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Filed pursuant to Rule 424(b)(3)
File No. 333-278966

BLACKSTONE PRIVATE CREDIT FUND

SUPPLEMENT NO. 3 DATED NOVEMBER 18, 2025

TO THE PROSPECTUS DATED APRIL 23, 2025

This prospectus supplement (“Supplement”) is part of and should be read in conjunction with the prospectus of Blackstone Private Credit Fund (“we,” “our” or the “Fund”), dated April 23, 2025 (as supplemented to date, the “Prospectus”). Unless otherwise defined herein, capitalized terms used in this Supplement shall have the same meanings as in the Prospectus.

The purposes of this Supplement are:

•

to update the Prospectus; and

•

to include our Quarterly Report on Form 10-Q for the quarter ended September 30, 2025.

Updates to Prospectus

The following is added to the end of the paragraph under “Alabama” in the “Suitability Standards” section of the Prospectus, to the end of the suitability standards for Alabama residents in “Appendix A: Form of Subscription Agreement” and all similar disclosure in the Prospectus:

Investors who are accredited investors as defined in Regulation D under the Securities Act of 1933, as amended (the “Securities Act”) are not subject to the foregoing concentration limit.

The following is added to the end of the paragraph under “Kentucky” in the “Suitability Standards” section of the Prospectus, to the end of the suitability standards for Kentucky residents in “Appendix A: Form of Subscription Agreement” and all similar disclosure in the Prospectus:

Investors who are accredited investors as defined in Regulation D under the Securities Act are not subject to the foregoing concentration limit.

The following replaces the paragraph under “Massachusetts” in the “Suitability Standards” section of the Prospectus and all similar disclosure in the Prospectus, including the suitability standards for Massachusetts residents in “Appendix A: Form of Subscription Agreement”:

In addition to the suitability standards set forth above, Massachusetts residents are required to have (a) a minimum liquid net worth of at least $100,000 and a minimum annual gross income of not less than $85,000; or (b) a minimum liquid net worth of $350,000. In addition, the total investment in us, our affiliates and other non-publicly traded direct investment programs (including REITs, business development companies, oil and gas programs, equipment leasing programs and commodity pools, but excluding unregistered, federally and state exempt private offerings) may not exceed 10% of an investor’s liquid net worth. For purposes of the Massachusetts suitability standard, “liquid net worth” is defined as that portion of net worth (total assets exclusive of home, home furnishings, and automobiles minus total liabilities) that consists of cash, cash equivalents and readily marketable securities.

The paragraph titled “North Dakota” in the “Suitability Standards” section of the Prospectus and all similar disclosure in the Prospectus, including the suitability standards for North Dakota residents in “Appendix A: Form of Subscription Agreement” are hereby removed.

The following replaces the seventh bullet of the “What potential strengths do the Advisers offer?” section of the Prospectus Summary, the twelfth paragraph under the “Investment Objectives and Strategies – Blackstone Credit & Insurance Strengths” section of the Prospectus and all similar disclosure in the Prospectus:

Strong Investment Track Record. Blackstone Credit & Insurance’s track record in private debt lending and investing in below investment grade credit dates back to the inception of Blackstone Credit & Insurance. Since 2005 through September 30, 2025, Blackstone Credit & Insurance has invested approximately $257 billion in

capital in privately-originated transactions.¹ Specifically within the North America Direct Lending strategy, Blackstone Credit & Insurance has invested over $145 billion² in privately-originated or privately negotiated first lien and unitranche transactions. Corresponding to this North America Direct Lending track record, Blackstone Credit & Insurance has an annualized loss rate of 0.08%.³ We believe maintaining this consistent strategy in the North America Direct Lending strategy across market cycles, with a specific emphasis on combining current yield, downside protection, and inflation protection, will generate compelling investment outcomes for the Adviser. Blackstone Credit & Insurance believes that the depth and breadth of its team provides it with a competitive advantage in sourcing product on a global basis, structuring transactions and actively managing investments in the portfolio.

Quarterly Report on Form 10-Q for the Quarter Ended September 30, 2025

On November 13, 2025, we filed our Quarterly Report on Form 10-Q for the quarter ended September 30, 2025 with the Securities and Exchange Commission. The report (without exhibits) is attached to this Supplement.

¹	Includes invested and committed capital for privately originated and anchor investments across private credit strategies and vehicles since 2005, including Direct Lending, Sustainable Resources, Mezzanine, and Opportunistic. Excludes liquid credit strategy investments.

As of September 30, 2025. The North America Direct Lending track record represents U.S. and Canada first lien and unitranche debt, or non-U.S. first lien and unitranche debt where >50% of the revenue is generated from the U.S. (which may be secured by the applicable borrower’s assets and/or equity) transactions in companies that were originated or anchored by certain Blackstone Credit & Insurance managed, advised or sub-advised funds (including the Fund, Blackstone Credit & Insurance managed mezzanine funds and Blackstone Credit & Insurance sub-advised BDCs, as well as certain other Blackstone Credit & Insurance managed funds and accounts) and, with respect to certain transactions, investments allocated to affiliates of Blackstone Credit & Insurance, which may be sold to Blackstone Credit & Insurance managed funds or accounts in the future (the “North America Direct Lending track record”). The track record includes investments for periods prior to December 31, 2017, in BDCs that were sub-advised by Blackstone Credit & Insurance on a non-discretionary basis until April 9, 2018 (the “Sub-Advised Investments”). With respect to certain transactions, the North America Direct Lending track record includes free equity and/or warrants that accompanied the debt financings, as well as any loans or securities into which the applicable first lien and unitranche debt may have been restructured subsequent to Blackstone Credit & Insurance’s initial investment. The North America Direct Lending track record excludes (i) broadly syndicated, mezzanine, second lien and equity (other than the aforementioned free equity and/or warrants or securities issued upon restructuring) transactions, among others and (ii) transactions where Blackstone Credit & Insurance’s invested capital (net of transactions fees) was under $25 million.

As of September 30, 2025. The annualized loss rate represents annualized net losses for substantially realized investments. Whether an investment is substantially realized is determined in the manager’s discretion. Investments are included in the loss rate if (1) a payment was missed, (2) bankruptcy was declared, (3) there was a restructuring, or (4) it was realized with a total multiple on invested capital less than 1.0x. Net losses include all profits and losses associated with these investments, including interest payments received. Net losses are represented in the year the investment is substantially realized and excludes all losses associated with unrealized investments. The annualized net loss rate is the net losses divided by the average annual remaining invested capital within the platform. Investments sourced by Blackstone Credit & Insurance for the Sub-Advised Investments did, in certain cases, experience defaults and losses after Blackstone Credit & Insurance was no longer sub-adviser, and such defaults and losses are not included in the rates provided. Prior to December 31, 2022, the methodology used by the North America Direct Lending track record for calculating the platform’s average annual loss rate was based on net loss of principal resulting only from payment defaults in the year of default which would exclude interest payments. Past performance is not necessarily indicative of future results, and there can be no assurance that Blackstone Credit & Insurance will achieve comparable results or that any entity or account managed by or advised by Blackstone Credit & Insurance will be able to implement its investment strategy or achieve its investment objectives.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

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

For the quarterly period ended September 30, 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 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	None	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 ☒ 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 ☒ 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:

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 ☒

The number of shares of Registrant’s common shares of beneficial interest (“Common Shares”), $0.01 par value per share, outstanding as of November 10, 2025 was 1,300,258,299, 592,339,511 and 25,668,144 of Class I, Class S and Class D common shares, respectively. Common shares outstanding exclude November 1, 2025 subscriptions since the issuance price is not yet finalized at this time.

Table of Contents


		Page
PART I	FINANCIAL INFORMATION
Item 1.	Financial Statements		5
	Condensed Consolidated Statements of Assets and Liabilities as of September 30, 2025 and December 31, 2024 (Unaudited)		5
	Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2025 and 2024 (Unaudited)		7
	Condensed Consolidated Statements of Changes in Net Assets for the three and nine months ended September 30, 2025 and 2024 (Unaudited)		8
	Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024 (Unaudited)		9
	Condensed Consolidated Schedules of Investments as of September 30, 2025 and December 31, 2024 (Unaudited)		11
	Notes to Condensed Consolidated Financial Statements (Unaudited)		135
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		269
Item 3.	Quantitative and Qualitative Disclosures About Market Risk		288
Item 4.	Controls and Procedures		289

PART II	OTHER INFORMATION
Item 1.	Legal Proceedings		290
Item 1A.	Risk Factors		290
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds		290
Item 3.	Defaults Upon Senior Securities		290
Item 4.	Mine Safety Disclosures		290
Item 5.	Other Information		290
Item 6.	Exhibits		291
Signatures

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”or the “Board of Trustees”);

•

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.

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.

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)


	September 30, 2025			December 31, 2024
ASSETS
Investments at fair value
Non-controlled/non-affiliated investments (cost of $73,270,661 and $66,124,775, respectively)	$	72,926,002		$	65,689,987
Non-controlled/affiliated investments (cost of $704,663 and $558, respectively)		708,337			1,394
Controlled/affiliated investments (cost of $3,102,870 and $2,860,338, respectively)		2,896,779			2,728,396

Total investments at fair value (cost of $77,078,194 and $68,985,671, respectively)		76,531,118			68,419,777
Cash and cash equivalents (restricted cash of $721,131 and $305,900, respectively)		2,162,003			1,650,679
Interest receivable from non-controlled/non-affiliated investments		696,283			712,903
Interest receivable from non-controlled/affiliated investments		10			—
Interest receivable from controlled/affiliated investments		69			96
Dividend receivable from non-controlled/affiliated investments		1,096			—
Dividend receivable from controlled/affiliated investments		65,714			56,636
Receivable from broker		307,148			253,890
Deferred financing costs		132,395			132,751
Deferred offering costs		987			1,524
Receivable for investments		306,969			38,838
Derivative assets at fair value (Note 6)		137,818			16,476

Total assets	$	80,341,610		$	71,283,570

LIABILITIES
Debt (net of unamortized debt issuance costs of $169,493 and $136,810, respectively)	$	31,328,351		$	30,452,578
Payable for investments		178,329			250,150
Management fees payable (Note 3)		145,621			120,103
Income based incentive fees payable (Note 3)		160,605			144,724
Capital gains based incentive fees payable (Note 3)		—			—
Interest payable		499,731			398,004
Derivative liabilities at fair value (Note 6)		34,517			126,281
Due to affiliates		12,948			20,721
Distribution payable (Note 9)		408,239			331,762
Payable for share repurchases (Note 9)		793,648			531,058
Board of Trustees’ fees payable		230			224
Accrued expenses and other liabilities		40,261			52,202

Total liabilities		33,602,480			32,427,807

Commitments and contingencies (Note 8)

NET ASSETS
Common Shares, $0.01 par value (1,872,144,651 and 1,528,574,321 shares issued and outstanding, respectively)		18,721			15,286
Additional paid in capital		47,646,024			38,958,382
Distributable earnings (loss)		(925,615	)		(117,905	)

Total net assets		46,739,130			38,855,763

Total liabilities and net assets	$	80,341,610		$	71,283,570

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

Blackstone Private Credit Fund

Condensed Consolidated Statements of Assets and Liabilities

(in thousands, except share and per share amounts)

(Unaudited)


	September 30, 2025		December 31, 2024
NET ASSET VALUE PER SHARE
Class I Shares:
Net assets	$	31,594,584	$	25,661,534
Common Shares outstanding ($0.01 par value, unlimited shares authorized)		1,265,529,621		1,009,518,371
Net asset value per share	$	24.97	$	25.42
Class S Shares:
Net assets	$	14,535,807	$	12,611,626
Common Shares outstanding ($0.01 par value, unlimited shares authorized)		582,232,548		496,136,844
Net asset value per share	$	24.97	$	25.42
Class D Shares:
Net assets	$	608,739	$	582,603
Common Shares outstanding ($0.01 par value, unlimited shares authorized)		24,382,482		22,919,106
Net asset value per share	$	24.97	$	25.42

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

Blackstone Private Credit Fund

Condensed Consolidated Statements of Operations

(in thousands)

(Unaudited)


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Investment income:
From non-controlled/non-affiliated investments:
Interest income	$	1,704,842		$	1,534,454		$	5,005,324		$	4,390,085
Payment-in-kind interest income		119,381			86,045			313,170			273,235
Dividend income		25,652			442			38,917			487
Fee income		1,573			3,528			18,448			9,982
From non-controlled/affiliated investments:
Interest income		184			—			296			—
Payment-in-kind interest income		782			—			918			—
Dividend income		1,096			—			1,096			13
From controlled/affiliated investments:
Interest income		2,960			846			6,448			2,327
Payment-in-kind interest income		3,495			7,634			12,641			8,343
Dividend income		75,692			64,207			223,642			224,441

Total investment income		1,935,657			1,697,156			5,620,900			4,908,913

Expenses:
Interest expense		483,857			452,804			1,441,501			1,349,019
Management fees (Note 3)		145,621			112,634			413,502			312,344
Income based incentive fees (Note 3)		160,605			139,413			464,172			398,969
Capital gains based incentive fees (Note 3)		—			—			—			—
Distribution and shareholder servicing fees
Class S		30,903			24,940			88,602			69,675
Class D		394			331			1,189			892
Professional fees		2,989			2,780			5,714			9,510
Board of Trustees’ fees		230			225			708			671
Administrative service expenses (Note 3)		3,067			1,408			7,336			5,149
Other general and administrative		6,722			3,889			18,707			12,501
Amortization of continuous offering costs		984			1,116			3,162			2,613

Total expenses before tax expense		835,372			739,540			2,444,593			2,161,343

Net investment income before tax expense		1,100,285			957,616			3,176,307			2,747,570

Excise and other tax expense		7,346			6,990			16,894			25,352

Net investment income after tax expense		1,092,939			950,626			3,159,413			2,722,218

Realized and unrealized gain (loss):
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated investments		(243,924	)		(42,971	)		(254,785	)		158,127
Non-controlled/affiliated investments		3,167			(92	)		2,839			(512	)
Controlled/affiliated investments		(20,179	)		(22,621	)		(74,149	)		(124,479	)
Derivative instruments (Note 6)		67,003			(8,485	)		5,654			9,438
Foreign currency and other transactions		(627	)		(7,609	)		2,421			2,555
Income tax (provision) benefit		4,438			—			(598	)		—

Net change in unrealized appreciation (depreciation), net of income tax (provision) benefit		(190,122	)		(81,778	)		(318,618	)		45,129

Net realized gain (loss):
Non-controlled/non-affiliated investments		(58,768	)		(61,988	)		(95,258	)		(126,497	)
Derivative instruments (Note 6)		(27,256	)		(14,196	)		(186,118	)		(14,578	)
Foreign currency and other transactions		(9,410	)		7,941			7,024			11,989
Extinguishment of debt		—			—			(794	)		—
Current tax expense on realized gains		(2,622	)		—			(3,864	)		—

Net realized gain (loss), net of tax expense		(98,056	)		(68,243	)		(279,010	)		(129,086	)

Net realized and change in unrealized gain (loss)		(288,178	)		(150,021	)		(597,628	)		(83,957	)

Net increase (decrease) in net assets resulting from operations	$	804,761		$	800,605		$	2,561,785		$	2,638,261

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

Blackstone Private Credit Fund

Condensed Consolidated Statements of Changes in Net Assets

(in thousands)

(Unaudited)


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Operations:
Net investment income after tax expense	$	1,092,939		$	950,626		$	3,159,413		$	2,722,218
Net change in unrealized appreciation (depreciation), net of income tax (provision) benefit		(190,122	)		(81,778	)		(318,618	)		45,129
Net realized gain (loss), net of tax expense		(98,056	)		(68,243	)		(279,010	)		(129,086	)

Net increase (decrease) in net assets resulting from operations		804,761			800,605			2,561,785			2,638,261

Distributions to common shareholders:
Class I		(824,877	)		(613,824	)		(2,318,608	)		(1,700,840	)
Class S		(351,104	)		(278,214	)		(1,001,734	)		(778,887	)
Class D		(16,147	)		(13,444	)		(49,152	)		(36,237	)

Net decrease in net assets resulting from distributions		(1,192,128	)		(905,482	)		(3,369,494	)		(2,515,964	)

Share transactions:
Class I:
Proceeds from shares sold		2,334,017			1,817,606			7,197,001			5,618,350
Share transfers between classes		119,101			30,939			203,836			101,404
Distributions reinvested		376,093			285,248			1,059,933			787,774
Repurchased shares, net of early repurchase deduction		(586,281	)		(436,427	)		(1,985,258	)		(1,225,023	)

Net increase (decrease) from share transactions		2,242,930			1,697,366			6,475,512			5,282,505

Class S:
Proceeds from shares sold		675,173			733,227			2,233,734			2,402,991
Share transfers between classes		(42,708	)		(30,977	)		(118,397	)		(102,323	)
Distributions reinvested		180,966			138,243			511,197			380,424
Repurchased shares, net of early repurchase deduction		(183,913	)		(107,743	)		(448,668	)		(322,351	)

Net increase (decrease) from share transactions		629,518			732,750			2,177,866			2,358,741

Class D:
Proceeds from shares sold		32,323			36,765			150,170			158,603
Share transfers between classes		(76,393	)		38			(85,439	)		919
Distributions reinvested		2,880			2,429			9,447			6,032
Repurchased shares, net of early repurchase deduction		(23,459	)		(4,002	)		(36,480	)		(16,941	)

Net increase (decrease) from share transactions		(64,649	)		35,230			37,698			148,613

Total increase (decrease) in net assets		2,420,432			2,360,469			7,883,367			7,912,156
Net assets, beginning of period		44,318,698			34,086,124			38,855,763			28,534,437

Net assets, end of period	$	46,739,130		$	36,446,593		$	46,739,130		$	36,446,593

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

Blackstone Private Credit Fund

Condensed Consolidated Statements of Cash Flows

(in thousands)

(Unaudited)


	Nine Months Ended September 30,
	2025			2024
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations	$	2,561,785		$	2,638,261
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		326,095			(33,136	)
Net change in unrealized (appreciation) depreciation on derivative instruments		(5,654	)		(9,438	)
Net change in unrealized (appreciation) depreciation on foreign currency and other transactions		(2,421	)		(2,555	)
Net realized (gain) loss on investments		95,258			126,497
Net realized (gain) loss on derivative instruments		—			14,578
Net realized (gain) loss on foreign currency and other transactions		(7,024	)		(11,989	)
Net change due to hedging activity		(2,623	)		—
Payment-in-kind interest capitalized		(338,179	)		(286,773	)
Net accretion of discount and amortization of premium		(201,596	)		(153,853	)
Amortization of deferred financing costs		26,242			29,581
Amortization of original issue discount and debt issuance costs (including premiums and discounts)		31,225			24,199
Amortization of offering costs		3,162			2,613
Purchases of investments		(16,582,977	)		(16,186,297	)
Proceeds from sale of investments and principal repayments		8,934,973			5,730,397
Changes in operating assets and liabilities:
Interest receivable		16,637			(126,136	)
Dividend receivable		(10,174	)		4,584
Receivable from broker		(53,258	)		115,904
Receivable for investments		(268,131	)		(501,493	)
Payable for investments		(71,821	)		31,297
Management fees payable		25,518			25,362
Income based incentive fees payable		15,881			16,470
Interest payable		101,727			27,415
Due to affiliates		(7,773	)		147
Accrued expenses and other liabilities		(11,935	)		1,630

Net cash provided by (used in) operating activities		(5,425,063	)		(8,522,735	)

Cash flows from financing activities:
Borrowings on debt		9,382,511			6,135,797
Repayments on debt		(9,045,062	)		(3,040,077	)
Deferred financing costs paid		(27,102	)		(57,698	)
Debt issuance costs paid		(22,898	)		(4,525	)
Deferred offering costs paid		(2,558	)		(3,317	)
Proceeds from issuance of Common Shares		9,580,905			8,179,944
Repurchased shares, net of early repurchase deduction paid		(2,207,689	)		(1,549,969	)
Dividends paid in cash		(1,712,439	)		(1,277,857	)

Net cash provided by (used in) financing activities		5,945,668			8,382,298

Net increase (decrease) in cash and cash equivalents		520,605			(140,437	)
Effect of foreign exchange rate changes on cash and cash equivalents		(9,281	)		12
Cash and cash equivalents, beginning of period		1,650,679			1,481,770

Cash and cash equivalents, end of period	$	2,162,003		$	1,341,345

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

Blackstone Private Credit Fund

Condensed Consolidated Statements of Cash Flows

(in thousands)

(Unaudited)


	Nine Months Ended September 30,
	2025		2024
Supplemental information and non-cash activities:
Interest paid during the period	$	1,656,792	$	1,513,206
Distribution payable		408,239		310,553
Reinvestment of dividends during the period		1,580,577		1,174,230
Accrued but unpaid deferred financing costs		—		175
Accrued but unpaid debt issuance costs		1,969		1,966
Accrued but unpaid offering costs		—		616
Share repurchases accrued but not yet paid		793,648		547,722
Excise and other taxes paid		34,890		26,402

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

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

September 30, 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
First Lien Debt— non-controlled/non-affiliated
Aerospace & Defense
Atlas CC Acquisition Corp.	(10)(17)		SOFR + 4.25	%		8.83	%		7/25/2025		5/25/2029	$	41,188	$	30,791	$	23,902		0.05	%
Atlas CC Acquisition Corp.	(10)(17)		SOFR + 4.25	%		8.83	%		7/25/2025		5/25/2029		5,912		4,398		3,431		0.01
Atlas CC Acquisition Corp.	(4)(10)(17)		SOFR + 4.25	%		8.57	%		7/25/2025		5/25/2029		35,616		24,962		17,274		0.04
Atlas CC Acquisition Corp.	(5)(7)(10)		P + 3.00	%		10.25	%		7/25/2025		5/25/2029		5,679		70		5,355		0.01
Corfin Holdings, Inc.	(4)(10)		SOFR + 5.25	%		9.51	%		1/7/2021		12/27/2027		32,138		32,115		32,138		0.07
Corfin Holdings, Inc.	(4)(10)		SOFR + 5.25	%		9.51	%		1/10/2025		12/27/2027		138,336		137,286		138,336		0.30
Fastener Distribution Holdings, LLC	(4)(10)		SOFR + 4.75	%		8.75	%		10/31/2024		11/4/2031		174,133		172,617		173,262		0.37
Fastener Distribution Holdings, LLC	(4)(7)(10)		SOFR + 4.75	%		8.75	%		10/31/2024		11/4/2031		26,244		25,833		25,904		0.06
Frontgrade Technologies Holdings, Inc.	(4)(7)(10)		SOFR + 5.00	%		9.19	%		1/9/2023		1/9/2030		2,329		2,281		2,314		0.00
Frontgrade Technologies Holdings, Inc.	(4)(5)(10)		SOFR + 5.00	%		9.19	%		3/18/2025		1/9/2030		353		350		351		0.00
Frontgrade Technologies Holdings, Inc.	(4)(5)(10)		SOFR + 5.00	%		9.29	%		7/7/2025		1/9/2030		92		92		92		0.00
Horizon CTS Buyer, LLC	(4)(5)(7)(10)		SOFR + 4.50	%		8.50	%		3/28/2025		3/28/2032		66,638		65,873		66,196		0.14
Karman Holdings, Inc.	(4)(6)(8)		SOFR + 3.50	%		7.50	%		4/1/2025		4/1/2032		24,938		24,706		25,093		0.05
Loar Group, Inc.	(4)(6)(7)(11)		SOFR + 4.25	%		8.41	%		7/28/2022		5/10/2030		280,968		278,305		280,028		0.60
Magneto Components BuyCo, LLC	(4)(7)(10)		SOFR + 6.00	%		10.00	%		12/5/2023		12/5/2030		54,933		53,783		53,654		0.11
Peraton Corp.	(10)		SOFR + 3.75	%		8.01	%		2/1/2021		2/1/2028		14,209		14,224		12,020		0.03
TransDigm, Inc.	(6)(8)		SOFR + 2.50	%		6.50	%		11/28/2023		2/28/2031		8,890		8,913		8,896		0.02
TransDigm, Inc.	(6)(8)		SOFR + 2.50	%		6.50	%		8/22/2025		8/19/2032		3,000		3,004		3,000		0.01
Vertex Aerospace Services Corp.	(6)(10)		SOFR + 2.25	%		6.41	%		12/6/2021		12/6/2030		11,585		11,551		11,588		0.02
West Star Aviation Acquisition, LLC	(4)(10)		SOFR + 4.50	%		8.66	%		5/20/2025		5/20/2032		154,423		153,325		154,037		0.33
West Star Aviation Acquisition, LLC	(4)(5)(7)(10)		SOFR + 4.50	%		8.66	%		5/20/2025		5/20/2032		4,320		4,051		4,144		0.01

															1,048,530		1,041,015		2.23
Air Freight & Logistics
AGI-CFI Holdings, Inc.	(4)(10)		SOFR + 4.75	%		8.90	%		6/11/2021		6/11/2027		227,641		226,399		227,641		0.49

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

September 30, 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)
AGI-CFI Holdings, Inc.	(4)(10)		SOFR + 4.75	%		8.90	%		12/21/2021		6/11/2027		51,050		50,734		51,050		0.11
AGI-CFI Holdings, Inc.	(4)(10)		SOFR + 4.75	%		8.90	%		7/25/2022		6/11/2027		93,024		92,379		93,024		0.20
AGI-CFI Holdings, Inc.	(4)(5)(10)		SOFR + 4.75	%		9.13	%		3/19/2025		6/11/2027		24,218		24,126		24,218		0.05
ENV Bidco, AB	(4)(6)(7)(8)		E + 5.00	%		7.00	%		12/12/2024		7/19/2029	EUR	114,257		114,276		133,742		0.29
ENV Bidco, AB	(4)(6)(10)		SOFR + 5.00	%		9.00	%		12/12/2024		7/19/2029		114,097		112,661		114,097		0.24
Mode Purchaser, Inc.	(4)(11)		SOFR + 6.25	%		10.63	%		1/7/2021		12/9/2027		27,119		26,897		25,763		0.06
Mode Purchaser, Inc.	(4)(11)		SOFR + 6.25	%		10.63	%		2/4/2022		12/9/2027		134,638		133,350		127,906		0.27
R1 Holdings, LLC	(4)(5)(7)(11)		SOFR + 6.25	%		10.56	%		12/30/2022		12/30/2028		1,323		1,302		1,262		0.00
RWL Holdings, LLC	(4)(10)		SOFR + 5.75	%		9.90	%		12/13/2021		12/31/2028		268,064		265,593		239,918		0.51
SEKO Global Logistics Network, LLC	(4)(5)(11)		SOFR + 10.00	%		14.20 PIK	%		11/27/2024		11/27/2029		9,973		9,833		9,973		0.02
SEKO Global Logistics Network, LLC	(4)(5)(11)		SOFR + 7.00	%		11.20 PIK	%		11/27/2024		5/27/2030		30,202		30,202		30,202		0.06
The Kenan Advantage Group, Inc.	(8)		SOFR + 3.25	%		7.41	%		8/6/2024		1/25/2029		7,489		7,489		7,407		0.02
Wwex Uni Topco Holdings, LLC	(10)		SOFR + 4.00	%		8.00	%		11/8/2024		7/26/2028		19,493		19,442		19,414		0.04
Wwex Uni Topco Holdings, LLC	(4)(10)		SOFR + 4.75	%		8.75	%		3/21/2025		7/26/2028		84,094		82,850		84,409		0.18

															1,197,533		1,190,026		2.54
Airlines
Air Canada	(6)(8)		SOFR + 2.00	%		6.17	%		3/21/2024		3/14/2031		6,244		6,232		6,254		0.01
American Airlines, Inc.	(6)(8)		SOFR + 2.25	%		6.58	%		4/4/2025		4/20/2028		8,479		8,278		8,476		0.02
Vista Management Holding, Inc.	(6)(8)		SOFR + 3.75	%		8.04	%		4/1/2025		4/1/2031		17,769		17,647		17,917		0.04

															32,157		32,647		0.07
Auto Components
Clarios Global, LP	(6)(8)		SOFR + 2.50	%		6.66	%		7/16/2024		5/6/2030		4,846		4,816		4,854		0.01
Clarios Global, LP	(6)(8)		SOFR + 2.75	%		6.91	%		4/10/2025		1/28/2032		8,636		8,425		8,653		0.02
Dellner Couplers Group, AB	(5)(6)(8)		E + 5.43	%		7.34	%		6/20/2024		6/18/2029	EUR	23,500		25,015		27,668		0.06

															38,256		41,175		0.09
Beverages
Triton Water Holdings, Inc.	(9)		SOFR + 2.25	%		6.25	%		1/31/2025		3/31/2028		43,977		43,977		44,019		0.09
Biotechnology
Axsome Therapeutics, Inc.	(4)(5)(6)(10)		SOFR + 4.75	%		8.75	%		5/6/2025		5/8/2030		60,260		59,706		60,110		0.13
Axsome Therapeutics, Inc.	(4)(5)(6)(7)(10)		SOFR + 4.00	%		8.00	%		5/6/2025		5/8/2030		35,152		34,990		35,152		0.08

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

September 30, 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)
Biotechnology (continued)
Grifols Worldwide Operations USA, Inc.	(8)		SOFR + 2.00	%		6.26	%		1/7/2021		11/15/2027		37		37		37		0.00
MannKind Corp.	(4)(5)(6)(7)(14)		SOFR + 5.00	%		9.00	%		8/6/2025		8/6/2030		44,388		43,635		43,611		0.09

															138,368		138,910		0.30
Broadline Retail
Peer Holding III, BV	(6)(8)		SOFR + 2.50	%		6.50	%		6/26/2024		7/1/2031		6,948		6,948		6,963		0.01
Building Products
Cornerstone Building Brands, Inc.	(6)(9)		SOFR + 5.63	%		9.78	%		7/25/2022		8/1/2028		25,285		25,082		24,379		0.05
Cornerstone Building Brands, Inc.	(6)(9)		SOFR + 3.25	%		7.50	%		4/15/2021		4/12/2028		4,780		4,764		4,552		0.01
ES Group Holdings III, Ltd.	(4)(6)(8)		E + 5.75	%		7.75	%		11/22/2021		4/23/2028	EUR	30,879		33,775		30,635		0.07
ES Group Holdings III, Ltd.	(4)(6)(10)		SOFR + 5.75	%		10.13	%		11/22/2021		4/23/2028		64,562		63,838		54,555		0.12
Fencing Supply Group Acquisition, LLC	(4)(11)		SOFR + 6.00	%		10.26	%		2/26/2021		2/26/2027		108,727		108,274		104,650		0.22
Great Day Improvements, LLC	(4)(7)(13)		SOFR + 5.50	%		9.78	%		6/13/2024		6/13/2030		35,873		35,219		34,306		0.07
Griffon Corp.	(6)(8)		SOFR + 2.00	%		6.00	%		6/16/2025		1/24/2029		1,057		1,060		1,062		0.00
Jacuzzi Brands, LLC	(4)(10)		SOFR + 6.00	%		10.20	%		1/7/2021		2/25/2027		43,474		43,357		39,562		0.08
Jacuzzi Brands, LLC	(4)(10)		SOFR + 6.00	%		10.20	%		4/20/2022		2/25/2027		187,540		186,865		170,661		0.37
Jacuzzi Brands, LLC	(4)(10)		SOFR + 6.00	%		10.20	%		1/7/2021		2/25/2027		6,319		6,301		5,750		0.02
Janus International Group, LLC	(6)(8)		SOFR + 2.50	%		6.70	%		6/16/2025		8/3/2030		1,304		1,299		1,309		0.00
L&S Mechanical Acquisition, LLC	(4)(10)		SOFR + 6.25	%		10.42	%		9/1/2021		9/1/2027		134,479		133,410		131,789		0.28
LBM Acquisition, LLC	(10)		SOFR + 3.75	%		7.99	%		6/6/2024		5/31/2031		40,449		40,124		39,550		0.08
Lindstrom, LLC	(4)(11)		SOFR + 6.25	%		10.63	%		4/19/2022		5/1/2027		145,171		145,170		143,720		0.31
MIWD Holdco II, LLC	(8)		SOFR + 2.75	%		6.91	%		3/28/2024		3/28/2031		4,455		4,474		4,477		0.01
Oscar Acquisitionco, LLC	(9)		SOFR + 4.25	%		8.25	%		4/29/2022		4/29/2029		2,954		2,963		2,766		0.01
Windows Acquisition Holdings, Inc.	(4)(11)		SOFR + 6.50	%		10.65	%		1/7/2021		12/29/2026		59,520		59,289		47,169		0.10

															895,264		840,892		1.80
Capital Markets
Apex Group Treasury, LLC	(6)(8)		SOFR + 3.50	%		7.75	%		2/27/2025		2/27/2032		92,480		92,314		90,630		0.19
Aretec Group, Inc.	(6)(8)		SOFR + 3.50	%		7.66	%		5/29/2024		8/9/2030		11,273		11,261		11,285		0.02
FFML Holdco, Ltd.	(4)(6)(10)		B + 4.50	%		7.53	%		11/11/2022		11/30/2028	NZD	36,252		21,973		20,912		0.04
Focus Financial Partners, LLC	(8)		SOFR + 2.75	%		6.91	%		1/31/2025		9/15/2031		16,862		16,828		16,885		0.04

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

September 30, 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)
Capital Markets (continued)
GTCR Everest Borrower, LLC	(6)(7)(8)		SOFR + 2.75	%		6.75	%		7/25/2025		9/5/2031		16,285		16,021		16,282		0.03
Jane Street Group, LLC	(6)(8)		SOFR + 2.00	%		6.20	%		5/29/2025		12/15/2031		995		983		989		0.00
Osaic Holdings, Inc.	(6)(8)		SOFR + 3.00	%		7.16	%		8/22/2025		8/1/2032		3,000		3,000		3,002		0.01
Resolute Investment Managers, Inc.	(5)(11)		SOFR + 6.50	%		10.76	%		12/29/2023		10/30/2028		3,893		3,866		3,426		0.01
Situs-AMC Holdings Corporation	(4)(10)		SOFR + 5.50	%		9.50	%		5/14/2025		5/14/2031		44,082		43,932		44,082		0.09
Superannuation & Investments US, LLC	(6)(9)		SOFR + 3.00	%		7.16	%		7/18/2025		12/1/2028		12,926		12,886		13,009		0.03
The Edelman Financial Engines Center, LLC	(6)(8)		SOFR + 3.00	%		7.16	%		6/5/2024		4/7/2028		19,728		19,733		19,764		0.04

															242,797		240,266		0.50
Chemicals
Charter Next Generation, Inc.	(10)		SOFR + 2.75	%		6.93	%		11/5/2024		11/29/2030		6,917		6,933		6,945		0.01
CI Maroon Holdings, LLC	(6)(8)		SOFR + 3.25	%		7.35	%		8/22/2025		3/3/2031		2,993		2,993		3,000		0.02
DCG Acquisition Corp.	(4)(7)(10)		SOFR + 5.00	%		9.00	%		6/13/2024		6/13/2031		232,777		230,614		229,939		0.49
Derby Buyer, LLC	(6)(9)		SOFR + 3.00	%		7.18	%		12/13/2024		11/1/2030		6,403		6,403		6,423		0.01
Formulations Parent Corp.	(4)(8)		SOFR + 4.00	%		8.33	%		4/10/2025		4/9/2032		25,000		24,766		25,188		0.05
Geon Performance Solutions, LLC	(10)		SOFR + 4.25	%		8.51	%		8/18/2021		8/18/2028		1,353		1,349		1,272		0.00

															273,058		272,767		0.58
Commercial Services & Supplies
Access CIG, LLC	(9)		SOFR + 4.00	%		8.03	%		8/15/2025		8/18/2030		43,084		42,744		43,267		0.09
Anticimex, Inc.	(6)(9)		SOFR + 3.40	%		7.76	%		11/8/2021		11/16/2028		11,555		11,535		11,598		0.02
Armor Holdco, Inc.	(6)(9)		SOFR + 3.75	%		7.92	%		4/30/2025		12/11/2028		10,295		10,314		10,313		0.02
Bazaarvoice, Inc.	(4)(7)(8)		SOFR + 4.50	%		8.09	%		5/7/2021		5/7/2029		403,329		403,329		403,329		0.86
CFS Brands, LLC	(4)(7)(11)		SOFR + 5.00	%		9.16	%		12/20/2024		10/2/2030		218,447		214,901		218,447		0.47
DG Investment Intermediate Holdings 2, Inc.	(8)		SOFR + 3.75	%		7.91	%		7/2/2025		7/9/2032		14,499		14,374		14,566		0.03
Divisions Holding Corp.	(4)(5)(7)(10)		SOFR + 4.50	%		8.50	%		4/17/2025		4/17/2032		92,992		92,049		92,911		0.20
EAB Global, Inc.	(9)		SOFR + 3.00	%		7.16	%		8/16/2021		8/16/2030		13,240		13,225		12,933		0.04
ELK Bidco, Inc.	(4)(5)(7)(9)		SOFR + 4.50	%		8.50	%		6/13/2025		6/13/2032		71,844		71,400		71,380		0.15
EMB Purchaser, Inc.	(4)(5)(7)(10)		SOFR + 4.50	%		8.78	%		3/13/2025		3/12/2032		41,113		40,337		40,471		0.09
EMB Purchaser, Inc.	(4)(10)		SOFR + 4.50	%		8.56	%		3/13/2025		3/12/2032		148,148		146,786		147,408		0.32
Foundational Education Group, Inc.	(9)		SOFR + 4.25	%		8.53	%		8/31/2021		8/31/2028		8,800		8,763		7,854		0.02
FusionSite Midco, LLC	(4)(11)		SOFR + 5.25	%		9.51	%		4/30/2025		11/17/2029		100,940		99,847		100,940		0.22
FusionSite Midco, LLC	(4)(7)(11)		SOFR + 5.25	%		9.84	%		4/30/2025		11/17/2029		26,919		26,281		26,643		0.06
Garda World Security, Corp.	(6)(8)		SOFR + 3.00	%		7.17	%		2/7/2025		2/1/2029		20,758		20,758		20,810		0.04

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

September 30, 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)
Gatekeeper Systems, Inc.	(4)(10)		SOFR + 5.00	%		9.16	%		8/27/2024		8/28/2030		250,138		247,070		245,136		0.52
Gatekeeper Systems, Inc.	(4)(7)(10)		SOFR + 5.00	%		9.16	%		8/27/2024		8/28/2030		25,678		24,712		24,077		0.05
GBT US III, LLC	(6)(8)		SOFR + 2.50	%		6.81	%		2/4/2025		7/25/2031		3,970		3,970		3,983		0.01
GFL Environmental Services USA, Inc.	(6)(8)		SOFR + 2.50	%		6.67	%		4/11/2025		3/3/2032		1,500		1,475		1,502		0.00
Gorilla Investor, LLC	(4)(10)		SOFR + 5.00	%		9.00	%		9/26/2024		9/30/2031		165,152		162,323		163,501		0.35
Ground Penetrating Radar Systems, LLC	(4)(10)		SOFR + 4.50	%		8.50	%		1/2/2025		1/2/2032		120,552		119,475		120,552		0.26
Ground Penetrating Radar Systems, LLC	(4)(5)(7)(10)		SOFR + 4.50	%		8.50	%		1/2/2025		1/2/2032		4,489		4,261		4,489		0.01
Iris Buyer, LLC	(4)(11)		SOFR + 5.25	%		9.56	%		10/2/2023		10/2/2030		54,128		53,065		54,128		0.12
Iris Buyer, LLC	(4)(5)(11)		SOFR + 5.25	%		9.25	%		10/2/2023		10/2/2030		5,104		5,020		5,104		0.01
Iris Buyer, LLC	(4)(5)(7)(11)		SOFR + 5.25	%		9.25	%		2/4/2025		10/2/2030		1,934		1,810		1,934		0.00
Iris Buyer, LLC	(4)(5)(7)(11)		SOFR + 5.25	%		9.56	%		10/2/2023		10/2/2029		1,574		1,430		1,574		0.00
Java Buyer, Inc.	(4)(10)		SOFR + 5.00	%		9.29	%		12/15/2021		12/15/2027		136,960		135,996		136,960		0.29
Java Buyer, Inc.	(4)(10)		SOFR + 5.00	%		9.29	%		11/9/2023		12/15/2027		53,541		52,823		53,541		0.11
Java Buyer, Inc.	(4)(10)		SOFR + 5.00	%		9.29	%		12/15/2021		12/15/2027		95,087		94,470		95,087		0.20
Java Buyer, Inc.	(4)(7)(10)		SOFR + 5.00	%		9.27	%		6/28/2024		12/15/2027		80,385		79,897		80,385		0.17
Java Buyer, Inc.	(4)(5)(7)(10)		SOFR + 5.00	%		9.28	%		5/9/2025		12/15/2027		49,502		48,779		49,502		0.11
JSG II, Inc.	(8)		SOFR + 4.50	%		8.92	%		1/7/2021		6/28/2026		59,564		59,521		59,564		0.13
JSG II, Inc.	(8)		SOFR + 4.50	%		8.92	%		1/7/2021		6/28/2026		64		64		64		0.00
JSG II, Inc.	(4)(10)		SOFR + 4.50	%		8.66	%		9/30/2025		9/30/2032		353,737		351,968		351,968		0.75
JSG II, Inc.	(4)(5)(7)(10)		SOFR + 4.50	%		8.66	%		9/30/2025		9/30/2032		3,358		2,903		2,903		0.01
JSS Holdings, Inc.	(4)(10)		SOFR + 5.25	%		9.25 (incl. 3.00 PIK	% % )		12/29/2021		11/8/2031		242,580		240,914		242,580		0.52
JSS Holdings, Inc.	(4)(10)		SOFR + 5.25	%		9.25 (incl. 3.00 PIK	% % )		1/7/2021		11/8/2031		46,438		46,086		46,438		0.10
JSS Holdings, Inc.	(4)(7)(10)		SOFR + 5.25	%		9.25 (incl. 3.00 PIK	% % )		11/8/2024		11/8/2031		579,930		574,278		579,245		1.24
Knowledge Pro Buyer, Inc.	(4)(7)(10)		SOFR + 5.00	%		9.26	%		12/10/2021		12/10/2027		102,005		101,212		101,959		0.22
Knowledge Pro Buyer, Inc.	(4)(5)(10)		SOFR + 5.00	%		9.26	%		6/11/2025		12/10/2027		1,143		1,133		1,143		0.00
KPSKY Acquisition, Inc.	(4)(10)(18)		SOFR + 5.50	%		9.91	%		10/19/2021		10/19/2028		46,121		45,719		39,548		0.08
KPSKY Acquisition, Inc.	(4)(10)(18)		SOFR + 5.50	%		9.93	%		10/19/2021		10/19/2028		20,577		20,398		17,644		0.04
Lsf12 Crown US Commercial Bidco, LLC	(7)(8)		SOFR + 3.50	%		7.66	%		7/14/2025		12/2/2031		96,989		93,732		97,130		0.21

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

September 30, 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)
Minerva Bidco, Ltd.	(4)(5)(6)(7)(8)		S + 5.00	%		9.22	%		7/29/2025		11/16/2030	GBP	6,532		8,502		8,538		0.02
OMNIA Partners, LLC	(8)		SOFR + 2.50	%		6.81	%		1/26/2024		7/25/2030		9,925		9,893		9,941		0.02
Onex Baltimore Buyer, Inc.	(4)(10)(18)		SOFR + 5.27	%		9.44	%		12/1/2021		12/1/2027		187,232		185,867		187,232		0.40
Onex Baltimore Buyer, Inc.	(4)(7)(10)(18)		SOFR + 4.75	%		8.92	%		12/1/2021		12/1/2027		217,534		215,511		217,534		0.47
Pearce Intermediate Holdings, Inc.	(4)(11)		SOFR + 4.75	%		8.91	%		6/2/2021		6/2/2029		81,689		81,065		81,689		0.17
Pearce Intermediate Holdings, Inc.	(4)(5)(7)(11)		SOFR + 4.75	%		9.10	%		6/29/2023		6/2/2029		37,616		37,201		37,616		0.08
Pearce Intermediate Holdings, Inc.	(4)(11)		SOFR + 4.75	%		8.91	%		11/6/2024		6/2/2029		113,850		112,936		113,850		0.24
Polyphase Elevator Holding, Co.	(4)(5)(7)(11)		SOFR + 6.00	%		10.10	%		6/23/2021		6/23/2027		6,033		6,009		5,489		0.01
Polyphase Elevator Holding, Co.	(4)(5)(11)		SOFR + 6.00	%		10.10	%		12/21/2021		6/23/2027		10,739		10,739		9,827		0.02
Prime Security Services Borrower, LLC	(6)(8)		SOFR + 2.00	%		6.13	%		11/20/2024		10/13/2030		1,485		1,485		1,483		0.00
Prime Security Services Borrower, LLC	(6)(8)		SOFR + 1.75	%		6.00	%		4/4/2025		3/7/2032		6,468		6,352		6,416		0.01
Pye-Barker Fire & Safety, LLC	(4)(5)(10)		SOFR + 4.50	%		8.50	%		5/24/2024		5/24/2031		4,461		4,461		4,461		0.01
Pye-Barker Fire & Safety, LLC	(4)(10)		SOFR + 4.50	%		8.80	%		5/24/2024		5/24/2031		13,816		13,761		13,816		0.03
RailPros Parent, LLC	(4)(5)(7)(10)		SOFR + 4.50	%		8.70	%		5/22/2025		5/24/2032		23,327		23,037		23,138		0.05
TEI Intermediate, LLC	(4)(10)		SOFR + 4.75	%		8.75	%		12/13/2024		12/15/2031		146,288		144,992		146,288		0.31
TEI Intermediate, LLC	(4)(5)(7)(10)		SOFR + 4.75	%		8.82	%		12/13/2024		12/15/2031		7,025		6,615		6,782		0.01
The Hiller Companies, LLC	(4)(10)		SOFR + 5.00	%		9.31	%		6/20/2024		6/20/2030		74,808		74,219		74,808		0.16
The Hiller Companies, LLC	(4)(5)(7)(10)		SOFR + 5.00	%		9.29	%		6/20/2024		6/20/2030		20,121		19,849		20,121		0.04
The Hiller Companies, LLC	(4)(7)(10)		SOFR + 5.00	%		9.31	%		7/17/2025		6/20/2030		4,452		4,369		4,323		0.01
TRC Cos, LLC	(8)		SOFR + 3.00	%		7.16	%		1/14/2025		12/8/2028		26,592		26,592		26,662		0.06
Vaco Holdings, Inc.	(10)		SOFR + 5.00	%		9.15	%		1/21/2022		1/21/2029		8,871		8,850		7,664		0.02
Veregy Consolidated, Inc.	(4)(5)(7)(10)		SOFR + 4.50	%		8.82	%		4/16/2025		4/16/2031		140,981		139,754		140,375		0.30
Water Holdings Acquisition, LLC	(4)(10)		SOFR + 5.25	%		9.45 (incl. 2.75 PIK	% % )		7/31/2024		7/31/2031		191,531		189,949		191,531		0.41
Water Holdings Acquisition, LLC	(4)(5)(7)(10)		SOFR + 5.25	%		9.45 (incl. 2.75 PIK	% % )		7/31/2024		7/31/2031		17,965		17,850		17,965		0.04

															5,141,005		5,162,060		11.03

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

September 30, 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
Amentum Holdings, Inc.	(8)		SOFR + 2.25	%		6.41	%		4/4/2025		9/29/2031		7,235		7,033		7,243		0.02
Ampirical Solutions, LLC	(4)(5)(7)(10)		SOFR + 4.25	%		8.25	%		9/30/2025		9/30/2032		29,328		28,698		28,697		0.06
Azuria Water Solutions, Inc.	(10)		SOFR + 3.00	%		7.16	%		1/27/2025		5/17/2028		34,178		34,178		34,263		0.07
Brookfield WEC Holdings, Inc.	(8)		SOFR + 2.25	%		6.53	%		1/25/2024		1/27/2031		6,446		6,406		6,456		0.01
Consor Intermediate II, LLC	(4)(7)(10)		SOFR + 4.50	%		8.50	%		5/10/2024		5/10/2031		66,525		65,865		66,394		0.14
Gannett Fleming, Inc.	(4)(7)(10)		SOFR + 4.75	%		9.07	%		8/5/2024		8/5/2030		374,740		369,803		372,307		0.80
Home Service TopCo IV, Inc.	(4)(7)(11)		SOFR + 4.50	%		8.60	%		6/9/2023		12/31/2027		207,373		205,072		207,159		0.44
Home Service TopCo IV, Inc.	(4)(5)(11)		SOFR + 4.50	%		8.49	%		2/28/2025		12/31/2027		16,231		16,120		16,231		0.03
Pave America Holding, LLC	(4)(10)		SOFR + 5.25	%		9.25 (incl. 2.88 PIK	% % )		8/29/2025		8/27/2032		77,940		77,169		77,161		0.17
Pave America Holding, LLC	(4)(5)(7)(10)		SOFR + 4.75	%		8.75	%		8/29/2025		8/27/2032		9,735		9,397		9,397		0.02
Peak Utility Services Group, Inc.	(4)(11)		SOFR + 4.50	%		8.76	%		3/2/2021		3/2/2028		15,170		15,118		15,095		0.03
Peak Utility Services Group, Inc.	(4)(5)(11)		SOFR + 4.50	%		8.76	%		3/2/2021		3/2/2028		2,023		2,018		2,013		0.00
Pike Electric Corp.	(8)		SOFR + 3.00	%		7.28	%		6/7/2022		1/21/2028		996		1,005		1,003		0.00
Thermostat Purchaser III, Inc.	(7)(10)		SOFR + 4.25	%		8.25	%		6/20/2024		8/31/2028		9,875		9,796		9,892		0.02
Touchdown Acquirer, Inc.	(6)(8)		SOFR + 2.75	%		6.95	%		6/2/2025		2/21/2031		995		974		995		0.00
Touchdown Acquirer, Inc.	(4)(5)(6)(8)		E + 4.25	%		6.30	%		6/2/2025		2/21/2031		EUR 32,688		35,471		38,617		0.08

															884,123		892,923		1.89
Construction Materials
Quikrete Holdings, Inc.	(8)		SOFR + 2.25	%		6.41	%		2/18/2025		2/10/2032		14,925		14,830		14,932		0.03
Tamko Building Products, LLC	(8)		SOFR + 2.75	%		6.91	%		10/23/2024		9/20/2030		2,963		2,963		2,975		0.01

															17,793		17,907		0.04
Consumer Staples Distribution & Retail
Crumbl Enterprises, LLC	(4)(5)(10)		SOFR + 4.50	%		8.50	%		4/30/2025		5/5/2032		85,794		84,987		85,366		0.18
Crumbl Enterprises, LLC	(4)(5)(7)(10)		SOFR + 4.50	%		8.50	%		4/30/2025		5/5/2032		1,118		1,053		1,084		0.00

															86,040		86,450		0.18

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

September 30, 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)
Containers & Packaging
Anchor Packaging, LLC	(8)		SOFR + 3.25	%		7.39	%		12/13/2024		7/18/2029		5,201		5,219		5,229		0.01
Ascend Buyer, LLC	(4)(7)(10)		SOFR + 5.75	%		9.75	%		10/18/2022		9/30/2028		11,213		10,984		11,213		0.02
Ascend Buyer, LLC	(4)(5)(10)		SOFR + 5.75	%		9.75	%		3/20/2025		9/30/2028		1,364		1,351		1,364		0.00
Berlin Packaging, LLC	(8)		SOFR + 3.25	%		7.53	%		7/25/2025		6/7/2031		18,767		18,796		18,845		0.04
Clydesdale Acquisition Holdings, Inc.	(9)		SOFR + 3.18	%		7.34	%		4/13/2022		4/13/2029		13,989		13,792		13,986		0.03
Clydesdale Acquisition Holdings, Inc.	(7)(9)		SOFR + 3.25	%		7.41	%		4/1/2025		4/1/2032		9,679		9,584		9,675		0.02
Graham Packaging Co., Inc.	(8)		SOFR + 2.50	%		6.66	%		7/31/2024		8/4/2027		7,708		7,708		7,717		0.02
MAR Bidco S.à r.l.	(5)(6)(9)		SOFR + 4.20	%		8.58	%		6/28/2021		7/6/2028		3,789		3,782		3,212		0.01
ProAmpac PG Borrower, LLC	(10)		SOFR + 4.00	%		8.19	%		4/9/2024		9/15/2028		16,069		16,069		16,150		0.03
TricorBraun Holdings, Inc.	(9)		SOFR + 3.25	%		7.41	%		3/3/2021		3/3/2028		24,299		24,065		24,212		0.05
Trident TPI Holdings, Inc.	(9)		SOFR + 3.75	%		7.75	%		10/18/2024		9/15/2028		11,994		11,994		11,800		0.03

															123,344		123,403		0.26
Distributors
BP Purchaser, LLC	(4)(5)(10)		SOFR + 5.50	%		9.80	%		12/10/2021		12/11/2028		8,154		8,084		6,788		0.01
Bradyplus Holdings, LLC	(4)(11)		SOFR + 5.00	%		9.31	%		10/11/2024		10/31/2029		216,602		213,678		216,602		0.46
Bradyplus Holdings, LLC	(4)(5)(7)(11)		SOFR + 5.00	%		9.31	%		10/11/2024		10/31/2029		2,103		2,019		2,103		0.00
Genuine Cable Group, LLC	(4)(10)		SOFR + 5.75	%		10.01	%		11/1/2021		11/2/2026		29,420		29,257		27,728		0.06
Marcone Yellowstone Buyer, Inc.	(4)(10)		SOFR + 7.25	%		11.69 (incl. 3.25 PIK	% % )		11/1/2022		6/23/2028		15,924		15,698		14,331		0.03
Marcone Yellowstone Buyer, Inc.	(4)(10)		SOFR + 7.00	%		11.44 (incl. 3.25 PIK	% % )		12/31/2021		6/23/2028		26,833		26,629		24,015		0.05
NDC Acquisition Corp.	(4)(11)		SOFR + 5.00	%		9.16	%		3/9/2021		3/9/2028		21,488		21,346		21,488		0.05
NDC Acquisition Corp.	(4)(5)(7)(11)		SOFR + 5.00	%		9.31	%		3/9/2021		3/9/2028		343		320		343		0.00
PT Intermediate Holdings III, LLC	(4)(7)(10)		SOFR + 5.00	%		9.00 (incl. 1.75 PIK	% % )		4/9/2024		4/9/2030		174,216		173,862		174,203		0.37
S&S Holdings, LLC	(9)		SOFR + 5.00	%		9.27	%		3/11/2021		3/11/2028		7,731		7,743		7,717		0.02
S&S Holdings, LLC	(9)		SOFR + 5.00	%		9.17	%		4/3/2025		10/1/2031		3,940		3,783		3,832		0.01
Tailwind Colony Holding Corporation	(4)(11)		SOFR + 6.50	%		10.91	%		1/7/2021		11/13/2026		81,172		81,031		78,533		0.17

															583,450		577,683		1.23
Diversified Consumer Services
American Restoration Holdings, LLC	(4)(11)		SOFR + 5.00	%		9.42	%		7/19/2024		7/24/2030		27,266		26,829		27,266		0.06
American Restoration Holdings, LLC	(4)(5)(11)		SOFR + 5.00	%		9.10	%		7/19/2024		7/24/2030		8,119		7,989		8,119		0.02
American Restoration Holdings, LLC	(4)(5)(11)		SOFR + 5.00	%		9.30	%		7/19/2024		7/24/2030		7,776		7,651		7,776		0.02
American Restoration Holdings, LLC	(4)(5)(11)		SOFR + 5.00	%		9.27	%		7/19/2024		7/24/2030		21,031		20,694		21,031		0.04
American Restoration Holdings, LLC	(4)(5)(7)(11)		SOFR + 5.00	%		9.31	%		2/19/2025		7/24/2030		15,670		15,377		15,670		0.03
Barbri Holdings, Inc.	(4)(10)		SOFR + 5.00	%		9.00	%		12/20/2024		4/30/2030		174,097		172,767		174,097		0.37

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

September 30, 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)
Cambium Learning Group, Inc.	(4)(7)(10)		SOFR + 5.50	%		9.93	%		7/20/2021		7/20/2028		931,728		928,000		927,069		1.98
Cengage Learning, Inc.	(6)(11)		SOFR + 3.50	%		7.67	%		11/22/2024		3/22/2031		11,860		11,802		11,844		0.03
Charger Debt Merger Sub, LLC	(4)(10)		SOFR + 5.00	%		9.00	%		5/31/2024		5/31/2031		54,450		54,009		54,450		0.12
Charger Debt Merger Sub, LLC	(4)(5)(7)(10)		SOFR + 5.00	%		9.00	%		5/31/2024		5/31/2031		21,085		20,753		21,009		0.04
DTA Intermediate II, Ltd.	(4)(11)		SOFR + 5.50	%		9.49	%		3/27/2024		3/27/2030		51,066		50,302		50,044		0.11
DTA Intermediate II, Ltd.	(4)(5)(7)(11)		SOFR + 5.50	%		9.53	%		3/27/2024		3/27/2030		31,038		30,496		30,313		0.06
DTA Intermediate II, Ltd.	(4)(5)(11)(18)		11.50	%		11.50	%		9/18/2025		9/27/2030		32,996		32,996		32,996		0.07
DTA Intermediate II, Ltd.	(4)(5)(11)		S + 5.50	%		9.47	%		9/18/2025		3/27/2030	GBP	20,744		27,548		27,341		0.06
Element Materials Technology Group US Holdings, Inc.	(6)(9)		SOFR + 3.68	%		7.68	%		6/24/2022		7/6/2029		7,328		7,284		7,386		0.02
Endeavor Schools Holdings, LLC	(4)(11)		SOFR + 6.25	%		10.58	%		7/18/2023		7/18/2029		46,585		45,848		43,207		0.09
Endeavor Schools Holdings, LLC	(4)(5)(7)(11)		SOFR + 6.25	%		10.58	%		7/18/2023		7/18/2029		8,575		8,460		7,953		0.02
Essential Services Holding Corp.	(4)(10)		SOFR + 5.00	%		9.32	%		6/17/2024		6/17/2031		69,595		69,028		68,899		0.15
Essential Services Holding Corp.	(4)(5)(7)(10)		SOFR + 5.00	%		9.19	%		6/17/2024		6/17/2031		1,811		1,681		1,648		0.00
Go Car Wash Management Corp.	(4)(11)		SOFR + 5.75	%		10.01	%		10/12/2021		12/31/2026		88,409		87,885		86,199		0.18
Imagine Learning, LLC	(9)		SOFR + 3.50	%		7.66	%		2/1/2024		12/21/2029		64,222		63,991		55,797		0.12
Mckissock Investment Holdings, LLC	(10)		SOFR + 5.00	%		9.47	%		3/10/2022		3/12/2029		9,671		9,623		9,629		0.02
Mckissock Investment Holdings, LLC	(10)		SOFR + 5.00	%		9.33	%		11/20/2023		3/12/2029		27,020		26,579		26,901		0.06
Metrodora S.L.	(4)(5)(6)(8)		E + 4.25	%		6.32	%		8/7/2025		7/10/2032	EUR	1,367		1,578		1,589		0.00
Metrodora S.L.	(4)(5)(6)(8)		E + 4.25	%		6.32	%		8/7/2025		7/10/2032	EUR	558		644		649		0.00
Pre-Paid Legal Services, Inc.	(9)		SOFR + 3.25	%		7.41	%		12/15/2021		12/15/2028		17,429		17,365		16,514		0.04
Scientian 2 Spain, S.L.	(4)(5)(6)(8)		E + 4.25	%		6.33	%		8/7/2025		7/10/2032	EUR	1,599		1,846		1,859		0.00
Scientian France, SAS	(4)(5)(6)(8)		E + 4.25	%		6.33	%		8/7/2025		7/10/2032	EUR	3,525		4,068		4,097		0.01
Seahawk Bidco, LLC	(4)(7)(11)		SOFR + 4.75	%		8.75	%		12/19/2024		12/19/2031		276,584		274,205		274,859		0.59
Spring Education Group, Inc.	(8)		SOFR + 3.25	%		7.25	%		9/29/2023		10/5/2030		13,544		13,422		13,605		0.03
Sunshine Cadence Holdco, LLC	(4)(10)		SOFR + 5.00	%		9.30	%		5/1/2024		5/1/2031		198,000		196,421		196,020		0.42
Sunshine Cadence Holdco, LLC	(4)(7)(10)		SOFR + 5.00	%		9.00	%		5/1/2024		5/1/2031		28,901		28,425		28,063		0.06
University Support Services, LLC	(9)		SOFR + 2.75	%		6.91	%		2/10/2022		2/10/2029		9,021		8,973		8,898		0.02

															2,274,539		2,262,797		4.84

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

September 30, 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 REITs
Iron Mountain Information Management, LLC	(8)		SOFR + 2.00	%		6.16	%		12/28/2023		1/31/2031		5,910		5,928		5,921		0.01
Diversified Telecommunication Services
Radiate Holdco, LLC	(10)		SOFR + 5.00	%		9.28 (incl. 1.50 PIK	% % )		6/30/2025		9/25/2029		23,181		23,170		18,776		0.04
Zacapa, LLC	(6)(9)		SOFR + 3.75	%		7.75	%		10/29/2024		3/22/2029		10,362		10,362		10,390		0.02

															33,532		29,166		0.06
Electric Utilities
Cogentrix Finance Holdco I, LLC	(8)		SOFR + 2.25	%		6.41	%		8/7/2025		2/26/2032		2,225		2,231		2,231		0.00
Grid Alliance Partners, LLC	(4)(5)(7)(10)		SOFR + 4.75	%		8.75	%		7/1/2025		7/1/2032		79,762		78,737		78,579		0.17
Qualus Power Services Corp.	(4)(11)		SOFR + 5.00	%		9.20	%		3/26/2021		3/26/2027		60,565		60,246		60,565		0.13
Qualus Power Services Corp.	(4)(11)		SOFR + 5.00	%		9.20	%		7/27/2023		3/26/2027		53,583		53,015		53,583		0.11
Qualus Power Services Corp.	(4)(7)(11)		SOFR + 5.00	%		9.20	%		5/9/2024		3/26/2027		62,768		61,823		62,584		0.13

