bcred-20260331

Please wait

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_____________________________________________________________________________________________________________________________________________________

FORM 10-Q

_____________________________________________________________________________________________________________________________________________________

(Mark One)


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

For the quarterly period ended March 31, 2026


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

For the transition period from __________ to __________

Commission File Number 814-01358

_____________________________________________________

Blackstone Private Credit Fund

(Exact name of Registrant as specified in its Charter)

_____________________________________________________


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

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

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

N/A

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

________________________

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

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

None

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

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

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

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

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

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

The number of shares of Registrant’s common shares of beneficial interest (“Common Shares”), $0.01 par value per share, outstanding as of May 11, 2026 was 1,291,315,024, 565,020,047 and 22,211,387 of Class I, Class S and Class D Common Shares, respectively. Common Shares outstanding exclude May 1, 2026 subscriptions since the issuance price is not yet finalized at the date of this filing.

Table of Contents


		Page
PART I	FINANCIAL INFORMATION
Item 1.	Financial Statements
	Condensed Consolidated Statements of Assets and Liabilities as of March 31, 2026 and December 31, 2025 (Unaudited)	3
	Condensed Consolidated Statements of Operations for the three months ended March 31, 2026 and 2025 (Unaudited)	5
	Condensed Consolidated Statements of Changes in Net Assets for the three months ended March 31, 2026 and 2025 (Unaudited)	7
	Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025 (Unaudited)	8
	Condensed Consolidated Schedules of Investments as of March 31, 2026 and December 31, 2025 (Unaudited)	10
	Notes to Condensed Consolidated Financial Statements (Unaudited)	149
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	310
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	324
Item 4.	Controls and Procedures	325

PART II	OTHER INFORMATION
Item 1.	Legal Proceedings	326
Item 1A.	Risk Factors	326
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	326
Item 3.	Defaults Upon Senior Securities	326
Item 4.	Mine Safety Disclosures	326
Item 5.	Other Information	326
Item 6.	Exhibits	327
Signatures

Table of Contents

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, 2025 as updated by the Company’s periodic filings with the United States Securities and Exchange Commission (the “SEC”). These projections and forward-looking statements apply only as of the date of this report. Moreover, we assume no duty and do not undertake to update the forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law. You are advised to consult any additional disclosures that we make directly to you or through reports that we have filed or in the future file with the SEC including annual reports on Form 10-K, registration statements on Form N-2, quarterly reports on Form 10-Q and current reports on Form 8-K.

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

Table of Contents

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, SEC filings and webcasts. The contents of our website are not, however, a part of this Quarterly Report on Form 10-Q.

Table of Contents

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements.

Blackstone Private Credit Fund

Condensed Consolidated Statements of Assets and Liabilities

(in thousands, except share and per share amounts)

(Unaudited)


	March 31, 2026		December 31, 2025
ASSETS
Investments at fair value
Non-controlled/non-affiliated investments (cost of $78,449,204 and $78,459,980, respectively)	$	76,996,772	$	77,980,254
Non-controlled/affiliated investments (cost of $41,585 and $1,119,164, respectively)	41,175		1,122,254
Controlled/affiliated investments (cost of $3,862,464 and $3,337,097, respectively)	3,431,434		3,096,838
Total investments at fair value (cost of $82,353,253 and $82,916,241, respectively)	80,469,381		82,199,346
Cash and cash equivalents (restricted cash of $740,776 and $802,910, respectively)	2,787,409		2,348,711
Interest receivable from non-controlled/non-affiliated investments	681,048		689,549
Interest receivable from non-controlled/affiliated investments	11		12
Interest receivable from controlled/affiliated investments	3,861		70
Non-cash dividend receivable from non-controlled/affiliated investments	—		13,834
Dividend receivable from controlled/affiliated investments	59,176		66,865
Receivable from broker	221,098		277,152
Deferred financing costs	181,785		141,334
Deferred offering costs	1,119		1,616
Receivable for investments	322,063		150,494

Derivative assets at fair value (Note 6)	101,348		102,539
Other assets	—		640
Total assets	$	84,828,299	$	85,992,162
LIABILITIES
Debt (net of unamortized debt issuance costs of $164,307 and $153,023, respectively)	$	35,167,792	$	35,002,485
Payable for investments	93,804		25,388
Management fees payable (Note 3)	152,013		153,070
Income based incentive fees payable (Note 3)	151,179		162,518
Capital gains based incentive fees payable (Note 3)	—		—
Interest payable	511,831		428,101
Derivative liabilities at fair value (Note 6)	44,958		36,496
Due to affiliates	19,362		15,078
Distribution payable (Note 9)	388,652		390,243
Payable for share repurchases (Note 9)	3,233,702		2,107,223
Board of Trustees’ fees payable	239		234
Accrued expenses and other liabilities	29,331		59,240
Total liabilities	39,792,863		38,380,076
Commitments and contingencies (Note 8)
NET ASSETS
Common Shares, $0.01 par value (1,862,005,513 and 1,920,268,571 shares issued and outstanding, respectively)	18,620		19,203
Additional paid in capital	47,502,760		48,874,899
Distributable earnings (loss)	(2,485,944)		(1,282,016)
Total net assets	45,035,436		47,612,086
Total liabilities and net assets	$	84,828,299	$	85,992,162


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

Table of Contents


Blackstone Private Credit Fund
Condensed Consolidated Statements of Assets and Liabilities
(in thousands, except share and per share amounts)
(Unaudited)
NET ASSET VALUE PER SHARE	March 31, 2026		December 31, 2025
Class I Shares:
Net assets	$	30,917,292	$	32,516,796
Common Shares outstanding ($0.01 par value, unlimited shares authorized)	1,278,288,287		1,311,451,768
Net asset value per share	$	24.19	$	24.79
Class S Shares:
Net assets	$	13,586,401	$	14,498,062
Common Shares outstanding ($0.01 par value, unlimited shares authorized)	561,732,016		584,729,784
Net asset value per share	$	24.19	$	24.79
Class D Shares:
Net assets	$	531,743	$	597,228
Common Shares outstanding ($0.01 par value, unlimited shares authorized)	21,985,210		24,087,019
Net asset value per share	$	24.19	$	24.79

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

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Statements of Operations

(in thousands)

(Unaudited)


	Three Months Ended March 31,
	2026		2025
Investment income:
From non-controlled/non-affiliated investments:
Interest income	$	1,676,286	$	1,653,532
Payment-in-kind interest income	104,906		91,935
Dividend income	2,311		8,107
Non-cash dividend income	40		—
Other income	7,834		7,489
From non-controlled/affiliated investments:
Interest income	78		29
Payment-in-kind interest income	801		35

Non-cash dividend income	18,480		—
From controlled/affiliated investments:
Interest income	2,300		474
Payment-in-kind interest income	7,553		5,931
Dividend income	71,513		73,902
Total investment income	1,892,102		1,841,434
Expenses:
Interest expense	511,768		479,635
Management fees (Note 3)	152,013		129,106
Income based incentive fees (Note 3)	151,179		151,776
Capital gains based incentive fees (Note 3)	—		—
Distribution and shareholder servicing fees
Class S	31,093		28,088
Class D	370		385
Professional fees	3,706		1,270
Board of Trustees’ fees	239		242
Administrative service expenses (Note 3)	4,145		2,241
Other general and administrative expenses	9,788		5,823

Amortization of continuous offering costs	1,000		1,123
Total expenses before tax expense	865,301		799,689





Net investment income before tax expense	1,026,801		1,041,745
Excise and other tax expense	11		7,783
Net investment income after tax expense	1,026,790		1,033,962
Realized and unrealized gain (loss):
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated investments	(882,176)		(125,001)
Non-controlled/affiliated investments	(3,499)		(374)
Controlled/affiliated investments	(190,770)		(66,854)
Derivative instruments (Note 6)	44,772		(12,789)
Foreign currency and other transactions	(5,695)		(1,082)

Income tax (provision) benefit	(934)		(1,334)
Net change in unrealized appreciation (depreciation), net of income tax (provision) benefit	(1,038,302)		(207,434)

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Statements of Operations

(in thousands)

(Unaudited)


	Three Months Ended March 31,
	2026		2025
Net realized gain (loss):
Non-controlled/non-affiliated investments	$	(35,068)	$	(59,178)
Non-controlled/affiliated investments	161		—

Derivative instruments (Note 6)	19,604		(19,413)


Foreign currency and other transactions	(22,695)		12,615
Extinguishment of debt	(391)		—
Current tax expense on realized gains	—		(1,243)
Net realized gain (loss), net of tax expense	(38,389)		(67,219)
Net realized and change in unrealized gain (loss)	(1,076,691)		(274,653)
Net increase (decrease) in net assets resulting from operations	$	(49,901)	$	759,309

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

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Statements of Changes in Net Assets

(in thousands)

(Unaudited)


	Three Months Ended March 31,
	2026		2025
Operations:
Net investment income after tax expense	$	1,026,790	$	1,033,962
Net change in unrealized appreciation (depreciation), net of income tax (provision) benefit	(1,038,302)		(207,434)
Net realized gain (loss), net of tax expense	(38,389)		(67,219)
Net increase (decrease) in net assets resulting from operations	(49,901)		759,309
Distributions to common shareholders from net investment income:
Class I	(814,086)		(713,781)
Class S	(325,810)		(315,435)
Class D	(14,132)		(15,847)
Net decrease in net assets resulting from distributions	(1,154,028)		(1,045,063)
Share transactions:
Class I:
Proceeds from shares sold	1,031,927		2,431,752
Share transfers between classes	111,799		43,221
Distributions reinvested	361,385		328,177
Repurchased shares, net of early repurchase deduction	(2,277,603)		(462,595)
Net increase (decrease) from share transactions	(772,492)		2,340,555
Class S:
Proceeds from shares sold	289,132		833,417
Share transfers between classes	(108,669)		(40,966)
Distributions reinvested	170,055		159,217
Repurchased shares, net of early repurchase deduction	(899,965)		(116,573)
Net increase (decrease) from share transactions	(549,447)		835,095
Class D:
Proceeds from shares sold	4,803		60,771
Share transfers between classes	(3,130)		(2,255)
Distributions reinvested	1,788		3,136
Repurchased shares, net of early repurchase deduction	(54,243)		(1,592)
Net increase (decrease) from share transactions	(50,782)		60,060
Total increase (decrease) in net assets	(2,576,650)		2,949,956
Net assets, beginning of period	47,612,086		38,855,763
Net assets, end of period	$	45,035,436	$	41,805,719

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

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Statements of Cash Flows

(in thousands)

(Unaudited)


	Three Months Ended March 31,
	2026		2025
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations	$	(49,901)	$	759,309
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	1,076,445		192,229
Net change in unrealized (appreciation) depreciation on derivative instruments	(44,772)		12,789
Net change in unrealized (appreciation) depreciation on foreign currency and other transactions	5,695		(714)
Net realized (gain) loss on investments	34,907		59,178

Net realized (gain) loss on foreign currency and other transactions	22,695		(12,615)
Net realized (gain) loss on extinguishment of debt	391		—
Net change due to hedging activity	(30)		(1,917)
Payment-in-kind interest capitalized	(113,323)		(105,430)
Net accretion of discount and amortization of premium	(68,104)		(76,692)
Amortization of deferred financing costs	13,970		8,498
Amortization of original issue discount and debt issuance costs (including premiums and discounts)	10,084		9,420
Amortization of offering costs	1,000		1,123


Purchases of investments	(4,291,332)		(5,009,226)
Proceeds from sale of investments and principal repayments	5,000,841		4,333,690
Changes in operating assets and liabilities:
Interest receivable	4,711		35,470

Dividend receivable	21,523		(3,457)
Receivable from broker	56,054		20,031
Receivable for investments	(171,569)		(68,930)

Other assets	640		—
Payable for investments	68,416		46,816
Management fees payable	(1,057)		9,003
Income based incentive fees payable	(11,339)		7,052

Interest payable	83,730		(6,596)
Due to affiliates	4,284		(3,268)
Accrued expenses and other liabilities	(29,904)		(25,880)
Net cash provided by (used in) operating activities	1,624,055		179,883
Cash flows from financing activities:
Borrowings on debt	6,502,384		5,481,852
Repayments on debt	(6,208,958)		(6,274,581)
Deferred financing costs paid	(54,582)		(9,162)
Debt issuance costs paid	(6,967)		(17,564)
Deferred offering costs paid	(503)		(824)
Proceeds from issuance of Common Shares	1,325,862		3,325,940
Repurchased shares, net of early repurchase deduction paid	(2,106,685)		(530,648)
Dividends paid in cash	(622,393)		(526,688)
Net cash provided by (used in) financing activities	(1,171,842)		1,448,325
The accompanying notes are an integral part of these condensed consolidated financial statements.

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Statements of Cash Flows

(in thousands)

(Unaudited)


	Three Months Ended March 31,
	2026		2025
Net increase (decrease) in cash and cash equivalents	$	452,213	$	1,628,208
Effect of foreign exchange rate changes on cash and cash equivalents	(13,515)		(5,044)
Cash and cash equivalents (including restricted cash), beginning of period	2,348,711		1,650,679
Cash and cash equivalents (including restricted cash), end of period	$	2,787,409	$	3,273,843

Supplemental information and non-cash activities:
Interest paid during the period	$	553,029	$	589,353
Distribution payable	388,652		359,606

Reinvestment of dividends during the period	533,228		490,530
Accrued but unpaid deferred financing costs	2,489		12
Accrued but unpaid debt issuance costs	3,924		3,336
Accrued but unpaid offering costs	—		616
Share repurchases accrued but not yet paid	3,233,702		581,365
Excise and other taxes paid	17,342		34,703

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

March 31, 2026

(in thousands)

(Unaudited)



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

First Lien Debt
First Lien Debt - non-controlled/non-affiliated
Aerospace & Defense
Atlas CC Acquisition Corp.	(10)(17)	SOFR +	4.25%	8.22%	7/25/2025	5/25/2029	$	41,906	$	29,763	$	8,882	0.02	%
Atlas CC Acquisition Corp.	(10)(17)	SOFR +	4.25%	8.18%	7/25/2025	5/25/2029	6,096		4,373		1,292		0.00
Atlas CC Acquisition Corp.	(4)(10)(17)	SOFR +	4.25%	8.18%	7/25/2025	5/25/2029	37,217		24,850		6,792		0.02
Atlas CC Acquisition Corp.	(4)(5)(7)(10)	SOFR +	4.00%	7.93%	7/25/2025	5/25/2029	18,518		13,604		18,193		0.04
Corfin Holdings, Inc.	(4)(10)	SOFR +	5.25%	9.02%	1/7/2021	12/27/2027	32,050		32,034		32,050		0.07
Corfin Holdings, Inc.	(4)(10)	SOFR +	5.25%	9.02%	1/10/2025	12/27/2027	137,970		137,155		137,970		0.31
Fastener Distribution Holdings, LLC	(4)(10)	SOFR +	4.75%	8.45%	10/31/2024	11/4/2031	173,256		171,871		173,256		0.38
Fastener Distribution Holdings, LLC	(4)(7)(10)	SOFR +	4.75%	8.45%	10/31/2024	11/4/2031	26,113		25,737		26,113		0.06
Frontgrade Technologies Holdings, Inc.	(4)(7)(10)	SOFR +	5.25%	8.90%	1/9/2023	1/9/2030	2,386		2,345		2,336		0.01
Frontgrade Technologies Holdings, Inc.	(4)(5)(10)	SOFR +	5.25%	8.91%	3/18/2025	1/9/2030	354		351		348		0.00
Frontgrade Technologies Holdings, Inc.	(4)(5)(10)	SOFR +	5.00%	8.65%	7/7/2025	1/9/2030	92		91		90		0.00
Horizon CTS Buyer, LLC	(4)(7)(10)	SOFR +	4.75%	8.45%	3/28/2025	3/29/2032	67,151		66,342		66,603		0.15
Horizon CTS Buyer, LLC	(4)(10)	SOFR +	4.75%	8.45%	10/25/2025	3/29/2032	80,000		79,625		79,600		0.18
Horizon CTS Buyer, LLC	(4)(5)(10)	SOFR +	4.75%	8.45%	3/28/2025	3/29/2032	11,659		11,560		11,601		0.03
Karman Holdings, Inc.	(6)(8)	SOFR +	2.75%	6.46%	2/2/2026	4/1/2032	11,947		11,844		11,969		0.03
Loar Group, Inc.	(4)(6)(11)	SOFR +	4.25%	7.92%	7/28/2022	5/10/2030	280,968		278,593		280,968		0.62
Loar Group, Inc.	(4)(6)(11)	SOFR +	4.25%	7.92%	12/23/2025	5/10/2030	443,888		435,563		443,888		0.99
Loar Group, Inc.	(4)(5)(6)(7)(11)	SOFR +	4.25%	7.92%	7/28/2022	5/10/2030	239,400		234,873		239,400		0.53
Magneto Components BuyCo, LLC	(4)(7)(10)	SOFR +	6.00%	9.70%	12/5/2023	12/5/2030	54,661		53,633		54,184		0.12
Peraton Corp.	(10)	SOFR +	3.75%	7.52%	2/1/2021	2/1/2028	8,744		8,756		7,483		0.02
TransDigm, Inc.	(6)(8)	SOFR +	2.50%	6.17%	11/28/2023	2/28/2031	8,845		8,865		8,856		0.02
TransDigm, Inc.	(6)(8)	SOFR +	2.50%	6.17%	8/22/2025	8/19/2032	2,985		2,988		2,988		0.01
Vertex Aerospace Services, LLC	(6)(10)	SOFR +	2.25%	5.92%	12/6/2021	12/6/2030	11,267		11,238		11,291		0.03
West Star Aviation Acquisition, LLC	(4)(10)	SOFR +	4.50%	8.17%	5/20/2025	5/20/2032	153,651		152,641		153,651		0.34
West Star Aviation Acquisition, LLC	(4)(5)(7)(10)	SOFR +	4.50%	8.17%	5/20/2025	5/20/2032	2,160		2,018		2,160		0.00
West Star Aviation Acquisition, LLC	(4)(5)(7)(10)	SOFR +	4.50%	8.17%	5/20/2025	5/20/2032	24,737		24,550		24,737		0.05
Zenith AcquisitionCo, LLC	(4)(9)	SOFR +	4.50%	8.15%	1/13/2026	1/13/2033	90,465		90,026		90,012		0.20
Zenith AcquisitionCo, LLC	(4)(5)(7)(9)	SOFR +	4.50%	8.17%	1/13/2026	1/13/2033	2,100		1,903		1,897		0.00
									1,917,192		1,898,610		4.23

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	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
ENV Bidco, AB	(4)(6)(7)(8)	E +	5.00%	7.13%	12/12/2024	7/27/2029	EUR	114,257	$	114,546	$	131,008	0.29	%
ENV Bidco, AB	(4)(6)(10)	SOFR +	5.00%	8.70%	12/12/2024	7/27/2029	$	114,097	112,848		113,527		0.25
LSF12 Phoenix Holdco, LLC	(7)(8)	SOFR +	4.50%	8.16%	3/25/2026	3/25/2033	45,000		42,695		44,310		0.10
Mode Purchaser, Inc.	(4)(11)	SOFR +	6.25%	10.04%	1/7/2021	12/9/2027	27,119		26,951		24,271		0.05
Mode Purchaser, Inc.	(4)(11)	SOFR +	6.25%	10.04%	2/4/2022	12/9/2027	134,638		133,542		120,501		0.27
R1 Holdings, LLC	(4)(5)(7)(11)	SOFR +	6.75%	10.45%	12/30/2022	12/29/2028	1,318		1,300		1,250		0.00
RWL Holdings, LLC	(4)(10)	SOFR +	5.75%	9.60%	12/13/2021	12/31/2028	266,680		264,598		253,346		0.56
RWL Holdings, LLC	(4)(10)	SOFR +	5.75%	9.56%	2/20/2026	12/31/2028	12,262		12,144		11,649		0.03
SEKO Global Logistics Network, LLC	(4)(5)(11)	SOFR +	10.00%	13.67% PIK	11/27/2024	11/27/2029	10,687		10,564		10,687		0.02
SEKO Global Logistics Network, LLC	(4)(5)(11)	SOFR +	7.00%	10.67% PIK	11/27/2024	5/27/2030	31,925		31,925		31,925		0.07
SEKO Global Logistics Network, LLC	(4)(5)(7)(11)	SOFR +	10.50%	14.17% (incl. 9.50% PIK)	11/10/2025	11/27/2029	2,469		2,463		2,469		0.01
The Kenan Advantage Group, Inc.	(8)	SOFR +	3.25%	6.92%	8/6/2024	1/25/2029	7,451		7,451		7,375		0.02
Wwex Uni Topco Holdings, LLC	(10)	SOFR +	4.00%	7.70%	11/8/2024	7/26/2028	19,391		19,350		19,431		0.04
Wwex Uni Topco Holdings, LLC	(4)(10)	SOFR +	4.75%	8.45%	3/21/2025	7/26/2028	83,671		82,653		84,089		0.19
									863,030		855,838		1.90
Airlines (Passenger Airlines)
Air Canada	(6)(8)	SOFR +	1.75%	5.42%	3/21/2024	3/21/2031	6,212		6,201		6,174		0.01
American Airlines, Inc.	(6)(8)	SOFR +	2.25%	5.92%	4/4/2025	4/20/2028	8,436		8,275		8,373		0.02
American Airlines, Inc.	(6)(8)	SOFR +	2.75%	6.42%	3/5/2026	5/28/2032	1,000		1,003		993		0.00
Vista Management Holding, Inc.	(6)(8)	SOFR +	3.75%	7.41%	4/1/2025	4/1/2031	13,629		13,543		13,512		0.03
									29,022		29,052		0.06
Automobile Components
Clarios Global, LP	(6)(8)	SOFR +	2.50%	6.17%	7/16/2024	5/6/2030	4,821		4,795		4,812		0.01
Clarios Global, LP	(6)(8)	SOFR +	2.75%	6.42%	4/10/2025	1/28/2032	8,593		8,399		8,582		0.02
									13,194		13,394		0.03
Biotechnology
Axsome Therapeutics, Inc.	(4)(6)(10)	SOFR +	4.75%	8.45%	5/6/2025	5/8/2030	60,260		59,766		60,260		0.13
Axsome Therapeutics, Inc.	(4)(5)(6)(7)(10)	SOFR +	4.00%	7.70%	5/6/2025	5/8/2030	35,152		35,008		35,152		0.08
BioCryst Pharmaceuticals, Inc.	(4)(6)(22)	SOFR +	4.50%	8.20%	1/23/2026	1/23/2031	108,539		108,017		107,996		0.24
Grifols Worldwide Operations USA, Inc.	(8)	SOFR +	2.00%	5.77%	1/7/2021	11/15/2027	37		37		37		0.00
MannKind Corp.	(4)(6)(7)(14)	SOFR +	4.75%	8.42%	8/6/2025	8/6/2030	88,776		87,425		87,593		0.19
									290,253		291,038		0.64
Broadline Retail
Peer Holding III, BV	(6)(8)	SOFR +	2.50%	6.20%	6/26/2024	7/1/2031	6,913		6,913		6,907		0.02

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	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
ES Group Holdings III, Ltd.	(4)(6)(8)(17)	E +	5.75%	7.77%	11/22/2021	4/23/2028	EUR	30,879	$	33,836	$	28,554	0.06	%
ES Group Holdings III, Ltd.	(4)(6)(10)(17)	SOFR +	5.75%	9.65%	11/22/2021	4/23/2028	$	64,562	63,955		51,649		0.11
Fencing Supply Group Acquisition, LLC	(4)(11)	SOFR +	6.00%	9.77%	2/26/2021	2/26/2029	112,275		111,917		108,064		0.24
Great Day Improvements, LLC	(4)(13)	SOFR +	5.50%	9.28%	6/13/2024	6/13/2030	35,692		35,192		34,264		0.08
Great Day Improvements, LLC	(4)(5)(7)(13)	SOFR +	5.50%	9.28%	6/13/2024	6/13/2030	2,661		2,578		2,425		0.01
Griffon Corp.	(6)(8)	SOFR +	2.00%	5.67%	6/16/2025	1/24/2029	911		913		915		0.00
Jacuzzi Brands, LLC	(4)(10)	SOFR +	6.25%	9.92%	1/7/2021	5/25/2028	43,474		43,328		41,301		0.09
Jacuzzi Brands, LLC	(4)(10)	SOFR +	6.25%	9.92%	4/20/2022	5/25/2028	187,540		187,065		178,163		0.40
Jacuzzi Brands, LLC	(4)(10)	SOFR +	6.25%	9.92%	1/7/2021	5/25/2028	6,319		6,296		6,003		0.01
L&S Mechanical Acquisition, LLC	(4)(10)	SOFR +	6.25%	9.93%	9/1/2021	9/1/2027	133,762		132,975		127,074		0.28
LBM Acquisition, LLC	(10)	SOFR +	3.75%	7.52%	6/6/2024	6/6/2031	8,008		7,921		6,463		0.01
MIWD Holdco II, LLC	(8)	SOFR +	2.75%	6.42%	3/28/2024	3/28/2031	2,809		2,821		2,598		0.01
Windows Acquisition Holdings, Inc.	(4)(11)	SOFR +	6.50%	10.35%	1/7/2021	12/29/2026	59,362		59,225		46,303		0.10
									688,022		633,776		1.40
Capital Markets
Apex Group Treasury, LLC	(6)(8)	SOFR +	3.50%	7.17%	2/27/2025	2/27/2032	87,028		86,886		79,558		0.18
Aretec Group, Inc.	(6)(8)	SOFR +	3.00%	6.67%	11/20/2025	8/9/2030	11,245		11,234		11,119		0.02
FFML Holdco, Ltd.	(4)(6)(10)	B +	4.50%	7.04%	11/11/2022	11/30/2028	NZD	36,150	21,957		20,721		0.05
Focus Financial Partners, LLC	(8)	SOFR +	2.50%	6.17%	1/31/2025	9/15/2031	16,777		16,747		16,273		0.04
GTCR Everest Borrower, LLC	(6)(7)(8)	SOFR +	2.50%	6.20%	2/3/2026	9/5/2031	16,204		15,957		15,999		0.04
Jane Street Group, LLC	(6)(8)	SOFR +	2.00%	5.67%	5/29/2025	12/15/2031	990		979		973		0.00
Jump Financial, LLC	(6)(8)	SOFR +	3.50%	7.20%	2/18/2026	2/26/2032	2,244		2,250		2,247		0.00
June Purchaser, LLC	(7)(8)	SOFR +	2.75%	6.45%	2/18/2026	11/28/2031	3,416		3,422		3,414		0.01
Osaic Holdings, Inc.	(6)(8)	SOFR +	2.50%	6.20%	2/2/2026	7/30/2032	6,000		6,000		5,899		0.01
Resolute Investment Managers, Inc.	(5)(11)	SOFR +	6.50%	10.46%	12/29/2023	10/30/2028	3,873		3,842		3,108		0.01
Situs-AMC Holdings Corporation	(4)(10)	SOFR +	5.50%	9.20%	5/14/2025	5/14/2031	43,861		43,726		43,861		0.10
Superannuation & Investments US, LLC	(6)(9)	SOFR +	2.50%	6.17%	1/30/2026	12/1/2028	12,589		12,556		12,603		0.03
The Edelman Financial Engines Center, LLC	(6)(8)	SOFR +	3.00%	6.67%	6/5/2024	4/7/2028	19,629		19,633		19,633		0.04
									245,189		235,408		0.53
Chemicals
Charter Next Generation, Inc.	(8)	SOFR +	2.50%	6.17%	11/5/2025	11/29/2030	6,881		6,895		6,848		0.02
CI Maroon Holdings, LLC	(6)(8)	SOFR +	3.25%	7.05%	8/22/2025	3/3/2031	2,978		2,978		2,893		0.01
DCG Acquisition Corp.	(4)(7)(10)	SOFR +	5.00%	8.70%	6/13/2024	6/13/2031	236,778		234,790		233,940		0.52
Derby Buyer, LLC	(6)(9)	SOFR +	3.00%	6.68%	12/13/2024	11/1/2030	6,370		6,370		6,374		0.01
Nouryon USA, LLC	(6)(8)	SOFR +	3.25%	7.04%	10/30/2025	4/3/2028	3,482		3,486		3,421		0.01
									254,519		253,476		0.57

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)



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

First Lien Debt - non-controlled/non-affiliated (continued)
Commercial Services & Supplies
Access CIG, LLC	(9)	SOFR +	4.00%	7.70%	8/15/2025	8/19/2030	$	42,868	$	42,566	$	38,974	0.09	%
Allied Universal Holdco, LLC	(8)	SOFR +	3.25%	6.92%	2/3/2026	8/20/2032	3,990		4,000		3,995		0.01
Anticimex, Inc.	(6)(8)	SOFR +	2.90%	6.56%	11/21/2025	11/17/2031	5,557		5,558		5,572		0.01
Armor Holdco, Inc.	(6)(9)	SOFR +	3.75%	7.55%	11/20/2025	12/10/2031	6,284		6,284		6,259		0.01
Astra Service Partners, LLC	(4)(10)	SOFR +	4.50%	8.20%	11/26/2025	11/26/2032	164,406		163,233		163,789		0.36
Astra Service Partners, LLC	(4)(5)(7)(10)	SOFR +	4.50%	8.22%	11/26/2025	11/26/2032	10,816		10,585		10,613		0.02
Bazaarvoice, Inc.	(4)(7)(8)	SOFR +	4.50%	8.09%	5/7/2021	5/7/2029	403,329		403,329		401,008		0.89
Blue Sky Buyer, LLC	(4)(10)	SOFR +	4.50%	8.17%	2/27/2026	2/28/2033	208,812		207,781		207,767		0.46
Blue Sky Buyer, LLC	(4)(5)(7)(10)	SOFR +	4.50%	8.16%	2/27/2026	2/28/2033	14,285		14,109		14,107		0.03
CFS Brands, LLC	(4)(11)	SOFR +	5.00%	8.67%	12/20/2024	10/2/2030	217,337		214,543		217,337		0.48
CFS Brands, LLC	(4)(5)(7)(11)	SOFR +	5.00%	8.67%	10/2/2023	10/2/2029	19,132		18,758		19,132		0.04
Conservice Midco, LLC	(4)(7)(10)	SOFR +	4.50%	8.20%	2/25/2026	2/25/2033	82,772		82,308		82,252		0.18
Crimson FLS Acquisition, Inc.	(4)(10)	SOFR +	4.50%	8.20%	2/18/2026	2/18/2033	204,391		203,386		204,391		0.45
Crimson FLS Acquisition, Inc.	(4)(5)(7)(10)	SOFR +	4.50%	8.16%	2/18/2026	2/18/2033	6,669		6,519		6,669		0.01
Crimson FLS Acquisition, Inc.	(4)(5)(7)(10)	SOFR +	4.50%	8.16%	2/18/2026	2/18/2033	1,983		1,832		1,983		0.00
DG Investment Intermediate Holdings 2, Inc.	(8)	SOFR +	3.25%	6.92%	7/2/2025	7/9/2032	10,219		10,167		10,226		0.02
Divisions Holding Corp.	(4)(7)(10)	SOFR +	4.50%	8.20%	4/17/2025	4/17/2032	92,527		91,658		92,446		0.21
EAB Global, Inc.	(9)	SOFR +	3.00%	6.70%	8/16/2021	8/16/2030	13,172		13,158		11,773		0.03
ELK Bidco, Inc.	(4)(7)(9)	SOFR +	4.50%	8.20%	6/13/2025	6/14/2032	71,485		71,075		71,380		0.16
EMB Purchaser, Inc.	(4)(5)(7)(10)	SOFR +	4.50%	8.20%	3/13/2025	3/12/2032	68,026		66,837		67,504		0.15
EMB Purchaser, Inc.	(4)(10)	SOFR +	4.50%	8.17%	3/13/2025	3/12/2032	147,419		146,167		147,419		0.33
EMB Purchaser, Inc.	(4)(5)(7)(10)	SOFR +	4.50%	8.17%	3/13/2025	3/12/2032	6,103		5,947		6,103		0.01
Foundational Education Group, Inc.	(9)	SOFR +	3.75%	7.68%	8/31/2021	8/31/2028	5,956		5,936		5,480		0.01
FusionSite Midco, LLC	(4)(11)	SOFR +	5.25%	9.21%	4/30/2025	11/17/2029	100,435		99,482		99,431		0.22
FusionSite Midco, LLC	(4)(5)(7)(11)	SOFR +	5.25%	9.16%	4/30/2025	11/17/2029	32,628		32,185		32,214		0.07
FusionSite Midco, LLC	(4)(5)(7)(11)	SOFR +	5.25%	9.17%	4/30/2025	11/17/2029	5,108		4,957		4,986		0.01
Gatekeeper Systems, Inc.	(4)(10)	SOFR +	5.00%	8.67%	8/27/2024	8/28/2030	248,875		246,132		240,165		0.53
Gatekeeper Systems, Inc.	(4)(7)(10)	SOFR +	5.00%	8.67%	8/27/2024	8/28/2030	19,421		18,554		16,622		0.04
GFL Environmental Services USA, Inc.	(6)(8)	SOFR +	2.50%	6.17%	4/11/2025	3/3/2032	2,181		2,160		2,184		0.00
Gorilla Investor, LLC	(4)(10)	SOFR +	5.00%	8.70%	9/26/2024	9/30/2031	163,828		161,254		162,190		0.36
Ground Penetrating Radar Systems, LLC	(4)(10)	SOFR +	4.50%	8.20%	1/2/2025	1/2/2032	119,948		118,961		119,948		0.27
Ground Penetrating Radar Systems, LLC	(4)(5)(7)(10)	SOFR +	4.50%	8.20%	1/2/2025	1/2/2032	3,545		3,335		3,545		0.01
Iris Buyer, LLC	(4)(11)	SOFR +	5.25%	8.92%	10/2/2023	10/2/2030	53,851		52,898		53,851		0.12
Iris Buyer, LLC	(4)(5)(11)	SOFR +	5.25%	8.95%	10/2/2023	10/2/2030	5,078		5,003		5,078		0.01
Iris Buyer, LLC	(4)(5)(7)(11)	SOFR +	5.25%	8.95%	2/4/2025	10/2/2030	7,824		7,586		7,824		0.02
Iris Buyer, LLC	(4)(5)(11)	SOFR +	5.25%	8.95%	7/16/2025	10/2/2030	2,179		2,160		2,179		0.00

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	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)
ISQ Hawkeye Holdco, Inc.	(4)(10)	SOFR +	4.00%	7.69%	1/30/2026	8/20/2031	$	8,936	$	8,786	$	8,936	0.02	%
ISQ Hawkeye Holdco, Inc.	(4)(5)(7)(10)	SOFR +	4.00%	7.69%	1/30/2026	8/20/2030	331		312		320		0.00
Java Buyer, Inc.	(4)(10)	SOFR +	4.75%	8.45%	2/6/2026	12/15/2030	329,092		325,921		329,092		0.73
Java Buyer, Inc.	(4)(5)(7)(10)	SOFR +	4.75%	8.42%	2/6/2026	12/15/2030	27,973		27,186		27,973		0.06
Java Buyer, Inc.	(4)(5)(7)(10)	SOFR +	4.75%	8.42%	2/6/2026	12/15/2030	7,109		6,504		7,109		0.02
Jones Fish Hatcheries & Distributors, LLC	(4)(7)(10)	SOFR +	4.25%	7.90%	11/19/2025	11/19/2032	16,464		16,269		16,310		0.04
Jones Fish Hatcheries & Distributors, LLC	(4)(5)(7)(10)	SOFR +	4.25%	7.90%	11/19/2025	11/19/2032	248		169		125		0.00
JSG II, Inc.	(4)(7)(10)	SOFR +	4.50%	8.17%	9/30/2025	9/30/2032	352,852		350,792		351,515		0.78
JSS Holdings, Inc.	(4)(10)	SOFR +	5.00%	8.71% (incl. 2.75% PIK)	12/29/2021	11/8/2031	246,068		244,516		246,068		0.55
JSS Holdings, Inc.	(4)(10)	SOFR +	5.00%	8.71% (incl. 2.75% PIK)	1/7/2021	11/8/2031	47,106		46,761		47,106		0.10
JSS Holdings, Inc.	(4)(7)(10)	SOFR +	5.00%	8.70% (incl. 2.75% PIK)	11/8/2024	11/8/2031	588,289		583,097		587,604		1.30
Knowledge Pro Buyer, Inc.	(4)(7)(10)	SOFR +	4.50%	8.35%	12/10/2021	12/10/2029	113,454		112,860		113,408		0.25
Knowledge Pro Buyer, Inc.	(4)(5)(7)(10)	SOFR +	4.50%	8.35%	12/10/2021	12/10/2029	8,421		8,338		8,421		0.02
KPSKY Acquisition, Inc.	(4)(10)(18)	SOFR +	5.50%	9.27%	10/19/2021	10/19/2028	45,880		45,546		40,490		0.09
KPSKY Acquisition, Inc.	(4)(10)(18)	SOFR +	5.50%	9.25%	10/19/2021	10/19/2028	20,470		20,321		18,065		0.04
Lsf12 Crown US Commercial Bidco, LLC	(7)(8)	SOFR +	3.00%	6.67%	1/20/2026	12/2/2031	47,542		45,881		47,503		0.11
Minerva Bidco, Ltd.	(4)(5)(6)(7)(8)	S +	4.25%	7.98%	7/29/2025	11/7/2030	GBP	46,904	61,096		61,213		0.14
OMNIA Partners, LLC	(8)	SOFR +	2.75%	6.43%	1/26/2024	12/31/2032	7,913		7,952		7,916		0.02
Onex Baltimore Buyer, Inc.	(4)(10)(18)	SOFR +	5.27%	8.94%	12/1/2021	12/1/2027	187,232		186,181		187,232		0.42
Onex Baltimore Buyer, Inc.	(4)(10)(18)	SOFR +	4.75%	8.42%	12/1/2021	12/1/2027	253,518		252,149		253,518		0.56
Polyphase Elevator Holding, Co.	(4)(10)	SOFR +	5.00%	8.70%	11/24/2025	11/24/2032	15,922		15,811		15,922		0.04
Polyphase Elevator Holding, Co.	(4)(5)(7)(10)	SOFR +	5.00%	8.70%	11/24/2025	11/24/2032	5,431		5,350		5,386		0.01
Prime Security Services Borrower, LLC	(6)(8)	SOFR +	2.00%	5.66%	11/20/2024	10/13/2030	1,327		1,327		1,323		0.00
Prime Security Services Borrower, LLC	(6)(8)	SOFR +	1.75%	5.41%	4/4/2025	3/7/2032	6,435		6,329		6,357		0.01
RailPros Parent, LLC	(4)(7)(10)	SOFR +	4.25%	7.91%	5/22/2025	5/24/2032	23,210		22,975		23,174		0.05
RailPros Parent, LLC	(4)(5)(7)(10)	SOFR +	4.25%	7.91%	5/22/2025	5/24/2032	2,153		2,112		2,153		0.00

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	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)
Rocket Buyer, LLC	(4)(10)	SOFR +	4.50%	8.15%	2/19/2026	2/18/2033	$	102,980	$	102,220	$	102,207	0.23	%
Rocket Buyer, LLC	(4)(5)(7)(10)	SOFR +	4.50%	8.16%	2/19/2026	2/18/2033	4,357		4,181		4,179		0.01
Rocket Buyer, LLC	(4)(5)(7)(10)	SOFR +	4.50%	8.21%	2/19/2026	2/18/2033	990		767		764		0.00
Saber Parent Holdings Corp.	(4)(8)	SOFR +	4.75%	8.42% (incl. 2.25% PIK)	12/16/2025	12/16/2032	504,545		502,140		502,022		1.11
Saber Parent Holdings Corp.	(4)(5)(7)(8)	P +	3.50%	10.25%	12/16/2025	12/16/2032	20,300		19,636		19,608		0.04
SIQ Holdings III Corp.	(4)(10)	SOFR +	4.75%	8.44%	12/19/2025	12/19/2032	128,931		127,693		127,641		0.28
SIQ Holdings III Corp.	(4)(5)(7)(10)	SOFR +	4.75%	8.43%	12/19/2025	12/19/2030	1,953		1,678		1,666		0.00
SIQ Holdings III Corp.	(4)(5)(7)(10)	P +	3.75%	10.50%	12/19/2025	12/19/2032	25,786		25,387		25,212		0.06
TEI Intermediate, LLC	(4)(10)	SOFR +	5.25%	8.85% (incl. 2.88% PIK)	12/13/2024	12/15/2031	148,426		147,235		148,426		0.33
TEI Intermediate, LLC	(4)(5)(7)(10)	SOFR +	4.75%	8.42%	12/13/2024	12/15/2031	37,328		36,834		37,328		0.08
Vaco Holdings, Inc.	(10)	SOFR +	5.00%	8.85%	1/21/2022	1/22/2029	8,825		8,807		5,789		0.01
Veregy Consolidated, Inc.	(4)(7)(10)	SOFR +	4.25%	7.92%	4/16/2025	4/16/2031	140,275		139,164		140,051		0.31
Water Holdings Acquisition, LLC	(4)(10)	SOFR +	5.25%	8.92%	7/31/2024	7/31/2031	194,203		192,754		194,203		0.43
Water Holdings Acquisition, LLC	(4)(5)(7)(10)	SOFR +	5.25%	8.92%	7/31/2024	7/31/2031	24,463		24,410		24,463		0.05
									6,287,850		6,294,194		13.92
Construction & Engineering
Amentum Holdings, Inc.	(6)(8)	SOFR +	2.00%	5.67%	4/4/2025	9/29/2031	7,190		7,006		7,200		0.02
Ampirical Solutions, LLC	(4)(7)(10)	SOFR +	4.25%	7.95%	9/30/2025	9/30/2032	29,328		28,851		28,844		0.06
Azuria Water Solutions, Inc.	(10)	SOFR +	3.00%	6.67%	1/27/2025	5/17/2028	34,042		34,042		33,800		0.08
Brookfield WEC Holdings, Inc.	(8)	SOFR +	2.00%	5.67%	1/25/2024	1/27/2031	6,414		6,378		6,410		0.01
Consor Intermediate II, LLC	(4)(7)(10)	SOFR +	4.50%	8.20%	5/10/2024	5/10/2031	69,152		68,553		69,104		0.15
GFT Infrastructure, Inc.	(4)(10)	SOFR +	4.25%	7.90%	8/5/2024	8/5/2030	372,864		368,860		371,000		0.82
GFT Infrastructure, Inc.	(4)(5)(7)(10)	SOFR +	4.25%	7.97%	8/5/2024	8/5/2030	14,930		14,524		14,743		0.03
Green Infrastructure Partners US, LLC	(6)(8)	SOFR +	2.75%	6.45%	1/12/2026	9/24/2032	5,000		5,026		5,000		0.01

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	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 (continued)
Home Service TopCo IV, Inc.	(4)(7)(11)	SOFR +	4.50%	8.10%	6/9/2023	12/31/2027	$	206,309	$	204,530	$	206,096	0.46	%
Home Service TopCo IV, Inc.	(4)(5)(11)	SOFR +	4.50%	8.10%	2/28/2025	12/31/2027	16,149		16,064		16,149		0.04
Home Service TopCo IV, Inc.	(4)(11)	SOFR +	4.50%	8.13%	11/19/2025	12/31/2027	38,470		38,296		38,277		0.08
Home Service TopCo IV, Inc.	(4)(5)(11)	SOFR +	4.50%	8.17%	2/6/2026	12/31/2027	17,045		17,005		17,045		0.04
OEI, Inc.	(4)(7)(9)	SOFR +	4.50%	8.20%	12/29/2025	12/29/2032	43,389		42,948		42,931		0.10
Pave America Holding, LLC	(4)(10)	SOFR +	5.25%	8.95% (incl. 2.88% PIK)	8/29/2025	8/27/2032	78,681		77,972		78,681		0.17
Pave America Holding, LLC	(4)(5)(7)(10)	SOFR +	4.75%	8.45%	8/29/2025	8/27/2032	7,166		6,954		7,166		0.02
Pave America Holding, LLC	(4)(5)(7)(10)	SOFR +	5.25%	8.90% (incl. 2.88% PIK)	8/29/2025	8/27/2032	7,996		7,863		7,996		0.02
Peak Utility Services Group, Inc.	(4)(11)	SOFR +	4.50%	8.32%	3/2/2021	3/2/2028	15,170		15,129		15,095		0.03
Peak Utility Services Group, Inc.	(4)(5)(11)	SOFR +	4.50%	8.32%	3/2/2021	3/2/2028	2,023		2,019		2,013		0.00
Pike Electric Corp.	(4)(7)(10)	SOFR +	4.50%	8.18%	12/19/2025	12/19/2032	275,960		274,300		274,230		0.61
Saber Power Services, LLC	(4)(7)(10)	SOFR +	5.00%	8.80%	10/21/2025	10/21/2031	289,275		288,873		289,275		0.64
SAFEbuilt, LLC	(4)(7)(10)	SOFR +	5.00%	8.67%	1/8/2026	1/8/2032	129,045		128,216		127,567		0.28
Tecta America Corp.	(8)	SOFR +	2.75%	6.42%	1/14/2026	2/18/2032	2,992		3,017		2,985		0.01
Thermostat Purchaser III, Inc.	(7)(10)	SOFR +	4.25%	7.95%	6/20/2024	8/31/2028	9,825		9,760		9,227		0.02
									1,666,186		1,670,834		3.70
Construction Materials
Quikrete Holdings, Inc.	(8)	SOFR +	2.25%	5.92%	2/18/2025	2/10/2032	14,762		14,678		14,753		0.03
Tamko Building Products, LLC	(8)	SOFR +	2.75%	6.42%	10/23/2024	9/20/2030	2,948		2,948		2,940		0.01
									17,626		17,693		0.04
Consumer Staples Distribution & Retail
Crumbl Enterprises, LLC	(4)(7)(10)	SOFR +	4.50%	8.20%	4/30/2025	5/5/2032	85,364		84,562		84,442		0.19

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	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
Ascend Buyer, LLC	(4)(10)	SOFR +	5.25%	8.95%	10/18/2022	9/30/2028	$	11,155	$	11,014	$	11,155	0.02	%
Ascend Buyer, LLC	(4)(5)(10)	SOFR +	5.25%	8.95%	3/20/2025	9/30/2028	1,357		1,347		1,357		0.00
Ascend Buyer, LLC	(4)(5)(7)(10)	SOFR +	5.25%	8.95%	9/30/2021	9/30/2028	1,212		1,150		1,212		0.00
Berlin Packaging, LLC	(8)	SOFR +	3.25%	6.91%	7/25/2025	6/7/2031	18,673		18,699		18,045		0.04
Clydesdale Acquisition Holdings, Inc.	(9)	SOFR +	3.18%	6.84%	4/13/2022	4/13/2029	8,213		8,113		7,855		0.02
Clydesdale Acquisition Holdings, Inc.	(9)	SOFR +	3.25%	6.92%	4/1/2025	4/1/2032	9,766		9,679		9,147		0.02
ProAmpac PG Borrower, LLC	(8)	SOFR +	4.00%	7.78%	3/6/2026	3/7/2033	9,995		9,913		9,677		0.02
Ring Container Technologies Group, LLC	(9)	SOFR +	2.50%	6.17%	10/30/2025	9/15/2032	3,483		3,492		3,455		0.01
TricorBraun Holdings, Inc.	(9)	SOFR +	3.25%	6.92%	3/3/2021	3/3/2031	11,904		11,798		11,345		0.03
Trident TPI Holdings, Inc.	(9)	SOFR +	3.75%	7.45%	10/18/2024	9/15/2028	7,664		7,664		7,277		0.02
									82,869		80,525		0.18
Distributors
BP Purchaser, LLC	(4)(5)(10)	SOFR +	7.50%	11.44% (incl. 1.00% PIK)	12/10/2021	12/11/2028	8,131		8,072		6,240		0.01
Genuine Cable Group, LLC	(4)(10)	SOFR +	5.25%	9.02%	11/1/2021	5/3/2027	29,271		29,132		29,052		0.06
Marcone Yellowstone Buyer, Inc.	(4)(10)	SOFR +	7.25%	11.06% (incl. 3.25% PIK)	11/1/2022	6/23/2028	16,183		15,998		14,565		0.03
Marcone Yellowstone Buyer, Inc.	(4)(10)	SOFR +	7.00%	10.81% (incl. 3.25% PIK)	12/31/2021	6/23/2028	27,282		27,116		24,418		0.05
NDC Acquisition Corp.	(4)(11)	SOFR +	5.00%	8.67%	3/9/2021	3/9/2028	21,375		21,264		21,375		0.05
NDC Acquisition Corp.	(4)(5)(7)(11)	SOFR +	5.00%	8.67%	3/9/2021	3/9/2028	1,370		1,344		1,370		0.00
PT Intermediate Holdings III, LLC	(4)(7)(10)	SOFR +	4.75%	8.45%	4/9/2024	4/9/2030	175,744		175,429		175,744		0.39
S&S Holdings, LLC	(9)	SOFR +	5.00%	8.78%	3/11/2021	3/11/2028	5,906		5,913		5,603		0.01
S&S Holdings, LLC	(9)	SOFR +	5.00%	8.68%	4/3/2025	10/1/2031	3,920		3,776		3,705		0.01
									288,044		282,072		0.61
Diversified Consumer Services
American Restoration Holdings, LLC	(4)(11)	SOFR +	5.00%	8.80%	7/19/2024	7/24/2030	27,129		26,739		26,857		0.06
American Restoration Holdings, LLC	(4)(5)(11)	SOFR +	5.00%	8.80%	7/19/2024	7/24/2030	8,095		7,979		8,014		0.02
American Restoration Holdings, LLC	(4)(5)(11)	SOFR +	5.00%	8.81%	7/19/2024	7/24/2030	10,410		10,275		10,306		0.02
American Restoration Holdings, LLC	(4)(5)(11)	SOFR +	5.00%	8.80%	7/19/2024	7/24/2030	20,925		20,624		20,716		0.05
American Restoration Holdings, LLC	(4)(5)(7)(11)	SOFR +	5.00%	8.80%	2/19/2025	7/24/2030	22,679		22,394		22,188		0.05
American Restoration Holdings, LLC	(4)(11)	SOFR +	5.00%	8.80%	10/15/2025	7/24/2030	3,504		3,472		3,469		0.01

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	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)
Ascend Learning, LLC	(9)	SOFR +	3.00%	6.67%	10/15/2025	12/11/2028	$	7,477	$	7,479	$	7,317	0.02	%
Barbri Holdings, Inc.	(4)(10)	SOFR +	4.75%	8.44%	12/20/2024	4/30/2030	173,202		172,024		171,903		0.38
Cambium Learning Group, Inc.	(4)(7)(10)	SOFR +	5.50%	9.27%	7/20/2021	7/20/2028	926,875		923,827		899,069		2.00
Cengage Learning, Inc.	(6)(11)	SOFR +	3.00%	6.67%	1/22/2026	3/24/2031	10,406		10,374		10,215		0.02
Charger Debt Merger Sub, LLC	(4)(10)	SOFR +	5.00%	8.70%	5/31/2024	5/31/2031	54,182		53,782		53,911		0.12
Charger Debt Merger Sub, LLC	(4)(5)(7)(10)	SOFR +	5.00%	8.67%	5/31/2024	5/31/2031	27,434		27,158		27,209		0.06
Charger Debt Merger Sub, LLC	(4)(5)(7)(10)	P +	4.00%	10.75%	5/31/2024	5/31/2030	1,700		1,651		1,665		0.00
DTA Intermediate II, Ltd.	(4)(11)	SOFR +	5.50%	9.20%	3/27/2024	3/27/2030	51,066		50,387		51,066		0.11
DTA Intermediate II, Ltd.	(4)(7)(11)	SOFR +	5.50%	9.15%	3/27/2024	3/27/2030	12,893		12,577		12,893		0.03
DTA Intermediate II, Ltd.	(4)(5)(11)	S +	5.50%	9.23%	9/18/2025	3/27/2030	GBP	20,641	27,471		27,320		0.06
Element Materials Technology Group US Holdings, Inc.	(6)(9)	SOFR +	3.50%	7.20%	6/24/2022	7/6/2029	7,291		7,253		7,323		0.02
Endeavor Schools Holdings, LLC	(4)(11)	SOFR +	6.25%	9.92%	7/18/2023	7/18/2029	46,347		45,710		42,639		0.09
Endeavor Schools Holdings, LLC	(4)(5)(7)(11)	SOFR +	6.25%	9.92%	7/18/2023	7/18/2029	8,531		8,432		7,848		0.02
Essential Services Holding Corp.	(4)(10)	SOFR +	5.50%	9.17% (incl. 2.75% PIK)	6/17/2024	6/17/2031	69,595		69,077		68,029		0.15
Essential Services Holding Corp.	(4)(5)(7)(10)	SOFR +	5.00%	8.67%	6/17/2024	6/17/2030	3,622		3,505		3,346		0.01
GBT US III, LLC	(6)(8)	SOFR +	2.00%	5.67%	1/21/2026	7/25/2031	3,950		3,950		3,877		0.01
Go Car Wash Management Corp.	(4)(11)	SOFR +	5.75%	9.52%	10/12/2021	6/30/2028	87,945		87,543		85,746		0.19
Imagine Learning, LLC	(9)	SOFR +	3.50%	7.17%	2/1/2024	12/21/2029	60,904		60,711		56,641		0.13
Mckissock Investment Holdings, LLC	(10)	SOFR +	5.00%	8.82%	3/10/2022	3/12/2029	9,621		9,580		8,408		0.02
Mckissock Investment Holdings, LLC	(10)	SOFR +	5.00%	8.67%	11/20/2023	3/12/2029	21,355		21,057		18,663		0.04
Metrodora S.L.	(4)(5)(6)(8)	E +	4.25%	6.39%	8/7/2025	7/15/2032	EUR	1,367	1,579		1,565		0.00
Metrodora S.L.	(4)(5)(6)(8)	E +	4.25%	6.39%	8/7/2025	7/15/2032	EUR	558	645		639		0.00
Pre-Paid Legal Services, Inc.	(9)	SOFR +	3.25%	6.92%	12/15/2021	12/15/2028	15,547		15,501		13,537		0.03
Scientian 2 Spain, S.L.	(4)(5)(6)(8)	E +	4.25%	6.39%	8/7/2025	7/15/2032	EUR	1,599	1,847		1,830		0.00
Scientian France, SAS	(4)(5)(6)(8)	E +	4.25%	6.39%	8/7/2025	7/15/2032	EUR	3,525	4,071		4,034		0.01

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	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)
Seahawk Bidco, LLC	(4)(7)(11)	SOFR +	4.75%	8.44%	12/19/2024	12/19/2031	$	295,759	$	293,527	$	293,942	0.65	%
Seahawk Bidco, LLC	(4)(5)(7)(11)	SOFR +	4.75%	8.45%	12/19/2024	12/19/2030	3,916		3,755		3,804		0.01
Spring Education Group, Inc.	(8)	SOFR +	3.25%	6.95%	9/29/2023	10/4/2030	13,475		13,366		13,388		0.03
Sunshine Cadence Holdco, LLC	(4)(10)	SOFR +	5.00%	8.65%	5/1/2024	5/1/2031	197,000		195,569		195,030		0.43
Sunshine Cadence Holdco, LLC	(4)(7)(10)	SOFR +	5.00%	8.65%	5/1/2024	5/1/2031	51,666		51,072		50,829		0.11
University Support Services, LLC	(9)	SOFR +	2.75%	6.42%	2/10/2022	2/10/2029	8,973		8,932		8,819		0.02
									2,284,895		2,244,055		4.98
Diversified REITs
Iron Mountain Information Management, LLC	(8)	SOFR +	2.00%	5.67%	12/28/2023	1/31/2031	7,376		7,397		7,346		0.02
Diversified Telecommunication Services
Radiate Holdco, LLC	(10)	SOFR +	5.00%	8.78% (incl. 1.50% PIK)	6/30/2025	9/25/2029	15,658		15,660		13,981		0.03
Zacapa, LLC	(6)(9)	SOFR +	3.75%	7.45%	10/29/2024	3/22/2029	10,309		10,309		10,295		0.02
									25,969		24,276		0.05
Electric Utilities
Cogentrix Finance Holdco I, LLC	(8)	SOFR +	2.25%	5.92%	8/7/2025	2/26/2032	2,083		2,089		2,087		0.00
Grid Alliance Partners, LLC	(4)(7)(10)	SOFR +	4.75%	8.45%	7/1/2025	7/1/2032	98,963		98,063		98,193		0.22
Grid Alliance Partners, LLC	(4)(5)(7)(10)	SOFR +	4.75%	8.42%	7/1/2025	7/1/2030	1,213		1,084		1,099		0.00
Qualus Power Services Corp.	(4)(11)	SOFR +	4.25%	7.92%	3/26/2021	3/27/2028	60,248		59,958		60,248		0.13
Qualus Power Services Corp.	(4)(11)	SOFR +	4.25%	7.92%	7/27/2023	3/27/2028	53,307		52,919		53,307		0.12
Qualus Power Services Corp.	(4)(11)	SOFR +	4.25%	7.92%	5/9/2024	3/27/2028	86,100		85,206		86,100		0.19
Qualus Power Services Corp.	(4)(5)(11)	SOFR +	4.25%	7.92%	10/10/2025	3/27/2028	27,423		27,296		27,423		0.06
Qualus Power Services Corp.	(4)(5)(7)(11)	SOFR +	4.25%	7.92%	10/10/2025	3/27/2028	16,289		16,059		16,139		0.04
									342,674		344,596		0.76

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	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%	8.42%	8/17/2021	8/17/2031	$	252,581	$	251,238	$	252,564	0.56	%
Griffon Bidco, Inc.	(4)(7)(10)	SOFR +	5.00%	8.70%	7/31/2025	7/31/2031	119,706		118,351		119,379		0.27
IEM New Sub 2, LLC	(4)(7)(9)	SOFR +	4.75%	8.37%	12/3/2025	12/3/2031	644,873		638,990		640,921		1.42
Madison IAQ, LLC	(9)	SOFR +	2.50%	6.13%	6/21/2021	6/21/2028	23,227		23,158		23,249		0.05
									1,031,737		1,036,113		2.30
Electronic Equipment, Instruments & Components
Albireo Energy, LLC	(4)(11)	SOFR +	5.75%	9.51%	2/5/2026	12/23/2029	24,669		24,604		24,669		0.05
Albireo Energy, LLC	(4)(5)(7)(11)	SOFR +	5.75%	9.51%	2/5/2026	12/23/2029	9,305		9,212		9,224		0.02
Duro Dyne National Corp.	(4)(7)(10)	SOFR +	4.50%	8.20%	11/15/2024	11/17/2031	160,173		158,469		160,000		0.36
Dwyer Instruments, LLC	(4)(10)	SOFR +	4.75%	8.45%	11/15/2024	7/20/2029	46,097		45,770		46,097		0.10
Dwyer Instruments, LLC	(4)(5)(7)(10)	SOFR +	4.75%	8.45%	11/15/2024	7/30/2029	3,235		3,184		3,235		0.01
Dwyer Instruments, LLC	(4)(5)(10)	SOFR +	4.75%	8.45%	11/15/2024	7/30/2029	6,032		5,989		6,032		0.01
Electro Switch Business Trust, LLC	(4)(7)(10)	SOFR +	4.75%	8.45%	9/2/2025	9/2/2032	169,440		168,059		167,512		0.37
Guardian Bidco, Inc.	(4)(5)(7)(8)	SOFR +	5.50%	9.12%	9/2/2025	8/30/2032	28,965		28,682		28,637		0.06
Infinite Bidco, LLC	(9)	SOFR +	3.75%	7.68%	3/2/2021	3/2/2028	7,935		7,919		7,555		0.02
Modena Buyer, LLC	(8)	SOFR +	4.25%	7.92%	7/1/2024	7/1/2031	25,003		24,624		22,527		0.05
Phoenix 1 Buyer Corp.	(4)(7)(10)	SOFR +	4.75%	8.42%	11/20/2023	11/20/2030	42,369		42,036		42,369		0.09
Spectrum Safety Solutions Purchaser, LLC	(4)(5)(6)(9)	E +	4.50%	6.68%	7/1/2024	7/1/2030	EUR	7,779	8,340		8,992		0.02
Spectrum Safety Solutions Purchaser, LLC	(4)(6)(9)	E +	4.50%	6.63%	7/1/2024	7/1/2031	EUR	63,476	67,411		73,369		0.16
Spectrum Safety Solutions Purchaser, LLC	(4)(6)(7)(9)	SOFR +	4.50%	8.20%	7/1/2024	7/1/2031	297,343		293,294		297,343		0.66
									887,593		897,561		1.98

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	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
LPW Group Holdings, Inc.	(4)(7)(11)	SOFR +	6.00%	9.77%	3/15/2024	3/15/2031	$	32,258	$	31,579	$	32,258	0.07	%
Entertainment
EOC Borrower, LLC	(8)	SOFR +	2.75%	6.42%	2/3/2026	3/24/2032	3,990		3,985		3,986		0.01
OEG Borrower, LLC	(8)	SOFR +	3.50%	7.19%	4/22/2025	6/30/2031	8,088		7,989		8,132		0.02
Renaissance Holdings Corp.	(9)	SOFR +	4.00%	7.67%	12/6/2024	4/5/2030	966		966		695		0.00
									12,940		12,813		0.03
Financial Services
Atlas Securitized Products Funding 2, LP	(4)(5)(6)(8)	SOFR +	1.50%	5.42%	3/28/2024	5/25/2063	150,000		146,340		149,925		0.33
Carr Riggs & Ingram Capital, LLC	(4)(9)	SOFR +	4.25%	7.95%	11/18/2024	11/18/2031	42,953		42,607		42,953		0.10
Carr Riggs & Ingram Capital, LLC	(4)(5)(7)(9)	SOFR +	4.25%	7.92%	11/18/2024	11/18/2031	14,153		13,968		14,153		0.03
Citrin Cooperman Advisors, LLC	(8)	SOFR +	3.00%	6.70%	8/22/2025	4/1/2032	4,478		4,485		4,315		0.01
DM Intermediate Parent, LLC	(4)(10)	SOFR +	4.75%	8.42%	9/30/2024	9/30/2030	103,526		102,361		103,526		0.23
DM Intermediate Parent, LLC	(4)(5)(7)(10)	SOFR +	4.75%	8.42%	9/30/2024	9/30/2030	45,345		45,174		45,345		0.10
DM Intermediate Parent, LLC	(4)(5)(7)(10)	SOFR +	4.75%	8.42%	9/30/2024	9/30/2030	2,477		2,129		2,477		0.01
DM Intermediate Parent, LLC	(4)(5)(7)(10)	SOFR +	5.00%	8.67%	12/19/2025	9/30/2030	31,631		31,116		31,631		0.07
Harp Finco, Ltd.	(4)(6)(8)	S +	5.00%	8.73%	3/27/2025	3/27/2032	GBP	84,561	107,641		111,925		0.25
Mitchell International, Inc.	(9)	SOFR +	3.00%	6.67%	1/22/2026	6/17/2031	41,861		41,705		40,058		0.09
More Cowbell II, LLC	(4)(7)(10)	SOFR +	4.50%	7.99%	9/3/2025	9/1/2030	92,865		92,563		92,837		0.21
Nexus Buyer, LLC	(8)	SOFR +	3.50%	7.17%	11/4/2025	7/31/2031	4,381		4,367		4,224		0.01
PKF O'Connor Davies Advisory, LLC	(4)(7)(10)	SOFR +	4.50%	8.17%	11/15/2024	11/18/2031	94,833		93,982		94,833		0.21
Oak Funding, LLC	(4)(7)(9)	SOFR +	4.50%	8.17%	12/2/2025	12/2/2032	141,180		139,769		139,699		0.31
Planet US Buyer, LLC	(6)(8)	SOFR +	3.00%	6.67%	3/5/2026	2/7/2031	3,990		4,000		3,996		0.01
Solera, LLC	(9)(18)	SOFR +	3.75%	7.68%	6/4/2021	6/2/2028	1,765		1,762		1,558		0.00
									873,969		883,455		1.97
Food Products
Dreyers Grand Ice Cream, Inc.	(6)(8)	SOFR +	2.25%	5.88%	4/4/2025	9/30/2031	3,956		3,892		3,883		0.01
Froneri US, Inc.	(6)(8)	SOFR +	2.25%	5.88%	8/22/2025	9/30/2032	2,992		2,992		2,940		0.01
									6,884		6,823		0.02
Ground Transportation
Channelside AcquisitionCo, Inc.	(4)(7)(10)	SOFR +	4.75%	8.42%	5/15/2024	6/30/2028	154,483		154,132		151,885		0.34

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	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.	(5)(9)(17)	SOFR +	5.75%	9.60%	6/13/2022	6/13/2029	$	24,492	$	21,657	$	15,727	0.03	%
Bamboo US BidCo, LLC	(4)(7)(11)	SOFR +	5.00%	8.67%	9/29/2023	9/30/2030	48,446		47,671		47,961		0.11
Bamboo US BidCo, LLC	(4)(11)	E +	5.00%	7.03%	9/29/2023	9/30/2030	EUR	74,942	78,383		85,755		0.19
Bamboo US BidCo, LLC	(4)(5)(11)	SOFR +	5.00%	8.67%	11/20/2024	9/30/2030	5,459		5,366		5,404		0.01
Bamboo US BidCo, LLC	(4)(5)(11)	SOFR +	5.00%	8.67%	11/20/2024	9/30/2030	12,824		12,775		12,696		0.03
CSHC Buyerco, LLC	(4)(5)(11)	SOFR +	4.75%	8.52%	7/30/2025	9/8/2026	1,687		1,681		1,683		0.00
Ergotron Acquisition, LLC	(4)(10)	SOFR +	5.25%	8.92%	7/6/2022	7/6/2028	61,836		61,383		61,682		0.14
GCX Corporation Buyer, LLC	(4)(10)	SOFR +	5.50%	9.35%	9/13/2021	9/13/2027	189,090		188,170		185,308		0.41
GCX Corporation Buyer, LLC	(4)(10)	SOFR +	5.50%	9.32%	9/13/2021	9/13/2027	47,891		47,683		46,933		0.10
Natus Medical, Inc.	(4)(9)	SOFR +	5.25%	9.10%	7/21/2022	7/20/2029	29,210		28,235		29,210		0.06
Natus Medical, Inc.	(4)(5)(7)(9)	SOFR +	4.25%	8.03%	7/21/2022	7/21/2027	1,000		963		943		0.00
WS Audiology A/S	(6)(8)	SOFR +	3.25%	6.95%	2/13/2026	2/28/2029	11,723		11,723		11,738		0.03
Zeus, LLC	(4)(10)	SOFR +	5.50%	9.20%	2/28/2024	2/28/2031	48,989		48,482		45,927		0.10
Zeus, LLC	(4)(5)(10)	SOFR +	5.50%	9.20%	2/28/2024	2/28/2031	4,529		4,493		4,246		0.01
Zeus, LLC	(4)(5)(7)(10)	SOFR +	5.50%	9.21%	2/28/2024	2/28/2030	914		847		485		0.00
									559,512		555,698		1.22
Health Care Providers & Services
123Dentist, Inc.	(4)(6)(10)	CA +	5.00%	7.28%	8/10/2022	8/10/2029	CAD	257,763	198,878		185,294		0.41
123Dentist, Inc.	(4)(5)(6)(10)	CA +	5.00%	7.28%	8/9/2024	8/10/2029	CAD	34,595	25,074		24,869		0.06
ACI Group Holdings, Inc.	(4)(5)(7)(10)(17)	SOFR +	5.50%	9.21%	8/2/2021	8/2/2027	21,267		21,171		14,769		0.03
ACI Group Holdings, Inc.	(4)(10)(17)	SOFR +	6.00%	9.80% (incl. 3.25% PIK)	7/7/2023	8/2/2028	138,413		136,982		96,543		0.21
ADCS Clinics Intermediate Holdings, LLC	(4)(11)	SOFR +	6.25%	10.05%	5/7/2021	5/7/2027	10,273		10,235		9,246		0.02
ADCS Clinics Intermediate Holdings, LLC	(4)(11)	SOFR +	6.25%	9.95%	5/7/2021	5/7/2027	8,449		8,422		7,604		0.02
ADCS Clinics Intermediate Holdings, LLC	(4)(5)(7)(11)	SOFR +	6.25%	9.96%	5/7/2021	5/7/2026	1,561		1,559		1,170		0.00
ADCS Clinics Intermediate Holdings, LLC	(4)(5)(11)	SOFR +	6.25%	10.05%	4/14/2022	5/7/2027	247		246		222		0.00

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	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)(10)	SOFR +	5.50%	9.35%	2/25/2022	2/25/2028	$	20,731	$	20,473	$	19,332	0.04	%
Aryeh Bidco Investment, Ltd.	(4)(6)(10)	CA +	5.00%	7.31%	1/14/2026	1/14/2033	CAD	42,679	30,441		30,374		0.07
Aryeh Bidco Investment, Ltd.	(4)(5)(6)(7)(10)	CA +	5.00%	7.27%	1/14/2026	1/14/2033	CAD	1,135	757		743		0.00
Biotouch Global Solutions, Inc.	(4)(7)(11)	SOFR +	5.50%	9.17%	8/27/2025	8/27/2032	129,552		127,569		127,388		0.28
Biotouch Global Solutions, Inc.	(4)(5)(7)(11)	SOFR +	5.50%	9.16%	8/27/2025	8/27/2032	4,130		4,009		3,998		0.01
Canadian Hospital Specialties, Ltd.	(4)(6)(11)	CA +	4.50%	7.12%	4/15/2021	4/14/2028	CAD	14,482	11,518		10,411		0.02
Canadian Hospital Specialties, Ltd.	(4)(6)(7)(10)	CA +	4.50%	7.12%	4/15/2021	4/15/2027	CAD	2,700	1,724		1,941		0.00
Caramel Bidco, Limited	(4)(6)(8)	S +	6.00%	9.97%	2/11/2022	2/24/2029	GBP	60,000	79,240		66,114		0.15
Caramel Bidco, Limited	(4)(5)(6)(8)	S +	6.00%	9.73%	2/24/2022	2/24/2029	GBP	2,265	3,024		2,496		0.01
Caramel Bidco, Limited	(4)(6)(8)	E +	6.00%	8.12%	2/24/2022	2/24/2029	EUR	14,000	15,605		13,471		0.03
Caramel Bidco, Limited	(4)(6)(8)	SOFR +	6.00%	9.91%	2/24/2022	2/24/2029	6,125		6,294		5,114		0.01
CCBlue Bidco, Inc.	(4)(5)(10)	SOFR +	6.50%	10.30% (incl. 4.00% PIK)	12/21/2021	12/21/2028	601,588		597,912		493,302		1.10
CHG Healthcare Services, Inc.	(9)	SOFR +	2.75%	6.42%	3/5/2026	9/29/2028	3,990		4,000		3,998		0.01
CNT Holdings I Corp.	(10)	SOFR +	2.50%	6.17%	4/3/2025	11/8/2032	5,445		5,385		5,449		0.01
Commander Buyer, Inc.	(4)(7)(10)	SOFR +	4.50%	8.17%	6/26/2025	6/26/2032	161,029		159,006		160,514		0.36
Compsych Investments Corp.	(4)(7)(10)	SOFR +	4.75%	8.42%	7/22/2024	7/22/2031	69,784		69,481		68,874		0.15
CSC Mkg Topco, LLC	(4)(10)	SOFR +	5.50%	9.27%	2/1/2022	2/1/2029	158,359		157,074		158,359		0.35
CSC Mkg Topco, LLC	(4)(10)	SOFR +	5.50%	9.28%	8/1/2022	2/1/2029	21,194		20,893		21,194		0.05
DCA Investment Holdings, LLC	(4)(5)(10)(17)	SOFR +	6.41%	12.10%	3/12/2021	4/3/2028	12,855		12,803		10,605		0.02
DCA Investment Holdings, LLC	(4)(5)(10)(17)	SOFR +	6.50%	10.17%	12/28/2022	4/3/2028	9,795		9,664		8,081		0.02
DCA Investment Holdings, LLC	(4)(10)(17)	SOFR +	6.41%	12.10%	2/25/2022	4/3/2028	12,021		11,999		9,917		0.02
Ensemble RCM, LLC	(8)	SOFR +	3.00%	6.66%	2/9/2026	2/9/2033	4,000		3,980		3,962		0.01
Global Medical Response, Inc.	(8)	SOFR +	3.50%	7.17%	10/14/2025	10/1/2032	4,489		4,486		4,480		0.01
Heartland Dental, LLC	(8)	SOFR +	3.75%	7.42%	8/7/2025	8/25/2032	5,881		5,885		5,876		0.01
Imagine 360, LLC	(4)(7)(10)	SOFR +	4.75%	8.45%	9/18/2024	9/30/2028	96,054		95,362		95,900		0.21
Inception Fertility Ventures, LLC	(4)(7)(10)	SOFR +	5.50%	9.17%	4/29/2024	4/29/2030	281,680		281,314		278,978		0.62
Jayhawk Buyer, LLC	(4)(11)	SOFR +	5.25%	9.02%	5/26/2021	4/15/2028	223,779		222,493		218,185		0.48
Kwol Acquisition, Inc.	(4)(7)(10)	SOFR +	5.00%	8.70%	12/8/2023	12/6/2029	10,272		10,120		10,272		0.02
Kwol Acquisition, Inc.	(4)(5)(10)	SOFR +	5.00%	8.70%	2/17/2026	12/12/2029	3,586		3,560		3,586		0.01

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	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)
MB2 Dental Solutions, LLC	(4)(10)	SOFR +	5.50%	9.17%	2/13/2024	2/13/2031	$	37,081	$	36,821	$	37,081	0.08	%
MB2 Dental Solutions, LLC	(4)(5)(10)	SOFR +	5.50%	9.17%	2/13/2024	2/13/2031	7,818		7,818		7,818		0.02
MB2 Dental Solutions, LLC	(4)(5)(10)	SOFR +	5.50%	9.17%	2/13/2024	2/13/2031	5,485		5,453		5,485		0.01
MB2 Dental Solutions, LLC	(4)(5)(7)(10)	SOFR +	5.50%	9.17%	2/13/2024	2/13/2031	90		74		90		0.00
MED ParentCo, LP	(8)	SOFR +	3.00%	6.67%	2/3/2026	4/15/2031	5,985		5,990		5,990		0.01
Navigator Acquiror, Inc.	(4)(7)(9)	SOFR +	5.50%	9.27% (incl. 4.00% PIK)	7/16/2021	7/16/2030	543,665		542,370		433,337		0.96
Onex TSG Intermediate Corp.	(6)(8)	SOFR +	3.25%	6.95%	2/9/2026	8/6/2032	4,500		4,480		4,530		0.01
ONS MSO, LLC	(4)(5)(11)	SOFR +	5.75%	9.42%	12/13/2023	7/8/2028	68,414		68,403		66,020		0.15
ONS MSO, LLC	(4)(5)(7)(11)	SOFR +	6.25%	9.90%	12/13/2023	7/8/2028	5,917		5,865		5,689		0.01
ONS MSO, LLC	(4)(11)	SOFR +	5.75%	9.42%	4/26/2024	7/8/2028	9,825		9,774		9,481		0.02
Outcomes Group Holdings, Inc.	(8)	SOFR +	3.00%	6.67%	3/5/2026	5/6/2031	4,093		4,103		4,099		0.01
Pacific Dental Services, Inc.	(8)	SOFR +	2.50%	6.18%	4/3/2025	3/15/2031	4,901		4,865		4,910		0.01
Plasma Buyer, LLC	(4)(10)(17)	SOFR +	5.75%	9.45% PIK	5/12/2022	5/12/2029	95,634		88,367		56,902		0.13
Plasma Buyer, LLC	(4)(5)(10)(17)	SOFR +	6.25%	9.95% PIK	5/12/2022	5/12/2029	3,548		3,333		2,111		0.00
Plasma Buyer, LLC	(4)(5)(7)(10)(17)	SOFR +	5.75%	9.44% PIK	5/12/2022	5/12/2028	15,493		14,347		9,219		0.02
Plasma Buyer, LLC	(4)(5)(7)(10)(17)	SOFR +	5.75%	9.46% PIK	3/24/2026	3/31/2027	2,122		2,122		2,228		0.00
PPV Intermediate Holdings, LLC	(4)(10)	SOFR +	5.75%	9.42%	8/31/2022	8/31/2029	124,705		123,543		124,705		0.28
PPV Intermediate Holdings, LLC	(4)(5)(7)(11)	SOFR +	5.25%	8.92%	9/6/2023	8/31/2029	12,589		12,452		12,393		0.03
PPV Intermediate Holdings, LLC	(4)(5)(7)(11)	SOFR +	5.75%	9.41%	8/31/2022	8/31/2029	3,716		3,620		3,716		0.01
PSKW Intermediate, LLC	(4)(11)	SOFR +	5.50%	9.27%	12/11/2024	3/9/2028	11,920		11,920		11,830		0.03
Raven Acquisition Holdings, LLC	(6)(7)(8)	SOFR +	3.00%	6.67%	4/10/2025	11/19/2031	2,772		2,707		2,719		0.01
Smile Doctors, LLC	(4)(10)	SOFR +	5.90%	9.63%	6/9/2023	12/23/2028	511,534		507,420		496,188		1.10
Smile Doctors, LLC	(4)(7)(10)	SOFR +	5.90%	9.63%	6/9/2023	12/23/2028	122,224		119,946		116,739		0.26
Snoopy Bidco, Inc.	(4)(10)	SOFR +	6.50%	10.43% (incl. 5.50% PIK)	6/1/2021	6/1/2028	737,298		733,661		693,060		1.54
Southern Veterinary Partners, LLC	(8)	SOFR +	2.50%	6.18%	7/22/2025	12/4/2031	10,134		10,175		10,060		0.02

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	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)
SpecialtyCare, Inc.	(4)(11)	SOFR +	5.00%	8.66%	8/26/2025	12/18/2029	$	69,332	$	68,618	$	68,639	0.15	%
SpecialtyCare, Inc.	(4)(5)(7)(11)	SOFR +	5.00%	8.67%	8/26/2025	12/18/2029	629		591		545		0.00
Stepping Stones Healthcare Services, LLC	(4)(7)(10)	SOFR +	4.75%	8.45%	1/5/2026	1/5/2033	205,213		202,569		204,486		0.45
The Fertility Partners, Inc.	(4)(6)(7)(10)	CA +	5.75%	8.32%	3/16/2022	3/16/2028	CAD	133,791	103,641		92,052		0.20
The Fertility Partners, Inc.	(4)(6)(10)	SOFR +	5.75%	9.53%	3/16/2022	3/16/2028	44,970		44,615		43,171		0.10
UMP Holdings, LLC	(4)(10)	SOFR +	5.75%	9.42%	7/15/2022	7/15/2028	9,378		9,307		9,097		0.02
UMP Holdings, LLC	(4)(5)(10)	SOFR +	5.75%	9.42%	7/15/2022	7/15/2028	12,866		12,828		12,480		0.03
Unified Women's Healthcare, LP	(4)(9)	SOFR +	5.00%	8.70%	6/16/2022	6/18/2029	867,199		867,199		867,199		1.93
Unified Women's Healthcare, LP	(4)(5)(9)	SOFR +	5.00%	8.70%	3/22/2024	6/18/2029	4,928		4,906		4,928		0.01
Unified Women's Healthcare, LP	(4)(5)(7)(9)	SOFR +	5.00%	8.68%	3/22/2024	6/18/2029	3,965		3,944		3,965		0.01
Unified Women's Healthcare, LP	(4)(7)(9)	SOFR +	5.00%	8.70%	9/22/2025	6/18/2029	40,592		40,264		40,592		0.09
US Oral Surgery Management Holdco, LLC	(4)(10)	SOFR +	5.25%	9.02%	11/18/2021	11/20/2028	153,992		153,206		153,992		0.34
US Oral Surgery Management Holdco, LLC	(4)(10)	SOFR +	5.25%	9.00%	11/18/2021	11/20/2028	64,821		64,523		64,821		0.14
US Oral Surgery Management Holdco, LLC	(4)(5)(10)	SOFR +	5.25%	9.02%	8/16/2023	11/20/2028	6,191		6,137		6,191		0.01
US Oral Surgery Management Holdco, LLC	(4)(5)(10)	SOFR +	5.25%	9.02%	12/5/2022	11/20/2028	107		107		107		0.00
US Oral Surgery Management Holdco, LLC	(4)(5)(7)(10)	SOFR +	5.25%	9.02%	8/16/2023	11/20/2028	23,736		23,392		23,736		0.05
Veonet Lense, GmbH	(6)(8)	S +	4.75%	8.48%	2/26/2025	3/14/2029	GBP	253,448	322,678		288,499		0.64
WHCG Purchaser III, Inc.	(4)(5)(7)(10)	SOFR +	6.50%	10.20% (incl. 5.10% PIK)	8/2/2024	6/30/2029	49,107		49,107		49,107		0.11
WHCG Purchaser III, Inc.	(4)(5)(10)(17)		10.00%	10.00% PIK	8/2/2024	6/30/2030	42,108		14,654		19,369		0.04
									6,700,553		6,262,007		13.87
Health Care Technology
Accuity Delivery Systems, LLC	(4)(7)(9)	SOFR +	4.75%	8.42%	5/29/2025	5/29/2031	166,941		165,964		166,350		0.37
athenahealth, Inc.	(9)	SOFR +	2.75%	6.42%	2/15/2022	2/15/2029	20,238		20,183		19,896		0.04
Brilliance Technologies, Inc.	(4)(7)(9)	SOFR +	5.00%	8.67% (incl. 2.75% PIK)	3/11/2025	3/11/2032	88,658		87,820		87,882		0.20
Brilliance Technologies, Inc.	(4)(5)(9)	SOFR +	5.00%	8.67% (incl. 2.75% PIK)	3/11/2025	3/11/2032	141,853		141,253		141,143		0.31
Brilliance Technologies, Inc.	(4)(9)	SOFR +	5.00%	8.67% (incl. 2.75% PIK)	5/16/2025	3/11/2032	194,887		194,042		193,913		0.43

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	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)
Caerus US 1, Inc.	(4)(6)(10)	SOFR +	5.00%	8.70%	5/25/2022	5/25/2029	$	436,693	$	432,763	$	436,693	0.97	%
Caerus US 1, Inc.	(4)(5)(6)(7)(10)	SOFR +	5.00%	8.67%	5/25/2022	5/25/2029	53,781		53,322		53,781		0.12
Caerus US 1, Inc.	(4)(6)(10)	SOFR +	5.00%	8.70%	10/28/2022	5/25/2029	35,661		35,486		35,661		0.08
Caerus US 1, Inc.	(4)(6)(10)	SOFR +	5.00%	8.70%	10/28/2022	5/25/2029	243,675		242,874		243,675		0.54
Caerus US 1, Inc.	(4)(6)(10)	SOFR +	5.00%	8.70%	3/27/2024	5/25/2029	68,944		68,944		68,944		0.15
Color Intermediate, LLC	(4)(10)	SOFR +	4.75%	8.55%	7/2/2024	10/4/2029	360,570		356,078		360,570		0.80
Continental Buyer, Inc.	(4)(5)(7)(10)	SOFR +	4.50%	8.17%	2/14/2025	4/2/2031	58,164		57,560		58,096		0.13
Continental Buyer, Inc.	(4)(5)(10)	SOFR +	4.50%	8.17%	10/21/2025	4/2/2031	34,476		34,318		34,476		0.08
Cotiviti, Inc.	(8)	SOFR +	2.75%	6.42%	5/1/2024	5/1/2031	17,169		17,106		15,860		0.04
Cronos Crimson Holdings, Inc.	(4)(10)	SOFR +	6.09%	9.89%	3/1/2021	3/1/2028	71,173		70,589		70,462		0.16
Cronos Crimson Holdings, Inc.	(4)(10)	SOFR +	6.09%	9.87%	3/1/2021	3/1/2028	14,758		14,688		14,610		0.03
CT Technologies Intermediate Holdings, Inc.	(4)(7)(10)	SOFR +	5.00%	8.67%	8/30/2024	8/30/2031	161,327		159,812		160,983		0.36
CT Technologies Intermediate Holdings, Inc.	(4)(10)	SOFR +	4.75%	8.42%	8/5/2025	8/30/2031	160,322		158,891		160,322		0.36
CT Technologies Intermediate Holdings, Inc.	(4)(10)	SOFR +	4.75%	8.42%	7/10/2025	8/30/2031	68,679		68,073		68,679		0.15
CT Technologies Intermediate Holdings, Inc.	(4)(5)(7)(10)	SOFR +	4.75%	8.42%	7/10/2025	8/30/2031	30,243		29,932		30,243		0.07
GI Ranger Intermediate, LLC	(4)(7)(10)	SOFR +	6.00%	9.85%	10/29/2021	10/30/2028	105,816		105,103		99,640		0.22
Healthcomp Holding Company, LLC	(4)(10)	SOFR +	5.75%	9.42%	11/8/2023	11/8/2029	187,971		186,910		176,693		0.39
Imprivata, Inc.	(8)	SOFR +	3.00%	6.70%	6/20/2025	12/1/2027	1,982		1,982		1,969		0.00
Kona Buyer, LLC	(4)(7)(10)	SOFR +	4.50%	8.17%	7/23/2024	7/23/2031	212,940		210,645		211,249		0.47
Kona Buyer, LLC	(4)(5)(10)	SOFR +	4.50%	8.16%	7/23/2024	7/23/2031	53,588		53,353		53,320		0.12
Kona Buyer, LLC	(4)(5)(10)	SOFR +	4.50%	8.16%	7/23/2024	7/23/2031	60,173		59,909		59,872		0.13
Kona Buyer, LLC	(4)(5)(10)	SOFR +	4.50%	8.17%	7/23/2024	7/23/2031	16,012		16,221		15,931		0.04
Magic Bidco, Inc.	(4)(5)(7)(10)	SOFR +	5.75%	9.42%	7/1/2024	7/1/2030	7,469		7,322		6,971		0.02
Magic Bidco, Inc.	(4)(10)	SOFR +	5.75%	9.42%	7/1/2024	7/1/2030	57,240		56,345		53,806		0.12
Magic Bidco, Inc.	(4)(5)(7)(10)	SOFR +	5.75%	9.42%	7/1/2024	7/1/2030	2,839		2,807		1,788		0.00
MEDX AMCP Holdings, LLC	(4)(5)(7)(10)	SOFR +	4.50%	8.17%	7/21/2025	7/21/2032	22,377		22,098		22,021		0.05
Modernizing Medicine, Inc.	(4)(5)(7)(10)	SOFR +	4.75%	8.45% (incl. 2.25% PIK)	4/30/2025	4/30/2032	45,921		45,495		45,879		0.10
Neptune Holdings, Inc.	(4)(7)(10)	SOFR +	4.50%	8.20%	12/12/2024	8/31/2030	14,663		14,403		14,613		0.03
Netsmart Technologies, Inc.	(4)(7)(10)	SOFR +	5.20%	8.87% (incl. 2.70% PIK)	8/23/2024	8/23/2031	138,568		137,268		136,823		0.30

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	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%	7.92%	5/19/2025	5/19/2032	$	167,453	$	166,565	$	166,439	0.37	%
Project Ruby Ultimate Parent Corp.	(8)	SOFR +	2.75%	6.53%	7/18/2025	3/10/2028	9,020		9,020		8,990		0.02
QF Holdings, Inc.	(4)(7)(9)	SOFR +	4.50%	8.20%	12/29/2025	12/15/2032	116,279		115,586		115,560		0.26
Rocky MRA Acquisition Corp.	(4)(9)	SOFR +	5.00%	8.75%	4/1/2022	4/2/2029	165,284		164,284		165,284		0.37
Signant Finance One, Ltd.	(4)(7)(10)	SOFR +	4.75%	8.45%	10/16/2025	10/16/2031	412,709		408,089		410,006		0.91
Vizient, Inc.	(9)	SOFR +	1.75%	5.42%	8/1/2024	8/1/2031	4,293		4,318		4,297		0.01
Waystar Technologies, Inc.	(8)	SOFR +	2.00%	5.67%	8/6/2025	10/22/2029	6,322		6,322		6,314		0.01
									4,203,743		4,199,704		9.33
Hotels, Restaurants & Leisure
Alterra Mountain, Co.	(8)	SOFR +	2.50%	6.17%	7/23/2025	8/17/2028	7,276		7,276		7,283		0.02
Bulldog Purchaser, Inc.	(9)	SOFR +	3.25%	6.91%	2/5/2026	2/4/2033	3,500		3,509		3,499		0.01
Caesars Entertainment, Inc.	(6)(9)	SOFR +	2.25%	5.92%	2/6/2023	2/6/2030	5,877		5,889		5,722		0.01
Caesars Entertainment, Inc.	(6)(9)	SOFR +	2.25%	5.92%	6/16/2025	2/6/2031	3,690		3,688		3,594		0.01
Century Casinos, Inc.	(6)(10)	SOFR +	6.00%	9.78%	4/1/2022	4/2/2029	30,722		30,456		21,506		0.05
DK Crown Holdings, Inc.	(6)(8)	SOFR +	1.75%	5.42%	6/16/2025	3/4/2032	1,398		1,397		1,399		0.00
FanDuel Group Financing, LLC	(6)(9)	SOFR +	1.75%	5.45%	4/3/2025	11/30/2030	5,224		5,157		5,180		0.01
Fertitta Entertainment, LLC	(9)	SOFR +	3.25%	6.92%	1/27/2022	1/27/2029	15,000		14,929		14,738		0.03
Flynn Restaurant Group, LP	(8)	SOFR +	3.75%	7.42%	4/3/2025	1/28/2032	7,446		7,371		7,331		0.02
IRB Holding Corp.	(9)	SOFR +	2.50%	6.18%	11/17/2025	12/15/2030	13,716		13,710		13,699		0.03
Life Time, Inc.	(8)	SOFR +	2.00%	5.67%	8/14/2025	11/5/2031	2,331		2,337		2,334		0.01
Light & Wonder International, Inc.	(6)(9)	SOFR +	2.00%	5.67%	1/22/2026	4/16/2029	641		644		642		0.00
Mic Glen, LLC	(9)	SOFR +	3.25%	6.92%	7/29/2025	7/21/2028	12,566		12,566		12,617		0.03
New Red Finance, Inc.	(6)(8)	SOFR +	1.75%	5.42%	6/16/2024	9/20/2030	12,911		12,789		12,898		0.03
Penn Entertainment, Inc.	(6)(9)	SOFR +	2.50%	6.17%	6/16/2025	5/3/2029	3,746		3,749		3,761		0.01
Scientific Games Holdings, LP	(9)	SOFR +	3.00%	6.65%	6/11/2024	4/4/2029	19,481		19,507		19,219		0.04
Tacala Investment Corp.	(10)	SOFR +	3.00%	6.67%	9/16/2025	1/31/2031	2,940		2,948		2,944		0.01
Voyager Parent, LLC	(6)(8)	SOFR +	4.25%	7.95%	7/18/2025	7/1/2032	3,980		3,838		3,958		0.01
Whatabrands, LLC	(9)	SOFR +	2.50%	6.17%	12/11/2024	8/3/2028	12,153		12,114		12,147		0.03
									163,874		154,471		0.36
Household Durables
AI Aqua Merger Sub, Inc.	(9)	SOFR +	2.75%	6.41%	2/4/2026	7/30/2028	22,044		22,044		22,020		0.05
Madison Safety & Flow, LLC	(8)	SOFR +	2.50%	6.18%	9/25/2025	9/26/2031	5,371		5,371		5,380		0.01
									27,415		27,400		0.06

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	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%	7.67%	12/14/2021	12/14/2028	$	6,847	$	6,821	$	6,863	0.02	%
CEP V Investment 11 S.à r.l.	(4)(6)(7)(10)	SA +	6.52%	7.20%	5/6/2022	2/11/2028	CHF	47,449	48,119		56,621		0.13
CEP V Investment 11 S.à r.l.	(4)(6)(10)	E +	6.45%	8.59%	3/31/2023	2/23/2028	EUR	66,051	64,350		73,192		0.16
Engineered Machinery Holdings, Inc.	(8)	SOFR +	3.25%	6.95%	11/26/2025	11/26/2032	7,696		7,696		7,738		0.02
Excelitas Technologies Corp.	(4)(8)	E +	5.25%	7.16%	8/12/2022	8/13/2029	EUR	24,500	24,924		27,965		0.06
Excelitas Technologies Corp.	(4)(7)(10)	SOFR +	5.25%	8.92%	8/12/2022	8/13/2029	33,241		32,834		32,641		0.07
									184,744		205,020		0.46
Insurance
Alera Group, Inc.	(9)	SOFR +	2.75%	6.42%	1/23/2026	5/30/2032	15,737		15,668		15,296		0.03
Alliant Holdings Intermediate, LLC	(8)	SOFR +	2.50%	6.17%	7/31/2025	9/19/2031	6,083		6,036		6,043		0.01
Amerilife Holdings, LLC	(4)(7)(10)	SOFR +	5.00%	8.67%	6/17/2024	8/31/2029	680,370		674,861		676,943		1.50
Amerilife Holdings, LLC	(4)(5)(7)(10)	SOFR +	5.00%	8.67%	6/17/2024	8/31/2028	11,554		11,091		11,105		0.02
AmWINS Group, Inc.	(10)	SOFR +	2.00%	5.67%	1/14/2026	1/30/2032	2,972		2,946		2,956		0.01
Baldwin Insurance Group Holdings, LLC	(6)(8)	SOFR +	2.50%	6.18%	9/12/2025	5/26/2031	11,781		11,775		11,609		0.03
Beacon Dc, Ltd.	(4)(6)(10)	SOFR +	4.75%	8.45%	12/4/2025	12/4/2032	5,000		4,929		4,925		0.01
Beacon Dc, Ltd.	(4)(5)(6)(7)(10)	SOFR +	4.75%	8.45%	12/4/2025	12/4/2032	105		95		87		0.00
BroadStreet Partners, Inc.	(8)	SOFR +	2.50%	6.17%	6/14/2024	6/13/2031	16,244		16,238		15,871		0.04
CRC Insurance Group, LLC	(8)	SOFR +	2.75%	6.45%	12/6/2024	5/6/2031	15,385		15,372		15,207		0.03
CRC Insurance Group, LLC	(4)(5)(7)(8)	SOFR +	3.25%	6.92%	12/6/2024	5/6/2029	9,651		9,374		9,258		0.02
Foundation Risk Partners Corp.	(4)(10)	SOFR +	4.75%	8.45%	10/29/2021	10/29/2030	31,671		31,445		31,671		0.07
Foundation Risk Partners Corp.	(4)(5)(10)	SOFR +	4.75%	8.45%	11/17/2023	10/29/2030	26,612		26,349		26,612		0.06
Foundation Risk Partners Corp.	(4)(10)	SOFR +	4.75%	8.45%	4/14/2022	10/29/2030	34,086		33,823		34,086		0.08
Foundation Risk Partners Corp.	(4)(5)(7)(10)	SOFR +	4.75%	8.45%	10/21/2024	10/29/2030	36,066		35,849		36,066		0.08
Foundation Risk Partners Corp.	(4)(10)	SOFR +	4.75%	8.45%	9/24/2025	10/29/2030	6,763		6,763		6,763		0.02
Foundation Risk Partners Corp.	(4)(5)(10)	SOFR +	4.75%	8.45%	9/24/2025	10/29/2030	3,161		3,161		3,161		0.01
Foundation Risk Partners Corp.	(4)(5)(7)(10)	SOFR +	4.75%	8.45%	10/29/2021	10/29/2029	3,050		2,942		3,050		0.01

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	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%	8.20%	9/30/2021	9/29/2028	$	238,458	$	237,151	$	238,458	0.53	%
Galway Borrower, LLC	(4)(5)(10)	SOFR +	4.50%	8.20%	9/30/2021	9/29/2028	757		755		757		0.00
Galway Borrower, LLC	(4)(5)(7)(10)	SOFR +	4.50%	8.21%	4/28/2023	9/29/2028	7,740		7,570		7,713		0.02
Gimlet Bidco, GmbH	(4)(6)(8)	E +	5.75%	7.78%	4/15/2024	4/23/2031	EUR	110,003	115,100		127,147		0.28
Gimlet Bidco, GmbH	(4)(6)(8)	E +	5.75%	7.79%	4/15/2024	4/23/2031	EUR	44,816	46,912		51,801		0.12
Higginbotham Insurance Agency, Inc.	(4)(6)(7)(11)	SOFR +	4.50%	8.17%	12/11/2025	6/11/2031	98,332		98,177		98,227		0.22
High Street Buyer, Inc.	(4)(10)	SOFR +	4.50%	8.20%	4/16/2021	4/14/2028	18,941		18,869		18,941		0.04
High Street Buyer, Inc.	(4)(5)(7)(10)	SOFR +	4.50%	8.20%	4/16/2021	4/14/2028	81,256		80,706		81,172		0.18
High Street Buyer, Inc.	(4)(5)(10)	SOFR +	4.50%	8.20%	1/2/2025	4/14/2028	43,768		43,332		43,768		0.10
High Street Buyer, Inc.	(4)(10)	SOFR +	4.50%	8.20%	4/16/2021	4/14/2028	76,072		75,618		76,072		0.17
High Street Buyer, Inc.	(4)(5)(7)(10)	SOFR +	4.50%	8.20%	7/18/2025	4/14/2028	9,255		9,058		9,255		0.02
HUB International, Ltd.	(8)	SOFR +	2.25%	5.92%	4/4/2025	6/20/2030	846		832		845		0.00
Hyperion Refinance S.à r.l.	(6)(9)	SOFR +	2.75%	6.42%	8/4/2025	2/15/2031	14,823		14,695		14,394		0.03
Integrity Marketing Acquisition, LLC	(4)(7)(10)	SOFR +	5.00%	8.67%	8/27/2024	8/25/2028	265,600		264,373		265,600		0.59
Knight Acquireco, LLC	(4)(7)(9)	SOFR +	4.50%	8.16%	11/7/2025	11/7/2032	70,640		70,252		70,405		0.16
Koala Investment Holdings, Inc.	(4)(7)(10)	SOFR +	4.25%	7.95%	8/29/2025	8/29/2032	88,402		87,445		88,241		0.20
MRH Trowe Beteiligungsgesellschaft mbH	(4)(6)(7)(8)	E +	5.00%	7.16%	5/15/2025	5/17/2032	EUR	417	462		469		0.00
OneDigital Borrower, LLC	(9)	SOFR +	3.00%	6.67%	1/28/2025	7/2/2031	9,825		9,825		9,524		0.02
Paisley Bidco, Ltd.	(4)(5)(6)(7)(8)	S +	5.50%	9.25% (incl. 2.00% PIK)	4/17/2024	5/7/2031	GBP	15,063	18,710		18,683		0.04
Paisley Bidco, Ltd.	(4)(5)(6)(8)	E +	5.50%	7.53% (incl. 2.00% PIK)	4/17/2024	5/7/2031	EUR	7,988	8,510		8,655		0.02
Paisley Bidco, Ltd.	(4)(5)(6)(8)	E +	5.50%	7.53% (incl. 2.00% PIK)	4/17/2024	5/7/2031	EUR	7,045	7,283		7,634		0.02
Paisley Bidco, Ltd.	(4)(5)(6)(8)	E +	5.50%	7.53% (incl. 2.00% PIK)	7/31/2025	5/7/2031	EUR	6,831	7,814		7,403		0.02
Patriot Growth Insurance Services, LLC	(4)(10)	SOFR +	5.00%	8.85%	10/14/2021	10/16/2028	23,666		23,543		23,666		0.05
Patriot Growth Insurance Services, LLC	(4)(5)(7)(10)	SOFR +	5.00%	8.70%	11/17/2023	10/16/2028	26,416		26,217		25,962		0.06

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	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)
Riser Merger Sub, Inc.	(4)(10)	SOFR +	4.75%	8.45%	4/15/2025	10/31/2029	$	19,892	$	19,892	$	19,892	0.04	%
Riser Merger Sub, Inc.	(4)(10)	S +	4.75%	8.48%	4/15/2025	10/31/2029	GBP	33,441	43,805		44,262		0.10
Riser Merger Sub, Inc.	(4)(5)(7)(10)	SOFR +	4.75%	8.45%	4/15/2025	10/31/2029	3,667		3,276		3,515		0.01
SG Acquisition, Inc.	(4)(7)(10)	SOFR +	4.75%	8.40%	4/3/2024	4/3/2030	201,591		200,370		201,591		0.45
Shelf Bidco, Ltd.	(4)(6)(10)(18)	SOFR +	5.18%	8.85%	10/17/2024	10/17/2031	931,287		927,597		931,287		2.07
Simplicity Financial Marketing Group Holdings, Inc.	(4)(6)(7)(10)	SOFR +	4.75%	8.45%	12/31/2024	12/31/2031	54,993		54,505		54,933		0.12
Sparta UK Bidco, Ltd.	(4)(5)(6)(8)	S +	6.00%	9.73%	9/25/2024	9/25/2031	GBP	44,570	58,872		58,992		0.13
Sparta UK Bidco, Ltd.	(4)(5)(6)(8)	E +	5.25%	7.72%	9/25/2024	9/25/2031	EUR	1,177	1,318		1,361		0.00
SQ ABS Issuer, LLC	(4)(6)(8)		7.80%	7.80%	10/11/2024	10/20/2039	16,251		16,151		16,210		0.04
Tennessee Bidco, Limited	(4)(5)(6)(8)	E +	5.50%	7.37% (incl. 2.00% PIK)	7/1/2024	7/1/2031	EUR	4,654	5,763		5,380		0.01
Tennessee Bidco, Limited	(4)(6)(8)	S +	5.50%	8.97% (incl. 2.00% PIK)	7/1/2024	7/1/2031	GBP	153,814	206,573		203,588		0.45
Tennessee Bidco, Limited	(4)(5)(6)(8)	S +	5.50%	8.97% (incl. 2.00% PIK)	7/1/2024	7/1/2031	GBP	18,249	22,975		24,154		0.05
Tennessee Bidco, Limited	(4)(6)(8)	SOFR +	5.50%	8.83% (incl. 2.00% PIK)	7/1/2024	7/1/2031	561,732		551,034		561,732		1.25
Tennessee Bidco, Limited	(4)(5)(6)(8)	SOFR +	5.50%	8.83% (incl. 2.00% PIK)	7/1/2024	7/1/2031	103,637		103,063		103,637		0.23
Tennessee Bidco, Limited	(4)(5)(6)(8)	E +	5.50%	7.37% (incl. 2.00% PIK)	7/1/2024	7/1/2031	EUR	49,365	56,735		57,059		0.13
Tennessee Bidco, Limited	(4)(5)(6)(7)(8)	S +	5.25%	9.47%	5/9/2025	7/1/2031	GBP	1,951	3,211		2,583		0.01
Tennessee Bidco, Limited	(4)(5)(6)(8)	SOFR +	5.25%	8.85%	5/9/2025	7/1/2031	34,119		33,955		34,119		0.08
Tennessee Bidco, Limited	(4)(5)(6)(8)	E +	5.25%	7.30%	5/9/2025	7/1/2031	EUR	18,309	21,445		21,163		0.05
THG Acquisition, LLC	(4)(10)	SOFR +	4.75%	8.42%	10/31/2024	10/31/2031	66,310		65,781		66,310		0.15
THG Acquisition, LLC	(4)(5)(7)(10)	SOFR +	4.75%	8.42%	10/31/2024	10/31/2031	1,834		1,775		1,834		0.00
THG Acquisition, LLC	(4)(5)(7)(10)	SOFR +	4.75%	8.42%	10/31/2024	10/31/2031	5,695		5,613		5,695		0.01
USI, Inc.	(8)	SOFR +	2.25%	5.95%	12/23/2024	11/21/2029	6,777		6,777		6,770		0.02
USI, Inc.	(8)	SOFR +	2.25%	5.95%	12/23/2024	9/29/2030	7,390		7,310		7,379		0.02
World Insurance Associates, LLC	(4)(7)(11)	SOFR +	5.00%	8.70%	2/14/2025	4/3/2030	108,488		107,347		108,413		0.24
									4,707,069		4,747,360		10.58

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	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)(11)	SOFR +	5.25%	9.05%	8/28/2024	10/29/2027	$	12,469	$	12,377	$	12,033	0.03	%
North Haven Ushc Acquisition, Inc.	(4)(5)(11)	SOFR +	5.25%	9.05%	8/28/2024	10/29/2027	7,310		7,256		7,054		0.02
North Haven Ushc Acquisition, Inc.	(4)(5)(11)	SOFR +	5.25%	9.00%	8/28/2024	10/29/2027	3,074		3,051		2,967		0.01
North Haven Ushc Acquisition, Inc.	(4)(5)(7)(11)	SOFR +	5.25%	8.99%	8/28/2024	10/29/2027	6,268		6,113		5,211		0.01
North Haven Ushc Acquisition, Inc.	(4)(5)(11)	SOFR +	5.25%	9.05%	8/28/2024	10/29/2027	3,614		3,587		3,487		0.01
North Haven Ushc Acquisition, Inc.	(4)(11)	SOFR +	5.25%	9.02%	8/28/2024	10/29/2027	22,012		21,847		21,241		0.05
North Haven Ushc Acquisition, Inc.	(4)(5)(7)(11)	SOFR +	5.25%	9.02%	8/28/2024	10/29/2027	15,522		15,395		14,925		0.03
Project Boost Purchaser, LLC	(8)	SOFR +	2.75%	6.45%	7/16/2024	7/16/2031	23,929		23,862		23,116		0.05
Titan Acquisitionco New Zealand, Ltd.	(4)(6)(7)(9)	B +	4.00%	6.54%	5/29/2025	4/17/2031	NZD	128,915	79,669		71,618		0.16
WH Borrower, LLC	(9)	SOFR +	4.50%	8.16%	2/20/2025	2/20/2032	21,524		21,433		21,566		0.05
									194,590		183,218		0.42
IT Services
AI Altius Luxembourg S.à r.l.	(4)(5)(8)		9.75%	9.75%	12/21/2021	12/21/2029	31,233		30,937		31,233		0.07
AI Altius US Bidco, Inc.	(4)(10)	SOFR +	4.75%	8.36%	5/21/2024	12/21/2028	245,269		243,584		245,269		0.54
Allium Buyer, LLC	(4)(7)(11)	SOFR +	5.00%	8.67%	5/2/2023	5/2/2030	1,560		1,529		1,553		0.00
Anthracite Buyer Inc	(4)(7)(10)	SOFR +	4.50%	8.15%	12/3/2025	12/3/2032	79,838		79,362		79,339		0.18
Blackhawk Network Holdings, Inc.	(11)	SOFR +	3.50%	7.17%	2/6/2026	3/12/2029	2,494		2,497		2,465		0.01
Cassipoee, SASU	(4)(5)(6)(8)	E +	4.50%	6.63%	2/26/2025	2/26/2032	EUR	160	165		181		0.00
Denali TopCo, LLC	(4)(7)(10)	SOFR +	4.75%	8.42%	8/26/2025	8/26/2032	91,906		91,032		91,246		0.20
Fern Bidco, Ltd.	(4)(6)(8)	S +	5.25%	8.98%	7/1/2024	7/1/2031	GBP	40,356	50,269		52,748		0.12
Fern Bidco, Ltd.	(4)(5)(6)(7)(8)	S +	5.25%	8.98%	7/1/2024	7/1/2031	GBP	4,414	5,496		5,508		0.01
Idemia America Corp.	(6)(10)	SOFR +	4.25%	7.95%	2/2/2024	9/30/2028	982		986		976		0.00
Infostretch Corporation	(4)(10)	SOFR +	5.75%	9.60%	4/1/2022	4/1/2028	176,153		174,978		155,896		0.35
Inovalon Holdings, Inc.	(4)(10)	SOFR +	5.50%	9.43% (incl. 2.75% PIK)	4/11/2025	11/24/2028	1,118,673		1,109,071		1,073,926		2.38
KEN Bidco, Ltd.	(4)(5)(6)(10)	S +	6.00%	10.00% (incl. 2.50% PIK)	5/3/2024	10/14/2028	GBP	14,468	17,913		15,176		0.03
Monterey Financing, S.à r.l.	(4)(6)(8)	CI +	6.00%	8.01%	9/28/2022	9/28/2029	DKK	560,750	73,022		84,565		0.19
Monterey Financing, S.à r.l.	(4)(6)(9)	N +	6.00%	10.14%	9/28/2022	9/28/2029	NOK	599,094	55,113		60,325		0.13
Monterey Financing, S.à r.l.	(4)(6)(8)	ST +	6.00%	7.96%	9/28/2022	9/28/2029	SEK	243,186	21,476		25,046		0.06
Monterey Financing, S.à r.l.	(4)(6)(8)	E +	6.00%	8.03%	9/28/2022	9/28/2029	EUR	110,819	107,188		124,888		0.28
Nephele III, BV	(4)(5)(6)(7)(8)	E +	4.35%	6.48%	3/31/2025	1/14/2032	EUR	267	285		304		0.00

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	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)
Newfold Digital Holdings Group, Inc.	(10)	SOFR +	3.50%	7.27%	12/8/2025	4/30/2029	$	30,914	$	30,223	$	22,788	0.05	%
Newfold Digital Holdings Group, Inc.	(10)(17)	SOFR +	3.50%	7.27%	12/8/2025	4/30/2029	6,360		6,200		2,099		0.00
Newfold Digital Holdings Group, Inc.	(4)(10)	SOFR +	5.75%	9.42%	12/8/2025	4/30/2029	424		403		322		0.00
Razor Holdco, LLC	(4)(10)	SOFR +	5.75%	9.52%	10/25/2021	10/25/2027	95,717		95,217		94,760		0.21
Red River Technology, LLC	(4)(5)(11)	SOFR +	6.00%	9.82%	5/26/2021	11/26/2028	144,396		143,912		130,317		0.29
Red River Technology, LLC	(4)(5)(11)	SOFR +	6.00%	9.82%	12/1/2025	11/26/2028	16,180		15,932		14,602		0.03
Redwood Services Group, LLC	(4)(10)	SOFR +	5.00%	8.70%	1/3/2025	6/15/2029	147,706		146,435		147,706		0.33
Redwood Services Group, LLC	(4)(5)(7)(10)	SOFR +	5.00%	8.70%	2/5/2024	6/15/2029	30,054		29,612		29,816		0.07
Smartronix, LLC	(8)	SOFR +	4.50%	8.17%	2/7/2025	2/6/2032	338,859		331,741		334,905		0.74
Smartronix, LLC	(4)(5)(7)(8)	SOFR +	3.50%	7.17%	2/7/2025	2/7/2030	1,368		1,131		1,097		0.00
Turing Holdco, Inc.	(4)(6)(8)	E +	6.00%	8.15% (incl. 2.50% PIK)	10/14/2021	10/14/2028	EUR	17,743	20,274		16,253		0.04
Turing Holdco, Inc.	(4)(6)(8)	E +	6.00%	8.13% (incl. 2.50% PIK)	10/14/2021	10/14/2028	EUR	6,608	7,539		6,053		0.01
Turing Holdco, Inc.	(4)(6)(8)	SOFR +	6.00%	9.80% (incl. 2.50% PIK)	10/14/2021	10/14/2028	6,839		7,044		5,420		0.01
Turing Holdco, Inc.	(4)(6)(8)	SOFR +	6.00%	9.73% (incl. 2.50% PIK)	10/14/2021	10/14/2028	13,755		13,619		10,901		0.02
Turing Holdco, Inc.	(4)(5)(6)(10)	S +	6.00%	9.85% (incl. 2.50% PIK)	5/3/2024	10/14/2028	GBP	24,293	30,074		25,482		0.06
Turing Holdco, Inc.	(4)(5)(6)(10)	SOFR +	6.00%	9.72% (incl. 2.50% PIK)	5/3/2024	10/14/2028	32,339		31,822		25,629		0.06
Victors Purchaser, LLC	(4)(7)(9)	SOFR +	4.50%	8.20%	12/9/2025	12/23/2032	577,449		575,547		575,470		1.28
Virtusa Corp.	(10)	SOFR +	3.25%	6.92%	6/21/2024	2/15/2029	14,676		14,688		13,291		0.03
									3,566,316		3,507,555		7.78

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)



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

First Lien Debt - non-controlled/non-affiliated (continued)
Life Sciences Tools & Services
Bidco Jupiter, Ltd.	(4)(5)(6)(9)	E +	6.25%	8.75%	8/5/2022	8/27/2029	EUR	6,024	$	5,994	$	5,501	0.01	%
Bidco Jupiter, Ltd.	(4)(6)(10)	SOFR +	6.25%	9.99%	8/5/2022	8/27/2029	$	91,212	89,925		72,285		0.16
Cambrex Corp.	(4)(10)	SOFR +	4.50%	8.17%	3/5/2025	3/5/2032	114,387		113,418		113,243		0.25
Cambrex Corp.	(4)(5)(7)(10)	SOFR +	4.50%	8.17%	3/5/2025	3/5/2032	3,432		3,305		3,282		0.01
Cambrex Corp.	(4)(5)(10)	SOFR +	4.50%	8.17%	3/5/2025	3/5/2032	17,073		16,928		16,902		0.04
Creek Parent, Inc.	(4)(7)(10)	SOFR +	5.00%	8.67%	12/17/2024	12/18/2031	132,017		129,856		130,692		0.29
Falcon Parent Holdings, Inc.	(4)(7)(10)	SOFR +	5.50%	9.17% (incl. 2.75% PIK)	11/6/2024	11/6/2031	161,917		160,513		160,609		0.36
Falcon Parent Holdings, Inc.	(4)(5)(7)(10)	SOFR +	5.00%	8.67%	11/6/2024	11/6/2031	3,643		3,459		3,528		0.01
Parexel International, Inc.	(9)	SOFR +	2.75%	6.42%	12/12/2025	12/12/2031	5,849		5,852		5,837		0.01
PAS Parent, Inc.	(4)(7)(10)	SOFR +	4.50%	8.17%	8/18/2025	8/18/2032	27,274		26,664		26,874		0.06
									555,914		538,753		1.20

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	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)(8)	E +	4.75%	6.87%	12/11/2024	12/10/2031	EUR	138,245	$	143,180	$	159,790	0.35	%
Chart Industries, Inc.	(6)(9)	SOFR +	2.50%	6.16%	7/2/2024	3/15/2030	$	4,713	4,713		4,716		0.01
Cielo Bidco, Ltd.	(4)(5)(6)(8)	S +	4.75%	8.48%	6/30/2025	3/31/2032	GBP	241	328		319		0.00
Cielo Bidco, Ltd.	(4)(5)(6)(8)	E +	4.75%	6.64%	6/30/2025	3/31/2032	EUR	86	101		100		0.00
Cielo Bidco, Ltd.	(4)(5)(6)(8)	SOFR +	4.75%	8.38%	6/30/2025	3/31/2032	1,238		1,227		1,238		0.00
Cielo Bidco, Ltd.	(4)(5)(6)(8)	SOFR +	4.75%	8.42%	6/30/2025	3/31/2032	595		589		595		0.00
Cielo Bidco, Ltd.	(4)(5)(6)(7)(8)	E +	4.75%	6.72%	6/30/2025	3/31/2032	EUR	26	30		30		0.00
Cielo Bidco, Ltd.	(4)(5)(6)(7)(8)	SOFR +	4.75%	8.46%	6/30/2025	3/31/2032	168		162		168		0.00
Hobbs & Associates, LLC	(8)	SOFR +	2.75%	6.42%	10/30/2025	7/23/2031	2,487		2,490		2,473		0.01
LSF11 Trinity Bidco, Inc.	(8)	SOFR +	2.50%	6.18%	9/11/2025	6/14/2030	1,047		1,047		1,047		0.00
MHE Intermediate Holdings, LLC	(4)(7)(11)	SOFR +	6.00%	9.82%	7/21/2021	7/21/2027	5,885		5,069		4,996		0.01
MHE Intermediate Holdings, LLC	(4)(5)(11)	SOFR +	6.50%	10.32%	12/20/2022	7/21/2027	229		228		226		0.00
MHE Intermediate Holdings, LLC	(4)(5)(11)	SOFR +	6.25%	10.07%	8/30/2022	7/21/2027	228		227		226		0.00
Pro Mach Group, Inc.	(8)	SOFR +	2.75%	6.42%	10/16/2025	10/16/2032	5,985		6,004		5,982		0.01
TK Elevator U.S. Newco, Inc.	(6)(9)	SOFR +	2.75%	6.38%	3/14/2024	4/30/2030	17,277		17,277		17,334		0.04
									182,672		199,240		0.43
Marine Transportation
Armada Parent, Inc.	(4)(5)(7)(10)	SOFR +	5.25%	8.92%	10/29/2021	10/29/2030	11,194		11,004		11,194		0.02
Armada Parent, Inc.	(4)(10)	SOFR +	5.25%	8.92%	6/9/2025	10/29/2030	226,370		224,865		226,369		0.50
Kattegat Project Bidco, AB	(4)(6)(7)(8)	E +	5.50%	7.63%	3/20/2024	4/7/2031	EUR	51,768	55,073		59,673		0.13
Kattegat Project Bidco, AB	(4)(5)(6)(8)	SOFR +	5.50%	9.20%	3/20/2024	4/7/2031	4,522		4,441		4,522		0.01
									295,383		301,758		0.66
Media
ABG Intermediate Holdings 2, LLC	(8)	SOFR +	2.25%	5.92%	4/4/2025	2/13/2032	5,198		5,078		5,180		0.01
Bimini Group Purchaser, Inc.	(4)(10)	SOFR +	4.75%	8.42%	4/26/2024	4/26/2031	280,746		278,589		280,745		0.62
Bimini Group Purchaser, Inc.	(4)(5)(7)(10)	SOFR +	4.75%	8.42%	4/26/2024	4/26/2031	18,039		17,656		18,039		0.04
Bimini Group Purchaser, Inc.	(4)(10)	SOFR +	4.75%	8.41%	4/26/2024	4/26/2031	34,732		34,583		34,732		0.08
HMH Education, Inc.	(4)(5)(7)(8)	SOFR +	4.50%	8.27%	4/7/2022	4/7/2027	7,050		6,964		4,310		0.01
McGraw-Hill Education, Inc.	(9)	SOFR +	2.75%	6.42%	9/4/2025	8/6/2031	5,330		5,318		5,330		0.01
									348,188		348,336		0.77
Metals & Mining
SCIH Salt Holdings, Inc.	(10)	SOFR +	2.75%	6.35%	12/4/2025	1/31/2029	15,590		15,576		15,570		0.03
US Salt Investors, LLC	(4)(7)(10)	SOFR +	4.25%	7.92%	2/26/2026	2/26/2033	61,912		61,231		61,221		0.14
									76,807		76,791		0.17

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	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)
Oil, Gas & Consumable Fuels
Eagle Midstream Canada Finance, Inc.	(4)(6)(10)	SOFR +	5.25%	8.91%	8/30/2024	8/15/2028	$	28,676	$	28,549	$	28,676	0.06	%
Freeport LNG Investments, LLLP	(8)	SOFR +	3.25%	6.89%	1/29/2026	2/11/2033	4,000		3,985		4,007		0.01
KKR Alberta Midstream Finance, Inc.	(4)(6)(10)	SOFR +	5.25%	8.91%	8/30/2024	8/15/2028	15,599		15,510		15,599		0.03
									48,044		48,282		0.10
Paper & Forest Products
Profile Products, LLC	(4)(10)	SOFR +	5.50%	9.27%	11/12/2021	11/12/2027	61,803		61,511		61,339		0.14
Profile Products, LLC	(4)(5)(7)(10)	P +	4.50%	11.25%	11/12/2021	11/12/2027	6,269		6,217		6,195		0.01
Profile Products, LLC	(4)(5)(7)(10)	P +	4.50%	11.25%	11/12/2021	11/12/2027	3,154		3,126		3,101		0.01
									70,854		70,635		0.16
Pharmaceuticals
Animal Wellness Investments S.p.A	(4)(6)(7)(8)	E +	5.25%	7.28%	1/15/2026	1/15/2033	EUR	67,805	77,031		76,678		0.17
Dechra Finance US, LLC	(6)(8)	SOFR +	2.75%	6.39%	2/6/2026	1/27/2032	4,963		5,000		4,966		0.01
Eden Acquisitionco, Ltd.	(4)(6)(7)(10)	SOFR +	5.00%	8.60%	11/2/2023	11/18/2030	110,539		108,601		110,510		0.25
Eden Acquisitionco, Ltd.	(4)(5)(6)(8)	E +	5.00%	7.12%	9/23/2025	11/18/2030	EUR	746	800		863		0.00
Elanco Animal Health, Inc.	(6)(8)	SOFR +	1.75%	5.42%	1/30/2025	10/31/2032	719		720		720		0.00
Galileo Pharma Bidco S.p.A	(4)(5)(6)(8)	E +	5.00%	7.03%	10/7/2025	10/7/2032	EUR	17,886	20,452		20,260		0.04
Gusto Sing Bidco Pte, Ltd.	(4)(5)(6)(7)(10)	BB +	4.75%	8.54%	11/15/2024	11/15/2031	AUD	1,000	646		687		0.00
Opal Bidco, SAS	(6)(8)	SOFR +	3.00%	6.70%	10/29/2025	4/28/2032	31,829		31,687		31,849		0.07
Rhea Parent, Inc.	(4)(7)(10)	SOFR +	5.00%	8.71%	12/20/2024	12/20/2030	264,189		261,972		262,578		0.58
									506,909		509,111		1.12
Professional Services
Accordion Partners, LLC	(4)(7)(10)	SOFR +	5.00%	8.68%	12/17/2025	11/15/2031	54,923		54,747		54,738		0.12
Accordion Partners, LLC	(4)(5)(7)(10)	SOFR +	5.00%	8.70%	12/17/2025	11/15/2031	10,784		10,651		10,558		0.02
AG Group Holdings, Inc.	(9)	SOFR +	4.25%	7.92%	12/29/2021	12/29/2028	5,581		5,568		5,067		0.01
ALKU, LLC	(4)(10)	SOFR +	6.25%	9.95%	5/23/2023	5/23/2029	54,219		53,525		53,677		0.12
ALKU, LLC	(4)(10)	SOFR +	5.50%	9.20%	2/21/2024	5/23/2029	4,900		4,841		4,765		0.01
Alpine Intel Intermediate 2, LLC	(4)(5)(7)(10)	SOFR +	4.50%	8.17%	8/28/2024	12/16/2027	3,153		3,023		3,153		0.01
Alpine Intel Intermediate 2, LLC	(4)(10)	SOFR +	4.50%	8.18%	12/16/2021	12/16/2027	43,885		43,635		43,885		0.10
Alpine Intel Intermediate 2, LLC	(4)(10)	SOFR +	4.50%	8.17%	12/16/2021	12/16/2027	67,493		67,108		67,493		0.15
Apex Companies, LLC	(4)(11)	SOFR +	5.00%	8.68%	1/31/2023	1/31/2030	1,954		1,925		1,954		0.00
Apex Companies, LLC	(4)(11)	SOFR +	5.00%	8.67%	8/28/2024	1/31/2030	10,813		10,695		10,813		0.02
Apex Companies, LLC	(4)(5)(11)	SOFR +	5.00%	8.67%	8/28/2024	1/31/2030	8,254		7,833		8,254		0.02
Apex Companies, LLC	(4)(5)(7)(11)	SOFR +	5.00%	8.67%	10/24/2025	1/31/2030	7,736		7,701		7,736		0.02

