Filed pursuant to Rule 424(b)(3)
File No. 333-264472

BLACKSTONE PRIVATE CREDIT FUND

SUPPLEMENT NO. 2 DATED AUGUST 17, 2023

TO THE PROSPECTUS DATED APRIL 18, 2023

This prospectus supplement (“Supplement”) is part of and should be read in conjunction with the prospectus of Blackstone Private Credit Fund (“we,” “our” or the “Fund”), dated April 18, 2023 (as supplemented to date, the “Prospectus”). Unless otherwise defined herein, capitalized terms used in this Supplement shall have the same meanings as in the Prospectus.

The purposes of this Supplement are:

• to update the Prospectus; and

• to include our Quarterly Report on Form 10-Q for the quarter ended June 30, 2023.

Updates to Prospectus

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

Purchasers residing in Idaho must have either (a) a net worth of $85,000 and annual income of $85,000 or (b) a liquid net worth of $300,000. Additionally, the total investment in us shall not exceed 10% of their liquid net worth.

The following replaces the second and third sentences of the first paragraph of the “What types of investments do you intend to make?” section of the Prospectus Summary, the third and fourth sentences of the third paragraph of the “Management’s Discussion and Analysis of Financial Condition and Results of Operation—Overview and Investment Framework” section of the Prospectus, the second and third sentences of the fifth paragraph of the “Investment Objectives and Strategies” section of the Prospectus and all similar disclosure in the Prospectus:

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”). To a lesser extent, we will also invest in publicly traded securities of large corporate issuers (“Opportunistic Credit”).

The below paragraph is added after the fourth paragraph of the “What types of investments do you intend to make?” section of the Prospectus Summary and after the eighth paragraph under the “Investment Objectives and Strategies” section of the Prospectus:

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.

The following replaces the eleventh paragraph of the “What potential strengths does the Adviser offer?” section of the Prospectus Summary, the eleventh paragraph under the “Investment Objectives and Strategies – Blackstone Credit Strengths” section of the Prospectus and all similar disclosure in the Prospectus:

Strong Investment Track Record. Blackstone Credit’s track record in private debt lending and investing in below investment grade credit dates back to the inception of Blackstone Credit. Since 2005 through June 30,

2023, Blackstone Credit has invested approximately $152 billion in capital in privately-originated transactions.¹ Specifically within the North America Direct Lending Strategy, Blackstone Credit has invested approximately $90 billion² in privately originated or privately negotiated first lien and unitranche transactions. Corresponding to this North America Direct Lending track record, Blackstone Credit has an annualized loss rate of 0.11%.³

The following replaces the second and third sentences of the second paragraph of the “Can I request that my shares be repurchased?” section of the Prospectus, the second and third sentences of footnote 2 under the “Fees and Expenses” table in the Prospectus, the second sentence of the second paragraph of the “Share Repurchase Program” section of the Prospectus and all similar disclosure in the Prospectus:

Shareholders should keep in mind that if they tender Common Shares in a tender offer with a Valuation Date that is within the one-year period following the initial issue date of their tendered Common Shares, such Common Shares will be subject to an “early repurchase deduction” of 2% of the aggregate NAV of the Common Shares repurchased (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 Shares to (b) the subscription date immediately following the Valuation Date used in the repurchase of such Shares. For illustrative purposes, a Shareholder that acquires Shares as of July 1 would not incur an Early Repurchase Deduction for participating in a tender offer that has a Valuation Date of June 30 of the following year (or anytime thereafter).

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

²  The North America Direct Lending track record represents U.S. and Canada first lien and unitranche debt, or non-U.S. first lien and unitranche debt where >50% of the revenue is generated from the U.S. (which may be secured by the applicable borrower’s assets and/or equity) transactions in companies that were originated or anchored by certain Blackstone Credit managed, advised or sub-advised funds (including the Fund, Blackstone Credit managed mezzanine funds and Blackstone Credit sub-advised BDCs, as well as certain other Blackstone Credit managed funds and accounts) and, with respect to certain transactions, investments allocated to affiliates of Blackstone Credit, which may be sold to Blackstone Credit managed funds or accounts in the future (the “North America Direct Lending track record”). The track record includes investments for periods prior to December 31, 2017, in BDCs that were sub-advised by Blackstone Credit on a non-discretionary basis until April 9, 2018 (the “Sub-Advised Investments”). With respect to certain transactions, the North America Direct Lending track record includes free equity and/or warrants that accompanied the debt financings, as well as any loans or securities into which the applicable first lien and unitranche debt may have been restructured subsequent to Blackstone Credit’s initial investment. The North America Direct Lending track record excludes (i) broadly syndicated, mezzanine, second lien and equity (other than the aforementioned free equity and/or warrants or securities issued upon restructuring) transactions, among others and (ii) transactions where Blackstone Credit’s invested capital (net of transactions fees) was under $25 million.

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

On August 2, 2023, the board of trustees of the Fund appointed Oran Ebel as the Chief Legal Officer and Secretary of the Fund, effective as of the close of business on August 2, 2023. Mr. Ebel’s appointment coincides with the resignation, effective as of the close of business on August 2, 2023, of Marisa Beeney as the Chief Legal Officer and Secretary of the Fund. Accordingly, effective as of the close of business on August 2, 2023, references to Marisa Beeney as the “Chief Legal Officer and Secretary” of the Fund, including (but not limited to) the below, are replaced by references to Oran Ebel as the Fund’s Chief Legal Officer and Secretary.

The following replaces “Marisa J. Beeney” in the table in the “Executive Officers Who are Not Trustees” section of the Prospectus and all similar disclosure in the Prospectus:

Name	Year of Birth	Position
Oran Ebel	1979	Chief Legal Officer and Secretary

The following replaces the sixth paragraph of the “Biographical Information – Executive Officers Who are not Trustees” section in the Prospectus and all similar disclosure in the Prospectus:

Oran Ebel, Chief Legal Officer and Secretary of the Fund, Managing Director of Blackstone Credit. Oran Ebel is Deputy General Counsel of Blackstone Credit and a Managing Director in Blackstone’s Legal & Compliance Group. Mr. Ebel oversees legal matters relating to Blackstone Credit’s BDCs, is responsible for legal matters relating to Blackstone Credit’s Private Credit investments and plays a key role overseeing other legal functions relating to Blackstone’s Credit business. Prior to joining Blackstone in 2013, Mr. Ebel was an associate in the Finance Group of Debevoise & Plimpton LLP in New York. Mr. Ebel received an A.B., cum laude, from Princeton University and a J.D., cum laude, from New York University School of Law. Mr. Ebel also serves as the Chief Legal Officer and Secretary of BXSL.

The following replaces “Marisa J. Beeney” in the table in the “Control Persons and Principal Shareholders” section of the Prospectus and all similar disclosure in the Prospectus:

Executive Officers Who Are Not Trustees(1)	Type of Ownership		Number		Percentage
Oran Ebel(6)		—		—		—

(6) Effective as of the close of business on August 2, 2023, Mr. Ebel was appointed as the Chief Legal Officer and Secretary of the Fund. Mr. Ebel’s ownership figures in the table are as of August 2, 2023.

The following sentence is added at the end of the paragraph in the “Delaware Law and Certain Declaration of Trust Provisions—Exclusive Delaware Jurisdiction” section of the Prospectus:

The exclusive jurisdiction provisions shall not apply to claims, suits, actions or proceedings arising out of or relating to the federal or state securities laws or the rules and regulations thereunder.

Quarterly Report on Form 10-Q for the Quarter Ended June 30, 2023

On August 11, 2023, we filed our Quarterly Report on Form 10-Q for the quarter ended June 30, 2023 with the Securities and Exchange Commission. The report (without exhibits) is attached to this Supplement.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

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

For the quarterly period ended June 30, 2023

OR

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

For the transition period from                  to                 

Commission File Number 814-01358

Blackstone Private Credit Fund

(Exact name of Registrant as specified in its Charter)

Delaware	84-7071531
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
345 Park Avenue, 31st Floor New York, New York	10154
(Address of principal executive offices)	(Zip Code)

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

N/A

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

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

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
None	None	None

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

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

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

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  ☒

The number of shares of Registrant’s common shares of beneficial interest (“Common Shares”), $0.01 par value per share, outstanding as of August 7, 2023 was 657,297,434, 322,587,176 and 12,454,999 of Class I, Class S and Class D common shares, respectively. Common shares outstanding exclude August 1, 2023 subscriptions since the issuance price is not yet finalized at this time.

Table of Contents

		Page
PART I	FINANCIAL INFORMATION
Item 1.	Financial Statements		5
	Condensed Consolidated Statements of Assets and Liabilities as of June 30, 2023 and December 31, 2022 (Unaudited)		5
	Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2023 and 2022 (Unaudited)		7
	Condensed Consolidated Statements of Changes in Net Assets for the three and six months ended June 30, 2023 and 2022 (Unaudited)		8
	Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2023 and 2022 (Unaudited)		9
	Condensed Consolidated Schedules of Investments as of June  30, 2023 and December 31, 2022 (Unaudited)		11
	Notes to Condensed Consolidated Financial Statements (Unaudited)		87
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		215
Item 3.	Quantitative and Qualitative Disclosures About Market Risk		232
Item 4.	Controls and Procedures		232
PART II	OTHER INFORMATION
Item 1.	Legal Proceedings		234
Item 1A.	Risk Factors		234
Item 2.	Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities		234
Item 3.	Defaults Upon Senior Securities		234
Item 4.	Mine Safety Disclosures		234
Item 5.	Other Information		234
Item 6.	Exhibits		235
Signatures

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

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

• our future operating results;

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

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

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

• general economic, logistical and political trends and other external factors, including inflation and recent supply chain and labor market disruptions;

• 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 Board of Trustee’s (the “Board”) continued approval of quarterly tender offers;

• actual and potential conflicts of interest with Blackstone Credit BDC Advisors LLC (the “Adviser”) or any of its affiliates;

• the elevating levels of inflation, and its impact on our portfolio companies and on the industries in which we invest;

• 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 effect of the COVID-19 pandemic on 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 challenges posed by COVID-19;

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

• the impact of future acquisitions and divestitures;

3

• the ability of the Adviser or its 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 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, 2022 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, except as required by applicable law. You are advised to consult any additional disclosures that we make directly to you or through reports that we have filed or in the future file with the SEC including annual reports on Form 10-K, registration statements on Form N-2, quarterly reports on Form 10-Q and current reports on Form 8-K.

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

4

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements.

Blackstone Private Credit Fund

Condensed Consolidated Statements of Assets and Liabilities

(in thousands, except share and per share amounts)

(Unaudited)

	June 30, 2023			December 31, 2022
ASSETS
Investments at fair value
Non-controlled/non-affiliated investments (cost of $46,107,745 and $47,528,550 at June 30, 2023 and December 31, 2022, respectively)	$	45,356,457		$	46,543,190
Non-controlled/affiliated investments (cost of $558 and $719 at June 30, 2023 and December 31, 2022, respectively)		2,779			2,813
Controlled/affiliated investments (cost of $2,317,940 and $2,406,027 at June 30, 2023 and December 31, 2022, respectively)		2,325,632			2,362,605
Total investments at fair value (cost of $48,426,243 and $49,935,296 at June 30, 2023 and December 31, 2022, respectively)		47,684,868			48,908,608
Cash and cash equivalents (restricted cash of $3,701 and $3,701 at June 30, 2023 and December 31, 2022, respectively)		1,389,032			1,351,901
Interest receivable from non-controlled/non-affiliated investments		559,248			586,632
Dividend receivable from controlled/affiliated investments		52,002			69,964
Receivable from broker		375,711			355,742
Deferred financing costs		110,532			102,324
Deferred offering costs		748			1,750
Receivable for investments sold		1,440,628			1,297,385
Subscription receivable		1,686			9,550
Derivative assets at fair value (Note 6)		—			3,952
Other assets		581			5,088
Total assets	$	51,615,036		$	52,692,896
LIABILITIES
Debt (net of unamortized debt issuance costs of $89,965 and $102,290 at June 30, 2023 and December 31, 2022, respectively)	$	24,000,374		$	26,493,658
Payable for investments purchased		1,562,973			1,345,581
Management fees payable (Note 3)		75,636			73,392
Income based incentive fees payable (Note 3)		109,501			94,117
Interest payable		322,263			316,000
Derivative liabilities at fair value (Note 6)		275,381			250,351
Due to affiliates		43,493			38,967
Distribution payable (Note 9)		205,657			198,736
Payable for share repurchases (Note 9)		1,204,469			1,170,768
Accrued expenses and other liabilities		19,650			26,261
Total liabilities		27,819,397			30,007,831
Commitments and contingencies (Note 8)
NET ASSETS
Common Shares, $0.01 par value (957,303,603 and 922,574,582 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively)		9,573			9,226
Additional paid in capital		24,546,310			23,689,778
Distributable earnings (loss)		(760,244	)		(1,013,939	)
Total net assets		23,795,639			22,685,065
Total liabilities and net assets	$	51,615,036		$	52,692,896

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

5

Blackstone Private Credit Fund

Condensed Consolidated Statements of Assets and Liabilities

(in thousands, except share and per share amounts)

(Unaudited)

	June 30, 2023		December 31, 2022
NET ASSET VALUE PER SHARE
Class I Shares:
Net assets	$	15,829,602	$	14,537,932
Common Shares outstanding ($0.01 par value, unlimited shares authorized)		636,830,636		591,237,616
Net asset value per share	$	24.86	$	24.59
Class S Shares:
Net assets	$	7,769,195	$	6,947,313
Common Shares outstanding ($0.01 par value, unlimited shares authorized)		312,554,067		282,541,041
Net asset value per share	$	24.86	$	24.59
Class D Shares:
Net assets	$	196,842	$	1,199,819
Common Shares outstanding ($0.01 par value, unlimited shares authorized)		7,918,900		48,795,925
Net asset value per share	$	24.86	$	24.59

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

6

Blackstone Private Credit Fund

Condensed Consolidated Statements of Operations

(in thousands)

(Unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
Investment income:
From non-controlled/non-affiliated investments:
Interest income	$	1,274,647		$	667,704		$	2,506,394		$	1,180,511
Payment-in-kind interest income		51,402			31,373			92,222			52,792
Dividend income		—			—			—			1,510
Fee income		384			13,448			1,381			14,097
From non-controlled/affiliated investments:
Dividend income		7			—			7			—
From controlled/affiliated investments:
Payment-in-kind interest income		262			—			262			—
Dividend income		80,603			24,312			142,781			43,613
Total investment income		1,407,305			736,837			2,743,047			1,292,523
Expenses:
Interest expense		438,599			158,169			874,822			271,559
Management fees (Note 3)		75,635			64,941			149,238			115,568
Income based incentive fees (Note 3)		109,501			62,964			210,259			111,112
Capital gains incentive fees (Note 3)		—			(4,557	)		—			(15,059	)
Distribution and shareholder servicing fees
Class S		16,297			12,439			31,688			21,892
Class D		121			538			681			921
Professional fees		3,959			3,939			7,980			5,627
Board of Trustees’ fees		240			208			464			402
Administrative service expenses (Note 3)		1,432			1,007			3,354			2,193
Other general & administrative		4,728			3,476			9,372			5,846
Amortization of continuous offering costs		1,016			1,214			2,315			2,142
Total expenses		651,528			304,338			1,290,173			522,203
Net investment income before excise tax		755,777			432,499			1,452,874			770,320
Excise tax expense		5,691			175			13,433			292
Net investment income after excise tax		750,086			432,324			1,439,441			770,028
Realized and unrealized gain (loss):
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated investments		14,594			(836,816	)		137,836			(914,911	)
Controlled/affiliated investments		5,315			(38,939	)		51,114			(34,142	)
Non-controlled/affiliated investments		(215	)		(138	)		127			46
Derivative instruments (Note 6)		(3,026	)		11,793			(14,966	)		(1,669	)
Foreign currency and other transactions		(4,523	)		—			(5,783	)		—
Net unrealized appreciation (depreciation)		12,145			(864,100	)		168,328			(950,676	)
Realized gain (loss):
Non-controlled/non-affiliated investments		(76,354	)		(17,565	)		(178,050	)		(15,903	)
Non-controlled/affiliated investments		213			—			213			—
Derivative instruments (Note 6)		(2,464	)		—			2,306			—
Foreign currency and other transactions		(820	)		3,634			3,423			4,587
Net realized gain (loss)		(79,425	)		(13,931	)		(172,108	)		(11,316	)
Net realized and unrealized gain (loss)		(67,280	)		(878,031	)		(3,780	)		(961,992	)
Net increase (decrease) in net assets resulting from operations	$	682,806		$	(445,707	)	$	1,435,661		$	(191,964	)

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

7

Blackstone Private Credit Fund

Condensed Consolidated Statements of Changes in Net Assets

(in thousands)

(Unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
Operations:
Net investment income after excise tax	$	750,086		$	432,324		$	1,439,441		$	770,028
Net realized gain (loss)		(79,425	)		(13,931	)		(172,108	)		(11,316	)
Net change in unrealized appreciation (depreciation)		12,145			(864,100	)		168,328			(950,676	)
Net increase (decrease) in net assets resulting from operations		682,806			(445,707	)		1,435,661			(191,964	)
Distributions to common shareholders:
Class I		(415,176	)		(286,660	)		(807,405	)		(511,347	)
Class S		(178,614	)		(106,896	)		(347,507	)		(187,144	)
Class D		(4,804	)		(17,015	)		(27,053	)		(28,996	)
Net decrease in net assets resulting from distributions		(598,594	)		(410,571	)		(1,181,965	)		(727,487	)
Share transactions:
Class I:
Proceeds from shares sold		991,563			2,465,578			1,461,821			5,719,346
Share transfers between classes		19,887			25,240			1,131,859			39,479
Distributions reinvested		185,625			117,013			355,737			218,785
Repurchased shares, net of early repurchase deduction		(1,069,607	)		(255,340	)		(1,820,533	)		(293,192	)
Net increase (decrease) from share transactions		127,468			2,352,491			1,128,884			5,684,418
Class S:
Proceeds from shares sold		534,160			1,309,690			892,824			2,805,720
Share transfers between classes		(8,406	)		(3,754	)		(42,140	)		(4,520	)
Distributions reinvested		80,362			44,483			155,962			81,177
Repurchased shares, net of early repurchase deduction		(131,460	)		(25,142	)		(263,106	)		(41,612	)
Net increase (decrease) from share transactions		474,656			1,325,277			743,540			2,840,765
Class D:
Proceeds from shares sold		20,071			262,493			72,284			534,032
Share transfers between classes		(11,481	)		(21,486	)		(1,089,719	)		(34,959	)
Distributions reinvested		707			7,831			15,705			13,305
Repurchased shares, net of early repurchase deduction		(3,351	)		(2,023	)		(13,816	)		(2,218	)
Net increase (decrease) from share transactions		5,946			246,815			(1,015,546	)		510,160
Total increase (decrease) in net assets		692,282			3,068,305			1,110,574			8,115,892
Net assets, beginning of period		23,103,357			17,902,407			22,685,065			12,854,820
Net assets, end of period	$	23,795,639		$	20,970,712		$	23,795,639		$	20,970,712

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

8

Blackstone Private Credit Fund

Condensed Consolidated Statements of Cash Flows

(in thousands)

(Unaudited)

	Six Months Ended June 30,
	2023			2022
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations	$	1,435,661		$	(191,964	)
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Net unrealized (appreciation) depreciation on investments		(189,077	)		949,007
Net change in unrealized gain/loss on derivative instruments		14,966			1,669
Net change in unrealized gain/loss on translation of assets and liabilities in foreign currency		5,783			—
Net realized (gain) loss on investments		177,837			15,903
Net realized (gain) loss on translation of assets and liabilities in foreign currency		(3,423	)		—
Net realized (gain) loss on derivative instruments		(2,306	)		—
Payment-in-kind interest capitalized		(99,977	)		(62,785	)
Net accretion of discount and amortization of premium		(82,560	)		(56,991	)
Amortization of deferred financing costs		15,190			10,778
Amortization of debt issuance costs and original issue discount on notes		13,242			8,866
Amortization of deferred offering costs		2,315			2,142
Purchases of investments		(1,677,844	)		(17,826,021	)
Proceeds from sale of investments and principal repayments		3,191,597			1,486,289
Changes in operating assets and liabilities:
Interest receivable from non-controlled/non-affiliated investments		27,384			(217,947	)
Dividend receivable from Controlled/affiliated investments		17,962			—
Receivable from broker		(19,969	)		—
Receivable for investments sold		(143,243	)		(69,741	)
Other assets		4,507			(5,060	)
Payable for investments purchased		217,392			951,867
Management fees payable		2,244			29,902
Income based incentive fees payable		15,384			26,959
Capital gains incentive fees payable		—			(15,058	)
Due to affiliates		4,526			8,060
Interest payable		6,263			97,339
Accrued expenses and other liabilities		(6,611	)		(13,317	)
Net cash provided by (used in) operating activities		2,927,243			(14,870,103	)
Cash flows from financing activities:
Borrowings on debt		2,250,773			11,805,978
Repayments on debt		(4,830,765	)		(4,482,363	)
Deferred financing costs paid		(26,568	)		(36,082	)
Debt issuance costs paid		(1,377	)		(6,362	)
Deferred offering costs paid		(337	)		(4,666	)
Proceeds from issuance of common shares		2,426,929			9,056,410
Repurchased shares, net of early repurchase deduction paid		(2,056,186	)		(66,723	)
Dividends paid in cash		(647,345	)		(369,689	)
Net cash provided by (used in) financing activities		(2,884,876	)		15,896,503
Net increase (decrease) in cash and cash equivalents		42,367			1,026,400
Effect of foreign exchange rate changes on cash and cash equivalents		(5,236	)		—
Cash and cash equivalents, beginning of period		1,351,901			617,986
Cash and cash equivalents, end of period	$	1,389,032		$	1,644,386

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

9

Blackstone Private Credit Fund

Condensed Consolidated Statements of Cash Flows

(in thousands)

(Unaudited)

	Six Months Ended June 30,
	2023		2022
Supplemental information and non-cash activities:
Interest paid during the period	$	963,045	$	181,128
Distribution payable		205,657		144,580
Subscription receivable		1,686		—
Reinvestment of distributions during the period		527,404		313,267
Accrued but unpaid debt financing and debt issuance costs		—		2,004
Accrued but unpaid offering costs		6		6
Share repurchases accrued but not yet paid		1,204,469		282,505

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

10

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 30, 2023

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread			Interest Rate (2)(15)			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
Amentum Government Services Holdings, LLC	(4)(8)		SOFR + 4.00	%		9.22	%		1/29/2027	$	2,532	$	2,535	$	2,501		0.01	%
Amentum Government Services Holdings, LLC	(4)(9)		SOFR + 4.00	%		9.15	%		2/15/2029		12,163		12,114		11,920		0.05
Atlas CC Acquisition Corp.	(7)(10)		SOFR + 4.25	%		9.78	%		5/25/2028		56,960		55,342		44,444		0.19
Cobham Holdings, Inc.	(4)(7)(10)		SOFR + 6.75	%		11.99	%		1/9/2030		1,995		1,929		1,948		0.01
Corfin Holdings, Inc.	(4)(10)		SOFR + 6.00	%		11.38	%		12/27/2027		954		918		935		0.00
Corfin Holdings, Inc.	(4)(11)		SOFR + 6.00	%		11.41	%		12/27/2027		30,418		30,411		29,810		0.13
Corfin Holdings, Inc.	(4)(11)		L + 6.00	%		11.41	%		2/5/2026		1,685		1,666		1,651		0.01
Linquest Corp.	(4)(5)(10)		SOFR + 5.75	%		10.95	%		7/28/2028		154,744		152,500		148,554		0.62
Loar Group, Inc.	(4)(11)		SOFR + 7.25	%		12.45	%		10/2/2024		143,550		141,897		143,550		0.60
Loar Group, Inc.	(4)(11)		SOFR + 7.25	%		12.45	%		9/29/2023		28,956		28,956		28,956		0.12
Loar Group, Inc.	(4)(7)(11)		SOFR + 7.25	%		12.45	%		4/1/2024		19,950		19,198		18,350		0.08
MAG DS Corp.	(11)		SOFR + 5.50	%		10.84	%		4/1/2027		10,483		10,366		9,893		0.04
Maverick Acquisition, Inc.	(4)(5)(11)		L + 6.25	%		11.44	%		6/1/2027		38,318		37,817		30,654		0.13
Maverick Acquisition, Inc.	(4)(5)(12)		L + 6.25	%		11.44	%		6/1/2027		10,149		9,952		8,119		0.03
Peraton Corp.	(10)		SOFR + 3.75	%		8.95	%		2/1/2028		13,580		13,607		13,369		0.06
Vertex Aerospace Services Corp.	(10)		SOFR + 3.50	%		8.95	%		12/6/2028		11,850		11,803		11,862		0.05
West Star Aviation Acquisition, LLC	(4)(7)(10)		SOFR + 6.00	%		8.59	%		3/1/2028		4,050		3,957		3,951		0.02
													534,968		510,467		2.15
Air Freight & Logistics
AGI-CFI Holdings, Inc.	(4)(10)		SOFR + 5.75	%		10.86	%		6/11/2027		267,015		263,297		258,337		1.09
Alliance Ground	(4)(10)		SOFR + 5.75	%		10.86	%		6/11/2027		95,188		93,648		92,094		0.39
ENV Bidco AB	(4)(6)(7)(8)		E + 5.75	%		9.35	%		7/19/2029	EUR	114,140		111,315		118,258		0.50
ENV Bidco AB	(4)(6)(10)		SOFR + 5.75	%		10.99	%		7/19/2029		102,349		100,129		100,814		0.42
Livingston International, Inc.	(4)(6)(10)		L + 5.50	%		10.84	%		4/30/2027		104,085		103,536		102,004		0.43
Mode Purchaser, Inc.	(4)(11)		SOFR + 6.25	%		11.44	%		12/9/2026		28,088		27,543		28,088		0.12
Mode Purchaser, Inc.	(4)(11)		SOFR + 6.25	%		11.44	%		2/5/2029		139,452		137,221		139,452		0.59
Redwood Services Group, LLC	(4)(7)(10)		SOFR + 6.15	%		11.50	%		6/15/2029		45,616		44,864		44,662		0.19
RoadOne Inc	(4)(7)(11)		SOFR + 6.25	%		11.11	%		12/30/2028		1,091		1,051		1,061		0.00
RWL Holdings, LLC	(4)(7)(10)		SOFR + 5.75	%		11.14	%		12/31/2028		216,100		212,273		211,197		0.89
SEKO Global Logistics Network, LLC	(4)(5)(11)		E + 4.75	%		6.95	%		12/30/2026	EUR	34,950		40,063		37,845		0.16
SEKO Global Logistics Network, LLC	(4)(5)(11)		SOFR + 4.75	%		10.14	%		12/30/2026		59,386		58,920		58,941		0.25

11

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 30, 2023

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread			Interest Rate (2)(15)			Maturity Date		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt —non-controlled/non-affiliated (continued)
Air Freight & Logistics (continued)
SEKO Global Logistics Network, LLC	(4)(5)(11)		L + 4.75	%		9.48	%		12/30/2026		9,398		9,249		9,327		0.04
SEKO Global Logistics Network, LLC	(4)(5)(7)(11)		P + 3.75	%		12.00	%		12/30/2026		1,743		1,698		1,655		0.01
SEKO Global Logistics Network, LLC	(4)(5)(7)(11)		SOFR + 4.75	%		10.02	%		12/30/2026		9,048		8,989		8,890		0.04
The Kenan Advantage Group, Inc.	(10)		SOFR + 4.18	%		9.48	%		3/24/2026		13,116		13,128		13,110		0.06
Wwex Uni Topco Holdings, LLC	(10)		SOFR + 4.00	%		9.50	%		7/26/2028		14,114		14,007		13,441		0.06
													1,240,931		1,239,176		5.24
Airlines
Air Canada	(6)(10)		L + 3.50	%		8.84	%		8/11/2028		12,691		12,678		12,708		0.05
United Airlines, Inc.	(6)(10)		L + 3.75	%		9.29	%		4/21/2028		15,968		16,027		15,986		0.07
													28,705		28,694		0.12
Auto Components
Clarios Global LP	(6)(8)		SOFR + 3.75	%		8.85	%		5/6/2030		3,500		3,498		3,496		0.01
Metis Buyer, Inc.	(5)(7)(10)		SOFR + 4.00	%		9.22	%		5/4/2028		27,468		26,833		27,132		0.11
													30,331		30,628		0.12
Beverages
Triton Water Holdings, Inc.	(9)		SOFR + 3.25	%		8.49	%		3/31/2028		44,998		44,222		43,613		0.18
Building Products
Cornerstone Building Brands, Inc.	(6)(9)		SOFR + 5.63	%		10.77	%		8/1/2028		25,870		25,497		24,900		0.10
Cornerstone Building Brands, Inc.	(6)(9)		SOFR + 3.25	%		8.50	%		4/12/2028		7,335		7,316		7,050		0.03
CP Atlas Buyer, Inc.	(9)		SOFR + 3.75	%		8.95	%		11/23/2027		53,753		53,600		50,743		0.21
Engineered Stone Group Holdings III Ltd.	(4)(6)(8)		E + 5.75	%		9.35	%		4/23/2028	EUR	28,400		30,779		29,435		0.12
Engineered Stone Group Holdings III Ltd.	(4)(6)(7)(10)		SOFR + 6.01	%		11.06	%		4/23/2028		58,583		57,656		54,463		0.23
Fencing Supply Group Acquisition, LLC	(4)(5)(11)		SOFR + 6.00	%		11.65	%		2/26/2027		107,269		106,162		107,269		0.45
Great Day Improvements, LLC	(4)(10)		L + 6.25	%		11.44	%		12/29/2027		179,750		177,056		174,807		0.73
Jacuzzi Brands, LLC	(4)(11)		SOFR + 6.00	%		11.24	%		2/25/2025		46,161		45,921		43,392		0.18
Jacuzzi Brands, LLC	(4)(10)		SOFR + 6.00	%		11.24	%		2/25/2027		203,425		201,516		191,219		0.80
Jacuzzi Brands, LLC	(4)(10)		SOFR + 6.00	%		11.24	%		2/25/2025		6,733		6,698		6,329		0.03
Kodiak BP, LLC	(10)		SOFR + 3.25	%		8.75	%		3/12/2028		40,597		40,390		39,684		0.17
L&S Mechanical Acquisition, LLC	(4)(5)(10)		SOFR + 7.75	%		12.80	%		9/1/2027		112,573		111,009		101,315		0.43
Lindstrom, LLC	(4)(11)		SOFR + 6.25	%		11.51	%		4/7/2025		149,212		146,744		147,720		0.62
Mi Windows and Doors, LLC	(9)		SOFR + 3.50	%		8.70	%		12/18/2027		5,517		5,527		5,480		0.02

12

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 30, 2023

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread			Interest Rate (2)(15)			Maturity Date		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt —non-controlled/non-affiliated (continued)
Building Products (continued)
Oscar AcquisitionCo LLC	(9)		SOFR + 4.50	%		9.84	%		4/29/2029		3,486		3,369		3,412		0.01
The Chamberlain Group, Inc.	(9)		SOFR + 3.25	%		8.45	%		11/3/2028		25,338		25,139		24,806		0.10
Windows Acquisition Holdings, Inc.	(4)(5)(11)		SOFR + 6.50	%		11.89	%		12/29/2026		56,265		55,605		56,265		0.24
													1,099,984		1,068,289		4.47
Capital Markets
Advisor Group Holdings, Inc.	(8)		L + 4.50	%		9.69	%		7/31/2026		5,638		5,649		5,650		0.02
AllSpring Buyer, LLC	(6)(9)		SOFR + 3.00	%		8.75	%		11/1/2028		2,963		2,976		2,921		0.01
FFML Holdco Ltd	(4)(6)(8)		L + 6.25	%		11.99	%		11/30/2028	NZD	39,278		23,735		23,342		0.10
Focus Financial Partners LLC	(9)		SOFR + 3.50	%		8.57	%		6/30/2028		7,000		6,956		6,971		0.03
Focus Financial Partners LLC	(9)		SOFR + 3.25	%		8.35	%		6/30/2028		1,997		1,980		1,986		0.01
Resolute Investment Managers, Inc.	(11)		L + 4.25	%		9.79	%		4/30/2024		6,011		6,017		4,439		0.02
Situs-AMC Holdings Corporation	(4)(11)		SOFR + 5.50	%		10.84	%		12/22/2027		12,910		12,813		12,781		0.05
Superannuation And Investments US, LLC	(6)(9)		L + 3.75	%		8.97	%		12/1/2028		13,227		13,156		13,194		0.06
The Edelman Financial Engines Center, LLC	(10)		L + 3.75	%		8.94	%		4/7/2028		18,558		18,522		18,128		0.08
													91,804		89,412		0.38
Chemicals
DCG Acquisition Corp.	(8)		SOFR + 4.50	%		9.70	%		9/30/2026		4,924		4,933		4,857		0.02
Geon Performance Solutions, LLC	(10)		L + 4.50	%		10.04	%		8/18/2028		3,634		3,614		3,590		0.02
Hyperion Materials & Technologies, Inc.	(9)		L + 4.25	%		9.73	%		8/30/2028		17,608		17,560		17,503		0.07
Olympus Water US Holding Corp.	(9)		SOFR + 3.75	%		9.25	%		11/9/2028		5,541		5,530		5,336		0.02
Oxea Corporation	(6)(8)		SOFR + 3.25	%		8.74	%		10/14/2024		6		6		6		0.00
WR Grace Holdings, LLC	(6)(9)		L + 3.75	%		9.31	%		9/22/2028		4,232		4,245		4,214		0.02
													35,888		35,506		0.15
Commercial Services & Supplies
Access CIG, LLC	(8)		L + 3.75	%		8.94	%		2/27/2025		20,167		20,149		19,982		0.08
Allied Universal Holdco, LLC	(9)		SOFR + 3.75	%		8.95	%		5/12/2028		48,359		48,266		47,096		0.20
Anticimex, Inc.	(6)(9)		SOFR + 3.40	%		8.45	%		11/16/2028		11,825		11,788		11,695		0.05
APX Group, Inc.	(6)(9)		SOFR + 3.25	%		8.46	%		7/10/2028		17,479		17,447		17,488		0.07
Bazaarvoice, Inc.	(4)(7)(8)		SOFR + 5.75	%		10.74	%		5/7/2028		366,583		366,583		366,583		1.54
Belfor Holdings, Inc.	(8)		SOFR + 4.00	%		9.22	%		4/6/2026		4,885		4,898		4,889		0.02

13

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 30, 2023

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread			Interest Rate (2)(15)			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)
DG Investment Intermediate Holdings 2, Inc.	(10)		SOFR + 4.75	%		9.85	%		3/31/2028		8,109		8,039		7,982		0.03
DG Investment Intermediate Holdings 2, Inc.	(10)		SOFR + 3.75	%		8.97	%		3/31/2028		37,880		37,912		37,265		0.16
Divisions Holding Corp.	(10)		SOFR + 4.75	%		9.85	%		5/27/2028		9,746		9,672		9,567		0.04
EAB Global, Inc.	(9)		L + 3.50	%		8.87	%		8/16/2028		4,925		4,907		4,877		0.02
Foundational Education Group, Inc.	(4)(9)		SOFR + 3.75	%		9.47	%		8/31/2028		9,006		8,939		7,940		0.03
Garda World Security Corp.	(6)(8)		SOFR + 4.25	%		9.43	%		10/30/2026		12,000		12,025		11,955		0.05
Garda World Security Corp.	(6)(8)		SOFR + 4.25	%		9.33	%		2/1/2029		9,143		9,070		9,063		0.04
Genuine Financial Holdings, LLC	(8)		L + 3.75	%		8.94	%		7/11/2025		6,042		6,034		6,043		0.03
Java Buyer, Inc.	(4)(10)		SOFR + 5.75	%		11.10	%		12/15/2027		134,347		132,350		130,317		0.55
Java Buyer, Inc.	(4)(7)(10)		SOFR + 5.75	%		11.13	%		12/15/2027		30,977		30,071		28,781		0.12
JSS Holdings, Inc.	(4)(10)		SOFR + 6.00	%		11.31	%		12/18/2028		45,829		45,382		45,829		0.19
JSS Holdings, Inc.	(4)(10)		SOFR + 6.00	%		11.31	%		12/17/2028		239,263		236,449		239,263		1.01
Knowledge Pro Buyer, Inc.	(4)(7)(10)		SOFR + 5.75	%		10.94	%		12/10/2027		51,272		50,438		51,172		0.22
Knowledge Pro Buyer, Inc.	(4)(7)(10)		P + 4.75	%		13.00	%		12/10/2027		2,155		2,022		2,155		0.01
KPSKY Acquisition, Inc.	(4)(10)(18)		SOFR + 5.60	%		10.65	%		10/19/2028		47,202		46,487		45,786		0.19
KPSKY Acquisition, Inc.	(4)(10)		SOFR + 5.50	%		10.75	%		10/19/2028		21,058		20,657		20,426		0.09
MaxGen Energy Services Corporation	(4)(11)		SOFR + 4.75	%		9.99	%		6/2/2027		82,447		81,043		79,974		0.34
Onex Baltimore Buyer, Inc.	(4)(10)(18)		SOFR + 6.25	%		10.95	%		12/1/2027		187,232		184,448		185,359		0.78
Onex Baltimore Buyer, Inc.	(4)(7)(10)		SOFR + 5.75	%		10.95	%		12/1/2027		81,615		80,384		80,223		0.34
Pearce Services, LLC	(4)(7)(11)		SOFR + 4.75	%		9.99	%		6/2/2027		1,000		948		948		0.00
PECF USS Intermediate Holding III Corp.	(9)		L + 4.25	%		9.52	%		12/15/2028		30,380		30,391		25,037		0.11
Polyphase Elevator Holding Co.	(4)(7)(11)		SOFR + 5.50	%		10.84	%		6/23/2027		16,296		16,080		9,176		0.04
Recycle & Resource US, LLC	(6)(9)		SOFR + 3.50	%		9.00	%		7/14/2028		5,141		5,113		4,631		0.02
Revspring, Inc.	(8)		SOFR + 4.00	%		9.50	%		10/11/2025		15,205		15,133		14,660		0.06
The Action Environmental Group, Inc.	(4)(5)(12)		SOFR + 6.15	%		11.37	%		1/16/2026		1,538		1,506		1,519		0.01
The Action Environmental Group, Inc.	(4)(5)(12)		SOFR + 6.00	%		11.37	%		1/16/2026		14,472		14,170		14,291		0.06
The Action Environmental Group, Inc.	(4)(5)(12)		SOFR + 6.15	%		11.40	%		1/15/2026		3,999		3,944		3,949		0.02
The Action Environmental Group, Inc.	(4)(5)(12)		SOFR + 6.43	%		11.25	%		1/15/2026		4,446		4,385		4,390		0.02
TRC Companies, Inc (fka Bolt Infrastructure Merger Sub, Inc)	(9)		L + 3.75	%		8.97	%		12/8/2028		27,214		27,113		26,840		0.11
USIC Holdings, Inc.	(10)		L + 3.50	%		8.69	%		5/12/2028		24,563		24,476		23,355		0.10
Vaco Holdings, Inc.	(10)		SOFR + 5.00	%		10.59	%		1/21/2029		9,078		9,042		8,301		0.03
Veregy Consolidated, Inc.	(11)		SOFR + 6.00	%		11.31	%		11/2/2027		20,229		20,264		18,054		0.08
													1,648,025		1,626,861		6.86

14

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 30, 2023

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread			Interest Rate (2)(15)			Maturity Date		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt —non-controlled/non-affiliated (continued)
Construction & Engineering
Aegion Corporation	(10)		SOFR + 4.75	%		9.97	%		5/17/2028		16,058		16,033		15,612		0.07
ASP Endeavor Acquisition, LLC	(4)(5)(9)		L + 6.50	%		11.82	%		5/3/2027		35,280		34,829		32,987		0.14
Brookfield WEC Holdings, Inc.	(9)		SOFR + 3.75	%		8.85	%		8/1/2025		2,978		2,898		2,984		0.01
COP Home Services TopCo IV, Inc.	(4)(5)(7)(11)		SOFR + 6.00	%		11.20	%		12/31/2027		212,158		206,665		210,639		0.89
Peak Utility Services Group, Inc.	(4)(11)		SOFR + 5.00	%		10.41	%		3/2/2028		23,317		23,167		22,734		0.10
Refficiency Holdings, LLC	(10)		SOFR + 3.75	%		8.95	%		12/16/2027		11,292		11,225		11,244		0.05
Thermostat Purchaser III, Inc.	(4)(7)(10)		SOFR + 4.50	%		9.91	%		8/31/2028		42,663		41,690		41,403		0.17
Tutor Perini Corp.	(6)(11)		SOFR + 4.75	%		10.25	%		8/18/2027		2,607		2,626		2,363		0.01
													339,133		339,966		1.44
Construction Materials
White Cap Buyer, LLC	(9)		SOFR + 3.75	%		8.85	%		10/19/2027		17,088		17,134		16,973		0.07
Ascend Buyer, LLC	(4)(7)(10)		SOFR + 6.40	%		11.79	%		10/2/2028		11,473		11,059		11,166		0.05
Berlin Packaging, LLC	(9)		L + 3.75	%		9.29	%		3/11/2028		15,518		15,500		15,289		0.06
Charter NEX US, Inc.	(10)		SOFR + 3.75	%		8.97	%		12/1/2027		16,155		16,198		16,049		0.07
Graham Packaging Co, Inc.	(10)		SOFR + 3.00	%		8.22	%		8/4/2027		8,926		8,911		8,882		0.04
LABL, Inc.	(9)		SOFR + 5.00	%		10.20	%		10/29/2028		7,036		6,953		6,978		0.03
MAR Bidco Sarl	(6)(9)		L + 4.30	%		9.46	%		7/6/2028		3,888		3,874		3,742		0.02
Novolex, Inc.	(9)		SOFR + 4.18	%		9.38	%		4/13/2029		17,028		16,662		16,789		0.07
Pretium PKG Holdings, Inc.	(9)		L + 4.00	%		9.51	%		10/2/2028		23,531		23,206		17,739		0.07
ProAmpac PG Borrower, LLC	(10)		SOFR + 3.75	%		9.14	%		11/3/2025		16,433		16,460		16,289		0.07
Ring Container Technologies Group, LLC	(9)		SOFR + 3.50	%		8.72	%		8/12/2028		1,000		996		997		0.00
TricorBraun Holdings, Inc.	(9)		SOFR + 3.25	%		8.47	%		3/3/2028		7,144		7,105		6,970		0.03
Trident TPI Holdings, Inc.	(9)		L + 4.00	%		9.54	%		9/15/2028		16,057		16,014		15,839		0.07
													142,938		136,729		0.58
Distributors
BP Purchaser, LLC	(4)(10)		SOFR + 5.50	%		11.00	%		12/10/2028		7,920		7,797		7,801		0.03
Bution Holdco 2, Inc.	(4)(11)		SOFR + 6.25	%		11.45	%		10/17/2025		5,661		5,605		5,661		0.02
Dana Kepner Company, LLC	(4)(11)		SOFR + 6.00	%		11.36	%		12/29/2027		66,294		65,215		65,963		0.28
Dana Kepner Company, LLC	(4)(11)		SOFR + 6.00	%		11.36	%		12/29/2026		14,500		14,330		14,428		0.06
Genuine Cable Group, LLC	(4)(10)		SOFR + 5.50	%		10.70	%		11/2/2026		30,108		29,596		29,506		0.12
Marcone Yellowstone Buyer, Inc.	(4)(5)(7)(10)		SOFR + 6.50	%		11.89	%		6/23/2028		15,730		15,160		14,872		0.06
Marcone Yellowstone Buyer, Inc.	(4)(5)(10)		SOFR + 6.25	%		11.64	%		6/23/2028		26,608		26,230		25,277		0.11
NDC Acquisition Corp.	(4)(11)		SOFR + 5.75	%		11.09	%		3/9/2027		21,994		21,622		21,554		0.09
NDC Acquisition Corp.	(4)(7)(11)		L + 5.75	%		11.00	%		3/9/2027		514		456		445		0.00
Tailwind Colony Holding Corporation	(4)(11)		SOFR + 6.60	%		11.63	%		5/13/2026		998		971		958		0.00
Tailwind Colony Holding Corporation	(4)(11)		SOFR + 6.60	%		11.65	%		11/13/2024		18,314		18,152		17,856		0.08

15

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 30, 2023

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread			Interest Rate (2)(15)			Maturity Date		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt —non-controlled/non-affiliated (continued)
Distributors (continued)
Tailwind Colony Holding Corporation	(4)(11)		SOFR + 6.50	%		11.65	%		11/13/2024		55,626		55,007		54,236		0.23
Unified Door & Hardware Group, LLC	(4)(11)		SOFR + 5.85	%		11.09	%		6/30/2025		11,851		11,450		11,377		0.05
Unified Door & Hardware Group, LLC	(4)(11)		SOFR + 5.85	%		11.19	%		6/30/2025		52,567		52,077		50,464		0.21
													323,668		320,398		1.34
Diversified Consumer Services
Ascend Learning, LLC	(9)		SOFR + 3.50	%		8.70	%		12/11/2028		20,685		20,334		19,495		0.08
BPPH2 Limited	(4)(5)(6)(8)		S + 6.87	%		11.30	%		3/2/2028	GBP	40,700		55,274		51,300		0.22
Cambium Learning Group, Inc.	(4)(7)(10)		SOFR + 5.50	%		10.65	%		7/20/2028		953,464		946,581		953,464		4.01
Colibri Group, LLC	(10)		SOFR + 5.00	%		10.39	%		3/12/2029		9,897		9,816		9,600		0.04
Dreambox Learning Holding, LLC	(4)(5)(10)		SOFR + 6.25	%		11.63	%		12/1/2027		135,213		133,214		125,072		0.53
EM Bidco Limited	(6)(9)		SOFR + 4.25	%		9.59	%		7/6/2029		4,148		4,135		4,075		0.02
Go Car Wash Management Corp.	(4)(14)		SOFR + 6.25	%		11.45	%		12/31/2026		41,963		41,329		40,913		0.17
Go Car Wash Management Corp.	(4)(7)(11)		SOFR + 6.25	%		11.45	%		12/31/2026		48,510		46,205		47,010		0.20
Go Car Wash Management Corp.	(4)(7)(11)		SOFR + 6.25	%		11.45	%		12/31/2026		4,447		4,238		4,219		0.02
Groundworks, LLC	(4)(7)(11)		SOFR + 6.50	%		11.65	%		3/14/2030		715		691		693		0.00
Pre-Paid Legal Services, Inc.	(9)		L + 3.75	%		8.94	%		12/15/2028		15,816		15,708		15,623		0.07
Rinchem Company, LLC	(4)(9)		SOFR + 4.50	%		9.59	%		3/2/2029		4,005		3,988		3,779		0.02
Sunshine Cadence Holdco, LLC	(4)(7)(10)		SOFR + 3.75	%		9.09	%		3/23/2027		700		682		693		0.00
Sunshine Cadence Holdco, LLC	(8)		SOFR + 4.25	%		9.75	%		3/23/2027		39,392		36,996		38,605		0.16
TruGreen Limited Partnership	(10)		SOFR + 4.00	%		9.20	%		11/2/2027		5,865		5,891		5,413		0.02
University Support Services, LLC	(9)		SOFR + 3.25	%		8.45	%		2/10/2029		9,885		9,845		9,823		0.04
Weld North Education, LLC	(9)		SOFR + 3.75	%		8.97	%		12/21/2027		9,279		9,279		9,138		0.04
													1,344,206		1,338,915		5.64
Diversified Financial Services
Barbri Holdings, Inc.	(4)(10)		SOFR + 5.75	%		10.95	%		4/28/2028		128,422		126,727		126,545		0.53
Comet Acquisition, Inc.	(9)		SOFR + 4.25	%		9.45	%		10/24/2025		15,750		15,592		15,396		0.06
Lereta, LLC	(10)		SOFR + 5.25	%		10.47	%		7/30/2028		29,306		29,093		26,962		0.11
Mitchell International, Inc.	(9)		L + 3.75	%		8.94	%		10/15/2028		66,654		66,052		65,300		0.27
Polaris Newco, LLC	(9)		L + 4.00	%		9.54	%		6/2/2028		41,650		41,217		38,457		0.16
Sedgwick Claims Management Services, Inc.	(6)(8)		SOFR + 3.75	%		8.85	%		2/24/2028		5,238		5,189		5,214		0.02

16

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 30, 2023

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread			Interest Rate (2)(15)			Maturity Date		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt —non-controlled/non-affiliated (continued)
Diversified Financial Services (continued)
SelectQuote, Inc.	(4)(10)		SOFR + 8.00	%		13.20 (incl. 2.00 PIK	%  %  )		11/5/2024		274,582		273,931		247,124		1.04
													557,801		524,998		2.19
Diversified Telecommunication Services
Numericable US, LLC	(6)(8)		SOFR + 5.50	%		10.49	%		8/15/2028		22,751		22,326		20,325		0.09
Point Broadband Acquisition, LLC	(4)(11)		SOFR + 6.00	%		11.02	%		10/1/2028		159,550		156,556		158,752		0.67
Point Broadband Acquisition, LLC	(4)(7)(11)		SOFR + 6.00	%		11.18	%		10/1/2028		63,968		62,696		63,539		0.27
Zacapa, LLC	(6)(9)		SOFR + 4.00	%		9.24	%		3/22/2029		6,052		6,042		5,907		0.02
													247,620		248,523		1.05
Electric Utilities
Qualus Power Services Corp.	(4)(11)		SOFR + 5.00	%		10.36	%		3/26/2027		50,751		50,002		50,244		0.21
Electrical Equipment
Emergency Power Holdings, LLC	(4)(5)(7)(11)		SOFR + 5.50	%		10.84	%		8/17/2028		198,790		195,570		197,303		0.83
Madison IAQ, LLC	(9)		L + 3.25	%		8.30	%		6/21/2028		40,238		39,871		39,464		0.17
Relay Purchaser, LLC	(4)(5)(7)(10)		L + 6.00	%		11.21	%		8/30/2028		175,286		172,518		175,000		0.74
Shoals Holdings, LLC	(4)(11)		SOFR + 5.75	%		10.98	%		11/25/2026		11,204		11,042		11,260		0.05
													419,001		423,027		1.79
Electronic Equipment, Instruments & Components
Albireo Energy, LLC	(4)(5)(11)		SOFR + 6.00	%		11.33	%		12/23/2026		25,385		25,088		22,973		0.10
Albireo Energy, LLC	(4)(5)(11)		L + 6.00	%		11.38	%		12/23/2026		1,954		1,941		1,768		0.01
Albireo Energy, LLC	(4)(5)(11)		L + 6.00	%		11.25	%		12/23/2026		7,619		7,564		6,895		0.03
CPI Intermediate Holdings Inc	(4)(7)(10)		SOFR + 5.50	%		10.57	%		10/8/2029		464,546		454,733		454,139		1.91
Infinite Bidco, LLC	(9)		L + 3.25	%		8.91	%		3/2/2028		39,035		38,899		37,766		0.16
Ingram Micro, Inc.	(9)		L + 3.50	%		9.04	%		6/30/2028		2,920		2,899		2,915		0.01
Presidio, Inc.	(8)		SOFR + 3.50	%		8.70	%		1/22/2027		2,186		2,188		2,179		0.01
													533,312		528,635		2.23
Energy Equipment & Services
Abaco Energy Technologies, LLC	(4)(13)		L + 7.00	%		12.15	%		10/4/2024		5,691		5,542		5,691		0.02
EnergySolutions, LLC	(11)		L + 3.75	%		9.29	%		5/9/2025		4,448		4,448		4,379		0.02
ISQ Hawkeye Holdco, Inc.	(4)(7)(10)		SOFR + 6.25	%		11.38	%		8/17/2029		8,489		8,281		8,386		0.04
Tetra Technologies, Inc.	(4)(6)(11)		SOFR + 6.25	%		11.45	%		9/10/2025		22,793		22,211		22,793		0.10
													40,482		41,249		0.18
Entertainment
CE Intermediate I, LLC	(4)(9)		L + 4.00	%		8.84	%		11/10/2028		7,681		7,622		7,565		0.03
Recorded Books, Inc.	(8)		SOFR + 4.00	%		9.14	%		8/29/2025		11,815		11,827		11,828		0.05
													19,449		19,393		0.08

17

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 30, 2023

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread			Interest Rate (2)(15)			Maturity Date		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt —non-controlled/non-affiliated (continued)
Food Products
Quantum Bidco, Ltd.	(6)(8)		S + 5.93	%		10.85	%		1/29/2028	GBP	18,500		24,679		21,149		0.09
Snacking Investments US, LLC	(6)(11)		SOFR + 4.00	%		9.10	%		12/18/2026		4,906		4,930		4,892		0.02
													29,609		26,041		0.11
Ground Transportation
Quality Distribution LLC	(4)(7)(11)		SOFR + 6.75	%		11.92	%		6/30/2028		622		600		599		0.00
Quality Distribution LLC	(4)(5)(7)(11)		L + 5.25	%		11.58	%		7/1/2028		6,909		6,627		6,193		0.03
													7,227		6,792		0.03
Health Care Equipment & Supplies
Advancing Eyecare Center, Inc.	(4)(7)(9)		SOFR + 5.75	%		11.14	%		6/13/2029		25,253		24,673		24,506		0.10
Auris Luxembourg III Sarl	(6)(7)(8)		L + 3.75	%		9.12	%		2/27/2026		34,353		33,946		32,279		0.14
CPI Buyer, LLC	(4)(7)(10)		SOFR + 5.50	%		11.03	%		11/1/2028		171,091		168,247		164,524		0.69
Egrotron Acquisition, LLC	(4)(10)		SOFR + 5.75	%		10.95	%		7/6/2028		67,448		66,321		65,931		0.28
GCX Corporation Buyer, LLC	(4)(5)(10)		SOFR + 5.50	%		10.68	%		9/13/2028		194,535		191,642		190,644		0.80
GCX Corporation Buyer, LLC	(4)(5)(7)(10)		SOFR + 5.50	%		10.73	%		9/13/2028		49,253		48,386		48,087		0.20
Natus Medical Incorporated	(4)(9)		SOFR + 5.50	%		10.89	%		7/20/2029		49,750		46,722		45,770		0.19
Natus Medical Incorporated	(4)(7)(9)		SOFR + 4.75	%		9.95	%		7/21/2027		3,463		3,348		2,767		0.01
Resonetics, LLC	(10)		L + 4.00	%		9.10	%		4/28/2028		39,001		38,220		37,989		0.16
Resonetics, LLC	(10)		L + 4.00	%		9.10	%		4/11/2029		27,372		26,840		26,662		0.11
Sunshine Luxembourg VII S.à r.l, LLC	(6)(10)		SOFR + 3.75	%		9.09	%		10/1/2026		13,836		13,866		13,784		0.06
													662,211		652,943		2.74
Health Care Providers & Services
123Dentist, Inc.	(4)(6)(7)(10)		C + 5.50	%		10.65	%		8/10/2029	CAD	205,798		156,372		146,207		0.61
ACI Group Holdings, Inc.	(4)(5)(7)(10)		SOFR + 5.75	%		10.95 (incl. 1.25 PIK	%  %  )		8/2/2028		99,669		97,651		97,461		0.41
ADCS Clinics Intermediate Holdings, LLC	(4)(7)(11)		L + 6.50	%		11.87	%		5/7/2027		11,816		11,595		11,498		0.05
ADCS Clinics Intermediate Holdings, LLC	(4)(11)		SOFR + 6.50	%		11.94	%		5/7/2027		8,671		8,572		8,541		0.04
ADMI Corp.	(9)		SOFR + 3.75	%		8.97	%		12/23/2027		46,282		46,067		43,370		0.18

18

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 30, 2023

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread			Interest Rate (2)(15)			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)(5)(7)(10)		SOFR + 5.50	%		10.89	%		2/25/2028		26,857		25,983		24,908		0.10
AMGH Holding Corp.	(11)		SOFR + 4.25	%		9.47	%		3/14/2025		11,554		11,565		6,557		0.03
Canadian Hospital Specialties Ltd.	(4)(5)(6)(11)		C + 4.50	%		9.87	%		4/14/2028	CAD	14,896		11,789		13,768		0.06
Canadian Hospital Specialties Ltd.	(4)(5)(6)(7)(10)		C + 4.86	%		10.45	%		4/15/2027	CAD	4,523		3,486		3,226		0.01
Caramel Bidco Limited	(4)(5)(6)(7)(8)		S + 6.00	%		10.43	%		2/24/2029	GBP	60,000		78,306		71,840		0.30
Caramel Bidco Limited	(4)(5)(6)(8)		E + 6.00	%		9.78	%		2/24/2024	EUR	14,000		15,580		14,435		0.06
Caramel Bidco Limited	(4)(5)(6)(8)		SOFR + 6.00	%		11.05	%		2/24/2024		6,125		6,472		5,788		0.02
CCBlue Bidco, Inc.	(4)(7)(10)		L + 6.25	%		11.41 (incl. 2.75 PIK	%  %  )		12/21/2028		503,675		495,579		466,483		1.96
Covenant Surgical Partners, Inc.	(8)		SOFR + 4.00	%		8.82	%		7/1/2026		2,938		2,909		2,299		0.01
DCA Investment Holdings, LLC	(4)(10)		SOFR + 6.41	%		11.65	%		4/3/2028		25,543		25,389		24,968		0.10
DCA Investment Holdings, LLC	(4)(7)(10)		SOFR + 6.50	%		11.74	%		4/3/2028		5,240		5,032		5,050		0.02
Epoch Acquisition, Inc.	(4)(11)		SOFR + 6.00	%		11.15	%		10/4/2026		28,941		28,941		28,796		0.12
Global Medical Response, Inc.	(11)		L + 4.25	%		9.44	%		10/2/2025		34,116		34,170		19,361		0.08
Gordian Medical, Inc.	(10)		SOFR + 6.25	%		11.75	%		1/31/2027		31,604		30,921		22,637		0.10
Heartland Dental, LLC	(8)		SOFR + 4.00	%		9.20	%		4/30/2025		1,866		1,863		1,850		0.01
Jayhawk Buyer, LLC	(4)(7)(11)		SOFR + 5.00	%		10.35	%		10/15/2026		273,631		270,072		268,158		1.13
LifePoint Health, Inc.	(8)		L + 3.75	%		9.02	%		11/16/2025		15,504		15,469		14,397		0.06
Medical Knowledge Group, LLC	(4)(10)		SOFR + 5.75	%		10.94	%		2/1/2029		184,683		181,473		182,374		0.77
Midwest Physician Administrative Services, LLC	(10)		L + 3.25	%		8.79	%		3/12/2028		19,084		19,022		17,639		0.07

19

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 30, 2023

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread			Interest Rate (2)(15)			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)
National Mentor Holdings, Inc.	(10)		SOFR + 3.75	%		9.09	%		3/2/2028		11,141		11,132		8,478		0.04
Navigator Acquiror, Inc.	(4)(9)		SOFR + 5.75	%		10.93 (incl. 5.59 PIK	%  %  )		7/16/2027		397,819		395,329		387,874		1.63
Navigator Acquiror, Inc.	(4)(7)(9)		SOFR + 5.75	%		10.63	%		7/16/2027		47,368		47,162		46,184		0.19
NMSC Holdings, Inc.	(10)		SOFR + 5.25	%		10.45	%		2/23/2029		3,905		3,868		2,735		0.01
Odyssey Holding Company, LLC	(4)(11)		SOFR + 5.75	%		10.98	%		11/16/2025		50,082		49,820		50,081		0.21
Odyssey Holding Company, LLC	(4)(11)		SOFR + 5.75	%		11.00	%		11/16/2025		9,357		9,357		9,357		0.04
Odyssey Holding Company, LLC	(4)(11)		SOFR + 5.75	%		10.95	%		11/16/2025		4,211		4,211		4,211		0.02
Onex TSG Intermediate Corp.	(6)(10)		SOFR + 4.75	%		10.06	%		2/28/2028		22,906		22,772		20,472		0.09
Pathway Vet Alliance, LLC	(8)		L + 3.75	%		8.94	%		3/31/2027		30,543		30,365		27,056		0.11
Pediatric Associates Holding Co., LLC	(7)(9)		SOFR + 3.25	%		8.47	%		12/29/2028		419		405		411		0.00
PetVet Care Centers, LLC	(10)		L + 3.50	%		8.69	%		2/14/2025		54,122		54,103		53,121		0.22
Phoenix Guarantor, Inc.	(8)		SOFR + 3.50	%		8.60	%		3/5/2026		7,964		7,964		7,886		0.03
Plasma Buyer, LLC	(4)(7)(10)		SOFR + 5.75	%		10.99	%		5/12/2029		91,035		88,979		81,829		0.34
PPV Intermediate Holdings, LLC	(4)(7)(10)		SOFR + 5.75	%		11.01	%		8/31/2029		126,926		124,614		125,558		0.53
PSKW Intermediate, LLC	(4)(11)		SOFR + 6.25	%		11.45	%		3/9/2026		14,229		14,229		14,229		0.06
Radnet, Inc.	(6)(10)		SOFR + 3.00	%		8.22	%		4/21/2028		4,826		4,809		4,822		0.02
Smile Doctors, LLC	(4)(7)(10)		SOFR + 5.75	%		11.09	%		12/23/2028		466,316		459,003		457,815		1.92
Smile Doctors, LLC	(4)(10)		SOFR + 5.90	%		11.14	%		12/23/2028		22,702		20,120		19,397		0.08
Smile Doctors, LLC	(4)(7)(10)		P + 5.75	%		13.00	%		12/23/2027		2,078		1,302		1,039		0.00
Snoopy Bidco, Inc.	(4)(7)(10)		L + 6.00	%		11.50	%		6/1/2028		623,786		615,534		593,411		2.49
SpecialtyCare, Inc.	(4)(5)(7)(11)		L + 5.75	%		10.93	%		6/18/2028		69,184		67,545		64,712		0.27
Stepping Stones Healthcare Services, LLC	(4)(7)(10)		SOFR + 5.75	%		11.09	%		1/2/2029		157,904		155,626		152,196		0.64
Stepping Stones Healthcare Services, LLC	(4)(7)(10)		SOFR + 5.75	%		11.00	%		12/30/2026		4,500		4,185		3,713		0.02
Surgery Centers Holdings, Inc.	(6)(10)		L + 3.75	%		8.90	%		8/31/2026		9,435		9,430		9,434		0.04
The Fertility Partners, Inc.	(4)(5)(6)(10)		C + 5.75	%		10.76	%		3/16/2028		CAD 137,447		106,329		93,975		0.39
The Fertility Partners, Inc.	(4)(5)(6)(7)(10)		C + 5.75	%		10.79	%		9/16/2027		CAD     8,688		6,665		5,793		0.02

20

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 30, 2023

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread			Interest Rate (2)(15)			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)
The Fertility Partners, Inc.	(4)(5)(6)(7)(10)		L + 5.75	%		10.90	%		3/16/2028		46,352		45,682		41,785		0.18
The GI Alliance Management, LLC	(4)(11)		SOFR + 6.25	%		11.45	%		9/15/2028		259,797		253,022		257,199		1.08
The GI Alliance Management, LLC	(4)(11)		SOFR + 6.25	%		11.55	%		9/15/2028		56,115		54,653		55,554		0.23
TTF Holdings, LLC	(10)		L + 4.00	%		9.25	%		3/31/2028		4,006		3,986		4,009		0.02
U.S. Anesthesia Partners, Inc.	(9)		L + 4.25	%		9.42	%		10/1/2028		38,431		38,335		36,191		0.15
UMP Holdings, LLC	(4)(10)		SOFR + 5.50	%		10.41	%		7/15/2028		9,645		9,484		9,308		0.04
UMP Holdings, LLC	(4)(7)(10)		SOFR + 5.50	%		10.56	%		7/15/2028		12,603		12,497		12,117		0.05
Unified Physician Management, LLC	(4)(7)(9)		SOFR + 5.25	%		10.35	%		6/18/2029		888,285		888,285		888,285		3.73
US Oral Surgery Management Holdco, LLC	(4)(10)		L + 6.00	%		11.38	%		11/18/2027		127,120		125,262		121,082		0.51
US Oral Surgery Management Holdco, LLC	(4)(7)(11)		L + 6.00	%		11.48	%		11/18/2027		54,163		53,277		50,976		0.21
Veonet GmbH	(6)(8)		S + 5.25	%		10.18	%		3/14/2029	GBP	170,000		218,826		207,912		0.87
WHCG Purchaser III, Inc.	(4)(5)(10)		SOFR + 5.75	%		11.25	%		6/22/2028		103,440		102,041		79,298		0.33
WHCG Purchaser III, Inc.	(4)(5)(7)(10)		SOFR + 5.75	%		11.25	%		6/22/2026		12,455		12,306		9,240		0.04
													5,716,792		5,520,356		23.15
Health Care Technology
athenahealth, Inc.	(7)(9)		SOFR + 3.50	%		8.59	%		2/15/2029		36,745		36,391		35,304		0.15
Caerus US 1, Inc.	(4)(6)(10)		SOFR + 5.50	%		10.74	%		5/25/2029		389,532		382,967		381,742		1.60
Caerus US 1, Inc.	(4)(6)(7)(10)		SOFR + 5.75	%		10.99	%		5/25/2029		86,596		84,929		85,604		0.36
Caerus US 1, Inc.	(4)(6)(7)(10)		SOFR + 5.75	%		10.85	%		5/25/2029		30,271		28,913		29,176		0.12
Color Intermediate LLC	(4)(10)		SOFR + 5.50	%		10.84	%		10/4/2029		370,709		362,352		367,002		1.54
Edifecs, Inc.	(4)(10)		SOFR + 5.50	%		10.84	%		9/21/2026		51,606		50,944		51,606		0.22
Edifecs, Inc.	(4)(10)		SOFR + 5.50	%		10.74	%		9/21/2026		70,040		69,084		70,040		0.29
Edifecs, Inc.	(4)(11)		SOFR + 7.00	%		12.34	%		9/21/2026		29,210		29,125		29,502		0.12
GI Ranger Intermediate, LLC	(4)(7)(10)		SOFR + 5.75	%		11.14	%		10/29/2028		97,675		96,101		95,799		0.40
GI Ranger Intermediate, LLC	(4)(7)(10)		SOFR + 5.75	%		11.14	%		10/29/2027		4,320		4,164		4,158		0.02

21

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 30, 2023

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread			Interest Rate (2)(15)			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)
Imprivata, Inc.	(9)		SOFR + 3.75	%		8.97	%		12/1/2027		2,033		2,037		1,997		0.01
Netsmart Technologies, Inc.	(10)		SOFR + 4.00	%		9.22	%		10/1/2027		13,037		13,086		12,996		0.05
NMC Crimson Holdings, Inc.	(4)(10)		L + 6.00	%		11.04	%		3/1/2028		71,173		69,750		70,462		0.30
NMC Crimson Holdings, Inc.	(4)(7)(10)		SOFR + 6.00	%		11.41	%		3/1/2028		4,815		4,614		4,554		0.02
Project Ruby Ultimate Parent Corp.	(10)		SOFR + 3.25	%		8.47	%		3/10/2028		4,705		4,686		4,608		0.02
RPBLS Midco, LLC	(4)(10)		SOFR + 5.75	%		10.74	%		4/1/2028		165,985		163,622		165,985		0.70
Verscend Holding Corp.	(8)		SOFR + 4.00	%		9.22	%		8/27/2025		30,324		30,361		30,353		0.13
Waystar Technologies, Inc.	(8)		SOFR + 4.00	%		9.22	%		10/22/2026		12,353		12,366		12,337		0.05
													1,445,492		1,453,225		6.10
Hotels, Restaurants & Leisure
Alterra Mountain Company	(9)		L + 3.50	%		8.69	%		8/17/2028		6,209		6,218		6,207		0.03
Century Casinos, Inc.	(6)(10)		SOFR + 6.00	%		11.26	%		4/2/2029		43,450		42,731		41,929		0.18
Fertitta Entertainment, LLC	(9)		SOFR + 4.00	%		9.10	%		1/27/2029		13,529		13,523		13,378		0.06
Flynn Restaurant Group LP	(9)		SOFR + 4.25	%		9.47	%		12/1/2028		7,605		7,552		7,524		0.03
IRB Holding Corp.	(10)		SOFR + 3.00	%		8.20	%		12/15/2027		15,682		15,682		15,594		0.07
Mic Glen, LLC	(9)		SOFR + 3.25	%		8.47	%		7/21/2028		21,468		21,379		21,122		0.09
Scientific Games Holdings LP	(9)		SOFR + 3.50	%		8.42	%		4/4/2029		10,372		10,349		10,261		0.04
Tacala Investment Corp.	(10)		L + 3.50	%		8.69	%		2/5/2027		38,672		38,702		38,121		0.16
Twin River Worldwide Holdings, Inc.	(6)(9)		L + 3.25	%		8.40	%		10/2/2028		9,676		9,631		9,474		0.04
Whatabrands LLC	(9)		L + 3.25	%		8.47	%		8/3/2028		5,486		5,437		5,461		0.02
													171,204		169,071		0.72
Household Durables
AI Aqua Merger Sub, Inc.	(6)(9)		SOFR + 3.75	%		8.90	%		7/31/2028		32,844		32,466		32,285		0.14
Industrial Conglomerates
Bettcher Industries, Inc.	(9)		SOFR + 4.00	%		9.10	%		12/14/2028		11,174		11,087		10,888		0.05
CEP V Investment 11 Sarl	(4)(6)(7)(10)		SA + 6.45	%		7.89	%		2/11/2028	CHF	47,449		43,967		51,873		0.22
Engineered Machinery Holdings, Inc.	(10)		L + 3.50	%		9.04	%		5/19/2028		8,936		8,913		8,779		0.04
Excelitas Technologies Corp.	(4)(8)		E + 5.75	%		9.05	%		8/13/2029	EUR	25,197		25,413		26,940		0.11

22

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 30, 2023

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread			Interest Rate (2)(15)			Maturity Date		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt —non-controlled/non-affiliated (continued)
Industrial Conglomerates (continued)
Excelitas Technologies Corp.	(4)(7)(10)		SOFR + 5.75	%		10.94	%		8/13/2029		162,750		159,860		159,303		0.67
Excelitas Technologies Corp.	(4)(7)(10)		SOFR + 5.50	%		11.00	%		8/12/2028		7,784		7,532		7,489		0.03
FCG Acquisitions, Inc.	(9)		L + 3.75	%		8.91	%		3/31/2028		23,058		22,977		22,753		0.10
SPX Flow, Inc.	(9)		SOFR + 4.50	%		9.70	%		4/5/2029		8,549		8,235		8,460		0.04
Vertical US Newco, Inc.	(6)(9)		L + 3.50	%		8.60	%		7/30/2027		17,796		17,847		17,681		0.07
Victory Buyer, LLC	(9)		SOFR + 3.75	%		9.26	%		11/19/2028		22,748		22,667		20,658		0.09
													328,498		334,824		1.42
Insurance
Acrisure LLC	(9)		L + 4.25	%		9.44	%		2/15/2027		2,247		2,224		2,207		0.01
Alera Group, Inc.	(4)(10)		SOFR + 6.00	%		11.20	%		10/2/2028		63,634		63,148		62,044		0.26
Alliant Holdings Intermediate, LLC	(9)		L + 3.50	%		8.65	%		11/6/2027		4,504		4,503		4,483		0.02
Amerilife Holdings LLC	(4)(10)		SOFR + 5.75	%		10.88	%		8/31/2029		307,749		302,326		304,671		1.28
Amerilife Holdings LLC	(4)(7)(10)		SOFR + 4.75	%		10.88	%		8/31/2029		8,119		7,280		7,632		0.03
Amerilife Holdings LLC	(4)(7)(10)		SOFR + 5.75	%		10.62	%		8/31/2029		51,291		50,160		50,521		0.21
AssuredPartners, Inc.	(9)		SOFR + 3.50	%		8.72	%		2/12/2027		18,001		17,875		17,851		0.08
Baldwin Risk Partners, LLC	(6)(9)		L + 3.50	%		8.65	%		10/14/2027		7,844		7,818		7,730		0.03
Benefytt Technologies, Inc.	(4)(10)(17)		SOFR + 10.75	%		15.85	%		8/12/2027		98,483		95,433		46,780		0.20
Benefytt Technologies, Inc.	(4)(7)(10)(17)		SOFR + 10.75	%		15.74	%		8/12/2027		23,929		23,378		11,330		0.05
BroadStreet Partners, Inc.	(8)		SOFR + 2.75	%		7.97	%		1/27/2027		9,857		9,837		9,749		0.04
CFC Underwriting, Ltd.	(4)(6)(7)(9)		SOFR + 5.00	%		10.05	%		5/16/2029		138,161		135,048		137,957		0.58
Foundation Risk Partners Corp.	(4)(7)(10)		SOFR + 6.25	%		11.49	%		10/29/2028		27,851		27,402		26,594		0.11
Foundation Risk Partners Corp.	(4)(7)(10)		SOFR + 6.25	%		11.59	%		10/30/2028		23,644		23,289		22,613		0.10
Galway Borrower, LLC	(4)(5)(7)(10)		SOFR + 5.25	%		10.59	%		9/29/2028		220,614		217,301		215,739		0.91
High Street Buyer, Inc.	(4)(5)(7)(10)		SOFR + 6.00	%		11.39	%		4/14/2028		90,998		89,672		90,232		0.38
High Street Buyer, Inc.	(4)(5)(7)(10)		SOFR + 5.75	%		11.14	%		4/16/2028		42,367		41,364		41,114		0.17
Howden Group Holdings Limited	(6)(10)		L + 3.25	%		8.50	%		11/12/2027		13,427		13,371		13,376		0.06
Integrity Marketing Acquisition, LLC	(4)(11)		SOFR + 6.05	%		11.41	%		8/27/2025		39,158		38,880		38,375		0.16
Integrity Marketing Acquisition, LLC	(4)(5)(10)		SOFR + 6.05	%		11.31	%		8/27/2025		41,199		40,876		40,375		0.17
Integrity Marketing Acquisition, LLC	(4)(5)(7)(10)		SOFR + 6.02	%		11.28	%		8/27/2025		96,284		94,971		94,338		0.40
Integrity Marketing Acquisition, LLC	(4)(5)(7)(10)		SOFR + 6.00	%		11.08	%		8/27/2025		2,276		2,204		2,209		0.01
Integrity Marketing Acquisition, LLC	(4)(5)(10)		SOFR + 6.02	%		11.38	%		8/27/2025		72,350		71,718		70,903		0.30
Integrity Marketing Acquisition, LLC	(4)(5)(10)		SOFR + 6.03	%		11.39	%		8/27/2025		2,327		2,307		2,281		0.01

