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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_____________________________________________________________________________________________________________________________________________________

FORM 10-Q

_____________________________________________________________________________________________________________________________________________________

(Mark One)


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

For the quarterly period ended June 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, 31st Floor New York, New York						10154
(Address of principal executive offices)						(Zip Code)

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

N/A

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

________________________

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

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

None

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

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

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

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

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

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

The number of shares of Registrant’s common shares of beneficial interest (“Common Shares”), $0.01 par value per share, outstanding as of August 11, 2025 was 1,213,895,023, 567,991,001 and 24,623,542 of Class I, Class S and Class D common shares, respectively. Common shares outstanding exclude August 1, 2025 subscriptions since the issuance price is not yet finalized at this time.

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		Page
PART I	FINANCIAL INFORMATION
Item 1.	Financial Statements
	Condensed Consolidated Statements of Assets and Liabilities as of June 30, 2025 and December 31, 2024 (Unaudited)	3
	Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2025 and 2024 (Unaudited)	5
	Condensed Consolidated Statements of Changes in Net Assets for the three and six months ended June 30, 2025 and 2024 (Unaudited)	7
	Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2025 and 2024 (Unaudited)	8
	Condensed Consolidated Schedules of Investments as of June 30, 2025 and December 31, 2024 (Unaudited)	10
	Notes to Condensed Consolidated Financial Statements (Unaudited)	141
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	289
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	305
Item 4.	Controls and Procedures	306

PART II	OTHER INFORMATION
Item 1.	Legal Proceedings	307
Item 1A.	Risk Factors	307
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	307
Item 3.	Defaults Upon Senior Securities	307
Item 4.	Mine Safety Disclosures	307
Item 5.	Other Information	308
Item 6.	Exhibits	309
Signatures

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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

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

•our future operating results;

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

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

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

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

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

•our current and expected financing arrangements and investments;

•changes in the general interest rate environment;

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

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

•our contractual arrangements and relationships with third parties;

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

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

WEBSITE DISCLOSURE

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

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PART I - FINANCIAL INFORMATION

Item 1. Financial Statements.

Blackstone Private Credit Fund

Condensed Consolidated Statements of Assets and Liabilities

(in thousands, except share and per share amounts)

(Unaudited)


	June 30, 2025		December 31, 2024
ASSETS
Investments at fair value
Non-controlled/non-affiliated investments (cost of $70,422,564 and $66,124,775, respectively)	$	70,376,244	$	65,689,987
Non-controlled/affiliated investments (cost of $12,242 and $558, respectively)	12,750		1,394
Controlled/affiliated investments (cost of $2,972,570 and $2,860,338, respectively)	2,786,658		2,728,396
Total investments at fair value (cost of $73,407,376 and $68,985,671, respectively)	73,175,652		68,419,777
Cash and cash equivalents (restricted cash of $492,781 and $305,900, respectively)	1,983,088		1,650,679
Interest receivable from non-controlled/non-affiliated investments	728,682		712,903
Interest receivable from non-controlled/affiliated investments	2		—
Interest receivable from controlled/affiliated investments	106		96

Dividend receivable from controlled/affiliated investments	65,611		56,636
Receivable from broker	293,022		253,890
Deferred financing costs	127,898		132,751
Deferred offering costs	1,064		1,524
Receivable for investments	225,464		38,838

Derivative assets at fair value (Note 6)	111,639		16,476

Total assets	$	76,712,228	$	71,283,570
LIABILITIES
Debt (net of unamortized debt issuance costs of $169,894 and $136,810, respectively)	$	29,881,151	$	30,452,578
Payable for investments	190,766		250,150
Management fees payable (Note 3)	138,774		120,103
Income based incentive fees payable (Note 3)	151,790		144,724
Capital gains incentive fees payable (Note 3)	—		—
Interest payable	402,314		398,004
Derivative liabilities at fair value (Note 6)	92,985		126,281
Due to affiliates	18,445		20,721
Distribution payable (Note 9)	386,707		331,762
Payable for share repurchases (Note 9)	1,095,993		531,058
Board of Trustee payable	232		224
Accrued expenses and other liabilities	34,373		52,202
Total liabilities	32,393,530		32,427,807
Commitments and contingencies (Note 8)
NET ASSETS
Common Shares, $0.01 par value (1,760,664,147 and 1,528,574,321 shares issued and outstanding, respectively)	17,607		15,286
Additional paid in capital	44,839,338		38,958,382
Distributable earnings (loss)	(538,247)		(117,905)
Total net assets	44,318,698		38,855,763
Total liabilities and net assets	$	76,712,228	$	71,283,570


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

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Blackstone Private Credit Fund
Condensed Consolidated Statements of Assets and Liabilities
(in thousands, except share and per share amounts)
(Unaudited)
NET ASSET VALUE PER SHARE	June 30, 2025		December 31, 2024
Class I Shares:
Net assets	$	29,613,339	$	25,661,534
Common Shares outstanding ($0.01 par value, unlimited shares authorized)	1,176,461,579		1,009,518,371
Net asset value per share	$	25.17	$	25.42
Class S Shares:
Net assets	$	14,026,765	$	12,611,626
Common Shares outstanding ($0.01 par value, unlimited shares authorized)	557,244,608		496,136,844
Net asset value per share	$	25.17	$	25.42
Class D Shares:
Net assets	$	678,594	$	582,603
Common Shares outstanding ($0.01 par value, unlimited shares authorized)	26,957,960		22,919,106
Net asset value per share	$	25.17	$	25.42

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

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Blackstone Private Credit Fund

Condensed Consolidated Statements of Operations

(in thousands)

(Unaudited)


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Investment income:
From non-controlled/non-affiliated investments:
Interest income	$	1,646,950	$	1,464,789	$	3,300,480	$	2,855,631
Payment-in-kind interest income	101,854		94,859		193,789		187,190
Dividend income	5,158		45		13,265		45
Fee income	9,387		4,064		16,876		6,454
From non-controlled/affiliated investments:
Interest income	83		—		112		—
Payment-in-kind interest income	100		—		136		—
Dividend income	—		13		—		13
From controlled/affiliated investments:
Interest income	3,013		1,481		3,488		1,481
Payment-in-kind interest income	3,215		360		9,146		709
Dividend income	74,047		77,283		147,950		160,234
Total investment income	1,843,807		1,642,894		3,685,242		3,211,757
Expenses:
Interest expense	478,009		446,152		957,644		896,215
Management fees (Note 3)	138,774		104,328		267,881		199,710
Income based incentive fees (Note 3)	151,790		134,199		303,567		259,556
Capital gains based incentive fees (Note 3)	—		—		—		—
Distribution and shareholder servicing fees
Class S	29,611		23,329		57,699		44,735
Class D	410		302		796		561
Professional fees	1,454		3,147		2,725		6,730
Board of Trustees’ fees	236		225		478		446
Administrative service expenses (Note 3)	2,028		1,909		4,268		3,741
Other general and administrative	6,162		3,773		11,983		8,612

Amortization of continuous offering costs	1,055		857		2,178		1,496
Total expenses before tax expense	809,529		718,221		1,609,219		1,421,802





Net investment income before tax expense	1,034,278		924,673		2,076,023		1,789,955
Excise and other tax expense	1,765		8,911		9,548		18,362
Net investment income after tax expense	1,032,513		915,762		2,066,475		1,771,593
Realized and unrealized gain (loss):
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated investments	114,140		59,746		(10,860)		201,098
Non-controlled/affiliated investments	46		(188)		(328)		(420)
Controlled/affiliated investments	12,884		(49,200)		(53,970)		(101,858)
Derivative instruments (Note 6)	(48,560)		(3,698)		(61,350)		17,923
Foreign currency and other transactions	4,130		10,324		3,048		10,164
Income tax (provision) benefit	(3,702)		—		(5,036)		—

Net change in unrealized appreciation (depreciation)	78,938		16,984		(128,496)		126,907

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

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Blackstone Private Credit Fund

Condensed Consolidated Statements of Operations

(in thousands)

(Unaudited)


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Net realized gain (loss):
Non-controlled/non-affiliated investments	$	22,689	$	(22,111)	$	(36,490)	$	(64,509)
Non-controlled/affiliated investments	—		—		—		—
Derivative instruments (Note 6)	(139,450)		6,014		(158,862)		(383)


Foreign currency and other transactions	3,819		1,959		16,434		4,048
Extinguishment of debt	(794)		—		(794)		—
Current tax expense on realized gains	—		—		(1,243)		—
Net realized gain (loss)	(113,736)		(14,138)		(180,955)		(60,844)
Net realized and change in unrealized gain (loss)	(34,798)		2,846		(309,451)		66,063
Net increase (decrease) in net assets resulting from operations	$	997,715	$	918,608	$	1,757,024	$	1,837,656

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

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Blackstone Private Credit Fund

Condensed Consolidated Statements of Changes in Net Assets

(in thousands)

(Unaudited)


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Operations:
Net investment income after tax expense	$	1,032,513	$	915,762	$	2,066,475	$	1,771,593
Net change in unrealized appreciation (depreciation)	78,938		16,984		(128,496)		126,907
Net realized gain (loss)	(113,736)		(14,138)		(180,955)		(60,844)
Net increase (decrease) in net assets resulting from operations	997,715		918,608		1,757,024		1,837,656
Distributions to common shareholders:
Class I	(779,950)		(566,603)		(1,493,731)		(1,087,016)
Class S	(335,195)		(260,487)		(650,630)		(500,673)
Class D	(17,158)		(12,251)		(33,005)		(22,793)
Net decrease in net assets resulting from distributions	(1,132,303)		(839,341)		(2,177,366)		(1,610,482)
Share transactions:
Class I:
Proceeds from shares sold	2,431,232		2,069,043		4,862,984		3,800,744
Share transfers between classes	41,514		29,248		84,735		70,465
Distributions reinvested	355,663		261,258		683,840		502,526
Repurchased shares, net of early repurchase deduction	(936,382)		(339,649)		(1,398,977)		(788,596)
Net increase (decrease) from share transactions	1,892,027		2,019,900		4,232,582		3,585,139
Class S:
Proceeds from shares sold	725,144		872,680		1,558,561		1,669,764
Share transfers between classes	(34,723)		(29,789)		(75,689)		(71,346)
Distributions reinvested	171,014		127,071		330,231		242,181
Repurchased shares, net of early repurchase deduction	(148,182)		(111,072)		(264,755)		(214,608)
Net increase (decrease) from share transactions	713,253		858,890		1,548,348		1,625,991
Class D:
Proceeds from shares sold	57,076		95,631		117,847		121,838
Share transfers between classes	(6,791)		541		(9,046)		881
Distributions reinvested	3,431		2,010		6,567		3,603
Repurchased shares, net of early repurchase deduction	(11,429)		(7,843)		(13,021)		(12,939)
Net increase (decrease) from share transactions	42,287		90,339		102,347		113,383
Total increase (decrease) in net assets	2,512,979		3,048,396		5,462,935		5,551,687
Net assets, beginning of period	41,805,719		31,037,728		38,855,763		28,534,437
Net assets, end of period	$	44,318,698	$	34,086,124	$	44,318,698	$	34,086,124

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

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Blackstone Private Credit Fund

Condensed Consolidated Statements of Cash Flows

(in thousands)

(Unaudited)


	Six Months Ended June 30,
	2025		2024
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations	$	1,757,024	$	1,837,656
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	65,158		(98,820)
Net change in unrealized (appreciation) depreciation on derivative instruments	61,350		(17,923)
Net change in unrealized (appreciation) depreciation on foreign currency and other transactions	(10,138)		(10,164)
Net realized (gain) loss on investments	36,490		64,509
Net realized (gain) loss on derivative instruments	—		383
Net realized (gain) loss on foreign currency and other transactions	(16,434)		(4,048)
Net change due to hedging activity	(3,219)		—
Payment-in-kind interest capitalized	(203,765)		(179,574)
Net accretion of discount and amortization of premium	(133,659)		(108,967)
Amortization of deferred financing costs	17,327		21,647
Amortization of original issue discount and debt issuance costs (including premiums and discounts)	19,162		15,931
Amortization of offering costs	2,178		1,496


Purchases of investments	(9,746,793)		(9,016,308)
Proceeds from sale of investments and principal repayments	5,626,022		4,152,440
Changes in operating assets and liabilities:
Interest receivable	(15,791)		(119,535)

Dividend receivable	(8,975)		(2,768)
Receivable from broker	(39,132)		10,987
Receivable for investments	(186,626)		(15,819)


Payable for investments	(59,384)		216,275
Management fees payable	18,671		17,056
Income based incentive fees payable	7,066		11,256

Interest payable	4,310		23,025
Due to affiliates	(2,276)		455
Accrued expenses and other liabilities	(17,821)		(5,768)
Net cash provided by (used in) operating activities	(2,829,255)		(3,206,578)
Cash flows from financing activities:
Borrowings on debt	6,388,456		2,155,844
Repayments on debt	(7,525,528)		(2,455,031)
Deferred financing costs paid	(12,347)		(29,389)
Debt issuance costs paid	(21,044)		(3,068)
Deferred offering costs paid	(1,650)		(2,818)
Proceeds from issuance of Common Shares	6,539,392		5,592,346
Repurchased shares, net of early repurchase deduction paid	(1,111,691)		(1,090,234)
Dividends paid in cash	(1,101,781)		(818,110)
Net cash provided by (used in) financing activities	3,153,807		3,349,540
Net increase (decrease) in cash and cash equivalents	324,552		142,962
Effect of foreign exchange rate changes on cash and cash equivalents	7,857		9,410
Cash and cash equivalents, beginning of period	1,650,679		1,481,770
Cash and cash equivalents, end of period	$	1,983,088	$	1,634,142

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

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Blackstone Private Credit Fund

Condensed Consolidated Statements of Cash Flows

(in thousands)

(Unaudited)



	Six Months Ended June 30,
	2025		2024
Supplemental information and non-cash activities:
Interest paid during the period	$	1,165,146	$	994,156
Distribution payable	386,707		289,093

Reinvestment of dividends during the period	1,020,638		748,310
Accrued but unpaid debt financing costs	12		8,582
Accrued but unpaid debt issuance costs	2,234		1,458

Share repurchases accrued but not yet paid	1,095,993		459,098
Excise taxes paid	34,786		26,402

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

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Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 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)	SOFR +	4.25%	8.84%	5/25/2021	5/25/2028	$	41,292	$	40,749	$	22,113	0.05	%
Atlas CC Acquisition Corp.	(10)(17)	SOFR +	4.25%	8.84%	5/25/2021	5/25/2028	8,398		8,093		4,494		0.01
Atlas CC Acquisition Corp.	(4)(5)(7)(10)	SOFR +	4.25%	8.43%	5/25/2021	5/26/2026	18,518		18,384		9,450		0.02
Corfin Holdings, Inc.	(4)(10)	SOFR +	5.25%	9.68%	1/7/2021	12/27/2027	32,080		32,053		32,080		0.07
Corfin Holdings, Inc.	(4)(10)	SOFR +	5.25%	9.68%	1/10/2025	12/27/2027	138,336		137,168		138,336		0.31
Fastener Distribution Holdings, LLC	(4)(7)(10)	SOFR +	4.75%	9.08%	10/31/2024	11/4/2031	174,572		172,681		173,358		0.39
Frontgrade Technologies Holdings, Inc.	(4)(7)(10)	SOFR +	5.00%	9.32%	1/9/2023	1/9/2030	2,335		2,284		2,335		0.01
Frontgrade Technologies Holdings, Inc.	(4)(5)(10)	SOFR +	5.00%	9.31%	3/18/2025	1/9/2030	354		351		354		0.00
Horizon CTS Buyer, LLC	(4)(5)(7)(10)	SOFR +	4.50%	8.80%	3/28/2025	3/28/2032	63,278		62,482		62,451		0.14
Karman Holdings, Inc.	(4)(6)(8)	SOFR +	3.50%	7.80%	4/1/2025	4/1/2032	25,000		24,759		25,094		0.06
Loar Group, Inc.	(4)(6)(7)(11)	SOFR +	4.75%	9.08%	7/28/2022	5/10/2030	280,968		278,158		280,028		0.63
Magneto Components BuyCo, LLC	(4)(7)(10)	SOFR +	6.00%	10.30% (incl. 2.57% PIK)	12/5/2023	12/5/2030	55,051		53,837		53,771		0.12
Maverick Acquisition, Inc.	(4)(11)(17)	SOFR +	6.25%	10.55%	6/1/2021	6/1/2027	47,851		47,426		26,318		0.06
Maverick Acquisition, Inc.	(4)(5)(7)(11)	SOFR +	6.25%	10.69%	3/4/2025	6/1/2027	715		715		715		0.00
Peraton Corp.	(10)	SOFR +	3.75%	8.18%	2/1/2021	2/1/2028	14,247		14,263		12,618		0.03
TransDigm, Inc.	(6)(8)	SOFR +	2.50%	6.80%	11/28/2023	2/28/2031	8,912		8,938		8,938		0.02
Vertex Aerospace Services Corp.	(6)(10)	SOFR +	2.25%	6.58%	12/6/2021	12/6/2030	11,614		11,579		11,609		0.03
West Star Aviation Acquisition, LLC	(4)(10)	SOFR +	4.50%	8.80%	5/20/2025	5/20/2032	154,423		153,283		153,265		0.35
West Star Aviation Acquisition, LLC	(4)(5)(7)(10)	SOFR +	4.50%	8.80%	5/20/2025	5/20/2032	4,320		4,041		4,036		0.01
									1,071,244		1,021,363		2.31

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 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
AGI-CFI Holdings, Inc.	(4)(10)	SOFR +	4.75%	9.20%	6/11/2021	6/11/2027	$	228,235	$	226,805	$	228,235	0.51	%
AGI-CFI Holdings, Inc.	(4)(10)	SOFR +	4.75%	9.20%	12/21/2021	6/11/2027	51,183		50,819		51,183		0.12
AGI-CFI Holdings, Inc.	(4)(9)	SOFR +	4.75%	9.20%	7/25/2022	6/11/2027	93,264		92,521		93,264		0.21
AGI-CFI Holdings, Inc.	(4)(5)(10)	SOFR +	4.75%	9.18%	3/19/2025	6/11/2027	24,279		24,173		24,279		0.05
ENV Bidco, AB	(4)(6)(7)(8)	E +	5.00%	6.98%	12/12/2024	7/19/2029	EUR	114,257	114,045		134,186		0.30
ENV Bidco, AB	(4)(6)(10)	SOFR +	5.00%	9.30%	12/12/2024	7/19/2029	114,097		112,497		114,097		0.26
Mode Purchaser, Inc.	(4)(11)	SOFR +	6.25%	10.70%	1/7/2021	12/9/2027	27,119		26,856		26,305		0.06
Mode Purchaser, Inc.	(4)(11)	SOFR +	6.25%	10.70%	2/4/2022	12/9/2027	134,638		133,254		130,599		0.29
R1 Holdings, LLC	(4)(5)(7)(11)	SOFR +	6.25%	10.49%	12/30/2022	12/30/2028	1,326		1,303		1,278		0.00
RWL Holdings, LLC	(4)(10)	SOFR +	5.75%	10.20%	12/13/2021	12/31/2028	268,742		266,073		239,181		0.54
SEKO Global Logistics Network, LLC	(4)(5)(11)	SOFR +	10.00%	14.33% (incl. 9.00% PIK)	11/27/2024	11/27/2029	9,624		9,475		9,624		0.02
SEKO Global Logistics Network, LLC	(4)(11)	SOFR +	7.00%	11.33% (incl. 6.00% PIK)	11/27/2024	5/27/2030	29,391		29,385		29,391		0.07
The Kenan Advantage Group, Inc.	(8)	SOFR +	3.25%	7.58%	8/6/2024	1/25/2029	8,881		8,881		8,770		0.02
Wwex Uni Topco Holdings, LLC	(10)	SOFR +	4.00%	8.30%	11/8/2024	7/26/2028	19,543		19,488		19,568		0.04
Wwex Uni Topco Holdings, LLC	(4)(10)	SOFR +	4.75%	9.05%	3/21/2025	7/26/2028	84,305		82,947		85,148		0.19
									1,198,522		1,195,108		2.68
Airlines
Air Canada	(6)(8)	SOFR +	2.00%	6.32%	3/21/2024	3/14/2031	6,260		6,247		6,279		0.01
American Airlines, Inc.	(6)(8)	SOFR +	2.25%	6.52%	4/4/2025	4/20/2028	8,500		8,278		8,457		0.02
Vista Management Holding, Inc.	(6)(8)	SOFR +	3.75%	8.05%	4/1/2025	4/1/2031	17,949		17,819		18,016		0.04
									32,344		32,752		0.07
Auto Components
Clarios Global, LP	(6)(8)	SOFR +	2.50%	6.83%	7/16/2024	5/6/2030	4,858		4,826		4,850		0.01
Clarios Global, LP	(6)(8)	SOFR +	2.75%	7.08%	4/10/2025	1/28/2032	8,636		8,416		8,655		0.02
Dellner Couplers Group, AB	(5)(6)(8)	E +	5.43%	7.41%	6/20/2024	6/18/2029	EUR	23,500	24,986		27,820		0.06
									38,228		41,325		0.09
Beverages
Triton Water Holdings, Inc.	(9)	SOFR +	2.25%	6.55%	1/31/2025	3/31/2028	44,088		44,088		44,296		0.10
Biotechnology
Axsome Therapeutics, Inc.	(4)(5)(6)(10)	SOFR +	4.75%	9.05%	5/6/2025	5/8/2030	60,260		59,675		59,658		0.13
Axsome Therapeutics, Inc.	(4)(5)(6)(7)(10)	SOFR +	4.00%	8.30%	5/6/2025	5/8/2030	35,152		34,981		34,976		0.08
Grifols Worldwide Operations USA, Inc.	(8)	SOFR +	2.00%	6.33%	1/7/2021	11/15/2027	37		37		37		0.00
									94,693		94,671		0.21

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 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)
Broadline Retail
Peer Holding III BV	(6)(8)	SOFR +	2.50%	6.80%	6/26/2024	7/1/2031	$	6,965	$	6,965	$	7,011	0.02	%
Building Products
Cornerstone Building Brands, Inc.	(6)(9)	SOFR +	5.63%	9.94%	7/25/2022	8/1/2028	25,350		25,128		22,899		0.05
Cornerstone Building Brands, Inc.	(6)(9)	SOFR +	3.25%	7.66%	4/15/2021	4/12/2028	4,792		4,775		4,293		0.01
ES Group Holdings III, Ltd.	(4)(6)(8)	E +	5.75%	7.73%	11/22/2021	4/23/2028	EUR	30,879	33,738		31,100		0.07
ES Group Holdings III, Ltd.	(4)(6)(10)	SOFR +	5.75%	10.30%	11/22/2021	4/23/2028	64,562		63,767		55,200		0.12
Fencing Supply Group Acquisition, LLC	(4)(11)	SOFR +	6.00%	10.43%	2/26/2021	2/26/2027	109,011		108,475		104,923		0.24
Great Day Improvements, LLC	(4)(7)(13)	SOFR +	5.50%	9.94%	6/13/2024	6/13/2030	35,964		35,273		34,394		0.08
Griffon Corp.	(6)(8)	SOFR +	2.25%	6.55%	6/16/2025	1/24/2029	1,062		1,065		1,065		0.00
Jacuzzi Brands, LLC	(4)(10)	SOFR +	6.00%	10.33%	1/7/2021	2/25/2027	43,474		43,336		39,996		0.09
Jacuzzi Brands, LLC	(4)(10)	SOFR +	6.00%	10.33%	4/20/2022	2/25/2027	187,540		186,743		172,536		0.39
Jacuzzi Brands, LLC	(4)(10)	SOFR +	6.00%	10.33%	1/7/2021	2/25/2027	6,319		6,297		5,814		0.01
Janus International Group, LLC	(6)(8)	SOFR +	2.50%	6.78%	6/16/2025	8/3/2030	1,304		1,299		1,303		0.00
L&S Mechanical Acquisition, LLC	(4)(10)	SOFR +	6.25%	10.58%	9/1/2021	9/1/2027	134,824		133,652		133,475		0.30
LBM Acquisition, LLC	(10)	SOFR +	3.75%	8.16%	6/6/2024	5/31/2031	46,879		46,486		43,949		0.10
Lindstrom, LLC	(4)(11)	SOFR +	6.25%	10.67%	4/19/2022	5/1/2027	145,641		145,639		144,185		0.33
MIWD Holdco II, LLC	(8)	SOFR +	3.00%	7.33%	3/28/2024	3/21/2031	4,466		4,486		4,481		0.01
Oscar Acquisitionco, LLC	(9)	SOFR +	4.25%	8.55%	4/29/2022	4/29/2029	2,962		2,971		2,739		0.01
The Chamberlain Group, Inc.	(9)	SOFR +	3.25%	7.68%	11/3/2021	11/3/2028	24,823		24,706		24,894		0.06
Windows Acquisition Holdings, Inc.	(4)(11)	SOFR +	6.50%	10.95%	1/7/2021	12/29/2026	59,677		59,399		47,294		0.11
									927,235		874,540		1.98

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 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
Apex Group Treasury, LLC	(6)(8)	SOFR +	3.50%	7.82%	2/27/2025	2/27/2032	$	92,712	$	92,540	$	92,509	0.21	%
Aretec Group, Inc.	(6)(8)	SOFR +	3.50%	7.83%	5/29/2024	8/9/2030	11,301		11,289		11,335		0.03
FFML Holdco, Ltd.	(4)(6)(10)	B +	6.25%	10.06%	11/11/2022	11/30/2028	NZD	36,590	22,333		22,304		0.05
Focus Financial Partners, LLC	(8)	SOFR +	2.75%	7.08%	1/31/2025	9/15/2031	16,904		16,868		16,887		0.04
GTCR Everest Borrower, LLC	(6)(7)(8)	SOFR +	2.75%	7.05%	9/5/2024	9/5/2031	12,326		12,039		12,340		0.03
Jane Street Group, LLC	(6)(8)	SOFR +	2.00%	6.33%	5/29/2025	12/15/2031	997		985		997		0.00
Osaic Holdings, Inc.	(6)(8)	SOFR +	3.50%	7.83%	11/26/2024	8/17/2028	6,159		6,159		6,181		0.01
Resolute Investment Managers, Inc.	(5)(11)	SOFR +	6.50%	11.06%	12/29/2023	4/30/2027	3,864		3,832		3,838		0.01
Situs-AMC Holdings Corporation	(4)(10)	SOFR +	5.50%	9.80%	5/14/2025	5/14/2031	44,082		43,926		44,082		0.10
Superannuation And Investments US, LLC	(6)(9)	SOFR +	3.75%	8.19%	12/1/2021	12/1/2028	12,959		12,915		13,046		0.03
The Edelman Financial Engines Center, LLC	(6)(8)	SOFR +	3.00%	7.33%	6/5/2024	4/7/2028	18,278		18,278		18,319		0.04
									241,164		241,838		0.55
Chemicals
Charter Next Generation, Inc.	(10)	SOFR +	2.75%	7.06%	11/5/2024	11/29/2030	6,935		6,952		6,968		0.02
DCG Acquisition Corp.	(4)(7)(10)	SOFR +	4.50%	8.80%	6/13/2024	6/13/2031	232,777		230,519		229,939		0.52
Derby Buyer, LLC	(6)(9)	SOFR +	3.00%	7.31%	12/13/2024	11/1/2030	6,419		6,419		6,404		0.01
Formulations Parent Corp.	(4)(8)	SOFR +	4.00%	8.21%	4/10/2025	4/9/2032	25,000		24,757		25,125		0.06
Geon Performance Solutions, LLC	(10)	SOFR +	4.25%	8.81%	8/18/2021	8/18/2028	3,563		3,551		3,401		0.01
Hyperion Materials & Technologies, Inc.	(9)	SOFR +	4.50%	9.09%	8/30/2021	8/30/2028	7,864		7,856		7,603		0.02
									280,054		279,440		0.64
Commercial Services & Supplies
Access CIG, LLC	(9)	SOFR +	4.25%	8.38%	8/18/2023	8/18/2028	43,195		42,829		43,448		0.10
Allied Universal Holdco, LLC	(9)	SOFR +	3.75%	8.18%	4/8/2021	5/12/2028	40,517		40,477		40,756		0.09
Anticimex, Inc.	(6)(9)	SOFR +	3.40%	7.66%	11/8/2021	11/16/2028	11,585		11,563		11,627		0.03
Armor Holdco, Inc.	(6)(9)	SOFR +	3.75%	7.92%	4/30/2025	12/11/2028	10,321		10,341		10,388		0.02
Bazaarvoice, Inc.	(4)(7)(8)	SOFR +	4.75%	8.75%	5/7/2021	5/7/2029	403,329		403,329		403,329		0.91
CFS Brands, LLC	(4)(7)(11)	SOFR +	5.00%	9.33%	12/20/2024	10/2/2030	219,003		215,264		219,003		0.49
DG Investment Intermediate Holdings 2, Inc.	(10)	SOFR +	3.50%	7.94%	3/31/2021	3/31/2028	22,361		22,378		22,430		0.05
Divisions Holding Corp.	(4)(5)(7)(10)	SOFR +	4.50%	8.80%	4/17/2025	4/17/2032	92,992		92,011		91,981		0.21
EAB Global, Inc.	(9)	SOFR +	3.00%	7.33%	8/16/2021	8/16/2030	13,273		13,257		13,058		0.03
ELK Bidco, Inc.	(4)(5)(7)(9)	SOFR +	4.50%	8.82%	6/13/2025	6/13/2032	71,844		71,383		71,380		0.16
EMB Purchaser, Inc.	(4)(5)(7)(10)	SOFR +	4.50%	8.83%	3/13/2025	3/13/2032	35,539		34,757		34,439		0.08

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 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)
EMB Purchaser, Inc.	(4)(10)	SOFR +	4.50%	8.82%	3/13/2025	3/13/2032	$	148,520	$	147,099	$	147,034	0.33	%
Foundational Education Group, Inc.	(9)	SOFR +	3.75%	8.29%	8/31/2021	8/31/2028	8,823		8,783		8,066		0.02
FusionSite Midco, LLC	(4)(7)(11)	SOFR +	5.00%	9.56%	4/30/2025	11/17/2029	101,110		99,473		100,522		0.23
Garda World Security, Corp.	(6)(8)	SOFR +	3.00%	7.31%	2/7/2025	2/1/2029	20,810		20,810		20,874		0.05
Gatekeeper Systems, Inc.	(4)(10)	SOFR +	5.00%	9.33%	8/27/2024	8/28/2030	250,745		247,511		246,357		0.56
Gatekeeper Systems, Inc.	(4)(7)(10)	SOFR +	5.00%	9.33%	8/27/2024	8/28/2030	28,806		27,790		27,404		0.06
GBT US III, LLC	(6)(8)	SOFR +	2.50%	6.78%	2/4/2025	7/25/2031	3,980		3,980		3,992		0.01
GFL Environmental Services USA, Inc.	(6)(8)	SOFR +	2.50%	6.82%	4/11/2025	3/3/2032	1,500		1,474		1,503		0.00
Gorilla Investor, LLC	(4)(10)	SOFR +	5.00%	9.30%	9/26/2024	9/30/2031	166,736		163,759		165,068		0.37
Ground Penetrating Radar Systems, LLC	(4)(10)	SOFR +	4.50%	8.80%	1/2/2025	1/2/2032	120,854		119,731		119,948		0.27
Ground Penetrating Radar Systems, LLC	(4)(5)(7)(10)	SOFR +	4.50%	8.80%	1/2/2025	1/2/2032	2,324		2,101		2,115		0.00
Iris Buyer, LLC	(4)(11)	SOFR +	5.25%	9.53%	10/2/2023	10/2/2030	54,266		53,146		54,266		0.12
Iris Buyer, LLC	(4)(5)(11)	SOFR +	5.25%	9.55%	10/2/2023	10/2/2030	5,117		5,029		5,117		0.01
Iris Buyer, LLC	(4)(5)(7)(11)	SOFR +	5.25%	9.56%	2/4/2025	10/2/2030	1,944		1,841		1,944		0.00
Iris Buyer, LLC	(4)(5)(7)(11)	SOFR +	5.25%	9.58%	10/2/2023	10/2/2029	2,361		2,208		2,361		0.01
Java Buyer, Inc.	(4)(10)	SOFR +	5.00%	9.28%	12/15/2021	12/15/2027	137,448		136,370		137,448		0.31
Java Buyer, Inc.	(4)(10)	SOFR +	5.00%	9.28%	11/9/2023	12/15/2027	53,677		52,913		53,677		0.12
Java Buyer, Inc.	(4)(10)	SOFR +	5.00%	9.28%	12/15/2021	12/15/2027	95,282		94,603		95,282		0.21
Java Buyer, Inc.	(4)(7)(10)	SOFR +	5.00%	9.28%	6/28/2024	12/15/2027	80,600		80,027		80,600		0.18
Java Buyer, Inc.	(4)(5)(7)(10)	SOFR +	5.00%	9.33%	5/9/2025	12/15/2027	4,853		4,257		4,853		0.01
JSS Holdings, Inc.	(4)(10)	SOFR +	5.25%	9.57% (incl. 3.00% PIK)	12/29/2021	11/8/2031	240,740		238,943		240,740		0.54
JSS Holdings, Inc.	(4)(10)	SOFR +	5.25%	9.57% (incl. 3.00% PIK)	1/7/2021	11/8/2031	46,085		45,716		46,085		0.10
JSS Holdings, Inc.	(4)(7)(10)	SOFR +	5.25%	9.55% (incl. 3.00% PIK)	11/8/2024	11/8/2031	575,518		569,632		574,833		1.30
Knowledge Pro Buyer, Inc.	(4)(7)(10)	SOFR +	5.00%	9.43%	12/10/2021	12/10/2027	95,492		94,631		95,446		0.22
Knowledge Pro Buyer, Inc.	(4)(5)(10)	SOFR +	5.00%	9.32%	6/11/2025	12/10/2027	1,146		966		1,146		0.00
KPSKY Acquisition, Inc.	(4)(10)(18)	SOFR +	5.50%	9.88%	10/19/2021	10/19/2028	46,241		45,805		39,651		0.09
KPSKY Acquisition, Inc.	(4)(10)(18)	SOFR +	5.50%	9.81%	10/19/2021	10/19/2028	20,630		20,436		17,690		0.04

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 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)
Lsf12 Crown US Commercial Bidco, LLC	(7)(8)	SOFR +	4.25%	8.57%	12/2/2024	12/2/2031	$	97,232	$	94,317	$	97,870	0.22	%
OMNIA Partners, LLC	(8)	SOFR +	2.75%	7.03%	1/26/2024	7/25/2030	9,950		9,916		9,980		0.02
Onex Baltimore Buyer, Inc.	(4)(10)(18)	SOFR +	5.27%	9.60%	12/1/2021	12/1/2027	187,232		185,709		187,232		0.42
Onex Baltimore Buyer, Inc.	(4)(7)(11)(18)	SOFR +	4.75%	9.06%	12/1/2021	12/1/2027	217,303		215,040		217,303		0.49
Pearce Intermediate Holdings, Inc.	(4)(11)	SOFR +	4.75%	9.08%	6/2/2021	6/2/2029	81,994		81,303		81,994		0.19
Pearce Intermediate Holdings, Inc.	(4)(5)(7)(11)	SOFR +	4.75%	9.08%	6/29/2023	6/2/2029	27,620		27,147		27,620		0.06
Pearce Intermediate Holdings, Inc.	(4)(11)	SOFR +	4.75%	9.08%	11/6/2024	6/2/2029	114,181		113,201		114,181		0.26
Polyphase Elevator Holding, Co.	(4)(5)(7)(11)	SOFR +	6.00%	10.40%	6/23/2021	6/23/2027	6,042		6,014		5,400		0.01
Polyphase Elevator Holding, Co.	(4)(5)(11)	SOFR +	6.00%	10.40%	12/21/2021	6/23/2027	10,766		10,766		9,689		0.02
Prime Security Services Borrower, LLC	(6)(8)	SOFR +	2.00%	6.32%	11/20/2024	10/13/2030	1,489		1,489		1,491		0.00
Prime Security Services Borrower, LLC	(6)(8)	SOFR +	1.75%	6.07%	4/4/2025	3/7/2032	6,500		6,379		6,456		0.01
Pye-Barker Fire & Safety, LLC	(4)(5)(10)	SOFR +	4.50%	8.80%	5/24/2024	5/24/2031	4,461		4,461		4,461		0.01
Pye-Barker Fire & Safety, LLC	(4)(10)	SOFR +	4.50%	8.80%	5/24/2024	5/24/2031	13,816		13,758		13,816		0.03
RailPros Parent, LLC	(4)(5)(7)(10)	SOFR +	4.50%	8.82%	5/22/2025	5/24/2032	23,327		23,027		23,022		0.05
Safety Products/JHC Acquisition Corp.	(8)	SOFR +	4.50%	8.93%	1/7/2021	6/28/2026	59,564		59,507		59,583		0.13
Safety Products/JHC Acquisition Corp.	(5)(8)	SOFR +	4.50%	8.93%	1/7/2021	6/28/2026	64		65		64		0.00
TEI Intermediate, LLC	(4)(10)	SOFR +	4.75%	9.05%	12/13/2024	12/15/2031	146,288		144,939		145,556		0.33
TEI Intermediate, LLC	(4)(5)(7)(10)	SOFR +	4.75%	9.03%	12/13/2024	12/15/2031	2,905		2,492		2,560		0.01
The Hiller Companies, LLC	(4)(10)	SOFR +	5.00%	9.30%	6/20/2024	6/20/2030	74,997		74,375		74,434		0.17
The Hiller Companies, LLC	(4)(5)(7)(10)	SOFR +	5.00%	9.26%	6/20/2024	6/20/2030	18,688		18,407		18,422		0.04
TRC Cos, LLC	(8)	SOFR +	3.00%	7.33%	1/14/2025	12/8/2028	26,659		26,659		26,636		0.06
Vaco Holdings, Inc.	(10)	SOFR +	5.00%	9.45%	1/21/2022	1/21/2029	8,894		8,871		8,176		0.02
Veregy Consolidated, Inc.	(4)(5)(7)(10)	SOFR +	5.00%	9.26%	4/16/2025	4/16/2031	141,335		140,050		140,005		0.32
Water Holdings Acquisition, LLC	(4)(10)	SOFR +	5.50%	9.83% (incl. 3.00% PIK)	7/31/2024	7/31/2031	190,202		188,551		190,202		0.43
Water Holdings Acquisition, LLC	(4)(5)(7)(10)	SOFR +	5.00%	9.33%	7/31/2024	7/31/2031	14,156		14,017		14,156		0.03
									4,717,083		4,736,170		10.66

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 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%	6.58%	4/4/2025	9/29/2031	$	8,672	$	8,418	$	8,672	0.02	%
Azuria Water Solutions, Inc.	(10)	SOFR +	3.00%	7.33%	1/27/2025	5/17/2028	34,264		34,264		34,435		0.08
Brookfield WEC Holdings, Inc.	(8)	SOFR +	2.25%	6.57%	1/25/2024	1/27/2031	6,463		6,410		6,471		0.01
Consor Intermediate II, LLC	(4)(7)(10)	SOFR +	4.50%	8.80%	5/10/2024	5/10/2031	66,707		66,016		66,528		0.15
Gannett Fleming, Inc.	(4)(7)(10)	SOFR +	4.75%	8.96%	8/5/2024	8/5/2030	375,682		370,476		372,304		0.84
Home Service TopCo IV, Inc.	(4)(7)(11)	SOFR +	4.50%	8.93%	6/9/2023	12/31/2027	207,905		205,338		207,691		0.47
Home Service TopCo IV, Inc.	(4)(5)(11)	SOFR +	4.50%	8.92%	2/28/2025	12/31/2027	16,272		16,145		16,272		0.04
Peak Utility Services Group, Inc.	(4)(11)	SOFR +	4.75%	9.18%	3/2/2021	3/2/2028	15,170		15,112		15,095		0.03
Peak Utility Services Group, Inc.	(4)(5)(11)	SOFR +	4.75%	9.18%	3/2/2021	3/2/2028	2,023		2,018		2,013		0.00
Pike Electric Corp.	(8)	SOFR +	3.00%	7.44%	6/7/2022	1/21/2028	999		1,009		1,006		0.00
Thermostat Purchaser III, Inc.	(10)	SOFR +	4.25%	8.55%	6/20/2024	8/31/2028	9,900		9,900		9,933		0.02
Thermostat Purchaser III, Inc.	(4)(5)(7)(8)	SOFR +	4.25%	8.55%	6/20/2024	8/31/2028	804		718		764		0.00
Touchdown Acquirer, Inc.	(6)(8)	SOFR +	2.75%	7.08%	6/2/2025	2/21/2031	998		975		999		0.00
Touchdown Acquirer, Inc.	(5)(6)(8)	E +	4.25%	6.25%	6/2/2025	2/21/2031	EUR	32,688	35,471		38,781		0.09
									772,270		780,964		1.75
Construction Materials
Quikrete Holdings, Inc.	(8)	SOFR +	2.25%	6.58%	2/18/2025	2/10/2032	14,962		14,863		14,960		0.03
Tamko Building Products, LLC	(8)	SOFR +	2.75%	7.03%	10/23/2024	9/20/2030	2,970		2,970		2,981		0.01
									17,833		17,941		0.04
Consumer Staples Distribution & Retail
Crumbl Enterprises, LLC	(4)(5)(10)	SOFR +	4.50%	8.83%	4/30/2025	5/5/2032	86,009		85,169		85,149		0.19
Crumbl Enterprises, LLC	(4)(5)(7)(10)	SOFR +	4.50%	8.83%	4/30/2025	5/5/2032	1,118		1,051		1,049		0.00
									86,220		86,198		0.19

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 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%	7.56%	12/13/2024	7/18/2029	$	5,214	$	5,233	$	5,247	0.01	%
Ascend Buyer, LLC	(4)(7)(10)	SOFR +	5.75%	10.05%	10/18/2022	9/30/2028	11,241		10,991		11,241		0.03
Ascend Buyer, LLC	(4)(5)(10)	SOFR +	5.75%	10.05%	3/20/2025	9/30/2028	1,367		1,354		1,367		0.00
Berlin Packaging, LLC	(8)	SOFR +	3.50%	7.82%	6/7/2024	6/7/2031	18,767		18,796		18,855		0.04
Clydesdale Acquisition Holdings, Inc.	(9)	SOFR +	3.18%	7.50%	4/13/2022	4/13/2029	14,000		13,787		13,988		0.03
Clydesdale Acquisition Holdings, Inc.	(7)(9)	SOFR +	3.25%	7.58%	4/1/2025	4/1/2032	7,242		7,143		7,221		0.02
Graham Packaging Co., Inc.	(8)	SOFR +	2.50%	6.83%	7/31/2024	8/4/2027	7,708		7,708		7,730		0.02
MAR Bidco S.à r.l.	(6)(9)	SOFR +	4.20%	8.75%	6/28/2021	7/6/2028	3,799		3,791		3,733		0.01
ProAmpac PG Borrower, LLC	(10)	SOFR +	4.00%	8.26%	4/9/2024	9/15/2028	16,110		16,110		16,193		0.04
Ring Container Technologies Group, LLC	(9)	SOFR +	2.75%	7.08%	7/19/2024	8/12/2028	977		977		982		0.00
TricorBraun Holdings, Inc.	(9)	SOFR +	3.25%	7.69%	3/3/2021	3/3/2028	24,573		24,340		24,575		0.06
Trident TPI Holdings, Inc.	(9)	SOFR +	3.75%	8.05%	10/18/2024	9/15/2028	12,024		12,024		11,830		0.03
									122,254		122,962		0.29
Distributors
BP Purchaser, LLC	(4)(5)(10)	SOFR +	5.50%	10.08%	12/10/2021	12/11/2028	8,174		8,098		6,948		0.02
Bradyplus Holdings, LLC	(4)(11)	SOFR +	5.00%	9.28%	10/11/2024	10/31/2029	217,149		214,037		217,149		0.49
Bradyplus Holdings, LLC	(4)(5)(7)(11)	SOFR +	5.00%	9.32%	10/11/2024	10/31/2029	2,108		2,019		2,108		0.00
Genuine Cable Group, LLC	(4)(10)	SOFR +	5.75%	10.18%	11/1/2021	11/2/2026	29,496		29,295		27,726		0.06
Marcone Yellowstone Buyer, Inc.	(4)(10)	SOFR +	7.25%	11.69% (incl. 3.25% PIK)	11/1/2022	6/23/2028	15,791		15,544		14,212		0.03
Marcone Yellowstone Buyer, Inc.	(4)(10)	SOFR +	7.00%	11.44% (incl. 3.25% PIK)	12/31/2021	6/23/2028	26,614		26,391		23,819		0.05
NDC Acquisition Corp.	(4)(11)	SOFR +	5.00%	9.33%	3/9/2021	3/9/2028	21,544		21,377		21,544		0.05
NDC Acquisition Corp.	(4)(5)(7)(11)	SOFR +	5.00%	9.33%	3/9/2021	3/9/2028	343		316		343		0.00
PT Intermediate Holdings III, LLC	(4)(7)(10)	SOFR +	5.00%	9.30% (incl. 1.75% PIK)	4/9/2024	4/9/2030	171,648		171,275		170,775		0.39
S&S Holdings, LLC	(9)	SOFR +	5.00%	9.42%	3/11/2021	3/11/2028	7,751		7,764		7,613		0.02
S&S Holdings, LLC	(9)	SOFR +	5.00%	9.32%	4/3/2025	10/1/2031	3,950		3,785		3,793		0.01
Tailwind Colony Holding Corporation	(4)(11)	SOFR +	6.50%	10.88%	1/7/2021	11/13/2026	81,386		81,187		78,741		0.18
									581,088		574,771		1.30

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 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
American Restoration Holdings, LLC	(4)(11)	SOFR +	5.00%	9.38%	7/19/2024	7/24/2030	$	27,335	$	26,874	$	27,335	0.06	%
American Restoration Holdings, LLC	(4)(5)(11)	SOFR +	5.00%	9.38%	7/19/2024	7/24/2030	8,139		8,002		8,139		0.02
American Restoration Holdings, LLC	(4)(5)(7)(11)	SOFR +	5.00%	9.38%	7/19/2024	7/24/2030	4,524		4,393		4,524		0.01
American Restoration Holdings, LLC	(4)(5)(11)	SOFR +	5.00%	9.38%	7/19/2024	7/24/2030	21,084		20,728		21,084		0.05
American Restoration Holdings, LLC	(4)(5)(7)(11)	SOFR +	5.00%	9.40%	2/19/2025	7/24/2030	15,709		15,403		15,709		0.04
Barbri Holdings, Inc.	(4)(10)	SOFR +	5.00%	9.32%	12/20/2024	4/30/2030	174,873		173,460		174,873		0.39
Cambium Learning Group, Inc.	(4)(7)(10)	SOFR +	5.50%	9.87%	7/20/2021	7/20/2028	934,154		930,081		934,154		2.11
Cengage Learning, Inc.	(6)(11)	SOFR +	3.50%	7.83%	11/22/2024	3/22/2031	11,909		11,849		11,951		0.03
Charger Debt Merger Sub, LLC	(4)(10)	SOFR +	5.00%	9.30%	5/31/2024	5/31/2031	54,587		54,126		54,587		0.12
Charger Debt Merger Sub, LLC	(4)(5)(7)(10)	SOFR +	5.00%	9.30%	5/31/2024	5/31/2031	18,828		18,490		18,682		0.04
DTA Intermediate II, Ltd.	(4)(11)	SOFR +	5.50%	9.80%	3/27/2024	3/27/2030	51,195		50,386		50,427		0.11
DTA Intermediate II, Ltd.	(4)(5)(7)(11)	SOFR +	5.25%	9.51%	3/27/2024	3/27/2030	6,429		5,989		5,885		0.01
Element Materials Technology Group US Holdings, Inc.	(6)(9)	SOFR +	3.75%	8.05%	6/24/2022	7/6/2029	7,349		7,302		7,381		0.02
Endeavor Schools Holdings, LLC	(4)(11)	SOFR +	6.25%	10.52%	7/18/2023	7/18/2029	46,703		45,916		43,551		0.10
Endeavor Schools Holdings, LLC	(4)(5)(11)	SOFR +	6.25%	10.52%	7/18/2023	7/18/2029	8,597		8,474		8,016		0.02
Essential Services Holding Corp.	(4)(10)	SOFR +	5.00%	9.28%	6/17/2024	6/17/2031	69,595		69,003		68,899		0.16
Essential Services Holding Corp.	(4)(5)(7)(10)	SOFR +	5.00%	9.33%	6/17/2024	6/17/2030	1,087		950		924		0.00
Go Car Wash Management Corp.	(4)(11)	SOFR +	5.75%	10.18%	10/12/2021	12/31/2026	88,638		88,007		86,422		0.20
Imagine Learning, LLC	(9)	SOFR +	3.50%	7.83%	2/1/2024	12/21/2029	64,385		64,140		62,919		0.14
Mckissock Investment Holdings, LLC	(10)	SOFR +	5.00%	9.41%	3/10/2022	3/12/2029	9,707		9,656		9,738		0.02
Mckissock Investment Holdings, LLC	(10)	SOFR +	5.00%	9.27%	11/20/2023	3/12/2029	27,087		26,614		27,172		0.06
Pre-Paid Legal Services, Inc.	(9)	SOFR +	3.25%	7.58%	12/15/2021	12/15/2028	17,473		17,404		17,400		0.04
Seahawk Bidco, LLC	(4)(7)(11)	SOFR +	4.75%	9.07%	12/19/2024	12/19/2031	261,309		258,822		259,580		0.59
Spring Education Group, Inc.	(8)	SOFR +	4.00%	8.30%	9/29/2023	9/29/2030	13,578		13,450		13,651		0.03
Sunshine Cadence Holdco, LLC	(4)(10)	SOFR +	5.00%	9.28%	5/1/2024	5/1/2031	198,475		196,821		196,490		0.44
Sunshine Cadence Holdco, LLC	(4)(7)(10)	SOFR +	5.00%	9.30%	5/1/2024	5/1/2031	20,653		20,223		19,815		0.04
University Support Services, LLC	(9)	SOFR +	2.75%	7.08%	2/10/2022	2/10/2029	6,281		6,264		6,079		0.01
									2,152,827		2,155,387		4.86

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 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%	6.33%	12/28/2023	1/31/2031	$	5,925	$	5,944	$	5,927	0.01	%
Diversified Telecommunication Services
Point Broadband Acquisition, LLC	(4)(7)(11)	SOFR +	5.50%	9.78%	10/1/2021	10/1/2028	230,544		227,861		232,850		0.53
Zacapa, LLC	(6)(9)	SOFR +	3.75%	8.05%	10/29/2024	3/22/2029	10,391		10,391		10,436		0.02
									238,252		243,286		0.55
Electric Utilities
Cogentrix Finance Holdco I, LLC	(8)	SOFR +	2.75%	7.08%	6/16/2025	2/26/2032	2,348		2,355		2,355		0.01
Qualus Power Services Corp.	(4)(11)	SOFR +	5.00%	9.33%	3/26/2021	3/26/2027	60,723		60,350		60,723		0.14
Qualus Power Services Corp.	(4)(11)	SOFR +	5.00%	9.33%	7/27/2023	3/26/2027	53,720		53,058		53,720		0.12
Qualus Power Services Corp.	(4)(7)(11)	SOFR +	5.00%	9.29%	5/9/2024	3/26/2027	42,619		41,723		42,435		0.10
Tiger Acquisition, LLC	(8)	SOFR +	2.75%	7.08%	11/16/2022	6/1/2028	11,500		11,500		11,540		0.03
									168,986		170,773		0.40
Electrical Equipment
Emergency Power Holdings, LLC	(4)(7)(11)	SOFR +	4.75%	9.03%	8/17/2021	8/17/2030	196,272		194,391		195,865		0.44
IEM New Sub 2, LLC	(4)(7)(10)	SOFR +	4.75%	9.05%	8/8/2024	8/8/2030	326,975		322,317		326,404		0.74
Madison IAQ, LLC	(9)	SOFR +	2.50%	6.76%	6/21/2021	6/21/2028	35,178		34,975		35,244		0.08
									551,683		557,513		1.26
Electronic Equipment, Instruments & Components
Albireo Energy, LLC	(4)(11)	SOFR +	6.00%	10.40%	1/7/2021	12/23/2026	24,864		24,741		24,118		0.05
Albireo Energy, LLC	(4)(5)(11)	SOFR +	6.00%	10.36%	1/7/2021	12/23/2026	7,463		7,440		7,239		0.02
Albireo Energy, LLC	(4)(5)(11)	SOFR +	6.00%	10.38%	1/7/2021	12/23/2026	1,914		1,909		1,857		0.00
Duro Dyne National Corp.	(4)(10)	SOFR +	4.75%	9.05%	11/15/2024	11/15/2031	189,182		187,459		189,182		0.43
Duro Dyne National Corp.	(4)(5)(7)(10)	P +	3.75%	11.25%	11/15/2024	11/15/2031	2,760		2,327		2,587		0.01
Dwyer Instruments, LLC	(4)(10)	SOFR +	4.75%	9.05%	11/15/2024	7/30/2029	46,445		46,042		46,213		0.10
Dwyer Instruments, LLC	(4)(5)(7)(10)	SOFR +	4.75%	9.05%	11/15/2024	7/30/2029	1,006		916		939		0.00
Infinite Bidco, LLC	(9)	SOFR +	3.75%	8.29%	3/2/2021	3/2/2028	19,764		19,691		18,710		0.04
Modena Buyer, LLC	(8)	SOFR +	4.50%	8.78%	7/1/2024	7/1/2031	35,677		35,056		34,450		0.08
Phoenix 1 Buyer Corp.	(4)(7)(10)	SOFR +	4.75%	9.02%	11/20/2023	11/20/2030	42,611		42,219		42,611		0.10
Spectrum Safety Solutions Purchaser, LLC	(4)(5)(6)(9)	E +	4.75%	6.73%	7/1/2024	7/1/2030	EUR	3,816	4,135		4,495		0.01
Spectrum Safety Solutions Purchaser, LLC	(4)(5)(6)(9)	E +	4.75%	6.73%	7/1/2024	7/1/2031	EUR	63,958	67,803		75,339		0.17
Spectrum Safety Solutions Purchaser, LLC	(4)(6)(7)(9)	SOFR +	4.75%	9.05%	7/1/2024	7/1/2031	283,666		278,872		283,145		0.64
									718,610		730,885		1.65

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 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)
Energy Equipment & Services
ISQ Hawkeye Holdco, Inc.	(4)(5)(10)	SOFR +	4.75%	9.13%	8/20/2024	8/20/2031	$	8,766	$	8,619	$	8,766	0.02	%
ISQ Hawkeye Holdco, Inc.	(4)(5)(7)(10)	SOFR +	4.75%	9.13%	8/20/2024	8/20/2030	569		547		569		0.00
LPW Group Holdings, Inc.	(4)(7)(11)	SOFR +	6.00%	10.42%	3/15/2024	3/15/2031	32,504		31,713		32,504		0.07
									40,879		41,839		0.09
Entertainment
OEG Borrower, LLC	(8)	SOFR +	3.50%	7.81%	4/22/2025	6/30/2031	8,149		8,035		8,134		0.02
Renaissance Holdings Corp.	(9)	SOFR +	4.00%	8.28%	12/6/2024	4/5/2030	2,498		2,498		2,276		0.01
									10,533		10,410		0.03
Financial Services
Atlas Securitized Products Funding 2, LP	(4)(5)(6)(7)(8)	SOFR +	1.50%	5.82%	3/28/2024	5/25/2063	145,440		141,709		143,875		0.32
Carr Riggs & Ingram Capital, LLC	(4)(9)	SOFR +	4.75%	9.05%	11/18/2024	11/18/2031	43,278		42,884		43,062		0.10
Carr Riggs & Ingram Capital, LLC	(4)(5)(7)(9)	SOFR +	4.75%	9.08%	11/18/2024	11/18/2031	4,780		4,583		4,615		0.01
DM Intermediate Parent, LLC	(4)(7)(10)	SOFR +	4.75%	9.08%	9/30/2024	9/30/2030	104,312		102,319		103,499		0.23
Harp Finco, Ltd.	(4)(5)(6)(8)	S +	5.50%	9.72%	3/27/2025	3/27/2032	GBP	84,561	107,397		113,751		0.26
Mitchell International, Inc.	(9)	SOFR +	3.25%	7.58%	6/17/2024	6/17/2031	64,739		64,463		64,761		0.15
More Cowbell II, LLC	(4)(10)	SOFR +	5.00%	8.80%	9/1/2023	9/1/2030	19,691		19,328		19,691		0.04
More Cowbell II, LLC	(4)(5)(7)(10)	SOFR +	5.00%	9.24%	9/1/2023	9/1/2029	566		497		539		0.00
PKF O'Connor Davies Advisory, LLC	(4)(7)(10)	SOFR +	4.50%	8.81%	11/15/2024	11/18/2031	84,572		83,556		83,888		0.19
RFS Opco, LLC	(4)(7)(9)	SOFR +	4.75%	9.05%	4/4/2024	4/4/2031	37,848		37,547		37,833		0.09
Solera, LLC	(9)(18)	SOFR +	3.75%	8.29%	6/4/2021	6/2/2028	32,328		32,168		31,549		0.07
									636,451		647,063		1.46
Food Products
Dreyers Grand Ice Cream, Inc.	(6)(8)	SOFR +	2.00%	6.24%	4/4/2025	9/30/2031	3,990		3,917		3,955		0.01
Snacking Investments US, LLC	(6)(11)	SOFR +	4.00%	8.28%	1/7/2021	12/18/2026	4,805		4,814		4,847		0.01
									8,731		8,802		0.02
Gas Utilities
CQP Holdco, LP	(9)	SOFR +	2.00%	6.30%	4/4/2025	12/31/2030	1,496		1,480		1,498		0.00
Ground Transportation
Channelside AcquisitionCo, Inc.	(4)(7)(10)	SOFR +	4.75%	9.03%	5/15/2024	5/15/2031	155,666		155,213		155,666		0.35

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 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 Equipment & Supplies
AEC Parent Holdings, Inc.	(9)(17)	SOFR +	5.75%	10.20%	6/13/2022	6/13/2029	$	24,743	$	23,753	$	18,820	0.04	%
Bamboo US BidCo, LLC	(4)(7)(11)	SOFR +	5.25%	9.53%	9/29/2023	9/30/2030	31,926		31,062		31,926		0.07
Bamboo US BidCo, LLC	(4)(11)	E +	5.25%	7.44%	9/29/2023	9/30/2030	EUR	72,246	74,866		85,102		0.19
Bamboo US BidCo, LLC	(4)(5)(11)	SOFR +	5.25%	9.53%	11/20/2024	9/30/2030	4,701		4,591		4,701		0.01
Ergotron Acquisition, LLC	(4)(10)	SOFR +	5.00%	9.33%	7/6/2022	7/6/2028	62,360		61,752		62,360		0.14
GCX Corporation Buyer, LLC	(4)(10)	SOFR +	5.50%	9.95%	9/13/2021	9/13/2027	190,575		189,168		185,811		0.42
GCX Corporation Buyer, LLC	(4)(10)	SOFR +	5.50%	9.74%	9/13/2021	9/13/2027	48,262		47,944		47,056		0.11
Natus Medical, Inc.	(4)(9)	SOFR +	5.25%	9.70%	7/21/2022	7/20/2029	42,332		40,607		41,908		0.09
Natus Medical, Inc.	(4)(5)(7)(9)	SOFR +	4.25%	8.68%	7/21/2022	7/21/2027	1,275		1,217		1,161		0.00
Sharp Services, LLC	(8)	SOFR +	3.25%	7.55%	10/25/2024	12/31/2028	7,626		7,626		7,660		0.02
WS Audiology A/S	(6)(8)	SOFR +	3.50%	7.80%	6/27/2025	2/28/2029	11,782		11,782		11,815		0.03
Zeus, LLC	(4)(7)(10)	SOFR +	5.50%	9.80%	2/28/2024	2/28/2031	53,170		52,417		51,403		0.12
									546,785		549,723		1.24
Health Care Providers & Services
123Dentist, Inc.	(4)(6)(10)	CA +	5.00%	7.75%	8/10/2022	8/10/2029	CAD	259,555	199,847		190,604		0.43
123Dentist, Inc.	(4)(5)(6)(7)(10)	CA +	5.00%	7.75%	8/9/2024	8/10/2029	CAD	21,400	11,557		15,715		0.04
ACI Group Holdings, Inc.	(4)(5)(7)(10)	SOFR +	5.50%	9.93%	8/2/2021	8/2/2027	4,726		4,577		3,544		0.01
ACI Group Holdings, Inc.	(4)(10)	SOFR +	6.00%	10.43% (incl. 3.25% PIK)	7/7/2023	8/2/2028	135,914		134,166		128,439		0.29
ADCS Clinics Intermediate Holdings, LLC	(4)(11)	SOFR +	6.25%	10.48%	5/7/2021	5/7/2027	10,354		10,290		10,354		0.02
ADCS Clinics Intermediate Holdings, LLC	(4)(11)	SOFR +	6.25%	10.57%	5/7/2021	5/7/2027	8,515		8,469		8,515		0.02
ADCS Clinics Intermediate Holdings, LLC	(4)(5)(7)(11)	SOFR +	6.25%	10.49%	5/7/2021	5/7/2026	334		321		334		0.00
ADCS Clinics Intermediate Holdings, LLC	(4)(5)(11)	SOFR +	6.25%	10.48%	4/14/2022	5/7/2027	249		247		249		0.00
Amerivet Partners Management, Inc.	(4)(7)(11)	SOFR +	5.50%	9.97%	2/25/2022	2/25/2028	20,892		20,531		20,631		0.05
Canadian Hospital Specialties, Ltd.	(4)(6)(11)	CA +	4.50%	7.57%	4/15/2021	4/14/2028	CAD	14,594	11,591		10,610		0.02
Canadian Hospital Specialties, Ltd.	(4)(6)(7)(10)	CA +	4.50%	7.57%	4/15/2021	4/15/2027	CAD	3,330	2,316		2,406		0.01

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 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)
Caramel Bidco, Limited	(4)(6)(8)	S +	6.00%	10.22%	2/11/2022	2/24/2029	GBP	60,000	$	78,981	$	69,182	0.16	%
Caramel Bidco, Limited	(4)(5)(6)(8)	S +	6.00%	10.22%	2/24/2022	2/24/2029	GBP	2,265	3,024		2,612		0.01
Caramel Bidco, Limited	(4)(6)(8)	E +	6.00%	8.04%	2/24/2022	2/24/2029	EUR	14,000	15,594		13,853		0.03
Caramel Bidco, Limited	(4)(6)(8)	SOFR +	6.00%	10.21%	2/24/2022	2/24/2029	$	6,125	6,337		5,145		0.01
CCBlue Bidco, Inc.	(4)(5)(10)	SOFR +	6.50%	10.90% (incl. 4.00% PIK)	12/21/2021	12/21/2028	583,638		578,950		487,338		1.10
CNT Holdings I Corp.	(10)	SOFR +	2.50%	6.78%	4/3/2025	11/8/2032	5,486		5,418		5,506		0.01
Commander Buyer, Inc.	(4)(7)(10)	SOFR +	4.75%	9.05%	6/26/2025	6/26/2032	161,838		159,559		159,557		0.36
Compsych Investments Corp.	(4)(7)(10)	SOFR +	4.75%	9.02%	7/22/2024	7/22/2031	70,315		69,967		70,265		0.16
CSC Mkg Topco, LLC	(4)(10)	SOFR +	5.50%	9.93%	2/1/2022	2/1/2029	159,593		157,956		159,593		0.36
CSC Mkg Topco, LLC	(4)(10)	SOFR +	5.75%	10.17%	8/1/2022	2/1/2029	21,359		20,976		21,359		0.05
DCA Investment Holdings, LLC	(4)(10)	SOFR +	6.41%	10.70%	3/12/2021	4/3/2028	25,009		24,922		23,633		0.05
DCA Investment Holdings, LLC	(4)(5)(10)	SOFR +	6.50%	10.80%	12/28/2022	4/3/2028	9,845		9,690		9,304		0.02
Epoch Acquisition, Inc.	(4)(11)	SOFR +	6.00%	10.38%	1/7/2021	10/4/2026	28,360		28,360		28,360		0.06
Examworks Bidco, Inc.	(9)	SOFR +	2.75%	7.08%	11/1/2021	11/1/2028	998		1,001		1,001		0.00
Heartland Dental, LLC	(10)	SOFR +	4.50%	8.83%	5/30/2024	4/30/2028	9,875		9,911		9,900		0.02
Imagine 360, LLC	(4)(7)(10)	SOFR +	5.00%	9.30%	9/18/2024	9/30/2028	96,788		95,882		96,633		0.22
Inception Fertility Ventures, LLC	(4)(7)(10)	SOFR +	5.50%	9.78%	4/29/2024	4/29/2030	273,289		272,855		268,558		0.61
Jayhawk Buyer, LLC	(4)(11)	SOFR +	5.00%	9.40%	5/26/2021	10/15/2026	223,779		222,640		213,709		0.48
Kwol Acquisition, Inc.	(4)(5)(7)(10)	SOFR +	4.75%	9.05%	12/8/2023	12/6/2029	6,521		6,383		6,521		0.01
MB2 Dental Solutions, LLC	(4)(10)	SOFR +	5.50%	9.83%	2/13/2024	2/13/2031	37,365		37,063		37,365		0.08
MB2 Dental Solutions, LLC	(4)(5)(7)(10)	SOFR +	5.50%	9.83%	2/13/2024	2/13/2031	4,752		4,675		4,752		0.01
MB2 Dental Solutions, LLC	(4)(5)(10)	SOFR +	5.50%	9.83%	2/13/2024	2/13/2031	5,526		5,490		5,526		0.01
Navigator Acquiror, Inc.	(4)(7)(9)	SOFR +	5.50%	9.93% (incl. 4.00% PIK)	7/16/2021	7/16/2030	531,206		529,421		469,881		1.06
Onex TSG Intermediate Corp.	(6)(10)	SOFR +	4.75%	9.34%	2/26/2021	2/28/2028	22,473		22,398		22,561		0.05
ONS MSO, LLC	(4)(5)(7)(11)	SOFR +	5.75%	10.03%	12/13/2023	7/8/2028	68,933		68,753		68,396		0.15
ONS MSO, LLC	(4)(5)(7)(11)	P +	5.25%	12.75%	12/13/2023	7/8/2028	250		208		215		0.00
ONS MSO, LLC	(4)(11)	SOFR +	5.75%	10.03%	4/26/2024	7/8/2028	9,900		9,854		9,826		0.02
Pacific Dental Services, Inc.	(8)	SOFR +	2.75%	7.07%	4/3/2025	3/15/2031	4,938		4,896		4,948		0.01
Plasma Buyer, LLC	(4)(10)	SOFR +	5.75%	10.05%	5/12/2022	5/12/2029	92,567		91,483		84,484		0.19
Plasma Buyer, LLC	(4)(5)(7)(10)	SOFR +	5.75%	10.05%	5/12/2022	5/12/2028	14,402		14,264		13,136		0.03
PPV Intermediate Holdings, LLC	(4)(10)	SOFR +	5.75%	10.08%	8/31/2022	8/31/2029	125,657		124,228		125,657		0.28
PPV Intermediate Holdings, LLC	(4)(5)(7)(11)	SOFR +	6.00%	10.33%	9/6/2023	8/31/2029	12,684		12,399		12,685		0.03
PSKW Intermediate, LLC	(4)(11)	SOFR +	5.50%	9.93%	12/11/2024	3/9/2028	12,010		12,010		12,010		0.03

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 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)
Raven Acquisition Holdings, LLC	(6)(7)(8)	SOFR +	3.25%	7.58%	4/10/2025	11/19/2031	$	2,800	$	2,729	$	2,801	0.01	%
Smile Doctors, LLC	(4)(10)	SOFR +	5.90%	10.13%	6/9/2023	12/23/2028	515,479		510,161		500,015		1.13
Smile Doctors, LLC	(4)(7)(10)	SOFR +	5.90%	10.13%	6/9/2023	12/23/2028	122,925		119,960		117,419		0.26
Snoopy Bidco, Inc.	(4)(10)	SOFR +	6.00%	10.59%	6/1/2021	6/1/2028	707,413		702,518		677,348		1.53
Southern Veterinary Partners, LLC	(8)	SOFR +	3.25%	7.53%	12/4/2024	10/31/2031	10,185		10,232		10,208		0.02
SpecialtyCare, Inc.	(4)(11)	SOFR +	5.75%	10.31%	6/18/2021	6/18/2028	66,852		66,000		66,183		0.15
SpecialtyCare, Inc.	(4)(5)(11)	SOFR +	5.75%	10.29%	6/18/2021	6/18/2028	577		573		571		0.00
SpecialtyCare, Inc.	(4)(5)(7)(8)	SOFR +	4.00%	8.44%	6/18/2021	6/18/2026	3,086		3,052		3,086		0.01
Stepping Stones Healthcare Services, LLC	(4)(10)	SOFR +	5.00%	9.30%	12/30/2021	1/2/2029	177,725		176,322		177,725		0.40
Stepping Stones Healthcare Services, LLC	(4)(5)(7)(10)	SOFR +	5.00%	9.30%	4/25/2024	1/2/2029	13,453		12,961		13,453		0.03
Surgery Centers Holdings, Inc.	(6)(8)	SOFR +	2.75%	7.08%	6/20/2024	12/19/2030	5,616		5,616		5,643		0.01
The Fertility Partners, Inc.	(4)(6)(10)	CA +	5.75%	8.80%	3/16/2022	3/16/2028	CAD	134,830	104,964		92,081		0.21
The Fertility Partners, Inc.	(4)(6)(10)	SOFR +	5.75%	10.19%	3/16/2022	3/16/2028	45,321		44,840		42,148		0.10
The Fertility Partners, Inc.	(4)(5)(6)(7)(10)	CA +	5.75%	8.80%	3/16/2022	9/16/2027	CAD	7,722	5,891		5,175		0.01
UMP Holdings, LLC	(4)(10)	SOFR +	5.75%	10.03%	7/15/2022	7/15/2028	9,475		9,379		9,404		0.02
UMP Holdings, LLC	(4)(5)(10)	SOFR +	5.75%	10.03%	7/15/2022	7/15/2028	12,965		12,914		12,868		0.03
Unified Women's Healthcare, LP	(4)(9)	SOFR +	5.50%	9.80%	6/16/2022	6/18/2029	873,937		873,937		873,937		1.97
Unified Women's Healthcare, LP	(4)(5)(9)	SOFR +	5.25%	9.57%	3/22/2024	6/18/2029	4,966		4,938		4,966		0.01
Unified Women's Healthcare, LP	(4)(5)(7)(9)	SOFR +	5.00%	9.31%	3/22/2024	6/18/2029	2,726		2,703		2,726		0.01
US Oral Surgery Management Holdco, LLC	(4)(10)	SOFR +	5.25%	9.68%	11/18/2021	11/20/2028	153,992		152,984		153,992		0.35
US Oral Surgery Management Holdco, LLC	(4)(10)	SOFR +	5.25%	9.63%	11/18/2021	11/20/2028	64,821		64,438		64,821		0.15
US Oral Surgery Management Holdco, LLC	(4)(5)(10)	SOFR +	6.00%	10.40%	8/16/2023	11/20/2028	6,191		6,122		6,191		0.01
US Oral Surgery Management Holdco, LLC	(4)(5)(10)	SOFR +	5.25%	9.64%	12/5/2022	11/20/2028	107		107		107		0.00
US Oral Surgery Management Holdco, LLC	(4)(5)(7)(10)	SOFR +	6.00%	10.40%	8/16/2023	11/20/2028	7,771		7,387		7,771		0.02
Veonet Lense, GmbH	(6)(8)	S +	4.75%	9.21%	2/26/2025	3/14/2029	GBP	253,448	319,028		346,048		0.78
WHCG Purchaser III, Inc.	(4)(5)(7)(10)	SOFR +	6.50%	10.80% (incl. 5.40% PIK)	8/2/2024	6/30/2029	47,197		47,197		47,197		0.11
WHCG Purchaser III, Inc.	(4)(5)(10)(17)		10.00%	10.00% PIK	8/2/2024	6/30/2030	39,098		14,654		16,421		0.04
									6,391,067		6,175,177		13.93