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	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)
Artisan Acquisitionco, Ltd.	(4)(6)(8)	SOFR +	4.50%	8.20%	9/23/2024	9/30/2031	$	447,361	$	440,331	$	446,242	0.99	%
Ascensus Group Holdings, Inc.	(9)	SOFR +	3.00%	6.67%	12/13/2024	11/25/2032	13,208		13,193		13,019		0.03
Baker Tilly Advisory Group, LP	(4)(10)	SOFR +	4.75%	8.42%	6/3/2024	6/3/2031	200,495		198,275		200,495		0.45
Baker Tilly Advisory Group, LP	(4)(7)(10)	SOFR +	4.50%	8.17%	6/3/2024	6/3/2031	318,940		315,267		318,387		0.71
Cast & Crew Payroll, LLC	(9)(17)	SOFR +	3.75%	7.42%	12/30/2021	12/29/2028	11,422		11,367		4,589		0.01
CFGI Holdings, LLC	(4)(7)(10)	SOFR +	4.25%	7.92%	11/2/2021	11/2/2029	17,597		17,390		17,098		0.04
Chartwell Cumming Holding, Corp.	(4)(11)	SOFR +	4.75%	8.42%	5/26/2021	11/16/2029	250,721		249,196		250,721		0.56
Chartwell Cumming Holding, Corp.	(4)(5)(7)(11)	SOFR +	4.75%	8.42%	11/18/2022	11/16/2029	1,551		1,266		1,551		0.00
Chartwell Cumming Holding, Corp.	(4)(7)(11)	SOFR +	4.75%	8.42%	2/14/2025	11/16/2029	33,154		32,899		33,154		0.07
Chartwell Cumming Holding, Corp.	(4)(11)	SOFR +	4.75%	8.42%	10/7/2025	11/16/2029	19,326		19,240		19,326		0.04
Chartwell Cumming Holding, Corp.	(4)(11)	SOFR +	4.75%	8.42%	11/18/2022	11/16/2029	18,991		18,873		18,991		0.04
Cisive Holdings Corp.	(4)(7)(11)	SOFR +	5.75%	9.45%	12/8/2021	12/8/2030	33,169		33,067		31,588		0.07
Clearview Buyer, Inc.	(4)(7)(10)	SOFR +	4.50%	8.27%	8/26/2021	8/31/2029	116,585		116,006		116,585		0.26
CohnReznick Advisory, LLC	(7)(8)	SOFR +	3.25%	6.95%	3/26/2025	3/31/2032	5,642		5,615		5,487		0.01
CRCI Longhorn Holdings, Inc.	(4)(7)(10)	SOFR +	4.75%	8.42%	8/27/2024	8/27/2031	63,343		62,704		63,252		0.14
Denali Intermediate Holdings, Inc.	(4)(6)(7)(10)	SOFR +	5.50%	9.18%	8/26/2025	8/26/2032	49,594		49,095		49,048		0.11
DTI Holdco, Inc.	(7)(10)	SOFR +	4.00%	7.67%	2/12/2025	4/26/2029	16,774		16,648		11,723		0.03
East River Bidco, GmbH	(4)(6)(7)(8)	E +	5.25%	7.33%	3/26/2025	3/26/2032	EUR	97	103		110		0.00
Eliassen Group, LLC	(4)(10)	SOFR +	5.75%	9.45%	4/14/2022	4/14/2028	66,186		65,856		64,532		0.14
EP Purchaser, LLC	(9)	SOFR +	3.50%	7.29%	11/4/2021	11/6/2028	9,328		9,241		5,925		0.01
First Advantage Holdings, LLC	(8)	SOFR +	2.75%	6.45%	7/24/2025	10/31/2031	5,260		5,279		5,133		0.01
G&A Partners Holding Company II, LLC	(4)(10)	SOFR +	5.00%	8.67%	3/1/2024	3/3/2031	66,712		65,812		66,712		0.15
G&A Partners Holding Company II, LLC	(4)(10)	SOFR +	5.00%	8.67%	5/6/2025	3/3/2031	41,019		40,846		41,019		0.09
G&A Partners Holding Company II, LLC	(4)(5)(7)(10)	SOFR +	5.00%	8.67%	5/6/2025	3/3/2031	9,432		9,306		9,300		0.02
Genuine Financial Holdings, LLC	(8)	SOFR +	3.25%	6.92%	2/5/2025	9/27/2030	8,858		8,879		7,646		0.02
Grant Thornton Advisors, LLC	(8)	SOFR +	2.75%	6.42%	8/22/2025	6/2/2031	11,432		11,428		10,701		0.02
Guidehouse, Inc.	(4)(10)	SOFR +	4.75%	8.42%	10/15/2021	12/16/2030	1,251,899		1,245,071		1,251,898		2.78
IG Investments Holdings, LLC	(4)(7)(10)	SOFR +	5.00%	8.67%	11/1/2024	9/22/2028	575,899		572,423		575,899		1.28
Inmar, Inc.	(8)	SOFR +	4.50%	8.17%	6/26/2025	10/30/2031	24,626		24,660		23,718		0.05
King Bidco S.P.E.C.	(4)(5)(6)(8)	E +	5.25%	7.25%	6/26/2025	6/26/2032	EUR	175	200		198		0.00
King Bidco S.P.E.C.	(4)(5)(6)(8)	E +	5.25%	7.38%	6/26/2025	6/26/2032	EUR	75	87		85		0.00

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	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)
KStone Buyer, Inc.	(4)(7)(10)	SOFR +	4.25%	7.91%	1/2/2026	1/2/2032	$	81,607	$	80,511	$	80,465	0.18	%
Kwor Acquisition, Inc.	(4)(5)(7)(11)	SOFR +	6.25%	9.92% (incl. 5.25% PIK)	2/28/2025	2/28/2030	2,230		2,163		2,223		0.00
Lereta, LLC	(10)	SOFR +	5.25%	9.03%	7/30/2021	7/30/2028	28,486		28,391		26,341		0.06
Mantech International, CP	(4)(7)(10)	SOFR +	4.50%	8.17%	12/1/2025	9/14/2029	883,733		875,235		883,733		1.96
Mantech International, CP	(4)(5)(10)	SOFR +	4.50%	8.17%	12/1/2025	9/14/2029	12,366		12,250		12,366		0.03
Mercury Bidco Globe, Limited	(4)(6)(8)	S +	6.00%	9.73%	1/18/2024	1/31/2031	GBP	92,467	115,846		122,389		0.27
Mercury Bidco Globe, Limited	(4)(5)(6)(9)	SOFR +	6.00%	9.67%	1/30/2024	1/31/2031	7,655		7,215		7,655		0.02
Mermaid Bidco, Inc.	(8)	SOFR +	3.25%	6.91%	1/14/2026	7/3/2031	997		1,001		979		0.00
Minotaur Acquisition, Inc.	(4)(7)(11)	SOFR +	5.00%	8.67%	5/10/2024	5/10/2030	112,971		111,262		112,971		0.25
Minotaur Acquisition, Inc.	(4)(5)(11)	SOFR +	5.00%	8.67%	5/10/2024	5/10/2030	16,516		16,287		16,516		0.04
MPG Parent Holdings, LLC	(4)(11)	SOFR +	5.00%	8.66%	1/8/2024	1/8/2030	17,892		17,666		17,892		0.04
MPG Parent Holdings, LLC	(4)(5)(7)(11)	SOFR +	5.00%	8.66%	1/8/2024	1/8/2030	5,468		5,351		5,468		0.01
NDT Global Holding, Inc.	(4)(6)(7)(9)	SOFR +	4.50%	8.17%	6/3/2025	6/4/2032	54,372		53,842		54,372		0.12
NDT Global Holding, Inc.	(4)(5)(6)(7)(9)	SOFR +	4.50%	8.17%	6/3/2025	6/4/2032	508		418		508		0.00
Oxford Global Resources, Inc.	(4)(11)	SOFR +	6.00%	9.78%	8/17/2021	8/17/2027	91,677		91,256		91,677		0.20
Oxford Global Resources, Inc.	(4)(5)(7)(11)	SOFR +	6.00%	9.70%	8/17/2021	8/17/2027	8,616		8,545		8,616		0.02
Oxford Global Resources, Inc.	(4)(11)	SOFR +	6.00%	10.21%	6/6/2024	8/17/2027	9,799		9,715		9,799		0.02
Pavion Corp.	(4)(10)	SOFR +	6.00%	9.67%	10/30/2023	10/30/2030	114,402		112,920		114,402		0.25
Pavion Corp.	(4)(10)	SOFR +	5.75%	9.42%	10/30/2023	10/30/2030	24,120		23,832		24,120		0.05
Petrus Buyer, Inc.	(4)(10)	SOFR +	4.75%	8.42%	10/17/2022	10/17/2029	46,259		45,556		46,259		0.10
Petrus Buyer, Inc.	(4)(10)	SOFR +	4.75%	8.42%	2/26/2025	10/17/2029	12,159		12,116		12,159		0.03
Petrus Buyer, Inc.	(4)(5)(7)(10)	SOFR +	4.75%	8.40%	2/26/2025	10/17/2029	1,475		1,397		1,475		0.00
Plano HoldCo, Inc.	(8)	SOFR +	3.50%	7.20%	12/11/2024	10/1/2031	990		1,005		802		0.00
Polyconcept Investments, BV	(10)	SOFR +	5.50%	9.20%	5/20/2022	5/18/2029	3,475		3,444		3,133		0.01
Ryan, LLC	(9)	SOFR +	3.50%	7.17%	1/29/2026	11/5/2032	7,000		6,980		6,799		0.02
Sedgwick Claims Management Services, Inc.	(8)	SOFR +	2.50%	6.17%	2/24/2023	7/31/2031	9,585		9,559		9,424		0.02
STV Group, Inc.	(4)(7)(10)	SOFR +	4.75%	8.42%	3/20/2024	3/20/2031	57,650		56,676		57,650		0.13
Teneo Holdings, LLC	(4)(9)	SOFR +	4.75%	8.42%	7/31/2025	7/31/2032	635,821		630,069		635,820		1.41
Teneo Holdings, LLC	(4)(5)(7)(9)	SOFR +	4.75%	8.43%	7/31/2025	7/31/2032	23,554		23,208		23,554		0.05
Teneo Holdings, LLC	(4)(5)(7)(9)	SOFR +	4.75%	8.42%	7/31/2025	7/31/2030	8,834		8,273		8,834		0.02

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)



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

First Lien Debt - non-controlled/non-affiliated (continued)
Professional Services (continued)
The North Highland Co, LLC	(4)(10)	SOFR +	4.75%	8.42%	12/20/2024	12/20/2031	$	91,173	$	90,432	$	89,578	0.20	%
The North Highland Co, LLC	(4)(5)(7)(10)	SOFR +	4.75%	8.42%	12/20/2024	12/20/2030	4,311		3,967		3,690		0.01
Thevelia US, LLC	(6)(9)	SOFR +	3.00%	6.70%	7/29/2024	6/18/2029	18,102		18,102		17,807		0.04
Trinity Air Consultants Holdings Corp.	(4)(10)	SOFR +	4.25%	8.02%	6/29/2021	6/29/2029	43,134		42,985		43,134		0.10
Trinity Air Consultants Holdings Corp.	(4)(7)(10)	SOFR +	4.25%	8.02%	6/29/2021	6/29/2029	77,932		77,050		77,610		0.17
Trinity Air Consultants Holdings Corp.	(4)(10)	SOFR +	4.25%	8.02%	10/17/2025	6/29/2029	189,078		187,417		189,078		0.42
Trinity Partners Holdings, LLC	(4)(7)(11)(18)	SOFR +	5.24%	8.99%	12/21/2021	12/31/2030	415,947		412,527		415,947		0.92
TTF Lower Intermediate, LLC	(7)(8)	SOFR +	3.75%	7.38%	7/18/2024	7/18/2031	28,070		26,328		20,603		0.05
Victors CCC Buyer, LLC	(4)(7)(10)	SOFR +	4.50%	8.17%	6/1/2022	6/1/2029	149,160		147,622		149,091		0.33
Victors CCC Buyer, LLC	(4)(10)	SOFR +	4.50%	8.17%	3/2/2026	6/1/2029	40,867		40,468		40,867		0.09
Victors CCC Buyer, LLC	(4)(10)	SOFR +	4.50%	8.16%	2/2/2026	6/1/2029	16,561		16,403		16,561		0.04
West Monroe Partners, LLC	(4)(10)	SOFR +	4.75%	8.42%	11/9/2021	11/8/2028	705,886		700,808		702,357		1.56
West Monroe Partners, LLC	(4)(7)(10)	SOFR +	4.75%	8.42%	12/18/2024	11/8/2028	24,133		23,572		22,598		0.05
West Monroe Partners, LLC	(4)(5)(10)	SOFR +	4.75%	8.42%	9/15/2025	11/8/2028	993		984		988		0.00
YA Intermediate Holdings II, LLC	(4)(10)	SOFR +	5.00%	8.85%	10/1/2024	10/1/2031	43,750		43,454		43,532		0.10
YA Intermediate Holdings II, LLC	(4)(5)(7)(10)	SOFR +	5.00%	8.66%	10/1/2024	10/1/2031	6,206		6,054		6,066		0.01
									8,141,037		8,174,133		18.13
Real Estate Management & Development
Castle Management Borrower, LLC	(4)(7)(11)	SOFR +	5.50%	9.20%	11/3/2023	11/5/2029	32,583		32,104		32,381		0.07
Castle Management Borrower, LLC	(4)(5)(7)(11)	SOFR +	5.50%	9.14%	11/3/2023	11/5/2029	1,417		1,367		1,417		0.00
Community Management Holdings Midco 2, LLC	(4)(10)	SOFR +	4.75%	8.41%	11/1/2024	11/1/2031	54,916		54,258		54,916		0.12
Community Management Holdings Midco 2, LLC	(4)(5)(7)(10)	SOFR +	4.75%	8.42%	11/1/2024	11/1/2031	15,266		14,891		15,266		0.03
Community Management Holdings Midco 2, LLC	(4)(5)(10)	SOFR +	5.00%	8.71%	7/8/2025	11/1/2031	31,536		31,254		31,536		0.07

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)



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

First Lien Debt - non-controlled/non-affiliated (continued)
Real Estate Management & Development (continued)
Cushman & Wakefield US Borrower, LLC	(6)(9)	SOFR +	2.50%	6.17%	9/26/2025	1/31/2030	$	6,315	$	6,315	$	6,354	0.01	%
Cushman & Wakefield US Borrower, LLC	(4)(6)(9)	SOFR +	2.75%	6.42%	7/16/2025	1/31/2030	1,359		1,359		1,366		0.00
Neptune BidCo, SAS	(4)(5)(6)(8)	E +	5.25%	7.28%	3/28/2024	4/1/2031	EUR	8,395	8,925		9,704		0.02
Odevo, AB	(4)(5)(6)(8)	ST +	5.25%	7.21%	10/31/2024	12/31/2030	SEK	573,028	51,783		60,531		0.13
Odevo, AB	(4)(5)(6)(8)	E +	5.25%	7.36%	10/31/2024	12/31/2030	EUR	1,177	1,228		1,361		0.00
Odevo, AB	(4)(5)(6)(8)	S +	5.25%	9.22%	10/31/2024	12/31/2030	GBP	26,751	33,760		35,408		0.08
Odevo, AB	(4)(6)(8)	SOFR +	5.25%	8.96%	10/31/2024	12/31/2030	136,798		136,261		136,797		0.30
Odevo, AB	(4)(6)(8)	E +	5.25%	7.22%	11/28/2024	12/31/2030	EUR	105,092	109,614		121,470		0.27
Odevo, AB	(4)(6)(8)	SOFR +	5.25%	8.96%	6/30/2025	12/31/2030	61,545		59,476		61,545		0.14
Odevo, AB	(4)(5)(6)(8)	S +	5.25%	8.98%	9/12/2025	12/31/2030	GBP	22,220	26,911		29,411		0.07
Phoenix Strategy S.à r.l.	(4)(6)(8)	S +	2.75%	6.48%	10/2/2024	10/2/2028	GBP	53,099	69,830		70,282		0.16
Phoenix Strategy S.à r.l.	(4)(6)(8)	E +	2.75%	4.76%	10/2/2024	10/2/2028	EUR	50,089	53,797		57,895		0.13
Phoenix Strategy S.à r.l.	(4)(6)(8)	E +	2.75%	4.77%	10/2/2024	10/2/2028	EUR	140,261	153,634		162,120		0.36
									846,767		889,760		1.96
Semiconductors & Semiconductor Equipment
Altar Bidco, Inc.	(9)	SOFR +	3.10%	6.61%	4/7/2025	2/1/2029	11,398		11,273		11,348		0.03
Software
Abacus Holdco 2, Oy	(4)(5)(6)(7)(8)	E +	4.50%	6.52%	10/11/2024	10/10/2031	EUR	838	907		969		0.00
Acumatica Holdings, Inc.	(4)(7)(10)	SOFR +	4.75%	8.45%	7/28/2025	7/28/2032	63,387		62,719		62,648		0.14
AI Titan Parent, Inc.	(4)(7)(10)	SOFR +	4.50%	8.17%	8/29/2024	8/29/2031	115,237		114,173		115,099		0.26
Analytic Partners, LP	(4)(7)(10)	SOFR +	4.25%	7.92%	4/4/2022	4/4/2030	20,978		20,756		20,461		0.05
Analytic Partners, LP	(4)(10)	SOFR +	4.25%	7.92%	12/17/2024	4/4/2030	11,914		11,847		11,676		0.03
Anaplan, Inc.	(4)(7)(10)	SOFR +	4.50%	8.17%	5/20/2025	6/21/2029	625,476		620,237		624,515		1.40
Aptean, Inc.	(4)(10)	SOFR +	4.75%	8.45%	1/29/2024	1/30/2031	71,989		71,683		71,989		0.16
Aptean, Inc.	(4)(5)(7)(10)	SOFR +	4.75%	8.42%	1/29/2024	1/30/2031	1,073		1,026		1,073		0.00
Armstrong Bidco, Limited	(4)(6)(8)	S +	5.25%	8.98%	6/2/2022	6/28/2029	GBP	478,945	577,006		621,252		1.38
Arnhem BidCo, GmbH	(4)(6)(7)(8)	E +	4.50%	6.63%	9/18/2024	9/30/2031	EUR	243,252	267,569		281,163		0.62
Articulate Global, LLC	(4)(7)(9)	SOFR +	4.25%	7.92%	10/24/2025	10/24/2032	52,588		52,314		52,427		0.12
Auctane, Inc.	(4)(10)	SOFR +	5.75%	9.58%	10/5/2021	10/5/2028	834,891		828,896		834,890		1.86
Auctane, Inc.	(4)(10)	SOFR +	5.75%	9.58%	12/14/2021	10/5/2028	9,819		9,747		9,819		0.02
AuditBoard, Inc.	(4)(10)	SOFR +	4.50%	8.20%	7/12/2024	7/12/2031	80,730		80,121		80,528		0.18
AuditBoard, Inc.	(4)(10)	SOFR +	4.50%	8.20%	7/12/2024	7/12/2031	38,443		38,153		38,347		0.09
AuditBoard, Inc.	(4)(7)(10)	SOFR +	4.50%	8.20%	12/10/2025	7/12/2031	15,377		15,152		15,300		0.03
Avalara, Inc.	(8)	SOFR +	2.75%	6.45%	9/12/2025	3/26/2032	1,985		1,985		1,943		0.00
Azurite Intermediate Holdings, Inc.	(4)(7)(10)	SOFR +	6.00%	9.67%	3/19/2024	3/19/2031	61,560		60,832		61,532		0.14

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	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)
Banyan Software Holdings, LLC	(4)(11)	SOFR +	5.50%	9.17%	1/2/2025	1/2/2031	$	53,582	$	53,156	$	53,448	0.12	%
Banyan Software Holdings, LLC	(4)(5)(11)	SOFR +	5.50%	9.17%	1/2/2025	1/2/2031	28,742		28,514		28,670		0.06
Banyan Software Holdings, LLC	(4)(5)(7)(11)	SOFR +	5.25%	8.92%	10/7/2025	1/2/2031	10,860		10,811		10,528		0.02
Banyan Software Holdings, LLC	(4)(5)(11)	SOFR +	5.50%	9.17%	1/2/2025	1/2/2031	10,148		10,063		10,122		0.02
Banyan Software Holdings, LLC	(4)(5)(7)(11)	SOFR +	5.50%	9.17%	10/7/2025	1/2/2031	773		727		759		0.00
Bayshore Intermediate #2, LP	(4)(10)	SOFR +	5.50%	9.18% (incl. 3.00% PIK)	9/19/2025	10/2/2028	328,989		328,717		328,988		0.74
Bayshore Intermediate #2, LP	(4)(5)(7)(10)	SOFR +	5.00%	8.69%	11/8/2024	10/1/2027	6,730		6,665		6,730		0.01
Bending Spoons US, Inc.	(6)(11)	SOFR +	5.88%	9.54%	2/19/2025	3/7/2031	86,913		85,977		79,851		0.18
BlueCat Networks USA, Inc.	(4)(10)	SOFR +	5.50%	9.17%	8/8/2022	8/8/2028	69,638		69,111		69,638		0.15
BlueCat Networks USA, Inc.	(4)(10)	SOFR +	5.50%	9.17%	8/8/2022	8/8/2028	12,291		12,199		12,291		0.03
BlueCat Networks USA, Inc.	(4)(10)	SOFR +	5.50%	9.17%	8/8/2022	8/8/2028	8,452		8,397		8,452		0.02
BlueCat Networks USA, Inc.	(4)(10)	SOFR +	5.50%	9.17%	10/25/2024	8/8/2028	56,545		56,023		56,545		0.13
Bluefin Holding, LLC	(4)(7)(11)	SOFR +	4.25%	7.92%	9/12/2023	9/12/2029	90,693		89,791		90,693		0.20
Boxer Parent Company, Inc.	(8)	SOFR +	3.00%	6.67%	1/24/2025	7/30/2031	7,142		7,142		6,642		0.01
Brave Parent Holdings, Inc.	(4)(7)(9)	SOFR +	4.25%	7.92%	10/17/2025	11/28/2030	493,967		490,314		493,967		1.10
Brave Parent Holdings, Inc.	(4)(10)	SOFR +	4.25%	7.92%	10/17/2025	11/28/2030	262,936		261,738		262,936		0.58
Businessolver.com, Inc.	(4)(7)(10)	SOFR +	4.50%	8.20%	12/3/2025	12/3/2032	28,986		28,571		28,707		0.06
Caribou Bidco, Ltd.	(4)(6)(8)	S +	5.00%	8.73%	7/2/2024	2/1/2029	GBP	221,441	281,940		290,168		0.64
CDK Global, Inc.	(5)(8)	SOFR +	3.25%	6.95%	5/16/2024	7/6/2029	2,940		2,940		2,106		0.00
Cloud Software Group, Inc.	(8)	SOFR +	3.25%	6.95%	8/7/2025	3/21/2031	2,978		2,964		2,736		0.01
Cloudera, Inc.	(9)	SOFR +	3.75%	7.52%	10/8/2021	10/8/2028	21,496		21,423		19,252		0.04
Confine Visual Bidco	(4)(6)(8)	SOFR +	5.75%	9.38%	2/23/2022	2/23/2029	257,960		254,777		217,331		0.48
Confine Visual Bidco	(4)(6)(8)	SOFR +	5.75%	9.38%	3/11/2022	2/23/2029	6,159		6,080		5,189		0.01
Confluence Technologies, Inc.	(4)(5)(9)	SOFR +	5.00%	8.65%	2/14/2025	7/30/2028	19,938		19,520		19,490		0.04
Conga Corp.	(10)	SOFR +	3.50%	7.17%	8/8/2024	5/8/2028	11,336		11,336		9,740		0.02
Connatix Buyer, Inc.	(4)(10)	SOFR +	5.50%	9.41%	7/14/2021	7/14/2027	105,355		104,904		101,668		0.23
Connatix Buyer, Inc.	(4)(5)(7)(10)	SOFR +	5.50%	9.39%	7/14/2021	7/14/2027	9,125		9,055		8,554		0.02
Connatix Buyer, Inc.	(4)(5)(10)	SOFR +	5.50%	9.41%	10/9/2024	7/14/2027	5,183		5,134		5,001		0.01
Connatix Buyer, Inc.	(4)(5)(7)(10)	SOFR +	5.50%	9.41%	10/9/2024	7/14/2027	3,097		3,087		2,934		0.01

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	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)
Cornerstone OnDemand, Inc.	(9)	SOFR +	3.75%	7.53%	10/15/2021	10/16/2028	$	17,818	$	17,785	$	13,079	0.03	%
Cornerstone OnDemand, Inc.	(4)(11)	SOFR +	6.00%	9.67%	9/7/2023	10/16/2028	34,038		33,518		28,421		0.06
Coupa Software, Inc.	(4)(6)(7)(10)	SOFR +	5.25%	8.92%	2/27/2023	2/27/2030	1,804		1,776		1,790		0.00
Crewline Buyer, Inc.	(4)(7)(11)	SOFR +	6.75%	10.42%	11/8/2023	11/8/2030	122,658		120,427		122,658		0.27
Databricks, Inc.	(4)(7)(8)	SOFR +	4.50%	8.17%	1/3/2025	1/3/2031	525,000		522,890		523,825		1.16
Dayforce Bidco, LLC	(8)	SOFR +	3.00%	6.66%	10/14/2025	2/4/2033	5,000		4,975		4,743		0.01
Delta Topco, Inc.	(8)	SOFR +	2.75%	6.42%	5/1/2024	11/30/2029	35,737		35,733		34,650		0.08
Denali Bidco, Ltd.	(4)(5)(6)(7)(8)	S +	5.00%	8.73%	9/5/2025	9/5/2031	GBP	19,440	24,581		25,470		0.06
Denali Bidco, Ltd.	(4)(5)(6)(8)	E +	5.00%	7.13%	9/5/2025	9/5/2031	EUR	21,288	23,843		24,360		0.05
Diligent Corp.	(4)(7)(10)	SOFR +	5.00%	8.67%	4/30/2024	8/2/2030	180,793		179,707		180,043		0.40
Diligent Corp.	(4)(10)	SOFR +	5.00%	8.67%	4/30/2024	8/2/2030	29,736		29,621		29,736		0.07
Discovery Education, Inc.	(4)(10)	SOFR +	6.75%	10.52% (incl. 5.76% PIK)	4/7/2022	4/9/2029	620,115		616,166		492,992		1.09
Discovery Education, Inc.	(4)(5)(7)(10)	SOFR +	5.75%	9.52%	4/7/2022	4/9/2029	23,351		22,898		12,580		0.03
Discovery Education, Inc.	(4)(5)(10)	SOFR +	6.75%	10.42% (incl. 5.71% PIK)	10/3/2023	4/9/2029	69,525		69,049		55,272		0.12
Doit International, Ltd.	(4)(7)(11)	SOFR +	4.50%	8.17%	11/25/2024	11/26/2029	66,044		64,679		65,544		0.15
Dropbox, Inc.	(4)(6)(10)(18)	SOFR +	4.92%	8.59%	12/11/2024	12/11/2029	1,161,340		1,152,225		1,149,725		2.56
Dropbox, Inc.	(4)(6)(10)(18)	SOFR +	4.92%	8.60%	9/9/2025	9/9/2030	454,044		450,861		449,503		1.00
Eagan Parent, Inc.	(4)(5)(7)(9)	SOFR +	4.25%	7.92%	9/6/2025	9/8/2032	21,244		21,121		21,110		0.05
ECI Macola Max Holding, LLC	(6)(10)	SOFR +	2.75%	6.45%	7/10/2025	5/9/2030	5,355		5,355		5,248		0.01
Edison Bidco, AS	(4)(5)(6)(7)(8)	E +	5.25%	7.41%	12/18/2024	12/5/2031	EUR	345	354		399		0.00
Elements Finco, Ltd.	(4)(6)(8)	S +	5.50%	9.23% (incl. 2.50% PIK)	3/27/2024	4/29/2031	GBP	69,684	86,655		92,234		0.20
Elements Finco, Ltd.	(4)(5)(6)(8)	SOFR +	5.25%	8.92% (incl. 2.25% PIK)	3/27/2024	4/29/2031	21,752		21,571		21,752		0.05
Elements Finco, Ltd.	(4)(5)(6)(8)	SOFR +	5.00%	8.67%	4/30/2024	4/29/2031	17,609		17,533		17,609		0.04
Elements Finco, Ltd.	(4)(5)(6)(8)	S +	5.25%	8.98% (incl. 2.25% PIK)	11/29/2024	4/29/2031	GBP	12,814	15,925		16,960		0.04
Elements Finco, Ltd.	(4)(5)(6)(8)	S +	5.50%	9.23% (incl. 2.50% PIK)	3/27/2024	4/29/2031	GBP	31,238	38,845		41,346		0.09

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	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)
Epicor Software Corp.	(10)	SOFR +	2.50%	6.17%	5/30/2024	5/30/2031	$	5,023	$	5,012	$	4,934	0.01	%
Everbridge Holdings, LLC	(4)(6)(10)	SOFR +	5.00%	8.66%	7/2/2024	7/2/2031	34,380		34,251		34,380		0.08
Everbridge Holdings, LLC	(4)(5)(6)(7)(10)	SOFR +	5.00%	8.66%	7/2/2024	7/2/2031	3,369		3,334		3,369		0.01
Experity, Inc.	(4)(10)	SOFR +	5.00%	8.70% (incl. 2.25% PIK)	7/21/2021	2/24/2030	110,658		109,761		109,552		0.24
Experity, Inc.	(4)(7)(10)	SOFR +	5.00%	8.70% (incl. 2.25% PIK)	2/24/2022	2/24/2030	35,696		35,059		34,960		0.08
Finastra USA, Inc.	(6)(8)	SOFR +	4.00%	7.67%	7/31/2025	9/15/2032	11,021		10,919		10,376		0.02
Flash Charm, Inc.	(10)	SOFR +	3.50%	7.16%	6/11/2024	3/2/2028	42,688		42,689		34,033		0.08
Flexera Software, LLC	(4)(7)(9)	SOFR +	4.50%	8.15%	8/15/2025	8/16/2032	187,380		186,923		186,878		0.41
Flexera Software, LLC	(4)(9)	E +	4.50%	6.45%	8/15/2025	8/16/2032	EUR	56,550	66,021		65,199		0.14
Forterro Group, AB	(4)(6)(8)	ST +	4.75%	6.83%	4/14/2022	7/9/2029	SEK	115,366	10,818		12,187		0.03
Forterro Group, AB	(4)(6)(8)	SA +	4.75%	5.43%	4/14/2022	7/9/2029	CHF	10,860	11,058		13,582		0.03
Forterro Group, AB	(4)(5)(6)(9)	SA +	4.75%	4.75%	7/28/2022	7/9/2029	CHF	3,544	3,592		4,433		0.01
Forterro Group, AB	(4)(6)(8)	E +	4.75%	6.86%	4/14/2022	7/9/2029	EUR	32,512	32,739		37,579		0.08
Forterro Group, AB	(4)(5)(6)(8)	E +	4.75%	6.86%	4/14/2022	7/9/2029	EUR	9,018	9,171		10,423		0.02
Forterro Group, AB	(4)(5)(6)(10)	S +	4.75%	8.47%	7/28/2022	7/9/2029	GBP	12,762	15,249		16,892		0.04
Forterro Group, AB	(4)(5)(6)(7)(8)	E +	4.75%	6.86%	2/27/2025	7/9/2029	EUR	26,703	27,659		30,865		0.07
Gen Digital, Inc.	(6)(9)	SOFR +	1.75%	5.42%	6/5/2024	9/12/2029	5,072		5,041		5,030		0.01
Genesys Cloud Services, Inc.	(8)	SOFR +	2.50%	6.17%	4/3/2025	1/30/2032	2,779		2,731		2,664		0.01
Gigamon, Inc.	(4)(7)(10)	SOFR +	5.75%	9.57%	3/11/2022	3/9/2029	417,297		413,708		406,219		0.91
Granicus, Inc.	(4)(10)	SOFR +	5.50%	9.17% (incl. 2.00% PIK)	1/17/2024	1/17/2031	31,121		30,920		31,121		0.07
Granicus, Inc.	(4)(5)(7)(10)	SOFR +	5.00%	8.67% (incl. 2.00% PIK)	1/17/2024	1/17/2031	9,126		9,060		9,119		0.02
GS Acquisitionco, Inc.	(4)(5)(11)	SOFR +	5.25%	8.95%	3/26/2024	5/25/2028	11,838		11,812		11,690		0.03
GS Acquisitionco, Inc.	(4)(5)(7)(10)	SOFR +	5.25%	8.95%	3/26/2024	5/25/2028	4,554		4,531		4,462		0.01
Homecare Software Solutions, LLC	(4)(10)	SOFR +	5.25%	8.92%	6/14/2024	6/16/2031	80,117		79,540		79,716		0.18
Homecare Software Solutions, LLC	(4)(10)	SOFR +	5.25%	8.92%	6/14/2024	6/16/2031	31,288		31,065		31,132		0.07
Homecare Software Solutions, LLC	(4)(10)	SOFR +	5.25%	8.92%	9/26/2024	6/16/2031	37,011		36,735		36,826		0.08

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	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)
HS Purchaser, LLC	(10)	SOFR +	6.00%	9.76%	6/23/2021	5/19/2029	$	396	$	377	$	342	0.00	%
Icefall Parent, Inc.	(4)(7)(11)	SOFR +	4.50%	8.20%	1/26/2024	1/25/2030	87,841		86,820		87,841		0.20
INK BC Bidco S.p.A.	(4)(6)(8)	E +	5.00%	7.14%	7/17/2025	7/16/2032	EUR	110,134	125,351		125,389		0.28
INK BC Bidco S.p.A.	(4)(6)(7)(8)	E +	5.00%	6.98%	7/17/2025	7/16/2032	EUR	7,387	8,338		8,221		0.02
IQN Holding Corp.	(4)(10)	SOFR +	5.75%	9.45% (incl. 3.13% PIK)	5/2/2022	5/2/2029	46,505		46,315		46,505		0.10
IQN Holding Corp.	(4)(5)(7)(10)	SOFR +	5.25%	8.95%	5/2/2022	5/2/2028	3,233		3,214		3,233		0.01
IQN Holding Corp.	(4)(5)(10)	SOFR +	5.75%	9.45% (incl. 3.13% PIK)	5/16/2025	5/2/2029	5,771		5,771		5,771		0.01
IRI Group Holdings, Inc.	(4)(7)(10)	SOFR +	4.25%	7.95%	4/9/2025	12/1/2029	1,588,162		1,571,509		1,588,160		3.54
Javelin Buyer, Inc.	(6)(8)	SOFR +	2.75%	6.42%	7/24/2025	12/5/2031	1,980		1,990		1,892		0.00
Jeppesen Holdings, LLC	(4)(7)(9)	SOFR +	4.75%	8.42%	10/31/2025	11/1/2032	327,865		325,386		326,098		0.72
JS Parent, Inc.	(4)(7)(10)	SOFR +	4.75%	8.42%	4/24/2024	4/24/2031	80,200		79,882		80,161		0.18
Kaseya, Inc.	(7)(8)	SOFR +	3.25%	6.92%	3/20/2025	3/22/2032	65,459		64,703		58,957		0.13
KnowBe4, Inc.	(8)	SOFR +	3.75%	7.42%	7/22/2025	7/23/2032	5,486		5,474		4,919		0.01
LD Lower Holdings, Inc.	(4)(5)(11)	SOFR +	7.50%	11.90%	2/8/2021	8/9/2027	105,890		105,890		92,653		0.21
Lobos Parent, Inc.	(4)(5)(7)(9)	SOFR +	4.50%	8.17%	9/26/2025	9/26/2032	43,101		42,715		42,726		0.09
LogicMonitor, Inc.	(4)(7)(10)	SOFR +	5.50%	9.17%	11/15/2024	11/19/2031	122,899		121,399		121,429		0.27
Magenta Security Holdings, LLC	(5)(10)(18)	SOFR +	6.75%	10.68%	8/14/2024	7/27/2028	25,477		24,729		18,298		0.04
Magnesium BorrowerCo, Inc.	(4)(10)	S +	4.50%	8.23%	5/19/2022	5/18/2029	GBP	99,910	123,480		132,241		0.29
Magnesium BorrowerCo, Inc.	(4)(10)	SOFR +	4.50%	8.17%	5/19/2022	5/18/2029	1,032,394		1,020,579		1,032,394		2.29
Magnesium BorrowerCo, Inc.	(4)(10)	SOFR +	4.50%	8.17%	3/21/2024	5/18/2029	28,897		28,681		28,897		0.06
Mandolin Technology Intermediate Holdings, Inc.	(4)(9)	SOFR +	3.75%	7.60%	7/30/2021	7/31/2028	74,972		74,596		65,413		0.15
Mandolin Technology Intermediate Holdings, Inc.	(4)(9)	SOFR +	6.25%	10.10%	6/9/2023	7/31/2028	61,267		60,425		56,979		0.13
Mandolin Technology Intermediate Holdings, Inc.	(4)(5)(7)(8)	SOFR +	3.75%	7.45%	2/14/2025	4/30/2028	2,945		2,926		2,513		0.01
Maverick Bidco, Inc.	(4)(7)(10)	SOFR +	4.75%	8.42%	12/2/2025	12/2/2031	339,214		337,931		337,869		0.75
Medallia, Inc.	(4)(10)(17)	SOFR +	6.00%	9.70%	10/28/2021	10/29/2028	897,116		869,610		540,512		1.20
Medallia, Inc.	(4)(10)(17)	SOFR +	6.00%	9.70%	8/16/2022	10/29/2028	221,271		214,239		133,315		0.30
Mitnick Purchaser, Inc.	(9)(17)(18)	SOFR +	4.75%	8.52%	5/2/2022	5/2/2029	11,475		11,450		5,307		0.01
ML Holdco, LLC	(4)(7)(11)	SOFR +	4.50%	8.17%	10/24/2025	10/24/2032	67,867		67,507		67,653		0.15
MRI Software, LLC	(11)	SOFR +	4.75%	8.45%	1/7/2021	2/10/2028	204,063		203,218		203,298		0.45
MRI Software, LLC	(4)(7)(11)	SOFR +	4.75%	8.45%	8/27/2024	2/10/2028	30,559		30,354		29,393		0.07
MRI Software, LLC	(11)	SOFR +	4.75%	8.45%	1/7/2021	2/10/2028	34,275		34,280		34,147		0.08
MRI Software, LLC	(4)(5)(7)(11)	SOFR +	4.75%	8.47%	10/2/2025	2/10/2028	5,487		5,449		5,381		0.01
NAVEX TopCo, Inc.	(4)(7)(10)	SOFR +	5.00%	8.68%	10/14/2025	10/14/2032	221,611		219,230		221,255		0.49
Nintex Topco, Limited	(4)(6)(10)	SOFR +	6.00%	9.85%	11/12/2021	11/13/2028	679,479		674,541		597,942		1.33

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	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)(10)	SOFR +	4.75%	8.45%	6/10/2024	6/24/2031	$	39,181	$	38,890	$	39,181	0.09	%
Noble Midco 3, Ltd.	(4)(5)(6)(7)(10)	SOFR +	4.75%	8.42%	6/10/2024	12/10/2030	1,356		1,279		1,311		0.00
OEConnection, LLC	(4)(7)(9)	SOFR +	4.50%	8.17%	12/23/2025	12/23/2032	31,437		31,218		31,210		0.07
OMEGA II AB	(4)(5)(6)(7)(8)	ST +	4.25%	6.27%	6/11/2025	6/17/2032	SEK	635,618	65,655		66,930		0.15
Onward Acquireco, Inc.	(4)(7)(10)	SOFR +	4.75%	8.42%	3/31/2026	4/1/2033	131,328		129,956		129,956		0.29
Optimizely North America, Inc.	(4)(5)(10)	S +	5.50%	9.23%	10/30/2024	10/30/2031	GBP	2,114	2,720		2,714		0.01
Optimizely North America, Inc.	(4)(5)(10)	E +	5.25%	7.16%	10/30/2024	10/30/2031	EUR	7,047	7,592		7,900		0.02
Optimizely North America, Inc.	(4)(5)(7)(10)	SOFR +	5.00%	8.67%	10/30/2024	10/30/2031	20,083		19,899		19,450		0.04
Optus 1011, GmbH	(4)(5)(6)(8)	E +	4.50%	6.64%	3/7/2025	3/24/2032	EUR	89,943	95,591		102,921		0.23
Optus 1011, GmbH	(4)(5)(6)(7)(8)	E +	4.50%	6.64%	10/24/2025	3/24/2032	EUR	13,798	16,084		14,991		0.03
PDI TA Holdings, Inc.	(4)(10)	SOFR +	6.00%	9.70% (incl. 2.50% PIK)	2/1/2024	2/3/2031	86,649		85,865		85,566		0.19
PDI TA Holdings, Inc.	(4)(5)(7)(10)	SOFR +	5.50%	9.17%	2/1/2024	2/3/2031	6,529		6,457		6,442		0.01
Peloton Computer Enterprises, Ltd.	(4)(6)(10)	SOFR +	4.25%	7.88%	2/13/2026	2/13/2032	113,254		112,102		112,080		0.25
Perforce Software, Inc.	(9)	SOFR +	4.75%	8.42%	3/22/2024	3/25/2031	19,650		19,580		13,636		0.03
Perforce Software, Inc.	(8)	SOFR +	4.75%	8.42%	12/18/2024	7/2/2029	18,196		17,992		12,308		0.03
Project Alpha Intermediate Holding, Inc.	(9)	SOFR +	3.25%	6.95%	5/14/2024	10/26/2030	62,087		62,087		47,327		0.11
Project Leopard Holdings, Inc.	(9)	SOFR +	5.25%	9.02%	7/20/2022	7/20/2029	131,531		127,940		82,733		0.18
Project Leopard Holdings, Inc.	(4)(5)(7)(8)	SOFR +	4.25%	7.91%	7/20/2022	7/20/2027	9,717		9,721		2,989		0.01
Proofpoint, Inc.	(9)	SOFR +	3.00%	6.70%	5/28/2024	8/31/2028	2,544		2,539		2,467		0.01
QBS Parent, Inc.	(4)(7)(10)	SOFR +	4.50%	8.20%	6/3/2025	6/3/2032	77,092		76,726		77,092		0.17
Quartz Acquireco, LLC	(8)	SOFR +	2.25%	5.95%	4/11/2025	6/28/2030	920		908		770		0.00
Rally Buyer, Inc.	(4)(10)	SOFR +	6.25%	9.92% (incl. 3.50% PIK)	7/19/2022	7/19/2029	146,504		145,240		127,458		0.28
Rally Buyer, Inc.	(4)(5)(7)(10)	SOFR +	5.75%	9.40%	7/19/2022	7/19/2029	9,307		9,140		7,001		0.02
Rocket Software, Inc.	(9)	SOFR +	3.75%	7.42%	10/5/2023	11/28/2028	10,278		10,208		9,882		0.02
Scorpio BidCo SAS	(4)(5)(6)(7)(8)	E +	5.75%	7.88%	4/3/2024	4/30/2031	EUR	37,234	39,717		42,953		0.10
Seven Bidco, SASU	(4)(6)(7)(8)	E +	4.40%	6.41%	8/29/2025	8/27/2032	EUR	210,485	244,619		241,863		0.54
Severin Acquisition, LLC	(4)(7)(10)	SOFR +	4.75%	8.42% (incl. 2.25% PIK)	10/1/2024	10/1/2031	351,517		348,659		351,517		0.78
Severin Acquisition, LLC	(4)(7)(10)	SOFR +	4.50%	8.18%	10/1/2024	10/1/2031	11,037		10,712		11,037		0.02

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	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)
Skopima Consilio Parent, LLC	(9)	SOFR +	3.75%	7.42%	12/18/2024	5/12/2028	$	14,619	$	14,505	$	11,508	0.03	%
Skylark UK Debtco, Ltd.	(4)(5)(6)(7)(8)	S +	4.50%	8.23%	11/25/2025	12/8/2032	GBP	12,751	16,990		16,708		0.04
Skylark UK Debtco, Ltd.	(4)(5)(6)(8)	E +	4.50%	6.54%	11/25/2025	12/8/2032	EUR	5,751	6,694		6,581		0.01
Skylark UK Debtco, Ltd.	(4)(5)(6)(8)	SOFR +	4.41%	8.11%	11/25/2025	12/8/2032	24,898		24,898		24,649		0.05
Solis Midco, SAS	(4)(5)(6)(7)(8)	E +	4.75%	6.85%	10/8/2025	10/8/2032	EUR	313	357		352		0.00
Sophos Holdings, LLC	(6)(8)	SOFR +	3.50%	7.28%	1/7/2021	3/5/2027	5,151		5,155		4,918		0.01
Spaceship Purchaser, Inc.	(4)(7)(10)(18)	SOFR +	4.67%	8.37%	9/5/2025	10/17/2031	622,871		622,113		621,914		1.38
Spitfire Parent, Inc.	(4)(11)	E +	5.50%	7.39%	3/8/2021	3/11/2027	EUR	18,574	22,350		21,468		0.05
Spitfire Parent, Inc.	(4)(11)	SOFR +	5.50%	9.27%	3/9/2021	3/11/2027	84,146		83,867		84,146		0.19
Spitfire Parent, Inc.	(4)(11)	SOFR +	5.50%	9.27%	3/9/2021	3/11/2027	31,071		31,063		31,071		0.07
Starlight Parent, LLC	(8)	SOFR +	4.00%	7.67%	7/2/2025	4/16/2032	39,789		39,229		33,920		0.08
Tango Bidco, SAS	(4)(6)(8)	E +	5.25%	7.27%	10/17/2024	10/17/2031	EUR	69,197	74,087		79,582		0.18
Tango Bidco, SAS	(4)(5)(6)(7)(8)	E +	5.25%	7.29%	10/17/2024	10/17/2031	EUR	21,764	23,653		24,960		0.06
Themis Solutions, Inc.	(4)(6)(7)(10)	SOFR +	5.50%	9.17% (incl. 3.75% PIK)	10/29/2025	10/29/2032	131,911		129,731		129,902		0.29
Three Rivers Buyer, Inc	(4)(5)(7)(10)	SOFR +	4.75%	8.42%	10/31/2025	11/3/2031	15,162		14,932		14,991		0.03
TravelPerk, Inc.	(4)(6)(8)		11.50%	11.50% PIK	5/2/2024	5/2/2029	52,252		50,435		50,684		0.11
Tricentis Operations Holdings, Inc.	(4)(7)(10)	SOFR +	6.00%	9.64% (incl. 3.25% PIK)	2/11/2025	2/11/2032	139,095		137,727		138,102		0.31
Triple Lift, Inc.	(4)(7)(10)	SOFR +	5.75%	9.59%	5/6/2021	5/5/2028	42,947		42,605		37,080		0.08
Triple Lift, Inc.	(4)(10)	SOFR +	5.75%	9.59%	3/18/2022	5/5/2028	25,191		25,019		22,609		0.05
Varicent Parent Holdings Corp.	(4)(7)(10)	SOFR +	6.00%	9.70% (incl. 3.25% PIK)	8/23/2024	8/23/2031	106,972		105,728		105,313		0.23
Vision Solutions, Inc.	(10)	SOFR +	4.00%	7.93%	10/25/2021	4/24/2028	37,766		37,382		29,363		0.07
VS Buyer, LLC	(7)(8)	SOFR +	2.25%	5.92%	7/25/2025	4/12/2031	5,405		4,718		4,404		0.01
WPEngine, Inc.	(4)(7)(10)	SOFR +	5.75%	9.44%	8/14/2023	8/14/2029	81,400		79,891		81,156		0.18
XPLOR T1, LLC	(8)	SOFR +	3.50%	7.17%	12/1/2025	12/1/2032	21,365		21,365		19,923		0.04
Zendesk, Inc.	(4)(7)(10)	SOFR +	5.00%	8.71%	7/23/2024	11/22/2028	1,058,573		1,045,343		1,058,572		2.36
Zendesk, Inc.	(4)(5)(10)	SOFR +	5.00%	8.69%	11/21/2025	11/22/2028	71,198		71,198		71,198		0.16
Zodiac Purchaser, LLC	(8)	SOFR +	3.50%	7.17%	4/3/2025	2/14/2032	3,980		3,915		3,686		0.01
Zorro Bidco, Ltd.	(4)(6)(7)(8)	S +	4.65%	8.62%	8/13/2024	8/13/2031	GBP	73,631	92,603		96,397		0.21
Zorro Bidco, Ltd.	(4)(5)(6)(8)	S +	4.65%	8.62%	1/30/2025	8/13/2031	GBP	7,896	9,742		10,347		0.02
Zorro Bidco, Ltd.	(4)(5)(6)(8)	ST +	4.65%	6.66%	2/6/2025	8/13/2031	SEK	108,262	9,862		11,322		0.03
									21,098,302		20,403,052		45.38

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	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%	9.65%	1/7/2021	5/3/2028	$	39,625	$	39,612	$	39,625	0.09	%
Great Outdoors Group, LLC	(10)	SOFR +	3.25%	6.92%	2/3/2026	1/23/2032	3,990		4,000		3,988		0.01
Hoya Midco, LLC	(6)(9)(17)	SOFR +	2.25%	5.92%	2/5/2025	2/3/2029	8,690		8,690		3,498		0.01
Mavis Tire Express Services Topco, Corp.	(10)	SOFR +	3.00%	6.67%	1/17/2025	5/4/2028	15,169		15,169		15,174		0.03
Mavis Tire Express Services Topco, Corp.	(4)(7)(10)	SOFR +	3.50%	7.14%	1/17/2025	5/4/2028	4,613		4,588		4,542		0.01
StubHub Holdco Sub, LLC	(8)	SOFR +	4.75%	8.42%	3/15/2024	3/15/2030	5,882		5,885		5,806		0.01
									77,944		72,633		0.16
Technology Hardware, Storage & Peripherals
Lytx, Inc.	(4)(11)	SOFR +	5.00%	8.78%	6/13/2024	2/28/2028	75,139		75,168		75,139		0.17
Trading Companies & Distributors
BCPE Empire Holdings, Inc.	(9)	SOFR +	3.50%	7.17%	3/12/2026	12/29/2032	8,000		8,006		7,890		0.02
BCPE Empire Holdings, Inc.	(9)	SOFR +	3.25%	6.92%	2/18/2026	12/11/2030	3,741		3,730		3,691		0.01
FCG Acquisitions, Inc.	(8)	SOFR +	3.25%	6.92%	3/5/2026	3/4/2033	9,531		9,507		9,543		0.02
Hillman Group, Inc.	(6)(9)	SOFR +	2.00%	5.67%	7/14/2021	7/14/2028	6,316		6,323		6,328		0.01
Icebox Holdco III, Inc.	(9)	SOFR +	3.25%	6.95%	12/22/2021	12/22/2031	8,818		8,815		8,842		0.02
Paramount Global Surfaces, Inc.	(4)(11)(17)	SOFR +	6.00%	9.77% (incl. 4.98% PIK)	4/30/2021	12/31/2028	83,481		83,071		54,262		0.12
Red Fox CD Acquisition Corp.	(4)(11)	SOFR +	6.00%	9.70%	3/4/2024	3/4/2030	106,941		105,322		106,941		0.24
Red Fox CD Acquisition Corp.	(4)(5)(7)(11)	SOFR +	6.00%	9.71%	5/31/2024	3/4/2030	24,400		23,733		24,400		0.05
White Cap Buyer, LLC	(8)	SOFR +	3.25%	6.92%	6/13/2024	10/19/2029	12,784		12,763		12,326		0.03
Windsor Holdings III, LLC	(8)	SOFR +	2.75%	6.42%	3/21/2025	8/1/2030	13,203		13,139		13,034		0.03
									274,409		247,257		0.55
Transportation Infrastructure
Apple Bidco, LLC	(8)	SOFR +	2.50%	6.17%	2/21/2025	9/23/2031	495		487		496		0.00
Capstone Acquisition Holdings, Inc.	(4)(11)	SOFR +	4.50%	8.27%	8/29/2024	11/13/2029	94,678		94,320		94,678		0.21
Capstone Acquisition Holdings, Inc.	(4)(11)	SOFR +	4.50%	8.27%	8/29/2024	11/13/2029	8,220		8,173		8,220		0.02
Enstructure, LLC	(4)(7)(9)	SOFR +	4.50%	8.18%	8/15/2025	8/15/2032	452,038		448,340		451,412		1.01
Frontline Road Safety, LLC	(4)(5)(7)(8)	SOFR +	4.75%	8.42% (incl. 2.00% PIK)	3/4/2025	3/4/2032	24,385		23,960		24,194		0.05
Frontline Road Safety, LLC	(4)(8)	SOFR +	4.75%	8.42% (incl. 2.00% PIK)	3/4/2025	3/4/2032	83,105		82,419		82,690		0.18
Frontline Road Safety, LLC	(4)(5)(8)	SOFR +	4.75%	8.42% (incl. 2.00% PIK)	5/15/2025	3/4/2032	25,832		25,719		25,703		0.06
Frontline Road Safety, LLC	(4)(8)	SOFR +	4.75%	8.42% (incl. 2.00% PIK)	12/31/2025	3/4/2032	15,299		15,153		15,222		0.03

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)



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

First Lien Debt - non-controlled/non-affiliated (continued)
Transportation Infrastructure (continued)
Frontline Road Safety, LLC	(4)(5)(7)(8)	SOFR +	4.75%	8.42% (incl. 2.00% PIK)	9/26/2025	3/4/2032	$	14,996	$	14,927	$	14,850	0.03	%
Helix TS, LLC	(4)(10)	SOFR +	5.00%	8.70%	8/4/2021	8/4/2030	99,127		98,258		98,136		0.22
Helix TS, LLC	(4)(10)	SOFR +	5.00%	8.70%	8/4/2021	8/4/2030	116,982		116,111		115,812		0.26
Helix TS, LLC	(4)(10)	SOFR +	5.00%	8.70%	12/22/2023	8/4/2030	13,587		13,410		13,451		0.03
Helix TS, LLC	(4)(5)(10)	SOFR +	5.00%	8.67%	12/14/2022	8/4/2030	5,274		5,264		5,222		0.01
Helix TS, LLC	(4)(5)(7)(10)	SOFR +	5.00%	8.70%	10/21/2025	8/4/2030	67,350		66,582		66,332		0.15
Italian Motorway Holdings S.à r.l	(4)(6)(8)	E +	5.25%	7.38%	4/28/2022	4/28/2029	EUR	236,429	245,753		273,276		0.61
Roadsafe Holdings, Inc.	(4)(11)	SOFR +	5.75%	9.63%	4/19/2021	10/19/2027	70,697		70,315		70,697		0.16
Roadsafe Holdings, Inc.	(4)(11)	SOFR +	5.75%	9.49%	1/31/2022	10/19/2027	75,355		75,075		75,355		0.17
Roadsafe Holdings, Inc.	(4)(11)	SOFR +	5.75%	9.65%	4/19/2021	10/19/2027	54,006		53,959		54,006		0.12
Roadsafe Holdings, Inc.	(4)(5)(11)	P +	4.75%	11.50%	9/11/2024	10/19/2027	4,290		4,247		4,290		0.01
Safety Borrower Holdings, LP	(4)(11)	SOFR +	4.75%	8.42%	12/19/2025	12/19/2032	68,280		68,013		68,280		0.15
Safety Borrower Holdings, LP	(4)(5)(7)(11)	P +	3.75%	10.50%	9/1/2021	12/19/2032	333		282		313		0.00
Sam Holding Co, Inc.	(4)(11)	SOFR +	5.50%	9.27%	9/24/2021	9/24/2027	145,169		144,451		145,168		0.32
Sam Holding Co, Inc.	(4)(11)	SOFR +	5.50%	9.27%	9/19/2023	9/24/2027	62,400		61,939		62,400		0.14
Sam Holding Co, Inc.	(4)(11)	SOFR +	5.50%	9.25%	9/19/2023	9/24/2027	39,294		39,000		39,294		0.09
Sam Holding Co, Inc.	(4)(11)	SOFR +	5.50%	9.25%	9/24/2021	9/24/2027	45,058		44,849		45,058		0.10
Sam Holding Co, Inc.	(4)(7)(11)	SOFR +	5.50%	9.27%	9/5/2024	9/24/2027	47,517		47,196		47,517		0.11
Sam Holding Co, Inc.	(4)(5)(7)(11)	SOFR +	5.50%	9.31%	11/5/2025	9/24/2027	8,778		8,555		8,778		0.02
Swissport Stratosphere USA, LLC	(6)(8)	SOFR +	2.75%	6.41%	1/14/2026	4/4/2031	3,000		3,022		2,993		0.01
TRP Infrastructure Services, LLC	(4)(11)	SOFR +	5.50%	9.32%	7/9/2021	7/9/2028	70,551		70,241		70,375		0.16
TRP Infrastructure Services, LLC	(4)(11)	SOFR +	5.50%	9.32%	12/2/2024	7/9/2028	44,000		43,815		43,890		0.10
TRP Infrastructure Services, LLC	(4)(5)(7)(11)	SOFR +	5.50%	9.31%	9/9/2025	7/9/2028	37,836		37,468		37,666		0.08
									2,031,303		2,065,774		4.61
Wireless Telecommunication Services
CCI Buyer, Inc.	(4)(7)(10)	SOFR +	5.00%	8.70%	5/13/2025	5/13/2032	115,313		114,246		114,668		0.25
CyrusOne Revolving Warehouse	(4)(6)(7)(8)	SOFR +	2.95%	6.62%	7/12/2024	7/2/2027	166,829		166,376		166,829		0.37
SBA Senior Finance II, LLC	(6)(8)	SOFR +	1.75%	5.42%	6/16/2025	1/25/2031	2,775		2,781		2,788		0.01
									283,403		284,285		0.63
Total First Lien Debt - non-controlled/non-affiliated									73,626,433		72,447,160		160.85

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)



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

First Lien Debt - non-controlled/affiliated
Aerospace & Defense
Align Precision Group, LLC	(4)(11)(16)	SOFR +	6.75%	10.45% PIK	7/3/2025	7/3/2030	$	23,308	$	23,309	$	23,309	0.06	%
Align Precision Group, LLC	(4)(5)(7)(11)(16)	SOFR +	6.75%	10.45% PIK	7/3/2025	7/3/2030	4,751		4,736		4,751		0.01
									28,045		28,060		0.07
Media
DMS Purchaser, LLC	(4)(5)(6)(14)(16)	SOFR +	7.50%	11.17% (incl. 6.50% PIK)	2/24/2025	2/28/2030	6,554		6,554		6,554		0.01
Total First Lien Debt - non-controlled/affiliated									34,599		34,614		0.08
First Lien Debt - controlled/affiliated
Chemicals
Pigments Services, Inc.	(4)(6)(14)(16)(17)	SOFR +	8.25%	12.02% PIK	4/14/2023	4/14/2029	27,010		15,191		0		0.00
Pigments Services, Inc.	(4)(6)(14)(16)(17)	SOFR +	8.25%	12.02% PIK	4/14/2023	4/14/2029	13,189		11,573		7,097		0.02
									26,764		7,097		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	62,075		49,530		8,492		0.02
									62,101		8,492		0.02
Media
Prodege International Holdings, LLC	(4)(5)(10)(16)	SOFR +	5.25%	9.04% (incl. 3.25% PIK)	2/12/2026	12/31/2030	201,554		201,554		201,553		0.45
Prodege International Holdings, LLC	(4)(5)(10)(16)	SOFR +	5.75%	9.54% PIK	2/12/2026	12/31/2030	98,607		98,607		98,607		0.22
									300,161		300,160		0.67
Oil, Gas & Consumable Fuels
Pibb Member, LLC	(4)(5)(6)(8)(16)		6.41%	6.41%	11/22/2024	12/20/2049	2,116		2,116		2,180		0.00
Professional Services
Material Holdings, LLC	(4)(5)(10)(16)	SOFR +	6.00%	9.80% (incl. 6.04% PIK)	6/14/2024	8/19/2027	236,872		235,940		220,290		0.48
Material Holdings, LLC	(4)(5)(10)(16)(17)	SOFR +	6.00%	9.80% PIK	6/14/2024	8/19/2027	65,347		57,075		0		0.00
Material Holdings, LLC	(4)(5)(7)(10)(16)	SOFR +	6.00%	9.80% PIK	6/14/2024	8/19/2027	13,628		13,613		13,254		0.03
									306,628		233,544		0.51
Total First Lien Debt - controlled/affiliated									697,770		551,473		1.22
Total First Lien Debt									74,358,802		73,033,247		162.15

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)



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

Second Lien Debt
Second Lien Debt - non-controlled/non-affiliated
Aerospace & Defense
Peraton Corp.	(10)	SOFR +	7.75%	11.52%	5/6/2021	2/1/2029	$	43,259	$	43,029	$	31,363	0.07	%
Commercial Services & Supplies
DG Investment Intermediate Holdings 2, Inc.	(4)(8)	SOFR +	5.50%	9.17%	7/23/2025	7/31/2033	22,000		21,899		21,560		0.05
OMNIA Partners, LLC	(4)(8)	SOFR +	5.00%	8.67%	5/31/2024	5/31/2032	165,000		164,364		165,000		0.37
OMNIA Partners, LLC	(4)(8)	SOFR +	5.00%	8.67%	10/29/2025	5/31/2032	87,500		87,295		87,500		0.19
									273,558		274,060		0.61
Construction & Engineering
Thermostat Purchaser III, Inc.	(4)(10)	SOFR +	7.25%	11.07%	8/31/2021	8/31/2029	32,725		32,516		31,907		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	3,010		2,622		0.01
Hunter UK Bidco, Ltd.	(4)(6)(8)	S +	7.50%	11.34%	8/19/2021	8/19/2029	GBP	65,340	88,275		74,809		0.17
Inizio Group, Ltd.	(4)(6)(8)	SOFR +	7.25%	11.05%	12/31/2021	8/19/2029	15,000		14,834		12,863		0.03
Inizio Group, Ltd.	(4)(5)(6)(8)	SOFR +	7.25%	11.05%	3/31/2022	8/19/2029	10,000		9,885		8,575		0.02
Jayhawk Buyer, LLC	(4)(5)(11)	SOFR +	9.00%	12.77%	5/26/2021	7/16/2028	6,537		6,503		6,193		0.01
									122,507		105,062		0.24
Health Care Technology
Project Ruby Ultimate Parent Corp.	(4)(10)	SOFR +	5.25%	9.03%	10/15/2024	3/10/2029	100,934		100,597		99,925		0.22
Insurance
Alera Group, Inc.	(9)	SOFR +	5.50%	9.18%	5/21/2025	5/30/2033	91,508		91,096		88,648		0.20
SQ ABS Issuer, LLC	(4)(6)(8)		9.65%	9.65%	10/11/2024	10/20/2039	10,834		10,707		10,726		0.02
									101,803		99,374		0.22
Interactive Media & Services
Speedster Bidco, GmbH	(4)(6)(8)	CA +	5.50%	7.81%	12/10/2024	2/13/2032	CAD	681,018	478,488		467,524		1.04
IT Services
Dcert Buyer, Inc.	(8)	SOFR +	7.00%	10.67%	2/19/2021	2/19/2029	60,975		61,062		47,103		0.10
Inovalon Holdings, Inc.	(4)(10)	SOFR +	8.50%	12.43% PIK	4/11/2025	11/24/2033	150,168		148,599		133,650		0.30
Orion US Finco, Inc.	(4)(6)(8)	SOFR +	5.50%	9.15%	10/10/2025	10/10/2033	4,000		3,962		3,790		0.01
OT Luxco 2 S.à r.l.	(4)(5)(6)(8)	E +	8.75%	10.85% PIK	10/10/2024	9/30/2029	EUR	23,637	25,680		26,638		0.06
									239,303		211,181		0.47
Life Sciences Tools & Services
Curia Global, Inc.	(4)(10)(17)	SOFR +	10.50%	14.43% PIK	9/1/2021	3/7/2030	53,166		52,742		11,696		0.03
Machinery
Victory Buyer, LLC	(4)(8)	SOFR +	6.00%	9.67%	2/13/2026	2/13/2034	21,379		21,175		21,379		0.05
Media
HMH Education, Inc.	(4)(9)	SOFR +	8.50%	12.17%	4/7/2022	4/8/2030	80,500		79,676		65,607		0.15
Pharmaceuticals
Rossini, S.à r.l.	(4)(5)(6)(8)	E +	7.00%	9.50% PIK	4/6/2025	3/30/2030	EUR	27,222	30,971		31,307		0.07

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)



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

Second Lien Debt - non-controlled/non-affiliated (continued)
Professional Services
CoreLogic, Inc.	(9)	SOFR +	6.50%	10.28%	6/4/2021	6/4/2029	$	65,488	$	65,227	$	61,232	0.14	%
Kwor Acquisition, Inc.	(4)(5)(11)	SOFR +	8.00%	11.67% PIK	2/28/2025	2/28/2030	2,336		2,336		2,336		0.01
Sedgwick Claims Management Services, Inc.	(4)(8)	SOFR +	5.00%	8.67%	7/31/2024	7/31/2031	230,000		228,180		230,000		0.51
Thevelia US, LLC	(4)(6)(9)	SOFR +	5.00%	8.70%	6/17/2022	6/17/2032	182,046		179,139		182,046		0.40
									474,882		475,614		1.06
Real Estate Management & Development
Progress Residential PM Holdings, LLC	(4)(8)	SOFR +	4.75%	8.42%	9/11/2025	9/11/2028	101,340		100,516		100,327		0.22
Software
Boxer Parent Company, Inc.	(8)	SOFR +	5.75%	9.42%	7/30/2024	7/30/2032	55,594		55,137		46,838		0.10
CB Nike Holdco, LLC	(4)(11)	SOFR +	7.35%	11.02% PIK	11/25/2024	11/26/2029	236,535		233,113		234,169		0.52
Cloudera, Inc.	(9)	SOFR +	6.00%	9.77%	10/8/2021	10/8/2029	66,697		66,452		51,912		0.12
Delta Topco, Inc.	(8)	SOFR +	5.25%	8.92%	5/1/2024	12/1/2030	129,605		128,894		114,484		0.25
Denali Holdco, Ltd.	(4)(5)(6)(8)		9.80%	9.80% PIK	9/5/2025	9/5/2032	EUR	5,266	6,115		5,995		0.01
Denali Holdco, Ltd.	(4)(5)(6)(8)		11.20%	11.20% PIK	9/5/2025	9/5/2032	GBP	3,055	4,088		3,983		0.01
Flash Charm, Inc.	(8)	SOFR +	6.75%	10.56%	3/2/2021	3/2/2029	27,051		26,925		18,919		0.04
IGT Holding II, AB	(4)(6)(8)	SOFR +	6.15%	9.78% PIK	8/13/2024	8/29/2033	142,952		140,944		142,952		0.32
INK BC Bidco S.p.A.	(4)(6)(8)	E +	8.25%	10.39% PIK	7/17/2025	7/16/2033	EUR	15,049	17,149		17,134		0.04
INK BC Bidco S.p.A.	(4)(6)(8)	E +	8.25%	10.37%	11/12/2025	7/17/2033	EUR	11,234	12,774		12,790		0.03
Kaseya, Inc.	(8)	SOFR +	5.00%	8.67%	3/20/2025	3/20/2033	125,000		124,021		100,521		0.22
Mandolin Technology Intermediate Holdings, Inc.	(4)(9)	SOFR +	6.50%	10.30% (incl. 6.50% PIK)	7/30/2021	7/30/2029	34,126		33,941		28,666		0.06
Project Alpha Intermediate Holding, Inc.	(9)	SOFR +	5.00%	8.70%	11/21/2024	11/21/2032	49,542		49,322		30,394		0.07
Proofpoint, Inc.	(4)(5)(8)	E +	5.75%	9.45%	12/8/2025	12/8/2033	EUR	26,552	30,679		29,309		0.07
Proofpoint, Inc.	(4)(5)(8)	SOFR +	5.75%	9.45%	12/8/2025	12/8/2033	41,706		41,306		39,829		0.09
Solis Midco, SAS	(4)(5)(6)(8)	E +	7.75%	9.85% PIK	10/8/2025	10/8/2033	EUR	104	119		117		0.00
Teamsystem Holdco 3 S.p.A.	(4)(5)(6)(8)	E +	5.75%	7.90%	7/7/2025	7/7/2033	EUR	41,546	48,252		46,460		0.10
Vision Solutions, Inc.	(10)	SOFR +	7.25%	11.18%	4/23/2021	4/23/2029	41,439		41,317		29,707		0.07
									1,060,548		954,179		2.12
Trading Companies & Distributors
BCPE Empire Holdings, Inc.	(4)(11)	SOFR +	5.25%	8.92%	4/4/2025	12/31/2031	72,514		71,586		71,426		0.16
Total Second Lien Debt - non-controlled/non-affiliated									3,283,897		3,051,931		6.80
Total Second Lien Debt									3,283,897		3,051,931		6.80

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	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.	(6)(8)		4.80%	4.80%	9/10/2024	3/15/2029	$	1,000	$	1,021	$	1,016	0.00	%
Amgen, Inc.	(6)(8)		5.15%	5.15%	9/10/2024	3/2/2028	1,000		1,017		1,015		0.00
Biogen, Inc.	(5)(6)(8)		2.25%	2.25%	9/10/2024	5/1/2030	1,000		924		914		0.00
Gilead Sciences, Inc.	(5)(6)(8)		1.65%	1.65%	9/10/2024	10/1/2030	1,000		900		891		0.00
Regeneron Pharmaceuticals, Inc.	(5)(6)(8)		1.75%	1.75%	9/10/2024	9/15/2030	1,000		902		887		0.00
									4,764		4,723		0.00
Health Care Equipment & Supplies
Abbott Laboratories	(5)(6)(8)		1.40%	1.40%	9/10/2024	6/30/2030	1,000		911		888		0.00
Alcon Finance Corp.	(5)(6)(8)		2.60%	2.60%	9/10/2024	5/27/2030	1,000		937		925		0.00
Boston Scientific Corp.	(5)(6)(8)		2.65%	2.65%	9/10/2024	6/1/2030	1,000		944		932		0.00
									2,792		2,745		0.00
Health Care Technology
Healthcomp Holding Company, LLC	(4)(5)(8)		13.75%	13.75% PIK	11/8/2023	11/7/2031	26,012		25,619		22,891		0.05
IT Services
Evergreen Services Group PIK Holdco, LLC	(4)(5)(8)		12.75%	12.75% PIK	9/19/2025	4/5/2031	31,283		30,742		30,814		0.07
Evergreen Services Group PIK Holdco, LLC	(4)(5)(8)		12.75%	12.75% PIK	9/19/2025	4/5/2031	6,102		5,995		6,010		0.01
									36,737		36,824		0.08
Life Sciences Tools & Services
Thermo Fisher Scientific, Inc.	(6)(8)		5.00%	5.00%	9/10/2024	1/31/2029	1,000		1,025		1,020		0.00
Pharmaceuticals
Astrazeneca Finance, LLC	(6)(8)		4.85%	4.85%	9/10/2024	2/26/2029	1,000		1,022		1,017		0.00
Bristol-Myers Squibb, Co.	(6)(8)		4.90%	4.90%	9/10/2024	2/22/2029	1,000		1,023		1,021		0.00
Eli Lilly & Co.	(6)(8)		4.20%	4.20%	9/10/2024	8/14/2029	1,000		1,008		1,001		0.00
GlaxoSmithKline Capital PLC	(6)(8)		3.38%	3.38%	9/10/2024	6/1/2029	1,000		982		974		0.00
Johnson & Johnson	(6)(8)		4.80%	4.80%	9/10/2024	6/1/2029	1,000		1,030		1,026		0.00
Merck & Co, Inc.	(6)(8)		4.30%	4.30%	9/10/2024	5/17/2030	1,000		1,012		999		0.00
Novartis Capital Corp.	(5)(6)(8)		2.20%	2.20%	9/10/2024	8/14/2030	1,000		935		916		0.00
Novo Nordisk Finance Netherlands, BV	(6)(8)		3.13%	3.13%	9/10/2024	1/21/2029	EUR	1,000	1,113		1,153		0.00
Pfizer, Inc.	(5)(6)(8)		1.70%	1.70%	9/10/2024	5/28/2030	1,000		915		899		0.00
Roche Holdings, Inc.	(6)(8)		4.20%	4.20%	9/10/2024	9/9/2029	1,000		1,006		999		0.00
Takeda Pharmaceutical Co, Ltd.	(6)(8)		2.05%	2.05%	9/10/2024	3/31/2030	1,000		921		909		0.00
Teva Pharmaceutical Finance Netherlands III, BV	(6)(8)		3.15%	3.15%	9/10/2024	10/1/2026	1,000		990		991		0.00
									11,957		11,905		0.00
Total Unsecured Debt - non-controlled/non-affiliated									82,894		80,108		0.13
Total Unsecured Debt									82,894		80,108		0.13

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	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
Capital Markets
Lloyds Bank PLC	(4)(6)(8)	S +	5.25%	8.98%	12/10/2025	2/18/2035	GBP	21,849	$	29,247	$	28,726	0.06	%
Financial Services
1988 CLO 3, Ltd. - Class ER	(4)(6)(8)	SOFR +	6.25%	9.42%	10/7/2025	10/15/2040	$	2,000	2,000		1,958		0.00
522 Funding CLO 2020-6, Ltd. - Class ER	(4)(6)(8)	SOFR +	6.50%	10.43%	11/9/2021	10/23/2034	3,000		3,000		2,484		0.01
Allegro CLO VIII-S Ltd - Class E2	(4)(6)(8)	SOFR +	8.00%	11.91%	10/3/2024	10/15/2037	2,000		2,000		2,003		0.00
Allegro CLO XVIII Ltd - Class E2	(4)(6)(8)	SOFR +	7.50%	11.17%	10/30/2024	1/25/2038	2,225		2,225		2,172		0.00
ARES LI CLO Ltd - Class ER2	(4)(6)(8)	SOFR +	6.25%	9.92%	11/1/2024	10/15/2037	4,000		4,000		3,878		0.01
Ares LVI CLO Ltd - Class ER2	(4)(6)(8)	SOFR +	5.35%	9.02%	12/27/2024	1/25/2038	7,000		7,000		6,330		0.01
Ares LX CLO Ltd - Class E	(4)(6)(8)	SOFR +	6.25%	10.18%	5/6/2021	7/18/2034	5,000		4,982		4,718		0.01
Bain Capital Credit CLO 2022-6 Ltd - Class ER	(4)(6)(8)	SOFR +	6.25%	9.92%	10/25/2024	1/22/2038	2,000		2,000		1,851		0.00
Bain Capital Credit CLO 2024-3 Ltd - Class E	(4)(6)(8)	SOFR +	6.25%	9.92%	5/16/2024	7/16/2037	2,500		2,500		2,333		0.01
Bain Capital Credit CLO 2022-1, Ltd - Class ER	(4)(6)(8)	SOFR +	6.35%	10.02%	10/9/2025	10/18/2038	5,000		5,000		4,551		0.01
Balboa Bay Loan Funding 2021-2, Ltd. - Class E	(4)(6)(8)	SOFR +	6.60%	10.53%	10/20/2021	1/20/2035	7,000		6,953		6,545		0.01
Balboa Bay Loan Funding 2024-1 Ltd - Class E	(4)(6)(8)	SOFR +	6.25%	9.92%	5/17/2024	7/20/2037	2,300		2,300		2,301		0.01
Barings CLO Ltd 2018-II - Class ER	(4)(6)(8)	SOFR +	6.90%	10.57%	8/9/2024	7/15/2036	4,000		4,000		3,844		0.01
Barings CLO Ltd 2019-IV - Class ER	(4)(6)(8)	SOFR +	6.40%	10.07%	5/13/2024	7/15/2037	5,000		5,000		4,821		0.01
Barings CLO Ltd 2021-III - Class E	(4)(6)(8)	SOFR +	6.65%	10.58%	11/17/2021	1/18/2035	7,200		7,200		5,929		0.01
Barings CLO Ltd 2022-II - Class ER	(4)(6)(8)	SOFR +	6.90%	10.57%	7/2/2024	7/15/2039	5,000		5,000		4,630		0.01
Benefit Street Partners CLO XXVI Ltd - Class ER	(4)(6)(8)	SOFR +	6.00%	9.67%	7/3/2024	7/20/2037	3,000		3,000		2,954		0.01
BlueMountain CLO XXIX Ltd - Class ER	(4)(6)(8)	SOFR +	6.86%	10.79%	7/15/2021	7/25/2034	2,750		2,704		2,495		0.01
Broad River Ltd 2020-1 - Class ER	(4)(6)(8)	SOFR +	6.50%	10.43%	5/17/2021	7/20/2034	7,000		6,962		6,731		0.01
Carlyle US CLO 2018-4, Ltd. - Class E1R	(4)(6)(8)	SOFR +	6.43%	10.10%	7/23/2024	10/17/2037	1,000		974		934		0.00
Carlyle US CLO 2018-4, Ltd. - Class E2R	(4)(6)(8)	SOFR +	7.86%	11.53%	7/23/2024	10/17/2037	5,000		5,022		5,014		0.01
Carlyle US CLO 2021-7, LTD. - Class ER	(4)(6)(8)	SOFR +	5.50%	9.17%	3/26/2025	4/15/2040	4,650		4,650		4,217		0.01
Carlyle US CLO 2022-4 Ltd - Class ER	(4)(6)(8)	SOFR +	6.75%	10.42%	7/12/2024	7/25/2036	4,000		4,000		3,902		0.01

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)



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

Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)
Financial Services (continued)
Carlyle US CLO 2023-4, Ltd. - Class ER	(4)(6)(8)	SOFR +	5.40%	9.07%	10/20/2025	10/25/2038	$	6,500	$	6,500	$	6,278	0.01	%
Carlyle US CLO 2025-1, Ltd. - Class E	(4)(6)(8)	SOFR +	5.70%	9.37%	4/1/2025	4/25/2038	4,000		4,000		3,919		0.01
Carval CLO V-C, Ltd. - Class E	(4)(6)(8)	SOFR +	6.75%	10.68%	11/24/2021	10/15/2034	8,000		7,947		7,493		0.02
Carval CLO VIII-C Ltd - Class E2R	(4)(6)(8)	SOFR +	7.60%	11.27%	9/13/2024	10/22/2037	2,000		2,000		1,997		0.00
Carval CLO X-C Ltd - Class E	(4)(6)(8)	SOFR +	6.15%	9.82%	6/13/2024	7/20/2037	3,000		3,000		2,944		0.01
CarVal CLO XI C Ltd - Class E	(4)(6)(8)	SOFR +	6.35%	10.02%	8/14/2024	10/20/2037	3,000		3,000		2,971		0.01
CBAM 2017-1 Ltd - Class ER2	(4)(6)(8)	SOFR +	6.93%	10.60%	11/5/2024	1/20/2038	10,000		9,820		9,873		0.02
CBAM 2018-8 Ltd - Class E1R	(4)(6)(8)	SOFR +	7.40%	11.07%	5/10/2024	7/15/2037	4,000		4,000		3,970		0.01
CBAM 2018-8 Ltd - Class E2R	(4)(6)(8)	SOFR +	6.37%	10.04%	5/10/2024	7/15/2037	1,000		966		942		0.00
Dryden 78 CLO Ltd - Class E1R	(4)(6)(8)	SOFR +	7.70%	11.37%	4/4/2024	4/17/2037	4,000		4,000		3,952		0.01
Dryden 78 CLO Ltd - Class E2R	(4)(6)(8)	SOFR +	6.63%	10.30%	4/4/2024	4/17/2037	1,000		980		929		0.00
Dryden 95 CLO, Ltd. - Class E	(4)(6)(8)	SOFR +	6.15%	10.30%	7/29/2021	8/20/2034	7,000		7,000		6,468		0.01
Eaton Vance CLO 2019-1 Ltd - Class ER2	(4)(6)(8)	SOFR +	6.40%	10.07%	5/9/2024	7/15/2037	5,000		5,000		4,580		0.01
Elmwood CLO 30 Ltd - Class F	(4)(6)(8)	SOFR +	7.25%	10.92%	5/22/2024	7/17/2037	4,500		4,502		4,149		0.01
Elmwood CLO XII, Ltd. - Class FR	(4)(6)(8)	SOFR +	8.75%	12.42%	11/18/2025	10/15/2037	5,000		4,692		4,267		0.01
Fort Washington CLO 2021-2, Ltd. - Class E	(4)(6)(8)	SOFR +	6.61%	10.54%	8/4/2021	10/20/2034	13,000		12,899		12,322		0.04
Galaxy 30 CLO Ltd - Class ER	(4)(6)(8)	SOFR +	5.90%	9.57%	12/9/2024	1/15/2038	5,000		5,000		4,821		0.01
Galaxy 35 CLO, Ltd. - Class E	(4)(6)(8)	SOFR +	5.00%	8.67%	3/11/2025	4/20/2038	6,001		6,001		5,871		0.01
Galaxy 36 CLO, Ltd. - Class E	(4)(6)(8)	SOFR +	4.90%	8.68%	10/27/2025	10/15/2038	6,500		6,500		6,354		0.01
Goldentree Loan Management US CLO 17, Ltd. - Class FR	(4)(6)(8)	SOFR +	8.00%	11.67%	6/27/2025	1/20/2039	2,500		2,456		2,300		0.01
GoldenTree Loan Management US CLO 23 Ltd - Class F	(4)(6)(8)	SOFR +	7.75%	11.42%	11/26/2024	1/20/2039	3,500		3,475		3,224		0.01
Goldentree Loan Management US CLO 26, Ltd. - Class F	(4)(6)(8)	SOFR +	7.83%	11.50%	7/9/2025	7/20/2038	3,000		2,972		2,759		0.01
Goldentree Loan Management US CLO 15, Ltd. - Class ER2	(4)(6)(8)	SOFR +	5.00%	8.67%	10/14/2025	10/20/2038	7,000		7,000		6,843		0.02
Halseypoint CLO 5, Ltd. - Class E	(4)(6)(8)	SOFR +	6.94%	10.88%	11/19/2021	1/30/2035	9,500		9,372		7,542		0.02
Halseypoint CLO 7, Ltd. - Class ER	(4)(6)(8)	SOFR +	6.59%	10.26%	6/6/2025	7/20/2038	6,900		6,835		6,441		0.01
Harvest US CLO 2025-1, Ltd. - Class E	(4)(6)(8)	SOFR +	5.35%	9.02%	8/13/2025	4/18/2038	3,000		3,016		2,938		0.01
HPS Loan Management 2024-20 Ltd - Class E	(4)(6)(8)	SOFR +	6.20%	9.87%	5/15/2024	7/25/2037	2,921		2,928		2,867		0.01

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	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)
HPS Loan Management 2025-24 Ltd - Class E	(4)(6)(8)	SOFR +	4.65%	8.32%	3/11/2025	4/25/2038	$	4,000	$	4,000	$	3,913	0.01	%
Invesco CLO 2022-3 Ltd - Class ER	(4)(6)(8)	SOFR +	6.75%	10.42%	9/30/2024	10/22/2037	3,500		3,487		3,239		0.01
Jamestown CLO XV, Ltd. - Class ER	(4)(6)(8)	SOFR +	7.06%	10.73%	5/28/2024	7/15/2035	3,000		2,975		2,765		0.01
MidOcean Credit CLO XI Ltd - Class ER2	(4)(6)(8)	SOFR +	6.00%	9.67%	11/25/2024	1/18/2036	2,000		2,000		1,923		0.00
Morgan Stanley Eaton Vance CLO 2023-19A Ltd - Class ER	(4)(6)(8)	SOFR +	6.10%	9.77%	10/16/2024	10/20/2037	2,200		2,200		1,980		0.00
Morgan Stanley Eaton Vance CLO 2023-19, Ltd. - Class ER	(4)(6)(8)	SOFR +	5.50%	9.17%	11/21/2025	7/15/2038	3,000		2,835		2,769		0.01
Neuberger Berman Loan Advisers CLO 30, Ltd. - Class ER2	(4)(6)(8)	SOFR +	5.15%	8.82%	12/23/2024	1/20/2039	3,500		3,500		3,410		0.01
New Mountain CLO 1 Ltd - Class ERR	(4)(6)(8)	SOFR +	5.25%	8.92%	2/7/2025	1/15/2038	2,000		2,000		1,916		0.00
Northwoods Capital XI-B Ltd - Class ER	(4)(6)(8)	SOFR +	7.35%	11.02%	7/3/2024	7/19/2037	3,412		3,361		3,148		0.01
Oaktree CLO 2019-3 Ltd - Class ER2	(4)(6)(8)	SOFR +	6.75%	10.42%	10/24/2024	1/20/2038	5,000		5,000		4,777		0.01
Oaktree CLO 2022-2, Ltd. - Class ER2	(4)(6)(8)	SOFR +	6.40%	10.07%	8/7/2025	10/15/2037	2,500		2,534		2,462		0.01
OCP CLO 2021-22, Ltd. - Class ER	(4)(6)(8)	SOFR +	5.75%	9.42%	10/18/2024	10/20/2037	2,000		2,000		1,982		0.00
OCP CLO 2020-18 Ltd - Class ER2	(4)(6)(8)	SOFR +	6.25%	9.92%	7/30/2024	7/20/2037	1,000		1,000		981		0.00
OCP CLO 2017-13 Ltd - Class ER2	(4)(6)(8)	SOFR +	5.90%	9.57%	11/5/2024	11/26/2037	5,000		5,000		4,951		0.01
Octagon Investment Partners 41, Ltd. - Class ER	(4)(6)(8)	SOFR +	7.13%	11.06%	9/24/2021	10/15/2033	2,500		2,492		2,028		0.00
Orion CLO 2024-4 LTD - Class E	(4)(6)(8)	SOFR +	6.00%	9.67%	10/25/2024	10/20/2037	5,000		5,000		4,846		0.01
Parallel 2020-1 Ltd - Class DR	(4)(6)(8)	SOFR +	6.50%	10.43%	6/14/2021	7/20/2034	3,500		3,447		3,342		0.01
Park Avenue Institutional Advisers CLO Ltd 2022-1 - Class D	(4)(6)(8)	SOFR +	7.29%	10.96%	2/11/2022	4/20/2035	6,000		5,876		5,854		0.01
Pikes Peak CLO 10 - Class ER	(4)(6)(8)	SOFR +	5.90%	9.57%	11/22/2024	1/22/2038	5,000		5,000		4,648		0.01
Pikes Peak CLO 17 Ltd - Class E	(4)(6)(8)	SOFR +	5.75%	9.42%	11/1/2024	1/15/2038	4,000		4,000		3,921		0.01
Pikes Peak CLO 3 - Class ERR	(4)(6)(8)	SOFR +	6.61%	10.54%	8/13/2021	10/25/2034	3,000		3,009		2,736		0.01
Pikes Peak CLO 8 - Class ER	(4)(6)(8)	SOFR +	5.75%	9.42%	12/19/2024	1/20/2038	1,000		1,000		926		0.00
Pikes Peak CLO 15 2023, Ltd. - Class ER	(4)(6)(8)	SOFR +	5.75%	9.42%	10/10/2025	10/20/2038	5,000		5,000		4,832		0.01
Post CLO 2022-1, Ltd. - Class E	(4)(6)(8)	SOFR +	6.75%	10.42%	2/15/2022	4/20/2035	5,000		4,983		4,664		0.01
Post CLO 2024-1, Ltd. - Class E	(4)(6)(8)	SOFR +	6.80%	10.47%	2/6/2024	4/20/2037	2,500		2,500		2,496		0.01
Post CLO VII, Ltd. - Class E	(4)(6)(8)	SOFR +	5.40%	9.11%	10/30/2025	1/20/2039	4,000		4,000		3,998		0.01
PPM CLO 5, Ltd. - Class E	(4)(6)(8)	SOFR +	6.50%	10.43%	9/17/2021	10/18/2034	4,800		4,800		3,481		0.01

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	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)
Rad CLO 14, Ltd. - Class E	(4)(6)(8)	SOFR +	6.50%	10.67%	11/2/2021	1/15/2035	$	6,750	$	6,750	$	5,832	0.01	%
Rad CLO 16 Ltd - Class ER	(4)(6)(8)	SOFR +	6.50%	10.17%	5/3/2024	7/15/2037	5,000		5,000		4,494		0.01
Rad CLO 17 Ltd - Class ER	(4)(6)(8)	SOFR +	6.25%	9.92%	11/5/2024	1/20/2038	5,000		5,000		4,617		0.01
Rad CLO 25 Ltd - Class E	(4)(6)(8)	SOFR +	6.00%	9.67%	5/16/2024	7/20/2037	3,000		3,000		2,778		0.01
Rad CLO 3 Ltd - Class E1R2	(4)(6)(8)	SOFR +	5.88%	9.55%	6/18/2024	7/15/2037	2,715		2,668		2,335		0.01
Rad CLO 3 Ltd - Class E2R2	(4)(6)(8)	SOFR +	7.00%	9.55%	6/18/2024	7/15/2037	2,715		2,715		2,498		0.01
Rad CLO 9 Ltd - Class ER	(4)(6)(8)	SOFR +	5.75%	9.42%	12/19/2024	1/15/2038	3,000		3,000		2,769		0.01
RAD CLO 27 Ltd - Class E	(4)(6)(8)	SOFR +	5.30%	8.97%	1/22/2025	1/15/2038	10,000		10,000		9,435		0.02
Regatta IX Funding Ltd. - Class ER	(4)(6)(8)	SOFR +	6.83%	10.50%	4/10/2024	4/17/2037	3,820		3,896		3,590		0.01
Regatta XXI Funding Ltd - Class ER	(4)(6)(8)	SOFR +	6.25%	9.92%	11/5/2024	10/15/2037	4,000		4,000		3,782		0.01
Sagard-Halseypoint Clo 9, Ltd. - Class E	(4)(6)(8)	SOFR +	5.85%	9.52%	3/31/2025	4/20/2038	5,250		5,201		4,967		0.01
Sound Point CLO XXVII, Ltd. - Class ER	(4)(6)(8)	SOFR +	6.56%	10.49%	10/1/2021	10/25/2034	5,000		4,934		3,819		0.01
Symphony CLO 44 Ltd - Class E	(4)(6)(8)	SOFR +	6.15%	9.82%	5/20/2024	7/14/2037	2,500		2,500		2,454		0.01
Tikehau US CLO VII, Ltd. - Class E	(4)(6)(8)	SOFR +	5.50%	9.17%	8/13/2025	2/25/2038	3,000		3,016		2,939		0.01
Trinitas CLO XVI Ltd - Class E	(4)(6)(8)	SOFR +	7.00%	10.93%	6/14/2021	7/20/2034	5,000		4,857		4,270		0.01
Vibrant CLO IV-R Ltd - Class E	(4)(6)(8)	SOFR +	7.90%	11.57%	9/19/2024	10/20/2037	1,000		973		925		0.00
Vibrant CLO XIII, Ltd - Class ER	(4)(6)(8)	SOFR +	7.59%	11.26%	11/1/2024	1/15/2038	3,250		3,221		2,957		0.01
Voya CLO 2019-4, Ltd. - Class ER	(4)(6)(8)	SOFR +	6.71%	10.63%	12/14/2021	1/15/2035	8,250		8,139		7,742		0.02
Warwick Capital CLO 7, Ltd. - Class E	(4)(6)(8)	SOFR +	5.25%	9.20%	8/15/2025	10/21/2038	5,000		5,000		4,888		0.01
Wellington Management CLO 1, Ltd. - Class ER	(4)(6)(8)	SOFR +	5.50%	9.17%	10/17/2025	10/20/2038	3,000		3,000		2,934		0.01
									408,202		383,622		0.90
Total Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated									437,449		412,348		0.96
Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated
Financial Services
Aimco CLO 20, Ltd. - Subordinated Notes	(4)(6)	Estimated Yield:		11.89%	11/7/2025	10/16/2038	5,659		5,084		4,502		0.01
Ballyrock CLO 20, Ltd. - Subordinated Notes	(4)(6)	Estimated Yield:		10.69%	2/24/2025	10/15/2036	6,000		4,122		2,935		0.01
Ballyrock CLO 23, Ltd. - Subordinated Notes	(4)(6)	Estimated Yield:		10.85%	6/26/2025	4/25/2038	5,000		3,297		2,543		0.01
Ballyrock CLO 27, Ltd. - Subordinated Notes	(4)(6)	Estimated Yield:		11.27%	5/28/2025	10/25/2037	12,500		8,886		6,814		0.02
Barings CLO, Ltd. Tango - Units	(4)(6)(7)				11/21/2025	11/21/2026	713		713		755		0.00
Birch Grove CLO 11, Ltd. - Subordinated Notes	(4)(6)	Estimated Yield:		5.71%	11/15/2024	1/22/2038	11,000		10,846		7,989		0.02

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	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)
Carlyle Euro CLO 2022-5 DAC - Subordinated Notes	(4)(6)	Estimated Yield:	11.54%	5/16/2025	4/25/2037	EUR	3,736	$	2,355	$	2,064	0.00	%
Carlyle Global Market Strategies Euro CLO 2014-1 DAC - Subordinated Notes	(4)(6)	Estimated Yield:	11.60%	5/2/2025	4/15/2038	EUR	11,473	8,204		7,311		0.02
Carval CLO XIII-C Ltd - Units	(4)(6)(7)			7/22/2025	6/24/2027	$	4,594	4,594		5,077		0.01
CVC Cordatus Loan Fund XXXIV DAC - Subordinated Notes	(4)(6)	Estimated Yield:	8.81%	2/14/2025	4/20/2038	EUR	3,250	3,077		2,962		0.01
Elmwood CLO 14, Ltd. - Subordinated Notes	(4)(6)	Estimated Yield:	14.25%	9/10/2025	4/20/2035	17,381		8,458		6,537		0.01
Elmwood CLO 18, Ltd. - Subordinated Notes	(4)(6)	Estimated Yield:	5.81%	3/4/2025	7/17/2037	4,000		1,995		1,234		0.00
Elmwood CLO II, Ltd. - Subordinated Notes	(4)(6)	Estimated Yield:	3.92%	11/21/2024	4/20/2034	8,650		5,479		2,862		0.01
Flatiron CLO 21, Ltd. - Subordinated Notes	(4)(6)	Estimated Yield:	12.25%	5/5/2025	7/19/2034	3,000		1,904		1,218		0.00
Flatiron CLO 34, Ltd. - Units	(4)(6)(7)			10/23/2025	10/8/2026	700		700		772		0.00
Flatiron RR CLO 30, Ltd. - Subordinated Notes	(4)(6)	Estimated Yield:	11.81%	3/24/2025	4/15/2038	7,000		5,651		5,111		0.01
Galaxy 34 CLO, Ltd. - Subordinated Notes	(4)(6)	Estimated Yield:	8.89%	9/26/2024	10/20/2037	20,000		16,685		10,872		0.02
Galaxy 35 CLO, Ltd. - Subordinated Notes	(4)(6)	Estimated Yield:	11.33%	3/11/2025	4/20/2038	17,490		15,475		11,091		0.02
Galaxy CLO Warehouse 2025-1, Ltd. - Units	(4)(6)(7)			7/11/2025	10/8/2026	13,875		13,875		15,038		0.03
HPS Freshwater Warehouse Parent, Ltd. - Units	(4)(6)(7)			8/8/2025	10/8/2026	6,298		6,298		6,948		0.02
HPS Loan Management 2025-24, Ltd. - Subordinated Notes	(4)(6)	Estimated Yield:	10.70%	3/11/2025	4/25/2038	10,000		8,388		6,445		0.01
Kennedy Lewis CLO 7, Ltd. - Subordinated Notes	(4)(6)	Estimated Yield:	9.27%	1/31/2025	4/22/2037	10,000		4,958		2,423		0.01
Kennedy Lewis CLO 15, Ltd. - Subordinated Notes	(4)(6)	Estimated Yield:	10.17%	5/20/2025	7/20/2037	6,000		3,652		2,501		0.01
MidOcean Credit CLO XIX - Subordinated Notes	(4)(6)	Estimated Yield:	6.91%	6/24/2025	7/20/2036	9,000		6,693		4,975		0.01
MidOcean Credit CLO XV, Ltd. - Subordinated Notes	(4)(6)	Estimated Yield:	7.90%	5/10/2024	7/21/2037	5,000		3,328		2,242		0.00
New Mountain CLO 6, Ltd. - Class M	(4)(6)			8/23/2024	10/15/2037	1,875		0		207		0.00
New Mountain CLO 6, Ltd. - Subordinated Notes	(4)(6)	Estimated Yield:	8.12%	8/23/2024	10/15/2037	18,750		14,958		11,105		0.02
New Mountain CLO 7, Ltd. - Subordinated Notes	(4)(6)	Estimated Yield:	12.52%	8/23/2024	3/31/2038	19,368		16,090		12,499		0.03

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	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)
New Mountain CLO 8, Ltd. - Subordinated Notes	(4)(6)	Estimated Yield:	10.33%	10/29/2025	10/20/2038	$	5,000	$	4,134	$	3,535	0.01	%
New Mountain CLO 8, Ltd. - Class M	(4)(6)			10/29/2025	10/20/2038	500		0		0		0.00
OCP CLO 2022-25, Ltd. - Subordinated Notes	(4)(6)	Estimated Yield:	10.38%	9/11/2025	7/20/2037	10		5,457		5,036		0.01
OCP CLO 2020-8R, Ltd. - Subordinated Notes	(4)(6)	Estimated Yield:	12.38%	11/3/2025	10/17/2038	11,360		3,840		3,605		0.01
Penta CLO Beacon DAC -Units	(4)(6)(7)			1/8/2026	1/8/2027	EUR	1,250	1,461		1,388		0.00
Pikes Peak Bravo - Units	(4)(6)(7)			9/15/2025	9/5/2027	4,960		4,960		5,143		0.01
Pikes Peak CLO 10 - Subordinated Notes	(4)(6)	Estimated Yield:	9.53%	12/10/2024	1/22/2038	5,200		3,085		2,059		0.00
Rad CLO 25, Ltd. - Subordinated Notes	(4)(6)	Estimated Yield:	4.43%	5/16/2024	7/20/2037	5,000		3,862		2,213		0.00
RAD CLO 26, Ltd. - Subordinated Notes	(4)(6)	Estimated Yield:	8.10%	8/7/2024	10/20/2037	7,180		5,788		3,872		0.01
RAD CLO 27, Ltd. - Subordinated Notes	(4)(6)	Estimated Yield:	8.14%	12/11/2024	1/15/2038	29,325		25,445		14,487		0.03
Regatta Kilo - Units	(4)(6)(7)			6/13/2025	12/27/2026	7,077		7,077		7,709		0.02
Regatta XXIX Funding, Ltd. - Subordinated Notes	(4)(6)	Estimated Yield:	10.25%	7/28/2025	9/6/2037	7,500		5,992		4,609		0.01
Signal Peak CLO 11, Ltd. - Subordinated Notes	(4)(6)	Estimated Yield:	9.47%	6/5/2024	7/18/2037	5,000		4,064		3,534		0.01
Signal Peak CLO 14, Ltd. - Subordinated Notes	(4)(6)	Estimated Yield:	11.00%	12/20/2024	1/22/2038	26,000		19,500		16,114		0.04
Sixth Street CLO 27, Ltd. - Subordinated Notes	(4)(6)	Estimated Yield:	8.65%	11/1/2024	1/17/2038	16,500		13,018		9,914		0.02
Sixth Street CLO XXI, Ltd. - Subordinated Notes	(4)(6)	Estimated Yield:	9.42%	9/12/2024	10/21/2037	8,000		5,433		3,739		0.01
Sixth Street CLO XXII, Ltd. - Subordinated Notes	(4)(6)	Estimated Yield:	11.16%	8/1/2025	4/22/2125	6,500		4,482		3,496		0.01
Vibrant CLO XVI, Ltd. - Subordinated Notes	(4)(6)	Estimated Yield:	10.61%	7/26/2024	7/15/2036	12,000		8,033		4,853		0.01
Whitebox CLO V, Ltd. - Subordinated Notes	(4)(6)	Estimated Yield:	7.63%	4/3/2025	7/20/2038	20,500		17,632		13,799		0.03
								329,028		256,137		0.56
Total Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated								329,028		256,137		0.56
Total Structured Finance Obligations - non-controlled/non-affiliated								766,477		668,485		1.52
Total Structured Finance Obligations								766,477		668,485		1.52

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	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
Micross Topco, Inc. - Common Equity	(4)			3/28/2022		116	$	125	$	192	0.00	%
Air Freight & Logistics
Mode Holdings, LP - Class A-2 Common Units	(4)			1/7/2021		1,076,923	1,077		118		0.00
Red Griffin ParentCo, LLC - Class A Common Units	(4)			11/27/2024		13,857	58,837		13,382		0.04
							59,914		13,500		0.04
Biotechnology
Axsome Therapeutics, Inc. - Common Stock	(6)			5/6/2025		12,303	1,318		2,079		0.00
Moderna, Inc. - Common Stock	(6)			9/12/2024		12,613	983		641		0.00
							2,301		2,720		0.00
Capital Markets
Resolute Investment Managers, Inc. - Common Equity				12/29/2023		48,476	1,212		82		0.00
Commercial Services & Supplies
Genstar Neptune Blocker, LLC - Blocker Note	(4)			12/2/2024		159,782	160		160		0.00
Genstar Neptune Blocker, LLC - Blocker Units	(4)			12/2/2024		3,982	6,272		7,338		0.02
Genstar Neptune Blocker, LLC - Class Z Units	(4)			12/2/2024		1,041	1,480		1,751		0.00
GTCR Investors, LP - Class A-1 Common Units	(4)			9/29/2023		893,584	894		1,226		0.00
GTCR/Jupiter Blocker, LLC - Blocker Note	(4)			12/2/2024		115,036	115		115		0.00
GTCR/Jupiter Blocker, LLC - Class Z Units	(4)			12/2/2024		749	1,065		1,260		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	3,978		4,230		0.01
Jupiter Ultimate Holdings, LLC - Class C Common Units	(4)			11/8/2024		5,084,731	4,035		5,288		0.01
RC VI Buckeye Holdings, LLC - LLC Units	(4)			1/2/2025		6,589,068	6,589		7,643		0.02
							24,590		29,013		0.06

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	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)
Distributors
Box Co-Invest Blocker, LLC - (BP Alpha Holdings, LP) - Class A Units	(4)			12/10/2021		3	$	3,308	$	0	0.00	%
Box Co-Invest Blocker, LLC - (BP Alpha Holdings, LP) - Class C Preferred Units	(4)			7/12/2023		1	390		0		0.00
							3,698		0		0.00
Diversified Consumer Services
Cambium Holdings, LLC - Senior Preferred Interest	(4)		11.50%	8/3/2021		29,194,330	28,734		37,490		0.10
DTA, LP - Class A Common Units	(4)			3/25/2024		3,028,272	3,284		4,891		0.01
							32,018		42,381		0.11
Diversified Telecommunication Services
Point Broadband Holdings, LLC - Class A Common Units	(4)			10/1/2021		12,870	10,915		14,221		0.03
Point Broadband Holdings, LLC - Class B Common Units	(4)			10/1/2021		685,760	1,955		2,009		0.00
Point Broadband Holdings, LLC - Class Additional A Common Units	(4)			3/24/2022		2,766	2,346		3,056		0.01
Point Broadband Holdings, LLC - Class Additional B Common Units	(4)			3/24/2022		147,380	420		432		0.00
							15,636		19,718		0.04
Electrical Equipment
Griffon Aggregator, Ltd. - LP Interest	(4)			7/31/2025		3,272,887	3,273		3,698		0.01
Electronic Equipment, Instruments & Components
NSI Parent, LP - Class A Common Units	(4)			12/23/2024		3,272,884	2,634		3,109		0.01
Spectrum Safety Solutions Purchaser, LLC - Common Equity	(4)(6)			7/1/2024		22,774,695	22,775		26,646		0.06
							25,409		29,755		0.07
Financial Services
Muzinich Enhanced Loan Origination Fund I, LP - LP Interest	(4)(6)(7)(21)			12/8/2025		17,239,782	20,203		20,745		0.05
THL Fund IX Investors (Plymouth II), LP - LP Interest	(4)			8/31/2023		530,344	530		947		0.00
							20,733		21,692		0.05
Health Care Equipment & Supplies
GCX Corporation Group Holdings, L.P. - Class A-2 Units	(4)			9/10/2021		4,853	4,853		1,820		0.00

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)



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

Equity and other - non-controlled/non-affiliated (continued)
Health Care Providers & Services
AVE Holdings I Corp. - Series A-1 Preferred Shares	(4)		11.50%	2/25/2022		12,237,213	$	11,870	$	5,201	0.01	%
CD&R Artemis Holdco 2, Limited - Preferred Shares	(4)(6)		10.00%	8/19/2021		33,000,000	43,662		52,768		0.12
CD&R Ulysses Equity Holdings, LP - Common Shares	(4)(6)			8/19/2021		5,317,524	5,438		2,659		0.01
Jayhawk Holdings, LP - Class A-1 Common Units	(4)			5/26/2021		12,472	2,220		299		0.00
Jayhawk Holdings, LP - Class A-2 Common Units	(4)			5/26/2021		6,716	1,195		161		0.00
Maia Aggregator, LP - Class A Units	(4)			2/1/2022		19,700,000	19,700		19,700		0.04
NC Eve, LP - LP Interest	(4)(6)			2/22/2022		2,500,000	3,398		0		0.00
WHCG Purchaser, Inc. - Class A Common Units	(4)			8/2/2024		10,966,377	0		0		0.00
							87,483		80,788		0.18
Health Care Technology
Azalea Parent Corp. - Series A-1 Preferred Shares	(4)		12.75%	4/30/2024		91,500	89,213		119,866		0.28
Caerus Midco 2 S.à r.l. - Additional Vehicle Units	(4)(6)			10/28/2022		988,290	988		89		0.00
Caerus Midco 2 S.à r.l. - Vehicle Units	(4)(6)			5/25/2022		4,941,452	4,941		3,953		0.01
Healthcomp Holding Company, LLC - Preferred Interest	(4)		6.00%	11/8/2023		18,035	1,804		72		0.00
							96,946		123,980		0.29
Insurance
Beacon HC, Ltd. - Class A Shares	(4)(6)			12/4/2025		750	47		47		0.00
Beacon HC, Ltd. - Class C Shares	(4)(6)			12/4/2025		42	3		3		0.00
SelectQuote, Inc. - Warrants	(4)(6)			10/11/2024		2,204,746	0		397		0.00
Shelf Holdco, Ltd. - Common Equity	(4)(6)			12/30/2022		1,300,000	1,300		4,940		0.01
							1,350		5,387		0.01
IT Services
NC Ocala Co-Invest Beta, LP - LP Interest	(4)			11/12/2021		25,687,196	25,687		12,587		0.03
Life Sciences Tools & Services
Falcon Top Parent, LLC - Class A Common Units	(4)			11/6/2024		4,440,995	4,441		4,441		0.01

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	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)
Pharmaceuticals
Elanco Animal Health, Inc. - Royalty Equity	(4)(6)				5/5/2025		75,000,000	$	70,284	$	91,391	0.20	%
Professional Services
Kwor Intermediate I, Inc. - Class A Common Shares	(4)				2/28/2025		1,289	1,175		225		0.00
Kwor Intermediate I, Inc. - Preferred Equity	(4)				2/28/2025		1,378	1,378		1,559		0.00
OHCP V TC COI, LP - LP Interest	(4)				6/29/2021		6,500,000	6,503		19,630		0.04
Tricor Horizon - LP Interest	(4)(6)				6/13/2022		15,009,079	15,009		15,309		0.03
Trinity Air Consultants Holdings Corp. - Common Units	(4)				6/12/2024		4,797	5		14		0.00
Victors CCC Topco, LP - Common Equity	(4)				6/1/2022		9,600,000	9,600		17,088		0.04
								33,670		53,825		0.11
Real Estate Management & Development
Community Management Holdings Parent, LP - Series A Preferred Units	(4)			8.00%	11/1/2024		1,783,823	1,784		1,998		0.00
Software
AI Titan Group Holdings, LP - Class A-2 Common Units	(4)				8/28/2024		1,103	1,103		1,177		0.00
Connatix Parent, LLC - Class L Common Units	(4)				7/14/2021		126,136	1,388		226		0.00
Descartes Holdings, Inc. - Class A Common Stock	(4)				10/9/2023		93,758	4,060		0		0.00
Expedition Holdco, LLC - Common Units	(4)				2/24/2022		810,810	810		591		0.00
Knockout Intermediate Holdings I, Inc. - Perpetual Preferred Stock	(4)	SOFR +	10.75%	14.43%	6/23/2022		26,899	26,226		41,588		0.09
Mandolin Technology Holdings, Inc. - Series A Preferred Shares	(4)			10.50%	7/30/2021		31,950,000	30,992		36,242		0.08
Mimecast Limited - LP Interest	(4)				5/3/2022		75,088,584	75,089		82,598		0.20
Noble Aggregator GP, LLC - GP Units	(4)				10/14/2025		1,732	0		0		0.00
Noble Aggregator, LP - Common Equity Class A Units	(4)				10/14/2025		1,732	1,732		1,703		0.00
TPG IX Newark CI, LP - LP Interest	(4)				10/26/2023		3,891,673	3,892		3,721		0.01
TravelPerk, Inc. - Warrants	(4)(6)				5/2/2024		244,818	2,101		5,026		0.01
Zoro - Common Equity	(4)				11/22/2022		1,195,880	11,959		13,848		0.03
Zoro - Series A Preferred Shares	(4)	SOFR +	9.50%	13.18%	11/22/2022		10,720	10,345		16,562		0.04
								169,697		203,282		0.46

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	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)
Transportation Infrastructure
Enstructure, LLC - Series A-1 Units	(4)				9/27/2022		6,948,125	$	2,153	$	3,960	0.01	%
Enstructure, LLC - Preferred Equity	(4)	SOFR +	7.00%	10.66% PIK	8/15/2025		1,388,248	1,369		1,378		0.00
Ncp Helix Holdings, LLC - Preferred Shares	(4)			8.00%	8/3/2021		1,128,694	877		1,500		0.00
								4,399		6,838		0.01
Total Equity and other- non-controlled/non-affiliated								689,503		749,088		1.68
Equity and other - non-controlled/affiliated
Aerospace & Defense
Align Precision Group, LLC - Class A-3 Units	(4)(16)				7/3/2025		11,137	996		1,767		0.00
Distributors
GSO DL Co-Invest EIS LP (EIS Acquisition Holdings, LP - Class A Common Units)	(4)(6)(16)				11/1/2021		265,556	558		898		0.00
Media
DMS Topco, LLC - Class A Common Units	(4)(6)(16)				3/11/2025		133,433	5,432		3,896		0.01
Total Equity and other - non-controlled/affiliated								6,986		6,561		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)(21)				6/1/2025		18,628,295	477,500		487,316		1.08
Specialty Lending Company, LLC - LLC Interest	(4)(6)(16)				10/19/2021		387,279,000	387,279		396,535		0.88
								864,779		883,851		1.96
Insurance
CFCo, LLC (Benefytt Technologies, Inc.) - Class B Units	(4)(16)				9/28/2023		134,166,603	0		0		0.00
Media
Prodege International Holdings, LLC - Class A Units	(4)(16)				2/12/2026		76,634	129,944		129,944		0.29
Oil, Gas & Consumable Fuels
Pibb Member Holdings, LLC - LP Interest	(4)(6)(16)				11/22/2024		225,000,000	214,844		227,678		0.51

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)



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

Equity and other - controlled/affiliated (excluding Investments in Joint Ventures) (continued)
Professional Services
Material+ Holding Company, LLC - Class C Units	(4)(16)			6/14/2024		63,589	$	0	$	0	0.00	%
Material+ Holding Company, LLC - Class A Preferred Units	(4)(16)			3/6/2026		52	0		0		0.00
Material+ Holding Company, LLC - Class A Units	(4)(16)			3/6/2026		233	0		0		0.00
Material+ Holding Company, LLC - Class B Preferred Units	(4)(16)			3/6/2026		34	0		0		0.00
							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		1,662		0.00
Total Equity and other - controlled/affiliated (excluding Investments in Joint Ventures)							1,210,988		1,243,135		2.76
Total Equity and other							1,907,477		1,998,784		4.45
Investments in Joint Ventures
BCRED Emerald JV LP - LP Interest	(6)(16)			1/19/2022			1,836,000		1,539,677		3.41
BCRED Verdelite JV LP - LP Interest	(6)(16)			10/21/2022			117,706		97,149		0.22
							1,953,706		1,636,826		3.63
Total Investments in Joint Ventures							1,953,706		1,636,826		3.63
Total Investments - non-controlled/non-affiliated							78,449,204		76,996,772		170.98
Total Investments - non-controlled/affiliated							41,585		41,175		0.09
Total Investments - controlled/affiliated (excluding Investments in Joint Ventures)							1,908,758		1,794,608		3.98
Total Investments - Investments in Joint Ventures							1,953,706		1,636,826		3.63
Total Investment Portfolio							82,353,253		80,469,381		178.68
Cash and Cash Equivalents
Fidelity Investments Money Market Treasury Portfolio - Class I			3.55%				6,563		6,563		0.01
State Street Institutional U.S. Government Money Market Fund - Investor Class			3.52%				10,440		10,440		0.02
State Street Institutional U.S. Government Money Market Fund - Premier Class			3.60%				636,726		636,726		1.41
Other Cash and Cash Equivalents							2,133,680		2,133,680		4.74
Total Cash and Cash Equivalents							2,787,409		2,787,409		6.18
Total Portfolio Investments, Cash and Cash Equivalents							$	85,140,662	$	83,256,790	184.86	%

(1)Unless otherwise indicated, all debt and equity investments held by the Company (which such term “Company” shall include the Company’s consolidated subsidiaries for purposes of this Condensed Consolidated Schedule of Investments) are denominated in U.S. Dollars. As of March 31, 2026, 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.

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)

(2)Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either Sterling Overnight Interbank Average Rate (“SONIA” or “S”), Euro Interbank Offer Rate (“Euribor” or “E”), Secured Overnight Financing Rate (“SOFR”), Stockholm Interbank Offered Rate (“STIBOR” or “ST”), Copenhagen Interbank Offered Rate (“CIBOR” or “CI”), Norwegian Interbank Offered Rate (“NIBOR” or “N”), Swiss Average Rate Overnight (“SARON” or “SA”), New Zealand Bank Bill Reference Rate (“BKBM” or “B”), Australian Bank Bill Swap Bid Rate (“BBSY” or “BB”), Canadian Overnight Repo Rate Average (“CORRA” or “CA”), or an alternate base rate (commonly based on the Federal Funds Rate (“F”) or the U.S. Prime Rate (“P”)), which generally resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of March 31, 2026. Variable rate loans typically include an interest reference rate floor feature.

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

(4)These investments were valued using unobservable inputs and are considered Level 3 investments. Fair value was determined in good faith by or under the direction of the Board of Trustees (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, CLOs and short-term borrowings 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 70.0% of the Company’s total assets. As of March 31, 2026, non-qualifying assets represented 25.4% of total assets as calculated in accordance with regulatory requirements.

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

Investments

Commitment Type

Commitment Expiration Date

Unfunded Commitment

Fair Value

Abacus Holdco 2, Oy

Delayed Draw Term Loan

8/13/2027

181

—

Accordion Partners, LLC

Delayed Draw Term Loan

12/17/2027

34,528

—

Accordion Partners, LLC

Revolver

11/15/2031

9,612

(48)

Accuity Delivery Systems, LLC

Delayed Draw Term Loan

5/29/2026

88,690

(443)

Accuity Delivery Systems, LLC

Revolver

5/29/2031

29,497

(147)

ACI Group Holdings, Inc.

Revolver

8/2/2027

215

—

Acumatica Holdings, Inc.

Revolver

7/28/2032

10,565

(106)

ADCS Clinics Intermediate Holdings, LLC

Revolver

5/7/2026

2,341

—

AI Titan Parent, Inc.

Delayed Draw Term Loan

9/30/2026

17,093

—

AI Titan Parent, Inc.

Revolver

8/29/2031

13,784

(138)

Albireo Energy, LLC

Delayed Draw Term Loan

8/5/2027

8,128

—

Align Precision Group, LLC

Delayed Draw Term Loan

4/3/2030

350

—

Allium Buyer, LLC

Revolver

5/2/2029

249

(7)

Alpine Intel Intermediate 2, LLC

Delayed Draw Term Loan

12/20/2026

39,281

—

American Restoration Holdings, LLC

Delayed Draw Term Loan

2/19/2027

26,416

—

Amerilife Holdings, LLC

Revolver

8/31/2028

57,772

—

Amerilife Holdings, LLC

Delayed Draw Term Loan

6/17/2026

5,009

—

Amerilife Holdings, LLC

Delayed Draw Term Loan

2/28/2027

41,321

(103)

Amerivet Partners Management, Inc.

Revolver

2/25/2028

11,511

—

Ampirical Solutions, LLC

Delayed Draw Term Loan

9/30/2027

43,992

(220)

Ampirical Solutions, LLC

Revolver

9/30/2032

11,731

(117)

Analytic Partners, LP

Revolver

4/4/2030

4,891

(98)

Anaplan, Inc.

Revolver

6/21/2028

47,983

(960)

Animal Wellness Investments S.p.A

Delayed Draw Term Loan

1/15/2029

12,690

—

Anthracite Buyer Inc

Revolver

12/3/2032

19,960

(100)

Apex Companies, LLC

Delayed Draw Term Loan

10/24/2027

20,497

—

Aptean, Inc.

Revolver

1/29/2031

3,622

—

Aptean, Inc.

Delayed Draw Term Loan

2/14/2027

8,428

—

Armada Parent, Inc.

Revolver

10/29/2030

27,000

—

Arnhem BidCo, GmbH

Delayed Draw Term Loan

10/1/2027

42,221

—

Articulate Global, LLC

Revolver

10/24/2032

5,997

(30)

Aryeh Bidco Investment, Ltd.

Revolver

1/14/2033

4,088

(41)

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)

Investments

Commitment Type

Commitment Expiration Date

Unfunded Commitment

Fair Value

Aryeh Bidco Investment, Ltd.

Delayed Draw Term Loan

1/14/2028

4,905

—

Ascend Buyer, LLC

Revolver

9/30/2028

7,443

—

Astra Service Partners, LLC

Delayed Draw Term Loan

11/26/2027

43,265

—

Atlas CC Acquisition Corp.

Letter of Credit

5/25/2029

14,403

(324)

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

(28)

Baker Tilly Advisory Group, LP

Delayed Draw Term Loan

6/3/2027

55,251

(553)

Baker Tilly Advisory Group, LP

Revolver

6/3/2030

74,077

—

Bamboo US BidCo, LLC

Revolver

9/29/2029

6,470

—

Banyan Software Holdings, LLC

Revolver

1/2/2031

5,026

—

Banyan Software Holdings, LLC

Delayed Draw Term Loan

10/8/2027

55,593

—

Barings CLO, Ltd. Tango

Structured Finance Obligations - Equity Instruments

11/21/2026

3,088

—

Bayshore Intermediate #2, LP

Revolver

10/1/2027

20,406

—

Bazaarvoice, Inc.

Revolver

5/7/2029

60,787

(304)

Beacon Dc, Ltd.

Delayed Draw Term Loan

12/4/2027

1,000

(6)

Beacon Dc, Ltd.

Revolver

12/4/2032

680

—

Bimini Group Purchaser, Inc.

Revolver

4/26/2031

29,847

—

Biotouch Global Solutions, Inc.

Revolver

8/27/2032

4,721

—

Biotouch Global Solutions, Inc.

Delayed Draw Term Loan

8/27/2027

29,503

(221)

Blue Sky Buyer, LLC

Revolver

2/28/2033

21,308

—

Bluefin Holding, LLC

Revolver

9/12/2029

7,533

—

Brave Parent Holdings, Inc.

Revolver

11/28/2030

57,580

—

Brilliance Technologies, Inc.

Revolver

3/11/2032

52,952

(265)

Brilliance Technologies, Inc.

Delayed Draw Term Loan

9/11/2027

109,294

(68)

Businessolver.com, Inc.

Revolver

12/3/2032

12,611

(63)

Businessolver.com, Inc.

Delayed Draw Term Loan

12/3/2027

28,315

(71)

Caerus US 1, Inc.

Revolver

5/25/2029

13,975

—

Cambium Learning Group, Inc.

Revolver

7/20/2027

101,715

—

Cambrex Corp.

Revolver

3/5/2032

11,582

—

Canadian Hospital Specialties, Ltd.

Revolver

4/15/2027

2,570

—

Carr Riggs & Ingram Capital, LLC

Revolver

11/18/2031

3,484

—

Carr Riggs & Ingram Capital, LLC

Delayed Draw Term Loan

11/18/2026

15,232

—

Carval CLO XIII-C, Ltd.

Structured Finance Obligations - Equity Instruments

6/24/2027

4,781

—

Castle Management Borrower, LLC

Revolver

11/3/2029

2,750

—

Castle Management Borrower, LLC

Delayed Draw Term Loan

12/9/2027

20,234

—

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

(495)

CFGI Holdings, LLC

Revolver

11/2/2029

19,950

(499)

CFS Brands, LLC

Revolver

10/2/2029

11,726

—

Channelside AcquisitionCo, Inc.

Revolver

3/31/2028

18,758

(281)

Charger Debt Merger Sub, LLC

Delayed Draw Term Loan

5/9/2027

30,287

(76)

Charger Debt Merger Sub, LLC

Revolver

5/31/2030

5,300

—

Charger Debt Merger Sub, LLC

Delayed Draw Term Loan

5/31/2026

2,270

—

Chartwell Cumming Holding, Corp.

Revolver

11/16/2029

44,716

—

Chartwell Cumming Holding, Corp.

Delayed Draw Term Loan

2/23/2028

30,280

—

Cielo Bidco, Ltd.

Delayed Draw Term Loan

3/31/2030

532

—

Cielo Bidco, Ltd.

Delayed Draw Term Loan

3/31/2030

—

Cisive Holdings Corp.

Revolver

12/7/2029

4,445

(89)

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)

Investments

Commitment Type

Commitment Expiration Date

Unfunded Commitment

Fair Value

Clearview Buyer, Inc.

Revolver

2/26/2029

11,857

—

CohnReznick Advisory, LLC

Delayed Draw Term Loan

3/31/2027

318

(7)

Commander Buyer, Inc.

Revolver

6/26/2032

29,425

(294)

Commander Buyer, Inc.

Delayed Draw Term Loan

6/26/2027

44,138

(221)

Community Management Holdings Midco 2, LLC

Revolver

11/1/2031

4,992

—

Community Management Holdings Midco 2, LLC

Delayed Draw Term Loan

7/8/2027

26,042

—

Compsych Investments Corp.

Delayed Draw Term Loan

7/22/2027

20,230

(910)

Connatix Buyer, Inc.

Revolver

7/14/2027

7,169

—

Connatix Buyer, Inc.