23

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 30, 2023

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread			Interest Rate (2)(15)			Maturity Date		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt —non-controlled/non-affiliated (continued)
Insurance (continued)
Jones Deslauriers Insurance Management, Inc.	(5)(6)(10)		C + 4.25	%		9.29	%		3/27/2028	CAD	10,619		8,386		7,824		0.03
Jones Deslauriers Insurance Management, Inc.	(5)(6)(8)		C + 4.25	%		9.29	%		3/27/2028	CAD	28,017		21,923		20,640		0.09
NFP Corp.	(8)		SOFR + 3.25	%		8.47	%		2/15/2027		13,526		13,466		13,280		0.06
PGIS Intermediate Holdings, LLC	(4)(5)(7)(10)		SOFR + 5.75	%		11.14	%		10/16/2028		24,381		24,024		23,463		0.10
Riser Merger Sub, Inc.	(4)(10)		S + 5.75	%		9.93	%		8/1/2028	GBP	13,614		16,696		16,443		0.07
Riser Merger Sub, Inc.	(4)(10)		SOFR + 5.88	%		11.12	%		8/1/2028		207,540		204,015		197,163		0.83
Riser Merger Sub, Inc.	(4)(7)(10)		P + 4.88	%		13.13	%		8/1/2028		6,494		6,080		5,276		0.02
Riser Merger Sub, Inc.	(4)(7)(10)		SOFR + 6.50	%		11.58	%		8/1/2028		2,169		1,869		1,887		0.01
RSC Acquisition, Inc.	(4)(5)(7)(10)		SOFR + 5.50	%		10.91	%		10/30/2026		71,109		70,600		68,757		0.29
SG Acquisition, Inc.	(4)(9)		SOFR + 5.50	%		10.70	%		1/27/2027		93,540		93,296		90,500		0.38
Shelf Bidco Ltd	(4)(6)(10)(18)		SOFR + 6.34	%		10.93	%		1/3/2030		132,377		128,657		129,068		0.54
Tennessee Bidco Limited	(4)(6)(8)		E + 7.00	%		9.94	%		8/3/2028	EUR	5,436		6,944		5,828		0.02
Tennessee Bidco Limited	(4)(5)(6)(7)(8)		S + 7.28	%		10.70	%		7/9/2028	GBP	48,569		46,030		51,865		0.22
Tennessee Bidco Limited	(4)(5)(6)(8)		S + 7.28	%		12.07	%		7/9/2028	GBP	80,971		110,378		101,124		0.42
Tennessee Bidco Limited	(4)(5)(6)(8)		L + 7.00	%		12.09	%		7/9/2028		166,473		162,853		163,559		0.69
Tennessee Bidco Limited	(4)(5)(6)(8)		L + 7.00	%		12.66	%		8/3/2028		48,283		47,706		47,438		0.20
Tennessee Bidco Limited	(4)(6)(8)		L + 6.25	%		11.68	%		8/3/2028		66,086		65,545		62,947		0.26
USI, Inc.	(9)		SOFR + 3.75	%		8.99	%		11/22/2029		8,957		8,873		8,957		0.04
													2,419,726		2,337,123		9.84
Interactive Media & Services
Ancestry.com Operations, Inc	(9)		SOFR + 3.25	%		8.45	%		12/6/2027		8,306		8,261		8,031		0.03
MH Sub I, LLC	(11)		SOFR + 3.75	%		8.85	%		9/13/2024		4,530		4,527		4,536		0.02
Project Boost Purchaser, LLC	(9)		SOFR + 3.50	%		8.72	%		5/30/2026		4,912		4,866		4,860		0.02
													17,654		17,427		0.07

24

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 30, 2023

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread			Interest Rate (2)(15)			Maturity Date		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt —non-controlled/non-affiliated (continued)
Internet & Direct Marketing Retail
Donuts, Inc.	(4)(11)		SOFR + 6.00	%		11.27	%		12/29/2026		234,562		233,120		232,216		0.98
Donuts, Inc.	(4)(11)		SOFR + 6.00	%		11.27	%		12/29/2027		274,338		274,338		271,595		1.14
Hoya Midco, LLC	(6)(9)		SOFR + 3.25	%		8.30	%		2/3/2029		9,593		9,550		9,529		0.04
Prodege International Holdings, LLC	(4)(10)		SOFR + 5.75	%		11.15	%		12/15/2027		558,863		551,671		530,920		2.23
Wireless Vision, LLC	(4)(11)		L + 5.50	%		10.66	%		12/30/2025		16,968		16,968		16,968		0.07
													1,085,647		1,061,228		4.46
IT Services
Ahead DB Holdings, LLC	(5)(10)		SOFR + 3.75	%		9.09	%		10/18/2027		2,557		2,566		2,395		0.01
AI Altius Bidco, Inc.	(4)(5)(8)		9.75	%		9.75 PIK	%		12/21/2029		24,510		24,014		23,713		0.10
AI Altius Bidco, Inc.	(4)(5)(7)(10)		SOFR + 5.18	%		10.47	%		12/21/2028		140,722		138,524		137,636		0.58
BCP V Everise Acquisition, LLC	(4)(10)		SOFR + 6.25	%		11.14	%		5/3/2027		70,402		69,048		69,346		0.29
Dcert Buyer, Inc.	(8)		SOFR + 4.00	%		9.26	%		10/16/2026		19,608		19,628		19,470		0.08
Endurance International Group Holdings, Inc.	(10)		L + 3.50	%		8.79	%		2/10/2028		44,826		44,538		41,856		0.18
Infostretch Corporation	(4)(10)		SOFR + 5.75	%		11.14	%		4/1/2028		181,170		178,300		171,659		0.72
Inovalon Holdings, Inc.	(4)(7)(10)		SOFR + 6.25	%		11.66 (incl. 2.75 PIK	%  %  )		11/24/2028		971,326		952,400		960,369		4.04
Monterey Financing, S.A.R.L	(4)(6)(8)		CI + 6.00	%		9.62	%		9/28/2029	DKK	560,750		72,204		80,112		0.34
Monterey Financing, S.A.R.L	(4)(6)(9)		N + 6.00	%		10.33	%		9/28/2029	NOK	599,094		54,552		54,433		0.23
Monterey Financing, S.A.R.L	(4)(6)(8)		ST + 6.00	%		9.88	%		9/28/2029	SEK	243,186		21,241		21,976		0.09
Monterey Financing, S.A.R.L	(4)(6)(7)(8)		E + 6.00	%		9.55	%		9/28/2029	EUR	76,519		69,695		83,686		0.35
Park Place Technologies, LLC	(11)		SOFR + 5.00	%		10.20	%		11/10/2027		792		794		773		0.00
Razor Holdco, LLC	(4)(10)		L + 5.75	%		10.90	%		10/25/2027		188,557		185,843		187,143		0.79
Red River Technology, LLC	(4)(11)		SOFR + 6.00	%		11.20	%		5/26/2027		148,554		146,863		148,554		0.62
S&P Global Engineering Solutions	(4)(7)(11)		SOFR + 7.00	%		12.08	%		5/2/2030		1,600		1,546		1,545		0.01

25

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 30, 2023

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread			Interest Rate (2)(15)			Maturity Date		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt —non-controlled/non-affiliated (continued)
IT Services (continued)
TierPoint, LLC	(10)		L + 3.75	%		9.23	%		5/5/2026		12,305		12,265		12,259		0.05
Turing Holdco, Inc.	(4)(5)(6)(8)		E + 6.00	%		9.43 (incl. 2.50 PIK	%  %  )		9/28/2028	EUR	16,320		18,494		17,495		0.07
Turing Holdco, Inc.	(4)(5)(6)(8)		E + 6.00	%		9.18 (incl. 2.50 PIK	%  %  )		8/3/2028	EUR	12,000		13,616		12,863		0.05
Turing Holdco, Inc.	(4)(5)(6)(8)		L + 6.00	%		11.76	%		9/28/2028		12,655		12,371		12,434		0.05
Virtusa Corp.	(10)		L + 3.75	%		9.33	%		2/11/2028		8,872		8,883		8,783		0.04
Virtusa Corp.	(10)		SOFR + 3.75	%		8.95	%		2/15/2029		2,434		2,409		2,409		0.01
													2,049,794		2,070,909		8.70
Leisure Products
Lew’s Intermediate Holdings, LLC	(4)(10)		SOFR + 5.00	%		10.26	%		2/11/2028		25,781		25,634		19,980		0.08
Motion Finco, LLC	(6)(8)		L + 3.25	%		8.79	%		11/12/2026		3,706		3,634		3,680		0.02
Recess Holdings, Inc.	(11)		L + 3.75	%		9.02	%		9/30/2024		11,816		11,805		11,838		0.05
													41,073		35,498		0.15
Life Sciences Tools & Services
Cambrex Corp.	(10)		SOFR + 3.50	%		8.70	%		12/4/2026		4,510		4,522		4,479		0.02
Curia Global, Inc.	(10)		SOFR + 3.75	%		8.90	%		8/30/2026		40,437		40,451		34,963		0.15
Jupiter Bidco Limited	(4)(6)(7)(9)		E + 6.25	%		9.85	%		8/27/2029	EUR	5,860		2,169		6,075		0.03
Jupiter Bidco Limited	(4)(6)(10)		SOFR + 6.25	%		11.49	%		8/27/2029		88,177		85,851		85,532		0.36
LSCS Holdings, Inc.	(9)		L + 4.50	%		9.69	%		12/16/2028		8,050		8,018		7,879		0.03
Maravai Intermediate Holdings, LLC	(6)(9)		SOFR + 3.00	%		8.03	%		10/19/2027		1,949		1,964		1,950		0.01
Packaging Coordinators Midco, Inc.	(10)		SOFR + 3.50	%		9.00	%		11/30/2027		1,872		1,872		1,848		0.01
													144,847		142,726		0.61
Machinery
Chart Industries, Inc.	(6)(9)		SOFR + 3.75	%		8.94	%		3/15/2030		5,985		5,934		5,987		0.03
MHE Intermediate Holdings, LLC	(4)(5)(7)(11)		SOFR + 6.00	%		11.20	%		7/21/2027		10,384		10,232		10,080		0.04
MHE Intermediate Holdings, LLC	(4)(5)(11)		SOFR + 6.25	%		11.45	%		7/21/2027		1,278		1,250		1,252		0.01
MHE Intermediate Holdings, LLC	(4)(5)(11)		SOFR + 6.00	%		9.16	%		7/21/2027		1,187		1,171		1,154		0.00
Pro Mach Group, Inc.	(11)		L + 4.00	%		9.19	%		8/31/2028		7,367		7,302		7,358		0.03
													25,889		25,831		0.11

26

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 30, 2023

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread			Interest Rate (2)(15)			Maturity Date		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt —non-controlled/non-affiliated (continued)
Marine
Armada Parent, Inc.	(4)(7)(10)		SOFR + 5.75	%		11.11	%		10/29/2027		232,791		228,960		227,594		0.96
Media
Clear Channel Outdoor Holdings, Inc.	(6)(8)		SOFR + 3.50	%		8.75	%		8/21/2026		33,506		32,834		32,064		0.13
Digital Media Solutions, LLC	(6)(10)		L + 5.00	%		10.54	%		5/25/2026		29,368		28,940		23,155		0.10
McGraw-Hill Education, Inc.	(9)		L + 4.75	%		9.99	%		7/28/2028		18,408		18,270		17,303		0.07
Radiate Holdco, LLC	(10)		SOFR + 3.25	%		8.48	%		9/25/2026		47,227		47,134		39,535		0.17
Terrier Media Buyer, Inc.	(8)		L + 3.50	%		8.66	%		12/17/2026		529		531		475		0.00
Trader Corp.	(4)(6)(7)(10)		C + 6.75	%		11.96	%		12/22/2029	CAD	110,234		78,970		82,158		0.35
Univision Communications, Inc.	(10)		L + 3.25	%		8.44	%		3/15/2026		12,062		12,068		11,978		0.05
													218,747		206,668		0.87
Metals & Mining
American Rock Salt Company, LLC	(10)		SOFR + 4.00	%		9.22	%		6/9/2028		19,584		19,570		18,491		0.08
SCIH Salt Holdings, Inc.	(10)		L + 4.00	%		9.19	%		3/16/2027		13,456		13,390		13,279		0.06
													32,960		31,770		0.14
Oil, Gas & Consumable Fuels
Eagle Midstream Canada Finance, Inc.	(4)(6)(10)		SOFR + 6.25	%		11.34	%		8/15/2028		30,190		29,624		29,964		0.13
Freeport LNG Investments, LLLP	(9)		L + 3.50	%		8.75	%		12/21/2028		35,355		35,278		34,703		0.15
KKR Alberta Midsteam FINCE Inc	(4)(6)(10)		SOFR + 6.25	%		11.34	%		8/15/2028		16,424		16,116		16,301		0.07
													81,018		80,968		0.35
Paper & Forest Products
Profile Products, LLC	(4)(7)(10)		SOFR + 5.75	%		10.99	%		11/12/2027		64,012		63,100		61,765		0.26
Profile Products, LLC	(4)(7)(10)		P + 4.75	%		13.00	%		11/12/2027		9,125		8,984		8,804		0.04
													72,084		70,569		0.30
Pharmaceuticals
Doc Generici (Diocle S.p.A.)	(4)(6)(7)(8)		E + 6.50	%		10.55	%		10/27/2028	EUR	60,136		58,044		64,376		0.27
Padagis, LLC	(6)(9)		L + 4.75	%		9.97	%		7/6/2028		29,371		29,335		27,866		0.12
Rhea Parent, Inc.	(4)(5)(10)		SOFR + 5.75	%		11.14	%		2/18/2029		204,535		201,241		204,535		0.86
Sharp Midco, LLC	(4)(9)		SOFR + 4.00	%		9.34	%		12/31/2028		5,256		5,246		5,177		0.02
													293,866		301,954		1.27
Professional Services
ALKU, LLC	(4)(10)		SOFR + 6.25	%		11.33	%		3/1/2028		55,548		54,190		54,853		0.23
Apex Companies, LLC	(4)(7)(11)		SOFR + 6.25	%		11.30	%		1/31/2028		1,605		1,560		1,576		0.01
APFS Staffing Holdings Inc	(4)(9)		SOFR + 4.00	%		9.10	%		12/29/2028		3,258		3,251		3,185		0.01

27

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 30, 2023

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread			Interest Rate (2)(15)			Maturity Date		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt —non-controlled/non-affiliated (continued)
Professional Services (continued)
Aqgen Island Holdings, Inc.	(9)		SOFR + 3.50	%		8.72	%		8/2/2028		42,633		42,519		42,021		0.18
Armor Holdco, Inc.	(6)(9)		SOFR + 4.50	%		10.09	%		12/11/2028		3,582		3,554		3,593		0.02
CFGI Holdings, LLC	(4)(7)(10)		SOFR + 5.00	%		10.25	%		11/2/2027		21,544		20,944		21,145		0.09
Chronicle Bidco, Inc.	(4)(11)		SOFR + 6.75	%		11.61	%		5/18/2029		45,539		45,246		44,628		0.19
Chronicle Bidco, Inc.	(4)(7)(11)		SOFR + 6.75	%		11.85	%		5/18/2029		1,169		1,169		1,083		0.00
Claims Automation Intermediate 2, LLC	(4)(7)(10)		SOFR + 4.75	%		9.95	%		12/16/2027		45,146		43,965		43,558		0.18
Clearview Buyer, Inc.	(4)(5)(7)(10)		SOFR + 5.25	%		10.59	%		8/26/2027		149,730		147,315		146,243		0.61
CoreLogic, Inc.	(9)		L + 3.50	%		8.75	%		6/2/2028		40,929		40,693		37,051		0.16
Cumming Group, Inc.	(4)(7)(11)		SOFR + 6.00	%		11.10	%		5/26/2027		183,485		180,890		178,309		0.75
Cumming Group, Inc.	(4)(7)(11)		SOFR + 6.00	%		11.10	%		11/16/2027		1,252		1,215		1,218		0.01
Deerfield Dakota Holding, LLC	(11)		SOFR + 3.75	%		8.99	%		4/9/2027		85,532		85,172		83,226		0.35
Eliassen Group, LLC	(4)(10)		SOFR + 5.50	%		10.84	%		4/14/2028		63,502		62,820		62,232		0.26
Eliassen Group, LLC	(4)(7)(10)		SOFR + 5.50	%		10.69	%		4/14/2028		2,165		2,060		1,874		0.01
Emerald US, Inc.	(6)(8)		SOFR + 3.25	%		8.75	%		7/12/2028		3,869		3,866		3,850		0.02
EP Purchaser LLC	(9)		SOFR + 3.50	%		9.00	%		11/6/2028		1,995		1,955		1,958		0.01
Galaxy US Opco, Inc.	(6)(9)		SOFR + 4.75	%		9.85	%		4/29/2029		12,233		11,978		11,530		0.05
Guidehouse, Inc.	(4)(5)(10)		SOFR + 6.25	%		11.45	%		10/16/2028		1,191,610		1,182,030		1,167,778		4.91
HIG Orca Acquisition Holdings, Inc.	(4)(5)(11)		SOFR + 6.00	%		11.40	%		8/17/2027		94,317		93,018		93,373		0.39
HIG Orca Acquisition Holdings, Inc.	(4)(5)(7)(11)		SOFR + 6.00	%		11.26	%		8/17/2027		2,591		2,496		2,499		0.01
HIG Orca Acquisition Holdings, Inc.	(4)(5)(7)(11)		SOFR + 6.00	%		11.27	%		8/12/2027		8,861		8,844		8,675		0.04
IG Investments Holdings, LLC	(4)(5)(10)		SOFR + 6.00	%		11.15	%		9/22/2028		16,296		16,166		16,214		0.07
IG Investments Holdings, LLC	(4)(5)(7)(10)		SOFR + 6.00	%		11.20	%		9/22/2028		429,847		422,793		427,473		1.80
Inmar, Inc.	(9)		SOFR + 5.50	%		10.73	%		5/1/2026		29,902		28,852		29,117		0.12
Kaufman Hall & Associates, LLC	(4)(10)		SOFR + 5.25	%		10.45	%		12/14/2028		77,025		75,824		77,025		0.32
Kaufman Hall & Associates, LLC	(4)(10)		SOFR + 5.25	%		10.40	%		12/14/2028		19,840		19,531		19,840		0.08
Kwor Acquisition, Inc.	(4)(7)(10)		SOFR + 5.25	%		10.45	%		12/22/2028		1,149		1,095		969		0.00
Kwor Acquisition, Inc.	(4)(7)(11)		P + 4.25	%		12.50	%		12/22/2027		6,707		6,571		6,280		0.03
Legacy Intermediate, LLC	(4)(5)(7)(10)		SOFR + 5.75	%		11.13	%		2/25/2028		122,405		120,526		122,046		0.51
Mantech International CP	(4)(7)(10)		SOFR + 5.75	%		10.80	%		9/14/2029		774,500		757,188		763,782		3.21
Material Holdings, LLC	(4)(5)(7)(10)		SOFR + 6.00	%		11.34	%		8/19/2027		257,577		253,807		241,169		1.01
Minotaur Acquisition, Inc.	(8)		SOFR + 4.75	%		9.95	%		3/27/2026		224,879		220,034		221,717		0.93
National Intergovernmental Purchasing Alliance Co.	(8)		SOFR + 3.50	%		8.74	%		5/23/2025		4,185		4,172		4,171		0.02
Petrus Buyer Inc	(4)(7)(10)		SOFR + 6.50	%		11.52	%		10/17/2029		36,082		34,817		35,088		0.15
Polyconcept Investments B.V.	(10)		SOFR + 5.50	%		10.60	%		5/18/2029		44,663		43,908		42,463		0.18
Sherlock Buyer Corp.	(4)(7)(10)		SOFR + 5.75	%		11.09	%		12/8/2028		6,455		6,202		6,125		0.03
Thevelia US, LLC	(5)(6)(9)		SOFR + 4.00	%		9.05	%		6/18/2029		34,379		33,072		34,336		0.14
Trinity Air Consultants Holdings Corp.	(4)(7)(10)		L + 5.25	%		10.62	%		6/29/2027		19,719		19,068		19,176		0.08

28

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 30, 2023

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread			Interest Rate (2)(15)			Maturity Date		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt —non-controlled/non-affiliated (continued)
Professional Services (continued)
Trinity Air Consultants Holdings Corp.	(4)(7)(10)		L + 5.25	%		10.35	%		6/29/2027		26,358		25,885		25,911		0.11
Trinity Partners Holdings, LLC	(4)(7)(10)		SOFR + 5.75	%		11.53	%		12/21/2028		386,413		379,379		381,391		1.60
Victors CCC Buyer, LLC	(4)(7)(10)		SOFR + 5.75	%		11.02	%		6/1/2029		145,530		143,087		145,219		0.61
Victors CCC Buyer, LLC	(4)(7)(10)		SOFR + 5.75	%		10.45	%		6/1/2029		4,381		3,887		4,381		0.02
VT Topco, Inc.	(10)		SOFR + 3.75	%		8.97	%		8/1/2025		12,758		12,722		12,613		0.05
VT Topco, Inc.	(7)(10)		L + 3.75	%		7.82	%		8/1/2025		553		553		547		0.00
West Monroe Partners, LLC	(4)(7)(10)		L + 5.25	%		10.40	%		11/8/2028		726,236		715,114		700,818		2.95
West Monroe Partners, LLC	(4)(7)(10)		L + 5.25	%		10.41	%		11/8/2027		18,857		17,775		18,197		0.08
													5,402,778		5,371,526		22.59
Real Estate Management & Development
McCarthy & Stone PLC	(4)(5)(6)(8)		7.00	%		7.00	%		12/16/2025	GBP	20,000		28,045		23,771		0.10
Progress Residential PM Holdings, LLC	(4)(7)(10)		SOFR + 6.25	%		11.66	%		2/16/2028		70,324		69,139		70,324		0.30
Progress Residential PM Holdings, LLC	(4)(7)(10)		SOFR + 6.25	%		11.66	%		7/25/2029		15,205		14,876		15,205		0.06
													112,060		109,300		0.46
Software
2U, Inc.	(6)(10)		SOFR + 6.50	%		11.32	%		12/28/2026		5,311		5,073		5,129		0.02
Anaplan, Inc.	(4)(7)(10)		SOFR + 6.50	%		11.60	%		6/21/2029		537,534		527,564		531,679		2.23
Apex Group Treasury, LLC	(6)(9)		L + 3.75	%		9.07	%		7/27/2028		15,218		15,191		15,047		0.06
Apttus Corp.	(10)		L + 4.25	%		9.52	%		5/8/2028		11,657		11,646		11,451		0.05
Armstrong Bidco Limited	(4)(6)(8)		S + 5.25	%		10.18	%		6/28/2029	GBP	314,735		375,234		376,669		1.58
Armstrong Bidco Limited	(4)(6)(7)(8)		S + 5.25	%		10.18	%		6/28/2029	GBP	144,252		171,479		176,663		0.74
Avalara Inc	(4)(7)(10)		SOFR + 7.25	%		12.49	%		10/19/2028		23,077		22,516		22,823		0.10
AxiomSL Group, Inc.	(4)(7)(11)		SOFR + 5.75	%		10.97	%		12/3/2027		77,822		76,635		77,767		0.33
Beeline, LLC	(4)(7)(10)		SOFR + 5.25	%		10.38	%		5/2/2029		44,759		44,358		44,502		0.19
Beeline, LLC	(4)(7)(10)		SOFR + 5.25	%		10.35	%		5/2/2028		924		879		896		0.00
BlueCat Networks USA, Inc.	(4)(7)(10)		SOFR + 6.00	%		11.24 (incl. 2.00 PIK	%  %  )		8/8/2028		69,081		67,814		67,578		0.28
BlueCat Networks USA, Inc.	(4)(7)(10)		SOFR + 6.00	%		11.08	%		8/8/2028		7,545		7,378		7,424		0.03
Boxer Parent Company, Inc.	(8)		SOFR + 3.75	%		8.97	%		10/2/2025		14,798		14,756		14,698		0.06

29

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 30, 2023

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread			Interest Rate (2)(15)			Maturity Date		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt —non-controlled/non-affiliated (continued)
Software (continued)
CDK Global Inc.	(9)		SOFR + 4.25	%		9.49	%		7/6/2029		2,992		2,981		2,988		0.01
Circana Group, L.P.	(4)(10)		SOFR + 5.75	%		10.95	%		12/1/2028		685,350		673,410		678,496		2.85
Circana Group, L.P.	(4)(10)		SOFR + 6.25	%		11.39 (incl. 2.75 PIK	%  %  )		12/1/2028		894,308		879,364		880,894		3.70
Circana Group, L.P.	(4)(7)(10)		SOFR + 4.75	%		10.92	%		12/1/2027		8,393		6,654		7,344		0.03
Cloudera, Inc.	(9)		SOFR + 3.75	%		8.95	%		10/8/2028		36,870		36,458		36,075		0.15
Community Brands ParentCo, LLC	(4)(5)(7)(10)		SOFR + 5.75	%		10.70	%		2/24/2028		15,169		14,752		14,631		0.06
Confine Visual Bidco	(4)(6)(7)(10)		SOFR + 5.75	%		10.80	%		2/23/2029		258,821		251,938		232,196		0.98
Connatix Buyer, Inc.	(4)(5)(7)(10)		L + 5.50	%		10.65	%		7/14/2027		108,467		106,568		102,526		0.43
ConnectWise, LLC	(9)		L + 3.50	%		8.69	%		9/29/2028		28,465		28,394		27,789		0.12
Cornerstone OnDemand, Inc.	(9)		SOFR + 3.75	%		9.25	%		10/16/2028		27,280		27,191		25,490		0.11
Coupa Software Inc.	(4)(6)(7)(10)		SOFR + 7.50	%		12.60	%		2/27/2030		1,836		1,787		1,805		0.01
Delta Topco, Inc.	(10)		SOFR + 3.75	%		9.07	%		12/1/2027		34,886		34,852		33,840		0.14
Diligent Corporation	(4)(11)		L + 5.75	%		10.95	%		8/4/2025		87,975		87,381		85,336		0.36
Discovery Education, Inc.	(4)(7)(10)		SOFR + 5.75	%		10.71	%		4/9/2029		469,783		461,174		447,585		1.88
DTI Holdco, Inc.	(4)(7)(10)		P + 3.75	%		12.00	%		4/26/2027		3,680		3,680		2,702		0.01
DTI Holdco, Inc.	(10)		SOFR + 4.75	%		9.80	%		4/26/2029		32,710		31,903		30,533		0.13
ECI Macola Max Holding, LLC	(6)(10)		SOFR + 3.75	%		9.25	%		11/9/2027		11,949		11,970		11,841		0.05
Epicor Software Corp.	(10)		SOFR + 3.25	%		8.47	%		7/30/2027		5,952		5,976		5,886		0.02
Episerver, Inc.	(4)(5)(7)(11)		SOFR + 5.50	%		10.89	%		4/9/2026		24,973		24,668		22,829		0.10
Experity, Inc.	(4)(5)(7)(10)		SOFR + 5.75	%		11.09	%		2/24/2028		137,203		135,034		132,776		0.56
Forterro UK Ltd.	(4)(6)(8)		ST + 4.75	%		8.17	%		7/9/2029	SEK	112,563		10,441		10,240		0.04
Forterro UK Ltd.	(4)(6)(9)		SA + 4.75	%		6.45	%		7/9/2029	CHF	10,674		10,719		11,722		0.05
Forterro UK Ltd.	(4)(6)(7)(8)		E + 4.75	%		7.81	%		7/9/2029	EUR	31,713		30,666		34,550		0.15
Forterro UK Ltd.	(4)(6)(10)		S + 4.75	%		9.68	%		7/9/2029	GBP	8,894		10,452		11,093		0.05
GI Consilio Parent, LLC	(7)(9)		L + 4.00	%		9.19	%		5/12/2028		40,121		39,445		38,739		0.16
Gigamon Inc.	(4)(7)(10)		SOFR + 5.75	%		10.89	%		3/9/2029		434,540		427,270		433,389		1.82
GovernmentJobs.com, Inc.	(4)(7)(10)		SOFR + 5.50	%		10.70	%		12/1/2028		144,141		141,512		140,006		0.59
GovernmentJobs.com, Inc.	(4)(7)(10)		SOFR + 5.50	%		10.70	%		12/2/2027		7,411		7,158		7,016		0.03
GraphPAD Software, LLC	(4)(7)(11)		L + 5.50	%		10.71	%		4/27/2027		2,637		2,558		2,413		0.01
GraphPAD Software, LLC	(4)(7)(11)		L + 5.50	%		10.87	%		4/27/2027		17,150		16,959		16,765		0.07

30

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 30, 2023

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread			Interest Rate (2)(15)			Maturity Date		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt —non-controlled/non-affiliated (continued)
Software (continued)
Greeneden U.S. Holdings II, LLC	(10)		SOFR + 4.00	%		9.22	%		12/1/2027		5,845		5,869		5,837		0.02
HS Purchaser, LLC	(10)		SOFR + 4.00	%		9.15	%		11/19/2026		48,586		48,569		44,457		0.19
Hyland Software, Inc.	(10)		L + 3.50	%		8.69	%		7/1/2024		9,799		9,804		9,731		0.04
Idera, Inc.	(10)		SOFR + 3.75	%		9.01	%		3/2/2028		52,368		52,254		51,113		0.21
Imperva, Inc.	(11)		L + 4.00	%		9.34	%		1/12/2026		19,020		19,074		17,273		0.07
ION Trading Finance Ltd.	(6)(8)		SOFR + 4.75	%		10.09	%		4/3/2028		27,883		27,904		27,405		0.12
Kaseya, Inc.	(4)(7)(10)		SOFR + 6.25	%		11.36	%		6/25/2029		748,131		734,106		739,866		3.11
LD Lower Holdings, Inc.	(4)(11)		SOFR + 6.50	%		11.84	%		2/8/2026		117,178		115,929		115,420		0.49
Lightbox Intermediate, LP	(4)(8)		L + 5.00	%		10.54	%		5/9/2026		37,620		36,937		36,303		0.15
Magnesium BorrowerCo, Inc.	(4)(10)		S + 5.75	%		10.68	%		5/18/2029	GBP	102,635		125,516		128,427		0.54
Magnesium BorrowerCo, Inc.	(4)(7)(10)		SOFR + 5.75	%		10.95	%		5/18/2029		962,898		940,361		945,976		3.98
Mandolin Technology Intermediate Holdings, Inc.	(4)(5)(7)(9)		SOFR + 3.75	%		9.14	%		7/31/2028		77,126		76,216		66,355		0.28
Mandolin Technology Intermediate Holdings, Inc.	(4)(5)(9)		SOFR + 6.25	%		11.64	%		6/9/2030		63,000		61,110		61,110		0.26
Medallia, Inc.	(4)(10)		L + 6.50	%		11.69 (incl. 5.83 PIK	%  %  )		10/29/2028		1,020,886		1,005,562		1,000,469		4.20
Mitnick Purchaser, Inc.	(9)		SOFR + 4.75	%		9.90	%		5/2/2029		11,794		11,745		11,455		0.05
Mitratech Holdings, Inc.	(5)(7)(10)		SOFR + 3.75	%		9.06	%		5/18/2028		16,746		15,315		14,753		0.06
Monk Holding Co.	(4)(10)(18)		SOFR + 5.70	%		10.84	%		12/1/2027		11,113		10,916		11,002		0.05
Monk Holding Co.	(4)(7)(10)		SOFR + 5.50	%		10.84	%		12/1/2027		3,579		3,140		3,022		0.01
MRI Software, LLC	(5)(7)(11)		SOFR + 5.50	%		10.84	%		2/10/2026		23,216		23,192		22,472		0.09
Neogames Connect SARL	(4)(6)(8)		E + 6.25	%		9.85	%		5/30/2028	EUR	100,400		102,070		109,542		0.46
Nintex Topco Limited	(4)(6)(10)		SOFR + 6.00	%		11.39	%		11/13/2028		678,078		667,658		634,003		2.66
NortonLifeLock, Inc.	(6)(7)(9)		SOFR + 2.00	%		7.20	%		9/12/2029		6,856		6,805		6,803		0.03
Onex AP Merger Sub, LLC	(4)(7)(10)		SOFR + 5.75	%		10.37	%		4/4/2028		21,576		21,234		21,452		0.09
Oranje Holdco Inc	(4)(7)(11)		SOFR + 7.75	%		12.79	%		2/1/2029		66,000		64,271		64,886		0.27
Perforce Software, Inc.	(8)		L + 3.75	%		8.94	%		7/1/2026		15,376		15,363		14,597		0.06
Project Alpha Intermediate Holding, Inc.	(8)		L + 4.00	%		9.20	%		4/26/2024		14,203		14,212		14,187		0.06

31

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 30, 2023

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread			Interest Rate (2)(15)			Maturity Date		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt —non-controlled/non-affiliated (continued)
Software (continued)
Project Leopard Holdings, Inc.	(7)(9)		SOFR + 5.25	%		10.45	%		7/20/2029		141,478		134,468		127,684		0.54
Proofpoint, Inc.	(5)(9)		SOFR + 6.25	%		11.47	%		8/31/2028		900		896		882		0.00
Quest Software US Holdings, Inc.	(6)(9)		SOFR + 4.25	%		9.45	%		2/1/2029		27,742		27,535		21,673		0.09
Rally Buyer, Inc.	(4)(7)(10)		SOFR + 5.50	%		10.72	%		7/19/2028		115,373		113,125		112,711		0.47
Rally Buyer, Inc.	(4)(7)(10)		SOFR + 5.75	%		10.85	%		7/19/2028		3,955		3,642		3,624		0.02
RealPage, Inc.	(9)		SOFR + 3.00	%		8.22	%		4/24/2028		1,980		1,975		1,940		0.01
Relativity ODA, LLC	(4)(7)(11)		SOFR + 6.50	%		11.70	%		5/12/2027		875		797		788		0.00
Rocket Software, Inc.	(8)		SOFR + 4.25	%		9.47	%		11/28/2025		10,756		10,761		10,665		0.04
Rocket Software, Inc.	(9)		SOFR + 4.25	%		9.47	%		11/28/2025		3,937		3,883		3,908		0.02
S2P Acquisition Borrower, Inc.	(6)(8)		SOFR + 4.00	%		9.20	%		8/14/2026		13,036		13,054		13,017		0.05
Sailpoint Technologies, Inc.	(4)(7)(10)		SOFR + 6.25	%		11.35	%		8/16/2029		384,906		377,585		379,668		1.60
Solarwinds Holdings, Inc.	(8)		SOFR + 4.00	%		8.85	%		2/5/2027		2,993		2,970		2,997		0.01
Sophia, LP	(9)		L + 3.50	%		9.04	%		10/7/2027		1,985		1,975		1,967		0.01
Sovos Compliance, LLC	(9)		SOFR + 4.50	%		9.72	%		8/11/2028		5,197		5,206		5,028		0.02
Spitfire Parent, Inc.	(4)(5)(11)		E + 5.50	%		8.79	%		3/11/2027	EUR	19,110		22,796		20,536		0.09
Spitfire Parent, Inc.	(4)(11)		SOFR + 5.50	%		11.14	%		3/11/2027		86,570		85,440		85,271		0.36
Spitfire Parent, Inc.	(4)(11)		SOFR + 5.50	%		10.61	%		3/11/2027		31,963		31,933		31,484		0.13
Stamps.com, Inc.	(4)(10)		L + 5.75	%		10.94	%		10/5/2028		859,950		847,011		838,451		3.52
Surf Holdings, LLC	(6)(8)		L + 3.50	%		8.70	%		3/5/2027		3,219		3,223		3,198		0.01
Symphony Technology Group	(5)(6)(10)		L + 4.75	%		10.03	%		7/27/2028		65,730		65,210		49,708		0.21
Symphony Technology Group	(5)(6)(9)		SOFR + 3.75	%		9.01	%		3/1/2029		30,023		29,791		28,802		0.12
Tegra118 Wealth Solutions, Inc.	(8)		SOFR + 4.00	%		9.13	%		2/18/2027		3,900		3,918		3,802		0.02
The Ultimate Software Group, Inc.	(9)		SOFR + 3.25	%		8.27	%		5/4/2026		9,968		9,967		9,797		0.04
Triple Lift, Inc.	(4)(10)		SOFR + 5.50	%		10.23	%		5/5/2028		25,915		25,505		25,397		0.11
Triple Lift, Inc.	(4)(10)		SOFR + 5.50	%		10.87	%		5/5/2028		44,154		43,543		43,271		0.18
Triple Lift, Inc.	(4)(7)(10)		SOFR + 5.25	%		10.30	%		5/5/2028		5,480		5,282		5,194		0.02
Virgin Pulse, Inc.	(10)		SOFR + 3.75	%		8.97	%		4/6/2028		41,809		41,523		39,705		0.17
Vision Solutions, Inc.	(10)		L + 4.00	%		9.51	%		4/24/2028		45,837		45,723		43,664		0.18
VS Buyer LLC	(6)(8)		SOFR + 3.25	%		8.52	%		2/28/2027		997		986		988		0.00
Zendesk Inc	(4)(7)(10)		SOFR + 7.00	%		12.25 (incl. 3.50 PIK	%  %  )		11/30/2028		920,826		894,653		906,544		3.81
													11,933,346		11,842,101		49.74
Specialty Retail
CustomInk, LLC	(4)(11)(18)		SOFR + 6.18	%		11.26	%		5/3/2026		36,866		36,452		36,866		0.15
EG America, LLC	(4)(6)(8)		SOFR + 5.50	%		10.73	%		2/28/2028		46,999		45,346		45,718		0.19
EG Dutch Finco BV	(6)(8)		SOFR + 4.00	%		9.16	%		2/7/2025		988		917		975		0.00
Runner Buyer, Inc.	(10)		L + 5.50	%		10.69	%		10/20/2028		77,025		75,757		59,791		0.25
													158,472		143,350		0.59

32

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 30, 2023

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread			Interest Rate (2)(15)			Maturity Date		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt —non-controlled/non-affiliated (continued)
Technology Hardware, Storage & Peripherals
Lytx, Inc.	(4)(11)		SOFR + 6.75	%		11.95	%		2/28/2028		45,893		45,962		45,549		0.19
Textiles, Apparel & Luxury Goods
Mad Engine Global, LLC	(11)		L + 7.00	%		12.54	%		7/15/2027		23,335		22,928		16,743		0.07
S&S Holdings, LLC	(9)		SOFR + 5.00	%		10.09	%		3/11/2028		6,396		6,297		5,613		0.02
													29,225		22,356		0.09
Trading Companies & Distributors
Foundation Building Materials, Inc.	(9)		L + 3.25	%		8.52	%		1/31/2028		14,829		14,563		14,444		0.06
Icebox Holdco III, Inc.	(9)		SOFR + 3.75	%		9.09	%		12/22/2028		15,864		15,813		15,417		0.06
LBM Acquisition, LLC	(10)		L + 3.75	%		8.90	%		12/17/2027		55,087		54,804		53,050		0.22
Park River Holdings, Inc.	(10)		L + 3.25	%		8.52	%		12/28/2027		70,686		69,541		67,967		0.29
Porcelain Acquisition Corp.	(4)(7)(11)		SOFR + 6.00	%		11.34	%		4/1/2027		82,254		80,546		79,971		0.34
Specialty Building Products Holdings, LLC	(9)		SOFR + 3.25	%		8.45	%		10/15/2028		29,885		29,834		28,680		0.12
SRS Distribution, Inc.	(9)		SOFR + 3.50	%		8.70	%		6/2/2028		8,008		7,968		7,833		0.03
SRS Distribution, Inc.	(9)		L + 3.50	%		8.69	%		6/2/2028		18,518		18,467		18,034		0.08
The Cook & Boardman Group, LLC	(11)		SOFR + 5.75	%		10.94	%		10/17/2025		24,861		24,378		22,855		0.10
The Cook & Boardman Group, LLC	(11)		SOFR + 5.75	%		10.94	%		10/18/2025		10,363		10,316		9,526		0.04
Windsor Holdings III LLC	(6)(8)		SOFR + 4.50	%		9.72	%		6/21/2030		5,000		4,925		4,918		0.02
													331,155		322,695		1.36
Transportation Infrastructure
Capstone Logistics, LLC	(4)(11)		SOFR + 4.75	%		9.95	%		11/12/2027		22,118		22,172		21,787		0.09
Enstructure LLC	(4)(7)(9)(18)		SOFR + 6.35	%		11.45	%		5/25/2029		79,972		78,013		79,972		0.34
Frontline Road Safety, LLC	(4)(10)		SOFR + 5.75	%		11.05	%		5/3/2027		169,399		167,293		162,200		0.68
Helix TS, LLC	(4)(10)		SOFR + 6.25	%		11.45	%		8/4/2027		93,261		91,988		92,794		0.39
Helix TS, LLC	(4)(7)(10)		SOFR + 6.25	%		11.65	%		8/4/2027		62,900		62,349		62,580		0.26
Italian Motorway Holdings S.à.r.l	(4)(6)(8)		E + 5.25	%		8.90	%		4/28/2029	EUR	236,429		243,181		252,802		1.06
Liquid Tech Solutions Holdings, LLC	(4)(10)		SOFR + 4.75	%		9.96	%		3/20/2028		18,997		18,931		18,665		0.08
Roadsafe Holdings, Inc.	(4)(11)		SOFR + 5.75	%		10.94	%		10/19/2027		62,029		61,208		59,703		0.25
Roadsafe Holdings, Inc.	(4)(11)		SOFR + 5.75	%		11.14	%		10/19/2027		24,748		24,748		23,820		0.10

33

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 30, 2023

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread			Interest Rate (2)(15)			Maturity Date		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt —non-controlled/non-affiliated (continued)
Transportation Infrastructure (continued)
Roadsafe Holdings, Inc.	(4)(11)		SOFR + 5.75	%		10.66	%		1/31/2029		108,100		107,170		104,033		0.44
Safety Borrower Holdings LP	(4)(5)(11)		SOFR + 5.25	%		11.01	%		9/1/2027		45,515		45,227		45,287		0.19
Safety Borrower Holdings LP	(4)(5)(7)(11)		P + 4.25	%		12.50	%		9/1/2027		1,678		1,655		1,644		0.01
Sam Holding Co, Inc.	(4)(7)(11)		L + 5.00	%		10.46	%		9/24/2027		192,854		190,164		190,690		0.80
Sam Holding Co, Inc.	(4)(7)(11)		P + 4.00	%		12.00	%		3/24/2027		1,440		1,114		1,140		0.00
TRP Infrastructure Services, LLC	(4)(11)		SOFR + 5.50	%		10.55	%		7/9/2027		72,588		71,615		65,330		0.27
													1,186,828		1,182,447		4.96
Wireless Telecommunication Services
CCI Buyer, Inc.	(10)		SOFR + 4.00	%		9.24	%		12/17/2027		18,081		18,088		17,776		0.07
Total First Lien Debt - non-controlled/non-affiliated													43,113,282		42,524,598		178.76
First Lien Debt - controlled/affiliated (excluding Investments in Joint Ventures)
Chemicals
Pigments Services, Inc.	(4)(6)(11)(16)(17)		SOFR + 8.25	%		13.24	%		4/14/2030				15,344		11,710		0.05
Pigments Services, Inc.	(4)(6)(11)(16)		SOFR + 8.25	%		13.24 (incl. 13.24 PIK	%  %  )		4/14/2030				9,069		9,069		0.04
Total First Lien Debt - controlled/affiliated (excluding Investments in Joint Ventures)													24,413		20,779		0.09
Total First Lien Debt													43,137,695		42,545,377		178.85

34

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 30, 2023

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread			Interest Rate (2)(15)			Maturity Date		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Second Lien Debt
Second Lien Debt—non-controlled/non-affiliated
Aerospace & Defense
Atlas CC Acquisition Corp.	(4)(5)(10)		SOFR + 7.63	%		13.15	%		5/25/2029		44,520		44,027		38,287		0.16
Peraton Corp.	(10)		SOFR + 7.75	%		12.98	%		2/1/2029		53,508		52,944		52,003		0.22
													96,971		90,290		0.38
Air Freight & Logistics
Wwex Uni Topco Holdings, LLC	(10)		SOFR + 7.00	%		12.50	%		7/26/2029		33,000		32,634		26,565		0.11
Capital Markets
The Edelman Financial Engines Center, LLC	(8)		L + 6.75	%		11.94	%		7/20/2026		14,000		13,911		13,564		0.06
Chemicals
Hexion Holdings Corp.	(9)		SOFR + 7.44	%		12.63	%		3/15/2030		46,000		44,937		38,103		0.16
Pearls Netherlands Bidco	(4)(6)(9)		SOFR + 7.25	%		12.30	%		2/25/2030		42,453		41,480		41,392		0.17
													86,417		79,495		0.33
Commercial Services & Supplies
DG Investment Intermediate Holdings 2, Inc.	(10)		SOFR + 6.75	%		11.97	%		3/30/2029		29,464		29,358		26,242		0.11
USIC Holdings, Inc.	(5)(10)		L + 6.50	%		11.69	%		5/14/2029		8,594		8,544		7,878		0.03
													37,902		34,120		0.14
Construction & Engineering
Thermostat Purchaser III, Inc.	(4)(7)(10)		SOFR + 7.25	%		12.66	%		8/31/2029		32,725		32,314		31,701		0.13
Diversified Consumer Services
Pre-Paid Legal Services, Inc.	(9)		L + 7.00	%		12.19	%		12/14/2029		25,000		24,797		22,750		0.10
Health Care Equipment & Supplies
Confluent Medical Technologies, Inc.	(4)(5)(9)		SOFR + 6.50	%		11.89	%		2/16/2030		52,500		51,630		52,369		0.22
Health Care Providers & Services
Canadian Hospital Specialties Ltd.	(4)(5)(6)(8)		8.75	%		8.75	%		4/15/2029	CAD	3,800		3,013		2,527		0.01
CD&R Artemis UK Bidco Ltd.	(4)(6)(8)		S + 7.50	%		12.43	%		8/19/2029	GBP	65,340		87,548		81,385		0.34
CD&R Artemis UK Bidco Ltd.	(4)(6)(9)		SOFR + 7.25	%		12.59	%		8/19/2029		25,000		24,491		24,188		0.10
Jayhawk Buyer, LLC	(4)(11)		L + 8.75	%		14.03	%		10/15/2027		6,537		6,449		6,471		0.03
													121,501		114,571		0.48

35

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 30, 2023

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread			Interest Rate (2)(15)			Maturity Date		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Second Lien Debt—non-controlled/non-affiliated (continued)
Health Care Technology
Imprivata, Inc.	(4)(9)		SOFR + 6.25	%		11.35	%		12/1/2028		44,118		43,758		41,691		0.18
Hotels, Restaurants & Leisure
Mic Glen, LLC	(9)		SOFR + 6.75	%		11.95	%		7/30/2029		16,000		15,960		14,853		0.06
Industrial Conglomerates
Victory Buyer, LLC	(4)(9)		SOFR + 7.00	%		12.51	%		11/1/2029		24,677		24,476		22,456		0.09
IT Services
Dcert Buyer, Inc.	(8)		SOFR + 7.00	%		12.26	%		2/19/2029		60,975		61,145		56,199		0.24
Inovalon Holdings, Inc.	(4)(5)(10)		SOFR + 10.50	%		15.99 (incl. 15.99 PIK	%  %  )		11/24/2033		100,783		98,661		100,783		0.42
													159,806		156,982		0.66
Life Sciences Tools & Services
Curia Global, Inc.	(4)(10)		L + 6.50	%		11.77	%		8/31/2029		45,977		45,267		37,931		0.16
LSCS Holdings, Inc.	(4)(9)		L + 8.00	%		13.19	%		12/17/2029		40,000		39,514		35,600		0.15
Phoenix Newco, Inc.	(4)(6)(9)		SOFR + 6.50	%		11.72	%		11/15/2029		52,153		51,295		52,153		0.22
													136,076		125,684		0.53
Media
Houghton Mifflin, LLC	(4)(7)(9)		SOFR + 8.50	%		13.60	%		4/8/2030		80,500		78,795		67,023		0.28
Pharmaceuticals
Sharp Midco, LLC	(4)(5)(9)		SOFR + 7.25	%		12.59	%		12/31/2029		31,500		30,860		30,634		0.13
Professional Services
Aqgen Island Holdings, Inc.	(5)(6)(9)		L + 6.50	%		11.69	%		8/2/2029		34,508		34,224		31,058		0.13
Celestial Saturn Parent, Inc.	(9)		L + 6.50	%		11.75	%		6/4/2029		134,488		133,449		109,608		0.46
Deerfield Dakota Holding, LLC	(10)		L + 6.75	%		12.29	%		4/7/2028		27,069		27,005		25,386		0.11
Thevelia US, LLC	(4)(6)(9)		SOFR + 6.75	%		12.14	%		6/17/2030		182,046		177,293		181,136		0.76
VT Topco, Inc.	(4)(10)		SOFR + 6.75	%		11.97	%		7/31/2026		35,500		35,391		33,903		0.14
													407,362		381,091		1.60
Software
Apex Group Treasury, LLC	(4)(6)(9)		L + 6.75	%		12.29	%		7/27/2029		28,153		28,177		27,731		0.12
Cloudera, Inc.	(9)		SOFR + 6.00	%		11.25	%		10/8/2029		66,697		66,260		60,694		0.26
HS Purchaser, LLC	(10)		SOFR + 6.75	%		11.95	%		11/19/2027		71,000		71,096		54,078		0.23
Human Security, Inc.	(4)(11)		SOFR + 6.75	%		11.85	%		7/22/2027		50,000		49,287		49,125		0.21
Human Security, Inc.	(4)(11)		SOFR + 6.75	%		11.97	%		7/22/2027		50,000		49,287		49,125		0.21
Idera, Inc.	(4)(10)		SOFR + 6.75	%		12.01	%		3/2/2029		30,331		30,251		26,815		0.11
Mandolin Technology Intermediate Holdings, Inc.	(4)(5)(9)		SOFR + 6.50	%		11.89	%		7/30/2029		31,950		31,612		27,956		0.12
Mitratech Holdings, Inc.	(4)(10)		L + 6.75	%		12.02	%		5/18/2029		18,000		17,941		16,423		0.07
Proofpoint, Inc.	(5)(9)		SOFR + 6.25	%		11.47	%		8/31/2029		63,274		63,116		61,534		0.26
Symphony Technology Group	(6)(10)		L + 8.25	%		13.53	%		7/27/2029		91,647		90,643		60,487		0.25

36

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 30, 2023

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread			Interest Rate (2)(15)			Maturity Date		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Second Lien Debt—non-controlled/non-affiliated (continued)
Software (continued)
Virgin Pulse, Inc.	(10)		SOFR + 7.25	%		12.47	%		4/6/2029		27,000		26,854		22,427		0.09
Vision Solutions, Inc.	(5)(10)		L + 7.25	%		12.51	%		4/23/2029		85,901		85,533		74,529		0.31
													610,057		530,924		2.24
Trading Companies & Distributors
Icebox Holdco III, Inc.	(4)(9)		SOFR + 6.75	%		12.25	%		12/21/2029		14,000		13,885		12,320		0.05
Total Second Lien Debt—non-controlled/non-affiliated													2,019,112		1,849,083		7.77
Total Second Lien Debt													2,019,112		1,849,083		7.77
Structured Finance Obligations—non-controlled/non-affiliated
Diversified Financial Services
522 Funding CLO 2020-6, Ltd.	(4)(5)(6)(8)		L + 6.50	%		11.77	%		10/23/2034		3,000		3,000		2,610		0.01
AIMCO CLO Series 2015-A	(5)(6)(8)		L + 6.60	%		11.86	%		10/17/2034		7,450		7,450		6,969		0.03
Allegro CLO XI Ltd.	(4)(5)(6)(8)		L + 7.00	%		11.23	%		1/19/2033		3,895		3,861		3,664		0.02
Apidos CLO XXXIII	(5)(6)(8)		L + 6.35	%		11.17	%		10/24/2034		5,000		4,957		4,560		0.02
Apidos CLO XXXVI	(4)(5)(6)(8)		L + 5.95	%		10.19	%		7/20/2034		8,500		8,500		7,747		0.03
Ares LXI CLO, Ltd.	(4)(5)(6)(8)		L + 6.25	%		11.06	%		10/20/2034		7,750		7,750		7,009		0.03
Ares LXII CLO, Ltd.	(4)(5)(6)(8)		L + 6.50	%		11.76	%		1/25/2034		9,000		9,000		7,993		0.03
Ares XXVII CLO, Ltd.	(5)(6)(8)		L + 6.75	%		12.00	%		10/28/2034		7,000		6,939		6,431		0.03
Balboa Bay Loan Funding 2021-2, Ltd.	(4)(5)(6)(8)		L + 6.60	%		11.41	%		1/20/2035		7,000		6,938		6,300		0.03
Barings CLO Ltd 2021-II	(4)(5)(6)(8)		L + 6.25	%		11.08	%		7/15/2034		6,000		6,000		5,300		0.02
Barings CLO Ltd 2021-III	(4)(5)(6)(8)		L + 6.65	%		11.91	%		1/18/2035		7,200		7,200		6,215		0.03
Benefit Street Partners CLO XX	(4)(5)(6)(8)		L + 6.75	%		11.58	%		7/15/2034		6,500		6,500		6,078		0.03
Benefit Street Partners LLC BSP 2020-21A	(4)(5)(6)(8)		L + 6.70	%		11.96	%		10/15/2034		3,000		2,973		2,801		0.01
BlueMountain CLO XXIX Ltd	(4)(5)(6)(8)		L + 6.86	%		12.12	%		7/25/2034		2,750		2,689		2,419		0.01
Broad River Ltd 2020-1	(4)(5)(6)(8)		L + 6.50	%		11.75	%		7/20/2034		7,000		6,950		6,493		0.03
Carlyle US CLO 2020-1, Ltd.	(4)(5)(6)(8)		L + 6.25	%		11.50	%		7/20/2034		7,000		7,000		6,349		0.03
Carval CLO V-C, LTD.	(4)(5)(6)(8)		L + 6.75	%		11.58	%		10/15/2034		8,000		7,930		7,456		0.03
Carval CLO VI-C, LTD.	(4)(5)(6)(8)		SOFR + 7.33	%		12.39	%		4/21/2034		8,750		8,670		8,323		0.03
CIFC Funding 2019-III, Ltd.	(4)(5)(6)(8)		L + 6.80	%		11.63	%		10/16/2034		8,000		8,000		7,596		0.03
CIFC Funding 2022-V, Ltd.	(4)(5)(6)(8)		SOFR + 7.55	%		12.54	%		7/16/2033		10,000		9,909		9,772		0.04
Dryden 95 CLO, Ltd.	(4)(5)(6)(8)		L + 6.15	%		11.53	%		8/20/2034		8,000		8,000		6,954		0.03
Eaton Vance CLO 2019-1 Ltd	(4)(5)(6)(8)		L + 6.50	%		11.76	%		4/15/2031		3,750		3,754		3,581		0.02

37

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 30, 2023

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread			Interest Rate (2)(15)			Maturity Date		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Structured Finance Obligations—non-controlled/non-affiliated (continued)
Diversified Financial Services (continued)
Elmwood CLO 16, Ltd.	(4)(5)(6)(8)		SOFR + 7.22	%		12.27	%		4/20/2034		6,000		5,945		5,785		0.02
Elmwood CLO III, Ltd.	(4)(5)(6)(8)		SOFR + 6.50	%		11.76	%		10/20/2034		3,500		3,500		3,304		0.01
Elmwood CLO VI, Ltd.	(5)(6)(8)		L + 6.50	%		11.76	%		10/20/2034		4,000		4,000		3,825		0.02
Flatiron RR CLO 22, LLC	(5)(6)(8)		L + 6.20	%		11.53	%		10/15/2034		5,000		5,000		4,700		0.02
Fort Washington CLO 2021-2, Ltd.	(4)(5)(6)(8)		L + 6.61	%		11.42	%		10/20/2034		12,000		11,896		10,847		0.05
Galaxy 30 CLO, Ltd.	(4)(5)(6)(8)		SOFR + 7.00	%		11.94	%		4/15/2035		3,000		2,973		2,816		0.01
Galaxy XXV CLO, Ltd.	(4)(5)(6)(8)		L + 5.95	%		11.46	%		10/25/2031		4,000		3,951		3,535		0.01
Goldentree Loan Management US Clo 12 Ltd.	(4)(5)(6)(8)		SOFR + 7.25	%		12.30	%		4/20/2034		6,500		6,444		6,261		0.03
Goldentree Loan Management US Clo 8 Ltd.	(4)(5)(6)(8)		L + 6.15	%		10.96	%		10/20/2034		6,200		6,200		5,735		0.02
Gulf Stream Meridian 5, Ltd.	(4)(5)(6)(8)		L + 6.33	%		11.59	%		7/15/2034		3,500		3,489		3,147		0.01
Gulf Stream Meridian 7, Ltd.	(4)(5)(6)(8)		SOFR + 6.90	%		10.71	%		7/15/2035		5,000		4,955		4,594		0.02
Gulf Stream Meridian GSM 2021-IIIA, Ltd.	(4)(5)(6)(8)		L + 6.75	%		12.01	%		4/15/2034		1,000		961		930		0.00
Halseypoint Clo 5, Ltd.	(4)(5)(6)(8)		L + 6.95	%		12.41	%		1/30/2035		9,500		9,332		8,712		0.04
HPS Loan Management 15-2019 Ltd	(4)(5)(6)(8)		SOFR + 6.80	%		11.60	%		1/22/2035		4,000		3,964		3,672		0.02
Jamestown CLO XIV, Ltd.	(5)(6)(8)		L + 7.20	%		12.45	%		10/20/2034		10,000		9,825		9,115		0.04
Kayne CLO III, Ltd.	(4)(5)(6)(8)		L + 6.50	%		11.76	%		4/15/2032		5,000		5,008		4,560		0.02
Magnetite XXXII Ltd	(4)(5)(6)(8)		SOFR + 6.90	%		11.89	%		4/15/2035		5,000		5,000		4,812		0.02
Morgan Stanley Eaton Vance Clo 2021-1, Ltd.	(5)(6)(8)		L + 6.75	%		12.09	%		10/20/2034		6,500		6,500		5,969		0.03
Neuberger Berman Loan Advisers CLO 38, Ltd.	(5)(6)(8)		L + 6.25	%		11.50	%		10/20/2035		11,000		11,000		10,083		0.04
OCP CLO 2021-22, Ltd.	(4)(5)(6)(8)		L + 6.60	%		11.41	%		12/2/2034		9,000		8,892		8,184		0.03
Octagon 55, Ltd	(4)(5)(6)(8)		L + 6.50	%		11.75	%		7/20/2034		11,000		10,883		9,852		0.04
Octagon 66, Ltd	(4)(5)(6)(8)		SOFR + 7.80	%		12.87	%		8/16/2033		10,000		9,908		9,742		0.04
Octagon Investment Partners 41, Ltd.	(5)(6)(8)		L + 7.13	%		12.39	%		10/15/2033		5,000		4,979		4,441		0.02
Onex Credit Partners OCP 2020-19A	(4)(5)(6)(8)		L + 6.50	%		11.75	%		10/20/2034		4,250		4,080		3,815		0.02
Palmer Square CLO 2015-1, Ltd.	(4)(5)(6)(8)		L + 6.50	%		11.88	%		5/21/2034		2,000		1,914		1,802		0.01
Palmer Square CLO 2019-1, Ltd.	(4)(5)(6)(8)		L + 6.50	%		11.82	%		11/14/2034		12,000		12,000		10,943		0.05
Palmer Square CLO 2022-1, Ltd.	(4)(5)(6)(8)		SOFR + 6.40	%		11.40	%		4/20/2035		2,500		2,500		2,296		0.01

38

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 30, 2023

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread			Interest Rate (2)(15)			Maturity Date		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Structured Finance Obligations—non-controlled/non-affiliated (continued)
Diversified Financial Services (continued)
Park Avenue Institutional Advisers CLO Ltd 2022-1	(4)(5)(6)(8)		SOFR + 7.30	%		12.34	%		4/20/2035		6,000		5,838		5,694		0.02
Post CLO 2021-1, Ltd.	(4)(5)(6)(8)		L + 6.45	%		11.28	%		10/15/2034		6,000		6,000		5,565		0.02
Post CLO 2022-1, Ltd.	(4)(5)(6)(8)		SOFR + 6.80	%		11.80	%		4/20/2035		5,000		4,978		4,596		0.02
PPM CLO 2, Ltd.	(4)(5)(6)(8)		L + 6.55	%		11.81	%		4/16/2032		5,000		5,007		4,245		0.02
PPM CLO 4, Ltd.	(5)(6)(8)		L + 6.50	%		11.76	%		10/18/2034		8,775		8,775		7,503		0.03
PPM CLO 5, Ltd.	(5)(6)(8)		L + 6.50	%		11.75	%		10/18/2034		4,800		4,800		4,104		0.02
Rad CLO 14, Ltd.	(4)(5)(6)(8)		L + 6.50	%		11.33	%		1/15/2035		6,750		6,750		6,102		0.03
Rockford Tower CLO 2021-3, Ltd.	(5)(6)(8)		L + 6.72	%		12.01	%		10/20/2034		4,000		3,948		3,305		0.01
RR 19, Ltd.	(5)(6)(8)		L + 6.50	%		10.58	%		10/15/2035		3,000		3,000		2,831		0.01
RR 20, Ltd.	(4)(5)(6)(8)		SOFR + 7.25	%		12.24	%		7/15/2037		4,000		3,963		3,840		0.02
Signal Peak 7, Ltd.	(4)(5)(6)(8)		L + 6.89	%		12.19	%		4/30/2032		3,875		3,845		3,590		0.02
Sound Point CLO XXVII, Ltd.	(4)(5)(6)(8)		L + 6.56	%		11.82	%		10/25/2034		6,900		6,780		5,623		0.02
Symphony CLO 34-PS, Ltd.	(4)(5)(6)(8)		SOFR + 7.56	%		12.59	%		7/24/2034		7,000		6,935		6,856		0.03
Trestles Clo IV, Ltd.	(4)(5)(6)(8)		L + 6.25	%		11.07	%		7/21/2034		8,000		8,000		7,259		0.03
Vibrant CLO XII, Ltd.	(4)(5)(6)(8)		L + 7.11	%		12.65	%		1/20/2034		2,875		2,852		2,614		0.01
Vibrant CLO XIII, Ltd.	(4)(5)(6)(8)		L + 7.06	%		12.32	%		7/15/2034		6,250		6,197		5,778		0.02
Voya CLO 2019-4, Ltd.	(4)(5)(6)(8)		L + 6.70	%		11.96	%		1/15/2035		8,250		8,105		7,542		0.03
Voya CLO 2020-2, Ltd.	(4)(5)(6)(8)		L + 6.40	%		11.67	%		7/19/2034		5,000		4,912		4,529		0.02
Total Structured Finance Obligations—non-controlled/non-affiliated													409,754		377,673		1.60
Equity
Equity—non-controlled/non-affiliated
Aerospace & Defense
Loar Acquisition 13, LLC - Common Units	(4)										2,890,586		4,336		7,920		0.03
Micross Topco, Inc.	(4)										116		125		146		0.00
													4,461		8,066		0.03
Air Freight & Logistics
AGI Group Holdings LP - A2 Units	(4)										1,674		1,674		1,221		0.01
Mode Holdings, L.P. - Class A-2 Common Units	(4)										1,076,923		1,077		2,272		0.01
													2,751		3,493		0.02
Distributors
Box Co-Invest Blocker, LLC	(4)										3,308,320		3,308		2,977		0.01

39

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 30, 2023

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread	Interest Rate (2)(15)			Maturity Date	Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Equity non-controlled/non-affiliated (continued)
Diversified Consumer Services
Cambium Holdings, LLC - Senior Preferred Interests	(4)			11.50	%			29,194,330		28,735		35,549		0.15
Deneb Ultimate Topco, LLC - Class A Units	(4)							4,060		4,060		2,553		0.01
										32,795		38,102		0.16
Diversified Telecommunication Services
Point Broadband Holdings, LLC - Class A Units	(4)							12,870		10,915		13,091		0.06
Point Broadband Holdings, LLC - Class B Units	(4)							685,760		1,955		3,764		0.02
Point Broadband Holdings, LLC - Class Additional A Units	(4)							147,380		420		809		0.00
Point Broadband Holdings, LLC - Class Additional B Units	(4)							2,766		2,346		2,813		0.01
										15,636		20,477		0.09
Health Care Equipment & Supplies
GCX Corporation Group Holdings, L.P. - Class A-2 Units	(4)							4,853		4,853		2,912		0.01
Health Care Providers & Services
AVE Holdings I Corp.	(4)							12,237,213		11,870		12,971		0.05
CD&R Artemis Holdco 2 Limited - Preferred Shares	(4)(6)							33,000,000		43,662		48,605		0.20
CD&R Ulysses Equity Holdings, L.P. - Common Shares	(4)(6)							6,000,000		6,090		5,040		0.02
Jayhawk Holdings, LP - A-1 Common Units	(4)							12,472		2,220		2,046		0.01
Jayhawk Holdings, LP - A-2 Common Units	(4)							6,716		1,195		1,101		0.00
Maia Aggregator, L.P. - Class A Units	(4)							19,700,000		19,700		20,094		0.08
NC Eve, L.P. - LP Interest	(4)(6)							2,500,000		3,398		2,412		0.01
										88,135		92,269		0.37
Health Care Technology
Caerus Midco 2 S.À. R.L - Additional Vehicle Units	(4)(6)							988,290		988		109		0.00
Caerus Midco 2 S.À. R.L - Vehicle Units	(4)(6)							4,941,452		4,941		4,596		0.02
										5,929		4,705		0.02
Insurance
Shelf Holdco Ltd Common Equity	(4)(6)							1,300,000		1,300		1,495		0.01
IT Services
NC Ocala Co-Invest Beta, L.P. - LP Interest	(4)							25,687,196		25,687		27,485		0.12

40

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 30, 2023

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread	Interest Rate (2)(15)			Maturity Date	Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Equity non-controlled/non-affiliated (continued)
Professional Services
Guidehouse Holding Corp. - Preferred Equity	(4)			11.50	%			54,010		52,935		61,571		0.26
OHCP V TC COI, LP. - LP Interest	(4)							6,500,000		6,500		9,425		0.04
Tricor Horizon, LP	(4)(6)							14,151,361		14,151		14,151		0.06
Victors CCC Topco, LP	(4)							9,600,000		9,600		13,440		0.06
										83,186		98,587		0.42
Software
Connatix Parent, LLC - Class L Common Units	(4)							126,136		1,388		592		0.00
Expedition Holdco, LLC	(4)							810,810		810		402		0.00
Knockout Intermediated Holdings I, Inc.	(4)							49,020		47,795		54,290		0.23
Lobos Parent, Inc. - Series A Preferred Shares	(4)			10.50	%			45,090		43,963		49,261		0.21
Mandolin Technology Holdings, Inc. - Series A Preferred Shares	(4)							31,950,000		30,992		27,797		0.12
Mimecast Limited	(4)							73,213,759		73,214		71,705		0.30
Zoro Common Equity	(4)							1,195,880		11,959		11,959		0.05
Zoro Series A Preferred Shares	(4)			12.50	%			44,535		42,976		45,982		0.19
										253,097		261,988		1.10
Transportation Infrastructure
Atlas Intermediate Holding LLC - Preferred Interest	(4)							34,238,400		33,725		32,184		0.14
Enstructure LLC	(4)							4,642,254		3,440		4,593		0.02
Frontline Road Safety Investments, LLC - Class A Common Units	(4)							58,590		6,178		4,353		0.02
Ncp Helix Holdings, LLC. - Preferred Shares	(4)							1,485,282		1,116		1,417		0.01
										44,459		42,547		0.19
Total Equity—non-controlled/non-affiliated										565,597		605,103		2.55
Total Investments—non-controlled/non-affiliated										46,107,745		45,356,457		190.68
Equity—non-controlled/affiliated
Distributors
GSO DL Co-Invest EIS LP (EIS Acquisition Holdings, LP)—Class A Common Units	(4)(6)(16)									558		2,779		0.01
Total Equity—non-controlled/affiliated										558		2,779		0.01
Total Investments—non-controlled/affiliated										558		2,779		0.01

41

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 30, 2023

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread	Interest Rate (2)(15)	Maturity Date	Par Amount/ Units (1)	Cost (3)		Fair Value		% of Net Assets
Equity—controlled/affiliated (excluding Investments in Joint Ventures)
Chemicals
Pigments LP Int	(4)(6)(16)						—		—		0.00
Diversified Financial Services
Specialty Lending Company LLC - LLC Interest	(4)(5)(6)(16)						171,900		172,665		0.73
Specialty Retail
GSO DL CoInvest CI LP (CustomInk, LLC) - Series A Preferred Units	(4)(6)(16)						1,421		1,980		0.01
Total Equity—controlled/affiliated (excluding Investments in Joint Ventures)							173,321		174,645		0.74
Total Investments—controlled/affiliated (excluding Investments in Joint Ventures)							197,734		195,424		0.83
Investments in Joint Ventures
BCRED Emerald JV	(6)(16)						2,002,500		2,010,728		8.45
BCRED Verdelite JV	(6)(16)						117,706		119,480		0.50
Total Investments in Joint Ventures Total							2,120,206		2,130,208		8.95
Total Investment Portfolio							48,426,243		47,684,868		200.47
Cash and Cash Equivalents
State Street Institutional U.S. Government Money Market Fund							26,978		26,978		0.11
Other Cash and Cash Equivalents							1,362,054		1,362,054		5.72
Total Portfolio Investments, Cash and Cash Equivalents						$	49,815,275	$	49,073,900		206.30	%

(1) Unless otherwise indicated, all debt and equity investments held by the Company (which such term “Company” shall include the Company’s consolidated subsidiaries for purposes of this Condensed Consolidated Schedule of Investments) are denominated in dollars. As of June 30, 2023, the Company had investments denominated in Canadian Dollars (CAD), Euros (EUR), British Pounds (GBP), Swiss Francs (CHF), Danish Krone (DKK), Swedish Krona (SEK), Norwegian Krone (NOK), and New Zealand Dollars (NZD). All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. The total par amount (in thousands) is presented for debt investments, while the number of shares or units (in whole amounts) owned is presented for equity investments. Each of the Company’s investments is pledged as collateral, under one or more of its credit facilities unless otherwise indicated.

42

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 30, 2023

(in thousands)

(Unaudited)

(2) Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either LIBOR (“L”), Canadian Dollar Offered Rate (“CDOR” or “C”), 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”) or an alternate base rate (commonly based on the Federal Funds Rate (“F”) or the U.S. Prime Rate (“P”)), which generally resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of June 30, 2023. Variable rate loans typically include an interest reference rate floor feature.

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

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

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

(6) The investment is not a qualifying asset under Section 55(a) of the 1940 Act. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of June 30, 2023, non-qualifying assets represented 22.2% of total assets as calculated in accordance with regulatory requirements.