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 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
Accuity Delivery Systems, LLC	(4)(7)(9)	SOFR +	5.25%	9.58%	5/29/2025	5/29/2031	$	167,779	$	166,371	$	166,350	0.38	%
athenahealth, Inc.	(9)	SOFR +	2.75%	7.08%	2/15/2022	2/15/2029	36,098		35,891		36,103		0.08
Brilliance Technologies, Inc.	(4)(5)(7)(9)	SOFR +	4.50%	8.83%	3/11/2025	3/11/2032	88,253		87,410		87,479		0.20
Brilliance Technologies, Inc.	(4)(5)(9)	SOFR +	4.50%	8.83%	3/11/2025	3/11/2032	141,205		140,529		140,499		0.32
Brilliance Technologies, Inc.	(4)(5)(9)	SOFR +	4.50%	8.83%	5/16/2025	3/11/2032	193,997		193,045		193,027		0.44
Caerus US 1, Inc.	(4)(6)(10)	SOFR +	5.00%	9.30%	5/25/2022	5/25/2029	440,079		435,175		440,079		0.99
Caerus US 1, Inc.	(4)(5)(6)(7)(10)	SOFR +	5.00%	9.32%	5/25/2022	5/25/2029	13,128		12,559		13,128		0.03
Caerus US 1, Inc.	(4)(6)(10)	SOFR +	5.00%	9.30%	10/28/2022	5/25/2029	35,934		35,712		35,934		0.08
Caerus US 1, Inc.	(4)(6)(10)	SOFR +	5.00%	9.30%	10/28/2022	5/25/2029	245,547		244,545		245,547		0.55
Caerus US 1, Inc.	(4)(6)(10)	SOFR +	5.00%	9.30%	3/27/2024	5/25/2029	69,470		69,470		69,470		0.16
Color Intermediate, LLC	(4)(10)	SOFR +	4.75%	9.15%	7/2/2024	10/1/2029	363,293		357,799		363,293		0.82
Continental Buyer, Inc.	(4)(5)(7)(10)	SOFR +	4.50%	8.83%	2/14/2025	4/2/2031	41,637		41,013		41,603		0.09
Cotiviti, Inc.	(8)	SOFR +	2.75%	7.07%	5/1/2024	5/1/2031	43,048		42,868		42,900		0.10
Cronos Crimson Holdings, Inc.	(4)(10)	SOFR +	6.09%	10.52%	3/1/2021	3/1/2028	71,173		70,360		71,173		0.16
Cronos Crimson Holdings, Inc.	(4)(10)	SOFR +	6.09%	10.55%	3/1/2021	3/1/2028	14,758		14,661		14,758		0.03
CT Technologies Intermediate Holdings, Inc.	(4)(7)(10)	SOFR +	5.00%	9.33%	8/30/2024	8/30/2031	159,828		158,296		159,686		0.36
eResearchTechnology, Inc.	(4)(10)	SOFR +	4.75%	9.08%	1/15/2025	1/19/2032	825,410		817,689		817,156		1.84
eResearchTechnology, Inc.	(4)(5)(7)(10)	SOFR +	4.75%	9.08%	1/15/2025	1/19/2032	160,350		157,476		156,609		0.35
GI Ranger Intermediate, LLC	(4)(7)(10)	SOFR +	5.75%	10.18%	10/29/2021	10/29/2028	102,288		101,352		102,288		0.23
Healthcomp Holding Company, LLC	(4)(10)	SOFR +	6.25%	10.55% (incl. 3.00% PIK)	11/8/2023	11/8/2029	186,513		185,217		180,451		0.41
Imprivata, Inc.	(8)	SOFR +	3.00%	7.32%	6/20/2025	12/1/2027	1,997		1,997		2,009		0.00
Kona Buyer, LLC	(4)(10)	SOFR +	4.50%	8.78%	7/23/2024	7/23/2031	214,558		212,700		213,485		0.48
Kona Buyer, LLC	(4)(5)(7)(10)	SOFR +	4.50%	8.78%	7/23/2024	7/23/2031	16,132		15,320		15,625		0.04
Magic Bidco, Inc.	(4)(5)(7)(10)	SOFR +	5.75%	10.05%	7/1/2024	7/1/2030	6,165		5,992		6,082		0.01
Magic Bidco, Inc.	(4)(10)	SOFR +	5.75%	10.05%	7/1/2024	7/1/2030	57,676		56,616		57,099		0.13
Magic Bidco, Inc.	(4)(5)(7)(10)	SOFR +	5.75%	10.05%	7/1/2024	7/1/2030	1,787		1,665		1,611		0.00
Modernizing Medicine, Inc.	(4)(5)(7)(10)	SOFR +	5.25%	9.55% (incl. 2.75% PIK)	4/30/2025	4/30/2032	45,096		44,617		44,648		0.10
Neptune Holdings, Inc.	(4)(7)(10)	SOFR +	4.50%	8.80%	12/12/2024	8/31/2030	14,775		14,468		14,725		0.03
Netsmart Technologies, Inc.	(4)(7)(10)	SOFR +	4.95%	9.28% (incl. 2.45% PIK)	8/23/2024	8/23/2031	188,478		186,498		188,348		0.42

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 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)
Octane Purchaser, Inc.	(4)(7)(9)	SOFR +	4.25%	8.58%	5/19/2025	5/19/2032	$	167,453	$	166,456	$	166,439	0.38	%
Project Ruby Ultimate Parent Corp.	(8)	SOFR +	3.00%	7.44%	11/20/2024	3/10/2028	9,065		9,065		9,086		0.02
Rocky MRA Acquisition Corp.	(4)(9)	SOFR +	5.25%	9.63%	4/1/2022	4/2/2029	166,470		165,086		166,470		0.38
Vizient, Inc.	(9)	SOFR +	1.75%	6.08%	8/1/2024	8/1/2031	4,634		4,665		4,653		0.01
Waystar Technologies, Inc.	(8)	SOFR +	2.25%	6.58%	12/30/2024	10/22/2029	6,462		6,462		6,495		0.01
									4,259,045		4,274,308		9.63
Hotels, Restaurants & Leisure
Alterra Mountain, Co.	(4)(8)	SOFR +	2.75%	7.08%	11/7/2024	8/17/2028	9,086		9,086		9,142		0.02
Bally's Corp.	(6)(9)	SOFR +	3.25%	7.78%	10/1/2021	10/2/2028	6,607		6,594		5,864		0.01
Caesars Entertainment, Inc.	(6)(9)	SOFR +	2.25%	6.58%	2/6/2023	2/6/2030	2,477		2,492		2,479		0.01
Caesars Entertainment, Inc.	(6)(9)	SOFR +	2.25%	6.58%	6/16/2025	2/6/2031	2,716		2,720		2,718		0.01
Carnival Finance, LLC	(6)(10)	SOFR +	2.00%	6.31%	1/13/2025	10/18/2028	1,000		1,010		1,002		0.00
Cedar Fair, LP	(6)(8)	SOFR +	2.00%	6.33%	6/18/2025	5/1/2031	1,197		1,194		1,200		0.00
Century Casinos, Inc.	(6)(10)	SOFR +	6.00%	10.41%	4/1/2022	4/2/2029	30,965		30,630		27,528		0.06
DK Crown Holdings, Inc.	(6)(8)	SOFR +	1.75%	6.07%	6/16/2025	3/4/2032	1,409		1,407		1,406		0.00
FanDuel Group Financing, LLC	(6)(9)	SOFR +	1.75%	6.05%	4/3/2025	11/30/2030	5,264		5,186		5,258		0.01
Fertitta Entertainment, LLC	(9)	SOFR +	3.50%	7.83%	1/27/2022	1/27/2029	22,520		22,199		22,521		0.05
Flynn Restaurant Group, LP	(8)	SOFR +	3.75%	8.08%	4/3/2025	1/28/2032	2,993		2,899		2,993		0.01
IRB Holding Corp.	(10)	SOFR +	2.50%	6.83%	12/11/2024	12/15/2027	24,864		24,828		24,890		0.06
Life Time, Inc.	(8)	SOFR +	2.25%	6.53%	6/16/2025	11/5/2031	2,342		2,350		2,351		0.01
Light & Wonder International, Inc.	(6)(9)	SOFR +	2.25%	6.56%	6/16/2025	4/14/2029	646		649		647		0.00
Mic Glen, LLC	(9)	SOFR +	3.25%	7.58%	1/30/2025	7/21/2028	12,661		12,661		12,736		0.03
New Red Finance, Inc.	(6)(8)	SOFR +	1.75%	6.08%	6/16/2024	9/12/2030	13,596		13,440		13,555		0.03
Penn Entertainment, Inc.	(6)(9)	SOFR +	2.50%	6.83%	6/16/2025	5/3/2029	2,272		2,275		2,277		0.01
Scientific Games Holdings, LP	(9)	SOFR +	3.00%	7.28%	6/11/2024	4/4/2029	19,634		19,666		19,639		0.04
Tacala Investment Corp.	(10)	SOFR +	3.50%	7.83%	9/26/2024	1/31/2031	2,963		2,972		2,981		0.01
Whatabrands, LLC	(9)	SOFR +	2.50%	6.83%	12/11/2024	8/3/2028	12,245		12,192		12,264		0.03
									176,450		173,451		0.40
Household Durables
AI Aqua Merger Sub, Inc.	(9)	SOFR +	3.00%	7.32%	12/5/2024	7/31/2028	36,799		36,716		36,789		0.08
Madison Safety & Flow, LLC	(8)	SOFR +	2.75%	7.08%	9/26/2024	9/26/2031	6,948		6,948		6,969		0.02
									43,664		43,758		0.10
Independent Power and Renewable Electricity Producers
Calpine, Corp.	(8)	SOFR +	1.75%	6.08%	6/16/2025	2/15/2032	2,025		2,026		2,026		0.00
Calpine, Corp.	(8)	SOFR +	1.75%	6.08%	6/16/2025	1/31/2031	1,099		1,100		1,100		0.00
									3,126		3,126		0.00

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 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)
Industrial Conglomerates
Bettcher Industries, Inc.	(9)	SOFR +	4.00%	8.30%	12/14/2021	12/14/2028	$	6,901	$	6,867	$	6,878	0.02	%
CEP V Investment 11 S.à r.l.	(4)(6)(7)(10)	SA +	6.45%	7.20%	5/6/2022	2/11/2028	CHF	47,449	48,024		58,405		0.13
CEP V Investment 11 S.à r.l.	(4)(6)(10)	E +	6.45%	8.84%	3/31/2023	2/23/2028	EUR	66,051	63,974		76,244		0.17
Engineered Machinery Holdings, Inc.	(10)	SOFR +	3.50%	8.06%	8/12/2021	5/19/2028	11,693		11,670		11,778		0.03
Excelitas Technologies Corp.	(4)(8)	E +	5.25%	7.18%	8/12/2022	8/13/2029	EUR	24,690	25,055		28,939		0.07
Excelitas Technologies Corp.	(4)(7)(10)	SOFR +	5.25%	9.58%	8/12/2022	8/13/2029	33,241		32,732		33,001		0.07
									188,322		215,245		0.49
Insurance
Accession Risk Management Group, Inc.	(4)(10)	SOFR +	4.75%	9.03%	11/12/2021	11/1/2029	59,484		59,472		59,484		0.13
Accession Risk Management Group, Inc.	(4)(7)(10)	SOFR +	4.75%	9.03%	1/7/2021	11/1/2029	179,825		178,742		179,809		0.41
Accession Risk Management Group, Inc.	(4)(5)(10)	SOFR +	4.75%	9.03%	8/15/2024	11/1/2029	23,158		23,061		23,158		0.05
Alera Group, Inc.	(9)	SOFR +	3.25%	7.58%	5/30/2025	5/30/2032	37,923		37,737		38,080		0.09
Alliant Holdings Intermediate, LLC	(8)	SOFR +	2.75%	7.07%	9/12/2024	9/19/2031	6,141		6,087		6,149		0.01
Amerilife Holdings, LLC	(4)(7)(10)	SOFR +	5.00%	9.26%	6/17/2024	8/31/2029	575,580		569,251		575,580		1.30
Amerilife Holdings, LLC	(4)(5)(7)(10)	SOFR +	5.00%	9.26%	6/17/2024	8/31/2029	102,536		101,504		102,536		0.23
AmWINS Group, Inc.	(10)	SOFR +	2.25%	6.58%	4/3/2025	1/30/2032	2,000		1,964		2,003		0.00
AssuredPartners, Inc.	(9)	SOFR +	3.50%	7.83%	2/16/2024	2/14/2031	125,100		125,012		125,554		0.28
Baldwin Insurance Group Holdings, LLC	(6)(8)	SOFR +	3.00%	7.31%	12/11/2024	5/26/2031	11,870		11,870		11,894		0.03
BroadStreet Partners, Inc.	(8)	SOFR +	3.00%	7.33%	6/14/2024	6/14/2031	19,809		19,729		19,855		0.04
CFC Underwriting, Ltd.	(4)(6)(9)	SOFR +	4.95%	9.26%	1/25/2022	5/16/2029	138,161		136,250		138,161		0.31
Foundation Risk Partners Corp.	(4)(10)	SOFR +	4.75%	9.05%	10/29/2021	10/29/2030	27,775		27,520		27,775		0.06
Foundation Risk Partners Corp.	(4)(5)(10)	SOFR +	4.75%	9.05%	11/17/2023	10/29/2030	26,815		26,425		26,815		0.06
Foundation Risk Partners Corp.	(4)(10)	SOFR +	4.75%	9.05%	4/14/2022	10/29/2030	38,496		38,177		38,496		0.09
Foundation Risk Partners Corp.	(4)(5)(7)(10)	SOFR +	4.75%	9.05%	10/21/2024	10/29/2030	16,926		16,589		16,616		0.04
Galway Borrower, LLC	(4)(10)	SOFR +	4.50%	8.80%	9/30/2021	9/29/2028	240,406		238,692		240,406		0.54
Galway Borrower, LLC	(4)(5)(7)(10)	SOFR +	4.50%	8.80%	9/30/2021	9/29/2028	588		580		588		0.00
Galway Borrower, LLC	(4)(5)(7)(10)	SOFR +	4.50%	8.80%	4/28/2023	9/29/2028	6,385		6,199		6,385		0.01
Gimlet Bidco, GmbH	(4)(6)(8)	E +	5.75%	7.94%	4/15/2024	4/23/2031	EUR	110,003	114,755		129,578		0.29

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 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)
Gimlet Bidco, GmbH	(4)(6)(7)(8)	E +	5.75%	7.94%	4/15/2024	4/23/2031	EUR	31,179	$	31,921	$	36,728	0.08	%
Higginbotham Insurance Agency, Inc.	(4)(6)(11)	SOFR +	4.50%	8.83%	7/3/2024	11/25/2028	$	89,744	89,674		89,744		0.20
High Street Buyer, Inc.	(4)(10)	SOFR +	5.25%	9.55%	4/16/2021	4/14/2028	19,090		18,991		19,090		0.04
High Street Buyer, Inc.	(4)(5)(7)(10)	SOFR +	5.25%	9.57%	4/16/2021	4/14/2028	81,881		81,117		81,797		0.18
High Street Buyer, Inc.	(4)(5)(7)(10)	SOFR +	5.25%	9.56%	1/2/2025	4/14/2028	27,484		26,997		27,484		0.06
High Street Buyer, Inc.	(4)(10)	SOFR +	5.25%	9.55%	4/16/2021	4/14/2028	76,669		76,042		76,669		0.17
HUB International, Ltd.	(8)	SOFR +	2.50%	6.77%	4/4/2025	6/20/2030	854		837		857		0.00
Hyperion Refinance S.à r.l.	(6)(9)	SOFR +	3.00%	7.33%	11/22/2024	2/15/2031	18,902		18,672		18,982		0.04
Integrity Marketing Acquisition, LLC	(4)(7)(10)	SOFR +	5.00%	9.33%	8/27/2024	8/25/2028	262,707		261,082		262,672		0.59
MRH Trowe Beteiligungsgesellschaft mbH	(4)(6)(7)(8)	E +	5.00%	7.14%	5/15/2025	5/15/2032	EUR	352	389		410		0.00
OneDigital Borrower, LLC	(9)	SOFR +	3.00%	7.33%	1/28/2025	7/2/2031	9,900		9,900		9,897		0.02
Paisley Bidco, Ltd.	(4)(5)(6)(8)	S +	5.00%	9.22%	4/17/2024	4/18/2031	GBP	14,988	18,575		20,573		0.05
Paisley Bidco, Ltd.	(4)(5)(6)(8)	E +	5.00%	7.19%	4/17/2024	4/18/2031	EUR	7,947	8,448		9,362		0.02
Paisley Bidco, Ltd.	(4)(5)(6)(8)	E +	5.00%	7.19%	4/17/2024	4/18/2031	EUR	7,010	7,228		8,257		0.02
Patriot Growth Insurance Services, LLC	(4)(10)	SOFR +	5.00%	9.45%	10/14/2021	10/16/2028	23,850		23,690		23,850		0.05
Patriot Growth Insurance Services, LLC	(4)(5)(7)(10)	SOFR +	5.00%	9.30%	11/17/2023	10/16/2028	22,374		22,124		21,932		0.05
Riser Merger Sub, Inc.	(4)(5)(10)	SOFR +	4.75%	9.05%	4/15/2025	10/31/2029	30,737		30,737		30,737		0.07
Riser Merger Sub, Inc.	(4)(5)(10)	S +	4.75%	8.97%	4/15/2025	10/31/2029	GBP	51,673	66,232		70,929		0.16
Riser Merger Sub, Inc.	(4)(5)(7)(10)	SOFR +	4.75%	9.05%	4/15/2025	10/31/2029	7,333		6,861		7,182		0.02
SelectQuote, Inc.	(4)(6)(20)	SOFR +	6.50%	10.93%	10/15/2024	9/30/2027	124,326		124,310		119,353		0.27
SG Acquisition, Inc.	(4)(7)(10)	SOFR +	4.75%	9.03%	4/3/2024	4/3/2030	213,329		211,725		213,329		0.48
Shelf Bidco, Ltd.	(4)(6)(10)(18)	SOFR +	5.18%	9.46%	10/17/2024	10/17/2031	938,360		934,128		938,360		2.12
Simplicity Financial Marketing Group Holdings, Inc.	(4)(6)(7)(10)	SOFR +	5.00%	9.30%	12/31/2024	12/31/2031	47,879		47,338		47,532		0.11
Sparta UK Bidco, Ltd.	(4)(5)(6)(7)(8)	S +	6.00%	10.22%	9/4/2024	9/25/2031	GBP	43,901	57,826		60,260		0.14
SQ ABS Issuer, LLC	(4)(6)(8)		7.80%	7.80%	10/11/2024	10/20/2039	19,818		19,690		19,670		0.04

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 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)
Tennessee Bidco, Limited	(4)(5)(6)(8)	E +	5.25%	8.06% (incl. 2.00% PIK)	7/1/2024	7/1/2031	EUR	4,562	$	5,688	$	5,373	0.01	%
Tennessee Bidco, Limited	(4)(6)(8)	S +	5.25%	10.00% (incl. 2.00% PIK)	7/1/2024	7/1/2031	GBP	150,783	202,308		206,972		0.47
Tennessee Bidco, Limited	(4)(5)(6)(7)(8)	S +	5.25%	9.95% (incl. 2.00% PIK)	7/1/2024	7/1/2031	GBP	13,685	18,255		18,133		0.04
Tennessee Bidco, Limited	(4)(6)(8)	SOFR +	5.25%	9.51% (incl. 2.00% PIK)	7/1/2024	7/1/2031	$	550,018	537,250		550,018		1.24
Tennessee Bidco, Limited	(4)(5)(6)(8)	SOFR +	5.25%	9.49% (incl. 2.00% PIK)	7/1/2024	7/1/2031	28,062		27,813		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	9,300		10,452		0.02
THG Acquisition LLC	(4)(10)	SOFR +	4.50%	8.83%	10/31/2024	10/31/2031	66,813		66,208		66,813		0.15
THG Acquisition LLC	(4)(5)(7)(10)	SOFR +	4.75%	9.08%	10/31/2024	10/31/2031	555		487		555		0.00
THG Acquisition LLC	(4)(5)(7)(10)	SOFR +	4.50%	8.83%	10/31/2024	10/31/2031	477		407		477		0.00
TIH Insurance Holdings, LLC	(7)(8)	SOFR +	2.75%	7.05%	12/6/2024	5/6/2031	19,652		19,288		19,555		0.04
USI, Inc.	(8)	SOFR +	2.25%	6.55%	12/23/2024	11/22/2029	6,829		6,829		6,825		0.02
USI, Inc.	(8)	SOFR +	2.25%	6.55%	12/23/2024	9/29/2030	6,458		6,365		6,449		0.01
World Insurance Associates, LLC	(4)(7)(11)	SOFR +	5.00%	9.30%	10/20/2023	4/3/2030	81,186		79,888		80,885		0.18
									4,914,236		4,985,147		11.19
Interactive Media & Services
North Haven Ushc Acquisition, Inc.	(4)(5)(11)	SOFR +	5.00%	9.30%	8/28/2024	10/30/2027	12,436		12,299		12,187		0.03
North Haven Ushc Acquisition, Inc.	(4)(5)(11)	SOFR +	5.00%	9.38%	8/28/2024	10/30/2027	7,281		7,200		7,135		0.02
North Haven Ushc Acquisition, Inc.	(4)(5)(11)	SOFR +	5.00%	9.31%	8/28/2024	10/30/2027	3,098		3,064		3,036		0.01
North Haven Ushc Acquisition, Inc.	(4)(5)(7)(11)	SOFR +	5.00%	9.43%	8/28/2024	10/30/2027	4,475		4,284		3,870		0.01
North Haven Ushc Acquisition, Inc.	(4)(5)(11)	SOFR +	5.00%	9.40%	8/28/2024	10/30/2027	3,603		3,564		3,531		0.01
North Haven Ushc Acquisition, Inc.	(4)(11)	SOFR +	5.00%	9.38%	8/28/2024	10/30/2027	22,183		21,939		21,740		0.05
North Haven Ushc Acquisition, Inc.	(4)(5)(7)(11)	SOFR +	5.00%	9.38%	8/28/2024	10/30/2027	12,437		12,249		12,096		0.03
Project Boost Purchaser, LLC	(8)	SOFR +	3.00%	7.30%	7/16/2024	7/16/2031	13,075		13,011		13,112		0.03
Speedster Bidco, GmbH	(6)(9)	SOFR +	3.25%	7.55%	10/17/2024	12/10/2031	20,270		19,832		20,416		0.05
Speedster Bidco, GmbH	(6)(7)(8)	E +	3.50%	5.88%	10/17/2024	12/10/2031	EUR	33,908	35,585		39,982		0.09
Titan Acquisitionco New Zealand, Ltd.	(4)(6)(9)	B +	4.00%	7.34%	5/29/2025	4/17/2031	NZD	129,563	76,703		78,185		0.18
WH Borrower, LLC	(9)	SOFR +	4.75%	9.07%	2/20/2025	2/20/2032	40,000		39,810		40,062		0.09
									249,540		255,352		0.60

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 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
Ahead DB Holdings, LLC	(10)	SOFR +	3.00%	7.30%	8/2/2024	2/1/2031	$	2,505	$	2,503	$	2,511	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		29,445		29,758		0.07
AI Altius US Bidco, Inc.	(4)(7)(10)	SOFR +	4.75%	8.99%	5/21/2024	12/21/2028	245,269		243,168		245,269		0.55
Allium Buyer, LLC	(4)(7)(11)	SOFR +	5.00%	9.28%	5/2/2023	5/2/2030	1,572		1,535		1,565		0.00
Cassipoee, SASU	(4)(5)(6)(8)	E +	4.50%	6.48%	2/26/2025	2/26/2032	EUR	160	165		185		0.00
Dcert Buyer, Inc.	(8)	SOFR +	4.00%	8.33%	1/7/2021	10/16/2026	19,203		19,211		19,063		0.04
Fern Bidco, Ltd.	(4)(5)(6)(8)	S +	5.25%	9.47%	7/1/2024	7/3/2031	GBP	40,356	50,153		54,426		0.12
Fern Bidco, Ltd.	(4)(5)(6)(7)(8)	S +	5.25%	9.47%	7/1/2024	7/3/2031	GBP	4,414	5,460		5,574		0.01
Infostretch Corporation	(4)(10)	SOFR +	5.75%	10.20%	4/1/2022	4/1/2028	177,510		175,882		162,422		0.37
Inovalon Holdings, Inc.	(4)(10)	SOFR +	5.50%	10.02% (incl. 2.75% PIK)	4/11/2025	11/24/2028	1,095,483		1,083,161		1,095,483		2.47
KEN Bidco, Ltd.	(4)(5)(6)(10)	S +	6.00%	10.33% (incl. 2.50% PIK)	5/3/2024	8/3/2028	GBP	14,183	17,432		18,885		0.04
Monterey Financing, S.à r.l.	(4)(6)(8)	CI +	6.00%	7.95%	9/28/2022	9/28/2029	DKK	560,750	72,787		88,534		0.20
Monterey Financing, S.à r.l.	(4)(6)(9)	N +	6.00%	10.36%	9/28/2022	9/28/2029	NOK	599,094	54,952		59,437		0.13
Monterey Financing, S.à r.l.	(4)(6)(8)	ST +	6.00%	8.16%	9/28/2022	9/28/2029	SEK	243,186	21,406		25,704		0.06
Monterey Financing, S.à r.l.	(4)(6)(8)	E +	6.00%	7.98%	9/28/2022	9/28/2029	EUR	110,819	106,804		130,539		0.29
Nephele III, BV	(4)(5)(6)(7)(8)	E +	5.00%	6.98%	3/31/2025	1/14/2032	EUR	267	285		310		0.00
Newfold Digital Holdings Group, Inc.	(10)	SOFR +	3.50%	7.93%	2/10/2021	2/10/2028	43,913		43,766		31,851		0.07
Park Place Technologies, LLC	(4)(10)	SOFR +	5.25%	9.53%	3/25/2024	3/25/2031	542,693		538,754		542,693		1.22
Park Place Technologies, LLC	(4)(5)(7)(10)	SOFR +	5.25%	9.58%	3/25/2024	3/25/2030	18,831		18,324		18,831		0.04
Park Place Technologies, LLC	(4)(5)(7)(10)	SOFR +	5.25%	9.56%	3/25/2024	3/25/2031	44,416		43,884		44,416		0.10
Razor Holdco, LLC	(4)(10)	SOFR +	5.75%	10.18%	10/25/2021	10/25/2027	95,717		94,977		95,717		0.22
Red River Technology, LLC	(4)(11)	SOFR +	6.00%	10.43%	5/26/2021	5/26/2027	145,530		144,723		129,886		0.29
Redwood Services Group, LLC	(4)(10)	SOFR +	5.25%	9.55%	1/3/2025	6/15/2029	148,832		147,261		148,832		0.34
Redwood Services Group, LLC	(4)(5)(7)(10)	SOFR +	5.25%	9.55%	2/5/2024	6/15/2029	15,534		15,333		15,385		0.03
Smartronix, LLC	(8)	SOFR +	4.50%	8.80%	2/7/2025	2/6/2032	341,401		332,953		342,682		0.77
Smartronix, LLC	(4)(5)(7)(8)	SOFR +	3.50%	7.80%	2/7/2025	2/7/2030	1,368		1,085		1,308		0.00

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 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)
Turing Holdco, Inc.	(4)(6)(8)	E +	6.00%	8.01% (incl. 2.50% PIK)	10/14/2021	9/28/2028	EUR	17,396	$	19,807	$	19,877	0.04	%
Turing Holdco, Inc.	(4)(6)(8)	E +	6.00%	8.69% (incl. 2.50% PIK)	10/14/2021	8/3/2028	EUR	6,563	7,509		7,499		0.02
Turing Holdco, Inc.	(4)(6)(8)	SOFR +	6.00%	10.40% (incl. 2.50% PIK)	10/14/2021	10/16/2028	$	6,711	6,982		6,510		0.01
Turing Holdco, Inc.	(4)(6)(8)	SOFR +	6.00%	10.38% (incl. 2.50% PIK)	10/14/2021	9/28/2028	13,496		13,319		13,091		0.03
Turing Holdco, Inc.	(4)(5)(6)(7)(10)	S +	6.00%	10.33% (incl. 2.50% PIK)	5/3/2024	8/3/2028	GBP	23,844	29,305		31,748		0.07
Turing Holdco, Inc.	(4)(6)(7)(10)	SOFR +	6.00%	10.42% (incl. 2.50% PIK)	5/3/2024	8/3/2028	31,734		31,051		30,782		0.07
Virtusa Corp.	(10)	SOFR +	3.25%	7.58%	6/21/2024	2/15/2029	14,788		14,803		14,810		0.03
									3,388,185		3,435,583		7.71
Life Sciences Tools & Services
Bidco Jupiter, Ltd.	(4)(6)(9)	E +	6.25%	8.23%	8/5/2022	8/27/2029	EUR	5,922	5,852		6,174		0.01
Bidco Jupiter, Ltd.	(4)(6)(10)	SOFR +	6.25%	10.55%	8/5/2022	8/27/2029	88,177		86,607		77,816		0.18
Cambrex Corp.	(4)(7)(10)	SOFR +	4.75%	9.08%	3/5/2025	3/5/2032	114,962		113,640		114,151		0.26
Creek Parent, Inc.	(4)(7)(10)	SOFR +	5.25%	9.57%	12/17/2024	12/18/2031	133,017		130,557		131,684		0.30
Falcon Parent Holdings, Inc.	(4)(7)(10)	SOFR +	5.00%	9.26%	11/6/2024	11/6/2031	129,999		128,522		128,745		0.29
Parexel International, Inc.	(9)	SOFR +	2.50%	6.83%	1/27/2025	11/15/2028	4,371		4,382		4,378		0.01
									469,560		462,948		1.05

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 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)
Machinery
Bidco 76 S.p.A.	(4)(6)(7)(8)	E +	5.00%	7.66%	12/11/2024	12/10/2031	EUR	115,204	$	118,780	$	135,468	0.31	%
Chart Industries, Inc.	(6)(9)	SOFR +	2.50%	6.79%	7/2/2024	3/16/2030	$	5,300	5,300		5,323		0.01
Cielo Bidco, Ltd.	(4)(5)(6)(8)	S +	4.75%	8.97%	6/30/2025	3/31/2032	GBP	241	327		327		0.00
Cielo Bidco, Ltd.	(4)(5)(6)(7)(8)	E +	4.75%	6.68%	6/30/2025	3/31/2032	EUR	86	109		100		0.00
Cielo Bidco, Ltd.	(4)(5)(6)(8)	SOFR +	4.75%	9.05%	6/30/2025	3/31/2032	1,238		1,226		1,226		0.00
Cielo Bidco, Ltd.	(4)(5)(6)(7)(8)	SOFR +	4.75%	9.05%	6/30/2025	3/31/2032	595		582		582		0.00
Crosby US Acquisition Corp.	(9)	SOFR +	3.50%	7.83%	9/16/2024	8/16/2029	310		314		312		0.00
LSF11 Trinity Bidco, Inc.	(8)	SOFR +	3.00%	7.32%	6/20/2024	6/14/2030	1,055		1,055		1,060		0.00
MHE Intermediate Holdings, LLC	(4)(7)(11)	SOFR +	6.00%	10.43%	7/21/2021	7/21/2027	5,903		5,858		5,823		0.01
MHE Intermediate Holdings, LLC	(4)(5)(11)	SOFR +	6.50%	10.93%	12/20/2022	7/21/2027	229		227		226		0.00
MHE Intermediate Holdings, LLC	(4)(5)(11)	SOFR +	6.25%	10.68%	8/30/2022	7/21/2027	228		226		226		0.00
Pro Mach Group, Inc.	(11)	SOFR +	2.75%	7.08%	3/4/2025	8/31/2028	6,877		6,877		6,899		0.02
SPX Flow, Inc.	(9)	SOFR +	3.00%	7.33%	6/6/2024	4/5/2029	8,651		8,651		8,692		0.02
TK Elevator U.S. Newco, Inc.	(6)(9)	SOFR +	3.00%	7.24%	3/14/2024	4/30/2030	17,407		17,407		17,473		0.04
Victory Buyer, LLC	(9)	SOFR +	3.75%	8.19%	11/19/2021	11/19/2028	26,009		25,891		25,762		0.06
									192,830		209,499		0.47
Marine
Armada Parent, Inc.	(4)(5)(7)(10)	SOFR +	5.25%	9.56%	10/29/2021	10/29/2030	6,750		6,541		6,694		0.02
Armada Parent, Inc.	(4)(10)	SOFR +	5.25%	9.56%	6/9/2025	10/29/2030	228,182		226,417		228,182		0.51
Kattegat Project Bidco, AB	(4)(5)(6)(7)(8)	E +	5.50%	7.48%	3/20/2024	4/7/2031	EUR	51,768	54,863		60,814		0.14
Kattegat Project Bidco, AB	(4)(5)(6)(8)	SOFR +	5.50%	9.80%	3/20/2024	4/7/2031	4,522		4,429		4,522		0.01
									292,250		300,212		0.68
Media
ABG Intermediate Holdings 2, LLC	(8)	SOFR +	2.25%	6.58%	4/4/2025	2/13/2032	5,237		5,100		5,234		0.01
Bimini Group Purchaser, Inc.	(4)(10)	SOFR +	4.75%	9.07%	4/26/2024	4/26/2031	282,885		280,388		282,885		0.64
Bimini Group Purchaser, Inc.	(4)(5)(7)(10)	SOFR +	4.75%	9.01%	4/26/2024	4/26/2031	18,039		17,601		17,864		0.04
HMH Education, Inc.	(4)(5)(7)(10)	SOFR +	4.25%	8.66%	4/7/2022	4/7/2027	2,700		2,551		2,528		0.01
McGraw-Hill Education, Inc.	(9)	SOFR +	3.25%	7.58%	1/16/2025	8/6/2031	11,115		11,115		11,166		0.03
Prodege International Holdings, LLC	(4)(10)	SOFR +	5.75%	10.21%	12/15/2021	12/15/2027	547,406		543,538		506,350		1.14
Radiate Holdco, LLC	(10)	SOFR +	3.25%	7.69% (incl. 1.50% PIK)	11/1/2021	9/25/2026	25,150		25,136		21,941		0.05
									885,429		847,968		1.92

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 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%	7.28%	4/29/2021	1/31/2029	$	15,668	$	15,648	$	15,692	0.04	%
Oil, Gas & Consumable Fuels
Eagle Midstream Canada Finance, Inc.	(4)(6)(10)	SOFR +	5.25%	9.57%	8/30/2024	8/15/2028	32,834		32,624		32,834		0.07
Freeport LNG Investments, LLLP	(9)	SOFR +	3.25%	7.52%	1/15/2025	12/21/2028	33,238		33,238		33,314		0.08
KKR Alberta Midstream Finance, Inc.	(4)(6)(10)	SOFR +	5.25%	9.57%	8/30/2024	8/15/2028	17,861		17,735		17,861		0.04
									83,597		84,009		0.19
Paper & Forest Products
Profile Products, LLC	(4)(10)	SOFR +	5.75%	10.11%	11/12/2021	11/12/2027	62,270		61,840		61,180		0.14
Profile Products, LLC	(4)(5)(7)(10)	P +	4.50%	12.00%	11/12/2021	11/12/2027	7,242		7,125		6,945		0.02
									68,965		68,125		0.16
Pharmaceuticals
Dechra Finance US, LLC	(6)(8)	SOFR +	3.25%	7.51%	12/3/2024	12/3/2031	4,988		5,030		5,005		0.01
Dolcetto Holdco S.p.A.	(4)(5)(6)(8)	E +	6.50%	8.50%	10/11/2022	10/27/2028	EUR	60,136	58,697		70,838		0.16
Dolcetto Holdco S.p.A.	(4)(5)(6)(8)	E +	5.50%	7.48%	1/28/2025	10/27/2028	EUR	23,167	23,905		27,289		0.06
Eden Acquisitionco, Ltd.	(4)(5)(6)(7)(10)	SOFR +	6.00%	10.17%	11/2/2023	11/18/2030	110,286		108,022		110,211		0.25
Elanco Animal Health, Inc.	(6)(8)	SOFR +	1.75%	6.17%	1/30/2025	8/1/2027	878		879		879		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		653		0.00
Opal Bidco, SAS	(6)(8)	SOFR +	3.25%	7.44%	3/31/2025	3/31/2032	50,148		49,852		50,415		0.11
Padagis, LLC	(6)(9)	SOFR +	4.75%	9.27%	7/6/2021	7/6/2028	6,399		6,399		6,015		0.01
Rhea Parent, Inc.	(4)(7)(10)	SOFR +	4.75%	9.05%	12/20/2024	12/20/2030	266,194		263,606		265,905		0.60
									517,034		537,210		1.20
Professional Services
AG Group Holdings, Inc.	(9)	SOFR +	4.25%	8.58%	12/29/2021	12/29/2028	5,628		5,612		5,269		0.01
ALKU, LLC	(4)(10)	SOFR +	6.25%	10.47%	5/23/2023	5/23/2029	54,576		53,710		54,166		0.12
ALKU, LLC	(4)(10)	SOFR +	5.50%	9.72%	2/21/2024	5/23/2029	4,938		4,864		4,839		0.01
Alpine Intel Intermediate 2, LLC	(4)(5)(7)(10)	SOFR +	4.50%	8.78%	8/28/2024	1/31/2028	3,177		3,009		3,177		0.01
Apex Companies, LLC	(4)(11)	SOFR +	5.25%	9.53%	1/31/2023	1/31/2028	1,966		1,939		1,966		0.00
Apex Companies, LLC	(4)(11)	SOFR +	5.25%	9.58%	8/28/2024	1/31/2028	10,896		10,769		10,896		0.02
Apex Companies, LLC	(4)(5)(7)(11)	SOFR +	5.25%	9.58%	8/28/2024	1/31/2028	2,779		2,476		2,779		0.01
Artisan Acquisitionco, Ltd.	(4)(6)(7)(8)	SOFR +	4.50%	8.80%	9/23/2024	9/30/2031	392,805		385,304		385,385		0.87
Ascensus Group Holdings, Inc.	(9)	SOFR +	3.00%	7.33%	12/13/2024	8/2/2028	40,601		40,601		40,728		0.09
Baker Tilly Advisory Group, LP	(4)(10)	SOFR +	4.75%	9.08%	6/3/2024	6/3/2031	202,021		199,455		202,021		0.46
Baker Tilly Advisory Group, LP	(4)(7)(10)	SOFR +	4.50%	8.83%	6/3/2024	6/3/2031	271,321		267,236		268,022		0.60
Cast & Crew Payroll, LLC	(9)	SOFR +	3.75%	8.08%	12/30/2021	12/29/2028	11,511		11,441		10,910		0.02

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 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)
CFGI Holdings, LLC	(4)(7)(10)	SOFR +	4.50%	8.83%	11/2/2021	11/2/2027	$	20,660	$	20,343	$	20,261	0.05	%
Chartwell Cumming Holding, Corp.	(4)(7)(11)	SOFR +	4.75%	9.08%	5/26/2021	11/16/2029	213,981		212,218		213,789		0.48
Chartwell Cumming Holding, Corp.	(4)(5)(7)(11)	SOFR +	4.75%	9.08%	11/18/2022	11/16/2029	20,854		20,306		20,854		0.05
Chartwell Cumming Holding, Corp.	(4)(11)	SOFR +	4.75%	9.08%	2/14/2025	11/16/2029	33,426		33,117		33,426		0.08
Cisive Holdings Corp.	(4)(7)(11)	SOFR +	5.75%	10.15%	12/8/2021	12/8/2028	33,428		33,331		32,671		0.07
Claims Automation Intermediate 2, LLC	(4)(10)	SOFR +	4.50%	8.82%	12/16/2021	12/16/2027	44,240		43,878		44,240		0.10
Claims Automation Intermediate 2, LLC	(4)(10)	SOFR +	4.50%	8.78%	12/16/2021	12/16/2027	68,007		67,449		68,007		0.15
Clearview Buyer, Inc.	(4)(7)(10)	SOFR +	4.50%	8.90%	8/26/2021	8/31/2029	117,735		116,830		117,735		0.27
CohnReznick Advisory, LLC	(7)(8)	SOFR +	4.00%	8.30%	3/26/2025	3/31/2032	14,764		14,676		14,719		0.03
CRCI Longhorn Holdings, Inc.	(4)(7)(10)	SOFR +	5.00%	9.33%	8/27/2024	8/27/2031	63,826		63,094		63,743		0.14
Deerfield Dakota Holding, LLC	(11)	SOFR +	3.75%	8.05%	1/7/2021	4/9/2027	83,935		83,770		81,755		0.18
DTI Holdco, Inc.	(7)(10)	SOFR +	4.00%	8.33%	2/12/2025	4/26/2029	24,347		24,133		22,520		0.05
East River Bidco, GmbH	(4)(6)(7)(8)	E +	5.25%	7.23%	3/26/2025	3/26/2032	EUR	90	95		104		0.00
Eisner Advisory Group, LLC	(9)	SOFR +	4.00%	8.33%	2/28/2024	2/28/2031	3,819		3,812		3,840		0.01
Eliassen Group, LLC	(4)(10)	SOFR +	5.75%	10.05%	4/14/2022	4/14/2028	66,719		66,263		65,051		0.15
Emerald US, Inc.	(6)(8)	SOFR +	3.00%	7.30%	7/12/2019	7/12/2028	3,789		3,787		3,788		0.01
EP Purchaser, LLC	(9)	SOFR +	3.50%	8.06%	11/4/2021	11/6/2028	9,401		9,288		9,257		0.02
First Advantage Holdings, LLC	(8)	SOFR +	3.25%	7.58%	10/31/2024	10/31/2031	5,448		5,471		5,458		0.01
G&A Partners Holding Company II, LLC	(4)(10)	SOFR +	4.75%	9.08%	3/1/2024	3/3/2031	67,211		66,166		67,211		0.15
G&A Partners Holding Company II, LLC	(4)(5)(10)	SOFR +	4.75%	9.08%	5/6/2025	3/3/2031	41,330		41,128		41,330		0.09
G&A Partners Holding Company II, LLC	(4)(5)(7)(10)	SOFR +	4.75%	9.05%	5/6/2025	3/3/2031	1,315		1,200		1,184		0.00
Genuine Financial Holdings, LLC	(8)	SOFR +	3.25%	7.58%	2/5/2025	9/27/2030	8,925		8,949		8,506		0.02
Grant Thornton Advisors, LLC	(8)	SOFR +	3.00%	7.33%	5/22/2025	6/2/2031	4,000		4,000		4,012		0.01
Guidehouse, Inc.	(4)(10)	SOFR +	5.00%	9.33% (incl. 2.00% PIK)	10/15/2021	12/16/2030	1,248,262		1,240,260		1,248,262		2.82
IG Investments Holdings, LLC	(4)(7)(10)	SOFR +	5.00%	9.28%	11/1/2024	9/22/2028	575,750		571,185		575,750		1.30
Inmar, Inc.	(8)	SOFR +	4.50%	8.80%	6/26/2025	10/30/2031	24,873		24,891		25,111		0.06
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		201		0.00
Kwor Acquisition, Inc.	(4)(5)(7)(11)	SOFR +	5.25%	9.58%	2/28/2025	2/28/2030	87		87		80		0.00
Kwor Acquisition, Inc.	(4)(5)(11)	SOFR +	6.25%	10.58% (incl. 5.25% PIK)	2/28/2025	2/28/2030	6,283		6,283		6,283		0.01

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 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)
Legacy Intermediate, LLC	(4)(10)	SOFR +	5.75%	10.23%	2/25/2022	2/25/2028	$	119,946	$	118,898	$	119,946	0.27	%
Legacy Intermediate, LLC	(4)(10)	SOFR +	5.75%	10.16%	12/22/2023	2/25/2028	23,161		22,857		23,161		0.05
Lereta, LLC	(10)	SOFR +	5.25%	9.69%	7/30/2021	7/30/2028	28,710		28,583		25,521		0.06
Mantech International, CP	(4)(7)(10)	SOFR +	5.00%	9.28%	4/12/2024	9/14/2029	890,450		879,716		890,077		2.01
Mercury Bidco Globe, Limited	(4)(5)(6)(7)(8)	S +	5.75%	9.97%	1/18/2024	1/31/2031	GBP	84,207	105,616		115,587		0.26
Mercury Bidco Globe, Limited	(4)(5)(6)(9)	SOFR +	5.75%	10.02%	1/30/2024	1/31/2031	7,655		7,147		7,655		0.02
Minotaur Acquisition, Inc.	(4)(7)(11)	SOFR +	5.00%	9.33%	5/10/2024	5/10/2030	114,210		112,037		113,424		0.26
MPG Parent Holdings, LLC	(4)(11)	SOFR +	5.00%	9.30%	1/8/2024	1/8/2030	18,029		17,756		18,029		0.04
MPG Parent Holdings, LLC	(4)(5)(7)(11)	SOFR +	5.00%	9.29%	1/8/2024	1/8/2030	4,426		4,292		4,388		0.01
NDT Global Holding, Inc.	(4)(6)(7)(9)	SOFR +	4.50%	8.82%	6/3/2025	6/4/2032	45,688		45,035		45,028		0.10
Oxford Global Resources, Inc.	(4)(11)	SOFR +	6.00%	10.42%	8/17/2021	8/17/2027	92,397		91,741		92,397		0.21
Oxford Global Resources, Inc.	(4)(5)(7)(11)	SOFR +	6.00%	10.44%	8/17/2021	8/17/2027	8,683		8,572		8,683		0.02
Oxford Global Resources, Inc.	(4)(5)(9)	SOFR +	6.00%	10.41%	6/6/2024	8/17/2027	9,874		9,712		9,874		0.02
Pavion Corp.	(4)(6)(10)	SOFR +	6.00%	10.29% (incl. 2.25% PIK)	10/30/2023	10/30/2030	113,096		111,371		111,965		0.25
Pavion Corp.	(4)(5)(6)(7)(10)	SOFR +	6.00%	10.27% (incl. 2.25% PIK)	10/30/2023	10/30/2030	23,936		23,545		23,658		0.05
Petrus Buyer, Inc.	(4)(10)	SOFR +	4.50%	8.83%	10/17/2022	10/17/2029	35,359		34,708		35,359		0.08
Petrus Buyer, Inc.	(4)(5)(7)(10)	SOFR +	4.50%	8.83%	10/17/2022	10/17/2029	6,328		6,071		6,328		0.01
Petrus Buyer, Inc.	(4)(5)(10)	SOFR +	4.50%	8.83%	2/26/2025	10/17/2029	12,251		12,195		12,251		0.03
Plano HoldCo, Inc.	(8)	SOFR +	3.50%	7.80%	12/11/2024	10/1/2031	998		1,015		950		0.00
Polyconcept Investments, BV	(10)	SOFR +	5.50%	9.80%	5/20/2022	5/18/2029	24,166		23,896		21,195		0.05
Sedgwick Claims Management Services, Inc.	(8)	SOFR +	3.00%	7.33%	2/24/2023	7/31/2031	5,146		5,109		5,171		0.01
STV Group, Inc.	(4)(7)(10)	SOFR +	4.75%	9.07%	3/20/2024	3/20/2031	58,102		56,830		57,933		0.13
The North Highland Co, LLC	(4)(10)	SOFR +	4.75%	9.07%	12/20/2024	12/20/2031	91,879		91,039		91,419		0.21
The North Highland Co, LLC	(4)(5)(7)(10)	SOFR +	4.75%	9.08%	12/20/2024	12/20/2030	16,738		16,344		16,434		0.04
Thevelia US, LLC	(6)(9)	SOFR +	3.00%	7.30%	7/29/2024	6/18/2029	33,605		33,605		33,675		0.08
Trinity Air Consultants Holdings Corp.	(4)(10)	SOFR +	4.25%	8.48%	6/29/2021	6/29/2029	43,460		43,294		43,460		0.10
Trinity Air Consultants Holdings Corp.	(4)(7)(10)	SOFR +	4.25%	8.48%	6/29/2021	6/29/2029	78,521		77,866		78,521		0.18

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 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)
Trinity Partners Holdings, LLC	(4)(7)(11)(18)	SOFR +	6.24%	10.67%	12/21/2021	12/31/2030	$	378,874	$	374,489	$	378,874	0.85	%
TTF Lower Intermediate, LLC	(7)(8)	SOFR +	3.75%	8.00%	7/18/2024	7/18/2031	28,751		26,619		28,140		0.06
Victors CCC Buyer, LLC	(4)(7)(10)	SOFR +	4.75%	9.07%	6/1/2022	6/1/2029	150,325		148,492		150,325		0.34
West Monroe Partners, LLC	(4)(10)	SOFR +	4.75%	9.07%	11/9/2021	11/8/2028	711,528		704,935		704,413		1.59
West Monroe Partners, LLC	(4)(10)	SOFR +	4.75%	9.07%	12/18/2024	11/8/2028	24,316		24,106		24,073		0.05
West Monroe Partners, LLC	(4)(5)(7)(10)	SOFR +	4.75%	9.18%	12/18/2024	11/8/2027	4,714		4,129		4,714		0.01
YA Intermediate Holdings II, LLC	(4)(10)	SOFR +	4.75%	8.94%	10/1/2024	10/1/2031	44,083		43,743		44,083		0.10
YA Intermediate Holdings II, LLC	(4)(5)(7)(10)	SOFR +	4.75%	8.99%	10/1/2024	10/1/2031	3,848		3,681		3,848		0.01
									7,091,671		7,139,865		16.09
Real Estate Management & Development
Castle Management Borrower, LLC	(4)(7)(11)	SOFR +	5.50%	9.80%	11/3/2023	11/3/2029	34,083		33,666		34,083		0.08
Community Management Holdings Midco 2, LLC	(4)(10)	SOFR +	5.00%	9.28%	11/1/2024	11/1/2031	55,329		54,578		55,329		0.12
Community Management Holdings Midco 2, LLC	(4)(5)(7)(10)	SOFR +	5.00%	9.28%	11/1/2024	11/1/2031	13,312		12,963		13,146		0.03
Cushman & Wakefield US Borrower, LLC	(6)(9)	SOFR +	3.25%	7.58%	9/25/2024	1/31/2030	1,520		1,520		1,530		0.00
Cushman & Wakefield US Borrower, LLC	(6)(9)	SOFR +	2.75%	7.08%	1/22/2025	1/31/2030	7,443		7,443		7,488		0.02
Neptune BidCo, SAS	(4)(5)(6)(7)(8)	E +	5.25%	7.44%	3/28/2024	4/1/2031	EUR	7,097	7,517		8,439		0.02
Odevo, AB	(4)(5)(6)(8)	ST +	5.50%	7.74%	10/31/2024	12/31/2030	SEK	601,705	54,334		63,599		0.14
Odevo, AB	(4)(5)(6)(8)	E +	5.50%	7.45%	10/31/2024	12/31/2030	EUR	1,236	1,288		1,456		0.00
Odevo, AB	(4)(5)(6)(8)	S +	5.50%	9.72%	10/31/2024	12/31/2030	GBP	28,090	35,426		38,558		0.09
Odevo, AB	(4)(6)(8)	SOFR +	5.50%	9.82%	10/31/2024	12/31/2030	143,644		143,218		143,644		0.32
Odevo, AB	(4)(5)(6)(7)(8)	E +	5.50%	7.64%	11/28/2024	12/31/2030	EUR	3,194	3,585		3,762		0.01
Odevo, AB	(4)(5)(6)(8)	SOFR +	5.50%	9.80%	6/30/2025	12/31/2030	10,094		10,069		10,094		0.02
Phoenix Strategy S.à r.l.	(4)(6)(8)	S +	2.75%	7.22%	10/2/2024	10/2/2028	GBP	53,099	69,640		72,522		0.16
Phoenix Strategy S.à r.l.	(4)(6)(8)	E +	2.75%	5.27%	10/2/2024	10/2/2028	EUR	50,089	53,674		58,707		0.13
Phoenix Strategy S.à r.l.	(4)(6)(8)	E +	2.75%	5.27%	10/2/2024	10/2/2028	EUR	140,261	153,512		164,394		0.37
Progress Residential PM Holdings, LLC	(4)(10)	SOFR +	5.50%	9.93%	2/16/2021	8/8/2030	79,357		78,360		79,357		0.18
Progress Residential PM Holdings, LLC	(4)(7)(10)	SOFR +	5.50%	9.93%	7/26/2022	8/8/2030	15,205		14,966		15,205		0.03
									735,759		771,313		1.72
Semiconductors & Semiconductor Equipment
Altar Bidco, Inc.	(9)	SOFR +	3.10%	7.25%	4/7/2025	2/1/2029	4,987		4,820		4,978		0.01

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 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
Abacus Holdco 2, Oy	(4)(5)(6)(7)(8)	E +	4.75%	7.02%	10/11/2024	10/10/2031	EUR	838	$	906	$	979	0.00	%
AI Titan Parent, Inc.	(4)(7)(10)	SOFR +	4.50%	8.83%	8/29/2024	8/29/2031	$	110,274	109,085		110,026		0.25
Analytic Partners, LP	(4)(7)(10)	SOFR +	4.75%	9.07%	4/4/2022	4/4/2030	21,149		20,911		20,953		0.05
Analytic Partners, LP	(4)(5)(10)	SOFR +	4.75%	9.13%	12/17/2024	4/4/2030	12,005		11,924		11,915		0.03
Anaplan, Inc.	(4)(10)	SOFR +	4.50%	8.82%	5/20/2025	6/21/2029	535,045		528,971		535,045		1.21
Anaplan, Inc.	(4)(5)(7)(10)	SOFR +	4.50%	8.82%	5/20/2025	6/21/2029	95,157		94,682		94,198		0.21
Aptean, Inc.	(4)(10)	SOFR +	4.75%	9.05%	1/29/2024	1/30/2031	70,877		70,523		70,877		0.16
Aptean, Inc.	(4)(5)(7)(10)	SOFR +	4.75%	9.06%	1/29/2024	1/30/2031	99		41		99		0.00
Armstrong Bidco, Limited	(4)(6)(8)	S +	5.00%	9.22%	6/2/2022	6/28/2029	GBP	478,945	575,256		644,275		1.45
Arnhem BidCo, GmbH	(4)(6)(7)(8)	E +	4.75%	7.11%	9/18/2024	10/1/2031	EUR	229,680	252,662		269,937		0.61
Auctane, Inc.	(4)(10)	SOFR +	5.75%	10.14%	10/5/2021	10/5/2028	834,891		827,107		820,280		1.85
Auctane, Inc.	(4)(5)(10)	SOFR +	5.75%	10.14%	12/14/2021	10/5/2028	9,819		9,725		9,648		0.02
AuditBoard, Inc.	(4)(7)(10)	SOFR +	4.75%	9.35%	7/12/2024	7/12/2031	80,730		79,736		80,298		0.18
Avalara, Inc.	(8)	SOFR +	3.25%	7.55%	4/3/2025	3/26/2032	2,000		1,976		2,011		0.00
Azurite Intermediate Holdings, Inc.	(4)(7)(10)	SOFR +	6.00%	10.33%	3/19/2024	3/19/2031	61,560		60,722		61,560		0.14
Banyan Software Holdings, LLC	(4)(11)	SOFR +	5.50%	9.83%	1/2/2025	1/2/2031	53,988		53,492		53,718		0.12
Banyan Software Holdings, LLC	(4)(5)(7)(11)	SOFR +	5.50%	9.82%	1/2/2025	1/2/2031	18,367		18,051		18,142		0.04
Bayshore Intermediate #2, LP	(4)(7)(10)	SOFR +	6.25%	10.55% (incl. 3.38% PIK)	11/8/2024	10/1/2028	320,215		319,860		320,215		0.72
Bayshore Intermediate #2, LP	(4)(5)(7)(10)	SOFR +	5.75%	10.06%	11/8/2024	10/1/2027	3,256		3,159		3,256		0.01
Bending Spoons US, Inc.	(6)(11)	SOFR +	5.25%	9.56%	2/19/2025	3/7/2031	73,188		71,994		73,782		0.17
BlueCat Networks USA, Inc.	(4)(10)	SOFR +	6.00%	10.32% (incl. 1.00% PIK)	8/8/2022	8/8/2028	69,888		69,188		68,839		0.16
BlueCat Networks USA, Inc.	(4)(10)	SOFR +	6.00%	10.32% (incl. 1.00% PIK)	8/8/2022	8/8/2028	12,335		12,213		12,150		0.03
BlueCat Networks USA, Inc.	(4)(5)(10)	SOFR +	6.00%	10.32% (incl. 1.00% PIK)	8/8/2022	8/8/2028	8,483		8,410		8,356		0.02
BlueCat Networks USA, Inc.	(4)(10)	SOFR +	6.00%	10.32% (incl. 1.00% PIK)	10/25/2024	8/8/2028	56,756		56,063		55,905		0.13

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 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)
Bluefin Holding, LLC	(4)(7)(11)	SOFR +	6.25%	10.57%	9/12/2023	9/12/2029	$	54,582	$	53,586	$	54,582	0.12	%
Boxer Parent Company, Inc.	(8)	SOFR +	3.00%	7.33%	1/24/2025	7/30/2031	21,882		21,668		21,771		0.05
Brave Parent Holdings, Inc.	(4)(7)(10)	SOFR +	5.00%	9.33%	11/28/2023	11/28/2030	497,748		493,649		497,748		1.12
Caribou Bidco, Ltd.	(4)(5)(6)(8)	S +	5.00%	9.22%	7/2/2024	2/1/2029	GBP	221,441	281,453		303,960		0.69
CDK Global, Inc.	(8)	SOFR +	3.25%	7.55%	5/16/2024	7/6/2029	4,948		4,948		4,144		0.01
Cloud Software Group, Inc.	(9)	SOFR +	3.50%	7.80%	11/25/2024	3/30/2029	15,505		15,326		15,539		0.04
Cloud Software Group, Inc.	(9)	SOFR +	3.75%	8.05%	11/4/2024	3/21/2031	7,076		6,980		7,096		0.02
Cloudera, Inc.	(9)	SOFR +	3.75%	8.18%	10/8/2021	10/8/2028	34,891		34,659		33,635		0.08
Confine Visual Bidco	(4)(6)(8)	SOFR +	5.75%	10.04%	2/23/2022	2/23/2029	257,960		253,953		207,013		0.47
Confine Visual Bidco	(4)(6)(8)	SOFR +	5.75%	10.04%	3/11/2022	2/23/2029	6,159		6,059		4,942		0.01
Confluence Technologies, Inc.	(4)(5)(9)	SOFR +	5.00%	9.31%	2/14/2025	7/30/2028	19,938		19,385		19,639		0.04
Conga Corp.	(10)	SOFR +	3.50%	7.78%	8/8/2024	5/8/2028	11,423		11,423		11,477		0.03
Connatix Buyer, Inc.	(4)(10)	SOFR +	5.50%	9.71%	7/14/2021	7/14/2027	106,198		105,478		104,605		0.24
Connatix Buyer, Inc.	(4)(5)(7)(10)	SOFR +	5.50%	10.03%	7/14/2021	7/14/2027	7,169		7,059		6,925		0.02
Connatix Buyer, Inc.	(4)(5)(7)(10)	SOFR +	5.50%	9.97%	10/9/2024	7/14/2027	5,992		5,806		5,844		0.01
ConnectWise, LLC	(9)	SOFR +	3.50%	8.06%	9/30/2021	9/29/2028	27,887		27,846		28,064		0.06
Cornerstone OnDemand, Inc.	(9)	SOFR +	3.75%	8.19%	10/15/2021	10/16/2028	26,727		26,673		25,149		0.06
Cornerstone OnDemand, Inc.	(4)(11)	SOFR +	6.00%	10.32%	9/7/2023	10/16/2028	34,300		33,623		33,871		0.08
Coupa Software, Inc.	(4)(6)(7)(10)	SOFR +	5.25%	9.53%	2/27/2023	2/27/2030	1,818		1,784		1,816		0.00
Crewline Buyer, Inc.	(4)(7)(11)	SOFR +	6.75%	11.08%	11/8/2023	11/8/2030	122,658		120,064		121,983		0.28
Databricks, Inc.	(4)(7)(8)	SOFR +	4.50%	8.82%	1/3/2025	1/3/2031	525,000		522,580		522,375		1.18
Delta Topco, Inc.	(8)	SOFR +	2.75%	7.07%	5/1/2024	11/30/2029	78,953		78,967		78,481		0.18
Denali Bidco, Ltd.	(4)(5)(6)(7)(10)	S +	5.00%	9.22%	8/29/2023	8/29/2030	GBP	14,404	17,812		19,769		0.04
Denali Bidco, Ltd.	(4)(5)(6)(8)	E +	5.00%	6.98%	8/29/2023	8/29/2030	EUR	4,174	4,428		4,917		0.01
Denali Bidco, Ltd.	(4)(5)(6)(8)	E +	5.00%	6.98%	2/28/2024	8/29/2030	EUR	263	276		310		0.00
Denali Bidco, Ltd.	(4)(5)(6)(8)	E +	5.00%	6.98%	2/28/2024	8/29/2030	EUR	5,845	6,296		6,885		0.02
Diligent Corp.	(4)(7)(10)	SOFR +	5.00%	9.33%	4/30/2024	8/2/2030	175,960		174,686		175,960		0.40
Diligent Corp.	(4)(10)	SOFR +	5.00%	9.33%	4/30/2024	8/2/2030	29,736		29,602		29,736		0.07
Discovery Education, Inc.	(4)(10)	SOFR +	6.75%	10.98% (incl. 5.99% PIK)	4/7/2022	4/9/2029	597,097		592,120		500,069		1.13
Discovery Education, Inc.	(4)(5)(10)	SOFR +	5.75%	10.17%	4/7/2022	4/9/2029	52,540		51,974		44,002		0.10
Discovery Education, Inc.	(4)(10)	SOFR +	6.75%	10.88% (incl. 5.94% PIK)	10/3/2023	4/9/2029	67,191		66,632		56,272		0.13

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 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)
Doit International, Ltd.	(4)(7)(11)	SOFR +	4.50%	8.83%	11/25/2024	11/26/2029	$	66,545	$	64,824	$	64,546	0.15	%
Dropbox, Inc.	(4)(6)(7)(10)(18)	SOFR +	6.38%	10.69%	12/11/2024	12/11/2029	332,326		324,870		324,828		0.73
ECI Macola Max Holding, LLC	(6)(10)	SOFR +	3.25%	7.55%	9/20/2024	5/9/2030	5,396		5,396		5,429		0.01
Edison Bidco, AS	(4)(5)(6)(8)	E +	5.25%	7.30%	12/18/2024	12/18/2031	EUR	345	353		389		0.00
Elements Finco, Ltd.	(4)(5)(6)(8)	S +	5.50%	9.72% (incl. 2.50% PIK)	3/27/2024	4/29/2031	GBP	68,390	84,826		93,171		0.21
Elements Finco, Ltd.	(4)(5)(6)(8)	SOFR +	5.00%	9.33% (incl. 2.25% PIK)	3/27/2024	4/29/2031	21,383		21,175		21,222		0.05
Elements Finco, Ltd.	(4)(5)(6)(8)	SOFR +	5.00%	9.33%	4/30/2024	4/29/2031	17,609		17,522		17,477		0.04
Elements Finco, Ltd.	(4)(5)(6)(8)	S +	5.25%	9.47% (incl. 2.25% PIK)	11/29/2024	4/29/2031	GBP	12,599	15,618		17,164		0.04
Elements Finco, Ltd.	(4)(5)(6)(8)	S +	5.50%	9.72% (incl. 2.50% PIK)	3/27/2024	4/29/2031	GBP	30,657	38,025		41,766		0.09
Epicor Software Corp.	(10)	SOFR +	2.75%	7.08%	5/30/2024	5/30/2031	5,061		5,048		5,080		0.01
Everbridge Holdings, LLC	(4)(6)(10)	SOFR +	5.00%	9.29%	7/2/2024	7/2/2031	34,641		34,492		34,641		0.08
Everbridge Holdings, LLC	(4)(5)(6)(7)(10)	SOFR +	5.00%	9.29%	7/2/2024	7/2/2031	3,395		3,354		3,395		0.01
Experity, Inc.	(4)(10)	SOFR +	6.00%	10.30% (incl. 3.25% PIK)	7/21/2021	2/24/2028	108,402		107,521		108,402		0.24
Experity, Inc.	(4)(7)(10)	SOFR +	6.00%	10.30% (incl. 3.25% PIK)	2/24/2022	2/24/2028	34,914		34,344		34,713		0.08
Flash Charm, Inc.	(10)	SOFR +	3.50%	7.78%	6/11/2024	3/2/2028	43,018		43,019		40,459		0.09
Flexera Software, LLC	(10)	SOFR +	3.00%	7.31%	5/20/2024	3/3/2028	9,736		9,736		9,755		0.02
Gen Digital, Inc.	(6)(9)	SOFR +	1.75%	6.08%	6/5/2024	9/12/2029	10,939		10,847		10,936		0.02
Genesys Cloud Services, Inc.	(8)	SOFR +	2.50%	6.83%	4/3/2025	1/30/2032	3,990		3,920		3,994		0.01
Gigamon, Inc.	(4)(10)	SOFR +	5.75%	10.18%	3/11/2022	3/9/2029	420,631		416,195		390,135		0.88
Gigamon, Inc.	(4)(5)(7)(10)	SOFR +	5.75%	10.16%	3/11/2022	3/9/2029	20,619		20,504		18,751		0.04

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 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)
GovernmentJobs.com, Inc.	(4)(10)	SOFR +	5.00%	9.30%	7/15/2024	12/2/2028	$	284,883	$	282,736	$	284,883	0.64	%
GovernmentJobs.com, Inc.	(4)(5)(7)(10)	SOFR +	5.50%	9.92%	7/15/2024	12/2/2028	6,586		6,295		6,586		0.01
Granicus, Inc.	(4)(10)	SOFR +	5.75%	10.03% (incl. 2.25% PIK)	1/17/2024	1/17/2031	30,845		30,611		30,845		0.07
Granicus, Inc.	(4)(5)(10)	SOFR +	5.25%	9.53% (incl. 2.25% PIK)	1/17/2024	1/17/2031	8,296		8,263		8,296		0.02
Granicus, Inc.	(4)(5)(7)(10)	P +	4.25%	11.75%	1/17/2024	1/17/2031	600		560		593		0.00
Graphpad Software, LLC	(4)(10)	SOFR +	4.75%	9.05%	6/28/2024	6/28/2031	142,342		141,428		142,342		0.32
Graphpad Software, LLC	(4)(5)(7)(10)	SOFR +	4.75%	9.05%	6/28/2024	6/28/2031	3,701		3,372		3,631		0.01
GS Acquisitionco, Inc.	(4)(5)(11)	SOFR +	5.25%	9.55%	3/26/2024	5/25/2028	11,933		11,897		11,873		0.03
GS Acquisitionco, Inc.	(4)(5)(7)(11)	SOFR +	5.25%	9.55%	3/26/2024	5/25/2028	2,543		2,500		2,483		0.01
Homecare Software Solutions, LLC	(4)(10)	SOFR +	5.55%	9.87% (incl. 2.93% PIK)	6/14/2024	6/14/2031	78,308		77,648		77,916		0.18
Homecare Software Solutions, LLC	(4)(10)	SOFR +	5.55%	9.87% (incl. 2.93% PIK)	6/14/2024	6/14/2031	30,583		30,327		30,430		0.07
Homecare Software Solutions, LLC	(4)(10)	SOFR +	5.55%	9.87% (incl. 2.93% PIK)	9/26/2024	6/14/2031	36,176		35,861		35,995		0.08
HS Purchaser, LLC	(10)	SOFR +	4.00%	8.38%	6/23/2021	11/19/2026	23,430		23,433		22,382		0.05
Icefall Parent, Inc.	(4)(7)(11)	SOFR +	6.50%	10.78%	1/26/2024	1/25/2030	72,237		71,032		72,237		0.16
Idemia America Corp.	(4)(6)(10)	SOFR +	4.25%	8.55%	2/2/2024	9/30/2028	990		995		994		0.00
ION Trading Finance, Ltd.	(6)(8)	SOFR +	3.50%	7.80%	12/10/2024	4/1/2028	22,996		22,996		23,038		0.05
IQN Holding Corp.	(4)(10)	SOFR +	5.75%	10.08%	5/2/2022	5/2/2029	45,656		45,418		45,656		0.10
IQN Holding Corp.	(4)(5)(7)(10)	SOFR +	5.25%	9.58%	5/2/2022	5/2/2028	4,065		4,038		4,056		0.01
IQN Holding Corp.	(4)(5)(10)	SOFR +	5.75%	10.06% (incl. 3.13% PIK)	5/16/2025	5/2/2029	5,626		5,626		5,626		0.01
IRI Group Holdings, Inc.	(4)(7)(10)	SOFR +	4.50%	8.83%	4/9/2025	12/1/2029	1,588,161		1,568,042		1,588,161		3.58
Javelin Buyer, Inc.	(6)(8)	SOFR +	3.25%	7.58%	12/6/2024	12/5/2031	2,993		3,010		3,008		0.01
JS Parent, Inc.	(4)(7)(10)	SOFR +	4.75%	9.03%	4/24/2024	4/24/2031	80,811		80,443		80,772		0.18

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 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)
Kaseya, Inc.	(7)(8)	SOFR +	3.25%	7.58%	3/20/2025	3/22/2032	$	124,688	$	123,404	$	125,196	0.28	%
LD Lower Holdings, Inc.	(4)(11)	SOFR +	7.50%	11.90%	2/8/2021	8/9/2027	106,775		106,500		102,504		0.23
LogicMonitor, Inc.	(4)(7)(10)	SOFR +	5.50%	9.78%	11/15/2024	11/15/2031	91,603		90,428		90,315		0.20
Magenta Security Holdings, LLC	(5)(11)	SOFR +	6.25%	10.53%	8/14/2024	7/27/2028	9,724		9,416		9,858		0.02
Magenta Security Holdings, LLC	(5)(10)(18)	SOFR +	6.75%	11.29%	8/14/2024	7/27/2028	27,581		26,508		23,175		0.05
Magnesium BorrowerCo, Inc.	(4)(10)	S +	4.50%	8.72%	5/19/2022	5/18/2029	GBP	100,567	123,914		138,044		0.31
Magnesium BorrowerCo, Inc.	(4)(10)	SOFR +	4.50%	8.83%	5/19/2022	5/18/2029	1,040,406		1,025,644		1,040,406		2.35
Magnesium BorrowerCo, Inc.	(4)(10)	SOFR +	4.50%	8.83%	3/21/2024	5/18/2029	29,117		28,848		29,117		0.07
Mandolin Technology Intermediate Holdings, Inc.	(4)(9)	SOFR +	3.75%	8.20%	7/30/2021	7/31/2028	75,559		75,059		66,115		0.15
Mandolin Technology Intermediate Holdings, Inc.	(4)(9)	SOFR +	6.25%	10.70%	6/9/2023	7/31/2028	61,740		60,431		58,036		0.13
Mandolin Technology Intermediate Holdings, Inc.	(4)(5)(7)(8)	SOFR +	3.75%	8.05%	2/14/2025	4/30/2028	1,767		1,741		1,389		0.00
Maverick Bidco, Inc.	(10)	SOFR +	3.75%	8.18%	5/18/2021	5/18/2028	16,406		16,372		16,483		0.04
Maverick Bidco, Inc.	(4)(5)(10)	SOFR +	5.00%	9.38%	5/26/2023	5/18/2028	68,986		67,538		68,986		0.16
Maverick Bidco, Inc.	(4)(5)(7)(10)	SOFR +	4.75%	9.13%	8/16/2024	5/18/2028	106,235		105,756		106,235		0.24
McAfee Corp.	(6)(9)	SOFR +	3.00%	7.32%	5/31/2024	3/1/2029	31,568		31,457		30,723		0.07
Medallia, Inc.	(4)(10)	SOFR +	6.50%	10.82% (incl. 4.00% PIK)	10/28/2021	10/29/2028	883,326		875,788		766,286		1.73
Medallia, Inc.	(4)(10)	SOFR +	6.50%	10.82% (incl. 4.00% PIK)	8/16/2022	10/29/2028	217,925		215,702		189,050		0.43
Mitnick Purchaser, Inc.	(9)(18)	SOFR +	4.50%	8.88%	5/2/2022	5/2/2029	11,557		11,525		7,857		0.02
Monk Holding, Co.	(4)(10)(18)	SOFR +	5.50%	9.90%	12/1/2021	12/1/2027	10,888		10,782		10,888		0.02
Monk Holding, Co.	(4)(7)(10)	SOFR +	5.50%	9.90%	12/1/2021	12/1/2027	18,593		18,463		18,593		0.04
MRI Software, LLC	(11)	SOFR +	4.75%	9.05%	1/7/2021	2/10/2027	205,691		204,626		204,919		0.46
MRI Software, LLC	(4)(7)(11)	SOFR +	4.75%	9.05%	8/27/2024	2/10/2027	20,815		20,581		19,893		0.04
MRI Software, LLC	(11)	SOFR +	4.75%	9.05%	1/7/2021	2/10/2027	34,544		34,551		34,415		0.08
NAVEX TopCo, Inc.	(4)(7)(10)	SOFR +	5.50%	9.82%	11/9/2023	11/9/2030	99,388		97,748		99,388		0.22
Nintex Topco, Limited	(4)(6)(8)	SOFR +	6.00%	10.45% (incl. 1.50% PIK)	11/12/2021	11/13/2028	679,893		673,473		617,003		1.39