Delayed Draw Term Loan

4/9/2026

1,565

—

Conservice Midco, LLC

Revolver

2/25/2033

11,272

(107)

Consor Intermediate II, LLC

Delayed Draw Term Loan

5/10/2026

26,219

(48)

Consor Intermediate II, LLC

Revolver

5/10/2031

8,888

—

Continental Buyer, Inc.

Revolver

4/2/2031

4,282

—

Continental Buyer, Inc.

Revolver

4/2/2031

6,862

(34)

Continental Buyer, Inc.

Delayed Draw Term Loan

4/21/2028

6,567

(16)

Continental Buyer, Inc.

Revolver

4/2/2031

3,283

(16)

Coupa Software, Inc.

Delayed Draw Term Loan

6/3/2027

164

(6)

Coupa Software, Inc.

Revolver

2/27/2029

126

(8)

CRC Insurance Group, LLC

Revolver

5/6/2029

10,243

—

CRCI Longhorn Holdings, Inc.

Revolver

8/27/2031

11,110

(91)

CRCI Longhorn Holdings, Inc.

Delayed Draw Term Loan

8/27/2026

16,678

—

Creek Parent, Inc.

Revolver

12/18/2031

19,175

(336)

Crewline Buyer, Inc.

Revolver

11/8/2030

12,745

—

Crimson FLS Acquisition, Inc.

Delayed Draw Term Loan

2/18/2028

47,403

—

Crimson FLS Acquisition, Inc.

Revolver

2/18/2033

28,658

—

Crumbl Enterprises, LLC

Revolver

4/30/2032

6,881

(69)

CT Technologies Intermediate Holdings, Inc.

Delayed Draw Term Loan

8/30/2026

11,634

—

CT Technologies Intermediate Holdings, Inc.

Revolver

8/30/2031

34,417

(344)

CT Technologies Intermediate Holdings, Inc.

Delayed Draw Term Loan

5/23/2027

10,132

—

CT Technologies Intermediate Holdings, Inc.

Delayed Draw Term Loan

8/5/2027

10,080

—

CT Technologies Intermediate Holdings, Inc.

Delayed Draw Term Loan

5/23/2027

6,774

—

CyrusOne Revolving Warehouse

Revolver

7/2/2027

101,171

—

Databricks, Inc.

Delayed Draw Term Loan

1/5/2028

235,000

(1,175)

DCG Acquisition Corp.

Revolver

6/13/2031

36,470

(365)

DCG Acquisition Corp.

Delayed Draw Term Loan

6/13/2026

10,587

—

Denali Bidco, Ltd.

Delayed Draw Term Loan

9/5/2027

300

(3)

Denali Intermediate Holdings, Inc.

Revolver

8/26/2032

4,972

(50)

Denali TopCo, LLC

Delayed Draw Term Loan

8/26/2028

27,099

(135)

Denali TopCo, LLC

Revolver

8/26/2032

13,007

(65)

Diligent Corp.

Delayed Draw Term Loan

4/30/2026

50,000

(750)

Diligent Corp.

Revolver

8/2/2030

26,000

—

Discovery Education, Inc.

Revolver

4/9/2029

29,189

—

Divisions Holding Corp.

Revolver

4/17/2032

8,086

(81)

DM Intermediate Parent, LLC

Revolver

9/30/2030

28,484

—

DM Intermediate Parent, LLC

Delayed Draw Term Loan

9/30/2026

1,115

—

DM Intermediate Parent, LLC

Delayed Draw Term Loan

12/19/2027

46,086

—

Doit International, Ltd.

Delayed Draw Term Loan

11/25/2026

66,711

(500)

Doit International, Ltd.

Revolver

11/26/2029

33,356

—

DTA Intermediate II, Ltd.

Revolver

3/27/2030

12,961

—

DTI Holdco, Inc.

Revolver

1/25/2029

16,000

(2,801)

Duro Dyne National Corp.

Delayed Draw Term Loan

11/15/2026

34,499

(172)

Duro Dyne National Corp.

Revolver

11/15/2031

34,499

—

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)

Investments

Commitment Type

Commitment Expiration Date

Unfunded Commitment

Fair Value

Dwyer Instruments, LLC

Revolver

7/20/2029

4,040

—

Eagan Parent, Inc.

Delayed Draw Term Loan

9/8/2027

5,311

(13)

Eagan Parent, Inc.

Revolver

9/8/2032

2,833

(14)

East River Bidco, GmbH

Delayed Draw Term Loan

3/26/2028

—

Eden Acquisitionco, Ltd.

Delayed Draw Term Loan

11/17/2026

2,146

(29)

Edison Bidco, AS

Delayed Draw Term Loan

12/18/2026

679

—

Electro Switch Business Trust, LLC

Revolver

9/2/2032

23,430

(234)

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

2/12/2029

139,253

—

EMB Purchaser, Inc.

Delayed Draw Term Loan

3/13/2028

23,285

—

EMB Purchaser, Inc.

Revolver

3/12/2032

12,206

—

Emergency Power Holdings, LLC

Delayed Draw Term Loan

8/17/2027

12,036

(17)

Endeavor Schools Holdings, LLC

Delayed Draw Term Loan

1/3/2027

20,926

—

Enstructure, LLC

Delayed Draw Term Loan

6/10/2026

83,228

(624)

ENV Bidco, AB

Delayed Draw Term Loan

7/29/2026

31,622

(396)

Essential Services Holding Corp.

Delayed Draw Term Loan

6/17/2026

14,519

(73)

Essential Services Holding Corp.

Revolver

6/17/2030

5,434

—

Everbridge Holdings, LLC

Delayed Draw Term Loan

7/2/2026

5,292

—

Everbridge Holdings, LLC

Revolver

7/2/2031

3,481

—

Excelitas Technologies Corp.

Revolver

8/12/2028

14,780

(185)

Experity, Inc.

Delayed Draw Term Loan

9/13/2026

40,111

(201)

Experity, Inc.

Revolver

2/22/2030

17,835

(178)

Falcon Parent Holdings, Inc.

Delayed Draw Term Loan

8/15/2027

12,467

(94)

Falcon Parent Holdings, Inc.

Revolver

11/6/2031

11,696

—

Fastener Distribution Holdings, LLC

Delayed Draw Term Loan

10/31/2026

41,834

—

Fern Bidco, Ltd.

Delayed Draw Term Loan

7/3/2027

19,787

—

Fern Bidco, Ltd.

Delayed Draw Term Loan

3/15/2027

424,917

—

Flatiron CLO 34, Ltd.

Structured Finance Obligations - Equity Instruments

10/8/2026

3,300

—

Flexera Software, LLC

Revolver

8/15/2032

13,582

(34)

Forterro Group, AB

Delayed Draw Term Loan

6/28/2027

5,415

—

Foundation Risk Partners Corp.

Revolver

10/29/2029

13,219

—

Foundation Risk Partners Corp.

Delayed Draw Term Loan

2/26/2027

7,854

—

Frontgrade Technologies Holdings, Inc.

Revolver

1/9/2028

464

—

Frontline Road Safety, LLC

Revolver

3/4/2032

13,878

(69)

Frontline Road Safety, LLC

Delayed Draw Term Loan

3/4/2028

14,243

—

FusionSite Midco, LLC

Revolver

11/17/2029

7,152

—

FusionSite Midco, LLC

Delayed Draw Term Loan

4/30/2026

8,810

—

G&A Partners Holding Company II, LLC

Revolver

3/1/2030

6,575

(132)

Galaxy CLO Warehouse 2025-1, Ltd.

Structured Finance Obligations - Equity Instruments

10/8/2026

13,875

—

Galway Borrower, LLC

Revolver

9/29/2028

12,616

—

Galway Borrower, LLC

Delayed Draw Term Loan

2/7/2028

10,913

(27)

Gatekeeper Systems, Inc.

Delayed Draw Term Loan

8/27/2026

42,075

—

Gatekeeper Systems, Inc.

Revolver

8/28/2030

18,477

(647)

GFT Infrastructure, Inc.

Revolver

8/5/2030

22,394

—

GGG Midco, LLC

Delayed Draw Term Loan

4/1/2028

23,360

—

GGG Midco, LLC

Term Loan

4/1/2033

56,798

—

GGG Midco, LLC

Revolver

4/1/2033

11,451

—

GI Ranger Intermediate, LLC

Revolver

10/29/2027

6,480

—

Gigamon, Inc.

Revolver

3/10/2028

25,774

(644)

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)

Investments

Commitment Type

Commitment Expiration Date

Unfunded Commitment

Fair Value

Granicus, Inc.

Revolver

1/17/2031

4,284

—

Granicus, Inc.

Delayed Draw Term Loan

7/31/2026

679

(7)

Great Day Improvements, LLC

Revolver

6/13/2030

3,253

—

Grid Alliance Partners, LLC

Delayed Draw Term Loan

7/1/2027

3,688

(28)

Grid Alliance Partners, LLC

Revolver

7/1/2030

13,949

—

Griffon Bidco, Inc.

Delayed Draw Term Loan

9/30/2027

21,819

(109)

Griffon Bidco, Inc.

Revolver

7/31/2031

21,819

(218)

Ground Penetrating Radar Systems, LLC

Revolver

1/2/2032

11,776

—

Ground Penetrating Radar Systems, LLC

Delayed Draw Term Loan

7/2/2027

20,297

—

GS Acquisitionco, Inc.

Revolver

5/25/2028

2,140

—

GS Acquisitionco, Inc.

Delayed Draw Term Loan

5/16/2027

3,214

(8)

GTCR Everest Borrower, LLC

Revolver

9/5/2029

3,125

(108)

Guardian Bidco, Inc.

Delayed Draw Term Loan

8/14/2028

3,881

(39)

Gusto Sing Bidco Pte, Ltd.

Delayed Draw Term Loan

11/15/2027

102

—

Helix TS, LLC

Delayed Draw Term Loan

10/22/2027

34,503

—

Higginbotham Insurance Agency, Inc.

Delayed Draw Term Loan

12/11/2027

41,940

(105)

High Street Buyer, Inc.

Revolver

4/16/2027

4,186

(84)

High Street Buyer, Inc.

Delayed Draw Term Loan

7/18/2027

52,310

—

HMH Education, Inc.

Revolver

4/7/2027

11,700

—

Home Service TopCo IV, Inc.

Revolver

12/30/2027

19,964

(214)

Horizon CTS Buyer, LLC

Revolver

3/28/2032

25,803

—

Horizon CTS Buyer, LLC

Delayed Draw Term Loan

10/25/2027

33,333

(83)

HPS Freshwater Warehouse Parent, Ltd.

Structured Finance Obligations - Equity Instruments

10/8/2026

4,703

—

Icefall Parent, Inc.

Revolver

1/25/2030

8,637

—

IEM New Sub 2, LLC

Delayed Draw Term Loan

12/3/2027

62,860

(157)

IEM New Sub 2, LLC

Delayed Draw Term Loan

12/3/2027

76,076

(571)

IG Investments Holdings, LLC

Revolver

9/22/2028

55,717

—

Imagine 360, LLC

Delayed Draw Term Loan

9/18/2026

13,684

(68)

Imagine 360, LLC

Revolver

9/30/2028

8,582

(86)

Inception Fertility Ventures, LLC

Delayed Draw Term Loan

4/29/2026

61,644

—

INK BC Bidco S.p.A.

Delayed Draw Term Loan

7/16/2028

12,638

—

Integrity Marketing Acquisition, LLC

Revolver

8/25/2028

2,861

—

Integrity Marketing Acquisition, LLC

Delayed Draw Term Loan

8/27/2026

8,074

—

IQN Holding Corp.

Revolver

5/2/2028

2,309

—

IRI Group Holdings, Inc.

Revolver

12/1/2028

110,034

—

Iris Buyer, LLC

Revolver

10/2/2029

7,870

—

Iris Buyer, LLC

Delayed Draw Term Loan

8/4/2026

3,617

—

ISQ Hawkeye Holdco, Inc.

Delayed Draw Term Loan

8/20/2026

1,355

(10)

ISQ Hawkeye Holdco, Inc.

Revolver

8/20/2030

476

—

Java Buyer, Inc.

Delayed Draw Term Loan

2/6/2028

115,453

—

Java Buyer, Inc.

Revolver

12/15/2030

56,623

—

Java Buyer, Inc.

Delayed Draw Term Loan

2/6/2028

29,343

—

Jeppesen Holdings, LLC

Revolver

11/1/2032

17,000

(128)

Jones Fish Hatcheries & Distributors, LLC

Revolver

11/19/2032

4,116

(31)

Jones Fish Hatcheries & Distributors, LLC

Delayed Draw Term Loan

11/19/2027

16,216

—

JS Parent, Inc.

Revolver

4/24/2031

7,880

(39)

JSG II, Inc.

Delayed Draw Term Loan

9/30/2027

97,949

(245)

JSG II, Inc.

Revolver

9/30/2032

41,978

(210)

JSS Holdings, Inc.

Delayed Draw Term Loan

11/8/2026

136,995

(685)

June Purchaser, LLC

Delayed Draw Term Loan

11/29/2026

576

(1)

Kaseya, Inc.

Revolver

3/20/2030

25,000

(2,363)

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)

Investments

Commitment Type

Commitment Expiration Date

Unfunded Commitment

Fair Value

Kattegat Project Bidco, AB

Delayed Draw Term Loan

10/5/2026

12,225

(163)

Knight Acquireco, LLC

Delayed Draw Term Loan

11/6/2027

23,547

(59)

Knowledge Pro Buyer, Inc.

Delayed Draw Term Loan

6/11/2027

4,938

—

Knowledge Pro Buyer, Inc.

Revolver

12/10/2029

2,497

—

Knowledge Pro Buyer, Inc.

Revolver

12/10/2027

4,594

(46)

Koala Investment Holdings, Inc.

Revolver

8/29/2032

7,575

(76)

Koala Investment Holdings, Inc.

Delayed Draw Term Loan

2/29/2028

17,044

(85)

Kona Buyer, LLC

Revolver

7/23/2031

34,452

(172)

Kona Buyer, LLC

Delayed Draw Term Loan

6/27/2027

90,826

(454)

KStone Buyer, Inc.

Revolver

1/2/2032

20,985

(210)

KStone Buyer, Inc.

Delayed Draw Term Loan

1/2/2028

23,316

—

Kwol Acquisition, Inc.

Revolver

12/6/2029

1,659

—

Kwor Acquisition, Inc.

Revolver

2/28/2030

1,093

—

Kwor Acquisition, Inc.

Delayed Draw Term Loan

2/28/2027

1,379

(7)

Loar Group, Inc.

Delayed Draw Term Loan

9/30/2026

35,000

—

Lobos Parent, Inc.

Delayed Draw Term Loan

9/26/2028

9,998

(39)

Lobos Parent, Inc.

Revolver

9/26/2031

5,180

(39)

Lobos Parent, Inc.

Revolver

9/26/2031

2,331

(17)

LogicMonitor, Inc.

Revolver

11/19/2031

11,450

(143)

LogicMonitor, Inc.

Delayed Draw Term Loan

9/1/2027

15,648

(98)

LPW Group Holdings, Inc.

Revolver

3/15/2030

6,566

—

Lsf12 Crown US Commercial Bidco, LLC

Revolver

12/2/2029

24,405

(145)

LSF12 Helix Parent, LLC

Revolver

2/10/2031

36,000

(810)

LSF12 Phoenix Holdco, LLC

Revolver

3/25/2033

17,500

(297)

Magic Bidco, Inc.

Delayed Draw Term Loan

7/1/2026

14,677

—

Magic Bidco, Inc.

Revolver

7/1/2030

830

—

Magneto Components BuyCo, LLC

Revolver

12/5/2029

8,983

(67)

Mandolin Technology Intermediate Holdings, Inc.

Revolver

4/30/2028

7,855

—

MannKind Corp.

Delayed Draw Term Loan

8/6/2027

29,592

—

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

18,165

—

Maverick Bidco, Inc.

Revolver

12/2/2031

17,099

(64)

Maverick Bidco, Inc.

Delayed Draw Term Loan

12/2/2027

17,351

—

Mavis Tire Express Services Topco, Corp.

Revolver

5/4/2028

4,388

—

MB2 Dental Solutions, LLC

Revolver

2/13/2031

2,151

—

Medline Borrower, LP

Revolver

10/21/2026

17,850

(102)

MEDX AMCP Holdings, LLC

Revolver

7/21/2032

3,952

(40)

MEDX AMCP Holdings, LLC

Delayed Draw Term Loan

7/21/2027

9,237

(43)

MHE Intermediate Holdings, LLC

Revolver

7/21/2027

482

—

Minerva Bidco, Ltd.

Delayed Draw Term Loan

12/2/2028

53,627

(404)

Minotaur Acquisition, Inc.

Revolver

5/10/2030

9,910

—

ML Holdco, LLC

Delayed Draw Term Loan

10/24/2027

17,655

(44)

Modernizing Medicine, Inc.

Revolver

4/30/2032

4,208

(42)

More Cowbell II, LLC

Delayed Draw Term Loan

9/3/2027

5,872

(27)

More Cowbell II, LLC

Revolver

9/1/2029

12,971

—

MPG Parent Holdings, LLC

Revolver

1/8/2030

2,232

—

MPG Parent Holdings, LLC

Delayed Draw Term Loan

1/8/2027

4,065

—

MRH Trowe Beteiligungsgesellschaft mbH

Delayed Draw Term Loan

5/15/2028

—

MRH Trowe Beteiligungsgesellschaft mbH

Revolver

11/15/2031

—

MRI Software, LLC

Revolver

2/10/2028

20,436

—

MRI Software, LLC

Delayed Draw Term Loan

10/2/2027

8,711

—

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)

Investments

Commitment Type

Commitment Expiration Date

Unfunded Commitment

Fair Value

Muzinich Enhanced Loan Origination Fund I, LP

Equity

26,571

—

Natus Medical, Inc.

Revolver

7/21/2027

5,250

—

NAVEX TopCo, Inc.

Delayed Draw Term Loan

10/14/2027

57,143

(143)

NAVEX TopCo, Inc.

Revolver

10/14/2031

11,668

(213)

Navigator Acquiror, Inc.

Delayed Draw Term Loan

7/15/2030

15,767

—

Navigator Acquiror, Inc.

Delayed Draw Term Loan

7/15/2030

15,767

—

NDC Acquisition Corp.

Revolver

3/9/2028

2,055

—

NDT Global Holding, Inc.

Revolver

6/4/2032

9,645

—

NDT Global Holding, Inc.

Delayed Draw Term Loan

6/4/2027

11,371

—

Nephele III, BV

Delayed Draw Term Loan

12/17/2027

—

Neptune Holdings, Inc.

Revolver

8/31/2029

2,000

(50)

Netsmart Technologies, Inc.

Delayed Draw Term Loan

11/17/2027

18,756

(94)

Netsmart Technologies, Inc.

Revolver

8/23/2031

26,555

(266)

Noble Midco 3, Ltd.

Delayed Draw Term Loan

6/10/2027

9,042

(45)

Noble Midco 3, Ltd.

Revolver

12/10/2030

4,672

—

North Haven Ushc Acquisition, Inc.

Revolver

10/29/2027

1,549

—

North Haven Ushc Acquisition, Inc.

Delayed Draw Term Loan

8/28/2026

23,938

—

Oak Funding, LLC

Delayed Draw Term Loan

12/2/2027

13,774

(69)

Octane Purchaser, Inc.

Revolver

5/19/2032

35,253

(176)

Octane Purchaser, Inc.

Delayed Draw Term Loan

11/19/2027

88,133

—

OEConnection, LLC

Revolver

12/18/2032

4,858

(24)

OEConnection, LLC

Delayed Draw Term Loan

12/23/2028

18,447

—

OEI, Inc.

Delayed Draw Term Loan

12/29/2027

19,722

(74)

OEI, Inc.

Revolver

12/29/2031

7,889

(59)

OMEGA II AB

Delayed Draw Term Loan

6/17/2028

17,930

(45)

ONS MSO, LLC

Revolver

7/8/2028

1,083

—

Onward Acquireco, Inc.

Revolver

4/1/2033

23,449

—

Onward Acquireco, Inc.

Delayed Draw Term Loan

4/1/2028

56,282

(211)

Optimizely North America, Inc.

Revolver

10/30/2031

3,007

(30)

Optus 1011, GmbH

Delayed Draw Term Loan

11/30/2028

80,234

(797)

Oxford Global Resources, Inc.

Revolver

8/17/2027

9,254

—

Paisley Bidco, Ltd.

Delayed Draw Term Loan

5/7/2027

2,102

(8)

PAS Parent, Inc.

Delayed Draw Term Loan

8/18/2028

41,432

(207)

PAS Parent, Inc.

Revolver

8/18/2031

19,250

(192)

Patriot Growth Insurance Services, LLC

Revolver

10/16/2028

7,135

(143)

Pave America Holding, LLC

Revolver

8/27/2032

13,115

—

Pave America Holding, LLC

Delayed Draw Term Loan

8/29/2027

19,064

—

PDI TA Holdings, Inc.

Revolver

2/3/2031

466

—

Penta CLO Beacon DAC

Structured Finance Obligations - Equity Instruments

1/8/2027

10,226

—

Petrus Buyer, Inc.

Revolver

10/17/2029

3,688

—

Phoenix 1 Buyer Corp.

Revolver

11/20/2029

8,349

—

Pike Electric Corp.

Revolver

12/18/2032

39,994

(200)

Pike Electric Corp.

Delayed Draw Term Loan

12/19/2028

59,991

(150)

Pikes Peak Bravo

Structured Finance Obligations - Equity Instruments

9/5/2027

7,540

—

PKF O'Connor Davies Advisory, LLC

Delayed Draw Term Loan

11/18/2026

29,837

—

PKF O'Connor Davies Advisory, LLC

Revolver

11/15/2031

11,413

—

Plasma Buyer, LLC

Delayed Draw Term Loan

3/31/2027

4,951

—

Polyphase Elevator Holding, Co.

Revolver

11/24/2032

6,000

(45)

Polyphase Elevator Holding, Co.

Delayed Draw Term Loan

11/24/2027

1,801

—

PPV Intermediate Holdings, LLC

Revolver

8/31/2029

6,194

—

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)

Investments

Commitment Type

Commitment Expiration Date

Unfunded Commitment

Fair Value

PPV Intermediate Holdings, LLC

Delayed Draw Term Loan

8/7/2026

11,927

—

Profile Products, LLC

Revolver

11/12/2027

3,933

—

Profile Products, LLC

Revolver

11/12/2027

3,617

—

Project Leopard Holdings, Inc.

Revolver

7/20/2027

8,058

—

PT Intermediate Holdings III, LLC

Delayed Draw Term Loan

4/9/2026

10,213

—

QBS Parent, Inc.

Revolver

6/3/2032

10,967

—

QBS Parent, Inc.

Delayed Draw Term Loan

6/3/2027

19,959

—

QF Holdings, Inc.

Delayed Draw Term Loan

12/29/2027

25,096

(63)

QF Holdings, Inc.

Revolver

12/15/2032

15,058

(75)

Qualus Power Services Corp.

Delayed Draw Term Loan

3/27/2028

11,162

—

Qualus Power Services Corp.

Delayed Draw Term Loan

3/27/2028

60,000

(150)

R1 Holdings, LLC

Revolver

12/29/2028

—

RailPros Parent, LLC

Delayed Draw Term Loan

5/24/2027

5,024

—

RailPros Parent, LLC

Revolver

5/24/2032

3,589

(36)

Rally Buyer, Inc.

Revolver

7/19/2029

8,438

—

Raven Acquisition Holdings, LLC

Delayed Draw Term Loan

11/19/2026

200

(4)

Red Fox CD Acquisition Corp.

Delayed Draw Term Loan

11/21/2026

16,263

—

Redwood Services Group, LLC

Delayed Draw Term Loan

1/3/2027

5,467

—

Redwood Services Group, LLC

Delayed Draw Term Loan

2/11/2028

95,466

—

Regatta Kilo

Structured Finance Obligations - Equity Instruments

12/27/2026

1,673

—

Rhea Parent, Inc.

Revolver

12/20/2030

28,910

(289)

Riser Merger Sub, Inc.

Delayed Draw Term Loan

6/4/2026

20,947

—

Riser Merger Sub, Inc.

Revolver

10/31/2029

18,333

—

Riser Merger Sub, Inc.

Delayed Draw Term Loan

4/15/2027

30,262

(151)

Rocket Buyer, LLC

Delayed Draw Term Loan

2/21/2028

58,421

—

Rocket Buyer, LLC

Revolver

2/18/2033

19,408

—

Saber Parent Holdings Corp.

Revolver

12/16/2032

48,904

—

Saber Parent Holdings Corp.

Delayed Draw Term Loan

12/16/2028

138,406

(346)

Saber Parent Holdings Corp.

Letter of Credit

3/16/2027

9,053

—

Saber Power Services, LLC

Revolver

10/21/2031

24,892

—

SAFEbuilt, LLC

Delayed Draw Term Loan

1/8/2028

21,418

(107)

SAFEbuilt, LLC

Revolver

1/8/2032

8,032

(80)

Safety Borrower Holdings, LP

Revolver

12/19/2032

5,499

—

Safety Borrower Holdings, LP

Delayed Draw Term Loan

12/19/2027

8,254

(21)

Sam Holding Co, Inc.

Revolver

3/24/2027

24,000

—

Sam Holding Co, Inc.

Delayed Draw Term Loan

11/5/2026

39,200

—

Scorpio BidCo SAS

Delayed Draw Term Loan

10/4/2026

7,858

(84)

Seahawk Bidco, LLC

Delayed Draw Term Loan

12/19/2026

6,989

—

Seahawk Bidco, LLC

Revolver

12/19/2030

18,461

—

Seahawk Bidco, LLC

Delayed Draw Term Loan

12/24/2027

121,231

(303)

SEKO Global Logistics Network, LLC

Delayed Draw Term Loan

5/10/2027

1,350

—

Seven Bidco, SASU

Delayed Draw Term Loan

8/29/2028

42,456

(210)

Severin Acquisition, LLC

Delayed Draw Term Loan

10/1/2027

52,497

—

Severin Acquisition, LLC

Revolver

10/1/2031

30,353

—

SG Acquisition, Inc.

Revolver

4/3/2030

13,537

—

Signant Finance One, Ltd.

Revolver

10/16/2031

39,684

(163)

Signant Finance One, Ltd.

Delayed Draw Term Loan

10/16/2027

95,241

(476)

Simplicity Financial Marketing Group Holdings, Inc.

Delayed Draw Term Loan

12/31/2026

1,897

—

Simplicity Financial Marketing Group Holdings, Inc.

Revolver

12/31/2031

6,041

(60)

SIQ Holdings III Corp.

Delayed Draw Term Loan

12/19/2027

31,595

—

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)

Investments

Commitment Type

Commitment Expiration Date

Unfunded Commitment

Fair Value

SIQ Holdings III Corp.

Revolver

12/19/2030

26,770

—

Skylark UK Debtco, Ltd.

Delayed Draw Term Loan

12/8/2028

5,759

—

Smartronix, LLC

Revolver

2/7/2030

12,316

—

Smile Doctors, LLC

Revolver

12/23/2027

51,955

(1,818)

Solis Midco, SAS

Delayed Draw Term Loan

4/8/2029

145

—

Spaceship Purchaser, Inc.

Revolver

10/17/2031

74,961

(598)

Spaceship Purchaser, Inc.

Delayed Draw Term Loan

10/17/2027

149,081

(359)

SpecialtyCare, Inc.

Revolver

12/18/2029

5,935

(59)

SpecialtyCare, Inc.

Delayed Draw Term Loan

8/26/2027

1,794

—

Spectrum Safety Solutions Purchaser, LLC

Delayed Draw Term Loan

7/1/2026

55,574

—

Spectrum Safety Solutions Purchaser, LLC

Revolver

7/1/2030

36,325

—

Speedster Bidco, GmbH

Revolver

6/10/2031

23,253

(2,092)

Stepping Stones Healthcare Services, LLC

Revolver

1/5/2033

29,560

(607)

Stepping Stones Healthcare Services, LLC

Delayed Draw Term Loan

1/5/2028

48,022

—

STV Group, Inc.

Revolver

3/20/2030

11,767

—

Sunshine Cadence Holdco, LLC

Revolver

5/1/2030

32,000

(320)

Tango Bidco, SAS

Delayed Draw Term Loan

10/17/2027

5,573

(38)

Tango Bidco, SAS

Delayed Draw Term Loan

10/17/2027

5,781

—

TEI Intermediate, LLC

Revolver

12/13/2031

14,888

—

TEI Intermediate, LLC

Delayed Draw Term Loan

12/13/2026

16,850

—

Teneo Holdings, LLC

Delayed Draw Term Loan

7/31/2027

29,443

—

Teneo Holdings, LLC

Revolver

7/31/2030

55,951

—

Tennessee Bidco, Limited

Delayed Draw Term Loan

7/1/2026

67,244

—

The Fertility Partners, Inc.

Revolver

9/16/2027

8,300

(278)

The North Highland Co, LLC

Revolver

12/20/2030

21,049

—

The North Highland Co, LLC

Delayed Draw Term Loan

12/20/2026

35,521

(178)

Themis Solutions, Inc.

Revolver

10/29/2032

46,367

(464)

Themis Solutions, Inc.

Delayed Draw Term Loan

10/29/2027

55,641

(556)

Thermostat Purchaser III, Inc.

Revolver

8/31/2028

8,125

(410)

THG Acquisition, LLC

Delayed Draw Term Loan

10/31/2026

9,204

—

THG Acquisition, LLC

Revolver

10/31/2031

5,631

—

Three Rivers Buyer, Inc

Revolver

11/3/2031

4,560

(57)

Tricentis Operations Holdings, Inc.

Delayed Draw Term Loan

2/11/2027

26,482

(132)

Tricentis Operations Holdings, Inc.

Revolver

2/11/2032

16,551

(166)

Trinity Air Consultants Holdings Corp.

Delayed Draw Term Loan

10/17/2027

42,018

(210)

Trinity Air Consultants Holdings Corp.

Revolver

6/29/2029

26,249

(112)

Trinity Partners Holdings, LLC

Delayed Draw Term Loan

6/30/2027

115,743

—

Triple Lift, Inc.

Revolver

5/5/2028

14,295

(1,465)

TRP Infrastructure Services, LLC

Delayed Draw Term Loan

7/9/2027

30,268

—

TTF Lower Intermediate, LLC

Revolver

7/18/2029

20,000

(450)

Unified Women's Healthcare, LP

Revolver

6/18/2029

101,845

—

Unified Women's Healthcare, LP

Delayed Draw Term Loan

9/22/2027

12,022

—

US Oral Surgery Management Holdco, LLC

Delayed Draw Term Loan

12/13/2026

25,538

—

US Oral Surgery Management Holdco, LLC

Revolver

11/20/2028

15,496

—

US Salt Investors, LLC

Revolver

2/26/2033

7,199

(72)

Varicent Parent Holdings Corp.

Delayed Draw Term Loan

10/15/2027

9,484

(119)

Varicent Parent Holdings Corp.

Revolver

8/23/2031

12,463

(172)

Varicent Parent Holdings Corp.

Delayed Draw Term Loan

10/15/2027

6,177

(31)

Veregy Consolidated, Inc.

Delayed Draw Term Loan

4/16/2027

12,398

—

Veregy Consolidated, Inc.

Revolver

4/16/2031

29,755

(223)

Victors CCC Buyer, LLC

Delayed Draw Term Loan

9/2/2027

13,656

—

Victors CCC Buyer, LLC

Revolver

6/1/2029

29,205

—

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)



Investments	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
Victors Purchaser, LLC	Delayed Draw Term Loan	12/23/2027	$	44,586	$	(111)
Victors Purchaser, LLC	Revolver	12/23/2032	84,795		(424)
VS Buyer, LLC	Revolver	10/12/2030	17,045		(888)
Water Holdings Acquisition, LLC	Delayed Draw Term Loan	7/31/2026	13,067		—
West Monroe Partners, LLC	Revolver	11/9/2027	70,714		(1,414)
West Star Aviation Acquisition, LLC	Revolver	5/20/2032	19,438		—
West Star Aviation Acquisition, LLC	Delayed Draw Term Loan	5/20/2027	7,559		—
WHCG Purchaser III, Inc.	Delayed Draw Term Loan	8/2/2027	17,234		—
World Insurance Associates, LLC	Delayed Draw Term Loan	8/14/2026	17,831		—
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	15,548		—
YA Intermediate Holdings II, LLC	Revolver	10/1/2031	6,432		—
Zendesk, Inc.	Revolver	11/22/2028	97,650		—
Zenith AcquisitionCo, LLC	Revolver	1/13/2033	16,962		(85)
Zenith AcquisitionCo, LLC	Delayed Draw Term Loan	1/12/2029	43,314		—
Zeus, LLC	Revolver	2/8/2030	5,938		—
Zorro Bidco, Ltd.	Delayed Draw Term Loan	8/13/2027	8,243		—
Total Unfunded Commitments			$	10,828,991	$	(47,702)

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

(9)The interest rate floor on these investments as of March 31, 2026 was 0.50%.

(10)The interest rate floor on these investments as of March 31, 2026 was 0.75%.

(11)The interest rate floor on these investments as of March 31, 2026 was 1.00%.

(12)The interest rate floor on these investments as of March 31, 2026 was 1.25%.

(13)The interest rate floor on these investments as of March 31, 2026 was 1.50%.

(14)The interest rate floor on these investments as of March 31, 2026 was 2.00%.

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

(16)Under the 1940 Act, the Company is generally deemed to “control” a portfolio company if the Company owns more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. Under the 1940 Act, the Company is generally deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of March 31, 2026, the Company’s controlled/affiliated and non-controlled/affiliated investments were as follows:


	Fair Value as of December 31, 2025		Gross Additions		Gross Reductions		Net Change in Unrealized Appreciation (Depreciation)		Net Realized Gain (Loss)		Fair Value as of March 31, 2026		Total Investment Income
Non-Controlled/Affiliated Investments
Align Precision Group, LLC	$	22,717	$	592	$	—	$	—	$	—	$	23,309	$	590
Align Precision Group, LLC	3,552		1,209		(10)		—		—		4,751		108
Align Precision Group, LLC - Class A-3 Units	4,018		—		—		(2,251)		—		1,767		—
GSO DL Co-Invest EIS LP (EIS Acquisition Holdings, LP - Class A Common Units)	1,218		—		—		(320)		—		898		—
DMS Purchaser, LLC	6,449		105		—		—		—		6,554		181
DMS Topco, LLC - Class A Common Units	4,844		—		—		(948)		—		3,896		—
Port Arthur LNG Phase II Intermediate Company, LLC - Class B Units	1,079,456		148		(1,079,785)		20		161		—		18,480

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)


	Fair Value as of December 31, 2025		Gross Additions		Gross Reductions		Net Change in Unrealized Appreciation (Depreciation)		Net Realized Gain (Loss)		Fair Value as of March 31, 2026		Total Investment Income
Controlled/Affiliated Investments
Pigments Services, Inc.	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Pigments Services, Inc.	7,100		—		—		(3)		—		7,097		—
Pigments Holdings, LP - LP Interest	—		—		—		—		—		—		—
CFCo, LLC (Benefytt Technologies, Inc.)	—		—		—		—		—		—		—
CFCo, LLC (Benefytt Technologies, Inc.) - Class B Units	—		—		—		—		—		—		—
Daylight Beta Parent, LLC (Benefytt Technologies, Inc.)	8,285		—		—		207		—		8,492		—
Prodege International Holdings, LLC	—		201,553		—		—		—		201,553		2,527
Prodege International Holdings, LLC	—		98,607		—		—		—		98,607		1,263
Prodege International Holdings, LLC - Class A Units	—		129,944		—		—		—		129,944		—
Pibb Member Holdings, LLC - LP Interest	227,678		—		—		—		—		227,678		6,188
Pibb Member, LLC	2,193		—		(34)		21		—		2,180		34
Material Holdings, LLC	237,977		544		(1,536)		(16,695)		—		220,290		5,825
Material Holdings, LLC	—		—		—		—		—		—		—
Material Holdings, LLC	7,895		4,988		—		371		—		13,254		204
Material+ Holding Company, LLC - Class C Units	—		—		—		—		—		—		—
Material+ Holding Company, LLC - Class A Preferred Units	—		—		—		—		—		—		—
Material+ Holding Company, LLC - Class A Units	—		—		—		—		—		—		—
Material+ Holding Company, LLC - Class B Preferred Units	—		—		—		—		—		—		—
Blackstone Private Real Estate Credit and Income Fund - Common Shares	430,975		55,000		—		1,341		—		487,316		9,600
Specialty Lending Company, LLC - LLC Interest	381,241		15,300		—		(6)		—		396,535		—
GSO DL CoInvest CI LP (CustomInk, LLC - Series A Preferred Units)	1,681		—		—		(19)		—		1,662		—
BCRED Emerald JV LP - LP Interest	1,678,745		21,000		—		(160,068)		—		1,539,677		54,450
BCRED Verdelite JV LP - LP Interest	113,068		—		—		(15,919)		—		97,149		1,275
Total	$	4,219,092	$	528,990	$	(1,081,365)	$	(194,269)	$	161	$	3,472,609	$	100,725

(17)Loan was on non-accrual status as of March 31, 2026.

(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 Axsome Therapeutics, Inc. - Common Stock and Moderna, Inc. - Common Stock, and may be deemed to be “restricted securities.” As of March 31, 2026, the aggregate fair value of these securities is $80,466.7 million, or 178.67% of the Company’s net assets. The initial acquisition dates have been included for such securities.

(20)The interest rate floor on these investments as of March 31, 2026 was 3.00%.

(21)These investments represent investments in investment funds (“Investee Funds”). As of March 31, 2026, details of these Investee Funds by investment strategy, the Company’s unfunded commitment, and redemption restrictions put in place by the Investee Fund were as follows:

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)

Investee Funds

Investee Fund Strategy

Unfunded Commitment

Redemption Frequency

Redemption Lock-up Period

Fund Term

Fair Value

Blackstone Private Real Estate Credit and Income Fund

Real estate credit and income

—

Quarterly

None

Perpetual

487,316

Muzinich Enhanced Loan Origination Fund I, LP

Corporate direct lending

26,571

None

Nine years

20,745

26,571

508,061

Blackstone Private Real Estate Credit and Income Fund may, at the request of its shareholders, repurchase up to 5% of common shares outstanding based on aggregate net asset value as of the close of the previous calendar quarter, subject to approval by the Investee Fund’s board of trustees and in accordance with policies as may be adopted by the Investee Fund’s board of trustees in its sole discretion.

(22)The interest rate floor on these investments as of March 31, 2026 was 1.75%.

ADDITIONAL INFORMATION


Foreign Currency Forward Contracts
Counterparty	Currency Purchased		Currency Sold		Settlement Date	Unrealized Appreciation (Depreciation)
Deutsche Bank AG	USD	634,125	CAD	866,500	6/25/2026	$	10,945
Deutsche Bank AG	USD	87,060	CHF	67,820	6/25/2026	1,777
Goldman Sachs Bank USA	USD	86,092	DKK	557,791	6/17/2026	(214)
BNP Paribas	USD	131,077	EUR	110,200	5/21/2026	3,875
Deutsche Bank AG	USD	1,223,150	EUR	1,050,500	6/25/2026	8,748
BNP Paribas	USD	82,547	GBP	60,900	5/21/2026	2,262
BNP Paribas	USD	33,896	GBP	25,000	5/21/2026	938
Deutsche Bank AG	USD	494,308	GBP	368,790	6/25/2026	8,222
Goldman Sachs Bank USA	USD	57,950	NOK	562,273	6/17/2026	298
BNP Paribas	USD	1,047	NOK	10,000	5/21/2026	22
Goldman Sachs Bank USA	USD	22,991	NZD	39,280	6/17/2026	508
Goldman Sachs Bank USA	USD	178,924	SEK	1,668,034	6/17/2026	3,340
Total Foreign Currency Forward Contracts						$	40,721


Interest Rate Swaps
Counterparty	Hedged Item	Company Receives	Company Pays		Maturity Date	Notional Amount		Fair Market Value		Upfront Payments / Receipts		Change in Unrealized Appreciation (Depreciation) (1)
Goldman Sachs Bank USA (2)	December 2026 Notes	2.63%	SOFR +	0.26%	12/15/2026	$	625,000	$	(6,027)	$	—	$	456
Deutsche Bank AG (2)	December 2026 Notes	2.63%	SOFR +	0.26%	12/15/2026	625,000		(5,969)		—		437
Deutsche Bank AG (2)	April 2026 UK Bonds	4.87%	SONIA +	2.78%	4/14/2026	GBP	250,000	(218)		—		1,370
Sumitomo Mitsui Banking Corporation (2)	May 2027 Notes	5.61%	SOFR +	2.79%	5/3/2027	625,000		(6,222)		—		(1,374)
Goldman Sachs Bank USA	October 2027 Notes	7.49%	SOFR +	3.72%	10/11/2027	350,000		(70)		—		(2,112)
Sumitomo Mitsui Banking Corporation	November 2028 Notes	7.30%	SOFR +	3.06%	11/27/2028	500,000		6,997		—		(4,141)
Goldman Sachs Bank USA (2)	January 2031 Notes	6.25%	SOFR +	2.46%	1/25/2031	250,000		1,096		—		(1,788)
BNP Paribas US	January 2031 Notes	6.25%	SOFR +	2.47%	1/25/2031	250,000		1,001		—		(1,783)
Deutsche Bank AG (2)	July 2029 Notes	5.95%	SOFR +	1.74%	7/16/2029	500,000		8,960		—		(4,221)
BNP Paribas US	September 2027 Notes	4.95%	SOFR +	1.69%	9/26/2027	400,000		(2,812)		—		(1,914)
Sumitomo Mitsui Banking Corporation	April 2030 Notes	5.25%	SOFR +	2.01%	4/1/2030	400,000		(5,953)		—		(2,349)
Morgan Stanley (2)	November 2029 Notes	5.60%	SOFR +	1.64%	11/22/2029	400,000		4,381		—		(3,156)

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)


Interest Rate Swaps
Counterparty	Hedged Item	Company Receives	Company Pays		Maturity Date	Notional Amount		Fair Market Value		Upfront Payments / Receipts		Change in Unrealized Appreciation (Depreciation) (1)
Deutsche Bank AG (2)	November 2034 Notes	6.00%	SOFR +	2.04%	11/22/2034	$	600,000	$	4,438	$	—	$	(3,477)
Wells Fargo	November 2034 Notes	6.00%	SOFR +	2.26%	11/22/2034	200,000		(1,743)		—		(1,001)
Deutsche Bank AG (2)	January 2032 Notes	6.00%	SOFR +	1.83%	1/29/2032	500,000		11,717		—		(3,939)
Goldman Sachs Bank USA (2)	January 2032 Notes	6.00%	SOFR +	1.83%	1/29/2032	500,000		11,578		—		(3,933)
Wells Fargo	November 2028 Notes	7.30%	SOFR +	3.20%	11/27/2028	150,000		1,614		—		(1,191)
Goldman Sachs Bank USA (2)	March 2031 5.54% Notes	5.54%	SOFR +	1.67%	3/25/2031	500,000		4,607		—		(3,593)
Deutsche Bank AG (2)	March 2033 Notes	5.79%	SOFR +	1.89%	3/25/2033	500,000		4,025		—		(3,305)
Morgan Stanley (2)	September 2030 Notes	5.05%	SOFR +	1.68%	9/10/2030	250,000		(2,965)		—		(1,526)
BNP Paribas US (2)	September 2030 Notes	5.05%	SOFR +	1.68%	09/10/2030	250,000		(3,001)		—		(1,524)
Deutsche Bank AG (2)	July 2029 Notes	5.95%	SOFR +	2.44%	07/16/2029	400,000		(1,545)		—		(2,717)
Wells Fargo	January 2031 Notes	6.25%	SOFR +	2.70%	01/25/2031	100,000		(596)		—		(660)
Deutsche Bank AG (2)	January 2032 Series 2026A Notes	5.94%	SOFR +	2.41%	01/08/2032	210,000		(2,044)		—		(1,404)
BNP Paribas US (2)	March 2031 5.350% Notes	5.35%	SOFR +	1.86%	03/12/2031	350,000		(2,806)		—		(2,806)
Sumitomo Mitsui Banking Corporation (2)	March 2031 5.350% Notes	5.35%	SOFR +	1.86%	03/12/2031	350,000		(2,774)		—		(2,774)
Total Interest Rate Swaps								$	15,669	$	—	$	(54,425)

(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.

(2)Centrally cleared interest rate swap. All other interest rate swaps are bilateral.

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, 2025

(in thousands)

(Unaudited)



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

First Lien Debt
First Lien Debt - non-controlled/non-affiliated
Aerospace & Defense
Atlas CC Acquisition Corp.	(10)(17)	SOFR +	4.25%	8.37%	7/25/2025	5/25/2029	$	41,085	$	29,763	$	21,285	0.04	%
Atlas CC Acquisition Corp.	(10)(17)	SOFR +	4.25%	8.37%	7/25/2025	5/25/2029	5,963		4,310		3,089		0.01
Atlas CC Acquisition Corp.	(4)(10)(17)	SOFR +	4.25%	8.37%	7/25/2025	5/25/2029	36,437		24,865		16,579		0.03
Atlas CC Acquisition Corp.	(4)(5)(7)(10)	P +	3.00%	9.75%	7/25/2025	5/25/2029	13,086		7,787		12,762		0.03
Corfin Holdings, Inc.	(4)(10)	SOFR +	5.25%	9.07%	1/7/2021	12/27/2027	32,134		32,115		32,134		0.07
Corfin Holdings, Inc.	(4)(10)	SOFR +	5.25%	9.07%	1/10/2025	12/27/2027	138,318		137,386		138,318		0.29
Fastener Distribution Holdings, LLC	(4)(10)	SOFR +	4.75%	8.42%	10/31/2024	11/4/2031	173,694		172,245		173,694		0.36
Fastener Distribution Holdings, LLC	(4)(7)(10)	SOFR +	4.75%	8.42%	10/31/2024	11/4/2031	26,178		25,785		26,178		0.05
Frontgrade Technologies Holdings, Inc.	(4)(7)(10)	SOFR +	5.25%	9.13% (incl. 1.50% PIK)	1/9/2023	1/9/2030	2,405		2,361		2,355		0.00
Frontgrade Technologies Holdings, Inc.	(4)(5)(10)	SOFR +	5.25%	9.12% (incl. 1.50% PIK)	3/18/2025	1/9/2030	354		351		347		0.00
Frontgrade Technologies Holdings, Inc.	(4)(5)(10)	SOFR +	5.00%	8.94%	7/7/2025	1/9/2030	92		92		90		0.00
Horizon CTS Buyer, LLC	(4)(5)(7)(10)	SOFR +	4.75%	8.42%	3/28/2025	3/29/2032	67,307		66,463		66,758		0.14
Horizon CTS Buyer, LLC	(4)(5)(10)	SOFR +	4.75%	8.42%	10/25/2025	3/29/2032	80,000		79,610		79,600		0.17
Horizon CTS Buyer, LLC	(4)(5)(10)	SOFR +	4.75%	8.42%	3/28/2025	3/29/2032	11,689		11,585		11,630		0.02
Karman Holdings, Inc.	(6)(8)	SOFR +	3.50%	7.17%	4/1/2025	4/1/2032	24,875		24,653		25,139		0.05
Loar Group, Inc.	(4)(6)(7)(11)	SOFR +	4.25%	7.97%	7/28/2022	5/10/2030	280,968		278,450		280,968		0.59
Loar Group, Inc.	(4)(6)(11)	SOFR +	4.25%	7.97%	12/23/2025	5/10/2030	445,000		436,146		445,000		0.93
Magneto Components BuyCo, LLC	(4)(7)(10)	SOFR +	6.00%	9.67%	12/5/2023	12/5/2030	54,797		53,710		54,319		0.11
Peraton Corp.	(10)	SOFR +	3.75%	7.69%	2/1/2021	2/1/2028	14,171		14,184		13,182		0.03
TransDigm, Inc.	(6)(8)	SOFR +	2.50%	6.22%	11/28/2023	2/28/2031	8,867		8,889		8,911		0.02
TransDigm, Inc.	(6)(8)	SOFR +	2.50%	6.22%	8/22/2025	8/19/2032	2,993		2,996		3,008		0.01
Vertex Aerospace Services Corp.	(6)(10)	SOFR +	2.25%	5.97%	12/6/2021	12/6/2030	11,556		11,524		11,637		0.02
West Star Aviation Acquisition, LLC	(4)(10)	SOFR +	4.50%	8.22%	5/20/2025	5/20/2032	154,099		153,046		154,099		0.32
West Star Aviation Acquisition, LLC	(4)(5)(7)(10)	SOFR +	4.50%	8.22%	5/20/2025	5/20/2032	3,240		3,092		3,240		0.01
West Star Aviation Acquisition, LLC	(4)(5)(7)(10)	SOFR +	4.50%	8.22%	5/20/2025	5/20/2032	15,081		14,918		15,081		0.03
									1,596,326		1,599,403		3.33

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)



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

First Lien Debt - non-controlled/non-affiliated (continued)
Air Freight & Logistics
AGI-CFI Holdings, Inc.	(4)(10)	SOFR +	4.75%	8.57%	6/11/2021	6/11/2027	$	227,048	$	225,993	$	227,048	0.48	%
AGI-CFI Holdings, Inc.	(4)(10)	SOFR +	4.75%	8.57%	12/21/2021	6/11/2027	50,918		50,650		50,918		0.11
AGI-CFI Holdings, Inc.	(4)(10)	SOFR +	4.75%	8.57%	7/25/2022	6/11/2027	92,784		92,236		92,784		0.19
AGI-CFI Holdings, Inc.	(4)(5)(10)	SOFR +	4.75%	8.57%	3/19/2025	6/11/2027	24,157		24,079		24,157		0.05
ENV Bidco, AB	(4)(6)(7)(8)	E +	5.00%	7.02%	12/12/2024	7/27/2029	EUR	114,257	114,418		133,873		0.28
ENV Bidco, AB	(4)(6)(10)	SOFR +	5.00%	8.69%	12/12/2024	7/27/2029	114,097		112,756		114,097		0.24
Mode Purchaser, Inc.	(4)(11)	SOFR +	6.25%	10.24%	1/7/2021	12/9/2027	27,119		26,937		24,678		0.05
Mode Purchaser, Inc.	(4)(11)	SOFR +	6.25%	10.24%	2/4/2022	12/9/2027	134,638		133,447		122,520		0.26
R1 Holdings, LLC	(4)(5)(7)(11)	SOFR +	6.25%	9.95%	12/30/2022	12/29/2028	1,320		1,301		1,260		0.00
RWL Holdings, LLC	(4)(10)	SOFR +	5.75%	9.57%	12/13/2021	12/31/2028	267,372		265,098		248,656		0.52
SEKO Global Logistics Network, LLC	(4)(5)(11)	SOFR +	10.00%	13.82% PIK	11/27/2024	11/27/2029	10,327		10,195		10,327		0.02
SEKO Global Logistics Network, LLC	(4)(5)(11)	SOFR +	7.00%	10.82% PIK	11/27/2024	5/27/2030	31,081		31,081		31,081		0.07
SEKO Global Logistics Network, LLC	(4)(5)(7)(11)	SOFR +	10.50%	14.36% (incl. 9.50% PIK)	11/10/2025	11/27/2029	2,400		2,394		2,400		0.01
The Kenan Advantage Group, Inc.	(8)	SOFR +	3.25%	6.97%	8/6/2024	1/25/2029	7,470		7,470		7,418		0.02
Wwex Uni Topco Holdings, LLC	(10)	SOFR +	4.00%	7.67%	11/8/2024	7/26/2028	19,442		19,396		19,555		0.04
Wwex Uni Topco Holdings, LLC	(4)(10)	SOFR +	4.75%	8.42%	3/21/2025	7/26/2028	83,882		82,753		84,197		0.18
									1,200,204		1,194,969		2.52
Airlines
Air Canada	(6)(8)	SOFR +	2.00%	5.72%	3/21/2024	3/14/2031	6,228		6,217		6,277		0.01
American Airlines, Inc.	(6)(8)	SOFR +	2.25%	6.13%	4/4/2025	4/20/2028	8,458		8,277		8,488		0.02
Vista Management Holding, Inc.	(6)(8)	SOFR +	3.75%	7.74%	4/1/2025	4/1/2031	17,769		17,652		17,965		0.04
									32,146		32,730		0.07
Auto Components
Clarios Global, LP	(6)(8)	SOFR +	2.50%	6.22%	7/16/2024	5/6/2030	4,834		4,805		4,846		0.01
Clarios Global, LP	(6)(8)	SOFR +	2.75%	6.47%	4/10/2025	1/28/2032	8,615		8,412		8,670		0.02
Dellner Couplers Group, AB	(5)(6)(8)	E +	5.43%	7.32%	6/20/2024	6/18/2029	EUR	23,500	25,043		27,712		0.06
									38,260		41,228		0.09
Beverages
Triton Water Holdings, Inc.	(9)	SOFR +	2.25%	5.92%	1/31/2025	3/31/2028	43,866		43,866		44,042		0.09

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)



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

First Lien Debt - non-controlled/non-affiliated (continued)
Biotechnology
Axsome Therapeutics, Inc.	(4)(5)(6)(10)	SOFR +	4.75%	8.42%	5/6/2025	5/8/2030	$	60,260	$	59,736	$	60,260	0.13	%
Axsome Therapeutics, Inc.	(4)(5)(6)(7)(10)	SOFR +	4.00%	7.69%	5/6/2025	5/8/2030	35,152		34,999		35,152		0.07
Grifols Worldwide Operations USA, Inc.	(8)	SOFR +	2.00%	5.97%	1/7/2021	11/15/2027	37		37		37		0.00
MannKind Corp.	(4)(5)(6)(7)(14)	SOFR +	4.75%	8.53%	8/6/2025	8/6/2030	88,776		87,347		87,593		0.18
									182,119		183,042		0.38
Broadline Retail
Peer Holding III, BV	(6)(8)	SOFR +	2.50%	6.17%	6/26/2024	7/1/2031	6,930		6,930		6,968		0.01
Building Products
Cornerstone Building Brands, Inc.	(6)(9)	SOFR +	5.63%	9.38%	7/25/2022	8/1/2028	25,220		25,036		20,050		0.04
Cornerstone Building Brands, Inc.	(6)(9)	SOFR +	3.25%	7.10%	4/15/2021	4/12/2028	4,767		4,753		3,759		0.01
ES Group Holdings III, Ltd.	(4)(6)(8)	E +	5.75%	7.77%	11/22/2021	4/23/2028	EUR	30,879	33,812		29,032		0.06
ES Group Holdings III, Ltd.	(4)(6)(10)	SOFR +	5.75%	9.67%	11/22/2021	4/23/2028	64,562		63,909		51,649		0.11
Fencing Supply Group Acquisition, LLC	(4)(11)	SOFR +	6.00%	9.82%	2/26/2021	2/26/2027	108,443		108,072		104,376		0.22
Great Day Improvements, LLC	(4)(13)	SOFR +	5.50%	9.33%	6/13/2024	6/13/2030	35,783		35,252		34,351		0.07
Great Day Improvements, LLC	(4)(5)(7)(13)	SOFR +	5.50%	9.35%	6/13/2024	6/13/2030	1,183		1,095		946		0.00
Griffon Corp.	(6)(8)	SOFR +	2.00%	5.67%	6/16/2025	1/24/2029	916		918		921		0.00
Jacuzzi Brands, LLC	(4)(10)	SOFR +	6.00%	9.82%	1/7/2021	2/25/2027	43,474		43,378		40,214		0.08
Jacuzzi Brands, LLC	(4)(10)	SOFR +	6.00%	9.82%	4/20/2022	2/25/2027	187,540		186,986		173,474		0.36
Jacuzzi Brands, LLC	(4)(10)	SOFR +	6.00%	9.82%	1/7/2021	2/25/2027	6,319		6,304		5,845		0.01
Janus International Group, LLC	(6)(8)	SOFR +	2.50%	6.32%	6/16/2025	8/3/2030	1,297		1,292		1,301		0.00
L&S Mechanical Acquisition, LLC	(4)(10)	SOFR +	6.25%	10.09%	9/1/2021	9/1/2027	134,120		133,194		128,755		0.27
LBM Acquisition, LLC	(10)	SOFR +	3.75%	7.58%	6/6/2024	6/6/2031	40,346		40,037		37,955		0.08
MIWD Holdco II, LLC	(8)	SOFR +	2.75%	6.47%	3/28/2024	3/28/2031	4,444		4,462		4,454		0.01
Oscar Acquisitionco, LLC	(9)	SOFR +	4.25%	7.92%	4/29/2022	4/29/2029	2,947		2,955		2,130		0.00
Windows Acquisition Holdings, Inc.	(4)(11)	SOFR +	6.50%	10.32%	1/7/2021	12/29/2026	59,362		59,179		48,826		0.10
									750,634		688,038		1.42

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)



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

First Lien Debt - non-controlled/non-affiliated (continued)
Capital Markets
Apex Group Treasury, LLC	(6)(8)	SOFR +	3.50%	7.39%	2/27/2025	2/27/2032	$	92,247	$	92,089	$	87,174	0.18	%
Aretec Group, Inc.	(6)(8)	SOFR +	3.00%	6.72%	11/20/2025	8/9/2030	11,273		11,262		11,330		0.02
FFML Holdco, Ltd.	(4)(6)(10)	B +	4.50%	7.03%	11/11/2022	11/30/2028	NZD	36,150	21,936		20,761		0.04
Focus Financial Partners, LLC	(8)	SOFR +	2.50%	6.22%	1/31/2025	9/15/2031	16,819		16,787		16,866		0.04
GTCR Everest Borrower, LLC	(6)(7)(8)	SOFR +	2.75%	6.42%	7/25/2025	9/5/2031	16,244		15,994		16,313		0.03
Jane Street Group, LLC	(6)(8)	SOFR +	2.00%	5.82%	5/29/2025	12/15/2031	992		981		989		0.00
Osaic Holdings, Inc.	(6)(8)	SOFR +	3.00%	6.60%	8/22/2025	7/30/2032	5,000		4,998		5,027		0.01
Resolute Investment Managers, Inc.	(5)(11)	SOFR +	6.50%	10.43%	12/29/2023	10/30/2028	3,883		3,860		3,155		0.01
Situs-AMC Holdings Corporation	(4)(10)	SOFR +	5.50%	9.17%	5/14/2025	5/14/2031	43,972		43,829		43,972		0.09
Superannuation & Investments US, LLC	(6)(9)	SOFR +	3.00%	6.72%	7/18/2025	12/1/2028	12,894		12,857		12,991		0.03
The Edelman Financial Engines Center, LLC	(6)(8)	SOFR +	3.00%	6.72%	6/5/2024	4/7/2028	19,679		19,683		19,805		0.04
									244,276		238,383		0.49
Chemicals
Charter Next Generation, Inc.	(8)	SOFR +	2.75%	6.20%	11/5/2025	11/29/2030	6,905		6,921		6,928		0.01
CI Maroon Holdings, LLC	(6)(8)	SOFR +	3.25%	7.02%	8/22/2025	3/3/2031	2,985		2,985		2,940		0.01
DCG Acquisition Corp.	(4)(7)(10)	SOFR +	5.00%	8.67%	6/13/2024	6/13/2031	236,778		234,696		233,940		0.49
Derby Buyer, LLC	(6)(9)	SOFR +	3.00%	6.75%	12/13/2024	11/1/2030	6,387		6,387		6,414		0.01
Formulations Parent Corp.	(8)	SOFR +	4.00%	7.93%	4/10/2025	4/9/2032	13,965		13,840		13,974		0.03
Nouryon USA, LLC	(6)(8)	SOFR +	3.25%	7.04%	10/30/2025	4/3/2028	3,491		3,495		3,498		0.01
									268,324		267,694		0.56
Commercial Services & Supplies
Access CIG, LLC	(9)	SOFR +	4.00%	7.72%	8/15/2025	8/19/2030	42,976		42,654		41,579		0.09
Anticimex, Inc.	(6)(8)	SOFR +	2.90%	6.56%	11/21/2025	11/17/2031	5,571		5,572		5,606		0.01
Armor Holdco, Inc.	(6)(9)	SOFR +	3.75%	7.55%	11/20/2025	12/10/2031	6,299		6,299		6,334		0.01
Astra Service Partners, LLC	(4)(7)(10)	SOFR +	4.50%	8.34%	11/26/2025	11/26/2032	164,406		162,990		162,970		0.34
Bazaarvoice, Inc.	(4)(7)(8)	SOFR +	4.50%	8.09%	5/7/2021	5/7/2029	403,329		403,329		403,329		0.85
CFS Brands, LLC	(4)(11)	SOFR +	5.00%	8.72%	12/20/2024	10/2/2030	217,892		214,937		217,892		0.46
CFS Brands, LLC	(4)(5)(7)(11)	P +	5.00%	8.87%	10/2/2023	10/2/2029	16,458		16,058		16,458		0.03
DG Investment Intermediate Holdings 2, Inc.	(8)	SOFR +	3.75%	7.47%	7/2/2025	7/9/2032	14,499		14,422		14,554		0.03
Divisions Holding Corp.	(4)(7)(10)	SOFR +	4.50%	8.17%	4/17/2025	4/17/2032	92,759		91,856		92,678		0.19
EAB Global, Inc.	(9)	SOFR +	3.00%	6.72%	8/16/2021	8/16/2030	13,206		13,192		11,775		0.02

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)



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

First Lien Debt - non-controlled/non-affiliated (continued)
Commercial Services & Supplies (continued)
ELK Bidco, Inc.	(4)(5)(7)(9)	SOFR +	4.50%	8.50%	6/13/2025	6/14/2032	$	71,665	$	71,238	$	71,381	0.15	%
EMB Purchaser, Inc.	(4)(5)(7)(10)	SOFR +	4.50%	8.34%	3/13/2025	3/12/2032	54,280		53,479		54,097		0.11
EMB Purchaser, Inc.	(4)(10)	SOFR +	4.50%	8.23%	3/13/2025	3/12/2032	147,777		146,472		147,777		0.31
Foundational Education Group, Inc.	(9)	SOFR +	3.75%	7.85%	8/31/2021	8/31/2028	8,777		8,744		8,114		0.02
FusionSite Midco, LLC	(4)(11)	SOFR +	5.25%	9.18%	4/30/2025	11/17/2029	100,689		99,667		100,689		0.21
FusionSite Midco, LLC	(4)(5)(7)(11)	SOFR +	5.25%	9.37%	4/30/2025	11/17/2029	32,710		32,074		32,434		0.07
Garda World Security, Corp.	(6)(8)	SOFR +	3.00%	6.75%	2/7/2025	2/1/2029	20,706		20,706		20,820		0.04
Gatekeeper Systems, Inc.	(4)(10)	SOFR +	5.00%	8.72%	8/27/2024	8/28/2030	249,507		246,603		242,645		0.51
Gatekeeper Systems, Inc.	(4)(7)(10)	SOFR +	5.00%	8.72%	8/27/2024	8/28/2030	20,087		19,171		17,887		0.04
GBT US III, LLC	(6)(8)	SOFR +	2.50%	6.36%	2/4/2025	7/25/2031	3,960		3,960		3,978		0.01
GFL Environmental Services USA, Inc.	(6)(8)	SOFR +	2.50%	6.27%	4/11/2025	3/3/2032	2,187		2,165		2,199		0.00
Gorilla Investor, LLC	(4)(10)	SOFR +	5.00%	8.67%	9/26/2024	9/30/2031	165,152		162,441		163,501		0.34
Ground Penetrating Radar Systems, LLC	(4)(10)	SOFR +	4.50%	8.17%	1/2/2025	1/2/2032	120,250		119,219		120,250		0.25
Ground Penetrating Radar Systems, LLC	(4)(5)(7)(10)	SOFR +	4.50%	8.19%	1/2/2025	1/2/2032	3,552		3,333		3,552		0.01
Iris Buyer, LLC	(4)(11)	SOFR +	5.25%	9.09%	10/2/2023	10/2/2030	53,991		52,983		53,991		0.11
Iris Buyer, LLC	(4)(5)(11)	SOFR +	5.25%	8.92%	10/2/2023	10/2/2030	5,091		5,012		5,091		0.01
Iris Buyer, LLC	(4)(5)(7)(11)	SOFR +	5.25%	8.92%	2/4/2025	10/2/2030	7,858		7,605		7,858		0.02
Iris Buyer, LLC	(4)(5)(11)	SOFR +	5.25%	8.92%	7/16/2025	10/2/2030	2,190		2,169		2,190		0.00
ISQ Hawkeye Holdco, Inc.	(4)(5)(10)	SOFR +	4.68%	8.43%	8/20/2024	8/20/2031	8,721		8,587		8,721		0.02
ISQ Hawkeye Holdco, Inc.	(4)(5)(7)(10)	SOFR +	4.68%	8.43%	8/20/2024	8/20/2030	567		548		567		0.00
Java Buyer, Inc.	(4)(10)	SOFR +	5.00%	8.94%	12/15/2021	12/15/2027	136,616		135,764		136,616		0.29
Java Buyer, Inc.	(4)(10)	SOFR +	5.00%	8.94%	11/9/2023	12/15/2027	53,406		52,734		53,406		0.11
Java Buyer, Inc.	(4)(10)	SOFR +	5.00%	8.94%	12/15/2021	12/15/2027	94,823		94,279		94,823		0.20
Java Buyer, Inc.	(4)(7)(10)	SOFR +	5.00%	8.67%	6/28/2024	12/15/2027	80,195		79,858		80,195		0.17
Java Buyer, Inc.	(4)(5)(7)(10)	SOFR +	5.00%	8.82%	5/9/2025	12/15/2027	49,367		48,726		49,367		0.10
Jones Fish Hatcheries & Distributors, LLC	(4)(5)(7)(10)	SOFR +	4.25%	8.13%	11/19/2025	11/19/2032	16,464		16,181		16,176		0.03
JSG II, Inc.	(4)(7)(10)	SOFR +	4.50%	8.23%	9/30/2025	9/30/2032	353,737		351,594		351,513		0.74
JSS Holdings, Inc.	(4)(10)	SOFR +	5.00%	8.69% (incl. 2.75% PIK)	12/29/2021	11/8/2031	244,420		242,815		244,420		0.51
JSS Holdings, Inc.	(4)(10)	SOFR +	5.00%	8.69% (incl. 2.75% PIK)	1/7/2021	11/8/2031	46,790		46,431		46,790		0.10
JSS Holdings, Inc.	(4)(7)(10)	SOFR +	5.00%	8.67% (incl. 2.75% PIK)	11/8/2024	11/8/2031	584,376		578,957		583,691		1.23
Knowledge Pro Buyer, Inc.	(4)(7)(10)	SOFR +	4.50%	8.32%	12/10/2021	12/10/2029	110,483		109,733		110,437		0.23

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)



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

First Lien Debt - non-controlled/non-affiliated (continued)
Commercial Services & Supplies (continued)
KPSKY Acquisition, Inc.	(4)(10)(18)	SOFR +	5.50%	9.44%	10/19/2021	10/19/2028	$	46,001	$	45,633	$	40,021	0.08	%
KPSKY Acquisition, Inc.	(4)(10)(18)	SOFR +	5.50%	9.53%	10/19/2021	10/19/2028	20,523		20,360		17,855		0.04
Lsf12 Crown US Commercial Bidco, LLC	(7)(8)	SOFR +	3.50%	7.37%	7/14/2025	12/2/2031	94,463		91,422		95,136		0.20
Minerva Bidco, Ltd.	(4)(5)(6)(7)(8)	S +	4.25%	8.22%	7/29/2025	11/7/2030	GBP	46,904	61,036		62,339		0.13
OMNIA Partners, LLC	(8)	SOFR +	2.75%	6.45%	1/26/2024	12/31/2032	7,933		7,973		7,974		0.02
Onex Baltimore Buyer, Inc.	(4)(10)(18)	SOFR +	5.27%	8.99%	12/1/2021	12/1/2027	187,232		186,026		187,232		0.39
Onex Baltimore Buyer, Inc.	(4)(7)(10)(18)	SOFR +	4.75%	8.47%	12/1/2021	12/1/2027	216,950		215,167		216,950		0.46
Polyphase Elevator Holding, Co.	(4)(5)(10)	SOFR +	5.00%	8.67%	11/24/2025	11/24/2032	15,922		15,796		15,802		0.03
Polyphase Elevator Holding, Co.	(4)(5)(7)(10)	SOFR +	5.00%	8.67%	11/24/2025	11/24/2032	3,037		2,954		2,938		0.01
Prime Security Services Borrower, LLC	(6)(8)	SOFR +	2.00%	6.13%	11/20/2024	10/13/2030	1,330		1,330		1,334		0.00
Prime Security Services Borrower, LLC	(6)(8)	SOFR +	1.75%	5.58%	4/4/2025	3/7/2032	6,451		6,340		6,443		0.01
RailPros Parent, LLC	(4)(5)(7)(10)	SOFR +	4.25%	8.13%	5/22/2025	5/24/2032	23,268		22,991		23,080		0.05
Saber Parent Holdings Corp.	(4)(7)(8)	SOFR +	4.50%	8.21%	12/16/2025	12/16/2032	501,723		498,542		498,522		1.05
SIQ Holdings III Corp.	(4)(10)	SOFR +	4.75%	9.20%	12/19/2025	12/19/2032	129,254		127,966		127,961		0.27
SIQ Holdings III Corp.	(4)(5)(7)(10)	SOFR +	4.75%	9.23%	12/19/2025	12/19/2030	1,953		1,382		1,379		0.00
TEI Intermediate, LLC	(4)(10)	SOFR +	5.25%	8.85% (incl. 2.88% PIK)	12/13/2024	12/15/2031	147,377		146,134		147,377		0.31
TEI Intermediate, LLC	(4)(5)(7)(10)	SOFR +	4.75%	8.63%	12/13/2024	12/15/2031	11,871		11,464		11,871		0.02
The Hiller Companies, LLC	(4)(10)	SOFR +	5.00%	8.72%	6/20/2024	6/20/2030	74,619		74,063		74,619		0.16
The Hiller Companies, LLC	(4)(5)(7)(10)	SOFR +	5.00%	8.72%	6/20/2024	6/20/2030	20,401		20,143		20,401		0.04
The Hiller Companies, LLC	(4)(5)(7)(10)	SOFR +	4.75%	8.49%	7/17/2025	6/20/2030	8,764		8,666		8,721		0.02
TRC Cos, LLC	(8)	SOFR +	3.00%	6.72%	1/14/2025	12/8/2028	26,525		26,525		26,641		0.06
Vaco Holdings, Inc.	(10)	SOFR +	5.00%	8.82%	1/21/2022	1/22/2029	8,848		8,829		7,241		0.02
Veregy Consolidated, Inc.	(4)(7)(10)	SOFR +	4.25%	8.14%	4/16/2025	4/16/2031	140,628		139,461		140,405		0.29
Water Holdings Acquisition, LLC	(4)(10)	SOFR +	5.25%	9.07% (incl. 2.75% PIK)	7/31/2024	7/31/2031	192,865		191,348		192,865		0.41
Water Holdings Acquisition, LLC	(4)(5)(7)(10)	SOFR +	5.25%	9.07% (incl. 2.75% PIK)	7/31/2024	7/31/2031	24,294		24,206		24,294		0.05
									5,750,314		5,767,752		12.09

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)



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

First Lien Debt - non-controlled/non-affiliated (continued)
Construction & Engineering
Amentum Holdings, Inc.	(8)	SOFR +	2.00%	5.72%	4/4/2025	9/29/2031	$	7,212	$	7,020	$	7,242	0.02	%
Ampirical Solutions, LLC	(4)(5)(7)(10)	SOFR +	4.25%	7.92%	9/30/2025	9/30/2032	29,328		28,720		28,697		0.06
Azuria Water Solutions, Inc.	(10)	SOFR +	3.00%	6.72%	1/27/2025	5/17/2028	34,092		34,092		34,311		0.07
Brookfield WEC Holdings, Inc.	(8)	SOFR +	2.00%	5.87%	1/25/2024	1/27/2031	6,430		6,392		6,448		0.01
Consor Intermediate II, LLC	(4)(7)(10)	SOFR +	4.50%	8.17%	5/10/2024	5/10/2031	68,728		68,099		68,728		0.14
Gannett Fleming, Inc.	(4)(7)(10)	SOFR +	4.75%	8.69%	8/5/2024	8/5/2030	373,801		369,131		371,372		0.78
Home Service TopCo IV, Inc.	(4)(7)(11)	SOFR +	4.50%	8.10%	6/9/2023	12/31/2027	206,841		204,805		206,627		0.43
Home Service TopCo IV, Inc.	(4)(5)(11)	SOFR +	4.50%	8.10%	2/28/2025	12/31/2027	16,190		16,092		16,190		0.03
Home Service TopCo IV, Inc.	(4)(11)	SOFR +	4.50%	8.10%	11/19/2025	12/31/2027	20,274		20,178		20,173		0.04
OEI, Inc.	(4)(6)(7)(9)	SOFR +	4.50%	8.19%	12/29/2025	12/29/2032	43,389		42,931		42,931		0.09
Pave America Holding, LLC	(4)(10)	SOFR +	5.25%	8.92% (incl. 2.88% PIK)	8/29/2025	8/27/2032	78,319		77,585		77,927		0.16
Pave America Holding, LLC	(4)(5)(7)(10)	SOFR +	4.75%	8.42%	8/29/2025	8/27/2032	6,084		5,864		5,983		0.01
Pave America Holding, LLC	(4)(5)(7)(10)	SOFR +	5.25%	9.19% (incl. 2.88% PIK)	8/29/2025	8/27/2032	7,943		7,803		7,808		0.02
Peak Utility Services Group, Inc.	(4)(11)	SOFR +	4.50%	8.32%	3/2/2021	3/2/2028	15,170		15,123		15,095		0.03
Peak Utility Services Group, Inc.	(4)(5)(11)	SOFR +	4.50%	8.32%	3/2/2021	3/2/2028	2,023		2,019		2,013		0.00
Pike Electric Corp.	(4)(7)(10)	SOFR +	4.50%	8.20%	12/19/2025	12/19/2032	275,960		274,239		274,230		0.58
Saber Power Services, LLC	(4)(5)(10)	SOFR +	5.50%	9.27%	10/21/2025	10/21/2031	290,000		289,579		290,000		0.61
Saber Power Services, LLC	(4)(5)(7)(10)	SOFR +	5.50%	9.27%	10/21/2025	10/21/2031	4,978		4,978		4,978		0.01
Thermostat Purchaser III, Inc.	(7)(10)	SOFR +	4.25%	7.92%	6/20/2024	8/31/2028	9,850		9,779		9,754		0.02
Touchdown Acquirer, Inc.	(6)(8)	SOFR +	2.75%	6.57%	6/2/2025	2/21/2031	993		972		997		0.00
									1,485,401		1,491,504		3.11
Construction Materials
Quikrete Holdings, Inc.	(8)	SOFR +	2.25%	5.97%	2/18/2025	2/10/2032	14,887		14,797		14,950		0.03
Tamko Building Products, LLC	(8)	SOFR +	2.75%	6.95%	10/23/2024	9/20/2030	2,955		2,955		2,978		0.01
									17,752		17,928		0.04
Consumer Staples Distribution & Retail
Crumbl Enterprises, LLC	(4)(5)(7)(10)	SOFR +	4.50%	8.17%	4/30/2025	5/5/2032	85,579		84,742		85,117		0.18

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)



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

First Lien Debt - non-controlled/non-affiliated (continued)
Containers & Packaging
Ascend Buyer, LLC	(4)(10)	SOFR +	5.25%	9.25%	10/18/2022	9/30/2028	$	11,184	$	11,029	$	11,184	0.02	%
Ascend Buyer, LLC	(4)(5)(10)	SOFR +	5.25%	8.92%	3/20/2025	9/30/2028	1,360		1,348		1,360		0.00
Ascend Buyer, LLC	(4)(5)(7)(10)	SOFR +	5.25%	8.94%	9/30/2021	9/30/2028	1,212		1,160		1,212		0.00
Berlin Packaging, LLC	(8)	SOFR +	3.25%	7.24%	7/25/2025	6/7/2031	18,720		18,747		18,784		0.04
Clydesdale Acquisition Holdings, Inc.	(9)	SOFR +	3.18%	6.89%	4/13/2022	4/13/2029	13,989		13,806		14,017		0.03
Clydesdale Acquisition Holdings, Inc.	(9)	SOFR +	3.25%	6.97%	4/1/2025	4/1/2032	9,811		9,719		9,814		0.02
Graham Packaging Co., Inc.	(8)	SOFR +	2.50%	6.22%	7/31/2024	8/4/2027	7,708		7,708		7,747		0.02
MAR Bidco S.à r.l.	(5)(6)(9)	SOFR +	4.20%	8.12%	6/28/2021	7/6/2028	3,780		3,773		3,387		0.01
ProAmpac PG Borrower, LLC	(10)	SOFR +	4.00%	7.88%	4/9/2024	9/15/2028	16,029		16,029		16,082		0.03
Ring Container Technologies Group, LLC	(9)	SOFR +	2.50%	6.22%	10/30/2025	9/15/2032	3,491		3,502		3,505		0.01
TricorBraun Holdings, Inc.	(9)	SOFR +	3.25%	6.97%	3/3/2021	3/3/2031	23,930		23,719		23,233		0.05
Trident TPI Holdings, Inc.	(9)	SOFR +	3.75%	7.42%	10/18/2024	9/15/2028	11,964		11,964		11,521		0.02
									122,504		121,846		0.25
Distributors
BP Purchaser, LLC	(4)(5)(10)	SOFR +	5.50%	9.48%	12/10/2021	12/11/2028	8,134		8,069		6,243		0.01
Genuine Cable Group, LLC	(4)(10)	SOFR +	5.75%	9.57%	11/1/2021	11/2/2026	29,343		29,218		28,609		0.06
Marcone Yellowstone Buyer, Inc.	(4)(10)	SOFR +	7.25%	11.38% (incl. 3.25% PIK)	11/1/2022	6/23/2028	16,051		15,846		14,446		0.03
Marcone Yellowstone Buyer, Inc.	(4)(10)	SOFR +	7.00%	11.13% (incl. 3.25% PIK)	12/31/2021	6/23/2028	27,060		26,875		24,219		0.05
NDC Acquisition Corp.	(4)(11)	SOFR +	5.00%	8.84%	3/9/2021	3/9/2028	21,431		21,315		21,431		0.05
NDC Acquisition Corp.	(4)(5)(7)(11)	SOFR +	5.00%	8.84%	3/9/2021	3/9/2028	343		324		343		0.00
PT Intermediate Holdings III, LLC	(4)(7)(10)	SOFR +	5.00%	9.00% (incl. 1.75% PIK)	4/9/2024	4/9/2030	174,995		174,661		174,995		0.37
S&S Holdings, LLC	(9)	SOFR +	5.00%	8.83%	3/11/2021	3/11/2028	7,711		7,721		7,727		0.02
S&S Holdings, LLC	(9)	SOFR +	5.00%	8.73%	4/3/2025	10/1/2031	3,930		3,780		3,874		0.01
Tailwind Colony Holding Corporation	(4)(11)	SOFR +	6.50%	10.44%	1/7/2021	11/13/2026	80,969		80,886		78,742		0.17
									368,695		360,629		0.77

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)



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

First Lien Debt - non-controlled/non-affiliated (continued)
Diversified Consumer Services
American Restoration Holdings, LLC	(4)(11)	SOFR +	5.00%	8.97%	7/19/2024	7/24/2030	$	27,197	$	26,784	$	27,061	0.06	%
American Restoration Holdings, LLC	(4)(5)(11)	SOFR +	5.00%	8.92%	7/19/2024	7/24/2030	8,098		7,975		8,058		0.02
American Restoration Holdings, LLC	(4)(5)(7)(11)	SOFR +	5.00%	8.83%	7/19/2024	7/24/2030	6,841		6,697		6,789		0.01
American Restoration Holdings, LLC	(4)(5)(11)	SOFR +	5.00%	8.97%	7/19/2024	7/24/2030	20,978		20,659		20,873		0.04
American Restoration Holdings, LLC	(4)(5)(7)(11)	SOFR +	5.00%	8.77%	2/19/2025	7/24/2030	18,151		17,861		17,905		0.04
American Restoration Holdings, LLC	(4)(5)(11)	SOFR +	5.00%	8.77%	10/15/2025	7/24/2030	3,504		3,470		3,486		0.01
Ascend Learning, LLC	(9)	SOFR +	3.00%	6.72%	10/15/2025	12/11/2028	1,496		1,498		1,503		0.00
Barbri Holdings, Inc.	(4)(10)	SOFR +	5.00%	8.69%	12/20/2024	4/30/2030	173,659		172,406		173,659		0.36
Cambium Learning Group, Inc.	(4)(7)(10)	SOFR +	5.50%	9.46%	7/20/2021	7/20/2028	929,302		925,918		903,746		1.90
Cengage Learning, Inc.	(6)(11)	SOFR +	3.50%	7.23%	11/22/2024	3/24/2031	10,922		10,882		10,980		0.02
Charger Debt Merger Sub, LLC	(4)(10)	SOFR +	5.00%	8.67%	5/31/2024	5/31/2031	54,312		53,893		54,041		0.11
Charger Debt Merger Sub, LLC	(4)(5)(7)(10)	SOFR +	5.00%	8.89%	5/31/2024	5/31/2031	24,473		24,195		24,248		0.05
Charger Debt Merger Sub, LLC	(4)(5)(7)(10)	P +	4.00%	10.75%	5/31/2024	5/31/2030	1,700		1,649		1,665		0.00
DTA Intermediate II, Ltd.	(4)(11)	SOFR +	5.50%	9.19%	3/27/2024	3/27/2030	51,066		50,345		51,066		0.11
DTA Intermediate II, Ltd.	(4)(5)(7)(11)	SOFR +	5.50%	9.44%	3/27/2024	3/27/2030	12,893		12,557		12,893		0.03
DTA Intermediate II, Ltd.	(4)(5)(11)	S +	5.50%	9.22%	9/18/2025	3/27/2030	GBP	20,744	27,579		27,963		0.06
Element Materials Technology Group US Holdings, Inc.	(6)(9)	SOFR +	3.68%	7.35%	6/24/2022	7/6/2029	7,309		7,268		7,382		0.02
Endeavor Schools Holdings, LLC	(4)(11)	SOFR +	6.25%	10.12%	7/18/2023	7/18/2029	46,466		45,780		43,097		0.09
Endeavor Schools Holdings, LLC	(4)(5)(7)(11)	SOFR +	6.25%	10.16%	7/18/2023	7/18/2029	8,553		8,446		7,933		0.02
Essential Services Holding Corp.	(4)(10)	SOFR +	5.00%	8.88%	6/17/2024	6/17/2031	69,595		69,053		68,899		0.14
Essential Services Holding Corp.	(4)(5)(7)(10)	SOFR +	5.00%	8.88%	6/17/2024	6/17/2031	3,622		3,499		3,459		0.01
Go Car Wash Management Corp.	(4)(11)	SOFR +	5.75%	9.57%	10/12/2021	6/30/2028	88,180		87,763		85,975		0.18
Imagine Learning, LLC	(9)	SOFR +	3.50%	7.22%	2/1/2024	12/21/2029	64,059		63,842		61,966		0.13
Mckissock Investment Holdings, LLC	(10)	SOFR +	5.00%	9.05%	3/10/2022	3/12/2029	9,646		9,602		9,079		0.02
Mckissock Investment Holdings, LLC	(10)	SOFR +	5.00%	8.87%	11/20/2023	3/12/2029	26,950		26,543		25,367		0.05
Metrodora S.L.	(4)(5)(6)(8)	E +	4.25%	6.32%	8/7/2025	7/15/2032	EUR	1,367	1,579		1,591		0.00
Metrodora S.L.	(4)(5)(6)(8)	E +	4.25%	6.32%	8/7/2025	7/15/2032	EUR	558	645		650		0.00

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)



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

First Lien Debt - non-controlled/non-affiliated (continued)
Diversified Consumer Services (continued)
Pre-Paid Legal Services, Inc.	(9)	SOFR +	3.25%	6.97%	12/15/2021	12/15/2028	$	17,385	$	17,327	$	16,847	0.04	%
Scientian 2 Spain, S.L.	(4)(5)(6)(8)	E +	4.25%	6.39%	8/7/2025	7/15/2032	EUR	1,599	1,847		1,861		0.00
Scientian France, SAS	(4)(5)(6)(8)	E +	4.25%	6.33%	8/7/2025	7/15/2032	EUR	3,525	4,070		4,101		0.01
Seahawk Bidco, LLC	(4)(7)(11)	SOFR +	4.75%	8.44%	12/19/2024	12/19/2031	287,585		285,037		285,188		0.60
Spring Education Group, Inc.	(8)	SOFR +	3.25%	6.92%	9/29/2023	10/4/2030	13,509		13,394		13,603		0.03
Sunshine Cadence Holdco, LLC	(4)(10)	SOFR +	5.00%	8.96%	5/1/2024	5/1/2031	197,500		195,996		195,525		0.41
Sunshine Cadence Holdco, LLC	(4)(7)(10)	SOFR +	5.00%	9.30%	5/1/2024	5/1/2031	37,147		36,633		36,310		0.08
University Support Services, LLC	(9)	SOFR +	2.75%	6.47%	2/10/2022	2/10/2029	8,997		8,952		8,718		0.02
									2,251,644		2,223,487		4.67
Diversified REITs
Iron Mountain Information Management, LLC	(8)	SOFR +	2.00%	5.72%	12/28/2023	1/31/2031	5,895		5,912		5,902		0.01
Diversified Telecommunication Services
Radiate Holdco, LLC	(10)	SOFR +	5.00%	8.83% (incl. 1.50% PIK)	6/30/2025	9/25/2029	23,219		23,209		17,983		0.04
Zacapa, LLC	(6)(9)	SOFR +	3.75%	7.42%	10/29/2024	3/22/2029	10,336		10,336		10,356		0.02
									33,545		28,339		0.06
Electric Utilities
Cogentrix Finance Holdco I, LLC	(8)	SOFR +	2.25%	5.97%	8/7/2025	2/26/2032	2,154		2,160		2,170		0.00
Grid Alliance Partners, LLC	(4)(5)(7)(10)	SOFR +	4.75%	8.42%	7/1/2025	7/1/2032	79,562		78,581		78,896		0.17
Qualus Power Services Corp.	(4)(11)	SOFR +	4.25%	8.07%	3/26/2021	3/27/2028	60,406		60,120		60,406		0.13
Qualus Power Services Corp.	(4)(11)	SOFR +	4.25%	8.07%	7/27/2023	3/27/2028	53,450		52,971		53,450		0.11
Qualus Power Services Corp.	(4)(11)	SOFR +	4.25%	8.02%	5/9/2024	3/27/2028	86,315		85,356		86,315		0.18
Qualus Power Services Corp.	(4)(5)(11)	SOFR +	4.25%	8.02%	10/10/2025	3/27/2028	27,491		27,358		27,491		0.06
Qualus Power Services Corp.	(4)(5)(7)(11)	SOFR +	4.25%	8.04%	10/10/2025	3/27/2028	16,330		16,079		16,180		0.03
									322,625		324,908		0.68
Electrical Equipment
Emergency Power Holdings, LLC	(4)(7)(11)	SOFR +	4.75%	8.59%	8/17/2021	8/17/2031	253,234		251,751		253,217		0.53
Griffon Bidco, Inc.	(4)(7)(10)	SOFR +	5.00%	8.67%	7/31/2025	7/31/2031	120,006		118,581		119,679		0.25
IEM New Sub 2, LLC	(4)(7)(9)	SOFR +	4.50%	8.27%	12/3/2025	12/3/2031	646,542		640,388		642,582		1.35
Madison IAQ, LLC	(9)	SOFR +	2.50%	6.70%	6/21/2021	6/21/2028	35,027		34,863		35,236		0.07
									1,045,583		1,050,714		2.20

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)



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

First Lien Debt - non-controlled/non-affiliated (continued)
Electronic Equipment, Instruments & Components
Albireo Energy, LLC	(4)(11)	SOFR +	6.00%	9.79%	1/7/2021	12/23/2026	$	24,734	$	24,653	$	24,734	0.05	%
Albireo Energy, LLC	(4)(5)(11)	SOFR +	6.00%	10.04%	1/7/2021	12/23/2026	7,424		7,409		7,424		0.02
Albireo Energy, LLC	(4)(5)(11)	SOFR +	6.00%	9.99%	1/7/2021	12/23/2026	1,904		1,901		1,904		0.00
Duro Dyne National Corp.	(4)(7)(10)	SOFR +	4.50%	8.32%	11/15/2024	11/17/2031	160,574		158,793		160,402		0.34
Dwyer Instruments, LLC	(4)(10)	SOFR +	4.75%	8.42%	11/15/2024	7/20/2029	46,212		45,860		46,212		0.10
Dwyer Instruments, LLC	(4)(5)(7)(10)	SOFR +	4.75%	8.69%	11/15/2024	7/30/2029	2,606		2,551		2,606		0.01
Dwyer Instruments, LLC	(4)(5)(10)	SOFR +	4.75%	8.42%	11/15/2024	7/30/2029	6,047		6,001		6,047		0.01
Electro Switch Business Trust, LLC	(4)(7)(10)	SOFR +	4.75%	8.42%	9/2/2025	9/2/2032	169,865		168,428		167,932		0.35
Guardian Bidco, Inc.	(4)(5)(7)(8)	SOFR +	5.50%	9.52%	9/2/2025	8/30/2032	28,965		28,671		28,637		0.06
Infinite Bidco, LLC	(9)	SOFR +	3.75%	7.85%	3/2/2021	3/2/2028	19,663		19,604		19,474		0.04
Modena Buyer, LLC	(8)	SOFR +	4.25%	8.09%	7/1/2024	7/1/2031	35,497		34,938		35,383		0.07
Phoenix 1 Buyer Corp.	(4)(7)(10)	SOFR +	4.75%	8.62%	11/20/2023	11/20/2030	42,382		42,030		42,382		0.09
Spectrum Safety Solutions Purchaser, LLC	(4)(5)(6)(9)	E +	4.50%	6.55%	7/1/2024	7/1/2030	EUR	4,787	5,151		5,626		0.01
Spectrum Safety Solutions Purchaser, LLC	(4)(5)(6)(9)	E +	4.50%	6.52%	7/1/2024	7/1/2031	EUR	63,637	67,543		74,786		0.16
Spectrum Safety Solutions Purchaser, LLC	(4)(6)(7)(9)	SOFR +	4.50%	8.17%	7/1/2024	7/1/2031	288,540		284,243		288,540		0.61
									897,776		912,089		1.92

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)



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

First Lien Debt - non-controlled/non-affiliated (continued)
Energy Equipment & Services
LPW Group Holdings, Inc.	(4)(7)(11)	SOFR +	6.00%	9.79%	3/15/2024	3/15/2031	$	32,340	$	31,624	$	31,951	0.07	%
Entertainment
OEG Borrower, LLC	(8)	SOFR +	3.50%	7.20%	4/22/2025	6/30/2031	8,108		8,004		8,164		0.02
Renaissance Holdings Corp.	(9)	SOFR +	4.00%	7.72%	12/6/2024	4/5/2030	2,486		2,486		2,178		0.00
									10,490		10,342		0.02
Financial Services
Atlas Securitized Products Funding 2, LP	(4)(5)(6)(7)(8)	SOFR +	1.50%	5.48%	3/28/2024	5/25/2063	146,690		143,006		146,150		0.31
Carr Riggs & Ingram Capital, LLC	(4)(9)	SOFR +	4.25%	7.92%	11/18/2024	11/18/2031	43,061		42,700		43,061		0.09
Carr Riggs & Ingram Capital, LLC	(4)(5)(7)(9)	SOFR +	4.25%	7.92%	11/18/2024	11/18/2031	6,057		5,870		6,006		0.01
Citrin Cooperman Advisors, LLC	(8)	SOFR +	3.00%	6.67%	8/22/2025	4/1/2032	4,489		4,497		4,507		0.01
DM Intermediate Parent, LLC	(4)(10)	SOFR +	4.75%	8.47%	9/30/2024	9/30/2030	103,788		102,556		103,788		0.22
DM Intermediate Parent, LLC	(4)(5)(7)(10)	SOFR +	4.75%	8.47%	9/30/2024	9/30/2030	28,124		27,530		27,736		0.06
DM Intermediate Parent, LLC	(4)(5)(7)(10)	SOFR +	4.75%	8.47%	9/30/2024	9/30/2030	2,477		2,110		2,477		0.01
Harp Finco, Ltd.	(4)(5)(6)(8)	S +	5.00%	8.72%	3/27/2025	3/27/2032	GBP	84,561	107,561		112,274		0.24
Mitchell International, Inc.	(9)	SOFR +	3.25%	6.97%	6/17/2024	6/17/2031	64,413		64,161		64,703		0.14
More Cowbell II, LLC	(4)(7)(10)	SOFR +	4.50%	7.99%	9/3/2025	9/1/2030	93,097		92,778		93,070		0.20
Nexus Buyer, LLC	(8)	SOFR +	3.50%	7.22%	11/4/2025	7/31/2031	4,392		4,377		4,337		0.01
PKF O'Connor Davies Advisory, LLC	(4)(7)(10)	SOFR +	4.50%	8.24%	11/15/2024	11/18/2031	93,442		92,529		93,442		0.20
RFS Opco, LLC	(4)(7)(9)	SOFR +	4.50%	8.29%	12/2/2025	12/2/2032	141,180		139,717		139,699		0.29
Solera, LLC	(9)(18)	SOFR +	3.75%	7.85%	6/4/2021	6/2/2028	32,160		32,030		31,087		0.07
									861,422		872,337		1.86
Food Products
Dreyers Grand Ice Cream, Inc.	(6)(8)	SOFR +	2.25%	6.45%	4/4/2025	9/30/2031	3,970		3,903		3,973		0.01
Froneri US, Inc.	(6)(8)	SOFR +	2.25%	6.12%	8/22/2025	9/30/2032	3,000		3,000		3,004		0.01
									6,903		6,977		0.02

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)



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

First Lien Debt - non-controlled/non-affiliated (continued)
Gas Utilities
CQP Holdco, LP	(9)	SOFR +	2.00%	5.67%	4/4/2025	12/31/2030	$	1,489	$	1,474	$	1,496	0.00	%
Ground Transportation
Channelside AcquisitionCo, Inc.	(4)(10)	SOFR +	4.75%	8.59%	5/15/2024	6/30/2028	154,877		154,533		154,877		0.33
Channelside AcquisitionCo, Inc.	(4)(5)(7)(10)	SOFR +	4.75%	8.47%	5/15/2024	3/31/2028	1,563		1,535		1,563		0.00
									156,068		156,440		0.33
Health Care Equipment & Supplies
AEC Parent Holdings, Inc.	(9)(17)	SOFR +	5.75%	9.90%	6/13/2022	6/13/2029	24,555		22,307		16,403		0.03
Bamboo US BidCo, LLC	(4)(7)(11)	SOFR +	5.00%	8.84%	9/29/2023	9/30/2030	48,566		47,745		48,566		0.10
Bamboo US BidCo, LLC	(4)(11)	E +	5.00%	7.07%	9/29/2023	9/30/2030	EUR	75,127	78,490		88,289		0.19
Bamboo US BidCo, LLC	(4)(5)(11)	SOFR +	5.00%	8.84%	11/20/2024	9/30/2030	5,473		5,374		5,473		0.01
Bamboo US BidCo, LLC	(4)(5)(7)(11)	SOFR +	5.00%	8.98%	11/20/2024	9/30/2030	10,669		10,626		10,669		0.02
CSHC Buyerco, LLC	(4)(5)(11)	SOFR +	4.75%	8.57%	7/30/2025	9/8/2026	1,692		1,681		1,687		0.00
Ergotron Acquisition, LLC	(4)(10)	SOFR +	5.25%	8.97%	7/6/2022	7/6/2028	62,011		61,507		61,856		0.13
GCX Corporation Buyer, LLC	(4)(10)	SOFR +	5.50%	9.32%	9/13/2021	9/13/2027	189,585		188,506		184,845		0.39
GCX Corporation Buyer, LLC	(4)(10)	SOFR +	5.50%	9.56%	9/13/2021	9/13/2027	48,015		47,771		46,815		0.10
Natus Medical, Inc.	(4)(9)	SOFR +	5.25%	9.07%	7/21/2022	7/20/2029	42,332		40,821		42,332		0.09
Natus Medical, Inc.	(4)(5)(7)(9)	SOFR +	4.25%	8.07%	7/21/2022	7/21/2027	1,150		1,106		1,099		0.00
WS Audiology A/S	(6)(8)	SOFR +	3.50%	7.20%	6/27/2025	2/28/2029	11,752		11,752		11,841		0.02
Zeus, LLC	(4)(10)	SOFR +	6.00%	9.67% (incl. 3.00% PIK)	2/28/2024	2/28/2031	49,112		48,577		46,043		0.10
Zeus, LLC	(4)(5)(7)(10)	SOFR +	5.50%	9.17%	2/28/2024	2/28/2031	4,540		4,393		3,937		0.01
									570,656		569,855		1.19
Health Care Providers & Services
123Dentist, Inc.	(4)(6)(10)	CA +	5.00%	7.27%	8/10/2022	8/10/2029	CAD	258,226	199,099		188,136		0.40
123Dentist, Inc.	(4)(5)(6)(10)	CA +	5.00%	7.27%	8/9/2024	8/10/2029	CAD	34,682	25,114		25,268		0.05
ACI Group Holdings, Inc.	(4)(5)(7)(10)	SOFR +	5.50%	9.27%	8/2/2021	8/2/2027	21,267		21,153		16,970		0.04
ACI Group Holdings, Inc.	(4)(10)	SOFR +	6.00%	9.77% (incl. 3.25% PIK)	7/7/2023	8/2/2028	138,187		136,725		110,550		0.23
ADCS Clinics Intermediate Holdings, LLC	(4)(11)	SOFR +	6.25%	10.05%	5/7/2021	5/7/2027	10,300		10,254		10,300		0.02
ADCS Clinics Intermediate Holdings, LLC	(4)(11)	SOFR +	6.25%	9.95%	5/7/2021	5/7/2027	8,471		8,438		8,471		0.02
ADCS Clinics Intermediate Holdings, LLC	(4)(5)(7)(11)	SOFR +	6.25%	9.95%	5/7/2021	5/7/2026	557		552		557		0.00
ADCS Clinics Intermediate Holdings, LLC	(4)(5)(11)	SOFR +	6.25%	10.05%	4/14/2022	5/7/2027	248		247		248		0.00

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)



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

First Lien Debt - non-controlled/non-affiliated (continued)
Health Care Providers & Services (continued)
Amerivet Partners Management, Inc.	(4)(7)(10)	SOFR +	5.50%	9.62%	2/25/2022	2/25/2028	$	20,785	$	20,493	$	19,901	0.04	%
Biotouch Global Solutions, Inc.	(4)(7)(11)	SOFR +	5.50%	9.32%	8/27/2025	8/27/2032	129,814		127,627		128,487		0.27
Canadian Hospital Specialties, Ltd.	(4)(6)(11)	CA +	4.50%	7.12%	4/15/2021	4/14/2028	CAD	14,518	11,541		10,578		0.02
Canadian Hospital Specialties, Ltd.	(4)(6)(7)(10)	CA +	4.50%	7.12%	4/15/2021	4/15/2027	CAD	2,880	1,893		2,098		0.00
Caramel Bidco, Limited	(4)(6)(8)	S +	6.00%	9.97%	2/11/2022	2/24/2029	GBP	60,000	79,155		66,724		0.14
Caramel Bidco, Limited	(4)(5)(6)(8)	S +	6.00%	9.97%	2/24/2022	2/24/2029	GBP	2,265	3,024		2,519		0.01
Caramel Bidco, Limited	(4)(6)(8)	E +	6.00%	8.12%	2/24/2022	2/24/2029	EUR	14,000	15,601		13,574		0.03
Caramel Bidco, Limited	(4)(6)(8)	SOFR +	6.00%	9.91%	2/24/2022	2/24/2029	6,125		6,308		5,114		0.01
CCBlue Bidco, Inc.	(4)(5)(10)	SOFR +	6.50%	10.27% (incl. 4.00% PIK)	12/21/2021	12/21/2028	595,631		591,623		479,483		1.01
CNT Holdings I Corp.	(10)	SOFR +	2.25%	6.09%	4/3/2025	11/8/2032	5,459		5,396		5,478		0.01
Commander Buyer, Inc.	(4)(7)(10)	SOFR +	4.75%	8.42%	6/26/2025	6/26/2032	161,433		159,327		160,111		0.34
Compsych Investments Corp.	(4)(7)(10)	SOFR +	4.75%	8.61%	7/22/2024	7/22/2031	69,961		69,643		69,076		0.15
CSC Mkg Topco, LLC	(4)(10)	SOFR +	5.50%	9.32%	2/1/2022	2/1/2029	158,770		157,371		158,770		0.33
CSC Mkg Topco, LLC	(4)(10)	SOFR +	5.50%	9.37%	8/1/2022	2/1/2029	21,249		20,922		21,249		0.04
DCA Investment Holdings, LLC	(4)(5)(10)(17)	SOFR +	6.41%	12.08%	3/12/2021	4/3/2028	12,855		12,804		10,861		0.02
DCA Investment Holdings, LLC	(4)(5)(10)(17)	SOFR +	6.50%	12.17%	12/28/2022	4/3/2028	9,795		9,665		8,276		0.02
DCA Investment Holdings, LLC	(4)(10)(17)	SOFR +	6.41%	12.08%	2/25/2022	4/3/2028	12,021		11,999		10,158		0.02
Ensemble RCM, LLC	(8)	SOFR +	3.00%	6.84%	10/14/2025	8/1/2029	1,995		1,990		2,007		0.00
Examworks Bidco, Inc.	(9)	SOFR +	2.50%	6.22%	11/1/2021	11/1/2028	993		995		999		0.00
Global Medical Response, Inc.	(8)	SOFR +	3.50%	7.38%	10/14/2025	10/1/2032	4,500		4,497		4,533		0.01
Heartland Dental, LLC	(10)	SOFR +	3.75%	7.47%	8/7/2025	8/25/2032	5,895		5,900		5,927		0.01
Imagine 360, LLC	(4)(7)(10)	SOFR +	4.75%	8.42%	9/18/2024	9/30/2028	96,299		95,536		96,144		0.20
Inception Fertility Ventures, LLC	(4)(7)(10)	SOFR +	5.50%	9.34%	4/29/2024	4/29/2030	278,079		277,692		273,371		0.57
Jayhawk Buyer, LLC	(4)(11)	SOFR +	5.25%	9.07%	5/26/2021	4/15/2028	223,779		222,404		218,185		0.46
Kwol Acquisition, Inc.	(4)(5)(7)(10)	SOFR +	5.00%	8.72%	12/8/2023	12/6/2029	10,214		10,054		10,214		0.02
MB2 Dental Solutions, LLC	(4)(10)	SOFR +	5.50%	9.22%	2/13/2024	2/13/2031	37,176		36,902		37,176		0.08
MB2 Dental Solutions, LLC	(4)(5)(7)(10)	SOFR +	5.50%	9.27%	2/13/2024	2/13/2031	6,924		6,854		6,924		0.01
MB2 Dental Solutions, LLC	(4)(5)(10)	SOFR +	5.50%	9.22%	2/13/2024	2/13/2031	5,498		5,465		5,498		0.01
MB2 Dental Solutions, LLC	(4)(5)(7)(10)	SOFR +	5.50%	9.83%	2/13/2024	2/13/2031	403		387		403		0.00
Navigator Acquiror, Inc.	(4)(7)(9)	SOFR +	5.50%	9.32% (incl. 4.00% PIK)	7/16/2021	7/16/2030	539,588		538,218		458,413		0.96

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)



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

First Lien Debt - non-controlled/non-affiliated (continued)
Health Care Providers & Services (continued)
Onex TSG Intermediate Corp.	(6)(8)	SOFR +	3.75%	7.59%	7/24/2025	8/6/2032	$	10,954	$	10,902	$	11,041	0.02	%
ONS MSO, LLC	(4)(5)(11)	SOFR +	5.75%	9.59%	12/13/2023	7/8/2028	68,587		68,575		66,803		0.14
ONS MSO, LLC	(4)(5)(7)(11)	P +	5.25%	12.00%	12/13/2023	7/8/2028	2,500		2,442		2,360		0.00
ONS MSO, LLC	(4)(11)	SOFR +	5.75%	9.59%	4/26/2024	7/8/2028	9,850		9,797		9,604		0.02
Pacific Dental Services, Inc.	(8)	SOFR +	2.50%	6.24%	4/3/2025	3/15/2031	4,913		4,875		4,938		0.01
Plasma Buyer, LLC	(4)(10)(17)	SOFR +	5.75%	9.42% (incl. 5.75% PIK)	5/12/2022	5/12/2029	97,080		91,600		67,956		0.14
Plasma Buyer, LLC	(4)(5)(7)(10)(17)	SOFR +	5.75%	9.44% (incl. 5.75% PIK)	5/12/2022	5/12/2028	14,402		14,282		10,062		0.02
PPV Intermediate Holdings, LLC	(4)(10)	SOFR +	5.75%	9.57%	8/31/2022	8/31/2029	125,022		123,773		125,022		0.26
PPV Intermediate Holdings, LLC	(4)(5)(7)(11)	SOFR +	5.25%	9.07%	9/6/2023	8/31/2029	12,621		12,473		12,424		0.03
PPV Intermediate Holdings, LLC	(4)(5)(7)(11)	SOFR +	5.75%	9.63%	8/31/2022	8/31/2029	1,239		1,135		1,239		0.00
PSKW Intermediate, LLC	(4)(11)	SOFR +	5.50%	9.32%	12/11/2024	3/9/2028	11,950		11,950		11,950		0.03
Raven Acquisition Holdings, LLC	(6)(7)(8)	SOFR +	3.00%	6.72%	4/10/2025	11/19/2031	2,779		2,711		2,792		0.01
Smile Doctors, LLC	(4)(10)	SOFR +	5.90%	9.84%	6/9/2023	12/23/2028	512,849		508,327		497,464		1.04
Smile Doctors, LLC	(4)(7)(10)	SOFR +	5.90%	9.84%	6/9/2023	12/23/2028	122,535		120,030		117,040		0.25
Snoopy Bidco, Inc.	(4)(10)	SOFR +	6.50%	10.53% (incl. 5.50% PIK)	6/1/2021	6/1/2028	727,181		723,131		696,276		1.46
Southern Veterinary Partners, LLC	(8)	SOFR +	2.50%	6.37%	7/22/2025	12/4/2031	10,159		10,202		10,158		0.02
SpecialtyCare, Inc.	(4)(11)	SOFR +	5.00%	8.99%	8/26/2025	12/18/2029	69,506		68,743		68,811		0.14
SpecialtyCare, Inc.	(4)(5)(7)(11)	SOFR +	5.00%	8.84%	8/26/2025	12/18/2029	630		590		606		0.00
Stepping Stones Healthcare Services, LLC	(4)(10)	SOFR +	5.00%	8.67%	12/30/2021	1/2/2029	176,809		175,613		176,809		0.37
Stepping Stones Healthcare Services, LLC	(4)(5)(7)(10)	SOFR +	5.00%	8.67%	4/25/2024	1/2/2029	13,385		13,084		13,385		0.03
Stepping Stones Healthcare Services, LLC	(4)(5)(7)(10)	P +	4.00%	10.75%	12/30/2021	12/30/2026	14,588		14,495		14,588		0.03
The Fertility Partners, Inc.	(4)(6)(7)(10)	CA +	5.75%	8.31%	3/16/2022	3/16/2028	CAD	134,135	103,822		92,751		0.19
The Fertility Partners, Inc.	(4)(6)(10)	SOFR +	5.75%	9.58%	3/16/2022	3/16/2028	45,087		44,691		42,945		0.09
UMP Holdings, LLC	(4)(10)	SOFR +	5.75%	9.63%	7/15/2022	7/15/2028	9,402		9,323		9,120		0.02
UMP Holdings, LLC	(4)(5)(10)	SOFR +	5.75%	9.60%	7/15/2022	7/15/2028	12,899		12,857		12,512		0.03

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)



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

First Lien Debt - non-controlled/non-affiliated (continued)
Health Care Providers & Services (continued)
Unified Women's Healthcare, LP	(4)(9)	SOFR +	5.00%	8.67%	6/16/2022	6/18/2029	$	869,445	$	869,445	$	869,445	1.83	%
Unified Women's Healthcare, LP	(4)(5)(9)	SOFR +	5.00%	8.73%	3/22/2024	6/18/2029	4,941		4,916		4,941		0.01
Unified Women's Healthcare, LP	(4)(5)(7)(9)	SOFR +	5.00%	8.74%	3/22/2024	6/18/2029	3,975		3,953		3,975		0.01
Unified Women's Healthcare, LP	(4)(5)(9)	SOFR +	5.00%	8.67%	9/22/2025	6/18/2029	10,198		10,128		10,198		0.02
Unified Women's Healthcare, LP	(4)(5)(7)(9)	SOFR +	5.00%	8.67%	9/22/2025	6/18/2029	15,541		15,339		15,541		0.03
US Oral Surgery Management Holdco, LLC	(4)(10)	SOFR +	5.25%	9.17%	11/18/2021	11/20/2028	153,992		153,139		153,992		0.32
US Oral Surgery Management Holdco, LLC	(4)(10)	SOFR +	5.25%	9.31%	11/18/2021	11/20/2028	64,821		64,496		64,821		0.14
US Oral Surgery Management Holdco, LLC	(4)(5)(10)	SOFR +	5.25%	9.17%	8/16/2023	11/20/2028	6,191		6,132		6,191		0.01
US Oral Surgery Management Holdco, LLC	(4)(5)(10)	SOFR +	5.25%	9.02%	12/5/2022	11/20/2028	107		107		107		0.00
US Oral Surgery Management Holdco, LLC	(4)(5)(7)(10)	SOFR +	5.25%	9.17%	8/16/2023	11/20/2028	23,736		23,356		23,736		0.05
Veonet Lense, GmbH	(6)(8)	S +	4.75%	8.47%	2/26/2025	3/14/2029	GBP	253,448	322,516		306,335		0.64
WHCG Purchaser III, Inc.	(4)(5)(7)(10)	SOFR +	6.50%	10.17% (incl. 5.09% PIK)	8/2/2024	6/30/2029	48,490		48,490		48,490		0.10
WHCG Purchaser III, Inc.	(4)(5)(10)(17)		10.00%	10.00% PIK	8/2/2024	6/30/2030	41,094		14,654		17,260		0.04
									6,608,962		6,256,439		13.10
Health Care Technology
Accuity Delivery Systems, LLC	(4)(7)(9)	SOFR +	4.75%	8.57%	5/29/2025	5/29/2031	167,360		166,335		166,769		0.35
athenahealth, Inc.	(9)	SOFR +	2.75%	6.47%	2/15/2022	2/15/2029	35,917		35,741		36,030		0.08
Brilliance Technologies, Inc.	(4)(5)(7)(9)	SOFR +	4.50%	8.22%	3/11/2025	3/11/2032	88,253		87,379		88,185		0.19
Brilliance Technologies, Inc.	(4)(5)(9)	SOFR +	4.50%	8.22%	3/11/2025	3/11/2032	141,205		140,579		141,205		0.30
Brilliance Technologies, Inc.	(4)(5)(9)	SOFR +	4.50%	8.22%	5/16/2025	3/11/2032	193,997		193,117		193,997		0.41
Caerus US 1, Inc.	(4)(6)(10)	SOFR +	5.00%	8.67%	5/25/2022	5/25/2029	437,821		433,573		437,821		0.92
Caerus US 1, Inc.	(4)(5)(6)(7)(10)	SOFR +	5.00%	8.73%	5/25/2022	5/25/2029	53,357		52,862		53,357		0.11
Caerus US 1, Inc.	(4)(6)(10)	SOFR +	5.00%	8.67%	10/28/2022	5/25/2029	35,752		35,562		35,752		0.08
Caerus US 1, Inc.	(4)(6)(10)	SOFR +	5.00%	8.67%	10/28/2022	5/25/2029	244,291		243,423		244,291		0.51
Caerus US 1, Inc.	(4)(6)(10)	SOFR +	5.00%	8.67%	3/27/2024	5/25/2029	69,119		69,119		69,119		0.15
Color Intermediate, LLC	(4)(10)	SOFR +	4.75%	8.52%	7/2/2024	10/4/2029	361,488		356,668		361,488		0.76
Continental Buyer, Inc.	(4)(5)(7)(10)	SOFR +	4.50%	8.22%	2/14/2025	4/2/2031	58,353		57,718		58,286		0.12
Continental Buyer, Inc.	(4)(5)(10)	SOFR +	4.50%	8.22%	10/21/2025	4/2/2031	34,476		34,310		34,476		0.07

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)



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

First Lien Debt - non-controlled/non-affiliated (continued)
Health Care Technology (continued)
Cotiviti, Inc.	(8)	SOFR +	2.75%	6.62%	5/1/2024	5/1/2031	$	29,611	$	29,498	$	28,525	0.06	%
Cronos Crimson Holdings, Inc.	(4)(10)	SOFR +	6.09%	10.20%	3/1/2021	3/1/2028	71,173		70,514		71,173		0.15
Cronos Crimson Holdings, Inc.	(4)(10)	SOFR +	6.09%	9.94%	3/1/2021	3/1/2028	14,758		14,679		14,758		0.03
CT Technologies Intermediate Holdings, Inc.	(4)(7)(10)	SOFR +	5.00%	8.72%	8/30/2024	8/30/2031	161,735		160,148		161,391		0.34
CT Technologies Intermediate Holdings, Inc.	(4)(5)(10)	SOFR +	4.75%	8.47%	8/5/2025	8/30/2031	160,724		159,224		160,724		0.34
CT Technologies Intermediate Holdings, Inc.	(4)(10)	SOFR +	4.75%	8.47%	7/10/2025	8/30/2031	68,851		68,216		68,851		0.14
CT Technologies Intermediate Holdings, Inc.	(4)(5)(7)(10)	SOFR +	4.75%	8.47%	7/10/2025	8/30/2031	30,319		29,993		30,319		0.06
eResearchTechnology, Inc.	(4)(10)	SOFR +	4.75%	8.47%	1/15/2025	1/19/2032	825,410		818,281		825,410		1.73
eResearchTechnology, Inc.	(4)(5)(7)(10)	SOFR +	4.75%	8.47%	1/15/2025	1/19/2032	160,350		157,699		159,565		0.34
GI Ranger Intermediate, LLC	(4)(7)(10)	SOFR +	6.00%	9.82%	10/29/2021	10/30/2028	103,200		102,414		103,200		0.22
Healthcomp Holding Company, LLC	(4)(10)	SOFR +	5.75%	9.66%	11/8/2023	11/8/2029	188,030		186,893		177,688		0.37
Imprivata, Inc.	(8)	SOFR +	3.00%	6.67%	6/20/2025	12/1/2027	1,987		1,987		1,999		0.00
Kona Buyer, LLC	(4)(7)(10)	SOFR +	4.50%	8.36%	7/23/2024	7/23/2031	213,479		211,375		211,444		0.44
Kona Buyer, LLC	(4)(5)(10)	SOFR +	4.50%	8.36%	7/23/2024	7/23/2031	16,052		16,270		15,971		0.03
Magic Bidco, Inc.	(4)(5)(7)(10)	SOFR +	5.75%	9.47%	7/1/2024	7/1/2030	7,469		7,314		7,428		0.02
Magic Bidco, Inc.	(4)(10)	SOFR +	5.75%	9.47%	7/1/2024	7/1/2030	57,385		56,436		57,099		0.12
Magic Bidco, Inc.	(4)(5)(7)(10)	SOFR +	5.75%	9.47%	7/1/2024	7/1/2030	2,884		2,820		2,796		0.01
MEDX AMCP Holdings, LLC	(4)(5)(7)(10)	SOFR +	4.75%	8.47%	7/21/2025	7/21/2032	22,327		22,038		22,018		0.05
Modernizing Medicine, Inc.	(4)(5)(7)(10)	SOFR +	4.75%	8.42% (incl. 2.25% PIK)	4/30/2025	4/30/2032	45,664		45,221		45,622		0.10
Neptune Holdings, Inc.	(4)(7)(10)	SOFR +	4.50%	8.17%	12/12/2024	8/31/2030	14,700		14,425		14,650		0.03
Netsmart Technologies, Inc.	(4)(7)(10)	SOFR +	5.20%	8.92% (incl. 2.70% PIK)	8/23/2024	8/23/2031	137,641		136,281		137,548		0.29
Octane Purchaser, Inc.	(4)(7)(9)	SOFR +	4.25%	7.97%	5/19/2025	5/19/2032	167,453		166,529		167,277		0.35
Project Ruby Ultimate Parent Corp.	(8)	SOFR +	2.75%	6.58%	7/18/2025	3/10/2028	9,042		9,042		9,077		0.02
QF Holdings, Inc.	(4)(7)(9)	SOFR +	4.50%	8.19%	12/29/2025	12/15/2032	116,279		115,560		115,560		0.24
Rocky MRA Acquisition Corp.	(4)(9)	SOFR +	5.00%	9.04%	4/1/2022	4/2/2029	165,691		164,566		165,691		0.35
Signant Finance One, Ltd.	(4)(5)(7)(10)	SOFR +	4.75%	8.42%	10/16/2025	10/16/2031	412,709		407,878		407,709		0.86
Vizient, Inc.	(9)	SOFR +	1.75%	5.47%	8/1/2024	8/1/2031	4,407		4,433		4,426		0.01
Waystar Technologies, Inc.	(8)	SOFR +	2.00%	5.72%	8/6/2025	10/22/2029	6,430		6,430		6,478		0.01
									5,092,550		5,115,173		10.76

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)



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

First Lien Debt - non-controlled/non-affiliated (continued)
Hotels, Restaurants & Leisure
Alterra Mountain, Co.	(8)	SOFR +	2.50%	6.22%	7/23/2025	8/17/2028	$	7,294	$	7,294	$	7,331	0.02	%
Bally's Corp.	(6)(9)	SOFR +	3.25%	7.37%	10/1/2021	10/2/2028	5,603		5,590		5,535		0.01
Caesars Entertainment, Inc.	(6)(9)	SOFR +	2.25%	5.97%	2/6/2023	2/6/2030	5,895		5,908		5,864		0.01
Caesars Entertainment, Inc.	(6)(9)	SOFR +	2.25%	5.97%	6/16/2025	2/6/2031	3,700		3,697		3,672		0.01
Cedar Fair, LP	(6)(8)	SOFR +	2.00%	5.72%	6/18/2025	5/1/2031	1,191		1,188		1,179		0.00
Century Casinos, Inc.	(6)(10)	SOFR +	6.00%	9.85%	4/1/2022	4/2/2029	30,803		30,515		24,274		0.05
DK Crown Holdings, Inc.	(6)(8)	SOFR +	1.75%	5.53%	6/16/2025	3/4/2032	1,402		1,400		1,404		0.00
FanDuel Group Financing, LLC	(6)(9)	SOFR +	1.75%	5.42%	4/3/2025	11/30/2030	5,238		5,167		5,240		0.01
Fertitta Entertainment, LLC	(9)	SOFR +	3.25%	6.97%	1/27/2022	1/27/2029	21,406		21,134		21,426		0.05
Flynn Restaurant Group, LP	(8)	SOFR +	3.75%	7.47%	4/3/2025	1/28/2032	7,466		7,387		7,506		0.02
IRB Holding Corp.	(9)	SOFR +	2.50%	6.22%	11/17/2025	12/15/2030	24,739		24,710		24,825		0.05
Life Time, Inc.	(8)	SOFR +	2.00%	5.78%	8/14/2025	11/5/2031	2,336		2,344		2,348		0.00
Light & Wonder International, Inc.	(6)(9)	SOFR +	2.25%	5.99%	6/16/2025	4/14/2029	641		644		644		0.00
Mic Glen, LLC	(9)	SOFR +	3.25%	6.97%	7/29/2025	7/21/2028	12,598		12,598		12,711		0.03
New Red Finance, Inc.	(6)(8)	SOFR +	1.75%	5.47%	6/16/2024	9/20/2030	12,946		12,816		12,978		0.03
Penn Entertainment, Inc.	(6)(9)	SOFR +	2.50%	6.22%	6/16/2025	5/3/2029	3,756		3,759		3,783		0.01
Scientific Games Holdings, LP	(9)	SOFR +	3.00%	6.93%	6/11/2024	4/4/2029	19,531		19,559		19,214		0.04
Tacala Investment Corp.	(10)	SOFR +	3.00%	6.72%	9/16/2025	1/31/2031	2,948		2,956		2,972		0.01
Voyager Parent, LLC	(6)(8)	SOFR +	4.75%	8.42%	7/18/2025	7/1/2032	103,541		99,683		103,744		0.22
Voyager Parent, LLC	(6)(8)	SOFR +	4.25%	7.95%	7/18/2025	7/1/2032	3,990		3,842		3,998		0.01
Whatabrands, LLC	(9)	SOFR +	2.50%	6.22%	12/11/2024	8/3/2028	12,183		12,140		12,229		0.03
									284,331		282,877		0.61
Household Durables
AI Aqua Merger Sub, Inc.	(9)	SOFR +	3.00%	6.85%	12/5/2024	7/31/2028	36,615		36,545		36,737		0.08
Madison Safety & Flow, LLC	(8)	SOFR +	2.50%	6.23%	9/25/2025	9/26/2031	5,787		5,787		5,835		0.01
									42,332		42,572		0.09
Independent Power and Renewable Electricity Producers
Calpine, Corp.	(8)	SOFR +	1.75%	5.47%	6/16/2025	2/15/2032	2,025		2,026		2,026		0.00
Calpine, Corp.	(8)	SOFR +	1.75%	5.47%	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

December 31, 2025

(in thousands)

(Unaudited)