(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—non-controlled/non-affiliated	Commitment Type	Commitment Expiration Date		Unfunded Commitment		Fair Value
First and Second Lien Debt
123Dentist, Inc.	Delayed Draw Term Loan		8/10/2029	$	32,114	$	(3,064	)
ACI Group Holdings, Inc.	Delayed Draw Term Loan		8/2/2023		39,051		—
ACI Group Holdings, Inc.	Revolver		8/2/2027		21,482		(322	)
ADCS Clinics Intermediate Holdings, LLC	Revolver		5/7/2027		3,902		(78	)
ADCS Clinics Intermediate Holdings, LLC	Delayed Draw Term Loan		4/14/2024		8,400		(63	)
Advancing Eyecare Center, Inc.	Delayed Draw Term Loan		6/13/2029		4,620		(116	)
AI Altius Bidco, Inc.	Delayed Draw Term Loan		12/21/2028		13,557		—
Amerilife Holdings LLC	Revolver		8/31/2028		40,596		—
Amerilife Holdings LLC	Delayed Draw Term Loan		8/31/2029		25,775		—

43

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 30, 2023

(in thousands)

(Unaudited)

Investments—non-controlled/non-affiliated	Commitment Type	Commitment Expiration Date		Unfunded Commitment		Fair Value
Amerivet Partners Management, Inc.	Revolver		2/25/2028		11,511		(460	)
Amerivet Partners Management, Inc.	Delayed Draw Term Loan		2/25/2024		41,445		—
Anaplan, Inc.	Revolver		6/21/2028		47,983		(480	)
Apex Companies, LLC	Delayed Draw Term Loan		1/31/2028		369		(5	)
Armada Parent, Inc.	Delayed Draw Term Loan		10/29/2023		11,250		—
Armada Parent, Inc.	Revolver		10/29/2027		27,000		(540	)
Armstrong Bidco Limited	Delayed Draw Term Loan		6/28/2029		25,033		—
Ascend Buyer, LLC	Revolver		9/30/2027		7,760		(78	)
athenahealth, Inc.	Delayed Draw Term Loan		2/15/2029		4,449		(156	)
Atlas CC Acquisition Corp.	Delayed Draw Term Loan		5/26/2026		14,403		(2,404	)
Atlas CC Acquisition Corp.	Revolver		5/26/2026		17,283		(1,856	)
Auris Luxembourg III Sarl	Revolver		2/27/2026		17,850		(330	)
Avalara Inc	Revolver		10/19/2028		2,308		(23	)
AxiomSL Group, Inc.	Delayed Draw Term Loan		12/3/2027		5,478		(55	)
AxiomSL Group, Inc.	Revolver		12/3/2025		5,983		—
Bazaarvoice, Inc.	Revolver		5/7/2026		42,994		—
Beeline, LLC	Revolver		5/2/2028		4,619		—
Beeline, LLC	Delayed Draw Term Loan		5/2/2029		6,659		(33	)
Benefytt Technologies, Inc.	Delayed Draw Term Loan		8/12/2023		3,573		—
BlueCat Networks USA, Inc.	Delayed Draw Term Loan		8/8/2028		4,615		—
BlueCat Networks USA, Inc.	Delayed Draw Term Loan		8/8/2028		12,159		(122	)
Caerus US 1, Inc.	Delayed Draw Term Loan		5/25/2029		59,019		(590	)
Caerus US 1, Inc.	Revolver		5/25/2029		20,181		—
Caerus US 1, Inc.	Delayed Draw Term Loan		5/25/2029		12,551		(126	)
Cambium Learning Group, Inc.	Revolver		7/20/2028		101,715		—
Canadian Hospital Specialties Ltd.	Revolver		4/14/2027		782		—
Caramel Bidco Limited	Delayed Draw Term Loan		2/24/2024		3,032		(199	)
CCBlue Bidco, Inc.	Delayed Draw Term Loan		12/21/2023		67,275		—
CEP V Investment 11 Sarl	Delayed Draw Term Loan		2/11/2028		56,171		—
CFC Underwriting, Ltd.	Delayed Draw Term Loan		11/30/2028		16,304		(204	)
CFGI Holdings, LLC	Revolver		11/2/2027		19,950		(399	)
Chronicle Bidco, Inc.	Revolver		11/14/2025		3,162		—
Circana Group, L.P.	Revolver		12/1/2027		96,517		—
Claims Automation Intermediate 2, LLC	Delayed Draw Term Loan		12/16/2027		68,521		(685	)
Clearview Buyer, Inc.	Revolver		2/26/2027		8,085		(162	)
Clearview Buyer, Inc.	Delayed Draw Term Loan		8/26/2024		33,015		—
Cobham Holdings, Inc.	Revolver		1/9/2028		376		(8	)
Community Brands ParentCo, LLC	Delayed Draw Term Loan		2/24/2024		10,809		(108	)
Community Brands ParentCo, LLC	Revolver		2/24/2028		6,330		(127	)
Confine Visual Bidco	Delayed Draw Term Loan		3/11/2024		49,522		—
Connatix Buyer, Inc.	Revolver		7/14/2027		16,294		(733	)

44

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 30, 2023

(in thousands)

(Unaudited)

Investments—non-controlled/non-affiliated	Commitment Type	Commitment Expiration Date		Unfunded Commitment		Fair Value
Connatix Buyer, Inc.	Delayed Draw Term Loan		7/14/2023		32,700		(327	)
COP Home Services TopCo IV, Inc.	Revolver		12/31/2025		11,176		(120	)
COP Home Services TopCo IV, Inc.	Revolver		12/31/2025		8,788		(94	)
COP Home Services TopCo IV, Inc.	Delayed Draw Term Loan		12/30/2027		48,936		(245	)
Coupa Software Inc.	Delayed Draw Term Loan		8/27/2024		164		(2	)
Coupa Software Inc.	Revolver		2/27/2030		126		(2	)
CPI Buyer, LLC	Revolver		11/1/2026		28,928		(579	)
CPI Intermediate Holdings Inc	Delayed Draw Term Loan		10/8/2029		111,547		(1,115	)
Cumming Group, Inc.	Revolver		5/26/2027		23,577		(589	)
Cumming Group, Inc.	Delayed Draw Term Loan		5/26/2027		343		—
DCA Investment Holdings, LLC	Delayed Draw Term Loan		4/3/2028		4,806		—
Discovery Education, Inc.	Delayed Draw Term Loan		4/9/2029		120,227		—
Discovery Education, Inc.	Revolver		4/9/2029		52,540		(2,233	)
Doc Generici (Diocle S.p.A.)	Delayed Draw Term Loan		10/26/2024		5,288		—
DTI Holdco, Inc.	Revolver		4/26/2027		6,320		—
Eliassen Group, LLC	Delayed Draw Term Loan		4/14/2028		12,360		—
Emergency Power Holdings, LLC	Delayed Draw Term Loan		8/17/2023		49,368		(511	)
Engineered Stone Group Holdings III Ltd.	Delayed Draw Term Loan		4/23/2028		23,817		—
Enstructure LLC	Delayed Draw Term Loan		5/25/2029		18,743		—
ENV Bidco AB	Delayed Draw Term Loan		7/19/2029		28,642		(4,404	)
Episerver, Inc.	Revolver		4/9/2026		3,833		(211	)
Episerver, Inc.	Delayed Draw Term Loan		4/9/2026		10,185		(560	)
Excelitas Technologies Corp.	Revolver		8/14/2028		6,996		—
Excelitas Technologies Corp.	Delayed Draw Term Loan		8/13/2029		19,214		(192	)
Experity, Inc.	Revolver		2/24/2028		10,377		—
Forterro UK Ltd.	Delayed Draw Term Loan		7/7/2029		17,829		—
Foundation Risk Partners Corp.	Revolver		10/29/2027		9,529		(143	)
Foundation Risk Partners Corp.	Delayed Draw Term Loan		10/29/2028		11,352		—
Galway Borrower, LLC	Revolver		9/30/2027		19,017		(380	)
Galway Borrower, LLC	Delayed Draw Term Loan		9/30/2023		2,364		(83	)
GCX Corporation Buyer, LLC	Delayed Draw Term Loan		9/13/2023		18,000		—
GI Consilio Parent, LLC	Revolver		2/10/2026		6,300		(358	)
GI Ranger Intermediate, LLC	Revolver		10/29/2027		6,480		—
GI Ranger Intermediate, LLC	Delayed Draw Term Loan		10/30/2028		27,360		—
Gigamon Inc.	Revolver		3/11/2028		25,774		(64	)
Go Car Wash Management Corp.	Delayed Draw Term Loan		12/31/2026		84,833		(954	)
Go Car Wash Management Corp.	Delayed Draw Term Loan		5/6/2024		15,826		—
GovernmentJobs.com, Inc.	Delayed Draw Term Loan		11/30/2023		62,600		(1,252	)
GovernmentJobs.com, Inc.	Revolver		12/2/2023		12,352		—
GraphPAD Software, LLC	Delayed Draw Term Loan		4/27/2027		8,571		(171	)
GraphPAD Software, LLC	Revolver		4/27/2027		2,832		(42	)

45

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 30, 2023

(in thousands)

(Unaudited)

Investments—non-controlled/non-affiliated	Commitment Type	Commitment Expiration Date		Unfunded Commitment		Fair Value
Groundworks, LLC	Delayed Draw Term Loan		9/13/2025		130		(2	)
Groundworks, LLC	Revolver		3/14/2029		42		(1	)
Helix TS, LLC	Delayed Draw Term Loan		6/14/2024		614		—
HIG Orca Acquisition Holdings, Inc.	Revolver		8/17/2027		6,663		—
HIG Orca Acquisition Holdings, Inc.	Delayed Draw Term Loan		8/17/2023		9,724		—
High Street Buyer, Inc.	Revolver		4/16/2027		4,186		(84	)
High Street Buyer, Inc.	Delayed Draw Term Loan		4/16/2028		40,581		—
Houghton Mifflin, LLC	Revolver		4/7/2027		18,750		(3,415	)
IG Investments Holdings, LLC	Revolver		9/22/2027		44,828		(224	)
Inovalon Holdings, Inc.	Delayed Draw Term Loan		6/24/2024		99,544		(1,244	)
Integrity Marketing Acquisition, LLC	Delayed Draw Term Loan		8/27/2025		1,040		—
Integrity Marketing Acquisition, LLC	Revolver		7/9/2023		303		(6	)
Integrity Marketing Acquisition, LLC	Delayed Draw Term Loan		7/9/2023		1,517		(15	)
ISQ Hawkeye Holdco, Inc.	Revolver		8/17/2028		806		(8	)
ISQ Hawkeye Holdco, Inc.	Delayed Draw Term Loan		8/17/2029		453		—
Java Buyer, Inc.	Delayed Draw Term Loan		12/15/2023		62,909		—
Jayhawk Buyer, LLC	Delayed Draw Term Loan		10/15/2026		33		—
Jupiter Bidco Limited	Delayed Draw Term Loan		8/5/2029		41,392		(127	)
Kaseya, Inc.	Delayed Draw Term Loan		6/25/2029		41,761		—
Kaseya, Inc.	Revolver		6/25/2029		36,559		—
Knowledge Pro Buyer, Inc.	Revolver		12/10/2027		6,824		—
Knowledge Pro Buyer, Inc.	Delayed Draw Term Loan		12/10/2023		9,964		—
Kwor Acquisition, Inc.	Delayed Draw Term Loan		12/22/2027		3,988		—
Kwor Acquisition, Inc.	Revolver		12/22/2027		5,488		—
Legacy Intermediate, LLC	Delayed Draw Term Loan		8/25/2023		5,923		—
Loar Group, Inc.	Delayed Draw Term Loan		9/29/2023		80,000		—
Magnesium BorrowerCo, Inc.	Delayed Draw Term Loan		5/18/2029		99,913		(2,478	)
Mandolin Technology Intermediate Holdings, Inc.	Revolver		7/30/2026		10,800		(1,323	)
Mantech International CP	Delayed Draw Term Loan		9/14/2029		186,262		(1,863	)
Mantech International CP	Revolver		9/14/2028		111,118		(1,111	)
Marcone Yellowstone Buyer, Inc.	Delayed Draw Term Loan		6/23/2028		5,722		(229	)
Material Holdings, LLC	Revolver		8/17/2027		15,897		(954	)
Material Holdings, LLC	Delayed Draw Term Loan		8/19/2023		14,625		—
Metis Buyer, Inc.	Revolver		5/4/2026		9,000		(138	)
MHE Intermediate Holdings, LLC	Revolver		7/21/2027		691		—
Mitratech Holdings, Inc.	Delayed Draw Term Loan		11/26/2024		70,000		(1,400	)
Monk Holding Co.	Delayed Draw Term Loan		8/12/2023		38,468		—
Monterey Financing, S.A.R.L	Delayed Draw Term Loan		9/19/2029		55,578		—
MRI Software, LLC	Revolver		2/10/2026		673		(19	)
MRI Software, LLC	Delayed Draw Term Loan		2/10/2026		3,159		(87	)
Natus Medical Incorporated	Revolver		7/21/2027		2,788		—
Navigator Acquiror, Inc.	Delayed Draw Term Loan		7/16/2023		76,346		—

46

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 30, 2023

(in thousands)

(Unaudited)

Investments—non-controlled/non-affiliated	Commitment Type	Commitment Expiration Date		Unfunded Commitment		Fair Value
NDC Acquisition Corp.	Revolver		3/9/2027		2,911		—
NMC Crimson Holdings, Inc.	Delayed Draw Term Loan		1/1/2024		12,560		—
NortonLifeLock, Inc.	Revolver		9/12/2029		3,375		(28	)
Onex AP Merger Sub, LLC	Revolver		4/4/2028		3,261		(16	)
Onex Baltimore Buyer, Inc.	Delayed Draw Term Loan		12/1/2023		57,531		—
Oranje Holdco Inc	Revolver		2/1/2029		8,250		(124	)
Pearce Services, LLC	Delayed Draw Term Loan		6/2/2027		1,500		—
Pediatric Associates Holding Co., LLC	Delayed Draw Term Loan		12/29/2028		9		—
Petrus Buyer Inc	Delayed Draw Term Loan		10/17/2029		11,304		(170	)
Petrus Buyer Inc	Revolver		10/17/2029		5,163		(103	)
PGIS Intermediate Holdings, LLC	Revolver		10/16/2028		6,274		(125	)
Plasma Buyer, LLC	Revolver		5/12/2028		14,467		(1,230	)
Plasma Buyer, LLC	Delayed Draw Term Loan		5/12/2029		23,780		(238	)
Point Broadband Acquisition, LLC	Delayed Draw Term Loan		10/1/2023		8,760		—
Polyphase Elevator Holding Co.	Revolver		6/23/2027		374		—
Polyphase Elevator Holding Co.	Delayed Draw Term Loan		12/21/2027		54,535		—
Porcelain Acquisition Corp.	Delayed Draw Term Loan		4/1/2027		21,722		(638	)
PPV Intermediate Holdings, LLC	Revolver		8/31/2029		9,910		(99	)
Profile Products, LLC	Revolver		11/12/2027		761		—
Profile Products, LLC	Revolver		12/20/2024		6,700		—
Progress Residential PM Holdings, LLC	Delayed Draw Term Loan		7/25/2029		16,623		—
Progress Residential PM Holdings, LLC	Delayed Draw Term Loan		7/25/2023		2,915		—
Project Leopard Holdings, Inc.	Revolver		7/20/2027		16,590		(859	)
Quality Distribution LLC	Revolver		4/3/2028		94		(3	)
Quality Distribution LLC	Delayed Draw Term Loan		10/3/2024		79		(1	)
Quality Distribution LLC	Revolver		7/1/2026		9,000		(405	)
Rally Buyer, Inc.	Revolver		7/19/2028		17,745		(355	)
Rally Buyer, Inc.	Delayed Draw Term Loan		7/19/2028		29,147		—
Redwood Services Group, LLC	Delayed Draw Term Loan		6/15/2029		38		—
Redwood Services Group, LLC	Delayed Draw Term Loan		6/15/2029		672		—
Relativity ODA, LLC	Revolver		5/12/2027		4,937		(74	)
Relay Purchaser, LLC	Revolver		8/30/2026		28,571		(286	)
Riser Merger Sub, Inc.	Revolver		8/1/2028		17,857		—
Riser Merger Sub, Inc.	Delayed Draw Term Loan		5/1/2024		20,331		—
RoadOne Inc	Revolver		12/30/2028		275		—
RoadOne Inc	Delayed Draw Term Loan		12/30/2028		177		—
RSC Acquisition, Inc.	Delayed Draw Term Loan		10/30/2026		7,283		—
RWL Holdings, LLC	Delayed Draw Term Loan		12/1/2027		58,064		(581	)
S&P Global Engineering Solutions	Revolver		5/2/2029		249		(7	)
Safety Borrower Holdings LP	Revolver		9/1/2027		1,678		—

47

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 30, 2023

(in thousands)

(Unaudited)

Investments—non-controlled/non-affiliated	Commitment Type	Commitment Expiration Date		Unfunded Commitment		Fair Value
Sailpoint Technologies, Inc.	Revolver		8/15/2028		34,083		(426	)
Sam Holding Co, Inc.	Delayed Draw Term Loan		9/24/2023		2,320		—
Sam Holding Co, Inc.	Revolver		3/24/2027		22,560		—
SEKO Global Logistics Network, LLC	Revolver		12/30/2026		9,874		—
SEKO Global Logistics Network, LLC	Delayed Draw Term Loan		12/30/2026		6,048		—
Sherlock Buyer Corp.	Delayed Draw Term Loan		12/8/2028		11,177		(112	)
Sherlock Buyer Corp.	Revolver		12/8/2027		4,445		(89	)
Smile Doctors, LLC	Revolver		12/23/2027		49,877		—
Smile Doctors, LLC	Delayed Draw Term Loan		6/9/2025		36,969		(370	)
Smile Doctors, LLC	Delayed Draw Term Loan		6/9/2025		124,106		(1,862	)
Snoopy Bidco, Inc.	Delayed Draw Term Loan		5/6/2024		51,214		(2,305	)
SpecialtyCare, Inc.	Revolver		6/18/2026		5,579		—
SpecialtyCare, Inc.	Delayed Draw Term Loan		6/19/2028		6,544		—
Stepping Stones Healthcare Services, LLC	Delayed Draw Term Loan		12/30/2023		18,125		—
Stepping Stones Healthcare Services, LLC	Revolver		12/30/2026		18,001		—
Sunshine Cadence Holdco, LLC	Delayed Draw Term Loan		3/23/2027		300		—
Tennessee Bidco Limited	Delayed Draw Term Loan		6/22/2024		293,162		(8,714	)
The Fertility Partners, Inc.	Revolver		9/16/2027		806		—
The Fertility Partners, Inc.	Delayed Draw Term Loan		3/16/2024		16,410		—
Thermostat Purchaser III, Inc.	Delayed Draw Term Loan		8/31/2028		6,692		(117	)
Thermostat Purchaser III, Inc.	Revolver		8/31/2026		8,125		(396	)
Thermostat Purchaser III, Inc.	Delayed Draw Term Loan		8/31/2023		5,600		(42	)
Trader Corp.	Revolver		12/22/2028		6,858		—
Trinity Air Consultants Holdings Corp.	Delayed Draw Term Loan		6/29/2027		18,371		—
Trinity Air Consultants Holdings Corp.	Revolver		6/29/2027		12,780		(128	)
Trinity Air Consultants Holdings Corp.	Delayed Draw Term Loan		6/30/2026		21,904		(219	)
Trinity Partners Holdings, LLC	Delayed Draw Term Loan		12/21/2023		115,743		(1,157	)
Triple Lift, Inc.	Revolver		5/6/2028		8,815		—
UMP Holdings, LLC	Delayed Draw Term Loan		7/15/2028		4,470		—
Unified Physician Management, LLC	Delayed Draw Term Loan		6/18/2029		3,623		—
Unified Physician Management, LLC	Revolver		6/18/2029		101,845		—
US Oral Surgery Management Holdco, LLC	Revolver		11/18/2027		12,932		(614	)
Victors CCC Buyer, LLC	Delayed Draw Term Loan		6/1/2029		31,095		—
Victors CCC Buyer, LLC	Revolver		6/1/2029		24,824		—
VT Topco, Inc.	Delayed Draw Term Loan		8/1/2025		6		—

48

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 30, 2023

(in thousands)

(Unaudited)

Investments—non-controlled/non-affiliated	Commitment Type	Commitment Expiration Date		Unfunded Commitment		Fair Value
West Monroe Partners, LLC	Delayed Draw Term Loan		11/9/2023		188,572		—
West Monroe Partners, LLC	Revolver		11/9/2027		51,857		—
West Star Aviation Acquisition, LLC	Delayed Draw Term Loan		3/1/2028		909		(18	)
WHCG Purchaser III, Inc.	Revolver		6/22/2026		31		—
Zendesk Inc	Revolver		11/3/2028		97,650		(1,953	)
Zendesk Inc	Delayed Draw Term Loan		11/22/2028		208,035		(3,121	)
Total First and Second Lien Debt				$	5,476,723	$	(69,870	)

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

(9) The interest rate floor on these investments as of June 30, 2023 was 0.50%.

(10) The interest rate floor on these investments as of June 30, 2023 was 0.75%.

(11) The interest rate floor on these investments as of June 30, 2023 was 1.00%.

(12) The interest rate floor on these investments as of June 30, 2023 was 1.25%.

(13) The interest rate floor on these investments as of June 30, 2023 was 1.50%.

(14) The interest rate floor on these investments as of June 30, 2023 was 2.00%

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

(16) Under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “1940 Act”), the Company is deemed to “control” a portfolio company if the Company owns more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. Under the 1940 Act, the Company is deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of June 30, 2023, the Company’s controlled/affiliated and non-controlled/affiliated investments were as follows:

	Fair value as of December 31, 2022		Gross Additions		Gross Reductions			Change in Unrealized Gains (Losses)			Net Realized Gain (Loss)		Fair value as of June 30, 2023		Income
Non-Controlled/Affiliated Investments
GSO DL Co-Invest EIS LP	$	2,813	$	—	$	(374	)	$	127		$	213	$	2,779	$	7
Controlled/Affiliated Investments
Pigments Services, Inc.		—		15,344		—			(3,634	)		—		11,710		—
Pigments Services, Inc.		—		9,069		—			—			—		9,069		262
Specialty Lending Company LLC		172,330		—		—			335			—		172,665		—
BCRED Emerald JV LP		2,072,717		—		(112,500	)		50,511			—		2,010,728		128,430
BCRED Verdelite JV LP		115,677		—		—			3,803			—		119,480		14,351
GSO DL Co-Invest CI LP		1,881		—		—			99			—		1,980		—
Total	$	2,365,418	$	24,413	$	(112,874	)	$	51,241		$	213	$	2,328,411	$	143,050

(17) Loan was on non-accrual status as of June 30, 2023.

49

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 30, 2023

(in thousands)

(Unaudited)

(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.

ADDITIONAL INFORMATION

Foreign Currency Forward Contracts

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Appreciation (Depreciation)
Deutsche Bank AG		USD 14,994		CAD 20,000		9/13/2023	$	(131	)
Goldman Sachs Bank USA		USD 79,455		DKK 546,731		9/14/2023		(1,070	)
Deutsche Bank AG		USD 37,659		EUR 35,000		9/14/2023		(691	)
Deutsche Bank AG		USD 37,434		GBP 30,000		9/14/2023		(697	)
Goldman Sachs Bank USA		USD 54,286		NOK 584,117		9/14/2023		(396	)
Goldman Sachs Bank USA		USD 23,352		NZD 38,100		9/14/2023		(2	)
Goldman Sachs Bank USA		USD 21,982		SEK 237,106		9/14/2023		(81	)
Goldman Sachs Bank USA		USD 10,174		SEK 109,749		9/13/2023		(37	)
Total Foreign Currency Forward Contracts							$	(3,105	)

50

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

June 30, 2023

(in thousands)

(Unaudited)

Interest Rate Swaps
Counterparty	Hedged Instrument	Company Receives			Company Pays	Maturity Date		Notional Amount		Fair Market Value			Upfront Payments / Receipts		Change in Unrealized Gains / (Losses)(1)
Goldman Sachs Bank USA	June 2024 Notes		2.56	%	SOFR + 0.93%		6/21/2024	$	435,000	$	(15,240	)	$	—	$	3,685
Goldman Sachs Bank USA	September 2024 Notes		1.75	%	SOFR + 0.08%		9/15/2024		365,000		(15,266	)		—		2,233
Goldman Sachs Bank USA	November 2024 Notes		2.35	%	SOFR + 0.66%		11/22/2024		500,000		(23,137	)		—		2,225
Goldman Sachs Bank USA	January 2025 Notes		2.70	%	SOFR + 0.99%		1/15/2025		500,000		(25,042	)		—		1,547
Goldman Sachs Bank USA	December 2026 Notes		2.63	%	SOFR + 0.26%		12/15/2026		625,000		(38,208	)		—		(3,551	)
Goldman Sachs Bank USA	December 2026 Notes		2.63	%	SOFR + 0.26%		12/15/2026		625,000		(37,942	)		—		(3,590	)
Goldman Sachs Bank USA	March 2025 Notes		4.70	%	SOFR + 2.43%		3/24/2025		400,000		(18,114	)		—		(136	)
Deutsche Bank	March 2025 Notes		4.70	%	SOFR + 2.43%		3/24/2025		500,000		(22,659	)		—		(165	)
Goldman Sachs Bank USA	April 2026 UK Bonds		4.87	%	SONIA + 2.78%		4/14/2026		GBP 250,000		(28,871	)		—		(8,931	)
Goldman Sachs Bank USA	May 2027 Notes		5.61	%	SOFR + 2.79%		5/3/2027		625,000		(30,690	)		—		(4,555	)
Sumitomo Mitsui Banking Corporation	September 2025 Notes		7.05	%	SOFR + 2.93%		9/27/2025		600,000		(8,638	)		—		(6,472	)
Goldman Sachs Bank USA	October 2027 Notes		7.49	%	SOFR + 3.72%		10/11/2027		350,000		(5,406	)		—		(3,988	)
Sumitomo Mitsui Banking Corporation	September 2025 Notes		7.05	%	SOFR + 2.97%		9/29/2025		200,000		(3,063	)		—		(2,267	)
Total Interest Rate Swaps										$	(272,276	)	$	—	$	(23,965	)

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

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

51

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2022

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread			Interest Rate (2)			Maturity Date		Par Amount/ Units (16)		Cost (3)		Fair Value		% of Net Assets
Investments—non-controlled/non-affiliated
First Lien Debt
Aerospace & Defense
Amentum Government Services Holdings, LLC	(8)		L + 4.00	%		8.17	%		1/29/2027	$	7,507	$	7,405	$	7,360		0.03	%
Amentum Government Services Holdings, LLC	(9)		SOFR + 4.00	%		8.12	%		2/15/2029		12,224		12,171		11,942		0.05
Atlas CC Acquisition Corp.	(7)(10)		L + 4.25	%		8.98	%		5/25/2028		57,655		56,070		45,640		0.20
Corfin Holdings, Inc.	(4)(11)		L + 5.75	%		10.13	%		2/5/2026		30,560		30,552		29,949		0.13
Corfin Holdings, Inc.	(4)(11)		L + 5.75	%		10.13	%		2/5/2026		1,694		1,671		1,660		0.01
Linquest Corp.	(4)(5)(7)(10)		L + 5.75	%		9.10	%		7/28/2028		155,531		152,699		148,862		0.66
Loar Group, Inc.	(4)(7)(11)		L + 7.25	%		11.63	%		10/2/2024		144,300		140,735		142,300		0.63
Loar Group, Inc.	(4)(11)		L + 7.25	%		11.63	%		9/29/2023		29,120		29,120		29,120		0.13
MAG DS Corp.	(4)(11)		L + 5.50	%		10.23	%		4/1/2027		10,540		10,407		9,696		0.04
Maverick Acquisition, Inc.	(4)(5)(11)		L + 6.25	%		10.98	%		6/1/2027		48,722		47,931		44,961		0.20
Peraton Corp.	(10)		L + 3.75	%		8.13	%		2/1/2028		26,527		26,512		25,952		0.11
Vertex Aerospace Services Corp.	(10)		L + 3.50	%		7.88	%		12/6/2028		11,918		11,865		11,726		0.05
West Star Aviation Acquisition, LLC	(4)(7)(10)		SOFR + 6.00	%		8.59	%		3/1/2028		4,070		3,973		3,971		0.02
													531,111		513,139		2.26
Air Freight & Logistics
AGI-CFI Holdings, Inc.	(4)(10)		SOFR + 5.75	%		9.13	%		6/11/2027		268,425		264,218		265,741		1.17
Alliance Ground	(4)(10)		SOFR + 5.75	%		9.98	%		6/11/2027		95,668		93,927		94,711		0.42
ENV Bidco AB	(4)(6)(10)		SOFR + 6.00	%		10.73	%		7/19/2029		102,349		99,947		99,790		0.44
ENV Bidco AB	(4)(6)(7)(8)		E + 6.00	%		8.20	%		7/19/2029		EUR 114,140		111,025		115,596		0.51
Livingston International, Inc.	(4)(6)(10)		L + 5.50	%		10.23	%		4/30/2027		104,616		103,993		103,570		0.46
Mode Purchaser, Inc.	(4)(11)		SOFR + 6.25	%		10.57	%		12/9/2026		34,038		33,282		34,038		0.15
Mode Purchaser, Inc.	(4)(11)		SOFR + 6.25	%		10.57	%		2/5/2029		168,981		166,038		168,981		0.74
Redwood Services Group, LLC	(4)(7)(10)		SOFR + 6.00	%		10.69	%		6/15/2029		43,077		42,294		42,191		0.19
RoadOne Inc	(4)(7)(11)		SOFR + 6.25	%		10.81	%		12/30/2028		1,067		1,024		1,024		0.00
RWL Holdings, LLC	(4)(7)(10)		SOFR + 5.75	%		10.48	%		12/31/2028		217,194		213,004		214,441		0.95
SEKO Global Logistics Network, LLC	(4)(5)(6)(11)		E + 5.00	%		6.00	%		12/30/2026		EUR 35,393		40,516		37,584		0.17
SEKO Global Logistics Network, LLC	(4)(5)(7)(11)		L + 4.75	%		9.48	%		12/30/2026		82,542		81,718		82,111		0.36
The Kenan Advantage Group, Inc.	(10)		L + 3.75	%		8.13	%		3/24/2026		33,842		33,697		33,074		0.15
Wwex Uni Topco Holdings, LLC	(10)		L + 4.00	%		8.73	%		7/26/2028		18,968		18,734		17,421		0.08
													1,303,417		1,310,273		5.79
Airlines
Air Canada	(6)(10)		L + 3.50	%		8.13	%		8/11/2028		12,755		12,741		12,645		0.06
United Airlines, Inc.	(6)(10)		L + 3.75	%		8.11	%		4/21/2028		20,165		20,213		19,967		0.09
													32,954		32,612		0.15

52

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2022

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread			Interest Rate (2)			Maturity Date		Par Amount/ Units (16)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt (continued)
Auto Components
Metis Buyer, Inc.	(5)(7)(10)		SOFR + 4.00	%		8.50	%		5/4/2028		57,438		56,210		54,273		0.24
Beverages
Naked Juice, LLC	(9)		SOFR + 3.25	%		7.93	%		1/24/2029		10,631		10,609		9,561		0.04
Triton Water Holdings, Inc.	(9)		L + 3.50	%		8.23	%		3/31/2028		57,402		56,420		53,578		0.24
													67,029		63,139		0.28
Building Products
Camelot Return Merger SU	(6)(8)		8.75	%		8.75	%		8/1/2028		7,599		6,915		6,983		0.03
Cornerstone Building Brands, Inc.	(6)(9)		SOFR + 5.63	%		9.96	%		8/1/2028		50,000		45,395		47,225		0.21
Cornerstone Building Brands, Inc.	(6)(9)		L + 3.25	%		7.57	%		4/12/2028		7,372		7,347		6,649		0.03
CP Atlas Buyer, Inc.	(9)		L + 3.50	%		7.88	%		11/23/2027		54,021		53,843		47,517		0.21
Engineered Stone Group Holdings III Ltd.	(4)(6)(7)(10)		SOFR + 5.51	%		9.81	%		4/23/2028		58,583		57,561		56,935		0.25
Engineered Stone Group Holdings III Ltd.	(4)(6)(8)		E + 5.00	%		7.20	%		4/23/2028		EUR 28,400		30,711		29,779		0.13
Fencing Supply Group Acquisition, LLC	(4)(5)(11)		L + 6.00	%		11.21	%		2/26/2027		107,885		106,619		107,885		0.48
Great Day Improvements, LLC	(4)(10)		L + 6.25	%		10.98	%		12/29/2027		181,913		178,885		176,455		0.78
Jacuzzi Brands, LLC	(4)(10)		SOFR + 6.00	%		10.32	%		4/21/2030		204,950		202,766		204,950		0.90
Jacuzzi Brands, LLC	(4)(11)		SOFR + 6.00	%		10.32	%		2/25/2025		52,938		52,580		52,938		0.23
Kodiak BP, LLC	(10)		L + 3.25	%		7.98	%		3/12/2028		48,808		48,481		45,941		0.20
L&S Mechanical Acquisition, LLC	(4)(5)(10)		L + 5.75	%		10.14	%		9/1/2027		113,644		111,876		106,825		0.47
Lindstrom, LLC	(4)(11)		SOFR + 6.25	%		10.47	%		4/7/2025		150,208		147,026		148,706		0.66
Mi Windows and Doors, LLC	(9)		SOFR + 3.50	%		7.92	%		12/18/2027		5,545		5,558		5,498		0.02
New Arclin US Holding Corp.	(6)(7)(9)		L + 3.75	%		8.13	%		10/2/2028		11,236		11,201		9,731		0.04
The Chamberlain Group, Inc.	(9)		L + 3.25	%		7.63	%		11/3/2029		45,466		45,147		42,966		0.19
Windows Acquisition Holdings, Inc.	(4)(5)(11)		L + 6.50	%		11.23	%		12/29/2026		60,465		59,655		60,465		0.27
													1,171,566		1,157,448		5.10
Capital Markets
Advisor Group Holdings, Inc.	(8)		L + 4.50	%		8.88	%		7/31/2026		15,667		15,700		15,357		0.07
AllSpring Buyer, LLC	(6)(9)		L + 3.00	%		7.75	%		11/1/2028		2,978		2,992		2,943		0.01
Resolute Investment Managers, Inc.	(11)		L + 4.25	%		8.98	%		4/30/2024		10,033		10,056		8,177		0.04
Situs-AMC Holdings Corporation	(4)(11)		SOFR + 5.75	%		10.23	%		12/22/2027		12,975		12,867		12,845		0.06
Superannuation And Investments US, LLC	(6)(9)		L + 3.75	%		8.13	%		12/1/2028		12,859		12,779		12,686		0.06
The Edelman Financial Engines Center, LLC	(10)		L + 3.50	%		7.88	%		4/7/2028		45,653		45,196		42,719		0.19
													99,590		94,727		0.43

53

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2022

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread			Interest Rate (2)			Maturity Date		Par Amount/ Units (16)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt (continued)
Chemicals
DCG Acquisition Corp.	(8)		SOFR + 4.50	%		8.72	%		9/30/2026		4,950		4,960		4,677		0.02
Dominion Colour Corporation	(4)(6)(11)(17)		L + 8.25	%		11.19	%		4/6/2024		35,696		35,396		18,116		0.08
Geon Performance Solutions, LLC	(10)		L + 4.50	%		9.23	%		8/18/2028		3,652		3,630		3,561		0.02
Hyperion Materials & Technologies, Inc.	(9)		L + 4.50	%		9.23	%		8/30/2028		17,712		17,660		17,247		0.08
LSF11 Skyscraper Holdco S.à r.l, LLC	(4)(6)(10)		L + 3.50	%		8.23	%		9/29/2027		19,653		19,577		19,260		0.08
NIC Acquisition Corp.	(10)		L + 3.75	%		8.48	%		12/29/2027		8,793		8,809		6,429		0.03
Olympus Water US Holding Corp.	(9)		L + 3.75	%		8.50	%		11/9/2028		13,708		13,694		13,195		0.06
Oxea Corporation	(6)(8)		L + 3.25	%		7.00	%		10/14/2024		6		6		6		0.00
WR Grace Holdings, LLC	(6)(9)		L + 3.75	%		8.50	%		9/22/2028		4,253		4,267		4,186		0.02
													107,999		86,677		0.39
Commercial Services & Supplies
Access CIG, LLC	(8)		L + 3.75	%		7.82	%		2/27/2025		32,330		32,279		31,740		0.14
Allied Universal Holdco, LLC	(9)		SOFR + 3.75	%		8.17	%		5/12/2028		68,605		68,383		65,312		0.29
Anticimex, Inc.	(6)(9)		L + 3.50	%		8.23	%		11/16/2028		16,886		16,756		16,338		0.07
APX Group, Inc.	(6)(11)		L + 3.25	%		6.73	%		7/10/2028		42,013		41,769		41,639		0.18
Bazaarvoice, Inc.	(4)(7)(8)		SOFR + 5.75	%		10.28	%		5/7/2028		368,444		368,444		368,444		1.62
Belfor Holdings, Inc.	(8)		L + 4.00	%		8.38	%		4/6/2026		4,911		4,926		4,886		0.02
DG Investment Intermediate Holdings 2, Inc.	(10)		SOFR + 4.75	%		9.07	%		3/31/2028		8,150		8,071		7,844		0.03
DG Investment Intermediate Holdings 2, Inc.	(10)		SOFR + 3.75	%		8.07	%		3/31/2028		41,187		41,227		39,488		0.17
Divisions Holding Corp.	(10)		L + 4.75	%		9.13	%		5/27/2028		23,795		23,610		23,245		0.10
EAB Global, Inc.	(9)		L + 3.50	%		7.88	%		8/16/2028		8,067		8,006		7,780		0.03
eResearchTechnology, Inc.	(11)		L + 4.50	%		8.88	%		2/4/2027		12,852		12,893		11,378		0.05
Foundational Education Group, Inc.	(4)(9)		SOFR + 3.75	%		8.59	%		8/31/2028		9,051		8,978		8,146		0.04
Garda World Security Corp.	(6)(8)		L + 4.25	%		8.93	%		10/30/2026		27,085		27,139		26,421		0.12
Garda World Security Corp.	(6)(8)		SOFR + 4.25	%		8.53	%		2/1/2029		16,492		16,352		15,914		0.07
Genuine Financial Holdings, LLC	(8)		L + 3.75	%		8.33	%		7/11/2025		6,078		6,067		5,866		0.03
Java Buyer, Inc.	(4)(7)(10)		L + 5.75	%		10.52	%		12/15/2027		166,245		163,006		159,825		0.70
JSS Holdings, Inc.	(4)(10)		L + 6.00	%		10.34	%		12/27/2028		46,038		45,540		46,038		0.20
JSS Holdings, Inc.	(4)(10)		L + 6.00	%		10.34	%		12/27/2028		240,481		237,395		240,481		1.06
Knowledge Pro Buyer, Inc.	(4)(7)(10)		L + 5.75	%		10.04	%		12/10/2027		51,532		50,453		50,978		0.22
KPSKY Acquisition, Inc.	(4)(10)		L + 5.50	%		9.89	%		10/19/2028		47,442		46,656		44,714		0.20
KPSKY Acquisition, Inc.	(4)(10)		L + 5.50	%		12.00	%		10/19/2028		21,259		20,894		20,036		0.09
MaxGen Energy Services Corporation	(4)(11)		L + 5.00	%		9.18	%		6/2/2027		83,035		81,442		80,959		0.36

54

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2022

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread			Interest Rate (2)			Maturity Date		Par Amount/ Units (16)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt (continued)
Commercial Services & Supplies (continued)
Onex Baltimore Buyer, Inc.	(4)(7)(10)		SOFR + 5.75	%		10.50	%		12/1/2027		269,254		264,782		265,986		1.17
PECF USS Intermediate Holding III Corp.	(9)		L + 4.25	%		8.63	%		12/15/2028		30,534		30,546		25,574		0.11
Polyphase Elevator Holding Co.	(4)(7)(11)		SOFR + 5.50	%		10.18	%		6/3/2027		15,053		14,809		12,736		0.06
Recycle & Resource US, LLC	(6)(9)		L + 3.50	%		8.23	%		7/14/2028		5,167		5,136		4,711		0.02
Revspring, Inc.	(8)		L + 4.00	%		8.73	%		10/11/2025		15,284		15,197		14,787		0.07
The Action Environmental Group, Inc.	(4)(5)(12)		SOFR + 6.00	%		10.66	%		1/16/2026		16,094		15,691		15,892		0.07
The Action Environmental Group, Inc.	(4)(5)(12)		L + 6.00	%		9.91	%		1/15/2026		4,050		3,983		3,999		0.02
The Action Environmental Group, Inc.	(4)(5)(12)		SOFR + 6.15	%		10.47	%		1/15/2026		4,459		4,386		4,403		0.02
TRC Companies, Inc (fka Bolt Infrastructure Merger Sub, Inc)	(9)		L + 3.75	%		8.13	%		12/8/2028		41,852		41,624		40,136		0.18
USIC Holdings, Inc.	(10)		L + 3.50	%		7.88	%		5/12/2028		24,688		24,591		23,618		0.10
Vaco Holdings, LLC	(10)		SOFR + 5.00	%		9.73	%		1/21/2029		21,214		21,122		20,534		0.09
Veregy Consolidated, Inc.	(4)(11)		L + 6.00	%		10.41	%		11/2/2027		20,376		20,415		16,708		0.07
													1,792,568		1,766,556		7.77
Construction & Engineering
Aegion Corporation	(10)		L + 4.75	%		9.13	%		5/17/2028		23,640		23,585		22,152		0.10
ASP Endeavor Acquisition, LLC	(4)(5)(9)		L + 6.50	%		11.06	%		5/3/2027		35,460		34,948		33,598		0.15
Brookfield WEC Holdings, Inc.	(9)		SOFR + 3.75	%		8.07	%		8/1/2025		2,993		2,864		2,986		0.01
COP Home Services TopCo IV, Inc.	(4)(5)(7)(11)		L + 5.00	%		9.38	%		12/31/2027		125,111		122,456		118,736		0.52
Peak Utility Services Group, Inc.	(4)(11)		L + 5.00	%		9.17	%		3/2/2028		23,391		23,214		22,338		0.10
Refficiency Holdings, LLC	(10)		L + 3.75	%		7.82	%		12/16/2027		13,801		13,674		13,102		0.06
Thermostat Purchaser III, Inc.	(4)(7)(10)		L + 4.50	%		9.23	%		8/31/2028		42,932		41,843		39,898		0.18
Tutor Perini Corp.	(6)(11)		L + 4.75	%		9.13	%		8/18/2027		2,933		2,957		2,768		0.01
													265,541		255,578		1.13
Construction Materials
White Cap Buyer, LLC	(9)		SOFR + 3.75	%		8.07	%		10/19/2027		35,942		35,870		34,819		0.15
Containers & Packaging
Ascend Buyer, LLC	(4)(7)(10)		SOFR + 6.25	%		10.67	%		10/2/2028		11,530		11,073		11,337		0.05
Berlin Packaging, LLC	(9)		L + 3.75	%		7.88	%		3/11/2028		28,131		28,094		27,131		0.12
Charter NEX US, Inc.	(10)		L + 3.75	%		8.13	%		12/1/2027		16,273		16,321		15,837		0.07
Graham Packaging Co, Inc.	(10)		L + 3.00	%		7.38	%		8/4/2027		9,081		9,055		8,939		0.04
LABL, Inc.	(9)		L + 5.00	%		9.38	%		10/29/2028		7,071		6,981		6,731		0.03
MAR Bidco Sarl	(6)(9)		L + 4.30	%		9.03	%		7/6/2028		3,898		3,882		3,567		0.02
Novolex, Inc.	(9)		SOFR + 3.93	%		8.60	%		4/13/2029		43,986		42,984		42,001		0.19
Pretium PKG Holdings, Inc.	(9)		L + 4.00	%		7.74	%		10/2/2028		23,650		23,293		18,971		0.08

55

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2022

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread			Interest Rate (2)			Maturity Date		Par Amount/ Units (16)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt (continued)
Containers & Packaging (continued)
ProAmpac PG Borrower, LLC	(10)		L + 3.75	%		7.96	%		11/3/2025		40,486		40,474		38,875		0.17
TricorBraun Holdings, Inc.	(9)		L + 3.25	%		7.63	%		3/3/2028		28,991		28,750		27,730		0.12
Trident TPI Holdings, Inc.	(7)(9)		L + 4.00	%		7.67	%		9/15/2028		22,865		22,788		21,993		0.10
													233,695		223,112		0.99
Distributors
BP Purchaser, LLC	(4)(10)		L + 5.50	%		10.24	%		12/10/2028		7,960		7,825		7,701		0.03
Bution Holdco 2, Inc.	(4)(11)		L + 6.25	%		10.63	%		10/17/2025		5,825		5,754		5,825		0.03
Dana Kepner Company, LLC	(4)(11)		SOFR + 6.00	%		10.66	%		12/29/2026		14,588		14,392		14,515		0.06
Dana Kepner Company, LLC	(4)(11)		SOFR + 6.00	%		10.66	%		12/29/2027		66,848		65,640		66,514		0.29
Genuine Cable Group, LLC	(4)(10)		SOFR + 5.75	%		10.17	%		11/2/2026		30,261		29,669		29,655		0.13
Marcone Yellowstone Buyer, Inc.	(4)(5)(7)(10)		SOFR + 6.50	%		7.25	%		6/23/2028		15,810		15,180		15,164		0.07
Marcone Yellowstone Buyer, Inc.	(4)(5)(10)		SOFR + 6.25	%		10.62	%		6/23/2028		26,742		26,330		25,672		0.11
NDC Acquisition Corp.	(4)(7)(11)		L + 5.50	%		10.23	%		3/9/2027		22,620		22,130		22,109		0.10
Tailwind Colony Holding Corporation	(4)(11)		L + 6.25	%		10.98	%		11/13/2024		74,385		73,315		73,269		0.32
Unified Door & Hardware Group, LLC	(4)(11)		SOFR + 5.75	%		10.52	%		6/30/2025		11,911		11,408		11,375		0.05
Unified Door & Hardware Group, LLC	(4)(11)		L + 5.75	%		10.49	%		12/18/2027		52,948		52,332		52,022		0.23
													323,975		323,821		1.42
Diversified Consumer Services
Ascend Learning, LLC	(9)		L + 3.50	%		7.88	%		12/11/2028		30,790		30,294		29,188		0.13
Cambium Learning Group, Inc.	(4)(7)(10)		L + 5.50	%		9.74	%		7/20/2028		958,418		950,821		958,418		4.22
Colibri Group, LLC	(10)		SOFR + 5.00	%		8.87	%		3/12/2029		13,099		12,998		12,260		0.05
Dreambox Learning Holding, LLC	(4)(5)(10)		L + 6.25	%		9.44	%		12/1/2027		135,213		132,990		127,101		0.56
EM Bidco Limited	(6)(9)		SOFR + 4.25	%		8.93	%		7/6/2029		4,168		4,154		4,083		0.02
Go Car Wash Management Corp.	(4)(7)(11)		SOFR + 6.25	%		10.67	%		12/31/2026		48,755		46,720		47,045		0.21
Go Car Wash Management Corp.	(4)(14)		SOFR + 6.25	%		10.67	%		12/31/2026		42,256		41,527		41,199		0.18
KUEHG Corp.	(11)		L + 3.75	%		8.48	%		2/21/2025		46,275		45,808		44,559		0.20
Learning Care Group	(11)		L + 3.25	%		7.61	%		3/13/2025		37,491		36,954		34,974		0.15
Pre-Paid Legal Services, Inc.	(9)		L + 3.75	%		8.13	%		12/15/2028		15,896		15,734		15,323		0.07
Rinchem Company, LLC	(4)(9)		SOFR + 4.50	%		9.18	%		3/2/2029		4,025		4,007		3,814		0.02
Sunshine Cadence Holdco, LLC	(4)(7)(10)		SOFR + 6.50	%		10.24	%		3/23/2027		700		680		679		0.00
Sunshine Cadence Holdco, LLC	(8)		L + 4.25	%		8.98	%		3/23/2027		39,696		36,960		36,421		0.16
TruGreen Limited Partnership	(10)		L + 4.00	%		8.38	%		11/2/2027		5,895		5,924		5,250		0.02

56

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2022

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread			Interest Rate (2)			Maturity Date		Par Amount/ Units (16)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt (continued)
Diversified Consumer Services (continued)
University Support Services, LLC	(9)		L + 3.25	%		7.63	%		2/10/2029		14,898		14,738		14,525		0.06
Weld North Education, LLC	(9)		L + 3.75	%		7.72	%		12/21/2027		9,326		9,326		9,161		0.04
													1,389,635		1,384,000		6.09
Diversified Financial Services
Barbri Holdings, Inc.	(4)(7)(10)		L + 5.75	%		10.13	%		4/28/2028		129,071		127,193		127,765		0.56
Comet Acquisition, Inc.	(4)(9)		SOFR + 4.25	%		8.98	%		10/24/2025		15,830		15,626		15,355		0.07
Lereta, LLC	(10)		L + 5.25	%		9.63	%		7/30/2028		29,455		29,220		25,921		0.11
Mitchell International, Inc.	(9)		L + 3.75	%		8.41	%		10/15/2028		66,990		66,327		61,932		0.27
Polaris Newco, LLC	(9)		L + 4.00	%		8.73	%		6/2/2028		41,862		41,380		38,304		0.17
Sedgwick Claims Management Services, Inc.	(6)(11)		L + 4.25	%		8.63	%		9/3/2026		2,399		2,418		2,375		0.01
Sedgwick Claims Management Services, Inc.	(6)(8)		L + 3.75	%		8.13	%		9/3/2026		2,851		2,854		2,804		0.01
SelectQuote, Inc.	(4)(10)		SOFR + 8.00	%		12.42% (incl. 2.00% PIK)			11/5/2024		274,238		273,743		246,814		1.09
													558,761		521,270		2.29
Diversified Telecommunication Services
Numericable US, LLC	(6)(8)		L + 3.69	%		7.77	%		1/31/2026		15,505		15,446		14,406		0.06
Numericable US, LLC	(6)(8)		L + 4.00	%		8.65	%		8/14/2026		33,493		33,515		31,246		0.14
Numericable US, LLC	(6)(8)		L + 2.75	%		7.16	%		7/31/2025		2,861		2,834		2,723		0.01
Point Broadband Acquisition, LLC	(4)(7)(11)		L + 6.00	%		10.56	%		10/1/2028		194,794		190,399		189,073		0.83
Zacapa, LLC	(6)(9)		SOFR + 4.25	%		8.83	%		3/22/2029		6,082		6,069		5,861		0.03
Zayo Group Holdings, Inc.	(9)		SOFR + 4.25	%		8.57	%		3/9/2027		4,857		4,742		4,054		0.02
													253,005		247,363		1.09
Electric Utilities
Qualus Power Services Corp.	(4)(7)(11)		L + 5.25	%		10.01	%		3/26/2027		50,994		50,060		50,425		0.22
Electrical Equipment
Emergency Power Holdings, LLC	(4)(5)(7)(11)		L + 5.50	%		10.23	%		8/17/2028		193,050		189,496		189,111		0.83
Madison IAQ, LLC	(9)		L + 3.25	%		7.99	%		6/21/2028		50,454		49,866		47,067		0.21
Relay Purchaser, LLC	(4)(5)(7)(10)		L + 6.00	%		10.73	%		8/30/2028		186,571		183,344		185,353		0.82
Shoals Holdings, LLC	(4)(11)		SOFR + 3.25	%		7.51	%		11/25/2026		11,262		11,075		11,318		0.05
													433,781		432,849		1.91

57

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2022

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread			Interest Rate (2)			Maturity Date		Par Amount/ Units (16)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt (continued)
Electronic Equipment, Instruments & Components
Albireo Energy, LLC	(4)(5)(11)		L + 6.00	%		10.75	%		12/23/2026		35,138		34,718		32,854		0.14
CPI Intermediate Holdings Inc	(4)(7)(10)		SOFR + 5.50	%		9.68	%		10/8/2029		465,710		455,099		455,280		2.01
Infinite Bidco, LLC	(9)		L + 3.25	%		7.98	%		3/2/2028		39,231		39,080		37,760		0.17
Ingram Micro, Inc.	(9)		L + 3.50	%		8.23	%		6/30/2028		3,940		3,909		3,891		0.02
Jupiter Bidco Limited	(4)(6)(10)		SOFR + 6.25	%		10.83	%		8/27/2029		88,177		85,665		85,532		0.38
Jupiter Bidco Limited	(4)(6)(7)(9)		E + 6.25	%		8.45	%		8/27/2029		EUR 5,922		2,718		3,972		0.02
LTI Holdings, Inc.	(8)		L + 3.50	%		7.88	%		9/6/2025		4,948		4,936		4,749		0.02
Presidio, Inc.	(8)		SOFR + 3.50	%		7.92	%		1/22/2027		2,197		2,200		2,167		0.01
													628,325		626,205		2.77
Energy Equipment & Services
Abaco Energy Technologies, LLC	(4)(13)		L + 7.00	%		11.29	%		10/4/2024		8,031		7,738		8,031		0.04
EnergySolutions, LLC	(11)		L + 3.75	%		8.48	%		5/9/2025		4,675		4,675		4,369		0.02
ISQ Hawkeye Holdco, Inc.	(4)(7)(10)		SOFR + 6.25	%		10.63	%		8/17/2029		8,189		7,967		8,048		0.04
Tetra Technologies, Inc.	(4)(6)(11)		L + 6.25	%		10.63	%		9/10/2025		22,793		22,080		22,793		0.10
													42,460		43,241		0.20
Entertainment
CE Intermediate I, LLC	(4)(9)		L + 4.00	%		8.59	%		11/10/2028		7,719		7,655		7,372		0.03
Recorded Books, Inc.	(8)		SOFR + 4.00	%		8.32	%		8/29/2025		11,815		11,832		11,584		0.05
													19,487		18,956		0.08
Food Products
Quantum Bidco, Ltd.	(6)(8)		S + 6.00	%		6.28	%		1/29/2028		GBP 18,500		24,611		19,080		0.08
Snacking Investments US, LLC	(6)(11)		L + 4.00	%		8.32	%		12/18/2026		4,944		4,970		4,833		0.02
													29,581		23,913		0.10
Health Care Equipment & Supplies
Advancing Eyecare Center, Inc.	(4)(7)(9)		SOFR + 5.75	%		10.48	%		6/13/2029		25,380		24,746		24,255		0.11
Auris Luxembourg III Sarl	(6)(8)		L + 3.75	%		8.68	%		2/27/2026		34,532		34,030		30,993		0.14
CPI Buyer, LLC	(4)(7)(10)		L + 5.50	%		10.23	%		11/1/2028		161,899		158,173		153,414		0.68
Egrotron Acquisition, LLC	(4)(10)		SOFR + 5.75	%		10.18	%		7/6/2028		67,705		66,462		66,182		0.29
GCX Corporation Buyer, LLC	(4)(5)(7)(10)		L + 5.50	%		9.84	%		9/13/2028		245,025		240,888		240,440		1.06
Mozart Borrower LP	(7)(9)		L + 3.25	%		7.63	%		10/23/2028		1,985		1,884		477		0.00
Natus Medical Incorporated	(4)(7)(9)		SOFR + 5.50	%		8.68	%		7/20/2029		53,463		50,042		49,330		0.22
Resonetics, LLC	(10)		L + 4.00	%		8.41	%		4/28/2028		81,849		80,299		78,166		0.34
Sunshine Luxembourg VII S.à r.l, LLC	(6)(10)		L + 3.75	%		8.48	%		10/1/2026		23,496		23,346		22,560		0.10
TecoStar Holdings, Inc.	(11)		L + 3.50	%		7.24	%		5/1/2024		25,881		25,647		21,764		0.10
													705,517		687,581		3.04

58

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2022

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread			Interest Rate (2)			Maturity Date		Par Amount/ Units (16)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt (continued)
Health Care Providers & Services
123Dentist, Inc.	(4)(6)(7)(10)		C + 5.75	%		10.36	%		8/10/2029		CAD 204,779		156,140		144,435		0.64
ACI Group Holdings, Inc.	(4)(5)(7)(10)		L + 5.75	%		10.13	%		8/2/2028		92,158		90,007		90,086		0.40
ADCS Clinics Intermediate Holdings, LLC	(4)(7)(11)		L + 6.50	%		11.66	%		5/7/2027		20,661		20,251		20,229		0.09
ADMI Corp.	(9)		L + 3.75	%		8.13	%		12/23/2027		46,518		46,278		42,491		0.19
Amerivet Partners Management, Inc.	(4)(5)(7)(10)		SOFR + 5.50	%		9.59	%		2/25/2028		17,532		16,596		15,861		0.07
AMGH Holding Corp.	(11)		L + 4.25	%		8.63	%		3/14/2025		11,615		11,628		8,300		0.04
Canadian Hospital Specialties Ltd.	(4)(5)(6)(7)(11)		C + 4.50	%		9.36	%		4/14/2028		CAD   16,795		12,933		14,973		0.07
Caramel Bidco Limited	(4)(5)(6)(8)		S + 6.00	%		9.43	%		2/24/2029		GBP    60,000		78,167		69,698		0.31
Caramel Bidco Limited	(4)(5)(6)(7)(8)		SOFR + 6.00	%		9.43	%		2/24/2024		GBP      5,392		6,968		4,202		0.02
CCBlue Bidco, Inc.	(4)(7)(10)		L + 6.25	%		9.92% (incl. 2.75% PIK)			12/21/2028		499,035		488,434		470,913		2.08
CHG Healthcare Services, Inc.	(9)		L + 3.25	%		7.63	%		9/29/2028		8,021		7,983		7,864		0.03
Covenant Surgical Partners, Inc.	(8)		L + 4.00	%		8.41	%		7/1/2026		2,951		2,916		2,501		0.01
Cross Country Healthcare, Inc.	(4)(10)		L + 5.75	%		10.14	%		6/8/2027		48,234		46,982		48,234		0.21
DCA Investment Holdings, LLC	(4)(7)(10)		SOFR + 6.00	%		9.98	%		4/3/2028		25,015		24,846		24,620		0.11
Epoch Acquisition, Inc.	(4)(11)		SOFR + 6.00	%		10.19	%		10/4/2024		29,118		29,118		28,972		0.13
Global Medical Response, Inc.	(11)		L + 4.25	%		8.42	%		10/2/2025		34,291		34,358		24,239		0.11
Gordian Medical, Inc.	(4)(10)		L + 6.25	%		10.98	%		1/31/2027		51,790		50,515		37,548		0.17
Heartland Dental, LLC	(8)		L + 4.00	%		8.39	%		4/30/2025		47,639		47,471		44,388		0.20
Jayhawk Buyer, LLC	(4)(7)(11)		L + 5.00	%		9.73	%		10/15/2026		274,677		270,560		271,930		1.20
LifePoint Health, Inc.	(8)		L + 3.75	%		8.16	%		11/16/2025		43,804		43,532		41,401		0.18
Medical Knowledge Group, LLC	(4)(10)		SOFR + 5.75	%		9.99	%		2/1/2029		21,910		21,243		21,636		0.10
Medical Knowledge Group, LLC	(4)(10)		L + 5.75	%		10.04			2/1/2029		163,706		160,860		161,660		0.71
Midwest Physician Administrative Services, LLC	(10)		L + 3.25	%		7.98	%		3/12/2028		19,182		19,113		17,719		0.08

59

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2022

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread			Interest Rate (2)			Maturity Date		Par Amount/ Units (16)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt (continued)
Health Care Providers & Services (continued)
National Mentor Holdings, Inc.	(10)		L + 3.75	%		8.48	%		3/2/2028		11,192		11,182		7,884		0.03
Navigator Acquiror, Inc.	(4)(7)(9)		L + 5.75	%		9.98% (incl. 5.11% PIK)			7/16/2027		416,586		413,661		412,420		1.82
NMSC Holdings, Inc.	(10)		SOFR + 5.25	%		9.67	%		2/23/2029		7,476		7,405		6,156		0.03
Odyssey Holding Company, LLC	(4)(11)		L + 5.75	%		10.45	%		11/16/2025		63,649		63,333		63,649		0.28
Onex TSG Intermediate Corp.	(6)(10)		L + 4.75	%		9.16	%		2/28/2028		23,023		22,873		20,622		0.09
Pathway Vet Alliance, LLC	(8)		L + 3.75	%		8.13	%		3/31/2027		30,697		30,494		25,734		0.11
Pediatric Associates Holding Co., LLC	(7)(9)		L + 3.25	%		7.63	%		12/29/2028		5,036		4,910		4,778		0.02
PetVet Care Centers, LLC	(10)		L + 3.50	%		7.88	%		2/14/2025		54,403		54,377		51,297		0.23
Phoenix Guarantor, Inc.	(6)(8)		L + 3.50	%		7.88	%		3/5/2026		17,904		17,889		16,891		0.07
Plasma Buyer, LLC	(4)(7)(10)		SOFR + 5.75	%		10.07	%		5/12/2029		91,493		89,190		86,487		0.38
PPV Intermediate Holdings, LLC	(4)(7)(10)		SOFR + 5.75	%		10.07	%		8/31/2029		114,624		112,184		113,256		0.50
PSKW Intermediate, LLC	(4)(11)		L + 6.25	%		10.64	%		3/9/2026		14,303		14,303		14,303		0.06
Radnet, Inc.	(6)(10)		L + 3.00	%		7.73	%		4/21/2028		4,850		4,832		4,733		0.02
Reverb Buyer, Inc.	(9)		L + 3.50	%		7.88	%		11/1/2028		6,551		6,504		6,155		0.03
Smile Doctors, LLC	(4)(7)(10)		L + 5.75	%		11.00	%		12/21/2028		460,037		450,702		449,712		1.98
Snoopy Bidco, Inc.	(4)(7)(10)		L + 6.00	%		10.76	%		6/1/2028		623,786		615,035		601,186		2.65
SpecialtyCare, Inc.	(4)(5)(7)(11)		L + 5.75	%		9.76	%		6/18/2028		72,500		70,742		70,051		0.31
Stepping Stones Healthcare Services, LLC	(4)(7)(10)		L + 5.75	%		10.51	%		1/2/2029		166,289		163,129		160,844		0.71
Surgery Centers Holdings, Inc.	(6)(10)		L + 3.75	%		8.05	%		8/31/2026		14,435		14,425		14,289		0.06
The Fertility Partners, Inc.	(4)(5)(6)(10)		L + 5.75	%		10.13	%		3/16/2028		38,903		38,228		37,346		0.16
The Fertility Partners, Inc.	(4)(5)(6)(7)(10)		C + 5.75	%		10.46	%		3/16/2028		CAD 155,062		121,396		111,823		0.49
The GI Alliance Management, LLC	(4)(7)(11)		SOFR + 6.25	%		10.49	%		9/15/2028		261,135		252,087		254,229		1.12
TTF Holdings, LLC	(4)(10)		L + 4.00	%		8.13	%		3/31/2028		5,944		5,910		5,884		0.03
U.S. Anesthesia Partners, Inc.	(9)		L + 4.25	%		8.37	%		10/1/2028		38,627		38,496		36,876		0.16
Unified Physician Management, LLC	(4)(7)(9)		SOFR + 5.50	%		10.50	%		6/18/2029		863,748		863,748		863,748		3.81

60

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2022

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread			Interest Rate (2)			Maturity Date		Par Amount/ Units (16)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt (continued)
Health Care Providers & Services (continued)
United Mutual Acquisition Holdings, LLC	(4)(7)(10)		SOFR + 5.75	%		10.09	%		7/15/2028		15,654		15,421		15,229		0.07
US Acute Care Solutions	(5)(8)		6.38	%		6.38	%		3/1/2026		2,885		2,919		2,564		0.01
US Oral Surgery Management Holdco, LLC	(4)(10)		L + 5.50	%		10.18	%		11/18/2027		127,120		125,052		125,849		0.55
US Oral Surgery Management Holdco, LLC	(4)(7)(11)		L + 4.50	%		10.72	%		11/18/2023		39,604		38,717		38,933		0.17
Veonet GmbH	(6)(8)		S + 5.25	%		8.68	%		3/14/2029		GBP 170,000		218,598		190,515		0.84
WHCG Purchaser III, Inc.	(4)(5)(7)(10)		L + 5.75	%		10.48	%		6/22/2028		108,280		106,326		88,257		0.39
													5,680,967		5,515,600		24.33
Health Care Technology
athenahealth, Inc.	(7)(9)		SOFR + 3.50	%		7.82	%		2/15/2029		36,931		36,518		33,015		0.15
Caerus US 1, Inc.	(4)(6)(7)(10)		SOFR + 5.50	%		6.25	%		5/25/2029		86,813		85,002		84,951		0.37
Caerus US 1, Inc.	(4)(6)(7)(10)		SOFR + 5.50	%		10.08	%		5/25/2029		403,316		394,706		390,501		1.72
Color Intermediate LLC	(4)(10)		SOFR + 5.50	%		10.18	%		10/4/2029		371,638		362,597		364,206		1.61
Edifecs, Inc.	(4)(10)		L + 5.50	%		10.23	%		9/21/2026		122,264		120,388		121,042		0.53
Edifecs, Inc.	(4)(11)		L + 7.50	%		12.23	%		9/21/2026		29,360		29,261		29,947		0.13
Ensemble RCM, LLC	(4)(9)		SOFR + 5.00	%		9.19	%		8/3/2026		89,550		88,057		87,759		0.39
GI Ranger Intermediate, LLC	(4)(7)(10)		SOFR + 6.00	%		10.73	%		10/29/2028		99,248		97,345		97,383		0.43
Imprivata, Inc.	(9)		L + 3.75	%		8.13	%		12/1/2027		3,940		3,948		3,801		0.02
Netsmart Technologies, Inc.	(10)		L + 4.00	%		8.38	%		10/1/2027		15,149		15,208		14,628		0.06
NMC Crimson Holdings, Inc.	(4)(7)(10)		L + 6.00	%		9.74	%		3/1/2028		75,988		74,013		74,805		0.33
Project Ruby Ultimate Parent Corp.	(10)		L + 3.25	%		7.63	%		3/10/2028		8,461		8,428		8,019		0.04
RPBLS Midco, LLC	(4)(10)		SOFR + 5.75	%		9.41	%		4/1/2028		166,892		164,279		165,223		0.73
Verscend Holding Corp.	(8)		L + 4.00	%		8.38	%		8/27/2025		30,479		30,524		30,346		0.13
Waystar Technologies, Inc.	(8)		L + 4.00	%		8.38	%		10/22/2026		12,408		12,425		12,222		0.05
													1,522,699		1,517,848		6.69
Hotels, Restaurants & Leisure
Alterra Mountain Company	(9)		L + 3.50	%		7.88	%		8/17/2028		6,241		6,251		6,180		0.03
CEC Entertainment, Inc.	(5)(8)		6.75	%		6.75	%		5/1/2026		51,052		51,052		47,542		0.21
Century Casinos, Inc.	(6)(10)		SOFR + 6.00	%		10.22	%		4/2/2029		43,670		42,885		41,650		0.18
Fertitta Entertainment, LLC	(9)		SOFR + 4.00	%		8.32	%		1/27/2029		33,590		33,463		32,003		0.14
Flynn Restaurant Group LP	(9)		L + 4.25	%		8.63	%		12/1/2028		7,999		7,922		7,522		0.03
IRB Holding Corp.	(10)		SOFR + 3.00	%		7.32	%		12/15/2027		15,762		15,761		15,321		0.07
Mic Glen, LLC	(9)		L + 3.50	%		7.88	%		7/21/2028		26,577		26,430		25,348		0.11
Scientific Games Holdings LP	(9)		SOFR + 3.50	%		7.10	%		4/4/2029		10,434		10,389		9,976		0.04
Tacala Investment Corp.	(10)		L + 3.50	%		7.88	%		2/5/2027		48,876		48,867		47,129		0.21
Twin River Worldwide Holdings, Inc.	(6)(9)		L + 3.25	%		7.54	%		10/2/2028		19,084		18,942		17,710		0.08
													261,962		250,381		1.10

61

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2022

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread			Interest Rate (2)			Maturity Date		Par Amount/ Units (16)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt (continued)
Household Durables
AI Aqua Merger Sub, Inc.	(6)(7)(9)		SOFR + 3.75	%		7.84	%		7/31/2028		52,858		52,304		49,784		0.22
Hunter Douglas, Inc.	(6)(9)		SOFR + 3.50	%		7.86	%		2/26/2029		14,896		14,820		13,181		0.06
Instant Brands Holdings, Inc.	(10)		L + 5.00	%		9.73	%		4/12/2028		75,061		74,211		50,741		0.22
													141,335		113,706		0.50
Industrial Conglomerates
Bettcher Industries, Inc.	(9)		SOFR + 4.00	%		8.32	%		12/14/2028		11,238		11,142		10,591		0.05
CEP V Investment 11 Sarl	(4)(6)(7)(10)		S + 5.75	%		5.75	%		2/11/2028		CHF 97,449		97,920		104,199		0.46
Engineered Machinery Holdings, Inc.	(10)		L + 3.75	%		8.48	%		5/19/2028		7,978		7,978		7,738		0.03
Excelitas Technologies Corp.	(4)(7)(10)		SOFR + 5.75	%		10.12	%		8/13/2029		161,600		158,150		157,944		0.70
Excelitas Technologies Corp.	(4)(8)		E + 5.75	%		7.55	%		8/13/2029		EUR 25,323		25,502		26,486		0.12
FCG Acquisitions, Inc.	(9)		L + 3.75	%		8.48	%		3/31/2028		40,676		40,520		38,782		0.17
SPX Flow, Inc.	(9)		SOFR + 4.50	%		8.92	%		4/5/2029		52,169		49,972		48,862		0.22
Vertical US Newco, Inc.	(6)(9)		L + 3.50	%		6.87	%		7/30/2027		29,953		29,980		28,898		0.13
Victory Buyer, LLC	(4)(9)		L + 3.75	%		8.10	%		11/19/2028		22,863		22,774		19,262		0.08
													443,938		442,762		1.96
Insurance
Acrisure LLC	(8)		L + 3.50	%		7.88	%		2/15/2027		3,815		3,739		3,589		0.02
Acrisure LLC	(9)		L + 4.25	%		8.63	%		2/15/2027		18,985		18,947		18,424		0.08
Acrisure LLC	(9)		L + 3.75	%		8.13	%		2/15/2027		18,973		18,838		18,071		0.08
Alera Group, Inc.	(4)(10)		SOFR + 6.00	%		10.42	%		10/2/2028		63,957		63,421		62,273		0.27
Alliant Holdings Intermediate, LLC	(9)		L + 3.50	%		7.85	%		11/5/2027		7,935		7,894		7,766		0.03
Amerilife Holdings, LLC	(4)(7)(10)		SOFR + 5.75	%		9.01	%		8/31/2029		360,844		352,810		356,491		1.57
AssuredPartners, Inc.	(9)		L + 3.50	%		7.88	%		2/12/2027		30,226		29,966		29,355		0.13
AssuredPartners, Inc.	(9)		SOFR + 3.50	%		7.82			2/12/2027		993		991		966		0.00
Baldwin Risk Partners, LLC	(6)(9)		L + 3.50	%		7.79	%		10/14/2027		7,884		7,853		7,707		0.03
Benefytt Technologies, Inc.	(4)(10)		SOFR + 8.75	%		12.09 (incl. 7.75 PIK	%  %  )		8/12/2027		97,056		95,617		78,615		0.35
Benefytt Technologies, Inc.	(4)(7)(8)		SOFR + 7.50	%		10.58 (incl. 7.75 PIK	%  %  )		8/12/2027		23,520		22,851		19,016		0.08
BroadStreet Partners, Inc.	(8)		L + 3.00	%		7.38	%		1/27/2027		10,816		10,774		10,509		0.05
CFC Underwriting, Ltd.	(4)(6)(7)(8)		SOFR + 5.00	%		8.79	%		5/16/2029		138,161		134,805		136,576		0.60
Foundation Risk Partners Corp.	(4)(7)(10)		SOFR + 6.00	%		10.68	%		10/29/2028		55,681		54,797		54,978		0.24
Galway Borrower, LLC	(4)(5)(7)(10)		L + 5.25	%		8.99	%		9/30/2028		222,069		218,415		216,018		0.95
High Street Buyer, Inc.	(4)(5)(7)(10)		L + 6.00	%		10.73	%		4/14/2028		127,353		124,844		125,698		0.55
Howden Group Holdings Limited	(6)(10)		L + 3.25	%		7.69	%		11/12/2027		13,503		13,440		13,173		0.06
HUB International Limited	(10)		L + 3.25	%		7.53	%		4/25/2025		1,957		1,958		1,943		0.01
Integrity Marketing Acquisition, LLC	(4)(5)(10)		L + 6.05	%		11.28	%		8/27/2025		80,767		80,024		77,935		0.34

62

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2022

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread			Interest Rate (2)			Maturity Date		Par Amount/ Units (16)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt (continued)
Insurance (continued)
Integrity Marketing Acquisition, LLC	(4)(5)(7)(10)		SOFR + 5.75	%		9.49	%		8/27/2025		79,904		78,423		76,727		0.34
Integrity Marketing Acquisition, LLC	(4)(5)(10)		L + 5.75	%		7.50	%		8/27/2025		74,979		74,173		72,168		0.32
Jones Deslauriers Insurance Management, Inc.	(5)(6)(10)		C + 4.25	%		8.81	%		3/27/2028		CAD 15,393		12,486		10,679		0.05
Jones Deslauriers Insurance Management, Inc.	(5)(6)(10)		C + 4.25	%		8.81	%		3/27/2028		CAD 11,206		8,797		7,774		0.03
Jones Deslauriers Insurance Management, Inc.	(5)(6)(8)		C + 4.25	%		8.81	%		3/17/2028		CAD 69,903		54,634		48,513		0.21
NFP Corp.	(8)		L + 3.25	%		7.63	%		2/15/2027		13,596		13,511		13,038		0.06
PGIS Intermediate Holdings, LLC	(4)(5)(7)(10)		L + 5.50	%		10.63	%		10/16/2028		24,461		23,947		23,541		0.10
Riser Merger Sub, Inc.	(4)(6)(7)(10)		SOFR + 5.75	%		10.33	%		8/1/2028		159,870		155,983		155,699		0.69
Riser Merger Sub, Inc.	(4)(6)(10)		S + 5.75	%		9.18	%		8/1/2028		GBP   13,683		16,452		16,130		0.07
RSC Acquisition, Inc.	(4)(5)(10)		L + 5.50	%		9.11	%		10/30/2026		15,000		14,870		14,588		0.06
RSC Acquisition, Inc.	(4)(5)(7)(10)		L + 5.50	%		9.74	%		10/30/2026		10,680		10,160		8,928		0.04
SG Acquisition, Inc.	(4)(9)		L + 5.00	%		9.17	%		1/27/2027		93,540		93,262		93,540		0.41
Shelf Bidco Ltd	(6)(10)		SOFR + 6.00	%		6.75	%		1/3/2030		132,377		128,377		128,377		0.57
Tennessee Bidco Limited	(4)(5)(6)(8)		S + 7.28	%		8.47	%		7/9/2028		GBP   48,569		65,941		57,592		0.25
Tennessee Bidco Limited	(4)(5)(6)(7)(8)		S + 7.00	%		7.00	%		7/9/2028		GBP 101,623		116,566		108,100		0.48
Tennessee Bidco Limited	(4)(5)(6)(8)		L + 7.00	%		10.38	%		7/9/2028		166,473		162,496		163,559		0.72
Tennessee Bidco Limited	(4)(5)(6)(8)		L + 6.25	%		10.43	%		8/3/2028		17,423		17,179		17,118		0.08
Tennessee Bidco Limited	(4)(5)(6)(8)		L + 7.00	%		12.21	%		8/3/2028		30,570		30,181		30,035		0.13
													2,339,422		2,285,209		10.05
Interactive Media & Services
Ancestry.com Operations, Inc	(9)		L + 3.25	%		7.63	%		12/6/2027		8,349		8,298		7,751		0.03
Cengage Learning, Inc.	(11)		L + 4.75	%		7.81	%		7/14/2026		18,763		18,629		16,919		0.07
MH Sub I, LLC	(11)		L + 3.75	%		8.13	%		9/13/2024		15,647		15,655		15,240		0.07
Project Boost Purchaser, LLC	(9)		L + 3.50	%		7.88	%		5/30/2026		9,924		9,785		9,596		0.04
Red Planet Borrower, LLC	(9)		L + 3.75	%		8.13	%		10/2/2028		39,653		39,368		25,021		0.11
SurveyMonkey, Inc.	(6)(8)		L + 3.75	%		8.14	%		10/10/2025		5,957		5,869		5,778		0.03
													97,604		80,305		0.35

63

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2022

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread			Interest Rate (2)			Maturity Date		Par Amount/ Units (16)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt (continued)
Internet & Direct Marketing Retail
Donuts, Inc.	(4)(7)(11)		SOFR + 6.00	%		10.43	%		12/29/2026		511,530		510,002		506,414		2.23
Hoya Midco, LLC	(6)(9)		SOFR + 3.25	%		7.57	%		2/3/2029		9,729		9,675		9,595		0.04
Prodege International Holdings, LLC	(4)(10)		L + 5.75	%		10.52	%		12/15/2027		561,698		553,677		550,464		2.43
Wireless Vision, LLC	(4)(11)		L + 5.50	%		10.23	%		12/30/2025		19,197		19,197		19,197		0.08
													1,092,551		1,085,670		4.78
IT Services
Ahead DB Holdings, LLC	(5)(10)		L + 3.75	%		8.48	%		10/18/2027		2,570		2,580		2,488		0.01
AI Altius Bidco, Inc.	(4)(5)(7)(10)		L + 5.50	%		10.65	%		12/13/2028		106,023		103,921		103,556		0.46
AI Altius Bidco, Inc.	(4)(5)(8)		9.75 PIK	%		9.75% PIK			12/29/2029		22,256		21,714		21,532		0.09
BCP V Everise Acquisition, LLC	(4)(10)		SOFR + 6.50	%		10.83	%		5/3/2027		74,063		72,272		72,211		0.32
Dcert Buyer, Inc.	(8)		SOFR + 4.00	%		8.70	%		10/16/2026		28,834		28,864		27,917		0.12
Endurance International Group Holdings, Inc.	(10)		L + 3.50	%		7.72	%		2/10/2028		45,056		44,735		40,663		0.18
Infostretch Corporation	(4)(10)		SOFR + 5.75	%		10.48	%		4/1/2028		182,010		178,827		174,730		0.77
Inovalon Holdings, Inc.	(4)(7)(10)		L + 6.25	%		10.95% (incl. 2.75% PIK)			11/24/2028		958,135		937,472		947,309		4.18
Monterey Financing, S.A.R.L	(4)(6)(7)(8)		E + 6.00	%		8.14	%		9/28/2029		EUR   76,519		69,979		81,366		0.36
Monterey Financing, S.A.R.L	(4)(6)(8)		CI + 6.00	%		8.42	%		9/28/2029		DKK 560,750		72,060		78,665		0.35
Monterey Financing, S.A.R.L	(4)(6)(8)		ST + 6.00	%		8.65	%		9/28/2029		SEK 243,186		21,200		22,727		0.10
Monterey Financing, S.A.R.L	(4)(6)(9)		N + 6.00	%		9.26	%		9/28/2029		NOK 599,094		54,450		59,479		0.26
Park Place Technologies, LLC	(11)		SOFR + 5.00	%		9.42	%		11/10/2027		796		798		753		0.00
Razor Holdco, LLC	(4)(10)		L + 5.75	%		9.42	%		10/25/2027		189,288		186,250		185,502		0.82
Red River Technology, LLC	(4)(7)(11)		L + 6.00	%		10.38	%		5/26/2027		149,310		147,395		148,190		0.65
Sabre GLBL, Inc.	(6)(9)		SOFR + 4.25	%		8.67	%		6/30/2028		1,321		1,292		1,213		0.01
Sabre GLBL, Inc.	(6)(9)		L + 3.50	%		7.88	%		12/17/2027		17,783		17,734		16,249		0.07
TierPoint, LLC	(10)		L + 3.75	%		8.13	%		5/5/2026		12,370		12,323		11,601		0.05
Turing Holdco, Inc.	(4)(5)(6)(8)		E + 6.00	%		8.00 (incl. 2.50 PIK	%  %  )		8/3/2028		EUR   16,320		18,455		17,200		0.08
Turing Holdco, Inc.	(4)(5)(6)(7)(8)		E + 6.00	%		7.36	%		8/3/2028		EUR     8,284		9,576		8,587		0.04

