	SOFR +	7.63%	12.20%	5/25/2021	5/25/2029	$	44,520	$	44,174	$	26,044	0.06	%
Peraton Corp.	(10)	SOFR +	7.75%	12.18%	5/6/2021	2/1/2029	43,259		42,949		32,850		0.08
									87,123		58,894		0.14
Commercial Services & Supplies
DG Investment Intermediate Holdings 2, Inc.	(10)	SOFR +	6.75%	11.19%	3/31/2021	3/30/2029	29,464		29,390		29,299		0.07
OMNIA Partners, LLC	(4)(8)	SOFR +	5.00%	9.30%	5/31/2024	5/31/2032	165,000		164,261		165,000		0.39
									193,651		194,299		0.46
Construction & Engineering
Thermostat Purchaser III, Inc.	(4)(10)	SOFR +	7.25%	11.71%	8/31/2021	8/31/2029	32,725		32,455		32,725		0.08
Health Care Providers & Services
Canadian Hospital Specialties Ltd.	(4)(6)(8)		8.75%	8.75%	4/15/2021	4/15/2029	CAD	3,800	3,003		2,423		0.01
Hunter UK Bidco Ltd	(4)(6)(8)	S +	7.50%	11.96%	8/19/2021	8/19/2029	GBP	65,340	88,002		81,871		0.20
Inizio Group Ltd	(4)(6)(8)	SOFR +	7.25%	11.65%	12/31/2021	8/19/2029	15,000		14,785		14,325		0.03
Inizio Group Ltd	(4)(5)(6)(8)	SOFR +	7.25%	11.65%	3/31/2022	8/19/2029	10,000		9,852		9,550		0.02
Jayhawk Buyer, LLC	(4)(11)	SOFR +	8.75%	13.14%	5/26/2021	10/15/2027	6,537		6,485		6,046		0.01
									122,127		114,215		0.27
Health Care Technology
Project Ruby Ultimate Parent Corp	(4)(10)	SOFR +	5.25%	9.69%	10/15/2024	3/10/2029	100,934		100,482		100,682		0.24
Insurance
SQ ABS Issuer LLC	(4)(6)(8)		9.65%	9.65%	10/11/2024	10/20/2039	13,981		13,804		13,876		0.03
Interactive Media & Services
Project Boost Purchaser, LLC	(8)	SOFR +	5.25%	9.56%	7/16/2024	7/16/2032	44,853		44,649		44,965		0.11
Speedster Bidco GmbH	(4)(6)(8)	CA +	5.50%	8.16%	12/10/2024	2/13/2032	CAD	681,018	477,118		464,960		1.11
									521,767		509,925		1.22
IT Services
Dcert Buyer, Inc.	(8)	SOFR +	7.00%	11.32%	2/19/2021	2/19/2029	60,975		61,092		49,847		0.12
Inovalon Holdings, Inc.	(4)(10)	SOFR +	10.50%	15.05% PIK	11/24/2021	11/24/2033	131,514		129,751		131,514		0.31
									190,843		181,361		0.43
Life Sciences Tools & Services
Curia Global, Inc.	(4)(10)	SOFR +	10.50%	15.05% PIK	9/1/2021	3/7/2030	45,977		45,469		41,839		0.10

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

Second Lien Debt - non-controlled/non-affiliated (continued0
Machinery
Victory Buyer, LLC	(4)(9)	SOFR +	7.00%	11.44%	11/19/2021	11/19/2029	$	24,677	$	24,525	$	23,567	0.06	%
Media
HMH Education Inc	(4)(9)	SOFR +	8.50%	12.82%	4/7/2022	4/8/2030	80,500		79,472		80,299		0.19
Professional Services
CoreLogic, Inc.	(9)	SOFR +	6.50%	10.94%	6/4/2021	6/4/2029	67,488		67,135		65,569		0.16
Deerfield Dakota Holding, LLC	(10)	SOFR +	6.75%	11.34%	4/22/2021	4/7/2028	14,069		14,057		13,514		0.03
Kwor Acquisition, Inc.	(4)(5)(11)	SOFR +	5.25%	9.56%	2/28/2025	2/28/2030	2,067		2,067		2,067		0.00
Sedgwick Claims Management Services, Inc.	(4)(8)	SOFR +	5.00%	9.31%	7/31/2024	7/31/2032	230,000		227,892		229,425		0.55
Thevelia US, LLC	(4)(6)(9)	SOFR +	6.00%	10.30%	6/17/2022	6/17/2032	182,046		178,489		182,045		0.44
									489,640		492,620		1.18
Software
Boxer Parent Company, Inc.	(8)	SOFR +	5.75%	10.04%	7/30/2024	7/30/2032	58,594		58,062		56,690		0.14
CB Nike Holdco LLC	(4)(11)	SOFR +	7.35%	11.67% PIK	11/25/2024	11/26/2029	210,812		206,901		206,596		0.49
Cloudera, Inc.	(9)	SOFR +	6.00%	10.42%	10/8/2021	10/8/2029	66,697		66,382		63,723		0.15
Delta Topco, Inc.	(8)	SOFR +	5.25%	9.57%	5/1/2024	12/1/2030	87,913		87,534		88,050		0.21
Flash Charm, Inc.	(8)	SOFR +	6.75%	11.19%	3/2/2021	3/2/2029	27,051		26,882		24,188		0.06
Human Security, Inc.	(4)(11)	SOFR +	6.75%	11.07%	7/22/2022	7/22/2027	50,000		49,595		47,750		0.11
Human Security, Inc.	(4)(11)	SOFR +	6.75%	11.04%	7/22/2022	7/22/2027	50,000		49,595		47,750		0.11
IGT Holding II AB	(4)(6)(8)	SOFR +	6.50%	10.77% PIK	8/13/2024	8/27/2033	129,022		126,743		128,377		0.31
Kaseya, Inc.	(4)(5)(8)	SOFR +	5.00%	9.32%	3/20/2025	5/20/2033	125,000		123,880		124,375		0.30
Mandolin Technology Intermediate Holdings, Inc.	(4)(9)	SOFR +	6.50%	10.97% (incl. 6.50% PIK)	7/30/2021	7/30/2029	31,950		31,709		26,519		0.06
Maverick Bidco Inc.	(4)(5)(10)	SOFR +	8.00%	12.29%	12/19/2023	5/18/2029	628		618		622		0.00
Maverick Bidco Inc.	(10)	SOFR +	6.75%	11.19%	5/18/2021	5/18/2029	18,000		17,960		17,708		0.04
Maverick Bidco Inc.	(4)(5)(7)(11)	SOFR +	8.00%	12.29%	8/16/2024	5/18/2029	35,653		35,103		35,185		0.08
OT Luxco 2 S.à r.l.	(4)(5)(6)(8)	E +	8.75%	11.81% PIK	10/10/2024	9/30/2029	EUR	31,461	33,936		33,509		0.08
Project Alpha Intermediate Holding Inc	(9)	SOFR +	5.00%	9.33%	11/21/2024	11/21/2032	49,542		49,295		49,357		0.12
Vision Solutions, Inc.	(10)	SOFR +	7.25%	11.80%	4/23/2021	4/23/2029	41,439		41,277		40,032		0.10
									1,005,472		990,431		2.36
Trading Companies & Distributors
Icebox Holdco III, Inc.	(9)	SOFR +	6.75%	11.34%	12/22/2021	12/21/2029	14,000		13,916		14,140		0.03
Total Second Lien Debt - non-controlled/non-affiliated									2,920,746		2,848,873		6.79
Total Second Lien Debt									2,920,746		2,848,873		6.79

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

Unsecured Debt
Unsecured Debt - non-controlled/non-affiliated
Biotechnology
AbbVie Inc	(5)(6)(8)		4.80%	4.80%	9/10/2024	3/15/2029	$	1,000	$	1,028	$	1,013	0.00	%
Amgen Inc	(5)(6)(8)		5.15%	5.15%	9/10/2024	3/2/2028	1,000		1,026		1,018		0.00
Biogen Inc	(5)(6)(8)		2.25%	2.25%	9/10/2024	5/1/2030	1,000		905		882		0.00
Gilead Sciences Inc	(5)(6)(8)		1.65%	1.65%	9/10/2024	10/1/2030	1,000		877		856		0.00
Regeneron Pharmaceuticals Inc	(5)(6)(8)		1.75%	1.75%	9/10/2024	9/15/2030	1,000		880		853		0.00
									4,716		4,622		0.00
Health Care Equipment & Supplies
Abbott Laboratories	(5)(6)(8)		1.40%	1.40%	9/10/2024	6/30/2030	1,000		890		866		0.00
Alcon Finance Corp	(5)(6)(8)		2.60%	2.60%	9/10/2024	5/27/2030	1,000		922		900		0.00
Becton Dickinson & Co	(5)(6)(8)		5.08%	5.08%	9/10/2024	6/7/2029	1,000		1,032		1,015		0.00
Boston Scientific Corp	(5)(6)(8)		2.65%	2.65%	9/10/2024	6/1/2030	1,000		931		912		0.00
									3,775		3,693		0.00
Health Care Technology
Healthcomp Holding Company, LLC	(4)(5)(8)		13.75%	13.75% PIK	11/8/2023	11/8/2031	21,944		21,480		21,669		0.05
IT Services
PPT Holdings III LLC	(4)(5)(8)		12.75%	12.75% PIK	3/25/2024	3/27/2034	8,828		8,653		8,784		0.02
Life Sciences Tools & Services
Thermo Fisher Scientific Inc.	(5)(6)(8)		5.00%	5.00%	9/10/2024	1/31/2029	1,000		1,034		1,023		0.00
Pharmaceuticals
Astrazeneca Finance LLC	(5)(6)(8)		4.85%	4.85%	9/10/2024	2/26/2029	1,000		1,029		1,014		0.00
Bristol-Myers Squibb Co	(5)(6)(8)		4.90%	4.90%	9/10/2024	2/22/2029	1,000		1,031		1,018		0.00
Eli Lilly & Co	(5)(6)(8)		4.20%	4.20%	9/10/2024	8/14/2029	1,000		1,011		994		0.00
GlaxoSmithKline Capital PLC	(5)(6)(8)		3.38%	3.38%	9/10/2024	6/1/2029	1,000		977		963		0.00
Johnson & Johnson	(5)(6)(8)		4.80%	4.80%	9/10/2024	6/1/2029	1,000		1,040		1,021		0.00
Merck & Co Inc	(5)(6)(8)		4.30%	4.30%	9/10/2024	5/17/2030	1,000		1,015		996		0.00
Novartis Capital Corp	(5)(6)(8)		2.20%	2.20%	9/10/2024	8/14/2030	1,000		920		894		0.00
Novo Nordisk Finance Netherlands BV	(5)(6)(8)		3.13%	3.13%	9/10/2024	1/21/2029	EUR	1,000	1,117		1,097		0.00
Pfizer Inc	(5)(6)(8)		1.70%	1.70%	9/10/2024	5/28/2030	1,000		894		873		0.00
Roche Holdings Inc	(5)(6)(8)		4.20%	4.20%	9/10/2024	9/9/2029	1,000		1,008		995		0.00
Takeda Pharmaceutical Co Ltd	(5)(6)(8)		2.05%	2.05%	9/10/2024	3/31/2030	1,000		901		882		0.00
Teva Pharmaceutical Finance Netherlands III B.V.	(5)(6)(8)		3.15%	3.15%	9/10/2024	10/1/2026	1,000		969		970		0.00
									11,912		11,717		0.00
Total Unsecured Debt - non-controlled/non-affiliated									51,570		51,508		0.07
Total Unsecured Debt									51,570		51,508		0.07

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

Structured Finance Obligations
Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated
Financial Services
522 Funding CLO 2020-6, Ltd. - Class ER	(4)(5)(6)(8)	SOFR +	6.50%	11.39%	11/9/2021	10/23/2034	$	3,000	$	3,000	$	2,939	0.01	%
Allegro Clo VIII-S Ltd - Class E2	(4)(5)(6)(8)	SOFR +	8.00%	12.49%	10/3/2024	10/15/2037	2,000		2,000		2,003		0.00
Allegro CLO XIII Ltd - Class E	(4)(5)(6)(8)	SOFR +	6.61%	11.49%	5/25/2021	7/20/2034	2,500		2,454		2,512		0.01
Allegro Clo XVIII Ltd - Class E1	(4)(5)(6)(8)	SOFR +	6.36%	10.67%	10/30/2024	1/25/2038	1,225		1,177		1,212		0.00
Allegro Clo XVIII Ltd - Class E2	(4)(5)(6)(8)	SOFR +	7.50%	11.81%	10/30/2024	1/25/2038	2,225		2,225		2,230		0.01
Apidos Clo XXV - Class E1R3	(4)(5)(6)(8)	SOFR +	5.35%	9.68%	12/17/2024	1/20/2037	4,000		4,000		3,980		0.01
Apidos CLO XXXIII - Class ER	(4)(5)(6)(8)	SOFR +	6.35%	11.25%	9/14/2021	10/24/2034	5,000		4,963		4,990		0.01
Apidos CLO XXXVI - Class E	(4)(5)(6)(8)	SOFR +	5.95%	10.83%	7/28/2021	7/20/2034	8,500		8,500		8,481		0.02
ARES LI CLO Ltd - Class ER2	(4)(5)(6)(8)	SOFR +	6.25%	10.77%	11/1/2024	10/15/2037	4,000		4,000		4,011		0.01
Ares Loan Funding VI Ltd - Class E	(4)(5)(6)(8)	SOFR +	6.40%	11.41%	5/24/2024	7/10/2037	2,000		2,000		2,005		0.00
Ares Loan Funding VIII Ltd - Class E	(4)(5)(6)(8)	SOFR +	5.25%	9.54%	12/19/2024	1/24/2038	3,000		3,000		2,984		0.01
Ares LVI CLO Ltd - Class ER2	(4)(5)(6)(8)	SOFR +	5.35%	9.65%	12/27/2024	1/25/2038	9,000		9,000		8,956		0.02
Ares LX CLO LTD - Class E	(4)(5)(6)(8)	SOFR +	6.25%	11.14%	5/6/2021	7/18/2034	5,000		4,980		4,991		0.01
Ares LXII CLO, Ltd. - Class E	(4)(5)(6)(8)	SOFR +	6.76%	11.39%	11/18/2021	1/25/2034	9,000		9,000		8,869		0.02
Bain Capital Credit CLO 2020-4 Ltd - Class ER	(4)(5)(6)(8)	SOFR +	7.98%	12.60%	10/11/2023	10/20/2036	5,500		5,353		5,554		0.01
Bain Capital Credit CLO 2022-6 Ltd - Class ER	(4)(5)(6)(8)	SOFR +	6.25%	10.77%	10/25/2024	1/22/2038	2,000		2,000		2,005		0.00
Bain Capital Credit CLO 2024-3 Ltd - Class E	(4)(5)(6)(8)	SOFR +	6.25%	11.49%	5/16/2024	7/16/2037	2,500		2,500		2,508		0.01
Balboa Bay Loan Funding 2021-2, Ltd. - Class E	(4)(5)(6)(8)	SOFR +	6.60%	11.48%	10/20/2021	1/20/2035	7,000		6,948		6,729		0.02
Balboa Bay Loan Funding 2024-1 Ltd - Class E	(4)(5)(6)(8)	SOFR +	6.25%	11.27%	5/17/2024	7/20/2037	2,300		2,300		2,322		0.01

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)
Financial Services (continued)
Barings CLO Ltd 2018-II - Class ER	(4)(5)(6)(8)	SOFR +	6.90%	11.77%	8/9/2024	7/15/2036	$	4,000	$	4,000	$	4,010	0.01	%
Barings Clo Ltd 2019-IV - Class ER	(4)(5)(6)(8)	SOFR +	6.40%	11.06%	5/13/2024	7/15/2037	5,000		5,000		5,012		0.01
Barings CLO Ltd 2021-II - Class E	(4)(5)(6)(8)	SOFR +	6.25%	11.17%	7/14/2021	7/15/2034	6,000		6,000		5,964		0.01
Barings CLO Ltd 2021-III - Class E	(4)(5)(6)(8)	SOFR +	6.65%	11.54%	11/17/2021	1/18/2035	7,200		7,200		7,015		0.02
Barings Clo Ltd 2022-II - Class ER	(4)(5)(6)(8)	SOFR +	6.90%	11.56%	7/2/2024	7/15/2039	5,000		5,000		5,012		0.01
Barings CLO Ltd 2023-IV - Class E	(4)(5)(6)(8)	SOFR +	7.59%	12.21%	12/6/2023	1/20/2037	3,000		2,973		3,057		0.01
Benefit Street Partners CLO XX - Class ER	(4)(5)(6)(8)	SOFR +	6.75%	11.67%	8/9/2021	7/15/2034	6,500		6,500		6,542		0.02
Benefit Street Partners CLO XXVI Ltd - Class ER	(4)(5)(6)(8)	SOFR +	6.00%	10.62%	7/3/2024	7/20/2037	3,000		3,000		2,987		0.01
Benefit Street Partners, LLC BSP 2020-21A - Class ER	(4)(5)(6)(8)	SOFR +	6.70%	11.62%	8/25/2021	10/15/2034	3,000		2,977		3,019		0.01
BlueMountain CLO XXIX Ltd - Class ER	(4)(5)(6)(8)	SOFR +	6.86%	11.75%	7/15/2021	7/25/2034	2,750		2,699		2,676		0.01
Broad River Ltd 2020-1 - Class ER	(4)(5)(6)(8)	SOFR +	6.50%	11.38%	5/17/2021	7/20/2034	7,000		6,958		7,029		0.02
Carlyle US CLO 2018-4, Ltd. - Class E1R	(4)(5)(6)(8)	SOFR +	6.43%	11.30%	7/23/2024	10/17/2037	1,000		971		1,007		0.00
Carlyle US CLO 2018-4, Ltd. - Class E2R	(4)(5)(6)(8)	SOFR +	7.86%	12.73%	7/23/2024	10/17/2037	5,000		5,024		5,018		0.01
Carlyle US CLO 2021-7, LTD. - Class ER	(4)(5)(6)(8)	SOFR +	5.50%	9.80%	3/26/2025	4/15/2040	4,650		4,650		4,653		0.01
Carlyle US CLO 2022-4 Ltd - Class ER	(4)(5)(6)(8)	SOFR +	6.75%	11.38%	7/12/2024	7/25/2036	4,000		4,000		4,021		0.01
Carlyle US CLO 2023-5 Ltd - Class E	(4)(5)(6)(8)	SOFR +	7.90%	12.52%	11/10/2023	1/27/2036	7,000		6,875		7,139		0.02
Carlyle US CLO 2024-8 Ltd - Class E	(4)(5)(6)(8)	SOFR +	5.50%	9.84%	11/22/2024	1/25/2037	4,000		4,000		4,005		0.01
Carval CLO V-C, LTD. - Class E	(4)(5)(6)(8)	SOFR +	6.75%	11.67%	11/24/2021	10/15/2034	8,000		7,940		8,022		0.02
Carval CLO VI-C, LTD. - Class E	(4)(5)(6)(8)	SOFR +	7.33%	11.95%	4/22/2022	4/21/2034	8,750		8,683		8,776		0.02
Carval Clo VIII-C Ltd - Class E2R	(4)(5)(6)(8)	SOFR +	7.60%	12.44%	9/13/2024	10/22/2037	2,000		2,000		2,019		0.00
Carval Clo X-C Ltd - Class E	(4)(5)(6)(8)	SOFR +	6.15%	11.44%	6/13/2024	7/20/2037	3,000		3,000		3,000		0.01
CarVal CLO XI C Ltd - Class E	(4)(5)(6)(8)	SOFR +	6.35%	10.80%	8/14/2024	10/20/2037	3,000		3,000		3,014		0.01

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)
Financial Services (continued)
CBAM 2017-1 LTD - Class ER2	(4)(5)(6)(8)	SOFR +	6.93%	11.27%	11/5/2024	1/20/2038	$	10,000	$	9,804	$	10,039	0.02	%
CBAM 2018-8 Ltd - Class E1R	(4)(5)(6)(8)	SOFR +	7.40%	12.06%	5/10/2024	7/15/2037	4,000		4,000		4,084		0.01
CBAM 2018-8 Ltd - Class E2R	(4)(5)(6)(8)	SOFR +	6.37%	11.03%	5/10/2024	7/15/2037	1,000		963		1,002		0.00
Dryden 112 CLO, Ltd. - Class ER	(4)(5)(6)(8)	SOFR +	7.75%	12.27%	11/9/2023	11/15/2036	4,900		4,796		4,910		0.01
Dryden 78 CLO Ltd - Class E1R	(4)(5)(6)(8)	SOFR +	7.70%	12.35%	4/4/2024	4/17/2037	4,000		4,000		4,008		0.01
Dryden 78 CLO Ltd - Class E2R	(4)(5)(6)(8)	SOFR +	6.63%	11.28%	4/4/2024	4/17/2037	1,000		979		973		0.00
Dryden 95 CLO, Ltd. - Class E	(4)(5)(6)(8)	SOFR +	6.15%	10.93%	7/29/2021	8/20/2034	8,000		8,000		7,895		0.02
Eaton Vance CLO 2019-1 Ltd - Class ER2	(4)(5)(6)(8)	SOFR +	6.40%	11.06%	5/9/2024	7/15/2037	5,000		5,000		5,017		0.01
Elmwood CLO 30 Ltd - Class F	(4)(5)(6)(8)	SOFR +	7.25%	12.24%	5/22/2024	7/17/2037	4,500		4,502		4,455		0.01
Fort Washington CLO 2021-2, Ltd. - Class E	(4)(5)(6)(8)	SOFR +	6.61%	11.49%	8/4/2021	10/20/2034	13,000		12,888		12,618		0.03
Galaxy 30 CLO Ltd - Class ER	(4)(5)(6)(8)	SOFR +	5.90%	10.30%	12/9/2024	1/15/2038	5,000		5,000		4,970		0.01
Galaxy XXV CLO, Ltd. - Class ER	(4)(5)(6)(8)	SOFR +	6.50%	11.13%	4/19/2024	4/25/2036	4,000		4,000		4,011		0.01
Galaxy 32 CLO Ltd - Class E	(4)(5)(6)(8)	SOFR +	7.33%	11.95%	9/22/2023	10/20/2036	2,140		2,121		2,180		0.01
Goldentree Loan Management US Clo 15 Ltd - Class ER	(4)(5)(6)(8)	SOFR +	6.50%	11.12%	8/18/2023	10/20/2036	6,500		6,445		6,644		0.02
Goldentree Loan Management US Clo 18 Ltd - Class F	(4)(5)(6)(8)	SOFR +	8.50%	13.12%	10/20/2023	1/20/2037	5,000		4,937		5,062		0.01
GoldenTree Loan Management US CLO 23 Ltd - Class F	(4)(5)(6)(8)	SOFR +	7.75%	12.10%	11/26/2024	1/20/2039	3,500		3,473		3,328		0.01
Halseypoint Clo 5, Ltd. - Class E	(4)(5)(6)(8)	SOFR +	6.94%	11.79%	11/19/2021	1/30/2035	9,500		9,357		9,006		0.02
HPS Loan Management 15-2019 Ltd - Class ER	(4)(5)(6)(8)	SOFR +	6.80%	11.43%	2/8/2022	1/22/2035	4,000		3,970		4,013		0.01
HPS Loan Management 2024-20 Ltd - Class E	(4)(5)(6)(8)	SOFR +	6.20%	11.44%	5/15/2024	7/25/2037	2,000		2,000		2,016		0.00
HPS Loan Management 2025-24 Ltd - Class E	(4)(5)(6)(8)	SOFR +	4.65%	8.95%	3/11/2025	4/25/2038	4,000		4,000		4,019		0.01
Invesco CLO 2022-3 Ltd - Class ER	(4)(5)(6)(8)	SOFR +	6.75%	11.38%	9/30/2024	10/22/2037	3,500		3,486		3,511		0.01
Jamestown CLO XV, Ltd. - Class ER	(4)(5)(6)(8)	SOFR +	7.06%	11.72%	5/28/2024	7/15/2035	3,000		2,972		2,992		0.01

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)
Financial Services (continued)
Magnetite XXXII Ltd - Class E	(4)(5)(6)(8)	SOFR +	6.90%	11.56%	3/7/2022	4/15/2035	$	5,000	$	5,000	$	5,034	0.01	%
MidOcean Credit CLO XIII Ltd - Class E	(4)(5)(6)(8)	SOFR +	7.80%	12.42%	11/16/2023	1/21/2037	9,500		9,157		9,722		0.02
MidOcean Credit CLO XIV Ltd - Class E2	(4)(5)(6)(8)	SOFR +	7.40%	12.06%	2/15/2024	4/15/2037	3,500		3,500		3,472		0.01
MidOcean Credit CLO XI Ltd - Class ER2	(4)(5)(6)(8)	SOFR +	6.00%	10.32%	11/25/2024	1/18/2036	2,000		2,000		1,981		0.00
Morgan Stanley Eaton Vance Clo 2021-1, Ltd. - Class E	(4)(5)(6)(8)	SOFR +	6.75%	11.64%	9/24/2021	10/20/2034	6,500		6,500		6,273		0.02
Morgan Stanley Eaton Vance CLO 2023-19A Ltd - Class ER	(4)(5)(6)(8)	SOFR +	6.10%	10.69%	10/16/2024	10/20/2037	2,200		2,200		2,207		0.01
Neuberger Berman Loan Advisers CLO 30, Ltd. - Class ER2	(4)(5)(6)(8)	SOFR +	5.15%	9.44%	12/23/2024	1/20/2039	3,500		3,500		3,483		0.01
New Mountain CLO 1 Ltd - Class ERR	(4)(5)(6)(8)	SOFR +	5.25%	9.55%	2/7/2025	1/15/2038	2,000		2,000		1,990		0.00
Northwoods Capital XI-B Ltd - Class ER	(4)(5)(6)(8)	SOFR +	7.35%	11.97%	7/3/2024	7/19/2037	3,412		3,357		3,398		0.01
Oaktree CLO 2019-3 Ltd - Class ER2	(4)(5)(6)(8)	SOFR +	6.75%	11.31%	10/24/2024	1/20/2038	5,000		5,000		4,947		0.01
OCP CLO 2021-22, Ltd. - Class ER	(4)(5)(6)(8)	SOFR +	5.75%	10.31%	10/18/2024	10/20/2037	2,000		2,000		1,982		0.00
OCP CLO 2020-18 Ltd - Class ER2	(4)(5)(6)(8)	SOFR +	6.25%	11.48%	7/30/2024	7/20/2037	1,000		1,000		1,005		0.00
OCP CLO 2017-13 Ltd - Class ER2	(4)(5)(6)(8)	SOFR +	5.90%	10.42%	11/5/2024	11/26/2037	5,000		5,000		4,947		0.01
Octagon 55, Ltd - Class E	(4)(5)(6)(8)	SOFR +	6.50%	11.38%	7/1/2021	7/20/2034	11,000		10,902		10,959		0.03
Octagon 75, Ltd - Class E	(4)(5)(6)(8)	SOFR +	4.95%	9.25%	1/31/2025	1/22/2038	3,000		3,000		3,014		0.01
Octagon Investment Partners 41, Ltd. - Class ER	(4)(5)(6)(8)	SOFR +	7.13%	12.05%	9/24/2021	10/15/2033	2,500		2,491		2,500		0.01
Orion CLO 2024-4 LTD - Class E	(4)(5)(6)(8)	SOFR +	6.00%	10.49%	10/25/2024	10/20/2037	5,000		5,000		5,011		0.01
Palmer Square CLO 2015-1, Ltd. - Class DR4	(4)(5)(6)(8)	SOFR +	6.76%	11.05%	5/25/2021	5/21/2034	2,000		1,928		2,007		0.00
Palmer Square CLO 2019-1, Ltd. - Class DR	(4)(5)(6)(8)	SOFR +	6.76%	11.28%	11/16/2021	11/14/2034	13,000		13,003		13,043		0.03
Palmer Square CLO 2022-1, Ltd. - Class E	(4)(5)(6)(8)	SOFR +	6.35%	10.97%	1/24/2022	4/20/2035	2,500		2,500		2,508		0.01
Palmer Square CLO 2023-3 Ltd - Class E	(4)(5)(6)(8)	SOFR +	7.83%	12.45%	11/17/2023	1/20/2037	10,000		9,910		10,176		0.02

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)
Financial Services (continued)
Parallel 2020-1 Ltd - Class DR	(4)(5)(6)(8)	SOFR +	6.50%	11.38%	6/14/2021	7/20/2034	$	3,500	$	3,440	$	3,386	0.01	%
Park Avenue Institutional Advisers CLO Ltd 2022-1 - Class D	(4)(5)(6)(8)	SOFR +	7.29%	11.91%	2/11/2022	4/20/2035	6,000		5,862		5,952		0.01
Pikes Peak CLO 10 - Class ER	(4)(5)(6)(8)	SOFR +	5.90%	10.29%	11/22/2024	1/22/2038	5,000		5,000		5,025		0.01
Pikes Peak Clo 17 Ltd - Class E	(4)(5)(6)(8)	SOFR +	5.75%	10.27%	11/1/2024	1/15/2038	4,000		4,000		4,009		0.01
Pikes Peak CLO 3 - Class ERR	(4)(5)(6)(8)	SOFR +	6.61%	11.50%	8/13/2021	10/25/2034	3,000		3,010		2,899		0.01
Pikes Peak CLO 8 - Class ER	(4)(5)(6)(8)	SOFR +	5.75%	10.04%	12/19/2024	1/20/2038	1,000		1,000		1,000		0.00
Post CLO 2022-1, Ltd. - Class E	(4)(5)(6)(8)	SOFR +	6.75%	11.37%	2/15/2022	4/20/2035	5,000		4,982		5,014		0.01
Post CLO 2024-1, Ltd. - Class E	(4)(5)(6)(8)	SOFR +	6.80%	11.42%	2/6/2024	4/20/2037	2,500		2,500		2,529		0.01
PPM CLO 4, Ltd. - Class ER	(4)(5)(6)(8)	SOFR +	6.50%	11.39%	9/29/2021	10/18/2034	6,775		6,775		6,076		0.01
PPM CLO 5, Ltd. - Class E	(4)(5)(6)(8)	SOFR +	6.50%	11.39%	9/17/2021	10/18/2034	4,800		4,800		4,317		0.01
Rad CLO 14, Ltd. - Class E	(4)(5)(6)(8)	SOFR +	6.50%	11.42%	11/2/2021	1/15/2035	6,750		6,750		6,727		0.02
Rad CLO 16 Ltd - Class ER	(4)(5)(6)(8)	SOFR +	6.50%	11.16%	5/3/2024	7/15/2037	5,000		5,000		5,014		0.01
Rad CLO 17 Ltd - Class ER	(4)(5)(6)(8)	SOFR +	6.25%	10.81%	11/5/2024	1/20/2038	5,000		5,000		4,990		0.01
Rad CLO 22 Ltd - Class E	(4)(5)(6)(8)	SOFR +	7.73%	12.35%	10/27/2023	1/20/2037	7,500		7,298		7,519		0.02
Rad Clo 25 Ltd - Class E	(4)(5)(6)(8)	SOFR +	6.00%	11.01%	5/16/2024	7/20/2037	3,000		3,000		2,977		0.01
Rad CLO 3 Ltd - Class E1R2	(4)(5)(6)(8)	SOFR +	5.88%	10.54%	6/18/2024	7/15/2037	2,715		2,664		2,720		0.01
Rad CLO 3 Ltd - Class E2R2	(4)(5)(6)(8)	SOFR +	7.00%	11.66%	6/18/2024	7/15/2037	2,715		2,715		2,725		0.01
Rad CLO 9 Ltd - Class ER	(4)(5)(6)(8)	SOFR +	5.75%	10.07%	12/19/2024	1/15/2038	3,000		3,000		2,940		0.01
RAD CLO 27 Ltd - Class E	(4)(5)(6)(8)	SOFR +	5.30%	9.59%	1/22/2025	1/15/2038	10,000		10,000		10,030		0.02
Regatta IX Funding Ltd. - Class ER	(4)(5)(6)(8)	SOFR +	6.83%	11.48%	4/10/2024	4/17/2037	3,820		3,903		3,839		0.01
Regatta XXI Funding Ltd - Class ER	(4)(5)(6)(8)	SOFR +	6.25%	10.82%	11/5/2024	10/15/2037	4,000		4,000		4,029		0.01
Regatta XXII Funding Ltd - Class ER	(4)(5)(6)(8)	SOFR +	6.15%	10.77%	10/10/2024	7/20/2035	2,000		2,000		2,004		0.00

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)
Financial Services (continued)
RR 19, Ltd. - Class D	(4)(5)(6)(8)	SOFR +	6.50%	11.42%	9/24/2021	10/15/2035	$	3,000	$	3,000	$	3,000	0.01	%
RRX 7 Ltd - Class D	(4)(5)(6)(8)	SOFR +	6.85%	11.50%	2/18/2022	7/15/2035	5,000		4,961		5,014		0.01
Sagard-Halseypoint Clo 9, Ltd. - Class E	(4)(5)(6)(8)	SOFR +	5.85%	10.15%	3/31/2025	4/20/2038	5,250		5,196		5,265		0.01
Sound Point CLO XXVII, Ltd. - Class ER	(4)(5)(6)(8)	SOFR +	6.56%	11.45%	10/1/2021	10/25/2034	5,000		4,926		4,483		0.01
Symphony CLO 34-PS Ltd. - Class ER	(4)(5)(6)(8)	SOFR +	8.15%	12.79%	7/13/2023	7/24/2036	4,000		3,930		4,088		0.01
Symphony CLO 44 Ltd - Class E	(4)(5)(6)(8)	SOFR +	6.15%	11.18%	5/20/2024	7/14/2037	2,500		2,500		2,514		0.01
Trestles Clo IV, Ltd. - Class E	(4)(5)(6)(8)	SOFR +	6.25%	11.13%	7/12/2021	7/21/2034	8,000		8,000		7,981		0.02
Trinitas CLO XVI Ltd - Class E	(4)(5)(6)(8)	SOFR +	7.00%	11.88%	6/14/2021	7/20/2034	5,000		4,840		4,712		0.01
Vibrant CLO IV-R Ltd - Class E	(4)(5)(6)(8)	SOFR +	7.90%	12.50%	9/19/2024	10/20/2037	1,000		971		998		0.00
Vibrant CLO XII Ltd. - Class DR	(4)(5)(6)(8)	SOFR +	6.94%	11.56%	5/16/2024	4/20/2034	2,695		2,606		2,682		0.01
Vibrant CLO XIII, Ltd - Class ER	(4)(5)(6)(8)	SOFR +	7.59%	12.16%	11/1/2024	1/15/2038	3,250		3,218		3,213		0.01
Voya CLO 2019-4, Ltd. - Class ER	(4)(5)(6)(8)	SOFR +	6.71%	11.63%	12/14/2021	1/15/2035	8,250		8,126		8,095		0.02
Total Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated									536,464		536,456		1.29

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)	Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)	Cost (3)		Fair Value		% of Net Assets

Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated
Financial Services
Ballyrock CLO 20, Ltd. - Subordinated Notes	(4)(6)	Estimated Yield:	12.38%	2/24/2025	10/15/2036	6,000,000	$	4,763	$	4,744	0.01	%
Birch Grove CLO 11 Ltd - Subordinated Notes	(4)(6)	Estimated Yield:	10.52%	11/15/2024	1/22/2038	11,000,000	11,000		11,175		0.03
Elmwood CLO 18, Ltd. - Subordinated Notes	(4)(6)	Estimated Yield:	13.31%	3/4/2025	7/17/2037	4,000,000	2,264		2,198		0.01
Elmwood CLO II Ltd - Subordinated Notes	(4)(6)	Estimated Yield:	12.29%	11/21/2024	4/20/2034	8,650,000	5,981		4,892		0.01
Galaxy 34 Clo Ltd - Subordinated Notes	(4)(6)	Estimated Yield:	14.93%	9/26/2024	10/20/2037	20,000,000	18,000		18,417		0.04
Galaxy 35 Clo Ltd - Units	(4)(6)(7)			2/21/2025	9/13/2026	3,429,333	3,429		3,429		0.01
Generate CLO 7 Ltd - Subordinated Notes	(4)(6)	Estimated Yield:	13.16%	1/31/2025	4/22/2037	10,000,000	5,850		5,640		0.01
HPS Loan Management 2025-24, Ltd. - Subordinated Notes	(4)(6)	Estimated Yield:	13.25%	3/11/2025	4/25/2038	10,000,000	8,900		8,900		0.02
MidOcean Credit CLO XV Ltd - Subordinated Notes	(4)(6)	Estimated Yield:	12.21%	5/10/2024	7/21/2037	5,000,000	3,550		3,303		0.01
New Mountain CLO 6 Ltd - Subordinated Notes	(4)(6)	Estimated Yield:	13.80%	8/23/2024	10/15/2037	18,750,000	16,051		16,109		0.04
New Mountain CLO 6 Ltd - Class M	(4)(6)			8/23/2024	10/15/2037	1,875,000	0		424		0.00
New Mountain CLO 7, Ltd. - Subordinated Notes	(4)(6)	Estimated Yield:	14.19%	8/23/2024	3/31/2038	19,368,300	16,899		16,899		0.04
Pikes Peak CLO 10 - Subordinated Notes	(4)(6)	Estimated Yield:	14.56%	12/10/2024	1/22/2038	5,200,000	3,302		3,304		0.01
Rad Clo 25 Ltd - Subordinated Notes	(4)(6)	Estimated Yield:	13.51%	5/16/2024	7/20/2037	5,000,000	4,317		3,947		0.01
RAD CLO 26 Ltd - Subordinated Notes	(4)(6)	Estimated Yield:	16.28%	8/7/2024	10/20/2037	7,180,000	6,156		6,307		0.02
RAD CLO 27 Ltd - Subordinated Notes	(4)(6)	Estimated Yield:	14.98%	12/11/2024	1/15/2038	29,325,000	26,823		27,105		0.06
Signal Peak CLO 11 Ltd - Subordinated Notes	(4)(6)	Estimated Yield:	13.21%	6/5/2024	7/18/2037	5,000,000	4,450		4,632		0.01
Signal Peak CLO 14 Ltd - Subordinated Notes	(4)(6)	Estimated Yield:	16.31%	12/20/2024	1/22/2038	26,000,000	20,345		20,975		0.05
Sixth Street CLO 27 Ltd - Subordinated Notes	(4)(6)	Estimated Yield:	14.34%	11/1/2024	1/17/2038	16,500,000	13,430		13,913		0.03
Sixth Street CLO XXI Ltd - Subordinated Notes	(4)(6)	Estimated Yield:	15.84%	9/29/2022	10/15/2035	8,000,000	5,760		5,432		0.01
Vibrant CLO XVI, Ltd - Subordinated Notes	(4)(6)	Estimated Yield:	14.62%	4/14/2023	4/15/2036	12,000,000	9,600		9,714		0.02
Total Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated							190,870		191,459		0.45
Total Structured Finance Obligations - non-controlled/non-affiliated							727,334		727,915		1.74
Total Structured Finance Obligations							727,334		727,915		1.74

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)	Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)	Cost (3)		Fair Value		% of Net Assets

Equity
Equity - non-controlled/non-affiliated
Aerospace & Defense
Atlas Intermediate Holding, LLC - Preferred Interest	(4)			5/24/2021		34,238,400	$	33,725	$	23,282	0.06	%
Loar Holdings Inc. - Common Equity	(6)			4/25/2024		886,564	12,283		62,636		0.15
Micross Topco, Inc. - Common Equity	(4)			3/28/2022		116	125		160		0.00
							46,133		86,078		0.21
Air Freight & Logistics
AGI Group Holdings LP - Class A-2 Common Units	(4)			6/11/2021		1,674	1,674		2,302		0.01
Mode Holdings, L.P. - Class A-2 Common Units	(4)			1/7/2021		1,076,923	1,077		1,066		0.00
Red Griffin ParentCo, LLC - Class A Common Units	(4)			11/27/2024		13,857	58,838		43,440		0.10
							61,589		46,808		0.11
Biotechnology
Moderna Inc - Common Stock	(6)			9/12/2024		12,613	983		358		0.00
Capital Markets
Resolute Investment Managers, Inc. - Common Equity				12/29/2023		48,476	1,212		451		0.00

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)	Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)	Cost (3)		Fair Value		% of Net Assets

Equity - non-controlled/non-affiliated (continued)
Commercial Services & Supplies
Genstar Neptune Blocker, LLC - Blocker Units	(4)			12/2/2024		3,982	$	6,280	$	6,136	0.01	%
Genstar Neptune Blocker, LLC - Class Z Units	(4)			12/2/2024		1,041	1,482		1,444		0.00
Genstar Neptune Blocker, LLC - Blocker Note	(4)			12/2/2024		159,782	160		166		0.00
GTCR Investors LP - Class A-1 Common Units	(4)			9/29/2023		893,584	894		972		0.00
GTCR/Jupiter Blocker, LLC - Class Z Units	(4)			12/2/2024		749	1,067		1,040		0.00
GTCR/Jupiter Blocker, LLC - Blocker Note	(4)			12/2/2024		115,036	115		120		0.00
Jupiter Ultimate Holdings, LLC - Class A Common Units	(4)			11/8/2024		3	2		2		0.00
Jupiter Ultimate Holdings, LLC - Class B Common Units	(4)			11/8/2024		5,082	3,981		3,927		0.01
Jupiter Ultimate Holdings, LLC - Class C Common Units	(4)			11/8/2024		5,084,731	4,037		4,017		0.01
RC VI Buckeye Holdings, LLC - LLC Units	(4)			1/2/2025		6,589,068	6,589		6,589		0.02
							24,607		24,413		0.05
Distributors
Box Co-Invest Blocker, LLC - (BP Alpha Holdings, L.P.) - Class A Units	(4)			12/10/2021		3	3,308		0		0.00
Box Co-Invest Blocker, LLC - (BP Alpha Holdings, L.P.) - Class C Preferred Units	(4)			7/12/2023		1	390		0		0.00
							3,698		0		0.00
Diversified Consumer Services
Cambium Holdings, LLC - Senior Preferred Interest	(4)		11.50%	8/3/2021		29,194,330	28,735		43,029		0.10
DTA LP - Class A Common Units	(4)			3/25/2024		2,612,843	2,613		2,221		0.01
							31,348		45,250		0.11

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)	Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)	Cost (3)		Fair Value		% of Net Assets

Equity - non-controlled/non-affiliated (continued)
Diversified Telecommunication Services
Point Broadband Holdings, LLC - Class A Common Units	(4)			10/1/2021		12,870	$	10,915	$	10,969	0.05	%
Point Broadband Holdings, LLC - Class B Common Units	(4)			10/1/2021		685,760	1,955		1,173		0.00
Point Broadband Holdings, LLC - Class Additional A Common Units	(4)			3/24/2022		2,766	2,346		2,357		0.01
Point Broadband Holdings, LLC - Class Additional B Common Units	(4)			3/24/2022		147,380	420		252		0.00
							15,636		14,751		0.06
Electronic Equipment, Instruments & Components
NSI Parent, LP - Class A Common Units	(4)			12/23/2024		3,272,884	3,273		3,273		0.01
Spectrum Safety Solutions Purchaser, LLC - Common Equity	(4)(6)			7/1/2024		22,774,695	22,775		22,775		0.05
							26,048		26,048		0.06
Financial Services
THL Fund IX Investors (Plymouth II), LP - LP Interest	(4)			8/31/2023		621,964	622		864		0.00
Health Care Equipment & Supplies
GCX Corporation Group Holdings, L.P. - Class A-2 Units	(4)			9/10/2021		4,853	4,853		2,427		0.01

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)	Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)	Cost (3)		Fair Value		% of Net Assets

Equity - non-controlled/non-affiliated (continued)
Health Care Providers & Services
AVE Holdings I Corp. - Series A-1 Preferred Shares	(4)		11.50%	2/25/2022		12,237,213	$	11,870	$	13,583	0.03	%
CD&R Artemis Holdco 2 Limited - Preferred Shares	(4)(6)		10.00%	8/19/2021		33,000,000	43,662		56,396		0.13
CD&R Ulysses Equity Holdings, L.P. - Common Shares	(4)(6)			8/19/2021		6,000,000	6,090		4,440		0.01
Jayhawk Holdings, LP - Class A-1 Common Units	(4)			5/26/2021		12,472	2,220		194		0.00
Jayhawk Holdings, LP - Class A-2 Common Units	(4)			5/26/2021		6,716	1,195		105		0.00
Maia Aggregator, L.P. - Class A Units	(4)			2/1/2022		19,700,000	19,700		16,154		0.04
NC Eve, L.P. - LP Interest	(4)(6)			2/22/2022		2,500,000	3,398		1,066		0.00
WHCG Purchaser, Inc. - Class A Common Units	(4)			8/2/2024		10,966,377	0		0		0.00
							88,135		91,938		0.21
Health Care Technology
Azalea Parent Corp - Series A-1 Preferred Shares	(4)		12.75%	4/30/2024		91,500	89,211		103,394		0.35
Caerus Midco 2 S.à r.l. - Additional Vehicle Units	(4)(6)			10/28/2022		988,290	988		109		0.00
Caerus Midco 2 S.à r.l. - Vehicle Units	(4)(6)			5/25/2022		4,941,452	4,941		4,596		0.01
Healthcomp Holding Company, LLC - Preferred Interest	(4)		6.00%	11/8/2023		18,035	1,804		1,677		0.00
							96,944		109,776		0.36
Insurance
RSC Topco, Inc. - Preferred Shares	(4)		13.25%	8/14/2023		100	97		124		0.00
SelectQuote Inc. - Warrants	(4)(6)			10/11/2024		2,204,746	0		1,609		0.00
Shelf Holdco Ltd - Common Equity	(4)(6)			12/30/2022		1,300,000	1,300		4,940		0.01
							1,397		6,673		0.01
IT Services
NC Ocala Co-Invest Beta, L.P. - LP Interest	(4)			11/12/2021		25,687,196	25,685		28,769		0.12
Life Sciences Tools & Services
Falcon Top Parent, LLC - Class A Common Units	(4)			11/6/2024		4,440,995	4,441		4,441		0.01

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)	Cost (3)		Fair Value		% of Net Assets

Equity - non-controlled/non-affiliated (continued)
Professional Services
Kwor Intermediate I, Inc. - Class A Common Shares	(4)				2/28/2025		1,289	$	1,175	$	1,175	0.00	%
Kwor Intermediate I, Inc. - Preferred Equity	(4)				2/28/2025		1,378	1,378		1,378		0.00
OHCP V TC COI, LP. - LP Interest	(4)				6/29/2021		6,500,000	6,500		15,340		0.04
Tricor Horizon - LP Interest	(4)(6)				6/13/2022		14,764,017	14,764		15,650		0.04
Trinity Air Consultants Holdings Corp - Common Units	(4)				6/12/2024		4,797	5		11		0.00
Victors CCC Topco, LP - Common Equity	(4)				6/1/2022		9,600,000	9,600		16,992		0.04
								33,422		50,546		0.12
Real Estate Management & Development
Community Management Holdings Parent, LP - Series A Preferred Units	(4)			8.00%	11/1/2024		1,783,823	1,784		1,730		0.00
Software
AI Titan Group Holdings, LP - Class A-2 Common Units	(4)				8/28/2024		1,103	1,103		1,145		0.00
Connatix Parent, LLC - Class L Common Units	(4)				7/14/2021		126,136	1,388		628		0.00
Descartes Holdings, Inc - Class A Common Stock	(4)				10/9/2023		937,585	4,060		47		0.00
Expedition Holdco, LLC - Common Units	(4)				2/24/2022		810,810	810		552		0.00
Knockout Intermediate Holdings I, Inc. - Perpetual Preferred Stock	(4)	SOFR +	10.75%	15.05%	6/23/2022		30,883	30,111		45,320		0.11
Lobos Parent, Inc. - Series A Preferred Shares	(4)			10.50%	11/30/2021		45,090	43,963		60,196		0.14
Mandolin Technology Holdings, Inc. - Series A Preferred Shares	(4)			10.50%	7/30/2021		31,950,000	30,992		33,404		0.08
Mimecast Limited - LP Interest	(4)				5/3/2022		75,088,584	75,089		81,096		0.19
Mitratech Holdings, Inc. - Class A Preferred Shares	(4)			13.50%	12/19/2023		1,872	1,830		2,152		0.01
TPG IX Newark CI, L.P. - LP Interest	(4)				10/26/2023		3,891,673	3,892		3,892		0.01
TravelPerk Inc - Warrants	(4)(6)				5/2/2024		244,818	2,101		5,670		0.01
Zoro - Common Equity	(4)				11/22/2022		1,195,880	11,959		12,557		0.03
Zoro - Series A Preferred Shares	(4)	SOFR +	9.50%	13.80%	11/22/2022		44,535	42,976		60,790		0.15
								250,274		307,449		0.73

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)	Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)	Cost (3)		Fair Value		% of Net Assets

Equity - non-controlled/non-affiliated (continued)
Transportation Infrastructure
Enstructure, LLC - Class A-7 Common Units	(4)			9/27/2022		3,783,785	$	2,805	$	4,086	0.01	%
Enstructure, LLC - Class A-8 Common Units	(4)			3/1/2023		858,469	635		927		0.00
Ncp Helix Holdings, LLC. - Preferred Shares	(4)		8.00%	8/3/2021		1,221,823	1,222		1,412		0.00
							4,662		6,425		0.01
Total Equity - non-controlled/non-affiliated							723,473		855,195		2.18
Equity - non-controlled/affiliated
Distributors
GSO DL Co-Invest EIS LP (EIS Acquisition Holdings, LP - Class A Common Units)	(4)(6)(16)			11/1/2021		265,556	558		1,020		0.00
Media
DMS Topco, LLC - Class A Common Units	(4)(6)(16)			3/11/2025		133,433	5,432		5,432		0.01
Total Equity - non-controlled/affiliated							5,990		6,452		0.01
Equity - controlled/affiliated (excluding Investments in Joint Ventures)
Chemicals
Pigments Holdings LP - LP Interest	(4)(6)(16)			4/14/2023		3,943	0		0		0.00
Financial Services
Specialty Lending Company, LLC - LLC Interest	(4)(6)(16)			10/19/2021		345,159,000	345,159		336,289		0.80
Insurance
CFCo, LLC (Benefytt Technologies, Inc.) - Class B Units	(4)(16)			9/28/2023		134,166,603	0		0		0.00
Oil, Gas & Consumable Fuels
Pibb Member, LLC - Membership Interest	(4)(6)(16)			11/22/2024		225,000,000	214,845		219,319		0.52
Professional Services
Material+ Holding Company, LLC - Class C Units	(4)(16)			6/14/2024		63,587	0		0		0.00
Specialty Retail
GSO DL CoInvest CI LP (CustomInk, LLC - Series A Preferred Units)	(4)(6)(16)			1/7/2021		1,500,000	1,421		2,167		0.01
Total Equity - controlled/affiliated (excluding Investments in Joint Ventures)							561,425		557,775		1.33
Total Equity							1,290,888		1,419,422		3.52

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)	Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)	Cost (3)		Fair Value		% of Net Assets

Investments in Joint Ventures
BCRED Emerald JV LP - LP Interest	(6)(16)			1/19/2022			$	1,815,000	$	1,735,050	4.15	%
BCRED Verdelite JV LP - LP Interest	(6)(16)			10/21/2022			117,706		114,735		0.27
Total Investments in Joint Ventures							1,932,706		1,849,785		4.42

Total Investments - non-controlled/non-affiliated							66,892,877		66,496,763		159.07
Total Investments - non-controlled/affiliated							12,141		12,603		0.02
Total Investments - controlled/affiliated (excluding Investments in Joint Ventures)							946,427		830,552		1.98
Total Investments - Investments in Joint Ventures							1,932,706		1,849,785		4.42
Total Investment Portfolio							69,784,151		69,189,703		165.49
Cash and Cash Equivalents
State Street Institutional U.S. Government Money Market Fund - Investor Class			4.21%				115,517		115,517		0.28
State Street Institutional U.S. Government Money Market Fund - Premier Class			4.29%				36,369		36,369		0.09
Fidelity Investments Money Market Treasury Portfolio - Class I			4.20%				41,846		41,846		0.10
Other Cash and Cash Equivalents							3,080,111		3,080,111		7.37
Total Portfolio Investments, Cash and Cash Equivalents							$	73,057,994	$	72,463,546	173.33	%

(1)Unless otherwise indicated, all debt and equity investments held by the Company (which such term “Company” shall include the Company’s consolidated subsidiaries for purposes of this Condensed Consolidated Schedule of Investments) are denominated in U.S. Dollars. As of March 31, 2025, the Company had investments denominated in Canadian Dollars (CAD), Euros (EUR), British Pounds (GBP), Swiss Francs (CHF), Danish Krone (DKK), Swedish Krona (SEK), Norwegian Krone (NOK), New Zealand Dollars (NZD), and Australian Dollars (AUD). All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. The total par amount (in thousands) is presented for debt investments, while the number of shares or units (in whole amounts) owned is presented for equity investments. Each of the Company’s investments is pledged as collateral, under one or more of its credit facilities unless otherwise indicated.

(2)Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either Sterling Overnight Interbank Average Rate (“SONIA” or “S”), Euro Interbank Offer Rate (“Euribor” or “E”), Secured Overnight Financing Rate (“SOFR”), Stockholm Interbank Offered Rate (“STIBOR” or “ST”), Copenhagen Interbank Offered Rate (“CIBOR" or “CI”), Norwegian Interbank Offered Rate (“NIBOR” or “N”), Swiss Average Rate Overnight (“SARON” or “SA”), New Zealand Bank Bill Reference Rate (“BKBM” or “B”), Australian Bank Bill Swap Bid Rate (“BBSY” or “BB”), Canadian Overnight Repo Rate Average (“CORRA” or “CA”), or an alternate base rate (commonly based on the Federal Funds Rate (“F”) or the U.S. Prime Rate (“P”)), which generally resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of March 31, 2025. Variable rate loans typically include an interest reference rate floor feature.

(3)The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method in accordance with accounting principles generally accepted in the United States of America (“GAAP”).

(4)These investments were valued using unobservable inputs and are considered Level 3 investments. Fair value was determined in good faith by or under the direction of the Board of Trustees (the “Board”) (see Note 2 and Note 5), pursuant to the Company’s valuation policy.

(5)These debt investments are not pledged as collateral under any of the Company's credit facilities. For other debt investments that are pledged to the Company's credit facilities, a single investment may be divided into parts that are individually pledged as collateral to separate credit facilities. Any other debt investments listed above are pledged to financing facilities or CLOs and are not available to satisfy the creditors of the Company.

(6)The investment is not a qualifying asset under Section 55(a) of the 1940 Act. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of March 31, 2025, non-qualifying assets represented 23.4% of total assets as calculated in accordance with regulatory requirements.

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)

(7)Position or portion thereof is an unfunded commitment, and no interest is being earned on the unfunded portion, although the investment may be subject to unused commitment fees. Negative cost and fair value results from unamortized fees, which are capitalized to the investment cost. The unfunded commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. See below for more information on the Company’s unfunded commitments:

Investments

Commitment Type

Commitment Expiration Date

Unfunded Commitment

Fair Value

123Dentist, Inc.

Delayed Draw Term Loan

8/10/2026

18,057

—

Abacus Holdco 2 Oy

Delayed Draw Term Loan

5/7/2026

181

—

Accession Risk Management Group Inc

Revolver

11/1/2029

6,174

(108)

Accession Risk Management Group Inc

Delayed Draw Term Loan

8/15/2026

33,880

—

ACI Group Holdings, Inc.

Revolver

8/2/2027

18,904

—

ADCS Clinics Intermediate Holdings, LLC

Revolver

5/7/2026

3,010

—

AI Altius US Bidco, Inc.

Delayed Draw Term Loan

12/21/2028

39,500

—

AI Titan Parent Inc

Delayed Draw Term Loan

9/30/2026

22,055

(110)

AI Titan Parent Inc

Revolver

8/29/2031

13,784

(138)

Allium Buyer, LLC

Revolver

5/2/2029

249

(7)

Alpine Intel Intermediate 2, LLC.

Delayed Draw Term Loan

12/20/2026

39,281

—

American Restoration Holdings, LLC

Revolver

7/19/2030

4,666

—

American Restoration Holdings, LLC

Delayed Draw Term Loan

2/19/2027

48,042

—

Amerilife Holdings, LLC

Revolver

8/31/2028

69,327

—

Amerilife Holdings, LLC

Delayed Draw Term Loan

6/17/2026

59,419

—

Amerilife Holdings, LLC

Delayed Draw Term Loan

10/20/2025

41,321

—

Amerivet Partners Management, Inc.

Revolver

2/25/2028

11,511

—

Analytic Partners LP

Revolver

4/4/2028

4,891

(37)

Anaplan, Inc.

Revolver

6/21/2028

47,983

—

Apex Companies, LLC

Delayed Draw Term Loan

8/28/2026

5,188

—

Aptean, Inc.

Revolver

1/29/2031

4,695

—

Aptean, Inc.

Delayed Draw Term Loan

1/30/2026

1,124

—

Aptean, Inc.

Delayed Draw Term Loan

2/14/2027

18,519

—

Aptean, Inc.

Delayed Draw Term Loan

2/14/2027

16,461

(41)

Armada Parent, Inc.

Revolver

10/29/2027

24,750

—

Arnhem BidCo GmbH

Delayed Draw Term Loan

10/1/2027

57,055

(282)

Artisan Acquisitionco, Ltd.

Delayed Draw Term Loan

9/30/2027

54,556

(546)

Ascend Buyer, LLC

Revolver

9/30/2028

8,655

—

Atlas CC Acquisition Corp.

Revolver

5/26/2026

5,761

—

Atlas CC Acquisition Corp.

Delayed Draw Term Loan

5/26/2026

14,403

(5,777)

Atlas Securitized Products Funding 2, L.P.

Revolver

4/10/2026

37,060

—

AuditBoard Inc

Delayed Draw Term Loan

7/12/2026

38,443

(192)

AuditBoard Inc

Revolver

7/12/2031

15,377

(38)

Azurite Intermediate Holdings, Inc.

Revolver

3/19/2031

6,840

—

Baker Tilly Advisory Group LP

Revolver

6/3/2030

37,285

—

Baker Tilly Advisory Group LP

Delayed Draw Term Loan

6/3/2026

26,608

(200)

Bamboo US BidCo, LLC

Revolver

9/29/2029

6,278

—

Bamboo US BidCo, LLC

Delayed Draw Term Loan

11/20/2026

12,824

—

Bamboo US BidCo, LLC

Delayed Draw Term Loan

11/20/2026

12,824

(64)

Banyan Software Holdings, LLC

Revolver

1/2/2031

5,799

(58)

Banyan Software Holdings, LLC

Delayed Draw Term Loan

12/20/2026

17,729

—

Bayshore Intermediate #2 LP

Revolver

10/1/2027

12,408

(124)

Bayshore Intermediate #2 LP

Revolver

10/1/2027

14,727

—

Bazaarvoice, Inc.

Revolver

5/7/2028

60,787

—

Bidco 76 S.p.A.

Delayed Draw Term Loan

12/10/2027

24,179

—

Bimini Group Purchaser Inc

Delayed Draw Term Loan

4/26/2026

76,993

(385)

Bimini Group Purchaser Inc

Revolver

4/26/2031

11,406

—

Bluefin Holding, LLC

Revolver

9/12/2029

4,487

(11)

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)

Investments

Commitment Type

Commitment Expiration Date

Unfunded Commitment

Fair Value

Bradyplus Holdings LLC

Delayed Draw Term Loan

10/31/2025

5,041

—

Brave Parent Holdings, Inc.

Delayed Draw Term Loan

5/28/2025

22,569

—

Brave Parent Holdings, Inc.

Revolver

11/28/2030

26,868

—

Brilliance Technologies, Inc.

Delayed Draw Term Loan

9/11/2027

141,205

(353)

Brilliance Technologies, Inc.

Revolver

3/11/2032

52,952

(265)

Caerus US 1, Inc.

Revolver

5/25/2029

66,061

—

Cambium Learning Group, Inc.

Revolver

7/20/2027

101,715

—

Cambrex Corp.

Revolver

3/5/2032

15,014

(150)

Cambrex Corp.

Delayed Draw Term Loan

3/5/2027

17,158

(86)

Canadian Hospital Specialties Ltd.

Revolver

4/15/2027

1,707

—

Capstone Acquisition Holdings Inc

Delayed Draw Term Loan

8/29/2026

8,261

(31)

Carr Riggs & Ingram Capital LLC

Revolver

11/18/2031

7,742

—

Carr Riggs & Ingram Capital LLC

Delayed Draw Term Loan

11/18/2026

18,922

—

Castle Management Borrower, LLC

Revolver

11/3/2029

2,583

—

CEP V Investment 11 S.à r.l.

Delayed Draw Term Loan

9/1/2026

43,967

(447)

CFC Underwriting, Ltd.

Delayed Draw Term Loan

5/16/2025

20,232

—

CFGI Holdings, LLC

Revolver

11/2/2027

19,950

(399)

CFS Brands, LLC

Revolver

10/2/2029

30,858

—

Channelside AcquisitionCo, Inc.

Delayed Draw Term Loan

4/28/2025

6,792

(34)

Channelside AcquisitionCo, Inc.

Delayed Draw Term Loan

11/15/2025

918

(2)

Channelside AcquisitionCo, Inc.

Revolver

5/15/2029

18,758

—

Charger Debt Merger Sub, LLC

Revolver

5/31/2030

7,000

(70)

Charger Debt Merger Sub, LLC

Delayed Draw Term Loan

5/31/2026

14,290

—

Chartwell Cumming Holding, Corp.

Revolver

11/16/2027

39,350

—

Chartwell Cumming Holding, Corp.

Delayed Draw Term Loan

5/21/2025

3,887

—

Chartwell Cumming Holding, Corp.

Delayed Draw Term Loan

2/14/2027

38,496

(192)

Chronicle Bidco, Inc.

Revolver

5/18/2029

2,902

—

Chronicle Bidco, Inc.

Delayed Draw Term Loan

3/26/2026

13,265

—

Cisive Holdings Corp

Revolver

12/8/2027

4,445

(89)

Clearview Buyer, Inc.

Revolver

2/26/2027

8,085

—

CohnReznick Advisory LLC

Delayed Draw Term Loan

3/31/2027

3,401

—

Community Management Holdings Midco 2 LLC

Revolver

11/1/2031

7,064

—

Community Management Holdings Midco 2 LLC

Delayed Draw Term Loan

11/1/2026

22,187

(166)

Compsych Investments Corp

Delayed Draw Term Loan

7/22/2027

20,230

(51)

Connatix Buyer, Inc.

Revolver

7/14/2027

13,035

—

Connatix Buyer, Inc.

Delayed Draw Term Loan

4/9/2026

3,892

—

Consor Intermediate II, LLC

Delayed Draw Term Loan

5/10/2026

35,729

(179)

Consor Intermediate II, LLC

Revolver

5/10/2031

11,850

—

Continental Buyer, Inc.

Revolver

4/2/2031

4,282

—

Continental Buyer, Inc.

Delayed Draw Term Loan

8/14/2027

18,298

(46)

Continental Buyer, Inc.

Revolver

4/2/2031

6,862

(34)

Coupa Software Inc.

Delayed Draw Term Loan

8/27/2025

164

(2)

Coupa Software Inc.

Revolver

2/27/2029

126

—

CPI Buyer, LLC

Delayed Draw Term Loan

11/23/2025

1,808

—

CPI Buyer, LLC

Revolver

11/1/2026

28,928

(579)

CRCI Longhorn Holdings Inc

Revolver

8/27/2031

5,333

—

CRCI Longhorn Holdings Inc

Delayed Draw Term Loan

8/27/2026

16,678

(83)

Creek Parent Inc.

Revolver

12/18/2031

19,175

(336)

Crewline Buyer, Inc.

Revolver

11/8/2030

12,745

(62)

CT Technologies Intermediate Holdings, Inc.

Delayed Draw Term Loan

8/30/2026

5,636

—

CT Technologies Intermediate Holdings, Inc.

Revolver

8/30/2031

14,164

(142)

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)

Investments

Commitment Type

Commitment Expiration Date

Unfunded Commitment

Fair Value

CVC Cordatus Loan Fund XXXIV DAC

Structured Finance Obligations - Equity Instruments

4/20/2038

3,325

—

CyrusOne Revolving Warehouse

Revolver

7/2/2027

163,479

—

Databricks, Inc.

Delayed Draw Term Loan

7/3/2026

117,000

—

DCG Acquisition Corp.

Revolver

6/13/2031

36,470

(365)

DCG Acquisition Corp.

Delayed Draw Term Loan

6/13/2026

36,470

(182)

Denali Bidco Ltd

Delayed Draw Term Loan

4/17/2026

300

(3)

Diligent Corp

Delayed Draw Term Loan

4/26/2026

50,000

(375)

Diligent Corp

Revolver

8/2/2030

33,333

—

DM Intermediate Parent LLC

Revolver

9/30/2030

30,960

(464)

DM Intermediate Parent LLC

Delayed Draw Term Loan

9/30/2026

46,461

(348)

Doit International Ltd

Delayed Draw Term Loan

11/25/2027

66,711

(500)

Dropbox, Inc.

Delayed Draw Term Loan

12/10/2026

834,990

(4,175)

DTA Intermediate II Ltd.

Delayed Draw Term Loan

3/27/2026

16,849

—

DTA Intermediate II Ltd.

Revolver

3/27/2030

12,961

(194)

DTI Holdco, Inc.

Revolver

1/25/2029

16,000

(1,554)

Duro Dyne National Corp

Delayed Draw Term Loan

11/15/2026

34,499

(172)

Duro Dyne National Corp

Revolver

11/15/2031

34,499

(345)

Dwyer Instruments LLC

Revolver

7/20/2029

6,856

—

Dwyer Instruments LLC

Delayed Draw Term Loan

11/20/2026

6,062

(30)

Eden Acquisitionco Ltd

Delayed Draw Term Loan

11/17/2025

5,421

(71)

Edison Bidco AS

Delayed Draw Term Loan

12/18/2026

17,741

—

Edison Bidco AS

Delayed Draw Term Loan

12/18/2026

679

—

EMB Purchaser, Inc.

Delayed Draw Term Loan

3/13/2028

89,716

—

EMB Purchaser, Inc.

Revolver

3/13/2032

18,308

(183)

Emergency Power Holdings, LLC

Delayed Draw Term Loan

8/17/2025

43,758

(438)

Enstructure LLC

Delayed Draw Term Loan

6/10/2026

88,177

(1,411)

ENV Bidco AB

Delayed Draw Term Loan

12/13/2027

31,618

(370)

eResearchTechnology, Inc.

Delayed Draw Term Loan

1/17/2027

151,330

—

eResearchTechnology, Inc.

Revolver

10/17/2031

79,608

(796)

eResearchTechnology, Inc.

Delayed Draw Term Loan

3/31/2026

140,170

—

Essential Services Holding Corp

Delayed Draw Term Loan

6/17/2026

14,519

(73)

Essential Services Holding Corp

Revolver

6/17/2030

7,607

—

Everbridge Holdings, LLC

Delayed Draw Term Loan

7/2/2026

5,292

—

Everbridge Holdings, LLC

Revolver

7/2/2031

3,481

(9)

Excelitas Technologies Corp.

Revolver

8/14/2028

14,780

(148)

Excelitas Technologies Corp.

Delayed Draw Term Loan

5/1/2026

4,927

(49)

Experity, Inc.

Revolver

2/24/2028

13,452

—

Experity, Inc.

Delayed Draw Term Loan

9/13/2026

40,111

(201)

Falcon Parent Holdings, Inc.

Delayed Draw Term Loan

11/6/2026

12,870

—

Falcon Parent Holdings, Inc.

Revolver

11/6/2031

15,339

(230)

Fastener Distribution Holdings LLC

Delayed Draw Term Loan

10/31/2026

68,078

(340)

Fern Bidco Ltd

Delayed Draw Term Loan

7/3/2027

19,787

—

Flatiron RR CLO 30, Ltd.

Structured Finance Obligations - Equity Instruments

4/15/2038

5,812

—

Formulations Parent Corp.

Revolver

11/15/2029

3,571

(36)

Foundation Risk Partners Corp.

Revolver

10/29/2029

16,269

(244)

Foundation Risk Partners Corp.

Delayed Draw Term Loan

5/21/2026

3,864

—

Foundation Risk Partners Corp.

Delayed Draw Term Loan

2/26/2027

26,180

—

Frontgrade Technologies Holdings, Inc.

Revolver

1/9/2028

516

—

Frontline Road Safety, LLC

Delayed Draw Term Loan

3/4/2028

23,419

—

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)

Investments

Commitment Type

Commitment Expiration Date

Unfunded Commitment

Fair Value

Frontline Road Safety, LLC

Revolver

3/4/2032

13,878

(139)

FusionSite Midco, LLC

Revolver

11/17/2029

7,366

(166)

G&A Partners Holding Company II, LLC

Delayed Draw Term Loan

3/1/2026

18,937

—

G&A Partners Holding Company II, LLC

Revolver

3/1/2030

6,575

—

Galaxy 35 CLO, Ltd.

Structured Finance Obligations - Equity Instruments

4/20/2038

16,094

—

Galaxy 35 CLO, Ltd.

Structured Finance Obligations - Debt Instruments

4/20/2038

6,001

—

Galaxy 35 Clo Ltd

Structured Finance Obligations - Equity Instruments

9/13/2026

21,571

—

Galway Borrower, LLC

Revolver

9/29/2028

13,699

—

Galway Borrower, LLC

Delayed Draw Term Loan

2/7/2026

1,850

—

Gannett Fleming Inc

Revolver

8/5/2030

37,324

(560)

Gatekeeper Systems, Inc.

Delayed Draw Term Loan

8/27/2026

42,075

—

Gatekeeper Systems, Inc.

Revolver

8/28/2030

9,238

—

GI Ranger Intermediate, LLC

Revolver

10/29/2027

10,800

—

Gigamon Inc.

Revolver

3/10/2028

18,042

—

Gimlet Bidco GmbH

Delayed Draw Term Loan

4/23/2027

26,942

—

GovernmentJobs.com, Inc.

Delayed Draw Term Loan

12/2/2025

60,893

—

GovernmentJobs.com, Inc.

Revolver

12/2/2027

38,416

(607)

Granicus Inc.

Revolver

1/17/2031

4,284

—

Granicus Inc.

Delayed Draw Term Loan

8/2/2026

1,431

(7)

Graphpad Software, LLC

Revolver

6/28/2031

13,945

(70)

Graphpad Software, LLC

Delayed Draw Term Loan

6/28/2026

33,558

—

Great Day Improvements LLC

Revolver

6/13/2030

4,435

—

Ground Penetrating Radar Systems, LLC

Delayed Draw Term Loan

7/2/2027

23,241

(116)

Ground Penetrating Radar Systems, LLC

Revolver

1/2/2032

10,846

—

Groundworks, LLC

Delayed Draw Term Loan

3/14/2026

1,404

—

GS Acquisitionco Inc

Delayed Draw Term Loan

3/26/2026

4,620

—

GS Acquisitionco Inc

Revolver

5/25/2028

4,500

(23)

GTCR Everest Borrower, LLC

Revolver

9/5/2029

3,125

—

Gusto Sing Bidco Pte Ltd

Delayed Draw Term Loan

11/15/2027

102

—

Helix TS, LLC

Delayed Draw Term Loan

12/20/2026

49,650

—

High Street Buyer, Inc.

Revolver

4/16/2027

4,186

(84)

High Street Buyer, Inc.

Delayed Draw Term Loan

3/1/2026

36,143

—

Home Service TopCo IV Inc

Revolver

12/30/2027

19,964

(214)

Home Service TopCo IV Inc

Delayed Draw Term Loan

2/28/2027

16,313

—

Horizon CTS Buyer, LLC

Delayed Draw Term Loan

3/28/2027

11,718

—

Horizon CTS Buyer, LLC

Revolver

3/28/2032

13,476

—

Houghton Mifflin, LLC

Revolver

4/7/2027

18,750

(106)

Icefall Parent, Inc.

Revolver

1/17/2030

6,880

—

IEM New Sub 2, LLC

Delayed Draw Term Loan

8/8/2026

76,076

(571)

IG Investments Holdings, LLC

Revolver

9/22/2028

55,251

—

Imagine 360 LLC

Delayed Draw Term Loan

9/18/2026

13,684

(68)

Imagine 360 LLC

Revolver

9/30/2028

8,582

(86)

Inception Fertility Ventures, LLC

Revolver

4/29/2030

1,603

—

Inception Fertility Ventures, LLC

Delayed Draw Term Loan

4/29/2026

61,644

—

Integrity Marketing Acquisition LLC

Delayed Draw Term Loan

8/23/2026

17,754

(37)

Integrity Marketing Acquisition LLC

Revolver

8/25/2028

2,183

—

Integrity Marketing Acquisition, LLC

Revolver

8/27/2026

653

—

IQN Holding Corp

Revolver

5/2/2028

2,402

—

IRI Group Holdings Inc

Revolver

12/1/2027

93,160

—

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)

Investments

Commitment Type

Commitment Expiration Date

Unfunded Commitment

Fair Value

Iris Buyer, LLC

Revolver

10/2/2029

5,509

—

Iris Buyer, LLC

Delayed Draw Term Loan

8/4/2026

10,916

—

ISQ Hawkeye Holdco, Inc.

Revolver

8/20/2030

476

—

ISQ Hawkeye Holdco, Inc.

Delayed Draw Term Loan

8/20/2026

1,355

—

Java Buyer, Inc.

Delayed Draw Term Loan

6/28/2026

15,380

—

Java Buyer, Inc.

Revolver

12/15/2027

12,142

—

Java Buyer, Inc.

Revolver

12/15/2027

24,284

—

JS Parent Inc

Revolver

4/24/2031

7,880

(39)

JSS Holdings, Inc.

Delayed Draw Term Loan

11/8/2026

136,995

(685)

Kaseya, Inc.

Revolver

3/20/2030

25,000

—

Karman Holdings, Inc.

Term Loan

4/1/2032

24,751

—

Kattegat Project Bidco AB

Delayed Draw Term Loan

10/5/2026

12,225

(152)

Knowledge Pro Buyer, Inc.

Revolver

12/10/2027

4,804

—

Knowledge Pro Buyer, Inc.

Delayed Draw Term Loan

12/8/2025

8,737

—

Kona Buyer, LLC

Delayed Draw Term Loan

7/23/2025

50,738

—

Kona Buyer, LLC

Delayed Draw Term Loan

7/23/2026

63,422

(317)

Kona Buyer, LLC

Revolver

7/23/2031

25,369

(127)

Kwol Acquisition, Inc.

Revolver

12/6/2029

897

—

Kwor Acquisition, Inc.

Revolver

2/28/2030

1,041

—

Kwor Acquisition, Inc.

Delayed Draw Term Loan

2/28/2027

1,379

(7)

Loar Group, Inc.

Delayed Draw Term Loan

5/10/2026

100,000

—

LogicMonitor Inc

Revolver

11/15/2031

11,450

(143)

LPW Group Holdings, Inc.

Revolver

3/15/2030

6,566

—

Lsf12 Crown US Commercial Bidco LLC

Revolver

12/2/2029

24,405

(1,150)

Magic Bidco Inc

Delayed Draw Term Loan

7/1/2026

15,863

—

Magic Bidco Inc

Revolver

7/1/2030

2,015

—

Magneto Components BuyCo, LLC

Revolver

12/5/2029

8,983

(180)

Magneto Components BuyCo, LLC

Delayed Draw Term Loan

6/5/2025

10,780

(135)

Mandolin Technology Intermediate Holdings, Inc.

Revolver

7/30/2026

10,800

—

Mantech International CP

Delayed Draw Term Loan

6/14/2025

133,060

(1,200)

Mantech International CP

Revolver

9/14/2028

111,612

—

Material Holdings, LLC

Revolver

8/19/2027

3,179

—

Maverick Acquisition, Inc.

Delayed Draw Term Loan

4/15/2025

248

—

Maverick Bidco Inc.

Delayed Draw Term Loan

8/16/2026

10,523

—

Maverick Bidco Inc.

Delayed Draw Term Loan

8/16/2026

14,799

—

MB2 Dental Solutions, LLC

Delayed Draw Term Loan

2/13/2026

9,046

—

MB2 Dental Solutions, LLC

Revolver

2/13/2031

2,241

—

Medline Borrower LP

Revolver

2/27/2026

17,850

(160)

Mercury Bidco Globe Limited

Delayed Draw Term Loan

1/31/2026

25,268

(293)

Metis Buyer, Inc.

Revolver

5/4/2026

2,610

—

MHE Intermediate Holdings, LLC

Revolver

7/21/2027

482

—

Minotaur Acquisition, Inc.

Revolver

5/10/2030

9,910

(50)

Minotaur Acquisition, Inc.

Delayed Draw Term Loan

5/10/2025

16,516

(165)

Monk Holding Co.

Delayed Draw Term Loan

6/1/2025

17,311

—

More Cowbell II, LLC

Delayed Draw Term Loan

9/1/2025

2,289

(27)

More Cowbell II, LLC

Revolver

9/1/2029

2,308

—

MPG Parent Holdings, LLC

Revolver

1/8/2030

2,232

—

MPG Parent Holdings, LLC

Delayed Draw Term Loan

1/8/2027

5,146

(39)

MRI Software, LLC

Revolver

2/10/2027

23,946

—

MRI Software, LLC

Delayed Draw Term Loan

1/16/2027

16,573

—

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)

Investments

Commitment Type

Commitment Expiration Date

Unfunded Commitment

Fair Value

Natus Medical Incorporated

Revolver

7/21/2027

4,975

—

NAVEX TopCo, Inc.

Revolver

11/9/2028

8,855

—

Navigator Acquiror, Inc.

Delayed Draw Term Loan

7/15/2030

15,767

—

Navigator Acquiror, Inc.

Delayed Draw Term Loan

7/15/2030

15,767

—

NDC Acquisition Corp.

Revolver

3/9/2027

3,425

—

Nephele III BV

Delayed Draw Term Loan

3/31/2028

—

Neptune BidCo SAS

Delayed Draw Term Loan

4/1/2031

2,051

—

Neptune Holdings, Inc.

Revolver

8/31/2029

2,000

(50)

Netsmart Technologies Inc

Delayed Draw Term Loan

8/23/2026

26,031

(130)

Netsmart Technologies Inc

Revolver

8/23/2031

26,555

—

Noble Midco 3 Ltd

Delayed Draw Term Loan

6/10/2027

9,042

(45)

Noble Midco 3 Ltd

Revolver

6/10/2030

5,576

—

North Haven Stallone Buyer, LLC

Delayed Draw Term Loan

10/1/2026

2,893

(7)

North Haven Stallone Buyer, LLC

Revolver

5/24/2027

5,164

(13)

North Haven Ushc Acquisition Inc

Revolver

10/30/2027

6,585

—

North Haven Ushc Acquisition Inc

Delayed Draw Term Loan

8/28/2026

25,764

—

Odevo AB

Delayed Draw Term Loan

12/12/2027

191,526

(496)

Onex Baltimore Buyer, Inc.

Delayed Draw Term Loan

3/19/2026

68,025

—

ONS MSO, LLC

Delayed Draw Term Loan

12/13/2025

36,836

—

ONS MSO, LLC

Revolver

7/8/2026

1,917

—

Optimizely North America Inc

Revolver

10/30/2031

3,007

(30)

Optus 1011 GmbH

Delayed Draw Term Loan

3/24/2028

60,581

(455)

Oranje Holdco, Inc.

Revolver

2/1/2029

8,250

—

Oxford Global Resources Inc

Revolver

8/17/2027

9,254

—

Park Place Technologies, LLC

Delayed Draw Term Loan

9/1/2025

41,513

—

Park Place Technologies, LLC

Revolver

3/25/2030

49,217

—

Patriot Growth Insurance Services, LLC.

Delayed Draw Term Loan

11/17/2025

7,901

—

Patriot Growth Insurance Services, LLC.

Revolver

10/16/2028

3,567

—

Pavion Corp.

Delayed Draw Term Loan

10/30/2025

3,902

—

PDI TA Holdings, Inc.

Revolver

2/3/2031

6,063

—

Pearce Intermediate Holdings, Inc

Delayed Draw Term Loan

11/6/2026

74,000

—

Petrus Buyer, Inc.

Delayed Draw Term Loan

10/17/2025

4,929

—

Petrus Buyer, Inc.

Revolver

10/17/2029

5,163

—

Phoenix 1 Buyer Corp.

Revolver

11/20/2029

8,349

—

Ping Identity Holding Corp

Revolver

10/17/2028

3,856

—

PKF O'Connor Davies Advisory, LLC

Delayed Draw Term Loan

11/15/2026

40,761

(204)

PKF O'Connor Davies Advisory, LLC

Revolver

11/15/2031

11,413

(57)

Plasma Buyer, LLC

Revolver

5/12/2028

2,508

—

Point Broadband Acquisition, LLC

Delayed Draw Term Loan

5/29/2026

67,596

—

Polyphase Elevator Holding Co.

Revolver

6/23/2027

374

—

PPV Intermediate Holdings, LLC

Revolver

8/31/2029

9,910

—

PPV Intermediate Holdings, LLC

Delayed Draw Term Loan

8/7/2026

11,927

—

Profile Products, LLC

Revolver

11/12/2027

6,263

—

Profile Products, LLC

Revolver

11/12/2027

840

—

Progress Residential PM Holdings, LLC

Delayed Draw Term Loan

5/8/2025

16,623

—

Progress Residential PM Holdings, LLC

Delayed Draw Term Loan

5/8/2025

2,915

—

Project Leopard Holdings, Inc.

Revolver

7/20/2027

8,295

—

PT Intermediate Holdings III, LLC

Delayed Draw Term Loan

4/9/2026

12,013

(15)

QBS Parent, Inc.

Revolver

11/7/2031

5,656

(28)

Qualus Power Services Corp.

Delayed Draw Term Loan

5/9/2026

7,267

—

Qualus Power Services Corp.

Delayed Draw Term Loan

10/25/2026

36,805

(184)

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)

Investments

Commitment Type

Commitment Expiration Date

Unfunded Commitment

Fair Value

R1 Holdings LLC

Revolver

12/29/2028

177

—

Rally Buyer, Inc.

Revolver

7/19/2028

6,211

—

Redwood Services Group, LLC

Delayed Draw Term Loan

8/15/2025

336

—

Redwood Services Group, LLC

Delayed Draw Term Loan

1/3/2027

29,846

—

Relativity ODA, LLC

Revolver

5/12/2029

4,813

(120)

RFS Opco, LLC

Delayed Draw Term Loan

12/3/2025

6,349

—

Rhea Parent, Inc.

Revolver

12/20/2030

28,910

(289)

Riser Merger Sub, Inc.

Revolver

10/31/2029

10,800

—

Riser Merger Sub, Inc.

Delayed Draw Term Loan

10/31/2025

37,800

(378)

Riser Merger Sub, Inc.

Delayed Draw Term Loan

10/31/2025

15,233

—

Safety Borrower Holdings LP

Revolver

9/1/2027

2,517

—

Sailpoint Technologies, Inc.

Revolver

8/16/2028

34,083

—

Sam Holding Co, Inc.

Revolver

3/24/2027

17,600

—

Sam Holding Co, Inc.

Delayed Draw Term Loan

9/5/2025

15,200

—

Scorpio BidCo SAS

Delayed Draw Term Loan

3/10/2026

7,858

(78)

Seahawk Bidco, LLC

Delayed Draw Term Loan

12/19/2026

61,712

—

Seahawk Bidco, LLC

Revolver

12/19/2030

22,377

(205)

Severin Acquisition LLC

Delayed Draw Term Loan

10/1/2027

64,313

—

Severin Acquisition LLC

Revolver

10/1/2031

35,182

—

SG Acquisition, Inc.

Revolver

4/3/2030

13,537

—

Simplicity Financial Marketing Group Holdings Inc

Delayed Draw Term Loan

12/31/2026

10,150

—

Simplicity Financial Marketing Group Holdings Inc

Revolver

12/31/2031

6,041

(60)

Skopima Consilio Parent LLC

Revolver

5/12/2028

6,300

(89)

Smartronix, LLC

Revolver

2/7/2030

12,316

—

Smile Doctors, LLC

Revolver

12/23/2027

51,955

(1,559)

Smile Doctors, LLC

Delayed Draw Term Loan

6/9/2025

35,122

—

Spaceship Purchaser Inc

Revolver

10/17/2031

59,800

(598)

Spaceship Purchaser Inc

Delayed Draw Term Loan

10/17/2026

29,900

—

Spaceship Purchaser Inc

Delayed Draw Term Loan

10/17/2027

71,760

(359)

Sparta UK Bidco Ltd

Delayed Draw Term Loan

9/25/2028

3,123

—

SpecialtyCare, Inc.

Revolver

6/18/2026

3,442

—

Spectrum Safety Solutions Purchaser, LLC

Delayed Draw Term Loan

7/1/2026

69,467

(521)

Spectrum Safety Solutions Purchaser, LLC

Revolver

7/1/2030

58,359

—

Speedster Bidco GmbH

Revolver

5/13/2031

26,875

(152)

Stepping Stones Healthcare Services, LLC

Revolver

12/30/2026

24,314

—

Stepping Stones Healthcare Services, LLC

Delayed Draw Term Loan

4/24/2026

35,710

—

STV Group, Inc.

Delayed Draw Term Loan

3/20/2026

16,811

(168)

STV Group, Inc.

Revolver

3/20/2030

9,246

—

Sunshine Cadence Holdco, LLC

Delayed Draw Term Loan

5/1/2026

31,200

—

Sunshine Cadence Holdco, LLC

Revolver

5/1/2030

32,000

(320)

Tango Bidco SAS

Delayed Draw Term Loan

10/17/2027

5,573

(36)

Tango Bidco SAS

Delayed Draw Term Loan

10/17/2027

8,635

—

TEI Intermediate LLC

Revolver

12/13/2031

17,672

—

TEI Intermediate LLC

Delayed Draw Term Loan

12/13/2026

48,489

(242)

Tennessee Bidco Limited

Delayed Draw Term Loan

7/1/2026

121,413

—

The Fertility Partners, Inc.

Revolver

9/16/2027

5,706

—

The Hiller Companies, LLC

Delayed Draw Term Loan

6/20/2026

16,253

—

The Hiller Companies, LLC

Revolver

6/20/2030

13,713

(103)

The North Highland Co LLC

Revolver

12/20/2030

13,188

—

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)



Investments	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
The North Highland Co LLC	Delayed Draw Term Loan	12/20/2026	$	35,521	$	(178)
Thermostat Purchaser III, Inc.	Revolver	8/31/2026	6,500		—
THG Acquisition LLC	Delayed Draw Term Loan	10/31/2026	14,667		—
THG Acquisition LLC	Revolver	10/31/2031	7,125		—
TIH Insurance Holdings, LLC.	Revolver	5/6/2029	17,354		—
Tricentis Operations Holdings, Inc.	Revolver	12/31/2031	16,551		(166)
Tricentis Operations Holdings, Inc.	Delayed Draw Term Loan	2/11/2027	26,482		(132)
Trinity Air Consultants Holdings Corp.	Delayed Draw Term Loan	4/24/2025	240		—
Trinity Air Consultants Holdings Corp.	Delayed Draw Term Loan	4/24/2025	1,803		—
Trinity Air Consultants Holdings Corp.	Revolver	6/29/2028	13,269		—
Trinity Partners Holdings, LLC	Delayed Draw Term Loan	6/20/2025	115,743		(1,145)
Triple Lift, Inc.	Revolver	5/5/2028	14,295		(572)
TRP Infrastructure Services, LLC	Delayed Draw Term Loan	12/2/2026	19,994		(100)
TTF Lower Intermediate LLC	Revolver	7/18/2029	20,000		(450)
Turing Holdco, Inc.	Delayed Draw Term Loan	8/3/2028	47,204		—
Turing Holdco, Inc.	Delayed Draw Term Loan	8/3/2028	31,353		—
Unified Women's Healthcare LP	Revolver	6/18/2029	101,845		—
Unified Women's Healthcare LP	Delayed Draw Term Loan	10/25/2026	2,483		—
US Oral Surgery Management Holdco, LLC	Delayed Draw Term Loan	12/13/2026	45,839		—
US Oral Surgery Management Holdco, LLC	Revolver	11/20/2028	15,496		—
Varicent Parent Holdings Corp	Delayed Draw Term Loan	8/23/2026	15,833		(128)
Varicent Parent Holdings Corp	Revolver	8/23/2031	9,550		(143)
Victors CCC Buyer, LLC	Revolver	6/1/2029	29,205		—
Vista Management Holding, Inc.	Term Loan	3/26/2031	17,815		—
VS Buyer LLC	Revolver	4/12/2029	15,000		(975)
Water Holdings Acquisition LLC	Delayed Draw Term Loan	7/31/2026	34,400		—
West Monroe Partners, LLC	Revolver	11/9/2027	70,714		—
West Monroe Partners, LLC	Delayed Draw Term Loan	12/18/2026	122,500		—
WHCG Purchaser III Inc	Delayed Draw Term Loan	8/2/2027	17,234		—
World Insurance Associates, LLC	Delayed Draw Term Loan	8/14/2026	45,768		(226)
World Insurance Associates, LLC	Revolver	4/3/2030	5,073		(75)
WPEngine, Inc.	Revolver	8/14/2029	8,140		(244)
YA Intermediate Holdings II, LLC	Delayed Draw Term Loan	10/1/2026	17,043		—
YA Intermediate Holdings II, LLC	Revolver	10/1/2031	8,688		—
Yellow Castle AB	Delayed Draw Term Loan	6/28/2027	17,402		—
Zendesk Inc	Delayed Draw Term Loan	11/22/2025	208,035		(3,121)
Zendesk Inc	Revolver	11/22/2028	97,650		—
Zeus, LLC	Revolver	2/8/2030	6,851		(34)
Zeus, LLC	Delayed Draw Term Loan	2/27/2026	5,938		—
Zorro Bidco Ltd	Delayed Draw Term Loan	8/13/2027	11,495		—
Total Unfunded Commitments			$	10,225,218	$	(47,625)

(8)There are no interest rate floors on these investments.

(9)The interest rate floor on these investments as of March 31, 2025 was 0.50%.

(10)The interest rate floor on these investments as of March 31, 2025 was 0.75%.

(11)The interest rate floor on these investments as of March 31, 2025 was 1.00%.

(12)The interest rate floor on these investments as of March 31, 2025 was 1.25%.

(13)The interest rate floor on these investments as of March 31, 2025 was 1.50%.

(14)The interest rate floor on these investments as of March 31, 2025 was 2.00%.

(15)For unsettled positions the interest rate does not include the base rate.

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)

(16)Under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “1940 Act”), the Company is deemed to “control” a portfolio company if the Company owns more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. Under the 1940 Act, the Company is deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of March 31, 2025, the Company’s controlled/affiliated and non-controlled/affiliated investments were as follows:


	Fair Value as of December 31, 2024		Gross Additions		Gross Reductions		Net Change in Unrealized Appreciation (Depreciation)		Net Realized Gain (Loss)		Fair Value as of March 31, 2025		Income
Non-Controlled/Affiliated Investments
GSO DL Co-Invest EIS LP (EIS Acquisition Holdings, LP - Class A Common Units)	$	1,394	$	—	$	—	$	(374)	$	—	$	1,020	$	—
DMS Purchaser LLC	—		6,151		—		—		—		6,151		64
DMS Topco, LLC - Class A Common Units	—		5,432		—		—		—		5,432		—
Controlled/Affiliated Investments
Daylight Beta Parent, LLC (Benefytt Technologies, Inc.)	12,744		—		—		319		—		13,063		—
CFCo, LLC (Benefytt Technologies, Inc.)	—		—		—		—		—		—		—
CFCo, LLC (Benefytt Technologies, Inc.) - Class B Units	—		—		—		—		—		—		—
Pibb Member, LLC - Membership Interest	214,906		—		—		4,413		—		219,319		1,560
Pibb Member, LLC	2,250		—		—		—		—		2,250		27
Pigments Services, Inc.	7,699		—		—		(7,699)		—		—		—
Pigments Services, Inc.	11,317		257		—		(2,677)		—		8,897		233
Pigments Holdings LP - LP Interest	—		—		—		—		—		—		—
Material Holdings, LLC	232,369		5,938		—		(175)		—		238,132		6,145
Material Holdings, LLC	15,566		—		—		(5,131)		—		10,435		—
Material+ Holding Company, LLC - Class C Units	—		—		—		—		—		—		—
Specialty Lending Company, LLC - LLC Interest	314,967		12,600		—		8,722		—		336,289		—
BCRED Emerald JV LP - LP Interest	1,778,800		—		—		(43,750)		—		1,735,050		56,054
BCRED Verdelite JV LP - LP Interest	135,611		—		—		(20,876)		—		114,735		16,288
GSO DL CoInvest CI LP (CustomInk, LLC - Series A Preferred Units)	2,167		—		—		—		—		2,167		—
Total	$	2,729,790	$	30,378	$	—	$	(67,228)	$	—	$	2,692,940	$	80,371

(17)Loan was on non-accrual status as of March 31, 2025.

(18)These loans are “last-out” portions of loans. The “last-out” portion of the Company's loan investment generally earns a higher interest rate than the “first-out” portion, and in exchange the “first-out” portion would generally receive priority with respect to payment principal, interest and any other amounts due thereunder over the “last-out” portion.

(19)All securities are exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), including investments in joint ventures but excluding Loar Holdings Inc. - Common Equity and Moderna Inc - Common Stock, and may be deemed to be “restricted securities.” As of March 31, 2025, the aggregate fair value of these securities is $69,126.7 million or 165.34% of the Company’s net assets. The initial acquisition dates have been included for such securities.

(20)The interest rate floor on these investments as of March 31, 2025 was 3.00%.

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)

ADDITIONAL INFORMATION


Foreign Currency Forward Contracts
Counterparty	Currency Purchased		Currency Sold		Settlement Date	Unrealized Appreciation (Depreciation)
Deutsche Bank AG	USD	563,326	CAD	806,500	6/18/2025	$	284
BNP Paribas	USD	1,621	CAD	2,300	5/21/2025	18
Deutsche Bank AG	USD	76,416	CHF	66,820	6/18/2025	175
Goldman Sachs Bank USA	USD	81,747	DKK	557,791	6/18/2025	635
BNP Paribas	USD	94,313	EUR	90,200	5/21/2025	(3,321)
Deutsche Bank AG	USD	1,130,090	EUR	1,040,500	6/18/2025	2,021
Deutsche Bank AG	USD	437,280	GBP	337,790	6/18/2025	1,851
BNP Paribas	USD	51,410	GBP	40,900	5/21/2025	(1,313)
Goldman Sachs Bank USA	USD	52,792	NOK	562,273	6/18/2025	(593)
BNP Paribas	USD	2,700	NOK	30,100	5/21/2025	(158)
Goldman Sachs Bank USA	USD	22,612	NZD	39,280	6/18/2025	319
Goldman Sachs Bank USA	USD	103,511	SEK	1,044,034	6/18/2025	(796)
BNP Paribas	USD	1,786	SEK	19,100	5/21/2025	(118)
Total Foreign Currency Forward Contracts						$	(996)

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)


Interest Rate Swaps
Counterparty	Hedged Item	Company Receives	Company Pays		Maturity Date	Notional Amount		Fair Market Value		Upfront Payments / Receipts		Change in Unrealized Gains / (Losses) (1)
Goldman Sachs Bank USA	December 2026 Notes	2.63%	SOFR +	0.26%	12/15/2026	$	625,000	$	(14,692)	$	—	$	5,547
Deutsche Bank	December 2026 Notes	2.63%	SOFR +	0.26%	12/15/2026	625,000		(14,556)		—		5,529
Deutsche Bank	April 2026 UK Bonds	4.87%	SONIA +	2.78%	4/14/2026	GBP	250,000	(6,669)		—		2,111
Sumitomo Mitsui Banking Corporation	May 2027 Notes	5.61%	SOFR +	2.79%	5/3/2027	625,000		(11,850)		—		6,080
Sumitomo Mitsui Banking Corporation	September 2025 Notes	7.05%	SOFR +	2.93%	9/29/2025	600,000		(699)		—		189
Goldman Sachs Bank USA	October 2027 Notes	7.49%	SOFR +	3.72%	10/11/2027	350,000		(52)		—		3,475
Sumitomo Mitsui Banking Corporation	September 2025 Notes	7.05%	SOFR +	2.97%	9/29/2025	200,000		(276)		—		84
Sumitomo Mitsui Banking Corporation	November 2028 Notes	7.30%	SOFR +	3.06%	11/27/2028	500,000		8,690		—		6,740
Goldman Sachs Bank USA	January 2031 Notes	6.25%	SOFR +	2.46%	1/25/2031	250,000		674		—		4,955
BNP Paribas US	January 2031 Notes	6.25%	SOFR +	2.47%	1/25/2031	250,000		563		—		4,958
Deutsche Bank	July 2029 Notes	5.95%	SOFR +	1.74%	7/16/2029	500,000		10,339		—		7,607
BNP Paribas US	September 2027 Notes	4.95%	SOFR +	1.69%	9/26/2027	400,000		(4,518)		—		4,273
Sumitomo Mitsui Banking Corporation	April 2030 Notes	5.25%	SOFR +	2.01%	4/1/2030	400,000		(8,366)		—		7,603
Morgan Stanley	November 2029 Notes	5.60%	SOFR +	1.64%	11/22/2029	400,000		4,520		—		6,670
Deutsche Bank	November 2034 Notes	6.00%	SOFR +	2.04%	11/22/2034	600,000		7,267		—		15,094
Wells Fargo	November 2034 Notes	6.00%	SOFR +	2.26%	11/22/2034	200,000		(1,115)		—		5,097
Deutsche Bank	Janurary 2032 Notes	6.00%	SOFR +	1.83%	1/29/2032	500,000		12,753		—		12,753
Goldman Sachs Bank USA	Janurary 2032 Notes	6.00%	SOFR +	1.83%	1/29/2032	500,000		12,593		—		12,593
Wells Fargo	November 2028 Notes	7.30%	SOFR +	3.20%	11/27/2028	150,000		1,953		—		1,953
Goldman Sachs Bank USA	March 2031 Notes	5.54%	SOFR +	1.67%	3/25/2031	500,000		4,190		—		4,190
Deutsche Bank	March 2033 Notes	5.79%	SOFR +	1.89%	3/25/2033	500,000		4,744		—		4,744

Total Interest Rate Swaps								$	5,493	$	—	$	122,245

(1)For interest rate swaps designated in qualifying hedge relationships, the change in fair value is recorded in Interest expense in the Condensed Consolidated Statements of Operations.

The accompanying notes are an integral part of these condensed consolidated financial statements.