															256,052		257,542		0.54
Electrical Equipment
Emergency Power Holdings, LLC	(4)(7)(11)		SOFR + 4.75	%		9.06	%		8/17/2021		8/17/2031		253,944		252,317		253,879		0.54
Griffon Bidco, Inc.	(4)(7)(10)		SOFR + 5.00	%		9.00	%		7/31/2025		7/31/2031		120,006		118,506		118,478		0.25
IEM New Sub 2, LLC	(4)(7)(10)		SOFR + 4.50	%		8.80	%		8/8/2024		8/8/2030		326,137		321,719		325,566		0.70
Madison IAQ, LLC	(9)		SOFR + 2.50	%		6.70	%		6/21/2021		6/21/2028		35,119		34,937		35,189		0.08

															727,479		733,112		1.57
Electronic Equipment, Instruments & Components
Albireo Energy, LLC	(4)(11)		SOFR + 6.00	%		10.10	%		1/7/2021		12/23/2026		24,799		24,697		24,303		0.05
Albireo Energy, LLC	(4)(5)(11)		SOFR + 6.00	%		10.10	%		1/7/2021		12/23/2026		7,443		7,425		7,295		0.02
Albireo Energy, LLC	(4)(5)(11)		SOFR + 6.00	%		10.35	%		1/7/2021		12/23/2026		1,909		1,905		1,871		0.00
Duro Dyne National Corp.	(4)(7)(10)		SOFR + 4.75	%		8.91	%		11/15/2024		11/15/2031		188,707		186,959		188,534		0.40
Duro Dyne National Corp.	(4)(5)(7)(10)		P + 3.75	%		11.00	%		11/15/2024		11/15/2031		920		618		920		0.00
Dwyer Instruments, LLC	(4)(10)		SOFR + 4.75	%		8.75	%		11/15/2024		7/30/2029		46,329		45,951		46,329		0.10
Dwyer Instruments, LLC	(4)(5)(7)(10)		SOFR + 4.75	%		8.75	%		11/15/2024		7/30/2029		587		503		556		0.00
Electro Switch Business Trust, LLC	(4)(10)		SOFR + 4.75	%		8.75	%		9/2/2025		9/2/2032		169,865		168,445		168,166		0.36
Electro Switch Business Trust, LLC	(4)(5)(7)(10)		SOFR + 4.75	%		8.75	%		9/2/2025		9/2/2032		1,171		1,100		937		0.00
Guardian Bidco, Inc.	(4)(5)(7)(8)		SOFR + 5.50	%		9.52	%		9/2/2025		8/30/2032		28,965		28,660		28,637		0.06
Infinite Bidco, LLC	(9)		SOFR + 3.75	%		8.32	%		3/2/2021		3/2/2028		19,713		19,647		19,258		0.04
Modena Buyer, LLC	(8)		SOFR + 4.50	%		8.81	%		7/1/2024		7/1/2031		35,587		35,000		35,193		0.08
Phoenix 1 Buyer Corp.	(4)(7)(10)		SOFR + 4.75	%		9.08	%		11/20/2023		11/20/2030		42,490		42,119		42,490		0.09
Spectrum Safety Solutions Purchaser, LLC	(4)(5)(6)(9)		E + 4.50	%		6.50	%		7/1/2024		7/1/2030	EUR	2,102		2,305		2,468		0.01

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

September 30, 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)
Electronic Equipment, Instruments & Components (continued)
Spectrum Safety Solutions Purchaser, LLC	(4)(5)(6)(9)		E + 4.50	%		6.50	%		7/1/2024		7/1/2031	EUR	63,797		67,673		74,901		0.16
Spectrum Safety Solutions Purchaser, LLC	(4)(6)(7)(9)		SOFR + 4.50	%		8.50	%		7/1/2024		7/1/2031		286,407		281,842		285,886		0.61

															914,849		927,744		1.98
Energy Equipment & Services
ISQ Hawkeye Holdco, Inc.	(4)(5)(10)		SOFR + 4.68	%		8.87	%		8/20/2024		8/20/2031		8,744		8,603		8,744		0.02
ISQ Hawkeye Holdco, Inc.	(4)(5)(7)(10)		SOFR + 4.68	%		8.87	%		8/20/2024		8/20/2030		568		547		568		0.00
LPW Group Holdings, Inc.	(4)(7)(11)		SOFR + 6.00	%		10.23	%		3/15/2024		3/15/2031		32,422		31,669		32,032		0.07

															40,819		41,344		0.09
Entertainment
OEG Borrower, LLC	(8)		SOFR + 3.50	%		7.64	%		4/22/2025		6/30/2031		8,129		8,020		8,190		0.02
Renaissance Holdings Corp.	(9)		SOFR + 4.00	%		8.16	%		12/6/2024		4/5/2030		2,492		2,492		2,166		0.00

															10,512		10,356		0.02
Financial Services
Atlas Securitized Products Funding 2, LP	(4)(5)(6)(7)(8)		SOFR + 1.50	%		5.78	%		3/28/2024		5/25/2063		146,690		142,983		145,700		0.31
Carr Riggs & Ingram Capital, LLC	(4)(9)		SOFR + 4.25	%		8.25	%		11/18/2024		11/18/2031		43,170		42,792		43,170		0.09
Carr Riggs & Ingram Capital, LLC	(4)(5)(7)(9)		SOFR + 4.25	%		8.25	%		11/18/2024		11/18/2031		4,768		4,579		4,716		0.01
Citrin Cooperman Advisors, LLC	(7)(8)		SOFR + 3.00	%		7.00	%		8/22/2025		4/1/2032		4,227		4,235		4,213		0.01
DM Intermediate Parent, LLC	(4)(7)(10)		SOFR + 4.75	%		8.91	%		9/30/2024		9/30/2030		104,050		102,189		103,237		0.22
Harp Finco, Ltd.	(4)(5)(6)(8)		S + 5.50	%		9.47	%		3/27/2025		3/27/2032	GBP	84,561		107,480		111,451		0.24
Mitchell International, Inc.	(9)		SOFR + 3.25	%		7.41	%		6/17/2024		6/17/2031		64,576		64,312		64,590		0.14
More Cowbell II, LLC	(4)(10)		SOFR + 4.25	%		8.02	%		9/3/2025		9/1/2030		93,097		92,760		93,097		0.20
More Cowbell II, LLC	(4)(5)(7)(10)		SOFR + 4.25	%		8.09	%		9/3/2025		9/1/2029		643		498		616		0.00
PKF O’Connor Davies Advisory, LLC	(4)(7)(10)		SOFR + 4.50	%		8.57	%		11/15/2024		11/18/2031		84,360		83,406		84,156		0.18
RFS Opco, LLC	(4)(7)(9)		SOFR + 4.75	%		8.75	%		4/4/2024		4/4/2031		37,752		37,466		37,737		0.08
Solera, LLC	(9)(18)		SOFR + 4.00	%		8.57	%		6/4/2021		6/2/2028		32,244		32,099		31,145		0.07

															714,799		723,828		1.55
Food Products
Dreyers Grand Ice Cream, Inc.	(6)(8)		SOFR + 2.00	%		6.20	%		4/4/2025		9/30/2031		3,980		3,910		3,956		0.01
Froneri US, Inc.	(6)(8)		SOFR + 2.00	%		6.20	%		8/22/2025		8/2/2032		3,000		3,000		2,997		0.01

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

September 30, 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)
Food Products (continued)
Snacking Investments US, LLC	(6)(11)		SOFR + 4.00	%		8.31	%		1/7/2021		12/18/2026		4,792		4,800		4,824		0.01

															11,710		11,777		0.03
Gas Utilities
CQP Holdco, LP	(9)		SOFR + 2.00	%		6.00	%		4/4/2025		12/31/2030		1,493		1,477		1,494		0.00
Ground Transportation
Channelside AcquisitionCo, Inc.	(4)(7)(10)		SOFR + 4.75	%		8.91	%		5/15/2024		5/15/2031		155,271		154,859		155,271		0.33
Health Care Equipment & Supplies
AEC Parent Holdings, Inc.	(9)(17)		SOFR + 5.75	%		9.90	%		6/13/2022		6/13/2029		24,619		23,004		18,887		0.04
Bamboo US BidCo, LLC	(4)(7)(11)		SOFR + 5.25	%		9.56	%		9/29/2023		9/30/2030		47,691		46,827		47,691		0.10
Bamboo US BidCo, LLC	(4)(11)		E + 5.25	%		7.28	%		9/29/2023		9/30/2030	EUR	75,312		78,595		88,420		0.19
Bamboo US BidCo, LLC	(4)(5)(11)		SOFR + 5.25	%		9.56	%		11/20/2024		9/30/2030		5,487		5,382		5,487		0.01
CSHC Buyerco, LLC	(4)(5)(11)		SOFR + 4.75	%		9.01	%		7/30/2025		9/8/2026		1,696		1,681		1,692		0.00
Ergotron Acquisition, LLC	(4)(10)		SOFR + 5.25	%		9.42	%		7/6/2022		7/6/2028		62,185		61,629		62,185		0.13
GCX Corporation Buyer, LLC	(4)(10)		SOFR + 5.50	%		9.65	%		9/13/2021		9/13/2027		190,080		188,838		185,328		0.40
GCX Corporation Buyer, LLC	(4)(10)		SOFR + 5.50	%		9.97	%		9/13/2021		9/13/2027		48,139		47,857		46,935		0.10
Natus Medical, Inc.	(4)(9)		SOFR + 5.25	%		9.40	%		7/21/2022		7/20/2029		42,332		40,714		42,279		0.09
Natus Medical, Inc.	(5)(7)(9)		SOFR + 4.25	%		8.51	%		7/21/2022		7/21/2027		1,150		1,099		1,091		0.00
WS Audiology A/S	(6)(8)		SOFR + 3.50	%		7.81	%		6/27/2025		2/28/2029		11,782		11,782		11,752		0.03
Zeus, LLC	(4)(10)		SOFR + 6.00	%		10.00 (incl. 3.00 PIK	% % )		2/28/2024		2/28/2031		48,860		48,298		46,417		0.10
Zeus, LLC	(4)(5)(7)(10)		SOFR + 5.50	%		9.50	%		2/28/2024		2/28/2031		4,552		4,397		4,061		0.01

															560,103		562,225		1.20
Health Care Providers & Services
123Dentist, Inc.	(4)(6)(10)		CA + 5.00	%		7.55	%		8/10/2022		8/10/2029	CAD	258,891		199,474		186,025		0.40
123Dentist, Inc.	(4)(5)(6)(7)(10)		CA + 5.00	%		7.55	%		8/9/2024		8/10/2029	CAD	28,575		18,886		20,533		0.04
ACI Group Holdings, Inc.	(4)(5)(7)(10)		SOFR + 5.50	%		9.76	%		8/2/2021		8/2/2027		11,170		11,039		9,344		0.02
ACI Group Holdings, Inc.	(4)(10)		SOFR + 6.00	%		10.26 (incl. 3.25 PIK	% % )		7/7/2023		8/2/2028		137,046		135,441		125,397		0.27
ADCS Clinics Intermediate Holdings, LLC	(4)(11)		SOFR + 6.25	%		10.48	%		5/7/2021		5/7/2027		10,327		10,272		10,327		0.02
ADCS Clinics Intermediate Holdings, LLC	(4)(11)		SOFR + 6.25	%		10.52	%		5/7/2021		5/7/2027		8,493		8,453		8,493		0.02

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

September 30, 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)
ADCS Clinics Intermediate Holdings, LLC	(4)(5)(7)(11)		SOFR + 6.25	%		10.37	%		5/7/2021		5/7/2026		557		548		557		0.00
ADCS Clinics Intermediate Holdings, LLC	(4)(5)(11)		SOFR + 6.25	%		10.48	%		4/14/2022		5/7/2027		248		247		248		0.00
Amerivet Partners Management, Inc.	(4)(7)(10)		SOFR + 5.50	%		9.62	%		2/25/2022		2/25/2028		20,839		20,512		19,953		0.04
Biotouch Global Solutions, Inc.	(4)(7)(11)		SOFR + 5.50	%		9.70	%		8/27/2025		8/27/2032		129,814		127,523		127,513		0.27
Canadian Hospital Specialties, Ltd.	(4)(6)(11)		CA + 4.50	%		7.37	%		4/15/2021		4/14/2028	CAD	14,556		11,566		10,355		0.02
Canadian Hospital Specialties, Ltd.	(4)(6)(7)(10)		CA + 4.50	%		7.37	%		4/15/2021		4/15/2027	CAD	3,330		2,318		2,354		0.01
Caramel Bidco, Limited	(4)(6)(8)		S + 6.00	%		10.21	%		2/11/2022		2/24/2029	GBP	60,000		79,068		66,573		0.14
Caramel Bidco, Limited	(4)(5)(6)(8)		S + 6.00	%		10.21	%		2/24/2022		2/24/2029	GBP	2,265		3,024		2,513		0.01
Caramel Bidco, Limited	(4)(6)(8)		E + 6.00	%		8.04	%		2/24/2022		2/24/2029	EUR	14,000		15,598		13,560		0.03
Caramel Bidco, Limited	(4)(6)(8)		SOFR + 6.00	%		10.26	%		2/24/2022		2/24/2029		6,125		6,323		5,114		0.01
CCBlue Bidco, Inc.	(4)(5)(10)		SOFR + 6.50	%		10.61 (incl. 4.00 PIK	% % )		12/21/2021		12/21/2028		589,604		585,256		492,320		1.05
CNT Holdings I Corp.	(10)		SOFR + 2.25	%		6.56	%		4/3/2025		11/8/2032		5,473		5,407		5,475		0.01
Commander Buyer, Inc.	(4)(7)(10)		SOFR + 4.75	%		8.75	%		6/26/2025		6/26/2032		161,838		159,645		159,704		0.34
Compsych Investments Corp.	(4)(7)(10)		SOFR + 4.75	%		9.08	%		7/22/2024		7/22/2031		70,138		69,805		70,088		0.15
CSC Mkg Topco, LLC	(4)(10)		SOFR + 5.50	%		9.76	%		2/1/2022		2/1/2029		159,181		157,664		159,181		0.34
CSC Mkg Topco, LLC	(4)(10)		SOFR + 5.50	%		9.82	%		8/1/2022		2/1/2029		21,304		20,949		21,304		0.05
DCA Investment Holdings, LLC	(4)(10)		SOFR + 6.41	%		10.41	%		3/12/2021		4/3/2028		24,942		24,863		22,448		0.05
DCA Investment Holdings, LLC	(4)(5)(10)		SOFR + 6.50	%		10.50	%		12/28/2022		4/3/2028		9,820		9,680		8,838		0.02
Epoch Acquisition, Inc.	(4)(11)		SOFR + 6.00	%		10.41	%		1/7/2021		10/4/2026		28,284		28,284		28,284		0.06
Examworks Bidco, Inc.	(9)		SOFR + 2.75	%		6.91	%		11/1/2021		11/1/2028		995		998		998		0.00
Heartland Dental, LLC	(8)		SOFR + 3.75	%		7.91	%		8/7/2025		8/25/2032		5,910		5,915		5,907		0.01
Imagine 360, LLC	(4)(7)(10)		SOFR + 4.75	%		8.75	%		9/18/2024		9/30/2028		96,543		95,709		96,389		0.21
Inception Fertility Ventures, LLC	(4)(7)(10)		SOFR + 5.50	%		9.81	%		4/29/2024		4/29/2030		275,562		275,152		270,843		0.58
Jayhawk Buyer, LLC	(4)(11)		SOFR + 5.00	%		9.11	%		5/26/2021		10/15/2026		223,779		222,862		216,507		0.46
Kwol Acquisition, Inc.	(4)(5)(7)(10)		SOFR + 4.75	%		8.75	%		12/8/2023		12/6/2029		6,504		6,352		6,485		0.01
MB2 Dental Solutions, LLC	(4)(10)		SOFR + 5.50	%		9.66	%		2/13/2024		2/13/2031		37,270		36,982		37,270		0.08
MB2 Dental Solutions, LLC	(4)(5)(7)(10)		SOFR + 5.50	%		9.78	%		2/13/2024		2/13/2031		6,079		5,996		6,079		0.01
MB2 Dental Solutions, LLC	(4)(5)(10)		SOFR + 5.50	%		9.82	%		2/13/2024		2/13/2031		5,512		5,477		5,512		0.01
Navigator Acquiror, Inc.	(4)(7)(9)		SOFR + 5.50	%		9.76 (incl. 4.00 PIK	% % )		7/16/2021		7/16/2030		535,090		533,513		473,318		1.01

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

September 30, 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)
Onex TSG Intermediate Corp.	(6)(8)		SOFR + 3.75	%		8.00	%		7/24/2025		8/6/2032		10,954		10,900		11,026		0.02
ONS MSO, LLC	(4)(5)(7)(11)		SOFR + 5.75	%		10.06	%		12/13/2023		7/8/2028		68,760		68,681		67,687		0.14
ONS MSO, LLC	(4)(5)(7)(11)		P + 5.25	%		12.50	%		12/13/2023		7/8/2028		2,000		1,969		1,930		0.00
ONS MSO, LLC	(4)(11)		SOFR + 5.75	%		10.06	%		4/26/2024		7/8/2028		9,875		9,841		9,727		0.02
Pacific Dental Services, Inc.	(8)		SOFR + 2.50	%		6.64	%		4/3/2025		3/15/2031		4,926		4,885		4,928		0.01
Plasma Buyer, LLC	(4)(10)		SOFR + 5.75	%		9.75	%		5/12/2022		5/12/2029		92,567		91,553		77,525		0.17
Plasma Buyer, LLC	(4)(5)(7)(10)		SOFR + 5.75	%		9.74	%		5/12/2022		5/12/2028		14,402		14,276		12,051		0.03
PPV Intermediate Holdings, LLC	(4)(10)		SOFR + 5.75	%		9.95	%		8/31/2022		8/31/2029		125,340		124,001		125,340		0.27
PPV Intermediate Holdings, LLC	(4)(5)(7)(11)		SOFR + 5.25	%		9.45	%		9/6/2023		8/31/2029		12,653		12,384		12,653		0.03
PSKW Intermediate, LLC	(4)(11)		SOFR + 5.50	%		9.76	%		12/11/2024		3/9/2028		11,980		11,980		11,980		0.03
Raven Acquisition Holdings, LLC	(6)(7)(8)		SOFR + 3.00	%		7.16	%		4/10/2025		11/19/2031		2,793		2,724		2,795		0.01
Smile Doctors, LLC	(4)(10)		SOFR + 5.90	%		10.13	%		6/9/2023		12/23/2028		514,164		509,245		498,739		1.07
Smile Doctors, LLC	(4)(7)(10)		SOFR + 5.90	%		10.13	%		6/9/2023		12/23/2028		122,845		120,107		117,341		0.25
Snoopy Bidco, Inc.	(4)(10)		SOFR + 6.50	%		10.43 (incl. 5.50 PIK	% % )		6/1/2021		6/1/2028		717,356		712,883		686,868		1.47
Southern Veterinary Partners, LLC	(8)		SOFR + 2.50	%		6.82	%		7/22/2025		12/4/2031		10,185		10,230		10,177		0.02
SpecialtyCare, Inc.	(4)(7)(11)		SOFR + 5.00	%		9.26	%		8/26/2025		12/18/2029		69,680		68,855		68,971		0.15
SpecialtyCare, Inc.	(4)(5)(7)(8)		SOFR + 3.75	%		8.12	%		8/26/2025		12/18/2029		475		447		475		0.00
Stepping Stones Healthcare Services, LLC	(4)(10)		SOFR + 5.00	%		9.00	%		12/30/2021		1/2/2029		177,267		175,968		177,267		0.38
Stepping Stones Healthcare Services, LLC	(4)(5)(7)(10)		SOFR + 5.00	%		9.00	%		4/25/2024		1/2/2029		13,419		12,976		13,419		0.03
The Fertility Partners, Inc.	(4)(6)(10)		CA + 5.75	%		8.59	%		3/16/2022		3/16/2028	CAD	134,830		105,047		91,069		0.19
The Fertility Partners, Inc.	(4)(6)(10)		SOFR + 5.75	%		10.03	%		3/16/2022		3/16/2028		45,321		44,881		42,601		0.09
The Fertility Partners, Inc.	(4)(5)(6)(7)(10)		CA + 5.75	%		8.60	%		3/16/2022		9/16/2027	CAD	965		191		277		0.00
UMP Holdings, LLC	(4)(10)		SOFR + 5.75	%		10.07	%		7/15/2022		7/15/2028		9,427		9,339		9,144		0.02
UMP Holdings, LLC	(4)(5)(10)		SOFR + 5.75	%		10.07	%		7/15/2022		7/15/2028		12,932		12,886		12,544		0.03
Unified Women’s Healthcare, LP	(4)(7)(9)		SOFR + 5.00	%		9.00	%		6/16/2022		6/18/2029		871,691		871,533		871,691		1.87
Unified Women’s Healthcare, LP	(4)(5)(9)		SOFR + 5.00	%		9.16	%		3/22/2024		6/18/2029		4,953		4,927		4,953		0.01
Unified Women’s Healthcare, LP	(4)(5)(7)(9)		SOFR + 5.00	%		9.40	%		3/22/2024		6/18/2029		3,246		3,222		3,246		0.01
Unified Women’s Healthcare, LP	(4)(5)(9)		SOFR + 5.00	%		9.00	%		9/22/2025		6/18/2029		10,263		10,186		10,263		0.02

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

September 30, 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)
US Oral Surgery Management Holdco, LLC	(4)(10)		SOFR + 5.25	%		9.55	%		11/18/2021		11/20/2028		153,992		153,061		153,992		0.33
US Oral Surgery Management Holdco, LLC	(4)(10)		SOFR + 5.25	%		9.65	%		11/18/2021		11/20/2028		64,821		64,467		64,821		0.14
US Oral Surgery Management Holdco, LLC	(4)(5)(10)		SOFR + 5.25	%		9.55	%		8/16/2023		11/20/2028		6,191		6,127		6,191		0.01
US Oral Surgery Management Holdco, LLC	(4)(5)(10)		SOFR + 5.25	%		9.52	%		12/5/2022		11/20/2028		107		107		107		0.00
US Oral Surgery Management Holdco, LLC	(4)(5)(7)(10)		SOFR + 5.25	%		9.53	%		8/16/2023		11/20/2028		13,431		13,056		13,431		0.03
Veonet Lense, GmbH	(6)(8)		S + 4.75	%		8.72	%		2/26/2025		3/14/2029	GBP	253,448		319,028		310,824		0.67
WHCG Purchaser III, Inc.	(4)(5)(7)(10)		SOFR + 6.50	%		10.50 (incl. 5.25 PIK	% % )		8/2/2024		6/30/2029		47,848		47,848		47,848		0.10
WHCG Purchaser III, Inc.	(4)(5)(10)(17)		10.00	%		10.00 PIK	%		8/2/2024		6/30/2030		40,084		14,654		15,232		0.03

															6,545,266		6,264,942		13.40
Health Care Technology
Accuity Delivery Systems, LLC	(4)(7)(9)		SOFR + 5.25	%		9.45	%		5/29/2025		5/29/2031		167,779		166,706		166,769		0.36
athenahealth, Inc.	(9)		SOFR + 2.75	%		6.91	%		2/15/2022		2/15/2029		36,008		35,817		35,982		0.08
Brilliance Technologies, Inc.	(4)(5)(7)(9)		SOFR + 4.50	%		8.66	%		3/11/2025		3/11/2032		88,253		87,344		87,832		0.19
Brilliance Technologies, Inc.	(4)(5)(9)		SOFR + 4.50	%		8.66	%		3/11/2025		3/11/2032		141,205		140,554		140,852		0.30
Brilliance Technologies, Inc.	(4)(5)(9)		SOFR + 4.50	%		8.66	%		5/16/2025		3/11/2032		193,997		193,081		193,512		0.41
Caerus US 1, Inc.	(4)(6)(10)		SOFR + 5.00	%		9.00	%		5/25/2022		5/25/2029		438,950		434,375		438,950		0.94
Caerus US 1, Inc.	(4)(5)(6)(7)(10)		SOFR + 5.00	%		9.17	%		5/25/2022		5/25/2029		31,760		31,228		31,760		0.07
Caerus US 1, Inc.	(4)(6)(10)		SOFR + 5.00	%		9.00	%		10/28/2022		5/25/2029		35,843		35,637		35,843		0.08
Caerus US 1, Inc.	(4)(6)(10)		SOFR + 5.00	%		9.00	%		10/28/2022		5/25/2029		244,919		243,984		244,919		0.52
Caerus US 1, Inc.	(4)(6)(10)		SOFR + 5.00	%		9.00	%		3/27/2024		5/25/2029		69,294		69,294		69,294		0.15
Color Intermediate, LLC	(4)(10)		SOFR + 4.75	%		8.85	%		7/2/2024		10/1/2029		362,405		357,249		362,405		0.78
Continental Buyer, Inc.	(4)(5)(7)(10)		SOFR + 4.50	%		8.66	%		2/14/2025		4/2/2031		41,532		40,937		41,498		0.09
Cotiviti, Inc.	(8)		SOFR + 2.75	%		7.03	%		5/1/2024		5/1/2031		40,243		40,082		39,606		0.08
Cronos Crimson Holdings, Inc.	(4)(10)		SOFR + 6.09	%		10.54	%		3/1/2021		3/1/2028		71,173		70,437		71,173		0.15
Cronos Crimson Holdings, Inc.	(4)(10)		SOFR + 6.09	%		10.38	%		3/1/2021		3/1/2028		14,758		14,670		14,758		0.03

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

September 30, 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 (continued)
CT Technologies Intermediate Holdings, Inc.	(4)(7)(10)		SOFR + 5.00	%		9.16	%		8/30/2024		8/30/2031		162,144		160,483		161,800		0.35
CT Technologies Intermediate Holdings, Inc.	(4)(5)(10)		SOFR + 4.75	%		8.91	%		8/5/2025		8/30/2031		160,724		159,158		160,724		0.34
CT Technologies Intermediate Holdings, Inc.	(4)(5)(10)		SOFR + 4.75	%		8.91	%		7/10/2025		8/30/2031		69,024		68,359		69,024		0.15
CT Technologies Intermediate Holdings, Inc.	(4)(5)(7)(10)		SOFR + 4.75	%		8.91	%		7/10/2025		8/30/2031		30,395		30,054		30,395		0.07
eResearchTechnology, Inc.	(4)(10)		SOFR + 4.75	%		8.91	%		1/15/2025		1/19/2032		825,410		817,985		825,410		1.77
eResearchTechnology, Inc.	(4)(5)(7)(10)		SOFR + 4.75	%		8.91	%		1/15/2025		1/19/2032		160,350		157,587		159,565		0.34
GI Ranger Intermediate, LLC	(4)(7)(10)		SOFR + 5.75	%		10.01	%		10/29/2021		10/29/2028		102,024		101,163		102,024		0.22
Healthcomp Holding Company, LLC	(4)(10)		SOFR + 6.25	%		10.42 (incl. 3.00 PIK	% % )		11/8/2023		11/8/2029		187,979		186,764		179,520		0.38
Imprivata, Inc.	(8)		SOFR + 3.00	%		7.00	%		6/20/2025		12/1/2027		1,992		1,992		2,003		0.00
Kona Buyer, LLC	(4)(7)(10)		SOFR + 4.50	%		8.82	%		7/23/2024		7/23/2031		214,019		211,822		211,799		0.45
Kona Buyer, LLC	(4)(5)(10)		SOFR + 4.50	%		8.82	%		7/23/2024		7/23/2031		16,092		16,320		16,012		0.03
Magic Bidco, Inc.	(4)(5)(7)(10)		SOFR + 5.75	%		9.74	%		7/1/2024		7/1/2030		7,469		7,305		7,469		0.02
Magic Bidco, Inc.	(4)(10)		SOFR + 5.75	%		9.75	%		7/1/2024		7/1/2030		57,531		56,527		57,531		0.12
Magic Bidco, Inc.	(4)(5)(7)(10)		SOFR + 5.75	%		9.75	%		7/1/2024		7/1/2030		1,743		1,652		1,743		0.00
MEDX AMCP Holdings, LLC	(4)(5)(7)(10)		SOFR + 4.75	%		8.91	%		7/21/2025		7/21/2032		22,327		22,027		22,040		0.05
Modernizing Medicine, Inc.	(4)(5)(7)(10)		SOFR + 4.75	%		8.75 (incl. 2.25 PIK	% % )		4/30/2025		4/30/2032		45,403		44,942		45,134		0.10
Neptune Holdings, Inc.	(4)(7)(10)		SOFR + 4.50	%		8.50	%		12/12/2024		8/31/2030		14,738		14,446		14,688		0.03
Netsmart Technologies, Inc.	(4)(7)(10)		SOFR + 4.95	%		9.11 (incl. 2.45 PIK	% % )		8/23/2024		8/23/2031		189,661		187,762		189,530		0.41
Octane Purchaser, Inc.	(4)(7)(9)		SOFR + 4.25	%		8.41	%		5/19/2025		5/19/2032		167,453		166,493		166,858		0.36
Project Ruby Ultimate Parent Corp.	(4)(8)		SOFR + 2.75	%		7.03	%		7/18/2025		3/10/2028		9,065		9,065		9,080		0.02
Rocky MRA Acquisition Corp.	(4)(9)		SOFR + 5.00	%		9.29	%		4/1/2022		4/2/2029		166,111		164,856		166,111		0.36
Vizient, Inc.	(9)		SOFR + 1.75	%		5.91	%		8/1/2024		8/1/2031		4,520		4,549		4,538		0.01
Waystar Technologies, Inc.	(8)		SOFR + 2.00	%		6.16	%		8/6/2025		10/22/2029		6,446		6,446		6,458		0.01

															4,559,152		4,584,609		9.82
Hotels, Restaurants & Leisure
Alterra Mountain, Co.	(8)		SOFR + 2.50	%		6.66	%		7/23/2025		8/17/2028		7,313		7,313		7,334		0.02
Bally’s Corp.	(6)(9)		SOFR + 3.25	%		7.84	%		10/1/2021		10/2/2028		9,585		9,541		9,333		0.02
Caesars Entertainment, Inc.	(6)(9)		SOFR + 2.25	%		6.41	%		2/6/2023		2/6/2030		5,913		5,927		5,911		0.01
Caesars Entertainment, Inc.	(6)(9)		SOFR + 2.25	%		6.41	%		6/16/2025		2/6/2031		2,709		2,713		2,706		0.01
Cedar Fair, LP	(6)(8)		SOFR + 2.00	%		6.16	%		6/18/2025		5/1/2031		1,194		1,191		1,188		0.00
Century Casinos, Inc.	(6)(10)		SOFR + 6.00	%		10.28	%		4/1/2022		4/2/2029		30,884		30,572		26,406		0.06
DK Crown Holdings, Inc.	(6)(8)		SOFR + 1.75	%		6.00	%		6/16/2025		3/4/2032		1,405		1,404		1,405		0.00
FanDuel Group Financing, LLC	(6)(9)		SOFR + 1.75	%		5.75	%		4/3/2025		11/30/2030		5,251		5,176		5,243		0.01

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

September 30, 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 (continued)
Fertitta Entertainment, LLC	(9)		SOFR + 3.25	%		7.41	%		1/27/2022		1/27/2029		22,462		22,165		22,455		0.05
Flynn Restaurant Group, LP	(8)		SOFR + 3.75	%		7.91	%		4/3/2025		1/28/2032		2,985		2,895		2,993		0.01
IRB Holding Corp.	(10)		SOFR + 2.50	%		6.66	%		12/11/2024		12/15/2027		24,801		24,769		24,834		0.05
Life Time, Inc.	(8)		SOFR + 2.00	%		6.25	%		8/14/2025		11/5/2031		2,342		2,350		2,343		0.01
Light & Wonder International, Inc.	(6)(9)		SOFR + 2.25	%		6.39	%		6/16/2025		4/14/2029		643		646		645		0.00
Mic Glen, LLC	(9)		SOFR + 3.25	%		7.41	%		7/29/2025		7/21/2028		12,630		12,630		12,716		0.03
New Red Finance, Inc.	(6)(8)		SOFR + 1.75	%		5.91	%		6/16/2024		9/12/2030		13,558		13,410		13,530		0.03
Penn Entertainment, Inc.	(6)(9)		SOFR + 2.50	%		6.66	%		6/16/2025		5/3/2029		2,266		2,269		2,267		0.00
Scientific Games Holdings, LP	(9)		SOFR + 3.00	%		7.29	%		6/11/2024		4/4/2029		19,580		19,611		19,442		0.04
Tacala Investment Corp.	(10)		SOFR + 3.00	%		7.16	%		9/16/2025		1/31/2031		2,955		2,964		2,972		0.01
Voyager Parent, LLC	(6)(8)		SOFR + 4.75	%		8.75	%		7/18/2025		7/1/2032		107,800		103,628		108,151		0.23
Whatabrands, LLC	(9)		SOFR + 2.50	%		6.66	%		12/11/2024		8/3/2028		12,214		12,166		12,238		0.03

															283,340		284,112		0.62
Household Durables
AI Aqua Merger Sub, Inc.	(9)		SOFR + 3.00	%		7.28	%		12/5/2024		7/31/2028		36,707		36,630		36,821		0.08
Madison Safety & Flow, LLC	(4)(8)		SOFR + 2.75	%		6.91	%		9/25/2025		9/26/2031		5,787		5,787		5,787		0.01

															42,417		42,608		0.09
Independent Power and Renewable Electricity Producers
Calpine, Corp.	(8)		SOFR + 1.75	%		5.91	%		6/16/2025		2/15/2032		2,025		2,026		2,025		0.00
Calpine, Corp.	(8)		SOFR + 1.75	%		5.91	%		6/16/2025		1/31/2031		1,099		1,100		1,099		0.00

															3,126		3,124		0.00
Industrial Conglomerates
Bettcher Industries, Inc.	(4)(9)		SOFR + 4.00	%		8.00	%		12/14/2021		12/14/2028		6,883		6,851		6,917		0.01
CEP V Investment 11 S.à r.l.	(4)(6)(7)(10)		SA + 6.52	%		7.20	%		5/6/2022		2/11/2028	CHF	47,449		48,056		57,619		0.12
CEP V Investment 11 S.à r.l.	(4)(6)(10)		E + 6.45	%		8.51	%		3/31/2023		2/23/2028	EUR	66,051		64,100		75,249		0.16
Engineered Machinery Holdings, Inc.	(10)		SOFR + 3.50	%		7.76	%		8/12/2021		5/19/2028		11,663		11,642		11,743		0.03
Excelitas Technologies Corp.	(4)(8)		E + 5.25	%		7.15	%		8/12/2022		8/13/2029	EUR	24,627		25,012		28,913		0.06
Excelitas Technologies Corp.	(4)(7)(10)		SOFR + 5.25	%		9.41	%		8/12/2022		8/13/2029		33,241		32,766		33,241		0.07

															188,427		213,682		0.45
Insurance
Alera Group, Inc.	(9)		SOFR + 3.25	%		7.41	%		5/30/2025		5/30/2032		37,923		37,743		38,107		0.08
Alliant Holdings Intermediate, LLC	(8)		SOFR + 2.50	%		6.67	%		7/31/2025		9/19/2031		6,114		6,062		6,103		0.01
Amerilife Holdings, LLC	(4)(10)		SOFR + 5.00	%		9.17	%		6/17/2024		8/31/2029		574,124		568,197		574,124		1.23

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

September 30, 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)(5)(7)(10)		SOFR + 5.00	%		9.17	%		6/17/2024		8/31/2029		116,583		115,610		116,480		0.25
AmWINS Group, Inc.	(10)		SOFR + 2.25	%		6.25	%		4/3/2025		1/30/2032		2,987		2,958		2,989		0.01
Baldwin Insurance Group Holdings, LLC	(6)(8)		SOFR + 2.50	%		6.64	%		9/12/2025		5/26/2031		11,840		11,833		11,865		0.03
BroadStreet Partners, Inc.	(8)		SOFR + 2.75	%		6.91	%		6/14/2024		6/14/2031		19,762		19,686		19,803		0.04
Foundation Risk Partners Corp.	(4)(10)		SOFR + 4.75	%		8.75	%		10/29/2021		10/29/2030		27,703		27,461		27,703		0.06
Foundation Risk Partners Corp.	(4)(5)(10)		SOFR + 4.75	%		8.75	%		11/17/2023		10/29/2030		26,748		26,377		26,748		0.06
Foundation Risk Partners Corp.	(4)(10)		SOFR + 4.75	%		8.75	%		4/14/2022		10/29/2030		38,397		38,094		38,397		0.08
Foundation Risk Partners Corp.	(4)(5)(7)(10)		SOFR + 4.75	%		8.75	%		10/21/2024		10/29/2030		19,181		18,854		18,936		0.04
Foundation Risk Partners Corp.	(5)(10)		SOFR + 5.00	%		9.13	%		9/24/2025		10/29/2030		6,815		6,815		6,815		0.01
Foundation Risk Partners Corp.	(4)(5)(10)		SOFR + 5.00	%		9.24	%		9/24/2025		10/29/2030		3,185		3,185		3,185		0.01
Galway Borrower, LLC	(4)(10)		SOFR + 4.50	%		8.50	%		9/30/2021		9/29/2028		239,731		238,154		239,731		0.51
Galway Borrower, LLC	(4)(5)(7)(10)		SOFR + 4.50	%		8.50	%		9/30/2021		9/29/2028		586		579		586		0.00
Galway Borrower, LLC	(4)(5)(7)(10)		SOFR + 4.50	%		8.50	%		4/28/2023		9/29/2028		4,296		4,123		4,296		0.01
Gimlet Bidco, GmbH	(4)(6)(8)		E + 5.75	%		7.78	%		4/15/2024		4/23/2031	EUR	110,003		114,871		129,149		0.28
Gimlet Bidco, GmbH	(4)(6)(7)(8)		E + 5.75	%		7.78	%		4/15/2024		4/23/2031	EUR	39,129		40,623		45,940		0.10
Higginbotham Insurance Agency, Inc.	(4)(6)(11)		SOFR + 4.50	%		8.67	%		7/3/2024		11/25/2028		89,517		89,453		89,517		0.19
High Street Buyer, Inc.	(4)(10)		SOFR + 5.25	%		9.25	%		4/16/2021		4/14/2028		19,040		18,950		19,040		0.04
High Street Buyer, Inc.	(4)(5)(7)(10)		SOFR + 5.25	%		9.25	%		4/16/2021		4/14/2028		81,672		80,981		81,589		0.17
High Street Buyer, Inc.	(4)(5)(10)		SOFR + 4.50	%		8.50	%		1/2/2025		4/14/2028		43,988		43,443		43,658		0.09
High Street Buyer, Inc.	(4)(10)		SOFR + 5.25	%		9.25	%		4/16/2021		4/14/2028		76,470		75,902		76,470		0.16
High Street Buyer, Inc.	(4)(5)(7)(10)		SOFR + 4.50	%		8.50	%		7/18/2025		4/14/2028		6,169		5,934		5,707		0.01
HUB International, Ltd.	(8)		SOFR + 2.25	%		6.58	%		4/4/2025		6/20/2030		851		835		853		0.00
Hyperion Refinance S.à r.l.	(6)(9)		SOFR + 2.75	%		6.91	%		8/4/2025		2/15/2031		18,849		18,630		18,871		0.04
Integrity Marketing Acquisition, LLC	(4)(7)(10)		SOFR + 5.00	%		9.20	%		8/27/2024		8/25/2028		266,046		264,560		264,677		0.57
Koala Investment Holdings, Inc.	(4)(5)(7)(10)		SOFR + 4.50	%		8.50	%		8/29/2025		8/29/2032		88,402		87,357		87,357		0.19
MRH Trowe Beteiligungsgesellschaft mbH	(4)(6)(7)(8)		E + 5.00	%		7.11	%		5/15/2025		5/15/2032	EUR	365		404		422		0.00
OneDigital Borrower, LLC	(9)		SOFR + 3.00	%		7.16	%		1/28/2025		7/2/2031		9,875		9,875		9,888		0.02
Paisley Bidco, Ltd.	(4)(5)(6)(7)(8)		S + 5.25	%		9.47	%		4/17/2024		5/7/2031	GBP	14,988		18,586		19,935		0.04
Paisley Bidco, Ltd.	(4)(5)(6)(8)		E + 5.25	%		7.28	%		4/17/2024		5/7/2031	EUR	7,947		8,453		9,237		0.02
Paisley Bidco, Ltd.	(4)(5)(6)(8)		E + 5.25	%		7.28	%		4/17/2024		5/7/2031	EUR	7,010		7,232		8,147		0.02
Paisley Bidco, Ltd.	(4)(5)(6)(8)		E + 5.25	%		7.28	%		7/31/2025		5/7/2031	EUR	3,776		4,313		4,389		0.01
Patriot Growth Insurance Services, LLC	(4)(10)		SOFR + 5.00	%		9.15	%		10/14/2021		10/16/2028		23,788		23,641		23,788		0.05

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

September 30, 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)
Patriot Growth Insurance Services, LLC	(4)(5)(7)(10)		SOFR + 5.00	%		9.00	%		11/17/2023		10/16/2028		23,789		23,558		23,347		0.05
Riser Merger Sub, Inc.	(4)(5)(10)		SOFR + 4.75	%		8.75	%		4/15/2025		10/31/2029		30,660		30,660		30,660		0.07
Riser Merger Sub, Inc.	(4)(5)(10)		S + 4.75	%		8.72	%		4/15/2025		10/31/2029	GBP	51,543		66,099		69,321		0.15
Riser Merger Sub, Inc.	(4)(5)(7)(10)		SOFR + 4.75	%		8.75	%		4/15/2025		10/31/2029		4,987		4,542		4,835		0.01
SelectQuote, Inc.	(4)(6)(20)		SOFR + 6.50	%		10.76	%		10/15/2024		9/30/2027		122,944		122,930		118,026		0.25
SG Acquisition, Inc.	(4)(7)(10)		SOFR + 4.75	%		9.05	%		4/3/2024		4/3/2030		206,109		204,680		206,109		0.44
Shelf Bidco, Ltd.	(4)(6)(10)(18)		SOFR + 5.18	%		9.50	%		10/17/2024		10/17/2031		936,002		931,944		936,002		2.00
Simplicity Financial Marketing Group Holdings, Inc.	(4)(6)(7)(10)		SOFR + 5.00	%		9.00	%		12/31/2024		12/31/2031		48,663		48,142		48,603		0.10
Sparta UK Bidco, Ltd.	(4)(5)(6)(8)		S + 5.75	%		9.72	%		9/25/2024		9/25/2031	GBP	44,570		58,788		59,942		0.13
Sparta UK Bidco, Ltd.	(4)(5)(6)(8)		E + 5.75	%		7.85	%		9/25/2024		9/25/2031	EUR	1,177		1,318		1,382		0.00
SQ ABS Issuer, LLC	(4)(6)(8)		7.80	%		7.80	%		10/11/2024		10/20/2039		18,739		18,620		18,786		0.04
Tennessee Bidco, Limited	(4)(5)(6)(8)		E + 5.25	%		7.55 (incl. 2.00 PIK	% % )		7/1/2024		7/1/2031	EUR	4,607		5,731		5,409		0.01
Tennessee Bidco, Limited	(4)(6)(8)		S + 5.25	%		9.47 (incl. 2.00 PIK	% % )		7/1/2024		7/1/2031	GBP	152,279		204,361		204,799		0.44
Tennessee Bidco, Limited	(4)(5)(6)(7)(8)		S + 5.25	%		9.47 (incl. 2.00 PIK	% % )		7/1/2024		7/1/2031	GBP	13,823		18,059		17,952		0.04
Tennessee Bidco, Limited	(4)(6)(8)		SOFR + 5.25	%		9.65 (incl. 2.00 PIK	% % )		7/1/2024		7/1/2031		556,048		544,183		556,048		1.19
Tennessee Bidco, Limited	(4)(5)(6)(8)		SOFR + 5.25	%		9.71 (incl. 2.00 PIK	% % )		7/1/2024		7/1/2031		28,062		27,827		28,062		0.06
Tennessee Bidco, Limited	(4)(5)(6)(8)		E + 5.25	%		7.62 (incl. 2.00 PIK	% % )		7/1/2024		7/1/2031	EUR	8,873		9,302		10,418		0.02
THG Acquisition, LLC	(4)(10)		SOFR + 4.75	%		8.91	%		10/31/2024		10/31/2031		66,645		66,066		66,645		0.14
THG Acquisition, LLC	(4)(5)(7)(10)		SOFR + 4.75	%		8.91	%		10/31/2024		10/31/2031		555		490		555		0.00
THG Acquisition, LLC	(4)(5)(7)(10)		SOFR + 4.50	%		8.91	%		10/31/2024		10/31/2031		2,422		2,347		2,422		0.01
TIH Insurance Holdings, LLC	(7)(8)		SOFR + 2.75	%		6.75	%		12/6/2024		5/6/2031		19,652		19,312		19,551		0.04
USI, Inc.	(8)		SOFR + 2.25	%		6.25	%		12/23/2024		11/22/2029		6,812		6,812		6,811		0.01
USI, Inc.	(8)		SOFR + 2.25	%		6.25	%		12/23/2024		9/29/2030		7,435		7,345		7,434		0.02
World Insurance Associates, LLC	(4)(7)(11)		SOFR + 5.00	%		9.00	%		2/14/2025		4/3/2030		90,759		89,511		90,458		0.19

															4,552,401		4,608,079		9.84
Interactive Media & Services
North Haven Ushc Acquisition, Inc.	(4)(5)(11)		SOFR + 5.25	%		9.35	%		8/28/2024		10/30/2027		12,403		12,281		12,093		0.03

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

September 30, 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 (continued)
North Haven Ushc Acquisition, Inc.	(4)(5)(11)		SOFR + 5.25	%		9.35	%		8/28/2024		10/30/2027		7,262		7,191		7,080		0.02
North Haven Ushc Acquisition, Inc.	(4)(5)(11)		SOFR + 5.25	%		9.68	%		8/28/2024		10/30/2027		3,090		3,060		3,013		0.01
North Haven Ushc Acquisition, Inc.	(4)(5)(7)(11)		SOFR + 5.25	%		9.35	%		8/28/2024		10/30/2027		4,464		4,293		3,708		0.01
North Haven Ushc Acquisition, Inc.	(4)(5)(11)		SOFR + 5.25	%		9.35	%		8/28/2024		10/30/2027		3,594		3,559		3,504		0.01
North Haven Ushc Acquisition, Inc.	(4)(11)		SOFR + 5.25	%		9.41	%		8/28/2024		10/30/2027		22,126		21,909		21,573		0.05
North Haven Ushc Acquisition, Inc.	(4)(5)(7)(11)		SOFR + 5.25	%		9.41	%		8/28/2024		10/30/2027		15,035		14,867		14,608		0.03
Project Boost Purchaser, LLC	(8)		SOFR + 2.75	%		7.07	%		7/16/2024		7/16/2031		35,155		35,067		35,097		0.08
Speedster Bidco, GmbH	(6)(9)		SOFR + 3.25	%		7.24	%		10/17/2024		12/10/2031		20,219		19,800		20,295		0.04
Speedster Bidco, GmbH	(6)(7)(8)		E + 3.50	%		5.62	%		10/17/2024		12/10/2031	EUR	33,908		35,830		40,088		0.09
Titan Acquisitionco New Zealand, Ltd.	(4)(6)(9)		B + 4.00	%		6.80	%		5/29/2025		4/17/2031	NZD	129,563		76,735		74,363		0.16
WH Borrower, LLC	(9)		SOFR + 4.75	%		8.95	%		2/20/2025		2/20/2032		39,900		39,718		39,993		0.09

															274,310		275,415		0.62
IT Services
Ahead DB Holdings, LLC	(10)		SOFR + 2.75	%		6.75	%		8/2/2024		2/1/2031		2,499		2,497		2,505		0.01
AI Altius Luxembourg S.à r.l.	(4)(5)(8)		9.75	%		9.75 PIK	%		12/21/2021		12/21/2029		29,758		29,468		29,758		0.06
AI Altius US Bidco, Inc.	(4)(7)(10)		SOFR + 4.75	%		8.99	%		5/21/2024		12/21/2028		245,269		243,320		245,269		0.52
Allium Buyer, LLC	(4)(7)(11)		SOFR + 5.00	%		9.31	%		5/2/2023		5/2/2030		1,568		1,533		1,561		0.00
Cassipoee, SASU	(4)(5)(6)(8)		E + 4.50	%		6.50	%		2/26/2025		2/26/2032	EUR	160		165		184		0.00
Denali TopCo, LLC	(4)(5)(7)(10)		SOFR + 4.75	%		8.91	%		8/26/2025		8/26/2032		92,136		91,196		90,949		0.19
Fern Bidco, Ltd.	(4)(5)(6)(8)		S + 5.25	%		9.22	%		7/1/2024		7/3/2031	GBP	40,356		50,192		53,325		0.11
Fern Bidco, Ltd.	(4)(5)(6)(7)(8)		S + 5.25	%		9.22	%		7/1/2024		7/3/2031	GBP	4,414		5,472		5,461		0.01
Infostretch Corporation	(4)(10)		SOFR + 5.75	%		9.90	%		4/1/2022		4/1/2028		177,053		175,578		158,462		0.34
Inovalon Holdings, Inc.	(4)(10)		SOFR + 5.50	%		9.76 (incl. 2.75 PIK	% % )		4/11/2025		11/24/2028		1,108,328		1,096,920		1,108,328		2.37
KEN Bidco, Ltd.	(4)(5)(6)(10)		S + 6.00	%		10.09 (incl. 2.50 PIK	% % )		5/3/2024		8/3/2028	GBP	14,272		17,585		16,939		0.04
Monterey Financing, S.à r.l.	(4)(6)(8)		CI + 6.00	%		7.89	%		9/28/2022		9/28/2029	DKK	560,750		72,866		85,990		0.18
Monterey Financing, S.à r.l.	(4)(6)(9)		N + 6.00	%		10.05	%		9/28/2022		9/28/2029	NOK	599,094		55,006		58,531		0.13

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

September 30, 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)
Monterey Financing, S.à r.l.	(4)(6)(8)		ST + 6.00	%		7.93	%		9/28/2022		9/28/2029	SEK	243,186		21,429		25,185		0.05
Monterey Financing, S.à r.l.	(4)(6)(8)		E + 6.00	%		7.83	%		9/28/2022		9/28/2029	EUR	110,819		106,933		126,854		0.27
Nephele III, BV	(4)(5)(6)(7)(8)		E + 5.00	%		7.00	%		3/31/2025		1/14/2032	EUR	267		285		309		0.00
Newfold Digital Holdings Group, Inc.	(4)(10)(17)		SOFR + 3.50	%		7.84	%		2/10/2021		2/10/2028		43,798		43,636		31,754		0.07
Park Place Technologies, LLC	(4)(10)		SOFR + 5.25	%		9.56	%		3/25/2024		3/25/2031		541,322		537,566		541,322		1.16
Park Place Technologies, LLC	(4)(5)(7)(10)		SOFR + 5.25	%		9.25	%		3/25/2024		3/25/2030		22,255		21,775		22,255		0.05
Park Place Technologies, LLC	(4)(5)(10)		SOFR + 5.25	%		9.48	%		3/25/2024		3/25/2031		44,304		44,040		44,304		0.09
Razor Holdco, LLC	(4)(10)		SOFR + 5.75	%		10.05	%		10/25/2021		10/25/2027		95,717		95,057		95,717		0.20
Red River Technology, LLC	(4)(11)		SOFR + 6.00	%		10.46	%		5/26/2021		5/26/2027		145,152		144,454		127,734		0.27
Redwood Services Group, LLC	(4)(10)		SOFR + 5.25	%		9.26	%		1/3/2025		6/15/2029		148,454		146,984		148,454		0.32
Redwood Services Group, LLC	(4)(5)(7)(10)		SOFR + 5.25	%		9.26	%		2/5/2024		6/15/2029		15,860		15,715		15,711		0.03
Smartronix, LLC	(8)		SOFR + 4.50	%		8.66	%		2/7/2025		2/6/2032		340,571		332,465		342,699		0.73
Smartronix, LLC	(5)(7)(8)		SOFR + 3.50	%		7.54	%		2/7/2025		2/7/2030		4,789		4,521		4,759		0.02
Turing Holdco, Inc.	(4)(6)(8)		E + 6.00	%		8.03 (incl. 2.50 PIK	% % )		10/14/2021		9/28/2028	EUR	17,547		20,004		18,181		0.04
Turing Holdco, Inc.	(4)(6)(8)		E + 6.00	%		8.53 (incl. 2.50 PIK	% % )		10/14/2021		8/3/2028	EUR	6,584		7,525		6,822		0.01
Turing Holdco, Inc.	(4)(6)(8)		SOFR + 6.00	%		10.10 (incl. 2.50 PIK	% % )		10/14/2021		10/16/2028		6,754		7,002		5,960		0.01
Turing Holdco, Inc.	(4)(6)(8)		SOFR + 6.00	%		10.41 (incl. 2.50 PIK	% % )		10/14/2021		9/28/2028		13,582		13,419		11,986		0.03
Turing Holdco, Inc.	(4)(5)(6)(10)		S + 6.00	%		10.09 (incl. 2.50 PIK	% % )		5/3/2024		8/3/2028	GBP	23,993		29,563		28,476		0.06
Turing Holdco, Inc.	(4)(6)(10)		SOFR + 6.00	%		10.30 (incl. 2.50 PIK	% % )		5/3/2024		8/3/2028		31,934		31,307		28,182		0.06
Virtusa Corp.	(10)		SOFR + 3.25	%		7.41	%		6/21/2024		2/15/2029		14,751		14,765		14,603		0.03

															3,480,243		3,498,529		7.46
Life Sciences Tools & Services
Bidco Jupiter, Ltd.	(4)(6)(9)		E + 6.25	%		8.25	%		8/5/2022		8/27/2029	EUR	5,922		5,859		5,771		0.02
Bidco Jupiter, Ltd.	(4)(6)(10)		SOFR + 6.25	%		10.25	%		8/5/2022		8/27/2029		88,177		86,702		74,730		0.16
Cambrex Corp.	(4)(7)(10)		SOFR + 4.50	%		8.66	%		3/5/2025		3/5/2032		114,962		113,690		113,576		0.24
Creek Parent, Inc.	(4)(7)(10)		SOFR + 5.00	%		9.14	%		12/17/2024		12/18/2031		132,684		130,325		131,353		0.28

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

September 30, 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)
Life Sciences Tools & Services (continued)
Falcon Parent Holdings, Inc.	(4)(7)(10)		SOFR + 5.00	%		9.25	%		11/6/2024		11/6/2031		163,517		161,776		162,096		0.35
Parexel International, Inc.	(9)		SOFR + 2.50	%		6.66	%		1/27/2025		11/15/2028		7,358		7,372		7,372		0.02
PAS Parent, Inc.	(4)(5)(7)(10)		SOFR + 4.50	%		8.66	%		8/18/2025		8/18/2032		27,411		26,750		26,738		0.06

															532,474		521,636		1.13
Machinery
Bidco 76 S.p.A.	(4)(6)(7)(8)		E + 5.00	%		7.03	%		12/11/2024		12/10/2031	EUR	115,204		118,899		135,019		0.29
Chart Industries, Inc.	(6)(9)		SOFR + 2.50	%		6.79	%		7/2/2024		3/16/2030		5,048		5,048		5,083		0.01
Cielo Bidco, Ltd.	(4)(5)(6)(8)		S + 4.75	%		8.72	%		6/30/2025		3/31/2032	GBP	241		327		324		0.00
Cielo Bidco, Ltd.	(4)(5)(6)(7)(8)		E + 4.75	%		6.65	%		6/30/2025		3/31/2032	EUR	86		100		101		0.00
Cielo Bidco, Ltd.	(4)(5)(6)(8)		SOFR + 4.75	%		8.89	%		6/30/2025		3/31/2032		1,238		1,227		1,238		0.00
Cielo Bidco, Ltd.	(4)(5)(6)(7)(8)		SOFR + 4.75	%		8.91	%		6/30/2025		3/31/2032		595		582		588		0.00
Crosby US Acquisition Corp.	(9)		SOFR + 3.50	%		7.66	%		9/16/2024		8/16/2029		309		313		311		0.00
LSF11 Trinity Bidco, Inc.	(8)		SOFR + 2.50	%		6.65	%		9/11/2025		6/15/2030		1,052		1,052		1,054		0.00
MHE Intermediate Holdings, LLC	(4)(7)(11)		SOFR + 6.00	%		10.46	%		7/21/2021		7/21/2027		5,897		5,858		5,786		0.01
MHE Intermediate Holdings, LLC	(4)(5)(11)		SOFR + 6.50	%		10.96	%		12/20/2022		7/21/2027		229		227		225		0.00
MHE Intermediate Holdings, LLC	(4)(5)(11)		SOFR + 6.25	%		10.71	%		8/30/2022		7/21/2027		228		226		224		0.00
Pro Mach Group, Inc.	(11)		SOFR + 2.75	%		6.91	%		3/4/2025		8/31/2028		6,860		6,860		6,881		0.01
SPX Flow, Inc.	(9)		SOFR + 2.75	%		6.91	%		8/1/2025		4/5/2029		8,651		8,651		8,701		0.02
TK Elevator U.S. Newco, Inc.	(6)(9)		SOFR + 3.00	%		7.20	%		3/14/2024		4/30/2030		17,364		17,364		17,427		0.04
Victory Buyer, LLC	(9)		SOFR + 3.75	%		8.03	%		11/19/2021		11/19/2028		25,941		25,833		26,060		0.06

															192,567		209,022		0.44
Marine
Armada Parent, Inc.	(4)(5)(7)(10)		SOFR + 5.25	%		9.41	%		10/29/2021		10/29/2030		4,500		4,314		4,444		0.01
Armada Parent, Inc.	(4)(10)		SOFR + 5.25	%		9.45	%		6/9/2025		10/29/2030		227,513		225,836		227,513		0.49
Kattegat Project Bidco, AB	(4)(5)(6)(7)(8)		E + 5.50	%		7.50	%		3/20/2024		4/7/2031	EUR	51,768		54,934		60,613		0.13
Kattegat Project Bidco, AB	(4)(5)(6)(8)		SOFR + 5.50	%		9.50	%		3/20/2024		4/7/2031		4,522		4,433		4,522		0.01

															289,517		297,092		0.64
Media
ABG Intermediate Holdings 2, LLC	(8)		SOFR + 2.25	%		6.41	%		4/4/2025		2/13/2032		5,224		5,093		5,223		0.01
Bimini Group Purchaser, Inc.	(4)(10)		SOFR + 4.75	%		8.94	%		4/26/2024		4/26/2031		282,172		279,790		282,172		0.60
Bimini Group Purchaser, Inc.	(4)(5)(7)(10)		SOFR + 4.75	%		8.87	%		4/26/2024		4/26/2031		18,039		17,493		16,141		0.03
McGraw-Hill Education, Inc.	(10)		SOFR + 2.75	%		6.91	%		9/4/2025		8/6/2031		7,378		7,361		7,389		0.02
Prodege International Holdings, LLC	(4)(10)		SOFR + 5.75	%		9.92	%		12/15/2021		12/15/2027		545,988		542,528		446,345		0.95

															852,265		757,270		1.61

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

September 30, 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)
Metals & Mining
SCIH Salt Holdings, Inc.	(10)		SOFR + 3.00	%		7.20	%		4/29/2021		1/31/2029		15,629		15,612		15,663		0.03
Oil, Gas & Consumable Fuels
Eagle Midstream Canada Finance, Inc.	(4)(6)(10)		SOFR + 5.25	%		9.45	%		8/30/2024		8/15/2028		32,834		32,641		32,834		0.07
Freeport LNG Investments, LLLP	(9)		SOFR + 3.25	%		7.58	%		1/15/2025		12/21/2028		33,146		33,146		33,203		0.07
KKR Alberta Midstream Finance, Inc.	(4)(6)(10)		SOFR + 5.25	%		9.45	%		8/30/2024		8/15/2028		17,861		17,740		17,861		0.04

															83,527		83,898		0.18
Paper & Forest Products
Profile Products, LLC	(4)(10)		SOFR + 5.50	%		9.92	%		11/12/2021		11/12/2027		62,109		61,726		61,333		0.13
Profile Products, LLC	(4)(5)(7)(10)		P + 4.50	%		12.00	%		11/12/2021		11/12/2027		8,226		8,122		8,014		0.02

															69,848		69,347		0.15
Pharmaceuticals
Dechra Finance US, LLC	(6)(8)		SOFR + 3.25	%		7.45	%		12/3/2024		12/3/2031		4,975		5,016		4,992		0.01
Eden Acquisitionco, Ltd.	(4)(5)(6)(7)(10)		SOFR + 6.00	%		10.17	%		11/2/2023		11/18/2030		110,286		108,208		110,253		0.24
Eden Acquisitionco, Ltd.	(4)(5)(6)(8)		E + 6.00	%		8.02	%		9/23/2025		11/18/2030	EUR	746		791		876		0.00
Elanco Animal Health, Inc.	(6)(8)		SOFR + 1.75	%		6.13	%		1/30/2025		8/1/2027		2,189		2,191		2,189		0.00
Gusto Sing Bidco Pte, Ltd.	(4)(5)(6)(7)(10)		BB + 4.75	%		8.61	%		11/15/2024		11/15/2031	AUD	1,000		644		656		0.00
Opal Bidco, SAS	(6)(8)		SOFR + 3.25	%		7.25	%		3/31/2025		3/31/2032		50,148		49,861		50,343		0.11
Padagis, LLC	(6)(9)		SOFR + 4.75	%		9.29	%		7/6/2021		7/6/2028		5,357		5,355		4,794		0.01
Rhea Parent, Inc.	(4)(7)(10)		SOFR + 4.75	%		8.75	%		12/20/2024		12/20/2030		265,527		263,064		265,238		0.57