64

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2022

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread			Interest Rate (2)			Maturity Date		Par Amount/ Units (16)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt (continued)
IT Services (continued)
Turing Holdco, Inc.	(4)(5)(6)(8)		L + 6.00	%		10.01	%		8/3/2028		12,655		12,344		12,466		0.05
Virtusa Corp.	(10)		L + 3.75	%		8.13	%		2/11/2028		8,918		8,930		8,632		0.04
Virtusa Corp.	(10)		L + 3.75	%		8.17	%		2/15/2029		942		934		912		0.00
													2,024,105		2,043,948		9.01
Leisure Products
Lew’s Intermediate Holdings, LLC	(4)(10)		SOFR + 5.00	%		9.40	%		2/11/2028		25,913		25,749		23,710		0.10
Lucky Bucks, LLC	(10)		L + 5.50	%		10.43	%		7/30/2027		47,204		46,462		27,811		0.12
Motion Finco, LLC	(6)(8)		L + 3.25	%		7.98	%		11/12/2026		19,460		18,857		18,611		0.08
Recess Holdings, Inc.	(11)		L + 3.75	%		8.16	%		9/30/2024		11,924		11,909		11,880		0.05
													102,977		82,012		0.35
Life Sciences Tools & Services
Cambrex Corp.	(10)		SOFR + 3.50	%		7.92	%		12/4/2026		4,512		4,527		4,394		0.02
Curia Global, Inc.	(10)		L + 3.75	%		8.16	%		8/30/2026		40,647		40,658		33,673		0.15
LSCS Holdings, Inc.	(9)		L + 4.50	%		8.88	%		12/16/2028		15,594		15,527		14,941		0.07
Maravai Intermediate Holdings, LLC	(6)(9)		SOFR + 3.00	%		6.96	%		10/19/2027		1,958		1,976		1,925		0.01
Packaging Coordinators Midco, Inc.	(10)		L + 3.50	%		8.23	%		11/30/2027		1,881		1,878		1,789		0.01
													64,566		56,722		0.26
Machinery
Apex Tool Group, LLC	(9)		SOFR + 5.25	%		9.67	%		2/8/2029		14,756		14,691		12,743		0.06
MHE Intermediate Holdings, LLC	(4)(5)(7)(11)		SOFR + 6.00	%		9.50	%		7/21/2027		10,431		10,262		10,042		0.04
MHE Intermediate Holdings, LLC	(4)(5)(11)		SOFR + 6.25	%		9.75	%		12/9/2025		1,284		1,253		1,249		0.01
MHE Intermediate Holdings, LLC	(4)(5)(11)		L + 6.00	%		6.75	%		4/7/2024		1,201		1,181		1,168		0.01
Pro Mach Group, Inc.	(11)		L + 4.00	%		8.38	%		8/31/2028		238		236		232		0.00
Titan Acquisition Ltd.	(6)(8)		L + 3.00	%		5.88	%		3/28/2025		15,097		14,773		14,142		0.06
													42,396		39,576		0.18
Marine
Armada Parent, Inc.	(4)(7)(10)		L + 5.75	%		10.13	%		10/29/2027		233,972		229,683		226,879		1.00
Media
Clear Channel Outdoor Holdings, Inc.	(6)(8)		L + 3.50	%		7.91	%		8/21/2026		33,680		32,906		30,754		0.14
Digital Media Solutions, LLC	(4)(6)(10)		L + 5.00	%		9.73	%		5/25/2026		29,518		29,015		25,238		0.11
McGraw-Hill Education, Inc.	(9)		L + 4.75	%		8.32	%		7/28/2028		28,501		28,269		26,907		0.12
Radiate Holdco, LLC	(10)		L + 3.25	%		7.63	%		9/25/2026		47,479		47,370		38,787		0.17
Terrier Media Buyer, Inc.	(8)		L + 3.50	%		8.23	%		12/17/2026		1,955		1,963		1,836		0.01
Trader Corp.	(4)(6)(7)(10)		C + 5.75	%		10.40	%		12/22/2029		CAD 110,510		79,009		79,416		0.35
Univision Communications, Inc.	(10)		L + 3.25	%		7.63	%		3/15/2026		20,074		19,952		19,798		0.09
													238,484		222,736		0.99

65

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2022

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread			Interest Rate (2)			Maturity Date		Par Amount/ Units (16)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt (continued)
Metals & Mining
American Rock Salt Company, LLC	(10)		L + 4.00	%		8.38	%		6/9/2028		19,684		19,672		18,577		0.08
SCIH Salt Holdings, Inc.	(10)		L + 4.00	%		8.41	%		3/16/2027		45,105		44,859		43,962		0.19
													64,531		62,539		0.27
Oil, Gas & Consumable Fuels
Eagle Midstream Canada Finance, Inc.	(4)(6)(10)		SOFR + 6.25	%		10.52	%		8/15/2028		30,190		29,569		29,737		0.13
Freeport LNG Investments, LLLP	(9)		L + 3.50	%		7.74	%		12/21/2028		55,586		55,399		52,984		0.23
KKR Alberta Midsteam Finance Inc.	(4)(6)(10)		SOFR + 6.25	%		10.52	%		8/15/2028		16,424		16,087		16,178		0.07
													101,055		98,899		0.43
Paper & Forest Products
Profile Products, LLC	(4)(7)(10)		L + 5.50	%		9.36	%		11/12/2027		40,166		39,406		39,080		0.17
Profile Products, LLC	(4)(10)		C + 5.50	%		10.14			11/12/2027		23,595		23,211		23,064		0.10
													62,617		62,144		0.27
Pharmaceuticals
Doc Generici (Diocle S.p.A.)	(4)(6)(7)(8)		E + 6.50	%		8.56	%		10/27/2028		EUR 60,136		57,958		63,092		0.28
Padagis, LLC	(6)(9)		L + 4.75	%		8.49	%		7/6/2028		29,371		29,331		26,189		0.12
Rhea Parent, Inc.	(4)(5)(10)		SOFR + 5.75	%		10.33	%		2/18/2029		205,468		201,868		202,899		0.89
Sharp Midco, LLC	(4)(9)		L + 4.00	%		8.73	%		12/31/2028		5,283		5,271		5,032		0.02
													294,428		297,212		1.31
Professional Services
ALKU, LLC	(4)(10)		SOFR + 5.25	%		9.67	%		3/1/2028		154,467		153,315		154,467		0.68
ALKU, LLC	(4)(10)		SOFR + 5.00	%		9.42	%		3/1/2028		78,607		77,850		78,607		0.35
APFS Staffing Holdings, Inc.	(4)(7)(9)		SOFR + 4.00	%		8.09	%		12/29/2028		3,275		3,065		2,529		0.01
Aqgen Island Holdings, Inc.	(9)		L + 3.50	%		8.25	%		8/2/2028		64,131		63,860		61,432		0.27
Armor Holdco, Inc.	(6)(9)		SOFR + 4.50	%		9.54	%		12/11/2028		3,600		3,569		3,578		0.02
BPPH2 Limited	(4)(5)(6)(8)		S + 6.87	%		10.30	%		3/2/2028		GBP 40,700		55,179		49,379		0.22
CFGI Holdings, LLC	(4)(7)(10)		L + 5.00	%		9.39	%		11/2/2027		22,918		22,044		22,291		0.10
Chronicle Bidco, Inc.	(4)(7)(11)		SOFR + 6.75	%		9.80	%		5/18/2029		2,944		2,930		2,798		0.01
Chronicle Bidco, Inc.	(4)(11)		SOFR + 6.25	%		10.83	%		5/18/2029		42,743		42,387		41,888		0.18
Claims Automation Intermediate 2, LLC	(4)(7)(10)		L + 4.75	%		8.76	%		12/16/2027		45,500		44,182		43,449		0.19
Clearview Buyer, Inc.	(4)(5)(7)(10)		L + 5.25	%		9.98	%		8/26/2027		150,490		147,773		146,988		0.65
CoreLogic, Inc.	(9)		L + 3.50	%		7.94	%		6/2/2028		41,138		40,876		34,466		0.15
Cumming Group, Inc.	(4)(11)		SOFR + 5.25	%		8.92	%		11/16/2027		1,600		1,561		1,561		0.01
Cumming Group, Inc.	(4)(7)(11)		L + 5.25	%		8.92	%		5/26/2027		171,367		168,531		165,889		0.73
Deerfield Dakota Holding, LLC	(11)		SOFR + 3.75	%		8.07	%		4/9/2027		86,146		85,708		80,668		0.36
Eliassen Group, LLC	(4)(7)(10)		SOFR + 5.50	%		10.08	%		4/14/2028		65,997		65,126		64,430		0.28
Emerald US, Inc.	(6)(8)		L + 3.25	%		7.98	%		7/12/2028		3,889		3,886		3,874		0.02

66

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2022

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread			Interest Rate (2)			Maturity Date		Par Amount/ Units (16)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt (continued)
Professional Services (continued)
Galaxy US Opco, Inc.	(6)(9)		SOFR + 4.75	%		9.07	%		4/29/2029		12,326		12,046		11,185		0.05
Guidehouse, Inc.	(4)(5)(10)		L + 6.25	%		10.32	%		10/16/2028		49,874		48,441		48,877		0.22
Guidehouse, Inc.	(4)(5)(10)		L + 6.25	%		10.63	%		10/16/2028		1,147,802		1,138,302		1,124,846		4.96
HIG Orca Acquisition Holdings, Inc.	(4)(5)(7)(11)		SOFR + 6.00	%		9.78	%		8/17/2027		107,511		105,846		106,284		0.47
IG Investments Holdings, LLC	(4)(5)(7)(10)		L + 6.00	%		10.39	%		9/22/2028		466,344		458,429		463,878		2.04
Inmar, Inc.	(11)		L + 4.00	%		8.73	%		5/1/2024		39,981		39,814		36,493		0.16
Kaufman Hall & Associates, LLC	(4)(10)		L + 5.25	%		9.63	%		12/14/2028		97,255		95,601		96,526		0.43
Legacy Intermediate, LLC	(4)(5)(7)(10)		SOFR + 5.75	%		10.26	%		2/25/2028		93,094		91,039		91,631		0.40
Mantech International CP	(4)(7)(10)		SOFR + 5.75	%		9.58	%		9/14/2029		778,402		759,603		767,644		3.38
Material Holdings, LLC	(4)(5)(7)(10)		SOFR + 6.00	%		10.68	%		8/19/2027		264,920		260,943		256,724		1.13
Minotaur Acquisition, Inc.	(8)		SOFR + 4.75	%		9.17	%		3/27/2026		281,425		274,304		269,816		1.19
National Intergovernmental Purchasing Alliance Co.	(8)		SOFR + 3.50	%		8.08	%		5/23/2025		4,207		4,175		4,159		0.02
Petrus Buyer Inc	(4)(7)(10)		SOFR + 6.50	%		10.70	%		10/17/2029		36,173		34,805		34,763		0.15
Polyconcept Investments B.V.	(10)		SOFR + 5.50	%		10.08	%		5/18/2029		44,888		44,066		42,138		0.19
Sherlock Buyer Corp.	(4)(7)(10)		L + 5.75	%		10.48	%		12/8/2028		6,488		6,210		6,060		0.03
Thevelia US, LLC	(5)(6)(9)		SOFR + 4.00	%		8.73	%		6/18/2029		34,466		33,046		33,518		0.15
Trinity Air Consultants Holdings Corp.	(4)(7)(10)		L + 5.25	%		10.18	%		6/29/2027		44,320		43,315		43,548		0.19
Trinity Partners Holdings, LLC	(4)(7)(10)		SOFR + 5.75	%		9.99	%		12/21/2028		389,123		381,440		380,183		1.68
Victors CCC Buyer, LLC	(4)(7)(10)		SOFR + 5.75	%		10.69	%		6/1/2029		146,370		143,164		144,011		0.63
VT Topco, Inc.	(7)(10)		L + 3.75	%		8.13	%		8/1/2025		22,103		22,056		21,466		0.09
West Monroe Partners, LLC	(4)(7)(10)		L + 5.50	%		9.84	%		11/8/2028		729,914		716,495		711,312		3.14
													5,694,982		5,653,356		24.93
Real Estate Management & Development
McCarthy & Stone PLC	(4)(5)(6)(8)		7.00	%		7.00	%		12/16/2025		GBP 20,000		28,031		21,121		0.09
Progress Residential PM Holdings, LLC	(4)(7)(10)		SOFR + 6.25	%		10.67	%		2/16/2028		70,324		69,012		70,324		0.31
Progress Residential PM Holdings, LLC	(4)(7)(10)		SOFR + 6.25	%		10.67	%		7/25/2029		15,205		14,849		15,205		0.07
													111,892		106,650		0.47
Road & Rail
Gruden Acquisition, Inc.	(4)(5)(7)(11)		L + 5.50	%		7.75	%		7/1/2028		628		404		429		0.00
Software
2U, Inc.	(6)(10)		L + 5.75	%		10.16	%		12/30/2024		7,960		7,880		7,666		0.03
Anaplan, Inc.	(4)(6)(7)(10)		SOFR + 6.50	%		10.82	%		6/21/2029		532,311		521,322		520,601		2.29
Apex Group Treasury, LLC	(6)(9)		L + 3.75	%		8.26	%		7/27/2028		19,608		19,584		18,775		0.08
Apttus Corp.	(10)		L + 4.25	%		8.66	%		5/8/2028		11,717		11,696		11,014		0.05

67

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2022

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread			Interest Rate (2)			Maturity Date		Par Amount/ Units (16)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt (continued)
Software (continued)
Armstrong Bidco Limited	(4)(6)(7)(8)		S + 5.75	%		8.68	%		6/28/2029		GBP 127,438		150,291		159,339		0.70
Armstrong Bidco Limited	(4)(6)(8)		S + 5.75	%		8.68	%		6/28/2029		GBP 314,735		374,547		360,861		1.59
Avalara Inc	(4)(7)(10)		SOFR + 7.25	%		8.00	%		10/19/2028		23,077		22,519		22,442		0.10
AxiomSL Group, Inc.	(4)(7)(11)		L + 5.75	%		10.13	%		12/3/2027		78,219		76,887		77,322		0.34
Barracuda Networks, Inc.	(9)		SOFR + 4.50	%		8.59	%		8/15/2029		32,103		31,056		31,015		0.14
Project Boost Purchaser, LLC	(4)(7)(10)		SOFR + 5.25	%		9.68	%		5/2/2029		44,993		44,498		44,698		0.20
BlueCat Networks USA, Inc.	(4)(6)(7)(10)		SOFR + 6.00	%		10.46	%		8/8/2028		69,864		68,344		68,246		0.30
Boxer Parent Company, Inc.	(8)		L + 3.75	%		8.13	%		10/2/2025		14,886		14,828		14,287		0.06
Cloudera, Inc.	(9)		L + 3.75	%		8.13	%		10/8/2028		57,082		56,256		54,005		0.24
Community Brands ParentCo, LLC	(4)(5)(7)(10)		SOFR + 5.75	%		10.17	%		2/24/2028		15,246		14,783		14,706		0.06
Confine Visual Bidco	(4)(6)(7)(10)		SOFR + 5.75	%		10.05	%		2/23/2029		258,821		251,334		245,348		1.08
Connatix Buyer, Inc.	(4)(5)(7)(10)		L + 5.50	%		10.14	%		7/14/2027		110,695		108,529		107,828		0.48
ConnectWise, LLC	(9)		L + 3.50	%		7.88	%		9/29/2028		28,620		28,541		27,260		0.12
Cornerstone OnDemand, Inc.	(9)		L + 3.75	%		8.13	%		10/16/2028		27,418		27,320		24,607		0.11
Delta Topco, Inc.	(10)		SOFR + 3.75	%		8.15	%		12/1/2027		35,059		35,021		32,500		0.14
Diligent Corporation	(4)(11)		L + 5.75	%		10.13	%		8/4/2025		88,425		87,687		85,772		0.38
Discovery Education, Inc.	(4)(7)(10)		SOFR + 5.75	%		9.83	%		4/9/2029		472,150		462,759		453,786		2.00
DTI Holdco, Inc.	(7)(10)		SOFR + 4.75	%		8.84	%		4/26/2029		53,078		51,741		48,874		0.22
ECI Macola Max Holding, LLC	(6)(10)		L + 3.75	%		8.48	%		11/9/2027		12,010		12,033		11,560		0.05
Epicor Software Corp.	(10)		L + 3.25	%		7.63	%		7/30/2027		5,983		6,003		5,758		0.03
Episerver, Inc.	(4)(5)(7)(11)		L + 5.25	%		9.98	%		4/9/2026		25,101		24,739		23,340		0.10
Experity, Inc.	(4)(5)(7)(10)		L + 5.75	%		10.48	%		2/24/2028		135,023		132,608		132,054		0.58
Forterro UK Ltd.	(4)(6)(7)(8)		E + 5.50	%		6.70	%		7/9/2029		EUR   42,187		41,136		44,292		0.20
Forterro UK Ltd.	(4)(6)(8)		L + 5.50	%		6.45	%		7/9/2029		CHF   10,674		10,698		11,192		0.05
Forterro UK Ltd.	(4)(6)(8)		ST + 5.50	%		7.17	%		7/9/2029		SEK 112,563		10,422		10,478		0.05
GI Consilio Parent, LLC	(7)(9)		L + 4.00	%		8.38	%		5/12/2028		45,327		44,499		42,475		0.19
Gigamon Inc.	(4)(7)(11)		SOFR + 5.75	%		9.73	%		3/9/2029		440,154		432,145		429,670		1.89
GovernmentJobs.com, Inc.	(4)(7)(10)		L + 5.50	%		9.88	%		12/1/2028		144,871		141,696		140,952		0.62
GraphPAD Software, LLC	(4)(7)(11)		L + 5.50	%		10.43	%		4/27/2027		19,874		19,569		19,547		0.09
Greeneden U.S. Holdings II, LLC	(10)		L + 4.00	%		8.38	%		12/1/2027		5,875		5,901		5,654		0.02
HS Purchaser, LLC	(10)		SOFR + 4.00	%		8.19	%		11/19/2026		48,835		48,815		44,159		0.19
Hyland Software, Inc.	(10)		L + 3.50	%		7.88	%		7/1/2024		9,851		9,857		9,739		0.04
Idera, Inc.	(10)		L + 3.75	%		7.50	%		3/2/2028		55,721		55,589		52,691		0.23
Imperva, Inc.	(11)		L + 4.00	%		8.59	%		1/12/2026		19,119		19,184		15,716		0.07
ION Trading Finance Ltd.	(6)(8)		L + 4.75	%		9.48	%		4/3/2028		28,045		28,067		26,673		0.12

68

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2022

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread			Interest Rate (2)			Maturity Date		Par Amount/ Units (16)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt (continued)
Software (continued)
Ivanti Software, Inc.	(10)		L + 4.00	%		8.73	%		12/1/2027		5,128		5,117		4,061		0.02
Ivanti Software, Inc.	(10)		L + 4.25	%		9.01	%		12/1/2027		36,390		36,142		28,979		0.13
Kaseya, Inc.	(4)(7)(10)		SOFR + 5.75	%		10.33	%		6/25/2029		733,231		718,045		724,967		3.20
LD Lower Holdings, Inc.	(4)(7)(11)		L + 6.50	%		11.23	%		2/8/2026		117,777		116,281		116,011		0.51
Lightbox Intermediate, LP	(4)(8)		L + 5.00	%		9.73	%		5/9/2026		37,810		37,005		36,487		0.16
Magnesium BorrowerCo, Inc.	(4)(10)		S + 5.75	%		9.18	%		5/18/2029		GBP 103,153		125,918		122,440		0.54
Magnesium BorrowerCo, Inc.	(4)(7)(10)		SOFR + 5.75	%		10.17	%		5/18/2029		967,749		943,201		950,755		4.19
Mandolin Technology Intermediate Holdings, Inc.	(4)(5)(7)(9)		L + 3.75	%		8.16	%		7/31/2028		85,175		84,168		82,084		0.36
Medallia, Inc.	(4)(10)		L + 6.50	%		10.88 (incl. 5.44 PIK	%  %  )		10/29/2028		992,925		976,148		973,067		4.29
Mitnick Purchaser, Inc.	(9)		SOFR + 4.75	%		8.94	%		5/2/2029		11,854		11,800		11,135		0.05
Mitratech Holdings, Inc.	(5)(10)		L + 3.75	%		8.16	%		5/18/2028		16,831		16,766		15,996		0.07
Monk Holding Co.	(4)(7)(10)		L + 5.50	%		9.67	%		12/1/2027		14,767		14,057		14,014		0.06
MRI Software, LLC	(5)(7)(11)		L + 5.50	%		10.23	%		2/10/2026		18,567		18,537		17,581		0.08
Neogames Connect SARL	(4)(6)(8)		E + 6.25	%		8.45	%		5/30/2028		EUR 100,400		101,799		104,131		0.46
Nintex Topco Limited	(4)(6)(10)		L + 6.00	%		10.73	%		11/13/2028		681,511		670,072		637,213		2.81
NortonLifeLock, Inc.	(6)(9)		SOFR + 2.00	%		6.42	%		9/12/2029		12,000		11,942		11,823		0.05
Onex AP Merger Sub, LLC	(4)(7)(10)		SOFR + 5.75	%		9.74	%		4/4/2028		21,687		21,307		21,188		0.09
Paya Holdings III, LLC	(4)(5)(6)(7)(10)		L + 3.25	%		7.63	%		6/25/2028		9,381		9,247		9,021		0.04
Perforce Software, Inc.	(8)		L + 3.75	%		8.13	%		7/1/2026		15,455		15,441		14,443		0.06
Project Alpha Intermediate Holding, Inc.	(8)		L + 4.00	%		8.39	%		4/26/2024		14,275		14,291		13,961		0.06
Project Leopard Holdings, Inc.	(7)(9)		SOFR + 5.25	%		9.80	%		7/20/2029		145,740		138,104		131,807		0.58
Proofpoint, Inc.	(5)(9)		L + 3.25	%		7.98	%		8/31/2028		904		874		872		0.00
Quest Software US Holdings, Inc.	(6)(9)		SOFR + 4.25	%		8.49	%		2/1/2029		27,881		27,655		21,634		0.10
Rally Buyer, Inc.	(4)(7)(10)		SOFR + 5.75	%		8.78	%		7/19/2028		115,925		113,139		112,920		0.50
RealPage, Inc.	(9)		L + 3.00	%		7.38	%		4/24/2028		21,393		21,320		20,387		0.09

69

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2022

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread			Interest Rate (2)			Maturity Date		Par Amount/ Units (16)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt (continued)
Software (continued)
Relativity ODA, LLC	(4)(7)(11)		L + 10.55	%		11.89% (incl. 11.55% PIK)			5/12/2027		1,165		1,075		1,073		0.00
Rocket Software, Inc.	(8)		L + 4.25	%		8.63	%		11/28/2025		10,838		10,843		10,446		0.05
Rocket Software, Inc.	(9)		L + 4.25	%		8.63	%		11/28/2025		3,968		3,854		3,832		0.02
S2P Acquisition Borrower, Inc.	(6)(8)		SOFR + 4.00	%		8.32	%		8/14/2026		16,684		16,709		16,253		0.07
Sailpoint Technologies, Inc.	(4)(7)(10)		SOFR + 6.25	%		10.58	%		8/16/2029		384,906		376,984		376,526		1.66
Sophia, LP	(9)		L + 3.50	%		8.23	%		10/7/2027		6,957		6,878		6,731		0.03
Sovos Compliance, LLC	(9)		L + 4.50	%		8.88	%		8/11/2028		5,665		5,675		5,233		0.02
Spitfire Parent, Inc.	(4)(5)(11)		E + 6.00	%		7.86	%		3/11/2027		EUR 19,256		22,936		20,140		0.09
Spitfire Parent, Inc.	(4)(7)(11)		SOFR + 6.00	%		9.28	%		3/11/2027		113,685		112,419		111,356		0.49
Stamps.com, Inc.	(4)(10)		L + 5.75	%		10.13	%		10/5/2028		10,047		9,877		9,796		0.04
Stamps.com, Inc.	(4)(10)		L + 5.75	%		10.13	%		10/5/2028		854,257		840,199		832,901		3.67
Surf Holdings, LLC	(6)(8)		L + 3.50	%		8.23	%		3/5/2027		12,018		12,013		11,683		0.05
Symphony Technology Group	(5)(6)(10)		L + 4.75	%		9.17	%		7/27/2028		66,060		65,486		56,874		0.25
Symphony Technology Group	(5)(6)(9)		SOFR + 3.75	%		7.97	%		3/1/2029		30,178		29,921		28,173		0.12
Tegra118 Wealth Solutions, Inc.	(8)		SOFR + 4.00	%		8.32	%		2/18/2027		3,920		3,940		3,731		0.02
The NPD Group L.P.	(4)(10)		SOFR + 6.25	%		10.43 (incl. 2.75 PIK	%  %  )		12/1/2028		886,351		869,959		868,624		3.83
The NPD Group L.P.	(4)(7)(10)		L + 5.75	%		10.13	%		12/1/2028		701,481		686,473		693,543		3.06
The Ultimate Software Group, Inc.	(9)		L + 3.25	%		7.00	%		5/4/2026		20,018		19,963		19,092		0.08
Triple Lift, Inc.	(4)(7)(10)		SOFR + 5.50	%		9.61	%		5/5/2028		75,913		74,564		74,219		0.33
Virgin Pulse, Inc.	(10)		L + 4.00	%		8.38	%		4/6/2028		42,021		41,704		35,823		0.16
Vision Solutions, Inc.	(10)		L + 4.00	%		8.36	%		4/24/2028		46,070		45,944		38,272		0.17
Zendesk Inc	(4)(7)(10)		SOFR + 6.50	%		11.04	%		11/22/2028		912,838		887,862		889,508		3.92
													11,904,038		11,767,708		51.86
Specialty Retail
CustomInk, LLC	(4)(11)		L + 6.18	%		7.18	%		5/3/2026		36,866		36,379		36,866		0.16
EG America, LLC	(6)(9)		L + 4.25	%		8.98	%		3/31/2026		18,398		18,309		17,282		0.08
EG Dutch Finco BV	(6)(8)		L + 4.00	%		9.15	%		2/7/2025		35,152		34,947		33,285		0.15
Petco Health and Wellness Comp	(10)		SOFR + 3.25	%		7.83	%		3/3/2028		192		191		187		0.00
Runner Buyer, Inc.	(4)(10)		L + 5.50	%		10.23	%		10/20/2028		77,415		76,021		54,965		0.24
													165,847		142,585		0.63
Technology Hardware, Storage & Peripherals
Lytx, Inc.	(4)(11)		SOFR + 6.75	%		11.17	%		2/28/2026		45,893		45,960		44,057		0.19

70

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2022

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread			Interest Rate (2)			Maturity Date		Par Amount/ Units (16)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt (continued)
Textiles, Apparel & Luxury Goods
Mad Engine Global, LLC	(11)		L + 7.00	%		11.73	%		7/15/2027		26,156		25,655		21,644		0.10
S&S Holdings, LLC	(9)		L + 5.00	%		9.29	%		3/11/2028		6,429		6,319		5,877		0.03
													31,974		27,521		0.13
Trading Companies & Distributors
Foundation Building Materials, Inc.	(9)		L + 3.25	%		7.66	%		1/31/2028		34,242		33,782		32,504		0.14
Icebox Holdco III, Inc.	(9)		L + 3.50	%		8.23	%		12/22/2028		21,955		21,803		20,336		0.09
LBM Acquisition, LLC	(10)		L + 3.75	%		7.12	%		12/17/2027		55,472		55,153		48,339		0.21
Park River Holdings, Inc.	(10)		L + 3.25	%		6.99	%		12/28/2027		71,062		69,778		62,445		0.28
Porcelain Acquisition Corp.	(4)(7)(11)		L + 5.75	%		10.48	%		4/1/2027		82,828		80,883		82,190		0.36
Specialty Building Products Holdings, LLC	(9)		L + 3.25	%		7.64	%		10/15/2028		30,036		29,981		27,145		0.12
SRS Distribution, Inc.	(9)		SOFR + 3.50	%		7.92	%		6/2/2028		52,570		52,335		50,382		0.22
The Cook & Boardman Group, LLC	(11)		SOFR + 5.75	%		9.99	%		10/17/2025		35,410		34,763		30,231		0.13
													378,478		353,572		1.55
Transportation Infrastructure
AIT Worldwide Logistics Holdings, Inc.	(10)		L + 4.75	%		8.49	%		4/6/2028		20,870		20,530		19,233		0.08
Capstone Logistics, LLC	(4)(11)		L + 4.75	%		9.13	%		11/12/2027		22,232		22,292		21,398		0.09
Enstructure LLC	(4)(7)(9)		SOFR + 5.50	%		9.92	%		5/25/2029		79,972		77,907		78,961		0.35
FFML Holdco Ltd	(4)(6)(8)		B + 6.25	%		7.00	%		11/30/2028		NZD 39,278		23,664		24,096		0.11
First Student Bidco, Inc.	(9)		L + 3.00	%		7.73	%		7/21/2028		12,569		12,491		11,399		0.05
Frontline Road Safety, LLC	(4)(10)		L + 5.75	%		6.68	%		5/3/2027		170,595		168,204		160,359		0.71
Helix TS, LLC	(4)(7)(10)		L + 5.75	%		10.16	%		8/4/2027		156,854		154,791		156,062		0.69
Italian Motorway Holdings S.à.r.l	(4)(6)(8)		E + 5.25	%		7.35	%		4/28/2029		EUR 236,429		242,728		244,571		1.08
Liquid Tech Solutions Holdings, LLC	(4)(10)		L + 4.75	%		8.92	%		3/20/2028		19,094		19,021		18,235		0.08
Roadsafe Holdings, Inc.	(4)(7)(11)		L + 5.75	%		10.87	%		10/19/2027		142,790		140,438		140,831		0.62
Safety Borrower Holdings LP	(4)(5)(7)(11)		L + 5.25	%		10.46	%		9/1/2027		45,784		45,434		45,334		0.20
Sam Holding Co, Inc.	(4)(7)(11)		L + 5.25	%		9.95	%		9/24/2027		169,256		166,058		166,682		0.73
TRP Infrastructure Services, LLC	(4)(7)(11)		L + 5.50	%		10.08	%		7/9/2027		72,961		71,763		67,722		0.30
													1,165,321		1,154,883		5.09
Wireless Telecommunication Services
CCI Buyer, Inc.	(10)		SOFR + 4.00	%		8.58	%		12/17/2027		24,976		24,947		23,926		0.11
Total First Lien Debt													44,461,300		43,710,812		192.69

71

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2022

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread			Interest Rate (2)			Maturity Date		Par Amount/ Units (16)		Cost (3)		Fair Value		% of Net Assets
Second Lien Debt
Aerospace & Defense
Atlas CC Acquisition Corp.	(4)(5)(10)		L + 7.63	%		12.36	%		5/25/2029		44,520		43,986		40,068		0.18
Peraton Corp.	(10)		L + 7.75	%		12.09	%		2/1/2029		53,508		52,894		51,140		0.23
													96,880		91,208		0.41
Air Freight & Logistics
The Kenan Advantage Group, Inc.	(10)		L + 7.25	%		11.63	%		9/1/2027		33,015		32,494		30,649		0.14
Wwex Uni Topco Holdings, LLC	(10)		L + 7.00	%		11.73	%		7/26/2029		33,000		32,604		27,658		0.12
													65,098		58,307		0.26
Capital Markets
The Edelman Financial Engines Center, LLC	(8)		L + 6.75	%		11.13	%		7/20/2026		14,000		13,899		12,659		0.06
Chemicals
Hexion Holdings Corp.	(4)(9)		SOFR + 7.44	%		11.86	%		3/15/2030		46,000		44,841		36,570		0.16
NIC Acquisition Corp.	(4)(10)		L + 7.75	%		12.48	%		12/29/2028		31,500		31,141		19,373		0.09
Pearls Netherlands Bidco	(4)(6)(9)		SOFR + 7.25	%		11.34	%		2/25/2030		42,453		41,408		41,392		0.18
													117,390		97,335		0.43
Commercial Services & Supplies
DG Investment Intermediate Holdings 2, Inc.	(10)		SOFR + 6.75	%		11.07	%		3/30/2029		29,464		29,349		26,174		0.12
USIC Holdings, Inc.	(5)(10)		L + 6.50	%		10.88	%		5/14/2029		8,594		8,541		8,093		0.04
													37,890		34,267		0.16
Construction & Engineering
COP Home Services TopCo IV, Inc.	(4)(5)(11)		L + 8.75	%		13.13	%		12/29/2028		43,277		42,608		41,329		0.18
Thermostat Purchaser III, Inc.	(4)(7)(10)		L + 7.25	%		11.98	%		8/31/2029		32,725		32,281		31,374		0.14
													74,889		72,703		0.32
Diversified Consumer Services
Pre-Paid Legal Services, Inc.	(9)		L + 7.00	%		11.38	%		12/14/2029		25,000		24,781		22,859		0.10
Health Care Equipment & Supplies
Confluent Medical Technologies, Inc.	(4)(5)(9)		SOFR + 6.50	%		11.23	%		2/16/2030		52,500		51,565		51,188		0.23
Health Care Providers & Services
Canadian Hospital Specialties Ltd.	(4)(5)(6)(8)		8.75	%		8.75	%		4/15/2029		CAD  3,800		3,005		2,587		0.01
CD&R Artemis UK Bidco Ltd.	(4)(6)(8)		S + 7.50	%		10.93	%		8/19/2029		GBP 65,340		87,423		76,820		0.34
CD&R Artemis UK Bidco Ltd.	(4)(6)(9)		L + 7.25	%		7.25	%		8/19/2029		25,000		24,450		24,250		0.11
Jayhawk Buyer, LLC	(4)(11)		L + 8.75	%		13.17	%		10/15/2027		6,537		6,439		6,488		0.03
													121,317		110,145		0.49
Health Care Technology
Imprivata, Inc.	(4)(9)		SOFR + 6.25	%		10.57	%		12/1/2028		44,118		43,725		44,338		0.20

72

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2022

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread			Interest Rate (2)			Maturity Date		Par Amount/ Units (16)		Cost (3)		Fair Value		% of Net Assets
Second Lien Debt (continued)
Hotels, Restaurants & Leisure
Mic Glen, LLC	(9)		L + 6.75	%		11.13	%		7/30/2029		19,000		18,949		17,520		0.08
Industrial Conglomerates
Victory Buyer, LLC	(4)(9)		L + 7.00	%		11.35	%		11/1/2029		24,677		24,460		21,161		0.09
IT Services
Dcert Buyer, Inc.	(8)		L + 7.00	%		11.70	%		2/19/2029		60,975		61,159		55,914		0.25
Inovalon Holdings, Inc.	(4)(5)(10)		L + 10.50	%		15.20 (incl. 15.20 PIK)	%  %		11/24/2033		93,252		91,001		93,252		0.41
													152,160		149,166		0.66
Life Sciences Tools & Services
Curia Global, Inc.	(4)(10)		L + 6.50	%		10.91	%		8/31/2029		45,977		45,210		35,862		0.16
LSCS Holdings, Inc.	(4)(9)		L + 8.00	%		12.38	%		12/17/2029		40,000		39,476		36,000		0.16
Phoenix Newco, Inc.	(4)(6)(9)		L + 6.50	%		10.88	%		11/15/2029		52,153		51,228		50,980		0.22
													135,914		122,842		0.54
Media
Houghton Mifflin, LLC	(4)(7)(9)		SOFR + 8.50	%		12.82	%		4/8/2030		80,500		78,678		76,034		0.34
Pharmaceuticals
Sharp Midco, LLC	(4)(5)(9)		L + 7.25	%		11.98	%		12/31/2029		31,500		30,811		29,925		0.13
Professional Services
Aqgen Island Holdings, Inc.	(5)(6)(9)		L + 6.50	%		10.25	%		8/2/2029		34,508		34,200		30,310		0.13
Celestial Saturn Parent, Inc.	(9)		L + 6.50	%		10.94	%		6/4/2029		134,488		133,362		96,294		0.42
Deerfield Dakota Holding, LLC	(10)		L + 6.75	%		11.13	%		4/7/2028		29,650		29,569		28,353		0.12
Thevelia US, LLC	(4)(6)(9)		SOFR + 6.75	%		11.48	%		6/17/2030		182,046		176,955		177,950		0.78
VT Topco, Inc.	(4)(10)		L + 6.75	%		11.13	%		7/31/2026		35,500		35,373		34,080		0.15
													409,459		366,987		1.60
Software
Apex Group Treasury, LLC	(4)(6)(9)		L + 6.75	%		11.48	%		7/27/2029		28,153		28,179		27,097		0.12
Cloudera, Inc.	(9)		L + 6.00	%		10.38	%		10/8/2029		66,697		66,226		55,942		0.25
HS Purchaser, LLC	(10)		SOFR + 6.75	%		10.94	%		11/19/2027		71,000		71,107		56,534		0.25
Human Security, Inc.	(4)(7)(11)		SOFR + 6.75	%		11.07	%		7/22/2027		50,000		49,209		48,250		0.21
Idera, Inc.	(4)(10)		L + 6.75	%		10.50	%		3/2/2029		30,331		30,243		25,175		0.11
Mandolin Technology Intermediate Holdings, Inc.	(4)(5)(9)		L + 6.50	%		10.91	%		7/30/2029		31,950		31,584		30,832		0.14
Mitratech Holdings, Inc.	(4)(10)		L + 6.75	%		11.16	%		5/18/2029		18,000		17,939		16,830		0.07
Proofpoint, Inc.	(5)(9)		L + 6.25	%		10.98	%		8/31/2029		63,274		63,103		61,086		0.27
Symphony Technology Group	(6)(10)		L + 8.25	%		12.67	%		7/27/2029		91,647		90,561		72,859		0.32
Virgin Pulse, Inc.	(4)(10)		L + 7.25	%		11.63	%		4/6/2029		27,000		26,841		21,060		0.09
Vision Solutions, Inc.	(5)(10)		L + 7.25	%		11.61	%		4/23/2029		88,534		88,114		66,041		0.29
													563,106		481,706		2.12

73

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2022

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread			Interest Rate (2)			Maturity Date		Par Amount/ Units (16)		Cost (3)		Fair Value		% of Net Assets
Second Lien Debt (continued)
Trading Companies & Distributors
Icebox Holdco III, Inc.	(4)(9)		L + 6.75	%		11.48	%		12/21/2029		14,000		13,879		12,457		0.05
Total Second Lien Debt													2,074,849		1,872,806		8.26
Structured Finance Obligations
522 Funding CLO 2020-6, Ltd.	(4)(5)(6)(8)		L + 6.50	%		10.82	%		10/23/2034		3,000		3,000		2,631		0.01
AIMCO CLO Series 2015-A	(5)(6)(8)		L + 6.60	%		10.68	%		10/17/2034		7,450		7,450		6,664		0.03
Allegro CLO XI Ltd.	(4)(5)(6)(8)		L + 7.00	%		11.23	%		1/19/2033		3,895		3,859		3,617		0.02
Apidos CLO XXXVI	(4)(5)(6)(8)		L + 5.95	%		10.19	%		7/20/2034		8,500		8,500		7,536		0.03
Apidos CLO XXXIII	(5)(6)(8)		L + 6.35	%		10.67	%		10/24/2034		5,000		4,955		4,466		0.02
Ares LXII CLO, Ltd.	(4)(5)(6)(8)		L + 6.50	%		10.86	%		1/25/2034		9,000		9,000		7,653		0.03
Ares LXI CLO, Ltd.	(4)(5)(6)(8)		L + 6.25	%		10.49	%		10/20/2034		7,750		7,750		6,600		0.03
Ares XXVII CLO, Ltd.	(5)(6)(8)		L + 6.75	%		10.99	%		10/28/2034		7,000		6,936		6,151		0.03
Balboa Bay Loan Funding 2021-2, Ltd.	(4)(5)(6)(8)		L + 6.60	%		10.84	%		1/20/2035		7,000		6,936		5,994		0.03
Barings CLO Ltd 2021-II	(4)(6)(5)(8)		L + 6.25	%		10.33	%		7/15/2034		6,000		6,000		5,257		0.02
Barings CLO Ltd 2021-III	(4)(6)(5)(8)		L + 6.65	%		10.84	%		1/18/2035		7,200		7,200		5,935		0.03
Benefit Street Partners CLO XX	(4)(5)(6)(8)		L + 6.75	%		10.83	%		7/15/2034		6,500		6,500		5,758		0.03
Benefit Street Partners LLC BSP 2020-21A	(4)(5)(6)(8)		L + 6.70	%		10.78	%		10/15/2034		3,000		2,972		2,700		0.01
BlueMountain CLO XXIX Ltd	(4)(5)(6)(8)		L + 6.86	%		11.22	%		7/25/2034		2,750		2,686		2,437		0.01
Broad River Ltd 2020-1	(4)(5)(6)(8)		L + 6.50	%		10.74	%		7/20/2034		7,000		6,947		6,397		0.03
Carlyle US CLO 2020-1, Ltd.	(4)(5)(6)(8)		L + 6.25	%		10.49	%		7/20/2034		7,000		7,000		6,130		0.03
Carval CLO VI-C, LTD.	(4)(5)(6)(8)		SOFR + 7.33	%		8.73	%		4/21/2034		8,750		8,667		7,993		0.04
Carval CLO V-C, LTD.	(4)(5)(6)(8)		L + 6.75	%		10.83	%		10/15/2034		8,000		7,926		7,037		0.03
CIFC Funding 2019-III, Ltd.	(4)(5)(6)(8)		L + 6.80	%		10.88	%		10/16/2034		8,000		8,000		7,257		0.03
CIFC Funding 2022-V, Ltd.	(4)(5)(6)(8)		L + 7.55	%		10.06	%		7/16/2033		10,000		9,904		9,296		0.04
Dryden 95 CLO, Ltd.	(4)(5)(6)(8)		L + 6.15	%		10.87	%		8/20/2034		8,000		8,000		6,899		0.03
Eaton Vance CLO 2019-1 Ltd	(4)(5)(6)(8)		L + 6.50	%		10.58	%		4/15/2031		3,750		3,754		3,404		0.02
Elmwood CLO 16, Ltd.	(4)(5)(6)(8)		L + 7.22	%		11.18	%		4/20/2034		6,000		5,943		5,548		0.02
Elmwood CLO III, Ltd.	(4)(5)(6)(8)		L + 6.50	%		10.58	%		10/20/2034		3,500		3,500		3,218		0.01
Elmwood CLO VI, Ltd.	(5)(6)(8)		L + 6.50	%		10.58	%		10/20/2034		4,000		4,000		3,678		0.02
Flatiron RR CLO 22, LLC	(5)(6)(8)		L + 6.20	%		10.27	%		10/15/2034		5,000		5,000		4,491		0.02
Fort Washington CLO 2021-2, Ltd.	(4)(5)(6)(8)		L + 6.61	%		10.85	%		10/20/2034		12,000		11,892		10,892		0.05
Galaxy XXV CLO, Ltd.	(4)(5)(6)(8)		L + 5.95	%		10.69	%		10/25/2031		4,000		3,948		3,459		0.02
Galaxy 30 CLO, Ltd.	(4)(5)(6)(8)		L + 7.00	%		10.81	%		4/15/2035		3,000		2,972		2,691		0.01
Goldentree Loan Management US Clo 8 Ltd.	(4)(5)(6)(8)		L + 6.15	%		10.39	%		10/20/2034		6,200		6,200		5,551		0.02
Goldentree Loan Management US Clo 12 Ltd.	(4)(5)(6)(8)		SOFR + 7.25	%		11.21	%		4/20/2034		6,500		6,441		5,775		0.03
Gulf Stream Meridian GSM 2021-IIIA, Ltd.	(4)(5)(6)(8)		L + 6.75	%		10.83	%		4/15/2034		1,000		959		895		0.00

74

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2022

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread			Interest Rate (2)			Maturity Date		Par Amount/ Units (16)		Cost (3)		Fair Value		% of Net Assets
Second Lien Debt (continued)
Structured Finance Obligations (continued)
Gulf Stream Meridian 5, Ltd.	(4)(5)(6)(8)		L + 6.33	%		10.41	%		7/15/2034		3,500		3,488		3,045		0.01
Gulf Stream Meridian 7, Ltd.	(4)(5)(6)(8)		SOFR + 6.85	%		10.71	%		7/15/2035		5,000		4,953		4,323		0.02
Halseypoint Clo 5, Ltd.	(4)(5)(6)(8)		L + 6.95	%		11.68	%		1/30/2035		9,500		9,325		8,536		0.04
HPS Loan Management 15-2019 Ltd	(4)(5)(6)(8)		L + 6.80	%		9.83	%		1/22/2035		4,000		3,963		3,628		0.02
Jamestown CLO XIV, Ltd.	(5)(6)(8)		L + 7.20	%		11.44	%		10/20/2034		10,000		9,818		8,855		0.04
Kayne CLO III, Ltd.	(4)(5)(6)(8)		L + 6.50	%		10.58	%		4/15/2032		5,000		5,008		4,453		0.02
Magnetite XXXII Ltd	(4)(5)(6)(8)		L + 6.90	%		10.76	%		4/15/2035		5,000		5,000		4,534		0.02
Morgan Stanley Eaton Vance Clo 2021-1, Ltd.	(5)(6)(8)		L + 6.75	%		11.26	%		10/20/2034		6,500		6,500		5,784		0.03
Neuberger Berman Loan Advisers CLO 38, Ltd.	(5)(6)(8)		L + 6.25	%		10.49	%		10/20/2035		11,000		11,000		9,766		0.04
Onex Credit Partners OCP 2020-19A	(4)(5)(6)(8)		L + 6.50	%		10.74	%		10/20/2034		4,250		4,073		3,696		0.02
OCP CLO 2021-22, Ltd.	(4)(5)(6)(8)		L + 6.60	%		10.84	%		12/2/2034		9,000		8,887		7,814		0.03
Octagon 55, Ltd	(4)(5)(6)(8)		L + 6.50	%		10.74	%		7/20/2034		11,000		10,878		9,540		0.04
Octagon 66, Ltd	(4)(5)(6)(8)		SOFR + 7.80	%		10.34	%		8/16/2033		10,000		9,904		9,288		0.04
Octagon Investment Partners 41, Ltd.	(5)(6)(8)		L + 7.13	%		11.21	%		10/15/2033		5,000		4,978		4,489		0.02
Palmer Square CLO 2015-1, Ltd.	(4)(5)(6)(8)		L + 6.50	%		11.18	%		5/21/2034		2,000		1,910		1,769		0.01
Palmer Square CLO 2022-1, Ltd.	(4)(5)(6)(8)		L + 6.40	%		10.31	%		4/20/2035		2,500		2,500		2,190		0.01
Palmer Square CLO 2019-1, Ltd.	(4)(5)(6)(8)		L + 6.50	%		11.13	%		11/14/2034		12,000		12,000		10,746		0.05
Park Avenue Institutional Advisers CLO Ltd 2022-1	(4)(5)(6)(8)		L + 7.30	%		11.25	%		4/20/2035		6,000		5,831		5,358		0.02
Post CLO 2021-1, Ltd.	(4)(5)(6)(8)		L + 6.45	%		10.53	%		10/15/2034		6,000		6,000		5,397		0.02
Post CLO 2022-1, Ltd.	(4)(5)(6)(8)		L + 6.80	%		10.71	%		4/20/2035		5,000		4,977		4,426		0.02
PPM CLO 2, Ltd.	(4)(5)(6)(8)		L + 6.55	%		10.63	%		4/16/2032		5,000		5,008		4,098		0.02
PPM CLO 4, Ltd.	(5)(6)(8)		L + 6.50	%		10.69	%		10/18/2034		8,775		8,775		7,490		0.03
PPM CLO 5, Ltd.	(5)(6)(8)		L + 6.50	%		10.69	%		10/18/2034		4,800		4,800		3,988		0.02
Rad CLO 14, Ltd.	(4)(5)(6)(8)		L + 6.50	%		10.58	%		1/15/2035		6,750		6,750		5,779		0.03
Rockford Tower CLO 2021-3, Ltd.	(5)(6)(8)		L + 6.72	%		11.08	%		10/20/2034		4,000		3,945		3,366		0.01
RR 19, Ltd.	(5)(6)(8)		L + 6.50	%		10.58	%		10/15/2035		3,000		3,000		2,745		0.01
RR 20, Ltd.	(4)(5)(6)(8)		L + 7.25	%		11.11	%		7/15/2037		4,000		3,962		3,609		0.02
Signal Peak 7, Ltd.	(4)(5)(6)(8)		L + 6.89	%		11.30	%		4/30/2032		3,875		3,844		3,556		0.02
Sound Point CLO XXVII, Ltd.	(4)(5)(6)(8)		L + 6.56	%		10.92	%		10/25/2034		6,900		6,775		5,670		0.02
Symphony CLO 34-PS, Ltd.	(4)(5)(6)(8)		SOFR + 7.56	%		10.14	%		7/24/2034		7,000		6,932		6,264		0.03
Trestles Clo IV, Ltd.	(4)(5)(6)(8)		L + 6.25	%		10.53	%		7/21/2034		8,000		8,000		7,130		0.03
Vibrant CLO XII, Ltd.	(4)(5)(6)(8)		L + 7.11	%		11.35	%		1/20/2034		2,875		2,851		2,624		0.01
Vibrant CLO XIII, Ltd.	(4)(5)(6)(8)		L + 7.06	%		11.14	%		7/15/2034		6,250		6,195		5,679		0.03
Voya CLO 2019-4, Ltd.	(4)(5)(6)(8)		L + 6.70	%		10.78	%		1/15/2035		8,250		8,098		7,205		0.03
Voya CLO 2020-2, Ltd.	(4)(5)(6)(8)		L + 6.40	%		10.63	%		7/19/2034		5,000		4,908		4,419		0.02
Total Structured Finance Obligations													409,633		365,269		1.61

75

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2022

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread			Interest Rate (2)			Maturity Date		Par Amount/ Units (16)		Cost (3)		Fair Value		% of Net Assets
Unsecured Debt
Health Care Technology
Athenahealth, Inc.	(8)		6.50	%		6.50	%		2/15/2030		3,297		3,297		2,436		0.01
Software
Condor Merger Sub, Inc.	(6)(8)		7.38	%		7.38	%		2/15/2030		14,286		14,286		11,512		0.05
Total Unsecured Debt													17,583		13,948		0.06
Equity
Aerospace & Defense
Loar Acquisition 13, LLC - Common Units	(4)										2,890,586		4,336		6,446		0.03
Micross Topco, Inc.	(4)										116		125		116		0.00
													4,461		6,562		0.03
Air Freight & Logistics
AGI Group Holdings LP - A2 Units	(4)										1,674		1,674		1,345		0.01
Mode Holdings, L.P. - Class A-2 Common Units	(4)										1,076,923		1,077		2,100		0.01
													2,751		3,445		0.02
Distributors
Box Co-Invest Blocker, LLC	(4)										3,308,320		3,308		2,944		0.01
Diversified Consumer Services
Cambium Holdings, LLC - Senior Preferred Interests	(4)					11.50					29,194,330		28,734		35,317		0.16
Deneb Ultimate Topco, LLC - Class A Units	(4)										4,060		4,060		3,208		0.01
													32,794		38,525		0.17
Diversified Telecommunication Services
Point Broadband Holdings, LLC - Class A Units	(4)										12,870		10,915		9,815		0.04
Point Broadband Holdings, LLC - Class B Units	(4)										685,760		1,955		1,414		0.01
Point Broadband Holdings, LLC - Class Additional A Units	(4)										147,380		420		304		0.00
Point Broadband Holdings, LLC - Class Additional B Units	(4)										2,766		2,346		2,109		0.01
													15,636		13,642		0.06
Health Care Equipment & Supplies
GCX Corporation Group Holdings, L.P. - Class A-2 Units	(4)										4,853		4,853		2,912		0.01
Health Care Providers & Services
AVE Holdings I Corp.	(4)										12,237,213		11,870		12,482		0.06
CD&R Artemis Holdco 2 Limited - Preferred Shares	(4)(6)										33,000,000		43,662		44,133		0.19
CD&R Ulysses Equity Holdings, L.P. - Common Shares	(4)(6)										6,000,000		6,090		5,040		0.02
Jayhawk Holdings, LP - A-1 Common Units	(4)										12,472		2,220		3,552		0.02
Jayhawk Holdings, LP - A-2 Common Units	(4)										6,716		1,195		1,913		0.01
Maia Aggregator, L.P. - Class A Units	(4)										19,700,000		19,700		21,276		0.09
NC Eve, L.P. - LP Interest	(4)(6)										2,500,000		3,398		2,806		0.01
													88,135		91,202		0.40

76

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2022

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread	Interest Rate (2)		Maturity Date	Par Amount/ Units (16)		Cost (3)		Fair Value		% of Net Assets
Equity (continued)
Health Care Technology
Caerus Midco 2 S.À. R.L - Additional Vehicle Units	(4)(6)						988,290		988		109		0.00
Caerus Midco 2 S.À. R.L - Vehicle Units	(4)(6)						4,941,452		4,941		4,497		0.02
									5,929		4,606		0.02
Insurance
Shelf Holdco Ltd Common Equity	(4)(6)						1,300,000		1,300		1,300		0.01
IT Services
NC Ocala Co-Invest Beta, L.P. - LP Interest	(4)						25,687,196		25,687		25,687		0.11
Professional Services
Guidehouse Holding Corp. - Preferred Equity	(4)			11.50			54,010		52,935		58,195		0.26
OHCP V TC COI, LP. - LP Interest	(4)						6,500,000		6,500		8,190		0.04
Tricor Horizon, LP	(4)(6)						14,151,361		14,151		14,151		0.06
Victors CCC Topco, LP	(4)						9,600,000		9,600		12,000		0.05
									83,186		92,536		0.41
Software
Connatix Parent, LLC - Class L Common Units	(4)						126,136		1,388		769		0.00
Expedition Holdco, LLC - Class A Units	(4)						810,810		810		585		0.00
Knockout Intermediated Holdings I, Inc.	(4)						49,020		47,795		49,388		0.22
Lobos Parent, Inc. - Series A Preferred Shares	(4)			10.50			45,090		43,963		47,908		0.21
Mandolin Technology Holdings, Inc. - Series A Preferred Shares	(4)						31,950,000		30,992		30,672		0.14
Mimecast Limited	(4)						73,213,759		73,214		71,705		0.32
Zoro Common Equity	(4)						1,195,880		11,959		11,959		0.05
Zoro Series A Preferred Shares	(4)			12.50			44,535		43,199		43,199		0.19
									253,320		256,185		1.13
Transportation Infrastructure
Atlas Intermediate Holding LLC - Preferred Interest	(4)						34,238,400		33,725		32,355		0.14
Enstructure LLC	(4)						3,783,785		2,806		2,951		0.01
Frontline Road Safety Investments, LLC - Class A Common Units	(4)						58,590		6,178		4,086		0.02
Ncp Helix Holdings, LLC. - Preferred Shares	(4)						1,485,282		1,116		1,417		0.01
									43,825		40,809		0.18
Total Equity									565,185		580,355		2.56
Total Investments - non-controlled/non-affiliated									47,528,550		46,543,190		205.17

77

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2022

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread	Interest Rate (2)	Maturity Date	Par Amount/ Units (16)	Cost (3)		Fair Value		% of Net Assets
Investments—non-controlled/affiliated
Equity
Distributors
GSO DL Co-Invest EIS LP (EIS Acquisition Holdings, LP) - Class A Common Units	(4)(6)(15)						719		2,813		0.01
Total Equity Investments							719		2,813		0.01
Total Investments—non-controlled/affiliated							719		2,813		0.01
Investments—controlled/affiliated
Equity
Diversified Financial Services
Specialty Lending Company LLC - LLC Interest	(4)(5)(6)(15)						171,900		172,330		0.76
Specialty Retail
GSO DL CoInvest CI LP (CustomInk, LLC) - Series A Preferred Units	(4)(6)(15)						1,421		1,881		0.01
Total Equity							173,321		174,211		0.77
Total Investments—controlled/affiliated							173,321		174,211		0.77
Investments in Joint Ventures
BCRED Emerald JV LP	(6)						2,115,000		2,072,717		9.14
BCRED Verdelite JV LP	(6)						117,706		115,677		0.51
Total Investments in Joint Ventures							2,232,706		2,188,394		9.65
Total Investment Portfolio							49,935,296		48,908,608		215.60
Cash and Cash Equivalents
Other Cash and Cash Equivalents							1,351,901		1,351,901		5.96
Total Portfolio Investments, Cash and Cash Equivalents						$	51,287,197	$	50,260,509		221.56	%

(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, 2022, the Company had investments denominated in Canadian Dollars (CAD), Euros (EUR), British Pounds (GBP), Swiss Francs (CHF), Danish Krone (DKK), Swedish Krona (SEK), Norwegian Krone (NOK), and New Zealand Dollars (NZD). All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. The total par amount (in thousands) is presented for debt investments,

78

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2022

(in thousands)

(Unaudited)

while the number of shares or units (in whole amounts) owned is presented for equity investments. Each of the Company’s investments is pledged as collateral, under one or more of its credit facilities unless otherwise indicated.

(2) Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either LIBOR (“L”), Canadian Dollar Offered Rate (“CDOR” or “C”), 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”), New Zealand Bank Bill Reference Rate (“BKBM” or “B”),or an alternate base rate (commonly based on the Federal Funds Rate (“F”) or the U.S. Prime Rate (“P”)), which generally resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of December 31, 2022. 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 (“U.S. GAAP”).

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

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

(6) The investment is not a qualifying asset under Section 55(a) of the 1940 Act. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of December 31, 2022, non-qualifying assets represented 22.9% of total assets as calculated in accordance with regulatory requirements.

(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—non-controlled/non-affiliated	Commitment Type	Commitment Expiration Date		Unfunded Commitment		Fair Value
First and Second Lien Debt
123Dentist, Inc.	Delayed Draw Term Loan		8/10/2029	$	32,949	$	(2,990	)
ACI Group Holdings, Inc.	Delayed Draw Term Loan		8/2/2023		48,834		—
ACI Group Holdings, Inc.	Revolver		8/2/2027		19,119		—
ADCS Clinics Intermediate Holdings, LLC	Revolver		5/7/2027		3,902		(78	)
ADCS Clinics Intermediate Holdings, LLC	Delayed Draw Term Loan		5/7/2023		2,467		—
ADCS Clinics Intermediate Holdings, LLC	Delayed Draw Term Loan		4/14/2024		8,400		(63	)

79

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2022

(in thousands)

(Unaudited)

Investments—non-controlled/non-affiliated	Commitment Type	Commitment Expiration Date		Unfunded Commitment		Fair Value
Advancing Eyecare Center, Inc.	Delayed Draw Term Loan		6/13/2029		4,620		—
AI Altius Bidco, Inc.	Delayed Draw Term Loan		12/21/2023		34,698		(347	)
AI Aqua Merger Sub, Inc.	Delayed Draw Term Loan		7/31/2028		2,296		(444	)
Amerilife Holdings, LLC	Revolver		8/31/2028		48,715		(487	)
Amerilife Holdings, LLC	Delayed Draw Term Loan		8/31/2029		25,775		—
Amerivet Partners Management, Inc.	Revolver		2/25/2028		11,511		(460	)
Amerivet Partners Management, Inc.	Delayed Draw Term Loan		2/25/2024		50,929		—
Anaplan, Inc.	Revolver		6/21/2028		53,206		(6,182	)
Kwor Acquisition Inc	Delayed Draw Term Loan		12/22/2028		5,137		(180	)
Kwor Acquisition Inc	Revolver		12/22/2027		12,195		(427	)
Armada Parent, Inc.	Delayed Draw Term Loan		10/29/2023		11,250		—
Armada Parent, Inc.	Revolver		10/29/2027		27,000		(743	)
Armstrong Bidco Limited	Delayed Draw Term Loan		6/28/2029		46,123		—
Ascend Buyer, LLC	Revolver		9/30/2027		7,760		(78	)
athenahealth, Inc.	Delayed Draw Term Loan		2/15/2029		4,449		—
Atlas CC Acquisition Corp.	Delayed Draw Term Loan		5/26/2026		14,403		(2,795	)
Atlas CC Acquisition Corp.	Revolver		5/26/2026		1,646		—
Avalara Inc	Revolver		10/19/2028		2,308		(58	)
AxiomSL Group, Inc.	Delayed Draw Term Loan		12/3/2027		5,478		(55	)
AxiomSL Group, Inc.	Revolver		12/3/2025		5,983		(60	)
Barbri Holdings, Inc.	Delayed Draw Term Loan		4/28/2023		14,050		—
Bazaarvoice, Inc.	Revolver		5/7/2026		42,994		—
Project Boost Purchaser, LLC	Revolver		5/2/2028		5,543		(28	)
Project Boost Purchaser, LLC	Delayed Draw Term Loan		5/2/2029		8,496		—
Benefytt Technologies, Inc	Delayed Draw Term Loan		8/12/2023		3,573		—
BlueCat Networks USA, Inc.	Delayed Draw Term Loan		8/8/2028		11,024		—
BlueCat Networks USA, Inc.	Delayed Draw Term Loan		8/8/2028		12,159		(122	)
Caerus US 1, Inc.	Delayed Draw Term Loan		5/25/2029		59,019		(590	)
Caerus US 1, Inc.	Revolver		5/25/2029		37,839		—
Caerus US 1, Inc.	Delayed Draw Term Loan		5/25/2029		12,551		—
Cambium Learning Group, Inc.	Revolver		7/20/2028		101,715		—
Canadian Hospital Specialties Ltd.	Delayed Draw Term Loan		4/14/2023		6,398		—
Canadian Hospital Specialties Ltd.	Revolver		4/14/2027		1,584		—
Caramel Bidco Limited	Delayed Draw Term Loan		2/24/2024		19,552		—
CCBlue Bidco, Inc.	Delayed Draw Term Loan		12/21/2023		67,275		—
CEP V Investment 11 Sarl	Delayed Draw Term Loan		2/11/2028		52,130		—
CFC Underwriting, Ltd.	Delayed Draw Term Loan		11/30/2028		16,304		—
CFGI Holdings, LLC	Delayed Draw Term Loan		11/2/2027		22,800		(228	)
CFGI Holdings, LLC	Revolver		11/2/2027		19,950		(399	)
Chronicle Bidco, Inc.	Revolver		11/14/2025		4,331		(87	)
Claims Automation Intermediate 2, LLC	Delayed Draw Term Loan		12/16/2027		68,521		(685	)
Clearview Buyer, Inc.	Delayed Draw Term Loan		8/26/2024		33,015		—
Clearview Buyer, Inc.	Revolver		2/26/2027		8,085		(162	)
Community Brands ParentCo, LLC	Delayed Draw Term Loan		2/24/2024		10,809		(108	)

80

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2022

(in thousands)

(Unaudited)

Investments—non-controlled/non-affiliated	Commitment Type	Commitment Expiration Date		Unfunded Commitment		Fair Value
Community Brands ParentCo, LLC	Revolver		2/24/2028		6,330		(127	)
Confine Visual Bidco	Delayed Draw Term Loan		3/11/2024		49,522		—
Connatix Buyer, Inc.	Revolver		7/14/2027		16,294		(326	)
Connatix Buyer, Inc.	Delayed Draw Term Loan		7/14/2023		32,700		(327	)
COP Home Services TopCo IV, Inc.	Revolver		12/31/2025		11,176		(120	)
CPI Buyer, LLC	Delayed Draw Term Loan		5/1/2023		70,006		—
CPI Buyer, LLC	Revolver		11/1/2026		28,928		(579	)
CPI Intermediate Holdings Inc	Delayed Draw Term Loan		10/8/2029		111,547		(1,115	)
Cumming Group, Inc.	Delayed Draw Term Loan		5/26/2027		14,445		(144	)
Cumming Group, Inc.	Revolver		5/26/2027		22,143		—
DCA Investment Holdings, LLC	Delayed Draw Term Loan		4/3/2028		10,046		(151	)
DCA Investment Holdings, LLC	Delayed Draw Term Loan		4/3/2028		661		—
Discovery Education, Inc.	Delayed Draw Term Loan		4/9/2029		120,227		—
Discovery Education, Inc.	Revolver		4/9/2029		52,540		(1,839	)
Doc Generici (Diocle S.p.A.)	Delayed Draw Term Loan		10/26/2024		5,221		—
Donuts, Inc.	Delayed Draw Term Loan		5/14/2023		128,295		—
DTI Holdco, Inc.	Revolver		4/26/2027		6,800		—
Eliassen Group, LLC	Delayed Draw Term Loan		4/14/2028		12,360		—
Emergency Power Holdings, LLC	Delayed Draw Term Loan		8/17/2023		56,100		(561	)
Engineered Stone Group Holdings III Ltd.	Delayed Draw Term Loan		4/23/2028		23,817		—
Enstructure LLC	Delayed Draw Term Loan		5/25/2029		18,743		—
ENV Bidco AB	Delayed Draw Term Loan		7/19/2029		28,642		(3,270	)
Episerver, Inc.	Revolver		4/9/2026		3,833		(172	)
Episerver, Inc.	Delayed Draw Term Loan		4/9/2026		10,185		(458	)
Excelitas Technologies Corp.	Revolver		8/14/2028		6,405		—
Excelitas Technologies Corp.	Delayed Draw Term Loan		8/13/2029		29,560		(296	)
Experity, Inc.	Revolver		2/24/2028		13,452		(269	)
Forterro UK Ltd.	Delayed Draw Term Loan		7/7/2029		17,829		—
Foundation Risk Partners Corp.	Revolver		10/29/2027		5,606		—
Foundation Risk Partners Corp.	Delayed Draw Term Loan		10/29/2028		11,352		—
Galway Borrower, LLC	Revolver		9/30/2027		19,017		(475	)
Galway Borrower, LLC	Delayed Draw Term Loan		9/30/2023		2,364		(24	)
GCX Corporation Buyer, LLC	Delayed Draw Term Loan		9/13/2023		18,000		—
GI Consilio Parent, LLC	Revolver		2/10/2026		6,300		(521	)
GI Ranger Intermediate, LLC	Revolver		10/29/2027		9,720		—
GI Ranger Intermediate, LLC	Delayed Draw Term Loan		10/30/2028		27,360		—
Gigamon Inc.	Revolver		3/11/2028		25,774		(580	)
Go Car Wash Management Corp.	Delayed Draw Term Loan		8/31/2023		3,503		—
Go Car Wash Management Corp.	Delayed Draw Term Loan		12/31/2026		100,000		(1,125	)
GovernmentJobs.com, Inc.	Revolver		11/30/2027		19,764		(395	)
GovernmentJobs.com, Inc.	Delayed Draw Term Loan		11/30/2023		62,600		(626	)
GraphPAD Software, LLC	Delayed Draw Term Loan		4/27/2027		8,571		(86	)
GraphPAD Software, LLC	Revolver		4/27/2027		2,832		(42	)

81

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2022

(in thousands)

(Unaudited)

Investments—non-controlled/non-affiliated	Commitment Type	Commitment Expiration Date		Unfunded Commitment		Fair Value
Gruden Acquisition, Inc.	Delayed Draw Term Loan		7/1/2023		6,300		(79	)
Gruden Acquisition, Inc.	Revolver		7/1/2026		9,000		(113	)
Helix TS, LLC	Delayed Draw Term Loan		6/14/2024		767		—
HIG Orca Acquisition Holdings, Inc.	Revolver		8/17/2027		4,997		—
HIG Orca Acquisition Holdings, Inc.	Delayed Draw Term Loan		8/17/2023		10,171		—
High Street Buyer, Inc.	Revolver		4/16/2027		4,186		(84	)
High Street Buyer, Inc.	Delayed Draw Term Loan		4/16/2028		47,320		—
Houghton Mifflin, LLC	Revolver		4/7/2027		18,750		(1,448	)
Human Security, Inc.	Delayed Draw Term Loan		7/22/2027		50,000		—
IG Investments Holdings, LLC	Revolver		9/22/2027		26,897		—
Inovalon Holdings, Inc.	Delayed Draw Term Loan		6/24/2024		99,544		(1,244	)
Integrity Marketing Acquisition, LLC	Delayed Draw Term Loan		8/27/2025		17,863		—
ISQ Hawkeye Holdco, Inc.	Revolver		8/17/2028		806		(12	)
ISQ Hawkeye Holdco, Inc.	Delayed Draw Term Loan		8/17/2029		795		—
Java Buyer, Inc.	Delayed Draw Term Loan		12/15/2023		62,909		—
Jayhawk Buyer, LLC	Delayed Draw Term Loan		10/15/2026		33		—
Jupiter Bidco Limited	Delayed Draw Term Loan		8/5/2029		41,392		(2,162	)
Kaseya, Inc.	Delayed Draw Term Loan		6/25/2029		44,474		(445	)
Kaseya, Inc.	Revolver		6/25/2029		48,746		(487	)
Knowledge Pro Buyer, Inc.	Delayed Draw Term Loan		12/10/2023		8,979		(67	)
Knowledge Pro Buyer, Inc.	Revolver		12/10/2027		9,964		—
LD Lower Holdings, Inc.	Delayed Draw Term Loan		2/8/2023		19,979		—
Legacy Intermediate, LLC	Revolver		2/25/2028		17,242		(172	)
Legacy Intermediate, LLC	Delayed Draw Term Loan		2/25/2023		36,000		(360	)
Linquest Corp.	Delayed Draw Term Loan		1/27/2023		44,775		(448	)
Loar Group Inc	Delayed Draw Term Loan		9/29/2023		100,000		—
Magnesium BorrowerCo, Inc.	Delayed Draw Term Loan		5/18/2029		99,913		(2,478	)
Mandolin Technology Intermediate Holdings, Inc.	Revolver		7/30/2026		3,142		—
Mantech International CP	Delayed Draw Term Loan		9/14/2029		186,262		(1,863	)
Mantech International CP	Revolver		9/14/2028		111,118		(1,111	)
Marcone Yellowstone Buyer, Inc.	Delayed Draw Term Loan		6/23/2028		5,722		—
Material Holdings, LLC	Revolver		8/17/2027		8,266		—
Material Holdings, LLC	Delayed Draw Term Loan		8/19/2023		16,215		—
Metis Buyer, Inc.	Revolver		5/4/2026		9,000		(672	)
MHE Intermediate Holdings, LLC	Revolver		7/21/2027		691		—
Monk Holding Co.	Delayed Draw Term Loan		8/12/2023		38,468		—
Monterey Financing S.à.r.l	Delayed Draw Term Loan		9/19/2029		55,097		—
Mozart Borrower LP	Revolver		10/21/2026		17,850		(1,413	)
MRI Software, LLC	Revolver		2/10/2026		673		(24	)
MRI Software, LLC	Delayed Draw Term Loan		2/10/2026		7,969		—
Natus Medical Incorporated	Revolver		7/21/2027		2,788		—
Navigator Acquiror, Inc.	Delayed Draw Term Loan		7/16/2023		91,734		—
NDC Acquisition Corp.	Revolver		3/9/2027		2,911		—

82

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2022

(in thousands)

(Unaudited)

Investments—non-controlled/non-affiliated	Commitment Type	Commitment Expiration Date		Unfunded Commitment		Fair Value
New Arclin US Holding Corp.	Delayed Draw Term Loan		9/22/2028		1,657		(193	)
NMC Crimson Holdings, Inc.	Delayed Draw Term Loan		3/1/2023		26,585		—
Onex AP Merger Sub, LLC	Revolver		4/4/2028		3,261		(65	)
Onex Baltimore Buyer, Inc.	Delayed Draw Term Loan		12/1/2023		57,531		—
Paya Holdings III, LLC	Revolver		6/16/2028		3,375		(173	)
Pediatric Associates Holding Co., LLC	Delayed Draw Term Loan		12/29/2028		357		—
Petrus Buyer Inc	Delayed Draw Term Loan		10/17/2029		11,304		(170	)
Petrus Buyer Inc	Revolver		10/17/2029		5,163		(155	)
PGIS Intermediate Holdings, LLC	Revolver		10/16/2028		6,274		(125	)
Plasma Buyer, LLC	Revolver		5/12/2028		14,467		(651	)
Plasma Buyer, LLC	Delayed Draw Term Loan		5/12/2029		23,780		(238	)
Point Broadband Acquisition, LLC	Delayed Draw Term Loan		10/1/2023		38,448		—
Polyphase Elevator Holding Co.	Revolver		6/23/2027		1,700		—
Polyphase Elevator Holding Co.	Delayed Draw Term Loan		12/21/2027		54,535		—
Porcelain Acquisition Corp.	Delayed Draw Term Loan		4/1/2027		21,722		(638	)
PPV Intermediate Holdings, LLC	Revolver		8/31/2029		7,234		—
PPV Intermediate Holdings, LLC	Delayed Draw Term Loan		8/31/2029		14,978		(150	)
Profile Products, LLC	Delayed Draw Term Loan		11/12/2027		7,842		—
Profile Products, LLC	Revolver		11/12/2027		9,363		—
Progress Residential PM Holdings, LLC	Delayed Draw Term Loan		7/25/2029		2,915		—
Progress Residential PM Holdings, LLC	Delayed Draw Term Loan		3/17/2023		16,623		—
Project Leopard Holdings, Inc.	Revolver		7/20/2027		13,035		—
Qualus Power Services Corp.	Delayed Draw Term Loan		3/26/2023		6,490		—
Rally Buyer, Inc.	Revolver		7/19/2028		17,745		(355	)
Rally Buyer, Inc.	Delayed Draw Term Loan		7/19/2028		33,121		(331	)
Red River Technology, LLC	Delayed Draw Term Loan		5/26/2023		47,832		—
Redwood Services Group, LLC	Delayed Draw Term Loan		6/15/2029		2,448		—
Relativity ODA, LLC	Revolver		5/12/2027		4,937		(74	)
Relay Purchaser, LLC	Revolver		8/30/2026		28,571		(286	)
Riser Merger Sub, Inc.	Revolver		8/1/2028		24,351		(487	)
Riser Merger Sub, Inc.	Delayed Draw Term Loan		8/1/2028		48,701		(487	)
RoadOne Inc	Revolver		12/30/2028		226		—
RoadOne Inc	Delayed Draw Term Loan		12/30/2028		255		(4	)
Roadsafe Holdings, Inc.	Delayed Draw Term Loan		7/31/2023		53,130		—
RSC Acquisition, Inc.	Delayed Draw Term Loan		10/30/2026		53,013		—
RWL Holdings, LLC	Delayed Draw Term Loan		12/1/2027		58,064		(581	)
Safety Borrower Holdings LP	Revolver		9/1/2027		3,356		(34	)
Sailpoint Technologies, Inc.	Revolver		8/15/2028		34,083		(682	)
Sam Holding Co, Inc.	Delayed Draw Term Loan		9/24/2023		28,800		—
Sam Holding Co, Inc.	Revolver		3/24/2027		22,000		—
SEKO Global Logistics Network, LLC	Revolver		12/30/2026		5,808		—
SEKO Global Logistics Network, LLC	Delayed Draw Term Loan		12/30/2026		7,575		—
Sherlock Buyer Corp.	Delayed Draw Term Loan		12/8/2028		11,177		(112	)
Sherlock Buyer Corp.	Revolver		12/8/2027		4,445		(89	)
Smile Doctors, LLC	Delayed Draw Term Loan		12/23/2028		92,773		—
Smile Doctors, LLC	Revolver		12/23/2027		26,601		—

83

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2022

(in thousands)

(Unaudited)

Investments—non-controlled/non-affiliated	Commitment Type	Commitment Expiration Date		Unfunded Commitment		Fair Value
Snoopy Bidco, Inc.	Delayed Draw Term Loan		6/1/2023		51,214		(768	)
SpecialtyCare, Inc.	Revolver		6/18/2026		2,611		—
SpecialtyCare, Inc.	Delayed Draw Term Loan		6/18/2023		6,544		—
Spitfire Parent, Inc.	Delayed Draw Term Loan		3/11/2027		5,533		—
Stepping Stones Healthcare Services, LLC	Delayed Draw Term Loan		12/30/2023		26,734		—
Stepping Stones Healthcare Services, LLC	Revolver		12/30/2026		6,300		—
Sunshine Cadence Holdco, LLC	Delayed Draw Term Loan		3/23/2027		300		—
Tennessee Bidco Limited	Delayed Draw Term Loan		6/22/2024		339,176		—
The Fertility Partners, Inc.	Revolver		9/16/2027		806		—
The Fertility Partners, Inc.	Delayed Draw Term Loan		3/16/2024		16,410		—
The GI Alliance Management, LLC	Delayed Draw Term Loan		9/15/2028		56,115		(1,683	)
The NPD Group L.P.	Revolver		12/1/2027		92,321		—
Thermostat Purchaser III, Inc.	Delayed Draw Term Loan		8/31/2028		6,692		—
Thermostat Purchaser III, Inc.	Revolver		8/31/2026		8,125		(305	)
Thermostat Purchaser III, Inc. (2nd Lien)	Delayed Draw Term Loan		8/31/2023		5,600		(42	)
Trader Corp.	Revolver		12/22/2028		6,858		(114	)
Trident TPI Holdings, Inc.	Delayed Draw Term Loan		9/15/2028		498		—
Trinity Air Consultants Holdings Corp.	Delayed Draw Term Loan		6/29/2023		20,128		—
Trinity Air Consultants Holdings Corp.	Revolver		6/29/2027		12,780		(128	)
Trinity Partners Holdings, LLC	Delayed Draw Term Loan		12/21/2023		115,743		(1,157	)
Triple Lift, Inc.	Revolver		5/6/2028		8,815		—
TRP Infrastructure Services, LLC	Delayed Draw Term Loan		1/9/2023		13,187		(132	)
Turing Holdco, Inc.	Delayed Draw Term Loan		8/3/2028		4,047		—
Unified Physician Management, LLC	Delayed Draw Term Loan		6/18/2029		32,608		—
Unified Physician Management, LLC	Revolver		6/18/2029		101,845		—
United Mutual Acquisition Holdings, LLC	Revolver		7/15/2028		11,175		—
US Oral Surgery Management Holdco, LLC	Delayed Draw Term Loan		11/18/2023		14,559		—
US Oral Surgery Management Holdco, LLC	Revolver		11/18/2027		12,932		(129	)
Victors CCC Buyer, LLC	Delayed Draw Term Loan		6/1/2029		31,095		(311	)
Victors CCC Buyer, LLC	Revolver		6/1/2029		29,205		(584	)
VT Topco, Inc.	Delayed Draw Term Loan		8/1/2025		712		—
West Monroe Partners, LLC	Delayed Draw Term Loan		11/9/2023		188,572		—
West Monroe Partners, LLC	Revolver		11/9/2027		70,714		(354	)
West Star Aviation Acquisition, LLC	Delayed Draw Term Loan		3/1/2028		909		(18	)
WHCG Purchaser III, Inc.	Revolver		6/22/2026		8,272		—
WHCG Purchaser III, Inc.	Delayed Draw Term Loan		6/22/2023		19,482		—
Zendesk Inc	Revolver		11/3/2028		97,650		(1,953	)
Zendesk Inc	Delayed Draw Term Loan		11/22/2028		208,035		(3,121	)
Total First and Second Lien Debt Unfunded Commitments				$	6,343,101	$	(63,045	)

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Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2022

(in thousands)

(Unaudited)

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

(9) The interest rate floor on these investments as of December 31, 2022 was 0.50%.