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt
First Lien Debt - non-controlled/non-affiliated
Aerospace & Defense
Atlas CC Acquisition Corp.	(7)(10)	SOFR +	4.25%	9.03%	5/25/2021	5/25/2028	$	49,949	$	49,092	$	29,039	0.07	%
Atlas CC Acquisition Corp.	(4)(5)(7)(10)	P +	3.00%	10.50%	5/25/2021	5/26/2026	6,173		6,056		48		0.00
Corfin Holdings, Inc.	(4)(10)	SOFR +	5.25%	10.61%	1/7/2021	12/31/2027	32,510		32,474		32,510		0.08
Fastener Distribution Holdings LLC	(4)(7)(10)	SOFR +	4.75%	9.31%	10/31/2024	11/4/2031	175,449		173,402		173,354		0.45
Frontgrade Technologies Holdings, Inc.	(4)(7)(10)	SOFR +	5.00%	9.49%	1/9/2023	1/9/2030	2,347		2,290		2,347		0.01
Loar Group Inc	(4)(6)(7)(11)	SOFR +	4.75%	9.11%	7/28/2022	5/10/2030	281,197		278,367		280,257		0.72
Magneto Components BuyCo, LLC	(4)(7)(10)	SOFR +	6.00%	10.33% (incl. 2.71% PIK)	12/5/2023	12/5/2030	54,574		53,134		53,168		0.14
Maverick Acquisition, Inc.	(4)(11)(17)	SOFR +	6.25%	10.58%	6/1/2021	6/1/2027	47,851		47,426		31,821		0.08
Peraton Corp.	(10)	SOFR +	3.75%	8.21%	2/1/2021	2/1/2028	14,323		14,342		13,364		0.03
TransDigm Inc	(6)(8)	SOFR +	2.50%	6.83%	11/28/2023	2/28/2031	12,947		12,987		12,984		0.03
Vertex Aerospace Services Corp.	(6)(10)	SOFR +	2.75%	7.11%	12/6/2021	12/6/2030	11,673		11,634		11,708		0.03
West Star Aviation Acquisition, LLC	(4)(5)(11)	SOFR +	5.00%	9.33%	11/3/2023	3/1/2028	9,878		9,734		9,878		0.03
West Star Aviation Acquisition, LLC	(4)(10)	SOFR +	5.00%	9.33%	3/1/2022	3/1/2028	4,876		4,809		4,876		0.01
									695,747		655,354		1.68
Air Freight & Logistics
AGI-CFI Holdings, Inc.	(4)(10)	SOFR +	5.75%	10.23%	6/11/2021	6/11/2027	211,429		209,624		211,429		0.54
AGI-CFI Holdings, Inc.	(4)(10)	SOFR +	5.75%	10.23%	12/21/2021	6/11/2027	51,518		51,058		51,518		0.13
Alliance Ground	(4)(9)	SOFR +	5.75%	10.25%	7/25/2022	6/11/2027	93,745		92,808		93,745		0.24
ENV Bidco AB	(4)(6)(7)(8)	E +	5.25%	7.97%	12/12/2024	7/19/2029	EUR	114,257	113,857		117,999		0.30
ENV Bidco AB	(4)(6)(10)	SOFR +	5.25%	9.59%	12/12/2024	7/19/2029	114,097		112,376		114,097		0.29
Livingston International, Inc.	(4)(6)(10)	SOFR +	5.50%	9.96%	8/13/2021	4/30/2027	100,776		100,454		99,517		0.26
Mode Purchaser, Inc.	(4)(11)	SOFR +	6.25%	10.92%	1/7/2021	12/9/2026	27,349		27,051		26,529		0.07
Mode Purchaser, Inc.	(4)(11)	SOFR +	6.25%	10.92%	2/4/2022	2/5/2029	135,783		134,195		131,709		0.34
RoadOne Inc	(4)(5)(7)(11)	SOFR +	6.25%	10.84%	12/30/2022	12/30/2028	1,136		1,110		1,109		0.00
RWL Holdings, LLC	(4)(10)	SOFR +	5.75%	10.23%	12/13/2021	12/31/2028	270,142		267,078		240,426		0.62

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Air Freight & Logistics (continued)
SEKO Global Logistics Network, LLC	(4)(5)(11)	P +	7.00%	15.50%	7/1/2024	12/30/2026	$	1,896	$	1,867	$	1,896	0.00	%
SEKO Global Logistics Network, LLC	(4)(5)(11)	SOFR +	8.00%	12.67%	10/15/2024	12/30/2026	1,481		1,455		1,481		0.00
SEKO Global Logistics Network, LLC	(4)(5)(11)	SOFR +	8.00%	12.52%	11/27/2024	11/27/2029	5,961		5,844		5,961		0.02
SEKO Global Logistics Network, LLC	(4)(5)(11)	SOFR +	5.00%	9.50% (incl. 5.00% PIK)	11/27/2024	5/27/2030	29,019		29,019		29,019		0.07
The Kenan Advantage Group, Inc.	(8)	SOFR +	3.25%	7.61%	8/6/2024	1/25/2029	12,951		12,951		13,048		0.03
Wwex Uni Topco Holdings, LLC	(10)	SOFR +	4.00%	8.33%	11/8/2024	7/26/2028	17,639		17,642		17,769		0.05
									1,178,389		1,157,252		2.96
Airlines
Air Canada	(6)(8)	SOFR +	2.00%	6.34%	3/21/2024	3/14/2031	6,292		6,278		6,329		0.02
Auto Components
Clarios Global LP	(6)(8)	SOFR +	2.50%	6.86%	7/16/2024	5/6/2030	3,491		3,491		3,510		0.01
Dellner Couplers Group AB	(5)(6)(8)	E +	5.50%	8.22%	6/20/2024	6/18/2029	EUR	23,500	24,933		24,107		0.06
									28,424		27,617		0.07
Beverages
Triton Water Holdings, Inc.	(9)	SOFR +	3.25%	7.84%	3/31/2021	3/31/2028	44,309		43,795		44,714		0.12
Biotechnology
Grifols Worldwide Operations USA Inc	(8)	SOFR +	2.00%	6.74%	1/7/2021	11/15/2027	4,094		4,060		4,084		0.01
Broadline Retail
Peer USA, LLC	(6)(8)	SOFR +	3.00%	7.33%	6/26/2024	7/1/2031	7,000		7,020		7,048		0.02
Building Products
Cornerstone Building Brands, Inc.	(6)(9)	SOFR +	5.63%	10.02%	7/25/2022	8/1/2028	25,480		25,221		25,098		0.06
Cornerstone Building Brands, Inc.	(6)(9)	SOFR +	3.25%	7.75%	4/15/2021	4/12/2028	4,817		4,797		4,614		0.01
Engineered Stone Group Holdings III Ltd.	(4)(6)(8)	E +	5.75%	9.10%	11/22/2021	4/23/2028	EUR	30,879	33,669		27,508		0.07
Engineered Stone Group Holdings III Ltd.	(4)(6)(10)	SOFR +	5.75%	10.32%	11/22/2021	4/23/2028	64,562		63,627		55,523		0.14
Fencing Supply Group Acquisition, LLC	(4)(11)	SOFR +	6.00%	10.46%	2/26/2021	2/26/2027	109,579		108,878		106,839		0.27
Great Day Improvements, LLC	(4)(7)(13)	SOFR +	5.50%	10.01%	6/13/2024	6/13/2030	36,146		35,382		35,124		0.09

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Building Products (continued)
Jacuzzi Brands, LLC	(4)(10)	SOFR +	6.00%	10.33%	1/7/2021	2/25/2027	$	43,474	$	43,294	$	40,214	0.10	%
Jacuzzi Brands, LLC	(4)(10)	SOFR +	6.00%	10.33%	4/20/2022	2/25/2027	187,540		186,505		173,474		0.45
Jacuzzi Brands, LLC	(4)(10)	SOFR +	6.00%	10.33%	1/7/2021	2/25/2027	6,319		6,291		5,845		0.02
L&S Mechanical Acquisition, LLC	(4)(10)	SOFR +	6.25%	10.60%	9/1/2021	9/1/2027	124,867		123,610		124,867		0.32
L&S Mechanical Acquisition, LLC	(4)(5)(10)	SOFR +	6.25%	10.59%	8/19/2024	9/1/2027	10,975		10,783		10,975		0.03
LBM Acquisition, LLC	(10)	SOFR +	3.75%	8.30%	6/6/2024	5/31/2031	50,254		49,794		49,908		0.13
Lindstrom, LLC	(4)(11)	SOFR +	6.25%	10.90%	4/19/2022	5/1/2027	146,580		146,220		145,114		0.37
MIWD Holdco II, LLC	(8)	SOFR +	3.00%	7.36%	3/28/2024	3/21/2031	4,489		4,510		4,540		0.01
Oscar Acquisitionco, LLC	(9)	SOFR +	4.25%	8.50%	4/29/2022	4/29/2029	2,977		2,987		2,950		0.01
The Chamberlain Group, Inc.	(9)	SOFR +	3.25%	7.71%	11/3/2021	11/3/2028	24,952		24,814		25,131		0.06
Windows Acquisition Holdings, Inc.	(4)(11)	SOFR +	6.50%	10.98% (incl. 8.94% PIK)	1/7/2021	12/29/2026	58,890		58,517		47,701		0.12
									928,899		885,425		2.26
Capital Markets
Apex Group Treasury, LLC	(6)(9)	SOFR +	3.75%	8.96%	7/27/2021	7/27/2028	14,985		14,967		15,145		0.04
Apex Group Treasury, LLC	(6)(9)	SOFR +	4.00%	9.08%	8/2/2024	7/27/2028	77,903		77,903		78,715		0.20
Aretec Group, Inc.	(6)(8)	SOFR +	3.50%	7.86%	5/29/2024	8/9/2030	853		853		856		0.00
FFML Holdco Ltd	(4)(6)(10)	B +	6.25%	10.66%	11/11/2022	11/30/2028	NZD	37,054	22,562		20,732		0.05
Focus Financial Partners LLC	(7)(8)	SOFR +	3.25%	7.61%	9/11/2024	9/11/2031	14,889		14,853		15,061		0.04
GTCR Everest Borrower, LLC	(6)(7)(8)	SOFR +	2.75%	7.08%	9/5/2024	9/5/2031	12,388		12,074		12,445		0.03
Osaic Holdings Inc	(6)(8)	SOFR +	3.50%	7.86%	11/26/2024	8/17/2028	10,567		10,567		10,623		0.03
Resolute Investment Managers, Inc.	(5)(11)	SOFR +	6.50%	11.09%	12/29/2023	4/30/2027	3,884		3,843		3,819		0.01
Situs-AMC Holdings Corporation	(4)(11)	SOFR +	5.50%	9.93%	12/22/2021	12/22/2027	12,151		12,090		12,151		0.03
Superannuation And Investments US, LLC	(6)(9)	SOFR +	3.75%	8.22%	12/1/2021	12/1/2028	13,026		12,975		13,122		0.03
The Edelman Financial Engines Center, LLC	(6)(8)	SOFR +	3.00%	7.36%	6/5/2024	4/7/2028	18,370		18,370		18,504		0.05
									201,057		201,173		0.51

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Chemicals
Charter Next Generation Inc	(10)	SOFR +	3.00%	7.53%	11/5/2024	11/29/2030	$	6,972	$	6,990	$	7,018	0.02	%
DCG Acquisition Corp.	(4)(7)(10)	SOFR +	4.50%	8.86%	6/13/2024	6/13/2031	210,895		208,448		209,820		0.54
Derby Buyer, LLC	(6)(9)	SOFR +	3.00%	7.37%	12/13/2024	11/1/2030	6,451		6,451		6,479		0.02
Formulations Parent Corp.	(4)(7)(10)	SOFR +	5.75%	10.27%	11/15/2023	11/15/2030	21,268		20,853		21,019		0.05
Geon Performance Solutions, LLC	(10)	SOFR +	4.25%	8.84%	8/18/2021	8/18/2028	3,581		3,566		3,598		0.01
Hyperion Materials & Technologies, Inc.	(9)	SOFR +	4.50%	9.13%	8/30/2021	8/30/2028	7,904		7,895		7,788		0.02
									254,203		255,722		0.66
Commercial Services & Supplies
Access CIG, LLC	(9)	SOFR +	5.00%	9.59%	8/18/2023	8/18/2028	43,414		42,988		43,891		0.11
Allied Universal Holdco, LLC	(9)	SOFR +	3.75%	8.21%	4/8/2021	5/12/2028	40,727		40,680		40,911		0.11
Anticimex, Inc.	(6)(9)	SOFR +	3.15%	7.72%	11/8/2021	11/16/2028	11,645		11,620		11,742		0.03
Armor Holdco, Inc.	(6)(9)	SOFR +	3.75%	8.03%	12/13/2024	12/11/2028	6,363		6,363		6,454		0.02
Bazaarvoice, Inc.	(4)(7)(8)	SOFR +	5.25%	9.25%	5/7/2021	5/7/2028	417,604		417,604		417,604		1.07
CFS Brands, LLC	(4)(7)(11)	SOFR +	5.00%	9.36%	12/20/2024	10/2/2030	209,628		205,595		209,011		0.54
DG Investment Intermediate Holdings 2, Inc.	(10)	SOFR +	3.75%	8.22%	3/31/2021	3/31/2028	22,477		22,497		22,744		0.06
EAB Global, Inc.	(9)	SOFR +	3.25%	7.61%	8/16/2021	8/16/2028	13,340		13,322		13,409		0.03
Foundational Education Group, Inc.	(9)	SOFR +	3.75%	8.60%	8/31/2021	8/31/2028	8,869		8,822		8,658		0.02
FusionSite Midco, LLC	(4)(11)	SOFR +	5.75%	10.34%	11/17/2023	11/17/2029	45,012		44,189		45,012		0.12
FusionSite Midco, LLC	(4)(11)	SOFR +	5.50%	10.29%	11/17/2023	11/17/2029	19,466		19,110		19,466		0.05
FusionSite Midco, LLC	(4)(5)(7)(11)	SOFR +	5.75%	10.48%	9/25/2024	11/17/2029	34,988		34,481		34,805		0.09
Garda World Security Corp.	(6)(8)	SOFR +	3.50%	7.90%	8/6/2024	2/1/2029	20,915		20,915		21,033		0.05
Gatekeeper Systems, Inc.	(4)(10)	SOFR +	5.00%	9.51%	8/27/2024	8/28/2030	252,033		248,470		250,143		0.64
Gatekeeper Systems, Inc.	(4)(5)(7)(10)	SOFR +	5.00%	9.52%	8/27/2024	8/28/2030	9,238		8,309		8,483		0.02
GBT US III, LLC	(6)(8)	SOFR +	3.00%	7.63%	7/26/2024	7/25/2031	4,000		4,009		4,025		0.01
Gorilla Investor LLC	(4)(5)(10)	SOFR +	5.00%	9.32%	9/26/2024	9/30/2031	167,623		164,393		165,947		0.43

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Commercial Services & Supplies (continued)
Iris Buyer, LLC	(4)(11)	SOFR +	6.25%	10.68%	10/2/2023	10/2/2030	$	54,542	$	53,310	$	54,542	0.14	%
Iris Buyer, LLC	(4)(5)(7)(11)	SOFR +	6.25%	10.58%	10/2/2023	10/2/2030	5,142		4,825		4,889		0.01
Java Buyer, Inc.	(4)(10)	SOFR +	5.75%	10.20%	12/15/2021	12/15/2027	137,995		136,695		137,995		0.36
Java Buyer, Inc.	(4)(10)	SOFR +	5.75%	10.35%	11/9/2023	12/15/2027	53,947		53,091		53,947		0.14
Java Buyer, Inc.	(4)(10)	SOFR +	5.75%	10.44%	12/15/2021	12/15/2027	95,828		94,996		95,828		0.25
Java Buyer, Inc.	(4)(5)(7)(10)	SOFR +	5.00%	9.59%	6/28/2024	12/15/2027	36,335		35,565		36,335		0.09
JSS Holdings, Inc.	(4)(10)	SOFR +	5.25%	10.10% (incl. 3.00% PIK)	12/29/2021	11/8/2031	237,105		235,092		237,105		0.61
JSS Holdings, Inc.	(4)(10)	SOFR +	5.25%	10.00% (incl. 3.00% PIK)	1/7/2021	11/8/2031	45,390		44,992		45,390		0.12
JSS Holdings, Inc.	(4)(5)(7)(10)	SOFR +	5.25%	9.77% (incl. 3.00% PIK)	11/8/2024	11/8/2031	566,934		560,739		566,249		1.46
Knowledge Pro Buyer, Inc.	(4)(7)(10)	SOFR +	5.00%	9.46%	12/10/2021	12/10/2027	88,097		87,288		88,009		0.23
KPSKY Acquisition, Inc.	(4)(10)(18)	SOFR +	5.50%	10.19%	10/19/2021	10/19/2028	46,483		45,978		40,440		0.10
KPSKY Acquisition, Inc.	(4)(10)(18)	SOFR +	5.50%	10.28%	10/19/2021	10/19/2028	20,736		20,512		18,040		0.05
Lsf12 Crown US Commercial Bidco LLC	(7)(8)	SOFR +	4.25%	8.80%	12/2/2024	12/2/2031	106,500		102,520		106,300		0.27
OMNIA Partners, LLC	(8)	SOFR +	2.75%	7.37%	1/26/2024	7/25/2030	4,988		5,030		5,018		0.01
Onex Baltimore Buyer, Inc.	(4)(11)(18)	SOFR +	5.27%	9.63%	12/1/2021	12/1/2027	187,232		185,397		187,232		0.48
Onex Baltimore Buyer, Inc.	(4)(7)(11)(18)	SOFR +	4.75%	9.11%	12/1/2021	12/1/2027	218,111		214,516		217,257		0.56
Pearce Intermediate Holdings, Inc	(4)(12)	SOFR +	4.75%	9.09%	6/2/2021	6/2/2029	82,396		81,522		82,396		0.21
Pearce Intermediate Holdings, Inc	(4)(5)(7)(11)	SOFR +	4.75%	9.09%	6/29/2023	6/2/2029	1,759		1,241		1,259		0.00
Pearce Intermediate Holdings, Inc	(4)(5)(11)	SOFR +	4.75%	9.09%	11/6/2024	6/2/2029	114,713		113,604		114,713		0.30
Polyphase Elevator Holding Co.	(4)(5)(7)(11)	SOFR +	6.00%	10.43% (incl. 5.00% PIK)	6/23/2021	6/23/2027	6,059		6,023		4,949		0.01
Polyphase Elevator Holding Co.	(4)(5)(11)	SOFR +	6.00%	10.48% (incl. 5.00% PIK)	12/21/2021	6/23/2027	10,818		10,818		8,952		0.02

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Commercial Services & Supplies (continued)
Prime Security Services Borrower, LLC	(6)(8)	SOFR +	2.00%	6.52%	11/20/2024	10/13/2030	$	1,496	$	1,496	$	1,502	0.00	%
Pye-Barker Fire & Safety, LLC	(4)(5)(10)	SOFR +	4.50%	8.83%	5/24/2024	5/24/2031	4,461		4,461		4,461		0.01
Pye-Barker Fire & Safety, LLC	(4)(5)(10)	SOFR +	4.50%	8.83%	5/24/2024	5/24/2031	13,816		13,753		13,747		0.04
Safety Products/JHC Acquisition Corp	(7)(8)	SOFR +	4.50%	8.96%	1/7/2021	6/28/2026	59,946		59,856		60,169		0.15
TEI Intermediate LLC	(4)(10)	SOFR +	4.75%	9.15%	12/13/2024	12/15/2031	146,288		144,836		144,825		0.37
TEI Intermediate LLC	(4)(5)(7)(10)	SOFR +	4.75%	9.15%	12/13/2024	12/15/2031	2,421		1,976		1,973		0.01
The Hiller Companies, LLC	(4)(10)	SOFR +	5.00%	9.36%	6/20/2024	6/20/2030	75,375		74,688		74,809		0.19
The Hiller Companies, LLC	(4)(5)(7)(10)	SOFR +	5.00%	9.58%	6/20/2024	6/20/2030	5,465		5,216		5,240		0.01
TRC Companies, Inc (fka Bolt Infrastructure Merger Sub, Inc.)	(9)	SOFR +	3.50%	7.97%	12/9/2021	12/8/2028	26,793		26,721		27,065		0.07
Vaco Holdings, Inc.	(10)	SOFR +	5.00%	9.48%	1/21/2022	1/21/2029	8,940		8,914		8,299		0.02
Veregy Consolidated, Inc.	(11)	SOFR +	6.00%	10.85%	1/7/2021	11/2/2027	19,954		19,977		19,979		0.05
Water Holdings Acquisition LLC	(4)(7)(10)	SOFR +	5.00%	9.36% (incl. 3.00% PIK)	7/31/2024	7/31/2031	188,383		186,488		187,263		0.48
									3,955,503		3,979,515		10.22
Construction & Engineering
Azuria Water Solutions Inc	(10)	SOFR +	3.75%	8.11%	7/23/2024	5/17/2028	34,436		34,436		34,759		0.09
Brookfield WEC Holdings, Inc.	(8)	SOFR +	2.25%	6.80%	1/25/2024	1/27/2031	7,943		7,868		7,959		0.02
Consor Intermediate II, LLC	(4)(7)(10)	SOFR +	4.50%	8.83%	5/10/2024	5/10/2031	48,760		48,008		48,538		0.12
COP Home Services TopCo IV, Inc.	(4)(7)(11)	SOFR +	6.00%	10.43%	6/9/2023	12/31/2027	208,968		205,871		208,754		0.54
Gannett Fleming Inc	(4)(7)(10)	SOFR +	4.75%	9.23%	8/5/2024	8/5/2030	360,786		355,220		357,520		0.92
Groundworks, LLC	(8)	SOFR +	3.25%	7.65%	3/14/2024	3/14/2031	9,040		9,058		9,099		0.02
Groundworks, LLC	(7)(8)	SOFR +	3.25%	7.65%	3/14/2024	3/14/2031	266		168		277		0.00
Peak Utility Services Group, Inc.	(4)(11)	SOFR +	4.50%	8.96%	3/2/2021	3/2/2028	15,170		15,101		15,019		0.04
Peak Utility Services Group, Inc.	(4)(5)(11)	SOFR +	4.50%	8.96%	3/2/2021	3/2/2028	2,023		2,017		2,002		0.01
Pike Electric Corp.	(8)	SOFR +	3.00%	7.47%	6/7/2022	1/21/2028	1,000		1,011		1,009		0.00
Refficiency Holdings, LLC	(10)	SOFR +	3.50%	7.96%	10/28/2021	12/16/2027	11,229		11,187		11,291		0.03
Thermostat Purchaser III, Inc.	(7)(10)	SOFR +	4.25%	8.58%	6/20/2024	8/31/2028	13,700		13,601		13,770		0.04
									703,546		709,997		1.83

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Construction Materials
Tamko Building Products, LLC	(8)	SOFR +	2.75%	7.09%	10/23/2024	9/20/2030	$	2,985	$	2,985	$	3,013	0.01	%
Containers & Packaging
Anchor Packaging, LLC	(8)	SOFR +	3.25%	7.69%	12/13/2024	7/18/2029	1,990		1,990		2,004		0.01
Ascend Buyer, LLC	(4)(10)	SOFR +	5.75%	10.23%	10/18/2022	9/30/2028	11,299		11,086		11,299		0.03
Ascend Buyer, LLC	(4)(5)(7)(10)	SOFR +	5.75%	10.23%	9/30/2021	9/30/2027	2,587		2,516		2,587		0.01
Berlin Packaging, LLC	(8)	SOFR +	3.50%	8.05%	6/7/2024	6/7/2031	18,861		18,892		18,993		0.05
Clydesdale Acquisition Holdings, Inc.	(9)	SOFR +	3.18%	7.53%	4/13/2022	4/13/2029	13,989		13,751		14,033		0.04
Graham Packaging Co, Inc.	(8)	SOFR +	2.50%	6.86%	7/31/2024	8/4/2027	7,836		7,836		7,864		0.02
MAR Bidco S.à r.l.	(6)(9)	SOFR +	4.20%	8.77%	6/28/2021	7/6/2028	3,819		3,809		3,713		0.01
ProAmpac PG Borrower, LLC	(10)	SOFR +	4.00%	8.66%	4/9/2024	9/15/2028	16,192		16,192		16,263		0.04
Ring Container Technologies Group, LLC	(9)	SOFR +	2.75%	7.11%	7/19/2024	8/12/2028	982		982		986		0.00
TricorBraun Holdings, Inc.	(9)	SOFR +	3.25%	7.72%	3/3/2021	3/3/2028	14,375		14,315		14,383		0.04
Trident TPI Holdings, Inc.	(9)	SOFR +	3.75%	8.19%	10/18/2024	9/15/2028	21,739		21,739		21,961		0.06
									113,108		114,086		0.31
Distributors
BP Purchaser, LLC	(4)(5)(10)	SOFR +	5.50%	10.16% PIK	12/10/2021	12/10/2028	7,820		7,732		6,881		0.02
Bradyplus Holdings LLC	(4)(11)	SOFR +	5.00%	9.52%	10/11/2024	10/31/2029	218,268		214,783		218,268		0.56
Bradyplus Holdings LLC	(4)(5)(7)(11)	SOFR +	5.00%	9.40%	10/11/2024	10/31/2029	1,381		1,287		1,331		0.00
Genuine Cable Group, LLC	(4)(10)	SOFR +	5.75%	10.21%	11/1/2021	11/2/2026	29,649		29,372		28,166		0.07
Marcone Yellowstone Buyer, Inc.	(4)(10)	SOFR +	6.50%	11.24% (incl. 3.25% PIK)	11/1/2022	6/23/2028	15,532		15,244		13,979		0.04
Marcone Yellowstone Buyer, Inc.	(4)(10)	SOFR +	6.25%	10.99% (incl. 3.25% PIK)	12/31/2021	6/23/2028	26,188		25,928		23,438		0.06
NDC Acquisition Corp.	(4)(7)(8)	SOFR +	5.50%	10.19%	3/9/2021	3/9/2027	21,656		21,405		21,656		0.06
PT Intermediate Holdings III, LLC	(4)(7)(9)	SOFR +	5.00%	9.33% (incl. 1.75% PIK)	4/9/2024	4/9/2030	170,148		169,770		170,133		0.44
S&S Holdings, LLC	(9)	SOFR +	5.00%	9.46%	3/11/2021	3/11/2028	7,792		7,807		7,785		0.02
Tailwind Colony Holding Corporation	(4)(11)	SOFR +	6.50%	11.19%	1/7/2021	5/13/2026	81,820		81,505		80,184		0.21
									574,833		571,821		1.48

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Diversified Consumer Services
American Restoration Holdings, LLC	(4)(11)	SOFR +	5.00%	9.73%	7/19/2024	7/24/2030	$	27,472	$	26,963	$	27,472	0.07	%
American Restoration Holdings, LLC	(4)(5)(7)(11)	SOFR +	5.00%	9.50%	7/19/2024	7/24/2030	22,804		22,321		22,804		0.06
American Restoration Holdings, LLC	(4)(5)(7)(11)	SOFR +	5.00%	9.73%	7/19/2024	7/24/2030	1,697		1,552		1,697		0.00
Ascend Learning, LLC	(9)	SOFR +	3.50%	7.96%	12/10/2021	12/11/2028	20,370		20,125		20,505		0.05
Barbri Holdings, Inc.	(4)(10)	SOFR +	5.00%	9.35%	12/20/2024	4/30/2030	133,249		131,960		132,582		0.34
Barbri Holdings, Inc.	(4)(10)	SOFR +	5.00%	9.35%	12/20/2024	4/30/2030	42,165		41,955		41,954		0.11
BPPH2 Limited	(4)(6)(8)	S +	6.75%	11.57%	3/16/2021	3/16/2028	GBP	40,700	55,566		50,952		0.13
BPPH2 Limited	(4)(5)(6)(8)	S +	6.25%	10.95%	6/17/2024	3/16/2028	GBP	8,269	10,367		10,352		0.03
BPPH2 Limited	(4)(5)(6)(10)	CA +	6.25%	10.03%	6/17/2024	3/16/2028	CAD	5,090	3,653		3,541		0.01
BPPH2 Limited	(4)(5)(6)(10)	SOFR +	6.25%	10.76%	6/17/2024	3/16/2028	2,645		2,588		2,645		0.01
Cambium Learning Group, Inc.	(4)(7)(10)	SOFR +	5.50%	10.23%	7/20/2021	7/20/2028	939,007		934,248		939,007		2.42
Cengage Learning, Inc.	(6)(11)	SOFR +	3.50%	7.86%	11/22/2024	3/22/2031	8,458		8,458		8,512		0.02
Charger Debt Merger Sub, LLC	(4)(10)	SOFR +	4.75%	9.08%	5/31/2024	5/31/2031	54,863		54,360		54,863		0.14
Charger Debt Merger Sub, LLC	(4)(5)(7)(10)	SOFR +	4.75%	9.07%	5/31/2024	5/31/2031	11,701		11,447		11,539		0.03
DTA Intermediate II Ltd.	(4)(12)	SOFR +	5.25%	9.58%	3/27/2024	3/27/2030	51,454		50,556		51,454		0.13
DTA Intermediate II Ltd.	(4)(5)(7)(11)	SOFR +	5.25%	9.83%	3/27/2024	3/27/2030	6,461		5,975		6,254		0.02
Element Materials Technology Group US Holdings Inc.	(6)(9)	SOFR +	3.75%	8.08%	6/24/2022	7/6/2029	7,385		7,331		7,442		0.02
Endeavor Schools Holdings, LLC	(4)(11)	SOFR +	6.25%	10.88%	7/18/2023	7/18/2029	46,941		46,053		45,885		0.12
Endeavor Schools Holdings, LLC	(4)(5)(7)(11)	SOFR +	6.25%	10.88%	7/18/2023	7/18/2029	8,640		8,359		8,291		0.02
Essential Services Holding Corp	(4)(7)(10)	SOFR +	5.00%	9.65%	6/17/2024	6/17/2031	69,595		68,785		69,412		0.18
Go Car Wash Management Corp.	(4)(11)	SOFR +	5.75%	10.21%	10/12/2021	12/31/2026	41,322		40,966		40,289		0.10
Go Car Wash Management Corp.	(4)(11)	SOFR +	5.75%	10.11%	10/12/2021	12/31/2026	47,774		47,286		46,580		0.12
Imagine Learning, LLC	(9)	SOFR +	3.50%	7.86%	2/1/2024	12/21/2029	64,711		64,437		64,909		0.17

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Diversified Consumer Services (continued)
Mckissock Investment Holdings, LLC	(10)	SOFR +	5.00%	9.79%	3/10/2022	3/12/2029	$	9,746	$	9,688	$	9,700	0.02	%
Mckissock Investment Holdings, LLC	(10)	SOFR +	5.00%	9.62%	11/20/2023	3/12/2029	27,225		26,686		27,096		0.07
Pre-Paid Legal Services, Inc.	(9)	SOFR +	3.75%	8.22%	12/15/2021	12/15/2028	17,560		17,482		17,700		0.05
Seahawk Bidco, LLC	(4)(7)(11)	SOFR +	4.75%	9.10%	12/19/2024	12/19/2031	230,733		228,095		229,610		0.59
Spring Education Group, Inc.	(8)	SOFR +	4.00%	8.33%	9/29/2023	9/29/2030	13,647		13,506		13,750		0.04
Sunshine Cadence Holdco, LLC	(4)(10)	SOFR +	5.00%	9.61%	5/1/2024	5/1/2031	199,500		197,696		197,505		0.51
Sunshine Cadence Holdco, LLC	(4)(5)(7)(10)	SOFR +	5.00%	9.33%	5/1/2024	5/1/2031	16,598		16,164		16,278		0.04
University Support Services, LLC	(9)	SOFR +	2.75%	7.11%	2/10/2022	2/10/2029	9,496		9,467		9,551		0.02
									2,184,095		2,190,131		5.64
Diversified REITs
Iron Mountain Information Management, LLC	(8)	SOFR +	2.00%	6.36%	12/28/2023	1/31/2031	5,955		5,975		5,962		0.02
Diversified Telecommunication Services
Point Broadband Acquisition, LLC	(4)(7)(11)	SOFR +	5.50%	10.09%	10/1/2021	10/1/2028	230,465		227,373		229,620		0.59
Zacapa, LLC	(6)(9)	SOFR +	3.75%	8.08%	10/29/2024	3/22/2029	7,444		7,444		7,496		0.02
									234,817		237,116		0.61
Electric Utilities
Qualus Power Services Corp.	(4)(11)	SOFR +	5.00%	9.51%	3/26/2021	3/26/2027	61,040		60,557		61,040		0.16
Qualus Power Services Corp.	(4)(11)	SOFR +	5.00%	9.51%	7/27/2023	3/26/2027	53,973		53,158		53,973		0.14
Qualus Power Services Corp.	(4)(5)(7)(11)	SOFR +	5.00%	9.50%	5/9/2024	3/26/2027	42,725		41,725		42,469		0.11
Tiger Acquisition, LLC	(9)	SOFR +	3.00%	7.34%	11/16/2022	6/1/2028	12,673		12,673		12,704		0.03
									168,113		170,186		0.44

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Electrical Equipment
Emergency Power Holdings, LLC	(4)(7)(11)	SOFR +	4.75%	9.34%	8/17/2021	8/17/2030	$	194,324	$	192,151	$	193,887	0.50	%
IEM New Sub 2, LLC	(4)(7)(10)	SOFR +	4.75%	9.27%	8/8/2024	8/8/2030	327,813		322,691		324,784		0.84
Madison IAQ, LLC	(9)	SOFR +	2.75%	7.89%	6/21/2021	6/21/2028	39,617		39,367		39,809		0.10
									554,209		558,480		1.44
Electronic Equipment, Instruments & Components
Albireo Energy, LLC	(4)(11)	SOFR +	6.00%	10.43%	1/7/2021	12/23/2026	24,995		24,828		23,870		0.06
Albireo Energy, LLC	(4)(5)(11)	SOFR +	6.00%	10.68%	1/7/2021	12/23/2026	7,502		7,472		7,164		0.02
Albireo Energy, LLC	(4)(5)(11)	SOFR +	6.00%	10.73%	1/7/2021	12/23/2026	1,924		1,917		1,838		0.00
Duro Dyne National Corp	(4)(7)(10)	SOFR +	5.00%	9.52%	11/15/2024	11/15/2031	190,133		187,766		187,714		0.48
Dwyer Instruments LLC	(4)(5)(7)(10)	SOFR +	4.75%	9.27%	11/15/2024	7/30/2029	46,679		46,123		46,109		0.12
Infinite Bidco, LLC	(9)	SOFR +	3.75%	8.60%	3/2/2021	3/2/2028	19,865		19,777		19,746		0.05
Modena Buyer, LLC	(8)	SOFR +	4.50%	8.86%	7/1/2024	7/1/2031	49,961		49,030		48,515		0.12
Phoenix 1 Buyer Corp.	(4)(7)(10)	SOFR +	5.50%	9.87%	11/20/2023	11/20/2030	42,815		42,385		42,815		0.11
Spectrum Safety Solutions Purchaser, LLC	(4)(5)(6)(9)	E +	5.00%	8.33%	7/1/2024	7/1/2030	EUR	7,356	7,899		7,562		0.02
Spectrum Safety Solutions Purchaser, LLC	(4)(5)(6)(9)	E +	5.00%	8.33%	7/1/2024	7/1/2031	EUR	64,279	68,069		66,084		0.17
Spectrum Safety Solutions Purchaser, LLC	(4)(6)(7)(9)	SOFR +	5.00%	9.59%	7/1/2024	7/1/2031	262,319		257,230		259,369		0.67
									712,496		710,786		1.82

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Energy Equipment & Services
ISQ Hawkeye Holdco, Inc.	(4)(5)(10)	SOFR +	4.75%	9.13%	8/20/2024	8/20/2031	$	8,811	$	8,651	$	8,811	0.02	%
ISQ Hawkeye Holdco, Inc.	(4)(5)(7)(10)	P +	3.75%	11.75%	8/20/2024	8/20/2030	312		288		304		0.00
LPW Group Holdings, Inc.	(4)(7)(11)	SOFR +	6.00%	10.59%	3/15/2024	3/15/2031	32,668		31,802		32,668		0.08
									40,741		41,783		0.10
Entertainment
CE Intermediate I, LLC	(9)	SOFR +	3.50%	8.05%	11/10/2021	11/10/2028	7,564		7,522		7,606		0.02
Renaissance Holdings Corp	(9)	SOFR +	4.00%	8.36%	12/6/2024	4/5/2030	2,506		2,506		2,503		0.01
William Morris Endeavor Entertainment LLC	(8)	SOFR +	2.75%	7.22%	11/7/2024	5/18/2025	9,966		9,986		10,002		0.03
									20,014		20,111		0.06
Financial Services
Atlas Securitized Products Funding 2, L.P.	(4)(5)(6)(7)(8)	SOFR +	1.50%	6.05%	3/28/2024	5/25/2063	148,565		144,785		148,565		0.38
Carr Riggs & Ingram Capital LLC	(4)(5)(9)	SOFR +	4.75%	9.24%	11/18/2024	11/18/2031	43,387		42,960		42,953		0.11
Carr Riggs & Ingram Capital LLC	(4)(5)(7)(9)	SOFR +	4.75%	9.24%	11/18/2024	11/18/2031	1,290		1,078		1,074		0.00
DM Intermediate Parent LLC	(4)(7)(10)	SOFR +	5.00%	9.60%	9/30/2024	9/30/2030	104,836		102,581		102,451		0.26
Mitchell International, Inc.	(9)	SOFR +	3.25%	7.61%	6/17/2024	6/17/2031	65,066		64,765		65,181		0.17
More Cowbell II, LLC	(4)(10)	SOFR +	5.00%	8.89%	9/1/2023	9/1/2030	19,791		19,391		19,791		0.05
More Cowbell II, LLC	(4)(5)(7)(10)	SOFR +	5.00%	9.28%	9/1/2023	9/1/2029	1,132		1,055		1,105		0.00
PKF O'Connor Davies Advisory, LLC	(4)(5)(7)(10)	P +	3.50%	11.00%	11/15/2024	11/18/2031	84,784		83,647		83,618		0.22
RFS Opco, LLC	(4)(7)(9)	SOFR +	4.75%	9.08%	4/4/2024	4/4/2031	30,400		30,100		30,371		0.08
Solera, LLC	(9)(18)	SOFR +	4.00%	8.85%	6/4/2021	6/2/2028	32,496		32,307		32,596		0.08
									522,669		527,705		1.35
Food Products
Snacking Investments US, LLC	(6)(11)	SOFR +	4.00%	8.34%	1/7/2021	12/18/2026	4,830		4,843		4,878		0.01
Ground Transportation
Channelside AcquisitionCo, Inc.	(4)(7)(10)	SOFR +	4.75%	9.34%	5/15/2024	5/15/2031	156,455		155,909		156,432		0.40

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Health Care Equipment & Supplies
AEC Parent Holdings Inc.	(9)	SOFR +	5.75%	10.23%	6/13/2022	6/13/2029	$	24,809	$	24,420	$	20,095	0.05	%
Auris Luxembourg III S.à r.l.	(6)(8)	SOFR +	3.75%	8.18%	9/27/2024	2/28/2029	8,834		8,834		8,950		0.02
Bamboo US BidCo, LLC	(4)(7)(11)	SOFR +	5.25%	9.77%	9/29/2023	9/30/2030	33,656		32,619		33,563		0.09
Bamboo US BidCo, LLC	(4)(11)	E +	5.25%	8.25%	9/29/2023	9/30/2030	EUR	72,601	75,070		75,204		0.19
CPI Buyer, LLC	(4)(10)	SOFR +	5.50%	10.28%	11/1/2021	11/1/2028	168,601		166,863		165,651		0.43
CPI Buyer, LLC	(4)(5)(7)(10)	SOFR +	5.50%	10.28%	5/23/2024	11/1/2028	9,317		9,014		8,547		0.02
Egrotron Acquisition, LLC	(4)(10)	SOFR +	5.25%	9.61%	7/6/2022	7/6/2028	62,707		61,994		62,707		0.16
GCX Corporation Buyer, LLC	(4)(10)	SOFR +	5.50%	9.96%	9/13/2021	9/13/2027	191,560		189,828		188,686		0.49
GCX Corporation Buyer, LLC	(4)(10)	SOFR +	5.50%	10.05%	9/13/2021	9/13/2027	48,510		48,118		47,782		0.12
Natus Medical Incorporated	(4)(9)	SOFR +	5.50%	10.25%	7/21/2022	7/20/2029	49,000		46,760		48,265		0.12
Natus Medical Incorporated	(4)(5)(7)(9)	SOFR +	4.50%	8.96%	7/21/2022	7/21/2027	5,025		4,953		4,736		0.01
Sharp Services, LLC	(8)	SOFR +	3.25%	7.58%	10/25/2024	12/31/2028	7,665		7,665		7,746		0.02
Zeus, LLC	(4)(7)(10)	SOFR +	5.50%	9.83%	2/28/2024	2/28/2031	52,053		51,239		51,974		0.13
									727,377		723,906		1.85
Health Care Providers & Services
123Dentist, Inc.	(4)(6)(7)(10)	CA +	5.00%	8.30%	8/10/2022	8/10/2029	CAD	269,432	203,389		187,438		0.48
ACI Group Holdings, Inc.	(4)(5)(7)(10)	SOFR +	5.50%	9.96%	8/2/2021	8/2/2027	2,148		1,963		1,289		0.00
ACI Group Holdings, Inc.	(4)(10)	SOFR +	6.00%	10.46% (incl. 3.25% PIK)	7/7/2023	8/2/2028	133,714		131,686		128,366		0.33
ADCS Clinics Intermediate Holdings, LLC	(4)(11)	SOFR +	6.25%	10.78%	5/7/2021	5/7/2027	10,408		10,327		10,408		0.03
ADCS Clinics Intermediate Holdings, LLC	(4)(11)	SOFR +	6.25%	10.60%	5/7/2021	5/7/2027	8,559		8,500		8,559		0.02
ADCS Clinics Intermediate Holdings, LLC	(4)(5)(7)(11)	SOFR +	6.25%	10.68%	5/7/2021	5/7/2026	334		313		334		0.00
ADCS Clinics Intermediate Holdings, LLC	(4)(5)(11)	SOFR +	6.25%	10.78%	4/14/2022	5/7/2027	250		248		250		0.00

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Health Care Providers & Services (continued)
Amerivet Partners Management, Inc.	(4)(7)(11)	SOFR +	5.25%	9.75%	2/25/2022	2/25/2028	$	21,000	$	20,570	$	21,000	0.05	%
Canadian Hospital Specialties Ltd.	(4)(6)(11)	CA +	4.50%	7.82%	4/15/2021	4/14/2028	CAD	14,671	11,642		10,053		0.03
Canadian Hospital Specialties Ltd.	(4)(6)(7)(10)	CA +	4.50%	7.82%	4/15/2021	4/15/2027	CAD	3,330	2,526		2,260		0.01
Caramel Bidco Limited	(4)(6)(8)	S +	6.00%	10.70%	2/11/2022	2/24/2029	GBP	60,000	78,816		65,161		0.17
Caramel Bidco Limited	(4)(5)(6)(8)	S +	6.00%	10.70%	2/24/2022	2/24/2029	GBP	2,265	3,024		2,460		0.01
Caramel Bidco Limited	(4)(6)(8)	E +	6.00%	8.69%	2/24/2022	2/24/2029	EUR	14,000	15,588		12,580		0.03
Caramel Bidco Limited	(4)(6)(8)	SOFR +	6.00%	10.57%	2/24/2022	2/24/2029	6,125		6,366		5,313		0.01
CCBlue Bidco, Inc.	(4)(5)(10)	SOFR +	6.50%	10.93% PIK	12/21/2021	12/21/2028	571,803		566,446		496,039		1.28
Compsych Investments Corp	(4)(7)(10)	SOFR +	4.75%	9.38%	7/22/2024	7/22/2031	70,669		70,291		70,442		0.18
CSC Mkg Topco, LLC	(4)(10)	SOFR +	5.75%	10.09%	2/1/2022	2/1/2029	160,415		158,543		160,415		0.41
CSC Mkg Topco, LLC	(4)(10)	SOFR +	5.75%	10.40%	8/1/2022	2/1/2029	21,469		21,031		21,469		0.06
DCA Investment Holdings, LLC	(4)(10)	SOFR +	6.41%	10.73%	3/12/2021	4/3/2028	25,142		25,039		24,388		0.06
DCA Investment Holdings, LLC	(4)(5)(10)	SOFR +	6.50%	10.83%	12/28/2022	4/3/2028	9,895		9,712		9,599		0.02
Epoch Acquisition, Inc.	(4)(11)	SOFR +	6.00%	10.53%	1/7/2021	10/4/2026	28,510		28,510		28,510		0.07
Examworks Bidco, Inc.	(9)	SOFR +	2.75%	7.11%	11/1/2021	11/1/2028	4,000		4,015		4,020		0.01
Heartland Dental, LLC	(10)	SOFR +	4.50%	8.86%	5/30/2024	4/30/2028	9,925		9,967		9,958		0.03
Imagine 360 LLC	(4)(5)(7)(10)	SOFR +	5.00%	9.35%	9/18/2024	9/30/2028	97,276		96,228		96,149		0.25
Inception Fertility Ventures, LLC	(4)(7)(10)	SOFR +	5.50%	10.09%	4/29/2024	4/29/2030	269,546		269,293		266,351		0.69
Jayhawk Buyer, LLC	(4)(11)	SOFR +	5.00%	9.43%	5/26/2021	10/15/2026	223,779		222,202		213,150		0.55
Kwol Acquisition, Inc.	(4)(5)(7)(10)	SOFR +	4.75%	9.08%	12/8/2023	12/6/2029	6,554		6,400		6,535		0.02
MB2 Dental Solutions, LLC	(4)(10)	SOFR +	5.50%	9.86%	2/13/2024	2/13/2031	37,554		37,223		37,554		0.10
MB2 Dental Solutions, LLC	(4)(5)(7)(10)	SOFR +	5.50%	9.86%	2/13/2024	2/13/2031	2,730		2,665		2,708		0.01
MB2 Dental Solutions, LLC	(4)(5)(10)	SOFR +	5.50%	10.02%	2/13/2024	2/13/2031	5,540		5,500		5,540		0.01

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Health Care Providers & Services (continued)
Navigator Acquiror, Inc.	(4)(7)(9)	SOFR +	5.50%	9.96%	7/16/2021	7/16/2027	$	508,271	$	506,343	$	439,654	1.13	%
Onex TSG Intermediate Corp.	(6)(10)	SOFR +	4.75%	9.60%	2/26/2021	2/28/2028	22,556		22,467		22,771		0.06
ONS MSO, LLC	(4)(5)(7)(11)	SOFR +	5.75%	10.34%	12/13/2023	7/8/2026	34,950		34,570		34,586		0.09
ONS MSO, LLC	(4)(5)(7)(11)	P +	5.25%	13.75%	12/13/2023	7/8/2026	3,750		3,688		3,750		0.01
ONS MSO, LLC	(4)(5)(11)	SOFR +	5.75%	10.34%	4/26/2024	7/8/2026	9,975		9,906		9,950		0.03
Plasma Buyer, LLC	(4)(7)(10)	SOFR +	5.75%	10.35%	5/12/2022	5/12/2029	92,363		91,138		86,366		0.22
Plasma Buyer, LLC	(4)(5)(7)(10)	SOFR +	5.75%	10.08%	5/12/2022	5/12/2028	8,101		7,939		7,161		0.02
PPV Intermediate Holdings, LLC	(4)(10)	SOFR +	5.75%	10.26%	8/31/2022	8/31/2029	126,292		124,684		126,292		0.33
PPV Intermediate Holdings, LLC	(4)(5)(7)(10)	SOFR +	6.00%	10.52%	9/6/2023	8/31/2029	4,965		4,644		4,866		0.01
PSKW Intermediate, LLC	(4)(11)	SOFR +	5.50%	9.90%	12/11/2024	3/9/2028	12,071		12,071		12,071		0.03
Smile Doctors, LLC	(4)(10)	SOFR +	5.90%	10.81%	6/9/2023	12/23/2028	518,108		511,996		507,746		1.31
Smile Doctors, LLC	(4)(5)(7)(10)	SOFR +	5.90%	10.81%	6/9/2023	12/23/2028	74,356		71,456		70,830		0.18
Snoopy Bidco, Inc.	(4)(10)	SOFR +	6.00%	10.73%	6/1/2021	6/1/2028	707,413		701,686		680,885		1.75
Southern Veterinary Partners LLC	(8)	SOFR +	3.25%	7.71%	12/4/2024	10/31/2031	10,210		10,261		10,295		0.03
SpecialtyCare, Inc.	(4)(11)	SOFR +	5.75%	10.60%	6/18/2021	6/18/2028	67,198		66,199		65,854		0.17
SpecialtyCare, Inc.	(4)(5)(11)	SOFR +	5.75%	10.66%	6/18/2021	6/18/2028	582		577		570		0.00
SpecialtyCare, Inc.	(4)(5)(7)(8)	SOFR +	4.00%	8.64%	6/18/2021	6/18/2026	3,442		3,390		3,442		0.01
Stepping Stones Healthcare Services, LLC	(4)(10)	SOFR +	4.75%	9.08%	12/30/2021	1/2/2029	178,641		177,031		178,641		0.46
Stepping Stones Healthcare Services, LLC	(4)(5)(7)(10)	SOFR +	4.75%	9.08%	4/25/2024	1/2/2029	4,901		4,368		4,568		0.01
Surgery Centers Holdings, Inc.	(6)(8)	SOFR +	2.75%	7.09%	6/20/2024	12/19/2030	5,644		5,644		5,695		0.01
The Fertility Partners, Inc.	(4)(6)(7)(10)	CA +	5.75%	9.34%	3/16/2022	3/16/2028	CAD	138,421	107,148		90,236		0.23
The Fertility Partners, Inc.	(4)(6)(10)	SOFR +	5.75%	10.22%	3/16/2022	3/16/2028	45,554		44,989		42,821		0.11
The GI Alliance Management, LLC	(4)(11)	SOFR +	5.50%	10.18%	9/15/2022	9/15/2028	255,871		251,126		258,429		0.67
The GI Alliance Management, LLC	(4)(11)	SOFR +	5.50%	10.16%	1/22/2024	9/15/2028	28,372		28,133		28,655		0.07
The GI Alliance Management, LLC	(4)(11)	SOFR +	5.50%	10.16%	9/15/2022	9/15/2028	55,133		54,112		55,684		0.14
The GI Alliance Management, LLC	(4)(5)(7)(11)	SOFR +	5.50%	10.21%	3/7/2024	9/15/2028	26,833		25,645		26,187		0.07
UMP Holdings, LLC	(4)(10)	SOFR +	5.75%	10.40%	7/15/2022	7/15/2028	9,499		9,388		9,452		0.02
UMP Holdings, LLC	(4)(5)(10)	SOFR +	5.75%	10.33%	7/15/2022	7/15/2028	13,032		12,972		12,967		0.03

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Health Care Providers & Services (continued)
Unified Women's Healthcare LP	(4)(9)	SOFR +	5.25%	9.58%	6/16/2022	6/18/2029	$	878,430	$	878,430	$	878,430	2.26	%
Unified Women's Healthcare LP	(4)(5)(7)(9)	SOFR +	5.25%	9.58%	3/22/2024	6/18/2029	4,349		4,305		4,315		0.01
US Oral Surgery Management Holdco, LLC	(4)(10)	SOFR +	5.25%	9.86%	11/18/2021	11/20/2028	153,992		152,825		153,992		0.40
US Oral Surgery Management Holdco, LLC	(4)(10)	SOFR +	5.25%	9.96%	11/18/2021	11/20/2028	64,821		64,378		64,821		0.17
US Oral Surgery Management Holdco, LLC	(4)(5)(7)(10)	SOFR +	6.00%	10.80%	8/16/2023	11/20/2028	6,191		5,704		5,945		0.02
US Oral Surgery Management Holdco, LLC	(4)(5)(10)	SOFR +	6.50%	11.19%	12/5/2022	11/20/2028	107		107		107		0.00
Veonet GmbH	(6)(8)	S +	5.50%	10.20%	4/18/2024	3/14/2029	GBP	253,448	321,865		317,492		0.82
WHCG Purchaser III Inc	(4)(5)(7)(10)	SOFR +	6.50%	10.83% (incl. 5.41% PIK)	8/2/2024	6/30/2029	45,940		45,940		45,940		0.12
WHCG Purchaser III Inc	(4)(5)(10)(17)		10.00%	10.00% PIK	8/2/2024	6/30/2030	37,229		14,654		14,222		0.04
									6,419,802		6,193,986		15.96
Health Care Technology
athenahealth, Inc.	(9)	SOFR +	3.25%	7.61%	2/15/2022	2/15/2029	36,189		35,953		36,350		0.09
Caerus US 1, Inc.	(4)(6)(10)	SOFR +	5.00%	9.33%	5/25/2022	5/25/2029	383,645		378,829		383,645		0.99
Caerus US 1, Inc.	(4)(6)(10)	SOFR +	5.00%	9.33%	5/25/2022	5/25/2029	58,690		57,951		58,690		0.15
Caerus US 1, Inc.	(4)(5)(6)(7)(12)	SOFR +	5.00%	9.34%	5/25/2022	5/25/2029	5,082		4,441		5,082		0.01
Caerus US 1, Inc.	(4)(5)(6)(10)	SOFR +	5.00%	9.46%	10/28/2022	5/25/2029	36,115		35,861		36,115		0.09
Caerus US 1, Inc.	(4)(6)(10)	SOFR +	5.00%	9.33%	10/28/2022	5/25/2029	246,803		245,667		246,803		0.64
Caerus US 1, Inc.	(4)(6)(8)	SOFR +	5.00%	9.33%	3/27/2024	5/25/2029	69,821		69,821		69,821		0.18
Color Intermediate, LLC	(4)(10)	SOFR +	4.75%	9.18%	7/2/2024	10/1/2029	365,158		358,992		365,158		0.94
Continental Buyer Inc	(4)(5)(7)(10)	SOFR +	5.25%	9.50%	4/2/2024	4/2/2031	29,048		28,525		28,962		0.07
Cotiviti, Inc.	(8)	SOFR +	2.75%	7.30%	5/1/2024	5/1/2031	43,265		43,069		43,562		0.11
CT Technologies Intermediate Holdings, Inc.	(4)(7)(10)	SOFR +	5.00%	9.57%	8/30/2024	8/30/2031	160,631		158,968		160,489		0.41
Edifecs, Inc.	(4)(10)	SOFR +	5.00%	9.33%	9/10/2021	11/20/2028	155,449		154,580		155,449		0.40
Edifecs, Inc.	(4)(10)	SOFR +	5.00%	9.33%	11/20/2023	11/20/2028	204,293		201,555		204,293		0.53
Edifecs, Inc.	(4)(11)	SOFR +	5.00%	9.33%	1/7/2021	11/20/2028	96,160		96,228		96,160		0.25
GI Ranger Intermediate, LLC	(4)(7)(10)	SOFR +	6.00%	10.48%	10/29/2021	10/29/2028	104,077		102,991		103,509		0.27

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Health Care Technology (continued)
Healthcomp Holding Company, LLC	(4)(10)	SOFR +	6.25%	10.77% (incl. 3.00% PIK)	11/8/2023	11/8/2029	$	184,558	$	183,111	$	184,558	0.47	%
Imprivata, Inc.	(9)	SOFR +	3.50%	8.09%	4/4/2024	12/1/2027	2,003		2,003		2,019		0.01
Kona Buyer, LLC	(4)(10)	SOFR +	4.50%	9.13%	7/23/2024	7/23/2031	215,636		213,616		214,558		0.55
Kona Buyer, LLC	(4)(5)(7)(10)	SOFR +	4.50%	9.13%	7/23/2024	7/23/2031	12,653		11,999		12,146		0.03
Magic Bidco Inc	(4)(5)(7)(10)	SOFR +	5.75%	10.08%	7/1/2024	7/1/2030	7,745		7,371		7,394		0.02
Magic Bidco Inc	(4)(10)	SOFR +	5.75%	10.08%	7/1/2024	7/1/2030	45,005		43,975		44,330		0.11
Neptune Holdings, Inc.	(4)(7)(10)	SOFR +	4.75%	9.08%	12/12/2024	8/31/2030	14,850		14,512		14,800		0.04
Netsmart Technologies Inc	(4)(7)(10)	SOFR +	5.20%	9.56% (incl. 2.70% PIK)	8/23/2024	8/23/2031	186,096		183,972		184,902		0.48
NMC Crimson Holdings, Inc.	(4)(10)	SOFR +	6.09%	10.85%	3/1/2021	3/1/2028	71,173		70,209		71,173		0.18
NMC Crimson Holdings, Inc.	(4)(10)	SOFR +	6.09%	10.75%	3/1/2021	3/1/2028	14,758		14,643		14,758		0.04
Project Ruby Ultimate Parent Corp	(8)	SOFR +	3.00%	7.47%	11/20/2024	3/10/2028	9,111		9,111		9,165		0.02
Rocky MRA Acquisition Corp	(4)(9)	SOFR +	5.75%	10.37%	4/1/2022	4/1/2028	163,472		161,872		163,472		0.42
Vizient, Inc.	(9)	SOFR +	2.00%	6.36%	8/1/2024	8/1/2031	4,874		4,908		4,918		0.01
Waystar Technologies, Inc.	(8)	SOFR +	2.25%	6.59%	12/30/2024	10/22/2029	6,513		6,513		6,551		0.02
									2,901,246		2,928,832		7.53
Hotels, Restaurants & Leisure
Alterra Mountain Co	(8)	SOFR +	2.75%	7.11%	11/7/2024	8/17/2028	9,131		9,131		9,203		0.02
Bally's Corp	(6)(9)	SOFR +	3.25%	8.14%	10/1/2021	10/2/2028	9,528		9,500		9,035		0.02
Caesars Entertainment, Inc.	(6)(9)	SOFR +	2.25%	6.61%	2/6/2023	2/6/2030	2,492		2,509		2,498		0.01
Carnival Finance, LLC	(6)(10)	SOFR +	2.75%	7.11%	4/25/2024	10/18/2028	1,000		1,011		1,008		0.00
Century Casinos, Inc.	(6)(10)	SOFR +	6.00%	10.62%	4/1/2022	4/2/2029	31,127		30,745		30,679		0.08
Fertitta Entertainment, LLC	(9)	SOFR +	3.50%	7.86%	1/27/2022	1/27/2029	13,323		13,319		13,389		0.03
IRB Holding Corp.	(10)	SOFR +	2.50%	6.86%	12/11/2024	12/15/2027	21,480		21,480		21,528		0.06
Mic Glen, LLC	(9)	SOFR +	3.50%	7.97%	7/21/2021	7/21/2028	12,725		12,715		12,817		0.03
New Red Finance, Inc.	(6)(8)	SOFR +	1.75%	6.11%	6/16/2024	9/12/2030	6,451		6,437		6,428		0.02
Scientific Games Holdings LP	(9)	SOFR +	3.00%	7.59%	6/11/2024	4/4/2029	19,729		19,763		19,800		0.05
Tacala Investment Corp.	(10)	SOFR +	3.50%	7.86%	9/26/2024	1/31/2031	2,978		2,987		3,005		0.01
Whatabrands, LLC	(9)	SOFR +	2.50%	6.86%	12/11/2024	8/3/2028	11,352		11,352		11,393		0.03
									140,949		140,783		0.36

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Household Durables
AI Aqua Merger Sub, Inc.	(9)	SOFR +	3.50%	8.05%	12/5/2024	7/31/2028	$	32,391	$	32,369	$	32,459	0.08	%
Madison Safety & Flow LLC	(8)	SOFR +	3.25%	7.61%	9/26/2024	9/26/2031	6,983		7,029		7,043		0.02
									39,398		39,502		0.10
Industrial Conglomerates
Bettcher Industries, Inc.	(9)	SOFR +	4.00%	8.33%	12/14/2021	12/14/2028	6,936		6,897		6,930		0.02
CEP V Investment 11 S.à r.l.	(4)(6)(7)(10)	SA +	6.45%	7.73%	5/6/2022	2/11/2028	CHF	47,449	47,966		51,847		0.13
CEP V Investment 11 S.à r.l.	(4)(6)(10)	E +	6.45%	9.84%	3/31/2023	2/23/2028	EUR	66,051	63,741		68,419		0.18
Engineered Machinery Holdings, Inc.	(10)	SOFR +	3.75%	8.34%	8/12/2021	5/19/2028	11,754		11,726		11,860		0.03
Excelitas Technologies Corp.	(4)(8)	E +	5.25%	8.11%	8/12/2022	8/13/2029	EUR	24,817	25,145		25,450		0.07
Excelitas Technologies Corp.	(4)(7)(10)	SOFR +	5.25%	9.58%	8/12/2022	8/13/2029	33,241		32,597		32,712		0.08
									188,072		197,218		0.51
Insurance
Alera Group, Inc.	(4)(10)	SOFR +	5.25%	9.61%	9/30/2021	10/2/2028	54,870		54,569		54,870		0.14
Alera Group, Inc.	(4)(5)(7)(11)	SOFR +	5.75%	10.09%	11/17/2023	10/2/2028	21,071		20,905		21,071		0.05
Alliant Holdings Intermediate LLC	(8)	SOFR +	2.75%	7.11%	9/12/2024	9/19/2031	3,653		3,653		3,667		0.01
Amerilife Holdings, LLC	(4)(10)	SOFR +	5.00%	9.58%	6/17/2024	8/31/2029	463,738		457,327		463,738		1.19
Amerilife Holdings, LLC	(4)(5)(7)(13)	SOFR +	5.00%	9.70%	6/17/2024	8/31/2029	55,951		54,972		55,653		0.14
AmWINS Group Inc	(10)	SOFR +	2.25%	6.72%	2/19/2021	2/19/2028	6,433		6,423		6,460		0.02
AssuredPartners, Inc.	(9)	SOFR +	3.50%	7.86%	2/16/2024	2/14/2031	25,481		25,452		25,564		0.07
Baldwin Insurance Group Holdings, LLC	(6)(8)	SOFR +	3.25%	7.61%	12/11/2024	5/26/2031	11,929		11,929		12,026		0.03
BroadStreet Partners, Inc.	(8)	SOFR +	3.00%	7.36%	6/14/2024	6/14/2031	13,930		13,970		13,994		0.04
CFC Underwriting, Ltd.	(4)(6)(7)(9)	SOFR +	4.95%	9.53%	1/25/2022	5/16/2029	138,161		135,809		137,906		0.35
Foundation Risk Partners Corp.	(4)(10)	SOFR +	5.25%	9.58%	10/29/2021	10/29/2030	27,918		27,638		27,918		0.07
Foundation Risk Partners Corp.	(4)(5)(10)	SOFR +	5.25%	9.58%	11/17/2023	10/29/2030	26,954		26,525		26,954		0.07
Foundation Risk Partners Corp.	(4)(10)	SOFR +	5.25%	9.58%	4/14/2022	10/29/2030	38,693		38,343		38,693		0.10
Foundation Risk Partners Corp.	(4)(5)(7)(10)	SOFR +	5.25%	9.58%	5/21/2024	10/29/2030	9,166		8,897		8,878		0.02

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Insurance (continued)
Galway Borrower, LLC	(4)(10)	SOFR +	4.50%	8.83%	9/30/2021	9/29/2028	$	241,757	$	239,767	$	241,757	0.62	%
Galway Borrower, LLC	(4)(5)(7)(10)	SOFR +	4.50%	8.82%	9/30/2021	9/29/2028	1,738		1,514		1,728		0.00
Galway Borrower, LLC	(4)(5)(10)	SOFR +	4.50%	8.82%	4/28/2023	9/29/2028	271		271		271		0.00
Gimlet Bidco GmbH	(4)(6)(8)	E +	5.75%	8.80%	4/15/2024	4/23/2031	EUR	110,003	114,541		112,238		0.29
Gimlet Bidco GmbH	(4)(6)(7)(8)	E +	5.75%	8.72%	4/15/2024	4/23/2031	EUR	17,827	17,370		17,770		0.05
Higginbotham Insurance Agency, Inc.	(4)(6)(11)	SOFR +	4.50%	8.86%	7/3/2024	11/25/2028	90,193		90,114		90,193		0.23
High Street Buyer, Inc.	(4)(10)	SOFR +	5.25%	9.58%	4/16/2021	4/14/2028	96,256		95,397		96,256		0.25
High Street Buyer, Inc.	(4)(5)(7)(10)	SOFR +	5.25%	9.85%	2/4/2022	4/14/2028	79,872		78,625		79,789		0.21
Hyperion Refinance S.à r.l.	(6)(9)	SOFR +	3.00%	7.36%	11/22/2024	2/15/2031	7,467		7,473		7,528		0.02
Integrity Marketing Acquisition LLC	(4)(7)(10)	SOFR +	5.00%	9.51%	8/27/2024	8/25/2028	256,212		254,354		256,175		0.66
OneDigital Borrower, LLC	(9)	SOFR +	3.25%	7.61%	7/2/2024	6/13/2031	9,950		9,938		9,988		0.03
Paisley Bidco Ltd	(4)(5)(6)(7)(8)	S +	4.75%	9.52%	4/17/2024	4/18/2031	GBP	12,094	14,943		14,962		0.04
Paisley Bidco Ltd	(4)(5)(6)(8)	E +	4.75%	7.81%	4/17/2024	4/18/2031	EUR	7,947	8,439		8,150		0.02
Paisley Bidco Ltd	(4)(5)(6)(8)	E +	4.75%	7.97%	4/17/2024	4/18/2031	EUR	7,010	7,220		7,188		0.02
Patriot Growth Insurance Services, LLC.	(4)(10)	SOFR +	5.00%	9.48%	10/14/2021	10/16/2028	23,972		23,788		23,972		0.06
Patriot Growth Insurance Services, LLC.	(4)(5)(7)(10)	SOFR +	5.00%	9.33%	11/17/2023	10/16/2028	18,744		18,536		18,443		0.05
Patriot Growth Insurance Services, LLC.	(5)(7)(10)	SOFR +	5.00%	9.49%	10/14/2021	10/16/2028	3,567		3,486		3,425		0.01
Riser Merger Sub, Inc.	(4)(5)(10)	S +	6.00%	10.70%	10/31/2023	10/31/2029	GBP	9,198	11,018		11,515		0.03
Riser Merger Sub, Inc.	(4)(7)(10)	SOFR +	6.00%	10.33%	10/31/2023	10/31/2029	90,885		88,852		90,507		0.23
Riser Topco II LLC	(4)(5)(10)	S +	5.00%	9.70%	8/16/2024	10/31/2029	GBP	16,440	20,717		20,530		0.05
Riser Topco II LLC	(4)(5)(7)(10)	SOFR +	5.00%	9.46%	6/4/2024	10/31/2029	63,361		62,837		63,127		0.16

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Insurance (continued)
RSC Acquisition, Inc.	(4)(10)	SOFR +	4.75%	9.15%	11/12/2021	11/1/2029	$	59,792	$	59,777	$	59,866	0.15	%
RSC Acquisition, Inc.	(4)(5)(7)(10)	SOFR +	4.75%	9.32%	1/7/2021	11/1/2029	185,853		184,444		185,802		0.48
SelectQuote Inc.	(4)(6)(20)	SOFR +	9.50%	13.96% (incl. 3.00% PIK)	10/15/2024	9/30/2027	227,514		227,477		201,142		0.52
SG Acquisition, Inc.	(4)(7)(10)	SOFR +	4.75%	9.36%	4/3/2024	4/3/2030	216,037		214,226		216,037		0.56
Shelf Bidco Ltd	(4)(6)(10)(18)	SOFR +	5.18%	9.83%	10/17/2024	10/17/2031	943,075		938,496		938,360		2.41
Simplicity Financial Marketing Group Holdings Inc	(4)(6)(7)(10)	SOFR +	5.00%	9.28%	12/31/2024	12/31/2031	45,311		44,737		44,737		0.12
Sparta UK Bidco Ltd	(4)(5)(6)(7)(8)	S +	6.00%	10.70%	9/4/2024	9/25/2031	GBP	36,060	47,359		45,143		0.12
SQ ABS Issuer LLC	(4)(6)(8)		7.80%	7.80%	10/11/2024	10/20/2039	22,278		22,128		22,132		0.06
Tennessee Bidco Limited	(4)(5)(6)(8)	E +	5.25%	8.93% (incl. 2.00% PIK)	7/1/2024	7/1/2031	EUR	4,515	5,662		4,630		0.01
Tennessee Bidco Limited	(4)(6)(8)	S +	5.25%	10.06% (incl. 2.00% PIK)	7/1/2024	7/1/2031	GBP	149,270	200,231		185,002		0.48
Tennessee Bidco Limited	(4)(5)(6)(7)(8)	S +	5.25%	10.06% (incl. 2.00% PIK)	7/1/2024	7/1/2031	GBP	13,550	17,204		16,191		0.04
Tennessee Bidco Limited	(4)(6)(8)	SOFR +	5.25%	10.51% (incl. 2.00% PIK)	7/1/2024	7/1/2031	585,611		570,355		579,755		1.49
Tennessee Bidco Limited	(4)(5)(6)(8)	SOFR +	5.25%	10.51% (incl. 2.00% PIK)	7/1/2024	7/1/2031	29,857		29,565		29,558		0.08
Tennessee Bidco Limited	(4)(5)(6)(8)	E +	5.25%	8.93% (incl. 2.00% PIK)	7/1/2024	7/1/2031	EUR	8,785	9,198		9,009		0.02
THG Acquisition LLC	(4)(5)(10)	SOFR +	4.75%	9.11%	10/31/2024	10/31/2031	66,980		66,327		66,310		0.17
THG Acquisition LLC	(4)(5)(7)(10)	SOFR +	4.75%	9.11%	10/31/2024	10/31/2031	555		409		405		0.00
TIH Insurance Holdings, LLC.	(7)(8)	SOFR +	2.75%	7.08%	12/6/2024	5/6/2031	17,652		17,263		17,659		0.05
USI, Inc.	(8)	SOFR +	2.25%	6.58%	12/23/2024	11/22/2029	8,824		8,824		8,820		0.02
USI, Inc.	(8)	SOFR +	2.25%	6.58%	12/23/2024	9/29/2030	1,975		1,975		1,975		0.01
World Insurance Associates, LLC	(4)(11)	SOFR +	6.00%	10.33%	10/20/2023	4/3/2028	42,900		42,274		42,900		0.11
World Insurance Associates, LLC	(4)(5)(7)(11)	SOFR +	5.75%	10.08%	10/20/2023	4/3/2028	36,682		35,976		36,516		0.09
									4,799,519		4,784,853		12.32

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Interactive Media & Services
North Haven Ushc Acquisition Inc	(4)(5)(11)	SOFR +	5.00%	9.43%	8/28/2024	10/30/2027	$	12,501	$	12,334	$	12,376	0.03	%
North Haven Ushc Acquisition Inc	(4)(5)(11)	SOFR +	5.00%	9.63%	8/28/2024	10/30/2027	7,318		7,220		7,245		0.02
North Haven Ushc Acquisition Inc	(4)(5)(11)	SOFR +	5.00%	9.78%	8/28/2024	10/30/2027	3,114		3,072		3,082		0.01
North Haven Ushc Acquisition Inc	(4)(5)(7)(11)	SOFR +	5.00%	9.61%	8/28/2024	10/30/2027	4,498		4,265		4,260		0.01
North Haven Ushc Acquisition Inc	(4)(5)(11)	SOFR +	5.00%	9.43%	8/28/2024	10/30/2027	3,622		3,574		3,586		0.01
North Haven Ushc Acquisition Inc	(4)(11)	SOFR +	5.00%	9.63%	8/28/2024	10/30/2027	22,298		22,000		22,075		0.06
North Haven Ushc Acquisition Inc	(4)(5)(7)(11)	SOFR +	5.00%	9.72%	8/28/2024	10/30/2027	8,292		8,063		8,121		0.02
Project Boost Purchaser, LLC	(8)	SOFR +	3.50%	8.15%	7/16/2024	7/16/2031	7,612		7,602		7,676		0.02
Speedster Bidco GmbH	(6)(9)	SOFR +	3.50%	8.15%	10/17/2024	12/10/2031	20,321		20,270		20,401		0.05
Speedster Bidco GmbH	(4)(6)(7)(8)	E +	2.50%	5.66%	10/17/2024	12/10/2031	EUR	33,908	36,158		35,252		0.09
									124,558		124,074		0.32
Internet & Direct Marketing Retail
Hoya Midco, LLC	(6)(9)	SOFR +	3.00%	7.59%	2/3/2022	2/3/2029	9,472		9,442		9,579		0.02
Identity Digital, Inc.	(4)(11)	SOFR +	5.25%	9.74%	1/7/2021	12/29/2027	501,124		500,185		501,124		1.29
Prodege International Holdings, LLC	(4)(10)	SOFR +	5.75%	10.10%	12/15/2021	12/15/2027	550,366		545,688		535,231		1.38
									1,055,315		1,045,934		2.69

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
IT Services
Ahead DB Holdings, LLC	(10)	SOFR +	3.50%	7.83%	8/2/2024	2/1/2031	$	2,518	$	2,515	$	2,538	0.01	%
AI Altius Luxembourg S.à r.l.	(4)(5)(8)		9.75%	9.75% PIK	12/21/2021	12/21/2029	28,353		27,994		28,211		0.07
AI Altius US Bidco, Inc.	(4)(7)(10)	SOFR +	4.75%	9.03%	5/21/2024	12/21/2028	245,269		242,868		245,269		0.63
Allium Buyer, LLC	(4)(7)(11)	SOFR +	5.00%	9.59%	5/2/2023	5/2/2030	1,580		1,539		1,573		0.00
Dcert Buyer, Inc.	(8)	SOFR +	4.00%	8.36%	1/7/2021	10/16/2026	19,304		19,315		18,594		0.05
Fern Bidco Ltd	(4)(5)(6)(8)	S +	5.25%	9.96%	7/1/2024	7/3/2031	GBP	40,356	50,079		49,890		0.13
Fern Bidco Ltd	(4)(5)(6)(7)(8)	S +	5.25%	9.96%	7/1/2024	7/3/2031	GBP	4,414	5,438		5,224		0.01
Infostretch Corporation	(4)(10)	SOFR +	5.75%	10.23%	4/1/2022	4/1/2028	178,425		176,494		165,935		0.43
Inovalon Holdings, Inc.	(4)(10)	SOFR +	5.75%	10.63%	11/24/2021	11/24/2028	1,010,558		997,606		1,010,558		2.60
Inovalon Holdings, Inc.	(4)(10)	SOFR +	5.75%	10.67%	11/24/2021	11/24/2028	77,157		76,061		77,157		0.20
KEN Bidco Ltd	(4)(5)(6)(10)	S +	6.00%	10.82% (incl. 2.50% PIK)	5/3/2024	8/3/2028	GBP	14,008	17,141		17,318		0.04
Monterey Financing, S.à r.l.	(4)(6)(8)	CI +	6.00%	8.70%	9/28/2022	9/28/2029	DKK	560,750	72,642		77,891		0.20
Monterey Financing, S.à r.l.	(4)(6)(9)	N +	6.00%	10.70%	9/28/2022	9/28/2029	NOK	599,094	54,853		52,629		0.14
Monterey Financing, S.à r.l.	(4)(6)(8)	ST +	6.00%	8.55%	9/28/2022	9/28/2029	SEK	243,186	21,364		21,980		0.06
Monterey Financing, S.à r.l.	(4)(6)(8)	E +	6.00%	8.72%	9/28/2022	9/28/2029	EUR	110,819	106,566		114,792		0.30
Newfold Digital Holdings Group Inc	(11)	SOFR +	3.50%	8.14%	2/10/2021	2/10/2028	44,153		43,975		37,861		0.10
Park Place Technologies, LLC	(4)(10)	SOFR +	5.25%	9.61%	3/25/2024	3/25/2031	545,433		541,133		544,070		1.40
Park Place Technologies, LLC	(4)(5)(7)(10)	SOFR +	5.25%	9.59%	3/25/2024	3/25/2030	18,403		17,463		17,814		0.05
Razor Holdco, LLC	(4)(10)	SOFR +	5.75%	10.44%	10/25/2021	10/25/2027	185,464		183,723		185,464		0.48
Red River Technology, LLC	(4)(11)	SOFR +	6.00%	10.74%	5/26/2021	5/26/2027	146,286		145,264		139,703		0.36

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
IT Services (continued)
Redwood Services Group, LLC	(4)(10)	SOFR +	6.25%	10.68%	6/15/2022	6/15/2029	$	62,103	$	61,153	$	62,103	0.16	%
Redwood Services Group, LLC	(4)(5)(7)(10)	SOFR +	5.75%	10.18%	2/5/2024	6/15/2029	5,447		5,357		5,394		0.01
Turing Holdco, Inc.	(4)(6)(8)	E +	6.00%	9.72% (incl. 2.50% PIK)	10/14/2021	9/28/2028	EUR	17,168	19,509		17,561		0.05
Turing Holdco, Inc.	(4)(6)(8)	E +	6.00%	9.33% (incl. 2.50% PIK)	10/14/2021	8/3/2028	EUR	6,541	7,499		6,691		0.02
Turing Holdco, Inc.	(4)(6)(8)	SOFR +	6.00%	10.93% (incl. 2.50% PIK)	10/14/2021	10/16/2028	6,627		6,941		6,544		0.02
Turing Holdco, Inc.	(4)(6)(8)	SOFR +	6.00%	10.75% (incl. 2.50% PIK)	10/14/2021	9/28/2028	13,315		13,111		13,149		0.03
Turing Holdco, Inc.	(4)(5)(6)(7)(10)	S +	6.00%	10.82% (incl. 2.50% PIK)	5/3/2024	8/3/2028	GBP	23,550	28,815		29,113		0.07
Turing Holdco, Inc.	(4)(6)(7)(10)	SOFR +	6.00%	10.61% (incl. 2.50% PIK)	5/3/2024	8/3/2028	31,297		30,506		30,906		0.08
Virtusa Corp.	(10)	SOFR +	3.25%	7.61%	6/21/2024	2/15/2029	14,863		14,880		14,986		0.04
									2,991,804		3,000,918		7.74
Life Sciences Tools & Services
Creek Parent Inc.	(4)(7)(10)	SOFR +	5.25%	9.63%	12/17/2024	12/18/2031	133,351		130,696		130,682		0.34
Falcon Parent Holdings, Inc.	(4)(5)(7)(10)	SOFR +	5.00%	9.53%	11/6/2024	11/6/2031	83,598		81,466		81,921		0.21
Jupiter Bidco Limited	(4)(6)(7)(9)	E +	6.25%	8.93%	8/5/2022	8/27/2029	EUR	5,922	2,349		4,380		0.01
Jupiter Bidco Limited	(4)(6)(10)	SOFR +	6.25%	10.58%	8/5/2022	8/27/2029	88,177		86,420		71,864		0.18
LSCS Holdings, Inc.	(9)	SOFR +	4.50%	8.86%	12/16/2021	12/16/2028	7,927		7,904		7,992		0.02
Packaging Coordinators Midco, Inc.	(10)	SOFR +	3.25%	7.84%	5/28/2024	11/30/2027	1,853		1,853		1,863		0.00
PAREXEL International Inc/Wilmington	(9)	SOFR +	3.00%	7.36%	7/25/2024	11/15/2028	1,893		1,893		1,909		0.00
									312,581		300,611		0.76

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Machinery
Chart Industries, Inc.	(6)(9)	SOFR +	2.50%	7.09%	7/2/2024	3/16/2030	$	5,300	$	5,300	$	5,327	0.01	%
Crosby US Acquisition Corp.	(9)	SOFR +	3.50%	8.07%	9/16/2024	8/16/2029	405		411		410		0.00
LSF11 Trinity Bidco, Inc.	(4)(8)	SOFR +	3.00%	7.37%	12/11/2024	6/14/2030	1,061		1,061		1,070		0.00
MHE Intermediate Holdings, LLC	(4)(7)(11)	SOFR +	6.00%	10.74%	7/21/2021	7/21/2027	5,755		5,699		5,723		0.01
MHE Intermediate Holdings, LLC	(4)(5)(11)	SOFR +	6.50%	11.17%	12/20/2022	7/21/2027	229		226		228		0.00
MHE Intermediate Holdings, LLC	(4)(5)(11)	SOFR +	6.25%	10.99%	8/30/2022	7/21/2027	228		225		227		0.00
Pro Mach Group, Inc.	(11)	SOFR +	3.50%	7.86%	9/3/2024	8/31/2028	6,895		6,895		6,964		0.02
SPX Flow, Inc.	(9)	SOFR +	3.00%	7.36%	6/6/2024	4/5/2029	8,651		8,651		8,734		0.02
TK Elevator U.S. Newco, Inc.	(6)(9)	SOFR +	3.50%	8.59%	3/14/2024	4/30/2030	17,495		17,456		17,644		0.05
Victory Buyer, LLC	(9)	SOFR +	3.75%	8.22%	11/19/2021	11/19/2028	26,143		26,007		25,732		0.07
									71,931		72,059		0.18
Marine
Armada Parent, Inc.	(4)(7)(10)	SOFR +	5.75%	10.36%	10/29/2021	10/29/2027	229,234		226,849		229,234		0.59
Kattegat Project Bidco AB	(4)(5)(6)(7)(8)	E +	6.00%	8.72%	3/20/2024	4/7/2031	EUR	51,768	54,732		53,478		0.14
Kattegat Project Bidco AB	(4)(5)(6)(8)	SOFR +	6.00%	10.33%	3/20/2024	4/7/2031	4,522		4,421		4,522		0.01
									286,002		287,234		0.74
Media
Bimini Group Purchaser Inc	(4)(10)	SOFR +	5.25%	9.76%	4/26/2024	4/26/2031	207,125		205,256		207,125		0.53
Bimini Group Purchaser Inc	(4)(5)(7)(10)	SOFR +	5.25%	9.81%	4/26/2024	4/26/2031	8,555		7,837		8,140		0.02
Digital Media Solutions, LLC	(6)(10)(17)	SOFR +	11.00%	15.47% PIK	5/25/2021	5/25/2026	27,875		25,347		3,484		0.01
Digital Media Solutions, LLC	(4)(5)(6)(10)	SOFR +	8.00%	13.61% (incl. 7.00% PIK)	4/17/2024	2/25/2026	2,864		2,864		2,864		0.01
Digital Media Solutions, LLC	(4)(5)(6)(14)	SOFR +	8.00%	13.10% (incl. 7.00% PIK)	9/13/2024	1/29/2025	4,027		4,027		4,027		0.01
Digital Media Solutions, LLC	(4)(6)(10)(17)	SOFR +	11.00%	15.47% PIK	4/17/2024	5/25/2026	8,510		7,849		1,485		0.00
McGraw-Hill Education, Inc.	(9)	SOFR +	4.00%	8.33%	8/6/2024	8/6/2031	11,658		11,631		11,805		0.03
Radiate Holdco, LLC	(10)	SOFR +	3.25%	7.72%	11/1/2021	9/25/2026	28,190		28,169		24,728		0.06
Sunrise Financing Partnership	(6)(8)	SOFR +	2.93%	7.44%	4/20/2021	1/31/2029	3,042		3,010		3,062		0.01
									295,990		266,720		0.68

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Metals & Mining
American Rock Salt Co LLC	(5)(10)	SOFR +	4.00%	8.78%	6/11/2021	6/9/2028	$	9,293	$	9,287	$	8,458	0.02	%
American Rock Salt Co LLC	(5)(7)(14)	SOFR +	7.00%	11.78%	9/19/2024	6/9/2028	2,033		1,872		2,080		0.01
SCIH Salt Holdings, Inc.	(10)	SOFR +	3.00%	7.35%	4/29/2021	1/31/2029	15,747		15,725		15,809		0.04
									26,884		26,347		0.07
Oil, Gas & Consumable Fuels
Eagle Midstream Canada Finance Inc	(4)(6)(10)	SOFR +	5.25%	9.77%	8/30/2024	8/15/2028	32,934		32,690		32,934		0.08
Freeport LNG Investments, LLLP	(9)	SOFR +	3.50%	8.38%	12/21/2021	12/21/2028	34,814		34,759		35,023		0.09
KKR Alberta Midstream Finance Inc.	(4)(6)(10)	SOFR +	5.25%	9.77%	8/30/2024	8/15/2028	17,916		17,778		17,916		0.05
									85,227		85,873		0.22
Paper & Forest Products
Profile Products, LLC	(4)(10)	SOFR +	5.75%	10.29%	11/12/2021	11/12/2027	62,590		62,067		60,713		0.16
Profile Products, LLC	(4)(5)(7)(10)	P +	4.50%	12.50%	11/12/2021	11/12/2027	2,776		2,684		2,480		0.01
Profile Products, LLC	(4)(5)(7)(10)	P +	4.50%	12.00%	11/12/2021	11/12/2027	390		342		177		0.00
									65,093		63,370		0.17
Pharmaceuticals
Dechra Finance US LLC	(6)(8)	SOFR +	3.25%	7.72%	12/3/2024	12/3/2031	5,000		5,044		5,030		0.01
Dechra Pharmaceuticals Holdings Ltd	(4)(5)(6)(7)(8)	E +	6.25%	9.89%	1/23/2024	1/24/2031	EUR	97,791	104,445		101,143		0.26
Dechra Pharmaceuticals Holdings Ltd	(4)(5)(6)(7)(10)	SOFR +	6.25%	11.39%	1/23/2024	1/24/2031	1,083		919		919		0.00
Doc Generici (Diocle S.p.A.)	(4)(5)(6)(7)(8)	E +	5.50%	9.36%	10/11/2022	10/27/2028	EUR	60,136	58,421		62,224		0.16
Eden Acquisitionco Ltd	(4)(6)(7)(10)	SOFR +	6.25%	10.53%	11/2/2023	11/18/2030	108,046		105,699		107,950		0.28
Gusto Sing Bidco Pte Ltd	(4)(5)(6)(7)(10)	BB +	4.75%	9.46%	11/15/2024	11/15/2031	AUD	1,000	643		612		0.00
Padagis, LLC	(6)(9)	SOFR +	4.75%	9.60%	7/6/2021	7/6/2028	26,818		26,786		24,919		0.06
Rhea Parent, Inc.	(4)(10)	SOFR +	4.75%	9.10%	12/20/2024	12/20/2030	201,854		199,459		201,854		0.52
									501,416		504,651		1.29

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Professional Services
ALKU, LLC	(4)(10)	SOFR +	6.25%	10.50%	5/23/2023	5/23/2029	$	54,853	$	53,872	$	54,853	0.14	%
ALKU, LLC	(4)(10)	SOFR +	5.50%	9.75%	2/21/2024	5/23/2029	4,963		4,880		4,938		0.01
Apex Companies, LLC	(4)(11)	SOFR +	5.25%	9.84%	1/31/2023	1/31/2028	1,605		1,578		1,593		0.00
Apex Companies, LLC	(4)(5)(11)	SOFR +	5.25%	9.76%	3/15/2024	1/31/2028	736		721		731		0.00
Apex Companies, LLC	(4)(5)(11)	SOFR +	5.25%	9.84%	1/31/2023	1/31/2028	366		360		364		0.00
Apex Companies, LLC	(4)(5)(11)	SOFR +	5.25%	9.76%	8/28/2024	1/31/2028	10,215		10,078		10,139		0.03
Apex Companies, LLC	(4)(5)(7)(11)	SOFR +	5.25%	9.76%	8/28/2024	1/31/2028	2,794		2,517		2,521		0.01
APFS Staffing Holdings, Inc.	(9)	SOFR +	4.25%	8.61%	12/29/2021	12/29/2028	6,084		6,062		6,129		0.02
Artisan Acquisitionco, Ltd.	(4)(6)(7)(8)	SOFR +	5.00%	9.33%	9/23/2024	9/30/2031	392,805		384,709		385,385		0.99
Baker Tilly Advisory Group LP	(4)(7)(10)	SOFR +	4.75%	9.11%	6/3/2024	6/3/2031	176,325		173,211		176,125		0.45
Cast & Crew Payroll, LLC	(9)	SOFR +	3.75%	8.11%	12/30/2021	12/29/2028	11,571		11,490		11,243		0.03
CFGI Holdings, LLC	(4)(7)(10)	SOFR +	4.50%	8.86%	11/2/2021	11/2/2027	20,776		20,391		20,377		0.05
Chronicle Bidco, Inc.	(4)(5)(11)	SOFR +	6.25%	10.76%	5/19/2022	5/18/2029	2,877		2,877		2,877		0.01
Chronicle Bidco, Inc.	(4)(11)	SOFR +	6.25%	10.76%	5/19/2022	5/18/2029	41,762		41,523		41,762		0.11
Chronicle Bidco, Inc.	(4)(5)(7)(11)	SOFR +	6.25%	10.76%	3/26/2024	5/18/2029	1,422		1,294		1,290		0.00
Cisive Holdings Corp	(4)(7)(11)	SOFR +	5.75%	10.18%	12/8/2021	12/8/2028	33,601		33,486		33,008		0.08
Claims Automation Intermediate 2, LLC	(4)(10)	SOFR +	4.50%	8.89%	12/16/2021	12/16/2027	44,458		44,020		44,458		0.11
Claims Automation Intermediate 2, LLC	(4)(5)(10)	SOFR +	4.50%	9.11%	12/16/2021	12/16/2027	68,350		67,676		68,350		0.18
Clearview Buyer, Inc.	(4)(7)(10)	SOFR +	5.35%	9.68%	8/26/2021	8/26/2027	118,495		117,371		118,495		0.30
CRCI Longhorn Holdings Inc	(4)(7)(10)	SOFR +	5.00%	9.36%	8/27/2024	8/27/2031	64,147		63,458		63,743		0.16
CRCI Longhorn Holdings Inc	(4)(5)(7)(10)	SOFR +	5.00%	9.36%	8/27/2024	8/27/2031	4,999		4,894		4,944		0.01
Cumming Group, Inc.	(4)(11)	SOFR +	5.25%	9.50%	5/26/2021	11/16/2027	196,035		194,316		196,035		0.50
Cumming Group, Inc.	(4)(7)(11)	SOFR +	5.25%	9.50%	11/18/2022	11/16/2027	38,413		37,761		38,357		0.10
Deerfield Dakota Holding, LLC	(11)	SOFR +	3.75%	8.08%	1/7/2021	4/9/2027	84,377		84,164		82,716		0.21
Eisner Advisory Group, LLC	(9)	SOFR +	4.00%	8.36%	2/28/2024	2/28/2031	997		1,012		1,010		0.00
Eliassen Group, LLC	(4)(10)	SOFR +	5.75%	10.08%	4/14/2022	4/14/2028	67,055		66,515		65,378		0.17
Emerald US, Inc.	(6)(8)	SOFR +	3.75%	8.34%	1/7/2021	7/12/2028	3,809		3,807		3,859		0.01
EP Purchaser, LLC	(9)	SOFR +	3.50%	8.09%	11/4/2021	11/6/2028	9,449		9,319		9,427		0.02

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Professional Services (continued)
G&A Partners Holding Company II, LLC	(4)(9)	SOFR +	5.50%	10.01%	3/1/2024	3/1/2031	$	60,191	$	59,131	$	60,191	0.15	%
G&A Partners Holding Company II, LLC	(4)(5)(7)(9)	SOFR +	5.50%	10.01%	3/1/2024	3/1/2030	2,355		1,990		2,116		0.01
Guidehouse, Inc.	(4)(10)	SOFR +	5.75%	10.11% (incl. 2.00% PIK)	10/15/2021	12/16/2030	1,241,858		1,233,060		1,241,858		3.20
IG Investments Holdings, LLC	(4)(7)(10)	SOFR +	5.00%	9.57%	11/1/2024	9/22/2028	578,644		573,348		578,644		1.49
Inmar, Inc.	(11)	SOFR +	5.00%	9.51%	6/21/2023	10/30/2031	24,938		24,815		25,050		0.06
Kwor Acquisition, Inc.	(4)(5)(11)(17)	P +	4.25%	12.25%	6/22/2022	12/22/2028	1,389		1,378		1,121		0.00
Kwor Acquisition, Inc.	(4)(5)(11)(17)	P +	4.25%	12.25%	12/22/2021	12/22/2027	12,195		12,105		9,848		0.03
Legacy Intermediate, LLC	(4)(10)	SOFR +	5.75%	10.41%	2/25/2022	2/25/2028	120,576		119,325		120,576		0.31
Legacy Intermediate, LLC	(4)(9)	SOFR +	5.75%	10.43%	12/22/2023	2/25/2028	23,224		22,864		23,224		0.06
Lereta, LLC	(10)	SOFR +	5.25%	9.72%	7/30/2021	7/30/2028	28,859		28,711		25,786		0.07
Mantech International CP	(4)(7)(10)	SOFR +	5.00%	9.59%	4/12/2024	9/14/2029	899,105		886,111		897,905		2.31
Mercury Bidco Globe Limited	(4)(5)(6)(7)(8)	S +	6.00%	10.70%	1/18/2024	1/31/2031	GBP	80,581	100,467		100,596		0.26
Mercury Borrower, Inc.	(8)	SOFR +	3.00%	7.36%	12/13/2024	8/2/2028	40,817		40,817		41,225		0.11
Minotaur Acquisition, Inc.	(4)(7)(11)	SOFR +	5.00%	9.36%	5/10/2024	5/10/2030	115,362		112,950		114,653		0.30
MPG Parent Holdings, LLC	(4)(11)	SOFR +	5.00%	9.33%	1/8/2024	1/8/2030	18,121		17,816		18,121		0.05
MPG Parent Holdings, LLC	(4)(5)(7)(11)	SOFR +	5.00%	9.51%	1/8/2024	1/8/2030	4,449		4,299		4,410		0.01
Oxford Global Resources Inc	(4)(11)	SOFR +	6.00%	10.28%	8/17/2021	8/17/2027	92,881		92,068		92,881		0.24
Oxford Global Resources Inc	(4)(5)(7)(11)	SOFR +	6.00%	10.48%	8/17/2021	8/17/2027	8,728		8,590		8,728		0.02
Oxford Global Resources Inc	(4)(5)(9)	SOFR +	6.00%	10.63%	6/6/2024	8/17/2027	9,924		9,745		9,924		0.03
Pavion Corp.	(4)(6)(10)	SOFR +	5.75%	10.34%	10/30/2023	10/30/2030	117,100		115,150		116,514		0.30
Pavion Corp.	(4)(5)(6)(7)(10)	SOFR +	5.75%	10.38%	10/30/2023	10/30/2030	23,767		23,339		23,610		0.06
Petrus Buyer Inc	(4)(10)	SOFR +	5.25%	9.90%	10/17/2022	10/17/2029	35,615		34,884		35,615		0.09
Petrus Buyer Inc	(4)(5)(7)(10)	SOFR +	5.25%	9.75%	10/17/2022	10/17/2029	6,359		6,072		6,286		0.02
Plano HoldCo Inc	(4)(8)	SOFR +	3.50%	7.83%	12/11/2024	10/1/2031	1,000		1,019		1,010		0.00

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Professional Services (continued)
Polyconcept Investments B.V.	(10)	SOFR +	5.50%	9.83%	5/20/2022	5/18/2029	$	24,290	$	23,985	$	23,774	0.06	%
Sedgwick Claims Management Services, Inc.	(6)(8)	SOFR +	3.00%	7.59%	2/24/2023	7/31/2031	5,172		5,132		5,210		0.01
Soliant Lower Intermediate, LLC	(7)(8)	SOFR +	3.75%	8.11%	7/18/2024	7/18/2031	50,286		46,679		49,584		0.13
STV Group, Inc.	(4)(10)	SOFR +	5.00%	9.36%	3/20/2024	3/20/2031	58,396		57,359		58,396		0.15
STV Group, Inc.	(4)(5)(7)(10)	P +	4.00%	12.50%	3/20/2024	3/20/2030	1,681		1,327		1,513		0.00
The North Highland Co LLC	(4)(10)	SOFR +	4.75%	9.12%	12/20/2024	12/20/2031	92,340		91,422		91,417		0.24
The North Highland Co LLC	(4)(5)(7)(10)	SOFR +	4.75%	9.10%	12/20/2024	12/20/2030	5,072		4,643		4,641		0.01
Thevelia US, LLC	(6)(9)	SOFR +	3.25%	7.58%	7/29/2024	6/18/2029	33,776		33,776		34,022		0.09
Trinity Air Consultants Holdings Corp.	(4)(10)	SOFR +	5.25%	9.76%	6/29/2021	6/29/2028	24,735		24,542		24,735		0.06
Trinity Air Consultants Holdings Corp.	(4)(7)(10)	SOFR +	5.25%	10.04%	6/29/2021	6/29/2028	53,742		52,995		53,742		0.14
Trinity Partners Holdings, LLC	(4)(7)(11)(18)	SOFR +	6.24%	10.70%	12/21/2021	12/21/2028	380,454		375,425		379,310		0.98
Victors CCC Buyer, LLC	(4)(7)(10)	SOFR +	4.75%	9.13%	6/1/2022	6/1/2029	151,099		149,075		151,099		0.39
West Monroe Partners, LLC	(4)(7)(10)	SOFR +	4.75%	9.15%	11/9/2021	11/8/2028	715,205		706,891		708,053		1.82
West Monroe Partners, LLC	(4)(5)(7)(10)	SOFR +	4.75%	9.12%	12/18/2024	11/8/2028	24,439		24,197		24,194		0.06
YA Intermediate Holdings II, LLC	(4)(5)(10)	SOFR +	5.00%	9.59%	10/1/2024	10/1/2031	44,304		43,936		43,901		0.11
YA Intermediate Holdings II, LLC	(4)(5)(7)(10)	P +	4.00%	11.50%	10/1/2024	10/1/2031	457		277		270		0.00
									6,615,077		6,663,860		17.13

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Real Estate Management & Development
Castle Management Borrower, LLC	(4)(7)(11)	SOFR +	5.50%	9.83%	11/3/2023	11/3/2029	$	33,000	$	32,534	$	33,000	0.08	%
Community Management Holdings Midco 2 LLC	(4)(5)(10)	SOFR +	5.00%	9.57%	11/1/2024	11/1/2031	58,866		58,004		57,983		0.15
Community Management Holdings Midco 2 LLC	(4)(5)(7)(10)	SOFR +	5.00%	9.57%	11/1/2024	11/1/2031	2,747		2,431		2,423		0.01
Cushman & Wakefield US Borrower, LLC	(4)(6)(9)	SOFR +	3.00%	7.36%	6/18/2024	1/31/2030	7,443		7,443		7,480		0.02
Cushman & Wakefield US Borrower, LLC	(4)(6)(9)	SOFR +	3.25%	7.61%	9/25/2024	1/31/2030	1,600		1,600		1,620		0.00
Neptune BidCo SAS	(4)(5)(6)(7)(8)	E +	5.25%	8.31%	3/28/2024	4/1/2031	EUR	6,495	6,863		6,525		0.02
Odevo AB	(4)(5)(6)(8)	ST +	5.50%	8.06%	10/31/2024	12/31/2030	SEK	601,705	54,310		54,113		0.14
Odevo AB	(4)(5)(6)(7)(8)	E +	5.50%	8.37%	10/31/2024	12/31/2030	EUR	1,236	965		799		0.00
Odevo AB	(4)(5)(6)(8)	S +	5.50%	10.20%	10/31/2024	12/31/2030	GBP	28,090	35,411		34,990		0.09
Odevo AB	(4)(6)(8)	SOFR +	5.50%	9.89%	10/31/2024	12/31/2030	143,644		143,180		142,926		0.37
Phoenix Strategy S.à r.l.	(4)(6)(8)	S +	2.75%	7.45%	10/2/2024	10/2/2028	GBP	53,099	69,518		65,810		0.17
Phoenix Strategy S.à r.l.	(4)(6)(8)	E +	2.75%	5.77%	10/2/2024	10/2/2028	EUR	50,089	53,597		51,365		0.13
Phoenix Strategy S.à r.l.	(4)(6)(8)	E +	2.75%	5.92%	10/2/2024	10/2/2028	EUR	140,261	153,364		144,170		0.37
Progress Residential PM Holdings, LLC	(4)(10)	SOFR +	5.50%	9.96%	2/16/2021	8/8/2030	79,357		78,261		79,357		0.20
Progress Residential PM Holdings, LLC	(4)(7)(10)	SOFR +	5.50%	9.96%	7/26/2022	8/8/2030	15,205		14,942		15,205		0.04
									712,423		697,766		1.79

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Software
Abacus Holdco 2 Oy	(4)(5)(6)(7)(8)	E +	4.75%	7.97%	10/11/2024	10/10/2031	EUR	727	$	789	$	748	0.00	%
AI Titan Parent Inc	(4)(7)(10)	SOFR +	4.75%	9.11%	8/29/2024	8/29/2031	$	110,274	108,990		109,751		0.28
Analytic Partners LP	(4)(7)(10)	SOFR +	4.75%	9.11%	4/4/2022	4/4/2030	21,250		20,972		21,054		0.05
Analytic Partners LP	(4)(5)(10)	SOFR +	4.75%	9.13%	12/17/2024	4/4/2030	12,065		11,975		11,975		0.03
Anaplan, Inc.	(4)(5)(10)	SOFR +	5.25%	9.58%	4/25/2024	6/21/2029	200		198		200		0.00
Anaplan, Inc.	(4)(7)(10)	SOFR +	5.25%	9.58%	6/21/2022	6/21/2029	537,534		530,117		537,534		1.38
Aptean Inc	(4)(10)	SOFR +	5.00%	9.51%	1/29/2024	1/29/2031	43,464		43,106		43,464		0.11
Aptean Inc	(4)(5)(7)(10)	SOFR +	5.00%	9.51%	1/29/2024	1/29/2031	710		666		700		0.00
Armstrong Bidco Limited	(4)(6)(8)	S +	5.25%	9.95%	6/2/2022	6/28/2029	GBP	478,945	574,139		587,599		1.51
Arnhem BidCo GmbH	(4)(6)(7)(8)	E +	4.75%	7.91%	9/18/2024	10/1/2031	EUR	229,680	252,180		235,264		0.61
AuditBoard Inc	(4)(7)(10)	SOFR +	4.75%	9.08%	7/12/2024	7/12/2031	80,730		79,655		79,577		0.20
Avalara Inc	(4)(7)(10)	SOFR +	6.25%	10.58%	10/19/2022	10/19/2028	23,077		22,675		23,077		0.06
Azurite Intermediate Holdings Inc.	(4)(7)(10)	SOFR +	6.50%	10.86%	3/19/2024	3/19/2031	61,560		60,650		61,560		0.16
Bayshore Intermediate #2 LP	(4)(7)(10)	SOFR +	6.25%	10.77% (incl. 3.38% PIK)	11/8/2024	10/1/2028	314,887		314,401		314,763		0.81
BlueCat Networks USA, Inc.	(4)(10)	SOFR +	6.00%	10.39% (incl. 1.00% PIK)	8/8/2022	8/8/2028	69,876		69,068		69,526		0.18
BlueCat Networks USA, Inc.	(4)(10)	SOFR +	6.00%	10.39% (incl. 1.00% PIK)	8/8/2022	8/8/2028	12,274		12,132		12,213		0.03
BlueCat Networks USA, Inc.	(4)(5)(10)	SOFR +	6.00%	10.39% (incl. 1.00% PIK)	8/8/2022	8/8/2028	8,477		8,392		8,435		0.02
BlueCat Networks USA, Inc.	(4)(5)(10)	SOFR +	6.00%	10.39% (incl. 1.00% PIK)	10/25/2024	8/8/2028	56,752		55,944		56,469		0.15
Bluefin Holding, LLC	(4)(7)(11)	SOFR +	6.25%	10.64%	9/12/2023	9/12/2029	54,582		53,469		54,434		0.14
Boxer Parent Company, Inc.	(8)	SOFR +	3.75%	8.34%	7/30/2024	7/30/2031	15,431		15,401		15,578		0.04
Brave Parent Holdings, Inc.	(4)(7)(10)	SOFR +	5.00%	9.36%	11/28/2023	11/28/2030	500,268		495,547		499,866		1.29
Caribou Bidco Ltd	(4)(5)(6)(7)(8)	S +	5.00%	9.70%	7/2/2024	2/1/2029	GBP	198,859	252,343		248,811		0.64
CB Nike Holdco LLC	(4)(7)(11)	SOFR +	4.50%	9.02%	11/25/2024	11/26/2029	66,711		64,757		64,710		0.17
CDK Global Inc.	(8)	SOFR +	3.25%	7.58%	5/16/2024	7/6/2029	4,972		4,972		4,913		0.01

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Software (continued)
Cloud Software Group, Inc.	(9)	SOFR +	3.50%	7.83%	11/25/2024	3/30/2029	$	5,558	$	5,558	$	5,581	0.01	%
Cloud Software Group, Inc.	(9)	SOFR +	3.75%	8.08%	11/4/2024	3/21/2031	2,600		2,600		2,612		0.01
Cloudera, Inc.	(9)	SOFR +	3.75%	8.21%	10/8/2021	10/8/2028	35,071		34,801		35,044		0.09
Confine Visual Bidco	(4)(6)(8)	SOFR +	5.75%	10.06%	2/23/2022	2/23/2029	257,960		253,409		208,303		0.54
Confine Visual Bidco	(4)(6)(8)	SOFR +	5.75%	10.06%	3/11/2022	2/23/2029	6,159		6,045		4,973		0.01
Conga Corp.	(10)	SOFR +	3.50%	8.09%	8/8/2024	5/8/2028	11,509		11,509		11,625		0.03
Connatix Buyer, Inc.	(4)(10)	SOFR +	5.50%	10.39%	7/14/2021	7/14/2027	106,766		105,865		104,630		0.27
Connatix Buyer, Inc.	(4)(5)(7)(10)	SOFR +	5.50%	10.41%	7/14/2021	7/14/2027	4,367		4,229		4,041		0.01
Connatix Buyer, Inc.	(4)(5)(7)(10)	SOFR +	5.50%	10.40%	10/9/2024	7/14/2027	5,248		5,093		5,073		0.01
ConnectWise, LLC	(9)	SOFR +	3.50%	8.09%	9/30/2021	9/29/2028	28,031		27,984		28,250		0.07
Cornerstone OnDemand, Inc.	(9)	SOFR +	3.75%	8.22%	10/15/2021	10/16/2028	26,865		26,803		23,722		0.06
Cornerstone OnDemand, Inc.	(4)(11)	SOFR +	6.00%	10.38%	9/7/2023	10/16/2028	34,474		33,690		34,043		0.09
Coupa Software Inc.	(4)(6)(7)(10)	SOFR +	5.50%	10.09%	2/27/2023	2/27/2030	1,827		1,790		1,825		0.00
Crewline Buyer, Inc.	(4)(7)(11)	SOFR +	6.75%	11.11%	11/8/2023	11/8/2030	122,658		119,824		121,983		0.31
Delta Topco, Inc.	(8)	SOFR +	3.50%	8.20%	5/1/2024	12/1/2029	78,598		78,470		79,311		0.20
Denali Bidco Ltd	(4)(5)(6)(7)(10)	S +	5.75%	10.45%	8/29/2023	8/29/2030	GBP	14,404	17,779		18,030		0.05
Denali Bidco Ltd	(4)(5)(6)(8)	E +	5.75%	8.43%	8/29/2023	8/29/2030	EUR	4,174	4,420		4,324		0.01
Denali Bidco Ltd	(4)(5)(6)(8)	E +	5.25%	7.93%	2/28/2024	8/29/2030	EUR	263	276		273		0.00
Denali Bidco Ltd	(4)(5)(6)(9)	E +	5.75%	8.43%	2/28/2024	8/29/2030	EUR	5,845	6,236		6,055		0.02
Diligent Corp	(4)(7)(10)	SOFR +	5.00%	10.09%	4/30/2024	8/2/2030	173,460		172,062		173,085		0.45
Diligent Corp	(4)(10)	SOFR +	5.00%	10.09%	4/30/2024	8/2/2030	29,736		29,588		29,736		0.08
Discovery Education, Inc.	(4)(10)	SOFR +	6.75%	11.48% (incl. 6.24% PIK)	4/7/2022	4/9/2029	581,392		575,726		489,823		1.26
Discovery Education, Inc.	(4)(5)(7)(10)	SOFR +	5.75%	10.20%	4/7/2022	4/9/2029	38,919		38,277		30,643		0.08
Discovery Education, Inc.	(4)(5)(11)	SOFR +	6.75%	11.38% (incl. 6.19% PIK)	10/3/2023	4/9/2029	65,438		64,824		55,132		0.14
Dropbox Inc	(4)(5)(6)(10)	SOFR +	2.00%	6.45%	12/10/2024	12/11/2029	250,497		247,484		247,466		0.64
Dropbox Inc	(4)(5)(6)(7)(10)(18)	SOFR +	6.38%	10.83%	12/10/2024	12/11/2029	333,996		325,844		325,780		0.84
DTI Holdco, Inc.	(7)(10)	SOFR +	4.75%	9.11%	4/26/2022	4/26/2029	24,438		23,719		23,241		0.06