															435,130		439,341		0.94
Professional Services
AG Group Holdings, Inc.	(9)		SOFR + 4.25	%		8.41	%		12/29/2021		12/29/2028		5,612		5,597		4,985		0.01
ALKU, LLC	(4)(10)		SOFR + 6.25	%		10.25	%		5/23/2023		5/23/2029		54,437		53,629		54,029		0.12
ALKU, LLC	(4)(10)		SOFR + 5.50	%		9.50	%		2/21/2024		5/23/2029		4,925		4,857		4,802		0.01
Alpine Intel Intermediate 2, LLC	(4)(5)(7)(10)		SOFR + 4.50	%		8.64	%		8/28/2024		1/31/2028		3,169		3,030		3,169		0.01
Apex Companies, LLC	(4)(11)		SOFR + 5.25	%		9.27	%		1/31/2023		1/31/2028		1,962		1,938		1,962		0.00
Apex Companies, LLC	(4)(11)		SOFR + 5.25	%		9.45	%		8/28/2024		1/31/2028		10,868		10,754		10,868		0.02
Apex Companies, LLC	(4)(5)(7)(11)		SOFR + 5.25	%		9.45	%		8/28/2024		1/31/2028		2,772		2,539		2,772		0.01
Artisan Acquisitionco, Ltd.	(4)(6)(8)		SOFR + 4.50	%		8.50	%		9/23/2024		9/30/2031		447,361		439,695		446,243		0.95
Ascensus Group Holdings, Inc.	(9)		SOFR + 3.00	%		7.16	%		12/13/2024		8/2/2028		40,493		40,493		40,510		0.09
Baker Tilly Advisory Group, LP	(4)(10)		SOFR + 4.75	%		8.91	%		6/3/2024		6/3/2031		201,512		199,064		201,512		0.43
Baker Tilly Advisory Group, LP	(4)(7)(10)		SOFR + 4.50	%		8.66	%		6/3/2024		6/3/2031		279,531		275,671		275,781		0.59

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

September 30, 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)
Cast & Crew Payroll, LLC	(9)		SOFR + 3.75	%		7.91	%		12/30/2021		12/29/2028		11,482		11,416		10,429		0.02
CFGI Holdings, LLC	(4)(7)(10)		SOFR + 4.50	%		8.66	%		11/2/2021		11/2/2027		19,339		19,066		18,940		0.04
Chartwell Cumming Holding, Corp.	(4)(7)(11)		SOFR + 4.75	%		8.91	%		5/26/2021		11/16/2029		213,428		211,848		213,235		0.46
Chartwell Cumming Holding, Corp.	(4)(5)(7)(11)		SOFR + 4.75	%		8.91	%		11/18/2022		11/16/2029		17,682		17,192		17,682		0.04
Chartwell Cumming Holding, Corp.	(4)(11)		SOFR + 4.75	%		8.91	%		2/14/2025		11/16/2029		33,324		33,033		33,324		0.07
Cisive Holdings Corp.	(4)(7)(11)		SOFR + 5.75	%		9.85	%		12/8/2021		12/8/2028		33,342		33,253		32,586		0.07
Claims Automation Intermediate 2, LLC	(4)(10)		SOFR + 4.50	%		8.66	%		12/16/2021		12/16/2027		44,126		43,801		44,126		0.09
Claims Automation Intermediate 2, LLC	(4)(10)		SOFR + 4.50	%		8.64	%		12/16/2021		12/16/2027		67,836		67,336		67,836		0.15
Clearview Buyer, Inc.	(4)(7)(10)		SOFR + 4.50	%		8.60	%		8/26/2021		8/31/2029		117,355		116,560		117,355		0.25
CohnReznick Advisory, LLC	(7)(8)		SOFR + 3.50	%		7.50	%		3/26/2025		3/31/2032		14,727		14,643		14,784		0.03
CRCI Longhorn Holdings, Inc.	(4)(7)(10)		SOFR + 4.75	%		8.91	%		8/27/2024		8/27/2031		63,666		62,965		63,583		0.14
Denali Intermediate Holdings, Inc.	(4)(5)(6)(7)(10)		SOFR + 5.50	%		9.67	%		8/26/2025		8/26/2032		49,718		49,179		49,221		0.11
DTI Holdco, Inc.	(7)(10)		SOFR + 4.00	%		8.16	%		2/12/2025		4/26/2029		24,315		24,131		19,378		0.04
East River Bidco, GmbH	(4)(6)(7)(8)		E + 5.25	%		7.25	%		3/26/2025		3/26/2032	EUR	90		95		104		0.00
Eisner Advisory Group, LLC	(9)		SOFR + 4.00	%		8.16	%		2/28/2024		2/28/2031		3,809		3,803		3,837		0.01
Eliassen Group, LLC	(4)(10)		SOFR + 5.75	%		9.75	%		4/14/2022		4/14/2028		66,542		66,128		64,878		0.14
EP Purchaser, LLC	(9)		SOFR + 3.50	%		7.78	%		11/4/2021		11/6/2028		9,376		9,273		8,853		0.02
First Advantage Holdings, LLC	(8)		SOFR + 2.75	%		6.91	%		7/24/2025		10/31/2031		5,408		5,430		5,292		0.01
G&A Partners Holding Company II, LLC	(4)(10)		SOFR + 5.00	%		9.20	%		3/1/2024		3/3/2031		67,049		66,053		67,049		0.14
G&A Partners Holding Company II, LLC	(4)(5)(10)		SOFR + 5.00	%		9.20	%		5/6/2025		3/3/2031		41,226		41,034		41,226		0.09
G&A Partners Holding Company II, LLC	(4)(5)(7)(10)		SOFR + 5.00	%		9.20	%		5/6/2025		3/3/2031		3,810		3,678		3,679		0.01
Genuine Financial Holdings, LLC	(8)		SOFR + 3.25	%		7.41	%		2/5/2025		9/27/2030		8,903		8,926		8,224		0.02
Grant Thornton Advisors, LLC	(8)		SOFR + 3.00	%		7.16	%		5/22/2025		6/2/2031		4,000		4,000		3,999		0.01
Grant Thornton Advisors, LLC	(8)		SOFR + 2.50	%		6.66	%		8/22/2025		6/2/2031		3,995		3,990		3,976		0.01
Guidehouse, Inc.	(4)(10)		SOFR + 5.00	%		9.16 (incl. 2.00 PIK	% % )		10/15/2021		12/16/2030		1,251,591		1,243,989		1,251,591		2.68

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

September 30, 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)
IG Investments Holdings, LLC	(4)(7)(10)		SOFR + 5.00	%		9.31	%		11/1/2024		9/22/2028		578,825		574,628		578,825		1.24
Inmar, Inc.	(8)		SOFR + 4.50	%		8.66	%		6/26/2025		10/30/2031		24,751		24,783		24,758		0.05
King Bidco S.P.E.C.	(4)(5)(6)(7)(8)		E + 5.25	%		7.25	%		6/26/2025		6/26/2032	EUR	175		201		200		0.00
Kwor Acquisition, Inc.	(4)(5)(7)(11)		SOFR + 6.25	%		10.45 (incl. 5.25 PIK	% % )		2/28/2025		2/28/2030		6,455		6,368		6,448		0.01
Lereta, LLC	(10)		SOFR + 5.25	%		9.53	%		7/30/2021		7/30/2028		28,635		28,519		25,752		0.06
Mantech International, CP	(4)(7)(10)		SOFR + 5.00	%		9.31	%		4/12/2024		9/14/2029		888,184		878,141		887,812		1.90
Mercury Bidco Globe, Limited	(4)(5)(6)(7)(8)		S + 6.00	%		9.97	%		1/18/2024		1/31/2031	GBP	84,207		105,732		113,250		0.24
Mercury Bidco Globe, Limited	(4)(5)(6)(9)		SOFR + 6.00	%		10.31	%		1/30/2024		1/31/2031		7,655		7,169		7,655		0.02
Minotaur Acquisition, Inc.	(4)(7)(11)		SOFR + 5.00	%		9.16	%		5/10/2024		5/10/2030		113,770		111,717		113,605		0.24
MPG Parent Holdings, LLC	(4)(11)		SOFR + 5.00	%		9.30	%		1/8/2024		1/8/2030		17,983		17,726		17,983		0.04
MPG Parent Holdings, LLC	(4)(5)(7)(11)		SOFR + 5.00	%		9.30	%		1/8/2024		1/8/2030		4,981		4,851		4,943		0.01
NDT Global Holding, Inc.	(4)(6)(7)(9)		SOFR + 4.50	%		8.65	%		6/3/2025		6/4/2032		54,622		53,951		54,191		0.12
Oxford Global Resources, Inc.	(4)(11)		SOFR + 6.00	%		10.25	%		8/17/2021		8/17/2027		92,157		91,581		92,157		0.20
Oxford Global Resources, Inc.	(4)(5)(7)(11)		SOFR + 6.00	%		10.26	%		8/17/2021		8/17/2027		8,661		8,563		8,661		0.02
Oxford Global Resources, Inc.	(4)(5)(9)		SOFR + 6.00	%		10.21	%		6/6/2024		8/17/2027		9,849		9,696		9,849		0.02
Pavion Corp.	(4)(10)		SOFR + 6.00	%		10.16 (incl. 2.25 PIK	% % )		10/30/2023		10/30/2030		114,181		112,537		113,610		0.24
Pavion Corp.	(4)(5)(7)(10)		SOFR + 6.00	%		10.33 (incl. 2.25 PIK	% % )		10/30/2023		10/30/2030		24,075		23,702		23,935		0.05
Petrus Buyer, Inc.	(4)(10)		SOFR + 4.50	%		8.82	%		10/17/2022		10/17/2029		35,268		34,657		35,268		0.08
Petrus Buyer, Inc.	(4)(5)(10)		SOFR + 4.50	%		8.67	%		10/17/2022		10/17/2029		11,228		11,033		11,228		0.02
Petrus Buyer, Inc.	(4)(5)(7)(10)		SOFR + 4.50	%		8.82	%		10/17/2022		10/17/2029		738		648		738		0.00
Petrus Buyer, Inc.	(4)(5)(10)		SOFR + 4.50	%		8.70	%		2/26/2025		10/17/2029		12,220		12,169		12,220		0.03
Plano HoldCo, Inc.	(4)(8)		SOFR + 3.50	%		7.50	%		12/11/2024		10/1/2031		995		1,012		975		0.00
Polyconcept Investments, BV	(10)		SOFR + 5.50	%		9.50	%		5/20/2022		5/18/2029		24,103		23,852		21,878		0.05
Sedgwick Claims Management Services, Inc.	(8)		SOFR + 2.50	%		6.66	%		2/24/2023		7/31/2031		5,133		5,098		5,133		0.01
STV Group, Inc.	(4)(7)(10)		SOFR + 4.75	%		8.92	%		3/20/2024		3/20/2031		57,954		56,743		57,786		0.12
Teneo Holdings, LLC	(4)(7)(9)		SOFR + 4.75	%		8.91	%		7/31/2025		7/31/2032		635,821		628,590		628,550		1.34
The North Highland Co, LLC	(4)(10)		SOFR + 4.75	%		8.91	%		12/20/2024		12/20/2031		91,648		90,848		89,127		0.19

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

September 30, 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)
The North Highland Co, LLC	(4)(5)(7)(10)		SOFR + 4.75	%		8.91	%		12/20/2024		12/20/2030		12,427		12,051		11,552		0.02
Thevelia US, LLC	(6)(9)		SOFR + 3.00	%		7.00	%		7/29/2024		6/18/2029		33,520		33,520		33,541		0.07
Trinity Air Consultants Holdings Corp.	(4)(10)		SOFR + 4.25	%		8.48	%		6/29/2021		6/29/2029		43,351		43,200		43,351		0.09
Trinity Air Consultants Holdings Corp.	(4)(7)(10)		SOFR + 4.25	%		8.43	%		6/29/2021		6/29/2029		78,477		77,882		78,477		0.17
Trinity Partners Holdings, LLC	(4)(7)(11)(18)		SOFR + 5.49	%		9.75	%		12/21/2021		12/31/2030		418,010		413,946		418,010		0.89
TTF Lower Intermediate, LLC	(7)(8)		SOFR + 3.75	%		7.79	%		7/18/2024		7/18/2031		28,070		26,148		26,217		0.06
Victors CCC Buyer, LLC	(4)(7)(10)		SOFR + 4.75	%		8.91	%		6/1/2022		6/1/2029		149,938		148,227		149,938		0.32
West Monroe Partners, LLC	(4)(10)		SOFR + 4.75	%		8.88	%		11/9/2021		11/8/2028		709,689		703,607		702,592		1.50
West Monroe Partners, LLC	(4)(7)(10)		SOFR + 4.75	%		8.88	%		12/18/2024		11/8/2028		24,255		23,539		24,012		0.05
West Monroe Partners, LLC	(4)(10)		SOFR + 4.75	%		8.92	%		9/15/2025		11/8/2028		998		988		988		0.00
YA Intermediate Holdings II, LLC	(4)(10)		SOFR + 4.75	%		8.94	%		10/1/2024		10/1/2031		43,972		43,647		43,972		0.09
YA Intermediate Holdings II, LLC	(4)(5)(7)(10)		SOFR + 4.75	%		8.59	%		10/1/2024		10/1/2031		2,852		2,692		2,852		0.01

															7,652,051		7,693,859		16.46
Real Estate Management & Development
Castle Management Borrower, LLC	(4)(7)(11)		SOFR + 5.50	%		9.50	%		11/3/2023		11/5/2029		33,667		33,275		33,667		0.07
Community Management Holdings Midco 2, LLC	(4)(10)		SOFR + 4.75	%		9.05	%		11/1/2024		11/1/2031		55,191		54,471		55,191		0.12
Community Management Holdings Midco 2, LLC	(4)(5)(7)(10)		SOFR + 4.75	%		9.07	%		11/1/2024		11/1/2031		13,286		12,879		13,164		0.03
Community Management Holdings Midco 2, LLC	(4)(5)(7)(10)		SOFR + 5.00	%		9.20	%		7/8/2025		11/1/2031		30,275		29,982		30,275		0.06
Cushman & Wakefield US Borrower, LLC	(6)(9)		SOFR + 2.50	%		6.50	%		9/26/2025		1/31/2030		6,315		6,315		6,341		0.01
Cushman & Wakefield US Borrower, LLC	(6)(9)		SOFR + 2.75	%		6.91	%		7/16/2025		1/31/2030		1,520		1,520		1,526		0.00
Neptune BidCo, SAS	(4)(5)(6)(7)(8)		E + 5.00	%		7.03	%		3/28/2024		4/1/2031	EUR	8,205		8,708		9,602		0.02
Odevo, AB	(4)(5)(6)(8)		ST + 5.50	%		7.60	%		10/31/2024		12/31/2030	SEK	601,705		54,347		63,913		0.14
Odevo, AB	(4)(5)(6)(8)		E + 5.50	%		7.53	%		10/31/2024		12/31/2030	EUR	1,236		1,288		1,451		0.00
Odevo, AB	(4)(5)(6)(8)		S + 5.50	%		9.47	%		10/31/2024		12/31/2030	GBP	28,090		35,434		37,778		0.08
Odevo, AB	(4)(6)(8)		SOFR + 5.50	%		9.57	%		10/31/2024		12/31/2030		143,644		143,021		143,644		0.31
Odevo, AB	(4)(5)(6)(7)(8)		E + 5.50	%		7.50	%		11/28/2024		12/31/2030	EUR	73,816		78,044		86,664		0.19

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

September 30, 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 (continued)
Odevo, AB	(4)(5)(6)(8)		SOFR + 5.50	%		9.56	%		6/30/2025		12/31/2030		29,448		27,243		29,448		0.06
Odevo, AB	(4)(5)(6)(8)		S + 5.50	%		9.47	%		9/12/2025		12/31/2030	GBP	22,220		26,773		29,884		0.06
Phoenix Strategy S.à r.l.	(4)(6)(8)		S + 2.75	%		6.72	%		10/2/2024		10/2/2028	GBP	53,099		69,704		71,413		0.15
Phoenix Strategy S.à r.l.	(4)(6)(8)		E + 2.75	%		4.78	%		10/2/2024		10/2/2028	EUR	50,089		53,715		58,807		0.13
Phoenix Strategy S.à r.l.	(4)(6)(8)		E + 2.75	%		4.78	%		10/2/2024		10/2/2028	EUR	140,261		153,450		164,673		0.35

															790,169		837,441		1.78
Semiconductors & Semiconductor Equipment
Altar Bidco, Inc.	(9)		SOFR + 3.10	%		7.08	%		4/7/2025		2/1/2029		11,458		11,309		11,471		0.02
Software
Abacus Holdco 2, Oy	(4)(5)(6)(7)(8)		E + 4.50	%		6.50	%		10/11/2024		10/10/2031	EUR	838		907		984		0.00
Accelya US, Inc.	(6)(8)		SOFR + 5.25	%		9.24	%		9/29/2025		9/29/2032		26,667		26,133		26,267		0.06
Acumatica Holdings, Inc.	(4)(5)(7)(10)		SOFR + 4.75	%		9.06	%		7/28/2025		7/28/2032		63,387		62,666		62,648		0.13
AI Titan Parent, Inc.	(4)(7)(10)		SOFR + 4.50	%		8.66	%		8/29/2024		8/29/2031		110,274		109,134		110,026		0.24
Analytic Partners, LP	(4)(7)(10)		SOFR + 4.50	%		8.64	%		4/4/2022		4/4/2030		21,087		20,869		20,892		0.04
Analytic Partners, LP	(4)(5)(10)		SOFR + 4.50	%		8.64	%		12/17/2024		4/4/2030		11,975		11,898		11,885		0.03
Anaplan, Inc.	(4)(7)(10)		SOFR + 4.50	%		8.70	%		5/20/2025		6/21/2029		628,627		622,520		627,667		1.34
Aptean, Inc.	(4)(10)		SOFR + 4.75	%		8.75	%		1/29/2024		1/30/2031		71,795		71,456		71,795		0.15
Aptean, Inc.	(4)(5)(7)(10)		SOFR + 4.75	%		8.91	%		1/29/2024		1/30/2031		456		403		456		0.00
Armstrong Bidco, Limited	(4)(6)(8)		S + 5.25	%		9.22	%		6/2/2022		6/28/2029	GBP	478,945		575,846		631,250		1.35
Arnhem BidCo, GmbH	(4)(6)(7)(8)		E + 4.50	%		6.50	%		9/18/2024		9/30/2031	EUR	229,680		252,530		269,350		0.58
Auctane, Inc.	(4)(10)		SOFR + 5.75	%		10.14	%		10/5/2021		10/5/2028		834,891		827,708		820,280		1.76
Auctane, Inc.	(4)(5)(10)		SOFR + 5.75	%		10.14	%		12/14/2021		10/5/2028		9,819		9,733		9,648		0.02
AuditBoard, Inc.	(4)(7)(10)		SOFR + 4.50	%		8.50	%		7/12/2024		7/12/2031		80,730		79,778		80,538		0.17
Avalara, Inc.	(8)		SOFR + 2.75	%		6.87	%		9/12/2025		3/26/2032		2,000		2,000		2,003		0.00
Azurite Intermediate Holdings, Inc.	(4)(7)(10)		SOFR + 6.00	%		10.16	%		3/19/2024		3/19/2031		61,560		60,759		61,560		0.13
Banyan Software Holdings, LLC	(4)(11)		SOFR + 5.25	%		9.41	%		1/2/2025		1/2/2031		53,853		53,381		53,583		0.11
Banyan Software Holdings, LLC	(4)(5)(7)(11)		SOFR + 5.25	%		9.41	%		1/2/2025		1/2/2031		33,494		33,123		33,270		0.07
Bayshore Intermediate #2, LP	(4)(10)		SOFR + 5.50	%		9.50 (incl. 3.00 PIK	% % )		11/8/2024		10/1/2028		324,218		323,891		324,218		0.69
Bayshore Intermediate #2, LP	(4)(5)(7)(10)		SOFR + 5.00	%		9.00	%		11/8/2024		10/1/2027		6,730		6,643		6,730		0.01
Bending Spoons US, Inc.	(6)(11)		SOFR + 5.25	%		9.47	%		2/19/2025		3/7/2031		92,547		91,426		92,778		0.20
BlueCat Networks USA, Inc.	(4)(10)		SOFR + 6.00	%		10.06 (incl. 1.00 PIK	% % )		8/8/2022		8/8/2028		70,066		69,423		69,015		0.15

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

September 30, 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)
BlueCat Networks USA, Inc.	(4)(10)		SOFR + 6.00	%		10.06 (incl. 1.00 PIK	% % )		8/8/2022		8/8/2028		12,336		12,224		12,151		0.03
BlueCat Networks USA, Inc.	(4)(5)(10)		SOFR + 6.00	%		10.06 (incl. 1.00 PIK	% % )		8/8/2022		8/8/2028		8,483		8,416		8,356		0.02
BlueCat Networks USA, Inc.	(4)(10)		SOFR + 6.00	%		10.06 (incl. 1.00 PIK	% % )		10/25/2024		8/8/2028		56,901		56,264		56,048		0.12
Bluefin Holding, LLC	(4)(7)(11)		SOFR + 4.50	%		8.56	%		9/12/2023		9/12/2029		90,693		89,660		90,693		0.19
Boxer Parent Company, Inc.	(8)		SOFR + 3.00	%		7.20	%		1/24/2025		7/30/2031		21,821		21,615		21,811		0.05
Brave Parent Holdings, Inc.	(4)(7)(10)		SOFR + 5.00	%		9.16	%		11/28/2023		11/28/2030		496,487		492,589		496,487		1.06
Caribou Bidco, Ltd.	(4)(5)(6)(8)		S + 5.00	%		9.22	%		7/2/2024		2/1/2029	GBP	221,441		281,618		297,815		0.64
CDK Global, Inc.	(8)		SOFR + 3.25	%		7.25	%		5/16/2024		7/6/2029		4,935		4,935		4,281		0.01
Cloud Software Group, Inc.	(8)		SOFR + 3.25	%		7.25	%		8/7/2025		3/21/2031		7,076		6,985		7,110		0.02
Cloud Software Group, Inc.	(8)		SOFR + 3.25	%		7.25	%		8/7/2025		8/13/2032		13,966		13,966		14,025		0.03
Cloudera, Inc.	(9)		SOFR + 3.75	%		8.01	%		10/8/2021		10/8/2028		34,801		34,588		34,330		0.07
Confine Visual Bidco	(4)(6)(8)		SOFR + 5.75	%		9.87	%		2/23/2022		2/23/2029		257,960		254,229		207,013		0.44
Confine Visual Bidco	(4)(6)(8)		SOFR + 5.75	%		9.87	%		3/11/2022		2/23/2029		6,159		6,066		4,942		0.01
Confluence Technologies, Inc.	(4)(5)(9)		SOFR + 5.00	%		9.23	%		2/14/2025		7/30/2028		19,938		19,430		19,639		0.04
Conga Corp.	(10)		SOFR + 3.50	%		7.81	%		8/8/2024		5/8/2028		11,394		11,394		11,280		0.02
Connatix Buyer, Inc.	(4)(10)		SOFR + 5.50	%		10.08	%		7/14/2021		7/14/2027		105,915		105,285		104,326		0.22
Connatix Buyer, Inc.	(4)(5)(7)(10)		SOFR + 5.50	%		9.96	%		7/14/2021		7/14/2027		7,821		7,724		7,577		0.02
Connatix Buyer, Inc.	(4)(5)(10)		SOFR + 5.50	%		10.08	%		10/9/2024		7/14/2027		5,209		5,142		5,131		0.01
Connatix Buyer, Inc.	(4)(5)(7)(10)		SOFR + 5.50	%		10.08	%		10/9/2024		7/14/2027		1,543		1,419		1,473		0.00
ConnectWise, LLC	(9)		SOFR + 3.50	%		7.76	%		9/30/2021		9/29/2028		27,814		27,778		27,901		0.06
Cornerstone OnDemand, Inc.	(9)		SOFR + 3.75	%		8.03	%		10/15/2021		10/16/2028		26,658		26,608		25,746		0.06
Cornerstone OnDemand, Inc.	(4)(11)		SOFR + 6.00	%		10.16	%		9/7/2023		10/16/2028		34,213		33,588		34,213		0.07
Coupa Software, Inc.	(4)(6)(7)(10)		SOFR + 5.25	%		9.56	%		2/27/2023		2/27/2030		1,813		1,782		1,811		0.00
Crewline Buyer, Inc.	(4)(7)(11)		SOFR + 6.75	%		10.91	%		11/8/2023		11/8/2030		122,658		120,186		122,658		0.26
Databricks, Inc.	(4)(7)(8)		SOFR + 4.50	%		8.72	%		1/3/2025		1/3/2031		525,000		522,691		525,000		1.12
Delta Topco, Inc.	(8)		SOFR + 2.75	%		7.02	%		5/1/2024		11/30/2029		103,609		103,382		102,618		0.22
Denali Bidco, Ltd.	(4)(5)(6)(7)(8)		S + 5.00	%		8.97	%		9/5/2025		9/5/2031	GBP	19,440		24,605		26,010		0.06
Denali Bidco, Ltd.	(4)(5)(6)(8)		E + 5.00	%		7.05	%		9/5/2025		9/5/2031	EUR	15,443		17,511		18,040		0.04
Denali Bidco, Ltd.	(4)(5)(6)(8)		E + 5.00	%		7.05	%		9/5/2025		9/5/2031	EUR	5,845		6,317		6,828		0.01
Diligent Corp.	(4)(7)(10)		SOFR + 5.00	%		9.20	%		4/30/2024		8/2/2030		177,126		175,916		177,126		0.38
Diligent Corp.	(4)(10)		SOFR + 5.00	%		9.20	%		4/30/2024		8/2/2030		29,736		29,608		29,736		0.06
Discovery Education, Inc.	(4)(10)		SOFR + 6.75	%		10.98 (incl. 5.99 PIK	% % )		4/7/2022		4/9/2029		604,664		600,034		506,406		1.08

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

September 30, 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)
Discovery Education, Inc.	(4)(5)(7)(10)		SOFR + 5.75	%		9.99	%		4/7/2022		4/9/2029		35,027		34,499		26,489		0.06
Discovery Education, Inc.	(4)(5)(10)		SOFR + 6.75	%		10.88 (incl. 5.94 PIK	% % )		10/3/2023		4/9/2029		68,026		67,495		56,971		0.12
Doit International, Ltd.	(4)(7)(11)		SOFR + 4.50	%		8.70	%		11/25/2024		11/26/2029		66,378		64,777		65,877		0.14
Dropbox, Inc.	(4)(6)(7)(10)(18)		SOFR + 5.66	%		9.79	%		12/11/2024		12/11/2029		456,425		447,008		446,515		0.96
Eagan Parent, Inc.	(4)(5)(7)(9)		SOFR + 4.50	%		8.63	%		9/6/2025		9/8/2032		21,244		21,111		21,110		0.05
ECI Macola Max Holding, LLC	(6)(10)		SOFR + 2.75	%		6.75	%		7/10/2025		5/9/2030		5,382		5,382		5,389		0.01
Edison Bidco, AS	(4)(5)(6)(7)(8)		E + 5.25	%		7.30	%		12/18/2024		12/18/2031	EUR	345		726		405		0.00
Elements Finco, Ltd.	(4)(5)(6)(8)		S + 5.50	%		9.47 (incl. 2.50 PIK	% % )		3/27/2024		4/29/2031	GBP	68,822		85,437		92,327		0.20
Elements Finco, Ltd.	(4)(5)(6)(8)		SOFR + 5.25	%		9.41 (incl. 2.25 PIK	% % )		3/27/2024		4/29/2031		21,506		21,307		21,452		0.05
Elements Finco, Ltd.	(4)(5)(6)(8)		SOFR + 5.00	%		9.16	%		4/30/2024		4/29/2031		17,609		17,526		17,565		0.04
Elements Finco, Ltd.	(4)(5)(6)(8)		S + 5.25	%		9.22 (incl. 2.25 PIK	% % )		11/29/2024		4/29/2031	GBP	12,671		15,721		16,998		0.04
Elements Finco, Ltd.	(4)(5)(6)(8)		S + 5.50	%		9.47 (incl. 2.50 PIK	% % )		3/27/2024		4/29/2031	GBP	30,851		38,299		41,388		0.09
Epicor Software Corp.	(10)		SOFR + 2.50	%		6.66	%		5/30/2024		5/30/2031		5,048		5,036		5,061		0.01
Everbridge Holdings, LLC	(4)(6)(10)		SOFR + 5.00	%		9.29	%		7/2/2024		7/2/2031		34,554		34,412		34,554		0.07
Everbridge Holdings, LLC	(4)(5)(6)(7)(10)		SOFR + 5.00	%		9.29	%		7/2/2024		7/2/2031		3,386		3,347		3,386		0.01
Experity, Inc.	(4)(10)		SOFR + 6.00	%		10.00 (incl. 3.25 PIK	% % )		7/21/2021		2/24/2028		109,302		108,505		109,302		0.23
Experity, Inc.	(4)(7)(10)		SOFR + 6.00	%		10.00 (incl. 3.25 PIK	% % )		2/24/2022		2/24/2028		35,204		34,688		35,003		0.07
Finastra USA, Inc.	(6)(8)		SOFR + 4.00	%		8.04	%		7/31/2025		9/15/2032		38,396		38,012		38,280		0.08
Flash Charm, Inc.	(10)		SOFR + 3.50	%		7.80	%		6/11/2024		3/2/2028		42,907		42,908		37,758		0.08
Flexera Software, LLC	(4)(5)(7)(9)		SOFR + 4.75	%		8.96	%		8/15/2025		8/15/2032		187,380		186,887		186,878		0.40
Flexera Software, LLC	(4)(5)(9)		E + 4.75	%		6.63	%		8/15/2025		8/15/2032	EUR	56,550		66,009		66,226		0.14
Gen Digital, Inc.	(6)(9)		SOFR + 1.75	%		5.91	%		6/5/2024		9/12/2029		10,901		10,816		10,883		0.02
Genesys Cloud Services, Inc.	(8)		SOFR + 2.50	%		6.66	%		4/3/2025		1/30/2032		3,980		3,912		3,960		0.01
Gigamon, Inc.	(4)(10)		SOFR + 5.75	%		10.22	%		3/11/2022		3/9/2029		419,589		415,467		389,169		0.83
Gigamon, Inc.	(4)(5)(7)(10)		SOFR + 5.75	%		10.22	%		3/11/2022		3/9/2029		18,042		17,937		16,173		0.03
Granicus, Inc.	(4)(10)		SOFR + 5.75	%		10.06 (incl. 2.25 PIK	% % )		1/17/2024		1/17/2031		30,933		30,710		30,933		0.07

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

September 30, 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)
Granicus, Inc.	(4)(5)(7)(10)		SOFR + 5.25	%		9.56 (incl. 2.25 PIK	% % )		1/17/2024		1/17/2031		8,324		8,253		8,316		0.02
GS Acquisitionco, Inc.	(4)(5)(11)		SOFR + 5.25	%		9.25	%		3/26/2024		5/25/2028		11,901		11,868		11,782		0.03
GS Acquisitionco, Inc.	(4)(5)(7)(10)		SOFR + 5.25	%		9.25	%		3/26/2024		5/25/2028		3,705		3,665		3,592		0.01
Homecare Software Solutions, LLC	(4)(10)		SOFR + 5.55	%		9.71 (incl. 2.93 PIK	% % )		6/14/2024		6/14/2031		78,907		78,276		78,513		0.17
Homecare Software Solutions, LLC	(4)(10)		SOFR + 5.55	%		9.71 (incl. 2.93 PIK	% % )		6/14/2024		6/14/2031		30,817		30,572		30,663		0.07
Homecare Software Solutions, LLC	(4)(10)		SOFR + 5.55	%		9.71 (incl. 2.93 PIK	% % )		9/26/2024		6/14/2031		36,453		36,152		36,271		0.08
HS Purchaser, LLC	(10)		SOFR + 3.75	%		8.16	%		6/23/2021		11/19/2026		23,368		23,371		22,154		0.05
Icefall Parent, Inc.	(4)(7)(11)		SOFR + 4.50	%		8.81	%		1/26/2024		1/25/2030		87,841		86,687		87,841		0.19
Idemia America Corp.	(6)(10)		SOFR + 4.25	%		8.25	%		2/2/2024		9/30/2028		987		992		990		0.00
INK BC Bidco S.p.A.	(4)(6)(7)(8)		E + 5.00	%		7.08	%		7/17/2025		7/16/2032	EUR	63,991		72,560		73,411		0.16
ION Trading Finance, Ltd.	(6)(8)		SOFR + 3.50	%		7.50	%		12/10/2024		4/1/2028		22,938		22,938		22,963		0.05
IQN Holding Corp.	(4)(10)		SOFR + 5.75	%		9.75 (incl. 3.13 PIK	% % )		5/2/2022		5/2/2029		46,076		45,855		46,076		0.10
IQN Holding Corp.	(4)(5)(7)(10)		SOFR + 5.25	%		9.25	%		5/2/2022		5/2/2028		2,679		2,655		2,679		0.01
IQN Holding Corp.	(4)(5)(10)		SOFR + 5.75	%		9.75 (incl. 3.13 PIK	% % )		5/16/2025		5/2/2029		5,681		5,681		5,681		0.01
IRI Group Holdings, Inc.	(4)(7)(10)		SOFR + 4.50	%		8.66	%		4/9/2025		12/1/2029		1,588,161		1,569,208		1,588,161		3.40
Javelin Buyer, Inc.	(6)(8)		SOFR + 2.75	%		7.06	%		7/24/2025		12/5/2031		2,985		3,002		2,985		0.01
JS Parent, Inc.	(4)(7)(10)		SOFR + 4.75	%		9.06	%		4/24/2024		4/24/2031		80,608		80,256		80,568		0.17
Kaseya, Inc.	(7)(8)		SOFR + 3.25	%		7.41	%		3/20/2025		3/22/2032		124,375		122,924		124,575		0.27
KnowBe4, Inc.	(8)		SOFR + 3.75	%		8.06	%		7/22/2025		7/23/2032		30,000		29,927		30,075		0.06
LD Lower Holdings, Inc.	(4)(11)		SOFR + 7.50	%		11.60	%		2/8/2021		8/9/2027		106,489		106,315		95,308		0.20
Lobos Parent, Inc.	(4)(5)(7)(9)		SOFR + 4.50	%		8.50	%		9/26/2025		9/26/2032		42,739		42,324		42,323		0.09
LogicMonitor, Inc.	(4)(7)(10)		SOFR + 5.50	%		9.81	%		11/15/2024		11/15/2031		91,603		90,474		91,002		0.19
Magenta Security Holdings, LLC	(5)(11)		SOFR + 6.25	%		10.56	%		8/14/2024		7/27/2028		9,724		9,441		9,892		0.02
Magenta Security Holdings, LLC	(5)(10)(18)		SOFR + 6.75	%		11.32	%		8/14/2024		7/27/2028		27,581		26,596		22,693		0.05
Magnesium BorrowerCo, Inc.	(4)(10)		S + 4.50	%		8.47	%		5/19/2022		5/18/2029	GBP	100,309		123,731		134,905		0.29
Magnesium BorrowerCo, Inc.	(4)(10)		SOFR + 4.50	%		8.66	%		5/19/2022		5/18/2029		1,037,735		1,023,968		1,037,735		2.22
Magnesium BorrowerCo, Inc.	(4)(10)		SOFR + 4.50	%		8.66	%		3/21/2024		5/18/2029		29,044		28,793		29,044		0.06

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

September 30, 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)
Mandolin Technology Intermediate Holdings, Inc.	(4)(9)		SOFR + 3.75	%		7.90	%		7/30/2021		7/31/2028		75,364		74,905		65,943		0.14
Mandolin Technology Intermediate Holdings, Inc.	(4)(9)		SOFR + 6.25	%		10.40	%		6/9/2023		7/31/2028		61,583		60,343		57,888		0.12
Mandolin Technology Intermediate Holdings, Inc.	(4)(5)(7)(8)		SOFR + 3.75	%		7.75	%		2/14/2025		4/30/2028		3,535		3,511		3,157		0.01
Maverick Bidco, Inc.	(10)		SOFR + 3.75	%		8.21	%		5/18/2021		5/18/2028		16,364		16,333		16,425		0.04
Maverick Bidco, Inc.	(4)(5)(10)		SOFR + 5.00	%		9.41	%		5/26/2023		5/18/2028		68,811		67,493		68,811		0.15
Maverick Bidco, Inc.	(4)(5)(7)(10)		SOFR + 4.75	%		9.16	%		8/16/2024		5/18/2028		105,969		105,533		105,969		0.23
McAfee Corp.	(6)(9)		SOFR + 3.00	%		7.22	%		5/31/2024		3/1/2029		31,489		31,385		30,170		0.06
Medallia, Inc.	(4)(10)		SOFR + 6.50	%		10.47 (incl. 4.00 PIK	% % )		10/28/2021		10/29/2028		892,356		885,388		733,963		1.57
Medallia, Inc.	(4)(10)		SOFR + 6.50	%		10.47 (incl. 4.00 PIK	% % )		8/16/2022		10/29/2028		220,153		218,098		181,076		0.39
Mitnick Purchaser, Inc.	(9)(18)		SOFR + 4.75	%		9.16	%		5/2/2022		5/2/2029		11,527		11,497		8,422		0.02
Monk Holding, Co.	(4)(10)(18)		SOFR + 5.50	%		9.60	%		12/1/2021		12/1/2027		10,860		10,765		10,860		0.02
Monk Holding, Co.	(4)(7)(10)		SOFR + 5.50	%		9.60	%		12/1/2021		12/1/2027		18,546		18,430		18,546		0.04
MRI Software, LLC	(11)		SOFR + 4.75	%		8.75	%		1/7/2021		2/10/2027		205,148		204,256		204,763		0.44
MRI Software, LLC	(4)(7)(11)		SOFR + 4.75	%		8.75	%		8/27/2024		2/10/2027		26,402		26,198		25,572		0.05
MRI Software, LLC	(11)		SOFR + 4.75	%		8.75	%		1/7/2021		2/10/2027		34,454		34,460		34,389		0.07
NAVEX TopCo, Inc.	(4)(7)(10)		SOFR + 5.25	%		9.41	%		11/9/2023		11/9/2030		99,137		97,581		99,137		0.21
Nintex Topco, Limited	(4)(6)(8)		SOFR + 6.00	%		10.01 (incl. 1.50 PIK	% % )		11/12/2021		11/13/2028		680,587		674,677		617,633		1.32
Noble Midco 3, Ltd.	(4)(5)(6)(7)(10)		SOFR + 4.75	%		8.75	%		6/10/2024		6/24/2031		39,181		38,788		39,135		0.08
OMEGA II AB	(4)(5)(6)(7)(8)		ST + 4.75	%		6.90	%		6/11/2025		6/17/2032	SEK	635,618		65,628		67,132		0.14
Optimizely North America, Inc.	(4)(5)(10)		S + 5.50	%		9.47	%		10/30/2024		10/30/2031	GBP	2,125		2,731		2,800		0.01
Optimizely North America, Inc.	(4)(5)(10)		E + 5.25	%		7.15	%		10/30/2024		10/30/2031	EUR	7,082		7,624		8,149		0.02
Optimizely North America, Inc.	(4)(5)(7)(10)		SOFR + 5.00	%		9.16	%		10/30/2024		10/30/2031		20,184		19,983		19,750		0.04
Optus 1011, GmbH	(4)(5)(6)(7)(8)		E + 5.00	%		7.00	%		3/7/2025		3/24/2032	EUR	33,860		35,629		38,663		0.08
PDI TA Holdings, Inc.	(4)(10)		SOFR + 5.50	%		9.81	%		2/1/2024		2/3/2031		87,303		86,430		87,303		0.19
PDI TA Holdings, Inc.	(4)(5)(7)(10)		SOFR + 5.50	%		9.81	%		2/1/2024		2/3/2031		2,798		2,718		2,798		0.01
Perforce Software, Inc.	(9)		SOFR + 4.75	%		8.91	%		3/22/2024		3/25/2031		19,750		19,671		17,661		0.05
Perforce Software, Inc.	(8)		SOFR + 4.75	%		8.91	%		12/18/2024		7/1/2029		18,288		18,051		16,886		0.05
Ping Identity Holding Corp.	(4)(7)(10)		SOFR + 4.75	%		8.75	%		10/21/2024		10/17/2029		38,170		38,170		38,170		0.08

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

September 30, 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)
Project Alpha Intermediate Holding, Inc.	(9)		SOFR + 3.25	%		7.25	%		5/14/2024		10/28/2030		70,321		70,319		70,598		0.16
Project Leopard Holdings, Inc.	(9)		SOFR + 5.25	%		9.66	%		7/20/2022		7/20/2029		132,211		128,055		119,626		0.27
Project Leopard Holdings, Inc.	(5)(7)(8)		SOFR + 4.25	%		8.55	%		7/20/2022		7/20/2027		12,146		12,152		9,727		0.02
Proofpoint, Inc.	(9)		SOFR + 3.00	%		7.16	%		5/28/2024		8/31/2028		5,504		5,498		5,534		0.02
QBS Parent, Inc.	(4)(5)(7)(10)		SOFR + 4.50	%		8.50	%		6/3/2025		6/3/2032		77,480		77,083		77,231		0.17
Quartz Acquireco, LLC	(8)		SOFR + 2.25	%		6.25	%		4/11/2025		6/28/2030		3,109		3,074		3,108		0.02
Rally Buyer, Inc.	(4)(10)		SOFR + 6.25	%		10.27 (incl. 3.50 PIK	% % )		7/19/2022		7/19/2029		144,063		142,598		132,178		0.28
Rally Buyer, Inc.	(4)(5)(7)(10)		SOFR + 5.75	%		10.06	%		7/19/2022		7/19/2029		6,113		5,920		4,649		0.01
Relativity ODA, LLC	(4)(7)(11)		SOFR + 4.50	%		8.66	%		5/12/2021		5/12/2029		37,640		37,599		37,524		0.08
Rocket Software, Inc.	(9)		SOFR + 3.75	%		7.91	%		10/5/2023		11/28/2028		44,776		44,398		44,927		0.11
Scorpio BidCo SAS	(4)(5)(6)(7)(8)		E + 5.75	%		7.75	%		4/3/2024		4/30/2031	EUR	37,234		39,649		43,629		0.09
Seven Bidco, SASU	(4)(5)(6)(7)(8)		E + 4.50	%		6.55	%		8/29/2025		8/29/2032	EUR	210,485		244,619		245,498		0.53
Severin Acquisition, LLC	(4)(7)(10)		SOFR + 5.00	%		9.16 (incl. 2.25 PIK	% % )		10/1/2024		10/1/2031		344,370		340,894		344,370		0.74
Skopima Consilio Parent, LLC	(7)(9)		SOFR + 3.75	%		7.91	%		12/18/2024		5/12/2028		39,315		38,992		32,315		0.07
Sophos Holdings, LLC	(6)(8)		SOFR + 3.50	%		7.78	%		1/7/2021		3/5/2027		12,483		12,493		12,515		0.03
Sovos Compliance, LLC	(8)		SOFR + 3.25	%		7.41	%		7/24/2025		8/12/2029		13,687		13,647		13,726		0.04
Spaceship Purchaser, Inc.	(4)(7)(10)(18)		SOFR + 5.92	%		10.22	%		9/5/2025		10/17/2031		625,998		625,223		624,655		1.34
Spitfire Parent, Inc.	(4)(11)		E + 5.50	%		7.41	%		3/8/2021		3/11/2027	EUR	18,671		22,430		21,921		0.05
Spitfire Parent, Inc.	(4)(11)		SOFR + 5.50	%		9.76	%		3/9/2021		3/11/2027		84,587		84,158		84,587		0.18
Spitfire Parent, Inc.	(4)(11)		SOFR + 5.50	%		9.76	%		3/9/2021		3/11/2027		31,233		31,222		31,233		0.07
Starlight Parent, LLC	(8)		SOFR + 4.00	%		8.03	%		7/2/2025		4/16/2032		50,000		49,237		49,189		0.12
Tango Bidco, SAS	(4)(5)(6)(8)		E + 5.00	%		7.28	%		10/17/2024		10/17/2031	EUR	69,197		74,005		81,038		0.17
Tango Bidco, SAS	(4)(5)(6)(7)(8)		E + 5.00	%		7.28	%		10/17/2024		10/17/2031	EUR	18,953		20,817		22,132		0.05
Tegra118 Wealth Solutions, Inc.	(8)		SOFR + 4.00	%		8.20	%		1/7/2021		2/18/2027		6,739		6,730		6,702		0.02
TravelPerk, Inc.	(4)(6)(8)		11.50	%		11.50 PIK	%		5/2/2024		5/2/2029		49,341		47,231		48,478		0.10
Tricentis Operations Holdings, Inc.	(4)(7)(11)		SOFR + 6.25	%		10.48 (incl. 4.88 PIK	% % )		2/11/2025		2/11/2032		135,693		134,208		135,395		0.29
Triple Lift, Inc.	(4)(7)(10)		SOFR + 5.75	%		9.90	%		5/6/2021		5/5/2028		43,171		42,745		38,573		0.08
Triple Lift, Inc.	(4)(10)		SOFR + 5.75	%		9.90	%		3/18/2022		5/5/2028		25,323		25,109		23,297		0.05
Varicent Parent Holdings Corp.	(4)(7)(10)		SOFR + 5.75	%		9.75 (incl. 3.13 PIK	% % )		8/23/2024		8/23/2031		76,661		75,599		75,621		0.16
Vision Solutions, Inc.	(10)		SOFR + 4.00	%		8.57	%		10/25/2021		4/24/2028		53,319		52,520		51,667		0.12

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

September 30, 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)
VS Buyer, LLC	(7)(8)		SOFR + 2.25	%		6.56	%		7/25/2025		4/12/2031		6,287		5,598		5,316		0.01
WPEngine, Inc.	(4)(7)(10)		SOFR + 6.00	%		10.02	%		8/14/2023		8/14/2029		81,400		79,668		81,156		0.17
XPLOR T1, LLC	(4)(8)		SOFR + 3.50	%		7.50	%		12/11/2024		6/24/2031		34,650		34,650		34,693		0.07
Yellow Castle, AB	(4)(6)(8)		ST + 4.75	%		6.85	%		4/14/2022		7/9/2029	SEK	115,366		10,796		12,254		0.03
Yellow Castle, AB	(4)(6)(8)		SA + 4.75	%		4.75	%		4/14/2022		7/9/2029	CHF	10,860		11,034		13,642		0.03
Yellow Castle, AB	(4)(5)(6)(9)		SA + 4.75	%		4.75	%		7/28/2022		7/9/2029	CHF	3,544		3,581		4,452		0.01
Yellow Castle, AB	(4)(6)(8)		E + 4.75	%		6.82	%		4/14/2022		7/9/2029	EUR	32,512		32,673		38,171		0.08
Yellow Castle, AB	(4)(5)(6)(8)		E + 4.75	%		6.82	%		4/14/2022		7/9/2029	EUR	9,018		9,128		10,587		0.02
Yellow Castle, AB	(4)(5)(6)(10)		S + 4.75	%		8.97	%		7/28/2022		7/9/2029	GBP	12,762		15,217		17,164		0.04
Yellow Castle, AB	(4)(5)(6)(7)(8)		E + 4.75	%		6.82	%		2/27/2025		7/6/2029	EUR	26,703		27,633		31,351		0.07
Zendesk, Inc.	(4)(7)(10)		SOFR + 5.00	%		9.00	%		7/23/2024		11/22/2028		992,445		976,968		989,329		2.12
Zodiac Purchaser, LLC	(8)		SOFR + 3.50	%		7.66	%		4/3/2025		2/14/2032		8,000		7,872		7,959		0.02
Zorro Bidco, Ltd.	(4)(5)(6)(7)(8)		S + 4.40	%		8.61	%		8/13/2024		8/13/2031	GBP	72,147		90,703		95,952		0.21
Zorro Bidco, Ltd.	(4)(5)(6)(8)		S + 4.40	%		8.61	%		1/30/2025		8/13/2031	GBP	7,896		9,734		10,513		0.02
Zorro Bidco, Ltd.	(4)(5)(6)(8)		ST + 4.40	%		6.60	%		2/6/2025		8/13/2031	SEK	108,262		9,854		11,385		0.02

															18,649,809		18,372,412		39.43
Specialty Retail
CustomInk, LLC	(4)(11)(18)		SOFR + 5.98	%		10.29	%		1/7/2021		5/3/2028		39,625		39,539		39,625		0.08
EG America, LLC	(6)(8)		SOFR + 3.50	%		7.70	%		7/18/2025		2/7/2028		12,003		12,003		12,087		0.03
Hoya Midco, LLC	(6)(9)		SOFR + 2.25	%		6.56	%		2/5/2025		2/3/2029		8,734		8,734		6,305		0.01
Mavis Tire Express Services Topco, Corp.	(7)(10)		SOFR + 3.00	%		7.20	%		1/17/2025		5/4/2028		27,882		27,852		27,846		0.06
StubHub Holdco Sub, LLC	(8)		SOFR + 4.75	%		8.91	%		3/15/2024		3/15/2030		6,760		6,763		6,718		0.01

															94,891		92,581		0.19
Technology Hardware, Storage & Peripherals
Lytx, Inc.	(4)(11)		SOFR + 5.00	%		9.26	%		6/13/2024		2/28/2028		75,139		75,175		75,139		0.16
Trading Companies & Distributors
FCG Acquisitions, Inc.	(9)		SOFR + 3.25	%		7.41	%		2/11/2025		3/31/2028		22,525		22,525		22,602		0.05
Foundation Building Materials, Inc.	(5)(9)		SOFR + 3.25	%		7.82	%		1/29/2021		1/31/2028		1,683		1,674		1,687		0.00
Hillman Group, Inc.	(6)(9)		SOFR + 2.00	%		6.14	%		7/14/2021		7/14/2028		6,359		6,367		6,372		0.01
Icebox Holdco III, Inc.	(9)		SOFR + 3.25	%		7.25	%		12/22/2021		12/22/2031		15,503		15,475		15,625		0.03
Paramount Global Surfaces, Inc.	(4)(11)		SOFR + 6.00	%		10.26	%		4/30/2021		4/30/2027		80,646		80,118		61,896		0.13
Park River Holdings, Inc.	(10)		SOFR + 3.25	%		7.80	%		1/7/2021		12/28/2027		35,349		35,179		35,393		0.08
Red Fox CD Acquisition Corp.	(4)(11)		SOFR + 6.00	%		10.00	%		3/4/2024		3/4/2030		107,487		105,653		107,487		0.23

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

September 30, 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)
Trading Companies & Distributors (continued)
Red Fox CD Acquisition Corp.	(4)(5)(7)(11)		SOFR + 6.00	%		10.00	%		5/31/2024		3/4/2030		11,023		10,270		11,023		0.02
White Cap Buyer, LLC	(8)		SOFR + 3.25	%		7.42	%		6/13/2024		10/19/2029		14,383		14,356		14,403		0.03
Windsor Holdings III, LLC	(8)		SOFR + 2.75	%		6.92	%		3/21/2025		8/1/2030		13,270		13,198		13,297		0.03

															304,815		289,785		0.61
Transportation Infrastructure
Apple Bidco, LLC	(8)		SOFR + 2.50	%		6.66	%		2/21/2025		9/23/2031		497		489		498		0.00
Capstone Acquisition Holdings, Inc.	(4)(7)(11)		SOFR + 4.50	%		8.76	%		8/29/2024		11/13/2029		95,160		94,724		95,129		0.20
Enstructure, LLC	(4)(7)(9)		SOFR + 4.50	%		8.65	%		8/15/2025		8/15/2032		452,038		448,052		451,413		0.97
Frontline Road Safety, LLC	(4)(5)(7)(8)		SOFR + 4.75	%		8.91 (incl. 2.00 PIK	% % )		3/4/2025		3/4/2032		49,831		49,258		49,514		0.11
Frontline Road Safety, LLC	(4)(8)		SOFR + 4.75	%		8.91 (incl. 2.00 PIK	% % )		3/4/2025		3/4/2032		82,168		81,424		81,757		0.17
Helix TS, LLC	(4)(10)		SOFR + 6.25	%		10.56	%		8/4/2021		8/4/2027		91,125		90,566		90,214		0.19
Helix TS, LLC	(4)(7)(10)		SOFR + 6.25	%		10.55	%		8/4/2021		8/4/2027		85,159		84,395		84,034		0.18
Helix TS, LLC	(4)(10)		SOFR + 6.25	%		10.25	%		12/22/2023		8/4/2027		13,656		13,517		13,520		0.03
Helix TS, LLC	(4)(5)(10)		SOFR + 6.25	%		10.47	%		12/14/2022		8/4/2027		975		967		965		0.00
Italian Motorway Holdings S.à r.l	(4)(6)(8)		E + 5.25	%		7.37	%		4/28/2022		4/28/2029	EUR	236,429		245,262		277,579		0.59
Roadsafe Holdings, Inc.	(4)(11)		SOFR + 5.75	%		10.12	%		4/19/2021		10/19/2027		70,900		70,394		68,064		0.15
Roadsafe Holdings, Inc.	(4)(11)		SOFR + 5.75	%		9.73	%		1/31/2022		10/19/2027		75,613		75,239		72,589		0.16
Roadsafe Holdings, Inc.	(4)(11)		SOFR + 5.75	%		9.89	%		4/19/2021		10/19/2027		54,215		54,166		52,047		0.11
Roadsafe Holdings, Inc.	(4)(5)(11)		P + 4.75	%		12.00	%		9/11/2024		10/19/2027		4,302		4,246		4,129		0.01
Safety Borrower Holdings, LP	(4)(11)		SOFR + 4.75	%		8.91	%		9/1/2021		9/1/2027		46,950		46,809		46,950		0.10
Safety Borrower Holdings, LP	(4)(5)(7)(11)		P + 3.75	%		11.00	%		9/1/2021		9/1/2027		1,091		1,080		1,057		0.00
Sam Holding Co, Inc.	(4)(11)		SOFR + 5.50	%		9.80	%		9/24/2021		9/24/2027		145,920		144,957		145,920		0.31
Sam Holding Co, Inc.	(4)(11)		SOFR + 5.25	%		9.68	%		9/19/2023		9/24/2027		62,720		62,101		62,720		0.13
Sam Holding Co, Inc.	(4)(11)		SOFR + 5.50	%		9.89	%		9/19/2023		9/24/2027		39,494		39,099		39,494		0.08
Sam Holding Co, Inc.	(4)(11)		SOFR + 5.50	%		9.79	%		9/24/2021		9/24/2027		45,281		45,000		45,281		0.10
Sam Holding Co, Inc.	(4)(7)(11)		SOFR + 5.50	%		9.81	%		9/5/2024		9/24/2027		47,757		47,311		47,279		0.10
TRP Infrastructure Services, LLC	(4)(11)		SOFR + 5.50	%		9.96	%		7/9/2021		7/9/2027		70,922		70,504		70,922		0.15
TRP Infrastructure Services, LLC	(4)(7)(11)		SOFR + 5.50	%		9.82	%		12/2/2024		7/9/2027		41,717		41,112		41,276		0.09

															1,810,672		1,842,351		3.93
Wireless Telecommunication Services
CCI Buyer, Inc.	(4)(5)(7)(10)		SOFR + 5.00	%		9.00	%		5/13/2025		5/13/2032		115,892		114,733		115,245		0.25
CyrusOne Revolving Warehouse	(4)(5)(6)(7)(8)		SOFR + 2.95	%		7.12	%		7/12/2024		7/2/2027		130,912		130,279		130,912		0.28
SBA Senior Finance II, LLC	(6)(8)		SOFR + 1.75	%		5.92	%		6/16/2025		1/25/2031		2,789		2,795		2,801		0.01

															247,807		248,958		0.54

Total First Lien Debt—non-controlled/non-affiliated															68,495,621		68,064,049		145.60

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

September 30, 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/affiliated
Aerospace & Defense
Align Precision Group, LLC	(4)(11)(16)		SOFR + 6.75	%		10.75 PIK	%		7/3/2025		7/3/2030		22,109		22,109		22,109		0.05
Align Precision Group, LLC	(4)(5)(7)(11)(16)		SOFR + 6.75	%		10.75 PIK	%		7/3/2025		7/3/2030		3,075		3,057		3,075		0.01

															25,166		25,184		0.06
Media
DMS Purchaser, LLC	(4)(5)(6)(14)(16)		SOFR + 7.50	%		11.66 (incl. 6.50 PIK	% % )		2/24/2025		2/28/2030		6,355		6,356		6,355		0.01

Total First Lien Debt—non-controlled/affiliated															31,522		31,539		0.07

First Lien Debt—controlled/affiliated
Chemicals
Pigments Services, Inc.	(4)(6)(14)(16)(17)		SOFR + 8.25	%		12.51 PIK	%		4/14/2023		4/14/2029		25,402		15,191		0		0.00
Pigments Services, Inc.	(4)(6)(14)(16)(17)		SOFR + 8.25	%		12.51 PIK	%		4/14/2023		4/14/2029		12,404		11,573		8,915		0.02

															26,764		8,915		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		59,052		49,530		8,078		0.02

															62,101		8,078		0.02
Oil, Gas & Consumable Fuels
Pibb Member, LLC	(4)(5)(6)(8)(16)		6.41	%		6.41	%		11/22/2024		11/22/2049		2,177		2,177		2,177		0.00
Professional Services
Material Holdings, LLC	(4)(5)(10)(16)		SOFR + 6.00	%		10.10 (incl. 5.50 PIK	% % )		6/14/2024		8/19/2027		239,950		238,633		239,950		0.51
Material Holdings, LLC	(4)(5)(10)(16)(17)		SOFR + 6.00	%		10.10 PIK	%		6/14/2024		8/19/2027		60,574		57,075		1,102		0.00
Material Holdings, LLC	(4)(5)(7)(10)(16)		SOFR + 6.00	%		10.10 PIK	%		6/14/2024		8/19/2027		5,190		5,170		4,816		0.01

															300,878		245,868		0.52

Total First Lien Debt—controlled/affiliated															391,920		265,038		0.56

Total First Lien Debt															68,919,063		68,360,626		146.23

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

September 30, 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
Second Lien Debt— non-controlled/ non-affiliated
Aerospace & Defense
Peraton Corp.	(10)		SOFR + 7.75	%		12.05	%		5/6/2021		2/1/2029		43,259		42,989		26,079		0.06
Commercial Services & Supplies
DG Investment Intermediate Holdings 2, Inc.	(8)		SOFR + 5.50	%		9.66	%		7/23/2025		7/31/2033		26,000		25,873		25,935		0.06
OMNIA Partners, LLC	(4)(8)		SOFR + 5.00	%		9.31	%		5/31/2024		5/31/2032		165,000		164,313		165,000		0.35

															190,186		190,935		0.41
Construction & Engineering
Thermostat Purchaser III, Inc.	(4)(10)		SOFR + 7.25	%		11.60	%		8/31/2021		8/31/2029		32,751		32,511		32,751		0.07
Health Care Providers & Services
Canadian Hospital Specialties, Ltd.	(4)(6)(8)		8.75	%		8.75	%		4/15/2021		4/15/2029	CAD	3,800		3,007		2,546		0.01
Hunter UK Bidco, Ltd.	(4)(6)(8)		S + 7.50	%		11.47	%		8/19/2021		8/19/2029	GBP	65,340		88,139		86,118		0.18
Inizio Group, Ltd.	(4)(6)(8)		SOFR + 7.25	%		11.35	%		12/31/2021		8/19/2029		15,000		14,809		14,662		0.03
Inizio Group, Ltd.	(4)(5)(6)(8)		SOFR + 7.25	%		11.35	%		3/31/2022		8/19/2029		10,000		9,869		9,775		0.02
Jayhawk Buyer, LLC	(4)(11)		SOFR + 8.75	%		13.16	%		5/26/2021		10/15/2027		6,537		6,495		6,161		0.01

															122,319		119,262		0.25
Health Care Technology
Project Ruby Ultimate Parent Corp.	(4)(10)		SOFR + 5.25	%		9.53	%		10/15/2024		3/10/2029		100,934		100,540		100,682		0.22
Insurance
Alera Group, Inc.	(5)(9)		SOFR + 5.50	%		9.66	%		5/21/2025		5/30/2033		94,508		94,053		97,446		0.21
SQ ABS Issuer, LLC	(4)(6)(8)		9.65	%		9.65	%		10/11/2024		10/20/2039		12,493		12,340		12,493		0.03

															106,393		109,939		0.24
Interactive Media & Services
Speedster Bidco, GmbH	(4)(6)(8)		CA + 5.50	%		7.95	%		12/10/2024		2/13/2032	CAD	681,018		477,807		484,449		1.04
IT Services
Asurion, LLC	(8)		SOFR + 5.25	%		9.53	%		4/4/2025		1/31/2028		4,167		3,796		4,068		0.01
Dcert Buyer, Inc.	(8)		SOFR + 7.00	%		11.16	%		2/19/2021		2/19/2029		60,975		61,077		55,639		0.12
Inovalon Holdings, Inc.	(4)(10)		SOFR + 8.50	%		12.78 PIK	%		4/11/2025		11/24/2033		143,949		142,277		143,949		0.31

															207,150		203,656		0.44

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

September 30, 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 (continued)
Life Sciences Tools & Services
Curia Global, Inc.	(4)(10)		SOFR + 10.50	%		14.96 PIK	%		9/1/2021		3/7/2030		49,407		48,957		44,219		0.09
Machinery
Victory Buyer, LLC	(4)(9)		SOFR + 7.00	%		11.28	%		11/19/2021		11/19/2029		24,677		24,542		24,554		0.05
Media
HMH Education, Inc.	(4)(9)		SOFR + 8.50	%		12.66	%		4/7/2022		4/8/2030		80,500		79,574		70,035		0.15
Pharmaceuticals
Rossini, S.à r.l.	(4)(5)(6)(8)		E + 7.00	%		9.19 PIK	%		4/6/2025		3/30/2030	EUR	26,028		29,542		30,253		0.06
Professional Services
CoreLogic, Inc.	(9)		SOFR + 6.50	%		10.78	%		6/4/2021		6/4/2029		67,488		67,177		67,404		0.14
Kwor Acquisition, Inc.	(4)(5)(11)		SOFR + 8.00	%		12.20 PIK	%		2/28/2025		2/28/2030		2,200		2,200		2,200		0.00
Sedgwick Claims Management Services, Inc.	(4)(8)		SOFR + 5.00	%		9.20	%		7/31/2024		7/31/2032		230,000		228,036		230,000		0.49
Thevelia US, LLC	(4)(6)(9)		SOFR + 5.00	%		9.00	%		6/17/2022		6/17/2032		182,046		178,824		182,046		0.39