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 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)
Noble Midco 3, Ltd.	(4)(5)(6)(7)(10)	SOFR +	5.00%	9.30%	6/10/2024	6/24/2031	$	39,633	$	39,220	$	39,587	0.09	%
OMEGA II AB	(4)(5)(6)(7)(8)	ST +	4.75%	6.96%	6/11/2025	6/17/2032	SEK	508,495	52,640		53,433		0.12
Optimizely North America, Inc.	(4)(5)(10)	S +	5.50%	9.72%	10/30/2024	10/30/2031	GBP	2,130	2,737		2,887		0.01
Optimizely North America, Inc.	(4)(5)(10)	E +	5.25%	7.23%	10/30/2024	10/30/2031	EUR	7,100	7,640		8,259		0.02
Optimizely North America, Inc.	(4)(5)(7)(10)	SOFR +	5.00%	9.33%	10/30/2024	10/30/2031	20,235		20,025		19,952		0.05
Optus 1011, GmbH	(4)(5)(6)(7)(8)	E +	5.00%	7.03%	3/7/2025	3/24/2032	EUR	33,860	35,590		38,792		0.09
Oranje Holdco, Inc.	(4)(5)(11)	SOFR +	7.25%	11.53%	4/19/2024	2/1/2029	5,000		4,922		5,000		0.01
Oranje Holdco, Inc.	(4)(7)(11)	SOFR +	7.75%	12.03%	2/1/2023	2/1/2029	66,000		64,890		66,000		0.15
PDI TA Holdings, Inc.	(4)(10)	SOFR +	5.50%	9.78%	2/1/2024	2/3/2031	80,470		79,610		80,470		0.18
PDI TA Holdings, Inc.	(4)(5)(7)(10)	SOFR +	5.50%	9.78%	2/1/2024	2/3/2031	9,859		9,719		9,859		0.02
Perforce Software, Inc.	(9)	SOFR +	4.75%	9.08%	3/22/2024	3/25/2031	19,800		19,718		19,011		0.04
Perforce Software, Inc.	(8)	SOFR +	4.75%	9.08%	12/18/2024	7/1/2029	18,334		18,081		17,715		0.04
Ping Identity Holding Corp.	(4)(7)(10)	SOFR +	4.75%	9.05%	10/21/2024	10/17/2029	38,267		38,267		38,267		0.09
Project Alpha Intermediate Holding, Inc.	(9)	SOFR +	3.25%	7.55%	5/14/2024	10/28/2030	70,498		70,498		70,909		0.16
Project Leopard Holdings, Inc.	(9)	SOFR +	5.25%	9.63%	7/20/2022	7/20/2029	132,551		128,109		120,787		0.27
Project Leopard Holdings, Inc.	(4)(5)(7)(8)	SOFR +	4.25%	8.51%	7/20/2022	7/20/2027	12,324		12,330		10,191		0.02
Proofpoint, Inc.	(9)	SOFR +	3.00%	7.33%	5/28/2024	8/31/2028	7,385		7,378		7,398		0.02
QBS Parent, Inc.	(4)(5)(7)(10)	SOFR +	4.50%	8.80%	6/3/2025	6/3/2032	77,480		77,067		77,037		0.17
Quartz Acquireco, LLC	(8)	SOFR +	2.25%	6.55%	4/11/2025	6/28/2030	3,117		3,080		3,133		0.01
Rally Buyer, Inc.	(4)(10)	SOFR +	5.75%	10.06%	7/19/2022	7/19/2028	142,814		141,427		131,746		0.30
Rally Buyer, Inc.	(4)(5)(10)	SOFR +	5.75%	10.03%	7/19/2022	7/19/2028	17,745		17,564		16,370		0.04
Relativity ODA, LLC	(4)(7)(11)	SOFR +	4.50%	8.83%	5/12/2021	5/12/2029	37,640		37,092		37,352		0.08
Rocket Software, Inc.	(9)	SOFR +	4.25%	8.58%	10/5/2023	11/28/2028	44,888		44,479		45,043		0.10
Scorpio BidCo SAS	(4)(5)(6)(7)(8)	E +	5.75%	7.73%	4/3/2024	4/30/2031	EUR	37,234	39,614		43,774		0.10
Severin Acquisition, LLC	(4)(7)(10)	SOFR +	5.00%	9.33% (incl. 2.25% PIK)	10/1/2024	10/1/2031	340,739		337,491		338,736		0.76
Severin Acquisition, LLC	(4)(7)(10)	SOFR +	5.00%	9.33%	10/1/2024	10/1/2031	17,936		17,566		17,729		0.04
Skopima Consilio Parent, LLC	(7)(9)	SOFR +	3.75%	8.08%	12/18/2024	5/12/2028	39,414		39,072		38,953		0.09
Sophos Holdings, LLC	(6)(8)	SOFR +	3.50%	7.94%	1/7/2021	3/5/2027	12,516		12,527		12,579		0.03
Sovos Compliance, LLC	(8)	SOFR +	4.00%	8.33%	2/11/2025	8/12/2029	13,687		13,687		13,770		0.03
Spaceship Purchaser, Inc.	(4)(7)(10)	SOFR +	5.00%	9.30%	10/17/2024	10/17/2031	501,066		495,698		500,109		1.13
Spitfire Parent, Inc.	(4)(11)	E +	5.50%	7.43%	3/8/2021	3/11/2027	EUR	18,720	22,470		22,051		0.05
Spitfire Parent, Inc.	(4)(11)	SOFR +	5.50%	9.93%	3/9/2021	3/11/2027	84,807		84,301		84,807		0.19
Spitfire Parent, Inc.	(4)(9)	SOFR +	5.50%	9.93%	3/9/2021	3/11/2027	31,314		31,301		31,314		0.07

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 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)
Tango Bidco, SAS	(4)(5)(6)(8)	E +	5.00%	7.28%	10/17/2024	10/17/2031	EUR	69,197	$	73,963	$	80,696	0.18	%
Tango Bidco, SAS	(4)(5)(6)(7)(8)	E +	5.00%	7.28%	10/17/2024	10/17/2031	EUR	18,953	20,798		21,963		0.05
Tegra118 Wealth Solutions, Inc.	(8)	SOFR +	4.00%	8.32%	1/7/2021	2/18/2027	$	6,757	6,746		6,698		0.02
TravelPerk, Inc.	(4)(6)(8)		11.50%	11.50% PIK	5/2/2024	5/2/2029	47,933		45,674		46,734		0.11
Tricentis Operations Holdings, Inc.	(4)(7)(11)	SOFR +	6.25%	10.55% (incl. 4.88% PIK)	2/11/2025	2/11/2032	134,023		132,480		133,055		0.30
Triple Lift, Inc.	(4)(7)(10)	SOFR +	5.75%	10.22%	5/6/2021	5/5/2028	43,326		42,859		41,022		0.09
Triple Lift, Inc.	(4)(10)	SOFR +	5.75%	10.07%	3/18/2022	5/5/2028	25,389		25,153		24,373		0.05
Varicent Parent Holdings Corp.	(4)(7)(10)	SOFR +	5.75%	10.05% (incl. 3.13% PIK)	8/23/2024	8/23/2031	74,660		73,546		73,849		0.17
Vision Solutions, Inc.	(10)	SOFR +	4.00%	8.54%	10/25/2021	4/24/2028	53,458		52,595		50,892		0.11
VS Buyer, LLC	(7)(8)	SOFR +	2.75%	7.02%	11/19/2024	4/12/2031	6,287		5,549		5,351		0.01
WPEngine, Inc.	(4)(7)(10)	SOFR +	5.75%	10.07%	8/14/2023	8/14/2029	81,400		79,556		81,156		0.18
XPLOR T1, LLC	(4)(8)	SOFR +	3.50%	7.80%	12/11/2024	6/24/2031	34,738		34,738		34,868		0.08
Yellow Castle, AB	(4)(6)(8)	ST +	5.00%	7.50% (incl. 2.25% PIK)	4/14/2022	7/9/2029	SEK	114,069	10,651		12,057		0.03
Yellow Castle, AB	(4)(6)(8)	SA +	5.00%	5.44% (incl. 1.63% PIK)	4/14/2022	7/9/2029	CHF	10,774	10,914		13,578		0.03
Yellow Castle, AB	(4)(5)(6)(9)	SA +	5.00%	5.44% (incl. 1.63% PIK)	7/28/2022	7/9/2029	CHF	3,516	3,540		4,431		0.01
Yellow Castle, AB	(4)(6)(8)	E +	5.00%	7.65% (incl. 2.30% PIK)	4/14/2022	7/9/2029	EUR	32,139	32,205		37,858		0.09
Yellow Castle, AB	(4)(5)(6)(8)	E +	5.00%	7.65% (incl. 2.30% PIK)	4/14/2022	7/9/2029	EUR	8,937	9,012		10,527		0.02
Yellow Castle, AB	(4)(5)(6)(10)	S +	5.00%	9.70% (incl. 2.91% PIK)	7/28/2022	7/9/2029	GBP	12,584	14,961		17,273		0.04
Yellow Castle, AB	(4)(5)(6)(7)(8)	E +	5.00%	7.46% (incl. 2.24% PIK)	2/27/2025	7/6/2029	EUR	15,055	15,558		17,734		0.04
Zendesk, Inc.	(4)(7)(10)	SOFR +	5.00%	9.32%	7/23/2024	11/22/2028	994,890		978,138		991,772		2.24
Zodiac Purchaser, LLC	(8)	SOFR +	3.50%	7.83%	4/3/2025	2/14/2032	8,000		7,867		7,975		0.02
Zorro Bidco, Ltd.	(4)(5)(6)(7)(8)	S +	4.40%	8.61%	8/13/2024	8/13/2031	GBP	72,147	90,574		97,932		0.22
Zorro Bidco, Ltd.	(4)(5)(6)(8)	S +	4.40%	8.61%	1/30/2025	8/13/2031	GBP	7,896	9,731		10,730		0.02
Zorro Bidco, Ltd.	(4)(5)(6)(8)	ST +	4.40%	6.60%	2/6/2025	8/13/2031	SEK	108,262	9,849		11,329		0.03
									17,920,294		17,754,846		40.08

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 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)
Specialty Retail
CustomInk, LLC	(4)(11)(18)	SOFR +	5.98%	10.36%	1/7/2021	5/3/2028	$	39,625	$	39,503	$	39,625	0.09	%
EG America, LLC	(6)(8)	SOFR +	4.25%	8.58%	12/10/2024	2/7/2028	12,042		12,042		12,112		0.03
Hoya Midco, LLC	(6)(9)	SOFR +	2.25%	6.53%	2/5/2025	2/3/2029	8,756		8,756		7,693		0.02
Mavis Tire Express Services Topco, Corp.	(7)(10)	SOFR +	3.00%	7.33%	1/17/2025	5/4/2028	27,951		27,917		27,905		0.06
StubHub Holdco Sub, LLC	(8)	SOFR +	4.75%	9.08%	3/15/2024	3/15/2030	11,153		11,145		10,855		0.02
									99,363		98,190		0.22
Technology Hardware, Storage & Peripherals
Lytx, Inc.	(4)(11)	SOFR +	5.00%	9.32%	6/13/2024	2/28/2028	75,139		75,179		75,139		0.17
Trading Companies & Distributors
FCG Acquisitions, Inc.	(9)	SOFR +	3.25%	7.55%	2/11/2025	3/31/2028	22,584		22,582		22,626		0.05
Foundation Building Materials, Inc.	(9)	SOFR +	3.25%	7.79%	1/29/2021	1/31/2028	9,566		9,488		9,474		0.02
Hillman Group, Inc.	(6)(9)	SOFR +	2.00%	6.31%	7/14/2021	7/14/2028	6,380		6,389		6,403		0.01
Icebox Holdco III, Inc.	(9)	SOFR +	3.50%	8.06%	12/22/2021	12/22/2028	15,543		15,513		15,618		0.04
Paramount Global Surfaces, Inc.	(4)(11)	SOFR +	6.00%	10.40%	4/30/2021	4/1/2027	80,646		80,034		64,517		0.15
Park River Holdings, Inc.	(10)	SOFR +	3.25%	7.80%	1/7/2021	12/28/2027	35,441		35,249		34,598		0.08
Red Fox CD Acquisition Corp.	(4)(11)	SOFR +	6.00%	10.30%	3/4/2024	3/4/2030	107,760		105,816		107,760		0.24
Red Fox CD Acquisition Corp.	(4)(5)(7)(11)	SOFR +	6.00%	10.30%	5/31/2024	3/4/2030	8,757		7,961		8,757		0.02
White Cap Buyer, LLC	(8)	SOFR +	3.25%	7.58%	6/13/2024	10/19/2029	14,420		14,391		14,363		0.03
Windsor Holdings III, LLC	(8)	SOFR +	2.75%	7.07%	3/21/2025	8/1/2030	13,303		13,227		13,322		0.03
									310,650		297,438		0.67

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 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)
Transportation Infrastructure
Apple Bidco, LLC	(8)	SOFR +	2.50%	6.83%	2/21/2025	9/23/2031	$	499	$	490	$	498	0.00	%
Capstone Acquisition Holdings, Inc.	(4)(7)(11)	SOFR +	4.50%	8.93%	8/29/2024	11/13/2029	95,410		94,946		95,379		0.22
Enstructure, LLC	(4)(7)(11)(18)	SOFR +	6.27%	10.59%	6/10/2024	6/10/2029	230,696		228,054		229,285		0.52
Frontline Road Safety, LLC	(4)(5)(7)(8)	SOFR +	4.75%	9.08% (incl. 2.00% PIK)	3/4/2025	3/4/2032	31,722		31,215		31,089		0.07
Frontline Road Safety, LLC	(4)(8)	SOFR +	4.75%	9.08% (incl. 2.00% PIK)	3/4/2025	3/4/2032	81,646		80,873		80,829		0.18
Helix TS, LLC	(4)(10)	SOFR +	6.25%	10.53%	8/4/2021	8/4/2027	91,362		90,725		89,992		0.20
Helix TS, LLC	(4)(7)(10)	SOFR +	6.25%	10.55%	8/4/2021	8/4/2027	77,389		76,587		75,697		0.17
Helix TS, LLC	(4)(10)	SOFR +	6.25%	10.57%	12/22/2023	8/4/2027	13,691		13,533		13,486		0.03
Helix TS, LLC	(4)(5)(10)	SOFR +	6.25%	10.53%	12/14/2022	8/4/2027	978		969		963		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	245,014		278,501		0.63
Roadsafe Holdings, Inc.	(4)(11)	SOFR +	5.75%	10.12%	4/19/2021	10/19/2027	71,130		70,560		67,929		0.15
Roadsafe Holdings, Inc.	(4)(11)	SOFR +	5.75%	9.89%	1/31/2022	10/19/2027	75,882		75,462		72,468		0.16
Roadsafe Holdings, Inc.	(4)(11)	SOFR +	5.75%	9.89%	4/19/2021	10/19/2027	54,359		54,302		51,912		0.12
Roadsafe Holdings, Inc.	(4)(5)(11)	P +	4.75%	12.25%	9/11/2024	10/19/2027	4,313		4,250		4,119		0.01
Safety Borrower Holdings, LP	(4)(11)	SOFR +	4.75%	9.08%	9/1/2021	9/1/2027	47,068		46,907		47,068		0.11
Safety Borrower Holdings, LP	(4)(5)(7)(11)	P +	3.75%	11.25%	9/1/2021	9/1/2027	1,258		1,246		1,225		0.00
Sam Holding Co, Inc.	(4)(11)	SOFR +	5.50%	9.93%	9/24/2021	9/24/2027	146,300		145,212		146,300		0.33
Sam Holding Co, Inc.	(4)(11)	SOFR +	5.50%	9.87%	9/19/2023	9/24/2027	62,880		62,181		62,880		0.14
Sam Holding Co, Inc.	(4)(11)	SOFR +	5.50%	9.88%	9/19/2023	9/24/2027	39,594		39,147		39,594		0.09
Sam Holding Co, Inc.	(4)(11)	SOFR +	5.50%	9.86%	9/24/2021	9/24/2027	45,397		45,079		45,397		0.10
Sam Holding Co, Inc.	(4)(5)(7)(11)	P +	4.50%	12.00%	9/24/2021	3/24/2027	10,400		10,249		10,400		0.02
Sam Holding Co, Inc.	(4)(7)(11)	SOFR +	5.50%	9.88%	9/5/2024	9/24/2027	39,855		39,526		39,374		0.09
TRP Infrastructure Services, LLC	(4)(11)	SOFR +	5.50%	9.93%	7/9/2021	7/9/2027	71,107		70,628		71,107		0.16
TRP Infrastructure Services, LLC	(4)(7)(11)	SOFR +	5.50%	9.98%	12/2/2024	7/9/2027	41,822		41,499		41,722		0.09
									1,568,654		1,597,214		3.59
Wireless Telecommunication Services
CCI Buyer, Inc.	(4)(5)(7)(10)	SOFR +	5.00%	9.26%	5/13/2025	5/13/2032	115,892		114,689		114,665		0.26
CyrusOne Revolving Warehouse	(4)(5)(6)(7)(8)	SOFR +	2.95%	7.28%	7/12/2024	7/2/2027	116,820		116,096		116,820		0.26
SBA Senior Finance II, LLC	(6)(8)	SOFR +	1.75%	6.08%	6/16/2025	1/25/2031	2,796		2,803		2,802		0.01
									233,588		234,287		0.53
Total First Lien Debt - non-controlled/non-affiliated									65,646,585		65,490,202		147.64
First Lien Debt - non-controlled/affiliated
Media
DMS Purchaser, LLC	(4)(5)(6)(14)(16)	SOFR +	7.50%	11.80% (incl. 6.50% PIK)	2/24/2025	2/28/2030	6,252		6,252		6,252		0.01
Total First Lien Debt - non-controlled/affiliated									6,252		6,252		0.01

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 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 - controlled/affiliated
Chemicals
Pigments Services, Inc.	(4)(6)(14)(16)(17)	SOFR +	8.25%	12.68% PIK	4/14/2023	4/14/2029	$	24,642	$	15,191	$	0	0.00	%
Pigments Services, Inc.	(4)(6)(14)(16)(17)	SOFR +	8.25%	12.68% PIK	4/14/2023	4/14/2029	12,032		11,573		8,916		0.02
									26,764		8,916		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	57,580		49,530		7,877		0.02
									62,101		7,877		0.02
Oil, Gas & Consumable Fuels
Pibb Member, LLC	(4)(5)(6)(8)(16)		6.41%	6.41%	11/22/2024	11/22/2049	2,250		2,250		2,250		0.01
Professional Services
Material Holdings, LLC	(4)(5)(7)(10)(16)	SOFR +	6.00%	10.40% (incl. 5.33% PIK)	6/14/2024	8/19/2027	241,645		240,130		241,271		0.54
Material Holdings, LLC	(4)(5)(10)(16)(17)	SOFR +	6.00%	10.40% PIK	6/14/2024	8/19/2027	60,574		57,075		4,228		0.01
									297,205		245,499		0.55
Total First Lien Debt - controlled/affiliated									388,320		264,542		0.60
Total First Lien Debt									66,041,157		65,760,996		148.25

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 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
Atlas CC Acquisition Corp.	(4)(10)(17)	SOFR +	7.63%	12.22%	5/25/2021	5/25/2029	$	44,520	$	42,802	$	21,592	0.05	%
Peraton Corp.	(10)	SOFR +	7.75%	12.18%	5/6/2021	2/1/2029	43,259		42,967		30,843		0.07
									85,769		52,435		0.12
Commercial Services & Supplies
DG Investment Intermediate Holdings 2, Inc.	(10)	SOFR +	6.75%	11.19%	3/31/2021	3/30/2029	29,464		29,393		29,363		0.07
OMNIA Partners, LLC	(4)(8)	SOFR +	5.00%	9.28%	5/31/2024	5/31/2032	165,000		164,287		165,000		0.37
									193,680		194,363		0.44
Construction & Engineering
Thermostat Purchaser III, Inc.	(4)(10)	SOFR +	7.25%	11.73%	8/31/2021	8/31/2029	32,751		32,496		32,588		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	3,005		2,581		0.01
Hunter UK Bidco, Ltd.	(4)(6)(8)	S +	7.50%	12.20%	8/19/2021	8/19/2029	GBP	65,340	88,070		87,447		0.20
Inizio Group, Ltd.	(4)(6)(8)	SOFR +	7.25%	11.65%	12/31/2021	8/19/2029	15,000		14,797		14,363		0.03
Inizio Group, Ltd.	(4)(5)(6)(8)	SOFR +	7.25%	11.65%	3/31/2022	8/19/2029	10,000		9,860		9,575		0.02
Jayhawk Buyer, LLC	(4)(11)	SOFR +	8.75%	13.13%	5/26/2021	10/15/2027	6,537		6,490		6,079		0.01
									122,222		120,045		0.27
Health Care Technology
Project Ruby Ultimate Parent Corp.	(4)(10)	SOFR +	5.25%	9.69%	10/15/2024	3/10/2029	100,934		100,511		100,682		0.23
Insurance
Alera Group, Inc.	(5)(9)	SOFR +	5.50%	9.83%	5/21/2025	5/30/2033	94,508		94,036		96,457		0.22
SQ ABS Issuer, LLC	(4)(6)(8)		9.65%	9.65%	10/11/2024	10/20/2039	13,212		13,048		13,146		0.03
									107,084		109,603		0.25
Interactive Media & Services
Project Boost Purchaser, LLC	(8)	SOFR +	5.25%	9.55%	7/16/2024	7/16/2032	44,853		44,656		45,320		0.10
Speedster Bidco, GmbH	(4)(6)(8)	CA +	5.50%	8.18%	12/10/2024	2/13/2032	CAD	681,018	477,460		495,104		1.12
									522,116		540,424		1.22
IT Services
Asurion, LLC	(8)	SOFR +	5.25%	9.69%	4/4/2025	1/31/2028	4,167		3,796		3,996		0.01
Dcert Buyer, Inc.	(8)	SOFR +	7.00%	11.33%	2/19/2021	2/19/2029	60,975		61,084		53,582		0.12
Inovalon Holdings, Inc.	(4)(10)	SOFR +	8.50%	13.04% PIK	4/11/2025	11/24/2033	136,299		134,576		136,299		0.31
									199,456		193,877		0.44
Life Sciences Tools & Services
Curia Global, Inc.	(4)(10)	SOFR +	10.50%	15.09% PIK	9/1/2021	3/7/2030	47,591		47,112		43,308		0.10
Machinery
Victory Buyer, LLC	(4)(9)	SOFR +	7.00%	11.44%	11/19/2021	11/19/2029	24,677		24,534		24,183		0.05

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 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)
Media
HMH Education, Inc.	(4)(9)	SOFR +	8.50%	12.78%	4/7/2022	4/8/2030	$	80,500	$	79,523	$	79,896	0.18	%
Pharmaceuticals
Rossini, S.à r.l.	(4)(5)(6)(8)	E +	7.00%	9.19%	4/6/2025	3/30/2030	EUR	25,000	28,305		29,010		0.07
Professional Services
CoreLogic, Inc.	(9)	SOFR +	6.50%	10.94%	6/4/2021	6/4/2029	67,488		67,156		65,877		0.15
Deerfield Dakota Holding, LLC	(10)	SOFR +	6.75%	11.31%	4/22/2021	4/7/2028	14,069		14,058		13,493		0.03
Kwor Acquisition, Inc.	(4)(5)(11)	SOFR +	8.00%	12.33% PIK	2/28/2025	2/28/2030	2,130		2,130		2,218		0.01
Sedgwick Claims Management Services, Inc.	(4)(8)	SOFR +	5.00%	9.33%	7/31/2024	7/31/2032	230,000		227,964		229,425		0.52
Thevelia US, LLC	(4)(6)(9)	SOFR +	5.00%	9.30%	6/17/2022	6/17/2032	182,046		178,656		182,046		0.41
									489,964		493,059		1.12
Software
Boxer Parent Company, Inc.	(8)	SOFR +	5.75%	10.08%	7/30/2024	7/30/2032	58,594		58,076		57,166		0.13
CB Nike Holdco, LLC	(4)(11)	SOFR +	7.35%	11.68% PIK	11/25/2024	11/26/2029	217,031		213,224		212,691		0.48
Cloudera, Inc.	(9)	SOFR +	6.00%	10.43%	10/8/2021	10/8/2029	66,697		66,400		60,736		0.14
Delta Topco, Inc.	(8)	SOFR +	5.25%	9.57%	5/1/2024	12/1/2030	87,104		86,744		87,729		0.20
Flash Charm, Inc.	(8)	SOFR +	6.75%	11.18%	3/2/2021	3/2/2029	27,051		26,893		24,008		0.05
Human Security, Inc.	(4)(11)	SOFR +	6.75%	11.08%	7/22/2022	7/22/2027	50,000		49,639		47,750		0.11
Human Security, Inc.	(4)(11)	SOFR +	6.75%	11.03%	7/22/2022	7/22/2027	50,000		49,639		47,750		0.11
IGT Holding II, AB	(4)(6)(8)	SOFR +	6.15%	10.52% PIK	8/13/2024	8/27/2033	129,022		126,811		128,377		0.29
Kaseya, Inc.	(4)(5)(8)	SOFR +	5.00%	9.33%	3/20/2025	5/20/2033	125,000		123,915		124,375		0.28
Mandolin Technology Intermediate Holdings, Inc.	(4)(9)	SOFR +	6.50%	10.99% (incl. 6.50% PIK)	7/30/2021	7/30/2029	32,463		32,237		27,594		0.06
Maverick Bidco, Inc.	(4)(5)(10)	SOFR +	8.00%	12.28%	12/19/2023	5/18/2029	628		618		628		0.00
Maverick Bidco, Inc.	(10)	SOFR +	6.75%	11.18%	5/18/2021	5/18/2029	18,000		17,963		17,741		0.04
Maverick Bidco, Inc.	(4)(5)(7)(10)	SOFR +	8.00%	12.28%	8/16/2024	5/18/2029	35,653		35,147		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	33,339	36,066		38,683		0.09
Project Alpha Intermediate Holding, Inc.	(9)	SOFR +	5.00%	9.30%	11/21/2024	11/21/2032	49,542		49,299		49,357		0.11
Vision Solutions, Inc.	(10)	SOFR +	7.25%	11.79%	4/23/2021	4/23/2029	41,439		41,287		38,599		0.09
									1,013,958		998,837		2.26
Trading Companies & Distributors
BCPE Empire Holdings, Inc.	(4)(5)(11)	SOFR +	5.25%	9.57%	4/4/2025	12/31/2031	72,514		71,465		71,499		0.16
Icebox Holdco III, Inc.	(9)	SOFR +	6.75%	11.31%	12/22/2021	12/21/2029	14,000		13,921		14,058		0.03
									85,386		85,557		0.19
Total Second Lien Debt - non-controlled/non-affiliated									3,132,116		3,097,867		7.01
Total Second Lien Debt									3,132,116		3,097,867		7.01

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 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
Unsecured Debt - non-controlled/non-affiliated
Biotechnology
AbbVie, Inc.	(5)(6)(8)		4.80%	4.80%	9/10/2024	3/15/2029	$	1,000	$	1,026	$	1,020	0.00	%
Amgen, Inc.	(5)(6)(8)		5.15%	5.15%	9/10/2024	3/2/2028	1,000		1,024		1,022		0.00
Biogen, Inc.	(5)(6)(8)		2.25%	2.25%	9/10/2024	5/1/2030	1,000		910		901		0.00
Gilead Sciences, Inc.	(5)(6)(8)		1.65%	1.65%	9/10/2024	10/1/2030	1,000		883		874		0.00
Regeneron Pharmaceuticals, Inc.	(5)(6)(8)		1.75%	1.75%	9/10/2024	9/15/2030	1,000		885		869		0.00
									4,728		4,686		0.00
Health Care Equipment & Supplies
Abbott Laboratories	(5)(6)(8)		1.40%	1.40%	9/10/2024	6/30/2030	1,000		896		880		0.00
Alcon Finance Corp.	(5)(6)(8)		2.60%	2.60%	9/10/2024	5/27/2030	1,000		926		915		0.00
Becton Dickinson & Co.	(5)(6)(8)		5.08%	5.08%	9/10/2024	6/7/2029	1,000		1,030		1,022		0.00
Boston Scientific Corp.	(5)(6)(8)		2.65%	2.65%	9/10/2024	6/1/2030	1,000		934		926		0.00
									3,786		3,743		0.00
Health Care Technology
Healthcomp Holding Company, LLC	(4)(5)(8)		13.75%	13.75% PIK	11/8/2023	11/8/2031	22,698		22,252		21,676		0.05
IT Services
PPT Holdings III, LLC	(4)(5)(8)		12.75%	12.75% PIK	3/25/2024	3/27/2034	9,112		8,943		9,067		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		1,032		1,027		0.00
Pharmaceuticals
Astrazeneca Finance, LLC	(5)(6)(8)		4.85%	4.85%	9/10/2024	2/26/2029	1,000		1,028		1,023		0.00
Bristol-Myers Squibb, Co.	(5)(6)(8)		4.90%	4.90%	9/10/2024	2/22/2029	1,000		1,029		1,024		0.00
Eli Lilly & Co.	(5)(6)(8)		4.20%	4.20%	9/10/2024	8/14/2029	1,000		1,010		1,004		0.00
GlaxoSmithKline Capital, PLC	(5)(6)(8)		3.38%	3.38%	9/10/2024	6/1/2029	1,000		978		971		0.00
Johnson & Johnson	(5)(6)(8)		4.80%	4.80%	9/10/2024	6/1/2029	1,000		1,037		1,028		0.00
Merck & Co, Inc.	(5)(6)(8)		4.30%	4.30%	9/10/2024	5/17/2030	1,000		1,015		1,007		0.00
Novartis Capital Corp.	(5)(6)(8)		2.20%	2.20%	9/10/2024	8/14/2030	1,000		923		910		0.00
Novo Nordisk Finance Netherlands, BV	(5)(6)(8)		3.13%	3.13%	9/10/2024	1/21/2029	EUR	1,000	1,115		1,203		0.00
Pfizer, Inc.	(5)(6)(8)		1.70%	1.70%	9/10/2024	5/28/2030	1,000		899		887		0.00
Roche Holdings, Inc.	(5)(6)(8)		4.20%	4.20%	9/10/2024	9/9/2029	1,000		1,008		1,002		0.00
Takeda Pharmaceutical Co, Ltd.	(5)(6)(8)		2.05%	2.05%	9/10/2024	3/31/2030	1,000		906		896		0.00
Teva Pharmaceutical Finance Netherlands III, BV	(5)(6)(8)		3.15%	3.15%	9/10/2024	10/1/2026	1,000		974		981		0.00
									11,922		11,936		0.00
Total Unsecured Debt - non-controlled/non-affiliated									52,663		52,135		0.07
Total Unsecured Debt									52,663		52,135		0.07

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 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
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%	11.05%	11/9/2021	10/23/2034	$	3,000	$	3,000	$	2,946	0.01	%
Allegro Clo VIII-S Ltd - Class E2	(4)(5)(6)(8)	SOFR +	8.00%	12.56%	10/3/2024	10/15/2037	2,000		2,000		2,056		0.00
Allegro CLO XIII Ltd - Class E	(4)(5)(6)(8)	SOFR +	6.61%	11.17%	5/25/2021	7/20/2034	2,500		2,455		2,508		0.01
Allegro Clo XVIII Ltd - Class E1	(4)(5)(6)(8)	SOFR +	6.36%	10.67%	10/30/2024	1/25/2038	1,225		1,178		1,212		0.00
Allegro Clo XVIII Ltd - Class E2	(4)(5)(6)(8)	SOFR +	7.50%	11.81%	10/30/2024	1/25/2038	2,225		2,225		2,245		0.01
Apidos Clo XXV - Class E1R3	(4)(5)(6)(8)	SOFR +	5.35%	9.68%	12/17/2024	1/20/2037	4,000		4,000		4,012		0.01
Apidos CLO XXXVI - Class E	(4)(5)(6)(8)	SOFR +	5.95%	10.51%	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%	10.66%	11/1/2024	10/15/2037	4,000		4,000		4,019		0.01
Ares Loan Funding VI Ltd - Class E	(4)(5)(6)(8)	SOFR +	6.40%	10.69%	5/24/2024	7/10/2037	2,000		2,000		2,006		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		3,014		0.01
Ares LVI CLO Ltd - Class ER2	(4)(5)(6)(8)	SOFR +	5.35%	9.65%	12/27/2024	1/25/2038	9,000		9,000		9,041		0.02
Ares LX CLO LTD - Class E	(4)(5)(6)(8)	SOFR +	6.25%	10.81%	5/6/2021	7/18/2034	5,000		4,980		5,013		0.01
Ares LXII CLO, Ltd. - Class E	(4)(5)(6)(8)	SOFR +	6.76%	11.06%	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%	12.27%	10/11/2023	10/20/2036	5,500		5,357		5,558		0.01
Bain Capital Credit CLO 2022-6 Ltd - Class ER	(4)(5)(6)(8)	SOFR +	6.25%	10.54%	10/25/2024	1/22/2038	2,000		2,000		2,012		0.00
Bain Capital Credit CLO 2024-3 Ltd - Class E	(4)(5)(6)(8)	SOFR +	6.25%	10.56%	5/16/2024	7/16/2037	2,500		2,500		2,518		0.01
Balboa Bay Loan Funding 2021-2, Ltd. - Class E	(4)(5)(6)(8)	SOFR +	6.60%	11.16%	10/20/2021	1/20/2035	7,000		6,949		6,903		0.02
Balboa Bay Loan Funding 2024-1 Ltd - Class E	(4)(5)(6)(8)	SOFR +	6.25%	10.54%	5/17/2024	7/20/2037	2,300		2,300		2,329		0.01
Barings CLO Ltd 2018-II - Class ER	(4)(5)(6)(8)	SOFR +	6.90%	11.20%	8/9/2024	7/15/2036	4,000		4,000		4,026		0.01
Barings Clo Ltd 2019-IV - Class ER	(4)(5)(6)(8)	SOFR +	6.40%	10.70%	5/13/2024	7/15/2037	5,000		5,000		5,027		0.01
Barings CLO Ltd 2021-II - Class E	(4)(5)(6)(8)	SOFR +	6.25%	10.81%	7/14/2021	7/15/2034	6,000		6,000		5,999		0.01
Barings CLO Ltd 2021-III - Class E	(4)(5)(6)(8)	SOFR +	6.65%	11.21%	11/17/2021	1/18/2035	7,200		7,200		6,934		0.02
Barings Clo Ltd 2022-II - Class ER	(4)(5)(6)(8)	SOFR +	6.90%	11.20%	7/2/2024	7/15/2039	5,000		5,000		5,019		0.01
Barings CLO Ltd 2023-IV - Class E	(4)(5)(6)(8)	SOFR +	7.59%	11.88%	12/6/2023	1/20/2037	3,000		2,973		3,059		0.01

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 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)
Benefit Street Partners CLO XX - Class ER	(4)(5)(6)(8)	SOFR +	6.75%	11.31%	8/9/2021	7/15/2034	$	6,500	$	6,500	$	6,517	0.01	%
Benefit Street Partners CLO XXVI Ltd - Class ER	(4)(5)(6)(8)	SOFR +	6.00%	10.29%	7/3/2024	7/20/2037	3,000		3,000		3,019		0.01
Benefit Street Partners, LLC BSP 2020-21A - Class ER	(4)(5)(6)(8)	SOFR +	6.70%	11.26%	8/25/2021	10/15/2034	3,000		2,978		3,012		0.01
BlueMountain CLO XXIX Ltd - Class ER	(4)(5)(6)(8)	SOFR +	6.86%	11.42%	7/15/2021	7/25/2034	2,750		2,700		2,704		0.01
Broad River Ltd 2020-1 - Class ER	(4)(5)(6)(8)	SOFR +	6.50%	11.06%	5/17/2021	7/20/2034	7,000		6,959		7,018		0.02
Carlyle US CLO 2018-4, Ltd. - Class E1R	(4)(5)(6)(8)	SOFR +	6.43%	10.73%	7/23/2024	10/17/2037	1,000		972		1,017		0.00
Carlyle US CLO 2018-4, Ltd. - Class E2R	(4)(5)(6)(8)	SOFR +	7.86%	12.16%	7/23/2024	10/17/2037	5,000		5,023		5,182		0.01
Carlyle US CLO 2021-7, LTD. - Class ER	(4)(5)(6)(8)	SOFR +	5.50%	9.82%	3/26/2025	4/15/2040	4,650		4,650		4,698		0.01
Carlyle US CLO 2022-4 Ltd - Class ER	(4)(5)(6)(8)	SOFR +	6.75%	11.05%	7/12/2024	7/25/2036	4,000		4,000		4,053		0.01
Carlyle US CLO 2023-5 Ltd - Class E	(4)(5)(6)(8)	SOFR +	7.90%	12.20%	11/10/2023	1/27/2036	7,000		6,878		7,161		0.02
Carlyle US CLO 2024-8 Ltd - Class E	(4)(5)(6)(8)	SOFR +	5.50%	9.82%	11/22/2024	1/25/2037	4,000		4,000		4,046		0.01
Carlyle US CLO 2025-1, Ltd. - Class E	(4)(5)(6)(8)	SOFR +	5.70%	10.01%	4/1/2025	4/25/2038	4,000		4,000		4,048		0.01
Carval CLO V-C, LTD. - Class E	(4)(5)(6)(8)	SOFR +	6.75%	11.31%	11/24/2021	10/15/2034	8,000		7,942		8,021		0.02
Carval CLO VI-C, LTD. - Class E	(4)(5)(6)(7)(8)	SOFR +	7.33%	11.62%	4/22/2022	4/21/2034	8,750		8,685		8,815		0.02
Carval Clo VIII-C Ltd - Class E2R	(4)(5)(6)(8)	SOFR +	7.60%	11.89%	9/13/2024	10/22/2037	2,000		2,000		2,008		0.00
Carval Clo X-C Ltd - Class E	(4)(5)(6)(8)	SOFR +	6.15%	10.44%	6/13/2024	7/20/2037	3,000		3,000		3,031		0.01
CarVal CLO XI C Ltd - Class E	(4)(5)(6)(8)	SOFR +	6.35%	10.80%	8/14/2024	10/20/2037	3,000		3,000		3,039		0.01
CBAM 2017-1 LTD - Class ER2	(4)(5)(6)(8)	SOFR +	6.93%	11.25%	11/5/2024	1/20/2038	10,000		9,808		10,190		0.02
CBAM 2018-8 Ltd - Class E1R	(4)(5)(6)(8)	SOFR +	7.40%	11.70%	5/10/2024	7/15/2037	4,000		4,000		4,110		0.01
CBAM 2018-8 Ltd - Class E2R	(4)(5)(6)(8)	SOFR +	6.37%	10.67%	5/10/2024	7/15/2037	1,000		964		1,015		0.00
Dryden 112 CLO, Ltd. - Class ER	(4)(5)(6)(8)	SOFR +	7.75%	12.07%	11/9/2023	11/15/2036	4,900		4,798		4,841		0.01
Dryden 78 CLO Ltd - Class E1R	(4)(5)(6)(8)	SOFR +	7.70%	12.00%	4/4/2024	4/17/2037	4,000		4,000		4,097		0.01
Dryden 78 CLO Ltd - Class E2R	(4)(5)(6)(8)	SOFR +	6.63%	10.93%	4/4/2024	4/17/2037	1,000		979		1,014		0.00
Dryden 95 CLO, Ltd. - Class E	(4)(5)(6)(8)	SOFR +	6.15%	10.73%	7/29/2021	8/20/2034	8,000		8,000		7,896		0.02

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 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%	10.70%	5/9/2024	7/15/2037	$	5,000	$	5,000	$	5,068	0.01	%
Elmwood CLO 30 Ltd - Class F	(4)(5)(6)(8)	SOFR +	7.25%	11.55%	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%	11.17%	8/4/2021	10/20/2034	13,000		12,891		12,870		0.03
Galaxy 30 CLO Ltd - Class ER	(4)(5)(6)(8)	SOFR +	5.90%	10.30%	12/9/2024	1/15/2038	5,000		5,000		5,005		0.01
Galaxy XXV CLO, Ltd. - Class ER	(4)(5)(6)(8)	SOFR +	6.50%	10.80%	4/19/2024	4/25/2036	4,000		4,000		4,012		0.01
Galaxy 32 CLO Ltd - Class E	(4)(5)(6)(8)	SOFR +	7.33%	11.62%	9/22/2023	10/20/2036	2,140		2,121		2,166		0.00
Galaxy 35 CLO, Ltd. - Class E	(4)(5)(6)(8)	SOFR +	5.00%	9.28%	3/11/2025	4/20/2038	6,001		6,001		6,022		0.01
Goldentree Loan Management US Clo 15 Ltd - Class ER	(4)(5)(6)(8)	SOFR +	6.50%	10.79%	8/18/2023	10/20/2036	6,500		6,446		6,553		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		2,453		2,469		0.01
Goldentree Loan Management US Clo 18 Ltd - Class F	(4)(5)(6)(8)	SOFR +	8.50%	12.79%	10/20/2023	1/20/2037	5,000		4,938		4,999		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		3,473		3,371		0.01
Halseypoint Clo 5, Ltd. - Class E	(4)(5)(6)(8)	SOFR +	6.94%	11.49%	11/19/2021	1/30/2035	9,500		9,361		9,263		0.02
Halseypoint CLO 7, Ltd. - Class ER	(4)(5)(6)(8)	SOFR +	6.59%	10.94%	6/6/2025	7/20/2038	6,900		6,831		6,935		0.02
HPS Loan Management 15-2019 Ltd - Class ER	(4)(5)(6)(8)	SOFR +	6.80%	11.09%	2/8/2022	1/22/2035	4,000		3,970		4,012		0.01
HPS Loan Management 2024-20 Ltd - Class E	(4)(5)(6)(8)	SOFR +	6.20%	10.50%	5/15/2024	7/25/2037	2,000		2,000		2,039		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		4,012		0.01
Invesco CLO 2022-3 Ltd - Class ER	(4)(5)(6)(8)	SOFR +	6.75%	11.04%	9/30/2024	10/22/2037	3,500		3,486		3,481		0.01
Jamestown CLO XV, Ltd. - Class ER	(4)(5)(6)(8)	SOFR +	7.06%	11.36%	5/28/2024	7/15/2035	3,000		2,973		2,965		0.01
Magnetite XXXII Ltd - Class E	(4)(5)(6)(8)	SOFR +	6.90%	11.20%	3/7/2022	4/15/2035	5,000		5,000		5,032		0.01
MidOcean Credit CLO XIII Ltd - Class E	(4)(5)(6)(8)	SOFR +	7.80%	12.09%	11/16/2023	1/21/2037	9,500		9,164		9,588		0.02
MidOcean Credit CLO XIV Ltd - Class E2	(4)(5)(6)(8)	SOFR +	7.40%	11.70%	2/15/2024	4/15/2037	3,500		3,500		3,538		0.01

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 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)
MidOcean Credit CLO XI Ltd - Class ER2	(4)(5)(6)(8)	SOFR +	6.00%	10.32%	11/25/2024	1/18/2036	$	2,000	$	2,000	$	1,985	0.00	%
Morgan Stanley Eaton Vance Clo 2021-1, Ltd. - Class E	(4)(5)(6)(8)	SOFR +	6.75%	11.30%	9/24/2021	10/20/2034	6,500		6,500		6,460		0.01
Morgan Stanley Eaton Vance CLO 2023-19A Ltd - Class ER	(4)(5)(6)(8)	SOFR +	6.10%	10.39%	10/16/2024	10/20/2037	2,200		2,200		2,187		0.00
Neuberger Berman Loan Advisers CLO 30, Ltd. - Class ER2	(4)(5)(6)(8)	SOFR +	5.15%	9.44%	12/23/2024	1/20/2039	3,500		3,500		3,494		0.01
New Mountain CLO 1 Ltd - Class ERR	(4)(5)(6)(8)	SOFR +	5.25%	9.55%	2/7/2025	1/15/2038	2,000		2,000		2,009		0.00
Northwoods Capital XI-B Ltd - Class ER	(4)(5)(6)(8)	SOFR +	7.35%	11.64%	7/3/2024	7/19/2037	3,412		3,358		3,365		0.01
Oaktree CLO 2019-3 Ltd - Class ER2	(4)(5)(6)(8)	SOFR +	6.75%	11.04%	10/24/2024	1/20/2038	5,000		5,000		5,021		0.01
OCP CLO 2021-22, Ltd. - Class ER	(4)(5)(6)(8)	SOFR +	5.75%	10.04%	10/18/2024	10/20/2037	2,000		2,000		1,997		0.00
OCP CLO 2020-18 Ltd - Class ER2	(4)(5)(6)(8)	SOFR +	6.25%	10.54%	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%	10.30%	11/5/2024	11/26/2037	5,000		5,000		4,955		0.01
Octagon 55, Ltd - Class E	(4)(5)(6)(8)	SOFR +	6.50%	11.06%	7/1/2021	7/20/2034	11,000		10,904		11,040		0.02
Octagon 75, Ltd - Class E	(4)(5)(6)(8)	SOFR +	4.95%	9.24%	1/31/2025	1/22/2038	3,000		3,000		2,997		0.01
Octagon Investment Partners 41, Ltd. - Class ER	(4)(5)(6)(8)	SOFR +	7.13%	11.69%	9/24/2021	10/15/2033	2,500		2,492		2,456		0.01
Orion CLO 2024-4 LTD - Class E	(4)(5)(6)(8)	SOFR +	6.00%	10.36%	10/25/2024	10/20/2037	5,000		5,000		5,103		0.01
Palmer Square CLO 2015-1, Ltd. - Class DR4	(4)(5)(6)(8)	SOFR +	6.76%	11.09%	5/25/2021	5/21/2034	2,000		1,930		1,980		0.00
Palmer Square CLO 2019-1, Ltd. - Class DR	(4)(5)(6)(8)	SOFR +	6.76%	11.08%	11/16/2021	11/14/2034	13,000		13,003		12,970		0.03
Palmer Square CLO 2022-1, Ltd. - Class E	(4)(5)(6)(8)	SOFR +	6.35%	10.64%	1/24/2022	4/20/2035	2,500		2,500		2,507		0.01
Palmer Square CLO 2023-3 Ltd - Class E	(4)(5)(6)(8)	SOFR +	7.83%	12.12%	11/17/2023	1/20/2037	10,000		9,912		10,227		0.02
Parallel 2020-1 Ltd - Class DR	(4)(5)(6)(8)	SOFR +	6.50%	11.06%	6/14/2021	7/20/2034	3,500		3,442		3,448		0.01
Park Avenue Institutional Advisers CLO Ltd 2022-1 - Class D	(4)(5)(6)(8)	SOFR +	7.29%	11.58%	2/11/2022	4/20/2035	6,000		5,865		6,016		0.01
Pikes Peak CLO 10 - Class ER	(4)(5)(6)(8)	SOFR +	5.90%	10.29%	11/22/2024	1/22/2038	5,000		5,000		5,015		0.01
Pikes Peak Clo 17 Ltd - Class E	(4)(5)(6)(8)	SOFR +	5.75%	10.15%	11/1/2024	1/15/2038	4,000		4,000		4,026		0.01
Pikes Peak CLO 3 - Class ERR	(4)(5)(6)(8)	SOFR +	6.61%	11.17%	8/13/2021	10/25/2034	3,000		3,009		3,015		0.01
Pikes Peak CLO 8 - Class ER	(4)(5)(6)(8)	SOFR +	5.75%	10.04%	12/19/2024	1/20/2038	1,000		1,000		1,003		0.00

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 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)
Post CLO 2022-1, Ltd. - Class E	(4)(5)(6)(8)	SOFR +	6.75%	11.04%	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%	11.09%	2/6/2024	4/20/2037	2,500		2,500		2,546		0.01
PPM CLO 4, Ltd. - Class ER	(4)(5)(6)(8)	SOFR +	6.50%	11.06%	9/29/2021	10/18/2034	6,775		6,775		6,380		0.01
PPM CLO 5, Ltd. - Class E	(4)(5)(6)(8)	SOFR +	6.50%	11.06%	9/17/2021	10/18/2034	4,800		4,800		4,581		0.01
Rad CLO 14, Ltd. - Class E	(4)(5)(6)(8)	SOFR +	6.50%	11.06%	11/2/2021	1/15/2035	6,750		6,750		6,678		0.02
Rad CLO 16 Ltd - Class ER	(4)(5)(6)(8)	SOFR +	6.50%	10.80%	5/3/2024	7/15/2037	5,000		5,000		4,917		0.01
Rad CLO 17 Ltd - Class ER	(4)(5)(6)(8)	SOFR +	6.25%	10.54%	11/5/2024	1/20/2038	5,000		5,000		4,928		0.01
Rad CLO 22 Ltd - Class E	(4)(5)(6)(8)	SOFR +	7.73%	12.02%	10/27/2023	1/20/2037	7,500		7,302		7,538		0.02
Rad Clo 25 Ltd - Class E	(4)(5)(6)(8)	SOFR +	6.00%	10.29%	5/16/2024	7/20/2037	3,000		3,000		3,011		0.01
Rad CLO 3 Ltd - Class E1R2	(4)(5)(6)(8)	SOFR +	5.88%	10.18%	6/18/2024	7/15/2037	2,715		2,665		2,526		0.01
Rad CLO 3 Ltd - Class E2R2	(4)(5)(6)(8)	SOFR +	7.00%	11.30%	6/18/2024	7/15/2037	2,715		2,715		2,693		0.01
Rad CLO 9 Ltd - Class ER	(4)(5)(6)(8)	SOFR +	5.75%	10.05%	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		9,996		0.02
Regatta IX Funding Ltd. - Class ER	(4)(5)(6)(8)	SOFR +	6.83%	11.13%	4/10/2024	4/17/2037	3,820		3,902		3,833		0.01
Regatta XXI Funding Ltd - Class ER	(4)(5)(6)(8)	SOFR +	6.25%	10.55%	11/5/2024	10/15/2037	4,000		4,000		4,016		0.01
Regatta XXII Funding Ltd - Class ER	(4)(5)(6)(8)	SOFR +	6.15%	10.44%	10/10/2024	7/20/2035	2,000		2,000		2,015		0.00
RRX 7 Ltd - Class D	(4)(5)(6)(8)	SOFR +	6.85%	11.15%	2/18/2022	7/15/2035	5,000		4,962		5,014		0.01
Sagard-Halseypoint Clo 9, Ltd. - Class E	(4)(5)(6)(8)	SOFR +	5.85%	10.13%	3/31/2025	4/20/2038	5,250		5,197		5,274		0.01
Sound Point CLO XXVII, Ltd. - Class ER	(4)(5)(6)(8)	SOFR +	6.56%	11.12%	10/1/2021	10/25/2034	5,000		4,928		4,699		0.01
Symphony CLO 34-PS Ltd. - Class ER	(4)(5)(6)(8)	SOFR +	8.15%	12.45%	7/13/2023	7/24/2036	4,000		3,932		4,000		0.01
Symphony CLO 44 Ltd - Class E	(4)(5)(6)(8)	SOFR +	6.15%	10.44%	5/20/2024	7/14/2037	2,500		2,500		2,547		0.01
Vibrant CLO IV-R Ltd - Class E	(4)(5)(6)(8)	SOFR +	7.90%	12.34%	9/19/2024	10/20/2037	1,000		972		1,007		0.00
Vibrant CLO XII Ltd. - Class DR	(4)(5)(6)(8)	SOFR +	6.94%	11.23%	5/16/2024	4/20/2034	2,695		2,609		2,671		0.01
Trestles Clo IV, Ltd. - Class E	(4)(5)(6)(8)	SOFR +	6.25%	10.81%	7/12/2021	7/21/2034	8,000		8,000		7,914		0.02
Trinitas CLO XVI Ltd - Class E	(4)(5)(6)(8)	SOFR +	7.00%	11.56%	6/14/2021	7/20/2034	5,000		4,844		4,906		0.01
Vibrant CLO XIII, Ltd - Class ER	(4)(5)(6)(8)	SOFR +	7.59%	11.89%	11/1/2024	1/15/2038	3,250		3,219		3,229		0.01
Voya CLO 2019-4, Ltd. - Class ER	(4)(5)(6)(8)	SOFR +	6.71%	11.27%	12/14/2021	1/15/2035	8,250		8,130		8,271		0.02
									547,862		550,910		1.26
Total Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated									547,862		550,910		1.26

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 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
Financial Services
Ballyrock CLO 20, Ltd. - Subordinated Notes	(4)(6)	Estimated Yield:	13.22%	2/24/2025	10/15/2036	$	6,000	$	4,557	$	4,576	0.01	%
Ballyrock CLO 23, Ltd. - Subordinated Notes	(4)(6)	Estimated Yield:	12.84%	6/26/2025	4/25/2038	5,000		3,525		3,525		0.01
Ballyrock CLO 27, Ltd. - Subordinated Notes	(4)(6)	Estimated Yield:	13.72%	5/28/2025	10/25/2037	12,500		9,738		9,879		0.02
Birch Grove CLO 11, Ltd. - Subordinated Notes	(4)(6)	Estimated Yield:	9.75%	11/15/2024	1/22/2038	11,000		11,000		11,761		0.03
Carlyle Euro CLO 2022-5 DAC - Subordinated Notes	(4)(6)	Estimated Yield:	15.37%	5/16/2025	4/25/2037	EUR	3,000	2,166		2,299		0.01
Carlyle Global Market Strategies Euro CLO 2014-1 DAC - Subordinated Notes	(4)(6)	Estimated Yield:	19.74%	5/2/2025	4/15/2038	EUR	11,473	8,430		9,499		0.02
CVC Cordatus Loan Fund XXXIV DAC - Subordinated Notes	(4)(6)	Estimated Yield:	11.83%	2/14/2025	4/20/2038	EUR	3,250	3,325		3,833		0.01
Elmwood CLO 18, Ltd. - Subordinated Notes	(4)(6)	Estimated Yield:	10.55%	3/4/2025	7/17/2037	4,000		2,151		2,163		0.00
Elmwood CLO II, Ltd. - Subordinated Notes	(4)(6)	Estimated Yield:	7.97%	11/21/2024	4/20/2034	8,650		5,806		4,874		0.01
Flatiron CLO 21, Ltd. - Subordinated Notes	(4)(6)	Estimated Yield:	14.26%	5/5/2025	7/19/2034	3,000		1,980		2,085		0.00
Flatiron RR CLO 30, Ltd. - Subordinated Notes	(4)(6)	Estimated Yield:	15.39%	3/24/2025	4/15/2038	7,000		5,790		6,093		0.01
Galaxy 34 CLO, Ltd. - Subordinated Notes	(4)(6)	Estimated Yield:	13.75%	9/26/2024	10/20/2037	20,000		17,604		17,578		0.04
Galaxy 35 CLO, Ltd. - Subordinated Notes	(4)(6)	Estimated Yield:	13.71%	3/11/2025	4/20/2038	17,490		16,094		16,997		0.04
Generate CLO 15, Ltd. - Subordinated Notes	(4)(6)	Estimated Yield:	15.49%	5/20/2025	7/20/2037	6,000		3,880		4,019		0.01
Generate CLO 7, Ltd. - Subordinated Notes	(4)(6)	Estimated Yield:	14.23%	1/31/2025	4/22/2037	10,000		5,473		5,138		0.01
HPS Loan Management 2025-24, Ltd. - Subordinated Notes	(4)(6)	Estimated Yield:	11.80%	3/11/2025	4/25/2038	10,000		8,900		9,082		0.02
MidOcean Credit CLO XIX - Subordinated Notes	(4)(6)	Estimated Yield:	8.84%	6/24/2025	7/20/2036	9,000		6,998		7,133		0.02
MidOcean Credit CLO XV, Ltd. - Subordinated Notes	(4)(6)	Estimated Yield:	10.21%	5/10/2024	7/21/2037	5,000		3,473		3,109		0.01

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 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)
MidOcean Credit CLO XX - Units	(4)(6)(7)			6/18/2025	10/8/2028	$	2,083	$	2,083	$	2,083	0.00	%
New Mountain CLO 6, Ltd. - Subordinated Notes	(4)(6)	Estimated Yield:	10.38%	8/23/2024	10/15/2037	18,750		15,948		15,192		0.03
New Mountain CLO 6, Ltd. - Class M	(4)(6)			8/23/2024	10/15/2037	1,875		0		335		0.00
New Mountain CLO 7, Ltd. - Subordinated Notes	(4)(6)	Estimated Yield:	11.09%	8/23/2024	3/31/2038	19,368		16,899		15,431		0.03
Pikes Peak CLO 10 - Subordinated Notes	(4)(6)	Estimated Yield:	11.65%	12/10/2024	1/22/2038	5,200		3,292		3,198		0.01
Rad CLO 25, Ltd. - Subordinated Notes	(4)(6)	Estimated Yield:	11.50%	5/16/2024	7/20/2037	5,000		4,146		3,792		0.01
RAD CLO 26, Ltd. - Subordinated Notes	(4)(6)	Estimated Yield:	14.10%	8/7/2024	10/20/2037	7,180		6,156		6,353		0.01
RAD CLO 27, Ltd. - Subordinated Notes	(4)(6)	Estimated Yield:	11.42%	12/11/2024	1/15/2038	29,325		26,821		27,397		0.06
Regatta Kilo - Units	(4)(6)(7)			6/13/2025	10/8/2028	3,172		3,172		3,172		0.01
Signal Peak CLO 11, Ltd. - Subordinated Notes	(4)(6)	Estimated Yield:	11.49%	6/5/2024	7/18/2037	5,000		4,277		4,488		0.01
Signal Peak CLO 14, Ltd. - Subordinated Notes	(4)(6)	Estimated Yield:	13.09%	12/20/2024	1/22/2038	26,000		20,345		21,814		0.05
Sixth Street CLO 27, Ltd. - Subordinated Notes	(4)(6)	Estimated Yield:	9.46%	11/1/2024	1/17/2038	16,500		13,430		14,254		0.03
Sixth Street CLO XXI, Ltd. - Subordinated Notes	(4)(6)	Estimated Yield:	11.71%	9/29/2022	10/21/2037	8,000		5,652		5,396		0.01
Vibrant CLO XVI, Ltd. - Subordinated Notes	(4)(6)	Estimated Yield:	6.71%	4/14/2023	7/15/2036	12,000		8,530		7,828		0.02
Wellfleet CLO 2025-1, Ltd. - Units	(4)(6)(7)			4/8/2025	8/8/2025	3,000		3,000		3,000		0.01
								254,641		257,376		0.57
Total Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated								254,641		257,376		0.57
Total Structured Finance Obligations - non-controlled/non-affiliated								802,503		808,286		1.83
Total Structured Finance Obligations								802,503		808,286		1.83

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 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
Equity and other - non-controlled/non-affiliated
Aerospace & Defense
Atlas Intermediate Holding, LLC - Preferred Interest	(4)			5/24/2021		34,238,400	$	33,725	$	19,174	0.04	%
Loar Holdings, Inc. - Common Equity	(6)			4/25/2024		545,996	7,565		47,048		0.11
Micross Topco, Inc. - Common Equity	(4)			3/28/2022		116	125		160		0.00
							41,415		66,382		0.15
Air Freight & Logistics
AGI Group Holdings, LP - Class A-2 Common Units	(4)			6/11/2021		1,674	1,674		2,457		0.01
Mode Holdings, LP - Class A-2 Common Units	(4)			1/7/2021		1,076,923	1,077		754		0.00
Red Griffin ParentCo, LLC - Class A Common Units	(4)			11/27/2024		13,857	58,838		42,155		0.10
							61,589		45,366		0.11
Biotechnology
Axsome Therapeutics, Inc. - Common Stock	(6)			5/6/2025		70,304	7,532		7,339		0.02
Moderna, Inc. - Common Stock	(6)			9/12/2024		12,613	983		348		0.00
							8,515		7,687		0.02
Capital Markets
Resolute Investment Managers, Inc. - Common Equity				12/29/2023		48,476	1,212		279		0.00
Commercial Services & Supplies
Genstar Neptune Blocker, LLC - Blocker Units	(4)			12/2/2024		3,982	6,280		6,728		0.02
Genstar Neptune Blocker, LLC - Class Z Units	(4)			12/2/2024		1,041	1,482		1,591		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		1,030		0.00
GTCR/Jupiter Blocker, LLC - Class Z Units	(4)			12/2/2024		749	1,067		1,146		0.00
GTCR/Jupiter Blocker, LLC - Blocker Note	(4)			12/2/2024		115,036	115		115		0.00

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 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)
Commercial Services & Supplies (continued)
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		4,001		0.01
Jupiter Ultimate Holdings, LLC - Class C Common Units	(4)			11/8/2024		5,084,731	4,037		4,627		0.01
RC VI Buckeye Holdings, LLC - LLC Units	(4)			1/2/2025		6,589,068	6,589		6,589		0.01
							24,607		25,989		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	28,735		42,533		0.10
DTA, LP - Class A Common Units	(4)			3/25/2024		2,612,843	2,613		2,221		0.01
							31,348		44,754		0.11
Diversified Telecommunication Services
Point Broadband Holdings, LLC - Class A Common Units	(4)			10/1/2021		12,870	10,915		13,393		0.03
Point Broadband Holdings, LLC - Class B Common Units	(4)			10/1/2021		685,760	1,955		2,482		0.01
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
							15,636		19,287		0.05

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 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)
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		26,646		0.06
							26,048		29,919		0.07
Financial Services
THL Fund IX Investors (Plymouth II), LP - LP Interest	(4)			8/31/2023		621,964	622		1,121		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		60,948		0.14
CD&R Ulysses Equity Holdings, LP - Common Shares	(4)(6)			8/19/2021		6,000,000	6,090		4,800		0.01
Jayhawk Holdings, LP - Class A-1 Common Units	(4)			5/26/2021		12,472	2,220		163		0.00
Jayhawk Holdings, LP - Class A-2 Common Units	(4)			5/26/2021		6,716	1,195		88		0.00
Maia Aggregator, LP - Class A Units	(4)			2/1/2022		19,700,000	19,700		16,548		0.04
NC Eve, LP - LP Interest	(4)(6)			2/22/2022		2,500,000	3,398		789		0.00
WHCG Purchaser, Inc. - Class A Common Units	(4)			8/2/2024		10,966,377	0		0		0.00
							88,135		97,439		0.22
Health Care Technology
Azalea Parent Corp. - Series A-1 Preferred Shares	(4)		12.75% PIK	4/30/2024		91,500	89,213		106,154		0.24
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		1,442		0.00
							96,946		112,301		0.25

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 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)
Insurance
RSC Topco, Inc. - Preferred Shares	(4)		13.25%	8/14/2023		100	$	97	$	132	0.00	%
SelectQuote, Inc. - Warrants	(4)(6)			10/11/2024		2,204,746	0		529		0.00
Shelf Holdco, Ltd. - Common Equity	(4)(6)			12/30/2022		1,300,000	1,300		4,940		0.01
							1,397		5,601		0.01
IT Services
NC Ocala Co-Invest Beta, LP - LP Interest	(4)			11/12/2021		25,687,196	25,687		29,797		0.07
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	75,000		76,105		0.17
Professional Services
Kwor Intermediate I, Inc. - Class A Common Shares	(4)			2/28/2025		1,289	1,175		673		0.00
Kwor Intermediate I, Inc. - Preferred Equity	(4)			2/28/2025		1,378	1,378		1,435		0.00
OHCP V TC COI, LP - LP Interest	(4)			6/29/2021		6,500,000	6,500		16,055		0.04
Tricor Horizon - LP Interest	(4)(6)			6/13/2022		14,886,548	14,887		15,780		0.04
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		50,947		0.12
Real Estate Management & Development
Community Management Holdings Parent, LP - Series A Preferred Units	(4)		8.00%	11/1/2024		1,783,823	1,784		1,891		0.00

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 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
AI Titan Group Holdings, LP - Class A-2 Common Units	(4)				8/28/2024		1,103	$	1,103	$	1,307	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		570		0.00
Knockout Intermediate Holdings I, Inc. - Perpetual Preferred Stock	(4)	SOFR +	10.75%	15.05%	6/23/2022		30,883	30,111		47,019		0.11
Lobos Parent, Inc. - Series A Preferred Shares	(4)			10.50%	11/30/2021		45,090	43,961		62,899		0.14
Mandolin Technology Holdings, Inc. - Series A Preferred Shares	(4)			10.50%	7/30/2021		31,950,000	30,992		35,332		0.08
Mimecast Limited - LP Interest	(4)				5/3/2022		75,088,584	75,087		82,597		0.19
Mitratech Holdings, Inc. - Class A Preferred Shares	(4)			13.50%	12/19/2023		1,872	1,830		2,229		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		6,089		0.01
Zoro - Common Equity	(4)				11/22/2022		1,195,880	11,959		13,155		0.03
Zoro - Series A Preferred Shares	(4)	SOFR +	9.50%	13.80%	11/22/2022		31,731	30,620		44,106		0.10
								237,914		299,823		0.68
Transportation Infrastructure
Enstructure, LLC - Class A-7 Common Units	(4)				9/27/2022		3,783,785	2,805		4,086		0.01
Enstructure, LLC - Class A-8 Common Units	(4)				3/1/2023		858,469	635		927		0.00
Ncp Helix Holdings, LLC - Preferred Shares	(4)			8.00%	8/3/2021		1,128,694	865		1,185		0.00
								4,305		6,198		0.01
Total Equity and other - non-controlled/non-affiliated								788,697		927,754		2.11

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 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/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	$	1,066	0.00	%
Media
DMS Topco, LLC - Class A Common Units	(4)(6)(16)			3/11/2025		133,433	5,432		5,432		0.01
Total Equity and other - non-controlled/affiliated							5,990		6,498		0.01
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		2,989,239	75,000		75,090		0.17
Specialty Lending Company, LLC - LLC Interest	(4)(6)(16)			10/19/2021		360,279,000	360,279		362,117		0.82
							435,279		437,207		0.99
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		219,173		0.49
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		1,811		0.00
Total Equity and other - controlled/affiliated (excluding Investments in Joint Ventures)							651,544		658,191		1.48
Total Equity and other							1,446,231		1,592,443		3.60

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 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

Investments in Joint Ventures
BCRED Emerald JV LP - LP Interest	(6)(16)			1/19/2022			$	1,815,000	$	1,745,658	3.94	%
BCRED Verdelite JV LP - LP Interest	(6)(16)			10/21/2022			117,706		118,267		0.27
Total Investments in Joint Ventures							1,932,706		1,863,925		4.21

Total Investments - non-controlled/non-affiliated							70,422,564		70,376,244		158.66
Total Investments - non-controlled/affiliated							12,242		12,750		0.02
Total Investments - controlled/affiliated (excluding Investments in Joint Ventures)							1,039,864		922,733		2.08
Total Investments - Investments in Joint Ventures							1,932,706		1,863,925		4.21
Total Investment Portfolio							73,407,376		73,175,652		164.97
Cash and Cash Equivalents
State Street Institutional U.S. Government Money Market Fund - Investor Class			4.19%				46,245		46,245		0.10
State Street Institutional U.S. Government Money Market Fund - Premier Class			4.27%				119,863		119,863		0.27
Fidelity Investments Money Market Treasury Portfolio - Class I			4.19%				56,058		56,058		0.13
Other Cash and Cash Equivalents							1,760,922		1,760,922		3.97
Total Portfolio Investments, Cash and Cash Equivalents							$	75,390,464	$	75,158,740	169.44	%

(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 June 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 June 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 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 June 30, 2025, non-qualifying assets represented 24.3% of total assets as calculated in accordance with regulatory requirements.

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 30, 2025

(in thousands)

(Unaudited)

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

Investments

Commitment Type

Commitment Expiration Date

Unfunded Commitment

Fair Value

123Dentist, Inc.

Delayed Draw Term Loan

8/10/2026

13,678

—

Abacus Holdco 2, Oy

Delayed Draw Term Loan

5/7/2026

181

—

Accession Risk Management Group, Inc.

Revolver

11/1/2029

6,174

(15)

Accession Risk Management Group, Inc.

Delayed Draw Term Loan

8/15/2026

28,987

—

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

16,756

—

Acumatica Holdings, Inc

Term Loan

7/11/2032

62,753

—

Acumatica Holdings, Inc

Revolver

7/11/2032

10,459

—

ADCS Clinics Intermediate Holdings, LLC

Revolver

5/7/2026

3,567

—

AI Altius US Bidco, Inc.

Delayed Draw Term Loan

12/21/2028

39,500

—

AI Titan Parent, Inc.

Delayed Draw Term Loan

9/30/2026

22,055

(110)

AI Titan Parent, Inc.

Revolver

8/29/2031

13,784

(138)

Allium Buyer, LLC

Revolver

5/2/2029

249

(7)

Alpine Intel Intermediate 2, LLC

Delayed Draw Term Loan

12/20/2026

39,281

—

American Restoration Holdings, LLC

Revolver

7/19/2030

3,252

—

American Restoration Holdings, LLC

Delayed Draw Term Loan

2/19/2027

33,472

—

Amerilife Holdings, LLC

Revolver

8/31/2028

63,550

—

Amerilife Holdings, LLC

Delayed Draw Term Loan

6/17/2026

18,226

—

Amerilife Holdings, LLC

Delayed Draw Term Loan

10/20/2025

41,321

—

Amerivet Partners Management, Inc.

Revolver

2/25/2028

11,511

—

Analytic Partners, LP

Revolver

4/4/2028

4,891

(37)

Anaplan, Inc.

Revolver

6/21/2028

47,983

(960)

Apex Companies, LLC

Delayed Draw Term Loan

8/28/2026

5,507

—

Aptean, Inc.

Revolver

1/29/2031

4,695

—

Aptean, Inc.

Delayed Draw Term Loan

2/14/2027

9,996

—

Armada Parent, Inc.

Delayed Draw Term Loan

6/9/2027

11,250

—

Armada Parent, Inc.

Revolver

10/29/2027

20,250

—

Arnhem BidCo, GmbH

Delayed Draw Term Loan

10/1/2027

57,055

(307)

Artisan Acquisitionco, Ltd.

Delayed Draw Term Loan

9/30/2027

54,556

(546)

Ascend Buyer, LLC

Revolver

9/30/2028

8,655

—

Atlas CC Acquisition Corp.

Delayed Draw Term Loan

5/26/2026

14,403

(324)

Atlas Securitized Products Funding 2, LP

Revolver

4/10/2026

4,560

—

AuditBoard, Inc.

Delayed Draw Term Loan

7/12/2026

38,443

(192)

AuditBoard, Inc.

Revolver

7/12/2031

15,377

(38)

Axsome Therapeutics, Inc.

Delayed Draw Term Loan

5/31/2026

45,195

—

Axsome Therapeutics, Inc.

Delayed Draw Term Loan

5/31/2027

45,195

—

Azurite Intermediate Holdings, Inc.

Revolver

3/19/2031

6,840

—

Baker Tilly Advisory Group, LP

Revolver

6/3/2030

75,417

—

Baker Tilly Advisory Group, LP

Delayed Draw Term Loan

6/3/2027

117,328

—

Bamboo US BidCo, LLC

Delayed Draw Term Loan

11/20/2026

12,824

—

Bamboo US BidCo, LLC

Delayed Draw Term Loan

11/20/2026

11,624

—

Bamboo US BidCo, LLC

Revolver

9/29/2029

6,278

—

Banyan Software Holdings, LLC

Revolver

1/2/2031

4,948

—

Banyan Software Holdings, LLC

Delayed Draw Term Loan

12/20/2026

11,443

—

Banyan Software Holdings, LLC

Delayed Draw Term Loan

1/2/2027

10,208

(51)

Bayshore Intermediate #2, LP

Revolver

10/1/2027

23,879

—

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 30, 2025

(in thousands)

(Unaudited)

Investments

Commitment Type

Commitment Expiration Date

Unfunded Commitment

Fair Value

Bazaarvoice, Inc.

Revolver

5/7/2028

60,787

—

Bidco 76 S.p.A.

Delayed Draw Term Loan

12/10/2027

24,179

—

Bimini Group Purchaser, Inc.

Revolver

4/26/2031

29,847

—

Bimini Group Purchaser, Inc.

Delayed Draw Term Loan

5/19/2027

34,906

(175)

Bluefin Holding, LLC

Revolver

9/12/2029

4,487

—

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

(265)

Brilliance Technologies, Inc.

Delayed Draw Term Loan

9/11/2027

109,294

—

Caerus US 1, Inc.

Revolver

5/25/2029

54,628

—

Cambium Learning Group, Inc.

Revolver

7/20/2027

101,715

—

Cambrex Corp.

Revolver

3/5/2032

15,014

(150)

Cambrex Corp.

Delayed Draw Term Loan

3/5/2027

17,158

(86)

Canadian Hospital Specialties, Ltd.

Revolver

4/15/2027

1,972

—

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

8,750

—

Castle Management Borrower, LLC

Revolver

11/3/2029

2,917

—

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

(498)

CFGI Holdings, LLC

Revolver

11/2/2027

19,950

(399)

CFS Brands, LLC

Revolver

10/2/2029

30,858

—

Channelside AcquisitionCo, Inc.