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Software (continued)
ECI Macola Max Holding, LLC	(6)(10)	SOFR +	3.25%	7.58%	9/20/2024	5/9/2030	$	5,923	$	5,923	$	5,987	0.02	%
Edison Bidco AS	(4)(5)(6)(7)(8)	E +	5.25%	7.91%	12/18/2024	12/18/2031	EUR	345	353		342		0.00
Elements Finco Ltd	(4)(5)(6)(8)	S +	5.00%	9.70%	3/27/2024	4/29/2031	GBP	67,590	83,717		83,981		0.22
Elements Finco Ltd	(4)(5)(6)(8)	SOFR +	4.75%	9.11%	3/27/2024	4/29/2031	21,157		20,932		20,999		0.05
Elements Finco Ltd	(4)(5)(6)(8)	SOFR +	4.75%	9.44%	4/30/2024	4/29/2031	17,609		17,515		17,477		0.04
Elements Finco Ltd	(4)(5)(6)(8)	S +	5.00%	9.70%	11/29/2024	4/29/2031	GBP	12,459	15,423		15,481		0.04
Elements Finco Ltd	(4)(5)(6)(8)	S +	5.00%	9.70%	3/27/2024	4/29/2031	GBP	30,299	37,528		37,647		0.10
Epicor Software Corp.	(10)	SOFR +	2.75%	7.11%	5/30/2024	5/30/2031	5,087		5,073		5,129		0.01
Everbridge Holdings, LLC	(4)(6)(10)	SOFR +	5.00%	9.59%	7/2/2024	7/2/2031	34,815		34,653		34,728		0.09
Everbridge Holdings, LLC	(4)(5)(6)(7)(10)	SOFR +	5.00%	9.59%	7/2/2024	7/2/2031	3,412		3,368		3,381		0.01
Experity, Inc.	(4)(10)	SOFR +	6.00%	10.33% (incl. 3.25% PIK)	7/22/2021	2/24/2028	106,582		105,587		106,582		0.27
Experity, Inc.	(4)(10)	SOFR +	6.00%	10.33% (incl. 3.25% PIK)	2/24/2022	2/24/2028	34,317		33,961		34,317		0.09
Experity, Inc.	(4)(5)(7)(10)	SOFR +	5.50%	9.86%	2/24/2022	2/24/2028	2,306		1,990		2,106		0.01
Flash Charm, Inc.	(10)	SOFR +	3.50%	8.07%	6/11/2024	3/2/2028	51,960		51,956		51,128		0.13
Flexera Software, LLC	(10)	SOFR +	3.00%	7.35%	5/20/2024	3/3/2028	9,787		9,787		9,865		0.03
Gen Digital Inc	(6)(9)	SOFR +	1.75%	6.11%	6/5/2024	9/12/2029	5,001		5,001		4,991		0.01
Genesys Cloud Services Holdings II, LLC	(10)	SOFR +	3.00%	7.36%	9/26/2024	12/1/2027	5,756		5,756		5,811		0.01
Genuine Financial Holdings, LLC	(8)	SOFR +	4.00%	8.36%	6/28/2024	9/27/2030	3,970		3,979		4,019		0.01
Gigamon Inc.	(4)(11)	SOFR +	5.75%	10.55%	3/11/2022	3/9/2029	422,846		417,789		396,418		1.02
Gigamon Inc.	(4)(5)(10)	SOFR +	5.75%	10.48%	3/11/2022	3/9/2029	25,774		25,637		24,163		0.06
GovernmentJobs.com, Inc.	(4)(7)(10)	SOFR +	5.00%	9.60%	7/15/2024	12/2/2028	286,318		283,496		285,708		0.74
Granicus Inc.	(4)(10)	SOFR +	5.75%	10.34% (incl. 2.25% PIK)	1/17/2024	1/17/2031	30,571		30,314		30,571		0.08
Granicus Inc.	(4)(5)(7)(10)	SOFR +	5.25%	9.84% (incl. 2.25% PIK)	1/17/2024	1/17/2031	8,244		8,163		8,195		0.02
Graphpad Software, LLC	(4)(10)	SOFR +	4.75%	9.08%	6/28/2024	6/28/2031	143,059		142,064		143,059		0.37
Graphpad Software, LLC	(4)(5)(7)(10)	SOFR +	4.75%	9.08%	6/28/2024	6/28/2031	3,719		3,363		3,482		0.01

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Software (continued)
GS Acquisitionco Inc	(4)(5)(11)	SOFR +	5.25%	9.58%	3/26/2024	5/25/2028	$	11,996	$	11,953	$	11,936	0.03	%
GS Acquisitionco Inc	(4)(5)(7)(10)	SOFR +	5.25%	9.59%	3/26/2024	5/25/2028	1,317		1,277		1,276		0.00
Homecare Software Solutions, LLC	(4)(10)	SOFR +	5.55%	9.93% (incl. 2.93% PIK)	6/14/2024	6/14/2031	77,127		76,420		76,742		0.20
Homecare Software Solutions, LLC	(4)(5)(10)	SOFR +	5.55%	9.93% (incl. 2.93% PIK)	6/14/2024	6/14/2031	30,196		29,919		30,045		0.08
Homecare Software Solutions, LLC	(4)(5)(10)	SOFR +	5.55%	9.93% (incl. 2.93% PIK)	9/26/2024	6/14/2031	35,631		35,291		35,453		0.09
HS Purchaser, LLC	(10)	SOFR +	4.00%	8.69%	6/23/2021	11/19/2026	23,553		23,558		20,826		0.05
Icefall Parent, Inc.	(4)(7)(11)	SOFR +	6.50%	10.86%	1/26/2024	1/25/2030	72,237		70,901		72,237		0.19
Idemia America Corp	(4)(6)(10)	SOFR +	4.25%	8.58%	2/2/2024	9/30/2028	995		1,001		1,007		0.00
IGT Holding IV AB	(4)(5)(6)(8)	E +	5.25%	8.60% (incl. 2.13% PIK)	10/25/2022	3/31/2028	EUR	14,765	15,876		15,295		0.04
ION Trading Finance Ltd.	(6)(8)	SOFR +	3.50%	7.83%	12/10/2024	4/1/2028	23,053		23,053		23,113		0.06
IQN Holding Corp	(4)(10)	SOFR +	5.25%	9.76%	5/2/2022	5/2/2029	45,906		45,636		45,906		0.12
IQN Holding Corp	(4)(5)(7)(10)	SOFR +	5.25%	9.77%	5/2/2022	5/2/2028	2,171		2,140		2,171		0.01
IRI Group Holdings Inc	(4)(10)	SOFR +	5.00%	9.59%	4/1/2024	12/1/2028	1,587,257		1,565,776		1,587,257		4.08
IRI Group Holdings Inc	(4)(5)(7)(10)	SOFR +	5.00%	9.36%	4/1/2024	12/1/2027	20,982		19,695		20,982		0.05
Javelin Buyer Inc	(6)(8)	SOFR +	3.25%	7.83%	12/6/2024	10/8/2031	3,000		3,019		3,027		0.01
JS Parent Inc	(4)(7)(10)	SOFR +	5.00%	9.59%	4/24/2024	4/24/2031	81,218		80,817		81,179		0.21
Kaseya, Inc.	(4)(10)	SOFR +	5.50%	10.09%	6/23/2022	6/25/2029	745,209		735,693		745,209		1.92
Kaseya, Inc.	(4)(5)(7)(10)	SOFR +	5.50%	10.09%	6/23/2022	6/25/2029	11,426		11,008		11,095		0.03
Kaseya, Inc.	(4)(5)(7)(10)	SOFR +	5.50%	9.83%	6/23/2022	6/25/2029	12,317		11,681		12,317		0.03
LD Lower Holdings, Inc.	(4)(11)	SOFR +	7.50%	11.93%	2/8/2021	8/9/2027	107,388		106,904		106,583		0.27
Lightbox Intermediate, LP	(4)(8)	SOFR +	5.00%	9.59%	6/1/2022	5/9/2026	37,050		36,721		35,475		0.09
LogicMonitor Inc	(4)(5)(7)(10)	SOFR +	5.50%	9.99%	11/15/2024	11/15/2031	91,603		90,337		90,315		0.23
Magenta Security Holdings LLC	(5)(11)	SOFR +	6.25%	10.84%	8/14/2024	7/27/2028	9,724		9,366		9,922		0.03
Magenta Security Holdings LLC	(5)(10)(18)	SOFR +	6.75%	11.59%	8/14/2024	7/27/2028	27,581		26,335		25,512		0.07
Magenta Security Holdings LLC	(5)(10)(17)(18)	SOFR +	7.00%	11.85% (incl. 5.50% PIK)	8/14/2024	7/27/2028	6,619		2,218		2,329		0.01

100

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Software (continued)
Magnesium BorrowerCo, Inc.	(4)(10)	S +	5.00%	9.70%	5/19/2022	5/18/2029	GBP	101,084	$	124,317	$	126,547	0.33	%
Magnesium BorrowerCo, Inc.	(4)(10)	SOFR +	5.00%	9.36%	5/19/2022	5/18/2029	$	1,045,747	1,029,015		1,045,747		2.69
Magnesium BorrowerCo, Inc.	(4)(10)	SOFR +	5.00%	9.36%	3/21/2024	5/18/2029	29,263		28,958		29,263		0.08
Mandolin Technology Intermediate Holdings, Inc.	(4)(9)	SOFR +	3.75%	8.23%	7/30/2021	7/31/2028	75,951		75,367		65,698		0.17
Mandolin Technology Intermediate Holdings, Inc.	(4)(9)	SOFR +	6.25%	10.73%	6/9/2023	6/9/2030	62,053		60,605		59,571		0.15
Mandolin Technology Intermediate Holdings, Inc.	(4)(5)(8)	SOFR +	3.75%	8.10%	7/30/2021	7/31/2026	10,800		10,766		9,342		0.02
Maverick Bidco Inc.	(10)	SOFR +	3.75%	8.49%	5/18/2021	5/18/2028	16,491		16,451		16,519		0.04
Maverick Bidco Inc.	(4)(5)(10)	SOFR +	5.00%	9.69%	5/26/2023	5/18/2028	69,336		67,630		69,336		0.18
Maverick Bidco Inc.	(4)(5)(7)(10)	SOFR +	4.75%	9.44%	8/16/2024	5/18/2028	57,477		56,225		56,842		0.15
McAfee Corp.	(6)(9)	SOFR +	3.00%	7.37%	5/31/2024	3/1/2029	29,722		29,722		29,785		0.08
Medallia, Inc.	(4)(10)	SOFR +	6.50%	10.85% (incl. 4.00% PIK)	10/28/2021	10/29/2028	865,826		857,296		813,876		2.09
Medallia, Inc.	(4)(10)	SOFR +	6.50%	10.85% (incl. 4.00% PIK)	8/16/2022	10/29/2028	213,607		211,054		200,791		0.52
Mitnick Purchaser, Inc.	(9)(18)	SOFR +	4.50%	9.19%	5/2/2022	5/2/2029	11,616		11,580		10,860		0.03
Monk Holding Co.	(4)(10)(18)	SOFR +	5.50%	9.93%	12/1/2021	12/1/2027	10,944		10,816		10,944		0.03
Monk Holding Co.	(4)(7)(10)	SOFR +	5.50%	9.93%	12/1/2021	12/1/2027	5,430		5,273		5,127		0.01
MRI Software, LLC	(4)(5)(11)	SOFR +	4.75%	9.08%	12/19/2023	2/10/2027	50,702		50,331		50,575		0.13
MRI Software, LLC	(11)	SOFR +	4.75%	9.08%	1/7/2021	2/10/2027	182,989		182,001		183,446		0.47
MRI Software, LLC	(4)(7)(11)	SOFR +	4.75%	9.08%	8/27/2024	2/10/2027	11,505		11,175		10,523		0.03
NAVEX TopCo, Inc.	(4)(7)(10)	SOFR +	5.50%	9.88%	11/9/2023	11/9/2030	99,892		98,085		99,892		0.26
Nintex Topco Limited	(4)(6)(8)	SOFR +	6.00%	10.76% (incl. 1.50% PIK)	11/12/2021	11/13/2028	678,009		670,625		630,549		1.62
Noble Midco 3 Ltd	(4)(5)(6)(7)(10)	SOFR +	5.00%	9.33%	6/10/2024	6/24/2031	39,181		38,728		39,135		0.10
Optimizely North America Inc	(4)(5)(10)	S +	5.50%	10.20%	10/30/2024	10/30/2031	GBP	2,135	2,742		2,646		0.01
Optimizely North America Inc	(4)(5)(10)	E +	5.25%	8.11%	10/30/2024	10/30/2031	EUR	7,118	7,654		7,299		0.02
Optimizely North America Inc	(4)(5)(7)(10)	SOFR +	5.00%	9.36%	10/30/2024	10/30/2031	20,286		20,058		20,053		0.05

101

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Software (continued)
Oranje Holdco Inc	(4)(5)(11)	SOFR +	7.25%	11.82%	4/19/2024	2/1/2029	$	5,000	$	4,911	$	5,000	0.01	%
Oranje Holdco Inc	(4)(7)(11)	SOFR +	7.50%	12.07%	2/1/2023	2/1/2029	66,000		64,737		66,000		0.17
PDI TA Holdings, Inc.	(4)(10)	SOFR +	5.50%	10.09%	2/1/2024	2/3/2031	68,717		67,854		68,202		0.18
PDI TA Holdings, Inc.	(4)(5)(7)(10)	SOFR +	5.50%	10.00%	2/1/2024	2/3/2031	8,932		8,701		8,697		0.02
Perforce Software, Inc.	(9)	SOFR +	4.75%	9.11%	3/22/2024	3/25/2031	19,900		19,811		19,682		0.05
Perforce Software, Inc.	(8)	SOFR +	4.75%	9.10%	12/18/2024	7/1/2029	15,176		14,949		15,014		0.04
Ping Identity Holding Corp	(4)(5)(7)(10)	SOFR +	4.75%	9.08%	10/21/2024	10/17/2029	38,460		38,460		38,460		0.10
Project Alpha Intermediate Holding, Inc.	(9)	SOFR +	3.25%	7.58%	5/14/2024	10/28/2030	70,853		70,853		71,396		0.18
Project Leopard Holdings, Inc.	(9)	SOFR +	5.25%	9.94%	7/20/2022	7/20/2029	133,231		128,220		119,907		0.31
Project Leopard Holdings, Inc.	(4)(5)(7)(8)	SOFR +	4.25%	8.80%	7/20/2022	7/20/2027	11,613		11,621		9,109		0.02
Proofpoint, Inc.	(9)	SOFR +	3.00%	7.36%	5/28/2024	8/31/2028	6,921		6,921		6,963		0.02
QBS Parent Inc	(4)(5)(7)(10)	SOFR +	4.75%	9.27%	11/7/2024	11/7/2031	53,566		53,276		53,270		0.14
Rally Buyer, Inc.	(4)(10)	SOFR +	5.75%	10.10% (incl. 1.75% PIK)	7/19/2022	7/19/2028	142,922		141,311		132,560		0.34
Rally Buyer, Inc.	(4)(5)(7)(10)	SOFR +	5.75%	10.18%	7/19/2022	7/19/2028	13,664		13,454		12,377		0.03
Relativity ODA, LLC	(4)(7)(11)	SOFR +	4.50%	8.86%	5/12/2021	5/12/2029	37,640		37,591		37,520		0.10
Rocket Software, Inc.	(9)	SOFR +	4.25%	8.61%	10/5/2023	11/28/2028	45,219		44,747		45,612		0.12
Sailpoint Technologies, Inc.	(4)(7)(10)	SOFR +	6.00%	10.52%	8/16/2022	8/16/2029	251,762		248,023		251,762		0.65
Scorpio BidCo SAS	(4)(5)(6)(7)(8)	E +	5.75%	8.43%	4/3/2024	4/30/2031	EUR	37,234	39,551		38,108		0.10
Severin Acquisition LLC	(4)(7)(10)	SOFR +	5.00%	9.36% (incl. 2.25% PIK)	10/1/2024	10/1/2031	329,542		325,652		325,488		0.84
Skopima Consilio Parent, LLC	(7)(9)	SOFR +	3.75%	8.12%	12/18/2024	5/12/2028	39,612		39,186		39,792		0.10
Solarwinds Holdings, Inc.	(6)(8)	SOFR +	2.75%	7.11%	7/24/2024	2/5/2030	2,978		2,974		2,997		0.01
Sovos Compliance, LLC	(9)	SOFR +	4.50%	8.97%	8/12/2021	8/11/2028	13,756		13,705		13,874		0.04
Spaceship Purchaser Inc	(4)(5)(7)(10)	SOFR +	5.00%	9.33%	10/17/2024	10/17/2031	502,321		496,519		496,341		1.28
Spitfire Parent, Inc.	(4)(11)	E +	5.50%	8.36%	3/8/2021	3/11/2027	EUR	18,818	22,552		19,492		0.05
Spitfire Parent, Inc.	(4)(11)	SOFR +	5.50%	9.96%	3/9/2021	3/11/2027	116,724		116,049		116,724		0.30

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December 31, 2024

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Software (continued)
Stamps.com, Inc.	(4)(5)(10)	SOFR +	5.75%	10.94%	12/14/2021	10/5/2028	$	9,845	$	9,736	$	9,673	0.02	%
Stamps.com, Inc.	(4)(10)	SOFR +	5.75%	10.94%	10/5/2021	10/5/2028	837,018		828,029		822,370		2.12
Surf Holdings, LLC	(6)(8)	SOFR +	3.50%	7.95%	1/7/2021	3/5/2027	12,582		12,605		12,680		0.03
Tango Bidco SAS	(4)(5)(6)(8)	E +	5.00%	8.18%	10/17/2024	10/17/2031	EUR	69,197	73,903		70,667		0.18
Tango Bidco SAS	(4)(5)(6)(7)(8)	E +	5.00%	8.05%	10/17/2024	10/17/2031	EUR	15,053	16,905		15,132		0.04
Tegra118 Wealth Solutions, Inc.	(8)	SOFR +	4.00%	8.52%	1/7/2021	2/18/2027	6,793		6,779		6,560		0.02
TravelPerk Inc	(4)(5)(6)(8)		11.50%	11.50% PIK	5/2/2024	5/2/2029	45,277		42,727		44,032		0.11
Triple Lift, Inc.	(4)(7)(10)	SOFR +	5.75%	10.25%	5/6/2021	5/5/2028	43,509		42,957		41,197		0.11
Triple Lift, Inc.	(4)(10)	SOFR +	5.75%	10.25%	3/18/2022	5/5/2028	25,520		25,242		24,499		0.06
Varicent Parent Holdings Corp	(4)(7)(10)	SOFR +	6.00%	10.33% (incl. 3.25% PIK)	8/23/2024	8/23/2031	70,768		69,546		69,965		0.18
Vision Solutions, Inc.	(10)	SOFR +	4.00%	8.85%	10/25/2021	4/24/2028	40,996		40,912		40,443		0.10
VS Buyer, LLC	(7)(8)	SOFR +	2.75%	7.12%	11/19/2024	4/12/2031	6,318		5,484		5,399		0.01
WPEngine, Inc.	(4)(7)(10)	SOFR +	6.50%	10.90%	8/14/2023	8/14/2029	81,400		79,334		81,156		0.21
XPLOR T1, LLC	(8)	SOFR +	3.50%	7.83%	12/11/2024	6/24/2031	34,925		34,929		35,274		0.09
Yellow Castle AB	(4)(6)(8)	ST +	5.00%	8.63% (incl. 2.59% PIK)	4/14/2022	7/9/2029	SEK	112,563	10,498		10,174		0.03
Yellow Castle AB	(4)(6)(8)	SA +	5.00%	5.45% (incl. 1.86% PIK)	4/14/2022	7/9/2029	CHF	10,674	10,784		11,762		0.03
Yellow Castle AB	(4)(5)(6)(10)	SA +	5.00%	5.45% (incl. 1.86% PIK)	7/28/2022	7/9/2029	CHF	3,484	3,492		3,839		0.01
Yellow Castle AB	(4)(6)(8)	E +	5.00%	8.67% (incl. 2.60% PIK)	4/14/2022	7/9/2029	EUR	31,713	31,708		32,850		0.08
Yellow Castle AB	(4)(5)(6)(7)(8)	E +	5.00%	8.67% (incl. 2.60% PIK)	4/14/2022	7/9/2029	EUR	1,639	1,725		1,698		0.00
Yellow Castle AB	(4)(5)(6)(10)	S +	5.00%	9.80% (incl. 3.06% PIK)	7/28/2022	7/9/2029	GBP	8,894	10,514		11,134		0.03
Zendesk Inc	(4)(7)(10)	SOFR +	5.00%	9.33%	7/23/2024	11/22/2028	934,335		915,649		931,214		2.40
Zorro Bidco Ltd	(4)(5)(6)(7)(8)	S +	5.00%	9.70%	8/13/2024	8/13/2031	GBP	65,579	82,176		81,094		0.21
									17,730,102		17,511,126		45.08

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Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Specialty Retail
CustomInk, LLC	(4)(11)(18)	SOFR +	5.98%	10.57%	1/7/2021	5/3/2026	$	36,866	$	36,672	$	36,866	0.09	%
EG America, LLC	(6)(8)	SOFR +	4.25%	8.68%	12/10/2024	2/7/2028	12,120		12,120		12,245		0.03
Mavis Tire Express Services Topco, Corp.	(10)	SOFR +	3.50%	7.86%	7/18/2024	5/4/2028	27,626		27,626		27,847		0.07
Metis Buyer, Inc.	(4)(5)(7)(8)	SOFR +	3.25%	7.63%	5/4/2021	5/4/2026	5,040		4,986		5,028		0.01
Runner Buyer, Inc.	(10)(17)	SOFR +	5.50%	10.11%	10/21/2021	10/20/2028	75,855		74,961		36,021		0.09
StubHub Holdco Sub, LLC	(8)	SOFR +	4.75%	9.11%	3/15/2024	3/15/2030	11,210		11,202		11,252		0.03
									167,567		129,259		0.32
Technology Hardware, Storage & Peripherals
Lytx, Inc.	(4)(11)	SOFR +	5.00%	9.48%	6/13/2024	2/28/2028	75,139		75,186		75,139		0.19
Trading Companies & Distributors
FCG Acquisitions, Inc.	(9)	SOFR +	3.75%	8.22%	4/1/2021	3/31/2028	22,701		22,648		22,889		0.06
Foundation Building Materials, Inc.	(9)	SOFR +	3.25%	8.10%	1/29/2021	1/31/2028	14,614		14,440		14,427		0.04
Hillman Group Inc	(6)(9)	SOFR +	2.25%	6.61%	7/14/2021	7/14/2028	6,423		6,432		6,464		0.02
Icebox Holdco III, Inc.	(9)	SOFR +	3.50%	8.09%	12/22/2021	12/22/2028	15,623		15,588		15,770		0.04
Park River Holdings, Inc.	(10)	SOFR +	3.25%	8.10%	1/7/2021	12/28/2027	45,678		45,384		44,692		0.12
Porcelain Acquisition Corp.	(4)(11)	SOFR +	6.00%	10.43%	4/30/2021	4/1/2027	81,066		80,283		75,797		0.20
Red Fox CD Acquisition Corp	(4)(11)	SOFR +	6.00%	10.33%	3/4/2024	3/4/2030	114,246		111,964		114,246		0.29
Sunsource Borrower, LLC	(8)	SOFR +	4.00%	8.46%	3/25/2024	3/25/2031	2,978		2,984		2,991		0.01
White Cap Buyer, LLC	(8)	SOFR +	3.25%	7.61%	6/13/2024	10/19/2029	16,915		16,877		16,969		0.04
Windsor Holdings III LLC	(8)	SOFR +	3.50%	7.86%	9/20/2024	8/1/2030	8,859		8,859		8,980		0.02
									325,459		323,225		0.84

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Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Transportation Infrastructure
Capstone Acquisition Holdings Inc	(4)(7)(11)	SOFR +	4.50%	8.96%	8/29/2024	11/13/2029	$	95,890	$	95,382	$	95,869	0.25	%
Enstructure, LLC	(4)(7)(9)(18)	SOFR +	6.27%	10.67%	6/10/2024	6/10/2029	230,696		227,772		229,335		0.59
Frontline Road Safety, LLC	(4)(10)	SOFR +	5.75%	10.21%	5/3/2021	5/3/2027	191,568		190,125		191,618		0.49
Frontline Road Safety, LLC	(4)(10)	SOFR +	5.75%	10.21%	12/15/2023	5/3/2027	22,390		22,081		22,390		0.06
Frontline Road Safety, LLC	(4)(5)(10)	SOFR +	5.75%	10.25%	12/15/2023	5/3/2027	22,378		22,069		22,378		0.06
Helix TS, LLC	(4)(10)	SOFR +	6.25%	10.99%	8/4/2021	8/4/2027	91,837		91,055		90,509		0.23
Helix TS, LLC	(4)(7)(10)	SOFR +	6.25%	11.01%	8/4/2021	8/4/2027	61,597		60,756		59,899		0.15
Helix TS, LLC	(4)(10)	SOFR +	6.25%	10.73%	12/22/2023	8/4/2027	13,760		13,564		13,554		0.03
Helix TS, LLC	(4)(5)(10)	SOFR +	6.25%	10.91%	12/14/2022	8/4/2027	983		972		968		0.00
Italian Motorway Holdings S.à r.l	(4)(6)(8)	E +	5.25%	8.14%	4/28/2022	4/28/2029	EUR	236,429	244,606		244,955		0.63
Roadsafe Holdings, Inc.	(4)(11)	SOFR +	5.75%	10.27%	4/19/2021	10/19/2027	71,538		70,851		69,407		0.18
Roadsafe Holdings, Inc.	(4)(11)	SOFR +	5.75%	11.06%	1/31/2022	10/19/2027	76,109		75,605		73,841		0.19
Roadsafe Holdings, Inc.	(4)(11)	SOFR +	5.75%	11.06%	4/19/2021	10/19/2027	54,639		54,569		52,999		0.14
Roadsafe Holdings, Inc.	(4)(5)(11)	P +	4.75%	12.25%	9/11/2024	10/19/2027	4,346		4,268		4,216		0.01
Safety Borrower Holdings LP	(4)(11)	SOFR +	5.25%	9.72%	9/1/2021	9/1/2027	47,308		47,109		47,308		0.12
Safety Borrower Holdings LP	(4)(5)(7)(11)	P +	4.25%	11.75%	9/1/2021	9/1/2027	839		824		805		0.00
Sam Holding Co, Inc.	(4)(11)	SOFR +	5.50%	10.01%	9/24/2021	9/24/2027	147,060		145,773		147,110		0.38
Sam Holding Co, Inc.	(4)(11)	SOFR +	5.50%	10.23%	9/19/2023	9/24/2027	63,200		62,341		63,200		0.16
Sam Holding Co, Inc.	(4)(11)	SOFR +	5.50%	10.13%	9/19/2023	9/24/2027	39,794		39,245		39,794		0.10
Sam Holding Co, Inc.	(4)(11)	SOFR +	5.50%	10.28%	9/24/2021	9/24/2027	45,650		45,259		45,650		0.12
Sam Holding Co, Inc.	(4)(5)(7)(11)	P +	4.50%	13.00%	9/24/2021	3/24/2027	7,200		7,006		7,200		0.02
Sam Holding Co, Inc.	(4)(5)(7)(11)	SOFR +	5.50%	10.12%	9/5/2024	9/24/2027	24,400		24,069		24,038		0.06
TRP Infrastructure Services, LLC	(4)(11)	SOFR +	5.50%	10.24%	7/9/2021	7/9/2027	71,477		70,886		70,780		0.18
TRP Infrastructure Services, LLC	(4)(5)(7)(11)	SOFR +	5.50%	9.99%	12/2/2024	7/9/2027	24,493		24,160		24,148		0.06
									1,640,347		1,641,971		4.21
Wireless Telecommunication Services
CCI Buyer, Inc.	(10)	SOFR +	4.00%	8.33%	1/7/2021	12/17/2027	20,920		20,910		20,967		0.05
CyrusOne Revolving Warehouse	(4)(5)(6)(7)(8)	SOFR +	3.00%	7.59%	7/12/2024	7/2/2027	76,425		75,257		76,425		0.20
									96,167		97,392		0.25
Total First Lien Debt - non-controlled/non-affiliated									61,697,220		61,173,329		157.35

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Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - controlled/affiliated
Chemicals
Pigments Services, Inc.	(4)(6)(11)(16)(17)	SOFR +	8.25%	12.69% PIK	4/14/2023	4/14/2029	$	23,176	$	15,191	$	7,699	0.02	%
Pigments Services, Inc.	(4)(6)(11)(16)	SOFR +	8.25%	12.69% PIK	4/14/2023	4/14/2029	11,317		11,317		11,317		0.03
									26,508		19,016		0.05
Insurance
CFCo, LLC (Benefytt Technologies, Inc.)	(4)(5)(8)(16)(17)(18)		0.00%	0.00%	9/11/2023	9/13/2038	86,098		12,571		0		0.00
Daylight Beta Parent, LLC (Benefytt Technologies, Inc.)	(4)(5)(8)(16)(17)(18)		10.00%	10.00% PIK	9/11/2023	9/12/2033	54,791		49,530		12,744		0.03
									62,101		12,744		0.03
Oil, Gas & Consumable Fuels
Pibb Member, LLC	(4)(5)(6)(8)(16)		6.41%	6.41%	11/22/2024	11/22/2049	2,250		2,250		2,250		0.01
Professional Services
Material Holdings, LLC	(4)(5)(7)(10)(16)	SOFR +	6.00%	10.43% (incl. 8.22% PIK)	6/14/2024	8/19/2027	232,743		230,875		232,369		0.60
Material Holdings, LLC	(4)(5)(10)(16)(17)	SOFR +	6.00%	10.43% PIK	6/14/2024	8/19/2027	57,523		57,075		15,566		0.04
									287,950		247,935		0.64
Total First Lien Debt - controlled/affiliated									378,809		281,945		0.73
Total First Lien Debt									62,076,029		61,455,274		158.08

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December 31, 2024

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

Second Lien Debt
Second Lien Debt - non-controlled/non-affiliated
Aerospace & Defense
Atlas CC Acquisition Corp.	(4)(10)	SOFR +	7.63%	12.40%	5/25/2021	5/25/2029	$	44,520	$	44,153	$	27,380	0.07	%
Peraton Corp.	(10)	SOFR +	7.75%	12.36%	5/6/2021	2/1/2029	53,259		52,849		43,594		0.11
									97,002		70,974		0.18
Commercial Services & Supplies
DG Investment Intermediate Holdings 2, Inc.	(10)	SOFR +	6.75%	11.22%	3/31/2021	3/30/2029	29,464		29,386		29,404		0.08
OMNIA Partners, LLC	(4)(8)	SOFR +	5.00%	9.62%	5/31/2024	5/31/2032	165,000		164,236		165,000		0.42
									193,622		194,404		0.50
Construction & Engineering
Thermostat Purchaser III, Inc.	(4)(10)	SOFR +	7.25%	11.76%	8/31/2021	8/31/2029	32,783		32,497		32,619		0.08
Health Care Providers & Services
Canadian Hospital Specialties Ltd.	(4)(6)(8)		8.75%	8.75%	4/15/2021	4/15/2029	CAD	3,800	3,002		2,425		0.01
CD&R Artemis UK Bidco Ltd.	(4)(6)(8)	S +	7.50%	12.20%	8/19/2021	8/19/2029	GBP	65,340	87,939		80,572		0.21
CD&R Artemis UK Bidco Ltd.	(4)(6)(9)	SOFR +	7.35%	12.10%	12/31/2021	8/19/2029	15,000		14,773		14,475		0.04
CD&R Artemis UK Bidco Ltd.	(4)(5)(6)(9)	SOFR +	7.35%	12.10%	3/31/2022	8/19/2029	10,000		9,843		9,650		0.02
Jayhawk Buyer, LLC	(4)(11)	SOFR +	8.75%	13.44%	5/26/2021	10/15/2027	6,537		6,480		6,014		0.02
									122,037		113,136		0.30
Health Care Technology
Project Ruby Ultimate Parent Corp	(4)(5)(10)	SOFR +	5.25%	9.97%	10/15/2024	3/10/2029	100,934		100,454		100,430		0.26
Insurance
SQ ABS Issuer LLC	(4)(6)(8)		9.65%	9.65%	10/11/2024	10/20/2039	14,852		14,661		14,662		0.04
Interactive Media & Services
Project Boost Purchaser, LLC	(8)	SOFR +	5.25%	9.90%	7/16/2024	7/16/2032	44,853		44,641		45,844		0.12
Speedster Bidco GmbH	(4)(6)(8)	CA +	5.50%	10.47%	12/10/2024	2/13/2032	CAD	681,018	476,792		464,293		1.19
									521,433		510,137		1.31
IT Services
Dcert Buyer, Inc.	(8)	SOFR +	7.00%	11.36%	2/19/2021	2/19/2029	60,975		61,099		49,694		0.13
Inovalon Holdings, Inc.	(4)(10)	SOFR +	10.50%	15.35% PIK	11/24/2021	11/24/2033	126,551		124,737		126,551		0.33
									185,836		176,245		0.46
Life Sciences Tools & Services
Curia Global, Inc.	(4)(10)	SOFR +	6.50%	11.35%	9/1/2021	8/31/2029	45,977		45,441		41,839		0.11
LSCS Holdings, Inc.	(9)	SOFR +	8.00%	12.47%	12/16/2021	12/17/2029	40,000		39,627		38,600		0.10
									85,068		80,439		0.21

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December 31, 2024

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

Second Lien Debt - non-controlled/non-affiliated (continued)
Machinery
Victory Buyer, LLC	(4)(9)	SOFR +	7.00%	11.47%	11/19/2021	11/19/2029	$	24,677	$	24,517	$	23,567	0.06	%
Media
Houghton Mifflin, LLC	(4)(9)	SOFR +	8.50%	12.86%	4/7/2022	4/8/2030	80,500		79,421		79,695		0.21
Professional Services
Celestial Saturn Parent, Inc.	(9)	SOFR +	6.50%	10.97%	6/4/2021	6/4/2029	67,488		67,114		66,005		0.17
Deerfield Dakota Holding, LLC	(10)	SOFR +	6.75%	11.34%	4/22/2021	4/7/2028	14,069		14,056		13,524		0.03
Sedgwick Claims Management Services, Inc.	(4)(6)(8)	SOFR +	5.00%	9.59%	7/31/2024	7/31/2032	230,000		227,821		229,425		0.59
Thevelia US, LLC	(4)(6)(9)	SOFR +	6.00%	10.33%	6/17/2022	6/17/2032	182,046		178,321		182,046		0.47
									487,312		491,000		1.26
Software
Boxer Parent Company, Inc.	(8)	SOFR +	5.75%	10.34%	7/30/2024	7/30/2032	45,494		45,385		44,888		0.12
CB Nike Holdco LLC	(4)(5)(11)	SOFR +	7.35%	11.87% PIK	11/25/2024	11/26/2029	216,812		212,530		212,475		0.55
Cloudera, Inc.	(9)	SOFR +	6.00%	10.57%	10/8/2021	10/8/2029	66,697		66,365		65,613		0.17
Delta Topco, Inc.	(8)	SOFR +	5.25%	9.95%	5/1/2024	12/1/2030	87,913		87,517		89,320		0.23
Flash Charm, Inc.	(8)	SOFR +	6.75%	11.47%	3/2/2021	3/2/2029	27,051		26,871		26,341		0.07
Human Security, Inc.	(4)(11)	SOFR +	6.75%	11.11%	7/22/2022	7/22/2027	50,000		49,552		47,750		0.12
Human Security, Inc.	(4)(11)	SOFR +	6.75%	11.34%	7/22/2022	7/22/2027	50,000		49,552		47,750		0.12
IGT Holding II AB	(4)(5)(6)(8)	SOFR +	6.00%	10.77% PIK	8/13/2024	8/27/2033	121,993		119,647		119,553		0.31
Mandolin Technology Intermediate Holdings, Inc.	(4)(9)	SOFR +	6.50%	10.98%	7/30/2021	7/30/2029	31,950		31,696		27,317		0.07
Maverick Bidco Inc.	(4)(5)(10)	SOFR +	8.00%	13.34%	12/19/2023	5/18/2029	741		730		732		0.00
Maverick Bidco Inc.	(5)(10)	SOFR +	6.75%	11.49%	5/18/2021	5/18/2029	18,000		17,956		17,670		0.05
OT Luxco 2 S.à r.l.	(4)(5)(6)(8)	E +	8.75%	11.81% PIK	10/10/2024	9/30/2029	EUR	31,461	33,911		32,100		0.08
Project Alpha Intermediate Holding Inc	(5)(9)	SOFR +	5.00%	9.52%	11/21/2024	11/21/2032	49,542		49,295		50,348		0.13
Vision Solutions, Inc.	(10)	SOFR +	7.25%	12.10%	4/23/2021	4/23/2029	41,439		41,267		40,097		0.10
									832,274		821,954		2.12
Trading Companies & Distributors
Icebox Holdco III, Inc.	(9)	SOFR +	6.75%	11.34%	12/22/2021	12/21/2029	14,000		13,912		14,198		0.04
Total Second Lien Debt - non-controlled/non-affiliated									2,790,046		2,723,460		7.03
Total Second Lien Debt									2,790,046		2,723,460		7.03

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Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

Unsecured Debt
Unsecured Debt - non-controlled/non-affiliated
Biotechnology
AbbVie Inc	(5)(6)(8)		4.80%	4.80%	9/10/2024	3/15/2029	$	1,000	$	1,030	$	1,000	0.00	%
Amgen Inc	(5)(6)(8)		5.15%	5.15%	9/10/2024	3/2/2028	1,000		1,028		1,008		0.00
Biogen Inc	(5)(6)(8)		2.25%	2.25%	9/10/2024	5/1/2030	1,000		901		865		0.00
Gilead Sciences Inc	(5)(6)(8)		1.65%	1.65%	9/10/2024	10/1/2030	1,000		872		837		0.00
Regeneron Pharmaceuticals Inc	(5)(6)(8)		1.75%	1.75%	9/10/2024	9/15/2030	1,000		874		833		0.00
									4,705		4,543		0.00
Health Care Equipment & Supplies
Abbott Laboratories	(5)(6)(8)		1.40%	1.40%	9/10/2024	6/30/2030	1,000		885		846		0.00
Alcon Finance Corp	(5)(6)(8)		2.60%	2.60%	9/10/2024	5/27/2030	1,000		919		884		0.00
Becton Dickinson & Co	(5)(6)(8)		5.08%	5.08%	9/10/2024	6/7/2029	1,000		1,033		1,007		0.00
Boston Scientific Corp	(5)(6)(8)		2.65%	2.65%	9/10/2024	6/1/2030	1,000		928		893		0.00
									3,765		3,630		0.00
Health Care Technology
Healthcomp Holding Company, LLC	(4)(5)(8)		13.75%	13.75% PIK	11/8/2023	11/8/2031	21,191		20,710		20,926		0.05
IT Services
PPT Holdings III, LLC	(4)(5)(8)		12.75%	12.75% PIK	3/25/2024	3/27/2034	8,555		8,376		8,512		0.02
Life Sciences Tools & Services
Thermo Fisher Scientific Inc.	(5)(6)(8)		5.00%	5.00%	9/10/2024	1/31/2029	1,000		1,036		1,008		0.00
Machinery
Bidco 76 S.p.A.	(4)(6)(7)(8)	E +	5.00%	7.71%	12/11/2024	12/10/2031	EUR	125,678	129,371		127,677		0.33
Pharmaceuticals
Astrazeneca Finance LLC	(5)(6)(8)		4.85%	4.85%	9/10/2024	2/26/2029	1,000		1,031		1,002		0.00
Bristol-Myers Squibb Co	(5)(6)(8)		4.90%	4.90%	9/10/2024	2/22/2029	1,000		1,033		1,005		0.00
Eli Lilly & Co	(5)(6)(8)		4.20%	4.20%	9/10/2024	8/14/2029	1,000		1,012		979		0.00
GlaxoSmithKline Capital PLC	(5)(6)(8)		3.38%	3.38%	9/10/2024	6/1/2029	1,000		975		946		0.00
Johnson & Johnson	(5)(6)(8)		4.80%	4.80%	9/10/2024	6/1/2029	1,000		1,042		1,010		0.00
Merck & Co Inc	(5)(6)(8)		4.30%	4.30%	9/10/2024	5/17/2030	1,000		1,016		982		0.00
Novartis Capital Corp	(5)(6)(8)		2.20%	2.20%	9/10/2024	8/14/2030	1,000		916		876		0.00
Novo Nordisk Finance Netherlands BV	(5)(6)(8)		3.13%	3.13%	9/10/2024	1/21/2029	EUR	1,000	1,118		1,051		0.00
Pfizer Inc	(5)(6)(8)		1.70%	1.70%	9/10/2024	5/28/2030	1,000		889		852		0.00
Roche Holdings Inc	(5)(6)(8)		4.20%	4.20%	9/10/2024	9/9/2029	1,000		1,008		978		0.00
Takeda Pharmaceutical Co Ltd	(5)(6)(8)		2.05%	2.05%	9/10/2024	3/31/2030	1,000		896		862		0.00
Teva Pharmaceutical Finance Netherlands III B.V.	(5)(6)(8)		3.15%	3.15%	9/10/2024	10/1/2026	1,000		964		962		0.00
									11,900		11,505		0.00
Total Unsecured Debt - non-controlled/non-affiliated									179,863		177,801		0.40
Total Unsecured Debt									179,863		177,801		0.40

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Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

Structured Finance Obligations
Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated
Financial Services
522 Funding CLO 2020-6, Ltd.	(4)(5)(6)(8)	SOFR +	6.76%	11.39%	11/9/2021	10/23/2034	$	3,000	$	3,000	$	3,008	0.01	%
Allegro Clo VIII-S Ltd	(4)(5)(6)(8)	SOFR +	8.00%	12.56%	10/3/2024	10/15/2037	2,000		2,000		2,026		0.01
Allegro CLO XIII Ltd	(4)(5)(6)(8)	SOFR +	6.87%	11.49%	5/25/2021	7/20/2034	2,500		2,452		2,518		0.01
Allegro Clo XVIII Ltd	(4)(5)(6)(8)	SOFR +	6.36%	10.67%	10/30/2024	1/25/2038	1,225		1,176		1,182		0.00
Allegro Clo XVIII Ltd	(4)(5)(6)(8)	SOFR +	7.50%	11.81%	10/30/2024	1/25/2038	2,225		2,225		2,236		0.01
Apidos Clo XXV	(4)(5)(6)(8)	SOFR +	5.35%	9.68%	12/17/2024	1/20/2037	4,000		4,000		4,020		0.01
Apidos CLO XXXIII	(4)(5)(6)(8)	SOFR +	6.61%	11.89%	9/14/2021	10/24/2034	5,000		4,962		5,040		0.01
Apidos CLO XXXVI	(4)(5)(6)(8)	SOFR +	6.21%	10.83%	7/28/2021	7/20/2034	8,500		8,500		8,535		0.02
ARES LI CLO Ltd	(4)(5)(6)(8)	SOFR +	6.25%	10.77%	11/1/2024	10/15/2037	4,000		4,000		4,106		0.01
Ares Loan Funding VI Ltd	(4)(5)(6)(8)	SOFR +	6.40%	11.41%	5/24/2024	7/10/2037	2,000		2,000		2,061		0.01
Ares Loan Funding VIII Ltd	(4)(5)(6)(8)	SOFR +	5.25%	9.58%	12/19/2024	1/24/2038	3,000		3,000		3,015		0.01
Ares LVI CLO Ltd	(4)(5)(6)(8)	SOFR +	5.35%	9.68%	12/27/2024	1/25/2038	9,000		9,000		9,045		0.02
Ares LX CLO LTD	(4)(5)(6)(8)	SOFR +	6.51%	11.14%	5/6/2021	7/18/2034	5,000		4,979		5,032		0.01
Ares LXII CLO, Ltd.	(4)(5)(6)(8)	SOFR +	6.76%	11.39%	11/18/2021	1/25/2034	9,000		9,000		9,035		0.02
Bain Capital Credit CLO 2020-4 Ltd	(4)(5)(6)(8)	SOFR +	7.98%	12.60%	10/11/2023	10/20/2036	5,500		5,350		5,724		0.01
Bain Capital Credit CLO 2022-6 Ltd	(4)(5)(6)(8)	SOFR +	6.25%	10.77%	10/25/2024	1/22/2038	2,000		2,000		2,026		0.01
Bain Capital Credit CLO 2024-3 Ltd	(4)(5)(6)(8)	SOFR +	6.25%	11.59%	5/16/2024	7/16/2037	2,500		2,500		2,575		0.01
Balboa Bay Loan Funding 2021-2, Ltd.	(4)(5)(6)(8)	SOFR +	6.86%	11.48%	10/20/2021	1/20/2035	7,000		6,946		7,020		0.02
Balboa Bay Loan Funding 2024-1 Ltd	(4)(5)(6)(8)	SOFR +	6.25%	11.60%	5/17/2024	7/20/2037	2,300		2,300		2,338		0.01
Barings CLO Ltd 2018-II	(4)(5)(6)(8)	SOFR +	6.90%	12.00%	8/9/2024	7/15/2036	4,000		4,000		4,125		0.01
Barings Clo Ltd 2019-IV	(4)(5)(6)(8)	SOFR +	6.40%	11.06%	5/13/2024	7/15/2037	5,000		5,000		5,129		0.01
Barings CLO Ltd 2021-II	(4)(5)(6)(8)	SOFR +	6.51%	11.17%	7/14/2021	7/15/2034	6,000		6,000		6,034		0.02
Barings CLO Ltd 2021-III	(4)(5)(6)(8)	SOFR +	6.91%	11.54%	11/17/2021	1/18/2035	7,200		7,200		7,110		0.02
Barings Clo Ltd 2022-II	(4)(5)(6)(8)	SOFR +	6.90%	11.56%	7/2/2024	7/15/2039	5,000		5,000		5,123		0.01
Barings CLO Ltd 2023-IV	(4)(5)(6)(8)	SOFR +	7.59%	12.21%	12/6/2023	1/20/2037	3,000		2,972		3,126		0.01
Benefit Street Partners CLO XX	(4)(5)(6)(8)	SOFR +	7.01%	12.31%	8/9/2021	7/15/2034	6,500		6,500		6,547		0.02
Benefit Street Partners CLO XXVI Ltd	(4)(5)(6)(8)	SOFR +	6.00%	10.62%	7/3/2024	7/20/2037	3,000		3,000		3,058		0.01

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Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

Structured Finance Obligations (continued)
Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)
Benefit Street Partners, LLC BSP 2020-21A	(4)(5)(6)(8)	SOFR +	6.96%	11.62%	8/25/2021	10/15/2034	$	3,000	$	2,976	$	3,022	0.01	%
BlueMountain CLO XXIX Ltd	(4)(5)(6)(8)	SOFR +	7.12%	11.75%	7/15/2021	7/25/2034	2,750		2,697		2,769		0.01
Broad River Ltd 2020-1	(4)(5)(6)(8)	SOFR +	6.76%	11.38%	5/17/2021	7/20/2034	7,000		6,956		7,037		0.02
Carlyle US CLO 2018-4, Ltd.	(4)(5)(6)(8)	SOFR +	6.43%	11.30%	7/23/2024	10/17/2037	1,000		971		1,019		0.00
Carlyle US CLO 2018-4, Ltd.	(4)(5)(6)(8)	SOFR +	7.86%	12.73%	7/23/2024	10/17/2037	5,000		5,024		5,153		0.01
Carlyle US CLO 2020-1, Ltd.	(4)(5)(6)(8)	SOFR +	6.51%	11.13%	7/14/2021	7/20/2034	11,500		11,500		11,579		0.03
Carlyle US CLO 2022-4 Ltd	(4)(5)(6)(8)	SOFR +	6.75%	11.38%	7/12/2024	7/25/2036	4,000		4,000		4,076		0.01
Carlyle US CLO 2023-5 Ltd	(4)(5)(6)(8)	SOFR +	7.90%	12.52%	11/10/2023	1/27/2036	7,000		6,872		7,267		0.02
Carlyle US CLO 2024-8 Ltd	(4)(5)(6)(8)	SOFR +	5.50%	9.84%	11/22/2024	1/25/2037	4,000		4,000		4,021		0.01
Carval CLO V-C, LTD.	(4)(5)(6)(8)	SOFR +	7.01%	11.67%	11/24/2021	10/15/2034	8,000		7,939		8,076		0.02
Carval CLO VI-C, LTD.	(4)(5)(6)(8)	SOFR +	7.33%	11.95%	4/22/2022	4/21/2034	8,750		8,682		8,816		0.02
Carval Clo VIII-C Ltd	(4)(5)(6)(8)	SOFR +	7.60%	12.23%	9/13/2024	10/22/2037	2,000		2,000		2,061		0.01
Carval Clo X-C Ltd	(4)(5)(6)(8)	SOFR +	6.15%	11.44%	6/13/2024	7/20/2037	3,000		3,000		3,071		0.01
CarVal CLO XI C Ltd	(4)(5)(6)(8)	SOFR +	6.35%	11.02%	8/14/2024	10/20/2037	3,000		3,000		3,090		0.01
CBAM 2017-1 LTD	(4)(5)(6)(8)	SOFR +	6.93%	11.27%	11/5/2024	1/20/2038	10,000		9,800		10,052		0.03
CBAM 2018-8 Ltd	(4)(5)(6)(8)	SOFR +	7.40%	12.06%	5/10/2024	7/15/2037	4,000		4,000		4,095		0.01
CBAM 2018-8 Ltd	(4)(5)(6)(8)	SOFR +	6.37%	11.03%	5/10/2024	7/15/2037	1,000		963		1,003		0.00
CIFC Funding 2019-III, Ltd.	(4)(5)(6)(8)	SOFR +	7.06%	11.71%	8/16/2021	10/16/2034	8,000		8,000		8,066		0.02
Dryden 112 CLO, Ltd.	(4)(5)(6)(8)	SOFR +	7.75%	12.27%	11/9/2023	11/15/2036	4,900		4,793		4,943		0.01
Dryden 78 CLO Ltd	(4)(5)(6)(8)	SOFR +	7.70%	12.35%	4/4/2024	4/17/2037	4,000		4,000		4,080		0.01
Dryden 78 CLO Ltd	(4)(5)(6)(8)	SOFR +	6.63%	11.28%	4/4/2024	4/17/2037	1,000		978		1,013		0.00
Dryden 95 CLO, Ltd.	(4)(5)(6)(8)	SOFR +	6.41%	11.54%	7/29/2021	8/20/2034	8,000		8,000		7,759		0.02
Eaton Vance CLO 2019-1 Ltd	(4)(5)(6)(8)	SOFR +	6.40%	11.06%	5/9/2024	7/15/2037	5,000		5,000		5,134		0.01
Elmwood CLO 22 Ltd	(4)(5)(6)(8)	SOFR +	6.50%	11.15%	2/8/2023	4/17/2036	3,500		3,467		3,444		0.01
Elmwood CLO 30 Ltd	(4)(5)(6)(8)	SOFR +	7.25%	12.55%	5/22/2024	7/17/2037	4,500		4,502		4,507		0.01
Flatiron RR CLO 22, LLC	(4)(5)(6)(8)	SOFR +	6.46%	11.02%	9/27/2021	10/15/2034	5,000		5,000		5,042		0.01
Fort Washington CLO 2021-2, Ltd.	(4)(5)(6)(8)	SOFR +	6.87%	11.49%	8/4/2021	10/20/2034	13,000		12,885		13,054		0.03

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Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

Structured Finance Obligations (continued)
Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)
Galaxy 30 CLO Ltd	(4)(5)(6)(8)	SOFR +	5.90%	10.30%	12/9/2024	1/15/2038	$	5,000	$	5,000	$	5,026	0.01	%
Galaxy XXV CLO, Ltd.	(4)(5)(6)(8)	SOFR +	6.50%	11.13%	4/19/2024	4/25/2036	4,000		4,000		4,052		0.01
Galaxy 32 CLO Ltd	(4)(5)(6)(8)	SOFR +	7.33%	11.95%	9/22/2023	10/20/2036	2,140		2,121		2,183		0.01
Goldentree Loan Management US Clo 15 Ltd	(4)(5)(6)(8)	SOFR +	6.50%	11.12%	8/18/2023	10/20/2036	6,500		6,443		6,683		0.02
GoldenTree Loan Management US CLO 16 Ltd	(4)(5)(6)(8)	SOFR +	8.50%	13.12%	11/15/2023	1/20/2034	4,000		3,993		4,010		0.01
Goldentree Loan Management US Clo 18 Ltd	(4)(5)(6)(8)	SOFR +	8.50%	13.12%	10/20/2023	1/20/2037	5,000		4,935		5,085		0.01
GoldenTree Loan Management US CLO 23 Ltd	(4)(5)(6)(8)	SOFR +	7.75%	12.10%	11/26/2024	1/20/2039	3,500		3,472		3,264		0.01
Gulf Stream Meridian 7, Ltd.	(4)(5)(6)(8)	SOFR +	6.85%	11.50%	2/18/2022	7/15/2035	5,000		4,960		5,019		0.01
Halseypoint Clo 5, Ltd.	(4)(5)(6)(8)	SOFR +	7.20%	11.71%	11/19/2021	1/30/2035	9,500		9,354		9,544		0.02
HPS Loan Management 15-2019 Ltd	(4)(5)(6)(8)	SOFR +	6.80%	11.64%	2/8/2022	1/22/2035	4,000		3,969		4,028		0.01
HPS Loan Management 2024-20 Ltd	(4)(5)(6)(8)	SOFR +	6.20%	11.54%	5/15/2024	7/25/2037	2,000		2,000		2,010		0.01
Invesco CLO 2022-3 Ltd	(4)(5)(6)(8)	SOFR +	6.75%	11.38%	9/30/2024	10/22/2037	3,500		3,485		3,571		0.01
Jamestown CLO XIV, Ltd.	(4)(5)(6)(8)	SOFR +	7.46%	12.08%	9/23/2021	10/20/2034	10,000		9,848		10,057		0.03
Jamestown CLO XV, Ltd.	(4)(5)(6)(8)	SOFR +	7.06%	11.72%	5/28/2024	7/15/2035	3,000		2,972		3,021		0.01
Magnetite XXXII Ltd	(4)(5)(6)(8)	SOFR +	6.90%	11.56%	3/7/2022	4/15/2035	5,000		5,000		5,036		0.01
MidOcean Credit CLO XIII Ltd	(4)(5)(6)(8)	SOFR +	7.80%	12.42%	11/16/2023	1/21/2037	9,500		9,150		9,841		0.03
MidOcean Credit CLO XIV Ltd	(4)(5)(6)(8)	SOFR +	7.40%	12.06%	2/15/2024	4/15/2037	3,500		3,500		3,559		0.01
MidOcean Credit CLO XI Ltd	(4)(5)(6)(8)	SOFR +	6.00%	10.32%	11/25/2024	1/18/2036	2,000		2,000		2,010		0.01
Morgan Stanley Eaton Vance Clo 2021-1, Ltd.	(4)(5)(6)(8)	SOFR +	7.01%	11.57%	9/24/2021	10/20/2034	6,500		6,500		6,528		0.02
Morgan Stanley Eaton Vance CLO 2023-19A Ltd	(4)(5)(6)(8)	SOFR +	6.10%	10.67%	10/16/2024	10/20/2037	2,200		2,200		2,274		0.01

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Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

Structured Finance Obligations (continued)
Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)
Neuberger Berman Loan Advisers CLO 38, Ltd.	(4)(5)(6)(8)	SOFR +	6.51%	11.13%	9/27/2021	10/20/2035	$	11,000	$	11,000	$	11,057	0.03	%
Neuberger Berman Loan Advisers CLO 30, Ltd.	(4)(5)(6)(8)	SOFR +	5.15%	9.44%	12/23/2024	1/20/2039	3,500		3,500		3,518		0.01
Northwoods Capital XI-B Ltd	(4)(5)(6)(8)	SOFR +	7.35%	11.97%	7/3/2024	7/19/2037	3,412		3,356		3,412		0.01
Oaktree CLO 2019-3 Ltd	(4)(5)(6)(8)	SOFR +	6.75%	11.28%	10/24/2024	1/20/2038	5,000		5,000		5,112		0.01
OCP CLO 2021-22, Ltd.	(4)(5)(6)(8)	SOFR +	5.75%	10.27%	10/18/2024	10/20/2037	2,000		2,000		2,024		0.01
OCP CLO 2020-18 Ltd	(4)(5)(6)(8)	SOFR +	6.25%	11.38%	7/30/2024	7/20/2037	1,000		1,000		1,029		0.00
OCP CLO 2017-13 Ltd	(4)(5)(6)(8)	SOFR +	5.90%	10.42%	11/5/2024	11/26/2037	5,000		5,000		5,154		0.01
Octagon 55, Ltd	(4)(5)(6)(8)	SOFR +	6.76%	11.38%	7/1/2021	7/20/2034	11,000		10,899		10,834		0.03
Octagon Investment Partners 41, Ltd.	(4)(5)(6)(8)	SOFR +	7.39%	12.05%	9/24/2021	10/15/2033	2,500		2,491		2,513		0.01
Onex Credit Partners OCP 2020-19A	(4)(5)(6)(8)	SOFR +	6.76%	11.38%	8/6/2021	10/20/2034	4,250		4,103		4,279		0.01
Orion CLO 2024-4 LTD	(4)(5)(6)(8)	SOFR +	6.00%	10.49%	10/25/2024	10/20/2037	5,000		5,000		5,023		0.01
Palmer Square CLO 2015-1, Ltd.	(4)(5)(6)(8)	SOFR +	6.76%	11.28%	5/25/2021	5/21/2034	2,000		1,926		2,009		0.01
Palmer Square CLO 2019-1, Ltd.	(4)(5)(6)(8)	SOFR +	6.76%	11.28%	11/16/2021	11/14/2034	13,000		13,003		13,072		0.03
Palmer Square CLO 2022-1, Ltd.	(4)(5)(6)(8)	SOFR +	6.35%	10.97%	1/24/2022	4/20/2035	2,500		2,500		2,515		0.01
Palmer Square CLO 2023-3 Ltd	(4)(5)(6)(8)	SOFR +	7.83%	12.45%	11/17/2023	1/20/2037	10,000		9,908		10,345		0.03
Parallel 2020-1 Ltd	(4)(5)(6)(8)	SOFR +	6.76%	11.38%	6/14/2021	7/20/2034	3,500		3,439		3,510		0.01
Park Avenue Institutional Advisers CLO Ltd 2022-1	(4)(5)(6)(8)	SOFR +	7.29%	11.91%	2/11/2022	4/20/2035	6,000		5,858		6,024		0.02
Pikes Peak CLO 10	(4)(5)(6)(8)	SOFR +	5.90%	10.29%	11/22/2024	1/22/2038	5,000		5,000		5,026		0.01
Pikes Peak Clo 17 Ltd	(4)(5)(6)(8)	SOFR +	5.75%	10.27%	11/1/2024	1/15/2038	4,000		4,000		4,019		0.01
Pikes Peak CLO 3	(4)(5)(6)(8)	SOFR +	6.87%	11.50%	8/13/2021	10/25/2034	3,000		3,010		3,021		0.01
Pikes Peak CLO 5	(4)(5)(6)(8)	SOFR +	6.90%	11.51%	9/19/2024	10/20/2037	1,000		1,000		1,014		0.00
Pikes Peak CLO 8	(4)(5)(6)(8)	SOFR +	5.75%	10.04%	12/19/2024	1/20/2038	1,000		1,000		1,005		0.00
Post CLO 2021-1, Ltd.	(4)(5)(6)(8)	SOFR +	6.71%	11.37%	7/30/2021	10/15/2034	6,000		6,000		6,042		0.02
Post CLO 2022-1, Ltd.	(4)(5)(6)(8)	SOFR +	6.75%	11.37%	2/15/2022	4/20/2035	5,000		4,981		5,019		0.01
Post CLO 2024-1, Ltd.	(4)(5)(6)(8)	SOFR +	6.80%	11.42%	2/6/2024	4/20/2037	2,500		2,500		2,570		0.01

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Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

Structured Finance Obligations (continued)
Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)
PPM CLO 4, Ltd.	(4)(5)(6)(8)	SOFR +	6.76%	11.39%	9/29/2021	10/18/2034	$	6,775	$	6,775	$	6,384	0.02	%
PPM CLO 5, Ltd.	(4)(5)(6)(8)	SOFR +	6.76%	11.39%	9/17/2021	10/18/2034	4,800		4,800		4,659		0.01
Rad CLO 14, Ltd.	(4)(5)(6)(8)	SOFR +	6.76%	11.42%	11/2/2021	1/15/2035	6,750		6,752		6,781		0.02
Rad CLO 16 Ltd	(4)(5)(6)(8)	SOFR +	6.50%	11.16%	5/3/2024	7/15/2037	5,000		5,001		5,055		0.01
Rad CLO 17 Ltd	(4)(5)(6)(8)	SOFR +	6.25%	10.77%	11/5/2024	1/20/2038	5,000		5,000		5,014		0.01
Rad CLO 22 Ltd	(4)(5)(6)(8)	SOFR +	7.73%	12.35%	10/27/2023	1/20/2037	7,500		7,294		7,743		0.02
Rad CLO 25 Ltd	(4)(5)(6)(8)	SOFR +	6.00%	11.34%	5/16/2024	7/20/2037	3,000		3,000		3,071		0.01
Rad CLO 3 Ltd	(4)(5)(6)(8)	SOFR +	5.88%	10.54%	6/18/2024	7/15/2037	2,715		2,663		2,727		0.01
Rad CLO 3 Ltd	(4)(5)(6)(8)	SOFR +	7.00%	11.66%	6/18/2024	7/15/2037	2,715		2,715		2,777		0.01
Rad CLO 9 Ltd	(4)(5)(6)(8)	SOFR +	5.75%	10.07%	12/19/2024	1/15/2038	3,000		3,000		3,015		0.01
Regatta IX Funding Ltd.	(4)(5)(6)(8)	SOFR +	6.83%	11.48%	4/10/2024	4/17/2037	3,820		3,905		3,886		0.01
Regatta XXI Funding Ltd	(4)(5)(6)(8)	SOFR +	6.25%	10.77%	11/5/2024	10/15/2037	4,000		4,000		4,032		0.01
Regatta XXII Funding Ltd	(4)(5)(6)(8)	SOFR +	6.15%	10.77%	10/10/2024	7/20/2035	2,000		2,000		2,008		0.01
RR 19, Ltd.	(4)(5)(6)(8)	SOFR +	6.76%	12.06%	9/24/2021	10/15/2035	3,000		3,000		3,023		0.01
RR 20, Ltd.	(4)(5)(6)(8)	SOFR +	7.25%	11.91%	4/6/2022	7/15/2037	4,000		3,967		4,020		0.01
Sagard-Halseypoint Clo 8 Ltd	(4)(5)(6)(8)	SOFR +	6.84%	11.18%	12/2/2024	1/30/2038	2,000		1,980		2,010		0.01
Sound Point CLO XXVII, Ltd.	(4)(5)(6)(8)	SOFR +	6.82%	11.45%	10/1/2021	10/25/2034	5,000		4,925		4,623		0.01
Symphony CLO 34-PS Ltd.	(4)(5)(6)(8)	SOFR +	8.15%	12.78%	7/13/2023	7/24/2036	4,000		3,929		4,128		0.01
Symphony CLO 44 Ltd	(4)(5)(6)(8)	SOFR +	6.15%	11.50%	5/20/2024	7/14/2037	2,500		2,500		2,553		0.01
Trestles CLO IV, Ltd.	(4)(5)(6)(8)	SOFR +	6.51%	11.13%	7/12/2021	7/21/2034	8,000		8,000		8,039		0.02
Trinitas CLO XVI Ltd	(4)(5)(6)(8)	SOFR +	7.26%	11.88%	6/14/2021	7/20/2034	5,000		4,836		4,774		0.01
Vibrant CLO IV-R Ltd	(4)(5)(6)(8)	SOFR +	7.90%	12.49%	9/19/2024	10/20/2037	1,000		970		962		0.00
Vibrant CLO XII Ltd.	(4)(5)(6)(8)	SOFR +	6.94%	11.56%	5/16/2024	4/20/2034	2,695		2,604		2,675		0.01
Vibrant CLO XIII, Ltd	(4)(5)(6)(8)	SOFR +	7.59%	12.11%	11/1/2024	1/15/2038	3,250		3,218		3,266		0.01
Voya CLO 2019-4, Ltd.	(4)(5)(6)(8)	SOFR +	6.97%	11.62%	12/14/2021	1/15/2035	8,250		8,123		8,294		0.02
Voya CLO 2020-2, Ltd.	(4)(5)(6)(8)	SOFR +	6.66%	11.28%	8/6/2021	7/19/2034	5,000		4,924		5,000		0.01
Total Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated									582,324		590,509		1.58

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Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)	Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)	Cost (3)		Fair Value		% of Net Assets

Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated
Financial Services
Birch Grove CLO 11 Ltd - Subordinated Notes	(4)(6)	Estimated Yield:	11.01%	11/15/2024	1/22/2038	11,000,000	$	11,000	$	11,000	0.03	%
Elmwood CLO II Ltd - Subordinated Notes	(4)(6)	Estimated Yield:	15.82%	11/21/2024	4/20/2034	8,650,000	5,981		6,132		0.02
Galaxy 34 CLO Ltd - Subordinated Notes	(4)(6)	Estimated Yield:	14.32%	9/26/2024	10/20/2037	20,000,000	18,500		18,446		0.05
MidOcean Credit CLO XV Ltd - Subordinated Notes	(4)(6)	Estimated Yield:	14.20%	5/10/2024	7/21/2037	5,000,000	3,550		3,402		0.01
New Mountain CLO 6 Ltd - Subordinated Notes	(4)(6)	Estimated Yield:	13.24%	8/23/2024	10/15/2037	18,750,000	16,051		16,346		0.04
New Mountain CLO 6 Ltd - Subordinated Notes	(4)(6)			8/23/2024	10/15/2037	1,875,000	0		411		0.00
Pikes Peak CLO 10 - Subordinated Notes	(4)(6)	Estimated Yield:	17.27%	12/10/2024	1/22/2038	5,200,000	3,310		3,309		0.01
Rad CLO 25 Ltd - Subordinated Notes	(4)(6)	Estimated Yield:	14.36%	5/16/2024	7/20/2037	5,000,000	4,317		4,269		0.01
RAD CLO 26 Ltd - Subordinated Notes	(4)(6)	Estimated Yield:	15.87%	8/7/2024	10/20/2037	7,180,000	6,156		6,440		0.02
RAD CLO 2024-2 WH Ltd - Units	(4)(6)(7)	Estimated Yield:	15.44%	12/11/2024	1/15/2038	14,800,600	14,801		14,801		0.04
Signal Peak CLO 11 Ltd - Subordinated Notes	(4)(6)	Estimated Yield:	13.87%	6/5/2024	7/18/2037	5,000,000	4,450		4,865		0.01
Signal Peak CLO 14 Ltd - Subordinated Notes	(4)(6)	Estimated Yield:	16.24%	12/20/2024	1/22/2038	26,000,000	20,345		20,735		0.05
Sixth Street CLO 27 Ltd - Subordinated Notes	(4)(6)	Estimated Yield:	12.25%	11/1/2024	1/17/2038	16,500,000	13,430		13,794		0.04
Sixth Street CLO XXI Ltd - Subordinated Notes	(4)(6)	Estimated Yield:	15.03%	9/29/2022	10/15/2035	8,000,000	5,759		6,562		0.02
Vibrant CLO XVI, Ltd - Subordinated Notes	(4)(6)	Estimated Yield:	16.75%	4/14/2023	4/15/2036	12,000,000	9,600		10,627		0.03
Total Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated							137,250		141,139		0.38
Total Structured Finance Obligations - non-controlled/non-affiliated							719,574		731,648		1.96
Total Structured Finance Obligations							719,574		731,648		1.96

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Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)	Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)	Cost (3)		Fair Value		% of Net Assets

Equity and other
Equity - non-controlled/non-affiliated
Aerospace & Defense
Atlas Intermediate Holding, LLC - Preferred Interest	(4)		11.00%	5/24/2021		34,238,400	$	33,725	$	24,309	0.06	%
Loar Holdings Inc. - Common Equity	(6)			4/25/2024		886,564	12,283		65,526		0.17
Micross Topco, Inc. - Common Equity	(4)			3/28/2022		116	125		181		0.00
							46,133		90,016		0.23
Air Freight & Logistics
AGI Group Holdings LP - Class A-2 Common Units	(4)			6/11/2021		1,674	1,674		2,302		0.01
Mode Holdings, L.P. - Class A-2 Common Units	(4)			1/7/2021		1,076,923	1,077		937		0.00
Red Griffin ParentCo, LLC - Class A Common Units	(4)			11/27/2024		13,857	58,838		46,923		0.12
							61,589		50,162		0.13
Biotechnology
Moderna Inc - Common Stock	(6)			9/12/2024		12,613	983		524		0.00
Capital Markets
Resolute Investment Managers, Inc. - Common Equity				12/29/2023		48,476	1,212		376		0.00

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Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)	Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)	Cost (3)		Fair Value		% of Net Assets

Equity - non-controlled/non-affiliated (continued)
Commercial Services & Supplies
Genstar Neptune Blocker, LLC - Blocker Units	(4)			12/2/2024		3,982	$	6,280	$	6,136	0.02	%
Genstar Neptune Blocker, LLC - Class Z Units	(4)			12/2/2024		1,041	1,482		1,444		0.00
Genstar Neptune Blocker, LLC - Blocker Note	(4)			12/2/2024		159,782	160		160		0.00
GTCR Investors LP - Class A-1 Common Units	(4)			9/29/2023		893,584	894		972		0.00
GTCR/Jupiter Blocker, LLC - Class Z Units	(4)			12/2/2024		749	1,067		1,040		0.00
GTCR/Jupiter Blocker, LLC - Blocker Note	(4)			12/2/2024		115,036	115		115		0.00
Jupiter Ultimate Holdings, LLC - Class A Common Units	(4)			11/8/2024		3	2		2		0.00
Jupiter Ultimate Holdings, LLC - Class B Common Units	(4)			11/8/2024		5,082	3,981		3,805		0.01
Jupiter Ultimate Holdings, LLC - Class C Common Units	(4)			11/8/2024		5,084,731	4,037		4,029		0.01
							18,018		17,703		0.04
Distributors
Box Co-Invest Blocker, LLC - (BP Alpha Holdings, L.P.) - Class A Units	(4)			12/10/2021		3	3,308		0		0.00
Box Co-Invest Blocker, LLC - (BP Alpha Holdings, L.P.) - Class C Preferred Units	(4)			7/12/2023		1	390		75		0.00
							3,698		75		0.00
Diversified Consumer Services
Cambium Holdings, LLC - Senior Preferred Interest	(4)		11.50%	8/3/2021		29,194,330	28,735		41,705		0.11
DTA LP - Class A Common Units	(4)			3/25/2024		2,612,843	2,613		2,613		0.01
							31,348		44,318		0.12

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Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)	Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)	Cost (3)		Fair Value		% of Net Assets

Equity - non-controlled/non-affiliated (continued)
Diversified Telecommunication Services
Point Broadband Holdings, LLC - Class A Common Units	(4)			10/1/2021		12,870	$	10,915	$	12,040	0.03	%
Point Broadband Holdings, LLC - Class B Common Units	(4)			10/1/2021		685,760	1,955		2,098		0.01
Point Broadband Holdings, LLC - Class Additional A Common Units	(4)			3/24/2022		2,766	2,346		2,588		0.01
Point Broadband Holdings, LLC - Class Additional B Common Units	(4)			3/24/2022		147,380	420		451		0.00
							15,636		17,177		0.05
Electronic Equipment, Instruments & Components
NSI Parent, LP - Class A Common Units	(4)			12/23/2024		3,272,884	3,273		3,273		0.01
Spectrum Safety Solutions Purchaser, LLC - Common Equity	(4)(6)			7/1/2024		22,774,695	22,775		22,775		0.06
							26,048		26,048		0.07
Financial Services
THL Fund IX Investors (Plymouth II), LP - LP Interest	(4)			8/31/2023		666,667	667		909		0.00
Health Care Equipment & Supplies
GCX Corporation Group Holdings, L.P. - Class A-2 Units	(4)			9/10/2021		4,853	4,853		2,621		0.01

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Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)	Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)	Cost (3)		Fair Value		% of Net Assets

Equity - non-controlled/non-affiliated (continued)
Health Care Providers & Services
AVE Holdings I Corp. - Series A-1 Preferred Shares	(4)		11.50%	2/25/2022		12,237,213	$	11,870	$	13,277	0.03	%
CD&R Artemis Holdco 2 Limited - Preferred Shares	(4)(6)		10.00%	8/19/2021		33,000,000	43,662		53,847		0.14
CD&R Ulysses Equity Holdings, L.P. - Common Shares	(4)(6)			8/19/2021		6,000,000	6,090		5,100		0.01
Jayhawk Holdings, LP - Class A-1 Common Units	(4)			5/26/2021		12,472	2,220		448		0.00
Jayhawk Holdings, LP - Class A-2 Common Units	(4)			5/26/2021		6,716	1,195		129		0.00
Maia Aggregator, L.P. - Class A Units	(4)			2/1/2022		19,700,000	19,700		15,563		0.04
NC Eve, L.P. - LP Interest	(4)(6)			2/22/2022		2,500,000	3,398		1,095		0.00
WHCG Purchaser, Inc. - Class A Common Units	(4)			8/2/2024		10,966,377	0		0		0.00
							88,135		89,459		0.22
Health Care Technology
Azalea Parent Corp - Series A-1 Preferred Shares	(4)		12.75%	4/30/2024		91,500	89,213		100,193		0.26
Caerus Midco 2 S.à r.l. - Additional Vehicle Units	(4)(6)			10/28/2022		988,290	988		109		0.00
Caerus Midco 2 S.à r.l. - Vehicle Units	(4)(6)			5/25/2022		4,941,452	4,941		4,596		0.01
Healthcomp Holding Company, LLC - Preferred Interest	(4)		6.00%	11/8/2023		18,035	1,804		1,659		0.00
							96,946		106,557		0.27

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Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)	Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)	Cost (3)		Fair Value		% of Net Assets

Equity - non-controlled/non-affiliated (continued)
Insurance
RSC Topco, Inc. - Preferred Shares	(4)		13.25%	8/14/2023		100	$	97	$	119	0.00	%
SelectQuote Inc. - Warrants	(4)(6)			10/11/2024		2,204,746	0		1,619		0.00
Shelf Holdco Ltd - Common Equity	(4)(6)			12/30/2022		1,300,000	1,300		4,875		0.01
							1,397		6,613		0.01
IT Services
NC Ocala Co-Invest Beta, L.P. - LP Interest	(4)			11/12/2021		25,687,196	25,687		30,311		0.08
Life Sciences Tools & Services
Falcon Top Parent, LLC - Class A Common Units	(4)			11/6/2024		4,440,995	4,441		4,441		0.01
Professional Services
OHCP V TC COI, LP. - LP Interest	(4)			6/29/2021		6,500,000	6,500		15,015		0.04
Tricor Horizon - LP Interest	(4)(6)			6/13/2022		14,518,955	14,641		15,390		0.04
Trinity Air Consultants Holdings Corp - Common Units	(4)			6/12/2024		4,797	5		11		0.00
Victors CCC Topco, LP - Common Equity	(4)			6/1/2022		9,600,000	9,600		16,800		0.04
							30,746		47,216		0.12
Real Estate Management & Development
Community Management Holdings Parent, LP - Series A Preferred Units	(4)		8.00%	11/1/2024		1,783,823	1,784		1,784		0.00

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Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)	Cost (3)		Fair Value		% of Net Assets

Equity - non-controlled/non-affiliated (continued)
Software
AI Titan Group Holdings, LP - Class A-2 Common Units	(4)				8/28/2024		1,103	$	1,103	$	1,145	0.00	%
Connatix Parent, LLC - Class L Common Units	(4)				7/14/2021		126,136	1,388		628		0.00
Descartes Holdings, Inc - Class A Common Stock	(4)				10/9/2023		937,585	4,060		66		0.00
Expedition Holdco, LLC - Common Units	(4)				2/24/2022		810,810	810		552		0.00
Knockout Intermediate Holdings I, Inc. - Perpetual Preferred Stock	(4)	SOFR +	10.75%	15.03%	6/23/2022		49,020	47,795		69,363		0.18
Lobos Parent, Inc. - Series A Preferred Shares	(4)			10.50%	11/30/2021		45,090	43,963		58,392		0.15
Mandolin Technology Holdings, Inc. - Series A Preferred Shares	(4)			10.50%	7/30/2021		31,950,000	30,992		34,027		0.09
Mimecast Limited - LP Interest	(4)				5/3/2022		75,088,584	75,089		81,096		0.21
Mitratech Holdings, Inc. - Class A Preferred Shares	(4)			13.50%	12/19/2023		1,872	1,830		2,101		0.01
TPG IX Newark CI, L.P. - LP Interest	(4)				10/26/2023		3,846,970	3,847		3,847		0.01
TravelPerk Inc - Warrants	(4)(6)				5/2/2024		244,818	2,101		2,568		0.01
Zoro - Common Equity	(4)				11/22/2022		1,195,880	11,959		12,557		0.03
Zoro - Series A Preferred Shares	(4)	SOFR +	9.50%	14.02%	11/22/2022		44,535	42,976		58,786		0.15
								267,913		325,128		0.84
Transportation Infrastructure
Enstructure, LLC - Class A-7 Common Units	(4)				9/27/2022		3,783,785	2,804		3,934		0.01
Enstructure, LLC - Class A-8 Common Units	(4)				3/1/2023		858,469	634		891		0.00
Frontline Road Safety Investments, LLC - Class A Common Units	(4)				4/30/2021		58,590	6,178		15,874		0.04
Ncp Helix Holdings, LLC - Preferred Shares	(4)			8.00%	8/3/2021		1,221,823	1,222		1,612		0.00
								10,838		22,311		0.05
Total Equity - non-controlled/non-affiliated								738,072		883,749		2.25
Total Equity and other - non-controlled/non-affiliated								738,072		883,749		2.25

121

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Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)	Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)	Cost (3)		Fair Value		% of Net Assets

Equity - non-controlled/affiliated
Distributors
GSO DL Co-Invest EIS LP (EIS Acquisition Holdings, LP - Class A Common Units)	(4)(6)(16)			11/1/2021		265,556	$	558	$	1,394	0.00	%
Total Equity - non-controlled/affiliated							558		1,394		0.00
Equity - controlled/affiliated (excluding Investments in Joint Ventures)
Chemicals
Pigments Holdings LP - LP Interest	(4)(6)(16)			4/14/2023		3,943	0		0		0.00
Financial Services
Specialty Lending Company, LLC - LLC Interest	(4)(6)(16)			10/19/2021		332,559,000	332,559		314,967		0.81
Insurance
CFCo, LLC (Benefytt Technologies, Inc.) - Class B Units	(4)(16)			9/28/2023		134,166,603	0		0		0.00
Oil, Gas & Consumable Fuels
Pibb Member, LLC - LP Interest	(4)(6)(16)			11/22/2024		225,000,000	214,844		214,906		0.55
Professional Services
Material+ Holding Company, LLC - Class C Units	(4)(16)			6/14/2024		63,589	0		0		0.00
Specialty Retail
GSO DL CoInvest CI LP (CustomInk, LLC - Series A Preferred Units)	(4)(6)(16)			1/7/2021		1,500,000	1,420		2,167		0.01
Total Equity - controlled/affiliated (excluding Investments in Joint Ventures)							548,823		532,040		1.37
Total Equity and other							1,287,453		1,417,183		3.62

122

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)	Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)	Cost (3)		Fair Value		% of Net Assets

Investments in Joint Ventures
BCRED Emerald JV LP - LP Interest	(6)(16)			1/19/2022			$	1,815,000	$	1,778,800	4.58	%
BCRED Verdelite JV LP - LP Interest	(6)(16)			10/21/2022			117,706		135,611		0.35
Total Investments in Joint Ventures							1,932,706		1,914,411		4.93

Total Investments - non-controlled/non-affiliated							66,124,775		65,689,987		168.99
Total Investments - non-controlled/affiliated							558		1,394		0.00
Total Investments - controlled/affiliated (excluding Investments in Joint Ventures)							927,632		813,985		2.10
Total Investments - Investments in Joint Ventures							1,932,706		1,914,411		4.93
Total Investment Portfolio							68,985,671		68,419,777		176.02
Cash and Cash Equivalents
State Street Institutional U.S. Government Money Market Fund - Investor Class			4.34%				26,209		26,209		0.07
State Street Institutional U.S. Government Money Market Fund - Premier Class			4.42%				291,131		291,131		0.75
Fidelity Investments Money Market Treasury Portfolio - Class I			4.34%				26,465		26,465		0.07
Other Cash and Cash Equivalents							1,306,874		1,306,874		3.36
Total Portfolio Investments, Cash and Cash Equivalents							$	70,636,350	$	70,070,456	180.27	%

(1)Unless otherwise indicated, all debt and equity investments held by the Company (which such term “Company” shall include the Company’s consolidated subsidiaries for purposes of this Condensed Consolidated Schedule of Investments) are denominated in dollars. As of December 31, 2024, the Company had investments denominated in Canadian Dollars (CAD), Euros (EUR), British Pounds (GBP), Swiss Francs (CHF), Danish Krone (DKK), Swedish Krona (SEK), Norwegian Krone (NOK), New Zealand Dollars (NZD), and Australian Dollars (AUD). All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. The total par amount (in thousands) is presented for debt investments, while the number of shares or units (in whole amounts) owned is presented for equity investments. Each of the Company’s investments is pledged as collateral, under one or more of its credit facilities unless otherwise indicated.

(2)Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either Sterling Overnight Interbank Average Rate (“SONIA” or “S”), Euro Interbank Offer Rate (“Euribor” or “E”), Secured Overnight Financing Rate (“SOFR”), Stockholm Interbank Offered Rate (“STIBOR” or “ST”), Copenhagen Interbank Offered Rate (“CIBOR" or “CI”), Norwegian Interbank Offered Rate (“NIBOR” or “N”), Swiss Average Rate Overnight (“SARON” or “SA”), New Zealand Bank Bill Reference Rate (“BKBM” or “B”), Australian Bank Bill Swap Bid Rate (“BBSY” or “BB”), Canadian Overnight Repo Rate Average (“CORRA” or “CA”), or an alternate base rate (commonly based on the Federal Funds Rate (“F”) or the U.S. Prime Rate (“P”)), which generally resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of December 31, 2024. Variable rate loans typically include an interest reference rate floor feature.

(6)The investment is not a qualifying asset under Section 55(a) of the 1940 Act. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of December 31, 2024, non-qualifying assets represented 24.5% of total assets as calculated in accordance with regulatory requirements.

123

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)

Investments

Commitment Type

Commitment Expiration Date

Unfunded Commitment

Fair Value

123Dentist, Inc.

Delayed Draw Term Loan

8/9/2026

22,316

—

Abacus Holdco 2 Oy

Delayed Draw Term Loan

5/7/2026

298

—

ACI Group Holdings, Inc.

Revolver

8/2/2027

19,333

—

ADCS Clinics Intermediate Holdings, LLC

Revolver

5/7/2026

3,567

—

AI Altius Bidco, Inc.

Delayed Draw Term Loan

12/21/2028

39,500

—

AI Titan Parent Inc

Delayed Draw Term Loan

9/30/2026

22,055

(110)

AI Titan Parent Inc

Revolver

8/29/2031

13,784

(138)

Alera Group, Inc.

Delayed Draw Term Loan

11/17/2025

1,192

—

Allium Buyer LLC

Revolver

5/2/2029

249

(7)

American Restoration Holdings, LLC

Revolver

7/19/2030

6,079

—

American Restoration Holdings, LLC

Delayed Draw Term Loan

7/19/2026

6,566

—

American Rock Salt Co LLC

Delayed Draw Term Loan

9/16/2026

1,287

—

Amerilife Holdings LLC

Term Loan

8/31/2029

114,176

—

Amerilife Holdings LLC

Revolver

8/31/2028

69,224

—

Amerilife Holdings LLC

Delayed Draw Term Loan

8/31/2029

41,114

—

Amerilife Holdings LLC

Delayed Draw Term Loan

6/17/2026

59,419

—

Amerivet Partners Management, Inc.

Revolver

2/25/2028

11,511

—

Analytic Partners LP

Revolver

4/4/2028

4,891

(37)

Anaplan, Inc.

Revolver

6/21/2028

47,983

—

Alpine Intel Intermediate 2, LLC.

Delayed Draw Term Loan

12/20/2026

42,466

(212)

Apex Companies, LLC

Delayed Draw Term Loan

8/28/2026

5,188

—

Aptean Inc

Revolver

1/30/2031

3,641

—

Aptean Inc

Delayed Draw Term Loan

1/30/2026

1,987

—

Armada Parent, Inc.

Revolver

10/29/2027

27,000

—

Arnhem BidCo GmbH

Delayed Draw Term Loan

10/1/2027

57,055

(270)

Artisan Acquisitionco, Ltd.

Delayed Draw Term Loan

9/30/2027

54,556

(546)

Ascend Buyer, LLC

Revolver

9/30/2027

5,173

—

Atlas CC Acquisition Corp.

Revolver

5/26/2026

12,345

—

Atlas CC Acquisition Corp.

Delayed Draw Term Loan

5/26/2026

14,403

(4,764)

Atlas Securitized Products Funding 2, L.P.

Revolver

4/10/2026

1,435

—

AuditBoard Inc

Delayed Draw Term Loan

7/12/2026

38,443

(192)

AuditBoard Inc

Revolver

7/12/2031

15,377

(154)

Avalara Inc

Revolver

10/19/2028

2,308

—

Azurite Intermediate Holdings Inc.

Revolver

3/19/2031

6,840

—

Baker Tilly Advisory Group LP

Revolver

6/3/2030

37,285

—

Baker Tilly Advisory Group LP

Delayed Draw Term Loan

6/3/2026

26,608

(200)

Bamboo US BidCo LLC

Delayed Draw Term Loan

3/31/2025

1,925

—

Bamboo US BidCo LLC

Revolver

9/29/2029

6,278

—

Bamboo US BidCo, LLC

Delayed Draw Term Loan

11/20/2026

12,824

—

Bamboo US BidCo, LLC

Delayed Draw Term Loan

11/20/2026

12,824

(64)

Bayshore Intermediate #2 LP

Revolver

10/1/2027

12,408

(124)

Bayshore Intermediate #2 LP

Revolver

10/1/2027

14,727

—

Bazaarvoice, Inc.

Revolver

5/7/2028

31,883

—

Bidco 76 S.p.A.

Delayed Draw Term Loan

12/10/2027

26,377

(228)

Bimini Group Purchaser Inc

Delayed Draw Term Loan

4/26/2026

76,993

(385)

Bimini Group Purchaser Inc

Revolver

4/26/2031

11,406

—

Bluefin Holding, LLC

Revolver

9/12/2029

4,487

(11)

Bradyplus Holdings LLC

Delayed Draw Term Loan

10/31/2025

5,041

—

124

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)

Investments

Commitment Type

Commitment Expiration Date

Unfunded Commitment

Fair Value

Brave Parent Holdings, Inc.

Delayed Draw Term Loan

5/28/2025

22,569

—

Brave Parent Holdings, Inc.

Revolver

11/29/2030

26,868

—

Caerus US 1, Inc.

Revolver

5/25/2029

62,674

—

Cambium Learning Group, Inc.

Revolver

7/20/2027

101,715

—

Canadian Hospital Specialties Ltd.

Revolver

4/15/2027

1,757

—

Capstone Acquisition Holdings Inc

Delayed Draw Term Loan

8/29/2026

8,261

(31)

Caribou Bidco Ltd

Delayed Draw Term Loan

7/9/2027

28,928

(141)

Carr Riggs & Ingram Capital LLC

Revolver

11/18/2031

9,033

—

Carr Riggs & Ingram Capital LLC

Delayed Draw Term Loan

11/18/2026

22,603

(113)

Castle Management Borrower, LLC

Revolver

11/3/2029

4,167

—

CB Nike Holdco LLC

Delayed Draw Term Loan

11/25/2027

66,711

(500)

CB Nike Holdco LLC

Revolver

11/26/2029

33,356

(500)

CEP V Investment 11 S.à r.l.

Delayed Draw Term Loan

9/1/2026

43,967

(436)

CFC Underwriting, Ltd.

Delayed Draw Term Loan

5/16/2025

20,232

(255)

CFGI Holdings, LLC

Revolver

11/2/2027

19,950

(399)

CFS Brands, LLC

Delayed Draw Term Loan

4/2/2025

10,595

—

CFS Brands, LLC

Revolver

10/2/2029

30,858

(617)

Channelside AcquisitionCo, Inc.

Delayed Draw Term Loan

4/28/2025

6,792

(20)

Channelside AcquisitionCo, Inc.

Delayed Draw Term Loan

11/15/2025

918

(2)

Channelside AcquisitionCo, Inc.

Revolver

5/15/2029

18,758

—

Charger Debt Merger Sub, LLC

Revolver

5/31/2030

7,000

(70)

Charger Debt Merger Sub, LLC

Delayed Draw Term Loan

5/31/2026

18,270

—

Chronicle Bidco, Inc.

Revolver

5/18/2029

3,638

—

Chronicle Bidco, Inc.

Delayed Draw Term Loan

3/26/2026

13,265

—

Cisive Holdings Corp

Revolver

12/8/2027

4,445

(89)

Clearview Buyer, Inc.

Revolver

2/26/2027

8,085

—

Community Management Holdings Midco 2 LLC

Revolver

11/1/2031

7,064

—

Community Management Holdings Midco 2 LLC

Delayed Draw Term Loan

11/1/2026

23,546

(177)

Compsych Investments Corp

Delayed Draw Term Loan

7/22/2027

20,230

(51)

Connatix Buyer, Inc.

Revolver

7/14/2027

11,927

—

Connatix Buyer, Inc.

Delayed Draw Term Loan

4/9/2026

4,662

(70)

Consor Intermediate II LLC

Delayed Draw Term Loan

5/10/2026

44,439

(222)

Consor Intermediate II LLC

Revolver

5/10/2031

11,850

—

Continental Buyer Inc

Revolver

4/2/2031

4,282

—

Continental Buyer Inc

Delayed Draw Term Loan

4/2/2026

11,420

(86)

COP Home Services TopCo IV, Inc.

Revolver

12/31/2025

19,964

(214)

Corfin Holdings, Inc.

Term Loan

12/27/2027

144,662

—

Coupa Software Inc.

Delayed Draw Term Loan

8/27/2025

164

(2)

Coupa Software Inc.

Revolver

2/27/2029

126

—

CPI Buyer, LLC

Revolver

11/1/2026

28,928

(579)

CPI Buyer, LLC

Delayed Draw Term Loan

11/23/2025

5,725

—

CRCI Longhorn Holdings Inc

Revolver

8/27/2031

6,110

—

CRCI Longhorn Holdings Inc

Delayed Draw Term Loan

8/27/2026

16,678

(83)

Creek Parent Inc.

Revolver

12/18/2031

19,175

(336)

Crewline Buyer, Inc.

Revolver

11/8/2030

12,790

(62)

CT Technologies Intermediate Holdings, Inc.

Delayed Draw Term Loan

8/30/2026

5,636

—

CT Technologies Intermediate Holdings, Inc.

Revolver

8/30/2031

14,164

(142)

Cumming Group, Inc.

Revolver

11/16/2027

19,356

—

Cumming Group, Inc.

Delayed Draw Term Loan

5/21/2025

7,544

—

CyrusOne Revolving Warehouse

Revolver

7/2/2027

191,575

—

Databricks, Inc.

Term Loan

1/3/2031

522,375

—

125

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)

Investments

Commitment Type

Commitment Expiration Date

Unfunded Commitment

Fair Value

Databricks, Inc.

Delayed Draw Term Loan

1/3/2031

116,415

—

DCG Acquisition Corp.

Revolver

6/13/2031

36,470

(365)

DCG Acquisition Corp.

Delayed Draw Term Loan

6/13/2026

36,470

(182)

Dechra Pharmaceuticals Holdings Ltd

Delayed Draw Term Loan

1/24/2026

13,071

(163)

Dechra Pharmaceuticals Holdings Ltd

Delayed Draw Term Loan

1/24/2026

12,081

(153)

Denali Bidco Ltd

Delayed Draw Term Loan

4/17/2026

300

(3)

Diligent Corp

Delayed Draw Term Loan

4/26/2026

50,000

(375)

Diligent Corp

Revolver

8/4/2030

33,333

—

Discovery Education, Inc.

Revolver

4/9/2029

13,621

—

DM Intermediate Parent LLC

Revolver

9/30/2030

30,960

(464)

DM Intermediate Parent LLC

Delayed Draw Term Loan

9/30/2026

46,461

(348)

Doc Generici (Diocle S.p.A.)

Delayed Draw Term Loan

10/27/2025

5,367

(68)

Dropbox Inc

Delayed Draw Term Loan

12/10/2026

834,990

(4,175)

DTA Intermediate II Ltd.

Delayed Draw Term Loan

3/27/2026

16,849

—

DTA Intermediate II Ltd.

Revolver

3/27/2030

12,961

—

DTI Holdco, Inc.

Revolver

4/19/2029

16,000

(1,425)

Duro Dyne National Corp

Delayed Draw Term Loan

11/15/2026

34,499

(172)

Duro Dyne National Corp

Revolver

11/15/2031

34,499

(345)

Dwyer Instruments LLC

Delayed Draw Term Loan

11/20/2026

6,062

(30)

Dwyer Instruments LLC

Revolver

7/20/2029

7,275

(73)

Eden Acquisitionco Ltd

Delayed Draw Term Loan

11/17/2025

7,569

(95)

Edison Bidco AS

Delayed Draw Term Loan

12/18/2026

679

—

Edison Bidco AS

Delayed Draw Term Loan

12/18/2026

10,808

—

Emergency Power Holdings, LLC

Delayed Draw Term Loan

8/17/2025

43,758

—

Endeavor Schools Holdings LLC

Delayed Draw Term Loan

1/18/2025

12,377

—

Enstructure LLC

Delayed Draw Term Loan

6/10/2026

88,177

(1,411)

ENV Bidco AB

Delayed Draw Term Loan

12/13/2027

31,618

(355)

Essential Services Holding Corp

Delayed Draw Term Loan

6/17/2026

14,519

(73)

Essential Services Holding Corp

Revolver

6/17/2030

9,056

—

Everbridge Holdings, LLC

Delayed Draw Term Loan

7/2/2026

5,292

—

Everbridge Holdings, LLC

Revolver

7/2/2031

3,481

(9)

Excelitas Technologies Corp.

Revolver

8/14/2028

14,780

(148)

Excelitas Technologies Corp.

Delayed Draw Term Loan

5/1/2026

4,927

(49)

Experity, Inc.

Revolver

2/24/2028

11,146

—

Experity, Inc.

Delayed Draw Term Loan

9/13/2026

40,111

(201)

Falcon Parent Holdings, Inc.

Delayed Draw Term Loan

11/6/2026

25,693

(193)

Falcon Parent Holdings, Inc.

Revolver

11/6/2031

15,339

(230)

Fastener Distribution Holdings LLC

Delayed Draw Term Loan

10/31/2026

68,078

(340)

Fern Bidco Ltd

Delayed Draw Term Loan

7/3/2027

19,787

—

Focus Financial Partners LLC

Delayed Draw Term Loan

9/11/2026

1,599

—

Formulations Parent Corp.

Revolver

11/15/2029

3,571

(36)

Foundation Risk Partners Corp.

Revolver

10/29/2029

16,269

—

Foundation Risk Partners Corp.

Delayed Draw Term Loan

5/21/2026

8,806

—

Frontgrade Technologies Holdings, Inc.

Revolver

1/9/2028

516

—

FusionSite Midco, LLC

Revolver

11/17/2029

7,366

(166)

FusionSite Midco, LLC

Delayed Draw Term Loan

9/25/2025

2,234

—

G&A Partners Holding Company II, LLC

Delayed Draw Term Loan

3/1/2026

23,934

—

G&A Partners Holding Company II, LLC

Revolver

3/1/2030

6,575

—

Galway Borrower, LLC

Revolver

9/29/2028

18,653

—

Galway Borrower, LLC

Delayed Draw Term Loan

2/7/2026

1,926

—

Gannett Fleming Inc

Revolver

8/5/2030

37,324

(560)

126

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)

Investments

Commitment Type

Commitment Expiration Date

Unfunded Commitment

Fair Value

Gatekeeper Systems, Inc.

Delayed Draw Term Loan

8/27/2026

61,694

(617)

Gatekeeper Systems, Inc.

Revolver

8/28/2030

9,238

—

GI Ranger Intermediate, LLC

Revolver

10/29/2027

9,540

—

Gimlet Bidco GmbH

Delayed Draw Term Loan

4/23/2027

29,679

—

GovernmentJobs.com, Inc.

Delayed Draw Term Loan

12/2/2025

60,893

—

GovernmentJobs.com, Inc.

Revolver

12/2/2027

38,416

(610)

Granicus Inc.

Delayed Draw Term Loan

8/2/2026

1,431

(7)

Granicus, Inc.

Revolver

1/17/2031

4,284

—

Graphpad Software LLC

Revolver

6/28/2031

13,945

(70)

Graphpad Software LLC

Delayed Draw Term Loan

6/28/2026

33,558

—

Great Day Improvements LLC

Revolver

6/13/2030

5,914

(118)

Ground Penetrating Radar Systems LLC

Term Loan

1/2/2032

119,645

—

Ground Penetrating Radar Systems LLC

Delayed Draw Term Loan

1/2/2032

23,009

—

Ground Penetrating Radar Systems LLC

Revolver

1/2/2032

12,271

—

Groundworks LLC

Delayed Draw Term Loan

3/14/2026

1,404

—

GS Acquisitionco, Inc.

Delayed Draw Term Loan

3/26/2026

4,620

—

GS Acquisitionco, Inc.

Revolver

3/26/2034

4,500

(23)

GTCR Everest Borrower, LLC

Revolver

9/5/2029

3,125

(9)

Gusto Sing Bidco Pte Ltd

Delayed Draw Term Loan

11/15/2027

102

—

Hargreaves Lansdown

Term Loan

9/26/2031

103,744

—

Helix TS, LLC

Delayed Draw Term Loan

12/20/2026

51,623

—

High Street Buyer, Inc.

Revolver

4/16/2027

4,186

—

High Street Buyer, Inc.

Delayed Draw Term Loan

2/4/2025

2,419

—

High Street Buyer, Inc.

Delayed Draw Term Loan

3/1/2026

44,077

—

Houghton Mifflin, LLC

Revolver

4/7/2027

18,750

(30)

Icefall Parent, Inc.

Revolver

1/17/2030

6,880

—

IEM New Sub 2, LLC

Delayed Draw Term Loan

8/8/2026

76,076

(571)

IG Investments Holdings, LLC

Revolver

9/22/2028

55,251

—

Imagine 360 LLC

Delayed Draw Term Loan

9/18/2026

13,684

(68)

Imagine 360 LLC

Revolver

9/30/2028

8,582

(86)

Inception Fertility Ventures LLC

Revolver

4/29/2030

4,685

—

Inception Fertility Ventures LLC

Delayed Draw Term Loan

4/29/2026

61,644

—

Integrity Marketing Acquisition, LLC

Delayed Draw Term Loan

8/23/2026

17,754

(37)

Integrity Marketing Acquisition, LLC

Revolver

8/27/2028

2,183

—

Integrity Marketing Acquisition, LLC

Revolver

8/27/2026

653

—

IQN Holding Corp

Revolver

5/2/2028

3,372

—

IRI Group Holdings Inc

Revolver

12/1/2027

83,928

—

Iris Buyer, LLC

Revolver

10/2/2029

7,870

(216)

Iris Buyer, LLC

Delayed Draw Term Loan

4/2/2025

2,759

—

ISQ Hawkeye Holdco, Inc.

Revolver

8/20/2030

734

—

ISQ Hawkeye Holdco, Inc.

Delayed Draw Term Loan

8/20/2026

1,355

—

Java Buyer, Inc.

Delayed Draw Term Loan

6/28/2026

44,520

—

Java Buyer, Inc.

Revolver

12/15/2027

12,142

—

Java Buyer, Inc.

Revolver

12/15/2027

24,284

—

JS Parent Inc

Revolver

4/24/2031

7,880

(39)

JSS Holdings, Inc.

Delayed Draw Term Loan

11/8/2026

136,995

(685)

Jupiter Bidco Limited

Delayed Draw Term Loan

8/31/2025

41,454

(620)

Kaseya, Inc.

Delayed Draw Term Loan

6/25/2025

33,089

—

Kaseya, Inc.

Revolver

6/25/2029

36,559

—

Kattegat Project Bidco AB

Delayed Draw Term Loan

10/5/2026

12,225

(146)

Knowledge Pro Buyer, Inc.

Revolver

12/10/2027

10,044

—

127

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)

Investments

Commitment Type

Commitment Expiration Date

Unfunded Commitment

Fair Value

Knowledge Pro Buyer, Inc.

Delayed Draw Term Loan

12/8/2025

8,737

—

Kona Buyer, LLC

Delayed Draw Term Loan

7/23/2025

50,738

—

Kona Buyer, LLC

Delayed Draw Term Loan

7/23/2026

63,422

(317)

Kona Buyer, LLC

Revolver

7/23/2031

25,369

(127)

Kwol Acquisition, Inc.

Revolver

12/6/2029

897

(2)

Loar Group, Inc.

Delayed Draw Term Loan

5/10/2026

100,000

(940)

LogicMonitor Inc

Revolver

11/15/2031

11,450

—

LPW Group Holdings, Inc.