(10) The interest rate floor on these investments as of December 31, 2022 was 0.75%.

(11) The interest rate floor on these investments as of December 31, 2022 was 1.00%.

(12) The interest rate floor on these investments as of December 31, 2022 was 1.25%.

(13) The interest rate floor on these investments as of December 31, 2022 was 1.50%.

(14) The interest rate floor on these investments as of December 31, 2022 was 2.00%.

(15) Under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “1940 Act”), the Company is deemed to “control” a portfolio company if the Company owns more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. Under the 1940 Act, the Company is deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of December 31, 2022, the Company’s controlled/affiliated and non-controlled/affiliated investments were as follows:

	Fair value as of December 31, 2021		Gross Additions		Gross Reductions			Change in Unrealized Gains (Losses)			Fair value as of December 31, 2022		Dividend and Interest Income
Non-Controlled/Affiliated Investments
GSO DL Co-Invest EIS LP	$	1,614	$	136	$	—		$	1,062		$	2,813	$	—
Controlled/Affiliated Investments
Specialty Lending Company LLC		212,400		—		(40,500	)		430			172,330		12,159
BCRED Emerald JV LP		—		2,115,000		—			(42,283	)		2,072,717		100,293
BCRED Verdelite JV LP		—		117,706		—			(2,029	)		115,677		—
GSO DL Co-Invest CI LP		1,809		—		—			72			1,881		—
Total	$	215,823	$	2,232,842	$	(40,500	)	$	(42,748	)	$	2,365,418	$	112,452

(16) As of December 31, 2022, the Company had investments denominated in Canadian Dollars (CAD), Euros (EUR), British Pounds (GBP), New Zealand Dollar (NZD), Danish Krone (DKK), Swedish Krona (SEK) and Norwegian Krone (NOK).

(17) Loan was on non-accrual status as of December 31, 2022.

ADDITIONAL INFORMATION

Foreign Currency Forward Contracts

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Appreciation (Depreciation)
Goldman Sachs Bank USA		USD 25,374		CAD 34,625		1/17/2023	$	(213	)
Goldman Sachs Bank USA		USD 78,088		DKK 546,731		3/14/2023		(998	)
Goldman Sachs Bank USA		USD 61,787		EUR 58,713		3/14/2023		1,329
Goldman Sachs Bank USA		USD 58,713		NOK 584,117		3/13/2023		(829	)
Goldman Sachs Bank USA		USD 61,787		NOK 584,117		3/14/2023		2,241
Goldman Sachs Bank USA		USD 10,698		SEK 109,749		3/13/2023		121
Goldman Sachs Bank USA		USD 23,113		SEK 237,106		3/14/2023		261

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Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

December 31, 2022

(in thousands)

(Unaudited)

Interest Rate Swaps

Counterparty	Hedged Instrument		Company Receives			Company Pays			Maturity Date		Notional Amount		Fair Market Value			Upfront Payments / Receipts			Change in Unrealized Gains / (Losses)
Goldman Sachs Bank USA		June 2024 Notes		2.56	%		SOFR + 0.93	%		6/21/2024	$	435,000	$	(18,778	)	$	1,796		$	(18,778	)
Goldman Sachs Bank USA		September 2024 Notes		1.75	%		SOFR + 0.08	%		9/15/2024		365,000		(17,499	)		(545	)		(17,458	)
Goldman Sachs Bank USA		November 2024 Notes		2.35	%		SOFR + 0.66	%		11/22/2024		500,000		(25,362	)		1,822			(25,224	)
Goldman Sachs Bank USA		January 2025 Notes		2.70	%		SOFR + 0.99	%		1/15/2025		500,000		(26,589	)		923			(26,338	)
Goldman Sachs Bank USA		December 2026 Notes		2.63	%		SOFR + 0.26	%		12/15/2026		625,000		(34,657	)		2,387			(34,486	)
Goldman Sachs Bank USA		December 2026 Notes		2.63	%		SOFR + 0.26	%		12/15/2026		625,000		(34,352	)		2,370			(34,534	)
Goldman Sachs Bank USA		March 2025 Notes		4.70	%		SOFR + 2.43	%		3/24/2025		400,000		(17,978	)		—			(17,832	)
Deutsche Bank		March 2025 Notes		4.70	%		SOFR + 2.43	%		3/24/2025		500,000		(22,494	)		—			(22,282	)
Goldman Sachs Bank USA		April 2026 UK Bonds		4.87	%		SOFR + 2.78	%		4/14/2026		GBP 250,000		(19,940	)		—			(19,889	)
Goldman Sachs Bank USA		May 2027 Notes		5.61	%		SOFR + 3.00	%		5/3/2027		625,000		(26,135	)		—			(22,217	)
Sumitomo Mitsui Banking Corporation		September 2025 Notes		7.05	%		SOFR + 2.93	%		9/27/2025		600,000		(2,165	)		—			(2,165	)
Goldman Sachs Bank USA		October 2027 Notes		7.49	%		SOFR + 3.7165	%		10/11/2027		350,000		(1,418	)		—			(1,418	)
Sumitomo Mitsui Banking Corporation		September 2025 Notes		7.05	%		SOFR + 2.97	%		9/29/2025		200,000		(796	)		—			(796	)
Total Interest Rate Swaps													$	(248,163	)	$	8,753		$	(243,417	)

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

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Blackstone Private Credit Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except 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 (“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 (“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 Credit BDC Advisors LLC (the “Adviser”) an affiliate of Blackstone Alternative Credit Advisors LP (the “Administrator” and, collectively with its affiliates in the credit-focused business of Blackstone Inc. (“Blackstone”), “Blackstone Credit,” which, for the avoidance of doubt, excludes Harvest Fund Advisors LLC and Blackstone Insurance Solutions). The Administrator provides certain administrative and other services necessary for the Company to operate pursuant to an administration agreement (the “Administration Agreement”). Blackstone Credit is part of the credit-focused platform of Blackstone and is the primary part of its Credit & Insurance reporting segment.

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 (“Opportunistic Credit”). The Company expects that the Opportunistic Credit 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 $36.5 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 S shares, Class D shares and Class I shares, with a dollar value up to the maximum offering amount. The share classes have different ongoing shareholder servicing and/or distribution fees. The initial purchase price for the Common Shares was $25.00 per share. Thereafter, the purchase price per share for each class of Common Shares equals the net asset value (“NAV”) per share, as of the effective date of the monthly share purchase date. Blackstone Securities Partners L.P. (the “Intermediary Manager”) will use its best efforts to sell shares, but is not obligated to purchase or sell any specific amount of shares in the offering. The Company also engages in private offerings of its Common Shares.

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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”). 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”).

The interim condensed consolidated financial statements have been prepared in accordance with GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Article 6 and Article 10 of Regulation S-X. Accordingly, certain disclosures accompanying the annual consolidated financial statements prepared in accordance with GAAP are omitted. 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, 2023.

All intercompany balances and transactions have been eliminated.

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

Use of Estimates

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

Consolidation

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

As of June 30, 2023, the Company’s consolidated subsidiaries were BCRED Bard Peak Funding, LLC (“Bard Peak Funding”), BCRED Bear Peak Funding LLC (“Bear Peak Funding”), BCRED Bison Peak Funding LLC (“Bison Peak Funding”), BCRED Blanca Peak Funding LLC “Blanca Peak Funding”), BCRED Borah Peak Funding LLC (“Borah Peak Funding”), BCRED Bushnell Peak Funding LLC (“Bushnell Peak Funding”), BCRED Castle Peak Funding LLC (“Castle Peak Funding”), BCRED Denali Peak Funding LLC (“Denali Peak Funding”), BCRED Gannett Peak Funding LLC, BCRED Granite Peak Funding LLC (“Granite Peak Funding”), BCRED Haydon Peak Funding LLC (“Haydon Peak Funding”), BCRED Jacque Peak Funding LLC, BCRED Maroon Peak Funding LLC (“Maroon Peak Funding”), BCRED Meridian Peak Funding LLC (“Meridian Peak Funding”), BCRED Middle Peak Funding LLC (“Middle Peak Funding”), BCRED Monarch Peak Funding LLC (“Monarch Peak Funding”), BCRED Naomi Peak Funding LLC (“Naomi Peak Funding”), BCRED Summit Peak Funding LLC (“Summit Peak Funding”), BCRED Twin Peaks LLC (“Twin Peaks”), BCRED Windom Peak Funding LLC (“Windom Peak Funding”), BCRED BSL WH 2022-1 LLC (“2022-1 BSL WH”), BCRED Investments LLC, BCRED X Holdings LLC, BCRED BSL CLO 2021-1 Ltd., BCRED BSL CLO 2021-1, LLC, BCRED BSL CLO 2021-2, Ltd., BCRED BSL CLO 2021-2, LLC, BCRED BSL CLO 2022-1 Ltd., BCRED BSL CLO 2022-1 LLC, BCRED MML CLO 2021-1 LLC, BCRED MML CLO 2022-1 LLC, and BCRED MML CLO 2022-2 LLC.

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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 and, at times, may exceed the Federal Deposit Insurance Corporation insured limit.

Restricted cash and cash equivalents and restricted foreign currencies 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 and restricted foreign currencies 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 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.

GAAP for an investment company requires investments to be recorded 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.

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, 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. The Company utilizes mid-market pricing (i.e., mid-point of average bid and ask prices) to value these investments. These market quotations are obtained from independent pricing services, if available; otherwise generally from at least two principal market makers or primary market dealers.

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Where prices or inputs are not available or, in the judgment of the Board, 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 Adviser 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 Adviser has 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 Adviser generally uses 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 Adviser generally uses 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 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 include less liquid and restricted securities listed in active markets, securities traded in other than active markets, government and agency securities and certain over-the-counter derivatives where the fair value is based on observable inputs.

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

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the overall fair value measurement. The Adviser’s assessment 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 Conditions 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 is generally 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.

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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-denominated debt issued by 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 unrealized appreciation (depreciation). The fair value of the foreign currency forwards are 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 realized gains (losses) and unrealized appreciation (depreciation) in the Condensed Consolidated Statements of Operations. Additionally, the Company uses interest rate swaps to mitigate interest rate risk associated with the Company’s fixed rate liabilities. The fair value of the interest rate swaps are included as a Derivative assets at fair value or Derivative liability 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 realized gains (losses) and 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.

Foreign Currency Transactions

Amounts denominated in foreign currencies are translated into U.S. dollars on the following basis: (i) investments and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars 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 U.S. dollars 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 translation of assets and liabilities in foreign currencies on the Condensed Consolidated Statements of Operations, if any. Foreign security and currency translations 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

92

debt investments represents the original cost, including loan origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion of discounts and amortization of premiums, if any. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income in the current period. For the three and six months ended June 30, 2023, the Company recorded $4.6 million and $6.5 million, respectively, in non-recurring interest income (e.g., prepayment premiums, accelerated accretion of upfront loan origination fees and unamortized discounts). For the three and six months ended June 30, 2022, the Company recorded $1.4 million and $1.4 million, respectively, in non-recurring interest income.

PIK Income

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

Dividend Income

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

Fee Income

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

Non-Accrual Income

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

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

Organization Expenses and Offering Expenses

Costs associated with the organization of the Company are expensed as incurred. These expenses consist primarily of legal fees and other costs of organizing the Company.

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Costs associated with the offering of the Company’s shares are capitalized as “deferred offering costs” on 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. These expenses 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 related to any issuance of installment debt or notes are presented net against the outstanding debt balance of the related security.

Income Taxes

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

The Company evaluates tax positions taken or expected to be taken in the course of preparing its condensed consolidated financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof.

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 eliminate any entity level corporate income tax, 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 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 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.

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.

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Distributions

To the extent that the Company has tax earnings and profits available, the Company intends to make monthly distributions to its shareholders. 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.

Recent Accounting Pronouncements

In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848)”, which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts, hedging relationships, and other transactions that reference London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848), which expanded the scope of Topic 848 to include derivative instruments impacted by discounting transition. ASU 2020-04 and ASU 2021-01 are effective for all entities through December 31, 2022. The expedients and exceptions provided by the amendments do not apply to contract modifications and hedging relationships entered into or evaluated after December 31, 2022, except for hedging transactions as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. In December 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, which deferred the sunset day of this guidance to December 31, 2024. To date, there has been no material impact of these standards on the Company’s financial position, results of operations or cash flows, and the Company is continuing to evaluate the impact on its condensed consolidated financial statements.

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

Investment Advisory Agreement

On October 5, 2020, the Company entered into an investment advisory agreement with the Adviser (the “Investment Advisory Agreement”), pursuant to which the Adviser manages the Company on a day-to-day basis. The Adviser is 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 Adviser entered into an amended and restated investment advisory agreement (the “Amended and Restated Investment Advisory Agreement”), which was approved by the Board, including a majority of the Independent Trustees. The Amended and Restated Investment Advisory Agreement altered the Investment Advisory Agreement by removing certain “sunset” provisions that previously stated that certain requirements of the North American Securities Administrators Association (“NASAA”) Omnibus Guidelines would no longer apply if the Company’s shares become “covered securities” within the meaning of Section 18 of the Securities Act of 1933, as amended, and amending certain undertakings provisions, including to clarify compliance with NASAA Omnibus Guidelines. No other changes were made to the Investment Advisory Agreement.

The Investment Advisory Agreement was effective for an initial two-year term and will remain in effect 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 Investment Advisory Agreement, without payment of any penalty, upon 60 days’ written

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notice. The Investment Advisory Agreement will automatically terminate in the event of its assignment within the meaning of the 1940 Act and related SEC guidance and interpretations. The Investment Advisory Agreement was most recently renewed and approved by the Board, including a majority of the Independent Trustees, on May 2, 2023, for a one-year period ending on May 31, 2024.

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 will ultimately be borne by the shareholders. Substantial additional fees and expenses may also be charged by the Administrator to the Company, which is an affiliate of the Adviser.

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 and six months ended June 30, 2023, base management fees were $75.6 million and $149.2 million, respectively, of which $0.0 million and $0.0 million, respectively, were waived. For the three and six months ended June 30, 2022, base management fees were $64.9 million and $115.6 million, respectively, of which $0.0 million and $0.0 million, respectively, were waived. As of June 30, 2023 and December 31, 2022, $75.6 million and $73.4 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 fees

The first part of the Company’s incentive fee is based on 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 net assets at the end of the immediate 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 operating expenses accrued for the quarter (including the management fee, expenses payable under an administration agreement entered into between the Company and the Administrator (“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 include, 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 has not yet been received in cash. Pre-Incentive Fee Net Investment Income Returns do not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. The impact of expense support payments and recoupments are also excluded from Pre-Incentive Fee Net Investment Income Returns. Shareholders may be charged a fee on an income amount that is higher than the income they may ultimately receive.

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

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

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

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

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

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

(ii) Capital gains incentive fees

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

For the three and six months ended June 30, 2023, the Company accrued income based incentive fees of $109.5 million and $210.3 million, respectively, of which $0.0 million and $0.0 million, respectively, were waived. For the three and six months ended June 30, 2022, the Company accrued income based incentive fees of $63.0 million and $111.1 million, respectively, of which $0.0 million and $0.0 million, respectively, were waived. As of June 30, 2023 and December 31, 2022, there was $109.5 million and $94.1 million, respectively, payable to the Adviser for the income based incentive fees.

For the three and six months ended June 30, 2023, the Company accrued capital gains incentive fees of $0.0 million and $0.0 million, respectively. For the three and six months ended June 30, 2022, the Company accrued capital gains incentive fees of $(4.6) million and $(15.1) million, respectively.

Administration Agreement

On October 5, 2020, the Company entered into the Administration Agreement with the Administrator. Under the terms of the Administration Agreement, the Administrator provides, or oversees 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 Company’s Board, managing the payment of expenses, the payment of 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 the costs and expenses incurred by the Administrator in performing its obligations under the Administration Agreement. Such reimbursement will include the Company’s allocable portion of compensation,

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overhead (including rent, office equipment and utilities) and other expenses incurred by the Administrator in performing its administrative obligations under the Administration Agreement, 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 Administrator that perform duties for the Company; and (iii) any internal audit group personnel of Blackstone or any of its affiliates, subject to the limitations described in Investment Advisory and Administration Agreements. In addition, pursuant to the terms of the Administration Agreement, the Administrator may delegate its obligations under the Administration Agreement to an affiliate or to a third party and the Company will reimburse the Administrator for any services performed for the Company by such affiliate or third party. The Administrator hired a sub-administrator to assist in the provision of administrative services. The sub-administrator will receive compensation for its sub-administrative services under a sub-administration agreement.

Unless earlier terminated as described below, the Administration Agreement was effective for an initial two-year term and will remain in effect 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 Agreement, without payment of any penalty, upon 60 days’ written notice. The Administration Agreement was most recently renewed and approved by the Board, including a majority of the Independent Trustees, on May 2, 2023, for a one-year period.

For the three and six months ended June 30, 2023, the Company incurred $1.4 million and $3.4 million, respectively, in expenses under the Administration Agreement, which were recorded in “Administrative service expenses” in the Company’s Condensed Consolidated Statements of Operations. For the three and six months ended June 30, 2022, the Company incurred $1.0 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 June 30, 2023 and December 31, 2022, $1.2 million and $1.9 million, respectively, was unpaid and included in “Due to affiliates” in the Condensed Consolidated Statements of Assets and Liabilities, respectively.

Sub-Administration Agreement

On October 5, 2020, the Administrator entered into a sub-administration agreement (the “Sub-Administration Agreement”) with State Street Bank and Trust Company. The sub-administrator will receive compensation for its sub-administrative services under the Sub-Administration Agreement.

Intermediary Manager Agreement

On October 5, 2020, the Company entered into an intermediary manager agreement (the “Intermediary Manager Agreement”) with Blackstone Securities Partners L.P. (the “Intermediary Manager”), an affiliate of the Adviser. Pursuant to the Intermediary Manager Agreement, no upfront transaction fee will be paid with respect to Class S shares, Class D shares or Class I 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 1.5% cap on NAV for Class D shares and 3.5% cap on NAV for Class S 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. The shareholder servicing and/or distribution fees will be payable to the Intermediary Manager, but the Intermediary Manager anticipates that

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all or a portion 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 Company’s trustees who are not “interested persons,” as defined in the 1940 Act, of the Company and who have no direct or indirect financial interest in the operation of the Company’s distribution plan or the Intermediary Manager Agreement or by vote a majority of the outstanding voting securities of the Company, on not more than 60 days’ written notice to the Intermediary Manager or the Adviser. The Intermediary Manager Agreement will automatically terminate in the event of its assignment, as defined in the 1940 Act.

Distribution and Servicing Plan

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

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

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

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

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

For the three and six months ended June 30, 2023, the Company accrued distribution and shareholder servicing fees of $16.3 million and $31.7 million, respectively, which were attributable to Class S shares. For the three and six months ended June 30, 2023, the Company accrued distribution and shareholder servicing fees of $0.1 million and $0.7 million, respectively, which were attributable to Class D shares.

For the three and six months ended June 30, 2022, the Company accrued distribution and shareholder servicing fees of $12.4 million and $21.9 million, respectively, which were attributable to Class S shares. For the three and six months ended June 30, 2022, the Company accrued distribution and shareholder servicing fees of $0.5 million and $0.9 million, respectively, which were attributable to Class D shares.

Expense Support and Conditional Reimbursement Agreement

On October 5, 2020, the Company entered into an expense support and conditional reimbursement agreement (the “Expense Support Agreement”) with the Adviser. The Adviser may elect to pay certain Company expenses 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 Adviser has committed to pay must be paid by the 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, and/or offset against amounts due from the Company to the Adviser or its affiliates.

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 Adviser until such time as all Expense Payments made by the Adviser to the Company within three years prior to the last business day of such calendar month have been reimbursed. Any payments required to be made by the Company to the Adviser are referred to herein as a “Reimbursement Payment.” “Available Operating Funds” means the sum of (i) the Company’s net investment company taxable income (including net short-term capital gains reduced by net long-term capital losses), (ii) the Company’s net capital gains (including the excess of net long-term capital gains over net short-term capital losses) and (iii) dividends and other distributions paid to the Company on account of investments in portfolio companies (to the extent such amounts listed in clause (iii) are not included under clauses (i) and (ii) above).

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

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For the three and six months ended June 30, 2023 and 2022 the Adviser made no Expense Payments and there were no Reimbursement Payments made to the Adviser.

Controlled/Affiliated Portfolio Companies

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

On October 11, 2021, a wholly-owned subsidiary of the Company and a third-party investor entered into a limited liability company agreement with SLC. SLC is a specialty finance company focused on investing in consumer credit and is led by a management team with deep expertise in the consumer finance industry. The investment in SLC allows the Company to gain exposure to a different asset class than its core investing focus of senior secured lending to U.S. private companies. At the time of the transaction, the wholly-owned subsidiary of the Company and the third-party investor each committed $315 million and $35 million, respectively, to SLC. 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. For further description of the Emerald JV and Verdelite JV, see “Note 11. Joint Ventures”.

Note 4. Investments

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

	June 30, 2023							December 31, 2022
	Cost		Fair Value		% of Total Investments at Fair Value			Cost		Fair Value		% of Total Investments at Fair Value
First lien debt	$	43,137,695	$	42,545,377		89.22	%	$	44,461,300	$	43,710,812		89.37	%
Second lien debt		2,019,112		1,849,083		3.88			2,074,849		1,872,806		3.83
Unsecured debt		—		—		—			17,583		13,948		0.03
Structured finance investments		409,754		377,673		0.79			409,633		365,269		0.75
Investments in joint ventures		2,120,206		2,130,208		4.47			2,232,706		2,188,394		4.47
Equity investments (1)		739,476		782,527		1.64			739,225		757,379		1.55
Total	$	48,426,243	$	47,684,868		100.00	%	$	49,935,296	$	48,908,608		100.00	%

(1) Includes equity investment in SLC.

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

	June 30, 2023			December 31, 2022
Aerospace & Defense		1.28	%		1.25	%
Air Freight & Logistics		2.66			2.80
Airlines		0.06			0.07

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	June 30, 2023			December 31, 2022
Auto Components		0.06			0.11
Beverages		0.09			0.13
Building Products		2.24			2.37
Capital Markets		0.22			0.22
Chemicals		0.28			0.38
Commercial Services & Supplies		3.48			3.68
Construction Materials		0.04			0.07
Construction & Engineering		0.78			0.67
Containers & Packaging		0.29			0.46
Distributors		0.68			0.67
Diversified Consumer Services		2.94			2.95
Diversified Financial Services (1)		2.26			2.17
Diversified Telecommunication Services		0.56			0.53
Electrical Equipment		0.89			0.89
Electronic Equipment, Instruments & Components		1.11			1.28
Electric Utilities		0.11			0.10
Energy Equipment & Services		0.09			0.09
Entertainment		0.04			0.04
Food Products		0.05			0.05
Ground Transportation		0.01			—
Health Care Equipment & Supplies		1.49			1.52
Health Care Providers & Services		12.01			11.68
Health Care Technology		3.14			3.21
Hotels, Restaurants & Leisure		0.39			0.55
Household Durables		0.07			0.23
Industrial Conglomerates		0.75			0.95
Insurance		4.90			4.67
Interactive Media & Services		0.04			0.16
Internet & Direct Marketing Retail		2.23			2.22
Investments in Joint Ventures		4.47			4.47
IT Services		4.73			4.54
Leisure Products		0.07			0.17
Life Sciences Tools & Services		0.56			0.37
Machinery		0.05			0.08
Marine		0.48			0.46
Media		0.57			0.61
Metals & Mining		0.07			0.13
Oil, Gas & Consumable Fuels		0.16			0.20
Paper & Forest Products		0.14			0.13
Pharmaceuticals		0.70			0.67
Professional Services		12.27			12.50
Real Estate Management & Development		0.23			0.22
Road & Rail (2)		—			0.00
Software		26.50			25.59
Specialty Retail		0.30			0.30
Technology Hardware, Storage & Peripherals		0.10			0.09
Textiles, Apparel & Luxury Goods		0.05			0.06
Trading Companies & Distributors		0.70			0.75
Transportation Infrastructure		2.57			2.44
Wireless Telecommunication Services		0.04			0.05
Total		100.00	%		100.00	%

(1) Includes equity investment in SLC.

(2) Amount rounds to less than 0.00% for December 31, 2022.

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

	June 30, 2023
	Cost		Fair Value		% of Total Investments at Fair Value			Fair Value as % of Net Assets
United States	$	43,905,469	$	43,228,152		90.65	%		181.66	%
Europe		3,379,762		3,375,331		7.08			14.18
Canada		713,803		686,857		1.44			2.89
Bermuda/Cayman Islands		403,474		371,186		0.78			1.56
Australia/New Zealand		23,735		23,342		0.05			0.10	%
Total	$	48,426,243	$	47,684,868		100.00	%		200.39	%
	December 31, 2022
	Cost		Fair Value		% of Total Investments at Fair Value			Fair Value as % of Net Assets
United States	$	45,326,287	$	44,468,163		90.92	%		196.02	%
Europe		3,385,990		3,308,990		6.77			14.59
Canada		795,999		748,234		1.53			3.30
Bermuda/Cayman Islands		403,356		359,125		0.73			1.58
Australia/New Zealand		23,664		24,096		0.05			0.11
Total	$	49,935,296	$	48,908,608		100.00	%		215.60	%

As of June 30, 2023 and December 31, 2022, two borrowers (across three loans) and one borrower in the portfolio were on non-accrual status, respectively.

As of June 30, 2023 and December 31, 2022, on a fair value basis, approximately 99.9% and 99.8%, respectively, of our performing debt investments bore interest at a floating rate and approximately 0.1% and 0.2%, respectively, of our performing debt investments bore interest at a fixed rate.

Note 5. Fair Value Measurements

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

	June 30, 2023
	Level 1		Level 2		Level 3		Total
First lien debt	$	—	$	4,621,520	$	37,923,857	$	42,545,377
Second lien debt		—		757,957		1,091,126		1,849,083
Unsecured debt		—		—		—		—
Structured finance obligations		—		73,835		303,838		377,673
Equity investments (1)		—		—		782,527		782,527
Total investments		—		5,453,312		40,101,348		45,554,660
Investments Measured at NAV (2)		—		—		—		2,130,208
Total	$	—	$	5,453,312	$	40,101,348	$	47,684,868

103

	December 31, 2022
	Level 1		Level 2		Level 3		Total
First lien debt	$	—	$	6,167,268	$	37,543,544	$	43,710,812
Second lien debt		—		720,083		1,152,723		1,872,806
Unsecured debt		—		13,948		—		13,948
Structured finance obligations		—		71,934		293,335		365,269
Equity investments (1)		—		—		757,379		757,379
Total investments	$	—	$	6,973,233	$	39,746,981	$	46,720,214
Investments Measured at NAV (2)		—		—		—		2,188,394
Total	$	—	$	6,973,233	$	39,746,981	$	48,908,608

(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.

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

	Three Months Ended June 30, 2023
	First Lien Debt			Second Lien Debt			Structured Finance Investments		Equity			Total Investments
Fair value, beginning of period	$	37,943,535		$	1,092,027		$	295,801	$	779,150		$	40,110,513
Purchases of investments		861,128			1,189			—		—			862,317
Proceeds from principal repayments and sales of investments		(854,802	)		—			—		(827	)		(855,629	)
Accretion of discount/amortization of premium		38,565			749			53		—			39,367
Net realized gain (loss)		(15,436	)		—			—		666			(14,770	)
Net change in unrealized appreciation (depreciation)		(71,123	)		(2,839	)		7,984		3,538			(62,440	)
Transfers into Level 3 (1)		28,751			—			—		—			28,751
Transfers out of Level 3 (1)		(6,761	)		—			—		—			(6,761	)
Fair value, end of period	$	37,923,857		$	1,091,126		$	303,838	$	782,527		$	40,101,348
Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of June 30, 2023	$	(91,096	)	$	(3,713	)	$	8,398	$	3,538		$	(82,873	)

104

	Six Months Ended June 30, 2023
	First Lien Debt			Second Lien Debt			Structured Finance Investments		Equity			Total Investments
Fair value, beginning of period	$	37,543,544		$	1,152,723		$	293,335	$	757,379		$	39,746,981
Purchases of investments		1,519,657			14,996			—		412			1,535,065
Proceeds from principal repayments and sales of investments		(1,079,635	)		(5	)		—		(827	)		(1,080,467	)
Accretion of discount/amortization of premium		72,858			1,550			106		—			74,514
Net realized gain (loss)		(48,938	)		—			—		666			(48,272	)
Net change in unrealized appreciation (depreciation)		(98,772	)		(185	)		10,397		24,897			(63,663	)
Transfers into Level 3 (1)		199,627			—			—		—			199,627
Transfers out of Level 3 (1)		(184,484	)		(77,953	)		—		—			(262,437	)
Fair value, end of period	$	37,923,857		$	1,091,126		$	303,838	$	782,527		$	40,101,348
Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of June 30, 2023	$	(134,748	)	$	(1,463	)	$	9,714	$	24,897		$	(101,600	)

(1) For the three and six months ended June 30, 2023, transfers into or out of Level 3 were primarily due to decreased or increased price transparency.

	Three Months Ended June 30, 2022
	First Lien Debt			Second Lien Debt			Structured Finance Investments			Equity			Total Investments
Fair value, beginning of period	$	25,752,883		$	956,274		$	253,726		$	567,854		$	27,530,737
Purchases of investments		7,344,559			306,896			67,933			151,652			7,871,040
Proceeds from principal repayments and sales of investments		(568,006	)		50			—			(9,000	)		(576,956	)
Accretion of discount/amortization of premium		28,781			762			41			—			29,584
Net realized gain (loss)		531			—			—			—			531
Net change in unrealized appreciation (depreciation)		(104,971	)		(64,350	)		(23,291	)		(8,472	)		(201,084	)
Transfers into Level 3 (1)		224,151			246,443			—			—			470,594
Transfers out of Level 3 (1)		(121,537	)		—			—			—			(121,537	)
Fair value, end of period	$	32,556,391		$	1,446,075		$	298,409		$	702,034		$	35,002,909
Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of June 30, 2022	$	(105,795	)	$	(64,323	)	$	(22,589	)	$	(8,472	)	$	(201,179	)

105

	Six Months Ended June 30, 2022
	First Lien Debt			Second Lien Debt			Structured Finance Investments			Equity			Total Investments
Fair value, beginning of period	$	23,046,509		$	800,133		$	205,592		$	545,918		$	24,598,152
Purchases of investments		10,222,838			535,032			122,160			190,323			11,070,353
Proceeds from principal repayments and sales of investments		(699,113	)		—			—			(31,770	)		(730,883	)
Accretion of discount/amortization of premium		49,259			1,310			61			—			50,630
Net realized gain (loss)		1,499			23			—			144			1,666
Net change in unrealized appreciation (depreciation)		(110,737	)		(68,550	)		(29,404	)		(2,581	)		(211,272	)
Transfers into Level 3 (1)		304,035			206,873			—			—			510,908
Transfers out of Level 3 (1)		(257,899	)		(28,746	)		—			—			(286,645	)
Fair value, end of period	$	32,556,391		$	1,446,075		$	298,409		$	702,034		$	35,002,909
Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of June 30, 2022	$	(112,133	)	$	(65,027	)	$	(29,404	)	$	(2,581	)	$	(209,145	)

(1) For the three and six months ended June 30, 2022, transfers into or out of Level 3 were primarily due to decreased or increased price transparency.

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

	June 30, 2023
							Range
	Fair Value		Valuation Technique		Unobservable Input		Low			High			Weighted Average (1)
Investments in first lien debt	$	37,540,288		Yield analysis		Discount rate		6.03	%		24.92	%		10.29	%
		362,791		Market quotations		Broker quoted price		77.50			99.38			95.48
		20,778		Market approach		Performance multiple		6.50x			6.50x			6.50x
		37,923,857
Investments in second lien debt		924,373		Yield Analysis		Discount rate		9.98	%		15.14	%		12.14	%
		166,753		Market quotations		Broker quoted price		88.00			95.50			91.75
		1,091,126
Investments in structured finance		303,838		Market quotations		Broker quoted price		81.50			97.95			91.92
Investments in equity		269,780		Market approach		Performance multiple		6.00x			31.00x			18.55x
		56,026		Option pricing model		Expected volatility		30.00	%		50.00	%		42.69	%
		284,056		Yield analysis		Discount rate		11.09	%		16.73	%		13.32	%
		172,665		Asset recoverability		N/A		100.00	%		100.00	%		100.00	%
		782,527
Total	$	40,101,348

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

106

	December 31, 2022
							Range
	Fair Value		Valuation Technique		Unobservable Input		Low			High			Weighted Average (1)
Investments in first lien debt	$	36,766,038		Yield analysis		Discount rate		6.83	%		19.84	%		9.93	%
		759,391		Market quotations		Broker quoted price		71.00			105.60			91.85
		18,115		Market approach		Performance multiple		7.00x			7.00x			7.00x
		37,543,544
Investments in second lien debt		906,837		Yield analysis		Discount rate		10.42	%		15.33	%		11.85	%
		245,886		Market quotations		Broker quoted price		61.50			100.50			87.36
		1,152,723
Investments in structured finance		293,335		Market quotations		Broker quoted price		81.96			92.96			88.84
Investments in equity		261,893		Market approach		Performance multiple		5.50x			29.00x			17.21x
		48,957		Option pricing model		Expected volatility		30.00	%		50.00	%		44.43	%
		274,199		Yield analysis		Discount rate		11.31	%		14.95	%		12.76	%
		172,330		Asset recoverability		N/A		100.00	%		100.00	%		100.00	%
		757,379
Total	$	39,746,981

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

The significant unobservable input used in the yield analysis is the discount rate based on comparable market yields. 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. Significant increases in discount rates would result in a significantly lower fair value measurement. Significant decreases in quoted prices or Performance Multiples would result in a significantly lower fair value measurement.

Financial Instruments Not Carried at Fair Value

Debt

The following table presents fair value measurements of the Company’s debt obligations as of June 30, 2023 and December 31, 2022 had they been accounted for at fair value:

	June 30, 2023		December 31, 2022
	Fair Value		Fair Value
Bard Peak Funding Facility	$	489,862	$	1,235,414
Castle Peak Funding Facility		1,123,800		1,146,600
Maroon Peak Funding Facility		—		300,000
Summit Peak Funding Facility		910,369		1,691,844
Denali Peak Funding Facility		562,800		749,800
Bushnell Peak Funding Facility		430,000		400,000
Granite Peak Funding Facility		675,600		647,600

107

	June 30, 2023		December 31, 2022
	Fair Value		Fair Value
Middle Peak Funding Facility		600,950		596,950
Bison Peak Funding Facility		1,200,000		1,182,000
Blanca Peak Funding Facility		1,343,000		1,081,000
Windom Peak Funding Facility		1,384,025		1,741,465
Monarch Peak Funding Facility		1,400,400		873,400
Borah Peak Funding Facility		80,000		223,000
2022-1 BSL WH		—		148,000
Naomi Peak Funding Facility		385,000		400,000
Meridian Peak Funding Facility		220,000		170,000
Haydon Peak Funding Facility		49,000		49,000
Bear Peak Funding Facility		173,292		166,031
Revolving Credit Facility		1,154,373		1,470,758
June 2024 Notes		415,582		406,886
June 2026 Notes		359,194		352,646
May 2027 Notes		592,027		586,924
October 2027 Notes		354,493		353,434
September 2024 Notes		342,526		336,654
December 2026 Notes		1,079,282		1,053,132
November 2026 Eurobonds		471,452		449,149
November 2024 Notes		468,403		459,089
March 2027 Notes		872,864		856,640
January 2025 Notes		468,080		462,125
January 2029 Notes		562,945		550,113
March 2025 Notes		867,996		866,280
April 2026 UK Bonds		284,100		272,657
September 2025 Notes		797,996		795,092
2021-1 BSL Debt		663,000		663,000
2021-2 Debt		505,800		505,800
MML 2021-1 Debt		690,000		690,000
MML 2022-1 Debt		754,186		759,000
2022-1 BSL Debt		420,000		420,000
MML 2022-2 Debt		299,902		300,018
Short-Term Borrowings		201,167		619,377
Total	$	23,653,466	$	26,030,878

The following table presents the categorization of the Company’s debt obligations as of June 30, 2023 and December 31, 2022 had they been accounted for at fair value:

	June 30, 2023		December 31, 2022
Level 1	$	—	$	—
Level 2		—		—
Level 3		23,653,466		26,030,878
Total debt	$	23,653,466	$	26,030,878

108

Other Assets and Liabilities

As of June 30, 2023 and December 31, 2022, the carrying amounts of the Company’s assets and liabilities, other than investments at fair value and debt obligations listed above, approximate fair value due to their short maturities. These financial instruments would be categorized as Level 3 within the fair value hierarchy.

Note 6. Derivatives

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

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

The tables below present the aggregate notional amount and fair value of the Company’s derivative financial instruments as of June 30, 2023 and December 31, 2022.

	June 30, 2023
	Level 1		Level 2			Level 3		Total Fair Value			Notional
Derivative Assets
Foreign currency forward contract	$	—	$	—		$	—	$	—		$	—
Interest rate swaps		—		—			—		—			—
Total Derivative assets at fair value	$	—	$	—		$	—	$	—		$	—
Cash collateral received								$	—
Derivative Liabilities
Foreign currency forward contract	$	—	$	(3,105	)	$	—	$	(3,105	)	$	279,336
Interest rate swaps		—		(272,276	)		—		(272,276	)		6,042,375
Total Derivative liabilities at fair value	$	—	$	(275,381	)	$	—	$	(275,381	)	$	6,321,711
Cash collateral posted								$	375,711

	December 31, 2022
	Level 1		Level 2			Level 3		Total Fair Value			Notional
Derivative Assets
Foreign currency forward contract	$	—	$	3,952		$	—	$	3,952		$	157,384
Total Derivative assets at fair value	$	—	$	3,952		$	—	$	3,952		$	157,384
Cash collateral received								$	—
Derivative Liabilities
Foreign currency forward contract	$	—	$	(2,040	)	$	—	$	(2,040	)	$	162,174
Interest rate swaps		—		(248,311	)		—		(248,311	)		5,975,000
Total Derivative liabilities at fair value	$	—	$	(250,351	)	$	—	$	(250,351	)	$	6,137,174
Cash collateral posted								$	355,742

In the tables above:

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

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

109

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

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

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

The table below presents the impact to the Condensed Consolidated Statements of Operations from derivative assets and liabilities not designated in a qualifying hedge accounting relationship for the three and six month periods ended June 30, 2023 and June 30, 2022, respectively. The 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 realized gains and losses on the derivative assets and derivative liabilities not designated in a qualifying hedge accounting relationship are included within Foreign currency and other transactions in the Condensed Consolidated Statements of Operations.

	For the Three Months Ended June 30,					For the Six Months Ended June 30,
	2023			2022		2023			2022
Unrealized gain (loss)
Foreign currency forward contract	$	(3,026	)	$	11,793	$	(14,966	)	$	(1,669	)
Total Unrealized gain (loss)	$	(3,026	)	$	11,793	$	(14,966	)	$	(1,669	)
Realized gain (loss)
Foreign currency forward contract	$	(2,464	)	$	—	$	2,306		$	—
Interest rate swaps		—			—		—			—
Total Realized gain (loss)	$	(2,464	)	$	—	$	2,306		$	—

Hedging

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

The table below presents the impact to the Condensed Consolidated Statements of Operations from derivative assets and liabilities designated in a qualifying hedge accounting relationship for the three and six month periods ended June 30, 2023 and June 30, 2022, respectively.

For derivative instruments designated in qualifying hedge relationships, 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.

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2023			2022			2023			2022
Interest rate swaps	$	(91,271	)	$	(69,221	)	$	(23,965	)	$	(95,229	)
Hedged items		91,352			69,271			23,236			96,198

The table below presents the carrying value of unsecured borrowings as of June 30, 2023 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:

Description	Carrying Value		Cumulative Hedging Adjustments
Unsecured notes	$	5,725,542	$	(269,526	)

110

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. As of June 30, 2023 and December 31, 2022, the Company’s asset coverage was 197.7% and 184.5%.

SPV Financing Facilities

The following wholly-owned subsidiaries of the Company have entered into secured financing facilities as of June 30, 2023, 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, Borah Peak Funding, Naomi Peak Funding, Meridian Peak Funding, Haydon Peak Funding and Bear Peak Funding, which are collectively referred to as the “SPVs,” and such secured financing facilities described below are collectively referred to as the “SPV Financing Facilities.”

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

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

As of June 30, 2023, and December 31, 2022, the Company was in compliance with all covenants and other requirements of each of the SPV Financing Facilities.

Bard Peak Funding Facility

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

Advances under the Bard Peak Funding Facility bear interest at a per annum rate equal to the benchmark in effect for the currency of the applicable advance (which is three-month LIBOR in the case of dollar advances), plus an applicable margin of 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%. After March 15, 2024, the applicable margin on all outstanding advances will be 3.05% per annum. Bard Peak Funding pays a commitment fee of 0.90% per annum if the unused facility amount is greater than 50% or 0.35% per annum if the unused facility amount is less than or equal to 50% and greater than 25%, based on the average daily unused amount of the financing commitments until March 15, 2024, in addition to certain other fees as agreed between Bard Peak Funding and BNPP.

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

111

The period during which Bard Peak Funding may make borrowings under the Bard Peak Funding Facility expires on March 15, 2024, and the Bard Peak Funding Facility will mature and all amounts outstanding under the facility must be repaid by March 15, 2026.

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 June 30, 2023, 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 was the three-month LIBOR rate for dollar advances) plus an applicable margin of 1.50% to 2.00% per annum depending on the nature of the advances being requested. Effective June 30, 2023, 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% to 2.20% per annum depending on the nature of the advances being requested. After January 8, 2024, the applicable margin on outstanding advances will be increased by 1.00% per annum. Castle Peak Funding pays a commitment fee of 1.85% per annum if the unused facility amount is greater than 30% or 0.50% per annum if the unused facility amount is less than or equal to 30% and greater than 10%, based on the average daily unused amount of the financing commitments until January 8, 2024, 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 8, 2024, and the Castle Peak Funding Facility will mature and all amounts outstanding under the facility must be repaid by January 8, 2026.

Maroon Peak Funding Facility

On January 28, 2021, Maroon Peak Funding entered into a senior secured revolving credit facility (the “Maroon Peak Funding Facility”) with Morgan Stanley Bank, N.A. (“MS”). Morgan Stanley Senior Funding, Inc. served as administrative agent, U.S. Bank Trust Company National Association (“U.S. Bank”), served as collateral agent and the Company served as collateral manager under the Maroon Peak Funding Facility.

Advances were used to finance the purchase or origination of broadly syndicated loans under the Maroon Peak Funding Facility and bore interest at a per annum rate equal to the three-month term SOFR then in effect plus 0.10% plus the applicable spread of 2.00% per annum. Maroon Peak Funding paid a commitment fee of 0.50% per annum if the unused facility amount is greater than 10% based on the average daily unused amount of the financing commitments, in addition to certain other fees as agreed between Maroon Peak Funding and MS.

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

All amounts outstanding under the Maroon Peak Funding Facility were repaid and the Maroon Peak Funding Facility terminated on May 10, 2023.

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Summit Peak Funding Facility

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

Advances used to finance the purchase or origination of broadly syndicated loans under the Summit Peak Funding Facility bear interest at a blended per annum rate adjusted monthly based on the proportion of the broadly syndicated loans in the portfolio to the proportion of middle market loans in the portfolio. The rate attributable to broadly syndicated loans equals the benchmark for the currency of the applicable advance (which is three-month term SOFR for dollar advances), plus an applicable margin ranging from 1.50% for certain foreign currency advances to 1.65% per annum for U.S. dollar advances. The rate attributable to middle market loans equals such applicable benchmark plus an applicable margin ranging from 2.15% for certain foreign currency advances to 2.30% per annum for U.S. dollar advances. Such blended rates are subject to a floor of such applicable benchmark plus 2.00% for certain foreign currency advances and 2.15% per annum for U.S. dollar advances. Summit Peak Funding pays a commitment fee of 0.40% per annum if the unused facility amount is greater than 25% based on the average daily unused amount of the financing commitments, in addition to certain other fees as agreed between 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 1, 2024, and the Summit Peak Funding Facility will mature and all amounts outstanding under the facility must be repaid by March 3, 2026.

Denali Peak Funding Facility

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

As of March 31, 2023, advances under the Denali Peak Funding Facility bore interest at a per annum rate equal to the benchmark for the currency of the applicable advance (which is three-month LIBOR for dollar advances), plus the applicable margin of 1.95% per annum. As of April 4, 2023, advances under the Denali Peak Funding Facility bear interest at a per annum rate equal to the benchmark for the currency of the applicable advance (which for dollar advances, is three-month term SOFR plus a spread adjustment of 0.15% per annum), plus the applicable margin of 1.95% per annum. After September 30, 2024, the applicable margin on outstanding advances will increase by 0.20% 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, 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.

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The period during which Denali Peak Funding may make borrowings under the Denali Peak Funding Facility expires on September 30, 2024, and the Denali Peak Funding Facility will mature and all amounts outstanding under the facility must be repaid by September 30, 2026.

Bushnell Peak Funding Facility

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

Prior to April 25, 2023, advances under the Bushnell Peak Funding Facility bore interest at a per annum rate equal to the benchmark for the currency of the applicable advance (which is the daily floating LIBOR rate for dollar advances) plus an applicable margin of 1.50% to 1.75% per annum depending on the nature of the advances being requested. From April 25, 2023 until December 5, 2024, advances under the Bushnell Peak Funding Facility bear interest at a per annum rate equal to the benchmark for the currency of the applicable advance (which is the one-month term SOFR rate for dollar advances) plus an applicable margin of 1.60% to 1.85% per annum depending on the nature of the advances being requested. From and after December 6, 2024, the applicable margin for advances will increase to 2.10% to 2.45% per annum depending on the nature of the advances being requested. Bushnell Peak Funding is required to utilize a minimum percentage of the financing commitments, with unused amounts below such minimum utilization amount accruing a fee at a rate of 1.60% per annum. Bushnell Peak Funding also pays an unused fee of 0.50% per annum on the daily unused amount of the financing commitments in excess of such minimum utilization amount, in addition to certain other fees agreed between Bushnell Peak Funding and Bank of America.

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

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

Granite Peak Funding Facility

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

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 2.35% per annum. Granite Peak Funding pays an unused commitment fee of 0.40% per annum on the average daily unused commitments under the Granite Peak Funding Facility. The unused commitment fee is payable only when more than 25% 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 June 17, 2024, and the Granite Peak Funding Facility will mature and all amounts outstanding under the facility must be repaid by June 17, 2026.

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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 MS. MS serves as agent, Wilmington Trust serves as collateral agent, custodian and collateral administrator and the Company serves as collateral manager under the Middle Peak Funding Facility.

Prior to June 26, 2023, advances under the Middle Peak Funding Facility bore interest at a per annum rate equal to, in the case of dollar advances, three-month LIBOR, and in the case of foreign currency advances, the applicable benchmark in effect for such currency, plus an applicable margin of 2.00% per annum. From and after June 26, 2023, advances under the Middle Peak Funding Facility bear interest at a per annum rate equal to, in the case of dollar advances, three-month term SOFR plus a spread adjustment of 0.15% per annum, and in the case of foreign currency advances, the applicable benchmark in effect for such currency, plus an applicable margin of 2.07% per annum, which will increase to 2.35% per annum effective on June 30, 2024. Middle Peak Funding is required to utilize a minimum percentage of the financing commitments, with unused amounts below such minimum utilization amount accruing a fee from and after October 26, 2023 at a rate equal to the interest rate for dollar advances as described above. In addition, Middle Peak Funding pays 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. 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 June 26, 2026, and the Middle Peak Funding Facility will mature and all amounts outstanding under the facility must be repaid by December 26, 2034.

Bison Peak Funding Facility

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

Prior to June 8, 2023, advances under the Bison Peak Funding Facility bore interest at a per annum rate equal to, in the case of dollar advances, the daily floating LIBOR rate, and in the case of foreign currency advances, the applicable benchmark in effect for such currency, plus an applicable margin adjusted at one-month or three-month intervals based on the proportion of the broadly syndicated loans, large corporate loans and middle market loans in the portfolio, with the applicable margin attributable to broadly syndicated loans equal to 1.50% per annum, the applicable margin attributable to large corporate loans equal to 1.75% per annum and the applicable margin applicable to middle market loans equal to 2.00% per annum. From June 8, 2023 until July 24, 2024, advances under the Bison Peak Funding Facility 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 1.60% to 2.10% per annum depending on the nature of the advances being requested. The applicable margin for all advances will increase by an amount ranging from 0.50% to 0.65% per annum effective on July 24, 2024. 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 2.00% per annum. Bison Peak Funding also pays an unused fee of 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 as agreed between Bison Peak Funding and Bank of America.

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

The period during which Bison Peak Funding may make borrowings under the Bison Peak Funding Facility expires on June 8, 2026, and the Bison Peak Funding Facility will mature and all amounts outstanding under the credit facility must be repaid by June 8, 2028.

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.

Advances under the Blanca Peak Funding Facility bear interest at a per annum rate equal to (x) 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. Blanca Peak Funding is required to utilize a minimum percentage of the financing commitments, with unused amounts below such minimum utilization percentage accruing a fee at a rate equal to the applicable margin described above. On December 19, 2022, on any date when Blanca Peak Funding is not utilizing more than 90% of the financing commitments, Blanca Peak Funding pays an unused fee of 0.50% per annum on the daily unused amount of the financing commitments in excess of such minimum utilization amount. Blanca Peak Funding also pays to Barclays an administrative agency fee, in addition to certain other fees, each as agreed between Blanca Peak Funding and Barclays.

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

The period during which Blanca Peak Funding may make borrowings under the Blanca Peak Funding Facility expires on December 19, 2024, and the Blanca Peak Funding Facility matures and all amounts outstanding under the facility must be repaid by December 19, 2032; provided that Barclays may require repayment of all amounts outstanding under the facility from and after August 19, 2026.

Windom Peak Funding Facility

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

Proceeds from borrowings under the Windom Peak Funding Facility may be used to fund portfolio investments by Windom Peak Funding during the reinvestment period (which, initially, is scheduled to end three years after the closing date of the Windom Peak Funding Facility) and to make advances under revolving loans or delayed draw term loans in respect of which Windom Peak Funding is a lender.

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 is a blended spread equal to the sum of 1.55% per annum with respect to any advances backed by broadly-syndicated loans and 2.05% per annum with respect to any advances backed by recurring revenue loans, middle market loans, first-lien last out loans or second lien loans).

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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. 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.

The period during which Windom Peak Funding may make borrowings under the Windom Peak Funding Facility expires on September 2, 2024, and the Windom Peak Funding Facility matures and all amounts outstanding under the facility must be repaid by September 2, 2026.

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.

Advances used to finance the purchase or origination of broadly syndicated loans under the Monarch Peak Funding Facility bear interest at a per annum rate equal to one-month term SOFR, plus the applicable margin of 1.65% per annum. Advances used to finance the purchase or origination of middle market loans under the Monarch Peak Funding Facility bear interest at a per annum rate equal to one-month term SOFR plus the applicable margin of 2.05% per annum. Monarch Peak Funding is required to utilize a minimum percentage of the financing comments, with unused amounts below such minimum utilization percentage accruing a fee at a rate of 1.99% per annum. Monarch Peak Funding also 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 November 3, 2024, and the Monarch Peak Funding Facility will mature and all amounts outstanding under the facility must be repaid by November 3, 2026.

Borah Peak Funding Facility

On April 4, 2022, Borah Peak Funding LLC entered into a senior secured revolving credit facility (the “Borah Peak Funding Facility”) with Bank of America. Bank of America serves as administrative agent, Deutsche Bank Trust Company Americas (“DB Trust”) serves as collateral administrator and the Company serves as manager under the Borah Peak Funding Facility.

Advances under the Borah Peak Funding Facility bear interest at a per annum rate equal to the one-month term SOFR rate plus the applicable margin of 1.35%. Effective January 4, 2023, Borah Peak Funding will be required to utilize a minimum percentage of the financing commitment, with unused amounts below such minimum utilization amount accrue a fee at a rate of 1.35% per annum. In addition, Borah Peak Funding pays an unused fee of 0.25% per annum on the daily unused amount of the financing commitments in excess of such minimum utilization amount, in addition to certain other fees as agreed between Borah Peak Funding and Bank of America.

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

The Borah Peak Funding Facility matures and all amounts outstanding under the facility must be repaid by April 4, 2024.

2022-1 BSL WH Funding Facility

On May 16, 2022, 2022-1 BSL WH entered into a senior secured revolving credit facility (the “2022-1 BSL WH Funding Facility”) with Société Générale (“SG”). SG serves as administrative agent, DB Trust serves as custodian, and the Company serves as collateral manager under the 2022-1 BSL WH Funding Facility.

Advances under the 2022-1 BSL WH Funding Facility bore interest at a per annum rate equal to three-month term SOFR plus an applicable margin of 1.30% per annum.

Proceeds from borrowings under the 2022-1 BSL WH Funding Facility were used to fund portfolio investments by 2022-1 BSL WH and to make advances under revolving loans or delayed draw term loans where 2022-1 BSL WH is a lender.

On April 24, 2023, the 2022-1 BSL WH Funding Facility was terminated and all amounts outstanding under the facility were repaid in full.

Naomi Peak Funding Facility

On July 18, 2022, Naomi Peak Funding entered into a senior secured revolving credit facility (the “Naomi Peak Funding Facility”) with Natixis. Natixis, New York Branch serves as administrative agent, Wilmington Trust serves as collateral agent, collateral administrator and custodian, and the Company serves as collateral manager under the Naomi Peak Funding Facility.

Advances under the Naomi Peak Funding Facility bear interest at a per annum rate equal to three-month term SOFR plus an applicable margin of 1.30% per annum. Naomi Peak Funding pays an unused commitment fee of 0.50% per annum on the average daily unused revolving commitments under the Naomi Peak Funding Facility, which fee shall increase to 0.75% per annum for any day on or after January 18, 2023 on which more than 10% of the revolving commitments are unused, in addition to certain other fees as agreed between Naomi Peak Funding and Natixis.

The maximum principal amount of the Naomi Peak Funding Facility as of June 30, 2023 is $400 million, of which $250 million was funded as a term loan after the closing date and of which $150 million consists of a revolving credit commitment. Proceeds from borrowings under the Naomi Peak Funding Facility may be used to fund portfolio investments by Naomi Peak Funding and to make advances under revolving loans or delayed draw term loans where Naomi Peak Funding is a lender. The period during which Naomi Peak Funding may make borrowings under the Naomi Peak Funding Facility expires on July 18, 2024, and the Naomi Peak Funding Facility will mature and all amounts outstanding under the facility must be repaid by July 18, 2031.

Meridian Peak Funding Facility

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

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

Proceeds from borrowings under the Meridian Peak Funding Facility may be used to fund portfolio investments by Meridian Peak Funding and to make advances under revolving loans or delayed draw term loans where Meridian Peak Funding is a lender. The period during which Meridian Peak Funding may make borrowings under the Meridian Peak Funding Facility expires on August 16, 2025, and the Meridian Peak Funding Facility will mature and all amounts outstanding under the credit facility must be repaid by August 16, 2030.

Haydon Peak Funding Facility

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

Prior to May 25, 2023, advances under the Haydon Peak Funding Facility bore interest at a per annum rate equal to the benchmark in effect for the currency of the applicable advance (which is one- or three-month term SOFR or daily simple SOFR, at the election of Haydon Peak Funding, in the case of dollar advances), plus an applicable margin ranging from 1.75% to 2.25% per annum depending on the nature of the advances being requested under the credit facility. Effective May 25, 2023, the applicable margin for all advances was increased to 2.35% per annum. Effective April 7, 2023, Haydon Peak Funding pays 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, in addition to certain other fees as agreed between Haydon Peak Funding and HSBC.

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

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

Bear Peak Funding Facility

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

Advances under the Bear Peak Funding Facility bear interest at a per annum rate equal to the benchmark in effect for the currency of the applicable advance, plus an applicable margin of 2.45% per annum. Effective February 10, 2023, Bear Peak Funding will pay a commitment fee of 0.90% per annum if the unused facility amount is greater than 50% or 0.35% per annum if the unused facility amount is less than or equal to 50% and greater than 25%, based on the average daily unused amount of the financing commitments. Bear Peak Funding also pays BNPP an arranger fee, in addition to certain other fees, each as agreed between Bear Peak Funding and BNPP.

The current principal amount as of June 30, 2023 is €500 million. Proceeds from borrowings under the credit facility may be used to fund portfolio investments by Bear Peak Funding and to make advances under delayed draw term loans and revolving loans where Bear Peak Funding is a lender.

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

Revolving Credit Facility

On May 18, 2021, the Company, entered into a senior secured credit facility (which was most recently amended and restated on June 9, 2023, 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 U.S. dollars and certain agreed upon foreign currencies. Borrowings under the Revolving Credit Facility are subject to compliance with a borrowing base. A portion of the Revolving Credit Facility consists of funded term loans in the aggregate principal amount of $390 million, 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 million. Proceeds from the borrowings under the Revolving Credit Facility may be used for general corporate purposes of the Company and its subsidiaries. The period during which the Company may make borrowings on the Revolving Credit Facility expires on June 9, 2027 (other than with respect to the foreign currency commitments of certain lenders in the amount of $50 million, which expire on May 6, 2026), and the Revolving Credit Facility will mature and all amounts outstanding under the credit facility must be repaid by June 9, 2028 (other than with respect to the foreign currency commitments of certain lenders in the amount of $50 million, which mature on May 6, 2027), pursuant to an amortization schedule.

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% 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%. The Company pays an unused fee of 0.375% per annum on the daily unused amount of the revolver commitments. The Company will pay letter of credit participation fees and a fronting fee on the average daily amount of any lender’s exposure with respect to any letters of credit issued under the Revolving Credit Facility.

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

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

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

As of June 30, 2023 and December 31, 2022, the Company was in compliance with all covenants and other requirements of the Revolving Credit Facility.

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Private Placement Bonds

The Company issued unsecured notes, as further described below: June 2024 Notes, June 2026 Notes, May 2027 Notes and October 2027 Notes (each as defined below), which are collectively referred to herein as the “Private Placement Bonds.”

As of June 30, 2023 and December 31, 2022, the Company was in compliance with all covenants and other requirements of each of the Private Placement Bonds.

June 2024 Notes

On June 21, 2021, the Company entered into a Note Purchase Agreement (the “2021 Note Purchase Agreement”) governing the issuance of $435.0 million in aggregate principal amount of its 2.56% Series A Senior Notes (the “June 2024 Notes”) to qualified institutional investors in a private placement. The June 2024 Notes were issued on June 21, 2021 and will mature on June 21, 2024 unless redeemed, purchased or prepaid prior to such date by the Company or its affiliates in accordance with their terms. Interest on the June 2024 Notes will be due semiannually on June 3 and December 3. In addition, the Company is obligated to offer to repay the June 2024 Notes at par if certain change in control events occur. The June 2024 Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company. In addition, in the event that June 2024 notes receive a below investment grade rating by either one rating agency if there are only one or two rating agencies providing ratings of the June 2024 Notes, or two-thirds of the rating agencies if there are three rating agencies who are rating the notes (a “Below Investment Grade Event”), the June 2024 Notes will bear interest at a fixed rate of 3.56% 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 June 2024 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 June 2024 Notes in a qualifying hedge accounting relationship.

June 2026 Notes

On August 17, 2021, the Company entered into the first supplement (the “First Supplement”) to the 2021 Note Purchase Agreement, governing the issuance of $400.0 million in aggregate principal amount of its 3.27% Series B Senior Notes (the “June 2026 Notes”) to qualified institutional investors in a private placement. The June 2026 Notes were issued on June 21, 2021 and will mature on June 21, 2026 unless redeemed, purchased or prepaid prior to such date by the Company or its affiliates in accordance with their terms. Interest on the June 2026 Notes will be due semiannually on February 17 and August 17. In addition, the Company is obligated to offer to repay the June 2026 Notes at par if certain change in control events occur. The June 2026 Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company. In addition, in the event of a Below Investment Grade Event, the June 2026 Notes will bear interest at a fixed rate of 4.27% per year from the date of the occurrence of the Below Investment Grade Event to and until the date on which the Below Investment Grade Event is no longer continuing.

May 2027 Notes

On May 3, 2022, the Company entered into a Note Purchase Agreement (the “May 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

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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, in the event that a Below Investment Grade Event occurs, the May 2027 Notes will bear interest at a fixed rate of 6.61% per year from the date of the occurrence of the Below Investment Grade Event to and until the date on which the Below Investment Grade Event is no longer continuing.

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

October 2027 Notes

On October 11, 2022, the Company entered into a Master Note Purchase Agreement (the “October 2022 Note Purchase Agreement”) governing the issuance of $350.0 million in aggregate principal amount of its 7.49% Series D Senior Notes (the “October 2027 Notes”) to qualified institutional investors in a private placement. The October 2027 Notes were issued on October 11, 2022 for an aggregate issue price of $345.6 million, or $987.57 per $1,000 principal amount of the October 2027 Notes, and will mature on October 11, 2027 unless redeemed, purchased or prepaid prior to such date by the Company or its affiliates in accordance with their terms. Interest on the 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, in the event that 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.

Unsecured Notes

The Company issued unsecured notes, as further described below: September 2024 Notes, December 2026 Notes, November 2026 Eurobonds, November 2024 Notes, March 2027 Notes, January 2025 Notes, January 2029 Notes, March 2025 Notes, April 2026 UK Bonds, September 2025 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 Exchange Act. These covenants are subject to important limitations and exceptions that are described in each respective indenture governing the Unsecured Notes (the “Unsecured Notes Indentures”).

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

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As of June 30, 2023 and December 31, 2022, the Company was in compliance with all covenants and other requirements of each of the Unsecured Notes.

September 2024 Notes

On September 15, 2021, the Company issued $365.0 million aggregate principal amount of 1.750% notes due 2024 (the “September 2024 Notes”) pursuant to an indenture (the “Base Indenture”) and a supplemental indenture, each dated as of September 15, 2021 (and together with the Base Indenture, the “September 2024 Notes Indenture”), between the Company and U.S. Bank Trust Company, National Association (as successor in interest to U.S. Bank National Association, the “Trustee”).

The September 2024 Notes will mature on September 15, 2024 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 2024 Notes Indenture. The September 2024 Notes bear interest at a rate of 1.750% per year payable semi-annually on March 15 and September 15 of each year, commencing on March 15, 2022. The September 2024 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 2024 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 2024 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 2024 Notes in a qualifying hedge accounting relationship.

December 2026 Notes

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

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

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

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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.

November 2024 Notes

On November 22, 2021, the Company issued $500.0 million aggregate principal amount of 2.350% notes due 2024 (the “November 2024 Notes”) pursuant to a supplemental indenture, dated as of November 22, 2021 (and together with the Base Indenture, the “November 2024 Notes Indenture”), between the Company and the Trustee.

The November 2024 Notes will mature on November 22, 2024 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 2024 Notes Indenture. The November 2024 Notes bear interest at a rate of 2.350% per year payable semi-annually on May 22 and November 22 of each year, commencing on May 22, 2022. The November 2024 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 2024 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 2024 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 2024 Notes in a qualifying hedge accounting relationship.

March 2027 Notes

On November 22, 2021, the Company issued $1.0 billion aggregate principal amount of 3.250% notes due 2024 (the “March 2027 Notes”) pursuant to a supplemental indenture, dated as of November 22, 2021 (and together with the Base Indenture, the “March 2027 Notes Indenture”), between the Company and the Trustee.

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

January 2025 Notes

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

The January 2025 Notes will mature on January 15, 2025 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the January 2025 Notes Indenture. The January 2025 Notes bear interest at a rate of 2.700% per year payable semi-annually on January 15 and July 15 of each year, commencing on July 15, 2022. The January 2025 Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the January 2025 Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.

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

January 2029 Notes

On January 18, 2022, the Company issued $650.0 million aggregate principal amount of 4.000% notes due in 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

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existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.

March 2025 Notes

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

The March 2025 Notes will mature on March 24, 2025 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the March 2025 Notes Indenture. The March 2025 Notes bear interest at a rate of 4.700% per year payable semi-annually on March 24 and September 24 of each year, commencing on September 24, 2022. The March 2025 Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the March 2025 Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.

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

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.

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September 2025 Notes

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

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

In connection with the September 2025 Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company’s liabilities with the investment portfolio, which consists of predominately floating rate loans. Under the interest rate swap agreement, the Company receives a fixed interest rate of 7.050% and pays a floating interest rate of SOFR + 2.93% on a notional amount of $600.0 million. The Company designated this interest rate swap and September 2025 Notes in a qualifying hedge accounting relationship.

On November 17, 2022, the Company issued $200 million aggregate principal amount of 7.050% Notes due 2025 (“September 2025 Notes Upsize”) under the Company’s Base Indenture and September 2025 Notes Indenture. The September 2025 Notes Upsize were issued as “Additional Notes” under the September 2025 Notes Indenture and have identical terms to the Company’s $600.0 million September 2025 Notes that were issued on September 27, 2022, other than the issue date and the issue price. The September 2026 Notes Upsize will be treated as a single class of notes with the September 2026 Notes for all purposes under the Indenture.

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

Debt Securitizations

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

2021-1 BSL Debt Securitization

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

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owned subsidiary of BCRED BSL CLO Issuer (collectively, the “2021-1 BSL Issuers”), and are secured by a diversified portfolio of senior secured loans and participation interests therein. The Company holds the subordinated notes of BCRED BSL CLO Issuer representing a residual economic interest in BCRED BSL CLO Issuer.

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

Description	Type	June 30, 2023
		Principal Outstanding		Interest Rate		Credit Rating
Class A Notes	Senior Secured Floating Rate	$	499,800		L+1.25%		Aaa
Class B Notes	Senior Secured Floating Rate		38,760		L+1.80%		Aa2
Class C Notes	Mezzanine Secured Deferrable Floating Rate		59,160		L+2.15%		A2
Class D Notes	Mezzanine Secured Deferrable Floating Rate		65,280		L+3.35%		Baa3
Class E Notes (1)	Junior Secured Deferrable Floating Rate		—		L+7.00%		Ba3
Total Secured Notes			663,000
Subordinated Notes (2)			156,500		None		Not rated
Total 2021-1 BSL Notes		$	819,500

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

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

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

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

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

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

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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:

Description	Type	June 30, 2023
		Principal Outstanding		Interest Rate		Credit Rating
Class A-L Loans	Senior Secured Floating Rate	$	218,000		L+1.22%		Aaa
Class A Notes	Senior Secured Floating Rate		149,500		L+1.22%		Aaa
Class B Notes	Senior Secured Floating Rate		38,100		L+1.75%		Aa2
Class C Notes	Mezzanine Secured Deferrable Floating Rate		48,000		L+2.05%		Not rated
Class D Notes	Mezzanine Secured Deferrable Floating Rate		52,200		L+3.15%		Not rated
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.

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.

2021-1 MML Debt Securitization

On December 15, 2021, the Company completed a $1,001.0 million 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

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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:

Description	Type	June 30, 2023
		Principal Outstanding		Interest Rate			Credit Rating
Class A Loans	Senior Secured Floating Rate	$	50,000		L+1.48	%		Aaa
Class A Notes	Senior Secured Floating Rate		480,000		L+1.48	%		Aaa
Class B Notes	Senior Secured Floating Rate		80,000		L+1.90	%		Aa2
Class C Notes	Mezzanine Secured Deferrable Floating Rate		80,000		L+2.60	%		A2
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 2021-1 Debt Securitization which are eliminated in consolidation.

The Company retained all of the Subordinated Notes issued in the Debt Securitization in part in exchange for the Company’s sale and contribution to the 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.

2022-1 MML Debt Securitization

On March 15, 2022, the Company completed a $1.09 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.

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

		June 30, 2023
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	%		A2
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.

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

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

2022-1 BSL Debt Securitization

On June 9, 2022, the Company completed a $589.75 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.

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

Description	Type	June 30, 2023
		Principal Outstanding		Interest Rate		Credit Rating
Class A-1A Notes	Senior Secured Floating Rate	$	292,000		SOFR + 1.58%		Aaa (sf)
Class A-1B Notes	Senior Secured Fixed Rate		50,000		4.34%		Aaa (sf)
Class A-2 Notes	Senior Secured Floating Rate		12,000		SOFR + 2.00%		AAA (sf)
Class B-1 Notes	Senior Secured Floating Rate		40,000		SOFR + 2.35%		AA (sf)
Class B-2 Notes	Senior Secured Fixed Rate		26,000		4.98%		AA (sf)
Class C Notes (1)	Secured Deferrable Floating Rate		51,000		SOFR + 2.60%		A (sf)
Class D Notes (1)	Mezzanine Secured Deferrable Floating Rate		39,000		SOFR + 3.69%		BBB- (sf)
Class E Notes (1)	Junior Secured Deferrable Floating Rate		21,000		SOFR + 7.33%		BB- (sf)
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.

2022-2 MML 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

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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 “Debt”) were issued (or incurred, as applicable) by BCRED MML CLO 2022-2 LLC (the “MML 2022-2 Issuer”), a wholly-owned and consolidated (for tax and accounting purposes) subsidiary of the Company, and are primarily secured by a diversified portfolio of middle market loans and participation interests therein.

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

		June 30, 2023
Description	Type	Principal Outstanding		Interest Rate		Credit Rating
Class A-L Notes	Senior Secured Floating Rate	$	275,000		SOFR + 2.10%		Aaa (sf)
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%		A2
Total Secured Notes			341,000
Subordinated Notes (1)	Subordinated		157,105		None		Not rated
Total Debt		$	498,105

(1) The Company retained all of the Class C Notes and the Subordinated Notes issued in the 2022-2 MML 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 Debt is scheduled to mature on July 18, 2034; however the Debt 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 Debt includes customary covenants and events of default.

The 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 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.

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

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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. 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 was $377.7 million and $426.8 million as of June 30, 2023 and December 31, 2022, respectively.

Short-term borrowings under the Repurchase Agreements bore interest at an average applicable margin of 6.64% and 4.38% per annum as of June 30, 2023 and December 31, 2022, respectively. As of June 30, 2023 and December 31, 2022, respectively, the Company had $201.2 million and $253.7 million of short-term borrowings under the Repurchase Agreements.

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 transferred (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.

As of June 30, 2023 and December 31, 2022, respectively, the Company had $0.0 million and $365.7 million of borrowings under Short Term Financing Transactions with a third party. 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 $0.0 million and $371.0 million as of June 30, 2023, and December 31, 2022, respectively.

Short-term borrowings under Short Term Financing Transactions bore interest at an applicable margin of 0.00% and 7.35% per annum as of June 30, 2023, and December 31, 2022, respectively.

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 Condensed Consolidated 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:

	June 30, 2023
	Aggregate Principal Committed		Outstanding Principal		Carrying Value		Unamortized Debt Issuance Costs		Unused Portion (1)		Amount Available (2)
Bard Peak Funding Facility (3)	$	1,650,000	$	489,862	$	489,862	$	—	$	1,160,138	$	994,014
Castle Peak Funding Facility (3)		1,600,000		1,123,800		1,123,800		—		476,200		56,562
Summit Peak Funding Facility (3)		2,300,000		910,369		910,369		—		1,389,631		821,702
Denali Peak Funding Facility		750,000		562,800		562,800		—		187,200		187,200
Bushnell Peak Funding Facility		600,000		430,000		430,000		—		170,000		32,611
Granite Peak Funding Facility		750,000		675,600		675,600		—		74,400		74,400
Middle Peak Funding Facility		1,000,000		600,950		600,950		—		399,050		263,124
Bison Peak Funding Facility		1,500,000		1,200,000		1,200,000		—		300,000		300,000

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	June 30, 2023
	Aggregate Principal Committed		Outstanding Principal		Carrying Value		Unamortized Debt Issuance Costs		Unused Portion (1)		Amount Available (2)
Blanca Peak Funding Facility		1,500,000		1,343,000		1,343,000		—		157,000		149,766
Windom Peak Funding Facility (3)		2,150,000		1,384,025		1,384,025		—		765,975		765,975
Monarch Peak Funding Facility		2,000,000		1,400,400		1,400,400		—		599,600		374,491
Borah Peak Funding Facility		400,000		80,000		80,000		—		320,000		146,659
Naomi Peak Funding Facility		400,000		385,000		385,000		—		15,000		15,000
Meridian Peak Funding Facility		350,000		220,000		220,000		—		130,000		130,000
Haydon Peak Funding Facility		250,000		49,000		49,000		—		201,000		201,000
Bear Peak Funding Facility (3)		545,550		173,292		173,292		—		372,258		114,359
Revolving Credit Facility (4)		5,150,000		1,154,373		1,154,373		—		3,995,627		3,391,272
June 2024 Notes (5)		435,000		435,000		418,270		1,267		—		—
June 2026 Notes		400,000		400,000		397,938		2,062		—		—
May 2027 Notes (5)		625,000		625,000		592,553		2,128		—		—
October 2027 Notes (5)		350,000		350,000		341,306		3,724		—		—
September 2024 Notes (5)		365,000		365,000		348,172		1,429		—		—
December 2026 Notes (5)		1,250,000		1,250,000		1,157,856		16,696		—		—
November 2026 Eurobonds		545,550		545,550		540,527		5,023		—		—
November 2024 Notes (5)		500,000		500,000		474,339		2,275		—		—
March 2027 Notes		1,000,000		1,000,000		989,944		10,056		—		—
January 2025 Notes (5)		500,000		500,000		472,785		2,634		—		—
January 2029 Notes		650,000		650,000		640,134		9,866		—		—
March 2025 Notes (5)		900,000		900,000		854,513		5,073		—		—
April 2026 UK Bonds (5)		317,375		317,375		286,102		2,454		—		—
September 2025 Notes (5)		800,000		800,000		779,646		9,629		—		—
2021-1 BSL Notes		663,000		663,000		662,039		961		—		—
2021-2 Notes		505,800		505,800		504,320		1,480		—		—
MML 2021-1 Debt		690,000		690,000		686,054		3,946		—		—
MML 2022-1 Debt		759,000		759,000		753,817		5,183		—		—
2022-1 BSL Debt		420,000		420,000		418,470		1,530		—		—
MML 2022-2 Debt		300,500		300,500		297,951		2,549		—		—
Short-Term Borrowings		201,167		201,167		201,167		—		—		—
Total	$	35,072,942	$	24,359,863	$	24,000,374	$	89,965	$	10,713,079	$	8,018,135

(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 currencies other currencies.