Revolver

5/15/2029

18,758

—

Charger Debt Merger Sub, LLC

Delayed Draw Term Loan

5/31/2031

30,287

—

Charger Debt Merger Sub, LLC

Revolver

5/31/2030

7,000

(70)

Charger Debt Merger Sub, LLC

Delayed Draw Term Loan

5/31/2026

11,060

—

Chartwell Cumming Holding, Corp.

Revolver

11/16/2027

40,692

—

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

—

Cielo Bidco, Ltd.

Delayed Draw Term Loan

12/31/2030

—

Cisive Holdings Corp.

Revolver

12/8/2027

4,445

(89)

Clearview Buyer, Inc.

Revolver

2/26/2027

11,857

—

Clydesdale Acquisition Holdings, Inc.

Delayed Draw Term Loan

12/16/2025

116

—

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

—

Community Management Holdings Midco 2, LLC

Revolver

11/1/2031

6,656

—

Community Management Holdings Midco 2, LLC

Delayed Draw Term Loan

11/1/2026

11,463

—

Compsych Investments Corp.

Delayed Draw Term Loan

7/22/2027

20,230

(51)

Connatix Buyer, Inc.

Revolver

7/14/2027

9,125

—

Connatix Buyer, Inc.

Delayed Draw Term Loan

4/9/2026

3,892

—

Consor Intermediate II, LLC

Delayed Draw Term Loan

5/10/2026

35,729

(179)

Consor Intermediate II, LLC

Revolver

5/10/2031

2,370

—

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

—

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 30, 2025

(in thousands)

(Unaudited)

Investments

Commitment Type

Commitment Expiration Date

Unfunded Commitment

Fair Value

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

(62)

Crumbl Enterprises, LLC

Revolver

4/30/2032

5,763

—

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)

CyrusOne Revolving Warehouse

Revolver

7/2/2027

151,180

—

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

4/17/2026

300

(3)

Diligent Corp.

Delayed Draw Term Loan

4/26/2026

50,000

—

Diligent Corp.

Revolver

8/2/2030

30,833

—

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

(500)

Dropbox, Inc.

Delayed Draw Term Loan

12/10/2026

834,990

(4,175)

DTA Intermediate II, Ltd.

Delayed Draw Term Loan

3/27/2026

16,849

—

DTA Intermediate II, Ltd.

Revolver

3/27/2030

12,961

(194)

DTI Holdco, Inc.

Revolver

1/25/2029

16,000

(1,581)

Duro Dyne National Corp.

Delayed Draw Term Loan

11/15/2026

34,499

(172)

Duro Dyne National Corp.

Revolver

11/15/2031

31,739

—

Dwyer Instruments, LLC

Revolver

7/20/2029

6,269

—

Dwyer Instruments, LLC

Delayed Draw Term Loan

11/20/2026

6,062

(30)

East River Bidco, GmbH

Delayed Draw Term Loan

3/26/2028

—

Eden Acquisitionco, Ltd.

Delayed Draw Term Loan

11/17/2025

5,421

(75)

Edison Bidco, AS

Delayed Draw Term Loan

12/18/2026

17,741

(307)

Edison Bidco, AS

Delayed Draw Term Loan

12/18/2026

679

—

ELK Bidco, Inc.

Delayed Draw Term Loan

12/13/2027

14,968

(37)

ELK Bidco, Inc.

Revolver

6/13/2032

13,471

(67)

EMB Purchaser, Inc.

Delayed Draw Term Loan

3/13/2028

56,182

—

EMB Purchaser, Inc.

Revolver

3/13/2032

18,308

(183)

Emergency Power Holdings, LLC

Delayed Draw Term Loan

8/17/2025

40,766

(408)

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

(404)

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

7,969

—

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

8/14/2028

14,780

(74)

Experity, Inc.

Revolver

2/24/2028

13,452

—

Experity, Inc.

Delayed Draw Term Loan

9/13/2026

40,111

(201)

Falcon Parent Holdings, Inc.

Delayed Draw Term Loan

3/5/2027

9,763

(49)

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

—

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 30, 2025

(in thousands)

(Unaudited)

Investments

Commitment Type

Commitment Expiration Date

Unfunded Commitment

Fair Value

Foundation Risk Partners Corp.

Revolver

10/29/2029

16,269

(244)

Foundation Risk Partners Corp.

Delayed Draw Term Loan

5/21/2026

988

—

Foundation Risk Partners Corp.

Delayed Draw Term Loan

2/26/2027

26,180

(65)

Frontgrade Technologies Holdings, Inc.

Revolver

1/9/2028

516

—

Frontline Road Safety, LLC

Delayed Draw Term Loan

3/4/2028

20,748

—

Frontline Road Safety, LLC

Revolver

3/4/2032

10,842

—

FusionSite Midco, LLC

Revolver

11/17/2029

12,260

(276)

FusionSite Midco, LLC

Delayed Draw Term Loan

4/30/2026

41,602

—

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

17,622

—

Galway Borrower, LLC

Revolver

9/29/2028

13,970

—

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

9,238

—

GI Ranger Intermediate, LLC

Revolver

10/29/2027

10,800

—

Gigamon, Inc.

Revolver

3/10/2028

5,155

—

Gimlet Bidco, GmbH

Delayed Draw Term Loan

4/23/2027

14,996

—

GovernmentJobs.com, Inc.

Delayed Draw Term Loan

12/2/2025

60,893

—

GovernmentJobs.com, Inc.

Revolver

12/2/2027

31,831

—

Granicus, Inc.

Revolver

1/17/2031

3,684

—

Granicus, Inc.

Delayed Draw Term Loan

8/2/2026

1,431

(7)

Graphpad Software, LLC

Revolver

6/28/2031

13,945

(70)

Graphpad Software, LLC

Delayed Draw Term Loan

6/28/2026

33,558

—

Great Day Improvements, LLC

Revolver

6/13/2030

5,914

(222)

Grid Alliance Partners LLC

Term Loan

7/1/2032

78,052

—

Grid Alliance Partners LLC

Delayed Draw Term Loan

7/1/2027

24,016

—

Grid Alliance Partners LLC

Revolver

7/1/2030

15,010

—

Griffon Bidco, Inc.

Delayed Draw Term Loan

9/30/2027

21,601

—

Griffon Bidco, Inc.

Term Loan

7/31/2031

118,806

—

Griffon Bidco, Inc.

Revolver

7/31/2031

21,601

—

Ground Penetrating Radar Systems, LLC

Delayed Draw Term Loan

7/2/2027

23,241

(116)

Ground Penetrating Radar Systems, LLC

Revolver

1/2/2032

10,071

—

GS Acquisitionco, Inc.

Delayed Draw Term Loan

3/26/2026

3,720

—

GS Acquisitionco, Inc.

Revolver

5/25/2028

4,167

—

GS Acquisitionco, Inc.

Delayed Draw Term Loan

5/16/2027

3,214

—

GTCR Everest Borrower, LLC

Revolver

9/5/2029

3,125

(18)

Gusto Sing Bidco Pte, Ltd.

Delayed Draw Term Loan

11/15/2027

102

(1)

Helix TS, LLC

Delayed Draw Term Loan

12/20/2026

35,408

—

High Street Buyer, Inc.

Revolver

4/16/2027

4,186

(84)

High Street Buyer, Inc.

Delayed Draw Term Loan

3/1/2026

16,573

—

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

13,476

—

HMH Education, Inc.

Revolver

4/7/2027

16,050

—

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

10,365

—

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 30, 2025

(in thousands)

(Unaudited)

Investments

Commitment Type

Commitment Expiration Date

Unfunded Commitment

Fair Value

Inception Fertility Ventures, LLC

Delayed Draw Term Loan

4/29/2026

61,644

—

INK BC Bidco

Term Loan

7/16/2032

73,870

—

INK BC Bidco

Term Loan

7/16/2033

16,488

—

INK BC Bidco

Delayed Draw Term Loan

7/16/2028

21,321

—

Integrity Marketing Acquisition, LLC

Delayed Draw Term Loan

8/23/2026

9,955

(35)

Integrity Marketing Acquisition, LLC

Revolver

8/25/2028

2,836

—

IQN Holding Corp.

Revolver

5/2/2028

1,478

—

IQN Holding Corp.

Delayed Draw Term Loan

8/16/2025

1,800

(9)

IRI Group Holdings, Inc.

Revolver

12/1/2028

110,034

—

Iris Buyer, LLC

Revolver

10/2/2029

5,509

—

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

116,476

—

JS Parent, Inc.

Revolver

4/24/2031

7,880

(39)

JSS Holdings, Inc.

Delayed Draw Term Loan

11/8/2026

136,995

(685)

Kaseya, Inc.

Revolver

3/20/2030

25,000

(125)

Kattegat Project Bidco, AB

Delayed Draw Term Loan

10/5/2026

12,225

(166)

King Bidco S.P.E.C.

Delayed Draw Term Loan

6/26/2028

—

Knowledge Pro Buyer, Inc.

Revolver

12/10/2027

10,918

—

Knowledge Pro Buyer, Inc.

Revolver

12/10/2027

4,594

(46)

Knowledge Pro Buyer, Inc.

Delayed Draw Term Loan

6/11/2027

22,969

—

Kona Buyer, LLC

Delayed Draw Term Loan

7/23/2026

59,871

—

Kona Buyer, LLC

Revolver

7/23/2031

25,369

(127)

Kwol Acquisition, Inc.

Revolver

12/6/2029

897

—

Kwor Acquisition, Inc.

Revolver

2/28/2030

1,041

—

Kwor Acquisition, Inc.

Delayed Draw Term Loan

2/28/2027

1,345

—

Loar Group, Inc.

Delayed Draw Term Loan

5/10/2026

100,000

—

LogicMonitor, Inc.

Revolver

11/15/2031

11,450

(143)

LPW Group Holdings, Inc.

Revolver

3/15/2030

6,566

—

Lsf12 Crown US Commercial Bidco, LLC

Revolver

12/2/2029

24,405

(47)

Magic Bidco, Inc.

Delayed Draw Term Loan

7/1/2026

15,863

—

Magic Bidco, Inc.

Revolver

7/1/2030

2,134

—

Magneto Components BuyCo, LLC

Revolver

12/5/2029

8,983

(180)

Mandolin Technology Intermediate Holdings, Inc.

Revolver

4/30/2028

9,033

—

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

32,327

—

Maverick Acquisition, Inc.

Delayed Draw Term Loan

7/4/2025

248

—

Maverick Bidco, Inc.

Delayed Draw Term Loan

8/16/2026

19,499

—

Maverick Bidco, Inc.

Delayed Draw Term Loan

8/16/2026

14,799

—

Mavis Tire Express Services Topco, Corp.

Revolver

5/4/2028

8,606

—

MB2 Dental Solutions, LLC

Delayed Draw Term Loan

2/13/2026

8,618

—

MB2 Dental Solutions, LLC

Revolver

2/13/2031

2,241

—

Medline Borrower, LP

Revolver

2/27/2026

17,850

(106)

Mercury Bidco Globe, Limited

Delayed Draw Term Loan

1/31/2026

13,121

—

MHE Intermediate Holdings, LLC

Revolver

7/21/2027

482

—

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 30, 2025

(in thousands)

(Unaudited)

Investments

Commitment Type

Commitment Expiration Date

Unfunded Commitment

Fair Value

MidOcean Credit CLO XX

Structured Finance Obligations - Equity Instruments

10/8/2028

7,917

—

Minerva Bidco Ltd

Delayed Draw Term Loan

11/28/2030

33,372

—

Minotaur Acquisition, Inc.

Revolver

5/10/2030

9,910

(50)

Minotaur Acquisition, Inc.

Delayed Draw Term Loan

5/10/2026

16,516

(165)

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

9/1/2025

2,289

(27)

More Cowbell II, LLC

Revolver

9/1/2029

2,265

—

MPG Parent Holdings, LLC

Revolver

1/8/2030

2,232

—

MPG Parent Holdings, LLC

Delayed Draw Term Loan

1/8/2027

5,146

(39)

MRH Trowe Beteiligungsgesellschaft mbH

Delayed Draw Term Loan

5/15/2028

131

—

MRH Trowe Beteiligungsgesellschaft mbH

Revolver

11/15/2031

—

MRI Software, LLC

Revolver

2/10/2027

23,946

—

MRI Software, LLC

Delayed Draw Term Loan

1/16/2027

4,508

—

Natus Medical, Inc.

Revolver

7/21/2027

4,975

—

NAVEX TopCo, Inc.

Revolver

11/9/2028

8,855

—

Navigator Acquiror, Inc.

Delayed Draw Term Loan

7/15/2030

15,767

—

Navigator Acquiror, Inc.

Delayed Draw Term Loan

7/15/2030

15,767

—

NDC Acquisition Corp.

Revolver

3/9/2027

3,083

—

NDT Global Holding, Inc.

Revolver

6/4/2032

10,153

(102)

NDT Global Holding, Inc.

Delayed Draw Term Loan

6/4/2027

20,306

(102)

Nephele III, BV

Delayed Draw Term Loan

3/31/2028

—

Neptune BidCo, SAS

Delayed Draw Term Loan

4/1/2031

1,401

—

Neptune Holdings, Inc.

Revolver

8/31/2029

2,000

(50)

Netsmart Technologies, Inc.

Delayed Draw Term Loan

8/23/2026

26,031

(130)

Netsmart Technologies, Inc.

Revolver

8/23/2031

26,555

—

Noble Midco 3, Ltd.

Delayed Draw Term Loan

6/10/2027

9,042

(45)

Noble Midco 3, Ltd.

Revolver

6/10/2030

5,576

—

North Haven Ushc Acquisition, Inc.

Revolver

10/30/2027

4,634

—

North Haven Ushc Acquisition, Inc.

Delayed Draw Term Loan

8/28/2026

25,764

—

Octane Purchaser, Inc.

Revolver

5/19/2032

35,253

(176)

Octane Purchaser, Inc.

Delayed Draw Term Loan

11/19/2027

88,133

—

Odevo, AB

Delayed Draw Term Loan

12/12/2027

179,014

—

OMEGA II AB

Delayed Draw Term Loan

6/17/2028

17,930

(46)

Onex Baltimore Buyer, Inc.

Delayed Draw Term Loan

3/19/2026

68,736

—

ONS MSO, LLC

Delayed Draw Term Loan

12/13/2025

2,764

—

ONS MSO, LLC

Revolver

7/8/2028

6,750

—

Optimizely North America, Inc.

Revolver

10/30/2031

3,007

(30)

Optus 1011, GmbH

Delayed Draw Term Loan

3/24/2028

60,581

(495)

Oranje Holdco, Inc.

Revolver

2/1/2029

8,250

—

Oxford Global Resources, Inc.

Revolver

8/17/2027

9,254

—

Park Place Technologies, LLC

Delayed Draw Term Loan

9/1/2025

40,957

—

Park Place Technologies, LLC

Revolver

3/25/2030

45,365

—

Patriot Growth Insurance Services, LLC

Delayed Draw Term Loan

11/17/2025

4,205

—

Patriot Growth Insurance Services, LLC

Revolver

10/16/2028

7,135

(143)

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

74,000

—

Petrus Buyer, Inc.

Delayed Draw Term Loan

10/17/2025

4,929

—

Petrus Buyer, Inc.

Revolver

10/17/2029

5,163

—

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 30, 2025

(in thousands)

(Unaudited)

Investments

Commitment Type

Commitment Expiration Date

Unfunded Commitment

Fair Value

Phoenix 1 Buyer Corp.

Revolver

11/20/2029

8,349

—

Ping Identity Holding Corp.

Revolver

10/17/2028

3,856

—

PKF O'Connor Davies Advisory, LLC

Delayed Draw Term Loan

11/15/2026

40,761

(204)

PKF O'Connor Davies Advisory, LLC

Revolver

11/15/2031

11,413

(57)

Plasma Buyer, LLC

Revolver

5/12/2028

—

Point Broadband Acquisition, LLC

Delayed Draw Term Loan

5/29/2026

67,596

—

Polyphase Elevator Holding, Co.

Revolver

6/23/2027

374

—

PPV Intermediate Holdings, LLC

Revolver

8/31/2029

9,910

—

PPV Intermediate Holdings, LLC

Delayed Draw Term Loan

8/7/2026

11,927

—

Profile Products, LLC

Revolver

11/12/2027

7,087

(124)

Profile Products, LLC

Revolver

11/12/2027

2,645

—

Progress Residential PM Holdings, LLC

Delayed Draw Term Loan

8/8/2025

16,623

—

Progress Residential PM Holdings, LLC

Delayed Draw Term Loan

8/8/2025

2,915

—

Project Leopard Holdings, Inc.

Revolver

7/20/2027

5,451

—

PT Intermediate Holdings III, LLC

Delayed Draw Term Loan

4/9/2026

12,013

(15)

QBS Parent, Inc.

Revolver

11/7/2031

10,967

(55)

QBS Parent, Inc.

Delayed Draw Term Loan

6/3/2027

19,959

—

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)

R1 Holdings, LLC

Revolver

12/29/2028

—

RailPros Parent, LLC

Delayed Draw Term Loan

5/24/2027

7,177

—

RailPros Parent, LLC

Revolver

5/24/2032

3,589

(36)

Raven Acquisition Holdings, LLC

Delayed Draw Term Loan

11/19/2026

200

—

Red Fox CD Acquisition Corp.

Delayed Draw Term Loan

11/21/2026

32,015

—

Redwood Services Group, LLC

Delayed Draw Term Loan

8/15/2025

289

—

Redwood Services Group, LLC

Delayed Draw Term Loan

1/3/2027

19,792

—

Regatta Kilo

Structured Finance Obligations - Equity Instruments

10/8/2028

5,578

—

Relativity ODA, LLC

Revolver

5/12/2029

4,813

(116)

RFS Opco, LLC

Delayed Draw Term Loan

6/13/2026

6,019

—

Rhea Parent, Inc.

Revolver

12/20/2030

28,910

(289)

Riser Merger Sub, Inc.

Delayed Draw Term Loan

10/31/2025

20,947

—

Riser Merger Sub, Inc.

Revolver

10/31/2029

14,667

—

Riser Merger Sub, Inc.

Delayed Draw Term Loan

4/15/2027

30,262

—

Safety Borrower Holdings, LP

Revolver

9/1/2027

2,097

—

Sam Holding Co, Inc.

Revolver

3/24/2027

13,600

—

Sam Holding Co, Inc.

Delayed Draw Term Loan

9/5/2025

8,000

—

Scorpio BidCo SAS

Delayed Draw Term Loan

3/10/2026

7,858

(85)

Seahawk Bidco, LLC

Delayed Draw Term Loan

12/19/2026

43,573

—

Seahawk Bidco, LLC

Revolver

12/19/2030

22,377

(205)

Severin Acquisition, LLC

Delayed Draw Term Loan

10/1/2027

59,906

—

Severin Acquisition, LLC

Revolver

10/1/2031

23,455

—

SG Acquisition, Inc.

Revolver

4/3/2030

13,537

—

Simplicity Financial Marketing Group Holdings, Inc.

Delayed Draw Term Loan

12/31/2026

9,394

—

Simplicity Financial Marketing Group Holdings, Inc.

Revolver

12/31/2031

6,041

(60)

Skopima Consilio Parent, LLC

Revolver

5/12/2028

6,300

(125)

Smartronix, LLC

Revolver

2/7/2030

12,316

—

Smile Doctors, LLC

Revolver

12/23/2027

51,955

(1,818)

Spaceship Purchaser, Inc.

Revolver

10/17/2031

59,800

(598)

Spaceship Purchaser, Inc.

Delayed Draw Term Loan

10/17/2026

29,900

—

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 30, 2025

(in thousands)

(Unaudited)

Investments

Commitment Type

Commitment Expiration Date

Unfunded Commitment

Fair Value

Spaceship Purchaser, Inc.

Delayed Draw Term Loan

10/17/2027

71,760

(359)

Sparta UK Bidco, Ltd.

Delayed Draw Term Loan

9/25/2028

2,279

—

SpecialtyCare, Inc.

Revolver

6/18/2026

2,849

—

Spectrum Safety Solutions Purchaser, LLC

Delayed Draw Term Loan

7/1/2026

55,574

—

Spectrum Safety Solutions Purchaser, LLC

Revolver

7/1/2030

57,400

—

Speedster Bidco, GmbH

Revolver

5/13/2031

26,875

(123)

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

31,200

—

Sunshine Cadence Holdco, LLC

Revolver

5/1/2030

32,000

(320)

Tango Bidco, SAS

Delayed Draw Term Loan

10/17/2027

5,573

(39)

Tango Bidco, SAS

Delayed Draw Term Loan

10/17/2027

8,635

—

Teamsystem Holdco 3 SpA

Senior Notes

7/7/2033

48,450

—

TEI Intermediate, LLC

Revolver

12/13/2031

17,672

—

TEI Intermediate, LLC

Delayed Draw Term Loan

12/13/2026

48,489

(242)

Tennessee Bidco, Limited

Delayed Draw Term Loan

7/1/2026

121,413

—

Tennessee Bidco, Limited

Delayed Draw Term Loan

5/9/2027

124,461

(651)

The Fertility Partners, Inc.

Revolver

9/16/2027

1,630

—

The Hiller Companies, LLC

Delayed Draw Term Loan

6/20/2026

2,970

—

The Hiller Companies, LLC

Revolver

6/20/2030

13,713

(103)

The North Highland Co, LLC

Revolver

12/20/2030

8,623

—

The North Highland Co, LLC

Delayed Draw Term Loan

12/20/2026

35,521

(178)

Thermostat Purchaser III, Inc.

Revolver

8/31/2026

7,321

—

THG Acquisition, LLC

Delayed Draw Term Loan

10/31/2026

14,454

—

THG Acquisition, LLC

Revolver

10/31/2031

6,911

—

TIH Insurance Holdings, LLC

Revolver

5/6/2029

19,894

(130)

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

(572)

TRP Infrastructure Services, LLC

Delayed Draw Term Loan

12/2/2026

2,499

—

TTF Lower Intermediate, LLC

Revolver

7/18/2029

20,000

(450)

Turing Holdco, Inc.

Delayed Draw Term Loan

8/3/2028

47,204

—

Turing Holdco, Inc.

Delayed Draw Term Loan

8/3/2028

31,353

—

Unified Women's Healthcare, LP

Revolver

6/18/2029

101,845

—

Unified Women's Healthcare, LP

Delayed Draw Term Loan

10/25/2026

1,267

—

US Oral Surgery Management Holdco, LLC

Delayed Draw Term Loan

12/13/2026

41,503

—

US Oral Surgery Management Holdco, LLC

Revolver

11/20/2028

15,496

—

Varicent Parent Holdings Corp.

Delayed Draw Term Loan

8/23/2026

14,460

(108)

Varicent Parent Holdings Corp.

Revolver

8/23/2031

9,550

(143)

Veregy Consolidated, Inc.

Delayed Draw Term Loan

4/16/2027

12,398

(46)

Veregy Consolidated, Inc.

Revolver

4/16/2031

29,755

(223)

Victors CCC Buyer, LLC

Revolver

6/1/2029

29,205

—

Voyager Parent LLC

Term Loan

7/1/2032

105,644

—

VS Buyer, LLC

Revolver

4/12/2029

15,000

(975)

Water Holdings Acquisition, LLC

Delayed Draw Term Loan

7/31/2026

22,966

—

Wellfleet CLO 2025-1, Ltd.

Structured Finance Obligations - Equity Instruments

8/8/2025

9,000

—

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 30, 2025

(in thousands)

(Unaudited)



Investments	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
West Monroe Partners, LLC	Revolver	11/8/2027	$	66,000	$	—
West Monroe Partners, LLC	Delayed Draw Term Loan	12/18/2026	122,500		—
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		—
Whitebox CLO V Ltd	Structured Finance Obligations - Equity Instruments	7/20/2038	17,630		—
Whitebox CLO V Ltd	Structured Finance Obligations - Equity Instruments	10/5/2025	5,618		—
World Insurance Associates, LLC	Delayed Draw Term Loan	8/14/2026	45,768		(226)
World Insurance Associates, LLC	Revolver	4/3/2030	5,073		(75)
WPEngine, Inc.	Revolver	8/14/2029	8,140		(244)
YA Intermediate Holdings II, LLC	Delayed Draw Term Loan	10/1/2026	17,043		—
YA Intermediate Holdings II, LLC	Revolver	10/1/2031	7,317		—
Yellow Castle, AB	Delayed Draw Term Loan	6/28/2027	17,402		—
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			$	10,874,981	$	(35,946)

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

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

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

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

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

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

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

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

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 30, 2025

(in thousands)

(Unaudited)

(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 June 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 June 30, 2025		Income
Non-Controlled/Affiliated Investments
GSO DL Co-Invest EIS LP (EIS Acquisition Holdings, LP - Class A Common Units)	$	1,394	$	—	$	—	$	(328)	$	—	$	1,066	$	—
DMS Purchaser, LLC	—		6,252		—		—		—		6,252		248
DMS Topco, LLC - Class A Common Units	—		5,432		—		—		—		5,432		—
Controlled/Affiliated Investments
Daylight Beta Parent, LLC (Benefytt Technologies, Inc.)	12,744		—		—		(4,867)		—		7,877		—
CFCo, LLC (Benefytt Technologies, Inc.)	—		—		—		—		—		—		—
CFCo, LLC (Benefytt Technologies, Inc.) - Class B Units	—		—		—		—		—		—		—
Pibb Member Holdings, LLC - LP Interest	214,906		—		—		4,267		—		219,173		7,747
Pibb Member, LLC	2,250		—		—		—		—		2,250		63
Pigments Services, Inc.	7,699		—		—		(7,699)		—		—		—
Pigments Services, Inc.	11,317		257		—		(2,658)		—		8,916		233
Pigments Holdings, LP - LP Interest	—		—		—		—		—		—		—
Material Holdings, LLC	232,369		9,330		(75)		(353)		—		241,271		12,338
Material Holdings, LLC	15,566		—		—		(11,338)		—		4,228		—
Material+ Holding Company, LLC - Class C Units	—		—		—		—		—		—		—
Blackstone Private Real Estate Credit and Income Fund - Common Shares	—		75,000		—		90		—		75,090		406
Specialty Lending Company, LLC - LLC Interest	314,967		27,720		—		19,430		—		362,117		2,250
BCRED Emerald JV LP - LP Interest	1,778,800		—		—		(33,142)		—		1,745,658		117,524
BCRED Verdelite JV LP - LP Interest	135,611		—		—		(17,344)		—		118,267		20,023
GSO DL CoInvest CI LP (CustomInk, LLC - Series A Preferred Units)	2,167		—		—		(356)		—		1,811		—
Total	$	2,729,790	$	123,991	$	(75)	$	(54,298)	$	—	$	2,799,408	$	160,832

(17)Loan was on non-accrual status as of June 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 June 30, 2025, the aggregate fair value of these securities is $73,120.9 million or 164.84% 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 June 30, 2025 was 3.00%.

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 30, 2025

(in thousands)

(Unaudited)

ADDITIONAL INFORMATION


Foreign Currency Forward Contracts
Counterparty	Currency Purchased		Currency Sold		Settlement Date	Unrealized Appreciation (Depreciation)
Deutsche Bank AG	USD	592,605	CAD	806,500	9/18/2025	$	(1,785)

Deutsche Bank AG	USD	82,474	CHF	66,820	9/18/2025	(2,509)
Goldman Sachs Bank USA	USD	86,086	DKK	557,791	9/17/2025	(2,410)
BNP Paribas	USD	102,063	EUR	90,200	8/21/2025	(4,449)
Deutsche Bank AG	USD	1,201,637	EUR	1,040,500	9/18/2025	(29,295)
Deutsche Bank AG	USD	457,435	GBP	337,790	9/18/2025	(6,275)
BNP Paribas	USD	54,668	GBP	40,900	8/21/2025	(1,467)
Goldman Sachs Bank USA	USD	55,830	NOK	562,273	9/17/2025	114
BNP Paribas	USD	970	NOK	10,000	8/21/2025	(21)
Goldman Sachs Bank USA	USD	23,819	NZD	39,280	9/17/2025	(165)
Goldman Sachs Bank USA	USD	175,388	SEK	1,668,034	9/17/2025	(1,294)

Total Foreign Currency Forward Contracts						$	(49,556)

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 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 Gains / (Losses) (1)
Goldman Sachs Bank USA	December 2026 Notes	2.63%	SOFR +	0.26%	12/15/2026	$	625,000	$	(11,515)	$	—	$	8,724
Deutsche Bank	December 2026 Notes	2.63%	SOFR +	0.26%	12/15/2026	625,000		(11,399)		—		8,685
Deutsche Bank	April 2026 UK Bonds	4.87%	SONIA +	2.78%	4/14/2026	GBP	250,000	(4,697)		—		4,084
Sumitomo Mitsui Banking Corporation	May 2027 Notes	5.61%	SOFR +	2.79%	5/3/2027	625,000		(8,467)		—		9,463
Sumitomo Mitsui Banking Corporation	September 2025 Notes	7.05%	SOFR +	2.93%	9/29/2025	600,000		(607)		—		282
Goldman Sachs Bank USA	October 2027 Notes	7.49%	SOFR +	3.72%	10/11/2027	350,000		1,606		—		5,132
Sumitomo Mitsui Banking Corporation	September 2025 Notes	7.05%	SOFR +	2.97%	9/29/2025	200,000		(224)		—		136
Sumitomo Mitsui Banking Corporation	November 2028 Notes	7.30%	SOFR +	3.06%	11/27/2028	500,000		12,051		—		10,100
Goldman Sachs Bank USA	January 2031 Notes	6.25%	SOFR +	2.46%	1/25/2031	250,000		3,249		—		7,529
BNP Paribas US	January 2031 Notes	6.25%	SOFR +	2.47%	1/25/2031	250,000		3,140		—		7,535
Deutsche Bank	July 2029 Notes	5.95%	SOFR +	1.74%	7/16/2029	500,000		14,373		—		11,642
BNP Paribas US	September 2027 Notes	4.95%	SOFR +	1.69%	9/26/2027	400,000		(2,274)		—		6,517
Sumitomo Mitsui Banking Corporation	April 2030 Notes	5.25%	SOFR +	2.01%	4/1/2030	400,000		(4,133)		—		11,836
Morgan Stanley	November 2029 Notes	5.60%	SOFR +	1.64%	11/22/2029	400,000		8,071		—		10,221
Deutsche Bank	November 2034 Notes	6.00%	SOFR +	2.04%	11/22/2034	600,000		11,763		—		19,590
Wells Fargo	November 2034 Notes	6.00%	SOFR +	2.26%	11/22/2034	200,000		440		—		6,652
Deutsche Bank	Janurary 2032 Notes	6.00%	SOFR +	1.83%	1/29/2032	500,000		17,656		—		17,656
Goldman Sachs Bank USA	Janurary 2032 Notes	6.00%	SOFR +	1.83%	1/29/2032	500,000		17,500		—		17,500
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		9,245		—		9,245
Deutsche Bank	March 2033 Notes	5.79%	SOFR +	1.89%	3/25/2033	500,000		9,438		—		9,438

Total Interest Rate Swaps								$	68,210	$	—	$	184,961

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

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

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



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

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

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



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

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

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



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

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

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



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

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

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



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

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

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



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

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

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



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

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

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



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

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

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



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

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

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



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

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

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



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

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

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



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

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

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



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

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

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



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

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

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



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

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

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



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

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

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



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

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

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



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

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

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



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

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

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



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

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

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



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

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

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



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

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

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



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

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

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



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

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

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



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

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

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



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

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

100

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



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

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

101

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Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



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

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

102

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



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

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

103

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Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



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

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

104

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Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



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

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

105

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Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



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

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

106

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Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



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

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

107

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Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



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

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

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December 31, 2024

(in thousands)

(Unaudited)



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

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

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Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



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

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

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December 31, 2024

(in thousands)

(Unaudited)



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

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

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Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



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

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

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December 31, 2024

(in thousands)

(Unaudited)



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

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

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

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Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



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

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

115

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Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



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

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

116

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Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



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

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

117

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Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



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

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

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Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



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

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

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Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



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

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

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Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



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

Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated
Financial Services
Birch Grove CLO 11 Ltd - Subordinated Notes	(4)(6)	Estimated Yield:	11.01%	11/15/2024	1/22/2038	$	11,000	$	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
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

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Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



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

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

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Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



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

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

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

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Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



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

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

125

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Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



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

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

126

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Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



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

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

127

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Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



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

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

128

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Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



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

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

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

(1)Unless otherwise indicated, all debt and equity investments held by the Company (which such term “Company” shall include the Company’s consolidated subsidiaries for purposes of this Condensed Consolidated Schedule of Investments) are denominated in dollars. As of December 31, 2024, the Company had investments denominated in Canadian Dollars (CAD), Euros (EUR), British Pounds (GBP), Swiss Francs (CHF), Danish Krone (DKK), Swedish Krona (SEK), Norwegian Krone (NOK), New Zealand Dollars (NZD), and Australian Dollars (AUD). All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. The total par amount (in thousands) is presented for debt investments 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 December 31, 2024. Variable rate loans typically include an interest reference rate floor feature.

(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.

(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.

129

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)

Investments

Commitment Type

Commitment Expiration Date

Unfunded Commitment

Fair Value

123Dentist, Inc.

Delayed Draw Term Loan

8/9/2026

22,316

—

Abacus Holdco 2 Oy

Delayed Draw Term Loan

5/7/2026

298

—

ACI Group Holdings, Inc.

Revolver

8/2/2027

19,333

—

ADCS Clinics Intermediate Holdings, LLC

Revolver

5/7/2026

3,567

—

AI Altius Bidco, Inc.

Delayed Draw Term Loan

12/21/2028

39,500

—

AI Titan Parent Inc

Delayed Draw Term Loan

9/30/2026

22,055

(110)

AI Titan Parent Inc

Revolver

8/29/2031

13,784

(138)

Alera Group, Inc.

Delayed Draw Term Loan

11/17/2025

1,192

—

Allium Buyer LLC

Revolver

5/2/2029

249

(7)

American Restoration Holdings, LLC

Revolver

7/19/2030

6,079

—

American Restoration Holdings, LLC

Delayed Draw Term Loan

7/19/2026

6,566

—

American Rock Salt Co LLC

Delayed Draw Term Loan

9/16/2026

1,287

—

Amerilife Holdings LLC

Term Loan

8/31/2029

114,176

—

Amerilife Holdings LLC

Revolver

8/31/2028

69,224

—

Amerilife Holdings LLC

Delayed Draw Term Loan

8/31/2029

41,114

—

Amerilife Holdings LLC

Delayed Draw Term Loan

6/17/2026

59,419

—

Amerivet Partners Management, Inc.

Revolver

2/25/2028

11,511

—

Analytic Partners LP

Revolver

4/4/2028

4,891

(37)

Anaplan, Inc.

Revolver

6/21/2028

47,983

—

Alpine Intel Intermediate 2, LLC.

Delayed Draw Term Loan

12/20/2026

42,466

(212)

Apex Companies, LLC

Delayed Draw Term Loan

8/28/2026

5,188

—

Aptean Inc

Revolver

1/30/2031

3,641

—

Aptean Inc

Delayed Draw Term Loan

1/30/2026

1,987

—

Armada Parent, Inc.

Revolver

10/29/2027

27,000

—

Arnhem BidCo GmbH

Delayed Draw Term Loan

10/1/2027

57,055

(270)

Artisan Acquisitionco, Ltd.

Delayed Draw Term Loan

9/30/2027

54,556

(546)

Ascend Buyer, LLC

Revolver

9/30/2027

5,173

—

Atlas CC Acquisition Corp.

Revolver

5/26/2026

12,345

—

Atlas CC Acquisition Corp.

Delayed Draw Term Loan

5/26/2026

14,403

(4,764)

Atlas Securitized Products Funding 2, L.P.

Revolver

4/10/2026

1,435

—

AuditBoard Inc

Delayed Draw Term Loan

7/12/2026

38,443

(192)

AuditBoard Inc

Revolver

7/12/2031

15,377

(154)

Avalara Inc

Revolver

10/19/2028

2,308

—

Azurite Intermediate Holdings Inc.

Revolver

3/19/2031

6,840

—

Baker Tilly Advisory Group LP

Revolver

6/3/2030

37,285

—

Baker Tilly Advisory Group LP

Delayed Draw Term Loan

6/3/2026

26,608

(200)

Bamboo US BidCo LLC

Delayed Draw Term Loan

3/31/2025

1,925

—

Bamboo US BidCo LLC

Revolver

9/29/2029

6,278

—

Bamboo US BidCo, LLC

Delayed Draw Term Loan

11/20/2026

12,824

—

Bamboo US BidCo, LLC

Delayed Draw Term Loan

11/20/2026

12,824

(64)

Bayshore Intermediate #2 LP

Revolver

10/1/2027

12,408

(124)

Bayshore Intermediate #2 LP

Revolver

10/1/2027

14,727

—

Bazaarvoice, Inc.

Revolver

5/7/2028

31,883

—

Bidco 76 S.p.A.

Delayed Draw Term Loan

12/10/2027

26,377

(228)

Bimini Group Purchaser Inc

Delayed Draw Term Loan

4/26/2026

76,993

(385)

Bimini Group Purchaser Inc

Revolver

4/26/2031

11,406

—

Bluefin Holding, LLC

Revolver

9/12/2029

4,487

(11)

Bradyplus Holdings LLC

Delayed Draw Term Loan

10/31/2025

5,041

—

130

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)

Investments

Commitment Type

Commitment Expiration Date

Unfunded Commitment

Fair Value

Brave Parent Holdings, Inc.

Delayed Draw Term Loan

5/28/2025

22,569

—

Brave Parent Holdings, Inc.

Revolver

11/29/2030

26,868

—

Caerus US 1, Inc.

Revolver

5/25/2029

62,674

—

Cambium Learning Group, Inc.

Revolver

7/20/2027

101,715

—

Canadian Hospital Specialties Ltd.

Revolver

4/15/2027

1,757

—

Capstone Acquisition Holdings Inc

Delayed Draw Term Loan

8/29/2026

8,261

(31)

Caribou Bidco Ltd

Delayed Draw Term Loan

7/9/2027

28,928

(141)

Carr Riggs & Ingram Capital LLC

Revolver

11/18/2031

9,033

—

Carr Riggs & Ingram Capital LLC

Delayed Draw Term Loan

11/18/2026

22,603

(113)

Castle Management Borrower, LLC

Revolver

11/3/2029

4,167

—

CB Nike Holdco LLC

Delayed Draw Term Loan

11/25/2027

66,711

(500)

CB Nike Holdco LLC

Revolver

11/26/2029

33,356

(500)

CEP V Investment 11 S.à r.l.

Delayed Draw Term Loan

9/1/2026

43,967

(436)

CFC Underwriting, Ltd.

Delayed Draw Term Loan

5/16/2025

20,232

(255)

CFGI Holdings, LLC

Revolver

11/2/2027

19,950

(399)

CFS Brands, LLC

Delayed Draw Term Loan

4/2/2025

10,595

—

CFS Brands, LLC

Revolver

10/2/2029

30,858

(617)

Channelside AcquisitionCo, Inc.

Delayed Draw Term Loan

4/28/2025

6,792

(20)

Channelside AcquisitionCo, Inc.

Delayed Draw Term Loan

11/15/2025

918

(2)

Channelside AcquisitionCo, Inc.

Revolver

5/15/2029

18,758

—

Charger Debt Merger Sub, LLC

Revolver

5/31/2030

7,000

(70)

Charger Debt Merger Sub, LLC

Delayed Draw Term Loan

5/31/2026

18,270

—

Chronicle Bidco, Inc.

Revolver

5/18/2029

3,638

—

Chronicle Bidco, Inc.

Delayed Draw Term Loan

3/26/2026

13,265

—

Cisive Holdings Corp

Revolver

12/8/2027

4,445

(89)

Clearview Buyer, Inc.

Revolver

2/26/2027

8,085

—

Community Management Holdings Midco 2 LLC

Revolver

11/1/2031

7,064

—

Community Management Holdings Midco 2 LLC

Delayed Draw Term Loan

11/1/2026

23,546

(177)

Compsych Investments Corp

Delayed Draw Term Loan

7/22/2027

20,230

(51)

Connatix Buyer, Inc.

Revolver

7/14/2027

11,927

—

Connatix Buyer, Inc.

Delayed Draw Term Loan

4/9/2026

4,662

(70)

Consor Intermediate II LLC

Delayed Draw Term Loan

5/10/2026

44,439

(222)

Consor Intermediate II LLC

Revolver

5/10/2031

11,850

—

Continental Buyer Inc

Revolver

4/2/2031

4,282

—

Continental Buyer Inc

Delayed Draw Term Loan

4/2/2026

11,420

(86)

COP Home Services TopCo IV, Inc.

Revolver

12/31/2025

19,964

(214)

Corfin Holdings, Inc.

Term Loan

12/27/2027

144,662

—

Coupa Software Inc.

Delayed Draw Term Loan

8/27/2025

164

(2)

Coupa Software Inc.

Revolver

2/27/2029

126

—

CPI Buyer, LLC

Revolver

11/1/2026

28,928

(579)

CPI Buyer, LLC

Delayed Draw Term Loan

11/23/2025

5,725

—

CRCI Longhorn Holdings Inc

Revolver

8/27/2031

6,110

—

CRCI Longhorn Holdings Inc

Delayed Draw Term Loan

8/27/2026

16,678

(83)

Creek Parent Inc.

Revolver

12/18/2031

19,175

(336)

Crewline Buyer, Inc.

Revolver

11/8/2030

12,790

(62)

CT Technologies Intermediate Holdings, Inc.

Delayed Draw Term Loan

8/30/2026

5,636

—

CT Technologies Intermediate Holdings, Inc.

Revolver

8/30/2031

14,164

(142)

Cumming Group, Inc.

Revolver

11/16/2027

19,356

—

Cumming Group, Inc.

Delayed Draw Term Loan

5/21/2025

7,544

—

CyrusOne Revolving Warehouse

Revolver

7/2/2027

191,575

—

Databricks, Inc.

Term Loan

1/3/2031

522,375

—

131

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)

Investments

Commitment Type

Commitment Expiration Date

Unfunded Commitment

Fair Value

Databricks, Inc.

Delayed Draw Term Loan

1/3/2031

116,415

—

DCG Acquisition Corp.

Revolver

6/13/2031

36,470

(365)

DCG Acquisition Corp.

Delayed Draw Term Loan

6/13/2026

36,470

(182)

Dechra Pharmaceuticals Holdings Ltd

Delayed Draw Term Loan

1/24/2026

13,071

(163)

Dechra Pharmaceuticals Holdings Ltd

Delayed Draw Term Loan

1/24/2026

12,081

(153)

Denali Bidco Ltd

Delayed Draw Term Loan

4/17/2026

300

(3)

Diligent Corp

Delayed Draw Term Loan

4/26/2026

50,000

(375)

Diligent Corp

Revolver

8/4/2030

33,333

—

Discovery Education, Inc.

Revolver

4/9/2029

13,621

—

DM Intermediate Parent LLC

Revolver

9/30/2030

30,960

(464)

DM Intermediate Parent LLC

Delayed Draw Term Loan

9/30/2026

46,461

(348)

Doc Generici (Diocle S.p.A.)

Delayed Draw Term Loan

10/27/2025

5,367

(68)

Dropbox Inc

Delayed Draw Term Loan

12/10/2026

834,990

(4,175)

DTA Intermediate II Ltd.

Delayed Draw Term Loan

3/27/2026

16,849

—

DTA Intermediate II Ltd.

Revolver

3/27/2030

12,961

—

DTI Holdco, Inc.

Revolver

4/19/2029

16,000

(1,425)

Duro Dyne National Corp

Delayed Draw Term Loan

11/15/2026

34,499

(172)

Duro Dyne National Corp

Revolver

11/15/2031

34,499

(345)

Dwyer Instruments LLC

Delayed Draw Term Loan

11/20/2026

6,062

(30)

Dwyer Instruments LLC

Revolver

7/20/2029

7,275

(73)

Eden Acquisitionco Ltd

Delayed Draw Term Loan

11/17/2025

7,569

(95)

Edison Bidco AS

Delayed Draw Term Loan

12/18/2026

679

—

Edison Bidco AS

Delayed Draw Term Loan

12/18/2026

10,808

—

Emergency Power Holdings, LLC

Delayed Draw Term Loan

8/17/2025

43,758

—

Endeavor Schools Holdings LLC

Delayed Draw Term Loan

1/18/2025

12,377

—

Enstructure LLC

Delayed Draw Term Loan

6/10/2026

88,177

(1,411)

ENV Bidco AB

Delayed Draw Term Loan

12/13/2027

31,618

(355)

Essential Services Holding Corp

Delayed Draw Term Loan

6/17/2026

14,519

(73)

Essential Services Holding Corp

Revolver

6/17/2030

9,056

—

Everbridge Holdings, LLC

Delayed Draw Term Loan

7/2/2026

5,292

—

Everbridge Holdings, LLC

Revolver

7/2/2031

3,481

(9)

Excelitas Technologies Corp.

Revolver

8/14/2028

14,780

(148)

Excelitas Technologies Corp.

Delayed Draw Term Loan

5/1/2026

4,927

(49)

Experity, Inc.

Revolver

2/24/2028

11,146

—

Experity, Inc.

Delayed Draw Term Loan

9/13/2026

40,111

(201)

Falcon Parent Holdings, Inc.

Delayed Draw Term Loan

11/6/2026

25,693

(193)

Falcon Parent Holdings, Inc.

Revolver

11/6/2031

15,339

(230)

Fastener Distribution Holdings LLC

Delayed Draw Term Loan

10/31/2026

68,078

(340)

Fern Bidco Ltd

Delayed Draw Term Loan

7/3/2027

19,787

—

Focus Financial Partners LLC

Delayed Draw Term Loan

9/11/2026

1,599

—

Formulations Parent Corp.

Revolver

11/15/2029

3,571

(36)

Foundation Risk Partners Corp.

Revolver

10/29/2029

16,269

—

Foundation Risk Partners Corp.

Delayed Draw Term Loan

5/21/2026

8,806

—

Frontgrade Technologies Holdings, Inc.

Revolver

1/9/2028

516

—

FusionSite Midco, LLC

Revolver

11/17/2029

7,366

(166)

FusionSite Midco, LLC

Delayed Draw Term Loan

9/25/2025

2,234

—

G&A Partners Holding Company II, LLC

Delayed Draw Term Loan

3/1/2026

23,934

—

G&A Partners Holding Company II, LLC

Revolver

3/1/2030

6,575

—

Galway Borrower, LLC

Revolver

9/29/2028

18,653

—

Galway Borrower, LLC

Delayed Draw Term Loan

2/7/2026

1,926

—

Gannett Fleming Inc

Revolver

8/5/2030

37,324

(560)

132

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)

Investments

Commitment Type

Commitment Expiration Date

Unfunded Commitment

Fair Value

Gatekeeper Systems, Inc.

Delayed Draw Term Loan

8/27/2026

61,694

(617)

Gatekeeper Systems, Inc.

Revolver

8/28/2030

9,238

—

GI Ranger Intermediate, LLC

Revolver

10/29/2027

9,540

—

Gimlet Bidco GmbH

Delayed Draw Term Loan

4/23/2027

29,679

—

GovernmentJobs.com, Inc.

Delayed Draw Term Loan

12/2/2025

60,893

—

GovernmentJobs.com, Inc.

Revolver

12/2/2027

38,416

(610)

Granicus Inc.

Delayed Draw Term Loan

8/2/2026

1,431

(7)

Granicus, Inc.

Revolver

1/17/2031

4,284

—

Graphpad Software LLC

Revolver

6/28/2031

13,945

(70)

Graphpad Software LLC

Delayed Draw Term Loan

6/28/2026

33,558

—

Great Day Improvements LLC

Revolver

6/13/2030

5,914

(118)

Ground Penetrating Radar Systems LLC

Term Loan

1/2/2032

119,645

—

Ground Penetrating Radar Systems LLC

Delayed Draw Term Loan

1/2/2032

23,009

—

Ground Penetrating Radar Systems LLC

Revolver

1/2/2032

12,271

—

Groundworks LLC

Delayed Draw Term Loan

3/14/2026

1,404

—

GS Acquisitionco, Inc.

Delayed Draw Term Loan

3/26/2026

4,620

—

GS Acquisitionco, Inc.

Revolver

3/26/2034

4,500

(23)

GTCR Everest Borrower, LLC

Revolver

9/5/2029

3,125

(9)

Gusto Sing Bidco Pte Ltd

Delayed Draw Term Loan

11/15/2027

102

—

Hargreaves Lansdown

Term Loan

9/26/2031

103,744

—

Helix TS, LLC

Delayed Draw Term Loan

12/20/2026

51,623

—

High Street Buyer, Inc.

Revolver

4/16/2027

4,186

—

High Street Buyer, Inc.

Delayed Draw Term Loan

2/4/2025

2,419

—

High Street Buyer, Inc.

Delayed Draw Term Loan

3/1/2026

44,077

—

Houghton Mifflin, LLC

Revolver

4/7/2027

18,750

(30)

Icefall Parent, Inc.

Revolver

1/17/2030

6,880

—

IEM New Sub 2, LLC

Delayed Draw Term Loan

8/8/2026

76,076

(571)

IG Investments Holdings, LLC

Revolver

9/22/2028

55,251

—

Imagine 360 LLC

Delayed Draw Term Loan

9/18/2026

13,684

(68)

Imagine 360 LLC

Revolver

9/30/2028

8,582

(86)

Inception Fertility Ventures LLC

Revolver

4/29/2030

4,685

—

Inception Fertility Ventures LLC

Delayed Draw Term Loan

4/29/2026

61,644

—

Integrity Marketing Acquisition, LLC

Delayed Draw Term Loan

8/23/2026

17,754

(37)

Integrity Marketing Acquisition, LLC

Revolver

8/27/2028

2,183

—

Integrity Marketing Acquisition, LLC

Revolver

8/27/2026

653

—

IQN Holding Corp

Revolver

5/2/2028

3,372

—

IRI Group Holdings Inc

Revolver

12/1/2027

83,928

—

Iris Buyer, LLC

Revolver

10/2/2029

7,870

(216)

Iris Buyer, LLC

Delayed Draw Term Loan

4/2/2025

2,759

—

ISQ Hawkeye Holdco, Inc.

Revolver

8/20/2030

734

—

ISQ Hawkeye Holdco, Inc.

Delayed Draw Term Loan

8/20/2026

1,355

—

Java Buyer, Inc.

Delayed Draw Term Loan

6/28/2026

44,520

—

Java Buyer, Inc.

Revolver

12/15/2027

12,142

—

Java Buyer, Inc.

Revolver

12/15/2027

24,284

—

JS Parent Inc

Revolver

4/24/2031

7,880

(39)

JSS Holdings, Inc.

Delayed Draw Term Loan

11/8/2026

136,995

(685)

Jupiter Bidco Limited

Delayed Draw Term Loan

8/31/2025

41,454

(620)

Kaseya, Inc.

Delayed Draw Term Loan

6/25/2025

33,089

—

Kaseya, Inc.

Revolver

6/25/2029

36,559

—

Kattegat Project Bidco AB

Delayed Draw Term Loan

10/5/2026

12,225

(146)

Knowledge Pro Buyer, Inc.

Revolver

12/10/2027

10,044

—

133

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)

Investments

Commitment Type

Commitment Expiration Date

Unfunded Commitment

Fair Value

Knowledge Pro Buyer, Inc.

Delayed Draw Term Loan

12/8/2025

8,737

—

Kona Buyer, LLC

Delayed Draw Term Loan

7/23/2025

50,738

—

Kona Buyer, LLC

Delayed Draw Term Loan

7/23/2026

63,422

(317)

Kona Buyer, LLC

Revolver

7/23/2031

25,369

(127)

Kwol Acquisition, Inc.

Revolver

12/6/2029

897

(2)

Loar Group, Inc.

Delayed Draw Term Loan

5/10/2026

100,000

(940)

LogicMonitor Inc

Revolver

11/15/2031

11,450

—

LPW Group Holdings, Inc.

Revolver

3/15/2030

6,566

—

Lsf12 Crown US Commercial Bidco LLC

Revolver

12/2/2029

24,405

(200)

Magic Bidco Inc

Delayed Draw Term Loan

7/1/2026

15,863

—

Magic Bidco Inc

Revolver

7/1/2030

2,430

—

Magneto Components BuyCo, LLC

Revolver

12/5/2029

8,983

(180)

Magneto Components BuyCo, LLC

Delayed Draw Term Loan

6/5/2025

10,780

(135)

Mantech International CP

Delayed Draw Term Loan

6/14/2025

133,060

(1,200)

Mantech International CP

Revolver

9/14/2028

111,612

—

Material Holdings, LLC

Revolver

8/19/2027

3,179

(374)

Maverick Bidco Inc.

Delayed Draw Term Loan

8/16/2026

10,523

—

Maverick Bidco Inc.

Delayed Draw Term Loan

8/16/2026

50,452

(347)

MB2 Dental Solutions, LLC

Delayed Draw Term Loan

2/13/2026

10,652

—

MB2 Dental Solutions, LLC

Revolver

2/13/2031

2,241

—

Medline Borrower LP

Revolver

2/27/2026

17,850

(63)

Mercury Bidco Globe Limited

Delayed Draw Term Loan

1/31/2026

25,268

(284)

Metis Buyer, Inc.

Revolver

5/4/2026

3,960

—

MHE Intermediate Holdings, LLC

Revolver

7/21/2027

643

—

Minotaur Acquisition, Inc.

Revolver

5/10/2030

9,910

(50)

Minotaur Acquisition, Inc.

Delayed Draw Term Loan

5/10/2025

16,516

(83)

Monk Holding Co.

Delayed Draw Term Loan

6/1/2025

17,311

—

More Cowbell II, LLC

Delayed Draw Term Loan

9/1/2025

2,244

(27)

More Cowbell II, LLC

Revolver

9/4/2029

1,699

—

MPG Parent Holdings, LLC

Revolver

1/8/2030

2,232

—

MPG Parent Holdings, LLC

Delayed Draw Term Loan

1/8/2027

5,146

(39)

MRI Software, LLC

Revolver

2/10/2027

23,946

—

MRI Software, LLC

Delayed Draw Term Loan

1/16/2027

21,653

—

Natus Medical Incorporated

Revolver

7/21/2027

1,225

—

NAVEX TopCo, Inc.

Revolver

11/9/2028

8,855

—

Navigator Acquiror, Inc.

Delayed Draw Term Loan

1/23/2025

15,315

—

NDC Acquisition Corp.

Revolver

3/9/2027

3,425

—

Neptune BidCo

Delayed Draw Term Loan

4/2/2031

2,051

(101)

Neptune Holdings, Inc.

Revolver

8/31/2029

2,000

—

Netsmart Technologies Inc

Delayed Draw Term Loan

8/23/2026

26,031

(130)

Netsmart Technologies Inc

Revolver

8/23/2031

26,555

(133)

Noble Midco 3 Ltd

Delayed Draw Term Loan

6/10/2027

9,042

(45)

Noble Midco 3 Ltd

Revolver

6/10/2030

6,028

—

North Haven Stallone Buyer, LLC

Delayed Draw Term Loan

10/1/2026

2,893

(7)

North Haven Stallone Buyer, LLC

Revolver

5/24/2027

5,164

(13)

North Haven Ushc Acquisition Inc

Revolver

10/30/2027

8,779

—

North Haven Ushc Acquisition Inc

Delayed Draw Term Loan

8/28/2026

25,764

—

Odevo AB

Delayed Draw Term Loan

12/12/2027

191,921

(475)

Onex Baltimore Buyer, Inc.

Delayed Draw Term Loan

1/21/2025

69,791

—

ONS MSO, LLC

Delayed Draw Term Loan

12/13/2025

36,836

—

ONS MSO, LLC

Revolver

7/8/2026

3,250

—

134

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)

Investments

Commitment Type

Commitment Expiration Date

Unfunded Commitment

Fair Value

Optimizely North America Inc

Revolver

10/31/2031

3,007

(30)

Oranje Holdco Inc

Revolver

2/1/2029

8,250

—

Oxford Global Resources Inc

Revolver

8/17/2027

9,254

—

Paisley Bidco Ltd

Delayed Draw Term Loan

4/18/2027

3,635

(27)

Park Place Technologies, LLC

Delayed Draw Term Loan

9/1/2025

85,594

(428)

Park Place Technologies, LLC

Revolver

3/25/2030

45,793

—

Patriot Growth Insurance Services, LLC.

Revolver

10/16/2028

3,567

—

Patriot Growth Insurance Services, LLC.

Delayed Draw Term Loan

10/16/2028

7,901

—

Pavion Corp.

Delayed Draw Term Loan

10/30/2025

3,902

—

PDI TA Holdings, Inc.

Delayed Draw Term Loan

2/1/2026

7,061

—

PDI TA Holdings, Inc.

Revolver

2/3/2031

6,996

(52)

Pearce Intermediate Holdings, Inc

Delayed Draw Term Loan

11/6/2026

100,000

(500)

Petrus Buyer Inc

Delayed Draw Term Loan

10/17/2025

4,929

—

Petrus Buyer Inc

Revolver

10/17/2029

5,163

—

Phoenix 1 Buyer Corp.

Revolver

11/20/2029

8,349

—

Ping Identity Holding Corp

Revolver

10/17/2028

3,856

—

PKF O'Connor Davies Advisory, LLC

Delayed Draw Term Loan

11/15/2026

40,761

(204)

PKF O'Connor Davies Advisory, LLC

Revolver

11/15/2031

11,413

—

Plasma Buyer, LLC

Revolver

5/12/2028

6,365

—

Plasma Buyer, LLC

Delayed Draw Term Loan

11/12/2025

679

—

Point Broadband Acquisition, LLC

Delayed Draw Term Loan

5/29/2026

67,596

(845)

Polyphase Elevator Holding Co.

Revolver

6/23/2027

374

—

PPV Intermediate Holdings, LLC

Revolver

8/31/2029

9,910

—

PPV Intermediate Holdings, LLC

Delayed Draw Term Loan

8/7/2026

19,691

(98)

Profile Products, LLC

Revolver

11/12/2027

7,110

—

Profile Products, LLC

Revolver

11/12/2027

6,697

—

Progress Residential PM Holdings, LLC

Delayed Draw Term Loan

5/8/2025

16,623

—

Progress Residential PM Holdings, LLC

Delayed Draw Term Loan

5/8/2025

2,915

—

Project Leopard Holdings, Inc.

Revolver

7/20/2027

6,162

—

PT Intermediate Holdings III LLC

Delayed Draw Term Loan

4/9/2026

12,013

(15)

QBS Parent Inc

Revolver

11/7/2031

5,656

(28)

Qualus Power Services Corp.

Delayed Draw Term Loan

5/9/2026

7,267

—

Qualus Power Services Corp.

Delayed Draw Term Loan

10/25/2026

36,805

(184)

RAD CLO 27 Ltd

Structured Finance Obligation - Debt

1/15/2038

10,000

—

RAD CLO 27 Ltd

Structured Finance Obligation - Equity

1/15/2038

26,823

—

Rally Buyer, Inc.

Revolver

7/19/2028

4,081

—

Redwood Services Group, LLC

Delayed Draw Term Loan

8/15/2025

336

—

Relativity ODA, LLC

Revolver

5/14/2029

4,813

(120)

RFS Opco, LLC

Delayed Draw Term Loan

12/3/2025

7,619

(29)

Riser Merger Sub, Inc.

Revolver

10/31/2029

16,200

—

Riser Merger Sub, Inc.

Delayed Draw Term Loan

10/31/2025

37,800

(378)

Riser Merger Sub, Inc.

Delayed Draw Term Loan

10/31/2025

15,233

—

RoadOne Inc

Revolver

12/29/2028

226

—

RSC Acquisition, Inc.

Revolver

11/1/2029

6,174

(108)

RSC Acquisition, Inc.

Delayed Draw Term Loan

8/15/2026

47,154

—

Safety Borrower Holdings LP

Revolver

9/1/2027

2,517

—

Safety Products/JHC Acquisition Corp

Delayed Draw Term Loan

6/28/2026

4,912

—

Sailpoint Technologies, Inc.

Revolver

8/16/2028

34,083

—

Sam Holding Co, Inc.

Revolver

3/24/2027

16,800

—

135

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)

Investments

Commitment Type

Commitment Expiration Date

Unfunded Commitment

Fair Value

Sam Holding Co, Inc.

Delayed Draw Term Loan

9/5/2025

23,600

—

Scorpio BidCo SAS

Delayed Draw Term Loan

3/10/2026

7,858

—

Seahawk Bidco, LLC

Delayed Draw Term Loan

12/19/2026

74,803

(342)

Seahawk Bidco, LLC

Revolver

12/19/2030

22,377

(205)

Severin Acquisition LLC

Delayed Draw Term Loan

10/1/2027

68,984

(345)

Severin Acquisition LLC

Revolver

10/1/2031

41,391

—

SG Acquisition, Inc.

Revolver

4/3/2030

13,537

—

Simplicity Financial Marketing Group Holdings Inc

Delayed Draw Term Loan

12/31/2026

12,083

(60)

Simplicity Financial Marketing Group Holdings Inc

Revolver

12/31/2031

6,041

(60)

Skopima Consilio Parent LLC

Revolver

5/14/2028

6,300

(18)

Smile Doctors, LLC

Revolver

12/23/2027

51,955

(1,299)

Smile Doctors, LLC

Delayed Draw Term Loan

6/9/2025

49,332

—

Soliant Lower Intermediate, LLC

Revolver

7/18/2029

20,000

(450)

Spaceship Purchaser Inc

Revolver

10/17/2031

59,800

(598)

Spaceship Purchaser Inc

Delayed Draw Term Loan

10/17/2026

29,900

—

Spaceship Purchaser Inc

Delayed Draw Term Loan

10/17/2027

71,760

—

Sparta UK Bidco Ltd

Delayed Draw Term Loan

9/25/2028

12,868

—

SpecialtyCare, Inc.

Revolver

6/18/2026

2,493

—

Spectrum Safety Solutions Purchaser, LLC

Delayed Draw Term Loan

7/1/2026

69,467

(521)

Spectrum Safety Solutions Purchaser, LLC

Revolver

7/1/2030

61,551

(420)

Speedster Bidco GmbH

Revolver

5/13/2031

26,875

(72)

Stepping Stones Healthcare Services, LLC

Revolver

12/30/2026

24,314

—

Stepping Stones Healthcare Services, LLC

Delayed Draw Term Loan

4/24/2026

44,329

—

STV Group, Inc.

Delayed Draw Term Loan

3/20/2026

16,811

(168)

STV Group, Inc.

Revolver

3/20/2031

10,086

—

Sunshine Cadence Holdco, LLC

Delayed Draw Term Loan

5/1/2026

35,360

—

Sunshine Cadence Holdco, LLC

Revolver

5/1/2030

32,000

(320)

Tango Bidco SAS

Delayed Draw Term Loan

10/17/2027

5,573

(34)

Tango Bidco SAS

Revolver

10/17/2027

12,593

—

TEI Intermediate LLC

Revolver

12/13/2031

18,156

—

TEI Intermediate LLC

Delayed Draw Term Loan

12/13/2026

48,489

(242)

Tennessee Bidco Limited

Delayed Draw Term Loan

7/1/2026

121,011

—

The Fertility Partners, Inc.

Revolver

9/16/2027

5,706

—

The GI Alliance Management, LLC

Delayed Draw Term Loan

3/1/2026

91,404

—

The Hiller Companies LLC

Delayed Draw Term Loan

6/20/2026

16,253

—

The Hiller Companies LLC

Revolver

6/20/2030

13,713

(103)

The North Highland Co LLC

Revolver

12/20/2030

20,288

—

The North Highland Co LLC

Delayed Draw Term Loan

12/20/2026

35,521

(178)

Thermostat Purchaser III, Inc.

Revolver

8/31/2026

4,375

—

THG Acquisition LLC

Delayed Draw Term Loan

10/31/2026

14,932

(75)

THG Acquisition LLC

Revolver

10/31/2031

6,911

—

TIH Insurance Holdings, LLC.

Revolver

5/6/2029

19,894

(73)

Tricentis

Term Loan

2/11/2032

131,086

—

Tricentis

Delayed Draw Term Loan

2/11/2032

26,217

—

Tricentis

Revolver

2/11/2032

16,386

—

Trinity Air Consultants Holdings Corp.

Delayed Draw Term Loan

4/24/2025

240

—

Trinity Air Consultants Holdings Corp.

Revolver

6/29/2028

13,269

—

Trinity Air Consultants Holdings Corp.

Delayed Draw Term Loan

4/24/2025

14,838

—

Trinity Partners Holdings, LLC

Delayed Draw Term Loan

6/20/2025

115,743

(1,145)

136

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



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

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

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

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

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

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

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

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

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

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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

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

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

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

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Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)

ADDITIONAL INFORMATION


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

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Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)


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

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

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

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Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

Note 1. Organization

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

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

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

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

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Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

Note 2. Significant Accounting Policies

Basis of Presentation

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

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

All intercompany balances and transactions have been eliminated.

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

Use of Estimates

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

Consolidation

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

As of June 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 (“Borah Peak Funding”), BCRED Bushnell Peak Funding LLC (“Bushnell Peak Funding”), BCRED Castle Peak Funding LLC (“Castle Peak Funding”), BCRED Denali Peak Funding LLC (“Denali Peak Funding”), BCRED Gannett Peak Funding LLC, BCRED Granite Peak Funding LLC (“Granite Peak Funding”), BCRED Haydon Peak Funding LLC (“Haydon Peak Funding”), BCRED Jacque Peak Funding LLC, BCRED Maroon Peak Funding LLC (“Maroon Peak Funding”), BCRED Meridian Peak Funding LLC (“Meridian Peak Funding”), BCRED Middle Peak Funding LLC (“Middle Peak Funding”), BCRED Monarch Peak Funding LLC (“Monarch Peak Funding”), BCRED Naomi Peak Funding LLC (“Naomi Peak Funding”), BCRED Phoenix Peak Funding LLC (“Phoenix Peak Funding”), BCRED Summit Peak Funding LLC (“Summit Peak Funding”), BCRED Twin Peaks LLC (“Twin Peaks”), BCRED Windom Peak Funding LLC (“Windom Peak Funding”), BCRED BSL WH 2022-1 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.

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Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

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

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

Cash and Cash Equivalents and Restricted Cash

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

Investments

Investment transactions are recorded on a trade date basis.

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

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

Valuation of Investments

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

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

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

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

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Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

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

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

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

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

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

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

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

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Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

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

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

Receivables/Payables From Investments Sold/Purchased

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

Derivative Instruments

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

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

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

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

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Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

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

Forward Purchase Agreement

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

Foreign Currency Transactions

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

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

Revenue Recognition

Interest Income

Interest income is recorded on an accrual basis and includes the accretion of discounts and amortizations of premiums. Discounts from and premiums to par value on debt investments purchased are accreted/amortized into interest income over the life of the respective security using the effective interest method. The amortized cost of debt investments represents the original cost, including loan origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion of discounts and amortization of premiums, if any. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income in the current period. For the three and six months ended June 30, 2025, the Company recorded $6.1 million and $51.9 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 six months ended June 30, 2024, the Company recorded $26.9 million and $33.7 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.

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Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

Dividend Income

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

Fee Income

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

Non-Accrual Income

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

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

Offering Expenses

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

Deferred Financing Costs and Debt Issuance Costs

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

Income Taxes

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

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

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

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 June 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 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 six months ended June 30, 2025, the Company accrued $1.8 million and $9.5 million, respectively, of U.S. federal excise tax. For the three and six months ended June 30, 2024, the Company accrued $8.9 million and $18.4 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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Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

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 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.

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Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

For the three and six months ended June 30, 2025, base management fees were $138.8 million and $267.9 million, respectively. For the three and six months ended June 30, 2024, base management fees were $104.3 million and $199.7 million, respectively. As of June 30, 2025 and December 31, 2024, $138.8 million and $120.1 million, respectively, was payable to the Adviser and the Prior Adviser, as applicable, relating to management fees.

Incentive Fees

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

(i) Income based incentive fees

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

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

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

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

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

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

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.

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(Unaudited)

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

(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 six months ended June 30, 2025, the Company accrued income based incentive fees of $151.8 million and $303.6 million, respectively. For the three and six months ended June 30, 2024, the Company accrued income based incentive fees of $134.2 million and $259.6 million, respectively. As of June 30, 2025 and December 31, 2024, there was $151.8 million and $144.7 million, respectively, payable to the Adviser and the Prior Adviser, as applicable, for income based incentive fees.

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

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

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 six months ended June 30, 2025, the Company incurred $2.0 million and $4.3 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 six months ended June 30, 2024, the Company incurred $1.9 million and $3.7 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 June 30, 2025 and December 31, 2024, $2.3 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 placement fees or brokerage commissions, in such amount as they may determine, provided that selling agents limit such charges to a 3.5% cap on NAV for Class S shares and a 1.5% cap on NAV for Class D shares. Under the terms of the Intermediary Manager Agreement, the Intermediary Manager will serve as the intermediary manager for the Company’s public offering of its Common Shares. The Intermediary Manager will be entitled to receive shareholder servicing and/or distribution fees monthly in arrears at an annual rate of 0.85% and 0.25% of the value of the Company’s net assets attributable to Class S and Class D shares, respectively, as of the beginning of the first calendar day of the month. No shareholder servicing and/or distribution fees will be paid with respect to Class I shares. The shareholder servicing and/or distribution fees will be payable to the Intermediary Manager, but the Intermediary Manager anticipates that all of the shareholder servicing fees and/or distribution fees will be retained by, or reallowed (paid) to, participating brokers.

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

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

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

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

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

Distribution and Servicing Plan

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


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

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

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

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

For the three and six months ended June 30, 2025, the Company accrued distribution and shareholder servicing fees of $29.6 million and $57.7 million, respectively, which were attributable to Class S shares. For the three and six months ended June 30, 2025, the Company accrued distribution and shareholder servicing fees of $0.4 million and $0.8 million respectively, which were attributable to Class D shares.

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Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

For the three and six months ended June 30, 2024, the Company accrued distribution and shareholder servicing fees of $23.3 million and $44.7 million, respectively, which were attributable to Class S shares. For the three and six months ended June 30, 2024, the Company accrued distribution and shareholder servicing fees of $0.3 million and $0.6 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 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 six months ended June 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 June 30, 2025 and December 31, 2024, the wholly-owned subsidiary of the Company had committed $405.0 million. As of June 30, 2025 and December 31, 2024, $44.7 million and $72.4 million of capital remained uncalled from the Company, respectively. The Company does not consolidate its equity interest in SLC.

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

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

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.

Note 4. Investments

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


	June 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	$	66,041,157	$	65,760,996	89.9	%	$	62,076,029	$	61,455,274	89.8	%
Second lien debt	3,132,116		3,097,867		4.2		2,790,046		2,723,460		3.9
Unsecured debt	52,663		52,135		0.1		179,863		177,801		0.3
Structured finance obligations - debt instruments	547,862		550,910		0.8		582,324		590,509		0.9
Structured finance obligations - equity instruments	254,641		257,376		0.3		137,250		141,139		0.2
Investments in joint ventures	1,932,706		1,863,925		2.5		1,932,706		1,914,411		2.8
Equity and other (1)	1,446,231		1,592,443		2.2		1,287,453		1,417,183		2.1
Total	$	73,407,376	$	73,175,652	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:


	June 30, 2025		December 31, 2024
Aerospace & Defense	1.6	%	1.2	%
Air Freight & Logistics	1.7		1.8
Airlines (2)(3)	0.0		0.0
Auto Components (3)	0.1		0.0
Beverages	0.1		0.1
Biotechnology(3)	0.1		0.0
Broadline Retail (2)(3)	0.0		0.0
Building Products	1.2		1.3
Capital Markets	0.3		0.3
Chemicals	0.4		0.4
Commercial Services & Supplies	6.8		6.1
Construction & Engineering	1.1		1.1
Construction Materials (2)(3)	0.0		0.0
Consumer Staples Distribution & Retail	0.1		—
Containers & Packaging	0.2		0.2
Distributors	0.8		0.9
Diversified Consumer Services	3.0		3.3

Diversified REITs (2)(3)	0.0		0.0
Diversified Telecommunication Services	0.4		0.4

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


	June 30, 2025		December 31, 2024
Electric Utilities	0.2	%	0.2	%
Electrical Equipment	0.8		0.8
Electronic Equipment, Instruments & Components	1.0		1.1
Energy Equipment & Services	0.1		0.1
Entertainment (2)(3)	0.0		0.0
Financial Services (1)	2.6		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	0.8		1.1
Health Care Providers & Services	8.7		9.3
Health Care Technology	6.2		4.6
Hotels, Restaurants & Leisure	0.2		0.2
Household Durables	0.1		0.1
Independent Power and Renewable Electricity Producers (2)	0.0		—
Industrial Conglomerates	0.3		0.3
Insurance	7.0		7.0
Interactive Media & Services	1.1		0.9
Internet & Direct Marketing Retail	—		1.5
Investments in Joint Ventures	2.5		2.8
IT Services	5.0		4.7
Life Sciences Tools & Services	0.7		0.6
Machinery	0.3		0.3
Marine	0.4		0.4
Media	1.3		0.5
Metals & Mining (2)(3)	0.0		0.0
Oil, Gas & Consumable Fuels	0.5		0.5
Paper & Forest Products	0.1		0.1
Pharmaceuticals	0.9		0.8
Professional Services	10.8		10.9
Real Estate Management & Development	1.1		1.0

Semiconductors & Semiconductor Equipment (2)	0.0		—
Software	26.0		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	2.2		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 June 30, 2025.