Revolver

3/15/2030

6,566

—

Lsf12 Crown US Commercial Bidco LLC

Revolver

12/2/2029

24,405

(200)

Magic Bidco Inc

Delayed Draw Term Loan

7/1/2026

15,863

—

Magic Bidco Inc

Revolver

7/1/2030

2,430

—

Magneto Components BuyCo, LLC

Revolver

12/5/2029

8,983

(180)

Magneto Components BuyCo, LLC

Delayed Draw Term Loan

6/5/2025

10,780

(135)

Mantech International CP

Delayed Draw Term Loan

6/14/2025

133,060

(1,200)

Mantech International CP

Revolver

9/14/2028

111,612

—

Material Holdings, LLC

Revolver

8/19/2027

3,179

(374)

Maverick Bidco Inc.

Delayed Draw Term Loan

8/16/2026

10,523

—

Maverick Bidco Inc.

Delayed Draw Term Loan

8/16/2026

50,452

(347)

MB2 Dental Solutions, LLC

Delayed Draw Term Loan

2/13/2026

10,652

—

MB2 Dental Solutions, LLC

Revolver

2/13/2031

2,241

—

Medline Borrower LP

Revolver

2/27/2026

17,850

(63)

Mercury Bidco Globe Limited

Delayed Draw Term Loan

1/31/2026

25,268

(284)

Metis Buyer, Inc.

Revolver

5/4/2026

3,960

—

MHE Intermediate Holdings, LLC

Revolver

7/21/2027

643

—

Minotaur Acquisition, Inc.

Revolver

5/10/2030

9,910

(50)

Minotaur Acquisition, Inc.

Delayed Draw Term Loan

5/10/2025

16,516

(83)

Monk Holding Co.

Delayed Draw Term Loan

6/1/2025

17,311

—

More Cowbell II, LLC

Delayed Draw Term Loan

9/1/2025

2,244

(27)

More Cowbell II, LLC

Revolver

9/4/2029

1,699

—

MPG Parent Holdings, LLC

Revolver

1/8/2030

2,232

—

MPG Parent Holdings, LLC

Delayed Draw Term Loan

1/8/2027

5,146

(39)

MRI Software, LLC

Revolver

2/10/2027

23,946

—

MRI Software, LLC

Delayed Draw Term Loan

1/16/2027

21,653

—

Natus Medical Incorporated

Revolver

7/21/2027

1,225

—

NAVEX TopCo, Inc.

Revolver

11/9/2028

8,855

—

Navigator Acquiror, Inc.

Delayed Draw Term Loan

1/23/2025

15,315

—

NDC Acquisition Corp.

Revolver

3/9/2027

3,425

—

Neptune BidCo

Delayed Draw Term Loan

4/2/2031

2,051

(101)

Neptune Holdings, Inc.

Revolver

8/31/2029

2,000

—

Netsmart Technologies Inc

Delayed Draw Term Loan

8/23/2026

26,031

(130)

Netsmart Technologies Inc

Revolver

8/23/2031

26,555

(133)

Noble Midco 3 Ltd

Delayed Draw Term Loan

6/10/2027

9,042

(45)

Noble Midco 3 Ltd

Revolver

6/10/2030

6,028

—

North Haven Stallone Buyer, LLC

Delayed Draw Term Loan

10/1/2026

2,893

(7)

North Haven Stallone Buyer, LLC

Revolver

5/24/2027

5,164

(13)

North Haven Ushc Acquisition Inc

Revolver

10/30/2027

8,779

—

North Haven Ushc Acquisition Inc

Delayed Draw Term Loan

8/28/2026

25,764

—

Odevo AB

Delayed Draw Term Loan

12/12/2027

191,921

(475)

Onex Baltimore Buyer, Inc.

Delayed Draw Term Loan

1/21/2025

69,791

—

ONS MSO, LLC

Delayed Draw Term Loan

12/13/2025

36,836

—

ONS MSO, LLC

Revolver

7/8/2026

3,250

—

128

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)

Investments

Commitment Type

Commitment Expiration Date

Unfunded Commitment

Fair Value

Optimizely North America Inc

Revolver

10/31/2031

3,007

(30)

Oranje Holdco Inc

Revolver

2/1/2029

8,250

—

Oxford Global Resources Inc

Revolver

8/17/2027

9,254

—

Paisley Bidco Ltd

Delayed Draw Term Loan

4/18/2027

3,635

(27)

Park Place Technologies, LLC

Delayed Draw Term Loan

9/1/2025

85,594

(428)

Park Place Technologies, LLC

Revolver

3/25/2030

45,793

—

Patriot Growth Insurance Services, LLC.

Revolver

10/16/2028

3,567

—

Patriot Growth Insurance Services, LLC.

Delayed Draw Term Loan

10/16/2028

7,901

—

Pavion Corp.

Delayed Draw Term Loan

10/30/2025

3,902

—

PDI TA Holdings, Inc.

Delayed Draw Term Loan

2/1/2026

7,061

—

PDI TA Holdings, Inc.

Revolver

2/3/2031

6,996

(52)

Pearce Intermediate Holdings, Inc

Delayed Draw Term Loan

11/6/2026

100,000

(500)

Petrus Buyer Inc

Delayed Draw Term Loan

10/17/2025

4,929

—

Petrus Buyer Inc

Revolver

10/17/2029

5,163

—

Phoenix 1 Buyer Corp.

Revolver

11/20/2029

8,349

—

Ping Identity Holding Corp

Revolver

10/17/2028

3,856

—

PKF O'Connor Davies Advisory, LLC

Delayed Draw Term Loan

11/15/2026

40,761

(204)

PKF O'Connor Davies Advisory, LLC

Revolver

11/15/2031

11,413

—

Plasma Buyer, LLC

Revolver

5/12/2028

6,365

—

Plasma Buyer, LLC

Delayed Draw Term Loan

11/12/2025

679

—

Point Broadband Acquisition, LLC

Delayed Draw Term Loan

5/29/2026

67,596

(845)

Polyphase Elevator Holding Co.

Revolver

6/23/2027

374

—

PPV Intermediate Holdings, LLC

Revolver

8/31/2029

9,910

—

PPV Intermediate Holdings, LLC

Delayed Draw Term Loan

8/7/2026

19,691

(98)

Profile Products, LLC

Revolver

11/12/2027

7,110

—

Profile Products, LLC

Revolver

11/12/2027

6,697

—

Progress Residential PM Holdings, LLC

Delayed Draw Term Loan

5/8/2025

16,623

—

Progress Residential PM Holdings, LLC

Delayed Draw Term Loan

5/8/2025

2,915

—

Project Leopard Holdings, Inc.

Revolver

7/20/2027

6,162

—

PT Intermediate Holdings III LLC

Delayed Draw Term Loan

4/9/2026

12,013

(15)

QBS Parent Inc

Revolver

11/7/2031

5,656

(28)

Qualus Power Services Corp.

Delayed Draw Term Loan

5/9/2026

7,267

—

Qualus Power Services Corp.

Delayed Draw Term Loan

10/25/2026

36,805

(184)

RAD CLO 27 Ltd

Structured Finance Obligation - Debt

1/15/2038

10,000

—

RAD CLO 27 Ltd

Structured Finance Obligation - Equity

1/15/2038

26,823

—

Rally Buyer, Inc.

Revolver

7/19/2028

4,081

—

Redwood Services Group, LLC

Delayed Draw Term Loan

8/15/2025

336

—

Relativity ODA, LLC

Revolver

5/14/2029

4,813

(120)

RFS Opco, LLC

Delayed Draw Term Loan

12/3/2025

7,619

(29)

Riser Merger Sub, Inc.

Revolver

10/31/2029

16,200

—

Riser Merger Sub, Inc.

Delayed Draw Term Loan

10/31/2025

37,800

(378)

Riser Merger Sub, Inc.

Delayed Draw Term Loan

10/31/2025

15,233

—

RoadOne Inc

Revolver

12/29/2028

226

—

RSC Acquisition, Inc.

Revolver

11/1/2029

6,174

(108)

RSC Acquisition, Inc.

Delayed Draw Term Loan

8/15/2026

47,154

—

Safety Borrower Holdings LP

Revolver

9/1/2027

2,517

—

Safety Products/JHC Acquisition Corp

Delayed Draw Term Loan

6/28/2026

4,912

—

Sailpoint Technologies, Inc.

Revolver

8/16/2028

34,083

—

Sam Holding Co, Inc.

Revolver

3/24/2027

16,800

—

129

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)

Investments

Commitment Type

Commitment Expiration Date

Unfunded Commitment

Fair Value

Sam Holding Co, Inc.

Delayed Draw Term Loan

9/5/2025

23,600

—

Scorpio BidCo SAS

Delayed Draw Term Loan

3/10/2026

7,858

—

Seahawk Bidco, LLC

Delayed Draw Term Loan

12/19/2026

74,803

(342)

Seahawk Bidco, LLC

Revolver

12/19/2030

22,377

(205)

Severin Acquisition LLC

Delayed Draw Term Loan

10/1/2027

68,984

(345)

Severin Acquisition LLC

Revolver

10/1/2031

41,391

—

SG Acquisition, Inc.

Revolver

4/3/2030

13,537

—

Simplicity Financial Marketing Group Holdings Inc

Delayed Draw Term Loan

12/31/2026

12,083

(60)

Simplicity Financial Marketing Group Holdings Inc

Revolver

12/31/2031

6,041

(60)

Skopima Consilio Parent LLC

Revolver

5/14/2028

6,300

(18)

Smile Doctors, LLC

Revolver

12/23/2027

51,955

(1,299)

Smile Doctors, LLC

Delayed Draw Term Loan

6/9/2025

49,332

—

Soliant Lower Intermediate, LLC

Revolver

7/18/2029

20,000

(450)

Spaceship Purchaser Inc

Revolver

10/17/2031

59,800

(598)

Spaceship Purchaser Inc

Delayed Draw Term Loan

10/17/2026

29,900

—

Spaceship Purchaser Inc

Delayed Draw Term Loan

10/17/2027

71,760

—

Sparta UK Bidco Ltd

Delayed Draw Term Loan

9/25/2028

12,868

—

SpecialtyCare, Inc.

Revolver

6/18/2026

2,493

—

Spectrum Safety Solutions Purchaser, LLC

Delayed Draw Term Loan

7/1/2026

69,467

(521)

Spectrum Safety Solutions Purchaser, LLC

Revolver

7/1/2030

61,551

(420)

Speedster Bidco GmbH

Revolver

5/13/2031

26,875

(72)

Stepping Stones Healthcare Services, LLC

Revolver

12/30/2026

24,314

—

Stepping Stones Healthcare Services, LLC

Delayed Draw Term Loan

4/24/2026

44,329

—

STV Group, Inc.

Delayed Draw Term Loan

3/20/2026

16,811

(168)

STV Group, Inc.

Revolver

3/20/2031

10,086

—

Sunshine Cadence Holdco, LLC

Delayed Draw Term Loan

5/1/2026

35,360

—

Sunshine Cadence Holdco, LLC

Revolver

5/1/2030

32,000

(320)

Tango Bidco SAS

Delayed Draw Term Loan

10/17/2027

5,573

(34)

Tango Bidco SAS

Revolver

10/17/2027

12,593

—

TEI Intermediate LLC

Revolver

12/13/2031

18,156

—

TEI Intermediate LLC

Delayed Draw Term Loan

12/13/2026

48,489

(242)

Tennessee Bidco Limited

Delayed Draw Term Loan

7/1/2026

121,011

—

The Fertility Partners, Inc.

Revolver

9/16/2027

5,706

—

The GI Alliance Management, LLC

Delayed Draw Term Loan

3/1/2026

91,404

—

The Hiller Companies LLC

Delayed Draw Term Loan

6/20/2026

16,253

—

The Hiller Companies LLC

Revolver

6/20/2030

13,713

(103)

The North Highland Co LLC

Revolver

12/20/2030

20,288

—

The North Highland Co LLC

Delayed Draw Term Loan

12/20/2026

35,521

(178)

Thermostat Purchaser III, Inc.

Revolver

8/31/2026

4,375

—

THG Acquisition LLC

Delayed Draw Term Loan

10/31/2026

14,932

(75)

THG Acquisition LLC

Revolver

10/31/2031

6,911

—

TIH Insurance Holdings, LLC.

Revolver

5/6/2029

19,894

(73)

Tricentis

Term Loan

2/11/2032

131,086

—

Tricentis

Delayed Draw Term Loan

2/11/2032

26,217

—

Tricentis

Revolver

2/11/2032

16,386

—

Trinity Air Consultants Holdings Corp.

Delayed Draw Term Loan

4/24/2025

240

—

Trinity Air Consultants Holdings Corp.

Revolver

6/29/2028

13,269

—

Trinity Air Consultants Holdings Corp.

Delayed Draw Term Loan

4/24/2025

14,838

—

Trinity Partners Holdings, LLC

Delayed Draw Term Loan

6/20/2025

115,743

(1,145)

130

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



Investments	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
Triple Lift, Inc.	Revolver	5/5/2028	$	14,295	$	(572)
TRP Infrastructure Services, LLC	Delayed Draw Term Loan	12/2/2026	19,994		(100)
Turing Holdco, Inc.	Delayed Draw Term Loan	8/3/2028	47,204		—
Turing Holdco, Inc.	Delayed Draw Term Loan	8/3/2028	31,353		—
Unified Physician Management, LLC	Revolver	6/18/2029	101,845		—
Unified Physician Management, LLC	Delayed Draw Term Loan	3/25/2026	640		—
Unified Women's Healthcare LP	Delayed Draw Term Loan	10/25/2026	4,000		(15)
US Oral Surgery Management Holdco, LLC	Revolver	11/20/2028	15,496		—
US Oral Surgery Management Holdco, LLC	Delayed Draw Term Loan	12/13/2026	49,274		(246)
Varicent Parent Holdings Corp	Delayed Draw Term Loan	8/23/2026	17,174		(129)
Varicent Parent Holdings Corp	Revolver	8/23/2031	9,550		—
Victors CCC Buyer, LLC	Revolver	6/1/2029	29,205		—
VS Buyer LLC	Revolver	4/12/2029	15,000		(975)
Water Holdings Acquisition LLC	Delayed Draw Term Loan	7/31/2026	35,637		—
West Monroe Partners, LLC	Revolver	11/9/2027	70,714		—
West Monroe Partners, LLC	Delayed Draw Term Loan	12/18/2026	122,500		—
WHCG Purchaser III Inc	Delayed Draw Term Loan	8/2/2027	17,234		—
World Insurance Associates, LLC	Delayed Draw Term Loan	4/21/2025	16,651		—
World Insurance Associates, LLC	Revolver	4/3/2028	3,333		—
WPEngine, Inc.	Revolver	8/14/2029	8,140		(244)
YA Intermediate Holdings II, LLC	Delayed Draw Term Loan	10/1/2026	19,072		(95)
YA Intermediate Holdings II, LLC	Revolver	10/1/2031	8,688		—
Yellow Castle AB	Delayed Draw Term Loan	7/7/2029	11,621		—
Zellis TopCo Limited	Term Loan	8/13/2031	19,375		—
Zendesk Inc	Delayed Draw Term Loan	11/22/2025	208,035		(3,121)
Zendesk Inc	Revolver	7/23/2030	97,650		—
Zeus, LLC	Revolver	2/8/2030	6,851		(34)
Zeus, LLC	Delayed Draw Term Loan	2/27/2026	5,938		—
Zorro Bidco Ltd	Delayed Draw Term Loan	8/13/2027	18,421		(182)
Total Unfunded Commitments			$	10,804,045	$	(49,557)

(8)There are no interest rate floors on these investments.

(9)The interest rate floor on these investments as of December 31, 2024 was 0.50%.

(10)The interest rate floor on these investments as of December 31, 2024 was 0.75%.

(11)The interest rate floor on these investments as of December 31, 2024 was 1.00%.

(12)The interest rate floor on these investments as of December 31, 2024 was 1.25%.

(13)The interest rate floor on these investments as of December 31, 2024 was 1.50%.

(14)The interest rate floor on these investments as of December 31, 2024 was 2.00%.

(15)For unsettled positions the interest rate does not include the base rate.

131

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)

(16)Under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “1940 Act”), the Company is deemed to “control” a portfolio company if the Company owns more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. Under the 1940 Act, the Company is deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of December 31, 2024, the Company’s controlled/affiliated and non-controlled/affiliated investments were as follows:


	Fair Value as of December 31, 2023		Gross Additions		Gross Reductions		Net Change in Unrealized Appreciation (Depreciation)		Net Realized Gain (Loss)		Fair Value as of December 31, 2024		Income
Non-Controlled/Affiliated Investments
GSO DL Co-Invest EIS LP (EIS Acquisition Holdings, LP - Class A Common Units)	$	2,499	$	—	$	—	$	(1,105)	$	—	$	1,394	$	13
Controlled/Affiliated Investments
Daylight Beta Parent, LLC (Benefytt Technologies, Inc.)	49,530		—		—		(36,786)		—		12,744		224
CFCo, LLC (Benefytt Technologies, Inc.)	612		—		—		(612)		—		—		—
CFCo, LLC (Benefytt Technologies, Inc.) - Class B Units	—		—		—		—		—		—		—
Pibb Member, LLC - LP Interest	—		214,844		—		62		—		214,906		—
Pibb Member, LLC	—		2,250		—		—		—		2,250		5
Pigments Services, Inc.	9,412		—		(115)		(1,598)		—		7,699		—
Pigments Services, Inc.	9,908		1,500		(91)		—		—		11,317		1,455
Pigments Holdings LP - LP Interest	—		—		—		—		—		—		—
Material Holdings, LLC	—		230,908		—		1,461		—		232,369		13,944
Material Holdings, LLC	—		57,042		—		(41,476)		—		15,566		3,390
Material+ Holding Company, LLC - Class C Units	—		—		—		—		—		—		—
Specialty Lending Company, LLC - LLC Interest	265,631		95,085		(13,500)		(32,249)		—		314,967		—
BCRED Emerald JV LP - LP Interest	2,032,260		—		(187,500)		(65,960)		—		1,778,800		269,906
BCRED Verdelite JV LP - LP Interest	129,265		—		—		6,346		—		135,611		11,170
GSO DL CoInvest CI LP (CustomInk, LLC - Series A Preferred Units)	1,981		—		—		186		—		2,167		—
Total	$	2,501,098	$	601,629	$	(201,206)	$	(171,731)	$	—	$	2,729,790	$	300,107

(17)Loan was on non-accrual status as of December 31, 2024.

(19)All securities are exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), including investments in joint ventures but excluding Loar Holdings Inc. - Common Equity and Moderna Inc - Common Stock, and may be deemed to be “restricted securities.” As of December 31, 2024, the aggregate fair value of these securities is $68,353.7 million or 175.85% of the Company’s net assets. The initial acquisition dates have been included for such securities.

(20)The interest rate floor on these investments as of December 31, 2024 was 3.00%.

132

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)

ADDITIONAL INFORMATION


Foreign Currency Forward Contracts
Counterparty	Currency Purchased		Currency Sold		Settlement Date	Unrealized Appreciation (Depreciation)
Deutsche Bank AG	USD	10,570	CAD	15,000	3/18/2025	$	127
Deutsche Bank AG	USD	14,092	CAD	20,000	3/17/2025	170
BNP Paribas	USD	1,644	CAD	2,300	2/21/2025	44
Deutsche Bank AG	USD	15,593	CHF	13,820	3/18/2025	234
Goldman Sachs Bank USA	USD	78,979	DKK	557,791	3/18/2025	1,240
BNP Paribas	USD	95,504	EUR	90,200	2/21/2025	1,951
Deutsche Bank AG	USD	224,055	EUR	213,000	3/18/2025	2,867
Deutsche Bank AG	USD	124,918	GBP	98,800	3/18/2025	1,290
BNP Paribas	USD	51,695	GBP	40,900	2/21/2025	508
Goldman Sachs Bank USA	USD	50,381	NOK	562,273	3/18/2025	948
BNP Paribas	USD	2,741	NOK	30,100	2/21/2025	94
Goldman Sachs Bank USA	USD	22,727	NZD	39,280	3/18/2025	739
Goldman Sachs Bank USA	USD	54,333	SEK	588,000	3/10/2025	1,019
Goldman Sachs Bank USA	USD	10,125	SEK	109,749	3/17/2025	169
Goldman Sachs Bank USA	USD	22,058	SEK	239,106	3/18/2025	369
BNP Paribas	USD	1,754	SEK	19,100	2/21/2025	24
Total Foreign Currency Forward Contracts						$	11,793

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Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)


Interest Rate Swaps
Counterparty	Hedged Item	Company Receives	Company Pays		Maturity Date	Notional Amount		Fair Market Value		Upfront Payments / Receipts		Change in Unrealized Gains / (Losses) (1)
Goldman Sachs Bank USA	January 2025 Notes	2.70%	SOFR +	0.99%	1/15/2025	$	500,000	$	(594)	$	—	$	14,818
Goldman Sachs Bank USA	December 2026 Notes	2.63%	SOFR +	0.26%	12/15/2026	625,000		(20,239)		—		4,486
Deutsche Bank AG	December 2026 Notes	2.63%	SOFR +	0.26%	12/15/2026	625,000		(20,084)		—		4,411
Goldman Sachs Bank USA	March 2025 Notes	4.70%	SOFR +	2.43%	3/24/2025	400,000		(1,889)		—		9,200
Deutsche Bank AG	March 2025 Notes	4.70%	SOFR +	2.43%	3/24/2025	500,000		(2,364)		—		11,510
Deutsche Bank AG	April 2026 UK Bonds	4.87%	SONIA +	2.78%	4/14/2026	GBP	250,000	(8,780)		—		3,640
SMBC Capital Markets, Inc.	May 2027 Notes	5.61%	SOFR +	2.79%	5/3/2027	625,000		(17,930)		—		244
SMBC Capital Markets, Inc.	September 2025 Notes	7.05%	SOFR +	2.93%	9/29/2025	600,000		(888)		—		953
Goldman Sachs Bank USA	October 2027 Notes	7.49%	SOFR +	3.72%	10/11/2027	350,000		(3,527)		—		(3,990)
SMBC Capital Markets, Inc.	September 2025 Notes	7.05%	SOFR +	2.97%	9/29/2025	200,000		(360)		—		400
SMBC Capital Markets, Inc.	November 2028 Notes	7.30%	SOFR +	3.06%	11/27/2028	500,000		1,951		—		(11,731)
Goldman Sachs Bank USA	January 2031 Notes	6.25%	SOFR +	2.46%	1/25/2031	250,000		(4,281)		—		(4,281)
BNP Paribas	January 2031 Notes	6.25%	SOFR +	2.47%	1/25/2031	250,000		(4,395)		—		(4,395)
Deutsche Bank AG	July 2029 Notes	5.95%	SOFR +	1.74%	7/16/2029	500,000		2,732		—		2,732
BNP Paribas	September 2027 Notes	4.95%	SOFR +	1.69%	9/26/2027	400,000		(8,791)		—		(8,791)
SMBC Capital Markets, Inc.	April 2030 Notes	5.25%	SOFR +	2.01%	4/1/2030	400,000		(15,969)		—		(15,969)
Morgan Stanley Capital Services LLC	November 2029 Notes	5.60%	SOFR +	1.64%	11/22/2029	400,000		(2,151)		—		(2,151)
Deutsche Bank AG	November 2034 Notes	6.00%	SOFR +	2.04%	11/22/2034	600,000		(7,827)		—		(7,827)
Wells Fargo Bank, N.A.	November 2034 Notes	6.00%	SOFR +	2.26%	11/22/2034	200,000		(6,212)		—		(6,212)
Total Interest Rate Swaps								$	(121,598)	$	—	$	(12,953)

(1)For interest rate swaps designated in qualifying hedge relationships, the change in fair value is recorded in Interest expense in the Condensed Consolidated Statements of Operations.

The accompanying notes are an integral part of these condensed consolidated financial statements.

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Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

Note 1. Organization

Blackstone Private Credit Fund (together with its consolidated subsidiaries “BCRED” or the “Company”), is a Delaware statutory trust formed on February 11, 2020, and structured as an externally managed, non-diversified, closed-end management investment company. The Company has elected to be regulated as a business development company (a “BDC”) under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “1940 Act”). In addition, the Company has elected to be treated for U.S. federal income tax purposes, and intends to qualify annually, as a regulated investment company (a “RIC”), under Subchapter M of the Internal Revenue Code of 1986, as amended (together with the rules and regulations promulgated thereunder, the “Code”).

The Company is externally managed by Blackstone Private Credit Strategies LLC (the “Adviser”), and Blackstone Credit BDC Advisors LLC (the “Sub-Adviser” and, together with the Adviser, the “Advisers”). The Advisers are affiliates of Blackstone Alternative Credit Advisors LP (the “Sub-Administrator” and, collectively with its affiliates in the credit, asset-based finance and insurance asset management business unit of Blackstone Inc. (“Blackstone”), “Blackstone Credit & Insurance,” or “BXCI”). Additionally, Blackstone Private Credit Strategies LLC in its capacity as the administrator to the Company (in such capacity, the “Administrator” and, together with the Sub-Administrator, the “Administrators”), and the Sub-Administrator provide certain administrative and other services necessary for the Company to operate pursuant to an administration agreement between the Administrator and the Company (the “Administration Agreement”) and a sub-administration agreement between the Administrator and the Sub-Administrator (the “Sub-Administration Agreement,” and together with the Administration Agreement, the “Administration Agreements”), respectively. From commencement through December 31, 2024, Blackstone Credit BDC Advisors LLC served as the Company’s investment adviser (in such capacity, the “Prior Adviser”) and Blackstone Alternative Credit Advisors LP served as the Company’s administrator (in such capacity, the “Prior Administrator”).

The Company was formed to invest primarily in originated loans and other securities, including broadly syndicated loans, of U.S. private companies. The Company’s investment objectives are to generate current income and, to a lesser extent, long-term capital appreciation. Under normal circumstances, the Company will invest at least 80% of its total assets (net assets plus borrowings for investment purposes) in private credit investments (loans, bonds and other credit instruments that are issued in private offerings or issued by private companies). Under normal circumstances, the Company expects that the majority of its portfolio will be in privately originated and privately negotiated investments, predominantly direct lending to U.S. private companies through (i) first lien senior secured and unitranche loans (including first-out/last-out loans) and (ii) second lien, unsecured, subordinated or mezzanine loans and structured credit, as well as broadly syndicated loans (for which the Company may serve as an anchor investor), club deals (generally investments made by a small group of investment firms) and other debt and equity securities (the investments described in this sentence, collectively, “Private Credit”). To a lesser extent, the Company may also invest in broadly syndicated loans. The Company expects that such investments will generally be liquid, and may be used for the purposes of maintaining liquidity for the Company’s share repurchase program and cash management, while also presenting an opportunity for attractive investment returns.

The Company offers on a continuous basis up to $45.0 billion of common shares of beneficial interest (“Common Shares”) pursuant to an offering registered with the Securities and Exchange Commission (“SEC”). The Company offers to sell any combination of three classes of Common Shares, Class I shares, Class S shares and Class D shares, with a dollar value up to the maximum offering amount. The share classes have different ongoing shareholder servicing and/or distribution fees. The purchase price per share for each class of Common Shares equals the net asset value (“NAV”) per share, as of the effective date of the monthly share purchase date. Blackstone Securities Partners L.P. (the “Intermediary Manager”) will use its best efforts to sell shares, but is not obligated to purchase or sell any specific amount of shares in the offering. The Company also engages in private offerings of its Common Shares.

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Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

Note 2. Significant Accounting Policies

Basis of Presentation

The condensed consolidated financial statements have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States (“GAAP”) and pursuant to the requirements for reporting on Form 10-Q and Article 6 and 10 of Regulation S-X. Accordingly, certain disclosures accompanying the annual consolidated financial statements prepared in accordance with GAAP are omitted. As an investment company, the Company applies the accounting and reporting guidance in Accounting Standards Codification (“ASC”) Topic 946, Financial Services—Investment Companies (“ASC 946”) issued by the Financial Accounting Standards Board (“FASB”).

In the opinion of management, all adjustments considered necessary for the fair presentation of the condensed consolidated financial statements for the interim period presented have been included. The current period’s results of operations will not necessarily be indicative of results that ultimately may be achieved for the fiscal year ending December 31, 2025.

All intercompany balances and transactions have been eliminated.

Certain prior period information has been reclassified to conform to the current period presentation.

Use of Estimates

The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements. Such amounts could differ from those estimates and such differences could be material. Assumptions and estimates regarding the valuation of investments involve a higher degree of judgment and complexity and these assumptions and estimates may be significant to the condensed consolidated financial statements. Actual results may ultimately differ from those estimates.

Consolidation

As provided under ASC 946, the Company will not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company.

As of March 31, 2025, the Company’s consolidated subsidiaries were BCRED Bard Peak Funding LLC (“Bard Peak Funding”), BCRED Bear Peak Funding LLC (“Bear Peak Funding”), BCRED Bison Peak Funding LLC (“Bison Peak Funding”), BCRED Blanca Peak Funding LLC (“Blanca Peak Funding”), BCRED Borah Peak Funding LLC (“Borah Peak Funding”), BCRED Bushnell Peak Funding LLC (“Bushnell Peak Funding”), BCRED Castle Peak Funding LLC (“Castle Peak Funding”), BCRED Denali Peak Funding LLC (“Denali Peak Funding”), BCRED Gannett Peak Funding LLC, BCRED Granite Peak Funding LLC (“Granite Peak Funding”), BCRED Haydon Peak Funding LLC (“Haydon Peak Funding”), BCRED Jacque Peak Funding LLC, BCRED Maroon Peak Funding LLC (“Maroon Peak Funding”), BCRED Meridian Peak Funding LLC (“Meridian Peak Funding”), BCRED Middle Peak Funding LLC (“Middle Peak Funding”), BCRED Monarch Peak Funding LLC (“Monarch Peak Funding”), BCRED Naomi Peak Funding LLC (“Naomi Peak Funding”), BCRED Phoenix Peak Funding LLC (“Phoenix Peak Funding”), BCRED Summit Peak Funding LLC (“Summit Peak Funding”), BCRED Twin Peaks LLC (“Twin Peaks”), BCRED Windom Peak Funding LLC (“Windom Peak Funding”), BCRED BSL WH 2022-1 Funding LLC (“2022-1 BSL WH”), BCRED Investments LLC, BCRED X Holdings LLC, BCRED BSL CLO 2021-1 Ltd., BCRED BSL CLO 2021-1, LLC, BCRED BSL CLO 2021-2, Ltd., BCRED BSL CLO 2021-2, LLC, BCRED BSL CLO 2022-1 Ltd., BCRED BSL CLO 2022-1 LLC, BCRED MML CLO 2021-1 LLC, BCRED MML CLO 2022-1 LLC, BCRED MML CLO 2022-2 LLC, BCRED CLO 2023-1 Depositor LLC (“2023-1 Depositor”), BCRED CLO 2023-1 LLC, BCRED CLO 2024-1 Depositor LLC (“2024-1 Depositor”), BCRED CLO 2024-1 LLC, BCRED CLO 2024-2 Depositor LLC (“2024-2 Depositor”), BCRED CLO 2024-2 LLC, BCRED CLO 2025-1 LLC, BCRED CLO 2025-1 Depositor LLC (“2025-1 Depositor”), BCRED Lender Finance 2025-1 LLC, BCRED Lender Finance 2025-1 Depositor LLC (“Lender Finance 2025-1 Depositor”), BCRED Associates GP (Lux) S.à r.l, BCRED Direct Lending I (Lux) SCSp, BCRED C-1 LLC, BCRED C-2 Funding LLC and BCRED C-3 Funding LLC.

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Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

The Company does not consolidate its equity investment in Specialty Lending Company LLC (“SLC”). For further description of the Company’s investment in SLC, see “Note 3. Fees, Expenses, Agreements and Related Party Transactions.”

The Company does not consolidate its investments in the BCRED Emerald JV LP (“Emerald JV”) or BCRED Verdelite JV LP (“Verdelite JV”) joint ventures. For further description of the Company’s joint ventures, see “Note 11. Joint Ventures.”

Cash and Cash Equivalents and Restricted Cash

Cash and cash equivalents consist of demand deposits and highly liquid investments, such as money market funds, with original maturities of three months or less. Cash and cash equivalents are carried at cost, which approximates fair value. The Company deposits its cash and cash equivalents with financial institutions which, at times, may exceed the Federal Deposit Insurance Corporation insured limit. Restricted cash and cash equivalents include amounts that are collected and are held by trustees who have been appointed as custodians of the assets securing certain of the Company’s financing transactions. Restricted cash and cash equivalents are held by the trustees for payment of interest expense and principal on the outstanding borrowings or reinvestment into new assets.

Investments

Investment transactions are recorded on a trade date basis.

Realized gains or losses are measured by the difference between the net proceeds received (excluding prepayment fees, if any) and the amortized cost basis of the investment using the specific identification method without regard to unrealized gains or losses previously recognized, and include investments charged off during the period, net of recoveries, and is recorded within Net realized gain (loss) on the Condensed Consolidated Statements of Operations.

The net change in unrealized gains or losses primarily reflects the change in investment values, including the reversal of previously recorded unrealized gains or losses with respect to investments realized during the period, and is recorded within Net change in unrealized appreciation (depreciation) on the Condensed Consolidated Statements of Operations.

Valuation of Investments

The Company is required to report its investments, including those for which current market values are not readily available, at fair value.

The Company values its investments in accordance with ASC 820, Fair Value Measurements (“ASC 820”), which defines fair value as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the applicable measurement date, and Rule 2a-5 under the 1940 Act.

Under ASC 820, fair value is based on observable market prices or parameters or derived from such prices or parameters when such quotations are readily available. In accordance with Rule 2a-5 under the 1940 Act, fair value means the value of a portfolio investment for which market quotations are not readily available. A market quotation is “readily available” only when it is a quoted price (unadjusted) in active markets for identical instruments that a fund can access at the measurement date, provided that such a quotation is not considered to be readily available if it is not reliable.

Where prices or inputs are not available or, in the judgment of the Board of Trustees (the “Board” or the “Board of Trustees”), with assistance of the Advisers, the Audit Committee and independent valuation firm(s), determined to be not reliable, valuation techniques based on the facts and circumstances of the particular investment will be utilized. These valuation approaches involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the investments or market and the investments’ complexity. In the absence of observable, reliable market prices, the Company values its investments using various valuation methodologies applied on a consistent basis.

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Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

An enterprise value (“EV”) analysis is generally performed to determine the value of equity investments, control debt investments and non-control debt investments that are credit-impaired, and to determine if debt investments are credit-impaired. The Advisers will generally utilize approaches including the market approach, the income approach or both approaches, as appropriate, when calculating EV. The primary method for determining EV for non-control investments, and control investments without reliable projections, uses a multiple analysis whereby appropriate multiples are applied to the portfolio company’s earnings before interest, taxes, depreciation and amortization (“EBITDA”) or another key financial metric (e.g., such as revenues, cash flows or net income) (“Performance Multiple”). Performance Multiples are typically determined based upon a review of publicly-traded comparable companies and market comparable transactions, if any. The second method for determining EV (and primary method for control investments with reliable projections) uses a discounted cash flow analysis whereby future expected cash flows and the anticipated terminal value of the portfolio company are discounted to determine a present value using estimated discount rates. The income approach is generally used when the Advisers have visibility into the long-term projected cash flows of a portfolio company.

If debt investments are credit-impaired, which occurs when there is insufficient coverage under the enterprise value analysis through the respective investment’s position in the capital structure, the Advisers generally use the enterprise value “waterfall” approach or a recovery method (if a liquidation or restructuring is deemed likely) to determine fair value. For debt investments that are not determined to be credit-impaired, the Advisers generally use a market interest rate yield analysis to determine fair value. To determine fair value using a yield analysis, the expected cash flows are projected based on the contractual terms of the debt security and discounted back to the measurement date based on a market yield. A market yield is determined based upon an assessment of current and expected market yields for similar investments and risk profiles. The Company considers the current contractual interest rate, the maturity and other terms of the investment relative to risk of the company and the specific investment. A key determinant of risk, among other things, is the leverage through the investment relative to the enterprise value of the portfolio company. As debt investments held by the Company are substantially illiquid with no active transaction market, the Company depends on primary market data, including newly funded transactions, as well as secondary market data with respect to high yield debt instruments and syndicated loans, as inputs in determining the appropriate market yield, as applicable. The fair value of loans with call protection is generally capped at par plus applicable prepayment premium in effect at the measurement date.

ASC 820 prioritizes the use of observable market prices derived from such prices. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these securities. The three levels of the fair value hierarchy are as follows:

•Level 1: Inputs to the valuation methodology are quoted prices available in active markets for identical instruments as of the reporting date. The types of financial instruments included in Level 1 may include unrestricted securities, including equities and derivatives, listed in active markets.

•Level 2: Inputs to the valuation methodology are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date. The types of financial instruments in this category may include less liquid and restricted securities listed in active markets, securities traded in other than active markets, government and agency securities and certain over-the-counter derivatives where the fair value is based on observable inputs.

•Level 3: Inputs to the valuation methodology are unobservable and significant to overall fair value measurement. The inputs into the determination of fair value require significant management judgment or estimation. Financial instruments that are included in this category may include debt and equity investments in privately held entities, collateralized loan obligations (“CLOs”) and certain over-the-counter derivatives where the fair value is based on unobservable inputs.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the overall fair value measurement. The Board’s assessment, with the assistance of the Advisers, the Audit Committee and independent valuation firm(s), of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Transfers between levels, if any, are recognized at the beginning of the quarter in which the transfer occurs.

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Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

The Company evaluates the source of the inputs, including any markets in which its investments are trading (or any markets in which securities with similar attributes are trading), in determining fair value. When an investment is valued based on prices provided by reputable dealers or pricing services (that is, broker quotes), the Company subjects those prices to various criteria in making the determination as to whether a particular investment would qualify for treatment as a Level 2 or Level 3 investment.

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company’s investments may fluctuate from period to period, and these differences could be material. Additionally, the fair value of the Company’s investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that the Company may ultimately realize. Further, such investments are generally subject to legal and other restrictions on resale or otherwise are less liquid than publicly-traded securities. If the Company was required to liquidate a portfolio investment in a forced or liquidation sale, it could realize significantly less than the value at which the Company has recorded it. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected in the valuations currently assigned. See “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Estimates.”

Receivables/Payables From Investments Sold/Purchased

Receivables/payables from investments sold/purchased consist of amounts receivable to or payable by the Company for transactions that have not settled at the reporting date.

Derivative Instruments

The Company recognizes all derivative instruments as assets or liabilities at fair value in its Condensed Consolidated Statements of Assets and Liabilities as Derivative assets at fair value and Derivative liabilities at fair value, respectively.

In the normal course of business, the Company has commitments and risks resulting from its investment transactions, which may include those involving derivative instruments. Derivative instruments are measured in terms of the notional contract amount and derive their value based upon one or more underlying instruments. While the notional amount gives some indication of the Company’s derivative activity, it generally is not exchanged, but is only used as the basis on which interest and other payments are exchanged. Derivative instruments are subject to various risks similar to non-derivative instruments including market, credit, liquidity, and operational risks. The Company manages these risks on an aggregate basis as part of its risk management process.

From time to time, the Company may enter into forward currency contracts which is an obligation between two parties to purchase or sell a specific currency for an agreed-upon price at a future date. The Company utilizes forward currency contracts to economically hedge the currency exposure associated with certain foreign currency denominated assets and liabilities of the Company. The use of forward currency contracts does not eliminate fluctuations in the price of the underlying debt the Company has, but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the exchange rates on the contract date and reporting date and are recorded as net change in unrealized appreciation (depreciation). The fair value of the foreign currency forwards is included as Derivative assets at fair value or Derivative liabilities at fair value on the Company’s Condensed Consolidated Statements of Assets and Liabilities. Changes in the fair value of the foreign currency forwards are presented in Net change in unrealized appreciation (depreciation): Derivative instruments and Net realized gains (losses): Derivative instruments in the Condensed Consolidated Statements of Operations.

Additionally, the Company uses interest rate swaps to mitigate interest rate risk associated with the Company’s fixed rate liabilities. The fair value of the interest rate swaps is included as Derivative assets at fair value or Derivative liabilities at fair value on the Company’s Condensed Consolidated Statements of Assets and Liabilities. Changes in fair value of interest rate swaps entered into by the Company and not designated as hedging instruments are presented in Net realized gains (losses) and Net change in unrealized appreciation (depreciation) in the Condensed Consolidated Statements of Operations.The Company designated certain interest rate swaps as the hedging instrument in a qualifying fair value hedge accounting relationship, and therefore the change in fair value of the hedging instrument and hedged item are recorded in Interest expense and recognized as components of Interest expense in the Condensed Consolidated Statements of Operations. The change in fair value of the interest rate swap is offset by a change in the carrying value of the fixed rate debt.

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Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

The Company has elected to not offset derivative assets and derivative liabilities in its Condensed Consolidated Statements of Assets and Liabilities including for the cash collateral, that may be received or paid as part of collateral arrangements, even when an enforceable master netting agreement is in place that provides the Company, in the event of counterparty default, the right to liquidate collateral and the right to offset a counterparty’s rights and obligations.

Forward Purchase Agreement

Forward purchase agreements are recognized at fair value through current period gains or losses on the date on which the contract is entered into and are subsequently re-measured at fair value. All forward purchase agreements are carried as assets when fair value is positive and as liabilities when fair value is negative. A forward purchase agreement is derecognized when the obligation specified in the contract is discharged, canceled or expired.

Foreign Currency Transactions

Amounts denominated in foreign currencies are translated into U.S. dollars (“USD”) on the following basis: (i) investments and other assets and liabilities denominated in foreign currencies are translated into USD based upon currency exchange rates effective on the last business day of the period; and (ii) purchases and sales of investments, borrowings and repayments of such borrowings, income, and expenses denominated in foreign currencies are translated into USD based upon currency exchange rates prevailing on the transaction dates.

The Company includes net changes in fair values on investments held resulting from foreign exchange rate fluctuations in foreign currency and other transactions in the Condensed Consolidated Statements of Operations, if any. Foreign security and currency transactions may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to, currency fluctuations and revaluations and future adverse political, social and economic developments, which could cause investments in foreign markets to be less liquid and prices more volatile than those of comparable U.S. companies or U.S. government securities.

Revenue Recognition

Interest Income

Interest income is recorded on an accrual basis and includes the accretion of discounts and amortizations of premiums. Discounts from and premiums to par value on debt investments purchased are accreted/amortized into interest income over the life of the respective security using the effective interest method. The amortized cost of debt investments represents the original cost, including loan origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion of discounts and amortization of premiums, if any. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income in the current period. For the three months ended March 31, 2025 and 2024, the Company recorded $45.8 million and $6.8 million, respectively, in non-recurring interest income (e.g., prepayment premiums, accelerated accretion of upfront loan origination fees and unamortized discounts).

PIK Income

The Company has loans in its portfolio that contain payment-in-kind (“PIK”) provisions. PIK represents interest that is accrued and recorded as interest income at the contractual rates, increases the loan principal on the respective capitalization dates, and is generally due at maturity. Such income is included in Payment-in-kind interest income in the Condensed Consolidated Statements of Operations. If at any point the Company expects that PIK will not be realized, the investment generating PIK will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest is generally reversed through Payment-in-kind interest income. To satisfy the Company’s annual RIC distribution requirements, this non-cash source of income must be included in determining the amounts to be paid out to shareholders in the form of dividends, even though the Company has not yet collected cash.

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Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

Dividend Income

Dividend income on preferred equity securities and on the Company’s equity interests in its joint ventures are recorded on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly-traded portfolio companies.

Fee Income

The Company may receive various fees in the ordinary course of business such as structuring, consent, waiver, amendment, syndication and other miscellaneous fees, as well as fees for managerial assistance rendered by the Company to the portfolio companies. Such fees are recognized as income when earned or the services are rendered.

Non-Accrual Income

Loans are generally placed on non-accrual status when there is reasonable doubt whether principal or interest will be collected in full. Accrued interest is generally reversed when a loan is placed on non-accrual status. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid current and, in management’s judgment, are likely to remain current. Management may make exceptions to this treatment and determine to not place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection.

For further information regarding the non-accrual status of investments, refer to “Note 4. Investments.”

Offering Expenses

Costs associated with the offering of the Company’s shares are capitalized as Deferred offering costs in the Condensed Consolidated Statements of Assets and Liabilities and amortized over a twelve-month period from incurrence. These expenses consist primarily of legal fees and other costs incurred in connection with the Company’s continuous offering.

Deferred Financing Costs and Debt Issuance Costs

Deferred financing and debt issuance costs represent fees and other direct incremental costs incurred in connection with the Company’s borrowings and include premiums and discounts to the par value of the respective instruments. These expenses and adjustments are deferred and amortized into interest expense over the life of the related debt instrument. Deferred financing costs related to revolving credit facilities are presented separately as an asset on the Company’s Condensed Consolidated Statements of Assets and Liabilities. Debt issuance costs, including premiums and discounts to par, related to any issuance of installment debt or notes are presented net against the outstanding debt balance of the related security.

Income Taxes

The Company has elected to be treated as a BDC under the 1940 Act. The Company also has elected to be treated as a RIC under the Code. So long as the Company maintains its status as a RIC, it generally will not pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually to its shareholders as dividends. Rather, any tax liability related to income earned and distributed by the Company would represent obligations of the Company’s investors and would not be reflected in the condensed consolidated financial statements of the Company.

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Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

The Company evaluates tax positions taken or expected to be taken in the course of preparing its condensed consolidated financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof. Management has analyzed the Company’s tax positions taken, or to be taken, on federal income tax returns for all open tax years, and has concluded that there are no material uncertain tax positions through March 31, 2025. As applicable, the Company’s federal tax returns are subject to examination by the Internal Revenue Service for a period of three fiscal years after they are filed.

To qualify for and maintain qualification as a RIC, the Company must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to qualify for RIC tax treatment, the Company must distribute to its shareholders, for each taxable year, at least 90% of the sum of (i) its “investment company taxable income” for that year (without regard to the deduction for dividends paid), which is generally its ordinary income plus the excess, if any, of its realized net short-term capital gains over its realized net long-term capital losses and (ii) its net tax-exempt income.

In addition, based on the excise tax distribution requirements, the Company is subject to a 4% nondeductible federal excise tax on certain undistributed income unless the Company distributes in a timely manner in each taxable year an amount at least equal to the sum of (i) 98% of its ordinary income for the calendar year, (ii) 98.2% of its capital gain net income (both long-term and short-term) for the one-year period ending October 31 in that calendar year and (iii) any income realized, but not distributed, in prior years. For this purpose, however, any ordinary income or capital gain net income retained by the Company that is subject to corporate income tax is considered to have been distributed.

For the three months ended March 31, 2025 and 2024, the Company accrued $7.8 million and $9.5 million, respectively, of U.S. federal excise tax.

Certain of the Company’s consolidated subsidiaries are subject to certain U.S. federal and state income taxes. Income tax expense, if any, is included under the income category for which it applies in the Condensed Consolidated Statements of Operations.

Allocation of Income, Expenses, Gains and Losses

Income, expenses (other than those attributable to a specific class), gains and losses are allocated to each class of shares based upon the relative proportion of net assets represented by such class. Operating expenses directly attributable to a specific class are charged against the operations of that class.

Distributions

Distributions to shareholders are recorded on the record date. All distributions will be paid at the discretion of the Board and will depend on the Company’s earnings, financial condition, maintenance of the Company’s tax treatment as a RIC, compliance with applicable BDC regulations and such other factors as the Board may deem relevant from time to time. Although the gross distribution per share is generally equivalent for each share class, the net distribution for each share class is reduced for any class specific expenses, including distribution and shareholder servicing fees, if any.

Segment Reporting

The Company operates as a single reportable segment and as a result, the Company’s segment accounting policies are consistent with those described herein and the Company does not have any intra-segment sales and transfers of assets. See “Note 12. Segment Reporting” for further information.

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Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

Recent Accounting Pronouncements

In December 2023, the FASB issued ASU 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” (“ASU 2023-09”). ASU 2023-09 requires additional disaggregated disclosures on the entity’s effective tax rate reconciliation and additional details on income taxes paid. ASU 2023-09 is effective on a prospective basis, with the option for retrospective application, for annual periods beginning after December 15, 2024 and early adoption is permitted. The Company does not expect the adoption of ASU 2023-09 to have a material impact on its condensed consolidated financial statements.

Note 3. Fees, Expenses, Agreements and Related Party Transactions

Advisory Agreements

On October 5, 2020, the Company entered into the original investment advisory agreement with the Prior Adviser (the “Original Investment Advisory Agreement”), pursuant to which the Prior Adviser was responsible for originating prospective investments, conducting research and due diligence investigations on potential investments, analyzing investment opportunities, negotiating and structuring the Company’s investments and monitoring its investments and portfolio companies on an ongoing basis.

On August 2, 2022, the Company and the Prior Adviser entered into an amended and restated investment advisory agreement (the “Original A&R Investment Advisory Agreement”), which was approved by the Board, including a majority of the trustees who are not “interested persons” (as such term is defined in Section 2(a)(19) of the 1940 Act) (the “Independent Trustees”). The Original A&R Investment Advisory Agreement altered the Original Investment Advisory Agreement by removing certain “sunset” provisions that previously stated that certain requirements of the North American Securities Administrators Association (“NASAA”) Omnibus Guidelines would no longer apply if the Company’s shares become “covered securities” within the meaning of Section 18 of the Securities Act of 1933, as amended, and amending certain undertakings provisions, including to clarify compliance with NASAA Omnibus Guidelines. No other changes were made to the Original Investment Advisory Agreement.

On November 7, 2024, the Board approved the Prior Adviser’s assignment of the Original A&R Investment Advisory Agreement to the Adviser pursuant to Rule 2a-6 under the 1940 Act, effective January 1, 2025. The Board, including a majority of the Independent Trustees, also approved the second amended and restated investment advisory agreement (the “Investment Advisory Agreement”) to acknowledge such assignment. Accordingly, effective January 1, 2025, the Adviser became the Company’s investment adviser pursuant to the Investment Advisory Agreement. Further, on November 7, 2024, the Board approved the sub-advisory agreement (the “Sub-Advisory Agreement” and together with the Investment Advisory Agreement, the “Advisory Agreements”) between the Company, the Adviser and the Sub-Adviser. Accordingly, effective January 1, 2025, the Sub-Adviser became the Company’s investment sub-adviser pursuant to the Sub-Advisory Agreement. These changes were the result of a reorganization of certain subsidiaries of Blackstone and did not result in any change in the aggregate fees paid by the Company. Further, the nature and level of services provided to the Company remain the same, as well as the personnel that provide investment management services to the Company on behalf of the Advisers.

The Advisory Agreements were most recently renewed and approved by the Board, including a majority of the Independent Trustees, on April 30, 2025, for a one-year period ending on May 31, 2026 and, unless terminated earlier, will renew from year-to-year thereafter if approved annually by a majority of the Board or by the holders of a majority of the Company’s outstanding voting securities and, in each case, a majority of the Independent Trustees. The Company may terminate the Advisory Agreements, without payment of any penalty, upon 60 days’ written notice. The Advisory Agreements will automatically terminate in the event of their assignment within the meaning of the 1940 Act and SEC guidance and interpretations.

The Company pays the Adviser a fee for its services under the Investment Advisory Agreement consisting of two components: a management fee and an incentive fee. The cost of both the management fee and the incentive fee is borne by the shareholders. The sub-advisory fees payable to the Sub-Adviser under the Sub-Advisory Agreement will be paid by the Adviser out of its own advisory fees rather than paid separately by the Company. Substantial additional fees and expenses may also be charged by the Administrators to the Company.

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Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

Base Management Fees

The management fee is payable monthly and is settled and paid quarterly in arrears at an annual rate of 1.25% of the value of the Company’s net assets as of the beginning of the first calendar day of the applicable month. For purposes of the Investment Advisory Agreement, net assets means the Company’s total assets less liabilities determined on a consolidated basis in accordance with GAAP. The management fee calculation will be prorated for any partial months, including the first calendar month in which the Company commenced operations.

For the three months ended March 31, 2025 and 2024, base management fees were $129.1 million and $95.4 million, respectively. As of March 31, 2025 and December 31, 2024, $129.1 million and $120.1 million, respectively, was payable to the Adviser and the Prior Adviser, as applicable, relating to management fees.

Incentive Fees

The incentive fees consist of two components that are determined independently of each other, with the result that one component may be payable even if the other is not. One component is based on income and the other component is based on capital gains, each as described below.

(i) Income based incentive fees

The first part of the incentive fee, an income based incentive fee is based on the Company’s Pre-Incentive Fee Net Investment Income Returns as defined in the Investment Advisory Agreement. Pre-Incentive Fee Net Investment Income Returns means, as the context requires, either the dollar value of, or percentage rate of return on the value of the Company’s net assets at the end of the immediately preceding quarter from, interest income, dividend income and any other income (including any other fees (other than fees for providing managerial assistance), such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies) accrued during the calendar quarter, minus the Company’s operating expenses accrued for the quarter (including the management fee, expenses payable under the Administration Agreement, and any interest expense or fees on any credit facilities or outstanding debt and dividends paid on any issued and outstanding preferred shares, but excluding the incentive fee and any shareholder servicing and/or distribution fees). Pre-Incentive Fee Net Investment Income Returns includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with PIK interest and zero coupon securities), accrued income that the Company has not yet received in cash. Pre-incentive fee net investment income excludes any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. The Company excludes the impact of expense support payments and recoupments from Pre-incentive fee net investment income. Shareholders may be charged a fee on an income amount that is higher than the income they may ultimately receive.

Pre-Incentive Fee Net Investment Income Returns, expressed as a rate of return on the value of the Company’s net assets at the end of the immediately preceding quarter, is compared to a “hurdle rate” of return of 1.25% per quarter (5.0% annualized).

The Company pays the Adviser an income based incentive fee quarterly in arrears with respect to the Company’s Pre-Incentive Fee Net Investment Income Returns in each calendar quarter as follows:

•no incentive fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which Pre-Incentive Fee Net Investment Income Returns do not exceed the hurdle rate of 1.25% per quarter (5.0% annualized);

•100% of the dollar amount of Pre-Incentive Fee Net Investment Income Returns with respect to that portion of such Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds the hurdle rate but is less than a rate of return of 1.43% (5.72% annualized). The Company refers to this portion of the Pre-Incentive Fee Net Investment Income Returns (which exceeds the hurdle rate but is less than 1.43%) as the “catch-up.” This “catch-up” is meant to provide the Adviser with approximately 12.5% of Pre-Incentive Fee Net Investment Income Returns as if a hurdle rate did not apply if this net investment income exceeds 1.43% in any calendar quarter; and

•12.5% of the dollar amount of Pre-Incentive Fee Net Investment Income Returns, if any, that exceed a rate of return of 1.43% (5.72% annualized).

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Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

These calculations are prorated for any period of less than three months, including the first quarter the Company commenced operations, and are adjusted for any share issuances or repurchases during the relevant quarter.

(ii) Capital gains based incentive fees

The second part of the incentive fee is determined and payable in arrears as of the end of each calendar year in an amount equal to 12.5% of cumulative realized capital gains from inception through the end of such calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid capital gains based incentive fees as calculated in accordance with GAAP.

For the three months ended March 31, 2025 and 2024, the Company accrued income based incentive fees of $151.8 million and $125.4 million, respectively. As of March 31, 2025 and December 31, 2024, there was $151.8 million and $144.7 million, respectively, payable to the Adviser and the Prior Adviser, as applicable, for income based incentive fees.

For the three months ended March 31, 2025 and 2024, the Company accrued no capital gains based incentive fees. As of March 31, 2025 and December 31, 2024, no amount was payable to the Adviser and the Prior Adviser, as applicable, for capital gains based incentive fees.

Administration Agreements

On October 5, 2020, the Company entered into the original administration agreement with the Prior Administrator (the “Prior Administration Agreement”). On November 7, 2024, the Board approved the termination of the Prior Administration Agreement, effective December 31, 2024, and the entry into of the Administration Agreement between the Company and the Administrator, effective January 1, 2025. Accordingly, effective January 1, 2025, the Administrator became the Company’s administrator pursuant to the Administration Agreement. Further, on November 7, 2024, the Board approved the Sub-Administration Agreement between the Administrator, on behalf of the Company, and the Sub-Administrator. Accordingly, effective January 1, 2025, the Sub-Administrator become one of the Company’s sub-administrators pursuant to the Sub-Administration Agreement. To acknowledge the change of the administrator, the Board also approved the assignment of the State Street Sub-Administration Agreement with State Street Bank and Trust Company (each as defined in Note 3—Sub-Administration and Custody Agreement) from the Prior Administrator to the Administrator, effective January 1, 2025. These changes did not result in any change in the aggregate fees paid by the Company. Further, the nature and level of services provided to the Company remain the same, as well as the personnel that provide administrative services to the Company on behalf of the Administrators.

Under the terms of the Administration Agreements, the Administrators provide, or oversee the performance of, administrative and compliance services, including, but not limited to, maintaining financial records, overseeing the calculation of NAV, compliance monitoring (including diligence and oversight of the Company’s other service providers), preparing reports to shareholders and reports filed with the SEC and other regulators, preparing materials and coordinating meetings of the Board, managing the payment of expenses, the payment and receipt of funds for investments and the performance of administrative and professional services rendered by others and providing office space, equipment and office services. The Company will reimburse the Administrator for certain costs and expenses incurred by the Administrators in performing their obligations under the Administration Agreements. Such reimbursement will include the Company’s allocable portion of compensation and other expenses incurred by the Administrators in performing their administrative obligations under the Administration Agreements, including but not limited to: (i) the Company’s chief compliance officer, chief financial officer and their respective staffs; (ii) investor relations, legal, operations and other non-investment professionals at the Administrators that perform duties for the Company; and (iii) any internal audit group personnel of Blackstone or any of its affiliates, subject to the limitations described in the Advisory Agreements and Administration Agreements. In addition, pursuant to the terms of the Administration Agreements, the Administrators may delegate their obligations under the Administration Agreements to an affiliate or to a third party and we will reimburse the Administrator, and the Administrator will reimburse the Sub-Administrator, for any services performed for us by such affiliate or third party. Under the Sub-Administration Agreement, the Administrator will reimburse the Sub-Administrator for certain costs and expenses incurred by the Sub-Administrator in performing its obligations under the Sub-Administration Agreement. The costs and expenses of the Sub-Administrator that are eligible for reimbursement by the Administrator will be reasonably allocated to the Fund on the basis of time spent, assets under management, usage rates, proportionate holdings, a combination thereof or other reasonable methods determined by the Administrator. From time to time, the Administrator may outsource certain administrative duties provided to the Fund to third

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Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

parties, and the Administrator will pay the third parties accordingly. State Street Bank and Trust Company serves as our third-party sub-administrator. The Administrator has utilized, and in the future will continue to utilize, the State Street Sub-Administrator to assist in the provision of administrative services. The State Street Sub-Administrator receives compensation from the Administrator for its sub-administrative services under the State Street Sub-Administration Agreement.

The Administration Agreements were most recently renewed and approved by the Board, including a majority of the Independent Trustees, on April 30, 2025 for a one-year period ending on May 31, 2026, and, unless terminated earlier, will renew automatically from year-to-year thereafter if approved annually by a majority of the Board or by the holders of a majority of the Company’s outstanding voting securities and, in each case, a majority of the Independent Trustees. The Company may terminate the Administration Agreements, without payment of any penalty, upon 60 days’ written notice.

For the three months ended March 31, 2025 and 2024, the Company incurred $2.2 million and $1.8 million, respectively, in expenses under the Administration Agreement and the Prior Administration Agreement, as applicable, which were recorded in Administrative service expenses in the Company’s Condensed Consolidated Statements of Operations.

As of March 31, 2025 and December 31, 2024, $1.7 million and $3.2 million, respectively, was unpaid and included in Due to affiliates in the Condensed Consolidated Statements of Assets and Liabilities.

Sub-Administration and Custody Agreement

On October 5, 2020, the Prior Administrator entered into a third-party sub-administration agreement (the “State Street Sub-Administration Agreement”) with State Street Bank and Trust Company (the “State Street Sub-Administrator”) under which the State Street Sub-Administrator provides various accounting and administrative services to the Company. The State Street Sub-Administrator also serves as the Company’s custodian. On November 7, 2024, the Board approved the assignment of the State Street Sub-Administration Agreement from the Prior Administrator to the Administrator, effective January 1, 2025. The initial term of the State Street Sub-Administration Agreement was two years from the effective date and after expiration of the initial term and the State Street Sub-Administration Agreement shall automatically renew for successive one-year periods, unless a written notice of non-renewal is delivered prior to 120 days prior to the expiration of the initial term or renewal term.

Intermediary Manager Agreement

On October 5, 2020, the Company entered into an intermediary manager agreement (the “Intermediary Manager Agreement”) with Blackstone Securities Partners L.P. (the “Intermediary Manager”), an affiliate of the Adviser. Pursuant to the Intermediary Manager Agreement, no upfront transaction fee will be paid with respect to Class I shares, Class S shares or Class D shares, however, if shareholders purchase Class S shares or Class D shares through certain financial intermediaries, they may directly charge shareholders transaction or other fees, including upfront placement fees or brokerage commissions, in such amount as they may determine, provided that selling agents limit such charges to a 3.5% cap on NAV for Class S shares and a 1.5% cap on NAV for Class D shares. Under the terms of the Intermediary Manager Agreement, the Intermediary Manager will serve as the intermediary manager for the Company’s public offering of its Common Shares. The Intermediary Manager will be entitled to receive shareholder servicing and/or distribution fees monthly in arrears at an annual rate of 0.85% and 0.25% of the value of the Company’s net assets attributable to Class S and Class D shares, respectively, as of the beginning of the first calendar day of the month. No shareholder servicing and/or distribution fees will be paid with respect to Class I shares. The shareholder servicing and/or distribution fees will be payable to the Intermediary Manager, but the Intermediary Manager anticipates that all of the shareholder servicing fees and/or distribution fees will be retained by, or reallowed (paid) to, participating brokers.

The Company will cease paying the shareholder servicing and/or distribution fees on the Class S shares and Class D shares on the earlier to occur of the following: (i) a listing of Class I shares, (ii) a merger or consolidation with or into another entity, or the sale or other disposition of all or substantially all of the Company’s assets or (iii) the date following the completion of the primary portion of the offering on which, in the aggregate, underwriting compensation from all sources in connection with the offering, including the shareholder servicing and/or distribution fees and other underwriting compensation, is equal to 10% of the gross proceeds from the primary offering. In addition, consistent with the exemptive relief allowing the Company to offer multiple classes of shares, at the end of the month in which the Intermediary Manager in conjunction with the transfer agent determines that total transaction or other fees, including upfront placement fees or brokerage commissions, and shareholder servicing and/or distribution fees paid with respect to the shares held in a shareholder’s account would exceed, in

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Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

the aggregate, 10% of the gross proceeds from the sale of such shares (or a lower limit as determined by the Intermediary Manager or the applicable selling agent), the Company will cease paying the shareholder servicing and/or distribution fee on the Class S shares and Class D shares in such shareholder’s account. Compensation paid with respect to the shares in a shareholder’s account will be allocated among each share such that the compensation paid with respect to each individual share will not exceed 10% of the offering price of such share. The Company may modify this requirement in a manner that is consistent with applicable exemptive relief. At the end of such month, the Class S shares or Class D shares in such shareholder’s account will convert into a number of Class I shares (including any fractional shares), with an equivalent aggregate NAV as such Class S or Class D shares.

The Intermediary Manager is a broker-dealer registered with the SEC and is a member of the Financial Industry Regulatory Authority (“FINRA”).

The Intermediary Manager Agreement may be terminated at any time, without the payment of any penalty, by vote of a majority of the Independent Trustees and a majority of the trustees who have no direct or indirect financial interest in the operation of the Company’s distribution plan or the Intermediary Manager Agreement or by vote a majority of the outstanding voting securities of the Company, on not more than 60 days’ written notice to the Intermediary Manager or the Adviser. The Intermediary Manager Agreement will automatically terminate in the event of its assignment, as defined in the 1940 Act.

Distribution and Servicing Plan

On October 5, 2020, the Board approved a distribution and servicing plan (the “Distribution and Servicing Plan”). The following table shows the shareholder servicing and/or distribution fees the Company pays the Intermediary Manager with respect to Class I, Class S and Class D shares on an annualized basis as a percentage of the Company’s NAV for such class.


	Shareholder Servicing and/or Distribution Fee as a % of NAV
Class I shares	—	%
Class S shares	0.85	%
Class D shares	0.25	%

The shareholder servicing and/or distribution fees is paid monthly in arrears, calculated using the NAV of the applicable class as of the beginning of the first calendar day of the month and subject to FINRA and other limitations on underwriting compensation.

The Intermediary Manager will reallow (pay) all of the shareholder servicing and/or distribution fees to participating brokers and servicing brokers for ongoing shareholder services performed by such brokers, and will waive shareholder servicing and/or distribution fees to the extent a broker is not eligible to receive it for failure to provide such services. Because the shareholder servicing and/or distribution fees with respect to Class S shares and Class D shares are calculated based on the aggregate NAV for all of the outstanding shares of each such class, it reduces the NAV with respect to all shares of each such class, including shares issued under the Company’s distribution reinvestment plan.

Eligibility to receive the shareholder servicing and/or distribution fee is conditioned on a broker providing the following ongoing services with respect to the Class S or Class D shares: assistance with recordkeeping, answering investor inquiries regarding the Company, including regarding distribution payments and reinvestments, helping investors understand their investments upon their request, and assistance with share repurchase requests. If the applicable broker is not eligible to receive the shareholder servicing and/or distribution fee due to failure to provide these services, the Intermediary Manager will waive the shareholder servicing fee and/or distribution that broker would have otherwise been eligible to receive. The shareholder servicing and/or distribution fees are ongoing fees that are not paid at the time of purchase.

For the three months ended March 31, 2025, the Company accrued distribution and shareholder servicing fees of $28.1 million and $0.4 million, which were attributable to Class S and Class D shares, respectively.

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Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

For the three months ended March 31, 2024, the Company accrued distribution and shareholder servicing fees of $21.4 million and $0.3 million, which were attributable to Class S and Class D shares, respectively.

Expense Support and Conditional Reimbursement Agreement

On October 5, 2020, the Company entered into an Expense Support and Conditional Reimbursement Agreement (the “Expense Support Agreement”) with the Sub-Adviser pursuant to which the Sub-Adviser may elect to pay certain expenses of the Company on the Company’s behalf (each, an “Expense Payment”), provided that no portion of the payment will be used to pay any interest expense or shareholder servicing and/or distribution fees of the Company. Any Expense Payment that the Sub-Adviser has committed to pay must be paid by the Sub-Adviser to the Company in any combination of cash or other immediately available funds no later than forty-five days after such commitment was made in writing, or offset against amounts due from the Company to the Sub-Adviser or its affiliates.

Pursuant to the Expense Support Agreement, following any calendar month in which Available Operating Funds (as defined below) exceed the cumulative distributions accrued to the Company’s shareholders based on distributions declared with respect to record dates occurring in such calendar month (the amount of such excess being hereinafter referred to as “Excess Operating Funds”), the Company shall pay such Excess Operating Funds, or a portion thereof, to the Sub-Adviser until such time as all Expense Payments made by the Sub-Adviser to the Company within three years prior to the last business day of such calendar month have been reimbursed. Any payments required to be made by the Company to the Sub-Adviser are referred to herein as a “Reimbursement Payment.” “Available Operating Funds” means the sum of (i) the Company’s net investment company taxable income (including net short-term capital gains reduced by net long-term capital losses), (ii) the Company’s net capital gains (including the excess of net long-term capital gains over net short-term capital losses) and (iii) dividends and other distributions paid to the Company on account of investments in portfolio companies (to the extent such amounts listed in clause (iii) are not included under clauses (i) and (ii) above).

The Company’s obligation to make a Reimbursement Payment shall automatically become a liability of the Company on the last business day of the applicable calendar month, except to the extent the Sub-Adviser has waived its right to receive such payment for the applicable month.

For the three months ended March 31, 2025 and 2024, the Sub-Adviser made no Expense Payments and there were no Reimbursement Payments made to the Sub-Adviser.

Controlled/Affiliated Portfolio Companies

Under the 1940 Act, the Company is required to separately identify non-controlled investments where it owns 5% or more of a portfolio company’s outstanding voting securities and/or has the power to exercise control over the management or policies of such portfolio company as investments in “affiliated” companies. In addition, under the 1940 Act, the Company is required to separately identify investments where it owns more than 25% of a portfolio company’s outstanding voting securities and/or has the power to exercise control over the management or policies of such portfolio company as investments in “controlled” companies. Under the 1940 Act, “non-affiliated investments” are defined as investments that are neither controlled investments nor affiliated investments. Detailed information with respect to the Company’s non-controlled, non-affiliated; non-controlled, affiliated; and controlled affiliated investments is contained in the accompanying condensed consolidated financial statements, including the Condensed Consolidated Schedule of Investments.

On October 11, 2021, a wholly-owned subsidiary of the Company and a third-party investor entered into a limited liability company agreement with SLC. SLC is a specialty finance company focused on investing in consumer credit and is led by a management team with deep expertise in the consumer finance industry. The investment in SLC allows the Company to gain exposure to a different asset class than its core investing focus of senior secured lending to U.S. private companies. As of March 31, 2025 and December 31, 2024, the wholly-owned subsidiary of the Company had committed $405.0 million. As of March 31, 2025 and December 31, 2024, $59.8 million and $72.4 million of capital remained uncalled from the Company, respectively. The Company does not consolidate its equity interest in SLC.

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Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

In addition, the Company has made investments in joint ventures that have been considered controlled/affiliated companies, including Emerald JV and Verdelite JV. From time to time, the Company may purchase investments from or sell investments to Emerald JV and Verdelite JV. For further description of the Emerald JV and Verdelite JV, see “Note 11. Joint Ventures.”

Note 4. Investments

The composition of the Company’s investment portfolio at cost and fair value was as follows:


	March 31, 2025						December 31, 2024
	Cost		Fair Value		% of Total Investments at Fair Value		Cost		Fair Value		% of Total Investments at Fair Value
First lien debt	$	62,860,907	$	62,292,200	90.0	%	$	62,076,029	$	61,455,274	89.8	%
Second lien debt	2,920,746		2,848,873		4.0		2,790,046		2,723,460		3.9
Unsecured debt	51,570		51,508		0.1		179,863		177,801		0.3
Structured finance obligations - debt instruments	536,464		536,456		0.8		582,324		590,509		0.9
Structured finance obligations - equity instruments	190,870		191,459		0.3		137,250		141,139		0.2
Investments in joint ventures	1,932,706		1,849,785		2.7		1,932,706		1,914,411		2.8
Equity and other (1)(2)	1,290,888		1,419,422		2.1		1,287,453		1,417,183		2.1
Total	$	69,784,151	$	69,189,703	100.0	%	$	68,985,671	$	68,419,777	100.0	%

(1)Includes equity investment in SLC.

(2)“Other” includes warrants.

The industry composition of investments at fair value was as follows:


	March 31, 2025		December 31, 2024
Aerospace & Defense	1.4	%	1.2	%
Air Freight & Logistics	1.8		1.8
Airlines (2)(3)	0.0		0.0
Auto Components (2)(3)	0.0		0.0
Beverages	0.1		0.1
Biotechnology (2)(3)	0.0		0.0
Broadline Retail (2)(3)	0.0		0.0
Building Products	1.3		1.3
Capital Markets	0.3		0.3
Chemicals	0.4		0.4
Commercial Services & Supplies	6.6		6.1
Construction & Engineering	1.1		1.1
Construction Materials (2)(3)	0.0		0.0
Containers & Packaging	0.2		0.2
Distributors	0.8		0.9
Diversified Consumer Services	3.2		3.3

Diversified REITs (2)(3)	0.0		0.0
Diversified Telecommunication Services	0.4		0.4
Electric Utilities	0.2		0.2
Electrical Equipment	0.8		0.8
Electronic Equipment, Instruments & Components	1.1		1.1

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(in thousands, except share amounts, per share data, percentages and as otherwise noted)


	March 31, 2025		December 31, 2024
Energy Equipment & Services	0.1	%	0.1	%
Entertainment (2)(3)	0.0		0.0
Financial Services (1)	2.4		2.3
Food Products (2)(3)	0.0		0.0
Ground Transportation	0.2		0.2
Health Care Equipment & Supplies	1.1		1.1
Health Care Providers & Services	8.8		9.3
Health Care Technology	5.2		4.6
Hotels, Restaurants & Leisure	0.2		0.2
Household Durables	0.1		0.1
Industrial Conglomerates	0.3		0.3
Insurance	7.1		7.0
Interactive Media & Services	1.0		0.9
Internet & Direct Marketing Retail	0.8		1.5
Investments in Joint Ventures	2.7		2.8
IT Services	5.2		4.7
Life Sciences Tools & Services	0.7		0.6
Machinery	0.3		0.3
Marine	0.4		0.4
Media	0.5		0.5
Metals & Mining (2)(3)	0.0		0.0
Oil, Gas & Consumable Fuels	0.4		0.5
Paper & Forest Products	0.1		0.1
Pharmaceuticals	0.8		0.8
Professional Services	10.9		10.9
Real Estate Management & Development	1.0		1.0

Software	26.8		27.3
Specialty Retail	0.2		0.2
Technology Hardware, Storage & Peripherals	0.1		0.1

Trading Companies & Distributors	0.5		0.5
Transportation Infrastructure	2.2		2.4
Wireless Telecommunication Services	0.2		0.1
Total	100.0	%	100.0	%

(1)Includes equity investment in SLC.

(2)Amount rounds to less than 0.1% as of March 31, 2025.

(3)Amount rounds to less than 0.1% as of December 31, 2024.

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(in thousands, except share amounts, per share data, percentages and as otherwise noted)

The geographic composition of investments at cost and fair value was as follows:


	March 31, 2025
	Cost		Fair Value		% of Total Investments at Fair Value		Fair Value as % of Net Assets
United States	$	59,371,657	$	58,852,585	85.0	%	140.8	%
Europe	8,197,670		8,151,918		11.8		19.5
Bermuda/Cayman Islands	1,635,310		1,642,561		2.4		3.9
Canada	521,975		486,704		0.7		1.2
Asia	35,233		35,161		0.1		0.1
Australia/New Zealand	22,306		20,774		0.0		0.0
Total	$	69,784,151	$	69,189,703	100.0	%	165.5	%


	December 31, 2024
	Cost		Fair Value		% of Total Investments at Fair Value		Fair Value as % of Net Assets
United States	$	58,715,654	$	58,382,736	85.3	%	150.3	%
Europe	7,973,168		7,763,312		11.3		20.0
Bermuda/Cayman Islands	1,620,670		1,634,770		2.4		4.2
Canada	618,302		582,731		0.9		1.5
Asia	35,315		35,496		0.1		0.1
Australia/New Zealand	22,562		20,732		0.0		0.1
Total	$	68,985,671	$	68,419,777	100.0	%	176.2	%

As of March 31, 2025 and December 31, 2024, six borrowers (across eight loans) and nine borrowers (across twelve loans) in the portfolio were on non-accrual status, respectively.

As of March 31, 2025 and December 31, 2024, on a fair value basis, 99.7% and 99.7%, respectively, of performing debt investments bore interest at a floating rate and 0.3% and 0.3%, respectively, of performing debt investments bore interest at a fixed rate.

Note 5. Fair Value Measurements

The following tables present the fair value hierarchy of financial instruments:


	March 31, 2025
	Level 1		Level 2		Level 3		Total
First lien debt	$	—	$	4,868,679	$	57,423,521	$	62,292,200
Second lien debt	—		589,932		2,258,941		2,848,873
Unsecured debt	—		21,055		30,453		51,508
Structured finance obligations - debt instruments	—		—		536,456		536,456
Structured finance obligations - equity instruments	—		—		191,459		191,459
Equity and other (1)(2)	62,993		452		1,355,977		1,419,422

Total	62,993		5,480,118		61,796,807		67,339,918
Investments Measured at NAV (3)	—		—		—		1,849,785


Total investments	$	62,993	$	5,480,118	$	61,796,807	$	69,189,703

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(in thousands, except share amounts, per share data, percentages and as otherwise noted)


	December 31, 2024
	Level 1		Level 2		Level 3		Total
First lien debt	$	—	$	4,300,303	$	57,154,971	$	61,455,274
Second lien debt	—		635,141		2,088,319		2,723,460
Unsecured debt	—		20,686		157,115		177,801
Structured finance obligations - debt instruments	—		—		590,509		590,509
Structured finance obligations - equity instruments	—		—		141,139		141,139
Equity and other (1)(2)	66,050		376		1,350,757		1,417,183
Total	66,050		4,956,506		61,482,810		66,505,366
Investments Measured at NAV (3)	—		—		—		1,914,411
Total investments	$	66,050	$	4,956,506	$	61,482,810	$	68,419,777

(1)Includes equity investment in SLC.

(2)“Other” includes warrants.

(3)Includes investments in the Emerald JV and Verdelite JV (refer to Note 11). Certain investments that are measured at fair value using the NAV practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Condensed Consolidated Statements of Assets and Liabilities.

Within Investments at fair value, substantially all Equity investments are illiquid and privately negotiated in nature and are subject to contractual sale constraints or other restrictions pursuant to their respective governing or similar agreements. Approximately $60.1 million of such Equity investments have a sale constraint or other restriction that will lapse after a predetermined date; the weighted average remaining duration of such restrictions is 0.9 years. For information regarding restrictions on investment in joint ventures, see “Note 11. Joint Ventures.”

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(in thousands, except share amounts, per share data, percentages and as otherwise noted)

The following tables present changes in the fair value of financial instruments for which Level 3 inputs were used to determine the fair value:


	Three Months Ended March 31, 2025
	First Lien Debt		Second Lien Debt		Unsecured Debt		Structured Finance Obligations - Debt Instruments		Structured Finance Obligations - Equity Instruments		Equity and other (2)		Total
Fair value, beginning of period	$	57,154,971	$	2,088,319	$	157,115	$	590,509	$	141,139	$	1,350,757	$	61,482,810
Purchases of investments	4,157,266		179,197		1,025		28,846		68,928		27,297		4,462,559
Proceeds from principal repayments and sales of investments	(3,169,713)		(13,012)		(129,371)		(75,321)		(15,301)		(39,892)		(3,442,610)
Accretion of discount/(amortization of premium)	62,068		1,277		22		83		(8)		453		63,895
Net realized gain (loss)	(3,658)		1		—		532		—		15,577		12,452
Net change in unrealized appreciation (depreciation)	49,112		3,159		1,662		(8,193)		(3,299)		1,785		44,226
Transfers into Level 3 (1)	92,397		—		—		—		—		—		92,397
Transfers out of Level 3 (1)	(918,922)		—		—		—		—		—		(918,922)
Fair value, end of period	$	57,423,521	$	2,258,941	$	30,453	$	536,456	$	191,459	$	1,355,977	$	61,796,807
Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of March 31, 2025 included in net change in unrealized appreciation (depreciation) on the Condensed Consolidated Statements of Operations	$	52,655	$	3,159	$	(33)	$	(7,357)	$	(3,300)	$	11,481	$	56,605

(1)For the three months ended March 31, 2025, transfers into or out of Level 3 were primarily due to decreased or increased price transparency.

(2)“Other” includes warrants.

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(in thousands, except share amounts, per share data, percentages and as otherwise noted)


	Three Months Ended March 31, 2024
	First Lien Debt		Second Lien Debt		Unsecured Debt		Structured Finance Obligations		Equity		Total
Fair value, beginning of period	$	41,336,737	$	926,865	$	18,171	$	365,899	$	857,251	$	43,504,923
Purchases of investments	2,505,473		1,140		7,957		7,708		52,051		2,574,329
Proceeds from principal repayments and sales of investments	(526,201)		(212,013)		—		(18,250)		—		(756,464)
Accretion of discount/(amortization of premium)	36,993		3,652		18		210		—		40,873
Net realized gain (loss)	(972)		—		—		(3)		—		(975)
Net change in unrealized appreciation (depreciation)	(6,340)		973		257		6,381		(8,262)		(6,991)
Transfers into Level 3 (1)	128,478		90,763		—		—		—		219,241
Transfers out of Level 3 (1)	(1,990)		(16,695)		—		—		(1,212)		(19,897)
Fair value, end of period	$	43,472,178	$	794,685	$	26,403	$	361,945	$	899,828	$	45,555,039
Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of March 31, 2024 included in net change in unrealized appreciation (depreciation) on the Condensed Consolidated Statements of Operations	$	(6,776)	$	3,575	$	247	$	5,863	$	(8,262)	$	(5,353)

(1)For the three months ended March 31, 2024, transfers into or out of Level 3 were primarily due to decreased or increased price transparency.

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(in thousands, except share amounts, per share data, percentages and as otherwise noted)

The following tables present quantitative information about the significant unobservable inputs of the Company’s Level 3 financial instruments. These tables are not intended to be all-inclusive but instead capture the significant unobservable inputs relevant to the Company’s determination of fair value.


	March 31, 2025
					Range
	Fair Value		Valuation Technique	Unobservable Input	Low		High		Weighted Average (1)
Investments in first lien debt	$	56,498,956	Yield Analysis	Discount Rate	3.26	%	24.01	%	9.64	%
	381,556		Asset Recoverability	Market Multiple	8.00x		10.25x		9.50x
	337,459		Market Quotations	Broker Quoted Price	97.00		100.75		99.98
	196,653		Transaction Price	N/A
	8,897		Asset Recoverability	N/A
	57,423,521
Investments in second lien debt	2,256,874		Yield Analysis	Discount Rate	7.03	%	27.59	%	10.45	%
	2,067		Asset Recoverability	Market Multiple	8.75x		8.75x		8.75x
	2,258,941
Investments in unsecured debt	30,453		Yield Analysis	Discount Rate	13.05 %		13.89 %		13.65 %
Investments in structured finance obligations - debt instruments	536,456		Market Quotations	Broker Quoted Price	89.65		102.34		99.44
Investments in structured finance obligations - equity instruments	191,459		Market Quotations	Broker Quoted Price	22.64		101.59		84.47
Investments in equity and other (2)	652,884		Yield Analysis	Discount Rate	7.88	%	35.01	%	12.54	%
	336,289		Asset Recoverability	N/A
	289,235		Market Approach	Performance Multiple	6.40x		29.68x		20.19x
	45,993		Asset Recoverability	Market Multiple	8.75x		10.25x		10.17x

	26,144		Option Pricing Model	Expected Volatility	32.00	%	70.50	%	41.43	%
	5,432		Transaction Price	N/A
	1,355,977
Total	$	61,796,807

(1)Weighted averages are calculated based on fair value of investments.

(2)“Other” includes warrants.

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(in thousands, except share amounts, per share data, percentages and as otherwise noted)


	December 31, 2024
					Range
	Fair Value		Valuation Technique	Unobservable Input	Low		High		Weighted Average (1)
Investments in first lien debt	$	56,304,438	Yield Analysis	Discount Rate	3.20	%	22.67	%	9.85	%
	438,689		Market Quotations	Broker Quoted Price	66.93		101.25		99.51
	405,666		Asset Recoverability	Market Multiple	4.75x		10.75x		9.90x
	6,178		Asset Recoverability	Discount Rate	10.33	%	10.92	%	10.36	%
	57,154,971
Investments in second lien debt	2,088,319		Yield Analysis	Discount Rate	8.76	%	26.68	%	10.79	%


Investments in unsecured debt	157,115		Yield Analysis	Discount Rate	7.71 %		13.94 %		8.83 %
Investments in structured finance obligations - debt instruments	590,509		Market Quotations	Broker Quoted Price	92.45		104.21		100.78
Investments in structured finance obligations - equity instruments	141,139		Market Quotations	Broker Quoted Price	21.89		100.00		87.10
Investments in equity and other (2)	668,930		Yield Analysis	Discount Rate	9.54	%	28.84	%	13.58	%
	314,967		Asset Recoverability	N/A	100.00	%	100.00	%	100.00	%
	282,542		Market Approach	Performance Multiple	2.30x		30.00x		18.87x
	46,923		Asset Recoverability	Market Multiple	10.50x		10.50x		10.50x
	29,559		Option Pricing Model	Expected Volatility	23.50	%	70.50	%	36.00	%

	7,836		Transaction Price	N/A

	1,350,757
Total	$	61,482,810

(1)Weighted averages are calculated based on fair value of investments.

(2)“Other” includes warrants.

The significant unobservable input used in the yield analysis is the discount rate based on comparable market yields. Significant increases in discount rates would result in a significantly lower fair value measurement. The significant unobservable input used for market quotations are broker quoted prices provided by independent pricing services. The significant unobservable input used under the market approach is the Performance Multiple. The significant unobservable inputs used under the asset recoverability approach are the market multiple and discount rate. Significant decreases in quoted prices, Performance Multiples, or market multiples would result in a significantly lower fair value measurement. The significant input used in the option pricing model is expected volatility. Significant increases or decreases in expected volatility could result in a significantly higher or significantly lower fair market value measurement, respectively.

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(in thousands, except share amounts, per share data, percentages and as otherwise noted)

Financial Instruments Not Carried at Fair Value

Debt

The following table presents the fair value measurements of the Company’s debt obligations as of March 31, 2025 and December 31, 2024 had they been accounted for at fair value:


	March 31, 2025		December 31, 2024
	Fair Value		Fair Value
Bard Peak Funding Facility	$	1,224,333	$	1,000,298
Castle Peak Funding Facility	1,259,016		1,194,401
Summit Peak Funding Facility	957,248		952,105
Denali Peak Funding Facility	562,800		562,800
Bushnell Peak Funding Facility	500,300		480,300
Granite Peak Funding Facility	—		493,554
Middle Peak Funding Facility	770,000		750,000
Bison Peak Funding Facility	1,297,200		1,203,200
Blanca Peak Funding Facility	1,375,090		1,375,090
Windom Peak Funding Facility	1,109,458		1,029,841
Monarch Peak Funding Facility	805,000		750,000
Meridian Peak Funding Facility	36,000		246,000
Haydon Peak Funding Facility	187,000		250,000
Bear Peak Funding Facility	171,444		164,816
Phoenix Peak Funding Facility	205,811		197,736
Revolving Credit Facility	1,677,196		4,639,587
2026 Notes	389,440		384,560
May 2027 Notes	632,063		624,500
October 2027 Notes	356,685		357,070
March 2031 Notes	492,740		—
March 2033 Notes	490,295		—
December 2026 Notes	1,197,625		1,191,500
November 2026 Eurobonds	527,566		499,280
March 2027 Notes	964,000		957,000
January 2025 Notes	—		499,490
January 2029 Notes	617,370		614,770
March 2025 Notes	—		898,740
April 2026 UK Bonds	319,934		308,406
September 2025 Notes	808,000		811,920
November 2028 Notes	687,700		526,100
January 2031 Notes	508,600		508,650
July 2029 Notes	505,650		503,550
September 2027 Notes	396,280		395,320
April 2030 Notes	390,680		389,240
November 2029 Notes	396,800		395,160
November 2034 Notes	770,160		781,120
January 2032 Notes	992,000		—
2021-1 BSL Notes	663,000		663,000
MML 2021-1 Debt	690,000		690,000
MML 2022-1 Debt	759,000		759,000

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(in thousands, except share amounts, per share data, percentages and as otherwise noted)


	March 31, 2025		December 31, 2024
	Fair Value		Fair Value
2022-1 BSL Debt	$	420,000	$	420,000
2021-2 Notes	505,800		505,800
MML 2022-2 Debt	299,761		300,373
2023-1 Notes	307,198		308,039
2024-1 Notes	244,039		244,264
2024-2 Notes	305,067		305,035
2025-1 Notes	883,811		—
2025-1 Lender Finance	890,000		—
Short-Term Borrowings	401,321		420,829
Total	$	29,950,481	$	30,552,444

The following table presents the categorization of the Company’s debt obligations as of March 31, 2025 and December 31, 2024 had they been accounted for at fair value within the fair value hierarchy:


	March 31, 2025		December 31, 2024
Level 1	$	—	$	—
Level 2	—		—
Level 3	29,950,481		30,552,444
Total debt	$	29,950,481	$	30,552,444

Other Assets and Liabilities

As of March 31, 2025 and December 31, 2024, the carrying amounts of the Company’s other assets and liabilities, other than investments at fair value and debt obligations listed above, approximate fair value due to their short maturities. These financial instruments would be categorized as Level 3 within the fair value hierarchy.

Note 6. Derivatives

The Company enters into derivative financial instruments in the normal course of business to achieve certain risk management objectives, including managing its foreign currency and interest rate risk exposures.

The fair value of foreign currency and interest rate derivative contracts are included within Derivative assets at fair value and Derivative liabilities at fair value, respectively, in the Condensed Consolidated Statements of Assets and Liabilities.

The following tables present the aggregate notional amount and fair value hierarchy of the Company’s derivative financial instruments as of March 31, 2025 and December 31, 2024:

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(in thousands, except share amounts, per share data, percentages and as otherwise noted)


	March 31, 2025
	Level 1		Level 2		Level 3		Total Fair Value		Notional
Derivative Assets
Foreign currency forward contracts	$	—	$	5,303	$	—	$	5,303	$	2,313,092
Interest rate swaps	—		68,286		—		68,286		4,650,000
Total Derivative assets at fair value	$	—	$	73,589	$	—	$	73,589	$	6,963,092
Cash collateral received							$	—

Derivative Liabilities
Foreign currency forward contracts	$	—	$	(6,299)	$	—	$	(6,299)	$	306,512
Interest rate swaps	—		(62,793)		—		(62,793)		4,347,937
Total Derivative liabilities at fair value	$	—	$	(69,092)	$	—	$	(69,092)	$	4,654,449
Cash collateral posted							$	233,859


	December 31, 2024
	Level 1		Level 2		Level 3		Total Fair Value		Notional
Derivative Assets
Foreign currency forward contracts	$	—	$	11,793	$	—	$	11,793	$	781,169
Interest rate swaps	—		4,683		—		4,683		1,000,000
Total Derivative assets at fair value	$	—	$	16,476	$	—	$	16,476	$	1,781,169
Cash collateral received							$	—

Derivative Liabilities
Foreign currency forward contracts	$	—	$	—	$	—	$	—	$	—
Interest rate swaps	—		(126,281)		—		(126,281)		7,237,975
Total Derivative liabilities at fair value	$	—	$	(126,281)	$	—	$	(126,281)	$	7,237,975
Cash collateral posted							$	253,890

In the tables above:

•The fair value of derivative assets and derivative liabilities is presented on a gross basis.

•The notional amount represents the absolute value amount of all outstanding derivative contracts.

•All foreign currency derivatives are not designated in hedge relationships.

•All interest rate swaps are designated in fair value hedge relationships.

•The Company has not applied counterparty netting or collateral netting; as such, the amounts of cash collateral received and posted are not offset against the derivative assets and derivative liabilities in the Condensed Consolidated Statements of Assets and Liabilities.

The table below presents the impact to the Condensed Consolidated Statements of Operations from derivative assets and derivative liabilities not designated in a qualifying hedge accounting relationship for the three month periods ended March 31, 2025 and March 31, 2024, respectively. The net change in unrealized gains and losses on the derivative assets and derivative liabilities not designated in a qualifying hedge accounting relationship are included within Net change in unrealized appreciation (depreciation) on derivative instruments in the Condensed Consolidated Statements of Operations. The net realized gains and losses on the derivative assets and derivative liabilities not designated in a qualifying hedge accounting relationship are included within Net realized gain (loss) on derivative instruments in the Condensed Consolidated Statements of Operations.

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(in thousands, except share amounts, per share data, percentages and as otherwise noted)


	For the Three Months Ended March 31,
	2025		2024
Unrealized appreciation (depreciation)
Foreign currency forward contracts	$	(12,789)	$	21,621
Net change in unrealized appreciation (depreciation)	$	(12,789)	$	21,621
Realized gain (loss)
Foreign currency forward contracts	$	(19,413)	$	(6,397)

Net realized gain (loss)	$	(19,413)	$	(6,397)

Hedging

The Company designated certain interest rate swaps as the hedging instrument in a qualifying fair value hedge accounting relationship.

The table below presents the impact to the Condensed Consolidated Statements of Operations from derivative assets and liabilities designated in a qualifying hedge accounting relationship for the three-month periods ended March 31, 2025 and March 31, 2024, respectively.

For derivative instruments designated in qualifying hedge relationships, the change in fair value of the hedging instrument and hedged item is recorded in Interest expense and recognized as components of Interest expense in the Condensed Consolidated Statements of Operations.


	For the Three Months Ended March 31,
	2025		2024
Interest rate swaps	$	127,092	$	(39,877)
Hedged items	$	(125,175)	$	39,182

The table below presents the carrying value of unsecured borrowings as of March 31, 2025 and December 31, 2024 that are designated in a qualifying hedging relationship and the related cumulative hedging adjustment (increase/(decrease)) from current and prior hedging relationships included in such carrying values:


	March 31, 2025				December 31, 2024
Description	Carrying Value		Cumulative Hedging Adjustments		Carrying Value		Cumulative Hedging Adjustments
Unsecured notes	$	8,867,875	$	5,806	$	8,019,278	$	(119,369)

Note 7. Borrowings

In accordance with the 1940 Act, with certain limitations, the Company is allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing. On August 26, 2020, the Company’s sole initial shareholder approved the adoption of this 150% threshold pursuant to Section 61(a)(2) of the 1940 Act. As of March 31, 2025 and December 31, 2024, the Company’s asset coverage was 238.9% and 226.5%, respectively.

SPV Financing Facilities

The following wholly-owned subsidiaries of the Company have entered into secured financing facilities as described below: Bard Peak Funding, Castle Peak Funding, Summit Peak Funding, Denali Peak Funding, Bushnell Peak Funding, Granite Peak Funding, Middle Peak Funding, Bison Peak Funding, Blanca Peak Funding, Windom Peak Funding, Monarch Peak Funding, Meridian Peak Funding, Haydon Peak Funding, Bear Peak Funding and Phoenix Peak Funding, which are collectively referred to as the “SPVs,” and such secured financing facilities described below are collectively referred to as the “SPV Financing Facilities.”

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(in thousands, except share amounts, per share data, percentages and as otherwise noted)

The obligations of each SPV to the lenders under the applicable SPV Financing Facility are secured by a first priority security interest in all of the applicable SPV’s portfolio investments and cash. The obligations of each SPV under the applicable SPV Financing Facility are non-recourse to the Company, and the Company’s exposure to the credit facility is limited to the value of its investment in the applicable SPV.

In connection with the SPV Financing Facilities, the applicable SPV has made certain customary representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar facilities. Each SPV Financing Facility contains customary events of default for similar financing transactions, including if a change of control of the applicable SPV occurs. Upon the occurrence and during the continuation of an event of default, the lenders under the applicable SPV Financing Facility may declare the outstanding advances and all other obligations under the applicable SPV Financing Facility immediately due and payable. The occurrence of an event of default triggers a requirement that the applicable SPV obtain the consent of the lenders under the applicable SPV Financing Facility prior to entering into any sale or disposition with respect to portfolio investments.

As of March 31, 2025, and December 31, 2024, the Company was in compliance with all covenants and other requirements of each of the SPV Financing Facilities.

Bard Peak Funding Facility

On March 15, 2021, Bard Peak Funding entered into a senior secured revolving credit facility (the “Bard Peak Funding Facility”) with BNP Paribas (“BNPP”). BNPP serves as administrative agent, Wells Fargo Bank, National Association (“Wells Fargo”), serves as collateral agent, and the Company serves as servicer under the Bard Peak Funding Facility.

Advances under the Bard Peak Funding Facility bear interest at a per annum rate equal to the benchmark in effect for the currency of the applicable advance (which, in the case of dollar advances until June 30, 2023, was three-month LIBOR, from June 30, 2023 until May 14, 2024, was three month term SOFR plus a 0.26% spread adjustment, and from and after May 15, 2024, is one month term SOFR), plus an applicable margin of, prior to May 15, 2024, 1.55% to 2.15% per annum depending on the nature of the advances being requested under the credit facility, subject to a floor of 1.85%. From May 15, 2024 until October 7, 2024, the applicable margin on all outstanding advances was 2.15% per annum. From October 8, 2024 until December 16, 2024, the applicable margin on all outstanding advances was 2.00% per annum. From December 17, 2024, the applicable margin on all advances is 1.90% per annum. From and after May 15, 2027, the applicable margin on all outstanding advances will be 2.40% per annum. Until June 15, 2024, Bard Peak Funding paid a commitment fee of 0.90% per annum if the unused facility amount was greater than 50% or 0.35% per annum if the unused facility amount was less than or equal to 50% and greater than 25%, based on the average daily unused amount of the financing commitments. From and after June 15, 2024, Bard Peak Funding pays a commitment fee ranging from 0.70% to 2.15% per annum based on the daily unused amount of the financing commitments to the extent in excess of 25%, in addition to certain other fees as agreed between Bard Peak Funding and BNPP.

Proceeds from borrowings under the credit facility may be used to fund portfolio investments by Bard Peak Funding and to make advances under delayed draw term loans and revolving loans where Bard Peak Funding is a lender.

The period during which Bard Peak Funding may make borrowings under the Bard Peak Funding Facility expires on May 15, 2027, and the Bard Peak Funding Facility will mature and all amounts outstanding under the facility must be repaid by May 15, 2029.

Castle Peak Funding Facility

On January 8, 2021, Castle Peak Funding entered into a senior secured revolving credit facility (the “Castle Peak Funding Facility”) with Citibank, N.A. (“Citi”). Citi serves as administrative agent, Wilmington Trust, National Association (“Wilmington Trust”), serves as collateral agent, custodian and collateral administrator and the Company serves as collateral manager under the Castle Peak Funding Facility.

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Prior to January 4, 2024, advances under the Castle Peak Funding Facility bore interest at a per annum rate equal to the benchmark for the currency of the applicable advance (which is the three-month term SOFR rate for dollar advances) plus an applicable margin of 1.70% to 2.20% per annum depending on the nature of the advances being requested. Effective January 4, 2024, advances under the Castle Peak Funding Facility bore interest at a per annum rate equal to the benchmark for the currency of the applicable advance (which is the three-month term SOFR rate for dollar advances) plus an applicable margin of 1.85% to 2.35% per annum depending on the nature of the advances being requested. Effective September 25, 2024, advances under the Castle Peak Funding Facility bear interest at a per annum rate equal to the benchmark for the currency of the applicable advance (which is the three-month term SOFR rate for dollar advances) plus an applicable margin of 1.60% to 2.50% per annum depending on the nature of the advances being requested. After the expiration of the reinvestment period, the applicable margin on outstanding advances will be increased by 1.00% per annum. Prior to September 25, 2024, Castle Peak Funding paid a commitment fee of 1.85% per annum if the unused facility amount was greater than 30% or 0.50% per annum if the unused facility amount was less than or equal to 30% and greater than 10%, based on the average daily unused amount of the financing commitments. Effective September 25, 2024, Castle Peak Funding pays a commitment fee of 1.90% per annum if the unused facility amount is greater than 35% or 0.90% per annum if the unused facility amount is less than or equal to 35% and greater than 15%, 0.25% per annum if the unused facility amount is less than or equal to 15% and greater than 5%, and 0.00% per annum if the unused facility amount is less than or equal to 5%, in each case based on the average daily unused amount of the financing commitments until the expiration of the reinvestment period, in addition to certain other fees as agreed between Castle Peak Funding and Citi.

Proceeds from borrowings under the Castle Peak Funding Facility may be used to fund portfolio investments by Castle Peak Funding and to make advances under revolving loans or delayed draw term loans where Castle Peak Funding is a lender.

The period during which Castle Peak Funding may make borrowings under the Castle Peak Funding Facility expires on January 6, 2028, and the Castle Peak Funding Facility will mature and all amounts outstanding under the facility must be repaid by January 7, 2030.

Summit Peak Funding Facility

On March 3, 2021, Summit Peak Funding entered into a senior secured revolving credit facility (“Summit Peak Funding Facility”) with Société Générale (“SG”). SG serves as agent, Wilmington Trust serves as collateral agent, custodian and collateral administrator and the Company serves as servicer under the Summit Peak Funding Facility.

Prior to March 12, 2024, advances under the Summit Peak Funding Facility bore interest at a blended per annum rate equal to the benchmark for the currency of the applicable advance (which was the three-month term SOFR rate for dollar advances), plus an applicable margin of 1.50% to 2.30% per annum depending on the nature of the advances being requested with such blended rate subject to a floor of 2.00% per annum for certain foreign currency advances and 2.15% per annum for USD advances. Effective March 12, 2024, advances under the Summit Peak Funding Facility bear interest at a per annum rate equal to the benchmark for the currency of the applicable advance (which is three-month term SOFR rate for dollar advances) plus an applicable margin of 2.20% per annum. Prior to March 12, 2024, Summit Peak Funding paid a commitment fee of 0.40% per annum if the unused facility amount was greater than 25% based on the average daily unused amount of the financing commitments. Effective March 12, 2024, Summit Peak Funding pays a commitment fee ranging from 0.25% per annum to 1.25% per annum based on the daily unused amount of the financing commitments, which fee may increase from and after March 12, 2025, to a rate equal to 2.20% per annum on unused amounts below a minimum percentage of the financing commitments. Summit Peak Funding also pays an administrative agency fee to SG, in addition to certain other fees as agreed between Summit Peak Funding and SG.

Proceeds from borrowings under the Summit Peak Funding Facility may be used to fund portfolio investments by Summit Peak Funding and to make advances under revolving loans or delayed draw term loans where Summit Peak Funding is a lender.

The period during which Summit Peak Funding may make borrowings under the Summit Peak Funding Facility expires on March 12, 2027, and the Summit Peak Funding Facility will mature and all amounts outstanding under the facility must be repaid by March 12, 2029.

On May 6, 2025, the Summit Peak Funding Facility was amended. For further detail on the amendment, see “Note 13. Subsequent Events.”

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Denali Peak Funding Facility

Denali Peak Funding is party to a senior secured revolving credit facility (the “Denali Peak Funding Facility”), dated as of October 11, 2018, with Deutsche Bank AG, New York Branch (“DB”). DB serves as agent, U.S. Bank serves as collateral agent and collateral custodian and Twin Peaks serves as servicer under the Denali Peak Funding Facility. BCRED

acquired Twin Peaks and Denali Peak Funding (inclusive of their respective obligations under the Denali Peak Funding

Facility) on March 5, 2021.

Prior to April 4, 2023, advances under the Denali Peak Funding Facility bore interest at a per annum rate equal to the benchmark for the currency of the applicable advance (which was three-month LIBOR for dollar advances), plus the applicable margin of 1.95% per annum. As of April 4, 2023, advances under the Denali Peak Funding Facility bear interest at a per annum rate equal to the benchmark for the currency of the applicable advance (which for dollar advances, is three-month term SOFR plus, prior to September 26, 2024, a spread adjustment of 0.15% per annum), plus an applicable margin of 1.95% per annum. After September 30, 2026, the applicable margin on outstanding advances will increase by 0.10% per annum. Denali Peak Funding is required to utilize a minimum percentage of the financing commitments, with unused amounts below such minimum utilization amount accruing a fee at a rate equal to the applicable margin described above. In addition, prior to September 26, 2024, Denali Peak Funding paid an unused commitment fee of 0.25% per annum on the unused facility amount in excess of such minimum utilization amount. Effective December 26, 2024, Denali Peak Funding pays an unused commitment fee of 0.25% per annum on the unused facility amount in excess of such minimum utilization amount, plus, from and after March 26, 2025, an additional unused commitment fee of 0.25% on the unused facility amount in excess of such minimum utilization percentage if advances outstanding are below the minimum utilization percentage. Denali Peak Funding also pays an administrative agency fee to DB, in addition to certain other fees, each as agreed between Denali Peak Funding and DB.