Under the Bard Peak Funding Facility, as of June 30, 2023, the Company had borrowings denominated in the following non-USD currencies:

• Canadian Dollars (CAD) 94.1 million

• Euros (EUR) 69.0 million

• British Pounds (GBP) 55.2 million

Under the Castle Peak Funding Facility, as of June 30, 2023, the Company had borrowings denominated in the following non-USD currencies:

• Canadian Dollars (CAD) 78.9 million

• Euros (EUR) 46.4 million

• British Pounds (GBP) 64.4 million

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Under the Summit Peak Funding Facility, as of June 30, 2023, the Company had borrowings denominated in the following non-USD currencies:

• Canadian Dollars (CAD) 154.3 million

• British Pounds (GBP) 101.7 million

Under the Windom Peak Funding Facility, as of June 30, 2023, the Company had borrowings denominated in the following non-USD currencies:

• British Pounds (GBP) 115.9 million

Under the Bear Peak Funding Facility, as of June 30, 2023, the Company had borrowings denominated in the following non-USD currencies:

• Euros (EUR) 69.5 million

• British Pounds (GBP) 57.0 million

(4) Under the Revolving Credit Facility, the Company is permitted to borrow in USD or certain other currencies. As of June 30, 2023, the Company had borrowings denominated in the following non-USD currencies:

• Canadian Dollars (CAD) 168.0 million

• Euros (EUR) 32.3 million

• British Pounds (GBP) 411.2 million

• Swiss Franc (CHF) 71.8 million

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

	December 31, 2022
	Aggregate Principal Committed		Outstanding Principal		Carrying Value (net of unamortized issuance costs)		Unamortized Debt Issuance Costs		Unused Portion (1)		Amount Available (2)
Bard Peak Funding Facility (3)	$	1,650,000	$	1,235,414	$	1,235,414	$	—	$	414,586	$	414,586
Castle Peak Funding Facility (3)		1,600,000		1,146,600		1,146,600		—		453,400		166,697
Maroon Peak Funding Facility		300,000		300,000		300,000		—		—		—
Summit Peak Funding Facility (3)		2,300,000		1,691,844		1,691,844		—		608,156		15,377
Denali Peak Funding Facility		750,000		749,800		749,800		—		200		200
Bushnell Peak Funding Facility		600,000		400,000		400,000		—		200,000		69,559
Granite Peak Funding Facility		750,000		647,600		647,600		—		102,400		102,134
Middle Peak Funding Facility		800,000		596,950		596,950		—		203,050		203,050
Bison Peak Funding Facility		1,500,000		1,182,000		1,182,000		—		318,000		233,740
Blanca Peak Funding Facility		1,500,000		1,081,000		1,081,000		—		419,000		360,054
Windom Peak Funding Facility (3)		2,000,000		1,741,465		1,741,465		—		258,535		258,535
Monarch Peak Funding Facility		2,000,000		873,400		873,400		—		1,126,600		968,726
Borah Peak Funding Facility		400,000		223,000		223,000		—		177,000		35,951
2022-1 BSL WH		300,000		148,000		148,000		—		152,000		152,000
Naomi Peak Funding Facility		400,000		400,000		400,000		—		—		—
Meridian Peak Funding Facility		500,000		170,000		170,000		—		330,000		330,000
Haydon Peak Funding Facility		500,000		49,000		49,000		—		451,000		373,519
Bear Peak Funding Facility (3)		468,494		166,031		166,031		—		302,463		130,772
Revolving Credit Facility (4)		5,150,000		1,470,758		1,470,758		—		3,679,242		2,326,743
June 2024 Notes (5)		435,000		435,000		413,963		1,912		—		—
June 2026 Notes		400,000		400,000		397,611		2,389		—		—
May 2027 Notes (5)		625,000		625,000		596,809		2,402		—		—
October 2027 Notes (5)		350,000		350,000		345,618		3,356		—		—
September 2024 Notes (5)		365,000		365,000		345,353		2,015		—		—

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	December 31, 2022
	Aggregate Principal Committed		Outstanding Principal		Carrying Value (net of unamortized issuance costs)		Unamortized Debt Issuance Costs		Unused Portion (1)		Amount Available (2)
December 2026 Notes (5)		1,250,000		1,250,000		1,162,596		19,084		—		—
November 2026 Eurobonds		534,975		534,975		529,223		5,752		—		—
November 2024 Notes (5)		500,000		500,000		471,336		3,083		—		—
March 2027 Notes		1,000,000		1,000,000		988,597		11,403		—		—
January 2025 Notes (5)		500,000		500,000		470,441		3,460		—		—
January 2029 Notes		650,000		650,000		639,254		10,746		—		—
March 2025 Notes (5)		900,000		900,000		853,359		6,527		—		—
April 2026 UK Bonds (5)		301,725		301,725		278,946		2,890		—		—
September 2025 Notes (5)		800,000		800,000		786,332		10,952		—		—
2021-1 BSL Notes		663,000		663,000		661,997		1,003		—		—
2021-2 Notes		505,800		505,800		504,255		1,545		—		—
MML 2021-1 Debt		690,000		690,000		685,884		4,116		—		—
MML 2022-1 Debt		759,000		759,000		753,600		5,400		—		—
2022-1 BSL Debt		420,000		420,000		418,408		1,592		—		—
MML 2022-2 Debt		300,500		300,500		297,837		2,663		—		—
Short-Term Borrowings		619,377		619,377		619,377		—		—		—
Total	$	36,037,871	$	26,842,239	$	26,493,658	$	102,290	$	9,195,632	$	6,141,643

(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 currencies other currencies.

Under the Bard Peak Funding Facility, as of December 31, 2022, the Company had borrowings denominated in the following non-USD currencies:

• Canadian Dollars (CAD) 94.1 million

• Euros (EUR) 66.0 million

• British Pounds (GBP) 50.0 million

Under the Castle Peak Funding Facility, as of December 31, 2022, the Company had borrowings denominated in the following non-USD currencies:

• Canadian Dollars (CAD) 48.8 million

• Euros (EUR) 36.0 million

• British Pounds (GBP) 42.4 million

Under the Summit Peak Funding Facility, as of December 31, 2022, the Company had borrowings denominated in the following non-USD currencies:

• Canadian Dollars (CAD) 132.7 million

• British Pounds (GBP) 6.1 million

Under the Windom Peak Funding Facility, as of December 31, 2022, the Company had borrowings denominated in the following non-USD currencies:

• British Pounds (GBP) 43.6 million

Under the Bear Peak Funding Facility, as of December 31, 2022, the Company had borrowings denominated in the following non-USD currencies:

• Euros (EUR) 75.0 million

• British Pounds (GBP) 50.7 million

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(4) Under the Revolving Credit Facility, the Company is permitted to borrow in USD or certain other currencies. As of December 31, 2022, the Company had borrowings denominated in the following non-USD currencies:

• Canadian Dollars (CAD) 247.1 million

• Euros (EUR) 49.0 million

• British Pounds (GBP) 608.8 million

• Swiss Franc (CHF) 102.6 million

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

As of June 30, 2023 and December 31, 2022, $309.9 million and $395.8 million, respectively, of interest expense and $12.3 million and $12.9 million, respectively, of unused commitment fees were included in Interest payable. For the three and six months ended June 30, 2023, the weighted average interest rate on all borrowings outstanding was 6.82% and 6.56%, respectively, (including unused fees) and the average principal debt outstanding was $25,238.7 million and $26,189.5 million, respectively. For the three and six months ended June 30, 2022, the weighted average interest rate on all borrowings outstanding was 2.86% and 2.67%, respectively, (including unused fees) and the average principal debt outstanding was $21,268.1 million and $19,693.5 million, respectively.

The components of interest expense were as follows:

	Three Months Ended June 30,
	2023			2022
Borrowing interest expense	$	410,769		$	135,393
Facility unused fees		13,344			10,147
Accretion of original issue discount		6,104			4,646
Amortization of financing costs and debt issuance costs		8,463			7,933
Gain (loss) from interest rate swaps accounted for as hedges and the related hedged items:
Interest rate swaps		91,271			(69,221	)
Hedged items		(91,352	)		69,271
Total interest expense	$	438,599		$	158,169
Cash paid for interest expense	$	458,269		$	96,828

	Six Months Ended June 30,
	2023			2022
Borrowing interest expense	$	821,794		$	233,983
Facility unused fees		23,867			15,404
Accretion of original issue discount		12,022			8,329
Amortization of financing costs and debt issuance costs		16,410			12,874
Gain (loss) from interest rate swaps accounted for as hedges and the related hedged items:
Interest rate swaps		23,965			(95,229	)
Hedged items		(23,236	)		96,198
Total interest expense	$	874,822		$	271,559
Cash paid for interest expense	$	963,045		$	181,128

138

Note 8. Commitments and Contingencies

The Company’s investment portfolio may contain debt investments which are in the form of lines of credit or delayed draw commitments, which require us to provide funding when requested by portfolio companies in accordance with underlying loan agreements. As of June 30, 2023 and December 31, 2022, the Company had unfunded delayed draw terms loans and revolvers in the aggregate principal amount of $5,476.7 million and $6,343.1 million, respectively.

Additionally, from time to time, the Adviser and its affiliates may commit to an investment on behalf of the investment vehicles it manages, including the Company. Certain terms of these investments are not finalized at the time of the commitment and each respective investment vehicles’ allocation may change prior to the date of funding. In this regard, as of June 30, 2023 and December 31, 2022, the Company estimates that it had $248.6 million and $1,219.5 million, respectively, of investments that are committed but not yet funded.

From time to time, the Company may become a party to certain legal proceedings incidental to the normal course of its business. At June 30, 2023, management is not aware of any pending or threatened material litigation.

Note 9. Net Assets

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

	For the three months ended June 30, 2023
	Shares			Amount
CLASS I
Subscriptions		40,025,888		$	991,563
Share transfers between classes		801,656			19,887
Distributions reinvested		7,486,630			185,625
Share repurchases		(43,026,051	)		(1,069,628	)
Early repurchase deduction		—			21
Net increase (decrease)		5,288,123		$	127,468
CLASS S
Subscriptions		21,551,333		$	534,160
Share transfers between classes		(338,831	)		(8,406	)
Distributions reinvested		3,241,102			80,362
Share repurchases		(5,289,207	)		(131,490	)
Early repurchase deduction		—			30
Net increase (decrease)		19,164,397		$	474,656
CLASS D
Subscriptions		810,907		$	20,071
Share transfers between classes		(462,803	)		(11,481	)
Distributions reinvested		28,518			707
Share repurchases		(134,805	)		(3,351	)
Early repurchase deduction		—			—
Net increase (decrease)		241,817		$	5,946
Total net increase (decrease)		24,694,337		$	608,070

139

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

	For the six months ended June 30, 2023
	Shares			Amount
CLASS I
Subscriptions		58,996,813		$	1,461,821
Share transfers between classes		45,581,902			1,131,859
Distributions reinvested		14,358,610			355,737
Share repurchases		(73,344,305	)		(1,820,611	)
Early repurchase deduction		—			78
Net increase (decrease)		45,593,020		$	1,128,884
CLASS S
Subscriptions		36,034,142		$	892,824
Share transfers between classes		(1,706,270	)		(42,140	)
Distributions reinvested		6,294,698			155,962
Share repurchases		(10,609,545	)		(263,275	)
Early repurchase deduction		—			169
Net increase (decrease)		30,013,025		$	743,540
CLASS D
Subscriptions		2,922,621		$	72,284
Share transfers between classes		(43,876,202	)		(1,089,719	)
Distributions reinvested		634,300			15,705
Share repurchases		(557,743	)		(13,827	)
Early repurchase deduction		—			11
Net increase (decrease)		(40,877,024	)	$	(1,015,546	)
Total net increase (decrease)		34,729,021		$	856,878

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

	For the three months ended June 30, 2022
	Shares			Amount
CLASS I
Subscriptions		96,008,795		$	2,465,578
Share transfers between classes		983,225			25,240
Distributions reinvested		4,570,700			117,013
Share repurchases		(10,388,019	)		(257,623	)
Early repurchase deduction		—			2,283
Net increase (decrease)		91,174,701		$	2,352,491
CLASS S
Subscriptions		50,998,279		$	1,309,690
Share transfers between classes		(147,265	)		(3,754	)
Distributions reinvested		1,735,474			44,483
Share repurchases		(998,387	)		(25,241	)
Early repurchase deduction		—			99
Net increase (decrease)		51,588,101		$	1,325,277

140

	For the three months ended June 30, 2022
	Shares			Amount
CLASS D
Subscriptions		10,235,885		$	262,493
Share transfers between classes		(835,960	)		(21,486	)
Distributions reinvested		305,881			7,831
Share repurchases		(82,582	)		(2,046	)
Early repurchase deduction		—			23
Net increase (decrease)		9,623,224		$	246,815
Total net increase (decrease)		152,386,026		$	3,924,583

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

	For the six months ended June 30, 2022
	Shares			Amount
CLASS I
Subscriptions		221,712,300		$	5,719,346
Share transfers between classes		1,533,335			39,479
Distributions reinvested		8,503,028			218,785
Share repurchases		(11,878,376	)		(296,104	)
Early repurchase deduction		—			2,644
Net increase (decrease)		219,870,287		$	5,684,150
CLASS S
Subscriptions		108,794,581		$	2,805,719
Share transfers between classes		(176,884	)		(4,520	)
Distributions reinvested		3,153,054			81,177
Share repurchases		(1,665,431	)		(41,963	)
Early repurchase deduction		—			405
Net increase (decrease)		110,105,320		$	2,840,818
CLASS D
Subscriptions		20,725,977		$	534,032
Share transfers between classes		(1,356,451	)		(34,959	)
Distributions reinvested		517,379			13,305
Share repurchases		(91,424	)		(2,276	)
Early repurchase deduction		—			67
Net increase (decrease)		19,795,481		$	510,169
Total net increase (decrease)		349,771,088		$	9,035,137

141

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 during the six months ended June 30, 2023 and 2022:

	NAV Per Share
	Class I		Class S		Class D
January 31, 2023	$	24.85	$	24.85	$	24.85
February 28, 2023		24.84		24.84		24.84
March 31, 2023		24.77		24.77		24.77
April 30, 2023		24.87		24.87		24.87
May 31, 2023		24.74		24.74		24.74
June 30, 2023		24.86		24.86		24.86

	NAV Per Share
	Class I		Class S		Class D
January 31, 2022	$	25.93	$	25.93	$	25.93
February 28, 2022		25.80		25.80		25.80
March 31, 2022		25.82		25.82		25.82
April 30, 2022		25.76		25.76		25.76
May 31, 2022		25.28		25.28		25.28
June 30, 2022		24.80		24.80		24.80

Distributions

The Board authorizes and declares monthly distribution amounts per share of Class I, Class S and Class D Common Shares. The following table presents distributions that were declared and payable during the six months ended June 30, 2023:

					Class I
Declaration Date	Record Date		Payment Date		Distribution Per Share		Distribution Amount
January 25, 2023		January 31, 2023		February 24, 2023	$	0.2100	$	125,726
February 24, 2023		February 28, 2023		March 29, 2023		0.2100		127,513
March 23, 2023		March 31, 2023		April 28, 2023		0.2100		138,990
April 19, 2023		April 30, 2023		May 26, 2023		0.2100		135,044
May 17, 2023		May 31, 2023		June 27, 2023		0.2100		137,362
June 20, 2023		June 30, 2023		July 27, 2023		0.2100		142,770
					$	1.2600	$	807,405

142

					Class S
Declaration Date	Record Date		Payment Date		Distribution Per Share		Distribution Amount
January 25, 2023		January 31, 2023		February 24, 2023	$	0.1926	$	55,316
February 24, 2023		February 28, 2023		March 29, 2023		0.1924		56,106
March 23, 2023		March 31, 2023		April 28, 2023		0.1924		57,471
April 19, 2023		April 30, 2023		May 26, 2023		0.1925		58,078
May 17, 2023		May 31, 2023		June 27, 2023		0.1924		59,351
June 20, 2023		June 30, 2023		July 27, 2023		0.1925		61,185
					$	1.1548	$	347,507

					Class D
Declaration Date	Record Date		Payment Date		Distribution Per Share		Distribution Amount
January 25, 2023		January 31, 2023		February 24, 2023	$	0.2049	$	10,247
February 24, 2023		February 28, 2023		March 29, 2023		0.2048		10,343
March 23, 2023		March 31, 2023		April 28, 2023		0.2048		1,659
April 19, 2023		April 30, 2023		May 26, 2023		0.2048		1,591
May 17, 2023		May 31, 2023		June 27, 2023		0.2048		1,564
June 20, 2023		June 30, 2023		July 27, 2023		0.2048		1,649
					$	1.2289	$	27,053

The following table presents distributions that were declared and payable during the six months ended June 30, 2022:

					Class I
Declaration Date	Record Date		Payment Date		Distribution Per Share		Distribution Amount
January 26, 2022		January 31, 2022		February 24, 2022	$	0.1740	$	66,686
February 23, 2022		February 28, 2022		March 25, 2022		0.1740		75,042
March 23, 2022		March 31, 2022		April 28, 2022		0.1740		82,959
April 20, 2022		April 30, 2022		May 27, 2022		0.1740		89,838
May 24, 2022		May 31, 2022		June 29, 2022		0.1740		96,450
June 27, 2022		June 30, 2022		July 27, 2022		0.1740		100,372
					$	1.0440	$	511,347

					Class S
Declaration Date	Record Date		Payment Date		Distribution Per Share		Distribution Amount
January 26, 2022		January 31, 2022		February 24, 2022	$	0.1556	$	23,816
February 23, 2022		February 28, 2022		March 25, 2022		0.1556		26,598
March 23, 2022		March 31, 2022		April 28, 2022		0.1557		29,834
April 20, 2022		April 30, 2022		May 27, 2022		0.1557		32,985
May 24, 2022		May 31, 2022		June 29, 2022		0.1558		35,893
June 27, 2022		June 30, 2022		July 27, 2022		0.1561		38,018
					$	0.9345	$	187,144

143

					Class D
Declaration Date	Record Date		Payment Date		Distribution Per Share		Distribution Amount
January 26, 2022		January 31, 2022		February 24, 2022	$	0.1686	$	3,469
February 23, 2022		February 28, 2022		March 25, 2022		0.1686		3,961
March 23, 2022		March 31, 2022		April 28, 2022		0.1686		4,551
April 20, 2022		April 30, 2022		May 27, 2022		0.1686		5,126
May 24, 2022		May 31, 2022		June 29, 2022		0.1686		5,699
June 27, 2022		June 30, 2022		July 27, 2022		0.1687		6,190
					$	1.0117	$	28,996

Distribution Reinvestment Plan

The Company has adopted a distribution reinvestment plan, pursuant to which it reinvests all cash dividends declared by the Board on behalf of its shareholders who do not elect to receive their dividends in cash. As a result, if the Board authorizes, and the Company declares, a cash dividend or other distribution, then shareholders who have not opted out of our Company’s distribution reinvestment plan will have their cash distributions automatically reinvested in additional shares as described below, rather than receiving the cash dividend or other distribution. Distributions on fractional shares will be credited to each participating shareholder’s account to three decimal places.

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 Adviser, which is subject to recoupment.

Through June 30, 2023, a portion of the Company’s distributions resulted from expense support from the Adviser, and future distributions may result from expense support from the Adviser, each of which is subject to repayment by the Company within three years from the date of payment. 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 and/or the Adviser continues to provide expense support. Shareholders should also understand that the Company’s future repayments of expense support will reduce the distributions that they would otherwise receive. There can be no assurance that the Company will achieve the performance necessary to sustain these distributions, or be able to pay distributions at all.

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

	For the six months ended June 30, 2023
	Class I				Class S				Class D
Source of Distribution	Per Share		Amount		Per Share		Amount		Per Share		Amount
Net investment income	$	1.2600	$	807,405	$	1.1548	$	347,507	$	1.2289	$	27,053
Net realized gains		—		—		—		—		—		—
Total	$	1.2600	$	807,405	$	1.1548	$	347,507	$	1.2289	$	27,053

144

	For the six months ended June 30, 2022
	Class I				Class S				Class D
Source of Distribution	Per Share		Amount		Per Share		Amount		Per Share		Amount
Net investment income	$	1.0440	$	511,347	$	0.9345	$	187,144	$	1.0117	$	28,996
Net realized gains		—		—		—		—		—		—
Total	$	1.0440	$	511,347	$	0.9345	$	187,144	$	1.0117	$	28,996

Share Repurchase Program

The Company has implemented a share repurchase program under which, at the discretion of the Board, the Company may repurchase, in each quarter, up to 5% of the NAV of the Company’s Common Shares outstanding (either by number of shares or aggregate NAV) as of the close of the previous calendar quarter. For the avoidance of doubt, such target amount is assessed each calendar quarter. The Board may amend or suspend the share repurchase program at any time (including to offer to purchase fewer shares) if in its reasonable judgment it deems such action to be in the best interest of shareholders, such as when a repurchase offer would place an undue burden on the Company’s liquidity, adversely affect the Company’s operations or risk having an adverse impact on the Company that would outweigh the benefit of the repurchase offer. As a result, share repurchases may not be available each quarter, or may only be available in an amount less than 5% of our Common Shares outstanding. The Company intends to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Securities Exchange Act of 1934, as amended, and the 1940 Act. 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 plan, to the extent the Company offers to repurchase shares in any particular quarter, it is expected to repurchase shares pursuant to tender offers using a purchase price equal to the NAV per share as of the last calendar day of the applicable quarter, except that shares that have not been outstanding for at least one year will be repurchased at 98% of such NAV (an “Early Repurchase Deduction”). The one-year holding period will be satisfied if at least one year has elapsed from (a) the issuance date of the applicable Common Shares to (b) the subscription date immediately following the valuation date used in the repurchase of such Common Shares. The Early Repurchase Deduction may be waived in the case of repurchase requests arising from the death, divorce or qualified disability of the holder; in the event that a shareholder’s shares are repurchased because the shareholder has failed to maintain the $500 minimum account balance; due to trade or operational error; and repurchases of shares submitted by discretionary model portfolio management programs (and similar arrangements) as approved by the Company. The Early Repurchase Deduction will be retained by the Company for the benefit of remaining shareholders.

During the three months ended June 30, 2023 and 2022, approximately 48,450,063 and 11,488,257 shares were repurchased, respectively. During the six months ended June 30, 2023 and 2022, approximately 84,511,593 and 13,635,173 shares were repurchased, respectively.

The following table presents the share repurchases completed during the six months ended June 30, 2023:

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) (3)		Maximum number of shares that may yet be purchased under the repurchase plan (2)
February 28, 2023		36,061,530		3.91	%	$	24.77		March 31, 2023	$	893,037		—
May 31, 2023		48,450,063		5.20	%	$	24.86		June 30, 2023	$	1,204,418		—

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

(2) All repurchase requests were satisfied in full.

(3) Amounts shown net of Early Repurchase Deduction

145

The following table presents the share repurchases completed during the six months ended June 30, 2022:

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) (3)		Maximum number of shares that may yet be purchased under the repurchase plan (2)
February 28, 2022		2,146,916		0.43	%	$	25.82		March 31, 2022	$	54,464		—
May 31, 2022		11,488,257		1.66	%	$	24.80		June 30, 2022	$	282,505		—

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

(2) All repurchase requests were satisfied in full.

(3) Amounts shown net of Early Repurchase Deduction

Note 10. Financial Highlights and Senior Securities

The following are the financial highlights for the six months ended June 30, 2023:

	For the six months ended June 30, 2023
	Class I			Class S			Class D
Per Share Data (1):
Net asset value, beginning of period	$	24.59		$	24.59		$	24.59
Net investment income		1.53			1.42			1.50
Net unrealized and realized gain (loss) (5)		—			—			—
Net increase (decrease) in net assets resulting from operations		1.53			1.42			1.50
Distributions from net investment income (2)		(1.26	)		(1.15	)		(1.23	)
Distributions from net realized gains (2)		—			—			—
Net increase (decrease) in net assets from shareholders’ distributions		(1.26	)		(1.15	)		(1.23	)
Early repurchase deduction fees (5)		—			—			—
Total increase (decrease) in net assets		0.27			0.27			0.27
Net asset value, end of period	$	24.86		$	24.86		$	24.86
Shares outstanding, end of period		636,830,636			312,554,067			7,918,900
Total return based on NAV (3)		6.33	%		5.89	%		6.20	%
Ratios:
Ratio of net expenses to average net assets (4)		10.63	%		11.48	%		10.96	%
Ratio of net investment income to average net assets (4)		12.43	%		11.58	%		12.11	%
Portfolio turnover rate		3.48	%		3.48	%		3.48	%
Supplemental Data:
Net assets, end of period	$	15,829,602		$	7,769,195		$	196,842
Asset coverage ratio		197.7	%		197.7	%		197.7	%

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

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

146

(3) Total return is calculated as the change in NAV per share during the period, plus distributions per share (assuming dividends and distributions are reinvested in accordance with the Company’s distribution reinvestment plan) divided by the beginning NAV per share. Total return does not include upfront transaction fee, if any.

(4) For the six months ended June 30, 2023, amounts are annualized except for organizational costs, excise tax, and management fee and income based incentive fee waivers by the Adviser, if any. For the six months ended June 30, 2023, the ratio of total operating expenses to average net assets was 10.63%, 11.48%, and 10.96% on Class I, Class S and Class D respectively, on an annualized basis, excluding the effect of expense support/(recoupment) and management fee and income based incentive fee waivers by the Adviser, if any, which represented 0.00%, 0.00% and 0.00% on Class I, Class S and Class D, respectively, of average net assets.

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

The following are the financial highlights for the six months ended June 30, 2022:

	For the six months ended June 30, 2022
	Class I			Class S			Class D (7)
Per Share Data (1):
Net asset value, beginning of period	$	25.93		$	25.93		$	25.93
Net investment income		1.11			1.00			1.07
Net unrealized and realized gain (loss) (2)		(1.20	)		(1.20	)		(1.19	)
Net increase (decrease) in net assets resulting from operations		(0.09	)		(0.20	)		(0.12	)
Distributions from net investment income (3)		(1.04	)		(0.93	)		(1.01	)
Distributions from net realized gains (3)		—			—			—
Net increase (decrease) in net assets from shareholders’ distributions		(1.04	)		(0.93	)		(1.01	)
Early repurchase deduction fees (6)		—			—			—
Total increase (decrease) in net assets		(1.13	)		(1.13	)		(1.13	)
Net asset value, end of period	$	24.80		$	24.80		$	24.80
Shares outstanding, end of period		566,461,843			242,530,420			36,609,942
Total return based on NAV (4)		(0.38	)%		(0.81	)%		(0.51	)%
Ratios:
Ratio of net expenses to average net assets (5)		5.45	%		6.31	%		5.72	%
Ratio of net investment income to average net assets (5)		8.65	%		7.80	%		8.40	%
Portfolio turnover rate		3.91	%		3.91	%		3.91	%
Supplemental Data:
Net assets, end of period	$	14,048,171		$	6,014,726		$	907,815
Asset coverage ratio		182.0	%		182.0	%		182.0	%

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

147

(2) For the six months ended June 30, 2022, the amount shown does not correspond with the aggregate amount for the period as it includes a $(0.01), $(0.01) and $(0.00) impact, on Class I, Class S and Class D, respectively, from the effect of the timing of capital transactions.

(3) 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).

(4) Total return is calculated as the change in NAV per share during the period, plus distributions per share (assuming dividends and distributions are reinvested in accordance with the Company’s distribution reinvestment plan) divided by the beginning NAV per share. Total return does not include upfront transaction fee, if any.

(5) For the six months ended June 30, 2022, amounts are annualized except for organizational costs, excise tax, and management fee and income based incentive fee waivers by the Adviser, if any. For the six months ended June 30, 2022, the ratio of total operating expenses to average net assets was 5.45%, 6.31% and 5.72%, on Class I, Class S and Class D, respectively, on an annualized basis, excluding the effect of expense support/(recoupment) and management fee and income based incentive fee waivers by the Adviser, if any, which represented 0.00%, 0.00% and 0.00% on Class I, Class S and Class D, respectively, of average net assets.

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

The following is information about the Company’s senior securities:

Class and Period	Total Amount Outstanding Exclusive of Treasury Securities (1)		Asset Coverage per Unit (2)		Involuntary Liquidating Preference per Unit (3)		Average Market Value per Unit (4)
Bard Peak Funding Facility
June 30, 2023	$	489,862	$	1,977.0		—		N/A
December 31, 2022		1,235,414		1,845.1		—		N/A
December 31, 2021		879,000		1,702.0		—		N/A
Castle Peak Funding Facility
June 30, 2023		1,123,800		1,977.0		—		N/A
December 31, 2022		1,146,600		1,845.1		—		N/A
December 31, 2021		1,171,809		1,702.0		—		N/A
Maroon Peak Funding Facility
June 30, 2023		—		—		—		N/A
December 31, 2022		300,000		1,845.1		—		N/A
December 31, 2021		483,952		1,702.0		—		N/A
Summit Peak Funding Facility
June 30, 2023		910,369		1,977.0		—		N/A
December 31, 2022		1,691,844		1,845.1		—		N/A
December 31, 2021		1,643,154		1,702.0		—		N/A
Denali Peak Funding Facility
June 30, 2023		562,800		1,977.0		—		N/A
December 31, 2022		749,800		1,845.1		—		N/A
December 31, 2021		668,400		1,702.0		—		N/A
Bushnell Peak Funding Facility
June 30, 2023		430,000		1,977.0		—		N/A
December 31, 2022		400,000		1,845.1		—		N/A
December 31, 2021		395,500		1,702.0		—		N/A
Granite Peak Funding Facility
June 30, 2023		675,600		1,977.0		—		N/A
December 31, 2022		647,600		1,845.1		—		N/A
December 31, 2021		248,000		1,702.0		—		N/A

148

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
June 30, 2023		600,950		1,977.0		—		N/A
December 31, 2022		596,950		1,845.1		—		N/A
December 31, 2021		799,550		1,702.0		—		N/A
Bison Peak Funding Facility
June 30, 2023		1,200,000		1,977.0		—		N/A
December 31, 2022		1,182,000		1,845.1		—		N/A
December 31, 2021		1,320,800		1,702.0		—		N/A
Blanca Peak Funding Facility
June 30, 2023		1,343,000		1,977.0		—		N/A
December 31, 2022		1,081,000		1,845.1		—		N/A
December 31, 2021		892,800		1,702.0		—		N/A
Windom Peak Funding Facility
June 30, 2023		1,384,025		1,977.0		—		N/A
December 31, 2022		1,741,465		1,845.1		—		N/A
December 31, 2021		989,759		1,702.0		—		N/A
Monarch Peak Funding Facility
June 30, 2023		1,400,400		1,977.0		—		N/A
December 31, 2022		873,400		1,845.1		—		N/A
December 31, 2021		567,400		1,702.0		—		N/A
Borah Peak Funding Facility
June 30, 2023		80,000		1,977.0		—		N/A
December 31, 2022		223,000		1,845.1		—		N/A
2022-1 BSL WH
June 30, 2023		—		—		—		N/A
December 31, 2022		148,000		1,845.1		—		N/A
Naomi Peak Funding Facility
June 30, 2023		385,000		1,977.0		—		N/A
December 31, 2022		400,000		1,845.1		—		N/A
Meridian Peak Funding Facility
June 30, 2023		220,000		1,977.0		—		N/A
December 31, 2022		170,000		1,845.1		—		N/A
Haydon Peak Funding Facility
June 30, 2023		49,000		1,977.0		—		N/A
December 31, 2022		49,000		1,845.1		—		N/A
Bear Peak Funding Facility
June 30, 2023		173,292		1,977.0		—		N/A
December 31, 2022		166,031		1,845.1		—		N/A
Revolving Credit Facility
June 30, 2023		1,154,373		1,977.0		—		N/A
December 31, 2022		1,470,758		1,845.1		—		N/A
December 31, 2021		1,144,422		1,702.0		—		N/A
June 2024 Notes
June 30, 2023		435,000		1,977.0		—		N/A
December 31, 2022		435,000		1,845.1		—		N/A
December 31, 2021		435,000		1,702.0		—		N/A
June 2026 Notes
June 30, 2023		400,000		1,977.0		—		N/A
December 31, 2022		400,000		1,845.1		—		N/A
December 31, 2021		400,000		1,702.0		—		N/A

149

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)
May 2027 Notes
June 30, 2023		625,000		1,977.0		—		N/A
December 31, 2022		625,000		1,845.1		—		N/A
October 2027 Notes
June 30, 2023		350,000		1,977.0		—		N/A
December 31, 2022		350,000		1,845.1		—		N/A
September 2024 Notes
June 30, 2023		365,000		1,977.0		—		N/A
December 31, 2022		365,000		1,845.1		—		N/A
December 31, 2021		365,000		1,702.0		—		N/A
December 2026 Notes
June 30, 2023		1,250,000		1,977.0		—		N/A
December 31, 2022		1,250,000		1,845.1		—		N/A
December 31, 2021		1,250,000		1,702.0		—		N/A
November 2026 Eurobonds
June 30, 2023		545,550		1,977.0		—		N/A
December 31, 2022		534,975		1,845.1		—		N/A
December 31, 2021		569,958		1,702.0		—		N/A
November 2024 Notes
June 30, 2023		500,000		1,977.0		—		N/A
December 31, 2022		500,000		1,845.1		—		N/A
December 31, 2021		500,000		1,702.0		—		N/A
March 2027 Notes
June 30, 2023		1,000,000		1,977.0		—		N/A
December 31, 2022		1,000,000		1,845.1		—		N/A
December 31, 2021		1,000,000		1,702.0		—		N/A
January 2025 Notes
June 30, 2023		500,000		1,977.0		—		N/A
December 31, 2022		500,000		1,845.1		—		N/A
January 2029 Notes
June 30, 2023		650,000		1,977.0		—		N/A
December 31, 2022		650,000		1,845.1		—		N/A
March 2025 Notes
June 30, 2023		900,000		1,977.0		—		N/A
December 31, 2022		900,000		1,845.1		—		N/A
April 2026 UK Bonds
June 30, 2023		317,375		1,977.0		—		N/A
December 31, 2022		301,725		1,845.1		—		N/A
September 2025 Notes
June 30, 2023		800,000		1,977.0		—		N/A
December 31, 2022		800,000		1,845.1		—		N/A
2021-1 BSL Notes
June 30, 2023		663,000		1,977.0		—		N/A
December 31, 2022		663,000		1,845.1		—		N/A
December 31, 2021		663,000		1,702.0		—		N/A
2021-2 Notes
June 30, 2023		505,800		1,977.0		—		N/A
December 31, 2022		505,800		1,845.1		—		N/A
December 31, 2021		505,800		1,702.0		—		N/A

150

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
June 30, 2023		690,000		1,977.0		—		N/A
December 31, 2022		690,000		1,845.1		—		N/A
December 31, 2021		690,000		1,702.0		—		N/A
MML 2022-1 Debt
June 30, 2023		759,000		1,977.0		—		N/A
December 31, 2022		759,000		1,845.1		—		N/A
2022-1 BSL Debt
June 30, 2023		420,000		1,977.0		—		N/A
December 31, 2022		420,000		1,845.1		—		N/A
MML 2022-2 Debt
June 30, 2023		300,500		1,977.0		—		N/A
December 31, 2022		300,500		1,845.1		—		N/A
Short-Term Borrowings
June 30, 2023		201,167		1,977.0		—		N/A
December 31, 2022		619,377		1,845.1		—		N/A
December 31, 2021		718,156		1,702.0		—		N/A

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

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

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

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

As of June 30, 2023 and December 31, 2022 the aggregate principal amount of indebtedness outstanding was $24.4 billion and $26.8 billion, respectively.

Note 11. Joint Ventures

BCRED Emerald JV

BCRED Emerald JV LP (“Emerald JV”), a Delaware limited liability company, was formed as a joint venture between the Company and a large North American pension fund (the “Emerald JV Partner”), and commenced operations on January 18, 2022 and operates under a limited liability company 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.

The Company and the Emerald JV partner initially committed to contribute up to $1,500 million and $500 million of capital, respectively, to the Emerald JV. The Company initially contributed $733.4 million of cash, and the Emerald JV Partner contributed net assets of $244.5 million (i.e., $977.8 million in net assets contributed less $733.4 million in cash received by the Emerald JV Partner) to the Emerald JV in exchange for initial equity ownership interests of 75% and 25%, respectively.

On September 26, 2022, the Company and the Emerald JV Partner agreed to increase their capital commitments to the Emerald JV to $2,250.0 million and $750.0 million, respectively. The Company made

151

capital contributions to the Emerald JV in an aggregate amount of $940.5 million (consisting of cash capital contributions of $670.2 million and an in-kind capital contribution of investments valued at $270.3 million), the Emerald JV Partner made capital contributions to the Emerald JV of approximately $313.5 million (consisting of a cash contribution of $251.4 million and an in-kind capital contribution of investments valued at $62.1 million), and certain of the subsidiaries of the Company sold investments to the Emerald JV for an aggregate cash purchase price of $1,971.6 million. After giving effect to the foregoing transactions, the equity ownership interests of the Company and the Emerald JV Partner in the Emerald JV remain 75% and 25%, respectively.

The Company and the Emerald JV partner may, from time-to-time, make additional contributions of capital or may receive returns of capital from the Emerald JV. As of June 30, 2023 and December 31, 2022, the Company had contributed $2,002.5 million and $2,115.0 million, respectively, and the Emerald JV Partner had contributed $667.5 million and $705.0 million of capital, respectively.

As of June 30, 2023 and December 31, 2022, $247.5 million and $135.0 million of capital remained uncalled from the Company and $82.5 million and $45.0 million of capital remained uncalled from the Emerald JV Partner, respectively. As of June 30, 2023 and December 31, 2022, the equity ownership interests of the Company and the Emerald JV Partner in the Emerald JV were 75% and 25%, respectively.

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 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 JV Partner. Accordingly, the Company does not consolidate the Emerald JV.

The Company’s investment in the Emerald JV is disclosed on the Company’s Condensed Consolidated Schedule of Investments as of June 30, 2023 and December 31, 2022.

152

The following table presents the consolidated schedule of investments of the Emerald JV as of June 30, 2023:

BCRED Emerald JV LP

Consolidated Schedule of Investments

June 30, 2023

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread			Interest Rate (2)(15)			Maturity Date		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt
Aerospace & Defense
Amentum Government Services Holdings, LLC	(4)(8)		SOFR +  4.00	%		9.22	%		1/29/2027	$	2,962	$	2,879	$	2,925		0.11	%
Atlas CC Acquisition Corp.	(10)		SOFR + 4.25	%		9.78	%		5/25/2028		9,869		9,520		8,625		0.32
Loar Group, Inc.	(4)(11)		SOFR + 7.25	%		12.45	%		9/29/2023		27,904		27,904		27,904		1.04
Peraton Corp.	(10)		SOFR + 3.75	%		8.95	%		2/1/2028		5,443		5,363		5,359		0.20
TransDigm Inc	(8)		SOFR + 3.25	%		8.49	%		2/22/2027		311		305		311		0.01
Vertex Aerospace Services Corp.	(10)		SOFR + 3.50	%		8.95	%		12/6/2028		2,963		2,974		2,966		0.11
													48,945		48,090		1.79
Air Freight & Logistics
AGI-CFI Holdings, Inc.	(4)(10)		SOFR + 5.75	%		10.86	%		6/11/2027		24,364		24,186		23,573		0.88
Mode Purchaser, Inc.	(4)(11)		SOFR + 6.25	%		11.44	%		12/9/2026		32,101		32,101		32,101		1.20
RWL Holdings, LLC	(4)(7)(10)		SOFR + 5.75	%		11.14	%		12/31/2028		21,577		21,194		21,093		0.79
SEKO Global Logistics Network, LLC	(4)(5)(11)		SOFR + 4.75	%		10.14	%		12/30/2026		27,677		27,562		27,470		1.02
SEKO Global Logistics Network, LLC	(4)(5)(11)		SOFR + 4.75	%		9.91	%		12/30/2026		7,467		7,436		7,411		0.28
													112,479		111,648		4.17
Airlines
Air Canada	(10)		L + 3.50	%		8.84	%		8/11/2028		3,960		3,929		3,965		0.15
American Airlines, Inc.	(10)		SOFR + 4.75	%		10.00	%		4/20/2028		3,815		3,927		3,902		0.15
KKR Apple Bidco, LLC	(9)		SOFR + 2.75	%		9.27	%		9/23/2028		5,925		5,772		5,884		0.22
United Airlines, Inc.	(10)		L + 3.75	%		9.29	%		4/21/2028		3,151		3,133		3,155		0.12
													16,761		16,906		0.64
Beverages
Triton Water Holdings, Inc.	(9)		SOFR + 3.25	%		8.49	%		3/31/2028		4,846		4,786		4,697		0.18
Building Products
Cornerstone Building Brands, Inc.	(9)		SOFR + 3.25	%		8.50	%		4/12/2028		1,477		1,454		1,420		0.05
CP Atlas Buyer, Inc.	(9)		SOFR + 3.50	%		8.95	%		11/23/2027		3,941		3,950		3,720		0.14
Express Wash Concepts, LLC	(4)(11)		SOFR + 4.50	%		11.66	%		4/30/2027		10,395		10,311		10,083		0.38
Express Wash Concepts, LLC	(4)(7)(11)		SOFR + 4.50	%		11.45	%		4/30/2027		13,563		13,364		12,829		0.48
Fencing Supply Group Acquisition, LLC	(4)(5)(11)		SOFR + 6.00	%		11.65	%		2/26/2027		19,604		19,534		19,604		0.73
Griffon Corporation	(9)		SOFR + 2.25	%		7.64	%		1/24/2029		2,450		2,391		2,446		0.09
iHeartCommunications, Inc.	(8)		SOFR + 3.00	%		8.22	%		5/1/2026		5,000		4,823		4,343		0.16
Kodiak BP, LLC	(10)		SOFR + 3.25	%		8.75	%		3/12/2028		4,924		4,875		4,813		0.18
Latham Pool Products, Inc.	(7)(9)		SOFR + 3.75	%		9.31	%		2/23/2029		29,625		28,781		27,523		1.03

153

BCRED Emerald JV LP

Consolidated Schedule of Investments

June 30, 2023

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread			Interest Rate (2)(15)			Maturity Date		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt (continued)
Building Products (continued)
Lindstrom, LLC	(4)(11)		SOFR + 6.25	%		11.51	%		4/7/2025		27,569		27,569		27,293		1.02
Tamko Building Product, LLC	(8)		SOFR + 3.00	%		8.40	%		6/1/2026		2,962		2,884		2,947		0.11
The Chamberlain Group, Inc.	(9)		SOFR + 3.25	%		8.45	%		11/3/2028		4,925		4,873		4,822		0.18
Windows Acquisition Holdings, Inc.	(4)(5)(11)		SOFR + 6.50	%		11.89	%		12/29/2026		9,927		9,927		9,927		0.37
													134,736		131,770		4.92
Capital Markets
Advisor Group Holdings, Inc.	(8)		L + 4.50	%		9.69	%		7/31/2026		9,026		8,776		9,044		0.34
AllSpring Buyer, LLC	(9)		SOFR + 3.00	%		8.75	%		11/1/2028		1,975		1,983		1,947		0.07
Resolute Investment Managers, Inc.	(11)		L + 4.25	%		9.79	%		4/30/2024		1,457		1,459		1,076		0.04
Situs-AMC Holdings Corporation	(4)(11)		SOFR + 5.50	%		10.84	%		12/22/2027		95,715		94,576		94,758		3.53
Superannuation And Investments US, LLC	(9)		L + 3.75	%		8.97	%		12/1/2028		1,970		1,980		1,965		0.07
The Edelman Financial Engines Center, LLC	(10)		L + 3.75	%		8.94	%		4/7/2028		8,647		8,380		8,447		0.32
													117,154		117,237		4.37
Chemicals
DCG Acquisition Corp.	(8)		SOFR + 4.50	%		9.70	%		9/30/2026		2,955		2,955		2,914		0.11
Pigments Services, Inc.	(4)(11)(17)		SOFR + 8.25	%		13.24	%		4/14/2030		5,709		4,717		3,600		0.13
Pigments Services, Inc.	(4)(11)		SOFR + 8.25	%		13.24 (incl. 13.24 PIK	%  %  )		4/14/2030		2,788		2,788		2,788		0.10
													10,460		9,302		0.34
Commercial Services & Supplies
Access CIG, LLC	(8)		L + 3.75	%		8.94	%		2/27/2025		5,758		5,732		5,705		0.21
Allied Universal Holdco, LLC	(9)		SOFR + 3.75	%		8.95	%		5/12/2028		8,875		8,665		8,643		0.32
Anticimex, Inc.	(9)		SOFR + 3.40	%		8.45	%		11/16/2028		4,941		4,759		4,887		0.18
Anticimex, Inc.	(4)(9)		SOFR + 4.75	%		10.11	%		11/16/2028		24,813		23,692		24,750		0.92
Bazaarvoice, Inc.	(4)(7)(8)		SOFR + 5.75	%		10.74	%		5/7/2028		19,520		19,520		19,520		0.73
Belfor Holdings, Inc.	(8)		SOFR + 4.00	%		9.22	%		4/6/2026		3,949		3,934		3,951		0.15
DG Investment Intermediate Holdings 2, Inc.	(10)		SOFR + 3.75	%		8.97	%		3/31/2028		7,904		7,804		7,776		0.29
EAB Global, Inc.	(9)		L + 3.50	%		8.87	%		8/16/2028		4,930		4,852		4,881		0.18
Energizer Holdings Inc	(9)		L + 3.75	%		8.97	%		12/8/2028		4,692		4,669		4,628		0.17
First Advantage Holdings, LLC	(8)		SOFR + 2.75	%		7.97	%		1/31/2027		6,000		5,906		6,000		0.22
Foundational Education Group, Inc.	(4)(9)		SOFR + 3.75	%		9.47	%		8/31/2028		3,950		3,830		3,482		0.13
Garda World Security Corp.	(8)		SOFR + 4.25	%		9.33	%		2/1/2029		5,955		5,745		5,903		0.22
Garda World Security Corp.	(8)		SOFR + 4.25	%		9.43	%		10/30/2026		3,000		3,014		2,989		0.11
Genuine Financial Holdings, LLC	(8)		L + 3.75	%		8.94	%		7/11/2025		8,181		8,057		8,183		0.31
International SOS The Americas LP	(4)(9)		SOFR + 3.75	%		9.31	%		9/7/2028		1,970		1,976		1,968		0.07

154

BCRED Emerald JV LP

Consolidated Schedule of Investments

June 30, 2023

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread			Interest Rate (2)(15)			Maturity Date		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt (continued)
Commercial Services & Supplies (continued)
Java Buyer, Inc.	(4)(10)		SOFR + 5.75	%		11.10	%		12/15/2027		9,683		9,537		9,393		0.35
Java Buyer, Inc.	(4)(7)(10)		SOFR + 5.75	%		11.13	%		12/15/2027		1,664		1,622		1,511		0.06
JSS Holdings, Inc.	(4)(10)		SOFR + 6.00	%		11.31	%		12/18/2028		36,737		36,529		36,737		1.37
Knowledge Pro Buyer, Inc.	(4)(7)(10)		SOFR + 5.75	%		10.94	%		12/10/2027		20,485		20,160		20,464		0.76
Knowledge Pro Buyer, Inc.	(4)(7)(10)		P + 4.75	%		13.00	%		12/10/2027		465		436		465		0.02
KPSKY Acquisition, Inc.	(4)(10)(18)		SOFR + 5.60	%		10.65	%		10/19/2028		135,670		129,534		131,600		4.91
PECF USS Intermediate Holding III Corp.	(9)		L + 4.25	%		9.52	%		12/15/2028		2,955		2,969		2,435		0.09
Polyphase Elevator Holding Co.	(4)(11)		SOFR + 5.50	%		10.84	%		6/23/2027		28,256		27,612		25,430		0.95
Recycle & Resource US, LLC	(9)		SOFR + 3.50	%		9.00	%		7/14/2028		2,955		2,967		2,662		0.10
Restaurant Technologies, Inc.	(9)		SOFR + 4.25	%		9.15	%		4/2/2029		19,750		19,343		19,314		0.72
Revspring, Inc.	(8)		SOFR + 4.00	%		9.50	%		10/11/2025		2,954		2,956		2,848		0.11
The Action Environmental Group, Inc.	(4)(12)		SOFR + 6.15	%		11.37	%		1/16/2026		2,051		2,018		2,025		0.08
The Action Environmental Group, Inc.	(4)(12)		SOFR + 6.00	%		11.37	%		1/16/2026		19,300		18,993		19,059		0.71
The Action Environmental Group, Inc.	(4)(12)		SOFR + 6.15	%		11.40	%		1/15/2026		5,911		5,854		5,837		0.22
The Action Environmental Group, Inc.	(4)(12)		SOFR + 6.43	%		11.25	%		1/15/2026		5,363		5,311		5,296		0.20
													397,996		398,342		14.86
Communications Equipment
Commscope Inc	(8)		SOFR + 3.25	%		8.47	%		4/6/2026		187		178		179		0.01
Construction & Engineering
Brookfield WEC Holdings, Inc.	(9)		SOFR + 2.75	%		7.94	%		8/1/2025		9,868		9,596		9,860		0.37
Pike Electric Corp.	(8)		SOFR + 3.00	%		8.27	%		1/21/2028		6,000		5,834		5,984		0.22
Pike Electric Corp.	(8)		SOFR + 3.50	%		8.65	%		1/21/2028		2,978		2,915		2,982		0.11
Refficiency Holdings, LLC	(10)		SOFR + 3.75	%		8.95	%		12/16/2027		4,431		4,398		4,412		0.16
													22,743		23,238		0.86
Construction Materials
Quikrete Holdings, Inc.	(8)		SOFR + 3.00	%		8.22	%		3/18/2029		3,935		3,829		3,944		0.15
White Cap Buyer, LLC	(9)		SOFR + 3.75	%		8.85	%		10/19/2027		5,154		4,995		5,119		0.19
													8,824		9,063		0.34
Containers & Packaging
Ascend Buyer, LLC	(4)(10)		SOFR + 6.40	%		11.79	%		10/2/2028		75,163		74,500		73,660		2.75
Berlin Packaging, LLC	(9)		L + 3.75	%		9.29	%		3/11/2028		8,875		8,697		8,743		0.33
Charter NEX US, Inc.	(10)		SOFR + 3.75	%		8.97	%		12/1/2027		6,418		6,203		6,376		0.24
Graham Packaging Co, Inc.	(10)		SOFR + 3.00	%		8.22	%		8/4/2027		4,379		4,337		4,357		0.16
Novolex, Inc.	(9)		SOFR + 4.18	%		9.38	%		4/13/2029		5,925		5,716		5,842		0.22
ProAmpac PG Borrower, LLC	(10)		SOFR + 3.75	%		9.14	%		11/3/2025		2,955		2,962		2,929		0.11
Ring Container Technologies Group, LLC	(9)		SOFR + 3.50	%		8.72	%		8/12/2028		2,962		2,866		2,954		0.11
TricorBraun Holdings, Inc.	(9)		SOFR + 3.25	%		8.47	%		3/3/2028		7,263		7,011		7,086		0.26

155

BCRED Emerald JV LP

Consolidated Schedule of Investments

June 30, 2023

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread			Interest Rate (2)(15)			Maturity Date		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt (continued)
Containers & Packaging (continued)
Trident TPI Holdings, Inc.	(9)		L + 4.00	%		9.54	%		9/15/2028		5,922		5,738		5,841		0.22
Trident TPI Holdings, Inc.	(9)		SOFR + 4.00	%		9.74	%		9/15/2028		2,997		2,910		2,963		0.11
													120,940		120,751		4.51
Distributors
BP Purchaser, LLC	(4)(10)		SOFR + 5.50	%		11.00	%		12/10/2028		50,501		49,582		49,743		1.86
Bution Holdco 2, Inc.	(4)(11)		SOFR + 6.25	%		11.45	%		10/17/2025		22,646		22,541		22,646		0.84
Dana Kepner Company, LLC	(4)(11)		SOFR + 6.00	%		11.36	%		12/29/2026		15,630		15,658		15,552		0.58
Genuine Cable Group, LLC	(4)(10)		SOFR + 5.50	%		10.70	%		11/2/2026		31,978		31,576		31,339		1.17
Marcone Yellowstone Buyer, Inc.	(4)(5)(10)		SOFR + 6.25	%		11.64	%		6/23/2028		82,382		80,585		78,263		2.92
Tailwind Colony Holding Corporation	(4)(11)		SOFR + 6.60	%		11.65	%		11/13/2024		451		446		440		0.02
Tailwind Colony Holding Corporation	(4)(11)		SOFR + 6.50	%		11.65	%		11/13/2024		30,860		30,560		30,089		1.12
Unified Door & Hardware Group, LLC	(4)(11)		SOFR + 5.85	%		11.19	%		6/30/2025		39,447		39,359		37,869		1.41
													270,307		265,941		9.92
Diversified Consumer Services
Ascend Learning, LLC	(9)		SOFR + 3.50	%		8.70	%		12/11/2028		8,102		7,853		7,636		0.28
BPPH2 Ltd	(4)(8)		S + 6.75	%		11.05	%		2/21/2030		GBP 26,000		30,665		32,559		1.21
Cambium Learning Group, Inc.	(4)(7)(10)		SOFR + 5.50	%		10.65	%		7/20/2028		34,793		34,793		34,793		1.30
Colibri Group, LLC	(10)		SOFR + 5.00	%		10.39	%		3/12/2029		3,950		3,918		3,831		0.14
Dreambox Learning Holding LLC	(4)(5)(10)		SOFR + 6.25	%		11.63	%		12/1/2027		34,200		33,685		31,635		1.18
EM Bidco Limited	(9)		SOFR + 4.25	%		9.59	%		7/6/2029		4,975		4,959		4,888		0.18
Pre-Paid Legal Services, Inc.	(9)		L + 3.75	%		8.94	%		12/15/2028		7,900		7,741		7,804		0.29
Prime Security Service Borrower, LLC	(10)		L + 2.75	%		7.94	%		9/23/2026		4,937		4,823		4,942		0.18
Rinchem Company, LLC	(4)(9)		SOFR + 4.50	%		9.59	%		3/2/2029		3,960		3,944		3,737		0.14
University Support Services, LLC	(9)		SOFR + 3.25	%		8.45	%		2/10/2029		9,071		8,884		9,015		0.34
Weld North Education, LLC	(9)		SOFR + 3.75	%		8.97	%		12/21/2027		1,971		1,955		1,941		0.07
													143,220		142,781		5.31
Diversified Financial Services
Barbri Holdings, Inc.	(4)(10)		SOFR + 5.75	%		10.95	%		4/28/2028		62,523		61,998		61,589		2.30
Citco Funding LLC	(4)(9)		SOFR + 3.50	%		8.59	%		4/27/2028		7,321		7,154		7,330		0.27
Corporation Service Company	(9)		SOFR + 3.25	%		8.50	%		11/2/2029		2,414		2,348		2,420		0.09
Mitchell International, Inc.	(9)		L + 3.75	%		8.94	%		10/15/2028		8,394		8,163		8,223		0.31
Polaris Newco, LLC	(9)		L + 4.00	%		9.54	%		6/2/2028		6,912		6,648		6,382		0.24
Sedgwick Claims Management Services, Inc.	(8)		SOFR + 3.75	%		8.85	%		2/24/2028		4,439		4,398		4,419		0.16
													90,709		90,363		3.37

156

BCRED Emerald JV LP

Consolidated Schedule of Investments

June 30, 2023

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread			Interest Rate (2)(15)			Maturity Date		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt (continued)
Diversified Telecommunication Services
Zacapa, LLC	(9)		SOFR + 4.00	%		9.24	%		3/22/2029		5,925		5,841		5,784		0.22
Zayo Group Holdings, Inc.	(9)		SOFR + 4.25	%		9.40	%		3/9/2027		2,114		2,073		1,685		0.06
													7,914		7,469		0.28
Electric Utilities
Qualus Power Services Corp.	(4)(11)		SOFR + 5.00	%		10.36	%		3/26/2027		11,271		11,187		11,158		0.42
Electrical Equipment
Madison IAQ, LLC	(9)		L + 3.25	%		8.30	%		6/21/2028		6,661		6,508		6,532		0.24
Electronic Equipment, Instruments & Components
Albireo Energy, LLC	(4)(5)(11)		L + 6.00	%		11.38	%		12/23/2026		823		817		745		0.03
Albireo Energy, LLC	(4)(5)(11)		L + 6.00	%		11.25	%		12/23/2026		3,210		3,176		2,905		0.11
Albireo Energy, LLC	(4)(5)(11)		SOFR + 6.00	%		11.33	%		12/23/2026		10,696		10,582		9,680		0.36
Infinite Bidco, LLC	(9)		L + 3.25	%		8.91	%		3/2/2028		2,955		2,966		2,859		0.11
Ingram Micro, Inc.	(9)		L + 3.50	%		9.04	%		6/30/2028		2,201		2,209		2,197		0.08
													19,750		18,386		0.69
Energy Equipment & Services
Tetra Technologies, Inc.	(4)(11)		SOFR + 6.25	%		11.45	%		9/10/2025		22,793		22,793		22,793		0.85
Entertainment
CE Intermediate I, LLC	(4)(9)		L + 4.00	%		8.84	%		11/10/2028		4,937		4,934		4,863		0.18
Recorded Books, Inc.	(8)		SOFR + 4.00	%		9.14	%		8/29/2025		4,000		3,950		4,005		0.15
													8,884		8,868		0.33
Ground Transportation
Quality Distribution LLC	(4)(5)(11)		L + 5.25	%		11.58	%		7/1/2028		80,659		79,775		77,030		2.87
Health Care Equipment & Supplies
Auris Luxembourg III Sarl	(8)		L + 3.75	%		9.12	%		2/27/2026		7,889		7,626		7,489		0.28
CPI Buyer, LLC	(4)(7)(10)		SOFR + 5.50	%		11.03	%		11/1/2028		140,267		136,745		135,299		5.05
CSHC Buyerco, LLC	(4)(7)(11)		L + 4.75	%		9.95	%		9/8/2026		9,755		9,621		9,591		0.36
Messer GMBH	(8)		SOFR + 2.50	%		8.00	%		3/2/2026		2,980		2,935		2,981		0.11
Mozart Borrower LP	(9)		SOFR + 3.25	%		8.40	%		10/23/2028		8,888		8,696		8,796		0.33
Natus Medical Incorporated	(4)(9)		SOFR + 5.50	%		10.89	%		7/20/2029		3,701		3,490		3,405		0.13
Resonetics, LLC	(10)		L + 4.00	%		9.10	%		4/28/2028		2,955		2,946		2,878		0.11
Sunshine Luxembourg VII S.à r.l, LLC	(10)		SOFR + 3.75	%		9.09	%		10/1/2026		9,861		9,618		9,824		0.37
													181,677		180,263		6.74
Health Care Providers & Services
ACI Group Holdings, Inc.	(4)(5)(10)		SOFR + 5.75	%		10.95 (incl. 1.25 PIK	%  %  )		8/2/2028		136,611		135,277		134,562		5.02
ADCS Clinics Intermediate Holdings, LLC	(4)(11)		SOFR + 6.50	%		11.94	%		5/7/2027		1,722		1,705		1,697		0.06
ADCS Clinics Intermediate Holdings, LLC	(4)(7)(11)		L + 6.50	%		11.87	%		5/7/2027		32,835		32,457		32,327		1.21
ADMI Corp.	(9)		SOFR + 3.75	%		8.97	%		12/23/2027		5,918		5,748		5,546		0.21
Amerivet Partners Management, Inc.	(4)(5)(10)		SOFR + 5.50	%		10.89	%		2/25/2028		96,528		94,127		92,667		3.46

157

BCRED Emerald JV LP

Consolidated Schedule of Investments

June 30, 2023

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread			Interest Rate (2)(15)			Maturity Date		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt (continued)
Health Care Providers & Services (continued)
Canadian Hospital Specialties Ltd.	(4)(5)(11)		C + 4.50	%		9.87	%		4/14/2028		CAD 29,773		21,651		22,106		0.82
CCBlue Bidco, Inc.	(4)(7)(10)		L + 6.25	%		11.41 (incl. 2.75 PIK	%  %  )		12/21/2028		20,921		20,587		19,376		0.72
CHG Healthcare Services, Inc.	(9)		SOFR + 3.25	%		8.44	%		9/29/2028		594		573		592		0.02
DCA Investment Holdings, LLC	(4)(7)(10)		SOFR + 6.41	%		11.65	%		4/3/2028		30,112		29,855		29,434		1.10
Electron Bidco, Inc.	(9)		SOFR + 3.00	%		8.27	%		11/1/2028		6,913		6,748		6,893		0.26
Epoch Acquisition, Inc.	(4)(11)		SOFR + 6.00	%		11.15	%		10/4/2026		28,922		28,922		28,777		1.07
Global Medical Response, Inc.	(11)		L + 4.25	%		9.44	%		10/2/2025		4,929		4,854		2,797		0.10
Heartland Dental, LLC	(8)		SOFR + 4.00	%		9.20	%		4/30/2025		188		188		186		0.01
ICS US Holdings, Inc.	(4)(9)		SOFR + 4.60	%		9.65	%		6/8/2028		35,000		32,934		33,075		1.23
Jayhawk Buyer, LLC	(4)(11)		SOFR + 5.00	%		10.35	%		10/15/2026		31,141		30,925		30,518		1.14
LifePoint Health, Inc.	(8)		L + 3.75	%		9.02	%		11/16/2025		7,000		6,996		6,500		0.24
Midwest Physician Administrative Services, LLC	(10)		L + 3.25	%		8.79	%		3/12/2028		2,955		2,958		2,731		0.10
National Mentor Holdings, Inc.	(10)		SOFR + 3.75	%		9.09	%		3/2/2028		3,002		2,611		2,285		0.09
Navigator Acquiror, Inc.	(4)(9)		SOFR + 5.75	%		10.93 (incl. 5.59 PIK	%  %  )		7/16/2027		15,976		15,921		15,576		0.58
Navigator Acquiror, Inc.	(4)(7)(9)		SOFR + 5.75	%		10.63	%		7/16/2027		1,904		1,895		1,856		0.07
NMSC Holdings, Inc.	(10)		SOFR + 5.25	%		10.45	%		2/23/2029		1,606		1,591		1,125		0.04
Onex TSG Intermediate Corp.	(10)		SOFR + 4.75	%		10.06	%		2/28/2028		1,970		1,982		1,761		0.07
Pathway Vet Alliance, LLC	(8)		L + 3.75	%		8.94	%		3/31/2027		4,929		4,853		4,366		0.16
Pediatric Associates Holding Co., LLC	(7)(9)		SOFR + 3.25	%		8.47	%		12/29/2028		3,873		3,860		3,797		0.14
PetVet Care Centers, LLC	(10)		L + 3.50	%		8.69	%		2/14/2025		6,412		6,295		6,293		0.23
Phoenix Guarantor, Inc.	(8)		L + 3.25	%		8.40	%		3/5/2026		5,427		5,264		5,368		0.20
Phoenix Guarantor, Inc.	(8)		SOFR + 3.50	%		8.60	%		3/5/2026		2,955		2,959		2,925		0.11
PSKW Intermediate, LLC	(4)(11)		SOFR + 6.25	%		11.45	%		3/9/2026		36,565		36,565		36,565		1.36
Radnet, Inc.	(10)		SOFR + 3.00	%		8.22	%		4/21/2028		4,248		4,249		4,245		0.16
Smile Doctors, LLC	(4)(10)		SOFR + 5.75	%		11.09	%		12/23/2028		144,074		141,588		141,193		5.27
Smile Doctors, LLC	(4)(7)(10)		P + 5.75	%		13.00	%		12/23/2027		189		118		95		0.00
Stepping Stones Healthcare Services, LLC	(4)(7)(10)		SOFR + 5.75	%		11.09	%		1/2/2029		14,689		14,445		14,160		0.53
Stepping Stones Healthcare Services, LLC	(4)(7)(10)		SOFR + 4.75	%		13.00	%		12/30/2026		364		337		300		0.01
Surgery Centers Holdings, Inc.	(10)		L + 3.75	%		8.90	%		8/31/2026		4,958		4,858		4,957		0.18
U.S. Anesthesia Partners, Inc.	(9)		L + 4.25	%		9.42	%		10/1/2028		2,955		2,968		2,783		0.10

158

BCRED Emerald JV LP

Consolidated Schedule of Investments

June 30, 2023

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread			Interest Rate (2)(15)			Maturity Date		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt (continued)
Health Care Providers & Services (continued)
US Oral Surgery Management Holdco, LLC	(4)(10)		L + 6.00	%		11.38	%		11/18/2027		20,100		19,873		19,145		0.71
US Oral Surgery Management Holdco, LLC	(4)(7)(11)		L + 6.00	%		11.48	%		11/18/2027		7,968		7,842		7,489		0.28
WHCG Purchaser III, Inc.	(4)(5)(10)		SOFR + 5.75	%		11.25	%		6/22/2028		6,329		6,232		4,847		0.18
WHCG Purchaser III, Inc.	(4)(5)(7)(10)		SOFR + 5.75	%		11.25	%		6/22/2026		739		729		548		0.02
													743,540		731,463		27.26
Health Care Technology
Edifecs, Inc.	(4)(10)		SOFR + 5.50	%		10.84	%		9/21/2026		9,735		9,634		9,735		0.36
Edifecs, Inc.	(4)(11)		SOFR + 7.00	%		12.34	%		9/21/2026		17,808		18,176		17,986		0.67
GHX Ultimate Parent Corp	(9)		SOFR + 4.75	%		9.86	%		6/30/2027		4,519		4,410		4,532		0.17
GI Ranger Intermediate, LLC	(4)(10)		SOFR + 5.75	%		11.14	%		10/29/2028		44,613		44,022		43,944		1.64
Netsmart Technologies, Inc.	(10)		SOFR + 4.00	%		9.22	%		10/1/2027		3,912		3,880		3,900		0.15
Project Ruby Ultimate Parent Corp.	(4)(10)		SOFR + 5.75	%		10.97	%		3/10/2028		49,625		48,330		48,384		1.80
Waystar Technologies, Inc.	(8)		SOFR + 4.00	%		9.22	%		10/22/2026		6,913		6,752		6,905		0.26
													135,204		135,386		5.05
Hotels, Restaurants & Leisure
Alterra Mountain Company	(9)		L + 3.50	%		8.69	%		8/17/2028		6,912		6,725		6,910		0.26
Fertitta Entertainment, LLC	(9)		SOFR + 4.00	%		9.10	%		1/27/2029		6,913		6,650		6,835		0.25
GVC Finance LLC	(9)		SOFR + 3.50	%		8.44	%		10/31/2029		910		900		910		0.03
GVC Holdings Gibraltar, Ltd.	(9)		SOFR + 2.50	%		7.44	%		3/29/2027		2,962		2,910		2,959		0.11
IRB Holding Corp.	(10)		SOFR + 3.00	%		8.20	%		12/15/2027		7,336		7,180		7,294		0.27
Scientific Games Holdings LP	(9)		SOFR + 3.50	%		8.42	%		4/4/2029		1,985		1,895		1,964		0.07
Tacala Investment Corp.	(10)		L + 3.50	%		8.69	%		2/5/2027		7,901		7,765		7,788		0.29
Twin River Worldwide Holdings, Inc.	(9)		L + 3.25	%		8.40	%		10/2/2028		3,343		3,264		3,273		0.12
Whatabrands, LLC	(9)		L + 3.25	%		8.47	%		8/3/2028		8,731		8,472		8,691		0.32
													45,761		46,624		1.72
Household Durables
AI Aqua Merger Sub, Inc.	(9)		SOFR + 3.75	%		8.90	%		7/31/2028		8,974		8,693		8,822		0.33
Industrial Conglomerates
Engineered Machinery Holdings, Inc.	(10)		L + 3.50	%		9.04	%		5/19/2028		3,950		3,822		3,881		0.14
FCG Acquisitions, Inc.	(9)		L + 3.75	%		8.91	%		3/31/2028		8,879		8,670		8,762		0.33
SPX Flow, Inc.	(9)		SOFR + 4.50	%		9.70	%		4/5/2029		1,743		1,683		1,725		0.06
Vertical US Newco, Inc.	(9)		L + 3.50	%		8.60	%		7/30/2027		4,040		4,011		4,014		0.15
Victory Buyer, LLC	(9)		SOFR + 3.75	%		9.26	%		11/19/2028		9,902		9,382		8,993		0.34
													27,568		27,375		1.02
Insurance
Alera Group, Inc.	(4)(10)		SOFR + 6.00	%		11.20	%		10/2/2028		46,596		45,774		45,431		1.69
Alliant Holdings Intermediate, LLC	(9)		L + 3.50	%		8.65	%		11/6/2027		2,955		2,968		2,941		0.11
AssuredPartners, Inc.	(9)		SOFR + 3.50	%		8.65	%		2/12/2027		6,166		6,073		6,119		0.23

159

BCRED Emerald JV LP

Consolidated Schedule of Investments

June 30, 2023

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread			Interest Rate (2)(15)			Maturity Date		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt (continued)
Insurance (continued)
AssuredPartners, Inc.	(9)		SOFR + 4.25	%		9.40	%		2/12/2027		16,542		16,036		16,534		0.62
Baldwin Risk Partners, LLC	(9)		L + 3.50	%		8.65	%		10/14/2027		6,902		6,821		6,801		0.25
BroadStreet Partners, Inc.	(8)		SOFR + 2.75	%		7.97	%		1/27/2027		7,890		7,691		7,805		0.29
Foundation Risk Partners Corp.	(4)(10)		SOFR + 6.25	%		11.49	%		10/29/2028		76,413		75,738		73,356		2.74
Galway Borrower, LLC	(4)(5)(10)		SOFR + 5.25	%		10.59	%		9/29/2028		44,574		43,591		43,682		1.63
High Street Buyer, Inc.	(4)(5)(10)		SOFR + 6.00	%		11.39	%		4/14/2028		6,750		6,705		6,699		0.25
Howden Group Holdings Limited	(10)		L + 3.25	%		8.50	%		11/12/2027		4,439		4,441		4,423		0.16
NFP Corp.	(8)		SOFR + 3.25	%		8.47	%		2/15/2027		9,219		8,983		9,051		0.34
PGIS Intermediate Holdings, LLC	(4)(5)(10)		SOFR + 5.75	%		11.14	%		10/16/2028		63,461		61,641		61,399		2.29
RSC Acquisition, Inc.	(4)(5)(10)		SOFR + 5.50	%		10.91	%		10/30/2026		45,611		44,788		44,243		1.65
SG Acquisition, Inc.	(4)(9)		SOFR + 5.50	%		10.70	%		1/27/2027		77,653		77,595		75,130		2.80
USI, Inc.	(9)		SOFR + 3.75	%		8.99	%		11/22/2029		6,840		6,778		6,839		0.26
													415,623		410,453		15.31
Interactive Media & Services
Ancestry.com Operations, Inc	(9)		SOFR + 3.25	%		8.45	%		12/6/2027		2,955		2,958		2,857		0.11
MH Sub I, LLC	(8)		SOFR + 3.75	%		8.90	%		9/13/2024		1,433		1,404		1,434		0.05
MH Sub I, LLC	(11)		SOFR + 3.75	%		8.85	%		9/13/2024		858		861		859		0.03
Project Boost Purchaser, LLC	(8)		SOFR + 3.50	%		8.72	%		6/1/2026		6,908		6,770		6,837		0.26
William Morris Endeavor Entertainment, LLC	(8)		SOFR + 2.75	%		7.95	%		5/18/2025		2,021		1,968		2,011		0.08
													13,961		13,998		0.53
Internet & Direct Marketing Retail
Donuts, Inc.	(4)(11)		SOFR + 6.00	%		11.27	%		12/29/2027		9,637		9,554		9,540		0.36
Donuts, Inc.	(4)(11)		SOFR + 6.00	%		11.27	%		12/29/2026		32,602		32,459		32,276		1.20
Prodege International Holdings, LLC	(4)(10)		SOFR + 5.75	%		11.15	%		12/15/2027		21,052		20,770		19,999		0.75
													62,783		61,815		2.31
IT Services
AI Altius Bidco, Inc.	(4)(5)(10)		SOFR + 5.18	%		10.47	%		12/21/2028		38,554		37,871		37,783		1.41
Dcert Buyer, Inc.	(8)		SOFR + 4.00	%		9.26	%		10/16/2026		10,113		9,827		10,042		0.37
Endurance International Group Holdings, Inc.	(10)		L + 3.50	%		8.79	%		2/10/2028		4,436		4,350		4,142		0.15
Park Place Technologies, LLC	(11)		SOFR + 5.00	%		10.20	%		11/10/2027		26,415		25,560		25,755		0.96
Razor Holdco, LLC	(4)(10)		L + 5.75	%		10.90	%		10/25/2027		25,610		25,226		25,418		0.95
Turing Midco, LLC	(9)		SOFR + 2.50	%		7.69	%		3/24/2028		2,060		2,033		2,050		0.08
Virtusa Corp.	(10)		SOFR + 3.75	%		8.95	%		2/15/2029		3,950		3,918		3,911		0.15
Virtusa Corp.	(10)		L + 3.75	%		9.33	%		2/11/2028		1,980		1,929		1,960		0.07
													110,714		111,061		4.14