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

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

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


	June 30, 2025
	Cost		Fair Value		% of Total Investments at Fair Value		Fair Value as % of Net Assets
United States	$	62,784,409	$	62,238,846	85.1	%	140.4	%
Europe	8,289,580		8,611,265		11.8		19.4
Bermuda/Cayman Islands	1,681,367		1,692,110		2.3		3.8
Canada	551,434		531,393		0.7		1.2
Australia/New Zealand	99,036		100,489		0.1		0.2
Asia	1,550		1,549		0.0		0.0

Total	$	73,407,376	$	73,175,652	100.0	%	165.0	%


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

As of June 30, 2025 and December 31, 2024, on a fair value basis, 99.8% and 99.7%, respectively, of performing debt investments bore interest at a floating rate and 0.2% 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:


	June 30, 2025
	Level 1		Level 2		Level 3		Total
First lien debt	$	—	$	5,166,376	$	60,594,620	$	65,760,996
Second lien debt	—		688,326		2,409,541		3,097,867
Unsecured debt	—		21,392		30,743		52,135
Structured finance obligations - debt instruments	—		—		550,910		550,910
Structured finance obligations - equity instruments	—		—		257,376		257,376
Equity and other (1)	54,736		279		1,537,428		1,592,443

Total	54,736		5,876,373		65,380,618		71,311,727
Investments Measured at NAV (2)	—		—		—		1,863,925


Total investments	$	54,736	$	5,876,373	$	65,380,618	$	73,175,652

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


	December 31, 2024
	Level 1		Level 2		Level 3		Total
First lien debt	$	—	$	4,300,303	$	57,154,971	$	61,455,274
Second lien debt	—		635,141		2,088,319		2,723,460
Unsecured debt	—		20,686		157,115		177,801
Structured finance obligations - debt instruments	—		—		590,509		590,509
Structured finance obligations - equity instruments	—		—		141,139		141,139
Equity and other (1)	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.

(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 June 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	$	57,423,521	$	2,258,941	$	30,453	$	536,456	$	191,459	$	1,355,977	$	61,796,807
Purchases of investments	3,877,956		117,751		1,039		21,205		69,275		165,260		4,252,486
Proceeds from principal repayments and sales of investments	(1,041,306)		(4,880)		—		(10,043)		(5,504)		(12,731)		(1,074,464)
Accretion of discount (amortization of premium)	52,701		1,346		22		77		—		—		54,146
Net realized gain (loss)	917		—		—		159		—		—		1,076
Net change in unrealized appreciation (depreciation)	234,352		36,383		(771)		3,056		2,146		28,922		304,088
Transfers into Level 3 (1)	69,747		—		—		—		—		—		69,747
Transfers out of Level 3 (1)	(23,268)		—		—		—		—		—		(23,268)
Fair value, end of period	$	60,594,620	$	2,409,541	$	30,743	$	550,910	$	257,376	$	1,537,428	$	65,380,618
Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of June 30, 2025 included in net change in unrealized appreciation (depreciation) on the Condensed Consolidated Statements of Operations	$	235,548	$	36,383	$	(771)	$	3,083	$	2,146	$	28,922	$	305,311

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


	Six Months Ended June 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	8,072,012		296,948		2,065		50,051		138,202		192,557		8,751,835
Proceeds from principal repayments and sales of investments	(4,977,747)		(17,892)		(129,371)		(85,364)		(20,804)		(52,623)		(5,283,801)
Accretion of discount (amortization of premium)	124,771		2,623		44		160		(8)		453		128,043
Net realized gain (loss)	(3,265)		1		—		691		—		15,577		13,004
Net change in unrealized appreciation (depreciation)	272,114		39,542		890		(5,137)		(1,153)		30,707		336,963
Transfers into Level 3 (1)	46,319		—		—		—		—		—		46,319
Transfers out of Level 3 (1)	(94,555)		—		—		—		—		—		(94,555)
Fair value, end of period	$	60,594,620	$	2,409,541	$	30,743	$	550,910	$	257,376	$	1,537,428	$	65,380,618
Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of June 30, 2025 included in net change in unrealized appreciation (depreciation) on the Condensed Consolidated Statements of Operations	$	297,439	$	39,542	$	(804)	$	(4,200)	$	(1,153)	$	40,403	$	371,227

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


	Three Months Ended June 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	$	43,472,178	$	794,685	$	26,403	$	361,945	$	899,828	$	45,555,039
Purchases of investments	4,617,771		184,962		919		94,598		88,920		4,987,170
Proceeds from principal repayments and sales of investments	(1,681,092)		(16,091)		—		(29,270)		(13,500)		(1,739,953)
Accretion of discount (amortization of premium)	59,172		572		22		118		—		59,884
Net realized gain (loss)	1,773		16		—		15		—		1,804
Net change in unrealized appreciation (depreciation)	(11,469)		(4,637)		21		3,500		1,017		(11,568)
Transfers into Level 3 (1)	333,863		79,293		—		67,438		—		480,594
Transfers out of Level 3 (1)	(3,032)		(35,600)		—		(43,507)		—		(82,139)
Fair value, end of period	$	46,789,164	$	1,003,200	$	27,365	$	454,837	$	976,265	$	49,250,831
Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of June 30, 2024 included in net change in unrealized appreciation (depreciation) on the Condensed Consolidated Statements of Operations	$	(1,122)	$	(4,633)	$	21	$	3,513	$	8,522	$	6,301

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(Unaudited)

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


	Six Months Ended June 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	7,131,048		186,102		8,875		102,304		140,972		7,569,301
Proceeds from principal repayments and sales of investments	(2,195,994)		(228,103)		—		(47,520)		(13,500)		(2,485,117)
Accretion of discount (amortization of premium)	96,624		4,256		40		325		—		101,245
Net realized gain (loss)	934		16		—		12		—		962
Net change in unrealized appreciation (depreciation)	(18,049)		(1,684)		279		10,654		(7,246)		(16,046)
Transfers into Level 3 (1)	439,853		132,443		—		66,075		—		638,371
Transfers out of Level 3 (1)	(1,989)		(16,695)		—		(42,912)		(1,212)		(62,808)
Fair value, end of period	$	46,789,164	$	1,003,200	$	27,365	$	454,837	$	976,265	$	49,250,831
Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of June 30, 2024 included in net change in unrealized appreciation (depreciation) on the Condensed Consolidated Statements of Operations	$	(27,279)	$	472	$	268	$	9,765	$	4,935	$	(11,839)

(1)For the three and six months ended June 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.

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

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


	June 30, 2025
					Range
	Fair Value		Valuation Technique	Unobservable Input	Low		High		Weighted Average (1)
Investments in first lien debt	$	59,492,084	Yield Analysis	Discount Rate	2.83	%	17.04	%	9.41	%
	486,977		Asset Recoverability	Market Multiple	8.12x		11.50x		9.31x
	547,283		Market Quotations	Broker Quoted Price	52.78		101.00		98.96
	59,360		Transaction Price	N/A
	8,916		Asset Recoverability	N/A
	60,594,620
Investments in second lien debt	2,409,541		Yield Analysis	Discount Rate	8.51	%	37.32	%	10.48	%


Investments in unsecured debt	30,743		Yield Analysis	Discount Rate	13.06%		14.51%		14.08%
Investments in structured finance obligations - debt instruments	550,910		Market Quotations	Broker Quoted Price	93.04		103.64		99.98
Investments in structured finance obligations - equity instruments	252,293		Market Quotations	Broker Quoted Price	17.89		106.92		83.02
	5,083		Transaction Price	N/A
	257,376
Investments in equity and other	724,662		Yield Analysis	Discount Rate	7.88	%	39.14	%	12.34	%
	362,116		Asset Recoverability	N/A
	300,035		Market Approach	Performance Multiple	6.40x		28.50x		19.82x
	75,090		Estimated Net Asset Value	Net Asset Value	25.09		25.09		25.09
	42,155		Asset Recoverability	Market Multiple	11.50x		11.50x		11.50x

	27,806		Option Pricing Model	Expected Volatility	32.00	%	70.50	%	38.42	%
	5,564		Transaction Price	N/A
	1,537,428
Total	$	65,380,618

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

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


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


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

	7,836		Transaction Price	N/A

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

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

(2)“Other” includes warrants.

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

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

Financial Instruments Not Carried at Fair Value

Debt

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


	June 30, 2025		December 31, 2024
	Fair Value		Fair Value
Bard Peak Funding Facility	$	1,240,746	$	1,000,298
Castle Peak Funding Facility	1,236,752		1,194,401
Summit Peak Funding Facility	835,458		952,105
Denali Peak Funding Facility	562,800		562,800
Bushnell Peak Funding Facility	500,300		480,300
Granite Peak Funding Facility	—		493,554
Middle Peak Funding Facility	770,000		750,000
Bison Peak Funding Facility	1,200,200		1,203,200
Blanca Peak Funding Facility	1,375,090		1,375,090
Windom Peak Funding Facility	847,555		1,029,841
Monarch Peak Funding Facility	905,000		750,000
Meridian Peak Funding Facility	36,000		246,000
Haydon Peak Funding Facility	187,000		250,000
Bear Peak Funding Facility	263,571		164,816
Phoenix Peak Funding Facility	222,831		197,736
Revolving Credit Facility	1,785,174		4,639,587
2026 Notes	391,360		384,560
May 2027 Notes	630,813		624,500
October 2027 Notes	355,145		357,070
March 2031 Notes	495,200		—
March 2033 Notes	490,950		—
December 2026 Notes	1,208,125		1,191,500
November 2026 Eurobonds	578,433		499,280
March 2027 Notes	972,900		957,000
January 2025 Notes	—		499,490
January 2029 Notes	623,870		614,770
March 2025 Notes	—		898,740
April 2026 UK Bonds	341,961		308,406
September 2025 Notes	804,480		811,920
November 2028 Notes	693,473		526,100
January 2031 Notes	514,570		508,650
July 2029 Notes	509,741		503,550
September 2027 Notes	398,137		395,320
April 2030 Notes	396,632		389,240
November 2029 Notes	402,930		395,160
November 2034 Notes	782,735		781,120
January 2032 Notes	1,005,979		—
2021-1 BSL Notes	—		663,000
MML 2021-1 Debt	690,425		690,000
MML 2022-1 Debt	759,100		759,000

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


	June 30, 2025		December 31, 2024
	Fair Value		Fair Value
2022-1 BSL Debt	$	419,758	$	420,000
2021-2 Notes	506,022		505,800
MML 2022-2 Debt	300,487		300,373
2023-1 Notes	306,238		308,039
2024-1 Notes	244,057		244,264
2024-2 Notes	305,041		305,035
2025-1 Notes	880,360		—
2025-1 Lender Finance	890,000		—
2025-1 BSL Notes	661,711		—
Short-Term Borrowings	393,286		420,829
Total	$	29,922,396	$	30,552,444

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


	June 30, 2025		December 31, 2024
Level 1	$	—	$	—
Level 2	—		—
Level 3	29,922,396		30,552,444
Total debt	$	29,922,396	$	30,552,444

Other Assets and Liabilities

As of June 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.

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

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


	June 30, 2025
	Level 1		Level 2		Level 3		Total Fair Value		Notional
Derivative Assets
Foreign currency forward contracts	$	—	$	114	$	—	$	114	$	55,830
Interest rate swaps	—		111,525		—		111,525		5,200,000
Total Derivative assets at fair value	$	—	$	111,639	$	—	$	111,639	$	5,255,830
Cash collateral received							$	—

Derivative Liabilities
Foreign currency forward contracts	$	—	$	(49,670)	$	—	$	(49,670)	$	2,777,145
Interest rate swaps	—		(43,315)		—		(43,315)		3,818,162
Total Derivative liabilities at fair value	$	—	$	(92,985)	$	—	$	(92,985)	$	6,595,307
Cash collateral posted							$	293,022


	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 six month periods ended June 30, 2025 and June 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 derivative assets and derivative liabilities not designated in a qualifying hedge accounting relationship are included within Net realized gain (loss) on derivative instruments in the Condensed Consolidated Statements of Operations.

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


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2025		2024		2025		2024
Unrealized appreciation (depreciation)
Foreign currency forward contracts	$	(48,560)	$	(3,698)	$	(61,350)	$	17,923
Net change in unrealized appreciation (depreciation)	$	(48,560)	$	(3,698)	$	(61,350)	$	17,923
Realized gain (loss)
Foreign currency forward contracts	$	(139,450)	$	6,014	$	(158,862)	$	(383)

Net realized gain (loss)	$	(139,450)	$	6,014	$	(158,862)	$	(383)

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 six month periods ended June 30, 2025 and June 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 June 30,				For the Six Months Ended June 30,
	2025		2024		2025		2024
Interest rate swaps	$	62,716	$	15,568	$	189,808	$	(24,309)
Hedged items	(61,414)		(15,865)		(186,589)		23,317

The table below presents the carrying value of unsecured borrowings as of June 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:


	June 30, 2025				December 31, 2024
Description	Carrying Value		Cumulative Hedging Adjustments		Carrying Value		Cumulative Hedging Adjustments
Unsecured notes	$	8,957,323	$	67,220	$	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 June 30, 2025 and December 31, 2024, the Company’s asset coverage was 247.8% and 226.5%, respectively.

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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 June 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.

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.

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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 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.

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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.

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.

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

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.

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.

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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 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.

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(Unaudited)

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

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. On any date when Blanca Peak Funding is not utilizing more than 90% of the financing commitments, Blanca Peak Funding pays an unused fee of 0.50% per annum on the daily unused amount of the financing commitments in excess of such minimum utilization amount. Blanca Peak Funding also pays to Barclays an administrative agency fee, in addition to certain other fees, each as agreed between Blanca Peak Funding and Barclays.

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

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

On July 25, 2025, the Blanca Peak Funding Facility was amended. For further detail on the amendment, see “Note 13. Subsequent Events.”

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.

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

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.

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

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

Meridian Peak Funding Facility

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

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

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

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

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

Haydon Peak Funding Facility

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

Prior to May 25, 2023, advances under the Haydon Peak Funding Facility bore interest at a per annum rate equal to the benchmark in effect for the currency of the applicable advance (which is one- or three-month term SOFR or daily simple SOFR, at the election of Haydon Peak Funding, in the case of dollar advances), plus an applicable margin ranging from 1.75% to 2.25% per annum depending on the nature of the advances being requested under the credit facility. From May 25, 2023 to November 19, 2024, advances under the Haydon Peak Funding Facility bore interest at a per annum rate equal to the benchmark in effect for the currency of the applicable advance (which is one- or three-month term SOFR or daily simple SOFR, at the election of Haydon Peak Funding, in the case of dollar advances), plus an applicable margin of 2.35% per annum. From and after November 20, 2024, advances under the Haydon Peak Funding Facility bear interest at a per annum rate equal to the benchmark in effect for the currency of the applicable advance (which is one- or three-month term SOFR or daily simple SOFR, at the election of Haydon Peak Funding, in the case of dollar advances), plus an applicable margin of 1.90% per annum. Effective April 7, 2023 until November 19, 2024, Haydon Peak Funding paid an unused commitment fee of 0.50% per annum if the unused facility amount is greater than 25%, based on the average daily unused amount of the financing commitments. From and after November 20, 2024, Haydon Peak Funding pays an unused commitment fee ranging from 0.75% per annum to 2.00% per annum if the unused facility amount is greater than 25%, based on the average daily unused amount of the financing commitments, in addition to certain other fees as agreed between Haydon Peak Funding and HSBC.

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

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

Bear Peak Funding Facility

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

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

The committed principal amount as of June 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.

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(Unaudited)

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

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

Phoenix Peak Funding Facility

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

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

The committed principal amount as of June 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.

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

Revolving Credit Facility

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

The Revolving Credit Facility provides for borrowings in USD and certain agreed upon foreign currencies. Borrowings under the Revolving Credit Facility are subject to compliance with a borrowing base. As of June 30, 2025, a portion of the Revolving Credit Facility consists of (A) funded term loans in the aggregate principal amount of $395.0 million, and (B) revolving commitments in the aggregate principal amount of $5.3 billion, and the Revolving Credit Facility provides for the issuance of letters of credit on behalf of the Company in an aggregate face amount not to exceed $175.0 million. Proceeds from the borrowings under the Revolving Credit Facility may be used for general corporate purposes of the Company and its subsidiaries. As of June 30, 2025, the period during which the Company may make borrowings on the Revolving Credit Facility expires on August 12, 2028 (other than with respect to the foreign currency commitments of certain lenders in the amount of $90.0 million, which expire on June 9, 2027), and the Revolving Credit Facility will mature and all amounts outstanding under the credit facility must be repaid by August 12, 2029 (other than with respect to the foreign currency commitments of certain lenders in the amount of $90.0 million and term loans of certain lenders in the amount of $10.0 million, which mature on June 9, 2028), pursuant to an amortization schedule.

Borrowings under the Revolving Credit Facility with respect to foreign currency commitments of certain lenders in the amount of $90.0 million and term loans of certain lenders in the amount of $10.0 million bear interest at a per annum rate equal to, (x) for loans for which the Company elects the base rate option, the “alternate base rate” (which is the greatest of (a) the prime rate as publicly announced by Citi, (b) the sum of (i) the weighted average of the rates on overnight federal funds transactions with members of the Federal Reserve System plus (ii) 0.5%, and (c) one month adjusted term SOFR plus 1% per annum) plus (A) if the gross borrowing base is equal to or greater than 1.6 times the combined revolving debt amount, 0.75%, or (B) if the gross borrowing base is less than 1.6 times the combined revolving debt amount, 0.875%, and (y) for all other loans, the applicable benchmark rate for the related interest period for such borrowing plus (A) if the gross borrowing base is equal to or greater than 1.6 times the combined revolving debt amount, 1.75%, or (B) if the gross borrowing base is less than 1.6 times the combined revolving debt amount, 1.875%. All other borrowings under the Revolving Credit Facility bear interest

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(Unaudited)

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

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

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

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 June 30, 2025 and December 31, 2024, the Company was in compliance with all covenants and other requirements of the Revolving Credit Facility.

On August 8, 2025, the Revolving Credit Facility was amended. For further detail on the amendment, see “Note 13. Subsequent Events.”

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 June 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.

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Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

May 2027 Notes

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

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

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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Notes to Condensed Consolidated Financial Statements

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

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 and January 2032 Notes (each as defined below), which are collectively referred to herein as the “Unsecured Notes.”

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

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

As of June 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.

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

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

On October 13, 2021, the Company issued $350.0 million aggregate principal amount of 2.625% notes due 2026 (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 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.

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Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

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.

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

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Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the April 2026 UK Bonds, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.

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

September 2025 Notes

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

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

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

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

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

November 2028 Notes

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

The November 2028 Notes will mature on November 27, 2028 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the November 2028 Notes Indenture. The November 2028 Notes bear interest at a rate of 7.300% per year payable semi-annually on May 27 and November 27 of each year, commencing on May 27, 2024. The November 2028 Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the November 2028 Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness

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Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

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.

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.

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Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

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.

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

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Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

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.

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

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

January 2032 Notes

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

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

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

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Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

Debt Securitizations

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

2021-1 BSL Debt Securitization

On June 29, 2021, the Company completed an $876.6 million term debt securitization (the “2021-1 BSL Debt Securitization”), $819.5 million of which was funded on the closing date. Term debt securitizations are also known as collateralized loan obligations and are a form of secured financing incurred by the Company, which is consolidated by the Company for financial reporting purposes and subject to its overall asset coverage requirement. The notes offered in the 2021-1 BSL Debt Securitization (collectively, the “2021-1 BSL Notes”) were issued by BCRED BSL CLO 2021-1, Ltd. (“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 six months ended June 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.

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

June 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.

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Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

The 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.

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

June 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.

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Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

The 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.

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

June 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.

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Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

2022-1 BSL Debt Securitization

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

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

June 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.

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Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

MML 2022-2 Debt Securitization

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

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

June 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.

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Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

2023-1 CLO Debt Securitization

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

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

June 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.

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Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

2024-1 CLO Debt Securitization

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

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

June 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.

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Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

2024-2 CLO Debt Securitization

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

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

June 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.

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

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

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Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

2025-1 CLO Debt Securitization

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

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

June 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.

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

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Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

2025-1 Lender Finance

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

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

June 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.

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

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

June 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.


	June 30, 2025		December 31, 2024
ASSETS
Investments at fair value
Non-controlled/non-affiliated investments	$	8,616,378	$	5,866,717
Total investments at fair value	8,616,378		5,866,717
Cash and cash equivalents (restricted cash of $491,880 and $304,999, respectively)	491,880		304,999
Interest receivable from non-controlled/non-affiliated investments	112,530		44,670
Total assets	$	9,220,788	$	6,216,386
LIABILITIES
Debt (net of unamortized debt issuance costs of $26,648 and $20,261, respectively)	$	5,938,274	$	4,172,039
Interest payable	80,673		51,890
Total liabilities	$	6,018,947	$	4,223,929

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

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 June 30, 2025, and December 31, 2024, respectively, the Company had $393.3 million and $420.8 million of short-term borrowings under the Repurchase Agreements.

Short-term borrowings under the Repurchase Agreements bore interest at a weighted average applicable margin of 5.04% and 5.18% per annum as of June 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 $556.5 million and $575.3 million as of June 30, 2025, and December 31, 2024, respectively.

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

The Company’s outstanding debt obligations were as follows:


	June 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	$	1,240,746	$	1,240,746	$	—	$	409,254	$	278,170
Castle Peak Funding Facility (3)	1,900,000		1,236,752		1,236,752		—		663,248		554,864
Summit Peak Funding Facility (3)	1,375,000		835,458		835,458		—		539,542		451,677
Denali Peak Funding Facility	750,000		562,800		562,800		—		187,200		187,200
Bushnell Peak Funding Facility	600,000		500,300		500,300		—		99,700		99,700
Granite Peak Funding Facility	500,000		—		—		—		500,000		443,642
Middle Peak Funding Facility	1,000,000		770,000		770,000		—		230,000		220,888
Bison Peak Funding Facility	1,500,000		1,200,200		1,200,200		—		299,800		236,687
Blanca Peak Funding Facility	1,500,000		1,375,090		1,375,090		—		124,910		412
Windom Peak Funding Facility (3)	2,150,000		847,555		847,555		—		1,302,445		1,302,445
Monarch Peak Funding Facility	1,500,000		905,000		905,000		—		595,000		478,202
Meridian Peak Funding Facility	50,000		36,000		36,000		—		14,000		14,000
Haydon Peak Funding Facility	250,000		187,000		187,000		—		63,000		63,000
Bear Peak Funding Facility (3)	588,975		263,571		263,571		—		325,404		325,354
Phoenix Peak Funding Facility (3)	222,831		222,831		221,536		1,295		—		—
Revolving Credit Facility (4)	5,650,000		1,785,174		1,785,174		—		3,864,826		3,864,826
2026 Notes	400,000		400,000		399,257		743		—		—
May 2027 Notes (5)	625,000		625,000		615,890		1,018		—		—
October 2027 Notes (5)	350,000		350,000		348,148		3,143		—		—
March 2031 Notes (5)	500,000		500,000		497,925		11,294		—		—
March 2033 Notes (5)	500,000		500,000		495,738		13,790		—		—
December 2026 Notes (5)	1,250,000		1,250,000		1,220,568		7,012		—		—
November 2026 Eurobonds	588,975		588,975		586,763		2,212		—		—
March 2027 Notes	1,000,000		1,000,000		995,372		4,628		—		—
January 2029 Notes	650,000		650,000		643,694		6,306		—		—
April 2026 UK Bonds (5)	343,162		343,162		337,823		694		—		—
September 2025 Notes (5)	800,000		800,000		798,392		1,057		—		—
November 2028 Notes (5)	650,000		650,000		662,126		1,859		—		—
January 2031 Notes (5)	500,000		500,000		494,663		11,725		—		—
July 2029 Notes (5)	500,000		500,000		505,222		9,151		—		—
September 2027 Notes (5)	400,000		400,000		392,657		4,947		—		—
April 2030 Notes (5)	400,000		400,000		387,364		8,170		—		—
November 2029 Notes (5)	400,000		400,000		400,187		7,883		—		—
November 2034 Notes (5)	800,000		800,000		789,133		22,646		—		—
January 2032 Notes (5)	1,000,000		1,000,000		1,011,487		23,670		—		—
2021-2 Notes	505,800		505,800		504,581		1,219		—		—
MML 2021-1 Debt	690,000		690,000		686,647		3,353		—		—
MML 2022-1 Debt	759,000		759,000		754,682		4,318		—		—
2022-1 BSL Debt	420,000		420,000		418,724		1,276		—		—
MML 2022-2 Debt	300,500		300,500		298,395		2,105		—		—
2023-1 Notes	305,000		305,000		303,287		1,713		—		—

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(Unaudited)

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


	June 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)
2024-1 Notes	$	244,000	$	244,000	$	242,409	$	1,591	$	—	$	—
2024-2 Notes	305,000		305,000		302,053		2,947		—		—
2025-1 Notes	884,000		884,000		880,657		3,343		—		—
2025-1 Lender Finance	890,000		890,000		887,310		2,690		—		—
2025-1 BSL Notes	661,625		661,625		659,529		2,096		—		—
Short-Term Borrowings	393,286		393,286		393,286		—		—		—
Total	$	39,202,154	$	29,983,825	$	29,881,151	$	169,894	$	9,218,329	$	8,521,067

(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 June 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 June 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 June 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

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

•CAD 44.5 million

•EUR 14.2 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.

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


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

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(Unaudited)

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


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

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

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

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

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

•CAD 94.1 million

•EUR 69.0 million

•GBP 74.6 million

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

•CAD 78.9 million

•EUR 46.4 million

•GBP 64.4 million

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

•CAD 64.7 million

•EUR 26.9 million

•GBP 99.7 million

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

•GBP 115.9 million

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

•EUR 110.8 million

•GBP 40.0 million

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

•EUR 142.8 million

•GBP 39.8 million

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

•CAD 816.0 million

•EUR 850.0 million

•GBP 1,108.3 million

•CHF 52.9 million

•AUD 1.0 million

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

As of June 30, 2025 and December 31, 2024, $394.3 million and $391.2 million, respectively, of interest expense and $8.0 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 six months ended June 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 6.20% and 6.15%, respectively. For the three and six months ended June 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 7.22% and 7.26%, respectively.

For the three and six months ended June 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 6.31% and 6.26%, respectively. For the three and six months ended June 30, 2024, the weighted average all-in cost of debt (including unused fees, amortization of debt issuance costs (including premiums

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and discounts), amortization of deferred financing costs, and the impact of the application of hedge accounting) was 7.43% and 7.43%, respectively, including $4.7 million 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 six months ended June 30, 2025, the average principal debt outstanding was $29,973.3 million and $30,444.0 million, respectively. For the three and six months ended June 30, 2024, the average principal debt outstanding was $23,762.5 million and $23,853.0 million, respectively.

The components of interest expense were as follows:


	Three Months Ended June 30,
	2025		2024
Borrowing interest expense	$	448,888	$	408,015
Facility unused fees	11,852		16,677
Amortization of deferred financing costs	8,829		13,061
Amortization of original issue discount and debt issuance costs (including premiums and discounts)	9,742		8,102
Gain (loss) from interest rate swaps accounted for as hedges and the related hedged items:
Interest rate swaps	(62,716)		(15,568)
Hedged items	61,414		15,865
Total interest expense	$	478,009	$	446,152
Cash paid for interest expense	$	575,793	$	502,652


	Six Months Ended June 30,
	2025		2024
Borrowing interest expense	$	904,892	$	819,562
Facility unused fees	19,482		38,083
Amortization of deferred financing costs	17,327		21,647
Amortization of original issue discount and debt issuance costs (including premiums and discounts)	19,162		15,931
Gain (loss) from interest rate swaps accounted for as hedges and the related hedged items:
Interest rate swaps	(189,808)		24,309
Hedged items	186,589		(23,317)
Total interest expense	$	957,644	$	896,215
Cash paid for interest expense	$	1,165,146	$	994,156

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 June 30, 2025 and December 31, 2024, the Company had unfunded commitments, including delayed draw term loans and revolvers, with an aggregate amount of $10.9 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 June 30, 2025 and December 31, 2024, the Company estimates that $1,422.2 million and $130.2 million, respectively, of investments and backstop arrangements that were committed but not yet funded.

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(Unaudited)

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

As of June 30, 2025 and December 31, 2024, $509.0 million and $536.7 million, respectively, of capital committed remained uncalled from the Company in relation to capital commitments to Emerald JV, Verdelite JV and SLC.

Other Commitments and Contingencies

From time to time, the Company may become a party to certain legal proceedings incidental to the normal course of its business. As of June 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 June 30, 2025:


	For the three months ended June 30, 2025
	Shares	Amount
CLASS I
Subscriptions	96,388,768	$	2,431,232
Share transfers between classes	1,646,393	41,514
Distributions reinvested	14,104,486	355,663
Share repurchases	(37,224,199)	(936,933)
Early repurchase deduction	—	551
Net increase (decrease)	74,915,448	1,892,027
CLASS S
Subscriptions	28,750,386	725,144
Share transfers between classes	(1,377,218)	(34,723)
Distributions reinvested	6,781,888	171,014
Share repurchases	(5,897,406)	(148,438)
Early repurchase deduction	—	256
Net increase (decrease)	28,257,650	713,253
CLASS D
Subscriptions	2,263,871	57,076
Share transfers between classes	(269,175)	(6,791)
Distributions reinvested	136,047	3,431
Share repurchases	(454,553)	(11,441)
Early repurchase deduction	—	12
Net increase (decrease)	1,676,190	42,287
Total net increase (decrease)	104,849,288	$	2,647,567

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Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

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


	For the six months ended June 30, 2025
	Shares	Amount
CLASS I
Subscriptions	192,123,807	$	4,862,984
Share transfers between classes	3,347,623	84,735
Distributions reinvested	27,025,144	683,840
Share repurchases	(55,553,366)	(1,399,743)
Early repurchase deduction	—	766
Net increase (decrease)	166,943,208	4,232,582
CLASS S
Subscriptions	61,565,254	1,558,561
Share transfers between classes	(2,989,714)	(75,689)
Distributions reinvested	13,050,420	330,231
Share repurchases	(10,518,196)	(265,113)
Early repurchase deduction	—	358
Net increase (decrease)	61,107,764	1,548,348
CLASS D
Subscriptions	4,655,055	117,847
Share transfers between classes	(357,909)	(9,046)
Distributions reinvested	259,516	6,567
Share repurchases	(517,808)	(13,038)
Early repurchase deduction	—	17
Net increase (decrease)	4,038,854	102,347
Total net increase (decrease)	232,089,826	$	5,883,277

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Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

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


	For the three months ended June 30, 2024
	Shares	Amount
CLASS I
Subscriptions	81,033,241	$	2,069,043
Share transfers between classes	1,145,385	29,248
Distributions reinvested	10,231,927	261,258
Share repurchases	(13,298,362)	(340,039)
Early repurchase deduction	—	390
Net increase (decrease)	79,112,191	2,019,900
CLASS S
Subscriptions	34,179,709	872,680
Share transfers between classes	(1,166,588)	(29,789)
Distributions reinvested	4,976,576	127,071
Share repurchases	(4,351,422)	(111,266)
Early repurchase deduction	—	194
Net increase (decrease)	33,638,275	858,890
CLASS D
Subscriptions	3,744,903	95,631
Share transfers between classes	21,203	541
Distributions reinvested	78,718	2,010
Share repurchases	(307,076)	(7,852)
Early repurchase deduction	—	9
Net increase (decrease)	3,537,748	90,339
Total net increase (decrease)	116,288,214	$	2,969,129

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Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

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


	For the six months ended June 30, 2024
	Shares	Amount
CLASS I
Subscriptions	149,186,371	$	3,800,744
Share transfers between classes	2,746,187	70,465
Distributions reinvested	19,726,815	502,526
Share repurchases	(30,900,363)	(789,067)
Early repurchase deduction	—	471
Net increase (decrease)	140,759,010	3,585,139
CLASS S
Subscriptions	65,547,864	1,669,764
Share transfers between classes	(2,781,630)	(71,346)
Distributions reinvested	9,506,611	242,181
Share repurchases	(8,411,668)	(214,842)
Early repurchase deduction	—	234
Net increase (decrease)	63,861,177	1,625,991
CLASS D
Subscriptions	4,776,674	121,838
Share transfers between classes	35,443	881
Distributions reinvested	141,406	3,603
Share repurchases	(506,916)	(12,950)
Early repurchase deduction	—	11
Net increase (decrease)	4,446,607	113,383
Total net increase (decrease)	209,066,794	$	5,324,513

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 six months ended June 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

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(Unaudited)

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

The following table presents each month-end NAV per share for Class I, Class S and Class D Common Shares for the six months ended June 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

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 six months ended June 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



			$	1.3200	$	1,493,731


			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



			$	1.2124	$	650,630

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(Unaudited)

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


			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



			$	1.2883	$	33,005

The following tables present distributions that were declared and payable for the six months ended June 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



			$	1.3200	$	1,087,016


			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



			$	1.2117	$	500,673


			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



			$	1.2882	$	22,793

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Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

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 June 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.

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 six months ended June 30, 2025:


	For the six months ended June 30, 2025
	Class I				Class S				Class D
Source of Distribution	Per Share		Amount		Per Share		Amount		Per Share		Amount
Net investment income	$	1.3200	$	1,493,731	$	1.2124	$	650,630	$	1.2883	$	33,005
Net realized gains	—		—		—		—		—		—
Total	$	1.3200	$	1,493,731	$	1.2124	$	650,630	$	1.2883	$	33,005

The following table presents the sources of cash distributions on a GAAP basis that the Company has declared on its

Common Shares for the six months ended June 30, 2024:


	For the six months ended June 30, 2024
	Class I				Class S				Class D
Source of Distribution	Per Share		Amount		Per Share		Amount		Per Share		Amount
Net investment income	$	1.3200	$	1,087,016	$	1.2117	$	500,673	$	1.2882	$	22,793
Net realized gains	—		—		—		—		—		—
Total	$	1.3200	$	1,087,016	$	1.2117	$	500,673	$	1.2882	$	22,793

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Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

Share Repurchase Program

The Company has implemented a share repurchase program under which, at the discretion of the Board, the Company may repurchase, in each quarter, up to 5% of the NAV of the Company’s Common Shares outstanding (either by number of shares or aggregate NAV) as of the close of the previous calendar quarter. For the avoidance of doubt, such target amount is assessed each calendar quarter. The Board may amend or suspend the share repurchase program at any time (including to offer to purchase fewer shares) if in its reasonable judgment it deems such action to be in the best interest of shareholders, such as when a repurchase offer would place an undue burden on the Company’s liquidity, adversely affect the Company’s operations or risk having an adverse impact on the Company that would outweigh the benefit of the repurchase offer. As a result, share repurchases may not be available each quarter, or may only be available in an amount less than 5% of our Common Shares outstanding. The Company intends to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Exchange Act and the 1940 Act. Additionally, pursuant to Rule 23c-1(a)(10) under the 1940 Act, the Company may also repurchase its outstanding Common Shares outside of the share repurchase program. All shares purchased pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued shares.

Under the share repurchase program, to the extent the Company offers to repurchase shares in any particular quarter, it is expected to repurchase shares pursuant to tender offers using a purchase price equal to the NAV per share as of the last calendar day of the applicable quarter, except that shares that have not been outstanding for at least one year will be repurchased at 98% of such NAV (an “Early Repurchase Deduction”). The one-year holding period will be satisfied if at least one year has elapsed from (a) the issuance date of the applicable Common Shares to (b) the subscription date immediately following the valuation date used in the repurchase of such Common Shares. The Early Repurchase Deduction may be waived in the case of repurchase requests arising from the death, divorce or qualified disability of the holder; in the event that a shareholder’s shares are repurchased because the shareholder has failed to maintain the $500 minimum account balance; due to trade or operational error; and repurchases of shares submitted by discretionary model portfolio management programs (and similar arrangements) as approved by the Company. In addition, the Company’s Common Shares are sold to certain feeder vehicles primarily created to hold the Company’s Common Shares that in turn offer interests in such feeder vehicles to non-U.S. persons. For such feeder vehicles and similar arrangements in certain markets, the Company will not apply the Early Repurchase Deduction to the feeder vehicles or underlying investors, often because of administrative or systems limitations. The Early Repurchase Deduction will be retained by the Company for the benefit of remaining shareholders.

Share Repurchases

For the three months ended June 30, 2025 and 2024, approximately 43,576,158 and 17,956,860 Common Shares were repurchased, respectively. For the six months ended June 30, 2025 and 2024, approximately 66,600,528 and 39,818,947 Common Shares were repurchased, respectively.

The following table presents the repurchases of Common Shares pursuant to the Company’s share repurchase plan for the six months ended June 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	—

(1)Percentage is based on total shares as of the close of the previous calendar quarter.

(2)Amounts shown net of Early Repurchase Deduction.

(3)All repurchase requests were satisfied in full.

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(Unaudited)

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

The following table presents the repurchases of Common Shares pursuant to the Company’s share repurchase plan for the six months ended June 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	—

(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.

Note 10. Financial Highlights and Senior Securities

The following are the financial highlights for the six months ended June 30, 2025:


	For the six months ended June 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	1.26			1.15			1.23
Net change in unrealized and realized gain (loss)	(0.19)			(0.19)			(0.19)
Net increase (decrease) in net assets resulting from operations	1.07			0.96			1.04
Distributions from net investment income (2)	(1.32)			(1.21)			(1.29)
Distributions from net realized gains (2)	—			—			—
Net increase (decrease) in net assets from shareholders’ distributions	(1.32)			(1.21)			(1.29)
Early repurchase deduction fees (3)	0.00			0.00			0.00
Total increase (decrease) in net assets	(0.25)			(0.25)			(0.25)
Net asset value, end of period	$	25.17		$	25.17		$	25.17
Shares outstanding, end of period	1,176,461,579			557,244,608			26,957,960
Total return based on NAV (4)	4.3		%	3.9		%	4.2		%
Ratios:
Ratio of net expenses to average net assets (5)	7.3		%	8.2		%	7.5		%
Ratio of net investment income to average net assets (5)	10.0		%	9.1		%	9.7		%
Portfolio turnover rate	8.0		%	8.0		%	8.0		%
Supplemental Data:
Net assets, end of period	$	29,613,339		$	14,026,765		$	678,594
Asset coverage ratio	247.8		%	247.8		%	247.8		%

(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 tax expense. For the six months ended June 30, 2025, the ratio of total operating expenses to average net assets was 7.3%, 8.2%, and 7.5% on Class I, Class S and Class D, respectively.

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(Unaudited)

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

The following are the financial highlights for the six months ended June 30, 2024:


	For the six months ended June 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	1.45			1.34			1.42
Net change in unrealized and realized gain (loss)	0.05			0.05			0.05
Net increase (decrease) in net assets resulting from operations	1.50			1.39			1.47
Distributions from net investment income (2)	(1.32)			(1.21)			(1.29)
Distributions from net realized gains (2)	—			—			—
Net increase (decrease) in net assets from shareholders’ distributions	(1.32)			(1.21)			(1.29)
Early repurchase deduction fees (3)	0.00			0.00			0.00
Total increase (decrease) in net assets	0.18			0.18			0.18
Net asset value, end of period	$	25.57		$	25.57		$	25.57
Shares outstanding, end of period	875,338,950			437,725,435			19,899,279
Total return based on NAV (4)	6.0		%	5.6		%	5.9		%
Ratios:
Ratio of net expenses to average net assets (5)	8.7		%	9.5		%	8.9		%
Ratio of net investment income to average net assets (5)	11.4		%	10.6		%	11.2		%
Portfolio turnover rate	7.8		%	7.8		%	7.8		%
Supplemental Data:
Net assets, end of period	$	22,383,884		$	11,193,379		$	508,861
Asset coverage ratio	247.7		%	247.7		%	247.7		%

(1)The per share data was derived by using the weighted average shares outstanding during the period.

(2)The per share data for distributions was derived by using the actual shares outstanding at the date of the relevant transactions (refer to Note 9).

(3)The per share amount rounds to less than $0.01 per share, for Class I, Class S and Class D.

(5)Amounts are annualized except for amounts relating to excise tax expense. For the six months ended June 30, 2024, the ratio of total operating expenses to average net assets was 8.7%, 9.5% and 8.9%, on Class I, Class S and Class D, respectively.

The following is information about the Company’s senior securities as of the dates indicated in the table below:


Class and Period	Total Amount Outstanding Exclusive of Treasury Securities (1)		Asset Coverage per Unit (2)		Involuntary Liquidating Preference per Unit (3)	Average Market Value per Unit (4)
Bard Peak Funding Facility
June 30, 2025	$	1,240,746	$	2,478	—	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
June 30, 2025	1,236,752		2,478		—	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

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(Unaudited)

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


Class and Period	Total Amount Outstanding Exclusive of Treasury Securities (1)		Asset Coverage per Unit (2)		Involuntary Liquidating Preference per Unit (3)	Average Market Value per Unit (4)
Maroon Peak Funding Facility
June 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
June 30, 2025	835,458		2,478		—	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
June 30, 2025	562,800		2,478		—	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
June 30, 2025	500,300		2,478		—	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
June 30, 2025	—		2,478		—	N/A
December 31, 2024	493,554		2,265		—	N/A
December 31, 2023	563,600		2,219		—	N/A
December 31, 2022	647,600		1,845		—	N/A
December 31, 2021	248,000		1,702		—	N/A
Middle Peak Funding Facility
June 30, 2025	770,000		2,478		—	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
June 30, 2025	1,200,200		2,478		—	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

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Notes to Condensed Consolidated Financial Statements

(Unaudited)

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


Class and Period	Total Amount Outstanding Exclusive of Treasury Securities (1)		Asset Coverage per Unit (2)		Involuntary Liquidating Preference per Unit (3)	Average Market Value per Unit (4)
Blanca Peak Funding Facility
June 30, 2025	$	1,375,090	$	2,478	—	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
June 30, 2025	847,555		2,478		—	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
June 30, 2025	905,000		2,478		—	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
June 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
June 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
June 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
Meridian Peak Funding Facility
June 30, 2025	36,000		2,478		—	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

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Notes to Condensed Consolidated Financial Statements

(Unaudited)

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


Class and Period	Total Amount Outstanding Exclusive of Treasury Securities (1)		Asset Coverage per Unit (2)		Involuntary Liquidating Preference per Unit (3)	Average Market Value per Unit (4)
Haydon Peak Funding Facility
June 30, 2025	$	187,000	$	2,478	—	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
June 30, 2025	263,571		2,478		—	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
June 30, 2025	222,831		2,478		—	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
June 30, 2025	1,785,174		2,478		—	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
June 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
June 30, 2025	400,000		2,478		—	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
June 30, 2025	625,000		2,478		—	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

214

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Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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


Class and Period	Total Amount Outstanding Exclusive of Treasury Securities (1)		Asset Coverage per Unit (2)		Involuntary Liquidating Preference per Unit (3)	Average Market Value per Unit (4)
October 2027 Notes
June 30, 2025	$	350,000	$	2,478	—	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
June 30, 2025	500,000		2,478		—	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
June 30, 2025	500,000		2,478		—	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
June 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
June 30, 2025	1,250,000		2,478		—	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
June 30, 2025	588,975		2,478		—	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
June 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

215

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Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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


Class and Period	Total Amount Outstanding Exclusive of Treasury Securities (1)		Asset Coverage per Unit (2)		Involuntary Liquidating Preference per Unit (3)	Average Market Value per Unit (4)
March 2027 Notes
June 30, 2025	$	1,000,000	$	2,478	—	N/A
December 31, 2024	1,000,000		2,265		—	N/A
December 31, 2023	1,000,000		2,219		—	N/A
December 31, 2022	1,000,000		1,845		—	N/A
December 31, 2021	1,000,000		1,702		—	N/A
January 2025 Notes
June 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
June 30, 2025	650,000		2,478		—	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
June 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
June 30, 2025	343,162		2,478		—	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
June 30, 2025	800,000		2,478		—	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
June 30, 2025	650,000		2,478		—	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

216

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Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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


Class and Period	Total Amount Outstanding Exclusive of Treasury Securities (1)		Asset Coverage per Unit (2)		Involuntary Liquidating Preference per Unit (3)	Average Market Value per Unit (4)
January 2031 Notes
June 30, 2025	$	500,000	$	2,478	—	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
June 30, 2025	500,000		2,478		—	N/A
December 31, 2024	500,000		2,265		—	N/A
December 31, 2023	—		—		—	N/A
December 31, 2022	—		—		—	N/A
December 31, 2021	—		—		—	N/A
September 2027 Notes
June 30, 2025	400,000		2,478		—	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
June 30, 2025	400,000		2,478		—	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
June 30, 2025	400,000		2,478		—	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
June 30, 2025	800,000		2,478		—	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
June 30, 2025	1,000,000		2,478		—	N/A
December 31, 2024	—		—		—	N/A
December 31, 2023	—		—		—	N/A
December 31, 2022	—		—		—	N/A
December 31, 2021	—		—		—	N/A

217

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Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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


Class and Period	Total Amount Outstanding Exclusive of Treasury Securities (1)		Asset Coverage per Unit (2)		Involuntary Liquidating Preference per Unit (3)	Average Market Value per Unit (4)
2021-1 BSL Notes
June 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
June 30, 2025	505,800		2,478		—	N/A
December 31, 2024	505,800		2,265		—	N/A
December 31, 2023	505,800		2,219		—	N/A
December 31, 2022	505,800		1,845		—	N/A
December 31, 2021	505,800		1,702		—	N/A
MML 2021-1 Debt
June 30, 2025	690,000		2,478		—	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
June 30, 2025	759,000		2,478		—	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
June 30, 2025	420,000		2,478		—	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
June 30, 2025	300,500		2,478		—	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
June 30, 2025	305,000		2,478		—	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

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Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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


Class and Period	Total Amount Outstanding Exclusive of Treasury Securities (1)		Asset Coverage per Unit (2)		Involuntary Liquidating Preference per Unit (3)	Average Market Value per Unit (4)
2024-1 Notes
June 30, 2025	$	244,000	$	2,478	—	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
June 30, 2025	305,000		2,478		—	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
June 30, 2025	884,000		2,478		—	N/A
December 31, 2024	—		—		—	N/A
December 31, 2023	—		—		—	N/A
December 31, 2022	—		—		—	N/A
December 31, 2021	—		—		—	N/A
2025-1 Lender Finance Notes
June 30, 2025	890,000		2,478		—	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
June 30, 2025	661,625		2,478		—	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
June 30, 2025	393,286		2,478		—	N/A
December 31, 2024	420,829		2,265		—	N/A
December 31, 2023	28,546		2,219		—	N/A
December 31, 2022	619,377		1,845		—	N/A
December 31, 2021	718,156		1,702		—	N/A

(1)Total amount of each class of senior securities outstanding at the end of the period presented.

(2)Asset coverage per unit is the ratio of the carrying value of our total assets, less all liabilities excluding indebtedness represented by senior securities in this table, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness and is calculated on a consolidated basis.

(3)The amount to which such class of senior security would be entitled upon our involuntary liquidation in preference to any security junior to it. The “-” in this column indicates information that the SEC expressly does not require to be disclosed for certain types of senior securities.

(4)Not applicable because the senior securities are not registered for public trading.

As of June 30, 2025 and December 31, 2024, the aggregate principal amount of indebtedness outstanding was $30.0 billion and $30.7 billion, respectively.

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Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

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 June 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 of capital) of $605.0 million. As of June 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 June 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 six months ended June 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. On July 14, 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 June 30, 2025 and December 31, 2024.

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BCRED Emerald JV LP

Consolidated Schedule of Investments

June 30, 2025

(in thousands)

(Unaudited)

The following table presents the consolidated schedule of investments of the Emerald JV as of June 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)	SOFR +	4.25%	8.84%	1/19/2022	5/25/2028	$	8,034	$	7,866	$	4,302	0.18	%
Atlas CC Acquisition Corp.	(10)(17)	SOFR +	4.25%	8.84%	1/19/2022	5/25/2028	1,634		1,599		874		0.04
Novaria Holdings, LLC	(8)	SOFR +	3.25%	7.58%	2/5/2025	6/6/2031	1,127		1,127		1,128		0.05
Peraton Corp.	(10)	SOFR +	3.75%	8.18%	8/4/2022	2/1/2028	20,130		20,096		17,827		0.77
Sanders Industries Holdings, Inc.	(7)(9)	SOFR +	2.75%	7.03%	3/10/2025	2/26/2032	22,972		22,799		22,974		0.99
Signia Aerospace, LLC	(7)(9)	SOFR +	3.00%	7.32%	11/22/2024	12/11/2031	15,133		15,176		15,236		0.65
TransDigm, Inc.	(8)	SOFR +	2.50%	6.80%	11/19/2024	1/19/2032	9,925		9,966		9,951		0.43
TransDigm, Inc.	(8)	SOFR +	2.75%	7.05%	12/2/2024	8/24/2028	9,925		9,975		9,971		0.43
TransDigm, Inc.	(8)	SOFR +	2.50%	6.80%	11/19/2024	2/28/2031	3,980		3,958		3,991		0.17
Vertex Aerospace Services Corp.	(10)	SOFR +	2.25%	6.58%	1/19/2022	12/6/2030	7,879		7,846		7,875		0.34
									100,408		94,129		4.05
Air Freight & Logistics
AIT Worldwide Logistics Holdings, Inc.	(10)	SOFR +	4.00%	8.26%	10/30/2024	4/8/2030	24,329		24,329		24,423		1.05
Mode Purchaser, Inc.	(4)(11)	SOFR +	6.25%	10.70%	1/19/2022	12/9/2027	30,993		30,993		30,063		1.29
RWL Holdings, LLC	(4)(10)	SOFR +	5.75%	10.20%	1/19/2022	12/31/2028	26,234		25,970		23,348		1.00
Savage Enterprises, LLC	(9)	SOFR +	2.75%	7.07%	11/21/2024	9/15/2028	9,936		10,008		9,979		0.43
SEKO Global Logistics Network, LLC	(4)(11)	SOFR +	10.00%	14.33% (incl. 9.00% PIK)	11/27/2024	11/27/2029	2,666		2,592		2,666		0.11
SEKO Global Logistics Network, LLC	(4)(11)	SOFR +	7.00%	11.33% (incl. 6.00% PIK)	11/27/2024	5/27/2030	8,141		8,141		8,141		0.35
Stonepeak Nile Parent, LLC	(8)	SOFR +	2.75%	6.98%	4/11/2025	4/9/2032	13,318		13,286		13,378		0.57
Wwex Uni Topco Holdings, LLC	(10)	SOFR +	4.00%	8.30%	11/8/2024	7/26/2028	6,207		6,106		6,215		0.27
Wwex Uni Topco Holdings, LLC	(4)(10)	SOFR +	4.75%	9.05%	3/21/2025	7/26/2028	15,445		15,196		15,600		0.67
									136,621		133,813		5.74
Airlines
American Airlines, Inc.	(8)	SOFR +	2.25%	6.52%	1/19/2022	4/20/2028	2,480		2,480		2,467		0.11
American Airlines, Inc.	(8)	SOFR +	2.25%	6.50%	12/12/2024	2/15/2028	14,847		14,908		14,726		0.63
American Airlines, Inc.	(8)	SOFR +	3.25%	7.58%	5/28/2025	5/28/2032	2,866		2,837		2,888		0.12
JetBlue Airways Corp.	(9)	SOFR +	4.75%	9.07%	11/7/2024	8/27/2029	4,963		4,982		4,673		0.20
									25,207		24,754		1.06

221

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Consolidated Schedule of Investments

June 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)
Auto Components
Belron Finance 2019, LLC	(9)	SOFR +	2.75%	7.05%	11/25/2024	10/16/2031	$	9,925	$	10,030	$	9,982	0.43	%
Clarios Global, LP	(8)	SOFR +	2.50%	6.83%	3/5/2025	5/6/2030	3,990		3,980		3,984		0.17
Clarios Global, LP	(8)	SOFR +	2.75%	7.08%	1/28/2025	1/28/2032	18,482		18,414		18,523		0.80
Valvoline, Inc.	(8)	SOFR +	2.00%	6.30%	3/19/2025	3/19/2032	2,692		2,679		2,704		0.12
									35,103		35,193		1.52
Beverages
Triton Water Holdings, Inc.	(9)	SOFR +	2.25%	6.55%	2/12/2025	3/31/2028	14,829		14,829		14,899		0.64
Building Products
Cornerstone Building Brands, Inc.	(9)	SOFR +	3.25%	7.66%	1/19/2022	4/12/2028	26,278		25,428		23,541		1.01
Fencing Supply Group Acquisition, LLC	(4)(11)	SOFR +	6.00%	10.43%	1/19/2022	2/26/2027	19,148		19,117		18,430		0.79
LBM Acquisition, LLC	(10)	SOFR +	3.75%	8.16%	6/6/2024	5/31/2031	13,795		13,658		12,933		0.56
Lindstrom, LLC	(4)(11)	SOFR +	6.25%	10.67%	1/19/2022	5/1/2027	27,173		27,173		26,901		1.16
MIWD Holdco II, LLC	(8)	SOFR +	3.00%	7.33%	10/3/2024	3/21/2031	9,925		10,019		9,959		0.43
Oscar Acquisitionco, LLC	(9)	SOFR +	4.25%	8.55%	12/2/2024	4/29/2029	9,923		9,874		9,176		0.39
TCP Sunbelt Acquisition, Co.	(8)	SOFR +	4.25%	8.58%	10/15/2024	10/24/2031	25,264		25,034		25,358		1.09
The Chamberlain Group, Inc.	(9)	SOFR +	3.25%	7.68%	1/19/2022	11/3/2028	7,733		7,729		7,755		0.33
Windows Acquisition Holdings, Inc.	(4)(11)	SOFR +	6.50%	10.95%	1/19/2022	12/29/2026	10,529		10,529		8,344		0.36
									148,561		142,397		6.12
Capital Markets
Apex Group Treasury, LLC	(8)	SOFR +	3.50%	7.82%	2/27/2025	2/27/2032	71,630		71,570		71,473		3.07
Aretec Group, Inc.	(8)	SOFR +	3.50%	7.83%	12/6/2024	8/9/2030	17,313		17,137		17,364		0.75
Citco Funding, LLC	(9)	SOFR +	2.75%	6.93%	6/13/2024	4/27/2028	7,174		7,168		7,217		0.31
Focus Financial Partners, LLC	(8)	SOFR +	2.75%	7.08%	3/13/2025	9/15/2031	19,824		19,722		19,804		0.85
GTCR Everest Borrower, LLC	(8)	SOFR +	2.75%	7.05%	9/5/2024	9/5/2031	8,217		8,065		8,238		0.35
Hudson River Trading, LLC	(8)	SOFR +	3.00%	7.31%	6/25/2025	3/18/2030	872		869		875		0.04
Osaic Holdings, Inc.	(8)	SOFR +	3.50%	7.83%	11/26/2024	8/17/2028	10,551		10,578		10,588		0.45
Resolute Investment Managers, Inc.	(11)	SOFR +	6.50%	11.06%	12/29/2023	4/30/2027	939		931		933		0.04
Saphilux S.à r.l.	(8)	S +	4.75%	8.96%	7/27/2023	7/18/2028	GBP	20,000	25,508		27,582		1.19
Situs-AMC Holdings Corporation	(4)(10)	SOFR +	5.50%	9.80%	9/26/2022	5/14/2031	90,087		89,477		90,087		3.87
Superannuation And Investments US, LLC	(9)	SOFR +	3.75%	8.19%	1/19/2022	12/1/2028	1,930		1,936		1,943		0.08
The Edelman Financial Engines Center, LLC	(8)	SOFR +	3.00%	7.33%	6/5/2024	4/7/2028	18,535		18,535		18,576		0.80
									271,496		274,680		11.80

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Consolidated Schedule of Investments

June 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
Derby Buyer, LLC	(9)	SOFR +	3.00%	7.31%	12/13/2024	11/1/2030	$	13,111	$	13,175	$	13,081	0.56	%
Discovery Purchaser Corp.	(9)	SOFR +	3.75%	8.02%	12/2/2024	10/4/2029	10,001		10,076		9,998		0.43
Fortis 333, Inc.	(8)	SOFR +	3.50%	7.80%	2/6/2025	3/27/2032	3,500		3,492		3,504		0.15
Pigments Services, Inc.	(4)(14)(17)	SOFR +	8.25%	12.68% PIK	4/14/2023	4/14/2029	7,575		4,670		0		0.00
Pigments Services, Inc.	(4)(14)(17)	SOFR +	8.25%	12.68% PIK	4/14/2023	4/14/2029	3,699		3,598		2,741		0.12
									35,011		29,324		1.26
Commercial Services & Supplies
Access CIG, LLC	(9)	SOFR +	4.25%	8.38%	8/18/2023	8/18/2028	20,361		20,045		20,480		0.88
Allied Universal Holdco, LLC	(9)	SOFR +	3.75%	8.18%	1/19/2022	5/12/2028	27,785		27,663		27,948		1.20
Anticimex, Inc.	(9)	SOFR +	3.40%	7.66%	5/25/2022	11/16/2028	14,764		14,734		14,817		0.64
Anticimex, Inc.	(9)	SOFR +	3.40%	7.66%	4/23/2024	11/16/2028	25,020		25,020		25,151		1.08
Armor Holdco, Inc.	(9)	SOFR +	3.75%	7.92%	12/13/2024	12/11/2028	12,084		12,061		12,162		0.52
DG Investment Intermediate Holdings 2, Inc.	(10)	SOFR +	3.50%	7.94%	1/19/2022	3/31/2028	3,459		3,459		3,469		0.15
EAB Global, Inc.	(9)	SOFR +	3.00%	7.33%	1/19/2022	8/16/2030	24,826		24,713		24,423		1.05
Foundational Education Group, Inc.	(9)	SOFR +	3.75%	8.29%	6/7/2022	8/31/2028	3,870		3,798		3,538		0.15
GBT US III, LLC	(8)	SOFR +	2.50%	6.78%	2/4/2025	7/25/2031	773		773		776		0.03
GFL Environmental Services USA, Inc.	(8)	SOFR +	2.50%	6.82%	3/3/2025	3/3/2032	10,818		10,787		10,838		0.47
International SOS The Americas, LP	(4)(9)	SOFR +	2.75%	7.05%	6/28/2024	9/7/2028	1,931		1,931		1,936		0.08
Java Buyer, Inc.	(4)(10)	SOFR +	5.00%	9.28%	1/19/2022	12/15/2027	9,488		9,409		9,488		0.41
Java Buyer, Inc.	(4)(10)	SOFR +	5.00%	9.28%	1/19/2022	12/15/2027	2,932		2,916		2,932		0.13
JSS Holdings, Inc.	(4)(10)	SOFR +	5.25%	9.57% (incl. 3.00% PIK)	1/19/2022	11/8/2031	36,868		36,701		36,868		1.58
KPSKY Acquisition, Inc.	(4)(10)(18)	SOFR +	5.50%	9.88%	9/26/2022	10/19/2028	132,908		129,166		113,969		4.90
OMNIA Partners, LLC	(8)	SOFR +	2.75%	7.03%	1/26/2024	7/25/2030	25,226		25,392		25,302		1.09
Polyphase Elevator Holding, Co.	(4)(11)	SOFR +	6.00%	10.40%	9/26/2022	6/23/2027	29,337		29,021		26,403		1.13
Prime Security Services Borrower, LLC	(8)	SOFR +	2.00%	6.32%	11/20/2024	10/13/2030	16,915		16,874		16,942		0.73
Tempo Acquisition, LLC	(9)	SOFR +	1.75%	6.08%	3/13/2025	8/31/2028	4,975		4,936		4,960		0.21
TMF Sapphire Bidco, BV	(8)	SOFR +	2.75%	7.03%	1/22/2025	5/3/2028	273		273		274		0.01
TRC Cos, LLC	(8)	SOFR +	3.00%	7.33%	1/14/2025	12/8/2028	13,553		13,559		13,541		0.58
									413,231		396,217		17.02

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Consolidated Schedule of Investments

June 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)
Construction & Engineering
Amentum Holdings, Inc.	(8)	SOFR +	2.25%	6.58%	4/4/2025	9/29/2031	$	4,733	$	4,566	$	4,733	0.20	%
Azuria Water Solutions, Inc.	(7)(10)	SOFR +	3.00%	7.33%	5/15/2025	5/17/2028	4,699		4,645		4,726		0.20
Brookfield WEC Holdings, Inc.	(8)	SOFR +	2.25%	6.57%	1/25/2024	1/27/2031	23,684		23,694		23,717		1.02
Centuri Group, Inc.	(9)	SOFR +	2.50%	6.94%	12/2/2024	8/27/2028	10,000		10,055		10,020		0.43
Osmose Utilities Services, Inc.	(9)	SOFR +	3.25%	7.69%	11/7/2024	6/23/2028	16,869		16,942		15,930		0.68
Pike Electric Corp.	(8)	SOFR +	3.00%	7.44%	6/7/2022	1/21/2028	5,991		5,898		6,035		0.26
Socotec US Holding, Inc.	(10)	SOFR +	3.75%	8.04%	11/13/2024	6/30/2028	1,372		1,369		1,379		0.06
Tecta America Corp.	(8)	SOFR +	3.00%	7.33%	2/18/2025	2/18/2032	2,479		2,473		2,487		0.11
Touchdown Acquirer, Inc.	(8)	SOFR +	2.75%	7.08%	4/8/2025	2/21/2031	4,988		4,879		4,994		0.21
									74,521		74,021		3.17
Construction Materials
Quikrete Holdings, Inc.	(8)	SOFR +	2.25%	6.58%	4/8/2025	2/10/2032	4,988		4,852		4,987		0.21
Tamko Building Products, LLC	(8)	SOFR +	2.75%	7.03%	10/23/2024	9/20/2030	7,892		7,942		7,922		0.34
									12,794		12,909		0.55
Containers & Packaging
Anchor Packaging, LLC	(8)	SOFR +	3.25%	7.56%	12/13/2024	7/18/2029	4,962		5,004		4,994		0.21
Ascend Buyer, LLC	(4)(10)	SOFR +	5.75%	10.05%	9/26/2022	9/30/2028	73,637		73,235		73,637		3.16
Berlin Packaging, LLC	(8)	SOFR +	3.50%	7.82%	12/6/2024	6/7/2031	28,641		28,778		28,776		1.24
Clydesdale Acquisition Holdings, Inc.	(9)	SOFR +	3.18%	7.50%	4/13/2022	4/13/2029	31,338		31,269		31,311		1.35
Clydesdale Acquisition Holdings, Inc.	(7)(8)	SOFR +	3.25%	7.58%	4/13/2022	4/1/2032	5,871		5,820		5,854		0.25
Graham Packaging Co., Inc.	(8)	SOFR +	2.50%	6.83%	7/31/2024	8/4/2027	17,953		18,012		18,004		0.77
ProAmpac PG Borrower, LLC	(10)	SOFR +	4.00%	8.26%	4/9/2024	9/15/2028	10,858		10,808		10,914		0.47
Ring Container Technologies Group, LLC	(9)	SOFR +	2.75%	7.08%	7/19/2024	8/12/2028	16,808		16,876		16,881		0.73
SupplyOne, Inc.	(8)	SOFR +	3.50%	7.83%	4/19/2024	4/19/2031	18,379		18,527		18,469		0.79
TricorBraun Holdings, Inc.	(9)	SOFR +	3.25%	7.69%	1/19/2022	3/3/2028	26,292		26,133		26,295		1.13
Trident TPI Holdings, Inc.	(9)	SOFR +	3.75%	8.05%	10/18/2024	9/15/2028	8,242		8,289		8,109		0.35
									242,751		243,244		10.45

224

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Consolidated Schedule of Investments

June 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
BP Purchaser, LLC	(4)(10)	SOFR +	5.50%	10.08%	9/26/2022	12/11/2028	$	52,139	$	51,571	$	44,318	1.90	%
Genuine Cable Group, LLC	(4)(10)	SOFR +	5.75%	10.18%	1/19/2022	11/2/2026	31,328		31,170		29,448		1.27
Marcone Yellowstone Buyer, Inc.	(4)(10)	SOFR +	7.00%	11.44% (incl. 3.25% PIK)	9/26/2022	6/23/2028	82,686		81,625		74,004		3.18
Tailwind Colony Holding Corporation	(4)(11)	SOFR +	6.50%	10.88%	1/19/2022	11/13/2026	30,741		30,618		29,742		1.28
									194,984		177,512		7.63
Diversified Consumer Services
Barbri Holdings, Inc.	(4)(10)	SOFR +	5.00%	9.32%	1/19/2022	4/30/2030	69,563		69,093		69,563		2.99
Cambium Learning Group, Inc.	(4)(7)(10)	SOFR +	5.50%	9.87%	1/19/2022	7/20/2028	34,085		34,085		34,085		1.46
Cengage Learning, Inc.	(11)	SOFR +	3.50%	7.83%	11/22/2024	3/22/2031	16,527		16,573		16,586		0.71
Element Materials Technology Group US Holdings, Inc.	(9)	SOFR +	3.75%	8.05%	4/12/2022	7/6/2029	4,875		4,864		4,896		0.21
Express Wash Concepts, LLC	(4)(7)(11)	SOFR +	5.00%	9.43%	1/19/2022	4/30/2027	17,404		17,084		17,404		0.75
Express Wash Concepts, LLC	(4)(11)	SOFR +	5.00%	9.43%	1/19/2022	4/30/2027	28,294		28,155		28,294		1.22
Fugue Finance, LLC	(9)	SOFR +	3.25%	7.58%	12/5/2024	1/9/2032	1,454		1,454		1,465		0.06
Imagine Learning, LLC	(9)	SOFR +	3.50%	7.83%	2/1/2024	12/21/2029	20,828		20,820		20,354		0.87
KUEHG Corp.	(9)	SOFR +	3.25%	7.55%	10/21/2024	6/12/2030	10,549		10,549		10,567		0.45
Learning Care Group US No 2, Inc.	(9)	SOFR +	4.00%	8.28%	3/26/2025	8/11/2028	3,720		3,694		3,722		0.16
Mckissock Investment Holdings, LLC	(10)	SOFR +	5.00%	9.41%	3/10/2022	3/12/2029	3,870		3,850		3,882		0.17
Mister Car Wash Holdings, Inc.	(8)	SOFR +	2.50%	6.83%	12/6/2024	3/21/2031	9,246		9,311		9,274		0.40
Pre-Paid Legal Services, Inc.	(9)	SOFR +	3.25%	7.58%	1/19/2022	12/15/2028	22,590		22,520		22,496		0.97
University Support Services, LLC	(9)	SOFR +	2.75%	7.08%	2/10/2022	2/10/2029	15,692		15,667		15,189		0.65
									257,719		257,777		11.07
Diversified Telecommunication Services
Lumen Technologies, Inc.	(14)	SOFR +	6.00%	10.33%	12/18/2024	6/1/2028	10,159		10,213		10,438		0.45
Zacapa, LLC	(9)	SOFR +	3.75%	8.05%	10/29/2024	3/22/2029	15,728		15,817		15,797		0.68
									26,030		26,235		1.13
Electric Utilities
Cogentrix Finance Holdco I, LLC	(8)	SOFR +	2.75%	7.08%	2/26/2025	2/26/2032	3,092		3,085		3,102		0.13
Tiger Acquisition, LLC	(8)	SOFR +	2.75%	7.08%	12/19/2024	6/1/2028	17,964		18,051		18,026		0.77
									21,136		21,128		0.90
Electrical Equipment
Arcline FM Holdings, LLC	(10)	SOFR +	3.50%	7.58%	3/27/2025	6/23/2030	2,446		2,440		2,460		0.11
Madison IAQ, LLC	(9)	SOFR +	2.50%	6.76%	1/19/2022	6/21/2028	26,387		26,354		26,437		1.14
Madison IAQ, LLC	(9)	SOFR +	3.25%	7.51%	3/28/2025	3/28/2032	7,887		7,809		7,918		0.34
									36,603		36,815		1.59

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June 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)
Electronic Equipment, Instruments & Components
Albireo Energy, LLC	(4)(11)	SOFR +	6.00%	10.36%	1/19/2022	12/23/2026	$	3,153	$	3,138	$	3,058	0.13	%
Albireo Energy, LLC	(4)(11)	SOFR +	6.00%	10.38%	1/19/2022	12/23/2026	809		806		784		0.03
Albireo Energy, LLC	(4)(11)	SOFR +	6.00%	10.40%	1/19/2022	12/23/2026	10,476		10,429		10,162		0.44
Infinite Bidco, LLC	(9)	SOFR +	3.75%	8.29%	1/19/2022	3/2/2028	2,896		2,902		2,741		0.12
Modena Buyer, LLC	(8)	SOFR +	4.50%	8.78%	7/1/2024	7/1/2031	3,085		3,031		2,978		0.13
									20,306		19,723		0.85
Energy Equipment & Services
Covia Holdings, LLC	(8)	SOFR +	3.25%	7.57%	2/26/2025	2/26/2032	2,833		2,826		2,846		0.12
Ursa Minor US Bidco, LLC	(8)	SOFR +	2.75%	7.05%	12/11/2024	3/26/2031	4,975		5,036		4,995		0.21
									7,862		7,841		0.33
Entertainment
CE Intermediate I, LLC	(8)	SOFR +	3.00%	7.45%	2/18/2025	3/25/2032	2,961		2,961		2,965		0.13
EOC Borrower, LLC	(8)	SOFR +	3.00%	7.33%	3/31/2025	3/24/2032	9,665		9,563		9,689		0.42
EP Purchaser, LLC	(9)	SOFR +	4.50%	9.06%	12/6/2024	11/6/2028	1,429		1,426		1,411		0.06
EP Purchaser, LLC	(9)	SOFR +	3.50%	8.06%	1/19/2022	11/6/2028	3,386		3,382		3,335		0.14
UFC Holdings, LLC	(8)	SOFR +	2.25%	6.57%	11/14/2024	11/21/2031	7,544		7,536		7,581		0.33
									24,868		24,981		1.08
Financial Services
Mitchell International, Inc.	(9)	SOFR +	3.25%	7.58%	6/17/2024	6/17/2031	14,888		14,877		14,892		0.64
Planet US Buyer, LLC	(8)	SOFR +	3.00%	7.33%	11/25/2024	2/7/2031	10,735		10,833		10,793		0.46
Solera, LLC	(9)(18)	SOFR +	3.75%	8.29%	5/16/2022	6/2/2028	16,643		16,492		16,242		0.70
									42,202		41,927		1.80
Food Products
CHG PPC Parent, LLC	(4)(9)	SOFR +	3.00%	7.44%	11/7/2024	12/8/2028	15,875		15,946		15,955		0.69
Dreyers Grand Ice Cream, Inc.	(8)	SOFR +	2.00%	6.24%	11/7/2024	9/30/2031	16,957		16,892		16,809		0.72
Red SPV, LLC	(8)	SOFR +	2.25%	6.56%	3/13/2025	3/15/2032	7,183		7,148		7,183		0.31
									39,986		39,947		1.72
Gas Utilities
CQP Holdco, LP	(9)	SOFR +	2.00%	6.30%	4/4/2025	12/31/2030	4,000		3,956		4,005		0.17
Health Care Equipment & Supplies
CSHC Buyerco, LLC	(4)(11)	SOFR +	4.75%	9.18%	2/15/2022	9/8/2026	7,246		7,213		7,227		0.31
CSHC Buyerco, LLC	(4)(10)	SOFR +	4.75%	9.18%	2/15/2022	9/8/2026	3,456		3,440		3,447		0.15
Embecta Corp.	(9)	SOFR +	3.00%	7.33%	12/11/2024	3/30/2029	8,011		8,000		7,986		0.34
Natus Medical, Inc.	(4)(9)	SOFR +	5.25%	9.70%	8/18/2022	7/20/2029	3,149		3,029		3,118		0.13
Resonetics, LLC	(10)	SOFR +	3.25%	7.57%	12/6/2024	6/18/2031	5,074		5,120		5,084		0.22
Sharp Services, LLC	(8)	SOFR +	3.25%	7.55%	10/25/2024	12/31/2028	4,963		5,003		4,984		0.21
WS Audiology A/S	(8)	SOFR +	3.50%	7.80%	6/27/2025	2/28/2029	13,873		13,873		13,912		0.60
									45,678		45,758		1.96

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Consolidated Schedule of Investments