Proceeds from borrowings under the Denali Peak Funding Facility may be used to fund portfolio investments by Denali Peak Funding and to make advances under revolving loans where Denali Peak Funding is a lender.

The period during which Denali Peak Funding may make borrowings under the Denali Peak Funding Facility expires on September 30, 2026, and the Denali Peak Funding Facility will mature and all amounts outstanding under the facility must be repaid by October 2, 2028.

Bushnell Peak Funding Facility

On May 12, 2021, Bushnell Peak Funding entered into a senior secured revolving credit facility (the “Bushnell Peak Funding Facility”) with Bank of America, N.A. (“Bank of America”). Bank of America serves as administrative agent, Wells Fargo serves as collateral administrator and the Company serves as investment adviser under the Bushnell Peak Funding Facility.

Prior to April 25, 2023, advances under the Bushnell Peak Funding Facility bore interest at a per annum rate equal to the benchmark for the currency of the applicable advance (which was the daily floating LIBOR rate for dollar advances) plus an applicable margin of 1.50% to 1.75% per annum depending on the nature of the advances being requested. From April 25, 2023 until November 21, 2024, advances under the Bushnell Peak Funding Facility bore interest at a per annum rate equal to the benchmark for the currency of the applicable advance (which is the one-month term SOFR rate for dollar advances) plus an applicable margin of 1.60% to 1.85% per annum depending on the nature of the advances being requested. From and after November 22, 2024, advances under the Bushnell Peak Funding Facility bear interest at a per annum rate equal to the benchmark for the currency of the applicable advance (which is the one-month term SOFR rate for dollar advances) plus an applicable margin of 1.50% to 1.95% per annum depending on the nature of the advances being requested, subject to a floor of 1.70% per annum. Bushnell Peak Funding is required to utilize a minimum percentage of the financing commitments, with unused amounts below such minimum utilization amount accruing a fee at a rate of 1.60% per annum. Bushnell Peak Funding also pays an unused fee of 0.50% per annum on the daily unused amount of the financing commitments in excess of such minimum utilization amount, in addition to certain other fees agreed between Bushnell Peak Funding and Bank of America.

Proceeds from borrowings under the Bushnell Peak Funding Facility may be used to fund portfolio investments by Bushnell Peak Funding and to make advances under revolving loans or delayed draw term loans where Bushnell Peak Funding is a lender.

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The period during which Bushnell Peak Funding may make borrowings under the Bushnell Peak Funding Facility expires on April 25, 2026, and the Bushnell Peak Funding Facility will mature and all amounts outstanding under the credit facility must be repaid by October 25, 2026.

Granite Peak Funding Facility

On June 17, 2021, Granite Peak Funding entered into a senior secured revolving credit facility (the “Granite Peak Funding Facility”) with Goldman Sachs Bank USA (“GS”). GS serves as administrative agent, Wilmington Trust serves as collateral agent, custodian and collateral administrator, and the Company serves as servicer under the Granite Peak Funding Facility.

Prior to October 3, 2024, advances under the Granite Peak Funding Facility bore interest at a per annum rate equal to three-month term SOFR, plus an applicable margin of 2.35% per annum. From October 3, 2024, advances under the Granite Peak Funding Facility bear interest at a per annum rate equal to three-month SOFR, plus an applicable margin of 2.05% per annum. From July 3, 2025, Granite Peak Funding is required to utilize a minimum percentage of the financing commitments, with unused amounts below such minimum utilization amount accruing a fee at a rate equal to the applicable margin for advances as described above. In addition, Granite Peak Funding pays an unused commitment fee of 0.50% per annum on the average daily unused commitments under the Granite Peak Funding Facility in excess of such minimum utilization amount. The unused commitment fee is payable only when more than 10% of the total commitments under the Granite Peak Funding Facility are unused. Granite Peak Funding also pays to GS an administrative agency fee, in addition to certain other fees, each as agreed between Granite Peak Funding and GS.

Proceeds from borrowings under the Granite Peak Funding Facility may be used to fund portfolio investments by Granite Peak Funding and to make advances under delayed draw term loans and revolving loans where Granite Peak Funding is a lender.

The period during which Granite Peak Funding may make borrowings under the Granite Peak Funding Facility expires on October 5, 2026, and the Granite Peak Funding Facility will mature and all amounts outstanding under the facility must be repaid by April 5, 2028.

Middle Peak Funding Facility

On June 30, 2021, Middle Peak Funding entered into a senior secured revolving credit facility (the “Middle Peak Funding Facility”) with Morgan Stanley Bank, N.A. (“MS”). MS serves as agent, Wilmington Trust serves as collateral agent, custodian and collateral administrator and the Company serves as collateral manager under the Middle Peak Funding Facility.

Prior to June 26, 2023, advances under the Middle Peak Funding Facility bore interest at a per annum rate equal to, in the case of dollar advances, three-month LIBOR, and in the case of foreign currency advances, the applicable benchmark in effect for such currency, plus an applicable margin of 2.00% per annum. From June 26, 2023 until October 22, 2024, advances under the Middle Peak Funding Facility bear interest at a per annum rate equal to the benchmark for the currency of the applicable advance (which for dollar advances, is three-month term SOFR plus, prior to October 23, 2024, a spread adjustment of 0.15% per annum) plus an applicable margin of 2.07% per annum. From October 23, 2024, advances under the Middle Peak Funding Facility bear interest at a per annum rate equal to the benchmark for the currency of the applicable advance (which for dollar advances, is three-month term SOFR) plus an applicable margin of 1.97% per annum, which will increase to 2.07% per annum effective on December 28, 2026. Middle Peak Funding is required to utilize a minimum percentage of the financing commitments, with unused amounts below such minimum utilization amount accruing a fee from and after October 26, 2023 at a rate equal to the applicable margin for dollar advances as described above. Prior to May 7, 2024, Middle Peak Funding paid a commitment fee of 0.30% per annum on the average daily unused amount of the financing commitments in excess of such minimum utilization amount. From and after May 7, 2024, Middle Peak Funding pays a commitment fee ranging from 0.15% per annum to 0.25% per annum on the average daily unused amount of the financing commitments, depending on the amount of the unused commitments outstanding in excess of such minimum utilization amount. Middle Peak Funding also pays interest on an interest-only loan in the notional amount of the aggregate commitments under the Middle Peak Funding Facility, in addition to certain other fees as agreed between Middle Peak Funding and MS.

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(in thousands, except share amounts, per share data, percentages and as otherwise noted)

Proceeds from borrowings under the Middle Peak Funding Facility may be used to fund portfolio investments by Middle Peak Funding and to make advances under revolving loans or delayed draw term loans where Middle Peak Funding is a lender.

The period during which Middle Peak Funding may make borrowings under the Middle Peak Funding Facility expires on December 28, 2026, and the Middle Peak Funding Facility will mature and all amounts outstanding under the facility must be repaid by June 28, 2035.

Bison Peak Funding Facility

On July 23, 2021, Bison Peak Funding entered into a senior secured revolving credit facility (the “Bison Peak Funding Facility”) with Bank of America. Bank of America serves as administrative agent, Wilmington Trust serves as collateral administrator and the Company serves as manager under the Bison Peak Funding Facility.

Prior to June 8, 2023, advances under the Bison Peak Funding Facility bore interest at a per annum rate equal to, in the case of dollar advances, the daily floating LIBOR rate, and in the case of foreign currency advances, the applicable benchmark in effect for such currency, plus an applicable margin adjusted at one-month or three-month intervals based on the proportion of the broadly syndicated loans, large corporate loans and middle market loans in the portfolio, with the applicable margin attributable to broadly syndicated loans equal to 1.50% per annum, the applicable margin attributable to large corporate loans equal to 1.75% per annum and the applicable margin applicable to middle market loans equal to 2.00% per annum. From June 8, 2023 until July 24, 2024, advances under the Bison Peak Funding Facility bore interest at a per annum rate equal to the benchmark for the currency of the applicable advance (which, for dollar advances, is the one-month term SOFR rate or the daily simple SOFR rate, at the election of Bison Peak Funding) plus an applicable margin of 1.60% to 2.10% per annum depending on the nature of the advances being requested. From July 25, 2024 until November 18, 2024, advances under the Bison

Peak Funding Facility bore interest at a per annum rate equal to the benchmark for the currency of the applicable advance

(which, for dollar advances, is the one-month term SOFR rate or the daily simple SOFR rate, at the election of Bison Peak

Funding) plus an applicable margin of 1.95% per annum. From November 19, 2024 until July 23, 2027, advances under the Bison Peak Funding Facility bear interest at a per annum rate equal to the benchmark for the currency of the applicable advance (which, for dollar advances, is the one-month term SOFR rate or the daily simple SOFR rate, at the election of Bison Peak Funding) plus an applicable margin of 1.85% per annum. The applicable margin for all advances will increase by 0.30% per annum effective July 24, 2027. Bison Peak Funding is required to utilize a minimum percentage of the financing commitments, with unused amounts below such minimum utilization amount accruing a fee at a rate of 1.50% per annum. Bison Peak Funding also pays an unused fee of 0.20% per annum on the daily unused amount of the financing commitments in excess of such minimum utilization amount, in addition to an administrative agent servicing fee and certain other fees as agreed between Bison Peak Funding and Bank of America.

Proceeds from borrowings under the Bison Peak Funding Facility may be used to fund portfolio investments by Bison Peak Funding and to make advances under revolving loans or delayed draw term loans where Bison Peak Funding is a lender.

The period during which Bison Peak Funding may make borrowings under the Bison Peak Funding Facility expires on June 8, 2027, and the Bison Peak Funding Facility will mature and all amounts outstanding under the credit facility must be repaid by June 8, 2029.

Blanca Peak Funding Facility

On August 16, 2021, Blanca Peak Funding, entered into a senior secured revolving credit facility (the “Blanca Peak Funding Facility”) with Barclays Bank PLC (“Barclays”). Barclays serves as administrative agent, Wilmington Trust serves as collateral administrator, collateral agent and securities intermediary and the Company serves as servicer under the Blanca Peak Funding Facility.

Prior to December 19, 2024, advances under the Blanca Peak Funding Facility bore interest at a per annum rate equal to in the case of dollar advances, three-month term SOFR, and in the case of foreign currency advances, the applicable benchmark in effect for such currency, plus an applicable margin of 2.096% per annum. From and after December 19, 2024, advances under the Blanca Peak Funding Facility bear interest at a per annum rate equal to in the case of dollar

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advances, three-month term SOFR, and in the case of foreign currency advances, the applicable benchmark in effect for such currency, plus an applicable margin of 1.85% per annum. Blanca Peak Funding is required to utilize a minimum percentage of the financing commitments, with unused amounts below such minimum utilization percentage accruing a fee at a rate equal to the applicable margin described above. On any date when Blanca Peak Funding is not utilizing more than 90% of the financing commitments, Blanca Peak Funding pays an unused fee of 0.50% per annum on the daily unused amount of the financing commitments in excess of such minimum utilization amount. Blanca Peak Funding also pays to Barclays an administrative agency fee, in addition to certain other fees, each as agreed between Blanca Peak Funding and Barclays.

Proceeds from borrowings under the Blanca Peak Funding Facility may be used to fund portfolio investments by Blanca Peak Funding and to make advances under revolving loans or delayed draw term loans where Blanca Peak Funding is a lender.

The period during which Blanca Peak Funding may make borrowings under the Blanca Peak Funding Facility expires on May 31, 2025, and the Blanca Peak Funding Facility matures and all amounts outstanding under the facility must be repaid by December 19, 2032; provided that Barclays may require repayment of all amounts outstanding under the facility from and after August 19, 2026.

Windom Peak Funding Facility

On September 2, 2021, Windom Peak Funding entered into a senior secured revolving credit facility (the “Windom Peak Funding Facility”) with Wells Fargo. Wells Fargo serves as administrative agent and collateral administrator and the Company serves as investment adviser under the Windom Peak Funding Facility.

Advances under the Windom Peak Funding Facility will bear interest, payable on a monthly basis in arrears, at a per annum rate equal to the “benchmark” rate for the currency of the applicable advance (which is, daily simple SOFR with respect to dollar advances) plus the “applicable margin” (which, prior to August 29, 2024, is a blended spread equal to the sum of 1.65% per annum with respect to any advances backed by broadly-syndicated loans and 2.15% per annum with respect to any advances backed by recurring revenue loans, middle market loans, first-lien last out loans or second lien loans, and from and after August 29, 2024 is 1.95% per annum for all advances). Windom Peak Funding is required to utilize a minimum percentage of the financing commitments, with unused amounts below such minimum utilization amount accruing a fee at a rate of 1.50% per annum. Windom Peak Funding also pays an unused fee of 0.50% on the daily unused amount of the financing commitments, in addition to certain other fees, each as agreed between Windom Peak Funding and Wells Fargo.

Proceeds from borrowings under the Windom Peak Funding Facility may be used to fund portfolio investments by Windom Peak Funding and to make advances under revolving loans or delayed draw term loans where Windom Peak Funding is a lender.

The period during which Windom Peak Funding may make borrowings under the Windom Peak Funding Facility expires on August 27, 2026, and the Windom Peak Funding Facility matures and all amounts outstanding under the facility must be repaid by August 29, 2029.

Monarch Peak Funding Facility

On November 3, 2021, Monarch Peak Funding entered into a senior secured revolving credit facility (the “Monarch Peak Funding Facility”) with MUFG Bank, Ltd. (“MUFG”). MUFG serves as administrative agent, The Bank of New York Mellon Trust Company, National Association, serves as collateral agent, collateral custodian and collateral administrator and the Company serves as collateral manager under the Monarch Peak Funding Facility.

Prior to November 3, 2024, advances under the Monarch Peak Funding Facility bore interest at a per annum rate equal to one-month term SOFR, plus the applicable margin of 1.65% per annum to 2.05% per annum depending on the nature of the advances being requested. From and after November 3, 2024, advances under the Monarch Peak Funding Facility bear interest at a per annum rate equal to one-month term SOFR, plus an applicable margin of 1.45% per annum to 1.90% per annum depending on the nature of the advances being requested. Monarch Peak Funding is required to utilize a minimum percentage of the financing comments, with unused amounts below such minimum utilization percentage accruing a fee at a rate of, prior to November 3, 2024, 1.99% per annum, and from and after February 3, 2025, 1.75% per annum. Prior to November 3, 2024,

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Monarch Peak Funding also paid an unused commitment fee of 0.35% per annum on a portion of the daily unused commitments under the Monarch Peak Funding Facility in excess of such minimum utilization amounts. From April 3, 2025 until September 2, 2025, Monarch Peak Funding will pay an unused commitment fee of 0.50% per annum on a portion of the daily unused commitments under the Monarch Peak Funding Facility in excess of such minimum utilization amounts, and from and after September 3, 2025, Monarch Peak Funding will pay an unused commitment fee of 0.35% per annum on a portion of the daily unused commitments under the Monarch Peak Funding Facility in excess of such minimum utilization amounts, in addition to certain other fees as agreed between Monarch Peak Funding and MUFG.

Proceeds from borrowings under the Monarch Peak Funding Facility may be used to fund portfolio investments by Monarch Peak Funding and to make advances under revolving loans or delayed draw term loans where Monarch Peak Funding is a lender.

The period during which Monarch Peak Funding may make borrowings under the Monarch Peak Funding Facility expires on December 20, 2027, and the Monarch Peak Funding Facility will mature and all amounts outstanding under the facility must be repaid by December 20, 2029.

Meridian Peak Funding Facility

On August 16, 2022, Meridian Peak Funding entered into a senior secured revolving credit facility (the “Meridian Peak Funding Facility”) with Massachusetts Mutual Life Insurance Company (“Mass Mutual”). Wilmington Trust, National Association serves as administrative agent, collateral agent and custodian, and the Company serves as equity holder and collateral manager under the Meridian Peak Funding Facility.

Advances under the Meridian Peak Funding Facility bear interest initially at a per annum rate equal to three-month term SOFR plus an applicable margin of 2.50% per annum. Effective August 16, 2023, Meridian Peak Funding will be required to utilize a minimum percentage of the financing commitments, with unused amounts below such minimum utilization amount accruing a fee at a rate of 2.50% per annum, in addition to certain other fees as agreed between Meridian Peak Funding and Mass Mutual.

Proceeds from borrowings under the Meridian Peak Funding Facility may be used to fund portfolio investments by Meridian Peak Funding and to make advances under revolving loans or delayed draw term loans where Meridian Peak Funding is a lender.

The period during which Meridian Peak Funding may make borrowings under the Meridian Peak Funding Facility expires on August 16, 2025, and the Meridian Peak Funding Facility will mature and all amounts outstanding under the credit facility must be repaid by August 16, 2030.

Haydon Peak Funding Facility

On October 7, 2022, Haydon Peak Funding entered into a senior secured revolving credit facility (the “Haydon Peak Funding Facility”) with HSBC Bank USA, National Association (“HSBC”). HSBC serves as administrative agent, Wilmington Trust serves as collateral agent, account bank and collateral custodian, and the Company serves as servicer and transferor under the Haydon Peak Funding Facility.

Prior to May 25, 2023, advances under the Haydon Peak Funding Facility bore interest at a per annum rate equal to the benchmark in effect for the currency of the applicable advance (which is one- or three-month term SOFR or daily simple SOFR, at the election of Haydon Peak Funding, in the case of dollar advances), plus an applicable margin ranging from 1.75% to 2.25% per annum depending on the nature of the advances being requested under the credit facility. From May 25, 2023 to November 19, 2024, advances under the Haydon Peak Funding Facility bore interest at a per annum rate equal to the benchmark in effect for the currency of the applicable advance (which is one- or three-month term SOFR or daily simple SOFR, at the election of Haydon Peak Funding, in the case of dollar advances), plus an applicable margin of 2.35% per annum. From and after November 20, 2024, advances under the Haydon Peak Funding Facility bear interest at a per annum rate equal to the benchmark in effect for the currency of the applicable advance (which is one- or three-month term SOFR or daily simple SOFR, at the election of Haydon Peak Funding, in the case of dollar advances), plus an applicable margin of 1.90% per annum. Effective April 7, 2023 until November 19, 2024, Haydon Peak Funding paid an unused commitment fee of 0.50% per annum if

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the unused facility amount is greater than 25%, based on the average daily unused amount of the financing commitments. From and after November 20, 2024, Haydon Peak Funding pays an unused commitment fee ranging from 0.75% per annum to 2.00% per annum if the unused facility amount is greater than 25%, based on the average daily unused amount of the financing commitments, in addition to certain other fees as agreed between Haydon Peak Funding and HSBC.

Proceeds from borrowings under the Haydon Peak Funding Facility may be used to fund portfolio investments by Haydon Peak Funding and to make advances under revolving loans or delayed draw term loans where Haydon Peak Funding is a lender.

The period during which Haydon Peak Funding may make borrowings under the Haydon Peak Funding Facility expires on May 25, 2026, and the Haydon Peak Funding Facility will mature and all amounts outstanding under the credit facility must be repaid by May 25, 2028.

Bear Peak Funding Facility

On October 10, 2022, Bear Peak Funding entered into a senior secured revolving credit facility (the “Bear Peak Funding Facility”) with BNPP. GLAS USA LLC serves as administrative agent, GLAS Trust Corporation Limited serves as collateral agent, and the Company serves as servicer under the Bear Peak Funding Facility.

Prior to December 19, 2024, advances under the Bear Peak Funding Facility bore interest at a per annum rate equal to the benchmark in effect for the currency of the applicable advance, plus an applicable margin of 2.45% per annum. From and after December 19, 2024, advances under the Bear Peak Funding Facility bear interest at a per annum rate equal to the benchmark in effect for the currency of the applicable advance, plus an applicable margin of 1.95% per annum. Bear Peak Funding pays a commitment fee of 0.90% per annum if the unused facility amount is greater than 50% or 0.35% per annum if the unused facility amount is less than or equal to 50% and greater than 25%, based on the average daily unused amount of the financing commitments. Bear Peak Funding also pays BNPP an arranger fee, in addition to certain other fees, each as agreed between Bear Peak Funding and BNPP.

The committed principal amount as of March 31, 2025 is €500.0 million. Proceeds from borrowings under the credit facility may be used to fund portfolio investments by Bear Peak Funding and to make advances under delayed draw term loans and revolving loans where Bear Peak Funding is a lender.

The period during which Bear Peak Funding may make borrowings under the Bear Peak Funding Facility expires on October 10, 2025, and the Bear Peak Funding Facility will mature and all amounts outstanding under the facility must be repaid by October 10, 2027.

Phoenix Peak Funding Facility

On September 25, 2024, Phoenix Peak Funding entered into a secured credit facility (the “Phoenix Peak Funding Facility”) with HSBC Bank Plc (“HSBC Plc”). Trimont Europe Limited serves as agent and security agent under the Phoenix Peak Funding Facility and Trimont Europe Limited is also appointed as servicer pursuant to a separate servicing agreement.

Advances under the Phoenix Peak Funding Facility bear interest at a per annum rate equal to the benchmark in effect for the currency of the applicable advance, plus an applicable margin of 1.75% per annum. Effective October 25, 2024 through December 2, 2024, Phoenix Peak Funding was obliged to pay a commitment fee of 0.78% per annum of the unused Term Facility A amount. Phoenix Peak Funding also paid HSBC Plc an arranger fee, in addition to certain other fees, each as agreed between Phoenix Peak Funding and HSBC Plc.

The committed principal amount as of March 31, 2025 is €142.8 million (Term Facility A) and £39.8 million (Term Facility B). Proceeds from borrowings under the Phoenix Peak Funding Facility must be used to finance or refinance advances under a facility agreement financing a portfolio of European real estate assets (the “Asset Level Facility”) where Phoenix Peak Funding is a lender.

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(in thousands, except share amounts, per share data, percentages and as otherwise noted)

The period during which Phoenix Peak Funding may make borrowings under the Phoenix Peak Funding Facility has expired and the Phoenix Peak Funding Facility will mature and all amounts outstanding under the facility must be repaid five business days following the termination date under the Asset Level Facility, which expires on October 4, 2028 with an option to extend to October 4, 2029.

Revolving Credit Facility

On May 18, 2021, the Company, entered into a senior secured credit facility (which was most recently amended and restated on August 6, 2024, and as further amended from time to time, the “Revolving Credit Facility”) with Citi. Citi serves as administrative agent and collateral agent.

The Revolving Credit Facility provides for borrowings in USD and certain agreed upon foreign currencies. Borrowings under the Revolving Credit Facility are subject to compliance with a borrowing base. As of March 31, 2025, a portion of the Revolving Credit Facility consists of (A) funded term loans in the aggregate principal amount of $395.0 million, and (B) revolving commitments in the aggregate principal amount of $5.3 billion, and the Revolving Credit Facility provides for the issuance of letters of credit on behalf of the Company in an aggregate face amount not to exceed $175.0 million. Proceeds from the borrowings under the Revolving Credit Facility may be used for general corporate purposes of the Company and its subsidiaries. As of March 31, 2025, the period during which the Company may make borrowings on the Revolving Credit Facility expires on August 12, 2028 (other than with respect to the foreign currency commitments of certain lenders in the amount of $90.0 million, which expire on June 9, 2027), and the Revolving Credit Facility will mature and all amounts outstanding under the credit facility must be repaid by August 12, 2029 (other than with respect to the foreign currency commitments of certain lenders in the amount of $90.0 million and term loans of certain lenders in the amount of $10.0 million, which mature on June 9, 2028), pursuant to an amortization schedule.

Borrowings under the Revolving Credit Facility with respect to foreign currency commitments of certain lenders in the amount of $90.0 million and term loans of certain lenders in the amount of $10.0 million bear interest at a per annum rate equal to, (x) for loans for which the Company elects the base rate option, the “alternate base rate” (which is the greatest of (a) the prime rate as publicly announced by Citi, (b) the sum of (i) the weighted average of the rates on overnight federal funds transactions with members of the Federal Reserve System plus (ii) 0.5%, and (c) one month adjusted term SOFR plus 1% per annum) plus (A) if the gross borrowing base is equal to or greater than 1.6 times the combined revolving debt amount, 0.75%, or (B) if the gross borrowing base is less than 1.6 times the combined revolving debt amount, 0.875%, and (y) for all other loans, the applicable benchmark rate for the related interest period for such borrowing plus (A) if the gross borrowing base is equal to or greater than 1.6 times the combined revolving debt amount, 1.75%, or (B) if the gross borrowing base is less than 1.6 times the combined revolving debt amount, 1.875%. All other borrowings under the Revolving Credit Facility bear interest at a per annum rate equal to, (x) for loans for which the Company elects the base rate option, the “alternate base rate” (which is the greatest of (a) the prime rate as publicly announced by Citi, (b) the sum of (i) the weighted average of the rates on overnight federal funds transactions with members of the Federal Reserve System plus (ii) 0.5%, and (c) one month adjusted term SOFR plus 1.0% per annum) plus (A) if the gross borrowing base is equal to or greater than 2.0 times the combined revolving debt amount, 0.525%, (B) if the gross borrowing base is less than 2.0 times and is equal to or greater than 1.6 times the combined revolving debt amount, 0.650%, or (C) if the gross borrowing base is less than 1.6 times the combined revolving debt amount, 0.775%, and (y) for all other loans, the applicable benchmark rate for the related interest period for such borrowing plus (A) if the gross borrowing base is equal to or greater than 2.0 times the combined revolving debt amount, 1.525%, (B) if the gross borrowing base is less than 2.0 times and is equal to or greater than 1.6 times the combined revolving debt amount, 1.650%, or (C) if the gross borrowing base is less than 1.6 times the combined revolving debt amount, 1.775%. The Company pays an unused fee of 0.325% per annum on the daily unused amount of the revolver commitments (other than with respect to the foreign currency commitments of certain lenders in the amount of $90.0 million, for which the Company pays an unused fee of 0.375%). The Company will pay letter of credit participation fees and a fronting fee on the average daily amount of any lender’s exposure with respect to any letters of credit issued under the Revolving Credit Facility.

The Company’s obligations to the lenders under the Revolving Credit Facility are secured by a first priority security interest in substantially all of the Company’s assets.

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(in thousands, except share amounts, per share data, percentages and as otherwise noted)

In connection with the Revolving Credit Facility, the Company has made certain customary representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar facilities. In addition, the Company must comply with the following financial covenants: (a) the Company must maintain a minimum shareholders’ equity, measured as of each fiscal quarter end; and (b) the Company must maintain at all times a 150% asset coverage ratio.

The Revolving Credit Facility contains customary events of default for similar financing transactions. Upon the occurrence and during the continuation of an event of default, Citi may terminate the commitments and declare the outstanding advances and all other obligations under the Revolving Credit Facility immediately due and payable.

As of March 31, 2025 and December 31, 2024, the Company was in compliance with all covenants and other requirements of the Revolving Credit Facility.

Private Placement Bonds

The Company issued unsecured notes, as further described below: 2026 Notes, May 2027 Notes, October 2027 Notes, March 2031 Notes, and March 2033 Notes (each as defined below), which are collectively referred to herein as the “Private Placement Bonds.”

As of March 31, 2025 and December 31, 2024, the Company was in compliance with all covenants and other requirements of each of the Private Placement Bonds.

2026 Notes

On August 17, 2021, the Company entered into the first supplement to the 2021 Note Purchase Agreement, governing the issuance of $400.0 million in aggregate principal amount of its 3.27% Series B Senior Notes (the “2026 Notes”) to qualified institutional investors in a private placement. The 2026 Notes were issued on August 17, 2021 and will mature on August 17, 2026 unless redeemed, purchased or prepaid prior to such date by the Company or its affiliates in accordance with their terms. Interest on the 2026 Notes will be due semiannually on February 17 and August 17. In addition, the Company is obligated to offer to repay the 2026 Notes at par if certain change in control events occur. The 2026 Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company. In addition, in the event of a Below Investment Grade Event, the 2026 Notes will bear interest at a fixed rate of 4.27% per year from the date of the occurrence of the Below Investment Grade Event to and until the date on which the Below Investment Grade Event is no longer continuing.

May 2027 Notes

On May 3, 2022, the Company entered into a Note Purchase Agreement governing the issuance of $625.0 million in aggregate principal amount 5.61% Series A Senior Notes (the “May 2027 Notes”) to qualified institutional investors in a private placement. The May 2027 Notes were issued on May 3, 2022 and will mature on May 3, 2027 unless redeemed, purchased or prepaid prior to such date by the Company or its affiliates in accordance with their terms. Interest on the May 2027 Notes will be due semiannually. In addition, the Company is obligated to offer to repay the May 2027 Notes at par if certain change in control events occur. The May 2027 Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company. In addition, if a Below Investment Grade Event occurs, the May 2027 Notes will bear interest at a fixed rate of 6.61% per year from the date of the occurrence of the Below Investment Grade Event to and until the date on which the Below Investment Grade Event is no longer continuing.

In connection with the May 2027 Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company’s liabilities with the investment portfolio, which consists of predominately floating rate loans. The Company designated this interest rate swap and the May 2027 Notes in a qualifying hedge accounting relationship.

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(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

October 2027 Notes

On October 11, 2022, the Company entered into a Master Note Purchase Agreement (the “October 2022 Note Purchase Agreement”) governing the issuance of $350.0 million in aggregate principal amount of its 7.49% Series D Senior Notes (the “October 2027 Notes”) to qualified institutional investors in a private placement. The October 2027 Notes were issued on October 11, 2022 for an aggregate issue price of $345.6 million, or $987.57 per $1,000 principal amount of the October 2027 Notes, and will mature on October 11, 2027 unless redeemed, purchased or prepaid prior to such date by the Company or its affiliates in accordance with their terms. Interest on the October 2027 Notes will be due semiannually. In addition, the Company is obligated to offer to repay the October 2027 Notes at par if certain change in control events occur. The October 2027 Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured, unsubordinated indebtedness issued by the Company. In addition, if a Below Investment Grade Event (as defined in the October 2022 Note Purchase Agreement) occurs, the October 2027 Notes will bear interest at a fixed rate of 8.49% per year from the date of the occurrence of the Below Investment Grade Event to and until the date on which the Below Investment Grade Event is no longer continuing.

In connection with the October 2027 Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company’s liabilities with the investment portfolio, which consists of predominately floating rate loans. The Company designated this interest rate swap and the October 2027 Notes in a qualifying hedge accounting relationship.

March 2031 Notes

On March 25, 2025, the Company entered into a Master Note Purchase Agreement (with respect to the March 2031 Notes, the “March 2031 Note Purchase Agreement”) governing the issuance of $500.0 million in aggregate principal amount of its 5.54% Series 2025A Senior Notes (the “March 2031 Notes”) to qualified institutional investors in a private placement. The March 2031 Notes were issued on March 25, 2025, and will mature on March 25, 2031 unless redeemed, purchased or prepaid prior to such date by the Company or its affiliates in accordance with their terms. Interest on the March 2031 Notes will be due semiannually. In addition, the Company is obligated to offer to repay the March 2031 Notes at par if certain change in control events occur. The March 2031 Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured, unsubordinated indebtedness issued by the Company. In addition, if a Below Investment Grade Event (as defined in the March 2031 Note Purchase Agreement) occurs, the March 2031 Notes will bear interest at a fixed rate of 6.54% per year from the date of the occurrence of the Below Investment Grade Event to and until the date on which the Below Investment Grade Event is no longer continuing.

In connection with the March 2031 Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company’s liabilities with the investment portfolio, which consists of predominately floating rate loans. The Company designated this interest rate swap and the March 2031 Notes in a qualifying hedge accounting relationship.

March 2033 Notes

On March 25, 2025, the Company entered into a Master Note Purchase Agreement (with respect to the March 2033 Notes, the “March 2033 Note Purchase Agreement”) governing the issuance of $500.0 million in aggregate principal amount of its 5.79% Series 2025A Senior Notes (the “March 2033 Notes”) to qualified institutional investors in a private placement. The March 2033 Notes were issued on March 25, 2025, and will mature on March 25, 2033 unless redeemed, purchased or prepaid prior to such date by the Company or its affiliates in accordance with their terms. Interest on the March 2033 Notes will be due semiannually. In addition, the Company is obligated to offer to repay the March 2033 Notes at par if certain change in control events occur. The March 2033 Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured, unsubordinated indebtedness issued by the Company. In addition, if a Below Investment Grade Event (as defined in the March 2033 Note Purchase Agreement) occurs, the March 2033 Notes will bear interest at a fixed rate of 6.79% per year from the date of the occurrence of the Below Investment Grade Event to and until the date on which the Below Investment Grade Event is no longer continuing.

In connection with the March 2033 Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company’s liabilities with the investment portfolio, which consists of predominately floating rate loans. The Company designated this interest rate swap and the March 2033 Notes in a qualifying hedge accounting relationship.

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(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

Unsecured Notes

The Company issued unsecured notes, as further described below: December 2026 Notes, November 2026 Eurobonds, March 2027 Notes, January 2025 Notes, January 2029 Notes, March 2025 Notes, April 2026 UK Bonds, September 2025 Notes, November 2028 Notes, January 2031 Notes, July 2029 Notes, September 2027 Notes, April 2030 Notes, November 2029 Notes, November 2034 Notes and January 2032 Notes (each as defined below), which are collectively referred to herein as the “Unsecured Notes.”

The Unsecured Notes contain certain covenants, including covenants requiring the Company to comply with the asset coverage requirements of Section 18(a)(1)(A) as modified by Section 61(a)(1) and (2) of the 1940 Act, whether or not it is subject to those requirements, and to provide financial information to the holders of the Unsecured Notes and the Trustee (as defined below) if the Company is no longer subject to the reporting requirements under the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”). These covenants are subject to important limitations and exceptions that are described in each respective indenture governing the Unsecured Notes (the “Unsecured Notes Indentures”).

In addition, on the occurrence of a “change of control repurchase event,” as defined in each respective Unsecured Notes Indenture, the Company will generally be required to make an offer to purchase the outstanding Unsecured Notes at a price equal to 100% of the principal amount of such Unsecured Notes plus accrued and unpaid interest to the repurchase date.

As of March 31, 2025 and December 31, 2024, the Company was in compliance with all covenants and other requirements of each of the Unsecured Notes.

December 2026 Notes

On September 15, 2021, the Company issued $900.0 million aggregate principal amount of 2.625% notes due 2026 (the “December 2026 Notes”) pursuant to a supplemental indenture, dated as of September 15, 2021 (and together with the Base Indenture, the “December 2026 Notes Indenture”), to the Base Indenture between the Company and the Trustee.

The December 2026 Notes will mature on December 15, 2026 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the December 2026 Notes Indenture. The December 2026 Notes bear interest at a rate of 2.625% per year payable semi-annually on June 15 and December 15 of each year, commencing on June 15, 2022. The December 2026 Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the December 2026 Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.

On October 13, 2021, the Company issued $350.0 million aggregate principal amount of 2.625% notes due 2026 (“December 2026 Notes Upsize”) under the Company's Base Indenture and December 2026 Notes Indenture. The December 2026 Notes Upsize were issued as “Additional Notes” under the December 2026 Notes Indenture and have identical terms to the Company's $900.0 million December 2026 Notes that were issued on September 15, 2021, other than the issue date and the issue price. The December 2026 Notes Upsize will be treated as a single class of notes with the December 2026 Notes for all purposes under the December 2026 Notes Indenture.

In connection with the December 2026 Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company’s liabilities with the investment portfolio, which consists of predominately floating rate loans. The Company designated this interest rate swap and the December 2026 Notes in a qualifying hedge accounting relationship.

November 2026 Eurobonds

On November 2, 2021, the Company issued €500.0 million aggregate principal amount of 1.750% notes due 2026 (the “November 2026 Eurobonds”) pursuant to a supplemental indenture, dated as of November 2, 2021 (and together with the Base Indenture, the “November 2026 Eurobonds Indenture”), to the Base Indenture between the Company and the Trustee.

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Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

The November 2026 Eurobonds will mature on November 30, 2026 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the November 2026 Eurobonds Indenture. The November 2026 Eurobonds bear interest at a rate of 1.750% per year payable annually on November 30 of each year, commencing on November 30, 2021. The November 2026 Eurobonds are general unsecured obligations of the Company that rank senior in right of payment to all of the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the November 2026 Eurobonds, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.

March 2027 Notes

On November 22, 2021, the Company issued $1.0 billion aggregate principal amount of 3.250% notes due 2027 (the “March 2027 Notes”) pursuant to a supplemental indenture, dated as of November 22, 2021 (and together with the Base Indenture, the “March 2027 Notes Indenture”), between the Company and the Trustee.

The March 2027 Notes will mature on March 15, 2027 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the March 2027 Notes Indenture. The March 2027 Notes bear interest at a rate of 3.250% per year payable semi-annually on March 15 and September 15 of each year, commencing on March 15, 2022. The March 2027 Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the March 2027 Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.

January 2025 Notes

On January 18, 2022, the Company issued $500.0 million aggregate principal amount of 2.700% notes due 2025 (the “January 2025 Notes”) pursuant to a supplemental indenture, dated as of January 18, 2022 (and together with the Base Indenture, the “January 2025 Notes Indenture”), to the Base Indenture between the Company and the Trustee.

The January 2025 Notes matured on January 15, 2025, and were paid off consistent with the terms of the January 2025 Notes Indenture.

In connection with the January 2025 Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company’s liabilities with the investment portfolio, which consists of predominately floating rate loans. The Company designated this interest rate swap and the January 2025 Notes in a qualifying hedge accounting relationship. The interest rate swap designated in the qualifying hedge accounting of the January 2025 Notes matured on January 15, 2025.

January 2029 Notes

On January 18, 2022, the Company issued $650.0 million aggregate principal amount of 4.000% notes due 2029 (the “January 2029 Notes”) pursuant to a supplemental indenture, dated as of January 18, 2022 (and together with the Base Indenture, the “January 2029 Notes Indenture”), to the Base Indenture between the Company and the Trustee.

The January 2029 Notes will mature on January 15, 2029 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the January 2029 Notes Indenture. The January 2029 Notes bear interest at a rate of 4.000% per year payable semi-annually on January 15 and July 15 of each year, commencing on July 15, 2022. The January 2029 Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the January 2029 Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the

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Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.

March 2025 Notes

On March 24, 2022, the Company issued $900.0 million aggregate principal amount of 4.700% notes due 2025 (the “March 2025 Notes”) pursuant to a supplemental indenture, dated as of March 24, 2022 (and together with the Base Indenture, the “March 2025 Notes Indenture”), to the Base Indenture between the Company and the Trustee.

The March 2025 Notes matured on March 24, 2025, and were paid off consistent with the terms of the March 2025 Notes Indenture.

In connection with the March 2025 Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company’s liabilities with the investment portfolio, which consists of predominately floating rate loans. The Company designated this interest rate swap and the March 2025 Notes in a qualifying hedge accounting relationship. The interest rate swap designated in the qualifying hedge accounting of the March 2025 Notes matured on March 24, 2025.

April 2026 UK Bonds

On April 14, 2022, the Company issued £250.0 million in aggregate principal amount of its 4.875% notes due 2026 (the “April 2026 UK Bonds”) pursuant to a supplemental indenture, dated as of April 14, 2022 (and together with the Base Indenture, the “April 2026 UK Bonds Indenture”), to the Base Indenture between the Company and the Trustee.

The April 2026 UK Bonds will mature on April 14, 2026 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the April 2026 UK Bonds Indenture. The April 2026 UK Bonds bear interest at a rate of 4.875% per year payable annually on April 14 of each year, commencing April 14, 2023. The April 2026 UK Bonds are general unsecured obligations of the Company that rank senior in right of payment to all of the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the April 2026 UK Bonds, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.

In connection with the April 2026 UK Bonds, the Company entered into an interest rate swap to more closely align the interest rates of the Company’s liabilities with the investment portfolio, which consists of predominately floating rate loans. The Company designated this interest rate swap and the April 2026 UK Bonds in a qualifying hedge accounting relationship.

September 2025 Notes

On September 27, 2022, the Company issued $600.0 million aggregate principal amount of 7.050% notes due 2025 (the “September 2025 Notes”) pursuant to a supplemental indenture, dated as of September 27, 2022 (and together with the Base Indenture, the “September 2025 Notes Indenture”), to the Base Indenture between the Company and the Trustee.

The September 2025 Notes will mature on September 29, 2025 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the September 2025 Notes Indenture. The September 2025 Notes bear interest at a rate of 7.050% per year payable semi-annually on March 29 and September 29 of each year, commencing on March 29, 2023. The September 2025 Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the September 2025 Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.

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Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

In connection with the September 2025 Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company’s liabilities with the investment portfolio, which consists of predominately floating rate loans. The Company designated this interest rate swap and September 2025 Notes in a qualifying hedge accounting relationship.

On November 17, 2022, the Company issued $200.0 million aggregate principal amount of 7.050% notes due 2025 (“September 2025 Notes Upsize”) under the Company's Base Indenture and September 2025 Notes Indenture. The September 2025 Notes Upsize were issued as “Additional Notes” under the September 2025 Notes Indenture and have identical terms to the Company's $600.0 million September 2025 Notes that were issued on September 27, 2022, other than the issue date and the issue price. The September 2025 Notes Upsize will be treated as a single class of notes with the September 2025 Notes for all purposes under the September 2025 Notes Indenture.

In connection with the September 2025 Notes Upsize, the Company entered into an interest rate swap to more closely align the interest rates of the Company’s liabilities with the investment portfolio, which consists of predominately floating rate loans. The Company designated this interest rate swap and the September 2025 Notes Upsize in a qualifying hedge accounting relationship.

November 2028 Notes

On November 27, 2023, the Company issued $500.0 million aggregate principal amount of 7.300% notes due 2028 (the “November 2028 Notes”) pursuant to a supplemental indenture, dated as of November 27, 2023 (and together with the Base Indenture, the “November 2028 Notes Indenture”), to the Base Indenture between the Company and the Trustee.

The November 2028 Notes will mature on November 27, 2028 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the November 2028 Notes Indenture. The November 2028 Notes bear interest at a rate of 7.300% per year payable semi-annually on May 27 and November 27 of each year, commencing on May 27, 2024. The November 2028 Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the November 2028 Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.

On February 6, 2025, the Company issued $150.0 million aggregate principal amount of 7.300% notes due 2028 (the “November 2028 Notes Upsize”) under the Company’s Base Indenture and November 2028 Notes Indenture. The November 2028 Notes Upsize were issued as “Additional Notes” under the November 2028 Notes Indenture and have identical terms to the Company’s $500.0 million November 2028 Notes that were issued on November 27, 2023, other than the issue date, issue price and initial interest payment date. The November 2028 Notes Upsize will be treated as a single class of notes with the November 2028 Notes for all purposes under the November 2028 Notes Indenture.

In connection with the November 2028 Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company’s liabilities with the investment portfolio, which consists of predominately floating rate loans. The Company designated this interest rate swap and the November 2028 Notes in a qualifying hedge accounting relationship.

January 2031 Notes

On January 25, 2024, the Company issued $500.0 million aggregate principal amount of 6.250% notes due 2031 (the “January 2031 Notes”) pursuant to a supplemental indenture, dated as of January 25, 2024 (and together with the Base Indenture, the “January 2031 Notes Indenture”), to the Base Indenture between the Company and the Trustee.

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Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

The January 2031 Notes will mature on January 25, 2031 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the January 2031 Notes Indenture. The January 2031 Notes bear interest at a rate of 6.250% per year payable semi-annually on January 25 and July 25 of each year, commencing on July 25, 2024. The January 2031 Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the January 2031 Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.

In connection with the January 2031 Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company’s liabilities with the investment portfolio, which consists of predominately floating rate loans. The Company designated this interest rate swap and the January 2031 Notes in a qualifying hedge accounting relationship.

July 2029 Notes

On May 29, 2024, the Company issued $500.0 million aggregate principal amount of 5.950% notes due 2029 (the “July 2029 Notes”) pursuant to a supplemental indenture, dated as of May 29, 2024 (and together with the Base Indenture, the “July 2029 Notes Indenture”), to the Base Indenture between the Company and the Trustee.

The July 2029 Notes will mature on July 16, 2029 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the July 2029 Notes Indenture. The July 2029 Notes bear interest at a rate of 5.950% per year payable semi-annually on January 16 and July 16 of each year, commencing on January 16, 2025. The July 2029 Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the July 2029 Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.

In connection with the July 2029 Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company’s liabilities with the investment portfolio, which consists of predominately floating rate loans. The Company designated this interest rate swap and the July 2029 Notes in a qualifying hedge accounting relationship.

September 2027 Notes

On September 26, 2024, the Company issued $400.0 million aggregate principal amount of 4.950% notes due 2027 (the “September 2027 Notes”) pursuant to a supplemental indenture, dated as of September 26, 2024 (and together with the Base Indenture, the “September 2027 Notes Indenture”), to the Base Indenture between the Company and the Trustee.

The September 2027 Notes will mature on September 26, 2027 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the September 2027 Notes Indenture. The September 2027 Notes bear interest at a rate of 4.950% per year payable semi-annually on March 26 and September 26 of each year, commencing on March 26, 2025. The September 2027 Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the September 2027 Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.

In connection with the September 2027 Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company’s liabilities with the investment portfolio, which consists of predominately floating rate loans. The Company designated this interest rate swap and the September 2027 Notes in a qualifying hedge accounting relationship.

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Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

April 2030 Notes

On September 26, 2024, the Company issued $400.0 million aggregate principal amount of 5.250% notes due 2030 (the “April 2030 Notes”) pursuant to a supplemental indenture, dated as of September 26, 2024 (and together with the Base Indenture, the “April 2030 Notes Indenture”), to the Base Indenture between the Company and the Trustee.

The April 2030 Notes will mature on April 1, 2030 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the April 2030 Notes Indenture. The April 2030 Notes bear interest at a rate of 5.250% per year payable semi-annually on April 1 and October 1 of each year, commencing on April 1, 2025. The April 2030 Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the April 2030 Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.

In connection with the April 2030 Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company’s liabilities with the investment portfolio, which consists of predominately floating rate loans. The Company designated this interest rate swap and the April 2030 Notes in a qualifying hedge accounting relationship.

November 2029 Notes

On November 22, 2024, the Company issued $400.0 million aggregate principal amount of 5.600% notes due 2029 (the “November 2029 Notes”) pursuant to a supplemental indenture, dated as of November 22, 2024 (and together with the Base Indenture, the “November 2029 Notes Indenture”), to the Base Indenture between the Company and the Trustee.

The November 2029 Notes will mature on November 22, 2029 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the November 2029 Notes Indenture. The November 2029 Notes bear interest at a rate of 5.600% per year payable semi-annually on May 22 and November 22 of each year, commencing on May 22, 2025. The November 2029 Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the November 2029 Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.

In connection with the November 2029 Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company’s liabilities with the investment portfolio, which consists of predominately floating rate loans. The Company designated this interest rate swap and the November 2029 Notes in a qualifying hedge accounting relationship.

November 2034 Notes

On November 22, 2024 and December 11, 2024, the Company issued $600.0 million aggregate principal amount and $200.0 million aggregate principal amount, respectively, of 6.000% notes due 2034 (the “November 2034 Notes”) pursuant to a supplemental indenture, dated as of November 22, 2024 (and together with the Base Indenture, the “November 2034 Notes Indenture”), to the Base Indenture between the Company and the Trustee.

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Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

The November 2034 Notes will mature on November 22, 2034 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the November 2034 Notes Indenture. The November 2034 Notes bear interest at a rate of 6.000% per year payable semi-annually on May 22 and November 22 of each year, commencing on May 22, 2025. The November 2034 Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the November 2034 Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.

In connection with the November 2034 Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company’s liabilities with the investment portfolio, which consists of predominately floating rate loans. The Company designated this interest rate swap and the November 2034 Notes in a qualifying hedge accounting relationship.

January 2032 Notes

On January 29, 2025, the Company issued $1.0 billion aggregate principal amount of 6.000% notes due 2032 (the “January 2032 Notes”) pursuant to a supplemental indenture, dated as of January 30, 2025 (and together with the Base Indenture, the “January 2032 Notes Indenture”), to the Base Indenture between the Company and the Trustee.

The January 2032 Notes will mature on January 29, 2032 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the January 2032 Notes Indenture. The January 2032 Notes bear interest at a rate of 6.000% per year payable semi-annually on January 29 and July 29 of each year, commencing on July 29, 2025. The January 2032 Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the January 2032 Notes, rank pari passu with all existing and future unsecured indebtedness issued by the Company that are not so subordinated, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.

In connection with the January 2032 Notes, the Company entered into two interest rate swaps to more closely align the interest rates of the Company’s liabilities with the investment portfolio, which consists of predominately floating rate loans. The Company designated these interest rate swaps and the January 2032 Notes in qualifying hedge accounting relationships.

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Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

Debt Securitizations

The Company has determined that the securitization vehicles noted below operate as an extension of the Company and therefore, will be consolidated by the Company.

2021-1 BSL Debt Securitization

On June 29, 2021, the Company completed an $876.6 million term debt securitization (the “2021-1 BSL Debt Securitization”), $819.5 million of which was funded on the closing date. Term debt securitizations are also known as collateralized loan obligations and are a form of secured financing incurred by the Company, which is consolidated by the Company for financial reporting purposes and subject to its overall asset coverage requirement. The notes offered in the 2021-1 BSL Debt Securitization (collectively, the “2021-1 BSL Notes”) were issued by BCRED BSL CLO 2021-1, Ltd. (“BCRED BSL CLO Issuer”), a special purpose vehicle with its ordinary shares owned in a Cayman Islands charitable trust, and BCRED BSL CLO 2021-1, LLC, a wholly-owned subsidiary of BCRED BSL CLO Issuer (collectively, the “2021-1 BSL Issuers”), and are secured by a diversified portfolio of senior secured loans and participation interests therein. The Company holds the subordinated notes of BCRED BSL CLO Issuer representing a residual economic interest in BCRED BSL CLO Issuer.

The following table presents information on the secured and unsecured notes issued in the 2021-1 BSL Debt Securitization:

March 31, 2025

Description

Type

Principal Outstanding

Interest Rate (3)

Credit Rating

Class A Notes

Senior Secured Floating Rate

499,800

SOFR + 1.25%

Aaa

Class B Notes

Senior Secured Floating Rate

38,760

SOFR + 1.80%

Aa2

Class C Notes

Mezzanine Secured Deferrable Floating Rate

59,160

SOFR + 2.15%

Class D Notes

Mezzanine Secured Deferrable Floating Rate

65,280

SOFR + 3.35%

Baa3

Class E Notes (1)

Junior Secured Deferrable Floating Rate

—

SOFR + 7.00%

Ba3

Total Secured Notes

663,000

Subordinated Notes (2)

156,500

None

Not rated

Total 2021-1 BSL Notes

819,500

(1)The Class E Notes were initially issued as unfunded, undrawn class of notes, in the amount of $57.1 million, that may be funded after closing at direction of the Company.

(2)The Company retained all of the Subordinated Notes issued in the 2021-1 BSL Debt Securitization which are eliminated in consolidation.

(3)The floating rate notes include a spread adjustment to SOFR of 0.26161% included within the base rate.

The 2021-1 BSL Notes mature in July 2034, unless redeemed by the 2021-1 BSL Issuers, at the direction of the Company as holder of the Subordinated Notes on any business day after July 20, 2023. In connection with the sale and contribution, the Company has made customary representations, warranties and covenants to the 2021-1 BSL Issuers. The Class A Notes, Class B Notes, Class C Notes and Class D Notes are the secured obligations of the 2021-1 BSL Issuers and the Class E Notes and Subordinated Notes are the unsecured obligations of BCRED BSL CLO Issuer. The indenture governing the 2021-1 BSL Notes includes customary covenants and events of default.

The 2021-1 BSL Notes have not been, and will not be, registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities or “blue sky” laws and may not be offered or sold in the United States absent registration with the SEC or an applicable exemption from registration.

The Company serves as collateral manager to BCRED BSL CLO Issuer under a collateral management agreement and has agreed to irrevocably waive all collateral management fees payable pursuant to the collateral management agreement.

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Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

2021-2 Debt Securitization

On November 1, 2021, the Company completed a $603.7 million term debt securitization (the “2021-2 Debt Securitization”). Term debt securitizations are also known as collateralized loan obligations and are a form of secured financing incurred by the Company, which is consolidated by the Company for financial reporting purposes and subject to its overall asset coverage requirement. The notes offered in the 2021-2 Debt Securitization (collectively, the “2021-2 Notes”) were issued by BCRED BSL CLO 2021-2, Ltd. (“BCRED BSL CLO 2 Issuer”), a special purpose vehicle with its ordinary shares owned in a Cayman Islands charitable trust, and BCRED BSL CLO 2021-2, LLC, a wholly-owned subsidiary of BCRED BSL CLO 2 Issuer (collectively, the “2021-2 Issuers”), and are secured by a diversified portfolio of senior secured loans and participation interests therein. The Company holds the subordinated notes of BCRED BSL CLO 2 Issuer representing a residual economic interest in BCRED BSL CLO 2 Issuer.

The following table presents information on the secured and unsecured notes issued in the 2021-2 Debt Securitization:

March 31, 2025

Description

Type

Principal Outstanding

Interest Rate (2)

Credit Rating

Class A-L Loans (3)

Senior Secured Floating Rate

218,000

SOFR + 1.22%

Aaa

Class A Notes (3)

Senior Secured Floating Rate

149,500

SOFR + 1.22%

Aaa

Class B Notes

Senior Secured Floating Rate

38,100

SOFR + 1.75%

Aa2

Class C Notes

Mezzanine Secured Deferrable Floating Rate

48,000

SOFR + 2.05%

Class D Notes

Mezzanine Secured Deferrable Floating Rate

52,200

SOFR + 3.15%

BBB-

Total Secured Notes

505,800

Subordinated Notes (1)

97,850

None

Not rated

Total 2021-2 Notes

603,650

(1)The Company retained all of the Subordinated Notes issued in the 2021-2 Debt Securitization which are eliminated in consolidation.

(2)The floating rate notes include a spread adjustment to SOFR of 0.26161% included within the base rate.

(3)The aggregate principal amount of the Class A Notes may be increased by up to $218.0 million and the aggregate principal amount of the Class A-L Loans reduced to $0 million upon a conversion of the Class A-L Loans in accordance with this Indenture and the Credit Agreement.

The 2021-2 Notes mature in October 2034, unless redeemed by the 2021-2 Issuers, at the direction of the Company as holder of the Subordinated Notes on any business day after October 20, 2023. In connection with the sale and contribution, the Company has made customary representations, warranties and covenants to the 2021-2 Issuers. The Class A-L Loans, Class A Notes, Class B Notes, Class C Notes and Class D Notes are the secured obligations of the 2021-2 Issuers and the Subordinated Notes are the unsecured obligations of BCRED BSL CLO 2 Issuer. The indenture governing the 2021-2 Notes and the credit agreement governing the Class A-L Loans include customary covenants and events of default.

The 2021-2 Notes have not been, and will not be, registered under the Securities Act, or any state securities or “blue sky” laws and may not be offered or sold in the United States absent registration with the SEC or an applicable exemption from registration.

The Company serves as collateral manager to BCRED BSL CLO 2 Issuer under a collateral management agreement and has agreed to irrevocably waive all collateral management fees payable pursuant to the collateral management agreement.

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Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

MML 2021-1 Debt Securitization

On December 15, 2021, the Company completed a $1.0 billion term debt securitization (the “MML 2021-1 Debt Securitization”). Term debt securitizations are also known as collateralized loan obligations and are a form of secured financing incurred by the Company, which is consolidated by the Company for financial reporting purposes and subject to its overall asset coverage requirement. The notes offered in the MML 2021-1 Debt Securitization (collectively, the “MML 2021-1 Notes”) were issued by BCRED MML CLO 2021-1 LLC (the “MML 2021-1 Issuer”), a wholly-owned and consolidated (for tax and accounting purposes) subsidiary of the Company, and are primarily secured by a diversified portfolio of middle market loans and participation interests therein.

The following table presents information on the secured and unsecured notes issued in the MML 2021-1 Debt Securitization:

March 31, 2025

Description

Type

Principal Outstanding

Interest Rate (2)

Credit Rating

Class A Loans (3)

Senior Secured Floating Rate

50,000

SOFR + 1.48%

Aaa

Class A Notes (3)

Senior Secured Floating Rate

480,000

SOFR + 1.48%

Aaa

Class B Notes

Senior Secured Floating Rate

80,000

SOFR + 1.90%

Aa2

Class C Notes

Mezzanine Secured Deferrable Floating Rate

80,000

SOFR + 2.60%

Total Secured Notes

690,000

Subordinated Notes (1)

311,000

None

Not rated

Total MML 2021-1 Notes

1,001,000

(1)The Company retained all of the Subordinated Notes issued in the MML 2021-1 Debt Securitization which are eliminated in consolidation.

(2)The floating rate notes include a spread adjustment to SOFR of 0.26161% included within the base rate.

(3)Upon a conversion of the Class A Loans in accordance with this Indenture, the Aggregate Outstanding Amount of the Class A Notes may be increased

by up to $50.0 million and the Aggregate Outstanding Amount of the Class A Loans reduced by a corresponding amount.

The Company retained all of the Subordinated Notes issued in the MML 2021-1 Debt Securitization in part in exchange for the Company’s sale and contribution to the MML 2021-1 Issuer of the initial closing date portfolio. The Debt is scheduled to mature on January 15, 2035; however, the Debt may be redeemed by the Issuer, at the direction of the Company as holder of the Subordinated Notes, on any business day after December 15, 2023. In connection with the sale and contribution, the Company has made customary representations, warranties and covenants to the Issuer. The Class A Notes, the Class A Loans, Class B Notes and Class C Notes are secured obligations of the Issuer, the Subordinated Notes are the unsecured obligations of the Issuer, and the indenture governing the Notes and the credit agreement governing the Class A Loans, each include customary covenants and events of default.

The MML 2021-1 Debt has not been, and will not be, registered under the Securities Act, or any state securities or “blue sky” laws and may not be offered or sold in the United States absent registration with the SEC or an applicable exemption from registration.

The Company serves as collateral manager to the MML 2021-1 Issuer under a collateral management agreement and has agreed to irrevocably waive all collateral management fees payable pursuant to the collateral management agreement.

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Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

MML 2022-1 Debt Securitization

On March 15, 2022, the Company completed a $1.1 billion term debt securitization (the “MML 2022-1 Debt Securitization”). Term debt securitizations are also known as collateralized loan obligations and are a form of secured financing incurred by the Company, which is consolidated by the Company for financial reporting purposes and subject to its overall asset coverage requirement. The notes offered in the MML 2022-1 Debt Securitization (collectively, the “MML 2022-1 Notes”) were issued by BCRED MML CLO 2022-1 LLC (the “MML 2022-1 Issuer”), a wholly-owned and consolidated (for tax and accounting purposes) subsidiary of the Company, and are primarily secured by a diversified portfolio of middle market loans and participation interests therein.

The following table presents information on the secured and unsecured notes issued in the MML 2022-1 Debt Securitization:

March 31, 2025

Description

Type

Principal Outstanding

Interest Rate

Credit Rating

Class A-1 Notes

Senior Secured Floating Rate

525,000

SOFR + 1.65%

Aaa

Class A-2 Notes

Senior Secured Fixed

80,000

3.41%

Aaa

Class B Notes

Senior Secured Floating Rate

66,000

SOFR + 2.00%

Aa2

Class C Notes

Mezzanine Secured Deferrable Floating Rate

88,000

SOFR + 2.75%

Total Secured Notes

759,000

Subordinated Notes (1)

331,360

None

Not rated

Total MML 2022-1 Notes

1,090,360

(1)The Company retained all of the Subordinated Notes issued in the MML 2022-1 Debt Securitization which are eliminated in consolidation.

The Company retained all of the Subordinated Notes issued in the MML 2022-1 Debt Securitization in part in exchange for the Company’s sale and contribution to the MML 2022-1 Issuer of the initial closing date portfolio. The MML 2022-1 Notes are scheduled to mature on April 20, 2035; however, the MML 2022-1 Notes may be redeemed by the MML 2022-1 Issuer, at the direction of the Company as holder of the Subordinated Notes, on any business day after April 20, 2024. In connection with the sale and contribution, the Company has made customary representations, warranties and covenants to the MML 2022-1 Issuers. The Class A-1 Notes, Class A-2 Notes, Class B Notes and Class C Notes are secured obligations of the MML 2022-1 Issuer, the Subordinated Notes are the unsecured obligations of the MML 2022-1 Issuer, and the indenture governing the MML 2022-1 Notes includes customary covenants and events of default.

The MML 2022-1 Notes have not been, and will not be, registered under the Securities Act, or any state securities or “blue sky” laws and may not be offered or sold in the United States absent registration with the SEC or an applicable exemption from registration.

The Company serves as collateral manager to the MML 2022-1 Issuer under a collateral management agreement and has agreed to irrevocably waive all collateral management fees payable pursuant to the collateral management agreement.

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Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

2022-1 BSL Debt Securitization

On June 9, 2022, the Company completed a $589.8 million term debt securitization (the “2022-1 BSL Debt Securitization”). Term debt securitizations are also known as collateralized loan obligations and are a form of secured financing incurred by the Company, which is consolidated by the Company for financial reporting purposes and subject to its overall asset coverage requirement. The notes offered in the 2022-1 BSL Debt Securitization (collectively, the “2022-1 BSL Notes”) were issued by BCRED BSL CLO 2022-1, Ltd. (the “2022-1 BSL Issuer”), a wholly-owned and consolidated (for tax and accounting purposes) subsidiary of the Company, and BCRED BSL CLO 2022-1, LLC (the “2022-1 BSL Co-Issuer”), and are primarily secured by a diversified portfolio of broadly syndicated loans and participation interests therein.

The following table presents information on the secured and unsecured notes issued in the 2022-1 BSL Debt Securitization:

March 31, 2025

Description

Type

Principal Outstanding

Interest Rate

Credit Rating

Class A-1A Notes

Senior Secured Floating Rate

292,000

SOFR + 1.58%

Aaa

Class A-1B Notes

Senior Secured Fixed Rate

50,000

4.34%

Aaa

Class A-2 Notes

Senior Secured Floating Rate

12,000

SOFR + 2.00%

AAA

Class B-1 Notes

Senior Secured Floating Rate

40,000

SOFR + 2.35%

Class B-2 Notes

Senior Secured Fixed Rate

26,000

4.98%

Class C Notes (1)

Secured Deferrable Floating Rate

51,000

SOFR + 2.60%

Class D Notes (1)

Mezzanine Secured Deferrable Floating Rate

39,000

SOFR + 3.69%

BBB-

Class E Notes (1)

Junior Secured Deferrable Floating Rate

21,000

SOFR + 7.33%

BB-

Total Secured Notes

531,000

Subordinated Notes (1)

58,750

None

Not rated

Total 2022-1 BSL Notes

589,750

(1)The Company retained all of the Class C Notes, the Class D Notes, the Class E Notes and the Subordinated Notes issued in the 2022-1 BSL Debt Securitization which are eliminated in consolidation.

The Company retained all of the Class C Notes, the Class D Notes, the Class E Notes and the Subordinated Notes issued in the 2022-1 BSL Debt Securitization. The 2022-1 BSL Notes are scheduled to mature on July 20, 2035; however, the 2022-1 BSL Notes may be redeemed by the 2022-1 BSL Issuer, at the direction of the Company as holder of the Subordinated Notes, on any business day after, in the case of any Class of Notes other than the Class A-1 Notes, July 20, 2024, and in the case of the Class A-1 Notes, July 20, 2035. The Class A-1 Notes, Class A-2 Notes, Class B Notes, Class C Notes and Class D Notes are secured obligations of the 2022-1 BSL Issuer and the 2022-1 BSL Co-Issuer, the Class E Notes are the secured obligations of the 2022-1 BSL Issuer, the Subordinated Notes are the unsecured obligations of the 2022-1 BSL Issuer, and the indenture governing the 2022-1 BSL Notes includes customary covenants and events of default.

The 2022-1 BSL Notes have not been, and will not be, registered under the Securities Act, or any state securities or “blue sky” laws and may not be offered or sold in the United States absent registration with the SEC or an applicable exemption from registration.

The Company serves as collateral manager to the 2022-1 BSL Issuer under a collateral management agreement and has agreed to irrevocably waive all collateral management fees payable pursuant to the collateral management agreement.

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Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

MML 2022-2 Debt Securitization

On August 12, 2022, the Company completed a $498.1 million term debt securitization (the “MML 2022-2 Debt Securitization”). Term debt securitizations are also known as collateralized loan obligations and are a form of secured financing incurred by the Company, which is consolidated by the Company for financial reporting purposes and subject to its overall asset coverage requirement. The notes and loans offered in the MML 2022-2 Debt Securitization (collectively, the “MML 2022-2 Notes”) were issued (or incurred, as applicable) by BCRED MML CLO 2022-2 LLC (the “MML 2022-2 Issuer”), a wholly-owned and consolidated (for tax and accounting purposes) subsidiary of the Company, and are primarily secured by a diversified portfolio of middle market loans and participation interests therein.

The following table presents information on the secured and unsecured notes issued and the secured loans incurred in the MML 2022-2 Debt Securitization:

March 31, 2025

Description

Type

Principal Outstanding

Interest Rate

Credit Rating

Class A-L Notes

Senior Secured Floating Rate

275,000

SOFR + 2.10%

Aaa

Class B-1 Notes

Senior Secured Floating Rate

14,000

SOFR + 3.35%

Aa2

Class B-2 Notes

Senior Secured Fixed Rate

11,500

5.88%

Aa2

Class C Notes (1)

Mezzanine Secured Deferrable Floating Rate

40,500

SOFR + 2.50%

Total Secured Notes

341,000

Subordinated Notes (1)

Subordinated

157,105

None

Not rated

Total MML 2022-2 Notes

498,105

(1)The Company retained all of the Class C Notes and the Subordinated Notes issued in the MML 2022-2 Debt Securitization which are eliminated in consolidation.

The Company retained all of the Class C Notes and the Subordinated Notes issued in the MML 2022-2 Debt Securitization in part in exchange for the Company’s sale and contribution to the MML 2022-2 Issuer of the initial closing date portfolio. The MML 2022-2 Notes is scheduled to mature on July 18, 2034; however, the MML 2022-2 Notes may be redeemed by the MML 2022-2 Issuer, at the direction of the Company as holder of the Subordinated Notes, on any business day after August 12, 2024. In connection with the sale and contribution, the Company has made customary representations, warranties and covenants to the Issuers. The Class A-L Loans, Class B-1 Notes, Class B-2 Notes and Class C Notes are secured obligations of the MML 2022-2 Issuer, the Subordinated Notes are the unsecured obligations of the MML 2022-2 Issuer, and the indenture governing the MML 2022-2 Notes includes customary covenants and events of default.

The MML 2022-2 Notes has not been, and will not be, registered under the Securities Act, or any state securities or “blue sky” laws and may not be offered or sold in the United States absent registration with the SEC or an applicable exemption from registration.

The Company serves as collateral manager to the MML 2022-2 Issuer under a collateral management agreement and has agreed to irrevocably waive all collateral management fees payable pursuant to the collateral management agreement.

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Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

2023-1 CLO Debt Securitization

On December 13, 2023, the Company completed a $492.7 million term debt securitization (the “2023-1 Debt Securitization”). Term debt securitizations are also known as collateralized loan obligations and are a form of secured financing incurred by the Company, which is consolidated by the Company for financial reporting purposes and subject to its overall asset coverage requirement. The notes offered in the 2023-1 Debt Securitization (collectively, the “2023-1 Notes”) were issued by BCRED CLO 2023-1 LLC (the “2023-1 Issuer”), an indirectly wholly-owned and consolidated (for tax and accounting purposes) subsidiary of the Company, and are primarily secured by a diversified portfolio of private credit loans and participation interests therein.

The following table presents information on the secured and unsecured notes issued and the secured loans incurred in the 2023-1 Debt Securitization:

March 31, 2025

Description

Type

Principal Outstanding

Interest Rate

Credit Rating

Class A Notes

Senior Secured Floating Rate

272,500

SOFR + 2.30%

Aaa

Class B Notes

Senior Secured Floating Rate

32,500

SOFR + 3.00%

Aa2

Class C Notes (1)

Mezzanine Secured Deferrable Floating Rate

34,000

SOFR + 4.00%

Total Secured Notes

339,000

Subordinated Notes (1)

Subordinated

153,665

None

Not Rated

Total 2023-1 Notes

492,665

(1)The Company (through its wholly-owned and consolidated subsidiary, 2023-1 Depositor) retained all of the Class C Notes and the Subordinated Notes issued in the 2023-1 Debt Securitization which are eliminated in consolidation.

The Company (through its wholly-owned and consolidated subsidiary, 2023-1 Depositor) retained all of the Class C Notes and the Subordinated Notes issued in the 2023-1 Debt Securitization in part in exchange for the Company’s sale and contribution to the 2023-1 Issuer of the initial closing date portfolio. The 2023-1 Notes are scheduled to mature on January 20, 2036; however, the 2023-1 Notes may be redeemed by the 2023-1 Issuer, at the direction of the Company as holder of the Subordinated Notes (through 2023-1 Depositor), on any business day after December 13, 2025. In connection with the sale and contribution, the Company has made customary representations, warranties and covenants to the 2023-1 Issuer. The Class A Notes, Class B Notes and Class C Notes are secured obligations of the 2023-1 Issuer, the Subordinated Notes are the unsecured obligations of the 2023-1 Issuer, and the indenture governing the 2023-1 Notes includes customary covenants and events of default.

The 2023-1 Notes have not been, and will not be, registered under the Securities Act, or any state securities or “blue sky” laws and may not be offered or sold in the United States absent registration with the SEC or an applicable exemption from registration.

The Company serves as collateral manager to the 2023-1 Issuer under a collateral management agreement and has agreed to irrevocably waive all collateral management fees payable pursuant to the collateral management agreement.

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Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

2024-1 CLO Debt Securitization

On March 13, 2024, the Company completed a $402.2 million term debt securitization (the “2024-1 Debt Securitization”). Term debt securitizations are also known as collateralized loan obligations and are a form of secured financing incurred by the Company, which is consolidated by the Company for financial reporting purposes and subject to its overall asset coverage requirement. The notes offered in the 2024-1 Debt Securitization (collectively, the “2024-1 Notes”) were issued by BCRED CLO 2024-1 LLC (the “2024-1 Issuer”), an indirectly wholly-owned and consolidated (for tax and accounting purposes) subsidiary of the Company, and are primarily secured by a diversified portfolio of private credit loans and participation interests therein.

The following table presents information on the secured and unsecured notes issued and the secured loans incurred in the 2024-1 Debt Securitization:

March 31, 2025

Description

Type

Principal Outstanding

Interest Rate

Credit Rating

Class A Notes (2)

Senior Secured Floating Rate

180,000

SOFR + 1.83%

Aaa

Class A-L Loans (2)

Senior Secured Floating Rate

40,000

SOFR + 1.83%

Aaa

Class B Notes

Senior Secured Floating Rate

24,000

SOFR + 2.35%

Aa2

Class C Notes (1)

Mezzanine Secured Deferrable Floating Rate

28,000

SOFR + 2.80%

Total Secured Notes

272,000

Subordinated Notes (1)

Subordinated

130,161

None

Not Rated

Total 2024-1 Notes

402,161

(1)The Company (through its wholly-owned and consolidated subsidiary, 2024-1 Depositor) retained all of the Class C Notes and the Subordinated Notes issued in the 2024-1 Debt Securitization which are eliminated in consolidation.

(2)Upon a conversion of the Class A-L Loans in accordance with this Indenture and the Class A-L Loan Agreement, the Aggregate Outstanding Amount of the Class A Notes may be increased by up to $220.0 million and the Aggregate Outstanding Amount of the Class A-L Loans reduced by a corresponding amount.

The Company (through its wholly-owned and consolidated subsidiary, 2024-1 Depositor) retained all of the Class C Notes and the Subordinated Notes issued in the 2024-1 Debt Securitization in part in exchange for the Company’s sale and contribution to the 2024-1 Issuer of the initial closing date portfolio. The 2024-1 Notes are scheduled to mature on April 20, 2036; however, the 2024-1 Notes may be redeemed by the 2024-1 Issuer, at the direction of the Company through its holder of the Subordinated Notes (through 2024-1 Depositor), on any business day after March 13, 2026. In connection with the sale and contribution, the Company has made customary representations, warranties and covenants to the 2024-1 Issuer. The Class A Notes, Class B Notes and Class C Notes are secured obligations of the 2024-1 Issuer, the Subordinated Notes are the unsecured obligations of the 2024-1 Issuer, and the indenture governing the 2024-1 Notes includes customary covenants and events of default.

The 2024-1 Notes have not been, and will not be, registered under the Securities Act, or any state securities or “blue sky” laws and may not be offered or sold in the United States absent registration with the SEC or an applicable exemption from registration.

The Company serves as collateral manager to the 2024-1 Issuer under a collateral management agreement and has agreed to irrevocably waive all collateral management fees payable pursuant to the collateral management agreement.

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Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

2024-2 CLO Debt Securitization

On December 11, 2024, the Company completed a $500.5 million term debt securitization (the “2024-2 Debt Securitization”). Term debt securitizations are also known as collateralized loan obligations and are a form of secured financing incurred by the Company, which is consolidated by the Company for financial reporting purposes and subject to its overall asset coverage requirement. The notes offered in the 2024-2 Debt Securitization (collectively, the “2024-2 Notes”) were issued by BCRED CLO 2024-2 LLC (the “2024-2 Issuer”), an indirectly wholly-owned and consolidated (for tax and accounting purposes) subsidiary of the Company, and are primarily secured by a diversified portfolio of private credit loans and participation interests therein.

The following table presents information on the secured and unsecured notes issued and the secured loans incurred in the 2024-2 Debt Securitization:

March 31, 2025

Description

Type

Principal Outstanding

Interest Rate

Credit Rating

Class A Notes (2)(3)(4)

Senior Secured Floating Rate

60,000

SOFR + 1.50%

Aaa

Class A-L1 Loans (2)

Senior Secured Floating Rate

145,000

SOFR + 1.50%

Aaa

Class A-L2 Loans (3)

Senior Secured Floating Rate

50,000

SOFR + 1.50%

Aaa

Class A-L3 Loans (4)

Senior Secured Floating Rate

20,000

SOFR + 1.50%

Aaa

Class B Notes

Senior Secured Floating Rate

30,000

SOFR + 1.80%

Aa2

Class C Notes (1)

Mezzanine Secured Deferrable Floating Rate

35,000

SOFR + 2.00%

Total Secured Notes

340,000

Subordinated Notes (1)

Subordinated

160,500

None

Not Rated

Total 2024-2 Notes

500,500

(1)The Company (through its wholly-owned and consolidated subsidiary, 2024-2 Depositor) retained all of the Class C Notes and the Subordinated Notes issued in the 2024-2 Debt Securitization which are eliminated in consolidation.

(2)Upon a conversion of the Class A-L1 Loans in accordance with this Indenture and the Class A-L1 Loan Agreement, the Aggregate Outstanding Amount of the Class A Notes may be increased by up to $145.0 million and the Aggregate Outstanding Amount of the Class A-L1 Loans reduced by a corresponding amount.

(3)Class A-L2 Loans may not be converted into Class A Notes at any time. For the avoidance of doubt, the Class A Notes shall not be exchangeable or convertible into Class A-L2 Loans at any time.

(4)Upon a conversion of the Class A-L3 Loans in accordance with this Indenture and the Class A-L3 Loan Agreement, the Aggregate Outstanding Amount of the Class A Notes may be increased by up to $20.0 million and the Aggregate Outstanding Amount of the Class A-L3 Loans reduced by a corresponding amount.

The Company (through its wholly-owned and consolidated subsidiary, 2024-2 Depositor) retained all of the Class C Notes and the Subordinated Notes issued in the 2024-2 Debt Securitization in part in exchange for the Company’s sale and contribution to the 2024-2 Issuer of the initial closing date portfolio. The 2024-2 Notes are scheduled to mature on January 20, 2037; however, the 2024-2 Notes may be redeemed by the 2024-2 Issuer, at the direction of the Company through its holder of the Subordinated Notes (through 2024-2 Depositor), on any business day after December 11, 2026. In connection with the sale and contribution, the Company has made customary representations, warranties and covenants to the 2024-2 Issuer. The Class A Notes, Class A-L1 Loans, Class A-L2 Loans, Class A-L3 Loans, Class B Notes and Class C Notes are secured obligations of the 2024-2 Issuer, the Subordinated Notes are the unsecured obligations of the 2024-2 Issuer, and the indenture governing the 2024-2 Notes includes customary covenants and events of default.

The 2024-2 Notes have not been, and will not be, registered under the Securities Act, or any state securities or “blue sky” laws and may not be offered or sold in the United States absent registration with the SEC or an applicable exemption from registration.

The Company serves as collateral manager to the 2024-2 Issuer under a collateral management agreement and has agreed to irrevocably waive all collateral management fees payable pursuant to the collateral management agreement.

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Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

2025-1 CLO Debt Securitization

On March 21, 2025, the Company completed a $1.3 billion term debt securitization (the “2025-1 Debt Securitization”). Term debt securitizations are also known as collateralized loan obligations and are a form of secured financing incurred by the Company, which is consolidated by the Company for financial reporting purposes and subject to its overall asset coverage requirement. The notes offered in the 2025-1 Debt Securitization (collectively, the “2025-1 Notes”) were issued by BCRED CLO 2025-1 LLC (the “2025-1 Issuer”), an indirectly wholly-owned and consolidated (for tax and accounting purposes) subsidiary of the Company, and are primarily secured by a diversified portfolio of private credit loans and participation interests therein.

The following table presents information on the secured and unsecured notes issued in the 2025-1 Debt Securitization:

March 31, 2025

Description

Type

Principal Outstanding

Interest Rate

Credit Rating

Class A Notes

Senior Secured Floating Rate

715,000

SOFR + 1.38%

Aaa

Class B Notes

Senior Secured Floating Rate

78,000

SOFR + 1.70%

Aa2

Class C Notes

Mezzanine Secured Deferrable Floating Rate

91,000

SOFR + 2.00%

Total Secured Notes

884,000

Subordinated Notes (1)

Subordinated

413,000

None

Not Rated

Total 2025-1 Notes

1,297,000

(1)The Company (through its wholly-owned and consolidated subsidiary, 2025-1 Depositor) retained all of the Subordinated Notes issued in the 2025-1 Debt Securitization which are eliminated in consolidation.

The Company (through its wholly-owned and consolidated subsidiary, 2025-1 Depositor) retained all of the Subordinated Notes issued in the 2025-1 Debt Securitization in part in exchange for the Company’s sale and contribution to the 2025-1 Issuer of the initial closing date portfolio. The 2025-1 Notes are scheduled to mature on April 20, 2037; however, the 2025-1 Notes may be redeemed by the 2025-1 Issuer, at the direction of the Company through its holder of the Subordinated Notes (through 2025-1 Depositor), on any business day after April 20, 2027. In connection with the sale and contribution, the Company has made customary representations, warranties and covenants to the 2025-1 Issuer. The Class A Notes, Class B Notes and Class C Notes are secured obligations of the 2025-1 Issuer, the Subordinated Notes are the unsecured obligations of the 2025-1 Issuer, and the indenture governing the 2025-1 Notes includes customary covenants and events of default.

The 2025-1 Notes have not been, and will not be, registered under the Securities Act, or any state securities or “blue sky” laws and may not be offered or sold in the United States absent registration with the SEC or an applicable exemption from registration.

The Company serves as collateral manager to the 2025-1 Issuer under a collateral management agreement and has agreed to irrevocably waive all collateral management fees payable pursuant to the collateral management agreement.

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Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

2025-1 Lender Finance

On March 26, 2025, the Company entered into a $915.0 million secured term loan credit facility (the “2025-1 Lender Finance Facility”). BCRED Lender Finance 2025-1 LLC (the “2025-1 Lender Finance”) an indirectly wholly-owned subsidiary of the Company, is the borrower under the 2025-1 Lender Finance Facility and is consolidated by the Company for financial reporting purposes and subject to its overall asset coverage requirement. The loans incurred under the 2025-1 Lender Finance Facility (collectively, the “2025-1 Loans”) are primarily secured by a diversified portfolio of private credit loans and participation interests therein.

The following table presents information on the loans incurred in the 2025-1 Lender Finance Facility:

March 31, 2025

Description

Type

Principal Outstanding

Interest Rate

Credit Rating

Class A Term Loans

Senior Secured Floating Rate

802,500

SOFR + 1.47%

Aaa

Class B Term Loans

Senior Secured Floating Rate

87,500

SOFR + 1.77%

Aa2

Class C Term Loans (1)

Secured Deferrable Floating Rate

25,000

SOFR + 2.00%

Total Term Loans

915,000

(1)The Company (through its wholly-owned and consolidated subsidiary, 2025-1 Lender Finance Depositor) retained all of the Class C Terms Loans incurred in the 2025-1 Lender Finance Facility which are eliminated in consolidation.

The Company (through its wholly-owned and consolidated subsidiary, 2025-1 Lender Finance Depositor) retained all of the Class C Term Loans incurred in the 2025-1 Lender Finance Facility in part in exchange for the Company’s sale and contribution to 2025-1 Lender Finance of the initial closing date portfolio. The funding date for the 2025-1 Loans was March 31, 2025. The 2025-1 Loans are scheduled to mature on April 20, 2037; however the 2025-1 Loans may be prepaid by 2025-1 Lender Finance, at the direction of the Company, on any business day after March 31, 2027. In connection with the sale and contribution, the Company has made customary representations, warranties and covenants to 2025-1 Lender Finance. The Class A Term Loans, Class B Term Loans and Class C Term Loans are secured obligations of 2025-1 1 Lender Finance, and the loan and security governing the 2025-1 Loans includes customary covenants and events of default.

The Company serves as collateral manager to 2025-1 1 Lender Finance under a collateral management agreement and has agreed to irrevocably waive all collateral management fees payable pursuant to the collateral management agreement

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Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

The following presents the assets and liabilities of the 2021-1 BSL Issuer, 2021-2 Issuer, MML 2021-1 Issuer, MML 2022-1 Issuer, 2022-1 BSL Issuer, MML 2022-2 Issuer, 2023-1 Issuer, 2024-1 Issuer, 2024-2 Issuer, 2025-1 Issuer and 2025-1 Lender Finance Facility (collectively referred to as, the “CLO Issuers”), after giving effect to the elimination of intercompany balances. The assets of the CLO Issuers are restricted to be used to settle the obligations of the CLO Issuers. The liabilities of the CLO Issuers are only the obligations of the CLO Issuers and the creditors (or beneficial interest holders) do not have recourse to the Company.


	March 31, 2025		December 31, 2024
ASSETS
Investments at fair value
Non-controlled/non-affiliated investments	$	8,539,552	$	5,866,717
Total investments at fair value	8,539,552		5,866,717
Cash and cash equivalents (restricted cash of $493,603 and $304,999, respectively)	493,603		304,999
Interest receivable from non-controlled/non-affiliated investments	55,542		44,670
Total assets	$	9,088,697	$	6,216,386
LIABILITIES
Debt (net of unamortized debt issuance costs of $25,948 and $20,261, respectively)	$	5,940,351	$	4,172,039
Interest payable	54,107		51,890
Total liabilities	$	5,994,458	$	4,223,929

Short-Term Borrowings

Master Repurchase Agreements

On June 15, 2021 and June 16, 2021, the Company entered into Master Repurchase Agreements (the “Repurchase Agreements”) with certain banks to provide short-term borrowings which the Company utilizes from time-to-time to manage its working capital needs. As part of the Repurchase Agreements, the Company can sell a security to the lender for cash with an agreement to buy it back in the future at a pre-determined price. The Company’s ability to draw down borrowings under the agreement is subject to 1940 Act leverage limitations and dependent on the Company pledging eligible assets to the banks as collateral. No commitment fees were paid in connection with execution of these agreements.

As of March 31, 2025, and December 31, 2024, respectively, the Company had $401.3 million and $420.8 million of short-term borrowings under the Repurchase Agreements.

Short-term borrowings under the Repurchase Agreements bore interest at a weighted average applicable margin of 5.15% and 5.18% per annum as of March 31, 2025, and December 31, 2024, respectively.

Certain of the Company's investments serve as collateral for the Company’s obligations under the Repurchase Agreements and the carrying value of pledged investments were $534.2 million and $575.3 million as of March 31, 2025, and December 31, 2024, respectively.

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Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

The Company’s outstanding debt obligations were as follows:


	March 31, 2025
	Aggregate Principal Committed		Outstanding Principal		Carrying Value (net of unamortized issuance costs, premiums and discounts)		Unamortized Debt Issuance Costs (including premiums and discounts)		Unused Portion (1)		Amount Available (2)
Bard Peak Funding Facility (3)	$	1,650,000	$	1,224,333	$	1,224,333	$	—	$	425,667	$	354,345
Castle Peak Funding Facility (3)	1,900,000		1,259,016		1,259,016		—		640,984		587,121
Summit Peak Funding Facility (3)	1,375,000		957,248		957,248		—		417,752		417,752
Denali Peak Funding Facility	750,000		562,800		562,800		—		187,200		187,200
Bushnell Peak Funding Facility	600,000		500,300		500,300		—		99,700		99,700
Granite Peak Funding Facility	500,000		—		—		—		500,000		500,000
Middle Peak Funding Facility	1,000,000		770,000		770,000		—		230,000		230,000
Bison Peak Funding Facility	1,500,000		1,297,200		1,297,200		—		202,800		202,800
Blanca Peak Funding Facility	1,500,000		1,375,090		1,375,090		—		124,910		61,437
Windom Peak Funding Facility (3)	2,150,000		1,109,458		1,109,458		—		1,040,542		1,040,542
Monarch Peak Funding Facility	1,500,000		805,000		805,000		—		695,000		451,777
Meridian Peak Funding Facility	50,000		36,000		36,000		—		14,000		14,000
Haydon Peak Funding Facility	250,000		187,000		187,000		—		63,000		63,000
Bear Peak Funding Facility (3)	540,650		171,444		171,444		—		369,206		297,580
Phoenix Peak Funding Facility (3)	205,811		205,811		205,811		—		—		—
Revolving Credit Facility (4)	5,650,000		1,677,196		1,677,196		—		3,972,804		3,972,804
2026 Notes	400,000		400,000		399,092		908		—		—
May 2027 Notes (5)	625,000		625,000		612,749		1,156		—		—
October 2027 Notes (5)	350,000		350,000		346,517		3,486		—		—
March 2031 Notes (5)	500,000		500,000		492,460		11,785		—		—
March 2033 Notes (5)	500,000		500,000		490,532		14,234		—		—
December 2026 Notes (5)	1,250,000		1,250,000		1,213,110		8,216		—		—
November 2026 Eurobonds	540,650		540,650		538,048		2,602		—		—
March 2027 Notes	1,000,000		1,000,000		994,695		5,305		—		—
January 2029 Notes	650,000		650,000		643,256		6,744		—		—
April 2026 UK Bonds (5)	322,937		322,937		315,431		911		—		—
September 2025 Notes (5)	800,000		800,000		797,322		2,126		—		—
November 2028 Notes (5)	650,000		650,000		657,729		1,969		—		—
January 2031 Notes (5)	500,000		500,000		489,026		12,234		—		—
July 2029 Notes (5)	500,000		500,000		500,662		9,700		—		—
September 2027 Notes (5)	400,000		400,000		389,927		5,488		—		—
April 2030 Notes (5)	400,000		400,000		382,757		8,588		—		—
November 2029 Notes (5)	400,000		400,000		396,213		8,329		—		—
November 2034 Notes (5)	800,000		800,000		782,484		23,235		—		—
January 2032 Notes (5)	1,000,000		1,000,000		1,000,956		24,412		—		—
2021-1 BSL Notes	663,000		663,000		662,192		808		—		—
2021-2 Notes	505,800		505,800		504,548		1,252		—		—
MML 2021-1 Debt	690,000		690,000		686,560		3,440		—		—
MML 2022-1 Debt	759,000		759,000		754,573		4,427		—		—
2022-1 BSL Debt	420,000		420,000		418,693		1,307		—		—
MML 2022-2 Debt	300,500		300,500		298,337		2,163		—		—

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Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)


	March 31, 2025
	Aggregate Principal Committed		Outstanding Principal		Carrying Value (net of unamortized issuance costs, premiums and discounts)		Unamortized Debt Issuance Costs (including premiums and discounts)		Unused Portion (1)		Amount Available (2)
2023-1 Notes	$	305,000	$	305,000	$	303,246	$	1,754	$	—	$	—
2024-1 Notes	244,000		244,000		242,373		1,627		—		—
2024-2 Notes	305,000		305,000		301,989		3,011		—		—
2025-1 Notes	884,000		884,000		880,586		3,414		—		—
2025-1 Lender Finance	890,000		890,000		887,254		2,746		—		—
Short-Term Borrowings	401,321		401,321		401,321		—		—		—
Total	$	39,077,669	$	30,094,104	$	29,922,534	$	177,377	$	8,983,565	$	8,480,058

(1)The unused portion is the amount upon which commitment fees, if any, are based.

(2)The amount available reflects any limitations related to each respective credit facility’s borrowing base.

(3)Under certain SPV Financing Facilities, the company is permitted to borrow in USD and other currencies.

Under the Bard Peak Funding Facility, as of March 31, 2025, the Company had non-USD borrowings denominated in the following currencies:

•CAD 94.1 million

•EUR 69.0 million

•GBP 74.6 million

Under the Castle Peak Funding Facility, as of March 31, 2025, the Company had non-USD borrowings denominated in the following currencies:

•CAD 78.9 million

•EUR 46.4 million

•GBP 64.4 million

Under the Summit Peak Funding Facility, as of March 31, 2025, the Company had non-USD borrowings denominated in the following currencies:

•CAD 64.7 million

•EUR 26.9 million

•GBP 99.7 million

Under the Windom Peak Funding Facility, as of March 31, 2025, the Company had non-USD borrowings denominated in the following currencies:

•GBP 115.9 million

Under the Bear Peak Funding Facility, as of March 31, 2025, the Company had non-USD borrowings denominated in the following currencies:

•EUR 110.8 million

•GBP 40.0 million

Under the Phoenix Peak Funding Facility, as of March 31, 2025, the Company had non-USD borrowings denominated in the following currencies:

•EUR 142.8 million

•GBP 39.8 million

(4)Under the Revolving Credit Facility, the Company is permitted to borrow in USD or certain other currencies. As of March 31, 2025, the Company had non-USD borrowings denominated in the following currencies:

•CAD 44.5 million

•EUR 14.1 million

•GBP 956.3 million

•AUD 1.0 million

(5)Carrying value is inclusive of adjustment for the change in fair value of effective hedge relationship.

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(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)


	December 31, 2024
	Aggregate Principal Committed		Outstanding Principal		Carrying Value (net of unamortized issuance costs, premiums and discounts)		Unamortized Debt Issuance Costs (including premiums and discounts)		Unused Portion (1)		Amount Available (2)
Bard Peak Funding Facility (3)	$	1,650,000	$	1,000,298	$	1,000,298	$	—	$	649,702	$	559,732
Castle Peak Funding Facility (3)	1,900,000		1,194,401		1,194,401		—		705,599		516,131
Summit Peak Funding Facility (3)	1,375,000		952,105		952,105		—		422,895		422,895
Denali Peak Funding Facility	750,000		562,800		562,800		—		187,200		187,200
Bushnell Peak Funding Facility	600,000		480,300		480,300		—		119,700		119,700
Granite Peak Funding Facility	500,000		493,554		493,554		—		6,446		6,446
Middle Peak Funding Facility	1,000,000		750,000		750,000		—		250,000		250,000
Bison Peak Funding Facility	1,500,000		1,203,200		1,203,200		—		296,800		296,800
Blanca Peak Funding Facility	1,500,000		1,375,090		1,375,090		—		124,910		65,207
Windom Peak Funding Facility (3)	2,150,000		1,029,841		1,029,841		—		1,120,159		1,120,159
Monarch Peak Funding Facility	1,500,000		750,000		750,000		—		750,000		534,195
Meridian Peak Funding Facility	350,000		246,000		246,000		—		104,000		104,000
Haydon Peak Funding Facility	250,000		250,000		250,000		—		—		—
Bear Peak Funding Facility (3)	517,925		164,816		164,816		—		353,109		289,286
Phoenix Peak Funding Facility (3)	197,736		197,736		197,736		—		—		—
Revolving Credit Facility (4)	5,650,000		4,639,587		4,639,587		—		1,010,413		1,010,368
2026 Notes	400,000		400,000		398,930		1,070		—		—
May 2027 Notes (5)	625,000		625,000		606,940		1,293		—		—
October 2027 Notes (5)	350,000		350,000		343,257		3,826		—		—
December 2026 Notes (5)	1,250,000		1,250,000		1,200,860		9,414		—		—
November 2026 Eurobonds	517,925		517,925		514,940		2,984		—		—
March 2027 Notes	1,000,000		1,000,000		994,032		5,968		—		—
January 2025 Notes (5)	500,000		500,000		499,806		65		—		—
January 2029 Notes	650,000		650,000		642,805		7,195		—		—
March 2025 Notes (5)	900,000		900,000		895,447		658		—		—
April 2026 UK Bonds (5)	312,975		312,975		303,118		1,128		—		—
September 2025 Notes (5)	800,000		800,000		796,012		3,183		—		—
November 2028 Notes (5)	500,000		500,000		491,884		9,315		—		—
January 2031 Notes (5)	500,000		500,000		478,572		12,752		—		—
July 2029 Notes (5)	500,000		500,000		492,483		10,248		—		—
September 2027 Notes (5)	400,000		400,000		385,192		5,989		—		—
April 2030 Notes (5)	400,000		400,000		374,785		8,969		—		—
November 2029 Notes (5)	400,000		400,000		389,112		8,737		—		—
November 2034 Notes (5)	800,000		800,000		761,812		23,750		—		—
2021-1 BSL Notes	663,000		663,000		662,170		830		—		—
2021-2 Notes	505,800		505,800		504,516		1,284		—		—
MML 2021-1 Debt	690,000		690,000		686,473		3,527		—		—
MML 2022-1 Debt	759,000		759,000		754,464		4,536		—		—
2022-1 BSL Debt	420,000		420,000		418,661		1,339		—		—
MML 2022-2 Debt	300,500		300,500		298,280		2,220		—		—
2023-1 Notes	305,000		305,000		303,206		1,794		—		—
2024-1 Notes	244,000		244,000		242,337		1,663		—		—

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Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)


	December 31, 2024
	Aggregate Principal Committed		Outstanding Principal		Carrying Value (net of unamortized issuance costs, premiums and discounts)		Unamortized Debt Issuance Costs (including premiums and discounts)		Unused Portion (1)		Amount Available (2)
2024-2 Notes	$	305,000	$	305,000	$	301,927	$	3,073	$	—	$	—
Short-Term Borrowings	420,829		420,829		420,829		—		—		—
Total	$	36,809,690	$	30,708,757	$	30,452,578	$	136,810	$	6,100,933	$	5,482,119

(1)The unused portion is the amount upon which commitment fees, if any, are based.

(2)The amount available reflects any limitations related to each respective credit facility’s borrowing base.

(3)Under certain SPV Financing Facilities, the company is permitted to borrow in USD and other currencies.

Under the Bard Peak Funding Facility, as of December 31, 2024, the Company had non-USD borrowings denominated in the following currencies:

•CAD 94.1 million

•EUR 69.0 million

•GBP 74.6 million

Under the Castle Peak Funding Facility, as of December 31, 2024, the Company had non-USD borrowings denominated in the following currencies:

•CAD 78.9 million

•EUR 46.4 million

•GBP 64.4 million

Under the Summit Peak Funding Facility, as of December 31, 2024, the Company had non-USD borrowings denominated in the following currencies:

•CAD 64.7 million

•EUR 26.9 million

•GBP 99.7 million

Under the Windom Peak Funding Facility, as of December 31, 2024, the Company had non-USD borrowings denominated in the following currencies:

•GBP 115.9 million

Under the Bear Peak Funding Facility, as of December 31, 2024, the Company had non-USD borrowings denominated in the following currencies:

•EUR 110.8 million

•GBP 40.0 million

Under the Phoenix Peak Funding Facility, as of December 31, 2024, the Company had non-USD borrowings denominated in the following currencies:

•EUR 142.8 million

•GBP 39.8 million

(4)Under the Revolving Credit Facility, the Company is permitted to borrow in USD or certain other currencies. As of December 31, 2024, the Company had non-USD borrowings denominated in the following currencies:

•CAD 816.0 million

•EUR 850.0 million

•GBP 1,108.3 million

•CHF 52.9 million

•AUD 1.0 million

(5)Carrying value is inclusive of adjustment for the change in fair value of effective hedge relationship.

As of March 31, 2025 and December 31, 2024, $383.2 million and $391.2 million, respectively, of interest expense and $8.2 million and $6.8 million, respectively, of unused commitment fees were included in Interest payable in the Company’s Condensed Consolidated Statements of Assets and Liabilities.

For the three months ended March 31, 2025 and 2024, the weighted average interest rate on all borrowings outstanding (including unused fees, accretion of net discounts on unsecured debt, and the impact of the application of hedge accounting) was 6.10% and 7.28%, respectively. For the three months ended March 31, 2025 and 2024, the weighted average all-in cost of debt (including unused fees, accretion of net discounts on unsecured debt, amortization of deferred financing costs, and the impact of the application of hedge accounting) was 6.20% and 7.44%, respectively.

For the three months ended March 31, 2025 and 2024, the average principal debt outstanding was $30,920.0 million and $23,943.3 million, respectively.

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(in thousands, except share amounts, per share data, percentages and as otherwise noted)

The components of interest expense were as follows:


	Three Months Ended March 31,
	2025		2024
Borrowing interest expense	$	456,004	$	411,547
Facility unused fees	7,630		21,406
Amortization of deferred financing costs	8,498		8,585
Amortization of original issue discount and debt issuance costs (including premiums and discounts)	9,420		7,829
Gain (loss) from interest rate swaps accounted for as hedges and the related hedged items:
Interest rate swaps	(127,092)		39,877
Hedged items	125,175		(39,182)
Total interest expense	$	479,635	$	450,062
Cash paid for interest expense	$	589,353	$	491,504

Note 8. Commitments and Contingencies

The Company’s investment portfolio contains debt investments which are in the form of lines of credit or delayed draw commitments, which require us to provide funding when requested by portfolio companies in accordance with underlying loan agreements. As of March 31, 2025 and December 31, 2024, the Company had unfunded commitments, including delayed draw term loans and revolvers, with an aggregate amount of $10.2 billion and $10.8 billion, respectively.

Additionally, from time to time, the Advisers and their affiliates may commit to an investment or commit to backstop the commitment of another lender on behalf of the investment vehicles they manage, including the Company. Certain terms of these investments or backstop arrangements are not finalized at the time of the commitment and each respective investment vehicle’s allocation may change prior to the date of funding. In this regard, as of March 31, 2025 and December 31, 2024, the Company estimates that $887.6 million and $130.2 million, respectively, of investments and backstop arrangements that were committed but not yet funded.

As of March 31, 2025 and December 31, 2024, $524.1 million and $536.7 million, respectively, of capital committed remained uncalled from the Company in relation to capital commitments to Emerald JV, Verdelite JV and SLC.

Other Commitments and Contingencies

From time to time, the Company may become a party to certain legal proceedings incidental to the normal course of its business. As of March 31, 2025 and December 31, 2024, management is not aware of any material pending legal proceedings.

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(in thousands, except share amounts, per share data, percentages and as otherwise noted)

Note 9. Net Assets

The following table presents transactions in Common Shares for the three months ended March 31, 2025:


	For the three months ended March 31, 2025
	Shares	Amount
CLASS I
Subscriptions	95,735,039	$	2,431,752
Share transfers between classes	1,701,230	43,221
Distributions reinvested	12,920,658	328,177
Share repurchases	(18,329,167)	(462,810)
Early repurchase deduction	—	215
Net increase (decrease)	92,027,760	2,340,555
CLASS S
Subscriptions	32,814,868	833,417
Share transfers between classes	(1,612,496)	(40,966)
Distributions reinvested	6,268,532	159,217
Share repurchases	(4,620,790)	(116,675)
Early repurchase deduction	—	102
Net increase (decrease)	32,850,114	835,095
CLASS D
Subscriptions	2,391,184	60,771
Share transfers between classes	(88,734)	(2,255)
Distributions reinvested	123,469	3,136
Share repurchases	(63,255)	(1,597)
Early repurchase deduction	—	5
Net increase (decrease)	2,362,664	60,060
Total net increase (decrease)	127,240,538	$	3,235,710

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(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

The following table presents transactions in Common Shares for the three months ended March 31, 2024:


	For the three months ended March 31, 2024
	Shares	Amount
CLASS I
Subscriptions	68,153,130	$	1,731,701
Share transfers between classes	1,600,802	41,217
Distributions reinvested	9,494,888	241,268
Share repurchases	(17,602,001)	(449,028)
Early repurchase deduction	—	81
Net increase (decrease)	61,646,819	1,565,239
CLASS S
Subscriptions	31,368,155	797,084
Share transfers between classes	(1,615,042)	(41,557)
Distributions reinvested	4,530,035	115,110
Share repurchases	(4,060,246)	(103,576)
Early repurchase deduction	—	40
Net increase (decrease)	30,222,902	767,101
CLASS D
Subscriptions	1,031,771	26,207
Share transfers between classes	14,240	340
Distributions reinvested	62,688	1,593
Share repurchases	(199,840)	(5,098)
Early repurchase deduction	—	2
Net increase (decrease)	908,859	23,044
Total net increase (decrease)	92,778,580	$	2,355,384

Net Asset Value per Share and Offering Price

The Company determines NAV for each class of shares as of the last day of each calendar month. Share issuances related to monthly subscriptions are effective the first calendar day of each month. Shares are issued at an offering price equivalent to the most recent NAV per share available for each share class, which will be the prior calendar day NAV per share (i.e., the prior month-end NAV). The following table presents each month-end NAV per share for Class I, Class S and Class D Common Shares for the three months ended March 31, 2025:


	NAV Per Share
For the Months Ended	Class I		Class S		Class D
January 31, 2025	$	25.42	$	25.42	$	25.42
February 28, 2025	$	25.36	$	25.36	$	25.36
March 31, 2025	$	25.25	$	25.25	$	25.25

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(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

The following table presents each month-end NAV per share for Class I, Class S and Class D Common Shares for the three months ended March 31, 2024:


	NAV Per Share
For the Months Ended	Class I		Class S		Class D
January 31, 2024	$	25.41	$	25.41	$	25.41
February 29, 2024	$	25.43	$	25.43	$	25.43
March 31, 2024	$	25.51	$	25.51	$	25.51

Distributions

The Board authorizes and declares monthly distribution amounts per share of Class I, Class S and Class D Common Shares. The following tables present distributions that were declared and payable for the three months ended March 31, 2025:


			Class I
Declaration Date	Record Date	Payment Date	Distribution Per Share		Distribution Amount
January 22, 2025	January 31, 2025	February 27, 2025	$	0.2200	$	228,819
February 20, 2025	February 28, 2025	March 26, 2025	0.2200		238,587
March 19, 2025	March 31, 2025	April 24, 2025	0.2200		246,375






			$	0.6600	$	713,781


			Class S
Declaration Date	Record Date	Payment Date	Distribution Per Share		Distribution Amount
January 22, 2025	January 31, 2025	February 27, 2025	$	0.2020	$	102,691
February 20, 2025	February 28, 2025	March 26, 2025	0.2020		104,955
March 19, 2025	March 31, 2025	April 24, 2025	0.2020		107,789






			$	0.6060	$	315,435


			Class D
Declaration Date	Record Date	Payment Date	Distribution Per Share		Distribution Amount
January 22, 2025	January 31, 2025	February 27, 2025	$	0.2147	$	5,018
February 20, 2025	February 28, 2025	March 26, 2025	0.2147		5,387
March 19, 2025	March 31, 2025	April 24, 2025	0.2147		5,442






			$	0.6441	$	15,847

The following tables present distributions that were declared and payable for the three months ended March 31, 2024:


			Class I
Declaration Date	Record Date	Payment Date	Distribution Per Share		Distribution Amount
January 24, 2024	January 31, 2024	February 28, 2024	$	0.2200	$	168,161
February 22, 2024	February 29, 2024	March 28, 2024	0.2200		173,210
March 21, 2024	March 31, 2024	April 24, 2024	0.2200		179,042






			$	0.6600	$	520,413

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(in thousands, except share amounts, per share data, percentages and as otherwise noted)


			Class S
Declaration Date	Record Date	Payment Date	Distribution Per Share		Distribution Amount
January 24, 2024	January 31, 2024	February 28, 2024	$	0.2020	$	77,794
February 22, 2024	February 29, 2024	March 28, 2024	0.2020		79,946
March 21, 2024	March 31, 2024	April 24, 2024	0.2020		82,446






			$	0.6060	$	240,186


			Class D
Declaration Date	Record Date	Payment Date	Distribution Per Share		Distribution Amount
January 24, 2024	January 31, 2024	February 28, 2024	$	0.2147	$	3,474
February 22, 2024	February 29, 2024	March 28, 2024	0.2147		3,512
March 21, 2024	March 31, 2024	April 24, 2024	0.2147		3,556






			$	0.6441	$	10,542

Distribution Reinvestment Plan

The Company has adopted a distribution reinvestment plan, pursuant to which it reinvests all cash dividends declared by the Board on behalf of its shareholders who do not elect to receive their dividends in cash. As a result, if the Board authorizes, and the Company declares, a cash dividend or other distribution, then shareholders who have not opted out of the Company’s distribution reinvestment plan will have their cash distributions automatically reinvested in additional shares as described below, rather than receiving the cash dividend or other distribution. Distributions on fractional shares will be credited to each participating shareholder’s account to three decimal places. No action is required on the part of a registered shareholder to have his, her or its cash dividend or other distribution reinvested in our shares, except shareholders in certain states. Investors and clients of certain participating brokers in states that do not permit automatic enrollment in our distribution reinvestment plan will automatically receive their distributions in cash unless they elect to have their cash distributions reinvested in additional Common Shares.