															476,237		481,650		1.02
Real Estate Management & Development
Progress Residential PM Holdings, LLC	(4)(8)		SOFR + 4.75	%		8.93	%		9/11/2025		9/11/2028		101,340		100,346		100,327		0.21
Software
Boxer Parent Company, Inc.	(8)		SOFR + 5.75	%		9.95	%		7/30/2024		7/30/2032		58,594		58,094		57,221		0.12
CB Nike Holdco, LLC	(4)(11)		SOFR + 7.35	%		11.55 PIK	%		11/25/2024		11/26/2029		223,509		219,830		219,041		0.48
Cloudera, Inc.	(9)		SOFR + 6.00	%		10.26	%		10/8/2021		10/8/2029		66,697		66,417		61,194		0.13
Delta Topco, Inc.	(8)		SOFR + 5.25	%		9.24	%		5/1/2024		12/1/2030		131,602		130,813		131,519		0.28
Denali Bidco, Ltd.	(4)(5)(6)(8)		9.80	%		9.80 PIK	%		9/5/2025		9/5/2032	EUR	4,981		5,779		5,789		0.01
Denali Bidco, Ltd.	(4)(5)(6)(8)		11.20	%		11.20 PIK	%		9/5/2025		9/5/2032	GBP	2,868		3,834		3,818		0.01
Flash Charm, Inc.	(4)(8)		SOFR + 6.75	%		11.20	%		3/2/2021		3/2/2029		27,051		26,904		21,912		0.05
IGT Holding II, AB	(4)(6)(8)		SOFR + 6.15	%		10.19 PIK	%		8/13/2024		8/29/2033		135,874		133,731		135,194		0.29
INK BC Finco S.p.A.	(4)(6)(8)		E + 8.25	%		10.33 PIK	%		7/17/2025		7/16/2033	EUR	14,283		16,239		16,433		0.04
Kaseya, Inc.	(5)(8)		SOFR + 5.00	%		9.16	%		3/20/2025		5/20/2033		125,000		123,951		125,391		0.27
Mandolin Technology Intermediate Holdings, Inc.	(4)(9)		SOFR + 6.50	%		10.88 (incl. 6.50 PIK	% % )		7/30/2021		7/30/2029		33,003		32,790		28,052		0.06
Maverick Bidco, Inc.	(4)(5)(10)		SOFR + 8.00	%		12.31	%		12/19/2023		5/18/2029		628		619		647		0.00
Maverick Bidco, Inc.	(10)		SOFR + 6.75	%		11.21	%		5/18/2021		5/18/2029		18,000		17,965		17,741		0.04
Maverick Bidco, Inc.	(4)(5)(10)		SOFR + 8.00	%		12.31	%		8/16/2024		5/18/2029		35,653		35,326		35,653		0.08
OT Luxco 2 S.à r.l.	(4)(5)(6)(8)		E + 8.75	%		10.94 PIK	%		10/10/2024		9/30/2029	EUR	23,234		25,175		26,869		0.06

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

September 30, 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 (continued)
Software (continued)
Project Alpha Intermediate Holding, Inc.	(9)		SOFR + 5.00	%		9.00	%		11/21/2024		11/21/2032		49,542		49,307		49,295		0.11
Teamsystem Holdco 3 S.p.A.	(4)(5)(6)(8)		E + 5.75	%		7.78	%		7/7/2025		7/7/2033	EU	R 41,546		48,222		48,289		0.10
Vision Solutions, Inc.	(10)		SOFR + 7.25	%		11.82	%		4/23/2021		4/23/2029		41,439		41,297		39,842		0.09

															1,036,293		1,023,900		2.22
Trading Companies & Distributors
BCPE Empire Holdings, Inc.	(4)(5)(11)		SOFR + 5.25	%		9.47	%		4/4/2025		12/31/2031		72,514		71,506		72,514		0.16
Icebox Holdco III, Inc.	(9)		SOFR + 6.50	%		10.50	%		12/22/2021		12/21/2029		14,000		13,886		14,298		0.03

															85,392		86,812		0.19

Total Second Lien Debt— non-controlled/non-affiliated															3,160,778		3,129,503		6.72

Total Second Lien Debt															3,160,778		3,129,503		6.72

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		1,025		1,023		0.00
Amgen, Inc.	(5)(6)(8)		5.15	%		5.15	%		9/10/2024		3/2/2028		1,000		1,021		1,023		0.00
Biogen, Inc.	(5)(6)(8)		2.25	%		2.25	%		9/10/2024		5/1/2030		1,000		915		913		0.00
Gilead Sciences, Inc.	(5)(6)(8)		1.65	%		1.65	%		9/10/2024		10/1/2030		1,000		889		887		0.00
Regeneron Pharmaceuticals, Inc.	(5)(6)(8)		1.75	%		1.75	%		9/10/2024		9/15/2030		1,000		891		882		0.00

															4,741		4,728		0.00
Health Care Equipment & Supplies
Abbott Laboratories	(5)(6)(8)		1.40	%		1.40	%		9/10/2024		6/30/2030		1,000		901		890		0.00
Alcon Finance Corp.	(5)(6)(8)		2.60	%		2.60	%		9/10/2024		5/27/2030		1,000		930		926		0.00
Becton Dickinson & Co.	(5)(6)(8)		5.08	%		5.08	%		9/10/2024		6/7/2029		1,000		1,028		1,027		0.00
Boston Scientific Corp.	(5)(6)(8)		2.65	%		2.65	%		9/10/2024		6/1/2030		1,000		938		936		0.00

															3,797		3,779		0.00
Health Care Technology
Healthcomp Holding Company, LLC	(4)(5)(8)		13.75	%		13.75 PIK	%		11/8/2023		11/8/2031		23,478		23,049		21,952		0.05
IT Services
Evergreen Services Group PIK Holdco, LLC	(4)(5)(8)		12.75	%		12.75 PIK	%		9/19/2025		4/5/2031		29,385		28,802		28,798		0.06
Evergreen Services Group PIK Holdco, LLC	(4)(5)(8)		12.75	%		12.75	%		9/19/2025		4/5/2031		5,727		5,613		5,613		0.01
PPT Holdings III, LLC	(4)(5)(8)		12.75	%		12.75 PIK	%		3/25/2024		3/27/2034		9,409		9,245		9,644		0.02

															43,660		44,055		0.09

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

September 30, 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—non-controlled/non-affiliated (continued)
Life Sciences Tools & Services
Thermo Fisher Scientific, Inc.	(5)(6)(8)		5.00	%		5.00	%		9/10/2024		1/31/2029		1,000		1,029		1,030		0.00
Pharmaceuticals
Astrazeneca Finance, LLC	(5)(6)(8)		4.85	%		4.85	%		9/10/2024		2/26/2029		1,000		1,026		1,026		0.00
Bristol-Myers Squibb, Co.	(5)(6)(8)		4.90	%		4.90	%		9/10/2024		2/22/2029		1,000		1,027		1,027		0.00
Eli Lilly & Co.	(5)(6)(8)		4.20	%		4.20	%		9/10/2024		8/14/2029		1,000		1,010		1,007		0.00
GlaxoSmithKline Capital, PLC	(5)(6)(8)		3.38	%		3.38	%		9/10/2024		6/1/2029		1,000		979		976		0.00
Johnson & Johnson	(5)(6)(8)		4.80	%		4.80	%		9/10/2024		6/1/2029		1,000		1,035		1,031		0.00
Merck & Co, Inc.	(5)(6)(8)		4.30	%		4.30	%		9/10/2024		5/17/2030		1,000		1,014		1,008		0.00
Novartis Capital Corp.	(5)(6)(8)		2.20	%		2.20	%		9/10/2024		8/14/2030		1,000		927		920		0.00
Novo Nordisk Finance Netherlands, BV	(5)(6)(8)		3.13	%		3.13	%		9/10/2024		1/21/2029	EUR	1,000		1,114		1,195		0.01
Pfizer, Inc.	(5)(6)(8)		1.70	%		1.70	%		9/10/2024		5/28/2030		1,000		904		897		0.00
Roche Holdings, Inc.	(5)(6)(8)		4.20	%		4.20	%		9/10/2024		9/9/2029		1,000		1,007		1,005		0.00
Takeda Pharmaceutical Co, Ltd.	(5)(6)(8)		2.05	%		2.05	%		9/10/2024		3/31/2030		1,000		911		908		0.00
Teva Pharmaceutical Finance Netherlands III, BV	(5)(6)(8)		3.15	%		3.15	%		9/10/2024		10/1/2026		1,000		979		983		0.00

															11,933		11,983		0.01

Total Unsecured Debt— non-controlled/ non-affiliated															88,209		87,527		0.15

Total Unsecured Debt															88,209		87,527		0.15

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	%		11.04	%		11/9/2021		10/23/2034		3,000		3,000		2,952		0.01
Allegro CLO VIII-S Ltd - Class E2	(4)(5)(6)(8)		SOFR + 8.00	%		12.26	%		10/3/2024		10/15/2037		2,000		2,000		2,052		0.00
Allegro CLO XVIII Ltd - Class E2	(4)(5)(6)(8)		SOFR + 7.50	%		11.80	%		10/30/2024		1/25/2038		2,225		2,225		2,260		0.00
Apidos CLO XXV - Class E1R3	(4)(5)(6)(8)		SOFR + 5.35	%		9.62	%		12/17/2024		1/20/2037		4,000		4,000		4,022		0.01
Apidos CLO XXXVI - Class E	(4)(5)(6)(8)		SOFR + 5.95	%		10.48	%		7/28/2021		7/20/2034		8,500		8,500		8,551		0.02
ARES LI CLO Ltd - Class ER2	(4)(5)(6)(8)		SOFR + 6.25	%		10.51	%		11/1/2024		10/15/2037		4,000		4,000		4,051		0.01
Ares Loan Funding VI Ltd - Class E	(4)(5)(6)(8)		SOFR + 6.40	%		10.61	%		5/24/2024		7/10/2037		2,000		2,000		2,021		0.00
Ares Loan Funding VIII Ltd - Class E	(4)(5)(6)(8)		SOFR + 5.25	%		9.53	%		12/19/2024		1/24/2038		3,000		3,000		3,026		0.01
Ares LVI CLO Ltd - Class ER2	(4)(5)(6)(8)		SOFR + 5.35	%		9.63	%		12/27/2024		1/25/2038		9,000		9,000		9,068		0.02
Ares LX CLO LTD - Class E	(4)(5)(6)(8)		SOFR + 6.25	%		10.78	%		5/6/2021		7/18/2034		5,000		4,981		5,015		0.01
Ares LXII CLO, Ltd. - Class E	(4)(5)(6)(8)		SOFR + 6.76	%		11.04	%		11/18/2021		1/25/2034		9,000		9,000		9,035		0.02
Bain Capital Credit CLO 2020-4 Ltd - Class ER	(4)(5)(6)(8)		SOFR + 7.98	%		12.25	%		10/11/2023		10/20/2036		5,500		5,360		5,556		0.01
Bain Capital Credit CLO 2022-6 Ltd - Class ER	(4)(5)(6)(8)		SOFR + 6.25	%		10.52	%		10/25/2024		1/22/2038		2,000		2,000		2,020		0.00

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

September 30, 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)
Bain Capital Credit CLO 2024-3 Ltd - Class E	(4)(5)(6)(8)		SOFR + 6.25	%		10.51	%		5/16/2024		7/16/2037		2,500		2,500		2,529		0.01
Balboa Bay Loan Funding 2021-2, Ltd. - Class E	(4)(5)(6)(8)		SOFR + 6.60	%		11.13	%		10/20/2021		1/20/2035		7,000		6,950		7,008		0.01
Balboa Bay Loan Funding 2024-1 Ltd - Class E	(4)(5)(6)(8)		SOFR + 6.25	%		10.52	%		5/17/2024		7/20/2037		2,300		2,300		2,334		0.00
Barings CLO Ltd 2018-II - Class ER	(4)(5)(6)(8)		SOFR + 6.90	%		11.16	%		8/9/2024		7/15/2036		4,000		4,000		4,050		0.01
Barings CLO Ltd 2019-IV - Class ER	(4)(5)(6)(8)		SOFR + 6.40	%		10.66	%		5/13/2024		7/15/2037		5,000		5,000		5,048		0.01
Barings CLO Ltd 2021-II - Class E	(4)(5)(6)(8)		SOFR + 6.25	%		10.77	%		7/14/2021		7/15/2034		6,000		6,000		6,000		0.01
Barings CLO Ltd 2021-III - Class E	(4)(5)(6)(8)		SOFR + 6.65	%		11.18	%		11/17/2021		1/18/2035		7,200		7,200		7,127		0.02
Barings CLO Ltd 2022-II - Class ER	(4)(5)(6)(8)		SOFR + 6.90	%		11.16	%		7/2/2024		7/15/2039		5,000		5,000		5,053		0.01
Barings CLO Ltd 2023-IV - Class E	(4)(5)(6)(8)		SOFR + 7.59	%		11.86	%		12/6/2023		1/20/2037		3,000		2,974		3,049		0.01
Benefit Street Partners CLO XXVI Ltd - Class ER	(4)(5)(6)(8)		SOFR + 6.00	%		10.27	%		7/3/2024		7/20/2037		3,000		3,000		3,040		0.01
Benefit Street Partners, LLC BSP 2020-21A - Class ER	(4)(5)(6)(8)		SOFR + 6.70	%		11.22	%		8/25/2021		10/15/2034		3,000		2,978		3,019		0.01
BlueMountain CLO XXIX Ltd - Class ER	(4)(5)(6)(8)		SOFR + 6.86	%		11.40	%		7/15/2021		7/25/2034		2,750		2,702		2,764		0.01
Broad River Ltd 2020-1 - Class ER	(4)(5)(6)(8)		SOFR + 6.50	%		11.03	%		5/17/2021		7/20/2034		7,000		6,960		7,018		0.02
Carlyle US CLO 2018-4, Ltd. - Class E1R	(4)(5)(6)(8)		SOFR + 6.43	%		10.71	%		7/23/2024		10/17/2037		1,000		972		1,015		0.00
Carlyle US CLO 2018-4, Ltd. - Class E2R	(4)(5)(6)(8)		SOFR + 7.86	%		12.14	%		7/23/2024		10/17/2037		5,000		5,023		5,155		0.01
Carlyle US CLO 2021-7, LTD. - Class ER	(4)(5)(6)(8)		SOFR + 5.50	%		9.76	%		3/26/2025		4/15/2040		4,650		4,650		4,694		0.01
Carlyle US CLO 2022-4 Ltd - Class ER	(4)(5)(6)(8)		SOFR + 6.75	%		11.03	%		7/12/2024		7/25/2036		4,000		4,000		4,056		0.01
Carlyle US CLO 2023-5 Ltd - Class E	(4)(5)(6)(8)		SOFR + 7.90	%		12.18	%		11/10/2023		1/27/2036		7,000		6,881		7,127		0.02
Carlyle US CLO 2024-8 Ltd - Class E	(4)(5)(6)(8)		SOFR + 5.50	%		9.80	%		11/22/2024		1/25/2037		4,000		4,000		4,054		0.01
Carlyle US CLO 2025-1, Ltd. - Class E	(4)(5)(6)(8)		SOFR + 5.70	%		10.02	%		4/1/2025		4/25/2038		4,000		4,000		4,068		0.01
Carval CLO V-C, LTD. - Class E	(4)(5)(6)(8)		SOFR + 6.75	%		11.27	%		11/24/2021		10/15/2034		8,000		7,944		8,063		0.02
Carval CLO VI-C, LTD. - Class E	(4)(5)(6)(8)		SOFR + 7.33	%		11.60	%		4/22/2022		4/21/2034		8,750		8,687		8,815		0.02
Carval CLO VIII-C Ltd - Class E2R	(4)(5)(6)(8)		SOFR + 7.60	%		11.87	%		9/13/2024		10/22/2037		2,000		2,000		2,038		0.00
Carval CLO X-C Ltd - Class E	(4)(5)(6)(8)		SOFR + 6.15	%		10.42	%		6/13/2024		7/20/2037		3,000		3,000		3,042		0.01
CarVal CLO XI C Ltd - Class E	(4)(5)(6)(8)		SOFR + 6.35	%		10.62	%		8/14/2024		10/20/2037		3,000		3,000		3,057		0.01
CBAM 2017-1 LTD - Class ER2	(4)(5)(6)(8)		SOFR + 6.93	%		11.20	%		11/5/2024		1/20/2038		10,000		9,812		10,177		0.02
CBAM 2018-8 Ltd - Class E1R	(4)(5)(6)(8)		SOFR + 7.40	%		11.66	%		5/10/2024		7/15/2037		4,000		4,000		4,105		0.01
CBAM 2018-8 Ltd - Class E2R	(4)(5)(6)(8)		SOFR + 6.37	%		10.63	%		5/10/2024		7/15/2037		1,000		965		1,016		0.00
Dryden 112 CLO, Ltd. - Class ER	(4)(5)(6)(8)		SOFR + 7.75	%		12.08	%		11/9/2023		11/15/2036		4,900		4,800		4,841		0.01
Dryden 78 CLO Ltd - Class E1R	(4)(5)(6)(8)		SOFR + 7.70	%		11.98	%		4/4/2024		4/17/2037		4,000		4,000		4,077		0.01
Dryden 78 CLO Ltd - Class E2R	(4)(5)(6)(8)		SOFR + 6.63	%		10.91	%		4/4/2024		4/17/2037		1,000		980		1,011		0.00
Dryden 95 CLO, Ltd. - Class E	(4)(5)(6)(8)		SOFR + 6.15	%		10.73	%		7/29/2021		8/20/2034		7,000		7,000		6,981		0.01

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

September 30, 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)
Eaton Vance CLO 2019-1 Ltd - Class ER2	(4)(5)(6)(8)		SOFR + 6.40	%		10.66	%		5/9/2024		7/15/2037		5,000		5,000		5,057		0.01
Elmwood CLO 30 Ltd - Class F	(4)(5)(6)(8)		SOFR + 7.25	%		11.53	%		5/22/2024		7/17/2037		4,500		4,502		4,448		0.01
Fort Washington CLO 2021-2, Ltd. - Class E	(4)(5)(6)(8)		SOFR + 6.61	%		11.14	%		8/4/2021		10/20/2034		13,000		12,894		13,052		0.03
Galaxy 30 CLO Ltd - Class ER	(4)(5)(6)(8)		SOFR + 5.90	%		10.16	%		12/9/2024		1/15/2038		5,000		5,000		4,974		0.01
Galaxy 32 CLO Ltd - Class E	(4)(5)(6)(8)		SOFR + 7.33	%		11.60	%		9/22/2023		10/20/2036		2,140		2,122		2,160		0.00
Galaxy 35 CLO, Ltd. - Class E	(4)(5)(6)(8)		SOFR + 5.00	%		9.30	%		3/11/2025		4/20/2038		6,001		6,001		6,045		0.01
Goldentree Loan Management US CLO 15 Ltd - Class ER	(4)(5)(6)(8)		SOFR + 6.50	%		10.77	%		8/18/2023		10/20/2036		6,500		6,447		6,537		0.01
Goldentree Loan Management US CLO 17, Ltd. - Class FR	(4)(5)(6)(8)		SOFR + 8.00	%		12.32	%		6/27/2025		1/20/2039		2,500		2,454		2,469		0.01
Goldentree Loan Management US CLO 18 Ltd - Class F	(4)(5)(6)(8)		SOFR + 8.50	%		12.77	%		10/20/2023		1/20/2037		5,000		4,939		5,000		0.01
GoldenTree Loan Management US CLO 23 Ltd - Class F	(4)(5)(6)(8)		SOFR + 7.75	%		12.05	%		11/26/2024		1/20/2039		3,500		3,474		3,449		0.01
Goldentree Loan Management US CLO 26, Ltd. - Class F	(4)(5)(6)(8)		SOFR + 7.83	%		12.10	%		7/9/2025		7/20/2038		3,000		2,970		2,983		0.01
Halseypoint CLO 5, Ltd. - Class E	(4)(5)(6)(8)		SOFR + 6.94	%		11.48	%		11/19/2021		1/30/2035		9,500		9,365		9,417		0.02
Halseypoint CLO 7, Ltd. - Class ER	(4)(5)(6)(8)		SOFR + 6.59	%		10.92	%		6/6/2025		7/20/2038		6,900		6,832		6,971		0.01
Harvest US CLO 2025-1, Ltd. - Class E	(4)(5)(6)(8)		SOFR + 5.35	%		9.66	%		8/13/2025		4/18/2038		3,000		3,016		3,022		0.01
HPS Loan Management 15-2019 Ltd - Class ER	(4)(5)(6)(8)		SOFR + 6.80	%		11.07	%		2/8/2022		1/22/2035		4,000		3,971		4,011		0.01
HPS Loan Management 2024-20 Ltd - Class E	(4)(5)(6)(8)		SOFR + 6.20	%		10.48	%		5/15/2024		7/25/2037		2,000		2,000		2,038		0.00
HPS Loan Management 2025-24 Ltd - Class E	(4)(5)(6)(8)		SOFR + 4.65	%		8.89	%		3/11/2025		4/25/2038		4,000		4,000		4,001		0.01
Invesco CLO 2022-3 Ltd - Class ER	(4)(5)(6)(8)		SOFR + 6.75	%		11.02	%		9/30/2024		10/22/2037		3,500		3,486		3,535		0.01
Jamestown CLO XV, Ltd. - Class ER	(4)(5)(6)(8)		SOFR + 7.06	%		11.32	%		5/28/2024		7/15/2035		3,000		2,974		2,965		0.01
MidOcean Credit CLO XIII Ltd - Class E	(4)(5)(6)(8)		SOFR + 7.80	%		12.07	%		11/16/2023		1/21/2037		9,500		9,172		9,628		0.02
MidOcean Credit CLO XIV Ltd - Class E2	(4)(5)(6)(8)		SOFR + 7.40	%		11.66	%		2/15/2024		4/15/2037		3,500		3,500		3,542		0.01
MidOcean Credit CLO XI Ltd - Class ER2	(4)(5)(6)(8)		SOFR + 6.00	%		10.27	%		11/25/2024		1/18/2036		2,000		2,000		1,985		0.00
Morgan Stanley Eaton Vance CLO 2023-19A Ltd - Class ER	(4)(5)(6)(8)		SOFR + 6.10	%		10.37	%		10/16/2024		10/20/2037		2,200		2,200		2,177		0.00
Neuberger Berman Loan Advisers CLO 30, Ltd. - Class ER2	(4)(5)(6)(8)		SOFR + 5.15	%		9.42	%		12/23/2024		1/20/2039		3,500		3,500		3,494		0.01
New Mountain CLO 1 Ltd - Class ERR	(4)(5)(6)(8)		SOFR + 5.25	%		9.51	%		2/7/2025		1/15/2038		2,000		2,000		2,009		0.00
Northwoods Capital XI-B Ltd - Class ER	(4)(5)(6)(8)		SOFR + 7.35	%		11.62	%		7/3/2024		7/19/2037		3,412		3,359		3,423		0.01
Oaktree CLO 2019-3 Ltd - Class ER2	(4)(5)(6)(8)		SOFR + 6.75	%		11.02	%		10/24/2024		1/20/2038		5,000		5,000		5,025		0.01

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

September 30, 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)
Oaktree CLO 2022-2, Ltd. - Class ER2	(4)(5)(6)(8)		SOFR + 6.40	%		10.66	%		8/7/2025		10/15/2037		2,500		2,536		2,541		0.01
OCP CLO 2021-22, Ltd. - Class ER	(4)(5)(6)(8)		SOFR + 5.75	%		10.02	%		10/18/2024		10/20/2037		2,000		2,000		2,010		0.00
OCP CLO 2020-18 Ltd - Class ER2	(4)(5)(6)(8)		SOFR + 6.25	%		10.52	%		7/30/2024		7/20/2037		1,000		1,000		1,020		0.00
OCP CLO 2017-13 Ltd - Class ER2	(4)(5)(6)(8)		SOFR + 5.90	%		10.17	%		11/5/2024		11/26/2037		5,000		5,000		4,999		0.01
Octagon 75, Ltd - Class E	(4)(5)(6)(8)		SOFR + 4.95	%		9.24	%		1/31/2025		1/22/2038		3,000		3,000		3,010		0.01
Octagon Investment Partners 41, Ltd. - Class ER	(4)(5)(6)(8)		SOFR + 7.13	%		11.65	%		9/24/2021		10/15/2033		2,500		2,492		2,475		0.01
Orion CLO 2024-4 LTD - Class E	(4)(5)(6)(8)		SOFR + 6.00	%		10.27	%		10/25/2024		10/20/2037		5,000		5,000		5,077		0.01
Palmer Square CLO 2015-1, Ltd. - Class DR4	(4)(5)(6)(8)		SOFR + 6.76	%		11.08	%		5/25/2021		5/21/2034		2,000		1,932		2,005		0.00
Palmer Square CLO 2023-3 Ltd - Class E	(4)(5)(6)(8)		SOFR + 7.83	%		12.10	%		11/17/2023		1/20/2037		10,000		9,914		10,175		0.02
Parallel 2020-1 Ltd - Class DR	(4)(5)(6)(8)		SOFR + 6.50	%		11.03	%		6/14/2021		7/20/2034		3,500		3,443		3,448		0.01
Park Avenue Institutional Advisers CLO Ltd 2022-1 - Class D	(4)(5)(6)(8)		SOFR + 7.29	%		11.56	%		2/11/2022		4/20/2035		6,000		5,868		6,017		0.02
Pikes Peak CLO 10 - Class ER	(4)(5)(6)(8)		SOFR + 5.90	%		10.17	%		11/22/2024		1/22/2038		5,000		4,999		5,019		0.02
Pikes Peak CLO 17 Ltd - Class E	(4)(5)(6)(8)		SOFR + 5.75	%		10.01	%		11/1/2024		1/15/2038		4,000		3,999		4,065		0.02
Pikes Peak CLO 3 - Class ERR	(4)(5)(6)(8)		SOFR + 6.61	%		11.15	%		8/13/2021		10/25/2034		3,000		3,009		3,013		0.01
Pikes Peak CLO 8 - Class ER	(4)(5)(6)(8)		SOFR + 5.75	%		10.02	%		12/19/2024		1/20/2038		1,000		1,000		1,004		0.00
Post CLO 2022-1, Ltd. - Class E	(4)(5)(6)(8)		SOFR + 6.75	%		11.02	%		2/15/2022		4/20/2035		5,000		4,982		5,013		0.01
Post CLO 2024-1, Ltd. - Class E	(4)(5)(6)(8)		SOFR + 6.80	%		11.07	%		2/6/2024		4/20/2037		2,500		2,500		2,537		0.01
PPM CLO 5, Ltd. - Class E	(4)(5)(6)(8)		SOFR + 6.50	%		11.03	%		9/17/2021		10/18/2034		4,800		4,800		4,678		0.01
Rad CLO 14, Ltd. - Class E	(4)(5)(6)(8)		SOFR + 6.50	%		11.02	%		11/2/2021		1/15/2035		6,750		6,750		6,683		0.01
Rad CLO 16 Ltd - Class ER	(4)(5)(6)(8)		SOFR + 6.50	%		10.76	%		5/3/2024		7/15/2037		5,000		5,000		4,989		0.01
Rad CLO 17 Ltd - Class ER	(4)(5)(6)(8)		SOFR + 6.25	%		10.52	%		11/5/2024		1/20/2038		5,000		5,000		5,061		0.01
Rad CLO 22 Ltd - Class E	(4)(5)(6)(8)		SOFR + 7.73	%		12.00	%		10/27/2023		1/20/2037		7,500		7,307		7,573		0.02
Rad CLO 25 Ltd - Class E	(4)(5)(6)(8)		SOFR + 6.00	%		10.27	%		5/16/2024		7/20/2037		3,000		3,000		3,034		0.01
Rad CLO 3 Ltd - Class E1R2	(4)(5)(6)(8)		SOFR + 5.88	%		10.14	%		6/18/2024		7/15/2037		2,715		2,666		2,636		0.01
Rad CLO 3 Ltd - Class E2R2	(4)(5)(6)(8)		SOFR + 7.00	%		11.26	%		6/18/2024		7/15/2037		2,715		2,715		2,734		0.01
Rad CLO 9 Ltd - Class ER	(4)(5)(6)(8)		SOFR + 5.75	%		10.01	%		12/19/2024		1/15/2038		3,000		3,000		2,969		0.01
RAD CLO 27 Ltd - Class E	(4)(5)(6)(8)		SOFR + 5.30	%		9.57	%		1/22/2025		1/15/2038		10,000		10,000		10,056		0.02
RAD CLO 30, Ltd. - Class D	(4)(5)(6)(8)		SOFR + 5.10	%		9.07	%		8/14/2025		10/15/2038		3,000		3,000		3,011		0.01
Regatta IX Funding Ltd. - Class ER	(4)(5)(6)(8)		SOFR + 6.83	%		11.11	%		4/10/2024		4/17/2037		3,820		3,900		3,850		0.01
Regatta XXI Funding Ltd - Class ER	(4)(5)(6)(8)		SOFR + 6.25	%		10.51	%		11/5/2024		10/15/2037		4,000		4,000		4,025		0.01
Regatta XXII Funding Ltd - Class ER	(4)(5)(6)(8)		SOFR + 6.15	%		10.42	%		10/10/2024		7/20/2035		2,000		2,000		2,011		0.00
RRX 7 Ltd - Class D	(4)(5)(6)(8)		SOFR + 6.85	%		11.11	%		2/18/2022		7/15/2035		5,000		4,963		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		5,199		5,300		0.01
Sound Point CLO XXVII, Ltd. - Class ER	(4)(5)(6)(8)		SOFR + 6.56	%		11.10	%		10/1/2021		10/25/2034		5,000		4,930		4,651		0.01
Symphony CLO 44 Ltd - Class E	(4)(5)(6)(8)		SOFR + 6.15	%		10.39	%		5/20/2024		7/14/2037		2,500		2,500		2,546		0.01

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

September 30, 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)
Tikehau US CLO VII, Ltd. - Class E	(4)(5)(6)(8)		SOFR + 5.50	%		9.77	%		8/13/2025		2/25/2038		3,000		3,016		3,019		0.01
Trestles CLO IV, Ltd. - Class E	(4)(5)(6)(8)		SOFR + 6.25	%		10.78	%		7/12/2021		7/21/2034		8,000		8,000		7,915		0.02
Trinitas CLO XVI Ltd - Class E	(4)(5)(6)(8)		SOFR + 7.00	%		11.53	%		6/14/2021		7/20/2034		5,000		4,849		4,907		0.01
Vibrant CLO IV-R Ltd - Class E	(4)(5)(6)(8)		SOFR + 7.90	%		12.17	%		9/19/2024		10/20/2037		1,000		972		1,016		0.00
Vibrant CLO XIII, Ltd - Class ER	(4)(5)(6)(8)		SOFR + 7.59	%		11.85	%		11/1/2024		1/15/2038		3,250		3,220		3,294		0.01
Voya CLO 2019-4, Ltd. - Class ER	(4)(5)(6)(8)		SOFR + 6.71	%		11.23	%		12/14/2021		1/15/2035		8,250		8,133		8,271		0.02
Warwick Capital CLO 7, Ltd. - Class E	(4)(5)(6)(8)		SOFR + 5.25	%		9.20	%		8/15/2025		10/21/2038		5,000		5,000		5,025		0.01

															501,116		506,173		1.15

Total Structured Finance Obligations—Debt Instruments—non-controlled/ non-affiliated															501,116		506,173		1.15

Structured Finance Obligations— Equity Instruments— non-controlled/non-affiliated
Financial Services
Ballyrock CLO 20, Ltd. - Subordinated Notes	(4)(6)		Estimated Yield:			12.59	%		2/24/2025		10/15/2036		6,000		4,429		4,294		0.01
Ballyrock CLO 23, Ltd. - Subordinated Notes	(4)(6)		Estimated Yield:			13.86	%		6/26/2025		4/25/2038		5,000		3,414		3,251		0.01
Ballyrock CLO 27, Ltd. - Subordinated Notes	(4)(6)		Estimated Yield:			13.99	%		5/28/2025		10/25/2037		12,500		9,233		9,194		0.02
Birch Grove CLO 11, Ltd. - Subordinated Notes	(4)(6)		Estimated Yield:			9.89	%		11/15/2024		1/22/2038		11,000		10,977		11,046		0.02
Carlyle Euro CLO 2022-5 DAC - Subordinated Notes	(4)(6)		Estimated Yield:			13.12	%		5/16/2025		4/25/2037	EUR	3,000		2,040		2,114		0.00
Carlyle Global Market Strategies Euro CLO 2014-1 DAC - Subordinated Notes	(4)(6)		Estimated Yield:			13.39	%		5/2/2025		4/15/2038	EUR	11,473		8,329		9,475		0.02
Carval CLO XIII-C Ltd - Units	(4)(6)(7)								7/22/2025		4/21/2034		1,594		1,594		1,594		0.00
CVC Cordatus Loan Fund XXXIV DAC - Subordinated Notes	(4)(6)		Estimated Yield:			13.30	%		2/14/2025		4/20/2038	EUR	3,250		3,325		3,901		0.01
Elmwood CLO 14, Ltd. - Subordinated Notes	(4)(6)		Estimated Yield:			13.48	%		9/10/2025		4/20/2035		17,381		8,811		8,626		0.02

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

September 30, 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 (continued)
Financial Services (continued)
Elmwood CLO 18, Ltd. - Subordinated Notes	(4)(6)		Estimated Yield:		9.12	%		3/4/2025		7/17/2037		4,000		2,101		1,945		0.00
Elmwood CLO II, Ltd. - Subordinated Notes	(4)(6)		Estimated Yield:		6.53	%		11/21/2024		4/20/2034		8,650		5,716		4,335		0.01
Flatiron CLO 21, Ltd. - Subordinated Notes	(4)(6)		Estimated Yield:		14.03	%		5/5/2025		7/19/2034		3,000		1,948		1,944		0.00
Flatiron RR CLO 30, Ltd. - Subordinated Notes	(4)(6)		Estimated Yield:		13.82	%		3/24/2025		4/15/2038		7,000		5,790		6,429		0.01
Galaxy 34 CLO, Ltd. - Subordinated Notes	(4)(6)		Estimated Yield:		13.62	%		9/26/2024		10/20/2037		20,000		17,340		16,133		0.03
Galaxy 35 CLO, Ltd. - Subordinated Notes	(4)(6)		Estimated Yield:		13.82	%		3/11/2025		4/20/2038		17,490		16,094		16,937		0.04
Galaxy CLO Warehouse 2025-1, Ltd. - Units	(4)(6)(7)							7/11/2025		10/8/2026		5,532		5,532		5,532		0.01
Generate CLO 15, Ltd. - Subordinated Notes	(4)(6)		Estimated Yield:		15.08	%		5/20/2025		7/20/2037		6,000		3,794		3,740		0.01
Generate CLO 7, Ltd. - Subordinated Notes	(4)(6)		Estimated Yield:		14.11	%		1/31/2025		4/22/2037		10,000		5,347		4,651		0.01
HPS Freshwater Warehouse Parent, Ltd. - Units	(4)(6)(7)							8/8/2025		10/8/2026		3,960		3,960		3,960		0.01
HPS Loan Management 2025-24, Ltd. - Subordinated Notes	(4)(6)		Estimated Yield:		12.97	%		3/11/2025		4/25/2038		10,000		8,704		8,560		0.02
MidOcean Credit CLO XIX - Subordinated Notes	(4)(6)		Estimated Yield:		8.84	%		6/24/2025		7/20/2036		9,000		6,998		6,880		0.01
MidOcean Credit CLO XV, Ltd. - Subordinated Notes	(4)(6)		Estimated Yield:		10.73	%		5/10/2024		7/21/2037		5,000		3,436		2,938		0.01
MidOcean Credit CLO XX - Units	(4)(6)(7)							6/18/2025		10/8/2028		7,133		7,133		7,133		0.02
New Mountain CLO 6, Ltd. - Subordinated Notes	(4)(6)		Estimated Yield:		10.85	%		8/23/2024		10/15/2037		18,750		15,646		14,598		0.04
New Mountain CLO 6, Ltd. - Class M	(4)(6)							8/23/2024		10/15/2037		1,875		0		294		0.00
New Mountain CLO 7, Ltd. - Subordinated Notes	(4)(6)		Estimated Yield:		12.21	%		8/23/2024		3/31/2038		19,368		16,899		15,676		0.03
OCP CLO 2022-25, Ltd. - Subordinated Notes	(4)(6)		Estimated Yield:		12.24	%		9/11/2025		7/20/2037		10		5,744		6,298		0.01
Pikes Peak Bravo - Units	(4)(6)(7)							9/15/2025		9/5/2027		563		563		563		0.00
Pikes Peak CLO 10 - Subordinated Notes	(4)(6)		Estimated Yield:		11.95	%		12/10/2024		1/22/2038		5,200		3,190		3,089		0.01
Rad CLO 25, Ltd. - Subordinated Notes	(4)(6)		Estimated Yield:		11.18	%		5/16/2024		7/20/2037		5,000		4,066		3,748		0.01
RAD CLO 26, Ltd. - Subordinated Notes	(4)(6)		Estimated Yield:		13.83	%		8/7/2024		10/20/2037		7,180		6,080		5,854		0.01
RAD CLO 27, Ltd. - Subordinated Notes	(4)(6)		Estimated Yield:		12.95	%		12/11/2024		1/15/2038		29,325		26,823		25,657		0.05
Regatta Kilo - Units	(4)(6)(7)							6/13/2025		10/8/2028		4,047		4,047		4,047		0.01
Regatta XXIX Funding, Ltd. - Subordinated Notes	(4)(6)		Estimated Yield:		11.81	%		7/28/2025		9/6/2037		7,500		6,234		6,186		0.01

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

September 30, 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 (continued)
Financial Services (continued)
Signal Peak CLO 11, Ltd. - Subordinated Notes	(4)(6)		Estimated Yield:		11.52	%		6/5/2024		7/18/2037		5,000		4,198		4,107		0.01
Signal Peak CLO 14, Ltd. - Subordinated Notes	(4)(6)		Estimated Yield:		13.46	%		12/20/2024		1/22/2038		26,000		20,237		20,630		0.04
Sixth Street CLO 27, Ltd. - Subordinated Notes	(4)(6)		Estimated Yield:		9.99	%		11/1/2024		1/17/2038		16,500		13,371		13,111		0.03
Sixth Street CLO XXI, Ltd. - Subordinated Notes	(4)(6)		Estimated Yield:		11.72	%		9/12/2024		10/21/2037		8,000		5,602		5,206		0.01
Sixth Street CLO XXII, Ltd. - Subordinated Notes	(4)(6)		Estimated Yield:		11.83	%		8/1/2025		4/22/2036		6,500		4,664		4,668		0.01
Vibrant CLO XVI, Ltd. - Subordinated Notes	(4)(6)		Estimated Yield:		13.92	%		7/26/2024		7/15/2036		12,000		8,284		7,471		0.02
Wellfleet CLO 2025-1, Ltd. - Units	(4)(6)(7)							4/8/2025		4/4/2027		7,350		7,350		7,542		0.02
Whitebox CLO V, Ltd. - Subordinated Notes	(4)(6)		Estimated Yield:		10.29	%		4/3/2025		7/20/2038		20,500		17,632		17,847		0.04

														316,675		311,204		0.66

Total Structured Finance Obligations—Equity Instruments— non-controlled/non-affiliated														316,675		311,204		0.66

Total Structured Finance Obligations— non-controlled/non-affiliated														817,791		817,377		1.81

Total Structured Finance Obligations														817,791		817,377		1.81

Equity and other
Equity and other— non-controlled/non-affiliated
Aerospace & Defense
Loar Holdings, Inc. - Common Equity	(6)							4/25/2024				486,083		6,735		38,887		0.08
Micross Topco, Inc. - Common Equity	(4)							3/28/2022				116		125		176		0.00

														6,860		39,063		0.08
Air Freight & Logistics
AGI Group Holdings, LP - Class A-2 Common Units	(4)							6/11/2021				1,674		1,674		2,723		0.01
Mode Holdings, LP - Class A-2 Common Units	(4)							1/7/2021				1,076,923		1,077		582		0.00
Red Griffin ParentCo, LLC - Class A Common Units	(4)							11/27/2024				13,857		58,838		22,267		0.05

														61,589		25,572		0.06

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

September 30, 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 and other—non-controlled/non-affiliated (continued)
Biotechnology
Axsome Therapeutics, Inc. - Common Stock	(6)						5/6/2025			70,304		7,532		8,538		0.02
Moderna, Inc. - Common Stock	(6)						9/12/2024			12,613		983		326		0.00

												8,515		8,864		0.02
Capital Markets
Resolute Investment Managers, Inc. - Common Equity							12/29/2023			48,476		1,212		182		0.00
Commercial Services & Supplies
Genstar Neptune Blocker, LLC - Blocker Units	(4)						12/2/2024			3,982		6,280		6,897		0.01
Genstar Neptune Blocker, LLC - Class Z Units	(4)						12/2/2024			1,041		1,482		1,635		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		1,138		0.00
GTCR/Jupiter Blocker, LLC - Class Z Units	(4)						12/2/2024			749		1,067		1,177		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		4,077		0.01
Jupiter Ultimate Holdings, LLC - Class C Common Units	(4)						11/8/2024			5,084,731		4,037		4,729		0.01
RC VI Buckeye Holdings, LLC - LLC Units	(4)						1/2/2025			6,589,068		6,589		7,248		0.02

												24,607		27,178		0.05
Distributors
Box Co-Invest Blocker, LLC - (BP Alpha Holdings, LP) - Class A Units	(4)						12/10/2021			3		3,308		0		0.00
Box Co-Invest Blocker, LLC - (BP Alpha Holdings, LP) - 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		28,734		41,112		0.09
DTA, LP - Class A Common Units	(4)						3/25/2024			2,612,843		2,613		4,220		0.01

												31,347		45,332		0.10
Diversified Telecommunication Services
Point Broadband Holdings, LLC - Class A Common Units	(4)						10/1/2021			12,870		10,914		13,391		0.03
Point Broadband Holdings, LLC - Class B Common Units	(4)						10/1/2021			685,760		1,955		2,482		0.01

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

September 30, 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 and other—non-controlled/non-affiliated (continued)
Diversified Telecommunication Services (continued)
Point Broadband Holdings, LLC - Class Additional A Common Units	(4)						3/24/2022			2,766		2,346		2,878		0.01
Point Broadband Holdings, LLC - Class Additional B Common Units	(4)						3/24/2022			147,380		420		534		0.00

												15,635		19,285		0.05
Electrical Equipment
Griffon Aggregator, Ltd. - LP Interest	(4)						7/31/2025			3,272,887		3,273		3,273		0.01
Electronic Equipment, Instruments & Components
NSI Parent, LP - Class A Common Units	(4)						12/23/2024			3,272,884		3,273		3,895		0.01
Spectrum Safety Solutions Purchaser, LLC - Common Equity	(4)(6)						7/1/2024			22,774,695		22,774		26,645		0.06

												26,047		30,540		0.07
Financial Services
THL Fund IX Investors (Plymouth II), LP - LP Interest	(4)						8/31/2023			621,964		622		1,033		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
Health Care Providers & Services
AVE Holdings I Corp. - Series A-1 Preferred Shares	(4)			11.50	%		2/25/2022			12,237,213		11,870		14,103		0.03
CD&R Artemis Holdco 2, Limited - Preferred Shares	(4)(6)			10.00	%		8/19/2021			33,000,000		43,662		61,277		0.13
CD&R Ulysses Equity Holdings, LP - Common Shares	(4)(6)						8/19/2021			6,000,000		6,090		4,620		0.01
Jayhawk Holdings, LP - Class A-1 Common Units	(4)						5/26/2021			12,472		2,220		299		0.00
Jayhawk Holdings, LP - Class A-2 Common Units	(4)						5/26/2021			6,716		1,195		161		0.00
Maia Aggregator, LP - Class A Units	(4)						2/1/2022			19,700,000		19,700		17,730		0.04
NC Eve, LP - LP Interest	(4)(6)						2/22/2022			2,500,000		3,398		0		0.00
WHCG Purchaser, Inc. - Class A Common Units	(4)						8/2/2024			10,966,377		0		0		0.00

												88,135		98,190		0.21
Health Care Technology
Azalea Parent Corp. - Series A-1 Preferred Shares	(4)			12.75 PIK	%		4/30/2024			91,500		89,213		107,238		0.23
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

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

September 30, 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 and other— non-controlled/non-affiliated (continued)
Health Care Technology (continued)
Healthcomp Holding Company, LLC - Preferred Interest	(4)					6.00	%		11/8/2023			18,035		1,804		739		0.00

														96,946		112,682		0.24
Insurance
SelectQuote, Inc. - Warrants	(4)(6)								10/11/2024			2,204,746		0		485		0.00
Shelf Holdco, Ltd. - Common Equity	(4)(6)								12/30/2022			1,300,000		1,300		4,940		0.01

														1,300		5,425		0.01
IT Services
NC Ocala Co-Invest Beta, LP - LP Interest	(4)								11/12/2021			25,687,196		25,687		29,797		0.06
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
Pharmaceuticals
Elanco Animal Health, Inc. - Royalty Equity	(4)(6)								5/5/2025			75,000,000		73,746		77,915		0.17
Professional Services
Kwor Intermediate I, Inc. - Class A Common Shares	(4)								2/28/2025			1,289		1,175		1,144		0.00
Kwor Intermediate I, Inc. - Preferred Equity	(4)								2/28/2025			1,378		1,378		1,479		0.00
OHCP V TC COI, LP - LP Interest	(4)								6/29/2021			6,500,000		6,500		16,055		0.03
Tricor Horizon - LP Interest	(4)(6)								6/13/2022			14,886,548		14,887		15,780		0.03
Trinity Air Consultants Holdings Corp. - Common Units	(4)								6/12/2024			4,797		5		12		0.00
Victors CCC Topco, LP - Common Equity	(4)								6/1/2022			9,600,000		9,600		16,992		0.04

														33,545		51,462		0.10
Real Estate Management & Development
Community Management Holdings Parent, LP - Series A Preferred Units	(4)					8.00%			11/1/2024			1,783,823		1,784		1,927		0.00
Software
AI Titan Group Holdings, LP - Class A-2 Common Units	(4)								8/28/2024			1,103		1,103		1,273		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		0		0.00
Expedition Holdco, LLC - Common Units	(4)								2/24/2022			810,810		810		605		0.00
Knockout Intermediate Holdings I, Inc. - Perpetual Preferred Stock	(4)		SOFR + 10.75	%		14.73%			6/23/2022			26,899		26,226		42,029		0.09

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

September 30, 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 and other— non-controlled/non-affiliated (continued)
Software (continued)
Mandolin Technology Holdings, Inc. - Series A Preferred Shares	(4)					10.50%			7/30/2021			31,950,000		30,992		36,191		0.08
Mimecast Limited - LP Interest	(4)								5/3/2022			75,088,584		75,089		82,597		0.18
Mitratech Holdings, Inc. - Class A Preferred Shares	(4)					13.50%			12/19/2023			1,872		1,830		2,394		0.01
TPG IX Newark CI, LP - 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		6,302		0.01
Zoro - Common Equity	(4)								11/22/2022			1,195,880		11,959		14,829		0.03
Zoro - Series A Preferred Shares	(4)		SOFR + 9.50	%		13.48%			11/22/2022			31,731		30,620		45,534		0.10

														190,070		236,274		0.51
Transportation Infrastructure
Enstructure, LLC - Series A-1 Units	(4)								8/15/2025			6,948,125		2,154		3,727		0.01
Enstructure, LLC - Preferred Equity	(4)					11.21% PIK			8/15/2025			1,350,727		1,331		1,330		0.00
Ncp Helix Holdings, LLC - Preferred Shares	(4)					8.00%			8/3/2021			1,128,694		865		1,627		0.00

														4,350		6,684		0.01

Total Equity and other— non-controlled/non-affiliated														708,262		827,546		1.77

Equity and other— non-controlled/affiliated
Aerospace & Defense
Align Precision Group, LLC - Class A-3 Units	(4)(16)								7/3/2025			11,137		996		4,564		0.01
Distributors
GSO DL Co-Invest EIS LP (EIS Acquisition Holdings, LP - Class A Common Units)	(4)(6)(16)								11/1/2021			265,556		558		1,074		0.00
Electric Utilities
Port Arthur LNG Phase II Intermediate Company, LLC - Class B Units	(4)(7)(16)					7.60 PIK	%		9/22/2025			69,729,468		666,155		666,155		1.43
Media
DMS Topco, LLC - Class A Common Units	(4)(6)(16)								3/11/2025			133,433		5,432		5,005		0.01

Total Equity and other— non-controlled/affiliated														673,141		676,798		1.45

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

September 30, 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 and other—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
Blackstone Private Real Estate Credit and Income Fund - Common Shares	(4)(6)(16)				6/1/2025			7,506,209		190,000		192,835		0.41
Specialty Lending Company, LLC - LLC Interest	(4)(6)(16)				10/19/2021			371,979,000		371,979		375,922		0.80

										561,979		568,757		1.21
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 Holdings, LLC - LP Interest	(4)(6)(16)				11/22/2024			225,000,000		214,844		225,450		0.48
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		1,421		1,681		0.00

Total Equity and other— controlled/affiliated (excluding Investments in Joint Ventures)										778,244		795,888		1.69

Total Equity and other										2,159,647		2,300,232		4.91

Investments in Joint Ventures
BCRED Emerald JV LP - LP Interest	(6)(16)				1/19/2022					1,815,000		1,721,886		3.68
BCRED Verdelite JV LP - LP Interest	(6)(16)				10/21/2022					117,706		113,967		0.24

Total Investments in Joint Ventures										1,932,706		1,835,853		3.92

Total Investments— non-controlled/non-affiliated										73,270,661		72,926,002		156.05
Total Investments— non-controlled/affiliated										704,663		708,337		1.52
Total Investments—controlled/affiliated (excluding Investments in Joint Ventures)										1,170,164		1,060,926		2.25
Total Investments—Investments in Joint Ventures										1,932,706		1,835,853		3.92

Total Investment Portfolio										77,078,194		76,531,118		163.74

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

September 30, 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
Cash and Cash Equivalents
State Street Institutional U.S. Government Money Market Fund - Premier Class				4.09	%					188,486		188,486		0.40
Fidelity Investments Money Market Treasury Portfolio - Class I				4.01	%					44,267		44,267		0.09
Dreyfus Treasury Obligations Cash Management				3.90	%					16,264		16,264		0.03
Other Cash and Cash Equivalents										1,912,986		1,912,986		4.09

Total Cash and Cash Equivalents										2,162,003		2,162,003		4.61

Total Portfolio Investments, Cash and Cash Equivalents									$	79,240,197	$	78,693,121		168.35	%

(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 September 30, 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 and structured finance obligations, 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 September 30, 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 (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

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

September 30, 2025

(in thousands)

(Unaudited)

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 Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, 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 September 30, 2025, non-qualifying assets represented 24.2% of total assets as calculated in accordance with regulatory requirements.

(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	$	6,303	$	—
Abacus Holdco 2, Oy	Delayed Draw Term Loan		10/11/2027		181		—
Accuity Delivery Systems, LLC	Revolver		5/29/2031		29,497		(147	)
Accuity Delivery Systems, LLC	Delayed Draw Term Loan		5/29/2026		88,690		(443	)
ACI Group Holdings, Inc.	Revolver		8/2/2027		10,311		—
Acumatica Holdings, Inc.	Revolver		7/28/2032		10,565		(106	)
ADCS Clinics Intermediate Holdings, LLC	Revolver		5/7/2026		3,344		—
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	)
Align Precision Group, LLC	Delayed Draw Term Loan		4/3/2030		1,844		—
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	Delayed Draw Term Loan		2/19/2027		33,472		—
Amerilife Holdings, LLC	Revolver		8/31/2028		57,772		—
Amerilife Holdings, LLC	Delayed Draw Term Loan		6/17/2026		9,691		—
Amerilife Holdings, LLC	Delayed Draw Term Loan		2/28/2027		41,321		(103	)
Amerivet Partners Management, Inc.	Revolver		2/25/2028		11,511		—
Ampirical Solutions, LLC	Delayed Draw Term Loan		9/30/2027		43,992		(220	)
Ampirical Solutions, LLC	Revolver		9/30/2032		11,731		(117	)
Analytic Partners, LP	Revolver		4/4/2030		4,891		(37	)
Anaplan, Inc.	Revolver		6/21/2028		47,983		(960	)
Apex Companies, LLC	Delayed Draw Term Loan		8/28/2026		5,507		—
Aptean, Inc.	Revolver		1/29/2031		4,239		—
Aptean, Inc.	Delayed Draw Term Loan		2/14/2027		9,045		—
Armada Parent, Inc.	Delayed Draw Term Loan		6/9/2027		11,250		(56	)
Armada Parent, Inc.	Revolver		10/29/2030		22,500		—
Arnhem BidCo, GmbH	Delayed Draw Term Loan		10/1/2027		57,055		(306	)
Ascend Buyer, LLC	Revolver		9/30/2028		8,655		—

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

September 30, 2025

(in thousands)

(Unaudited)


Investments	Commitment Type	Commitment Expiration Date		Unfunded Commitment		Fair Value
Atlas CC Acquisition Corp.	Revolver		5/25/2029		12,839		—
Atlas CC Acquisition Corp.	Revolver		5/25/2029		14,403		(324	)
Atlas Securitized Products Funding 2, LP	Revolver		4/10/2026		3,310		—
AuditBoard, Inc.	Delayed Draw Term Loan		7/12/2026		38,443		(192	)
AuditBoard, Inc.	Revolver		7/12/2031		15,377		—
Axsome Therapeutics, Inc.	Delayed Draw Term Loan		5/31/2027		45,195		—
Axsome Therapeutics, Inc.	Delayed Draw Term Loan		5/31/2026		45,195		—
Azurite Intermediate Holdings, Inc.	Revolver		3/19/2031		6,840		—
Baker Tilly Advisory Group, LP	Delayed Draw Term Loan		6/3/2027		95,459		(955	)
Baker Tilly Advisory Group, LP	Revolver		6/3/2030		74,077		—
Bamboo US BidCo, LLC	Delayed Draw Term Loan		11/20/2026		12,824		—
Bamboo US BidCo, LLC	Delayed Draw Term Loan		11/20/2026		995		—
Bamboo US BidCo, LLC	Revolver		9/29/2029		6,470		—
Banyan Software Holdings, LLC	Revolver		1/2/2031		5,799		(29	)
Banyan Software Holdings, LLC	Delayed Draw Term Loan		1/2/2027		5,591		—
Bayshore Intermediate #2, LP	Revolver		10/1/2027		20,406		—
Bazaarvoice, Inc.	Revolver		5/7/2029		60,787		—
Bidco 76 S.p.A.	Delayed Draw Term Loan		12/10/2027		24,179		—
Bimini Group Purchaser, Inc.	Revolver		4/26/2031		29,847		—
Bimini Group Purchaser, Inc.	Delayed Draw Term Loan		5/19/2027		34,906		(175	)
Biotouch Global Solutions, Inc.	Delayed Draw Term Loan		8/27/2027		29,503		—
Biotouch Global Solutions, Inc.	Revolver		8/27/2032		8,851		(133	)
Bluefin Holding, LLC	Revolver		9/12/2029		7,533		—
Bradyplus Holdings, LLC	Delayed Draw Term Loan		10/31/2025		4,306		—
Brave Parent Holdings, Inc.	Revolver		11/28/2030		26,868		—
Brilliance Technologies, Inc.	Revolver		3/11/2032		52,952		(132	)
Brilliance Technologies, Inc.	Delayed Draw Term Loan		9/11/2027		109,294		(68	)
Caerus US 1, Inc.	Revolver		5/25/2029		35,995		—
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	)
Cambrex Corp.	Delayed Draw Term Loan		3/24/2026		39,942		—
Canadian Hospital Specialties, Ltd.	Revolver		4/15/2027		1,972		—
Capstone Acquisition Holdings, Inc.	Delayed Draw Term Loan		8/29/2026		8,261		(31	)
Carr Riggs & Ingram Capital, LLC	Revolver		11/18/2031		10,323		(52	)
Carr Riggs & Ingram Capital, LLC	Delayed Draw Term Loan		11/18/2026		17,811		—
Carval CLO XIII-C Ltd	Structured Finance Obligations—Equity Instruments		10/8/2028		7,781		—
Castle Management Borrower, LLC	Revolver		11/3/2029		3,250		—
CCI Buyer, Inc.	Revolver		5/13/2032		6,767		(68	)
CEP V Investment 11 S.à r.l.	Delayed Draw Term Loan		9/1/2026		43,967		(497	)
CFGI Holdings, LLC	Revolver		11/2/2027		19,950		(399	)
CFS Brands, LLC	Revolver		10/2/2029		30,858		—

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

September 30, 2025

(in thousands)

(Unaudited)


Investments	Commitment Type	Commitment Expiration Date		Unfunded Commitment		Fair Value
Channelside AcquisitionCo, Inc.	Revolver		3/31/2028		18,758		—
Charger Debt Merger Sub, LLC	Delayed Draw Term Loan		5/9/2027		30,287		(76	)
Charger Debt Merger Sub, LLC	Revolver		5/31/2030		7,000		—
Charger Debt Merger Sub, LLC	Delayed Draw Term Loan		5/31/2026		8,750		—
Chartwell Cumming Holding, Corp.	Revolver		11/16/2029		43,822		—
Chartwell Cumming Holding, Corp.	Delayed Draw Term Loan		11/22/2025		3,887		—
Chartwell Cumming Holding, Corp.	Delayed Draw Term Loan		2/14/2027		38,496		(192	)
Cielo Bidco, Ltd.	Delayed Draw Term Loan		3/31/2030		700		(7	)
Cielo Bidco, Ltd.	Delayed Draw Term Loan		12/31/2030		59		(1	)
Cisive Holdings Corp.	Revolver		12/8/2027		4,445		(89	)
Citrin Cooperman Advisors, LLC	Delayed Draw Term Loan		4/1/2027		273		—
Clearview Buyer, Inc.	Revolver		2/26/2029		11,857		—
Clydesdale Acquisition Holdings, Inc.	Delayed Draw Term Loan		12/16/2025		164		—
CohnReznick Advisory, LLC	Delayed Draw Term Loan		3/31/2027		3,418		—
Commander Buyer, Inc.	Revolver		6/26/2032		29,425		(294	)
Commander Buyer, Inc.	Delayed Draw Term Loan		6/26/2027		44,138		(221	)
Community Management Holdings Midco 2, LLC	Revolver		11/1/2031		6,656		—
Community Management Holdings Midco 2, LLC	Delayed Draw Term Loan		7/8/2027		26,414		—
Community Management Holdings Midco 2, LLC	Delayed Draw Term Loan		1/8/2026		1,420		—
Compsych Investments Corp.	Delayed Draw Term Loan		7/22/2027		20,230		(51	)
Connatix Buyer, Inc.	Revolver		7/14/2027		8,473		—
Connatix Buyer, Inc.	Delayed Draw Term Loan		4/9/2026		3,119		—
Consor Intermediate II, LLC	Delayed Draw Term Loan		5/10/2026		26,219		(131	)
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		16,925		—
Continental Buyer, Inc.	Revolver		4/2/2031		6,862		(34	)
Coupa Software, Inc.	Delayed Draw Term Loan		6/3/2027		164		(2	)
Coupa Software, Inc.	Revolver		2/27/2029		126		(1	)
CRCI Longhorn Holdings, Inc.	Revolver		8/27/2031		11,110		—
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		12,745		—
Crumbl Enterprises, LLC	Revolver		4/30/2032		5,763		—
CT Technologies Intermediate Holdings, Inc.	Delayed Draw Term Loan		8/30/2026		11,130		—
CT Technologies Intermediate Holdings, Inc.	Revolver		8/30/2031		34,417		(344	)
CT Technologies Intermediate Holdings, Inc.	Delayed Draw Term Loan		7/10/2027		10,132		—

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

September 30, 2025

(in thousands)

(Unaudited)


Investments	Commitment Type	Commitment Expiration Date		Unfunded Commitment		Fair Value
CT Technologies Intermediate Holdings, Inc.	Delayed Draw Term Loan		8/5/2027		10,080		—
CT Technologies Intermediate Holdings, Inc.	Delayed Draw Term Loan		7/10/2027		6,165		—
CyrusOne Revolving Warehouse	Revolver		7/2/2027		137,088		—
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		14,588		—
Denali Bidco, Ltd.	Delayed Draw Term Loan		9/5/2027		241		—
Denali Intermediate Holdings, Inc.	Revolver		8/26/2032		4,972		(50	)
Denali TopCo, LLC	Delayed Draw Term Loan		8/26/2028		27,099		(135	)
Denali TopCo, LLC	Revolver		8/26/2032		13,007		(130	)
Diligent Corp.	Delayed Draw Term Loan		4/30/2026		50,000		—
Diligent Corp.	Revolver		8/2/2030		29,667		—
Discovery Education, Inc.	Revolver		4/9/2029		17,513		—
Divisions Holding Corp.	Revolver		4/17/2032		8,086		(81	)
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	)
Doit International, Ltd.	Revolver		11/26/2029		33,356		—
Dropbox, Inc.	Delayed Draw Term Loan		12/10/2026		709,741		(3,549	)
Dropbox, Inc.	Delayed Draw Term Loan		3/15/2026		455,182		(1,796	)
DTA Intermediate II, Ltd.	Revolver		3/27/2030		5,184		—
DTI Holdco, Inc.	Revolver		1/25/2029		16,000		(2,354	)
Duro Dyne National Corp.	Delayed Draw Term Loan		11/15/2026		34,499		(172	)
Duro Dyne National Corp.	Revolver		11/15/2031		33,579		—
Dwyer Instruments, LLC	Revolver		7/20/2029		6,688		—
Dwyer Instruments, LLC	Delayed Draw Term Loan		11/20/2026		6,062		(30	)
Eagan Parent, Inc.	Delayed Draw Term Loan		9/8/2027		5,311		—
Eagan Parent, Inc.	Revolver		9/8/2032		2,833		(14	)
East River Bidco, GmbH	Delayed Draw Term Loan		3/26/2028		39		—
Eden Acquisitionco, Ltd.	Delayed Draw Term Loan		11/17/2025		2,386		(32	)
Eden Acquisitionco, Ltd.	Delayed Draw Term Loan		11/17/2025		2,153		—
Edison Bidco, AS	Delayed Draw Term Loan		12/18/2026		17,623		—
Edison Bidco, AS	Delayed Draw Term Loan		12/18/2026		679		—
Electro Switch Business Trust, LLC	Revolver		9/2/2032		22,258		—
ELK Bidco, Inc.	Revolver		6/13/2032		13,471		(67	)
ELK Bidco, Inc.	Delayed Draw Term Loan		12/13/2027		14,968		(37	)
EMB Purchaser, Inc.	Delayed Draw Term Loan		3/13/2028		50,508		—
EMB Purchaser, Inc.	Revolver		3/12/2032		18,308		(183	)
Emergency Power Holdings, LLC	Delayed Draw Term Loan		8/17/2027		12,036		—
Endeavor Schools Holdings, LLC	Delayed Draw Term Loan		1/3/2027		20,926		—
Enstructure, LLC	Delayed Draw Term Loan		6/10/2026		83,228		(624	)
ENV Bidco, AB	Delayed Draw Term Loan		12/13/2028		31,618		(402	)