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

First Lien Debt - non-controlled/non-affiliated (continued)
Industrial Conglomerates
Bettcher Industries, Inc.	(9)	SOFR +	4.00%	7.67%	12/14/2021	12/14/2028	$	6,865	$	6,836	$	6,939	0.01	%
CEP V Investment 11 S.à r.l.	(4)(6)(7)(10)	SA +	6.52%	7.20%	5/6/2022	2/11/2028	CHF	47,449	48,088		57,756		0.12
CEP V Investment 11 S.à r.l.	(4)(6)(10)	E +	6.45%	8.51%	3/31/2023	2/23/2028	EUR	66,051	64,226		75,161		0.16
Engineered Machinery Holdings, Inc.	(8)	SOFR +	3.25%	6.92%	11/26/2025	11/26/2032	7,716		7,715		7,774		0.02
Excelitas Technologies Corp.	(4)(8)	E +	5.25%	7.15%	8/12/2022	8/13/2029	EUR	24,564	24,968		28,507		0.06
Excelitas Technologies Corp.	(4)(7)(10)	SOFR +	5.25%	8.97%	8/12/2022	8/13/2029	33,241		32,800		32,641		0.07
									184,633		208,778		0.44
Insurance
Alera Group, Inc.	(9)	SOFR +	3.25%	6.97%	5/30/2025	5/30/2032	37,828		37,656		38,053		0.08
Alliant Holdings Intermediate, LLC	(8)	SOFR +	2.50%	6.22%	7/31/2025	9/19/2031	6,098		6,049		6,119		0.01
Amerilife Holdings, LLC	(4)(10)	SOFR +	5.00%	8.79%	6/17/2024	8/31/2029	572,669		567,142		569,805		1.20
Amerilife Holdings, LLC	(4)(5)(7)(10)	SOFR +	5.00%	8.79%	6/17/2024	8/31/2029	120,989		120,083		119,966		0.25
AmWINS Group, Inc.	(10)	SOFR +	2.25%	5.97%	4/3/2025	1/30/2032	2,980		2,952		2,992		0.01
Baldwin Insurance Group Holdings, LLC	(6)(8)	SOFR +	2.50%	6.25%	9/12/2025	5/26/2031	11,810		11,804		11,810		0.02
Beacon Dc, Ltd.	(4)(5)(6)(10)	SOFR +	4.75%	8.52%	12/4/2025	12/4/2032	5,000		4,926		4,925		0.01
Beacon Dc, Ltd.	(4)(5)(6)(7)(10)	SOFR +	4.75%	8.52%	12/4/2025	12/4/2032	105		93		93		0.00
BroadStreet Partners, Inc.	(8)	SOFR +	2.75%	6.47%	6/14/2024	6/13/2031	19,718		19,646		19,806		0.04
CRC Insurance Group, LLC	(7)(8)	SOFR +	2.75%	6.42%	12/6/2024	5/6/2031	19,652		19,335		19,604		0.04
Foundation Risk Partners Corp.	(4)(10)	SOFR +	4.75%	8.42%	10/29/2021	10/29/2030	27,631		27,402		27,631		0.06
Foundation Risk Partners Corp.	(4)(5)(10)	SOFR +	4.75%	8.42%	11/17/2023	10/29/2030	26,680		26,391		26,680		0.06
Foundation Risk Partners Corp.	(4)(10)	SOFR +	4.75%	8.42%	4/14/2022	10/29/2030	38,298		38,012		38,298		0.08
Foundation Risk Partners Corp.	(4)(5)(7)(10)	SOFR +	4.75%	8.42%	10/21/2024	10/29/2030	33,095		32,873		33,095		0.07
Foundation Risk Partners Corp.	(4)(10)	SOFR +	4.75%	8.42%	9/24/2025	10/29/2030	6,780		6,780		6,780		0.01
Foundation Risk Partners Corp.	(4)(5)(10)	SOFR +	4.75%	8.42%	9/24/2025	10/29/2030	3,169		3,169		3,169		0.01
Foundation Risk Partners Corp.	(4)(5)(7)(10)	SOFR +	4.75%	8.42%	10/29/2021	10/29/2029	4,067		3,952		3,823		0.01
Galway Borrower, LLC	(4)(10)	SOFR +	4.50%	8.17%	9/30/2021	9/29/2028	239,061		237,622		239,061		0.50
Galway Borrower, LLC	(4)(5)(7)(10)	SOFR +	4.50%	8.17%	9/30/2021	9/29/2028	668		662		668		0.00
Galway Borrower, LLC	(4)(5)(7)(10)	SOFR +	4.50%	8.17%	4/28/2023	9/29/2028	3,560		3,402		3,560		0.01
Gimlet Bidco, GmbH	(4)(6)(8)	E +	5.75%	7.82%	4/15/2024	4/23/2031	EUR	110,003	114,987		129,276		0.27
Gimlet Bidco, GmbH	(4)(6)(7)(8)	E +	5.75%	7.82%	4/15/2024	4/23/2031	EUR	42,921	44,800		50,441		0.11
Higginbotham Insurance Agency, Inc.	(4)(6)(7)(11)	SOFR +	4.50%	8.26%	12/11/2025	6/11/2031	98,579		98,416		98,474		0.21

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)



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

First Lien Debt - non-controlled/non-affiliated (continued)
Insurance (continued)
High Street Buyer, Inc.	(4)(10)	SOFR +	4.50%	8.17%	4/16/2021	4/14/2028	$	18,991	$	18,910	$	18,991	0.04	%
High Street Buyer, Inc.	(4)(5)(7)(10)	SOFR +	4.50%	8.17%	4/16/2021	4/14/2028	81,464		80,844		81,380		0.17
High Street Buyer, Inc.	(4)(5)(10)	SOFR +	4.50%	8.17%	1/2/2025	4/14/2028	43,919		43,429		43,919		0.09
High Street Buyer, Inc.	(4)(10)	SOFR +	4.50%	8.17%	4/16/2021	4/14/2028	76,271		75,761		76,271		0.16
High Street Buyer, Inc.	(4)(5)(7)(10)	SOFR +	4.50%	8.17%	7/18/2025	4/14/2028	6,169		5,958		6,169		0.01
HUB International, Ltd.	(8)	SOFR +	2.25%	6.12%	4/4/2025	6/20/2030	849		834		854		0.00
Hyperion Refinance S.à r.l.	(6)(9)	SOFR +	2.75%	6.47%	8/4/2025	2/15/2031	18,802		18,594		18,871		0.04
Integrity Marketing Acquisition, LLC	(4)(7)(10)	SOFR +	5.00%	8.82%	8/27/2024	8/25/2028	266,274		264,917		266,260		0.56
Knight Acquireco, LLC	(4)(5)(7)(9)	SOFR +	4.50%	8.37%	11/7/2025	11/7/2032	70,640		70,237		70,228		0.15
Koala Investment Holdings, Inc.	(4)(5)(7)(10)	SOFR +	4.50%	8.17%	8/29/2025	8/29/2032	88,402		87,408		87,799		0.18
MRH Trowe Beteiligungsgesellschaft mbH	(4)(6)(7)(8)	E +	5.00%	7.11%	5/15/2025	5/17/2032	EUR	406	450		474		0.00
OneDigital Borrower, LLC	(9)	SOFR +	3.00%	6.72%	1/28/2025	7/2/2031	9,850		9,850		9,887		0.02
Paisley Bidco, Ltd.	(4)(5)(6)(7)(8)	S +	5.50%	9.40% (incl. 2.00% PIK)	4/17/2024	5/7/2031	GBP	14,988	18,597		19,539		0.04
Paisley Bidco, Ltd.	(4)(5)(6)(8)	E +	5.50%	7.57% (incl. 2.00% PIK)	4/17/2024	5/7/2031	EUR	7,947	8,458		9,036		0.02
Paisley Bidco, Ltd.	(4)(5)(6)(8)	E +	5.50%	7.57% (incl. 2.00% PIK)	4/17/2024	5/7/2031	EUR	7,010	7,236		7,970		0.02
Paisley Bidco, Ltd.	(4)(5)(6)(8)	E +	5.50%	7.57% (incl. 2.00% PIK)	7/31/2025	5/7/2031	EUR	6,797	7,767		7,728		0.02
Patriot Growth Insurance Services, LLC	(4)(10)	SOFR +	5.00%	8.82%	10/14/2021	10/16/2028	23,727		23,593		23,727		0.05
Patriot Growth Insurance Services, LLC	(4)(5)(7)(10)	SOFR +	5.00%	8.67%	11/17/2023	10/16/2028	26,476		26,257		26,035		0.05
Riser Merger Sub, Inc.	(4)(5)(10)	SOFR +	4.75%	8.42%	4/15/2025	10/31/2029	19,969		19,969		19,969		0.04
Riser Merger Sub, Inc.	(4)(5)(10)	S +	4.75%	8.47%	4/15/2025	10/31/2029	GBP	33,570	43,963		45,251		0.10
Riser Merger Sub, Inc.	(4)(5)(7)(10)	SOFR +	4.75%	8.44%	4/15/2025	10/31/2029	1,027		610		875		0.00
SelectQuote, Inc.	(4)(5)(6)(20)	SOFR +	6.50%	10.32%	10/15/2024	9/30/2027	120,559		120,546		120,559		0.25
SG Acquisition, Inc.	(4)(7)(10)	SOFR +	4.75%	8.71%	4/3/2024	4/3/2030	206,109		204,760		206,109		0.43
Shelf Bidco, Ltd.	(4)(6)(10)(18)	SOFR +	5.18%	9.06%	10/17/2024	10/17/2031	933,645		929,782		933,645		1.96
Simplicity Financial Marketing Group Holdings, Inc.	(4)(6)(7)(10)	SOFR +	4.75%	8.42%	12/31/2024	12/31/2031	50,723		50,212		50,662		0.11
Sparta UK Bidco, Ltd.	(4)(5)(6)(8)	S +	6.00%	9.72%	9/25/2024	9/25/2031	GBP	44,570	58,830		60,078		0.13
Sparta UK Bidco, Ltd.	(4)(5)(6)(8)	E +	6.00%	7.85%	9/25/2024	9/25/2031	EUR	1,177	1,318		1,384		0.00
SQ ABS Issuer, LLC	(4)(6)(8)		7.80%	7.80%	10/11/2024	10/20/2039	17,430		17,321		17,430		0.04

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)



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

First Lien Debt - non-controlled/non-affiliated (continued)
Insurance (continued)
Tennessee Bidco, Limited	(4)(5)(6)(8)	E +	5.25%	7.30% (incl. 2.00% PIK)	7/1/2024	7/1/2031	EUR	4,607	$	5,719	$	5,415	0.01	%
Tennessee Bidco, Limited	(4)(6)(8)	S +	5.25%	9.47% (incl. 2.00% PIK)	7/1/2024	7/1/2031	GBP	152,279	204,434		205,264		0.43
Tennessee Bidco, Limited	(4)(5)(6)(8)	S +	5.25%	9.47% (incl. 2.00% PIK)	7/1/2024	7/1/2031	GBP	18,129	22,808		24,436		0.05
Tennessee Bidco, Limited	(4)(6)(8)	SOFR +	5.25%	9.65% (incl. 2.00% PIK)	7/1/2024	7/1/2031	$	556,048	544,846		556,048		1.17
Tennessee Bidco, Limited	(4)(5)(6)(8)	SOFR +	5.25%	8.85% (incl. 2.00% PIK)	7/1/2024	7/1/2031	103,637		103,037		103,637		0.22
Tennessee Bidco, Limited	(4)(5)(6)(8)	E +	5.25%	7.39% (incl. 2.00% PIK)	7/1/2024	7/1/2031	EUR	49,365	56,722		58,014		0.12
Tennessee Bidco, Limited	(4)(5)(6)(7)(8)	S +	5.25%	9.47%	5/9/2025	7/1/2031	GBP	1,951	3,198		2,630		0.01
Tennessee Bidco, Limited	(4)(5)(6)(8)	SOFR +	5.25%	8.85%	5/9/2025	7/1/2031	34,119		33,948		34,119		0.07
Tennessee Bidco, Limited	(4)(5)(6)(8)	E +	5.25%	7.30%	5/9/2025	7/1/2031	EUR	18,309	21,441		21,517		0.05
THG Acquisition, LLC	(4)(10)	SOFR +	4.75%	8.47%	10/31/2024	10/31/2031	66,478		65,924		66,478		0.14
THG Acquisition, LLC	(4)(5)(7)(10)	SOFR +	4.75%	8.47%	10/31/2024	10/31/2031	981		919		981		0.00
THG Acquisition, LLC	(4)(5)(7)(10)	SOFR +	4.75%	8.47%	10/31/2024	10/31/2031	4,331		4,251		4,331		0.01
USI, Inc.	(8)	SOFR +	2.25%	5.92%	12/23/2024	11/21/2029	6,795		6,795		6,818		0.01
USI, Inc.	(8)	SOFR +	2.25%	5.92%	12/23/2024	9/29/2030	7,416		7,331		7,438		0.02
World Insurance Associates, LLC	(4)(7)(11)	SOFR +	5.00%	8.67%	2/14/2025	4/3/2030	106,483		105,270		106,407		0.22
									4,831,208		4,888,762		10.27
Interactive Media & Services
North Haven Ushc Acquisition, Inc.	(4)(5)(11)	SOFR +	5.25%	9.02%	8/28/2024	10/29/2027	12,371		12,264		11,938		0.03
North Haven Ushc Acquisition, Inc.	(4)(5)(11)	SOFR +	5.25%	9.02%	8/28/2024	10/29/2027	7,243		7,181		6,990		0.01
North Haven Ushc Acquisition, Inc.	(4)(5)(11)	SOFR +	5.25%	9.28%	8/28/2024	10/29/2027	3,082		3,056		2,974		0.01
North Haven Ushc Acquisition, Inc.	(4)(5)(7)(11)	SOFR +	5.25%	9.02%	8/28/2024	10/29/2027	4,453		4,303		3,395		0.01
North Haven Ushc Acquisition, Inc.	(4)(5)(11)	SOFR +	5.25%	9.02%	8/28/2024	10/29/2027	3,585		3,554		3,459		0.01
North Haven Ushc Acquisition, Inc.	(4)(11)	SOFR +	5.25%	9.21%	8/28/2024	10/29/2027	22,069		21,878		21,297		0.04
North Haven Ushc Acquisition, Inc.	(4)(5)(7)(11)	SOFR +	5.25%	9.02%	8/28/2024	10/29/2027	15,035		14,887		14,437		0.03
Project Boost Purchaser, LLC	(8)	SOFR +	2.75%	6.42%	7/16/2024	7/16/2031	35,066		34,983		35,193		0.07
Speedster Bidco, GmbH	(4)(6)(7)(8)	E +	2.50%	4.56%	10/17/2024	6/10/2031	EUR	1,521	4,625		1,740		0.00

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)



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

First Lien Debt - non-controlled/non-affiliated (continued)
Interactive Media & Services (continued)
Titan Acquisitionco New Zealand, Ltd.	(4)(6)(9)	B +	4.00%	6.57%	5/29/2025	4/17/2031	NZD	129,239	$	76,575	$	74,037	0.16	%
WH Borrower, LLC	(9)	SOFR +	4.50%	8.39%	2/20/2025	2/20/2032	$	39,800	39,625		40,039		0.08
									222,931		215,499		0.45
IT Services
AI Altius Luxembourg S.à r.l.	(4)(5)(8)		9.75%	9.75% PIK	12/21/2021	12/21/2029	31,233		30,966		31,077		0.07
AI Altius US Bidco, Inc.	(4)(7)(10)	SOFR +	4.75%	8.36%	5/21/2024	12/21/2028	245,269		243,473		245,269		0.52
Allium Buyer, LLC	(4)(7)(11)	SOFR +	5.00%	8.84%	5/2/2023	5/2/2030	1,564		1,531		1,557		0.00
Anthracite Buyer Inc	(4)(7)(10)	SOFR +	4.50%	8.34%	12/3/2025	12/3/2032	79,838		79,345		79,339		0.17
Cassipoee, SASU	(4)(5)(6)(8)	E +	4.50%	6.52%	2/26/2025	2/26/2032	EUR	160	165		184		0.00
Denali TopCo, LLC	(4)(5)(7)(10)	SOFR +	4.75%	8.59%	8/26/2025	8/26/2032	92,136		91,228		91,475		0.19
Fern Bidco, Ltd.	(4)(5)(6)(8)	S +	5.25%	9.09%	7/1/2024	7/1/2031	GBP	40,356	50,231		53,446		0.11
Fern Bidco, Ltd.	(4)(5)(6)(7)(8)	S +	5.25%	8.97%	7/1/2024	7/1/2031	GBP	4,414	5,484		5,474		0.01
Idemia America Corp.	(6)(10)	SOFR +	4.25%	7.92%	2/2/2024	9/30/2028	985		989		994		0.00
Infostretch Corporation	(4)(10)	SOFR +	5.75%	9.57%	4/1/2022	4/1/2028	176,595		175,272		156,287		0.33
Inovalon Holdings, Inc.	(4)(10)	SOFR +	5.50%	9.67% (incl. 2.75% PIK)	4/11/2025	11/24/2028	1,110,866		1,100,371		1,110,866		2.33
KEN Bidco, Ltd.	(4)(5)(6)(10)	S +	6.00%	10.09% (incl. 2.50% PIK)	5/3/2024	10/14/2028	GBP	14,393	17,779		15,667		0.03
Monterey Financing, S.à r.l.	(4)(6)(8)	CI +	6.00%	7.98%	9/28/2022	9/28/2029	DKK	560,750	72,945		86,023		0.18
Monterey Financing, S.à r.l.	(4)(6)(9)	N +	6.00%	10.14%	9/28/2022	9/28/2029	NOK	599,094	55,059		57,948		0.12
Monterey Financing, S.à r.l.	(4)(6)(8)	ST +	6.00%	7.85%	9/28/2022	9/28/2029	SEK	243,186	21,453		25,754		0.05
Monterey Financing, S.à r.l.	(4)(6)(8)	E +	6.00%	8.03%	9/28/2022	9/28/2029	EUR	110,819	107,062		126,978		0.27
Nephele III, BV	(4)(5)(6)(7)(8)	E +	5.00%	7.00%	3/31/2025	1/14/2032	EUR	267	287		309		0.00
Newfold Digital Holdings Group, Inc.	(10)	SOFR +	3.50%	7.38%	12/8/2025	4/30/2029	36,109		35,063		30,286		0.06
Newfold Digital Holdings Group, Inc.	(10)	SOFR +	3.50%	7.38%	12/8/2025	4/30/2029	6,372		6,188		4,062		0.01
Newfold Digital Holdings Group, Inc.	(10)	SOFR +	5.75%	9.53%	12/8/2025	4/30/2029	2,449		2,357		2,310		0.00
Orion US Finco, Inc.	(6)(8)	SOFR +	3.50%	7.43%	10/10/2025	10/8/2032	39,535		39,341		39,767		0.08
Razor Holdco, LLC	(4)(10)	SOFR +	5.75%	9.67%	10/25/2021	10/25/2027	95,717		95,138		95,717		0.20
Red River Technology, LLC	(4)(5)(11)	SOFR +	6.00%	9.99%	5/26/2021	5/26/2027	144,774		144,184		135,726		0.29
Red River Technology, LLC	(4)(5)(11)	SOFR +	6.00%	9.94%	12/1/2025	11/26/2028	16,220		15,915		15,206		0.03
Redwood Services Group, LLC	(4)(10)	SOFR +	5.25%	8.93%	1/3/2025	6/15/2029	148,075		146,711		148,075		0.31
Redwood Services Group, LLC	(4)(5)(7)(10)	SOFR +	5.25%	8.93%	2/5/2024	6/15/2029	30,094		29,864		30,094		0.06

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)



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

First Lien Debt - non-controlled/non-affiliated (continued)
IT Services (continued)
Smartronix, LLC	(8)	SOFR +	4.50%	8.22%	2/7/2025	2/6/2032	$	339,715	$	332,278	$	336,600	0.71	%
Smartronix, LLC	(4)(5)(7)(8)	SOFR +	3.50%	7.22%	2/7/2025	2/7/2030	1,368		1,116		1,131		0.00
Turing Holdco, Inc.	(4)(6)(8)	E +	6.00%	8.00% (incl. 2.50% PIK)	10/14/2021	10/14/2028	EUR	17,658	20,154		16,757		0.04
Turing Holdco, Inc.	(4)(6)(8)	E +	6.00%	8.00% (incl. 2.50% PIK)	10/14/2021	10/14/2028	EUR	6,584	7,518		6,248		0.01
Turing Holdco, Inc.	(4)(6)(8)	SOFR +	6.00%	10.10% (incl. 2.50% PIK)	10/14/2021	10/14/2028	6,797		7,024		5,489		0.01
Turing Holdco, Inc.	(4)(6)(8)	SOFR +	6.00%	9.94% (incl. 2.50% PIK)	10/14/2021	10/14/2028	13,669		13,520		11,038		0.02
Turing Holdco, Inc.	(4)(5)(6)(10)	S +	6.00%	10.09% (incl. 2.50% PIK)	5/3/2024	10/14/2028	GBP	24,142	29,816		26,278		0.06
Turing Holdco, Inc.	(4)(5)(6)(10)	SOFR +	6.00%	10.10% (incl. 2.50% PIK)	5/3/2024	10/14/2028	32,136		31,564		25,950		0.05
Victors Purchaser, LLC	(4)(9)	SOFR +	4.50%	8.19%	12/9/2025	12/23/2032	721,584		719,786		719,780		1.51
Victors Purchaser, LLC	(4)(5)(7)(9)	SOFR +	4.50%	8.19%	12/9/2025	12/23/2032	9,072		8,401		8,401		0.02
Virtusa Corp.	(10)	SOFR +	3.25%	6.97%	6/21/2024	2/15/2029	14,713		14,726		14,767		0.03
									3,754,304		3,762,329		7.88
Life Sciences Tools & Services
Bidco Jupiter, Ltd.	(4)(6)(9)	E +	6.25%	8.27% (incl. 6.75% PIK)	8/5/2022	8/27/2029	EUR	6,024	5,986		5,788		0.01
Bidco Jupiter, Ltd.	(4)(6)(10)	SOFR +	6.25%	10.75% (incl. 6.75% PIK)	8/5/2022	8/27/2029	89,698		88,318		74,001		0.16
Cambrex Corp.	(4)(10)	SOFR +	4.50%	8.22%	3/5/2025	3/5/2032	114,674		113,663		113,527		0.24
Cambrex Corp.	(4)(5)(7)(10)	SOFR +	4.50%	8.33%	3/5/2025	3/5/2032	858		650		622		0.00
Creek Parent, Inc.	(4)(7)(10)	SOFR +	5.00%	8.73%	12/17/2024	12/18/2031	132,351		130,092		131,022		0.28
Falcon Parent Holdings, Inc.	(4)(7)(10)	SOFR +	5.00%	8.89%	11/6/2024	11/6/2031	162,151		160,487		160,733		0.34
Parexel International, Inc.	(9)	SOFR +	2.75%	6.47%	12/12/2025	12/12/2031	7,353		7,361		7,387		0.02
PAS Parent, Inc.	(4)(5)(7)(10)	SOFR +	4.50%	8.42%	8/18/2025	8/18/2032	27,343		26,707		26,669		0.06
									533,264		519,749		1.11

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)



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

First Lien Debt - non-controlled/non-affiliated (continued)
Machinery
Bidco 76 S.p.A.	(4)(6)(8)	E +	4.75%	6.87%	12/11/2024	12/10/2031	EUR	138,245	$	143,056	$	162,466	0.34	%
Chart Industries, Inc.	(6)(9)	SOFR +	2.50%	6.48%	7/2/2024	3/15/2030	$	4,713	4,713		4,741		0.01
Cielo Bidco, Ltd.	(4)(5)(6)(8)	S +	4.75%	8.47%	6/30/2025	3/31/2032	GBP	241	327		325		0.00
Cielo Bidco, Ltd.	(4)(5)(6)(8)	E +	4.75%	6.68%	6/30/2025	3/31/2032	EUR	86	101		101		0.00
Cielo Bidco, Ltd.	(4)(5)(6)(8)	SOFR +	4.75%	8.41%	6/30/2025	3/31/2032	1,238		1,227		1,238		0.00
Cielo Bidco, Ltd.	(4)(5)(6)(8)	SOFR +	4.75%	8.62%	6/30/2025	3/31/2032	595		589		595		0.00
Cielo Bidco, Ltd.	(4)(5)(6)(7)(8)	E +	4.75%	6.68%	6/30/2025	3/31/2032	EUR	25	28		29		0.00
Cielo Bidco, Ltd.	(4)(5)(6)(7)(8)	SOFR +	4.75%	8.41%	6/30/2025	3/31/2032	47		41		47		0.00
Crosby US Acquisition Corp.	(9)	SOFR +	3.50%	7.22%	9/16/2024	8/16/2029	308		312		310		0.00
Hobbs & Associates, LLC	(8)	SOFR +	2.75%	6.47%	10/30/2025	7/23/2031	2,494		2,497		2,496		0.01
LSF11 Trinity Bidco, Inc.	(4)(8)	SOFR +	2.50%	6.23%	9/11/2025	6/14/2030	1,050		1,050		1,055		0.00
MHE Intermediate Holdings, LLC	(4)(7)(11)	SOFR +	6.00%	9.99%	7/21/2021	7/21/2027	5,891		5,857		5,780		0.01
MHE Intermediate Holdings, LLC	(4)(5)(11)	SOFR +	6.50%	10.49%	12/20/2022	7/21/2027	229		227		225		0.00
MHE Intermediate Holdings, LLC	(4)(5)(11)	SOFR +	6.25%	10.24%	8/30/2022	7/21/2027	228		226		224		0.00
Pro Mach Group, Inc.	(8)	SOFR +	2.75%	6.47%	10/16/2025	10/16/2032	6,000		6,020		6,045		0.01
SPX Flow, Inc.	(9)	SOFR +	2.75%	6.47%	8/1/2025	4/5/2029	8,651		8,651		8,686		0.02
TK Elevator U.S. Newco, Inc.	(6)(9)	SOFR +	2.75%	6.95%	3/14/2024	4/30/2030	17,320		17,320		17,448		0.04
Victory Buyer, LLC	(9)	SOFR +	3.75%	7.58%	11/19/2021	11/19/2028	25,874		25,775		26,044		0.05
									218,017		237,855		0.49
Marine
Armada Parent, Inc.	(4)(5)(7)(10)	SOFR +	5.25%	9.12%	10/29/2021	10/29/2030	11,222		11,007		11,222		0.02
Armada Parent, Inc.	(4)(10)	SOFR +	5.25%	9.07%	6/9/2025	10/29/2030	226,941		225,352		226,941		0.48
Kattegat Project Bidco, AB	(4)(5)(6)(7)(8)	E +	5.50%	7.52%	3/20/2024	4/7/2031	EUR	51,768	55,004		60,672		0.13
Kattegat Project Bidco, AB	(4)(5)(6)(8)	SOFR +	5.50%	9.19%	3/20/2024	4/7/2031	4,522		4,437		4,522		0.01
									295,800		303,357		0.64

100

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)



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

First Lien Debt - non-controlled/non-affiliated (continued)
Media
ABG Intermediate Holdings 2, LLC	(8)	SOFR +	2.25%	5.97%	4/4/2025	2/13/2032	$	5,211	$	5,085	$	5,222	0.01	%
Bimini Group Purchaser, Inc.	(4)(10)	SOFR +	4.75%	8.57%	4/26/2024	4/26/2031	281,459		279,191		281,459		0.59
Bimini Group Purchaser, Inc.	(4)(5)(7)(10)	SOFR +	4.75%	8.49%	4/26/2024	4/26/2031	18,039		17,531		15,966		0.03
Bimini Group Purchaser, Inc.	(4)(5)(10)	SOFR +	4.75%	8.62%	4/26/2024	4/26/2031	34,819		34,663		34,819		0.07
McGraw-Hill Education, Inc.	(9)	SOFR +	2.75%	6.47%	9/4/2025	8/6/2031	5,426		5,413		5,478		0.01
Prodege International Holdings, LLC	(4)(10)	SOFR +	5.75%	9.60% PIK	12/17/2025	12/15/2027	198,534		198,534		198,534		0.42
Prodege International Holdings, LLC	(4)(10)	SOFR +	5.75%	9.60% PIK	12/17/2025	12/15/2027	93,114		93,114		93,114		0.20
Prodege International Holdings, LLC	(4)(10)(17)	SOFR +	5.75%	9.60% PIK	12/17/2025	12/15/2027	268,040		134,020		134,020		0.28
									767,551		768,612		1.61
Metals & Mining
SCIH Salt Holdings, Inc.	(10)	SOFR +	2.75%	6.52%	12/4/2025	1/31/2029	15,629		15,614		15,679		0.03
Oil, Gas & Consumable Fuels
Eagle Midstream Canada Finance, Inc.	(4)(6)(10)	SOFR +	5.25%	9.14%	8/30/2024	8/15/2028	28,676		28,536		28,676		0.06
Freeport LNG Investments, LLLP	(9)	SOFR +	3.25%	7.12%	1/15/2025	12/21/2028	33,047		33,047		33,223		0.07
KKR Alberta Midstream Finance, Inc.	(4)(6)(10)	SOFR +	5.25%	9.14%	8/30/2024	8/15/2028	15,599		15,506		15,599		0.03
									77,089		77,498		0.16
Paper & Forest Products
Profile Products, LLC	(4)(10)	SOFR +	5.50%	9.49%	11/12/2021	11/12/2027	61,948		61,611		61,329		0.13
Profile Products, LLC	(4)(5)(7)(10)	P +	4.50%	11.25%	11/12/2021	11/12/2027	6,550		6,458		6,380		0.01
									68,069		67,709		0.14
Pharmaceuticals
Dechra Finance US, LLC	(6)(8)	SOFR +	3.25%	7.20%	12/3/2024	12/3/2031	4,963		5,001		5,005		0.01
Eden Acquisitionco, Ltd.	(4)(5)(6)(7)(10)	SOFR +	5.00%	8.60%	11/2/2023	11/18/2030	110,539		108,497		110,510		0.23
Eden Acquisitionco, Ltd.	(4)(5)(6)(8)	E +	5.00%	7.12%	9/23/2025	11/18/2030	EUR	746	795		877		0.00
Elanco Animal Health, Inc.	(6)(8)	SOFR +	1.75%	5.62%	1/30/2025	10/31/2032	721		722		723		0.00
Galileo Pharma Bidco S.p.A	(4)(5)(6)(7)(8)	E +	5.00%	7.10%	10/7/2025	10/7/2032	EUR	17,886	20,436		20,599		0.04
Gusto Sing Bidco Pte, Ltd.	(4)(5)(6)(7)(10)	BB +	4.75%	8.39%	11/15/2024	11/15/2031	AUD	1,000	645		664		0.00
Opal Bidco, SAS	(6)(8)	SOFR +	3.00%	6.69%	10/29/2025	4/28/2032	50,023		49,748		50,398		0.11
Padagis, LLC	(4)(6)(9)	SOFR +	4.75%	8.95%	7/6/2021	7/6/2028	5,357		5,355		5,075		0.01
Rhea Parent, Inc.	(4)(7)(10)	SOFR +	5.00%	8.67%	12/20/2024	12/20/2030	264,860		262,521		263,247		0.55
									453,720		457,098		0.95

101

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)



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

First Lien Debt - non-controlled/non-affiliated (continued)
Professional Services
Accordion Partners, LLC	(4)(7)(10)	SOFR +	5.00%	8.70%	12/17/2025	11/15/2031	$	54,923	$	54,627	$	54,625	0.11	%
AG Group Holdings, Inc.	(9)	SOFR +	4.25%	8.07%	12/29/2021	12/29/2028	5,596		5,583		5,072		0.01
ALKU, LLC	(4)(10)	SOFR +	6.25%	9.92%	5/23/2023	5/23/2029	54,298		53,548		53,755		0.11
ALKU, LLC	(4)(10)	SOFR +	5.50%	9.17%	2/21/2024	5/23/2029	4,913		4,849		4,777		0.01
Alpine Intel Intermediate 2, LLC	(4)(5)(7)(10)	SOFR +	4.50%	8.64%	8/28/2024	1/31/2028	3,161		3,012		3,161		0.01
Apex Companies, LLC	(4)(11)	SOFR +	5.00%	8.84%	1/31/2023	1/31/2030	1,958		1,927		1,958		0.00
Apex Companies, LLC	(4)(11)	SOFR +	5.00%	8.82%	8/28/2024	1/31/2030	10,841		10,720		10,841		0.02
Apex Companies, LLC	(4)(5)(7)(11)	SOFR +	5.00%	8.82%	8/28/2024	1/31/2030	7,242		6,786		7,101		0.01
Artisan Acquisitionco, Ltd.	(4)(6)(8)	SOFR +	4.75%	8.42%	9/23/2024	9/30/2031	447,361		440,017		446,243		0.94
Ascensus Group Holdings, Inc.	(9)	SOFR +	3.00%	6.72%	12/13/2024	11/24/2032	40,493		40,416		40,502		0.09
Baker Tilly Advisory Group, LP	(4)(10)	SOFR +	4.75%	8.47%	6/3/2024	6/3/2031	201,004		198,671		201,004		0.42
Baker Tilly Advisory Group, LP	(4)(7)(10)	SOFR +	4.25%	7.97%	6/3/2024	6/3/2031	279,531		275,850		278,577		0.59
Cast & Crew Payroll, LLC	(9)	SOFR +	3.75%	7.47%	12/30/2021	12/29/2028	11,452		11,392		6,916		0.01
CFGI Holdings, LLC	(4)(7)(10)	SOFR +	4.50%	8.22%	11/2/2021	11/2/2027	18,076		17,844		17,677		0.04
Chartwell Cumming Holding, Corp.	(4)(11)	SOFR +	4.75%	8.47%	5/26/2021	11/16/2029	251,371		249,815		251,371		0.53
Chartwell Cumming Holding, Corp.	(4)(5)(7)(11)	SOFR +	4.75%	8.47%	11/18/2022	11/16/2029	20,632		20,187		20,632		0.04
Chartwell Cumming Holding, Corp.	(4)(11)	SOFR +	4.75%	8.47%	2/14/2025	11/16/2029	33,240		32,968		33,240		0.07
Chartwell Cumming Holding, Corp.	(4)(5)(11)	SOFR +	4.75%	8.47%	10/7/2025	11/16/2029	19,359		19,268		19,359		0.04
Cisive Holdings Corp.	(4)(7)(11)	SOFR +	5.75%	9.42%	12/8/2021	12/8/2030	33,259		33,150		32,505		0.07
Claims Automation Intermediate 2, LLC	(4)(10)	SOFR +	4.50%	8.23%	12/16/2021	12/16/2027	43,998		43,712		43,998		0.09
Claims Automation Intermediate 2, LLC	(4)(10)	SOFR +	4.50%	8.64%	12/16/2021	12/16/2027	67,664		67,223		67,664		0.14
Clearview Buyer, Inc.	(4)(7)(10)	SOFR +	4.50%	8.27%	8/26/2021	8/31/2029	116,975		116,289		116,975		0.25
CohnReznick Advisory, LLC	(7)(8)	SOFR +	3.50%	7.17%	3/26/2025	3/31/2032	15,619		15,538		15,744		0.03
CRCI Longhorn Holdings, Inc.	(4)(7)(10)	SOFR +	4.75%	8.47%	8/27/2024	8/27/2031	63,506		62,836		63,415		0.13
Denali Intermediate Holdings, Inc.	(4)(5)(6)(7)(10)	SOFR +	5.50%	9.23%	8/26/2025	8/26/2032	49,718		49,200		49,171		0.10
DTI Holdco, Inc.	(7)(10)	SOFR +	4.00%	7.72%	2/12/2025	4/26/2029	22,071		21,916		19,150		0.04
East River Bidco, GmbH	(4)(6)(7)(8)	E +	5.25%	7.27%	3/26/2025	3/26/2032	EUR	97	103		112		0.00

102

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)



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

First Lien Debt - non-controlled/non-affiliated (continued)
Professional Services (continued)
Eisner Advisory Group, LLC	(9)	SOFR +	4.00%	7.72%	2/28/2024	2/28/2031	$	3,800	$	3,794	$	3,831	0.01	%
Eliassen Group, LLC	(4)(10)	SOFR +	5.75%	9.42%	4/14/2022	4/14/2028	66,370		65,999		64,711		0.14
EP Purchaser, LLC	(9)	SOFR +	3.50%	7.44%	11/4/2021	11/6/2028	9,352		9,257		6,729		0.01
First Advantage Holdings, LLC	(8)	SOFR +	2.75%	6.47%	7/24/2025	10/31/2031	5,323		5,343		5,277		0.01
G&A Partners Holding Company II, LLC	(4)(10)	SOFR +	5.00%	8.82%	3/1/2024	3/3/2031	66,887		65,939		66,887		0.14
G&A Partners Holding Company II, LLC	(4)(10)	SOFR +	5.00%	8.82%	5/6/2025	3/3/2031	41,122		40,940		41,122		0.09
G&A Partners Holding Company II, LLC	(4)(5)(7)(10)	SOFR +	5.00%	8.67%	5/6/2025	3/3/2031	9,456		9,280		9,324		0.02
Genuine Financial Holdings, LLC	(8)	SOFR +	3.25%	6.97%	2/5/2025	9/27/2030	8,880		8,902		7,566		0.02
Grant Thornton Advisors, LLC	(8)	SOFR +	3.00%	6.72%	5/22/2025	6/2/2031	3,990		3,990		4,011		0.01
Grant Thornton Advisors, LLC	(8)	SOFR +	2.75%	6.47%	8/22/2025	6/2/2031	7,471		7,466		7,495		0.02
Guidehouse, Inc.	(4)(10)	SOFR +	4.75%	8.47%	10/15/2021	12/16/2030	1,254,937		1,247,730		1,254,937		2.64
IG Investments Holdings, LLC	(4)(7)(10)	SOFR +	5.00%	8.84%	11/1/2024	9/22/2028	577,367		573,536		577,367		1.21
Inmar, Inc.	(8)	SOFR +	4.50%	8.34%	6/26/2025	10/30/2031	24,688		24,723		24,442		0.05
King Bidco S.P.E.C.	(4)(5)(6)(7)(8)	E +	5.25%	7.25%	6/26/2025	6/26/2032	EUR	175	201		201		0.00
Kwor Acquisition, Inc.	(4)(5)(11)	SOFR +	6.25%	11.07% (incl. 5.25% PIK)	2/28/2025	2/28/2030	6,453		6,452		6,452		0.01
Kwor Acquisition, Inc.	(4)(5)(7)(11)	SOFR +	5.25%	9.07%	2/28/2025	2/28/2030	87		15		87		0.00
Lereta, LLC	(10)	SOFR +	5.25%	9.08%	7/30/2021	7/30/2028	28,560		28,455		26,395		0.06
Mantech International, CP	(4)(7)(10)	SOFR +	4.50%	8.29%	12/1/2025	9/14/2029	885,948		876,597		885,575		1.86
Mercury Bidco Globe, Limited	(4)(5)(6)(7)(8)	S +	6.00%	9.97%	1/18/2024	1/31/2031	GBP	92,467	115,887		124,641		0.26
Mercury Bidco Globe, Limited	(4)(5)(6)(9)	SOFR +	6.00%	9.84%	1/30/2024	1/31/2031	7,655		7,192		7,655		0.02
Minotaur Acquisition, Inc.	(4)(7)(11)	SOFR +	5.00%	8.72%	5/10/2024	5/10/2030	113,384		111,568		113,384		0.24
Minotaur Acquisition, Inc.	(4)(5)(11)	SOFR +	5.00%	8.82%	5/10/2024	5/10/2030	16,516		16,273		16,516		0.03
MPG Parent Holdings, LLC	(4)(11)	SOFR +	5.00%	8.99%	1/8/2024	1/8/2030	17,938		17,696		17,938		0.04
MPG Parent Holdings, LLC	(4)(5)(7)(11)	SOFR +	5.00%	8.87%	1/8/2024	1/8/2030	5,482		5,357		5,482		0.01
NDT Global Holding, Inc.	(4)(6)(7)(9)	SOFR +	4.50%	8.22%	6/3/2025	6/4/2032	54,508		53,863		54,407		0.11

103

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)



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

First Lien Debt - non-controlled/non-affiliated (continued)
Professional Services (continued)
Oxford Global Resources, Inc.	(4)(11)	SOFR +	6.00%	9.84%	8/17/2021	8/17/2027	$	91,917	$	91,419	$	91,917	0.19	%
Oxford Global Resources, Inc.	(4)(5)(7)(11)	SOFR +	6.00%	9.82%	8/17/2021	8/17/2027	8,639		8,554		8,639		0.02
Oxford Global Resources, Inc.	(4)(5)(9)	SOFR +	6.00%	10.21%	6/6/2024	8/17/2027	9,824		9,679		9,824		0.02
Pavion Corp.	(4)(10)	SOFR +	6.00%	9.84%	10/30/2023	10/30/2030	114,402		112,840		114,402		0.24
Pavion Corp.	(4)(5)(10)	SOFR +	5.75%	9.47%	10/30/2023	10/30/2030	24,120		23,816		24,120		0.05
Petrus Buyer, Inc.	(4)(10)	SOFR +	4.75%	8.64%	10/17/2022	10/17/2029	46,377		45,624		46,377		0.10
Petrus Buyer, Inc.	(4)(5)(7)(10)	SOFR +	4.75%	8.59%	2/26/2025	10/17/2029	12,190		12,059		12,190		0.03
Plano HoldCo, Inc.	(8)	SOFR +	3.50%	7.17%	12/11/2024	10/1/2031	993		1,008		965		0.00
Polyconcept Investments, BV	(10)	SOFR +	5.50%	9.17%	5/20/2022	5/18/2029	24,041		23,808		22,719		0.05
Sedgwick Claims Management Services, Inc.	(8)	SOFR +	2.50%	6.22%	2/24/2023	7/31/2031	9,609		9,582		9,650		0.02
STV Group, Inc.	(4)(7)(10)	SOFR +	4.75%	8.47%	3/20/2024	3/20/2031	57,807		56,656		57,639		0.12
Teneo Holdings, LLC	(4)(7)(9)	SOFR +	4.75%	8.47%	7/31/2025	7/31/2032	635,821		628,994		634,909		1.33
The North Highland Co, LLC	(4)(10)	SOFR +	4.75%	8.47%	12/20/2024	12/20/2031	91,417		90,656		89,817		0.19
The North Highland Co, LLC	(4)(5)(7)(10)	SOFR +	4.75%	8.47%	12/20/2024	12/20/2030	3,550		3,193		2,929		0.01
Thevelia US, LLC	(6)(9)	SOFR +	3.00%	6.67%	7/29/2024	6/18/2029	33,435		33,435		33,606		0.07
Trinity Air Consultants Holdings Corp.	(4)(10)	SOFR +	4.50%	8.44%	6/29/2021	6/29/2029	43,242		43,083		43,242		0.09
Trinity Air Consultants Holdings Corp.	(4)(7)(10)	SOFR +	4.50%	8.50%	6/29/2021	6/29/2029	78,128		77,182		77,806		0.16
Trinity Air Consultants Holdings Corp.	(4)(10)	SOFR +	4.50%	8.48%	10/17/2025	6/29/2029	189,552		187,764		189,552		0.40
Trinity Partners Holdings, LLC	(4)(7)(11)(18)	SOFR +	5.24%	9.06%	12/21/2021	12/31/2030	416,995		413,257		416,995		0.88
TTF Lower Intermediate, LLC	(7)(8)	SOFR +	3.75%	7.79%	7/18/2024	7/18/2031	28,070		26,239		22,427		0.05
Victors CCC Buyer, LLC	(4)(7)(10)	SOFR +	4.75%	8.48%	6/1/2022	6/1/2029	149,569		147,979		149,569		0.31
West Monroe Partners, LLC	(4)(10)	SOFR +	4.75%	8.48%	11/9/2021	11/8/2028	707,851		702,276		700,772		1.47
West Monroe Partners, LLC	(4)(7)(10)	SOFR +	4.75%	8.48%	12/18/2024	11/8/2028	24,194		23,556		22,538		0.05
West Monroe Partners, LLC	(4)(5)(10)	SOFR +	4.75%	8.48%	9/15/2025	11/8/2028	995		986		985		0.00
YA Intermediate Holdings II, LLC	(4)(10)	SOFR +	5.00%	8.85%	10/1/2024	10/1/2031	43,861		43,551		43,642		0.09
YA Intermediate Holdings II, LLC	(4)(5)(7)(10)	SOFR +	5.00%	8.69%	10/1/2024	10/1/2031	5,239		5,082		5,098		0.01
									7,986,180		8,030,306		16.86

104

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)



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

First Lien Debt - non-controlled/non-affiliated (continued)
Real Estate Management & Development
Castle Management Borrower, LLC	(4)(7)(11)	SOFR +	5.50%	9.17%	11/3/2023	11/5/2029	$	32,667	$	32,100	$	32,464	0.07	%
Community Management Holdings Midco 2, LLC	(4)(10)	SOFR +	4.75%	8.60%	11/1/2024	11/1/2031	55,052		54,364		55,052		0.12
Community Management Holdings Midco 2, LLC	(4)(5)(7)(10)	SOFR +	4.75%	8.60%	11/1/2024	11/1/2031	14,739		14,347		14,739		0.03
Community Management Holdings Midco 2, LLC	(4)(5)(10)	SOFR +	4.75%	8.44%	7/8/2025	11/1/2031	31,615		31,321		31,615		0.07
Cushman & Wakefield US Borrower, LLC	(6)(9)	SOFR +	2.50%	6.22%	9/26/2025	1/31/2030	6,315		6,315		6,386		0.01
Cushman & Wakefield US Borrower, LLC	(6)(9)	SOFR +	2.75%	6.47%	7/16/2025	1/31/2030	1,359		1,359		1,369		0.00
Neptune BidCo, SAS	(4)(5)(6)(7)(8)	E +	5.00%	7.07%	3/28/2024	4/1/2031	EUR	8,205	8,715		9,661		0.02
Odevo, AB	(4)(5)(6)(8)	ST +	5.25%	7.21%	10/31/2024	12/31/2030	SEK	573,028	51,770		62,242		0.13
Odevo, AB	(4)(5)(6)(8)	E +	5.25%	7.36%	10/31/2024	12/31/2030	EUR	1,177	1,227		1,384		0.00
Odevo, AB	(4)(5)(6)(8)	S +	5.25%	9.22%	10/31/2024	12/31/2030	GBP	26,751	33,753		36,060		0.08
Odevo, AB	(4)(6)(8)	SOFR +	5.25%	8.96%	10/31/2024	12/31/2030	136,798		136,233		136,798		0.29
Odevo, AB	(4)(5)(6)(7)(8)	E +	5.25%	7.36%	11/28/2024	12/31/2030	EUR	73,816	77,579		86,749		0.18
Odevo, AB	(4)(5)(6)(8)	SOFR +	5.25%	8.96%	6/30/2025	12/31/2030	61,545		59,369		61,545		0.13
Odevo, AB	(4)(5)(6)(8)	S +	5.25%	9.22%	9/12/2025	12/31/2030	GBP	22,220	26,842		29,952		0.06
Phoenix Strategy S.à r.l.	(4)(6)(8)	S +	2.75%	6.74%	10/2/2024	10/2/2028	GBP	53,099	69,767		71,575		0.15
Phoenix Strategy S.à r.l.	(4)(6)(8)	E +	2.75%	4.80%	10/2/2024	10/2/2028	EUR	50,089	53,756		58,864		0.12
Phoenix Strategy S.à r.l.	(4)(6)(8)	E +	2.75%	4.80%	10/2/2024	10/2/2028	EUR	140,261	153,543		164,834		0.35
									812,360		861,289		1.81
Semiconductors & Semiconductor Equipment
Altar Bidco, Inc.	(9)	SOFR +	3.10%	6.78%	4/7/2025	2/1/2029	11,428		11,291		11,327		0.02
Software
Abacus Holdco 2, Oy	(4)(5)(6)(7)(8)	E +	4.50%	6.51%	10/11/2024	10/10/2031	EUR	838	906		985		0.00
Accelya US, Inc.	(6)(8)	SOFR +	5.25%	8.92%	9/29/2025	9/29/2032	26,667		26,149		26,583		0.06
Acumatica Holdings, Inc.	(4)(5)(7)(10)	SOFR +	4.75%	8.42%	7/28/2025	7/28/2032	63,387		62,693		62,648		0.13
AI Titan Parent, Inc.	(4)(7)(10)	SOFR +	4.50%	8.22%	8/29/2024	8/29/2031	115,237		114,125		115,099		0.24
Analytic Partners, LP	(4)(7)(10)	SOFR +	4.50%	8.23%	4/4/2022	4/4/2030	21,033		20,835		21,033		0.04
Analytic Partners, LP	(4)(10)	SOFR +	4.50%	8.23%	12/17/2024	4/4/2030	11,945		11,873		11,945		0.03
Anaplan, Inc.	(4)(7)(10)	SOFR +	4.50%	8.32%	5/20/2025	6/21/2029	627,051		621,384		626,092		1.31
Aptean, Inc.	(4)(10)	SOFR +	4.75%	8.57%	1/29/2024	1/30/2031	71,552		71,231		71,552		0.15
Aptean, Inc.	(4)(5)(7)(10)	SOFR +	4.75%	8.57%	1/29/2024	1/30/2031	1,341		1,291		1,341		0.00
Armstrong Bidco, Limited	(4)(6)(8)	S +	5.25%	8.97%	6/2/2022	6/28/2029	GBP	478,945	576,429		632,682		1.33
Arnhem BidCo, GmbH	(4)(6)(7)(8)	E +	4.50%	6.52%	9/18/2024	9/30/2031	EUR	243,252	267,434		285,870		0.60

105

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)



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

First Lien Debt - non-controlled/non-affiliated (continued)
Software (continued)
Articulate Global, LLC	(4)(5)(7)(9)	SOFR +	4.25%	8.12%	10/24/2025	10/24/2032	$	52,720	$	52,435	$	52,427	0.11	%
Auctane, Inc.	(4)(10)	SOFR +	5.75%	9.58%	10/5/2021	10/5/2028	834,891		828,309		822,368		1.73
Auctane, Inc.	(4)(5)(10)	SOFR +	5.75%	9.58%	12/14/2021	10/5/2028	9,819		9,740		9,672		0.02
AuditBoard, Inc.	(4)(10)	SOFR +	4.50%	8.24%	7/12/2024	7/12/2031	80,730		80,092		80,730		0.17
AuditBoard, Inc.	(4)(10)	SOFR +	4.50%	8.24%	7/12/2024	7/12/2031	38,443		38,139		38,443		0.08
AuditBoard, Inc.	(4)(7)(10)	SOFR +	4.50%	8.24%	12/10/2025	7/12/2031	15,377		15,142		15,262		0.03
Avalara, Inc.	(8)	SOFR +	2.75%	6.42%	9/12/2025	3/26/2032	1,990		1,990		2,001		0.00
Azurite Intermediate Holdings, Inc.	(4)(7)(10)	SOFR +	6.00%	9.72%	3/19/2024	3/19/2031	61,560		60,796		61,532		0.13
Banyan Software Holdings, LLC	(4)(11)	SOFR +	5.50%	9.22%	1/2/2025	1/2/2031	53,717		53,269		53,583		0.11
Banyan Software Holdings, LLC	(4)(5)(11)	SOFR +	5.50%	9.22%	1/2/2025	1/2/2031	28,814		28,574		28,742		0.06
Banyan Software Holdings, LLC	(4)(5)(7)(11)	SOFR +	5.25%	8.98%	10/7/2025	1/2/2031	7,873		7,787		7,526		0.02
Banyan Software Holdings, LLC	(4)(5)(11)	SOFR +	5.50%	9.22%	1/2/2025	1/2/2031	10,173		10,084		10,148		0.02
Bayshore Intermediate #2, LP	(4)(10)	SOFR +	5.50%	9.19% (incl. 3.00% PIK)	9/19/2025	10/2/2028	326,677		326,377		326,677		0.69
Bayshore Intermediate #2, LP	(4)(5)(7)(10)	SOFR +	5.00%	8.69%	11/8/2024	10/1/2027	6,730		6,654		6,730		0.01
Bending Spoons US, Inc.	(6)(11)	SOFR +	5.25%	9.03%	2/19/2025	3/7/2031	91,360		90,310		89,190		0.19
BlueCat Networks USA, Inc.	(4)(10)	SOFR +	5.75%	9.48%	8/8/2022	8/8/2028	69,846		69,262		69,147		0.15
BlueCat Networks USA, Inc.	(4)(10)	SOFR +	5.75%	9.48%	8/8/2022	8/8/2028	12,321		12,219		12,198		0.03
BlueCat Networks USA, Inc.	(4)(5)(10)	SOFR +	5.75%	9.48%	8/8/2022	8/8/2028	8,473		8,412		8,388		0.02
BlueCat Networks USA, Inc.	(4)(10)	SOFR +	5.75%	9.48%	10/25/2024	8/8/2028	56,687		56,109		56,120		0.12
Bluefin Holding, LLC	(4)(7)(11)	SOFR +	4.25%	7.98%	9/12/2023	9/12/2029	90,693		89,726		90,693		0.19
Boxer Parent Company, Inc.	(8)	SOFR +	3.00%	6.82%	1/24/2025	7/30/2031	21,767		21,566		21,736		0.05
Brave Parent Holdings, Inc.	(4)(7)(10)	SOFR +	4.25%	7.97%	10/17/2025	11/28/2030	495,227		491,544		495,227		1.04
Businessolver.com, Inc.	(4)(7)(10)	SOFR +	4.50%	8.17%	12/3/2025	12/3/2032	28,986		28,556		28,707		0.06
Caribou Bidco, Ltd.	(4)(5)(6)(8)	S +	5.00%	9.22%	7/2/2024	2/1/2029	GBP	221,441	281,780		298,491		0.63
CDK Global, Inc.	(8)	SOFR +	3.25%	6.92%	5/16/2024	7/6/2029	4,923		4,923		4,186		0.01
Cloud Software Group, Inc.	(8)	SOFR +	3.25%	6.92%	8/7/2025	3/21/2031	7,058		6,971		7,075		0.01
Cloud Software Group, Inc.	(8)	SOFR +	3.25%	6.92%	8/7/2025	8/13/2032	13,931		13,931		13,965		0.03
Cloudera, Inc.	(9)	SOFR +	3.75%	7.57%	10/8/2021	10/8/2028	34,711		34,517		33,349		0.07

106

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)



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

First Lien Debt - non-controlled/non-affiliated (continued)
Software (continued)
Confine Visual Bidco	(4)(6)(8)	SOFR +	5.75%	9.43%	2/23/2022	2/23/2029	$	257,960	$	254,506	$	206,368	0.43	%
Confine Visual Bidco	(4)(6)(8)	SOFR +	5.75%	9.43%	3/11/2022	2/23/2029	6,159		6,073		4,927		0.01
Confluence Technologies, Inc.	(4)(5)(9)	SOFR +	5.00%	8.85%	2/14/2025	7/30/2028	19,938		19,476		19,639		0.04
Conga Corp.	(10)	SOFR +	3.50%	7.34%	8/8/2024	5/8/2028	11,365		11,365		11,365		0.02
Connatix Buyer, Inc.	(4)(10)	SOFR +	5.50%	9.70%	7/14/2021	7/14/2027	105,629		105,090		104,045		0.22
Connatix Buyer, Inc.	(4)(5)(7)(10)	SOFR +	5.50%	9.70%	7/14/2021	7/14/2027	7,169		7,086		6,925		0.01
Connatix Buyer, Inc.	(4)(5)(10)	SOFR +	5.50%	9.70%	10/9/2024	7/14/2027	5,196		5,138		5,118		0.01
Connatix Buyer, Inc.	(4)(5)(7)(10)	SOFR +	5.50%	9.70%	10/9/2024	7/14/2027	2,318		2,229		2,248		0.00
Cornerstone OnDemand, Inc.	(9)	SOFR +	3.75%	7.58%	10/15/2021	10/16/2028	26,589		26,544		24,508		0.05
Cornerstone OnDemand, Inc.	(4)(11)	SOFR +	6.00%	9.72%	9/7/2023	10/16/2028	34,125		33,554		33,272		0.07
Coupa Software, Inc.	(4)(6)(7)(10)	SOFR +	5.25%	9.09%	2/27/2023	2/27/2030	1,809		1,779		1,810		0.00
Crewline Buyer, Inc.	(4)(7)(11)	SOFR +	6.75%	10.59%	11/8/2023	11/8/2030	122,658		120,308		122,658		0.26
Databricks, Inc.	(4)(7)(8)	SOFR +	4.50%	8.27%	1/3/2025	1/3/2031	525,000		522,800		525,000		1.10
Dawn Bidco, LLC	(8)	SOFR +	3.00%	7.00%	10/14/2025	10/7/2032	5,000		4,975		4,991		0.01
Delta Topco, Inc.	(8)	SOFR +	2.75%	6.58%	5/1/2024	11/30/2029	103,348		103,135		102,985		0.22
Denali Bidco, Ltd.	(4)(5)(6)(7)(8)	S +	5.00%	8.72%	9/5/2025	9/5/2031	GBP	19,440	24,564		26,069		0.05
Denali Bidco, Ltd.	(4)(5)(6)(8)	E +	5.00%	7.02%	9/5/2025	9/5/2031	EUR	15,443	17,519		18,058		0.04
Denali Bidco, Ltd.	(4)(5)(6)(8)	E +	5.00%	7.02%	9/5/2025	9/5/2031	EUR	5,845	6,317		6,835		0.01
Diligent Corp.	(4)(7)(10)	SOFR +	5.00%	8.82%	4/30/2024	8/2/2030	181,293		180,146		181,043		0.38
Diligent Corp.	(4)(10)	SOFR +	5.00%	8.82%	4/30/2024	8/2/2030	29,736		29,615		29,736		0.06
Discovery Education, Inc.	(4)(10)	SOFR +	6.75%	10.71% (incl. 5.85% PIK)	4/7/2022	4/9/2029	612,424		608,138		509,843		1.07
Discovery Education, Inc.	(4)(5)(7)(10)	SOFR +	5.75%	9.71%	4/7/2022	4/9/2029	35,027		34,536		26,226		0.06
Discovery Education, Inc.	(4)(5)(10)	SOFR +	6.75%	10.61% (incl. 5.80% PIK)	10/3/2023	4/9/2029	68,902		68,399		57,361		0.12
Doit International, Ltd.	(4)(7)(11)	SOFR +	4.50%	8.32%	11/25/2024	11/26/2029	66,211		64,729		65,711		0.14
Dropbox, Inc.	(4)(6)(7)(10)(18)	SOFR +	4.91%	8.65%	12/11/2024	12/11/2029	746,785		738,040		736,804		1.55
Eagan Parent, Inc.	(4)(5)(7)(9)	SOFR +	4.50%	8.24%	9/6/2025	9/8/2032	21,244		21,116		21,163		0.04

107

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)



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

First Lien Debt - non-controlled/non-affiliated (continued)
Software (continued)
ECI Macola Max Holding, LLC	(6)(10)	SOFR +	2.75%	6.42%	7/10/2025	5/9/2030	$	5,369	$	5,369	$	5,403	0.01	%
Edison Bidco, AS	(4)(5)(6)(7)(8)	E +	5.25%	7.41%	12/18/2024	12/18/2031	EUR	345	353		406		0.00
Elements Finco, Ltd.	(4)(5)(6)(8)	S +	5.50%	9.23% (incl. 2.50% PIK)	3/27/2024	4/29/2031	GBP	69,256	86,047		93,354		0.20
Elements Finco, Ltd.	(4)(5)(6)(8)	SOFR +	5.25%	8.97% (incl. 2.25% PIK)	3/27/2024	4/29/2031	21,630		21,440		21,630		0.05
Elements Finco, Ltd.	(4)(5)(6)(8)	SOFR +	5.00%	8.72%	4/30/2024	4/29/2031	17,609		17,530		17,609		0.04
Elements Finco, Ltd.	(4)(5)(6)(8)	S +	5.50%	9.23% (incl. 2.50% PIK)	11/29/2024	4/29/2031	GBP	12,746	15,827		17,180		0.04
Elements Finco, Ltd.	(4)(5)(6)(8)	S +	5.50%	9.23% (incl. 2.50% PIK)	3/27/2024	4/29/2031	GBP	31,046	38,572		41,848		0.09
Epicor Software Corp.	(10)	SOFR +	2.50%	6.22%	5/30/2024	5/30/2031	5,036		5,024		5,058		0.01
Everbridge Holdings, LLC	(4)(6)(10)	SOFR +	5.00%	8.98%	7/2/2024	7/2/2031	34,467		34,331		34,467		0.07
Everbridge Holdings, LLC	(4)(5)(6)(7)(10)	SOFR +	5.00%	8.98%	7/2/2024	7/2/2031	3,378		3,340		3,378		0.01
EverCommerce Solutions, Inc.	(9)	SOFR +	2.25%	5.97%	10/14/2025	7/7/2031	1,496		1,492		1,502		0.00
Experity, Inc.	(4)(10)	SOFR +	5.00%	8.67% (incl. 2.25% PIK)	7/21/2021	2/24/2030	110,039		109,079		110,039		0.23
Experity, Inc.	(4)(7)(10)	SOFR +	5.00%	8.67% (incl. 2.25% PIK)	2/24/2022	2/24/2030	35,496		34,821		35,295		0.07
Finastra USA, Inc.	(6)(8)	SOFR +	4.00%	7.72%	7/31/2025	9/15/2032	38,396		38,029		37,660		0.08
Flash Charm, Inc.	(10)	SOFR +	3.50%	7.35%	6/11/2024	3/2/2028	42,798		42,798		40,046		0.08
Flexera Software, LLC	(4)(7)(9)	SOFR +	4.75%	8.60%	8/15/2025	8/16/2032	187,380		186,905		187,346		0.39
Flexera Software, LLC	(4)(5)(9)	E +	4.75%	6.68%	8/15/2025	8/16/2032	EUR	56,550	66,015		66,457		0.14
Forterro Group, AB	(4)(6)(8)	ST +	4.75%	6.85%	4/14/2022	7/9/2029	SEK	115,366	10,807		12,531		0.03
Forterro Group, AB	(4)(6)(8)	SA +	4.75%	4.75%	4/14/2022	7/9/2029	CHF	10,860	11,046		13,710		0.03
Forterro Group, AB	(4)(5)(6)(9)	SA +	4.75%	4.75%	7/28/2022	7/9/2029	CHF	3,544	3,587		4,475		0.01
Forterro Group, AB	(4)(6)(8)	E +	4.75%	6.82%	4/14/2022	7/9/2029	EUR	32,512	32,706		38,208		0.08
Forterro Group, AB	(4)(5)(6)(8)	E +	4.75%	6.82%	4/14/2022	7/9/2029	EUR	9,018	9,150		10,598		0.02
Forterro Group, AB	(4)(5)(6)(10)	S +	4.75%	8.48%	7/28/2022	7/9/2029	GBP	12,762	15,233		17,203		0.04
Forterro Group, AB	(4)(5)(6)(7)(8)	E +	4.75%	6.82%	2/27/2025	7/9/2029	EUR	26,703	27,646		31,382		0.07
Gen Digital, Inc.	(6)(9)	SOFR +	1.75%	5.47%	6/5/2024	9/12/2029	10,854		10,774		10,883		0.02
Genesys Cloud Services, Inc.	(8)	SOFR +	2.50%	6.22%	4/3/2025	1/30/2032	3,970		3,905		3,967		0.01

108

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)



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

First Lien Debt - non-controlled/non-affiliated (continued)
Software (continued)
Gigamon, Inc.	(4)(10)	SOFR +	5.75%	9.78%	3/11/2022	3/9/2029	$	418,408	$	414,599	$	407,948	0.86	%
Gigamon, Inc.	(4)(5)(7)(10)	SOFR +	5.75%	9.81%	3/11/2022	3/10/2028	10,310		10,216		9,665		0.02
Granicus, Inc.	(4)(10)	SOFR +	5.50%	9.09% (incl. 2.00% PIK)	1/17/2024	1/17/2031	30,963		30,752		30,963		0.07
Granicus, Inc.	(4)(5)(7)(10)	SOFR +	5.50%	9.09% (incl. 2.00% PIK)	1/17/2024	1/17/2031	9,101		9,031		9,101		0.02
GS Acquisitionco, Inc.	(4)(5)(11)	SOFR +	5.25%	8.92%	3/26/2024	5/25/2028	11,870		11,840		11,751		0.02
GS Acquisitionco, Inc.	(4)(5)(7)(10)	SOFR +	5.25%	8.92%	3/26/2024	5/25/2028	3,866		3,830		3,753		0.01
Homecare Software Solutions, LLC	(4)(10)	SOFR +	5.55%	9.28% (incl. 2.93% PIK)	6/14/2024	6/16/2031	79,518		78,914		79,120		0.17
Homecare Software Solutions, LLC	(4)(10)	SOFR +	5.55%	9.28% (incl. 2.93% PIK)	6/14/2024	6/16/2031	31,056		30,821		30,900		0.06
Homecare Software Solutions, LLC	(4)(10)	SOFR +	5.55%	9.28% (incl. 2.93% PIK)	9/26/2024	6/16/2031	36,735		36,447		36,552		0.08
HS Purchaser, LLC	(10)	SOFR +	6.00%	9.97%	6/23/2021	5/19/2029	14,036		13,248		12,751		0.03
Icefall Parent, Inc.	(4)(7)(11)	SOFR +	4.50%	8.17%	1/26/2024	1/25/2030	87,841		86,754		87,841		0.18
INK BC Bidco S.p.A.	(4)(6)(7)(8)	E +	5.00%	7.08%	7/17/2025	7/16/2032	EUR	110,134	125,060		127,274		0.27
IQN Holding Corp.	(4)(10)	SOFR +	5.75%	9.42% (incl. 3.13% PIK)	5/2/2022	5/2/2029	46,277		46,072		46,277		0.10
IQN Holding Corp.	(4)(5)(7)(10)	SOFR +	5.25%	8.94%	5/2/2022	5/2/2028	3,603		3,581		3,603		0.01
IQN Holding Corp.	(4)(5)(10)	SOFR +	5.75%	9.42% (incl. 3.13% PIK)	5/16/2025	5/2/2029	5,726		5,726		5,726		0.01
IRI Group Holdings, Inc.	(4)(7)(10)	SOFR +	4.25%	7.97%	4/9/2025	12/1/2029	1,588,161		1,570,390		1,588,161		3.34
Javelin Buyer, Inc.	(6)(8)	SOFR +	2.75%	6.59%	7/24/2025	12/5/2031	2,978		2,994		2,991		0.01
Jeppesen Holdings, LLC	(4)(7)(9)	SOFR +	4.75%	8.59%	10/31/2025	11/1/2032	327,865		325,293		325,279		0.68
JS Parent, Inc.	(4)(7)(10)	SOFR +	4.75%	8.59%	4/24/2024	4/24/2031	80,404		80,069		80,365		0.17
Kaseya, Inc.	(7)(8)	SOFR +	3.00%	6.72%	3/20/2025	3/22/2032	127,443		126,049		127,552		0.27
KnowBe4, Inc.	(8)	SOFR +	3.75%	7.59%	7/22/2025	7/23/2032	30,000		29,929		30,056		0.06
LD Lower Holdings, Inc.	(4)(11)	SOFR +	7.50%	11.27%	2/8/2021	8/9/2027	106,203		106,137		95,052		0.20
Lobos Parent, Inc.	(4)(5)(7)(9)	SOFR +	4.50%	8.17%	9/26/2025	9/26/2032	42,739		42,339		42,366		0.09
LogicMonitor, Inc.	(4)(7)(10)	SOFR +	5.50%	9.34%	11/15/2024	11/19/2031	122,899		121,334		122,043		0.26

109

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)



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

First Lien Debt - non-controlled/non-affiliated (continued)
Software (continued)
Magenta Security Holdings, LLC	(5)(11)	SOFR +	6.25%	10.09%	8/14/2024	7/27/2028	$	9,724	$	9,467	$	9,761	0.02	%
Magenta Security Holdings, LLC	(5)(10)(18)	SOFR +	6.75%	10.85%	8/14/2024	7/27/2028	27,581		26,684		21,030		0.04
Magnesium BorrowerCo, Inc.	(4)(10)	S +	4.50%	8.22%	5/19/2022	5/18/2029	GBP	100,050	123,533		134,863		0.28
Magnesium BorrowerCo, Inc.	(4)(10)	SOFR +	4.50%	8.22%	5/19/2022	5/18/2029	1,035,065		1,022,289		1,035,065		2.17
Magnesium BorrowerCo, Inc.	(4)(10)	SOFR +	4.50%	8.22%	3/21/2024	5/18/2029	28,970		28,737		28,970		0.06
Mandolin Technology Intermediate Holdings, Inc.	(4)(9)	SOFR +	3.75%	7.57%	7/30/2021	7/31/2028	75,168		74,751		65,772		0.14
Mandolin Technology Intermediate Holdings, Inc.	(4)(9)	SOFR +	6.25%	10.07%	6/9/2023	7/31/2028	61,425		60,255		57,740		0.12
Mandolin Technology Intermediate Holdings, Inc.	(4)(5)(7)(8)	SOFR +	3.75%	7.44%	2/14/2025	4/30/2028	3,535		3,513		3,157		0.01
Maverick Bidco, Inc.	(4)(5)(7)(10)	SOFR +	4.75%	8.54%	12/2/2025	12/2/2031	352,976		351,684		351,563		0.74
McAfee Corp.	(6)(9)	SOFR +	3.00%	6.72%	5/31/2024	3/1/2029	31,409		31,314		29,089		0.06
Medallia, Inc.	(4)(10)	SOFR +	6.00%	9.70%	10/28/2021	10/29/2028	898,944		892,583		698,929		1.47
Medallia, Inc.	(4)(10)	SOFR +	6.00%	9.70%	8/16/2022	10/29/2028	221,763		219,910		172,421		0.36
Mitnick Purchaser, Inc.	(9)(18)	SOFR +	4.75%	8.69%	5/2/2022	5/2/2029	11,497		11,470		7,515		0.02
ML Holdco, LLC	(4)(5)(7)(11)	SOFR +	4.50%	8.37%	10/24/2025	10/24/2032	67,867		67,494		67,483		0.14
MRI Software, LLC	(4)(11)	SOFR +	4.75%	8.42%	1/7/2021	2/10/2028	204,606		203,651		204,606		0.43
MRI Software, LLC	(4)(7)(11)	SOFR +	4.75%	8.42%	8/27/2024	2/10/2028	29,257		29,025		28,441		0.06
MRI Software, LLC	(4)(11)	SOFR +	4.75%	8.42%	1/7/2021	2/10/2028	34,363		34,369		34,363		0.07
MRI Software, LLC	(4)(5)(7)(9)	SOFR +	4.75%	8.42%	10/2/2025	2/10/2028	1,704		1,669		1,704		0.00
NAVEX TopCo, Inc.	(4)(7)(10)	SOFR +	5.00%	8.91%	10/14/2025	10/14/2032	221,611		219,260		221,318		0.46
Nintex Topco, Limited	(4)(6)(8)	SOFR +	6.00%	9.83% (incl. 1.50% PIK)	11/12/2021	11/13/2028	681,242		675,829		606,306		1.27
Noble Midco 3, Ltd.	(4)(5)(6)(7)(10)	SOFR +	4.75%	8.42%	6/10/2024	6/24/2031	39,181		38,876		39,181		0.08
Noble Midco 3, Ltd.	(4)(5)(6)(7)(10)	SOFR +	4.75%	8.42%	6/10/2024	12/10/2030	452		371		407		0.00
OEConnection, LLC	(4)(7)(9)	SOFR +	4.50%	8.19%	12/23/2025	12/23/2032	31,437		31,210		31,210		0.07
OMEGA II AB	(4)(5)(6)(7)(8)	ST +	4.75%	6.62%	6/11/2025	6/17/2032	SEK	635,618	65,641		68,648		0.14

110

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)



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

First Lien Debt - non-controlled/non-affiliated (continued)
Software (continued)
Optimizely North America, Inc.	(4)(5)(10)	S +	5.50%	9.22%	10/30/2024	10/30/2031	GBP	2,119	$	2,726	$	2,771	0.01	%
Optimizely North America, Inc.	(4)(5)(10)	E +	5.25%	7.15%	10/30/2024	10/30/2031	EUR	7,064	7,608		8,053		0.02
Optimizely North America, Inc.	(4)(5)(7)(10)	SOFR +	5.00%	8.92%	10/30/2024	10/30/2031	$	20,134	19,941		19,499		0.04
Optus 1011, GmbH	(4)(5)(6)(8)	E +	5.00%	7.02%	3/7/2025	3/24/2032	EUR	89,943	95,521		104,644		0.22
Optus 1011, GmbH	(4)(5)(6)(7)(8)	E +	5.00%	7.02%	10/24/2025	3/24/2032	EUR	13,798	16,078		15,242		0.03
PDI TA Holdings, Inc.	(4)(10)	SOFR +	5.50%	9.34%	2/1/2024	2/3/2031	87,074		86,245		87,074		0.18
PDI TA Holdings, Inc.	(4)(5)(7)(10)	SOFR +	5.50%	9.34%	2/1/2024	2/3/2031	5,130		5,054		5,130		0.01
Perforce Software, Inc.	(9)	SOFR +	4.75%	8.47%	3/22/2024	3/25/2031	19,700		19,626		16,725		0.04
Perforce Software, Inc.	(8)	SOFR +	4.75%	8.47%	12/18/2024	7/2/2029	18,242		18,022		16,418		0.03
Project Alpha Intermediate Holding, Inc.	(9)	SOFR +	3.25%	6.92%	5/14/2024	10/26/2030	70,143		70,143		70,113		0.15
Project Leopard Holdings, Inc.	(9)	SOFR +	5.25%	9.19%	7/20/2022	7/20/2029	131,871		128,002		114,110		0.24
Project Leopard Holdings, Inc.	(4)(5)(7)(8)	SOFR +	4.25%	8.14%	7/20/2022	7/20/2027	13,509		13,514		10,389		0.02
Proofpoint, Inc.	(9)	SOFR +	3.00%	6.67%	5/28/2024	8/31/2028	5,484		5,479		5,521		0.01
QBS Parent, Inc.	(4)(5)(7)(10)	SOFR +	4.50%	8.17%	6/3/2025	6/3/2032	77,286		76,953		77,286		0.16
QBS Parent, Inc.	(4)(5)(7)(10)	SOFR +	4.50%	8.22%	11/7/2024	6/3/2032	997		949		997		0.00
Quartz Acquireco, LLC	(4)(8)	SOFR +	2.25%	5.92%	4/11/2025	6/28/2030	3,101		3,068		3,101		0.01
Rally Buyer, Inc.	(4)(10)	SOFR +	6.25%	9.97% (incl. 3.50% PIK)	7/19/2022	7/19/2029	145,308		143,951		131,504		0.28
Rally Buyer, Inc.	(4)(5)(7)(10)	SOFR +	5.75%	9.42%	7/19/2022	7/19/2029	10,372		10,192		8,686		0.02
Relativity ODA, LLC	(4)(7)(11)	SOFR +	4.50%	8.22%	5/12/2021	5/12/2029	37,640		37,602		37,524		0.08
Rocket Software, Inc.	(9)	SOFR +	3.75%	7.47%	10/5/2023	11/28/2028	44,664		44,317		44,710		0.09
Scorpio BidCo SAS	(4)(5)(6)(7)(8)	E +	5.75%	7.77%	4/3/2024	4/30/2031	EUR	37,234	39,683		43,672		0.09
Seven Bidco, SASU	(4)(5)(6)(7)(8)	E +	4.50%	6.57%	8/29/2025	8/27/2032	EUR	210,485	244,619		245,912		0.52
Severin Acquisition, LLC	(4)(7)(10)	SOFR +	4.75%	8.47% (incl. 2.25% PIK)	10/1/2024	10/1/2031	348,366		345,042		348,366		0.73
Skopima Consilio Parent, LLC	(9)	SOFR +	3.75%	7.47%	12/18/2024	5/12/2028	25,268		25,036		23,152		0.05
Skylark UK Debtco, Ltd.	(4)(5)(6)(7)(8)	S +	4.50%	6.57%	11/25/2025	12/8/2032	GBP	12,751	16,990		17,187		0.04
Skylark UK Debtco, Ltd.	(4)(5)(6)(8)	E +	4.50%	6.57%	11/25/2025	12/8/2032	EUR	5,751	6,694		6,759		0.01
Skylark UK Debtco, Ltd.	(4)(5)(6)(8)	SOFR +	4.50%	8.38%	11/25/2025	12/8/2032	24,898		24,898		24,898		0.05

111

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)



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

First Lien Debt - non-controlled/non-affiliated (continued)
Software (continued)
Solis Midco, SAS	(4)(5)(6)(7)(8)	E +	4.75%	6.85%	10/8/2025	10/8/2032	EUR	313	$	357	$	361	0.00	%
Sophos Holdings, LLC	(6)(8)	SOFR +	3.50%	7.33%	1/7/2021	3/5/2027	$	12,450	12,458		12,473		0.03
Sovos Compliance, LLC	(8)	SOFR +	3.25%	6.97%	7/24/2025	8/13/2029	13,653		13,616		13,709		0.03
Spaceship Purchaser, Inc.	(4)(7)(10)(18)	SOFR +	4.67%	8.34%	9/5/2025	10/17/2031	624,424		623,634		623,467		1.31
Spitfire Parent, Inc.	(4)(11)	E +	5.50%	7.40%	3/8/2021	3/11/2027	EUR	18,623	22,390		21,666		0.05
Spitfire Parent, Inc.	(4)(11)	SOFR +	5.50%	9.32%	3/9/2021	3/11/2027	84,366		84,013		83,523		0.18
Spitfire Parent, Inc.	(4)(11)	SOFR +	5.50%	9.32%	3/9/2021	3/11/2027	31,152		31,143		30,840		0.06
Starlight Parent, LLC	(8)	SOFR +	4.00%	7.70%	7/2/2025	4/16/2032	49,875		49,145		49,906		0.10
Tango Bidco, SAS	(4)(5)(6)(8)	E +	5.25%	7.28%	10/17/2024	10/17/2031	EUR	69,197	74,046		80,914		0.17
Tango Bidco, SAS	(4)(5)(6)(7)(8)	E +	5.25%	7.28%	10/17/2024	10/17/2031	EUR	18,953	20,812		22,073		0.05
Tegra118 Wealth Solutions, Inc.	(8)	SOFR +	4.00%	7.89%	1/7/2021	2/18/2027	6,722		6,714		6,661		0.01
Themis Solutions, Inc.	(4)(5)(6)(7)(10)	SOFR +	5.50%	9.22% (incl. 3.75% PIK)	10/29/2025	10/29/2032	130,682		128,422		127,984		0.27
Three Rivers Buyer, Inc	(4)(5)(7)(10)	SOFR +	4.75%	8.59%	10/31/2025	11/3/2031	15,200		14,959		14,953		0.03
TravelPerk, Inc.	(4)(6)(8)		11.50%	11.50% PIK	5/2/2024	5/2/2029	50,792		48,830		49,903		0.10
Tricentis Operations Holdings, Inc.	(4)(7)(11)	SOFR +	6.25%	10.09% (incl. 4.88% PIK)	2/11/2025	2/11/2032	137,384		135,958		137,086		0.29
Triple Lift, Inc.	(4)(7)(10)	SOFR +	5.75%	9.59%	5/6/2021	5/5/2028	43,058		42,675		38,183		0.08
Triple Lift, Inc.	(4)(10)	SOFR +	5.75%	9.59%	3/18/2022	5/5/2028	25,258		25,065		23,111		0.05
UKG, Inc.	(8)	SOFR +	2.50%	6.34%	10/14/2025	2/9/2031	1,995		1,990		1,999		0.00
Varicent Parent Holdings Corp.	(4)(7)(10)	SOFR +	6.25%	9.92% (incl. 3.38% PIK)	8/23/2024	8/23/2031	104,346		103,041		102,987		0.22
Vision Solutions, Inc.	(10)	SOFR +	4.00%	8.10%	10/25/2021	4/24/2028	53,180		52,462		49,630		0.10
VS Buyer, LLC	(7)(8)	SOFR +	2.25%	6.09%	7/25/2025	4/12/2031	6,271		5,547		6,258		0.01
WPEngine, Inc.	(4)(7)(10)	SOFR +	5.75%	9.45%	8/14/2023	8/14/2029	81,400		79,781		81,156		0.17
XPLOR T1, LLC	(4)(8)	SOFR +	3.50%	7.29%	12/1/2025	12/1/2032	34,563		34,563		34,650		0.07
Zendesk, Inc.	(4)(7)(10)	SOFR +	5.00%	8.69%	7/23/2024	11/22/2028	1,061,197		1,046,704		1,061,196		2.24
Zodiac Purchaser, LLC	(8)	SOFR +	3.50%	7.22%	4/3/2025	2/14/2032	7,980		7,857		7,964		0.02
Zorro Bidco, Ltd.	(4)(5)(6)(7)(8)	S +	4.65%	8.62%	8/13/2024	8/13/2031	GBP	72,147	90,677		96,170		0.20
Zorro Bidco, Ltd.	(4)(5)(6)(8)	S +	4.65%	8.62%	1/30/2025	8/13/2031	GBP	7,896	9,738		10,537		0.02
Zorro Bidco, Ltd.	(4)(5)(6)(8)	ST +	4.65%	6.66%	2/6/2025	8/13/2031	SEK	108,262	9,858		11,642		0.02
									20,171,985		19,843,563		41.67

112

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)



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

First Lien Debt - non-controlled/non-affiliated (continued)
Specialty Retail
CustomInk, LLC	(4)(11)(18)	SOFR +	5.98%	9.83%	1/7/2021	5/3/2028	$	39,625	$	39,576	$	39,625	0.08	%
EG America, LLC	(6)(8)	SOFR +	3.50%	7.32%	7/18/2025	2/7/2028	11,973		11,973		12,034		0.03
Hoya Midco, LLC	(6)(9)	SOFR +	2.25%	6.09%	2/5/2025	2/3/2029	8,712		8,712		5,053		0.01
Mavis Tire Express Services Topco, Corp.	(10)	SOFR +	3.00%	6.72%	1/17/2025	5/4/2028	27,419		27,419		27,550		0.06
Mavis Tire Express Services Topco, Corp.	(4)(7)(10)	SOFR +	3.25%	7.09%	1/17/2025	5/4/2028	3,600		3,573		3,569		0.01
StubHub Holdco Sub, LLC	(8)	SOFR +	4.75%	8.47%	3/15/2024	3/15/2030	5,882		5,886		5,841		0.01
									97,139		93,672		0.20
Technology Hardware, Storage & Peripherals
Lytx, Inc.	(4)(11)	SOFR +	5.00%	8.83%	6/13/2024	2/28/2028	75,139		75,171		75,139		0.16
Trading Companies & Distributors
FCG Acquisitions, Inc.	(9)	SOFR +	3.25%	6.97%	2/11/2025	3/31/2028	22,466		22,466		22,583		0.05
Hillman Group, Inc.	(6)(9)	SOFR +	2.00%	5.73%	7/14/2021	7/14/2028	6,338		6,345		6,371		0.01
Icebox Holdco III, Inc.	(9)	SOFR +	3.25%	6.92%	12/22/2021	12/22/2031	15,462		15,437		15,622		0.03
Paramount Global Surfaces, Inc.	(4)(11)	SOFR +	6.00%	9.82% (incl. 4.98% PIK)	4/30/2021	12/31/2028	83,340		82,899		62,088		0.13
Red Fox CD Acquisition Corp.	(4)(11)	SOFR +	6.00%	9.67%	3/4/2024	3/4/2030	107,214		105,491		107,214		0.23
Red Fox CD Acquisition Corp.	(4)(5)(7)(11)	SOFR +	6.00%	9.67%	5/31/2024	3/4/2030	16,949		16,240		16,949		0.04
White Cap Buyer, LLC	(8)	SOFR +	3.25%	6.97%	6/13/2024	10/19/2029	14,347		14,322		14,422		0.03
Windsor Holdings III, LLC	(8)	SOFR +	2.75%	6.47%	3/21/2025	8/1/2030	13,236		13,169		13,284		0.03
									276,369		258,533		0.55

113

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)



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

First Lien Debt - non-controlled/non-affiliated (continued)
Transportation Infrastructure
Apple Bidco, LLC	(8)	SOFR +	2.50%	6.22%	2/21/2025	9/23/2031	$	496	$	488	$	499	0.00	%
Capstone Acquisition Holdings, Inc.	(4)(11)	SOFR +	4.50%	8.32%	8/29/2024	11/13/2029	94,929		94,545		94,929		0.20
Capstone Acquisition Holdings, Inc.	(4)(5)(11)	SOFR +	4.50%	8.32%	8/29/2024	11/13/2029	8,261		8,212		8,261		0.02
Enstructure, LLC	(4)(7)(9)	SOFR +	4.50%	8.24%	8/15/2025	8/15/2032	452,038		448,200		451,412		0.95
Frontline Road Safety, LLC	(4)(5)(7)(8)	SOFR +	4.75%	8.47% (incl. 2.00% PIK)	3/4/2025	3/4/2032	24,243		23,801		24,053		0.05
Frontline Road Safety, LLC	(4)(8)	SOFR +	4.75%	8.47% (incl. 2.00% PIK)	3/4/2025	3/4/2032	82,641		81,927		82,228		0.17
Frontline Road Safety, LLC	(4)(5)(8)	SOFR +	4.75%	8.47% (incl. 2.00% PIK)	5/15/2025	3/4/2032	25,682		25,564		25,553		0.05
Frontline Road Safety, LLC	(4)(8)	SOFR +	4.75%	8.47% (incl. 2.00% PIK)	12/31/2025	3/4/2032	15,213		15,061		15,137		0.03
Frontline Road Safety, LLC	(4)(5)(7)(8)	SOFR +	4.75%	8.47% (incl. 2.00% PIK)	9/26/2025	3/4/2032	11,348		11,293		11,202		0.02
Helix TS, LLC	(4)(10)	SOFR +	5.00%	8.67%	8/4/2021	8/4/2030	99,361		98,474		98,368		0.21
Helix TS, LLC	(4)(10)	SOFR +	5.00%	8.67%	8/4/2021	8/4/2030	117,282		116,306		116,109		0.24
Helix TS, LLC	(4)(10)	SOFR +	5.00%	8.67%	12/22/2023	8/4/2030	13,621		13,435		13,485		0.03
Helix TS, LLC	(4)(5)(10)	SOFR +	5.00%	8.67%	12/14/2022	8/4/2030	5,288		5,276		5,235		0.01
Helix TS, LLC	(4)(5)(7)(10)	SOFR +	5.00%	8.67%	10/21/2025	8/4/2030	66,103		65,296		65,083		0.14
Italian Motorway Holdings S.à r.l	(4)(6)(8)	E +	5.25%	7.38%	4/28/2022	4/28/2029	EUR	236,429	245,511		277,850		0.58
Roadsafe Holdings, Inc.	(4)(11)	SOFR +	5.75%	9.63%	4/19/2021	10/19/2027	70,775		70,333		68,298		0.14
Roadsafe Holdings, Inc.	(4)(11)	SOFR +	5.75%	9.65%	1/31/2022	10/19/2027	75,355		75,028		72,718		0.15
Roadsafe Holdings, Inc.	(4)(11)	SOFR +	5.75%	9.65%	4/19/2021	10/19/2027	54,074		54,031		52,182		0.11
Roadsafe Holdings, Inc.	(4)(5)(11)	P +	4.75%	11.50%	9/11/2024	10/19/2027	4,290		4,243		4,140		0.01
Safety Borrower Holdings, LP	(4)(11)	SOFR +	4.75%	8.47%	12/19/2025	12/19/2032	68,451		68,174		68,451		0.14
Safety Borrower Holdings, LP	(4)(5)(7)(11)	P +	3.75%	10.50%	9/1/2021	12/19/2032	333		291		267		0.00
Sam Holding Co, Inc.	(4)(11)	SOFR +	5.50%	9.42%	9/24/2021	9/24/2027	145,540		144,703		145,540		0.31
Sam Holding Co, Inc.	(4)(11)	SOFR +	5.50%	9.46%	9/19/2023	9/24/2027	62,560		62,021		62,560		0.13
Sam Holding Co, Inc.	(4)(11)	SOFR +	5.50%	9.54%	9/19/2023	9/24/2027	39,394		39,050		39,394		0.08
Sam Holding Co, Inc.	(4)(11)	SOFR +	5.50%	9.54%	9/24/2021	9/24/2027	45,165		44,920		45,165		0.09
Sam Holding Co, Inc.	(4)(7)(11)	SOFR +	5.50%	9.46%	9/5/2024	9/24/2027	47,637		47,254		47,637		0.10
Sam Holding Co, Inc.	(4)(5)(7)(11)	SOFR +	5.50%	9.29%	11/5/2025	9/24/2027	8,800		8,540		8,800		0.02
TRP Infrastructure Services, LLC	(4)(11)	SOFR +	5.50%	9.49%	7/9/2021	7/9/2027	70,737		70,379		70,560		0.15
TRP Infrastructure Services, LLC	(4)(7)(11)	SOFR +	5.50%	9.44%	12/2/2024	7/9/2027	41,612		41,385		41,502		0.09
TRP Infrastructure Services, LLC	(4)(5)(7)(11)	SOFR +	5.50%	9.53%	9/9/2025	7/9/2027	20,568		20,200		20,398		0.04
									2,003,941		2,037,016		4.26

114

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)



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

First Lien Debt - non-controlled/non-affiliated (continued)
Wireless Telecommunication Services
CCI Buyer, Inc.	(4)(7)(10)	SOFR +	5.00%	8.67%	5/13/2025	5/13/2032	$	115,602	$	114,490	$	114,957	0.24	%
CyrusOne Revolving Warehouse	(4)(5)(6)(7)(8)	SOFR +	2.95%	6.67%	7/12/2024	7/2/2027	161,381		160,839		161,381		0.34
SBA Senior Finance II, LLC	(6)(8)	SOFR +	1.75%	5.47%	6/16/2025	1/25/2031	2,782		2,788		2,796		0.01
									278,117		279,134		0.59
Total First Lien Debt - non-controlled/non-affiliated									73,554,269		73,049,201		153.28
First Lien Debt - non-controlled/affiliated
Aerospace & Defense
Align Precision Group, LLC	(4)(5)(11)(16)	SOFR +	6.75%	10.42% PIK	7/3/2025	7/3/2030	22,716		22,717		22,717		0.05
Align Precision Group, LLC	(4)(5)(7)(11)(16)	SOFR +	6.75%	10.42% PIK	7/3/2025	7/3/2030	3,552		3,535		3,552		0.01
									26,252		26,269		0.06
Media
DMS Purchaser, LLC	(4)(5)(6)(14)(16)	SOFR +	7.50%	11.42% (incl. 6.50% PIK)	2/24/2025	2/28/2030	6,449		6,449		6,449		0.01
Total First Lien Debt - non-controlled/affiliated									32,701		32,718		0.07
First Lien Debt - controlled/affiliated
Chemicals
Pigments Services, Inc.	(4)(6)(14)(16)(17)	SOFR +	8.25%	12.07% PIK	4/14/2023	4/14/2029	26,214		15,191		0		0.00
Pigments Services, Inc.	(4)(6)(14)(16)(17)	SOFR +	8.25%	12.07% PIK	4/14/2023	4/14/2029	12,800		11,573		7,100		0.01
									26,764		7,100		0.01
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	60,561		49,530		8,285		0.02
									62,101		8,285		0.02
Oil, Gas & Consumable Fuels
Pibb Member, LLC	(4)(5)(6)(8)(16)		6.41%	6.41%	11/22/2024	12/20/2049	2,150		2,150		2,193		0.00
Professional Services
Material Holdings, LLC	(4)(5)(10)(16)	SOFR +	6.00%	9.77% (incl. 2.25% PIK)	6/14/2024	8/19/2027	238,430		237,306		237,977		0.50
Material Holdings, LLC	(4)(5)(10)(16)(17)	SOFR +	6.00%	9.77% PIK	6/14/2024	8/19/2027	63,789		57,075		0		0.00
Material Holdings, LLC	(4)(5)(7)(10)(16)	SOFR +	6.00%	9.77% PIK	6/14/2024	8/19/2027	8,268		8,251		7,895		0.02
									302,632		245,872		0.52
Total First Lien Debt - controlled/affiliated									393,647		263,450		0.55
Total First Lien Debt									73,980,617		73,345,369		153.90

115

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)



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

Second Lien Debt
Second Lien Debt - non-controlled/non-affiliated
Aerospace & Defense
Peraton Corp.	(10)	SOFR +	7.75%	11.67%	5/6/2021	2/1/2029	$	43,259	$	43,009	$	34,292	0.07	%
Commercial Services & Supplies
DG Investment Intermediate Holdings 2, Inc.	(8)	SOFR +	5.50%	9.22%	7/23/2025	7/31/2033	26,000		25,877		26,098		0.05
OMNIA Partners, LLC	(4)(8)	SOFR +	5.00%	8.86%	5/31/2024	5/31/2032	165,000		164,339		165,000		0.35
OMNIA Partners, LLC	(4)(8)	SOFR +	5.00%	8.86%	10/29/2025	5/31/2032	87,500		87,287		87,500		0.18
									277,503		278,598		0.58
Construction & Engineering
Thermostat Purchaser III, Inc.	(4)(10)	SOFR +	7.25%	11.22%	8/31/2021	8/31/2029	32,725		32,501		32,725		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	3,009		2,623		0.01
Hunter UK Bidco, Ltd.	(4)(6)(8)	S +	7.50%	11.47%	8/19/2021	8/19/2029	GBP	65,340	88,208		85,653		0.18
Inizio Group, Ltd.	(4)(6)(8)	SOFR +	7.25%	11.02%	12/31/2021	8/19/2029	15,000		14,822		14,363		0.03
Inizio Group, Ltd.	(4)(5)(6)(8)	SOFR +	7.25%	11.35%	3/31/2022	8/19/2029	10,000		9,877		9,575		0.02
Jayhawk Buyer, LLC	(4)(5)(11)	SOFR +	8.75%	12.69%	5/26/2021	7/16/2028	6,537		6,500		6,161		0.01
									122,416		118,375		0.25
Health Care Technology
Project Ruby Ultimate Parent Corp.	(4)(10)	SOFR +	5.25%	9.08%	10/15/2024	3/10/2029	100,934		100,569		100,682		0.21
Insurance
Alera Group, Inc.	(5)(9)	SOFR +	5.50%	9.22%	5/21/2025	5/30/2033	94,271		93,833		96,392		0.20
SQ ABS Issuer, LLC	(4)(6)(8)		9.65%	9.65%	10/11/2024	10/20/2039	11,620		11,481		11,562		0.02
									105,314		107,954		0.22
Interactive Media & Services
Speedster Bidco, GmbH	(4)(6)(8)	CA +	5.50%	7.76%	12/10/2024	2/13/2032	CAD	681,018	478,150		491,208		1.03
IT Services
Asurion, LLC	(8)	SOFR +	5.25%	9.08%	4/4/2025	1/31/2028	4,167		3,830		4,160		0.01
Dcert Buyer, Inc.	(8)	SOFR +	7.00%	10.72%	2/19/2021	2/19/2029	60,975		61,069		55,182		0.12
Inovalon Holdings, Inc.	(4)(10)	SOFR +	8.50%	12.60% PIK	4/11/2025	11/24/2033	145,532		143,913		141,166		0.30
Orion US Finco, Inc.	(6)(8)	SOFR +	5.50%	9.43%	10/10/2025	10/10/2033	6,000		5,940		6,060		0.01
OT Luxco 2 S.à r.l.	(4)(5)(6)(8)	E +	8.75%	10.85% PIK	10/10/2024	9/30/2029	EUR	23,637	25,661		27,361		0.06
									240,413		233,929		0.50
Life Sciences Tools & Services
Curia Global, Inc.	(4)(10)	SOFR +	10.50%	14.58% PIK	9/1/2021	3/7/2030	51,275		50,854		40,636		0.09

116

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)



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

Second Lien Debt - non-controlled/non-affiliated (continued)
Machinery
Victory Buyer, LLC	(4)(9)	SOFR +	7.00%	10.83%	11/19/2021	11/19/2029	$	24,677	$	24,550	$	24,677	0.05	%
Media
HMH Education, Inc.	(4)(9)	SOFR +	8.50%	12.22%	4/7/2022	4/8/2030	80,500		79,626		68,828		0.14
Pharmaceuticals
Rossini, S.à r.l.	(4)(5)(6)(8)	E +	7.00%	9.19% PIK	4/6/2025	3/30/2030	EUR	26,028	29,573		30,359		0.06
Professional Services
CoreLogic, Inc.	(9)	SOFR +	6.50%	10.33%	6/4/2021	6/4/2029	67,488		67,199		68,219		0.14
Kwor Acquisition, Inc.	(4)(5)(11)	SOFR +	8.00%	11.82% PIK	2/28/2025	2/28/2030	2,268		2,268		2,268		0.00
Sedgwick Claims Management Services, Inc.	(4)(8)	SOFR +	5.00%	8.82%	7/31/2024	7/31/2031	230,000		228,109		230,000		0.48
Thevelia US, LLC	(4)(6)(9)	SOFR +	5.00%	8.67%	6/17/2022	6/17/2032	182,046		178,992		182,046		0.38
									476,568		482,533		1.00
Real Estate Management & Development
Progress Residential PM Holdings, LLC	(4)(8)	SOFR +	4.75%	8.66%	9/11/2025	9/11/2028	101,340		100,432		100,327		0.21
Software
Boxer Parent Company, Inc.	(8)	SOFR +	5.75%	9.47%	7/30/2024	7/30/2032	58,594		58,113		56,639		0.12
CB Nike Holdco, LLC	(4)(11)	SOFR +	7.35%	11.17% PIK	11/25/2024	11/26/2029	230,177		226,627		227,875		0.48
Cloudera, Inc.	(9)	SOFR +	6.00%	9.82%	10/8/2021	10/8/2029	66,697		66,435		58,460		0.12
Delta Topco, Inc.	(8)	SOFR +	5.25%	9.09%	5/1/2024	12/1/2030	131,602		130,846		130,053		0.27
Denali Holdco, Ltd.	(4)(5)(6)(8)		9.80%	9.80% PIK	9/5/2025	9/5/2032	EUR	5,140	5,967		5,980		0.01
Denali Holdco, Ltd.	(4)(5)(6)(8)		11.20%	11.20% PIK	9/5/2025	9/5/2032	GBP	2,972	3,976		3,966		0.01
Flash Charm, Inc.	(8)	SOFR +	6.75%	10.75%	3/2/2021	3/2/2029	27,051		26,915		23,805		0.05
IGT Holding II, AB	(4)(6)(8)	SOFR +	6.15%	10.19% PIK	8/13/2024	8/29/2033	135,874		133,798		135,874		0.29

117

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)



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

Second Lien Debt - non-controlled/non-affiliated (continued)
Software (continued)
INK BC Bidco S.p.A.	(4)(6)(8)	E +	8.25%	10.33% PIK	7/17/2025	7/16/2033	EUR	14,283	$	16,250	$	16,533	0.03	%
INK BC Bidco S.p.A.	(4)(6)(8)	E +	8.25%	10.33% PIK	11/12/2025	7/17/2033	EUR	11,234	12,766		13,004		0.03
Kaseya, Inc.	(8)	SOFR +	5.00%	8.72%	3/20/2025	3/20/2033	$	125,000	123,986		122,656		0.26
Mandolin Technology Intermediate Holdings, Inc.	(4)(9)	SOFR +	6.50%	10.50% (incl. 6.50% PIK)	7/30/2021	7/30/2029	33,551		33,352		28,518		0.06
Project Alpha Intermediate Holding, Inc.	(9)	SOFR +	5.00%	8.67%	11/21/2024	11/21/2032	49,542		49,315		47,638		0.10
Proofpoint, Inc.	(4)(5)(8)	E +	5.75%	7.77%	12/8/2025	12/8/2033	EUR	26,552	30,666		30,892		0.06
Proofpoint, Inc.	(4)(5)(8)	SOFR +	5.75%	9.52%	12/8/2025	12/8/2033	41,706		41,293		41,289		0.09
Solis Midco, SAS	(4)(5)(6)(8)	E +	7.75%	9.85% PIK	10/8/2025	10/8/2033	EUR	104	119		120		0.00
Teamsystem Holdco 3 SpA	(4)(5)(6)(8)	E +	5.75%	7.78%	7/7/2025	7/7/2033	EUR	41,546	48,237		48,337		0.10
Vision Solutions, Inc.	(10)	SOFR +	7.25%	11.35%	4/23/2021	4/23/2029	41,439		41,307		39,367		0.08
									1,049,968		1,031,006		2.16
Trading Companies & Distributors
BCPE Empire Holdings, Inc.	(4)(5)(11)	SOFR +	5.25%	9.07%	4/4/2025	12/31/2031	72,514		71,546		72,151		0.15
Icebox Holdco III, Inc.	(9)	SOFR +	6.50%	10.17%	12/22/2021	12/21/2029	14,000		13,890		14,257		0.03
									85,436		86,408		0.18
Total Second Lien Debt - non-controlled/non-affiliated									3,296,882		3,262,537		6.82
Total Second Lien Debt									3,296,882		3,262,537		6.82
Unsecured Debt
Unsecured Debt - non-controlled/non-affiliated
Biotechnology
AbbVie, Inc.	(6)(8)		4.80%	4.80%	9/10/2024	3/15/2029	1,000		1,023		1,025		0.00
Amgen, Inc.	(6)(8)		5.15%	5.15%	9/10/2024	3/2/2028	1,000		1,019		1,024		0.00
Biogen, Inc.	(5)(6)(8)		2.25%	2.25%	9/10/2024	5/1/2030	1,000		919		919		0.00
Gilead Sciences, Inc.	(5)(6)(8)		1.65%	1.65%	9/10/2024	10/1/2030	1,000		894		896		0.00
Regeneron Pharmaceuticals, Inc.	(5)(6)(8)		1.75%	1.75%	9/10/2024	9/15/2030	1,000		896		893		0.00
									4,751		4,757		0.00

118

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)



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

Unsecured Debt - non-controlled/non-affiliated (continued)
Health Care Equipment & Supplies
Abbott Laboratories	(5)(6)(8)		1.40%	1.40%	9/10/2024	6/30/2030	$	1,000	$	906	$	895	0.00	%
Alcon Finance Corp.	(5)(6)(8)		2.60%	2.60%	9/10/2024	5/27/2030	1,000		934		931		0.00
Becton Dickinson & Co.	(6)(8)		5.08%	5.08%	9/10/2024	6/7/2029	1,000		1,026		1,028		0.00
Boston Scientific Corp.	(5)(6)(8)		2.65%	2.65%	9/10/2024	6/1/2030	1,000		941		942		0.00
									3,807		3,796		0.00
Health Care Technology
Healthcomp Holding Company, LLC	(4)(5)(8)		13.75%	13.75% PIK	11/8/2023	11/7/2031	24,303		23,892		22,480		0.05
IT Services
Evergreen Services Group PIK Holdco, LLC	(4)(5)(8)		12.75%	12.75% PIK	9/19/2025	4/5/2031	30,330		29,767		29,721		0.07
Evergreen Services Group PIK Holdco, LLC	(4)(5)(8)		12.75%	12.75% PIK	9/19/2025	4/5/2031	5,727		5,617		5,613		0.01
									35,384		35,334		0.08
Life Sciences Tools & Services
Thermo Fisher Scientific, Inc.	(6)(8)		5.00%	5.00%	9/10/2024	1/31/2029	1,000		1,027		1,030		0.00
Pharmaceuticals
Astrazeneca Finance, LLC	(6)(8)		4.85%	4.85%	9/10/2024	2/26/2029	1,000		1,024		1,027		0.00
Bristol-Myers Squibb, Co.	(6)(8)		4.90%	4.90%	9/10/2024	2/22/2029	1,000		1,025		1,029		0.00
Eli Lilly & Co.	(6)(8)		4.20%	4.20%	9/10/2024	8/14/2029	1,000		1,009		1,011		0.00
GlaxoSmithKline Capital PLC	(6)(8)		3.38%	3.38%	9/10/2024	6/1/2029	1,000		981		983		0.00
Johnson & Johnson	(6)(8)		4.80%	4.80%	9/10/2024	6/1/2029	1,000		1,032		1,033		0.00
Merck & Co, Inc.	(6)(8)		4.30%	4.30%	9/10/2024	5/17/2030	1,000		1,013		1,011		0.00
Novartis Capital Corp.	(5)(6)(8)		2.20%	2.20%	9/10/2024	8/14/2030	1,000		931		925		0.00
Novo Nordisk Finance Netherlands, BV	(6)(8)		3.13%	3.13%	9/10/2024	1/21/2029	EUR	1,000	1,114		1,192		0.00
Pfizer, Inc.	(5)(6)(8)		1.70%	1.70%	9/10/2024	5/28/2030	1,000		910		907		0.00
Roche Holdings, Inc.	(6)(8)		4.20%	4.20%	9/10/2024	9/9/2029	1,000		1,007		1,007		0.00
Takeda Pharmaceutical Co, Ltd.	(6)(8)		2.05%	2.05%	9/10/2024	3/31/2030	1,000		916		914		0.00
Teva Pharmaceutical Finance Netherlands III, BV	(6)(8)		3.15%	3.15%	9/10/2024	10/1/2026	1,000		985		991		0.00
									11,947		12,030		0.00
Total Unsecured Debt - non-controlled/non-affiliated									80,808		79,427		0.13
Total Unsecured Debt									80,808		79,427		0.13

119

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)



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

Structured Finance Obligations
Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated
Capital Markets
Lloyds Bank PLC	(4)(6)(8)	S +	5.25%	9.22%	12/10/2025	2/18/2035	GBP	22,000	$	29,449	$	29,655	0.06	%
Financial Services
1988 CLO 3, Ltd. - Class ER	(4)(6)(8)	SOFR +	6.25%	10.15%	10/7/2025	10/15/2040	$	2,000	2,000		2,015		0.00
522 Funding CLO 2020-6, Ltd. - Class ER	(4)(6)(8)	SOFR +	6.50%	11.08%	11/9/2021	10/23/2034	3,000		3,000		2,856		0.01
Allegro CLO VIII-S Ltd - Class E2	(4)(6)(8)	SOFR +	8.00%	12.32%	10/3/2024	10/15/2037	2,000		2,000		2,030		0.00
Allegro CLO XVIII Ltd - Class E2	(4)(6)(8)	SOFR +	7.50%	11.82%	10/30/2024	1/25/2038	2,225		2,225		2,228		0.00
Apidos CLO XXV - Class E1R3	(4)(6)(8)	SOFR +	5.35%	9.68%	12/17/2024	1/20/2037	4,000		4,000		4,010		0.01
ARES LI CLO Ltd - Class ER2	(4)(6)(8)	SOFR +	6.25%	10.57%	11/1/2024	10/15/2037	4,000		4,000		4,030		0.01
Ares Loan Funding VIII Ltd - Class E	(4)(6)(8)	SOFR +	5.25%	9.57%	12/19/2024	1/24/2038	3,000		3,000		3,009		0.01
Ares LVI CLO Ltd - Class ER2	(4)(6)(8)	SOFR +	5.35%	9.67%	12/27/2024	1/25/2038	9,000		9,000		9,004		0.02
Ares LX CLO Ltd - Class E	(4)(6)(8)	SOFR +	6.25%	10.84%	5/6/2021	7/18/2034	5,000		4,981		4,974		0.01
Bain Capital Credit CLO 2022-6 Ltd - Class ER	(4)(6)(8)	SOFR +	6.25%	10.58%	10/25/2024	1/22/2038	2,000		2,000		2,010		0.00
Bain Capital Credit CLO 2024-3 Ltd - Class E	(4)(6)(8)	SOFR +	6.25%	10.57%	5/16/2024	7/16/2037	2,500		2,500		2,512		0.01
Bain Capital Credit CLO 2022-1, Ltd - Class E	(4)(6)(8)	SOFR +	7.59%	11.92%	10/9/2025	10/18/2038	5,000		5,000		5,044		0.01
Balboa Bay Loan Funding 2021-2, Ltd. - Class E	(4)(6)(8)	SOFR +	6.60%	11.19%	10/20/2021	1/20/2035	7,000		6,952		6,902		0.01
Balboa Bay Loan Funding 2024-1 Ltd - Class E	(4)(6)(8)	SOFR +	6.25%	10.58%	5/17/2024	7/20/2037	2,300		2,300		2,326		0.00
Barings CLO Ltd 2018-II - Class ER	(4)(6)(8)	SOFR +	6.90%	11.22%	8/9/2024	7/15/2036	4,000		4,000		3,999		0.01
Barings CLO Ltd 2019-IV - Class ER	(4)(6)(8)	SOFR +	6.40%	10.72%	5/13/2024	7/15/2037	5,000		5,000		5,031		0.01
Barings CLO Ltd 2021-III - Class E	(4)(6)(8)	SOFR +	6.65%	11.24%	11/17/2021	1/18/2035	7,200		7,200		6,999		0.02
Barings CLO Ltd 2022-II - Class ER	(4)(6)(8)	SOFR +	6.90%	11.22%	7/2/2024	7/15/2039	5,000		5,000		4,966		0.01
Barings CLO Ltd 2023-IV - Class E	(4)(6)(8)	SOFR +	7.59%	11.92%	12/6/2023	1/20/2037	3,000		2,975		3,011		0.01
Benefit Street Partners CLO XXVI Ltd - Class ER	(4)(6)(8)	SOFR +	6.00%	10.33%	7/3/2024	7/20/2037	3,000		3,000		3,013		0.01

120

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)



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

Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)
Financial Services (continued)
BlueMountain CLO XXIX Ltd - Class ER	(4)(6)(8)	SOFR +	6.86%	11.44%	7/15/2021	7/25/2034	$	2,750	$	2,703	$	2,691	0.01	%
Broad River Ltd 2020-1 - Class ER	(4)(6)(8)	SOFR +	6.50%	11.09%	5/17/2021	7/20/2034	7,000		6,960		7,028		0.02
Carlyle US CLO 2018-4, Ltd. - Class E1R	(4)(6)(8)	SOFR +	6.43%	10.75%	7/23/2024	10/17/2037	1,000		973		1,011		0.00
Carlyle US CLO 2018-4, Ltd. - Class E2R	(4)(6)(8)	SOFR +	7.86%	12.18%	7/23/2024	10/17/2037	5,000		5,022		5,120		0.01
Carlyle US CLO 2021-7, LTD. - Class ER	(4)(6)(8)	SOFR +	5.50%	9.82%	3/26/2025	4/15/2040	4,650		4,650		4,685		0.01
Carlyle US CLO 2022-4 Ltd - Class ER	(4)(6)(8)	SOFR +	6.75%	11.07%	7/12/2024	7/25/2036	4,000		4,000		4,019		0.01
Carlyle US CLO 2023-4, Ltd. - Class ER	(4)(6)(8)	SOFR +	5.40%	11.92%	10/20/2025	10/25/2038	6,500		6,500		6,527		0.01
Carlyle US CLO 2023-5 Ltd - Class E	(4)(6)(8)	SOFR +	7.90%	12.21%	11/10/2023	1/27/2036	7,000		6,884		7,030		0.02
Carlyle US CLO 2024-8 Ltd - Class E	(4)(6)(8)	SOFR +	5.50%	9.82%	11/22/2024	1/25/2037	4,000		4,000		4,055		0.01
Carlyle US CLO 2025-1, Ltd. - Class E	(4)(6)(8)	SOFR +	5.70%	10.02%	4/1/2025	4/25/2038	4,000		4,000		4,035		0.01
Carval CLO V-C, Ltd. - Class E	(4)(6)(8)	SOFR +	6.75%	11.33%	11/24/2021	10/15/2034	8,000		7,945		7,915		0.02
Carval CLO VI-C, Ltd. - Class E	(4)(6)(8)	SOFR +	7.33%	11.66%	4/22/2022	4/21/2034	8,750		8,689		8,798		0.02
Carval CLO VIII-C Ltd - Class E2R	(4)(6)(8)	SOFR +	7.60%	11.93%	9/13/2024	10/22/2037	2,000		2,000		2,017		0.00
Carval CLO X-C Ltd - Class E	(4)(6)(8)	SOFR +	6.15%	10.48%	6/13/2024	7/20/2037	3,000		3,000		3,041		0.01
CarVal CLO XI C Ltd - Class E	(4)(6)(8)	SOFR +	6.35%	10.68%	8/14/2024	10/20/2037	3,000		3,000		3,037		0.01
CBAM 2017-1 Ltd - Class ER2	(4)(6)(8)	SOFR +	6.93%	11.26%	11/5/2024	1/20/2038	10,000		9,816		10,152		0.03
CBAM 2018-8 Ltd - Class E1R	(4)(6)(8)	SOFR +	7.40%	11.72%	5/10/2024	7/15/2037	4,000		4,000		4,069		0.01
CBAM 2018-8 Ltd - Class E2R	(4)(6)(8)	SOFR +	6.37%	10.69%	5/10/2024	7/15/2037	1,000		966		1,009		0.00
Dryden 78 CLO Ltd - Class E1R	(4)(6)(8)	SOFR +	7.70%	12.02%	4/4/2024	4/17/2037	4,000		4,000		4,030		0.01
Dryden 78 CLO Ltd - Class E2R	(4)(6)(8)	SOFR +	6.63%	10.95%	4/4/2024	4/17/2037	1,000		980		995		0.00
Dryden 95 CLO, Ltd. - Class E	(4)(6)(8)	SOFR +	6.15%	10.62%	7/29/2021	8/20/2034	7,000		7,000		6,760		0.01

121

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)



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

Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)
Financial Services (continued)
Eaton Vance CLO 2019-1 Ltd - Class ER2	(4)(6)(8)	SOFR +	6.40%	10.72%	5/9/2024	7/15/2037	$	5,000	$	5,000	$	4,962	0.01	%
Elmwood CLO 30 Ltd - Class F	(4)(6)(8)	SOFR +	7.25%	11.57%	5/22/2024	7/17/2037	4,500		4,502		4,415		0.01
Elmwood CLO XII, Ltd. - Class FR	(4)(6)(8)	SOFR +	8.75%	13.07%	11/18/2025	10/15/2037	5,000		4,686		4,739		0.01
Fort Washington CLO 2021-2, Ltd. - Class E	(4)(6)(8)	SOFR +	6.61%	11.20%	8/4/2021	10/20/2034	13,000		12,897		12,937		0.04
Galaxy 30 CLO Ltd - Class ER	(4)(6)(8)	SOFR +	5.90%	10.22%	12/9/2024	1/15/2038	5,000		5,000		4,917		0.01
Galaxy 32 CLO Ltd - Class E	(4)(6)(8)	SOFR +	7.33%	11.66%	9/22/2023	10/20/2036	2,140		2,122		2,157		0.00
Galaxy 35 CLO, Ltd. - Class E	(4)(6)(8)	SOFR +	5.00%	9.30%	3/11/2025	4/20/2038	6,001		6,001		5,991		0.01
Galaxy 36 CLO, Ltd. - Class E	(4)(6)(8)	SOFR +	4.90%	8.68%	10/27/2025	10/15/2038	6,500		6,500		6,519		0.01
Goldentree Loan Management US CLO 17, Ltd. - Class FR	(4)(6)(8)	SOFR +	8.00%	12.33%	6/27/2025	1/20/2039	2,500		2,455		2,434		0.01
GoldenTree Loan Management US CLO 23 Ltd - Class F	(4)(6)(8)	SOFR +	7.75%	12.08%	11/26/2024	1/20/2039	3,500		3,474		3,427		0.01
Goldentree Loan Management US CLO 26, Ltd. - Class F	(4)(6)(8)	SOFR +	7.83%	12.10%	7/9/2025	7/20/2038	3,000		2,971		2,965		0.01
Goldentree Loan Management US CLO 15, Ltd.	(4)(6)(8)	SOFR +	5.00%	8.86%	10/14/2025	10/20/2038	7,000		7,000		6,983		0.01
Halseypoint CLO 5, Ltd. - Class E	(4)(6)(8)	SOFR +	6.94%	11.51%	11/19/2021	1/30/2035	9,500		9,368		9,216		0.02
Halseypoint CLO 7, Ltd. - Class ER	(4)(6)(8)	SOFR +	6.59%	10.92%	6/6/2025	7/20/2038	6,900		6,834		6,845		0.01
Harvest US CLO 2025-1, Ltd. - Class E	(4)(6)(8)	SOFR +	5.35%	9.66%	8/13/2025	4/18/2038	3,000		3,016		2,984		0.01
HPS Loan Management 2024-20 Ltd - Class E	(4)(6)(8)	SOFR +	6.20%	10.52%	5/15/2024	7/25/2037	2,921		2,928		2,966		0.01
HPS Loan Management 2025-24 Ltd - Class E	(4)(6)(8)	SOFR +	4.65%	8.97%	3/11/2025	4/25/2038	4,000		4,000		3,946		0.01
Invesco CLO 2022-3 Ltd - Class ER	(4)(6)(8)	SOFR +	6.75%	11.08%	9/30/2024	10/22/2037	3,500		3,486		3,451		0.01
Jamestown CLO XV, Ltd. - Class ER	(4)(6)(8)	SOFR +	7.06%	11.38%	5/28/2024	7/15/2035	3,000		2,974		2,913		0.01

122

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)



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

Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)
Financial Services (continued)
MidOcean Credit CLO XIII Ltd - Class E	(4)(6)(8)	SOFR +	7.80%	12.13%	11/16/2023	1/21/2037	$	9,500	$	9,179	$	9,532	0.02	%
MidOcean Credit CLO XIV Ltd - Class E2	(4)(6)(8)	SOFR +	7.40%	11.72%	2/15/2024	4/15/2037	3,500		3,500		3,530		0.01
MidOcean Credit CLO XI Ltd - Class ER2	(4)(6)(8)	SOFR +	6.00%	10.33%	11/25/2024	1/18/2036	2,000		2,000		1,970		0.00
Morgan Stanley Eaton Vance CLO 2023-19A Ltd - Class ER	(4)(6)(8)	SOFR +	6.10%	10.43%	10/16/2024	10/20/2037	2,200		2,200		2,149		0.00
Morgan Stanley Eaton Vance CLO 2023-19, Ltd. - Class ER	(4)(6)(8)	SOFR +	5.50%	9.82%	11/21/2025	7/15/2038	3,000		2,835		2,896		0.01
Neuberger Berman Loan Advisers CLO 30, Ltd. - Class ER2	(4)(6)(8)	SOFR +	5.15%	9.48%	12/23/2024	1/20/2039	3,500		3,500		3,525		0.01
New Mountain CLO 1 Ltd - Class ERR	(4)(6)(8)	SOFR +	5.25%	9.57%	2/7/2025	1/15/2038	2,000		2,000		1,977		0.00
Northwoods Capital XI-B Ltd - Class ER	(4)(6)(8)	SOFR +	7.35%	11.68%	7/3/2024	7/19/2037	3,412		3,360		3,374		0.01
Oaktree CLO 2019-3 Ltd - Class ER2	(4)(6)(8)	SOFR +	6.75%	11.08%	10/24/2024	1/20/2038	5,000		5,000		5,024		0.01
Oaktree CLO 2022-2, Ltd. - Class ER2	(4)(6)(8)	SOFR +	6.40%	10.72%	8/7/2025	10/15/2037	2,500		2,535		2,517		0.01
OCP CLO 2021-22, Ltd. - Class ER	(4)(6)(8)	SOFR +	5.75%	10.08%	10/18/2024	10/20/2037	2,000		2,000		2,013		0.00
OCP CLO 2020-18 Ltd - Class ER2	(4)(6)(8)	SOFR +	6.25%	10.58%	7/30/2024	7/20/2037	1,000		1,000		1,014		0.00
OCP CLO 2017-13 Ltd - Class ER2	(4)(6)(8)	SOFR +	5.90%	10.23%	11/5/2024	11/26/2037	5,000		5,000		5,019		0.01
Octagon 75, Ltd - Class E	(4)(6)(8)	SOFR +	4.95%	9.28%	1/31/2025	1/22/2038	3,000		3,000		2,955		0.01
Octagon Investment Partners 41, Ltd. - Class ER	(4)(6)(8)	SOFR +	7.13%	11.71%	9/24/2021	10/15/2033	2,500		2,492		2,338		0.00
Orion CLO 2024-4 LTD - Class E	(4)(6)(8)	SOFR +	6.00%	10.33%	10/25/2024	10/20/2037	5,000		5,000		5,100		0.01
Palmer Square CLO 2015-1, Ltd. - Class DR4	(4)(6)(8)	SOFR +	6.76%	10.98%	5/25/2021	5/21/2034	2,000		1,934		1,974		0.00
Palmer Square CLO 2023-3 Ltd - Class E	(4)(6)(8)	SOFR +	7.83%	12.16%	11/17/2023	1/20/2037	10,000		9,916		10,002		0.03
Parallel 2020-1 Ltd - Class DR	(4)(6)(8)	SOFR +	6.50%	11.09%	6/14/2021	7/20/2034	3,500		3,445		3,394		0.01
Park Avenue Institutional Advisers CLO Ltd 2022-1 - Class D	(4)(6)(8)	SOFR +	7.29%	11.62%	2/11/2022	4/20/2035	6,000		5,872		5,943		0.01

123

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)



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

Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)
Financial Services (continued)
Pikes Peak CLO 10 - Class ER	(4)(6)(8)	SOFR +	5.90%	10.23%	11/22/2024	1/22/2038	$	5,000	$	5,000	$	5,006	0.01	%
Pikes Peak CLO 17 Ltd - Class E	(4)(6)(8)	SOFR +	5.75%	10.07%	11/1/2024	1/15/2038	4,000		4,000		4,038		0.01
Pikes Peak CLO 3 - Class ERR	(4)(6)(8)	SOFR +	6.61%	11.19%	8/13/2021	10/25/2034	3,000		3,009		2,977		0.01
Pikes Peak CLO 8 - Class ER	(4)(6)(8)	SOFR +	5.75%	10.08%	12/19/2024	1/20/2038	1,000		1,000		985		0.00
Pikes Peak CLO 15 2023, Ltd. - Class ER	(4)(6)(8)	SOFR +	5.75%	9.63%	10/10/2025	10/20/2038	5,000		5,000		5,008		0.01
Post CLO 2022-1, Ltd. - Class E	(4)(6)(8)	SOFR +	6.75%	11.08%	2/15/2022	4/20/2035	5,000		4,983		4,946		0.01
Post CLO 2024-1, Ltd. - Class E	(4)(6)(8)	SOFR +	6.80%	11.13%	2/6/2024	4/20/2037	2,500		2,500		2,523		0.01
Post CLO VII, Ltd. - Class E	(4)(6)(8)	SOFR +	5.40%	9.11%	10/30/2025	1/20/2039	4,000		4,000		4,026		0.01
PPM CLO 5, Ltd. - Class E	(4)(6)(8)	SOFR +	6.50%	11.09%	9/17/2021	10/18/2034	4,800		4,800		4,365		0.01
Rad CLO 14, Ltd. - Class E	(4)(6)(8)	SOFR +	6.50%	11.08%	11/2/2021	1/15/2035	6,750		6,750		6,573		0.01
Rad CLO 16 Ltd - Class ER	(4)(6)(8)	SOFR +	6.50%	10.82%	5/3/2024	7/15/2037	5,000		5,000		4,864		0.01
Rad CLO 17 Ltd - Class ER	(4)(6)(8)	SOFR +	6.25%	10.58%	11/5/2024	1/20/2038	5,000		5,000		5,025		0.01
Rad CLO 25 Ltd - Class E	(4)(6)(8)	SOFR +	6.00%	10.33%	5/16/2024	7/20/2037	3,000		3,000		2,973		0.01
Rad CLO 3 Ltd - Class E1R2	(4)(6)(8)	SOFR +	5.88%	10.20%	6/18/2024	7/15/2037	2,715		2,667		2,540		0.01
Rad CLO 3 Ltd - Class E2R2	(4)(6)(8)	SOFR +	7.00%	11.32%	6/18/2024	7/15/2037	2,715		2,715		2,703		0.01
Rad CLO 9 Ltd - Class ER	(4)(6)(8)	SOFR +	5.75%	10.07%	12/19/2024	1/15/2038	3,000		3,000		2,887		0.01
RAD CLO 27 Ltd - Class E	(4)(6)(8)	SOFR +	5.30%	9.62%	1/22/2025	1/15/2038	10,000		10,000		9,898		0.02
RAD CLO 30, Ltd. - Class D	(4)(6)(8)	SOFR +	5.10%	8.77%	8/14/2025	10/15/2038	3,000		3,000		2,973		0.01
Regatta IX Funding Ltd. - Class ER	(4)(6)(8)	SOFR +	6.83%	11.15%	4/10/2024	4/17/2037	3,820		3,898		3,845		0.01
Regatta XXI Funding Ltd - Class ER	(4)(6)(8)	SOFR +	6.25%	10.57%	11/5/2024	10/15/2037	4,000		4,000		4,050		0.01
Sagard-Halseypoint Clo 9, Ltd. - Class E	(4)(6)(8)	SOFR +	5.85%	10.15%	3/31/2025	4/20/2038	5,250		5,200		5,329		0.01
Sound Point CLO XXVII, Ltd. - Class ER	(4)(6)(8)	SOFR +	6.56%	11.14%	10/1/2021	10/25/2034	5,000		4,932		4,450		0.01
Symphony CLO 44 Ltd - Class E	(4)(6)(8)	SOFR +	6.15%	10.47%	5/20/2024	7/14/2037	2,500		2,500		2,529		0.01