Character of Distributions

The Company may fund its cash distributions to shareholders from any source of funds available to the Company, including but not limited to offering proceeds, net investment income from operations, capital gains proceeds from the sale of assets, dividends or other distributions paid to it on account of preferred and common equity investments in portfolio companies and expense support from the Advisers, which is subject to recoupment.

Through March 31, 2025, a portion of the Company’s distributions resulted from expense support from the Sub-Adviser, and future distributions may result from expense support from the Sub-Adviser, each of which is subject to repayment by the Company within three years from the date of payment. The purpose of this arrangement avoids distributions being characterized as a return of capital for U.S. federal income tax purposes. Shareholders should understand that any such distribution is not based solely on the Company’s investment performance, and can only be sustained if the Company achieves positive investment performance in future periods or the Sub-Adviser continues to provide expense support. Shareholders should also understand that the Company’s future repayments of expense support will reduce the distributions that they would otherwise receive. There can be no assurance that the Company will achieve the performance necessary to sustain these distributions, or be able to pay distributions at all.

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Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

Sources of distributions, other than net investment income and realized gains on a GAAP basis, include required adjustments to GAAP net investment income in the current period to determine taxable income available for distributions. The following table presents the sources of cash distributions on a GAAP basis that the Company has declared on its Common Shares for the three months ended March 31, 2025:


	For the three months ended March 31, 2025
	Class I				Class S				Class D
Source of Distribution	Per Share		Amount		Per Share		Amount		Per Share		Amount
Net investment income	$	0.6600	$	713,781	$	0.6060	$	315,435	$	0.6441	$	15,847
Net realized gains	—		—		—		—		—		—
Total	$	0.6600	$	713,781	$	0.6060	$	315,435	$	0.6441	$	15,847

The following table presents the sources of cash distributions on a GAAP basis that the Company has declared on its

Common Shares for the three months ended March 31, 2024:


	For the three months ended March 31, 2024
	Class I				Class S				Class D
Source of Distribution	Per Share		Amount		Per Share		Amount		Per Share		Amount
Net investment income	$	0.6600	$	520,413	$	0.6060	$	240,186	$	0.6441	$	10,542
Net realized gains	—		—		—		—		—		—
Total	$	0.6600	$	520,413	$	0.6060	$	240,186	$	0.6441	$	10,542

Share Repurchase Program

The Company has implemented a share repurchase program under which, at the discretion of the Board, the Company may repurchase, in each quarter, up to 5% of the NAV of the Company’s Common Shares outstanding (either by number of shares or aggregate NAV) as of the close of the previous calendar quarter. For the avoidance of doubt, such target amount is assessed each calendar quarter. The Board may amend or suspend the share repurchase program at any time (including to offer to purchase fewer shares) if in its reasonable judgment it deems such action to be in the best interest of shareholders, such as when a repurchase offer would place an undue burden on the Company’s liquidity, adversely affect the Company’s operations or risk having an adverse impact on the Company that would outweigh the benefit of the repurchase offer. As a result, share repurchases may not be available each quarter, or may only be available in an amount less than 5% of our Common Shares outstanding. The Company intends to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Exchange Act and the 1940 Act. Additionally, pursuant to Rule 23c-1(a)(10) under the 1940 Act, the Company may also repurchase its outstanding Common Shares outside of the share repurchase program. All shares purchased pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued shares.

Under the share repurchase program, to the extent the Company offers to repurchase shares in any particular quarter, it is expected to repurchase shares pursuant to tender offers using a purchase price equal to the NAV per share as of the last calendar day of the applicable quarter, except that shares that have not been outstanding for at least one year will be repurchased at 98% of such NAV (an “Early Repurchase Deduction”). The one-year holding period will be satisfied if at least one year has elapsed from (a) the issuance date of the applicable Common Shares to (b) the subscription date immediately following the valuation date used in the repurchase of such Common Shares. The Early Repurchase Deduction may be waived in the case of repurchase requests arising from the death, divorce or qualified disability of the holder; in the event that a shareholder’s shares are repurchased because the shareholder has failed to maintain the $500 minimum account balance; due to trade or operational error; and repurchases of shares submitted by discretionary model portfolio management programs (and similar arrangements) as approved by the Company. In addition, the Company’s Common Shares are sold to certain feeder vehicles primarily created to hold the Company’s Common Shares that in turn offer interests in such feeder vehicles to non-U.S. persons. For such feeder vehicles and similar arrangements in certain markets, the Company will not apply the Early Repurchase Deduction to the feeder vehicles or underlying investors, often because of administrative or systems limitations. The Early Repurchase Deduction will be retained by the Company for the benefit of remaining shareholders.

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(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

Share Repurchases

For the three months ended March 31, 2025 and 2024, approximately 23,024,370 and 21,862,087 Common Shares were repurchased, respectively.

The following table presents the repurchases of Common Shares pursuant to the Company’s share repurchase plan for the three months ended March 31, 2025:


Repurchase Deadline Request	Total Number of Shares Repurchased (all classes)	Percentage of Outstanding Shares Repurchased (1)		Price Paid Per Share		Repurchase Pricing Date	Amount Repurchased (all classes) (2)		Maximum number of shares that may yet be purchased under the repurchase plan (3)
March 3, 2025	23,024,370	1.5	%	$	25.25	March 31, 2025	$	581,043	—

(1)Percentage is based on total shares as of the close of the previous calendar quarter.

(2)Amounts shown net of Early Repurchase Deduction.

(3)All repurchase requests were satisfied in full.

The following table presents the repurchases of Common Shares pursuant to the Company’s share repurchase plan for the three months ended March 31, 2024:


Repurchase Deadline Request	Total Number of Shares Repurchased (all classes)	Percentage of Outstanding Shares Repurchased (1)		Price Paid Per Share		Repurchase Pricing Date	Amount Repurchased (all classes) (2)		Maximum number of shares that may yet be purchased under the repurchase plan (3)
February 29, 2024	21,862,087	1.9	%	$	25.51	March 31, 2024	$	557,579	—

(1)Percentage is based on total shares as of the close of the previous calendar quarter.

(2)Amounts shown net of Early Repurchase Deduction.

(3)All repurchase requests were satisfied in full.

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(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

Note 10. Financial Highlights and Senior Securities

The following are the financial highlights for the three months ended March 31, 2025:


	For the three months ended March 31, 2025
	Class I			Class S			Class D
Per Share Data (1):
Net asset value, beginning of period	$	25.42		$	25.42		$	25.42
Net investment income	0.65			0.60			0.63
Net change in unrealized and realized gain (loss)	(0.16)			(0.16)			(0.16)
Net increase (decrease) in net assets resulting from operations	0.49			0.44			0.47
Distributions from net investment income (2)	(0.66)			(0.61)			(0.64)
Distributions from net realized gains (2)	—			—			—
Net increase (decrease) in net assets from shareholders’ distributions	(0.66)			(0.61)			(0.64)
Early repurchase deduction fees (3)	0.00			0.00			0.00
Total increase (decrease) in net assets	(0.17)			(0.17)			(0.17)
Net asset value, end of period	$	25.25		$	25.25		$	25.25
Shares outstanding, end of period	1,101,546,131			528,986,958			25,281,770
Total return based on NAV (4)	1.9		%	1.7		%	1.9		%
Ratios:
Ratio of net expenses to average net assets (5)	7.6		%	8.4		%	7.8		%
Ratio of net investment income to average net assets (5)	10.5		%	9.6		%	10.2		%
Portfolio turnover rate	6.2		%	6.2		%	6.2		%
Supplemental Data:
Net assets, end of period	$	27,811,579		$	13,355,820		$	638,320
Asset coverage ratio	238.9		%	238.9		%	238.9		%

(1)The per share data was derived by using the weighted average shares outstanding during the period.

(2)The per share data for distributions was derived by using the actual shares outstanding at the date of the relevant transactions (refer to Note 9).

(3)The per share amount rounds to less than $0.01 per share, for Class I, Class S and Class D.

(4)Total return is calculated as the change in NAV per share during the period, plus distributions per share (assuming dividends and distributions are reinvested in accordance with the Company's distribution reinvestment plan) divided by the beginning NAV per share. Total return does not include upfront transaction fee, if any.

(5)Amounts are annualized except for amounts relating to excise tax expense. For the three months ended March 31, 2025, the ratio of total operating expenses to average net assets was 7.6%, 8.4%, and 7.8% on Class I, Class S and Class D, respectively.

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Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

The following are the financial highlights for the three months ended March 31, 2024:


	For the three months ended March 31, 2024
	Class I			Class S			Class D
Per Share Data (1):
Net asset value, beginning of period	$	25.39		$	25.39		$	25.39
Net investment income	0.73			0.68			0.71
Net change in unrealized and realized gain (loss)	0.05			0.05			0.05
Net increase (decrease) in net assets resulting from operations	0.78			0.73			0.76
Distributions from net investment income (2)	(0.66)			(0.61)			(0.64)
Distributions from net realized gains (2)	—			—			—
Net increase (decrease) in net assets from shareholders’ distributions	(0.66)			(0.61)			(0.64)
Early repurchase deduction fees (3)	0.00			0.00			0.00
Total increase (decrease) in net assets	0.12			0.12			0.12
Net asset value, end of period	$	25.51		$	25.51		$	25.51
Shares outstanding, end of period	796,226,759			404,087,160			16,361,531
Total return based on NAV (4)	3.1		%	2.9		%	3.0		%
Ratios:
Ratio of net expenses to average net assets (5)	9.0		%	9.8		%	9.2		%
Ratio of net investment income to average net assets (5)	11.6		%	10.8		%	11.4		%
Portfolio turnover rate	2.6		%	2.6		%	2.6		%
Supplemental Data:
Net assets, end of period	$	20,311,966		$	10,308,375		$	417,387
Asset coverage ratio	228.7		%	228.7		%	228.7		%

(1)The per share data was derived by using the weighted average shares outstanding during the period.

(2)The per share data for distributions was derived by using the actual shares outstanding at the date of the relevant transactions (refer to Note 9).

(3)The per share amount rounds to less than $0.01 per share, for Class I, Class S and Class D.

(5)Amounts are annualized except for amounts relating to excise tax expense. For the three months ended March 31, 2024, the ratio of total operating expenses to average net assets was 9.0%, 9.8% and 9.2%, on Class I, Class S and Class D, respectively.

The following is information about the Company’s senior securities as of the dates indicated in the table below:


Class and Period	Total Amount Outstanding Exclusive of Treasury Securities (1)		Asset Coverage per Unit (2)		Involuntary Liquidating Preference per Unit (3)	Average Market Value per Unit (4)
Bard Peak Funding Facility
March 31, 2025	$	1,224,333	$	2,389	—	N/A
December 31, 2024	1,000,298		2,265		—	N/A
December 31, 2023	242,243		2,219		—	N/A
December 31, 2022	1,235,414		1,845		—	N/A
December 31, 2021	879,000		1,702		—	N/A
Castle Peak Funding Facility
March 31, 2025	1,259,016		2,389		—	N/A
December 31, 2024	1,194,401		2,265		—	N/A
December 31, 2023	1,121,681		2,219		—	N/A
December 31, 2022	1,146,600		1,845		—	N/A
December 31, 2021	1,171,809		1,702		—	N/A

203

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Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)


Class and Period	Total Amount Outstanding Exclusive of Treasury Securities (1)		Asset Coverage per Unit (2)		Involuntary Liquidating Preference per Unit (3)	Average Market Value per Unit (4)
Maroon Peak Funding Facility
March 31, 2025	$	—	$	—	—	N/A
December 31, 2024	—		—		—	N/A
December 31, 2023	—		—		—	N/A
December 31, 2022	300,000		1,845		—	N/A
December 31, 2021	483,952		1,702		—	N/A
Summit Peak Funding Facility
March 31, 2025	957,248		2,389		—	N/A
December 31, 2024	952,105		2,265		—	N/A
December 31, 2023	286,046		2,219		—	N/A
December 31, 2022	1,691,844		1,845		—	N/A
December 31, 2021	1,643,154		1,702		—	N/A
Denali Peak Funding Facility
March 31, 2025	562,800		2,389		—	N/A
December 31, 2024	562,800		2,265		—	N/A
December 31, 2023	562,800		2,219		—	N/A
December 31, 2022	749,800		1,845		—	N/A
December 31, 2021	668,400		1,702		—	N/A
Bushnell Peak Funding Facility
March 31, 2025	500,300		2,389		—	N/A
December 31, 2024	480,300		2,265		—	N/A
December 31, 2023	465,300		2,219		—	N/A
December 31, 2022	400,000		1,845		—	N/A
December 31, 2021	395,500		1,702		—	N/A
Granite Peak Funding Facility
March 31, 2025	0		2,389		—	N/A
December 31, 2024	493,554		2,265		—	N/A
December 31, 2023	563,600		2,219		—	N/A
December 31, 2022	647,600		1,845		—	N/A
December 31, 2021	248,000		1,702		—	N/A
Middle Peak Funding Facility
March 31, 2025	770,000		2,389		—	N/A
December 31, 2024	750,000		2,265		—	N/A
December 31, 2023	600,950		2,219		—	N/A
December 31, 2022	596,950		1,845		—	N/A
December 31, 2021	799,550		1,702		—	N/A
Bison Peak Funding Facility
March 31, 2025	1,297,200		2,389		—	N/A
December 31, 2024	1,203,200		2,265		—	N/A
December 31, 2023	703,200		2,219		—	N/A
December 31, 2022	1,182,000		1,845		—	N/A
December 31, 2021	1,320,800		1,702		—	N/A

204

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Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)


Class and Period	Total Amount Outstanding Exclusive of Treasury Securities (1)		Asset Coverage per Unit (2)		Involuntary Liquidating Preference per Unit (3)	Average Market Value per Unit (4)
Blanca Peak Funding Facility
March 31, 2025	$	1,375,090	$	2,389	—	N/A
December 31, 2024	1,375,090		2,265		—	N/A
December 31, 2023	1,375,090		2,219		—	N/A
December 31, 2022	1,081,000		1,845		—	N/A
December 31, 2021	892,800		1,702		—	N/A
Windom Peak Funding Facility
March 31, 2025	1,109,458		2,389		—	N/A
December 31, 2024	1,029,841		2,265		—	N/A
December 31, 2023	967,477		2,219		—	N/A
December 31, 2022	1,741,465		1,845		—	N/A
December 31, 2021	989,759		1,702		—	N/A
Monarch Peak Funding Facility
March 31, 2025	805,000		2,389		—	N/A
December 31, 2024	750,000		2,265		—	N/A
December 31, 2023	1,400,400		2,219		—	N/A
December 31, 2022	873,400		1,845		—	N/A
December 31, 2021	567,400		1,702		—	N/A
Borah Peak Funding Facility
March 31, 2025	—		—		—	N/A
December 31, 2024	—		—		—	N/A
December 31, 2023	130,000		2,219		—	N/A
December 31, 2022	223,000		1,845		—	N/A
December 31, 2021	—		—		—	N/A
2022-1 BSL WH
March 31, 2025	—		—		—	N/A
December 31, 2024	—		—		—	N/A
December 31, 2023	—		—		—	N/A
December 31, 2022	148,000		1,845		—	N/A
December 31, 2021	—		—		—	N/A
Naomi Peak Funding Facility
March 31, 2025	—		—		—	N/A
December 31, 2024	—		—		—	N/A
December 31, 2023	385,000		2,219		—	N/A
December 31, 2022	400,000		1,845		—	N/A
December 31, 2021	—		—		—	N/A
Meridian Peak Funding Facility
March 31, 2025	36,000		2,389		—	N/A
December 31, 2024	246,000		2,265		—	N/A
December 31, 2023	246,000		2,219		—	N/A
December 31, 2022	170,000		1,845		—	N/A
December 31, 2021	—		—		—	N/A

205

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Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)


Class and Period	Total Amount Outstanding Exclusive of Treasury Securities (1)		Asset Coverage per Unit (2)		Involuntary Liquidating Preference per Unit (3)	Average Market Value per Unit (4)
Haydon Peak Funding Facility
March 31, 2025	$	187,000	$	2,389	—	N/A
December 31, 2024	250,000		2,265		—	N/A
December 31, 2023	49,000		2,219		—	N/A
December 31, 2022	49,000		1,845		—	N/A
December 31, 2021	—		—		—	N/A
Bear Peak Funding Facility
March 31, 2025	171,444		2,389		—	N/A
December 31, 2024	164,816		2,265		—	N/A
December 31, 2023	360,531		2,219		—	N/A
December 31, 2022	166,031		1,845		—	N/A
December 31, 2021	—		—		—	N/A
Phoenix Peak Funding Facility
March 31, 2025	205,811		2,389		—	N/A
December 31, 2024	197,736		2,265		—	N/A
December 31, 2023	—		—		—	N/A
December 31, 2022	—		—		—	N/A
December 31, 2021	—		—		—	N/A
Revolving Credit Facility
March 31, 2025	1,677,196		2,389		—	N/A
December 31, 2024	4,639,587		2,265		—	N/A
December 31, 2023	1,131,025		2,219		—	N/A
December 31, 2022	1,470,758		1,845		—	N/A
December 31, 2021	1,144,422		1,702		—	N/A
June 2024 Notes
March 31, 2025	—		—		—	N/A
December 31, 2024	—		—		—	N/A
December 31, 2023	435,000		2,219		—	N/A
December 31, 2022	435,000		1,845		—	N/A
December 31, 2021	435,000		1,702		—	N/A
2026 Notes
March 31, 2025	400,000		2,389		—	N/A
December 31, 2024	400,000		2,265		—	N/A
December 31, 2023	400,000		2,219		—	N/A
December 31, 2022	400,000		1,845		—	N/A
December 31, 2021	400,000		1,702		—	N/A
May 2027 Notes
March 31, 2025	625,000		2,389		—	N/A
December 31, 2024	625,000		2,265		—	N/A
December 31, 2023	625,000		2,219		—	N/A
December 31, 2022	625,000		1,845		—	N/A
December 31, 2021	—		—		—	N/A

206

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Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)


Class and Period	Total Amount Outstanding Exclusive of Treasury Securities (1)		Asset Coverage per Unit (2)		Involuntary Liquidating Preference per Unit (3)	Average Market Value per Unit (4)
October 2027 Notes
March 31, 2025	$	350,000	$	2,389	—	N/A
December 31, 2024	350,000		2,265		—	N/A
December 31, 2023	350,000		2,219		—	N/A
December 31, 2022	350,000		1,845		—	N/A
December 31, 2021	—		—		—	N/A
March 2031 Notes
March 31, 2025	500,000		2,389		—	N/A
December 31, 2024	—		—		—	N/A
December 31, 2023	—		—		—	N/A
December 31, 2022	—		—		—	N/A
December 31, 2021	—		—		—	N/A
March 2033 Notes
March 31, 2025	500,000		2,389		—	N/A
December 31, 2024	—		—		—	N/A
December 31, 2023	—		—		—	N/A
December 31, 2022	—		—		—	N/A
December 31, 2021	—		—		—	N/A
September 2024 Notes
March 31, 2025	—		—		—	N/A
December 31, 2024	—		—		—	N/A
December 31, 2023	365,000		2,219		—	N/A
December 31, 2022	365,000		1,845		—	N/A
December 31, 2021	365,000		1,702		—	N/A
December 2026 Notes
March 31, 2025	1,250,000		2,389		—	N/A
December 31, 2024	1,250,000		2,265		—	N/A
December 31, 2023	1,250,000		2,219		—	N/A
December 31, 2022	1,250,000		1,845		—	N/A
December 31, 2021	1,250,000		1,702		—	N/A
November 2026 Eurobonds
March 31, 2025	540,650		2,389		—	N/A
December 31, 2024	517,925		2,265		—	N/A
December 31, 2023	551,975		2,219		—	N/A
December 31, 2022	534,975		1,845		—	N/A
December 31, 2021	569,958		1,702		—	N/A
November 2024 Notes
March 31, 2025	—		—		—	N/A
December 31, 2024	—		—		—	N/A
December 31, 2023	500,000		2,219		—	N/A
December 31, 2022	500,000		1,845		—	N/A
December 31, 2021	500,000		1,702		—	N/A

207

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Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)


Class and Period	Total Amount Outstanding Exclusive of Treasury Securities (1)		Asset Coverage per Unit (2)		Involuntary Liquidating Preference per Unit (3)	Average Market Value per Unit (4)
March 2027 Notes
March 31, 2025	$	1,000,000	$	2,389	—	N/A
December 31, 2024	1,000,000		2,265		—	N/A
December 31, 2023	1,000,000		2,219		—	N/A
December 31, 2022	1,000,000		1,845		—	N/A
December 31, 2021	1,000,000		1,702		—	N/A
January 2025 Notes
March 31, 2025	—		—		—	N/A
December 31, 2024	500,000		2,265		—	N/A
December 31, 2023	500,000		2,219		—	N/A
December 31, 2022	500,000		1,845		—	N/A
December 31, 2021	—		—		—	N/A
January 2029 Notes
March 31, 2025	650,000		2,389		—	N/A
December 31, 2024	650,000		2,265		—	N/A
December 31, 2023	650,000		2,219		—	N/A
December 31, 2022	650,000		1,845		—	N/A
December 31, 2021	—		—		—	N/A
March 2025 Notes
March 31, 2025	—		—		—	N/A
December 31, 2024	900,000		2,265		—	N/A
December 31, 2023	900,000		2,219		—	N/A
December 31, 2022	900,000		1,845		—	N/A
December 31, 2021	—		—		—	N/A
April 2026 UK Bonds
March 31, 2025	322,937		2,389		—	N/A
December 31, 2024	312,975		2,265		—	N/A
December 31, 2023	318,663		2,219		—	N/A
December 31, 2022	301,725		1,845		—	N/A
December 31, 2021	—		—		—	N/A
September 2025 Notes
March 31, 2025	800,000		2,389		—	N/A
December 31, 2024	800,000		2,265		—	N/A
December 31, 2023	800,000		2,219		—	N/A
December 31, 2022	800,000		1,845		—	N/A
December 31, 2021	—		—		—	N/A
November 2028 Notes
March 31, 2025	650,000		2,389		—	N/A
December 31, 2024	500,000		2,265		—	N/A
December 31, 2023	500,000		2,219		—	N/A
December 31, 2022	—		—		—	N/A
December 31, 2021	—		—		—	N/A

208

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Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)


Class and Period	Total Amount Outstanding Exclusive of Treasury Securities (1)		Asset Coverage per Unit (2)		Involuntary Liquidating Preference per Unit (3)	Average Market Value per Unit (4)
January 2031 Notes
March 31, 2025	$	500,000	$	2,389	—	N/A
December 31, 2024	500,000		2,265		—	N/A
December 31, 2023	—		—		—	N/A
December 31, 2022	—		—		—	N/A
December 31, 2021	—		—		—	N/A
July 2029 Notes
March 31, 2025	500,000		2,389		—	N/A
December 31, 2024	500,000		2,265		—	N/A
December 31, 2023	—		—		—	N/A
December 31, 2022	—		—		—	N/A
December 31, 2021	—		—		—	N/A
September 2027 Notes
March 31, 2025	400,000		2,389		—	N/A
December 31, 2024	400,000		2,265		—	N/A
December 31, 2023	—		—		—	N/A
December 31, 2022	—		—		—	N/A
December 31, 2021	—		—		—	N/A
April 2030 Notes
March 31, 2025	400,000		2,389		—	N/A
December 31, 2024	400,000		2,265		—	N/A
December 31, 2023	—		—		—	N/A
December 31, 2022	—		—		—	N/A
December 31, 2021	—		—		—	N/A
November 2029 Notes
March 31, 2025	400,000		2,389		—	N/A
December 31, 2024	400,000		2,265		—	N/A
December 31, 2023	—		—		—	N/A
December 31, 2022	—		—		—	N/A
December 31, 2021	—		—		—	N/A
November 2034 Notes
March 31, 2025	800,000		2,389		—	N/A
December 31, 2024	800,000		2,265		—	N/A
December 31, 2023	—		—		—	N/A
December 31, 2022	—		—		—	N/A
December 31, 2021	—		—		—	N/A
January 2032 Notes
March 31, 2025	1,000,000		2,389		—	N/A
December 31, 2024	—		—		—	N/A
December 31, 2023	—		—		—	N/A
December 31, 2022	—		—		—	N/A
December 31, 2021	—		—		—	N/A

209

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Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)


Class and Period	Total Amount Outstanding Exclusive of Treasury Securities (1)		Asset Coverage per Unit (2)		Involuntary Liquidating Preference per Unit (3)	Average Market Value per Unit (4)
2021-1 BSL Notes
March 31, 2025	$	663,000	$	2,389	—	N/A
December 31, 2024	663,000		2,265		—	N/A
December 31, 2023	663,000		2,219		—	N/A
December 31, 2022	663,000		1,845		—	N/A
December 31, 2021	663,000		1,702		—	N/A
2021-2 Notes
March 31, 2025	505,800		2,389		—	N/A
December 31, 2024	505,800		2,265		—	N/A
December 31, 2023	505,800		2,219		—	N/A
December 31, 2022	505,800		1,845		—	N/A
December 31, 2021	505,800		1,702		—	N/A
MML 2021-1 Debt
March 31, 2025	690,000		2,389		—	N/A
December 31, 2024	690,000		2,265		—	N/A
December 31, 2023	690,000		2,219		—	N/A
December 31, 2022	690,000		1,845		—	N/A
December 31, 2021	690,000		1,702		—	N/A
MML 2022-1 Debt
March 31, 2025	759,000		2,389		—	N/A
December 31, 2024	759,000		2,265		—	N/A
December 31, 2023	759,000		2,219		—	N/A
December 31, 2022	759,000		1,845		—	N/A
December 31, 2021	—		—		—	N/A
2022-1 BSL Debt
March 31, 2025	420,000		2,389		—	N/A
December 31, 2024	420,000		2,265		—	N/A
December 31, 2023	420,000		2,219		—	N/A
December 31, 2022	420,000		1,845		—	N/A
December 31, 2021	—		—		—	N/A
MML 2022-2 Debt
March 31, 2025	300,500		2,389		—	N/A
December 31, 2024	300,500		2,265		—	N/A
December 31, 2023	300,500		2,219		—	N/A
December 31, 2022	300,500		1,845		—	N/A
December 31, 2021	—		—		—	N/A
2023-1 Notes
March 31, 2025	305,000		2,389		—	N/A
December 31, 2024	305,000		2,265		—	N/A
December 31, 2023	305,000		2,219		—	N/A
December 31, 2022	—		—		—	N/A
December 31, 2021	—		—		—	N/A

210

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Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)


Class and Period	Total Amount Outstanding Exclusive of Treasury Securities (1)		Asset Coverage per Unit (2)		Involuntary Liquidating Preference per Unit (3)	Average Market Value per Unit (4)
2024-1 Notes
March 31, 2025	$	244,000	$	2,389	—	N/A
December 31, 2024	244,000		2,265		—	N/A
December 31, 2023	—		—		—	N/A
December 31, 2022	—		—		—	N/A
December 31, 2021	—		—		—	N/A
2024-2 Notes
March 31, 2025	305,000		2,389		—	N/A
December 31, 2024	305,000		2,265		—	N/A
December 31, 2023	—		—		—	N/A
December 31, 2022	—		—		—	N/A
December 31, 2021	—		—		—	N/A
2025-1 Notes
March 31, 2025	884,000		2,389		—	N/A
December 31, 2024	—		—		—	N/A
December 31, 2023	—		—		—	N/A
December 31, 2022	—		—		—	N/A
December 31, 2021	—		—		—	N/A
2025-1 Lender Finance Notes
March 31, 2025	890,000		2,389		—	N/A
December 31, 2024	—		—		—	N/A
December 31, 2023	—		—		—	N/A
December 31, 2022	—		—		—	N/A
December 31, 2021	—		—		—	N/A
Short-Term Borrowings
March 31, 2025	401,321		2,389		—	N/A
December 31, 2024	420,829		2,265		—	N/A
December 31, 2023	28,546		2,219		—	N/A
December 31, 2022	619,377		1,845		—	N/A
December 31, 2021	718,156		1,702		—	N/A

(1)Total amount of each class of senior securities outstanding at the end of the period presented.

(2)Asset coverage per unit is the ratio of the carrying value of our total assets, less all liabilities excluding indebtedness represented by senior securities in this table, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness and is calculated on a consolidated basis.

(3)The amount to which such class of senior security would be entitled upon our involuntary liquidation in preference to any security junior to it. The “-” in this column indicates information that the SEC expressly does not require to be disclosed for certain types of senior securities.

(4)Not applicable because the senior securities are not registered for public trading.

As of March 31, 2025 and December 31, 2024, the aggregate principal amount of indebtedness outstanding was $30.1 billion and $30.7 billion, respectively.

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Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

Note 11. Joint Ventures

BCRED Emerald JV

BCRED Emerald JV LP (“Emerald JV”), a Delaware limited partnership, was formed as a joint venture between the Company and a large North American pension fund (the “Emerald JV Partner”), commenced operations on January 19, 2022 and operates under a limited partnership agreement. The Emerald JV’s principal purpose is to make investments, primarily in senior secured loans that are made to middle-market companies or in broadly syndicated loans.

On January 19, 2022, the Company and the Emerald JV Partner initially committed to contribute up to $1,500.0 million and $500.0 million of capital, respectively, to the Emerald JV. On September 26, 2022, the Company and the Emerald JV Partner agreed to increase their capital commitments to the Emerald JV to $2,250.0 million and $750.0 million, respectively.

As of March 31, 2025 and December 31, 2024, the Company had made capital contributions (net of returns of capital) of $1,815.0 million and the Emerald JV Partner had made capital contributions (net of returns of capital) of $605.0 million. As of March 31, 2025 and December 31, 2024, $435.0 million of capital remained uncalled from the Company and $145.0 million of capital remained uncalled from the Emerald JV Partner. The Company and the Emerald JV Partner may, from time-to-time, make additional contributions of capital or may receive returns of capital from the Emerald JV.

As of March 31, 2025 and December 31, 2024, the Company and the Emerald JV Partner’s equity ownership interests in the Emerald JV were 75% and 25%, respectively.

From time to time, the Company may purchase investments from, or sell investments to, the Emerald JV. Any such purchases and sales require the approval of the Emerald JV’s general partner, which is jointly controlled by the Company and the Emerald JV Partner. For the three months ended March 31, 2025, the Company purchased investments from Emerald JV with a par value of $18.0 million, for a total cash purchase price based on then-current fair value (at the time of purchase) of $18.0 million.

The Company and the Emerald JV Partner, through their joint control of the Emerald JV’s general partner, have equal control of the Emerald JV's investment decisions, the decision to call additional capital up to the amounts committed by the Company and the Emerald JV Partner, the decision to return capital or to make distributions, and generally all other decisions in respect of the Emerald JV must be approved by the Emerald JV's investment committee or board of directors, each of which consists of an equal number of representatives of the Company and the Emerald JV Partner. The initial term of the Emerald JV was three years from the commencement of operations, and will continue for successive six-month periods thereafter upon the approval the Emerald JV’s general partner, except in the case of a dissolution event. The Company’s investment in the Emerald JV cannot be transferred without the consent of the Emerald JV partner. On January 9, 2025, the Emerald JV’s general partner approved the extension of the Emerald JV to July 18, 2025.

The Company has determined that the Emerald JV is an investment company under ASC 946, and in accordance with ASC 946, the Company will generally not consolidate its investment in a company other than a wholly-owned investment company subsidiary. Further, the Company has a variable interest in the Emerald JV and has determined that the Emerald JV is a variable interest entity under ASC 810 - Consolidation (“ASC 810”). However, the Company is not deemed to be the primary beneficiary of the Emerald JV as there is equal power between the Company and the Emerald JV Partner. Accordingly, the Company does not consolidate the Emerald JV.

The Company's investment in the Emerald JV is disclosed on the Company’s Condensed Consolidated Schedule of Investments as of March 31, 2025 and December 31, 2024.

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The following table presents the consolidated schedule of investments of the Emerald JV as of March 31, 2025:


BCRED Emerald JV LP Consolidated Schedule of Investments March 31, 2025 (in thousands) (Unaudited)

Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Partners’ Capital

First Lien
Aerospace & Defense
Atlas CC Acquisition Corp.	(10)	SOFR +	4.25%	8.82%	1/19/2022	5/25/2028	$	9,693	$	9,474	$	5,878	0.25	%
Novaria Holdings LLC	(8)	SOFR +	3.50%	7.82%	2/5/2025	6/6/2031	1,130		1,130		1,130		0.05
Peraton Corp.	(10)	SOFR +	3.75%	8.17%	8/4/2022	2/1/2028	20,183		20,146		18,009		0.78
Sanders Industries Holdings Inc	(8)	SOFR +	2.75%	7.03%	3/10/2025	2/26/2032	20,231		20,150		19,986		0.86
Sanders Industries Holdings Inc	(7)(8)	SOFR +	2.75%	7.03%	3/12/2025	2/26/2032	862		854		839		0.04
Signia Aerospace LLC	(7)(9)	SOFR +	3.00%	7.32%	11/22/2024	12/11/2031	15,171		15,216		15,110		0.65
TransDigm Inc	(8)	SOFR +	2.50%	6.80%	11/19/2024	1/19/2032	9,950		9,993		9,910		0.43
TransDigm Inc	(8)	SOFR +	2.75%	7.05%	12/2/2024	8/24/2028	9,950		10,005		9,958		0.43
TransDigm Inc	(8)	SOFR +	2.50%	6.80%	11/19/2024	2/28/2031	3,990		3,967		3,972		0.17
Vertex Aerospace Services Corp.	(10)	SOFR +	2.25%	6.57%	1/19/2022	12/6/2030	7,898		7,864		7,800		0.34
									98,799		92,592		4.00
Air Freight & Logistics
AIT Worldwide Logistics Holdings Inc	(10)	SOFR +	4.00%	8.30%	10/30/2024	4/8/2030	24,390		24,390		24,402		1.05
Mode Purchaser, Inc.	(4)(11)	SOFR +	6.25%	10.71%	1/19/2022	12/9/2026	31,256		31,256		30,319		1.31
RWL Holdings, LLC	(4)(10)	SOFR +	5.75%	10.20%	1/19/2022	12/31/2028	26,315		26,031		23,420		1.01
Savage Enterprises, LLC	(9)	SOFR +	2.75%	7.07%	11/21/2024	9/15/2028	9,950		10,027		9,944		0.43
SEKO Global Logistics Network, LLC	(4)(11)	SOFR +	8.00%	12.79%	7/1/2024	12/30/2026	734		724		734		0.03
SEKO Global Logistics Network, LLC	(4)(11)	SOFR +	5.00%	9.32%	11/27/2024	5/27/2030	8,038		8,038		8,038		0.35
SEKO Global Logistics Network, LLC	(4)(11)	SOFR +	8.00%	12.32%	11/27/2024	11/27/2029	1,849		1,814		1,849		0.08
Wwex Uni Topco Holdings, LLC	(10)	SOFR +	4.00%	8.30%	11/8/2024	7/26/2028	3,223		3,216		3,187		0.14
Wwex Uni Topco Holdings, LLC	(4)(10)	SOFR +	4.75%	9.06%	3/21/2025	7/26/2028	15,484		15,214		15,213		0.66
									120,710		117,106		5.06
Airlines
American Airlines, Inc.	(8)	SOFR +	2.25%	6.54%	1/19/2022	4/20/2028	2,480		2,480		2,454		0.11
American Airlines, Inc	(8)	SOFR +	2.25%	6.57%	12/12/2024	2/15/2028	15,000		15,066		14,788		0.64
Apple Bidco LLC	(8)	SOFR +	2.50%	6.82%	6/7/2022	9/23/2031	30,732		30,767		30,585		1.32
JetBlue Airways Corp	(9)	SOFR +	4.75%	9.05%	11/7/2024	8/27/2029	4,975		4,995		4,833		0.21
									53,308		52,660		2.28

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BCRED Emerald JV LP Consolidated Schedule of Investments March 31, 2025 (in thousands) (Unaudited)

Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Partners’ Capital
First Lien (continued)
Auto Components
Belron Finance 2019 LLC	(9)	SOFR +	2.75%	7.05%	11/25/2024	10/16/2031	$	9,950	$	10,060	$	9,945	0.43	%
Clarios Global LP	(8)	SOFR +	2.50%	6.82%	3/5/2025	5/6/2030	3,990		3,980		3,942		0.17
Clarios Global LP	(8)	SOFR +	2.75%	7.07%	1/28/2025	1/28/2032	18,482		18,413		18,236		0.79
Valvoline, Inc.	(8)	SOFR +	2.00%	6.30%	3/19/2025	3/19/2032	2,692		2,679		2,694		0.12
									35,132		34,817		1.51
Beverages
Triton Water Holdings, Inc.	(9)	SOFR +	2.25%	6.55%	2/12/2025	3/31/2028	14,866		14,866		14,823		0.64
Building Products
Cornerstone Building Brands, Inc.	(9)	SOFR +	3.25%	7.66%	1/19/2022	4/12/2028	26,347		25,418		22,296		0.96
Fencing Supply Group Acquisition, LLC	(4)(11)	SOFR +	6.00%	10.42%	1/19/2022	2/26/2027	19,200		19,164		18,480		0.80
LBM Acquisition, LLC	(10)	SOFR +	3.75%	8.17%	6/6/2024	5/31/2031	13,830		13,687		12,807		0.55
Lindstrom, LLC	(4)(11)	SOFR +	6.25%	10.67%	1/19/2022	5/1/2027	27,230		27,230		26,958		1.17
MIWD Holdco II, LLC	(8)	SOFR +	3.00%	7.32%	10/3/2024	3/21/2031	9,950		10,048		9,795		0.42
Oscar Acquisitionco, LLC	(9)	SOFR +	4.25%	8.50%	12/2/2024	4/29/2029	9,949		9,896		9,334		0.40
TCP Sunbelt Acquisition Co	(8)	SOFR +	4.25%	8.57%	10/15/2024	10/24/2031	25,327		25,088		25,295		1.09
The Chamberlain Group, Inc.	(9)	SOFR +	3.25%	7.67%	1/19/2022	11/3/2028	7,753		7,744		7,690		0.33
Windows Acquisition Holdings, Inc.	(4)(11)	SOFR +	6.50%	10.98% (incl. 8.58% PIK)	1/19/2022	12/29/2026	10,557		10,557		8,366		0.36
									148,832		141,021		6.08
Capital Markets
Apex Group Treasury, LLC	(8)	SOFR +	3.50%	7.82%	2/27/2025	2/27/2032	71,809		71,744		71,675		3.10
Aretec Group, Inc.	(8)	SOFR +	3.50%	7.82%	12/6/2024	8/9/2030	11,292		11,267		11,214		0.48
Citco Funding, LLC	(9)	SOFR +	2.75%	6.93%	6/13/2024	4/27/2028	7,193		7,185		7,215		0.31
Focus Financial Partners, LLC	(8)	SOFR +	2.75%	7.07%	3/13/2025	9/15/2031	14,256		14,196		14,136		0.61
GTCR Everest Borrower, LLC	(8)	SOFR +	2.75%	7.08%	9/5/2024	9/5/2031	8,238		8,079		8,192		0.35
Osaic Holdings Inc	(8)	SOFR +	3.50%	7.82%	11/26/2024	8/17/2028	10,578		10,610		10,513		0.45
Resolute Investment Managers, Inc.	(11)	SOFR +	6.50%	11.09%	12/29/2023	4/30/2027	939		930		936		0.04
Saphilux S.à r.l.	(8)	S +	5.25%	9.71%	7/27/2023	7/18/2028	GBP	20,000	25,491		26,029		1.13
Situs-AMC Holdings Corporation	(4)(10)	SOFR +	5.50%	9.93%	9/26/2022	12/22/2027	90,087		89,435		90,087		3.89
Superannuation And Investments US, LLC	(9)	SOFR +	3.75%	8.19%	1/19/2022	12/1/2028	1,935		1,942		1,946		0.08
The Edelman Financial Engines Center, LLC	(8)	SOFR +	3.00%	7.32%	6/5/2024	4/7/2028	18,581		18,581		18,550		0.80
									259,460		260,493		11.24

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BCRED Emerald JV LP Consolidated Schedule of Investments March 31, 2025 (in thousands) (Unaudited)

Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Partners’ Capital
First Lien (continued)
Chemicals
Derby Buyer, LLC	(9)	SOFR +	3.00%	7.31%	12/13/2024	11/1/2030	$	13,144	$	13,211	$	13,070	0.56	%
Discovery Purchaser Corp	(9)	SOFR +	3.75%	8.04%	12/2/2024	10/4/2029	9,107		9,190		9,033		0.39
Ecovyst Catalyst Technologies LLC	(8)	SOFR +	2.00%	6.29%	11/7/2024	6/12/2031	4,987		4,991		4,917		0.21
Fortis 333, Inc.	(4)(8)	SOFR +	3.50%	7.80%	2/6/2025	3/27/2032	3,500		3,491		3,483		0.15
Latham Pool Products, Inc.	(4)(7)(8)	SOFR +	3.50%	7.92%	2/25/2022	2/23/2027	3,750		3,750		3,117		0.13
Pigments Services, Inc.	(4)(14)(17)	SOFR +	8.25%	12.67% PIK	4/14/2023	4/14/2029	7,355		4,670		0		0.00
Pigments Services, Inc.	(4)(14)(17)	SOFR +	8.25%	12.67% PIK	4/14/2023	4/14/2029	3,585		3,558		2,735		0.12
									42,861		36,355		1.56
Commercial Services & Supplies
Access CIG, LLC	(9)	SOFR +	4.25%	8.54%	8/18/2023	8/18/2028	20,399		20,058		20,430		0.88
Allied Universal Holdco, LLC	(9)	SOFR +	3.75%	8.17%	1/19/2022	5/12/2028	27,857		27,723		27,859		1.20
Anticimex, Inc.	(9)	SOFR +	3.15%	7.49%	5/25/2022	11/16/2028	14,802		14,768		14,785		0.64
Anticimex, Inc.	(9)	SOFR +	3.40%	7.74%	4/23/2024	11/16/2028	25,072		25,072		25,059		1.08
Armor Holdco, Inc.	(9)	SOFR +	3.75%	8.03%	12/13/2024	12/11/2028	7,447		7,447		7,441		0.32
Armor Holdco, Inc.	(9)	SOFR +	3.75%	8.03%	12/13/2024	12/11/2028	4,667		4,643		4,662		0.20
DG Investment Intermediate Holdings 2, Inc.	(10)	SOFR +	3.75%	8.19%	1/19/2022	3/31/2028	3,468		3,468		3,456		0.15
EAB Global, Inc.	(9)	SOFR +	3.00%	7.32%	1/19/2022	8/16/2030	29,864		29,787		29,006		1.25
Foundational Education Group, Inc.	(9)	SOFR +	3.75%	8.30%	6/7/2022	8/31/2028	3,880		3,802		3,540		0.15
GBT US III, LLC	(8)	SOFR +	2.50%	6.80%	2/4/2025	7/25/2031	775		775		773		0.03
GFL Environmental Services USA, Inc.	(8)	SOFR +	2.50%	6.82%	3/3/2025	3/3/2032	9,318		9,313		9,248		0.40
International SOS The Americas LP	(4)(9)	SOFR +	2.75%	7.05%	6/28/2024	9/7/2028	1,936		1,936		1,919		0.08
Java Buyer, Inc.	(4)(10)	SOFR +	5.00%	9.30%	1/19/2022	12/15/2027	9,505		9,417		9,505		0.41
Java Buyer, Inc.	(4)(10)	SOFR +	5.00%	9.30%	1/19/2022	12/15/2027	2,947		2,929		2,947		0.13
JSS Holdings, Inc.	(4)(10)	SOFR +	5.25%	9.55% (incl. 3.00% PIK)	1/19/2022	11/8/2031	36,587		36,413		36,587		1.58
KPSKY Acquisition, Inc.	(4)(10)(18)	SOFR +	5.50%	9.89%	9/26/2022	10/19/2028	133,254		129,218		114,598		4.95
OMNIA Partners, LLC	(8)	SOFR +	2.75%	7.05%	1/26/2024	7/25/2030	25,277		25,451		25,135		1.09
Polyphase Elevator Holding Co.	(4)(11)	SOFR +	6.00%	10.40%	9/26/2022	6/23/2027	29,392		29,036		26,085		1.13
Prime Security Services Borrower, LLC	(8)	SOFR +	2.00%	6.32%	11/20/2024	10/13/2030	16,958		16,915		16,905		0.73
Tempo Acquisition, LLC	(9)	SOFR +	1.75%	6.07%	3/13/2025	8/31/2028	4,988		4,947		4,955		0.21
TMF Sapphire Bidco B.V.	(8)	SOFR +	2.75%	7.07%	1/22/2025	5/3/2028	274		273		273		0.01
TRC Cos, LLC	(8)	SOFR +	3.00%	7.32%	1/14/2025	12/8/2028	13,587		13,593		13,477		0.58
									416,984		398,645		17.20

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BCRED Emerald JV LP Consolidated Schedule of Investments March 31, 2025 (in thousands) (Unaudited)

Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Partners’ Capital
First Lien (continued)
Construction & Engineering
Brookfield WEC Holdings, Inc.	(8)	SOFR +	2.25%	6.56%	1/25/2024	1/27/2031	$	23,744	$	23,753	$	23,555	1.02	%
Centuri Group, Inc.	(9)	SOFR +	2.50%	6.94%	12/2/2024	8/27/2028	10,000		10,059		10,008		0.43
Groundworks, LLC	(7)(8)	SOFR +	3.00%	7.31%	11/7/2024	3/14/2031	25		25		22		0.00
Groundworks, LLC	(8)	SOFR +	3.00%	7.31%	11/7/2024	3/14/2031	836		838		821		0.04
Osmose Utilities Services Inc	(9)	SOFR +	3.25%	7.69%	11/7/2024	6/23/2028	16,912		16,988		16,716		0.72
Pike Electric Corp.	(8)	SOFR +	3.00%	7.44%	6/7/2022	1/21/2028	6,000		5,898		6,022		0.26
Socotec US Holding Inc	(10)	SOFR +	3.75%	8.06%	11/13/2024	6/30/2028	1,386		1,382		1,388		0.06
Tecta America Corp	(8)	SOFR +	3.00%	7.32%	2/18/2025	2/18/2032	2,479		2,473		2,464		0.11
									61,416		60,996		2.64
Construction Materials
Tamko Building Products, LLC	(8)	SOFR +	2.75%	7.08%	10/23/2024	9/20/2030	7,912		7,962		7,886		0.34
Containers & Packaging
Anchor Packaging, LLC	(8)	SOFR +	3.25%	7.57%	12/13/2024	7/18/2029	4,975		5,018		4,978		0.22
Ascend Buyer, LLC	(4)(10)	SOFR +	5.75%	10.05%	9/26/2022	9/30/2028	73,828		73,394		73,828		3.19
Berlin Packaging, LLC	(8)	SOFR +	3.50%	7.83%	12/6/2024	6/7/2031	28,713		28,856		28,648		1.24
Clydesdale Acquisition Holdings, Inc.	(9)	SOFR +	3.18%	7.50%	4/13/2022	4/13/2029	31,338		31,265		31,238		1.35
Clydesdale Acquisition Holdings, Inc.	(8)	SOFR +	3.18%	7.50%	4/13/2022	4/13/2029	68		68		68		0.00
Clydesdale Acquisition Holdings, Inc.	(8)	SOFR +	3.18%	7.50%	4/13/2022	4/13/2029	3,902		3,873		3,885		0.17
Graham Packaging Co, Inc.	(8)	SOFR +	2.50%	6.82%	7/31/2024	8/4/2027	18,251		18,314		18,251		0.79
ProAmpac PG Borrower, LLC	(10)	SOFR +	4.00%	8.30%	4/9/2024	9/15/2028	7,885		7,915		7,853		0.34
Ring Container Technologies Group, LLC	(9)	SOFR +	2.75%	7.07%	7/19/2024	8/12/2028	16,850		16,924		16,838		0.73
SupplyOne, Inc.	(8)	SOFR +	3.75%	8.07%	4/19/2024	4/19/2031	18,119		18,273		18,169		0.79
TricorBraun Holdings, Inc.	(9)	SOFR +	3.25%	7.69%	1/19/2022	3/3/2028	26,374		26,197		26,173		1.13
Trident TPI Holdings, Inc.	(9)	SOFR +	3.75%	8.19%	10/18/2024	9/15/2028	8,263		8,314		8,000		0.35
									238,411		237,929		10.30
Distributors
BP Purchaser, LLC	(4)(10)	SOFR +	5.50%	10.06%	9/26/2022	12/11/2028	52,267		51,657		44,427		1.92
Genuine Cable Group, LLC	(4)(10)	SOFR +	5.75%	10.17%	1/19/2022	11/2/2026	31,409		31,222		29,525		1.28
Marcone Yellowstone Buyer, Inc.	(4)(10)	SOFR +	7.00%	11.46% (incl. 3.25% PIK)	9/26/2022	6/23/2028	82,019		80,869		73,407		3.17
Tailwind Colony Holding Corporation	(4)(11)	SOFR +	6.50%	10.89%	1/19/2022	5/13/2026	30,824		30,665		30,053		1.30
									194,413		177,412		7.67

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BCRED Emerald JV LP Consolidated Schedule of Investments March 31, 2025 (in thousands) (Unaudited)

Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Partners’ Capital
First Lien (continued)
Diversified Consumer Services
Barbri Holdings, Inc.	(4)(10)	SOFR +	5.00%	9.30%	1/19/2022	4/30/2030	$	69,717	$	69,219	$	69,717	3.01	%
BPPH2 Limited	(4)(8)	S +	6.50%	11.07%	2/21/2023	3/16/2028	GBP	26,000	31,025		33,585		1.45
Cambium Learning Group, Inc.	(4)(7)(10)	SOFR +	5.50%	9.89%	1/19/2022	7/20/2028	34,174		34,174		34,174		1.48
Cengage Learning, Inc.	(11)	SOFR +	3.50%	7.82%	11/22/2024	3/22/2031	16,569		16,617		16,457		0.71
Element Materials Technology Group US Holdings Inc.	(9)	SOFR +	3.75%	8.08%	4/12/2022	7/6/2029	4,888		4,876		4,886		0.21
Express Wash Concepts, LLC	(4)(7)(11)	SOFR +	5.00%	9.42%	1/19/2022	4/30/2027	41,136		40,676		40,743		1.76
Fugue Finance LLC	(9)	SOFR +	3.25%	7.50%	12/5/2024	1/9/2032	1,458		1,458		1,458		0.06
Imagine Learning, LLC	(9)	SOFR +	3.50%	7.82%	2/1/2024	12/21/2029	20,881		20,872		20,830		0.90
KUEHG Corp.	(9)	SOFR +	3.25%	7.55%	10/21/2024	6/12/2030	9,975		10,085		9,967		0.43
Learning Care Group US No 2 Inc	(9)	SOFR +	4.00%	8.30%	3/26/2025	8/11/2028	3,720		3,692		3,699		0.16
Mckissock Investment Holdings, LLC	(10)	SOFR +	5.00%	9.45%	3/10/2022	3/12/2029	3,880		3,858		3,867		0.17
Mister Car Wash Holdings, Inc.	(8)	SOFR +	2.50%	6.79%	12/6/2024	3/21/2031	9,300		9,368		9,276		0.40
Pre-Paid Legal Services, Inc.	(9)	SOFR +	3.25%	7.57%	1/19/2022	12/15/2028	22,647		22,570		22,440		0.97
University Support Services, LLC	(9)	SOFR +	2.75%	7.06%	2/10/2022	2/10/2029	23,477		23,424		23,323		1.01
									291,914		294,422		12.72
Diversified Telecommunication Services
Lumen Technologies Inc	(14)	SOFR +	6.00%	10.32%	12/18/2024	6/1/2028	10,297		10,354		10,314		0.45
Zacapa, LLC	(9)	SOFR +	3.75%	8.08%	10/29/2024	3/22/2029	15,769		15,862		15,772		0.68
									26,216		26,086		1.13
Electric Utilities
Cogentrix Finance Holdco I LLC	(8)	SOFR +	2.75%	7.07%	2/26/2025	2/26/2032	3,100		3,092		3,092		0.13
Tiger Acquisition, LLC	(8)	SOFR +	2.75%	7.07%	12/19/2024	6/1/2028	18,382		18,477		18,348		0.79
									21,569		21,440		0.92
Electrical Equipment
Arcline FM Holdings, LLC	(10)	SOFR +	3.50%	7.80%	3/27/2025	9/30/2028	2,446		2,440		2,438		0.11
Madison IAQ, LLC	(9)	SOFR +	2.50%	6.76%	1/19/2022	6/21/2028	26,456		26,418		26,196		1.13
Madison IAQ, LLC	(4)(9)	SOFR +	2.50%	6.78%	3/28/2025	3/28/2032	7,887		7,808		7,822		0.34
									36,666		36,456		1.58
Electronic Equipment, Instruments & Components
Albireo Energy, LLC	(4)(11)	SOFR +	6.00%	10.39%	1/19/2022	12/23/2026	3,161		3,144		3,050		0.13
Albireo Energy, LLC	(4)(11)	SOFR +	6.00%	10.40%	1/19/2022	12/23/2026	811		808		782		0.03
Albireo Energy, LLC	(4)(11)	SOFR +	6.00%	10.30%	1/19/2022	12/23/2026	10,504		10,448		10,136		0.44
Infinite Bidco, LLC	(9)	SOFR +	3.75%	8.30%	1/19/2022	3/2/2028	2,903		2,910		2,752		0.12
Modena Buyer, LLC	(8)	SOFR +	4.50%	8.79%	7/1/2024	7/1/2031	3,092		3,036		3,001		0.13
									20,346		19,721		0.85

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BCRED Emerald JV LP Consolidated Schedule of Investments March 31, 2025 (in thousands) (Unaudited)

Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Partners’ Capital
First Lien (continued)
Energy Equipment & Services
Covia Holdings, LLC	(8)	SOFR +	3.25%	7.57%	2/26/2025	2/26/2032	$	2,833	$	2,826	$	2,828	0.12	%
Ursa Minor US Bidco, LLC	(8)	SOFR +	3.00%	7.30%	12/11/2024	3/26/2031	4,988		5,050		4,994		0.22
									7,876		7,822		0.34
Entertainment
CE Intermediate I, LLC	(8)	SOFR +	3.00%	7.30%	2/18/2025	3/25/2032	2,976		2,976		2,966		0.13
EOC Borrower, LLC	(8)	SOFR +	3.00%	7.30%	3/31/2025	3/24/2032	6,665		6,632		6,661		0.29
EP Purchaser, LLC	(9)	SOFR +	4.50%	9.06%	12/6/2024	11/6/2028	1,433		1,429		1,438		0.06
EP Purchaser, LLC	(9)	SOFR +	3.50%	8.09%	1/19/2022	11/6/2028	3,395		3,391		3,373		0.15
UFC Holdings, LLC	(8)	SOFR +	2.25%	6.58%	11/14/2024	11/21/2031	7,563		7,554		7,553		0.33
									21,982		21,991		0.96
Financial Services
Mitchell International, Inc.	(9)	SOFR +	3.25%	7.57%	6/17/2024	6/17/2031	14,925		14,914		14,769		0.64
Planet US Buyer, LLC	(8)	SOFR +	3.00%	7.32%	11/25/2024	2/7/2031	10,762		10,864		10,748		0.46
Solera, LLC	(9)(18)	SOFR +	4.00%	8.55%	5/16/2022	6/2/2028	16,686		16,522		16,013		0.69
									42,300		41,530		1.79
Food Products
CHG PPC Parent, LLC	(4)(9)	SOFR +	3.00%	7.44%	11/7/2024	12/8/2028	15,917		15,993		15,917		0.69
Dreyers Grand Ice Cream, Inc.	(8)	SOFR +	2.00%	6.24%	11/7/2024	9/30/2031	17,000		16,932		16,912		0.73
Red SPV, LLC	(4)(8)	SOFR +	2.25%	6.57%	3/13/2025	3/15/2032	7,183		7,147		7,147		0.31
									40,072		39,976		1.73
Health Care Equipment & Supplies
Auris Luxembourg III S.à r.l.	(8)	SOFR +	3.75%	8.18%	4/8/2024	2/28/2029	13,908		13,976		13,908		0.60
CPI Buyer, LLC	(4)(10)	SOFR +	5.50%	10.07%	9/26/2022	11/1/2028	135,058		132,788		135,058		5.84
CPI Buyer, LLC	(4)(7)(10)	SOFR +	5.50%	10.07%	1/19/2022	11/1/2028	2,732		2,696		2,672		0.12
CSHC Buyerco, LLC	(4)(11)	SOFR +	4.75%	9.17%	2/15/2022	9/8/2026	7,264		7,224		7,246		0.31
CSHC Buyerco, LLC	(4)(7)(10)	SOFR +	4.75%	9.17%	2/15/2022	9/8/2026	3,271		3,251		3,262		0.14
Embecta Corp	(9)	SOFR +	3.00%	7.31%	12/11/2024	3/30/2029	8,542		8,529		8,536		0.37
Natus Medical Incorporated	(9)	SOFR +	5.50%	9.92%	8/18/2022	7/20/2029	3,149		3,022		3,118		0.13
Resonetics, LLC	(10)	SOFR +	3.25%	7.55%	12/6/2024	6/18/2031	5,087		5,135		5,064		0.22
Sharp Services, LLC	(8)	SOFR +	3.25%	7.58%	10/25/2024	12/31/2028	4,975		5,015		4,969		0.21
									181,636		183,833		7.94

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BCRED Emerald JV LP Consolidated Schedule of Investments March 31, 2025 (in thousands) (Unaudited)

Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Partners’ Capital
First Lien (continued)
Health Care Providers & Services
ACI Group Holdings, Inc.	(4)(10)	SOFR +	6.00%	10.42% (incl. 3.25% PIK)	7/7/2023	8/2/2028	$	129,575	$	128,795	$	124,392	5.38	%
ADCS Clinics Intermediate Holdings, LLC	(4)(11)	SOFR +	6.25%	10.57%	1/19/2022	5/7/2027	1,696		1,687		1,696		0.07
ADCS Clinics Intermediate Holdings, LLC	(4)(11)	SOFR +	6.25%	10.78%	1/19/2022	5/7/2027	28,627		28,453		28,627		1.24
ADCS Clinics Intermediate Holdings, LLC	(4)(7)(11)	SOFR +	6.25%	10.63%	1/19/2022	5/7/2026	179		176		179		0.01
Amerivet Partners Management, Inc.	(4)(11)	SOFR +	5.25%	9.72%	9/26/2022	2/25/2028	82,213		80,986		82,213		3.55
Canadian Hospital Specialties Ltd.	(4)(11)	CA +	4.50%	7.57%	12/20/2022	4/14/2028	CAD	29,242	21,318		20,016		0.87
CCBlue Bidco, Inc.	(4)(10)	SOFR +	6.50%	10.90% (incl. 4.00% PIK)	1/19/2022	12/21/2028	24,194		23,984		20,746		0.90
CHG Healthcare Services, Inc.	(9)	SOFR +	3.00%	7.30%	12/10/2024	9/29/2028	10,546		10,576		10,544		0.46
DCA Investment Holdings, LLC	(4)(10)	SOFR +	6.41%	10.70%	1/19/2022	4/3/2028	29,551		29,392		28,073		1.21
Epoch Acquisition, Inc.	(4)(11)	SOFR +	6.00%	10.53%	1/19/2022	10/4/2026	28,444		28,444		28,444		1.23
Examworks Bidco, Inc.	(9)	SOFR +	2.75%	7.07%	1/19/2022	11/1/2028	24,977		24,857		24,956		1.08
Global Medical Response Inc	(11)	SOFR +	5.50%	9.79% (incl. 0.75% PIK)	12/18/2024	10/31/2028	24,939		25,118		24,966		1.08
Heartland Dental, LLC	(10)	SOFR +	4.50%	8.82%	11/7/2024	4/30/2028	14,925		14,954		14,926		0.65
ICS US Holdings, Inc.	(9)	SOFR +	4.75%	9.19%	12/20/2022	6/8/2028	35,000		33,667		27,533		1.19

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BCRED Emerald JV LP Consolidated Schedule of Investments March 31, 2025 (in thousands) (Unaudited)

Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Partners’ Capital
First Lien (continued)
Health Care Providers & Services (continued)
Jayhawk Buyer, LLC	(4)(11)	SOFR +	5.00%	9.40%	1/19/2022	10/15/2026	$	25,464	$	25,379	$	24,254	1.05	%
MED ParentCo LP	(8)	SOFR +	3.50%	7.82%	10/18/2024	4/15/2031	24,875		25,149		24,870		1.08
Navigator Acquiror, Inc.	(4)(7)(9)	SOFR +	5.50%	9.92% (incl. 4.00% PIK)	1/19/2022	7/16/2030	21,129		21,069		18,690		0.81
Onex TSG Intermediate Corp.	(10)	SOFR +	4.75%	9.30%	1/19/2022	2/28/2028	1,915		1,922		1,931		0.08
PSKW Intermediate, LLC	(4)(11)	SOFR +	5.50%	9.92%	12/11/2024	3/9/2028	30,940		30,940		30,940		1.34
Radiology Partners Inc	(8)	SOFR +	3.50%	8.09% (incl. 1.50% PIK)	3/6/2025	1/31/2029	3,990		3,907		3,856		0.17
Raven Acquisition Holdings, LLC	(7)(8)	SOFR +	3.25%	7.57%	10/15/2024	11/19/2031	9,333		9,331		9,225		0.40
Smile Doctors, LLC	(4)(7)(10)	SOFR +	5.75%	10.17%	1/19/2022	12/23/2028	141,522		139,818		137,134		5.93
Southern Veterinary Partners LLC	(8)	SOFR +	3.25%	7.71%	12/4/2024	10/31/2031	14,000		14,127		13,978		0.60
WHCG Purchaser III Inc	(4)(10)	SOFR +	6.50%	10.83% (incl. 5.40% PIK)	8/2/2024	6/30/2029	2,835		2,835		2,835		0.12
WHCG Purchaser III Inc	(4)(10)(17)		10.00%	10.00% PIK	8/2/2024	6/30/2030	2,267		892		907		0.04
									727,776		705,931		30.54

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BCRED Emerald JV LP Consolidated Schedule of Investments March 31, 2025 (in thousands) (Unaudited)

Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Partners’ Capital

First Lien Debt (continued)
Health Care Technology
athenahealth, Inc.	(9)	SOFR +	3.00%	7.32%	3/13/2025	2/15/2029	$	5,000	$	4,955	$	4,950	0.21	%
Cotiviti, Inc.	(8)	SOFR +	2.75%	7.06%	11/25/2024	5/1/2031	44,769		44,856		43,861		1.90
Gainwell Acquisition Corp.	(10)	SOFR +	4.00%	8.40%	12/18/2024	10/1/2027	49,831		47,972		46,873		2.03
GI Ranger Intermediate, LLC	(4)(10)	SOFR +	5.75%	10.17%	9/26/2022	10/29/2028	43,782		43,393		43,782		1.89
Project Ruby Ultimate Parent Corp	(8)	SOFR +	3.00%	7.44%	11/20/2024	3/10/2028	320		320		319		0.01
Waystar Technologies, Inc.	(8)	SOFR +	2.25%	6.57%	12/30/2024	10/22/2029	3,628		3,628		3,619		0.16
									145,124		143,404		6.20
Hotels, Restaurants & Leisure
Alterra Mountain Co	(4)(8)	SOFR +	2.75%	7.07%	11/7/2024	8/17/2028	6,825		6,825		6,825		0.30
Emerald X, Inc.	(8)	SOFR +	3.75%	8.07%	1/30/2025	1/30/2032	257		257		257		0.01
Flynn Restaurant Group LP	(8)	SOFR +	3.75%	8.07%	3/11/2025	1/28/2032	12,646		12,506		12,419		0.54
IRB Holding Corp.	(10)	SOFR +	2.50%	6.82%	12/11/2024	12/15/2027	14,963		15,024		14,886		0.64
Life Time, Inc.	(8)	SOFR +	2.50%	6.80%	10/15/2024	11/5/2031	19,950		20,061		19,928		0.86
Motion Finco LLC	(8)	SOFR +	3.50%	7.80%	3/13/2025	11/12/2029	4,988		4,912		4,804		0.21
New Red Finance, Inc.	(8)	SOFR +	1.75%	6.07%	3/13/2025	9/12/2030	4,987		4,933		4,949		0.21
Scientific Games Holdings LP	(9)	SOFR +	3.00%	7.30%	6/11/2024	4/4/2029	14,895		14,882		14,827		0.64
Tacala Investment Corp.	(10)	SOFR +	3.50%	7.82%	11/13/2024	1/31/2031	4,975		5,014		4,980		0.22
Whatabrands, LLC	(9)	SOFR +	2.50%	6.82%	12/11/2024	8/3/2028	29,087		29,127		28,997		1.25
									113,541		112,872		4.88
Household Durables
ACProducts Holdings Inc	(9)	SOFR +	4.25%	8.81%	5/20/2024	5/17/2028	2,293		2,006		1,520		0.07
AI Aqua Merger Sub, Inc.	(9)	SOFR +	3.00%	7.31%	12/5/2024	7/31/2028	32,433		32,444		32,176		1.39
Madison Safety & Flow LLC	(8)	SOFR +	2.75%	7.07%	9/26/2024	9/26/2031	10,098		10,098		10,094		0.44
									44,548		43,790		1.90
Independent Power and Renewable Electricity Producers
Calpine, Corp.	(8)	SOFR +	1.75%	6.07%	12/12/2024	1/31/2031	2,894		2,890		2,886		0.12

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BCRED Emerald JV LP Consolidated Schedule of Investments March 31, 2025 (in thousands) (Unaudited)

Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Partners’ Capital
First Lien Debt (continued)
Industrial Conglomerates
Engineered Machinery Holdings, Inc.	(10)	SOFR +	3.75%	8.34%	6/7/2022	5/19/2028	$	3,880	$	3,799	$	3,887	0.17	%
Insurance
Alera Group, Inc.	(4)(10)	SOFR +	5.25%	9.57%	9/26/2022	10/2/2028	43,673		43,159		43,673		1.89
Alliant Holdings Intermediate LLC	(8)	SOFR +	2.75%	7.07%	9/12/2024	9/19/2031	2,391		2,391		2,379		0.10
AmWINS Group, Inc.	(10)	SOFR +	2.25%	6.57%	11/7/2024	1/30/2032	11,326		11,276		11,249		0.49
AssuredPartners, Inc.	(9)	SOFR +	3.50%	7.82%	2/16/2024	2/14/2031	32,124		32,294		32,198		1.39
Baldwin Insurance Group Holdings, LLC	(8)	SOFR +	3.00%	7.31%	12/11/2024	5/26/2031	6,717		6,717		6,706		0.29
BroadStreet Partners, Inc.	(8)	SOFR +	3.00%	7.32%	6/14/2024	6/14/2031	39,520		39,625		39,227		1.70
Foundation Risk Partners Corp.	(4)(10)	SOFR +	5.00%	9.30%	9/26/2022	10/29/2030	75,059		74,538		75,059		3.24
HUB International, Ltd.	(8)	SOFR +	2.50%	6.79%	11/25/2024	6/20/2030	26,434		26,638		26,483		1.14
Hyperion Refinance S.à r.l.	(9)	SOFR +	3.50%	7.82%	11/22/2024	4/18/2030	9,949		10,055		9,959		0.43
Hyperion Refinance S.à r.l.	(9)	SOFR +	3.00%	7.32%	11/22/2024	2/15/2031	11,309		11,413		11,245		0.49
OneDigital Borrower, LLC	(9)	SOFR +	3.00%	7.32%	11/19/2024	7/2/2031	18,081		18,181		17,987		0.78
Patriot Growth Insurance Services, LLC.	(4)(10)	SOFR +	5.00%	9.45%	9/26/2022	10/16/2028	62,204		61,011		62,204		2.69
TIH Insurance Holdings, LLC.	(8)	SOFR +	2.75%	7.08%	12/6/2024	5/6/2031	10,000		10,075		9,950		0.43
USI, Inc.	(8)	SOFR +	2.25%	6.58%	12/23/2024	11/22/2029	23,653		23,698		23,457		1.01
USI, Inc.	(8)	SOFR +	2.25%	6.58%	12/23/2024	9/29/2030	19,912		19,968		19,746		0.85
									391,039		391,522		16.92
Interactive Media & Services
Project Boost Purchaser, LLC	(8)	SOFR +	3.00%	7.31%	7/16/2024	7/16/2031	21,781		21,880		21,684		0.94
TripAdvisor Inc	(8)	SOFR +	2.75%	7.05%	3/27/2025	7/8/2031	4,296		4,234		4,239		0.18
									26,114		25,923		1.12
Internet & Direct Marketing Retail
Prodege International Holdings, LLC	(4)(10)	SOFR +	5.75%	10.25%	1/19/2022	12/15/2027	20,680		20,512		19,853		0.86

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BCRED Emerald JV LP Consolidated Schedule of Investments March 31, 2025 (in thousands) (Unaudited)

Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Partners’ Capital
First Lien Debt (continued)
IT Services
Ahead DB Holdings, LLC	(10)	SOFR +	3.00%	7.30%	8/2/2024	2/1/2031	$	3,591	$	3,585	$	3,589	0.16	%
Dcert Buyer, Inc.	(8)	SOFR +	4.00%	8.32%	5/24/2022	10/16/2026	9,930		9,799		9,683		0.42
Fortress Intermediate 3 Inc	(8)	SOFR +	3.75%	8.07%	12/11/2024	6/27/2031	4,975		5,012		4,972		0.21
Informatica LLC	(8)	SOFR +	2.25%	6.57%	11/7/2024	10/27/2028	9,949		9,994		9,958		0.43
Newfold Digital Holdings Group Inc	(10)	SOFR +	3.50%	7.92%	1/19/2022	2/10/2028	4,368		4,316		3,200		0.14
Razor Holdco, LLC	(4)(10)	SOFR +	5.75%	10.16%	1/19/2022	10/25/2027	13,016		12,900		13,016		0.56
Virtusa Corp.	(10)	SOFR +	3.25%	7.57%	6/21/2024	2/15/2029	25,725		25,893		25,701		1.11
									71,499		70,119		3.03
Life Sciences Tools & Services
Parexel International, Inc.	(9)	SOFR +	2.50%	6.82%	3/3/2025	11/15/2028	13,939		14,021		13,924		0.60
Machinery
Chart Industries, Inc.	(9)	SOFR +	2.50%	6.81%	11/13/2024	3/16/2030	8,000		8,071		8,013		0.35
LSF11 Trinity Bidco, Inc.	(4)(8)	SOFR +	3.00%	7.32%	12/11/2024	6/14/2030	230		230		229		0.01
Pro Mach Group, Inc.	(11)	SOFR +	2.75%	7.07%	2/7/2025	8/31/2028	10,276		10,280		10,260		0.44
SPX Flow, Inc.	(9)	SOFR +	3.00%	7.32%	6/6/2024	4/5/2029	6,395		6,443		6,390		0.28
Titan Co-Borrower LLC	(8)	SOFR +	4.50%	8.78%	11/19/2024	2/15/2029	9,185		9,236		9,158		0.40
Victory Buyer, LLC	(9)	SOFR +	3.75%	8.19%	1/19/2022	11/19/2028	9,727		9,388		9,465		0.41
									43,648		43,515		1.89
Media
McGraw-Hill Education, Inc.	(9)	SOFR +	3.25%	7.57%	1/16/2025	8/6/2031	4,579		4,642		4,578		0.20
Radiate Holdco, LLC	(10)	SOFR +	3.25%	7.69%	1/19/2022	9/25/2026	2,346		2,345		2,016		0.09
									6,987		6,594		0.29
Metals & Mining
Novelis Holdings Inc	(8)	SOFR +	2.00%	6.29%	3/11/2025	3/11/2032	3,895		3,895		3,896		0.17
SCIH Salt Holdings, Inc.	(10)	SOFR +	3.00%	7.29%	1/19/2022	1/31/2029	18,015		18,082		17,891		0.77
									21,977		21,787		0.94
Mortgage Real Estate Investment Trusts (REITs)
Blackstone Mortgage Trust Inc	(9)	SOFR +	3.50%	7.82%	11/14/2024	5/9/2029	4,974		4,980		4,965		0.21
KREF Holdings X, LLC	(8)	SOFR +	3.25%	7.57%	3/5/2025	3/5/2032	1,858		1,856		1,851		0.08
Starwood Property Mortgage LLC	(9)	SOFR +	2.25%	6.57%	12/12/2024	1/2/2030	2,750		2,743		2,745		0.12
									9,579		9,561		0.41

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BCRED Emerald JV LP Consolidated Schedule of Investments March 31, 2025 (in thousands) (Unaudited)

Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Partners’ Capital
First Lien Debt (continued)
Oil, Gas & Consumable Fuels
Freeport LNG Investments, LLLP	(9)	SOFR +	3.25%	7.54%	1/10/2025	12/21/2028	$	18,224	$	18,224	$	18,034	0.78	%
Paper & Forest Products
Profile Products, LLC	(4)(10)	SOFR +	5.75%	10.29%	9/26/2022	11/12/2027	74,306		73,518		73,006		3.16
Professional Services
AG Group Holdings Inc	(9)	SOFR +	4.25%	8.57%	4/22/2024	12/29/2028	2,969		2,963		2,919		0.13
AlixPartners, LLP	(9)	SOFR +	2.50%	6.94%	3/3/2025	2/4/2028	3,990		4,005		3,992		0.17
Amspec Parent LLC	(7)(8)	SOFR +	4.25%	8.55%	12/20/2024	12/22/2031	7,107		7,105		7,112		0.31
Ankura Consulting Group, LLC	(10)	SOFR +	3.50%	7.80%	12/17/2024	12/17/2031	1,414		1,410		1,400		0.06
Ascensus Group Holdings Inc	(9)	SOFR +	3.00%	7.32%	12/13/2024	8/2/2028	16,753		16,779		16,674		0.72
Ascensus Group Holdings Inc	(9)	SOFR +	3.50%	8.19%	5/25/2022	8/2/2028	4,974		4,992		5,015		0.22
Camelot US Acquisition, LLC.	(8)	SOFR +	2.75%	7.07%	1/31/2024	1/31/2031	21,746		21,606		21,478		0.93
Cast & Crew Payroll, LLC	(9)	SOFR +	3.75%	8.07%	1/19/2022	12/29/2028	34,658		33,794		33,471		1.45
CFGI Holdings, LLC	(4)(10)	SOFR +	4.50%	8.82%	9/26/2022	11/2/2027	109,762		109,762		109,762		4.74
CohnReznick Advisory LLC	(4)(8)	SOFR +	4.00%	8.30%	3/26/2025	3/31/2032	14,764		14,690		14,764		0.64
CohnReznick Advisory LLC	(4)(8)	SOFR +	4.00%	8.30%	3/26/2025	3/31/2032	3,418		3,401		3,418		0.15
Deerfield Dakota Holding, LLC	(11)	SOFR +	3.75%	8.08%	1/19/2022	4/9/2027	14,635		14,550		13,923		0.60
Dun & Bradstreet Corp	(8)	SOFR +	2.25%	6.57%	11/15/2024	1/18/2029	12,825		12,848		12,809		0.55
First Advantage Holdings, LLC	(8)	SOFR +	3.25%	7.57%	6/7/2022	10/31/2031	4,988		5,000		4,965		0.21
Genuine Financial Holdings, LLC	(4)(8)	SOFR +	3.25%	7.55%	6/28/2024	9/27/2030	14,912		14,916		14,959		0.65
Genuine Financial Holdings, LLC	(8)	SOFR +	3.25%	7.55%	6/28/2024	9/27/2030	3,035		3,035		2,986		0.13
Kwor Acquisition, Inc.	(4)(7)(11)	SOFR +	5.25%	9.56% (incl. 5.25% PIK)	2/28/2025	2/28/2030	41,473		41,473		41,392		1.79
Ryan LLC	(9)	SOFR +	3.50%	7.82%	3/3/2025	11/14/2030	13,976		14,069		13,950		0.60
Secretariat Advisors LLC	(4)(7)(8)	SOFR +	4.00%	8.33%	2/24/2025	2/24/2032	2,499		2,487		2,492		0.11
Sedgwick Claims Management Services, Inc.	(8)	SOFR +	3.00%	7.31%	2/24/2023	7/31/2031	34,222		34,380		34,150		1.48
Trinity Air Consultants Holdings Corp.	(4)(10)	SOFR +	5.25%	9.76%	9/26/2022	6/29/2028	118,000		117,332		118,000		5.10
VT Topco, Inc.	(9)	SOFR +	3.00%	7.30%	12/17/2024	8/9/2030	4,975		5,029		4,978		0.22
West Monroe Partners, LLC	(4)(7)(10)	SOFR +	4.75%	9.07%	1/19/2022	11/8/2028	28,675		28,371		28,388		1.23
									513,997		512,997		22.19

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BCRED Emerald JV LP Consolidated Schedule of Investments March 31, 2025 (in thousands) (Unaudited)

Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Partners’ Capital
First Lien Debt (continued)
Real Estate Management & Development
Progress Residential PM Holdings, LLC	(4)(7)(10)	SOFR +	5.50%	9.92%	1/19/2022	8/8/2030	$	18,138	$	18,252	$	18,138	0.78	%
Software
Applied Systems, Inc.	(8)	SOFR +	2.75%	7.05%	11/25/2024	2/24/2031	14,925		15,079		14,937		0.65
Avalara, Inc.	(8)	SOFR +	3.25%	7.55%	3/28/2025	3/26/2032	31,250		31,094		31,167		1.35
Boxer Parent Company, Inc.	(8)	SOFR +	3.00%	7.29%	7/30/2024	7/30/2031	43,626		43,520		42,928		1.86
CDK Global Inc.	(8)	SOFR +	3.25%	7.58%	12/11/2024	7/6/2029	35,044		33,686		30,181		1.30
Cloud Software Group, Inc.	(9)	SOFR +	3.75%	8.08%	11/4/2024	3/21/2031	37,236		37,385		36,924		1.60
Cloud Software Group, Inc.	(9)	SOFR +	3.50%	7.83%	3/11/2025	3/30/2029	5,000		4,953		4,960		0.21
Cloudera, Inc.	(9)	SOFR +	3.75%	8.17%	1/19/2022	10/8/2028	14,264		14,110		14,096		0.61
Confine Visual Bidco	(4)(8)	SOFR +	5.75%	10.06%	9/26/2022	2/23/2029	31,746		31,178		25,635		1.11
Confine Visual Bidco	(4)(8)	SOFR +	5.75%	10.06%	9/26/2022	2/23/2029	758		757		612		0.03
ConnectWise, LLC	(9)	SOFR +	3.50%	8.09%	1/19/2022	9/29/2028	14,302		14,386		14,308		0.62
Cornerstone OnDemand, Inc.	(9)	SOFR +	3.75%	8.19%	2/20/2025	10/16/2028	19,949		17,993		17,380		0.75
Delta Topco, Inc.	(8)	SOFR +	2.75%	7.07%	11/25/2024	11/30/2029	29,207		29,266		28,917		1.25
ECI Macola Max Holding, LLC	(10)	SOFR +	3.25%	7.58%	9/20/2024	5/9/2030	26,689		26,893		26,732		1.16
Epicor Software Corp.	(10)	SOFR +	2.75%	7.07%	5/30/2024	5/30/2031	15,853		15,895		15,830		0.68
Flash Charm, Inc.	(10)	SOFR +	3.50%	7.79%	6/11/2024	3/2/2028	10,354		10,336		9,624		0.42
Flexera Software, LLC	(10)	SOFR +	3.00%	7.35%	5/20/2024	3/3/2028	5,627		5,627		5,605		0.24
Gen Digital Inc	(9)	SOFR +	1.75%	6.07%	6/5/2024	9/12/2029	7,577		7,540		7,525		0.33
Genesys Cloud Services Holdings II, LLC	(8)	SOFR +	2.50%	6.82%	9/26/2024	1/30/2032	18,358		18,249		18,188		0.79
HS Purchaser, LLC	(10)	SOFR +	4.00%	8.39%	1/19/2022	11/19/2026	3,067		3,061		2,815		0.12
Icon Parent, Inc.	(8)	SOFR +	3.00%	7.32%	11/7/2024	11/13/2031	30,000		30,142		29,810		1.29
ION Trading Finance Ltd.	(8)	SOFR +	3.50%	7.80%	6/3/2024	4/1/2028	11,774		11,824		11,809		0.51
ION Trading Finance Ltd.	(8)	SOFR +	3.50%	7.83%	12/10/2024	4/1/2028	19,435		19,441		19,296		0.83
Javelin Buyer Inc	(8)	SOFR +	3.25%	7.56%	12/6/2024	10/8/2031	30,000		30,281		29,895		1.29
LD Lower Holdings, Inc.	(4)(11)	SOFR +	7.50%	11.90%	1/19/2022	8/9/2027	13,661		13,631		13,559		0.59

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BCRED Emerald JV LP Consolidated Schedule of Investments March 31, 2025 (in thousands) (Unaudited)

Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Partners’ Capital
First Lien Debt (continued)
Software (continued)
Magenta Security Holdings LLC	(11)	SOFR +	6.25%	10.54%	8/14/2024	7/27/2028	$	292	$	282	$	297	0.01	%
Magenta Security Holdings LLC	(10)(18)	SOFR +	6.75%	11.30%	8/14/2024	7/27/2028	829		794		752		0.03
Magenta Security Holdings LLC	(10)(18)	SOFR +	7.00%	11.55%	8/14/2024	7/27/2028	649		516		337		0.01
Magenta Security Holdings LLC	(10)(17)(18)	SOFR +	7.00%	11.55% (incl. 5.50% PIK)	8/14/2024	7/27/2028	204		70		59		0.00
McAfee Corp.	(9)	SOFR +	3.00%	7.31%	5/31/2024	3/1/2029	26,216		26,199		25,089		1.08
Medallia, Inc.	(4)(10)	SOFR +	6.50%	10.82% (incl. 4.00% PIK)	1/19/2022	10/29/2028	51,065		50,607		45,575		1.97
Mitnick Purchaser, Inc.	(9)(18)	SOFR +	4.50%	8.89%	4/20/2022	5/2/2029	4,875		4,861		4,144		0.18
Mitratech Holdings, Inc.	(4)(10)	SOFR +	5.00%	9.39%	8/9/2022	5/18/2028	26,950		26,212		26,950		1.16
Mitratech Holdings, Inc.	(10)	SOFR +	4.25%	8.80%	4/5/2023	5/18/2028	14,738		14,285		14,788		0.64
Monk Holding Co.	(4)(10)(18)	SOFR +	5.50%	9.90%	1/19/2022	12/1/2027	107,393		106,180		107,393		4.64
Monk Holding Co.	(4)(7)(10)	SOFR +	5.50%	9.90%	1/19/2022	12/1/2027	1,032		1,006		988		0.04
MRI Software, LLC	(11)	SOFR +	4.75%	9.05%	9/26/2022	2/10/2027	9,942		9,813		9,868		0.43
Nintex Topco Limited	(4)(8)	SOFR +	6.00%	10.45% (incl. 1.50% PIK)	1/19/2022	11/13/2028	32,707		32,347		30,090		1.30
Perforce Software, Inc.	(8)	SOFR +	4.75%	9.07%	12/18/2024	7/1/2029	10,767		10,598		10,294		0.44
Planview Parent Inc	(8)	SOFR +	3.50%	7.80%	12/17/2024	12/17/2027	735		733		728		0.03
Project Alpha Intermediate Holding Inc	(9)	SOFR +	3.25%	7.58%	11/22/2024	10/28/2030	20,656		20,605		20,635		0.89
Project Leopard Holdings, Inc.	(9)	SOFR +	5.25%	9.64%	12/19/2024	7/20/2029	19,990		18,049		17,375		0.75
Proofpoint, Inc.	(9)	SOFR +	3.00%	7.32%	5/28/2024	8/31/2028	24,728		24,818		24,677		1.07
Rocket Software, Inc.	(9)	SOFR +	4.25%	8.56%	10/5/2023	11/28/2028	10,159		10,145		10,146		0.44
Skopima Consilio Parent, LLC	(9)	SOFR +	3.75%	8.07%	12/18/2024	5/12/2028	27,312		27,342		27,150		1.17
Sovos Compliance, LLC	(8)	SOFR +	4.00%	8.32%	2/11/2025	8/12/2029	15,481		15,486		15,434		0.67
Stamps.com, Inc.	(4)(10)	SOFR +	5.75%	10.14%	1/19/2022	10/5/2028	58,200		57,576		57,182		2.47
Storable Inc	(8)	SOFR +	3.25%	7.57%	3/10/2025	4/16/2031	2,347		2,344		2,336		0.10
Surf Holdings, LLC	(8)	SOFR +	3.50%	7.94%	1/19/2022	3/5/2027	19,201		19,189		19,226		0.83
Triple Lift, Inc.	(4)(7)(10)	SOFR +	5.75%	10.20%	1/19/2022	5/5/2028	58,644		58,308		56,213		2.43
UKG Inc	(8)	SOFR +	3.00%	7.30%	12/2/2024	2/10/2031	25,372		25,608		25,347		1.10
Vision Solutions, Inc.	(10)	SOFR +	4.00%	8.55%	1/19/2022	4/24/2028	10,869		10,633		10,511		0.45
VS Buyer, LLC	(8)	SOFR +	2.75%	7.07%	11/19/2024	4/12/2031	14,963		15,118		14,981		0.65
XPLOR T1, LLC	(4)(8)	SOFR +	3.50%	7.83%	12/11/2024	6/24/2031	4,975		5,037		4,981		0.22
Zodiac Purchaser, LLC	(8)	SOFR +	3.50%	7.82%	12/13/2024	2/14/2032	19,000		18,930		18,786		0.81
									1,080,018		1,055,065		45.60

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BCRED Emerald JV LP Consolidated Schedule of Investments March 31, 2025 (in thousands) (Unaudited)

Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Partners’ Capital
First Lien Debt (continued)
Specialty Retail
CustomInk, LLC	(4)(11)(18)	SOFR +	5.98%	10.38%	1/19/2022	5/3/2026	$	36,866	$	36,750	$	36,866	1.59	%
EG America, LLC	(8)	SOFR +	4.25%	8.56%	7/12/2023	2/7/2028	6,149		6,180		6,159		0.27
Great Outdoors Group, LLC	(10)	SOFR +	3.25%	7.57%	1/23/2025	1/23/2032	2,565		2,555		2,563		0.11
Mavis Tire Express Services Topco, Corp.	(10)	SOFR +	3.00%	7.31%	11/19/2024	5/4/2028	9,975		10,064		10,022		0.43
StubHub Holdco Sub, LLC	(8)	SOFR +	4.75%	9.07%	3/15/2024	3/15/2030	12,202		12,273		12,172		0.53
									67,822		67,782		2.93
Technology Hardware, Storage & Peripherals
Sandisk, Corp.	(8)	SOFR +	3.00%	7.33%	12/13/2024	2/20/2032	20,430		20,120		20,143		0.87
Textiles, Apparel & Luxury Goods
Champ Acquisition Corp	(8)	SOFR +	4.50%	8.80%	11/8/2024	11/25/2031	674		668		678		0.03
Trading Companies & Distributors
BCPE Empire Holdings Inc	(9)	SOFR +	3.25%	7.57%	3/4/2025	12/11/2030	2,728		2,724		2,694		0.12
FCG Acquisitions, Inc.	(9)	SOFR +	3.25%	7.55%	2/11/2025	3/31/2028	13,669		13,669		13,588		0.59
Foundation Building Materials, Inc.	(9)	SOFR +	3.25%	7.80%	1/19/2022	1/31/2028	4,786		4,699		4,557		0.20
Hillman Group Inc	(9)	SOFR +	2.00%	6.32%	11/7/2024	7/14/2028	3,974		3,979		3,962		0.17
Icebox Holdco III, Inc.	(9)	SOFR +	3.50%	8.09%	1/19/2022	12/22/2028	5,815		5,785		5,829		0.25
Johnstone Supply LLC	(8)	SOFR +	2.50%	6.82%	12/12/2024	6/9/2031	11,353		11,421		11,276		0.49
Kodiak BP, LLC	(8)	SOFR +	3.75%	8.05%	1/19/2022	12/4/2031	15,000		14,982		14,448		0.62
Paramount Global Surfaces Inc	(4)(11)	SOFR +	6.00%	10.43%	1/19/2022	4/1/2027	8,577		8,512		7,548		0.33
Park River Holdings, Inc.	(10)	SOFR +	3.25%	7.82%	1/19/2022	12/28/2027	3,326		3,297		3,065		0.13
White Cap Buyer, LLC	(8)	SOFR +	3.25%	7.57%	6/13/2024	10/19/2029	16,893		16,930		16,419		0.71
									85,998		83,386		3.61
Transportation Infrastructure
Liquid Tech Solutions Holdings LLC	(10)	SOFR +	3.75%	8.10%	12/17/2024	3/19/2028	4,924		4,924		4,930		0.21
Roadsafe Holdings, Inc.	(4)(11)	SOFR +	5.75%	10.27%	1/19/2022	10/19/2027	11,671		11,620		11,146		0.48
Roadsafe Holdings, Inc.	(4)(11)	SOFR +	5.75%	10.14%	1/19/2022	10/19/2027	6,737		6,692		6,434		0.28
									23,236		22,510		0.97
Wireless Telecommunication Services
CCI Buyer, Inc.	(10)	SOFR +	4.00%	8.33%	1/19/2022	12/17/2027	18,528		18,496		18,562		0.80
Total First Lien Debt									5,947,134		5,831,881		252.07

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BCRED Emerald JV LP Consolidated Schedule of Investments March 31, 2025 (in thousands) (Unaudited)

Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Partners’ Capital

Second Lien
Diversified Consumer Services
Ascend Learning, LLC	(9)	SOFR +	5.75%	10.17%	7/29/2022	12/10/2029	$	2,493	$	2,310	$	2,489	0.11	%
Health Care Providers & Services
Canadian Hospital Specialties Ltd.	(4)(8)		8.75%	8.75%	12/20/2022	4/15/2029	CAD	12,000	8,354		7,651		0.33
Jayhawk Buyer, LLC	(4)(11)	SOFR +	8.75%	13.14%	1/19/2022	10/15/2027	24,712		24,615		22,858		0.99
									32,969		30,509		1.32
Life Sciences Tools & Services
Curia Global, Inc.	(4)(10)	SOFR +	10.50%	15.05% PIK	9/26/2022	3/7/2030	37,847		37,304		34,441		1.49
Machinery
Victory Buyer, LLC	(4)(9)	SOFR +	7.00%	11.44%	1/19/2022	11/19/2029	66,704		65,862		63,702		2.75
Professional Services
Kwor Acquisition, Inc.	(4)(11)	SOFR +	5.25%	9.56%	2/28/2025	2/28/2030	13,824		13,824		13,824		0.60
Software
Boxer Parent Company, Inc.	(8)	SOFR +	5.75%	10.04%	3/26/2025	7/30/2032	20,000		19,350		19,350		0.84
Vision Solutions, Inc.	(10)	SOFR +	7.25%	11.80%	9/26/2022	4/23/2029	24,942		22,734		24,095		1.04
									42,084		43,445		1.88
Total Second Lien Debt									194,353		188,410		8.15
Unsecured Debt
Software
Tangerine Bidco S.p.A	(4)(8)	E +	5.00%	7.36%	12/17/2022	12/30/2029	EUR	69,750	72,580		75,421		3.26
Total Unsecured Debt									72,580		75,421		3.26

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BCRED Emerald JV LP Consolidated Schedule of Investments March 31, 2025 (in thousands) (Unaudited)

Investments (1)(19)	Footnotes	Reference Rate and Spread (2)	Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)	Cost (3)		Fair Value		% of Partners’ Capital

Equity
Air Freight & Logistics
AGI Group Holdings LP - Class A-2 Common Units	(4)			1/19/2022		194	$	208	$	266	0.01	%
Mode Holdings, L.P. - Class A-2 Common Units	(4)			1/19/2022		1,230,769	2,215		1,218		0.05
Red Griffin ParentCo, LLC - Class A Common Units	(4)			11/27/2024		3,838	16,269		12,032		0.52
							18,692		13,516		0.58
Capital Markets
Resolute Investment Managers, Inc. - Common Equity				12/29/2023		11,751	294		110		0.00
Chemicals
Pigments Holdings LP - LP Interest	(4)			4/14/2023		1,212	0		0		0.00
Distributors
Box Co-Invest Blocker, LLC - (BP Alpha Holdings, L.P.) - Class A Units	(4)			1/19/2022		1	780		0		0.00
Box Co-Invest Blocker, LLC - (BP Alpha Holdings, L.P.) - Class C Preferred Units	(4)			7/12/2023		1	92		0		0.00
GSO DL Co-Invest EIS LP (EIS Acquisition Holdings, LP - Class A Common Units)	(4)			1/19/2022		301,167	1,239		1,158		0.05
							2,111		1,158		0.05
Diversified Consumer Services
Cambium Holdings, LLC - Senior Preferred Interest	(4)		11.50%	1/19/2022		974,662	1,133		1,435		0.06
Health Care Providers & Services
Jayhawk Holdings, LP - Class A-1 Common Units	(4)			1/19/2022		797	210		12		0.00
Jayhawk Holdings, LP - Class A-2 Common Units	(4)			1/19/2022		429	113		7		0.00
WHCG Purchaser, Inc. - Class A Common Units	(4)			8/2/2024		667,649	0		0		0.00
							323		19		0.00
Professional Services
Kwor Intermediate I, Inc. - Class A Common Shares	(4)			2/28/2025		8,617	7,857		7,857		0.34
Kwor Intermediate I, Inc. - Preferred Equity	(4)			2/28/2025		9,216	9,216		9,216		0.40
							17,073		17,073		0.74

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BCRED Emerald JV LP Consolidated Schedule of Investments March 31, 2025 (in thousands) (Unaudited)

Investments (1)(19)	Footnotes	Reference Rate and Spread (2)	Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)	Cost (3)		Fair Value		% of Partners’ Capital

Equity (continued)
Software
Descartes Holdings, Inc - Class A Common Stock	(4)			10/9/2023		168,057	$	728	$	8	0.00	%
Lobos Parent, Inc. - Series A Preferred Shares	(4)		10.50%	1/19/2022		5,773	5,700		7,707		0.33
							6,428		7,715		0.33
Specialty Retail
GSO DL CoInvest CI LP (CustomInk, LLC - Series A Preferred Units)	(4)			1/19/2022		3,000,000	3,542		4,335		0.19
Total Equity							49,596		45,361		1.95
Total Investment Portfolio							6,263,663		6,141,073		265.43
Cash and Cash Equivalents
Morgan Stanley Euro Liquidity Fund			2.45%				7,808		7,808		0.34
Fidelity Investments Money Market Treasury Portfolio - Class I			4.20%				25		25		0.00
Other Cash and Cash Equivalents							178,742		178,742		7.73
Total Portfolio Investments, Cash and Cash Equivalents							$	6,450,238	$	6,327,648	273.50	%

(1)Unless otherwise indicated, all debt and equity investments held by the Company (which such term “Company” shall include the Company’s consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in dollars. As of March 31, 2025, the Company had investments denominated in Canadian Dollars (CAD), Euros (EUR), British Pounds (GBP), Swiss Francs (CHF), Danish Krone (DKK), Swedish Krona (SEK), Norwegian Krone (NOK), and New Zealand Dollars (NZD). All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. The total par amount (in thousands) is presented for debt investments, while the number of shares or units (in whole amounts) owned is presented for equity investments. Each of the Company’s investments is pledged as collateral, under one or more of its credit facilities unless otherwise indicated.

(2)Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either Canadian Overnight Repo Rate Average (“CORRA” or “CA”), Sterling Overnight Interbank Average Rate (“SONIA” or “S”), Euro Interbank Offer Rate (“Euribor” or “E”), Secured Overnight Financing Rate (“SOFR”), Stockholm Interbank Offered Rate (“STIBOR” or “ST”), Copenhagen Interbank Offered Rate (“CIBOR” or “CI”), Norwegian Interbank Offered Rate (“NIBOR” or “N”), Swiss Average Rate Overnight (“SARON” or “SA”), New Zealand Bank Bill Reference Rate (“BKBM” or “B”), or an alternate base rate (commonly based on the Federal Funds Rate (“F”) or the U.S. Prime Rate (“P”)), which generally resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of March 31, 2025. Variable rate loans typically include an interest reference rate floor feature.

(6)Reserved.

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BCRED Emerald JV LP Consolidated Schedule of Investments March 31, 2025 (in thousands) (Unaudited)

Investments	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
ADCS Clinics Intermediate Holdings, LLC	Revolver	5/7/2026	$	603	$	—
Amspec Parent LLC	Delayed Draw Term Loan	12/21/2026	1,093		—
Cambium Learning Group, Inc.	Revolver	7/20/2027	3,249		—
CPI Buyer, LLC	Revolver	11/1/2026	2,974		(59)
CSHC Buyerco, LLC	Delayed Draw Term Loan	9/8/2026	195		—
Express Wash Concepts, LLC	Delayed Draw Term Loan	12/31/2025	22,167		—
Groundworks, LLC	Delayed Draw Term Loan	3/14/2026	130		—
Kwor Acquisition, Inc.	Revolver	2/28/2030	6,959		—
Kwor Acquisition, Inc.	Delayed Draw Term Loan	2/28/2027	9,221		—
Latham Pool Products, Inc.	Revolver	2/23/2027	7,500		—
Monk Holding Co.	Delayed Draw Term Loan	6/1/2025	3,290		—
Navigator Acquiror, Inc.	Delayed Draw Term Loan	7/15/2030	634		—
Navigator Acquiror, Inc.	Delayed Draw Term Loan	7/15/2030	634		—
Progress Residential PM Holdings, LLC	Delayed Draw Term Loan	5/8/2025	3,721		(35)
Raven Acquisition Holdings, LLC	Delayed Draw Term Loan	11/19/2026	667		—
Sanders Industries Holdings Inc	Delayed Draw Term Loan	2/26/2027	1,046		(142)
Secretariat Advisors LLC	Delayed Draw Term Loan	2/28/2027	301		(86)
Signia Aerospace LLC	Delayed Draw Term Loan	12/11/2026	1,264		—
Smile Doctors, LLC	Revolver	12/23/2027	4,737		(46)
Triple Lift, Inc.	Revolver	5/5/2028	2,143		—
West Monroe Partners, LLC	Revolver	11/9/2027	2,843		—
Total Unfunded Commitments			$	75,371	$	(368)

(8)There are no interest rate floors on these investments.

(9)The interest rate floor on these investments as of March 31, 2025 was 0.50%.

(10)The interest rate floor on these investments as of March 31, 2025 was 0.75%.

(11)The interest rate floor on these investments as of March 31, 2025 was 1.00%.

(12)The interest rate floor on these investments as of March 31, 2025 was 1.25%.

(13)The interest rate floor on these investments as of March 31, 2025 was 1.50%.

(14)The interest rate floor on these investments as of March 31, 2025 was 2.00%.

(15)For unsettled positions the interest rate does not include the base rate.

(16)Reserved.

(17)Loan was on non-accrual status as of March 31, 2025.

(19)All securities are exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), and may be deemed to be “restricted securities.” As of March 31, 2025, the aggregate fair value of these securities is $6,141.1 million or 265.43% of the Company’s net assets. The initial acquisition dates have been included for such securities.