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

September 30, 2025

(in thousands)

(Unaudited)


Investments	Commitment Type	Commitment Expiration Date		Unfunded Commitment		Fair Value
eResearchTechnology, Inc.	Delayed Draw Term Loan		1/17/2027		135,205		—
eResearchTechnology, Inc.	Revolver		10/17/2031		78,568		(786	)
Essential Services Holding Corp.	Delayed Draw Term Loan		6/17/2026		14,519		(73	)
Essential Services Holding Corp.	Revolver		6/17/2030		7,245		—
Everbridge Holdings, LLC	Delayed Draw Term Loan		7/2/2026		5,292		—
Everbridge Holdings, LLC	Revolver		7/2/2031		3,481		—
Excelitas Technologies Corp.	Revolver		8/12/2028		14,780		—
Experity, Inc.	Delayed Draw Term Loan		9/13/2026		40,111		(201	)
Experity, Inc.	Revolver		2/24/2028		13,452		—
Falcon Parent Holdings, Inc.	Delayed Draw Term Loan		8/15/2027		12,467		(94	)
Falcon Parent Holdings, Inc.	Revolver		11/6/2031		13,422		—
Fastener Distribution Holdings, LLC	Delayed Draw Term Loan		10/31/2026		41,834		—
Fern Bidco, Ltd.	Delayed Draw Term Loan		7/3/2027		19,787		—
Flexera Software, LLC	Revolver		8/15/2032		13,582		(34	)
Foundation Risk Partners Corp.	Revolver		10/29/2029		16,269		(244	)
Foundation Risk Partners Corp.	Delayed Draw Term Loan		2/26/2027		24,871		—
Frontgrade Technologies Holdings, Inc.	Revolver		1/9/2028		516		(3	)
Frontline Road Safety, LLC	Delayed Draw Term Loan		3/4/2028		2,130		—
Frontline Road Safety, LLC	Revolver		3/4/2032		11,449		—
FusionSite Midco, LLC	Revolver		11/17/2029		12,260		(276	)
FusionSite Midco, LLC	Delayed Draw Term Loan		4/30/2026		14,683		—
G&A Partners Holding Company II, LLC	Revolver		3/1/2030		6,575		(132	)
G&A Partners Holding Company II, LLC	Delayed Draw Term Loan		3/1/2026		15,123		—
Galaxy CLO Warehouse 2025-1, Ltd.	Structured Finance Obligations—Equity Instruments		10/8/2026		22,218		—
Galileo Pharma Bidco S.p.A.	Term Loan		10/7/2032		20,579		—
Galileo Pharma Bidco S.p.A.	Delayed Draw Term Loan		10/7/2028		4,116		—
Galway Borrower, LLC	Revolver		9/29/2028		16,060		—
Galway Borrower, LLC	Delayed Draw Term Loan		2/7/2026		1,643		—
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		12,318		—
GI Ranger Intermediate, LLC	Revolver		10/29/2027		10,800		—
Gigamon, Inc.	Revolver		3/10/2028		7,732		—
Gimlet Bidco, GmbH	Delayed Draw Term Loan		4/23/2027		6,254		—
Granicus, Inc.	Revolver		1/17/2031		4,284		—
Granicus, Inc.	Delayed Draw Term Loan		8/2/2026		1,431		(7	)
Great Day Improvements, LLC	Revolver		6/13/2030		5,914		(222	)
Grid Alliance Partners, LLC	Delayed Draw Term Loan		7/1/2027		23,338		—
Grid Alliance Partners, LLC	Revolver		7/1/2030		15,162		(152	)
Griffon Bidco, Inc.	Delayed Draw Term Loan		9/30/2027		21,819		—
Griffon Bidco, Inc.	Revolver		7/31/2031		21,819		(218	)
Ground Penetrating Radar Systems, LLC	Delayed Draw Term Loan		7/2/2027		20,297		—

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

September 30, 2025

(in thousands)

(Unaudited)


Investments	Commitment Type	Commitment Expiration Date		Unfunded Commitment		Fair Value
Ground Penetrating Radar Systems, LLC	Revolver		1/2/2032		10,846		—
GS Acquisitionco, Inc.	Delayed Draw Term Loan		3/26/2026		3,720		—
GS Acquisitionco, Inc.	Revolver		5/25/2028		3,000		—
GS Acquisitionco, Inc.	Delayed Draw Term Loan		5/16/2027		3,214		(8	)
GTCR Everest Borrower, LLC	Revolver		9/5/2029		3,125		(22	)
Guardian Bidco, Inc.	Delayed Draw Term Loan		8/14/2028		3,881		(39	)
Gusto Sing Bidco Pte, Ltd.	Delayed Draw Term Loan		11/15/2027		102		(1	)
Helix TS, LLC	Delayed Draw Term Loan		12/20/2026		27,421		—
High Street Buyer, Inc.	Revolver		4/16/2027		4,186		(84	)
High Street Buyer, Inc.	Delayed Draw Term Loan		7/18/2027		55,411		—
HMH Education, Inc.	Revolver		4/7/2027		18,750		(1,724	)
Home Service TopCo IV, Inc.	Revolver		12/30/2027		19,964		(214	)
Horizon CTS Buyer, LLC	Delayed Draw Term Loan		3/28/2027		11,718		(59	)
Horizon CTS Buyer, LLC	Revolver		3/28/2032		9,960		—
HPS Freshwater Warehouse Parent, Ltd.	Structured Finance Obligations—Equity Instruments		10/8/2026		7,040		—
Icefall Parent, Inc.	Revolver		1/17/2030		8,637		—
IEM New Sub 2, LLC	Delayed Draw Term Loan		8/8/2026		76,076		(571	)
IG Investments Holdings, LLC	Revolver		9/22/2028		55,717		—
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		7,433		—
Inception Fertility Ventures, LLC	Delayed Draw Term Loan		4/29/2026		61,644		—
INK BC Bidco S.p.A.	Delayed Draw Term Loan		7/16/2028		21,206		—
Integrity Marketing Acquisition, LLC	Delayed Draw Term Loan		8/23/2026		8,970		(24	)
Integrity Marketing Acquisition, LLC	Revolver		8/25/2028		2,861		(14	)
IQN Holding Corp.	Revolver		5/2/2028		2,864		—
IRI Group Holdings, Inc.	Revolver		12/1/2028		110,034		—
Iris Buyer, LLC	Revolver		10/2/2029		6,296		—
Iris Buyer, LLC	Delayed Draw Term Loan		8/4/2026		9,547		—
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.	Revolver		12/15/2027		12,142		—
Java Buyer, Inc.	Revolver		12/15/2027		24,284		—
Java Buyer, Inc.	Delayed Draw Term Loan		5/9/2027		71,827		—
Jeppesen Holdings, LLC	Term Loan		5/3/2032		324,587		—
Jeppesen Holdings, LLC	Revolver		5/3/2032		16,830		—
JS Parent, Inc.	Revolver		4/24/2031		7,880		(39	)
JSG II, Inc.	Delayed Draw Term Loan		9/30/2027		97,949		(245	)
JSG II, Inc.	Revolver		9/30/2032		38,620		—
JSS Holdings, Inc.	Delayed Draw Term Loan		11/8/2026		136,995		(685	)
Kaseya, Inc.	Revolver		3/20/2030		25,000		(125	)
Kattegat Project Bidco, AB	Delayed Draw Term Loan		10/5/2026		12,225		(166	)

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

September 30, 2025

(in thousands)

(Unaudited)


Investments	Commitment Type	Commitment Expiration Date		Unfunded Commitment		Fair Value
King Bidco S.P.E.C.	Delayed Draw Term Loan		6/26/2028		87		—
Knowledge Pro Buyer, Inc.	Revolver		12/10/2027		10,918		—
Knowledge Pro Buyer, Inc.	Delayed Draw Term Loan		6/11/2027		16,193		—
Knowledge Pro Buyer, Inc.	Revolver		12/10/2027		4,594		(46	)
Koala Investment Holdings, Inc.	Delayed Draw Term Loan		2/29/2028		17,044		(85	)
Koala Investment Holdings, Inc.	Revolver		8/29/2032		7,575		(76	)
Kona Buyer, LLC	Revolver		7/23/2031		25,369		(127	)
Kona Buyer, LLC	Delayed Draw Term Loan		8/1/2027		90,826		(454	)
Kona Buyer, LLC	Delayed Draw Term Loan		12/17/2025		60,173		(301	)
Kona Buyer, LLC	Delayed Draw Term Loan		7/23/2026		53,588		(268	)
Kwol Acquisition, Inc.	Revolver		12/6/2029		1,345		—
Kwol Acquisition, Inc.	Delayed Draw Term Loan		8/25/2027		3,811		—
Kwor Acquisition, Inc.	Revolver		2/28/2030		1,041		—
Kwor Acquisition, Inc.	Delayed Draw Term Loan		2/28/2027		1,345		—
Loar Group, Inc.	Delayed Draw Term Loan		5/10/2026		100,000		—
Lobos Parent, Inc.	Delayed Draw Term Loan		9/26/2028		10,361		(39	)
Lobos Parent, Inc.	Revolver		9/26/2031		5,180		(39	)
Lobos Parent, Inc.	Revolver		9/26/2031		2,331		(17	)
LogicMonitor, Inc.	Revolver		11/15/2031		11,450		(143	)
LPW Group Holdings, Inc.	Revolver		3/15/2030		6,566		(66	)
Lsf12 Crown US Commercial Bidco, LLC	Revolver		12/2/2029		24,405		(131	)
Magic Bidco, Inc.	Delayed Draw Term Loan		7/1/2026		15,863		—
Magic Bidco, Inc.	Revolver		7/1/2030		830		—
Magneto Components BuyCo, LLC	Revolver		12/5/2029		8,983		(180	)
Mandolin Technology Intermediate Holdings, Inc.	Revolver		4/30/2028		7,265		—
MannKind Corp.	Delayed Draw Term Loan		8/6/2027		73,980		—
Mantech International, CP	Delayed Draw Term Loan		12/14/2025		41,323		(373	)
Mantech International, CP	Revolver		9/14/2028		111,612		—
Material Holdings, LLC	Revolver		8/19/2027		3,179		—
Material Holdings, LLC	Delayed Draw Term Loan		8/19/2027		27,138		—
Maverick Bidco, Inc.	Delayed Draw Term Loan		8/16/2026		19,499		—
Mavis Tire Express Services Topco, Corp.	Revolver		5/4/2028		8,606		—
MB2 Dental Solutions, LLC	Delayed Draw Term Loan		2/13/2026		7,280		—
MB2 Dental Solutions, LLC	Revolver		2/13/2031		2,241		—
Medline Borrower, LP	Revolver		10/21/2026		17,850		(133	)
MEDX AMCP Holdings, LLC	Revolver		7/21/2032		3,952		(40	)
MEDX AMCP Holdings, LLC	Delayed Draw Term Loan		7/21/2027		9,287		(46	)
Mercury Bidco Globe, Limited	Delayed Draw Term Loan		1/18/2026		13,121		—
MHE Intermediate Holdings, LLC	Revolver		7/21/2027		482		—
MidOcean Credit CLO XX	Structured Finance Obligations—Equity Instruments		10/8/2028		2,867		—
Minerva Bidco, Ltd.	Delayed Draw Term Loan		4/9/2028		23,996		—

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

September 30, 2025

(in thousands)

(Unaudited)


Investments	Commitment Type	Commitment Expiration Date		Unfunded Commitment		Fair Value
Minotaur Acquisition, Inc.	Revolver		5/10/2030		9,910		—
Minotaur Acquisition, Inc.	Delayed Draw Term Loan		5/10/2026		16,516		(165	)
ML Holdco, Inc.	Term Loan		10/24/2032		67,146		—
ML Holdco, Inc.	Delayed Draw Term Loan		10/24/2027		17,567		—
Modernizing Medicine, Inc.	Revolver		4/30/2032		4,208		(42	)
Monk Holding, Co.	Delayed Draw Term Loan		12/1/2025		4,087		—
More Cowbell II, LLC	Delayed Draw Term Loan		9/3/2027		5,872		(27	)
More Cowbell II, LLC	Revolver		9/1/2029		12,328		—
MPG Parent Holdings, LLC	Revolver		1/8/2030		2,232		—
MPG Parent Holdings, LLC	Delayed Draw Term Loan		1/8/2027		4,580		—
MRH Trowe Beteiligungsgesellschaft mbH	Delayed Draw Term Loan		5/15/2028		116		—
MRH Trowe Beteiligungsgesellschaft mbH	Revolver		11/15/2031		35		—
MRI Software, LLC	Revolver		2/10/2027		22,819		—
Natus Medical, Inc.	Revolver		7/21/2027		5,100		—
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		3/9/2028		3,083		—
NDT Global Holding, Inc.	Revolver		6/4/2032		10,153		(102	)
NDT Global Holding, Inc.	Delayed Draw Term Loan		6/4/2027		11,371		—
Nephele III, BV	Delayed Draw Term Loan		1/14/2028		28		—
Neptune BidCo, SAS	Delayed Draw Term Loan		3/31/2027		205		—
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		—
New Mountain CLO 8 Ltd	Structured Finance Obligations—Equity Instruments		10/20/2038		4,134		—
Noble Midco 3, Ltd.	Delayed Draw Term Loan		6/10/2027		9,042		(45	)
Noble Midco 3, Ltd.	Revolver		12/10/2030		6,028		—
North Haven Ushc Acquisition, Inc.	Revolver		10/30/2027		2,036		—
North Haven Ushc Acquisition, Inc.	Delayed Draw Term Loan		8/28/2026		25,764		—
Octane Purchaser, Inc.	Delayed Draw Term Loan		11/19/2027		88,133		—
Octane Purchaser, Inc.	Revolver		5/19/2032		35,253		(176	)
Odevo, AB	Delayed Draw Term Loan		12/12/2027		60,369		—
OMEGA II AB	Delayed Draw Term Loan		6/17/2028		17,930		(46	)
Onex Baltimore Buyer, Inc.	Delayed Draw Term Loan		3/19/2026		68,025		—
ONS MSO, LLC	Delayed Draw Term Loan		12/13/2025		2,764		—
ONS MSO, LLC	Revolver		7/8/2028		5,000		—
Optimizely North America, Inc.	Revolver		10/30/2031		3,007		(30	)
Optus 1011, GmbH	Delayed Draw Term Loan		3/24/2028		60,581		(494	)
Orion US Finco	Term Loan		10/8/2032		39,337		—

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

September 30, 2025

(in thousands)

(Unaudited)


Investments	Commitment Type	Commitment Expiration Date		Unfunded Commitment		Fair Value
Orion US Finco	Term Loan		5/20/2033		5,940		—
Oxford Global Resources, Inc.	Revolver		8/17/2027		9,254		—
Paisley Bidco, Ltd.	Delayed Draw Term Loan		5/7/2027		5,564		—
Park Place Technologies, LLC	Revolver		3/25/2030		41,941		—
PAS Parent, Inc.	Delayed Draw Term Loan		8/18/2028		41,432		—
PAS Parent, Inc.	Revolver		8/18/2031		19,250		(192	)
Patriot Growth Insurance Services, LLC	Delayed Draw Term Loan		11/17/2025		2,744		—
Patriot Growth Insurance Services, LLC	Revolver		10/16/2028		7,135		(143	)
Pave America Holding, LLC	Revolver		8/27/2032		10,546		—
Pave America Holding, LLC	Delayed Draw Term Loan		8/29/2027		27,041		(135	)
Pavion Corp.	Delayed Draw Term Loan		10/30/2025		3,902		—
PDI TA Holdings, Inc.	Revolver		2/3/2031		4,198		—
Pearce Intermediate Holdings, Inc.	Delayed Draw Term Loan		11/6/2026		64,000		—
Petrus Buyer, Inc.	Revolver		10/17/2029		4,426		—
Phoenix 1 Buyer Corp.	Revolver		11/20/2029		8,349		—
Pikes Peak Bravo	Structured Finance Obligations—Equity Instruments		9/5/2027		11,938		—
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		65		—
Polyphase Elevator Holding, Co.	Revolver		6/23/2027		374		—
Port Arthur LNG Phase II Intermediate Company LLC	Equity		12/30/2026		712,171		—
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		6,677		—
Profile Products, LLC	Revolver		11/12/2027		2,071		—
Project Leopard Holdings, Inc.	Revolver		7/20/2027		5,629		—
PT Intermediate Holdings III, LLC	Delayed Draw Term Loan		4/9/2026		10,213		(13	)
QBS Parent, Inc.	Revolver		6/3/2032		10,967		(55	)
QBS Parent, Inc.	Delayed Draw Term Loan		6/3/2027		19,959		—
Qualus Power Services Corp.	Delayed Draw Term Loan		10/25/2026		23,813		—
R1 Holdings, LLC	Revolver		12/29/2028		31		—
RailPros Parent, LLC	Delayed Draw Term Loan		5/24/2027		7,177		(36	)
RailPros Parent, LLC	Revolver		5/24/2032		3,589		(36	)
Rally Buyer, Inc.	Revolver		7/19/2029		11,632		—
Raven Acquisition Holdings, LLC	Delayed Draw Term Loan		11/19/2026		200		—
Red Fox CD Acquisition Corp.	Delayed Draw Term Loan		11/21/2026		29,721		—
Redwood Services Group, LLC	Delayed Draw Term Loan		1/3/2027		19,741		—
Regatta Kilo	Structured Finance Obligations—Equity Instruments		10/8/2028		4,703		—

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

September 30, 2025

(in thousands)

(Unaudited)


Investments	Commitment Type	Commitment Expiration Date		Unfunded Commitment		Fair Value
Relativity ODA, LLC	Revolver		5/12/2029		4,813		(116	)
RFS Opco, LLC	Delayed Draw Term Loan		6/13/2026		6,019		(15	)
Rhea Parent, Inc.	Revolver		12/20/2030		28,910		(289	)
Riser Merger Sub, Inc.	Delayed Draw Term Loan		6/4/2026		20,947		—
Riser Merger Sub, Inc.	Revolver		10/31/2029		17,013		—
Riser Merger Sub, Inc.	Delayed Draw Term Loan		4/15/2027		30,262		—
Safety Borrower Holdings, LP	Revolver		9/1/2027		2,265		—
Sam Holding Co, Inc.	Revolver		3/24/2027		24,000		—
Scorpio BidCo SAS	Delayed Draw Term Loan		3/10/2026		7,858		(85	)
Seahawk Bidco, LLC	Delayed Draw Term Loan		12/19/2026		27,602		—
Seahawk Bidco, LLC	Revolver		12/19/2030		22,377		(205	)
Seven Bidco, SASU	Delayed Draw Term Loan		8/29/2028		42,456		—
Severin Acquisition, LLC	Delayed Draw Term Loan		10/1/2027		57,395		—
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		8,488		—
Simplicity Financial Marketing Group Holdings, Inc.	Revolver		12/31/2031		6,041		(60	)
Skopima Consilio Parent, LLC	Revolver		5/12/2028		6,300		(1,189	)
Smartronix, LLC	Revolver		2/7/2030		8,895		—
Smile Doctors, LLC	Revolver		12/23/2027		51,955		(1,818	)
Solis Finco SAS	Term Loan		10/8/2032		120		—
Solis Finco SAS	Delayed Draw Term Loan		4/8/2029		143		—
Solis Midco SAS	Term Loan		10/8/2032		361		—
Spaceship Purchaser, Inc.	Revolver		10/17/2031		74,961		(598	)
Spaceship Purchaser, Inc.	Delayed Draw Term Loan		10/17/2026		37,481		—
Spaceship Purchaser, Inc.	Delayed Draw Term Loan		10/17/2027		149,081		(745	)
SpecialtyCare, Inc.	Delayed Draw Term Loan		8/26/2027		2,425		—
SpecialtyCare, Inc.	Revolver		12/18/2029		5,460		—
Spectrum Safety Solutions Purchaser, LLC	Delayed Draw Term Loan		7/1/2026		55,574		—
Spectrum Safety Solutions Purchaser, LLC	Revolver		7/1/2030		54,944		—
Speedster Bidco, GmbH	Revolver		6/10/2031		26,680		(48	)
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		11,767		—
Sunshine Cadence Holdco, LLC	Delayed Draw Term Loan		5/1/2026		22,880		—
Sunshine Cadence Holdco, LLC	Revolver		5/1/2030		32,000		(320	)
Tango Bidco, SAS	Delayed Draw Term Loan		10/17/2027		5,573		(39	)
Tango Bidco, SAS	Delayed Draw Term Loan		10/17/2027		8,635		—
TEI Intermediate, LLC	Revolver		12/13/2031		16,461		—

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

September 30, 2025

(in thousands)

(Unaudited)


Investments	Commitment Type	Commitment Expiration Date		Unfunded Commitment		Fair Value
TEI Intermediate, LLC	Delayed Draw Term Loan		12/13/2026		45,580		—
Teneo Holdings, LLC	Delayed Draw Term Loan		7/31/2027		52,998		—
Teneo Holdings, LLC	Revolver		7/31/2030		64,785		(648	)
Tennessee Bidco, Limited	Delayed Draw Term Loan		7/1/2026		121,398		—
Tennessee Bidco, Limited	Delayed Draw Term Loan		7/1/2026		124,911		(638	)
The Fertility Partners, Inc.	Revolver		9/16/2027		7,337		—
The Hiller Companies, LLC	Delayed Draw Term Loan		6/20/2026		1,487		—
The Hiller Companies, LLC	Revolver		6/20/2030		13,713		—
The Hiller Companies, LLC	Delayed Draw Term Loan		7/16/2027		8,512		—
The North Highland Co, LLC	Revolver		12/20/2030		12,934		—
The North Highland Co, LLC	Delayed Draw Term Loan		12/20/2026		35,521		(178	)
Themis Solutions Inc	Term Loan		10/29/2032		128,530		—
Themis Solutions Inc	Delayed Draw Term Loan		10/29/2027		36,723		—
Themis Solutions Inc	Revolver		10/29/2032		27,542		—
Thermostat Purchaser III, Inc.	Revolver		8/31/2028		8,125		(29	)
THG Acquisition, LLC	Delayed Draw Term Loan		10/31/2026		12,502		—
THG Acquisition, LLC	Revolver		10/31/2031		6,911		—
TIH Insurance Holdings, LLC	Revolver		5/6/2029		19,894		(132	)
Tricentis Operations Holdings, Inc.	Revolver		2/11/2032		16,551		(166	)
Tricentis Operations Holdings, Inc.	Delayed Draw Term Loan		2/11/2027		26,482		(132	)
Trinity Air Consultants Holdings Corp.	Revolver		6/29/2028		15,096		—
Trinity Partners Holdings, LLC	Delayed Draw Term Loan		6/30/2027		115,743		—
Triple Lift, Inc.	Revolver		5/5/2028		14,295		(1,144	)
TRP Infrastructure Services, LLC	Delayed Draw Term Loan		7/9/2027		68,250		—
TRP Infrastructure Services, LLC	Delayed Draw Term Loan		12/2/2026		2,499		—
TTF Lower Intermediate, LLC	Revolver		7/18/2029		20,000		(450	)
Unified Women’s Healthcare, LP	Revolver		6/18/2029		101,845		—
Unified Women’s Healthcare, LP	Delayed Draw Term Loan		10/25/2026		739		—
Unified Women’s Healthcare, LP	Delayed Draw Term Loan		9/22/2027		42,518		—
US Oral Surgery Management Holdco, LLC	Delayed Draw Term Loan		12/13/2026		35,844		—
US Oral Surgery Management Holdco, LLC	Revolver		11/20/2028		15,496		—
Varicent Parent Holdings Corp.	Delayed Draw Term Loan		8/23/2026		13,048		(130	)
Varicent Parent Holdings Corp.	Revolver		8/23/2031		9,550		(143	)
Veregy Consolidated, Inc.	Delayed Draw Term Loan		4/16/2027		12,398		(31	)
Veregy Consolidated, Inc.	Revolver		4/16/2031		29,755		(223	)
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		19,350		—
Wellfleet CLO 2025-1, Ltd.	Structured Finance Obligations—Equity Instruments		4/4/2027		4,650		—
West Monroe Partners, LLC	Revolver		11/9/2027		70,714		—

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

September 30, 2025

(in thousands)

(Unaudited)


Investments	Commitment Type	Commitment Expiration Date		Unfunded Commitment		Fair Value
West Star Aviation Acquisition, LLC	Revolver		5/20/2032		17,278		—
West Star Aviation Acquisition, LLC	Delayed Draw Term Loan		5/20/2027		32,396		(121	)
WHCG Purchaser III, Inc.	Delayed Draw Term Loan		8/2/2027		17,234		—
World Insurance Associates, LLC	Delayed Draw Term Loan		8/14/2026		35,992		—
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		8,307		—
Yellow Castle, AB	Delayed Draw Term Loan		6/28/2027		5,415		—
Zendesk, Inc.	Delayed Draw Term Loan		11/22/2025		142,752		—
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		4,568		—
Zorro Bidco, Ltd.	Delayed Draw Term Loan		8/13/2027		10,119		—

Total Unfunded Commitments				$	12,286,912	$	(42,285	)

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

(9)	The interest rate floor on these investments as of September 30, 2025 was 0.50%.

(10)	The interest rate floor on these investments as of September 30, 2025 was 0.75%.

(11)	The interest rate floor on these investments as of September 30, 2025 was 1.00%.

(12)	The interest rate floor on these investments as of September 30, 2025 was 1.25%.

(13)	The interest rate floor on these investments as of September 30, 2025 was 1.50%.

(14)	The interest rate floor on these investments as of September 30, 2025 was 2.00%.

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

(16)

Under the 1940 Act, the Company is generally 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 generally 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 September 30, 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 September 30, 2025		Dividend and Interest Income
Non-Controlled/Affiliated Investments
Align Precision Group, LLC	$	—	$	22,109	$	—	$	—	$	—	$	22,109	$	594
Align Precision Group, LLC		—		3,057		—		18		—		3,075		183
Align Precision Group, LLC - Class A-3 Units		—		996		—		3,568		—		4,564		—
DMS Purchaser, LLC		—		6,355		—		—		—		6,355		437

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

September 30, 2025

(in thousands)

(Unaudited)


	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 September 30, 2025		Dividend and Interest Income
DMS Topco, LLC - Class A Common Units		—		5,432		—			(427	)		—		5,005		—
GSO DL Co-Invest EIS LP (EIS Acquisition Holdings, LP - Class A Common Units)		1,394		—		—			(320	)		—		1,074		—
Port Arthur LNG Phase II Intermediate Company, LLC - Class B Units		—		666,155		—			—			—		666,155		1,096
Controlled/Affiliated Investments
Daylight Beta Parent, LLC (Benefytt Technologies, Inc.)		12,744		—		—			(4,666	)		—		8,078		—
CFCo, LLC (Benefytt Technologies, Inc.)		—		—		—			—			—		—		—
CFCo, LLC (Benefytt Technologies, Inc.) - Class B Units		—		—		—			—			—		—		—
Pibb Member Holdings, LLC - LP Interest		214,906		—		—			10,544			—		225,450		13,936
Pibb Member, LLC		2,250		—		(73	)		—			—		2,177		99
Pigments Services, Inc.		7,699		—		—			(7,699	)		—		—		—
Pigments Services, Inc.		11,317		257		—			(2,659	)		—		8,915		234
Pigments Holdings, LP - LP Interest		—		—		—			—			—		—		—
Material Holdings, LLC		232,369		9,874		(1,770	)		(523	)		—		239,950		18,756
Material Holdings, LLC		15,566		—		—			(14,464	)		—		1,102		—
Material Holdings, LLC		—		4,824		—			(8	)		—		4,816		—
Material+ Holding Company, LLC - Class C Units		—		—		—			—			—		—		—
Blackstone Private Real Estate Credit and Income Fund - Common Shares		—		190,000		—			2,835			—		192,835		3,229
Specialty Lending Company, LLC - LLC Interest		314,967		39,420		—			21,535			—		375,922		4,500
BCRED Emerald JV LP - LP Interest		1,778,800		—		—			(56,914	)		—		1,721,886		177,544
BCRED Verdelite JV LP - LP Interest		135,611		—		—			(21,644	)		—		113,967		24,433
GSO DL CoInvest CI LP (CustomInk, LLC - Series A Preferred Units)		2,167		—		—			(486	)		—		1,681		—

Total	$	2,729,790	$	948,479	$	(1,843	)	$	(71,310	)	$	—	$	3,605,116	$	245,041

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

September 30, 2025

(in thousands)

(Unaudited)

(17)	Loan was on non-accrual status as of September 30, 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, Moderna Inc—Common Stock, and Axsome Therapeutics, Inc.—Common Stock and may be deemed to be “restricted securities.” As of September 30, 2025, the aggregate fair value of these securities is $76,483.4 million or 163.64% 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 September 30, 2025 was 3.00%.

ADDITIONAL INFORMATION

Foreign Currency Forward Contracts

Counterparty

Currency Purchased

Currency Sold

Settlement
Date

Unrealized
Appreciation
(Depreciation)

Deutsche Bank AG

USD 585,757

CAD 806,500

12/18/2025

4,722

Deutsche Bank AG

USD 84,959

CHF 66,820

12/18/2025

325

Goldman Sachs Bank USA

USD 88,140

DKK 557,791

12/17/2025

)

BNP Paribas

USD 105,769

EUR 90,200

11/21/2025

(396

)

Deutsche Bank AG

USD 1,230,599

EUR 1,040,500

12/18/2025

4,101

Deutsche Bank AG

USD 488,322

GBP 358,790

12/18/2025

5,956

BNP Paribas

USD 55,215

GBP40,900

11/21/2025

224

Goldman Sachs Bank USA

USD 56,696

NOK 562,273

12/17/2025

351

BNP Paribas

USD 974

NOK 10,000

11/21/2025

(29

)

Goldman Sachs Bank USA

USD 23,434

NZD 39,280

12/17/2025

591

Goldman Sachs Bank USA

USD 179,654

SEK 1,668,034

12/17/2025

1,610

Total Foreign Currency Forward Contracts

17,446

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

September 30, 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 Appreciation (Depreciation)⁽¹⁾
Goldman Sachs Bank USA		December 2026 Notes		2.63	%		SOFR + 0.26	%		12/15/2026	$	625,000	$	(8,965	)	$	—	$	11,274
Deutsche Bank		December 2026 Notes		2.63	%		SOFR + 0.26	%		12/15/2026		625,000		(8,867	)		—		11,217
Deutsche Bank		April 2026 UK Bonds		4.87	%		SONIA + 2.78	%		4/14/2026	GBP	250,000		(3,313	)		—		5,467
Sumitomo Mitsui Banking Corporation		May 2027 Notes		5.61	%		SOFR + 2.79	%		5/3/2027		625,000		(6,661	)		—		11,270
Goldman Sachs Bank USA		October 2027 Notes		7.49	%		SOFR + 3.72	%		10/11/2027		350,000		1,898			—		5,425
Sumitomo Mitsui Banking Corporation		November 2028 Notes		7.30	%		SOFR + 3.06	%		11/27/2028		500,000		11,907			—		9,957
Goldman Sachs Bank USA		January 2031 Notes		6.25	%		SOFR + 2.46	%		1/25/2031		250,000		3,773			—		8,053
BNP Paribas US		January 2031 Notes		6.25	%		SOFR + 2.47	%		1/25/2031		250,000		3,669			—		8,064
Deutsche Bank		July 2029 Notes		5.95	%		SOFR + 1.74	%		7/16/2029		500,000		14,355			—		11,624
BNP Paribas US		September 2027 Notes		4.95	%		SOFR + 1.69	%		9/26/2027		400,000		(1,502	)		—		7,288
Sumitomo Mitsui Banking Corporation		April 2030 Notes		5.25	%		SOFR + 2.01	%		4/1/2030		400,000		(3,104	)		—		12,866
Morgan Stanley		November 2029 Notes		5.60	%		SOFR + 1.64	%		11/22/2029		400,000		8,435			—		10,585
Deutsche Bank		November 2034 Notes		6.00	%		SOFR + 2.04	%		11/22/2034		600,000		13,689			—		21,516
Wells Fargo		November 2034 Notes		6.00	%		SOFR + 2.26	%		11/22/2034		200,000		1,111			—		7,323
Deutsche Bank		January 2032 Notes		6.00	%		SOFR + 1.83	%		1/29/2032		500,000		18,575			—		18,575
Goldman Sachs Bank USA		January 2032 Notes		6.00	%		SOFR + 1.83	%		1/29/2032		500,000		18,424			—		18,424
Wells Fargo		November 2028 Notes		7.30	%		SOFR + 3.20	%		11/27/2028		150,000		2,994			—		2,994
Goldman Sachs Bank USA		March 2031 Notes		5.54	%		SOFR + 1.67	%		3/25/2031		500,000		10,221			—		10,221
Deutsche Bank		March 2033 Notes		5.79	%		SOFR + 1.89	%		3/25/2033		500,000		10,887			—		10,887
Morgan Stanley		September 2030 Notes		5.05	%		SOFR + 1.68	%		9/10/2030		250,000		(815	)		—		(815	)
BNP Paribas US		September 2030 Notes		5.05	%		SOFR + 1.68	%		12/17/2025		250,000		(856	)		—		(856	)

Total Interest Rate Swaps													$	85,855		$	—	$	201,359

(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.

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
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

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)
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
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

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)
Capital Markets (continued)
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
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

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)
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
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
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

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)
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
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

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)
Containers & Packaging (continued)
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
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

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)
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
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

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
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

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)
Financial Services (continued)
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
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

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)
ADCS Clinics Intermediate Holdings, LLC	(4)(5)(11)		SOFR + 6.25	%		10.78	%		4/14/2022		5/7/2027		250		248		250		0.00
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
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

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)
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

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
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

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)
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
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

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)
Industrial Conglomerates (continued)
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
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

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)
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
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

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)
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
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

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
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

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)
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
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

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)
Marine (continued)
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
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

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)
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
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

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)
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
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

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)
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
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
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

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 (continued)
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
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

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)
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
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
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

100

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)
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
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

101

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)
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
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

102

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)
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
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

103

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)
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
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
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

104

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)
Specialty Retail (continued)
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
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

105

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)
Transportation Infrastructure (continued)
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

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

106

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
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
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

107

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
Second Lien Debt—non-controlled/non-affiliated (continued)
Professional Services (continued)
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

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

108

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
Unsecured Debt—non-controlled/non-affiliated (continued)
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

109

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
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
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

110

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
Structured Finance Obligations—Debt Instruments— non-controlled/non-affiliated (continued)
Financial Services (continued)
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
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

111

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
Structured Finance Obligations—Debt Instruments— non-controlled/non-affiliated (continued)
Financial Services (continued)
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
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

112

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
Structured Finance Obligations—Debt Instruments—non-controlled/non-affiliated (continued)
Financial Services (continued)
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
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

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		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		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		18,500		18,446		0.05

113

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
Structured Finance Obligations—Equity Instruments—non-controlled/non-affiliated (continued)
Financial Services (continued)
MidOcean Credit CLO XV Ltd - Subordinated Notes	(4)(6)		Estimated Yield:		14.20	%		5/10/2024		7/21/2037		5,000		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		16,051		16,346		0.04
New Mountain CLO 6 Ltd - Subordinated Notes	(4)(6)							8/23/2024		10/15/2037		1,875		0		411		0.00
Pikes Peak CLO 10 - Subordinated Notes	(4)(6)		Estimated Yield:		17.27	%		12/10/2024		1/22/2038		5,200		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		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		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		14,801		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		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		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		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		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		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

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

114

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/non-affiliated (continued)
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
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

115

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/non-affiliated (continued)
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
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
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

116

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/non-affiliated (continued)
Health Care Providers & Services (continued)
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
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

117

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/non-affiliated (continued)
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
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

118

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

Investments in Joint Ventures
BCRED Emerald JV LP - LP Interest	(6)(16)				1/19/2022					1,815,000		1,778,800		4.58

119

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 (continued)
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 and structured finance obligations, 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.

120

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)

(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.

(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 December 31, 2024, non-qualifying assets represented 24.5% of total assets as calculated in accordance with regulatory requirements.

(7)


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		—

121

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
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		—
Brave Parent Holdings, Inc.	Delayed Draw Term Loan		5/28/2025		22,569		—
Brave Parent Holdings, Inc.	Revolver		11/29/2030		26,868		—

122

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
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	)

123

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
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		—
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	)

124

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
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	)
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		—

125

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
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		—
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		—

126

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
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	)

127

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
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		—
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		—

128

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
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		—
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	)

129

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
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	)
Triple Lift, Inc.	Revolver		5/5/2028		14,295		(572	)

130

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
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

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 generally 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 generally 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

132

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)

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

(18)

(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%.

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

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

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

Total Foreign Currency Forward Contracts

11,793

133

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.

134

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.

135

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.

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 September 30, 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, 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, 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, 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

136

WH 2022-1 LLC (“2022-1 BSL WH”), BCRED Investments LLC, BCRED X Holdings 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 BSL Static CLO 2025-1, Ltd. (“2025-1 BSL Issuer”), BCRED BSL Static CLO 2025-1, LLC, 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.

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.

137

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.

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.

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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:

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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.

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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.

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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 and year in which the transfer occurs.

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.

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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.

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

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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 and nine months ended September 30, 2025, the Company recorded $23.5 million and $75.4 million, respectively, in non-recurring interest income (e.g., prepayment premiums, accelerated accretion of upfront loan origination fees and unamortized discounts). For the three and nine months ended September 30, 2024, the Company recorded $3.9 million and $37.7 million, respectively, in non-recurring interest income.

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.

Dividend Income

Dividend income on preferred equity securities is 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 and on the Company’s equity interests in its joint ventures 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.

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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.

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 September 30, 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

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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 and nine months ended September 30, 2025, the Company accrued $4.1 million and $13.6 million, respectively, of U.S. federal excise tax. For the three and nine months ended September 30, 2024, the Company accrued $7.0 million and $25.4 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.

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.

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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 (the “Securities Act”), 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.

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

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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 and nine months ended September 30, 2025, base management fees were $145.6 million and $413.5 million, respectively. For the three and nine months ended September 30, 2024, base management fees were $112.6 million and $312.3 million, respectively. As of September 30, 2025 and December 31, 2024, $145.6 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:

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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);

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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

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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).

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 and nine months ended September 30, 2025, the Company accrued income based incentive fees of $160.6 million and $464.2 million, respectively. For the three and nine months ended September 30, 2024, the Company accrued income based incentive fees of $139.4 million and $399.0 million, respectively. As of September 30, 2025 and December 31, 2024, there was $160.6 million and $144.7 million, respectively, payable to the Adviser and the Prior Adviser, as applicable, for income based incentive fees.

For the three and nine months ended September 30, 2025 and 2024, the Company accrued no capital gains based incentive fees. As of September 30, 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

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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 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 and nine months ended September 30, 2025, the Company incurred $3.1 million and $7.3 million, respectively, in expenses under the Administration Agreement, which were recorded in Administrative service expenses in the Company’s Condensed Consolidated Statements of Operations. For the three and nine months ended September 30, 2024, the Company incurred $1.4 million and $5.1 million, respectively, in expenses under the Prior Administration Agreement, which were recorded in Administrative service expenses in the Company’s Condensed Consolidated Statements of Operations.

As of September 30, 2025 and December 31, 2024, $2.8 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., 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

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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 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	%

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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 and nine months ended September 30, 2025, the Company accrued distribution and shareholder servicing fees of $30.9 million and $88.6 million, respectively, which were attributable to Class S shares. For the three and nine months ended September 30, 2025, the Company accrued distribution and shareholder servicing fees of $0.4 million and $1.2 million respectively, which were attributable to Class D shares.

For the three and nine months ended September 30, 2024, the Company accrued distribution and shareholder servicing fees of $24.9 million and $69.7 million, respectively, which were attributable to Class S shares. For the three and nine months ended September 30, 2024, the Company accrued distribution and shareholder servicing fees of $0.3 million and $0.9 million, respectively, which were attributable to Class D shares.

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

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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 and nine months ended September 30, 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 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 September 30, 2025 and December 31, 2024, the wholly-owned subsidiary of the Company had committed $405.0 million. As of September 30, 2025 and December 31, 2024, $33.0 million and $72.4 million of capital remained uncalled from the Company, respectively. The Company does not consolidate its equity interest in SLC.

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.”

On June 1, 2025, the Company made an initial investment into Blackstone Private Real Estate Credit and Income Fund (“BREC”), a business development company advised by Blackstone Real Estate Special Situations Advisors L.L.C., an affiliate of Blackstone. As of September 30, 2025, the Company had invested $190.0 million into BREC.

On September 22, 2025, the Company made an investment in Port Arthur LNG Phase II Intermediate Company, LLC (“Port Arthur”), a developer and operator of natural gas infrastructure. As of September 30, 2025, the Company had invested $666.2 million into Port Arthur. The Company has committed to fund $413.1 million in December 2025 and $299.0 million in December 2026.

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Note 4. Investments

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


	September 30, 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	$	68,919,063	$	68,360,626		89.3	%	$	62,076,029	$	61,455,274		89.8	%
Second lien debt		3,160,778		3,129,503		4.1			2,790,046		2,723,460		3.9
Unsecured debt		88,209		87,527		0.1			179,863		177,801		0.3
Structured finance obligations—debt instruments		501,116		506,173		0.7			582,324		590,509		0.9
Structured finance obligations—equity instruments		316,675		311,204		0.4			137,250		141,139		0.2
Investments in joint ventures		1,932,706		1,835,853		2.4			1,932,706		1,914,411		2.8
Equity and other ⁽¹⁾		2,159,647		2,300,232		3.0			1,287,453		1,417,183		2.1

Total	$	77,078,194	$	76,531,118		100.0	%	$	68,985,671	$	68,419,777		100.0	%

(1)	Includes equity investment in SLC.

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


	September 30, 2025			December 31, 2024
Aerospace & Defense		1.5	%		1.2	%
Air Freight & Logistics		1.6			1.8
Airlines ⁽²⁾⁽³⁾		0.0			0.0
Auto Components ⁽³⁾		0.1			0.0
Beverages		0.1			0.1
Biotechnology ⁽³⁾		0.2			0.0
Broadline Retail ⁽²⁾⁽³⁾		0.0			0.0
Building Products		1.1			1.3
Capital Markets		0.3			0.3
Chemicals		0.4			0.4
Commercial Services & Supplies		7.0			6.1
Construction & Engineering		1.2			1.1
Construction Materials ⁽²⁾⁽³⁾		0.0			0.0
Consumer Staples Distribution & Retail		0.1			—
Containers & Packaging		0.2			0.2
Distributors		0.7			0.9
Diversified Consumer Services		3.0			3.3
Diversified REITs ⁽²⁾⁽³⁾		0.0			0.0
Diversified Telecommunication Services		0.1			0.4
Electric Utilities		1.2			0.2
Electrical Equipment		1.0			0.8
Electronic Equipment, Instruments & Components		1.3			1.1
Energy Equipment & Services		0.1			0.1
Entertainment ⁽²⁾⁽³⁾		0.0			0.0
Financial Services ⁽¹⁾		2.8			2.3
Food Products ⁽²⁾⁽³⁾		0.0			0.0
Gas Utilities ⁽²⁾		0.0			—
Ground Transportation		0.2			0.2
Health Care Equipment & Supplies		0.7			1.1
Health Care Providers & Services		8.5			9.3

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	September 30, 2025			December 31, 2024
Health Care Technology		6.3	%		4.6	%
Hotels, Restaurants & Leisure		0.4			0.2
Household Durables		0.1			0.1
Independent Power and Renewable Electricity Producers ⁽²⁾		0.0			—
Industrial Conglomerates		0.3			0.3
Insurance		6.2			7.0
Interactive Media & Services		1.0			0.9
Internet & Direct Marketing Retail		—			1.5
Investments in Joint Ventures		2.4			2.8
IT Services		4.9			4.7
Life Sciences Tools & Services		0.7			0.6
Machinery		0.3			0.3
Marine		0.4			0.4
Media		1.1			0.5
Metals & Mining ⁽²⁾⁽³⁾		0.0			0.0
Oil, Gas & Consumable Fuels		0.3			0.5
Paper & Forest Products		0.1			0.1
Pharmaceuticals		0.7			0.8
Professional Services		11.1			10.9
Real Estate Management & Development		1.2			1.0
Semiconductors & Semiconductor Equipment ⁽²⁾		0.0			—
Software		25.7			27.3
Specialty Retail		0.1			0.2
Technology Hardware, Storage & Peripherals		0.1			0.1
Trading Companies & Distributors		0.5			0.5
Transportation Infrastructure		2.4			2.4
Wireless Telecommunication Services		0.3			0.1

Total		100.0	%		100.0	%

(1)	Includes equity investment in SLC.

(2)	Amount rounds to less than 0.1% as of September 30, 2025.

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

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


	September 30, 2025
	Cost		Fair Value		% of Total Investments at Fair Value			Fair Value as % of Net Assets
United States	$	65,206,446	$	64,472,147		84.3	%		138.0	%
Europe		9,434,653		9,646,277		12.6			20.6
Bermuda/Cayman Islands		1,680,048		1,685,660		2.2			3.6
Canada		592,006		564,317		0.7			1.2
Australia/New Zealand		98,709		95,275		0.1			0.2
Asia		66,332		67,442		0.1			0.1

Total	$	77,078,194	$	76,531,118		100.0	%		163.7	%

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	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 September 30, 2025 and December 31, 2024, seven borrowers (across eleven loans) and nine borrowers (across twelve loans) in the portfolio were on non-accrual status, respectively.

As of September 30, 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:


	September 30, 2025
	Level 1		Level 2		Level 3		Total
First lien debt	$	—	$	4,997,851	$	63,362,775	$	68,360,626
Second lien debt		—		773,072		2,356,431		3,129,503
Unsecured debt		—		21,520		66,007		87,527
Structured finance obligations—debt instruments		—		—		506,173		506,173
Structured finance obligations—equity instruments		—		—		311,204		311,204
Equity and other ⁽¹⁾		47,751		181		2,252,300		2,300,232

Total		47,751		5,792,624		68,854,890		74,695,265
Investments Measured at NAV ⁽²⁾		—		—		—		1,835,853

Total investments	$	47,751	$	5,792,624	$	68,854,890	$	76,531,118


	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⁾		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 ⁽²⁾		—		—		—		1,914,411

Total investments	$	66,050	$	4,956,506	$	61,482,810	$	68,419,777

(1)	Includes equity investment in SLC.

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(2)

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. For information regarding restrictions on investment in joint ventures, see “Note 11. Joint Ventures.”

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 September 30, 2025
	First Lien Debt			Second Lien Debt			Unsecured Debt			Structured Finance Obligations - Debt Instruments			Structured Finance Obligations - Equity Instruments			Equity and other			Total
Fair value, beginning of period	$	60,594,620		$	2,409,541		$	30,743		$	550,910		$	257,376		$	1,537,428		$	65,380,618
Purchases of investments		5,380,793			173,700			35,490			19,539			65,008			795,915			6,470,445
Proceeds from principal repayments and sales of investments		(2,466,488	)		(112,505	)		—			(66,676	)		(2,984	)		(66,851	)		(2,715,504	)
Accretion of discount (amortization of premium)		60,816			2,316			25			144			—			—			63,301
Net realized gain (loss)		(11,197	)		(16,790	)		—			246			9			(14,818	)		(42,550	)
Net change in unrealized appreciation (depreciation)		(250,477	)		536			(251	)		2,010			(8,205	)		626			(255,761	)
Transfers into Level 3 ⁽¹⁾		87,546			24,008			—			—			—			—			111,554
Transfers out of Level 3 ⁽¹⁾		(32,838	)		(124,375	)		—			—			—			—			(157,213	)

Fair value, end of period	$	63,362,775		$	2,356,431		$	66,007		$	506,173		$	311,204		$	2,252,300		$	68,854,890

Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of September 30, 2025 included in net change in unrealized appreciation (depreciation) on the Condensed Consolidated Statements of Operations	$	(225,946	)	$	(24,452	)	$	(252	)	$	1,825		$	(8,206	)	$	5,048		$	(251,983	)

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	Nine Months Ended September 30, 2025
	First Lien Debt			Second Lien Debt			Unsecured Debt			Structured Finance Obligations - Debt Instruments			Structured Finance Obligations - Equity Instruments			Equity and other			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		13,366,831			346,770			37,554			69,591			203,211			988,472			15,012,429
Proceeds from principal repayments and sales of investments		(7,420,458	)		(130,397	)		(129,371	)		(152,040	)		(23,788	)		(119,475	)		(7,975,529	)
Accretion of discount (amortization of premium)		185,367			4,923			70			304			(8	)		454			191,110
Net realized gain (loss)		(14,284	)		(16,789	)		—			937			9			759			(29,368	)
Net change in unrealized appreciation (depreciation)		15,264			37,264			639			(3,128	)		(9,359	)		31,333			72,013
Transfers into Level 3 ⁽¹⁾		195,885			26,341			—			—			—			—			222,226
Transfers out of Level 3 ⁽¹⁾		(120,801	)		—			—			—			—			—			(120,801	)

Fair value, end of period	$	63,362,775		$	2,356,431		$	66,007		$	506,173		$	311,204		$	2,252,300		$	68,854,890

Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of September 30, 2025 included in net change in unrealized appreciation (depreciation) on the Condensed Consolidated Statements of Operations	$	(15,346	)	$	14,112		$	(1,055	)	$	(1,993	)	$	(9,359	)	$	46,063		$	32,422

(1)	For the three and nine months ended September 30, 2025, transfers into or out of Level 3 were primarily due to decreased or increased price transparency.

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	Three Months Ended September 30, 2024
	First Lien Debt			Second Lien Debt			Unsecured Debt		Structured Finance Obligations - Debt Instruments			Equity and other (2)		Total
Fair value, beginning of period	$	46,789,164		$	1,003,200		$	27,365	$	454,837		$	976,265	$	49,250,831
Purchases of investments		6,324,151			232,544			955		37,625			82,354		6,677,629
Proceeds from principal repayments and sales of investments		(1,006,389	)		(28,153	)		—		(28,075	)		—		(1,062,617	)
Accretion of discount (amortization of premium)		41,669			601			23		91			—		42,384
Net realized gain (loss)		(36,338	)		—			—		106			—		(36,232	)
Net change in unrealized appreciation (depreciation)		55,978			(728	)		65		(2,167	)		35,882		89,030
Transfers into Level 3 ⁽¹⁾		141,486			—			—		48,833			242		190,561
Transfers out of Level 3 ⁽¹⁾		(82,989	)		(56,563	)		—		—			—		(139,552	)

Fair value, end of period	$	52,226,732		$	1,150,901		$	28,408	$	511,250		$	1,094,743	$	55,012,034

Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of September 30, 2024 included in net change in unrealized appreciation (depreciation) on the Condensed Consolidated Statements of Operations	$	16,718		$	(748	)	$	66	$	(1,844	)	$	35,881	$	50,073


	Nine Months Ended September 30, 2024
	First Lien Debt			Second Lien Debt			Unsecured Debt		Structured Finance Obligations - Debt Instruments			Equity and other (2)			Total
Fair value, beginning of period	$	41,336,737		$	926,865		$	18,171	$	365,899		$	857,251		$	43,504,923
Purchases of investments		13,552,109			418,647			9,830		139,930			223,325			14,343,841
Proceeds from principal repayments and sales of investments		(3,239,764	)		(256,257	)		—		(75,595	)		(13,500	)		(3,585,116	)
Accretion of discount (amortization of premium)		138,810			4,815			63		435			—			144,123
Net realized gain (loss)		(35,518	)		16			—		117			—			(35,385	)
Net change in unrealized appreciation (depreciation)		41,257			(3,770	)		344		9,500			27,667			74,998
Transfers into Level 3 ⁽¹⁾		468,879			77,280			—		70,964			—			617,123
Transfers out of Level 3 ⁽¹⁾		(35,778	)		(16,695	)		—		—			—			(52,473	)

Fair value, end of period	$	52,226,732		$	1,150,901		$	28,408	$	511,250		$	1,094,743		$	55,012,034

Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of September 30, 2024 included in net change in unrealized appreciation (depreciation) on the Condensed Consolidated Statements of Operations	$	31,266		$	(1,614	)	$	334	$	8,342		$	32,725		$	71,053

(1)	For the three and nine months ended September 30, 2024, transfers into or out of Level 3 were primarily due to decreased or increased price transparency.

(2)	“Other” includes subordinated notes representing the equity of third party managed collateralized loan obligations (“CLO”) vehicles.

156

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.


	September 30, 2025
					Range
	Fair Value		Valuation Technique	Unobservable Input	Low			High			Weighted Average ⁽¹⁾
Investments in first lien debt	$	62,072,039	Yield Analysis	Discount Rate		2.72	%		28.56	%		9.10	%
		929,718	Asset Recoverability	Market Multiple		7.25x			12.00x			9.11x
		345,748	Market Quotations	Broker Quoted Price		72.50			100.75			97.56
		15,270	Asset Recoverability	N/A

		63,362,775
Investments in second lien debt		2,334,519	Yield Analysis	Discount Rate		8.25	%		17.04	%		9.99	%
		21,912	Market Quotations	Broker Quoted Price		81.00			81.00			81.00

		2,356,431
Investments in unsecured debt		66,007	Yield Analysis	Discount Rate		12.66	%		14.87	%		13.86	%
Investments in structured finance obligations—debt instruments		506,173	Market Quotations	Broker Quoted Price		93.02			103.11			100.45
Investments in structured finance obligations—equity instruments		280,834	Market Quotations	Broker Quoted Price		15.66			102.24			78.37
		30,370	Transaction Price	N/A

		311,204
Investments in equity and other		975,141	Market Approach	Performance Multiple		6.40x			33.63x			15.15x
		651,502	Yield Analysis	Discount Rate		8.39	%		23.72	%		11.95	%
		380,927	Asset Recoverability	N/A
		192,835	Estimated Net Asset Value	Net Asset Value		25.61			25.61			25.61
		26,831	Asset Recoverability	Market Multiple		9.50x			12.00x			11.57x
		25,064	Option Pricing Model	Expected Volatility		32.00	%		70.50	%		36.84	%

		2,252,300

Total	$	68,854,890

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

157


	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. The significant unobservable input used in the estimate of net asset value is the prior month end net asset value per share. Significant decreases in quoted prices, Performance Multiples, market multiples or net asset value per share 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.

158

Financial Instruments Not Carried at Fair Value

Debt

The following table presents the fair value measurements of the Company’s debt obligations as of September 30, 2025 and December 31, 2024 had they been accounted for at fair value:


	September 30, 2025		December 31, 2024
	Fair Value		Fair Value
Bard Peak Funding Facility	$	1,419,920	$	1,000,298
Castle Peak Funding Facility		1,334,246		1,194,401
Summit Peak Funding Facility		867,565		952,105
Denali Peak Funding Facility		584,800		562,800
Bushnell Peak Funding Facility		590,300		480,300
Granite Peak Funding Facility		392,000		493,554
Middle Peak Funding Facility		809,000		750,000
Bison Peak Funding Facility		1,228,200		1,203,200
Blanca Peak Funding Facility		750,090		1,375,090
Windom Peak Funding Facility		944,770		1,029,841
Monarch Peak Funding Facility		1,055,000		750,000
Meridian Peak Funding Facility		—		246,000
Haydon Peak Funding Facility		187,000		250,000
Bear Peak Funding Facility		258,207		164,816
Phoenix Peak Funding Facility		221,169		197,736
Revolving Credit Facility		3,083,320		4,639,587
2026 Notes		395,120		384,560
May 2027 Notes		634,500		624,500
October 2027 Notes		359,730		357,070
March 2031 Notes		497,214		—
March 2033 Notes		498,047		—
December 2026 Notes		1,221,000		1,191,500
November 2026 Eurobonds		577,750		499,280
March 2027 Notes		981,300		957,000
January 2025 Notes		—		499,490
January 2029 Notes		635,180		614,770
March 2025 Notes		—		898,740
April 2026 UK Bonds		336,057		308,406
September 2025 Notes		—		811,920
November 2028 Notes		694,525		526,100
January 2031 Notes		522,850		508,650
July 2029 Notes		514,600		503,550
September 2027 Notes		402,320		395,320
April 2030 Notes		401,640		389,240
November 2029 Notes		407,240		395,160
November 2034 Notes		819,760		781,120
January 2032 Notes		1,032,300		—
September 2030 Notes		494,350		—
2021-1 BSL Notes		—		663,000
MML 2021-1 Debt		690,424		690,000
MML 2022-1 Debt		759,108		759,000
2022-1 BSL Debt		420,000		420,000
2021-2 Notes		505,800		505,800
MML 2022-2 Debt		300,496		300,373

159


	September 30, 2025		December 31, 2024
	Fair Value		Fair Value
2023-1 Notes	$	305,843	$	308,039
2024-1 Notes		244,047		244,264
2024-2 Notes		305,041		305,035
2025-1 Notes		884,268		—
2025-1 Lender Finance		900,396		—
2025-1 BSL Notes		661,780		—
Short-Term Borrowings		373,621		420,829

Total	$	31,501,894	$	30,552,444

The following table presents the categorization of the Company’s debt obligations as of September 30, 2025 and December 31, 2024 had they been accounted for at fair value within the fair value hierarchy:


	September 30, 2025		December 31, 2024
Level 1	$	—	$	—
Level 2		—		—
Level 3		31,501,894		30,552,444

Total debt	$	31,501,894	$	30,552,444

Other Assets and Liabilities

As of September 30, 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, with the exception of cash and cash equivalents (including money market funds classified within Cash and Cash Equivalents in the Condensed Consolidated Statements of Assets and Liabilities) which would be categorized as Level 1, 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.

160

The following tables present the aggregate notional amount and fair value hierarchy of the Company’s derivative financial instruments as of September 30, 2025 and December 31, 2024:


	September 30, 2025
	Level 1		Level 2			Level 3		Total Fair Value			Notional
Derivative Assets
Foreign currency forward contracts	$	—	$	17,880		$	—	$	17,880		$	2,704,637
Interest rate swaps		—		119,938			—		119,938			5,200,000

Total Derivative assets at fair value	$	—	$	137,818		$	—	$	137,818		$	7,904,637

Cash collateral received								$	—

Derivative Liabilities
Foreign currency forward contracts	$	—	$	(434	)	$	—	$	(434	)	$	194,882
Interest rate swaps		—		(34,083	)		—		(34,083	)		3,511,225

Total Derivative liabilities at fair value	$	—	$	(34,517	)	$	—	$	(34,517	)	$	3,706,107

Cash collateral posted								$	307,148


	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 and nine month periods ended September 30, 2025 and September 30, 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

161

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.


	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2025			2024			2025			2024
Unrealized appreciation (depreciation)
Foreign currency forward contracts	$	67,003		$	(8,485	)	$	5,654		$	9,438

Net change in unrealized appreciation (depreciation)	$	67,003		$	(8,485	)	$	5,654		$	9,438

Realized gain (loss)
Foreign currency forward contracts	$	(27,256	)	$	(14,196	)	$	(186,118	)	$	(14,578	)

Net realized gain (loss)	$	(27,256	)	$	(14,196	)	$	(186,118	)	$	(14,578	)

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 and nine month periods ended September 30, 2025 and September 30, 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 September 30,						For the Nine Months Ended September 30,
	2025			2024			2025			2024
Interest rate swaps	$	17,645		$	152,881		$	207,453		$	128,572
Hedged items		(18,241	)		(150,919	)		(204,830	)		(127,602	)

The table below presents the carrying value of unsecured borrowings as of September 30, 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:


	September 30, 2025				December 31, 2024
Description	Carrying Value		Cumulative Hedging Adjustments		Carrying Value		Cumulative Hedging Adjustments
Unsecured notes	$	8,666,597	$	85,461	$	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 September 30, 2025 and December 31, 2024, the Company’s asset coverage was 248.8% and 226.5%, respectively.

162

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.”

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 September 30, 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.

163

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.

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%, 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 (the “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. From March 12, 2024 to May 6, 2025, advances

164

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. Effective May 6, 2025, 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 1.80% per annum. Prior to May 6, 2025, Summit Peak Funding paid a commitment fee ranging from of 0.25% per annum to 2.20% based on the daily unused amount of the financing commitments. Effective May 6, 2025, Summit Peak Funding pays a commitment fee ranging from 0.25% per annum to 1.80% per annum based on the daily unused amount 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, 2028, and the Summit Peak Funding Facility will mature and all amounts outstanding under the facility must be repaid by March 12, 2030.

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.

165

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.

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.

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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.

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

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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 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. 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.

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The period during which Blanca Peak Funding may make borrowings under the Blanca Peak Funding Facility expires on July 25, 2028, and the Blanca Peak Funding Facility matures and all amounts outstanding under the facility must be repaid by July 25, 2036; provided that Barclays may require repayment of all amounts outstanding under the facility from and after July 25, 2030.

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, 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 pays 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.