124

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)



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

Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated (continued)
Financial Services (continued)
Tikehau US CLO VII, Ltd. - Class E	(4)(6)(8)	SOFR +	5.50%	9.77%	8/13/2025	2/25/2038	$	3,000	$	3,016	$	2,962	0.01	%
Trinitas CLO XVI Ltd - Class E	(4)(6)(8)	SOFR +	7.00%	11.59%	6/14/2021	7/20/2034	5,000		4,853		4,862		0.01
Vibrant CLO IV-R Ltd - Class E	(4)(6)(8)	SOFR +	7.90%	12.23%	9/19/2024	10/20/2037	1,000		973		1,008		0.00
Vibrant CLO XIII, Ltd - Class ER	(4)(6)(8)	SOFR +	7.59%	11.91%	11/1/2024	1/15/2038	3,250		3,220		3,245		0.01
Voya CLO 2019-4, Ltd. - Class ER	(4)(6)(8)	SOFR +	6.71%	11.29%	12/14/2021	1/15/2035	8,250		8,136		8,208		0.02
Warwick Capital CLO 7, Ltd. - Class E	(4)(6)(8)	SOFR +	5.25%	9.20%	8/15/2025	10/21/2038	5,000		5,000		4,918		0.01
Wellington Management CLO 1, Ltd. - Class ER	(4)(6)(8)	SOFR +	5.50%	9.35%	10/17/2025	10/20/2038	3,000		3,000		2,956		0.01
									472,355		471,678		1.08
Total Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated									501,804		501,333		1.14
Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated
Financial Services
Aimco CLO 20, Ltd. - Subordinated Notes	(4)(6)	Estimated Yield:		10.88%	11/7/2025	10/16/2038	5,659		5,121		4,788		0.01
Ballyrock CLO 20, Ltd. - Subordinated Notes	(4)(6)	Estimated Yield:		9.55%	2/24/2025	10/15/2036	6,000		4,271		3,705		0.01
Ballyrock CLO 23, Ltd. - Subordinated Notes	(4)(6)	Estimated Yield:		10.66%	6/26/2025	4/25/2038	5,000		3,388		3,098		0.01
Ballyrock CLO 27, Ltd. - Subordinated Notes	(4)(6)	Estimated Yield:		11.08%	5/28/2025	10/25/2037	12,500		9,134		8,192		0.02
Barings CLO, Ltd. Tango - Units	(4)(6)(7)				11/21/2025	11/21/2026	475		475		475		0.00
Birch Grove CLO 11, Ltd. - Subordinated Notes	(4)(6)	Estimated Yield:		6.84%	11/15/2024	1/22/2038	11,000		10,847		8,315		0.03
Carlyle Euro CLO 2022-5 DAC - Subordinated Notes	(4)(6)	Estimated Yield:		13.89%	5/16/2025	4/25/2037	EUR	3,736	2,355		2,369		0.00
Carlyle Global Market Strategies Euro CLO 2014-1 DAC - Subordinated Notes	(4)(6)	Estimated Yield:		12.62%	5/2/2025	4/15/2038	EUR	11,473	8,213		8,689		0.02
Carval CLO XIII-C Ltd - Units	(4)(6)(7)				7/22/2025	6/24/2027	3,844		3,844		3,844		0.01
CVC Cordatus Loan Fund XXXIV DAC - Subordinated Notes	(4)(6)	Estimated Yield:		10.55%	2/14/2025	4/20/2038	EUR	3,250	3,130		3,507		0.01

125

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)



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

Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated (continued)
Financial Services (continued)
Elmwood CLO 14, Ltd. - Subordinated Notes	(4)(6)	Estimated Yield:	13.15%	9/10/2025	4/20/2035	$	17,381	$	8,531	$	8,260	0.02	%
Elmwood CLO 18, Ltd. - Subordinated Notes	(4)(6)	Estimated Yield:	5.63%	3/4/2025	7/17/2037	4,000		2,037		1,637		0.00
Elmwood CLO II, Ltd. - Subordinated Notes	(4)(6)	Estimated Yield:	3.67%	11/21/2024	4/20/2034	8,650		5,577		3,747		0.01
Flatiron CLO 21, Ltd. - Subordinated Notes	(4)(6)	Estimated Yield:	12.54%	5/5/2025	7/19/2034	3,000		1,923		1,679		0.00
Flatiron CLO 34, Ltd. - Units	(4)(6)(7)			10/23/2025	10/8/2026	500		500		524		0.00
Flatiron RR CLO 30, Ltd. - Subordinated Notes	(4)(6)	Estimated Yield:	12.08%	3/24/2025	4/15/2038	7,000		5,725		5,694		0.01
Galaxy 34 CLO, Ltd. - Subordinated Notes	(4)(6)	Estimated Yield:	9.35%	9/26/2024	10/20/2037	20,000		17,036		14,037		0.03
Galaxy 35 CLO, Ltd. - Subordinated Notes	(4)(6)	Estimated Yield:	11.79%	3/11/2025	4/20/2038	17,490		15,755		14,082		0.03
Galaxy CLO Warehouse 2025-1, Ltd. - Units	(4)(6)(7)			7/11/2025	10/8/2026	12,061		12,061		12,811		0.03
HPS Freshwater Warehouse Parent, Ltd. - Units	(4)(6)(7)			8/8/2025	10/8/2026	5,610		5,610		6,171		0.01
HPS Loan Management 2025-24, Ltd. - Subordinated Notes	(4)(6)	Estimated Yield:	11.01%	3/11/2025	4/25/2038	10,000		8,565		7,980		0.02
Kennedy Lewis CLO 7, Ltd. - Subordinated Notes	(4)(6)	Estimated Yield:	9.72%	1/31/2025	4/22/2037	10,000		5,099		3,358		0.01
Kennedy Lewis CLO 15, Ltd. - Subordinated Notes	(4)(6)	Estimated Yield:	10.05%	5/20/2025	7/20/2037	6,000		3,713		2,956		0.01
MidOcean Credit CLO XIX - Subordinated Notes	(4)(6)	Estimated Yield:	7.14%	6/24/2025	7/20/2036	9,000		6,878		6,729		0.01
MidOcean Credit CLO XV, Ltd. - Subordinated Notes	(4)(6)	Estimated Yield:	8.61%	5/10/2024	7/21/2037	5,000		3,376		2,706		0.01
New Mountain CLO 6, Ltd. - Class M	(4)(6)			8/23/2024	10/15/2037	1,875		0		288		0.00
New Mountain CLO 6, Ltd. - Subordinated Notes	(4)(6)	Estimated Yield:	7.75%	8/23/2024	10/15/2037	18,750		15,325		12,812		0.03
New Mountain CLO 7, Ltd. - Subordinated Notes	(4)(6)	Estimated Yield:	12.34%	8/23/2024	3/31/2038	19,368		16,426		14,466		0.03
New Mountain CLO 8, Ltd. - Subordinated Notes	(4)(6)	Estimated Yield:	10.26%	10/29/2025	10/20/2038	5,000		4,134		3,732		0.01
New Mountain CLO 8, Ltd. - Class M	(4)(6)			10/29/2025	10/20/2038	500		0		0		0.00

126

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)



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

Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated (continued)
Financial Services (continued)
OCP CLO 2022-25, Ltd. - Subordinated Notes	(4)(6)	Estimated Yield:	10.97%	9/11/2025	7/20/2037	$	10	$	5,552	$	5,570	0.01	%
OCP CLO 2020-8R, Ltd. - Subordinated Notes	(4)(6)	Estimated Yield:	12.65%	11/3/2025	10/17/2038	11,360		3,891		3,911		0.01
Pikes Peak Bravo - Units	(4)(6)(7)			9/15/2025	9/5/2027	1,406		1,406		1,426		0.00
Pikes Peak CLO 10 - Subordinated Notes	(4)(6)	Estimated Yield:	10.60%	12/10/2024	1/22/2038	5,200		3,129		2,765		0.01
Rad CLO 25, Ltd. - Subordinated Notes	(4)(6)	Estimated Yield:	7.27%	5/16/2024	7/20/2037	5,000		3,985		3,109		0.01
RAD CLO 26, Ltd. - Subordinated Notes	(4)(6)	Estimated Yield:	9.57%	8/7/2024	10/20/2037	7,180		5,968		4,864		0.01
RAD CLO 27, Ltd. - Subordinated Notes	(4)(6)	Estimated Yield:	9.55%	12/11/2024	1/15/2038	29,325		26,136		22,063		0.05
Regatta Kilo - Units	(4)(6)(7)			6/13/2025	12/27/2026	4,867		4,867		4,867		0.01
Regatta XXIX Funding, Ltd. - Subordinated Notes	(4)(6)	Estimated Yield:	10.44%	7/28/2025	9/6/2037	7,500		6,089		5,205		0.01
Signal Peak CLO 11, Ltd. - Subordinated Notes	(4)(6)	Estimated Yield:	9.99%	6/5/2024	7/18/2037	5,000		4,127		4,009		0.01
Signal Peak CLO 14, Ltd. - Subordinated Notes	(4)(6)	Estimated Yield:	11.62%	12/20/2024	1/22/2038	26,000		19,877		19,445		0.04
Sixth Street CLO 27, Ltd. - Subordinated Notes	(4)(6)	Estimated Yield:	9.32%	11/1/2024	1/17/2038	16,500		13,140		11,630		0.02
Sixth Street CLO XXI, Ltd. - Subordinated Notes	(4)(6)	Estimated Yield:	10.12%	9/12/2024	10/21/2037	8,000		5,490		4,768		0.01
Sixth Street CLO XXII, Ltd. - Subordinated Notes	(4)(6)	Estimated Yield:	11.78%	8/1/2025	4/22/2125	6,500		4,546		4,406		0.01
Vibrant CLO XVI, Ltd. - Subordinated Notes	(4)(6)	Estimated Yield:	11.12%	7/26/2024	7/15/2036	12,000		8,175		7,406		0.02
Wellfleet CLO 2025-1, Ltd. - Units	(4)(6)(7)			4/8/2025	4/4/2027	8,220		8,220		8,904		0.02
Whitebox CLO V, Ltd. - Subordinated Notes	(4)(6)	Estimated Yield:	7.13%	4/3/2025	7/20/2038	20,500		17,632		16,611		0.03
								331,279		301,610		0.67
Total Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated								331,279		301,610		0.67
Total Structured Finance Obligations - non-controlled/non-affiliated								833,083		802,943		1.81
Total Structured Finance Obligations								833,083		802,943		1.81

127

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)



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

Equity and other
Equity and other - non-controlled/non-affiliated
Aerospace & Defense
Loar Holdings, Inc. - Common Equity	(6)			4/25/2024		252,279	$	3,495	$	17,155	0.04	%
Micross Topco, Inc. - Common Equity	(4)			3/28/2022		116	125		176		0.00
							3,620		17,331		0.04
Air Freight & Logistics
AGI Group Holdings, LP - Class A-2 Common Units	(4)			6/11/2021		1,674	1,674		2,806		0.01
Mode Holdings, LP - Class A-2 Common Units	(4)			1/7/2021		1,076,923	1,077		323		0.00
Red Griffin ParentCo, LLC - Class A Common Units	(4)			11/27/2024		13,857	58,837		15,867		0.04
							61,588		18,996		0.05
Biotechnology
Axsome Therapeutics, Inc. - Common Stock	(6)			5/6/2025		12,303	1,318		2,247		0.00
Moderna, Inc. - Common Stock	(6)			9/12/2024		12,613	983		372		0.00
							2,301		2,619		0.00
Capital Markets
Resolute Investment Managers, Inc. - Common Equity				12/29/2023		48,476	1,211		132		0.00

128

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)



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

Equity and other - non-controlled/non-affiliated (continued)
Commercial Services & Supplies
Genstar Neptune Blocker, LLC - Blocker Note	(4)			12/2/2024		159,782	$	160	$	160	0.00	%
Genstar Neptune Blocker, LLC - Blocker Units	(4)			12/2/2024		3,982	6,280		7,365		0.03
Genstar Neptune Blocker, LLC - Class Z Units	(4)			12/2/2024		1,041	1,482		1,758		0.00
GTCR Investors, LP - Class A-1 Common Units	(4)			9/29/2023		893,584	894		1,226		0.00
GTCR/Jupiter Blocker, LLC - Blocker Note	(4)			12/2/2024		115,036	115		115		0.00
GTCR/Jupiter Blocker, LLC - Class Z Units	(4)			12/2/2024		749	1,067		1,266		0.00
Jupiter Ultimate Holdings, LLC - Class A Common Units	(4)			11/8/2024		3	2		2		0.00
Jupiter Ultimate Holdings, LLC - Class B Common Units	(4)			11/8/2024		5,082	3,981		4,153		0.02
Jupiter Ultimate Holdings, LLC - Class C Common Units	(4)			11/8/2024		5,084,731	4,037		5,288		0.02
RC VI Buckeye Holdings, LLC - LLC Units	(4)			1/2/2025		6,589,068	6,589		7,643		0.02
							24,607		28,976		0.09
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		36,496		0.09
DTA, LP - Class A Common Units	(4)			3/25/2024		3,028,272	3,284		4,891		0.01
							32,019		41,387		0.10

129

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)



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

Equity and other - non-controlled/non-affiliated (continued)
Diversified Telecommunication Services
Point Broadband Holdings, LLC - Class A Common Units	(4)			10/1/2021		12,870	$	10,915	$	14,027	0.03	%
Point Broadband Holdings, LLC - Class B Common Units	(4)			10/1/2021		685,760	1,955		2,222		0.00
Point Broadband Holdings, LLC - Class Additional A Common Units	(4)			3/24/2022		2,766	2,346		3,015		0.01
Point Broadband Holdings, LLC - Class Additional B Common Units	(4)			3/24/2022		147,380	420		478		0.00
							15,636		19,742		0.04
Electrical Equipment
Griffon Aggregator, Ltd. - LP Interest	(4)			7/31/2025		3,272,887	3,273		3,535		0.01
Electronic Equipment, Instruments & Components
NSI Parent, LP - Class A Common Units	(4)			12/23/2024		3,272,884	2,634		2,978		0.01
Spectrum Safety Solutions Purchaser, LLC - Common Equity	(4)(6)			7/1/2024		22,774,695	22,775		26,646		0.06
							25,409		29,624		0.07
Financial Services
Muzinich Enhanced Loan Origination Fund I, LP - LP Interest	(4)(6)(7)(21)			12/8/2025		12,748,800	14,825		14,939		0.03
THL Fund IX Investors (Plymouth II), LP - LP Interest	(4)			8/31/2023		530,344	530		973		0.00
							15,355		15,912		0.03
Health Care Equipment & Supplies
GCX Corporation Group Holdings, L.P. - Class A-2 Units	(4)			9/10/2021		4,853	4,853		2,184		0.00

130

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)



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

Equity and other - 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	$	7,465	0.02	%
CD&R Artemis Holdco 2, Limited - Preferred Shares	(4)(6)		10.00%	8/19/2021		33,000,000	43,662		62,315		0.13
CD&R Ulysses Equity Holdings, LP - Common Shares	(4)(6)			8/19/2021		5,317,524	5,438		3,669		0.01
Jayhawk Holdings, LP - Class A-1 Common Units	(4)			5/26/2021		12,472	2,220		302		0.00
Jayhawk Holdings, LP - Class A-2 Common Units	(4)			5/26/2021		6,716	1,195		162		0.00
Maia Aggregator, LP - Class A Units	(4)			2/1/2022		19,700,000	19,700		18,321		0.04
NC Eve, LP - LP Interest	(4)(6)			2/22/2022		2,500,000	3,398		0		0.00
WHCG Purchaser, Inc. - Class A Common Units	(4)			8/2/2024		10,966,377	0		0		0.00
							87,483		92,234		0.20
Health Care Technology
Azalea Parent Corp. - Series A-1 Preferred Shares	(4)		12.75% PIK	4/30/2024		91,500	89,213		116,297		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		487		0.00
							96,946		121,489		0.25
Insurance
Beacon HC, Ltd. - Class A Shares	(4)(6)			12/4/2025		750	47		47		0.00
Beacon HC, Ltd. - Class C Shares	(4)(6)			12/4/2025		42	3		3		0.00
SelectQuote, Inc. - Warrants	(4)(6)			10/11/2024		2,204,746	0		265		0.00
Shelf Holdco, Ltd. - Common Equity	(4)(6)			12/30/2022		1,300,000	1,300		4,940		0.01
							1,350		5,255		0.01

131

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)



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

Equity and other - non-controlled/non-affiliated (continued)
IT Services
NC Ocala Co-Invest Beta, LP - LP Interest	(4)			11/12/2021		25,687,196	$	25,687	$	28,513	0.06	%
Life Sciences Tools & Services
Falcon Top Parent, LLC - Class A Common Units	(4)			11/6/2024		4,440,995	4,441		4,441		0.01
Pharmaceuticals
Elanco Animal Health, Inc. - Royalty Equity	(4)(6)			5/5/2025		75,000,000	72,177		79,547		0.17
Professional Services
Kwor Intermediate I, Inc. - Class A Common Shares	(4)			2/28/2025		1,289	1,175		703		0.00
Kwor Intermediate I, Inc. - Preferred Equity	(4)			2/28/2025		1,378	1,378		1,520		0.00
OHCP V TC COI, LP - LP Interest	(4)			6/29/2021		6,500,000	6,503		16,055		0.03
Tricor Horizon - LP Interest	(4)(6)			6/13/2022		14,886,548	14,887		14,589		0.03
Trinity Air Consultants Holdings Corp. - Common Units	(4)			6/12/2024		4,797	5		12		0.00
Victors CCC Topco, LP - Common Equity	(4)			6/1/2022		9,600,000	9,600		18,144		0.04
							33,548		51,023		0.10
Real Estate Management & Development
Community Management Holdings Parent, LP - Series A Preferred Units	(4)		8.00%	11/1/2024		1,783,823	1,784		1,962		0.00

132

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)



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

Equity 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	$	1,250	0.00	%
Connatix Parent, LLC - Class L Common Units	(4)				7/14/2021		126,136	1,388		581		0.00
Descartes Holdings, Inc. - Class A Common Stock	(4)				10/9/2023		93,758	4,060		0		0.00
Expedition Holdco, LLC - Common Units	(4)				2/24/2022		810,810	810		646		0.00
Knockout Intermediate Holdings I, Inc. - Perpetual Preferred Stock	(4)	SOFR +	10.75%	14.35%	6/23/2022		26,899	26,226		43,172		0.09
Mandolin Technology Holdings, Inc. - Series A Preferred Shares	(4)			10.50%	7/30/2021		31,950,000	30,992		37,098		0.08
Mimecast Limited - LP Interest	(4)				5/3/2022		75,088,584	75,089		82,597		0.17
Noble Aggregator GP, LLC - GP Units	(4)				10/14/2025		1,732	0		0		0.00
Noble Aggregator, LP - Common Equity Class A Units	(4)				10/14/2025		1,732	1,732		1,789		0.00
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		6,551		0.01
Zoro - Common Equity	(4)				11/22/2022		1,195,880	11,959		14,829		0.03
Zoro - Series A Preferred Shares	(4)	SOFR +	9.50%	13.17%	11/22/2022		14,717	14,202		22,002		0.05
								173,554		214,407		0.44

133

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)



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

Equity and other - non-controlled/non-affiliated (continued)
Transportation Infrastructure
Enstructure, LLC - Series A-1 Units	(4)				9/27/2022		6,948,125	$	2,153	$	3,960	0.01	%
Enstructure, LLC - Preferred Equity	(4)	SOFR +	7.00%	10.67% PIK	8/15/2025		1,387,451	1,368		1,377		0.00
Ncp Helix Holdings, LLC - Preferred Shares	(4)			8.00%	8/3/2021		1,128,694	877		1,500		0.00
								4,398		6,837		0.01
Total Equity and other- non-controlled/non-affiliated								694,938		786,146		1.68
Equity and other - non-controlled/affiliated
Aerospace & Defense
Align Precision Group, LLC - Class A-3 Units	(4)(16)				7/3/2025		11,137	996		4,018		0.01
Distributors
GSO DL Co-Invest EIS LP (EIS Acquisition Holdings, LP - Class A Common Units)	(4)(6)(16)				11/1/2021		265,556	558		1,218		0.00
Media
DMS Topco, LLC - Class A Common Units	(4)(6)(16)				3/11/2025		133,433	5,432		4,844		0.01
Oil, Gas & Consumable Fuels
Port Arthur LNG Phase II Intermediate Company, LLC - Class B Units	(4)(7)(16)			7.60% PIK	9/22/2025		69,729,468	1,079,477		1,079,456		2.27
Total Equity and other - non-controlled/affiliated								1,086,463		1,089,536		2.29
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)(21)				6/1/2025		16,525,117	422,500		430,975		0.91
Specialty Lending Company, LLC - LLC Interest	(4)(6)(16)				10/19/2021		371,979,000	371,979		381,241		0.80
								794,479		812,216		1.71
Insurance
CFCo, LLC (Benefytt Technologies, Inc.) - Class B Units	(4)(16)				9/28/2023		134,166,603	0		0		0.00

134

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)



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

Equity and other - controlled/affiliated (excluding Investments in Joint Ventures) (continued)
Oil, Gas & Consumable Fuels
Pibb Member Holdings, LLC - LP Interest	(4)(6)(16)			11/22/2024		225,000,000	$	214,844	$	227,678	0.48	%
Professional Services
Material+ Holding Company, LLC - Class C Units	(4)(16)			6/14/2024		63,589	0		0		0.00
Specialty Retail
GSO DL CoInvest CI LP (CustomInk, LLC - Series A Preferred Units)	(4)(6)(16)			1/7/2021		1,500,000	1,421		1,681		0.00
Total Equity and other - controlled/affiliated (excluding Investments in Joint Ventures)							1,010,744		1,041,575		2.19
Total Equity and other							2,792,145		2,917,257		6.16
Investments in Joint Ventures
BCRED Emerald JV LP - LP Interest	(6)(16)			1/19/2022			1,815,000		1,678,745		3.53
BCRED Verdelite JV LP - LP Interest	(6)(16)			10/21/2022			117,706		113,068		0.25
Total Investments in Joint Ventures							1,932,706		1,791,813		3.78

Total Investments - non-controlled/non-affiliated							78,459,980		77,980,254		163.72
Total Investments - non-controlled/affiliated							1,119,164		1,122,254		2.36
Total Investments - controlled/affiliated (excluding Investments in Joint Ventures)							1,404,391		1,305,025		2.74
Total Investments - Investments in Joint Ventures							1,932,706		1,791,813		3.78
Total Investment Portfolio							82,916,241		82,199,346		172.60
Cash and Cash Equivalents
BlackRock Select Treasury Based Liquidity Fund			3.61%				28,155		28,155		0.06
Dreyfus Treasury Obligations Cash Management			3.54%				16,594		16,594		0.03
Fidelity Investments Money Market Treasury Portfolio - Class I			3.66%				67,858		67,858		0.14
State Street Institutional U.S. Government Money Market Fund - Investor Class			3.66%				185		185		0.00
State Street Institutional U.S. Government Money Market Fund - Premier Class			3.74%				305,986		305,986		0.64
Other Cash and Cash Equivalents							1,929,933		1,929,933		4.05
Total Cash and Cash Equivalents							2,348,711		2,348,711		4.92
Total Portfolio Investments, Cash and Cash Equivalents							$	85,264,952	$	84,548,057	177.52	%

135

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)

(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 December 31, 2025, the Company had investments denominated in Canadian Dollars (CAD), Euros (EUR), British Pounds (GBP), Swiss Francs (CHF), Danish Krone (DKK), Swedish Krona (SEK), Norwegian Krone (NOK), New Zealand Dollars (NZD), and Australian Dollars (AUD). All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. The total par amount (in thousands) is presented for debt investments 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, 2025. 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 (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 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 70.0% of the Company’s total assets. As of December 31, 2025, non-qualifying assets represented 24.3% of total assets as calculated in accordance with regulatory requirements.

Investments

Commitment Type

Commitment Expiration Date

Unfunded Commitment

Fair Value

Abacus Holdco 2, Oy

Delayed Draw Term Loan

10/14/2027

181

—

Accordion Partners, LLC

Revolver

11/15/2031

9,612

(48)

Accordion Partners, LLC

Delayed Draw Term Loan

12/17/2027

45,312

(113)

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

215

—

Acumatica Holdings, Inc.

Revolver

7/28/2032

10,565

(106)

ADCS Clinics Intermediate Holdings, LLC

Revolver

5/7/2026

3,344

—

AI Altius US Bidco, Inc.

Delayed Draw Term Loan

5/21/2026

39,500

—

AI Titan Parent, Inc.

Delayed Draw Term Loan

9/30/2026

17,093

—

AI Titan Parent, Inc.

Revolver

8/29/2031

13,784

(138)

Align Precision Group, LLC

Delayed Draw Term Loan

4/3/2030

1,451

—

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

7/24/2030

3,569

—

American Restoration Holdings, LLC

Delayed Draw Term Loan

2/19/2027

30,945

—

Amerilife Holdings, LLC

Revolver

8/31/2028

57,772

—

Amerilife Holdings, LLC

Delayed Draw Term Loan

6/17/2026

5,009

—

Amerilife Holdings, LLC

Delayed Draw Term Loan

2/28/2027

41,321

(103)

Amerivet Partners Management, Inc.

Revolver

2/25/2028

11,511

—

Ampirical Solutions, LLC

Delayed Draw Term Loan

9/30/2027

43,992

(220)

Ampirical Solutions, LLC

Revolver

9/30/2032

11,731

(117)

Analytic Partners, LP

Revolver

4/4/2030

4,891

—

Anaplan, Inc.

Revolver

6/21/2028

47,983

(960)

Animal Wellness Investments S.p.A

Term Loan

1/15/2033

78,090

—

136

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)

Investments

Commitment Type

Commitment Expiration Date

Unfunded Commitment

Fair Value

Animal Wellness Investments S.p.A

Delayed Draw Term Loan

1/15/2029

12,595

—

Anthracite Buyer Inc

Revolver

12/3/2032

19,960

(100)

Apex Companies, LLC

Delayed Draw Term Loan

8/28/2026

1,030

—

Apex Companies, LLC

Delayed Draw Term Loan

10/24/2027

28,233

(141)

Aptean, Inc.

Revolver

1/29/2031

3,354

—

Aptean, Inc.

Delayed Draw Term Loan

2/14/2027

9,045

—

Armada Parent, Inc.

Revolver

10/29/2030

27,000

—

Arnhem BidCo, GmbH

Delayed Draw Term Loan

10/1/2027

42,221

—

Articulate Global, LLC

Revolver

10/24/2032

5,997

(30)

Aryeh Bidco Investment, Ltd.

Term Loan

1/14/2033

30,784

—

Aryeh Bidco Investment, Ltd.

Delayed Draw Term Loan

1/14/2028

5,731

—

Aryeh Bidco Investment, Ltd.

Revolver

1/14/2033

4,094

—

Ascend Buyer, LLC

Revolver

9/30/2028

7,443

—

Astra Service Partners, LLC

Delayed Draw Term Loan

11/26/2027

54,081

—

Atlas CC Acquisition Corp.

Revolver

5/25/2029

5,432

—

Atlas CC Acquisition Corp.

Letter of Credit

5/25/2029

14,403

(324)

Atlas Securitized Products Funding 2, LP

Revolver

4/10/2026

3,310

—

AuditBoard, Inc.

Revolver

7/12/2031

15,377

—

Axsome Therapeutics, Inc.

Delayed Draw Term Loan

5/31/2027

45,195

—

Axsome Therapeutics, Inc.

Delayed Draw Term Loan

5/31/2026

45,195

—

Azurite Intermediate Holdings, Inc.

Revolver

3/19/2031

6,840

(28)

Baker Tilly Advisory Group, LP

Delayed Draw Term Loan

6/3/2027

95,459

(955)

Baker Tilly Advisory Group, LP

Revolver

6/3/2030

74,077

—

Bamboo US BidCo, LLC

Delayed Draw Term Loan

11/20/2026

2,154

—

Bamboo US BidCo, LLC

Revolver

9/29/2029

6,470

—

Banyan Software Holdings, LLC

Revolver

1/2/2031

5,799

(14)

Banyan Software Holdings, LLC

Delayed Draw Term Loan

10/8/2027

58,607

—

Barings CLO, Ltd. Tango

Structured Finance Obligations - Equity Instruments

11/21/2026

3,525

—

Bayshore Intermediate #2, LP

Revolver

10/1/2027

20,406

—

Bazaarvoice, Inc.

Revolver

5/7/2029

60,787

—

Beacon Dc, Ltd.

Delayed Draw Term Loan

12/4/2027

1,000

—

Beacon Dc, Ltd.

Revolver

12/4/2032

680

—

Bimini Group Purchaser, Inc.

Revolver

4/26/2031

29,847

—

Bimini Group Purchaser, Inc.

Revolver

4/7/2027

18,750

(2,073)

BioCryst Pharmaceuticals, Inc.

Term Loan

1/23/2031

107,996

—

Biotouch Global Solutions, Inc.

Delayed Draw Term Loan

8/27/2027

29,503

(221)

Biotouch Global Solutions, Inc.

Revolver

8/27/2032

8,851

(133)

Blue Sky Buyer, LLC

Term Loan

2/28/2033

207,767

—

Blue Sky Buyer, LLC

Revolver

2/28/2033

35,415

—

Bluefin Holding, LLC

Revolver

9/12/2029

7,533

—

Brave Parent Holdings, Inc.

Revolver

11/28/2030

26,868

—

Brave Parent Holdings, Inc.

Delayed Draw Term Loan

10/17/2026

262,936

—

Brilliance Technologies, Inc.

Revolver

3/11/2032

52,952

—

Brilliance Technologies, Inc.

Delayed Draw Term Loan

9/11/2027

109,294

(68)

Businessolver.com, Inc.

Delayed Draw Term Loan

12/3/2027

28,315

(71)

Businessolver.com, Inc.

Revolver

12/3/2032

12,611

(63)

Caerus US 1, Inc.

Revolver

5/25/2029

14,398

—

Cambium Learning Group, Inc.

Revolver

7/20/2027

101,715

—

Cambrex Corp.

Revolver

3/5/2032

14,156

—

Cambrex Corp.

Delayed Draw Term Loan

3/5/2027

17,158

(86)

Cambrex Corp.

Delayed Draw Term Loan

3/24/2026

39,942

—

137

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)

Investments

Commitment Type

Commitment Expiration Date

Unfunded Commitment

Fair Value

Canadian Hospital Specialties, Ltd.

Revolver

4/15/2027

2,399

—

Carr Riggs & Ingram Capital, LLC

Revolver

11/18/2031

10,323

(52)

Carr Riggs & Ingram Capital, LLC

Delayed Draw Term Loan

11/18/2026

16,507

—

Carval CLO XIII-C Ltd

Structured Finance Obligations - Equity Instruments

10/8/2028

5,531

—

Castle Management Borrower, LLC

Revolver

11/3/2029

4,167

—

Castle Management Borrower, LLC

Delayed Draw Term Loan

12/9/2027

20,234

—

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

(499)

CFGI Holdings, LLC

Revolver

11/2/2027

19,950

(399)

CFS Brands, LLC

Revolver

10/2/2029

14,401

—

Channelside AcquisitionCo, Inc.

Revolver

3/31/2028

17,194

—

Charger Debt Merger Sub, LLC

Delayed Draw Term Loan

5/9/2027

30,287

(76)

Charger Debt Merger Sub, LLC

Revolver

5/31/2030

5,300

—

Charger Debt Merger Sub, LLC

Delayed Draw Term Loan

5/31/2026

5,300

—

Chartwell Cumming Holding, Corp.

Revolver

11/16/2029

44,716

—

Cielo Bidco, Ltd.

Delayed Draw Term Loan

3/31/2030

653

—

Cielo Bidco, Ltd.

Delayed Draw Term Loan

3/31/2030

—

Cisive Holdings Corp.

Revolver

12/7/2029

4,445

(89)

Clearview Buyer, Inc.

Revolver

2/26/2029

11,857

—

CohnReznick Advisory, LLC

Delayed Draw Term Loan

3/31/2027

2,488

—

Commander Buyer, Inc.

Delayed Draw Term Loan

6/26/2027

44,138

(221)

Commander Buyer, Inc.

Revolver

6/26/2032

29,425

(294)

Community Management Holdings Midco 2, LLC

Revolver

11/1/2031

5,547

—

Community Management Holdings Midco 2, LLC

Delayed Draw Term Loan

7/8/2027

26,042

—

Compsych Investments Corp.

Delayed Draw Term Loan

7/22/2027

20,230

(885)

Connatix Buyer, Inc.

Revolver

7/14/2027

9,125

—

Connatix Buyer, Inc.

Delayed Draw Term Loan

4/9/2026

2,344

—

Consor Intermediate II, LLC

Delayed Draw Term Loan

5/10/2026

26,219

—

Consor Intermediate II, LLC

Revolver

5/10/2031

9,480

—

Continental Buyer, Inc.

Revolver

4/2/2031

4,282

—

Continental Buyer, Inc.

Revolver

4/2/2031

6,862

(34)

Continental Buyer, Inc.

Revolver

4/2/2031

3,283

(16)

Continental Buyer, Inc.

Delayed Draw Term Loan

4/21/2028

6,567

(16)

Coupa Software, Inc.

Delayed Draw Term Loan

6/3/2027

164

—

Coupa Software, Inc.

Revolver

2/27/2029

126

(1)

CRC Insurance Group, LLC

Revolver

5/6/2029

19,894

(105)

CRCI Longhorn Holdings, Inc.

Revolver

8/27/2031

11,110

(91)

CRCI Longhorn Holdings, Inc.

Delayed Draw Term Loan

8/27/2026

16,678

—

Creek Parent, Inc.

Revolver

12/18/2031

19,175

(336)

Crewline Buyer, Inc.

Revolver

11/8/2030

12,745

—

Crumbl Enterprises, LLC

Revolver

4/30/2032

6,881

(34)

CT Technologies Intermediate Holdings, Inc.

Delayed Draw Term Loan

8/30/2026

11,130

—

CT Technologies Intermediate Holdings, Inc.

Revolver

8/30/2031

34,417

(344)

CT Technologies Intermediate Holdings, Inc.

Delayed Draw Term Loan

8/30/2026

10,132

—

CT Technologies Intermediate Holdings, Inc.

Delayed Draw Term Loan

7/10/2027

504

—

CT Technologies Intermediate Holdings, Inc.

Delayed Draw Term Loan

8/5/2027

10,080

—

CT Technologies Intermediate Holdings, Inc.

Delayed Draw Term Loan

8/5/2027

6,774

—

CyrusOne Revolving Warehouse

Revolver

7/2/2027

106,619

—

Databricks, Inc.

Delayed Draw Term Loan

1/5/2028

235,000

—

DCG Acquisition Corp.

Revolver

6/13/2031

36,470

(365)

DCG Acquisition Corp.

Delayed Draw Term Loan

6/13/2026

10,587

—

138

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)

Investments

Commitment Type

Commitment Expiration Date

Unfunded Commitment

Fair Value

Denali Bidco, Ltd.

Delayed Draw Term Loan

9/5/2027

300

(3)

Denali Intermediate Holdings, Inc.

Revolver

8/26/2032

4,972

(50)

Denali TopCo, LLC

Delayed Draw Term Loan

8/26/2028

27,099

(135)

Denali TopCo, LLC

Revolver

8/26/2032

13,007

(65)

Diligent Corp.

Delayed Draw Term Loan

4/30/2026

50,000

(250)

Diligent Corp.

Revolver

8/2/2030

25,500

—

Discovery Education, Inc.

Revolver

4/9/2029

17,513

—

Divisions Holding Corp.

Revolver

4/17/2032

8,086

(81)

DM Intermediate Parent, LLC

Revolver

9/30/2030

28,484

—

DM Intermediate Parent, LLC

Delayed Draw Term Loan

9/30/2026

18,336

—

DM Intermediate Parent, LLC

Delayed Draw Term Loan

12/19/2027

77,717

(389)

Doit International, Ltd.

Delayed Draw Term Loan

11/25/2026

66,711

(500)

Doit International, Ltd.

Revolver

11/26/2029

33,356

—

Dropbox, Inc.

Delayed Draw Term Loan

12/10/2026

417,495

(2,087)

Dropbox, Inc.

Delayed Draw Term Loan

3/15/2026

455,182

(426)

DTA Intermediate II, Ltd.

Revolver

3/27/2030

12,961

—

DTI Holdco, Inc.

Revolver

1/25/2029

16,000

(1,517)

Duro Dyne National Corp.

Delayed Draw Term Loan

11/15/2026

34,499

(172)

Duro Dyne National Corp.

Revolver

11/15/2031

34,499

—

Dwyer Instruments, LLC

Revolver

7/20/2029

4,668

—

Eagan Parent, Inc.

Delayed Draw Term Loan

9/8/2027

5,311

—

Eagan Parent, Inc.

Revolver

9/8/2032

2,833

(14)

East River Bidco, GmbH

Delayed Draw Term Loan

3/26/2028

—

Eden Acquisitionco, Ltd.

Delayed Draw Term Loan

11/17/2026

2,146

(29)

Edison Bidco, AS

Delayed Draw Term Loan

12/5/2026

679

—

Electro Switch Business Trust, LLC

Revolver

9/2/2032

23,430

(234)

ELK Bidco, Inc.

Revolver

6/13/2032

13,471

(67)

ELK Bidco, Inc.

Delayed Draw Term Loan

12/13/2027

14,968

(37)

EMB Purchaser, Inc.

Delayed Draw Term Loan

3/13/2028

37,202

—

EMB Purchaser, Inc.

Revolver

3/12/2032

18,308

(183)

Emergency Power Holdings, LLC

Delayed Draw Term Loan

8/17/2027

12,036

—

Endeavor Schools Holdings, LLC

Delayed Draw Term Loan

1/3/2027

20,926

—

Enstructure, LLC

Delayed Draw Term Loan

6/10/2026

83,228

(624)

ENV Bidco, AB

Delayed Draw Term Loan

7/29/2026

31,618

(403)

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

5,434

—

Everbridge Holdings, LLC

Delayed Draw Term Loan

7/2/2026

5,292

—

Everbridge Holdings, LLC

Revolver

7/2/2031

3,481

—

Excelitas Technologies Corp.

Revolver

8/12/2028

14,780

(185)

Experity, Inc.

Revolver

2/22/2030

17,835

—

Experity, Inc.

Delayed Draw Term Loan

9/13/2026

40,111

(201)

Falcon Parent Holdings, Inc.

Delayed Draw Term Loan

8/15/2027

12,467

(94)

Falcon Parent Holdings, Inc.

Revolver

11/6/2031

14,380

—

Fastener Distribution Holdings, LLC

Delayed Draw Term Loan

10/31/2026

41,834

—

Fern Bidco, Ltd.

Delayed Draw Term Loan

7/3/2027

19,787

—

Flatiron CLO 34, Ltd.

Structured Finance Obligations - Equity Instruments

10/8/2026

3,500

—

Flexera Software, LLC

Revolver

8/15/2032

13,582

(34)

Forterro Group, AB

Delayed Draw Term Loan

6/28/2027

5,415

—

Foundation Risk Partners Corp.

Revolver

10/29/2029

12,202

—

139

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)

Investments

Commitment Type

Commitment Expiration Date

Unfunded Commitment

Fair Value

Foundation Risk Partners Corp.

Delayed Draw Term Loan

2/26/2027

10,908

—

Frontgrade Technologies Holdings, Inc.

Revolver

1/9/2028

439

—

Frontline Road Safety, LLC

Revolver

3/4/2032

13,878

(69)

Frontline Road Safety, LLC

Delayed Draw Term Loan

3/4/2028

17,792

—

FusionSite Midco, LLC

Revolver

11/17/2029

12,260

(276)

FusionSite Midco, LLC

Delayed Draw Term Loan

4/30/2026

8,810

—

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

9,468

—

Galaxy CLO Warehouse 2025-1, Ltd.

Structured Finance Obligations - Equity Instruments

10/8/2026

15,689

—

Galileo Pharma Bidco S.p.A

Delayed Draw Term Loan

10/7/2028

4,168

—

Galway Borrower, LLC

Revolver

9/29/2028

16,795

—

Galway Borrower, LLC

Delayed Draw Term Loan

2/7/2026

1,559

—

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

17,861

—

GI Ranger Intermediate, LLC

Revolver

10/29/2027

9,360

—

Gigamon, Inc.

Revolver

3/10/2028

15,465

—

Gimlet Bidco, GmbH

Delayed Draw Term Loan

4/23/2027

2,084

—

Granicus, Inc.

Revolver

1/17/2031

4,284

—

Granicus, Inc.

Delayed Draw Term Loan

1/17/2026

679

—

Great Day Improvements, LLC

Revolver

6/13/2030

4,731

—

Grid Alliance Partners, LLC

Delayed Draw Term Loan

7/1/2027

23,338

(117)

Grid Alliance Partners, LLC

Revolver

7/1/2030

15,162

(152)

Griffon Bidco, Inc.

Delayed Draw Term Loan

9/30/2027

21,819

—

Griffon Bidco, Inc.

Revolver

7/31/2031

21,819

(218)

Ground Penetrating Radar Systems, LLC

Delayed Draw Term Loan

7/2/2027

20,297

—

Ground Penetrating Radar Systems, LLC

Revolver

1/2/2032

11,776

—

GS Acquisitionco, Inc.

Delayed Draw Term Loan

3/26/2026

3,720

—

GS Acquisitionco, Inc.

Revolver

5/25/2028

2,833

—

GS Acquisitionco, Inc.

Delayed Draw Term Loan

5/16/2027

3,214

(8)

GTCR Everest Borrower, LLC

Revolver

9/5/2029

3,125

(10)

Guardian Bidco, Inc.

Delayed Draw Term Loan

8/14/2028

3,881

(39)

Gusto Sing Bidco Pte, Ltd.

Delayed Draw Term Loan

11/15/2027

102

—

Helix TS, LLC

Delayed Draw Term Loan

10/22/2027

35,919

—

Higginbotham Insurance Agency, Inc.

Delayed Draw Term Loan

12/11/2027

41,940

(105)

High Street Buyer, Inc.

Revolver

4/16/2027

4,186

(84)

High Street Buyer, Inc.

Delayed Draw Term Loan

7/18/2027

55,411

—

Home Service TopCo IV, Inc.

Revolver

12/30/2027

19,964

(214)

Home Service TopCo IV, Inc.

Delayed Draw Term Loan

2/19/2026

19,055

—

Horizon CTS Buyer, LLC

Revolver

3/28/2032

25,803

—

Horizon CTS Buyer, LLC

Delayed Draw Term Loan

11/4/2027

33,333

—

HPS Freshwater Warehouse Parent, Ltd.

Structured Finance Obligations - Equity Instruments

10/8/2026

5,390

—

Icefall Parent, Inc.

Revolver

1/17/2030

8,637

—

IEM New Sub 2, LLC

Delayed Draw Term Loan

12/3/2027

62,860

—

IEM New Sub 2, LLC

Delayed Draw Term Loan

12/3/2027

76,076

(571)

IG Investments Holdings, LLC

Revolver

9/22/2028

55,717

—

Imagine 360, LLC

Delayed Draw Term Loan

9/18/2026

13,684

(68)

Imagine 360, LLC

Revolver

9/30/2028

8,582

(86)

Inception Fertility Ventures, LLC

Revolver

4/29/2030

4,278

—

Inception Fertility Ventures, LLC

Delayed Draw Term Loan

4/29/2026

61,644

—

140

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)

Investments

Commitment Type

Commitment Expiration Date

Unfunded Commitment

Fair Value

INK BC Bidco S.p.A.

Delayed Draw Term Loan

7/16/2028

21,206

(215)

Integrity Marketing Acquisition, LLC

Delayed Draw Term Loan

8/23/2026

8,074

(14)

Integrity Marketing Acquisition, LLC

Revolver

8/25/2028

2,861

—

IQN Holding Corp.

Revolver

5/2/2028

1,940

—

IRI Group Holdings, Inc.

Revolver

12/1/2028

110,034

—

Iris Buyer, LLC

Revolver

10/2/2029

7,870

—

Iris Buyer, LLC

Delayed Draw Term Loan

8/4/2026

3,617

—

ISQ Hawkeye Holdco, Inc.

Revolver

8/20/2030

476

—

ISQ Hawkeye Holdco, Inc.

Delayed Draw Term Loan

8/20/2026

1,355

—

Java Buyer, Inc.

Revolver

12/15/2027

12,142

—

Java Buyer, Inc.

Revolver

12/15/2027

24,284

—

Java Buyer, Inc.

Delayed Draw Term Loan

5/9/2027

71,827

—

Jeppesen Holdings, LLC

Revolver

10/31/2032

17,000

(128)

Jones Fish Hatcheries & Distributors, LLC

Revolver

11/19/2032

4,116

(41)

Jones Fish Hatcheries & Distributors, LLC

Delayed Draw Term Loan

11/19/2027

16,464

—

JS Parent, Inc.

Revolver

4/24/2031

7,880

(39)

JSG II, Inc.

Delayed Draw Term Loan

9/30/2027

97,949

(245)

JSG II, Inc.

Revolver

9/30/2032

41,978

(210)

JSS Holdings, Inc.

Delayed Draw Term Loan

11/8/2026

136,995

(685)

Kaseya, Inc.

Revolver

3/20/2030

25,000

(154)

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

—

Knight Acquireco, LLC

Delayed Draw Term Loan

11/6/2027

23,547

(59)

Knowledge Pro Buyer, Inc.

Revolver

12/10/2029

10,918

—

Knowledge Pro Buyer, Inc.

Delayed Draw Term Loan

6/11/2027

8,384

—

Knowledge Pro Buyer, Inc.

Revolver

12/10/2027

4,594

(46)

Koala Investment Holdings, Inc.

Delayed Draw Term Loan

2/29/2028

17,044

(85)

Koala Investment Holdings, Inc.

Revolver

8/29/2032

7,575

(76)

Kona Buyer, LLC

Revolver

7/23/2031

34,452

(172)

Kona Buyer, LLC

Delayed Draw Term Loan

6/27/2027

90,826

(227)

Kona Buyer, LLC

Delayed Draw Term Loan

7/23/2026

60,173

(301)

Kona Buyer, LLC

Delayed Draw Term Loan

7/23/2026

53,588

(268)

KStone Buyer, Inc.

Term Loan

1/2/2033

80,791

—

KStone Buyer, Inc.

Revolver

1/2/2033

20,775

—

KStone Buyer, Inc.

Delayed Draw Term Loan

1/2/2027

23,083

—

Kwol Acquisition, Inc.

Revolver

12/6/2029

1,345

—

Kwol Acquisition, Inc.

Delayed Draw Term Loan

8/25/2027

—

Kwor Acquisition, Inc.

Revolver

2/28/2030

1,041

—

Kwor Acquisition, Inc.

Delayed Draw Term Loan

2/28/2027

1,379

—

Loar Group, Inc.

Delayed Draw Term Loan

9/30/2026

275,000

—

Lobos Parent, Inc.

Delayed Draw Term Loan

9/26/2028

10,361

(39)

Lobos Parent, Inc.

Revolver

9/26/2031

5,180

(39)

Lobos Parent, Inc.

Revolver

9/26/2031

2,331

(17)

LogicMonitor, Inc.

Revolver

11/15/2031

11,450

(143)

LogicMonitor, Inc.

Delayed Draw Term Loan

9/1/2027

15,648

(98)

LPW Group Holdings, Inc.

Revolver

3/15/2030

6,566

(66)

Lsf12 Crown US Commercial Bidco, LLC

Revolver

12/2/2029

24,405

(35)

Magic Bidco, Inc.

Delayed Draw Term Loan

7/1/2026

14,677

—

Magic Bidco, Inc.

Revolver

7/1/2030

830

—

Magneto Components BuyCo, LLC

Revolver

12/5/2029

8,983

(67)

Mandolin Technology Intermediate Holdings, Inc.

Revolver

4/30/2028

7,265

—

MannKind Corp.

Delayed Draw Term Loan

8/6/2027

29,592

—

141

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)

Investments

Commitment Type

Commitment Expiration Date

Unfunded Commitment

Fair Value

Mantech International, CP

Delayed Draw Term Loan

2/14/2026

24,794

(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

23,525

—

Maverick Bidco, Inc.

Revolver

12/2/2031

17,583

(1)

Maverick Bidco, Inc.

Delayed Draw Term Loan

12/2/2027

18,018

—

Mavis Tire Express Services Topco, Corp.

Revolver

5/4/2028

5,400

—

MB2 Dental Solutions, LLC

Delayed Draw Term Loan

2/13/2026

6,423

—

MB2 Dental Solutions, LLC

Revolver

2/13/2031

1,837

—

MEDX AMCP Holdings, LLC

Revolver

7/21/2032

3,952

(40)

MEDX AMCP Holdings, LLC

Delayed Draw Term Loan

7/21/2027

9,287

(46)

Mercury Bidco Globe, Limited

Delayed Draw Term Loan

1/18/2026

3,083

—

MHE Intermediate Holdings, LLC

Revolver

7/21/2027

482

—

Minerva Bidco, Ltd.

Delayed Draw Term Loan

12/2/2028

53,627

(412)

Minotaur Acquisition, Inc.

Revolver

5/10/2030

9,910

—

ML Holdco, LLC

Delayed Draw Term Loan

10/24/2027

17,655

—

Modernizing Medicine, Inc.

Revolver

4/30/2032

4,208

(42)

More Cowbell II, LLC

Delayed Draw Term Loan

9/3/2027

5,872

(27)

More Cowbell II, LLC

Revolver

9/1/2029

12,971

—

MPG Parent Holdings, LLC

Revolver

1/8/2030

2,232

—

MPG Parent Holdings, LLC

Delayed Draw Term Loan

1/8/2027

4,065

—

MRH Trowe Beteiligungsgesellschaft mbH

Delayed Draw Term Loan

5/15/2028

—

MRH Trowe Beteiligungsgesellschaft mbH

Revolver

11/15/2031

—

MRI Software, LLC

Revolver

10/21/2026

17,850

(67)

MRI Software, LLC

Revolver

2/10/2028

21,799

—

MRI Software, LLC

Delayed Draw Term Loan

10/2/2027

12,498

—

Muzinich Enhanced Loan Origination Fund I, LP

Equity

31,851

—

Natus Medical, Inc.

Revolver

7/21/2027

5,100

—

NAVEX TopCo, Inc.

Revolver

10/14/2031

11,668

(150)

NAVEX TopCo, Inc.

Delayed Draw Term Loan

10/14/2027

57,143

—

Navigator Acquiror, Inc.

Delayed Draw Term Loan

7/15/2030

15,767

—

Navigator Acquiror, Inc.

Delayed Draw Term Loan

7/15/2030

15,767

—

NDC Acquisition Corp.

Revolver

3/9/2028

3,083

—

NDT Global Holding, Inc.

Revolver

6/4/2032

10,153

(102)

NDT Global Holding, Inc.

Delayed Draw Term Loan

6/4/2027

11,371

—

Nephele III, BV

Delayed Draw Term Loan

1/14/2028

—

Neptune BidCo, SAS

Delayed Draw Term Loan

3/31/2027

205

—

Neptune Holdings, Inc.

Revolver

8/31/2029

2,000

(50)

Netsmart Technologies, Inc.

Delayed Draw Term Loan

8/23/2026

18,756

(94)

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

12/10/2030

5,576

—

North Haven Ushc Acquisition, Inc.

Revolver

10/29/2027

2,036

—

North Haven Ushc Acquisition, Inc.

Delayed Draw Term Loan

8/28/2026

25,764

—

Octane Purchaser, Inc.

Delayed Draw Term Loan

11/19/2027

88,133

—

Octane Purchaser, Inc.

Revolver

5/19/2032

35,253

(176)

Odevo, AB

Delayed Draw Term Loan

12/12/2027

32,079

—

OEConnection, LLC

Delayed Draw Term Loan

12/23/2028

18,447

—

OEConnection, LLC

Revolver

12/18/2032

4,858

(24)

OEI, Inc.

Revolver

12/29/2031

7,889

(59)

OEI, Inc.

Delayed Draw Term Loan

12/29/2027

19,722

(74)

OMEGA II AB

Delayed Draw Term Loan

6/17/2028

17,930

(47)

142

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)

Investments

Commitment Type

Commitment Expiration Date

Unfunded Commitment

Fair Value

Onex Baltimore Buyer, Inc.

Delayed Draw Term Loan

3/19/2026

68,025

—

ONS MSO, LLC

Revolver

7/8/2028

4,500

—

Optimizely North America, Inc.

Revolver

10/30/2031

3,007

(30)

Optus 1011, GmbH

Delayed Draw Term Loan

11/30/2028

80,234

—

Oxford Global Resources, Inc.

Revolver

8/17/2027

9,254

—

Paisley Bidco, Ltd.

Delayed Draw Term Loan

5/7/2027

2,102

(8)

PAS Parent, Inc.

Delayed Draw Term Loan

8/18/2028

41,432

(207)

PAS Parent, Inc.

Revolver

8/18/2031

19,250

(192)

Patriot Growth Insurance Services, LLC

Revolver

10/16/2028

7,135

(143)

Pave America Holding, LLC

Revolver

8/27/2032

14,196

—

Pave America Holding, LLC

Delayed Draw Term Loan

8/29/2027

19,064

—

PDI TA Holdings, Inc.

Revolver

2/3/2031

1,866

—

Peloton Computer Enterprises, Ltd.

Term Loan

12/31/2032

112,080

—

Petrus Buyer, Inc.

Revolver

10/17/2029

5,163

—

Phoenix 1 Buyer Corp.

Revolver

11/20/2029

8,349

—

Pike Electric Corp.

Revolver

12/18/2032

39,994

(200)

Pike Electric Corp.

Delayed Draw Term Loan

12/19/2028

59,991

—

Pikes Peak Bravo

Structured Finance Obligations - Equity Instruments

9/5/2027

11,094

—

PKF O'Connor Davies Advisory, LLC

Delayed Draw Term Loan

11/18/2026

31,468

—

PKF O'Connor Davies Advisory, LLC

Revolver

11/15/2031

11,413

—

Plasma Buyer, LLC

Revolver

5/12/2028

—

Polyphase Elevator Holding, Co.

Delayed Draw Term Loan

11/24/2027

4,195

—

Polyphase Elevator Holding, Co.

Revolver

11/24/2032

6,000

(45)

Port Arthur LNG Phase II Intermediate Company, LLC

Equity

12/30/2026

299,028

—

PPV Intermediate Holdings, LLC

Revolver

8/31/2029

8,671

—

PPV Intermediate Holdings, LLC

Delayed Draw Term Loan

8/7/2026

11,927

—

Profile Products, LLC

Revolver

11/12/2027

7,087

(71)

Profile Products, LLC

Revolver

11/12/2027

3,337

—

Project Leopard Holdings, Inc.

Revolver

7/20/2027

4,266

—

PT Intermediate Holdings III, LLC

Delayed Draw Term Loan

4/9/2026

10,213

—

QBS Parent, Inc.

Revolver

6/3/2032

9,970

—

QBS Parent, Inc.

Delayed Draw Term Loan

6/3/2027

19,959

—

QF Holdings, Inc.

Delayed Draw Term Loan

12/29/2027

25,096

—

QF Holdings, Inc.

Revolver

12/15/2032

15,058

(75)

Qualus Power Services Corp.

Delayed Draw Term Loan

3/27/2028

11,162

—

Qualus Power Services Corp.

Delayed Draw Term Loan

3/27/2028

60,000

(150)

R1 Holdings, LLC

Revolver

12/29/2028

—

RailPros Parent, LLC

Delayed Draw Term Loan

5/24/2027

7,177

(36)

RailPros Parent, LLC

Revolver

5/24/2032

3,589

(36)

Rally Buyer, Inc.

Revolver

7/19/2029

7,373

—

Raven Acquisition Holdings, LLC

Delayed Draw Term Loan

11/19/2026

200

—

Red Fox CD Acquisition Corp.

Delayed Draw Term Loan

11/21/2026

23,757

—

Redwood Services Group, LLC

Delayed Draw Term Loan

1/3/2027

5,467

—

Regatta Kilo

Structured Finance Obligations - Equity Instruments

10/8/2028

3,883

—

Relativity ODA, LLC

Revolver

5/12/2029

4,813

(116)

RFS Opco, LLC

Delayed Draw Term Loan

12/2/2027

13,774

—

Rhea Parent, Inc.

Revolver

12/20/2030

28,910

(289)

Riser Merger Sub, Inc.

Delayed Draw Term Loan

6/4/2026

20,947

—

Riser Merger Sub, Inc.

Revolver

10/31/2029

20,973

—

Riser Merger Sub, Inc.

Delayed Draw Term Loan

4/15/2027

30,262

(151)

143

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)

Investments

Commitment Type

Commitment Expiration Date

Unfunded Commitment

Fair Value

Rocket Buyer, LLC

Term Loan

1/14/2033

102,207

—

Rocket Buyer, LLC

Delayed Draw Term Loan

1/14/2033

58,966

—

Rocket Buyer, LLC

Revolver

1/14/2031

23,586

—

Saber Parent Holdings Corp.

Delayed Draw Term Loan

12/16/2028

138,406

(346)

Saber Parent Holdings Corp.

Revolver

12/16/2032

69,203

(346)

Saber Power Services, LLC

Revolver

10/21/2031

19,913

—

Safety Borrower Holdings, LP

Revolver

12/19/2032

5,499

—

Safety Borrower Holdings, LP

Delayed Draw Term Loan

12/19/2027

8,254

—

Sam Holding Co, Inc.

Revolver

3/24/2027

24,000

—

Sam Holding Co, Inc.

Delayed Draw Term Loan

11/5/2026

39,200

—

Scorpio BidCo SAS

Delayed Draw Term Loan

3/10/2026

7,858

(85)

Seahawk Bidco, LLC

Delayed Draw Term Loan

12/19/2026

15,877

—

Seahawk Bidco, LLC

Revolver

12/19/2030

22,377

(205)

Seahawk Bidco, LLC

Delayed Draw Term Loan

12/24/2027

121,231

—

SEKO Global Logistics Network, LLC

Delayed Draw Term Loan

5/10/2027

1,350

—

Seven Bidco, SASU

Delayed Draw Term Loan

8/29/2028

42,456

(213)

Severin Acquisition, LLC

Delayed Draw Term Loan

10/1/2027

54,539

—

Severin Acquisition, LLC

Revolver

10/1/2031

41,391

—

SG Acquisition, Inc.

Revolver

4/3/2030

13,537

—

Signant Finance One, Ltd.

Revolver

10/16/2031

39,684

(397)

Signant Finance One, Ltd.

Delayed Draw Term Loan

10/16/2027

95,241

—

Simplicity Financial Marketing Group Holdings, Inc.

Delayed Draw Term Loan

12/31/2026

6,304

—

Simplicity Financial Marketing Group Holdings, Inc.

Revolver

12/31/2031

6,041

(60)

SIQ Holdings III Corp.

Revolver

12/19/2030

26,770

—

SIQ Holdings III Corp.

Delayed Draw Term Loan

12/19/2027

57,446

—

Skylark UK Debtco, Ltd.

Delayed Draw Term Loan

12/8/2028

5,759

—

Smartronix, LLC

Revolver

2/7/2030

12,316

—

Smile Doctors, LLC

Revolver

12/23/2027

51,955

(1,818)

Solis Midco, SAS

Delayed Draw Term Loan

4/8/2029

145

—

Spaceship Purchaser, Inc.

Revolver

10/17/2031

74,961

(598)

Spaceship Purchaser, Inc.

Delayed Draw Term Loan

10/17/2027

149,081

(359)

SpecialtyCare, Inc.

Delayed Draw Term Loan

8/26/2027

1,794

—

SpecialtyCare, Inc.

Revolver

12/18/2029

5,935

—

Spectrum Safety Solutions Purchaser, LLC

Delayed Draw Term Loan

7/1/2026

55,574

—

Spectrum Safety Solutions Purchaser, LLC

Revolver

7/1/2030

48,365

—

Speedster Bidco, GmbH

Revolver

6/10/2031

21,862

—

Stepping Stones Healthcare Services, LLC

Revolver

12/30/2026

9,725

—

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

14,560

—

Sunshine Cadence Holdco, LLC

Revolver

5/1/2030

32,000

(320)

Tango Bidco, SAS

Delayed Draw Term Loan

10/17/2027

5,573

(39)

Tango Bidco, SAS

Delayed Draw Term Loan

10/17/2027

8,635

—

TEI Intermediate, LLC

Revolver

12/13/2031

14,888

—

TEI Intermediate, LLC

Delayed Draw Term Loan

12/13/2026

42,307

—

Teneo Holdings, LLC

Delayed Draw Term Loan

7/31/2027

52,998

(265)

Teneo Holdings, LLC

Revolver

7/31/2030

64,785

(648)

Tennessee Bidco, Limited

Delayed Draw Term Loan

7/1/2026

67,244

—

The Fertility Partners, Inc.

Revolver

9/16/2027

8,300

(334)

144

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)

Investments

Commitment Type

Commitment Expiration Date

Unfunded Commitment

Fair Value

The Hiller Companies, LLC

Delayed Draw Term Loan

6/20/2026

1,155

—

The Hiller Companies, LLC

Revolver

6/20/2030

13,713

—

The Hiller Companies, LLC

Delayed Draw Term Loan

7/16/2027

4,178

—

The North Highland Co, LLC

Revolver

12/20/2030

21,810

—

The North Highland Co, LLC

Delayed Draw Term Loan

12/20/2026

35,521

(178)

Themis Solutions, Inc.

Delayed Draw Term Loan

10/29/2027

55,641

(742)

Themis Solutions, Inc.

Revolver

10/29/2032

46,367

(649)

Thermostat Purchaser III, Inc.

Revolver

8/31/2028

8,125

(80)

THG Acquisition, LLC

Delayed Draw Term Loan

10/31/2026

10,582

—

THG Acquisition, LLC

Revolver

10/31/2031

6,485

—

Three Rivers Buyer, Inc

Revolver

11/3/2031

4,560

(57)

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

6/29/2029

26,249

(112)

Trinity Air Consultants Holdings Corp.

Delayed Draw Term Loan

10/17/2027

42,018

(210)

Trinity Partners Holdings, LLC

Delayed Draw Term Loan

6/30/2027

115,743

—

Triple Lift, Inc.

Revolver

5/5/2028

14,295

(1,215)

TRP Infrastructure Services, LLC

Delayed Draw Term Loan

7/9/2027

47,630

—

TRP Infrastructure Services, LLC

Delayed Draw Term Loan

12/2/2026

2,499

—

TTF Lower Intermediate, LLC

Revolver

7/18/2029

20,000

(450)

Unified Women's Healthcare, LP

Revolver

6/18/2029

101,845

—

Unified Women's Healthcare, LP

Delayed Draw Term Loan

9/22/2027

26,977

—

US Oral Surgery Management Holdco, LLC

Delayed Draw Term Loan

12/13/2026

25,538

—

US Oral Surgery Management Holdco, LLC

Revolver

11/20/2028

15,496

—

US Salt Investors, LLC

Revolver

2/26/2033

7,127

—

US Salt Investors LLC

Term Loan

2/26/2033

61,293

—

Varicent Parent Holdings Corp.

Delayed Draw Term Loan

10/15/2027

11,258

(113)

Varicent Parent Holdings Corp.

Revolver

8/23/2031

9,550

(143)

Varicent Parent Holdings Corp.

Delayed Draw Term Loan

10/15/2027

6,177

—

Varicent Parent Holdings Corp.

Revolver

8/23/2031

2,913

(29)

Veregy Consolidated, Inc.

Delayed Draw Term Loan

4/16/2027

12,398

—

Veregy Consolidated, Inc.

Revolver

4/16/2031

29,755

(223)

Victors CCC Buyer, LLC

Revolver

6/1/2029

29,205

—

Victors Purchaser, LLC

Delayed Draw Term Loan

12/23/2027

55,876

—

Victors Purchaser, LLC

Revolver

12/23/2032

97,196

—

VS Buyer, LLC

Revolver

10/12/2030

17,045

(49)

Water Holdings Acquisition, LLC

Delayed Draw Term Loan

7/31/2026

13,067

—

Wellfleet CLO 2025-1, Ltd.

Structured Finance Obligations - Equity Instruments

4/4/2027

3,780

—

West Monroe Partners, LLC

Revolver

11/9/2027

70,714

(1,414)

West Star Aviation Acquisition, LLC

Revolver

5/20/2032

18,358

—

West Star Aviation Acquisition, LLC

Delayed Draw Term Loan

5/20/2027

17,278

—

WHCG Purchaser III, Inc.

Delayed Draw Term Loan

8/2/2027

17,234

—

World Insurance Associates, LLC

Delayed Draw Term Loan

8/14/2026

20,065

—

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

16,173

—

YA Intermediate Holdings II, LLC

Revolver

10/1/2031

6,783

—

Zendesk, Inc.

Revolver

11/22/2028

97,650

—

Zendesk, Inc.

Delayed Draw Term Loan

5/15/2026

71,376

—

Zenith AcquisitionCo, LLC

Term Loan

1/13/2033

90,012

—

Zenith AcquisitionCo, LLC

Revolver

1/13/2033

16,877

—

145

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)



Investments	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
Zenith AcquisitionCo, LLC	Delayed Draw Term Loan	1/13/2029	$	45,188	$	—
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			$	13,438,317	$	(41,711)

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

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

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

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

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

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

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

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

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


	Fair Value as of December 31, 2024		Gross Additions		Gross Reductions		Net Change in Unrealized Appreciation (Depreciation)		Net Realized Gain (Loss)		Fair Value as of December 31, 2025		Dividend and Interest Income
Non-Controlled/Affiliated Investments
Align Precision Group, LLC	$	—	$	22,717	$	—	$	—	$	—	$	22,717	$	1,204
Align Precision Group, LLC	—		3,543		(7)		16		—		3,552		275
Align Precision Group, LLC - Class A-3 Units	—		996		—		3,022		—		4,018		—
GSO DL Co-Invest EIS LP (EIS Acquisition Holdings, LP - Class A Common Units)	1,394		—		—		(176)		—		1,218		—
DMS Purchaser, LLC	—		6,462		(13)		—		—		6,449		624
DMS Topco, LLC - Class A Common Units	—		5,432		—		(588)		—		4,844		—
Port Arthur LNG Phase II Intermediate Company, LLC - Class B Units	—		1,079,477		—		(21)		—		1,079,456		13,834
Controlled/Affiliated Investments
CFCo, LLC (Benefytt Technologies, Inc.)	—		—		—		—		—		—		—
Daylight Beta Parent, LLC (Benefytt Technologies, Inc.)	12,744		—		—		(4,459)		—		8,285		—
CFCo, LLC (Benefytt Technologies, Inc.) - Class B Units	—		—		—		—		—		—		—
Pibb Member Holdings, LLC - LP Interest	214,906		—		—		12,772		—		227,678		20,122
Pibb Member, LLC	2,250		—		(100)		43		—		2,193		134
Pigments Services, Inc.	7,699		—		—		(7,699)		—		—		—
Pigments Services, Inc.	11,317		257		—		(4,474)		—		7,100		233
Pigments Holdings, LP - LP Interest	—		—		—		—		—		—		—
Material Holdings, LLC	232,369		10,050		(3,272)		(1,170)		—		237,977		24,949
Material Holdings, LLC	15,566		—		—		(15,566)		—		—		—
Material Holdings, LLC	—		7,906		—		(11)		—		7,895		136
Material+ Holding Company, LLC - Class C Units	—		—		—		—		—		—		—

146

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)


	Fair Value as of December 31, 2024		Gross Additions		Gross Reductions		Net Change in Unrealized Appreciation (Depreciation)		Net Realized Gain (Loss)		Fair Value as of December 31, 2025		Dividend and Interest Income
Blackstone Private Real Estate Credit and Income Fund - Common Shares	$	—	$	422,500	$	—	$	8,475	$	—	$	430,975	$	11,959
Specialty Lending Company, LLC - LLC Interest	314,967		39,420		—		26,854		—		381,241		11,700
BCRED Emerald JV LP - LP Interest	1,778,800		—		—		(100,055)		—		1,678,745		238,956
BCRED Verdelite JV LP - LP Interest	135,611		—		—		(22,543)		—		113,068		26,842
GSO DL CoInvest CI LP (CustomInk, LLC - Series A Preferred Units)	2,167		—		—		(486)		—		1,681		—
Total	$	2,729,790	$	1,598,760	$	(3,392)	$	(106,066)	$	—	$	4,219,092	$	350,968

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

(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 December 31, 2025, the aggregate fair value of these securities is $82,179.6 million, or 172.6% 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, 2025 was 3.00%.

(21)These investments represent investments in investment funds (“Investee Funds”). As of December 31, 2025, details of these Investee Funds by investment strategy, the Company’s unfunded commitment, and redemption restrictions put in place by the Investee Fund were as follows:

Investee Funds

Investee Fund Strategy

Unfunded Commitment

Redemption Frequency

Redemption Lock-up Period

Fund Term

Fair Value

Blackstone Private Real Estate Credit and Income Fund

Real estate credit and income

—

Quarterly

None

Perpetual

430,975

Muzinich Enhanced Loan Origination Fund I, LP

Corporate direct lending

31,851

None

Nine years

14,939

31,851

445,914

The quarterly redemption frequency as it relates to Blackstone Private Real Estate Credit and Income Fund represents up to 5% of common shares outstanding (either by number of shares or aggregate net asset value) as of the close of the previous calendar quarter, subject to approval by the Investee Fund’s board of trustees.

ADDITIONAL INFORMATION


Foreign Currency Forward Contracts
Counterparty	Currency Purchased		Currency Sold		Settlement Date	Unrealized Appreciation (Depreciation)
Deutsche Bank AG	USD	588,180	CAD	806,500	03/25/2026	$	(1,961)
Deutsche Bank AG	USD	84,951	CHF	66,820	03/25/2026	73
Goldman Sachs Bank USA	USD	88,237	DKK	557,791	03/17/2026	239
BNP Paribas	USD	104,506	EUR	90,200	02/23/2026	(1,581)
Deutsche Bank AG	USD	1,229,268	EUR	1,040,500	03/25/2026	3,818
Deutsche Bank AG	USD	480,194	GBP	358,790	03/25/2026	(2,097)
BNP Paribas	USD	53,583	GBP	40,900	02/23/2026	(1,401)
Goldman Sachs Bank USA	USD	55,426	NOK	562,273	03/17/2026	(322)
BNP Paribas	USD	981	NOK	10,000	02/23/2026	(11)
Goldman Sachs Bank USA	USD	22,850	NZD	39,280	03/17/2026	190
Goldman Sachs Bank USA	USD	180,488	SEK	1,668,034	03/17/2026	(999)
Total Foreign Currency Forward Contracts						$	(4,052)

147

Table of Contents

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)


Interest Rate Swaps
Counterparty	Hedged Item	Company Receives	Company Pays		Maturity Date	Notional Amount		Fair Market Value		Upfront Payments / Receipts		Change in Unrealized Appreciation (Depreciation) (1)
Goldman Sachs Bank USA (2)	December 2026 Notes	2.63%	SOFR +	0.26%	12/15/2026	$	625,000	$	(6,483)	$	—	$	13,756
Deutsche Bank AG (2)	December 2026 Notes	2.63%	SOFR +	0.26%	12/15/2026	625,000		(6,406)		—		13,678
Deutsche Bank AG (2)	April 2026 UK Bonds	4.87%	SONIA +	2.78%	4/14/2026	GBP	250,000	(1,588)		—		7,193
Sumitomo Mitsui Banking Corporation (2)	May 2027 Notes	5.61%	SOFR +	2.79%	5/3/2027	625,000		(4,848)		—		13,082
Goldman Sachs Bank USA	October 2027 Notes	7.49%	SOFR +	3.72%	10/11/2027	350,000		2,042		—		5,568
Sumitomo Mitsui Banking Corporation	November 2028 Notes	7.30%	SOFR +	3.06%	11/27/2028	500,000		11,138		—		9,188
Goldman Sachs Bank USA (2)	January 2031 Notes	6.25%	SOFR +	2.46%	1/25/2031	250,000		2,884		—		7,164
BNP Paribas US	January 2031 Notes	6.25%	SOFR +	2.47%	1/25/2031	250,000		2,784		—		7,179
Deutsche Bank AG (2)	July 2029 Notes	5.95%	SOFR +	1.74%	7/16/2029	500,000		13,180		—		10,448
BNP Paribas US	September 2027 Notes	4.95%	SOFR +	1.69%	9/26/2027	400,000		(897)		—		7,893
Sumitomo Mitsui Banking Corporation	April 2030 Notes	5.25%	SOFR +	2.01%	4/1/2030	400,000		(3,604)		—		12,365
Morgan Stanley (2)	November 2029 Notes	5.60%	SOFR +	1.64%	11/22/2029	400,000		7,537		—		9,688
Deutsche Bank AG (2)	November 2034 Notes	6.00%	SOFR +	2.04%	11/22/2034	600,000		7,915		—		15,743
Wells Fargo	November 2034 Notes	6.00%	SOFR +	2.26%	11/22/2034	200,000		(742)		—		5,470
Deutsche Bank AG (2)	January 2032 Notes	6.00%	SOFR +	1.83%	1/29/2032	500,000		15,656		—		15,656
Goldman Sachs Bank USA (2)	January 2032 Notes	6.00%	SOFR +	1.83%	1/29/2032	500,000		15,511		—		15,511
Wells Fargo	November 2028 Notes	7.30%	SOFR +	3.20%	11/27/2028	150,000		2,805		—		2,805
Goldman Sachs Bank USA (2)	March 2031 Notes	5.54%	SOFR +	1.67%	3/25/2031	500,000		8,200		—		8,200
Deutsche Bank AG (2)	March 2033 Notes	5.79%	SOFR +	1.89%	3/25/2033	500,000		7,331		—		7,331
Morgan Stanley (2)	September 2030 Notes	5.05%	SOFR +	1.68%	9/10/2030	250,000		(1,439)		—		(1,439)
BNP Paribas US (2)	September 2030 Notes	5.05%	SOFR +	1.68%	09/10/2030	250,000		(1,477)		—		(1,477)
Deutsche Bank AG (2)	July 2029 Notes	5.95%	SOFR +	2.44%	07/16/2029	400,000		1,172		—		1,172
Wells Fargo	January 2031 Notes	6.25%	SOFR +	2.70%	01/25/2031	100,000		64		—		64
Deutsche Bank AG (2)	January 2032 Notes	5.94%	SOFR +	2.41%	01/08/2032	210,000		(640)		—		(640)
Total Interest Rate Swaps								$	70,095	$	—	$	185,598

(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.

(2)Centrally cleared interest rate swap. All other interest rate swaps are bilateral.

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

148

Table of Contents

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 publicly traded securities of large corporate issuers. 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, including to affiliates that are registered under the 1940 Act or regulated as BDCs under the 1940 Act.

149

Table of Contents

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, 2026.

All intercompany balances and transactions have been eliminated.

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

Use of Estimates

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

Consolidation

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

As of March 31, 2026, the Company’s consolidated subsidiaries were BCRED Baker Peak Funding GP LLC, BCRED Baker Peak Funding LP, BCRED Bard Peak Funding LP (“Bard Peak Funding”), BCRED Bard Peak Funding GP LLC, BCRED Bear Peak Funding LLC (“Bear Peak Funding”), BCRED Bison Peak Funding LLC (“Bison Peak Funding”), BCRED Blanca Peak Funding LLC (“Blanca Peak Funding”), BCRED Borah Peak Funding LLC, BCRED Bushnell Peak Funding LLC (“Bushnell Peak Funding”), BCRED Castle Peak Funding LLC (“Castle Peak Funding”), BCRED Crystal Peak Funding GP LLC, BCRED Crystal Peak Funding LP (“Crystal Peak Funding”), BCRED Denali Peak Funding LLC (“Denali Peak Funding”), BCRED Granite Peak Funding LLC (“Granite Peak Funding”), BCRED Haydon Peak Funding LLC (“Haydon Peak Funding”), BCRED Jacque Peak Funding LLC, BCRED Maroon Peak Funding LLC, BCRED Meadow Pass WH Funding LLC, BCRED Meridian Peak Funding LLC, BCRED Middle Peak Funding GP LLC, BCRED Middle Peak Funding LP (“Middle Peak Funding”), BCRED Monarch Peak Funding LLC (“Monarch Peak Funding”), BCRED Naomi Peak Funding LLC, BCRED Phoenix Peak Funding LLC (“Phoenix Peak Funding”), BCRED Ramsey Peak Funding GP LLC, BCRED Ramsey Peak Funding LP (“Ramsey Peak Funding”), BCRED Shawnee Peak Funding GP LLC, BCRED Shawnee Peak Funding LP, BCRED Sonora Peak Funding GP LLC, BCRED Sonora Peak Funding LP (“Sonora Peak Funding”), BCRED Stanton Peak Funding GP LLC, BCRED Stanton Peak Funding LP, BCRED Summit Peak Funding LLC (“Summit Peak Funding”), BCRED Twin Peaks LLC (“Twin Peaks”), BCRED Weller Peak Funding PE LLC, BCRED Weller Peak Funding LP (“Weller Peak Funding”), BCRED Windom Peak Funding GP LLC, BCRED Windom Peak Funding LP (“Windom Peak Funding”), BCRED BSL WH 2022-1 Funding LLC, 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

150

Table of Contents

Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

LLC, BCRED Lender Finance 2025-1 Depositor LLC (“2025-1 Lender Finance 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, BCRED C-3 Funding LLC, BCRED Lender Finance 2025-2 Depositor LLC (“2025-2 Lender Finance Depositor”), BCRED Lender Finance 2025-2 LLC (“2025-2 Lender Finance”), BCRED CLO 2026-1 Depositor LLC (“2026-1 Depositor”), BCRED CLO 2026-1 LLC (“2026-1 Issuer”), BCRED PC Static 2026-1 LLC (“2026-1 PC Issuer”) and BCRED PC Static 2026-1 Depositor LLC (“2026-1 PC Depositor”).

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.

151

Table of Contents

Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

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

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

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

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.

152

Table of Contents

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

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.

153

Table of Contents

Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

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

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

Forward Purchase Agreement

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

Foreign Currency Transactions

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

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

Revenue Recognition

Interest Income

Interest income is recorded on an accrual basis and includes the accretion of discounts and amortizations of premiums. Discounts from and premiums to par value on debt investments purchased are accreted/amortized into interest income over the life of the respective security using the effective interest method. The amortized cost of debt investments represents the original cost, including loan origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion of discounts and amortization of premiums, if any. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income in the current period. For the three months ended March 31, 2026 and 2025, the Company recorded $17.8 million and $45.8 million, respectively, in non-recurring interest income (e.g., prepayment premiums, accelerated accretion of upfront loan origination fees and unamortized discounts).

154

Table of Contents

Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

PIK Income

The Company has investments in its portfolio that contain payment-in-kind (“PIK”) provisions. PIK represents interest or non-cash dividends that are accrued and recorded as interest or dividend income at the contractual rates, increases the principal on the respective capitalization dates, and is generally due at maturity. Such income is included in Payment-in-kind interest income or Non-cash dividend 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 or dividends are generally reversed through Payment-in-kind interest income or Non-cash dividend income. To satisfy the Company’s annual RIC distribution requirements, this non-cash source of income must be included in determining the amounts to be paid out to shareholders in the form of dividends, even though the Company has not yet collected cash.

Dividend Income

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

Other 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 debt issuance costs 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.

155

Table of Contents

Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

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 tax treatment as a RIC, it generally will not pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually to its shareholders as dividends. Rather, any tax liability related to income earned and distributed by the Company would represent obligations of the Company’s investors and would not be reflected in the condensed consolidated financial statements of the Company.

The Company evaluates tax positions taken or expected to be taken in the course of preparing its condensed consolidated financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof. Management has analyzed the Company’s tax positions taken, or to be taken, on federal income tax returns for all open tax years, and has concluded that there are no material uncertain tax positions through March 31, 2026. As applicable, the Company’s federal tax returns are subject to examination by the Internal Revenue Service for a period of three fiscal years after they are filed.

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

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

For the three months ended March 31, 2026 and 2025, the Company accrued $0.0 million and $7.8 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.

156

Table of Contents

Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

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 2025, the FASB issued Accounting Standards Update (“ASU”) 2025-09, “Derivatives and Hedging (Topic 815): Hedge Accounting Improvements,” (“ASU 2025-09”). ASU 2025-09 amends the guidance in ASU 815, Derivatives and Hedging and refines certain hedge accounting requirements, including clarifications to the designation and documentation criteria for hedge relationships, improvements to the assessment of hedge effectiveness, and enhanced disclosures intended to provide greater transparency into an entity's risk management activities involving derivatives. ASU 2025-09 is effective for annual periods beginning after December 15, 2026, including interim periods within those annual periods, and early adoption is permitted. The Company has not early adopted and does not expect the adoption of ASU 2025-09 to have a material impact on its condensed consolidated financial statements.

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

Advisory Agreements

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

On August 2, 2022, the Company and the Prior Adviser entered into an amended and restated investment advisory agreement (the “Original A&R Investment Advisory Agreement”), which was approved by the Board, including a majority of the trustees who are not “interested persons” (as such term is defined in Section 2(a)(19) of the 1940 Act) (the “Independent Trustees”). The Original A&R Investment Advisory Agreement altered the Original Investment Advisory Agreement by removing certain “sunset” provisions that previously stated that certain requirements of the North American Securities Administrators Association (“NASAA”) Omnibus Guidelines would no longer apply if the Company’s shares become “covered securities” within the meaning of Section 18 of the Securities Act of 1933, as amended (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 29, 2026, for an additional annual period, 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 related SEC guidance and interpretations.

157

Table of Contents

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 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.

For the three months ended March 31, 2026 and 2025, base management fees were $152.0 million and $129.1 million, respectively. As of March 31, 2026 and December 31, 2025, $152.0 million and $153.1 million, respectively, was payable to the Adviser 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 Fee

The first component of the incentive fees, an income based incentive fee, is based on the Company’s Pre-Incentive Fee Net Investment Income Returns. “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 Returns 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 Returns. Shareholders may be charged a fee on an income amount that is higher than the income shareholders 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);

158

Table of Contents

Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

•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). This reflects that once the hurdle rate is reached and the catch-up is achieved, 12.5% of all Pre-Incentive Fee Net Investment Income Returns thereafter are allocated to the Adviser.

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.

For the three months ended March 31, 2026 and 2025, the Company accrued income based incentive fees of $151.2 million and $151.8 million, respectively. As of March 31, 2026 and December 31, 2025, there was $151.2 million and $162.5 million, respectively, payable to the Adviser for income based incentive fees.

(ii) Capital Gains Based Incentive Fee

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

For the three months ended March 31, 2026 and 2025, the Company accrued no capital gains based incentive fees. As of March 31, 2026 and December 31, 2025, no amount was payable to the Adviser 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 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 became 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 third party sub-administration agreement (the “State Street Sub-Administration Agreement”) with State Street Bank and Trust Company (the “State Street Sub-Administrator”) 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

159

Table of Contents

Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

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 the 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 the Company 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 Company on the basis of time spent, assets under management, usage rates, proportionate holdings, a combination thereof or other reasonable methods determined by the Administrator. The Administrator has outsourced, and may continue to outsource, certain administrative duties provided to the Company to third parties, and the Administrator will pay the third parties accordingly. State Street Bank and Trust Company serves as the Company’s third-party sub-administrator. The Administrator has utilized, and in the future will continue to utilize, the State Street Sub-Administrator to assist in the provision of administrative services. The State Street Sub-Administrator receives compensation from the Administrator for its sub-administrative services under the State Street Sub-Administration Agreement.

The Administration Agreements were most recently renewed and approved by the Board, including a majority of the Independent Trustees, on April 29, 2026 for an additional annual period, and, unless terminated earlier, will renew automatically from year-to-year thereafter if approved annually by a majority of the Board or by the holders of a majority of the Company’s outstanding voting securities and, in each case, a majority of the Independent Trustees. The Company may terminate the Administration Agreements, without payment of any penalty, upon 60 days’ written notice.

For the three months ended March 31, 2026 and 2025, the Company incurred $4.1 million and $2.2 million, respectively, in expenses under the Administration Agreement which were recorded in Administrative service expenses in the Company’s Condensed Consolidated Statements of Operations.

As of March 31, 2026 and December 31, 2025, $2.1 million and $3.6 million, respectively, was unpaid and included in Due to affiliates in the Condensed Consolidated Statements of Assets and Liabilities.

State Street Sub-Administration Agreement and Custody Agreement

On October 5, 2020, the Prior Administrator entered into the State Street Sub-Administration Agreement with 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 no later than 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 Advisers. 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

160

Table of Contents

Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

servicing and/or distribution fees will be payable to the Intermediary Manager, but the Intermediary Manager anticipates that all of the shareholder servicing fees and/or distribution fees will be retained by, or reallowed (paid) to, participating brokers.

The Company will cease paying the shareholder servicing and/or distribution fees on the Class S shares and Class D shares on the earlier to occur of the following: (i) a listing of Class I shares, (ii) a merger or consolidation with or into another entity, or the sale or other disposition of all or substantially all of the Company’s assets or (iii) the date following the completion of the primary portion of the offering on which, in the aggregate, underwriting compensation from all sources in connection with the offering, including the shareholder servicing and/or distribution fees and other underwriting compensation, is equal to 10% of the gross proceeds from the primary offering. In addition, consistent with the exemptive relief allowing the Company to offer multiple classes of shares, at the end of the month in which the Intermediary Manager in conjunction with the transfer agent determines that total transaction or other fees, including upfront placement fees or brokerage commissions, and shareholder servicing and/or distribution fees paid with respect to the shares held in a shareholder’s account would exceed, in the aggregate, 10% of the gross proceeds from the sale of such shares (or a lower limit as determined by the Intermediary Manager or the applicable selling agent), the Company will cease paying the shareholder servicing and/or distribution fee on the Class S shares and Class D shares in such shareholder’s account. Compensation paid with respect to the shares in a shareholder’s account will be allocated among each share such that the compensation paid with respect to each individual share will not exceed 10% of the offering price of such share. The Company may modify this requirement in a manner that is consistent with applicable exemptive relief. At the end of such month, the Class S shares or Class D shares in such shareholder’s account will convert into a number of Class I shares (including any fractional shares), with an equivalent aggregate NAV as such Class S or Class D shares.

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

The Intermediary Manager Agreement may be terminated at any time, without the payment of any penalty, by vote of a majority of the Independent Trustees and a majority of the trustees who have no direct or indirect financial interest in the operation of the Company’s distribution plan or the Intermediary Manager Agreement or by vote of 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

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. 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.


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

Subject to FINRA and other limitations on underwriting compensation, the Company will pay a shareholder servicing and/or distribution fee equal to 0.85% per annum of the aggregate NAV for the Class S shares and a shareholder servicing and/or distribution fee equal to 0.25% per annum of the aggregate NAV for the Class D shares, in each case, payable monthly.

The shareholder servicing and/or distribution fees will be paid monthly in arrears. The distribution and servicing expenses borne by the participating brokers may be different from and substantially less than the amount of shareholder servicing and/or distribution fees charged.

161

Table of Contents

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 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. All or a portion of the shareholder servicing and/or distribution fee may be used to pay for sub-transfer agency, sub-accounting and certain other administrative services. The Company also may pay for these sub-transfer agency, sub-accounting and certain other administrative services outside of the shareholder servicing and/or distribution fees and its Distribution and Servicing Plan. 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 and/or distribution fee that the broker would have otherwise been eligible to receive. The shareholder servicing and/or distribution fees are ongoing fees that are not paid at the time of purchase.

For the three months ended March 31, 2026, the Company accrued shareholder servicing and/or distribution fees of $31.1 million and $0.4 million, which were attributable to Class S and Class D shares, respectively.

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

Expense Support and Conditional Reimbursement Agreement

On October 5, 2020, the Company entered into an Expense Support and Conditional Reimbursement Agreement (the “Expense Support Agreement”) with the Sub-Adviser. 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 shall be referred to herein as a “Reimbursement Payment.” “Available Operating Funds” means the sum of (i) the Company’s net investment company taxable income (including net short-term capital gains reduced by net long-term capital losses), (ii) the Company’s net capital gains (including the excess of net long-term capital gains over net short-term capital losses) and (iii) dividends and other distributions paid to the Company on account of investments in portfolio companies (to the extent such amounts listed in clause (iii) are not included under clauses (i) and (ii) above).

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

For the three months ended March 31, 2026 and 2025, the Sub-Adviser made no Expense Payments and there were no Reimbursement Payments made to the Sub-Adviser.

162

Table of Contents

Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

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 March 31, 2026 and December 31, 2025, the wholly-owned subsidiary of the Company had committed $405.0 million. As of March 31, 2026 and December 31, 2025, $17.7 million and $33.0 million of capital remained uncalled from the Company, respectively. The Company does not consolidate its equity interest in SLC.

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

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

Note 4. Investments

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


	March 31, 2026						December 31, 2025
	Cost		Fair Value		% of Total Investments at Fair Value		Cost		Fair Value		% of Total Investments at Fair Value
First lien debt	$	74,358,802	$	73,033,247	90.8	%	$	73,980,617	$	73,345,369	89.2	%
Second lien debt	3,283,897		3,051,931		3.8		3,296,882		3,262,537		4.0
Unsecured debt	82,894		80,108		0.1		80,808		79,427		0.1
Structured finance obligations - debt instruments	437,449		412,348		0.5		501,804		501,333		0.6
Structured finance obligations - equity instruments	329,028		256,137		0.3		331,279		301,610		0.4
Investments in joint ventures	1,953,706		1,636,826		2.0		1,932,706		1,791,813		2.2
Equity and other (1)	1,907,477		1,998,784		2.5		2,792,145		2,917,257		3.5
Total	$	82,353,253	$	80,469,381	100.0	%	$	82,916,241	$	82,199,346	100.0	%

(1)Includes equity investment in SLC.

The Company utilizes the Global Industry Classification Standard for categorizing the industry classification of its investments. The industry composition of investments at fair value was as follows:


	March 31, 2026		December 31, 2025
Aerospace & Defense	2.4	%	2.0	%
Air Freight & Logistics	1.1		1.5
Airlines (Passenger Airlines) (2)(3)	0.0		0.0

163

Table of Contents

Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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


	March 31, 2026		December 31, 2025
Automobile Components (2)	0.0	%	0.1	%
Beverages	—		0.1
Biotechnology	0.4		0.2
Broadline Retail (2)(3)	0.0		0.0
Building Products	0.8		0.8
Capital Markets	0.3		0.3
Chemicals	0.3		0.3
Commercial Services & Supplies	8.2		7.4
Construction & Engineering	2.1		1.9
Construction Materials (2)(3)	0.0		0.0
Consumer Staples Distribution & Retail	0.1		0.1
Containers & Packaging	0.1		0.1
Distributors	0.5		0.5
Diversified Consumer Services	2.8		2.8

Diversified REITs (2)(3)	0.0		0.0
Diversified Telecommunication Services	0.1		0.1
Electric Utilities	0.4		0.4
Electrical Equipment	1.3		1.3
Electronic Equipment, Instruments & Components	1.2		1.1
Energy Equipment & Services (2)(3)	0.0		0.0
Entertainment (2)(3)	0.0		0.0
Financial Services (1)	3.0		3.0
Food Products (2)(3)	0.0		0.0
Gas Utilities (3)	—		0.0
Ground Transportation	0.2		0.2
Health Care Equipment & Supplies	0.7		0.7
Health Care Providers & Services	8.0		7.9
Health Care Technology	5.5		6.5
Hotels, Restaurants & Leisure	0.2		0.3
Household Durables (2)	0.0		0.1
Independent Power and Renewable Electricity Producers (3)	—		0.0
Industrial Conglomerates	0.3		0.3
Insurance	6.0		6.1
Interactive Media & Services	0.8		0.9

Investments in Joint Ventures	2.0		2.2
IT Services	4.7		4.9
Life Sciences Tools & Services	0.7		0.7
Machinery	0.3		0.3
Marine Transportation	0.4		0.4
Media	1.1		1.0
Metals & Mining (3)	0.1		0.0
Oil, Gas & Consumable Fuels	0.3		1.7
Paper & Forest Products	0.1		0.1
Pharmaceuticals	0.8		0.7
Professional Services	11.1		10.7
Real Estate Management & Development	1.2		1.2

164

Table of Contents

Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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


	March 31, 2026		December 31, 2025
Semiconductors & Semiconductor Equipment (2)(3)	0.0	%	0.0	%
Software	26.8		25.7
Specialty Retail	0.1		0.1
Technology Hardware, Storage & Peripherals	0.1		0.1

Trading Companies & Distributors	0.4		0.4
Transportation Infrastructure	2.6		2.5
Wireless Telecommunication Services	0.4		0.3
Total	100.0	%	100.0	%

(1)Includes equity investment in SLC.

(2)Amount rounds to less than 0.1% as of March 31, 2026.

(3)Amount rounds to less than 0.1% as of December 31, 2025.

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


	March 31, 2026
	Cost		Fair Value		% of Total Investments at Fair Value		Fair Value as % of Net Assets
United States	$	69,665,215	$	67,817,693	84.3	%	150.6	%
Europe	10,080,369		10,156,083		12.6		22.6
Bermuda/Cayman Islands	1,601,921		1,518,247		1.9		3.4
Canada	841,130		815,787		1.0		1.8
Australia/New Zealand	98,372		94,432		0.1		0.2
Asia	66,246		67,139		0.1		0.1

Total	$	82,353,253	$	80,469,381	100.0	%	178.7	%


	December 31, 2025
	Cost		Fair Value		% of Total Investments at Fair Value		Fair Value as % of Net Assets
United States	$	70,395,937	$	69,480,163	84.5	%	145.9	%
Europe	9,986,806		10,235,985		12.5		21.5
Bermuda/Cayman Islands	1,651,012		1,626,419		2.0		3.4
Canada	717,684		694,692		0.8		1.5
Australia/New Zealand	98,511		94,798		0.1		0.2
Asia	66,291		67,289		0.1		0.1
Total	$	82,916,241	$	82,199,346	100.0	%	172.6	%

As of March 31, 2026 and December 31, 2025, seventeen borrowers (across twenty-nine loans) and nine borrowers (across sixteen loans) in the portfolio were on non-accrual status, respectively.

As of March 31, 2026 and December 31, 2025, on a fair value basis, 99.7% and 99.7%, respectively, of performing debt investments bore interest at a floating rate and 0.3% and 0.3%, respectively, of performing debt investments bore interest at a fixed rate.

165

Table of Contents

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 5. Fair Value Measurements

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


	March 31, 2026
	Level 1		Level 2		Level 3		Total
First lien debt	$	—	$	3,386,366	$	69,646,881	$	73,033,247
Second lien debt	—		621,120		2,430,811		3,051,931
Unsecured debt	—		20,393		59,715		80,108
Structured finance obligations - debt instruments	—		—		412,348		412,348
Structured finance obligations - equity instruments	—		—		256,137		256,137
Equity and other (1)	2,720		82		1,995,982		1,998,784

Total	2,720		4,027,961		74,801,874		78,832,555
Investments Measured at NAV (2)	—		—		—		1,636,826


Total investments	$	2,720	$	4,027,961	$	74,801,874	$	80,469,381


	December 31, 2025
	Level 1		Level 2		Level 3		Total
First lien debt	$	—	$	4,559,314	$	68,786,055	$	73,345,369
Second lien debt	—		783,278		2,479,259		3,262,537
Unsecured debt	—		21,611		57,816		79,427
Structured finance obligations - debt instruments	—		—		501,333		501,333
Structured finance obligations - equity instruments	—		—		301,610		301,610
Equity and other (1)	19,774		133		2,897,350		2,917,257
Total	19,774		5,364,336		75,023,423		80,407,533
Investments Measured at NAV (2)	—		—		—		1,791,813
Total investments	$	19,774	$	5,364,336	$	75,023,423	$	82,199,346

(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. Approximately $150.4 million of such Equity investments have a sale constraint or other restriction that will lapse after a predetermined date; the weighted average remaining duration of such restrictions is 1.1 years. For information regarding restrictions on investment in joint ventures, see “Note 11. Joint Ventures.”

166

Table of Contents

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


	Three Months Ended March 31, 2026
	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	$	68,786,055	$	2,479,259	$	57,816	$	501,333	$	301,610	$	2,897,350	$	75,023,423
Purchases of investments	4,133,259		22,905		3,037		—		14,079		203,897		4,377,177
Proceeds from principal repayments and sales of investments	(2,571,083)		(10,002)		—		(64,495)		(16,336)		(1,087,034)		(3,748,950)
Accretion of discount (amortization of premium)	58,546		1,423		42		167		—		86		60,264
Net realized gain (loss)	(8,763)		(45)		—		(28)		6		1,879		(6,951)
Net change in unrealized appreciation (depreciation)	(500,721)		(94,887)		(1,180)		(24,629)		(43,222)		(20,196)		(684,835)
Transfers into Level 3 (1)	27,383		32,158		—		—		—		—		59,541
Transfers out of Level 3 (1)	(277,795)		—		—		—		—		—		(277,795)
Fair value, end of period	$	69,646,881	$	2,430,811	$	59,715	$	412,348	$	256,137	$	1,995,982	$	74,801,874
Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of March 31, 2026 included in net change in unrealized appreciation (depreciation) on the Condensed Consolidated Statements of Operations	$	(497,505)	$	(94,887)	$	(1,180)	$	(23,791)	$	(42,538)	$	(19,085)	$	(678,986)

(1)For the three months ended March 31, 2026, transfers into or out of Level 3 were primarily due to decreased or increased price transparency.

167

Table of Contents

Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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


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

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

(2)“Other” includes warrants.

168

Table of Contents

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


	March 31, 2026
					Range
	Fair Value		Valuation Technique	Unobservable Input	Low		High		Weighted Average (1)
Investments in first lien debt	$	68,988,082	Yield Analysis	Discount Rate	2.90	%	67.25	%	9.28	%
	467,574		Asset Recoverability	Market Multiple	5.00x		12.50x		9.63x
	184,128		Market Quotations	Broker Quoted Price	62.15		100.50		98.94

	7,097		Asset Recoverability	N/A
	69,646,881
Investments in second lien debt	2,391,428		Yield Analysis	Discount Rate	8.55	%	18.63	%	10.43	%
	25,351		Market Quotations	Broker Quoted Price	94.75		98.00		97.51
	14,032		Asset Recoverability	Market Multiple	9.20x		12.00x		11.53x
	2,430,811
Investments in unsecured debt	59,715		Yield Analysis	Discount Rate	13.09	%	16.10	%	14.24	%
Investments in structured finance obligations - debt instruments	412,348		Market Quotations	Broker Quoted Price	72.53		100.16		94.15


Investments in structured finance obligations - equity instruments	213,308		Market Quotations	Broker Quoted Price	0.02		79.56		57.12
	42,829		Distribution Waterfall	Liquidation Discount	2.50	%	2.50	%	2.50	%

	256,137
Investments in equity and other	570,634		Yield Analysis	Discount Rate	7.88	%	21.71	%	11.49	%
	487,316		Estimated Net Asset Value	Net Asset Value	26.16		26.16		26.16
	472,977		Market Approach	Performance Multiple	6.00x		33.63x		13.64x
	417,279		Asset Recoverability	N/A
	26,029		Asset Recoverability	Market Multiple	5.00x		16.00x		11.65x

	21,747		Option Pricing Model	Expected Volatility	32.00	%	70.50	%	34.09	%

	1,995,982
Total	$	74,801,874

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

169

Table of Contents

Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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


	December 31, 2025
					Range
	Fair Value		Valuation Technique	Unobservable Input	Low		High		Weighted Average (1)
Investments in first lien debt	$	66,420,844	Yield Analysis	Discount Rate	2.81	%	32.47	%	9.06	%
	1,886,879		Asset Recoverability	Market Multiple	5.50x		12.47x		10.76x
	471,232		Market Quotations	Broker Quoted Price	82.44		101.00		99.65
	7,100		Asset Recoverability	N/A
	68,786,055
Investments in second lien debt	2,476,991		Yield Analysis	Discount Rate	8.45	%	21.42	%	10.19	%
	2,268		Asset Recoverability	Market Multiple	11.84x		11.84x		11.84x
	2,479,259
Investments in unsecured debt	57,816		Yield Analysis	Discount Rate	13.47	%	15.10	%	14.14	%
Investments in structured finance obligations - debt instruments	471,678		Market Quotations	Broker Quoted Price	89.01		101.99		99.31
	29,655		Yield Analysis	Discount Rate	8.42	%	8.42	%	8.42	%
	501,333
Investments in structured finance obligations - equity instruments	296,743		Market Quotations	Broker Quoted Price	0.02		105.70		73.29
	4,867		Transaction Price	N/A
	301,610
Investments in equity and other (2)	1,642,499		Yield Analysis	Discount Rate	7.76	%	19.50	%	8.91	%
	430,975		Estimated Net Asset Value	Net Asset Value	26.08		26.08		26.08
	387,101		Market Approach	Performance Multiple	6.40x		33.63x		16.80x
	381,241		Asset Recoverability	N/A
	34,418		Asset Recoverability	Market Multiple	5.50x		16.00x		11.65x
	21,116		Option Pricing Model	Expected Volatility	32.00	%	70.50	%	33.66	%

	2,897,350
Total	$	75,023,423

(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. The significant input used in the distribution waterfall is the liquidation discount. Significant increases in discount rates or liquidation discounts 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

170

Table of Contents

Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

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.

Financial Instruments Not Carried at Fair Value

Debt

The following table presents the fair value measurements of the Company’s debt obligations as of March 31, 2026 and December 31, 2025 had they been accounted for at fair value:


	March 31, 2026		December 31, 2025
	Fair Value		Fair Value
Bard Peak Funding Facility	$	1,785,973	$	1,549,670
Castle Peak Funding Facility	1,489,850		1,760,209
Summit Peak Funding Facility	822,973		1,257,548
Denali Peak Funding Facility	604,800		584,800
Bushnell Peak Funding Facility	504,300		554,300
Granite Peak Funding Facility	474,000		500,000
Middle Peak Funding Facility	750,000		890,000
Bison Peak Funding Facility	1,155,200		1,437,200
Blanca Peak Funding Facility	825,000		951,000
Windom Peak Funding Facility	1,292,633		2,150,076
Monarch Peak Funding Facility	1,050,000		1,500,000
Haydon Peak Funding Facility	189,000		212,000
Bear Peak Funding Facility	—		587,017
Phoenix Peak Funding Facility	217,723		221,455
2025-2 Lender Finance Warehouse Facility	—		—
Sonora Peak Funding Facility	550,000		—
Ramsey Peak Funding Facility	—		—
Crystal Peak Funding Facility	—		—
Weller Peak Funding Facility	—		—
2026-1 PC Static Warehouse	—		—
Revolving Credit Facility	2,474,396		2,259,240
2026 Notes	396,560		395,800
May 2027 Notes	623,438		630,625
October 2027 Notes	352,450		358,505
March 2031 5.54% Notes	494,100		497,950
March 2033 Notes	491,750		497,800
January 2032 Series 2026A Notes	209,202		—
December 2026 Notes	1,223,209		1,228,375
November 2026 Eurobonds	570,527		582,958
March 2027 Notes	975,283		983,300
January 2029 Notes	611,812		631,800
April 2026 UK Bonds	330,877		337,224
November 2028 Notes	663,642		689,715
January 2031 Notes	593,106		620,460
July 2029 Notes	887,105		918,430

171

Table of Contents

Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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


	March 31, 2026		December 31, 2025
	Fair Value		Fair Value
September 2027 Notes	$	395,177	$	402,480
April 2030 Notes	381,403		397,160
November 2029 Notes	389,300		404,360
November 2034 Notes	748,363		808,320
January 2032 Notes	970,350		1,015,700
September 2030 Notes	471,704		492,600
March 2031 5.350% Notes	665,380		—
2021-2 Notes	505,829		505,988
MML 2021-1 Debt	690,254		690,751
MML 2022-1 Debt	757,012		759,106
2022-1 BSL Debt	418,969		419,790
MML 2022-2 Debt	300,158		301,089
2023-1 Notes	305,164		305,824
2024-1 Notes	244,313		244,031
2024-2 Notes	305,059		305,041
2025-1 Notes	880,434		884,354
2025-1 Lender Finance	895,865		901,820
2025-1 BSL Notes	528,984		661,802
2025-2 Lender Finance	876,595		—
2026-1 Notes	732,992		—
Short-Term Borrowings	938,093		856,829
Total	$	35,010,307	$	35,144,502

The following table presents the categorization of the Company’s debt obligations as of March 31, 2026 and December 31, 2025 had they been accounted for at fair value within the hierarchy:


	March 31, 2026		December 31, 2025
Level 1	$	—	$	—
Level 2	—		—
Level 3	35,010,307		35,144,502
Total debt	$	35,010,307	$	35,144,502

Other Assets and Liabilities

As of March 31, 2026 and December 31, 2025, 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 interest rate and foreign currency 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.

172

Table of Contents

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 tables present the aggregate notional amount and fair value hierarchy of the Company’s derivative financial instruments as of March 31, 2026 and December 31, 2025:


	March 31, 2026
	Level 1		Level 2		Level 3		Total Fair Value		Notional
Derivative Assets
Foreign currency forward contracts	$	—	$	40,935	$	—	$	40,935	$	2,947,075
Interest rate swaps	—		60,413		—		60,413		4,650,000
Total Derivative assets at fair value	$	—	$	101,348	$	—	$	101,348	$	7,597,075
Cash collateral received							$	—

Derivative Liabilities
Foreign currency forward contracts	$	—	$	(214)	$	—	$	(214)	$	86,092
Interest rate swaps	—		(44,744)		—		(44,744)		5,465,900
Total Derivative liabilities at fair value	$	—	$	(44,958)	$	—	$	(44,958)	$	5,551,992
Cash collateral posted							$	221,098


	December 31, 2025
	Level 1		Level 2		Level 3		Total Fair Value		Notional
Derivative Assets
Foreign currency forward contracts	$	—	$	4,320	$	—	$	4,320	$	1,425,306
Interest rate swaps	—		98,219		—		98,219		5,500,000
Total Derivative assets at fair value	$	—	$	102,539	$	—	$	102,539	$	6,925,306
Cash collateral received							$	—

Derivative Liabilities
Foreign currency forward contracts	$	—	$	(8,372)	$	—	$	(8,372)	$	1,463,358
Interest rate swaps	—		(28,124)		—		(28,124)		3,921,988
Total Derivative liabilities at fair value	$	—	$	(36,496)	$	—	$	(36,496)	$	5,385,346
Cash collateral posted							$	277,152

173

Table of Contents

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 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. Such amounts are included as Receivable from broker and Payable to broker 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 months ended March 31, 2026 and March 31, 2025, 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.


	For the Three Months Ended March 31,
	2026		2025
Unrealized appreciation (depreciation)
Foreign currency forward contracts	$	44,772	$	(12,789)
Net change in unrealized appreciation (depreciation)	$	44,772	$	(12,789)
Realized gain (loss)
Foreign currency forward contracts	$	19,604	$	(19,413)

Net realized gain (loss)	$	19,604	$	(19,413)

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 months ended March 31, 2026 and March 31, 2025, respectively.

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


	For the Three Months Ended March 31,
	2026		2025
Interest rate swaps	$	(54,425)	$	127,092
Hedged items	$	54,455	$	(125,175)

174

Table of Contents

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 table below presents the carrying value of unsecured borrowings as of March 31, 2026 and December 31, 2025 that are designated in a qualifying hedging relationship and the related cumulative hedging adjustment (increase/(decrease)) from current and prior hedging relationships included in such carrying values:


	March 31, 2026				December 31, 2025
Description	Carrying Value		Cumulative Hedging Adjustments		Carrying Value		Cumulative Hedging Adjustments
Unsecured notes	$	10,007,091	$	14,558	$	9,165,585	$	69,653

Note 7. Borrowings

In accordance with the 1940 Act, with certain limitations, the Company is allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing. On August 26, 2020, the Company’s sole initial shareholder approved the adoption of this 150% threshold pursuant to Section 61(a)(2) of the 1940 Act. As of March 31, 2026 and December 31, 2025, the Company’s asset coverage was 227.5% and 235.7%, respectively.

SPV Financing Facilities

The following wholly-owned subsidiaries of the Company have entered into secured financing facilities as described below: Bard Peak Funding, Castle Peak Funding, Summit Peak Funding, Denali Peak Funding, Bushnell Peak Funding, Granite Peak Funding, Middle Peak Funding, Bison Peak Funding, Blanca Peak Funding, Windom Peak Funding, Monarch Peak Funding, Haydon Peak Funding, Bear Peak Funding, Phoenix Peak Funding, 2025-2 Lender Finance, Sonora Peak Funding, Ramsey Peak Funding, Crystal Peak Funding, Weller Peak Funding and 2026-1 PC Issuer (collectively, the “SPVs,” and such secured financing facilities described below, are collectively 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 March 31, 2026, and December 31, 2025, 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, Computershare Trust Company, National Association, serves as collateral agent, and the Company serves as servicer under the Bard Peak Funding Facility.

175

Table of Contents

Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

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, 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 to March 11, 2026, the applicable margin on all advances was 1.90% per annum. From March 12, 2026 to March 11, 2029, the applicable margin on all advances is 1.80% per annum. From and after March 12, 2029, the applicable margin on all outstanding advances will be 2.30% 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 June 15, 2024 to March 11, 2026, Bard Peak Funding paid 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. From and after March 12, 2026, Bard Peak Funding pays a commitment fee ranging from 0.70% to 2.05% per annum based on the daily unused amount of the financing commitments to the extent in excess of 25%.

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 March 12, 2029, and the Bard Peak Funding Facility will mature and all amounts outstanding under the facility must be repaid by March 12, 2031.

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. From September 25, 2024 to December 23, 2025, 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 1.60% to 2.50% per annum depending on the nature of the advances being requested. Effective December 23, 2025, 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 1.70% 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. From September 25, 2024 to December 23, 2025, Castle Peak Funding paid a commitment fee of 1.90% per annum if the unused facility amount was greater than 35%, 0.90% per annum if the unused facility amount was less than or equal to 35% and greater than 15%, 0.25% per annum if the unused facility amount was less than or equal to 15% and greater than 5%, and 0.00% per annum if the unused facility amount was 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. Effective December 23, 2025, Castle Peak Funding pays a commitment fee of 0.40% per annum from December 23, 2025 to September 23, 2026. From and after September 24, 2026, Castle Peak Funding will pay a commitment fee of 1.50% per annum if the unused facility amount is greater than 35%, 0.75% 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

176

Table of Contents

Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

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 bore 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 0.25% per annum to 2.20% based on the daily unused amount of the financing commitments. Effective May 6, 2025, Summit Peak Funding pays a commitment fee ranging from 0.25% per annum to 1.80% per annum based on the daily unused amount of the financing commitments. Summit Peak Funding also pays an administrative agency fee to SG, in addition to certain other fees as agreed between Summit Peak Funding and SG.

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

The period during which Summit Peak Funding may make borrowings under the Summit Peak Funding Facility expires on March 12, 2028, and the Summit Peak Funding Facility will mature and all amounts outstanding under the facility must be repaid by March 12, 2030.

Denali Peak Funding Facility

Denali Peak Funding is party to a senior secured revolving credit facility (the “Denali Peak Funding Facility”), dated as of October 11, 2018, with Deutsche Bank AG, New York Branch (“DB”). DB serves as agent, Wilmington Trust 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 March 6, 2026, 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 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. As of March 6, 2026, 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 an applicable margin of 1.70% per annum. After March 6, 2029, 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

177

Table of Contents

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 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. 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 March 6, 2029, and the Denali Peak Funding Facility will mature and all amounts outstanding under the facility must be repaid by March 6, 2031.

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 Bank, National Association (“Wells Fargo”) serves as collateral administrator and the Company serves as investment adviser under the Bushnell Peak Funding Facility.

Prior to 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 November 22, 2024 to December 23, 2025, 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 1.50% to 1.95% per annum depending on the nature of the advances being requested, subject to a floor of 1.70% per annum. From and after December 23, 2025, 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 1.45% to 1.80% 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, prior to December 23, 2025, 1.60% per annum, and from and after December 23, 2025, 1.25% per annum. Bushnell Peak Funding also pays an unused fee of, prior to December 23, 2025, 0.50% per annum, and from and after December 23, 2025, 0.40% per annum on the daily unused amount of the financing commitments in excess of such minimum utilization amount, in addition to certain other fees agreed between Bushnell Peak Funding and Bank of America.

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

The period during which Bushnell Peak Funding may make borrowings under the Bushnell Peak Funding Facility expires on December 26, 2028, and the Bushnell Peak Funding Facility will mature and all amounts outstanding under the credit facility must be repaid by June 25, 2029.

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.

178

Table of Contents

Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

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 to March 20, 2026, 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 2.05% per annum. From March 20, 2026, advances under the Granite Peak Funding Facility bear interest at a per annum rate equal to three-month term SOFR, plus an applicable margin of 1.70% 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 March 20, 2029, and the Granite Peak Funding Facility will mature and all amounts outstanding under the facility must be repaid by March 20, 2031.

Middle Peak Funding Facility

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

Prior to October 22, 2024, advances under the Middle 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 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 to March 6, 2026, advances under the Middle 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 three-month term SOFR) plus an applicable margin of 1.97% per annum. From March 6, 2026, 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 1.70% per annum, which will increase to 1.80% per annum effective on March 6, 2029. 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 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 to March 6, 2026, Middle Peak Funding paid 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. From and after March 6, 2026, Middle Peak Funding pays a commitment fee ranging from 0.25% per annum to 1.40% 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 March 6, 2029, and the Middle Peak Funding Facility will mature and all amounts outstanding under the facility must be repaid by September 8, 2031.

179

Table of Contents

Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

On April 21, 2026, the Middle Peak Funding Facility was amended. For further information, see “Note 13. Subsequent Events.”

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 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 February 19, 2026, 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 1.85% per annum. From February 19, 2026 until February 19, 2029, 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 1.70% per annum. The applicable margin for all advances will increase by 0.10% per annum effective February 20, 2029. Prior to February 19, 2026, Bison Peak Funding was required to utilize a minimum percentage of the financing commitments, with unused amounts below such minimum utilization amount accruing a fee at a rate of 1.50% per annum. From and after February 19, 2026, 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 1.40% per annum. Bison Peak Funding also pays an unused fee of 0.20% per annum on the daily unused amount of the financing commitments in excess of such minimum utilization amount, in addition to an administrative agent servicing fee and certain other fees as agreed between Bison Peak Funding and Bank of America.

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

The period during which Bison Peak Funding may make borrowings under the Bison Peak Funding Facility expires on February 19, 2029, and the Bison Peak Funding Facility will mature and all amounts outstanding under the credit facility must be repaid by February 19, 2031.

Blanca Peak Funding Facility

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

Prior to December 19, 2024, advances under the Blanca Peak Funding Facility bore interest at a per annum rate equal to in the case of dollar advances, three-month term SOFR, and in the case of foreign currency advances, the applicable benchmark in effect for such currency, plus an applicable margin of 2.096% per annum. From and after December 19, 2024, advances under the Blanca Peak Funding Facility bear interest at a per annum rate equal to in the case of dollar advances, three-month term SOFR, and in the case of foreign currency advances, the applicable benchmark in effect for such currency, plus an applicable margin of 1.85% per annum. Blanca Peak Funding is required to utilize a minimum percentage of the financing commitments, with unused amounts below such minimum utilization percentage accruing a fee at a rate equal to the applicable margin described above. Blanca Peak Funding pays an unused fee of 0.50% per annum on the daily unused amount of the

180

Table of Contents

Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

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

Windom Peak Funding Facility

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

Advances under the Windom Peak Funding Facility will bear interest, payable on a monthly basis in arrears, at a per annum rate equal to the “benchmark” rate for the currency of the applicable advance (which is, daily simple SOFR with respect to dollar advances) plus the “applicable margin” (which, prior to August 29, 2024, was 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 August 29, 2024 to December 23, 2025 was 1.95% per annum for all advances). From and after December 23, 2025, the applicable margin for advances under the Windom Peak Funding Facility is 1.80% per annum. 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 prior to December 23, 2025, 1.50% per annum, and from and after December 23, 2025, 1.25% per annum. Windom Peak Funding also pays an unused fee of 0.50% on the daily unused amount of the financing commitments, in addition to certain other fees, each as agreed between Windom Peak Funding and Wells Fargo.

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

The period during which Windom Peak Funding may make borrowings under the Windom Peak Funding Facility expires on December 22, 2028, and the Windom Peak Funding Facility matures and all amounts outstanding under the facility must be repaid by December 23, 2030.

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 commitments, 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 paid an unused commitment fee of 0.50% per annum on a portion of the daily

181

Table of Contents

Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

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 pays 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.

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 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 November 20, 2024 to January 30, 2026, 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 1.90% per annum. From and after January 30, 2026, 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 1.75% per annum. Prior to 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 November 20, 2024 to January 30, 2026, Haydon Peak Funding paid 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. From and after January 30, 2026, Haydon Peak Funding pays an unused commitment fee ranging from 0.20% per annum to 1.25% per annum, 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 January 30, 2029, and the Haydon Peak Funding Facility will mature and all amounts outstanding under the credit facility must be repaid by January 30, 2031.

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 served as administrative agent, GLAS Trust Corporation Limited served as collateral agent, and the Company served as servicer under the Bear Peak Funding Facility.

182

Table of Contents

Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

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 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 1.95% per annum. Bear 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. Bear Peak Funding also paid BNPP an arranger fee, in addition to certain other fees, each as agreed between Bear Peak Funding and BNPP.

Proceeds from borrowings under the credit facility were 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.

On March 27, 2026, the Bear Peak Funding Facility was terminated and all amounts outstanding under the facility were repaid in full.

Phoenix Peak Funding Facility

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

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

The committed principal amount as of March 31, 2026 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.

2025-2 Lender Finance Warehouse Facility

On December 22, 2025, 2025-2 Lender Finance, the Company’s wholly-owned subsidiary created to hold primarily private credit loan investments, entered into a senior secured credit facility with Citi (the “2025-2 Lender Finance Warehouse Facility”). Citi served as administrative agent, Wilmington Trust served as collateral custodian and the Company served as a collateral manager under the 2025-2 Lender Finance Warehouse Facility.

Advances under the 2025-2 Lender Finance Warehouse Facility bore interest at a 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 1.50% per annum.

Proceeds from borrowings under the 2025-2 Lender Finance Warehouse Facility were used to fund portfolio investments by 2025-2 Lender Finance Warehouse Facility and to make advances under corporate loans where 2025-2 Lender Finance was a lender.

On January 15, 2026, the 2025-2 Lender Finance Warehouse Facility was terminated using the proceeds from the funding of the 2025-2 Lender Finance Facility.

183

Table of Contents

Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

Sonora Peak Funding Facility

On March 24, 2026, Sonora Peak Funding entered into a secured credit facility (the “Sonora Peak Funding Facility”) with Société Générale (“SG”). SG serves as administrative agent and swingline lender, Wilmington Trust serves as collateral agent, collateral administrator, custodian and collateral custodian and the Company serves as collateral manager under the Sonora Peak Funding Facility.

Advances under the Sonora 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 term SOFR for dollar advances), plus an applicable margin of 1.70% per annum. Sonora Peak Funding pays a commitment fee ranging from 0.25% or 0.50% per annum, subject to a ramp up period, based on the average daily unused amount of the financing commitments, with a 1.00% per annum fee applying to the extent drawn amounts are below the minimum commitment usage. Sonora Peak Funding also paid SG certain other fees, each as agreed between Sonora Peak Funding and SG.

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

The period during which Sonora Peak Funding may make borrowings under the Sonora Peak Funding Facility expires on March 26, 2029, and the Sonora Peak Funding Facility will mature and all amounts outstanding under the credit facility must be repaid by March 24, 2036.

Ramsey Peak Funding Facility

On March 27, 2026, Ramsey Peak Funding entered into a secured credit facility (the “Ramsey Peak Funding Facility”) with Royal Bank of Canada (“RBC”). RBC serves as administrative agent, Wilmington Trust serves as collateral agent, collateral administrator and custodian and the Company serves as equity holder and collateral manager under the Ramsey Peak Funding Facility.

Advances under the Ramsey 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 the three-month term SOFR rate for dollar advances), plus an applicable margin of 1.40% per annum to 1.70% per annum depending on the nature of the advances being requested. Ramsey 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 1.40% per annum. Ramsey Peak Funding also paid RBC certain other fees, each as agreed between Ramsey Peak Funding and RBC. Proceeds from borrowings under the Ramsey Peak Funding Facility may be used to fund portfolio investments by Ramsey Peak Funding and to make advances under revolving loans or delayed draw term loans where Ramsey Peak Funding is a lender.

The period during which Ramsey Peak Funding may make borrowings under the Ramsey Peak Funding Facility expires on March 27, 2029, and the Ramsey Peak Funding Facility will mature and all amounts outstanding under the credit facility must be repaid by March 27, 2031.

184

Table of Contents

Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

Crystal Peak Funding Facility

On March 30, 2026, Crystal Peak Funding entered into a secured credit facility (the “Crystal Peak Funding Facility”) with Canadian Imperial Bank of Commerce (“CIBC”). CIBC serves as administrative agent, sole lead arranger and sole book manager under the Crystal Peak Funding Facility.

Advances under the Crystal 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 the one-month term SOFR rate for dollar advances), plus an applicable margin of 1.50% per annum. Crystal Peak Funding pays a commitment fee of 0.50% per annum, subject to a ramp up period, based on the average daily unused amount of the financing commitments. Crystal Peak Funding also paid CIBC certain other fees, each as agreed between Crystal Peak Funding and CIBC.

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

The period during which Crystal Peak Funding may make borrowings under the Crystal Peak Funding Facility expires on June 30, 2027, and the Crystal Peak Funding Facility will mature and all amounts outstanding under the credit facility must be repaid by March 30, 2028.

Weller Peak Funding Facility

On March 31, 2026, BCRED Weller Peak Funding entered into a secured credit facility (the “Weller Peak Funding Facility”) with Wells Fargo. Wells Fargo serves as administrative agent and Alter Domus (US) LLC serves as paying agent under the Weller Peak Funding Facility.