June 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
ACI Group Holdings, Inc.	(4)(10)	SOFR +	6.00%	10.43% (incl. 3.25% PIK)	7/7/2023	8/2/2028	$	130,643	$	129,921	$	123,457	5.30	%
ADCS Clinics Intermediate Holdings, LLC	(4)(11)	SOFR +	6.25%	10.57%	1/19/2022	5/7/2027	1,687		1,679		1,687		0.07
ADCS Clinics Intermediate Holdings, LLC	(4)(11)	SOFR +	6.25%	10.48%	1/19/2022	5/7/2027	28,552		28,400		28,552		1.23
ADCS Clinics Intermediate Holdings, LLC	(4)(7)(11)	SOFR +	6.25%	10.49%	1/19/2022	5/7/2026	67		65		67		0.00
Amerivet Partners Management, Inc.	(4)(11)	SOFR +	5.50%	9.97%	9/26/2022	2/25/2028	82,001		80,883		80,976		3.48
Canadian Hospital Specialties, Ltd.	(4)(11)	CA +	4.50%	7.57%	12/20/2022	4/14/2028	CAD	29,167	21,270		21,204		0.91
CCBlue Bidco, Inc.	(4)(10)	SOFR +	6.50%	10.90% (incl. 4.00% PIK)	1/19/2022	12/21/2028	24,439		24,243		20,406		0.88
CHG Healthcare Services, Inc.	(9)	SOFR +	3.00%	7.33%	12/10/2024	9/29/2028	10,519		10,547		10,568		0.45
CNT Holdings I Corp.	(10)	SOFR +	2.50%	6.78%	4/8/2025	11/8/2032	4,988		4,884		5,005		0.22
DCA Investment Holdings, LLC	(4)(10)	SOFR +	6.41%	10.70%	1/19/2022	4/3/2028	29,467		29,322		27,846		1.20
Epoch Acquisition, Inc.	(4)(11)	SOFR +	6.00%	10.38%	1/19/2022	10/4/2026	28,360		28,360		28,360		1.22
Examworks Bidco, Inc.	(9)	SOFR +	2.75%	7.08%	1/19/2022	11/1/2028	24,914		24,803		25,006		1.07
Global Medical Response, Inc.	(11)	SOFR +	5.50%	9.83% (incl. 0.75% PIK)	12/18/2024	10/31/2028	24,932		25,098		24,998		1.07

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Consolidated Schedule of Investments

June 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)
Heartland Dental, LLC	(10)	SOFR +	4.50%	8.83%	11/7/2024	4/30/2028	$	14,887	$	14,914	$	14,924	0.64	%
ICS US Holdings, Inc.	(9)	SOFR +	5.25%	9.64%	12/20/2022	6/8/2028	35,000		33,771		26,483		1.14
Jayhawk Buyer, LLC	(4)(11)	SOFR +	5.00%	9.40%	1/19/2022	10/15/2026	25,464		25,393		24,318		1.04
MED ParentCo, LP	(8)	SOFR +	3.25%	7.57%	10/18/2024	4/15/2031	25,101		25,101		25,231		1.08
Navigator Acquiror, Inc.	(4)(7)(9)	SOFR +	5.50%	9.93% (incl. 4.00% PIK)	1/19/2022	7/16/2030	21,349		21,293		18,884		0.81
Onex TSG Intermediate Corp.	(10)	SOFR +	4.75%	9.34%	1/19/2022	2/28/2028	1,930		1,936		1,937		0.08
PSKW Intermediate, LLC	(4)(11)	SOFR +	5.50%	9.93%	12/11/2024	3/9/2028	30,863		30,863		30,863		1.33
Radiology Partners, Inc.	(8)	SOFR +	4.50%	8.80% (incl. 1.50% PIK)	3/6/2025	6/30/2032	3,825		3,787		3,799		0.16
Raven Acquisition Holdings, LLC	(7)(8)	SOFR +	3.25%	7.58%	10/15/2024	11/19/2031	9,310		9,308		9,314		0.40
Smile Doctors, LLC	(4)(7)(10)	SOFR +	5.75%	9.98%	1/19/2022	12/23/2028	141,158		139,573		136,051		5.85
Southern Veterinary Partners, LLC	(8)	SOFR +	3.25%	7.53%	12/4/2024	10/31/2031	13,965		14,089		13,997		0.60
WHCG Purchaser III, Inc.	(4)(10)	SOFR +	6.50%	10.80% (incl. 5.40% PIK)	8/2/2024	6/30/2029	2,873		2,873		2,873		0.12
WHCG Purchaser III, Inc.	(4)(10)(17)		10.00%	10.00% PIK	8/2/2024	6/30/2030	2,339		892		982		0.04
									733,268		707,788		30.39

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Consolidated Schedule of Investments

June 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 Technology
athenahealth, Inc.	(9)	SOFR +	2.75%	7.08%	3/13/2025	2/15/2029	$	14,464	$	14,248	$	14,466	0.62	%
Cotiviti, Inc.	(8)	SOFR +	2.75%	7.07%	11/25/2024	5/1/2031	44,681		44,764		44,527		1.91
Gainwell Acquisition Corp.	(10)	SOFR +	4.00%	8.40%	12/18/2024	10/1/2027	49,701		48,035		47,998		2.06
GI Ranger Intermediate, LLC	(4)(10)	SOFR +	5.75%	10.18%	9/26/2022	10/29/2028	43,669		43,308		43,669		1.88
Project Ruby Ultimate Parent Corp.	(8)	SOFR +	3.00%	7.44%	11/20/2024	3/10/2028	319		319		320		0.01
Waystar Technologies, Inc.	(8)	SOFR +	2.25%	6.58%	12/30/2024	10/22/2029	5,614		5,590		5,642		0.24
									156,264		156,622		6.72
Hotels, Restaurants & Leisure
Alterra Mountain, Co.	(4)(8)	SOFR +	2.75%	7.08%	11/7/2024	8/17/2028	6,808		6,808		6,850		0.29
FanDuel Group Financing, LLC	(9)	SOFR +	1.75%	6.05%	4/8/2025	11/30/2030	6,650		6,509		6,641		0.29
Flynn Restaurant Group, LP	(8)	SOFR +	3.75%	8.08%	3/11/2025	1/28/2032	22,589		22,140		22,589		0.97
IRB Holding Corp.	(10)	SOFR +	2.50%	6.83%	12/11/2024	12/15/2027	14,925		14,981		14,941		0.64
Life Time, Inc.	(8)	SOFR +	2.25%	6.53%	10/15/2024	11/5/2031	19,900		20,006		19,977		0.86
Motion Finco, LLC	(8)	SOFR +	3.50%	7.80%	3/13/2025	11/12/2029	4,975		4,903		4,748		0.20
New Red Finance, Inc.	(8)	SOFR +	1.75%	6.08%	3/13/2025	9/12/2030	9,131		9,007		9,103		0.39
Scientific Games Holdings, LP	(9)	SOFR +	3.00%	7.28%	6/11/2024	4/4/2029	14,858		14,846		14,862		0.64
Tacala Investment Corp.	(10)	SOFR +	3.50%	7.83%	11/13/2024	1/31/2031	4,963		5,000		4,993		0.21
Whatabrands, LLC	(9)	SOFR +	2.50%	6.83%	12/11/2024	8/3/2028	29,001		29,039		29,047		1.25
									133,239		133,751		5.74
Household Durables
AI Aqua Merger Sub, Inc.	(9)	SOFR +	3.00%	7.32%	12/5/2024	7/31/2028	34,448		34,313		34,416		1.48
Madison Safety & Flow, LLC	(8)	SOFR +	2.75%	7.08%	9/26/2024	9/26/2031	10,073		10,073		10,104		0.43
									44,386		44,520		1.91
Independent Power and Renewable Electricity Producers
Calpine, Corp.	(8)	SOFR +	1.75%	6.08%	12/12/2024	1/31/2031	2,894		2,891		2,897		0.12
Industrial Conglomerates
Engineered Machinery Holdings, Inc.	(10)	SOFR +	3.50%	8.06%	6/7/2022	5/19/2028	3,870		3,796		3,898		0.17

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Consolidated Schedule of Investments

June 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 +	2.75%	7.07%	9/12/2024	9/19/2031	$	9,367	$	9,240	$	9,380	0.40	%
AmWINS Group, Inc.	(10)	SOFR +	2.25%	6.58%	11/7/2024	1/30/2032	16,286		16,138		16,309		0.70
AssuredPartners, Inc.	(9)	SOFR +	3.50%	7.83%	2/16/2024	2/14/2031	32,043		32,206		32,159		1.38
Baldwin Insurance Group Holdings, LLC	(8)	SOFR +	3.00%	7.31%	12/11/2024	5/26/2031	6,700		6,700		6,714		0.29
BroadStreet Partners, Inc.	(8)	SOFR +	3.00%	7.33%	6/14/2024	6/14/2031	39,423		39,525		39,515		1.70
Foundation Risk Partners Corp.	(4)(10)	SOFR +	4.75%	9.05%	9/26/2022	10/29/2030	74,865		74,369		74,865		3.22
HUB International, Ltd.	(8)	SOFR +	2.50%	6.77%	11/25/2024	6/20/2030	25,399		25,554		25,497		1.10
Hyperion Refinance S.à r.l.	(9)	SOFR +	3.50%	7.83%	11/22/2024	4/18/2030	14,721		14,799		14,818		0.64
Hyperion Refinance S.à r.l.	(9)	SOFR +	3.00%	7.33%	11/22/2024	2/15/2031	11,281		11,380		11,329		0.49
OneDigital Borrower, LLC	(9)	SOFR +	3.00%	7.33%	11/19/2024	7/2/2031	18,036		18,135		18,030		0.77
Patriot Growth Insurance Services, LLC	(4)(10)	SOFR +	5.00%	9.45%	9/26/2022	10/16/2028	62,045		60,938		62,045		2.67
TIH Insurance Holdings, LLC	(8)	SOFR +	2.75%	7.05%	12/6/2024	5/6/2031	10,000		10,075		10,017		0.43
Trucordia Insurance Holdings, LLC	(8)	SOFR +	3.25%	7.56%	6/17/2025	6/17/2032	6,535		6,519		6,555		0.28
USI, Inc.	(8)	SOFR +	2.25%	6.55%	12/23/2024	11/22/2029	23,594		23,636		23,581		1.01
USI, Inc.	(8)	SOFR +	2.25%	6.55%	12/23/2024	9/29/2030	19,862		19,915		19,833		0.85
									369,129		370,647		15.93
Interactive Media & Services
Project Boost Purchaser, LLC	(8)	SOFR +	3.00%	7.30%	7/16/2024	7/16/2031	21,727		21,821		21,789		0.94
TripAdvisor, Inc.	(8)	SOFR +	2.75%	7.08%	3/27/2025	7/8/2031	4,285		4,226		4,279		0.18
									26,047		26,068		1.12
IT Services
Ahead DB Holdings, LLC	(10)	SOFR +	3.00%	7.30%	8/2/2024	2/1/2031	3,583		3,578		3,590		0.15
Dcert Buyer, Inc.	(8)	SOFR +	4.00%	8.33%	5/24/2022	10/16/2026	9,905		9,795		9,832		0.42
Fortress Intermediate 3, Inc.	(4)(8)	SOFR +	3.50%	7.83%	12/11/2024	6/27/2031	4,963		5,000		4,981		0.21
Informatica, LLC	(8)	SOFR +	2.25%	6.58%	11/7/2024	10/27/2028	9,923		9,965		9,976		0.43
Newfold Digital Holdings Group, Inc.	(10)	SOFR +	3.50%	7.93%	1/19/2022	2/10/2028	4,345		4,299		3,152		0.14
Razor Holdco, LLC	(4)(10)	SOFR +	5.75%	10.18%	1/19/2022	10/25/2027	13,016		12,911		13,016		0.56
Virtusa Corp.	(10)	SOFR +	3.25%	7.58%	6/21/2024	2/15/2029	25,660		25,817		25,699		1.10
									71,365		70,246		3.01

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Consolidated Schedule of Investments

June 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)
Life Sciences Tools & Services
Parexel International, Inc.	(9)	SOFR +	2.50%	6.83%	3/3/2025	11/15/2028	$	13,904	$	13,982	$	13,924	0.60	%
Machinery
Chart Industries, Inc.	(9)	SOFR +	2.50%	6.79%	11/13/2024	3/16/2030	8,000		8,068		8,035		0.35
LSF11 Trinity Bidco, Inc.	(8)	SOFR +	3.00%	7.32%	12/11/2024	6/14/2030	230		230		231		0.01
Pro Mach Group, Inc.	(11)	SOFR +	2.75%	7.08%	2/7/2025	8/31/2028	10,250		10,254		10,282		0.44
SPX Flow, Inc.	(9)	SOFR +	3.00%	7.33%	6/6/2024	4/5/2029	6,395		6,440		6,425		0.28
Titan Co-Borrower, LLC	(8)	SOFR +	4.50%	8.80%	11/19/2024	2/15/2029	9,162		9,210		9,198		0.40
Victory Buyer, LLC	(9)	SOFR +	3.75%	8.19%	1/19/2022	11/19/2028	9,702		9,387		9,610		0.41
									43,589		43,781		1.89
Media
ABG Intermediate Holdings 2, LLC	(8)	SOFR +	2.25%	6.58%	4/8/2025	2/13/2032	5,237		5,075		5,234		0.22
McGraw-Hill Education, Inc.	(9)	SOFR +	3.25%	7.58%	1/16/2025	8/6/2031	4,566		4,629		4,587		0.20
Prodege International Holdings, LLC	(4)(10)	SOFR +	5.75%	10.21%	1/19/2022	12/15/2027	20,625		20,473		19,078		0.82
Radiate Holdco, LLC	(10)	SOFR +	3.25%	7.69% (incl. 1.50% PIK)	1/19/2022	9/25/2026	2,346		2,345		2,046		0.09
Wasserman Media Group, LLC	(8)	SOFR +	3.00%	7.32%	6/12/2025	6/23/2032	1,665		1,657		1,669		0.07
									34,179		32,614		1.40
Metals & Mining
Novelis Holdings, Inc.	(8)	SOFR +	2.00%	6.30%	3/11/2025	3/11/2032	3,885		3,885		3,895		0.17
SCIH Salt Holdings, Inc.	(10)	SOFR +	3.00%	7.28%	1/19/2022	1/31/2029	17,970		18,029		17,997		0.77
									21,914		21,892		0.94
Mortgage Real Estate Investment Trusts (REITs)
Blackstone Mortgage Trust, Inc.	(9)	SOFR +	3.50%	7.83%	11/14/2024	5/9/2029	2,497		2,500		2,507		0.11
KREF Holdings X, LLC	(8)	SOFR +	3.25%	7.56%	3/5/2025	3/5/2032	1,853		1,851		1,866		0.08
Starwood Property Mortgage, LLC	(9)	SOFR +	2.25%	6.58%	12/12/2024	1/2/2030	2,743		2,737		2,755		0.12
									7,088		7,128		0.31
Oil, Gas & Consumable Fuels
Freeport LNG Investments, LLLP	(9)	SOFR +	3.25%	7.52%	1/10/2025	12/21/2028	17,921		17,908		17,962		0.77
WhiteWater Matterhorn Holdings, LLC	(8)	SOFR +	2.25%	6.57%	6/16/2025	6/16/2032	1,562		1,554		1,563		0.07
									19,462		19,525		0.84
Paper & Forest Products
Profile Products, LLC	(4)(10)	SOFR +	5.75%	10.11%	9/26/2022	11/12/2027	74,155		73,444		72,858		3.13

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Investments (1)(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
AG Group Holdings, Inc.	(9)	SOFR +	4.25%	8.58%	4/22/2024	12/29/2028	$	2,754	$	2,748	$	2,578	0.11	%
AlixPartners, LLP	(9)	SOFR +	2.50%	6.94%	3/3/2025	2/4/2028	3,979		3,993		3,999		0.17
Amspec Parent, LLC	(4)(7)(8)	SOFR +	4.25%	8.55%	12/20/2024	12/20/2031	7,607		7,607		7,084		0.30
Ankura Consulting Group, LLC	(10)	SOFR +	3.50%	7.80%	12/17/2024	12/17/2031	1,410		1,407		1,411		0.06
Ascensus Group Holdings, Inc.	(9)	SOFR +	3.00%	7.33%	12/13/2024	8/2/2028	21,643		21,684		21,711		0.93
Berkeley Research Group Holdings, LLC	(8)	SOFR +	3.25%	7.55%	5/1/2025	5/1/2032	15,000		14,780		15,074		0.65
Camelot US Acquisition, LLC	(8)	SOFR +	2.75%	7.08%	1/31/2024	1/31/2031	21,746		21,612		21,549		0.93
Cast & Crew Payroll, LLC	(9)	SOFR +	3.75%	8.08%	1/19/2022	12/29/2028	34,568		33,765		32,763		1.41
CFGI Holdings, LLC	(4)(10)	SOFR +	4.50%	8.83%	9/26/2022	11/2/2027	109,456		109,456		109,456		4.70
CohnReznick Advisory, LLC	(7)(8)	SOFR +	4.00%	8.30%	3/26/2025	3/31/2032	14,764		14,676		14,719		0.63
Deerfield Dakota Holding, LLC	(11)	SOFR +	3.75%	8.05%	1/19/2022	4/9/2027	14,597		14,523		14,218		0.61
Dun & Bradstreet Corp.	(8)	SOFR +	2.25%	6.57%	11/15/2024	1/18/2029	12,793		12,815		12,797		0.55
First Advantage Holdings, LLC	(8)	SOFR +	3.25%	7.58%	6/7/2022	10/31/2031	4,953		4,965		4,962		0.21
Genuine Financial Holdings, LLC	(8)	SOFR +	3.25%	7.58%	6/28/2024	9/27/2030	17,865		17,869		17,025		0.73
Grant Thornton Advisors, LLC	(8)	SOFR +	3.00%	7.33%	5/22/2025	6/2/2031	2,169		2,142		2,175		0.09
Kwor Acquisition, Inc.	(4)(11)	SOFR +	6.25%	10.58% (incl. 5.25% PIK)	2/28/2025	2/28/2030	42,011		42,011		42,011		1.80
Kwor Acquisition, Inc.	(4)(7)(11)	SOFR +	5.25%	9.58%	9/26/2022	2/28/2030	578		578		532		0.02
Mermaid Bidco, Inc.	(8)	SOFR +	3.25%	7.51%	6/26/2025	7/3/2031	1,604		1,600		1,608		0.07
Ryan, LLC	(9)	SOFR +	3.50%	7.83%	3/3/2025	11/14/2030	13,904		13,996		13,940		0.60
Secretariat Advisors, LLC	(4)(7)(8)	SOFR +	4.00%	8.30%	2/24/2025	2/24/2032	2,493		2,481		2,500		0.11
Sedgwick Claims Management Services, Inc.	(8)	SOFR +	3.00%	7.33%	2/24/2023	7/31/2031	34,136		34,289		34,298		1.47
Trinity Air Consultants Holdings Corp.	(4)(10)	SOFR +	4.25%	8.48%	9/26/2022	6/29/2029	118,000		117,383		118,000		5.07
VT Topco, Inc.	(9)	SOFR +	3.00%	7.33%	12/17/2024	8/9/2030	4,963		5,014		4,979		0.21
West Monroe Partners, LLC	(4)(10)	SOFR +	4.75%	9.07%	1/19/2022	11/8/2028	28,601		28,319		28,315		1.22
West Monroe Partners, LLC	(4)(7)(10)	SOFR +	4.75%	9.18%	1/19/2022	11/8/2027	190		190		190		0.01
									529,903		527,894		22.66
Real Estate Management & Development
Progress Residential PM Holdings, LLC	(4)(7)(10)	SOFR +	5.50%	9.93%	1/19/2022	8/8/2030	18,138		18,247		18,138		0.78

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June 30, 2025

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(Unaudited)


Investments (1)(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
Applied Systems, Inc.	(8)	SOFR +	2.50%	6.80%	11/25/2024	2/24/2031	$	16,888	$	17,027	$	16,981	0.73	%
Auctane, Inc.	(4)(10)	SOFR +	5.75%	10.14%	1/19/2022	10/5/2028	58,200		57,620		57,182		2.46
Avalara, Inc.	(8)	SOFR +	3.25%	7.55%	3/28/2025	3/26/2032	31,250		31,099		31,422		1.35
Boost Newco Borrower, LLC	(8)	SOFR +	2.00%	6.30%	4/10/2025	1/31/2031	2,993		2,948		3,004		0.13
Boxer Parent Company, Inc.	(8)	SOFR +	3.00%	7.33%	7/30/2024	7/30/2031	45,212		45,051		44,983		1.93
CDK Global, Inc.	(8)	SOFR +	3.25%	7.55%	12/11/2024	7/6/2029	49,917		46,979		41,808		1.80
Clearwater Analytics, LLC	(4)(8)	SOFR +	2.25%	6.52%	4/24/2025	4/21/2032	1,383		1,383		1,385		0.06
Cloud Software Group, Inc.	(9)	SOFR +	3.75%	8.05%	11/4/2024	3/21/2031	37,143		37,285		37,248		1.60
Cloud Software Group, Inc.	(9)	SOFR +	3.50%	7.80%	3/11/2025	3/30/2029	4,987		4,941		4,999		0.21
Cloudera, Inc.	(9)	SOFR +	3.75%	8.18%	1/19/2022	10/8/2028	14,227		14,085		13,715		0.59
Confine Visual Bidco	(4)(8)	SOFR +	5.75%	10.04%	9/26/2022	2/23/2029	31,746		31,214		25,476		1.09
Confine Visual Bidco	(4)(8)	SOFR +	5.75%	10.04%	9/26/2022	2/23/2029	758		757		608		0.03
ConnectWise, LLC	(9)	SOFR +	3.50%	8.06%	1/19/2022	9/29/2028	14,265		14,343		14,356		0.62
Cornerstone OnDemand, Inc.	(9)	SOFR +	3.75%	8.19%	2/20/2025	10/16/2028	29,871		27,322		28,107		1.21
Delta Topco, Inc.	(8)	SOFR +	2.75%	7.07%	11/25/2024	11/30/2029	38,220		38,150		37,991		1.63
ECI Macola Max Holding, LLC	(10)	SOFR +	3.25%	7.55%	9/20/2024	5/9/2030	26,623		26,817		26,787		1.15
Epicor Software Corp.	(10)	SOFR +	2.75%	7.08%	5/30/2024	5/30/2031	15,813		15,853		15,871		0.68
Flash Charm, Inc.	(10)	SOFR +	3.50%	7.78%	6/11/2024	3/2/2028	9,034		9,022		8,497		0.37
Flexera Software, LLC	(10)	SOFR +	3.00%	7.31%	5/20/2024	3/3/2028	5,612		5,612		5,623		0.24
Gen Digital, Inc.	(9)	SOFR +	1.75%	6.08%	6/5/2024	9/12/2029	2,567		2,567		2,566		0.11
Gen Digital, Inc.	(9)	SOFR +	1.75%	6.08%	4/3/2025	2/13/2032	12,000		11,841		11,994		0.52
Genesys Cloud Services, Inc.	(8)	SOFR +	2.50%	6.83%	9/26/2024	1/30/2032	28,287		28,004		28,315		1.22
HS Purchaser, LLC	(10)	SOFR +	4.00%	8.38%	1/19/2022	11/19/2026	3,059		3,054		2,922		0.13
Icon Parent, Inc.	(8)	SOFR +	3.00%	7.21%	11/7/2024	11/13/2031	29,925		30,062		29,992		1.29
ION Trading Finance, Ltd.	(8)	SOFR +	3.50%	7.80%	12/10/2024	4/1/2028	31,161		31,216		31,231		1.34
Javelin Buyer, Inc.	(8)	SOFR +	3.25%	7.58%	12/6/2024	12/5/2031	29,925		30,200		30,084		1.29
LD Lower Holdings, Inc.	(4)(11)	SOFR +	7.50%	11.90%	1/19/2022	8/9/2027	13,585		13,558		13,042		0.56
Magenta Security Holdings, LLC	(11)	SOFR +	6.25%	10.53%	8/14/2024	7/27/2028	292		283		296		0.01
Magenta Security Holdings, LLC	(10)(18)	SOFR +	6.75%	11.29%	8/14/2024	7/27/2028	829		796		696		0.03
McAfee Corp.	(9)	SOFR +	3.00%	7.32%	5/31/2024	3/1/2029	26,163		26,144		25,463		1.09
Medallia, Inc.	(4)(10)	SOFR +	6.50%	10.82% (incl. 4.00% PIK)	1/19/2022	10/29/2028	51,581		51,155		44,747		1.92
Mitnick Purchaser, Inc.	(9)(18)	SOFR +	4.50%	8.88%	4/20/2022	5/2/2029	4,862		4,849		3,306		0.14

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June 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)
Mitratech Holdings, Inc.	(4)(10)	SOFR +	5.00%	9.38%	8/9/2022	5/18/2028	$	26,881	$	26,204	$	26,881	1.15	%
Mitratech Holdings, Inc.	(10)	SOFR +	4.25%	8.79%	4/5/2023	5/18/2028	14,700		14,285		14,764		0.63
Monk Holding, Co.	(4)(10)(18)	SOFR +	5.50%	9.90%	1/19/2022	12/1/2027	107,116		106,020		107,116		4.60
Monk Holding, Co.	(4)(7)(10)	SOFR +	5.50%	9.90%	1/19/2022	12/1/2027	3,534		3,510		3,534		0.15
MRI Software, LLC	(11)	SOFR +	4.75%	9.05%	9/26/2022	2/10/2027	9,916		9,804		9,879		0.42
Nintex Topco, Limited	(4)(8)	SOFR +	6.00%	10.45% (incl. 1.50% PIK)	1/19/2022	11/13/2028	32,797		32,463		29,764		1.28
Perforce Software, Inc.	(8)	SOFR +	4.75%	9.08%	12/18/2024	7/1/2029	10,740		10,582		10,377		0.45
Planview Parent, Inc.	(8)	SOFR +	3.50%	7.80%	12/17/2024	12/17/2027	3,672		3,609		3,582		0.15
Project Alpha Intermediate Holding, Inc.	(9)	SOFR +	3.25%	7.55%	11/26/2024	10/28/2030	20,604		20,554		20,725		0.89
Project Leopard Holdings, Inc.	(9)	SOFR +	5.25%	9.63%	12/19/2024	7/20/2029	19,895		18,057		18,130		0.78
Proofpoint, Inc.	(9)	SOFR +	3.00%	7.33%	5/28/2024	8/31/2028	24,665		24,749		24,709		1.06
Quartz Acquireco, LLC	(8)	SOFR +	2.25%	6.55%	4/11/2025	6/28/2030	1,875		1,852		1,884		0.08
Rocket Software, Inc.	(9)	SOFR +	4.25%	8.58%	10/5/2023	11/28/2028	19,909		19,698		19,978		0.86
Skopima Consilio Parent, LLC	(9)	SOFR +	3.75%	8.08%	12/18/2024	5/12/2028	27,244		27,271		26,925		1.16
Sophos Holdings, LLC	(8)	SOFR +	3.50%	7.94%	1/19/2022	3/5/2027	19,150		19,141		19,246		0.83
Sovos Compliance, LLC	(8)	SOFR +	4.00%	8.33%	2/11/2025	8/12/2029	15,442		15,447		15,537		0.67
Starlight Parent, LLC	(8)	SOFR +	4.00%	8.26%	4/16/2025	4/16/2032	28,974		28,128		28,400		1.22
Storable, Inc.	(8)	SOFR +	3.25%	7.58%	3/10/2025	4/16/2031	2,341		2,338		2,342		0.10
Triple Lift, Inc.	(4)(7)(10)	SOFR +	5.75%	10.22%	1/19/2022	5/5/2028	58,467		58,159		56,043		2.41
UKG, Inc.	(8)	SOFR +	3.00%	7.31%	12/2/2024	2/10/2031	25,308		25,533		25,432		1.09
Vision Solutions, Inc.	(10)	SOFR +	4.00%	8.54%	1/19/2022	4/24/2028	12,134		11,841		11,551		0.50
VS Buyer, LLC	(8)	SOFR +	2.75%	7.02%	11/19/2024	4/12/2031	14,925		15,080		15,018		0.65
XPLOR T1, LLC	(4)(8)	SOFR +	3.50%	7.80%	12/11/2024	6/24/2031	4,963		5,025		4,981		0.21
Zodiac Purchaser, LLC	(8)	SOFR +	3.50%	7.83%	12/13/2024	2/14/2032	19,000		18,933		18,941		0.81
									1,179,520		1,156,436		49.68
Specialty Retail
CustomInk, LLC	(4)(11)(18)	SOFR +	5.98%	10.36%	1/19/2022	5/3/2028	36,866		36,777		36,866		1.58
EG America, LLC	(8)	SOFR +	4.25%	8.58%	7/12/2023	2/7/2028	6,135		6,162		6,171		0.27
Great Outdoors Group, LLC	(10)	SOFR +	3.25%	7.58%	1/23/2025	1/23/2032	2,559		2,547		2,559		0.11
Mavis Tire Express Services Topco, Corp.	(10)	SOFR +	3.00%	7.33%	11/19/2024	5/4/2028	15,159		15,181		15,170		0.65
StubHub Holdco Sub, LLC	(8)	SOFR +	4.75%	9.08%	3/15/2024	3/15/2030	12,171		12,238		11,846		0.51
									72,905		72,612		3.12

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Consolidated Schedule of Investments

June 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)
Technology Hardware, Storage & Peripherals
Sandisk, Corp.	(8)	SOFR +	3.00%	7.32%	12/13/2024	2/20/2032	$	19,409	$	19,121	$	19,336	0.83	%
Textiles, Apparel & Luxury Goods
Champ Acquisition Corp.	(8)	SOFR +	4.00%	8.17%	11/8/2024	11/25/2031	669		669		676		0.03
Trading Companies & Distributors
BCPE Empire Holdings, Inc.	(9)	SOFR +	3.25%	7.58%	3/4/2025	12/11/2030	2,721		2,718		2,709		0.12
FCG Acquisitions, Inc.	(9)	SOFR +	3.25%	7.55%	2/11/2025	3/31/2028	16,130		16,117		16,161		0.69
Foundation Building Materials, Inc.	(9)	SOFR +	3.25%	7.79%	1/19/2022	1/31/2028	4,774		4,694		4,729		0.20
Hillman Group, Inc.	(9)	SOFR +	2.00%	6.31%	11/7/2024	7/14/2028	3,960		3,966		3,975		0.17
Icebox Holdco III, Inc.	(9)	SOFR +	3.50%	8.06%	1/19/2022	12/22/2028	5,799		5,771		5,827		0.25
Johnstone Supply, LLC	(8)	SOFR +	2.50%	6.82%	12/12/2024	6/9/2031	11,325		11,392		11,362		0.49
Kodiak BP, LLC	(8)	SOFR +	3.75%	8.03%	1/19/2022	12/4/2031	14,963		14,948		14,447		0.62
Paramount Global Surfaces, Inc.	(4)(11)	SOFR +	6.00%	10.40%	1/19/2022	4/1/2027	8,555		8,500		6,844		0.29
Park River Holdings, Inc.	(10)	SOFR +	3.25%	7.80%	1/19/2022	12/28/2027	3,317		3,291		3,238		0.14
QXO Building Products, Inc.	(8)	SOFR +	3.00%	7.30%	4/23/2025	4/30/2032	2,651		2,625		2,672		0.11
White Cap Buyer, LLC	(8)	SOFR +	3.25%	7.58%	6/13/2024	10/19/2029	16,851		16,889		16,784		0.72
									90,911		88,748		3.80
Transportation Infrastructure
Apple Bidco, LLC	(8)	SOFR +	2.50%	6.83%	6/7/2022	9/23/2031	30,642		30,679		30,623		1.32
Liquid Tech Solutions Holdings, LLC	(4)(10)	SOFR +	3.75%	8.08%	12/17/2024	3/19/2028	4,911		4,911		4,923		0.21
Roadsafe Holdings, Inc.	(4)(11)	SOFR +	5.75%	10.12%	1/19/2022	10/19/2027	11,640		11,596		11,116		0.48
Roadsafe Holdings, Inc.	(4)(11)	SOFR +	5.75%	9.89%	1/19/2022	10/19/2027	6,702		6,663		6,400		0.27
									53,849		53,062		2.28
Total First Lien Debt									5,951,031		5,844,290		251.01

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June 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

Second Lien Debt
Diversified Consumer Services
Ascend Learning, LLC	(9)	SOFR +	5.75%	10.18%	7/29/2022	12/10/2029	$	2,493	$	2,320	$	2,502	0.11	%
Health Care Providers & Services
Canadian Hospital Specialties, Ltd.	(4)(8)		8.75%	8.75%	12/20/2022	4/15/2029	CAD	12,000	8,381		8,151		0.35
Jayhawk Buyer, LLC	(4)(11)	SOFR +	8.75%	13.13%	1/19/2022	10/15/2027	24,712		24,625		22,982		0.99
									33,006		31,133		1.34
Life Sciences Tools & Services
Curia Global, Inc.	(4)(10)	SOFR +	10.50%	15.09% PIK	9/26/2022	3/7/2030	39,176		38,663		35,650		1.53
Machinery
Victory Buyer, LLC	(4)(9)	SOFR +	7.00%	11.44%	1/19/2022	11/19/2029	66,704		65,907		65,370		2.81
Professional Services
Kwor Acquisition, Inc.	(4)(11)	SOFR +	8.00%	12.33% PIK	2/28/2025	2/28/2030	14,245		14,245		14,829		0.64
Software
Boxer Parent Company, Inc.	(8)	SOFR +	5.75%	10.08%	3/26/2025	7/30/2032	20,000		19,365		19,513		0.84
Vision Solutions, Inc.	(10)	SOFR +	7.25%	11.79%	9/26/2022	4/23/2029	24,942		22,869		23,232		1.00
									42,234		42,745		1.84
Total Second Lien Debt									196,375		192,229		8.27
Unsecured Debt
Software
Tangerine Bidco S.p.A	(4)(8)	E +	5.00%	7.36%	12/17/2022	12/30/2029	EUR	69,750	72,667		82,162		3.53
Total Unsecured Debt									72,667		82,162		3.53

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Consolidated Schedule of Investments

June 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
Air Freight & Logistics
AGI Group Holdings, LP - Class A-2 Common Units	(4)			1/19/2022		194	$	208	$	284	0.01	%
Mode Holdings, LP - Class A-2 Common Units	(4)			1/19/2022		1,230,769	2,215		862		0.04
Red Griffin ParentCo, LLC - Class A Common Units	(4)			11/27/2024		3,838	16,269		11,675		0.50
							18,692		12,821		0.55
Capital Markets
Resolute Investment Managers, Inc. - Common Equity				12/29/2023		11,751	294		68		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 Preferred 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		1,210		0.05
							2,111		1,210		0.05
Diversified Consumer Services
Cambium Holdings, LLC - Senior Preferred Interest	(4)		11.50%	1/19/2022		974,662	1,133		1,416		0.06
Health Care Providers & Services
Jayhawk Holdings, LP - Class A-1 Common Units	(4)			1/19/2022		797	210		10		0.00
Jayhawk Holdings, LP - Class A-2 Common Units	(4)			1/19/2022		429	113		6		0.00
WHCG Purchaser, Inc. - Class A Common Units	(4)			8/2/2024		667,649	0		0		0.00
							323		16		0.00

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Consolidated Schedule of Investments

June 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)
Professional Services
Kwor Intermediate I, Inc. - Class A Common Shares	(4)			2/28/2025		8,617	$	7,857	$	4,499	0.19	%
Kwor Intermediate I, Inc. - Preferred Equity	(4)			2/28/2025		9,216	9,216		9,594		0.41
							17,073		14,093		0.60
Software
Descartes Holdings, Inc. - Class A Common Stock	(4)			10/9/2023		168,057	728		0		0.00
Lobos Parent, Inc. - Series A Preferred Shares	(4)		10.50%	1/19/2022		5,773	5,700		8,053		0.35
							6,428		8,053		0.35
Specialty Retail
GSO DL CoInvest CI LP (CustomInk, LLC - Series A Preferred Units)	(4)			1/19/2022		3,000,000	3,542		3,623		0.16
Total Equity							49,596		41,300		1.77
Total Investment Portfolio							6,269,669		6,159,981		264.58
Cash and Cash Equivalents
Morgan Stanley Euro Liquidity Fund			1.99%				4,187		4,187		0.18
Fidelity Investments Money Market Treasury Portfolio - Class I			4.19%				281		281		0.01
Other Cash and Cash Equivalents							175,273		175,273		7.53
Total Portfolio Investments, Cash and Cash Equivalents							$	6,449,410	$	6,339,722	272.30	%

(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 June 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), and New Zealand Dollars (NZD). All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. The total par amount (in thousands) is presented for debt investments, while the number of shares or units (in whole amounts) owned is presented for equity investments. Each of the Company’s investments is pledged as collateral, under one or more of its credit facilities unless otherwise indicated.

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

(6)Reserved.

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Consolidated Schedule of Investments

June 30, 2025

(in thousands)

(Unaudited)


Investments	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
ADCS Clinics Intermediate Holdings, LLC	Revolver	5/7/2026	$	714	$	—
Amspec Parent, LLC	Delayed Draw Term Loan	12/21/2026	1,093		(1,093)
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	100		—
CohnReznick Advisory, LLC	Delayed Draw Term Loan	3/31/2027	3,418		—
Express Wash Concepts, LLC	Delayed Draw Term Loan	12/31/2025	17,500		—
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		(577)
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		—
Progress Residential PM Holdings, LLC	Delayed Draw Term Loan	8/8/2025	3,721		—
Raven Acquisition Holdings, LLC	Delayed Draw Term Loan	11/19/2026	667		—
Sanders Industries Holdings, Inc.	Delayed Draw Term Loan	2/26/2027	2,167		—
Secretariat Advisors, LLC	Delayed Draw Term Loan	2/28/2027	301		—
Signia Aerospace, LLC	Delayed Draw Term Loan	12/11/2026	1,264		—
Smile Doctors, LLC	Revolver	12/23/2027	4,737		(166)
Triple Lift, Inc.	Revolver	5/5/2028	2,143		(86)
West Monroe Partners, LLC	Revolver	11/9/2027	2,653		—
Total Unfunded Commitments			$	73,324	$	(1,922)

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

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

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

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

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

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

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

(19)All securities are exempt from registration under the Securities Act, and may be deemed to be “restricted securities.” As of June 30, 2025, the aggregate fair value of these securities is $6,160.0 million or 264.58% of the Company’s net assets. The initial acquisition dates have been included for such securities.

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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

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Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)


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

First Lien Debt (continued)
Building Products
Cornerstone Building Brands, Inc.	(9)	SOFR +	3.25%	7.75%	1/19/2022	4/12/2028	$	16,517	$	15,941	$	15,819	0.67	%
Fencing Supply Group Acquisition, LLC	(4)(11)	SOFR +	6.00%	10.46%	1/19/2022	2/26/2027	19,250		19,209		18,769		0.79
LBM Acquisition, LLC	(10)	SOFR +	3.75%	8.30%	6/6/2024	5/31/2031	13,865		13,718		13,770		0.58
Lindstrom, LLC	(4)(11)	SOFR +	6.25%	10.90%	1/19/2022	5/1/2027	27,288		27,288		27,015		1.14
MIWD Holdco II, LLC	(8)	SOFR +	3.00%	7.36%	10/3/2024	3/21/2031	9,975		10,075		10,089		0.43
Oscar Acquisitionco, LLC	(9)	SOFR +	4.25%	8.50%	12/2/2024	4/29/2029	9,974		9,918		9,885		0.42
TCP Sunbelt Acquisition Co	(8)	SOFR +	4.25%	8.99%	10/15/2024	10/15/2031	25,391		25,142		25,533		1.08
The Chamberlain Group, Inc.	(9)	SOFR +	3.25%	7.71%	1/19/2022	11/3/2028	14,773		14,749		14,879		0.63
Windows Acquisition Holdings, Inc.	(4)(11)	SOFR +	6.50%	10.98% (incl. 8.94% PIK)	1/19/2022	12/29/2026	10,390		10,390		8,416		0.35
									146,430		144,175		6.09
Capital Markets
Apex Group Treasury, LLC	(9)	SOFR +	3.75%	8.96%	1/19/2022	7/27/2028	1,070		1,060		1,081		0.05
Apex Group Treasury, LLC	(9)	SOFR +	4.00%	9.08%	8/2/2024	7/27/2028	70,715		70,802		71,451		3.01
Aretec Group, Inc.	(8)	SOFR +	3.50%	7.86%	12/6/2024	8/9/2030	1,320		1,320		1,324		0.06
Citco Funding, LLC	(9)	SOFR +	2.75%	7.31%	6/13/2024	4/27/2028	7,211		7,203		7,281		0.31
GTCR Everest Borrower, LLC	(8)	SOFR +	2.75%	7.08%	9/5/2024	9/5/2031	8,259		8,093		8,302		0.35
Osaic Holdings Inc	(8)	SOFR +	3.50%	7.86%	11/26/2024	8/17/2028	19,345		19,395		19,447		0.82
Resolute Investment Managers, Inc.	(11)	SOFR +	6.50%	11.09%	12/29/2023	4/30/2027	941		932		926		0.04
Saphilux S.à r.l.	(8)	S +	4.75%	9.45%	7/27/2023	7/18/2028	GBP	20,000	25,474		25,142		1.06
Situs-AMC Holdings Corporation	(4)(11)	SOFR +	5.50%	9.93%	9/26/2022	12/22/2027	90,087		89,376		90,087		3.80
Superannuation And Investments US, LLC	(9)	SOFR +	3.75%	8.22%	1/19/2022	12/1/2028	1,940		1,947		1,954		0.08
The Edelman Financial Engines Center, LLC	(8)	SOFR +	3.00%	7.36%	6/5/2024	4/7/2028	18,628		18,628		18,764		0.79
									244,230		245,759		10.37

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Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)


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

First Lien Debt (continued)
Chemicals
Derby Buyer, LLC	(9)	SOFR +	3.00%	7.37%	12/13/2024	11/1/2030	$	3,202	$	3,202	$	3,216	0.14	%
Derby Buyer, LLC	(9)	SOFR +	3.00%	7.37%	5/14/2024	11/1/2030	10,000		10,069		10,044		0.42
Discovery Purchaser Corp	(9)	SOFR +	4.38%	8.95%	12/2/2024	10/4/2029	8,550		8,634		8,613		0.36
Ecovyst Catalyst Technologies LLC	(8)	SOFR +	2.25%	6.84%	11/7/2024	6/12/2031	5,000		5,004		5,029		0.21
Pigments Services, Inc.	(4)(11)(17)	SOFR +	8.25%	12.69% PIK	4/14/2023	4/14/2029	7,125		4,670		2,367		0.10
Pigments Services, Inc.	(4)(11)	SOFR +	8.25%	12.69% PIK	4/14/2023	4/14/2029	3,479		3,479		3,479		0.15
									35,058		32,748		1.38
Commercial Services & Supplies
Access CIG, LLC	(9)	SOFR +	5.00%	9.59%	8/18/2023	8/18/2028	19,364		18,996		19,577		0.83
Allied Universal Holdco, LLC	(9)	SOFR +	3.75%	8.21%	1/19/2022	5/12/2028	27,929		27,784		28,055		1.18
Amspec Parent LLC	(4)(8)	SOFR +	4.25%	8.64%	12/20/2024	12/12/2031	2,773		2,759		2,794		0.12
Amspec Parent LLC	(4)(8)	SOFR +	4.25%	8.64%	12/20/2024	12/12/2031	427		426		430		0.02
Anticimex, Inc.	(9)	SOFR +	3.15%	7.72%	5/25/2022	11/16/2028	14,814		14,772		14,938		0.63
Anticimex, Inc.	(9)	SOFR +	3.40%	7.97%	4/23/2024	11/16/2028	24,440		24,440		24,647		1.04
Armor Holdco, Inc.	(9)	SOFR +	3.75%	8.03%	12/13/2024	12/11/2028	7,466		7,466		7,574		0.32
DG Investment Intermediate Holdings 2, Inc.	(10)	SOFR +	3.75%	8.22%	1/19/2022	3/31/2028	3,477		3,477		3,518		0.15
EAB Global, Inc.	(9)	SOFR +	3.25%	7.61%	1/19/2022	8/16/2028	19,806		19,798		19,907		0.84
Foundational Education Group, Inc.	(9)	SOFR +	3.75%	8.60%	6/7/2022	8/31/2028	3,890		3,806		3,797		0.16
Garda World Security Corp.	(8)	SOFR +	3.50%	7.90%	8/6/2024	2/1/2029	5,865		5,865		5,898		0.25
International SOS The Americas LP	(4)(9)	SOFR +	2.75%	7.08%	6/28/2024	9/7/2028	1,940		1,940		1,955		0.08
Java Buyer, Inc.	(4)(10)	SOFR +	5.75%	10.20%	1/19/2022	12/15/2027	9,529		9,433		9,529		0.40
Java Buyer, Inc.	(4)(10)	SOFR +	5.75%	10.44%	1/19/2022	12/15/2027	2,947		2,927		2,947		0.12
JSS Holdings, Inc.	(4)(10)	SOFR +	5.25%	10.00% (incl. 3.00% PIK)	1/19/2022	11/8/2031	36,312		36,130		36,312		1.53
KPSKY Acquisition, Inc.	(4)(10)(18)	SOFR +	5.50%	10.19%	9/26/2022	10/19/2028	133,599		129,272		116,231		4.90
OMNIA Partners, LLC	(8)	SOFR +	2.75%	7.37%	1/26/2024	7/25/2030	20,381		20,568		20,507		0.86
Polyphase Elevator Holding Co.	(4)(11)	SOFR +	6.00%	10.43% (incl. 5.00% PIK)	9/26/2022	6/23/2027	29,435		29,039		24,358		1.03
Prime Security Services Borrower, LLC	(8)	SOFR +	2.00%	6.52%	11/20/2024	10/13/2030	7,000		7,000		7,025		0.30
TRC Companies, Inc (fka Bolt Infrastructure Merger Sub, Inc.)	(9)	SOFR +	3.50%	7.97%	1/19/2022	12/8/2028	4,621		4,605		4,668		0.20
									370,503		354,667		14.96

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Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)


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

First Lien Debt (continued)
Construction & Engineering
Brookfield WEC Holdings, Inc.	(8)	SOFR +	2.25%	6.80%	1/25/2024	1/27/2031	$	19,781	$	19,822	$	19,821	0.84	%
Centuri Group, Inc.	(9)	SOFR +	2.50%	6.96%	12/2/2024	8/27/2028	10,000		10,062		10,061		0.42
Groundworks, LLC	(8)	SOFR +	3.25%	7.65%	11/7/2024	3/14/2031	467		468		470		0.02
Groundworks, LLC	(8)	SOFR +	3.25%	7.65%	11/7/2024	3/14/2031	2,527		2,533		2,543		0.11
Osmose Utilities Services Inc	(9)	SOFR +	3.25%	7.72%	11/7/2024	6/23/2028	16,956		17,032		17,006		0.72
Pike Electric Corp.	(8)	SOFR +	3.00%	7.47%	6/7/2022	1/21/2028	6,000		5,889		6,056		0.26
Refficiency Holdings, LLC	(10)	SOFR +	3.50%	7.96%	1/19/2022	12/16/2027	9,360		9,383		9,411		0.40
Socotec US Holding Inc	(10)	SOFR +	3.75%	8.27%	11/13/2024	6/30/2028	1,386		1,382		1,394		0.06
									66,571		66,762		2.83
Construction Materials
Tamko Building Products, LLC	(8)	SOFR +	2.75%	7.09%	10/23/2024	9/20/2030	7,932		7,982		8,006		0.34
Containers & Packaging
Anchor Packaging, LLC	(8)	SOFR +	3.25%	7.69%	12/13/2024	7/18/2029	4,987		5,031		5,022		0.21
Ascend Buyer, LLC	(4)(10)	SOFR +	5.75%	10.23%	9/26/2022	9/30/2028	74,018		73,553		74,018		3.12
Berlin Packaging, LLC	(8)	SOFR +	3.50%	8.05%	6/7/2024	6/7/2031	10,000		10,054		10,069		0.42
Berlin Packaging, LLC	(8)	SOFR +	3.50%	8.05%	12/6/2024	6/7/2031	18,785		18,876		18,916		0.80
Clydesdale Acquisition Holdings, Inc.	(9)	SOFR +	3.18%	7.53%	4/13/2022	4/13/2029	26,338		26,266		26,420		1.11
Graham Packaging Co, Inc.	(8)	SOFR +	2.50%	6.86%	7/31/2024	8/4/2027	18,278		18,342		18,344		0.77
ProAmpac PG Borrower, LLC	(10)	SOFR +	4.00%	8.66%	4/9/2024	9/15/2028	7,905		7,937		7,940		0.33
Ring Container Technologies Group, LLC	(9)	SOFR +	2.75%	7.11%	7/19/2024	8/12/2028	12,893		12,961		12,946		0.55
SupplyOne, Inc.	(8)	SOFR +	3.75%	8.11%	4/19/2024	4/19/2031	18,164		18,324		18,338		0.77
TricorBraun Holdings, Inc.	(9)	SOFR +	3.25%	7.72%	1/19/2022	3/3/2028	26,424		26,231		26,438		1.11
Trident TPI Holdings, Inc.	(9)	SOFR +	3.75%	8.19%	10/18/2024	9/15/2028	26,810		26,922		27,084		1.14
									244,497		245,535		10.33
Distributors
BP Purchaser, LLC	(4)(10)	SOFR +	5.50%	10.16% PIK	9/26/2022	12/10/2028	49,876		49,221		43,891		1.85
Genuine Cable Group, LLC	(4)(10)	SOFR +	5.75%	10.21%	1/19/2022	11/2/2026	31,490		31,273		29,916		1.26
Marcone Yellowstone Buyer, Inc.	(4)(10)	SOFR +	6.25%	10.99% (incl. 3.25% PIK)	9/26/2022	6/23/2028	81,336		80,099		72,796		3.07
Tailwind Colony Holding Corporation	(4)(11)	SOFR +	6.50%	11.19%	1/19/2022	5/13/2026	30,906		30,711		30,288		1.28
									191,304		176,891		7.46

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Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)


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

First Lien Debt (continued)
Diversified Consumer Services
Ascend Learning, LLC	(9)	SOFR +	3.50%	7.96%	1/19/2022	12/11/2028	$	17,953	$	17,851	$	18,072	0.76	%
Barbri Holdings, Inc.	(4)(10)	SOFR +	5.75%	10.18%	1/19/2022	4/28/2028	69,912		69,380		69,562		2.93
BPPH2 Limited	(4)(8)	S +	6.50%	11.32%	2/21/2023	3/16/2028	GBP	26,000	30,977		32,549		1.37
Cambium Learning Group, Inc.	(4)(7)(10)	SOFR +	5.50%	10.23%	1/19/2022	7/20/2028	34,262		34,262		34,262		1.44
Cengage Learning, Inc.	(11)	SOFR +	3.50%	7.86%	11/22/2024	3/22/2031	11,610		11,669		11,685		0.49
Element Materials Technology Group US Holdings Inc.	(9)	SOFR +	3.75%	8.08%	4/12/2022	7/6/2029	4,900		4,888		4,938		0.21
Express Wash Concepts, LLC	(4)(7)(11)	SOFR +	5.00%	9.36%	1/19/2022	4/30/2027	38,854		38,360		38,228		1.61
Fugue Finance LLC	(9)	SOFR +	3.25%	7.72%	12/5/2024	1/9/2032	1,458		1,458		1,474		0.06
Imagine Learning, LLC	(9)	SOFR +	3.50%	7.86%	2/1/2024	12/21/2029	6,934		6,957		6,955		0.29
KUEHG Corp.	(9)	SOFR +	3.25%	7.84%	10/21/2024	6/12/2030	10,000		10,113		10,115		0.43
Mckissock Investment Holdings, LLC	(10)	SOFR +	5.00%	9.79%	3/10/2022	3/12/2029	3,890		3,867		3,872		0.16
Mister Car Wash Holdings, Inc.	(8)	SOFR +	2.75%	7.09%	12/6/2024	3/21/2031	9,975		10,050		10,035		0.42
Pre-Paid Legal Services, Inc.	(9)	SOFR +	3.75%	8.22%	1/19/2022	12/15/2028	22,703		22,619		22,884		0.96
University Support Services, LLC	(9)	SOFR +	2.75%	7.11%	2/10/2022	2/10/2029	23,540		23,482		23,677		1.00
									285,933		288,308		12.13
Diversified Telecommunication Services
Lumen Technologies Inc	(14)	SOFR +	6.00%	10.36%	12/18/2024	6/1/2028	4,935		4,953		4,956		0.21
Zacapa, LLC	(9)	SOFR +	3.75%	8.08%	10/29/2024	3/22/2029	15,809		15,903		15,920		0.67
									20,856		20,876		0.88
Electrical Equipment
Madison IAQ, LLC	(9)	SOFR +	2.75%	7.89%	1/19/2022	6/21/2028	26,456		26,415		26,584		1.12
Electronic Equipment, Instruments & Components
Albireo Energy, LLC	(4)(11)	SOFR +	6.00%	10.68%	1/19/2022	12/23/2026	3,161		3,142		3,019		0.13
Albireo Energy, LLC	(4)(11)	SOFR +	6.00%	10.73%	1/19/2022	12/23/2026	811		807		774		0.03
Albireo Energy, LLC	(4)(11)	SOFR +	6.00%	10.43%	1/19/2022	12/23/2026	10,531		10,468		10,057		0.42
Infinite Bidco, LLC	(9)	SOFR +	3.75%	8.60%	1/19/2022	3/2/2028	2,910		2,918		2,893		0.12
Modena Buyer, LLC	(8)	SOFR +	4.50%	8.86%	7/1/2024	7/1/2031	3,100		3,042		3,010		0.13
									20,377		19,753		0.83
Energy Equipment & Services
Ursa Minor US Bidco, LLC	(8)	SOFR +	3.00%	7.33%	12/11/2024	3/26/2031	5,000		5,063		5,047		0.21

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Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)


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

First Lien Debt (continued)
Entertainment
CE Intermediate I, LLC	(9)	SOFR +	3.50%	8.05%	1/19/2022	11/10/2028	$	4,863	$	4,860	$	4,890	0.21	%
EP Purchaser, LLC	(9)	SOFR +	4.50%	9.90%	12/6/2024	11/6/2028	1,439		1,435		1,448		0.06
EP Purchaser, LLC	(9)	SOFR +	3.50%	8.09%	1/19/2022	11/6/2028	3,404		3,399		3,396		0.14
UFC Holdings, LLC	(8)	SOFR +	2.25%	6.77%	11/14/2024	11/21/2031	7,582		7,573		7,633		0.32
									17,267		17,367		0.73
Financial Services
Mitchell International, Inc.	(9)	SOFR +	3.25%	7.61%	6/17/2024	6/17/2031	14,963		14,951		14,989		0.63
Planet US Buyer, LLC	(8)	SOFR +	3.00%	7.52%	11/25/2024	1/31/2031	10,790		10,895		10,896		0.46
Solera, LLC	(9)(18)	SOFR +	4.00%	8.85%	5/16/2022	6/2/2028	16,730		16,551		16,781		0.71
									42,397		42,666		1.80
Food Products
CHG PPC Parent, LLC	(9)	SOFR +	3.00%	7.47%	11/7/2024	12/8/2028	15,951		16,031		16,060		0.68
Dreyers Grand Ice Cream Inc	(8)	SOFR +	2.00%	6.36%	11/7/2024	9/30/2031	10,000		9,985		10,021		0.42
									26,016		26,081		1.10
Health Care Equipment & Supplies
Auris Luxembourg III S.à r.l.	(8)	SOFR +	3.75%	8.18%	4/8/2024	2/28/2029	9,942		9,983		10,073		0.42
CPI Buyer, LLC	(4)(7)(10)	SOFR +	5.50%	10.28%	1/19/2022	11/1/2028	138,142		135,668		135,665		5.72
CSHC Buyerco, LLC	(4)(7)(11)	SOFR +	4.75%	9.42%	2/15/2022	9/8/2026	10,553		10,484		10,526		0.44
Embecta Corp	(9)	SOFR +	3.00%	7.36%	12/11/2024	3/30/2029	4,820		4,806		4,807		0.20
Natus Medical Incorporated	(4)(9)	SOFR +	5.50%	10.25%	8/18/2022	7/20/2029	3,646		3,489		3,591		0.15
Resonetics, LLC	(10)	SOFR +	3.25%	7.60%	12/6/2024	6/18/2031	5,100		5,150		5,139		0.22
Sharp Services, LLC	(8)	SOFR +	3.25%	7.58%	10/25/2024	12/31/2028	4,988		5,028		5,041		0.21
									174,608		174,842		7.36

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Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)


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

First Lien Debt (continued)
Health Care Providers & Services
ACI Group Holdings, Inc.	(4)(10)	SOFR +	6.00%	10.46% (incl. 3.25% PIK)	7/7/2023	8/2/2028	$	128,528	$	127,691	$	123,387	5.20	%
ADCS Clinics Intermediate Holdings, LLC	(4)(11)	SOFR +	6.25%	10.60%	1/19/2022	5/7/2027	1,696		1,686		1,696		0.07
ADCS Clinics Intermediate Holdings, LLC	(4)(11)	SOFR +	6.25%	10.78%	1/19/2022	5/7/2027	28,701		28,507		28,701		1.21
ADCS Clinics Intermediate Holdings, LLC	(4)(7)(11)	SOFR +	6.25%	10.68%	1/19/2022	5/7/2026	67		64		67		0.00
Amerivet Partners Management, Inc.	(4)(11)	SOFR +	5.25%	9.75%	9/26/2022	2/25/2028	82,425		81,089		82,425		3.48
Canadian Hospital Specialties Ltd.	(4)(11)	CA +	4.50%	7.82%	12/20/2022	4/14/2028	CAD	29,318	21,366		20,090		0.85
CCBlue Bidco, Inc.	(4)(10)	SOFR +	6.50%	10.93% PIK	1/19/2022	12/21/2028	23,943		23,719		20,771		0.88
CHG Healthcare Services, Inc.	(9)	SOFR +	3.00%	7.40%	12/10/2024	9/29/2028	7,567		7,611		7,604		0.32
DCA Investment Holdings, LLC	(4)(10)	SOFR +	6.41%	10.73%	1/19/2022	4/3/2028	29,635		29,462		28,746		1.21
Epoch Acquisition, Inc.	(4)(11)	SOFR +	6.00%	10.53%	1/19/2022	10/4/2026	28,511		28,511		28,511		1.20
Examworks Bidco, Inc.	(9)	SOFR +	2.75%	7.11%	1/19/2022	11/1/2028	14,977		14,865		15,051		0.63
Global Medical Response Inc	(11)	SOFR +	5.50%	9.86% (incl. 0.75% PIK)	12/18/2024	10/31/2028	3,992		4,007		4,010		0.17
Heartland Dental, LLC	(10)	SOFR +	4.50%	8.86%	11/7/2024	4/30/2028	14,962		14,994		15,011		0.63
ICS US Holdings, Inc.	(4)(9)	SOFR +	4.75%	9.42%	12/20/2022	6/8/2028	35,000		33,564		31,413		1.32
Jayhawk Buyer, LLC	(4)(11)	SOFR +	5.00%	9.43%	1/19/2022	10/15/2026	25,464		25,365		24,254		1.02
MED ParentCo LP	(8)	SOFR +	3.50%	7.86%	10/18/2024	4/15/2031	24,938		25,221		25,169		1.06
Navigator Acquiror, Inc.	(4)(7)(9)	SOFR +	5.50%	9.96%	1/19/2022	7/16/2027	20,430		20,377		17,672		0.75
Onex TSG Intermediate Corp.	(10)	SOFR +	4.75%	9.60%	1/19/2022	2/28/2028	1,940		1,948		1,958		0.08
PSKW Intermediate, LLC	(4)(11)	SOFR +	5.50%	9.90%	12/11/2024	3/9/2028	31,018		31,018		31,018		1.31
Raven Acquisition Holdings, LLC	(8)	SOFR +	3.25%	7.61%	10/15/2024	11/19/2031	9,333		9,331		9,366		0.39
Raven Acquisition Holdings, LLC	(8)	SOFR +	3.25%	7.61%	10/15/2024	11/19/2031	667		667		669		0.03
Smile Doctors, LLC	(4)(7)(10)	SOFR +	5.75%	10.66%	1/19/2022	12/23/2028	141,903		140,081		138,237		5.83
Southern Veterinary Partners LLC	(8)	SOFR +	3.25%	7.71%	12/4/2024	10/31/2031	10,000		10,113		10,083		0.43
WHCG Purchaser III Inc	(4)(10)	SOFR +	6.50%	10.83% (incl. 5.41% PIK)	8/2/2024	6/30/2029	2,797		2,797		2,797		0.12
WHCG Purchaser III Inc	(4)(10)(17)		10.00%	10.00% PIK	8/2/2024	6/30/2030	2,267		892		866		0.04
									684,946		669,572		28.23

246

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BCRED Emerald JV LP

Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)


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

First Lien Debt (continued)
Health Care Technology
Cotiviti, Inc.	(8)	SOFR +	2.75%	7.30%	11/25/2024	5/1/2031	$	34,856	$	35,048	$	35,096	1.48	%
Gainwell Acquisition Corp.	(10)	SOFR +	4.00%	8.43%	12/18/2024	10/1/2027	15,023		14,526		14,589		0.62
GI Ranger Intermediate, LLC	(4)(10)	SOFR +	6.00%	10.48%	9/26/2022	10/29/2028	43,895		43,478		43,676		1.84
Project Ruby Ultimate Parent Corp	(8)	SOFR +	3.00%	7.47%	11/20/2024	3/10/2028	321		321		323		0.01
Waystar Technologies, Inc.	(8)	SOFR +	2.25%	6.59%	12/30/2024	10/22/2029	3,647		3,647		3,669		0.15
									97,020		97,353		4.10
Hotels, Restaurants & Leisure
Alterra Mountain Co	(8)	SOFR +	2.75%	7.11%	11/7/2024	8/17/2028	6,842		6,842		6,896		0.29
IRB Holding Corp.	(10)	SOFR +	2.50%	6.86%	12/11/2024	12/15/2027	10,000		10,069		10,022		0.42
Life Time, Inc.	(8)	SOFR +	2.50%	7.03%	10/15/2024	11/5/2031	20,000		20,111		20,105		0.85
Scientific Games Holdings LP	(9)	SOFR +	3.00%	7.59%	6/11/2024	4/4/2029	14,933		14,919		14,987		0.63
Tacala Investment Corp.	(10)	SOFR +	3.50%	7.86%	11/13/2024	1/31/2031	4,988		5,028		5,034		0.21
Whatabrands, LLC	(9)	SOFR +	2.75%	7.32%	5/14/2024	8/3/2028	10,000		10,062		10,036		0.42
Whatabrands, LLC	(9)	SOFR +	2.50%	6.86%	12/11/2024	8/3/2028	9,147		9,147		9,180		0.39
									76,178		76,260		3.21
Household Durables
ACProducts Holdings Inc	(9)	SOFR +	4.25%	8.84%	5/20/2024	5/17/2028	2,299		1,988		1,868		0.08
AI Aqua Merger Sub, Inc.	(9)	SOFR +	3.50%	8.05%	12/5/2024	7/31/2028	27,433		27,426		27,490		1.16
Madison Safety & Flow LLC	(8)	SOFR +	3.25%	7.61%	9/26/2024	9/26/2031	9,975		10,093		10,061		0.42
TGP Holdings III LLC	(10)	SOFR +	3.25%	7.71%	12/12/2024	6/29/2028	19,997		19,647		19,592		0.83
									59,154		59,011		2.49
Independent Power and Renewable Electricity Producers
Calpine Corp	(8)	SOFR +	1.75%	6.57%	12/12/2024	1/31/2031	2,894		2,890		2,889		0.12
Industrial Conglomerates
Engineered Machinery Holdings, Inc.	(10)	SOFR +	3.75%	8.34%	6/7/2022	5/19/2028	3,890		3,803		3,925		0.17

247

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BCRED Emerald JV LP

Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)


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

First Lien Debt (continued)
Insurance
Alera Group, Inc.	(4)(10)	SOFR +	5.25%	9.61%	9/26/2022	10/2/2028	$	43,786	$	43,234	$	43,786	1.85	%
Alliant Holdings Intermediate LLC	(8)	SOFR +	2.75%	7.11%	9/12/2024	9/19/2031	2,397		2,397		2,406		0.10
AmWINS Group Inc	(10)	SOFR +	2.25%	6.72%	11/7/2024	2/19/2028	4,987		4,997		5,008		0.21
AssuredPartners, Inc.	(9)	SOFR +	3.50%	7.86%	2/16/2024	2/14/2031	32,205		32,383		32,310		1.36
Baldwin Insurance Group Holdings, LLC	(8)	SOFR +	3.25%	7.61%	12/11/2024	5/26/2031	6,734		6,734		6,788		0.29
BroadStreet Partners, Inc.	(8)	SOFR +	3.00%	7.36%	6/14/2024	6/14/2031	37,619		37,737		37,792		1.59
Foundation Risk Partners Corp.	(4)(10)	SOFR +	5.25%	9.58%	9/26/2022	10/29/2030	75,252		74,707		75,252		3.17
HUB International, Ltd.	(8)	SOFR +	2.75%	7.37%	11/25/2024	6/20/2030	19,900		20,099		20,045		0.85
Hyperion Refinance S.à r.l.	(9)	SOFR +	3.50%	7.86%	11/22/2024	4/18/2030	9,975		10,081		10,062		0.42
Hyperion Refinance S.à r.l.	(9)	SOFR +	3.00%	7.36%	11/22/2024	2/15/2031	11,338		11,444		11,429		0.48
OneDigital Borrower, LLC	(9)	SOFR +	3.25%	7.61%	11/19/2024	6/13/2031	11,970		12,075		12,015		0.51
Patriot Growth Insurance Services, LLC.	(4)(10)	SOFR +	5.00%	9.48%	9/26/2022	10/16/2028	62,364		61,084		62,364		2.63
TIH Insurance Holdings, LLC.	(8)	SOFR +	2.75%	7.08%	12/6/2024	5/6/2031	10,000		10,075		10,045		0.42
USI, Inc.	(8)	SOFR +	2.25%	6.58%	12/23/2024	11/22/2029	16,713		16,800		16,706		0.70
USI, Inc.	(8)	SOFR +	2.25%	6.58%	12/23/2024	9/29/2030	14,963		15,052		14,959		0.63
									358,899		360,967		15.21
Interactive Media & Services
Project Boost Purchaser, LLC	(8)	SOFR +	3.50%	8.15%	7/16/2024	7/16/2031	16,836		16,945		16,977		0.72
Internet & Direct Marketing Retail
Identity Digital, Inc.	(4)(11)	SOFR +	5.25%	9.74%	1/19/2022	12/29/2027	41,590		41,444		41,590		1.75
Prodege International Holdings, LLC	(4)(10)	SOFR +	5.75%	10.10%	1/19/2022	12/15/2027	20,732		20,548		20,162		0.85
									61,992		61,752		2.60
IT Services
Ahead DB Holdings, LLC	(10)	SOFR +	3.50%	7.83%	8/2/2024	2/1/2031	3,210		3,206		3,236		0.14
Dcert Buyer, Inc.	(8)	SOFR +	4.00%	8.36%	5/24/2022	10/16/2026	9,956		9,804		9,589		0.40
Fortress Intermediate 3 Inc	(4)(8)	SOFR +	3.50%	7.86%	12/11/2024	6/27/2031	4,988		5,025		5,009		0.21
Informatica LLC	(8)	SOFR +	2.25%	6.61%	11/7/2024	10/27/2028	9,974		10,023		10,037		0.42
Newfold Digital Holdings Group Inc	(11)	SOFR +	3.50%	8.14%	1/19/2022	2/10/2028	4,368		4,312		3,746		0.16
Razor Holdco, LLC	(4)(10)	SOFR +	5.75%	10.44%	1/19/2022	10/25/2027	25,220		24,974		25,220		1.06
Virtusa Corp.	(10)	SOFR +	3.25%	7.61%	6/21/2024	2/15/2029	25,790		25,965		26,004		1.10
									83,309		82,841		3.49

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Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)


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

First Lien Debt (continued)
Life Sciences Tools & Services
LSCS Holdings, Inc.	(9)	SOFR +	4.50%	8.86%	12/2/2024	12/16/2028	$	4,987	$	5,037	$	5,028	0.21	%
PAREXEL International Inc/Wilmington	(9)	SOFR +	3.00%	7.36%	11/19/2024	11/15/2028	9,974		10,049		10,055		0.42
									15,086		15,083		0.63
Machinery
Chart Industries, Inc.	(9)	SOFR +	2.50%	7.09%	11/13/2024	3/16/2030	8,000		8,071		8,042		0.34
LSF11 Trinity Bidco, Inc.	(4)(8)	SOFR +	3.00%	7.37%	12/11/2024	6/14/2030	231		231		233		0.01
Pro Mach Group, Inc.	(11)	SOFR +	3.50%	7.86%	9/3/2024	8/31/2028	5,904		5,904		5,963		0.25
SPX Flow, Inc.	(9)	SOFR +	3.00%	7.36%	6/6/2024	4/5/2029	6,395		6,445		6,456		0.27
Titan Co-Borrower LLC	(8)	SOFR +	4.50%	8.78%	11/19/2024	2/15/2029	5,208		5,236		5,259		0.22
Victory Buyer, LLC	(9)	SOFR +	3.75%	8.22%	1/19/2022	11/19/2028	9,752		9,388		9,599		0.40
									35,275		35,552		1.49
Media
McGraw-Hill Education, Inc.	(9)	SOFR +	4.00%	8.33%	11/25/2024	8/6/2031	4,777		4,842		4,837		0.20
Radiate Holdco, LLC	(10)	SOFR +	3.25%	7.72%	1/19/2022	9/25/2026	2,352		2,351		2,063		0.09
Sunrise Financing Partnership	(8)	SOFR +	2.93%	7.44%	6/7/2022	1/31/2029	3,346		3,309		3,368		0.14
									10,502		10,268		0.43
Metals & Mining
SCIH Salt Holdings, Inc.	(10)	SOFR +	3.00%	7.35%	1/19/2022	1/31/2029	18,060		18,131		18,131		0.76
Mortgage Real Estate Investment Trusts (REITs)
Blackstone Mortgage Trust Inc	(9)	SOFR +	3.50%	7.84%	11/14/2024	5/9/2029	4,987		4,993		5,003		0.21
Starwood Property Mortgage LLC	(4)(9)	SOFR +	2.25%	6.64%	12/12/2024	12/12/2029	2,757		2,750		2,753		0.12
									7,743		7,756		0.33
Oil, Gas & Consumable Fuels
Freeport LNG Investments, LLLP	(9)	SOFR +	3.50%	8.38%	1/19/2022	12/21/2028	18,271		18,246		18,381		0.77
Paper & Forest Products
Profile Products, LLC	(4)(10)	SOFR +	5.75%	10.29%	9/26/2022	11/12/2027	74,498		73,633		72,263		3.05

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Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)


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

First Lien Debt (continued)
Professional Services
Ankura Consulting Group, LLC	(10)	SOFR +	3.50%	7.84%	12/17/2024	12/17/2031	$	1,417	$	1,414	$	1,421	0.06	%
APFS Staffing Holdings, Inc.	(9)	SOFR +	4.25%	8.61%	4/22/2024	12/29/2028	2,977		2,970		2,999		0.13
Camelot US Acquisition, LLC.	(8)	SOFR +	2.75%	7.11%	1/31/2024	1/31/2031	7,746		7,724		7,749		0.33
Cast & Crew Payroll, LLC	(9)	SOFR +	3.75%	8.11%	1/19/2022	12/29/2028	27,572		26,895		26,790		1.13
CFGI Holdings, LLC	(4)(10)	SOFR +	4.50%	8.86%	9/26/2022	11/2/2027	110,069		110,069		110,069		4.64
Deerfield Dakota Holding, LLC	(11)	SOFR +	3.75%	8.08%	1/19/2022	4/9/2027	14,674		14,578		14,385		0.61
Dun & Bradstreet Corp	(8)	SOFR +	2.25%	6.59%	11/15/2024	1/18/2029	12,857		12,882		12,881		0.54
First Advantage Holdings, LLC	(8)	SOFR +	3.25%	7.82%	6/7/2022	10/31/2031	5,000		5,013		5,059		0.21
Kwor Acquisition, Inc.	(4)(11)(17)	P +	4.25%	12.25%	9/26/2022	12/22/2028	90,815		88,773		73,333		3.09
Mercury Borrower, Inc.	(8)	SOFR +	3.00%	7.36%	12/13/2024	8/2/2028	12,033		12,077		12,153		0.51
Mercury Borrower, Inc.	(9)	SOFR +	3.50%	8.19%	5/25/2022	8/2/2028	4,957		4,975		4,998		0.21
Ryan, LLC	(9)	SOFR +	3.50%	7.86%	11/7/2024	11/14/2030	9,977		10,057		10,017		0.42
Sedgwick Claims Management Services, Inc.	(8)	SOFR +	3.00%	7.59%	2/24/2023	7/31/2031	34,333		34,496		34,583		1.46
Trinity Air Consultants Holdings Corp.	(4)(10)	SOFR +	5.25%	9.76%	9/26/2022	6/29/2028	118,000		117,281		118,000		4.98
West Monroe Partners, LLC	(4)(7)(10)	SOFR +	4.75%	9.15%	1/19/2022	11/8/2028	28,749		28,424		28,462		1.20
									477,628		462,899		19.52
Real Estate Management & Development
Progress Residential PM Holdings, LLC	(4)(7)(10)	SOFR +	5.50%	9.96%	1/19/2022	8/8/2030	18,138		18,257		18,138		0.76
Software
Applied Systems, Inc.	(8)	SOFR +	3.00%	7.33%	11/25/2024	2/24/2031	14,962		15,118		15,125		0.64
Boxer Parent Company, Inc.	(8)	SOFR +	3.75%	8.34%	7/30/2024	7/30/2031	22,626		22,654		22,840		0.96
CDK Global Inc.	(8)	SOFR +	3.25%	7.58%	12/11/2024	7/6/2029	17,157		17,095		16,952		0.71
Cloud Software Group, Inc.	(9)	SOFR +	3.75%	8.08%	11/4/2024	3/21/2031	37,330		37,485		37,496		1.58
Cloudera, Inc.	(9)	SOFR +	3.75%	8.21%	1/19/2022	10/8/2028	14,300		14,134		14,289		0.60
Confine Visual Bidco	(4)(8)	SOFR +	5.75%	10.06%	9/26/2022	2/23/2029	32,504		31,899		26,247		1.11
ConnectWise, LLC	(9)	SOFR +	3.50%	8.09%	1/19/2022	9/29/2028	14,339		14,428		14,451		0.61
Delta Topco, Inc.	(8)	SOFR +	3.50%	8.20%	11/25/2024	12/1/2029	15,000		15,134		15,136		0.64
ECI Macola Max Holding, LLC	(10)	SOFR +	3.25%	7.58%	9/20/2024	5/9/2030	26,757		26,969		27,044		1.14