160

BCRED Emerald JV LP

Consolidated Schedule of Investments

June 30, 2023

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread			Interest Rate (2)(15)			Maturity Date		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt (continued)
Leisure Products
Motion Finco, LLC	(8)		L + 3.25	%		8.79	%		11/12/2026		6,053		5,832		6,009		0.22
Recess Holdings, Inc.	(11)		L + 3.75	%		9.02	%		9/30/2024		2,166		2,165		2,170		0.08
													7,997		8,179		0.30
Life Sciences Tools & Services
Cambrex Corp.	(10)		SOFR + 3.50	%		8.70	%		12/4/2026		5,944		5,882		5,903		0.22
Curia Global, Inc.	(10)		SOFR + 3.75	%		8.90	%		8/30/2026		10,131		9,877		8,760		0.33
													15,759		14,663		0.55
Machinery
Pro Mach Group, Inc.	(11)		L + 4.00	%		9.19	%		8/31/2028		5,964		5,856		5,957		0.22
Media
Clear Channel Outdoor Holdings, Inc.	(8)		SOFR + 3.50	%		8.75	%		8/21/2026		1,969		1,947		1,885		0.07
Radiate Holdco, LLC	(10)		SOFR + 3.25	%		8.48	%		9/25/2026		3,940		3,945		3,298		0.12
Univision Communications, Inc.	(10)		L + 3.25	%		8.44	%		3/15/2026		3,940		3,937		3,912		0.15
Univision Communications, Inc.	(11)		L + 2.75	%		7.94	%		3/15/2024		381		381		382		0.01
UPC Financing Partnership	(8)		L + 2.93	%		8.12	%		1/31/2029		5,500		5,413		5,401		0.20
Virgin Media Bristol, LLC	(8)		L + 3.25	%		8.44	%		1/31/2029		3,500		3,463		3,490		0.13
													19,086		18,368		0.68
Metals & Mining
SCIH Salt Holdings, Inc.	(10)		L + 4.00	%		9.19	%		3/16/2027		3,927		3,891		3,875		0.14
Oil, Gas & Consumable Fuels
CQP Holdco, LP	(9)		SOFR + 3.50	%		8.69	%		6/5/2028		7,884		7,840		7,880		0.29
Eagle Midstream Canada Finance, Inc.	(4)(10)		SOFR + 6.25	%		11.34	%		8/15/2028		25,906		25,574		25,712		0.96
Freeport LNG Investments, LLLP	(9)		L + 3.50	%		8.75	%		12/21/2028		4,907		4,875		4,816		0.18
KKR Alberta Midstrean Fince, Inc.	(4)(10)		SOFR + 6.25	%		11.34	%		8/15/2028		14,094		13,913		13,988		0.52
													52,202		52,396		1.95
Paper & Forest Products
Profile Products, LLC	(4)(10)		SOFR + 5.75	%		10.99	%		11/12/2027		75,633		74,291		73,175		2.73
Pharmaceuticals
ANI Pharmaceuticals, Inc.	(4)(10)		L + 6.00	%		11.19	%		11/19/2027		51,288		49,313		51,032		1.90
Jazz Pharmaceuticals, Inc.	(9)		L + 4.75	%		9.97	%		5/5/2028		3,551		3,552		3,550		0.13
													52,865		54,582		2.03
Professional Services
Aqgen Island Holdings, Inc.	(9)		SOFR + 3.50	%		8.72	%		8/2/2028		7,900		7,643		7,786		0.29
Armor Holdco, Inc.	(9)		SOFR + 4.50	%		10.09	%		12/11/2028		4,184		4,113		4,197		0.16
Camelot US Acquisition, LLC	(11)		SOFR + 3.00	%		8.27	%		10/30/2026		3,335		3,277		3,335		0.12
Cast & Crew Payroll, LLC	(9)		SOFR + 3.75	%		8.97	%		12/29/2028		4,925		4,923		4,825		0.18
CFGI Holdings, LLC	(4)(10)		SOFR + 5.00	%		10.25	%		11/2/2027		114,140		114,140		114,140		4.26
Cumming Group, Inc.	(4)(7)(11)		SOFR + 6.00	%		11.10	%		5/26/2027		15,581		15,565		15,144		0.56
Deerfield Dakota Holding, LLC	(11)		SOFR + 3.75	%		8.99	%		4/9/2027		9,865		9,691		9,599		0.36
EP Purchaser, LLC	(9)		SOFR + 3.50	%		9.00	%		11/6/2028		3,456		3,450		3,391		0.13

161

BCRED Emerald JV LP

Consolidated Schedule of Investments

June 30, 2023

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread			Interest Rate (2)(15)			Maturity Date		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt (continued)
Professional Services (continued)
Galaxy US Opco, Inc.	(9)		SOFR + 4.75	%		9.85	%		4/29/2029		4,963		4,859		4,677		0.17
IG Investments Holdings, LLC	(4)(5)(10)		SOFR + 6.00	%		11.20	%		9/22/2028		135,670		135,072		134,992		5.04
Kwor Acquisition, Inc.	(4)(10)		SOFR + 5.25	%		12.50	%		12/22/2028		91,741		88,896		88,530		3.30
National Intergovernmental Purchasing Alliance Co.	(8)		SOFR + 3.50	%		8.74	%		5/23/2025		4,941		4,908		4,925		0.18
Sherlock Buyer Corp.	(4)(10)		SOFR + 5.75	%		11.09	%		12/8/2028		27,665		27,318		27,111		1.01
The Dun & Bradstreet Corporation	(8)		SOFR + 3.25	%		8.43	%		2/6/2026		7,971		7,759		7,988		0.30
Trans Union, LLC	(9)		SOFR + 2.25	%		7.52	%		12/1/2028		2,229		2,238		2,227		0.08
Trinity Air Consultants Holdings Corp.	(4)(10)		L + 5.25	%		10.62	%		6/29/2027		118,000		116,996		116,820		4.36
VT Topco, Inc.	(10)		SOFR + 3.75	%		8.97	%		8/1/2025		5,961		5,928		5,893		0.22
VT Topco, Inc.	(7)(10)		L + 3.75	%		7.82	%		8/1/2025		170		170		168		0.01
West Monroe Partners, LLC	(4)(7)(10)		L + 5.25	%		10.40	%		11/8/2028		29,192		28,724		28,171		1.05
West Monroe Partners, LLC	(4)(7)(10)		L + 5.25	%		10.41	%		11/8/2027		758		758		731		0.03
													586,428		584,650		21.81
Real Estate Management & Development
Progress Residential PM Holdings, LLC	(4)(7)(10)		SOFR + 6.25	%		11.66	%		2/16/2028		18,138		18,277		18,138		0.68
Software
2U, Inc.	(10)		SOFR + 6.50	%		11.32	%		12/28/2026		45,003		42,983		43,457		1.62
Apex Group Treasury, LLC	(9)		L + 3.75	%		9.07	%		7/27/2028		1,086		1,072		1,074		0.04
Apex Group Treasury, LLC	(9)		SOFR + 5.00	%		9.99	%		7/27/2028		61,690		58,140		61,459		2.29
Boxer Parent Company, Inc.	(8)		SOFR + 3.75	%		8.97	%		10/2/2025		7,687		7,535		7,635		0.28
Brown Group Holdings, LLC	(9)		SOFR + 2.50	%		7.75	%		6/7/2028		5,919		5,687		5,837		0.22
Cloudera, Inc.	(9)		SOFR + 3.75	%		8.95	%		10/8/2028		8,160		7,897		7,984		0.30
Community Brands ParentCo, LLC	(4)(5)(10)		SOFR + 5.75	%		10.70	%		2/24/2028		75,557		74,243		74,046		2.76
Confine Visual Bidco	(4)(7)(10)		SOFR + 5.75	%		10.80	%		2/23/2029		31,852		31,019		28,575		1.07
ConnectWise, LLC	(9)		L + 3.50	%		8.69	%		9/29/2028		4,433		4,439		4,327		0.16
Delta Topco, Inc.	(10)		SOFR + 3.75	%		9.07	%		12/1/2027		3,950		3,923		3,831		0.14
ECI Macola Max Holding, LLC	(10)		SOFR + 3.75	%		9.25	%		11/9/2027		6,911		6,707		6,849		0.26
Epicor Software Corp.	(10)		SOFR + 3.25	%		8.47	%		7/30/2027		9,861		9,633		9,752		0.36
Flexera Software, LLC	(10)		SOFR + 3.75	%		8.97	%		3/3/2028		5,537		5,433		5,466		0.20
GI Consilio Parent, LLC	(9)		L + 4.00	%		9.19	%		5/12/2028		7,117		6,985		6,935		0.26
GovernmentJobs.com, Inc.	(4)(7)(10)		SOFR + 5.50	%		10.70	%		12/1/2028		23,305		22,888		22,679		0.85
GovernmentJobs.com, Inc.	(4)(7)(10)		SOFR + 5.50	%		10.70	%		12/2/2027		962		929		911		0.03
GraphPAD Software, LLC	(4)(11)		SOFR + 5.50	%		10.71	%		4/27/2027		15,296		15,167		14,990		0.56
Greeneden U.S. Holdings II, LLC	(10)		SOFR + 4.00	%		9.22	%		12/1/2027		4,432		4,433		4,426		0.17
HS Purchaser, LLC	(10)		SOFR + 4.00	%		9.15	%		11/19/2026		3,941		3,916		3,606		0.13
Hyland Software, Inc.	(10)		L + 3.50	%		8.69	%		7/1/2024		3,941		3,927		3,913		0.15
Idera, Inc.	(10)		SOFR + 3.75	%		9.01	%		3/2/2028		2,955		2,963		2,884		0.11
Informatica, LLC	(8)		SOFR + 2.75	%		8.00	%		10/27/2028		1,580		1,563		1,580		0.06
ION Trading Finance Ltd.	(8)		SOFR + 4.75	%		10.09	%		4/3/2028		7,763		7,461		7,630		0.28
LD Lower Holdings, Inc.	(4)(11)		SOFR + 6.50	%		11.84	%		2/8/2026		14,907		14,811		14,683		0.55

162

BCRED Emerald JV LP

Consolidated Schedule of Investments

June 30, 2023

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread			Interest Rate (2)(15)			Maturity Date		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt (continued)
Software (continued)
Medallia, Inc.	(4)(10)		L + 6.50	%		11.69 (incl. 5.83 PIK	%  %  )		10/29/2028		47,824		47,142		46,868		1.75
Mitnick Purchaser, Inc.	(9)		SOFR + 4.75	%		9.90	%		5/2/2029		4,962		4,942		4,820		0.18
Mitratech Holdings, Inc.	(4)(10)		SOFR + 5.00	%		10.17	%		5/18/2028		27,500		26,325		26,400		0.98
Mitratech Holdings, Inc.	(10)		SOFR + 4.25	%		9.73	%		5/18/2028		15,000		14,282		14,606		0.54
Monk Holding Co.	(4)(10)(18)		SOFR + 5.70	%		10.84	%		12/1/2027		109,323		107,277		108,230		4.04
Monk Holding Co.	(4)(7)(10)		SOFR + 5.50	%		10.84	%		12/1/2027		680		600		577		0.02
MRI Software, LLC	(5)(11)		SOFR + 5.50	%		10.84	%		2/10/2026		10,125		9,885		9,847		0.37
Nintex Topco Limited	(4)(10)		SOFR + 6.00	%		11.39	%		11/13/2028		32,754		32,206		30,625		1.14
NortonLifeLock, Inc.	(9)		SOFR + 2.00	%		7.20	%		9/12/2029		3,546		3,530		3,533		0.13
Perforce Software, Inc.	(8)		L + 3.75	%		8.94	%		7/1/2026		1,335		1,332		1,268		0.05
Project Alpha Intermediate Holding, Inc.	(8)		L + 4.00	%		9.20	%		4/26/2024		2,955		2,951		2,951		0.11
Proofpoint, Inc.	(5)(9)		SOFR + 6.25	%		11.47	%		8/31/2028		8,850		8,546		8,677		0.32
Quartz Acquireco LLC	(4)(9)		SOFR + 3.50	%		8.59	%		6/28/2030		6,766		6,699		6,775		0.25
Quest Software US Holdings, Inc.	(9)		SOFR + 4.25	%		9.45	%		2/1/2029		3,970		3,938		3,102		0.12
RealPage, Inc.	(9)		SOFR + 3.00	%		8.22	%		4/24/2028		7,892		7,695		7,731		0.29
Relativity ODA, LLC	(4)(7)(11)		SOFR + 6.50	%		11.70	%		5/12/2027		54,448		53,794		53,624		2.00
Rocket Software, Inc.	(8)		SOFR + 4.25	%		9.47	%		11/28/2025		1,484		1,433		1,472		0.05
Rocket Software, Inc.	(9)		SOFR + 4.25	%		9.47	%		11/28/2025		5,406		5,284		5,365		0.20
S2P Acquisition Borrower, Inc.	(8)		SOFR + 4.00	%		9.20	%		8/14/2026		4,933		4,893		4,926		0.18
SolarWinds Holdings Inc.	(8)		SOFR + 4.00	%		8.85	%		2/5/2027		2,923		2,923		2,927		0.11
Sophia, LP	(9)		L + 3.50	%		9.04	%		10/7/2027		9,874		9,550		9,784		0.36
Sovos Compliance, LLC	(9)		SOFR + 4.50	%		9.72	%		8/11/2028		3,945		3,944		3,816		0.14
SS&C Technologies, Inc.	(9)		SOFR + 2.25	%		7.50	%		3/22/2029		4,243		4,155		4,236		0.16
Stamps.com, Inc.	(4)(10)		L + 5.75	%		10.94	%		10/5/2028		59,250		58,321		57,769		2.15
Surf Holdings, LLC	(8)		L + 3.50	%		8.70	%		3/5/2027		4,929		4,869		4,897		0.18
Symphony Technology Group	(5)(9)		SOFR + 3.75	%		9.01	%		3/1/2029		5,940		5,848		5,698		0.21
Symphony Technology Group	(5)(10)		L + 4.75	%		10.03	%		7/27/2028		1,975		1,979		1,494		0.06
The Ultimate Software Group, Inc.	(9)		SOFR + 3.25	%		8.27	%		5/4/2026		9,128		8,920		8,972		0.33
Triple Lift, Inc.	(4)(10)		SOFR + 5.50	%		10.87	%		5/5/2028		59,718		59,216		58,524		2.18
Triple Lift, Inc.	(4)(7)(10)		SOFR + 5.25	%		10.30	%		5/5/2028		821		788		779		0.03
Vision Solutions, Inc.	(5)(10)		L + 4.00	%		9.51	%		4/24/2028		5,989		5,938		5,705		0.21
VS Buyer, LLC	(8)		SOFR + 3.25	%		8.52	%		2/28/2027		3,042		3,006		3,012		0.11
													855,965		853,539		31.80
Specialty Retail
CustomInk, LLC	(4)(11)(18)		SOFR + 6.18	%		11.26	%		5/3/2026		36,866		36,561		36,866		1.38
EG America, LLC	(4)(8)		SOFR + 5.50	%		10.73	%		2/28/2028		5,937		5,606		5,776		0.22
													42,167		42,642		1.60

163

BCRED Emerald JV LP

Consolidated Schedule of Investments

June 30, 2023

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread			Interest Rate (2)(15)			Maturity Date		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt (continued)
Technology Hardware, Storage & Peripherals
Lytx, Inc.	(4)(11)		SOFR + 6.75	%		11.95	%		2/28/2028		29,247		29,135		29,027		1.08
Trading Companies & Distributors
Core and Main, LP	(8)		SOFR + 2.50	%		7.74	%		7/27/2028		3,960		3,886		3,949		0.15
Foundation Building Materials, Inc.	(9)		L + 3.25	%		8.52	%		1/31/2028		6,904		6,689		6,725		0.25
Icebox Holdco III, Inc.	(9)		SOFR + 3.75	%		9.09	%		12/22/2028		5,920		5,875		5,753		0.21
LBM Acquisition, LLC	(10)		L + 3.75	%		8.90	%		12/17/2027		3,940		3,938		3,794		0.14
Park River Holdings, Inc.	(10)		L + 3.25	%		8.52	%		12/28/2027		3,386		3,339		3,256		0.12
Porcelain Acquisition Corp.	(4)(7)(11)		SOFR + 6.00	%		11.34	%		4/1/2027		8,733		8,565		8,496		0.32
Specialty Building Products Holdings, LLC	(9)		SOFR + 3.25	%		8.45	%		10/15/2028		1,975		1,985		1,895		0.07
SRS Distribution, Inc.	(9)		SOFR + 3.50	%		8.70	%		6/2/2028		1,975		1,953		1,932		0.07
SRS Distribution, Inc.	(9)		L + 3.50	%		8.69	%		6/2/2028		7,904		7,730		7,698		0.29
The Cook & Boardman Group, LLC	(11)		SOFR + 5.75	%		10.94	%		10/17/2025		46,693		44,865		42,925		1.60
													88,825		86,423		3.22
Transportation Infrastructure
Froneri International PLC	(8)		SOFR + 2.25	%		7.45	%		1/29/2027		4,883		4,768		4,864		0.18
Frontline Road Safety, LLC	(4)(10)		SOFR + 5.75	%		11.05	%		5/3/2027		13,187		12,837		12,626		0.47
Roadsafe Holdings, Inc.	(4)(11)		SOFR + 5.75	%		10.94	%		10/19/2027		11,887		11,798		11,441		0.43
Roadsafe Holdings, Inc.	(4)(11)		SOFR + 5.75	%		11.14	%		10/19/2027		6,841		6,764		6,585		0.25
													36,167		35,516		1.33
Wireless Telecommunication Services
CCI Buyer, Inc.	(10)		SOFR + 4.00	%		9.24	%		12/17/2027		6,710		6,568		6,597		0.25
Total First Lien Debt													5,298,052		5,257,531		196.05
Second Lien Debt
Diversified Consumer Services
Ascend Learning, LLC	(9)		SOFR + 5.75	%		11.00	%		12/10/2029	$	5,301	$	4,769	$	4,539		0.17	%
Health Care Providers & Services
Canadian Hospital Specialties Ltd.	(4)(5)(8)		8.75	%		8.75	%		4/15/2029		CAD 12,000		8,329		7,980		0.30
Jayhawk Buyer, LLC	(4)(11)		L + 8.75	%		14.03	%		10/15/2027		24,712		24,549		24,465		0.91
													32,878		32,445		1.21
Industrial Conglomerates
Victory Buyer, LLC	(4)(9)		SOFR + 7.00	%		12.51	%		11/1/2029		66,704		65,540		60,701		2.26
Life Sciences Tools & Services
Curia Global, Inc.	(4)(10)		L + 6.50	%		11.77	%		8/31/2029		37,847		37,089		31,224		1.16
Phoenix Newco, Inc.	(4)(9)		SOFR + 6.50	%		11.72	%		11/15/2029		37,847		37,086		37,847		1.41
													74,175		69,071		2.57

164

BCRED Emerald JV LP

Consolidated Schedule of Investments

June 30, 2023

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread			Interest Rate (2)(15)			Maturity Date		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Second Lien Debt (continued)
Software
Apex Group Treasury, LLC	(4)(9)		L + 6.75	%		12.29	%		7/27/2029		37,847		38,015		37,279		1.39
Proofpoint, Inc.	(5)(9)		SOFR + 6.25	%		11.47	%		8/31/2029		37,847		36,982		36,806		1.37
Vision Solutions, Inc.	(5)(10)		L + 7.25	%		12.51	%		4/23/2029		36,721		31,900		31,855		1.19
													106,897		105,940		3.95
Total Second Lien Debt													284,259		272,696		10.16
Bonds
Software
Tangerine Bidco SPA	(4)(8)		E + 6.50	%		10.10	%		12/30/2029		EUR 66,000		68,014		70,206		2.62
TeamSystem SpA	(4)(8)		E + 6.25	%		9.43	%		2/15/2028		EUR 35,000		33,453		37,833		1.41
													101,467		108,039		4.03
Total Bonds													101,467		108,039		4.03
Equity
Aerospace & Defense
Loar Acquisition 13, LLC - Common Units	(4)										2,547,048	$	4,305	$	6,979		0.26	%
Air Freight & Logistics
AGI Group Holdings LP - A2 Units	(4)										194		208		141		0.01
Mode Holdings, L.P. - Class A-2 Common Units	(4)										1,230,769		2,215		2,597		0.10
													2,423		2,738		0.11
Chemicals
Pigments LP Int	(4)										1,212		0		0		0.00
Distributors
Box Co-Invest Blocker, LLC	(4)										780,000		780		702		0.03
GSO DL Co-Invest EIS LP (EIS Acquisition Holdings, LP) - Class A Common Units	(4)										301,167		1,239		3,151		0.12
													2,019		3,853		0.15
Diversified Consumer Services
Cambium Holdings, LLC - Senior Preferred Interests	(4)					11.50	%				974,662		1,133		1,189		0.04
Deneb Ultimate Topco, LLC - Class A Units	(4)										728		728		458		0.02
													1,861		1,647		0.06
Health Care Providers & Services
Jayhawk Holdings, LP - A-1 Common Units	(4)										797		210		131		0.00
Jayhawk Holdings, LP - A-2 Common Units	(4)										429		113		70		0.00
													323		201		0.00

165

BCRED Emerald JV LP

Consolidated Schedule of Investments

June 30, 2023

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread	Interest Rate (2)(15)			Maturity Date	Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Equity (continued)
Software
Lobos Parent, Inc. - Series A Preferred Shares	(4)			10.50	%			5,773		5,700		6,307		0.24
Specialty Retail
GSO DL CoInvest CI LP (CustomInk, LLC) - Series A Preferred Units	(4)							3,000,000		3,542		3,959		0.15
Transportation Infrastructure
Frontline Road Safety Investments, LLC - Class A Common Units	(4)							3,936		376		292		0.01
Total Equity										20,549		25,976		0.98
Total Investments Portfolio										5,704,327		5,664,242		211.22
Cash and Cash Equivalents
State Street Institutional U.S. Government Money Market Fund										6,074		6,074		0.23
Other Cash and Cash Equivalents										156,857		156,857		5.85
Total Portfolio Investments, Cash and Cash Equivalents									$	5,867,258	$	5,827,173		217.30	%

(1) Unless otherwise indicated, all debt and equity investments held by the Company (which such term “Company” shall include the Company’s consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in dollars. As of June 30, 2023, the Company had investments denominated in Canadian Dollars (CAD), Euros (EUR), British Pounds (GBP), Swiss Francs (CHF), Danish Krone (DKK), Swedish Krona (SEK), Norwegian Krone (NOK), and New Zealand Dollars (NZD). All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. The total par amount (in thousands) is presented for debt investments, while the number of shares or units (in whole amounts) owned is presented for equity investments. Each of the Company’s investments is pledged as collateral, under one or more of its credit facilities unless otherwise indicated.

(2) Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either LIBOR (“L”), Canadian Dollar Offered Rate (“CDOR” or “C”), 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”) or an alternate base rate (commonly based on the Federal Funds Rate (“F”) or the U.S. Prime Rate (“P”)), which generally resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of June 30, 2023. 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”).

166

BCRED Emerald JV LP

Consolidated Schedule of Investments

June 30, 2023

(in thousands)

(Unaudited)

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

(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
First Lien Debt
ADCS Clinics Intermediate Holdings, LLC	Revolver		5/7/2027	$	781	$	(16	)
Bazaarvoice, Inc.	Revolver		5/7/2026		2,123		—
Cambium Learning Group, Inc.	Revolver		7/20/2028		3,249		—
CCBlue Bidco, Inc.	Delayed Draw Term Loan		12/21/2023		2,832		—
Confine Visual Bidco	Delayed Draw Term Loan		3/11/2024		6,094		—
CPI Buyer, LLC	Revolver		11/1/2026		2,974		(59	)
CSHC Buyerco, LLC	Delayed Draw Term Loan		9/8/2026		1,170		—
Cumming Group, Inc.	Revolver		5/26/2027		1,891		(47	)
DCA Investment Holdings, LLC	Delayed Draw Term Loan		4/3/2028		25		—
Express Wash Concepts, LLC	Delayed Draw Term Loan		4/30/2027		10,900		—
GovernmentJobs.com, Inc.	Revolver		11/30/2027		1,604		—
GovernmentJobs.com, Inc.	Delayed Draw Term Loan		11/30/2023		8,018		(160	)
Java Buyer, Inc.	Delayed Draw Term Loan		12/15/2023		3,414		—
Knowledge Pro Buyer, Inc.	Revolver		12/10/2027		1,473		—
Knowledge Pro Buyer, Inc.	Delayed Draw Term Loan		12/10/2023		2,094		—
Latham Pool Products, Inc.	Delayed Draw Term Loan		2/18/2029		11,250		(833	)
Monk Holding Co.	Delayed Draw Term Loan		8/12/2023		7,311		—
Navigator Acquiror, Inc.	Delayed Draw Term Loan		7/16/2023		3,059		—
Pediatric Associates Holding Co., LLC	Delayed Draw Term Loan		12/29/2028		79		—
Porcelain Acquisition Corp.	Delayed Draw Term Loan		4/1/2027		2,115		(62	)
Progress Residential PM Holdings, LLC	Delayed Draw Term Loan		7/25/2029		3,721		—
Relativity ODA, LLC	Revolver		5/12/2027		538		(8	)
RWL Holdings, LLC	Delayed Draw Term Loan		12/1/2027		5,185		(52	)
Smile Doctors, LLC	Revolver		12/23/2027		4,548		—

167

BCRED Emerald JV LP

Consolidated Schedule of Investments

June 30, 2023

(in thousands)

(Unaudited)

Investments	Commitment Type	Commitment Expiration Date		Unfunded Commitment		Fair Value
Stepping Stones Healthcare Services, LLC	Delayed Draw Term Loan		12/30/2023		1,450		—
Stepping Stones Healthcare Services, LLC	Revolver		12/30/2026		1,449		—
Triple Lift, Inc.	Revolver		5/6/2028		1,321		—
US Oral Surgery Management Holdco, LLC	Delayed Draw Term Loan		11/18/2023		9		—
US Oral Surgery Management Holdco, LLC	Revolver		11/18/2027		1,915		(91	)
VT Topco, Inc.	Delayed Draw Term Loan		8/1/2025		3		—
West Monroe Partners, LLC	Delayed Draw Term Loan		11/9/2023		7,580		—
West Monroe Partners, LLC	Revolver		11/9/2027		2,085		—
WHCG Purchaser III, Inc.	Revolver		6/22/2026		2		—
Total First Lien Debt				$	102,262	$	(1,328	)

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

(9) The interest rate floor on these investments as of June 30, 2023 was 0.50%.

(10) The interest rate floor on these investments as of June 30, 2023 was 0.75%.

(11) The interest rate floor on these investments as of June 30, 2023 was 1.00%.

(12) The interest rate floor on these investments as of June 30, 2023 was 1.25%.

(13) The interest rate floor on these investments as of June 30, 2023 was 1.50%.

(14) The interest rate floor on these investments as of June 30, 2023 was 2.00%

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

(16) Reserved

(17) Loan was on non-accrual status as of June 30, 2023.

(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.

168

The following table presents the consolidated schedule of investments of the Emerald JV as of December 31, 2022:

BCRED Emerald JV LP

Consolidated Schedule of Investments

December 31, 2022

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread			Interest Rate (2)(6)			Maturity Date		Par Amount		Cost (3)		Fair Value		% of Net Assets
Investments—non- controlled/non-affiliated
First Lien Debt
Aerospace & Defense
Amentum Government Services Holdings, LLC	(8)		L + 4.00	%		8.17	%		1/29/2027	$	2,977	$	2,882	$	2,919		0.11	%
Atlas CC Acquisition Corp.	(10)		L + 4.25	%		8.98	%		5/25/2028		9,921		9,545		8,401		0.30
Loar Group, Inc.	(4)(11)		L + 7.25	%		11.63	%		9/29/2023		28,049		28,049		28,049		1.01
Peraton Corp.	(10)		L + 3.75	%		8.13	%		2/1/2028		5,472		5,382		5,353		0.19
TransDigm Inc	(12)		SOFR + 6.15	%		10.47	%		2/22/2027		312		306		312		0.01
Vertex Aerospace Services Corp.	(10)		L + 3.50	%		7.88	%		12/6/2028		2,978		2,990		2,930		0.11
													49,154		47,964		1.73
Air Freight & Logistics
AGI-CFI Holdings, Inc.	(4)(10)		SOFR + 5.75	%		9.13	%		6/11/2027		24,489		24,287		24,244		0.88
Mode Purchaser, Inc.	(4)(11)		SOFR + 6.25	%		10.57	%		12/9/2026		38,931		38,931		38,931		1.41
RWL Holdings, LLC	(4)(7)(10)		SOFR + 5.75	%		10.48	%		12/31/2028		21,686		21,267		21,417		0.77
SEKO Global Logistics Network, LLC	(4)(5)(11)		L + 4.75	%		9.07	%		12/30/2026		35,328		35,160		35,151		1.27
													119,645		119,743		4.33
Airlines
Air Canada	(10)		L + 3.50	%		8.13	%		8/11/2028		3,980		3,946		3,946		0.14
American Airlines, Inc.	(8)		L + 4.00	%		8.17	%		4/20/2028		3,815		3,938		3,805		0.14
KKR Apple Bidco, LLC	(11)		L + 2.75	%		7.13	%		9/23/2028		5,955		5,786		5,883		0.21
United Airlines, Inc.	(10)		L + 3.75	%		8.11	%		4/21/2028		3,980		3,955		3,941		0.14
													17,625		17,575		0.63
Auto Components
Clarios Global LP	(8)		L + 3.25	%		7.63	%		4/30/2026		3,006		2,864		2,955		0.11
Beverages
Triton Water Holdings, Inc.	(9)		L + 3.50	%		8.23	%		3/31/2028		5,945		5,808		5,550		0.20
Building Products
Cornerstone Building Brands, Inc.	(9)		L + 3.25	%		7.57	%		4/12/2028		1,485		1,459		1,339		0.05
CP Atlas Buyer, Inc.	(9)		L + 3.50	%		7.88	%		11/23/2027		3,961		3,970		3,484		0.13
Express Wash Concepts, LLC	(4)(7)(11)		SOFR + 4.75	%		8.88	%		4/30/2027		20,448		20,359		19,224		0.70
Fencing Supply Group Acquisition, LLC	(4)(5)(11)		L + 6.00	%		11.21	%		2/26/2027		19,685		19,605		19,685		0.71
Griffon Corporation	(9)		SOFR + 2.50	%		7.01	%		1/24/2029		2,470		2,405		2,432		0.09

169

BCRED Emerald JV LP

Consolidated Schedule of Investments

December 31, 2022

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread			Interest Rate (2)(6)			Maturity Date		Par Amount		Cost (3)		Fair Value		% of Net Assets
First Lien Debt (continued)
Building Products (continued)
iHeartCommunications, Inc.	(11)		L + 3.00	%		7.38	%		5/1/2026		5,000		4,789		4,598		0.17
Kodiak BP, LLC	(10)		L + 3.25	%		7.98	%		3/12/2028		4,950		4,895		4,659		0.17
Latham Pool Products, Inc.	(7)(11)		SOFR + 3.75	%		8.22	%		2/23/2029		29,775		28,848		27,269		0.99
Lindstrom, LLC	(4)(11)		SOFR + 6.25	%		10.47	%		4/7/2025		27,705		27,705		27,428		0.99
New Arclin US Holding Corp.	(7)(9)		L + 3.75	%		8.13	%		10/2/2028		1,370		1,377		1,186		0.04
Tamko Building Product, LLC	(8)		L + 3.00	%		7.73	%		6/1/2026		2,977		2,885		2,891		0.10
The Chamberlain Group, Inc.	(9)		L + 3.25	%		7.63	%		11/3/2029		4,950		4,893		4,678		0.17
Windows Acquisition Holdings, Inc.	(4)(5)(11)		L + 6.50	%		11.23	%		12/29/2026		10,668		10,668		10,668		0.39
													133,858		129,541		4.70
Capital Markets
Advisor Group Holdings, Inc.	(8)		L + 4.50	%		8.88	%		7/31/2026		9,073		8,781		8,893		0.32
AllSpring Buyer, LLC	(9)		L + 3.00	%		7.75	%		11/1/2028		1,985		1,994		1,962		0.07
Resolute Investment Managers, Inc.	(11)		L + 4.25	%		8.98	%		4/30/2024		2,447		2,451		1,994		0.07
Situs-AMC Holdings Corporation	(4)(11)		SOFR + 5.75	%		10.23	%		12/22/2027		96,200		94,928		95,238		3.45
Superannuation And Investments US, LLC	(9)		L + 3.75	%		8.13	%		12/1/2028		1,980		1,991		1,953		0.07
The Edelman Financial Engines Center, LLC	(10)		L + 3.50	%		7.88	%		4/7/2028		8,691		8,400		8,133		0.29
													118,545		118,173		4.27
Chemicals
DCG Acquisition Corp.	(8)		SOFR + 4.50	%		8.72	%		9/30/2026		2,970		2,973		2,806		0.10	%
Dominion Colour Corporation	(4)(11)(14)		L + 8.25	%		11.19	%		4/6/2024		10,970		10,918		5,567		0.20
Starfruit Finco BV	(10)		L + 2.75	%		10.13	%		10/1/2025		1,980		1,902		1,957		0.07
													15,793		10,330		0.37
Commercial Services & Supplies
Access CIG, LLC	(8)		L + 3.75	%		7.82	%		2/27/2025		5,791		5,753		5,685		0.21
Acrisure LLC	(8)		SOFR + 5.75	%		9.92	%		2/15/2027		27,462		26,103		27,313		0.99
Allied Universal Holdco, LLC	(9)		SOFR + 3.75	%		8.17	%		5/12/2028		8,920		8,687		8,492		0.31
Anticimex, Inc.	(4)(9)		L + 4.00	%		8.73	%		11/16/2028		2,978		3,002		2,896		0.10
Anticimex, Inc.	(4)(9)		L + 3.50	%		5.25	%		11/16/2028		24,938		23,695		24,127		0.87
Anticimex, Inc.	(9)		L + 3.50	%		8.23	%		11/16/2028		4,966		4,764		4,805		0.17
Bazaarvoice, Inc.	(4)(7)(8)		SOFR + 5.75	%		10.37	%		5/7/2028		19,619		19,619		19,619		0.71

170

BCRED Emerald JV LP

Consolidated Schedule of Investments

December 31, 2022

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread			Interest Rate (2)(6)			Maturity Date		Par Amount		Cost (3)		Fair Value		% of Net Assets
First Lien Debt (continued)
Commercial Services & Supplies (continued)
Belfor Holdings, Inc.	(8)		L + 4.00	%		8.38	%		4/6/2026		3,969		3,952		3,949		0.14
DG Investment Intermediate Holdings 2, Inc.	(10)		SOFR + 3.75	%		8.07	%		3/31/2028		7,950		7,838		7,622		0.28
EAB Global, Inc.	(9)		L + 3.50	%		7.88	%		8/16/2028		4,955		4,869		4,779		0.17
Energizer Holdings Inc	(9)		L + 3.75	%		8.13	%		12/8/2028		4,716		4,689		4,523		0.16
eResearchTechnology, Inc.	(11)		L + 4.50	%		8.88	%		2/4/2027		1,905		1,871		1,686		0.06
First Advantage Holdings, LLC	(11)		L + 2.75	%		7.13	%		1/31/2027		6,000		5,892		5,903		0.21
Foundational Education Group, Inc.	(4)(9)		SOFR + 3.75	%		8.59	%		8/31/2028		3,980		3,858		3,582		0.13
Garda World Security Corp.	(8)		L + 4.25	%		8.93	%		10/30/2026		3,000		3,016		2,927		0.11
Garda World Security Corp.	(8)		SOFR + 4.25	%		8.53	%		2/1/2029		5,985		5,755		5,776		0.21
Genuine Financial Holdings, LLC	(8)		L + 3.75	%		7.82	%		7/11/2025		8,230		8,088		7,944		0.29
International SOS The Americas LP	(8)		L + 4.50	%		8.88	%		9/7/2028		1,980		1,986		1,965		0.07
Java Buyer, Inc.	(4)(7)(10)		L + 5.75	%		10.52	%		12/15/2027		11,397		11,187		10,977		0.40
JSS Holdings, Inc.	(4)(10)		L + 6.00	%		10.34	%		12/27/2028		36,830		36,599		36,830		1.33
Knowledge Pro Buyer, Inc.	(4)(7)(10)		L + 5.75	%		10.04	%		12/10/2027		20,589		20,194		20,399		0.74
KPSKY Acquisition, Inc.	(4)(10)		L + 5.50	%		9.54	%		10/19/2028		136,343		129,600		128,503		4.65
PECF USS Intermediate Holding III Corp.	(9)		L + 4.25	%		8.63	%		12/15/2028		2,970		2,986		2,488		0.09
Polyphase Elevator Holding Co.	(4)(11)		L + 4.00	%		9.17	%		6/23/2027		19,799		19,291		19,106		0.69
Polyphase Elevator Holding Co.	(4)(11)		SOFR + 5.50	%		10.18	%		6/3/2027		8,613		8,392		8,333		0.30
Recycle & Resource US, LLC	(9)		L + 3.50	%		8.23	%		7/14/2028		2,977		2,990		2,714		0.10
Restaurant Technologies, Inc.	(11)		SOFR + 4.25	%		8.83	%		4/2/2029		19,854		19,410		19,542		0.71
Revspring, Inc.	(8)		L + 4.00	%		8.73	%		10/11/2025		2,969		2,972		2,873		0.10
The Action Environmental Group, Inc.	(4)(12)		L + 6.00	%		10.66	%		1/16/2026		2,062		2,022		2,036		0.07
The Action Environmental Group, Inc.	(4)(12)		SOFR + 6.00	%		10.66	%		1/16/2026		19,400		19,032		19,158		0.69
The Action Environmental Group, Inc.	(4)(12)		L + 3.91	%		9.91	%		1/15/2026		5,925		5,856		5,850		0.21
The Action Environmental Group, Inc.	(4)(12)		SOFR + 6.15	%		10.47	%		1/15/2026		5,387		5,325		5,319		0.19
													429,293		427,721		15.46

171

BCRED Emerald JV LP

Consolidated Schedule of Investments

December 31, 2022

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread			Interest Rate (2)(6)			Maturity Date		Par Amount		Cost (3)		Fair Value		% of Net Assets
First Lien Debt (continued)
Communications Equipment
Commscope Inc	(10)		L + 4.25	%		8.98	%		4/6/2026		299		283		282		0.01
Construction & Engineering
Atlas Intermediate III, LLC	(4)(10)		L + 7.50	%		11.59	%		2/25/2028		24,317		24,256		24,074		0.87
Brookfield WEC Holdings, Inc.	(10)		L + 3.75	%		8.07	%		8/1/2025		9,919		9,580		9,795		0.35
Pike Electric Corp.	(10)		L + 5.00	%		7.39	%		1/21/2028		6,000		5,827		5,927		0.21
Pike Electric Corp.	(10)		L + 3.50	%		7.82	%		1/21/2028		2,993		2,923		2,971		0.11
Refficiency Holdings, LLC	(7)(10)		L + 3.75	%		7.82	%		12/16/2027		4,472		4,425		4,245		0.15
													47,011		47,012		1.69
Construction Materials
Quikrete Holdings, Inc.	(11)		L + 3.00	%		7.38	%		6/11/2028		5,955		5,786		5,916		0.21
White Cap Buyer, LLC	(9)		SOFR + 3.75	%		8.07	%		10/19/2027		5,180		5,004		5,018		0.18
													10,790		10,934		0.39
Containers & Packaging
Ascend Buyer, LLC	(4)(10)		SOFR + 6.25	%		10.67	%		10/2/2028		75,545		74,815		74,789		2.71
Berlin Packaging, LLC	(9)		L + 3.75	%		7.88	%		3/11/2028		8,920		8,722		8,603		0.31
Bway Holding Corporation	(11)		L + 6.25	%		10.63	%		4/3/2024		1,979		1,962		1,936		0.07
Charter NEX US, Inc.	(10)		L + 3.75	%		8.13	%		12/1/2027		6,467		6,227		6,294		0.23
Graham Packaging Co, Inc.	(10)		L + 3.00	%		7.38	%		8/4/2027		4,455		4,407		4,385		0.16
Novolex, Inc.	(9)		SOFR + 3.93	%		8.60	%		4/13/2029		8,955		8,647		8,551		0.31
ProAmpac PG Borrower, LLC	(10)		L + 3.75	%		7.87	%		11/3/2025		2,977		2,986		2,859		0.10
Ring Container Technologies Group, LLC	(9)		L + 3.50	%		7.88	%		8/12/2028		2,977		2,871		2,944		0.11
TricorBraun Holdings, Inc.	(9)		L + 3.25	%		7.63	%		3/3/2028		7,300		7,019		6,982		0.25
Trident TPI Holdings, Inc.	(8)		L + 3.25	%		7.98	%		9/15/2028		3,005		3,005		2,975		0.11
Trident TPI Holdings, Inc.	(9)		L + 4.00	%		7.67	%		9/15/2028		5,951		5,720		5,729		0.21
													126,381		126,047		4.57
Distributors
BP Purchaser, LLC	(4)(10)		L + 5.50	%		10.24	%		12/10/2028		50,760		49,752		49,110		1.78
Bution Holdco 2, Inc.	(4)(11)		L + 6.25	%		10.63	%		10/17/2025		23,299		23,168		23,299		0.84
Dana Kepner Company, LLC	(4)(11)		SOFR + 6.00	%		10.66	%		12/29/2026		15,710		15,742		15,632		0.57
Genuine Cable Group, LLC	(4)(10)		SOFR + 5.75	%		10.17	%		11/2/2026		32,141		31,677		31,498		1.14

172

BCRED Emerald JV LP

Consolidated Schedule of Investments

December 31, 2022

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread			Interest Rate (2)(6)			Maturity Date		Par Amount		Cost (3)		Fair Value		% of Net Assets
First Lien Debt (continued)
Distributors (continued)
Marcone Yellowstone Buyer, Inc.	(4)(5)(10)		SOFR + 5.50	%		10.98	%		6/23/2028		82,800		80,814		79,488		2.88
Tailwind Colony Holding Corporation	(4)(11)		L + 6.25	%		10.98	%		11/13/2024		31,575		31,156		31,101		1.13
Unified Door & Hardware Group, LLC	(4)(11)		L + 5.75	%		10.32	%		12/18/2027		39,559		39,457		38,867		1.41
													271,766		268,995		9.75
Diversified Consumer Services
Ascend Learning, LLC	(9)		L + 3.50	%		7.88	%		12/11/2028		8,143		7,870		7,720		0.28
Cambium Learning Group, Inc.	(4)(7)(10)		L + 5.50	%		9.74	%		7/20/2028		34,970		34,970		34,970		1.27
Colibri Group, LLC	(10)		SOFR + 5.00	%		8.74	%		3/12/2029		3,970		3,935		3,716		0.13
Dreambox Learning Holding, LLC	(4)(5)(10)		L + 6.25	%		9.44	%		12/1/2027		34,200		33,627		32,148		1.16
EM Bidco Limited	(9)		SOFR + 4.25	%		8.93	%		7/6/2029		5,000		4,983		4,898		0.18
KUEHG Corp.	(11)		L + 3.75	%		8.48	%		2/21/2025		6,938		6,795		6,680		0.24
Learning Care Group	(11)		L + 3.25	%		7.64	%		3/13/2025		7,931		7,701		7,399		0.27
Pre-Paid Legal Services, Inc.	(9)		L + 3.75	%		8.13	%		12/15/2028		7,940		7,773		7,654		0.28
Prime Security Service Borrower, LLC	(9)		L + 3.75	%		8.13	%		9/23/2026		4,962		4,830		4,925		0.18
Renaissance Learning, Inc.	(11)		SOFR + 4.50	%		8.72	%		3/30/2029		3,980		3,919		3,837		0.14
Rinchem Company, LLC	(4)(9)		SOFR + 4.50	%		9.18	%		3/2/2029		3,980		3,962		3,771		0.14
University Support Services, LLC	(9)		L + 3.25	%		7.63	%		2/10/2029		9,117		8,909		8,889		0.32
Weld North Education, LLC	(9)		L + 3.75	%		7.82	%		12/21/2027		1,981		1,963		1,946		0.07
													131,237		128,553		4.66
Diversified Financial Services
Barbri Holdings, Inc.	(4)(7)(10)		L + 5.75	%		10.13	%		4/28/2028		62,851		62,260		62,222		2.25
Citco Funding LLC	(9)		L + 3.25	%		7.63	%		4/19/2028		7,357		7,174		7,321		0.26
Corporation Service Company	(9)		SOFR + 3.25	%		7.57	%		11/2/2029		2,527		2,453		2,505		0.09
Mitchell International, Inc.	(9)		L + 3.75	%		8.41	%		10/15/2028		8,436		8,182		7,799		0.28
Polaris Newco, LLC	(9)		L + 4.00	%		8.73	%		6/2/2028		6,947		6,650		6,357		0.23
Sedgwick Claims Management Services, Inc.	(8)		L + 3.25	%		7.63	%		12/31/2025		7,450		7,312		7,259		0.26
													94,031		93,463		3.37

173

BCRED Emerald JV LP

Consolidated Schedule of Investments

December 31, 2022

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread			Interest Rate (2)(6)			Maturity Date		Par Amount		Cost (3)		Fair Value		% of Net Assets
First Lien Debt (continued)
Diversified Telecommunication Services
Zacapa, LLC	(9)		SOFR + 4.25	%		8.83	%		3/22/2029		5,955		5,864		5,739		0.21
Zayo Group Holdings, Inc.	(9)		SOFR + 4.25	%		8.57	%		3/9/2027		2,125		2,047		1,774		0.06
													7,911		7,513		0.27
Electric Utilities
Qualus Power Services Corp.	(4)(7)(11)		L + 5.25	%		10.01	%		3/26/2027		11,330		11,222		11,206		0.41
Electrical Equipment
Madison IAQ, LLC	(9)		L + 3.25	%		7.99	%		6/21/2028		6,695		6,524		6,245		0.23
Electronic Equipment, Instruments & Components
Albireo Energy, LLC	(4)(5)(11)		L + 6.00	%		10.75			12/23/2026		14,805		14,628		13,842		0.50
Infinite Bidco, LLC	(9)		L + 3.25	%		7.98	%		3/2/2028		2,970		2,982		2,858		0.10
Ingram Micro, Inc.	(9)		L + 3.50	%		8.23	%		6/30/2028		2,970		2,982		2,933		0.11
													20,592		19,633		0.71
Energy Equipment & Services
Tetra Technologies, Inc.	(4)(11)		L + 6.25	%		10.63	%		9/10/2025		22,793		22,793		22,793		0.82
Entertainment
CE Intermediate I, LLC	(4)(9)		L + 4.00	%		8.59	%		11/10/2028		4,963		4,958		4,739		0.17
Recorded Books, Inc.	(8)		SOFR + 4.00	%		8.32	%		8/29/2025		4,000		3,948		3,922		0.14
													8,906		8,661		0.31
Health Care Equipment & Supplies
Auris Luxembourg III Sarl	(8)		L + 3.75	%		8.68	%		2/27/2026		7,936		7,618		7,122		0.26
CPI Buyer, LLC	(4)(7)(10)		L + 5.50	%		10.23	%		11/1/2028		139,958		136,023		134,950		4.88
CSHC Buyerco, LLC	(4)(7)(11)		L + 4.75	%		9.48	%		9/8/2026		7,452		7,297		7,287		0.26
Messer GMBH	(9)		L + 2.50	%		7.23	%		3/2/2026		3,094		3,039		3,072		0.11
Mozart Borrower LP	(9)		L + 3.25	%		7.63	%		10/23/2028		8,933		8,721		8,505		0.31
Natus Medical Incorporated	(4)(9)		SOFR + 5.50	%		8.68	%		7/20/2029		3,720		3,490		3,460		0.13
Resonetics, LLC	(10)		L + 4.00	%		8.41	%		4/28/2028		2,970		2,960		2,836		0.10
Sunshine Luxembourg VII S.à r.l, LLC	(10)		L + 3.75	%		8.48	%		10/1/2026		9,912		9,650		9,517		0.34
													178,798		176,749		6.39

174

BCRED Emerald JV LP

Consolidated Schedule of Investments

December 31, 2022

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread			Interest Rate (2)(6)			Maturity Date		Par Amount		Cost (3)		Fair Value		% of Net Assets
First Lien Debt (continued)
Health Care Providers & Services
ACI Group Holdings, Inc.	(4)(5)(10)		L + 5.75	%		10.13	%		8/2/2028		136,388		134,914		134,343		4.86
ADCS Clinics Intermediate Holdings, LLC	(4)(7)(11)		L + 6.50	%		11.66	%		5/7/2027		34,755		34,293		34,222		1.24
ADMI Corp.	(9)		L + 3.75	%		8.13	%		12/23/2027		5,949		5,758		5,434		0.20
Amerivet Partners Management, Inc.	(4)(5)(10)		SOFR + 5.50	%		10.23	%		2/25/2028		97,017		94,344		93,136		3.37
Canadian Hospital Specialties Ltd.	(4)(5)(11)		C + 4.50	%		9.36	%		4/14/2028		CAD 29,924		21,745		21,919		0.79
CCBlue Bidco, Inc.	(4)(7)(10)		L + 6.25	%		9.92 (incl. 2.75 PIK	%    %  )		12/21/2028		20,885		20,519		19,708		0.71
CHG Healthcare Services, Inc.	(9)		L + 3.25	%		7.63	%		9/29/2028		8,932		8,600		8,758		0.32
DCA Investment Holdings, LLC	(4)(7)(10)		SOFR + 6.00	%		9.98	%		4/3/2028		29,079		28,805		28,788		1.04
DCA Investment Holdings, LLC	(4)(10)		SOFR + 6.00	%		9.53	%		4/3/2028		1,186		1,175		1,174		0.04
Electron Bidco, Inc.	(9)		L + 3.00	%		7.38	%		11/1/2028		6,948		6,766		6,775		0.25
Epoch Acquisition, Inc.	(4)(11)		SOFR + 6.00	%		10.19	%		10/4/2024		29,118		29,104		28,972		1.05
Forefront Management Holdings, LLC	(4)(7)(10)		SOFR + 4.25	%		8.57	%		4/1/2029		7,337		7,224		7,169		0.26
Global Medical Response, Inc.	(11)		L + 4.25	%		8.42	%		10/2/2025		4,955		4,861		3,502		0.13
Heartland Dental, LLC	(4)(8)		L + 4.00	%		8.39	%		4/30/2025		39,126		37,679		36,913		1.34
ICS US Holdings, Inc.	(4)(9)		SOFR + 4.50	%		8.40	%		6/8/2028		35,000		32,726		32,375		1.17
Jayhawk Buyer, LLC	(4)(11)		L + 5.00	%		9.73	%		10/15/2026		31,267		31,017		30,954		1.12
LifePoint Health, Inc.	(8)		L + 3.75	%		8.16	%		11/16/2025		7,000		6,995		6,616		0.24
Midwest Physician Administrative Services, LLC	(10)		L + 3.25	%		7.98	%		3/12/2028		2,970		2,974		2,743		0.10
National Mentor Holdings, Inc.	(10)		L + 3.75	%		8.33	%		3/2/2028		3,019		2,556		2,127		0.08
Navigator Acquiror, Inc.	(4)(7)(9)		L + 5.75	%		9.98 (incl. 5.11 PIK	%  %  )		7/16/2027		16,674		16,612		16,507		0.60
NMSC Holdings, Inc.	(10)		SOFR + 5.25	%		9.67	%		2/23/2029		3,075		3,046		2,532		0.09
Onex TSG Intermediate Corp.	(10)		L + 4.75	%		9.16	%		2/28/2028		1,980		1,993		1,773		0.06
Pathway Vet Alliance, LLC	(8)		L + 3.75	%		8.13	%		3/31/2027		4,955		4,868		4,154		0.15

175

BCRED Emerald JV LP

Consolidated Schedule of Investments

December 31, 2022

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread			Interest Rate (2)(6)			Maturity Date		Par Amount		Cost (3)		Fair Value		% of Net Assets
First Lien Debt (continued)
Health Care Providers & Services (continued)
Pediatric Associates Holding Co., LLC	(7)(9)		L + 3.25	%		7.63	%		12/29/2028		3,709		3,694		3,519		0.13
PetVet Care Centers, LLC	(10)		L + 3.50	%		7.88	%		2/14/2025		6,445		6,292		6,077		0.22
Phoenix Guarantor, Inc.	(8)		L + 3.50	%		7.88	%		3/5/2026		8,425		8,249		7,930		0.29
PSKW Intermediate, LLC	(4)(11)		L + 6.25	%		10.64	%		3/9/2026		36,754		36,754		36,754		1.33
Radnet, Inc.	(10)		L + 3.00	%		7.73	%		4/21/2028		4,270		4,271		4,166		0.15
Reverb Buyer, Inc.	(9)		L + 3.50	%		7.88	%		11/1/2028		3,973		3,939		3,733		0.14
Smile Doctors, LLC	(4)(7)(10)		L + 5.75	%		10.48	%		12/23/2028		147,128		144,323		144,137		5.22
Stepping Stones Healthcare Services, LLC	(4)(7)(10)		L + 5.75	%		10.51	%		1/2/2029		15,379		15,092		14,893		0.54
Surgery Centers Holdings, Inc.	(10)		L + 3.75	%		8.05	%		8/31/2026		8,958		8,790		8,867		0.32
U.S. Anesthesia Partners, Inc.	(9)		L + 4.25	%		8.37	%		10/1/2028		2,970		2,984		2,835		0.10
US Oral Surgery Management Holdco, LLC	(4)(7)(10)		L + 5.50	%		10.18	%		11/18/2027		25,917		25,543		25,617		0.93
WHCG Purchaser III, Inc.	(4)(5)(7)(10)		L + 5.75	%		10.48	%		6/22/2028		6,595		6,457		5,379		0.19
WP CityMD Bidco, LLC	(9)		L + 4.25	%		8.37	%		12/22/2028		7,139		7,028		7,133		0.26
													811,990		801,634		29.03
Health Care Technology
Edifecs, Inc.	(4)(10)		L + 5.50	%		10.23	%		9/21/2026		9,770		9,653		9,672		0.35
Edifecs, Inc.	(4)(11)		L + 7.50	%		12.23	%		9/21/2026		17,899		18,327		18,257		0.66
GI Ranger Intermediate, LLC	(4)(10)		SOFR + 6.00	%		10.73	%		10/29/2028		44,801		44,152		44,129		1.60
Imprivata, Inc.	(10)		SOFR + 4.25	%		8.57	%		12/1/2027		4,975		4,844		4,812		0.17
Netsmart Technologies, Inc.	(10)		L + 4.00	%		8.38	%		10/1/2027		3,932		3,896		3,797		0.14
Project Ruby Ultimate Parent Corp.	(4)(10)		SOFR + 5.75	%		10.07	%		3/10/2028		49,875		48,436		48,379		1.75
Waystar Technologies, Inc.	(8)		L + 4.00	%		8.38	%		10/22/2026		6,949		6,762		6,845		0.25
													136,070		135,891		4.92
Hotels, Restaurants & Leisure
Alterra Mountain Company	(9)		L + 3.50	%		7.88	%		8/17/2028		6,947		6,741		6,880		0.25
Fertitta Entertainment, LLC	(9)		SOFR + 4.00	%		8.32	%		1/27/2029		6,948		6,660		6,619		0.24

176

BCRED Emerald JV LP

Consolidated Schedule of Investments

December 31, 2022

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread			Interest Rate (2)(6)			Maturity Date		Par Amount		Cost (3)		Fair Value		% of Net Assets
First Lien Debt (continued)
Hotels, Restaurants & Leisure (continued)
GVC Finance LLC	(8)		SOFR + 3.50	%		8.18	%		10/31/2029		915		903		912		0.03
GVC Holdings Gibraltar, Ltd.	(11)		L + 4.25	%		8.63	%		3/29/2027		2,977		2,918		2,960		0.11
IRB Holding Corp.	(10)		SOFR + 3.00	%		7.32	%		12/15/2027		7,373		7,199		7,166		0.26
IRB Holding Corp.	(10)		SOFR + 3.00	%		7.32	%		2/5/2025		1,979		1,981		1,965		0.07
Scientific Games Holdings LP	(9)		SOFR + 3.50	%		7.10	%		4/4/2029		1,995		1,896		1,907		0.07
Tacala Investment Corp.	(10)		L + 3.50	%		7.88	%		2/5/2027		7,943		7,789		7,659		0.28
Twin River Worldwide Holdings, Inc.	(9)		L + 3.25	%		7.54	%		10/2/2028		5,360		5,196		4,974		0.18
Whatabrands, LLC	(9)		L + 3.25	%		7.63	%		8/3/2028		8,775		8,489		8,501		0.31
													49,772		49,543		1.80
Household Durables
AI Aqua Merger Sub, Inc.	(7)(9)		SOFR + 3.75	%		8.09	%		7/31/2028		8,540		8,208		8,034		0.29
Fluidra SA	(9)		SOFR + 2.00	%		8.48	%		1/29/2029		1,990		1,985		1,898		0.07
Hunter Douglas, Inc.	(9)		SOFR + 3.50	%		7.86	%		2/26/2029		3,150		3,136		2,788		0.10
													13,329		12,720		0.46
Industrial Conglomerates
Engineered Machinery Holdings, Inc.	(10)		L + 3.75	%		8.48	%		5/19/2028		3,970		3,829		3,850		0.14
FCG Acquisitions, Inc.	(9)		L + 3.75	%		8.48	%		3/31/2028		8,925		8,693		8,509		0.31
SPX Flow, Inc.	(9)		SOFR + 4.50	%		8.92	%		4/5/2029		1,995		1,920		1,869		0.07
Vertical US Newco, Inc.	(9)		L + 3.50	%		6.87	%		7/30/2027		4,060		4,027		3,917		0.14
Victory Buyer, LLC	(4)(9)		L + 3.75	%		8.10	%		11/19/2028		9,962		9,390		8,393		0.30
													27,859		26,538		0.96
Insurance
Alera Group, Inc.	(4)(10)		SOFR + 6.00	%		10.42	%		10/2/2028		46,833		45,929		45,897		1.66
Alliant Holdings Intermediate, LLC	(10)		L + 3.50	%		7.63	%		11/5/2027		1,979		1,968		1,956		0.07
Alliant Holdings Intermediate, LLC	(9)		L + 3.50	%		7.85	%		11/6/2027		2,970		2,985		2,907		0.11
AssuredPartners, Inc.	(9)		SOFR + 3.50	%		7.82	%		2/12/2027		25,061		24,267		24,755		0.90
Baldwin Risk Partners, LLC	(9)		L + 3.50	%		7.79	%		10/14/2027		6,937		6,846		6,781		0.25
BroadStreet Partners, Inc.	(8)		L + 3.00	%		7.38	%		1/27/2027		7,931		7,702		7,707		0.28
Foundation Risk Partners Corp.	(4)(10)		SOFR + 6.00	%		10.68	%		10/29/2028		76,800		76,058		76,032		2.75
Galway Borrower, LLC	(4)(5)(10)		L + 5.25	%		8.99	%		9/30/2028		44,873		43,790		43,751		1.58

177

BCRED Emerald JV LP

Consolidated Schedule of Investments

December 31, 2022

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread			Interest Rate (2)(6)			Maturity Date		Par Amount		Cost (3)		Fair Value		% of Net Assets
First Lien Debt (continued)
Insurance (continued)
High Street Buyer, Inc.	(4)(5)(10)		L + 6.00	%		10.73	%		4/14/2028		6,784		6,735		6,733		0.24
Howden Group Holdings Limited	(10)		L + 3.25	%		7.69	%		11/12/2027		4,485		4,487		4,375		0.16
HUB International Limited	(10)		L + 3.25	%		7.53	%		4/25/2025		8,401		8,207		8,327		0.30
NFP Corp.	(8)		L + 3.25	%		7.63	%		2/15/2027		9,266		8,997		8,886		0.32
PGIS Intermediate Holdings, LLC	(4)(5)(10)		L + 5.50	%		10.63	%		10/16/2028		63,658		61,661		61,589		2.23
RSC Acquisition, Inc.	(4)(5)(10)		SOFR + 5.50	%		10.10	%		10/30/2026		45,925		44,972		44,662		1.62
SG Acquisition, Inc.	(4)(9)		L + 5.00	%		9.17	%		1/27/2027		77,653		77,587		77,653		2.81
USI, Inc.	(9)		L + 3.75	%		8.33	%		11/22/2029		6,874		6,806		6,823		0.25
													428,997		428,834		15.53
Interactive Media & Services
Ancestry.com Operations, Inc	(9)		L + 3.25	%		7.63	%		12/6/2027		2,970		2,974		2,757		0.10
Cengage Learning, Inc.	(11)		L + 4.75	%		7.81	%		7/14/2026		1,485		1,496		1,339		0.05
MH Sub I, LLC	(11)		L + 3.75	%		8.13	%		9/13/2024		7,930		7,798		7,722		0.28
Project Boost Purchaser, LLC	(8)		L + 4.00	%		8.39	%		6/1/2026		6,944		6,772		6,711		0.24
Red Planet Borrower, LLC	(9)		L + 3.75	%		8.13	%		10/2/2028		4,950		4,934		3,123		0.11
SurveyMonkey, Inc.	(8)		L + 3.75	%		8.14	%		10/10/2025		567		566		550		0.02
William Morris Endeavor Entertainment, LLC	(9)		L + 3.75	%		8.14	%		5/18/2025		4,979		4,802		4,885		0.18
													29,342		27,087		0.98
Internet & Direct Marketing Retail
Donuts, Inc.	(4)(7)(11)		SOFR + 6.00	%		10.43	%		12/29/2026		42,454		42,207		42,029		1.52
Prodege International Holdings, LLC	(4)(10)		L + 5.75	%		10.52	%		12/15/2027		21,157		20,842		20,734		0.75
													63,049		62,763		2.27
IT Services
AI Altius Bidco, Inc.	(4)(5)(10)		L + 5.50	%		10.65	%		12/21/2028		38,554		37,809		37,783		1.37
Dcert Buyer, Inc.	(8)		SOFR + 4.00	%		8.70	%		10/16/2026		10,165		9,820		9,842		0.36
Endurance International Group Holdings, Inc.	(10)		L + 3.50	%		7.72	%		2/10/2028		4,459		4,350		4,024		0.15
Park Place Technologies, LLC	(11)		SOFR + 5.00	%		9.42	%		11/10/2027		26,550		25,593		25,106		0.91
Razor Holdco, LLC	(4)(10)		L + 5.75	%		9.42	%		10/25/2027		25,740		25,310		25,225		0.91
Sabre GLBL, Inc.	(9)		L + 3.50	%		7.57	%		12/17/2027		4,962		4,720		4,534		0.16
Sabre GLBL, Inc.	(9)		L + 3.50	%		7.88	%		6/30/2028		4,765		4,536		4,417		0.16
Turing Midco, LLC	(9)		L + 2.75	%		6.88	%		3/24/2028		2,774		2,737		2,754		0.10

178

BCRED Emerald JV LP

Consolidated Schedule of Investments

December 31, 2022

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread			Interest Rate (2)(6)			Maturity Date		Par Amount		Cost (3)		Fair Value		% of Net Assets
First Lien Debt (continued)
IT Services (continued)
Virtusa Corp.	(10)		L + 3.75	%		8.13	%		2/11/2028		1,990		1,933		1,926		0.07
Virtusa Corp.	(10)		L + 3.75	%		8.17	%		2/15/2029		3,970		3,935		3,843		0.14
													120,743		119,454		4.33
Leisure Products
Motion Finco, LLC	(8)		L + 3.25	%		7.98	%		11/12/2026		8,436		8,077		8,068		0.29
Recess Holdings, Inc.	(11)		L + 3.75	%		8.16	%		9/30/2024		2,178		2,176		2,170		0.08
													10,253		10,238		0.37
Life Sciences Tools & Services
Cambrex Corp.	(10)		SOFR + 3.50	%		7.92	%		12/4/2026		5,946		5,869		5,790		0.21
Curia Global, Inc.	(10)		L + 3.75	%		8.16	%		8/30/2026		10,188		9,889		8,440		0.31
													15,758		14,230		0.52
Machinery
Pro Mach Group, Inc.	(11)		L + 4.00	%		8.38	%		8/31/2028		6,095		5,976		5,942		0.22
Media
Clear Channel Outdoor Holdings, Inc.	(8)		L + 3.50	%		7.91	%		8/21/2026		1,980		1,953		1,808		0.07
Radiate Holdco, LLC	(10)		L + 3.25	%		7.63	%		9/25/2026		3,960		3,966		3,235		0.12
Univision Communications, Inc.	(10)		L + 3.25	%		7.63	%		3/15/2026		4,341		4,338		4,286		0.16
UPC Financing Partnership	(11)		L + 3.00	%		7.24	%		1/31/2029		5,500		5,405		5,385		0.19
Virgin Media Bristol, LLC	(11)		L + 3.25	%		7.57	%		1/31/2029		3,500		3,460		3,475		0.13
													19,122		18,189		0.67
Metals & Mining
SCIH Salt Holdings, Inc.	(10)		L + 4.00	%		8.41	%		3/16/2027		3,951		3,911		3,851		0.14
Oil, Gas & Consumable Fuels
CQP Holdco, LP	(9)		L + 3.75	%		8.48	%		6/5/2028		7,925		7,876		7,900		0.29
Eagle Midstream Canada Finance, Inc.	(4)(10)		SOFR + 6.25	%		10.52	%		8/15/2028		25,906		25,542		25,518		0.92
Freeport LNG Investments, LLLP	(9)		L + 3.50	%		7.74	%		12/21/2028		4,932		4,896		4,701		0.17
KKR Alberta Midstrean Finance, Inc.	(4)(10)		SOFR + 6.25	%		10.52	%		8/15/2028		14,094		13,896		13,882		0.50
													52,210		52,001		1.88
Paper & Forest Products
Profile Products, LLC	(4)(10)		L + 5.50	%		10.14	%		11/12/2027		76,192		74,685		74,478		2.69
Pharmaceuticals
ANI Pharmaceuticals, Inc.	(10)		L + 6.00	%		10.38	%		11/19/2027		51,534		49,372		48,957		1.77

179

BCRED Emerald JV LP

Consolidated Schedule of Investments

December 31, 2022

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread			Interest Rate (2)(6)			Maturity Date		Par Amount		Cost (3)		Fair Value		% of Net Assets
First Lien Debt (continued)
Pharmaceuticals (continued)
Jazz Pharmaceuticals, Inc.	(10)		L + 4.75	%		8.49	%		5/5/2028		3,571		3,572		3,545		0.13
													52,944		52,502		1.90
Professional Services
ALKU, LLC	(4)(10)		SOFR + 5.25	%		9.67	%		3/1/2028		18,669		18,590		18,669		0.68
Aqgen Island Holdings, Inc.	(9)		L + 3.50	%		8.25	%		8/2/2028		7,940		7,657		7,606		0.28
Armor Holdco, Inc.	(9)		SOFR + 4.50	%		9.54	%		12/11/2028		4,205		4,127		4,179		0.15
Camelot US Acquisition, LLC	(11)		L + 3.00	%		7.38	%		10/30/2026		3,548		3,475		3,500		0.13
Cast & Crew Payroll, LLC	(9)		SOFR + 3.75	%		8.07	%		12/29/2028		4,950		4,948		4,892		0.18
CFGI Holdings, LLC	(4)(10)		L + 5.00	%		9.39	%		11/2/2027		121,504		121,504		121,504		4.40
Deerfield Dakota Holding, LLC	(11)		SOFR + 3.75	%		8.07	%		4/9/2027		9,916		9,717		9,286		0.34
Galaxy US Opco, Inc.	(9)		SOFR + 4.75	%		9.07	%		4/29/2029		5,000		4,887		4,538		0.16
IG Investments Holdings, LLC	(4)(5)(10)		L + 6.00	%		10.38	%		9/22/2028		136,361		135,703		135,679		4.91
Kwor Acquisition, Inc.	(4)(10)		L + 5.50	%		9.64	%		12/22/2028		92,164		89,047		88,938		3.22
National Intergovernmental Purchasing Alliance Co.	(8)		SOFR + 3.50	%		8.08	%		5/23/2025		4,967		4,924		4,912		0.18
Sherlock Buyer Corp.	(4)(10)		L + 5.75	%		10.48	%		12/8/2028		27,805		27,424		26,832		0.97
The Dun & Bradstreet Corporation	(9)		L + 3.75	%		8.07	%		2/6/2026		8,013		7,745		7,953		0.29
Trans Union, LLC	(9)		L + 2.25	%		6.63	%		12/1/2028		2,389		2,399		2,370		0.09
Trinity Air Consultants Holdings Corp.	(4)(10)		L + 5.25	%		10.18	%		6/29/2027		118,000		116,846		116,820		4.23
VT Topco, Inc.	(7)(10)		L + 3.75	%		8.13	%		8/1/2025		6,059		6,016		5,887		0.21
West Monroe Partners, LLC	(4)(7)(10)		L + 5.50	%		9.84	%		11/8/2028		29,340		28,826		28,593		1.03
													593,835		592,158		21.45
Real Estate Management & Development
Cumming Group, Inc.	(4)(7)(11)		L + 5.25	%		8.92	%		5/26/2027		14,627		14,584		14,140		0.51
Progress Residential PM Holdings, LLC	(4)(7)(10)		SOFR + 6.25	%		10.67	%		2/16/2028		18,138		18,291		18,138		0.66
													32,875		32,278		1.17
Road & Rail
Gruden Acquisition, Inc.	(4)(5)(11)		L + 5.50	%		7.75	%		7/1/2028		81,142		80,165		80,128		2.90

180

BCRED Emerald JV LP

Consolidated Schedule of Investments

December 31, 2022

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread			Interest Rate (2)(6)			Maturity Date		Par Amount		Cost (3)		Fair Value		% of Net Assets
First Lien Debt (continued)
Software
2U, Inc.	(10)		L + 5.75	%		10.16	%		12/30/2024		67,442		65,101		64,956		2.35
Apex Group Treasury LLC	(9)		L + 6.75	%		11.41	%		7/27/2028		22,000		20,680		21,450		0.78
Apex Group Treasury, LLC	(4)(9)		L + 3.75	%		8.26	%		7/27/2028		41,092		38,476		40,045		1.45
Boxer Parent Company, Inc.	(8)		L + 3.75	%		8.13	%		10/2/2025		8,089		7,872		7,764		0.28
Brown Group Holdings, LLC	(11)		L + 2.50	%		6.88	%		6/7/2028		5,953		5,696		5,855		0.21
Cloudera, Inc.	(9)		L + 3.75	%		8.13	%		10/8/2028		8,201		7,914		7,759		0.28
Community Brands ParentCo, LLC	(4)(5)(10)		SOFR + 5.75	%		10.17	%		2/24/2028		75,940		74,480		74,421		2.69
Confine Visual Bidco	(4)(7)(10)		SOFR + 5.75	%		10.05	%		2/23/2029		31,852		30,946		30,158		1.09
ConnectWise, LLC	(9)		L + 3.50	%		7.88	%		9/29/2028		4,455		4,462		4,243		0.15
Delta Topco, Inc.	(10)		SOFR + 3.75	%		8.15	%		12/1/2027		3,970		3,939		3,680		0.13
ECI Macola Max Holding, LLC	(10)		L + 3.75	%		8.48	%		11/9/2027		6,947		6,718		6,686		0.24
EP Purchaser, LLC	(9)		L + 3.25	%		7.63	%		11/6/2028		3,474		3,466		3,443		0.12
Epicor Software Corp.	(10)		L + 3.25	%		7.63	%		7/30/2027		9,911		9,657		9,539		0.35
Flexera Software, LLC	(10)		L + 3.75	%		8.14	%		3/3/2028		5,589		5,469		5,377		0.19
GI Consilio Parent, LLC	(9)		L + 4.00	%		8.38	%		5/12/2028		7,153		7,005		6,785		0.25
GovernmentJobs.com, Inc.	(4)(7)(10)		L + 5.50	%		9.88	%		12/1/2028		23,423		22,927		22,823		0.83
GraphPAD Software, LLC	(4)(11)		L + 5.50	%		6.50	%		4/27/2027		15,557		15,409		15,402		0.56
Greeneden U.S. Holdings II, LLC	(10)		L + 4.00	%		8.38	%		12/1/2027		4,455		4,456		4,287		0.16
HS Purchaser, LLC	(10)		SOFR + 4.00	%		8.19	%		11/19/2026		3,962		3,932		3,582		0.13
Hyland Software, Inc.	(10)		L + 3.50	%		7.88	%		7/1/2024		3,961		3,941		3,916		0.14
Idera, Inc.	(10)		L + 3.75	%		7.50	%		3/2/2028		2,970		2,979		2,808		0.10
Informatica, LLC	(11)		L + 2.75	%		7.19	%		10/27/2028		1,588		1,570		1,562		0.06
ION Trading Finance Ltd.	(8)		L + 4.75	%		9.48	%		4/3/2028		7,803		7,454		7,421		0.27
Ivanti Software, Inc.	(10)		L + 4.00	%		8.73	%		12/1/2027		1,980		1,970		1,568		0.06
LD Lower Holdings, Inc.	(4)(7)(11)		L + 6.50	%		11.23	%		2/8/2026		14,983		14,868		14,758		0.53
Maverick Acquisition, Inc.	(4)(10)		SOFR + 2.50	%		9.28	%		5/18/2028		27,500		26,206		26,125		0.95
Medallia, Inc.	(4)(10)		L + 6.50	%		10.88 (incl. 5.44 PIK	%    %  )		10/29/2028		46,458		45,713		45,529		1.65
Mitnick Purchaser, Inc.	(9)		SOFR + 4.75	%		8.94	%		5/2/2029		4,988		4,965		4,685		0.17

181

BCRED Emerald JV LP

Consolidated Schedule of Investments

December 31, 2022

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread			Interest Rate (2)(6)			Maturity Date		Par Amount		Cost (3)		Fair Value		% of Net Assets
First Lien Debt (continued)
Software (continued)
Monk Holding Co.	(4)(7)(10)		L + 5.50	%		9.67	%		12/1/2027		110,608		108,230		108,578		3.93
MRI Software, LLC	(5)(11)		L + 5.50	%		10.23	%		2/10/2026		10,178		9,890		9,809		0.35
Nintex Topco Limited	(4)(10)		L + 6.00	%		10.73	%		11/13/2028		32,836		32,237		30,702		1.11
NortonLifeLock, Inc.	(9)		SOFR + 2.00	%		6.42	%		9/12/2029		4,000		3,980		3,941		0.14
Perforce Software, Inc.	(8)		L + 3.75	%		8.13	%		7/1/2026		1,342		1,338		1,254		0.05
Project Alpha Intermediate Holding, Inc.	(8)		L + 4.00	%		8.39	%		4/26/2024		2,970		2,965		2,904		0.11
Proofpoint, Inc.	(5)(9)		L + 3.25	%		7.98	%		8/31/2028		8,895		8,560		8,575		0.31
Quest Software US Holdings, Inc.	(9)		SOFR + 4.25	%		8.49	%		2/1/2029		3,990		3,955		3,096		0.11
RealPage, Inc.	(9)		L + 3.00	%		7.38	%		4/24/2028		7,932		7,713		7,559		0.27
Relativity ODA, LLC	(4)(7)(11)		L + 10.55	%		11.89 (incl. 11.55 PIK	%    %  )		5/12/2027		53,210		52,472		52,403		1.90
Rocket Software, Inc.	(8)		L + 4.25	%		8.63	%		11/28/2025		1,492		1,440		1,438		0.05
Rocket Software, Inc.	(9)		L + 4.25	%		8.63	%		11/28/2025		5,434		5,286		5,247		0.19
S2P Acquisition Borrower, Inc.	(8)		SOFR + 4.00	%		8.32	%		8/14/2026		4,959		4,912		4,831		0.17
SolarWinds Holdings Inc.	(10)		SOFR + 4.00	%		8.32	%		2/5/2027		2,930		2,930		2,906		0.11
Sophia, LP	(9)		L + 3.50	%		8.23	%		10/7/2027		9,925		9,561		9,602		0.35
Sovos Compliance, LLC	(9)		L + 4.50	%		8.88	%		8/11/2028		3,965		3,964		3,663		0.13
SS&C Technologies, Inc.	(9)		SOFR + 2.25	%		6.67	%		3/22/2029		4,265		4,169		4,197		0.15
Stamps.com, Inc.	(4)(10)		L + 5.75	%		10.13	%		10/5/2028		29,775		29,264		29,031		1.05
Stamps.com, Inc.	(4)(10)		L + 5.75	%		10.13	%		10/5/2028		29,775		29,264		29,031		1.05
Surf Holdings, LLC	(8)		L + 3.50	%		8.23	%		3/5/2027		4,958		4,886		4,820		0.17
Symphony Technology Group	(5)(10)		L + 4.75	%		9.17	%		7/27/2028		1,985		1,989		1,709		0.06
Symphony Technology Group	(5)(9)		SOFR + 3.75	%		7.97	%		3/1/2029		5,970		5,863		5,573		0.20
The Ultimate Software Group, Inc.	(9)		L + 3.25	%		7.00	%		5/4/2026		9,174		8,928		8,750		0.32
Triple Lift, Inc.	(4)(7)(10)		SOFR + 5.50	%		10.12	%		5/5/2028		60,795		60,203		59,553		2.15
Vision Solutions, Inc.	(10)		L + 4.00	%		8.36	%		4/24/2028		6,019		5,963		5,000		0.18
VS Buyer, LLC	(11)		L + 3.00	%		7.38	%		2/28/2027		3,057		3,016		2,979		0.11
													861,249		853,778		30.89
Specialty Retail
CustomInk, LLC	(4)(11)		L + 6.18	%		7.18	%		5/3/2026		36,866		36,508		36,866		1.33
EG Dutch Finco BV	(8)		L + 4.00	%		8.73	%		2/7/2025		5,961		5,732		5,644		0.20
													42,240		42,510		1.53