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The following table presents the consolidated schedule of investments of the Emerald JV as of December 31, 2024:


BCRED Emerald JV LP Consolidated Schedule of Investments December 31, 2024 (in thousands) (Unaudited)

Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Partners’ Capital

First Lien Debt
Aerospace & Defense
Atlas CC Acquisition Corp.	(10)	SOFR +	4.25%	9.03%	1/19/2022	5/25/2028	$	9,718	$	9,481	$	6,577	0.28	%
Peraton Corp.	(10)	SOFR +	3.75%	8.21%	8/4/2022	2/1/2028	20,237		20,196		18,882		0.80
Signia Aerospace LLC	(4)(7)(9)	SOFR +	3.00%	7.40%	11/22/2024	12/11/2031	15,171		15,218		15,202		0.64
TransDigm Inc	(8)	SOFR +	2.50%	6.83%	11/19/2024	1/19/2032	9,975		10,019		10,007		0.42
TransDigm Inc	(8)	SOFR +	2.75%	7.35%	12/2/2024	8/24/2028	9,975		10,031		10,018		0.42
Vertex Aerospace Services Corp.	(10)	SOFR +	2.75%	7.11%	1/19/2022	12/6/2030	2,918		2,928		2,927		0.12
									67,873		63,613		2.68
Air Freight & Logistics
AGI-CFI Holdings, Inc.	(4)(10)	SOFR +	5.75%	10.23%	1/19/2022	6/11/2027	23,992		23,883		23,992		1.01
AIT Worldwide Logistics Holdings Inc	(10)	SOFR +	4.75%	9.28%	10/30/2024	4/8/2030	24,451		24,331		24,657		1.04
Mode Purchaser, Inc.	(4)(11)	SOFR +	6.25%	10.92%	1/19/2022	12/9/2026	31,256		31,256		30,319		1.28
RWL Holdings, LLC	(4)(10)	SOFR +	5.75%	10.23%	1/19/2022	12/31/2028	26,369		26,066		23,468		0.99
Savage Enterprises, LLC	(9)	SOFR +	2.75%	7.30%	11/21/2024	9/15/2028	9,975		10,056		10,053		0.42
SEKO Global Logistics Network, LLC	(4)(11)	P +	7.00%	15.50%	7/1/2024	12/30/2026	734		723		734		0.03
SEKO Global Logistics Network, LLC	(4)(11)	SOFR +	5.00%	9.50% (incl. 5.00% PIK)	11/27/2024	5/27/2030	8,038		8,038		8,038		0.34
SEKO Global Logistics Network, LLC	(4)(11)	SOFR +	8.00%	12.52%	11/27/2024	11/27/2029	1,849		1,813		1,849		0.08
Wwex Uni Topco Holdings, LLC	(10)	SOFR +	4.00%	8.33%	11/8/2024	7/26/2028	4,768		4,756		4,803		0.20
									130,922		127,913		5.39
Airlines
American Airlines, Inc.	(10)	SOFR +	4.75%	9.63%	1/19/2022	4/20/2028	2,671		2,724		2,746		0.12
American Airlines, Inc.	(8)	SOFR +	2.75%	7.26%	11/25/2024	2/15/2028	10,000		10,075		10,062		0.42
American Airlines, Inc.	(8)	SOFR +	2.25%	6.62%	12/12/2024	2/15/2028	5,000		5,000		5,030		0.21
JetBlue Airways Corp	(9)	SOFR +	5.50%	9.85%	11/7/2024	8/27/2029	4,988		5,007		5,035		0.21
KKR Apple Bidco, LLC	(9)	SOFR +	2.75%	7.22%	6/7/2022	9/23/2028	20,796		20,829		20,941		0.88
									43,635		43,814		1.84
Auto Components
Belron Finance 2019 LLC	(9)	SOFR +	2.75%	7.27%	11/25/2024	10/16/2031	9,975		10,087		10,083		0.43
Beverages
Triton Water Holdings, Inc.	(9)	SOFR +	3.25%	7.84%	1/19/2022	3/31/2028	14,695		14,669		14,829		0.63

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BCRED Emerald JV LP Consolidated Schedule of Investments December 31, 2024 (in thousands) (Unaudited)

Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Partners’ Capital

First Lien Debt (continued)
Building Products
Cornerstone Building Brands, Inc.	(9)	SOFR +	3.25%	7.75%	1/19/2022	4/12/2028	$	16,517	$	15,941	$	15,819	0.67	%
Fencing Supply Group Acquisition, LLC	(4)(11)	SOFR +	6.00%	10.46%	1/19/2022	2/26/2027	19,250		19,209		18,769		0.79
LBM Acquisition, LLC	(10)	SOFR +	3.75%	8.30%	6/6/2024	5/31/2031	13,865		13,718		13,770		0.58
Lindstrom, LLC	(4)(11)	SOFR +	6.25%	10.90%	1/19/2022	5/1/2027	27,288		27,288		27,015		1.14
MIWD Holdco II, LLC	(8)	SOFR +	3.00%	7.36%	10/3/2024	3/21/2031	9,975		10,075		10,089		0.43
Oscar Acquisitionco, LLC	(9)	SOFR +	4.25%	8.50%	12/2/2024	4/29/2029	9,974		9,918		9,885		0.42
TCP Sunbelt Acquisition Co	(8)	SOFR +	4.25%	8.99%	10/15/2024	10/15/2031	25,391		25,142		25,533		1.08
The Chamberlain Group, Inc.	(9)	SOFR +	3.25%	7.71%	1/19/2022	11/3/2028	14,773		14,749		14,879		0.63
Windows Acquisition Holdings, Inc.	(4)(11)	SOFR +	6.50%	10.98% (incl. 8.94% PIK)	1/19/2022	12/29/2026	10,390		10,390		8,416		0.35
									146,430		144,175		6.09
Capital Markets
Apex Group Treasury, LLC	(9)	SOFR +	3.75%	8.96%	1/19/2022	7/27/2028	1,070		1,060		1,081		0.05
Apex Group Treasury, LLC	(9)	SOFR +	4.00%	9.08%	8/2/2024	7/27/2028	70,715		70,802		71,451		3.01
Aretec Group, Inc.	(8)	SOFR +	3.50%	7.86%	12/6/2024	8/9/2030	1,320		1,320		1,324		0.06
Citco Funding, LLC	(9)	SOFR +	2.75%	7.31%	6/13/2024	4/27/2028	7,211		7,203		7,281		0.31
GTCR Everest Borrower, LLC	(8)	SOFR +	2.75%	7.08%	9/5/2024	9/5/2031	8,259		8,093		8,302		0.35
Osaic Holdings Inc	(8)	SOFR +	3.50%	7.86%	11/26/2024	8/17/2028	19,345		19,395		19,447		0.82
Resolute Investment Managers, Inc.	(11)	SOFR +	6.50%	11.09%	12/29/2023	4/30/2027	941		932		926		0.04
Saphilux S.à r.l.	(8)	S +	4.75%	9.45%	7/27/2023	7/18/2028	GBP	20,000	25,474		25,142		1.06
Situs-AMC Holdings Corporation	(4)(11)	SOFR +	5.50%	9.93%	9/26/2022	12/22/2027	90,087		89,376		90,087		3.80
Superannuation And Investments US, LLC	(9)	SOFR +	3.75%	8.22%	1/19/2022	12/1/2028	1,940		1,947		1,954		0.08
The Edelman Financial Engines Center, LLC	(8)	SOFR +	3.00%	7.36%	6/5/2024	4/7/2028	18,628		18,628		18,764		0.79
									244,230		245,759		10.37

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BCRED Emerald JV LP Consolidated Schedule of Investments December 31, 2024 (in thousands) (Unaudited)

Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Partners’ Capital

First Lien Debt (continued)
Chemicals
Derby Buyer, LLC	(9)	SOFR +	3.00%	7.37%	12/13/2024	11/1/2030	$	3,202	$	3,202	$	3,216	0.14	%
Derby Buyer, LLC	(9)	SOFR +	3.00%	7.37%	5/14/2024	11/1/2030	10,000		10,069		10,044		0.42
Discovery Purchaser Corp	(9)	SOFR +	4.38%	8.95%	12/2/2024	10/4/2029	8,550		8,634		8,613		0.36
Ecovyst Catalyst Technologies LLC	(8)	SOFR +	2.25%	6.84%	11/7/2024	6/12/2031	5,000		5,004		5,029		0.21
Pigments Services, Inc.	(4)(11)(17)	SOFR +	8.25%	12.69% PIK	4/14/2023	4/14/2029	7,125		4,670		2,367		0.10
Pigments Services, Inc.	(4)(11)	SOFR +	8.25%	12.69% PIK	4/14/2023	4/14/2029	3,479		3,479		3,479		0.15
									35,058		32,748		1.38
Commercial Services & Supplies
Access CIG, LLC	(9)	SOFR +	5.00%	9.59%	8/18/2023	8/18/2028	19,364		18,996		19,577		0.83
Allied Universal Holdco, LLC	(9)	SOFR +	3.75%	8.21%	1/19/2022	5/12/2028	27,929		27,784		28,055		1.18
Amspec Parent LLC	(4)(8)	SOFR +	4.25%	8.64%	12/20/2024	12/12/2031	2,773		2,759		2,794		0.12
Amspec Parent LLC	(4)(8)	SOFR +	4.25%	8.64%	12/20/2024	12/12/2031	427		426		430		0.02
Anticimex, Inc.	(9)	SOFR +	3.15%	7.72%	5/25/2022	11/16/2028	14,814		14,772		14,938		0.63
Anticimex, Inc.	(9)	SOFR +	3.40%	7.97%	4/23/2024	11/16/2028	24,440		24,440		24,647		1.04
Armor Holdco, Inc.	(9)	SOFR +	3.75%	8.03%	12/13/2024	12/11/2028	7,466		7,466		7,574		0.32
DG Investment Intermediate Holdings 2, Inc.	(10)	SOFR +	3.75%	8.22%	1/19/2022	3/31/2028	3,477		3,477		3,518		0.15
EAB Global, Inc.	(9)	SOFR +	3.25%	7.61%	1/19/2022	8/16/2028	19,806		19,798		19,907		0.84
Foundational Education Group, Inc.	(9)	SOFR +	3.75%	8.60%	6/7/2022	8/31/2028	3,890		3,806		3,797		0.16
Garda World Security Corp.	(8)	SOFR +	3.50%	7.90%	8/6/2024	2/1/2029	5,865		5,865		5,898		0.25
International SOS The Americas LP	(4)(9)	SOFR +	2.75%	7.08%	6/28/2024	9/7/2028	1,940		1,940		1,955		0.08
Java Buyer, Inc.	(4)(10)	SOFR +	5.75%	10.20%	1/19/2022	12/15/2027	9,529		9,433		9,529		0.40
Java Buyer, Inc.	(4)(10)	SOFR +	5.75%	10.44%	1/19/2022	12/15/2027	2,947		2,927		2,947		0.12
JSS Holdings, Inc.	(4)(10)	SOFR +	5.25%	10.00% (incl. 3.00% PIK)	1/19/2022	11/8/2031	36,312		36,130		36,312		1.53
KPSKY Acquisition, Inc.	(4)(10)(18)	SOFR +	5.50%	10.19%	9/26/2022	10/19/2028	133,599		129,272		116,231		4.90
OMNIA Partners, LLC	(8)	SOFR +	2.75%	7.37%	1/26/2024	7/25/2030	20,381		20,568		20,507		0.86
Polyphase Elevator Holding Co.	(4)(11)	SOFR +	6.00%	10.43% (incl. 5.00% PIK)	9/26/2022	6/23/2027	29,435		29,039		24,358		1.03
Prime Security Services Borrower, LLC	(8)	SOFR +	2.00%	6.52%	11/20/2024	10/13/2030	7,000		7,000		7,025		0.30
TRC Companies, Inc (fka Bolt Infrastructure Merger Sub, Inc.)	(9)	SOFR +	3.50%	7.97%	1/19/2022	12/8/2028	4,621		4,605		4,668		0.20
									370,503		354,667		14.96

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BCRED Emerald JV LP Consolidated Schedule of Investments December 31, 2024 (in thousands) (Unaudited)

Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Partners’ Capital

First Lien Debt (continued)
Construction & Engineering
Brookfield WEC Holdings, Inc.	(8)	SOFR +	2.25%	6.80%	1/25/2024	1/27/2031	$	19,781	$	19,822	$	19,821	0.84	%
Centuri Group, Inc.	(9)	SOFR +	2.50%	6.96%	12/2/2024	8/27/2028	10,000		10,062		10,061		0.42
Groundworks, LLC	(8)	SOFR +	3.25%	7.65%	11/7/2024	3/14/2031	467		468		470		0.02
Groundworks, LLC	(8)	SOFR +	3.25%	7.65%	11/7/2024	3/14/2031	2,527		2,533		2,543		0.11
Osmose Utilities Services Inc	(9)	SOFR +	3.25%	7.72%	11/7/2024	6/23/2028	16,956		17,032		17,006		0.72
Pike Electric Corp.	(8)	SOFR +	3.00%	7.47%	6/7/2022	1/21/2028	6,000		5,889		6,056		0.26
Refficiency Holdings, LLC	(10)	SOFR +	3.50%	7.96%	1/19/2022	12/16/2027	9,360		9,383		9,411		0.40
Socotec US Holding Inc	(10)	SOFR +	3.75%	8.27%	11/13/2024	6/30/2028	1,386		1,382		1,394		0.06
									66,571		66,762		2.83
Construction Materials
Tamko Building Products, LLC	(8)	SOFR +	2.75%	7.09%	10/23/2024	9/20/2030	7,932		7,982		8,006		0.34
Containers & Packaging
Anchor Packaging, LLC	(8)	SOFR +	3.25%	7.69%	12/13/2024	7/18/2029	4,987		5,031		5,022		0.21
Ascend Buyer, LLC	(4)(10)	SOFR +	5.75%	10.23%	9/26/2022	9/30/2028	74,018		73,553		74,018		3.12
Berlin Packaging, LLC	(8)	SOFR +	3.50%	8.05%	6/7/2024	6/7/2031	10,000		10,054		10,069		0.42
Berlin Packaging, LLC	(8)	SOFR +	3.50%	8.05%	12/6/2024	6/7/2031	18,785		18,876		18,916		0.80
Clydesdale Acquisition Holdings, Inc.	(9)	SOFR +	3.18%	7.53%	4/13/2022	4/13/2029	26,338		26,266		26,420		1.11
Graham Packaging Co, Inc.	(8)	SOFR +	2.50%	6.86%	7/31/2024	8/4/2027	18,278		18,342		18,344		0.77
ProAmpac PG Borrower, LLC	(10)	SOFR +	4.00%	8.66%	4/9/2024	9/15/2028	7,905		7,937		7,940		0.33
Ring Container Technologies Group, LLC	(9)	SOFR +	2.75%	7.11%	7/19/2024	8/12/2028	12,893		12,961		12,946		0.55
SupplyOne, Inc.	(8)	SOFR +	3.75%	8.11%	4/19/2024	4/19/2031	18,164		18,324		18,338		0.77
TricorBraun Holdings, Inc.	(9)	SOFR +	3.25%	7.72%	1/19/2022	3/3/2028	26,424		26,231		26,438		1.11
Trident TPI Holdings, Inc.	(9)	SOFR +	3.75%	8.19%	10/18/2024	9/15/2028	26,810		26,922		27,084		1.14
									244,497		245,535		10.33
Distributors
BP Purchaser, LLC	(4)(10)	SOFR +	5.50%	10.16% PIK	9/26/2022	12/10/2028	49,876		49,221		43,891		1.85
Genuine Cable Group, LLC	(4)(10)	SOFR +	5.75%	10.21%	1/19/2022	11/2/2026	31,490		31,273		29,916		1.26
Marcone Yellowstone Buyer, Inc.	(4)(10)	SOFR +	6.25%	10.99% (incl. 3.25% PIK)	9/26/2022	6/23/2028	81,336		80,099		72,796		3.07
Tailwind Colony Holding Corporation	(4)(11)	SOFR +	6.50%	11.19%	1/19/2022	5/13/2026	30,906		30,711		30,288		1.28
									191,304		176,891		7.46

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BCRED Emerald JV LP Consolidated Schedule of Investments December 31, 2024 (in thousands) (Unaudited)

Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Partners’ Capital

First Lien Debt (continued)
Diversified Consumer Services
Ascend Learning, LLC	(9)	SOFR +	3.50%	7.96%	1/19/2022	12/11/2028	$	17,953	$	17,851	$	18,072	0.76	%
Barbri Holdings, Inc.	(4)(10)	SOFR +	5.75%	10.18%	1/19/2022	4/28/2028	69,912		69,380		69,562		2.93
BPPH2 Limited	(4)(8)	S +	6.50%	11.32%	2/21/2023	3/16/2028	GBP	26,000	30,977		32,549		1.37
Cambium Learning Group, Inc.	(4)(7)(10)	SOFR +	5.50%	10.23%	1/19/2022	7/20/2028	34,262		34,262		34,262		1.44
Cengage Learning, Inc.	(11)	SOFR +	3.50%	7.86%	11/22/2024	3/22/2031	11,610		11,669		11,685		0.49
Element Materials Technology Group US Holdings Inc.	(9)	SOFR +	3.75%	8.08%	4/12/2022	7/6/2029	4,900		4,888		4,938		0.21
Express Wash Concepts, LLC	(4)(7)(11)	SOFR +	5.00%	9.36%	1/19/2022	4/30/2027	38,854		38,360		38,228		1.61
Fugue Finance LLC	(9)	SOFR +	3.25%	7.72%	12/5/2024	1/9/2032	1,458		1,458		1,474		0.06
Imagine Learning, LLC	(9)	SOFR +	3.50%	7.86%	2/1/2024	12/21/2029	6,934		6,957		6,955		0.29
KUEHG Corp.	(9)	SOFR +	3.25%	7.84%	10/21/2024	6/12/2030	10,000		10,113		10,115		0.43
Mckissock Investment Holdings, LLC	(10)	SOFR +	5.00%	9.79%	3/10/2022	3/12/2029	3,890		3,867		3,872		0.16
Mister Car Wash Holdings, Inc.	(8)	SOFR +	2.75%	7.09%	12/6/2024	3/21/2031	9,975		10,050		10,035		0.42
Pre-Paid Legal Services, Inc.	(9)	SOFR +	3.75%	8.22%	1/19/2022	12/15/2028	22,703		22,619		22,884		0.96
University Support Services, LLC	(9)	SOFR +	2.75%	7.11%	2/10/2022	2/10/2029	23,540		23,482		23,677		1.00
									285,933		288,308		12.13
Diversified Telecommunication Services
Lumen Technologies Inc	(14)	SOFR +	6.00%	10.36%	12/18/2024	6/1/2028	4,935		4,953		4,956		0.21
Zacapa, LLC	(9)	SOFR +	3.75%	8.08%	10/29/2024	3/22/2029	15,809		15,903		15,920		0.67
									20,856		20,876		0.88
Electrical Equipment
Madison IAQ, LLC	(9)	SOFR +	2.75%	7.89%	1/19/2022	6/21/2028	26,456		26,415		26,584		1.12
Electronic Equipment, Instruments & Components
Albireo Energy, LLC	(4)(11)	SOFR +	6.00%	10.68%	1/19/2022	12/23/2026	3,161		3,142		3,019		0.13
Albireo Energy, LLC	(4)(11)	SOFR +	6.00%	10.73%	1/19/2022	12/23/2026	811		807		774		0.03
Albireo Energy, LLC	(4)(11)	SOFR +	6.00%	10.43%	1/19/2022	12/23/2026	10,531		10,468		10,057		0.42
Infinite Bidco, LLC	(9)	SOFR +	3.75%	8.60%	1/19/2022	3/2/2028	2,910		2,918		2,893		0.12
Modena Buyer, LLC	(8)	SOFR +	4.50%	8.86%	7/1/2024	7/1/2031	3,100		3,042		3,010		0.13
									20,377		19,753		0.83
Energy Equipment & Services
Ursa Minor US Bidco, LLC	(8)	SOFR +	3.00%	7.33%	12/11/2024	3/26/2031	5,000		5,063		5,047		0.21

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BCRED Emerald JV LP Consolidated Schedule of Investments December 31, 2024 (in thousands) (Unaudited)

Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Partners’ Capital

First Lien Debt (continued)
Entertainment
CE Intermediate I, LLC	(9)	SOFR +	3.50%	8.05%	1/19/2022	11/10/2028	$	4,863	$	4,860	$	4,890	0.21	%
EP Purchaser, LLC	(9)	SOFR +	4.50%	9.90%	12/6/2024	11/6/2028	1,439		1,435		1,448		0.06
EP Purchaser, LLC	(9)	SOFR +	3.50%	8.09%	1/19/2022	11/6/2028	3,404		3,399		3,396		0.14
UFC Holdings, LLC	(8)	SOFR +	2.25%	6.77%	11/14/2024	11/21/2031	7,582		7,573		7,633		0.32
									17,267		17,367		0.73
Financial Services
Mitchell International, Inc.	(9)	SOFR +	3.25%	7.61%	6/17/2024	6/17/2031	14,963		14,951		14,989		0.63
Planet US Buyer, LLC	(8)	SOFR +	3.00%	7.52%	11/25/2024	1/31/2031	10,790		10,895		10,896		0.46
Solera, LLC	(9)(18)	SOFR +	4.00%	8.85%	5/16/2022	6/2/2028	16,730		16,551		16,781		0.71
									42,397		42,666		1.80
Food Products
CHG PPC Parent, LLC	(9)	SOFR +	3.00%	7.47%	11/7/2024	12/8/2028	15,951		16,031		16,060		0.68
Dreyers Grand Ice Cream Inc	(8)	SOFR +	2.00%	6.36%	11/7/2024	9/30/2031	10,000		9,985		10,021		0.42
									26,016		26,081		1.10
Health Care Equipment & Supplies
Auris Luxembourg III S.à r.l.	(8)	SOFR +	3.75%	8.18%	4/8/2024	2/28/2029	9,942		9,983		10,073		0.42
CPI Buyer, LLC	(4)(7)(10)	SOFR +	5.50%	10.28%	1/19/2022	11/1/2028	138,142		135,668		135,665		5.72
CSHC Buyerco, LLC	(4)(7)(11)	SOFR +	4.75%	9.42%	2/15/2022	9/8/2026	10,553		10,484		10,526		0.44
Embecta Corp	(9)	SOFR +	3.00%	7.36%	12/11/2024	3/30/2029	4,820		4,806		4,807		0.20
Natus Medical Incorporated	(4)(9)	SOFR +	5.50%	10.25%	8/18/2022	7/20/2029	3,646		3,489		3,591		0.15
Resonetics, LLC	(10)	SOFR +	3.25%	7.60%	12/6/2024	6/18/2031	5,100		5,150		5,139		0.22
Sharp Services, LLC	(8)	SOFR +	3.25%	7.58%	10/25/2024	12/31/2028	4,988		5,028		5,041		0.21
									174,608		174,842		7.36

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BCRED Emerald JV LP Consolidated Schedule of Investments December 31, 2024 (in thousands) (Unaudited)

Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Partners’ Capital

First Lien Debt (continued)
Health Care Providers & Services
ACI Group Holdings, Inc.	(4)(10)	SOFR +	6.00%	10.46% (incl. 3.25% PIK)	7/7/2023	8/2/2028	$	128,528	$	127,691	$	123,387	5.20	%
ADCS Clinics Intermediate Holdings, LLC	(4)(11)	SOFR +	6.25%	10.60%	1/19/2022	5/7/2027	1,696		1,686		1,696		0.07
ADCS Clinics Intermediate Holdings, LLC	(4)(11)	SOFR +	6.25%	10.78%	1/19/2022	5/7/2027	28,701		28,507		28,701		1.21
ADCS Clinics Intermediate Holdings, LLC	(4)(7)(11)	SOFR +	6.25%	10.68%	1/19/2022	5/7/2026	67		64		67		0.00
Amerivet Partners Management, Inc.	(4)(11)	SOFR +	5.25%	9.75%	9/26/2022	2/25/2028	82,425		81,089		82,425		3.48
Canadian Hospital Specialties Ltd.	(4)(11)	CA +	4.50%	7.82%	12/20/2022	4/14/2028	CAD	29,318	21,366		20,090		0.85
CCBlue Bidco, Inc.	(4)(10)	SOFR +	6.50%	10.93% PIK	1/19/2022	12/21/2028	23,943		23,719		20,771		0.88
CHG Healthcare Services, Inc.	(9)	SOFR +	3.00%	7.40%	12/10/2024	9/29/2028	7,567		7,611		7,604		0.32
DCA Investment Holdings, LLC	(4)(10)	SOFR +	6.41%	10.73%	1/19/2022	4/3/2028	29,635		29,462		28,746		1.21
Epoch Acquisition, Inc.	(4)(11)	SOFR +	6.00%	10.53%	1/19/2022	10/4/2026	28,511		28,511		28,511		1.20
Examworks Bidco, Inc.	(9)	SOFR +	2.75%	7.11%	1/19/2022	11/1/2028	14,977		14,865		15,051		0.63
Global Medical Response Inc	(11)	SOFR +	5.50%	9.86% (incl. 0.75% PIK)	12/18/2024	10/31/2028	3,992		4,007		4,010		0.17
Heartland Dental, LLC	(10)	SOFR +	4.50%	8.86%	11/7/2024	4/30/2028	14,962		14,994		15,011		0.63
ICS US Holdings, Inc.	(4)(9)	SOFR +	4.75%	9.42%	12/20/2022	6/8/2028	35,000		33,564		31,413		1.32
Jayhawk Buyer, LLC	(4)(11)	SOFR +	5.00%	9.43%	1/19/2022	10/15/2026	25,464		25,365		24,254		1.02
MED ParentCo LP	(8)	SOFR +	3.50%	7.86%	10/18/2024	4/15/2031	24,938		25,221		25,169		1.06
Navigator Acquiror, Inc.	(4)(7)(9)	SOFR +	5.50%	9.96%	1/19/2022	7/16/2027	20,430		20,377		17,672		0.75
Onex TSG Intermediate Corp.	(10)	SOFR +	4.75%	9.60%	1/19/2022	2/28/2028	1,940		1,948		1,958		0.08
PSKW Intermediate, LLC	(4)(11)	SOFR +	5.50%	9.90%	12/11/2024	3/9/2028	31,018		31,018		31,018		1.31
Raven Acquisition Holdings, LLC	(8)	SOFR +	3.25%	7.61%	10/15/2024	11/19/2031	9,333		9,331		9,366		0.39
Raven Acquisition Holdings, LLC	(8)	SOFR +	3.25%	7.61%	10/15/2024	11/19/2031	667		667		669		0.03
Smile Doctors, LLC	(4)(7)(10)	SOFR +	5.75%	10.66%	1/19/2022	12/23/2028	141,903		140,081		138,237		5.83
Southern Veterinary Partners LLC	(8)	SOFR +	3.25%	7.71%	12/4/2024	10/31/2031	10,000		10,113		10,083		0.43
WHCG Purchaser III Inc	(4)(10)	SOFR +	6.50%	10.83% (incl. 5.41% PIK)	8/2/2024	6/30/2029	2,797		2,797		2,797		0.12
WHCG Purchaser III Inc	(4)(10)(17)		10.00%	10.00% PIK	8/2/2024	6/30/2030	2,267		892		866		0.04
									684,946		669,572		28.23

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BCRED Emerald JV LP Consolidated Schedule of Investments December 31, 2024 (in thousands) (Unaudited)

Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Partners’ Capital

First Lien Debt (continued)
Health Care Technology
Cotiviti, Inc.	(8)	SOFR +	2.75%	7.30%	11/25/2024	5/1/2031	$	34,856	$	35,048	$	35,096	1.48	%
Gainwell Acquisition Corp.	(10)	SOFR +	4.00%	8.43%	12/18/2024	10/1/2027	15,023		14,526		14,589		0.62
GI Ranger Intermediate, LLC	(4)(10)	SOFR +	6.00%	10.48%	9/26/2022	10/29/2028	43,895		43,478		43,676		1.84
Project Ruby Ultimate Parent Corp	(8)	SOFR +	3.00%	7.47%	11/20/2024	3/10/2028	321		321		323		0.01
Waystar Technologies, Inc.	(8)	SOFR +	2.25%	6.59%	12/30/2024	10/22/2029	3,647		3,647		3,669		0.15
									97,020		97,353		4.10
Hotels, Restaurants & Leisure
Alterra Mountain Co	(8)	SOFR +	2.75%	7.11%	11/7/2024	8/17/2028	6,842		6,842		6,896		0.29
IRB Holding Corp.	(10)	SOFR +	2.50%	6.86%	12/11/2024	12/15/2027	10,000		10,069		10,022		0.42
Life Time, Inc.	(8)	SOFR +	2.50%	7.03%	10/15/2024	11/5/2031	20,000		20,111		20,105		0.85
Scientific Games Holdings LP	(9)	SOFR +	3.00%	7.59%	6/11/2024	4/4/2029	14,933		14,919		14,987		0.63
Tacala Investment Corp.	(10)	SOFR +	3.50%	7.86%	11/13/2024	1/31/2031	4,988		5,028		5,034		0.21
Whatabrands, LLC	(9)	SOFR +	2.75%	7.32%	5/14/2024	8/3/2028	10,000		10,062		10,036		0.42
Whatabrands, LLC	(9)	SOFR +	2.50%	6.86%	12/11/2024	8/3/2028	9,147		9,147		9,180		0.39
									76,178		76,260		3.21
Household Durables
ACProducts Holdings Inc	(9)	SOFR +	4.25%	8.84%	5/20/2024	5/17/2028	2,299		1,988		1,868		0.08
AI Aqua Merger Sub, Inc.	(9)	SOFR +	3.50%	8.05%	12/5/2024	7/31/2028	27,433		27,426		27,490		1.16
Madison Safety & Flow LLC	(8)	SOFR +	3.25%	7.61%	9/26/2024	9/26/2031	9,975		10,093		10,061		0.42
TGP Holdings III LLC	(10)	SOFR +	3.25%	7.71%	12/12/2024	6/29/2028	19,997		19,647		19,592		0.83
									59,154		59,011		2.49
Independent Power and Renewable Electricity Producers
Calpine Corp	(8)	SOFR +	1.75%	6.57%	12/12/2024	1/31/2031	2,894		2,890		2,889		0.12
Industrial Conglomerates
Engineered Machinery Holdings, Inc.	(10)	SOFR +	3.75%	8.34%	6/7/2022	5/19/2028	3,890		3,803		3,925		0.17

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BCRED Emerald JV LP Consolidated Schedule of Investments December 31, 2024 (in thousands) (Unaudited)

Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Partners’ Capital
First Lien Debt (continued)
Insurance
Alera Group, Inc.	(4)(10)	SOFR +	5.25%	9.61%	9/26/2022	10/2/2028	$	43,786	$	43,234	$	43,786	1.85	%
Alliant Holdings Intermediate LLC	(8)	SOFR +	2.75%	7.11%	9/12/2024	9/19/2031	2,397		2,397		2,406		0.10
AmWINS Group Inc	(10)	SOFR +	2.25%	6.72%	11/7/2024	2/19/2028	4,987		4,997		5,008		0.21
AssuredPartners, Inc.	(9)	SOFR +	3.50%	7.86%	2/16/2024	2/14/2031	32,205		32,383		32,310		1.36
Baldwin Insurance Group Holdings, LLC	(8)	SOFR +	3.25%	7.61%	12/11/2024	5/26/2031	6,734		6,734		6,788		0.29
BroadStreet Partners, Inc.	(8)	SOFR +	3.00%	7.36%	6/14/2024	6/14/2031	37,619		37,737		37,792		1.59
Foundation Risk Partners Corp.	(4)(10)	SOFR +	5.25%	9.58%	9/26/2022	10/29/2030	75,252		74,707		75,252		3.17
HUB International, Ltd.	(8)	SOFR +	2.75%	7.37%	11/25/2024	6/20/2030	19,900		20,099		20,045		0.85
Hyperion Refinance S.à r.l.	(9)	SOFR +	3.50%	7.86%	11/22/2024	4/18/2030	9,975		10,081		10,062		0.42
Hyperion Refinance S.à r.l.	(9)	SOFR +	3.00%	7.36%	11/22/2024	2/15/2031	11,338		11,444		11,429		0.48
OneDigital Borrower, LLC	(9)	SOFR +	3.25%	7.61%	11/19/2024	6/13/2031	11,970		12,075		12,015		0.51
Patriot Growth Insurance Services, LLC.	(4)(10)	SOFR +	5.00%	9.48%	9/26/2022	10/16/2028	62,364		61,084		62,364		2.63
TIH Insurance Holdings, LLC.	(8)	SOFR +	2.75%	7.08%	12/6/2024	5/6/2031	10,000		10,075		10,045		0.42
USI, Inc.	(8)	SOFR +	2.25%	6.58%	12/23/2024	11/22/2029	16,713		16,800		16,706		0.70
USI, Inc.	(8)	SOFR +	2.25%	6.58%	12/23/2024	9/29/2030	14,963		15,052		14,959		0.63
									358,899		360,967		15.21
Interactive Media & Services
Project Boost Purchaser, LLC	(8)	SOFR +	3.50%	8.15%	7/16/2024	7/16/2031	16,836		16,945		16,977		0.72
Internet & Direct Marketing Retail
Identity Digital, Inc.	(4)(11)	SOFR +	5.25%	9.74%	1/19/2022	12/29/2027	41,590		41,444		41,590		1.75
Prodege International Holdings, LLC	(4)(10)	SOFR +	5.75%	10.10%	1/19/2022	12/15/2027	20,732		20,548		20,162		0.85
									61,992		61,752		2.60
IT Services
Ahead DB Holdings, LLC	(10)	SOFR +	3.50%	7.83%	8/2/2024	2/1/2031	3,210		3,206		3,236		0.14
Dcert Buyer, Inc.	(8)	SOFR +	4.00%	8.36%	5/24/2022	10/16/2026	9,956		9,804		9,589		0.40
Fortress Intermediate 3 Inc	(4)(8)	SOFR +	3.50%	7.86%	12/11/2024	6/27/2031	4,988		5,025		5,009		0.21
Informatica LLC	(8)	SOFR +	2.25%	6.61%	11/7/2024	10/27/2028	9,974		10,023		10,037		0.42
Newfold Digital Holdings Group Inc	(11)	SOFR +	3.50%	8.14%	1/19/2022	2/10/2028	4,368		4,312		3,746		0.16
Razor Holdco, LLC	(4)(10)	SOFR +	5.75%	10.44%	1/19/2022	10/25/2027	25,220		24,974		25,220		1.06
Virtusa Corp.	(10)	SOFR +	3.25%	7.61%	6/21/2024	2/15/2029	25,790		25,965		26,004		1.10
									83,309		82,841		3.49

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BCRED Emerald JV LP Consolidated Schedule of Investments December 31, 2024 (in thousands) (Unaudited)

Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Partners’ Capital
First Lien Debt (continued)
Life Sciences Tools & Services
LSCS Holdings, Inc.	(9)	SOFR +	4.50%	8.86%	12/2/2024	12/16/2028	$	4,987	$	5,037	$	5,028	0.21	%
PAREXEL International Inc/Wilmington	(9)	SOFR +	3.00%	7.36%	11/19/2024	11/15/2028	9,974		10,049		10,055		0.42
									15,086		15,083		0.63
Machinery
Chart Industries, Inc.	(9)	SOFR +	2.50%	7.09%	11/13/2024	3/16/2030	8,000		8,071		8,042		0.34
LSF11 Trinity Bidco, Inc.	(4)(8)	SOFR +	3.00%	7.37%	12/11/2024	6/14/2030	231		231		233		0.01
Pro Mach Group, Inc.	(11)	SOFR +	3.50%	7.86%	9/3/2024	8/31/2028	5,904		5,904		5,963		0.25
SPX Flow, Inc.	(9)	SOFR +	3.00%	7.36%	6/6/2024	4/5/2029	6,395		6,445		6,456		0.27
Titan Co-Borrower LLC	(8)	SOFR +	4.50%	8.78%	11/19/2024	2/15/2029	5,208		5,236		5,259		0.22
Victory Buyer, LLC	(9)	SOFR +	3.75%	8.22%	1/19/2022	11/19/2028	9,752		9,388		9,599		0.40
									35,275		35,552		1.49
Media
McGraw-Hill Education, Inc.	(9)	SOFR +	4.00%	8.33%	11/25/2024	8/6/2031	4,777		4,842		4,837		0.20
Radiate Holdco, LLC	(10)	SOFR +	3.25%	7.72%	1/19/2022	9/25/2026	2,352		2,351		2,063		0.09
Sunrise Financing Partnership	(8)	SOFR +	2.93%	7.44%	6/7/2022	1/31/2029	3,346		3,309		3,368		0.14
									10,502		10,268		0.43
Metals & Mining
SCIH Salt Holdings, Inc.	(10)	SOFR +	3.00%	7.35%	1/19/2022	1/31/2029	18,060		18,131		18,131		0.76
Mortgage Real Estate Investment Trusts (REITs)
Blackstone Mortgage Trust Inc	(9)	SOFR +	3.50%	7.84%	11/14/2024	5/9/2029	4,987		4,993		5,003		0.21
Starwood Property Mortgage LLC	(4)(9)	SOFR +	2.25%	6.64%	12/12/2024	12/12/2029	2,757		2,750		2,753		0.12
									7,743		7,756		0.33
Oil, Gas & Consumable Fuels
Freeport LNG Investments, LLLP	(9)	SOFR +	3.50%	8.38%	1/19/2022	12/21/2028	18,271		18,246		18,381		0.77
Paper & Forest Products
Profile Products, LLC	(4)(10)	SOFR +	5.75%	10.29%	9/26/2022	11/12/2027	74,498		73,633		72,263		3.05

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BCRED Emerald JV LP Consolidated Schedule of Investments December 31, 2024 (in thousands) (Unaudited)

Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Partners’ Capital
First Lien Debt (continued)
Professional Services
Ankura Consulting Group, LLC	(10)	SOFR +	3.50%	7.84%	12/17/2024	12/17/2031	$	1,417	$	1,414	$	1,421	0.06	%
APFS Staffing Holdings, Inc.	(9)	SOFR +	4.25%	8.61%	4/22/2024	12/29/2028	2,977		2,970		2,999		0.13
Camelot US Acquisition, LLC.	(8)	SOFR +	2.75%	7.11%	1/31/2024	1/31/2031	7,746		7,724		7,749		0.33
Cast & Crew Payroll, LLC	(9)	SOFR +	3.75%	8.11%	1/19/2022	12/29/2028	27,572		26,895		26,790		1.13
CFGI Holdings, LLC	(4)(10)	SOFR +	4.50%	8.86%	9/26/2022	11/2/2027	110,069		110,069		110,069		4.64
Deerfield Dakota Holding, LLC	(11)	SOFR +	3.75%	8.08%	1/19/2022	4/9/2027	14,674		14,578		14,385		0.61
Dun & Bradstreet Corp	(8)	SOFR +	2.25%	6.59%	11/15/2024	1/18/2029	12,857		12,882		12,881		0.54
First Advantage Holdings, LLC	(8)	SOFR +	3.25%	7.82%	6/7/2022	10/31/2031	5,000		5,013		5,059		0.21
Kwor Acquisition, Inc.	(4)(11)(17)	P +	4.25%	12.25%	9/26/2022	12/22/2028	90,815		88,773		73,333		3.09
Mercury Borrower, Inc.	(8)	SOFR +	3.00%	7.36%	12/13/2024	8/2/2028	12,033		12,077		12,153		0.51
Mercury Borrower, Inc.	(9)	SOFR +	3.50%	8.19%	5/25/2022	8/2/2028	4,957		4,975		4,998		0.21
Ryan, LLC	(9)	SOFR +	3.50%	7.86%	11/7/2024	11/14/2030	9,977		10,057		10,017		0.42
Sedgwick Claims Management Services, Inc.	(8)	SOFR +	3.00%	7.59%	2/24/2023	7/31/2031	34,333		34,496		34,583		1.46
Trinity Air Consultants Holdings Corp.	(4)(10)	SOFR +	5.25%	9.76%	9/26/2022	6/29/2028	118,000		117,281		118,000		4.98
West Monroe Partners, LLC	(4)(7)(10)	SOFR +	4.75%	9.15%	1/19/2022	11/8/2028	28,749		28,424		28,462		1.20
									477,628		462,899		19.52
Real Estate Management & Development
Progress Residential PM Holdings, LLC	(4)(7)(10)	SOFR +	5.50%	9.96%	1/19/2022	8/8/2030	18,138		18,257		18,138		0.76
Software
Applied Systems, Inc.	(8)	SOFR +	3.00%	7.33%	11/25/2024	2/24/2031	14,962		15,118		15,125		0.64
Boxer Parent Company, Inc.	(8)	SOFR +	3.75%	8.34%	7/30/2024	7/30/2031	22,626		22,654		22,840		0.96
CDK Global Inc.	(8)	SOFR +	3.25%	7.58%	12/11/2024	7/6/2029	17,157		17,095		16,952		0.71
Cloud Software Group, Inc.	(9)	SOFR +	3.75%	8.08%	11/4/2024	3/21/2031	37,330		37,485		37,496		1.58
Cloudera, Inc.	(9)	SOFR +	3.75%	8.21%	1/19/2022	10/8/2028	14,300		14,134		14,289		0.60
Confine Visual Bidco	(4)(8)	SOFR +	5.75%	10.06%	9/26/2022	2/23/2029	32,504		31,899		26,247		1.11
ConnectWise, LLC	(9)	SOFR +	3.50%	8.09%	1/19/2022	9/29/2028	14,339		14,428		14,451		0.61
Delta Topco, Inc.	(8)	SOFR +	3.50%	8.20%	11/25/2024	12/1/2029	15,000		15,134		15,136		0.64
ECI Macola Max Holding, LLC	(10)	SOFR +	3.25%	7.58%	9/20/2024	5/9/2030	26,757		26,969		27,044		1.14

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BCRED Emerald JV LP Consolidated Schedule of Investments December 31, 2024 (in thousands) (Unaudited)

Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Partners’ Capital
First Lien Debt (continued)
Software (continued)
Epicor Software Corp.	(10)	SOFR +	2.75%	7.11%	5/30/2024	5/30/2031	$	15,865	$	15,907	$	15,998	0.67	%
Flash Charm, Inc.	(10)	SOFR +	3.50%	8.07%	6/11/2024	3/2/2028	10,380		10,361		10,214		0.43
Flexera Software, LLC	(10)	SOFR +	3.00%	7.35%	5/20/2024	3/3/2028	5,641		5,641		5,686		0.24
Gen Digital Inc	(9)	SOFR +	1.75%	6.11%	6/5/2024	9/12/2029	2,587		2,587		2,582		0.11
Genesys Cloud Services Holdings II, LLC	(10)	SOFR +	3.00%	7.36%	9/26/2024	12/1/2027	9,364		9,420		9,454		0.40
Genuine Financial Holdings, LLC	(8)	SOFR +	4.00%	8.36%	6/28/2024	9/27/2030	17,889		17,883		18,113		0.76
HS Purchaser, LLC	(10)	SOFR +	4.00%	8.69%	1/19/2022	11/19/2026	3,075		3,068		2,719		0.11
Icon Parent Inc	(8)	SOFR +	3.00%	7.52%	11/7/2024	11/13/2031	30,000		30,147		30,145		1.27
ION Trading Finance Ltd.	(8)	SOFR +	4.00%	8.47%	6/3/2024	4/1/2028	16,774		16,839		16,824		0.71
ION Trading Finance Ltd.	(8)	SOFR +	3.50%	7.83%	12/10/2024	4/1/2028	9,435		9,435		9,460		0.40
Javelin Buyer Inc	(8)	SOFR +	3.25%	7.83%	12/6/2024	10/8/2031	30,000		30,281		30,272		1.28
LD Lower Holdings, Inc.	(4)(11)	SOFR +	7.50%	11.93%	1/19/2022	8/9/2027	13,661		13,624		13,559		0.57
Magenta Security Holdings LLC	(11)	SOFR +	6.25%	10.84%	8/14/2024	7/27/2028	292		281		298		0.01
Magenta Security Holdings LLC	(10)(18)	SOFR +	6.75%	11.59%	8/14/2024	7/27/2028	829		791		767		0.03
Magenta Security Holdings LLC	(10)(18)	SOFR +	7.75%	12.60% (incl. 6.25% PIK)	8/14/2024	7/27/2028	638		496		384		0.02
Magenta Security Holdings LLC	(10)(17)(18)	SOFR +	7.00%	11.85% (incl. 5.50% PIK)	8/14/2024	7/27/2028	201		70		71		0.00
McAfee Corp.	(9)	SOFR +	3.00%	7.37%	5/31/2024	3/1/2029	21,282		21,307		21,327		0.90
Medallia, Inc.	(4)(10)	SOFR +	6.50%	10.85% (incl. 4.00% PIK)	1/19/2022	10/29/2028	50,559		50,070		47,526		2.00
Mitnick Purchaser, Inc.	(9)(18)	SOFR +	4.50%	9.19%	4/20/2022	5/2/2029	4,887		4,872		4,570		0.19
Mitratech Holdings, Inc.	(4)(10)	SOFR +	5.00%	9.69%	8/9/2022	5/18/2028	27,019		26,221		27,019		1.14
Mitratech Holdings, Inc.	(10)	SOFR +	4.25%	9.10%	4/5/2023	5/18/2028	14,775		14,286		14,793		0.62
Monk Holding Co.	(4)(10)(18)	SOFR +	5.50%	9.93%	1/19/2022	12/1/2027	107,669		106,341		107,669		4.54
Monk Holding Co.	(4)(7)(10)	SOFR +	5.50%	9.93%	1/19/2022	12/1/2027	1,032		1,003		974		0.04
MRI Software, LLC	(11)	SOFR +	4.75%	9.08%	9/26/2022	2/10/2027	9,968		9,822		9,993		0.42
Nintex Topco Limited	(4)(8)	SOFR +	6.00%	10.76% (incl. 1.50% PIK)	1/19/2022	11/13/2028	32,668		32,283		30,381		1.28
Perforce Software, Inc.	(8)	SOFR +	4.75%	9.10%	12/18/2024	7/1/2029	10,794		10,632		10,678		0.45

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BCRED Emerald JV LP Consolidated Schedule of Investments December 31, 2024 (in thousands) (Unaudited)

Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Partners’ Capital
First Lien Debt (continued)
Software (continued)
Planview Parent Inc	(8)	SOFR +	3.50%	7.83%	12/17/2024	12/17/2027	$	735	$	733	$	741	0.03	%
Project Alpha Intermediate Holding Inc	(9)	SOFR +	3.25%	7.76%	11/22/2024	10/28/2030	20,656		20,605		20,814		0.88
Project Leopard Holdings, Inc.	(9)	SOFR +	5.25%	9.94%	12/19/2024	7/20/2029	995		898		895		0.04
Proofpoint, Inc.	(9)	SOFR +	3.00%	7.36%	5/28/2024	8/31/2028	23,679		23,775		23,821		1.00
Quartz Acquireco, LLC	(4)(8)	SOFR +	2.75%	7.08%	6/3/2024	6/28/2030	16,656		16,744		16,802		0.71
Rocket Software, Inc.	(9)	SOFR +	4.25%	8.61%	10/5/2023	11/28/2028	5,198		5,187		5,243		0.22
Skopima Consilio Parent, LLC	(9)	SOFR +	3.75%	8.12%	12/18/2024	5/12/2028	22,380		22,367		22,492		0.95
Solarwinds Holdings, Inc.	(8)	SOFR +	2.75%	7.11%	7/24/2024	2/5/2030	12,908		13,006		12,992		0.55
Sovos Compliance, LLC	(9)	SOFR +	4.50%	8.97%	1/19/2022	8/11/2028	11,520		11,467		11,619		0.49
Stamps.com, Inc.	(4)(10)	SOFR +	5.75%	10.94%	1/19/2022	10/5/2028	58,350		57,681		57,329		2.42
Surf Holdings, LLC	(8)	SOFR +	3.50%	7.95%	1/19/2022	3/5/2027	19,247		19,234		19,398		0.82
Triple Lift, Inc.	(4)(7)(10)	SOFR +	5.75%	10.25%	1/19/2022	5/5/2028	58,781		58,418		56,344		2.38
UKG Inc	(8)	SOFR +	3.00%	7.62%	12/2/2024	2/10/2031	25,404		25,648		25,615		1.08
Vision Solutions, Inc.	(10)	SOFR +	4.00%	8.85%	1/19/2022	4/24/2028	5,897		5,863		5,818		0.25
VS Buyer, LLC	(8)	SOFR +	2.75%	7.12%	11/19/2024	4/12/2031	15,000		15,156		15,131		0.64
XPLOR T1, LLC	(8)	SOFR +	3.50%	7.83%	12/11/2024	6/24/2031	4,988		5,050		5,037		0.21
Zodiac Purchaser LLC	(4)(8)	SOFR +	3.50%	7.90%	12/13/2024	12/13/2031	5,000		4,975		4,988		0.21
									945,391		936,135		39.46
Specialty Retail
CustomInk, LLC	(4)(11)(18)	SOFR +	5.98%	10.57%	1/19/2022	5/3/2026	36,866		36,723		36,866		1.55
EG America, LLC	(8)	SOFR +	4.25%	8.68%	7/12/2023	2/7/2028	6,170		6,200		6,233		0.26
Mavis Tire Express Services Topco, Corp.	(10)	SOFR +	3.50%	7.86%	11/19/2024	5/4/2028	9,975		10,062		10,054		0.42
StubHub Holdco Sub, LLC	(8)	SOFR +	4.75%	9.11%	3/15/2024	3/15/2030	12,233		12,303		12,279		0.52
									65,288		65,432		2.75
Technology Hardware, Storage & Peripherals
Sandisk Corp	(8)	SOFR +	3.00%	7.40%	12/13/2024	12/13/2031	11,430		11,259		11,255		0.47
Textiles, Apparel & Luxury Goods
Champ Acquisition Corp	(8)	SOFR +	4.50%	8.86%	11/8/2024	11/25/2031	678		671		685		0.03

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BCRED Emerald JV LP Consolidated Schedule of Investments December 31, 2024 (in thousands) (Unaudited)

Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Partners’ Capital
First Lien Debt (continued)
Trading Companies & Distributors
FCG Acquisitions, Inc.	(9)	SOFR +	3.75%	8.22%	1/19/2022	3/31/2028	$	13,705	$	13,577	$	13,818	0.58	%
Foundation Building Materials, Inc.	(9)	SOFR +	3.25%	8.10%	1/19/2022	1/31/2028	6,799		6,657		6,712		0.28
Hillman Group Inc	(9)	SOFR +	2.25%	6.61%	11/7/2024	7/14/2028	3,987		3,993		4,012		0.17
Icebox Holdco III, Inc.	(9)	SOFR +	3.50%	8.09%	1/19/2022	12/22/2028	5,830		5,798		5,885		0.25
Johnstone Supply, LLC	(8)	SOFR +	2.50%	6.88%	12/12/2024	6/7/2031	6,394		6,432		6,423		0.27
Johnstone Supply, LLC	(8)	SOFR +	3.00%	7.51%	12/2/2024	6/7/2031	5,000		5,034		5,022		0.21
Kodiak BP, LLC	(8)	SOFR +	3.75%	8.27%	1/19/2022	12/4/2031	15,000		14,981		15,029		0.63
Park River Holdings, Inc.	(10)	SOFR +	3.25%	8.10%	1/19/2022	12/28/2027	3,334		3,303		3,262		0.14
Porcelain Acquisition Corp.	(4)(11)	SOFR +	6.00%	10.43%	1/19/2022	4/1/2027	8,599		8,526		8,040		0.34
White Cap Buyer, LLC	(8)	SOFR +	3.25%	7.61%	6/13/2024	10/19/2029	16,935		16,973		16,988		0.72
									85,274		85,191		3.59
Transportation Infrastructure
Liquid Tech Solutions Holdings LLC	(4)(10)	SOFR +	3.75%	8.10%	12/17/2024	3/20/2028	4,936		4,936		4,948		0.21
Roadsafe Holdings, Inc.	(4)(11)	SOFR +	5.75%	10.27%	1/19/2022	10/19/2027	11,703		11,646		11,352		0.48
Roadsafe Holdings, Inc.	(4)(11)	SOFR +	5.75%	11.06%	1/19/2022	10/19/2027	6,737		6,688		6,535		0.28
									23,270		22,835		0.97
Wireless Telecommunication Services
CCI Buyer, Inc.	(10)	SOFR +	4.00%	8.33%	1/19/2022	12/17/2027	18,576		18,540		18,618		0.78
Total First Lien Debt									5,462,023		5,386,488		227.02

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BCRED Emerald JV LP Consolidated Schedule of Investments December 31, 2024 (in thousands) (Unaudited)

Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Partners’ Capital

Second Lien Debt
Diversified Consumer Services
Ascend Learning, LLC	(9)	SOFR +	5.75%	10.21%	7/29/2022	12/10/2029	$	5,301	$	4,893	$	5,271	0.22	%
Health Care Providers & Services
Canadian Hospital Specialties Ltd.	(4)(8)		8.75%	8.75%	12/20/2022	4/15/2029	CAD	12,000	8,329		7,659		0.32
Jayhawk Buyer, LLC	(4)(11)	SOFR +	8.75%	13.44%	1/19/2022	10/15/2027	24,712		24,606		22,735		0.96
									32,935		30,394		1.28
Life Sciences Tools & Services
Curia Global, Inc.	(4)(10)	SOFR +	6.50%	11.35%	9/26/2022	8/31/2029	37,847		37,274		34,441		1.45
Machinery
Victory Buyer, LLC	(4)(9)	SOFR +	7.00%	11.47%	1/19/2022	11/19/2029	66,704		65,816		63,702		2.69
Software
Vision Solutions, Inc.	(10)	SOFR +	7.25%	12.10%	9/26/2022	4/23/2029	24,942		22,600		24,134		1.02
Total Second Lien Debt									163,518		157,942		6.66
Bond
Software
Tangerine Bidco S.p.A	(4)(8)	E +	5.00%	7.68%	12/17/2022	12/30/2029	EUR	69,750	72,499		72,251		3.05
Total Bond									72,499		72,251		3.05

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BCRED Emerald JV LP Consolidated Schedule of Investments December 31, 2024 (in thousands) (Unaudited)

Investments (1)(19)	Footnotes	Reference Rate and Spread (2)	Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)	Cost (3)		Fair Value		% of Partners’ Capital

Equity
Air Freight & Logistics
AGI Group Holdings LP - Class A-2 Common Units	(4)			1/19/2022		194	$	208	$	266	0.01	%
Mode Holdings, L.P. - Class A-2 Common Units	(4)			1/19/2022		1,230,769	2,215		1,071		0.05
Red Griffin ParentCo, LLC - Class A Common Units	(4)			11/27/2024		3,838	16,269		12,996		0.55
							18,692		14,333		0.61
Capital Markets
Resolute Investment Managers, Inc. - Common Equity	(4)			12/29/2023		11,751	294		91		0.00
Chemicals
Pigments Holdings LP - LP Interest	(4)			4/14/2023		1,212	0		0		0.00
Distributors
Box Co-Invest Blocker, LLC - (BP Alpha Holdings, L.P.) - Class A Units	(4)			1/19/2022		1	780		0		0.00
Box Co-Invest Blocker, LLC - (BP Alpha Holdings, L.P.) - Class C Preferred Units	(4)			7/12/2023		1	92		18		0.00
GSO DL Co-Invest EIS LP (EIS Acquisition Holdings, LP - Class A Common Units)	(4)			1/19/2022		301,167	1,239		1,582		0.07
							2,111		1,600		0.07
Diversified Consumer Services
Cambium Holdings, LLC - Senior Preferred Interest	(4)		11.50%	1/19/2022		974,662	1,133		1,393		0.06
Health Care Providers & Services
Jayhawk Holdings, LP - Class A-1 Common Units	(4)			1/19/2022		797	210		29		0.00
Jayhawk Holdings, LP - Class A-2 Common Units	(4)			1/19/2022		429	113		8		0.00
WHCG Purchaser, Inc. - Class A Common Units	(4)			8/2/2024		667,649	0		0		0.00
							323		37		0.00
Software
Descartes Holdings, Inc - Class A Common Stock	(4)			10/9/2023		168,057	728		12		0.00
Lobos Parent, Inc. - Series A Preferred Shares	(4)		10.50%	1/19/2022		5,773	5,700		7,476		0.32
							6,428		7,488		0.32

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BCRED Emerald JV LP Consolidated Schedule of Investments December 31, 2024 (in thousands) (Unaudited)

Investments (1)(19)	Footnotes	Reference Rate and Spread (2)	Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)	Cost (3)		Fair Value		% of Partners’ Capital
Equity (continued)
Specialty Retail
GSO DL CoInvest CI LP (CustomInk, LLC - Series A Preferred Units)	(4)			1/19/2022		3,000,000	$	3,542	$	4,335	0.18	%
Transportation Infrastructure
Frontline Road Safety Investments, LLC - Class A Common Units	(4)			1/19/2022		3,936	376		1,066		0.04
Total Equity							32,899		30,343		1.28
Total Investment Portfolio							5,730,939		5,647,024		238.01
Cash and Cash Equivalents
State Street Institutional U.S. Government Money Market Fund - Investor Class			4.34%				466		466		0.02
Dreyfus Treasury Obligations Cash Management			4.24%				384		384		0.02
Other Cash and Cash Equivalents							149,811		150,195		6.33
Total Portfolio Investments, Cash and Cash Equivalents							$	5,881,600	$	5,798,069	244.38	%

(1)Unless otherwise indicated, all debt and equity investments held by the Company (which such term “Company” shall include the Company’s consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in dollars. As of December 31, 2024, the Company had investments denominated in Canadian Dollars (CAD), Euros (EUR), British Pounds (GBP), Swiss Francs (CHF), Danish Krone (DKK), Swedish Krona (SEK), Norwegian Krone (NOK), and New Zealand Dollars (NZD). All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. The total par amount (in thousands) is presented for debt investments, while the number of shares or units (in whole amounts) owned is presented for equity investments. Each of the Company’s investments is pledged as collateral, under one or more of its credit facilities unless otherwise indicated.

(2)Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either Canadian Overnight Repo Rate Average (“CORRA” or “CA”), Sterling Overnight Interbank Average Rate (“SONIA” or “S”), Euro Interbank Offer Rate (“Euribor” or “E”), Secured Overnight Financing Rate (“SOFR”), Stockholm Interbank Offered Rate (“STIBOR” or “ST”), Copenhagen Interbank Offered Rate (“CIBOR” or “CI”), Norwegian Interbank Offered Rate (“NIBOR” or “N”), Swiss Average Rate Overnight (“SARON” or “SA”), New Zealand Bank Bill Reference Rate (“BKBM” or “B”), or an alternate base rate (commonly based on the Federal Funds Rate (“F”) or the U.S. Prime Rate (“P”)), which generally resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of December 31, 2024. Variable rate loans typically include an interest reference rate floor feature.

(6)Reserved.

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BCRED Emerald JV LP Consolidated Schedule of Investments December 31, 2024 (in thousands) (Unaudited)

Investments	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
ADCS Clinics Intermediate Holdings, LLC	Revolver	5/7/2026	$	714	$	—
Cambium Learning Group, Inc.	Revolver	7/20/2027	3,249		—
CPI Buyer, LLC	Revolver	11/1/2026	2,974		(59)
CSHC Buyerco, LLC	Delayed Draw Term Loan	9/8/2026	195		—
Express Wash Concepts, LLC	Delayed Draw Term Loan	4/2/2025	24,500		—
Latham Pool Products, Inc.	Revolver	2/23/2027	11,250		(233)
Monk Holding Co.	Delayed Draw Term Loan	6/1/2025	3,290		—
Navigator Acquiror, Inc.	Delayed Draw Term Loan	1/23/2025	616		—
Progress Residential PM Holdings, LLC	Delayed Draw Term Loan	5/8/2025	3,721		—
Signia Aerospace LLC	Delayed Draw Term Loan	12/11/2026	1,264		—
Smile Doctors, LLC	Revolver	12/23/2027	4,737		(118)
Triple Lift, Inc.	Revolver	5/5/2028	2,143		(86)
West Monroe Partners, LLC	Revolver	11/9/2027	2,843		—
Total Unfunded Commitments			$	61,496	$	(496)

(8)There are no interest rate floors on these investments.

(9)The interest rate floor on these investments as of December 31, 2024 was 0.50%.

(10)The interest rate floor on these investments as of December 31, 2024 was 0.75%.

(11)The interest rate floor on these investments as of December 31, 2024 was 1.00%.

(12)The interest rate floor on these investments as of December 31, 2024 was 1.25%.

(13)The interest rate floor on these investments as of December 31, 2024 was 1.50%.

(14)The interest rate floor on these investments as of December 31, 2024 was 2.00%.

(15)For unsettled positions the interest rate does not include the base rate.

(16)Reserved.

(17)Loan was on non-accrual status as of December 31, 2024.

(19)All securities are exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), and may be deemed to be “restricted securities.” As of December 31, 2024, the aggregate fair value of these securities is $5,647.0 million or 238.01% of the Company’s net assets. The initial acquisition dates have been included for such securities.

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Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

The following table presents the selected consolidated statements of assets and liabilities information of the Emerald JV as of March 31, 2025 and December 31, 2024 (Unaudited):


	March 31, 2025		December 31, 2024
ASSETS
Investments at fair value (cost of $6,263,663 and $5,730,939, respectively)	$	6,141,073	$	5,647,024
Cash and cash equivalents	186,575		150,661
Interest receivable	44,384		34,431
Receivable for investments sold	53,181		65,644
Deferred financing costs	4,955		11,005


Total assets	$	6,430,168	$	5,908,765
LIABILITIES
Debt (net of unamortized debt issuance costs of $5,822 and $0, respectively)	$	3,224,613	$	2,169,241
Distribution payable	74,739		75,514
Payable for investments purchased and other liabilities	817,417		1,292,277
Total liabilities	4,116,769		3,537,032
PARTNERS’ CAPITAL
Partners’ capital	2,313,399		2,371,733
Total partners’ capital	2,313,399		2,371,733
Total liabilities and partners’ capital	$	6,430,168	$	5,908,765

The following table presents the selected consolidated statements of operations information of the Emerald JV for the three months ended March 31, 2025 and March 31, 2024 (Unaudited):


	Three Months Ended March 31,
	2025		2024
Investment income:
Interest income	$	119,223	$	152,314
Payment-in-kind interest income	4,969		1,898

Other income	278		585
Total investment income	124,470		154,797
Expenses:
Interest expense	47,848		50,974
Other expenses	797		617
Total expenses	48,645		51,591
Net investment income before tax expense	75,825		103,206
Tax expense	—		—
Net investment income after tax expense	75,825		103,206
Net realized and change in unrealized gain (loss):
Net change in unrealized gain (loss) on investments, foreign currency and income tax (provision) benefit	(42,710)		(3,125)
Net realized gain (loss) on investments and foreign currency	(16,709)		2,761
Total net realized and change in unrealized gain (loss)	(59,419)		(364)
Net increase (decrease) in partners’ capital resulting from operations	$	16,406	$	102,842

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Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

BCRED Verdelite JV

BCRED Verdelite JV LP (“Verdelite JV”), a Delaware limited partnership, was formed as a joint venture between the Company and an entity managed by an alternative credit management investment firm with a specialized focus on structured and syndicated credit, including CLO management (the “Verdelite JV Partner”), commenced operations on October 21, 2022 and operates under a limited partnership agreement. The Verdelite JV’s principal purpose is to make investments, primarily in broadly syndicated loans.

On October 21, 2022, a wholly-owned subsidiary of the Company and the Verdelite JV Partner committed to contribute up to $147.0 million and $21.0 million of capital, respectively, to the Verdelite JV.

As of March 31, 2025 and December 31, 2024, the Company had made capital contributions (net of returns of capital) of $117.7 million and the Verdelite JV Partner had made capital contributions (net of returns of capital) of $16.8 million. As of March 31, 2025 and December 31, 2024, $29.3 million of capital remained uncalled from the Company and $4.2 million of capital remained uncalled from the Verdelite JV Partner. The Company and the Verdelite JV Partner may, from time-to-time, make additional contributions of capital or may receive returns of capital from the Verdelite JV.

As of March 31, 2025 and December 31, 2024, the Company and the Verdelite JV Partner’s equity ownership interests in the Verdelite JV were 87.5% and 12.5%, respectively.

The Company and the Verdelite JV Partner, through their joint control of the Verdelite JV’s general partner, have equal control of the Verdelite JV's investment decisions, the decision to call additional capital up to the amounts committed by the Company and the Verdelite JV Partner, the decision to return capital or to make distributions, and generally all other decisions in respect of the Verdelite JV must be approved by the Verdelite JV's investment committee or board of directors, each of which consists of an equal number of representatives of the Company and the Verdelite JV Partner. The initial term of the Verdelite JV is three years from the commencement of operations, and will continue for successive six-month periods thereafter upon the approval the Verdelite JV’s general partner, except in the case of a dissolution event. The Company’s investment in the Verdelite JV cannot be transferred without the consent of the Verdelite JV partner.

The Company has determined that the Verdelite JV is an investment company under ASC 946, and in accordance with ASC 946, the Company will generally not consolidate its investment in a company other than a wholly-owned investment company subsidiary. Further, the Company has a variable interest in the Verdelite JV and has determined that the Verdelite JV is a variable interest entity under ASC 810. However, the Company is not deemed to be the primary beneficiary of the Verdelite JV as there is equal power between the Company and the Verdelite JV Partner. Accordingly, the Company does not consolidate the Verdelite JV.

The Company's investment in the Verdelite JV is disclosed on the Company’s Condensed Consolidated Schedule of Investments as of March 31, 2025 and December 31, 2024.

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The following table presents the consolidated schedule of investments of the Verdelite JV as of March 31, 2025:


BCRED Verdelite JV LP Consolidated Schedule of Investments March 31, 2025 (in thousands) (Unaudited)

Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Partners’ Capital

First Lien
Aerospace & Defense
KBR, Inc.	(8)	SOFR +	2.00%	6.32%	8/14/2024	1/17/2031	$	503	$	503	$	502	0.38	%
Peraton Corp.	(10)	SOFR +	3.75%	8.17%	11/16/2022	2/1/2028	4,967		4,921		4,431		3.38
TransDigm Inc	(8)	SOFR +	2.50%	6.80%	11/28/2023	2/28/2031	5,941		5,938		5,915		4.51
Vertex Aerospace Services Corp.	(10)	SOFR +	2.25%	6.57%	11/16/2022	12/6/2030	5,560		5,538		5,490		4.19
									16,900		16,338		12.46
Air Freight & Logistics
Savage Enterprises, LLC	(9)	SOFR +	2.75%	7.07%	11/16/2022	9/15/2028	153		153		153		0.12
Airlines
American Airlines, Inc.	(8)	SOFR +	2.25%	6.57%	2/15/2023	2/15/2028	2,970		2,970		2,928		2.23
American Airlines, Inc.	(8)	SOFR +	1.75%	6.17%	11/16/2022	1/29/2027	495		494		491		0.37
Apple Bidco LLC	(8)	SOFR +	2.50%	6.82%	11/16/2022	9/23/2031	3,466		3,454		3,445		2.63
United Airlines, Inc.	(8)	SOFR +	2.00%	6.30%	2/22/2024	2/22/2031	2,291		2,291		2,289		1.75
									9,209		9,153		6.98
Auto Components
Clarios Global LP	(8)	SOFR +	2.50%	6.82%	7/16/2024	5/6/2030	2,957		2,957		2,922		2.23
Clarios Global LP	(8)	SOFR +	2.75%	7.07%	3/12/2025	1/28/2032	2,500		2,483		2,467		1.88
First Brands Group, LLC	(11)	SOFR +	5.00%	9.55%	12/15/2022	3/30/2027	3,733		3,695		3,479		2.65
									9,135		8,868		6.76
Beverages
Triton Water Holdings, Inc.	(9)	SOFR +	2.25%	6.55%	11/16/2022	3/31/2028	3,414		3,414		3,404		2.60
Biotechnology
Grifols Worldwide Operations USA Inc	(8)	SOFR +	2.00%	6.46%	11/16/2022	11/15/2027	3,114		3,102		3,088		2.35
Broadline Retail
Peer Holding III BV	(8)	SOFR +	2.50%	6.80%	6/26/2024	7/1/2031	1,938		1,938		1,937		1.48
Building Products
Cornerstone Building Brands, Inc.	(9)	SOFR +	3.25%	7.66%	11/16/2022	4/12/2028	3,938		3,890		3,333		2.54
Griffon Corporation	(8)	SOFR +	2.00%	6.30%	6/26/2024	1/24/2029	3,454		3,462		3,457		2.64
Gulfside Supply Inc	(8)	SOFR +	3.00%	7.30%	6/17/2024	6/17/2031	622		620		617		0.47
LBM Acquisition, LLC	(10)	SOFR +	3.75%	8.17%	6/6/2024	5/31/2031	5,976		5,922		5,533		4.22
MIWD Holdco II, LLC	(8)	SOFR +	3.00%	7.32%	3/28/2024	3/21/2031	2,049		2,040		2,017		1.54
Oscar Acquisitionco, LLC	(9)	SOFR +	4.25%	8.50%	11/16/2022	4/29/2029	2,414		2,418		2,265		1.73
Resideo Funding Inc	(8)	SOFR +	1.75%	6.05%	6/14/2024	6/13/2031	546		546		545		0.42
Standard Industries Inc	(9)	SOFR +	1.75%	6.07%	11/16/2022	9/22/2028	555		555		555		0.42
The Chamberlain Group, Inc.	(9)	SOFR +	3.25%	7.67%	11/16/2022	11/3/2028	3,120		3,016		3,095		2.36
									22,469		21,417		16.34

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BCRED Verdelite JV LP Consolidated Schedule of Investments March 31, 2025 (in thousands) (Unaudited)

Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Partners’ Capital
First Lien (continued)
Capital Markets
Apex Group Treasury, LLC	(8)	SOFR +	3.50%	7.82%	2/27/2025	2/27/2032	$	3,518	$	3,510	$	3,512	2.68	%
Aretec Group, Inc.	(8)	SOFR +	3.50%	7.82%	5/29/2024	8/9/2030	5,390		5,388		5,352		4.08
Citco Funding, LLC	(9)	SOFR +	2.75%	6.93%	6/13/2024	4/27/2028	985		984		988		0.75
Focus Financial Partners, LLC	(8)	SOFR +	2.75%	7.07%	1/31/2025	9/15/2031	2,494		2,477		2,473		1.89
GTCR Everest Borrower, LLC	(8)	SOFR +	2.75%	7.08%	9/5/2024	9/5/2031	1,442		1,438		1,434		1.09
Kestra Advisor Services Holdings A, Inc.	(8)	SOFR +	3.00%	7.29%	3/19/2024	3/21/2031	1,482		1,482		1,471		1.12
The Edelman Financial Engines Center, LLC	(8)	SOFR +	3.00%	7.32%	6/5/2024	4/7/2028	3,870		3,870		3,864		2.95
									19,149		19,094		14.56
Chemicals
CI Maroon Holdings, LLC	(8)	SOFR +	3.25%	7.65%	3/28/2024	3/3/2031	896		896		892		0.68
Nouryon USA, LLC	(8)	SOFR +	3.25%	7.55%	4/26/2024	4/3/2028	3,684		3,684		3,683		2.81
									4,580		4,575		3.49
Commercial Services & Supplies
Access CIG, LLC	(9)	SOFR +	4.25%	8.54%	8/18/2023	8/18/2028	5,424		5,295		5,432		4.14
Allied Universal Holdco, LLC	(9)	SOFR +	3.75%	8.17%	11/16/2022	5/12/2028	4,407		4,335		4,408		3.36
Anticimex, Inc.	(9)	SOFR +	3.15%	7.49%	11/16/2022	11/16/2028	4,343		4,307		4,338		3.31
Asplundh Tree Expert, LLC	(8)	SOFR +	1.75%	6.07%	5/23/2024	5/23/2031	1,339		1,336		1,337		1.02
Belfor Holdings, Inc.	(4)(9)	SOFR +	3.00%	7.32%	11/3/2023	11/1/2030	986		986		986		0.75
EAB Global, Inc.	(9)	SOFR +	3.00%	7.32%	11/16/2022	8/16/2030	8,789		8,706		8,536		6.51
Foundational Education Group, Inc.	(9)	SOFR +	3.75%	8.30%	11/16/2022	8/31/2028	2,474		2,398		2,258		1.72
Garda World Security, Corp.	(8)	SOFR +	3.00%	7.32%	8/6/2024	2/1/2029	3,808		3,808		3,799		2.90
OMNIA Partners, LLC	(8)	SOFR +	2.75%	7.05%	1/26/2024	7/25/2030	3,372		3,351		3,353		2.56
Prime Security Services Borrower, LLC	(8)	SOFR +	2.00%	6.32%	4/15/2024	10/13/2030	6,250		6,237		6,223		4.75
Tempo Acquisition, LLC	(9)	SOFR +	1.75%	6.07%	1/29/2025	8/31/2028	2,494		2,472		2,477		1.89
TRC Cos, LLC	(8)	SOFR +	3.00%	7.32%	11/16/2022	12/8/2028	5,490		5,489		5,445		4.15
Vaco Holdings, Inc.	(10)	SOFR +	5.00%	9.48%	11/16/2022	1/21/2029	2,312		2,273		2,143		1.63
									50,993		50,735		38.69
Construction & Engineering
Azuria Water Solutions, Inc.	(10)	SOFR +	3.00%	7.32%	7/23/2024	5/17/2028	2,956		2,956		2,942		2.24
Groundworks, LLC	(8)	SOFR +	3.00%	7.31%	3/14/2024	3/14/2031	1,592		1,578		1,562		1.19
Groundworks, LLC	(7)(8)	SOFR +	3.00%	7.31%	3/14/2024	3/14/2031	47		46		41		0.03
Touchdown Acquirer, Inc.	(8)	SOFR +	2.75%	7.08%	8/21/2024	2/21/2031	1,395		1,395		1,381		1.05
									5,975		5,926		4.51

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BCRED Verdelite JV LP Consolidated Schedule of Investments March 31, 2025 (in thousands) (Unaudited)

Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Partners’ Capital
First Lien (continued)
Construction Materials
Tamko Building Products, LLC	(8)	SOFR +	2.75%	7.08%	10/23/2024	9/20/2030	$	2,621	$	2,621	$	2,612	1.99	%
Consumer Finance
CPI Holdco B, LLC	(8)	SOFR +	2.00%	6.32%	5/17/2024	5/17/2031	1,198		1,195		1,187		0.91
Containers & Packaging
Altium Packaging, LLC	(8)	SOFR +	2.50%	6.82%	6/11/2024	6/11/2031	532		532		520		0.40
Anchor Packaging, LLC	(8)	SOFR +	3.25%	7.57%	12/13/2024	7/18/2029	744		744		745		0.57
Berlin Packaging, LLC	(8)	SOFR +	3.50%	7.83%	6/7/2024	6/7/2031	4,466		4,466		4,456		3.40
Clydesdale Acquisition Holdings, Inc.	(9)	SOFR +	3.18%	7.50%	11/16/2022	4/13/2029	3,136		3,093		3,126		2.38
Graham Packaging Co, Inc.	(8)	SOFR +	2.50%	6.82%	7/31/2024	8/4/2027	2,634		2,634		2,634		2.01
ProAmpac PG Borrower, LLC	(10)	SOFR +	4.00%	8.30%	4/9/2024	9/15/2028	5,046		5,046		5,025		3.83
Ring Container Technologies Group, LLC	(9)	SOFR +	2.75%	7.07%	7/19/2024	8/12/2028	2,102		2,102		2,100		1.60
SupplyOne, Inc.	(8)	SOFR +	3.75%	8.07%	4/19/2024	4/19/2031	1,695		1,688		1,700		1.30
TricorBraun Holdings, Inc.	(9)	SOFR +	3.25%	7.69%	11/16/2022	3/3/2028	4,490		4,396		4,456		3.40
Trident TPI Holdings, Inc.	(9)	SOFR +	3.75%	8.19%	10/18/2024	9/15/2028	4,408		4,408		4,267		3.25
									29,109		29,029		22.14
Diversified Consumer Services
Bright Horizons Family Solutions, LLC	(9)	SOFR +	1.75%	6.07%	11/16/2022	11/24/2028	3,217		3,217		3,219		2.45
Cengage Learning, Inc.	(11)	SOFR +	3.50%	7.82%	11/22/2024	3/22/2031	3,450		3,442		3,427		2.61
Element Materials Technology Group US Holdings Inc.	(9)	SOFR +	3.75%	8.08%	11/16/2022	7/6/2029	2,955		2,905		2,954		2.25
Imagine Learning, LLC	(9)	SOFR +	3.50%	7.82%	2/1/2024	12/21/2029	3,975		3,956		3,965		3.02
Mckissock Investment Holdings, LLC	(10)	SOFR +	5.00%	9.45%	11/16/2022	3/12/2029	4,193		4,110		4,179		3.19
Mister Car Wash Holdings, Inc.	(8)	SOFR +	2.50%	6.79%	3/27/2024	3/21/2031	719		719		717		0.55
Pre-Paid Legal Services, Inc.	(9)	SOFR +	3.25%	7.57%	11/16/2022	12/15/2028	3,256		3,218		3,226		2.46
Spring Education Group, Inc.	(8)	SOFR +	4.00%	8.33%	9/29/2023	9/29/2030	3,379		3,312		3,379		2.58
University Support Services, LLC	(9)	SOFR +	2.75%	7.06%	11/16/2022	2/10/2029	3,804		3,773		3,779		2.88
Wand NewCo 3, Inc.	(8)	SOFR +	2.50%	6.82%	7/30/2024	1/30/2031	1,941		1,941		1,915		1.46
									30,593		30,760		23.45
Diversified REITs
Iron Mountain Information Management, LLC	(8)	SOFR +	2.00%	6.32%	12/28/2023	1/31/2031	849		844		846		0.65

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BCRED Verdelite JV LP Consolidated Schedule of Investments March 31, 2025 (in thousands) (Unaudited)

Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Partners’ Capital
First Lien (continued)
Diversified Telecommunication Services
Coral-US Co-Borrower, LLC	(8)	SOFR +	3.25%	7.57%	11/16/2022	1/31/2028	$	2,450	$	2,438	$	2,401	1.83	%
Zacapa, LLC	(9)	SOFR +	3.75%	8.08%	10/29/2024	3/22/2029	4,491		4,491		4,492		3.43
									6,929		6,893		5.26
Electric Utilities
NRG Energy, Inc.	(8)	SOFR +	1.75%	6.04%	4/16/2024	4/16/2031	1,760		1,756		1,759		1.34
Tiger Acquisition, LLC	(8)	SOFR +	2.75%	7.07%	11/16/2022	6/1/2028	1,735		1,735		1,732		1.32
Vistra Operations Co, LLC	(8)	SOFR +	1.75%	6.07%	11/16/2022	12/20/2030	2,614		2,592		2,609		1.99
									6,083		6,100		4.65
Electrical Equipment
Brookfield WEC Holdings, Inc.	(8)	SOFR +	2.25%	6.56%	1/25/2024	1/27/2031	997		990		990		0.75
Generac Power Systems Inc	(8)	SOFR +	1.75%	6.06%	7/3/2024	7/3/2031	3,780		3,776		3,789		2.89
Madison IAQ, LLC	(9)	SOFR +	2.50%	6.76%	11/16/2022	6/21/2028	4,207		4,112		4,165		3.18
									8,878		8,944		6.82
Electronic Equipment, Instruments & Components
Celestica Inc.	(8)	SOFR +	1.75%	6.07%	6/20/2024	6/20/2031	3,474		3,474		3,478		2.65
Infinite Bidco, LLC	(9)	SOFR +	3.75%	8.30%	11/16/2022	3/2/2028	2,633		2,572		2,496		1.90
Modena Buyer, LLC	(8)	SOFR +	4.50%	8.79%	7/1/2024	7/1/2031	3,491		3,427		3,388		2.58
									9,473		9,362		7.13
Energy Equipment & Services
Ursa Minor US Bidco, LLC	(8)	SOFR +	3.00%	7.30%	3/26/2024	3/26/2031	1,187		1,184		1,188		0.91
Entertainment
Live Nation Entertainment Inc	(8)	SOFR +	1.75%	6.17%	11/16/2022	10/19/2026	3,463		3,466		3,464		2.64
Financial Services
Mitchell International, Inc.	(9)	SOFR +	3.25%	7.57%	6/17/2024	6/17/2031	4,917		4,895		4,865		3.71
Paysafe Holdings US Corp	(9)	SOFR +	2.75%	7.19%	11/16/2022	6/28/2028	1,941		1,934		1,941		1.48
Planet US Buyer, LLC	(8)	SOFR +	3.00%	7.32%	2/9/2024	2/7/2031	1,017		1,015		1,016		0.77
Solera, LLC	(9)(18)	SOFR +	4.00%	8.55%	11/16/2022	6/2/2028	2,251		2,192		2,161		1.65
									10,036		9,983		7.61
Food Products
CHG PPC Parent, LLC	(4)(9)	SOFR +	3.00%	7.44%	11/16/2022	12/8/2028	2,939		2,880		2,939		2.24
Dreyers Grand Ice Cream, Inc.	(8)	SOFR +	2.00%	6.24%	3/11/2025	9/30/2031	3,000		2,980		2,984		2.28
Saratoga Food Specialties, LLC	(8)	SOFR +	3.25%	7.55%	3/7/2024	3/7/2029	719		719		720		0.55
									6,579		6,643		5.07

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BCRED Verdelite JV LP Consolidated Schedule of Investments March 31, 2025 (in thousands) (Unaudited)

Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Partners’ Capital
First Lien (continued)
Ground Transportation
Genesee & Wyoming Inc	(8)	SOFR +	1.75%	6.05%	4/10/2024	4/10/2031	$	4,303	$	4,284	$	4,268	3.25	%
Health Care Equipment & Supplies
Auris Luxembourg III S.à r.l.	(8)	SOFR +	3.75%	8.18%	4/8/2024	2/28/2029	4,075		4,081		4,075		3.11
Resonetics, LLC	(10)	SOFR +	3.25%	7.55%	12/6/2024	6/18/2031	3,547		3,547		3,531		2.69
									7,628		7,606		5.80
Health Care Providers & Services
Agiliti Health, Inc.	(8)	SOFR +	3.00%	7.31%	5/1/2023	5/1/2030	3,465		3,467		3,289		2.51
CHG Healthcare Services, Inc.	(9)	SOFR +	3.00%	7.30%	3/10/2025	9/29/2028	997		997		997		0.76
Concentra Health Services, Inc.	(4)(8)	SOFR +	2.00%	6.32%	7/26/2024	6/26/2031	2,138		2,138		2,138		1.63
Davita Inc	(8)	SOFR +	2.00%	6.32%	5/9/2024	5/9/2031	3,483		3,483		3,482		2.66
Ensemble RCM, LLC	(8)	SOFR +	3.00%	7.29%	1/30/2024	8/1/2029	936		928		936		0.71
Examworks Bidco, Inc.	(9)	SOFR +	2.75%	7.07%	11/16/2022	11/1/2028	4,766		4,717		4,763		3.63
Hunter US Bidco Inc.	(4)(9)	SOFR +	4.25%	8.65%	11/16/2022	8/19/2028	1,000		995		961		0.73
MED ParentCo LP	(8)	SOFR +	3.50%	7.82%	10/18/2024	4/15/2031	1,189		1,189		1,188		0.91
Outcomes Group Holdings Inc	(8)	SOFR +	3.25%	7.57%	5/6/2024	5/6/2031	2,065		2,065		2,068		1.58
Pediatric Associates Holding Co., LLC	(9)	SOFR +	3.25%	7.80%	11/16/2022	12/29/2028	639		632		598		0.46
Surgery Centers Holdings, Inc.	(8)	SOFR +	2.75%	7.07%	6/20/2024	12/19/2030	1,033		1,033		1,033		0.79
									21,644		21,453		16.37
Health Care Technology
athenahealth, Inc.	(9)	SOFR +	3.00%	7.32%	11/16/2022	2/15/2029	6,492		6,269		6,427		4.90
Cotiviti, Inc.	(8)	SOFR +	2.75%	7.06%	5/1/2024	5/1/2031	5,179		5,156		5,075		3.87
Gainwell Acquisition Corp.	(10)	SOFR +	4.00%	8.40%	11/16/2022	10/1/2027	1,969		1,925		1,852		1.41
Waystar Technologies, Inc.	(8)	SOFR +	2.25%	6.57%	12/30/2024	10/22/2029	2,058		2,058		2,053		1.57
									15,408		15,407		11.75

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BCRED Verdelite JV LP Consolidated Schedule of Investments March 31, 2025 (in thousands) (Unaudited)

Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Partners’ Capital
First Lien (continued)
Hotels, Restaurants & Leisure
Alterra Mountain Co	(4)(8)	SOFR +	2.75%	7.07%	11/7/2024	8/17/2028	$	2,285	$	2,285	$	2,285	1.74	%
Caesars Entertainment, Inc.	(9)	SOFR +	2.25%	6.56%	2/6/2023	2/6/2030	1,338		1,329		1,333		1.02
Caesars Entertainment, Inc.	(9)	SOFR +	2.25%	6.56%	2/6/2024	2/6/2031	2,797		2,791		2,783		2.12
Carnival Finance, LLC	(10)	SOFR +	2.00%	6.32%	4/25/2024	10/18/2028	2,321		2,321		2,322		1.77
Cedar Fair, L.P.	(8)	SOFR +	2.00%	6.32%	5/1/2024	5/1/2031	722		721		721		0.55
FanDuel Group Financing, LLC	(9)	SOFR +	1.75%	6.05%	11/24/2023	11/30/2030	2,393		2,393		2,387		1.82
Fertitta Entertainment, LLC	(9)	SOFR +	3.50%	7.82%	11/16/2022	1/27/2029	2,744		2,712		2,706		2.06
GVC Finance, LLC	(9)	SOFR +	2.75%	7.05%	5/8/2024	10/31/2029	3,366		3,373		3,373		2.57
Hilton Grand Vacations Borrower, LLC	(8)	SOFR +	2.00%	6.32%	1/17/2024	1/17/2031	709		707		705		0.54
IRB Holding Corp.	(10)	SOFR +	2.50%	6.82%	12/11/2024	12/15/2027	5,520		5,517		5,491		4.19
LC Ahab US Bidco, LLC	(4)(8)	SOFR +	3.00%	7.32%	5/1/2024	5/1/2031	668		665		664		0.51
Marriott Ownership Resorts Inc	(8)	SOFR +	2.25%	6.57%	4/1/2024	4/1/2031	3,119		3,140		3,119		2.38
Mic Glen, LLC	(9)	SOFR +	3.50%	7.82%	11/16/2022	7/21/2028	3,339		3,339		3,347		2.55
New Red Finance, Inc.	(8)	SOFR +	1.75%	6.07%	6/16/2024	9/12/2030	2,911		2,888		2,889		2.20
Ovg Business Services, LLC	(8)	SOFR +	3.00%	7.32%	6/25/2024	6/25/2031	1,505		1,498		1,501		1.14
Scientific Games Holdings LP	(9)	SOFR +	3.00%	7.30%	6/11/2024	4/4/2029	2,970		2,970		2,956		2.25
Tacala Investment Corp.	(10)	SOFR +	3.50%	7.82%	9/26/2024	1/31/2031	1,593		1,593		1,594		1.22
Whatabrands, LLC	(9)	SOFR +	2.50%	6.82%	12/11/2024	8/3/2028	5,504		5,502		5,487		4.18
									45,744		45,663		34.81
Household Durables
AI Aqua Merger Sub, Inc.	(9)	SOFR +	3.00%	7.31%	12/5/2024	7/31/2028	6,766		6,751		6,712		5.12
Household Products
Energizer Holdings, Inc.	(8)	SOFR +	2.00%	6.32%	5/29/2024	12/22/2027	727		724		728		0.56
Independent Power and Renewable Electricity Producers
Calpine, Corp.	(8)	SOFR +	1.75%	6.07%	3/10/2025	1/31/2031	1,000		998		997		0.76

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BCRED Verdelite JV LP Consolidated Schedule of Investments March 31, 2025 (in thousands) (Unaudited)

Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Partners’ Capital
First Lien (continued)
Insurance
AmWINS Group, Inc.	(10)	SOFR +	2.25%	6.57%	11/16/2022	1/30/2032	$	1,496	$	1,488	$	1,486	1.13	%
AssuredPartners, Inc.	(9)	SOFR +	3.50%	7.82%	2/16/2024	2/14/2031	4,891		4,884		4,903		3.74
Baldwin Insurance Group Holdings, LLC	(8)	SOFR +	3.00%	7.31%	12/11/2024	5/26/2031	3,998		3,998		3,992		3.04
BroadStreet Partners, Inc.	(8)	SOFR +	3.00%	7.32%	6/14/2024	6/14/2031	5,557		5,546		5,516		4.21
HUB International, Ltd.	(8)	SOFR +	2.50%	6.79%	7/30/2024	6/20/2030	667		667		665		0.51
Hyperion Refinance S.à r.l.	(9)	SOFR +	3.50%	7.82%	8/2/2024	4/18/2030	2,393		2,393		2,395		1.83
Hyperion Refinance S.à r.l.	(9)	SOFR +	3.00%	7.32%	11/22/2024	2/15/2031	1,975		1,975		1,964		1.50
OneDigital Borrower, LLC	(9)	SOFR +	3.00%	7.32%	7/2/2024	7/2/2031	2,118		2,118		2,107		1.61
USI, Inc.	(8)	SOFR +	2.25%	6.58%	12/23/2024	9/29/2030	3,493		3,476		3,464		2.64
USI, Inc.	(8)	SOFR +	2.25%	6.58%	12/23/2024	11/22/2029	1,448		1,441		1,436		1.09
									27,986		27,928		21.30
Interactive Media & Services
Project Boost Purchaser, LLC	(8)	SOFR +	3.00%	7.31%	7/16/2024	7/16/2031	5,514		5,499		5,489		4.19
TripAdvisor, Inc.	(8)	SOFR +	2.75%	7.05%	7/8/2024	7/8/2031	2,380		2,375		2,349		1.79
									7,874		7,838		5.98
IT Services
Ahead DB Holdings, LLC	(10)	SOFR +	3.00%	7.30%	8/2/2024	2/1/2031	3,356		3,352		3,354		2.56
Chrysaor Bidco S.à r.l.	(7)(9)	SOFR +	3.50%	7.79%	7/17/2024	10/30/2031	769		769		772		0.59
Dcert Buyer, Inc.	(8)	SOFR +	4.00%	8.32%	11/16/2022	10/16/2026	2,041		2,016		1,990		1.52
Fortress Intermediate 3 Inc	(8)	SOFR +	3.75%	8.07%	6/27/2024	6/27/2031	2,488		2,481		2,486		1.90
Newfold Digital Holdings Group Inc	(10)	SOFR +	3.50%	7.92%	11/16/2022	2/10/2028	3,036		2,907		2,224		1.70
ThoughtWorks, Inc.	(9)	SOFR +	2.75%	7.19%	11/16/2022	3/24/2028	2,278		2,245		2,232		1.70
Virtusa Corp.	(10)	SOFR +	3.25%	7.57%	6/21/2024	2/15/2029	4,982		4,982		4,977		3.80
World Wide Technology Holding Co, LLC	(9)	SOFR +	2.25%	6.57%	3/14/2024	3/1/2030	893		893		893		0.68
									19,645		18,928		14.45
Leisure Products
Motion Finco, LLC	(8)	SOFR +	3.50%	7.80%	2/5/2024	11/12/2029	2,525		2,515		2,432		1.85
Life Sciences Tools & Services
Parexel International, Inc.	(9)	SOFR +	2.50%	6.82%	1/10/2025	11/15/2028	2,840		2,840		2,837		2.16

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BCRED Verdelite JV LP Consolidated Schedule of Investments March 31, 2025 (in thousands) (Unaudited)

Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Partners’ Capital
First Lien (continued)
Machinery
Chart Industries, Inc.	(9)	SOFR +	2.50%	6.81%	7/2/2024	3/16/2030	$	2,219	$	2,219	$	2,223	1.70	%
Innio North America Holding, Inc.	(8)	SOFR +	2.50%	6.81%	7/12/2024	11/2/2028	670		670		671		0.51
LSF11 Trinity Bidco, Inc.	(4)(8)	SOFR +	3.00%	7.32%	12/11/2024	6/14/2030	2,310		2,310		2,301		1.76
Pro Mach Group, Inc.	(11)	SOFR +	2.75%	7.07%	9/3/2024	8/31/2028	3,730		3,730		3,724		2.84
SPX Flow, Inc.	(9)	SOFR +	3.00%	7.32%	6/6/2024	4/5/2029	3,014		3,014		3,012		2.30
TK Elevator U.S. Newco, Inc.	(9)	SOFR +	3.50%	7.74%	3/14/2024	4/30/2030	4,329		4,328		4,323		3.30
									16,271		16,254		12.41
Media
ABG Intermediate Holdings 2, LLC	(8)	SOFR +	2.25%	6.57%	12/13/2024	12/21/2028	389		389		385		0.29
American Greetings Corp	(8)	SOFR +	5.75%	10.07%	4/30/2024	10/30/2029	1,284		1,263		1,291		0.98
Cogeco Communications Finance USA LP	(9)	SOFR +	2.50%	6.94%	9/29/2023	9/1/2028	2,431		2,382		2,399		1.83
Fleet US Bidco, Inc.	(4)(8)	SOFR +	2.75%	7.06%	8/15/2024	2/21/2031	660		661		660		0.50
Virgin Media Bristol, LLC	(8)	SOFR +	3.18%	7.72%	3/2/2023	3/31/2031	2,727		2,707		2,630		2.01
									7,402		7,365		5.61
Metals & Mining
Arsenal AIC Parent, LLC	(8)	SOFR +	2.75%	7.07%	8/21/2024	8/18/2030	636		636		632		0.48
SCIH Salt Holdings, Inc.	(10)	SOFR +	3.00%	7.29%	3/19/2025	1/31/2029	998		996		991		0.76
									1,632		1,623		1.24
Mortgage Real Estate Investment Trusts (REITs)
Blackstone Mortgage Trust Inc	(9)	SOFR +	3.50%	7.82%	11/16/2022	5/9/2029	2,425		2,351		2,421		1.85
Oil, Gas & Consumable Fuels
AL GCX Holdings, LLC	(9)	SOFR +	2.00%	6.31%	11/16/2022	5/17/2029	2,561		2,556		2,556		1.95
Buckeye Partners LP	(8)	SOFR +	1.75%	6.07%	2/6/2024	11/1/2026	1,733		1,735		1,735		1.32
Freeport LNG Investments, LLLP	(9)	SOFR +	3.25%	7.54%	11/16/2022	12/21/2028	2,962		2,962		2,931		2.24
GIP Pilot Acquisition Partners, LP	(8)	SOFR +	2.00%	6.30%	5/22/2024	10/4/2030	1,115		1,115		1,112		0.85
									8,368		8,334		6.36
Pharmaceuticals
Elanco Animal Health, Inc.	(8)	SOFR +	1.75%	6.17%	11/16/2022	8/1/2027	2,361		2,362		2,359		1.80

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BCRED Verdelite JV LP Consolidated Schedule of Investments March 31, 2025 (in thousands) (Unaudited)

Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Partners’ Capital
First Lien (continued)
Professional Services
AG Group Holdings Inc	(9)	SOFR +	4.25%	8.57%	11/16/2022	12/29/2028	$	3,815	$	3,749	$	3,751	2.86	%
AlixPartners, LLP	(9)	SOFR +	2.50%	6.94%	11/16/2022	2/4/2028	2,354		2,349		2,356		1.80
Ankura Consulting Group, LLC	(10)	SOFR +	3.50%	7.80%	12/17/2024	12/17/2031	1,139		1,136		1,128		0.86
Ascensus Group Holdings Inc	(9)	SOFR +	3.00%	7.32%	12/13/2024	8/2/2028	4,595		4,590		4,573		3.49
Camelot US Acquisition, LLC	(8)	SOFR +	2.75%	7.07%	1/31/2024	1/31/2031	2,700		2,694		2,667		2.03
Cast & Crew Payroll, LLC	(9)	SOFR +	3.75%	8.07%	11/16/2022	12/29/2028	1,900		1,892		1,835		1.40
Deerfield Dakota Holding, LLC	(11)	SOFR +	3.75%	8.08%	11/16/2022	4/9/2027	3,723		3,675		3,542		2.70
Eisner Advisory Group, LLC	(9)	SOFR +	4.00%	8.32%	2/28/2024	2/28/2031	1,202		1,192		1,202		0.92
EP Purchaser, LLC	(9)	SOFR +	3.50%	8.09%	11/16/2022	11/6/2028	482		468		479		0.37
Grant Thornton Advisors, LLC	(8)	SOFR +	2.75%	7.07%	5/31/2024	6/2/2031	2,366		2,366		2,357		1.80
Mermaid Bidco, Inc.	(8)	SOFR +	3.25%	7.55%	7/1/2024	7/3/2031	2,566		2,564		2,573		1.96
Ryan, LLC	(9)	SOFR +	3.50%	7.82%	11/9/2023	11/14/2030	2,375		2,348		2,370		1.81
Sedgwick Claims Management Services, Inc.	(8)	SOFR +	3.00%	7.31%	2/24/2023	7/31/2031	4,702		4,679		4,692		3.58
Trans Union, LLC	(9)	SOFR +	1.75%	6.07%	1/30/2024	6/24/2031	4,516		4,511		4,507		3.44
TTF Lower Intermediate LLC	(8)	SOFR +	3.75%	8.00%	7/18/2024	7/18/2031	1,254		1,243		1,235		0.94
VT Topco, Inc.	(9)	SOFR +	3.00%	7.30%	4/3/2024	8/9/2030	1,024		1,024		1,024		0.78
									40,480		40,291		30.74
Real Estate Management & Development
Cushman & Wakefield US Borrower, LLC	(4)(9)	SOFR +	2.75%	7.07%	6/18/2024	1/31/2030	1,746		1,746		1,743		1.33
Cushman & Wakefield US Borrower, LLC	(9)	SOFR +	3.25%	7.57%	9/25/2024	1/31/2030	1,665		1,665		1,666		1.27
									3,411		3,409		2.60
Semiconductors & Semiconductor Equipment
Altar Bidco, Inc.	(9)	SOFR +	3.10%	7.25%	3/24/2025	2/1/2029	997		989		986		0.75

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BCRED Verdelite JV LP Consolidated Schedule of Investments March 31, 2025 (in thousands) (Unaudited)

Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Partners’ Capital
First Lien (continued)
Software
Applied Systems, Inc.	(8)	SOFR +	2.75%	7.05%	2/23/2024	2/24/2031	$	174	$	174	$	174	0.13	%
BEP Intermediate Holdco, LLC	(8)	SOFR +	3.25%	7.57%	4/26/2024	4/25/2031	740		740		742		0.57
Boost Newco Borrower, LLC	(8)	SOFR +	2.00%	6.30%	8/1/2024	1/31/2031	5,821		5,821		5,790		4.42
Boxer Parent Company, Inc.	(8)	SOFR +	3.00%	7.29%	7/30/2024	7/30/2031	6,266		6,253		6,166		4.70
Cloud Software Group, Inc.	(9)	SOFR +	3.75%	8.08%	11/4/2024	3/21/2031	2,415		2,412		2,395		1.83
Cloud Software Group, Inc.	(9)	SOFR +	3.50%	7.83%	3/11/2025	3/30/2029	2,000		1,984		1,984		1.51
Cloudera, Inc.	(9)	SOFR +	3.75%	8.17%	11/16/2022	10/8/2028	3,523		3,440		3,482		2.66
Conga Corp.	(10)	SOFR +	3.50%	7.79%	8/8/2024	5/8/2028	3,519		3,519		3,527		2.69
ConnectWise, LLC	(9)	SOFR +	3.50%	8.09%	11/16/2022	9/29/2028	3,485		3,406		3,486		2.66
Cornerstone OnDemand, Inc.	(9)	SOFR +	3.75%	8.19%	11/16/2022	10/16/2028	2,145		2,013		1,869		1.43
Delta Topco, Inc.	(8)	SOFR +	2.75%	7.07%	5/1/2024	11/30/2029	6,953		6,944		6,884		5.25
ECI Macola Max Holding, LLC	(10)	SOFR +	3.25%	7.58%	9/20/2024	5/9/2030	4,446		4,446		4,453		3.40
Ellucian Holdings, Inc.	(9)	SOFR +	3.00%	7.32%	2/29/2024	10/9/2029	2,659		2,659		2,658		2.03
Flash Charm, Inc.	(10)	SOFR +	3.50%	7.79%	6/11/2024	3/2/2028	3,846		3,838		3,575		2.73
Flexera Software, LLC	(10)	SOFR +	3.00%	7.35%	5/20/2024	3/3/2028	600		600		598		0.46
Gen Digital Inc	(9)	SOFR +	1.75%	6.07%	6/5/2024	9/12/2029	8,337		8,318		8,293		6.32
Genesys Cloud Services Holdings II, LLC	(8)	SOFR +	2.50%	6.82%	9/26/2024	1/30/2032	1,000		992		991		0.76
Genuine Financial Holdings, LLC	(8)	SOFR +	3.25%	7.55%	6/28/2024	9/27/2030	5,820		5,820		5,727		4.37
Go Daddy Operating Co, LLC	(8)	SOFR +	1.75%	6.07%	5/31/2024	5/30/2031	744		744		741		0.57
HS Purchaser, LLC	(10)	SOFR +	4.00%	8.39%	11/16/2022	11/19/2026	3,508		3,372		3,220		2.46
ION Trading Finance Ltd.	(8)	SOFR +	3.50%	7.83%	12/10/2024	4/1/2028	3,126		3,124		3,104		2.37
McAfee Corp.	(9)	SOFR +	3.00%	7.31%	5/31/2024	3/1/2029	3,528		3,528		3,376		2.57
Mitnick Purchaser, Inc.	(9)(18)	SOFR +	4.50%	8.89%	11/16/2022	5/2/2029	3,361		3,294		2,857		2.18
Planview Parent Inc	(8)	SOFR +	3.50%	7.80%	12/17/2024	12/17/2027	1,901		1,901		1,885		1.44
Project Alpha Intermediate Holding, Inc.	(9)	SOFR +	3.25%	7.58%	5/14/2024	10/28/2030	3,251		3,251		3,247		2.48

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BCRED Verdelite JV LP Consolidated Schedule of Investments March 31, 2025 (in thousands) (Unaudited)

Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Partners’ Capital
First Lien (continued)
Software (continued)
Proofpoint, Inc.	(9)	SOFR +	3.00%	7.32%	5/28/2024	8/31/2028	$	2,970	$	2,970	$	2,964	2.26	%
Quartz Acquireco, LLC	(4)(8)	SOFR +	2.25%	6.55%	6/3/2024	6/28/2030	1,963		1,963		1,953		1.49
RealPage, Inc.	(9)	SOFR +	3.00%	7.56%	11/16/2022	4/24/2028	2,733		2,674		2,700		2.06
Rocket Software, Inc.	(9)	SOFR +	4.25%	8.56%	10/5/2023	11/28/2028	3,563		3,535		3,559		2.71
Skopima Consilio Parent, LLC	(9)	SOFR +	3.75%	8.07%	12/18/2024	5/12/2028	3,586		3,586		3,565		2.72
Sovos Compliance, LLC	(8)	SOFR +	4.00%	8.32%	11/16/2022	8/12/2029	3,510		3,510		3,499		2.67
Surf Holdings, LLC	(8)	SOFR +	3.50%	7.94%	11/16/2022	3/5/2027	3,508		3,488		3,513		2.68
Vision Solutions, Inc.	(10)	SOFR +	4.00%	8.55%	11/16/2022	4/24/2028	3,623		3,457		3,503		2.67
Webpros US Bidco, Inc.	(8)	SOFR +	3.75%	8.07%	3/28/2024	3/28/2031	648		647		651		0.50
XPLOR T1, LLC	(4)(8)	SOFR +	3.50%	7.83%	12/11/2024	6/24/2031	2,090		2,090		2,092		1.60
Zodiac Purchaser, LLC	(8)	SOFR +	3.50%	7.82%	2/14/2025	2/14/2032	1,000		996		989		0.75
									111,509		110,212		84.10
Specialty Retail
Apro, LLC	(8)	SOFR +	3.75%	8.05%	7/9/2024	7/9/2031	3,932		3,923		3,925		2.99
CWGS Group, LLC	(10)	SOFR +	2.50%	6.94%	11/16/2022	6/3/2028	2,481		2,424		2,406		1.83
Great Outdoors Group, LLC	(10)	SOFR +	3.25%	7.57%	1/23/2025	1/23/2032	998		999		997		0.76
HomeServe USA Holding Corp	(8)	SOFR +	2.00%	6.32%	5/29/2024	10/21/2030	821		821		814		0.62
Mavis Tire Express Services Topco, Corp.	(10)	SOFR +	3.00%	7.31%	7/18/2024	5/4/2028	3,043		3,043		3,027		2.31
									11,210		11,169		8.51
Technology Hardware, Storage & Peripherals
Sandisk, Corp.	(8)	SOFR +	3.00%	7.33%	2/21/2025	2/20/2032	2,500		2,458		2,465		1.88
Xerox, Corp.	(9)	SOFR +	4.00%	8.30%	11/17/2023	11/17/2029	2,326		2,302		2,224		1.70
									4,760		4,689		3.58
Trading Companies & Distributors
American Builders & Contractors Supply Co, Inc.	(8)	SOFR +	1.75%	6.07%	1/31/2024	1/31/2031	678		677		678		0.52
Avolon TLB Borrower 1 US, LLC	(9)	SOFR +	1.75%	6.07%	6/22/2023	6/24/2030	2,730		2,712		2,731		2.08
Core & Main, LP	(8)	SOFR +	2.00%	6.27%	2/9/2024	2/9/2031	1,075		1,075		1,074		0.82
FCG Acquisitions, Inc.	(9)	SOFR +	3.25%	7.55%	11/16/2022	3/31/2028	7,054		7,053		7,012		5.35
FleetPride, Inc.	(9)	SOFR +	4.50%	8.82%	9/29/2023	9/29/2028	3,725		3,694		3,459		2.64
Foundation Building Materials, Inc.	(9)	SOFR +	3.25%	7.80%	11/16/2022	1/31/2028	2,954		2,934		2,812		2.14
Icebox Holdco III, Inc.	(9)	SOFR +	3.50%	8.09%	11/16/2022	12/22/2028	4,310		4,196		4,320		3.29
Johnstone Supply, LLC	(8)	SOFR +	2.50%	6.82%	12/12/2024	6/9/2031	1,291		1,291		1,283		0.98
Park River Holdings, Inc.	(10)	SOFR +	3.25%	7.82%	11/16/2022	12/28/2027	2,427		2,411		2,237		1.71
Sunsource Borrower, LLC	(8)	SOFR +	4.00%	8.42%	3/25/2024	3/25/2031	1,738		1,730		1,672		1.28
White Cap Buyer, LLC	(8)	SOFR +	3.25%	7.57%	6/13/2024	10/19/2029	4,402		4,393		4,279		3.26
Windsor Holdings III, LLC	(8)	SOFR +	2.75%	7.07%	9/20/2024	8/1/2030	3,831		3,818		3,798		2.90
									35,984		35,355		26.97

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BCRED Verdelite JV LP Consolidated Schedule of Investments March 31, 2025 (in thousands) (Unaudited)

Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Partners’ Capital
First Lien (continued)
Wireless Telecommunication Services
CCI Buyer, Inc.	(10)	SOFR +	4.00%	8.33%	11/16/2022	12/17/2027	$	5,290	$	5,256	$	5,298	4.04	%
Total First Lien Debt									680,033		674,261		514.29
Total Investment Portfolio									680,033		674,261		514.29
Cash and Cash Equivalents
Fidelity Investments Money Market Treasury Portfolio - Class I				4.20%					77,930		77,930		59.43
Other Cash and Cash Equivalents									31,733		31,733		24.20
Total Portfolio Investments, Cash and Cash Equivalents									$	789,696	$	783,924	597.92	%

(1)Unless otherwise indicated, all debt and equity investments held by the Company (which such term “Company” shall include the Company’s consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in dollars. As of March 31, 2025, the Company had investments denominated in Canadian Dollars (CAD), Euros (EUR), British Pounds (GBP), Swiss Francs (CHF), Danish Krone (DKK), Swedish Krona (SEK), Norwegian Krone (NOK), and New Zealand Dollars (NZD). All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. The total par amount (in thousands) is presented for debt investments, while the number of shares or units (in whole amounts) owned is presented for equity investments. Each of the Company’s investments is pledged as collateral, under one or more of its credit facilities unless otherwise indicated.