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Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)


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

First Lien Debt (continued)
Software (continued)
Epicor Software Corp.	(10)	SOFR +	2.75%	7.11%	5/30/2024	5/30/2031	$	15,865	$	15,907	$	15,998	0.67	%
Flash Charm, Inc.	(10)	SOFR +	3.50%	8.07%	6/11/2024	3/2/2028	10,380		10,361		10,214		0.43
Flexera Software, LLC	(10)	SOFR +	3.00%	7.35%	5/20/2024	3/3/2028	5,641		5,641		5,686		0.24
Gen Digital Inc	(9)	SOFR +	1.75%	6.11%	6/5/2024	9/12/2029	2,587		2,587		2,582		0.11
Genesys Cloud Services Holdings II, LLC	(10)	SOFR +	3.00%	7.36%	9/26/2024	12/1/2027	9,364		9,420		9,454		0.40
Genuine Financial Holdings, LLC	(8)	SOFR +	4.00%	8.36%	6/28/2024	9/27/2030	17,889		17,883		18,113		0.76
HS Purchaser, LLC	(10)	SOFR +	4.00%	8.69%	1/19/2022	11/19/2026	3,075		3,068		2,719		0.11
Icon Parent Inc	(8)	SOFR +	3.00%	7.52%	11/7/2024	11/13/2031	30,000		30,147		30,145		1.27
ION Trading Finance Ltd.	(8)	SOFR +	4.00%	8.47%	6/3/2024	4/1/2028	16,774		16,839		16,824		0.71
ION Trading Finance Ltd.	(8)	SOFR +	3.50%	7.83%	12/10/2024	4/1/2028	9,435		9,435		9,460		0.40
Javelin Buyer Inc	(8)	SOFR +	3.25%	7.83%	12/6/2024	10/8/2031	30,000		30,281		30,272		1.28
LD Lower Holdings, Inc.	(4)(11)	SOFR +	7.50%	11.93%	1/19/2022	8/9/2027	13,661		13,624		13,559		0.57
Magenta Security Holdings LLC	(11)	SOFR +	6.25%	10.84%	8/14/2024	7/27/2028	292		281		298		0.01
Magenta Security Holdings LLC	(10)(18)	SOFR +	6.75%	11.59%	8/14/2024	7/27/2028	829		791		767		0.03
Magenta Security Holdings LLC	(10)(18)	SOFR +	7.75%	12.60% (incl. 6.25% PIK)	8/14/2024	7/27/2028	638		496		384		0.02
Magenta Security Holdings LLC	(10)(17)(18)	SOFR +	7.00%	11.85% (incl. 5.50% PIK)	8/14/2024	7/27/2028	201		70		71		0.00
McAfee Corp.	(9)	SOFR +	3.00%	7.37%	5/31/2024	3/1/2029	21,282		21,307		21,327		0.90
Medallia, Inc.	(4)(10)	SOFR +	6.50%	10.85% (incl. 4.00% PIK)	1/19/2022	10/29/2028	50,559		50,070		47,526		2.00
Mitnick Purchaser, Inc.	(9)(18)	SOFR +	4.50%	9.19%	4/20/2022	5/2/2029	4,887		4,872		4,570		0.19
Mitratech Holdings, Inc.	(4)(10)	SOFR +	5.00%	9.69%	8/9/2022	5/18/2028	27,019		26,221		27,019		1.14
Mitratech Holdings, Inc.	(10)	SOFR +	4.25%	9.10%	4/5/2023	5/18/2028	14,775		14,286		14,793		0.62
Monk Holding Co.	(4)(10)(18)	SOFR +	5.50%	9.93%	1/19/2022	12/1/2027	107,669		106,341		107,669		4.54
Monk Holding Co.	(4)(7)(10)	SOFR +	5.50%	9.93%	1/19/2022	12/1/2027	1,032		1,003		974		0.04
MRI Software, LLC	(11)	SOFR +	4.75%	9.08%	9/26/2022	2/10/2027	9,968		9,822		9,993		0.42
Nintex Topco Limited	(4)(8)	SOFR +	6.00%	10.76% (incl. 1.50% PIK)	1/19/2022	11/13/2028	32,668		32,283		30,381		1.28
Perforce Software, Inc.	(8)	SOFR +	4.75%	9.10%	12/18/2024	7/1/2029	10,794		10,632		10,678		0.45

251

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Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)


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

First Lien Debt (continued)
Software (continued)
Planview Parent Inc	(8)	SOFR +	3.50%	7.83%	12/17/2024	12/17/2027	$	735	$	733	$	741	0.03	%
Project Alpha Intermediate Holding Inc	(9)	SOFR +	3.25%	7.76%	11/22/2024	10/28/2030	20,656		20,605		20,814		0.88
Project Leopard Holdings, Inc.	(9)	SOFR +	5.25%	9.94%	12/19/2024	7/20/2029	995		898		895		0.04
Proofpoint, Inc.	(9)	SOFR +	3.00%	7.36%	5/28/2024	8/31/2028	23,679		23,775		23,821		1.00
Quartz Acquireco, LLC	(4)(8)	SOFR +	2.75%	7.08%	6/3/2024	6/28/2030	16,656		16,744		16,802		0.71
Rocket Software, Inc.	(9)	SOFR +	4.25%	8.61%	10/5/2023	11/28/2028	5,198		5,187		5,243		0.22
Skopima Consilio Parent, LLC	(9)	SOFR +	3.75%	8.12%	12/18/2024	5/12/2028	22,380		22,367		22,492		0.95
Solarwinds Holdings, Inc.	(8)	SOFR +	2.75%	7.11%	7/24/2024	2/5/2030	12,908		13,006		12,992		0.55
Sovos Compliance, LLC	(9)	SOFR +	4.50%	8.97%	1/19/2022	8/11/2028	11,520		11,467		11,619		0.49
Stamps.com, Inc.	(4)(10)	SOFR +	5.75%	10.94%	1/19/2022	10/5/2028	58,350		57,681		57,329		2.42
Surf Holdings, LLC	(8)	SOFR +	3.50%	7.95%	1/19/2022	3/5/2027	19,247		19,234		19,398		0.82
Triple Lift, Inc.	(4)(7)(10)	SOFR +	5.75%	10.25%	1/19/2022	5/5/2028	58,781		58,418		56,344		2.38
UKG Inc	(8)	SOFR +	3.00%	7.62%	12/2/2024	2/10/2031	25,404		25,648		25,615		1.08
Vision Solutions, Inc.	(10)	SOFR +	4.00%	8.85%	1/19/2022	4/24/2028	5,897		5,863		5,818		0.25
VS Buyer, LLC	(8)	SOFR +	2.75%	7.12%	11/19/2024	4/12/2031	15,000		15,156		15,131		0.64
XPLOR T1, LLC	(8)	SOFR +	3.50%	7.83%	12/11/2024	6/24/2031	4,988		5,050		5,037		0.21
Zodiac Purchaser LLC	(4)(8)	SOFR +	3.50%	7.90%	12/13/2024	12/13/2031	5,000		4,975		4,988		0.21
									945,391		936,135		39.46
Specialty Retail
CustomInk, LLC	(4)(11)(18)	SOFR +	5.98%	10.57%	1/19/2022	5/3/2026	36,866		36,723		36,866		1.55
EG America, LLC	(8)	SOFR +	4.25%	8.68%	7/12/2023	2/7/2028	6,170		6,200		6,233		0.26
Mavis Tire Express Services Topco, Corp.	(10)	SOFR +	3.50%	7.86%	11/19/2024	5/4/2028	9,975		10,062		10,054		0.42
StubHub Holdco Sub, LLC	(8)	SOFR +	4.75%	9.11%	3/15/2024	3/15/2030	12,233		12,303		12,279		0.52
									65,288		65,432		2.75
Technology Hardware, Storage & Peripherals
Sandisk Corp	(8)	SOFR +	3.00%	7.40%	12/13/2024	12/13/2031	11,430		11,259		11,255		0.47
Textiles, Apparel & Luxury Goods
Champ Acquisition Corp	(8)	SOFR +	4.50%	8.86%	11/8/2024	11/25/2031	678		671		685		0.03

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Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)


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

First Lien Debt (continued)
Trading Companies & Distributors
FCG Acquisitions, Inc.	(9)	SOFR +	3.75%	8.22%	1/19/2022	3/31/2028	$	13,705	$	13,577	$	13,818	0.58	%
Foundation Building Materials, Inc.	(9)	SOFR +	3.25%	8.10%	1/19/2022	1/31/2028	6,799		6,657		6,712		0.28
Hillman Group Inc	(9)	SOFR +	2.25%	6.61%	11/7/2024	7/14/2028	3,987		3,993		4,012		0.17
Icebox Holdco III, Inc.	(9)	SOFR +	3.50%	8.09%	1/19/2022	12/22/2028	5,830		5,798		5,885		0.25
Johnstone Supply, LLC	(8)	SOFR +	2.50%	6.88%	12/12/2024	6/7/2031	6,394		6,432		6,423		0.27
Johnstone Supply, LLC	(8)	SOFR +	3.00%	7.51%	12/2/2024	6/7/2031	5,000		5,034		5,022		0.21
Kodiak BP, LLC	(8)	SOFR +	3.75%	8.27%	1/19/2022	12/4/2031	15,000		14,981		15,029		0.63
Park River Holdings, Inc.	(10)	SOFR +	3.25%	8.10%	1/19/2022	12/28/2027	3,334		3,303		3,262		0.14
Porcelain Acquisition Corp.	(4)(11)	SOFR +	6.00%	10.43%	1/19/2022	4/1/2027	8,599		8,526		8,040		0.34
White Cap Buyer, LLC	(8)	SOFR +	3.25%	7.61%	6/13/2024	10/19/2029	16,935		16,973		16,988		0.72
									85,274		85,191		3.59
Transportation Infrastructure
Liquid Tech Solutions Holdings LLC	(4)(10)	SOFR +	3.75%	8.10%	12/17/2024	3/20/2028	4,936		4,936		4,948		0.21
Roadsafe Holdings, Inc.	(4)(11)	SOFR +	5.75%	10.27%	1/19/2022	10/19/2027	11,703		11,646		11,352		0.48
Roadsafe Holdings, Inc.	(4)(11)	SOFR +	5.75%	11.06%	1/19/2022	10/19/2027	6,737		6,688		6,535		0.28
									23,270		22,835		0.97
Wireless Telecommunication Services
CCI Buyer, Inc.	(10)	SOFR +	4.00%	8.33%	1/19/2022	12/17/2027	18,576		18,540		18,618		0.78
Total First Lien Debt									5,462,023		5,386,488		227.02

253

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Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)


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

Second Lien Debt
Diversified Consumer Services
Ascend Learning, LLC	(9)	SOFR +	5.75%	10.21%	7/29/2022	12/10/2029	$	5,301	$	4,893	$	5,271	0.22	%
Health Care Providers & Services
Canadian Hospital Specialties Ltd.	(4)(8)		8.75%	8.75%	12/20/2022	4/15/2029	CAD	12,000	8,329		7,659		0.32
Jayhawk Buyer, LLC	(4)(11)	SOFR +	8.75%	13.44%	1/19/2022	10/15/2027	24,712		24,606		22,735		0.96
									32,935		30,394		1.28
Life Sciences Tools & Services
Curia Global, Inc.	(4)(10)	SOFR +	6.50%	11.35%	9/26/2022	8/31/2029	37,847		37,274		34,441		1.45
Machinery
Victory Buyer, LLC	(4)(9)	SOFR +	7.00%	11.47%	1/19/2022	11/19/2029	66,704		65,816		63,702		2.69
Software
Vision Solutions, Inc.	(10)	SOFR +	7.25%	12.10%	9/26/2022	4/23/2029	24,942		22,600		24,134		1.02
Total Second Lien Debt									163,518		157,942		6.66
Bond
Software
Tangerine Bidco S.p.A	(4)(8)	E +	5.00%	7.68%	12/17/2022	12/30/2029	EUR	69,750	72,499		72,251		3.05
Total Bond									72,499		72,251		3.05

254

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BCRED Emerald JV LP

Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)


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

Equity
Air Freight & Logistics
AGI Group Holdings LP - Class A-2 Common Units	(4)			1/19/2022		194	$	208	$	266	0.01	%
Mode Holdings, L.P. - Class A-2 Common Units	(4)			1/19/2022		1,230,769	2,215		1,071		0.05
Red Griffin ParentCo, LLC - Class A Common Units	(4)			11/27/2024		3,838	16,269		12,996		0.55
							18,692		14,333		0.61
Capital Markets
Resolute Investment Managers, Inc. - Common Equity	(4)			12/29/2023		11,751	294		91		0.00
Chemicals
Pigments Holdings LP - LP Interest	(4)			4/14/2023		1,212	0		0		0.00
Distributors
Box Co-Invest Blocker, LLC - (BP Alpha Holdings, L.P.) - Class A Units	(4)			1/19/2022		1	780		0		0.00
Box Co-Invest Blocker, LLC - (BP Alpha Holdings, L.P.) - Class C Preferred Units	(4)			7/12/2023		1	92		18		0.00
GSO DL Co-Invest EIS LP (EIS Acquisition Holdings, LP - Class A Common Units)	(4)			1/19/2022		301,167	1,239		1,582		0.07
							2,111		1,600		0.07
Diversified Consumer Services
Cambium Holdings, LLC - Senior Preferred Interest	(4)		11.50%	1/19/2022		974,662	1,133		1,393		0.06
Health Care Providers & Services
Jayhawk Holdings, LP - Class A-1 Common Units	(4)			1/19/2022		797	210		29		0.00
Jayhawk Holdings, LP - Class A-2 Common Units	(4)			1/19/2022		429	113		8		0.00
WHCG Purchaser, Inc. - Class A Common Units	(4)			8/2/2024		667,649	0		0		0.00
							323		37		0.00
Software
Descartes Holdings, Inc - Class A Common Stock	(4)			10/9/2023		168,057	728		12		0.00
Lobos Parent, Inc. - Series A Preferred Shares	(4)		10.50%	1/19/2022		5,773	5,700		7,476		0.32
							6,428		7,488		0.32

255

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BCRED Emerald JV LP

Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)


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

Equity (continued)
Specialty Retail
GSO DL CoInvest CI LP (CustomInk, LLC - Series A Preferred Units)	(4)			1/19/2022		3,000,000	$	3,542	$	4,335	0.18	%
Transportation Infrastructure
Frontline Road Safety Investments, LLC - Class A Common Units	(4)			1/19/2022		3,936	376		1,066		0.04
Total Equity							32,899		30,343		1.28
Total Investment Portfolio							5,730,939		5,647,024		238.01
Cash and Cash Equivalents
State Street Institutional U.S. Government Money Market Fund - Investor Class			4.34%				466		466		0.02
Dreyfus Treasury Obligations Cash Management			4.24%				384		384		0.02
Other Cash and Cash Equivalents							149,811		150,195		6.33
Total Portfolio Investments, Cash and Cash Equivalents							$	5,881,600	$	5,798,069	244.38	%

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

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

(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.

(6)Reserved.

256

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BCRED Emerald JV LP

Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)


Investments	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
ADCS Clinics Intermediate Holdings, LLC	Revolver	5/7/2026	$	714	$	—
Cambium Learning Group, Inc.	Revolver	7/20/2027	3,249		—
CPI Buyer, LLC	Revolver	11/1/2026	2,974		(59)
CSHC Buyerco, LLC	Delayed Draw Term Loan	9/8/2026	195		—
Express Wash Concepts, LLC	Delayed Draw Term Loan	4/2/2025	24,500		—
Latham Pool Products, Inc.	Revolver	2/23/2027	11,250		(233)
Monk Holding Co.	Delayed Draw Term Loan	6/1/2025	3,290		—
Navigator Acquiror, Inc.	Delayed Draw Term Loan	1/23/2025	616		—
Progress Residential PM Holdings, LLC	Delayed Draw Term Loan	5/8/2025	3,721		—
Signia Aerospace LLC	Delayed Draw Term Loan	12/11/2026	1,264		—
Smile Doctors, LLC	Revolver	12/23/2027	4,737		(118)
Triple Lift, Inc.	Revolver	5/5/2028	2,143		(86)
West Monroe Partners, LLC	Revolver	11/9/2027	2,843		—
Total Unfunded Commitments			$	61,496	$	(496)

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

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

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

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

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

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

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

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

(16)Reserved.

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

(19)All securities are exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), and may be deemed to be “restricted securities.” As of December 31, 2024, the aggregate fair value of these securities is $5,647.0 million or 238.01% of the Company’s net assets. The initial acquisition dates have been included for such securities.

257

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Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

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


	June 30, 2025		December 31, 2024
ASSETS
Investments at fair value (cost of $6,269,669 and $5,730,939, respectively)	$	6,159,981	$	5,647,024
Cash and cash equivalents	179,741		150,661
Interest receivable	40,827		34,431
Receivable for investments sold	5,136		65,644
Deferred financing costs	7,826		11,005


Total assets	$	6,393,511	$	5,908,765
LIABILITIES
Debt (net of unamortized debt issuance costs of $5,456 and $0, respectively)	$	3,808,837	$	2,169,241
Distribution payable	81,960		75,514
Payable for investments purchased and other liabilities	175,170		1,292,277
Total liabilities	4,065,967		3,537,032
PARTNERS’ CAPITAL
Partners’ capital	2,327,544		2,371,733
Total partners’ capital	2,327,544		2,371,733
Total liabilities and partners’ capital	$	6,393,511	$	5,908,765

258

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Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Investment income:
Interest income	$	140,067	$	137,722	$	259,290	$	290,036
Payment-in-kind interest income	6,033		1,749		11,002		3,647
Dividend income	—		16		—		16
Other income	353		19		631		604
Total investment income	146,453		139,506		270,923		294,303
Expenses:
Interest expense	54,886		47,153		102,735		98,128
Other expenses	686		445		1,482		1,061
Total expenses	55,572		47,598		104,217		99,189
Net investment income before tax expense	90,881		91,908		166,706		195,114
Tax expense	—		—		—		—
Net investment income after tax expense	90,881		91,908		166,706		195,114
Net realized and change in unrealized gain (loss):
Net change in unrealized gain (loss) on investments, foreign currency and income tax (provision) benefit	5,144		(16,730)		(37,566)		(19,855)
Net realized gain (loss) on investments and foreign currency	80		1,426		(16,629)		4,187
Total net realized and change in unrealized gain (loss)	5,224		(15,304)		(54,195)		(15,668)
Net increase (decrease) in partners’ capital resulting from operations	$	96,105	$	76,604	$	112,511	$	179,446

259

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Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

BCRED Verdelite JV

BCRED Verdelite JV LP (“Verdelite JV”), a Delaware limited partnership, was formed as a joint venture between the Company and an entity managed by an alternative credit management investment firm with a specialized focus on structured and syndicated credit, including CLO management (the “Verdelite JV Partner”), commenced operations on October 21, 2022 and operates under a limited partnership agreement. The Verdelite JV’s principal purpose is to make investments, primarily in broadly syndicated loans.

On October 21, 2022, a wholly-owned subsidiary of the Company and the Verdelite JV Partner committed to contribute up to $147.0 million and $21.0 million of capital, respectively, to the Verdelite JV.

As of June 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 June 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 June 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 is three years from the commencement of operations, and will continue for successive six-month periods thereafter upon the approval the Verdelite JV’s general partner, except in the case of a dissolution event. The Company’s investment in the Verdelite JV cannot be transferred without the consent of the Verdelite JV partner.

The Company has determined that the Verdelite JV is an investment company under ASC 946, and in accordance with ASC 946, the Company will generally not consolidate its investment in a company other than a wholly-owned investment company subsidiary. Further, the Company has a variable interest in the Verdelite JV and has determined that the Verdelite JV is a variable interest entity under ASC 810. However, the Company is not deemed to be the primary beneficiary of the Verdelite JV as there is equal power between the Company and the Verdelite JV Partner. Accordingly, the Company does not consolidate the Verdelite JV.

The Company’s investment in the Verdelite JV is disclosed on the Company’s Condensed Consolidated Schedule of Investments as of June 30, 2025 and December 31, 2024.

260

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BCRED Verdelite JV LP

Consolidated Schedule of Investments

June 30, 2025

(in thousands)

(Unaudited)

The following table presents the consolidated schedule of investments of the Verdelite JV as of June 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
KBR, Inc.	(8)	SOFR +	2.00%	6.33%	8/14/2024	1/17/2031	$	502	$	502	$	504	0.37	%
Peraton Corp.	(10)	SOFR +	3.75%	8.18%	11/16/2022	2/1/2028	4,953		4,912		4,387		3.25
TransDigm, Inc.	(8)	SOFR +	2.50%	6.80%	11/28/2023	2/28/2031	5,926		5,923		5,943		4.40
Vertex Aerospace Services Corp.	(10)	SOFR +	2.25%	6.58%	11/16/2022	12/6/2030	5,546		5,525		5,543		4.10
									16,862		16,377		12.12
Air Freight & Logistics
Savage Enterprises, LLC	(9)	SOFR +	2.75%	7.07%	11/16/2022	9/15/2028	153		153		154		0.11
Airlines
American Airlines, Inc.	(8)	SOFR +	2.25%	6.50%	2/15/2023	2/15/2028	2,939		2,939		2,915		2.16
American Airlines, Inc.	(8)	SOFR +	1.75%	5.98%	11/16/2022	1/29/2027	495		494		491		0.36
American Airlines, Inc.	(8)	SOFR +	2.25%	6.52%	2/15/2023	4/20/2028	1,000		970		995		0.74
United Airlines, Inc.	(8)	SOFR +	2.00%	6.28%	2/22/2024	2/22/2031	2,285		2,285		2,293		1.70
									6,688		6,694		4.96
Auto Components
Clarios Global, LP	(8)	SOFR +	2.50%	6.83%	7/16/2024	5/6/2030	2,950		2,950		2,945		2.18
Clarios Global, LP	(8)	SOFR +	2.75%	7.08%	3/12/2025	1/28/2032	2,500		2,484		2,505		1.85
First Brands Group, LLC	(11)	SOFR +	5.00%	9.54%	12/15/2022	3/30/2027	3,721		3,687		3,521		2.61
									9,121		8,971		6.64
Beverages
Triton Water Holdings, Inc.	(9)	SOFR +	2.25%	6.55%	11/16/2022	3/31/2028	3,406		3,406		3,422		2.53
Biotechnology
Grifols Worldwide Operations USA, Inc.	(8)	SOFR +	2.00%	6.33%	11/16/2022	11/15/2027	3,114		3,103		3,108		2.30
Broadline Retail
Peer Holding III, BV	(8)	SOFR +	2.50%	6.80%	6/26/2024	7/1/2031	1,933		1,933		1,946		1.44
Building Products
Cornerstone Building Brands, Inc.	(9)	SOFR +	3.25%	7.66%	11/16/2022	4/12/2028	3,928		3,884		3,519		2.60
Griffon Corp.	(8)	SOFR +	2.25%	6.55%	6/26/2024	1/24/2029	3,439		3,446		3,448		2.55
Gulfside Supply, Inc.	(8)	SOFR +	3.00%	7.30%	6/17/2024	6/17/2031	622		620		624		0.46
LBM Acquisition, LLC	(10)	SOFR +	3.75%	8.16%	6/6/2024	5/31/2031	5,960		5,909		5,588		4.13
MIWD Holdco II, LLC	(8)	SOFR +	3.00%	7.33%	3/28/2024	3/21/2031	2,044		2,035		2,051		1.52
Oscar Acquisitionco, LLC	(9)	SOFR +	4.25%	8.55%	11/16/2022	4/29/2029	2,408		2,412		2,227		1.65
Resideo Funding, Inc.	(8)	SOFR +	1.75%	6.07%	6/14/2024	6/13/2031	545		545		545		0.40
Standard Industries, Inc.	(9)	SOFR +	1.75%	6.07%	11/16/2022	9/22/2028	548		548		550		0.41
The Chamberlain Group, Inc.	(9)	SOFR +	3.25%	7.68%	11/16/2022	11/3/2028	3,112		3,028		3,121		2.31
									22,427		21,673		16.03

261

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BCRED Verdelite JV LP

Consolidated Schedule of Investments

June 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)
Capital Markets
Apex Group Treasury, LLC	(8)	SOFR +	3.50%	7.82%	2/27/2025	2/27/2032	$	3,509	$	3,501	$	3,502	2.59	%
Aretec Group, Inc.	(8)	SOFR +	3.50%	7.83%	5/29/2024	8/9/2030	5,376		5,375		5,392		3.99
Citco Funding, LLC	(9)	SOFR +	2.75%	6.93%	6/13/2024	4/27/2028	983		982		988		0.73
Focus Financial Partners, LLC	(8)	SOFR +	2.75%	7.08%	1/31/2025	9/15/2031	2,488		2,471		2,485		1.84
GTCR Everest Borrower, LLC	(8)	SOFR +	2.75%	7.05%	9/5/2024	9/5/2031	1,438		1,435		1,442		1.07
Kestra Advisor Services Holdings A, Inc.	(8)	SOFR +	3.00%	7.33%	3/19/2024	3/21/2031	1,478		1,478		1,479		1.09
The Edelman Financial Engines Center, LLC	(8)	SOFR +	3.00%	7.33%	6/5/2024	4/7/2028	3,860		3,860		3,869		2.86
									19,102		19,157		14.17
Chemicals
CI Maroon Holdings, LLC	(8)	SOFR +	3.25%	7.65%	3/28/2024	3/3/2031	893		893		892		0.66
Nouryon USA, LLC	(8)	SOFR +	3.25%	7.51%	4/26/2024	4/3/2028	3,675		3,675		3,697		2.74
									4,568		4,589		3.40
Commercial Services & Supplies
Access CIG, LLC	(9)	SOFR +	4.25%	8.38%	8/18/2023	8/18/2028	5,410		5,292		5,442		4.03
Allied Universal Holdco, LLC	(9)	SOFR +	3.75%	8.18%	11/16/2022	5/12/2028	4,396		4,330		4,422		3.27
Anticimex, Inc.	(9)	SOFR +	3.40%	7.66%	11/16/2022	11/16/2028	4,332		4,298		4,347		3.22
Asplundh Tree Expert, LLC	(8)	SOFR +	1.75%	6.08%	5/23/2024	5/23/2031	1,335		1,332		1,339		0.99
Belfor Holdings, Inc.	(8)	SOFR +	3.00%	7.33%	11/3/2023	11/1/2030	961		961		964		0.71
EAB Global, Inc.	(9)	SOFR +	3.00%	7.33%	11/16/2022	8/16/2030	8,767		8,691		8,624		6.38
Foundational Education Group, Inc.	(9)	SOFR +	3.75%	8.29%	11/16/2022	8/31/2028	2,468		2,397		2,256		1.67
Garda World Security, Corp.	(8)	SOFR +	3.00%	7.31%	8/6/2024	2/1/2029	3,798		3,798		3,810		2.82
OMNIA Partners, LLC	(8)	SOFR +	2.75%	7.03%	1/26/2024	7/25/2030	3,364		3,344		3,374		2.50
Prime Security Services Borrower, LLC	(8)	SOFR +	2.00%	6.32%	4/15/2024	10/13/2030	5,236		5,234		5,245		3.88
Prime Security Services Borrower, LLC	(8)	SOFR +	1.75%	6.07%	4/4/2025	3/7/2032	998		988		991		0.73
Tempo Acquisition, LLC	(9)	SOFR +	1.75%	6.08%	1/29/2025	8/31/2028	2,488		2,467		2,480		1.83
TRC Cos, LLC	(8)	SOFR +	3.00%	7.33%	11/16/2022	12/8/2028	5,476		5,475		5,471		4.05
Vaco Holdings, Inc.	(10)	SOFR +	5.00%	9.45%	11/16/2022	1/21/2029	2,306		2,270		2,120		1.57
									50,877		50,885		37.65

262

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BCRED Verdelite JV LP

Consolidated Schedule of Investments

June 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)
Construction & Engineering
Azuria Water Solutions, Inc.	(10)	SOFR +	3.00%	7.33%	7/23/2024	5/17/2028	$	2,949	$	2,949	$	2,963	2.19	%
Brookfield WEC Holdings, Inc.	(8)	SOFR +	2.25%	6.57%	1/25/2024	1/27/2031	997		990		999		0.74
Touchdown Acquirer, Inc.	(8)	SOFR +	2.75%	7.08%	8/21/2024	2/21/2031	2,389		2,367		2,392		1.77
									6,306		6,354		4.70
Construction Materials
Quikrete Holdings, Inc.	(8)	SOFR +	2.25%	6.58%	4/4/2025	2/10/2032	998		972		997		0.74
Tamko Building Products, LLC	(8)	SOFR +	2.75%	7.03%	10/23/2024	9/20/2030	2,615		2,615		2,624		1.94
									3,587		3,621		2.68
Consumer Finance
CPI Holdco B, LLC	(8)	SOFR +	2.00%	6.33%	5/17/2024	5/17/2031	1,195		1,192		1,192		0.88
Containers & Packaging
Anchor Packaging, LLC	(8)	SOFR +	3.25%	7.56%	12/13/2024	7/18/2029	743		743		747		0.55
Berlin Packaging, LLC	(8)	SOFR +	3.50%	7.82%	6/7/2024	6/7/2031	4,455		4,455		4,476		3.31
Clydesdale Acquisition Holdings, Inc.	(9)	SOFR +	3.18%	7.50%	11/16/2022	4/13/2029	3,136		3,096		3,133		2.32
Graham Packaging Co., Inc.	(8)	SOFR +	2.50%	6.83%	7/31/2024	8/4/2027	2,591		2,591		2,599		1.92
ProAmpac PG Borrower, LLC	(10)	SOFR +	4.00%	8.26%	4/9/2024	9/15/2028	5,033		5,033		5,059		3.74
Ring Container Technologies Group, LLC	(9)	SOFR +	2.75%	7.08%	7/19/2024	8/12/2028	2,097		2,097		2,106		1.56
SupplyOne, Inc.	(8)	SOFR +	3.50%	7.83%	4/19/2024	4/19/2031	1,691		1,684		1,699		1.26
TricorBraun Holdings, Inc.	(9)	SOFR +	3.25%	7.69%	11/16/2022	3/3/2028	5,476		5,369		5,476		4.05
Trident TPI Holdings, Inc.	(9)	SOFR +	3.75%	8.05%	10/18/2024	9/15/2028	4,397		4,397		4,326		3.20
									29,465		29,621		21.91

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Consolidated Schedule of Investments

June 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
Bright Horizons Family Solutions, LLC	(9)	SOFR +	1.75%	6.08%	11/16/2022	11/24/2028	$	2,984	$	2,984	$	2,998	2.22	%
Cengage Learning, Inc.	(11)	SOFR +	3.50%	7.83%	11/22/2024	3/22/2031	3,441		3,434		3,453		2.55
Element Materials Technology Group US Holdings, Inc.	(9)	SOFR +	3.75%	8.05%	11/16/2022	7/6/2029	2,947		2,900		2,960		2.19
Imagine Learning, LLC	(9)	SOFR +	3.50%	7.83%	2/1/2024	12/21/2029	3,965		3,946		3,875		2.87
Mckissock Investment Holdings, LLC	(10)	SOFR +	5.00%	9.41%	11/16/2022	3/12/2029	4,182		4,105		4,195		3.10
Mister Car Wash Holdings, Inc.	(8)	SOFR +	2.50%	6.83%	3/27/2024	3/21/2031	715		715		717		0.53
Pre-Paid Legal Services, Inc.	(9)	SOFR +	3.25%	7.58%	11/16/2022	12/15/2028	3,248		3,212		3,235		2.39
Spring Education Group, Inc.	(8)	SOFR +	4.00%	8.30%	9/29/2023	9/29/2030	3,370		3,307		3,388		2.51
University Support Services, LLC	(9)	SOFR +	2.75%	7.08%	11/16/2022	2/10/2029	3,794		3,765		3,672		2.72
Wand NewCo 3, Inc.	(8)	SOFR +	2.50%	6.83%	7/30/2024	1/30/2031	2,934		2,910		2,924		2.16
									31,278		31,417		23.24
Diversified REITs
Iron Mountain Information Management, LLC	(8)	SOFR +	2.00%	6.33%	12/28/2023	1/31/2031	847		842		847		0.63
Diversified Telecommunication Services
Coral-US Co-Borrower, LLC	(8)	SOFR +	3.25%	7.51%	11/16/2022	1/31/2028	2,450		2,438		2,428		1.80
Virgin Media Bristol, LLC	(8)	SOFR +	3.18%	7.37%	3/2/2023	3/31/2031	2,727		2,708		2,696		1.99
Zacapa, LLC	(9)	SOFR +	3.75%	8.05%	10/29/2024	3/22/2029	4,479		4,479		4,499		3.33
									9,625		9,623		7.12
Electric Utilities
NRG Energy, Inc.	(8)	SOFR +	1.75%	6.03%	4/16/2024	4/16/2031	1,756		1,752		1,761		1.30
Tiger Acquisition, LLC	(8)	SOFR +	2.75%	7.08%	11/16/2022	6/1/2028	1,694		1,694		1,699		1.26
Vistra Operations Co, LLC	(8)	SOFR +	1.75%	6.08%	11/16/2022	12/20/2030	2,607		2,587		2,617		1.94
									6,033		6,077		4.50
Electrical Equipment
Generac Power Systems, Inc.	(8)	SOFR +	1.75%	6.07%	7/3/2024	7/3/2031	3,770		3,766		3,783		2.80
Madison IAQ, LLC	(9)	SOFR +	2.50%	6.76%	11/16/2022	6/21/2028	4,196		4,109		4,204		3.11
									7,875		7,987		5.91

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Consolidated Schedule of Investments

June 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)
Electronic Equipment, Instruments & Components
Celestica, Inc.	(4)(8)	SOFR +	1.75%	6.07%	6/20/2024	6/20/2031	$	3,465	$	3,465	$	3,474	2.57	%
Infinite Bidco, LLC	(9)	SOFR +	3.75%	8.29%	11/16/2022	3/2/2028	2,626		2,571		2,486		1.84
Modena Buyer, LLC	(8)	SOFR +	4.50%	8.78%	7/1/2024	7/1/2031	1,826		1,794		1,764		1.30
									7,830		7,724		5.71
Energy Equipment & Services
Ursa Minor US Bidco, LLC	(8)	SOFR +	2.75%	7.05%	3/26/2024	3/26/2031	1,184		1,181		1,188		0.88
Entertainment
Live Nation Entertainment, Inc.	(8)	SOFR +	1.75%	6.17%	11/16/2022	10/19/2026	3,454		3,457		3,456		2.56
Financial Services
Mitchell International, Inc.	(9)	SOFR +	3.25%	7.58%	6/17/2024	6/17/2031	4,904		4,884		4,906		3.63
Paysafe Holdings US Corp.	(9)	SOFR +	2.75%	7.34%	11/16/2022	6/28/2028	1,924		1,917		1,924		1.42
Planet US Buyer, LLC	(8)	SOFR +	3.00%	7.33%	2/9/2024	2/7/2031	1,015		1,013		1,020		0.75
Solera, LLC	(9)(18)	SOFR +	3.75%	8.29%	11/16/2022	6/2/2028	2,246		2,191		2,191		1.62
									10,005		10,041		7.42
Food Products
CHG PPC Parent, LLC	(4)(9)	SOFR +	3.00%	7.44%	11/16/2022	12/8/2028	2,931		2,876		2,946		2.18
Dreyers Grand Ice Cream, Inc.	(8)	SOFR +	2.00%	6.24%	3/11/2025	9/30/2031	2,993		2,973		2,966		2.19
Saratoga Food Specialties, LLC	(8)	SOFR +	3.25%	7.57%	3/7/2024	3/7/2029	718		718		723		0.53
									6,567		6,635		4.90
Ground Transportation
Genesee & Wyoming, Inc.	(8)	SOFR +	1.75%	6.05%	4/10/2024	4/10/2031	4,292		4,274		4,275		3.16
Health Care Equipment & Supplies
Resonetics, LLC	(10)	SOFR +	3.25%	7.57%	12/6/2024	6/18/2031	3,538		3,538		3,545		2.62
WS Audiology A/S	(8)	SOFR +	3.50%	7.80%	4/8/2024	2/28/2029	4,065		4,065		4,076		3.02
									7,603		7,621		5.64

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Consolidated Schedule of Investments

June 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 (continued)
Health Care Providers & Services
Agiliti Health, Inc.	(8)	SOFR +	3.00%	7.30%	5/1/2023	5/1/2030	$	3,456	$	3,458	$	3,355	2.48	%
CHG Healthcare Services, Inc.	(9)	SOFR +	3.00%	7.33%	3/10/2025	9/29/2028	995		995		1,000		0.74
Concentra Health Services, Inc.	(8)	SOFR +	2.00%	6.33%	7/26/2024	6/26/2031	2,132		2,132		2,143		1.59
Davita, Inc.	(8)	SOFR +	2.00%	6.33%	5/9/2024	5/9/2031	3,474		3,474		3,496		2.59
Ensemble RCM, LLC	(8)	SOFR +	3.00%	7.28%	1/30/2024	8/1/2029	933		926		938		0.69
Examworks Bidco, Inc.	(9)	SOFR +	2.75%	7.08%	11/16/2022	11/1/2028	4,755		4,708		4,772		3.53
Hunter US Bidco, Inc.	(4)(9)	SOFR +	4.25%	8.65%	11/16/2022	8/19/2028	1,000		995		955		0.71
MED ParentCo, LP	(8)	SOFR +	3.25%	7.57%	10/18/2024	4/15/2031	1,186		1,186		1,192		0.88
Outcomes Group Holdings, Inc.	(8)	SOFR +	3.75%	8.08%	5/6/2024	5/6/2031	2,059		2,059		2,074		1.53
Pediatric Associates Holding Co, LLC	(9)	SOFR +	3.25%	7.79%	11/16/2022	12/29/2028	638		631		572		0.42
Raven Acquisition Holdings, LLC	(7)(8)	SOFR +	3.25%	7.58%	4/4/2025	11/19/2031	931		910		931		0.69
Surgery Centers Holdings, Inc.	(8)	SOFR +	2.75%	7.08%	6/20/2024	12/19/2030	1,030		1,030		1,035		0.77
									22,504		22,463		16.62
Health Care Technology
athenahealth, Inc.	(9)	SOFR +	2.75%	7.08%	11/16/2022	2/15/2029	6,476		6,268		6,477		4.79
Cotiviti, Inc.	(8)	SOFR +	2.75%	7.07%	5/1/2024	5/1/2031	5,166		5,144		5,148		3.81
Gainwell Acquisition Corp.	(10)	SOFR +	4.00%	8.40%	11/16/2022	10/1/2027	1,964		1,925		1,897		1.40
Waystar Technologies, Inc.	(8)	SOFR +	2.25%	6.58%	12/30/2024	10/22/2029	2,053		2,053		2,063		1.53
									15,390		15,585		11.53

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Consolidated Schedule of Investments

June 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)
Hotels, Restaurants & Leisure
Alterra Mountain, Co.	(4)(8)	SOFR +	2.75%	7.08%	11/7/2024	8/17/2028	$	2,280	$	2,280	$	2,294	1.70	%
Caesars Entertainment, Inc.	(9)	SOFR +	2.25%	6.58%	2/6/2023	2/6/2030	1,334		1,325		1,335		0.99
Caesars Entertainment, Inc.	(9)	SOFR +	2.25%	6.58%	2/6/2024	2/6/2031	2,790		2,784		2,792		2.07
Carnival Finance, LLC	(10)	SOFR +	2.00%	6.31%	4/25/2024	10/18/2028	2,321		2,321		2,326		1.72
Cedar Fair, LP	(8)	SOFR +	2.00%	6.33%	5/1/2024	5/1/2031	721		719		722		0.53
FanDuel Group Financing, LLC	(9)	SOFR +	1.75%	6.05%	11/24/2023	11/30/2030	2,387		2,387		2,384		1.76
Fertitta Entertainment, LLC	(9)	SOFR +	3.50%	7.83%	11/16/2022	1/27/2029	2,737		2,708		2,737		2.03
GVC Finance, LLC	(9)	SOFR +	2.75%	7.02%	5/8/2024	10/31/2029	3,357		3,364		3,374		2.50
Hilton Grand Vacations Borrower, LLC	(8)	SOFR +	2.00%	6.33%	1/17/2024	1/17/2031	709		707		709		0.52
IRB Holding Corp.	(10)	SOFR +	2.50%	6.83%	12/11/2024	12/15/2027	5,506		5,503		5,511		4.08
LC Ahab US Bidco, LLC	(8)	SOFR +	3.00%	7.33%	5/1/2024	5/1/2031	1,664		1,636		1,665		1.23
Marriott Ownership Resorts, Inc.	(8)	SOFR +	2.25%	6.58%	4/1/2024	4/1/2031	3,111		3,131		3,119		2.31
Mic Glen, LLC	(9)	SOFR +	3.25%	7.58%	11/16/2022	7/21/2028	3,330		3,330		3,350		2.48
Motion Finco, LLC	(8)	SOFR +	3.50%	7.80%	2/5/2024	11/12/2029	2,519		2,509		2,404		1.78
New Red Finance, Inc.	(8)	SOFR +	1.75%	6.08%	6/16/2024	9/12/2030	2,904		2,882		2,895		2.14
Ovg Business Services, LLC	(8)	SOFR +	3.00%	7.33%	6/25/2024	6/25/2031	1,501		1,494		1,495		1.11
Scientific Games Holdings, LP	(9)	SOFR +	3.00%	7.28%	6/11/2024	4/4/2029	2,962		2,962		2,963		2.19
Tacala Investment Corp.	(10)	SOFR +	3.50%	7.83%	9/26/2024	1/31/2031	1,589		1,589		1,598		1.18
Whatabrands, LLC	(9)	SOFR +	2.50%	6.83%	12/11/2024	8/3/2028	5,490		5,489		5,499		4.07
									49,120		49,172		36.39
Household Durables
AI Aqua Merger Sub, Inc.	(9)	SOFR +	3.00%	7.32%	12/5/2024	7/31/2028	7,247		7,219		7,245		5.36
Household Products
Energizer Holdings, Inc.	(8)	SOFR +	2.00%	6.32%	5/29/2024	12/22/2027	727		724		730		0.54
Independent Power and Renewable Electricity Producers
Calpine, Corp.	(8)	SOFR +	1.75%	6.08%	3/10/2025	1/31/2031	1,000		998		1,001		0.74

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Consolidated Schedule of Investments

June 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 +	2.75%	7.07%	4/22/2025	9/19/2031	$	997	$	976	$	999	0.74	%
AmWINS Group, Inc.	(10)	SOFR +	2.25%	6.58%	11/16/2022	1/30/2032	1,493		1,484		1,495		1.11
AssuredPartners, Inc.	(9)	SOFR +	3.50%	7.83%	2/16/2024	2/14/2031	4,879		4,872		4,897		3.62
Baldwin Insurance Group Holdings, LLC	(8)	SOFR +	3.00%	7.31%	12/11/2024	5/26/2031	3,988		3,988		3,997		2.96
BroadStreet Partners, Inc.	(8)	SOFR +	3.00%	7.33%	6/14/2024	6/14/2031	5,543		5,532		5,556		4.11
HUB International, Ltd.	(8)	SOFR +	2.50%	6.77%	7/30/2024	6/20/2030	1,423		1,405		1,429		1.06
Hyperion Refinance S.à r.l.	(9)	SOFR +	3.50%	7.83%	8/2/2024	4/18/2030	2,387		2,387		2,403		1.78
Hyperion Refinance S.à r.l.	(9)	SOFR +	3.00%	7.33%	11/22/2024	2/15/2031	1,970		1,970		1,979		1.46
OneDigital Borrower, LLC	(9)	SOFR +	3.00%	7.33%	7/2/2024	7/2/2031	2,113		2,113		2,112		1.56
USI, Inc.	(8)	SOFR +	2.25%	6.55%	12/23/2024	9/29/2030	3,485		3,468		3,479		2.57
USI, Inc.	(8)	SOFR +	2.25%	6.55%	12/23/2024	11/22/2029	1,444		1,438		1,443		1.07
									29,633		29,789		22.04
Interactive Media & Services
Project Boost Purchaser, LLC	(8)	SOFR +	3.00%	7.30%	7/16/2024	7/16/2031	5,500		5,486		5,515		4.08
TripAdvisor, Inc.	(8)	SOFR +	2.75%	7.08%	7/8/2024	7/8/2031	2,374		2,369		2,371		1.75
									7,855		7,886		5.83
IT Services
Ahead DB Holdings, LLC	(10)	SOFR +	3.00%	7.30%	8/2/2024	2/1/2031	3,347		3,344		3,354		2.48
Chrysaor Bidco S.à r.l.	(7)(9)	SOFR +	3.00%	7.74%	7/17/2024	10/30/2031	767		767		774		0.57
Dcert Buyer, Inc.	(8)	SOFR +	4.00%	8.33%	11/16/2022	10/16/2026	2,036		2,015		2,021		1.50
Fortress Intermediate 3, Inc.	(4)(8)	SOFR +	3.00%	7.32%	6/27/2024	6/27/2031	2,481		2,481		2,491		1.84
Go Daddy Operating Co, LLC	(8)	SOFR +	1.75%	6.08%	5/31/2024	5/30/2031	743		742		744		0.55
Newfold Digital Holdings Group, Inc.	(10)	SOFR +	3.50%	7.93%	11/16/2022	2/10/2028	3,020		2,903		2,190		1.62
ThoughtWorks, Inc.	(9)	SOFR +	2.50%	7.06%	11/16/2022	3/24/2028	2,264		2,234		2,236		1.65
Virtusa Corp.	(10)	SOFR +	3.25%	7.58%	6/21/2024	2/15/2029	4,970		4,970		4,977		3.68
World Wide Technology Holding Co, LLC	(4)(9)	SOFR +	2.25%	6.56%	3/14/2024	3/1/2030	891		891		897		0.66
									20,347		19,684		14.55
Life Sciences Tools & Services
Parexel International, Inc.	(9)	SOFR +	2.50%	6.83%	1/10/2025	11/15/2028	2,833		2,833		2,837		2.10

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Consolidated Schedule of Investments

June 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)
Machinery
Chart Industries, Inc.	(9)	SOFR +	2.50%	6.79%	7/2/2024	3/16/2030	$	2,219	$	2,219	$	2,229	1.65	%
Innio North America Holding, Inc.	(8)	SOFR +	2.50%	6.76%	7/12/2024	11/2/2028	668		668		671		0.50
LSF11 Trinity Bidco, Inc.	(8)	SOFR +	3.00%	7.32%	12/11/2024	6/14/2030	2,304		2,304		2,316		1.71
Pro Mach Group, Inc.	(11)	SOFR +	2.75%	7.08%	9/3/2024	8/31/2028	3,720		3,720		3,732		2.76
SPX Flow, Inc.	(9)	SOFR +	3.00%	7.33%	6/6/2024	4/5/2029	3,014		3,014		3,028		2.24
TK Elevator U.S. Newco, Inc.	(9)	SOFR +	3.00%	7.24%	3/14/2024	4/30/2030	4,318		4,318		4,335		3.21
									16,243		16,311		12.07
Media
ABG Intermediate Holdings 2, LLC	(8)	SOFR +	2.25%	6.58%	12/13/2024	12/21/2028	388		388		388		0.29
American Greetings Corp.	(8)	SOFR +	5.75%	10.08%	4/30/2024	10/30/2029	1,276		1,256		1,280		0.95
Cogeco Communications Finance USA, LP	(9)	SOFR +	2.50%	6.94%	9/29/2023	9/1/2028	2,425		2,379		2,418		1.79
Fleet US Bidco, Inc.	(4)(8)	SOFR +	2.75%	7.06%	8/15/2024	2/21/2031	659		659		661		0.49
									4,682		4,747		3.52
Metals & Mining
Arsenal AIC Parent, LLC	(8)	SOFR +	2.75%	7.08%	8/21/2024	8/18/2030	634		634		635		0.47
SCIH Salt Holdings, Inc.	(10)	SOFR +	3.00%	7.28%	3/19/2025	1/31/2029	995		994		997		0.74
									1,628		1,632		1.21
Mortgage Real Estate Investment Trusts (REITs)
Blackstone Mortgage Trust, Inc.	(9)	SOFR +	3.50%	7.83%	11/16/2022	5/9/2029	1,217		1,182		1,222		0.90
Oil, Gas & Consumable Fuels
AL GCX Holdings, LLC	(9)	SOFR +	2.00%	6.31%	11/16/2022	5/17/2029	2,525		2,520		2,532		1.87
Buckeye Partners, LP	(8)	SOFR +	1.75%	6.08%	2/6/2024	11/1/2026	1,725		1,727		1,730		1.28
Freeport LNG Investments, LLLP	(9)	SOFR +	3.25%	7.52%	11/16/2022	12/21/2028	3,792		3,768		3,801		2.81
GIP Pilot Acquisition Partners, LP	(8)	SOFR +	2.00%	6.28%	5/22/2024	10/4/2030	1,044		1,044		1,048		0.78
									9,059		9,111		6.74
Pharmaceuticals
Elanco Animal Health, Inc.	(8)	SOFR +	1.75%	6.17%	11/16/2022	8/1/2027	2,092		2,093		2,093		1.55

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Consolidated Schedule of Investments

June 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
AG Group Holdings, Inc.	(9)	SOFR +	4.25%	8.58%	11/16/2022	12/29/2028	$	3,539	$	3,481	$	3,313	2.45	%
AlixPartners, LLP	(9)	SOFR +	2.50%	6.94%	11/16/2022	2/4/2028	2,348		2,343		2,359		1.75
Ankura Consulting Group, LLC	(10)	SOFR +	3.50%	7.80%	12/17/2024	12/17/2031	1,136		1,133		1,137		0.84
Ascensus Group Holdings, Inc.	(9)	SOFR +	3.00%	7.33%	12/13/2024	8/2/2028	4,583		4,578		4,597		3.40
Camelot US Acquisition, LLC	(8)	SOFR +	2.75%	7.08%	1/31/2024	1/31/2031	2,700		2,695		2,676		1.98
Cast & Crew Payroll, LLC	(9)	SOFR +	3.75%	8.08%	11/16/2022	12/29/2028	1,895		1,888		1,796		1.33
Deerfield Dakota Holding, LLC	(11)	SOFR +	3.75%	8.05%	11/16/2022	4/9/2027	3,714		3,671		3,617		2.68
Eisner Advisory Group, LLC	(9)	SOFR +	4.00%	8.33%	2/28/2024	2/28/2031	1,199		1,189		1,206		0.89
EP Purchaser, LLC	(9)	SOFR +	3.50%	8.06%	11/16/2022	11/6/2028	481		468		474		0.35
Genuine Financial Holdings, LLC	(8)	SOFR +	3.25%	7.58%	6/28/2024	9/27/2030	5,805		5,805		5,533		4.09
Grant Thornton Advisors, LLC	(8)	SOFR +	2.75%	7.08%	5/31/2024	6/2/2031	2,360		2,360		2,361		1.75
Mermaid Bidco, Inc.	(8)	SOFR +	3.25%	7.51%	7/1/2024	7/3/2031	2,560		2,557		2,566		1.90
Ryan, LLC	(9)	SOFR +	3.50%	7.83%	11/9/2023	11/14/2030	2,369		2,343		2,375		1.76
Sedgwick Claims Management Services, Inc.	(8)	SOFR +	3.00%	7.33%	2/24/2023	7/31/2031	4,690		4,668		4,712		3.49
Trans Union, LLC	(9)	SOFR +	1.75%	6.08%	1/30/2024	6/24/2031	4,505		4,499		4,514		3.34
TTF Lower Intermediate, LLC	(8)	SOFR +	3.75%	8.00%	7/18/2024	7/18/2031	1,235		1,224		1,228		0.91
VT Topco, Inc.	(9)	SOFR +	3.00%	7.33%	4/3/2024	8/9/2030	1,021		1,021		1,024		0.76
									45,923		45,488		33.67
Real Estate Management & Development
Cushman & Wakefield US Borrower, LLC	(9)	SOFR +	2.75%	7.08%	6/18/2024	1/31/2030	1,746		1,746		1,756		1.30
Cushman & Wakefield US Borrower, LLC	(9)	SOFR +	3.25%	7.58%	9/25/2024	1/31/2030	1,622		1,622		1,633		1.21
									3,368		3,389		2.51
Semiconductors & Semiconductor Equipment
Altar Bidco, Inc.	(9)	SOFR +	3.10%	7.25%	3/24/2025	2/1/2029	995		987		993		0.73

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Consolidated Schedule of Investments

June 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
Applied Systems, Inc.	(8)	SOFR +	2.50%	6.80%	2/23/2024	2/24/2031	$	174	$	174	$	175	0.13	%
BEP Intermediate Holdco, LLC	(8)	SOFR +	3.25%	7.58%	4/26/2024	4/25/2031	738		738		742		0.55
Boost Newco Borrower, LLC	(8)	SOFR +	2.00%	6.30%	8/1/2024	1/31/2031	5,806		5,806		5,828		4.31
Boxer Parent Company, Inc.	(8)	SOFR +	3.00%	7.33%	7/30/2024	7/30/2031	6,250		6,238		6,218		4.60
Cloud Software Group, Inc.	(9)	SOFR +	3.75%	8.05%	11/4/2024	3/21/2031	2,409		2,406		2,416		1.79
Cloud Software Group, Inc.	(9)	SOFR +	3.50%	7.80%	3/11/2025	3/30/2029	2,992		2,955		2,999		2.22
Cloudera, Inc.	(9)	SOFR +	3.75%	8.18%	11/16/2022	10/8/2028	3,514		3,437		3,388		2.51
Conga Corp.	(10)	SOFR +	3.50%	7.78%	8/8/2024	5/8/2028	3,510		3,510		3,526		2.61
ConnectWise, LLC	(9)	SOFR +	3.50%	8.06%	11/16/2022	9/29/2028	3,476		3,403		3,498		2.59
Cornerstone OnDemand, Inc.	(9)	SOFR +	3.75%	8.19%	11/16/2022	10/16/2028	2,139		2,017		2,013		1.49
Delta Topco, Inc.	(8)	SOFR +	2.75%	7.07%	5/1/2024	11/30/2029	6,936		6,927		6,894		5.10
ECI Macola Max Holding, LLC	(10)	SOFR +	3.25%	7.55%	9/20/2024	5/9/2030	4,435		4,435		4,462		3.30
Ellucian Holdings, Inc.	(9)	SOFR +	3.00%	7.33%	2/29/2024	10/9/2029	2,652		2,652		2,662		1.97
Flash Charm, Inc.	(10)	SOFR +	3.50%	7.78%	6/11/2024	3/2/2028	3,837		3,829		3,608		2.67
Flexera Software, LLC	(10)	SOFR +	3.00%	7.31%	5/20/2024	3/3/2028	598		598		600		0.44
Gen Digital, Inc.	(9)	SOFR +	1.75%	6.08%	6/5/2024	9/12/2029	5,814		5,814		5,813		4.30
Gen Digital, Inc.	(9)	SOFR +	1.75%	6.08%	6/5/2024	2/13/2032	2,500		2,481		2,499		1.85
Genesys Cloud Services, Inc.	(8)	SOFR +	2.50%	6.83%	9/26/2024	1/30/2032	998		990		998		0.74
HS Purchaser, LLC	(10)	SOFR +	4.00%	8.38%	11/16/2022	11/19/2026	3,498		3,384		3,342		2.47
ION Trading Finance, Ltd.	(8)	SOFR +	3.50%	7.80%	12/10/2024	4/1/2028	3,118		3,116		3,124		2.31
McAfee Corp.	(9)	SOFR +	3.00%	7.32%	5/31/2024	3/1/2029	3,519		3,519		3,425		2.53
Mitnick Purchaser, Inc.	(9)(18)	SOFR +	4.50%	8.88%	11/16/2022	5/2/2029	3,353		3,290		2,279		1.69
Planview Parent, Inc.	(8)	SOFR +	3.50%	7.80%	12/17/2024	12/17/2027	1,897		1,897		1,850		1.37
Project Alpha Intermediate Holding, Inc.	(9)	SOFR +	3.25%	7.55%	5/14/2024	10/28/2030	3,242		3,242		3,261		2.41
Proofpoint, Inc.	(9)	SOFR +	3.00%	7.33%	5/28/2024	8/31/2028	2,962		2,962		2,968		2.20
Quartz Acquireco, LLC	(8)	SOFR +	2.25%	6.55%	6/3/2024	6/28/2030	1,958		1,958		1,968		1.46
RealPage, Inc.	(9)	SOFR +	3.00%	7.56%	11/16/2022	4/24/2028	2,725		2,671		2,710		2.00
Rocket Software, Inc.	(9)	SOFR +	4.25%	8.58%	10/5/2023	11/28/2028	3,554		3,528		3,567		2.64
Skopima Consilio Parent, LLC	(9)	SOFR +	3.75%	8.08%	12/18/2024	5/12/2028	3,577		3,577		3,535		2.62
Sovos Compliance, LLC	(8)	SOFR +	4.00%	8.33%	11/16/2022	8/12/2029	3,501		3,501		3,522		2.61
Surf Holdings, LLC	(8)	SOFR +	3.50%	7.94%	11/16/2022	3/5/2027	3,499		3,481		3,516		2.60
Vision Solutions, Inc.	(10)	SOFR +	4.00%	8.54%	11/16/2022	4/24/2028	3,613		3,462		3,440		2.55
Webpros US Bidco, Inc.	(8)	SOFR +	3.75%	8.08%	3/28/2024	3/28/2031	647		645		652		0.48
XPLOR T1, LLC	(4)(8)	SOFR +	3.50%	7.80%	12/11/2024	6/24/2031	2,084		2,084		2,092		1.55
Zodiac Purchaser, LLC	(8)	SOFR +	3.50%	7.83%	2/14/2025	2/14/2032	1,000		996		997		0.74
									105,723		104,587		77.40

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Consolidated Schedule of Investments

June 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)
Specialty Retail
Apro, LLC	(8)	SOFR +	3.75%	8.06%	7/9/2024	7/9/2031	$	3,922	$	3,913	$	3,917	2.90	%
CWGS Group, LLC	(10)	SOFR +	2.50%	6.94%	11/16/2022	6/3/2028	2,474		2,422		2,425		1.79
Great Outdoors Group, LLC	(10)	SOFR +	3.25%	7.58%	1/23/2025	1/23/2032	995		996		995		0.74
HomeServe USA Holding Corp.	(8)	SOFR +	2.00%	6.32%	5/29/2024	10/21/2030	819		819		821		0.61
Mavis Tire Express Services Topco, Corp.	(10)	SOFR +	3.00%	7.33%	7/18/2024	5/4/2028	3,035		3,035		3,038		2.25
									11,185		11,196		8.29
Technology Hardware, Storage & Peripherals
Sandisk, Corp.	(8)	SOFR +	3.00%	7.32%	2/21/2025	2/20/2032	2,375		2,336		2,366		1.75
Trading Companies & Distributors
American Builders & Contractors Supply Co, Inc.	(8)	SOFR +	1.75%	6.08%	1/31/2024	1/31/2031	676		676		680		0.50
Avolon TLB Borrower 1 US, LLC	(9)	SOFR +	1.75%	6.07%	6/22/2023	6/24/2030	2,723		2,707		2,728		2.02
Core & Main, LP	(8)	SOFR +	2.00%	6.27%	2/9/2024	2/9/2031	1,072		1,072		1,076		0.80
FCG Acquisitions, Inc.	(9)	SOFR +	3.25%	7.55%	11/16/2022	3/31/2028	7,036		7,037		7,050		5.22
Foundation Building Materials, Inc.	(9)	SOFR +	3.25%	7.79%	11/16/2022	1/31/2028	2,946		2,929		2,919		2.16
Icebox Holdco III, Inc.	(9)	SOFR +	3.50%	8.06%	11/16/2022	12/22/2028	4,299		4,194		4,320		3.20
Johnstone Supply, LLC	(8)	SOFR +	2.50%	6.82%	12/12/2024	6/9/2031	1,288		1,290		1,292		0.96
Park River Holdings, Inc.	(10)	SOFR +	3.25%	7.80%	11/16/2022	12/28/2027	2,421		2,407		2,363		1.75
Sunsource Borrower, LLC	(8)	SOFR +	4.00%	8.43%	3/25/2024	3/25/2031	241		240		238		0.18
White Cap Buyer, LLC	(8)	SOFR +	3.25%	7.58%	6/13/2024	10/19/2029	4,391		4,382		4,374		3.24
Windsor Holdings III, LLC	(8)	SOFR +	2.75%	7.07%	9/20/2024	8/1/2030	3,821		3,808		3,827		2.83
									30,742		30,867		22.86
Transportation Infrastructure
Apple Bidco, LLC	(8)	SOFR +	2.50%	6.83%	11/16/2022	9/23/2031	3,457		3,446		3,455		2.56
Total First Lien Debt									670,580		668,504		494.65
Total Investment Portfolio									670,580		668,504		494.65
Cash and Cash Equivalents
Fidelity Investments Money Market Treasury Portfolio - Class I				4.19%					12,088		12,088		8.94
Other Cash and Cash Equivalents									29,493		29,493		21.82
Total Portfolio Investments, Cash and Cash Equivalents									$	712,161	$	710,085	525.41	%

(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 June 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), 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.

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Consolidated Schedule of Investments

June 30, 2025

(in thousands)

(Unaudited)

(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.

(6)Reserved.

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


Investments	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
Chrysaor Bidco S.à r.l.	Delayed Draw Term Loan	7/17/2026	$	57	$	—
Raven Acquisition Holdings, LLC	Delayed Draw Term Loan	11/19/2026	67		—
Total Unfunded Commitments			$	124	$	—

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

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

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

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

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

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

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

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

(16)Reserved.

(17)Reserved.

(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 June 30, 2025, the aggregate fair value of these securities is $668.5 million or 494.65% of the Company’s net assets. The initial acquisition dates have been included for such securities.