Advances under the Weller Peak Funding Facility bear interest at a per annum rate equal to Term SOFR (for a one-month interest period), plus an applicable margin of 1.75% per annum for SOFR Loans, or at the Base Rate plus an applicable margin of 0.75% per annum for Base Rate Loans (which are only available during any period in which Term SOFR is unavailable or unascertainable). Weller Peak Funding is required to pay a commitment fee on the average daily unused portion of the revolving credit commitments at a rate per annum equal to 0.25% if such average daily unused portion is less than 50% of the aggregate revolving credit commitments, or 0.35% if such average daily unused portion is greater than or equal to 50% of the aggregate revolving credit commitments. Weller Peak Funding also paid Wells Fargo certain other fees, each as agreed between Weller Peak Funding and Wells Fargo.

Proceeds from borrowings under the Weller Peak Funding Facility may be used to fund advances required under that certain Warehouse Facility Credit Agreement, dated as of July 3, 2024, (the “Weller Peak Loan”) by Weller Peak Funding to make advances as required by Weller Peak Funding as a lender under the Weller Peak Loan.

The period during which Weller Peak Funding may make borrowings under the Weller Peak Funding Facility expires on July 3, 2027, subject to two one-year extension options (to July 3, 2028 and July 3, 2029, respectively) and upon such expiration all amounts outstanding under the Weller Peak Funding Facility must be repaid.

2026-1 PC Static Warehouse

On March 25, 2026, the 2026-1 PC Issuer, a special purpose vehicle with its membership interests owned by the Company, entered into a $360 million warehouse facility (the “2026-1 PC Static Warehouse”) with BNPP. BNPP serves as administrative agent, Wilmington Trust serves as collateral custodian and the Company serves as a collateral manager under the 2026-1 PC Static Warehouse.

Advances under the 2026-1 PC Static Warehouse bear interest at a 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 (i) prior to the conversion date, 1.35% per annum and (ii) on or after the conversion date, 1.85%.

185

Table of Contents

Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

Proceeds from borrowings under the 2026-1 PC Static Warehouse may be used to fund portfolio investments by 2026-1 PC Issuer and to make advances under corporate loans where 2026-1 PC Issuer is a lender. The 2026-1 PC Static Warehouse is scheduled to mature on November 5, 2026.

On April 22, 2026, the 2026-1 PC Static Warehouse was terminated. For further information, see “Note 13. Subsequent Events.”

Revolving Credit Facility

On May 18, 2021, the Company entered into a senior secured credit facility (which was most recently amended and restated on August 8, 2025, and as further amended from time to time, the “Revolving Credit Facility”) with Citi. Citi serves as administrative agent and collateral agent.

The Revolving Credit Facility provides for borrowings in USD and certain agreed upon foreign currencies. Borrowings under the Revolving Credit Facility are subject to compliance with a borrowing base. As of March 31, 2026, a portion of the Revolving Credit Facility consists of (A) funded term loans in the aggregate principal amount of $405.0 million, and (B) revolving commitments in the aggregate principal amount of $5.5 billion, and the Revolving Credit Facility provides for the issuance of letters of credit on behalf of the Company in an aggregate face amount not to exceed $175.0 million. Proceeds from the borrowings under the Revolving Credit Facility may be used for general corporate purposes of the Company and its subsidiaries. As of March 31, 2026, the period during which the Company may make borrowings on the Revolving Credit Facility expires on August 8, 2029 (other than with respect to (a) the revolving commitments of certain lenders in the amount of $90.0 million, which expire on June 6, 2027 and (b) the revolving commitments of certain lenders in the aggregate amount of $90.0 million, which expire on August 12, 2028), and the Revolving Credit Facility will mature and all amounts outstanding under the credit facility must be repaid by August 8, 2030 (other than with respect to (a) the revolving commitments of certain lenders in the amount of $90.0 million and term loans of certain lenders in the amount of $10.0 million, which mature on June 9, 2028 and (b) the revolving commitments of certain lenders in the amount of $90.0 million and term loans of certain lenders in the amount of $10.0 million, which mature on August 13, 2029), pursuant to an amortization schedule.

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

186

Table of Contents

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 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 March 31, 2026 and December 31, 2025, the Company was in compliance with all covenants and other requirements of the Revolving Credit Facility.

Letter of Credit Facility

On March 13, 2026, the Company and Deutsche Bank AG New York Branch (the “Issuer”) entered into an uncommitted continuing agreement for standby letters of credit (the “Letter of Credit Facility”), which provides for the issuance by the Issuer, in its sole discretion and upon request by the Company, of letters of credit on behalf of certain portfolio companies. The Company is required to make payments to the Issuer if the portfolio companies were to default on their related reimbursement obligations. The Letter of Credit Facility is secured on a pari passu basis with the Revolving Credit Facility and pursuant to substantially the same collateral documentation that secures the Revolving Credit Facility. As of March 31, 2026, $9.1 million of letters of credit were issued under the Letter of Credit Facility.

Private Placement Bonds

The Company issued unsecured notes, as further described below: 2026 Notes, May 2027 Notes, October 2027 Notes, March 2031 5.54% Notes, March 2033 Notes and January 2032 Series 2026A Notes (each as defined below), which are collectively referred to herein as the “Private Placement Bonds.”

As of March 31, 2026 and December 31, 2025, 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 (the “2021 Note Purchase Agreement Supplement”), 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, if a Below Investment Grade Event (as defined in 2021 Note Purchase Agreement Supplement) occurs, 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.

187

Table of Contents

Blackstone Private Credit Fund

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 (the “2022 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 (as defined in the 2022 Note Purchase Agreement) 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 5.54% Notes

On March 25, 2025, the Company entered into a Master Note Purchase Agreement (with respect to the March 2031 5.54% Notes, the “March 2031 5.54% 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 5.54% Notes”) to qualified institutional investors in a private placement. The March 2031 5.54% 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 5.54% Notes will be due semiannually. In addition, the Company is obligated to offer to repay the March 2031 5.54% Notes at par if certain change in control events occur. The March 2031 5.54% 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 5.54% Note Purchase Agreement) occurs, the March 2031 5.54% 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 5.54% 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 5.54% Notes in a qualifying hedge accounting relationship.

188

Table of Contents

Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

March 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.

January 2032 Series 2026A Notes

On January 8, 2026, the Company entered into a First Supplement (the “First Supplement”) to the Master Note Purchase Agreement, dated as of March 25, 2025 (as supplemented by the First Supplement, the “January 2032 Series 2026A Purchase Agreement”) governing the issuance of $210.0 million in aggregate principal amount of its 5.94% Series 2026A Senior Notes (the “January 2032 Series 2026A Notes”) to qualified institutional investors in a private placement. The January 2032 Series 2026A Notes were issued on January 8, 2026, and will mature on January 8, 2032, unless redeemed, purchased or prepaid prior to such date by the Company or its affiliates in accordance with their terms. Interest on the January 2032 Series 2026A Notes will be due semiannually. In addition, the Company is obligated to offer to repay the January 2032 Series 2026A Notes at par if certain change in control events occur. The January 2032 Series 2026A 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 January 2032 Series 2026A Note Purchase Agreement) occurs, the January 2032 Series 2026A Notes will bear interest at a fixed rate of 6.94% 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 January 2032 Series 2026A 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 2032 Series 2026A 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 2029 Notes, April 2026 UK Bonds, November 2028 Notes, January 2031 Notes, July 2029 Notes, September 2027 Notes, April 2030 Notes, November 2029 Notes, November 2034 Notes, January 2032 Notes, September 2030 Notes and March 2031 5.350% 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”).

189

Table of Contents

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

As of March 31, 2026 and December 31, 2025, the Company was in compliance with all covenants and other requirements of each of the Unsecured Notes.

December 2026 Notes

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

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

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

190

Table of Contents

Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

March 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”), to the Base Indenture between the Company and the Trustee.

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

January 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.

April 2026 UK Bonds

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

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

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

191

Table of Contents

Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

November 2028 Notes

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

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

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

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

January 2031 Notes

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

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

On December 23, 2025, the Company issued $100.0 million aggregate principal amount of 6.250% notes due 2031 (the “January 2031 Notes Upsize”) under the Company’s Base Indenture and January 2031 Notes Indenture. The January 2031 Notes Upsize were issued as “Additional Notes” under the January 2031 Notes Indenture and have identical terms to the Company’s $500.0 million January 2031 Notes that were issued on January 25, 2024, other than the issue date, issue price and initial interest payment date. The January 2031 Notes Upsize will be treated as a single class of notes with the January 2031 Notes for all purposes under the January 2031 Notes Indenture.

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.

192

Table of Contents

Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

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.

On December 16, 2025, the Company issued $400.0 million aggregate principal amount of 5.950% notes due 2029 (the “July 2029 Notes Upsize”) under the Company’s Base Indenture and July 2029 Notes Indenture. The July 2029 Notes Upsize were issued as “Additional Notes” under the July 2029 Notes Indenture and have identical terms to the Company’s $500.0 million July 2029 Notes that were issued on May 29, 2024, other than the issue date, issue price and initial interest payment date. The July 2029 Notes Upsize will be treated as a single class of notes with the July 2029 Notes for all purposes under the July 2029 Notes Indenture.

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.

193

Table of Contents

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

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

November 2029 Notes

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

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

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

November 2034 Notes

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

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.

194

Table of Contents

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

January 2032 Notes

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

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

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

September 2030 Notes

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

The September 2030 Notes will mature on September 10, 2030 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the September 2030 Notes Indenture. The September 2030 Notes bear interest at a rate of 5.050% per year payable semi-annually on March 10 and September 10 of each year, commencing on March 10, 2026. The September 2030 Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the September 2030 Notes, rank pari passu with all existing and future unsecured indebtedness issued by the Company that are not so subordinated, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.

In connection with the September 2030 Notes, the Company entered into two interest rate swaps to more closely align the interest rates of the Company’s liabilities with the investment portfolio, which consists of predominately floating rate loans. The Company designated these interest rate swaps and the September 2030 Notes in qualifying hedge accounting relationships.

195

Table of Contents

Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

March 2031 5.350% Notes

On January 12, 2026, the Company issued $700.0 million aggregate principal amount of 5.350% notes due 2031 (the “March 2031 5.350% Notes”) pursuant to a supplemental indenture, dated as of January 12, 2026 (and together with the Base Indenture, the “March 2031 5.350% Notes Indenture”), to the Base Indenture between the Company and the Trustee.

The March 2031 5.350% Notes will mature on March 12, 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 March 2031 5.350% Notes Indenture. The March 2031 5.350% Notes bear interest at a rate of 5.350% per year payable semi-annually on March 12 and September 12 of each year, commencing on September 12, 2026. The March 2031 5.350% 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 2031 5.350% 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 March 2031 5.350% 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 5.350% Notes in a qualifying hedge accounting relationship.

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.

2021-2 Debt Securitization

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

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

March 31, 2026

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.

196

Table of Contents

Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

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

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

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

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

On May 6, 2026, all of the secured debt issued or incurred, as applicable, in connection with 2021-2 Debt Securitization was redeemed in whole. See also “Note 13. Subsequent Events.”

MML 2021-1 Debt Securitization

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

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

March 31, 2026

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%

Aaa

Class C Notes

Mezzanine Secured Deferrable Floating Rate

80,000

SOFR + 2.60%

Aa3

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.

197

Table of Contents

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

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

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

MML 2022-1 Debt Securitization

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

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

March 31, 2026

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.

198

Table of Contents

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

2022-1 BSL Debt Securitization

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

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

March 31, 2026

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%

B+

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.

On May 6, 2026, all of the secured notes issued in connection with 2022-1 BSL Debt Securitization were redeemed in whole. See also “Note 13. Subsequent Events.”

199

Table of Contents

Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

MML 2022-2 Debt Securitization

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

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

March 31, 2026

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.

200

Table of Contents

Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

2023-1 CLO Debt Securitization

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

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

March 31, 2026

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.

201

Table of Contents

Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

2024-1 CLO Debt Securitization

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

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

March 31, 2026

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.

202

Table of Contents

Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

2024-2 CLO Debt Securitization

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

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

March 31, 2026

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.

203

Table of Contents

Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

2025-1 CLO Debt Securitization

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

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

March 31, 2026

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.

204

Table of Contents

Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

2025-1 Lender Finance

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

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

March 31, 2026

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)

Senior 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 Term 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.

205

Table of Contents

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

March 31, 2026

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.

2025-2 Lender Finance

On January 15, 2026, the Company funded a $1,020.0 million secured term loan credit facility (the “2025-2 Lender Finance Facility”). 2025-2 Lender Finance is the borrower under the 2025-2 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 2025-2 Lender Finance Facility (collectively, the “2025-2 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 2025-2 Lender Finance Facility:

March 31, 2026

Description

Type

Principal Outstanding

Interest Rate

Credit Rating

Class A Term Loans

Senior Secured Floating Rate

802,500

SOFR + 1.50%

Aaa

Class B Term Loans

Senior Secured Floating Rate

80,000

SOFR + 1.80%

Aa2

Class C Term Loans (1)

Senior Deferrable Floating Rate

137,500

SOFR + 2.10%

Total Term Loans

1,020,000

(1)The Company (through its wholly-owned and consolidated subsidiary, 2025-2 Lender Finance Depositor) retained all of the Class C Terms Loans incurred in the 2025-2 Lender Finance Facility which are eliminated in consolidation.

The Company (through its wholly-owned and consolidated subsidiary, 2025-2 Lender Finance Depositor) retained all of the Class C Term Loans incurred in the 2025-2 Lender Finance Facility in part in exchange for the Company’s sale and contribution to 2025-2 Lender Finance of the initial closing date portfolio. The 2025-2 Loans are scheduled to mature on January 20, 2038; however, the 2025-2 Loans may be prepaid by 2025-2 Lender Finance, at the direction of the Company, on any business day after January 15, 2028. In connection with the sale and contribution, the Company has made customary

206

Table of Contents

Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

representations, warranties and covenants to 2025-2 Lender Finance. The Class A Term Loans, Class B Term Loans and Class C Term Loans are secured obligations of 2025-2 Lender Finance, and the loan and security governing the 2025-2 Loans includes customary covenants and events of default.

The Company serves as collateral manager to 2025-2 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 CLO 2026-1

On March 9, 2026, the Company completed a $994.3 million term debt securitization (the “2026-1 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 2026-1 Debt Securitization (collectively, the “2026-1 Notes”) were issued by the 2026-1 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 2026-1 Debt Securitization:

March 31, 2026

Description

Type

Principal Outstanding

Interest Rate

Credit Rating

Class A Notes

Senior Secured Floating Rate

540,000

SOFR + 1.37%

AAA

Class B Notes

Senior Secured Floating Rate

140,000

SOFR + 1.70%

Class C Notes

Mezzanine Secured Deferrable Floating Rate

55,000

SOFR + 1.95%

Total Secured Notes

735,000

Subordinated Notes (1)

Subordinated

259,340

None

Not Rated

Total 2026-1 Notes

994,340

(1)The Company (through its wholly-owned and consolidated subsidiary, 2026-1 Depositor) retained all of the Subordinated Notes issued in the 2026-1 Debt Securitization which are eliminated in consolidation.

The Company (through its wholly-owned and consolidated subsidiary, 2026-1 Depositor) retained all of the Subordinated Notes issued in the 2026-1 Debt Securitization in part in exchange for the Company’s sale and contribution to the 2026-1 Issuer of the initial closing date portfolio. The 2026-1 Notes are scheduled to mature on April 24, 2039; however, the 2026-1 Notes may be redeemed by the 2026-1 Issuer, at the direction of the Company through its holder of the Subordinated Notes (through 2026-1 Depositor), on any business day after March 9, 2028. In connection with the sale and contribution, the Company has made customary representations, warranties and covenants to the 2026-1 Issuer. The Class A Notes, Class B Notes and Class C Notes are secured obligations of the 2026-1 Issuer, the Subordinated Notes are the unsecured obligations of the 2026-1 Issuer, and the indenture governing the 2026-1 Notes includes customary covenants and events of default.

The 2026-1 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 2026-1 Issuer under a collateral management agreement and has agreed to irrevocably waive all collateral management fees payable pursuant to the collateral management agreement.

207

Table of Contents

Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

The following presents the assets and liabilities of the 2021-2 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, 2025-1 BSL Issuer, 2025-2 Lender Finance Facility and 2026-1 Issuer (collectively referred to as, the “CLO Issuers”), after giving effect to the elimination of intercompany balances. The assets of the CLO Issuers are restricted to be used to settle the obligations of the CLO Issuers. The liabilities of the CLO Issuers are only the obligations of the CLO Issuers and the creditors (or beneficial interest holders) do not have recourse to the Company.


	March 31, 2026		December 31, 2025
ASSETS
Investments at fair value
Non-controlled/non-affiliated investments	$	10,574,413	$	8,435,694
Total investments at fair value	10,574,413		8,435,694
Cash and cash equivalents (restricted cash of $740,176 and $802,310, respectively)	740,176		802,310
Interest receivable from non-controlled/non-affiliated investments	70,860		79,801
Total assets	$	11,385,449	$	9,317,805
LIABILITIES
Debt (net of unamortized debt issuance costs of $31,080 and $25,356, respectively)	$	7,418,694	$	5,939,567
Interest payable	73,672		82,713
Total liabilities	$	7,492,366	$	6,022,280

Short-Term Borrowings

Master Repurchase Agreements

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

As of March 31, 2026, and December 31, 2025, respectively, the Company had $438.1 million and $406.8 million of short-term borrowings under the Repurchase Agreements.

Short-term borrowings under the Repurchase Agreements bore interest at a weighted average applicable margin of 4.62% and 4.75% per annum as of March 31, 2026, and December 31, 2025, 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 $384.6 million and $486.8 million as of March 31, 2026, and December 31, 2025, respectively.

Other Short-Term Borrowings

In order to finance certain investment transactions, the Company may, from time to time, enter into financing agreements whereby the Company transfers to a third party an investment that it holds in exchange for cash for a period of time, generally not to exceed 180-days from the date it was sold (each, a “Short Term Financing Transaction”). At the expiration of the agreement, the Company returns the cash and interest to the third party and receives the original investment transferred.

208

Table of Contents

Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

As of March 31, 2026 and December 31, 2025, the Company had $500.0 million and $450.0 million, respectively, of borrowings under Short Term Financing Transactions with third parties. Certain of the Company's investments serve as collateral for the Company's obligations under the Short Term Financing Transactions and the carrying value of pledged investments was $525.5 million and $450.0 million, respectively, as of March 31, 2026 and December 31, 2025.

Short-term borrowings under Short Term Financing Transactions bore interest at an applicable margin of 6.43% and 4.52%, respectively, per annum as of March 31, 2026 and December 31, 2025.

In accordance with ASC 860, Transfers and Servicing, the Master Repurchase Agreements and the Short Term Financing Transactions meet the criteria for secured borrowings. Accordingly, the investment financed by these agreements remains on the Company’s Condensed Consolidated Statements of Assets and Liabilities as an asset, and the Company records a liability to reflect its obligation to a third party which is reported as Debt on the Company’s Statements of Assets and Liabilities. The obligation is secured by the respective investment that is the subject of the agreement. Interest expense associated with the Master Repurchase Agreements and the Short Term Financing Transactions is reported on the Company’s Condensed Consolidated Statements of Operations within Interest expense.

The Company’s outstanding debt obligations were as follows:


	March 31, 2026
	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)	$	2,250,000	$	1,785,973	$	1,785,973	$	—	$	464,027	$	460,403
Castle Peak Funding Facility (3)	2,600,000		1,489,850		1,489,850		—		1,110,150		1,110,150
Summit Peak Funding Facility (3)	1,375,000		822,973		822,973		—		552,027		552,027
Denali Peak Funding Facility	1,425,000		604,800		604,800		—		820,200		820,200
Bushnell Peak Funding Facility	1,000,000		504,300		504,300		—		495,700		495,700
Granite Peak Funding Facility	1,000,000		474,000		474,000		—		526,000		526,000
Middle Peak Funding Facility	1,150,000		750,000		750,000		—		400,000		400,000
Bison Peak Funding Facility	2,100,000		1,155,200		1,155,200		—		944,800		944,800
Blanca Peak Funding Facility	1,100,000		825,000		825,000		—		275,000		275,000
Windom Peak Funding Facility (3)	2,150,000		1,292,633		1,292,633		—		857,367		857,357
Monarch Peak Funding Facility	1,500,000		1,050,000		1,050,000		—		450,000		450,000
Haydon Peak Funding Facility	500,000		189,000		189,000		—		311,000		311,000
Phoenix Peak Funding Facility (3)	217,723		217,723		216,716		1,007		—		—
Sonora Peak Funding Facility	1,100,000		550,000		550,000		—		550,000		550,000
Ramsey Peak Funding Facility	1,000,000		—		—		—		1,000,000		1,000,000
Crystal Peak Funding Facility	750,000		—		—		—		750,000		750,000
Weller Peak Funding Facility	214,400		—		—		—		214,400		133,463
2026-1 PC Static Warehouse	360,000		—		—		—		360,000		357,827
Revolving Credit Facility (4)	5,950,000		2,474,396		2,474,396		—		3,475,604		3,475,604
2026 Notes	400,000		400,000		399,748		252		—		—
May 2027 Notes (5)	625,000		625,000		619,058		602		—		—
October 2027 Notes (5)	350,000		350,000		347,786		2,108		—		—
March 2031 5.54% Notes (5)	500,000		500,000		494,727		9,839		—		—
March 2033 Notes (5)	500,000		500,000		491,768		12,476		—		—
January 2032 Series 2026A Notes (5)	210,000		210,000		207,662		294		—		—
December 2026 Notes (5)	1,250,000		1,250,000		1,235,339		3,377		—		—
November 2026 Eurobonds	577,925		577,925		576,885		1,040		—		—
March 2027 Notes	1,000,000		1,000,000		997,411		2,589		—		—

209

Table of Contents

Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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


	March 31, 2026
	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)
January 2029 Notes	$	650,000	$	650,000	$	645,029	$	4,971	$	—	$	—
April 2026 UK Bonds (5)	330,900		330,900		330,703		32		—		—
November 2028 Notes (5)	650,000		650,000		656,294		1,487		—		—
January 2031 Notes (5)	600,000		600,000		592,668		8,418		—		—
July 2029 Notes (5)	900,000		900,000		903,394		2,984		—		—
September 2027 Notes (5)	400,000		400,000		393,842		3,333		—		—
April 2030 Notes (5)	400,000		400,000		386,862		6,938		—		—
November 2029 Notes (5)	400,000		400,000		397,759		6,622		—		—
November 2034 Notes (5)	800,000		800,000		781,406		20,931		—		—
January 2032 Notes (5)	1,000,000		1,000,000		1,002,291		21,004		—		—
September 2030 Notes (5)	500,000		500,000		485,142		8,892		—		—
March 2031 5.350% Notes (5)	700,000		700,000		680,390		14,030		—		—
2021-2 Notes	505,800		505,800		504,679		1,121		—		—
MML 2021-1 Debt	690,000		690,000		686,911		3,089		—		—
MML 2022-1 Debt	759,000		759,000		755,013		3,987		—		—
2022-1 BSL Debt	420,000		420,000		418,820		1,180		—		—
MML 2022-2 Debt	300,500		300,500		298,570		1,930		—		—
2023-1 Notes	305,000		305,000		303,408		1,592		—		—
2024-1 Notes	244,000		244,000		242,520		1,480		—		—
2024-2 Notes	305,000		305,000		302,244		2,756		—		—
2025-1 Notes	884,000		884,000		880,869		3,131		—		—
2025-1 Lender Finance	890,000		890,000		887,481		2,519		—		—
2025-1 BSL Notes	528,975		528,975		527,418		1,557		—		—
2025-2 Lender Finance	882,500		882,500		879,603		2,897		—		—
2026-1 Notes	735,000		735,000		731,158		3,842		—		—
Short-Term Borrowings	938,093		938,093		938,093		—		—		—
Total	$	48,873,816	$	35,317,541	$	35,167,792	$	164,307	$	13,556,275	$	13,469,531

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

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

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

Under the Bard Peak Funding Facility, as of March 31, 2026, the Company had non-USD borrowings denominated in the following currencies:

•CAD 94.1 million

•EUR 251.4 million

•GBP 113.5 million

•NZD 125.4 million

Under the Castle Peak Funding Facility, as of March 31, 2026, the Company had non-USD borrowings denominated in the following currencies:

•CAD 102.9 million

•EUR 46.4 million

•GBP 38.9 million

Under the Summit Peak Funding Facility, as of March 31, 2026, the Company had non-USD borrowings denominated in the following currencies:

•CAD 64.7 million

210

Table of Contents

Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

•EUR 26.9 million

•GBP 99.7 million

Under the Windom Peak Funding Facility, as of March 31, 2026, the Company had non-USD borrowings denominated in the following currencies:

•GBP 100.4 million

Under the Phoenix Peak Funding Facility, as of March 31, 2026, the Company had non-USD borrowings denominated in the following currencies:

•EUR 142.8 million

•GBP 39.8 million

(4)Under the Revolving Credit Facility, the Company is permitted to borrow in USD or certain other currencies. As of March 31, 2026, the Company had non-USD borrowings denominated in the following currencies:

•EUR 633.9 million

•GBP 1,009.3 million

•AUD 1.0 million

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


	December 31, 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	$	1,549,670	$	1,549,670	$	—	$	100,330	$	100,330
Castle Peak Funding Facility (3)	2,550,000		1,760,209		1,760,209		—		789,791		789,638
Summit Peak Funding Facility (3)	1,375,000		1,257,548		1,257,548		—		117,452		105,732
Denali Peak Funding Facility	750,000		584,800		584,800		—		165,200		136,379
Bushnell Peak Funding Facility	1,000,000		554,300		554,300		—		445,700		445,700
Granite Peak Funding Facility	1,000,000		500,000		500,000		—		500,000		486,953
Middle Peak Funding Facility	1,000,000		890,000		890,000		—		110,000		110,000
Bison Peak Funding Facility	1,500,000		1,437,200		1,437,200		—		62,800		62,800
Blanca Peak Funding Facility	1,100,000		951,000		951,000		—		149,000		149,000
Windom Peak Funding Facility (3)	2,150,000		2,150,076		2,150,076		—		—		—
Monarch Peak Funding Facility	1,500,000		1,500,000		1,500,000		—		—		—
Haydon Peak Funding Facility	250,000		212,000		212,000		—		38,000		38,000
Bear Peak Funding Facility (3)	587,600		587,017		587,017		—		583		583
Phoenix Peak Funding Facility (3)	221,455		221,455		220,354		1,101		—		—
2025-2 Lender Finance Warehouse Facility	882,500		—		—		—		882,500		882,500
Revolving Credit Facility (4)	5,800,000		2,259,240		2,259,240		—		3,540,760		3,540,760
2026 Notes	400,000		400,000		399,584		416		—		—
May 2027 Notes (5)	625,000		625,000		620,163		739		—		—
October 2027 Notes (5)	350,000		350,000		349,354		2,448		—		—
March 2031 5.54% Notes (5)	500,000		500,000		498,066		10,326		—		—
March 2033 Notes (5)	500,000		500,000		494,769		12,916		—		—
December 2026 Notes (5)	1,250,000		1,250,000		1,233,234		4,565		—		—
November 2026 Eurobonds	587,600		587,600		586,175		1,425		—		—
March 2027 Notes	1,000,000		1,000,000		996,741		3,259		—		—
January 2029 Notes	650,000		650,000		644,590		5,410		—		—
April 2026 UK Bonds (5)	336,988		336,988		335,202		250		—		—
November 2028 Notes (5)	650,000		650,000		661,542		1,624		—		—
January 2031 Notes (5)	600,000		600,000		596,471		8,843		—		—

211

Table of Contents

Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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


	December 31, 2025
	Aggregate Principal Committed		Outstanding Principal		Carrying Value (net of unamortized issuance costs, premiums and discounts)		Unamortized Debt Issuance Costs (including premiums and discounts)		Unused Portion (1)		Amount Available (2)
July 2029 Notes (5)	$	900,000	$	900,000	$	910,031	$	3,213	$	—	$	—
September 2027 Notes (5)	400,000		400,000		395,183		3,885		—		—
April 2030 Notes (5)	400,000		400,000		388,785		7,365		—		—
November 2029 Notes (5)	400,000		400,000		400,465		7,071		—		—
November 2034 Notes (5)	800,000		800,000		785,348		21,529		—		—
January 2032 Notes (5)	1,000,000		1,000,000		1,009,275		21,892		—		—
September 2030 Notes (5)	500,000		500,000		487,697		9,388		—		—
2021-2 Notes	505,800		505,800		504,647		1,153		—		—
MML 2021-1 Debt	690,000		690,000		686,824		3,176		—		—
MML 2022-1 Debt	759,000		759,000		754,904		4,096		—		—
2022-1 BSL Debt	420,000		420,000		418,788		1,212		—		—
MML 2022-2 Debt	300,500		300,500		298,513		1,987		—		—
2023-1 Notes	305,000		305,000		303,368		1,632		—		—
2024-1 Notes	244,000		244,000		242,484		1,516		—		—
2024-2 Notes	305,000		305,000		302,181		2,819		—		—
2025-1 Notes	884,000		884,000		880,799		3,201		—		—
2025-1 Lender Finance	890,000		890,000		887,425		2,575		—		—
2025-1 BSL Notes	661,625		661,625		659,634		1,991		—		—
Short-Term Borrowings	856,829		856,829		856,829		—		—		—
Total	$	41,987,897	$	35,085,857	$	35,002,485	$	153,023	$	6,902,116	$	6,848,375

(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, 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 December 31, 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 December 31, 2025, the Company had non-USD borrowings denominated in the following currencies:

•CAD 64.7 million

•EUR 26.9 million

•GBP 99.7 million

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

•GBP 100.4 million

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

•EUR 390.8 million

•GBP 40.0 million

•NZD 128.3 million

212

Table of Contents

Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

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

•EUR 142.8 million

•GBP 39.8 million

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

•CAD 24.5 million

•EUR 369.9 million

•GBP 1,039.3 million

•AUD 1.0 million

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

The following tables summarize the contractual maturities of the Company’s outstanding principal as of March 31, 2026 and December 31, 2025:


	March 31, 2026
	Less than 1 Year		1 - 3 Years		3 - 5 Years		Greater than 5 Years		Total
SPV Financing Facilities	$	—	$	217,723	$	10,193,729	$	1,300,000	$	11,711,452
Revolving Credit Facility	—		—		2,474,396		—		2,474,396
Private Placement Bonds	400,000		975,000		500,000		710,000		2,585,000
Unsecured Notes	3,158,825		1,700,000		3,500,000		1,800,000		10,158,825
Debt Securitizations	—		—		—		7,449,775		7,449,775
Short-Term Borrowings	938,093		—		—		—		938,093
Total outstanding principal	$	4,496,918	$	2,892,723	$	16,668,125	$	11,259,775	$	35,317,541


	December 31, 2025
	Less than 1 Year		1 - 3 Years		3 - 5 Years		Greater than 5 Years		Total
SPV Financing Facilities	$	—	$	2,105,272	$	11,160,003	$	890,000	$	14,155,275
Revolving Credit Facility	—		—		2,259,240		—		2,259,240
Private Placement Bonds	400,000		975,000		—		1,000,000		2,375,000
Unsecured Notes	2,174,588		2,050,000		2,850,000		2,400,000		9,474,588
Debt Securitizations	—		—		—		5,964,925		5,964,925
Short-Term Borrowings	856,829		—		—		—		856,829
Total outstanding principal	$	3,431,417	$	5,130,272	$	16,269,243	$	10,254,925	$	35,085,857

As of March 31, 2026 and December 31, 2025, interest payable included $506.4 million and $424.2 million, respectively, of interest expense and $5.4 million and $3.9 million, respectively, of unused commitment fees.

For the three months ended March 31, 2026 and 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 5.52% and 6.10%, respectively. For the three months ended March 31, 2026 and 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 5.67% and 6.20%, respectively, including $5.2 million and nil, 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 months ended March 31, 2026 and 2025, the average principal debt outstanding was $36,088.3 million and $30,920.0 million, respectively.

213

Table of Contents

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 components of interest expense were as follows:


	Three Months Ended March 31,
	2026		2025
Borrowing interest expense	$	480,155	$	456,004
Facility unused fees	7,589		7,630
Amortization of deferred financing costs	13,970		8,498
Amortization of original issue discount and debt issuance costs (including premiums and discounts)	10,084		9,420
Gain (loss) from interest rate swaps accounted for as hedges and the related hedged items:
Interest rate swaps	54,425		(127,092)
Hedged items	(54,455)		125,175
Total interest expense	$	511,768	$	479,635
Cash paid for interest expense	$	553,029	$	589,353

Note 8. Commitments and Contingencies

Portfolio Company Commitments

The Company’s investment portfolio contains debt investments which are in the form of lines of credit or delayed draw commitments, which require us to provide funding when requested by portfolio companies in accordance with underlying loan agreements. As of March 31, 2026 and December 31, 2025, the Company had unfunded commitments, including delayed draw term loans and revolvers, with an aggregate amount of $10.8 billion and $13.4 billion, respectively.

Additionally, from time to time, the Advisers and their affiliates may commit to an investment or commit to backstop the commitment of another lender on behalf of the investment vehicles they manage, including the Company. Certain terms of these investments or backstop arrangements are not finalized at the time of the commitment and each respective investment vehicle’s allocation may change prior to the date of funding. In this regard, as of March 31, 2026 and December 31, 2025, the Company estimates that $1,451.9 million and $1,271.1 million, respectively, of investments and backstop arrangements were committed but not yet funded.

As of March 31, 2026 and December 31, 2025, $461.0 million and $497.3 million, respectively, of capital committed remained uncalled from the Company in relation to capital commitments to Emerald JV, Verdelite JV and SLC.

Other Commitments and Contingencies

From time to time, the Company may become a party to certain legal proceedings incidental to the normal course of its business. As of March 31, 2026 and December 31, 2025, management is not aware of any material pending legal proceedings.

214

Table of Contents

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 9. Net Assets

The following table presents transactions in Common Shares for the three months ended March 31, 2026:


	For the three months ended March 31, 2026
	Shares	Amount
CLASS I
Subscriptions	41,791,858	$	1,031,927
Share transfers between classes	4,554,111	111,799
Distributions reinvested	14,679,523	361,385
Share repurchases	(94,188,973)	(2,278,408)
Early repurchase deduction	—	805
Net increase (decrease)	(33,163,481)	(772,492)
CLASS S
Subscriptions	11,740,119	289,132
Share transfers between classes	(4,428,139)	(108,669)
Distributions reinvested	6,908,513	170,055
Share repurchases	(37,218,261)	(900,316)
Early repurchase deduction	—	351
Net increase (decrease)	(22,997,768)	(549,447)
CLASS D
Subscriptions	194,526	4,803
Share transfers between classes	(125,972)	(3,130)
Distributions reinvested	72,615	1,788
Share repurchases	(2,242,978)	(54,257)
Early repurchase deduction	—	14
Net increase (decrease)	(2,101,809)	(50,782)
Total net increase (decrease)	(58,263,058)	$	(1,372,721)

215

Table of Contents

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 transactions in Common Shares for the three months ended March 31, 2025:


	For the three months ended March 31, 2025
	Shares	Amount
CLASS I
Subscriptions	95,735,039	$	2,431,752
Share transfers between classes	1,701,230	43,221
Distributions reinvested	12,920,658	328,177
Share repurchases	(18,329,167)	(462,810)
Early repurchase deduction	—	215
Net increase (decrease)	92,027,760	2,340,555
CLASS S
Subscriptions	32,814,868	833,417
Share transfers between classes	(1,612,496)	(40,966)
Distributions reinvested	6,268,532	159,217
Share repurchases	(4,620,790)	(116,675)
Early repurchase deduction	—	102
Net increase (decrease)	32,850,114	835,095
CLASS D
Subscriptions	2,391,184	60,771
Share transfers between classes	(88,734)	(2,255)
Distributions reinvested	123,469	3,136
Share repurchases	(63,255)	(1,597)
Early repurchase deduction	—	5
Net increase (decrease)	2,362,664	60,060
Total net increase (decrease)	127,240,538	$	3,235,710

Net Asset Value per Share and Offering Price

The Company determines NAV for each class of shares as of the last day of each calendar month. Share issuances related to monthly subscriptions are effective the first calendar day of each month. Shares are issued at an offering price equivalent to the most recent NAV per share available for each share class, which will be the prior calendar day NAV per share (i.e., the prior month-end NAV). The following table presents each month-end NAV per share for Class I, Class S and Class D Common Shares for the three months ended March 31, 2026:


	NAV Per Share
For the Months Ended	Class I		Class S		Class D
January 31, 2026	$	24.68	$	24.68	$	24.68
February 28, 2026	24.38		24.38		24.38
March 31, 2026	24.19		24.19		24.19

216

Table of Contents

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 each month-end NAV per share for Class I, Class S and Class D Common Shares for the three months ended March 31, 2025:


	NAV Per Share
For the Months Ended	Class I		Class S		Class D
January 31, 2025	$	25.42	$	25.42	$	25.42
February 28, 2025	25.36		25.36		25.36
March 31, 2025	25.25		25.25		25.25

Distributions

The Board authorizes and declares monthly distribution amounts per share of Class I, Class S and Class D Common Shares. The following tables present distributions that were declared and payable for the three months ended March 31, 2026:


			Class I
Declaration Date	Record Date	Payment Date	Distribution Per Share		Distribution Amount
January 22, 2026	January 31, 2026	February 26, 2026	$	0.2000	$	267,765
February 19, 2026	February 28, 2026	March 26, 2026	0.2000		271,817
March 19, 2026	March 31, 2026	April 28, 2026	0.2000		274,504






			$	0.6000	$	814,086


			Class S
Declaration Date	Record Date	Payment Date	Distribution Per Share		Distribution Amount
January 22, 2026	January 31, 2026	February 26, 2026	$	0.1824	$	107,734
February 19, 2026	February 28, 2026	March 26, 2026	0.1825		108,650
March 19, 2026	March 31, 2026	April 28, 2026	0.1827		109,426






			$	0.5476	$	325,810


			Class D
Declaration Date	Record Date	Payment Date	Distribution Per Share		Distribution Amount
January 22, 2026	January 31, 2026	February 26, 2026	$	0.1948	$	4,701
February 19, 2026	February 28, 2026	March 26, 2026	0.1949		4,709
March 19, 2026	March 31, 2026	April 28, 2026	0.1949		4,722






			$	0.5846	$	14,132

The following tables present distributions that were declared and payable for the three months ended March 31, 2025:


			Class I
Declaration Date	Record Date	Payment Date	Distribution Per Share		Distribution Amount
January 22, 2025	January 31, 2025	February 27, 2025	$	0.2200	$	228,819
February 20, 2025	February 28, 2025	March 26, 2025	0.2200		238,587
March 19, 2025	March 31, 2025	April 24, 2025	0.2200		246,375






			$	0.6600	$	713,781

217

Table of Contents

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 S
Declaration Date	Record Date	Payment Date	Distribution Per Share		Distribution Amount
January 22, 2025	January 31, 2025	February 27, 2025	$	0.2020	$	102,691
February 20, 2025	February 28, 2025	March 26, 2025	0.2020		104,955
March 19, 2025	March 31, 2025	April 24, 2025	0.2020		107,789






			$	0.6060	$	315,435


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






			$	0.6441	$	15,847

Distribution Reinvestment Plan

The Company has adopted a distribution reinvestment plan (the “DRIP”), 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 DRIP 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 Common Shares, except shareholders in certain states. Investors and clients of certain participating brokers in states that do not permit automatic enrollment in our DRIP will automatically receive their distributions in cash unless they elect to have their cash distributions reinvested in additional Common Shares.

Character of Distributions

The Company may fund its cash distributions to shareholders from any source of funds available to the Company, including but not limited to offering proceeds, net investment income from operations, capital gains proceeds from the sale of assets, dividends or other distributions paid to it on account of preferred and common equity investments in portfolio companies and expense support from the Advisers, which is subject to recoupment.

Through March 31, 2026, 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.

218

Table of Contents

Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

Sources of distributions, other than net investment income and realized gains on a GAAP basis, include required adjustments to GAAP net investment income in the current period to determine taxable income available for distributions. The following table presents the sources of cash distributions on a GAAP basis that the Company has declared on its Common Shares for the three months ended March 31, 2026:


	For the three months ended March 31, 2026
	Class I				Class S				Class D
Source of Distribution	Per Share		Amount		Per Share		Amount		Per Share		Amount
Net investment income	$	0.6000	$	814,086	$	0.5476	$	325,810	$	0.5846	$	14,132
Net realized gains	—		—		—		—		—		—
Total	$	0.6000	$	814,086	$	0.5476	$	325,810	$	0.5846	$	14,132

The following table presents the sources of cash distributions on a GAAP basis that the Company has declared on its Common Shares for the three months ended March 31, 2025:


	For the three months ended March 31, 2025
	Class I				Class S				Class D
Source of Distribution	Per Share		Amount		Per Share		Amount		Per Share		Amount
Net investment income	$	0.6600	$	713,781	$	0.6060	$	315,435	$	0.6441	$	15,847
Net realized gains	—		—		—		—		—		—
Total	$	0.6600	$	713,781	$	0.6060	$	315,435	$	0.6441	$	15,847

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; or due to trade or operational error. In addition, the Company’s Common Shares are sold to certain investment vehicles (including feeder vehicles, registered investment companies or other investment funds), discretionary model portfolios and other similar arrangements. The Company, in its discretion, may waive the Early Repurchase Deduction for such investment vehicles, discretionary model portfolios and other similar arrangements in appropriate circumstances, including, but not limited to, for administrative, operational, rebalancing, regulatory or other purposes. The Early Repurchase Deduction will be retained by the Company for the benefit of remaining shareholders.

219

Table of Contents

Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

Share Repurchases

For the three months ended March 31, 2026 and 2025, approximately 133,689,552 and 23,024,370 Common Shares were repurchased, respectively.

The following table presents the repurchases of Common Shares pursuant to the Company’s share repurchase program for the three months ended March 31, 2026:


Commencement Date	Repurchase Request Deadline	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 program (3)
February 2, 2026	March 2, 2026	133,689,552	7.0	%	$	24.19	March 31, 2026	$	3,232,786	—

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

(2)Amounts shown net of Early Repurchase Deduction.

(3)All repurchase requests were satisfied in full.

The following table presents the repurchases of Common Shares pursuant to the Company’s share repurchase program for the three months ended March 31, 2025:


Commencement Date	Repurchase Request Deadline	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 program (3)
February 3, 2025	March 3, 2025	23,024,370	1.5	%	$	25.25	March 31, 2025	$	581,043	—

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

(2)Amounts shown net of Early Repurchase Deduction.

(3)All repurchase requests were satisfied in full.

220

Table of Contents

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 10. Financial Highlights and Senior Securities

The following are the financial highlights for the three months ended March 31, 2026:


	For the three months ended March 31, 2026
	Class I			Class S			Class D
Per Share Data (1):
Net asset value, beginning of period	$	24.79		$	24.79		$	24.79
Net investment income	0.54			0.49			0.52
Net change in unrealized and realized gain (loss)	(0.54)			(0.54)			(0.54)
Net increase (decrease) in net assets resulting from operations	—			(0.05)			(0.02)
Distributions from net investment income (2)	(0.60)			(0.55)			(0.58)
Distributions from net realized gains (2)	—			—			—
Net increase (decrease) in net assets from shareholders’ distributions	(0.60)			(0.55)			(0.58)
Early repurchase deduction fees (3)	0.00			0.00			0.00
Total increase (decrease) in net assets	(0.60)			(0.60)			(0.60)
Net asset value, end of period	$	24.19		$	24.19		$	24.19
Shares outstanding, end of period	1,278,288,287			561,732,016			21,985,210
Total return based on NAV (4)	0.0		%	(0.2)		%	(0.1)		%
Ratios:
Ratio of net expenses to average net assets (5)	7.0		%	7.8		%	7.2		%
Ratio of net investment income to average net assets (5)	8.8		%	8.0		%	8.6		%
Portfolio turnover rate	5.2		%	5.2		%	5.2		%
Supplemental Data:
Net assets, end of period	$	30,917,292		$	13,586,401		$	531,743
Asset coverage ratio	227.5		%	227.5		%	227.5		%

(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 DRIP) divided by the beginning NAV per share. Total return does not include upfront transaction fee, if any.

(5)Amounts are annualized except for amounts relating to excise and other tax expense. For the three months ended March 31, 2026, the ratio of total operating expenses to average net assets was 7.0%, 7.8%, and 7.2% on Class I, Class S and Class D. Ratio does not include the expenses of investment companies which the Company has invested in, including joint ventures.

221

Table of Contents

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 are the financial highlights for the three months ended March 31, 2025:


	For the three months ended March 31, 2025
	Class I			Class S			Class D
Per Share Data (1):
Net asset value, beginning of period	$	25.42		$	25.42		$	25.42
Net investment income	0.65			0.60			0.63
Net change in unrealized and realized gain (loss)	(0.16)			(0.16)			(0.16)
Net increase (decrease) in net assets resulting from operations	0.49			0.44			0.47
Distributions from net investment income (2)	(0.66)			(0.61)			(0.64)
Distributions from net realized gains (2)	—			—			—
Net increase (decrease) in net assets from shareholders’ distributions	(0.66)			(0.61)			(0.64)
Early repurchase deduction fees (3)	0.00			0.00			0.00
Total increase (decrease) in net assets	(0.17)			(0.17)			(0.17)
Net asset value, end of period	$	25.25		$	25.25		$	25.25
Shares outstanding, end of period	1,101,546,131			528,986,958			25,281,770
Total return based on NAV (4)	1.9		%	1.7		%	1.9		%
Ratios:
Ratio of net expenses to average net assets (5)	7.6		%	8.4		%	7.8		%
Ratio of net investment income to average net assets (5)	10.5		%	9.6		%	10.2		%
Portfolio turnover rate	6.2		%	6.2		%	6.2		%
Supplemental Data:
Net assets, end of period	$	27,811,579		$	13,355,820		$	638,320
Asset coverage ratio	238.9		%	238.9		%	238.9		%

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

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

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

(5)Amounts are annualized except for amounts relating to excise and other tax expense. For the three months ended March 31, 2025, the ratio of total operating expenses to average net assets was 7.6%, 8.4% and 7.8%, on Class I, Class S and Class D, respectively.

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


Class and Period	Total Amount Outstanding Exclusive of Treasury Securities (1)		Asset Coverage per Unit (2)		Involuntary Liquidating Preference per Unit (3)	Average Market Value per Unit (4)
Bard Peak Funding Facility
March 31, 2026	$	1,785,973	$	2,275	—	N/A
December 31, 2025	1,549,670		2,357		—	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

222

Table of Contents

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)
Castle Peak Funding Facility
March 31, 2026	$	1,489,850	$	2,275	—	N/A
December 31, 2025	1,760,209		2,357		—	N/A
December 31, 2024	1,194,401		2,265		—	N/A
December 31, 2023	1,121,681		2,219		—	N/A
December 31, 2022	1,146,600		1,845		—	N/A
December 31, 2021	1,171,809		1,702		—	N/A
Maroon Peak Funding Facility
March 31, 2026	—		—		—	N/A
December 31, 2025	—		—		—	N/A
December 31, 2024	—		—		—	N/A
December 31, 2023	—		—		—	N/A
December 31, 2022	300,000		1,845		—	N/A
December 31, 2021	483,952		1,702		—	N/A
Summit Peak Funding Facility
March 31, 2026	822,973		2,275		—	N/A
December 31, 2025	1,257,548		2,357		—	N/A
December 31, 2024	952,105		2,265		—	N/A
December 31, 2023	286,046		2,219		—	N/A
December 31, 2022	1,691,844		1,845		—	N/A
December 31, 2021	1,643,154		1,702		—	N/A
Denali Peak Funding Facility
March 31, 2026	604,800		2,275		—	N/A
December 31, 2025	584,800		2,357		—	N/A
December 31, 2024	562,800		2,265		—	N/A
December 31, 2023	562,800		2,219		—	N/A
December 31, 2022	749,800		1,845		—	N/A
December 31, 2021	668,400		1,702		—	N/A
Bushnell Peak Funding Facility
March 31, 2026	504,300		2,275		—	N/A
December 31, 2025	554,300		2,357		—	N/A
December 31, 2024	480,300		2,265		—	N/A
December 31, 2023	465,300		2,219		—	N/A
December 31, 2022	400,000		1,845		—	N/A
December 31, 2021	395,500		1,702		—	N/A
Granite Peak Funding Facility
March 31, 2026	474,000		2,275		—	N/A
December 31, 2025	500,000		2,357		—	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

223

Table of Contents

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)
Middle Peak Funding Facility
March 31, 2026	$	750,000	$	2,275	—	N/A
December 31, 2025	890,000		2,357		—	N/A
December 31, 2024	750,000		2,265		—	N/A
December 31, 2023	600,950		2,219		—	N/A
December 31, 2022	596,950		1,845		—	N/A
December 31, 2021	799,550		1,702		—	N/A
Bison Peak Funding Facility
March 31, 2026	1,155,200		2,275		—	N/A
December 31, 2025	1,437,200		2,357		—	N/A
December 31, 2024	1,203,200		2,265		—	N/A
December 31, 2023	703,200		2,219		—	N/A
December 31, 2022	1,182,000		1,845		—	N/A
December 31, 2021	1,320,800		1,702		—	N/A
Blanca Peak Funding Facility
March 31, 2026	825,000		2,275		—	N/A
December 31, 2025	951,000		2,357		—	N/A
December 31, 2024	1,375,090		2,265		—	N/A
December 31, 2023	1,375,090		2,219		—	N/A
December 31, 2022	1,081,000		1,845		—	N/A
December 31, 2021	892,800		1,702		—	N/A
Windom Peak Funding Facility
March 31, 2026	1,292,633		2,275		—	N/A
December 31, 2025	2,150,076		2,357		—	N/A
December 31, 2024	1,029,841		2,265		—	N/A
December 31, 2023	967,477		2,219		—	N/A
December 31, 2022	1,741,465		1,845		—	N/A
December 31, 2021	989,759		1,702		—	N/A
Monarch Peak Funding Facility
March 31, 2026	1,050,000		2,275		—	N/A
December 31, 2025	1,500,000		2,357		—	N/A
December 31, 2024	750,000		2,265		—	N/A
December 31, 2023	1,400,400		2,219		—	N/A
December 31, 2022	873,400		1,845		—	N/A
December 31, 2021	567,400		1,702		—	N/A
Borah Peak Funding Facility
March 31, 2026	—		—		—	N/A
December 31, 2025	—		—		—	N/A
December 31, 2024	—		—		—	N/A
December 31, 2023	130,000		2,219		—	N/A
December 31, 2022	223,000		1,845		—	N/A
December 31, 2021	—		—		—	N/A

224

Table of Contents

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)
2022-1 BSL WH
March 31, 2026	$	—	$	—	—	N/A
December 31, 2025	—		—		—	N/A
December 31, 2024	—		—		—	N/A
December 31, 2023	—		—		—	N/A
December 31, 2022	148,000		1,845		—	N/A
December 31, 2021	—		—		—	N/A
Naomi Peak Funding Facility
March 31, 2026	—		—		—	N/A
December 31, 2025	—		—		—	N/A
December 31, 2024	—		—		—	N/A
December 31, 2023	385,000		2,219		—	N/A
December 31, 2022	400,000		1,845		—	N/A
December 31, 2021	—		—		—	N/A
Meridian Peak Funding Facility
March 31, 2026	—		—		—	N/A
December 31, 2025	—		—		—	N/A
December 31, 2024	246,000		2,265		—	N/A
December 31, 2023	246,000		2,219		—	N/A
December 31, 2022	170,000		1,845		—	N/A
December 31, 2021	—		—		—	N/A
Haydon Peak Funding Facility
March 31, 2026	189,000		2,275		—	N/A
December 31, 2025	212,000		2,357		—	N/A
December 31, 2024	250,000		2,265		—	N/A
December 31, 2023	49,000		2,219		—	N/A
December 31, 2022	49,000		1,845		—	N/A
December 31, 2021	—		—		—	N/A
Bear Peak Funding Facility
March 31, 2026	—		—		—	N/A
December 31, 2025	587,017		2,357		—	N/A
December 31, 2024	164,816		2,265		—	N/A
December 31, 2023	360,531		2,219		—	N/A
December 31, 2022	166,031		1,845		—	N/A
December 31, 2021	—		—		—	N/A
Phoenix Peak Funding Facility
March 31, 2026	217,723		2,275		—	N/A
December 31, 2025	221,455		2,357		—	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

225

Table of Contents

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)
2025-2 Lender Finance Warehouse Facility
March 31, 2026	$	—	$	—	—	N/A
December 31, 2025	—		2,357		—	N/A
December 31, 2024	—		—		—	N/A
December 31, 2023	—		—		—	N/A
December 31, 2022	—		—		—	N/A
December 31, 2021	—		—		—	N/A
Sonora Peak Funding Facility
March 31, 2026	550,000		2,275		—	N/A
December 31, 2025	—		—		—	N/A
December 31, 2024	—		—		—	N/A
December 31, 2023	—		—		—	N/A
December 31, 2022	—		—		—	N/A
December 31, 2021	—		—		—	N/A
Ramsey Peak Funding Facility
March 31, 2026	—		2,275		—	N/A
December 31, 2025	—		—		—	N/A
December 31, 2024	—		—		—	N/A
December 31, 2023	—		—		—	N/A
December 31, 2022	—		—		—	N/A
December 31, 2021	—		—		—	N/A
Crystal Peak Funding Facility
March 31, 2026	—		2,275		—	N/A
December 31, 2025	—		—		—	N/A
December 31, 2024	—		—		—	N/A
December 31, 2023	—		—		—	N/A
December 31, 2022	—		—		—	N/A
December 31, 2021	—		—		—	N/A
Weller Peak Funding Facility
March 31, 2026	—		2,275		—	N/A
December 31, 2025	—		—		—	N/A
December 31, 2024	—		—		—	N/A
December 31, 2023	—		—		—	N/A
December 31, 2022	—		—		—	N/A
December 31, 2021	—		—		—	N/A
PC Static 2026-1 Funding Facility
March 31, 2026	—		2,275		—	N/A
December 31, 2025	—		—		—	N/A
December 31, 2024	—		—		—	N/A
December 31, 2023	—		—		—	N/A
December 31, 2022	—		—		—	N/A
December 31, 2021	—		—		—	N/A

226

Table of Contents

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)
Revolving Credit Facility
March 31, 2026	$	2,474,396	$	2,275	—	N/A
December 31, 2025	2,259,240		2,357		—	N/A
December 31, 2024	4,639,587		2,265		—	N/A
December 31, 2023	1,131,025		2,219		—	N/A
December 31, 2022	1,470,758		1,845		—	N/A
December 31, 2021	1,144,422		1,702		—	N/A
June 2024 Notes
March 31, 2026	—		—		—	N/A
December 31, 2025	—		—		—	N/A
December 31, 2024	—		—		—	N/A
December 31, 2023	435,000		2,219		—	N/A
December 31, 2022	435,000		1,845		—	N/A
December 31, 2021	435,000		1,702		—	N/A
2026 Notes
March 31, 2026	400,000		2,275		—	N/A
December 31, 2025	400,000		2,357		—	N/A
December 31, 2024	400,000		2,265		—	N/A
December 31, 2023	400,000		2,219		—	N/A
December 31, 2022	400,000		1,845		—	N/A
December 31, 2021	400,000		1,702		—	N/A
May 2027 Notes
March 31, 2026	625,000		2,275		—	N/A
December 31, 2025	625,000		2,357		—	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
October 2027 Notes
March 31, 2026	350,000		2,275		—	N/A
December 31, 2025	350,000		2,357		—	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 5.54% Notes
March 31, 2026	500,000		2,275		—	N/A
December 31, 2025	500,000		2,357		—	N/A
December 31, 2024	—		—		—	N/A
December 31, 2023	—		—		—	N/A
December 31, 2022	—		—		—	N/A
December 31, 2021	—		—		—	N/A

227

Table of Contents

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 2033 Notes
March 31, 2026	$	500,000	$	2,275	—	N/A
December 31, 2025	500,000		2,357		—	N/A
December 31, 2024	—		—		—	N/A
December 31, 2023	—		—		—	N/A
December 31, 2022	—		—		—	N/A
December 31, 2021	—		—		—	N/A
January 2032 Series 2026A Notes
March 31, 2026	210,000		2,275		—	N/A
December 31, 2025	—		—		—	N/A
December 31, 2024	—		—		—	N/A
December 31, 2023	—		—		—	N/A
December 31, 2022	—		—		—	N/A
December 31, 2021	—		—		—	N/A
September 2024 Notes
March 31, 2026	—		—		—	N/A
December 31, 2025	—		—		—	N/A
December 31, 2024	—		—		—	N/A
December 31, 2023	365,000		2,219		—	N/A
December 31, 2022	365,000		1,845		—	N/A
December 31, 2021	365,000		1,702		—	N/A
December 2026 Notes
March 31, 2026	1,250,000		2,275		—	N/A
December 31, 2025	1,250,000		2,357		—	N/A
December 31, 2024	1,250,000		2,265		—	N/A
December 31, 2023	1,250,000		2,219		—	N/A
December 31, 2022	1,250,000		1,845		—	N/A
December 31, 2021	1,250,000		1,702		—	N/A
November 2026 Eurobonds
March 31, 2026	577,925		2,275		—	N/A
December 31, 2025	587,600		2,357		—	N/A
December 31, 2024	517,925		2,265		—	N/A
December 31, 2023	551,975		2,219		—	N/A
December 31, 2022	534,975		1,845		—	N/A
December 31, 2021	569,958		1,702		—	N/A
November 2024 Notes
March 31, 2026	—		—		—	N/A
December 31, 2025	—		—		—	N/A
December 31, 2024	—		—		—	N/A
December 31, 2023	500,000		2,219		—	N/A
December 31, 2022	500,000		1,845		—	N/A
December 31, 2021	500,000		1,702		—	N/A

228

Table of Contents

Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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


Class and Period	Total Amount Outstanding Exclusive of Treasury Securities (1)		Asset Coverage per Unit (2)		Involuntary Liquidating Preference per Unit (3)	Average Market Value per Unit (4)
March 2027 Notes
March 31, 2026	$	1,000,000	$	2,275	—	N/A
December 31, 2025	1,000,000		2,357		—	N/A
December 31, 2024	1,000,000		2,265		—	N/A
December 31, 2023	1,000,000		2,219		—	N/A
December 31, 2022	1,000,000		1,845		—	N/A
December 31, 2021	1,000,000		1,702		—	N/A
January 2025 Notes
March 31, 2026	—		—		—	N/A
December 31, 2025	—		—		—	N/A
December 31, 2024	500,000		2,265		—	N/A
December 31, 2023	500,000		2,219		—	N/A
December 31, 2022	500,000		1,845		—	N/A
December 31, 2021	—		—		—	N/A
January 2029 Notes
March 31, 2026	650,000		2,275		—	N/A
December 31, 2025	650,000		2,357		—	N/A
December 31, 2024	650,000		2,265		—	N/A
December 31, 2023	650,000		2,219		—	N/A
December 31, 2022	650,000		1,845		—	N/A
December 31, 2021	—		—		—	N/A
March 2025 Notes
March 31, 2026	—		—		—	N/A
December 31, 2025	—		—		—	N/A
December 31, 2024	900,000		2,265		—	N/A
December 31, 2023	900,000		2,219		—	N/A
December 31, 2022	900,000		1,845		—	N/A
December 31, 2021	—		—		—	N/A
April 2026 UK Bonds
March 31, 2026	330,900		2,275		—	N/A
December 31, 2025	336,988		2,357		—	N/A
December 31, 2024	312,975		2,265		—	N/A
December 31, 2023	318,663		2,219		—	N/A
December 31, 2022	301,725		1,845		—	N/A
December 31, 2021	—		—		—	N/A
September 2025 Notes
March 31, 2026	—		—		—	N/A
December 31, 2025	—		—		—	N/A
December 31, 2024	800,000		2,265		—	N/A
December 31, 2023	800,000		2,219		—	N/A
December 31, 2022	800,000		1,845		—	N/A
December 31, 2021	—		—		—	N/A

229

Table of Contents

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)
November 2028 Notes
March 31, 2026	$	650,000	$	2,275	—	N/A
December 31, 2025	650,000		2,357		—	N/A
December 31, 2024	500,000		2,265		—	N/A
December 31, 2023	500,000		2,219		—	N/A
December 31, 2022	—		—		—	N/A
December 31, 2021	—		—		—	N/A
January 2031 Notes
March 31, 2026	600,000		2,275		—	N/A
December 31, 2025	600,000		2,357		—	N/A
December 31, 2024	500,000		2,265		—	N/A
December 31, 2023	—		—		—	N/A
December 31, 2022	—		—		—	N/A
December 31, 2021	—		—		—	N/A
July 2029 Notes
March 31, 2026	900,000		2,275		—	N/A
December 31, 2025	900,000		2,357		—	N/A
December 31, 2024	500,000		2,265		—	N/A
December 31, 2023	—		—		—	N/A
December 31, 2022	—		—		—	N/A
December 31, 2021	—		—		—	N/A
September 2027 Notes
March 31, 2026	400,000		2,275		—	N/A
December 31, 2025	400,000		2,357		—	N/A
December 31, 2024	400,000		2,265		—	N/A
December 31, 2023	—		—		—	N/A
December 31, 2022	—		—		—	N/A
December 31, 2021	—		—		—	N/A
April 2030 Notes
March 31, 2026	400,000		2,275		—	N/A
December 31, 2025	400,000		2,357		—	N/A
December 31, 2024	400,000		2,265		—	N/A
December 31, 2023	—		—		—	N/A
December 31, 2022	—		—		—	N/A
December 31, 2021	—		—		—	N/A
November 2029 Notes
March 31, 2026	400,000		2,275		—	N/A
December 31, 2025	400,000		2,357		—	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

230

Table of Contents

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)
November 2034 Notes
March 31, 2026	$	800,000	$	2,275	—	N/A
December 31, 2025	800,000		2,357		—	N/A
December 31, 2024	800,000		2,265		—	N/A
December 31, 2023	—		—		—	N/A
December 31, 2022	—		—		—	N/A
December 31, 2021	—		—		—	N/A
January 2032 Notes
March 31, 2026	1,000,000		2,275		—	N/A
December 31, 2025	1,000,000		2,357		—	N/A
December 31, 2024	—		—		—	N/A
December 31, 2023	—		—		—	N/A
December 31, 2022	—		—		—	N/A
December 31, 2021	—		—		—	N/A
September 2030 Notes
March 31, 2026	500,000		2,275		—	N/A
December 31, 2025	500,000		2,357		—	N/A
December 31, 2024	—		—		—	N/A
December 31, 2023	—		—		—	N/A
December 31, 2022	—		—		—	N/A
December 31, 2021	—		—		—	N/A
March 2031 5.350% Notes
March 31, 2026	700,000		2,275		—	N/A
December 31, 2025	—		—		—	N/A
December 31, 2024	—		—		—	N/A
December 31, 2023	—		—		—	N/A
December 31, 2022	—		—		—	N/A
December 31, 2021	—		—		—	N/A
2021-1 BSL Notes
March 31, 2026	—		—		—	N/A
December 31, 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
March 31, 2026	505,800		2,275		—	N/A
December 31, 2025	505,800		2,357		—	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

231

Table of Contents

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)
MML 2021-1 Debt
March 31, 2026	$	690,000	$	2,275	—	N/A
December 31, 2025	690,000		2,357		—	N/A
December 31, 2024	690,000		2,265		—	N/A
December 31, 2023	690,000		2,219		—	N/A
December 31, 2022	690,000		1,845		—	N/A
December 31, 2021	690,000		1,702		—	N/A
MML 2022-1 Debt
March 31, 2026	759,000		2,275		—	N/A
December 31, 2025	759,000		2,357		—	N/A
December 31, 2024	759,000		2,265		—	N/A
December 31, 2023	759,000		2,219		—	N/A
December 31, 2022	759,000		1,845		—	N/A
December 31, 2021	—		—		—	N/A
2022-1 BSL Debt
March 31, 2026	420,000		2,275		—	N/A
December 31, 2025	420,000		2,357		—	N/A
December 31, 2024	420,000		2,265		—	N/A
December 31, 2023	420,000		2,219		—	N/A
December 31, 2022	420,000		1,845		—	N/A
December 31, 2021	—		—		—	N/A
MML 2022-2 Debt
March 31, 2026	300,500		2,275		—	N/A
December 31, 2025	300,500		2,357		—	N/A
December 31, 2024	300,500		2,265		—	N/A
December 31, 2023	300,500		2,219		—	N/A
December 31, 2022	300,500		1,845		—	N/A
December 31, 2021	—		—		—	N/A
2023-1 Notes
March 31, 2026	305,000		2,275		—	N/A
December 31, 2025	305,000		2,357		—	N/A
December 31, 2024	305,000		2,265		—	N/A
December 31, 2023	305,000		2,219		—	N/A
December 31, 2022	—		—		—	N/A
December 31, 2021	—		—		—	N/A
2024-1 Notes
March 31, 2026	244,000		2,275		—	N/A
December 31, 2025	244,000		2,357		—	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

232

Table of Contents

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)
2024-2 Notes
March 31, 2026	$	305,000	$	2,275	—	N/A
December 31, 2025	305,000		2,357		—	N/A
December 31, 2024	305,000		2,265		—	N/A
December 31, 2023	—		—		—	N/A
December 31, 2022	—		—		—	N/A
December 31, 2021	—		—		—	N/A
2025-1 Notes
March 31, 2026	884,000		2,275		—	N/A
December 31, 2025	884,000		2,357		—	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
March 31, 2026	890,000		2,275		—	N/A
December 31, 2025	890,000		2,357		—	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
March 31, 2026	528,975		2,275		—	N/A
December 31, 2025	661,625		2,357		—	N/A
December 31, 2024	—		—		—	N/A
December 31, 2023	—		—		—	N/A
December 31, 2022	—		—		—	N/A
December 31, 2021	—		—		—	N/A
2025-2 Lender Finance
March 31, 2026	882,500		2,275		—	N/A
December 31, 2025	—		—		—	N/A
December 31, 2024	—		—		—	N/A
December 31, 2023	—		—		—	N/A
December 31, 2022	—		—		—	N/A
December 31, 2021	—		—		—	N/A
2026-1 Notes
March 31, 2026	735,000		2,275		—	N/A
December 31, 2025	—		—		—	N/A
December 31, 2024	—		—		—	N/A
December 31, 2023	—		—		—	N/A
December 31, 2022	—		—		—	N/A
December 31, 2021	—		—		—	N/A

233

Table of Contents

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)
Short-Term Borrowings
March 31, 2026	$	938,093	$	2,275	—	N/A
December 31, 2025	856,829		2,357		—	N/A
December 31, 2024	420,829		2,265		—	N/A
December 31, 2023	28,546		2,219		—	N/A
December 31, 2022	619,377		1,845		—	N/A
December 31, 2021	718,156		1,702		—	N/A

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

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

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

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

As of March 31, 2026 and December 31, 2025, the aggregate principal amount of indebtedness outstanding was $35.3 billion and $35.1 billion, respectively.

Note 11. Joint Ventures

BCRED Emerald JV

Emerald JV was formed as a joint venture between the Company and a large North American pension fund, 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 and, to a lesser extent, make other debt and equity investments.

As of March 31, 2026 and December 31, 2025, a wholly-owned subsidiary of the Company and entities affiliated with, and controlled by, a North American pension fund (collectively, the “Emerald JV Partner”) had commitments to contribute up to $2,250.0 million and $750.0 million of capital, respectively, to the Emerald JV.

As of March 31, 2026, the Company and the Emerald JV Partner had made capital contributions (net of returns of capital) of $1,836.0 million and $612.0 million, respectively. As of December 31, 2025, the Company and the Emerald JV Partner had made capital contributions (net of returns of capital) of $1,815.0 million and $605.0 million, respectively. As of March 31, 2026, the Company and the Emerald JV Partner had $414.0 million and $138.0 million, respectively, of capital remained uncalled. As of December 31, 2025, the Company and the Emerald JV Partner had $435.0 million and $145.0 million of capital remained uncalled. The Company and the Emerald JV Partner may, from time-to-time, make additional contributions of capital or may receive returns of capital from the Emerald JV.

As of March 31, 2026 and December 31, 2025, the Company’s and the Emerald JV Partner’s equity ownership interests in the Emerald JV were 75% and 25%, respectively.

From time to time, the Company may purchase investments from, or sell investments to, the Emerald JV. Any such purchases and sales require the approval of the Emerald JV’s general partner, which is jointly controlled by the Company and the Emerald JV Partner. For the three months ended March 31, 2026, the Company sold an investment to Emerald JV with a par value of $1.1 billion, for a total cash purchase price based on then-current fair value (at the time of purchase) of $1.1 billion. The Company recognized $0.2 million of net realized gains as a result of sales of investments to the Emerald JV and are included in net realized gain (loss) on investments in the Condensed Consolidated Statements of Operations.

234

Table of Contents

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 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 of the Emerald JV’s general partner, except in the case of a dissolution event. The Company’s investment in the Emerald JV cannot be transferred without the consent of the Emerald JV Partner. Effective January 18, 2026, the Emerald JV’s general partner approved the extension of the Emerald JV to July 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 Schedules of Investments as of March 31, 2026 and December 31, 2025.

235

Table of Contents

BCRED Emerald JV LP

Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)

The following table presents the consolidated schedule of investments of the Emerald JV as of March 31, 2026:


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

First Lien Debt
Aerospace & Defense
Atlas CC Acquisition Corp.	(10)(17)	SOFR +	4.25%	8.22%	7/25/2025	5/25/2029	$	8,167	$	5,791	$	1,731	0.08	%
Atlas CC Acquisition Corp.	(10)(17)	SOFR +	4.25%	8.18%	7/25/2025	5/25/2029	1,186		783		251		0.01
Dynasty Acquisition Co, Inc.	(8)	SOFR +	2.00%	5.67%	10/14/2025	10/31/2031	7,208		7,219		7,220		0.35
Dynasty Acquisition Co, Inc.	(8)	SOFR +	2.00%	5.67%	10/14/2025	10/31/2031	2,742		2,746		2,746		0.13
Peraton Corp.	(10)	SOFR +	3.75%	7.52%	8/4/2022	2/1/2028	19,969		19,946		17,090		0.83
Propulsion BC Newco, LLC	(9)	SOFR +	2.50%	6.20%	12/1/2025	12/1/2032	3,162		3,155		3,167		0.15
Sanders Industries Holdings, Inc.	(7)(9)	SOFR +	2.50%	6.20%	3/10/2025	2/26/2032	23,221		23,070		23,259		1.13
Signia Aerospace, LLC	(7)(8)	SOFR +	2.75%	6.42%	7/23/2025	12/11/2031	20,737		20,804		20,818		1.01
TransDigm, Inc.	(8)	SOFR +	2.50%	6.17%	11/19/2024	1/19/2032	9,850		9,886		9,860		0.48
TransDigm, Inc.	(8)	SOFR +	2.50%	6.17%	11/19/2024	2/28/2031	3,950		3,931		3,955		0.19
TransDigm, Inc.	(8)	SOFR +	2.50%	6.17%	8/13/2025	8/19/2032	6,747		6,731		6,754		0.33
TransDigm, Inc.	(8)	SOFR +	2.25%	5.92%	9/11/2025	3/22/2030	10,891		10,933		10,904		0.53
Vertex Aerospace Services Corp.	(10)	SOFR +	2.25%	5.92%	1/19/2022	12/6/2030	12,506		12,476		12,533		0.61
									127,471		120,288		5.83
Air Freight & Logistics
AIT Worldwide Logistics Holdings, Inc.	(10)	SOFR +	4.00%	7.67%	10/30/2024	4/8/2030	20,067		20,067		20,130		0.98
Mode Purchaser, Inc.	(4)(11)	SOFR +	6.25%	10.04%	1/19/2022	12/9/2027	30,993		30,993		27,739		1.35
RWL Holdings, LLC	(4)(10)	SOFR +	5.75%	9.60%	1/19/2022	12/31/2028	26,031		25,825		24,730		1.20
Savage Enterprises, LLC	(8)	SOFR +	2.50%	6.17%	7/30/2025	8/5/2032	8,996		8,987		9,009		0.44
SEKO Global Logistics Network, LLC	(4)(11)	SOFR +	10.00%	13.67% PIK	11/27/2024	11/27/2029	2,960		2,926		2,960		0.14
SEKO Global Logistics Network, LLC	(4)(11)	SOFR +	7.00%	10.67% PIK	11/27/2024	5/27/2030	8,844		8,844		8,844		0.43
SEKO Global Logistics Network, LLC	(4)(7)(11)	SOFR +	10.50%	14.17% (incl. 9.50% PIK)	11/10/2025	11/27/2029	684		682		684		0.03
Stonepeak Nile Parent, LLC	(8)	SOFR +	2.25%	5.92%	10/14/2025	4/9/2032	23,259		23,229		23,251		1.13
Wwex Uni Topco Holdings, LLC	(10)	SOFR +	4.00%	7.70%	11/8/2024	7/26/2028	6,159		6,083		6,171		0.30
Wwex Uni Topco Holdings, LLC	(4)(10)	SOFR +	4.75%	8.45%	3/21/2025	7/26/2028	15,329		15,142		15,406		0.75
									142,778		138,924		6.75
Airlines (Passenger Airlines)
Air Canada	(8)	SOFR +	1.75%	5.42%	1/9/2026	3/21/2031	1,383		1,383		1,375		0.07
American Airlines, Inc.	(8)	SOFR +	2.25%	5.92%	1/19/2022	4/20/2028	2,461		2,461		2,443		0.12
American Airlines, Inc.	(8)	SOFR +	2.25%	6.00%	12/12/2024	2/15/2028	14,847		14,890		14,513		0.71
American Airlines, Inc.	(8)	SOFR +	2.75%	6.42%	5/28/2025	5/28/2032	2,844		2,819		2,824		0.14
JetBlue Airways Corp.	(9)	SOFR +	4.75%	8.44%	11/7/2024	8/27/2029	4,925		4,941		4,529		0.22
OneSky Flight, LLC	(8)	SOFR +	2.75%	6.43%	2/17/2026	2/17/2033	2,415		2,403		2,412		0.12
									28,897		28,096		1.38

236

Table of Contents

BCRED Emerald JV LP

Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)


Investments (1)(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)
Automobile Components
Belron Finance 2019, LLC	(9)	SOFR +	2.00%	5.66%	2/9/2026	10/16/2031	$	9,851	$	9,943	$	9,859	0.48	%
Clarios Global, LP	(8)	SOFR +	2.50%	6.17%	3/5/2025	5/6/2030	8,912		8,915		8,896		0.43
Clarios Global, LP	(8)	SOFR +	2.75%	6.42%	1/28/2025	1/28/2032	23,365		23,298		23,336		1.14
Valvoline, Inc.	(8)	SOFR +	2.00%	5.67%	3/19/2025	12/1/2032	2,686		2,674		2,699		0.13
									44,830		44,790		2.18
Biotechnology
Alkermes, Inc.	(8)	SOFR +	2.75%	6.42%	2/12/2026	8/12/2031	2,136		2,131		2,155		0.10
Grifols Worldwide Operations USA, Inc.	(8)	SOFR +	2.00%	5.77%	7/23/2025	11/15/2027	10,000		9,991		10,002		0.49
									12,122		12,157		0.59
Broadline Retail
Peer Holding III, BV	(8)	SOFR +	2.25%	5.95%	9/29/2025	9/29/2032	4,127		4,127		4,097		0.20
Building Products
Fencing Supply Group Acquisition, LLC	(4)(11)	SOFR +	6.00%	9.77%	1/19/2022	2/26/2029	19,708		19,685		18,969		0.92
LBM Acquisition, LLC	(10)	SOFR +	3.75%	7.52%	6/6/2024	6/6/2031	9,295		9,217		7,501		0.37
MIWD Holdco II, LLC	(8)	SOFR +	2.75%	6.42%	10/3/2024	3/28/2031	9,083		9,158		8,398		0.41
Resideo Funding, Inc.	(8)	SOFR +	2.00%	5.67%	8/8/2025	8/13/2032	6,679		6,681		6,671		0.32
TCP Sunbelt Acquisition, Co.	(8)	SOFR +	4.25%	7.92%	10/15/2024	10/24/2031	25,073		24,872		25,120		1.22
Windows Acquisition Holdings, Inc.	(4)(11)	SOFR +	6.50%	10.35%	1/19/2022	12/29/2026	10,473		10,473		8,169		0.40
									80,086		74,828		3.64
Capital Markets
Apex Group Treasury, LLC	(8)	SOFR +	3.50%	7.17%	2/27/2025	2/27/2032	71,116		71,067		65,012		3.17
Aretec Group, Inc.	(8)	SOFR +	3.00%	6.67%	11/20/2025	8/9/2030	19,216		19,070		19,001		0.93
Chrysaor Bidco S.à r.l.	(9)	SOFR +	3.25%	6.90%	10/14/2025	10/30/2031	1,583		1,579		1,582		0.08
Citco Funding, LLC	(9)	SOFR +	2.00%	5.67%	1/30/2026	1/30/2033	7,164		7,146		7,145		0.35
EP Wealth Advisors, LLC	(8)	SOFR +	3.00%	6.70%	10/16/2025	10/18/2032	2,415		2,410		2,420		0.12
Focus Financial Partners, LLC	(8)	SOFR +	2.50%	6.17%	3/13/2025	9/15/2031	25,893		25,792		25,115		1.22
GTCR Everest Borrower, LLC	(8)	SOFR +	2.50%	6.20%	2/3/2026	9/5/2031	25,250		25,130		25,100		1.22
Hudson River Trading, LLC	(8)	SOFR +	2.50%	6.18%	1/21/2026	3/18/2030	2,645		2,634		2,637		0.13
ITG Communications, LLC	(4)(8)	SOFR +	4.75%	8.45%	7/1/2025	7/9/2031	9,109		8,804		8,699		0.42
Jane Street Group, LLC	(8)	SOFR +	2.00%	5.67%	7/23/2025	12/15/2031	8,228		8,190		8,087		0.39
Jump Financial, LLC	(8)	SOFR +	3.50%	7.20%	7/31/2025	2/26/2032	696		696		697		0.03
Kestra Advisor Services Holdings A, Inc.	(8)	SOFR +	3.00%	6.67%	8/1/2025	3/21/2031	1,570		1,570		1,561		0.08
Osaic Holdings, Inc.	(8)	SOFR +	2.50%	6.20%	2/2/2026	7/30/2032	25,722		25,690		25,290		1.23
Resolute Investment Managers, Inc.	(11)	SOFR +	6.50%	10.46%	12/29/2023	10/30/2028	939		933		753		0.04
Saphilux S.à r.l.	(8)	S +	4.25%	8.22%	7/27/2023	7/18/2028	GBP	20,000	25,560		26,505		1.29
Saphilux S.à r.l.	(8)	SOFR +	3.00%	6.73%	7/17/2025	7/18/2028	1,323		1,323		1,324		0.06

237

Table of Contents

BCRED Emerald JV LP

Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)


Investments (1)(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 (continued)
Situs-AMC Holdings Corporation	(4)(10)	SOFR +	5.50%	9.20%	9/26/2022	5/14/2031	$	89,637	$	89,108	$	89,637	4.37	%
Superannuation & Investments US, LLC	(9)	SOFR +	2.50%	6.17%	1/30/2026	12/1/2028	3,064		3,069		3,067		0.15
The Edelman Financial Engines Center, LLC	(8)	SOFR +	3.00%	6.67%	6/5/2024	4/7/2028	18,395		18,395		18,398		0.90
									338,166		332,030		16.18
Chemicals
Derby Buyer, LLC	(9)	SOFR +	3.00%	6.68%	12/13/2024	11/1/2030	13,012		13,066		13,019		0.63
Discovery Purchaser Corp.	(9)	SOFR +	3.75%	7.42%	12/2/2024	10/4/2029	9,927		9,988		9,791		0.48
Fortis 333, Inc.	(8)	SOFR +	3.50%	7.17%	2/6/2025	3/27/2032	3,474		3,466		3,385		0.16
Latham Pool Products, Inc.	(4)(7)(8)	SOFR +	3.50%	7.26%	1/19/2022	2/23/2027	4,650		4,650		4,526		0.22
Olympus Water US Holding Corp.	(8)	SOFR +	3.25%	6.95%	11/3/2025	11/3/2032	2,680		2,674		2,591		0.13
Pigments Services, Inc.	(4)(14)(17)	SOFR +	8.25%	12.02% PIK	4/14/2023	4/14/2029	8,303		4,670		0		0.00
Pigments Services, Inc.	(4)(14)(17)	SOFR +	8.25%	12.02% PIK	4/14/2023	4/14/2029	4,054		3,558		2,182		0.11
Solstice Advanced Materials, Inc.	(8)	SOFR +	1.75%	5.42%	10/29/2025	10/29/2032	2,915		2,911		2,934		0.14
									44,983		38,428		1.87
Commercial Services & Supplies
Access CIG, LLC	(9)	SOFR +	4.00%	7.70%	8/15/2025	8/19/2030	21,443		21,182		19,495		0.95
Allied Universal Holdco, LLC	(8)	SOFR +	3.25%	6.92%	8/6/2025	8/20/2032	33,147		33,109		33,189		1.62
Anticimex, Inc.	(8)	SOFR +	2.90%	6.56%	11/21/2025	11/17/2031	30,436		30,420		30,522		1.49
Armor Holdco, Inc.	(9)	SOFR +	3.75%	7.55%	11/20/2025	12/10/2031	13,985		13,958		13,930		0.68
Belfor Holdings, Inc.	(9)	SOFR +	2.75%	6.42%	8/8/2025	11/1/2030	142		142		143		0.01
DG Investment Intermediate Holdings 2, Inc.	(8)	SOFR +	3.25%	6.92%	7/2/2025	7/9/2032	13,380		13,326		13,388		0.65
EAB Global, Inc.	(9)	SOFR +	3.00%	6.70%	1/19/2022	8/16/2030	13,001		12,996		11,619		0.57
Foundational Education Group, Inc.	(9)	SOFR +	3.75%	7.68%	6/7/2022	8/31/2028	3,840		3,785		3,532		0.17
GFL Environmental Services USA, Inc.	(8)	SOFR +	2.50%	6.17%	3/3/2025	3/3/2032	18,035		18,025		18,057		0.88
International SOS (The Americas), LP	(4)(9)	SOFR +	2.75%	6.45%	6/28/2024	9/7/2028	1,916		1,916		1,916		0.09
JSS Holdings, Inc.	(4)(10)	SOFR +	5.00%	8.71% (incl. 2.75% PIK)	1/19/2022	11/8/2031	37,683		37,528		37,683		1.84
KPSKY Acquisition, Inc.	(4)(10)(18)	SOFR +	5.50%	9.27%	9/26/2022	10/19/2028	131,873		129,003		116,378		5.67
Lsf12 Crown US Commercial Bidco, LLC	(8)	SOFR +	3.00%	6.67%	1/20/2026	12/2/2031	6,397		6,397		6,412		0.31
OMNIA Partners, LLC	(8)	SOFR +	2.75%	6.43%	1/26/2024	12/31/2032	32,538		32,696		32,551		1.59
Pinnacle Buyer, LLC	(7)(8)	SOFR +	2.50%	6.16%	9/11/2025	10/1/2032	10,086		10,084		10,115		0.49

238

Table of Contents

BCRED Emerald JV LP

Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)


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

First Lien Debt (continued)
Commercial Services & Supplies (continued)
Polyphase Elevator Holding, Co.	(4)(10)	SOFR +	5.00%	8.70%	11/24/2025	11/24/2032	$	29,206	$	28,765	$	29,206	1.42	%
Prime Security Services Borrower, LLC	(8)	SOFR +	2.00%	5.66%	11/20/2024	10/13/2030	15,074		15,043		15,027		0.73
Prime Security Services Borrower, LLC	(8)	SOFR +	1.75%	5.41%	10/1/2025	3/7/2032	3,845		3,809		3,798		0.19
Pye-Barker Fire & Safety, LLC	(7)(8)	SOFR +	2.50%	6.17%	12/16/2025	12/16/2032	11,269		11,215		11,304		0.55
Tempo Acquisition, LLC	(9)	SOFR +	1.75%	5.42%	3/13/2025	8/31/2028	8,269		8,247		6,001		0.29
The Action Environmental Group, Inc.	(9)	SOFR +	3.00%	6.69%	1/15/2026	10/24/2030	151		151		151		0.01
TMF Sapphire Bidco, BV	(8)	SOFR +	2.75%	6.40%	1/22/2025	5/3/2028	271		271		272		0.01
									432,068		414,689		20.21
Communications Equipment
Viavi Solutions, Inc.	(8)	SOFR +	2.50%	6.17%	10/16/2025	10/16/2032	2,127		2,122		2,135		0.10
Construction & Engineering
Amentum Holdings, Inc.	(8)	SOFR +	2.00%	5.67%	4/4/2025	9/29/2031	3,985		3,860		3,991		0.19
Azuria Water Solutions, Inc.	(10)	SOFR +	3.00%	6.67%	5/15/2025	5/17/2028	5,351		5,309		5,313		0.26
Brookfield WEC Holdings, Inc.	(8)	SOFR +	2.00%	5.67%	1/25/2024	1/27/2031	33,467		33,479		33,446		1.63
Centuri Group, Inc.	(8)	SOFR +	2.00%	5.67%	1/12/2026	7/9/2032	3,135		3,128		3,144		0.15
Dycom Industries, Inc.	(8)	SOFR +	1.75%	5.42%	1/27/2026	1/27/2033	2,863		2,856		2,878		0.14
Green Infrastructure Partners US, LLC	(8)	SOFR +	2.75%	6.45%	9/19/2025	9/24/2032	9,363		9,365		9,363		0.46
Socotec US Holding, Inc.	(10)	SOFR +	2.75%	6.38%	2/6/2026	6/2/2031	1,372		1,369		1,374		0.07
Tecta America Corp.	(8)	SOFR +	2.75%	6.42%	12/23/2025	2/18/2032	2,460		2,455		2,454		0.12
Touchdown Acquirer, Inc.	(8)	SOFR +	2.50%	6.16%	2/5/2026	2/21/2031	11,796		11,764		11,649		0.57
									73,585		73,612		3.59
Construction Materials
MSOF Beacon, LLC	(8)	SOFR +	2.50%	6.17%	12/23/2025	12/23/2032	1,810		1,806		1,812		0.09
Quikrete Holdings, Inc.	(8)	SOFR +	2.25%	5.92%	4/8/2025	2/10/2032	9,925		9,811		9,919		0.48
Tamko Building Products, LLC	(8)	SOFR +	2.75%	6.42%	10/23/2024	9/20/2030	7,833		7,877		7,813		0.38
									19,494		19,544		0.95
Consumer Finance
CPI Holdco B, LLC	(8)	SOFR +	2.00%	5.67%	12/11/2025	5/17/2031	10,350		10,340		10,295		0.50

239

Table of Contents

BCRED Emerald JV LP

Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)


Investments (1)(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)
Containers & Packaging
Ascend Buyer, LLC	(4)(10)	SOFR +	5.25%	8.95%	9/26/2022	9/30/2028	$	73,065	$	72,758	$	73,065	3.56	%
Berlin Packaging, LLC	(8)	SOFR +	3.25%	6.91%	7/25/2025	6/7/2031	28,851		28,973		27,881		1.36
Clydesdale Acquisition Holdings, Inc.	(9)	SOFR +	3.18%	6.84%	4/13/2022	4/13/2029	31,338		31,283		29,974		1.46
Clydesdale Acquisition Holdings, Inc.	(9)	SOFR +	3.25%	6.92%	8/22/2025	4/1/2032	10,857		10,820		10,169		0.50
Graham Packaging Co., Inc.	(8)	SOFR +	2.25%	5.92%	1/26/2026	1/26/2033	5,125		5,112		5,081		0.25
ProAmpac PG Borrower, LLC	(8)	SOFR +	4.00%	7.78%	3/6/2026	3/7/2033	12,071		11,851		11,688		0.57
Ring Container Technologies Group, LLC	(9)	SOFR +	2.50%	6.17%	9/11/2025	9/15/2032	21,699		21,726		21,525		1.05
SupplyOne, Inc.	(8)	SOFR +	3.50%	7.17%	4/19/2024	4/19/2031	19,408		19,534		19,487		0.95
TricorBraun Holdings, Inc.	(9)	SOFR +	3.25%	6.92%	1/19/2022	3/3/2031	28,056		27,844		26,738		1.30
Trident TPI Holdings, Inc.	(9)	SOFR +	3.75%	7.45%	10/18/2024	9/15/2028	37,953		37,478		36,038		1.76
									267,379		261,646		12.76
Distributors
Boots Group Finco, LP	(8)	SOFR +	3.25%	6.92%	7/18/2025	8/30/2032	3,371		3,363		3,387		0.16
BP Purchaser, LLC	(4)(10)	SOFR +	7.50%	11.44% (incl. 1.00% PIK)	9/26/2022	12/11/2028	51,862		51,422		39,804		1.94
Genuine Cable Group, LLC	(4)(10)	SOFR +	5.25%	9.02%	1/19/2022	5/3/2027	31,084		31,001		30,851		1.50
Marcone Yellowstone Buyer, Inc.	(4)(10)	SOFR +	7.00%	10.81% (incl. 3.25% PIK)	9/26/2022	6/23/2028	84,755		83,962		75,856		3.70
									169,748		149,898		7.30
Diversified Consumer Services
Barbri Holdings, Inc.	(4)(10)	SOFR +	4.75%	8.44%	1/19/2022	4/30/2030	69,038		68,644		68,520		3.34
Cambium Learning Group, Inc.	(4)(7)(10)	SOFR +	5.50%	9.27%	1/19/2022	7/20/2028	33,819		33,819		32,805		1.60
Cengage Learning, Inc.	(11)	SOFR +	3.00%	6.67%	1/22/2026	3/24/2031	12,043		12,057		11,822		0.58
Covista, Inc.	(10)	SOFR +	2.25%	5.92%	3/2/2026	3/2/2033	4,318		4,297		4,332		0.21
Element Materials Technology Group US Holdings, Inc.	(9)	SOFR +	3.50%	7.20%	4/12/2022	7/6/2029	4,838		4,829		4,859		0.24
Express Wash Concepts, LLC	(4)(7)(11)	SOFR +	5.00%	8.77%	1/19/2022	4/30/2027	31,226		30,973		31,226		1.52
Express Wash Concepts, LLC	(4)(11)	SOFR +	5.00%	8.77%	1/19/2022	4/30/2027	28,030		27,942		28,030		1.37
Fugue Finance, LLC	(9)	SOFR +	2.25%	5.92%	2/4/2026	1/9/2032	7,103		7,126		7,030		0.34
GBT US III, LLC	(8)	SOFR +	2.00%	5.67%	1/21/2026	7/25/2031	1,837		1,837		1,803		0.09
Imagine Learning, LLC	(9)	SOFR +	3.50%	7.17%	2/1/2024	12/21/2029	20,670		20,663		19,223		0.94
Inspired Education US Holdings, Inc.	(8)	SOFR +	2.75%	6.42%	2/11/2026	2/28/2031	3,865		3,855		3,861		0.19
KUEHG Corp.	(9)	SOFR +	2.75%	6.45%	10/21/2024	6/12/2030	20,395		20,426		18,356		0.89

240

Table of Contents

BCRED Emerald JV LP

Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)


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

First Lien Debt (continued)
Diversified Consumer Services (continued)
Learning Care Group US No 2, Inc.	(9)	SOFR +	4.00%	7.67%	3/26/2025	8/11/2028	$	3,683	$	3,663	$	2,712	0.13	%
Mckissock Investment Holdings, LLC	(10)	SOFR +	5.00%	8.82%	3/10/2022	3/12/2029	3,840		3,824		3,356		0.16
Mister Car Wash Holdings, Inc.	(8)	SOFR +	2.25%	5.92%	12/6/2024	3/27/2031	8,595		8,648		8,505		0.41
Pre-Paid Legal Services, Inc.	(9)	SOFR +	3.25%	6.92%	1/19/2022	12/15/2028	27,381		27,327		23,841		1.16
Spring Education Group, Inc.	(8)	SOFR +	3.25%	6.95%	9/10/2025	10/4/2030	313		313		311		0.02
University Support Services, LLC	(9)	SOFR +	2.75%	6.42%	2/10/2022	2/10/2029	15,170		15,151		14,909		0.73
									295,394		285,501		13.92
Diversified Telecommunication Services
Radiate Holdco, LLC	(10)	SOFR +	5.00%	8.78% (incl. 1.50% PIK)	6/30/2025	9/25/2029	2,355		2,355		2,103		0.10
Zacapa, LLC	(9)	SOFR +	3.75%	7.45%	10/29/2024	3/22/2029	15,604		15,675		15,583		0.76
									18,030		17,686		0.86
Electric Utilities
Alpha Generation, LLC	(8)	SOFR +	1.75%	5.42%	7/23/2025	9/30/2031	5,284		5,287		5,277		0.26
Cogentrix Finance Holdco I, LLC	(8)	SOFR +	2.25%	5.92%	8/7/2025	2/26/2032	7,180		7,182		7,191		0.35
NRG Energy, Inc.	(8)	SOFR +	1.75%	5.52%	7/23/2025	4/16/2031	4,962		4,970		4,978		0.24
									17,439		17,446		0.85
Electrical Equipment
Aggreko Holdings, Inc.	(9)	SOFR +	3.00%	6.66%	1/8/2026	5/21/2031	1,392		1,392		1,395		0.07
Arcline FM Holdings, LLC	(10)	SOFR +	2.75%	6.45%	3/27/2025	6/23/2030	2,931		2,931		2,939		0.14
Forgent Intermediate IV, LLC	(8)	SOFR +	3.00%	6.66%	12/19/2025	12/20/2032	4,830		4,784		4,859		0.24
Madison IAQ, LLC	(9)	SOFR +	2.50%	6.13%	1/19/2022	6/21/2028	31,143		31,123		31,171		1.52
Madison IAQ, LLC	(9)	SOFR +	2.75%	6.38%	11/6/2025	11/8/2032	7,530		7,464		7,555		0.37
									47,694		47,919		2.34
Electronic Equipment, Instruments & Components
Albireo Energy, LLC	(4)(11)	SOFR +	5.75%	9.51%	2/5/2026	12/23/2029	3,920		3,912		3,920		0.19
Albireo Energy, LLC	(4)(11)	SOFR +	5.75%	9.51%	2/5/2026	12/23/2029	10,394		10,369		10,394		0.51
Infinite Bidco, LLC	(9)	SOFR +	3.75%	7.68%	1/19/2022	3/2/2028	2,330		2,333		2,218		0.11
Modena Buyer, LLC	(8)	SOFR +	4.25%	7.92%	7/1/2024	7/1/2031	3,061		3,015		2,758		0.13
Project Aurora US Finco, Inc.	(8)	SOFR +	2.75%	6.45%	1/7/2026	9/30/2032	2,891		2,884		2,900		0.14
Qnity Electronics, Inc.	(8)	SOFR +	2.00%	5.67%	10/31/2025	11/1/2032	13,592		13,560		13,592		0.66
Sanmina Corp.	(4)(8)	SOFR +	2.00%	5.67%	10/27/2025	10/27/2032	5,148		5,136		5,161		0.25
									41,209		40,943		1.99
Energy Equipment & Services
Covia Holdings, LLC	(8)	SOFR +	2.75%	6.40%	7/31/2025	2/26/2032	2,812		2,806		2,812		0.14
Ursa Minor US Bidco, LLC	(8)	SOFR +	2.25%	5.95%	11/13/2025	3/26/2031	4,950		5,003		4,958		0.24
									7,809		7,770		0.38

241

Table of Contents

BCRED Emerald JV LP

Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)


Investments (1)(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
EOC Borrower, LLC	(8)	SOFR +	2.75%	6.42%	3/31/2025	3/24/2032	$	14,555	$	14,481	$	14,541	0.71	%
TKO Worldwide Holdings, LLC	(8)	SOFR +	2.00%	5.66%	9/9/2025	11/21/2031	7,488		7,488		7,492		0.36
									21,969		22,033		1.07
Financial Services
Bcpe Pequod Buyer, Inc.	(8)	SOFR +	2.75%	6.42%	12/5/2025	11/25/2031	1,991		1,982		1,936		0.09
Chicago US Midco III, LP	(7)(8)	SOFR +	2.50%	6.17%	10/30/2025	11/1/2032	8,220		8,200		8,143		0.40
Corpay Technologies Operating Co, LLC	(8)	SOFR +	1.75%	5.42%	11/5/2025	11/5/2032	4,380		4,359		4,378		0.21
Mitchell International, Inc.	(9)	SOFR +	3.00%	6.67%	1/22/2026	6/17/2031	14,775		14,767		14,139		0.69
Mitchell International, Inc.	(9)	SOFR +	3.00%	6.67%	1/16/2026	6/17/2031	1,264		1,264		1,209		0.06
Planet US Buyer, LLC	(8)	SOFR +	3.00%	6.67%	11/25/2024	2/7/2031	10,654		10,738		10,671		0.52
Shift4 Payments, LLC	(8)	SOFR +	2.00%	5.65%	1/5/2026	7/3/2032	2,639		2,633		2,637		0.13
Synechron, Inc.	(8)	SOFR +	3.75%	7.45%	10/3/2024	10/3/2031	3,980		3,935		3,666		0.18
									47,878		46,779		2.28
Food Products
CHG PPC Parent, LLC	(9)	SOFR +	3.00%	6.78%	11/7/2024	12/8/2028	15,751		15,806		15,790		0.77
Dreyers Grand Ice Cream, Inc.	(8)	SOFR +	2.25%	5.88%	11/7/2024	9/30/2031	21,792		21,715		21,394		1.04
Froneri US, Inc.	(8)	SOFR +	2.25%	5.88%	7/16/2025	9/30/2032	18,220		18,194		17,903		0.87
PFI Lower Midco, LLC	(8)	SOFR +	4.00%	7.67%	12/1/2025	12/1/2032	1,995		1,976		2,005		0.10
Red SPV, LLC	(8)	SOFR +	2.25%	5.92%	3/13/2025	3/15/2032	7,129		7,098		7,133		0.35
									64,789		64,225		3.13
Health Care Equipment & Supplies
Argent Finco, LLC	(8)	SOFR +	2.50%	6.16%	11/20/2025	11/12/2032	1,730		1,726		1,736		0.08
CSHC Buyerco, LLC	(4)(11)	SOFR +	4.75%	8.52%	2/15/2022	9/8/2026	7,189		7,177		7,171		0.35
CSHC Buyerco, LLC	(4)(10)	SOFR +	4.75%	8.52%	2/15/2022	9/8/2026	3,424		3,418		3,415		0.17
Embecta Corp.	(9)	SOFR +	3.00%	6.67%	12/11/2024	3/30/2029	6,515		6,509		6,526		0.32
Natus Medical, Inc.	(4)(9)	SOFR +	5.25%	9.10%	8/18/2022	7/20/2029	3,149		3,051		3,149		0.15
Resonetics, LLC	(10)	SOFR +	2.75%	6.42%	7/24/2025	6/18/2031	7,307		7,350		7,287		0.35
WS Audiology A/S	(8)	SOFR +	3.25%	6.95%	2/13/2026	2/28/2029	18,778		18,778		18,802		0.92
									48,009		48,086		2.34

242

Table of Contents

BCRED Emerald JV LP

Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)


Investments (1)(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)(17)	SOFR +	6.00%	9.80% (incl. 3.25% PIK)	7/7/2023	8/2/2028	$	133,907	$	132,281	$	93,400	4.55	%
ADCS Clinics Intermediate Holdings, LLC	(4)(11)	SOFR +	6.25%	9.95%	1/19/2022	5/7/2027	1,674		1,670		1,507		0.07
ADCS Clinics Intermediate Holdings, LLC	(4)(11)	SOFR +	6.25%	10.05%	1/19/2022	5/7/2027	28,329		28,240		25,496		1.24
ADCS Clinics Intermediate Holdings, LLC	(4)(7)(11)	SOFR +	6.25%	9.96%	1/19/2022	5/7/2026	313		312		234		0.01
Amerivet Partners Management, Inc.	(4)(10)	SOFR +	5.50%	9.35%	9/26/2022	2/25/2028	81,366		80,571		75,874		3.70
Canadian Hospital Specialties, Ltd.	(4)(11)	CA +	4.50%	7.12%	12/20/2022	4/14/2028	CAD	28,939	21,126		20,803		1.01
CCBlue Bidco, Inc.	(4)(10)	SOFR +	6.50%	10.30% (incl. 4.00% PIK)	1/19/2022	12/21/2028	25,188		25,035		20,654		1.01
CHG Healthcare Services, Inc.	(9)	SOFR +	2.75%	6.42%	7/25/2025	9/29/2028	20,378		20,420		20,419		0.99
CNT Holdings I Corp.	(10)	SOFR +	2.50%	6.17%	4/8/2025	11/8/2032	10,444		10,359		10,451		0.51
DCA Investment Holdings, LLC	(4)(10)(17)	SOFR +	6.41%	12.10%	1/19/2022	4/3/2028	28,505		28,386		23,517		1.15
DCA Investment Holdings, LLC	(4)(10)(17)	SOFR +	6.41%	12.10%	2/25/2022	4/3/2028	794		791		655		0.03
Ensemble RCM, LLC	(8)	SOFR +	3.00%	6.66%	2/9/2026	2/9/2033	27,955		27,921		27,687		1.35
Global Medical Response, Inc.	(8)	SOFR +	3.50%	7.17%	9/10/2025	10/1/2032	38,151		38,062		38,079		1.85
Heartland Dental, LLC	(8)	SOFR +	3.75%	7.42%	8/7/2025	8/25/2032	22,771		22,730		22,754		1.11
ICS US Holdings, Inc.	(9)(17)	SOFR +	5.25%	9.13%	12/20/2022	6/8/2028	35,000		34,049		13,708		0.67
IVI America, LLC	(8)	SOFR +	3.25%	6.95%	9/11/2025	4/18/2031	490		490		494		0.02
Jayhawk Buyer, LLC	(4)(11)	SOFR +	5.25%	9.02%	1/19/2022	4/15/2028	25,464		25,421		24,827		1.21
MED ParentCo, LP	(8)	SOFR +	3.00%	6.67%	12/31/2025	4/15/2031	25,591		25,591		25,612		1.25
Navigator Acquiror, Inc.	(4)(7)(9)	SOFR +	5.50%	9.27% (incl. 4.00% PIK)	1/19/2022	7/16/2030	21,841		21,799		17,408		0.85
Onex TSG Intermediate Corp.	(8)	SOFR +	3.25%	6.95%	2/9/2026	8/6/2032	3,079		3,083		3,100		0.15
PSKW Intermediate, LLC	(4)(11)	SOFR +	5.50%	9.27%	12/11/2024	3/9/2028	30,630		30,630		30,400		1.48
Radiology Partners, Inc.	(8)	SOFR +	4.50%	8.20%	3/6/2025	6/30/2032	12,448		12,405		12,286		0.60
Raven Acquisition Holdings, LLC	(7)(8)	SOFR +	3.00%	6.67%	10/15/2024	11/19/2031	9,240		9,238		9,064		0.44
Smile Doctors, LLC	(4)(7)(10)	SOFR +	5.75%	9.48%	1/19/2022	12/23/2028	140,064		138,834		134,996		6.58
Southern Veterinary Partners, LLC	(8)	SOFR +	2.50%	6.18%	7/22/2025	12/4/2031	36,160		36,264		35,894		1.75
US Fertility Enterprises, LLC	(7)(8)	SOFR +	3.50%	7.17%	12/30/2025	12/30/2032	3,509		3,489		3,508		0.17
WHCG Purchaser III, Inc.	(4)(10)	SOFR +	6.50%	10.20% (incl. 5.10% PIK)	8/2/2024	6/30/2029	2,990		2,990		2,990		0.15
WHCG Purchaser III, Inc.	(4)(10)(17)		10.00%	10.00% PIK	8/2/2024	6/30/2030	2,502		892		1,151		0.06
									783,079		696,968		33.96

243

Table of Contents

BCRED Emerald JV LP

Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)


Investments (1)(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%	6.42%	3/13/2025	2/15/2029	$	19,317	$	19,150	$	18,991	0.93	%
Cotiviti, Inc.	(8)	SOFR +	2.75%	6.42%	11/25/2024	5/1/2031	14,688		14,779		13,568		0.66
Gainwell Acquisition Corp.	(10)	SOFR +	4.00%	7.80%	12/18/2024	10/1/2027	49,310		48,213		47,975		2.34
GI Ranger Intermediate, LLC	(4)(10)	SOFR +	6.00%	9.85%	9/26/2022	10/30/2028	43,330		43,052		40,947		1.99
Project Ruby Ultimate Parent Corp.	(8)	SOFR +	2.75%	6.53%	7/18/2025	3/10/2028	318		318		317		0.02
Waystar Technologies, Inc.	(8)	SOFR +	2.00%	5.67%	8/6/2025	10/22/2029	6,503		6,484		6,495		0.32
									131,996		128,293		6.26
Hotels, Restaurants & Leisure
Alterra Mountain, Co.	(8)	SOFR +	2.50%	6.17%	7/23/2025	8/17/2028	5,452		5,452		5,457		0.27
Alterra Mountain, Co.	(8)	SOFR +	2.50%	6.17%	7/18/2025	8/17/2028	1,449		1,449		1,451		0.07
Bulldog Purchaser, Inc.	(9)	SOFR +	3.25%	6.91%	2/5/2026	2/4/2033	8,695		8,652		8,692		0.42
Flynn Restaurant Group, LP	(8)	SOFR +	3.75%	7.42%	3/11/2025	1/28/2032	24,810		24,406		24,424		1.19
IRB Holding Corp.	(9)	SOFR +	2.50%	6.18%	11/17/2025	12/15/2030	24,486		24,534		24,455		1.19
Life Time, Inc.	(8)	SOFR +	2.00%	5.67%	8/14/2025	11/5/2031	19,801		19,894		19,825		0.97
Mic Glen, LLC	(9)	SOFR +	3.25%	6.92%	7/29/2025	7/21/2028	592		592		594		0.03
Motion Finco, LLC	(8)	SOFR +	3.50%	7.20%	3/13/2025	11/12/2029	4,938		4,879		4,344		0.21
New Red Finance, Inc.	(8)	SOFR +	1.75%	5.42%	3/13/2025	9/20/2030	13,423		13,328		13,410		0.65
Raising Cane's Restaurants, LLC	(8)	SOFR +	2.00%	5.67%	11/3/2025	11/3/2032	6,670		6,654		6,639		0.32
Tacala Investment Corp.	(10)	SOFR +	3.00%	6.67%	9/16/2025	1/31/2031	4,925		4,957		4,931		0.24
TRQ Sales, LLC	(8)	SOFR +	3.25%	6.95%	12/30/2025	12/30/2032	12,974		12,911		12,601		0.61
Whatabrands, LLC	(9)	SOFR +	2.50%	6.17%	12/11/2024	8/3/2028	33,745		33,774		33,730		1.64
									161,482		160,553		7.81
Household Durables
AI Aqua Merger Sub, Inc.	(9)	SOFR +	2.75%	6.41%	2/4/2026	7/30/2028	34,175		34,143		34,137		1.66
Madison Safety & Flow, LLC	(8)	SOFR +	2.50%	6.18%	9/25/2025	9/26/2031	12,428		12,439		12,448		0.61
Weber-Stephen Products, LLC	(8)	SOFR +	3.75%	7.41%	9/17/2025	10/1/2032	3,864		3,828		3,788		0.18
									50,410		50,373		2.45
Independent Power and Renewable Electricity Producers
Talen Energy Supply, LLC	(8)	SOFR +	2.00%	5.67%	11/25/2025	11/25/2032	4,764		4,742		4,774		0.23
Industrial Conglomerates
Bettcher Industries, Inc.	(9)	SOFR +	4.00%	7.67%	9/19/2025	12/14/2028	4,325		4,316		4,335		0.21
Engineered Machinery Holdings, Inc.	(8)	SOFR +	3.25%	6.95%	11/26/2025	11/26/2032	6,416		6,349		6,451		0.31
									10,665		10,786		0.52

244

Table of Contents

BCRED Emerald JV LP

Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)


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

First Lien Debt (continued)
Insurance
Alliant Holdings Intermediate, LLC	(8)	SOFR +	2.50%	6.17%	7/31/2025	9/19/2031	$	9,297	$	9,186	$	9,236	0.45	%
AmWINS Group, Inc.	(10)	SOFR +	2.00%	5.67%	1/14/2026	1/30/2032	26,412		26,293		26,267		1.28
Baldwin Insurance Group Holdings, LLC	(8)	SOFR +	2.50%	6.18%	9/12/2025	5/26/2031	15,773		15,733		15,543		0.76
BroadStreet Partners, Inc.	(8)	SOFR +	2.50%	6.17%	6/14/2024	6/13/2031	45,267		45,366		44,229		2.15
CRC Insurance Group, LLC	(8)	SOFR +	2.75%	6.45%	12/6/2024	5/6/2031	10,000		10,066		9,884		0.48
Foundation Risk Partners Corp.	(4)(10)	SOFR +	4.75%	8.45%	9/26/2022	10/29/2030	74,285		73,862		74,285		3.62
HUB International, Ltd.	(8)	SOFR +	2.25%	5.92%	11/25/2024	6/20/2030	23,706		23,826		23,680		1.15
Hyperion Refinance S.à r.l.	(9)	SOFR +	2.75%	6.42%	12/11/2025	4/18/2030	14,647		14,712		14,317		0.70
Hyperion Refinance S.à r.l.	(9)	SOFR +	2.75%	6.42%	8/4/2025	2/15/2031	13,390		13,475		13,002		0.63
OneDigital Borrower, LLC	(9)	SOFR +	3.00%	6.67%	11/19/2024	7/2/2031	19,357		19,446		18,764		0.91
Patriot Growth Insurance Services, LLC	(4)(10)	SOFR +	5.00%	8.85%	9/26/2022	10/16/2028	61,567		60,718		61,567		3.00
Trucordia Insurance Holdings, LLC	(4)(8)	SOFR +	3.25%	6.92%	6/17/2025	6/17/2032	6,502		6,488		6,014		0.29
USI, Inc.	(8)	SOFR +	2.25%	5.95%	12/23/2024	11/21/2029	23,415		23,451		23,391		1.14
USI, Inc.	(8)	SOFR +	2.25%	5.95%	12/23/2024	9/29/2030	24,675		24,728		24,638		1.20
									367,350		364,817		17.76
Interactive Media & Services
Project Boost Purchaser, LLC	(8)	SOFR +	2.75%	6.45%	7/16/2024	7/16/2031	26,515		26,603		25,614		1.25
TripAdvisor, Inc.	(8)	SOFR +	2.75%	6.42%	3/27/2025	7/8/2031	4,252		4,201		4,047		0.20
WH Borrower, LLC	(9)	SOFR +	4.50%	8.16%	2/12/2026	2/20/2032	2,899		2,884		2,904		0.14
									33,688		32,565		1.59
IT Services
Ahead DB Holdings, LLC	(10)	SOFR +	2.50%	6.20%	8/2/2024	2/1/2031	3,939		3,944		3,887		0.19
Fortress Intermediate 3, Inc.	(8)	SOFR +	3.00%	6.67%	7/2/2025	6/27/2031	5,232		5,268		5,199		0.25
Go Daddy Operating Co, LLC	(8)	SOFR +	1.75%	5.42%	7/23/2025	11/9/2029	4,962		4,973		4,899		0.24
Newfold Digital Holdings Group, Inc.	(10)	SOFR +	3.50%	7.27%	12/8/2025	4/30/2029	3,059		2,896		2,255		0.11
Newfold Digital Holdings Group, Inc.	(10)(17)	SOFR +	3.50%	7.27%	12/8/2025	4/30/2029	629		594		208		0.01
Newfold Digital Holdings Group, Inc.	(4)(10)	SOFR +	5.75%	9.42%	12/8/2025	4/30/2029	209		202		159		0.01
Razor Holdco, LLC	(4)(10)	SOFR +	5.75%	9.52%	1/19/2022	10/25/2027	13,016		12,945		12,886		0.63
Virtusa Corp.	(10)	SOFR +	3.25%	6.92%	6/21/2024	2/15/2029	30,427		30,556		27,556		1.34
World Wide Technology Holding Co, LLC	(9)	SOFR +	2.00%	5.67%	7/23/2025	3/1/2030	4,963		4,973		4,955		0.24
									66,351		62,004		3.02

245

Table of Contents

BCRED Emerald JV LP

Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)


Investments (1)(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 +	2.75%	6.42%	12/12/2025	12/12/2031	$	22,482	$	22,545	$	22,435	1.09	%
Machinery
Chart Industries, Inc.	(9)	SOFR +	2.50%	6.16%	11/13/2024	3/15/2030	7,114		7,165		7,119		0.35
Composecure Holdings, LLC	(8)	SOFR +	2.25%	5.93%	1/14/2026	1/14/2033	3,544		3,540		3,542		0.17
CoorsTek, Inc.	(8)	SOFR +	3.00%	6.67%	10/28/2025	10/28/2032	5,423		5,398		5,459		0.27
EMRLD Borrower, LP	(8)	SOFR +	2.25%	5.95%	8/11/2025	8/4/2031	4,963		4,963		4,960		0.24
Gates Corp.	(9)	SOFR +	1.75%	5.42%	7/23/2025	6/4/2031	4,962		4,964		4,963		0.24
Hobbs & Associates, LLC	(8)	SOFR +	2.75%	6.42%	10/14/2025	7/23/2031	4,975		4,977		4,946		0.24
LSF11 Trinity Bidco, Inc.	(8)	SOFR +	2.50%	6.18%	9/11/2025	6/14/2030	1,206		1,206		1,206		0.06
Pro Mach Group, Inc.	(8)	SOFR +	2.75%	6.42%	10/16/2025	10/16/2032	9,165		9,144		9,160		0.45
Victory Buyer, LLC	(8)	SOFR +	3.00%	6.67%	2/13/2026	2/13/2033	3,382		3,365		3,390		0.17
									44,722		44,745		2.19
Media
McGraw-Hill Education, Inc.	(9)	SOFR +	2.75%	6.42%	9/4/2025	8/6/2031	2,190		2,216		2,190		0.11
Prodege International Holdings, LLC	(4)(10)	SOFR +	5.25%	9.04% (incl. 3.25% PIK)	2/12/2026	12/31/2030	7,689		7,689		7,689		0.37
Prodege International Holdings, LLC	(4)(10)	SOFR +	5.75%	9.54% PIK	2/12/2026	12/31/2030	3,715		3,715		3,715		0.18
									13,620		13,594		0.66
Metals & Mining
Novelis Holdings, Inc.	(8)	SOFR +	1.75%	5.45%	3/11/2025	3/11/2032	3,856		3,856		3,863		0.19
Mortgage Real Estate Investment Trusts (REITs)
KREF Holdings X, LLC	(8)	SOFR +	2.50%	6.18%	8/14/2025	3/5/2032	10,079		10,060		10,019		0.49
Starwood Property Mortgage, LLC	(4)(8)	SOFR +	2.00%	5.67%	7/24/2025	1/2/2030	2,722		2,717		2,726		0.13
Starwood Property Mortgage, LLC	(8)	SOFR +	2.25%	5.92%	8/14/2025	9/24/2032	12,343		12,346		12,379		0.60
									25,123		25,124		1.22
Oil, Gas & Consumable Fuels
Blackfin Pipeline, LLC	(8)	SOFR +	3.00%	6.67%	10/3/2025	9/29/2032	7,295		7,261		7,344		0.36
VRS Buyer, Inc.	(7)(8)	SOFR +	3.50%	7.17%	10/10/2025	10/12/2032	8,764		8,720		8,770		0.43
WhiteWater Matterhorn Holdings, LLC	(8)	SOFR +	1.75%	5.45%	1/30/2026	6/16/2032	3,020		3,013		3,010		0.15
									18,994		19,124		0.94
Paper & Forest Products
Profile Products, LLC	(4)(10)	SOFR +	5.50%	9.27%	9/26/2022	11/12/2027	73,581		73,099		73,029		3.56
Pharmaceuticals
Elanco Animal Health, Inc.	(8)	SOFR +	1.75%	5.42%	10/31/2025	10/31/2032	2,398		2,399		2,400		0.12
Opal Bidco, SAS	(8)	SOFR +	3.00%	6.70%	10/29/2025	4/28/2032	2,166		2,166		2,167		0.11
									4,565		4,567		0.23

246

Table of Contents

BCRED Emerald JV LP

Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)


Investments (1)(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%	7.92%	4/22/2024	12/29/2028	$	2,730	$	2,726	$	2,479	0.12	%
AlixPartners, LLP	(8)	SOFR +	2.00%	5.67%	7/31/2025	8/12/2032	7,044		7,039		6,988		0.34
Amspec Parent, LLC	(8)	SOFR +	3.50%	7.20%	12/20/2024	12/22/2031	8,636		8,636		8,635		0.42
Ankura Consulting Group, LLC	(10)	SOFR +	3.50%	7.17%	12/17/2024	12/29/2031	1,485		1,482		1,422		0.07
Ascensus Group Holdings, Inc.	(9)	SOFR +	3.00%	6.67%	12/13/2024	11/25/2032	23,562		23,552		23,223		1.13
Berkeley Research Group Holdings, LLC	(8)	SOFR +	3.25%	6.95%	5/1/2025	5/1/2032	14,925		14,730		14,552		0.71
Camelot US Acquisition, LLC	(8)	SOFR +	2.75%	6.42%	1/31/2024	1/31/2031	17,746		17,654		15,420		0.75
Cast & Crew Payroll, LLC	(9)(17)	SOFR +	3.75%	7.42%	1/19/2022	12/29/2028	36,284		35,583		14,577		0.71
CFGI Holdings, LLC	(4)(10)	SOFR +	4.25%	7.92%	9/26/2022	11/2/2029	93,230		93,086		93,230		4.54
CohnReznick Advisory, LLC	(7)(8)	SOFR +	3.25%	6.95%	3/26/2025	3/31/2032	17,080		17,002		16,606		0.81
EP Purchaser, LLC	(9)	SOFR +	4.50%	8.29%	12/6/2024	11/6/2028	1,231		1,228		784		0.04
EP Purchaser, LLC	(9)	SOFR +	3.50%	7.29%	1/19/2022	11/6/2028	3,360		3,357		2,134		0.10
First Advantage Holdings, LLC	(8)	SOFR +	2.75%	6.45%	7/24/2025	10/31/2031	4,782		4,792		4,666		0.23
Genuine Financial Holdings, LLC	(8)	SOFR +	3.25%	6.92%	6/28/2024	9/27/2030	17,730		17,734		15,305		0.75
Grant Thornton Advisors, LLC	(8)	SOFR +	2.75%	6.42%	8/22/2025	6/2/2031	18,799		18,803		17,597		0.86
Heron Bidco, LLC	(8)	SOFR +	4.00%	7.70%	12/10/2025	12/10/2032	16,467		16,230		16,426		0.80
Inmar, Inc.	(8)	SOFR +	4.50%	8.17%	9/12/2025	10/30/2031	1,239		1,236		1,193		0.06
Kwor Acquisition, Inc.	(4)(7)(11)	SOFR +	6.25%	9.92% (incl. 5.25% PIK)	2/28/2025	2/28/2030	14,912		14,464		14,866		0.72
Mermaid Bidco, Inc.	(8)	SOFR +	3.25%	6.91%	6/26/2025	7/3/2031	2,614		2,608		2,565		0.12
Ryan, LLC	(9)	SOFR +	3.50%	7.17%	11/7/2025	11/5/2032	7,440		7,387		7,226		0.35
Secretariat Advisors, LLC	(7)(8)	SOFR +	4.00%	7.70%	2/24/2025	2/28/2032	1,704		1,695		1,674		0.08
Sedgwick Claims Management Services, Inc.	(8)	SOFR +	2.50%	6.17%	2/24/2023	7/31/2031	34,236		34,371		33,661		1.64
Thevelia US, LLC	(9)	SOFR +	3.00%	6.70%	10/14/2025	6/18/2029	4,975		4,954		4,894		0.24
Trinity Air Consultants Holdings Corp.	(4)(10)	SOFR +	4.25%	8.02%	9/26/2022	6/29/2029	117,115		116,716		117,115		5.70
VT Topco, Inc.	(9)	SOFR +	3.00%	6.67%	12/17/2024	8/9/2030	4,925		4,969		4,792		0.23
West Monroe Partners, LLC	(4)(7)(10)	SOFR +	4.75%	8.42%	1/19/2022	11/8/2028	28,380		28,162		28,181		1.37
									500,196		470,211		22.89
Semiconductors & Semiconductor Equipment
Altar Bidco, Inc.	(9)	SOFR +	3.10%	6.61%	10/14/2025	2/1/2029	9,948		9,954		9,905		0.48
MKS, Inc.	(8)	SOFR +	1.75%	5.41%	2/4/2026	2/4/2033	2,672		2,672		2,680		0.13
									12,626		12,585		0.61

247

Table of Contents

BCRED Emerald JV LP

Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)


Investments (1)(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
Auctane, Inc.	(4)(10)	SOFR +	5.75%	9.58%	1/19/2022	10/5/2028	$	58,200	$	57,754	$	58,199	2.83	%
Avalara, Inc.	(8)	SOFR +	2.75%	6.45%	9/12/2025	3/26/2032	31,798		31,665		31,123		1.52
BEP Intermediate Holdco, LLC	(4)(8)	SOFR +	2.75%	6.42%	7/10/2025	4/25/2031	362		362		362		0.02
Boxer Parent Company, Inc.	(8)	SOFR +	3.00%	6.67%	7/30/2024	7/30/2031	44,872		44,735		41,727		2.03
Businessolver.com, Inc.	(4)(10)	SOFR +	4.50%	8.20%	1/19/2022	12/3/2032	96,183		95,452		95,702		4.66
Capstone Borrower, Inc.	(8)	SOFR +	2.75%	6.45%	7/23/2025	6/17/2030	9,925		9,942		9,461		0.46
CDK Global, Inc.	(8)	SOFR +	3.25%	6.95%	12/11/2024	7/6/2029	49,540		47,176		35,488		1.73
Clearwater Analytics, LLC	(8)	SOFR +	2.00%	5.67%	4/24/2025	4/21/2032	1,376		1,376		1,377		0.07
Cloud Software Group, Inc.	(8)	SOFR +	3.25%	6.95%	8/7/2025	3/21/2031	36,957		37,081		33,964		1.65
Cloud Software Group, Inc.	(8)	SOFR +	3.25%	6.95%	8/7/2025	8/13/2032	3,474		3,474		3,189		0.16
Cloudera, Inc.	(9)	SOFR +	3.75%	7.52%	1/19/2022	10/8/2028	14,117		14,011		12,643		0.62
Confine Visual Bidco	(4)(8)	SOFR +	5.75%	9.38%	9/26/2022	2/23/2029	31,746		31,324		26,746		1.30
Confine Visual Bidco	(4)(8)	SOFR +	5.75%	9.38%	9/26/2022	2/23/2029	758		757		639		0.03
Cornerstone OnDemand, Inc.	(9)	SOFR +	3.75%	7.53%	2/20/2025	10/16/2028	29,640		27,686		21,757		1.06
Delta Topco, Inc.	(8)	SOFR +	2.75%	6.42%	11/25/2024	11/30/2029	49,443		49,341		47,939		2.34
Disco Parent, Inc.	(8)	SOFR +	3.00%	6.67%	8/1/2025	8/6/2032	3,454		3,446		3,398		0.17
ECI Macola Max Holding, LLC	(10)	SOFR +	2.75%	6.45%	7/10/2025	5/9/2030	26,422		26,586		25,894		1.26
Epicor Software Corp.	(10)	SOFR +	2.50%	6.17%	5/30/2024	5/30/2031	15,694		15,729		15,416		0.75
EverCommerce Solutions, Inc.	(9)	SOFR +	2.25%	5.92%	7/24/2025	7/7/2031	559		559		545		0.03
Facile.It Broker Di Assicurazioni S.p.A	(4)(11)	E +	4.75%	6.88%	9/26/2025	12/23/2029	EUR	10,000	11,655		11,559		0.56
Flash Charm, Inc.	(10)	SOFR +	3.50%	7.16%	6/11/2024	3/2/2028	8,966		8,957		7,148		0.35
Gen Digital, Inc.	(9)	SOFR +	1.75%	5.42%	6/5/2024	9/12/2029	7,478		7,486		7,415		0.36
Gen Digital, Inc.	(9)	SOFR +	1.75%	5.42%	4/3/2025	4/16/2032	11,910		11,770		11,750		0.57
Genesys Cloud Services, Inc.	(8)	SOFR +	2.50%	6.17%	9/26/2024	1/30/2032	30,203		29,951		28,957		1.41
HS Purchaser, LLC	(14)	SOFR +	6.00%	9.76%	11/21/2025	5/19/2029	1,931		1,931		1,669		0.08
Icon Parent, Inc.	(8)	SOFR +	2.75%	6.44%	8/14/2025	11/13/2031	16,772		16,862		16,133		0.79
ION Platform Finance US, Inc.	(8)	SOFR +	3.75%	7.45%	10/7/2025	10/7/2032	26,549		26,301		21,482		1.05
Javelin Buyer, Inc.	(8)	SOFR +	2.75%	6.42%	7/24/2025	12/5/2031	30,290		30,532		28,946		1.41
KnowBe4, Inc.	(8)	SOFR +	3.75%	7.42%	7/22/2025	7/23/2032	14,963		14,929		13,416		0.65
LD Lower Holdings, Inc.	(4)(11)	SOFR +	7.50%	11.90%	1/19/2022	8/9/2027	13,471		13,453		11,787		0.57
Magenta Security Holdings, LLC	(11)	SOFR +	6.25%	9.92%	8/14/2024	7/27/2028	292		285		290		0.01
Magenta Security Holdings, LLC	(10)(18)	SOFR +	6.75%	10.68%	8/14/2024	7/27/2028	765		743		550		0.03
Medallia, Inc.	(4)(10)(17)	SOFR +	6.00%	9.70%	1/19/2022	10/29/2028	52,386		50,787		31,563		1.54

248

Table of Contents

BCRED Emerald JV LP

Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)


Investments (1)(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)
Mitnick Purchaser, Inc.	(9)(17)(18)	SOFR +	4.75%	8.52%	4/20/2022	5/2/2029	$	4,825	$	4,814	$	2,232	0.11	%
MRI Software, LLC	(11)	SOFR +	4.75%	8.45%	9/26/2022	2/10/2028	9,838		9,770		9,801		0.48
Nintex Topco, Limited	(4)(10)	SOFR +	6.00%	9.85%	1/19/2022	11/13/2028	32,743		32,486		28,814		1.40
Perforce Software, Inc.	(8)	SOFR +	4.75%	8.42%	12/18/2024	7/2/2029	10,659		10,531		7,210		0.35
Ping Identity Holding Corp.	(8)	SOFR +	2.75%	6.42%	11/13/2025	11/15/2032	6,230		6,215		6,160		0.30
Planview Parent, Inc.	(8)	SOFR +	3.50%	7.20%	12/17/2024	12/17/2027	3,644		3,601		2,745		0.13
Project Alpha Intermediate Holding, Inc.	(9)	SOFR +	3.25%	6.95%	11/26/2024	10/26/2030	13,345		13,317		10,173		0.50
Project Leopard Holdings, Inc.	(9)	SOFR +	5.25%	9.02%	12/19/2024	7/20/2029	19,742		18,258		12,418		0.60
Proofpoint, Inc.	(9)	SOFR +	3.00%	6.70%	5/28/2024	8/31/2028	25,448		25,510		24,674		1.20
Pushpay USA, Inc.	(8)	SOFR +	3.75%	7.45%	8/6/2025	8/15/2031	991		991		972		0.05
Quartz Acquireco, LLC	(8)	SOFR +	2.25%	5.95%	4/11/2025	6/28/2030	593		587		497		0.02
Relativity Intermediate Holdco, LLC	(8)	SOFR +	2.75%	6.42%	1/30/2026	1/30/2033	2,863		2,856		2,837		0.14
Rithum Holdings, Inc.	(8)	SOFR +	4.75%	8.45%	7/2/2025	7/21/2032	10,945		10,748		10,439		0.51
Rocket Software, Inc.	(9)	SOFR +	3.75%	7.42%	10/5/2023	11/28/2028	25,809		25,660		24,814		1.21
Skopima Consilio Parent, LLC	(9)	SOFR +	3.75%	7.42%	12/18/2024	5/12/2028	13,865		13,894		10,915		0.53
Sophos Holdings, LLC	(8)	SOFR +	3.50%	7.28%	1/19/2022	3/5/2027	18,999		18,995		18,141		0.88
SS&C Technologies, Inc.	(8)	SOFR +	2.00%	5.67%	10/9/2025	5/9/2031	3,137		3,137		3,131		0.15
Starlight Parent, LLC	(8)	SOFR +	4.00%	7.67%	4/16/2025	4/16/2032	45,898		44,897		39,128		1.91
Tangerine Bidco S.p.A	(4)(8)	E +	5.00%	7.13%	12/17/2022	12/30/2029	EUR	69,750	72,940		80,620		3.93
Trio Bidco, LLC	(7)(8)	SOFR +	4.00%	7.70%	10/31/2025	10/29/2032	7,632		7,561		7,393		0.36
Triple Lift, Inc.	(4)(7)(10)	SOFR +	5.75%	9.59%	1/19/2022	5/5/2028	58,020		57,796		51,853		2.53
Tuple US Bidco, LLC	(8)	SOFR +	3.75%	7.38%	1/28/2026	9/15/2032	3,373		3,356		3,280		0.16
Vision Solutions, Inc.	(10)	SOFR +	4.00%	7.93%	1/19/2022	4/24/2028	12,039		11,826		9,361		0.46
VS Buyer, LLC	(8)	SOFR +	2.25%	5.92%	7/25/2025	4/12/2031	17,051		17,175		16,696		0.81
XPLOR T1, LLC	(8)	SOFR +	3.50%	7.17%	12/11/2024	12/1/2032	20,660		20,646		19,266		0.94
Zodiac Purchaser, LLC	(8)	SOFR +	3.50%	7.17%	12/13/2024	2/14/2032	18,905		18,846		17,511		0.85
									1,180,511		1,079,315		52.58
Specialty Retail
CustomInk, LLC	(4)(11)(18)	SOFR +	5.98%	9.65%	1/19/2022	5/3/2028	36,866		36,857		36,865		1.80
Great Outdoors Group, LLC	(10)	SOFR +	3.25%	6.92%	1/23/2025	1/23/2032	2,539		2,529		2,539		0.12
Mavis Tire Express Services Topco, Corp.	(10)	SOFR +	3.00%	6.67%	11/19/2024	5/4/2028	24,957		25,000		24,966		1.22
MillerKnoll, Inc.	(8)	SOFR +	2.00%	5.67%	2/1/2026	8/9/2032	4,010		4,008		3,999		0.19
OPENLANE, Inc.	(4)(8)	SOFR +	2.50%	6.14%	10/8/2025	10/8/2032	1,794		1,786		1,797		0.09
StubHub Holdco Sub, LLC	(8)	SOFR +	4.75%	8.42%	3/15/2024	3/15/2030	6,418		6,457		6,336		0.31
									76,637		76,502		3.73
Textiles, Apparel & Luxury Goods
Champ Acquisition Corp.	(8)	SOFR +	3.25%	6.95%	11/8/2024	11/25/2031	644		639		646		0.03

249

Table of Contents

BCRED Emerald JV LP

Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)


Investments (1)(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
BCPE Empire Holdings, Inc.	(9)	SOFR +	3.25%	6.92%	3/4/2025	12/11/2030	$	2,700	$	2,698	$	2,664	0.13	%
BCPE Empire Holdings, Inc.	(9)	SOFR +	3.50%	7.17%	3/12/2026	12/29/2032	10,627		10,474		10,481		0.51
Hillman Group, Inc.	(9)	SOFR +	2.00%	5.67%	11/7/2024	7/14/2028	3,921		3,925		3,928		0.19
Icebox Holdco III, Inc.	(9)	SOFR +	3.25%	6.95%	1/19/2022	12/22/2031	5,985		5,953		6,001		0.29
Johnstone Supply, LLC	(8)	SOFR +	2.25%	5.92%	2/5/2026	6/9/2031	11,239		11,296		11,181		0.54
Kodiak BP, LLC	(8)	P +	2.75%	9.50%	1/19/2022	12/4/2031	13,599		13,589		13,617		0.66
Paramount Global Surfaces, Inc.	(4)(11)(17)	SOFR +	6.00%	9.77% (incl. 4.98% PIK)	1/19/2022	12/31/2028	8,855		8,790		5,756		0.28
QXO Building Products, Inc.	(8)	SOFR +	2.00%	5.67%	11/5/2025	4/30/2032	2,651		2,628		2,649		0.13
White Cap Buyer, LLC	(8)	SOFR +	3.25%	6.92%	6/13/2024	10/19/2029	16,724		16,753		16,124		0.79
									76,106		72,401		3.52
Transportation Infrastructure
Apple Bidco, LLC	(8)	SOFR +	2.50%	6.17%	6/7/2022	9/23/2031	30,411		30,442		30,463		1.48
Roadsafe Holdings, Inc.	(4)(11)	SOFR +	5.75%	9.63%	1/19/2022	10/19/2027	11,547		11,516		11,547		0.56
Roadsafe Holdings, Inc.	(4)(11)	SOFR +	5.75%	9.65%	1/19/2022	10/19/2027	6,650		6,623		6,650		0.32
Signature Aviation US Holdings, Inc.	(9)	SOFR +	2.50%	6.17%	8/11/2025	7/1/2031	4,975		4,979		4,988		0.24
Signature Aviation US Holdings, Inc.	(9)	SOFR +	2.50%	6.17%	7/23/2025	7/1/2031	4,975		5,003		4,989		0.24
Swissport Stratosphere USA, LLC	(8)	SOFR +	2.75%	6.41%	1/14/2026	4/4/2031	353		353		352		0.02
									58,916		58,989		2.86
Total First Lien Debt									6,130,334		5,812,108		283.09

250

Table of Contents

BCRED Emerald JV LP

Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)


Investments (1)(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
Commercial Services & Supplies
DG Investment Intermediate Holdings 2, Inc.	(4)(8)	SOFR +	5.50%	9.17%	7/23/2025	7/31/2033	$	5,200	$	5,176	$	5,096	0.25	%
Health Care Providers & Services
Canadian Hospital Specialties, Ltd.	(4)(8)		8.75%	8.75%	12/20/2022	4/15/2029	CAD	12,000	8,461		8,281		0.40
Jayhawk Buyer, LLC	(4)(11)	SOFR +	9.00%	12.77%	1/19/2022	7/16/2028	24,712		24,636		23,414		1.14
									33,097		31,695		1.54
Life Sciences Tools & Services
Curia Global, Inc.	(4)(10)(17)	SOFR +	10.50%	14.43% PIK	9/26/2022	3/7/2030	43,764		43,332		9,628		0.47
Machinery
Victory Buyer, LLC	(8)	SOFR +	6.00%	9.67%	2/13/2026	2/13/2034	57,788		56,685		57,787		2.81
Professional Services
Kwor Acquisition, Inc.	(4)(11)	SOFR +	8.00%	11.67% PIK	2/28/2025	2/28/2030	15,619		15,619		15,619		0.76
Software
Boxer Parent Company, Inc.	(8)	SOFR +	5.75%	9.42%	3/26/2025	7/30/2032	20,000		19,433		16,850		0.82
Vision Solutions, Inc.	(10)	SOFR +	7.25%	11.18%	9/26/2022	4/23/2029	24,942		23,278		17,880		0.87
									42,711		34,730		1.69
Total Second Lien Debt									196,620		154,555		7.52

251

Table of Contents

BCRED Emerald JV LP

Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)


Investments (1)(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
Mode Holdings, LP - Class A-2 Common Units	(4)			1/19/2022		1,230,769	$	2,215	$	135	0.01	%
Red Griffin ParentCo, LLC - Class A Common Units	(4)			11/27/2024		3,838	16,269		3,706		0.18
							18,484		3,841		0.19
Capital Markets
Resolute Investment Managers, Inc. - Common Equity				12/29/2023		11,751	294		20		0.00
Chemicals
Pigments Holdings, LP - LP Interest	(4)			4/14/2023		1,212	0		0		0.00
Distributors
Box Co-Invest Blocker, LLC - (BP Alpha Holdings, LP) - Class A Units	(4)			1/19/2022		1	780		0		0.00
Box Co-Invest Blocker, LLC - (BP Alpha Holdings, LP) - Class C Preferred Units	(4)			7/12/2023		1	92		0		0.00
GSO DL Co-Invest EIS LP (EIS Acquisition Holdings, LP - Class A Common Units)	(4)			1/19/2022		301,167	1,239		1,019		0.05
							2,111		1,019		0.05
Diversified Consumer Services
Cambium Holdings, LLC - Senior Preferred Interest	(4)		11.50%	1/19/2022		974,662	1,133		1,241		0.06
Health Care Providers & Services
Jayhawk Holdings, LP - Class A-1 Common Units	(4)			1/19/2022		797	210		19		0.00
Jayhawk Holdings, LP - Class A-2 Common Units	(4)			1/19/2022		429	113		10		0.00
WHCG Purchaser, Inc. - Class A Common Units	(4)			8/2/2024		667,649	0		0		0.00
							323		29		0.00
Media
Prodege International Holdings, LLC - Class A Units	(4)			2/12/2026		2,887	4,896		4,896		0.24
Oil, Gas & Consumable Fuels
Port Arthur LNG Phase II Intermediate Company, LLC - Class B Units	(4)(7)		7.60% PIK	3/23/2026		69,729,468	1,079,799		1,079,786		52.60
Professional Services
Kwor Intermediate I, Inc. - Class A Common Shares	(4)			2/28/2025		8,617	7,857		1,507		0.07
Kwor Intermediate I, Inc. - Preferred Equity	(4)			2/28/2025		9,216	9,216		10,423		0.51
							17,073		11,930		0.58

252

Table of Contents

BCRED Emerald JV LP

Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)


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

Equity (continued)
Software
Descartes Holdings, Inc. - Class A Common Stock	(4)			10/9/2023		16,805	$	728	$	0	0.00	%
Specialty Retail
GSO DL CoInvest CI LP (CustomInk, LLC - Series A Preferred Units)	(4)			1/19/2022		3,000,000	3,542		3,324		0.16
Total Equity							1,128,383		1,106,086		53.88
Total Investment Portfolio							7,455,337		7,072,749		344.49
Cash and Cash Equivalents
Dreyfus Government Cash Management - Institutional Shares			3.53%				11,462		11,462		0.56
Dreyfus Treasury Obligations Cash Management			3.44%				377		377		0.02
Fidelity Investments Money Market Treasury Portfolio - Class I			3.55%				26,219		26,219		1.28
Other Cash and Cash Equivalents							158,733		158,733		7.73
Total Cash and Cash Equivalents							196,791		196,791		9.59
Total Portfolio Investments, Cash and Cash Equivalents							$	7,652,128	$	7,269,540	354.08	%

(1)Unless otherwise indicated, all debt and equity investments held by the Company (which such term “Company” shall include the Company’s consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in dollars. As of March 31, 2026, the Company had investments denominated in Canadian Dollars (CAD), Euros (EUR), British Pounds (GBP), Swiss Francs (CHF), Danish Krone (DKK), Swedish Krona (SEK), Norwegian Krone (NOK), New Zealand Dollars (NZD), and Australian Dollars (AUD). All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. The total par amount (in thousands) is presented for debt investments, while the number of shares or units (in whole amounts) owned is presented for equity investments. Each of the Company’s investments is pledged as collateral, under one or more of its credit facilities unless otherwise indicated.