(6)Reserved.

(7)Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may be subject to unused commitment fees. Negative cost and fair value results from unamortized fees, which are capitalized to the investment cost. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. See below for more information on the Company’s unfunded commitments (all commitments are first lien, unless otherwise noted):


Investments	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
Chrysaor Bidco S.à r.l.	Delayed Draw Term Loan	7/17/2026	$	57	$	—
Groundworks, LLC	Delayed Draw Term Loan	3/14/2026	248		—
Total Unfunded Commitments			$	305	$	—

(8)There are no interest rate floors on these investments.

(9)The interest rate floor on these investments as of March 31, 2025 was 0.50%.

(10)The interest rate floor on these investments as of March 31, 2025 was 0.75%.

(11)The interest rate floor on these investments as of March 31, 2025 was 1.00%.

(12)The interest rate floor on these investments as of March 31, 2025 was 1.25%.

(13)The interest rate floor on these investments as of March 31, 2025 was 1.50%.

(14)The interest rate floor on these investments as of March 31, 2025 was 2.00%.

(15)For unsettled positions the interest rate does not include the base rate.

(16)Reserved.

(17)Reserved.

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(19)All securities are exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), and may be deemed to be “restricted securities.” As of March 31, 2025, the aggregate fair value of these securities is $674.3 million or 514.29% of the Company’s net assets. The initial acquisition dates have been included for such securities.

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The following table presents the consolidated schedule of investments of the Verdelite JV as of December 31, 2024:


BCRED Verdelite JV LP Consolidated Schedule of Investments December 31, 2024 (in thousands) (Unaudited)
Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Partners’ Capital

First Lien
Aerospace & Defense
KBR, Inc.	(8)	SOFR +	2.00%	6.36%	8/14/2024	1/17/2031	$	504	$	504	$	506	0.33	%
Ovation Parent, Inc.	(10)	SOFR +	3.50%	7.83%	4/19/2024	3/27/2031	933		931		940		0.61
Peraton Corp.	(10)	SOFR +	3.75%	8.21%	11/16/2022	2/1/2028	4,980		4,930		4,646		3.00
TransDigm Inc	(8)	SOFR +	2.50%	6.83%	11/28/2023	2/28/2031	4,956		4,958		4,970		3.21
Vertex Aerospace Services Corp.	(10)	SOFR +	2.75%	7.11%	11/16/2022	12/6/2030	5,574		5,551		5,591		3.61
									16,874		16,653		10.76
Air Freight & Logistics
Savage Enterprises, LLC	(9)	SOFR +	2.75%	7.30%	11/16/2022	9/15/2028	153		153		154		0.10
Airlines
American Airlines, Inc.	(8)	SOFR +	2.25%	6.62%	2/15/2023	2/15/2028	2,970		2,970		2,987		1.93
American Airlines, Inc.	(8)	SOFR +	1.75%	6.17%	11/16/2022	1/29/2027	500		500		499		0.32
KKR Apple Bidco, LLC	(9)	SOFR +	2.75%	7.22%	11/16/2022	9/23/2028	1,975		1,967		1,988		1.28
United Airlines, Inc.	(8)	SOFR +	2.00%	6.63%	2/22/2024	2/22/2031	2,297		2,297		2,307		1.49
									7,734		7,781		5.02
Auto Components
Clarios Global LP	(8)	SOFR +	2.50%	6.86%	7/16/2024	5/6/2030	2,965		2,965		2,981		1.92
First Brands Group, LLC	(11)	SOFR +	5.00%	9.85%	12/15/2022	3/30/2027	3,742		3,699		3,515		2.27
									6,664		6,496		4.19
Beverages
Triton Water Holdings, Inc.	(9)	SOFR +	3.25%	7.84%	11/16/2022	3/31/2028	3,423		3,292		3,454		2.23
Biotechnology
Grifols Worldwide Operations USA Inc	(8)	SOFR +	2.00%	6.74%	11/16/2022	11/15/2027	3,114		3,101		3,106		2.00
Broadline Retail
Peer USA, LLC	(8)	SOFR +	3.00%	7.33%	6/26/2024	7/1/2031	1,943		1,946		1,956		1.26
Building Products
Cornerstone Building Brands, Inc.	(9)	SOFR +	3.25%	7.75%	11/16/2022	4/12/2028	3,949		3,896		3,782		2.44
Griffon Corporation	(8)	SOFR +	2.25%	6.61%	6/26/2024	1/24/2029	3,469		3,478		3,493		2.25
Gulfside Supply Inc	(8)	SOFR +	3.00%	7.33%	6/17/2024	6/17/2031	631		629		635		0.41
LBM Acquisition, LLC	(10)	SOFR +	3.75%	8.30%	6/6/2024	5/31/2031	5,991		5,935		5,949		3.84
MIWD Holdco II, LLC	(8)	SOFR +	3.00%	7.36%	3/28/2024	3/21/2031	2,054		2,045		2,077		1.34
Oscar Acquisitionco, LLC	(9)	SOFR +	4.25%	8.50%	11/16/2022	4/29/2029	2,420		2,425		2,399		1.55
Resideo Funding Inc	(8)	SOFR +	1.75%	6.11%	6/14/2024	6/13/2031	547		547		550		0.35
Standard Industries Inc	(9)	SOFR +	1.75%	6.11%	11/16/2022	9/22/2028	561		561		563		0.36
The Chamberlain Group, Inc.	(9)	SOFR +	3.25%	7.71%	11/16/2022	11/3/2028	4,508		4,355		4,541		2.93
									23,871		23,989		15.47

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BCRED Verdelite JV LP Consolidated Schedule of Investments December 31, 2024 (in thousands) (Unaudited)
Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Partners’ Capital

First Lien (continued)
Capital Markets
Apex Group Treasury, LLC	(9)	SOFR +	3.75%	8.96%	11/16/2022	7/27/2028	$	3,518	$	3,434	$	3,556	2.29	%
Aretec Group, Inc.	(8)	SOFR +	3.50%	7.86%	5/29/2024	8/9/2030	4,403		4,403		4,418		2.85
Citco Funding, LLC	(9)	SOFR +	2.75%	7.31%	6/13/2024	4/27/2028	988		986		997		0.64
GTCR Everest Borrower, LLC	(8)	SOFR +	2.75%	7.08%	9/5/2024	9/5/2031	1,445		1,442		1,453		0.94
Kestra Advisor Services Holdings A, Inc.	(8)	SOFR +	3.00%	7.37%	3/19/2024	3/19/2031	1,486		1,486		1,489		0.96
Osaic Holdings Inc	(8)	SOFR +	3.50%	7.86%	11/26/2024	8/17/2028	4,318		4,318		4,340		2.80
The Edelman Financial Engines Center, LLC	(8)	SOFR +	3.00%	7.36%	6/5/2024	4/7/2028	3,880		3,880		3,908		2.52
									19,949		20,161		13.00
Chemicals
CI Maroon Holdings, LLC	(8)	SOFR +	4.00%	8.43%	3/28/2024	3/3/2031	896		891		901		0.58
Nouryon USA, LLC	(8)	SOFR +	3.25%	7.66%	4/26/2024	4/3/2028	3,721		3,721		3,758		2.42
									4,612		4,659		3.00
Commercial Services & Supplies
Access CIG, LLC	(9)	SOFR +	5.00%	9.59%	8/18/2023	8/18/2028	4,438		4,296		4,486		2.89
Allied Universal Holdco, LLC	(9)	SOFR +	3.75%	8.21%	11/16/2022	5/12/2028	4,419		4,340		4,439		2.86
Anticimex, Inc.	(9)	SOFR +	3.15%	7.72%	11/16/2022	11/16/2028	4,354		4,316		4,390		2.83
Asplundh Tree Expert, LLC	(8)	SOFR +	1.75%	6.11%	5/23/2024	5/23/2031	1,342		1,339		1,345		0.87
Belfor Holdings Inc	(4)(9)	SOFR +	3.75%	8.11%	11/3/2023	11/1/2030	1,008		999		1,020		0.66
Brightview Landscapes, LLC	(9)	SOFR +	2.50%	7.09%	5/28/2024	4/20/2029	149		149		150		0.10
EAB Global, Inc.	(9)	SOFR +	3.25%	7.61%	11/16/2022	8/16/2028	8,811		8,722		8,856		5.71
Foundational Education Group, Inc.	(9)	SOFR +	3.75%	8.60%	11/16/2022	8/31/2028	2,481		2,399		2,422		1.56
Garda World Security Corp.	(8)	SOFR +	3.50%	7.90%	8/6/2024	2/1/2029	3,817		3,817		3,839		2.48
GFL Environmental, Inc.	(9)	SOFR +	2.00%	6.61%	7/3/2024	7/3/2031	831		829		834		0.54
OMNIA Partners, LLC	(8)	SOFR +	2.75%	7.37%	1/26/2024	7/25/2030	2,381		2,360		2,395		1.55
Prime Security Services Borrower, LLC	(8)	SOFR +	2.00%	6.52%	4/15/2024	10/13/2030	4,263		4,263		4,278		2.76
TRC Companies, Inc (fka Bolt Infrastructure Merger Sub, Inc.)	(9)	SOFR +	3.50%	7.97%	11/16/2022	12/8/2028	4,503		4,428		4,549		2.94
Vaco Holdings, Inc.	(10)	SOFR +	5.00%	9.48%	11/16/2022	1/21/2029	2,318		2,276		2,152		1.39
									44,533		45,155		29.14

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BCRED Verdelite JV LP Consolidated Schedule of Investments December 31, 2024 (in thousands) (Unaudited)
Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Partners’ Capital

First Lien (continued)
Construction & Engineering
Azuria Water Solutions Inc	(10)	SOFR +	3.75%	8.11%	7/23/2024	5/17/2028	$	2,963	$	2,963	$	2,991	1.93	%
Groundworks, LLC	(7)(8)	SOFR +	3.25%	7.65%	3/14/2024	3/14/2031	1,643		1,627		1,655		1.07
Refficiency Holdings, LLC	(10)	SOFR +	3.50%	7.96%	11/16/2022	12/16/2027	4,405		4,367		4,429		2.86
Touchdown Acquirer, Inc.	(8)	SOFR +	3.25%	7.58%	8/21/2024	2/21/2031	1,395		1,394		1,410		0.91
									10,351		10,485		6.77
Construction Materials
Tamko Building Products, LLC	(8)	SOFR +	2.75%	7.09%	10/23/2024	9/20/2030	2,628		2,628		2,652		1.71
Consumer Finance
CPI Holdco B, LLC	(8)	SOFR +	2.00%	6.36%	5/17/2024	5/17/2031	1,201		1,198		1,200		0.77
Containers & Packaging
Altium Packaging, LLC	(8)	SOFR +	2.50%	6.86%	6/11/2024	6/11/2031	533		533		533		0.34
Anchor Packaging, LLC	(8)	SOFR +	3.25%	7.69%	12/13/2024	7/18/2029	746		746		751		0.48
Berlin Packaging, LLC	(8)	SOFR +	3.50%	8.05%	6/7/2024	6/7/2031	4,477		4,477		4,509		2.91
Clydesdale Acquisition Holdings, Inc.	(9)	SOFR +	3.18%	7.53%	11/16/2022	4/13/2029	3,136		3,091		3,146		2.03
Graham Packaging Co, Inc.	(8)	SOFR +	2.50%	6.86%	7/31/2024	8/4/2027	2,634		2,634		2,644		1.71
ProAmpac PG Borrower, LLC	(10)	SOFR +	4.00%	8.66%	4/9/2024	9/15/2028	5,059		5,059		5,081		3.28
Ring Container Technologies Group, LLC	(9)	SOFR +	2.75%	7.11%	7/19/2024	8/12/2028	2,107		2,107		2,116		1.37
SupplyOne, Inc.	(8)	SOFR +	3.75%	8.11%	4/19/2024	4/19/2031	1,699		1,692		1,716		1.11
TricorBraun Holdings, Inc.	(9)	SOFR +	3.25%	7.72%	11/16/2022	3/3/2028	4,501		4,400		4,504		2.91
Trident TPI Holdings, Inc.	(9)	SOFR +	3.75%	8.19%	10/18/2024	9/15/2028	4,419		4,419		4,464		2.88
									29,158		29,464		19.02
Diversified Consumer Services
Ascend Learning, LLC	(9)	SOFR +	3.50%	7.96%	11/16/2022	12/11/2028	4,115		4,003		4,142		2.67
Bright Horizons Family Solutions, LLC	(9)	SOFR +	2.00%	6.36%	11/16/2022	11/24/2028	3,482		3,482		3,495		2.26
Cengage Learning, Inc.	(11)	SOFR +	3.50%	7.86%	11/22/2024	3/22/2031	1,958		1,958		1,971		1.27
Element Materials Technology Group US Holdings Inc.	(9)	SOFR +	3.75%	8.08%	11/16/2022	7/6/2029	2,962		2,910		2,985		1.93
Imagine Learning, LLC	(9)	SOFR +	3.50%	7.86%	2/1/2024	12/21/2029	1,985		1,977		1,991		1.28
Mckissock Investment Holdings, LLC	(10)	SOFR +	5.00%	9.79%	11/16/2022	3/12/2029	4,204		4,116		4,184		2.70

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BCRED Verdelite JV LP Consolidated Schedule of Investments December 31, 2024 (in thousands) (Unaudited)
Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Partners’ Capital

First Lien (continued)
Diversified Consumer Services (continued)
Mister Car Wash Holdings, Inc.	(8)	SOFR +	2.75%	7.09%	3/27/2024	3/21/2031	$	773	$	773	$	778	0.50	%
Pre-Paid Legal Services, Inc.	(9)	SOFR +	3.75%	8.22%	11/16/2022	12/15/2028	3,264		3,223		3,290		2.12
Spring Education Group, Inc.	(8)	SOFR +	4.00%	8.33%	9/29/2023	9/29/2030	3,387		3,317		3,412		2.20
University Support Services, LLC	(9)	SOFR +	2.75%	7.11%	11/16/2022	2/10/2029	3,814		3,781		3,836		2.48
Wand NewCo 3, Inc.	(8)	SOFR +	3.25%	7.61%	7/30/2024	1/30/2031	1,965		1,965		1,975		1.27
									31,505		32,059		20.68
Diversified REITs
Iron Mountain Information Management, LLC	(8)	SOFR +	2.00%	6.36%	12/28/2023	1/31/2031	851		846		852		0.55
Diversified Telecommunication Services
Coral-US Co-Borrower, LLC.	(8)	SOFR +	2.25%	7.00%	11/16/2022	1/31/2028	2,450		2,428		2,444		1.58
Lorca Co-Borrower, LLC	(9)	SOFR +	3.50%	7.83%	4/30/2024	3/25/2031	993		990		1,003		0.65
Zacapa, LLC	(9)	SOFR +	3.75%	8.08%	10/29/2024	3/22/2029	4,502		4,502		4,534		2.93
									7,920		7,981		5.16
Electric Utilities
NRG Energy, Inc.	(8)	SOFR +	1.75%	6.35%	4/16/2024	3/27/2031	1,764		1,760		1,769		1.14
Tiger Acquisition, LLC	(9)	SOFR +	3.00%	7.34%	11/16/2022	6/1/2028	1,866		1,866		1,871		1.21
Vistra Operations Co, LLC	(8)	SOFR +	1.75%	6.11%	11/16/2022	12/20/2030	2,621		2,598		2,630		1.70
									6,224		6,270		4.05
Electrical Equipment
Generac Power Systems Inc	(4)(8)	SOFR +	1.75%	6.34%	7/3/2024	6/12/2031	3,789		3,785		3,818		2.46
Madison IAQ, LLC	(9)	SOFR +	2.75%	7.89%	11/16/2022	6/21/2028	4,207		4,105		4,227		2.73
									7,890		8,045		5.19
Electronic Equipment, Instruments & Components
Celestica Inc.	(8)	SOFR +	1.75%	6.09%	6/20/2024	6/20/2031	3,483		3,483		3,491		2.25
Infinite Bidco, LLC	(9)	SOFR +	3.75%	8.60%	11/16/2022	3/2/2028	2,639		2,574		2,623		1.69
Modena Buyer, LLC	(8)	SOFR +	4.50%	8.86%	7/1/2024	7/1/2031	3,500		3,433		3,399		2.19
									9,490		9,513		6.13
Energy Equipment & Services
Ursa Minor US Bidco, LLC	(8)	SOFR +	3.00%	7.33%	3/26/2024	3/26/2031	1,190		1,187		1,201		0.77
Entertainment
Live Nation Entertainment Inc	(8)	SOFR +	1.75%	6.22%	11/16/2022	10/19/2026	3,473		3,476		3,475		2.24

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BCRED Verdelite JV LP Consolidated Schedule of Investments December 31, 2024 (in thousands) (Unaudited)
Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Partners’ Capital

First Lien (continued)
Financial Services
Mitchell International, Inc.	(9)	SOFR +	3.25%	7.61%	6/17/2024	6/17/2031	$	4,929	$	4,906	$	4,938	3.19	%
Paysafe Holdings US Corp	(9)	SOFR +	2.75%	7.22%	11/16/2022	6/28/2028	1,971		1,963		1,987		1.28
Planet US Buyer, LLC	(8)	SOFR +	3.00%	7.52%	2/9/2024	1/31/2031	1,020		1,017		1,030		0.66
Solera, LLC	(9)(18)	SOFR +	4.00%	8.85%	11/16/2022	6/2/2028	2,257		2,193		2,264		1.46
									10,079		10,219		6.59
Food Products
CHG PPC Parent, LLC	(9)	SOFR +	3.00%	7.47%	11/16/2022	12/8/2028	2,946		2,884		2,967		1.91
Saratoga Food Specialties, LLC	(8)	SOFR +	3.75%	8.14%	3/7/2024	3/7/2029	719		716		724		0.47
									3,600		3,691		2.38
Ground Transportation
Genesee & Wyoming Inc	(8)	SOFR +	1.75%	6.08%	4/10/2024	4/10/2031	4,314		4,294		4,311		2.78
Health Care Equipment & Supplies
Auris Luxembourg III S.à r.l.	(8)	SOFR +	3.75%	8.18%	4/8/2024	2/28/2029	3,085		3,085		3,126		2.02
Resonetics, LLC	(10)	SOFR +	3.25%	7.60%	12/6/2024	6/18/2031	3,556		3,556		3,584		2.31
									6,641		6,710		4.33
Health Care Providers & Services
Agiliti Health Inc	(8)	SOFR +	3.00%	7.59%	5/1/2023	5/1/2030	3,474		3,476		3,417		2.20
Concentra Health Services Inc	(4)(8)	SOFR +	2.25%	6.61%	7/26/2024	6/26/2031	2,138		2,135		2,156		1.39
Davita Inc	(8)	SOFR +	2.00%	6.36%	5/9/2024	5/9/2031	3,491		3,491		3,500		2.26
Ensemble RCM, LLC	(8)	SOFR +	3.00%	7.59%	1/30/2024	8/1/2029	938		929		946		0.61
Examworks Bidco, Inc.	(9)	SOFR +	2.75%	7.11%	11/16/2022	11/1/2028	3,766		3,715		3,785		2.44
Hunter US Bidco Inc.	(9)	SOFR +	4.25%	8.68%	11/16/2022	8/19/2028	1,000		994		991		0.64
MED ParentCo LP	(8)	SOFR +	3.50%	7.86%	10/18/2024	4/15/2031	1,192		1,192		1,203		0.78
Outcomes Group Holdings Inc	(8)	SOFR +	3.25%	7.61%	5/6/2024	5/6/2031	2,070		2,070		2,095		1.35
Pediatric Associates Holding Co., LLC	(10)	SOFR +	3.25%	8.10%	11/16/2022	12/29/2028	641		633		625		0.40
Surgery Centers Holdings, Inc.	(8)	SOFR +	2.75%	7.09%	6/20/2024	12/19/2030	1,036		1,036		1,045		0.67
									19,671		19,763		12.74
Health Care Technology
athenahealth, Inc.	(9)	SOFR +	3.25%	7.61%	11/16/2022	2/15/2029	4,492		4,273		4,512		2.91
Cotiviti, Inc.	(8)	SOFR +	2.75%	7.30%	5/1/2024	5/1/2031	5,192		5,168		5,227		3.37
Gainwell Acquisition Corp.	(10)	SOFR +	4.00%	8.43%	11/16/2022	10/1/2027	1,974		1,926		1,917		1.24
Waystar Technologies, Inc.	(8)	SOFR +	2.25%	6.59%	12/30/2024	10/22/2029	2,069		2,069		2,081		1.34
									13,436		13,737		8.86

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BCRED Verdelite JV LP Consolidated Schedule of Investments December 31, 2024 (in thousands) (Unaudited)
Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Partners’ Capital

First Lien (continued)
Hotels, Restaurants & Leisure
Alterra Mountain Co	(8)	SOFR +	2.75%	7.11%	11/7/2024	8/17/2028	$	2,291	$	2,291	$	2,309	1.49	%
Caesars Entertainment, Inc.	(9)	SOFR +	2.25%	6.61%	2/6/2023	2/6/2030	1,342		1,332		1,345		0.87
Caesars Entertainment, Inc.	(9)	SOFR +	2.25%	6.61%	2/6/2024	2/6/2031	2,804		2,798		2,814		1.82
Carnival Finance, LLC	(10)	SOFR +	2.75%	7.11%	4/25/2024	10/18/2028	2,321		2,321		2,341		1.51
Cedar Fair, L.P.	(8)	SOFR +	2.00%	6.36%	5/1/2024	5/1/2031	724		723		727		0.47
FanDuel Group Financing, LLC.	(9)	SOFR +	1.75%	6.08%	11/24/2023	11/25/2030	2,399		2,399		2,397		1.55
Fertitta Entertainment, LLC	(9)	SOFR +	3.50%	7.86%	11/16/2022	1/27/2029	4,130		4,068		4,150		2.68
GVC Finance, LLC	(9)	SOFR +	2.75%	7.08%	5/8/2024	10/31/2029	3,374		3,382		3,388		2.19
Hilton Grand Vacations Borrower, LLC	(8)	SOFR +	2.25%	6.82%	1/17/2024	1/17/2031	711		709		714		0.46
IRB Holding Corp.	(10)	SOFR +	2.50%	6.86%	12/11/2024	12/15/2027	4,533		4,533		4,543		2.93
LC Ahab US Bidco, LLC	(8)	SOFR +	3.00%	7.36%	5/1/2024	5/1/2031	670		667		676		0.44
Marriott Ownership Resorts Inc	(8)	SOFR +	2.25%	6.61%	4/1/2024	4/1/2031	3,127		3,148		3,131		2.02
Mic Glen, LLC	(9)	SOFR +	3.50%	7.97%	11/16/2022	7/21/2028	3,347		3,271		3,371		2.18
New Red Finance, Inc.	(8)	SOFR +	1.75%	6.11%	6/16/2024	9/12/2030	918		916		915		0.59
Ovg Business Services, LLC	(8)	SOFR +	3.00%	7.36%	6/25/2024	6/25/2031	1,508		1,501		1,514		0.98
Scientific Games Holdings LP	(9)	SOFR +	3.00%	7.59%	6/11/2024	4/4/2029	2,977		2,977		2,988		1.93
Tacala Investment Corp.	(10)	SOFR +	3.50%	7.86%	9/26/2024	1/31/2031	1,597		1,597		1,612		1.04
Whatabrands, LLC	(9)	SOFR +	2.50%	6.86%	12/11/2024	8/3/2028	4,518		4,518		4,534		2.93
									43,151		43,469		28.08
Household Durables
AI Aqua Merger Sub, Inc.	(9)	SOFR +	3.50%	8.05%	12/5/2024	7/31/2028	4,266		4,266		4,274		2.76
Household Products
Energizer Holdings Inc	(8)	SOFR +	2.00%	6.36%	5/29/2024	12/22/2027	730		730		733		0.47

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BCRED Verdelite JV LP Consolidated Schedule of Investments December 31, 2024 (in thousands) (Unaudited)
Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Partners’ Capital

First Lien (continued)
Insurance
AmWINS Group Inc	(10)	SOFR +	2.25%	6.72%	11/16/2022	2/19/2028	$	742	$	741	$	745	0.48	%
AssuredPartners, Inc.	(9)	SOFR +	3.50%	7.86%	2/16/2024	2/14/2031	4,904		4,896		4,920		3.17
Baldwin Insurance Group Holdings, LLC	(8)	SOFR +	3.25%	7.61%	12/11/2024	5/26/2031	4,008		4,008		4,041		2.61
BroadStreet Partners, Inc.	(8)	SOFR +	3.00%	7.36%	6/14/2024	6/14/2031	4,571		4,566		4,592		2.96
HUB International, Ltd.	(8)	SOFR +	2.75%	7.37%	7/30/2024	6/20/2030	668		668		673		0.43
Hyperion Refinance S.à r.l.	(9)	SOFR +	3.50%	7.86%	8/2/2024	4/18/2030	2,399		2,399		2,420		1.56
Hyperion Refinance S.à r.l.	(9)	SOFR +	3.00%	7.36%	11/22/2024	2/15/2031	1,980		1,980		1,996		1.29
OneDigital Borrower, LLC	(9)	SOFR +	3.25%	7.61%	7/2/2024	6/13/2031	1,123		1,118		1,128		0.73
USI, Inc.	(8)	SOFR +	2.25%	6.58%	12/23/2024	9/29/2030	1,002		1,002		1,002		0.65
USI, Inc.	(8)	SOFR +	2.25%	6.58%	12/23/2024	11/22/2029	451		451		451		0.29
									21,829		21,968		14.17
Interactive Media & Services
Project Boost Purchaser, LLC	(8)	SOFR +	3.50%	8.15%	7/16/2024	7/16/2031	4,027		4,018		4,061		2.62
TripAdvisor, Inc.	(8)	SOFR +	2.75%	7.11%	7/8/2024	7/8/2031	2,386		2,380		2,405		1.55
									6,398		6,466		4.17
IT Services
Ahead DB Holdings, LLC	(10)	SOFR +	3.50%	7.83%	8/2/2024	2/1/2031	3,364		3,360		3,391		2.19
Chrysaor Bidco S.à r.l.	(9)	SOFR +	3.50%	8.62%	7/17/2024	5/14/2031	828		828		836		0.54
Dcert Buyer, Inc.	(8)	SOFR +	4.00%	8.36%	11/16/2022	10/16/2026	2,047		2,017		1,971		1.27
Fortress Intermediate 3 Inc	(8)	SOFR +	3.50%	7.86%	6/27/2024	6/27/2031	2,494		2,487		2,505		1.62
Newfold Digital Holdings Group Inc	(11)	SOFR +	3.50%	8.14%	11/16/2022	2/10/2028	3,036		2,895		2,603		1.68
ThoughtWorks, Inc.	(9)	SOFR +	2.75%	7.22%	11/16/2022	3/24/2028	2,293		2,256		2,240		1.45
Virtusa Corp.	(10)	SOFR +	3.25%	7.61%	6/21/2024	2/15/2029	4,995		4,995		5,036		3.25
World Wide Technology Holding Co, LLC	(4)(9)	SOFR +	2.25%	6.69%	3/14/2024	3/1/2030	896		896		899		0.58
									19,734		19,481		12.58
Leisure Products
Motion Finco, LLC	(8)	SOFR +	3.50%	7.83%	2/5/2024	11/12/2029	2,532		2,521		2,509		1.62

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BCRED Verdelite JV LP Consolidated Schedule of Investments December 31, 2024 (in thousands) (Unaudited)
Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Partners’ Capital

First Lien (continued)
Life Sciences Tools & Services
IQVIA Inc	(8)	SOFR +	2.00%	6.33%	11/28/2023	1/2/2031	$	433	$	433	$	437	0.28	%
LSCS Holdings, Inc.	(9)	SOFR +	4.50%	8.86%	11/16/2022	12/16/2028	2,431		2,365		2,451		1.58
Packaging Coordinators Midco, Inc.	(10)	SOFR +	3.25%	7.84%	5/28/2024	11/30/2027	3,533		3,533		3,552		2.29
PAREXEL International Inc/Wilmington	(9)	SOFR +	3.00%	7.36%	7/25/2024	11/15/2028	2,847		2,847		2,870		1.85
									9,178		9,310		6.00
Machinery
American Trailer World Corp	(10)	SOFR +	3.75%	8.21%	11/16/2022	3/3/2028	2,450		2,411		2,187		1.41
Chart Industries, Inc.	(9)	SOFR +	2.50%	7.09%	7/2/2024	3/16/2030	2,219		2,219		2,231		1.44
Innio North America Holding, Inc.	(8)	SOFR +	3.25%	7.90%	7/12/2024	11/2/2028	673		673		678		0.44
LSF11 Trinity Bidco, Inc.	(8)	SOFR +	3.00%	7.37%	12/11/2024	6/14/2030	2,316		2,316		2,336		1.51
Pro Mach Group, Inc.	(11)	SOFR +	3.50%	7.86%	9/3/2024	8/31/2028	3,730		3,730		3,767		2.43
SPX Flow, Inc.	(9)	SOFR +	3.00%	7.36%	6/6/2024	4/5/2029	3,014		3,014		3,043		1.96
TK Elevator U.S. Newco, Inc.	(9)	SOFR +	3.50%	8.59%	3/14/2024	4/30/2030	4,340		4,331		4,377		2.82
									18,694		18,619		12.01
Media
ABG Intermediate Holdings 2, LLC.	(8)	SOFR +	2.25%	6.59%	12/13/2024	12/21/2028	391		391		393		0.25
American Greetings Corp	(8)	SOFR +	5.75%	10.11%	4/30/2024	10/30/2029	1,292		1,270		1,303		0.84
Cogeco Communications Finance USA LP	(9)	SOFR +	2.50%	6.97%	9/29/2023	9/1/2028	2,437		2,384		2,426		1.57
Fleet US Bidco, Inc.	(4)(8)	SOFR +	2.75%	7.58%	8/15/2024	2/21/2031	662		662		667		0.43
Virgin Media Bristol, LLC	(8)	SOFR +	3.18%	7.72%	3/2/2023	3/31/2031	2,727		2,706		2,705		1.75
									7,413		7,494		4.84
Metals & Mining
Arsenal AIC Parent, LLC	(8)	SOFR +	3.25%	7.61%	8/21/2024	8/18/2030	637		637		644		0.42
Mortgage Real Estate Investment Trusts (REITs)
Blackstone Mortgage Trust Inc	(9)	SOFR +	3.50%	7.84%	11/16/2022	5/9/2029	2,431		2,353		2,439		1.57

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BCRED Verdelite JV LP Consolidated Schedule of Investments December 31, 2024 (in thousands) (Unaudited)
Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Partners’ Capital

First Lien (continued)
Oil, Gas & Consumable Fuels
AL GCX Holdings, LLC	(9)	SOFR +	2.75%	7.26%	11/16/2022	5/17/2029	$	2,571	$	2,566	$	2,592	1.67	%
Buckeye Partners LP	(8)	SOFR +	1.75%	6.11%	2/6/2024	11/1/2026	2,037		2,040		2,040		1.32
Freeport LNG Investments, LLLP	(9)	SOFR +	3.50%	8.38%	11/16/2022	12/21/2028	2,969		2,945		2,987		1.93
GIP Pilot Acquisition Partners LP	(8)	SOFR +	2.50%	7.09%	5/22/2024	10/4/2030	1,115		1,115		1,123		0.72
									8,666		8,742		5.64
Pharmaceuticals
Elanco Animal Health Inc	(8)	SOFR +	1.75%	6.40%	11/16/2022	8/1/2027	2,371		2,372		2,371		1.53
Professional Services
AlixPartners, LLP	(9)	SOFR +	2.50%	6.97%	11/16/2022	2/4/2028	1,360		1,353		1,367		0.88
Ankura Consulting Group, LLC	(10)	SOFR +	3.50%	7.84%	12/17/2024	12/17/2031	1,142		1,139		1,145		0.74
APFS Staffing Holdings, Inc.	(9)	SOFR +	4.25%	8.61%	11/16/2022	12/29/2028	3,825		3,755		3,853		2.49
Camelot US Acquisition, LLC.	(8)	SOFR +	2.75%	7.11%	1/31/2024	1/31/2031	2,700		2,694		2,701		1.74
Cast & Crew Payroll, LLC	(9)	SOFR +	3.75%	8.11%	11/16/2022	12/29/2028	1,905		1,897		1,851		1.19
Deerfield Dakota Holding, LLC	(11)	SOFR +	3.75%	8.08%	11/16/2022	4/9/2027	3,733		3,679		3,660		2.36
Eisner Advisory Group, LLC	(9)	SOFR +	4.00%	8.36%	2/28/2024	2/28/2031	1,205		1,194		1,220		0.79
EP Purchaser, LLC	(9)	SOFR +	3.50%	8.09%	11/16/2022	11/6/2028	484		468		482		0.31
Grant Thornton Advisors, LLC	(8)	SOFR +	3.25%	7.61%	5/31/2024	6/2/2031	2,378		2,378		2,381		1.54
Mercury Borrower, Inc.	(8)	SOFR +	3.00%	7.36%	12/13/2024	8/2/2028	3,607		3,607		3,643		2.35
Mermaid Bidco, Inc.	(8)	SOFR +	3.25%	7.80%	7/1/2024	6/27/2031	2,573		2,570		2,591		1.67
Ryan, LLC	(9)	SOFR +	3.50%	7.86%	11/9/2023	11/14/2030	2,381		2,352		2,390		1.54
Sedgwick Claims Management Services, Inc.	(8)	SOFR +	3.00%	7.59%	2/24/2023	7/31/2031	4,714		4,690		4,748		3.06
Soliant Lower Intermediate, LLC	(8)	SOFR +	3.75%	8.11%	7/18/2024	7/18/2031	1,257		1,245		1,251		0.81
Trans Union, LLC.	(8)	SOFR +	1.75%	6.11%	1/30/2024	6/24/2031	4,527		4,527		4,526		2.92
VT Topco, Inc.	(9)	SOFR +	3.00%	7.33%	4/3/2024	8/9/2030	1,026		1,026		1,035		0.67
									38,574		38,844		25.06
Real Estate Management & Development
Cushman & Wakefield US Borrower, LLC	(4)(9)	SOFR +	3.00%	7.36%	6/18/2024	1/31/2030	1,746		1,747		1,754		1.13
Cushman & Wakefield US Borrower, LLC	(4)(9)	SOFR +	3.25%	7.61%	9/25/2024	1/31/2030	1,708		1,708		1,729		1.12
									3,455		3,483		2.25

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BCRED Verdelite JV LP Consolidated Schedule of Investments December 31, 2024 (in thousands) (Unaudited)
Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Partners’ Capital

First Lien (continued)
Software
Applied Systems, Inc.	(8)	SOFR +	3.00%	7.33%	2/23/2024	2/24/2031	$	175	$	174	$	177	0.11	%
BEP Intermediate Holdco, LLC	(8)	SOFR +	3.25%	7.61%	4/26/2024	4/25/2031	742		742		749		0.48
Boost Newco Borrower, LLC	(8)	SOFR +	2.50%	6.83%	8/1/2024	1/31/2031	5,821		5,821		5,863		3.78
Boxer Parent Company, Inc.	(8)	SOFR +	3.75%	8.34%	7/30/2024	7/30/2031	4,766		4,755		4,811		3.10
Cloud Software Group, Inc.	(9)	SOFR +	3.75%	8.08%	11/4/2024	3/21/2031	1,419		1,419		1,425		0.92
Cloudera, Inc.	(9)	SOFR +	3.75%	8.21%	11/16/2022	10/8/2028	3,532		3,443		3,530		2.28
Conga Corp.	(10)	SOFR +	3.50%	8.09%	8/8/2024	5/8/2028	3,536		3,536		3,572		2.30
ConnectWise, LLC	(9)	SOFR +	3.50%	8.09%	11/16/2022	9/29/2028	3,494		3,410		3,521		2.27
Cornerstone OnDemand, Inc.	(9)	SOFR +	3.75%	8.22%	11/16/2022	10/16/2028	2,150		2,009		1,899		1.23
Delta Topco, Inc.	(8)	SOFR +	3.50%	8.20%	5/1/2024	12/1/2029	5,968		5,955		6,022		3.89
ECI Macola Max Holding, LLC	(10)	SOFR +	3.25%	7.58%	9/20/2024	5/9/2030	4,457		4,457		4,505		2.91
Ellucian Holdings, Inc.	(9)	SOFR +	3.00%	7.36%	2/29/2024	10/9/2029	2,659		2,659		2,680		1.73
Flash Charm, Inc.	(10)	SOFR +	3.50%	8.07%	6/11/2024	3/2/2028	3,856		3,847		3,794		2.45
Flexera Software, LLC	(10)	SOFR +	3.00%	7.35%	5/20/2024	3/3/2028	601		601		606		0.39
Gen Digital Inc	(9)	SOFR +	1.75%	6.11%	6/5/2024	9/12/2029	5,860		5,860		5,848		3.77
Genesys Cloud Services Holdings II, LLC	(10)	SOFR +	3.00%	7.36%	9/26/2024	12/1/2027	2,886		2,886		2,914		1.88
Genuine Financial Holdings, LLC	(8)	SOFR +	4.00%	8.36%	6/28/2024	9/27/2030	5,940		5,891		6,014		3.88
Go Daddy Operating Co, LLC	(8)	SOFR +	1.75%	6.11%	5/31/2024	5/30/2031	746		745		746		0.48
HS Purchaser, LLC	(10)	SOFR +	4.00%	8.69%	11/16/2022	11/19/2026	3,517		3,361		3,110		2.01
ION Trading Finance Ltd.	(8)	SOFR +	3.50%	7.83%	12/10/2024	4/1/2028	2,126		2,126		2,132		1.38
McAfee Corp.	(9)	SOFR +	3.00%	7.37%	5/31/2024	3/1/2029	3,537		3,537		3,545		2.29
Mitnick Purchaser, Inc.	(9)(18)	SOFR +	4.50%	9.19%	11/16/2022	5/2/2029	3,370		3,299		3,151		2.03
Planview Parent Inc	(8)	SOFR +	3.50%	7.83%	12/17/2024	12/17/2027	1,906		1,906		1,922		1.24
Project Alpha Intermediate Holding, Inc.	(9)	SOFR +	3.25%	7.58%	5/14/2024	10/28/2030	3,259		3,259		3,284		2.12
Proofpoint, Inc.	(9)	SOFR +	3.00%	7.36%	5/28/2024	8/31/2028	2,977		2,977		2,995		1.93

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BCRED Verdelite JV LP Consolidated Schedule of Investments December 31, 2024 (in thousands) (Unaudited)
Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Partners’ Capital

First Lien (continued)
Software (continued)
Quartz Acquireco, LLC	(8)	SOFR +	2.75%	7.08%	6/3/2024	6/28/2030	$	1,968	$	1,968	$	1,985	1.28	%
RealPage, Inc.	(9)	SOFR +	3.00%	7.59%	11/16/2022	4/24/2028	2,740		2,676		2,738		1.77
Rocket Software, Inc.	(9)	SOFR +	4.25%	8.61%	10/5/2023	11/28/2028	2,572		2,543		2,595		1.67
Skopima Consilio Parent, LLC	(9)	SOFR +	3.75%	8.12%	12/18/2024	5/12/2028	3,595		3,595		3,613		2.33
Sovos Compliance, LLC	(9)	SOFR +	4.50%	8.97%	11/16/2022	8/11/2028	3,518		3,472		3,549		2.29
Surf Holdings, LLC	(8)	SOFR +	3.50%	7.95%	11/16/2022	3/5/2027	3,517		3,494		3,545		2.29
Vision Solutions, Inc.	(10)	SOFR +	4.00%	8.85%	11/16/2022	4/24/2028	3,632		3,453		3,583		2.31
Webpros US Bidco, Inc.	(8)	SOFR +	4.00%	8.36%	3/28/2024	3/19/2031	650		649		657		0.42
XPLOR T1, LLC	(8)	SOFR +	3.50%	7.83%	12/11/2024	6/24/2031	2,095		2,095		2,116		1.37
									102,620		103,196		66.58
Specialty Retail
Apro, LLC.	(8)	SOFR +	3.75%	8.27%	7/9/2024	7/9/2031	3,942		3,933		3,985		2.57
CWGS Group, LLC	(10)	SOFR +	2.50%	6.97%	11/16/2022	6/3/2028	2,487		2,426		2,441		1.58
HomeServe USA Holding Corp	(8)	SOFR +	2.00%	6.37%	5/29/2024	10/21/2030	823		823		825		0.53
Mavis Tire Express Services Topco, Corp.	(10)	SOFR +	3.50%	7.86%	7/18/2024	5/4/2028	3,043		3,043		3,067		1.98
									10,225		10,318		6.66
Technology Hardware, Storage & Peripherals
Xerox Corp	(9)	SOFR +	4.00%	8.34%	11/17/2023	11/17/2029	2,357		2,331		2,360		1.52
Trading Companies & Distributors
American Builders & Contractors Supply Co, Inc.	(8)	SOFR +	1.75%	6.11%	1/31/2024	1/31/2031	680		679		683		0.44
Avolon TLB Borrower 1 US, LLC	(9)	SOFR +	1.75%	6.12%	6/22/2023	6/24/2030	2,737		2,718		2,739		1.77
Core & Main, LP	(8)	SOFR +	2.00%	6.38%	2/9/2024	2/9/2031	1,077		1,077		1,082		0.70
FCG Acquisitions, Inc.	(9)	SOFR +	3.75%	8.22%	11/16/2022	3/31/2028	7,073		6,971		7,131		4.60
FleetPride, Inc.	(9)	SOFR +	4.50%	8.86%	9/29/2023	9/29/2028	3,735		3,701		3,486		2.25
Foundation Building Materials, Inc.	(9)	SOFR +	3.25%	8.10%	11/16/2022	1/31/2028	2,962		2,940		2,924		1.89
Icebox Holdco III, Inc.	(9)	SOFR +	3.50%	8.09%	11/16/2022	12/22/2028	4,321		4,199		4,362		2.81
Johnstone Supply, LLC	(8)	SOFR +	2.50%	6.88%	12/12/2024	6/7/2031	1,295		1,295		1,301		0.84
Park River Holdings, Inc.	(10)	SOFR +	3.25%	8.10%	11/16/2022	12/28/2027	2,434		2,415		2,381		1.54
Sunsource Borrower, LLC	(8)	SOFR +	4.00%	8.46%	3/25/2024	3/25/2031	1,742		1,736		1,753		1.13
White Cap Buyer, LLC	(8)	SOFR +	3.25%	7.61%	6/13/2024	10/19/2029	4,585		4,574		4,599		2.97
Windsor Holdings III LLC	(8)	SOFR +	3.50%	7.86%	9/20/2024	8/1/2030	1,840		1,840		1,866		1.20
									34,145		34,307		22.14

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BCRED Verdelite JV LP Consolidated Schedule of Investments December 31, 2024 (in thousands) (Unaudited)
Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Partners’ Capital

First Lien (continued)
Wireless Telecommunication Services
CCI Buyer, Inc.	(10)	SOFR +	4.00%	8.33%	11/16/2022	12/17/2027	$	4,303	$	4,266	$	4,313	2.78	%
Total First Lien Debt									645,881		650,532		419.74
Total Investment Portfolio									645,881		650,532		419.74
Cash and Cash Equivalents
Fidelity Investments Money Market Treasury Portfolio - Class I				4.34%					92,784		92,784		59.87
Other Cash and Cash Equivalents									56,459		56,459		36.43
Total Portfolio Investments, Cash and Cash Equivalents									$	795,124	$	799,775	516.04	%

(1)Unless otherwise indicated, all debt and equity investments held by the Company (which such term “Company” shall include the Company’s consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in dollars. As of December 31, 2024, the Company had investments denominated in Canadian Dollars (CAD), Euros (EUR), British Pounds (GBP), Swiss Francs (CHF), Danish Krone (DKK), Swedish Krona (SEK), Norwegian Krone (NOK), and New Zealand Dollars (NZD). All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. The total par amount (in thousands) is presented for debt investments, while the number of shares or units (in whole amounts) owned is presented for equity investments. Each of the Company’s investments is pledged as collateral, under one or more of its credit facilities unless otherwise indicated.

(2)Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either Canadian Overnight Repo Rate Average (“CORRA” or “CA”), Sterling Overnight Interbank Average Rate (“SONIA” or “S”), Euro Interbank Offer Rate (“Euribor” or “E”), Secured Overnight Financing Rate (“SOFR”), Stockholm Interbank Offered Rate (“STIBOR” or “ST”), Copenhagen Interbank Offered Rate (“CIBOR” or “CI”), Norwegian Interbank Offered Rate (“NIBOR” or “N”), Swiss Average Rate Overnight (“SARON” or “SA”), New Zealand Bank Bill Reference Rate (“BKBM” or “B”), or an alternate base rate (commonly based on the Federal Funds Rate (“F”) or the U.S. Prime Rate (“P”)), which generally resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of December 31, 2024. Variable rate loans typically include an interest reference rate floor feature.

(6)Reserved.


Investments	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
Groundworks, LLC	Delayed Draw Term Loan	3/14/2026	$	248	$	—
Total Unfunded Commitments			$	248	$	—

(8)There are no interest rate floors on these investments.

(9)The interest rate floor on these investments as of December 31, 2024 was 0.50%.

(10)The interest rate floor on these investments as of December 31, 2024 was 0.75%.

(11)The interest rate floor on these investments as of December 31, 2024 was 1.00%.

(12)The interest rate floor on these investments as of December 31, 2024 was 1.25%.

(13)The interest rate floor on these investments as of December 31, 2024 was 1.50%.

(14)The interest rate floor on these investments as of December 31, 2024 was 2.00%.

(15)For unsettled positions the interest rate does not include the base rate.

(16)Reserved.

(17)Reserved.

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(19)All securities are exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), and may be deemed to be “restricted securities.” As of December 31, 2024, the aggregate fair value of these securities is $650.5 million or 419.74% of the Company’s net assets. The initial acquisition dates have been included for such securities.

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Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

The following table presents the selected consolidated statements of assets and liabilities information of the Verdelite JV as of March 31, 2025 and December 31, 2024 (Unaudited):


	March 31, 2025		December 31, 2024
ASSETS
Investments at fair value (cost of $680,033 and $645,881, respectively)	$	674,261	$	650,532
Cash and cash equivalents	109,663		149,243
Interest receivable	4,119		4,502
Receivable for investments sold	9,608		936


Total assets	$	797,651	$	805,213
LIABILITIES
Debt (net of unamortized debt issuance costs of $1,460 and $1,638, respectively)	$	598,452	$	634,716
Distribution payable	4,615		—
Interest payable and other liabilities	63,458		15,512
Total liabilities	666,525		650,228
PARTNERS’ CAPITAL
Partners’ capital	131,126		154,985
Total partners’ capital	131,126		154,985
Total liabilities and partners’ capital	$	797,651	$	805,213

The following table presents the selected consolidated statements of operations information of the Verdelite JV for the three months ended March 31, 2025 and March 31, 2024 (Unaudited):


	Three Months Ended March 31,
	2025		2024
Investment income:
Interest income	$	13,920	$	14,471
Other income	3		13
Total investment income	13,923		14,484
Expenses:
Interest expense	9,124		7,750
Other expenses	118		34
Total expenses	9,242		7,784
Net investment income before tax expense	4,681		6,700
Tax expense	—		—
Net investment income after tax expense	4,681		6,700
Net realized and change in unrealized gain (loss):
Net change in unrealized gain (loss) on investments	(10,423)		(2,128)
Net realized gain (loss) on investments	499		1,124
Total net realized and change in unrealized gain (loss)	(9,924)		(1,004)
Net increase (decrease) in partners’ capital resulting from operations	$	(5,243)	$	5,696

Note 12. Segment Reporting

The Company operates as a single reportable segment and derives revenues from investing primarily in originated loans and other securities, including broadly syndicated loans, of U.S. private companies and manages the business on a consolidated basis.

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Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

The chief operating decision maker (“CODM”) is comprised of the Company’s co-chief executive officers and chief financial officer. The primary performance metric provided to the CODM to assess performance and make operating decisions is Net increase (decrease) in net assets resulting from operations which is reported on the Condensed Consolidated Statement of Operations.

Performance metrics are provided to the CODM on a quarterly basis and are utilized to evaluate performance generated from segment net assets. These key metrics, in addition to other factors, are utilized by the CODM to determine allocation of profits, such as for investment or the amount of dividends to be distributed to the Company’s shareholders. As the Company operates as a single reporting segment, the segment net assets are reported on the Condensed Consolidated Statements of Assets and Liabilities as Total net assets and the significant segment expenses are listed on the Condensed Consolidated Statement of Operations.

Note 13. Subsequent Events

The Company’s management evaluated subsequent events through the date of issuance of the condensed consolidated financial statements. There have been no subsequent events that occurred during such period that would require disclosure in, or would be required to be recognized in the condensed consolidated financial statements as of March 31, 2025, except as discussed below.

April Subscriptions and Distribution Declaration

The Company received approximately $1,612.7 million of net proceeds, inclusive of distributions reinvested through the Company's distribution reinvestment plan, relating to the issuance of Class I shares, Class S shares, and Class D shares for subscriptions effective April 1, 2025.

On April 16, 2025, the Company’s Board declared net distributions of $0.2200 per Class I share, $0.2021 per Class S share, and $0.2147 per Class D share, which is payable on or about May 27, 2025 to shareholders of record as of April 30, 2025.

May Subscriptions

Through the date of issuance of the condensed consolidated financial statements the Company received approximately $1,001.6 million of subscriptions, inclusive of distributions reinvested through the Company's distribution reinvestment plan, relating to the issuance of Class I shares, Class S shares, and Class D shares effective May 1, 2025.

Summit Peak Amendment

On May 6, 2025, the Summit Peak Funding Facility was amended pursuant to Amendment No. 6 to the Loan and Servicing Agreement (the “Summit Peak Sixth Amendment”). The Summit Peak Sixth Amendment provides for, among other things, (i) an extension of the availability period for borrowings under the Summit Peak Funding Facility to March 12, 2028, (ii) an extension of the stated maturity of the Summit Peak Funding Facility to March 12, 2030, (iii) a reduction in the applicable margin for advances to 1.80% per annum, (iv) a modification of the commitment fee rate applicable to undrawn advances to a range between 0.25% per annum and 1.80% per annum, depending on the portion of undrawn commitments outstanding, and (v) the payment of certain fees as agreed between BCRED Summit Peak Funding, SG and the lenders party thereto.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The information contained in this section should be read in conjunction with “Item 1. Financial Statements” hereto and “Part II, Item 8—Financial Statements and Supplementary Data” of our Annual Report on Form 10-K for the year ended December 31, 202 4, as updated from time to time by the Company’s periodic filings with the SEC. This discussion contains forward-looking statements and involves numerous risks, uncertainties, and other factors outside of the Company’s control, including, but not limited to, those set forth in “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 202 4, as updated from time to time by the Company's periodic filings with the SEC.

Overview and Investment Framework

We are an externally managed, non-diversified closed-end management investment company that has elected to be treated as a BDC under the 1940 Act. Formed as a Delaware statutory trust on February 11, 2020, we are externally managed by the Advisers, which are responsible for sourcing potential investments, conducting due diligence on prospective investments, analyzing investment opportunities, structuring investments and monitoring our portfolio on an ongoing basis. Our Advisers are registered as investment advisers with the SEC. We have elected to be treated, and intend to qualify annually thereafter, as a RIC under the Code.

Under our Investment Advisory Agreement, we have agreed to pay the Adviser an annual management fee as well as an incentive fee based on our investment performance. The sub-advisory fees payable to the Sub-Adviser under the Sub-Advisory Agreement will be paid by the Adviser out of its own advisory fees rather than paid separately by us. Also, under the Administration Agreement, we have agreed to reimburse the Administrator for the allocable portion of certain expenses incurred by the Administrators in performing their obligations under the Administration Agreements, including our allocable portion of the costs of compensation and related expenses of our chief compliance officer, chief financial officer and their respective staffs.

Our investment objectives are to generate current income and, to a lesser extent, long-term capital appreciation. Under normal market conditions, we generally invest at least 80% of our total assets (net assets plus borrowings for investment purposes) in private credit investments (loans, bonds and other credit instruments that are issued in private offerings or issued by private companies). If we change our 80% test, we will provide shareholders with at least 60 days’ notice of such change. Under normal circumstances we expect that the majority of our portfolio will be in privately originated and privately negotiated investments, predominantly direct lending to U.S. private companies through (i) first lien senior secured and unitranche loans (including first-out/last-out loans) and (ii) second lien, unsecured, subordinated or mezzanine loans and structured credit, as well as broadly syndicated loans (for which we may serve as an anchor investor), club deals (generally investments made by a small group of investment firms) and other debt and equity securities (the investments described in this sentence, collectively, “Private Credit”). In limited instances, we may retain the “last out” portion of a first-lien loan. In such cases, the “first out” portion of the first lien loan would receive priority with respect to payment over our “last out” position. In exchange for the higher risk of loss associated with such “last out” portion, we would earn a higher rate of interest than the “first out” position. To a lesser extent, we will also invest in broadly syndicated loans. We expect that such investments will generally be liquid, and may be used for the purposes of maintaining liquidity for our share repurchase program and cash management, while also presenting an opportunity for attractive investment returns.

Most of our investments are in U.S. private companies, but (subject to compliance with BDCs’ requirement to invest at least 70% of its assets in U.S. private companies), we also expect to invest to some extent in European and other non-U.S. companies, but we do not expect to invest in emerging markets. We may invest in companies of any size or capitalization. Subject to the limitations of the 1940 Act, we may invest in loans or other securities, the proceeds of which may refinance or otherwise repay debt or securities of companies whose debt is owned by other Blackstone Credit & Insurance funds. We generally will co-invest with other Blackstone Credit & Insurance funds.

Key Components of Our Results of Operations

Investments

We focus primarily on loans and securities, including syndicated loans, of private U.S. companies. Our level of investment activity (both the number of investments and the size of each investment) can and will vary substantially from period to period depending on many factors, including the amount of debt and equity capital available to private companies, the level of merger and acquisition activity for such companies, the general economic environment, trading prices of loans and other securities and the competitive environment for the types of investments we make.

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Revenues

We generate revenues in the form of interest income on debt investments, capital gains, and dividend income from our equity investments in our portfolio companies. Our senior and subordinated debt investments are expected to bear interest at a fixed or floating rate. Interest on debt securities is generally payable quarterly or semiannually. In some cases, some of our investments may provide for deferred interest payments or Payment-in-kind (“PIK”) interest. The principal amount of the debt securities and any accrued but unpaid PIK interest generally will become due at the maturity date. In addition, we may generate revenue in the form of commitment and other fees in connection with transactions. Original issue discounts and market discounts or premiums will be capitalized, and we will accrete or amortize such amounts as interest income. We will record prepayment premiums on loans and debt securities as interest income. Dividend income, if any, will be recognized on an accrual basis to the extent that we expect to collect such amounts.

In addition, we generate revenue in the form of commitment, loan origination, structuring or diligence fees, fees for providing managerial assistance to our portfolio companies, and possibly consulting fees.

Expenses

Except as specifically provided below, all investment professionals and staff of the Advisers, when and to the extent engaged in providing investment advisory services to us, and the base compensation, bonus and benefits, and the routine overhead expenses, of such personnel allocable to such services, will be provided and paid for by the Advisers. We bear all other costs and expenses of our operations, administration and transactions, including (a) investment advisory fees, including management fees and incentive fees, to the Adviser, pursuant to the Investment Advisory Agreement; (b) our allocable portion of compensation and other expenses incurred by the Administrators in performing their administrative obligations under the Administration Agreements, including: (i) our chief compliance officer, chief financial officer and their respective staffs; (ii) investor relations, legal, operations and other non-investment professionals (including information technology professionals) at the Administrators that perform duties for us; and (iii) any internal audit group personnel of Blackstone Inc. (“Blackstone”) or any of its affiliates, subject to the limitations described in the Advisory Agreements and the Administration Agreements; and (c) all other expenses of our operations, administrations and transactions.

From time to time, the Advisers, the Administrators or their respective affiliates may pay third-party providers of goods or services on our behalf. We will reimburse the Adviser, the Administrator or such affiliates thereof, the Adviser will reimburse the Sub-Adviser, the Administrator or such affiliates thereof, and the Administrator will reimburse the Sub-Administrator or such affiliates thereof, in each case for any such amounts paid on our behalf. From time to time, the Advisers or the Administrators may defer or waive fees or rights to be reimbursed for expenses. All of the foregoing expenses will ultimately be borne by our shareholders.

Expense Support and Conditional Reimbursement Agreement

We have entered into an Expense Support and Conditional Reimbursement Agreement (the “Expense Support Agreement”) with the Sub-Adviser. For additional information see “Item 1. Financial Statements—Notes to Condensed Consolidated Financial Statements—Note 3. Fees, Expenses, Agreements and Related Party Transactions.”

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Portfolio and Investment Activity

For the three months ended March 31, 2025, we made $4,893.1 million aggregate principal amount of new investment commitments (including $1,382.6 million of which remained unfunded as of March 31, 2025), $4,564.3 million of which was first lien debt, $140.1 million of which was second lien debt, $34.9 million of which was structured finance debt obligations, $131.9 million of which was structured finance equity obligations and $21.9 million of which was equity and other.

Our investment activity is presented below (information presented herein is at amortized cost unless otherwise indicated) (dollar amounts in thousands):


	As of and for the three months ended March 31,
	2025			2024
Investments:
Total investments, beginning of period	$	68,985,671		$	51,021,723
New investments purchased	5,009,226			3,000,252
Payment-in-kind interest capitalized	105,430			83,919
Net accretion of discount on investments	76,692			43,879
Net realized gain (loss) on investments	(59,178)			(42,398)
Investments sold or repaid	(4,333,690)			(1,355,622)
Total investments, end of period	$	69,784,151		$	52,751,753
Amount of investments funded at principal:
First lien debt	$	4,768,774		$	2,975,811
Second lien debt	175,708			—
Unsecured debt	—			7,757
Structured finance obligations - debt instruments	28,900			7,750
Structured finance obligations - equity instruments	82,123			—
Equity and other (1)	21,865			52,051
Total	$	5,077,370		$	3,043,369
Proceeds from investments sold or repaid:
First lien debt	$	(4,142,489)		$	(939,939)
Second lien debt	(60,687)			(397,433)

Structured finance obligations - debt instruments	(75,321)			(18,250)
Structured finance obligations - equity instruments	(15,301)			—
Equity and other (1)	(39,892)			—
Total	$	(4,333,690)		$	(1,355,622)

	March 31, 2025			December 31, 2024
Number of portfolio companies	614			603
Weighted average yield on performing debt and income producing investments, at amortized cost (2)(3)	10.0		%	10.1		%
Weighted average yield on performing debt and income producing investments, at fair value (2)(3)	10.0		%	10.2		%
Average loan to value (LTV) (4)	43.2		%	42.8		%
Percentage of performing debt investments bearing a floating rate (5)	99.7		%	99.7		%
Percentage of performing debt investments bearing a fixed rate (5)	0.3		%	0.3		%
Percentage of assets on non-accrual, at amortized cost (6)	0.3		%	0.5		%

(1)“Other” includes warrants.

(2)Computed as (a) the annual stated interest rate or yield plus the annual accretion of discounts or less the annual amortization of premiums, as applicable, on accruing debt included in such securities, divided by (b) total debt investments (at fair value or cost, as applicable) included in such securities. Actual yields earned over the life of each investment could differ materially from the yields presented above.

(3)As of March 31, 2025 and December 31, 2024, the weighted average total portfolio yield at cost was 9.4% and 9.5%, respectively. As of March 31, 2025 and December 31, 2024, the weighted average total portfolio yield at fair value was 9.5% and 9.6%, respectively.

(4)Includes all private debt investments for which fair value is determined by our Board in conjunction with a third-party valuation firm and excludes quoted assets. Average loan-to-value represents the net ratio of loan-to-value for each portfolio company, weighted based on the fair value of total

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applicable private debt investments. Loan-to-value is calculated as the current total net debt through each respective loan tranche divided by the estimated enterprise value of the portfolio company as of the most recent quarter end.

(5)As a percentage of total fair value of performing debt investments. As of March 31, 2025 and December 31, 2024, performing debt investments bearing a floating rate represented 97.2% and 97.2%, respectively, of total investments at fair value (excluding investments in joint ventures).

(6)As a percentage of total amortized cost of investments (excluding investments in joint ventures). Assets on non-accrual represented 0.1% and 0.2% of total investments at fair value (excluding investments in joint ventures) as of March 31, 2025 and December 31, 2024, respectively.

As of March 31, 2025 and March 31, 2024, our portfolio companies had a weighted average annual EBITDA of $238 million and $225 million, respectively. These calculations include all private debt investments for which fair value is determined by the Board in conjunction with a third-party valuation firm and excludes quoted assets. Amounts are weighted based on the fair market value of each respective investment. Amounts were derived from the most recently available portfolio company financial statements, have not been independently verified by us, and may reflect a normalized or adjusted amount. Accordingly, we make no representation or warranty in respect of this information.

For additional information on our investments, see “Item 1. Financial Statements—Notes to Condensed Consolidated Financial Statements—Note 4. Investments.”

BCRED Emerald JV LP

BCRED Emerald JV LP (“Emerald JV”), a Delaware limited partnership, was formed as a joint venture between the Company and a large North American pension fund (the “Emerald JV Partner”), commenced operations on January 18, 2022 and operates under a limited partnership agreement. The Emerald JV’s principal purpose is to make investments, primarily in senior secured loans that are made to middle-market companies or in broadly syndicated loans.

As of March 31, 2025, the Company and the Emerald JV Partner have committed to contribute up to $2,250.0 million and $750.0 million, respectively, of capital to the Emerald JV. As of March 31, 2025 the Company had contributed (net of returns of capital) $1,815.0 million and the Emerald JV Partner had contributed (net of returns of capital) $605.0 million of capital and $435.0 million and $145.0 million of capital remained uncalled from the Company and the Emerald JV Partner, respectively. The Company and the Emerald JV Partner own 75% and 25%, respectively, of the equity ownership interests of the Emerald JV. The Company and the Emerald JV Partner, through their joint control of the Emerald JV’s general partner, have equal control of the Emerald JV’s investment decisions, the decision to call additional capital up to the amounts committed by the Company and the Emerald JV Partner, the decision to return capital or to make distributions, and generally all other decisions in respect of the Emerald JV must be approved by the Emerald JV's investment committee or board of directors, each of which consists of an equal number of representatives of the Company and the Emerald JV Partner. The Company does not consolidate the Emerald JV.

The following table is a summary of Emerald JV’s portfolio as of March 31, 2025 and December 31, 2024:


	March 31, 2025			December 31, 2024
Total investments, at fair value	$	6,141,073		$	5,647,024
Total senior secured debt investments, at fair value	$	6,020,291		$	5,544,430
Number of portfolio companies	302			275
Weighted average yield on performing debt and income producing investments, at amortized cost (1)(2)	9.1		%	9.0		%
Weighted average yield on performing debt and income producing investments, at fair value (1)(2)	9.2		%	9.2		%
Percentage of performing debt investments bearing a floating rate (3)	99.9		%	99.9		%
Percentage of performing debt investments bearing a fixed rate (3)	0.1		%	0.1		%
Percentage of assets on non-accrual, at amortized cost (4)	0.1		%	1.6		%

(1)Computed as (a) the annual stated interest rate or yield plus the annual accretion of discounts or less the annual amortization of premiums, as applicable, on accruing debt included in such securities, divided by (b) total debt investments (at fair value or cost, as applicable) included in such securities. Actual yields earned over the life of each investment could differ materially from the yields presented above.

(2)As of March 31, 2025 and December 31, 2024, the weighted average total portfolio yield at cost was 9.0% and 8.8%, respectively. As of March 31, 2025 and December 31, 2024, the weighted average total portfolio yield at fair value was 9.2% and 9.0%, respectively.

(3)As a percentage of total fair value of performing debt investments. As of March 31, 2025 and December 31, 2024, performing debt investments bearing a floating rate represented 99.1% and 98.0%, respectively, of total investment at fair value.

(4)As a percentage of total amortized cost of investments of Emerald JV. Assets on non-accrual represented 0.1% and 1.4% of total investments at fair value of Emerald JV as of March 31, 2025 and December 31, 2024, respectively.

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BCRED Verdelite JV LP

As of March 31, 2025, the Company and the Verdelite JV Partner have committed to contribute up to $147.0 million and $21.0 million of capital, respectively, to the Verdelite JV. The Company and the Verdelite JV Partner own 87.5% and 12.5%, respectively, of the equity ownership interests of the Verdelite JV. The Company and the Verdelite JV Partner, through their joint control of the Verdelite JV’s general partner, have equal control of the Verdelite JV’s investment decisions, the decision to call additional capital up to the amounts committed by the Company and the Verdelite JV Partner, the decision to return capital or to make distributions, and generally all other decisions in respect of the Verdelite JV must be approved by the Verdelite JV's investment committee or board of directors, each of which consists of an equal number of representatives of the Company and the Verdelite JV Partner. The Company does not consolidate the Verdelite JV.

The following table is a summary of Verdelite JV’s portfolio as of March 31, 2025 and December 31, 2024:


	March 31, 2025			December 31, 2024
Total investments, at fair value	$	674,261		$	650,532
Total senior secured debt investments, at fair value	$	674,261		$	650,532
Number of portfolio companies	240			240
Weighted average yield on performing debt and income producing investments, at amortized cost (1)(2)	7.6		%	7.2		%
Weighted average yield on performing debt and income producing investments, at fair value (1)(2)	7.7		%	7.1		%
Percentage of performing debt investments bearing a floating rate (3)	100.0		%	100.0		%
Percentage of performing debt investments bearing a fixed rate (3)	—		%	—		%
Percentage of assets on non-accrual, at amortized cost (4)	—		%	—		%

(2)As of March 31, 2025 and December 31, 2024, the weighted average total portfolio yield at cost was 7.6% and 7.2%, respectively. As of March 31, 2025 and December 31, 2024, the weighted average total portfolio yield at fair value was 7.7% and 7.1%, respectively.

(3)As a percentage of total fair value of performing debt investments. As of March 31, 2025 and December 31, 2024 , performing debt investments bearing a floating rate represented 100.0% and 100.0% , respectively, of total investment at fair value.

(4)As a percentage of total amortized cost of investments of Verdelite JV. Verdelite JV had no assets on non-accrual as of March 31, 2025 and December 31, 2024.

For additional information on the Emerald JV and Verdelite JV, including a listing of portfolio investments for each, see “Item 1. Financial Statements—Notes to Condensed Consolidated Financial Statements—Note 11. Joint Ventures.”

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Results of Operations

The following table represents the operating results (dollar amounts in thousands):


	Three Months Ended March 31,
	2025		2024
Total investment income	$	1,841,434	$	1,568,864
Total expenses before tax expense	799,689		703,580
Net investment income before tax expense	1,041,745		865,284
Excise and other tax expense	7,783		9,451
Net investment income after tax expense	1,033,962		855,833
Net change in unrealized appreciation (depreciation)	(207,434)		109,921
Net realized gain (loss)	(67,219)		(46,706)
Net increase (decrease) in net assets resulting from operations	$	759,309	$	919,048

Net increase (decrease) in net assets resulting from operations can vary from period to period as a result of various factors, including acquisitions, the level of new investment commitments, the recognition of realized gains and losses and changes in unrealized appreciation and depreciation on the investment portfolio. As a result, comparisons may not be meaningful.

Investment Income

Investment income, was as follows (dollar amounts in thousands):


	Three Months Ended March 31,
	2025		2024
Interest income	$	1,654,035	$	1,390,843
Payment-in-kind interest income	97,901		92,680
Dividend income	82,009		82,951
Fee income	7,489		2,390
Total investment income	$	1,841,434	$	1,568,864

Total investment income increased to $1.8 billion for the three months ended March 31, 2025, an increase of $272.6 million or 17% compared to the same period in the prior year. This was primarily attributable to an increase in the average investments. Average investments at fair value increased by 35% to $69,459.2 million for the three months ended March 31, 2025 compared to $51,487.6 million for the three months ended March 31, 2024.

Additionally, for the three months ended March 31, 2025, we recorded $45.8 million of non-recurring interest income (e.g., prepayment premiums, accelerated accretion of upfront loan origination fees and unamortized discounts, etc.) as compared to $6.8 million for the same period in the prior year, primarily as a result of increased prepayments.

For the three months ended March 31, 2025 and 2024, PIK interest income represented 5.3% and 5.9% of total investment income, respectively, and represented 9.5% and 10.8% of net investment income, respectively. We expect that PIK interest income will vary based on the elections of certain borrowers.

We expect that investment income will vary based on a variety of factors including the pace of our originations, repayments and changes in interest rates.

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While elevated interest rates continued to favorably impact our investment income for the three months ended March 31, 2025, the Federal Reserve reduced interest rates in the latter part of 2024 and indicated in early 2025 an expectation of slower rate decreases moving forward. Future decreases in benchmark interest rates may adversely impact our investment income. Conversely, future increases in benchmark interest rates and the resulting impacts to cost of capital have the potential to negatively impact the free cash flow and credit quality of certain borrowers which could impact their ability to make principal and interest payments. If such interest rate fluctuations occur concurrently with a period of economic weakness or a slowdown in growth, our borrowers’ and our portfolio performance may be negatively impacted. Further, significant market dislocation as a result of changing economic conditions could limit the liquidity of certain assets traded in the credit markets, and this could impact our ability to sell such assets at attractive prices or in a timely manner.

Expenses

Expenses were as follows (dollar amounts in thousands):


	Three Months Ended March 31,
	2025		2024
Interest expense	$	479,635	$	450,062
Management fees	129,106		95,382
Income based incentive fees	151,776		125,357
Capital gains based incentive fees	—		—
Distribution and shareholder servicing fees
Class S	28,088		21,405
Class D	385		259
Professional fees	1,270		3,583
Board of Trustees’ fees	242		221
Administrative service expenses	2,241		1,833
Other general and administrative	5,823		4,839
Amortization of continuous offering costs	1,123		639
Total expenses before tax expense	799,689		703,580
Net investment income before tax expense	1,041,745		865,284
Excise and other tax expense	7,783		9,451
Net investment income after tax expense	$	1,033,962	$	855,833

Interest Expense

Total interest expense increased to $479.6 million for the three months ended March 31, 2025, an increase of $29.6 million or 7% compared to the same period in the prior year. This was primarily driven by an increase in our average principal of debt outstanding, partially offset by a decrease in our weighted average interest rate on our borrowings relative to the same period in the prior year. The average principal of debt outstanding increased to $30,920.0 million for the three months ended March 31, 2025 from $23,943.3 million for the same period in the prior year. Our weighted average interest rate (including unused fees, accretion of net discounts on unsecured debt, and the impact of the application of hedge accounting and excluding amortization of deferred financing costs) decreased to 6.10% for the three months ended March 31, 2025 from 7.28% for the same period in the prior year.

Management Fees

Management fees increased to $129.1 million for the three months ended March 31, 2025, an increase of $33.7 million or 35% compared to the same period in the prior year, primarily due to an increase in weighted average net assets to $41,427.9 million for the three months ended March 31, 2025 compared to $30,674.1 million for the same period in the prior year.

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Income Based Incentive Fees

Income based incentive fees increased to $151.8 million for the three months ended March 31, 2025, an increase of $26.4 million or 21% compared to the same period in the prior year, primarily due to an increase in pre-incentive fee net investment income. Pre-incentive fee net investment income increased to $1.2 billion for the three months ended March 31, 2025 from $1.0 billion for the same period in the prior year.

Capital Gains Based Incentive Fees

We accrued no capital gains based incentive fees for the three months ended March 31, 2025 and 2024. The accrual for any capital gains based incentive fee under GAAP in a given period may result in an additional expense if such cumulative amount is greater than in the prior period or a reduction of previously recorded expense if such cumulative amount is less in the prior period. If such cumulative amount is negative, then there is no accrual.

Other Expenses

Total other expenses increased to $39.2 million for the three months ended March 31, 2025, an increase of $6.4 million as compared to the same period in the prior year. Total other expenses for the three months ended March 31, 2025 primarily consist of $28.5 million of distribution and shareholder servicing fees paid with respect to Class S and Class D investors, $5.8 million of general and administrative expenses (including insurance, filing, research, fees paid to the State Street Sub-Administrator and transfer agent, and other expenses), and $1.3 million of professional fees (including legal, rating agencies, audit, tax, valuation, technology and other professional fees related to management of the Company). The increase compared to the prior year was primarily driven by the costs attributable to increased subscriptions to our Class S and Class D shares.

Income Taxes, Including Excise Taxes

We elected to be treated as a RIC under Subchapter M of the Code, and we intend to operate in a manner so as to continue to qualify for the tax treatment applicable to RICs. To qualify for and maintain tax treatment as a RIC, we must, among other things, distribute to our shareholders in each taxable year generally at least 90% of the sum of our investment company taxable income, as defined by the Code (without regard to the deduction for dividends paid), and net tax-exempt income for that taxable year.

Depending on the level of taxable income earned in a tax year, we may carry forward taxable income (including net capital gains, if any) in excess of current year dividend distributions from the current tax year into the next tax year and pay a nondeductible 4% U.S. federal excise tax on such taxable income, as required. To the extent that we determine that our estimated current year annual taxable income will be in excess of estimated current year dividend distributions from such income, we will accrue excise tax on estimated excess taxable income.

For the three months ended March 31, 2025 and 2024, we accrued $7.8 million and $9.5 million, respectively, of U.S. federal excise tax.

BCRED Investments LLC (“BCRED Investments”), a wholly-owned and consolidated subsidiary that was formed in 2021, is a Delaware limited liability company, which has elected to be treated as a corporation for U.S. tax purposes. As such, BCRED Investments is subject to certain U.S. federal, state and local taxes. For the three months ended March 31, 2025 and 2024, BCRED Investments recorded an income tax provision of $1.3 million and $0.0 million, respectively. As of March 31, 2025 and 2024, BCRED Investments recorded a deferred tax liability of $10.3 million and $0.0 million, respectively, which is included within Accrued expenses and other liabilities in the Condensed Consolidated Statements of Assets and Liabilities.

For the three months ended March 31, 2025 and 2024, BCRED Investments recorded a current tax expense of $1.2 million and $0.0 million, respectively, which is substantially related to realized gains associated with the sale of an investment in a partnership interest.

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Net Unrealized Gain (Loss)

Net change in unrealized gain (loss) was comprised of the following (dollar amounts in thousands):


	Three Months Ended March 31,
	2025		2024
Net change in unrealized gain (loss) on investments	$	(192,229)	$	88,461
Net change in unrealized gain (loss) on derivative instruments	(12,789)		21,621
Net change in unrealized gain (loss) on foreign currency and other transactions	(1,082)		(161)
Income tax (provision) benefit	(1,334)		—
Net change in unrealized gain (loss)	$	(207,434)	$	109,921

For the three months ended March 31, 2025, the net change in unrealized losses of $207.4 million was primarily driven by the decrease in the fair value of certain investments. The fair value of debt investments as a percentage of principal decreased by 0.2% during the three months ended March 31, 2025 driven primarily by changes in portfolio company fundamentals and the economic outlook.

For the three months ended March 31, 2025, the net change in unrealized losses of $12.8 million and $1.1 million on derivative instruments and foreign currency and other transactions, respectively, were primarily as a result of fluctuations in the EUR and SEK exchange rates vs. USD.

Net Realized Gain (Loss)

The realized gains and losses on fully exited and partially exited investments consisted of the following (dollar amounts in thousands):


	Three Months Ended March 31,
	2025		2024
Net realized gain (loss) on investments	$	(59,178)	$	(42,398)
Net realized gain (loss) on derivative instruments	(19,413)		(6,397)
Net realized gain (loss) on foreign currency and other transactions	12,615		2,089
Current tax expense on realized gains	(1,243)		—
Net realized gain (loss)	$	(67,219)	$	(46,706)

For the three months ended March 31, 2025, we recognized net realized losses on investments of $59.2 million, which was primarily from losses realized from the full or partial sales of investments and losses realized on the restructure of certain debt investments, partially offset by a realized gain on the sale of an equity investment.

For the three months ended March 31, 2025, we generated additional net realized losses of $19.4 million on derivative instruments as a result of the settlement of our foreign currency derivative transactions.

The net realized losses for the three months ended March 31, 2025, were partially offset by the net realized gains of $12.6 million on foreign currency and other transactions, primarily as a result of fluctuations in the EUR, CAD and CHF exchange rates vs. USD.

Financial Condition, Liquidity and Capital Resources

We generate cash primarily from the net proceeds of our continuous offering of Common Shares, proceeds from net borrowings on our credit facilities and unsecured debt issuances, income earned and repayments on principal on our debt investments. The primary uses of our cash and cash equivalents are for (i) originating and purchasing debt and other investments, (ii) funding the costs of our operations (including fees paid to our Adviser and expense reimbursements paid to our Administrator), (iii) debt service, repayment and other financing costs of our borrowings, (iv) funding repurchases under our share repurchase program and (v) cash distributions to the holders of our Common Shares.

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As of March 31, 2025 and December 31, 2024, our debt consisted of asset based leverage facilities, a revolving credit facility, unsecured note issuances, short term borrowings related to repurchase obligations and debt securitizations. We have and will continue to, from time to time, enter into additional credit facilities, increase the size of our existing credit facilities or issue additional debt securities, including debt securitizations, unsecured debt and other forms of debt. Any such incurrence or issuance may be from sources within the U.S. or from various foreign geographies or jurisdictions, and may be denominated in currencies other than USD. Additionally, any such incurrence or issuance would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors. In accordance with the 1940 Act, with certain limited exceptions, we are only allowed to incur borrowings, issue debt securities or issue preferred stock, if immediately after the borrowing or issuance, the ratio of total assets (less total liabilities other than indebtedness) to total indebtedness plus preferred stock, is at least 150%. As of March 31, 2025 and December 31, 2024, we had an aggregate principal amount of $30.1 billion and $30.7 billion, of debt outstanding and our asset coverage ratio was 238.9% and 226.5%, respectively.

Cash and cash equivalents as of March 31, 2025, taken together with our $9.0 billion of unused capacity under our credit facilities (subject to borrowing base availability, $8.5 billion is available to borrow), proceeds from new or amended financing arrangements and the continuous offering of our Common Shares is expected to be sufficient for our investing activities and to conduct our operations in the near term. This determination is based in part on our expectations for the timing of funding investment purchases and the timing and amount of future proceeds from sales of our Common Shares and the use of existing and future financing arrangements. As of March 31, 2025, we had a significant amount of unfunded commitments, which we plan to fund using proceeds from offering our Common Shares and available borrowing capacity under our credit facilities. Additionally, we held $5,543.1 million of Level 1 and Level 2 investments as of March 31, 2025, which could provide additional liquidity if necessary.

Although we have historically been able to obtain sufficient borrowing capacity, a deterioration in economic conditions or any other negative economic developments could restrict our access to financing in the future. We may not be able to find new financing for future investments or liquidity needs and, even if we are able to obtain such financing, such financing may not be on as favorable terms as we have previously obtained. These factors may limit our ability to make new investments and adversely impact our results of operations.

As of March 31, 2025, we had $3.3 billion in cash and cash equivalents. For the three months ended March 31, 2025, cash provided by operating activities was $179.9 million, primarily due to proceeds from sales of investments of $4.3 billion and an increase in net assets resulting from operations of $759.3 million, partially offset by purchases of investments of $5.0 billion. Cash provided by financing activities was $1.4 billion during the period, primarily as a result of proceeds from issuance of Common Shares of $3.3 billion, partially offset by net repayments on debt of $792.7 million, share repurchases of $530.6 million, and dividends paid in cash of $526.7 million.

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Equity

The following table presents transactions in the Common Shares (dollars in thousands except share amounts):


	For the three months ended March 31, 2025
	Shares	Amount
CLASS I
Subscriptions	95,735,039	$	2,431,752
Share transfers between classes	1,701,230	43,221
Distributions reinvested	12,920,658	328,177
Share repurchases	(18,329,167)	(462,810)
Early repurchase deduction	—	215
Net increase (decrease)	92,027,760	2,340,555
CLASS S
Subscriptions	32,814,868	833,417
Share transfers between classes	(1,612,496)	(40,966)
Distributions reinvested	6,268,532	159,217
Share repurchases	(4,620,790)	(116,675)
Early repurchase deduction	—	102
Net increase (decrease)	32,850,114	835,095
CLASS D
Subscriptions	2,391,184	60,771
Share transfers between classes	(88,734)	(2,255)
Distributions reinvested	123,469	3,136
Share repurchases	(63,255)	(1,597)
Early repurchase deduction	—	5
Net increase (decrease)	2,362,664	60,060
Total net increase (decrease)	127,240,538	$	3,235,710

Distributions and Distribution Reinvestment Plan

The following tables summarize our distributions declared and payable for the three months ended March 31, 2025 (dollar amounts in thousands, except per share amounts):


			Class I
Declaration Date	Record Date	Payment Date	Distribution Per Share		Distribution Amount
January 22, 2025	January 31, 2025	February 27, 2025	$	0.2200	$	228,819
February 20, 2025	February 28, 2025	March 26, 2025	0.2200		238,587
March 19, 2025	March 31, 2025	April 24, 2025	0.2200		246,375






			$	0.6600	$	713,781


			Class S
Declaration Date	Record Date	Payment Date	Distribution Per Share		Distribution Amount
January 22, 2025	January 31, 2025	February 27, 2025	$	0.2020	$	102,691
February 20, 2025	February 28, 2025	March 26, 2025	0.2020		104,955
March 19, 2025	March 31, 2025	April 24, 2025	0.2020		107,789






			$	0.6060	$	315,435

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			Class D
Declaration Date	Record Date	Payment Date	Distribution Per Share		Distribution Amount
January 22, 2025	January 31, 2025	February 27, 2025	$	0.2147	$	5,018
February 20, 2025	February 28, 2025	March 26, 2025	0.2147		5,387
March 19, 2025	March 31, 2025	April 24, 2025	0.2147		5,442






			$	0.6441	$	15,847

With respect to distributions, we have adopted an “opt out” distribution reinvestment plan for shareholders. As a result, in the event of a declared cash distribution or other distribution, each shareholder that has not “opted out” of the distribution reinvestment plan will have their dividends or distributions automatically reinvested in additional Common Shares rather than receiving cash distributions. Shareholders who receive distributions in the form of Common Shares will be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions.

For additional information on our distributions and distribution reinvestment plan, see “Item 1. Financial Statements—Notes to Condensed Consolidated Financial Statements—Note 9. Net Assets.”

Share Repurchase Program

The Company has implemented a share repurchase program under which, at the discretion of the Board, the Company may repurchase, in each quarter, up to 5% of the NAV of the Company’s Common Shares outstanding (either by number of shares or aggregate NAV) as of the close of the previous calendar quarter. For the avoidance of doubt, such target amount is assessed each calendar quarter. The Board may amend or suspend the share repurchase program at any time (including to offer to purchase fewer shares) if in its reasonable judgment it deems such action to be in the best interest of shareholders, such as when a repurchase offer would place an undue burden on the Company’s liquidity, adversely affect the Company’s operations or risk having an adverse impact on the Company that would outweigh the benefit of the repurchase offer. As a result, share repurchases may not be available each quarter, or may only be available in an amount less than 5% of our Common Shares outstanding. The Company intends to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Securities Exchange Act of 1934, as amended, and the 1940 Act. Additionally, pursuant to Rule 23c-1(a)(10) under the 1940 Act, the Company may also repurchase its outstanding Common Shares outside of the share repurchase program. All Common Shares purchased pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued shares.

Under the share repurchase program, to the extent the Company offers to repurchase Common Shares in any particular quarter, it is expected to repurchase Common Shares pursuant to tender offers using a purchase price equal to the NAV per share as of the last calendar day of the applicable quarter, except that shares that have not been outstanding for at least one year will be repurchased at 98% of such NAV (an “Early Repurchase Deduction”). The one-year holding period will be satisfied if at least one year has elapsed from (a) the issuance date of the applicable Common Shares to (b) the subscription date immediately following the valuation date used in the repurchase of such Common Shares. The Early Repurchase Deduction may be waived in the case of repurchase requests arising from the death, divorce or qualified disability of the holder; in the event that a shareholder’s Common Shares are repurchased because the shareholder has failed to maintain the $500 minimum account balance; due to trade or operational error; and repurchases of Common Shares submitted by discretionary model portfolio management programs (and similar arrangements) as approved by the Company. In addition, the Company’s Common Shares are sold to certain feeder vehicles primarily created to hold the Company’s Common Shares that in turn offer interests in such feeder vehicles to non-U.S. persons. For such feeder vehicles and similar arrangements in certain markets, the Company will not apply the Early Repurchase Deduction to the feeder vehicles or underlying investors, often because of administrative or systems limitations. The Early Repurchase Deduction will be retained by the Company for the benefit of remaining shareholders.

For additional information on our share repurchases, see “Item 1. Financial Statements—Notes to Condensed Consolidated Financial Statements—Note 9. Net Assets.”

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Borrowings

As of March 31, 2025 and December 31, 2024, we had an aggregate principal amount of $30.1 billion and $30.7 billion, respectively, of debt outstanding.

For additional information on our debt obligations see “Item 1. Financial Statements—Notes to Condensed Consolidated Financial Statements—Note 7. Borrowings.”

Interest Rate Swaps

We use interest rate swaps to mitigate interest rate risk associated with our fixed rate liabilities, and have designated certain interest rate swaps to be in a hedge accounting relationship.

See “Item 1. Financial Statements—Notes to Condensed Consolidated Financial Statements—Note 2. Significant Accounting Policies—Derivative Instruments” and “Item 1. Financial Statements—Notes to Condensed Consolidated Financial Statements— Note 6. Derivatives” for additional disclosure regarding our derivative instruments designated in a hedge accounting relationship.

Off-Balance Sheet Arrangements

Portfolio Company Commitments

Our investment portfolio contains and is expected to continue to contain debt investments which are in the form of lines of credit or delayed draw commitments, which require us to provide funding when requested by portfolio companies in accordance with underlying loan agreements. As of March 31, 2025 and December 31, 2024, we had unfunded commitments, including delayed draw term loans and revolvers with an aggregate principal amount of $10.2 billion and $10.8 billion, respectively.

Additionally, from time to time, the Advisers and their affiliates may commit to an investment or commit to backstop the commitment of another lender on behalf of the investment vehicles they manage, including the Company. Certain terms of these investments or backstop arrangements are not finalized at the time of the commitment and each respective investment vehicle’s allocation may change prior to the date of funding. In this regard, as of March 31, 2025 and December 31, 2024, we estimate that $887.6 million and $130.2 million, respectively, of investments and backstop arrangements were committed but not yet funded.

Other Commitments and Contingencies

From time to time, we may become a party to certain legal proceedings incidental to the normal course of our business. As of March 31, 2025, management is not aware of any material pending legal proceedings.

Related-Party Transactions

We have entered into a number of business relationships with affiliated or related parties, including the following:

•the Investment Advisory Agreement;

•the Sub-Advisory Agreement;

•the Administration Agreement;

•the Intermediary Manager Agreement; and

•the Expense Support and Conditional Reimbursement Agreement.

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In addition to the aforementioned agreements, we, our Advisers and certain of our Advisers’ affiliates have been granted exemptive relief by the SEC to co-invest with other funds managed by our Advisers or their affiliates in a manner consistent with our investment objectives, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors.

The Company has investments in joint ventures that have been considered controlled/affiliated companies, including Emerald JV and Verdelite JV. From time to time, the Company may purchase investments from or sell investments to Emerald JV and Verdelite JV. For the three months ended March 31, 2025, the Company purchased investments from Emerald JV with a par value of $18.0 million, for a total cash purchase price based on then-current fair value (at the time of purchase) of $18.0 million. For the three months ended March 31, 2025, the Company did not purchase investments from or sell investments to Verdelite JV.

See “Item 1. Financial Statements—Notes to Condensed Consolidated Financial Statements—Note 3. Fees, Expenses, Agreements and Related Party Transactions” and “Item 1. Financial Statements—Notes to Condensed Consolidated Financial Statements—Note 11. Joint Ventures.”

Recent Developments

Macroeconomic Environment

The three months ended March 31, 2025 have been characterized by volatility and uncertainty in global markets, driven by investor concerns over inflation, elevated interest rates, ongoing political and regulatory uncertainty, including potential shifts in U.S. trade policy and the imposition of new tariffs, as well as geopolitical instability stemming from the conflicts in Ukraine and the Middle East.

Although inflation generally decelerated throughout 2024 and during the first quarter of 2025 due to central bank monetary tightening, including maintaining elevated interest rates, it remains above target levels set by central banks, including the Federal Reserve. Despite three interest rate cuts by the Federal Reserve in the latter part of 2024, rates remain elevated relative to the interest rate environment prior to the inflationary spike in 2022-2023. The Federal Reserve has also indicated its intent to maintain higher interest rates in the near term. While our business model benefits from elevated interest rates which, all else being equal, correlate to increases in our net income, higher borrowing costs may strain our existing portfolio companies, potentially leading to nonperformance. Rising interest rates can dampen consumer spending and slow corporate profit growth, negatively impacting our portfolio companies, particularly those vulnerable to economic downturns or recessions. While further interest rate hikes are not expected at this time, any renewed increases could lead to a rise in non-performing assets and decline in portfolio value if investment write-downs become necessary. Additionally, adverse economic conditions may erode the value of collateral securing some of our loans and reduce the value of our equity investments. It remains difficult to predict the full impact of recent and any future changes with respect to interest rates or inflation.

Further contributing to economic uncertainty, the current U.S. presidential administration has signaled its intention to implement or has implemented significant changes to U.S. trade policy, the size of the federal government and the enforcement of various regulations. These policy shifts could introduce additional market instability and reduce investor confidence. For example, changes in trade policy and the imposition of new tariffs could disrupt supply chains and potentially reverse the recent downward trend in inflation. The uncertainty as to how or what tariffs will be imposed or what retaliatory measures other countries may take in response to tariffs proposed or imposed by the U.S. could further increase costs, decrease margins, reduce the competitiveness of products and services offered by our portfolio companies and adversely affect the revenues and profitability of our portfolio companies whose business rely on imported goods. We believe our direct first order exposure is limited, although there is potentially a material impact to a relatively small group of our portfolio companies. Meanwhile, substantial reductions in government spending could negatively affect certain of our portfolio companies that rely on government contracts, destabilize the U.S. government contracting market and harm our ability to generate expected returns. Additionally, changes in the regulation or enforcement of bank lending and capital requirements could have material and adverse effects on the private credit market. In light of these developments, there can be no assurances that political and regulatory conditions will not worsen and adversely affect the Company, its portfolio companies or their respective financial performance.

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Critical Accounting Estimates

The preparation of the condensed consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Changes in the economic environment, financial markets, and any other parameters used in determining such estimates could cause actual results to differ.

Our critical accounting policies and estimates, including those relating to the valuation of our investment portfolio, are described in our Annual Report on Form 10-K for the year ended December 31, 202 4, filed with the SEC on March 14, 2025, and elsewhere in our filings with the SEC. There have been no material changes in our critical accounting policies and practices.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

Uncertainty with respect to the economic conditions has introduced significant volatility in the financial markets, and the effect of the volatility could materially impact our market risks. We are subject to financial market risks, including valuation risk and interest rate risk. Our exposure to valuation risk has not materially changed from what was previously disclosed in our Annual Report on Form 10-K for the fiscal year ended December 31, 202 4.

Interest Rate Risk

Interest rate sensitivity refers to the change in earnings that may result from changes in the level of interest rates. We intend to fund portions of our investments with borrowings, and at such time, our net investment income will be affected by the difference between the rate at which we invest and the rate at which we borrow. Accordingly, we cannot assure shareholders that a significant change in market interest rates will not have a material adverse effect on our net investment income.

In a declining interest rate environment, the difference between the total interest income earned on interest earning assets and the total interest expense incurred on interest bearing liabilities may be compressed, reducing our net income and potentially adversely affecting our operating results. Conversely, in a rising interest rate environment, such difference could potentially increase thereby increasing our net income as indicated per the table below.

As of March 31, 2025, 99.7% of our performing debt investments based on fair value in our portfolio were at floating rates. Based on our Condensed Consolidated Statements of Assets and Liabilities as of March 31, 2025, the following table shows the annualized impact on net income of hypothetical base rate changes in interest rates (considering interest rate floors and ceilings for floating rate instruments assuming no changes in our investment and borrowing structure) (dollar amounts in thousands):


	Interest Income		Interest Expense		Net Income (1)
Up 300 basis points	$	2,001,413	$	(808,039)	$	1,193,374
Up 200 basis points	1,334,169		(538,693)		795,476
Up 100 basis points	666,925		(269,346)		397,579
Down 100 basis points	(666,568)		269,346		(397,222)
Down 200 basis points	(1,330,727)		538,693		(792,034)
Down 300 basis points	(1,974,887)		808,039		(1,166,848)

(1)Excludes the impact of incentive fees. See “Item 1. Financial Statements —Notes to Condensed Consolidated Financial Statements—Note 3. Fees, Expenses, Agreements and Related Party Transactions” for further information.

We may in the future hedge against interest rate fluctuations by using hedging instruments such as additional interest rate swaps, futures, options and forward contracts. While hedging activities may mitigate our exposure to adverse fluctuations in interest rates, certain hedging transactions that we may enter into in the future, such as interest rate swap agreements, may also limit our ability to participate in the benefits of changes in interest rates with respect to our portfolio investments.

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Item 4. Controls and Procedures.

(a) Evaluation of Disclosure Controls and Procedures

The Company maintains disclosure controls and procedures (as that term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) that are designed to ensure that information required to be disclosed in the Company’s reports under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to the Company’s management, including its Co-Chief Executive Officers and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosures. Any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. An evaluation of the effectiveness of our disclosure controls and procedures as of the end of the period covered by this Quarterly Report on Form 10-Q was made under the supervision and with the participation of our management, including our Co-Chief Executive Officers and Chief Financial Officer.

Based upon this evaluation, our Co-Chief Executive Officers and Chief Financial Officer have concluded that the design and operation of our disclosure controls and procedures are (a) effective at the reasonable assurance level to ensure that information required to be disclosed by us in reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified by SEC rules and forms and (b) include, without limitation, controls and procedures designed to ensure that information required to be disclosed by us in reports filed or submitted under the Exchange Act is accumulated and communicated to our management, including our Co-Chief Executive Officers and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

(b) Changes in Internal Controls Over Financial Reporting

There have been no changes in our internal control over financial reporting that occurred during our most recently completed fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II - OTHER INFORMATION

Item 1. Legal Proceedings.

We are not currently subject to any material legal proceedings. From time to time, we may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. Our business is also subject to extensive regulation, which may result in regulatory proceedings against us.

Item 1A. Risk Factors.

There have been no material changes to the risk factors discussed in Part I, Item 1A. “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

Refer to our Current Reports on Form 8-K filed with SEC on January 23, 2025, February 21, 2025 and March 20, 2025 for information about unregistered sales of our equity securities during the quarter.

For the three months ended March 31, 2025, approximately 23,024,370 Common Shares were repurchased for a total value of $581.0 million (net of Early Repurchase Deduction).

The following table sets forth information regarding repurchases of Common Shares pursuant to the Company’s share repurchase plan for the three months ended March 31, 2025:


Repurchase deadline request	Total Number of Shares Repurchased (all classes)	Percentage of Outstanding Shares Repurchased (1)		Price Paid Per Share		Repurchase Pricing Date	Amount Repurchased (all classes) (2)		Maximum number of shares that may yet be purchased under the repurchase plan (3)
March 3, 2025	23,024,370	1.5	%	$	25.25	March 31, 2025	$	581,043	—

(1)Percentage is based on total shares as of the close of the previous calendar quarter.

(2)Amounts shown net of Early Repurchase Deduction

(3)All repurchase requests were satisfied in full.

For additional information on our share repurchases, see “Item 1. Financial Statements—Notes to Condensed Consolidated Financial Statements—Note 9. Net Assets.”

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

Not applicable.

Item 5. Other Information.

None.

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Item 6. Exhibits.


Exhibit Number						Description of Exhibits

3.1						Fifth Amended and Restated Declaration of Trust of the Company (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K, filed on February 23, 2024).

3.2						Second Amended and Restated Bylaws (incorporated by reference to Exhibit 3.2 to the Company’s Current Report on Form 8-K, filed on February 23, 2024).

4.1						Eighteenth Supplemental Indenture, dated as of January 29, 2025, relating to the 6.000% Notes due 2032, by and between the Company and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K, filed on January 29, 2025).

4.2						Form of 6.000% Notes due 2032 (incorporated by reference to Exhibit 4.3 to the Company’s Current Report on Form 8-K, filed on January 29, 2025).

10.1						Master Note Purchase Agreement, dated March 25, 2025, by and among the Company and the Purchasers party thereto (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K, filed on March 26, 2025).

31.1						Certification of Principal Executive Officer Pursuant to Rule 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*

31.2						Certification of Principal Executive Officer Pursuant to Rule 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*

31.3						Certification of Principal Financial Officer Pursuant to Rule 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*

32.1						Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (furnished herewith)

32.2						Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (furnished herewith)

32.3						Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (furnished herewith)

101.INS						Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document*

101.SCH						Inline XBRL Taxonomy Extension Schema Document*

101.CAL						Inline XBRL Taxonomy Extension Calculation Linkbase Document*

101.DEF						Inline XBRL Taxonomy Extension Definition Linkbase Document*

101.LAB						Inline XBRL Taxonomy Extension Label Linkbase Document*

101.PRE						Inline XBRL Taxonomy Extension Presentation Linkbase Document*

104						Cover Page Interactive Data File (embedded within the Inline XBRL document)

*Filed herewith.

The agreements and other documents filed as exhibits to this report are not intended to provide factual information or other disclosure other than with respect to the terms of the agreements or other documents themselves, and you should not rely on them for that purpose. In particular, any representations and warranties made by us in these agreements or other documents were made solely within the specific context of the relevant agreement or document and may not describe the actual state of affairs as of the date they were made or at any other time.

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Table of Contents

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


		Blackstone Private Credit Fund


Date:	May 12, 2025	/s/ Brad Marshall
		Brad Marshall
		Co-Chief Executive Officer
		(Principal Executive Officer)

Date:	May 12, 2025	/s/ Jonathan Bock
		Jonathan Bock
		Co-Chief Executive Officer
		(Principal Executive Officer)

Date:	May 12, 2025	/s/ Teddy Desloge
		Teddy Desloge
		Chief Financial Officer
		(Principal Financial Officer)

298