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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 served as administrative agent, collateral agent and custodian, and the Company served as equity holder and collateral manager under the Meridian Peak Funding Facility.

Advances under the Meridian Peak Funding Facility bore 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 was 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 were 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 was a lender.

On September 15, 2025, the Meridian Peak Funding Facility was terminated and all amounts outstanding under the facility were repaid in full.

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 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.

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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 September 30, 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.

On October 24, 2025, the Bear Peak Funding Facility was amended. For further detail on the amendment, see “Note 13. Subsequent Events.”

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 September 30, 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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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 8, 2025, 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 September 30, 2025, a portion of the Revolving Credit Facility consists of (A) funded term loans in the aggregate principal amount of $405.0 million, and (B) revolving commitments in the aggregate principal amount of $5.4 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 September 30, 2025, the period during which the Company may make borrowings on the Revolving Credit Facility expires on August 8, 2029 (other than with respect to (a) the revolving commitments of certain lenders in the amount of $90.0 million, which expire on June 9, 2027 and (b) the revolving commitments of certain lenders in the aggregate amount of $90.0 million, which expire on August 12, 2028), and the Revolving Credit Facility will mature and all amounts outstanding under the credit facility must be repaid by August 8, 2030 (other than with respect to (a) the revolving 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 and (b) the revolving 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 August 12, 2029), pursuant to an amortization schedule.

Borrowings under the Revolving Credit Facility with respect to revolving 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 revolving commitments of certain

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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.

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 September 30, 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 September 30, 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

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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.

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.

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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.

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, January 2032 Notes and September 2030 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 September 30, 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

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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 (the “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.

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

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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 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.

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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. On November 17, 2022, the Company issued $200.0 million aggregate principal amount of 7.050% notes due 2025 (the “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 were treated as a single class of notes with the September 2025 Notes for all purposes under the September 2025 Notes Indenture.

The September 2025 Notes and the September 2025 Notes Upsize matured on September 29, 2025, and were paid off consistent with the terms of the September 2025 Notes Indenture.

In connection with the September 2025 Notes and 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, the September 2025 Notes and the September 2025 Notes Upsize in a qualifying hedge accounting relationship. The interest rate swap designated in the qualifying hedge accounting of the September 2025 Notes and the September 2025 Notes Upsize matured on September 29, 2025.

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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.

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.

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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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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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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.

September 2030 Notes

On September 10, 2025, the Company issued $500.0 million aggregate principal amount of 5.050% notes due 2030 (the “September 2030 Notes”) pursuant to a supplemental indenture, dated as of September 10, 2025 (and together with the Base Indenture, the “September 2030 Notes Indenture”), to the Base Indenture between the Company and the Trustee.

The September 2030 Notes will mature on September 10, 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 September 2030 Notes Indenture. The September 2030 Notes bear interest at a rate of 5.050% per year payable semi-annually on March 10 and September 10 of each year, commencing on March 10, 2026. The September 2030 Notes are

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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 2030 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 September 2030 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 September 2030 Notes in qualifying hedge accounting relationships.

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. (“2021-1 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 2021-1 BSL CLO Issuer (collectively, the “2021-1 BSL Issuers”), and were secured by a diversified portfolio of senior secured loans and participation interests therein.

On May 29, 2025, the Company redeemed the Class A Notes, Class B Notes, Class C Notes and Class D Notes pursuant to the terms of the indenture governing the 2021-1 BSL Debt Securitization. The redemption of the 2021-1 BSL Notes resulted in a realized loss from the extinguishment of debt of $0.8 million for the three and nine months ended September 30, 2025.

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.

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

September 30, 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.

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.

184

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

September 30, 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.

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.

185

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

September 30, 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.

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.

186

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

September 30, 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.

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

187

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:

September 30, 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.

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.

188

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

September 30, 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.

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.

189

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

September 30, 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.

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

190

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:

September 30, 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.

191

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.

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:

September 30, 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.

192

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.

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:

September 30, 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 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 Lender Finance under a collateral management agreement and has agreed to irrevocably waive all collateral management fees payable pursuant to the collateral management agreement.

BCRED BSL Static CLO 2025-1 Debt Securitization

On May 29, 2025, the name of the 2021-1 BSL CLO Issuer was changed to BCRED BSL Static CLO 2025-1, Ltd. (under such name, the “2025-1 BSL Issuer”) and the Company completed a $851.7 million static term debt securitization (the “2025-1 BSL Static 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 BSL Static Debt Securitization (collectively, the “2025-1 BSL Notes”) were issued by the 2025-1 BSL Issuer, a special purpose vehicle with its ordinary shares owned in a Cayman Islands charitable trust, and BCRED BSL Static CLO 2025-1, LLC, a wholly-owned subsidiary of the 2025-1 BSL Issuer (collectively, the “2025-1 BSL Issuers”), and are secured by a diversified portfolio of senior secured loans and participation interests.

193

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

September 30, 2025

Description

Type

Principal
Outstanding

Interest
Rate

Credit
Rating

Class A Notes

Senior Secured Floating Rate

511,920

SOFR + 1.25%

AAA

Class B Notes

Senior Secured Floating Rate

96,380

SOFR + 1.85%

Class C Notes

Mezzanine Secured Deferrable Floating Rate

53,325

SOFR + 2.10%

Class D Notes ⁽¹⁾

Mezzanine Secured Deferrable Floating Rate

33,575

SOFR + 2.77%

BBB

Total Secured Notes

695,200

Subordinated Notes ⁽¹⁾

156,500

None

Not rated

Total 2025-1 BSL Notes

851,700

(1)	The Company retained all of the Class D Notes and the Subordinated Notes issued in the 2025-1 BSL Debt Securitization which are eliminated in consolidation.

The 2025-1 BSL Notes mature on July 24, 2035, unless redeemed by the 2025-1 BSL Issuers, at the direction of the Company as holder of the Subordinated Notes on any business day after February 28, 2026. The Class A Notes, Class B Notes, Class C Notes and Class D Notes are the secured obligations of the 2025-1 BSL Issuers and the Subordinated Notes are the unsecured obligations of 2025-1 BSL Issuer.

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

The following presents the assets and liabilities of the 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, 2025-1 Lender Finance Facility and 2025-1 BSL Issuer (known as 2021-1 BSL CLO Issuer as of December 31, 2024) (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.


	September 30, 2025		December 31, 2024
ASSETS
Investments at fair value
Non-controlled/non-affiliated investments	$	8,476,248	$	5,866,717

Total investments at fair value		8,476,248		5,866,717
Cash and cash equivalents (restricted cash of $720,531 and $304,999, respectively)		720,531		304,999
Interest receivable from non-controlled/non-affiliated investments		104,577		44,670

Total assets	$	9,301,356	$	6,216,386

194


	September 30, 2025		December 31, 2024
LIABILITIES
Debt (net of unamortized debt issuance costs of $26,002 and $20,261, respectively)	$	5,938,923	$	4,172,039
Interest payable		110,912		51,890

Total liabilities	$	6,049,835	$	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 September 30, 2025, and December 31, 2024, respectively, the Company had $373.6 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 4.96% and 5.18% per annum as of September 30, 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 $515.8 million and $575.3 million as of September 30, 2025, and December 31, 2024, respectively.

The Company’s outstanding debt obligations were as follows:


	September 30, 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	$	1,419,920	$	1,419,920	$	—	$	230,080	$	109,953
Castle Peak Funding Facility ⁽³⁾		1,900,000		1,334,246		1,334,246		—		565,754		447,596
Summit Peak Funding Facility ⁽³⁾		1,375,000		867,565		867,565		—		507,435		374,486
Denali Peak Funding Facility		750,000		584,800		584,800		—		165,200		119,351
Bushnell Peak Funding Facility		600,000		590,300		590,300		—		9,700		9,700
Granite Peak Funding Facility		500,000		392,000		392,000		—		108,000		108,000
Middle Peak Funding Facility		1,000,000		809,000		809,000		—		191,000		191,000
Bison Peak Funding Facility		1,500,000		1,228,200		1,228,200		—		271,800		271,800
Blanca Peak Funding Facility		1,000,000		750,090		750,090		—		249,910		249,910
Windom Peak Funding Facility ⁽³⁾		2,150,000		944,770		944,770		—		1,205,230		1,205,109
Monarch Peak Funding Facility		1,500,000		1,055,000		1,055,000		—		445,000		319,852
Haydon Peak Funding Facility		250,000		187,000		187,000		—		63,000		63,000
Bear Peak Funding Facility ⁽³⁾		587,025		258,207		258,207		—		328,818		328,753
Phoenix Peak Funding Facility ⁽³⁾		221,169		221,169		219,971		1,198		—		—
Revolving Credit Facility ⁽⁴⁾		5,800,000		3,083,320		3,083,320		—		2,716,680		2,714,922
2026 Notes		400,000		400,000		399,416		584		—		—
May 2027 Notes ⁽⁵⁾		625,000		625,000		618,092		879		—		—
October 2027 Notes ⁽⁵⁾		350,000		350,000		348,825		2,795		—		—

195


	September 30, 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⁾
March 2031 Notes ⁽⁵⁾		500,000		500,000		499,496		10,823		—		—
March 2033 Notes ⁽⁵⁾		500,000		500,000		497,698		13,366		—		—
December 2026 Notes ⁽⁵⁾		1,250,000		1,250,000		1,226,982		5,786		—		—
November 2026 Eurobonds		587,025		587,025		585,206		1,819		—		—
March 2027 Notes		1,000,000		1,000,000		996,057		3,943		—		—
January 2029 Notes		650,000		650,000		644,142		5,858		—		—
April 2026 UK Bonds ⁽⁵⁾		336,225		336,225		332,490		473		—		—
November 2028 Notes ⁽⁵⁾		650,000		650,000		662,246		1,765		—		—
January 2031 Notes ⁽⁵⁾		500,000		500,000		496,241		11,200		—		—
July 2029 Notes ⁽⁵⁾		500,000		500,000		505,775		8,581		—		—
September 2027 Notes ⁽⁵⁾		400,000		400,000		393,978		4,414		—		—
April 2030 Notes ⁽⁵⁾		400,000		400,000		388,820		7,764		—		—
November 2029 Notes ⁽⁵⁾		400,000		400,000		400,944		7,491		—		—
November 2034 Notes ⁽⁵⁾		800,000		800,000		792,376		22,059		—		—
January 2032 Notes ⁽⁵⁾		1,000,000		1,000,000		1,014,199		22,799		—		—
September 2030 Notes ⁽⁵⁾		500,000		500,000		488,435		9,894				—
2021-2 Notes		505,800		505,800		504,614		1,186		—		—
MML 2021-1 Debt		690,000		690,000		686,736		3,264		—		—
MML 2022-1 Debt		759,000		759,000		754,793		4,207		—		—
2022-1 BSL Debt		420,000		420,000		418,756		1,244		—		—
MML 2022-2 Debt		300,500		300,500		298,454		2,046		—		—
2023-1 Notes		305,000		305,000		303,328		1,672		—		—
2024-1 Notes		244,000		244,000		242,447		1,553		—		—
2024-2 Notes		305,000		305,000		302,117		2,883		—		—
2025-1 Notes		884,000		884,000		880,728		3,272		—		—
2025-1 Lender Finance		890,000		890,000		887,368		2,632		—		—
2025-1 BSL Notes		661,625		661,625		659,582		2,043		—		—
Short-Term Borrowings		373,621		373,621		373,621		—		—		—

Total	$	38,469,990	$	31,412,383	$	31,328,351	$	169,493	$	7,057,607	$	6,513,432

(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 September 30, 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 September 30, 2025, the Company had non-USD borrowings denominated in the following currencies:

•

CAD 78.9 million

•

EUR 46.4 million

•

GBP 38.9 million

Under the Summit Peak Funding Facility, as of September 30, 2025, the Company had non-USD borrowings denominated in the following currencies:

•

CAD 64.7 million

•

EUR 26.9 million

•

GBP 99.7 million

196

Under the Windom Peak Funding Facility, as of September 30, 2025, the Company had non-USD borrowings denominated in the following currencies:

•

GBP 100.4 million

Under the Bear Peak Funding Facility, as of September 30, 2025, the Company had non-USD borrowings denominated in the following currencies:

•

EUR 110.8 million

•

GBP 40.0 million

•

NZD 128.3 million

Under the Phoenix Peak Funding Facility, as of September 30, 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 September 30, 2025, the Company had non-USD borrowings denominated in the following currencies:

•

CAD 44.5 million

•

EUR 453.7 million

•

GBP 976.3 million

•

AUD 1.0 million

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


	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		—		—

197


	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⁾
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		—		—
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

198

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 September 30, 2025 and December 31, 2024, $494.1 million and $391.2 million, respectively, of interest expense and $5.6 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 and nine months ended September 30, 2025, the weighted average interest rate on all borrowings outstanding (including unused fees, amortization of debt issuance costs (including premiums and discounts), and the impact of the application of hedge accounting) was 6.09% and 6.13%, respectively. For the three and nine months ended September 30, 2024, the weighted average interest rate on all borrowings outstanding (including unused fees, amortization of debt issuance costs (including premiums and discounts), and the impact of the application of hedge accounting) was 7.12% and 7.20%, respectively.

For the three and nine months ended September 30, 2025, the weighted average all-in cost of debt (including unused fees, amortization of debt issuance costs (including premiums and discounts), amortization of deferred financing costs, and the impact of the application of hedge accounting) was 6.23% and 6.25%, respectively, including $2.2 million and $2.2 million, respectively, of deferred financing costs written off as a result of the termination or reduction of the borrowing capacity of SPV Financing Facilities. For the three and nine months ended September 30, 2024, the weighted average all-in cost of debt (including unused fees, amortization of debt issuance costs (including premiums and discounts), amortization of deferred financing costs, and the impact of the application of hedge accounting) was 7.24% and 7.37%, respectively, including nil and $4.7 million, respectively, of deferred financing costs written off as a result of the termination or reduction of the borrowing capacity of SPV Financing Facilities.

For the three and nine months ended September 30, 2025, the average principal debt outstanding was $30,406.9 million and $30,431.5 million, respectively. For the three and nine months ended September 30, 2024, the average principal debt outstanding was $24,471.8 million and $24,060.8 million, respectively.

199

The components of interest expense were as follows:


	Three Months Ended September 30,
	2025			2024
Borrowing interest expense	$	455,016		$	422,608
Facility unused fees		7,267			15,956
Amortization of deferred financing costs		8,915			7,934
Amortization of original issue discount and debt issuance costs (including premiums and discounts)		12,063			8,268
Gain (loss) from interest rate swaps accounted for as hedges and the related hedged items:
Interest rate swaps		(17,645	)		(152,881	)
Hedged items		18,241			150,919

Total interest expense	$	483,857		$	452,804

Cash paid for interest expense	$	491,646		$	519,050


	Nine Months Ended September 30,
	2025			2024
Borrowing interest expense	$	1,359,908		$	1,242,170
Facility unused fees		26,749			54,039
Amortization of deferred financing costs		26,242			29,581
Amortization of original issue discount and debt issuance costs (including premiums and discounts)		31,225			24,199
Gain (loss) from interest rate swaps accounted for as hedges and the related hedged items:
Interest rate swaps		(207,453	)		(128,572	)
Hedged items		204,830			127,602

Total interest expense	$	1,441,501		$	1,349,019

Cash paid for interest expense	$	1,656,792		$	1,513,206

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 September 30, 2025 and December 31, 2024, the Company had unfunded commitments, including delayed draw term loans and revolvers, with an aggregate amount of $12.3 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 September 30, 2025 and December 31, 2024, the Company estimates that $1,198.5 million and $130.2 million, respectively, of investments and backstop arrangements that were committed but not yet funded.

As of September 30, 2025 and December 31, 2024, $497.3 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.

200

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 September 30, 2025 and December 31, 2024, management is not aware of any material pending legal proceedings.

Note 9. Net Assets

The following table presents transactions in Common Shares for the three months ended September 30, 2025:


	For the three months ended September 30, 2025
	Shares			Amount
CLASS I
Subscriptions		92,857,313		$	2,334,017
Share transfers between classes		4,734,519			119,101
Distributions reinvested		14,960,219			376,093
Share repurchases		(23,484,009	)		(586,395	)
Early repurchase deduction		—			114

Net increase (decrease)		89,068,042			2,242,930

CLASS S
Subscriptions		26,856,522			675,173
Share transfers between classes		(1,699,643	)		(42,708	)
Distributions reinvested		7,198,526			180,966
Share repurchases		(7,367,465	)		(183,965	)
Early repurchase deduction		—			52

Net increase (decrease)		24,987,940			629,518

CLASS D
Subscriptions		1,284,401			32,323
Share transfers between classes		(3,034,876	)		(76,393	)
Distributions reinvested		114,568			2,880
Share repurchases		(939,571	)		(23,461	)
Early repurchase deduction		—			2

Net increase (decrease)		(2,575,478	)		(64,649	)

Total net increase (decrease)		111,480,504		$	2,807,799

The following table presents transactions in Common Shares during the nine months ended September 30, 2025:


	For the nine months ended September 30, 2025
	Shares			Amount
CLASS I
Subscriptions		284,981,120		$	7,197,001
Share transfers between classes		8,082,142			203,836
Distributions reinvested		41,985,363			1,059,933
Share repurchases		(79,037,375	)		(1,986,138	)
Early repurchase deduction		—			880

Net increase (decrease)		256,011,250			6,475,512

201


	For the nine months ended September 30, 2025
	Shares			Amount
CLASS S
Subscriptions		88,421,776		$	2,233,734
Share transfers between classes		(4,689,357	)		(118,397	)
Distributions reinvested		20,248,946			511,197
Share repurchases		(17,885,661	)		(449,078	)
Early repurchase deduction		—			410

Net increase (decrease)		86,095,704			2,177,866

CLASS D
Subscriptions		5,939,456			150,170
Share transfers between classes		(3,392,785	)		(85,439	)
Distributions reinvested		374,084			9,447
Share repurchases		(1,457,379	)		(36,499	)
Early repurchase deduction		—			19

Net increase (decrease)		1,463,376			37,698

Total net increase (decrease)		343,570,330		$	8,691,076

The following table presents transactions in Common Shares for the three months ended September 30, 2024:


	For the three months ended September 30, 2024
	Shares			Amount
CLASS I
Subscriptions		71,124,097		$	1,817,606
Share transfers between classes		1,210,658			30,939
Distributions reinvested		11,161,520			285,248
Share repurchases		(17,133,445	)		(436,903	)
Early repurchase deduction		—			476

Net increase (decrease)		66,362,830			1,697,366

CLASS S
Subscriptions		28,690,983			733,227
Share transfers between classes		(1,212,141	)		(30,977	)
Distributions reinvested		5,409,356			138,243
Share repurchases		(4,234,322	)		(107,977	)
Early repurchase deduction		—			234

Net increase (decrease)		28,653,876			732,750

CLASS D
Subscriptions		1,438,639			36,765
Share transfers between classes		1,483			38
Distributions reinvested		95,041			2,429
Share repurchases		(157,352	)		(4,013	)
Early repurchase deduction		—			11

Net increase (decrease)		1,377,811			35,230

Total net increase (decrease)		96,394,517		$	2,465,346

202

The following table presents transactions in Common Shares during the nine months ended September 30, 2024:


	For the nine months ended September 30, 2024
	Shares			Amount
CLASS I
Subscriptions		220,310,468		$	5,618,350
Share transfers between classes		3,956,845			101,404
Distributions reinvested		30,888,335			787,774
Share repurchases		(48,033,808	)		(1,225,970	)
Early repurchase deduction		—			947

Net increase (decrease)		207,121,840			5,282,505

CLASS S
Subscriptions		94,238,847			2,402,991
Share transfers between classes		(3,993,771	)		(102,323	)
Distributions reinvested		14,915,967			380,424
Share repurchases		(12,645,990	)		(322,819	)
Early repurchase deduction		—			468

Net increase (decrease)		92,515,053			2,358,741

CLASS D
Subscriptions		6,215,313			158,603
Share transfers between classes		36,926			919
Distributions reinvested		236,447			6,032
Share repurchases		(664,268	)		(16,963	)
Early repurchase deduction		—			22

Net increase (decrease)		5,824,418			148,613

Total net increase (decrease)		305,461,311		$	7,789,859

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 nine months ended September 30, 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
April 30, 2025		25.19		25.19		25.19
May 31, 2025		25.21		25.21		25.21
June 30, 2025		25.17		25.17		25.17
July 31, 2025		25.16		25.16		25.16
August 31, 2025		25.09		25.09		25.09
September 30, 2025		24.97		24.97		24.97

203

The following table presents each month-end NAV per share for Class I, Class S and Class D Common Shares for the nine months ended September 30, 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
April 30, 2024		25.54		25.54		25.54
May 31, 2024		25.55		25.55		25.55
June 30, 2024		25.57		25.57		25.57
July 31, 2024		25.57		25.57		25.57
August 31, 2024		25.53		25.53		25.53
September 30, 2024		25.50		25.50		25.50

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 nine months ended September 30, 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
April 16, 2025		April 30, 2025		May 27, 2025		0.2200		253,182
May 19, 2025		May 31, 2025		June 26, 2025		0.2200		259,757
June 19, 2025		June 30, 2025		July 24, 2025		0.2200		267,011
July 18, 2025		July 31, 2025		August 26, 2025		0.2200		267,059
August 20, 2025		August 31, 2025		September 25, 2025		0.2200		274,235
September 18, 2025		September 30, 2025		October 23, 2025		0.2200		283,583

					$	1.9800	$	2,318,608


					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
April 16, 2025		April 30, 2025		May 27, 2025		0.2021		109,761
May 19, 2025		May 31, 2025		June 26, 2025		0.2022		111,623
June 19, 2025		June 30, 2025		July 24, 2025		0.2021		113,811
July 18, 2025		July 31, 2025		August 26, 2025		0.2022		114,847
August 20, 2025		August 31, 2025		September 25, 2025		0.2022		117,040
September 18, 2025		September 30, 2025		October 23, 2025		0.2022		119,217

					$	1.8190	$	1,001,734

204


					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
April 16, 2025		April 30, 2025		May 27, 2025		0.2147		5,530
May 19, 2025		May 31, 2025		June 26, 2025		0.2148		5,743
June 19, 2025		June 30, 2025		July 24, 2025		0.2147		5,885
July 18, 2025		July 31, 2025		August 26, 2025		0.2148		5,289
August 20, 2025		August 31, 2025		September 25, 2025		0.2148		5,419
September 18, 2025		September 30, 2025		October 23, 2025		0.2148		5,439

					$	1.9327	$	49,152

The following tables present distributions that were declared and payable for the nine months ended September 30, 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
April 17, 2024		April 30, 2024		May 28, 2024		0.2200		181,701
May 20, 2024		May 31, 2024		June 27, 2024		0.2200		189,402
June 20, 2024		June 30, 2024		July 24, 2024		0.2200		195,500
July 17, 2024		July 31, 2024		August 27, 2024		0.2200		198,554
August 20, 2024		August 31, 2024		September 27, 2024		0.2200		204,327
September 19, 2024		September 30, 2024		October 23, 2024		0.2200		210,943

					$	1.9800	$	1,700,840


					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
April 17, 2024		April 30, 2024		May 28, 2024		0.2019		84,392
May 20, 2024		May 31, 2024		June 27, 2024		0.2019		86,840
June 20, 2024		June 30, 2024		July 24, 2024		0.2019		89,255
July 17, 2024		July 31, 2024		August 27, 2024		0.2019		90,392
August 20, 2024		August 31, 2024		September 27, 2024		0.2019		92,814
September 19, 2024		September 30, 2024		October 23, 2024		0.2019		95,008

					$	1.8174	$	778,887

205


					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
April 17, 2024		April 30, 2024		May 28, 2024		0.2147		3,636
May 20, 2024		May 31, 2024		June 27, 2024		0.2147		4,277
June 20, 2024		June 30, 2024		July 24, 2024		0.2147		4,338
July 17, 2024		July 31, 2024		August 27, 2024		0.2147		4,363
August 20, 2024		August 31, 2024		September 27, 2024		0.2147		4,479
September 19, 2024		September 30, 2024		October 23, 2024		0.2147		4,602

					$	1.9323	$	36,237

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 September 30, 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.

206

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 nine months ended September 30, 2025:


	For the nine months ended September 30, 2025
	Class I				Class S				Class D
Source of Distribution	Per Share		Amount		Per Share		Amount		Per Share		Amount
Net investment income	$	1.9800	$	2,318,608	$	1.8190	$	1,001,734	$	1.9327	$	49,152
Net realized gains		—		—		—		—		—		—

Total	$	1.9800	$	2,318,608	$	1.8190	$	1,001,734	$	1.9327	$	49,152

The following table presents the sources of cash distributions on a GAAP basis that the Company has declared on its Common Shares for the nine months ended September 30, 2024:


	For the nine months ended September 30, 2024
	Class I				Class S				Class D
Source of Distribution	Per Share		Amount		Per Share		Amount		Per Share		Amount
Net investment income	$	1.9800	$	1,700,840	$	1.8174	$	778,887	$	1.9323	$	36,237
Net realized gains		—		—		—		—		—		—

Total	$	1.9800	$	1,700,840	$	1.8174	$	778,887	$	1.9323	$	36,237

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

207

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.

Share Repurchases

For the three months ended September 30, 2025 and 2024, approximately 31,791,045 and 21,525,119 Common Shares were repurchased, respectively. For the nine months ended September 30, 2025 and 2024, approximately 98,391,573 and 61,344,066 Common Shares were repurchased, respectively.

The following table presents the repurchases of Common Shares pursuant to the Company’s share repurchase plan for the nine months ended September 30, 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		—
May 30, 2025		43,576,158		2.6	%	$	25.17		June 30, 2025	$	1,095,993		—
August 29, 2025		31,791,045		1.8	%	$	24.97		September 30, 2025	$	793,653		—

(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 nine months ended September 30, 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		—
May 31, 2024		17,956,860		1.5	%	$	25.57		June 30, 2024	$	458,564		—
August 30, 2024		21,482,182		1.6	%	$	25.50		September 30, 2024	$	547,076		—

(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.

Additionally, the Company repurchased 42,937 Common Shares at a price per share of $25.53 (which represented the net asset value per share as of August 31, 2024), for a total amount repurchased of $1.1 million during the three months ended September 30, 2024.

208

Note 10. Financial Highlights and Senior Securities

The following are the financial highlights for the nine months ended September 30, 2025:


	For the nine months ended September 30, 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		1.87			1.71			1.82
Net change in unrealized and realized gain (loss)		(0.34	)		(0.34	)		(0.34	)

Net increase (decrease) in net assets resulting from operations		1.53			1.37			1.48
Distributions from net investment income ⁽²⁾		(1.98	)		(1.82	)		(1.93	)
Distributions from net realized gains ⁽²⁾		—			—			—

Net increase (decrease) in net assets from shareholders’ distributions		(1.98	)		(1.82	)		(1.93	)

Early repurchase deduction fees ⁽³⁾		0.00			0.00			0.00

Total increase (decrease) in net assets		(0.45	)		(0.45	)		(0.45	)

Net asset value, end of period	$	24.97		$	24.97		$	24.97

Shares outstanding, end of period		1,265,529,621			582,232,548			24,382,482
Total return based on NAV ⁽⁴⁾		6.2	%		5.5	%		6.0	%
Ratios:
Ratio of net expenses to average net assets ⁽⁵⁾		7.2	%		8.0	%		7.4	%
Ratio of net investment income to average net assets ⁽⁵⁾		9.8	%		9.0	%		9.6	%
Portfolio turnover rate		12.4	%		12.4	%		12.4	%
Supplemental Data:
Net assets, end of period	$	31,594,584		$	14,535,807		$	608,739
Asset coverage ratio		248.8	%		248.8	%		248.8	%

(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 and other tax expense. For the nine months ended September 30, 2025, the ratio of total operating expenses to average net assets was 7.2%, 8.0%, and 7.4% on Class I, Class S and Class D, respectively. Ratio does not include the expenses of investment companies which the Company has invested in, including joint ventures.

209

The following are the financial highlights for the nine months ended September 30, 2024:


	For the nine months ended September 30, 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		2.14			1.98			2.09
Net change in unrealized and realized gain (loss)		(0.05	)		(0.05	)		(0.05	)

Net increase (decrease) in net assets resulting from operations		2.09			1.93			2.04
Distributions from net investment income ⁽²⁾		(1.98	)		(1.82	)		(1.93	)
Distributions from net realized gains ⁽²⁾		—			—			—

Net increase (decrease) in net assets from shareholders’ distributions		(1.98	)		(1.82	)		(1.93	)

Early repurchase deduction fees ⁽³⁾		0.00			0.00			0.00

Total increase (decrease) in net assets		0.11			0.11			0.11

Net asset value, end of period	$	25.50		$	25.50		$	25.50

Shares outstanding, end of period		941,701,780			466,379,311			21,277,090
Total return based on NAV ⁽⁴⁾		8.5	%		7.8	%		8.3	%
Ratios:
Ratio of net expenses to average net assets ⁽⁵⁾		8.4	%		9.3	%		8.6	%
Ratio of net investment income to average net assets ⁽⁵⁾		11.2	%		10.3	%		10.9	%
Portfolio turnover rate		10.4	%		10.4	%		10.4	%
Supplemental Data:
Net assets, end of period	$	24,012,040		$	11,892,013		$	542,540
Asset coverage ratio		236.7	%		236.7	%		236.7	%

(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.

(4)

(5)	Amounts are annualized except for amounts relating to excise tax expense. For the nine months ended September 30, 2024, the ratio of total operating expenses to average net assets was 8.4%, 9.3% and 8.6%, on Class I, Class S and Class D, respectively.

210

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
September 30, 2025	$	1,419,920	$	2,488		—		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
September 30, 2025		1,334,246		2,488		—		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
Maroon Peak Funding Facility
September 30, 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
September 30, 2025		867,565		2,488		—		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
September 30, 2025		584,800		2,488		—		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
September 30, 2025		590,300		2,488		—		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
September 30, 2025		392,000		2,488		—		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

211


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)
Middle Peak Funding Facility
September 30, 2025		809,000		2,488		—		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
September 30, 2025		1,228,200		2,488		—		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
Blanca Peak Funding Facility
September 30, 2025		750,090		2,488		—		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
September 30, 2025		944,770		2,488		—		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
September 30, 2025		1,055,000		2,488		—		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
September 30, 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
September 30, 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
September 30, 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

212


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)
Meridian Peak Funding Facility
September 30, 2025		—		—		—		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
Haydon Peak Funding Facility
September 30, 2025		187,000		2,488		—		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
September 30, 2025		258,207		2,488		—		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
September 30, 2025		221,169		2,488		—		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
September 30, 2025		3,083,320		2,488		—		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
September 30, 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
September 30, 2025		400,000		2,488		—		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
September 30, 2025		625,000		2,488		—		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

213


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
September 30, 2025		350,000		2,488		—		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
September 30, 2025		500,000		2,488		—		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
September 30, 2025		500,000		2,488		—		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
September 30, 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
September 30, 2025		1,250,000		2,488		—		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
September 30, 2025		587,025		2,488		—		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
September 30, 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
March 2027 Notes
September 30, 2025		1,000,000		2,488		—		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

214


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 2025 Notes
September 30, 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
September 30, 2025		650,000		2,488		—		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
September 30, 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
September 30, 2025		336,225		2,488		—		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
September 30, 2025		—		—		—		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
September 30, 2025		650,000		2,488		—		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
January 2031 Notes
September 30, 2025		500,000		2,488		—		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
September 30, 2025		500,000		2,488		—		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

215


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)
September 2027 Notes
September 30, 2025		400,000		2,488		—		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
September 30, 2025		400,000		2,488		—		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
September 30, 2025		400,000		2,488		—		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
September 30, 2025		800,000		2,488		—		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
September 30, 2025		1,000,000		2,488		—		N/A
December 31, 2024		—		—		—		N/A
December 31, 2023		—		—		—		N/A
December 31, 2022		—		—		—		N/A
December 31, 2021		—		—		—		N/A
September 2030 Notes
September 30, 2025		500,000		2,488		—		N/A
December 31, 2024		—		—		—		N/A
December 31, 2023		—		—		—		N/A
December 31, 2022		—		—		—		N/A
December 31, 2021		—		—		—		N/A
2021-1 BSL Notes
September 30, 2025		—		—		—		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
September 30, 2025		505,800		2,488		—		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

216


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)
MML 2021-1 Debt
September 30, 2025		690,000		2,488		—		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
September 30, 2025		759,000		2,488		—		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
September 30, 2025		420,000		2,488		—		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
September 30, 2025		300,500		2,488		—		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
September 30, 2025		305,000		2,488		—		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
2024-1 Notes
September 30, 2025		244,000		2,488		—		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
September 30, 2025		305,000		2,488		—		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
September 30, 2025		884,000		2,488		—		N/A
December 31, 2024		—		—		—		N/A
December 31, 2023		—		—		—		N/A
December 31, 2022		—		—		—		N/A
December 31, 2021		—		—		—		N/A

217


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)
2025-1 Lender Finance Notes
September 30, 2025		890,000		2,488		—		N/A
December 31, 2024		—		—		—		N/A
December 31, 2023		—		—		—		N/A
December 31, 2022		—		—		—		N/A
December 31, 2021		—		—		—		N/A
2025-1 BSL Notes
September 30, 2025		661,625		2,488		—		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
September 30, 2025		373,621		2,488		—		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 the Company’s 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 the Company’s 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 September 30, 2025 and December 31, 2024, the aggregate principal amount of indebtedness outstanding was $31.4 billion and $30.7 billion, respectively.

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, a wholly-owned subsidiary of 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 September 30, 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

218

of capital) of $605.0 million. As of September 30, 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 September 30, 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 and nine months ended September 30, 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. Effective July 18, 2025, the Emerald JV’s general partner approved the extension of the Emerald JV to January 18, 2026.

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 September 30, 2025 and December 31, 2024.

219

BCRED Emerald JV LP

Consolidated Schedule of Investments

September 30, 2025

(in thousands)

(Unaudited)

The following table presents the consolidated schedule of investments of the Emerald JV as of September 30, 2025:


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)(17)		SOFR + 4.25	%		8.83	%		7/25/2025		5/25/2029	$	8,014	$	6,036	$	4,650		0.20	%
Atlas CC Acquisition Corp.	(10)(17)		SOFR + 4.25	%		8.83	%		7/25/2025		5/25/2029		1,150		807		668		0.03
Novaria Holdings, LLC	(8)		SOFR + 3.25	%		7.41	%		2/5/2025		6/6/2031		1,124		1,124		1,127		0.05
Peraton Corp.	(10)		SOFR + 3.75	%		8.01	%		8/4/2022		2/1/2028		20,076		20,046		16,983		0.74
Sanders Industries Holdings, Inc.	(7)(9)		SOFR + 2.50	%		6.83	%		3/10/2025		2/26/2032		23,124		22,958		23,073		1.00
Signia Aerospace, LLC	(7)(9)		SOFR + 2.75	%		6.91	%		7/23/2025		12/11/2031		20,841		20,910		20,906		0.91
TransDigm, Inc.	(8)		SOFR + 2.50	%		6.50	%		11/19/2024		1/19/2032		9,900		9,939		9,906		0.43
TransDigm, Inc.	(8)		SOFR + 2.50	%		6.50	%		11/19/2024		2/28/2031		3,970		3,949		3,972		0.17
TransDigm, Inc.	(8)		SOFR + 2.50	%		6.50	%		8/13/2025		8/19/2032		6,780		6,764		6,781		0.30
TransDigm, Inc.	(8)		SOFR + 2.25	%		6.25	%		9/11/2025		3/22/2030		10,946		10,993		10,947		0.48
Vertex Aerospace Services Corp.	(10)		SOFR + 2.25	%		6.41	%		1/19/2022		12/6/2030		7,859		7,827		7,861		0.34

															111,353		106,874		4.65
Air Freight & Logistics
AIT Worldwide Logistics Holdings, Inc.	(10)		SOFR + 4.00	%		8.25	%		10/30/2024		4/8/2030		20,169		20,169		20,243		0.88
Mode Purchaser, Inc.	(4)(11)		SOFR + 6.25	%		10.63	%		1/19/2022		12/9/2027		30,993		30,993		29,443		1.28
RWL Holdings, LLC	(4)(10)		SOFR + 5.75	%		9.90	%		1/19/2022		12/31/2028		26,166		25,922		23,419		1.02
Savage Enterprises, LLC	(8)		SOFR + 2.50	%		6.75	%		7/30/2025		8/5/2032		9,042		9,032		9,060		0.39
SEKO Global Logistics Network, LLC	(4)(11)		SOFR + 10.00	%		14.20 PIK	%		11/27/2024		11/27/2029		2,762		2,723		2,762		0.12
SEKO Global Logistics Network, LLC	(4)(11)		SOFR + 7.00	%		11.20 PIK	%		11/27/2024		5/27/2030		8,374		8,374		8,374		0.36
Stonepeak Nile Parent, LLC	(8)		SOFR + 2.75	%		7.08	%		4/11/2025		4/9/2032		18,318		18,290		18,334		0.80
Wwex Uni Topco Holdings, LLC	(10)		SOFR + 4.00	%		8.00	%		11/8/2024		7/26/2028		6,191		6,099		6,166		0.27
Wwex Uni Topco Holdings, LLC	(4)(10)		SOFR + 4.75	%		8.75	%		3/21/2025		7/26/2028		15,406		15,179		15,464		0.67

															136,781		133,265		5.79
Airlines
American Airlines, Inc.	(8)		SOFR + 2.25	%		6.58	%		1/19/2022		4/20/2028		2,474		2,474		2,473		0.11
American Airlines, Inc.	(8)		SOFR + 2.25	%		6.50	%		12/12/2024		2/15/2028		14,847		14,902		14,844		0.65
American Airlines, Inc.	(8)		SOFR + 3.25	%		7.58	%		5/28/2025		5/28/2032		2,859		2,831		2,875		0.13
JetBlue Airways Corp.	(9)		SOFR + 4.75	%		8.75	%		11/7/2024		8/27/2029		4,950		4,968		4,763		0.21

															25,175		24,955		1.10
Auto Components
Belron Finance 2019, LLC	(9)		SOFR + 2.50	%		6.74	%		7/18/2025		10/16/2031		9,900		10,001		9,962		0.43
Clarios Global, LP	(8)		SOFR + 2.50	%		6.66	%		3/5/2025		5/6/2030		8,957		8,961		8,973		0.39
Clarios Global, LP	(8)		SOFR + 2.75	%		6.91	%		1/28/2025		1/28/2032		18,482		18,417		18,517		0.81
Valvoline, Inc.	(8)		SOFR + 2.00	%		6.32	%		3/19/2025		3/19/2032		2,692		2,679		2,705		0.12

															40,058		40,157		1.75
Beverages
Sazerac Co, Inc.	(8)		SOFR + 2.50	%		6.70	%		7/10/2025		7/9/2032		6,567		6,535		6,615		0.29
Triton Water Holdings, Inc.	(9)		SOFR + 2.25	%		6.25	%		2/12/2025		3/31/2028		14,791		14,791		14,806		0.64

															21,326		21,421		0.93
Biotechnology
Grifols Worldwide Operations USA, Inc.	(8)		SOFR + 2.00	%		6.26	%		7/23/2025		11/15/2027		5,000		5,002		4,991		0.22
Building Products
Cornerstone Building Brands, Inc.	(9)		SOFR + 3.25	%		7.50	%		1/19/2022		4/12/2028		26,210		25,439		24,959		1.09
Fencing Supply Group Acquisition, LLC	(4)(11)		SOFR + 6.00	%		10.26	%		1/19/2022		2/26/2027		19,098		19,072		18,382		0.80
LBM Acquisition, LLC	(10)		SOFR + 3.75	%		7.99	%		6/6/2024		5/31/2031		9,342		9,256		9,135		0.40

220

BCRED Emerald JV LP

Consolidated Schedule of Investments

September 30, 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)
Building Products (continued)
Lindstrom, LLC	(4)(11)		SOFR + 6.25	%		10.63	%		1/19/2022		5/1/2027		27,116		27,116		26,844		1.17
MIWD Holdco II, LLC	(8)		SOFR + 2.75	%		6.91	%		10/3/2024		3/28/2031		9,900		9,990		9,949		0.43
Oscar Acquisitionco, LLC	(9)		SOFR + 4.25	%		8.25	%		12/2/2024		4/29/2029		9,898		9,852		9,268		0.40
Resideo Funding, Inc.	(8)		SOFR + 2.00	%		6.04	%		8/8/2025		8/13/2032		6,713		6,715		6,724		0.29
TCP Sunbelt Acquisition, Co.	(8)		SOFR + 4.25	%		8.45	%		10/15/2024		10/24/2031		25,200		24,980		25,305		1.10
Windows Acquisition Holdings, Inc.	(4)(11)		SOFR + 6.50	%		10.65	%		1/19/2022		12/29/2026		10,501		10,501		8,322		0.36

															142,921		138,888		6.04
Capital Markets
Apex Group Treasury, LLC	(8)		SOFR + 3.50	%		7.75	%		2/27/2025		2/27/2032		71,475		71,421		70,046		3.05
Aretec Group, Inc.	(8)		SOFR + 3.50	%		7.66	%		12/6/2024		8/9/2030		19,264		19,101		19,285		0.84
Citco Funding, LLC	(9)		SOFR + 2.75	%		6.81	%		6/13/2024		4/27/2028		7,156		7,150		7,184		0.31
Focus Financial Partners, LLC	(8)		SOFR + 2.75	%		6.91	%		3/13/2025		9/15/2031		19,788		19,689		19,815		0.86
GTCR Everest Borrower, LLC	(8)		SOFR + 2.75	%		6.75	%		7/25/2025		9/5/2031		20,377		20,244		20,401		0.89
Hudson River Trading, LLC	(8)		SOFR + 3.00	%		7.15	%		6/25/2025		3/18/2030		872		869		874		0.04
ITG Communications, LLC	(8)		SOFR + 4.75	%		8.95	%		7/1/2025		7/9/2031		9,167		8,831		9,072		0.40
Jane Street Group, LLC	(8)		SOFR + 2.00	%		6.20	%		7/23/2025		12/15/2031		4,987		4,978		4,957		0.22
Jump Financial, LLC	(8)		SOFR + 3.50	%		7.50	%		7/31/2025		2/26/2032		699		699		705		0.03
Kestra Advisor Services Holdings A, Inc.	(8)		SOFR + 3.00	%		7.16	%		8/1/2025		3/21/2031		1,088		1,088		1,090		0.05
Osaic Holdings, Inc.	(8)		SOFR + 3.00	%		7.16	%		7/17/2025		8/1/2032		23,260		23,225		23,273		1.01
Resolute Investment Managers, Inc.	(11)		SOFR + 6.50	%		10.76	%		12/29/2023		10/30/2028		944		937		830		0.04
Saphilux S.à r.l.	(8)		S + 4.75	%		8.96	%		7/27/2023		7/18/2028	GBP	20,000		25,526		27,010		1.18
Saphilux S.à r.l.	(9)		SOFR + 3.00	%		7.32	%		7/17/2025		7/18/2028		1,330		1,330		1,337		0.06
Situs-AMC Holdings Corporation	(4)(10)		SOFR + 5.50	%		9.50	%		9/26/2022		5/14/2031		90,087		89,504		90,087		3.92
Superannuation & Investments US, LLC	(9)		SOFR + 3.00	%		7.16	%		7/18/2025		12/1/2028		3,146		3,152		3,166		0.14
The Edelman Financial Engines Center, LLC	(8)		SOFR + 3.00	%		7.16	%		6/5/2024		4/7/2028		18,488		18,488		18,522		0.81

															316,232		317,654		13.85
Chemicals
Derby Buyer, LLC	(9)		SOFR + 3.00	%		7.18	%		12/13/2024		11/1/2030		13,078		13,139		13,120		0.57
Discovery Purchaser Corp.	(9)		SOFR + 3.75	%		8.08	%		12/2/2024		10/4/2029		9,976		10,047		9,943		0.43
Fortis 333, Inc.	(8)		SOFR + 3.50	%		7.50	%		2/6/2025		3/27/2032		3,491		3,483		3,478		0.15
Pigments Services, Inc.	(4)(14)(17)		SOFR + 8.25	%		12.51 PIK	%		4/14/2023		4/14/2029		7,809		4,670		0		0.00
Pigments Services, Inc.	(4)(14)(17)		SOFR + 8.25	%		12.51 PIK	%		4/14/2023		4/14/2029		3,813		3,558		2,740		0.12

															34,897		29,281		1.27
Commercial Services & Supplies
Access CIG, LLC	(9)		SOFR + 4.00	%		8.03	%		8/15/2025		8/18/2030		21,551		21,256		21,642		0.94
Allied Universal Holdco, LLC	(8)		SOFR + 3.25	%		7.51	%		8/6/2025		8/20/2032		43,339		43,285		43,551		1.90
Anticimex, Inc.	(9)		SOFR + 3.40	%		7.76	%		5/25/2022		11/16/2028		14,725		14,698		14,781		0.64
Anticimex, Inc.	(9)		SOFR + 3.40	%		7.76	%		4/23/2024		11/16/2028		24,945		24,945		25,058		1.09
Armor Holdco, Inc.	(9)		SOFR + 3.75	%		7.92	%		12/13/2024		12/11/2028		12,053		12,033		12,074		0.53
Belfor Holdings, Inc.	(9)		SOFR + 2.75	%		6.91	%		8/8/2025		11/1/2030		143		143		144		0.01
DG Investment Intermediate Holdings 2, Inc.	(8)		SOFR + 3.75	%		7.91	%		7/2/2025		7/9/2032		12,234		12,175		12,290		0.54
EAB Global, Inc.	(9)		SOFR + 3.00	%		7.16	%		1/19/2022		8/16/2030		13,067		13,058		12,765		0.56
Foundational Education Group, Inc.	(9)		SOFR + 4.25	%		8.53	%		6/7/2022		8/31/2028		3,860		3,794		3,445		0.15
GBT US III, LLC	(8)		SOFR + 2.50	%		6.81	%		2/4/2025		7/25/2031		772		772		774		0.03
GFL Environmental Services USA, Inc.	(8)		SOFR + 2.50	%		6.67	%		3/3/2025		3/3/2032		15,818		15,801		15,833		0.69

221

BCRED Emerald JV LP

Consolidated Schedule of Investments

September 30, 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)
Commercial Services & Supplies (continued)
International SOS The Americas, LP	(4)(9)		SOFR + 2.75	%		6.75	%		6/28/2024		9/7/2028		1,926		1,926		1,928		0.08
Java Buyer, Inc.	(4)(10)		SOFR + 5.00	%		9.29	%		1/19/2022		12/15/2027		9,457		9,386		9,457		0.41
Java Buyer, Inc.	(4)(10)		SOFR + 5.00	%		9.29	%		1/19/2022		12/15/2027		2,925		2,910		2,925		0.13
JSS Holdings, Inc.	(4)(10)		SOFR + 5.25	%		9.25 (incl. 3.00 PIK	% % )		1/19/2022		11/8/2031		37,150		36,992		37,150		1.62
KPSKY Acquisition, Inc.	(4)(10)(18)		SOFR + 5.50	%		9.91	%		9/26/2022		10/19/2028		132,563		129,115		113,673		4.95
Lsf12 Crown US Commercial Bidco, LLC	(8)		SOFR + 3.50	%		7.66	%		9/19/2025		12/2/2031		4,337		4,337		4,349		0.19
OMNIA Partners, LLC	(8)		SOFR + 2.50	%		6.81	%		1/26/2024		7/25/2030		30,150		30,316		30,199		1.32
Pinnacle Buyer, LLC	(7)(8)		SOFR + 2.50	%		6.56	%		9/11/2025		10/1/2032		10,112		10,107		10,140		0.44
Polyphase Elevator Holding, Co.	(4)(11)		SOFR + 6.00	%		10.10	%		9/26/2022		6/23/2027		29,206		28,932		26,723		1.16
Prime Security Services Borrower, LLC	(8)		SOFR + 2.00	%		6.13	%		11/20/2024		10/13/2030		16,873		16,834		16,850		0.73
Tempo Acquisition, LLC	(9)		SOFR + 1.75	%		5.91	%		3/13/2025		8/31/2028		9,950		9,912		9,754		0.42
TMF Sapphire Bidco, BV	(8)		SOFR + 2.75	%		7.04	%		1/22/2025		5/3/2028		272		272		273		0.01
TRC Cos, LLC	(8)		SOFR + 3.00	%		7.16	%		1/14/2025		12/8/2028		13,519		13,524		13,554		0.59

															456,523		439,332		19.13
Construction & Engineering
Amentum Holdings, Inc.	(8)		SOFR + 2.25	%		6.41	%		4/4/2025		9/29/2031		4,010		3,873		4,014		0.17
Azuria Water Solutions, Inc.	(7)(10)		SOFR + 3.00	%		7.16	%		5/15/2025		5/17/2028		4,675		4,626		4,689		0.20
Brookfield WEC Holdings, Inc.	(8)		SOFR + 2.25	%		6.53	%		1/25/2024		1/27/2031		28,612		28,624		28,653		1.25
Centuri Group, Inc.	(8)		SOFR + 2.25	%		6.42	%		7/1/2025		7/9/2032		3,941		3,931		3,958		0.17
Osmose Utilities Services, Inc.	(9)		SOFR + 3.25	%		7.53	%		11/7/2024		6/23/2028		16,825		16,892		15,994		0.70
Pike Electric Corp.	(8)		SOFR + 3.00	%		7.28	%		6/7/2022		1/21/2028		5,976		5,892		6,017		0.26
Socotec US Holding, Inc.	(8)		SOFR + 3.25	%		7.37	%		7/22/2025		6/2/2031		1,372		1,369		1,384		0.06
Tecta America Corp.	(8)		SOFR + 3.00	%		7.16	%		2/18/2025		2/18/2032		2,473		2,467		2,485		0.11
Touchdown Acquirer, Inc.	(8)		SOFR + 2.75	%		6.95	%		4/8/2025		2/21/2031		4,975		4,872		4,977		0.22

															72,546		72,171		3.14
Construction Materials
Green Infrastructure Partners US, LLC	(8)		SOFR + 2.75	%		6.78	%		9/19/2025		9/24/2032		9,363		9,365		9,383		0.41
Quikrete Holdings, Inc.	(8)		SOFR + 2.25	%		6.41	%		4/8/2025		2/10/2032		4,975		4,845		4,978		0.22
Tamko Building Products, LLC	(8)		SOFR + 2.75	%		6.91	%		10/23/2024		9/20/2030		7,872		7,921		7,904		0.34

															22,131		22,265		0.97
Consumer Finance
CPI Holdco B, LLC	(8)		SOFR + 2.00	%		6.16	%		7/23/2025		5/17/2031		4,987		4,996		4,987		0.22
Containers & Packaging
Anchor Packaging, LLC	(8)		SOFR + 3.25	%		7.39	%		12/13/2024		7/18/2029		4,950		4,989		4,977		0.22
Ascend Buyer, LLC	(4)(10)		SOFR + 5.75	%		9.75	%		9/26/2022		9/30/2028		73,446		73,077		73,446		3.20
Berlin Packaging, LLC	(8)		SOFR + 3.25	%		7.53	%		7/25/2025		6/7/2031		28,996		29,130		29,116		1.27
Clydesdale Acquisition Holdings, Inc.	(9)		SOFR + 3.18	%		7.34	%		4/13/2022		4/13/2029		31,338		31,274		31,331		1.36
Clydesdale Acquisition Holdings, Inc.	(9)		SOFR + 3.25	%		7.41	%		8/22/2025		4/1/2032		10,756		10,716		10,752		0.47
Clydesdale Acquisition Holdings, Inc.	(7)(9)		SOFR + 3.25	%		7.41	%		8/22/2025		4/1/2032		56		55		56		0.00
Graham Packaging Co., Inc.	(8)		SOFR + 2.50	%		6.66	%		7/31/2024		8/4/2027		22,953		23,017		22,978		1.00
ProAmpac PG Borrower, LLC	(10)		SOFR + 4.00	%		8.19	%		4/9/2024		9/15/2028		12,102		12,053		12,162		0.53
Ring Container Technologies Group, LLC	(9)		SOFR + 2.50	%		6.66	%		9/11/2025		9/15/2032		21,808		21,835		21,794		0.95
SupplyOne, Inc.	(8)		SOFR + 3.50	%		7.66	%		4/19/2024		4/19/2031		18,333		18,475		18,439		0.80
TricorBraun Holdings, Inc.	(9)		SOFR + 3.25	%		7.41	%		1/19/2022		3/3/2028		28,203		27,972		28,101		1.22
Trident TPI Holdings, Inc.	(9)		SOFR + 3.75	%		7.75	%		10/18/2024		9/15/2028		38,146		37,572		37,530		1.63

															290,165		290,682		12.65

222

BCRED Emerald JV LP

Consolidated Schedule of Investments

September 30, 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)
Distributors
Boots Group Finco, LP	(8)		SOFR + 3.50	%		7.70	%		7/18/2025		8/30/2032		3,379		3,371		3,393		0.15
BP Purchaser, LLC	(4)(10)		SOFR + 5.50	%		9.80	%		9/26/2022		12/11/2028		52,011		51,486		43,299		1.89
Genuine Cable Group, LLC	(4)(10)		SOFR + 5.75	%		10.01	%		1/19/2022		11/2/2026		31,247		31,119		29,450		1.28
Marcone Yellowstone Buyer, Inc.	(4)(10)		SOFR + 7.00	%		11.44 (incl. 3.25 PIK	% % )		9/26/2022		6/23/2028		83,365		82,394		74,612		3.25
Tailwind Colony Holding Corporation	(4)(11)		SOFR + 6.50	%		10.91	%		1/19/2022		11/13/2026		30,659		30,572		29,662		1.29

															198,942		180,416		7.86
Diversified Consumer Services
Barbri Holdings, Inc.	(4)(10)		SOFR + 5.00	%		9.00	%		1/19/2022		4/30/2030		69,387		68,942		69,387		3.02
Cambium Learning Group, Inc.	(4)(7)(10)		SOFR + 5.50	%		9.93	%		1/19/2022		7/20/2028		33,996		33,996		33,826		1.47
Cengage Learning, Inc.	(11)		SOFR + 3.50	%		7.67	%		11/22/2024		3/22/2031		21,473		21,522		21,444		0.93
Element Materials Technology Group US Holdings, Inc.	(9)		SOFR + 3.68	%		7.68	%		4/12/2022		7/6/2029		4,863		4,853		4,901		0.21
Express Wash Concepts, LLC	(4)(7)(11)		SOFR + 5.00	%		9.26	%		1/19/2022		4/30/2027		24,360		24,027		24,360		1.06
Express Wash Concepts, LLC	(4)(11)		SOFR + 5.00	%		9.16	%		1/19/2022		4/30/2027		28,175		28,048		28,175		1.23
Fugue Finance, LLC	(9)		SOFR + 2.75	%		6.95	%		7/15/2025		1/9/2032		6,438		6,464		6,461		0.28
Imagine Learning, LLC	(9)		SOFR + 3.50	%		7.66	%		2/1/2024		12/21/2029		20,775		20,768		18,050		0.79
KUEHG Corp.	(9)		SOFR + 2.75	%		6.75	%		10/21/2024		6/12/2030		20,498		20,533		20,509		0.89
Learning Care Group US No 2, Inc.	(9)		SOFR + 4.00	%		8.23	%		3/26/2025		8/11/2028		3,702		3,677		3,646		0.16
Mckissock Investment Holdings, LLC	(10)		SOFR + 5.00	%		9.47	%		3/10/2022		3/12/2029		3,860		3,841		3,843		0.17
Mister Car Wash Holdings, Inc.	(8)		SOFR + 2.50	%		6.66	%		12/6/2024		3/21/2031		9,007		9,068		9,036		0.39
Pre-Paid Legal Services, Inc.	(9)		SOFR + 3.25	%		7.41	%		1/19/2022		12/15/2028		27,521		27,454		26,076		1.14
Spring Education Group, Inc.	(8)		SOFR + 3.25	%		7.25	%		9/10/2025		10/5/2030		315		315		316		0.01
University Support Services, LLC	(9)		SOFR + 2.75	%		6.91	%		2/10/2022		2/10/2029		15,253		15,231		15,045		0.66

															288,739		285,075		12.41
Diversified Telecommunication Services
Lumen Technologies, Inc.	(14)		SOFR + 6.00	%		10.16	%		12/18/2024		6/1/2028		10,021		10,070		10,223		0.45
Radiate Holdco, LLC	(10)		SOFR + 5.00	%		9.28 (incl. 1.50 PIK	% % )		6/30/2025		9/25/2029		2,349		2,348		1,903		0.08
Zacapa, LLC	(9)		SOFR + 3.75	%		7.75	%		10/29/2024		3/22/2029		15,685		15,768		15,726		0.68

															28,186		27,852		1.21
Electric Utilities
Alpha Generation, LLC	(8)		SOFR + 2.00	%		6.16	%		7/23/2025		9/30/2031		4,987		4,990		4,987		0.22
Cogentrix Finance Holdco I, LLC	(8)		SOFR + 2.25	%		6.41	%		8/7/2025		2/26/2032		7,666		7,669		7,688		0.33
NRG Energy, Inc.	(8)		SOFR + 1.75	%		6.07	%		7/23/2025		4/16/2031		4,987		4,997		4,993		0.22

															17,656		17,668		0.77
Electrical Equipment
Arcline FM Holdings, LLC	(10)		SOFR + 3.50	%		7.58	%		3/27/2025		6/23/2030		2,946		2,944		2,951		0.13
Madison IAQ, LLC	(9)		SOFR + 2.50	%		6.70	%		1/19/2022		6/21/2028		31,306		31,279		31,368		1.37
Madison IAQ, LLC	(9)		SOFR + 3.25	%		7.45	%		3/28/2025		3/28/2032		7,867		7,792		7,914		0.34

															42,015		42,233		1.84
Electronic Equipment, Instruments & Components
Albireo Energy, LLC	(4)(11)		SOFR + 6.00	%		10.10	%		1/19/2022		12/23/2026		3,136		3,124		3,073		0.13
Albireo Energy, LLC	(4)(11)		SOFR + 6.00	%		10.35	%		1/19/2022		12/23/2026		804		802		788		0.03
Albireo Energy, LLC	(4)(11)		SOFR + 6.00	%		10.10	%		1/19/2022		12/23/2026		10,449		10,410		10,240		0.45
Infinite Bidco, LLC	(9)		SOFR + 3.75	%		8.32	%		1/19/2022		3/2/2028		2,888		2,894		2,821		0.12
Modena Buyer, LLC	(8)		SOFR + 4.50	%		8.81	%		7/1/2024		7/1/2031		3,077		3,026		3,043		0.13

															20,256		19,965		0.86

223

BCRED Emerald JV LP

Consolidated Schedule of Investments

September 30, 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)
Energy Equipment & Services
Covia Holdings, LLC	(8)		SOFR + 2.75	%		6.95	%		7/31/2025		2/26/2032		2,826		2,819		2,845		0.12
Ursa Minor US Bidco, LLC	(8)		SOFR + 2.75	%		6.91	%		12/11/2024		3/26/2031		4,963		5,020		4,985		0.22

															7,839		7,830		0.34
Entertainment
CE Intermediate I, LLC	(8)		SOFR + 3.00	%		7.38	%		2/18/2025		3/25/2032		2,953		2,953		2,961		0.13
EOC Borrower, LLC	(8)		SOFR + 3.00	%		7.16	%		3/31/2025		3/24/2032		14,629		14,547		14,663		0.64
UFC Holdings, LLC	(8)		SOFR + 2.00	%		6.04	%		9/9/2025		11/21/2031		7,525		7,525		7,545		0.33

															25,025		25,169		1.10
Financial Services
Mitchell International, Inc.	(9)		SOFR + 3.25	%		7.41	%		6/17/2024		6/17/2031		14,850		14,840		14,853		0.65
Planet US Buyer, LLC	(8)		SOFR + 3.00	%		7.20	%		11/25/2024		2/7/2031		10,708		10,801		10,779		0.47
Shift4 Payments, LLC	(8)		SOFR + 2.50	%		6.50	%		7/15/2025		6/30/2032		2,646		2,639		2,669		0.12
Solera, LLC	(9)(18)		SOFR + 4.00	%		8.57	%		5/16/2022		6/2/2028		16,600		16,463		16,034		0.70

															44,743		44,335		1.94
Food Products
CHG PPC Parent, LLC	(9)		SOFR + 3.00	%		7.28	%		11/7/2024		12/8/2028		15,834		15,899		15,873		0.69
Dreyers Grand Ice Cream, Inc.	(8)		SOFR + 2.00	%		6.20	%		11/7/2024		9/30/2031		21,902		21,817		21,770		0.95
Froneri US, Inc.	(8)		SOFR + 2.00	%		6.20	%		7/16/2025		8/2/2032		18,266		18,238		18,249		0.79
Red SPV, LLC	(8)		SOFR + 2.25	%		6.39	%		3/13/2025		3/15/2032		7,165		7,132		7,175		0.31

															63,086		63,067		2.74
Gas Utilities
CQP Holdco, LP	(9)		SOFR + 2.00	%		6.00	%		4/4/2025		12/31/2030		3,980		3,938		3,985		0.17
Health Care Equipment & Supplies
CSHC Buyerco, LLC	(4)(11)		SOFR + 4.75	%		9.01	%		2/15/2022		9/8/2026		7,227		7,201		7,209		0.31
CSHC Buyerco, LLC	(4)(10)		SOFR + 4.75	%		9.01	%		2/15/2022		9/8/2026		3,441		3,429		3,433		0.15
Embecta Corp.	(9)		SOFR + 3.00	%		7.16	%		12/11/2024		3/30/2029		7,276		7,268		7,283		0.32
Natus Medical, Inc.	(4)(9)		SOFR + 5.25	%		9.40	%		8/18/2022		7/20/2029		3,149		3,037		3,146		0.14
Resonetics, LLC	(10)		SOFR + 2.75	%		7.06	%		7/24/2025		6/18/2031		7,344		7,391		7,345		0.32
WS Audiology A/S	(8)		SOFR + 3.50	%		7.81	%		6/27/2025		2/28/2029		18,873		18,873		18,825		0.82