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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
Aerospace & Defense
KBR, Inc.	(8)	SOFR +	2.00%	6.36%	8/14/2024	1/17/2031	$	504	$	504	$	506	0.33	%
Ovation Parent, Inc.	(10)	SOFR +	3.50%	7.83%	4/19/2024	3/27/2031	933		931		940		0.61
Peraton Corp.	(10)	SOFR +	3.75%	8.21%	11/16/2022	2/1/2028	4,980		4,930		4,646		3.00
TransDigm Inc	(8)	SOFR +	2.50%	6.83%	11/28/2023	2/28/2031	4,956		4,958		4,970		3.21
Vertex Aerospace Services Corp.	(10)	SOFR +	2.75%	7.11%	11/16/2022	12/6/2030	5,574		5,551		5,591		3.61
									16,874		16,653		10.76
Air Freight & Logistics
Savage Enterprises, LLC	(9)	SOFR +	2.75%	7.30%	11/16/2022	9/15/2028	153		153		154		0.10
Airlines
American Airlines, Inc.	(8)	SOFR +	2.25%	6.62%	2/15/2023	2/15/2028	2,970		2,970		2,987		1.93
American Airlines, Inc.	(8)	SOFR +	1.75%	6.17%	11/16/2022	1/29/2027	500		500		499		0.32
KKR Apple Bidco, LLC	(9)	SOFR +	2.75%	7.22%	11/16/2022	9/23/2028	1,975		1,967		1,988		1.28
United Airlines, Inc.	(8)	SOFR +	2.00%	6.63%	2/22/2024	2/22/2031	2,297		2,297		2,307		1.49
									7,734		7,781		5.02
Auto Components
Clarios Global LP	(8)	SOFR +	2.50%	6.86%	7/16/2024	5/6/2030	2,965		2,965		2,981		1.92
First Brands Group, LLC	(11)	SOFR +	5.00%	9.85%	12/15/2022	3/30/2027	3,742		3,699		3,515		2.27
									6,664		6,496		4.19
Beverages
Triton Water Holdings, Inc.	(9)	SOFR +	3.25%	7.84%	11/16/2022	3/31/2028	3,423		3,292		3,454		2.23
Biotechnology
Grifols Worldwide Operations USA Inc	(8)	SOFR +	2.00%	6.74%	11/16/2022	11/15/2027	3,114		3,101		3,106		2.00
Broadline Retail
Peer USA, LLC	(8)	SOFR +	3.00%	7.33%	6/26/2024	7/1/2031	1,943		1,946		1,956		1.26
Building Products
Cornerstone Building Brands, Inc.	(9)	SOFR +	3.25%	7.75%	11/16/2022	4/12/2028	3,949		3,896		3,782		2.44
Griffon Corporation	(8)	SOFR +	2.25%	6.61%	6/26/2024	1/24/2029	3,469		3,478		3,493		2.25
Gulfside Supply Inc	(8)	SOFR +	3.00%	7.33%	6/17/2024	6/17/2031	631		629		635		0.41
LBM Acquisition, LLC	(10)	SOFR +	3.75%	8.30%	6/6/2024	5/31/2031	5,991		5,935		5,949		3.84
MIWD Holdco II, LLC	(8)	SOFR +	3.00%	7.36%	3/28/2024	3/21/2031	2,054		2,045		2,077		1.34
Oscar Acquisitionco, LLC	(9)	SOFR +	4.25%	8.50%	11/16/2022	4/29/2029	2,420		2,425		2,399		1.55
Resideo Funding Inc	(8)	SOFR +	1.75%	6.11%	6/14/2024	6/13/2031	547		547		550		0.35
Standard Industries Inc	(9)	SOFR +	1.75%	6.11%	11/16/2022	9/22/2028	561		561		563		0.36
The Chamberlain Group, Inc.	(9)	SOFR +	3.25%	7.71%	11/16/2022	11/3/2028	4,508		4,355		4,541		2.93
									23,871		23,989		15.47

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December 31, 2024

(in thousands)

(Unaudited)


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

First Lien (continued)
Capital Markets
Apex Group Treasury, LLC	(9)	SOFR +	3.75%	8.96%	11/16/2022	7/27/2028	$	3,518	$	3,434	$	3,556	2.29	%
Aretec Group, Inc.	(8)	SOFR +	3.50%	7.86%	5/29/2024	8/9/2030	4,403		4,403		4,418		2.85
Citco Funding, LLC	(9)	SOFR +	2.75%	7.31%	6/13/2024	4/27/2028	988		986		997		0.64
GTCR Everest Borrower, LLC	(8)	SOFR +	2.75%	7.08%	9/5/2024	9/5/2031	1,445		1,442		1,453		0.94
Kestra Advisor Services Holdings A, Inc.	(8)	SOFR +	3.00%	7.37%	3/19/2024	3/19/2031	1,486		1,486		1,489		0.96
Osaic Holdings Inc	(8)	SOFR +	3.50%	7.86%	11/26/2024	8/17/2028	4,318		4,318		4,340		2.80
The Edelman Financial Engines Center, LLC	(8)	SOFR +	3.00%	7.36%	6/5/2024	4/7/2028	3,880		3,880		3,908		2.52
									19,949		20,161		13.00
Chemicals
CI Maroon Holdings, LLC	(8)	SOFR +	4.00%	8.43%	3/28/2024	3/3/2031	896		891		901		0.58
Nouryon USA, LLC	(8)	SOFR +	3.25%	7.66%	4/26/2024	4/3/2028	3,721		3,721		3,758		2.42
									4,612		4,659		3.00
Commercial Services & Supplies
Access CIG, LLC	(9)	SOFR +	5.00%	9.59%	8/18/2023	8/18/2028	4,438		4,296		4,486		2.89
Allied Universal Holdco, LLC	(9)	SOFR +	3.75%	8.21%	11/16/2022	5/12/2028	4,419		4,340		4,439		2.86
Anticimex, Inc.	(9)	SOFR +	3.15%	7.72%	11/16/2022	11/16/2028	4,354		4,316		4,390		2.83
Asplundh Tree Expert, LLC	(8)	SOFR +	1.75%	6.11%	5/23/2024	5/23/2031	1,342		1,339		1,345		0.87
Belfor Holdings Inc	(4)(9)	SOFR +	3.75%	8.11%	11/3/2023	11/1/2030	1,008		999		1,020		0.66
Brightview Landscapes, LLC	(9)	SOFR +	2.50%	7.09%	5/28/2024	4/20/2029	149		149		150		0.10
EAB Global, Inc.	(9)	SOFR +	3.25%	7.61%	11/16/2022	8/16/2028	8,811		8,722		8,856		5.71
Foundational Education Group, Inc.	(9)	SOFR +	3.75%	8.60%	11/16/2022	8/31/2028	2,481		2,399		2,422		1.56
Garda World Security Corp.	(8)	SOFR +	3.50%	7.90%	8/6/2024	2/1/2029	3,817		3,817		3,839		2.48
GFL Environmental, Inc.	(9)	SOFR +	2.00%	6.61%	7/3/2024	7/3/2031	831		829		834		0.54
OMNIA Partners, LLC	(8)	SOFR +	2.75%	7.37%	1/26/2024	7/25/2030	2,381		2,360		2,395		1.55
Prime Security Services Borrower, LLC	(8)	SOFR +	2.00%	6.52%	4/15/2024	10/13/2030	4,263		4,263		4,278		2.76
TRC Companies, Inc (fka Bolt Infrastructure Merger Sub, Inc.)	(9)	SOFR +	3.50%	7.97%	11/16/2022	12/8/2028	4,503		4,428		4,549		2.94
Vaco Holdings, Inc.	(10)	SOFR +	5.00%	9.48%	11/16/2022	1/21/2029	2,318		2,276		2,152		1.39
									44,533		45,155		29.14

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December 31, 2024

(in thousands)

(Unaudited)


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

First Lien (continued)
Construction & Engineering
Azuria Water Solutions Inc	(10)	SOFR +	3.75%	8.11%	7/23/2024	5/17/2028	$	2,963	$	2,963	$	2,991	1.93	%
Groundworks, LLC	(7)(8)	SOFR +	3.25%	7.65%	3/14/2024	3/14/2031	1,643		1,627		1,655		1.07
Refficiency Holdings, LLC	(10)	SOFR +	3.50%	7.96%	11/16/2022	12/16/2027	4,405		4,367		4,429		2.86
Touchdown Acquirer, Inc.	(8)	SOFR +	3.25%	7.58%	8/21/2024	2/21/2031	1,395		1,394		1,410		0.91
									10,351		10,485		6.77
Construction Materials
Tamko Building Products, LLC	(8)	SOFR +	2.75%	7.09%	10/23/2024	9/20/2030	2,628		2,628		2,652		1.71
Consumer Finance
CPI Holdco B, LLC	(8)	SOFR +	2.00%	6.36%	5/17/2024	5/17/2031	1,201		1,198		1,200		0.77
Containers & Packaging
Altium Packaging, LLC	(8)	SOFR +	2.50%	6.86%	6/11/2024	6/11/2031	533		533		533		0.34
Anchor Packaging, LLC	(8)	SOFR +	3.25%	7.69%	12/13/2024	7/18/2029	746		746		751		0.48
Berlin Packaging, LLC	(8)	SOFR +	3.50%	8.05%	6/7/2024	6/7/2031	4,477		4,477		4,509		2.91
Clydesdale Acquisition Holdings, Inc.	(9)	SOFR +	3.18%	7.53%	11/16/2022	4/13/2029	3,136		3,091		3,146		2.03
Graham Packaging Co, Inc.	(8)	SOFR +	2.50%	6.86%	7/31/2024	8/4/2027	2,634		2,634		2,644		1.71
ProAmpac PG Borrower, LLC	(10)	SOFR +	4.00%	8.66%	4/9/2024	9/15/2028	5,059		5,059		5,081		3.28
Ring Container Technologies Group, LLC	(9)	SOFR +	2.75%	7.11%	7/19/2024	8/12/2028	2,107		2,107		2,116		1.37
SupplyOne, Inc.	(8)	SOFR +	3.75%	8.11%	4/19/2024	4/19/2031	1,699		1,692		1,716		1.11
TricorBraun Holdings, Inc.	(9)	SOFR +	3.25%	7.72%	11/16/2022	3/3/2028	4,501		4,400		4,504		2.91
Trident TPI Holdings, Inc.	(9)	SOFR +	3.75%	8.19%	10/18/2024	9/15/2028	4,419		4,419		4,464		2.88
									29,158		29,464		19.02
Diversified Consumer Services
Ascend Learning, LLC	(9)	SOFR +	3.50%	7.96%	11/16/2022	12/11/2028	4,115		4,003		4,142		2.67
Bright Horizons Family Solutions, LLC	(9)	SOFR +	2.00%	6.36%	11/16/2022	11/24/2028	3,482		3,482		3,495		2.26
Cengage Learning, Inc.	(11)	SOFR +	3.50%	7.86%	11/22/2024	3/22/2031	1,958		1,958		1,971		1.27
Element Materials Technology Group US Holdings Inc.	(9)	SOFR +	3.75%	8.08%	11/16/2022	7/6/2029	2,962		2,910		2,985		1.93
Imagine Learning, LLC	(9)	SOFR +	3.50%	7.86%	2/1/2024	12/21/2029	1,985		1,977		1,991		1.28
Mckissock Investment Holdings, LLC	(10)	SOFR +	5.00%	9.79%	11/16/2022	3/12/2029	4,204		4,116		4,184		2.70

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Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)


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

First Lien (continued)
Diversified Consumer Services (continued)
Mister Car Wash Holdings, Inc.	(8)	SOFR +	2.75%	7.09%	3/27/2024	3/21/2031	$	773	$	773	$	778	0.50	%
Pre-Paid Legal Services, Inc.	(9)	SOFR +	3.75%	8.22%	11/16/2022	12/15/2028	3,264		3,223		3,290		2.12
Spring Education Group, Inc.	(8)	SOFR +	4.00%	8.33%	9/29/2023	9/29/2030	3,387		3,317		3,412		2.20
University Support Services, LLC	(9)	SOFR +	2.75%	7.11%	11/16/2022	2/10/2029	3,814		3,781		3,836		2.48
Wand NewCo 3, Inc.	(8)	SOFR +	3.25%	7.61%	7/30/2024	1/30/2031	1,965		1,965		1,975		1.27
									31,505		32,059		20.68
Diversified REITs
Iron Mountain Information Management, LLC	(8)	SOFR +	2.00%	6.36%	12/28/2023	1/31/2031	851		846		852		0.55
Diversified Telecommunication Services
Coral-US Co-Borrower, LLC.	(8)	SOFR +	2.25%	7.00%	11/16/2022	1/31/2028	2,450		2,428		2,444		1.58
Lorca Co-Borrower, LLC	(9)	SOFR +	3.50%	7.83%	4/30/2024	3/25/2031	993		990		1,003		0.65
Zacapa, LLC	(9)	SOFR +	3.75%	8.08%	10/29/2024	3/22/2029	4,502		4,502		4,534		2.93
									7,920		7,981		5.16
Electric Utilities
NRG Energy, Inc.	(8)	SOFR +	1.75%	6.35%	4/16/2024	3/27/2031	1,764		1,760		1,769		1.14
Tiger Acquisition, LLC	(9)	SOFR +	3.00%	7.34%	11/16/2022	6/1/2028	1,866		1,866		1,871		1.21
Vistra Operations Co, LLC	(8)	SOFR +	1.75%	6.11%	11/16/2022	12/20/2030	2,621		2,598		2,630		1.70
									6,224		6,270		4.05
Electrical Equipment
Generac Power Systems Inc	(4)(8)	SOFR +	1.75%	6.34%	7/3/2024	6/12/2031	3,789		3,785		3,818		2.46
Madison IAQ, LLC	(9)	SOFR +	2.75%	7.89%	11/16/2022	6/21/2028	4,207		4,105		4,227		2.73
									7,890		8,045		5.19
Electronic Equipment, Instruments & Components
Celestica Inc.	(8)	SOFR +	1.75%	6.09%	6/20/2024	6/20/2031	3,483		3,483		3,491		2.25
Infinite Bidco, LLC	(9)	SOFR +	3.75%	8.60%	11/16/2022	3/2/2028	2,639		2,574		2,623		1.69
Modena Buyer, LLC	(8)	SOFR +	4.50%	8.86%	7/1/2024	7/1/2031	3,500		3,433		3,399		2.19
									9,490		9,513		6.13
Energy Equipment & Services
Ursa Minor US Bidco, LLC	(8)	SOFR +	3.00%	7.33%	3/26/2024	3/26/2031	1,190		1,187		1,201		0.77
Entertainment
Live Nation Entertainment Inc	(8)	SOFR +	1.75%	6.22%	11/16/2022	10/19/2026	3,473		3,476		3,475		2.24

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Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)


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

First Lien (continued)
Financial Services
Mitchell International, Inc.	(9)	SOFR +	3.25%	7.61%	6/17/2024	6/17/2031	$	4,929	$	4,906	$	4,938	3.19	%
Paysafe Holdings US Corp	(9)	SOFR +	2.75%	7.22%	11/16/2022	6/28/2028	1,971		1,963		1,987		1.28
Planet US Buyer, LLC	(8)	SOFR +	3.00%	7.52%	2/9/2024	1/31/2031	1,020		1,017		1,030		0.66
Solera, LLC	(9)(18)	SOFR +	4.00%	8.85%	11/16/2022	6/2/2028	2,257		2,193		2,264		1.46
									10,079		10,219		6.59
Food Products
CHG PPC Parent, LLC	(9)	SOFR +	3.00%	7.47%	11/16/2022	12/8/2028	2,946		2,884		2,967		1.91
Saratoga Food Specialties, LLC	(8)	SOFR +	3.75%	8.14%	3/7/2024	3/7/2029	719		716		724		0.47
									3,600		3,691		2.38
Ground Transportation
Genesee & Wyoming Inc	(8)	SOFR +	1.75%	6.08%	4/10/2024	4/10/2031	4,314		4,294		4,311		2.78
Health Care Equipment & Supplies
Auris Luxembourg III S.à r.l.	(8)	SOFR +	3.75%	8.18%	4/8/2024	2/28/2029	3,085		3,085		3,126		2.02
Resonetics, LLC	(10)	SOFR +	3.25%	7.60%	12/6/2024	6/18/2031	3,556		3,556		3,584		2.31
									6,641		6,710		4.33
Health Care Providers & Services
Agiliti Health Inc	(8)	SOFR +	3.00%	7.59%	5/1/2023	5/1/2030	3,474		3,476		3,417		2.20
Concentra Health Services Inc	(4)(8)	SOFR +	2.25%	6.61%	7/26/2024	6/26/2031	2,138		2,135		2,156		1.39
Davita Inc	(8)	SOFR +	2.00%	6.36%	5/9/2024	5/9/2031	3,491		3,491		3,500		2.26
Ensemble RCM, LLC	(8)	SOFR +	3.00%	7.59%	1/30/2024	8/1/2029	938		929		946		0.61
Examworks Bidco, Inc.	(9)	SOFR +	2.75%	7.11%	11/16/2022	11/1/2028	3,766		3,715		3,785		2.44
Hunter US Bidco Inc.	(9)	SOFR +	4.25%	8.68%	11/16/2022	8/19/2028	1,000		994		991		0.64
MED ParentCo LP	(8)	SOFR +	3.50%	7.86%	10/18/2024	4/15/2031	1,192		1,192		1,203		0.78
Outcomes Group Holdings Inc	(8)	SOFR +	3.25%	7.61%	5/6/2024	5/6/2031	2,070		2,070		2,095		1.35
Pediatric Associates Holding Co., LLC	(10)	SOFR +	3.25%	8.10%	11/16/2022	12/29/2028	641		633		625		0.40
Surgery Centers Holdings, Inc.	(8)	SOFR +	2.75%	7.09%	6/20/2024	12/19/2030	1,036		1,036		1,045		0.67
									19,671		19,763		12.74
Health Care Technology
athenahealth, Inc.	(9)	SOFR +	3.25%	7.61%	11/16/2022	2/15/2029	4,492		4,273		4,512		2.91
Cotiviti, Inc.	(8)	SOFR +	2.75%	7.30%	5/1/2024	5/1/2031	5,192		5,168		5,227		3.37
Gainwell Acquisition Corp.	(10)	SOFR +	4.00%	8.43%	11/16/2022	10/1/2027	1,974		1,926		1,917		1.24
Waystar Technologies, Inc.	(8)	SOFR +	2.25%	6.59%	12/30/2024	10/22/2029	2,069		2,069		2,081		1.34
									13,436		13,737		8.86

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Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)


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

First Lien (continued)
Hotels, Restaurants & Leisure
Alterra Mountain Co	(8)	SOFR +	2.75%	7.11%	11/7/2024	8/17/2028	$	2,291	$	2,291	$	2,309	1.49	%
Caesars Entertainment, Inc.	(9)	SOFR +	2.25%	6.61%	2/6/2023	2/6/2030	1,342		1,332		1,345		0.87
Caesars Entertainment, Inc.	(9)	SOFR +	2.25%	6.61%	2/6/2024	2/6/2031	2,804		2,798		2,814		1.82
Carnival Finance, LLC	(10)	SOFR +	2.75%	7.11%	4/25/2024	10/18/2028	2,321		2,321		2,341		1.51
Cedar Fair, L.P.	(8)	SOFR +	2.00%	6.36%	5/1/2024	5/1/2031	724		723		727		0.47
FanDuel Group Financing, LLC.	(9)	SOFR +	1.75%	6.08%	11/24/2023	11/25/2030	2,399		2,399		2,397		1.55
Fertitta Entertainment, LLC	(9)	SOFR +	3.50%	7.86%	11/16/2022	1/27/2029	4,130		4,068		4,150		2.68
GVC Finance, LLC	(9)	SOFR +	2.75%	7.08%	5/8/2024	10/31/2029	3,374		3,382		3,388		2.19
Hilton Grand Vacations Borrower, LLC	(8)	SOFR +	2.25%	6.82%	1/17/2024	1/17/2031	711		709		714		0.46
IRB Holding Corp.	(10)	SOFR +	2.50%	6.86%	12/11/2024	12/15/2027	4,533		4,533		4,543		2.93
LC Ahab US Bidco, LLC	(8)	SOFR +	3.00%	7.36%	5/1/2024	5/1/2031	670		667		676		0.44
Marriott Ownership Resorts Inc	(8)	SOFR +	2.25%	6.61%	4/1/2024	4/1/2031	3,127		3,148		3,131		2.02
Mic Glen, LLC	(9)	SOFR +	3.50%	7.97%	11/16/2022	7/21/2028	3,347		3,271		3,371		2.18
New Red Finance, Inc.	(8)	SOFR +	1.75%	6.11%	6/16/2024	9/12/2030	918		916		915		0.59
Ovg Business Services, LLC	(8)	SOFR +	3.00%	7.36%	6/25/2024	6/25/2031	1,508		1,501		1,514		0.98
Scientific Games Holdings LP	(9)	SOFR +	3.00%	7.59%	6/11/2024	4/4/2029	2,977		2,977		2,988		1.93
Tacala Investment Corp.	(10)	SOFR +	3.50%	7.86%	9/26/2024	1/31/2031	1,597		1,597		1,612		1.04
Whatabrands, LLC	(9)	SOFR +	2.50%	6.86%	12/11/2024	8/3/2028	4,518		4,518		4,534		2.93
									43,151		43,469		28.08
Household Durables
AI Aqua Merger Sub, Inc.	(9)	SOFR +	3.50%	8.05%	12/5/2024	7/31/2028	4,266		4,266		4,274		2.76
Household Products
Energizer Holdings Inc	(8)	SOFR +	2.00%	6.36%	5/29/2024	12/22/2027	730		730		733		0.47

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Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)


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

First Lien (continued)
Insurance
AmWINS Group Inc	(10)	SOFR +	2.25%	6.72%	11/16/2022	2/19/2028	$	742	$	741	$	745	0.48	%
AssuredPartners, Inc.	(9)	SOFR +	3.50%	7.86%	2/16/2024	2/14/2031	4,904		4,896		4,920		3.17
Baldwin Insurance Group Holdings, LLC	(8)	SOFR +	3.25%	7.61%	12/11/2024	5/26/2031	4,008		4,008		4,041		2.61
BroadStreet Partners, Inc.	(8)	SOFR +	3.00%	7.36%	6/14/2024	6/14/2031	4,571		4,566		4,592		2.96
HUB International, Ltd.	(8)	SOFR +	2.75%	7.37%	7/30/2024	6/20/2030	668		668		673		0.43
Hyperion Refinance S.à r.l.	(9)	SOFR +	3.50%	7.86%	8/2/2024	4/18/2030	2,399		2,399		2,420		1.56
Hyperion Refinance S.à r.l.	(9)	SOFR +	3.00%	7.36%	11/22/2024	2/15/2031	1,980		1,980		1,996		1.29
OneDigital Borrower, LLC	(9)	SOFR +	3.25%	7.61%	7/2/2024	6/13/2031	1,123		1,118		1,128		0.73
USI, Inc.	(8)	SOFR +	2.25%	6.58%	12/23/2024	9/29/2030	1,002		1,002		1,002		0.65
USI, Inc.	(8)	SOFR +	2.25%	6.58%	12/23/2024	11/22/2029	451		451		451		0.29
									21,829		21,968		14.17
Interactive Media & Services
Project Boost Purchaser, LLC	(8)	SOFR +	3.50%	8.15%	7/16/2024	7/16/2031	4,027		4,018		4,061		2.62
TripAdvisor, Inc.	(8)	SOFR +	2.75%	7.11%	7/8/2024	7/8/2031	2,386		2,380		2,405		1.55
									6,398		6,466		4.17
IT Services
Ahead DB Holdings, LLC	(10)	SOFR +	3.50%	7.83%	8/2/2024	2/1/2031	3,364		3,360		3,391		2.19
Chrysaor Bidco S.à r.l.	(9)	SOFR +	3.50%	8.62%	7/17/2024	5/14/2031	828		828		836		0.54
Dcert Buyer, Inc.	(8)	SOFR +	4.00%	8.36%	11/16/2022	10/16/2026	2,047		2,017		1,971		1.27
Fortress Intermediate 3 Inc	(8)	SOFR +	3.50%	7.86%	6/27/2024	6/27/2031	2,494		2,487		2,505		1.62
Newfold Digital Holdings Group Inc	(11)	SOFR +	3.50%	8.14%	11/16/2022	2/10/2028	3,036		2,895		2,603		1.68
ThoughtWorks, Inc.	(9)	SOFR +	2.75%	7.22%	11/16/2022	3/24/2028	2,293		2,256		2,240		1.45
Virtusa Corp.	(10)	SOFR +	3.25%	7.61%	6/21/2024	2/15/2029	4,995		4,995		5,036		3.25
World Wide Technology Holding Co, LLC	(4)(9)	SOFR +	2.25%	6.69%	3/14/2024	3/1/2030	896		896		899		0.58
									19,734		19,481		12.58
Leisure Products
Motion Finco, LLC	(8)	SOFR +	3.50%	7.83%	2/5/2024	11/12/2029	2,532		2,521		2,509		1.62

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Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)


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

First Lien (continued)
Life Sciences Tools & Services
IQVIA Inc	(8)	SOFR +	2.00%	6.33%	11/28/2023	1/2/2031	$	433	$	433	$	437	0.28	%
LSCS Holdings, Inc.	(9)	SOFR +	4.50%	8.86%	11/16/2022	12/16/2028	2,431		2,365		2,451		1.58
Packaging Coordinators Midco, Inc.	(10)	SOFR +	3.25%	7.84%	5/28/2024	11/30/2027	3,533		3,533		3,552		2.29
PAREXEL International Inc/Wilmington	(9)	SOFR +	3.00%	7.36%	7/25/2024	11/15/2028	2,847		2,847		2,870		1.85
									9,178		9,310		6.00
Machinery
American Trailer World Corp	(10)	SOFR +	3.75%	8.21%	11/16/2022	3/3/2028	2,450		2,411		2,187		1.41
Chart Industries, Inc.	(9)	SOFR +	2.50%	7.09%	7/2/2024	3/16/2030	2,219		2,219		2,231		1.44
Innio North America Holding, Inc.	(8)	SOFR +	3.25%	7.90%	7/12/2024	11/2/2028	673		673		678		0.44
LSF11 Trinity Bidco, Inc.	(8)	SOFR +	3.00%	7.37%	12/11/2024	6/14/2030	2,316		2,316		2,336		1.51
Pro Mach Group, Inc.	(11)	SOFR +	3.50%	7.86%	9/3/2024	8/31/2028	3,730		3,730		3,767		2.43
SPX Flow, Inc.	(9)	SOFR +	3.00%	7.36%	6/6/2024	4/5/2029	3,014		3,014		3,043		1.96
TK Elevator U.S. Newco, Inc.	(9)	SOFR +	3.50%	8.59%	3/14/2024	4/30/2030	4,340		4,331		4,377		2.82
									18,694		18,619		12.01
Media
ABG Intermediate Holdings 2, LLC.	(8)	SOFR +	2.25%	6.59%	12/13/2024	12/21/2028	391		391		393		0.25
American Greetings Corp	(8)	SOFR +	5.75%	10.11%	4/30/2024	10/30/2029	1,292		1,270		1,303		0.84
Cogeco Communications Finance USA LP	(9)	SOFR +	2.50%	6.97%	9/29/2023	9/1/2028	2,437		2,384		2,426		1.57
Fleet US Bidco, Inc.	(4)(8)	SOFR +	2.75%	7.58%	8/15/2024	2/21/2031	662		662		667		0.43
Virgin Media Bristol, LLC	(8)	SOFR +	3.18%	7.72%	3/2/2023	3/31/2031	2,727		2,706		2,705		1.75
									7,413		7,494		4.84
Metals & Mining
Arsenal AIC Parent, LLC	(8)	SOFR +	3.25%	7.61%	8/21/2024	8/18/2030	637		637		644		0.42
Mortgage Real Estate Investment Trusts (REITs)
Blackstone Mortgage Trust Inc	(9)	SOFR +	3.50%	7.84%	11/16/2022	5/9/2029	2,431		2,353		2,439		1.57

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Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)


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

First Lien (continued)
Oil, Gas & Consumable Fuels
AL GCX Holdings, LLC	(9)	SOFR +	2.75%	7.26%	11/16/2022	5/17/2029	$	2,571	$	2,566	$	2,592	1.67	%
Buckeye Partners LP	(8)	SOFR +	1.75%	6.11%	2/6/2024	11/1/2026	2,037		2,040		2,040		1.32
Freeport LNG Investments, LLLP	(9)	SOFR +	3.50%	8.38%	11/16/2022	12/21/2028	2,969		2,945		2,987		1.93
GIP Pilot Acquisition Partners LP	(8)	SOFR +	2.50%	7.09%	5/22/2024	10/4/2030	1,115		1,115		1,123		0.72
									8,666		8,742		5.64
Pharmaceuticals
Elanco Animal Health Inc	(8)	SOFR +	1.75%	6.40%	11/16/2022	8/1/2027	2,371		2,372		2,371		1.53
Professional Services
AlixPartners, LLP	(9)	SOFR +	2.50%	6.97%	11/16/2022	2/4/2028	1,360		1,353		1,367		0.88
Ankura Consulting Group, LLC	(10)	SOFR +	3.50%	7.84%	12/17/2024	12/17/2031	1,142		1,139		1,145		0.74
APFS Staffing Holdings, Inc.	(9)	SOFR +	4.25%	8.61%	11/16/2022	12/29/2028	3,825		3,755		3,853		2.49
Camelot US Acquisition, LLC.	(8)	SOFR +	2.75%	7.11%	1/31/2024	1/31/2031	2,700		2,694		2,701		1.74
Cast & Crew Payroll, LLC	(9)	SOFR +	3.75%	8.11%	11/16/2022	12/29/2028	1,905		1,897		1,851		1.19
Deerfield Dakota Holding, LLC	(11)	SOFR +	3.75%	8.08%	11/16/2022	4/9/2027	3,733		3,679		3,660		2.36
Eisner Advisory Group, LLC	(9)	SOFR +	4.00%	8.36%	2/28/2024	2/28/2031	1,205		1,194		1,220		0.79
EP Purchaser, LLC	(9)	SOFR +	3.50%	8.09%	11/16/2022	11/6/2028	484		468		482		0.31
Grant Thornton Advisors, LLC	(8)	SOFR +	3.25%	7.61%	5/31/2024	6/2/2031	2,378		2,378		2,381		1.54
Mercury Borrower, Inc.	(8)	SOFR +	3.00%	7.36%	12/13/2024	8/2/2028	3,607		3,607		3,643		2.35
Mermaid Bidco, Inc.	(8)	SOFR +	3.25%	7.80%	7/1/2024	6/27/2031	2,573		2,570		2,591		1.67
Ryan, LLC	(9)	SOFR +	3.50%	7.86%	11/9/2023	11/14/2030	2,381		2,352		2,390		1.54
Sedgwick Claims Management Services, Inc.	(8)	SOFR +	3.00%	7.59%	2/24/2023	7/31/2031	4,714		4,690		4,748		3.06
Soliant Lower Intermediate, LLC	(8)	SOFR +	3.75%	8.11%	7/18/2024	7/18/2031	1,257		1,245		1,251		0.81
Trans Union, LLC.	(8)	SOFR +	1.75%	6.11%	1/30/2024	6/24/2031	4,527		4,527		4,526		2.92
VT Topco, Inc.	(9)	SOFR +	3.00%	7.33%	4/3/2024	8/9/2030	1,026		1,026		1,035		0.67
									38,574		38,844		25.06
Real Estate Management & Development
Cushman & Wakefield US Borrower, LLC	(4)(9)	SOFR +	3.00%	7.36%	6/18/2024	1/31/2030	1,746		1,747		1,754		1.13
Cushman & Wakefield US Borrower, LLC	(4)(9)	SOFR +	3.25%	7.61%	9/25/2024	1/31/2030	1,708		1,708		1,729		1.12
									3,455		3,483		2.25

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Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)


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

First Lien (continued)
Software
Applied Systems, Inc.	(8)	SOFR +	3.00%	7.33%	2/23/2024	2/24/2031	$	175	$	174	$	177	0.11	%
BEP Intermediate Holdco, LLC	(8)	SOFR +	3.25%	7.61%	4/26/2024	4/25/2031	742		742		749		0.48
Boost Newco Borrower, LLC	(8)	SOFR +	2.50%	6.83%	8/1/2024	1/31/2031	5,821		5,821		5,863		3.78
Boxer Parent Company, Inc.	(8)	SOFR +	3.75%	8.34%	7/30/2024	7/30/2031	4,766		4,755		4,811		3.10
Cloud Software Group, Inc.	(9)	SOFR +	3.75%	8.08%	11/4/2024	3/21/2031	1,419		1,419		1,425		0.92
Cloudera, Inc.	(9)	SOFR +	3.75%	8.21%	11/16/2022	10/8/2028	3,532		3,443		3,530		2.28
Conga Corp.	(10)	SOFR +	3.50%	8.09%	8/8/2024	5/8/2028	3,536		3,536		3,572		2.30
ConnectWise, LLC	(9)	SOFR +	3.50%	8.09%	11/16/2022	9/29/2028	3,494		3,410		3,521		2.27
Cornerstone OnDemand, Inc.	(9)	SOFR +	3.75%	8.22%	11/16/2022	10/16/2028	2,150		2,009		1,899		1.23
Delta Topco, Inc.	(8)	SOFR +	3.50%	8.20%	5/1/2024	12/1/2029	5,968		5,955		6,022		3.89
ECI Macola Max Holding, LLC	(10)	SOFR +	3.25%	7.58%	9/20/2024	5/9/2030	4,457		4,457		4,505		2.91
Ellucian Holdings, Inc.	(9)	SOFR +	3.00%	7.36%	2/29/2024	10/9/2029	2,659		2,659		2,680		1.73
Flash Charm, Inc.	(10)	SOFR +	3.50%	8.07%	6/11/2024	3/2/2028	3,856		3,847		3,794		2.45
Flexera Software, LLC	(10)	SOFR +	3.00%	7.35%	5/20/2024	3/3/2028	601		601		606		0.39
Gen Digital Inc	(9)	SOFR +	1.75%	6.11%	6/5/2024	9/12/2029	5,860		5,860		5,848		3.77
Genesys Cloud Services Holdings II, LLC	(10)	SOFR +	3.00%	7.36%	9/26/2024	12/1/2027	2,886		2,886		2,914		1.88
Genuine Financial Holdings, LLC	(8)	SOFR +	4.00%	8.36%	6/28/2024	9/27/2030	5,940		5,891		6,014		3.88
Go Daddy Operating Co, LLC	(8)	SOFR +	1.75%	6.11%	5/31/2024	5/30/2031	746		745		746		0.48
HS Purchaser, LLC	(10)	SOFR +	4.00%	8.69%	11/16/2022	11/19/2026	3,517		3,361		3,110		2.01
ION Trading Finance Ltd.	(8)	SOFR +	3.50%	7.83%	12/10/2024	4/1/2028	2,126		2,126		2,132		1.38
McAfee Corp.	(9)	SOFR +	3.00%	7.37%	5/31/2024	3/1/2029	3,537		3,537		3,545		2.29
Mitnick Purchaser, Inc.	(9)(18)	SOFR +	4.50%	9.19%	11/16/2022	5/2/2029	3,370		3,299		3,151		2.03
Planview Parent Inc	(8)	SOFR +	3.50%	7.83%	12/17/2024	12/17/2027	1,906		1,906		1,922		1.24
Project Alpha Intermediate Holding, Inc.	(9)	SOFR +	3.25%	7.58%	5/14/2024	10/28/2030	3,259		3,259		3,284		2.12
Proofpoint, Inc.	(9)	SOFR +	3.00%	7.36%	5/28/2024	8/31/2028	2,977		2,977		2,995		1.93

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Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)


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

First Lien (continued)
Software (continued)
Quartz Acquireco, LLC	(8)	SOFR +	2.75%	7.08%	6/3/2024	6/28/2030	$	1,968	$	1,968	$	1,985	1.28	%
RealPage, Inc.	(9)	SOFR +	3.00%	7.59%	11/16/2022	4/24/2028	2,740		2,676		2,738		1.77
Rocket Software, Inc.	(9)	SOFR +	4.25%	8.61%	10/5/2023	11/28/2028	2,572		2,543		2,595		1.67
Skopima Consilio Parent, LLC	(9)	SOFR +	3.75%	8.12%	12/18/2024	5/12/2028	3,595		3,595		3,613		2.33
Sovos Compliance, LLC	(9)	SOFR +	4.50%	8.97%	11/16/2022	8/11/2028	3,518		3,472		3,549		2.29
Surf Holdings, LLC	(8)	SOFR +	3.50%	7.95%	11/16/2022	3/5/2027	3,517		3,494		3,545		2.29
Vision Solutions, Inc.	(10)	SOFR +	4.00%	8.85%	11/16/2022	4/24/2028	3,632		3,453		3,583		2.31
Webpros US Bidco, Inc.	(8)	SOFR +	4.00%	8.36%	3/28/2024	3/19/2031	650		649		657		0.42
XPLOR T1, LLC	(8)	SOFR +	3.50%	7.83%	12/11/2024	6/24/2031	2,095		2,095		2,116		1.37
									102,620		103,196		66.58
Specialty Retail
Apro, LLC.	(8)	SOFR +	3.75%	8.27%	7/9/2024	7/9/2031	3,942		3,933		3,985		2.57
CWGS Group, LLC	(10)	SOFR +	2.50%	6.97%	11/16/2022	6/3/2028	2,487		2,426		2,441		1.58
HomeServe USA Holding Corp	(8)	SOFR +	2.00%	6.37%	5/29/2024	10/21/2030	823		823		825		0.53
Mavis Tire Express Services Topco, Corp.	(10)	SOFR +	3.50%	7.86%	7/18/2024	5/4/2028	3,043		3,043		3,067		1.98
									10,225		10,318		6.66
Technology Hardware, Storage & Peripherals
Xerox Corp	(9)	SOFR +	4.00%	8.34%	11/17/2023	11/17/2029	2,357		2,331		2,360		1.52
Trading Companies & Distributors
American Builders & Contractors Supply Co, Inc.	(8)	SOFR +	1.75%	6.11%	1/31/2024	1/31/2031	680		679		683		0.44
Avolon TLB Borrower 1 US, LLC	(9)	SOFR +	1.75%	6.12%	6/22/2023	6/24/2030	2,737		2,718		2,739		1.77
Core & Main, LP	(8)	SOFR +	2.00%	6.38%	2/9/2024	2/9/2031	1,077		1,077		1,082		0.70
FCG Acquisitions, Inc.	(9)	SOFR +	3.75%	8.22%	11/16/2022	3/31/2028	7,073		6,971		7,131		4.60
FleetPride, Inc.	(9)	SOFR +	4.50%	8.86%	9/29/2023	9/29/2028	3,735		3,701		3,486		2.25
Foundation Building Materials, Inc.	(9)	SOFR +	3.25%	8.10%	11/16/2022	1/31/2028	2,962		2,940		2,924		1.89
Icebox Holdco III, Inc.	(9)	SOFR +	3.50%	8.09%	11/16/2022	12/22/2028	4,321		4,199		4,362		2.81
Johnstone Supply, LLC	(8)	SOFR +	2.50%	6.88%	12/12/2024	6/7/2031	1,295		1,295		1,301		0.84
Park River Holdings, Inc.	(10)	SOFR +	3.25%	8.10%	11/16/2022	12/28/2027	2,434		2,415		2,381		1.54
Sunsource Borrower, LLC	(8)	SOFR +	4.00%	8.46%	3/25/2024	3/25/2031	1,742		1,736		1,753		1.13
White Cap Buyer, LLC	(8)	SOFR +	3.25%	7.61%	6/13/2024	10/19/2029	4,585		4,574		4,599		2.97
Windsor Holdings III LLC	(8)	SOFR +	3.50%	7.86%	9/20/2024	8/1/2030	1,840		1,840		1,866		1.20
									34,145		34,307		22.14

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BCRED Verdelite JV LP

Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)


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

First Lien (continued)
Wireless Telecommunication Services
CCI Buyer, Inc.	(10)	SOFR +	4.00%	8.33%	11/16/2022	12/17/2027	$	4,303	$	4,266	$	4,313	2.78	%
Total First Lien Debt									645,881		650,532		419.74
Total Investment Portfolio									645,881		650,532		419.74
Cash and Cash Equivalents
Fidelity Investments Money Market Treasury Portfolio - Class I				4.34%					92,784		92,784		59.87
Other Cash and Cash Equivalents									56,459		56,459		36.43
Total Portfolio Investments, Cash and Cash Equivalents									$	795,124	$	799,775	516.04	%

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

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

(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.

(6)Reserved.


Investments	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
Groundworks, LLC	Delayed Draw Term Loan	3/14/2026	$	248	$	—
Total Unfunded Commitments			$	248	$	—

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

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

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

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

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

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

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

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

(16)Reserved.

(17)Reserved.

(19)All securities are exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), and may be deemed to be “restricted securities.” As of December 31, 2024, the aggregate fair value of these securities is $650.5 million or 419.74% of the Company’s net assets. The initial acquisition dates have been included for such securities.

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Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

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


	June 30, 2025		December 31, 2024
ASSETS
Investments at fair value (cost of $670,580 and $645,881, respectively)	$	668,504	$	650,532
Cash and cash equivalents	41,581		149,243
Interest receivable	6,286		4,502
Receivable for investments sold	7,426		936


Total assets	$	723,797	$	805,213
LIABILITIES
Debt (net of unamortized debt issuance costs of $1,353 and $1,638, respectively)	$	573,925	$	634,716
Distribution payable	4,268		—
Interest payable and other liabilities	10,442		15,512
Total liabilities	588,635		650,228
PARTNERS’ CAPITAL
Partners’ capital	135,162		154,985
Total partners’ capital	135,162		154,985
Total liabilities and partners’ capital	$	723,797	$	805,213

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Investment income:
Interest income	$	13,793	$	14,349	$	27,713	$	28,820
Other income	—		9		2		22
Total investment income	13,793		14,358		27,715		28,842
Expenses:
Interest expense	8,631		8,141		17,755		15,891
Other expenses	79		76		197		110
Total expenses	8,710		8,217		17,952		16,001
Net investment income before tax expense	5,083		6,141		9,763		12,841
Tax expense	—		—		—		—
Net investment income after tax expense	5,083		6,141		9,763		12,841
Net realized and change in unrealized gain (loss):
Net change in unrealized gain (loss) on investments	3,696		(1,190)		(6,727)		(3,318)
Net realized gain (loss) on investments	(474)		(1,007)		24		117
Total net realized and change in unrealized gain (loss)	3,222		(2,197)		(6,703)		(3,201)
Net increase (decrease) in partners’ capital resulting from operations	$	8,305	$	3,944	$	3,060	$	9,640

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Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

Note 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 June 30, 2025, except as discussed below.

July Subscriptions and Distribution Declaration

The Company received approximately $1,153.9 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 July 1, 2025.

On July 18, 2025, the Company’s Board declared net distributions of $0.2200 per Class I share, $0.2022 per Class S share, and $0.2148 per Class D share, which is payable on or about August 26, 2025 to shareholders of record as of July 31, 2025.

August Subscriptions

Through the date of issuance of the condensed consolidated financial statements the Company received approximately $1,093.1 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 August 1, 2025.

Blanca Peak Amendment

On July 25, 2025, the Blanca Peak Funding Facility was amended pursuant to the Seventh Amendment to Credit and Security Agreement (the “Blanca Peak Seventh Amendment”). The Blanca Peak Seventh Amendment provides for, among other things, (i) an extension of the reinvestment period for borrowings under the Blanca Peak Funding Facility to July 25, 2028, (ii) an extension of the stated maturity date of the Blanca Peak Funding Facility to July 25, 2036, (iii) an extension of the date on which Barclays may require repayment of all amounts outstanding under the Blanca Peak Funding Facility to July 25, 2030; (iv) a reduction of the commitments under the Blanca Peak Funding Facility to $1.0 billion; and (v) the payment of certain fees as agreed between BCRED Blanca Peak Funding, Barclays and the lenders party thereto.

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Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

Revolving Credit Facility Amendment

On August 8, 2025, the Company entered into an amendment (the “Revolver Amendment”) to the Revolving Credit Facility, among the Company, as borrower, each of the lenders from time to time party thereto and Citibank, N.A., as administrative agent. The Revolver Amendment provides for, among other things, (a) increasing the aggregate committed principal from $5.7 billion to $5.8 billion, which is comprised of (i) revolving commitments in an aggregate amount of $5.4 billion and (ii) funded term loans in an aggregate principal amount of $405.0 million, (b) an extension of the period during which the Company may make borrowings on the Revolving Credit Facility from August 12, 2028 to August 8, 2029 (other than with respect to (a) the revolving commitments of certain lenders in the aggregate 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), (c) an extension of the scheduled maturity date of the Revolving Credit Facility from August 12, 2029 to August 8, 2030 (other than with respect to (a) the revolving commitments and term loans of certain lenders in the aggregate amount of $100.0 million, which mature on June 9, 2028 and (b) the revolving commitments and term loans of certain lenders in the aggregate amount of $100.0 million, which mature on August 12, 2029), (d) resetting the minimum shareholders’ equity test, (e) removing the Term SOFR Adjustment with respect to the 2030 Loans (as defined in the Credit Agreement) and (f) removing provisions related to sustainability targets.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The information contained in this section should be read in conjunction with “Item 1. Financial Statements” hereto and “Part II, Item 8—Financial Statements and Supplementary Data” of our Annual Report on Form 10-K for the year ended December 31, 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.

Key Components of Our Results of Operations

Investments

We focus primarily on loans and securities, including syndicated loans, of private U.S. companies. Our level of investment activity (both the number of investments and the size of each investment) can and will vary substantially from period to period depending on many factors, including the amount of debt and equity capital available to private companies, the level of merger and acquisition activity for such companies, the general economic environment, trading prices of loans and other securities and the competitive environment for the types of investments we make.

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Revenues

We generate revenues in the form of interest income on debt investments, capital gains, and dividend income from our equity investments in our portfolio companies. Our senior and subordinated debt investments are expected to bear interest at a fixed or floating rate. Interest on debt securities is generally payable quarterly or semiannually. In some cases, some of our investments may provide for deferred interest payments or Payment-in-kind (“PIK”) interest. The principal amount of the debt securities and any accrued but unpaid PIK interest generally will become due at the maturity date. In addition, we may generate revenue in the form of commitment and other fees in connection with transactions. Original issue discounts and market discounts or premiums will be capitalized, and we will accrete or amortize such amounts as interest income. We will record prepayment premiums on loans and debt securities as interest income. Dividend income, if any, will be recognized on an accrual basis to the extent that we expect to collect such amounts.

In addition, we generate revenue in the form of commitment, loan origination, structuring or diligence fees, fees for providing managerial assistance to our portfolio companies, and possibly consulting fees.

Expenses

Except as specifically provided below, all investment professionals and staff of the Advisers, when and to the extent engaged in providing investment advisory services to us, and the base compensation, bonus and benefits, and the routine overhead expenses, of such personnel allocable to such services, will be provided and paid for by the Advisers. We bear all other costs and expenses of our operations, administration and transactions, including (a) investment advisory fees, including management fees and incentive fees, to the Adviser, pursuant to the Investment Advisory Agreement; (b) our allocable portion of compensation and other expenses incurred by the Administrators in performing their administrative obligations under the Administration Agreements, including: (i) our chief compliance officer, chief financial officer and their respective staffs; (ii) investor relations, legal, operations and other non-investment professionals (including information technology professionals) at the Administrators that perform duties for us; and (iii) any internal audit group personnel of Blackstone or any of its affiliates, subject to the limitations described in the Advisory Agreements and the Administration Agreements; and (c) all other expenses of our operations, administrations and transactions.

From time to time, the Advisers, the Administrators or their respective affiliates may pay third-party providers of goods or services on our behalf. We will reimburse the Adviser, the Administrator or such affiliates thereof, the Adviser will reimburse the Sub-Adviser, the Administrator or such affiliates thereof, and the Administrator will reimburse the Sub-Administrator or such affiliates thereof, in each case for any such amounts paid on our behalf. From time to time, the Advisers or the Administrators may defer or waive fees or rights to be reimbursed for expenses. All of the foregoing expenses will ultimately be borne by our shareholders.

Expense Support and Conditional Reimbursement Agreement

We have entered into an Expense Support Agreement with the Sub-Adviser. For additional information see “Item 1. Financial Statements—Notes to Condensed Consolidated Financial Statements—Note 3. Fees, Expenses, Agreements and Related Party Transactions.”

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Portfolio and Investment Activity

For the three months ended June 30, 2025, we made $5,840.7 million aggregate principal amount of new investment commitments (including $1,944.6 million of which remained unfunded as of June 30, 2025), $5,338.2 million of which was first lien debt, $217.5 million of which was second lien debt, $24.2 million of which was structured finance debt obligations, $88.0 million of which was structured finance equity obligations and $172.8 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 June 30,
	2025			2024
Investments:
Total investments, beginning of period	$	69,784,151		$	52,751,753
New investments purchased	4,737,567			6,016,056
Payment-in-kind interest capitalized	98,335			95,655
Net accretion of discount on investments	56,967			65,088
Net realized gain (loss) on investments	22,689			(22,111)
Investments sold or repaid	(1,292,333)			(2,796,817)
Total investments, end of period	$	73,407,376		$	56,109,624
Amount of investments funded at principal:
First lien debt	$	4,343,019		$	5,584,850
Second lien debt	200,637			280,362

Structured finance obligations - debt instruments	21,401			95,230
Structured finance obligations - equity instruments	89,122			15,000
Equity and other	172,793			89,217
Total	$	4,826,972		$	6,064,659
Proceeds from investments sold or repaid:
First lien debt	$	(1,230,448)		$	(2,478,423)
Second lien debt	(5,690)			(88,125)

Structured finance obligations - debt instruments	(10,043)			(29,270)
Structured finance obligations - equity instruments	(5,504)			—
Equity and other	(40,648)			(200,999)
Total	$	(1,292,333)		$	(2,796,817)

	June 30, 2025			December 31, 2024
Number of portfolio companies	656			603
Weighted average yield on performing debt and income producing investments, at amortized cost (1)(2)	9.9		%	10.1		%
Weighted average yield on performing debt and income producing investments, at fair value (1)(2)	10.0		%	10.2		%
Average loan to value (LTV) (3)	43.3		%	42.8		%
Percentage of performing debt investments bearing a floating rate (5)	99.8		%	99.7		%
Percentage of performing debt investments bearing a fixed rate (4)	0.2		%	0.3		%
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 June 30, 2025 and December 31, 2024, the weighted average total portfolio yield at cost was 9.4% and 9.5%, respectively. As of June 30, 2025 and December 31, 2024, the weighted average total portfolio yield at fair value was 9.4% 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.

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(4)As a percentage of total fair value of performing debt investments. As of June 30, 2025 and December 31, 2024, performing debt investments bearing a floating rate represented 97.0% 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 June 30, 2025 and December 31, 2024, respectively.

As of June 30, 2025 and June 30, 2024, our portfolio companies had a weighted average annual EBITDA of $251 million and $234 million, respectively. These calculations include all private debt investments for which fair value is determined by the Board in conjunction with a third-party valuation firm and excludes quoted assets. Amounts are weighted based on the fair market value of each respective investment. Amounts were derived from the most recently available portfolio company financial statements, have not been independently verified by us, and may reflect a normalized or adjusted amount. Accordingly, we make no representation or warranty in respect of this information.

For additional information on our investments, see “Item 1. Financial Statements—Notes to Condensed Consolidated Financial Statements—Note 4. Investments.”

BCRED Emerald JV LP

BCRED Emerald JV LP (“Emerald JV”), a Delaware limited partnership, was formed as a joint venture between the Company and a large North American pension fund (the “Emerald JV Partner”), commenced operations on January 18, 2022 and operates under a limited partnership agreement. The Emerald JV’s principal purpose is to make investments, primarily in senior secured loans that are made to middle-market companies or in broadly syndicated loans.

As of June 30, 2025, the Company and the Emerald JV Partner have committed to contribute up to $2,250.0 million and $750.0 million, respectively, of capital to the Emerald JV. As of June 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 of capital and $435.0 million and $145.0 million of capital remained uncalled from the Company and the Emerald JV Partner, respectively. The Company and the Emerald JV Partner own 75% and 25%, respectively, of the equity ownership interests of the Emerald JV. The Company and the Emerald JV Partner, through their joint control of the Emerald JV’s general partner, have equal control of the Emerald JV’s investment decisions, the decision to call additional capital up to the amounts committed by the Company and the Emerald JV Partner, the decision to return capital or to make distributions, and generally all other decisions in respect of the Emerald JV must be approved by the Emerald JV’s investment committee or board of directors, each of which consists of an equal number of representatives of the Company and the Emerald JV Partner. The Company does not consolidate the Emerald JV.

The following table is a summary of Emerald JV’s portfolio as of June 30, 2025 and December 31, 2024:


	June 30, 2025			December 31, 2024
Total investments, at fair value	$	6,159,981		$	5,647,024
Total senior secured debt investments, at fair value	$	6,036,519		$	5,544,430
Number of portfolio companies	317			275
Weighted average yield on performing debt and income producing investments, at amortized cost (1)(2)	9.0		%	9.0		%
Weighted average yield on performing debt and income producing investments, at fair value (1)(2)	9.1		%	9.2		%
Percentage of performing debt investments bearing a floating rate (3)	99.9		%	99.9		%
Percentage of performing debt investments bearing a fixed rate (3)	0.1		%	0.1		%
Percentage of assets on non-accrual, at amortized cost (4)	0.2		%	1.6		%

(2)As of June 30, 2025 and December 31, 2024, the weighted average total portfolio yield at cost was 8.9% and 8.8%, respectively. As of June 30, 2025 and December 31, 2024, the weighted average total portfolio yield at fair value was 9.1% and 9.0%, respectively.

(3)As a percentage of total fair value of performing debt investments. As of June 30, 2025 and December 31, 2024, performing debt investments bearing a floating rate represented 99.1% and 98.0%, respectively, of total investment at fair value.

(4)As a percentage of total amortized cost of investments of Emerald JV. Assets on non-accrual represented 0.1% and 1.4% of total investments at fair value of Emerald JV as of June 30, 2025 and December 31, 2024, respectively.

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BCRED Verdelite JV LP

As of June 30, 2025, the Company and the Verdelite JV Partner have committed to contribute up to $147.0 million and $21.0 million of capital, respectively, to the Verdelite JV. The Company and the Verdelite JV Partner own 87.5% and 12.5%, respectively, of the equity ownership interests of the Verdelite JV. The Company and the Verdelite JV Partner, through their joint control of the Verdelite JV’s general partner, have equal control of the Verdelite JV’s investment decisions, the decision to call additional capital up to the amounts committed by the Company and the Verdelite JV Partner, the decision to return capital or to make distributions, and generally all other decisions in respect of the Verdelite JV must be approved by the Verdelite JV’s investment committee or board of directors, each of which consists of an equal number of representatives of the Company and the Verdelite JV Partner. The Company does not consolidate the Verdelite JV.

The following table is a summary of Verdelite JV’s portfolio as of June 30, 2025 and December 31, 2024:


	June 30, 2025			December 31, 2024
Total investments, at fair value	$	668,504		$	650,532
Total senior secured debt investments, at fair value	$	668,504		$	650,532
Number of portfolio companies	238			240
Weighted average yield on performing debt and income producing investments, at amortized cost (1)(2)	7.6		%	7.2		%
Weighted average yield on performing debt and income producing investments, at fair value (1)(2)	7.6		%	7.1		%
Percentage of performing debt investments bearing a floating rate (3)	100.0		%	100.0		%
Percentage of performing debt investments bearing a fixed rate (3)	—		%	—		%
Percentage of assets on non-accrual, at amortized cost (4)	—		%	—		%

(2)As of June 30, 2025 and December 31, 2024, the weighted average total portfolio yield at cost was 7.6% and 7.2%, respectively. As of June 30, 2025 and December 31, 2024, the weighted average total portfolio yield at fair value was 7.6% and 7.1%, respectively.

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

(4)As a percentage of total amortized cost of investments of Verdelite JV. Verdelite JV had no assets on non-accrual as of June 30, 2025 and December 31, 2024.

For additional information on the Emerald JV and Verdelite JV, including a listing of portfolio investments for each, see “Item 1. Financial Statements—Notes to Condensed Consolidated Financial Statements—Note 11. Joint Ventures.”

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Results of Operations

The following table represents the operating results (dollar amounts in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Total investment income	$	1,843,807	$	1,642,894	$	3,685,242	$	3,211,757
Total expenses before tax expense	809,529		718,221		1,609,219		1,421,802
Net investment income before tax expense	1,034,278		924,673		2,076,023		1,789,955
Excise and other tax expense	1,765		8,911		9,548		18,362
Net investment income after tax expense	1,032,513		915,762		2,066,475		1,771,593
Net change in unrealized appreciation (depreciation)	78,938		16,984		(128,496)		126,907
Net realized gain (loss)	(113,736)		(14,138)		(180,955)		(60,844)
Net increase (decrease) in net assets resulting from operations	$	997,715	$	918,608	$	1,757,024	$	1,837,656

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 June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Interest income	$	1,650,046	$	1,466,270	$	3,304,080	$	2,857,112
Payment-in-kind interest income	105,169		95,219		203,071		187,899
Dividend income	79,205		77,341		161,215		160,292
Fee income	9,387		4,064		16,876		6,454
Total investment income	$	1,843,807	$	1,642,894	$	3,685,242	$	3,211,757

Total investment income increased to $1.8 billion for the three months ended June 30, 2025, an increase of $200.9 million or 12% 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 31% to $71,286.0 million for the three months ended June 30, 2025 compared to $54,503.3 million for the three months ended June 30, 2024.

Total investment income increased to $3.7 billion for the six months ended June 30, 2025, an increase of $0.5 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 33% to $70,541.6 million for the six months ended June 30, 2025 compared to $53,064.4 million for the six months ended June 30, 2024.

Additionally, for the three months ended June 30, 2025, we recorded $6.1 million of non-recurring interest income (e.g., prepayment premiums, accelerated accretion of upfront loan origination fees and unamortized discounts, etc.) as compared to $26.9 million for the same period in the prior year, primarily as a result of decreased prepayments. For the six months ended June 30, 2025, we recorded $51.9 million of non-recurring interest (e.g., prepayment premiums, accelerated accretion of upfront loan origination fees and unamortized discounts, etc.) income as compared to $33.7 million for the same period in the prior year, primarily as a result of increased prepayments.

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For the three months ended June 30, 2025 and 2024, PIK interest income represented 5.7% and 5.8% of total investment income, respectively, and represented 10.2% and 10.4% of net investment income, respectively. For the six months ended June 30, 2025 and 2024, PIK interest income represented 5.5% and 5.9% of total investment income, respectively, and represented 9.8% and 10.6% 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 six months ended June 30, 2025. While the Federal Reserve reduced interest rates multiple times in the latter part of 2024, the Federal Reserve has held the interest rates steady for five consecutive meetings, most recently in July 2025, citing elevated uncertainty on the economic outlook. 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 June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Interest expense	$	478,009	$	446,152	$	957,644	$	896,215
Management fees	138,774		104,328		267,881		199,710
Income based incentive fees	151,790		134,199		303,567		259,556
Capital gains based incentive fees	—		—		—		—
Distribution and shareholder servicing fees
Class S	29,611		23,329		57,699		44,735
Class D	410		302		796		561
Professional fees	1,454		3,147		2,725		6,730
Board of Trustees’ fees	236		225		478		446
Administrative service expenses	2,028		1,909		4,268		3,741
Other general and administrative	6,162		3,773		11,983		8,612
Amortization of continuous offering costs	1,055		857		2,178		1,496
Total expenses before tax expense	809,529		718,221		1,609,219		1,421,802
Net investment income before tax expense	1,034,278		924,673		2,076,023		1,789,955
Excise and other tax expense	1,765		8,911		9,548		18,362
Net investment income after tax expense	$	1,032,513	$	915,762	$	2,066,475	$	1,771,593

Interest Expense

Total interest expense increased to $478.0 million for the three months ended June 30, 2025, an increase of $31.9 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 $29,973.3 million for the three months ended June 30, 2025 from $23,762.5 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 6.20% for the three months ended June 30, 2025 from 7.22% for the same period in the prior year.

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Total interest expense increased to $957.6 million for the six months ended June 30, 2025, an increase of $61.4 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 $30,444.0 million for the six months ended June 30, 2025 from $23,853.0 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 6.15% for the six months ended June 30, 2025 from 7.26% for the same period in the prior year.

Management Fees

Management fees increased to $138.8 million for the three months ended June 30, 2025, an increase of $34.4 million or 33% compared to the same period in the prior year, primarily due to an increase in weighted average net assets to $50,167.3 million for the three months ended June 30, 2025 compared to $33,536.5 million for the same period in the prior year.

Management fees increased to $267.9 million for the six months ended June 30, 2025, an increase of $68.2 million or 34% compared to the same period in the prior year, primarily due to an increase in weighted average net assets to $43,003.8 million for the six months ended June 30, 2025 compared to $32,105.3 million for the same period in the prior year.

Income Based Incentive Fees

Income based incentive fees increased to $151.8 million for the three months ended June 30, 2025, an increase of $17.6 million or 13% 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 $1,214.3 million for the three months ended June 30, 2025 from $1,073.6 million for the same period in the prior year.

Income based incentive fees increased to $303.6 million for the six months ended June 30, 2025, an increase of $44.0 million or 17% 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 $2,428.5 million for the six months ended June 30, 2025 from $2,076.4 million for the same period in the prior year.

Capital Gains Based Incentive Fees

We accrued no capital gains based incentive fees for the three and six months ended June 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 $41.0 million for the three months ended June 30, 2025, an increase of $7.4 million or 22% compared to the same period in the prior year. Total other expenses for the three months ended June 30, 2025 primarily consist of $30.0 million of distribution and shareholder servicing fees paid with respect to Class S and Class D investors, $6.2 million of general and administrative expenses (including insurance, filing, research, fees paid to the State Street Sub-Administrator and transfer agent, and other expenses), $2.0 million of administrative service expenses, and $1.5 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 $80.1 million for the six months ended June 30, 2025, an increase of $13.8 million or 21% compared to the same period in the prior year. Total other expenses for the six months ended June 30, 2025 primarily consist of $58.5 million of distribution and shareholder servicing fees paid with respect to Class S and Class D investors, $12.0 million of general and administrative expenses (including insurance, filing, research, fees paid to the State Street Sub-Administrator and transfer agent, and other expenses), $4.3 million of administrative service expenses, and $2.7 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.

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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 June 30, 2025 and 2024, we accrued $1.8 million and $8.9 million, respectively, of U.S. federal excise tax.

For the six months ended June 30, 2025 and 2024, we accrued $9.5 million and $18.4 million, respectively, of U.S. federal excise tax.

BCRED Investments LLC (“BCRED Investments”), a wholly-owned and consolidated subsidiary that was formed in 2021, is a Delaware limited liability company which has elected to be treated as a corporation for U.S. tax purposes. As such, BCRED Investments is subject to certain U.S. federal, state and local taxes. For the three months ended June 30, 2025 and 2024 BCRED Investments recorded an income tax provision of $3.7 million and $0.0 million, respectively. For the six months ended June 30, 2025 and 2024 BCRED Investments recorded an income tax provision of $5.0 million and $0.0 million, respectively. As of June 30, 2025 and 2024, BCRED Investments recorded a deferred tax liability of $14.0 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 and six months ended June 30, 2025, BCRED Investments recorded a current tax expense of $0.0 million and $1.2 million, respectively, which is substantially related to realized gains associated with the sale of an investment in a partnership interest. For the three and six months ended June 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 June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Net change in unrealized gain (loss) on investments	$	127,070	$	10,358	$	(65,158)	$	98,820
Net change in unrealized gain (loss) on derivative instruments	(48,560)		(3,698)		(61,350)		17,923
Net change in unrealized gain (loss) on foreign currency and other transactions	4,130		10,324		3,048		10,164
Income tax (provision) benefit	(3,702)		—		(5,036)		—
Net change in unrealized gain (loss)	$	78,938	$	16,984	$	(128,496)	$	126,907

For the three months ended June 30, 2025, net change in unrealized gains on investments of $127.1 million was primarily driven by the foreign exchange movements during the quarter and was partially offset by a decrease in the fair value of certain investments. The fair value of our debt investments as a percentage of principal decreased by 0.1% during the three months ended June 30, 2025 driven primarily by changes in portfolio company fundamentals and the economic outlook.

For the three months ended June 30, 2025, the net change in unrealized losses of $48.6 million and gains of $4.1 million on derivative instruments and foreign currency and other transactions, respectively, were primarily as a result of fluctuations in the EUR and GBP exchange rates vs. USD.

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For the six months ended June 30, 2025, the net change in unrealized losses on investments of $65.2 million was primarily driven by a decrease in the fair value of certain debt investments partially offset by unrealized gains from foreign exchange movements. The fair value of our debt investments as a percentage of principal decreased by 0.3% during the six months ended June 30, 2025 driven primarily by changes in portfolio company fundamentals and the economic outlook.

Additional losses for the six months ended June 30, 2025, of $61.4 million and gains of $3.0 million on foreign currency forward contracts and foreign currency transactions, respectively, were primarily as 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 June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Net realized gain (loss) on investments	$	22,689	$	(22,111)	$	(36,490)	$	(64,509)
Net realized gain (loss) on derivative instruments	(139,450)		6,014		(158,862)		(383)
Net realized gain (loss) on foreign currency and other transactions	3,819		1,959		16,434		4,048
Net realized gain (loss) on extinguishment of debt	(794)		—		(794)		—
Current tax expense on realized gains	—		—		(1,243)		—
Net realized gain (loss)	$	(113,736)	$	(14,138)	$	(180,955)	$	(60,844)

For the three months ended June 30, 2025, we recognized net realized gains on investments of $22.7 million, primarily driven by the partial sale of an equity investment. These gains were offset by $139.5 million of net realized losses on derivative instruments, as a result of the settlement of our foreign currency derivative transactions, primarily USD vs. EUR, CAD and GBP forwards. Additionally, we generated $3.8 million in gains on foreign currency and other transactions for the three months ended June 30, 2025, primarily a result of fluctuations in the EUR and GBP exchange rates vs. USD.

For the six months ended June 30, 2025 we recognized losses on investments of $36.5 million, primarily from 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 generated additional losses of $158.9 million on derivative instruments for the six months ended June 30, 2025, as a result of the settlement of our foreign currency derivative transactions, primarily USD vs. EUR, GBP and CAD forwards. These losses were partially offset by gains of $16.4 million on foreign currency and other transactions, primarily as a result of fluctuations in the EUR and CAD exchange rates vs. USD.

Financial Condition, Liquidity and Capital Resources

We generate cash primarily from the net proceeds of our continuous offering of Common Shares, proceeds from net borrowings on our credit facilities and unsecured debt issuances, income earned and repayments on principal on our debt investments. The primary uses of our cash and cash equivalents are for (i) originating and purchasing debt and other investments, (ii) funding the costs of our operations (including fees paid to our Adviser and expense reimbursements paid to our Administrator), (iii) debt service, repayment and other financing costs of our borrowings, (iv) funding repurchases under our share repurchase program and (v) cash distributions to the holders of our Common Shares.

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As of June 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 June 30, 2025 and December 31, 2024, we had an aggregate principal amount of $30.0 billion and $30.7 billion, of debt outstanding and our asset coverage ratio was 247.8% and 226.5%, respectively.

Cash and cash equivalents as of June 30, 2025, taken together with our $9.2 billion of unused capacity under our credit facilities (subject to borrowing base availability, $8.5 billion is available to borrow), proceeds from new or amended financing arrangements and the continuous offering of our Common Shares is expected to be sufficient for our investing activities and to conduct our operations in the near term. This determination is based in part on our expectations for the timing of funding investment purchases and the timing and amount of future proceeds from sales of our Common Shares and the use of existing and future financing arrangements. As of June 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 $5,931.1 million of Level 1 and Level 2 investments as of June 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 June 30, 2025, we had $2.0 billion in cash and cash equivalents. For the six months ended June 30, 2025, cash used in operating activities was $2.8 billion, primarily due to purchases of investments of $9.7 billion, partially offset by proceeds from sales of investments of $5.6 billion and an increase in net assets resulting from operations of $1.8 billion. Cash provided by financing activities was $3.2 billion during the period, primarily as a result of proceeds from issuance of Common Shares of $6.5 billion, partially offset by net repayments on debt of $1.1 billion, share repurchases of $1.1 billion, and dividends paid in cash of $1.1 billion.

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Equity

The following table presents transactions in the Common Shares (dollars in thousands except share amounts):


	For the three months ended June 30, 2025
	Shares	Amount
CLASS I
Subscriptions	96,388,768	$	2,431,232
Share transfers between classes	1,646,393	41,514
Distributions reinvested	14,104,486	355,663
Share repurchases	(37,224,199)	(936,933)
Early repurchase deduction	—	551
Net increase (decrease)	74,915,448	1,892,027
CLASS S
Subscriptions	28,750,386	725,144
Share transfers between classes	(1,377,218)	(34,723)
Distributions reinvested	6,781,888	171,014
Share repurchases	(5,897,406)	(148,438)
Early repurchase deduction	—	256
Net increase (decrease)	28,257,650	713,253
CLASS D
Subscriptions	2,263,871	57,076
Share transfers between classes	(269,175)	(6,791)
Distributions reinvested	136,047	3,431
Share repurchases	(454,553)	(11,441)
Early repurchase deduction	—	12
Net increase (decrease)	1,676,190	42,287
Total net increase (decrease)	104,849,288	$	2,647,567

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	For the six months ended June 30, 2025
	Shares	Amount
CLASS I
Subscriptions	192,123,807	$	4,862,984
Share transfers between classes	3,347,623	84,735
Distributions reinvested	27,025,144	683,840
Share repurchases	(55,553,366)	(1,399,743)
Early repurchase deduction	—	766
Net increase (decrease)	166,943,208	4,232,582
CLASS S
Subscriptions	61,565,254	1,558,561
Share transfers between classes	(2,989,714)	(75,689)
Distributions reinvested	13,050,420	330,231
Share repurchases	(10,518,196)	(265,113)
Early repurchase deduction	—	358
Net increase (decrease)	61,107,764	1,548,348
CLASS D
Subscriptions	4,655,055	117,847
Share transfers between classes	(357,909)	(9,046)
Distributions reinvested	259,516	6,567
Share repurchases	(517,808)	(13,038)
Early repurchase deduction	—	17
Net increase (decrease)	4,038,854	102,347
Total net increase (decrease)	232,089,826	$	5,883,277

Distributions and Distribution Reinvestment Plan

The following tables summarize our distributions declared and payable for the six months ended June 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



			$	1.3200	$	1,493,731


			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



			$	1.2124	$	650,630

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			Class D
Declaration Date	Record Date	Payment Date	Distribution Per Share		Distribution Amount
January 22, 2025	January 31, 2025	February 27, 2025	$	0.2147	$	5,018
February 20, 2025	February 28, 2025	March 26, 2025	0.2147		5,387
March 19, 2025	March 31, 2025	April 24, 2025	0.2147		5,442
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



			$	1.2883	$	33,005

With respect to distributions, we have adopted an “opt out” distribution reinvestment plan for shareholders. As a result, in the event of a declared cash distribution or other distribution, each shareholder that has not “opted out” of the distribution reinvestment plan will have their dividends or distributions automatically reinvested in additional Common Shares rather than receiving cash distributions. Shareholders who receive distributions in the form of Common Shares will be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions.

For additional information on our distributions and distribution reinvestment plan, see “Item 1. Financial Statements—Notes to Condensed Consolidated Financial Statements—Note 9. Net Assets.”

Share Repurchase Program

The Company has implemented a share repurchase program under which, at the discretion of the Board, the Company may repurchase, in each quarter, up to 5% of the NAV of the Company’s Common Shares outstanding (either by number of shares or aggregate NAV) as of the close of the previous calendar quarter. For the avoidance of doubt, such target amount is assessed each calendar quarter. The Board may amend or suspend the share repurchase program at any time (including to offer to purchase fewer shares) if in its reasonable judgment it deems such action to be in the best interest of shareholders, such as when a repurchase offer would place an undue burden on the Company’s liquidity, adversely affect the Company’s operations or risk having an adverse impact on the Company that would outweigh the benefit of the repurchase offer. As a result, share repurchases may not be available each quarter, or may only be available in an amount less than 5% of our Common Shares outstanding. The Company intends to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Securities Exchange Act of 1934, as amended, and the 1940 Act. Additionally, pursuant to Rule 23c-1(a)(10) under the 1940 Act, the Company may also repurchase its outstanding Common Shares outside of the share repurchase program. All Common Shares purchased pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued shares.

Under the share repurchase program, to the extent the Company offers to repurchase Common Shares in any particular quarter, it is expected to repurchase Common Shares pursuant to tender offers using a purchase price equal to the NAV per share as of the last calendar day of the applicable quarter, except that shares that have not been outstanding for at least one year will be repurchased at 98% of such NAV (an “Early Repurchase Deduction”). The one-year holding period will be satisfied if at least one year has elapsed from (a) the issuance date of the applicable Common Shares to (b) the subscription date immediately following the valuation date used in the repurchase of such Common Shares. The Early Repurchase Deduction may be waived in the case of repurchase requests arising from the death, divorce or qualified disability of the holder; in the event that a shareholder’s Common Shares are repurchased because the shareholder has failed to maintain the $500 minimum account balance; due to trade or operational error; and repurchases of Common Shares submitted by discretionary model portfolio management programs (and similar arrangements) as approved by the Company. In addition, the Company’s Common Shares are sold to certain feeder vehicles primarily created to hold the Company’s Common Shares that in turn offer interests in such feeder vehicles to non-U.S. persons. For such feeder vehicles and similar arrangements in certain markets, the Company will not apply the Early Repurchase Deduction to the feeder vehicles or underlying investors, often because of administrative or systems limitations. The Early Repurchase Deduction will be retained by the Company for the benefit of remaining shareholders.

For additional information on our share repurchases, see “Item 1. Financial Statements—Notes to Condensed Consolidated Financial Statements—Note 9. Net Assets.”

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Borrowings

As of June 30, 2025 and December 31, 2024, we had an aggregate principal amount of $30.0 billion and $30.7 billion, respectively, of debt outstanding.

For additional information on our debt obligations see “Item 1. Financial Statements—Notes to Condensed Consolidated Financial Statements—Note 7. Borrowings.”

Interest Rate Swaps

We use interest rate swaps to mitigate interest rate risk associated with our fixed rate liabilities, and have designated certain interest rate swaps to be in a hedge accounting relationship.

See “Item 1. Financial Statements—Notes to Condensed Consolidated Financial Statements—Note 2. Significant Accounting Policies—Derivative Instruments” and “Item 1. Financial Statements—Notes to Condensed Consolidated Financial Statements— Note 6. Derivatives” for additional disclosure regarding our derivative instruments designated in a hedge accounting relationship.

Off-Balance Sheet Arrangements

Portfolio Company Commitments

Our investment portfolio contains and is expected to continue to contain debt investments which are in the form of lines of credit or delayed draw commitments, which require us to provide funding when requested by portfolio companies in accordance with underlying loan agreements. As of June 30, 2025 and December 31, 2024, we had unfunded commitments, including delayed draw term loans and revolvers with an aggregate principal amount of $10.9 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 June 30, 2025 and December 31, 2024, we estimate that $1,422.2 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 June 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.

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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 six months ended June 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. For the six months ended June 30, 2025, the Company did not purchase investments from or sell investments to Verdelite JV.

See “Item 1. Financial Statements—Notes to Condensed Consolidated Financial Statements—Note 3. Fees, Expenses, Agreements and Related Party Transactions” and “Item 1. Financial Statements—Notes to Condensed Consolidated Financial Statements—Note 11. Joint Ventures.”

Recent Developments

Macroeconomic Environment

The six months ended June 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, the Middle East and Southeast Asia.

Earlier this year, tariff announcements in the U.S. and ongoing global trade negotiations contributed to significant uncertainty and volatility of debt and equity markets. However, more recently, there has been greater clarity in the U.S. policy environment and lower market volatility. Although inflation generally decelerated throughout 2024 and during the first half of 2025 due to central bank monetary tightening, including maintaining elevated interest rates, it remains above target levels set by central banks, including the Federal Reserve. Despite three interest rate cuts by the Federal Reserve in the latter part of 2024, rates remain elevated relative to the interest rate environment prior to the inflationary spike in 2022-2023, and the Federal Reserve has held the interest rates steady during the first half of 2025, citing elevated uncertainty on the economic outlook. 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.

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Critical Accounting Estimates

The preparation of the condensed consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Changes in the economic environment, financial markets, and any other parameters used in determining such estimates could cause actual results to differ.

Our critical accounting policies and estimates, including those relating to the valuation of our investment portfolio, are described in our Annual Report on Form 10-K for the year ended December 31, 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.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

Uncertainty with respect to the economic conditions has introduced significant volatility in the financial markets, and the effect of the volatility could materially impact our market risks. We are subject to financial market risks, including valuation risk and interest rate risk. Our exposure to valuation risk has not materially changed from what was previously disclosed in our Annual Report on Form 10-K for the fiscal year ended December 31, 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.

As of June 30, 2025, 99.8% 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 June 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	$	2,114,828	$	(803,522)	$	1,311,306
Up 200 basis points	1,409,712		(535,681)		874,031
Up 100 basis points	704,597		(267,841)		436,756
Down 100 basis points	(704,278)		267,841		(436,437)
Down 200 basis points	(1,404,018)		535,681		(868,337)
Down 300 basis points	(2,075,724)		803,522		(1,272,202)

(1)Excludes the impact of incentive fees. See “Item 1. Financial Statements —Notes to Condensed Consolidated Financial Statements—Note 3. Fees, Expenses, Agreements and Related Party Transactions” for further information.

We may in the future hedge against interest rate fluctuations by using hedging instruments such as additional interest rate swaps, futures, options and forward contracts. While hedging activities may mitigate our exposure to adverse fluctuations in interest rates, certain hedging transactions that we may enter into in the future, such as interest rate swap agreements, may also limit our ability to participate in the benefits of changes in interest rates with respect to our portfolio investments.

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Item 4. Controls and Procedures.

(a) Evaluation of Disclosure Controls and Procedures

The Company maintains disclosure controls and procedures (as that term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) that are designed to ensure that information required to be disclosed in the Company’s reports under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to the Company’s management, including its Co-Chief Executive Officers and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosures. Any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. An evaluation of the effectiveness of our disclosure controls and procedures as of the end of the period covered by this Quarterly Report on Form 10-Q was made under the supervision and with the participation of our management, including our Co-Chief Executive Officers and Chief Financial Officer.

Based upon this evaluation, our Co-Chief Executive Officers and Chief Financial Officer have concluded that the design and operation of our disclosure controls and procedures are (a) effective at the reasonable assurance level to ensure that information required to be disclosed by us in reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified by SEC rules and forms and (b) include, without limitation, controls and procedures designed to ensure that information required to be disclosed by us in reports filed or submitted under the Exchange Act is accumulated and communicated to our management, including our Co-Chief Executive Officers and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

(b) Changes in Internal Controls Over Financial Reporting

There have been no changes in our internal control over financial reporting that occurred during our most recently completed fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II - OTHER INFORMATION

Item 1. Legal Proceedings.

We are not currently subject to any material legal proceedings. From time to time, we may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. Our business is also subject to extensive regulation, which may result in regulatory proceedings against us.

Item 1A. Risk Factors.

There have been no material changes to the risk factors discussed in Part I, Item 1A. “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

Refer to our Current Reports on Form 8-K filed with SEC on April 17, 2025, May 20, 2025 and June 20, 2025 for information about unregistered sales of our equity securities during the quarter.

For the three months ended June 30, 2025, approximately 43,576,158 Common Shares were repurchased for a total value of $1,096.0 million (net of Early Repurchase Deduction).

The following table sets forth information regarding repurchases of Common Shares pursuant to the Company’s share repurchase plan for the three months ended June 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)

May 30, 2025	43,576,158	2.6	%	$	25.17	June 30, 2025	$	1,095,993	—

(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.

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Item 5. Other Information.

Revolving Credit Facility Amendment

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Item 6. Exhibits.


Exhibit Number						Description of Exhibits

3.1						Fifth Amended and Restated Declaration of Trust of the Company (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K, filed on February 23, 2024).

3.2						Second Amended and Restated Bylaws (incorporated by reference to Exhibit 3.2 to the Company’s Current Report on Form 8-K, filed on February 23, 2024).

10.1						Form of Fund of Funds Investment Agreement .*

10.2						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.*

31.1						Certification of Principal Executive Officer Pursuant to Rule 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*

31.2						Certification of Principal Executive Officer Pursuant to Rule 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*

31.3						Certification of Principal Financial Officer Pursuant to Rule 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*

32.1						Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (furnished herewith)

32.2						Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (furnished herewith)

32.3						Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (furnished herewith)

101.INS						Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document*

101.SCH						Inline XBRL Taxonomy Extension Schema Document*

101.CAL						Inline XBRL Taxonomy Extension Calculation Linkbase Document*

101.DEF						Inline XBRL Taxonomy Extension Definition Linkbase Document*

101.LAB						Inline XBRL Taxonomy Extension Label Linkbase Document*

101.PRE						Inline XBRL Taxonomy Extension Presentation Linkbase Document*

104						Cover Page Interactive Data File (embedded within the Inline XBRL document)

*Filed herewith.

The agreements and other documents filed as exhibits to this report are not intended to provide factual information or other disclosure other than with respect to the terms of the agreements or other documents themselves, and you should not rely on them for that purpose. In particular, any representations and warranties made by us in these agreements or other documents were made solely within the specific context of the relevant agreement or document and may not describe the actual state of affairs as of the date they were made or at any other time.

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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:	August 12, 2025	/s/ Brad Marshall
		Brad Marshall
		Co-Chief Executive Officer
		(Principal Executive Officer)

Date:	August 12, 2025	/s/ Jonathan Bock
		Jonathan Bock
		Co-Chief Executive Officer
		(Principal Executive Officer)

Date:	August 12, 2025	/s/ Teddy Desloge
		Teddy Desloge
		Chief Financial Officer
		(Principal Financial Officer)

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