(2)Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either Canadian Overnight Repo Rate Average (“CORRA” or “CA”), Sterling Overnight Interbank Average Rate (“SONIA” or “S”), Euro Interbank Offer Rate (“Euribor” or “E”), Secured Overnight Financing Rate (“SOFR”), Stockholm Interbank Offered Rate (“STIBOR” or “ST”), Copenhagen Interbank Offered Rate (“CIBOR” or “CI”), Norwegian Interbank Offered Rate (“NIBOR” or “N”), Swiss Average Rate Overnight (“SARON” or “SA”), New Zealand Bank Bill Reference Rate (“BKBM” or “B”), Australian Bank Bill Swap Bid Rate (“BBSY” or “BB”), or an alternate base rate (commonly based on the Federal Funds Rate (“F”) or the U.S. Prime Rate (“P”)), which generally resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of March 31, 2026. Variable rate loans typically include an interest reference rate floor feature.

(3)The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method in accordance with GAAP.

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

(5)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)Reserved.

253

Table of Contents

BCRED Emerald JV LP

Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)


Investments	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
ADCS Clinics Intermediate Holdings, LLC	Revolver	5/7/2026	$	469	$	—
Cambium Learning Group, Inc.	Revolver	7/20/2027	3,249		—
Chicago US Midco III, LP	Delayed Draw Term Loan	10/30/2027	1,221		(10)
CohnReznick Advisory, LLC	Delayed Draw Term Loan	3/31/2027	991		(26)
Express Wash Concepts, LLC	Delayed Draw Term Loan	8/31/2026	3,500		—
Kwor Acquisition, Inc.	Revolver	2/28/2030	6,959		—
Kwor Acquisition, Inc.	Delayed Draw Term Loan	2/28/2027	9,221		(46)
Latham Pool Products, Inc.	Revolver	2/23/2027	6,600		—
Navigator Acquiror, Inc.	Delayed Draw Term Loan	7/15/2030	634		—
Navigator Acquiror, Inc.	Delayed Draw Term Loan	7/15/2030	634		—
Pinnacle Buyer, LLC	Delayed Draw Term Loan	4/1/2027	1,945		—
Port Arthur LNG Phase II Intermediate Company, LLC	Equity	12/30/2026	299,028		—
Pye-Barker Fire & Safety, LLC	Delayed Draw Term Loan	12/31/2027	1,684		—
Raven Acquisition Holdings, LLC	Delayed Draw Term Loan	11/19/2026	667		(12)
Sanders Industries Holdings, Inc.	Delayed Draw Term Loan	2/26/2027	1,742		—
Secretariat Advisors, LLC	Delayed Draw Term Loan	2/28/2027	208		(4)
SEKO Global Logistics Network, LLC	Delayed Draw Term Loan	5/10/2027	374		—
Signia Aerospace, LLC	Delayed Draw Term Loan	12/11/2026	1,013		—
Smile Doctors, LLC	Revolver	12/23/2027	4,737		(166)
Trio Bidco, LLC	Delayed Draw Term Loan	10/31/2027	803		(23)
Triple Lift, Inc.	Revolver	5/5/2028	2,143		(220)
US Fertility Enterprises, LLC	Delayed Draw Term Loan	12/30/2027	532		—
VRS Buyer, Inc.	Delayed Draw Term Loan	10/10/2027	897		—
West Monroe Partners, LLC	Revolver	11/9/2027	2,843		(57)
Total Unfunded Commitments			$	352,094	$	(564)

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

(9)The interest rate floor on these investments as of March 31, 2026 was 0.50%.

(10)The interest rate floor on these investments as of March 31, 2026 was 0.75%.

(11)The interest rate floor on these investments as of March 31, 2026 was 1.00%.

(12)The interest rate floor on these investments as of March 31, 2026 was 1.25%.

(13)The interest rate floor on these investments as of March 31, 2026 was 1.50%.

(14)The interest rate floor on these investments as of March 31, 2026 was 2.00%.

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

(16)Reserved.

(17)Loan was on non-accrual status as of March 31, 2026.

(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, and may be deemed to be “restricted securities.” As of March 31, 2026, the aggregate fair value of these securities is $7,072.7 million or 344.49% of the Company’s net assets. The initial acquisition dates have been included for such securities.

254

Table of Contents

BCRED Emerald JV LP

Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)

The following table presents the consolidated schedule of investments of the Emerald JV as of December 31, 2025:


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

First Lien Debt
Aerospace & Defense
Atlas CC Acquisition Corp.	(10)(17)	SOFR +	4.25%	8.37%	7/25/2025	5/25/2029	$	7,994	$	5,791	$	4,141	0.19	%
Atlas CC Acquisition Corp.	(10)(17)	SOFR +	4.25%	8.37%	7/25/2025	5/25/2029	1,160		783		601		0.03
Dynasty Acquisition Co, Inc.	(8)	SOFR +	2.00%	5.72%	10/14/2025	10/31/2031	7,226		7,238		7,262		0.32
Dynasty Acquisition Co, Inc.	(8)	SOFR +	2.00%	5.72%	10/14/2025	10/31/2031	2,749		2,753		2,762		0.12
Novaria Holdings, LLC	(8)	SOFR +	3.25%	6.97%	2/5/2025	6/6/2031	1,121		1,121		1,124		0.05
Peraton Corp.	(10)	SOFR +	3.75%	7.69%	8/4/2022	2/1/2028	20,022		19,996		18,624		0.83
Propulsion BC Newco, LLC	(9)	SOFR +	2.50%	6.17%	12/1/2025	12/1/2032	3,162		3,154		3,182		0.14
Sanders Industries Holdings, Inc.	(7)(9)	SOFR +	2.50%	6.43%	3/10/2025	2/26/2032	23,064		22,906		23,196		1.04
Signia Aerospace, LLC	(7)(8)	SOFR +	2.75%	6.44%	7/23/2025	12/11/2031	20,789		20,859		20,896		0.93
TransDigm, Inc.	(8)	SOFR +	2.50%	6.22%	11/19/2024	1/19/2032	9,875		9,913		9,926		0.44
TransDigm, Inc.	(8)	SOFR +	2.50%	6.22%	11/19/2024	2/28/2031	3,960		3,940		3,979		0.18
TransDigm, Inc.	(8)	SOFR +	2.50%	6.22%	8/13/2025	8/19/2032	6,764		6,747		6,799		0.30
TransDigm, Inc.	(8)	SOFR +	2.25%	5.97%	9/11/2025	3/22/2030	10,919		10,963		10,962		0.49
Vertex Aerospace Services Corp.	(10)	SOFR +	2.25%	5.97%	1/19/2022	12/6/2030	12,826		12,793		12,917		0.58
									128,957		126,371		5.64
Air Freight & Logistics
AIT Worldwide Logistics Holdings, Inc.	(10)	SOFR +	4.00%	7.89%	10/30/2024	4/8/2030	20,118		20,118		20,269		0.91
Mode Purchaser, Inc.	(4)(11)	SOFR +	6.25%	10.24%	1/19/2022	12/9/2027	30,993		30,993		28,203		1.26
RWL Holdings, LLC	(4)(10)	SOFR +	5.75%	9.57%	1/19/2022	12/31/2028	26,099		25,874		24,272		1.08
Savage Enterprises, LLC	(8)	SOFR +	2.50%	6.28%	7/30/2025	8/5/2032	9,019		9,010		9,070		0.41
SEKO Global Logistics Network, LLC	(4)(11)	SOFR +	10.00%	13.82% PIK	11/27/2024	11/27/2029	2,860		2,823		2,860		0.13
SEKO Global Logistics Network, LLC	(4)(11)	SOFR +	7.00%	10.82% PIK	11/27/2024	5/27/2030	8,609		8,609		8,609		0.38
SEKO Global Logistics Network, LLC	(4)(7)(11)	SOFR +	10.50%	14.36% (incl. 9.50% PIK)	11/10/2025	11/27/2029	665		663		665		0.03
Stonepeak Nile Parent, LLC	(8)	SOFR +	2.25%	6.16%	10/14/2025	4/9/2032	23,318		23,285		23,347		1.04
Wwex Uni Topco Holdings, LLC	(10)	SOFR +	4.00%	7.67%	11/8/2024	7/26/2028	6,175		6,091		6,211		0.28
Wwex Uni Topco Holdings, LLC	(4)(10)	SOFR +	4.75%	8.42%	3/21/2025	7/26/2028	15,368		15,161		15,425		0.69
									142,627		138,931		6.21

255

Table of Contents

BCRED Emerald JV LP

Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)


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

First Lien Debt (continued)
Airlines
American Airlines, Inc.	(8)	SOFR +	2.25%	6.13%	1/19/2022	4/20/2028	$	2,467	$	2,467	$	2,476	0.11	%
American Airlines, Inc.	(8)	SOFR +	2.25%	6.00%	12/12/2024	2/15/2028	14,847		14,896		14,904		0.67
American Airlines, Inc.	(8)	SOFR +	3.25%	7.13%	5/28/2025	5/28/2032	2,852		2,825		2,869		0.13
JetBlue Airways Corp.	(9)	SOFR +	4.75%	8.44%	11/7/2024	8/27/2029	4,938		4,955		4,751		0.21
									25,143		25,000		1.12
Auto Components
Belron Finance 2019, LLC	(9)	SOFR +	2.25%	6.12%	7/18/2025	10/16/2031	9,875		9,972		9,943		0.44
Clarios Global, LP	(8)	SOFR +	2.50%	6.22%	3/5/2025	5/6/2030	8,935		8,938		8,958		0.40
Clarios Global, LP	(8)	SOFR +	2.75%	6.47%	1/28/2025	1/28/2032	23,424		23,354		23,574		1.05
Valvoline, Inc.	(8)	SOFR +	2.00%	5.87%	3/19/2025	12/1/2032	2,692		2,680		2,713		0.12
									44,944		45,188		2.01
Beverages
Sazerac Co, Inc.	(8)	SOFR +	2.50%	6.28%	7/10/2025	7/9/2032	6,551		6,519		6,572		0.29
Triton Water Holdings, Inc.	(9)	SOFR +	2.25%	5.92%	2/12/2025	3/31/2028	19,742		19,748		19,821		0.89
									26,267		26,393		1.18
Biotechnology
Grifols Worldwide Operations USA, Inc.	(8)	SOFR +	2.00%	5.97%	7/23/2025	11/15/2027	10,000		9,991		10,010		0.45
Broadline Retail
Peer Holding III, BV	(8)	SOFR +	2.25%	5.92%	9/29/2025	9/29/2032	4,127		4,127		4,140		0.18
Building Products
Cornerstone Building Brands, Inc.	(9)	SOFR +	3.25%	7.10%	1/19/2022	4/12/2028	26,141		25,449		20,612		0.92
Fencing Supply Group Acquisition, LLC	(4)(11)	SOFR +	6.00%	9.82%	1/19/2022	2/26/2027	19,048		19,027		18,334		0.82
LBM Acquisition, LLC	(10)	SOFR +	3.75%	7.58%	6/6/2024	6/6/2031	9,318		9,237		8,766		0.39
MIWD Holdco II, LLC	(8)	SOFR +	2.75%	6.47%	10/3/2024	3/28/2031	9,875		9,961		9,897		0.44
Oscar Acquisitionco, LLC	(9)	SOFR +	4.25%	7.92%	12/2/2024	4/29/2029	9,872		9,830		7,136		0.32
Resideo Funding, Inc.	(8)	SOFR +	2.00%	5.72%	8/8/2025	8/13/2032	6,696		6,698		6,721		0.30
TCP Sunbelt Acquisition, Co.	(8)	SOFR +	4.25%	8.07%	10/15/2024	10/24/2031	25,137		24,926		25,435		1.14
Windows Acquisition Holdings, Inc.	(4)(11)	SOFR +	6.50%	10.32%	1/19/2022	12/29/2026	10,473		10,473		8,614		0.38
									115,601		105,515		4.71

256

Table of Contents

BCRED Emerald JV LP

Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)


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

First Lien Debt (continued)
Capital Markets
Apex Group Treasury, LLC	(8)	SOFR +	3.50%	7.39%	2/27/2025	2/27/2032	$	71,295	$	71,244	$	67,374	3.01	%
Aretec Group, Inc.	(8)	SOFR +	3.00%	6.72%	11/20/2025	8/9/2030	19,264		19,110		19,362		0.87
Citco Funding, LLC	(9)	SOFR +	2.75%	6.51%	6/13/2024	4/27/2028	7,138		7,133		7,194		0.32
EP Wealth Advisors, LLC	(8)	SOFR +	3.00%	6.67%	10/16/2025	10/18/2032	2,415		2,409		2,433		0.11
Focus Financial Partners, LLC	(8)	SOFR +	2.50%	6.22%	3/13/2025	9/15/2031	22,731		22,631		22,795		1.02
GTCR Everest Borrower, LLC	(8)	SOFR +	2.75%	6.42%	7/25/2025	9/5/2031	25,326		25,200		25,449		1.14
Hudson River Trading, LLC	(8)	SOFR +	2.75%	6.49%	6/25/2025	3/18/2030	869		867		874		0.04
ITG Communications, LLC	(8)	SOFR +	4.75%	8.95%	7/1/2025	7/9/2031	9,167		8,845		8,892		0.40
Jane Street Group, LLC	(8)	SOFR +	2.00%	5.82%	7/23/2025	12/15/2031	8,249		8,209		8,221		0.37
Jump Financial, LLC	(8)	SOFR +	3.50%	7.17%	7/31/2025	2/26/2032	697		697		690		0.03
Kestra Advisor Services Holdings A, Inc.	(8)	SOFR +	3.00%	6.72%	8/1/2025	3/22/2031	1,574		1,574		1,579		0.07
Osaic Holdings, Inc.	(8)	SOFR +	3.00%	6.60%	7/17/2025	7/30/2032	23,260		23,226		23,384		1.04
Resolute Investment Managers, Inc.	(11)	SOFR +	6.50%	10.43%	12/29/2023	10/30/2028	941		936		765		0.03
Saphilux S.à r.l.	(8)	S +	4.25%	8.22%	7/27/2023	7/18/2028	GBP	20,000	25,543		27,229		1.22
Saphilux S.à r.l.	(8)	SOFR +	3.00%	6.92%	7/17/2025	7/18/2028	1,327		1,327		1,337		0.06
Situs-AMC Holdings Corporation	(4)(10)	SOFR +	5.50%	9.17%	9/26/2022	5/14/2031	89,862		89,306		89,862		4.01
Superannuation & Investments US, LLC	(9)	SOFR +	3.00%	6.72%	7/18/2025	12/1/2028	3,138		3,143		3,162		0.14
The Edelman Financial Engines Center, LLC	(8)	SOFR +	3.00%	6.72%	6/5/2024	4/7/2028	18,441		18,441		18,560		0.83
									329,841		329,162		14.71
Chemicals
Derby Buyer, LLC	(9)	SOFR +	3.00%	6.75%	12/13/2024	11/1/2030	13,045		13,102		13,102		0.59
Discovery Purchaser Corp.	(9)	SOFR +	3.75%	7.61%	12/2/2024	10/4/2029	9,952		10,017		9,587		0.43
Fortis 333, Inc.	(8)	SOFR +	3.50%	7.17%	2/6/2025	3/27/2032	3,483		3,475		3,458		0.15
Olympus Water US Holding Corp.	(8)	SOFR +	3.25%	6.92%	11/3/2025	11/3/2032	2,687		2,680		2,675		0.12
Pigments Services, Inc.	(4)(14)(17)	SOFR +	8.25%	12.07% PIK	4/14/2023	4/14/2029	8,058		4,670		0		0.00
Pigments Services, Inc.	(4)(14)(17)	SOFR +	8.25%	12.07% PIK	4/14/2023	4/14/2029	3,935		3,558		2,183		0.10
Solstice Advanced Materials, Inc.	(8)	SOFR +	1.75%	5.59%	10/29/2025	10/29/2032	2,915		2,911		2,934		0.13
									40,413		33,939		1.52

257

Table of Contents

BCRED Emerald JV LP

Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)


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

First Lien Debt (continued)
Commercial Services & Supplies
Access CIG, LLC	(9)	SOFR +	4.00%	7.72%	8/15/2025	8/19/2030	$	21,497	$	21,214	$	20,798	0.93	%
Allied Universal Holdco, LLC	(9)	SOFR +	3.25%	6.97%	8/6/2025	8/20/2032	43,231		43,179		43,508		1.94
Anticimex, Inc.	(8)	SOFR +	2.90%	6.56%	11/21/2025	11/17/2031	30,498		30,481		30,689		1.37
Armor Holdco, Inc.	(9)	SOFR +	3.75%	7.55%	11/20/2025	12/10/2031	14,020		13,991		14,097		0.63
Belfor Holdings, Inc.	(10)	SOFR +	2.75%	6.47%	8/8/2025	11/1/2030	143		143		144		0.01
DG Investment Intermediate Holdings 2, Inc.	(8)	SOFR +	3.75%	7.47%	7/2/2025	7/9/2032	13,274		13,217		13,323		0.60
EAB Global, Inc.	(9)	SOFR +	3.00%	6.72%	1/19/2022	8/16/2030	13,034		13,025		11,621		0.52
Foundational Education Group, Inc.	(9)	SOFR +	3.75%	7.85%	6/7/2022	8/31/2028	3,850		3,790		3,559		0.16
GBT US III, LLC	(8)	SOFR +	2.50%	6.36%	2/4/2025	7/25/2031	770		770		773		0.03
GFL Environmental Services USA, Inc.	(8)	SOFR +	2.50%	6.27%	3/3/2025	3/3/2032	18,080		18,070		18,179		0.81
International SOS The Americas, LP	(4)(9)	SOFR +	2.75%	6.42%	6/28/2024	9/7/2028	1,921		1,921		1,933		0.09
Java Buyer, Inc.	(4)(10)	SOFR +	5.00%	8.94%	1/19/2022	12/15/2027	9,433		9,371		9,433		0.42
Java Buyer, Inc.	(4)(10)	SOFR +	5.00%	8.94%	1/19/2022	12/15/2027	2,917		2,904		2,917		0.13
JSS Holdings, Inc.	(4)(10)	SOFR +	5.00%	8.69% (incl. 2.75% PIK)	1/19/2022	11/8/2031	37,432		37,281		37,432		1.67
KPSKY Acquisition, Inc.	(4)(10)(18)	SOFR +	5.50%	9.44%	9/26/2022	10/19/2028	132,218		129,063		115,030		5.14
Lsf12 Crown US Commercial Bidco, LLC	(8)	SOFR +	3.50%	7.37%	9/19/2025	12/2/2031	6,172		6,172		6,218		0.28
OMNIA Partners, LLC	(8)	SOFR +	2.75%	6.45%	1/26/2024	12/31/2032	32,619		32,774		32,788		1.46
Pinnacle Buyer, LLC	(7)(8)	SOFR +	2.50%	6.16%	9/11/2025	10/1/2032	10,086		10,084		10,147		0.45
Polyphase Elevator Holding, Co.	(4)(10)	SOFR +	5.00%	8.67%	11/24/2025	11/24/2032	29,206		28,709		28,987		1.29
Prime Security Services Borrower, LLC	(8)	SOFR +	2.00%	6.13%	11/20/2024	10/13/2030	15,116		15,083		15,157		0.68
Prime Security Services Borrower, LLC	(8)	SOFR +	1.75%	5.58%	10/1/2025	3/7/2032	3,855		3,817		3,850		0.17
Pye-Barker Fire & Safety, LLC	(7)(8)	SOFR +	2.50%	6.21%	12/16/2025	12/16/2032	11,269		11,213		11,365		0.51
Tempo Acquisition, LLC	(9)	SOFR +	1.75%	5.47%	3/13/2025	8/31/2028	9,925		9,891		9,567		0.43
TMF Sapphire Bidco, BV	(8)	SOFR +	2.75%	6.69%	1/22/2025	5/3/2028	272		271		274		0.01
TRC Cos, LLC	(8)	SOFR +	3.00%	6.72%	1/14/2025	12/8/2028	13,485		13,490		13,544		0.61
									469,924		455,333		20.34
Communications Equipment
Viavi Solutions, Inc.	(4)(8)	SOFR +	2.50%	6.39%	10/16/2025	10/16/2032	2,837		2,830		2,858		0.13

258

Table of Contents

BCRED Emerald JV LP

Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)


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

First Lien Debt (continued)
Construction & Engineering
Amentum Holdings, Inc.	(8)	SOFR +	2.00%	5.72%	4/4/2025	9/29/2031	$	3,997	$	3,866	$	4,014	0.18	%
Azuria Water Solutions, Inc.	(7)(10)	SOFR +	3.00%	6.72%	5/15/2025	5/17/2028	4,663		4,619		4,698		0.21
Brookfield WEC Holdings, Inc.	(8)	SOFR +	2.00%	5.87%	1/25/2024	1/27/2031	33,552		33,564		33,647		1.50
Centuri Group, Inc.	(8)	SOFR +	2.25%	6.12%	12/26/2025	7/9/2032	3,035		3,027		3,050		0.14
Osmose Utilities Services, Inc.	(9)	SOFR +	3.25%	7.08%	11/7/2024	6/23/2028	13,754		13,812		13,548		0.61
Socotec US Holding, Inc.	(8)	SOFR +	3.25%	6.91%	7/22/2025	6/2/2031	1,372		1,369		1,385		0.06
Tecta America Corp.	(8)	SOFR +	2.75%	6.47%	12/23/2025	2/18/2032	2,466		2,461		2,479		0.11
Touchdown Acquirer, Inc.	(8)	SOFR +	2.75%	6.57%	4/8/2025	2/21/2031	4,963		4,864		4,985		0.22
									67,582		67,806		3.03
Construction Materials
Green Infrastructure Partners US, LLC	(8)	SOFR +	2.75%	6.42%	9/19/2025	9/24/2032	9,363		9,365		9,398		0.42
MSOF Beacon, LLC	(8)	SOFR +	2.50%	6.24%	12/23/2025	12/23/2032	1,810		1,806		1,820		0.08
Quikrete Holdings, Inc.	(8)	SOFR +	2.25%	5.97%	4/8/2025	2/10/2032	9,950		9,831		9,992		0.45
Tamko Building Products, LLC	(8)	SOFR +	2.75%	6.95%	10/23/2024	9/20/2030	7,853		7,899		7,915		0.35
									28,901		29,125		1.30
Consumer Finance
CPI Holdco B, LLC	(8)	SOFR +	2.00%	5.72%	12/11/2025	5/17/2031	10,376		10,366		10,410		0.47
Containers & Packaging
Ascend Buyer, LLC	(4)(10)	SOFR +	5.25%	8.92%	9/26/2022	9/30/2028	73,255		72,918		73,255		3.27
Berlin Packaging, LLC	(8)	SOFR +	3.25%	7.24%	7/25/2025	6/7/2031	28,923		29,052		29,023		1.30
Clydesdale Acquisition Holdings, Inc.	(9)	SOFR +	3.18%	6.89%	4/13/2022	4/13/2029	31,338		31,278		31,399		1.40
Clydesdale Acquisition Holdings, Inc.	(9)	SOFR +	3.25%	6.97%	8/22/2025	4/1/2032	10,884		10,846		10,888		0.49
Graham Packaging Co., Inc.	(8)	SOFR +	2.50%	6.22%	7/31/2024	8/4/2027	22,953		23,009		23,069		1.03
ProAmpac PG Borrower, LLC	(10)	SOFR +	4.00%	7.88%	4/9/2024	9/15/2028	12,071		12,027		12,111		0.54
Ring Container Technologies Group, LLC	(9)	SOFR +	2.50%	6.22%	9/11/2025	9/15/2032	21,753		21,781		21,838		0.98
SupplyOne, Inc.	(8)	SOFR +	3.50%	7.22%	4/19/2024	4/21/2031	19,457		19,589		19,521		0.87
TricorBraun Holdings, Inc.	(9)	SOFR +	3.25%	6.97%	1/19/2022	3/3/2031	28,129		27,914		27,310		1.22
Trident TPI Holdings, Inc.	(9)	SOFR +	3.75%	7.42%	10/18/2024	9/15/2028	38,050		37,524		36,642		1.64
									285,938		285,056		12.74

259

Table of Contents

BCRED Emerald JV LP

Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)


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

First Lien Debt (continued)
Distributors
Boots Group Finco, LP	(8)	SOFR +	3.50%	7.21%	7/18/2025	8/30/2032	$	3,379	$	3,371	$	3,402	0.15	%
BP Purchaser, LLC	(4)(10)	SOFR +	5.50%	9.48%	9/26/2022	12/11/2028	51,883		51,401		39,820		1.78
Bradyplus Holdings, LLC	(8)	SOFR +	5.00%	8.84%	12/29/2025	12/29/2032	10,627		10,468		10,532		0.47
Genuine Cable Group, LLC	(4)(10)	SOFR +	5.75%	9.57%	1/19/2022	11/2/2026	31,165		31,067		30,386		1.36
Marcone Yellowstone Buyer, Inc.	(4)(10)	SOFR +	7.00%	11.13% (incl. 3.25% PIK)	9/26/2022	6/23/2028	84,057		83,176		75,231		3.36
Tailwind Colony Holding Corporation	(4)(11)	SOFR +	6.50%	10.44%	1/19/2022	11/13/2026	30,577		30,526		29,736		1.33
									210,009		189,107		8.45
Diversified Consumer Services
Barbri Holdings, Inc.	(4)(10)	SOFR +	5.00%	8.69%	1/19/2022	4/30/2030	69,213		68,794		69,213		3.09
Cambium Learning Group, Inc.	(4)(7)(10)	SOFR +	5.50%	9.46%	1/19/2022	7/20/2028	33,908		33,908		32,975		1.47
Cengage Learning, Inc.	(11)	SOFR +	3.50%	7.23%	11/22/2024	3/24/2031	13,593		13,608		13,665		0.61
Element Materials Technology Group US Holdings, Inc.	(9)	SOFR +	3.68%	7.35%	4/12/2022	7/6/2029	4,850		4,841		4,899		0.22
Express Wash Concepts, LLC	(4)(7)(11)	SOFR +	5.00%	7.17%	1/19/2022	4/30/2027	28,965		28,654		28,887		1.29
Express Wash Concepts, LLC	(4)(11)	SOFR +	5.00%	8.82%	1/19/2022	4/30/2027	28,149		28,034		28,149		1.26
Fugue Finance, LLC	(9)	SOFR +	2.75%	6.57%	7/15/2025	1/9/2032	6,422		6,448		6,452		0.29
Imagine Learning, LLC	(9)	SOFR +	3.50%	7.22%	2/1/2024	12/21/2029	20,723		20,716		20,046		0.90
KUEHG Corp.	(9)	SOFR +	2.75%	6.42%	10/21/2024	6/12/2030	20,447		20,479		19,903		0.89
Learning Care Group US No 2, Inc.	(9)	SOFR +	4.00%	7.88%	3/26/2025	8/11/2028	3,692		3,670		3,092		0.14
Mckissock Investment Holdings, LLC	(10)	SOFR +	5.00%	9.05%	3/10/2022	3/12/2029	3,850		3,832		3,624		0.16
Mister Car Wash Holdings, Inc.	(8)	SOFR +	2.50%	6.22%	12/6/2024	3/27/2031	8,671		8,727		8,715		0.39
Pre-Paid Legal Services, Inc.	(9)	SOFR +	3.25%	6.97%	1/19/2022	12/15/2028	27,451		27,391		26,602		1.19
Spring Education Group, Inc.	(8)	SOFR +	3.25%	6.92%	9/10/2025	10/4/2030	314		314		316		0.01
University Support Services, LLC	(9)	SOFR +	2.75%	6.47%	2/10/2022	2/10/2029	15,211		15,191		14,741		0.66
									284,607		281,279		12.57

260

Table of Contents

BCRED Emerald JV LP

Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)


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

First Lien Debt (continued)
Diversified Telecommunication Services
Lumen Technologies, Inc.	(14)	SOFR +	6.00%	9.72%	12/18/2024	6/1/2028	$	9,883	$	9,927	$	9,970	0.45	%
Radiate Holdco, LLC	(10)	SOFR +	5.00%	8.83% (incl. 1.50% PIK)	6/30/2025	9/25/2029	2,352		2,352		1,822		0.08
Zacapa, LLC	(9)	SOFR +	3.75%	7.42%	10/29/2024	3/22/2029	15,645		15,722		15,675		0.70
									28,001		27,467		1.23
Electric Utilities
Alpha Generation, LLC	(8)	SOFR +	2.00%	5.72%	7/23/2025	9/30/2031	4,975		4,977		4,997		0.22
Cogentrix Finance Holdco I, LLC	(8)	SOFR +	2.25%	5.97%	8/7/2025	2/26/2032	7,423		7,426		7,479		0.33
NRG Energy, Inc.	(8)	SOFR +	1.75%	5.59%	7/23/2025	4/16/2031	4,975		4,984		4,995		0.22
									17,387		17,471		0.77
Electrical Equipment
Arcline FM Holdings, LLC	(10)	SOFR +	2.75%	6.42%	3/27/2025	6/23/2030	2,939		2,937		2,954		0.13
Forgent Intermediate IV, LLC	(4)(8)	SOFR +	3.25%	7.02%	12/19/2025	12/20/2032	4,830		4,782		4,806		0.21
Madison IAQ, LLC	(9)	SOFR +	2.50%	6.70%	1/19/2022	6/21/2028	31,224		31,201		31,410		1.40
Madison IAQ, LLC	(9)	SOFR +	2.75%	6.64%	11/6/2025	11/8/2032	7,530		7,462		7,587		0.34
									46,382		46,757		2.08
Electronic Equipment, Instruments & Components
Albireo Energy, LLC	(4)(11)	SOFR +	6.00%	10.04%	1/19/2022	12/23/2026	3,128		3,119		3,128		0.14
Albireo Energy, LLC	(4)(11)	SOFR +	6.00%	9.99%	1/19/2022	12/23/2026	802		801		802		0.04
Albireo Energy, LLC	(4)(11)	SOFR +	6.00%	9.79%	1/19/2022	12/23/2026	10,421		10,390		10,421		0.47
Infinite Bidco, LLC	(9)	SOFR +	3.75%	7.85%	1/19/2022	3/2/2028	2,881		2,886		2,853		0.13
Modena Buyer, LLC	(8)	SOFR +	4.25%	8.09%	7/1/2024	7/1/2031	3,069		3,020		3,059		0.14
Project Aurora US Finco, Inc.	(8)	SOFR +	2.75%	6.49%	9/30/2025	9/30/2032	2,898		2,891		2,916		0.13
Qnity Electronics, Inc.	(8)	SOFR +	2.00%	5.70%	10/31/2025	11/1/2032	13,626		13,593		13,705		0.61
Sanmina Corp.	(4)(8)	SOFR +	2.00%	5.92%	10/27/2025	10/27/2032	5,148		5,135		5,164		0.23
									41,835		42,048		1.89
Energy Equipment & Services
Covia Holdings, LLC	(8)	SOFR +	2.75%	6.71%	7/31/2025	2/26/2032	2,819		2,812		2,803		0.13
Ursa Minor US Bidco, LLC	(8)	SOFR +	2.25%	5.92%	11/13/2025	3/26/2031	4,963		5,018		4,985		0.22
									7,830		7,788		0.35
Entertainment
EOC Borrower, LLC	(8)	SOFR +	3.00%	6.72%	3/31/2025	3/24/2032	14,592		14,515		14,694		0.66
UFC Holdings, LLC	(8)	SOFR +	2.00%	5.87%	9/9/2025	11/21/2031	7,506		7,506		7,549		0.34
									22,021		22,243		1.00

261

Table of Contents

BCRED Emerald JV LP

Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)


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

First Lien Debt (continued)
Financial Services
Bcpe Pequod Buyer, Inc.	(8)	SOFR +	3.00%	6.72%	12/5/2025	11/25/2031	$	1,991	$	1,981	$	1,998	0.09	%
Chicago US Midco III, LP	(7)(8)	SOFR +	2.50%	6.22%	10/30/2025	11/1/2032	8,220		8,200		8,249		0.37
Corpay Technologies Operating Co, LLC	(8)	SOFR +	1.75%	5.47%	11/5/2025	11/5/2032	4,391		4,369		4,400		0.20
Mitchell International, Inc.	(9)	SOFR +	3.25%	6.97%	6/17/2024	6/17/2031	14,813		14,803		14,879		0.66
Planet US Buyer, LLC	(8)	SOFR +	3.00%	6.82%	11/25/2024	2/7/2031	10,681		10,770		10,764		0.48
Shift4 Payments, LLC	(8)	SOFR +	2.50%	6.17%	12/2/2025	7/3/2032	2,639		2,633		2,658		0.12
Solera, LLC	(9)(18)	SOFR +	3.75%	7.85%	5/16/2022	6/2/2028	16,557		16,433		16,004		0.71
Synechron, Inc.	(4)(8)	SOFR +	3.75%	7.57%	10/3/2024	10/3/2031	3,990		3,943		3,980		0.18
									63,132		62,932		2.81
Food Products
CHG PPC Parent, LLC	(9)	SOFR +	3.00%	6.83%	11/7/2024	12/8/2028	15,792		15,852		15,871		0.71
Dreyers Grand Ice Cream, Inc.	(8)	SOFR +	2.25%	6.45%	11/7/2024	9/30/2031	21,847		21,766		21,863		0.98
Froneri US, Inc.	(8)	SOFR +	2.25%	6.12%	7/16/2025	9/30/2032	18,266		18,239		18,291		0.82
PFI Lower Midco, LLC	(8)	SOFR +	4.00%	7.87%	12/1/2025	12/1/2032	2,000		1,980		2,018		0.09
Red SPV, LLC	(8)	SOFR +	2.25%	5.98%	3/13/2025	3/15/2032	7,147		7,115		7,168		0.32
									64,952		65,211		2.92
Gas Utilities
CQP Holdco, LP	(9)	SOFR +	2.00%	5.67%	4/4/2025	12/31/2030	3,970		3,930		3,988		0.18
Health Care Equipment & Supplies
CSHC Buyerco, LLC	(4)(11)	SOFR +	4.75%	8.57%	2/15/2022	9/8/2026	7,208		7,189		7,190		0.32
CSHC Buyerco, LLC	(4)(10)	SOFR +	4.75%	8.57%	2/15/2022	9/8/2026	3,432		3,423		3,424		0.15
Embecta Corp.	(9)	SOFR +	3.00%	6.72%	12/11/2024	3/30/2029	6,895		6,888		6,917		0.31
Natus Medical, Inc.	(4)(9)	SOFR +	5.25%	9.07%	8/18/2022	7/20/2029	3,149		3,044		3,149		0.14
Resonetics, LLC	(10)	SOFR +	2.75%	6.59%	7/24/2025	6/18/2031	7,325		7,370		7,349		0.33
WS Audiology A/S	(8)	SOFR +	3.50%	7.20%	6/27/2025	2/28/2029	18,825		18,825		18,967		0.85
									46,739		46,996		2.10
Health Care Providers & Services
ACI Group Holdings, Inc.	(4)(10)	SOFR +	6.00%	9.77% (incl. 3.25% PIK)	7/7/2023	8/2/2028	132,828		132,224		106,262		4.75
ADCS Clinics Intermediate Holdings, LLC	(4)(11)	SOFR +	6.25%	9.95%	1/19/2022	5/7/2027	1,679		1,673		1,679		0.07
ADCS Clinics Intermediate Holdings, LLC	(4)(11)	SOFR +	6.25%	10.05%	1/19/2022	5/7/2027	28,404		28,293		28,404		1.27
ADCS Clinics Intermediate Holdings, LLC	(4)(7)(11)	SOFR +	6.25%	9.95%	1/19/2022	5/7/2026	112		111		112		0.00
Amerivet Partners Management, Inc.	(4)(10)	SOFR +	5.50%	9.62%	9/26/2022	2/25/2028	81,578		80,677		78,111		3.49
Canadian Hospital Specialties, Ltd.	(4)(11)	CA +	4.50%	7.12%	12/20/2022	4/14/2028	CAD	29,015	21,174		21,140		0.94

262

Table of Contents

BCRED Emerald JV LP

Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)


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

First Lien Debt (continued)
Health Care Providers & Services (continued)
CCBlue Bidco, Inc.	(4)(10)	SOFR +	6.50%	10.27% (incl. 4.00% PIK)	1/19/2022	12/21/2028	$	24,941	$	24,773	$	20,077	0.90	%
CHG Healthcare Services, Inc.	(9)	SOFR +	2.75%	6.67%	7/25/2025	9/29/2028	20,429		20,476		20,547		0.92
CNT Holdings I Corp.	(10)	SOFR +	2.25%	6.09%	4/8/2025	11/8/2032	10,470		10,381		10,507		0.47
DCA Investment Holdings, LLC	(4)(10)(17)	SOFR +	6.41%	12.08%	1/19/2022	4/3/2028	28,505		28,386		24,087		1.08
DCA Investment Holdings, LLC	(4)(10)(17)	SOFR +	6.41%	12.08%	2/25/2022	4/3/2028	794		791		671		0.03
Examworks Bidco, Inc.	(9)	SOFR +	2.50%	6.22%	1/19/2022	11/1/2028	24,789		24,696		24,947		1.11
Global Medical Response, Inc.	(8)	SOFR +	3.50%	7.38%	9/10/2025	10/1/2032	38,246		38,154		38,530		1.72
Heartland Dental, LLC	(10)	SOFR +	3.75%	7.47%	8/7/2025	8/25/2032	22,828		22,785		22,951		1.03
ICS US Holdings, Inc.	(4)(9)	SOFR +	5.25%	9.01%	12/20/2022	6/8/2028	35,000		33,982		18,550		0.83
IVI America, LLC	(8)	SOFR +	3.25%	6.92%	9/11/2025	4/18/2031	491		491		496		0.02
Jayhawk Buyer, LLC	(4)(11)	SOFR +	5.25%	9.07%	1/19/2022	4/15/2028	25,464		25,420		24,827		1.11
MED ParentCo, LP	(8)	SOFR +	3.00%	6.72%	12/31/2025	4/15/2031	25,655		25,655		25,762		1.15
Navigator Acquiror, Inc.	(4)(7)(9)	SOFR +	5.50%	9.32% (incl. 4.00% PIK)	1/19/2022	7/16/2030	21,690		21,644		18,427		0.82
Onex TSG Intermediate Corp.	(8)	SOFR +	3.75%	7.59%	7/24/2025	8/6/2032	3,079		3,083		3,104		0.14
PSKW Intermediate, LLC	(4)(11)	SOFR +	5.50%	9.32%	12/11/2024	3/9/2028	30,708		30,708		30,708		1.37
Radiology Partners, Inc.	(8)	SOFR +	4.50%	8.17%	3/6/2025	6/30/2032	13,791		13,739		13,783		0.62
Raven Acquisition Holdings, LLC	(7)(8)	SOFR +	3.00%	6.72%	10/15/2024	11/19/2031	9,263		9,262		9,307		0.42
Smile Doctors, LLC	(4)(7)(10)	SOFR +	5.75%	9.69%	1/19/2022	12/23/2028	140,428		139,082		135,348		6.05
Southern Veterinary Partners, LLC	(8)	SOFR +	2.50%	6.37%	7/22/2025	12/4/2031	36,250		36,359		36,247		1.62
US Fertility Enterprises, LLC	(7)(8)	SOFR +	3.50%	7.24%	12/30/2025	12/30/2032	3,509		3,491		3,529		0.16
WHCG Purchaser III, Inc.	(4)(10)	SOFR +	6.50%	10.17% (incl. 5.09% PIK)	8/2/2024	6/30/2029	2,952		2,952		2,952		0.13
WHCG Purchaser III, Inc.	(4)(10)(17)		10.00%	10.00% PIK	8/2/2024	6/30/2030	2,502		892		1,051		0.05
									781,354		722,116		32.27

263

Table of Contents

BCRED Emerald JV LP

Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)


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

First Lien Debt (continued)
Health Care Technology
athenahealth, Inc.	(9)	SOFR +	2.75%	6.47%	3/13/2025	2/15/2029	$	19,366	$	19,183	$	19,427	0.87	%
Cotiviti, Inc.	(8)	SOFR +	2.75%	6.62%	11/25/2024	5/1/2031	22,080		22,205		21,270		0.95
Gainwell Acquisition Corp.	(10)	SOFR +	4.00%	7.77%	12/18/2024	10/1/2027	49,440		48,158		48,662		2.17
GI Ranger Intermediate, LLC	(4)(10)	SOFR +	6.00%	9.82%	9/26/2022	10/30/2028	43,443		43,138		43,443		1.94
Project Ruby Ultimate Parent Corp.	(8)	SOFR +	2.75%	6.58%	7/18/2025	3/10/2028	318		318		320		0.01
Waystar Technologies, Inc.	(8)	SOFR +	2.00%	5.72%	8/6/2025	10/22/2029	6,614		6,593		6,664		0.30
									139,595		139,786		6.24
Hotels, Restaurants & Leisure
Alterra Mountain, Co.	(8)	SOFR +	2.50%	6.22%	7/23/2025	8/17/2028	5,466		5,466		5,493		0.25
Alterra Mountain, Co.	(8)	SOFR +	2.50%	6.22%	7/18/2025	8/17/2028	1,453		1,453		1,462		0.07
Flynn Restaurant Group, LP	(8)	SOFR +	3.75%	7.47%	3/11/2025	1/28/2032	24,872		24,450		25,003		1.12
IRB Holding Corp.	(9)	SOFR +	2.50%	6.22%	11/17/2025	12/15/2030	24,813		24,864		24,899		1.11
Life Time, Inc.	(8)	SOFR +	2.00%	5.78%	8/14/2025	11/5/2031	19,850		19,948		19,952		0.89
Mic Glen, LLC	(9)	SOFR +	3.25%	6.97%	7/29/2025	7/21/2028	593		593		599		0.03
Motion Finco, LLC	(8)	SOFR +	3.50%	7.17%	3/13/2025	11/12/2029	4,950		4,887		4,403		0.20
New Red Finance, Inc.	(8)	SOFR +	1.75%	5.47%	3/13/2025	9/20/2030	13,459		13,358		13,492		0.60
Raising Cane's Restaurants, LLC	(8)	SOFR +	2.00%	5.84%	11/3/2025	11/3/2032	6,687		6,670		6,710		0.30
Tacala Investment Corp.	(10)	SOFR +	3.00%	6.72%	9/16/2025	1/31/2031	4,938		4,972		4,978		0.22
TRQ Sales, LLC	(8)	SOFR +	3.25%	7.55%	12/30/2025	12/30/2032	12,974		12,909		12,828		0.57
Whatabrands, LLC	(9)	SOFR +	2.50%	6.22%	12/11/2024	8/3/2028	33,831		33,862		33,958		1.52
									153,432		153,777		6.88
Household Durables
AI Aqua Merger Sub, Inc.	(9)	SOFR +	3.00%	6.85%	12/5/2024	7/31/2028	34,175		34,140		34,288		1.53
Madison Safety & Flow, LLC	(8)	SOFR +	2.50%	6.23%	9/25/2025	9/26/2031	13,390		13,402		13,501		0.60
Weber-Stephen Products, LLC	(8)	SOFR +	3.75%	7.74%	9/17/2025	10/1/2032	3,864		3,827		3,875		0.17
									51,369		51,664		2.30
Independent Power and Renewable Electricity Producers
Calpine, Corp.	(8)	SOFR +	1.75%	5.47%	12/12/2024	1/31/2031	2,894		2,891		2,897		0.13
Talen Energy Supply, LLC	(8)	SOFR +	2.00%	5.67%	11/25/2025	11/25/2032	4,776		4,752		4,783		0.21
									7,643		7,680		0.34
Industrial Conglomerates
Bettcher Industries, Inc.	(9)	SOFR +	4.00%	7.67%	9/19/2025	12/14/2028	4,336		4,326		4,383		0.20
Engineered Machinery Holdings, Inc.	(8)	SOFR +	3.25%	6.92%	11/26/2025	11/26/2032	6,432		6,362		6,481		0.29
									10,688		10,864		0.49

264

Table of Contents

BCRED Emerald JV LP

Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)


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

First Lien Debt (continued)
Insurance
Alliant Holdings Intermediate, LLC	(8)	SOFR +	2.50%	6.22%	7/31/2025	9/19/2031	$	9,321	$	9,204	$	9,352	0.42	%
AmWINS Group, Inc.	(10)	SOFR +	2.25%	5.97%	11/7/2024	1/30/2032	26,153		26,029		26,258		1.17
Baldwin Insurance Group Holdings, LLC	(8)	SOFR +	2.50%	6.25%	9/12/2025	5/26/2031	12,144		12,120		12,144		0.54
BroadStreet Partners, Inc.	(8)	SOFR +	2.75%	6.47%	6/14/2024	6/13/2031	45,369		45,473		45,571		2.04
CRC Insurance Group, LLC	(8)	SOFR +	2.75%	6.42%	12/6/2024	5/6/2031	10,000		10,069		10,029		0.45
Foundation Risk Partners Corp.	(4)(10)	SOFR +	4.75%	8.42%	9/26/2022	10/29/2030	74,478		74,031		74,478		3.33
HUB International, Ltd.	(8)	SOFR +	2.25%	6.12%	11/25/2024	6/20/2030	23,777		23,904		23,927		1.07
Hyperion Refinance S.à r.l.	(9)	SOFR +	2.75%	6.49%	12/11/2025	4/18/2030	14,684		14,753		14,741		0.66
Hyperion Refinance S.à r.l.	(9)	SOFR +	2.75%	6.47%	8/4/2025	2/15/2031	13,424		13,514		13,473		0.60
OneDigital Borrower, LLC	(9)	SOFR +	3.00%	6.72%	11/19/2024	7/2/2031	19,406		19,500		19,479		0.87
Patriot Growth Insurance Services, LLC	(4)(10)	SOFR +	5.00%	8.82%	9/26/2022	10/16/2028	61,726		60,793		61,726		2.76
Trucordia Insurance Holdings, LLC	(8)	SOFR +	3.25%	6.97%	6/17/2025	6/17/2032	6,518		6,503		6,486		0.29
USI, Inc.	(8)	SOFR +	2.25%	5.92%	12/23/2024	11/21/2029	23,475		23,512		23,554		1.05
USI, Inc.	(8)	SOFR +	2.25%	5.92%	12/23/2024	9/29/2030	24,737		24,794		24,811		1.11
									364,199		366,029		16.36
Interactive Media & Services
Project Boost Purchaser, LLC	(8)	SOFR +	2.75%	6.42%	7/16/2024	7/16/2031	26,582		26,674		26,679		1.19
TripAdvisor, Inc.	(8)	SOFR +	2.75%	6.47%	3/27/2025	7/8/2031	4,263		4,209		4,127		0.18
									30,883		30,806		1.37
IT Services
Ahead DB Holdings, LLC	(10)	SOFR +	2.50%	6.17%	8/2/2024	2/1/2031	3,949		3,955		3,950		0.18
Chrysaor Bidco S.à r.l.	(9)	SOFR +	3.25%	7.14%	10/14/2025	10/30/2031	1,587		1,583		1,600		0.07
Fortress Intermediate 3, Inc.	(8)	SOFR +	3.00%	6.78%	7/2/2025	6/27/2031	5,245		5,281		5,256		0.23
Go Daddy Operating Co, LLC	(8)	SOFR +	1.75%	5.47%	7/23/2025	11/9/2029	4,975		4,986		4,988		0.22
Newfold Digital Holdings Group, Inc.	(10)	SOFR +	3.50%	7.38%	12/8/2025	4/30/2029	3,573		3,348		2,997		0.13
Newfold Digital Holdings Group, Inc.	(10)	SOFR +	3.50%	7.38%	12/8/2025	4/30/2029	631		591		402		0.02
Newfold Digital Holdings Group, Inc.	(10)	SOFR +	5.75%	9.53%	12/8/2025	4/30/2029	242		233		229		0.01
Razor Holdco, LLC	(4)(10)	SOFR +	5.75%	9.67%	1/19/2022	10/25/2027	13,016		12,934		13,016		0.58
Virtusa Corp.	(10)	SOFR +	3.25%	6.97%	6/21/2024	2/15/2029	30,505		30,644		30,616		1.37
World Wide Technology Holding Co, LLC	(9)	SOFR +	2.00%	5.72%	7/23/2025	3/1/2030	4,975		4,986		4,997		0.22
									68,541		68,051		3.03

265

Table of Contents

BCRED Emerald JV LP

Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)


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

First Lien Debt (continued)
Life Sciences Tools & Services
Parexel International, Inc.	(9)	SOFR +	2.75%	6.47%	12/12/2025	12/12/2031	$	22,538	$	22,604	$	22,641	1.01	%
Machinery
Chart Industries, Inc.	(9)	SOFR +	2.50%	6.48%	11/13/2024	3/15/2030	7,114		7,168		7,157		0.32
CoorsTek, Inc.	(8)	SOFR +	3.00%	6.86%	10/28/2025	10/28/2032	5,437		5,409		5,488		0.25
EMRLD Borrower, LP	(8)	SOFR +	2.25%	6.12%	8/11/2025	8/4/2031	4,975		4,975		4,991		0.22
Gates Corp.	(9)	SOFR +	1.75%	5.47%	7/23/2025	6/4/2031	4,975		4,977		4,993		0.22
Hobbs & Associates, LLC	(8)	SOFR +	2.75%	6.47%	10/14/2025	7/23/2031	4,987		4,990		4,993		0.22
LSF11 Trinity Bidco, Inc.	(4)(8)	SOFR +	2.50%	6.23%	9/11/2025	6/14/2030	1,209		1,209		1,215		0.05
Pro Mach Group, Inc.	(8)	SOFR +	2.75%	6.47%	10/16/2025	10/16/2032	9,188		9,166		9,257		0.41
SPX Flow, Inc.	(9)	SOFR +	2.75%	6.47%	8/1/2025	4/5/2029	7,952		7,992		7,984		0.36
Titan Co-Borrower, LLC	(7)(8)	SOFR +	3.75%	7.59%	11/19/2024	2/15/2029	9,116		9,157		9,207		0.41
Victory Buyer, LLC	(9)	SOFR +	3.75%	7.58%	1/19/2022	11/19/2028	9,652		9,387		9,715		0.43
									64,430		65,000		2.89
Media
McGraw-Hill Education, Inc.	(9)	SOFR +	2.75%	6.47%	9/4/2025	8/6/2031	2,229		2,257		2,251		0.10
Prodege International Holdings, LLC	(4)(10)(17)	SOFR +	5.90%	9.60% PIK	12/17/2025	12/15/2027	10,099		5,050		5,050		0.23
Prodege International Holdings, LLC	(4)(10)	SOFR +	5.75%	9.60% PIK	12/17/2025	12/15/2027	7,480		7,480		7,480		0.33
Prodege International Holdings, LLC	(4)(10)	SOFR +	5.75%	9.60% PIK	12/17/2025	12/15/2027	3,508		3,508		3,508		0.16
									18,295		18,289		0.82
Metals & Mining
Novelis Holdings, Inc.	(8)	SOFR +	1.75%	5.42%	3/11/2025	3/11/2032	3,866		3,866		3,886		0.17
Mortgage Real Estate Investment Trusts (REITs)
KREF Holdings X, LLC	(8)	SOFR +	2.50%	6.25%	8/14/2025	3/5/2032	10,105		10,084		10,171		0.45
Starwood Property Mortgage, LLC	(4)(8)	SOFR +	2.00%	5.72%	7/24/2025	1/2/2030	2,729		2,724		2,736		0.12
Starwood Property Mortgage, LLC	(9)	SOFR +	2.25%	5.97%	8/14/2025	9/24/2032	12,374		12,377		12,421		0.55
									25,185		25,328		1.12

266

Table of Contents

BCRED Emerald JV LP

Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)


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

First Lien Debt (continued)
Oil, Gas & Consumable Fuels
Blackfin Pipeline, LLC	(8)	SOFR +	3.00%	6.75%	10/3/2025	9/29/2032	$	7,313	$	7,278	$	7,336	0.33	%
Freeport LNG Investments, LLLP	(9)	SOFR +	3.25%	7.12%	1/10/2025	12/21/2028	17,817		17,805		17,912		0.80
TransMontaigne Operating Co, LP	(9)	SOFR +	2.50%	6.22%	7/25/2025	11/17/2028	1,651		1,651		1,664		0.07
VRS Buyer, Inc.	(7)(8)	SOFR +	3.50%	7.24%	10/10/2025	10/12/2032	8,764		8,719		8,810		0.39
WhiteWater Matterhorn Holdings, LLC	(8)	SOFR +	2.25%	5.94%	6/16/2025	6/16/2032	1,562		1,555		1,570		0.07
									37,008		37,292		1.66
Paper & Forest Products
Profile Products, LLC	(4)(10)	SOFR +	5.50%	9.49%	9/26/2022	11/12/2027	73,773		73,216		73,035		3.26
Pharmaceuticals
Elanco Animal Health, Inc.	(8)	SOFR +	1.75%	5.62%	10/31/2025	10/31/2032	2,404		2,405		2,411		0.11
Opal Bidco, SAS	(8)	SOFR +	3.00%	6.69%	10/29/2025	4/28/2032	2,172		2,172		2,188		0.10
									4,577		4,599		0.21
Professional Services
AG Group Holdings, Inc.	(9)	SOFR +	4.25%	8.07%	4/22/2024	12/29/2028	2,738		2,734		2,482		0.11
AlixPartners, LLP	(9)	SOFR +	2.00%	5.72%	7/31/2025	8/12/2032	7,061		7,057		7,082		0.32
Amspec Parent, LLC	(8)	SOFR +	3.50%	7.17%	12/20/2024	12/22/2031	8,658		8,658		8,702		0.39
Ankura Consulting Group, LLC	(10)	SOFR +	3.50%	7.37%	12/17/2024	12/29/2031	1,489		1,486		1,460		0.07
Ascensus Group Holdings, Inc.	(9)	SOFR +	3.00%	6.72%	12/13/2024	11/24/2032	23,562		23,552		23,567		1.05
Berkeley Research Group Holdings, LLC	(8)	SOFR +	3.25%	6.92%	5/1/2025	5/1/2032	14,963		14,759		15,010		0.67
Camelot US Acquisition, LLC	(8)	SOFR +	2.75%	6.47%	1/31/2024	1/31/2031	17,746		17,650		17,544		0.78
Cast & Crew Payroll, LLC	(9)	SOFR +	3.75%	7.47%	1/19/2022	12/29/2028	36,379		35,613		21,971		0.98
CFGI Holdings, LLC	(4)(10)	SOFR +	4.50%	8.22%	9/26/2022	11/2/2027	95,767		95,767		95,767		4.28
CohnReznick Advisory, LLC	(7)(8)	SOFR +	3.50%	7.17%	3/26/2025	3/31/2032	15,618		15,537		15,742		0.70
EP Purchaser, LLC	(9)	SOFR +	4.50%	8.44%	12/6/2024	11/6/2028	1,234		1,232		891		0.04
EP Purchaser, LLC	(9)	SOFR +	3.50%	7.44%	1/19/2022	11/6/2028	3,369		3,365		2,424		0.11
First Advantage Holdings, LLC	(8)	SOFR +	2.75%	6.47%	7/24/2025	10/31/2031	4,839		4,850		4,797		0.21
Genuine Financial Holdings, LLC	(8)	SOFR +	3.25%	6.97%	6/28/2024	9/27/2030	17,775		17,779		15,145		0.68
Grant Thornton Advisors, LLC	(8)	SOFR +	3.00%	6.72%	5/22/2025	6/2/2031	7,151		7,157		7,188		0.32
Grant Thornton Advisors, LLC	(8)	SOFR +	2.75%	6.47%	8/22/2025	6/2/2031	9,950		9,948		9,981		0.45
Heron Bidco, LLC	(8)	SOFR +	4.00%	7.74%	12/10/2025	12/10/2032	16,467		16,221		16,343		0.73
Inmar, Inc.	(8)	SOFR +	4.50%	8.34%	9/12/2025	10/30/2031	1,242		1,239		1,230		0.05
Kwor Acquisition, Inc.	(4)(11)	SOFR +	6.25%	11.07% (incl. 5.25% PIK)	2/28/2025	2/28/2030	43,146		43,146		43,146		1.93
Kwor Acquisition, Inc.	(4)(7)(11)	SOFR +	5.25%	9.07%	2/28/2025	2/28/2030	578		97		578		0.03

267

Table of Contents

BCRED Emerald JV LP

Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)


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

First Lien Debt (continued)
Professional Services (continued)
Mermaid Bidco, Inc.	(8)	SOFR +	3.25%	7.15%	6/26/2025	7/3/2031	$	2,620	$	2,614	$	2,633	0.12	%
Ryan, LLC	(9)	SOFR +	3.50%	7.22%	11/7/2025	11/5/2032	7,440		7,385		7,356		0.33
Secretariat Advisors, LLC	(7)(8)	SOFR +	4.00%	7.67%	2/24/2025	2/28/2032	2,480		2,469		2,491		0.11
Sedgwick Claims Management Services, Inc.	(8)	SOFR +	2.50%	6.22%	2/24/2023	7/31/2031	34,322		34,463		34,469		1.54
Thevelia US, LLC	(9)	SOFR +	3.00%	6.67%	10/14/2025	6/18/2029	4,987		4,965		5,013		0.22
Trinity Air Consultants Holdings Corp.	(4)(10)	SOFR +	4.50%	8.44%	9/26/2022	6/29/2029	117,410		116,899		117,410		5.25
VT Topco, Inc.	(9)	SOFR +	3.00%	6.87%	12/17/2024	8/9/2030	4,938		4,984		4,877		0.22
West Monroe Partners, LLC	(4)(7)(10)	SOFR +	4.75%	8.48%	1/19/2022	11/8/2028	28,453		28,215		28,112		1.26
									529,841		513,411		22.95
Semiconductors & Semiconductor Equipment
Altar Bidco, Inc.	(9)	SOFR +	3.10%	6.78%	10/14/2025	2/1/2029	9,974		9,979		9,886		0.44
Software
Auctane, Inc.	(4)(10)	SOFR +	5.75%	9.58%	1/19/2022	10/5/2028	58,200		57,710		57,327		2.56
Avalara, Inc.	(8)	SOFR +	2.75%	6.42%	9/12/2025	3/26/2032	31,878		31,739		32,053		1.43
BEP Intermediate Holdco, LLC	(4)(8)	SOFR +	2.75%	6.47%	7/10/2025	4/25/2031	363		363		366		0.02
Boost Newco Borrower, LLC	(8)	SOFR +	2.00%	5.67%	4/10/2025	1/31/2031	2,978		2,938		2,986		0.13
Boxer Parent Company, Inc.	(8)	SOFR +	3.00%	6.82%	7/30/2024	7/30/2031	44,986		44,840		44,922		2.01
Businessolver.com, Inc.	(4)(10)	SOFR +	4.50%	8.17%	1/19/2022	12/3/2032	96,183		95,422		95,702		4.28
Capstone Borrower, Inc.	(8)	SOFR +	2.75%	6.42%	7/23/2025	6/17/2030	9,950		9,968		9,956		0.44
CDK Global, Inc.	(8)	SOFR +	3.25%	6.92%	12/11/2024	7/6/2029	49,666		47,112		42,230		1.89
Clearwater Analytics, LLC	(8)	SOFR +	2.00%	6.21%	4/24/2025	4/21/2032	1,380		1,380		1,382		0.06
Cloud Software Group, Inc.	(8)	SOFR +	3.25%	6.92%	8/7/2025	3/21/2031	37,050		37,180		37,140		1.66
Cloud Software Group, Inc.	(8)	SOFR +	3.25%	6.92%	8/7/2025	8/13/2032	3,483		3,483		3,491		0.16
Cloudera, Inc.	(9)	SOFR +	3.75%	7.57%	1/19/2022	10/8/2028	14,153		14,036		13,598		0.61
Confine Visual Bidco	(4)(8)	SOFR +	5.75%	9.43%	9/26/2022	2/23/2029	31,746		31,288		25,397		1.13
Confine Visual Bidco	(4)(8)	SOFR +	5.75%	9.43%	9/26/2022	2/23/2029	758		757		606		0.03
Cornerstone OnDemand, Inc.	(9)	SOFR +	3.75%	7.58%	2/20/2025	10/16/2028	29,717		27,569		27,391		1.22
Delta Topco, Inc.	(8)	SOFR +	2.75%	6.58%	11/25/2024	11/30/2029	49,568		49,457		49,394		2.21
Disco Parent, Inc.	(4)(8)	SOFR +	3.25%	7.07%	8/1/2025	8/6/2032	3,463		3,455		3,489		0.16

268

Table of Contents

BCRED Emerald JV LP

Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)


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

First Lien Debt (continued)
Software (continued)
ECI Macola Max Holding, LLC	(10)	SOFR +	2.75%	6.42%	7/10/2025	5/9/2030	$	26,489	$	26,662	$	26,656	1.19	%
Epicor Software Corp.	(10)	SOFR +	2.50%	6.22%	5/30/2024	5/30/2031	15,733		15,770		15,803		0.71
EverCommerce Solutions, Inc.	(9)	SOFR +	2.25%	5.97%	7/24/2025	7/7/2031	560		560		562		0.03
Facile.It Broker Di Assicurazioni S.p.A	(4)(11)	E +	4.75%	6.77%	9/26/2025	12/23/2029	EUR	10,000	11,651		11,752		0.53
Flash Charm, Inc.	(10)	SOFR +	3.50%	7.35%	6/11/2024	3/2/2028	8,989		8,979		8,411		0.38
Gen Digital, Inc.	(9)	SOFR +	1.75%	5.47%	6/5/2024	9/12/2029	7,508		7,516		7,528		0.34
Gen Digital, Inc.	(9)	SOFR +	1.75%	5.47%	4/3/2025	4/16/2032	11,940		11,794		11,964		0.53
Genesys Cloud Services, Inc.	(8)	SOFR +	2.50%	6.22%	9/26/2024	1/30/2032	30,279		30,015		30,255		1.35
HS Purchaser, LLC	(14)	SOFR +	6.00%	9.97%	11/21/2025	5/19/2029	1,936		1,936		1,758		0.08
Icon Parent, Inc.	(8)	SOFR +	2.75%	6.44%	8/14/2025	11/13/2031	29,850		29,976		29,938		1.34
ION Platform Finance US, Inc.	(8)	SOFR +	3.75%	7.42%	10/7/2025	10/7/2032	26,549		26,292		24,994		1.12
Javelin Buyer, Inc.	(8)	SOFR +	2.75%	6.59%	7/24/2025	12/5/2031	30,366		30,619		30,502		1.36
KnowBe4, Inc.	(8)	SOFR +	3.75%	7.59%	7/22/2025	7/23/2032	15,000		14,965		15,028		0.67
LD Lower Holdings, Inc.	(4)(11)	SOFR +	7.50%	11.27%	1/19/2022	8/9/2027	13,509		13,488		12,091		0.54
Magenta Security Holdings, LLC	(11)	SOFR +	6.25%	10.09%	8/14/2024	7/27/2028	292		284		293		0.01
Magenta Security Holdings, LLC	(10)(18)	SOFR +	6.75%	10.85%	8/14/2024	7/27/2028	829		802		632		0.03
McAfee Corp.	(9)	SOFR +	3.00%	6.72%	5/31/2024	3/1/2029	26,019		26,002		24,097		1.08
Medallia, Inc.	(4)(10)	SOFR +	6.00%	9.70%	1/19/2022	10/29/2028	52,493		52,133		40,813		1.82
Mitnick Purchaser, Inc.	(9)(18)	SOFR +	4.75%	8.69%	4/20/2022	5/2/2029	4,837		4,826		3,162		0.14
MRI Software, LLC	(4)(11)	SOFR +	4.75%	8.42%	9/26/2022	2/10/2028	9,864		9,787		9,864		0.44
Nintex Topco, Limited	(4)(8)	SOFR +	6.00%	9.83% (incl. 1.50% PIK)	1/19/2022	11/13/2028	32,828		32,546		29,217		1.31
Perforce Software, Inc.	(8)	SOFR +	4.75%	8.47%	12/18/2024	7/2/2029	10,686		10,548		9,617		0.43
Ping Identity Holding Corp.	(8)	SOFR +	2.75%	6.59%	11/13/2025	11/15/2032	6,230		6,215		6,254		0.28
Planview Parent, Inc.	(8)	SOFR +	3.50%	7.17%	12/17/2024	12/17/2027	3,654		3,603		3,516		0.16
Project Alpha Intermediate Holding, Inc.	(9)	SOFR +	3.25%	6.92%	11/26/2024	10/26/2030	13,518		13,488		13,512		0.60
Project Leopard Holdings, Inc.	(9)	SOFR +	5.25%	9.19%	12/19/2024	7/20/2029	19,793		18,193		17,128		0.77
Proofpoint, Inc.	(9)	SOFR +	3.00%	6.67%	5/28/2024	8/31/2028	25,513		25,581		25,687		1.15
Pushpay USA, Inc.	(8)	SOFR +	3.75%	7.62%	8/6/2025	8/15/2031	994		994		994		0.04

269

Table of Contents

BCRED Emerald JV LP

Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)


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

First Lien Debt (continued)
Software (continued)
Quartz Acquireco, LLC	(4)(8)	SOFR +	2.25%	5.92%	4/11/2025	6/28/2030	$	1,861	$	1,841	$	1,861	0.08	%
Rithum Holdings, Inc.	(8)	SOFR +	4.75%	8.42%	7/2/2025	7/21/2032	10,973		10,769		10,990		0.49
Rocket Software, Inc.	(9)	SOFR +	3.75%	7.47%	10/5/2023	11/28/2028	25,874		25,710		25,901		1.16
Skopima Consilio Parent, LLC	(9)	SOFR +	3.75%	7.47%	12/18/2024	5/12/2028	17,951		17,979		16,448		0.73
Sophos Holdings, LLC	(8)	SOFR +	3.50%	7.33%	1/19/2022	3/5/2027	19,050		19,044		19,085		0.85
Sovos Compliance, LLC	(8)	SOFR +	3.25%	6.97%	7/24/2025	8/13/2029	15,404		15,368		15,467		0.69
SS&C Technologies, Inc.	(8)	SOFR +	2.00%	5.72%	10/9/2025	5/9/2031	3,202		3,202		3,225		0.14
Starlight Parent, LLC	(8)	SOFR +	4.00%	7.70%	4/16/2025	4/16/2032	46,013		44,970		46,042		2.06
Storable, Inc.	(8)	SOFR +	3.25%	6.97%	3/10/2025	4/16/2031	2,329		2,327		2,343		0.10
Tangerine Bidco S.p.A	(4)(8)	E +	5.00%	7.02%	12/17/2022	12/30/2029	EUR	69,750	72,849		81,970		3.66
Trio Bidco, LLC	(7)(8)	SOFR +	4.00%	7.67%	10/31/2025	10/29/2032	7,632		7,556		7,664		0.34
Triple Lift, Inc.	(4)(7)(10)	SOFR +	5.75%	9.59%	1/19/2022	5/5/2028	58,172		57,920		53,045		2.37
Vision Solutions, Inc.	(10)	SOFR +	4.00%	8.10%	1/19/2022	4/24/2028	12,071		11,831		11,265		0.50
VS Buyer, LLC	(8)	SOFR +	2.25%	6.09%	7/25/2025	4/12/2031	17,094		17,224		17,190		0.77
XPLOR T1, LLC	(4)(8)	SOFR +	3.50%	7.29%	12/11/2024	12/1/2032	20,712		20,697		20,764		0.93
Zodiac Purchaser, LLC	(8)	SOFR +	3.50%	7.22%	12/13/2024	2/14/2032	18,953		18,892		18,913		0.84
									1,242,101		1,211,631		54.14
Specialty Retail
CustomInk, LLC	(4)(11)(18)	SOFR +	5.98%	9.83%	1/19/2022	5/3/2028	36,866		36,832		36,866		1.65
EG America, LLC	(8)	SOFR +	3.50%	7.32%	7/18/2025	2/7/2028	6,963		6,985		6,999		0.31
Great Outdoors Group, LLC	(10)	SOFR +	3.25%	6.97%	1/23/2025	1/23/2032	2,546		2,535		2,564		0.11
Mavis Tire Express Services Topco, Corp.	(10)	SOFR +	3.00%	6.72%	11/19/2024	5/4/2028	25,020		25,067		25,139		1.12
MillerKnoll, Inc.	(8)	SOFR +	2.25%	5.97%	7/23/2025	8/9/2032	4,020		4,018		4,051		0.18
OPENLANE, Inc.	(8)	SOFR +	2.50%	6.36%	10/8/2025	10/8/2032	1,799		1,790		1,803		0.08
StubHub Holdco Sub, LLC	(8)	SOFR +	4.75%	8.47%	3/15/2024	3/15/2030	6,418		6,459		6,374		0.28
									83,686		83,796		3.73
Technology Hardware, Storage & Peripherals
Sandisk, Corp.	(8)	SOFR +	3.00%	6.86%	12/13/2024	2/20/2032	8,807		8,758		8,873		0.40
Textiles, Apparel & Luxury Goods
Champ Acquisition Corp.	(8)	SOFR +	4.00%	7.72%	11/8/2024	11/25/2031	661		656		666		0.03

270

Table of Contents

BCRED Emerald JV LP

Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)


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

First Lien Debt (continued)
Trading Companies & Distributors
BCPE Empire Holdings, Inc.	(9)	SOFR +	3.25%	6.97%	3/4/2025	12/11/2030	$	2,707	$	2,704	$	2,684	0.12	%
FCG Acquisitions, Inc.	(9)	SOFR +	3.25%	6.97%	2/11/2025	3/31/2028	16,052		16,042		16,136		0.72
Hillman Group, Inc.	(9)	SOFR +	2.00%	5.73%	11/7/2024	7/14/2028	3,934		3,938		3,955		0.18
Icebox Holdco III, Inc.	(9)	SOFR +	3.25%	6.92%	1/19/2022	12/22/2031	6,000		5,976		6,062		0.27
Johnstone Supply, LLC	(8)	SOFR +	2.50%	6.23%	12/12/2024	6/9/2031	11,268		11,327		11,344		0.51
Kodiak BP, LLC	(8)	SOFR +	3.75%	7.47%	1/19/2022	12/4/2031	13,599		13,589		13,301		0.59
Paramount Global Surfaces, Inc.	(4)(11)	SOFR +	6.00%	9.82% (incl. 4.98% PIK)	1/19/2022	12/31/2028	8,841		8,799		6,586		0.29
QXO Building Products, Inc.	(8)	SOFR +	2.00%	5.72%	11/5/2025	4/30/2032	2,651		2,627		2,663		0.12
White Cap Buyer, LLC	(8)	SOFR +	3.25%	6.97%	6/13/2024	10/19/2029	16,766		16,797		16,853		0.75
									81,799		79,584		3.55
Transportation Infrastructure
Apple Bidco, LLC	(8)	SOFR +	2.50%	6.22%	6/7/2022	9/23/2031	30,488		30,522		30,680		1.37
Roadsafe Holdings, Inc.	(4)(11)	SOFR +	5.75%	9.63%	1/19/2022	10/19/2027	11,578		11,543		11,173		0.50
Roadsafe Holdings, Inc.	(4)(11)	SOFR +	5.75%	9.65%	1/19/2022	10/19/2027	6,667		6,638		6,434		0.29
Signature Aviation US Holdings, Inc.	(9)	SOFR +	2.50%	6.22%	8/11/2025	7/1/2031	4,987		4,992		5,018		0.22
Signature Aviation US Holdings, Inc.	(9)	SOFR +	2.75%	6.59%	7/23/2025	7/1/2031	4,975		5,004		5,005		0.22
Swissport Stratosphere USA, LLC	(8)	SOFR +	3.25%	7.19%	7/24/2025	4/4/2031	353		353		356		0.02
									59,052		58,666		2.62
Total First Lien Debt									6,443,034		6,275,880		280.37

271

Table of Contents

BCRED Emerald JV LP

Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)


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

Second Lien Debt
Commercial Services & Supplies
DG Investment Intermediate Holdings 2, Inc.	(8)	SOFR +	5.50%	9.22%	7/23/2025	7/31/2033	$	5,200	$	5,175	$	5,220	0.23	%
Health Care Providers & Services
Canadian Hospital Specialties, Ltd.	(4)(8)		8.75%	8.75%	12/20/2022	4/15/2029	CAD	12,000	8,434		8,284		0.37
Jayhawk Buyer, LLC	(4)(11)	SOFR +	8.75%	12.69%	1/19/2022	7/16/2028	24,712		24,646		23,292		1.04
									33,080		31,576		1.41
Life Sciences Tools & Services
Curia Global, Inc.	(4)(10)	SOFR +	10.50%	14.58% PIK	9/26/2022	3/7/2030	42,208		41,754		33,450		1.49
Machinery
Victory Buyer, LLC	(4)(9)	SOFR +	7.00%	10.83%	1/19/2022	11/19/2029	66,704		66,000		66,704		2.98
Professional Services
Kwor Acquisition, Inc.	(4)(11)	SOFR +	8.00%	11.82% PIK	2/28/2025	2/28/2030	15,152		15,154		15,153		0.68
Software
Boxer Parent Company, Inc.	(8)	SOFR +	5.75%	9.47%	3/26/2025	7/30/2032	20,000		19,410		19,333		0.86
Vision Solutions, Inc.	(10)	SOFR +	7.25%	11.35%	9/26/2022	4/23/2029	24,942		23,143		23,695		1.06
									42,553		43,028		1.92
Total Second Lien Debt									203,716		195,131		8.71

272

Table of Contents

BCRED Emerald JV LP

Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)


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

Equity
Air Freight & Logistics
AGI Group Holdings, LP - Class A-2 Common Units	(4)			1/19/2022		194	$	208	$	324	0.01	%
Mode Holdings, LP - Class A-2 Common Units	(4)			1/19/2022		1,230,769	2,215		369		0.02
Red Griffin ParentCo, LLC - Class A Common Units	(4)			11/27/2024		3,838	16,269		4,395		0.20
							18,692		5,088		0.23
Capital Markets
Resolute Investment Managers, Inc. - Common Equity				12/29/2023		11,751	294		32		0.00
Chemicals
Pigments Holdings, LP - LP Interest	(4)			4/14/2023		1,212	0		0		0.00
Distributors
Box Co-Invest Blocker, LLC - (BP Alpha Holdings, LP) - Class A Units	(4)			1/19/2022		1	780		0		0.00
Box Co-Invest Blocker, LLC - (BP Alpha Holdings, LP) - Class C Preferred Units	(4)			7/12/2023		1	92		0		0.00
GSO DL Co-Invest EIS LP (EIS Acquisition Holdings, LP - Class A Common Units)	(4)			1/19/2022		301,167	1,239		1,381		0.06
							2,111		1,381		0.06
Diversified Consumer Services
Cambium Holdings, LLC - Senior Preferred Interest	(4)		11.50%	1/19/2022		974,662	1,133		1,206		0.05
Health Care Providers & Services
Jayhawk Holdings, LP - Class A-1 Common Units	(4)			1/19/2022		797	210		19		0.00
Jayhawk Holdings, LP - Class A-2 Common Units	(4)			1/19/2022		429	113		10		0.00
WHCG Purchaser, Inc. - Class A Common Units	(4)			8/2/2024		667,649	0		0		0.00
							323		29		0.00

273

Table of Contents

BCRED Emerald JV LP

Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)


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

Equity (continued)
Professional Services
Kwor Intermediate I, Inc. - Class A Common Shares	(4)			2/28/2025		8,617	$	7,857	$	4,703	0.21	%
Kwor Intermediate I, Inc. - Preferred Equity	(4)			2/28/2025		9,216	9,216		10,168		0.45
							17,073		14,871		0.66
Software
Descartes Holdings, Inc. - Class A Common Stock	(4)			10/9/2023		16,805	728		0		0.00
Specialty Retail
GSO DL CoInvest CI LP (CustomInk, LLC - Series A Preferred Units)	(4)			1/19/2022		3,000,000	3,542		3,362		0.15
Total Equity							43,896		25,969		1.15
Total Investment Portfolio							6,690,646		6,496,980		290.23
Cash and Cash Equivalents
Dreyfus Treasury Obligations Cash Management			3.54%				437		437		0.02
State Street Institutional U.S. Government Money Market Fund - Investor Class			3.66%				9,526		9,526		0.43
Other Cash and Cash Equivalents							143,246		143,246		6.40
Total Cash and Cash Equivalents							153,209		153,209		6.85
Total Portfolio Investments, Cash and Cash Equivalents							$	6,843,855	$	6,650,189	297.08	%

(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, 2025, the Company had investments denominated in Canadian Dollars (CAD), Euros (EUR), British Pounds (GBP), Swiss Francs (CHF), Danish Krone (DKK), Swedish Krona (SEK), Norwegian Krone (NOK), New Zealand Dollars (NZD), and Australian Dollars (AUD). All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. The total par amount (in thousands) is presented for debt investments, while the number of shares or units (in whole amounts) owned is presented for equity investments. Each of the Company’s investments is pledged as collateral, under one or more of its credit facilities unless otherwise indicated.

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

(3)The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method in accordance with 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)Reserved.

274

Table of Contents

BCRED Emerald JV LP

Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)


Investments	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
ADCS Clinics Intermediate Holdings, LLC	Revolver	5/7/2026	$	670	$	—
Azuria Water Solutions, Inc.	Delayed Draw Term Loan	6/13/2027	701		—
Cambium Learning Group, Inc.	Revolver	7/20/2027	3,249		—
Chicago US Midco III, LP	Delayed Draw Term Loan	10/30/2027	1,221		—
CohnReznick Advisory, LLC	Delayed Draw Term Loan	3/31/2027	2,488		—
Express Wash Concepts, LLC	Delayed Draw Term Loan	8/31/2026	5,833		—
Kwor Acquisition, Inc.	Revolver	2/28/2030	6,611		—
Kwor Acquisition, Inc.	Delayed Draw Term Loan	2/28/2027	9,221		—
Latham Pool Products, Inc.	Revolver	2/23/2027	11,250		(78)
Navigator Acquiror, Inc.	Delayed Draw Term Loan	7/15/2030	634		—
Navigator Acquiror, Inc.	Delayed Draw Term Loan	7/15/2030	634		—
Pinnacle Buyer, LLC	Delayed Draw Term Loan	4/1/2027	1,945		—
Pye-Barker Fire & Safety, LLC	Delayed Draw Term Loan	12/16/2027	1,684		—
Raven Acquisition Holdings, LLC	Delayed Draw Term Loan	11/19/2026	667		—
Sanders Industries Holdings, Inc.	Delayed Draw Term Loan	2/26/2027	1,959		—
Secretariat Advisors, LLC	Delayed Draw Term Loan	2/28/2027	301		—
SEKO Global Logistics Network, LLC	Delayed Draw Term Loan	5/10/2027	374		—
Signia Aerospace, LLC	Delayed Draw Term Loan	12/11/2026	1,013		—
Smile Doctors, LLC	Revolver	12/23/2027	4,737		(166)
Titan Co-Borrower, LLC	Delayed Draw Term Loan	5/10/2026	1,215		—
Trio Bidco, LLC	Delayed Draw Term Loan	10/31/2027	803		—
Triple Lift, Inc.	Revolver	5/5/2028	2,143		(182)
US Fertility Enterprises, LLC	Delayed Draw Term Loan	12/30/2027	532		—
VRS Buyer, Inc.	Delayed Draw Term Loan	10/10/2027	897		—
West Monroe Partners, LLC	Revolver	11/9/2027	2,843		—
Total Unfunded Commitments			$	63,625	$	(426)

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

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

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

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

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

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

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

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

(16)Reserved.

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

(19)All securities are exempt from registration under the Securities Act, and may be deemed to be “restricted securities.” As of December 31, 2025, the aggregate fair value of these securities is $6,497.0 million or 290.23% of the Company’s net assets. The initial acquisition dates have been included for such securities.

275

Table of Contents

Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

The following table presents the selected consolidated statements of assets and liabilities information of the Emerald JV as of March 31, 2026 and December 31, 2025 (Unaudited):


	March 31, 2026		December 31, 2025
ASSETS
Investments at fair value (cost of $7,455,337 and $6,690,646, respectively)	$	7,072,749	$	6,496,980
Cash and cash equivalents	196,791		153,209
Interest receivable	36,126		40,940
Non-cash dividend receivable	34,053		—
Receivable for investments sold and other assets	73,744		39,821
Deferred financing costs	13,475		10,930


Total assets	$	7,426,938	$	6,741,880
LIABILITIES
Debt (net of unamortized debt issuance costs of $13,947 and $4,732, respectively)	$	5,246,173	$	4,294,667
Distribution payable	72,600		81,882
Derivative liability at fair value	561		—
Payable for investments purchased and other liabilities	54,701		127,004
Total liabilities	5,374,035		4,503,553
PARTNERS’ CAPITAL
Partners’ capital	2,052,903		2,238,327
Total partners’ capital	2,052,903		2,238,327
Total liabilities and partners’ capital	$	7,426,938	$	6,741,880

The following table presents the selected consolidated statements of operations information of the Emerald JV for the three months ended March 31, 2026 and 2025 (Unaudited):


	Three Months Ended March 31,
	2026		2025
Investment income:
Interest income	$	122,762	$	119,223
Payment-in-kind interest income	3,849		4,969

Non-cash dividend income	1,739		—
Other income	406		278
Total investment income	128,756		124,470
Expenses:
Interest expense	58,345		47,848
Other expenses	1,017		797
Total expenses	59,362		48,645
Net investment income before tax expense	69,394		75,825
Tax expense	—		—
Net investment income after tax expense	69,394		75,825
Net realized and change in unrealized gain (loss):
Net change in unrealized gain (loss) on investments, foreign currency, derivatives and income tax (provision) benefit	(187,396)		(42,710)
Net realized gain (loss) on investments, foreign currency and extinguishment of debt	(22,823)		(16,709)
Total net realized and change in unrealized gain (loss)	(210,219)		(59,419)
Net increase (decrease) in partners’ capital resulting from operations	$	(140,825)	$	16,406

276

Table of Contents

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

Verdelite JV 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.

As of March 31, 2026 and December 31, 2025, a wholly-owned subsidiary of the Company and the Verdelite JV Partner had commitments to contribute up to $147.0 million and $21.0 million of capital, respectively, to the Verdelite JV.

As of March 31, 2026 and December 31, 2025, the Company had made capital contributions (net of returns of capital) of $117.7 million and the Verdelite JV Partner had made capital contributions (net of returns of capital) of $16.8 million. As of March 31, 2026 and December 31, 2025, $29.3 million of capital remained uncalled from the Company and $4.2 million of capital remained uncalled from the Verdelite JV Partner. The Company and the Verdelite JV Partner may, from time-to-time, make additional contributions of capital or may receive returns of capital from the Verdelite JV.

As of March 31, 2026 and December 31, 2025, the Company and the Verdelite JV Partner’s equity ownership interests in the Verdelite JV were 87.5% and 12.5%, respectively.

The Company and the Verdelite JV Partner, through their joint control of the Verdelite JV’s general partner, have equal control of the Verdelite JV’s investment decisions, the decision to call additional capital up to the amounts committed by the Company and the Verdelite JV Partner, the decision to return capital or to make distributions, and generally all other decisions in respect of the Verdelite JV must be approved by the Verdelite JV’s investment committee or board of directors, each of which consists of an equal number of representatives of the Company and the Verdelite JV Partner. The initial term of the Verdelite JV was three years from the commencement of operations, and will continue for successive six-month periods thereafter upon the approval of the Verdelite JV’s general partner, except in the case of a dissolution event. The Company’s investment in the Verdelite JV cannot be transferred without the consent of the Verdelite JV Partner. Effective April 21, 2026, the Verdelite JV’s general partner approved the extension of the Verdelite JV to October 21, 2026.

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

The Company’s investment in the Verdelite JV is disclosed on the Company’s Condensed Consolidated Schedule of Investments as of March 31, 2026 and December 31, 2025.

277

Table of Contents

BCRED Verdelite JV LP

Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)

The following table presents the consolidated schedule of investments of the Verdelite JV as of March 31, 2026:


Investments (1)(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
Dynasty Acquisition Co, Inc.	(8)	SOFR +	2.00%	5.67%	10/10/2025	10/31/2031	$	1,442	$	1,440	$	1,444	1.30	%
Dynasty Acquisition Co, Inc.	(8)	SOFR +	2.00%	5.67%	10/10/2025	10/31/2031	548		548		549		0.49
Galileo Parent, Inc.	(8)	SOFR +	4.50%	8.17%	3/13/2026	2/28/2033	2,168		2,135		2,129		1.92
KBR, Inc.	(8)	SOFR +	2.00%	5.67%	8/14/2024	1/17/2031	498		498		499		0.45
Peraton Corp.	(10)	SOFR +	3.75%	7.52%	11/16/2022	2/1/2028	4,618		4,591		3,953		3.56
Propulsion BC Newco, LLC	(9)	SOFR +	2.50%	6.20%	12/1/2025	12/1/2032	277		276		278		0.25
Sanders Industries Holdings, Inc.	(7)(9)	SOFR +	2.50%	6.20%	10/10/2025	2/26/2032	1,852		1,842		1,855		1.67
TransDigm, Inc.	(8)	SOFR +	2.50%	6.17%	11/28/2023	2/28/2031	5,881		5,878		5,889		5.30
TransDigm, Inc.	(8)	SOFR +	2.25%	5.92%	9/11/2025	3/22/2030	89		89		89		0.08
Vertex Aerospace Services, LLC	(10)	SOFR +	2.25%	5.92%	11/16/2022	12/6/2030	5,380		5,364		5,392		4.86
									22,661		22,077		19.88
Air Freight & Logistics
Savage Enterprises, LLC	(8)	SOFR +	2.50%	6.17%	7/30/2025	8/5/2032	2,335		2,340		2,339		2.11
Wwex Uni Topco Holdings, LLC	(10)	SOFR +	4.00%	7.70%	10/10/2025	7/26/2028	2,487		2,474		2,492		2.24
									4,814		4,831		4.35
Airlines (Passenger Airlines)
Air Canada	(8)	SOFR +	1.75%	5.42%	1/9/2026	3/21/2031	121		121		120		0.11
American Airlines, Inc.	(8)	SOFR +	2.25%	6.00%	2/15/2023	2/15/2028	2,939		2,939		2,873		2.59
American Airlines, Inc.	(8)	SOFR +	1.75%	5.52%	11/16/2022	1/29/2027	490		489		487		0.44
American Airlines, Inc.	(8)	SOFR +	2.25%	5.92%	2/15/2023	4/20/2028	993		971		985		0.89
OneSky Flight, LLC	(8)	SOFR +	2.75%	6.43%	2/17/2026	2/17/2033	213		211		212		0.19
United Airlines, Inc.	(8)	SOFR +	1.75%	5.43%	2/3/2026	2/22/2031	2,268		2,268		2,267		2.04
									6,999		6,944		6.26
Automobile Components
Clarios Global, LP	(8)	SOFR +	2.50%	6.17%	7/16/2024	5/6/2030	2,928		2,928		2,922		2.63
Clarios Global, LP	(8)	SOFR +	2.75%	6.42%	3/12/2025	1/28/2032	1,985		1,975		1,983		1.79
									4,903		4,905		4.42
Beverages
Triton Water Holdings, Inc.	(9)	SOFR +	2.75%	6.44%	3/31/2026	3/31/2031	1,246		1,240		1,250		1.13
Biotechnology
Alkermes, Inc.	(8)	SOFR +	2.75%	6.42%	2/12/2026	8/12/2031	187		186		189		0.17
Genmab Finance, LLC	(8)	SOFR +	3.00%	6.70%	12/12/2025	12/12/2032	1,175		1,170		1,181		1.06
Grifols Worldwide Operations USA, Inc.	(8)	SOFR +	2.00%	5.77%	11/16/2022	11/15/2027	5,114		5,100		5,115		4.61
									6,456		6,485		5.84
Broadline Retail
Peer Holding III, BV	(8)	SOFR +	2.50%	6.20%	6/26/2024	7/1/2031	1,919		1,919		1,917		1.73
Peer Holding III, BV	(8)	SOFR +	2.25%	5.95%	9/29/2025	9/29/2032	361		361		358		0.32
									2,280		2,275		2.05

278

Table of Contents

BCRED Verdelite JV LP

Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)


Investments (1)(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)(17)	SOFR +	3.25%	7.02%	11/16/2022	4/12/2028	$	3,897	$	3,865	$	2,228	2.01	%
Griffon Corp.	(8)	SOFR +	2.00%	5.67%	6/26/2024	1/24/2029	2,951		2,957		2,963		2.67
LBM Acquisition, LLC	(10)	SOFR +	3.75%	7.52%	6/6/2024	6/6/2031	5,213		5,174		4,207		3.79
MIWD Holdco II, LLC	(8)	SOFR +	2.75%	6.42%	3/28/2024	3/28/2031	2,028		2,021		1,875		1.69
Paint Intermediate III, LLC	(8)	SOFR +	3.00%	6.67%	3/2/2026	10/9/2031	234		234		234		0.21
Resideo Funding, Inc.	(8)	SOFR +	2.00%	5.64%	6/14/2024	6/13/2031	541		541		539		0.49
Resideo Funding, Inc.	(8)	SOFR +	2.00%	5.67%	8/8/2025	8/13/2032	328		328		328		0.30
Standard Industries, Inc.	(9)	SOFR +	1.75%	5.42%	11/16/2022	9/22/2028	528		528		528		0.48
									15,648		12,902		11.64
Capital Markets
Apex Group Treasury, LLC	(8)	SOFR +	3.50%	7.17%	2/27/2025	2/27/2032	3,483		3,476		3,184		2.87
Aretec Group, Inc.	(8)	SOFR +	3.00%	6.67%	11/20/2025	8/9/2030	5,349		5,348		5,289		4.76
Citco Funding, LLC	(9)	SOFR +	2.00%	5.67%	1/30/2026	1/30/2033	627		625		625		0.56
EP Wealth Advisors, LLC	(8)	SOFR +	3.00%	6.70%	10/16/2025	10/18/2032	211		211		212		0.19
Chrysaor Bidco S.à r.l.	(9)	SOFR +	3.25%	6.90%	10/14/2025	10/30/2031	959		959		959		0.86
Focus Financial Partners, LLC	(8)	SOFR +	2.50%	6.17%	1/31/2025	9/15/2031	2,252		2,240		2,184		1.97
GTCR Everest Borrower, LLC	(8)	SOFR +	2.50%	6.20%	2/3/2026	9/5/2031	4,101		4,102		4,076		3.67
Hudson River Trading, LLC	(8)	SOFR +	2.50%	6.18%	1/21/2026	3/18/2030	156		155		155		0.14
Jane Street Group, LLC	(8)	SOFR +	2.00%	5.67%	10/1/2025	12/15/2031	286		283		281		0.25
Kestra Advisor Services Holdings A, Inc.	(8)	SOFR +	3.00%	6.67%	8/1/2025	3/21/2031	1,562		1,562		1,553		1.40
Osaic Holdings, Inc.	(8)	SOFR +	2.50%	6.20%	2/2/2026	7/30/2032	2,375		2,373		2,336		2.10
Superannuation & Investments US, LLC	(9)	SOFR +	2.50%	6.17%	1/30/2026	12/1/2028	104		104		104		0.09
The Edelman Financial Engines Center, LLC	(8)	SOFR +	3.00%	6.67%	6/5/2024	4/7/2028	3,831		3,831		3,832		3.45
Victory Capital Holdings, Inc.	(8)	SOFR +	2.00%	5.70%	9/10/2025	9/23/2032	2,004		2,002		2,002		1.80
									27,271		26,792		24.11
Chemicals
CI Maroon Holdings, LLC	(8)	SOFR +	3.25%	7.05%	2/7/2025	3/3/2031	887		887		862		0.78
Nouryon USA, LLC	(8)	SOFR +	3.25%	7.04%	4/26/2024	4/3/2028	2,867		2,867		2,817		2.54
Nouryon USA, LLC	(8)	SOFR +	3.25%	6.92%	4/26/2024	4/3/2028	780		780		767		0.69
Olympus Water US Holding Corp.	(8)	SOFR +	3.25%	6.95%	11/3/2025	11/3/2032	357		357		345		0.31
SCIL USA Holdings, LLC	(8)	SOFR +	4.00%	7.79%	10/30/2025	11/8/2032	747		743		745		0.67
Solstice Advanced Materials, Inc.	(8)	SOFR +	1.75%	5.42%	10/29/2025	10/29/2032	255		255		257		0.23
									5,889		5,793		5.22

279

Table of Contents

BCRED Verdelite JV LP

Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)


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

First Lien Debt (continued)
Commercial Services & Supplies
Access CIG, LLC	(9)	SOFR +	4.00%	7.70%	8/15/2025	8/19/2030	$	6,473	$	6,375	$	5,885	5.30	%
Allied Universal Holdco, LLC	(8)	SOFR +	3.25%	6.92%	8/6/2025	8/20/2032	2,520		2,517		2,523		2.27
Anticimex, Inc.	(8)	SOFR +	2.90%	6.56%	11/21/2025	11/17/2031	3,315		3,298		3,324		2.99
Aramark Services, Inc.	(8)	SOFR +	1.75%	5.42%	8/12/2025	4/6/2028	259		259		260		0.23
Arcwood Environmental, Inc.	(8)	SOFR +	3.00%	6.69%	3/20/2026	4/1/2033	300		299		301		0.27
Asplundh Tree Expert, LLC	(8)	SOFR +	1.75%	5.42%	5/23/2024	5/23/2031	1,325		1,323		1,330		1.20
Belfor Holdings, Inc.	(9)	SOFR +	2.75%	6.42%	8/8/2025	11/1/2030	947		947		950		0.86
EAB Global, Inc.	(9)	SOFR +	3.00%	6.70%	11/16/2022	8/16/2030	8,700		8,643		7,776		7.00
Foundational Education Group, Inc.	(9)	SOFR +	3.75%	7.68%	11/16/2022	8/31/2028	2,449		2,395		2,253		2.03
GFL Environmental Services USA, Inc.	(8)	SOFR +	2.50%	6.17%	10/10/2025	3/3/2032	1,990		1,991		1,992		1.79
HNI Corp.	(8)	SOFR +	2.00%	5.67%	12/4/2025	9/5/2032	292		291		294		0.27
Lsf12 Crown US Commercial Bidco, LLC	(8)	SOFR +	3.00%	6.67%	1/20/2026	12/2/2031	369		369		369		0.33
OMNIA Partners, LLC	(8)	SOFR +	2.75%	6.43%	1/26/2024	12/31/2032	1,131		1,130		1,132		1.02
Pinnacle Buyer, LLC	(7)(8)	SOFR +	2.50%	6.16%	9/11/2025	10/1/2032	443		442		444		0.40
Prime Security Services Borrower, LLC	(8)	SOFR +	2.00%	5.66%	4/15/2024	10/13/2030	4,074		4,073		4,062		3.66
Prime Security Services Borrower, LLC	(8)	SOFR +	1.75%	5.41%	4/4/2025	3/7/2032	1,277		1,265		1,261		1.14
Pye-Barker Fire & Safety, LLC	(7)(8)	SOFR +	2.50%	6.17%	12/16/2025	12/16/2032	985		980		988		0.89
Vaco Holdings, Inc.	(10)	SOFR +	5.00%	8.85%	11/16/2022	1/22/2029	2,288		2,260		1,501		1.35
									38,857		36,645		33.00
Construction & Engineering
Azuria Water Solutions, Inc.	(8)	SOFR +	3.00%	6.67%	2/10/2026	5/17/2028	2,926		2,926		2,905		2.62
Brookfield WEC Holdings, Inc.	(8)	SOFR +	2.00%	5.67%	1/25/2024	1/27/2031	2,482		2,477		2,481		2.23
Dycom Industries, Inc.	(8)	SOFR +	1.75%	5.42%	1/27/2026	1/27/2033	251		250		252		0.23
Green Infrastructure Partners US, LLC	(8)	SOFR +	2.75%	6.45%	9/19/2025	9/24/2032	273		272		273		0.25
Touchdown Acquirer, Inc.	(8)	SOFR +	2.50%	6.16%	2/5/2026	2/21/2031	1,033		1,033		1,020		0.92
									6,958		6,931		6.25
Construction Materials
MSOF Beacon, LLC	(8)	SOFR +	2.50%	6.17%	12/23/2025	12/23/2032	158		158		159		0.14
Quikrete Holdings, Inc.	(8)	SOFR +	2.25%	5.92%	4/4/2025	2/10/2032	2,482		2,458		2,481		2.23
Tamko Building Products, LLC	(8)	SOFR +	2.75%	6.42%	10/23/2024	9/20/2030	2,595		2,595		2,588		2.33
									5,211		5,228		4.70

280

Table of Contents

BCRED Verdelite JV LP

Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)


Investments (1)(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)
Consumer Finance
CPI Holdco B, LLC	(8)	SOFR +	2.00%	5.67%	12/11/2025	5/17/2031	$	3,874	$	3,870	$	3,854	3.47	%
Containers & Packaging
Berlin Packaging, LLC	(8)	SOFR +	3.25%	6.91%	7/25/2025	6/7/2031	4,464		4,464		4,314		3.89
Clydesdale Acquisition Holdings, Inc.	(9)	SOFR +	3.18%	6.84%	11/16/2022	4/13/2029	3,136		3,104		3,000		2.70
Graham Packaging Co., Inc.	(8)	SOFR +	2.25%	5.92%	1/26/2026	1/26/2033	320		320		318		0.29
ProAmpac PG Borrower, LLC	(8)	SOFR +	4.00%	7.78%	3/6/2026	3/7/2033	111		111		107		0.10
Ring Container Technologies Group, LLC	(9)	SOFR +	2.50%	6.17%	10/10/2025	9/15/2032	1,990		1,989		1,974		1.78
SupplyOne, Inc.	(8)	SOFR +	3.50%	7.17%	4/19/2024	4/19/2031	1,678		1,672		1,685		1.52
TricorBraun Holdings, Inc.	(9)	SOFR +	3.25%	6.92%	11/16/2022	3/3/2031	6,433		6,332		6,131		5.52
Trident TPI Holdings, Inc.	(9)	SOFR +	3.75%	7.45%	10/18/2024	9/15/2028	4,364		4,364		4,143		3.73
									22,356		21,672		19.53
Diversified Consumer Services
Bifm CA Buyer, Inc.	(9)	SOFR +	3.25%	6.92%	3/30/2026	5/31/2028	1,995		2,000		1,997		1.80
Cengage Learning, Inc.	(11)	SOFR +	3.00%	6.67%	1/22/2026	3/24/2031	490		490		481		0.43
Covista, Inc.	(10)	SOFR +	2.25%	5.92%	3/2/2026	3/2/2033	378		376		379		0.34
Element Materials Technology Group US Holdings, Inc.	(9)	SOFR +	3.50%	7.20%	11/16/2022	7/6/2029	2,925		2,887		2,937		2.65
Imagine Learning, LLC	(9)	SOFR +	3.50%	7.17%	2/1/2024	12/21/2029	3,935		3,919		3,659		3.30
Inspired Education US Holdings, Inc.	(8)	SOFR +	2.75%	6.42%	2/11/2026	2/28/2031	338		337		338		0.30
KUEHG Corp.	(9)	SOFR +	2.75%	6.45%	8/11/2025	6/12/2030	2,481		2,489		2,233		2.01
Mckissock Investment Holdings, LLC	(10)	SOFR +	5.00%	8.82%	11/16/2022	3/12/2029	4,150		4,089		3,627		3.27
Metropolis Technologies, Inc.	(8)	SOFR +	5.25%	8.98%	11/3/2025	11/3/2032	904		895		895		0.81
Mister Car Wash Holdings, Inc.	(8)	SOFR +	2.25%	5.92%	3/27/2024	3/27/2031	664		664		657		0.59
Pre-Paid Legal Services, Inc.	(9)	SOFR +	3.25%	6.92%	11/16/2022	12/15/2028	3,223		3,196		2,807		2.53
Spring Education Group, Inc.	(8)	SOFR +	3.25%	6.95%	9/29/2023	10/4/2030	3,344		3,322		3,323		2.99
University Support Services, LLC	(9)	SOFR +	2.75%	6.42%	11/16/2022	2/10/2029	3,668		3,646		3,605		3.25
Wand NewCo 3, Inc.	(8)	SOFR +	2.50%	6.17%	7/30/2024	1/30/2031	2,855		2,835		2,835		2.55
									31,145		29,773		26.82
Diversified REITs
Iron Mountain Information Management, LLC	(8)	SOFR +	2.00%	5.67%	12/28/2023	1/31/2031	840		836		837		0.75
Diversified Telecommunication Services
Coral-US Co-Borrower, LLC	(8)	SOFR +	3.25%	6.92%	11/16/2022	1/31/2032	2,450		2,440		2,412		2.17
Virgin Media Bristol, LLC	(8)	SOFR +	3.18%	7.05%	3/2/2023	3/31/2031	2,727		2,710		2,497		2.25
Zacapa, LLC	(9)	SOFR +	3.75%	7.45%	10/29/2024	3/22/2029	4,444		4,444		4,438		4.00
									9,594		9,347		8.42

281

Table of Contents

BCRED Verdelite JV LP

Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)


Investments (1)(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)
Electric Utilities
Cogentrix Finance Holdco I, LLC	(8)	SOFR +	2.25%	5.92%	8/7/2025	2/26/2032	$	2,218	$	2,222	$	2,222	2.00	%
NRG Energy, Inc.	(8)	SOFR +	1.75%	5.52%	4/16/2024	4/16/2031	1,742		1,739		1,748		1.57
Vistra Operations Co, LLC	(8)	SOFR +	1.75%	5.42%	11/16/2022	12/20/2030	2,587		2,570		2,594		2.34
									6,531		6,564		5.91
Electrical Equipment
Forgent Intermediate IV, LLC	(8)	SOFR +	3.00%	6.66%	12/19/2025	12/20/2032	423		419		425		0.38
Generac Power Systems, Inc.	(8)	SOFR +	1.75%	5.42%	7/3/2024	7/3/2031	3,742		3,738		3,772		3.40
Madison IAQ, LLC	(9)	SOFR +	2.50%	6.13%	11/16/2022	6/21/2028	6,644		6,580		6,650		5.99
									10,737		10,847		9.77
Electronic Equipment, Instruments & Components
Celestica, Inc.	(4)(8)	SOFR +	1.75%	5.43%	6/20/2024	6/20/2031	3,439		3,439		3,447		3.10
Infinite Bidco, LLC	(9)	SOFR +	3.75%	7.68%	11/16/2022	3/2/2028	2,119		2,087		2,017		1.82
Modena Buyer, LLC	(8)	SOFR +	4.25%	7.92%	7/1/2024	7/1/2031	1,813		1,785		1,633		1.47
Project Aurora US Finco, Inc.	(8)	SOFR +	2.75%	6.45%	9/30/2025	9/30/2032	253		252		254		0.23
Qnity Electronics, Inc.	(8)	SOFR +	2.00%	5.67%	10/31/2025	11/1/2032	602		601		602		0.54
Sanmina Corp.	(4)(8)	SOFR +	2.00%	5.67%	10/27/2025	10/27/2032	360		359		361		0.33
									8,523		8,314		7.49
Energy Equipment & Services
Ursa Minor US Bidco, LLC	(8)	SOFR +	2.25%	5.95%	11/13/2025	3/26/2031	1,178		1,176		1,180		1.06
Entertainment
EOC Borrower, LLC	(8)	SOFR +	2.75%	6.42%	8/11/2025	3/24/2032	2,481		2,489		2,479		2.23
TKO Worldwide Holdings, LLC	(8)	SOFR +	2.00%	5.66%	9/9/2025	11/21/2031	351		350		351		0.32
									2,839		2,830		2.55
Financial Services
Bcpe Pequod Buyer, Inc.	(8)	SOFR +	2.75%	6.42%	12/5/2025	11/25/2031	174		173		169		0.15
Chicago US Midco III, LP	(7)(8)	SOFR +	2.50%	6.17%	10/30/2025	11/1/2032	514		513		509		0.46
Corpay Technologies Operating Co, LLC	(8)	SOFR +	1.75%	5.42%	11/5/2025	11/5/2032	383		381		383		0.35
Mitchell International, Inc.	(9)	SOFR +	3.00%	6.67%	1/22/2026	6/17/2031	4,868		4,849		4,658		4.20
Mitchell International, Inc.	(9)	SOFR +	3.00%	6.67%	1/22/2026	6/17/2031	111		111		106		0.10
Paysafe Holdings US Corp.	(9)	SOFR +	2.75%	6.53%	11/16/2022	6/28/2028	1,906		1,901		1,753		1.58
Planet US Buyer, LLC	(8)	SOFR +	3.00%	6.67%	2/9/2024	2/7/2031	1,007		1,005		1,008		0.91
									8,933		8,586		7.75

282

Table of Contents

BCRED Verdelite JV LP

Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)


Investments (1)(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)
Food Products
CHG PPC Parent, LLC	(9)	SOFR +	3.00%	6.78%	11/16/2022	12/8/2028	$	2,908	$	2,866	$	2,915	2.63	%
Dreyers Grand Ice Cream, Inc.	(8)	SOFR +	2.25%	5.88%	3/11/2025	9/30/2031	1,973		1,962		1,936		1.74
Froneri US, Inc.	(8)	SOFR +	2.25%	5.88%	7/16/2025	9/30/2032	1,374		1,371		1,350		1.22
PFI Lower Midco, LLC	(8)	SOFR +	4.00%	7.67%	12/1/2025	12/1/2032	200		198		200		0.18
Saratoga Food Specialties, LLC	(8)	SOFR +	3.25%	6.92%	3/7/2024	3/12/2029	712		712		717		0.65
Snacking Investments US, LLC	(8)	SOFR +	3.00%	6.67%	10/30/2025	10/29/2032	345		344		346		0.31
									7,453		7,464		6.73
Ground Transportation
Genesee & Wyoming, Inc.	(8)	SOFR +	1.75%	5.45%	4/10/2024	4/10/2031	4,260		4,244		4,244		3.82
Health Care Equipment & Supplies
Argent Finco, LLC	(8)	SOFR +	2.50%	6.16%	11/20/2025	11/12/2032	151		151		152		0.14
Resonetics, LLC	(10)	SOFR +	2.75%	6.42%	7/24/2025	6/18/2031	3,537		3,537		3,527		3.18
WS Audiology A/S	(8)	SOFR +	3.25%	6.95%	2/13/2026	2/28/2029	4,044		4,044		4,049		3.65
									7,732		7,728		6.97
Health Care Providers & Services
Agiliti Health, Inc.	(8)	SOFR +	3.00%	6.58%	5/1/2023	5/1/2030	2,768		2,769		2,698		2.43
CHG Healthcare Services, Inc.	(9)	SOFR +	2.75%	6.42%	7/25/2025	9/29/2028	2,474		2,477		2,479		2.23
Concentra Health Services, Inc.	(8)	SOFR +	2.00%	5.67%	7/26/2024	7/26/2031	2,116		2,116		2,126		1.91
Davita, Inc.	(8)	SOFR +	1.75%	5.42%	5/9/2024	5/9/2031	3,448		3,448		3,461		3.12
Ensemble RCM, LLC	(8)	SOFR +	3.00%	6.66%	2/9/2026	2/9/2033	1,747		1,745		1,730		1.56
Global Medical Response, Inc.	(8)	SOFR +	3.50%	7.17%	9/10/2025	10/1/2032	2,363		2,358		2,358		2.12
Heartland Dental, LLC	(8)	SOFR +	3.75%	7.42%	8/7/2025	8/25/2032	2,253		2,247		2,251		2.03
MED ParentCo, LP	(8)	SOFR +	3.00%	6.67%	12/31/2025	4/15/2031	1,183		1,183		1,184		1.07
Outcomes Group Holdings, Inc.	(8)	SOFR +	3.00%	6.67%	5/6/2024	5/6/2031	2,044		2,044		2,047		1.84
Pediatric Associates Holding Co, LLC	(9)	SOFR +	3.25%	7.18%	11/16/2022	12/29/2028	475		471		456		0.41
Radiology Partners, Inc.	(8)	SOFR +	4.50%	8.20%	10/10/2025	6/30/2032	1,803		1,798		1,780		1.60
Raven Acquisition Holdings, LLC	(7)(8)	SOFR +	3.00%	6.67%	4/4/2025	11/19/2031	2,316		2,278		2,272		2.05
Southern Veterinary Partners, LLC	(8)	SOFR +	2.50%	6.18%	7/22/2025	12/4/2031	2,192		2,191		2,176		1.96
US Fertility Enterprises, LLC	(7)(8)	SOFR +	3.50%	7.17%	12/30/2025	12/30/2032	307		306		307		0.28
									27,431		27,325		24.61
Health Care Technology
athenahealth, Inc.	(9)	SOFR +	2.75%	6.42%	11/16/2022	2/15/2029	7,420		7,232		7,294		6.57
Cotiviti, Inc.	(8)	SOFR +	2.75%	6.42%	5/1/2024	5/1/2031	2,435		2,426		2,250		2.03
Gainwell Acquisition Corp.	(10)	SOFR +	4.00%	7.80%	11/16/2022	10/1/2027	1,949		1,923		1,896		1.71
Waystar Technologies, Inc.	(8)	SOFR +	2.00%	5.67%	8/6/2025	10/22/2029	2,096		2,096		2,094		1.89
									13,677		13,534		12.20