															47,199		47,241		2.06
Health Care Providers & Services
ACI Group Holdings, Inc.	(4)(10)		SOFR + 6.00	%		10.26 (incl. 3.25 PIK	% % )		7/7/2023		8/2/2028		131,731		131,068		120,534		5.25
ADCS Clinics Intermediate Holdings, LLC	(4)(11)		SOFR + 6.25	%		10.52	%		1/19/2022		5/7/2027		1,683		1,676		1,683		0.07
ADCS Clinics Intermediate Holdings, LLC	(4)(11)		SOFR + 6.25	%		10.48	%		1/19/2022		5/7/2027		28,478		28,347		28,478		1.24
ADCS Clinics Intermediate Holdings, LLC	(4)(7)(11)		SOFR + 6.25	%		10.37	%		1/19/2022		5/7/2026		112		110		112		0.00
Amerivet Partners Management, Inc.	(4)(10)		SOFR + 5.50	%		9.62	%		9/26/2022		2/25/2028		81,789		80,780		78,313		3.41
Canadian Hospital Specialties, Ltd.	(4)(11)		CA + 4.50	%		7.37	%		12/20/2022		4/14/2028	CAD	29,091		21,222		20,694		0.90
CCBlue Bidco, Inc.	(4)(10)		SOFR + 6.50	%		10.61 (incl. 4.00 PIK	% % )		1/19/2022		12/21/2028		24,689		24,507		20,615		0.90
CHG Healthcare Services, Inc.	(9)		SOFR + 2.75	%		7.05	%		7/25/2025		9/29/2028		15,493		15,530		15,515		0.68
CNT Holdings I Corp.	(10)		SOFR + 2.25	%		6.56	%		4/8/2025		11/8/2032		10,497		10,404		10,502		0.46
DCA Investment Holdings, LLC	(4)(10)		SOFR + 6.41	%		10.41	%		1/19/2022		4/3/2028		29,383		29,252		26,445		1.15
Epoch Acquisition, Inc.	(4)(11)		SOFR + 6.00	%		10.41	%		1/19/2022		10/4/2026		28,284		28,284		28,284		1.23
Examworks Bidco, Inc.	(9)		SOFR + 2.75	%		6.91	%		1/19/2022		11/1/2028		24,852		24,750		24,926		1.09
Global Medical Response, Inc.	(8)		SOFR + 3.50	%		7.63	%		9/10/2025		10/1/2032		38,246		38,151		38,301		1.67
Heartland Dental, LLC	(8)		SOFR + 3.75	%		7.91	%		8/7/2025		8/25/2032		17,886		17,866		17,877		0.78

224

BCRED Emerald JV LP

Consolidated Schedule of Investments

September 30, 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 Providers & Services (continued)
ICS US Holdings, Inc.	(9)		SOFR + 5.25	%		9.47	%		12/20/2022		6/8/2028		35,000		33,876		19,950		0.87
IVI America, LLC	(8)		SOFR + 3.25	%		7.25	%		9/11/2025		4/18/2031		493		493		496		0.02
Jayhawk Buyer, LLC	(4)(11)		SOFR + 5.00	%		9.11	%		1/19/2022		10/15/2026		25,464		25,406		24,636		1.07
MED ParentCo, LP	(8)		SOFR + 3.25	%		7.41	%		10/18/2024		4/15/2031		25,101		25,101		25,181		1.10
Navigator Acquiror, Inc.	(4)(7)(9)		SOFR + 5.50	%		9.76 (incl. 4.00 PIK	% % )		1/19/2022		7/16/2030		21,518		21,467		19,034		0.83
Onex TSG Intermediate Corp.	(8)		SOFR + 3.75	%		8.00	%		7/24/2025		8/6/2032		3,079		3,083		3,099		0.14
PSKW Intermediate, LLC	(4)(11)		SOFR + 5.50	%		9.76	%		12/11/2024		3/9/2028		30,785		30,785		30,785		1.34
Radiology Partners, Inc.	(8)		SOFR + 4.50	%		8.50	%		3/6/2025		6/30/2032		8,825		8,785		8,821		0.38
Raven Acquisition Holdings, LLC	(7)(8)		SOFR + 3.00	%		7.16	%		10/15/2024		11/19/2031		9,287		9,285		9,295		0.40
Smile Doctors, LLC	(4)(7)(10)		SOFR + 5.75	%		9.98	%		1/19/2022		12/23/2028		140,793		139,328		135,699		5.91
Southern Veterinary Partners, LLC	(8)		SOFR + 2.50	%		6.82	%		7/22/2025		12/4/2031		31,341		31,467		31,318		1.36
WHCG Purchaser III, Inc.	(4)(10)		SOFR + 6.50	%		10.50 (incl. 5.25 PIK	% % )		8/2/2024		6/30/2029		2,913		2,913		2,913		0.13
WHCG Purchaser III, Inc.	(4)(10)(17)		10.00	%		10.00 PIK	%		8/2/2024		6/30/2030		2,440		892		927		0.04

															784,828		744,433		32.42
Health Care Technology
athenahealth, Inc.	(9)		SOFR + 2.75	%		6.91	%		3/13/2025		2/15/2029		19,425		19,237		19,411		0.85
Cotiviti, Inc.	(8)		SOFR + 2.75	%		7.03	%		11/25/2024		5/1/2031		45,488		45,575		44,762		1.95
Gainwell Acquisition Corp.	(10)		SOFR + 4.00	%		8.10	%		12/18/2024		10/1/2027		49,571		48,097		48,877		2.13
GI Ranger Intermediate, LLC	(4)(10)		SOFR + 5.75	%		10.01	%		9/26/2022		10/29/2028		43,556		43,223		43,556		1.90
Project Ruby Ultimate Parent Corp.	(4)(8)		SOFR + 2.75	%		7.03	%		7/18/2025		3/10/2028		319		319		320		0.01
Waystar Technologies, Inc.	(8)		SOFR + 2.00	%		6.16	%		8/6/2025		10/22/2029		6,629		6,606		6,641		0.29

															163,057		163,567		7.13
Hotels, Restaurants & Leisure
Alterra Mountain, Co.	(8)		SOFR + 2.50	%		6.66	%		7/23/2025		8/17/2028		5,479		5,479		5,495		0.24
Alterra Mountain, Co.	(8)		SOFR + 2.50	%		6.66	%		7/18/2025		8/17/2028		1,456		1,456		1,461		0.06
Bally’s Corp.	(9)		SOFR + 3.25	%		7.84	%		8/13/2025		10/2/2028		11,969		11,869		11,655		0.51
FanDuel Group Financing, LLC	(9)		SOFR + 1.75	%		5.75	%		4/8/2025		11/30/2030		6,633		6,499		6,623		0.29
Flutter Entertainment PLC	(8)		SOFR + 2.00	%		6.00	%		7/24/2025		6/4/2032		726		724		727		0.03
Flynn Restaurant Group, LP	(8)		SOFR + 3.75	%		7.91	%		3/11/2025		1/28/2032		24,935		24,493		25,003		1.09
IRB Holding Corp.	(10)		SOFR + 2.50	%		6.66	%		12/11/2024		12/15/2027		19,875		19,931		19,901		0.87
Life Time, Inc.	(8)		SOFR + 2.00	%		6.25	%		8/14/2025		11/5/2031		19,900		20,002		19,907		0.87
Mic Glen, LLC	(9)		SOFR + 3.25	%		7.41	%		7/29/2025		7/21/2028		595		595		599		0.03
Motion Finco, LLC	(8)		SOFR + 3.50	%		7.50	%		3/13/2025		11/12/2029		4,963		4,895		4,470		0.19
New Red Finance, Inc.	(8)		SOFR + 1.75	%		5.91	%		3/13/2025		9/12/2030		14,095		13,978		14,066		0.61
Scientific Games Holdings, LP	(9)		SOFR + 3.00	%		7.29	%		6/11/2024		4/4/2029		14,820		14,809		14,715		0.64
Tacala Investment Corp.	(10)		SOFR + 3.00	%		7.16	%		9/16/2025		1/31/2031		4,950		4,986		4,978		0.22
Voyager Parent, LLC	(8)		SOFR + 4.75	%		8.75	%		7/18/2025		7/1/2032		24,600		23,855		24,680		1.07
Whatabrands, LLC	(9)		SOFR + 2.50	%		6.66	%		12/11/2024		8/3/2028		33,916		33,951		33,981		1.48

															187,522		188,261		8.20
Household Durables
AI Aqua Merger Sub, Inc.	(9)		SOFR + 3.00	%		7.28	%		12/5/2024		7/31/2028		34,261		34,222		34,367		1.50
Madison Safety & Flow, LLC	(4)(8)		SOFR + 2.75	%		6.91	%		9/25/2025		9/26/2031		8,390		8,390		8,390		0.37
Weber-Stephen Products, LLC	(8)		SOFR + 3.75	%		7.74	%		9/17/2025		10/1/2032		3,864		3,826		3,829		0.17

															46,438		46,586		2.04
Independent Power and Renewable Electricity Producers
Calpine, Corp.	(8)		SOFR + 1.75	%		5.91	%		12/12/2024		1/31/2031		2,894		2,891		2,894		0.13

225

BCRED Emerald JV LP

Consolidated Schedule of Investments

September 30, 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
Bettcher Industries, Inc.	(4)(9)		SOFR + 4.00	%		8.00	%		9/19/2025		12/14/2028		4,336		4,325		4,358		0.19
Engineered Machinery Holdings, Inc.	(10)		SOFR + 3.50	%		7.76	%		6/7/2022		5/19/2028		3,860		3,793		3,886		0.17

															8,118		8,244		0.36
Insurance
Alliant Holdings Intermediate, LLC	(8)		SOFR + 2.50	%		6.67	%		7/31/2025		9/19/2031		9,344		9,222		9,328		0.41
AmWINS Group, Inc.	(10)		SOFR + 2.25	%		6.25	%		11/7/2024		1/30/2032		26,219		26,089		26,236		1.14
Baldwin Insurance Group Holdings, LLC	(8)		SOFR + 2.50	%		6.64	%		9/12/2025		5/26/2031		7,175		7,162		7,190		0.31
BroadStreet Partners, Inc.	(8)		SOFR + 2.75	%		6.91	%		6/14/2024		6/14/2031		45,471		45,579		45,565		1.98
Foundation Risk Partners Corp.	(4)(10)		SOFR + 4.75	%		8.75	%		9/26/2022		10/29/2030		74,672		74,200		74,672		3.25
HUB International, Ltd.	(8)		SOFR + 2.25	%		6.58	%		11/25/2024		6/20/2030		23,847		23,981		23,909		1.04
Hyperion Refinance S.à r.l.	(9)		SOFR + 3.50	%		7.66	%		11/22/2024		4/18/2030		14,684		14,757		14,688		0.64
Hyperion Refinance S.à r.l.	(9)		SOFR + 2.75	%		6.91	%		8/4/2025		2/15/2031		13,458		13,552		13,474		0.59
OneDigital Borrower, LLC	(9)		SOFR + 3.00	%		7.16	%		11/19/2024		7/2/2031		19,455		19,552		19,480		0.85
Patriot Growth Insurance Services, LLC	(4)(10)		SOFR + 5.00	%		9.15	%		9/26/2022		10/16/2028		61,885		60,866		61,885		2.70
TIH Insurance Holdings, LLC	(8)		SOFR + 2.75	%		6.75	%		12/6/2024		5/6/2031		10,000		10,073		10,016		0.44
Trucordia Insurance Holdings, LLC	(8)		SOFR + 3.25	%		7.41	%		6/17/2025		6/17/2032		6,535		6,519		6,559		0.29
USI, Inc.	(8)		SOFR + 2.25	%		6.25	%		12/23/2024		11/22/2029		23,534		23,574		23,531		1.02
USI, Inc.	(8)		SOFR + 2.25	%		6.25	%		12/23/2024		9/29/2030		24,800		24,859		24,795		1.08

															359,985		361,328		15.74
Interactive Media & Services
Creative Artists Agency, LLC	(8)		SOFR + 2.50	%		6.66	%		7/23/2025		10/1/2031		10,000		10,033		10,026		0.44
Project Boost Purchaser, LLC	(8)		SOFR + 2.75	%		7.07	%		7/16/2024		7/16/2031		26,649		26,745		26,606		1.16
TripAdvisor, Inc.	(8)		SOFR + 2.75	%		6.91	%		3/27/2025		7/8/2031		4,274		4,218		4,199		0.18

															40,996		40,831		1.78
IT Services
Ahead DB Holdings, LLC	(10)		SOFR + 2.75	%		6.75	%		8/2/2024		2/1/2031		8,923		8,930		8,944		0.39
Fortress Intermediate 3, Inc.	(8)		SOFR + 3.00	%		7.25	%		7/2/2025		6/27/2031		5,258		5,295		5,291		0.23
Go Daddy Operating Co, LLC	(8)		SOFR + 1.75	%		5.91	%		7/23/2025		11/9/2029		4,987		4,999		4,987		0.22
Informatica, LLC	(8)		SOFR + 2.25	%		6.41	%		11/7/2024		10/27/2028		9,897		9,936		9,928		0.43
Newfold Digital Holdings Group, Inc.	(4)(10)(17)		SOFR + 3.50	%		7.84	%		1/19/2022		2/10/2028		4,334		4,292		3,142		0.14
Razor Holdco, LLC	(4)(10)		SOFR + 5.75	%		10.05	%		1/19/2022		10/25/2027		13,016		12,923		13,016		0.57
Virtusa Corp.	(10)		SOFR + 3.25	%		7.41	%		6/21/2024		2/15/2029		30,583		30,733		30,277		1.32
World Wide Technology Holding Co, LLC	(9)		SOFR + 2.00	%		6.16	%		7/23/2025		3/1/2030		4,988		5,000		5,009		0.22

															82,108		80,594		3.52
Life Sciences Tools & Services
Parexel International, Inc.	(9)		SOFR + 2.50	%		6.66	%		3/3/2025		11/15/2028		13,869		13,941		13,897		0.61
Machinery
Chart Industries, Inc.	(9)		SOFR + 2.50	%		6.79	%		11/13/2024		3/16/2030		7,620		7,681		7,673		0.33
EMRLD Borrower, LP	(8)		SOFR + 2.25	%		6.12	%		8/11/2025		8/4/2031		4,988		4,988		4,971		0.22
Gates Corp.	(9)		SOFR + 1.75	%		5.91	%		7/23/2025		6/4/2031		4,987		4,990		4,987		0.22
LSF11 Trinity Bidco, Inc.	(8)		SOFR + 2.50	%		6.65	%		9/11/2025		6/15/2030		1,212		1,212		1,214		0.05
Pro Mach Group, Inc.	(11)		SOFR + 2.75	%		6.91	%		2/7/2025		8/31/2028		10,224		10,228		10,255		0.45
SPX Flow, Inc.	(9)		SOFR + 2.75	%		6.91	%		8/1/2025		4/5/2029		7,952		7,995		7,998		0.35
Titan Co-Borrower, LLC	(8)		SOFR + 3.75	%		7.74	%		11/19/2024		2/15/2029		9,129		9,173		9,164		0.40
Victory Buyer, LLC	(9)		SOFR + 3.75	%		8.03	%		1/19/2022		11/19/2028		9,677		9,387		9,721		0.42

															55,654		55,983		2.44
Media
ABG Intermediate Holdings 2, LLC	(8)		SOFR + 2.25	%		6.41	%		4/8/2025		2/13/2032		10,211		10,056		10,209		0.44
McGraw-Hill Education, Inc.	(10)		SOFR + 2.75	%		6.91	%		9/4/2025		8/6/2031		3,031		3,071		3,036		0.13

226

BCRED Emerald JV LP

Consolidated Schedule of Investments

September 30, 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)
Media (continued)
MJH Healthcare Holdings, LLC	(8)		SOFR + 2.75	%		6.91	%		7/18/2025		1/29/2029		10,980		11,004		10,963		0.48
Prodege International Holdings, LLC	(4)(10)		SOFR + 5.75	%		9.92	%		1/19/2022		12/15/2027		20,572		20,436		16,817		0.73
Wasserman Media Group, LLC	(8)		SOFR + 3.00	%		7.16	%		6/12/2025		6/23/2032		1,665		1,657		1,673		0.07

															46,224		42,698		1.85
Metals & Mining
Novelis Holdings, Inc.	(8)		SOFR + 1.75	%		5.75	%		3/11/2025		3/11/2032		3,876		3,876		3,887		0.17
SCIH Salt Holdings, Inc.	(10)		SOFR + 3.00	%		7.20	%		1/19/2022		1/31/2029		27,874		27,956		27,935		1.22

															31,832		31,822		1.39
Mortgage Real Estate Investment Trusts (REITs)
KREF Holdings X, LLC	(8)		SOFR + 2.50	%		6.68	%		8/14/2025		3/5/2032		4,630		4,626		4,628		0.20
Starwood Property Mortgage, LLC	(8)		SOFR + 2.00	%		6.16	%		7/24/2025		1/2/2030		2,736		2,730		2,741		0.12
Starwood Property Mortgage, LLC	(9)		SOFR + 2.25	%		6.41	%		8/14/2025		9/24/2032		9,405		9,408		9,432		0.41

															16,764		16,801		0.73
Oil, Gas & Consumable Fuels
Freeport LNG Investments, LLLP	(9)		SOFR + 3.25	%		7.58	%		1/10/2025		12/21/2028		17,872		17,859		17,902		0.78
StonePeak Bayou Holdings, LP	(4)(8)		SOFR + 2.75	%		6.75	%		9/24/2025		10/1/2032		3,265		3,249		3,265		0.14
TransMontaigne Operating Co, LP	(9)		SOFR + 2.50	%		6.66	%		7/25/2025		11/17/2028		1,959		1,959		1,963		0.09
WhiteWater Matterhorn Holdings, LLC	(8)		SOFR + 2.25	%		6.25	%		6/16/2025		6/16/2032		1,562		1,555		1,563		0.07

															24,622		24,693		1.08
Paper & Forest Products
Profile Products, LLC	(4)(10)		SOFR + 5.50	%		9.92	%		9/26/2022		11/12/2027		73,964		73,330		73,039		3.18
Pharmaceuticals
Elanco Animal Health, Inc.	(8)		SOFR + 1.75	%		6.13	%		7/23/2025		8/1/2027		4,594		4,596		4,594		0.20
Professional Services
AG Group Holdings, Inc.	(9)		SOFR + 4.25	%		8.41	%		4/22/2024		12/29/2028		2,746		2,741		2,439		0.11
AlixPartners, LLP	(9)		SOFR + 2.00	%		6.16	%		7/31/2025		8/12/2032		7,061		7,056		7,022		0.31
Amspec Parent, LLC	(7)(8)		SOFR + 3.50	%		7.50	%		12/20/2024		12/22/2031		7,984		7,984		7,936		0.35
Ankura Consulting Group, LLC	(10)		SOFR + 3.50	%		7.66	%		12/17/2024		12/17/2031		1,493		1,490		1,485		0.06
Ascensus Group Holdings, Inc.	(9)		SOFR + 3.00	%		7.16	%		12/13/2024		8/2/2028		21,585		21,623		21,594		0.94
Berkeley Research Group Holdings, LLC	(8)		SOFR + 3.25	%		7.25	%		5/1/2025		5/1/2032		15,000		14,788		15,052		0.66
Camelot US Acquisition, LLC	(8)		SOFR + 2.75	%		6.91	%		1/31/2024		1/31/2031		21,746		21,618		21,637		0.94
Cast & Crew Payroll, LLC	(9)		SOFR + 3.75	%		7.91	%		1/19/2022		12/29/2028		36,473		35,640		33,131		1.44
CFGI Holdings, LLC	(4)(10)		SOFR + 4.50	%		8.66	%		9/26/2022		11/2/2027		102,458		102,458		102,458		4.46
CohnReznick Advisory, LLC	(7)(8)		SOFR + 3.50	%		7.50	%		3/26/2025		3/31/2032		14,727		14,643		14,784		0.64
EP Purchaser, LLC	(9)		SOFR + 4.50	%		8.78	%		12/6/2024		11/6/2028		1,425		1,423		1,326		0.06
EP Purchaser, LLC	(9)		SOFR + 3.50	%		7.78	%		1/19/2022		11/6/2028		3,378		3,374		3,189		0.14
First Advantage Holdings, LLC	(8)		SOFR + 2.75	%		6.91	%		7/24/2025		10/31/2031		4,896		4,908		4,790		0.21
Genuine Financial Holdings, LLC	(8)		SOFR + 3.25	%		7.41	%		6/28/2024		9/27/2030		17,820		17,824		16,461		0.72
Grant Thornton Advisors, LLC	(8)		SOFR + 3.00	%		7.16	%		5/22/2025		6/2/2031		7,169		7,174		7,167		0.31
Grant Thornton Advisors, LLC	(8)		SOFR + 2.50	%		6.66	%		8/22/2025		6/2/2031		9,975		9,973		9,927		0.43
Inmar, Inc.	(8)		SOFR + 4.50	%		8.66	%		9/12/2025		10/30/2031		1,245		1,242		1,246		0.05
Kwor Acquisition, Inc.	(4)(7)(11)		SOFR + 6.25	%		10.45 (incl. 5.25 PIK	% % )		2/28/2025		2/28/2030		43,159		42,649		43,113		1.88
Mermaid Bidco, Inc.	(8)		SOFR + 3.25	%		7.57	%		6/26/2025		7/3/2031		2,627		2,620		2,627		0.11
Ryan, LLC	(9)		SOFR + 3.50	%		7.66	%		3/3/2025		11/14/2030		13,869		13,956		13,914		0.61
Secretariat Advisors, LLC	(7)(8)		SOFR + 4.00	%		8.00	%		2/24/2025		2/28/2032		2,486		2,475		2,495		0.11
Sedgwick Claims Management Services, Inc.	(8)		SOFR + 2.50	%		6.66	%		2/24/2023		7/31/2031		34,408		34,555		34,403		1.50
Trinity Air Consultants Holdings Corp.	(4)(10)		SOFR + 4.25	%		8.48	%		9/26/2022		6/29/2029		117,705		117,141		117,705		5.13
VT Topco, Inc.	(9)		SOFR + 3.00	%		7.16	%		12/17/2024		8/9/2030		4,950		4,999		4,806		0.21

227

BCRED Emerald JV LP

Consolidated Schedule of Investments

September 30, 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)
Professional Services (continued)
West Monroe Partners, LLC	(4)(7)(10)		SOFR + 4.75	%		8.88	%		1/19/2022		11/8/2028		28,527		28,267		28,242		1.23

															522,621		518,949		22.61
Software
Auctane, Inc.	(4)(10)		SOFR + 5.75	%		10.14	%		1/19/2022		10/5/2028		58,200		57,665		57,182		2.49
Avalara, Inc.	(8)		SOFR + 2.75	%		6.87	%		9/12/2025		3/26/2032		31,958		31,813		32,007		1.39
BEP Intermediate Holdco, LLC	(8)		SOFR + 2.75	%		6.91	%		7/10/2025		4/25/2031		364		364		366		0.02
Boost Newco Borrower, LLC	(8)		SOFR + 2.00	%		6.00	%		4/10/2025		1/31/2031		2,985		2,943		2,993		0.13
Boxer Parent Company, Inc.	(8)		SOFR + 3.00	%		7.20	%		7/30/2024		7/30/2031		45,099		44,946		45,078		1.96
Capstone Borrower, Inc.	(8)		SOFR + 2.75	%		6.75	%		7/23/2025		6/17/2030		9,975		9,994		9,971		0.43
CDK Global, Inc.	(8)		SOFR + 3.25	%		7.25	%		12/11/2024		7/6/2029		49,792		47,042		43,196		1.88
Clearwater Analytics, LLC	(8)		SOFR + 2.25	%		6.46	%		4/24/2025		4/21/2032		1,383		1,383		1,388		0.06
Cloud Software Group, Inc.	(8)		SOFR + 3.25	%		7.25	%		8/7/2025		3/21/2031		37,143		37,279		37,326		1.63
Cloud Software Group, Inc.	(8)		SOFR + 3.25	%		7.25	%		8/7/2025		8/13/2032		3,492		3,492		3,506		0.15
Cloudera, Inc.	(9)		SOFR + 3.75	%		8.01	%		1/19/2022		10/8/2028		14,190		14,061		13,998		0.61
Confine Visual Bidco	(4)(8)		SOFR + 5.75	%		9.87	%		9/26/2022		2/23/2029		31,746		31,251		25,476		1.11
Confine Visual Bidco	(4)(8)		SOFR + 5.75	%		9.87	%		9/26/2022		2/23/2029		758		757		608		0.03
ConnectWise, LLC	(9)		SOFR + 3.50	%		7.76	%		1/19/2022		9/29/2028		14,228		14,300		14,273		0.62
Cornerstone OnDemand, Inc.	(9)		SOFR + 3.75	%		8.03	%		2/20/2025		10/16/2028		29,794		27,446		28,775		1.25
Delta Topco, Inc.	(8)		SOFR + 2.75	%		7.02	%		11/25/2024		11/30/2029		49,693		49,575		49,218		2.14
Disco Parent, Inc.	(8)		SOFR + 3.25	%		7.48	%		8/1/2025		8/6/2032		3,463		3,454		3,480		0.15
ECI Macola Max Holding, LLC	(10)		SOFR + 2.75	%		6.75	%		7/10/2025		5/9/2030		26,555		26,739		26,588		1.16
Epicor Software Corp.	(10)		SOFR + 2.50	%		6.66	%		5/30/2024		5/30/2031		15,773		15,812		15,811		0.69
EverCommerce Solutions, Inc.	(9)		SOFR + 2.25	%		6.41	%		7/24/2025		7/7/2031		562		562		561		0.02
Facile.It Broker Di Assicurazioni S.p.A	(4)(11)		E + 4.75	%		6.75	%		9/26/2025		12/23/2029	EUR	10,000		11,648		11,741		0.51
Flash Charm, Inc.	(10)		SOFR + 3.50	%		7.80	%		6/11/2024		3/2/2028		9,012		9,000		7,930		0.35
Gen Digital, Inc.	(9)		SOFR + 1.75	%		5.91	%		6/5/2024		9/12/2029		7,537		7,546		7,524		0.33
Gen Digital, Inc.	(9)		SOFR + 1.75	%		5.91	%		4/3/2025		2/13/2032		11,970		11,818		11,934		0.52
Genesys Cloud Services, Inc.	(8)		SOFR + 2.50	%		6.66	%		9/26/2024		1/30/2032		30,355		30,079		30,200		1.32
HS Purchaser, LLC	(10)		SOFR + 3.75	%		8.16	%		1/19/2022		11/19/2026		3,051		3,047		2,892		0.13
Icon Parent, Inc.	(8)		SOFR + 2.75	%		6.75	%		8/14/2025		11/13/2031		29,925		30,056		29,917		1.30
ION Trading Finance, Ltd.	(8)		SOFR + 3.50	%		7.50	%		12/10/2024		4/1/2028		31,077		31,131		31,111		1.36
Javelin Buyer, Inc.	(8)		SOFR + 2.75	%		7.06	%		7/24/2025		12/5/2031		30,443		30,707		30,443		1.33
KnowBe4, Inc.	(8)		SOFR + 3.75	%		8.06	%		7/22/2025		7/23/2032		15,000		14,963		15,038		0.65
LD Lower Holdings, Inc.	(4)(11)		SOFR + 7.50	%		11.60	%		1/19/2022		8/9/2027		13,547		13,523		12,125		0.53
Magenta Security Holdings, LLC	(11)		SOFR + 6.25	%		10.56	%		8/14/2024		7/27/2028		292		284		297		0.01
Magenta Security Holdings, LLC	(10)(18)		SOFR + 6.75	%		11.32	%		8/14/2024		7/27/2028		829		799		682		0.03
McAfee Corp.	(9)		SOFR + 3.00	%		7.22	%		5/31/2024		3/1/2029		26,085		26,066		24,993		1.09
Medallia, Inc.	(4)(10)		SOFR + 6.50	%		10.47 (incl. 4.00 PIK	% % )		1/19/2022		10/29/2028		52,108		51,715		42,859		1.87
Mitnick Purchaser, Inc.	(9)(18)		SOFR + 4.75	%		9.16	%		4/20/2022		5/2/2029		4,850		4,838		3,544		0.15
Mitratech Holdings, Inc.	(4)(10)		SOFR + 5.00	%		9.41	%		8/9/2022		5/18/2028		26,813		26,196		26,813		1.17
Mitratech Holdings, Inc.	(10)		SOFR + 4.25	%		8.82	%		4/5/2023		5/18/2028		14,663		14,285		14,727		0.64
Monk Holding, Co.	(4)(10)(18)		SOFR + 5.50	%		9.60	%		1/19/2022		12/1/2027		106,839		105,860		106,839		4.65
Monk Holding, Co.	(4)(7)(10)		SOFR + 5.50	%		9.60	%		1/19/2022		12/1/2027		3,525		3,504		3,525		0.15
MRI Software, LLC	(11)		SOFR + 4.75	%		8.75	%		9/26/2022		2/10/2027		9,890		9,796		9,871		0.43
Nintex Topco, Limited	(4)(8)		SOFR + 6.00	%		10.01 (incl. 1.50 PIK	% % )		1/19/2022		11/13/2028		32,787		32,479		29,755		1.30
Perforce Software, Inc.	(8)		SOFR + 4.75	%		8.91	%		12/18/2024		7/1/2029		10,713		10,565		9,890		0.43
Planview Parent, Inc.	(8)		SOFR + 3.50	%		7.50	%		12/17/2024		12/17/2027		3,663		3,606		3,615		0.16
Project Alpha Intermediate Holding, Inc.	(9)		SOFR + 3.25	%		7.25	%		11/26/2024		10/28/2030		20,552		20,505		20,633		0.90

228

BCRED Emerald JV LP

Consolidated Schedule of Investments

September 30, 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)
Project Leopard Holdings, Inc.	(9)		SOFR + 5.25	%		9.66	%		12/19/2024		7/20/2029		19,844		18,125		17,955		0.78
Proofpoint, Inc.	(9)		SOFR + 3.00	%		7.16	%		5/28/2024		8/31/2028		24,603		24,680		24,730		1.08
Pushpay USA, Inc.	(8)		SOFR + 3.75	%		7.75	%		8/6/2025		8/15/2031		996		996		1,004		0.04
Quartz Acquireco, LLC	(8)		SOFR + 2.25	%		6.25	%		4/11/2025		6/28/2030		1,865		1,844		1,864		0.08
Rithum Holdings, Inc.	(8)		SOFR + 4.75	%		8.75	%		7/2/2025		7/21/2032		11,000		10,787		11,010		0.48
Rocket Software, Inc.	(9)		SOFR + 3.75	%		7.91	%		10/5/2023		11/28/2028		25,939		25,760		26,026		1.13
Skopima Consilio Parent, LLC	(9)		SOFR + 3.75	%		7.91	%		12/18/2024		5/12/2028		27,175		27,200		23,158		1.01
Sophos Holdings, LLC	(8)		SOFR + 3.50	%		7.78	%		1/19/2022		3/5/2027		19,100		19,092		19,149		0.83
Sovos Compliance, LLC	(8)		SOFR + 3.25	%		7.41	%		7/24/2025		8/12/2029		15,442		15,403		15,484		0.67
Starlight Parent, LLC	(8)		SOFR + 4.00	%		8.03	%		4/16/2025		4/16/2032		46,128		45,039		45,379		1.98
Storable, Inc.	(8)		SOFR + 3.25	%		7.41	%		3/10/2025		4/16/2031		2,335		2,332		2,346		0.10
Tangerine Bidco S.p.A	(4)(8)		E + 6.00	%		8.04	%		12/17/2022		12/30/2029	EUR	69,750		72,758		81,890		3.57
Triple Lift, Inc.	(4)(7)(10)		SOFR + 5.75	%		9.90	%		1/19/2022		5/5/2028		58,324		58,044		53,487		2.33
Vision Solutions, Inc.	(10)		SOFR + 4.00	%		8.57	%		1/19/2022		4/24/2028		12,102		11,835		11,727		0.51
VS Buyer, LLC	(8)		SOFR + 2.25	%		6.56	%		7/25/2025		4/12/2031		14,925		15,080		14,934		0.65
XPLOR T1, LLC	(4)(8)		SOFR + 3.50	%		7.50	%		12/11/2024		6/24/2031		4,950		5,012		4,956		0.22
Zodiac Purchaser, LLC	(8)		SOFR + 3.50	%		7.66	%		12/13/2024		2/14/2032		19,000		18,935		18,903		0.82

															1,297,816		1,274,701		55.51
Specialty Retail
CustomInk, LLC	(4)(11)(18)		SOFR + 5.98	%		10.29	%		1/19/2022		5/3/2028		36,866		36,803		36,866		1.61
EG America, LLC	(8)		SOFR + 3.50	%		7.70	%		7/18/2025		2/7/2028		6,981		7,005		7,030		0.31
Great Outdoors Group, LLC	(10)		SOFR + 3.25	%		7.41	%		1/23/2025		1/23/2032		2,552		2,541		2,554		0.11
Mavis Tire Express Services Topco, Corp.	(10)		SOFR + 3.00	%		7.20	%		11/19/2024		5/4/2028		25,083		25,135		25,109		1.09
MillerKnoll, Inc.	(8)		SOFR + 2.25	%		6.41	%		7/23/2025		8/9/2032		4,031		4,028		4,030		0.18
StubHub Holdco Sub, LLC	(8)		SOFR + 4.75	%		8.91	%		3/15/2024		3/15/2030		7,377		7,425		7,331		0.32

															82,937		82,920		3.62
Technology Hardware, Storage & Peripherals
Sandisk, Corp.	(8)		SOFR + 3.00	%		7.14	%		12/13/2024		2/20/2032		18,323		18,121		18,380		0.80
Textiles, Apparel & Luxury Goods
Champ Acquisition Corp.	(8)		SOFR + 4.00	%		8.17	%		11/8/2024		11/25/2031		665		660		672		0.03
Trading Companies & Distributors
BCPE Empire Holdings, Inc.	(9)		SOFR + 3.25	%		7.41	%		3/4/2025		12/11/2030		2,714		2,711		2,712		0.12
FCG Acquisitions, Inc.	(9)		SOFR + 3.25	%		7.41	%		2/11/2025		3/31/2028		16,094		16,083		16,150		0.70
Foundation Building Materials, Inc.	(9)		SOFR + 3.25	%		7.82	%		1/19/2022		1/31/2028		3,353		3,302		3,361		0.15
Hillman Group, Inc.	(9)		SOFR + 2.00	%		6.14	%		11/7/2024		7/14/2028		3,947		3,952		3,955		0.17
Icebox Holdco III, Inc.	(9)		SOFR + 3.25	%		7.25	%		1/19/2022		12/22/2031		6,015		5,989		6,062		0.26
Johnstone Supply, LLC	(8)		SOFR + 2.50	%		6.64	%		12/12/2024		6/9/2031		11,296		11,358		11,289		0.49
Kodiak BP, LLC	(8)		SOFR + 3.75	%		7.75	%		1/19/2022		12/4/2031		13,599		13,588		13,557		0.59
Paramount Global Surfaces, Inc.	(4)(11)		SOFR + 6.00	%		10.26	%		1/19/2022		4/30/2027		8,555		8,505		6,566		0.29
Park River Holdings, Inc.	(10)		SOFR + 3.25	%		7.80	%		1/19/2022		12/28/2027		3,308		3,285		3,313		0.14
QXO Building Products, Inc.	(8)		SOFR + 3.00	%		7.16	%		4/23/2025		4/30/2032		2,651		2,626		2,676		0.12
White Cap Buyer, LLC	(8)		SOFR + 3.25	%		7.42	%		6/13/2024		10/19/2029		16,808		16,842		16,831		0.73

															88,241		86,472		3.76
Transportation Infrastructure
Apple Bidco, LLC	(8)		SOFR + 2.50	%		6.66	%		6/7/2022		9/23/2031		30,565		30,597		30,598		1.33
Roadsafe Holdings, Inc.	(4)(11)		SOFR + 5.75	%		10.12	%		1/19/2022		10/19/2027		11,609		11,568		11,145		0.49
Roadsafe Holdings, Inc.	(4)(11)		SOFR + 5.75	%		9.89	%		1/19/2022		10/19/2027		6,685		6,649		6,417		0.28
Signature Aviation US Holdings, Inc.	(9)		SOFR + 2.50	%		6.66	%		8/11/2025		7/1/2031		5,000		5,005		5,010		0.22
Signature Aviation US Holdings, Inc.	(9)		SOFR + 2.75	%		6.91	%		7/23/2025		7/1/2031		4,987		5,018		5,004		0.22

229

BCRED Emerald JV LP

Consolidated Schedule of Investments

September 30, 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)
Transportation Infrastructure (continued)
Swissport Stratosphere USA, LLC	(8)		SOFR + 3.25	%		7.56	%		7/24/2025		4/4/2031		354		354		357		0.02

															59,191		58,531		2.56

Total First Lien Debt															6,480,223		6,352,649		276.70

Second Lien Debt
Commercial Services & Supplies
DG Investment Intermediate Holdings 2, Inc.	(8)		SOFR + 5.50	%		9.66	%		7/23/2025		7/31/2033		5,200		5,175		5,187		0.23
Health Care Providers & Services
Canadian Hospital Specialties, Ltd.	(4)(8)		8.75	%		8.75	%		12/20/2022		4/15/2029	CAD	12,000		8,408		8,041		0.35
Jayhawk Buyer, LLC	(4)(11)		SOFR + 8.75	%		13.16	%		1/19/2022		10/15/2027		24,712		24,634		23,291		1.01

															33,042		31,332		1.36
Life Sciences Tools & Services
Curia Global, Inc.	(4)(10)		SOFR + 10.50	%		14.96 PIK	%		9/26/2022		3/7/2030		40,670		40,187		36,400		1.59
Machinery
Victory Buyer, LLC	(4)(9)		SOFR + 7.00	%		11.28	%		1/19/2022		11/19/2029		66,704		65,954		66,370		2.89
Professional Services
Kwor Acquisition, Inc.	(4)(11)		SOFR + 8.00	%		12.20 PIK	%		2/28/2025		2/28/2030		14,699		14,699		14,699		0.64
Software
Boxer Parent Company, Inc.	(8)		SOFR + 5.75	%		9.95	%		3/26/2025		7/30/2032		20,000		19,388		19,531		0.85
Vision Solutions, Inc.	(10)		SOFR + 7.25	%		11.82	%		9/26/2022		4/23/2029		24,942		23,006		23,981		1.04

															42,394		43,512		1.89

Total Second Lien Debt															201,451		197,500		8.60

Equity
Air Freight & Logistics
AGI Group Holdings, LP - Class A-2 Common Units	(4)								1/19/2022				194		208		315		0.01
Mode Holdings, LP - Class A-2 Common Units	(4)								1/19/2022				1,230,769		2,215		665		0.03
Red Griffin ParentCo, LLC - Class A Common Units	(4)								11/27/2024				3,838		16,269		6,167		0.27

															18,692		7,147		0.31
Capital Markets
Resolute Investment Managers, Inc. - Common Equity									12/29/2023				11,751		294		44		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, LP) - Class A Units	(4)								1/19/2022				1		780		0		0.00
Box Co-Invest Blocker, LLC - (BP Alpha Holdings, LP) - 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		1,218		0.05

															2,111		1,218		0.05

230

BCRED Emerald JV LP

Consolidated Schedule of Investments

September 30, 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)
Diversified Consumer Services
Cambium Holdings, LLC - Senior Preferred Interest	(4)			11.50	%		1/19/2022			974,662		1,133		1,365		0.06
Health Care Providers & Services
Jayhawk Holdings, LP - Class A-1 Common Units	(4)						1/19/2022			797		210		19		0.00
Jayhawk Holdings, LP - Class A-2 Common Units	(4)						1/19/2022			429		113		10		0.00
WHCG Purchaser, Inc. - Class A Common Units	(4)						8/2/2024			667,649		0		0		0.00

												323		29		0.00
Professional Services
Kwor Intermediate I, Inc. - Class A Common Shares	(4)						2/28/2025			8,617		7,857		7,652		0.33
Kwor Intermediate I, Inc. - Preferred Equity	(4)						2/28/2025			9,216		9,216		9,886		0.43

												17,073		17,538		0.76
Software
Descartes Holdings, Inc. - Class A Common Stock	(4)						10/9/2023			168,057		728		0		0.00
Specialty Retail
GSO DL CoInvest CI LP (CustomInk, LLC - Series A Preferred Units)	(4)						1/19/2022			3,000,000		3,542		3,362		0.15

Total Equity												43,896		30,703		1.33

Total Investment Portfolio												6,725,570		6,580,852		286.63

Cash and Cash Equivalents
Dreyfus Treasury Obligations Cash Management				3.90	%							445		445		0.02
Fidelity Investments Money Market Treasury Portfolio - Class I				4.01	%							190		190		0.01
Other Cash and Cash Equivalents												173,145		173,145		7.54

Total Cash and Cash Equivalents												173,780		173,780		7.57

Total Portfolio Investments, Cash and Cash Equivalents											$	6,899,350	$	6,754,632		294.20	%

(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 September 30, 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)

231

BCRED Emerald JV LP

Consolidated Schedule of Investments

September 30, 2025

(in thousands)

(Unaudited)

(“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”), 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 September 30, 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 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 (see Note 2 and Note 5), pursuant to the Company’s valuation policy.

(5)

(6)

Reserved.

(7)


Investments	Commitment Type	Commitment Expiration Date		Unfunded Commitment		Fair Value
ADCS Clinics Intermediate Holdings, LLC	Revolver		5/7/2026	$	670	$	—
Amspec Parent, LLC	Delayed Draw Term Loan		12/21/2026		696		—
Azuria Water Solutions, Inc.	Delayed Draw Term Loan		6/13/2027		701		—
Cambium Learning Group, Inc.	Revolver		7/20/2027		3,249		—
Clydesdale Acquisition Holdings, Inc.	Delayed Draw Term Loan		12/16/2025		133		—
CohnReznick Advisory, LLC	Delayed Draw Term Loan		3/31/2027		3,418		—
Express Wash Concepts, LLC	Delayed Draw Term Loan		12/31/2025		10,500		—
Kwor Acquisition, Inc.	Revolver		2/28/2030		6,611		—
Kwor Acquisition, Inc.	Delayed Draw Term Loan		2/28/2027		8,990		—
Latham Pool Products, Inc.	Revolver		2/23/2027		11,250		(106	)
Monk Holding, Co.	Delayed Draw Term Loan		12/1/2025		777		—
Navigator Acquiror, Inc.	Delayed Draw Term Loan		7/15/2030		634		—
Navigator Acquiror, Inc.	Delayed Draw Term Loan		7/15/2030		634		—
Pinnacle Buyer, LLC	Delayed Draw Term Loan		4/1/2027		1,947		—
Raven Acquisition Holdings, LLC	Delayed Draw Term Loan		11/19/2026		667		—
Sanders Industries Holdings, Inc.	Delayed Draw Term Loan		2/26/2027		1,959		—
Secretariat Advisors, LLC	Delayed Draw Term Loan		2/28/2027		301		—
Signia Aerospace, LLC	Delayed Draw Term Loan		12/11/2026		1,017		(1	)
Smile Doctors, LLC	Revolver		12/23/2027		4,737		(166	)
Triple Lift, Inc.	Revolver		5/5/2028		2,143		(171	)
West Monroe Partners, LLC	Revolver		11/9/2027		2,843		—

Total Unfunded Commitments				$	63,877	$	(444	)

232

BCRED Emerald JV LP

Consolidated Schedule of Investments

September 30, 2025

(in thousands)

(Unaudited)

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

(9)	The interest rate floor on these investments as of September 30, 2025 was 0.50%.

(10)	The interest rate floor on these investments as of September 30, 2025 was 0.75%.

(11)	The interest rate floor on these investments as of September 30, 2025 was 1.00%.

(12)	The interest rate floor on these investments as of September 30, 2025 was 1.25%.

(13)	The interest rate floor on these investments as of September 30, 2025 was 1.50%.

(14)	The interest rate floor on these investments as of September 30, 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 September 30, 2025.

(18)

(19)

All securities are exempt from registration under the Securities Act, and may be deemed to be “restricted securities.” As of September 30, 2025, the aggregate fair value of these securities is $6,580.9 million or 286.63% of the Company’s net assets. The initial acquisition dates have been included for such securities.

233

BCRED Emerald JV LP

Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)

The following table presents the consolidated schedule of investments of the Emerald JV as of December 31, 2024:


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
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

234

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)
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
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

235

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
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

236

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 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
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
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

237

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 (continued)
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
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
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

238

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 (continued)
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
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

239

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)
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
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
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

240

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)
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
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
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

241

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 (continued)
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

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

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

242

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)
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
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,

243

BCRED Emerald JV LP

Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)

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.

(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)

(6)

Reserved.

(7)

244

BCRED Emerald JV LP

Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)

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
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.

(18)

(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.

245

The following table presents the selected consolidated statements of assets and liabilities information of the Emerald JV as of September 30, 2025 and December 31, 2024 (Unaudited):


	September 30, 2025		December 31, 2024
ASSETS
Investments at fair value (cost of $6,725,570 and $5,730,939, respectively)	$	6,580,852	$	5,647,024
Cash and cash equivalents		173,780		150,661
Interest receivable		40,608		34,431
Receivable for investments sold		8,698		65,644
Deferred financing costs		7,684		11,005

Total assets	$	6,811,622	$	5,908,765

LIABILITIES
Debt (net of unamortized debt issuance costs of $5,205 and $0, respectively)	$	4,022,707	$	2,169,241
Distribution payable		80,027		75,514
Payable for investments purchased and other liabilities		413,040		1,292,277

Total liabilities		4,515,774		3,537,032

PARTNERS’ CAPITAL
Partners’ capital		2,295,848		2,371,733

Total partners’ capital		2,295,848		2,371,733

Total liabilities and partners’ capital	$	6,811,622	$	5,908,765

The following table presents the selected consolidated statements of operations information of the Emerald JV for the three and nine months ended September 30, 2025 and September 30, 2024 (Unaudited):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Investment income:
Interest income	$	135,753	$	123,360	$	395,043	$	413,396
Payment-in-kind interest income		6,208		2,066		17,210		5,713
Dividend income		2,922		3		2,922		19
Other income		44		—		675		604

Total investment income		144,927		125,429		415,850		419,732

Expenses:
Interest expense		58,383		43,758		161,117		141,886
Other expenses		1,567		541		3,050		1,603

Total expenses		59,950		44,299		164,167		143,489

Net investment income before tax expense		84,977		81,130		251,683		276,243

Tax expense		—		—		—		—

Net investment income after tax expense		84,977		81,130		251,683		276,243

246


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Net realized and change in unrealized gain (loss):
Net change in unrealized gain (loss) on investments, foreign currency and income tax (provision) benefit		(33,652	)		(48,847	)		(71,218	)		(68,702	)
Net realized gain (loss) on investments and foreign currency		(2,995	)		6,785			(19,624	)		10,972

Total net realized and change in unrealized gain (loss)		(36,647	)		(42,062	)		(90,842	)		(57,730	)

Net increase (decrease) in partners’ capital resulting from operations	$	48,330		$	39,068		$	160,841		$	218,513

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 September 30, 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 September 30, 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 September 30, 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 was 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. Effective October 21, 2025, the Verdelite JV’s general partner approved the extension of the Verdelite JV to April 21, 2026.

247

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 September 30, 2025 and December 31, 2024.

248

The following table presents the consolidated schedule of investments of the Verdelite JV as of September 30, 2025:

BCRED Verdelite JV LP

Consolidated Schedule of Investments

September 30, 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
Aerospace & Defense
KBR, Inc.	(8)		SOFR + 2.00	%		6.16	%		8/14/2024		1/17/2031	$	501	$	501	$	502		0.39	%
Peraton Corp.	(10)		SOFR + 3.75	%		8.01	%		11/16/2022		2/1/2028		4,940		4,903		4,179		3.21
TransDigm, Inc.	(8)		SOFR + 2.50	%		6.50	%		11/28/2023		2/28/2031		5,911		5,908		5,915		4.54
TransDigm, Inc.	(8)		SOFR + 2.25	%		6.25	%		9/11/2025		3/22/2030		89		89		89		0.07
Vertex Aerospace Services Corp.	(10)		SOFR + 2.25	%		6.41	%		11/16/2022		12/6/2030		5,532		5,512		5,533		4.25

															16,913		16,218		12.46
Air Freight & Logistics
Savage Enterprises, LLC	(8)		SOFR + 2.50	%		6.75	%		7/30/2025		8/5/2032		2,848		2,852		2,854		2.19
Airlines
American Airlines, Inc.	(8)		SOFR + 2.25	%		6.50	%		2/15/2023		2/15/2028		2,939		2,939		2,939		2.26
American Airlines, Inc.	(8)		SOFR + 1.75	%		5.98	%		11/16/2022		1/29/2027		495		494		494		0.38
American Airlines, Inc.	(8)		SOFR + 2.25	%		6.58	%		2/15/2023		4/20/2028		997		970		997		0.77
United Airlines, Inc.	(8)		SOFR + 2.00	%		6.20	%		2/22/2024		2/22/2031		2,279		2,279		2,289		1.76

															6,682		6,719		5.17
Auto Components
Clarios Global, LP	(8)		SOFR + 2.50	%		6.66	%		7/16/2024		5/6/2030		2,942		2,942		2,947		2.26
Clarios Global, LP	(8)		SOFR + 2.75	%		6.91	%		3/12/2025		1/28/2032		2,500		2,484		2,505		1.92

															5,426		5,452		4.18
Beverages
Triton Water Holdings, Inc.	(9)		SOFR + 2.25	%		6.25	%		11/16/2022		3/31/2028		3,397		3,397		3,400		2.61
Biotechnology
Grifols Worldwide Operations USA, Inc.	(8)		SOFR + 2.00	%		6.26	%		11/16/2022		11/15/2027		3,114		3,104		3,108		2.39
Broadline Retail
Peer Holding III, BV	(8)		SOFR + 2.50	%		6.50	%		6/26/2024		7/1/2031		1,928		1,928		1,933		1.48
Building Products
Cornerstone Building Brands, Inc.	(9)		SOFR + 3.25	%		7.50	%		11/16/2022		4/12/2028		3,918		3,878		3,731		2.86
Griffon Corp.	(8)		SOFR + 2.00	%		6.00	%		6/26/2024		1/24/2029		3,424		3,430		3,440		2.64
Gulfside Supply, Inc.	(8)		SOFR + 3.00	%		7.00	%		6/17/2024		6/17/2031		618		616		619		0.48
LBM Acquisition, LLC	(10)		SOFR + 3.75	%		7.99	%		6/6/2024		5/31/2031		5,945		5,897		5,813		4.46
MIWD Holdco II, LLC	(8)		SOFR + 2.75	%		6.91	%		3/28/2024		3/28/2031		2,039		2,030		2,049		1.57
Oscar Acquisitionco, LLC	(9)		SOFR + 4.25	%		8.25	%		11/16/2022		4/29/2029		2,402		2,405		2,249		1.73
Resideo Funding, Inc.	(8)		SOFR + 2.00	%		5.84	%		6/14/2024		6/13/2031		543		543		545		0.42
Resideo Funding, Inc.	(8)		SOFR + 2.00	%		6.04	%		8/8/2025		8/13/2032		330		330		330		0.25
Standard Industries, Inc.	(9)		SOFR + 1.75	%		5.89	%		11/16/2022		9/22/2028		541		541		543		0.42

															19,670		19,319		14.83
Capital Markets
Apex Group Treasury, LLC	(8)		SOFR + 3.50	%		7.75	%		2/27/2025		2/27/2032		3,501		3,493		3,431		2.63
Aretec Group, Inc.	(8)		SOFR + 3.50	%		7.66	%		5/29/2024		8/9/2030		5,363		5,361		5,369		4.12
Citco Funding, LLC	(9)		SOFR + 2.75	%		6.81	%		6/13/2024		4/27/2028		980		979		984		0.76
Focus Financial Partners, LLC	(8)		SOFR + 2.75	%		6.91	%		1/31/2025		9/15/2031		2,481		2,465		2,485		1.91
GTCR Everest Borrower, LLC	(8)		SOFR + 2.75	%		6.75	%		7/25/2025		9/5/2031		4,121		4,123		4,126		3.17
Kestra Advisor Services Holdings A, Inc.	(8)		SOFR + 3.00	%		7.16	%		8/1/2025		3/21/2031		1,570		1,570		1,573		1.21
Osaic Holdings, Inc.	(8)		SOFR + 3.00	%		7.16	%		7/17/2025		8/1/2032		2,660		2,657		2,662		2.04
Superannuation & Investments US, LLC	(9)		SOFR + 3.00	%		7.16	%		7/18/2025		12/1/2028		107		107		107		0.08
The Edelman Financial Engines Center, LLC	(8)		SOFR + 3.00	%		7.16	%		6/5/2024		4/7/2028		3,851		3,851		3,858		2.96
Victory Capital Holdings, Inc.	(8)		SOFR + 2.00	%		6.00	%		9/10/2025		9/23/2032		5,022		5,016		5,019		3.85

															29,622		29,614		22.73

249

BCRED Verdelite JV LP

Consolidated Schedule of Investments

September 30, 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)
Chemicals
CI Maroon Holdings, LLC	(8)		SOFR + 3.25	%		7.35	%		2/7/2025		3/3/2031		891		891		893		0.69
Nouryon USA, LLC	(8)		SOFR + 3.25	%		7.50	%		4/26/2024		4/3/2028		3,666		3,666		3,676		2.82

															4,557		4,569		3.51
Commercial Services & Supplies
Access CIG, LLC	(9)		SOFR + 4.00	%		8.03	%		8/15/2025		8/18/2030		5,505		5,395		5,529		4.24
Allied Universal Holdco, LLC	(8)		SOFR + 3.25	%		7.51	%		8/6/2025		8/20/2032		3,034		3,030		3,049		2.34
Anticimex, Inc.	(9)		SOFR + 3.40	%		7.76	%		11/16/2022		11/16/2028		4,320		4,290		4,337		3.33
Aramark Services, Inc.	(8)		SOFR + 1.75	%		5.91	%		8/12/2025		4/6/2028		259		259		260		0.20
Asplundh Tree Expert, LLC	(8)		SOFR + 1.75	%		5.91	%		5/23/2024		5/23/2031		1,332		1,329		1,333		1.02
Belfor Holdings, Inc.	(9)		SOFR + 2.75	%		6.91	%		8/8/2025		11/1/2030		952		952		957		0.73
EAB Global, Inc.	(9)		SOFR + 3.00	%		7.16	%		11/16/2022		8/16/2030		8,744		8,656		8,542		6.56
Foundational Education Group, Inc.	(9)		SOFR + 4.25	%		8.53	%		11/16/2022		8/31/2028		2,462		2,397		2,197		1.69
Garda World Security, Corp.	(8)		SOFR + 3.00	%		7.17	%		8/6/2024		2/1/2029		3,789		3,789		3,798		2.92
Lsf12 Crown US Commercial Bidco, LLC	(8)		SOFR + 3.50	%		7.66	%		9/19/2025		12/2/2031		379		379		381		0.29
OMNIA Partners, LLC	(8)		SOFR + 2.50	%		6.81	%		1/26/2024		7/25/2030		3,355		3,336		3,361		2.58
Pinnacle Buyer, LLC	(7)(8)		SOFR + 2.50	%		6.56	%		9/11/2025		10/1/2032		444		443		445		0.34
Prime Security Services Borrower, LLC	(8)		SOFR + 2.00	%		6.13	%		4/15/2024		10/13/2030		5,223		5,221		5,216		4.00
Prime Security Services Borrower, LLC	(8)		SOFR + 1.75	%		6.00	%		4/4/2025		3/7/2032		995		986		987		0.76
Tempo Acquisition, LLC	(9)		SOFR + 1.75	%		5.91	%		1/29/2025		8/31/2028		2,481		2,462		2,432		1.87
TRC Cos, LLC	(8)		SOFR + 3.00	%		7.16	%		11/16/2022		12/8/2028		5,462		5,461		5,476		4.20
Vaco Holdings, Inc.	(10)		SOFR + 5.00	%		9.15	%		11/16/2022		1/21/2029		2,300		2,266		1,987		1.53

															50,651		50,287		38.60
Construction & Engineering
Azuria Water Solutions, Inc.	(10)		SOFR + 3.00	%		7.16	%		7/23/2024		5/17/2028		2,941		2,941		2,949		2.26
Brookfield WEC Holdings, Inc.	(8)		SOFR + 2.25	%		6.53	%		1/25/2024		1/27/2031		2,491		2,485		2,495		1.92
Touchdown Acquirer, Inc.	(8)		SOFR + 2.75	%		6.95	%		8/21/2024		2/21/2031		2,383		2,362		2,384		1.83

															7,788		7,828		6.01
Construction Materials
Green Infrastructure Partners US, LLC	(8)		SOFR + 2.75	%		6.78	%		9/19/2025		9/24/2032		273		272		273		0.21
Quikrete Holdings, Inc.	(8)		SOFR + 2.25	%		6.41	%		4/4/2025		2/10/2032		995		971		996		0.76
Tamko Building Products, LLC	(8)		SOFR + 2.75	%		6.91	%		10/23/2024		9/20/2030		2,608		2,608		2,619		2.01

															3,851		3,888		2.98
Consumer Finance
CPI Holdco B, LLC	(8)		SOFR + 2.00	%		6.16	%		5/17/2024		5/17/2031		3,685		3,681		3,685		2.83
Containers & Packaging
Anchor Packaging, LLC	(8)		SOFR + 3.25	%		7.39	%		12/13/2024		7/18/2029		741		741		745		0.57
Berlin Packaging, LLC	(8)		SOFR + 3.25	%		7.53	%		7/25/2025		6/7/2031		4,486		4,486		4,505		3.46
Clydesdale Acquisition Holdings, Inc.	(9)		SOFR + 3.18	%		7.34	%		11/16/2022		4/13/2029		3,136		3,099		3,135		2.41
Graham Packaging Co., Inc.	(8)		SOFR + 2.50	%		6.66	%		7/31/2024		8/4/2027		2,591		2,591		2,594		1.99
ProAmpac PG Borrower, LLC	(10)		SOFR + 4.00	%		8.19	%		4/9/2024		9/15/2028		5,132		5,132		5,158		3.96
SupplyOne, Inc.	(8)		SOFR + 3.50	%		7.66	%		4/19/2024		4/19/2031		1,686		1,680		1,696		1.30
TricorBraun Holdings, Inc.	(9)		SOFR + 3.25	%		7.41	%		11/16/2022		3/3/2028		4,467		4,360		4,450		3.42
Trident TPI Holdings, Inc.	(9)		SOFR + 3.75	%		7.75	%		10/18/2024		9/15/2028		4,386		4,386		4,315		3.31

															26,475		26,598		20.42
Diversified Consumer Services
Cengage Learning, Inc.	(11)		SOFR + 3.50	%		7.67	%		11/22/2024		3/22/2031		3,432		3,425		3,428		2.63
Element Materials Technology Group US Holdings, Inc.	(9)		SOFR + 3.68	%		7.68	%		11/16/2022		7/6/2029		2,940		2,896		2,963		2.27
Imagine Learning, LLC	(9)		SOFR + 3.50	%		7.66	%		2/1/2024		12/21/2029		3,955		3,937		3,436		2.64
KUEHG Corp.	(9)		SOFR + 2.75	%		6.75	%		8/11/2025		6/12/2030		2,494		2,503		2,495		1.92
Mckissock Investment Holdings, LLC	(10)		SOFR + 5.00	%		9.47	%		11/16/2022		3/12/2029		4,172		4,100		4,153		3.19
Mister Car Wash Holdings, Inc.	(8)		SOFR + 2.50	%		6.66	%		3/27/2024		3/21/2031		696		696		698		0.54

250

BCRED Verdelite JV LP

Consolidated Schedule of Investments

September 30, 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)
Diversified Consumer Services (continued)
Pre-Paid Legal Services, Inc.	(9)		SOFR + 3.25	%		7.41	%		11/16/2022		12/15/2028		3,240		3,207		3,070		2.36
Spring Education Group, Inc.	(8)		SOFR + 3.25	%		7.25	%		9/29/2023		10/5/2030		3,361		3,336		3,377		2.59
University Support Services, LLC	(9)		SOFR + 2.75	%		6.91	%		11/16/2022		2/10/2029		3,688		3,662		3,638		2.79
Wand NewCo 3, Inc.	(8)		SOFR + 2.50	%		6.66	%		7/30/2024		1/30/2031		2,898		2,876		2,892		2.22

															30,638		30,150		23.15
Diversified REITs
Iron Mountain Information Management, LLC	(8)		SOFR + 2.00	%		6.16	%		12/28/2023		1/31/2031		845		840		846		0.65
Diversified Telecommunication Services
Coral-US Co-Borrower, LLC	(8)		SOFR + 3.25	%		7.57	%		11/16/2022		1/31/2028		2,450		2,439		2,429		1.86
Virgin Media Bristol, LLC	(8)		SOFR + 3.18	%		7.37	%		3/2/2023		3/31/2031		2,727		2,709		2,693		2.07
Zacapa, LLC	(9)		SOFR + 3.75	%		7.75	%		10/29/2024		3/22/2029		4,467		4,467		4,479		3.44

															9,615		9,601		7.37
Electric Utilities
Cogentrix Finance Holdco I, LLC	(8)		SOFR + 2.25	%		6.41	%		8/7/2025		2/26/2032		2,368		2,373		2,375		1.82
NRG Energy, Inc.	(8)		SOFR + 1.75	%		6.07	%		4/16/2024		4/16/2031		1,751		1,748		1,753		1.35
Vistra Operations Co, LLC	(8)		SOFR + 1.75	%		5.91	%		11/16/2022		12/20/2030		2,601		2,581		2,607		2.00

															6,702		6,735		5.17
Electrical Equipment
Generac Power Systems, Inc.	(8)		SOFR + 1.75	%		6.03	%		7/3/2024		7/3/2031		3,761		3,757		3,787		2.91
Madison IAQ, LLC	(9)		SOFR + 2.50	%		6.70	%		11/16/2022		6/21/2028		6,678		6,600		6,692		5.14

															10,357		10,479		8.05
Electronic Equipment, Instruments & Components
Celestica, Inc.	(4)(8)		SOFR + 1.75	%		5.92	%		6/20/2024		6/20/2031		3,456		3,456		3,482		2.67
Infinite Bidco, LLC	(9)		SOFR + 3.75	%		8.32	%		11/16/2022		3/2/2028		2,619		2,569		2,559		1.96
Modena Buyer, LLC	(8)		SOFR + 4.50	%		8.81	%		7/1/2024		7/1/2031		1,822		1,792		1,802		1.38

															7,817		7,843		6.01
Energy Equipment & Services
Ursa Minor US Bidco, LLC	(8)		SOFR + 2.75	%		6.91	%		3/26/2024		3/26/2031		1,181		1,178		1,186		0.91
Entertainment
EOC Borrower, LLC	(8)		SOFR + 3.00	%		7.16	%		8/11/2025		3/24/2032		2,494		2,502		2,500		1.92
Live Nation Entertainment, Inc.	(8)		SOFR + 1.75	%		5.99	%		11/16/2022		10/19/2026		3,445		3,447		3,446		2.65
UFC Holdings, LLC	(8)		SOFR + 2.00	%		6.04	%		9/9/2025		11/21/2031		171		171		172		0.13

															6,120		6,118		4.70
Financial Services
Mitchell International, Inc.	(9)		SOFR + 3.25	%		7.41	%		6/17/2024		6/17/2031		4,892		4,872		4,893		3.76
Paysafe Holdings US Corp.	(9)		SOFR + 2.75	%		7.03	%		11/16/2022		6/28/2028		1,918		1,912		1,918		1.47
Planet US Buyer, LLC	(8)		SOFR + 3.00	%		7.20	%		2/9/2024		2/7/2031		1,012		1,010		1,019		0.78
Solera, LLC	(9)(18)		SOFR + 4.00	%		8.57	%		11/16/2022		6/2/2028		2,240		2,190		2,163		1.66

															9,984		9,993		7.67
Food Products
CHG PPC Parent, LLC	(9)		SOFR + 3.00	%		7.28	%		11/16/2022		12/8/2028		2,923		2,873		2,931		2.25
Dreyers Grand Ice Cream, Inc.	(8)		SOFR + 2.00	%		6.20	%		3/11/2025		9/30/2031		2,985		2,967		2,967		2.28
Froneri US, Inc.	(8)		SOFR + 2.00	%		6.20	%		7/16/2025		8/2/2032		1,378		1,374		1,376		1.06
Saratoga Food Specialties, LLC	(8)		SOFR + 3.25	%		7.31	%		3/7/2024		3/7/2029		716		716		721		0.55

															7,930		7,995		6.14
Ground Transportation
Genesee & Wyoming, Inc.	(8)		SOFR + 1.75	%		5.75	%		4/10/2024		4/10/2031		4,281		4,264		4,269		3.28
Health Care Equipment & Supplies
Resonetics, LLC	(10)		SOFR + 2.75	%		7.06	%		7/24/2025		6/18/2031		3,555		3,555		3,555		2.73
WS Audiology A/S	(8)		SOFR + 3.50	%		7.81	%		4/8/2024		2/28/2029		4,065		4,065		4,054		3.11

															7,620		7,609		5.84

251

BCRED Verdelite JV LP

Consolidated Schedule of Investments

September 30, 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 Providers & Services
Agiliti Health, Inc.	(8)		SOFR + 3.00	%		7.22	%		5/1/2023		5/1/2030		3,447		3,449		3,314		2.54
CHG Healthcare Services, Inc.	(9)		SOFR + 2.75	%		7.05	%		7/25/2025		9/29/2028		2,489		2,492		2,492		1.91
Concentra Health Services, Inc.	(8)		SOFR + 2.00	%		6.16	%		7/26/2024		6/26/2031		2,127		2,127		2,137		1.64
Davita, Inc.	(8)		SOFR + 1.75	%		5.91	%		5/9/2024		5/9/2031		3,465		3,465		3,475		2.67
Ensemble RCM, LLC	(8)		SOFR + 3.00	%		7.31	%		1/30/2024		8/1/2029		931		924		935		0.72
Examworks Bidco, Inc.	(9)		SOFR + 2.75	%		6.91	%		11/16/2022		11/1/2028		4,743		4,700		4,757		3.65
Global Medical Response, Inc.	(8)		SOFR + 3.50	%		7.63	%		9/10/2025		10/1/2032		2,868		2,861		2,873		2.21
Heartland Dental, LLC	(8)		SOFR + 3.75	%		7.91	%		8/7/2025		8/25/2032		266		265		266		0.20
Hunter US Bidco, Inc.	(4)(9)		SOFR + 4.25	%		8.35	%		11/16/2022		8/19/2028		1,000		995		996		0.76
MED ParentCo, LP	(8)		SOFR + 3.25	%		7.41	%		10/18/2024		4/15/2031		1,186		1,186		1,189		0.91
Outcomes Group Holdings, Inc.	(8)		SOFR + 3.00	%		7.16	%		5/6/2024		5/6/2031		2,054		2,054		2,068		1.59
Pediatric Associates Holding Co, LLC	(9)		SOFR + 3.25	%		7.82	%		11/16/2022		12/29/2028		477		473		458		0.35
Raven Acquisition Holdings, LLC	(7)(8)		SOFR + 3.00	%		7.16	%		4/4/2025		11/19/2031		929		908		929		0.71
Southern Veterinary Partners, LLC	(8)		SOFR + 2.50	%		6.82	%		7/22/2025		12/4/2031		2,708		2,709		2,706		2.08

															28,608		28,595		21.94
Health Care Technology
athenahealth, Inc.	(9)		SOFR + 2.75	%		6.91	%		11/16/2022		2/15/2029		6,460		6,267		6,455		4.96
Cotiviti, Inc.	(8)		SOFR + 2.75	%		7.03	%		5/1/2024		5/1/2031		5,153		5,132		5,071		3.89
Gainwell Acquisition Corp.	(10)		SOFR + 4.00	%		8.10	%		11/16/2022		10/1/2027		1,959		1,924		1,931		1.48
Waystar Technologies, Inc.	(8)		SOFR + 2.00	%		6.16	%		8/6/2025		10/22/2029		2,137		2,137		2,141		1.64

															15,460		15,598		11.97
Hotels, Restaurants & Leisure
Alterra Mountain, Co.	(8)		SOFR + 2.50	%		6.66	%		7/23/2025		8/17/2028		1,835		1,835		1,840		1.41
Caesars Entertainment, Inc.	(9)		SOFR + 2.25	%		6.41	%		2/6/2023		2/6/2030		1,330		1,322		1,330		1.02
Caesars Entertainment, Inc.	(9)		SOFR + 2.25	%		6.41	%		2/6/2024		2/6/2031		2,783		2,778		2,780		2.13
Cedar Fair, LP	(8)		SOFR + 2.00	%		6.16	%		5/1/2024		5/1/2031		719		717		715		0.55
FanDuel Group Financing, LLC	(9)		SOFR + 1.75	%		5.75	%		11/24/2023		11/30/2030		2,381		2,381		2,377		1.83
Fertitta Entertainment, LLC	(9)		SOFR + 3.25	%		7.41	%		11/16/2022		1/27/2029		2,730		2,704		2,729		2.10
GVC Finance, LLC	(9)		SOFR + 2.25	%		6.37	%		5/8/2024		10/31/2029		5,857		5,865		5,863		4.50
Hilton Grand Vacations Borrower, LLC	(8)		SOFR + 2.00	%		6.16	%		1/17/2024		1/17/2031		707		706		707		0.54
IRB Holding Corp.	(10)		SOFR + 2.50	%		6.66	%		12/11/2024		12/15/2027		6,489		6,486		6,498		4.99
LC Ahab US Bidco, LLC	(8)		SOFR + 3.00	%		7.16	%		5/1/2024		5/1/2031		1,660		1,633		1,661		1.28
Life Time, Inc.	(8)		SOFR + 2.00	%		6.25	%		8/14/2025		11/5/2031		1,108		1,108		1,109		0.85
Marriott Ownership Resorts, Inc.	(8)		SOFR + 2.25	%		6.41	%		4/1/2024		4/1/2031		3,103		3,122		3,108		2.39
Mic Glen, LLC	(9)		SOFR + 3.25	%		7.41	%		7/29/2025		7/21/2028		3,374		3,314		3,397		2.61
Motion Finco, LLC	(8)		SOFR + 3.50	%		7.50	%		2/5/2024		11/12/2029		2,513		2,504		2,263		1.74
New Red Finance, Inc.	(8)		SOFR + 1.75	%		5.91	%		6/16/2024		9/12/2030		2,896		2,876		2,890		2.22
Ovg Business Services, LLC	(8)		SOFR + 3.00	%		7.16	%		6/25/2024		6/25/2031		1,497		1,491		1,498		1.15
Scientific Games Holdings, LP	(9)		SOFR + 3.00	%		7.29	%		6/11/2024		4/4/2029		2,955		2,955		2,934		2.25
Tacala Investment Corp.	(10)		SOFR + 3.00	%		7.16	%		8/6/2025		1/31/2031		1,585		1,585		1,594		1.22
Whatabrands, LLC	(9)		SOFR + 2.50	%		6.66	%		12/11/2024		8/3/2028		6,973		6,971		6,986		5.36

															52,353		52,279		40.14
Household Durables
AI Aqua Merger Sub, Inc.	(9)		SOFR + 3.00	%		7.28	%		12/5/2024		7/31/2028		7,229		7,204		7,252		5.57
Weber-Stephen Products, LLC	(8)		SOFR + 3.75	%		7.74	%		9/17/2025		10/1/2032		338		335		335		0.26

															7,539		7,587		5.83
Household Products
Energizer Holdings, Inc.	(8)		SOFR + 2.00	%		6.14	%		5/29/2024		12/22/2027		725		722		728		0.56
Independent Power and Renewable Electricity Producers
Calpine, Corp.	(8)		SOFR + 1.75	%		5.91	%		3/10/2025		1/31/2031		1,000		998		1,000		0.77
Industrial Conglomerates
Bettcher Industries, Inc.	(4)(9)		SOFR + 4.00	%		8.00	%		9/19/2025		12/14/2028		379		378		381		0.29

252

BCRED Verdelite JV LP

Consolidated Schedule of Investments

September 30, 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)
Insurance
Alliant Holdings Intermediate, LLC	(8)		SOFR + 2.50	%		6.67	%		7/31/2025		9/19/2031		995		974		993		0.76
AmWINS Group, Inc.	(10)		SOFR + 2.25	%		6.25	%		11/16/2022		1/30/2032		2,486		2,479		2,488		1.91
Baldwin Insurance Group Holdings, LLC	(8)		SOFR + 2.50	%		6.64	%		9/12/2025		5/26/2031		3,978		3,970		3,987		3.06
BroadStreet Partners, Inc.	(8)		SOFR + 2.75	%		6.91	%		6/14/2024		6/14/2031		7,027		7,016		7,042		5.41
HUB International, Ltd.	(8)		SOFR + 2.25	%		6.58	%		7/30/2024		6/20/2030		1,419		1,402		1,422		1.09
Hyperion Refinance S.à r.l.	(9)		SOFR + 3.50	%		7.66	%		8/2/2024		4/18/2030		2,381		2,381		2,382		1.83
Hyperion Refinance S.à r.l.	(9)		SOFR + 2.75	%		6.91	%		11/22/2024		2/15/2031		4,652		4,652		4,658		3.58
OneDigital Borrower, LLC	(9)		SOFR + 3.00	%		7.16	%		7/2/2024		7/2/2031		2,236		2,236		2,238		1.72
USI, Inc.	(8)		SOFR + 2.25	%		6.25	%		12/23/2024		9/29/2030		3,476		3,460		3,475		2.67
USI, Inc.	(8)		SOFR + 2.25	%		6.25	%		12/23/2024		11/22/2029		1,440		1,435		1,440		1.11

															30,005		30,125		23.14
Interactive Media & Services
Creative Artists Agency, LLC	(8)		SOFR + 2.50	%		6.66	%		8/11/2025		10/1/2031		2,500		2,504		2,507		1.92
Project Boost Purchaser, LLC	(8)		SOFR + 2.75	%		7.07	%		7/16/2024		7/16/2031		6,483		6,468		6,473		4.97
TripAdvisor, Inc.	(8)		SOFR + 2.75	%		6.91	%		7/8/2024		7/8/2031		2,368		2,363		2,327		1.79

															11,335		11,307		8.68
IT Services
Ahead DB Holdings, LLC	(10)		SOFR + 2.75	%		6.75	%		8/2/2024		2/1/2031		5,864		5,867		5,879		4.51
Chrysaor Bidco S.à r.l.	(7)(9)		SOFR + 3.00	%		7.33	%		7/17/2024		10/30/2031		765		765		770		0.59
Fortress Intermediate 3, Inc.	(8)		SOFR + 3.00	%		7.25	%		7/2/2025		6/27/2031		2,481		2,481		2,497		1.92
Go Daddy Operating Co, LLC	(8)		SOFR + 1.75	%		5.91	%		5/31/2024		5/30/2031		741		740		740		0.57
Newfold Digital Holdings Group, Inc.	(4)(10)(17)		SOFR + 3.50	%		7.84	%		11/16/2022		2/10/2028		3,012		2,907		2,184		1.68
ThoughtWorks, Inc.	(9)		SOFR + 2.50	%		6.78	%		11/16/2022		3/24/2028		2,250		2,222		2,211		1.70
Virtusa Corp.	(10)		SOFR + 3.25	%		7.41	%		6/21/2024		2/15/2029		4,957		4,957		4,907		3.77
World Wide Technology Holding Co, LLC	(9)		SOFR + 2.00	%		6.16	%		7/17/2025		3/1/2030		889		889		893		0.69

															20,828		20,081		15.43
Life Sciences Tools & Services
Parexel International, Inc.	(9)		SOFR + 2.50	%		6.66	%		1/10/2025		11/15/2028		2,826		2,826		2,832		2.17
Machinery
Chart Industries, Inc.	(9)		SOFR + 2.50	%		6.79	%		7/2/2024		3/16/2030		2,114		2,114		2,129		1.63
EMRLD Borrower, LP	(8)		SOFR + 2.25	%		6.12	%		8/11/2025		8/4/2031		2,494		2,494		2,486		1.91
Innio North America Holding, Inc.	(8)		SOFR + 2.25	%		6.39	%		7/12/2024		11/2/2028		666		666		668		0.51
LSF11 Trinity Bidco, Inc.	(8)		SOFR + 2.50	%		6.65	%		9/11/2025		6/15/2030		2,298		2,298		2,303		1.77
Pro Mach Group, Inc.	(11)		SOFR + 2.75	%		6.91	%		9/3/2024		8/31/2028		3,711		3,711		3,722		2.86
SPX Flow, Inc.	(9)		SOFR + 2.75	%		6.91	%		8/1/2025		4/5/2029		3,150		3,150		3,169		2.43
TK Elevator U.S. Newco, Inc.	(9)		SOFR + 3.00	%		7.20	%		3/14/2024		4/30/2030		4,308		4,308		4,323		3.32
Vertiv Group Corp.	(8)		SOFR + 1.75	%		6.03	%		8/7/2025		8/12/2032		163		163		163		0.13

															18,904		18,963		14.56
Media
ABG Intermediate Holdings 2, LLC	(8)		SOFR + 2.25	%		6.41	%		12/13/2024		12/21/2028		387		387		387		0.30
American Greetings Corp.	(8)		SOFR + 5.75	%		9.91	%		4/30/2024		10/30/2029		1,268		1,249		1,273		0.98
Fleet US Bidco, Inc.	(4)(8)		SOFR + 2.50	%		6.54	%		8/15/2024		2/21/2031		657		657		659		0.51
MJH Healthcare Holdings, LLC	(8)		SOFR + 2.75	%		6.91	%		8/11/2025		1/29/2029		2,494		2,498		2,490		1.91

															4,791		4,809		3.70
Metals & Mining
Arsenal AIC Parent, LLC	(8)		SOFR + 2.75	%		6.91	%		8/21/2024		8/18/2030		371		371		371		0.28
Novelis Holdings, Inc.	(8)		SOFR + 1.75	%		5.75	%		9/11/2025		3/11/2032		907		907		910		0.70
SCIH Salt Holdings, Inc.	(10)		SOFR + 3.00	%		7.20	%		3/19/2025		1/31/2029		2,489		2,490		2,494		1.91

															3,768		3,775		2.89
Mortgage Real Estate Investment Trusts (REITs)
Starwood Property Mortgage, LLC	(9)		SOFR + 2.25	%		6.41	%		8/14/2025		9/24/2032		385		384		387		0.30

253

BCRED Verdelite JV LP

Consolidated Schedule of Investments

September 30, 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
AL GCX Holdings, LLC	(9)		SOFR + 2.00	%		6.22	%		11/16/2022		5/17/2029		2,494		2,490		2,494		1.91
Buckeye Partners, LP	(8)		SOFR + 1.75	%		5.91	%		2/6/2024		11/1/2026		1,717		1,718		1,721		1.32
Freeport LNG Investments, LLLP	(9)		SOFR + 3.25	%		7.58	%		11/16/2022		12/21/2028		3,782		3,756		3,788		2.91
GIP Pilot Acquisition Partners, LP	(8)		SOFR + 2.00	%		6.29	%		5/22/2024		10/4/2030		1,044		1,044		1,044		0.80
StonePeak Bayou Holdings, LP	(4)(8)		SOFR + 2.75	%		6.75	%		9/24/2025		10/1/2032		286		284		286		0.22
TransMontaigne Operating Co, LP	(9)		SOFR + 2.50	%		6.66	%		7/25/2025		11/17/2028		171		171		172		0.13

															9,463		9,505		7.29
Pharmaceuticals
Elanco Animal Health, Inc.	(8)		SOFR + 1.75	%		6.13	%		6/4/2024		8/1/2027		1,923		1,923		1,923		1.48
Professional Services
AG Group Holdings, Inc.	(9)		SOFR + 4.25	%		8.41	%		11/16/2022		12/29/2028		3,529		3,476		3,134		2.41
AlixPartners, LLP	(9)		SOFR + 2.00	%		6.16	%		7/31/2025		8/12/2032		995		993		989		0.76
Ankura Consulting Group, LLC	(10)		SOFR + 3.50	%		7.66	%		12/17/2024		12/17/2031		1,133		1,131		1,128		0.87
Ascensus Group Holdings, Inc.	(9)		SOFR + 3.00	%		7.16	%		12/13/2024		8/2/2028		4,571		4,566		4,572		3.51
Camelot US Acquisition, LLC	(8)		SOFR + 2.75	%		6.91	%		1/31/2024		1/31/2031		2,700		2,695		2,686		2.06
Cast & Crew Payroll, LLC	(9)		SOFR + 3.75	%		7.91	%		11/16/2022		12/29/2028		1,890		1,883		1,717		1.32
Eisner Advisory Group, LLC	(9)		SOFR + 4.00	%		8.16	%		2/28/2024		2/28/2031		1,196		1,187		1,204		0.92
EP Purchaser, LLC	(9)		SOFR + 3.50	%		7.78	%		11/16/2022		11/6/2028		480		467		453		0.35
Genuine Financial Holdings, LLC	(8)		SOFR + 3.25	%		7.41	%		6/28/2024		9/27/2030		5,791		5,791		5,349		4.11
Grant Thornton Advisors, LLC	(8)		SOFR + 2.50	%		6.66	%		5/31/2024		6/2/2031		2,354		2,354		2,343		1.80
Grant Thornton Advisors, LLC	(8)		SOFR + 3.00	%		7.16	%		5/31/2024		6/2/2031		2,500		2,515		2,499		1.92
Mermaid Bidco, Inc.	(8)		SOFR + 3.25	%		7.57	%		7/1/2024		7/3/2031		2,643		2,640		2,644		2.03
Ryan, LLC	(9)		SOFR + 3.50	%		7.66	%		11/9/2023		11/14/2030		2,363		2,338		2,370		1.82
Sedgwick Claims Management Services, Inc.	(8)		SOFR + 2.50	%		6.66	%		2/24/2023		7/31/2031		7,203		7,184		7,202		5.53
Trans Union, LLC	(9)		SOFR + 1.75	%		5.91	%		1/30/2024		6/24/2031		4,493		4,488		4,495		3.45
TTF Lower Intermediate, LLC	(8)		SOFR + 3.75	%		7.79	%		7/18/2024		7/18/2031		1,205		1,195		1,145		0.88
VT Topco, Inc.	(9)		SOFR + 3.00	%		7.16	%		4/3/2024		8/9/2030		1,018		1,018		989		0.76

															45,921		44,919		34.50
Real Estate Management & Development
Cushman & Wakefield US Borrower, LLC	(9)		SOFR + 2.75	%		6.91	%		7/16/2025		1/31/2030		1,622		1,622		1,629		1.25
Cushman & Wakefield US Borrower, LLC	(9)		SOFR + 2.50	%		6.50	%		9/26/2025		1/31/2030		1,481		1,483		1,487		1.14

															3,105		3,116		2.39
Semiconductors & Semiconductor Equipment
Altar Bidco, Inc.	(9)		SOFR + 3.10	%		7.08	%		3/24/2025		2/1/2029		992		985		993		0.76
Software
BEP Intermediate Holdco, LLC	(8)		SOFR + 2.75	%		6.91	%		7/10/2025		4/25/2031		736		736		740		0.57
Boost Newco Borrower, LLC	(8)		SOFR + 2.00	%		6.00	%		8/1/2024		1/31/2031		5,792		5,792		5,807		4.46
Boxer Parent Company, Inc.	(8)		SOFR + 3.00	%		7.20	%		7/30/2024		7/30/2031		6,234		6,223		6,231		4.78
Capstone Borrower, Inc.	(8)		SOFR + 2.75	%		6.75	%		8/11/2025		6/17/2030		2,494		2,497		2,493		1.91
Cloud Software Group, Inc.	(8)		SOFR + 3.25	%		7.25	%		8/7/2025		3/21/2031		2,409		2,406		2,421		1.86
Cloud Software Group, Inc.	(8)		SOFR + 3.25	%		7.25	%		8/7/2025		8/13/2032		698		698		701		0.54
Cloudera, Inc.	(9)		SOFR + 3.75	%		8.01	%		11/16/2022		10/8/2028		3,505		3,434		3,458		2.65
Conga Corp.	(10)		SOFR + 3.50	%		7.81	%		8/8/2024		5/8/2028		3,501		3,501		3,466		2.66
ConnectWise, LLC	(9)		SOFR + 3.50	%		7.76	%		11/16/2022		9/29/2028		3,467		3,400		3,478		2.67
Cornerstone OnDemand, Inc.	(9)		SOFR + 3.75	%		8.03	%		11/16/2022		10/16/2028		2,134		2,021		2,061		1.58
Delta Topco, Inc.	(8)		SOFR + 2.75	%		7.02	%		5/1/2024		11/30/2029		6,918		6,910		6,852		5.26
Disco Parent, Inc.	(8)		SOFR + 3.25	%		7.48	%		8/1/2025		8/6/2032		242		242		244		0.19
ECI Macola Max Holding, LLC	(10)		SOFR + 2.75	%		6.75	%		7/10/2025		5/9/2030		4,423		4,423		4,429		3.40
Ellucian Holdings, Inc.	(9)		SOFR + 2.75	%		6.91	%		2/29/2024		10/9/2029		2,646		2,646		2,649		2.03
Finastra USA, Inc.	(8)		SOFR + 4.00	%		8.04	%		7/31/2025		9/15/2032		1,371		1,358		1,367		1.05
Flash Charm, Inc.	(10)		SOFR + 3.50	%		7.80	%		6/11/2024		3/2/2028		3,827		3,820		3,368		2.59
Gen Digital, Inc.	(9)		SOFR + 1.75	%		5.91	%		6/5/2024		9/12/2029		5,792		5,792		5,782		4.44
Gen Digital, Inc.	(9)		SOFR + 1.75	%		5.91	%		6/5/2024		2/13/2032		2,494		2,476		2,486		1.91

254

BCRED Verdelite JV LP

Consolidated Schedule of Investments

September 30, 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)
Genesys Cloud Services, Inc.	(8)		SOFR + 2.50	%		6.66	%		9/26/2024		1/30/2032		2,682		2,674		2,668		2.05
HS Purchaser, LLC	(10)		SOFR + 3.75	%		8.16	%		11/16/2022		11/19/2026		3,489		3,396		3,308		2.54
ION Trading Finance, Ltd.	(8)		SOFR + 3.50	%		7.50	%		12/10/2024		4/1/2028		3,111		3,108		3,114		2.39
McAfee Corp.	(9)		SOFR + 3.00	%		7.22	%		5/31/2024		3/1/2029		3,510		3,510		3,363		2.58
Mitnick Purchaser, Inc.	(9)(18)		SOFR + 4.75	%		9.16	%		11/16/2022		5/2/2029		3,344		3,286		2,443		1.88
Planview Parent, Inc.	(8)		SOFR + 3.50	%		7.50	%		12/17/2024		12/17/2027		1,892		1,892		1,867		1.43
Project Alpha Intermediate Holding, Inc.	(9)		SOFR + 3.25	%		7.25	%		5/14/2024		10/28/2030		3,234		3,234		3,247		2.49
Proofpoint, Inc.	(9)		SOFR + 3.00	%		7.16	%		5/28/2024		8/31/2028		2,955		2,955		2,970		2.28
Quartz Acquireco, LLC	(8)		SOFR + 2.25	%		6.25	%		6/3/2024		6/28/2030		1,953		1,953		1,952		1.50
RealPage, Inc.	(9)		SOFR + 3.00	%		7.26	%		11/16/2022		4/24/2028		2,718		2,669		2,715		2.08
Rocket Software, Inc.	(9)		SOFR + 3.75	%		7.91	%		10/5/2023		11/28/2028		3,641		3,616		3,653		2.80
Skopima Consilio Parent, LLC	(9)		SOFR + 3.75	%		7.91	%		12/18/2024		5/12/2028		3,568		3,568		3,041		2.33
Sophos Holdings, LLC	(8)		SOFR + 3.50	%		7.78	%		11/16/2022		3/5/2027		3,490		3,475		3,499		2.69
Sovos Compliance, LLC	(8)		SOFR + 3.25	%		7.41	%		7/24/2025		8/12/2029		3,501		3,464		3,510		2.70
Vision Solutions, Inc.	(10)		SOFR + 4.00	%		8.57	%		11/16/2022		4/24/2028		3,604		3,467		3,492		2.68
Webpros US Bidco, Inc.	(8)		SOFR + 3.75	%		7.91	%		3/28/2024		3/28/2031		645		644		649		0.50
XPLOR T1, LLC	(4)(8)		SOFR + 3.50	%		7.50	%		12/11/2024		6/24/2031		2,079		2,079		2,082		1.60
Zodiac Purchaser, LLC	(8)		SOFR + 3.50	%		7.66	%		2/14/2025		2/14/2032		1,000		996		995		0.76

															108,361		106,601		81.83
Specialty Retail
Apro, LLC	(8)		SOFR + 3.75	%		7.94	%		7/9/2024		7/9/2031	$	3,912		3,904		3,915		3.01
CWGS Group, LLC	(10)		SOFR + 2.50	%		6.78	%		11/16/2022		6/3/2028		2,437		2,390		2,386		1.83
Great Outdoors Group, LLC	(10)		SOFR + 3.25	%		7.41	%		1/23/2025		1/23/2032		993		994		993		0.76
HomeServe USA Holding Corp.	(8)		SOFR + 2.00	%		6.14	%		5/29/2024		10/21/2030		817		817		816		0.63
Mavis Tire Express Services Topco, Corp.	(10)		SOFR + 3.00	%		7.20	%		7/18/2024		5/4/2028		5,521		5,526		5,527		4.24

															13,631		13,637		10.47
Technology Hardware, Storage & Peripherals
Sandisk, Corp.	(8)		SOFR + 3.00	%		7.14	%		2/21/2025		2/20/2032		1,875		1,845		1,881		1.44
Trading Companies & Distributors
American Builders & Contractors Supply Co, Inc.	(8)		SOFR + 1.75	%		5.91	%		1/31/2024		1/31/2031		675		674		677		0.52
Avolon TLB Borrower 1 US, LLC	(9)		SOFR + 1.75	%		5.89	%		6/22/2023		6/24/2030		2,716		2,702		2,720		2.09
Core & Main, LP	(8)		SOFR + 2.00	%		6.17	%		2/9/2024		2/9/2031		1,069		1,069		1,069		0.82
FCG Acquisitions, Inc.	(9)		SOFR + 3.25	%		7.41	%		11/16/2022		3/31/2028		7,018		7,019		7,041		5.41
Icebox Holdco III, Inc.	(9)		SOFR + 3.25	%		7.25	%		11/16/2022		12/22/2031		4,288		4,187		4,321		3.32
Johnstone Supply, LLC	(8)		SOFR + 2.50	%		6.64	%		12/12/2024		6/9/2031		1,285		1,285		1,284		0.99
Park River Holdings, Inc.	(10)		SOFR + 3.25	%		7.80	%		11/16/2022		12/28/2027		2,415		2,401		2,418		1.86
White Cap Buyer, LLC	(8)		SOFR + 3.25	%		7.42	%		6/13/2024		10/19/2029		4,380		4,373		4,386		3.37

															23,710		23,916		18.38
Transportation Infrastructure
Apple Bidco, LLC	(8)		SOFR + 2.50	%		6.66	%		11/16/2022		9/23/2031		3,448		3,439		3,452		2.65
Signature Aviation US Holdings, Inc.	(9)		SOFR + 2.50	%		6.66	%		8/11/2025		7/1/2031		2,500		2,503		2,504		1.92
Windsor Holdings III, LLC	(8)		SOFR + 2.75	%		6.92	%		9/20/2024		8/1/2030		3,812		3,799		3,819		2.93

															9,741		9,775		7.50

Total First Lien Debt															707,246		703,009		539.74

Total Investment Portfolio															707,246		703,009		539.74

255

BCRED Verdelite JV LP

Consolidated Schedule of Investments

September 30, 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
Cash and Cash Equivalents
Fidelity Investments Money Market Treasury Portfolio - Class I				4.01	%					3,288		3,288		2.52
Other Cash and Cash Equivalents										55,656		55,656		42.73

Total Cash and Cash Equivalents										58,944		58,944		45.25

Total Portfolio Investments, Cash and Cash Equivalents									$	766,190	$	761,953		584.99	%

(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 September 30, 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 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”), Australian Bank Bill Swap Bid Rate (“BBSY” or “BB”) 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 September 30, 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)

(6)

Reserved.

(7)

256

BCRED Verdelite JV LP

Consolidated Schedule of Investments

September 30, 2025

(in thousands)

(Unaudited)

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	$	—
Pinnacle Buyer, LLC		Delayed Draw Term Loan		4/1/2027		85		—
Raven Acquisition Holdings, LLC		Delayed Draw Term Loan		11/19/2026		67		—

Total Unfunded Commitments					$	209	$	—

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

(9)	The interest rate floor on these investments as of September 30, 2025 was 0.50%.

(10)	The interest rate floor on these investments as of September 30, 2025 was 0.75%.

(11)	The interest rate floor on these investments as of September 30, 2025 was 1.00%.

(12)	The interest rate floor on these investments as of September 30, 2025 was 1.25%.

(13)	The interest rate floor on these investments as of September 30, 2025 was 1.50%.

(14)	The interest rate floor on these investments as of September 30, 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 September 30, 2025.

(18)

(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 September 30, 2025, the aggregate fair value of these securities is $703.0 million or 539.74% of the Company’s net assets. The initial acquisition dates have been included for such securities.

257

BCRED Verdelite JV LP

Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)

The following table presents the consolidated schedule of investments of the Verdelite JV as of December 31, 2024:


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
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
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

258

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)
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
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
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

259

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 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
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

260

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
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
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

261

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)
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
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
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

262

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)
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
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

263

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)

(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)

264

BCRED Verdelite JV LP

Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)

(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
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.

(18)

(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.

265

The following table presents the selected consolidated statements of assets and liabilities information of the Verdelite JV as of September 30, 2025 and December 31, 2024 (Unaudited):


	September 30, 2025		December 31, 2024
ASSETS
Investments at fair value (cost of $707,246 and $645,881, respectively)	$	703,009	$	650,532
Cash and cash equivalents		58,944		149,243
Interest receivable		2,960		4,502
Receivable for investments sold		3,659		936

Total assets	$	768,572	$	805,213

LIABILITIES
Debt (net of unamortized debt issuance costs of $1,252 and $1,638, respectively)	$	581,823	$	634,716
Distribution payable		5,039		—
Payable for investments purchased and other liabilities		51,462		15,512

Total liabilities		638,324		650,228

PARTNERS’ CAPITAL
Partners’ capital		130,248		154,985

Total partners’ capital		130,248		154,985

Total liabilities and partners’ capital	$	768,572	$	805,213

The following table presents the selected consolidated statements of operations information of the Verdelite JV for the three and nine months ended September 30, 2025 and September 30, 2024 (Unaudited):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Investment income:
Interest income	$	13,489	$	16,260	$	41,202	$	45,080
Other income		—		—		3		22

Total investment income		13,489		16,260		41,205		45,102

Expenses:
Interest expense		8,606		11,271		26,361		27,162
Other expenses		153		41		350		150

Total expenses		8,759		11,312		26,711		27,312

Net investment income before tax expense		4,730		4,948		14,494		17,790

Tax expense		—		—		—		—

Net investment income after tax expense		4,730		4,948		14,494		17,790

266


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Net realized and change in unrealized gain (loss):
Net change in unrealized gain (loss) on investments		(2,162	)		(3,294	)		(8,889	)		(6,612	)
Net realized gain (loss) on investments		(2,444	)		413			(2,419	)		530

Total net realized and change in unrealized gain (loss)		(4,606	)		(2,881	)		(11,308	)		(6,082	)

Net increase (decrease) in partners’ capital resulting from operations	$	124		$	2,067		$	3,186		$	11,708

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.

The chief operating decision maker (“CODM”) consists 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 September 30, 2025, except as discussed below.

October Subscriptions and Distribution Declaration

The Company received approximately $1,151.9 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 October 1, 2025.

On September 18, 2025, the Company’s Board declared net distributions of $0.2000 per Class I share, $0.1823 per Class S share, and $0.1948 per Class D share, which is payable to shareholders of record as of the open of business on October 31, 2025, and will be paid on or about November 26, 2025.

267

November Subscriptions

Through the date of issuance of the condensed consolidated financial statements the Company received approximately $1,356.5 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 November 1, 2025.

Bear Peak Amendment

On October 24, 2025, the Bear Peak Funding Facility was amended pursuant to the Third Amendment to the Revolving Credit and Security Agreement (the “Bear Peak Third Amendment”). The Bear Peak Third Amendment provides for, among other things, an extension of the reinvestment period for borrowings under the Bear Peak Funding Facility to December 31, 2025.

268

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, 2024, 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, 2024, 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.

269

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.

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 on preferred equity securities is 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 and on our equity interests in joint ventures is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly-traded portfolio companies.

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 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.

270

Expense Support and Conditional Reimbursement Agreement

We have entered into an 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.”

Portfolio and Investment Activity

For the three months ended September 30, 2025, we made $8,671.4 million aggregate principal amount of new investment commitments (including $2,468.3 million of which remained unfunded as of September 30, 2025), $6,833.9 million of which was first lien debt, $191.8 million of which was second lien debt, $35.0 million of which was unsecured debt, $10.8 million of which was structured finance debt obligations, $91.8 million of which was structured finance equity obligations and $1,508.1 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 September 30,
	2025			2024
Investments:
Total investments, beginning of period	$	73,407,377		$	56,109,623
New investments purchased		6,836,184			7,169,989
Payment-in-kind interest capitalized		134,414			107,199
Net accretion of discount on investments		67,937			44,886
Net realized gain (loss) on investments		(58,768	)		(61,988	)
Investments sold or repaid		(3,308,950	)		(1,577,957	)

Total investments, end of period	$	77,078,194		$	61,791,752

Amount of investments funded at principal:
First lien debt	$	5,740,546		$	6,894,791
Second lien debt		202,471			320,347
Unsecured debt		35,000			22,113
Structured finance obligations—debt instruments		19,500			37,807
Structured finance obligations—equity instruments		73,744			67,805
Equity and other		795,895			27,083

Total	$	6,867,156		$	7,369,946

Proceeds from investments sold or repaid:
First lien debt	$	(2,966,742	)	$	(1,463,211	)
Second lien debt		(200,891	)		(86,671	)
Structured finance obligations—debt instruments		(66,676	)		(28,075	)
Structured finance obligations—equity instruments		(2,984	)		—
Equity and other		(71,657	)		—

Total	$	(3,308,950	)	$	(1,577,957	)

271



	September 30, 2025			December 31, 2024
Number of portfolio companies		675			603
Weighted average yield on performing debt and income producing investments, at amortized cost ⁽¹⁾⁽²⁾		9.7	%		10.1	%
Weighted average yield on performing debt and income producing investments, at fair value ⁽¹⁾⁽²⁾		9.7	%		10.2	%
Average loan-to-value (LTV) ⁽³⁾		44.9	%		42.8	%
Percentage of performing debt investments bearing a floating rate ⁽⁴⁾		99.7	%		99.7	%
Percentage of assets on non-accrual, at amortized cost ⁽⁵⁾		0.4	%		0.5	%

(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 September 30, 2025 and December 31, 2024, the weighted average total portfolio yield at cost was 9.2% and 9.5%, respectively. As of September 30, 2025 and December 31, 2024, the weighted average total portfolio yield at fair value was 9.2% and 9.6%, respectively.

(3)

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 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.

(4)	As a percentage of total fair value of performing debt investments. As of September 30, 2025 and December 31, 2024, performing debt investments bearing a floating rate represented 96.0% and 97.2%, respectively, of total investments at fair value (excluding investments in joint ventures).

(5)	As a percentage of total amortized cost of investments (excluding investments in joint ventures). Assets on non-accrual represented 0.2% and 0.2% of total investments at fair value (excluding investments in joint ventures) as of September 30, 2025 and December 31, 2024, respectively.

As of September 30, 2025 and September 30, 2024, our portfolio companies had a weighted average annual EBITDA of $256 million and $223 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 investments and asset-backed investments. 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.

272

As of September 30, 2025, the Company and the Emerald JV Partner committed to contribute up to $2,250.0 million and $750.0 million, of capital, respectively, to the Emerald JV. As of September 30, 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 and $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 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 September 30, 2025 and December 31, 2024:


	September 30, 2025			December 31, 2024
Total investments, at fair value	$	6,580,852		$	5,647,024
Total senior secured debt investments, at fair value	$	6,550,149		$	5,544,430
Number of portfolio companies		344			275
Weighted average yield on performing debt and income producing investments, at amortized cost ⁽¹⁾⁽²⁾		8.7	%		9.0	%
Weighted average yield on performing debt and income producing investments, at fair value ⁽¹⁾⁽²⁾		8.8	%		9.2	%
Percentage of performing debt investments bearing a floating rate ⁽³⁾		99.9	%		99.9	%
Percentage of assets on non-accrual, at amortized cost ⁽⁴⁾		0.3	%		1.6	%

(1)

(2)	As of September 30, 2025 and December 31, 2024, the weighted average total portfolio yield at cost was 8.6% and 8.8%, respectively. As of September 30, 2025 and December 31, 2024, the weighted average total portfolio yield at fair value was 8.8% and 9.0%, respectively.

(3)	As a percentage of total fair value of performing debt investments. As of September 30, 2025 and December 31, 2024, performing debt investments bearing a floating rate represented 99.2% 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 0.2% and 1.4% of total investments at fair value of Emerald JV as of September 30, 2025 and December 31, 2024, respectively.

BCRED Verdelite JV LP

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.

273

As of September 30, 2025, 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 September 30, 2025, the Company had contributed (net of returns of capital) $117.7 million and the Verdelite JV Partner had contributed (net of returns of capital) $16.8 million and $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 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 September 30, 2025 and December 31, 2024:


	September 30, 2025			December 31, 2024
Total investments, at fair value	$	703,009		$	650,532
Total senior secured debt investments, at fair value	$	703,009		$	650,532
Number of portfolio companies		251			240
Weighted average yield on performing debt and income producing investments, at amortized cost⁽¹⁾⁽²⁾		7.3	%		7.2	%
Weighted average yield on performing debt and income producing investments, at fair value ⁽¹⁾⁽²⁾		7.3	%		7.1	%
Percentage of performing debt investments bearing a floating rate ⁽³⁾		100.0	%		100.0	%
Percentage of assets on non-accrual, at amortized cost ⁽⁴⁾		0.4	%		—	%

(1)

(2)	As of September 30, 2025 and December 31, 2024, the weighted average total portfolio yield at cost was 7.2% and 7.2%, respectively. As of September 30, 2025 and December 31, 2024, the weighted average total portfolio yield at fair value was 7.3% and 7.1%, respectively.

(3)	As a percentage of total fair value of performing debt investments. As of September 30, 2025 and December 31, 2024, performing debt investments bearing a floating rate represented 99.7% and 100.0%, respectively, of total investment at fair value.

(4)	As a percentage of total amortized cost of investments of Verdelite JV. Assets on non-accrual represented 0.3% of total investments at fair value of Verdelite JV as of September 30, 2025 and Verdelite JV had no assets on non-accrual as of 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 September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Total investment income	$	1,935,657		$	1,697,156		$	5,620,900		$	4,908,913
Total expenses before tax expense		835,372			739,540			2,444,593			2,161,343

Net investment income before tax expense		1,100,285			957,616			3,176,307			2,747,570
Excise and other tax expense		7,346			6,990			16,894			25,352

Net investment income after tax expense		1,092,939			950,626			3,159,413			2,722,218
Net change in unrealized appreciation (depreciation), net of income tax (provision) benefit		(190,122	)		(81,778	)		(318,618	)		45,129
Net realized gain (loss), net of tax expense		(98,056	)		(68,243	)		(279,010	)		(129,086	)

Net increase (decrease) in net assets resulting from operations	$	804,761		$	800,605		$	2,561,785		$	2,638,261

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 September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Interest income	$	1,707,986	$	1,535,300	$	5,012,068	$	4,392,412
Payment-in-kind interest income		123,658		93,679		326,729		281,578
Dividend income		102,440		64,649		263,655		224,941
Fee income		1,573		3,528		18,448		9,982

Total investment income	$	1,935,657	$	1,697,156	$	5,620,900	$	4,908,913

Total investment income increased to $1.9 billion for the three months ended September 30, 2025, an increase of $238.5 million or 14% compared to the same period in the prior year. This was primarily attributable to an increase in the average investments, partially offset by a lower weighted average yield on the portfolio compared to the same period in the prior year. Average investments at fair value increased by 26% to $74,652.2 million for the three months ended September 30, 2025 compared to $59,028.2 million for the three months ended September 30, 2024.

Total investment income increased to $5.6 billion for the nine months ended September 30, 2025, an increase of $0.7 billion or 15% compared to the same period in the prior year. This was primarily attributable to an increase in the average investments, partially offset by a lower weighted average yield on the portfolio compared to the same period in the prior year. Average investments at fair value increased by 30% to $71,922.4 million for the nine months ended September 30, 2025 compared to $55,168.8 million for the nine months ended September 30, 2024.

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Additionally, for the three months ended September 30, 2025, we recorded $23.5 million of non-recurring interest income (e.g., prepayment premiums, accelerated accretion of upfront loan origination fees and unamortized discounts, etc.) as compared to $3.9 million for the same period in the prior year, primarily as a result of increased prepayments. For the nine months ended September 30, 2025, we recorded $75.4 million of non-recurring interest income (e.g., prepayment premiums, accelerated accretion of upfront loan origination fees and unamortized discounts, etc.) as compared to $37.7 million for the same period in the prior year, primarily as a result of increased prepayments.

For the three months ended September 30, 2025 and 2024, PIK interest income represented 6.4% and 5.5% of total investment income, respectively, and represented 11.3% and 9.9% of net investment income, respectively. For the nine months ended September 30, 2025 and 2024, PIK interest income represented 5.8% and 5.7% of total investment income, respectively, and represented 10.3% and 10.3% 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.

Elevated interest rates continued to favorably impact our investment income for the three and nine months ended September 30, 2025. Until September 2025, the Federal Reserve had held interest rates steady this year. Despite the interest rate reductions in September 2025 and October 2025, rates remain elevated relative to the interest rate environment prior to the inflationary spike in 2022-2023. 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 September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Interest expense	$	483,857	$	452,804	$	1,441,501	$	1,349,019
Management fees		145,621		112,634		413,502		312,344
Income based incentive fees		160,605		139,413		464,172		398,969
Capital gains based incentive fees		—		—		—		—
Distribution and shareholder servicing fees
Class S		30,903		24,940		88,602		69,675
Class D		394		331		1,189		892
Professional fees		2,989		2,780		5,714		9,510
Board of Trustees’ fees		230		225		708		671
Administrative service expenses		3,067		1,408		7,336		5,149
Other general and administrative		6,722		3,889		18,707		12,501
Amortization of continuous offering costs		984		1,116		3,162		2,613

Total expenses before tax expense		835,372		739,540		2,444,593		2,161,343
Net investment income before tax expense		1,100,285		957,616		3,176,307		2,747,570
Excise and other tax expense		7,346		6,990		16,894		25,352

Net investment income after tax expense	$	1,092,939	$	950,626	$	3,159,413	$	2,722,218

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Interest Expense

Total interest expense increased to $483.9 million for the three months ended September 30, 2025, an increase of $31.1 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 $30,406.9 million for the three months ended September 30, 2025 from $24,471.8 million for the same period in the prior year. Our weighted average interest rate (including unused fees, amortization of debt issuance costs (including premiums and discounts), and the impact of the application of hedge accounting and excluding amortization of deferred financing costs) decreased to 6.09% for the three months ended September 30, 2025 from 7.12% for the same period in the prior year. Our weighted average all-in cost of debt (including unused fees, amortization of debt issuance costs (including premiums and discounts), amortization of deferred financing costs, and the impact of the application of hedge accounting) decreased to 6.23% for the three months ended September 30, 2025 from 7.24% for the same period in the prior year.

Total interest expense increased to $1,441.5 million for the nine months ended September 30, 2025, an increase of $92.5 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 $30,431.5 million for the nine months ended September 30, 2025 from $24,060.8 million for the same period in the prior year. Our weighted average interest rate (including unused fees, amortization of debt issuance costs (including premiums and discounts), and the impact of the application of hedge accounting and excluding amortization of deferred financing costs) decreased to 6.13% for the nine months ended September 30, 2025 from 7.20% for the same period in the prior year. Our weighted average all-in cost of debt (including unused fees, amortization of debt issuance costs (including premiums and discounts), amortization of deferred financing costs, and the impact of the application of hedge accounting) decreased to 6.25% for the nine months ended September 30, 2025 from 7.37% for the same period in the prior year.

Management Fees

Management fees increased to $145.6 million for the three months ended September 30, 2025, an increase of $33.0 million or 29% compared to the same period in the prior year, primarily due to an increase in weighted average net assets to $46,711.3 million for the three months ended September 30, 2025 compared to $36,161.3 million for the same period in the prior year.

Management fees increased to $413.5 million for the nine months ended September 30, 2025, an increase of $101.2 million or 32% compared to the same period in the prior year, primarily due to an increase in weighted average net assets to $44,253.2 million for the nine months ended September 30, 2025 compared to $33,467.2 million for the same period in the prior year.

Income Based Incentive Fees

Income based incentive fees increased to $160.6 million for the three months ended September 30, 2025, an increase of $21.2 million or 15% 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 $1,284.8 million for the three months ended September 30, 2025 from $1,115.3 million for the same period in the prior year.

Income based incentive fees increased to $464.2 million for the nine months ended September 30, 2025, an increase of $65.2 million or 16% 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 $3,713.4 million for the nine months ended September 30, 2025 from $3,191.8 million for the same period in the prior year.

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Capital Gains Based Incentive Fees

We accrued no capital gains based incentive fees for the three and nine months ended September 30, 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 $45.3 million for the three months ended September 30, 2025, an increase of $10.6 million or 31% compared to the same period in the prior year. Total other expenses for the three months ended September 30, 2025 primarily consist of $31.3 million of distribution and shareholder servicing fees paid with respect to Class S and Class D investors, $6.7 million of general and administrative expenses (including insurance, filing, research, fees paid to the State Street Sub-Administrator and transfer agent, and other expenses), $3.1 million of administrative service expenses, and $3.0 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.

Total other expenses increased to $125.4 million for the nine months ended September 30, 2025, an increase of $24.4 million or 24% compared to the same period in the prior year. Total other expenses for the nine months ended September 30, 2025 primarily consist of $89.8 million of distribution and shareholder servicing fees paid with respect to Class S and Class D investors, $18.7 million of general and administrative expenses (including insurance, filing, research, fees paid to the State Street Sub-Administrator and transfer agent, and other expenses), $7.3 million of administrative service expenses, and $5.7 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 September 30, 2025 and 2024, we accrued $4.1 million and $7.0 million, respectively, of U.S. federal excise tax.

For the nine months ended September 30, 2025 and 2024, we accrued $13.6 million and $25.4 million, respectively, of U.S. federal excise tax.

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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 September 30, 2025, BCRED Investments recorded an income tax benefit of $4.4 million. For the nine months ended September 30, 2025, BCRED Investments recorded an income tax provision of $0.6 million. For the three and nine months ended September 30, 2024, BCRED Investments recorded an income tax provision of $0.0 million and $0.0 million, respectively.

As of September 30, 2025 and 2024, BCRED Investments recorded a deferred tax liability of $9.5 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 September 30, 2025, BCRED Investments recorded a current tax expense of $5.9 million, of which $3.3 million is related to dividend income and is included in Excise tax and other tax expense in the Condensed Consolidated Statements of Operations, and $2.6 million is related to gains associated with the sale of an investment in a partnership interest and is included in Current tax expense on realized gains in the Condensed Consolidated Statements of Operations.

For the nine months ended September 30, 2025, BCRED Investments recorded a current tax expense of $7.2 million, of which $3.3 million is related to dividend income and is included in Excise tax and other tax expense in the Condensed Consolidated Statements of Operations, and $3.9 million is related to gains associated with the sale of an investment in a partnership interest and is included in Current tax expense on realized gains in the Condensed Consolidated Statements of Operations.

For the three and nine months ended September 30, 2024, BCRED Investments recorded a current tax expense of $0.0 million and $0.0 million, respectively.

Net Unrealized Gain (Loss)

Net change in unrealized gain (loss) was comprised of the following (dollar amounts in thousands):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Net change in unrealized gain (loss) on investments	$	(260,936	)	$	(65,684	)	$	(326,095	)	$	33,136
Net change in unrealized gain (loss) on derivative instruments		67,003			(8,485	)		5,654			9,438
Net change in unrealized gain (loss) on foreign currency and other transactions		(627	)		(7,609	)		2,421			2,555
Income tax (provision) benefit		4,438			—			(598	)		—

Net change in unrealized appreciation (depreciation), net of income tax (provision) benefit	$	(190,122	)	$	(81,778	)	$	(318,618	)	$	45,129

For the three months ended September 30, 2025, the net change in unrealized losses on investments of $260.9 million was primarily driven by a decrease in the fair value of certain debt investments. The fair value of our debt investments as a percentage of principal decreased by 0.2% during the three months ended September 30, 2025 driven primarily by changes in certain portfolio company fundamentals and the economic outlook.

279

Partially offsetting these losses for the three months ended September 30, 2025 were gains of $67.0 million on derivative instruments, which were primarily a result of fluctuations in the EUR, GBP and CAD exchange rates vs. USD.

For the nine months ended September 30, 2025, the net change in unrealized losses on investments of $326.1 million was primarily driven by a decrease in the fair value of certain debt investments. The fair value of our debt investments as a percentage of principal decreased by 0.4% during the nine months ended September 30, 2025 driven primarily by changes in certain portfolio company fundamentals and the economic outlook.

Partially offsetting these losses for the nine months ended September 30, 2025, were gains of $5.7 million and $2.4 million on derivative instruments and foreign currency transactions, respectively, which were primarily a result of fluctuations in the EUR, GBP and CAD 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 September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Net realized gain (loss) on investments	$	(58,768	)	$	(61,988	)	$	(95,258	)	$	(126,497	)
Net realized gain (loss) on derivative instruments		(27,256	)		(14,196	)		(186,118	)		(14,578	)
Net realized gain (loss) on foreign currency and other transactions		(9,410	)		7,941			7,024			11,989
Net realized gain (loss) on extinguishment of debt		—			—			(794	)		—
Current tax expense on realized gains		(2,622	)		—			(3,864	)		—

Net realized gain (loss), net of tax expense	$	(98,056	)	$	(68,243	)	$	(279,010	)	$	(129,086	)

For the three months ended September 30, 2025, we recognized net realized losses on investments of $58.8 million, primarily driven by the full or partial sales of investments and the restructuring of certain debt investments. We incurred additional losses of $27.3 million and $9.4 million on derivative instruments and foreign currency and other transactions, respectively. These losses were driven by the settlement of our foreign currency derivative transactions, primarily as a result of USD vs. EUR forwards and fluctuations in the EUR and CAD exchange rates vs. USD, respectively.

For the nine months ended September 30, 2025, we recognized net realized losses on investments of $95.3 million, primarily driven by the full or partial sales of investments and the restructuring of certain debt investments, partially offset by a gain on the sale of an equity investment. We incurred additional losses of $186.1 million on derivative instruments as a result of the settlement of our foreign currency derivative transactions, primarily USD vs. EUR and GBP forwards. These losses were partially offset by gains of $7.0 million on foreign currency and other transactions, primarily as a result of fluctuations in the CAD and EUR 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

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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.

As of September 30, 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 September 30, 2025 and December 31, 2024, we had an aggregate principal amount of $31.4 billion and $30.7 billion, of debt outstanding and our asset coverage ratio was 248.8% and 226.5%, respectively.

Cash and cash equivalents as of September 30, 2025, taken together with our $7.1 billion of unused capacity under our credit facilities (subject to borrowing base availability, $6.5 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 September 30, 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 $5,840.4 million of Level 1 and Level 2 investments as of September 30, 2025.

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 September 30, 2025, we had $2.2 billion in cash and cash equivalents. For the nine months ended September 30, 2025, cash used in operating activities was $5.4 billion, primarily due to purchases of investments of $16.6 billion, partially offset by proceeds from sales of investments and principal repayments of $8.9 billion and an increase in net assets resulting from operations of $2.6 billion. Cash provided by financing activities was $5.9 billion during the period, primarily as a result of proceeds from the issuance our of Common Shares of $9.6 billion, partially offset by share repurchases of $2.2 billion, and dividends paid in cash of $1.7 billion.

Equity

The following tables present transactions in the Common Shares (dollars in thousands except share amounts):


	For the three months ended September 30, 2025
	Shares			Amount
CLASS I
Subscriptions		92,857,313		$	2,334,017
Share transfers between classes		4,734,519			119,101
Distributions reinvested		14,960,219			376,093
Share repurchases		(23,484,009	)		(586,395	)
Early repurchase deduction		—			114

Net increase (decrease)		89,068,042			2,242,930

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	For the three months ended September 30, 2025
	Shares			Amount
CLASS S
Subscriptions		26,856,522			675,173
Share transfers between classes		(1,699,643	)		(42,708	)
Distributions reinvested		7,198,526			180,966
Share repurchases		(7,367,465	)		(183,965	)
Early repurchase deduction		—			52

Net increase (decrease)		24,987,940			629,518

CLASS D
Subscriptions		1,284,401			32,323
Share transfers between classes		(3,034,876	)		(76,393	)
Distributions reinvested		114,568			2,880
Share repurchases		(939,571	)		(23,461	)
Early repurchase deduction		—			2

Net increase (decrease)		(2,575,478	)		(64,649	)

Total net increase (decrease)		111,480,504		$	2,807,799

CLASS I
Subscriptions		284,981,120		$	7,197,001
Share transfers between classes		8,082,142			203,836
Distributions reinvested		41,985,363			1,059,933
Share repurchases		(79,037,375	)		(1,986,138	)
Early repurchase deduction		—			880

Net increase (decrease)		256,011,250			6,475,512

CLASS S
Subscriptions		88,421,776			2,233,734
Share transfers between classes		(4,689,357	)		(118,397	)
Distributions reinvested		20,248,946			511,197
Share repurchases		(17,885,661	)		(449,078	)
Early repurchase deduction		—			410

Net increase (decrease)		86,095,704			2,177,866

CLASS D
Subscriptions		5,939,456			150,170
Share transfers between classes		(3,392,785	)		(85,439	)
Distributions reinvested		374,084			9,447
Share repurchases		(1,457,379	)		(36,499	)
Early repurchase deduction		—			19

Net increase (decrease)		1,463,376			37,698

Total net increase (decrease)		343,570,330		$	8,691,076

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Distributions and Distribution Reinvestment Plan

The following tables summarize our distributions declared and payable for the nine months ended September 30, 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
April 16, 2025		April 30, 2025		May 27, 2025		0.2200		253,182
May 19, 2025		May 31, 2025		June 26, 2025		0.2200		259,757
June 19, 2025		June 30, 2025		July 24, 2025		0.2200		267,011
July 18, 2025		July 31, 2025		August 26, 2025		0.2200		267,059
August 20, 2025		August 31, 2025		September 25, 2025		0.2200		274,235
September 18, 2025		September 30, 2025		October 23, 2025		0.2200		283,583

					$	1.9800	$	2,318,608


					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
April 16, 2025		April 30, 2025		May 27, 2025		0.2021		109,761
May 19, 2025		May 31, 2025		June 26, 2025		0.2022		111,623
June 19, 2025		June 30, 2025		July 24, 2025		0.2021		113,811
July 18, 2025		July 31, 2025		August 26, 2025		0.2022		114,847
August 20, 2025		August 31, 2025		September 25, 2025		0.2022		117,040
September 18, 2025		September 30, 2025		October 23, 2025		0.2022		119,217

					$	1.8190	$	1,001,734


					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
April 16, 2025		April 30, 2025		May 27, 2025		0.2147		5,530
May 19, 2025		May 31, 2025		June 26, 2025		0.2148		5,743
June 19, 2025		June 30, 2025		July 24, 2025		0.2147		5,885
July 18, 2025		July 31, 2025		August 26, 2025		0.2148		5,289
August 20, 2025		August 31, 2025		September 25, 2025		0.2148		5,419
September 18, 2025		September 30, 2025		October 23, 2025		0.2148		5,439

					$	1.9327	$	49,152

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.

283

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 repurchase program, see “Item 1. Financial Statements—Notes to Condensed Consolidated Financial Statements—Note 9. Net Assets.”

Borrowings

As of September 30, 2025 and December 31, 2024, we had an aggregate principal amount of $31.4 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.

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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 September 30, 2025 and December 31, 2024, we had unfunded commitments, including delayed draw term loans and revolvers with an aggregate principal amount of $12.3 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 September 30, 2025 and December 31, 2024, we estimate that $1,198.5 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 September 30, 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.

In addition to the aforementioned agreements, we, Blackstone, our Advisers and certain of their affiliates have been granted exemptive relief by the SEC to co-invest with other funds managed by our Advisers, Blackstone 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 nine months ended September 30, 2025, the Company

285

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 nine months ended September 30, 2025, the Company did not purchase investments from or sell investments to Verdelite JV.

For the nine months ended September 30, 2025, the Company made investments of $190.0 million into, and accrued $3.2 million of dividends, of which $1.3 million is receivable from Blackstone Private Real Estate Credit and Income Fund (“BREC”), a business development company advised by Blackstone Real Estate Special Situations Advisors L.L.C., an affiliate of Blackstone.

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 nine months ended September 30, 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 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.

Tariff announcements in the U.S. and ongoing global trade negotiations have contributed to significant uncertainty and volatility of debt and equity markets. Although inflation generally decelerated throughout 2024 and during the first three quarters 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. Until September 2025, the Federal Reserve had held interest rates steady this year. Despite the interest rate reductions in September 2025 and October 2025, rates remain elevated relative to the interest rate environment prior to the inflationary spike in 2022-2023. 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. 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.

286

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, 2024, 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.

287

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 year ended December 31, 2024.

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. Until September 2025, the Federal Reserve had held interest rates steady this year. Despite the interest rate reductions in September 2025 and October 2025, rates remain elevated relative to the interest rate environment prior to the inflationary spike in 2022-2023.

As of September 30, 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 September 30, 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	$	2,196,084		$	(847,027	)	$	1,349,057
Up 200 basis points		1,463,888			(564,685	)		899,203
Up 100 basis points		731,690			(282,342	)		449,348
Down 100 basis points		(731,392	)		282,342			(449,050	)
Down 200 basis points		(1,458,327	)		564,685			(893,642	)
Down 300 basis points		(2,149,559	)		847,027			(1,302,532	)

(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.

288

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.

289

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 July 21, 2025, August 21, 2025 and September 19, 2025 for information about unregistered sales of our equity securities during the quarter.

For the three months ended September 30, 2025, approximately 31,791,045 Common Shares were repurchased for a total value of $793.7 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 September 30, 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⁾
August 29, 2025		31,791,045		1.8	%	$	24.97		September 30, 2025	$	793,653		—

(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.

290

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		Nineteenth Supplemental Indenture, dated as of September 10, 2025, relating to the 5.050% Notes due 2030, 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 September 10, 2025).

4.2		Form of 5.050% Notes due 2030 (incorporated by reference to Exhibit 4.3 to the Company’s Current Report on Form 8-K, filed on September 10, 2025).

10.1		Amendment No. 4, dated August 8, 2025, to the Amended and Restated Senior Secured Credit Agreement dated May 6, 2022, by and among the Company, each of the Lenders from time to time party thereto and Citibank, N.A., as administrative agent and collateral agent (incorporated by reference to Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q, filed on August 12, 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.

291

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.

292

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:	November 13, 2025	/s/ Brad Marshall
		Brad Marshall
		Co-Chief Executive Officer
		(Principal Executive Officer)

Date:	November 13, 2025	/s/ Jonathan Bock
		Jonathan Bock
		Co-Chief Executive Officer
		(Principal Executive Officer)

Date:	November 13, 2025	/s/ Teddy Desloge
		Teddy Desloge
		Chief Financial Officer
		(Principal Financial Officer)

293