283

Table of Contents

BCRED Verdelite JV LP

Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)


Investments (1)(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.	(8)	SOFR +	2.50%	6.17%	7/23/2025	8/17/2028	$	1,826	$	1,826	$	1,827	1.65	%
Bulldog Purchaser, Inc.	(9)	SOFR +	3.25%	6.91%	2/5/2026	2/4/2033	761		757		761		0.68
Caesars Entertainment, Inc.	(9)	SOFR +	2.25%	5.92%	2/6/2023	2/6/2030	1,322		1,315		1,287		1.16
Caesars Entertainment, Inc.	(9)	SOFR +	2.25%	5.92%	2/6/2024	2/6/2031	2,769		2,764		2,696		2.43
FanDuel Group Financing, LLC	(9)	SOFR +	1.75%	5.45%	11/24/2023	11/30/2030	2,369		2,369		2,349		2.12
Fertitta Entertainment, LLC	(9)	SOFR +	3.25%	6.92%	11/16/2022	1/27/2029	2,716		2,694		2,668		2.40
GVC Finance, LLC	(8)	SOFR +	2.25%	5.95%	5/8/2024	10/31/2029	5,828		5,835		5,833		5.25
Hilton Grand Vacations Borrower, LLC	(8)	SOFR +	2.00%	5.67%	1/17/2024	1/17/2031	704		702		703		0.63
IRB Holding Corp.	(9)	SOFR +	2.50%	6.18%	11/17/2025	12/15/2030	6,877		6,875		6,869		6.19
LC Ahab US Bidco, LLC	(8)	SOFR +	2.50%	6.17%	5/1/2024	5/1/2031	1,652		1,627		1,638		1.48
Life Time, Inc.	(8)	SOFR +	2.00%	5.67%	8/14/2025	11/5/2031	1,106		1,106		1,107		1.00
Marriott Ownership Resorts, Inc.	(8)	SOFR +	2.25%	5.92%	4/1/2024	4/1/2031	3,088		3,105		3,085		2.78
Mic Glen, LLC	(9)	SOFR +	3.25%	6.92%	7/29/2025	7/21/2028	3,357		3,308		3,370		3.04
Motion Finco, LLC	(8)	SOFR +	3.50%	7.20%	2/5/2024	11/12/2029	2,500		2,492		2,199		1.98
New Red Finance, Inc.	(8)	SOFR +	1.75%	5.42%	6/16/2024	9/20/2030	2,758		2,740		2,756		2.48
Raising Cane's Restaurants, LLC	(8)	SOFR +	2.00%	5.67%	11/3/2025	11/3/2032	417		416		415		0.37
Scientific Games Holdings, LP	(9)	SOFR +	3.00%	6.65%	6/11/2024	4/4/2029	2,940		2,940		2,900		2.61
Tacala Investment Corp.	(10)	SOFR +	3.00%	6.67%	8/6/2025	1/31/2031	1,577		1,577		1,579		1.42
TRQ Sales, LLC	(8)	SOFR +	3.25%	6.95%	12/30/2025	12/30/2032	908		904		882		0.79
Whatabrands, LLC	(9)	SOFR +	2.50%	6.17%	12/11/2024	8/3/2028	6,938		6,936		6,934		6.25
									52,288		51,858		46.71
Household Durables
AI Aqua Merger Sub, Inc.	(9)	SOFR +	2.75%	6.41%	2/4/2026	7/30/2028	2,478		2,467		2,475		2.23
Weber-Stephen Products, LLC	(8)	SOFR +	3.75%	7.41%	9/17/2025	10/1/2032	338		335		331		0.30
									2,802		2,806		2.53
Household Products
Energizer Holdings, Inc.	(8)	SOFR +	2.00%	5.67%	5/29/2024	3/19/2032	392		391		392		0.35
Independent Power and Renewable Electricity Producers
Talen Energy Supply, LLC	(8)	SOFR +	2.00%	5.67%	11/25/2025	11/25/2032	298		296		298		0.27
Industrial Conglomerates
Bettcher Industries, Inc.	(9)	SOFR +	4.00%	7.67%	9/19/2025	12/14/2028	378		378		379		0.34
Engineered Machinery Holdings, Inc.	(8)	SOFR +	3.25%	6.95%	11/26/2025	11/26/2032	226		226		228		0.21
									604		607		0.55

284

Table of Contents

BCRED Verdelite JV LP

Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)


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

First Lien Debt (continued)
Insurance
Alliant Holdings Intermediate, LLC	(8)	SOFR +	2.50%	6.17%	7/31/2025	9/19/2031	$	990	$	971	$	984	0.89	%
AmWINS Group, Inc.	(10)	SOFR +	2.00%	5.67%	1/14/2026	1/30/2032	2,474		2,468		2,460		2.22
Baldwin Insurance Group Holdings, LLC	(8)	SOFR +	2.50%	6.18%	9/12/2025	5/26/2031	6,269		6,258		6,177		5.56
BroadStreet Partners, Inc.	(8)	SOFR +	2.50%	6.17%	6/14/2024	6/13/2031	6,996		6,986		6,835		6.16
HUB International, Ltd.	(8)	SOFR +	2.25%	5.92%	7/30/2024	6/20/2030	2,404		2,389		2,402		2.16
Hyperion Refinance S.à r.l.	(9)	SOFR +	2.75%	6.42%	11/22/2024	2/15/2031	4,627		4,627		4,493		4.05
Hyperion Refinance S.à r.l.	(9)	SOFR +	2.75%	6.42%	12/11/2025	4/18/2030	2,375		2,375		2,321		2.09
OneDigital Borrower, LLC	(9)	SOFR +	3.00%	6.67%	7/2/2024	7/2/2031	2,224		2,224		2,156		1.94
Ryan Specialty, LLC	(8)	SOFR +	2.00%	5.67%	10/10/2025	9/13/2031	1,990		1,988		1,990		1.79
USI, Inc.	(8)	SOFR +	2.25%	5.95%	12/23/2024	9/29/2030	2,461		2,453		2,457		2.21
USI, Inc.	(8)	SOFR +	2.25%	5.95%	12/23/2024	11/21/2029	1,433		1,428		1,431		1.29
									34,167		33,706		30.36
Interactive Media & Services
Creative Artists Agency, LLC	(8)	SOFR +	2.50%	6.17%	8/11/2025	10/1/2031	2,487		2,491		2,489		2.24
Project Boost Purchaser, LLC	(8)	SOFR +	2.75%	6.45%	7/16/2024	7/16/2031	6,451		6,437		6,232		5.61
TripAdvisor, Inc.	(8)	SOFR +	2.75%	6.42%	7/8/2024	7/8/2031	2,356		2,352		2,242		2.02
WH Borrower, LLC	(9)	SOFR +	4.50%	8.16%	2/12/2026	2/20/2032	254		252		254		0.23
									11,532		11,217		10.10
IT Services
Ahead DB Holdings, LLC	(10)	SOFR +	2.50%	6.20%	8/2/2024	2/1/2031	2,791		2,789		2,754		2.48
Fortress Intermediate 3, Inc.	(8)	SOFR +	3.00%	6.67%	7/2/2025	6/27/2031	2,469		2,469		2,453		2.21
Go Daddy Operating Co, LLC	(8)	SOFR +	1.75%	5.42%	5/31/2024	5/30/2031	737		736		725		0.65
Newfold Digital Holdings Group, Inc.	(10)	SOFR +	3.50%	7.27%	12/8/2025	4/30/2029	2,126		2,047		1,567		1.41
Newfold Digital Holdings Group, Inc.	(10)(17)	SOFR +	3.50%	7.27%	12/8/2025	4/30/2029	437		419		144		0.13
ThoughtWorks, Inc.	(9)	SOFR +	2.75%	6.53%	11/16/2022	3/24/2028	2,221		2,200		1,933		1.74
Virtusa Corp.	(10)	SOFR +	3.25%	6.92%	6/21/2024	2/15/2029	4,932		4,932		4,466		4.02
World Wide Technology Holding Co, LLC	(9)	SOFR +	2.00%	5.67%	7/17/2025	3/1/2030	884		884		883		0.80
									16,476		14,925		13.44
Life Sciences Tools & Services
Parexel International, Inc.	(9)	SOFR +	2.75%	6.42%	12/12/2025	12/12/2031	3,139		3,138		3,133		2.82
First Lien Debt (continued)

285

Table of Contents

BCRED Verdelite JV LP

Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)


Investments (1)(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

Machinery
Chart Industries, Inc.	(9)	SOFR +	2.50%	6.16%	7/2/2024	3/15/2030	$	1,974	$	1,974	$	1,975	1.78	%
CoorsTek, Inc.	(8)	SOFR +	3.00%	6.67%	10/28/2025	10/28/2032	339		337		341		0.31
EMRLD Borrower, LP	(8)	SOFR +	2.25%	5.95%	8/11/2025	8/4/2031	2,481		2,481		2,480		2.23
Hobbs & Associates, LLC	(8)	SOFR +	2.75%	6.42%	10/10/2025	7/23/2031	1,990		1,989		1,978		1.78
Innio North America Holding, Inc.	(8)	SOFR +	2.00%	5.66%	2/5/2026	11/2/2031	665		665		660		0.59
LSF11 Trinity Bidco, Inc.	(8)	SOFR +	2.50%	6.18%	9/11/2025	6/14/2030	2,287		2,287		2,287		2.06
Lsf12 Helix Parent, LLC	(8)	SOFR +	3.50%	7.17%	2/10/2026	2/10/2033	352		350		348		0.31
Pro Mach Group, Inc.	(8)	SOFR +	2.75%	6.42%	10/16/2025	10/16/2032	802		800		801		0.72
TK Elevator U.S. Newco, Inc.	(9)	SOFR +	2.75%	6.38%	3/14/2024	4/30/2030	4,286		4,286		4,300		3.87
Victory Buyer, LLC	(8)	SOFR +	3.00%	6.67%	2/13/2026	2/13/2033	296		294		297		0.27
									15,463		15,467		13.92
Media
ABG Intermediate Holdings 2, LLC	(8)	SOFR +	2.25%	5.92%	12/13/2024	12/21/2028	385		385		385		0.35
American Greetings Corp.	(8)	SOFR +	5.75%	9.42%	4/30/2024	10/30/2029	1,251		1,235		1,251		1.13
Fleet US Bidco, Inc.	(4)(8)	SOFR +	2.75%	6.42%	8/15/2024	2/21/2031	654		654		655		0.59
									2,274		2,291		2.07
Metals & Mining
Arsenal AIC Parent, LLC	(8)	SOFR +	2.75%	6.42%	8/21/2024	8/18/2030	371		371		372		0.34
Novelis Holdings, Inc.	(8)	SOFR +	1.75%	5.45%	9/11/2025	3/11/2032	902		902		904		0.81
SCIH Salt Holdings, Inc.	(10)	SOFR +	2.75%	6.35%	12/4/2025	1/31/2029	1,984		1,986		1,981		1.78
									3,259		3,257		2.93
Mortgage Real Estate Investment Trusts (REITs)
Starwood Property Mortgage, LLC	(8)	SOFR +	2.25%	5.92%	8/14/2025	9/24/2032	384		382		385		0.35
Oil, Gas & Consumable Fuels
Blackfin Pipeline, LLC	(8)	SOFR +	3.00%	6.67%	9/29/2025	9/29/2032	456		454		459		0.41
Freeport LNG Investments, LLLP	(8)	SOFR +	3.25%	6.89%	1/29/2026	2/11/2033	1,819		1,810		1,822		1.64
GIP Pilot Acquisition Partners, LP	(8)	SOFR +	2.00%	5.65%	5/22/2024	10/4/2030	1,044		1,044		1,046		0.94
VRS Buyer, Inc.	(7)(8)	SOFR +	3.50%	7.17%	10/10/2025	10/12/2032	767		763		767		0.69
									4,071		4,094		3.68
Pharmaceuticals
Opal Bidco, SAS	(8)	SOFR +	3.00%	6.70%	10/29/2025	4/28/2032	190		190		190		0.17
First Lien Debt (continued)

286

Table of Contents

BCRED Verdelite JV LP

Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)


Investments (1)(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

Professional Services
AG Group Holdings, Inc.	(9)	SOFR +	4.25%	7.92%	11/16/2022	12/29/2028	$	3,509	$	3,464	$	3,186	2.87	%
AlixPartners, LLP	(8)	SOFR +	2.00%	5.67%	7/31/2025	8/12/2032	992		991		985		0.89
Ankura Consulting Group, LLC	(10)	SOFR +	3.50%	7.17%	12/17/2024	12/29/2031	1,128		1,125		1,080		0.97
Ascensus Group Holdings, Inc.	(9)	SOFR +	3.00%	6.67%	12/13/2024	11/25/2032	1,245		1,236		1,227		1.11
Camelot US Acquisition, LLC	(8)	SOFR +	2.75%	6.42%	1/31/2024	1/31/2031	2,700		2,695		2,346		2.11
Cast & Crew Payroll, LLC	(9)(17)	SOFR +	3.75%	7.42%	11/16/2022	12/29/2028	1,880		1,875		755		0.68
CoreLogic, Inc.	(9)	SOFR +	3.50%	7.28%	3/4/2026	6/2/2028	997		969		956		0.86
Eisner Advisory Group, LLC	(9)	SOFR +	4.00%	7.67%	2/28/2024	2/28/2031	1,190		1,181		1,136		1.02
EP Purchaser, LLC	(9)	SOFR +	3.50%	7.29%	11/16/2022	11/6/2028	477		467		303		0.27
Genuine Financial Holdings, LLC	(8)	SOFR +	3.25%	6.92%	6/28/2024	9/27/2030	5,762		5,762		4,974		4.48
Grant Thornton Advisors, LLC	(8)	SOFR +	2.75%	6.42%	5/31/2024	6/2/2031	4,982		4,996		4,664		4.20
Heron Bidco, LLC	(8)	SOFR +	4.00%	7.70%	12/10/2025	12/10/2032	433		427		432		0.39
Mermaid Bidco, Inc.	(8)	SOFR +	3.25%	6.91%	7/1/2024	7/3/2031	2,630		2,627		2,581		2.32
Ryan, LLC	(9)	SOFR +	3.50%	7.17%	11/7/2025	11/5/2032	650		645		631		0.57
Sedgwick Claims Management Services, Inc.	(8)	SOFR +	2.50%	6.17%	2/24/2023	7/31/2031	7,167		7,150		7,047		6.35
Trans Union, LLC	(9)	SOFR +	1.75%	5.42%	1/30/2024	6/24/2031	4,471		4,466		4,454		4.01
TTF Lower Intermediate, LLC	(8)	SOFR +	3.75%	7.38%	7/18/2024	7/18/2031	1,205		1,196		904		0.81
VT Topco, Inc.	(9)	SOFR +	3.00%	6.67%	4/3/2024	8/9/2030	1,013		1,013		986		0.89
									42,285		38,647		34.80
Real Estate Management & Development
Cushman & Wakefield US Borrower, LLC	(4)(9)	SOFR +	2.75%	6.42%	7/16/2025	1/31/2030	1,451		1,451		1,458		1.31
Cushman & Wakefield US Borrower, LLC	(9)	SOFR +	2.50%	6.17%	9/26/2025	1/31/2030	1,481		1,483		1,490		1.34
									2,934		2,948		2.65
Semiconductors & Semiconductor Equipment
Altar Bidco, Inc.	(9)	SOFR +	3.10%	6.61%	3/24/2025	2/1/2029	1,982		1,975		1,973		1.78
MKS, Inc.	(8)	SOFR +	1.75%	5.41%	2/4/2026	2/4/2033	234		234		234		0.21
									2,209		2,207		1.99
First Lien Debt (continued)

287

Table of Contents

BCRED Verdelite JV LP

Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)


Investments (1)(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

Software
BEP Intermediate Holdco, LLC	(4)(8)	SOFR +	2.75%	6.42%	7/10/2025	4/25/2031	$	732	$	732	$	732	0.66	%
Boxer Parent Company, Inc.	(8)	SOFR +	3.00%	6.67%	7/30/2024	7/30/2031	6,203		6,192		5,768		5.20
Capstone Borrower, Inc.	(8)	SOFR +	2.75%	6.45%	8/11/2025	6/17/2030	2,481		2,484		2,365		2.13
Cloud Software Group, Inc.	(8)	SOFR +	3.25%	6.95%	8/7/2025	3/21/2031	2,397		2,394		2,203		1.98
Cloud Software Group, Inc.	(8)	SOFR +	3.25%	6.95%	8/7/2025	8/13/2032	695		695		638		0.57
Cloudera, Inc.	(9)	SOFR +	3.75%	7.52%	11/16/2022	10/8/2028	3,487		3,428		3,123		2.81
Conga Corp.	(10)	SOFR +	3.50%	7.17%	8/8/2024	5/8/2028	3,483		3,483		2,993		2.70
Cornerstone OnDemand, Inc.	(9)	SOFR +	3.75%	7.53%	11/16/2022	10/16/2028	2,123		2,029		1,558		1.40
Dayforce Bidco, LLC	(8)	SOFR +	3.00%	6.66%	2/5/2026	2/4/2033	1,793		1,788		1,701		1.53
Delta Topco, Inc.	(8)	SOFR +	2.75%	6.42%	5/1/2024	11/30/2029	6,883		6,876		6,674		6.01
Disco Parent, Inc.	(8)	SOFR +	3.00%	6.67%	8/1/2025	8/6/2032	242		241		238		0.21
ECI Macola Max Holding, LLC	(10)	SOFR +	2.75%	6.45%	7/10/2025	5/9/2030	4,401		4,401		4,313		3.88
Ellucian Holdings, Inc.	(9)	SOFR +	2.50%	6.17%	2/29/2024	10/8/2029	2,632		2,632		2,564		2.31
Finastra USA, Inc.	(8)	SOFR +	4.00%	7.67%	7/31/2025	9/15/2032	1,371		1,359		1,291		1.16
Flash Charm, Inc.	(10)	SOFR +	3.50%	7.16%	6/11/2024	3/2/2028	3,807		3,802		3,035		2.73
Gen Digital, Inc.	(9)	SOFR +	1.75%	5.42%	6/5/2024	9/12/2029	5,746		5,746		5,698		5.13
Gen Digital, Inc.	(9)	SOFR +	1.75%	5.42%	6/5/2024	4/16/2032	2,481		2,465		2,448		2.20
Genesys Cloud Services, Inc.	(8)	SOFR +	2.50%	6.17%	9/26/2024	1/30/2032	2,669		2,661		2,559		2.30
McAfee Corp.	(9)	SOFR +	3.00%	6.67%	5/31/2024	3/1/2029	3,493		3,493		3,130		2.82
Mitnick Purchaser, Inc.	(9)(17)(18)	SOFR +	4.75%	8.52%	11/16/2022	5/2/2029	3,327		3,277		1,540		1.39
Ping Identity Holding Corp.	(8)	SOFR +	2.75%	6.42%	11/13/2025	11/15/2032	389		388		385		0.35
Planview Parent, Inc.	(8)	SOFR +	3.50%	7.20%	12/17/2024	12/17/2027	1,882		1,882		1,418		1.28
Project Alpha Intermediate Holding, Inc.	(9)	SOFR +	3.25%	6.95%	5/14/2024	10/26/2030	3,126		3,126		2,383		2.15
Proofpoint, Inc.	(9)	SOFR +	3.00%	6.70%	12/8/2025	8/31/2028	2,940		2,940		2,851		2.57
Quartz Acquireco, LLC	(8)	SOFR +	2.25%	5.95%	6/3/2024	6/28/2030	621		621		520		0.47
RealPage, Inc.	(9)	SOFR +	3.00%	6.96%	11/16/2022	4/24/2028	2,704		2,665		2,597		2.34
Relativity Intermediate Holdco, LLC	(8)	SOFR +	2.75%	6.42%	1/30/2026	1/30/2033	251		250		248		0.22
Rocket Software, Inc.	(9)	SOFR +	3.75%	7.42%	10/5/2023	11/28/2028	3,623		3,602		3,483		3.14
Skopima Consilio Parent, LLC	(9)	SOFR +	3.75%	7.42%	12/18/2024	5/12/2028	1,549		1,549		1,219		1.10
Sophos Holdings, LLC	(8)	SOFR +	3.50%	7.28%	11/16/2022	3/5/2027	3,471		3,462		3,314		2.99
SS&C Technologies, Inc.	(8)	SOFR +	2.00%	5.67%	10/9/2025	5/9/2031	196		196		196		0.18
Trio Bidco, LLC	(7)(8)	SOFR +	4.00%	7.70%	10/31/2025	10/29/2032	668		662		647		0.58
Tuple US Bidco, LLC	(8)	SOFR +	3.75%	7.38%	1/28/2026	9/15/2032	295		294		287		0.26
Vision Solutions, Inc.	(10)	SOFR +	4.00%	7.93%	11/16/2022	4/24/2028	3,585		3,476		2,787		2.51
XPLOR T1, LLC	(8)	SOFR +	3.50%	7.17%	12/1/2025	12/1/2032	983		979		917		0.83
Zodiac Purchaser, LLC	(8)	SOFR +	3.50%	7.17%	2/14/2025	2/14/2032	995		992		922		0.83
									87,262		78,745		70.92
First Lien Debt (continued)

288

Table of Contents

BCRED Verdelite JV LP

Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)


Investments (1)(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

Specialty Retail
Apro, LLC	(8)	SOFR +	3.75%	7.43%	7/9/2024	7/9/2031	$	3,892	$	3,885	$	3,909	3.52	%
CWGS Group, LLC	(10)	SOFR +	2.50%	6.28%	11/16/2022	6/3/2028	2,393		2,355		2,292		2.06
EG America, LLC	(8)	SOFR +	3.25%	6.92%	2/10/2026	2/10/2031	485		483		486		0.44
Great Outdoors Group, LLC	(10)	SOFR +	3.25%	6.92%	1/23/2025	1/23/2032	988		988		987		0.89
HomeServe USA Holding Corp.	(8)	SOFR +	2.00%	5.68%	5/29/2024	10/21/2030	813		813		808		0.73
Mavis Tire Express Services Topco, Corp.	(10)	SOFR +	3.00%	6.67%	7/18/2024	5/4/2028	5,494		5,497		5,496		4.95
OPENLANE, Inc.	(4)(8)	SOFR +	2.50%	6.14%	10/8/2025	10/8/2032	156		155		156		0.14
									14,176		14,134		12.73
Trading Companies & Distributors
American Builders & Contractors Supply Co, Inc.	(8)	SOFR +	1.75%	5.42%	1/31/2024	1/31/2031	671		671		672		0.61
Avolon TLB Borrower 1 US, LLC	(9)	SOFR +	1.75%	5.43%	6/22/2023	6/24/2030	2,703		2,688		2,711		2.44
BCPE Empire Holdings, Inc.	(9)	SOFR +	3.50%	7.17%	3/12/2026	12/29/2032	930		916		917		0.83
Core & Main, LP	(4)(8)	SOFR +	2.00%	5.68%	2/9/2024	2/9/2031	1,064		1,064		1,067		0.96
Icebox Holdco III, Inc.	(9)	SOFR +	3.25%	6.95%	11/16/2022	12/22/2031	4,265		4,180		4,277		3.85
Johnstone Supply, LLC	(8)	SOFR +	2.25%	5.92%	2/5/2026	6/9/2031	1,278		1,278		1,272		1.15
White Cap Buyer, LLC	(8)	SOFR +	3.25%	6.92%	6/13/2024	10/19/2029	4,358		4,352		4,203		3.79
Windsor Holdings III, LLC	(8)	SOFR +	2.75%	6.42%	9/20/2024	8/1/2030	3,792		3,783		3,744		3.37
									18,932		18,863		17.00
Transportation Infrastructure
Apple Bidco, LLC	(8)	SOFR +	2.50%	6.17%	11/16/2022	9/23/2031	3,431		3,421		3,437		3.10
Signature Aviation US Holdings, Inc.	(9)	SOFR +	2.50%	6.17%	8/11/2025	7/1/2031	2,487		2,490		2,494		2.25
									5,911		5,931		5.35
Total First Lien Debt									637,306		613,258		552.39
Total Investment Portfolio									637,306		613,258		552.39
Cash and Cash Equivalents
Fidelity Investments Money Market Treasury Portfolio - Class I				3.55%					1,050		1,050		0.95
Other Cash and Cash Equivalents									86,385		86,385		77.81
Total Cash and Cash Equivalents									87,435		87,435		78.76
Total Portfolio Investments, Cash and Cash Equivalents									$	724,741	$	700,693	631.15	%

(1)Unless otherwise indicated, all debt and equity investments held by the Company (which such term “Company” shall include the Company’s consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in dollars. As of March 31, 2026, the Company had investments denominated in Canadian Dollars (CAD), Euros (EUR), British Pounds (GBP), Swiss Francs (CHF), Danish Krone (DKK), Swedish Krona (SEK), Norwegian Krone (NOK), New Zealand Dollars (NZD), and Australian Dollars (AUD). All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. The total par amount (in thousands) is presented for debt investments, while the number of shares or units (in whole amounts) owned is presented for equity investments. Each of the Company’s investments is pledged as collateral, under one or more of its credit facilities unless otherwise indicated.

289

Table of Contents

BCRED Verdelite JV LP

Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)

(2)Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either Canadian Overnight Repo Rate Average (“CORRA” or “CA”), Sterling Overnight Interbank Average Rate (“SONIA” or “S”), Euro Interbank Offer Rate (“Euribor” or “E”), Secured Overnight Financing Rate (“SOFR”), Stockholm Interbank Offered Rate (“STIBOR” or “ST”), Copenhagen Interbank Offered Rate (“CIBOR” or “CI”), Norwegian Interbank Offered Rate (“NIBOR” or “N”), Swiss Average Rate Overnight (“SARON” or “SA”), New Zealand Bank Bill Reference Rate (“BKBM” or “B”), Australian Bank Bill Swap Bid Rate (“BBSY” or “BB”) or an alternate base rate (commonly based on the Federal Funds Rate (“F”) or the U.S. Prime Rate (“P”)), which generally resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of March 31, 2026. 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.

(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)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
Chicago US Midco III, LP	Delayed Draw Term Loan	10/30/2027	$	76	$	(1)
Pinnacle Buyer, LLC	Delayed Draw Term Loan	4/1/2027	85		—
Pye-Barker Fire & Safety, LLC	Delayed Draw Term Loan	12/31/2027	147		—
Raven Acquisition Holdings, LLC	Delayed Draw Term Loan	11/19/2026	167		(3)
Sanders Industries Holdings, Inc.	Delayed Draw Term Loan	2/26/2027	139		—
Trio Bidco, LLC	Delayed Draw Term Loan	10/31/2027	70		(2)
US Fertility Enterprises, LLC	Delayed Draw Term Loan	12/30/2027	47		—
VRS Buyer, Inc.	Delayed Draw Term Loan	10/10/2027	79		—
Total Unfunded Commitments			$	810	$	(6)

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

(9)The interest rate floor on these investments as of March 31, 2026 was 0.50%.

(10)The interest rate floor on these investments as of March 31, 2026 was 0.75%.

(11)The interest rate floor on these investments as of March 31, 2026 was 1.00%.

(12)The interest rate floor on these investments as of March 31, 2026 was 1.25%.

(13)The interest rate floor on these investments as of March 31, 2026 was 1.50%.

(14)The interest rate floor on these investments as of March 31, 2026 was 2.00%.

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

(16)Reserved.

(17)Loan was on non-accrual status as of March 31, 2026.

(19)All securities are exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), and may be deemed to be “restricted securities.” As of March 31, 2026, the aggregate fair value of these securities is $613.3 million or 552.39% of the Company’s net assets. The initial acquisition dates have been included for such securities.

290

Table of Contents

BCRED Verdelite JV LP

Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)

The following table presents the consolidated schedule of investments of the Verdelite JV as of December 31, 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
Dynasty Acquisition Co, Inc.	(8)	SOFR +	2.00%	5.72%	10/10/2025	10/31/2031	$	1,445	$	1,444	$	1,452	1.12	%
Dynasty Acquisition Co, Inc.	(8)	SOFR +	2.00%	5.72%	10/10/2025	10/31/2031	550		549		552		0.43
KBR, Inc.	(8)	SOFR +	2.00%	5.72%	8/14/2024	1/17/2031	499		499		503		0.39
Peraton Corp.	(10)	SOFR +	3.75%	7.69%	11/16/2022	2/1/2028	4,927		4,894		4,583		3.55
Propulsion BC Newco, LLC	(9)	SOFR +	2.50%	6.17%	12/1/2025	12/1/2032	277		276		279		0.22
Sanders Industries Holdings, Inc.	(9)	SOFR +	2.50%	6.43%	10/10/2025	2/26/2032	1,823		1,813		1,832		1.42
Sanders Industries Holdings, Inc.	(7)(9)	SOFR +	2.50%	6.43%	10/10/2025	2/26/2032	17		16		17		0.01
TransDigm, Inc.	(8)	SOFR +	2.50%	6.22%	11/28/2023	2/28/2031	5,896		5,893		5,925		4.59
TransDigm, Inc.	(8)	SOFR +	2.25%	5.97%	9/11/2025	3/22/2030	89		89		89		0.07
Vertex Aerospace Services Corp.	(10)	SOFR +	2.25%	5.97%	11/16/2022	12/6/2030	5,518		5,500		5,557		4.30
									20,973		20,789		16.10
Air Freight & Logistics
Savage Enterprises, LLC	(8)	SOFR +	2.50%	6.28%	7/30/2025	8/5/2032	2,841		2,845		2,857		2.21
Wwex Uni Topco Holdings, LLC	(10)	SOFR +	4.00%	7.67%	10/10/2025	7/26/2028	2,494		2,479		2,508		1.94
									5,324		5,365		4.15
Airlines
American Airlines, Inc.	(8)	SOFR +	2.25%	6.00%	2/15/2023	2/15/2028	2,939		2,939		2,951		2.28
American Airlines, Inc.	(8)	SOFR +	1.75%	5.69%	11/16/2022	1/29/2027	495		495		495		0.38
American Airlines, Inc.	(8)	SOFR +	2.25%	6.13%	2/15/2023	4/20/2028	995		971		999		0.77
United Airlines, Inc.	(8)	SOFR +	2.00%	5.73%	2/22/2024	2/22/2031	2,274		2,274		2,287		1.77
									6,679		6,732		5.20
Auto Components
Clarios Global, LP	(8)	SOFR +	2.50%	6.22%	7/16/2024	5/6/2030	2,935		2,935		2,943		2.28
Clarios Global, LP	(8)	SOFR +	2.75%	6.47%	3/12/2025	1/28/2032	3,990		3,967		4,016		3.11
									6,902		6,959		5.39
Beverages
Triton Water Holdings, Inc.	(9)	SOFR +	2.25%	5.92%	11/16/2022	3/31/2028	5,384		5,383		5,405		4.18
Biotechnology
Genmab Finance, LLC	(8)	SOFR +	3.00%	6.73%	12/12/2025	12/12/2032	1,205		1,199		1,213		0.94
Grifols Worldwide Operations USA, Inc.	(8)	SOFR +	2.00%	5.97%	11/16/2022	11/15/2027	5,114		5,098		5,119		3.96
									6,297		6,332		4.90
Broadline Retail
Peer Holding III, BV	(8)	SOFR +	2.50%	6.17%	6/26/2024	7/1/2031	1,924		1,924		1,934		1.50
Peer Holding III, BV	(8)	SOFR +	2.25%	5.92%	9/29/2025	9/29/2032	361		361		362		0.28
									2,285		2,296		1.78

291

Table of Contents

BCRED Verdelite JV LP

Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)


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

First Lien Debt (continued)
Building Products
Cornerstone Building Brands, Inc.	(9)	SOFR +	3.25%	7.10%	11/16/2022	4/12/2028	$	3,908	$	3,872	$	3,081	2.38	%
Griffon Corp.	(8)	SOFR +	2.00%	5.67%	6/26/2024	1/24/2029	2,966		2,972		2,985		2.31
LBM Acquisition, LLC	(10)	SOFR +	3.75%	7.58%	6/6/2024	6/6/2031	5,226		5,185		4,916		3.80
MIWD Holdco II, LLC	(8)	SOFR +	2.75%	6.47%	3/28/2024	3/28/2031	2,033		2,026		2,038		1.58
Oscar Acquisitionco, LLC	(9)	SOFR +	4.25%	7.92%	11/16/2022	4/29/2029	2,396		2,399		1,732		1.34
Resideo Funding, Inc.	(8)	SOFR +	2.00%	5.84%	6/14/2024	6/13/2031	542		542		544		0.42
Resideo Funding, Inc.	(8)	SOFR +	2.00%	5.72%	8/8/2025	8/13/2032	329		329		330		0.26
Standard Industries, Inc.	(9)	SOFR +	1.75%	5.48%	11/16/2022	9/22/2028	535		535		537		0.42
									17,860		16,163		12.51
Capital Markets
Apex Group Treasury, LLC	(8)	SOFR +	3.50%	7.39%	2/27/2025	2/27/2032	3,492		3,484		3,300		2.55
Aretec Group, Inc.	(8)	SOFR +	3.00%	6.72%	11/20/2025	8/9/2030	5,363		5,362		5,390		4.17
Citco Funding, LLC	(9)	SOFR +	2.75%	6.51%	6/13/2024	4/27/2028	978		977		985		0.76
EP Wealth Advisors, LLC	(8)	SOFR +	3.00%	6.67%	10/16/2025	10/18/2032	211		211		213		0.16
Focus Financial Partners, LLC	(8)	SOFR +	2.50%	6.22%	1/31/2025	9/15/2031	2,475		2,460		2,482		1.92
GTCR Everest Borrower, LLC	(8)	SOFR +	2.75%	6.42%	7/25/2025	9/5/2031	4,111		4,112		4,131		3.20
Jane Street Group, LLC	(8)	SOFR +	2.00%	5.82%	10/1/2025	12/15/2031	287		284		286		0.22
Kestra Advisor Services Holdings A, Inc.	(8)	SOFR +	3.00%	6.72%	8/1/2025	3/22/2031	1,566		1,566		1,571		1.22
Osaic Holdings, Inc.	(8)	SOFR +	3.00%	6.60%	7/17/2025	7/30/2032	2,660		2,657		2,674		2.07
Superannuation & Investments US, LLC	(9)	SOFR +	3.00%	6.72%	7/18/2025	12/1/2028	107		107		107		0.08
The Edelman Financial Engines Center, LLC	(8)	SOFR +	3.00%	6.72%	6/5/2024	4/7/2028	3,841		3,841		3,866		2.99
Victory Capital Holdings, Inc.	(8)	SOFR +	2.00%	5.67%	9/10/2025	9/23/2032	5,009		5,003		5,045		3.90
									30,064		30,050		23.24
Chemicals
CI Maroon Holdings, LLC	(8)	SOFR +	3.25%	7.02%	2/7/2025	3/3/2031	889		889		875		0.68
Nouryon USA, LLC	(8)	SOFR +	3.25%	7.04%	4/26/2024	4/3/2028	3,656		3,656		3,664		2.84
Olympus Water US Holding Corp.	(8)	SOFR +	3.25%	6.92%	11/3/2025	11/3/2032	358		357		357		0.28
SCIL USA Holdings, LLC	(8)	SOFR +	4.00%	7.79%	10/30/2025	11/8/2032	749		745		751		0.58
Solstice Advanced Materials, Inc.	(8)	SOFR +	1.75%	5.59%	10/29/2025	10/29/2032	255		255		257		0.20
									5,902		5,904		4.58

292

Table of Contents

BCRED Verdelite JV LP

Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)


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

First Lien Debt (continued)
Commercial Services & Supplies
Access CIG, LLC	(9)	SOFR +	4.00%	7.72%	8/15/2025	8/19/2030	$	6,489	$	6,383	$	6,278	4.86	%
Allied Universal Holdco, LLC	(9)	SOFR +	3.25%	6.97%	8/6/2025	8/20/2032	3,026		3,023		3,046		2.36
Anticimex, Inc.	(8)	SOFR +	2.90%	6.56%	11/21/2025	11/17/2031	3,323		3,305		3,344		2.59
Aramark Services, Inc.	(8)	SOFR +	1.75%	5.47%	8/12/2025	4/6/2028	259		259		260		0.20
Asplundh Tree Expert, LLC	(8)	SOFR +	1.75%	5.47%	5/23/2024	5/23/2031	1,328		1,326		1,336		1.03
Belfor Holdings, Inc.	(9)	SOFR +	2.75%	6.47%	8/8/2025	11/1/2030	950		950		955		0.74
EAB Global, Inc.	(9)	SOFR +	3.00%	6.72%	11/16/2022	8/16/2030	8,722		8,659		7,777		6.02
Foundational Education Group, Inc.	(9)	SOFR +	3.75%	7.85%	11/16/2022	8/31/2028	2,455		2,396		2,270		1.76
Garda World Security, Corp.	(8)	SOFR +	3.00%	6.75%	8/6/2024	2/1/2029	3,779		3,779		3,800		2.94
GFL Environmental Services USA, Inc.	(8)	SOFR +	2.50%	6.27%	10/10/2025	3/3/2032	1,995		1,996		2,006		1.55
HNI Corp.	(8)	SOFR +	2.00%	5.77%	12/4/2025	9/5/2032	293		291		294		0.23
Lsf12 Crown US Commercial Bidco, LLC	(8)	SOFR +	3.50%	7.37%	9/19/2025	12/2/2031	370		370		372		0.29
OMNIA Partners, LLC	(8)	SOFR +	2.75%	6.45%	1/26/2024	12/31/2032	1,134		1,133		1,140		0.88
Pinnacle Buyer, LLC	(7)(8)	SOFR +	2.50%	6.16%	9/11/2025	10/1/2032	443		442		445		0.34
Prime Security Services Borrower, LLC	(8)	SOFR +	2.00%	6.13%	4/15/2024	10/13/2030	4,680		4,678		4,692		3.63
Prime Security Services Borrower, LLC	(8)	SOFR +	1.75%	5.58%	4/4/2025	3/7/2032	1,330		1,318		1,328		1.03
Pye-Barker Fire & Safety, LLC	(7)(8)	SOFR +	2.50%	6.21%	12/16/2025	12/16/2032	985		980		993		0.77
Tempo Acquisition, LLC	(9)	SOFR +	1.75%	5.47%	1/29/2025	8/31/2028	2,475		2,458		2,386		1.85
TRC Cos, LLC	(8)	SOFR +	3.00%	6.72%	11/16/2022	12/8/2028	5,448		5,448		5,472		4.23
Vaco Holdings, Inc.	(10)	SOFR +	5.00%	8.82%	11/16/2022	1/22/2029	2,294		2,263		1,878		1.45
									51,457		50,072		38.75
Construction & Engineering
Azuria Water Solutions, Inc.	(10)	SOFR +	3.00%	6.72%	7/23/2024	5/17/2028	2,934		2,934		2,953		2.28
Brookfield WEC Holdings, Inc.	(8)	SOFR +	2.00%	5.87%	1/25/2024	1/27/2031	2,489		2,483		2,496		1.93
Touchdown Acquirer, Inc.	(8)	SOFR +	2.75%	6.57%	8/21/2024	2/21/2031	4,372		4,351		4,392		3.40
									9,768		9,841		7.61

293

Table of Contents

BCRED Verdelite JV LP

Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)


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

First Lien Debt (continued)
Construction Materials
Green Infrastructure Partners US, LLC	(8)	SOFR +	2.75%	6.42%	9/19/2025	9/24/2032	$	273	$	272	$	274	0.21	%
MSOF Beacon, LLC	(8)	SOFR +	2.50%	6.24%	12/23/2025	12/23/2032	158		158		159		0.12
Quikrete Holdings, Inc.	(8)	SOFR +	2.25%	5.97%	4/4/2025	2/10/2032	2,489		2,463		2,499		1.93
Tamko Building Products, LLC	(8)	SOFR +	2.75%	6.95%	10/23/2024	9/20/2030	2,601		2,601		2,622		2.03
									5,494		5,554		4.29
Consumer Finance
CPI Holdco B, LLC	(8)	SOFR +	2.00%	5.72%	12/11/2025	5/17/2031	4,884		4,878		4,900		3.79
Containers & Packaging
Berlin Packaging, LLC	(8)	SOFR +	3.25%	7.24%	7/25/2025	6/7/2031	4,475		4,475		4,490		3.47
Clydesdale Acquisition Holdings, Inc.	(9)	SOFR +	3.18%	6.89%	11/16/2022	4/13/2029	3,136		3,101		3,142		2.43
Graham Packaging Co., Inc.	(8)	SOFR +	2.50%	6.22%	7/31/2024	8/4/2027	2,591		2,591		2,605		2.02
ProAmpac PG Borrower, LLC	(10)	SOFR +	4.00%	7.88%	4/9/2024	9/15/2028	5,119		5,119		5,136		3.97
Ring Container Technologies Group, LLC	(9)	SOFR +	2.50%	6.22%	10/10/2025	9/15/2032	1,995		1,994		2,003		1.55
SupplyOne, Inc.	(8)	SOFR +	3.50%	7.22%	4/19/2024	4/21/2031	1,682		1,676		1,688		1.31
TricorBraun Holdings, Inc.	(9)	SOFR +	3.25%	6.97%	11/16/2022	3/3/2031	6,450		6,340		6,262		4.85
Trident TPI Holdings, Inc.	(9)	SOFR +	3.75%	7.42%	10/18/2024	9/15/2028	4,375		4,375		4,213		3.26
									29,671		29,539		22.86
Distributors
Bradyplus Holdings, LLC	(8)	SOFR +	5.00%	8.84%	12/29/2025	12/29/2032	930		916		922		0.71
Diversified Consumer Services
Cengage Learning, Inc.	(11)	SOFR +	3.50%	7.23%	11/22/2024	3/24/2031	866		864		870		0.67
Element Materials Technology Group US Holdings, Inc.	(9)	SOFR +	3.68%	7.35%	11/16/2022	7/6/2029	2,932		2,891		2,961		2.29
Imagine Learning, LLC	(9)	SOFR +	3.50%	7.22%	2/1/2024	12/21/2029	3,945		3,928		3,816		2.95
KUEHG Corp.	(9)	SOFR +	2.75%	6.42%	8/11/2025	6/12/2030	2,488		2,496		2,421		1.87
Mckissock Investment Holdings, LLC	(10)	SOFR +	5.00%	9.05%	11/16/2022	3/12/2029	4,161		4,094		3,916		3.03
Metropolis Technologies, Inc.	(8)	SOFR +	5.25%	8.98%	11/3/2025	11/3/2032	906		897		899		0.70
Mister Car Wash Holdings, Inc.	(8)	SOFR +	2.50%	6.22%	3/27/2024	3/27/2031	670		670		674		0.52
Pre-Paid Legal Services, Inc.	(9)	SOFR +	3.25%	6.97%	11/16/2022	12/15/2028	3,232		3,201		3,132		2.42
Spring Education Group, Inc.	(8)	SOFR +	3.25%	6.92%	9/29/2023	10/4/2030	3,353		3,329		3,376		2.61
University Support Services, LLC	(9)	SOFR +	2.75%	6.47%	11/16/2022	2/10/2029	3,678		3,654		3,564		2.76
Wand NewCo 3, Inc.	(8)	SOFR +	2.50%	6.22%	7/30/2024	1/30/2031	2,862		2,842		2,869		2.22
									28,866		28,498		22.04

294

Table of Contents

BCRED Verdelite JV LP

Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)


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

First Lien Debt (continued)
Diversified REITs
Iron Mountain Information Management, LLC	(8)	SOFR +	2.00%	5.72%	12/28/2023	1/31/2031	$	843	$	838	$	844	0.65	%
Diversified Telecommunication Services
Coral-US Co-Borrower, LLC	(8)	SOFR +	3.25%	7.15%	11/16/2022	1/31/2032	2,450		2,439		2,408		1.86
Virgin Media Bristol, LLC	(8)	SOFR +	3.18%	7.05%	3/2/2023	3/31/2031	2,727		2,709		2,706		2.09
Zacapa, LLC	(9)	SOFR +	3.75%	7.42%	10/29/2024	3/22/2029	4,455		4,455		4,464		3.45
									9,603		9,578		7.40
Electric Utilities
Cogentrix Finance Holdco I, LLC	(8)	SOFR +	2.25%	5.97%	8/7/2025	2/26/2032	2,293		2,298		2,310		1.79
NRG Energy, Inc.	(8)	SOFR +	1.75%	5.59%	4/16/2024	4/16/2031	1,747		1,743		1,754		1.36
Vistra Operations Co, LLC	(8)	SOFR +	1.75%	5.47%	11/16/2022	12/20/2030	2,594		2,576		2,610		2.02
									6,617		6,674		5.17
Electrical Equipment
Forgent Intermediate IV, LLC	(4)(8)	SOFR +	3.25%	7.02%	12/19/2025	12/20/2032	423		418		421		0.33
Generac Power Systems, Inc.	(8)	SOFR +	1.75%	5.62%	7/3/2024	7/3/2031	3,751		3,748		3,772		2.92
Madison IAQ, LLC	(9)	SOFR +	2.50%	6.70%	11/16/2022	6/21/2028	6,661		6,590		6,701		5.19
Madison IAQ, LLC	(9)	SOFR +	2.75%	6.64%	11/6/2025	11/8/2032	1,937		1,939		1,952		1.51
									12,695		12,846		9.95
Electronic Equipment, Instruments & Components
Celestica, Inc.	(4)(8)	SOFR +	1.75%	5.48%	6/20/2024	6/20/2031	3,448		3,448		3,473		2.69
Infinite Bidco, LLC	(9)	SOFR +	3.75%	7.85%	11/16/2022	3/2/2028	2,612		2,568		2,587		2.00
Modena Buyer, LLC	(8)	SOFR +	4.25%	8.09%	7/1/2024	7/1/2031	1,817		1,788		1,811		1.40
Project Aurora US Finco, Inc.	(8)	SOFR +	2.75%	6.49%	9/30/2025	9/30/2032	254		253		255		0.20
Qnity Electronics, Inc.	(8)	SOFR +	2.00%	5.70%	10/31/2025	11/1/2032	604		602		607		0.47
Sanmina Corp.	(4)(8)	SOFR +	2.00%	5.92%	10/27/2025	10/27/2032	360		359		361		0.28
									9,018		9,094		7.04
Energy Equipment & Services
Ursa Minor US Bidco, LLC	(8)	SOFR +	2.25%	5.92%	11/13/2025	3/26/2031	1,181		1,179		1,186		0.92

295

Table of Contents

BCRED Verdelite JV LP

Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)


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

First Lien Debt (continued)
Entertainment
EOC Borrower, LLC	(8)	SOFR +	3.00%	6.72%	8/11/2025	3/24/2032	$	2,488	$	2,496	$	2,505	1.94	%
UFC Holdings, LLC	(8)	SOFR +	2.00%	5.87%	9/9/2025	11/21/2031	171		170		172		0.13
									2,666		2,677		2.07
Financial Services
Bcpe Pequod Buyer, Inc.	(8)	SOFR +	3.00%	6.72%	12/5/2025	11/25/2031	174		173		175		0.14
Chicago US Midco III, LP	(7)(8)	SOFR +	2.50%	6.22%	10/30/2025	11/1/2032	514		512		516		0.40
Corpay Technologies Operating Co, LLC	(8)	SOFR +	1.75%	5.47%	11/5/2025	11/5/2032	384		382		385		0.30
Mitchell International, Inc.	(9)	SOFR +	3.25%	6.97%	6/17/2024	6/17/2031	4,880		4,861		4,902		3.79
Paysafe Holdings US Corp.	(9)	SOFR +	2.75%	6.58%	11/16/2022	6/28/2028	1,912		1,906		1,835		1.42
Planet US Buyer, LLC	(8)	SOFR +	3.00%	6.82%	2/9/2024	2/7/2031	1,009		1,008		1,017		0.79
Solera, LLC	(9)(18)	SOFR +	3.75%	7.85%	11/16/2022	6/2/2028	2,234		2,189		2,159		1.67
									11,031		10,989		8.51
Food Products
CHG PPC Parent, LLC	(9)	SOFR +	3.00%	6.83%	11/16/2022	12/8/2028	2,916		2,869		2,930		2.27
Dreyers Grand Ice Cream, Inc.	(8)	SOFR +	2.25%	6.45%	3/11/2025	9/30/2031	2,978		2,960		2,980		2.31
Froneri US, Inc.	(8)	SOFR +	2.25%	6.12%	7/16/2025	9/30/2032	1,378		1,374		1,380		1.07
PFI Lower Midco, LLC	(8)	SOFR +	4.00%	7.87%	12/1/2025	12/1/2032	200		198		202		0.16
Saratoga Food Specialties, LLC	(8)	SOFR +	3.25%	6.98%	3/7/2024	3/12/2029	714		714		721		0.56
Snacking Investments US, LLC	(8)	SOFR +	3.00%	6.84%	10/30/2025	10/29/2032	345		344		348		0.27
									8,459		8,561		6.64
Ground Transportation
Genesee & Wyoming, Inc.	(8)	SOFR +	1.75%	5.42%	4/10/2024	4/10/2031	4,270		4,254		4,275		3.31
Health Care Equipment & Supplies
Resonetics, LLC	(10)	SOFR +	2.75%	6.59%	7/24/2025	6/18/2031	3,546		3,546		3,557		2.75
WS Audiology A/S	(8)	SOFR +	3.50%	7.20%	4/8/2024	2/28/2029	4,054		4,054		4,085		3.16
									7,600		7,642		5.91

296

Table of Contents

BCRED Verdelite JV LP

Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)


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

First Lien Debt (continued)
Health Care Providers & Services
Agiliti Health, Inc.	(8)	SOFR +	3.00%	6.86%	5/1/2023	5/1/2030	$	2,775	$	2,776	$	2,725	2.11	%
CHG Healthcare Services, Inc.	(9)	SOFR +	2.75%	6.67%	7/25/2025	9/29/2028	3,480		3,484		3,500		2.71
Concentra Health Services, Inc.	(8)	SOFR +	2.00%	5.72%	7/26/2024	7/26/2031	2,121		2,121		2,139		1.66
Davita, Inc.	(8)	SOFR +	1.75%	5.47%	5/9/2024	5/9/2031	3,456		3,456		3,475		2.69
Ensemble RCM, LLC	(8)	SOFR +	3.00%	6.84%	1/30/2024	8/1/2029	2,924		2,907		2,941		2.28
Examworks Bidco, Inc.	(9)	SOFR +	2.50%	6.22%	11/16/2022	11/1/2028	4,731		4,692		4,761		3.68
Global Medical Response, Inc.	(8)	SOFR +	3.50%	7.38%	9/10/2025	10/1/2032	3,368		3,362		3,393		2.63
Heartland Dental, LLC	(10)	SOFR +	3.75%	7.47%	8/7/2025	8/25/2032	2,759		2,751		2,773		2.15
Hunter US Bidco, Inc.	(4)(9)	SOFR +	4.25%	8.02%	11/16/2022	8/19/2028	1,000		996		976		0.76
MED ParentCo, LP	(8)	SOFR +	3.00%	6.72%	12/31/2025	4/15/2031	1,186		1,186		1,191		0.92
Outcomes Group Holdings, Inc.	(8)	SOFR +	3.00%	6.72%	5/6/2024	5/6/2031	2,049		2,049		2,065		1.60
Pediatric Associates Holding Co, LLC	(9)	SOFR +	2.50%	6.24%	11/16/2022	12/29/2028	476		472		467		0.36
Radiology Partners, Inc.	(8)	SOFR +	4.50%	8.17%	10/10/2025	6/30/2032	1,995		1,989		1,994		1.54
Raven Acquisition Holdings, LLC	(7)(8)	SOFR +	3.00%	6.72%	4/4/2025	11/19/2031	2,322		2,282		2,333		1.81
Southern Veterinary Partners, LLC	(8)	SOFR +	2.50%	6.37%	7/22/2025	12/4/2031	4,197		4,190		4,197		3.25
US Fertility Enterprises, LLC	(7)(8)	SOFR +	3.50%	7.24%	12/30/2025	12/30/2032	307		305		309		0.24
									39,018		39,239		30.39
Health Care Technology
athenahealth, Inc.	(9)	SOFR +	2.75%	6.47%	11/16/2022	2/15/2029	8,438		8,229		8,465		6.55
Cotiviti, Inc.	(8)	SOFR +	2.75%	6.62%	5/1/2024	5/1/2031	3,801		3,787		3,662		2.83
Gainwell Acquisition Corp.	(10)	SOFR +	4.00%	7.77%	11/16/2022	10/1/2027	1,954		1,923		1,923		1.49
Waystar Technologies, Inc.	(8)	SOFR +	2.00%	5.72%	8/6/2025	10/22/2029	2,132		2,132		2,148		1.66
									16,071		16,198		12.53

297

Table of Contents

BCRED Verdelite JV LP

Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)


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

First Lien Debt (continued)
Hotels, Restaurants & Leisure
Alterra Mountain, Co.	(8)	SOFR +	2.50%	6.22%	7/23/2025	8/17/2028	$	1,830	$	1,830	$	1,839	1.42	%
Caesars Entertainment, Inc.	(9)	SOFR +	2.25%	5.97%	2/6/2023	2/6/2030	1,326		1,318		1,319		1.02
Caesars Entertainment, Inc.	(9)	SOFR +	2.25%	5.97%	2/6/2024	2/6/2031	2,776		2,771		2,755		2.13
Cedar Fair, LP	(8)	SOFR +	2.00%	5.72%	5/1/2024	5/1/2031	717		716		710		0.55
FanDuel Group Financing, LLC	(9)	SOFR +	1.75%	5.42%	11/24/2023	11/30/2030	2,375		2,375		2,376		1.84
Fertitta Entertainment, LLC	(9)	SOFR +	3.25%	6.97%	11/16/2022	1/27/2029	2,723		2,699		2,725		2.11
GVC Finance, LLC	(9)	SOFR +	2.25%	5.92%	5/8/2024	10/31/2029	5,843		5,850		5,816		4.50
Hilton Grand Vacations Borrower, LLC	(8)	SOFR +	2.00%	5.72%	1/17/2024	1/17/2031	705		704		703		0.54
IRB Holding Corp.	(9)	SOFR +	2.50%	6.22%	11/17/2025	12/15/2030	7,471		7,467		7,496		5.80
LC Ahab US Bidco, LLC	(8)	SOFR +	3.00%	6.72%	5/1/2024	5/1/2031	1,656		1,630		1,663		1.29
Life Time, Inc.	(8)	SOFR +	2.00%	5.78%	8/14/2025	11/5/2031	1,108		1,108		1,114		0.86
Marriott Ownership Resorts, Inc.	(8)	SOFR +	2.25%	5.97%	4/1/2024	4/1/2031	3,096		3,113		3,103		2.40
Mic Glen, LLC	(9)	SOFR +	3.25%	6.97%	7/29/2025	7/21/2028	3,366		3,311		3,396		2.63
Motion Finco, LLC	(8)	SOFR +	3.50%	7.17%	2/5/2024	11/12/2029	2,506		2,498		2,229		1.73
New Red Finance, Inc.	(8)	SOFR +	1.75%	5.47%	6/16/2024	9/20/2030	2,766		2,747		2,773		2.15
Raising Cane's Restaurants, LLC	(8)	SOFR +	2.00%	5.84%	11/3/2025	11/3/2032	418		417		419		0.32
Scientific Games Holdings, LP	(9)	SOFR +	3.00%	6.93%	6/11/2024	4/4/2029	2,948		2,948		2,900		2.24
Tacala Investment Corp.	(10)	SOFR +	3.00%	6.72%	8/6/2025	1/31/2031	1,581		1,581		1,593		1.23
TRQ Sales, LLC	(8)	SOFR +	3.25%	7.55%	12/30/2025	12/30/2032	908		904		898		0.69
Whatabrands, LLC	(9)	SOFR +	2.50%	6.22%	12/11/2024	8/3/2028	6,955		6,954		6,981		5.40
									52,941		52,808		40.85
Household Durables
AI Aqua Merger Sub, Inc.	(9)	SOFR +	3.00%	6.85%	12/5/2024	7/31/2028	7,211		7,188		7,235		5.60
Weber-Stephen Products, LLC	(8)	SOFR +	3.75%	7.74%	9/17/2025	10/1/2032	338		335		339		0.26
									7,523		7,574		5.86

298

Table of Contents

BCRED Verdelite JV LP

Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)


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

First Lien Debt (continued)
Household Products
Energizer Holdings, Inc.	(8)	SOFR +	2.00%	5.73%	5/29/2024	3/19/2032	$	393	$	392	$	394	0.30	%
Independent Power and Renewable Electricity Producers
Calpine, Corp.	(8)	SOFR +	1.75%	5.47%	3/10/2025	1/31/2031	1,000		999		1,001		0.77
Talen Energy Supply, LLC	(8)	SOFR +	2.00%	5.67%	11/25/2025	11/25/2032	299		297		299		0.23
									1,296		1,300		1.00
Industrial Conglomerates
Bettcher Industries, Inc.	(9)	SOFR +	4.00%	7.67%	9/19/2025	12/14/2028	379		378		383		0.30
Engineered Machinery Holdings, Inc.	(8)	SOFR +	3.25%	6.92%	11/26/2025	11/26/2032	227		226		229		0.18
									604		612		0.48
Insurance
Alliant Holdings Intermediate, LLC	(8)	SOFR +	2.50%	6.22%	7/31/2025	9/19/2031	993		973		996		0.77
AmWINS Group, Inc.	(10)	SOFR +	2.25%	5.97%	11/16/2022	1/30/2032	2,480		2,473		2,490		1.93
Baldwin Insurance Group Holdings, LLC	(8)	SOFR +	2.50%	6.25%	9/12/2025	5/26/2031	5,963		5,954		5,963		4.61
BroadStreet Partners, Inc.	(8)	SOFR +	2.75%	6.47%	6/14/2024	6/13/2031	7,011		7,001		7,043		5.45
HUB International, Ltd.	(8)	SOFR +	2.25%	6.12%	7/30/2024	6/20/2030	2,411		2,395		2,427		1.88
Hyperion Refinance S.à r.l.	(9)	SOFR +	2.75%	6.47%	11/22/2024	2/15/2031	5,139		5,138		5,158		3.99
Hyperion Refinance S.à r.l.	(9)	SOFR +	2.75%	6.49%	12/11/2025	4/18/2030	2,381		2,381		2,390		1.85
OneDigital Borrower, LLC	(9)	SOFR +	3.00%	6.72%	7/2/2024	7/2/2031	2,230		2,230		2,238		1.73
Ryan Specialty, LLC	(8)	SOFR +	2.00%	5.92%	10/10/2025	9/13/2031	1,995		1,993		2,001		1.55
USI, Inc.	(8)	SOFR +	2.25%	5.92%	12/23/2024	9/29/2030	3,467		3,452		3,477		2.69
USI, Inc.	(8)	SOFR +	2.25%	5.92%	12/23/2024	11/21/2029	1,437		1,432		1,441		1.12
									35,422		35,624		27.57
Interactive Media & Services
Creative Artists Agency, LLC	(8)	SOFR +	2.50%	6.22%	8/11/2025	10/1/2031	2,494		2,498		2,506		1.94
Project Boost Purchaser, LLC	(8)	SOFR +	2.75%	6.42%	7/16/2024	7/16/2031	6,467		6,453		6,491		5.02
TripAdvisor, Inc.	(8)	SOFR +	2.75%	6.47%	7/8/2024	7/8/2031	2,362		2,357		2,287		1.77
									11,308		11,284		8.73

299

Table of Contents

BCRED Verdelite JV LP

Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)


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

First Lien Debt (continued)
IT Services
Ahead DB Holdings, LLC	(10)	SOFR +	2.50%	6.17%	8/2/2024	2/1/2031	$	2,798	$	2,795	$	2,799	2.17	%
Chrysaor Bidco S.à r.l.	(9)	SOFR +	3.25%	7.14%	10/14/2025	10/30/2031	961		961		969		0.75
Fortress Intermediate 3, Inc.	(8)	SOFR +	3.00%	6.78%	7/2/2025	6/27/2031	2,475		2,475		2,480		1.92
Go Daddy Operating Co, LLC	(8)	SOFR +	1.75%	5.47%	5/31/2024	5/30/2031	739		738		741		0.57
Newfold Digital Holdings Group, Inc.	(10)	SOFR +	3.50%	7.38%	12/8/2025	4/30/2029	2,483		2,369		2,083		1.61
Newfold Digital Holdings Group, Inc.	(10)	SOFR +	3.50%	7.38%	12/8/2025	4/30/2029	438		418		279		0.22
ThoughtWorks, Inc.	(9)	SOFR +	2.50%	6.33%	11/16/2022	3/24/2028	2,236		2,211		2,137		1.65
Virtusa Corp.	(10)	SOFR +	3.25%	6.97%	6/21/2024	2/15/2029	4,944		4,944		4,962		3.84
World Wide Technology Holding Co, LLC	(9)	SOFR +	2.00%	5.72%	7/17/2025	3/1/2030	887		887		890		0.69
									17,798		17,340		13.42
Life Sciences Tools & Services
Parexel International, Inc.	(9)	SOFR +	2.75%	6.47%	12/12/2025	12/12/2031	3,147		3,146		3,161		2.45
Machinery
Chart Industries, Inc.	(9)	SOFR +	2.50%	6.48%	7/2/2024	3/15/2030	1,974		1,974		1,985		1.54
CoorsTek, Inc.	(8)	SOFR +	3.00%	6.86%	10/28/2025	10/28/2032	340		338		343		0.27
EMRLD Borrower, LP	(8)	SOFR +	2.25%	6.12%	8/11/2025	8/4/2031	2,488		2,488		2,495		1.93
Hobbs & Associates, LLC	(8)	SOFR +	2.75%	6.47%	10/10/2025	7/23/2031	1,995		1,994		1,997		1.55
Innio North America Holding, Inc.	(8)	SOFR +	2.25%	6.13%	7/12/2024	11/2/2028	665		665		670		0.52
LSF11 Trinity Bidco, Inc.	(4)(8)	SOFR +	2.50%	6.23%	9/11/2025	6/14/2030	2,293		2,293		2,304		1.78
Pro Mach Group, Inc.	(8)	SOFR +	2.75%	6.47%	10/16/2025	10/16/2032	804		802		810		0.63
SPX Flow, Inc.	(9)	SOFR +	2.75%	6.47%	8/1/2025	4/5/2029	3,150		3,150		3,163		2.45
TK Elevator U.S. Newco, Inc.	(9)	SOFR +	2.75%	6.95%	3/14/2024	4/30/2030	4,297		4,297		4,328		3.35
Vertiv Group Corp.	(8)	SOFR +	1.75%	5.61%	8/7/2025	8/12/2032	162		162		163		0.13
									18,163		18,258		14.15
Media
ABG Intermediate Holdings 2, LLC	(8)	SOFR +	2.25%	5.97%	12/13/2024	12/21/2028	386		386		387		0.30
American Greetings Corp.	(8)	SOFR +	5.75%	9.47%	4/30/2024	10/30/2029	1,260		1,242		1,249		0.97
Fleet US Bidco, Inc.	(4)(8)	SOFR +	2.75%	6.79%	8/15/2024	2/21/2031	655		656		660		0.51
									2,284		2,296		1.78
Metals & Mining
Arsenal AIC Parent, LLC	(8)	SOFR +	2.75%	6.47%	8/21/2024	8/18/2030	371		371		372		0.29
Novelis Holdings, Inc.	(8)	SOFR +	1.75%	5.42%	9/11/2025	3/11/2032	905		905		909		0.70
SCIH Salt Holdings, Inc.	(10)	SOFR +	2.75%	6.52%	12/4/2025	1/31/2029	2,989		2,989		2,998		2.32
									4,265		4,279		3.31

300

Table of Contents

BCRED Verdelite JV LP

Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)


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

First Lien Debt (continued)
Mortgage Real Estate Investment Trusts (REITs)
Starwood Property Mortgage, LLC	(9)	SOFR +	2.25%	5.97%	8/14/2025	9/24/2032	$	384	$	383	$	386	0.30	%
Oil, Gas & Consumable Fuels
Blackfin Pipeline, LLC	(8)	SOFR +	3.00%	6.75%	9/29/2025	9/29/2032	457		455		459		0.35
Freeport LNG Investments, LLLP	(9)	SOFR +	3.25%	7.12%	11/16/2022	12/21/2028	3,772		3,746		3,792		2.93
GIP Pilot Acquisition Partners, LP	(8)	SOFR +	2.00%	5.94%	5/22/2024	10/4/2030	1,044		1,044		1,047		0.81
TransMontaigne Operating Co, LP	(9)	SOFR +	2.50%	6.22%	7/25/2025	11/17/2028	144		144		146		0.11
VRS Buyer, Inc.	(7)(8)	SOFR +	3.50%	7.24%	10/10/2025	10/12/2032	767		763		771		0.60
									6,152		6,215		4.80
Pharmaceuticals
Opal Bidco, SAS	(8)	SOFR +	3.00%	6.69%	10/29/2025	4/28/2032	190		190		191		0.15
Professional Services
AG Group Holdings, Inc.	(9)	SOFR +	4.25%	8.07%	11/16/2022	12/29/2028	3,519		3,470		3,189		2.47
AlixPartners, LLP	(9)	SOFR +	2.00%	5.72%	7/31/2025	8/12/2032	995		993		998		0.77
Ankura Consulting Group, LLC	(10)	SOFR +	3.50%	7.37%	12/17/2024	12/29/2031	1,130		1,128		1,108		0.86
Ascensus Group Holdings, Inc.	(9)	SOFR +	3.00%	6.72%	12/13/2024	11/24/2032	1,190		1,183		1,190		0.92
Camelot US Acquisition, LLC	(8)	SOFR +	2.75%	6.47%	1/31/2024	1/31/2031	2,700		2,695		2,669		2.07
Cast & Crew Payroll, LLC	(9)	SOFR +	3.75%	7.47%	11/16/2022	12/29/2028	1,885		1,879		1,139		0.88
Eisner Advisory Group, LLC	(9)	SOFR +	4.00%	7.72%	2/28/2024	2/28/2031	1,193		1,184		1,203		0.93
EP Purchaser, LLC	(9)	SOFR +	3.50%	7.44%	11/16/2022	11/6/2028	479		467		344		0.27
Genuine Financial Holdings, LLC	(8)	SOFR +	3.25%	6.97%	6/28/2024	9/27/2030	5,776		5,776		4,922		3.81
Grant Thornton Advisors, LLC	(8)	SOFR +	2.75%	6.47%	5/31/2024	6/2/2031	2,348		2,348		2,356		1.82
Grant Thornton Advisors, LLC	(8)	SOFR +	3.00%	6.72%	5/31/2024	6/2/2031	2,494		2,509		2,507		1.94
Heron Bidco, LLC	(8)	SOFR +	4.00%	7.74%	12/10/2025	12/10/2032	433		427		430		0.33
Mermaid Bidco, Inc.	(8)	SOFR +	3.25%	7.15%	7/1/2024	7/3/2031	2,637		2,634		2,650		2.05
Ryan, LLC	(9)	SOFR +	3.50%	7.22%	11/7/2025	11/5/2032	650		645		643		0.50
Sedgwick Claims Management Services, Inc.	(8)	SOFR +	2.50%	6.22%	2/24/2023	7/31/2031	7,185		7,167		7,216		5.58
Trans Union, LLC	(9)	SOFR +	1.75%	5.47%	1/30/2024	6/24/2031	4,482		4,477		4,496		3.48
TTF Lower Intermediate, LLC	(8)	SOFR +	3.75%	7.79%	7/18/2024	7/18/2031	1,205		1,196		982		0.76
VT Topco, Inc.	(9)	SOFR +	3.00%	6.87%	4/3/2024	8/9/2030	1,016		1,016		1,003		0.78
									41,194		39,045		30.22

301

Table of Contents

BCRED Verdelite JV LP

Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)


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

First Lien Debt (continued)
Real Estate Management & Development
Cushman & Wakefield US Borrower, LLC	(9)	SOFR +	2.75%	6.47%	7/16/2025	1/31/2030	$	1,451	$	1,451	$	1,462	1.13	%
Cushman & Wakefield US Borrower, LLC	(9)	SOFR +	2.50%	6.22%	9/26/2025	1/31/2030	1,481		1,483		1,498		1.16
									2,934		2,960		2.29
Semiconductors & Semiconductor Equipment
Altar Bidco, Inc.	(9)	SOFR +	3.10%	6.78%	3/24/2025	2/1/2029	1,987		1,980		1,970		1.52
Software
BEP Intermediate Holdco, LLC	(4)(8)	SOFR +	2.75%	6.47%	7/10/2025	4/25/2031	734		734		742		0.57
Boost Newco Borrower, LLC	(8)	SOFR +	2.00%	5.67%	8/1/2024	1/31/2031	5,777		5,777		5,793		4.48
Boxer Parent Company, Inc.	(8)	SOFR +	3.00%	6.82%	7/30/2024	7/30/2031	6,219		6,207		6,210		4.81
Capstone Borrower, Inc.	(8)	SOFR +	2.75%	6.42%	8/11/2025	6/17/2030	2,487		2,491		2,489		1.93
Cloud Software Group, Inc.	(8)	SOFR +	3.25%	6.92%	8/7/2025	3/21/2031	2,403		2,400		2,409		1.86
Cloud Software Group, Inc.	(8)	SOFR +	3.25%	6.92%	8/7/2025	8/13/2032	697		697		698		0.54
Cloudera, Inc.	(9)	SOFR +	3.75%	7.57%	11/16/2022	10/8/2028	3,496		3,432		3,359		2.60
Conga Corp.	(10)	SOFR +	3.50%	7.34%	8/8/2024	5/8/2028	3,492		3,492		3,492		2.70
Cornerstone OnDemand, Inc.	(9)	SOFR +	3.75%	7.58%	11/16/2022	10/16/2028	2,128		2,025		1,962		1.52
Delta Topco, Inc.	(8)	SOFR +	2.75%	6.58%	5/1/2024	11/30/2029	6,901		6,893		6,876		5.32
Disco Parent, Inc.	(4)(8)	SOFR +	3.25%	7.07%	8/1/2025	8/6/2032	242		242		244		0.19
ECI Macola Max Holding, LLC	(10)	SOFR +	2.75%	6.42%	7/10/2025	5/9/2030	4,412		4,412		4,440		3.44
Ellucian Holdings, Inc.	(9)	SOFR +	2.75%	6.47%	2/29/2024	10/8/2029	2,639		2,639		2,657		2.06
Finastra USA, Inc.	(8)	SOFR +	4.00%	7.72%	7/31/2025	9/15/2032	1,371		1,358		1,345		1.04
Flash Charm, Inc.	(10)	SOFR +	3.50%	7.35%	6/11/2024	3/2/2028	3,817		3,811		3,572		2.76
Gen Digital, Inc.	(9)	SOFR +	1.75%	5.47%	6/5/2024	9/12/2029	5,769		5,769		5,785		4.48
Gen Digital, Inc.	(9)	SOFR +	1.75%	5.47%	6/5/2024	4/16/2032	2,488		2,470		2,492		1.93
Genesys Cloud Services, Inc.	(8)	SOFR +	2.50%	6.22%	9/26/2024	1/30/2032	2,675		2,667		2,673		2.07
HS Purchaser, LLC	(14)	SOFR +	6.00%	9.97%	11/21/2025	5/19/2029	2,090		2,047		1,899		1.47
McAfee Corp.	(9)	SOFR +	3.00%	6.72%	5/31/2024	3/1/2029	3,502		3,502		3,243		2.51
Mitnick Purchaser, Inc.	(9)(18)	SOFR +	4.75%	8.69%	11/16/2022	5/2/2029	3,335		3,281		2,180		1.69
Ping Identity Holding Corp.	(8)	SOFR +	2.75%	6.59%	11/13/2025	11/15/2032	389		388		391		0.30
Planview Parent, Inc.	(8)	SOFR +	3.50%	7.17%	12/17/2024	12/17/2027	1,887		1,887		1,816		1.41
Project Alpha Intermediate Holding, Inc.	(9)	SOFR +	3.25%	6.92%	5/14/2024	10/26/2030	3,226		3,226		3,225		2.50
Proofpoint, Inc.	(9)	SOFR +	3.00%	6.67%	12/8/2025	8/31/2028	2,947		2,947		2,968		2.30

302

Table of Contents

BCRED Verdelite JV LP

Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)


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

First Lien Debt (continued)
Software (continued)
Quartz Acquireco, LLC	(4)(8)	SOFR +	2.25%	5.92%	6/3/2024	6/28/2030	$	1,948	$	1,948	$	1,948	1.51	%
RealPage, Inc.	(9)	SOFR +	3.00%	6.93%	11/16/2022	4/24/2028	2,711		2,667		2,712		2.10
Rocket Software, Inc.	(9)	SOFR +	3.75%	7.47%	10/5/2023	11/28/2028	3,632		3,609		3,636		2.81
Skopima Consilio Parent, LLC	(9)	SOFR +	3.75%	7.47%	12/18/2024	5/12/2028	3,260		3,260		2,987		2.31
Sophos Holdings, LLC	(8)	SOFR +	3.50%	7.33%	11/16/2022	3/5/2027	3,480		3,468		3,487		2.70
Sovos Compliance, LLC	(8)	SOFR +	3.25%	6.97%	7/24/2025	8/13/2029	3,492		3,458		3,507		2.71
SS&C Technologies, Inc.	(8)	SOFR +	2.00%	5.72%	10/9/2025	5/9/2031	200		200		202		0.16
Trio Bidco, LLC	(7)(8)	SOFR +	4.00%	7.67%	10/31/2025	10/29/2032	668		661		671		0.52
Vision Solutions, Inc.	(10)	SOFR +	4.00%	8.10%	11/16/2022	4/24/2028	3,595		3,472		3,355		2.60
XPLOR T1, LLC	(4)(8)	SOFR +	3.50%	7.29%	12/1/2025	12/1/2032	986		981		988		0.76
Zodiac Purchaser, LLC	(8)	SOFR +	3.50%	7.22%	2/14/2025	2/14/2032	998		994		995		0.77
									99,512		97,448		75.43
Specialty Retail
Apro, LLC	(8)	SOFR +	3.75%	7.68%	7/9/2024	7/9/2031	3,902		3,894		3,927		3.04
CWGS Group, LLC	(10)	SOFR +	2.50%	6.33%	11/16/2022	6/3/2028	2,431		2,388		2,379		1.84
Great Outdoors Group, LLC	(10)	SOFR +	3.25%	6.97%	1/23/2025	1/23/2032	990		991		997		0.77
HomeServe USA Holding Corp.	(8)	SOFR +	2.00%	5.73%	5/29/2024	10/21/2030	815		815		817		0.63
Mavis Tire Express Services Topco, Corp.	(10)	SOFR +	3.00%	6.72%	7/18/2024	5/4/2028	5,507		5,512		5,534		4.28
OPENLANE, Inc.	(8)	SOFR +	2.50%	6.36%	10/8/2025	10/8/2032	156		156		157		0.12
									13,756		13,811		10.68
Technology Hardware, Storage & Peripherals
Sandisk, Corp.	(8)	SOFR +	3.00%	6.86%	2/21/2025	2/20/2032	813		801		819		0.63
Trading Companies & Distributors
American Builders & Contractors Supply Co, Inc.	(8)	SOFR +	1.75%	5.47%	1/31/2024	1/31/2031	673		672		676		0.52
Avolon TLB Borrower 1 US, LLC	(9)	SOFR +	1.75%	5.48%	6/22/2023	6/24/2030	2,710		2,696		2,729		2.11
Core & Main, LP	(8)	SOFR +	2.00%	5.69%	2/9/2024	2/9/2031	1,067		1,067		1,070		0.83
FCG Acquisitions, Inc.	(9)	SOFR +	3.25%	6.97%	11/16/2022	3/31/2028	6,999		6,999		7,037		5.45
Icebox Holdco III, Inc.	(9)	SOFR +	3.25%	6.92%	11/16/2022	12/22/2031	4,277		4,183		4,321		3.34
Johnstone Supply, LLC	(8)	SOFR +	2.50%	6.23%	12/12/2024	6/9/2031	1,282		1,282		1,290		1.00
White Cap Buyer, LLC	(8)	SOFR +	3.25%	6.97%	6/13/2024	10/19/2029	4,369		4,361		4,392		3.40
Windsor Holdings III, LLC	(8)	SOFR +	2.75%	6.47%	9/20/2024	8/1/2030	3,802		3,790		3,816		2.95
									25,050		25,331		19.60

303

Table of Contents

BCRED Verdelite JV LP

Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)


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

First Lien Debt (continued)
Transportation Infrastructure
Apple Bidco, LLC	(8)	SOFR +	2.50%	6.22%	11/16/2022	9/23/2031	$	3,440	$	3,429	$	3,461	2.68	%
Signature Aviation US Holdings, Inc.	(9)	SOFR +	2.50%	6.22%	8/11/2025	7/1/2031	2,494		2,496		2,509		1.94
									5,925		5,970		4.62
Total First Lien Debt									720,787		714,200		552.71
Total Investment Portfolio									720,787		714,200		552.71
Cash and Cash Equivalents
Fidelity Investments Money Market Treasury Portfolio - Class I				3.66%					1,078		1,078		0.83
Other Cash and Cash Equivalents									58,357		58,357		45.16
Total Cash and Cash Equivalents									59,435		59,435		45.99
Total Portfolio Investments, Cash and Cash Equivalents									$	780,222	$	773,635	598.70	%

(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, 2025, the Company had investments denominated in Canadian Dollars (CAD), Euros (EUR), British Pounds (GBP), Swiss Francs (CHF), Danish Krone (DKK), Swedish Krona (SEK), Norwegian Krone (NOK), New Zealand Dollars (NZD), and Australian Dollars (AUD). All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. The total par amount (in thousands) is presented for debt investments, while the number of shares or units (in whole amounts) owned is presented for equity investments. Each of the Company’s investments is pledged as collateral, under one or more of its credit facilities unless otherwise indicated.

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

(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)Reserved.


Investments	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
Chicago US Midco III, LP	Delayed Draw Term Loan	10/30/2027	$	76	$	—
Pinnacle Buyer, LLC	Delayed Draw Term Loan	4/1/2027	85		—
Pye-Barker Fire & Safety, LLC	Delayed Draw Term Loan	12/16/2027	147		—
Raven Acquisition Holdings, LLC	Delayed Draw Term Loan	11/19/2026	167		—
Sanders Industries Holdings, Inc.	Delayed Draw Term Loan	2/26/2027	156		—
Trio Bidco, LLC	Delayed Draw Term Loan	10/31/2027	70		—
US Fertility Enterprises, LLC	Delayed Draw Term Loan	12/30/2027	48		—
VRS Buyer, Inc.	Delayed Draw Term Loan	10/10/2027	79		—
Total Unfunded Commitments			$	828	$	—

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

304

Table of Contents

BCRED Verdelite JV LP

Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)

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

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

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

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

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

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

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

(16)Reserved.

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

(19)All securities are exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), and may be deemed to be “restricted securities.” As of December 31, 2025, the aggregate fair value of these securities is $714.2 million or 552.71% of the Company’s net assets. The initial acquisition dates have been included for such securities.

305

Table of Contents

Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

The following table presents the selected consolidated statements of assets and liabilities information of the Verdelite JV as of March 31, 2026 and December 31, 2025 (Unaudited):


	March 31, 2026		December 31, 2025
ASSETS
Investments at fair value (cost of $637,306 and $720,787, respectively)	$	613,258	$	714,200
Cash and cash equivalents	87,435		59,435
Interest receivable	2,762		2,852
Receivable for investments sold	14,502		2,584
Deferred financing costs	136		145

Total assets	$	718,093	$	779,216
LIABILITIES
Debt (net of unamortized debt issuance costs of $969 and $1,105, respectively)	$	587,638	$	626,812
Distribution payable	1,458		2,753
Payable for investments purchased and other liabilities	17,970		20,431
Total liabilities	607,066		649,996
PARTNERS’ CAPITAL
Partners’ capital	111,027		129,220
Total partners’ capital	111,027		129,220
Total liabilities and partners’ capital	$	718,093	$	779,216

The following table presents the selected consolidated statements of operations information of the Verdelite JV for the three months ended March 31, 2026 and 2025 (Unaudited):


	Three Months Ended March 31,
	2026		2025
Investment income:
Interest income	$	11,865	$	13,920
Other income	5		3
Total investment income	11,870		13,923
Expenses:
Interest expense	7,992		9,124
Other expenses	180		118
Total expenses	8,172		9,242
Net investment income before tax expense	3,698		4,681
Tax expense	—		—
Net investment income after tax expense	3,698		4,681
Net realized and change in unrealized gain (loss):
Net change in unrealized gain (loss) on investments	(17,461)		(10,423)
Net realized gain (loss) on investments and extinguishment of debt	(2,972)		499
Total net realized and change in unrealized gain (loss)	(20,433)		(9,924)
Net increase (decrease) in partners’ capital resulting from operations	$	(16,735)	$	(5,243)

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.

306

Table of Contents

Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

The chief operating decision maker (“CODM”) 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 Statements 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 Statements of Operations.

Note 13. Subsequent Events

The Company’s management evaluated subsequent events through the date of issuance of the condensed consolidated financial statements. There have been no subsequent events that occurred during such period that would require disclosure in, or would be required to be recognized in the condensed consolidated financial statements as of March 31, 2026, except as discussed below.

April Subscriptions and Distribution Declaration

The Company received approximately $400.1 million of net proceeds, inclusive of distributions reinvested through the Company’s DRIP, relating to the issuance of Class I shares, Class S shares, and Class D shares for subscriptions effective April 1, 2026.

On April 20, 2026, the Company’s Board declared net distributions of $0.2000 per Class I share, $0.1829 per Class S share, and $0.1950 per Class D share, which is payable on or about May 28, 2026 to shareholders of record as of April 30, 2026.

May Subscriptions

Through the date of issuance of the condensed consolidated financial statements, the Company received approximately $303.7 million of subscriptions, inclusive of distributions reinvested through the Company’s DRIP, relating to the issuance of Class I, Class S and Class D shares effective May 1, 2026.

April 2031 and July 2031 Series 2026B Notes

On April 9, 2026, the Company entered into a Second Supplement (the “Second Supplement”) to the Master Note Purchase Agreement, dated as of March 25, 2025 (as supplemented by the Second Supplement, the “Series 2026B Note Purchase Agreement”) governing the issuance of (i) $500.0 million in aggregate principal amount of its 6.58% Series 2026B Senior Notes, Tranche A due April 9, 2031 (the “April 2031 Series 2026B Notes”) and (ii) $500.0 million in aggregate principal amount of its 6.61% Series 2026B Senior Notes, Tranche B due July 9, 2031 (the “July 2031 Series 2026B Notes” and, together with the April 2031 Series 2026B Notes, the “Series 2026B Notes”), to qualified institutional investors in a private placement. The April 2031 Series 2026B Notes were issued on April 9, 2026 and will mature on April 9, 2031 unless redeemed, purchased or prepaid prior to such date by the Company or its affiliates in accordance with their terms, and the July 2031 Series 2026B Notes were issued on April 9, 2026 and will mature on July 9, 2031 unless redeemed, purchased or prepaid prior to such date by the Company or its affiliates in accordance with their terms. Interest on the Series 2026B Notes will be due semiannually. In addition, the Company is obligated to offer to repay the Series 2026B Notes at par if certain change in control events occur. The Series 2026B 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, subject to certain events including a ratings downgrade, the April 2031 Series 2026B Notes will bear interest at a fixed rate of 7.58% per year and the July 2031 Series 2026B Notes will bear interest at a fixed rate of 7.61% per year until the date such events are no longer occurring.

307

Table of Contents

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 Series 2026B Notes, the Company entered into 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 each interest rate swap and the respective 2026B Notes in a qualifying hedge accounting relationship.

Middle Peak Funding Facility

On April 21, 2026, the Middle Peak Funding Facility was amended pursuant to Amendment No. 7 to Credit and Security Agreement (the “Middle Peak Seventh Amendment”). The Middle Peak Seventh Amendment provides for, among other things, (i) an increase in the maximum facility amount to an amount not to exceed $1.5 billion and (ii) the payment of certain fees as agreed between BCRED Middle Peak Funding and the lenders party thereto.

2026-1 PC Static Warehouse

On April 22, 2026, the 2026-1 PC Static Warehouse was terminated with the proceeds of the 2026-1 PC Static Debt Securitization.

2026-1 PC Static CLO Debt Securitization

On April 22, 2026, the Company completed a $449.8 million term debt securitization (the “2026-1 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 and loans incurred in the 2026-1 Static Debt Securitization (collectively, the “2026-1 Static Notes”) were issued by the 2026-1 PC 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.

April 22, 2026

Description

Type

Principal Outstanding

Interest Rate

Credit Rating

Class A Notes

Senior Secured Floating Rate

165,500

SOFR + 1.28%

AAA

Class A-L-B Loans

Senior Secured Floating Rate

100,000

SOFR + 1.28%

AAA

Class B Notes

Senior Secured Floating Rate

40,500

SOFR + 2.05%

Class C Notes (1)

Mezzanine Secured Deferrable Floating Rate

27,000

SOFR + 2.40%

Class D Notes (1)

Mezzanine Secured Deferrable Floating Rate

20,250

SOFR + 3.90%

BBB-

Total Secured Notes

353,250

Subordinated Notes (1)

Subordinated

96,550

None

Not Rated

Total 2026-1 Static Notes

449,800

(1)The Company (through its wholly-owned and consolidated subsidiary, 2026-1 PC Depositor) retained all of the Class C Notes, the Class D Notes and the Subordinated Notes issued in the 2026-1 PC Debt Securitization which are eliminated in consolidation.

The Company (through its wholly-owned and consolidated subsidiary, 2026-1 PC Depositor) retained all of the Class C Notes, the Class D Notes and the Subordinated Notes issued in the 2026-1 Static Debt Securitization in part in exchange for the Company’s sale and contribution to the 2026-1 PC Issuer of the initial closing date portfolio. The 2026-1 Static Notes are scheduled to mature on April 22, 2036; however, the 2026-1 Static Notes may be redeemed by the 2026-1 PC Issuer, at the direction of the Company through its holder of the Subordinated Notes (through 2026-1 PC Depositor), on any business day after October 22, 2026. In connection with the sale and contribution, the Company has made customary representations, warranties and covenants to the 2026-1 PC Issuer. The Class A Notes, Class A-L-A Loans, Class A-L-B Loans, Class B Notes, Class C Notes and Class D Notes are secured obligations of the 2026-1 PC Issuer, the Subordinated Notes are the unsecured obligations of the 2026-1 PC Issuer, and the indenture governing the 2026-1 PC Notes includes customary covenants and events of default.

308

Table of Contents

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 2026-1 Static 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 2026-1 PC Issuer under a collateral management agreement and has agreed to irrevocably waive all collateral management fees payable pursuant to the collateral management agreement.

May 2031 Notes Issuance

On April 27, 2026, the Company issued $850.0 million aggregate principal amount of 5.950% notes due 2031 (the “May 2031 Notes”) pursuant to a supplemental indenture, dated as of April 27, 2026 (and together with the Base Indenture, the “May 2031 Notes Indenture”), to the Base Indenture between the Company and the Trustee.

The May 2031 Notes will mature on May 15, 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 May 2031 Notes Indenture. The May 2031 Notes bear interest at a rate of 5.950%, payable semi-annually on November 15 and May 15 of each year, beginning on November 15, 2026. The May 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 May 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 May 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 May 2031 Notes in a qualifying hedge accounting relationship.

2021-2 Debt Securitization

On May 6, 2026, all of the secured debt issued or incurred, as applicable, in connection with 2021-2 Debt Securitization was redeemed in whole.

2022-1 BSL Debt Securitization

On May 6, 2026, all of the secured notes issued in connection with 2022-1 BSL Debt Securitization were redeemed in whole.

309

Table of Contents

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

The information contained in this section should be read in conjunction with “Item 1. Financial Statements” hereto and “Part II, Item 8—Financial Statements and Supplementary Data” of our Annual Report on Form 10-K for the year ended December 31, 202 5, as updated from time to time by the Company’s periodic filings with the SEC. This discussion contains forward-looking statements and involves numerous risks, uncertainties, and other factors outside of the Company’s control, including, but not limited to, those set forth in “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 202 5, 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 the 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 publicly traded securities of large corporate issuers. 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.

310

Table of Contents

Revenues

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

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

Expenses

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

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

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.”

311

Table of Contents

Portfolio and Investment Activity

For the three months ended March 31, 2026, we made $2,493.7 million aggregate principal amount of new investment commitments ($1,434.8 million of which remained unfunded as of March 31, 2026), $2,391.3 million of which was first lien debt, $12.6 million of which was structured finance equity obligations, $68.8 million of which was equity and $21.0 million of which was investments in our joint ventures.

Our investment activity is presented below (information presented herein is at amortized cost unless otherwise indicated) (dollar amounts in thousands):


	As of and for the three months ended March 31,
	2026			2025
Investments:
Total investments, beginning of period	$	82,916,242		$	68,985,671
New investments purchased	4,291,332			5,009,226
Payment-in-kind interest capitalized	113,323			105,430
Net accretion of discount on investments	68,104			76,692
Net realized gain (loss) on investments	(34,907)			(59,178)
Investments sold or repaid	(5,000,841)			(4,333,690)
Total investments, end of period	$	82,353,253		$	69,784,151
Amount of investments funded at principal:
First lien debt	$	4,248,964		$	4,768,774
Second lien debt	—			175,708

Structured finance obligations - debt instruments	—			28,900
Structured finance obligations - equity instruments	14,439			82,123
Equity and other (6)	94,952			21,865
Total	$	4,358,355		$	5,077,370
Proceeds from investments sold or repaid:
First lien debt	$	(3,777,354)		$	(4,142,489)
Second lien debt	(37,170)			(60,687)
Unsecured debt	(1,008)			—
Structured finance obligations - debt instruments	(64,495)			(75,321)
Structured finance obligations - equity instruments	(16,336)			(15,301)
Equity and other	(1,104,478)			(39,892)
Total	$	(5,000,841)		$	(4,333,690)

	March 31, 2026			December 31, 2025
Number of portfolio companies	695			700
Weighted average yield on performing debt and income producing investments, at amortized cost (1)(2)	9.0		%	9.2		%
Weighted average yield on performing debt and income producing investments, at fair value (1)(2)	9.1		%	9.3		%
Average loan-to-value (LTV) (3)	46.5		%	45.9		%
Percentage of performing debt investments bearing a floating rate (4)	99.7		%	99.7		%
Percentage of performing debt investments bearing a fixed rate (4)	0.3		%	0.3		%
Percentage of assets on non-accrual, at amortized cost (5)	2.4		%	0.6		%
Percentage of assets on non-accrual, at fair value (5)	1.4		%	0.4		%

(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 amortized cost, as applicable) included in such securities. Actual yields earned over the life of each investment could differ materially from the yields presented above.

(2)As of March 31, 2026 and December 31, 2025, the weighted average total portfolio yield at amortized cost was 8.4% and 9.1%, respectively. As of March 31, 2026 and December 31, 2025, the weighted average total portfolio yield at fair value was 8.6% and 9.2%, respectively.

312

Table of Contents

(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 investments and asset-based investments. Average loan-to-value represents the net ratio of loan-to-value for each portfolio company, weighted based on the fair value of total applicable private debt investments. Loan-to-value is calculated as the current total net debt through each respective loan tranche divided by the estimated enterprise value of the portfolio company as of the most recent quarter-end.

(4)As a percentage of total fair value of performing debt investments. As of March 31, 2026 and December 31, 2025, performing debt investments bearing a floating rate represented 95.5% and 95.3%, respectively, of total investments at fair value (excluding investments in joint ventures).

(5)As a percentage of total amortized cost or fair value of investments (excluding investments in joint ventures).

(6)Includes $21.0 million and $0.0 million of investments in our joint ventures for the three months ended March 31, 2026 and 2025, respectively.

As of March 31, 2026 and March 31, 2025, our portfolio companies had a weighted average annual EBITDA of $274 million and $238 million, respectively. These calculations include all debt investments for which fair value is determined by the Board in conjunction with a third-party valuation firm and excludes quoted investments and asset-based investments. Amounts are weighted based on the fair market value of each respective investment. Amounts were derived from the most recently available portfolio company financial statements, have not been independently verified by us, and may reflect a normalized or adjusted amount. Accordingly, we make no representation or warranty in respect of this information.

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

BCRED Emerald JV LP

BCRED Emerald JV LP (“Emerald JV”), a Delaware limited partnership, was formed as a joint venture between the Company and a large North American pension fund, 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 and to a lesser extent make other debt and equity investments.

As of March 31, 2026, the Company and entities affiliated with, and controlled by, a North American pension fund (collectively, the “Emerald JV Partner”) committed to contribute up to $2,250.0 million and $750.0 million, of capital, respectively, to the Emerald JV.

As of March 31, 2026, the Company and the Emerald JV Partner had contributed (net of returns of capital), $1,836.0 million and $612.0 million, respectively. As of March 31, 2026, the Company and the Emerald JV Partner had $414.0 million and $138.0 million, respectively, of capital remained uncalled.

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

The following table is a summary of Emerald JV’s portfolio as of March 31, 2026 and December 31, 2025:


	March 31, 2026			December 31, 2025
Total investments, at fair value	$	7,072,749		$	6,496,980
Total senior secured debt investments, at fair value	$	5,966,663		$	6,471,011
Number of portfolio companies	351			361
Weighted average yield on performing debt and income producing investments, at amortized cost (1)(2)	7.9		%	8.2		%
Weighted average yield on performing debt and income producing investments, at fair value (1)(2)	8.2		%	8.4		%
Percentage of performing debt investments bearing a floating rate (3)	99.9		%	99.9		%

Percentage of assets on non-accrual, at amortized cost (4)	4.8		%	0.7		%
Percentage of assets on non-accrual, at fair value (4)	2.8		%	0.6		%

313

Table of Contents

(2)As of March 31, 2026 and December 31, 2025, the weighted average total portfolio yield at amortized cost was 6.3% and 8.0%, respectively. As of March 31, 2026 and December 31, 2025, the weighted average total portfolio yield at fair value was 6.7% and 8.3%, respectively.

(3)As a percentage of total fair value of performing debt investments. As of March 31, 2026 and December 31, 2025, performing debt investments bearing a floating rate represented 81.4% and 98.9%, respectively, of total investment at fair value.

(4)As a percentage of total amortized cost or fair value of investments of Emerald JV.

BCRED Verdelite JV LP

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

As of March 31, 2026, the Company and the Verdelite JV Partner committed to contribute up to $147.0 million and $21.0 million of capital, respectively, to the Verdelite JV. As of March 31, 2026, the Company had contributed (net of returns of capital) $117.7 million and the Verdelite JV Partner had contributed (net of returns of capital) $16.8 million and $29.3 million of capital remained uncalled from the Company and $4.2 million of capital remained uncalled from the Verdelite JV Partner.

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

The following table is a summary of Verdelite JV’s portfolio as of March 31, 2026 and December 31, 2025:


	March 31, 2026			December 31, 2025
Total investments, at fair value	$	613,258		$	714,200
Total senior secured debt investments, at fair value	$	613,258		$	714,200
Number of portfolio companies	286			281
Weighted average yield on performing debt and income producing investments, at amortized cost (1)(2)	6.7		%	6.8		%
Weighted average yield on performing debt and income producing investments, at fair value (1)(2)	6.9		%	6.9		%
Percentage of performing debt investments bearing a floating rate (3)	100.0		%	100.0		%

Percentage of assets on non-accrual, at amortized cost (4)	1.5		%	—		%
Percentage of assets on non-accrual, at fair value (4)	0.8		%	—		%

(2)As of March 31, 2026 and December 31, 2025, the weighted average total portfolio yield at amortized cost was 6.6% and 6.8%, respectively. As of March 31, 2026 and December 31, 2025, the weighted average total portfolio yield at fair value was 6.8% and 6.9%, respectively.

(3)As a percentage of total fair value of performing debt investments. As of March 31, 2026 and December 31, 2025, performing debt investments bearing a floating rate represented 99.2% and 100.0%, respectively, of total investment at fair value.

(4)As a percentage of total amortized cost or fair value of investments of Verdelite JV.

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.”

314

Table of Contents

Results of Operations

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


	Three Months Ended March 31,
	2026		2025
Total investment income	$	1,892,102	$	1,841,434
Total expenses before tax expense	865,301		799,689
Net investment income before tax expense	1,026,801		1,041,745
Excise and other tax expense	11		7,783
Net investment income after tax expense	1,026,790		1,033,962
Net change in unrealized appreciation (depreciation), net of income tax (provision) benefit	(1,038,302)		(207,434)
Net realized gain (loss), net of tax expense	(38,389)		(67,219)
Net increase (decrease) in net assets resulting from operations	$	(49,901)	$	759,309

Net increase (decrease) in net assets resulting from operations can vary from period to period as a result of various factors, including acquisitions, the level of new investment commitments, the recognition of realized gains and losses and changes in unrealized appreciation and depreciation on the investment portfolio. As a result, comparisons may not be meaningful.

Investment Income

Investment income was as follows (dollar amounts in thousands):


	Three Months Ended March 31,
	2026		2025
Interest income	$	1,678,664	$	1,654,035
Payment-in-kind interest income	113,260		97,901
Dividend income	73,824		82,009
Non-cash dividend income	18,520		—
Other income	7,834		7,489
Total investment income	$	1,892,102	$	1,841,434

Total investment income increased to $1.9 billion for the three months ended March 31, 2026, an increase of $50.7 million or 3% 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 18% to $81,956.8 million for the three months ended March 31, 2026 compared to $69,459.2 million for the three months ended March 31, 2025.

Additionally, for the three months ended March 31, 2026, we recorded $17.8 million of non-recurring interest income (e.g., prepayment premiums, accelerated accretion of upfront loan origination fees and unamortized discounts, etc.) as compared to $45.8 million for the same period in the prior year, primarily as a result of decreased prepayments.

For the three months ended March 31, 2026 and 2025, PIK interest and non-cash dividend income represented 7.0% and 5.3% of total investment income, respectively, and represented 12.8% and 9.5% of net investment income, respectively. We expect that PIK interest and non-cash dividend 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.

315

Table of Contents

Elevated interest rates continued to favorably impact our investment income for the three months ended March 31, 2026. Despite gradual decreases in interest rates during 2025, inflation has remained above the U.S. Federal Reserve’s target level, and interest rates remain elevated. Following three consecutive rate cuts in 2025, the U.S. Federal Reserve held interest rates steady since December 2025 and noted, among other matters, that it would continue to assess and monitor incoming information in considering additional adjustments. Future decreases in benchmark interest rates may adversely impact our investment income. Conversely, future increases in benchmark interest rates and the resulting impacts to cost of capital have the potential to negatively impact the free cash flow and credit quality of certain borrowers which could impact their ability to make principal and interest payments. If such interest rate fluctuations occur concurrently with a period of economic weakness or a slowdown in growth, our borrowers’ and our portfolio performance may be negatively impacted. Further, significant market dislocation as a result of changing economic conditions could limit the liquidity of certain assets traded in the credit markets, and this could impact our ability to sell such assets at attractive prices or in a timely manner.

Expenses

Expenses were as follows (dollar amounts in thousands):


	Three Months Ended March 31,
	2026		2025
Interest expense	$	511,768	$	479,635
Management fees	152,013		129,106
Income based incentive fees	151,179		151,776
Capital gains based incentive fees	—		—
Distribution and shareholder servicing fees
Class S	31,093		28,088
Class D	370		385
Professional fees	3,706		1,270
Board of Trustees’ fees	239		242
Administrative service expenses	4,145		2,241
Other general and administrative expenses	9,788		5,823
Amortization of continuous offering costs	1,000		1,123
Total expenses before tax expense	865,301		799,689
Net investment income before tax expense	1,026,801		1,041,745
Excise and other tax expense	11		7,783
Net investment income after tax expense	$	1,026,790	$	1,033,962

Interest Expense

Total interest expense increased to $511.8 million for the three months ended March 31, 2026, an increase of $32.1 million or 7% compared to the same period in the prior year. This was primarily driven by an increase in our average principal of debt outstanding, partially offset by a decrease in our weighted average interest rate on our borrowings relative to the same period in the prior year.

The average principal of debt outstanding increased to $36,088.3 million for the three months ended March 31, 2026 from $30,920.0 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 5.52% for the three months ended March 31, 2026 from 6.10% for the same period in the prior year. Our weighted average all-in cost of debt (including unused fees, amortization of debt issuance costs (including premiums and discounts), amortization of deferred financing costs, and the impact of the application of hedge accounting) decreased to 5.67% for the three months ended March 31, 2026 from 6.20% for the same period in the prior year.

316

Table of Contents

Management Fees

Management fees increased to $152.0 million for the three months ended March 31, 2026, an increase of $22.9 million or 18% compared to the same period in the prior year, primarily due to an increase in weighted average net assets to $48,586.5 million for the three months ended March 31, 2026 compared to $41,427.9 million for the same period in the prior year.

Income Based Incentive Fees

Income based incentive fees decreased to $151.2 million for the three months ended March 31, 2026, a decrease of $0.6 million or 0.4% compared to the same period in the prior year, primarily due to a decrease in pre-incentive fee net investment income. Pre-incentive fee net investment income decreased to $1,209.4 million for the three months ended March 31, 2026 from $1,214.2 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 months ended March 31, 2026 and 2025.

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 $50.3 million for the three months ended March 31, 2026, an increase of $11.2 million or 29% compared to the same period in the prior year. Total other expenses for the three months ended March 31, 2026 primarily consist of $31.5 million of shareholder servicing and/or distribution fees paid with respect to Class S and Class D investors, $9.8 million of general and administrative expenses (including insurance, filing, research, fees paid to the State Street Sub-Administrator and transfer agent, and other expenses), $4.1 million of administrative service expenses, and $3.7 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 shares and other general and administrative expenses.

Income Taxes, Including Excise Taxes

We elected to be treated as a RIC under Subchapter M of the Code, and we intend to operate in a manner so as to continue to qualify for the tax treatment applicable to RICs. To qualify for and maintain tax treatment as a RIC, we must, among other things, distribute to our shareholders in each taxable year generally at least 90% of the sum of our investment company taxable income, as defined by the Code (without regard to the deduction for dividends paid), and net tax-exempt income for that taxable year.

Depending on the level of taxable income earned in a tax year, we may carry forward taxable income (including net capital gains, if any) in excess of current year dividend distributions from the current tax year into the next tax year and pay a nondeductible 4% U.S. federal excise tax on such taxable income, as required. To the extent that we determine that our estimated current year annual taxable income will be in excess of estimated current year dividend distributions from such income, we will accrue excise tax on estimated excess taxable income.

For the three months ended March 31, 2026 and 2025, we accrued $0.0 million and $7.8 million, respectively, of U.S. federal excise tax.

BCRED Investments LLC (“BCRED Investments”), a wholly-owned and consolidated subsidiary that was formed in 2021, is a Delaware limited liability company which has elected to be treated as a corporation for U.S. tax purposes. As such, BCRED Investments is subject to certain U.S. federal, state and local taxes. For the three months ended March 31, 2026 and 2025, BCRED Investments recorded an income tax provision of $0.9 million and $1.3 million, respectively.

As of March 31, 2026 and 2025, BCRED Investments recorded a deferred tax liability of $13.4 million and $10.3 million, respectively, which is included within Accrued expenses and other liabilities in the Condensed Consolidated Statements of Assets and Liabilities.

317

Table of Contents

For the three months ended March 31, 2026, BCRED Investments recorded a current tax expense of $0.0 million. For the three months ended March 31, 2025, BCRED Investments recorded a current tax expense of $1.2 million, which is related to realized gains associated with the sale of an investment in a partnership interest and is included in Current tax expense on realized gains in the Condensed Consolidated Statements of Operations.

Net Unrealized Gain (Loss)

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


	Three Months Ended March 31,
	2026		2025
Net change in unrealized gain (loss) on investments	$	(1,076,445)	$	(192,229)
Net change in unrealized gain (loss) on derivative instruments	44,772		(12,789)
Net change in unrealized gain (loss) on foreign currency and other transactions	(5,695)		(1,082)
Income tax (provision) benefit	(934)		(1,334)
Net change in unrealized appreciation (depreciation), net of income tax (provision) benefit	$	(1,038,302)	$	(207,434)

For the three months ended March 31, 2026, the net change in unrealized losses, net of income tax provision was $1,038.3 million, as compared to $207.4 million for the same period in the prior year. The increase in losses was primarily driven by net unrealized losses on investments of $1,076.4 million, which were mainly attributable to declines in the fair value of certain investments. The fair value of debt investments as a percentage of principal decreased by 0.8% for the three months ended March 31, 2026 driven primarily by changes in certain portfolio company fundamentals and broader economic conditions.

In addition, we recorded net unrealized losses of $5.7 million on foreign currency transactions, primarily attributable to fluctuations in the EUR and GBP exchange rates vs. USD.

Partially offsetting these losses for the three months ended March 31, 2026 were net unrealized gains of $44.8 million on derivative instruments, primarily resulting from fluctuations in the GBP, CAD and EUR exchange rates vs. USD.

Net Realized Gain (Loss)

The realized gains and losses on fully exited and partially exited investments comprised of the following (dollar amounts in thousands):


	Three Months Ended March 31,
	2026		2025
Net realized gain (loss) on investments	$	(34,907)	$	(59,178)
Net realized gain (loss) on derivative instruments	19,604		(19,413)
Net realized gain (loss) on foreign currency and other transactions	(22,695)		12,615
Net realized gain (loss) on extinguishment of debt	(391)		—
Current tax expense on realized gains	—		(1,243)
Net realized gain (loss), net of tax expense	$	(38,389)	$	(67,219)

For the three months ended March 31, 2026, the net realized losses, net of tax expense, was $38.4 million, as compared to $67.2 million for the same period in the prior year. The increase was primarily driven by net realized losses on investments of $34.9 million, which were mainly attributable to full or partial sales of investments, partially offset by gains on the sales of equity investments.

In addition, we recognized net losses of $22.7 million on foreign currency and other transactions, primarily due to fluctuations in the EUR and GBP exchange rates vs. USD.

Partially offsetting these losses were net realized gains of $19.6 million on derivative instruments, resulting from the settlement of foreign currency derivative transactions, primarily USD vs. EUR forwards.

318

Table of Contents

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.

As of March 31, 2026 and December 31, 2025, our debt consisted of asset based leverage facilities, a revolving credit facility, unsecured note issuances, short term borrowings related to repurchase obligations and debt securitizations. We have and will continue to, from time to time, enter into additional credit facilities, increase the size of our existing credit facilities or issue additional debt securities, including debt securitizations, unsecured debt and other forms of debt. Any such incurrence or issuance may be from sources within the U.S. or from various foreign geographies or jurisdictions, and may be denominated in currencies other than USD. Additionally, any such incurrence or issuance would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors. In accordance with the 1940 Act, with certain limited exceptions, we are only allowed to incur borrowings, issue debt securities or issue preferred stock, if immediately after the borrowing or issuance, the ratio of total assets (less total liabilities other than indebtedness) to total indebtedness plus preferred stock, is at least 150%. As of March 31, 2026 and December 31, 2025, we had an aggregate principal amount of $35.3 billion and $35.1 billion of debt outstanding and our asset coverage ratio was 227.5% and 235.7%, respectively.

Cash and cash equivalents (excluding restricted cash) of $2.0 billion as of March 31, 2026, taken together with our $13.6 billion of unused capacity under our credit facilities (subject to borrowing base availability, $13.5 billion is available to borrow), proceeds from new or amended financing arrangements and the continuous offering of our Common Shares is expected to be sufficient for our investing activities and to conduct our operations in the near term. This determination is based in part on our expectations for the timing of funding investment purchases and the timing and amount of future proceeds from sales of our Common Shares and the use of existing and future financing arrangements. As of March 31, 2026, 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 $4,030.7 million of Level 1 and Level 2 investments as of March 31, 2026.

Although we have historically been able to obtain sufficient borrowing capacity, a deterioration in economic conditions or any other negative economic developments could restrict our access to financing in the future. We may not be able to find new financing for future investments or liquidity needs and, even if we are able to obtain such financing, such financing may not be on as favorable terms as we have previously obtained. These factors may limit our ability to make new investments and adversely impact our results of operations.

As of March 31, 2026, we had $2.8 billion in cash and cash equivalents (including restricted cash). For the three months ended March 31, 2026, cash provided by operating activities was $1.6 billion, primarily due to proceeds from sales of investments and principal repayments of $5.0 billion and the adjustment for net unrealized depreciation of investments to net assets resulting from operations of $1.1 billion, partially offset by purchases of investments of $4.3 billion. Cash used in financing activities was $1.2 billion during the period, primarily as a result of share repurchases, net of early repurchase deduction paid, of $2.1 billion, and dividends paid in cash of $0.6 billion, partially offset by proceeds from the issuance of our Common Shares of $1.3 billion and net borrowing of $0.3 billion.

319

Table of Contents

Equity

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


	For the three months ended March 31, 2026
	Shares	Amount
CLASS I
Subscriptions	41,791,858	$	1,031,927
Share transfers between classes	4,554,111	111,799
Distributions reinvested	14,679,523	361,385
Share repurchases	(94,188,973)	(2,278,408)
Early repurchase deduction	—	805
Net increase (decrease)	(33,163,481)	(772,492)
CLASS S
Subscriptions	11,740,119	289,132
Share transfers between classes	(4,428,139)	(108,669)
Distributions reinvested	6,908,513	170,055
Share repurchases	(37,218,261)	(900,316)
Early repurchase deduction	—	351
Net increase (decrease)	(22,997,768)	(549,447)
CLASS D
Subscriptions	194,526	4,803
Share transfers between classes	(125,972)	(3,130)
Distributions reinvested	72,615	1,788
Share repurchases	(2,242,978)	(54,257)
Early repurchase deduction	—	14
Net increase (decrease)	(2,101,809)	(50,782)
Total net increase (decrease)	(58,263,058)	$	(1,372,721)

Distributions and Distribution Reinvestment Plan

The following tables summarize our distributions declared and payable for the three months ended March 31, 2026 (dollar amounts in thousands, except per share amounts):


			Class I
Declaration Date	Record Date	Payment Date	Distribution Per Share		Distribution Amount
January 22, 2026	January 31, 2026	February 26, 2026	$	0.2000	$	267,765
February 19, 2026	February 28, 2026	March 26, 2026	0.2000		271,817
March 19, 2026	March 31, 2026	April 28, 2026	0.2000		274,504






			$	0.6000	$	814,086


			Class S
Declaration Date	Record Date	Payment Date	Distribution Per Share		Distribution Amount
January 22, 2026	January 31, 2026	February 26, 2026	$	0.1824	$	107,734
February 19, 2026	February 28, 2026	March 26, 2026	0.1825		108,650
March 19, 2026	March 31, 2026	April 28, 2026	0.1827		109,426






			$	0.5476	$	325,810

320

Table of Contents


			Class D
Declaration Date	Record Date	Payment Date	Distribution Per Share		Distribution Amount
January 22, 2026	January 31, 2026	February 26, 2026	$	0.1948	$	4,701
February 19, 2026	February 28, 2026	March 26, 2026	0.1949		4,709
March 19, 2026	March 31, 2026	April 28, 2026	0.1949		4,722






			$	0.5846	$	14,132

With respect to distributions, we have adopted an “opt out” distribution reinvestment plan (the “DRIP”) 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 DRIP 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 DRIP, see “Item 1. Financial Statements—Notes to Condensed Consolidated Financial Statements—Note 9. Net Assets.”

Share Repurchase Program

We have implemented a share repurchase program under which, at the discretion of our 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 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; or due to trade or operational error. In addition, the Company’s Common Shares are sold to certain investment vehicles (including feeder vehicles, registered investment companies or other investment funds), discretionary model portfolios and other similar arrangements. The Company, in its discretion, may waive Early Repurchase Deduction for such investment vehicles, discretionary model portfolios and other similar arrangements in appropriate circumstances, including, but not limited to, for administrative, operational, rebalancing, regulatory or other purposes. The Early Repurchase Deduction will be retained by the Company for the benefit of remaining shareholders.

For additional information on our share repurchase program, see “Item 1. Financial Statements—Notes to Condensed Consolidated Financial Statements—Note 9. Net Assets.”

Borrowings

As of March 31, 2026 and December 31, 2025, we had an aggregate principal amount of $35.3 billion and $35.1 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.”

321

Table of Contents

Interest Rate Swaps

We use interest rate swaps to mitigate interest rate risk associated with our fixed rate liabilities, and have designated certain interest rate swaps to be in a hedge accounting relationship.

See “Item 1. Financial Statements—Notes to Condensed Consolidated Financial Statements—Note 2. Significant Accounting Policies—Derivative Instruments” and “Item 1. Financial Statements—Notes to Condensed Consolidated Financial Statements— Note 6. Derivatives” for additional disclosure regarding our derivative instruments designated in a hedge accounting relationship.

Off-Balance Sheet Arrangements

Portfolio Company Commitments

Our investment portfolio contains and is expected to continue to contain debt investments which are in the form of lines of credit or delayed draw commitments, which require us to provide funding when requested by portfolio companies in accordance with underlying loan agreements. As of March 31, 2026 and December 31, 2025, we had unfunded commitments, including delayed draw term loans and revolvers with an aggregate principal amount of $10.8 billion and $13.4 billion, respectively.

Additionally, from time to time, the Advisers and their affiliates may commit to an investment or commit to backstop the commitment of another lender on behalf of the investment vehicles they manage, including the Company. Certain terms of these investments or backstop arrangements are not finalized at the time of the commitment and each respective investment vehicle’s allocation may change prior to the date of funding. In this regard, as of March 31, 2026 and December 31, 2025, we estimate that $1,451.9 million and $1,271.1 million, respectively, of investments and backstop arrangements were committed but not yet funded.

Other Commitments and Contingencies

From time to time, we may become a party to certain legal proceedings incidental to the normal course of our business. As of March 31, 2026, management is not aware of any material pending legal proceedings.

Related-Party Transactions

We have entered into a number of business relationships with affiliated or related parties, including the following:

•the Investment Advisory Agreement;

•the Sub-Advisory Agreement;

•the Administration Agreement;

•the Intermediary Manager Agreement; and

•the Expense Support and Conditional Reimbursement Agreement.

In addition to the aforementioned agreements, we, Blackstone, our Advisers and certain of their affiliates have been granted exemptive relief by the SEC to co-invest with other funds managed by our Advisers, Blackstone or their affiliates in a manner consistent with our investment objectives, positions, policies, strategies and restrictions, as well as regulatory requirements and other pertinent factors.

322

Table of Contents

The Company has investments in joint ventures that have been considered controlled/affiliated companies, including Emerald JV and Verdelite JV. From time to time, the Company may purchase investments from or sell investments to Emerald JV and Verdelite JV. For the three months ended March 31, 2026, the Company sold an investment to the Emerald JV with a par value of $1.1 billion, for a total cash purchase price based on then-current fair value (at the time of purchase) of $1.1 billion. The Company recognized $0.2 million of net realized gains as a result of sales of investments to the Emerald JV and are included in net realized gain (loss) on investments in the Condensed Consolidated Statements of Operations. For the three months ended March 31, 2026, the Company did not purchase investments from or sell investments to Verdelite JV.

See “Item 1. Financial Statements—Notes to Condensed Consolidated Financial Statements—Note 3. Fees, Expenses, Agreements and Related Party Transactions” and “Item 1. Financial Statements—Notes to Condensed Consolidated Financial Statements—Note 11. Joint Ventures.”

Recent Developments

Macroeconomic Environment

The three months ended March 31, 2026 were characterized by volatility and uncertainty in global markets, driven by investor concerns over inflation, elevated interest rates, and ongoing political and regulatory uncertainty, as well as geopolitical instability stemming from the conflicts in Ukraine and Iran and escalating conflicts in other parts of the Middle East.

The U.S. economy had demonstrated overall resilience despite geopolitical uncertainty and concerns regarding artificial intelligence disruption in certain sectors. Nevertheless, inflation has remained above the U.S. Federal Reserve’s target level and interest rates remain elevated relative to the interest rate environment prior to the inflationary spike in 2022-2023. Following three consecutive rate cuts in 2025, the U.S. Federal Reserve held interest rates steady since December 2025 and noted, among other matters, that it would continue to assess and monitor incoming information in considering additional adjustments. 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 taken substantial actions with respect to international trade policy, including seeking to renegotiate certain existing bilateral or multi-lateral trade agreements and treaties with foreign countries. In February 2026, the U.S. Supreme Court ruled that many of the tariffs recently imposed by the U.S. government exceeded its authority, thereby invalidating many, but not all, of such tariffs. Subsequent to the U.S. Supreme Court’s ruling, the U.S. presidential administration raised potential alternative means through which the administration could impose tariffs. Such uncertainty and/or tariffs or counter-measures 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 businesses 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.

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, 2025, filed with the SEC on March 13, 2026, and elsewhere in our filings with the SEC. There have been no material changes in our critical accounting policies and practices.

323

Table of Contents

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

Uncertainty with respect to the economic conditions has introduced significant volatility in the financial markets, and the effect of the volatility could materially impact our market risks. We are subject to financial market risks, including valuation risk and interest rate risk. Our exposure to valuation risk has not materially changed from what was previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2025.

Interest Rate Risk

Interest rate sensitivity refers to the change in earnings that may result from changes in the level of interest rates. We intend to fund portions of our investments with borrowings, and at such time, our net investment income will be affected by the difference between the rate at which we invest and the rate at which we borrow. Accordingly, we cannot assure shareholders that a significant change in market interest rates will not have a material adverse effect on our net investment income.

In a declining interest rate environment, the difference between the total interest income earned on interest earning assets and the total interest expense incurred on interest bearing liabilities may be compressed, reducing our net income and potentially adversely affecting our operating results. Conversely, in a rising interest rate environment, such difference could potentially increase thereby increasing our net income as indicated per the table below.

As of March 31, 2026, 99.7% of our performing debt investments based on fair value in our portfolio were at floating rates. Based on our Condensed Consolidated Statements of Assets and Liabilities as of March 31, 2026, 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	$	2,309,462	$	(947,521)	$	1,361,941
Up 200 basis points	1,539,471		(631,680)		907,791
Up 100 basis points	769,481		(315,840)		453,641
Down 100 basis points	(769,216)		315,840		(453,376)
Down 200 basis points	(1,534,148)		631,680		(902,468)
Down 300 basis points	(2,204,826)		947,521		(1,257,305)

(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.

324

Table of Contents

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.

325

Table of Contents

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, 2025.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

Refer to our Current Reports on Form 8-K filed with SEC on January 23, 2026, February 20, 2026 and March 20, 2026 for information about unregistered sales of our equity securities during the quarter.

For the three months ended March 31, 2026, approximately 133,689,552 Common Shares were repurchased for a total value of $3,232.8 million (net of Early Repurchase Deduction).

The following table sets forth information regarding repurchases of Common Shares pursuant to the Company’s share repurchase program for the three months ended March 31, 2026:


Commencement Date	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 program (3)
February 2, 2026	March 2, 2026	133,689,552	7.0	%	$	24.19	March 31, 2026	$	3,232,786	—

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

(2)Amounts shown net of Early Repurchase Deduction

(3)All repurchase requests were satisfied in full.

For additional information on our share repurchases, see “Item 1. Financial Statements—Notes to Condensed Consolidated Financial Statements—Note 9. Net Assets.”

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

Not applicable.

Item 5. Other Information.

None.

326

Table of Contents

Item 6. Exhibits.


Exhibit Number						Description of Exhibits

3.1						Fifth Amended and Restated Declaration of Trust of the Company (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K, filed on February 23, 2024).

3.2						Second Amended and Restated Bylaws (incorporated by reference to Exhibit 3.2 to the Company’s Current Report on Form 8-K, filed on February 23, 2024).

4.1						Twentieth Supplemental Indenture, dated as of January 12, 2026, relating to the 5.350% Notes due 2031, by and between the Company and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K, filed on January 12, 2026).

4.2						Twenty-First Supplemental Indenture, dated as of April 27, 2026, relating to the 5.950% Notes due 2031, by and between the Fund and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K, filed on April 27, 2026).

4.3						Form of 5.350% Notes due 2031 (incorporated by reference to Exhibit 4.3 to the Company’s Current Report on Form 8-K, filed on January 12, 2026).

4.4						Form of 5.950% Notes due 2031 (incorporated by reference to Exhibit 4.3 to the Company’s Current Report on Form 8-K, filed on April 27, 2026).

10.1						First Supplement to Master Note Purchase Agreement, dated January 8, 2026, by and among the Company and the Purchasers party thereto (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K, filed on January 8, 2026).

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)

327

Table of Contents

*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.

328

Table of Contents

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


		Blackstone Private Credit Fund


Date:	May 14, 2026	/s/ Brad Marshall
		Brad Marshall
		Co-Chief Executive Officer
		(Principal Executive Officer)

Date:	May 14, 2026	/s/ Jonathan Bock
		Jonathan Bock
		Co-Chief Executive Officer
		(Principal Executive Officer)

Date:	May 14, 2026	/s/ Teddy Desloge
		Teddy Desloge
		Chief Financial Officer
		(Principal Financial Officer)

329