182

BCRED Emerald JV LP

Consolidated Schedule of Investments

December 31, 2022

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread			Interest Rate (2)(6)			Maturity Date		Par Amount		Cost (3)		Fair Value		% of Net Assets
First Lien Debt (continued)
Technology Hardware, Storage & Peripherals
Lytx, Inc.	(4)(11)		SOFR + 6.75	%		11.17	%		2/28/2026		29,237		29,125		28,067		1.02
Trading Companies & Distributors
Core and Main, LP	(11)		SOFR + 2.50	%		7.42	%		7/27/2028		3,980		3,898		3,940		0.14
Foundation Building Materials, Inc.	(9)		L + 3.25	%		7.66	%		1/31/2028		6,940		6,700		6,587		0.24
Icebox Holdco III, Inc.	(9)		L + 3.50	%		8.23	%		12/22/2028		5,953		5,888		5,514		0.20
LBM Acquisition, LLC	(10)		L + 3.75	%		7.12	%		12/17/2027		3,960		3,958		3,451		0.12
Park River Holdings, Inc.	(10)		L + 3.25	%		6.99	%		12/28/2027		3,403		3,349		2,991		0.11
Porcelain Acquisition Corp.	(4)(7)(11)		L + 5.75	%		10.48	%		4/1/2027		8,783		8,593		8,721		0.32
Specialty Building Products Holdings, LLC	(9)		L + 3.25	%		7.64	%		10/15/2028		1,985		1,996		1,794		0.06
SRS Distribution, Inc.	(9)		SOFR + 3.50	%		7.92	%		6/2/2028		9,930		9,713		9,517		0.34
The Cook & Boardman Group, LLC	(11)		SOFR + 5.75	%		9.99	%		10/17/2025		46,970		44,734		40,101		1.45
													88,829		82,616		2.98
Transportation Infrastructure
First Student Bidco, Inc.	(9)		L + 3.00	%		7.73	%		7/21/2028		3,093		3,088		2,805		0.10
Froneri International PLC	(11)		L + 2.25	%		6.63	%		1/29/2027		4,918		4,787		4,796		0.17
Frontline Road Safety, LLC	(4)(10)		L + 5.75	%		6.68	%		5/3/2027		13,251		12,854		12,456		0.45
Roadsafe Holdings, Inc.	(4)(11)		L + 5.75	%		10.87	%		10/19/2027		18,856		18,670		18,668		0.68
													39,399		38,725		1.40
Wireless Telecommunication Services
CCI Buyer, Inc.	(10)		SOFR + 4.00	%		8.58	%		12/17/2027		6,745		6,574		6,462		0.23
Total First Lien Debt													5,521,131		5,460,255		197.58
Second Lien Debt
Diversified Consumer Services
Ascend Learning, LLC	(9)		L + 3.50	%		7.88	%		12/10/2029		5,301		4,705		4,588		0.17

183

BCRED Emerald JV LP

Consolidated Schedule of Investments

December 31, 2022

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread			Interest Rate (2)(6)			Maturity Date		Par Amount		Cost (3)		Fair Value		% of Net Assets
Second Lien Debt (continued)
Health Care Providers & Services
Canadian Hospital Specialties Ltd.	(4)(5)(8)		8.75	%		8.75	%		4/15/2029		CAD 12,000		8,117		8,170		0.30
Jayhawk Buyer, LLC	(4)(11)		L + 8.75	%		13.17	%		10/15/2027		24,712		24,530		24,527		0.89
													32,647		32,697		1.19
Industrial Conglomerates
Victory Buyer, LLC	(4)(9)		L + 7.00	%		11.35	%		11/1/2029		66,704		65,449		57,199		2.07
Life Sciences Tools & Services
Curia Global, Inc.	(4)(10)		L + 6.50	%		10.91	%		8/31/2029		37,847		37,028		29,521		1.07
Phoenix Newco, Inc.	(4)(9)		L + 6.50	%		10.88	%		11/15/2029		37,847		37,027		36,995		1.34
													74,055		66,516		2.41
Software
Apex Group Treasury, LLC	(4)(9)		L + 6.75	%		11.48	%		7/27/2029		3,622		3,639		3,486		0.13
Apex Group Treasury, LLC	(9)		L + 3.75	%		8.26	%		7/27/2028		34,225		34,389		32,941		1.19
Proofpoint, Inc.	(5)(9)		L + 3.25	%		7.98	%		8/31/2028		37,847		36,913		36,538		1.32
Vision Solutions, Inc.	(5)(10)		L + 7.25	%		11.61	%		4/23/2029		37,847		32,460		28,231		1.02
													107,401		101,196		3.66
Total Second Lien Debt													284,257		262,196		9.49
Bonds
Aerospace & Defense
Howmet Aerospace Inc	(8)		5.90	%		5.90	%		2/1/2027		1,360		1,389		1,355		0.05
Automobiles
Ford Motor Co	(8)		4.13	%		4.13	%		8/4/2025		2,610		2,505		2,449		0.09
Banks
Barclays PLC	(8)		5.20	%		5.20	%		5/12/2026		2,570		2,540		2,502		0.09
Barclays PLC	(8)		4.84	%		4.84	%		5/9/2028		860		812		794		0.03
Barclays PLC	(8)		2.85	%		2.85	%		5/7/2026		2,100		1,961		1,953		0.07
Huntington Bancshares Inc	(8)		4.44	%		4.44	%		8/4/2028		620		598		592		0.02
Lloyds Banking Group PLC	(8)		4.65	%		4.65	%		3/24/2026		5,000		4,849		4,794		0.17
Synchrony Bank	(8)		5.40	%		5.40	%		8/22/2025		5,000		4,946		4,912		0.18
Synovus Financial Corp	(8)		5.20	%		5.20	%		8/11/2025		100		99		99		0.00
													15,805		15,646		0.56

184

BCRED Emerald JV LP

Consolidated Schedule of Investments

December 31, 2022

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread			Interest Rate (2)(6)			Maturity Date		Par Amount		Cost (3)		Fair Value		% of Net Assets
Bonds (continued)
Building Products
Trane Technologies Luxembourg Finance SA	(8)		3.80	%		3.80	%		3/21/2029		460		432		424		0.02
Capital Markets
FactSet Research Systems Inc	(8)		2.90	%		2.90	%		3/1/2027		1,810		1,672		1,646		0.06
Jefferies Financial Group Inc.	(8)		4.15	%		4.15	%		1/23/2030		2,650		2,424		2,372		0.09
MSCI Inc.	(8)		4.00	%		4.00	%		11/15/2029		200		183		175		0.01
Nomura Holdings Inc	(8)		1.65	%		1.65	%		7/14/2026		2,250		1,986		1,961		0.07
Nomura Holdings Inc	(8)		2.33	%		2.33	%		1/22/2027		1,270		1,134		1,114		0.04
StoneX Group Inc.	(8)		8.63	%		8.63	%		6/15/2025		1,740		1,777		1,760		0.06
													9,176		9,028		0.33
Chemicals
Ingevity Corp	(8)		3.88	%		3.88	%		11/1/2028		480		421		414		0.01
Minerals Technologies Inc.	(8)		5.00	%		5.00	%		7/1/2028		1,240		1,123		1,107		0.04
Westlake Corp	(8)		3.60	%		3.60	%		8/15/2026		3,400		3,235		3,199		0.12
													4,779		4,720		0.17
Commercial Services & Supplies
Clean Harbors Inc.	(8)		4.88	%		4.88	%		7/15/2027		740		718		702		0.03
Communications Equipment
Juniper Networks Inc	(8)		3.75	%		3.75	%		8/15/2029		2,230		2,029		1,992		0.07
Motorola Solutions Inc	(8)		4.60	%		4.60	%		5/23/2029		4,110		4,018		3,920		0.14
													6,047		5,912		0.21
Construction & Engineering
Fluor Corp	(8)		4.25	%		4.25	%		9/15/2028		1,870		1,719		1,686		0.06
Quanta Services Inc	(8)		0.95	%		0.95	%		10/1/2024		1,830		1,695		1,686		0.06
													3,414		3,372		0.12
Consumer Finance
FirstCash Inc	(8)		5.63	%		5.63	%		1/1/2030		3,460		3,216		3,084		0.11
Navient Corp	(8)		6.75	%		6.75	%		6/25/2025		4,060		4,011		3,904		0.14
Navient Corp	(8)		4.88	%		4.88	%		3/15/2028		460		393		379		0.01
OneMain Finance Corp	(8)		6.88	%		6.88	%		3/15/2025		3,070		3,040		2,956		0.11
PRA Group Inc	(8)		5.00	%		5.00	%		10/1/2029		860		727		711		0.03
SLM Corp	(8)		4.20	%		4.20	%		10/29/2025		240		227		220		0.01
													11,614		11,254		0.41

185

BCRED Emerald JV LP

Consolidated Schedule of Investments

December 31, 2022

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread			Interest Rate (2)(6)			Maturity Date		Par Amount		Cost (3)		Fair Value		% of Net Assets
Bonds (continued)
Containers & Packaging
Berry Global, Inc.	(8)		1.65	%		1.65	%		1/15/2027		3,320		2,872		2,844		0.10
OI European Group BV	(8)		4.75	%		4.75	%		2/15/2030		550		491		482		0.02
TriMas Corp	(8)		4.13	%		4.13	%		4/15/2029		150		133		131		0.00
													3,496		3,457		0.12
Diversified Consumer Services
Block Financial LLC	(8)		2.50	%		2.50	%		7/15/2028		3,220		2,796		2,743		0.10
Prime Security Services Borrower LLC	(8)		5.75	%		5.75	%		4/15/2026		2,800		2,783		2,701		0.10
Service Corp International	(8)		4.63	%		4.63	%		12/15/2027		3,900		3,712		3,650		0.13
													9,291		9,094		0.33
Electric Utilities
NextEra Energy Operating Partners LP	(8)		4.25	%		4.25	%		7/15/2024		180		177		175		0.01
Electronic Equipment, Instruments & Components
Avnet Inc	(8)		4.63	%		4.63	%		4/15/2026		1,990		1,937		1,917		0.07
CDW LLC	(8)		2.67	%		2.67	%		12/1/2026		1,740		1,572		1,548		0.06
CDW LLC	(8)		3.28	%		3.28	%		12/1/2028		4,280		3,733		3,672		0.13
Flex Ltd	(8)		4.88	%		4.88	%		6/15/2029		5,000		4,769		4,715		0.17
Jabil Inc	(8)		4.25	%		4.25	%		5/15/2027		5,000		4,798		4,736		0.17
Teledyne Technologies Inc	(8)		1.60	%		1.60	%		4/1/2026		1,340		1,209		1,200		0.04
TTM Technologies Inc	(8)		4.00	%		4.00	%		3/1/2029		630		560		541		0.02
													18,578		18,329		0.66
Energy Equipment & Services
Enerflex Ltd	(8)		9.00	%		9.00	%		10/15/2027		2,920		2,964		2,916		0.11
Equity Real Estate Investment
EPR Properties	(8)		4.95	%		4.95	%		4/15/2028		430		380		368		0.01
Equity Real Estate Investment Trusts (REITs)
Brixmor Operating Partnership LP	(8)		4.13	%		4.13	%		6/15/2026		3,780		3,609		3,569		0.13
Iron Mountain Inc	(8)		4.88	%		4.88	%		9/15/2027		2,670		2,535		2,460		0.09
Iron Mountain Inc	(8)		5.25	%		5.25	%		3/15/2028		1,120		1,065		1,032		0.04

186

BCRED Emerald JV LP

Consolidated Schedule of Investments

December 31, 2022

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread			Interest Rate (2)(6)			Maturity Date		Par Amount		Cost (3)		Fair Value		% of Net Assets
Bonds (continued)
Equity Real Estate Investment Trusts (REITs) (continued)
Service Corp International	(8)		7.50	%		7.50	%		9/15/2025		3,910		3,829		3,731		0.14
													11,038		10,792		0.40
Food Products
Campbell Soup Co	(8)		4.15	%		4.15	%		3/15/2028		880		857		842		0.03
Conagra Brands Inc	(8)		4.85	%		4.85	%		11/1/2028		700		696		684		0.02
Conagra Brands Inc	(8)		1.38	%		1.38	%		11/1/2027		2,580		2,187		2,153		0.08
Lamb Weston Holdings Inc	(8)		4.88	%		4.88	%		5/15/2028		2,820		2,726		2,677		0.10
													6,466		6,356		0.23
Gas Utilities
Superior General Partner Inc	(8)		4.50	%		4.50	%		3/15/2029		330		290		283		0.01
Health Care Providers & Services
Centene Corp	(8)		4.25	%		4.25	%		12/15/2027		2,330		2,226		2,190		0.08
HCA Inc.	(8)		4.50	%		4.50	%		2/15/2027		5,360		5,224		5,174		0.19
Molina Healthcare Inc	(8)		4.38	%		4.38	%		6/15/2028		120		112		110		0.00
Universal Health Services Inc	(8)		1.65	%		1.65	%		9/1/2026		2,560		2,229		2,198		0.08
													9,791		9,672		0.35
Hotels, Restaurants & Leisure
Hilton Domestic Operating Co Inc	(8)		3.75	%		3.75	%		5/1/2029		400		359		347		0.01
Hyatt Hotels Corp	(8)		4.38	%		4.38	%		9/15/2028		4,220		3,933		3,869		0.14
New Red Finance Inc	(8)		3.88	%		3.88	%		1/15/2028		2,080		1,923		1,865		0.07
New Red Finance Inc	(8)		3.50	%		3.50	%		2/15/2029		2,900		2,559		2,491		0.09
Vail Resorts Inc	(8)		6.25	%		6.25	%		5/15/2025		940		952		942		0.03
Yum! Brands Inc	(8)		4.75	%		4.75	%		1/15/2030		1,680		1,595		1,544		0.06
													11,321		11,058		0.40
Household Durables
D.R. Horton Inc	(8)		1.30	%		1.30	%		10/15/2026		3,860		3,370		3,324		0.12
Lennar Corp	(8)		4.75	%		4.75	%		11/29/2027		1,830		1,789		1,767		0.06
LGI Homes Inc	(8)		4.00	%		4.00	%		7/15/2029		790		622		611		0.02
M/I Homes Inc	(8)		3.95	%		3.95	%		2/15/2030		560		448		453		0.02
Meritage Homes Corp	(8)		3.88	%		3.88	%		4/15/2029		1,100		955		934		0.03

187

BCRED Emerald JV LP

Consolidated Schedule of Investments

December 31, 2022

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread			Interest Rate (2)(6)			Maturity Date		Par Amount		Cost (3)		Fair Value		% of Net Assets
Bonds (continued)
Household Durables (continued)
Taylor Morrison Communities Inc	(8)		5.88	%		5.88	%		6/15/2027		640		640		616		0.02
Taylor Morrison Communities Inc	(8)		5.75	%		5.75	%		1/15/2028		840		815		788		0.03
Tempur Sealy International Inc	(8)		4.00	%		4.00	%		4/15/2029		1,920		1,680		1,616		0.06
Toll Brothers Finance Corp	(8)		4.88	%		4.88	%		3/15/2027		5,120		4,905		4,896		0.18
													15,224		15,005		0.54
Independent Power and Renewable Electricity Producers
DPL INC	(8)		4.13	%		4.13	%		7/1/2025		2,260		2,174		2,127		0.08
Drax Finco PLC	(8)		6.63	%		6.63	%		11/1/2025		2,450		2,367		2,345		0.08
													4,541		4,472		0.16
Industrial Conglomerates
Icahn Enterprises LP	(8)		4.75	%		4.75	%		9/15/2024		1,180		1,154		1,134		0.04
Icahn Enterprises LP	(8)		5.25	%		5.25	%		5/15/2027		3,520		3,329		3,231		0.12
													4,483		4,365		0.16
Insurance
Willis North America Inc	(8)		4.65	%		4.65	%		6/15/2027		2,820		2,769		2,728		0.10
IT Services
CGI Inc	(8)		1.45	%		1.45	%		9/14/2026		2,190		1,952		1,940		0.07
Gartner Inc.	(8)		3.63	%		3.63	%		6/15/2029		4,100		3,714		3,608		0.13
													5,666		5,548		0.20
Machinery
Allison Transmission Inc	(8)		4.75	%		4.75	%		10/1/2027		820		777		762		0.03
Allison Transmission Inc	(8)		5.88	%		5.88	%		6/1/2029		3,470		3,389		3,265		0.12
CNH Industrial NV	(8)		3.85	%		3.85	%		11/15/2027		2,370		2,251		2,224		0.08
Weir Group PLC	(8)		2.20	%		2.20	%		5/13/2026		3,810		3,449		3,383		0.12
													9,866		9,634		0.35
Media
Sirius XM Radio Inc	(8)		5.00	%		5.00	%		8/1/2027		4,460		4,245		4,132		0.15
Metals & Mining
Carpenter Technology Corp	(8)		6.38	%		6.38	%		7/15/2028		3,280		3,179		3,125		0.11
FMG Resources August 2006 Pty Ltd	(8)		5.88	%		5.88	%		4/15/2030		2,880		2,752		2,687		0.10
Freeport-McMoRan Inc	(8)		4.13	%		4.13	%		3/1/2028		5,000		4,697		4,633		0.17

188

BCRED Emerald JV LP

Consolidated Schedule of Investments

December 31, 2022

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread			Interest Rate (2)(6)			Maturity Date		Par Amount		Cost (3)		Fair Value		% of Net Assets
Bonds (continued)
Media (continued)
Mineral Resources Ltd	(8)		8.00	%		8.00	%		11/1/2027		4,300		4,487		4,403		0.16
Steel Dynamics Inc	(8)		3.45	%		3.45	%		4/15/2030		4,620		4,169		4,073		0.15
													19,284		18,921		0.69
Mortgage Real Estate Investment Trusts (REITs)
Starwood Property Trust Inc	(8)		3.75	%		3.75	%		12/31/2024		4,640		4,476		4,362		0.16
Multiline Retail
Macy’s Retail Holdings LLC	(8)		5.88	%		5.88	%		3/15/2030		520		470		452		0.02
Oil, Gas & Consumable Fuels
Antero Midstream Partners LP	(8)		5.75	%		5.75	%		3/1/2027		3,590		3,524		3,400		0.12
Crestwood Midstream Partners LP	(8)		5.63	%		5.63	%		5/1/2027		1,500		1,437		1,398		0.05
DCP Midstream Operating LP	(8)		5.38	%		5.38	%		7/15/2025		2,880		2,887		2,858		0.10
DCP Midstream Operating LP	(8)		5.63	%		5.63	%		7/15/2027		2,270		2,302		2,256		0.08
EnLink Midstream Partners LP	(8)		4.85	%		4.85	%		7/15/2026		1,640		1,583		1,544		0.06
Hess Corp	(8)		4.30	%		4.30	%		4/1/2027		3,790		3,670		3,625		0.13
Hess Midstream Operations LP	(8)		5.13	%		5.13	%		6/15/2028		2,810		2,664		2,603		0.09
Holly Energy Partners LP	(8)		6.38	%		6.38	%		4/15/2027		4,120		4,156		4,053		0.15
Matador Resources Co	(8)		5.88	%		5.88	%		9/15/2026		2,170		2,119		2,090		0.08
NuStar Logistics LP	(8)		6.00	%		6.00	%		6/1/2026		2,750		2,710		2,653		0.10
ONEOK Inc	(8)		4.55	%		4.55	%		7/15/2028		2,420		2,330		2,289		0.08
PBF Holding Co LLC	(8)		7.25	%		7.25	%		6/15/2025		4,400		4,330		4,355		0.16
Phillips 66 Partners LP	(8)		3.75	%		3.75	%		3/1/2028		3,150		2,959		2,905		0.11
Spectra Energy Partners LP	(8)		3.38	%		3.38	%		10/15/2026		470		445		438		0.02
Sunoco LP	(8)		4.50	%		4.50	%		5/15/2029		3,010		2,738		2,637		0.10
													39,854		39,104		1.43
Paper & Forest Products
Louisiana-Pacific Corp	(8)		3.63	%		3.63	%		3/15/2029		1,910		1,687		1,658		0.06

189

BCRED Emerald JV LP

Consolidated Schedule of Investments

December 31, 2022

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread			Interest Rate (2)(6)			Maturity Date		Par Amount		Cost (3)		Fair Value		% of Net Assets
Bonds (continued)
Personal Products
Edgewell Personal Care Co	(8)		5.50	%		5.50	%		6/1/2028		820		785		768		0.03
Pharmaceuticals
Royalty Pharma PLC	(8)		1.75	%		1.75	%		9/2/2027		680		587		577		0.02
Professional Services
Booz Allen Hamilton Inc	(8)		3.88	%		3.88	%		9/1/2028		4,320		3,972		3,835		0.14
Real Estate Management & Development
Howard Hughes Corp	(8)		5.38	%		5.38	%		8/1/2028		2,250		2,080		2,031		0.07
Howard Hughes Corp	(8)		4.13	%		4.13	%		2/1/2029		180		156		151		0.01
													2,236		2,182		0.08
Road & Rail
Ryder System Inc	(8)		4.30	%		4.30	%		6/15/2027		1,000		969		959		0.03
Semiconductors & Semiconductor Equipment
Broadcom Corp	(8)		3.88	%		3.88	%		1/15/2027		5,450		5,219		5,163		0.19
ON Semiconductor Corp	(8)		3.88	%		3.88	%		9/1/2028		150		136		131		0.00
Qorvo Inc	(8)		1.75	%		1.75	%		12/15/2024		4,770		4,414		4,399		0.16
													9,769		9,693		0.35
Software
Fair Isaac Corp	(8)		4.00	%		4.00	%		6/15/2028		4,770		4,404		4,337		0.16
Oracle Corp	(8)		2.80	%		2.80	%		4/1/2027		1,150		1,059		1,048		0.04
Tangerine Bidco SPA	(4)(8)		6.50	%		6.50	%		12/30/2029		EUR 66,000		67,855		68,325		2.47
TeamSystem SpA	(4)(8)		6.50	%		6.50	%		2/15/2028		EUR 35,000		33,348		36,325		1.31
													106,666		110,035		3.98
Specialty Retail
Abercrombie & Fitch Management Co	(8)		8.75	%		8.75	%		7/15/2025		1,700		1,700		1,669		0.06
Asbury Automotive Group, Inc.	(8)		4.75	%		4.75	%		3/1/2030		660		573		553		0.02
Bath & Body Works Inc	(8)		9.38	%		9.38	%		7/1/2025		2,410		2,618		2,577		0.09
Foot Locker Inc	(8)		4.00	%		4.00	%		10/1/2029		440		370		343		0.01
Gap Inc	(8)		3.63	%		3.63	%		10/1/2029		1,940		1,538		1,371		0.05
Sonic Automotive Inc	(8)		4.63	%		4.63	%		11/15/2029		440		372		353		0.01
													7,171		6,866		0.24

190

BCRED Emerald JV LP

Consolidated Schedule of Investments

December 31, 2022

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread			Interest Rate (2)(6)			Maturity Date		Par Amount		Cost (3)		Fair Value		% of Net Assets
Bonds (continued)
Technology Hardware, Storage & Peripherals
VMware Inc	(8)		3.90	%		3.90	%		8/21/2027		3,030		2,874		2,833		0.10
Xerox Holdings Corp	(8)		5.50	%		5.50	%		8/15/2028		1,680		1,436		1,347		0.05
													4,310		4,180		0.15
Textiles, Apparel & Luxury Goods
PVH Corp	(8)		4.63	%		4.63	%		7/10/2025		1,810		1,765		1,749		0.06
Thrifts & Mortgage Finance
MGIC Investment Corp	(8)		5.25	%		5.25	%		8/15/2028		1,620		1,533		1,496		0.05
NMI Holdings Inc	(8)		7.38	%		7.38	%		6/1/2025		2,060		2,116		2,084		0.08
Radian Group Inc	(8)		6.63	%		6.63	%		3/15/2025		2,850		2,857		2,816		0.10
													6,506		6,396		0.23
Trading Companies & Distributors
Air Lease Corp	(8)		1.88	%		1.88	%		8/15/2026		5,030		4,447		4,375		0.16
GATX Corp	(8)		3.25	%		3.25	%		9/15/2026		270		254		251		0.01
													4,701		4,626		0.17
Trading Companies & Distributors
AerCap Ireland Capital DAC / AerCap Global Aviation Trust	(8)		3.88	%		3.88	%		1/23/2028		2,850		2,608		2,568		0.09
AerCap Ireland Capital DAC / AerCap Global Aviation Trust	(8)		4.63	%		4.63	%		10/15/2027		2,280		2,165		2,121		0.08
AerCap Ireland Capital DAC / AerCap Global Aviation Trust	(8)		3.00	%		3.00	%		10/29/2028		540		467		453		0.02
United Rentals North America Inc	(8)		4.88	%		4.88	%		1/15/2028		1,800		1,747		1,710		0.06
													6,987		6,852		0.25
Total Bonds													398,660		396,461		14.35
Equity
Aerospace & Defense
Loar Acquisition 13, LLC - Common Units	(4)										2,547,048		4,305		5,680		0.21

191

BCRED Emerald JV LP

Consolidated Schedule of Investments

December 31, 2022

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread	Interest Rate (2)(6)			Maturity Date	Par Amount		Cost (3)		Fair Value		% of Net Assets
Equity (continued)
Air Freight & Logistics
AGI Group Holdings LP - A2 Units	(4)							194		208		155		0.01
Mode Holdings, L.P. - Class A-2 Common Units	(4)							1,230,769		2,215		2,400		0.09
										2,423		2,555		0.10
Distributors
Box Co-Invest Blocker, LLC	(4)							780,000		780		694		0.03
Diversified Consumer Services
Cambium Holdings, LLC - Senior Preferred Interests	(4)			11.50	%			974,662		1,133		1,184		0.04
Deneb Ultimate Topco, LLC - Class A Units	(4)							728		728		575		0.02
										1,861		1,759		0.06
Health Care Providers & Services
Jayhawk Holdings, LP - A-1 Common Units	(4)							797		210		227		0.01
Jayhawk Holdings, LP - A-2 Common Units	(4)							429		113		122		0.00
										323		349		0.01
Software
Lobos Parent, Inc. - Series A Preferred Shares	(4)			10.50	%			5,773		5,700		6,134		0.22
Transportation Infrastructure
Frontline Road Safety Investments, LLC - Class A Common Units	(4)							3,936		376		275		0.01
Equity Total										15,768		17,446		0.63
Total Investments—non- controlled/non-affiliated										6,219,816		6,136,358		222.04

192

BCRED Emerald JV LP

Consolidated Schedule of Investments

December 31, 2022

(in thousands)

(Unaudited)

Investments (1)	Footnotes	Reference Rate and Spread	Interest Rate (2)(6)	Maturity Date	Par Amount		Cost (3)		Fair Value		% of Net Assets
Equity (continued)
Total Investments—non-controlled/affiliated
Distributors
GSO DL Co-Invest EIS LP (EIS Acquisition Holdings, LP) - Class A Common Units	(4)(14)					502,415		1,828		3,190		0.12
Total Equity								1,828		3,190		0.12
Total Investments—non- controlled/affiliated								1,828		3,190		0.12
Investments—controlled/affiliated
Equity
Specialty Retail
GSO DL CoInvest CI LP (CustomInk, LLC) - Series A Preferred Units	(4)(14)					3,000,000		3,542		3,762		0.14	%
Total Equity								3,542		3,762		0.14
Total Investments—controlled/affiliated								3,542		3,762		0.14
Total Investment Portfolio								6,225,186		6,143,310		222.29
Cash and Cash Equivalents
State Street Institutional U.S. Government Money Market Fund								5,107		5,107		0.18	%
Other Cash and Cash Equivalents								118,005		118,005		4.27
Total Portfolio Investments, Cash and Cash Equivalents							$	6,348,298	$	6,266,422		226.75	%

(1) Unless otherwise indicated, issuers of 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, 2022, the Company had investments denominated in Canadian Dollars (CAD) and Euros (EUR). 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 LIBOR (“L”), Canadian Dollar Offered Rate (“CDOR” or “C”), Sterling Overnight Interbank Average Rate

193

BCRED Emerald JV LP

Consolidated Schedule of Investments

December 31, 2022

(in thousands)

(Unaudited)

(“SONIA” or “S”), Euro Interbank Offer Rate (“Euribor” or “E”), Secured Overnight Financing Rate (“SOFR”), 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, 2022. Variable rate loans typically include an interest reference rate floor feature. For each such loan, the Company has provided the interest rate in effect on the date presented.

(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 (“U.S. GAAP”).

(4) These investments were valued using unobservable inputs and are considered Level 3 investments.

(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.

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

(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—non-controlled/ non-affiliated	Commitment Type		Commitment Expiration Date		Unfunded Commitment		Fair Value
First Lien Debt
ADCS Clinics Intermediate Holdings, LLC		Revolver		5/7/2027	$	781	$	(16	)
ADCS Clinics Intermediate Holdings, LLC		Delayed Draw Term Loan		5/7/2023		489		—
AI Aqua Merger Sub, Inc.		Delayed Draw Term Loan		7/31/2028		519		—
Barbri Holdings, Inc.		Delayed Draw Term Loan		4/28/2023		1,363		—
Bazaarvoice, Inc.		Revolver		5/7/2026		2,123		—
Monk Holding Co.		Delayed Draw Term Loan		8/12/2023		7,311		—
Cambium Learning Group, Inc.		Revolver		7/20/2028		3,249		—
CCBlue Bidco, Inc.		Delayed Draw Term Loan		12/21/2023		2,832		—
Confine Visual Bidco		Delayed Draw Term Loan		3/11/2024		6,094		—
CPI Buyer, LLC		Delayed Draw Term Loan		5/1/2023		7,175		—
CPI Buyer, LLC		Revolver		11/1/2026		2,974		(59	)
CSHC Buyerco, LLC		Delayed Draw Term Loan		9/8/2026		3,511		(53	)
Cumming Group, Inc.		Delayed Draw Term Loan		5/26/2027		1,150		—
Cumming Group, Inc.		Revolver		5/26/2027		1,776		—
DCA Investment Holdings, LLC		Delayed Draw Term Loan		4/3/2028		44		—
Donuts, Inc.		Delayed Draw Term Loan		12/29/2027		5,874		—
Express Wash Concepts, LLC		Delayed Draw Term Loan		4/30/2027		14,500		—
Forefront Management Holdings, LLC		Delayed Draw Term Loan		3/23/2029		132		—
GovernmentJobs.com, Inc.		Revolver		11/30/2027		2,566		(51	)
GovernmentJobs.com, Inc.		Delayed Draw Term Loan		11/30/2023		8,018		(80	)
Java Buyer, Inc.		Delayed Draw Term Loan		12/15/2023		3,414		—

194

BCRED Emerald JV LP

Consolidated Schedule of Investments

December 31, 2022

(in thousands)

(Unaudited)

Investments—non-controlled/ non-affiliated	Commitment Type		Commitment Expiration Date		Unfunded Commitment		Fair Value
Knowledge Pro Buyer, Inc.		Delayed Draw Term Loan		12/10/2023		1,939		(15	)
Knowledge Pro Buyer, Inc.		Revolver		12/10/2027		2,094		—
Latham Pool Products, Inc.		Delayed Draw Term Loan		2/18/2029		11,250		(942	)
LD Lower Holdings, Inc.		Delayed Draw Term Loan		2/8/2023		2,542		—
Navigator Acquiror, Inc.		Delayed Draw Term Loan		7/16/2023		3,686		—
New Arclin US Holding Corp.		Delayed Draw Term Loan		9/22/2028		202		(24	)
Pediatric Associates Holding Co., LLC		Delayed Draw Term Loan		12/29/2028		263		—
Porcelain Acquisition Corp.		Delayed Draw Term Loan		4/1/2027		2,115		(62	)
Progress Residential PM Holdings, LLC		Delayed Draw Term Loan		3/17/2023		3,721		—
Qualus Power Services Corp.		Delayed Draw Term Loan		3/26/2023		1,442		—
Refficiency Holdings, LLC		Delayed Draw Term Loan		12/16/2027		1		—
Relativity ODA, LLC		Revolver		5/12/2027		538		(8	)
RWL Holdings, LLC		Delayed Draw Term Loan		12/1/2027		5,185		(52	)
Smile Doctors, LLC		Revolver		12/23/2027		2,425		—
Stepping Stones Healthcare Services, LLC		Delayed Draw Term Loan		12/30/2023		2,139		—
Stepping Stones Healthcare Services, LLC		Revolver		12/30/2026		507		—
Triple Lift, Inc.		Revolver		5/6/2028		1,321		—
US Oral Surgery Management Holdco, LLC		Delayed Draw Term Loan		11/18/2023		2,160		—
US Oral Surgery Management Holdco, LLC		Revolver		11/18/2027		1,915		(19	)
VT Topco, Inc.		Delayed Draw Term Loan		8/1/2025		117		—
West Monroe Partners, LLC		Delayed Draw Term Loan		11/9/2023		7,580		—
West Monroe Partners, LLC		Revolver		11/9/2027		2,843		(14	)
WHCG Purchaser III, Inc.		Revolver		6/22/2026		491		—
WHCG Purchaser III, Inc.		Delayed Draw Term Loan		6/22/2023		1,154		—
Total Unfunded Commitments					$	133,525	$	(1,395	)

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

(9) The interest rate floor on these investments as of December 31, 2022 was 0.50%.

(10) The interest rate floor on these investments as of December 31, 2022 was 0.75%.

(11) The interest rate floor on these investments as of December 31, 2022 was 1.00%.

(12) The interest rate floor on these investments as of December 31, 2022 was 1.25%.

(13) The interest rate floor on these investments as of December 31, 2022 was 1.50%.

(14) Loan was on non-accrual status as of December 31, 2022.

195

Below is selected consolidated statements of assets and liabilities information for the Emerald JV as of June 30, 2023 and December 31, 2022 (Unaudited):

	June 30, 2023		December 31, 2022
ASSETS
Investments at fair value (cost of $5,704,327 and $6,225,186 at June 30, 2023 and December 31, 2022, respectively)	$	5,664,242	$	6,143,310
Cash and cash equivalents		162,931		123,112
Interest receivable		59,505		67,094
Receivable for investments sold		10,331		195,023
Deferred financing costs		13,641		12,664
Other assets		—		65
Total assets	$	5,910,650	$	6,541,268
LIABILITIES
Debt	$	3,121,132	$	3,377,064
Distribution payable		47,507		91,832
Payable for investments purchased and other liabilities		61,040		308,750
Total liabilities		3,229,679		3,777,646
MEMBERS’ EQUITY
Members’ Equity		2,680,971		2,763,622
Total Members’ Equity		2,680,971		2,763,622
Total liabilities and members’ equity	$	5,910,650	$	6,541,268

The following table presents the selected consolidated statements of operations information of the Emerald JV for the three and six months ended June 30, 2023 and June 30, 2022 (Unaudited):

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Investment income:
Interest income	$	162,897	$	37,306	$	322,113	$	62,927
Payment-in-kind interest income		881		—		3,462		—
Dividend income		8		—		345		—
Other income		47		77		1,433		242
Total investment income		163,833		37,383		327,353		63,169
Expenses:
Interest expense		60,223		9,973		117,514		14,195
Other expenses		1,459		550		2,868		1,212
Total expenses		61,682		10,523		120,382		15,407
Net investment income before taxes		102,151		26,860		206,971		47,762
Tax Expense		—		—		—		—
Net investment income after taxes		102,151		26,860		206,971		47,762

196

	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
Net realized and change in unrealized gain (loss) on investments
Net change in unrealized gain (loss) on investments		17,655			(48,640	)		37,756			(50,801	)
Net realized gain (loss) on investments		(6,309	)		(380	)		(6,144	)		(490	)
Total net realized and change in unrealized gain (loss) on investments		11,346			(49,020	)		31,612			(51,291	)
Net increase (decrease) in net assets resulting from operations	$	113,497		$	(22,160	)	$	238,583		$	(3,529	)

BCRED Verdelite JV

BCRED Verdelite JV LP (“Verdelite JV”), a Delaware limited liability company, 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”), and commenced operations on October 21, 2022 and operates under a limited liability company agreement. The Verdelite JV’s principal purpose is to make investments, primarily in broadly syndicated loans.

On October 21, 2022, a wholly-owned subsidiary of the Company and the Verdelite JV Partner committed to contribute up to $147.0 million and $21.0 million of capital, respectively, to the Verdelite JV. The Company contributed $117.7 million (consisting of a cash contribution of $26.2 million and an in-kind capital contribution of investments valued at $91.5 million), and the Verdelite JV Partner contributed cash of $16.8 million, in exchange for equity ownership interests of 87.5% and 12.5%, respectively.

The Company and the Verdelite JV Partner may, from time-to-time, make additional contributions of capital or may receive returns of capital from the Verdelite JV. As of June 30, 2023 and December 31, 2022, the Company had contributed $117.7 million and the Verdelite JV Partner had contributed $16.8 million of capital and $29.3 million and $4.2 million of capital remained uncalled from the Company and the Verdelite JV Partner, respectively. As of June 30, 2023 and December 31, 2022, the Company and the Verdelite JV Partner’s initial equity ownership interests are 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 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 JV Partner. Accordingly, the Company does not consolidate the Verdelite JV.

197

The Company’s investment in the Verdelite JV is disclosed on the Company’s Condensed Consolidated Schedule of Investments as of June 30, 2023 and December 31, 2022.

198

The following table presents the consolidated schedule of investments of the Verdelite JV as of June 30, 2023:

BCRED Verdelite JV LP

Consolidated Schedule of Investments

June 30, 2023

(in thousands)

(Unaudited)

Investments (1)	Footnotes		Reference Rate and Spread			Interest Rate (2)(15)			Maturity Date		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Investments
First Lien
Aerospace & Defense
Amentum Government Services Holdings, LLC		(4)(8)		SOFR + 4.00	%		9.22	%		1/29/2027	$	421	$	418	$	416		0.30	%
Atlas CC Acquisition Corp.		(10)		SOFR + 4.25	%		9.78	%		5/25/2028		451		418		395		0.29
Atlas CC Acquisition Corp.		(10)		SOFR + 4.25	%		9.78	%		5/25/2028		2,219		2,054		1,940		1.42
Avolon TLB Borrower 1 US LLC		(9)		SOFR + 2.50	%		7.59	%		6/22/2028		2,765		2,737		2,767		2.03
LSF11 Trinity Bidco Inc		(4)(8)		SOFR + 4.50	%		9.55	%		4/26/2030		1,974		1,944		1,971		1.44
Peraton Corp.		(10)		SOFR + 3.75	%		8.95	%		2/1/2028		4,058		3,988		3,995		2.93
Vertex Aerospace Services Corp.		(10)		SOFR + 3.50	%		8.95	%		12/6/2028		4,069		4,028		4,073		2.98
														15,587		15,557		11.39
Air Freight & Logistics
The Kenan Advantage Group, Inc.		(10)		SOFR + 4.18	%		9.48	%		3/24/2026		3,573		3,495		3,571		2.62
Airlines
Apple Bidco LLC		(9)		SOFR + 4.00	%		9.10	%		9/22/2028		2,436		2,412		2,427		1.78
United Airlines, Inc.		(10)		L + 3.75	%		9.29	%		4/21/2028		2,762		2,740		2,766		2.03
														5,152		5,193		3.81
Auto Components
Clarios Global LP		(8)		SOFR + 3.75	%		8.85	%		5/6/2030		2,921		2,906		2,918		2.14
Metis Buyer, Inc.		(10)		SOFR + 4.00	%		9.22	%		5/4/2028		995		961		988		0.72
Belron Finance US LLC		(9)		SOFR + 2.75	%		7.83	%		4/18/2029		761		758		763		0.56
Phinia Inc		(9)		SOFR + 4.00	%		9.34	%		6/8/2028		1,750		1,680		1,750		1.28
														6,305		6,419		4.70
Beverages
Triton Water Holdings, Inc.		(9)		SOFR + 3.25	%		8.49	%		3/31/2028		3,473		3,223		3,367		2.47
Building Products
Griffon Corporation		(9)		SOFR + 2.50	%		9.00	%		1/24/2029		1,247		1,235		1,245		0.91
Oscar AcquisitionCo LLC		(9)		SOFR + 4.50	%		9.84	%		4/29/2029		3,829		3,706		3,748		2.74
The Chamberlain Group, Inc.		(9)		SOFR + 3.25	%		8.45	%		11/3/2028		3,575		3,376		3,500		2.56
														8,317		8,493		6.21
Capital Markets
Advisor Group Holdings, Inc.		(8)		L + 4.50	%		9.69	%		7/31/2026		3,310		3,245		3,317		2.43

199

BCRED Verdelite JV LP

Consolidated Schedule of Investments

June 30, 2023

(in thousands)

(Unaudited)

Investments (1)	Footnotes		Reference Rate and Spread			Interest Rate (2)(15)			Maturity Date		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
First Lien (continued)
Capital Markets (continued)
Focus Financial Partners LLC		(9)		SOFR + 3.50	%		8.57	%		6/30/2028		2,020		1,991		2,012		1.47
The Edelman Financial Engines Center, LLC		(10)		L + 3.75	%		8.94	%		4/7/2028		2,729		2,637		2,666		1.95
														7,873		7,995		5.85
Chemicals
Starfruit Finco BV		(8)		SOFR + 4.00	%		8.99	%		4/3/2028		798		790		794		0.58
WR Grace Holdings, LLC		(9)		L + 3.75	%		9.31	%		9/22/2028		3,573		3,538		3,557		2.60
														4,328		4,351		3.18
Commercial Services & Supplies
Access CIG, LLC		(8)		L + 3.75	%		8.94	%		2/27/2025		4,266		4,172		4,227		3.10
Allied Universal Holdco LLC		(9)		SOFR + 3.75	%		8.95	%		5/12/2028		2,000		1,940		1,958		1.43
Allied Universal Holdco, LLC		(9)		SOFR + 3.75	%		8.95	%		5/12/2028		3,573		3,412		3,479		2.55
Anticimex, Inc.		(9)		SOFR + 3.40	%		8.45	%		11/16/2028		3,413		3,344		3,375		2.47
APX Group, Inc.		(9)		SOFR + 3.25	%		8.46	%		7/10/2028		3,319		3,179		3,321		2.43
Covanta Holding Corp		(9)		SOFR + 3.00	%		8.24	%		11/30/2028		1,042		1,031		1,039		0.76
DG Investment Intermediate Holdings 2, Inc.		(10)		SOFR + 3.75	%		8.97	%		3/31/2028		3,967		3,836		3,903		2.86
EAB Global, Inc.		(9)		L + 3.50	%		8.87	%		8/16/2028		4,069		3,958		4,029		2.95
Energizer Holdings Inc		(9)		L + 3.75	%		8.97	%		12/8/2028		3,573		3,431		3,524		2.58
Garda World Security Corp.		(8)		SOFR + 4.25	%		9.43	%		10/30/2026		3,350		3,250		3,337		2.44
Genuine Financial Holdings, LLC		(8)		L + 3.75	%		8.94	%		7/11/2025		1,580		1,569		1,580		1.16
														33,122		33,772		24.73
Construction & Engineering
Refficiency Holdings, LLC		(10)		SOFR + 3.75	%		8.95	%		12/16/2027		3,473		3,386		3,459		2.53
Construction Materials
White Cap Buyer, LLC		(9)		SOFR + 3.75	%		8.85	%		10/19/2027		4,129		4,006		4,101		3.00
Containers & Packaging
Berlin Packaging, LLC		(9)		L + 3.75	%		9.29	%		3/11/2028		3,521		3,437		3,469		2.54
Charter NEX US, Inc.		(10)		SOFR + 3.75	%		8.97	%		12/1/2027		3,817		3,760		3,792		2.78
Novolex, Inc.		(9)		SOFR + 4.18	%		9.38	%		4/13/2029		3,817		3,742		3,764		2.76
ProAmpac PG Borrower, LLC		(10)		SOFR + 3.75	%		9.14	%		11/3/2025		4,069		3,964		4,033		2.95
Ring Container Technologies Group, LLC		(9)		SOFR + 3.50	%		8.72	%		8/12/2028		2,140		2,126		2,133		1.56

200

BCRED Verdelite JV LP

Consolidated Schedule of Investments

June 30, 2023

(in thousands)

(Unaudited)

Investments (1)	Footnotes		Reference Rate and Spread			Interest Rate (2)(15)			Maturity Date		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
First Lien (continued)
Containers & Packaging (continued)
TricorBraun Holdings, Inc.		(9)		SOFR + 3.25	%		8.47	%		3/3/2028		4,069		3,919		3,970		2.91
Trident TPI Holdings, Inc.		(9)		L + 4.00	%		9.54	%		9/15/2028		3,320		3,212		3,275		2.40
														24,160		24,436		17.90
Diversified Consumer Services
Ascend Learning, LLC		(9)		SOFR + 3.50	%		8.70	%		12/11/2028		3,176		3,042		2,993		2.19
Colibri Group, LLC		(10)		SOFR + 5.00	%		10.39	%		3/12/2029		4,268		4,132		4,140		3.03
Pre-Paid Legal Services, Inc.		(9)		L + 3.75	%		8.94	%		12/15/2028		4,315		4,240		4,262		3.12
SSH Group Holdings, Inc.		(8)		SOFR + 4.00	%		8.90	%		7/30/2025		3,430		3,381		3,412		2.50
TruGreen Limited Partnership		(10)		SOFR + 4.00	%		9.20	%		11/2/2027		995		917		918		0.67
University Support Services, LLC		(9)		SOFR + 3.25	%		8.45	%		2/10/2029		3,573		3,526		3,550		2.60
Weld North Education, LLC		(9)		SOFR + 3.75	%		8.97	%		12/21/2027		4,069		4,033		4,007		2.93
														23,271		23,282		17.04
Diversified Financial Services
Mitchell International, Inc.		(9)		L + 3.75	%		8.94	%		10/15/2028		2,977		2,811		2,917		2.14
Polaris Newco, LLC		(9)		L + 4.00	%		9.54	%		6/2/2028		3,792		3,637		3,502		2.56
Sedgwick Claims Management Services, Inc.		(8)		SOFR + 3.75	%		8.85	%		2/24/2028		2,980		2,952		2,966		2.17
														9,400		9,385		6.87
Diversified Telecommunication Services
Numericable US, LLC		(8)		SOFR + 5.50	%		10.49	%		8/15/2028		4,289		4,199		3,831		2.81
Zacapa, LLC		(9)		SOFR + 4.00	%		9.24	%		3/22/2029		4,069		3,947		3,972		2.91
														8,146		7,803		5.72
Electrical Equipment
Madison IAQ, LLC		(9)		L + 3.25	%		8.30	%		6/21/2028		2,079		1,975		2,039		1.49
Electronic Equipment, Instruments & Components
Infinite Bidco, LLC		(9)		L + 3.25	%		8.91	%		3/2/2028		2,680		2,581		2,593		1.90
Entertainment
Recorded Books, Inc.		(8)		SOFR + 4.00	%		9.14	%		8/29/2025		3,600		3,561		3,604		2.64
Food Products
CHG PPC Parent LLC		(9)		SOFR + 3.00	%		8.22	%		12/8/2028		2,992		2,904		2,974		2.18
Ground Transportaion
Uber Technologies, Inc.		(8)		SOFR + 2.75	%		8.02	%		3/3/2030		2,442		2,436		2,445		1.79

201

BCRED Verdelite JV LP

Consolidated Schedule of Investments

June 30, 2023

(in thousands)

(Unaudited)

Investments (1)	Footnotes		Reference Rate and Spread			Interest Rate (2)(15)			Maturity Date		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
First Lien (continued)
Health Care Equipment & Supplies
Auris Luxembourg III Sarl		(8)		L + 3.75	%		9.12	%		2/27/2026		2,158		1,992		2,049		1.50
Resonetics, LLC		(10)		L + 4.00	%		9.10	%		4/28/2028		4,069		3,947		3,963		2.90
Sunshine Luxembourg VII S.à r.l, LLC		(10)		SOFR + 3.75	%		9.09	%		10/1/2026		3,792		3,700		3,778		2.77
														9,639		9,790		7.17
Health Care Providers & Services
ADMI Corp.		(9)		SOFR + 3.75	%		8.97	%		12/23/2027		2,580		2,459		2,418		1.77
Electron Bidco, Inc.		(9)		SOFR + 3.00	%		8.27	%		11/1/2028		4,315		4,233		4,303		3.15
Heartland Dental LLC		(10)		SOFR + 5.00	%		10.10	%		4/30/2028		4,478		4,303		4,330		3.17
LifePoint Health, Inc.		(8)		L + 3.75	%		9.02	%		11/16/2025		6,575		6,198		6,106		4.47
Pediatric Associates Holding Co., LLC		(7)(9)		SOFR + 3.25	%		8.47	%		12/29/2028		638		625		625		0.46
														17,818		17,782		13.02
Health Care Technology
athenahealth, Inc.		(7)(9)		SOFR + 3.50	%		8.59	%		2/15/2029		3,559		3,226		3,416		2.50
GHX Ultimate Parent Corp		(9)		SOFR + 4.75	%		9.86	%		6/30/2027		904		882		906		0.66
Netsmart Technologies, Inc.		(10)		SOFR + 4.00	%		9.22	%		10/1/2027		2,924		2,857		2,915		2.13
Verscend Holding Corp.		(8)		SOFR + 4.00	%		9.22	%		8/27/2025		4,069		4,059		4,073		2.98
Waystar Technologies, Inc.		(8)		SOFR + 4.00	%		9.22	%		10/22/2026		4,157		4,107		4,152		3.04
														15,131		15,462		11.31
Hotels, Restaurants & Leisure
Alterra Mountain Company		(9)		L + 3.50	%		8.69	%		8/17/2028		4,293		4,254		4,291		3.14
Aramark Services Inc		(4)(8)		SOFR + 2.50	%		8.00	%		6/22/2030		153		151		153		0.11
Caesars Entertainment Inc		(9)		SOFR + 3.25	%		8.45	%		2/6/2030		1,624		1,608		1,626		1.19
Fertitta Entertainment, LLC		(9)		SOFR + 4.00	%		9.10	%		1/27/2029		2,775		2,696		2,744		2.01
IRB Holding Corp.		(10)		SOFR + 3.00	%		8.20	%		12/15/2027		4,079		3,995		4,056		2.97
Mic Glen, LLC		(9)		SOFR + 3.25	%		8.47	%		7/21/2028		3,421		3,310		3,366		2.47
Tacala Investment Corp.		(10)		L + 3.50	%		8.69	%		2/5/2027		4,068		3,944		4,010		2.94
Twin River Worldwide Holdings, Inc.		(9)		L + 3.25	%		8.40	%		10/2/2028		2,479		2,397		2,427		1.78
Whatabrands, LLC		(9)		L + 3.25	%		8.47	%		8/3/2028		3,573		3,485		3,556		2.60
														25,840		26,229		19.21
Household Durables
AI Aqua Merger Sub, Inc.		(9)		SOFR + 3.75	%		8.90	%		7/31/2028		3,817		3,693		3,752		2.75

202

BCRED Verdelite JV LP

Consolidated Schedule of Investments

June 30, 2023

(in thousands)

(Unaudited)

Investments (1)	Footnotes		Reference Rate and Spread			Interest Rate (2)(15)			Maturity Date		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
First Lien (continued)
Industrial Conglomerates
FCG Acquisitions, Inc.		(9)		L + 3.75	%		8.91	%		3/31/2028		3,967		3,822		3,915		2.87
SPX Flow, Inc.		(9)		SOFR + 4.50	%		9.70	%		4/5/2029		2,266		2,166		2,242		1.64
Vertical US Newco, Inc.		(9)		L + 3.50	%		8.60	%		7/30/2027		4,315		4,176		4,287		3.14
														10,164		10,444		7.65
Insurance
AmWINS Group, Inc		(9)		SOFR + 2.75	%		7.95	%		2/19/2028		942		914		941		0.69
AssuredPartners, Inc.		(9)		SOFR + 3.50	%		8.72	%		2/12/2027		2,282		2,213		2,263		1.66
Baldwin Risk Partners, LLC		(9)		L + 3.50	%		8.65	%		10/14/2027		4,314		4,277		4,252		3.11
BroadStreet Partners Inc.		(8)		SOFR + 4.00	%		9.16	%		1/27/2029		4,812		4,753		4,794		3.51
BroadStreet Partners, Inc.		(8)		SOFR + 2.75	%		7.97	%		1/27/2027		3,319		3,233		3,283		2.40
Howden Group Holdings Limited		(9)		SOFR + 4.00	%		9.10	%		4/18/2030		2,436		2,341		2,434		1.78
Howden Group Holdings Limited		(10)		L + 3.25	%		8.50	%		11/12/2027		4,314		4,241		4,298		3.15
NFP Corp.		(8)		SOFR + 3.25	%		8.47	%		2/15/2027		3,319		3,202		3,259		2.39
														25,174		25,524		18.69
Interactive Media & Services
MH Sub I, LLC		(11)		SOFR + 4.25	%		9.35	%		5/3/2028		4,000		3,902		3,843		2.81
MH Sub I, LLC		(11)		SOFR + 3.75	%		8.85	%		9/13/2024		1,108		1,095		1,109		0.81
Project Boost Purchaser, LLC		(9)		SOFR + 3.50	%		8.72	%		5/30/2026		4,069		3,977		4,026		2.95
														8,974		8,978		6.57
IT Services
Dcert Buyer, Inc.		(8)		SOFR + 4.00	%		9.26	%		10/16/2026		2,079		2,024		2,064		1.51
Endurance International Group Holdings, Inc.		(10)		L + 3.50	%		8.79	%		2/10/2028		2,080		1,902		1,942		1.42
Virtusa Corp.		(10)		L + 3.75	%		9.33	%		2/11/2028		4,069		4,015		4,028		2.95
World Wide Technology Holding Co, LLC		(9)		SOFR + 3.25	%		8.52	%		3/1/2030		1,011		1,001		1,013		0.74
														8,942		9,047		6.62
Leisure Products
Motion Finco, LLC		(8)		L + 3.25	%		8.79	%		11/12/2026		2,564		2,498		2,545		1.86
Life Sciences Tools & Services
LSCS Holdings, Inc.		(9)		L + 4.50	%		9.69	%		12/16/2028		2,469		2,376		2,416		1.77
Packaging Coordinators Midco, Inc.		(10)		SOFR + 3.50	%		9.00	%		11/30/2027		4,069		3,982		4,018		2.94
														6,358		6,434		4.71
Machinery
Pro Mach Group, Inc.		(11)		L + 4.00	%		9.19	%		8/31/2028		4,268		4,201		4,263		3.12

203

BCRED Verdelite JV LP

Consolidated Schedule of Investments

June 30, 2023

(in thousands)

(Unaudited)

Investments (1)	Footnotes		Reference Rate and Spread			Interest Rate (2)(15)			Maturity Date		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
First Lien (continued)
Media
Radiate Holdco, LLC		(10)		SOFR + 3.25	%		8.48	%		9/25/2026		2,977		2,761		2,492		1.82
Virgin Media Bristol, LLC		(8)		SOFR + 3.25	%		8.21	%		3/31/2031		2,727		2,701		2,708		1.98
														5,462		5,200		3.80
Oil, Gas & Consumable Fuels
CQP Holdco, LP		(9)		SOFR + 3.50	%		8.69	%		6/5/2028		4,314		4,291		4,312		3.16
Professional Services
APFS Staffing Holdings Inc		(4)(9)		SOFR + 4.00	%		9.10	%		12/29/2028		3,948		3,848		3,859		2.83
Aqgen Island Holdings, Inc.		(9)		SOFR + 3.50	%		8.72	%		8/2/2028		4,268		4,163		4,206		3.08
Camelot US Acquisition LLC		(11)		SOFR + 3.00	%		8.27	%		10/30/2026		3,102		3,072		3,101		2.27
Cast & Crew Payroll, LLC		(8)		SOFR + 3.50	%		8.69	%		2/9/2026		3,522		3,493		3,473		2.54
Deerfield Dakota Holding, LLC		(11)		SOFR + 3.75	%		8.99	%		4/9/2027		4,289		4,181		4,174		3.06
EP Purchaser LLC		(9)		SOFR + 3.50	%		9.00	%		11/6/2028		491		469		482		0.35
Inmar Inc.		(11)		SOFR + 5.50	%		10.73	%		5/1/2026		2,084		2,011		2,029		1.49
National Intergovernmental Purchasing Alliance Co.		(8)		SOFR + 3.50	%		8.74	%		5/23/2025		719		714		716		0.52
VT Topco, Inc.		(10)		SOFR + 3.75	%		8.97	%		8/1/2025		3,848		3,798		3,804		2.79
VT Topco, Inc.		(7)(10)		L + 3.75	%		7.82	%		8/1/2025		110		109		109		0.08
														25,858		25,953		19.01
Software
Apex Group Treasury, LLC		(9)		L + 3.75	%		9.07	%		7/27/2028		3,573		3,451		3,533		2.59
Apttus Corp.		(10)		L + 4.25	%		9.52	%		5/8/2028		3,582		3,426		3,518		2.58
Boxer Parent Company, Inc.		(8)		SOFR + 3.75	%		8.97	%		10/2/2025		3,568		3,490		3,544		2.60
Cloudera, Inc.		(9)		SOFR + 3.75	%		8.95	%		10/8/2028		3,582		3,417		3,505		2.57
ConnectWise, LLC		(9)		L + 3.50	%		8.69	%		9/29/2028		3,548		3,428		3,464		2.54
Cornerstone OnDemand, Inc.		(9)		SOFR + 3.75	%		9.25	%		10/16/2028		2,183		1,983		2,040		1.49
ECI Macola Max Holding, LLC		(10)		SOFR + 3.75	%		9.25	%		11/9/2027		3,523		3,452		3,491		2.56
Epicor Software Corp.		(10)		SOFR + 3.25	%		8.47	%		7/30/2027		3,572		3,498		3,533		2.59
GI Consilio Parent, LLC		(9)		L + 4.00	%		9.19	%		5/12/2028		2,134		2,044		2,079		1.52
Greeneden U.S. Holdings II, LLC		(10)		SOFR + 4.00	%		9.22	%		12/1/2027		3,582		3,543		3,577		2.62
HS Purchaser, LLC		(10)		SOFR + 4.00	%		9.15	%		11/19/2026		3,572		3,287		3,269		2.39
Idera, Inc.		(10)		SOFR + 3.75	%		9.01	%		3/2/2028		2,872		2,746		2,804		2.05
Mitnick Purchaser, Inc.		(9)		SOFR + 4.75	%		9.90	%		5/2/2029		3,422		3,324		3,323		2.43
NortonLifeLock, Inc.		(9)		SOFR + 2.00	%		7.20	%		9/12/2029		3,792		3,771		3,778		2.77
Project Alpha Intermediate Holding, Inc.		(8)		L + 4.00	%		9.20	%		4/26/2024		4,416		4,366		4,411		3.23

204

BCRED Verdelite JV LP

Consolidated Schedule of Investments

June 30, 2023

(in thousands)

(Unaudited)

Investments (1)	Footnotes		Reference Rate and Spread			Interest Rate (2)(15)			Maturity Date		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
First Lien (continued)
Software (continued)
Quartz Acquireco LLC		(4)(9)		SOFR + 3.50	%		8.59	%		6/28/2030		1,353		1,340		1,355		0.99
RealPage, Inc.		(9)		SOFR + 3.00	%		8.22	%		4/24/2028		5,782		5,582		5,664		4.15
Rocket Software, Inc.		(8)		SOFR + 4.25	%		9.47	%		11/28/2025		3,572		3,498		3,542		2.59
S2P Acquisition Borrower, Inc.		(8)		SOFR + 4.00	%		9.20	%		8/14/2026		3,572		3,488		3,567		2.61
Sophia, LP		(9)		L + 3.50	%		9.04	%		10/7/2027		3,320		3,228		3,289		2.41
Sovos Compliance, LLC		(9)		SOFR + 4.50	%		9.72	%		8/11/2028		3,573		3,506		3,456		2.53
Surf Holdings, LLC		(8)		L + 3.50	%		8.70	%		3/5/2027		3,572		3,533		3,549		2.60
Symphony Technology Group		(5)(10)		L + 4.75	%		10.03	%		7/27/2028		3,582		3,292		2,709		1.98
Symphony Technology Group		(5)(9)		SOFR + 3.75	%		9.01	%		3/1/2029		3,573		3,426		3,428		2.51
The Ultimate Software Group, Inc.		(9)		SOFR + 3.25	%		8.27	%		5/4/2026		4,364		4,267		4,290		3.14
Vision Solutions, Inc.		(10)		L + 4.00	%		9.51	%		4/24/2028		2,183		1,886		2,080		1.52
														86,272		86,798		63.56
Specialty Retail
EG America LLC		(4)(8)		SOFR + 5.50	%		10.73	%		2/28/2028		3,388		3,232		3,286		2.41
Trading Companies & Distributors
GYP Holdings III Corp.		(8)		SOFR + 3.00	%		8.10	%		5/12/2030		184		183		184		0.13
Icebox Holdco III, Inc.		(9)		SOFR + 3.75	%		9.09	%		12/22/2028		2,383		2,243		2,315		1.70
SRS Distribution, Inc.		(9)		L + 3.50	%		8.69	%		6/2/2028		4,079		3,920		3,972		2.91
Windsor Holdings III LLC		(8)		SOFR + 4.50	%		9.72	%		6/21/2030		1,864		1,826		1,833		1.34
														8,172		8,304		6.08
Wireless Telecommunication Services
CCI Buyer, Inc.		(10)		SOFR + 4.00	%		9.24	%		12/17/2027		3,462		3,384		3,401		2.49
First Lien Total														448,331		452,343		331.21
Total Investment Portfolio														448,331		452,343		331.21
Cash and Cash Equivalents
Other Cash and Cash Equivalents														7,719		7,719		5.65
Total Portfolio Investments, Cash and Cash Equivalents													$	456,050	$	460,062		336.86	%

(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 Consolidated Schedule of Investments) are denominated in dollars. As of June 30, 2023, the Company had investments denominated in Canadian Dollars (CAD), Euros (EUR), British Pounds (GBP), Swiss Francs (CHF), Danish Krone (DKK), Swedish Krona (SEK), Norwegian Krone (NOK), and New Zealand Dollars (NZD). All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. The total par amount (in thousands) is presented for debt investments, while the number of shares or units (in whole amounts) owned is presented for equity investments. Each of the Company’s investments is pledged as collateral, under one or more of its credit facilities unless otherwise indicated.

205

BCRED Verdelite JV LP

Consolidated Schedule of Investments

June 30, 2023

(in thousands)

(Unaudited)

(2) Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either LIBOR (“L”), Canadian Dollar Offered Rate (“CDOR” or “C”), 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”) or an alternate base rate (commonly based on the Federal Funds Rate (“F”) or the U.S. Prime Rate (“P”)), which generally resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of June 30, 2023. Variable rate loans typically include an interest reference rate floor feature.

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

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

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

(6) 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
First Lien Debt
athenahealth, Inc.	Delayed Draw Term Loan		2/15/2029	$	515	$	(18	)
Pediatric Associates Holding Co., LLC	Delayed Draw Term Loan		12/29/2028		13		—
VT Topco, Inc.	Delayed Draw Term Loan		8/1/2025		2		—
Total First Lien Debt				$	530	$	(18	)

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

(9) The interest rate floor on these investments as of June 30, 2023 was 0.50%.

(10) The interest rate floor on these investments as of June 30, 2023 was 0.75%.

(11) The interest rate floor on these investments as of June 30, 2023 was 1.00%.

(12) The interest rate floor on these investments as of June 30, 2023 was 1.25%.

(13) The interest rate floor on these investments as of June 30, 2023 was 1.50%.

(14) The interest rate floor on these investments as of June 30, 2023 was 2.00%

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

206

The following table presents the consolidated schedule of investments of the Verdelite JV as of December 31, 2022:

BCRED Verdelite JV LP

Consolidated Schedule of Investments

December 31, 2022

(in thousands)

(Unaudited)

Investments (1)	Footnotes		Reference Rate and Spread			Interest Rate (2)(6)			Maturity Date		Par Amount		Cost (3)		Fair Value		% of Net Assets
First Lien Debt
Aerospace & Defense
Amentum Government Services Holdings, LLC		(8)		L  + 4.00	%		8.17	%		1/29/2027	$	424	$	421	$	416		0.31	%
Atlas CC Acquisition Corp.		(10)		L  + 4.25	%		8.98	%		5/25/2028		2,684		2,465		2,273		1.72
Peraton Corp.		(10)		L  + 3.75	%		8.13	%		2/1/2028		4,089		4,011		4,001		3.03
Vertex Aerospace Services Corp.		(10)		L  + 3.50	%		7.88	%		12/6/2028		4,090		4,045		4,024		3.04
														10,942		10,714		8.10
Air Freight & Logistics
The Kenan Advantage Group, Inc.		(10)		L  + 3.75	%		8.13	%		3/24/2026		3,591		3,499		3,509		2.65
Airlines
United Airlines, Inc.		(10)		L  + 3.75	%		8.11	%		4/21/2028		4,489		4,448		4,445		3.36
Auto Components
Clarios Global LP		(5)(8)		SOFR  + 3.25	%		7.63	%		4/30/2026		5,350		5,291		5,262		3.98
Beverages
Triton Water Holdings, Inc.		(9)		L  + 3.50	%		8.23	%		3/31/2028		3,491		3,214		3,260		2.47
Building Products
Griffon Corporation		(9)		SOFR  + 2.50	%		7.01	%		1/24/2029		1,258		1,243		1,238		0.94
The Chamberlain Group, Inc.		(9)		L  + 3.25	%		7.63	%		11/3/2029		2,593		2,431		2,451		1.85
														3,674		3,689		2.79
Capital Markets
Advisor Group Holdings, Inc.		(8)		L  + 4.50	%		8.88	%		7/31/2026		5,336		5,214		5,231		3.96
The Edelman Financial Engines Center, LLC		(10)		L  + 3.50	%		7.88	%		4/7/2028		2,743		2,641		2,567		1.94
														7,855		7,798		5.90
Chemicals
WR Grace Holdings, LLC		(9)		L  + 3.75	%		8.50	%		9/22/2028		3,591		3,553		3,534		2.67
Commercial Services & Supplies
Access CIG, LLC		(8)		L  + 3.75	%		7.82	%		2/27/2025		4,289		4,166		4,210		3.18
Allied Universal Holdco, LLC		(9)		SOFR  + 3.75	%		8.17	%		5/12/2028		3,591		3,413		3,419		2.59
Anticimex, Inc.		(9)		L  + 3.50	%		8.23	%		11/16/2028		4,439		4,341		4,295		3.25
APX Group, Inc.		(11)		L  + 3.25	%		6.73	%		7/10/2028		5,336		5,090		5,289		4.00
DG Investment Intermediate Holdings 2, Inc.		(10)		SOFR  + 3.75	%		8.07	%		3/31/2028		4,987		4,805		4,782		3.62
EAB Global, Inc.		(9)		L  + 3.50	%		7.88	%		8/16/2028		4,090		3,968		3,944		2.98
Energizer Holdings Inc		(9)		L  + 3.75	%		8.13	%		12/8/2028		3,600		3,444		3,452		2.61
Garda World Security Corp.		(8)		L  + 4.25	%		8.93	%		10/30/2026		5,350		5,167		5,219		3.95
Genuine Financial Holdings, LLC		(8)		L  + 3.75	%		8.33	%		7/11/2025		3,589		3,559		3,464		2.62
														37,953		38,074		28.80

207

BCRED Verdelite JV LP

Consolidated Schedule of Investments

December 31, 2022

(in thousands)

(Unaudited)

Investments (1)	Footnotes		Reference Rate and Spread			Interest Rate (2)(6)			Maturity Date		Par Amount		Cost (3)		Fair Value		% of Net Assets
First Lien Debt (continued)
Construction & Engineering
Refficiency Holdings, LLC		(10)		L  + 3.75	%		7.82	%		12/16/2027		3,493		3,395		3,316		2.51
Construction Materials
White Cap Buyer, LLC		(9)		SOFR  + 3.75	%		8.07	%		10/19/2027		4,150		4,012		4,020		3.04
Containers & Packaging
Berlin Packaging, LLC		(9)		L  + 3.75	%		7.88	%		3/11/2028		4,539		4,438		4,377		3.31
Charter NEX US, Inc.		(10)		L  + 3.75	%		8.13	%		12/1/2027		5,350		5,261		5,207		3.94
Novolex, Inc.		(9)		SOFR  + 3.93	%		8.60	%		4/13/2029		5,337		5,223		5,096		3.85
ProAmpac PG Borrower, LLC		(10)		L  + 3.75	%		7.96	%		11/3/2025		4,090		3,962		3,927		2.97
Ring Container Technologies Group, LLC		(9)		L  + 3.50	%		7.88	%		8/12/2028		2,150		2,135		2,126		1.61
TricorBraun Holdings, Inc.		(9)		L  + 3.25	%		7.63	%		3/3/2028		4,090		3,923		3,912		2.96
Trident TPI Holdings, Inc.		(9)		L  + 4.00	%		7.67	%		9/15/2028		5,337		5,147		5,137		3.89
														30,089		29,782		22.53
Diversified Consumer Services
Ascend Learning, LLC		(9)		L  + 3.50	%		7.88	%		12/11/2028		3,192		3,045		3,026		2.29
Colibri Group, LLC		(10)		SOFR  + 5.00	%		8.87	%		3/12/2029		4,289		4,141		4,014		3.04
KUEHG Corp.		(11)		L  + 3.75	%		8.48	%		2/21/2025		4,987		4,912		4,802		3.63
Learning Care Group		(11)		L  + 3.25	%		7.61	%		3/13/2025		4,987		4,848		4,652		3.52
Pre-Paid Legal Services, Inc.		(9)		L  + 3.75	%		8.13	%		12/15/2028		5,337		5,236		5,144		3.89
SSH Group Holdings, Inc.		(8)		L  + 4.25	%		7.92	%		7/30/2025		4,948		4,860		4,847		3.67
University Support Services, LLC		(9)		L  + 3.25	%		7.63	%		2/10/2029		3,591		3,540		3,501		2.65
Weld North Education, LLC		(9)		L  + 3.75	%		7.72	%		12/21/2027		4,090		4,049		4,017		3.04
														34,631		34,003		25.73
Diversified Financial Services
Mitchell International, Inc.		(9)		L  + 3.75	%		8.41	%		10/15/2028		2,992		2,809		2,766		2.09
Polaris Newco, LLC		(9)		L  + 4.00	%		8.73	%		6/2/2028		5,312		5,073		4,860		3.68
Sedgwick Claims Management Services, Inc.		(8)		L  + 3.25	%		7.63	%		12/31/2025		4,987		4,884		4,859		3.68
														12,766		12,485		9.45
Diversified Telecommunication Services
Numericable US, LLC		(8)		L  + 2.75	%		7.16	%		7/31/2025		2,100		1,961		1,999		1.51
Numericable US, LLC		(8)		L  + 3.69	%		7.77	%		1/31/2026		2,200		2,048		2,044		1.55
Zacapa, LLC		(9)		SOFR  + 4.25	%		8.83	%		3/22/2029		4,090		3,956		3,941		2.98
														7,965		7,984		6.04
Electrical Equipment
Madison IAQ, LLC		(9)		L  + 3.25	%		7.99	%		6/21/2028		4,090		3,864		3,815		2.89
Electronic Equipment, Instruments & Components
Infinite Bidco, LLC		(9)		L  + 3.25	%		7.98	%		3/2/2028		2,693		2,584		2,592		1.96
Presidio, Inc.		(8)		SOFR  + 3.50	%		7.92	%		1/22/2027		3,591		3,556		3,540		2.68
														6,140		6,132		4.64

208

BCRED Verdelite JV LP

Consolidated Schedule of Investments

December 31, 2022

(in thousands)

(Unaudited)

Investments (1)	Footnotes		Reference Rate and Spread			Interest Rate (2)(6)			Maturity Date		Par Amount		Cost (3)		Fair Value		% of Net Assets
First Lien Debt (continued)
Entertainment
Recorded Books, Inc.		(8)		SOFR  + 4.00	%		8.32	%		8/29/2025		3,600		3,552		3,530		2.67
Health Care Equipment & Supplies
Auris Luxembourg III Sarl		(8)		L  + 3.75	%		8.68	%		2/27/2026		2,169		1,971		1,947		1.47
Resonetics, LLC		(10)		L  + 4.00	%		8.41	%		4/28/2028		4,090		3,955		3,906		2.95
Sunshine Luxembourg VII S.à r.l, LLC		(10)		L  + 3.75	%		8.48	%		10/1/2026		5,311		5,162		5,100		3.86
														11,088		10,953		8.28
Health Care Providers & Services
ADMI Corp.		(9)		L  + 3.75	%		8.13	%		12/23/2027		2,593		2,459		2,369		1.79
Electron Bidco, Inc.		(9)		L  + 3.00	%		7.38	%		11/1/2028		5,337		5,226		5,204		3.94
LifePoint Health, Inc.		(8)		L  + 3.75	%		8.16	%		11/16/2025		3,575		3,338		3,379		2.56
Pediatric Associates Holding Co., LLC		(7)(9)		L  + 3.25	%		7.63	%		12/29/2028		611		597		579		0.44
Surgery Centers Holdings, Inc.		(10)		L  + 3.75	%		8.05	%		8/31/2026		4,823		4,645		4,774		3.61
														16,265		16,305		12.34
Health Care Technology
athenahealth, Inc.		(7)(9)		SOFR  + 3.50	%		7.82	%		2/15/2029		3,577		3,197		3,189		2.41
Netsmart Technologies, Inc.		(10)		L  + 4.00	%		8.38	%		10/1/2027		4,439		4,325		4,286		3.24
Verscend Holding Corp.		(8)		L  + 4.00	%		8.38	%		8/27/2025		4,090		4,077		4,072		3.08
Waystar Technologies, Inc.		(8)		L  + 4.00	%		8.38	%		10/22/2026		4,189		4,132		4,126		3.12
														15,731		15,673		11.85
Hotels, Restaurants & Leisure
Alterra Mountain Company		(9)		L  + 3.50	%		7.88	%		8/17/2028		5,336		5,284		5,285		4.00
Fertitta Entertainment, LLC		(9)		SOFR  + 4.00	%		8.32	%		1/27/2029		4,289		4,155		4,087		3.09
IRB Holding Corp.		(10)		SOFR  + 3.00	%		7.32	%		12/15/2027		4,100		4,006		3,985		3.01
Mic Glen, LLC		(9)		L  + 3.50	%		7.88	%		7/21/2028		4,450		4,291		4,244		3.21
Tacala Investment Corp.		(10)		L  + 3.50	%		7.88	%		2/5/2027		4,089		3,947		3,943		2.98
Twin River Worldwide Holdings, Inc.		(9)		L  + 3.25	%		7.54	%		10/2/2028		3,491		3,366		3,240		2.45
Whatabrands, LLC		(9)		L  + 3.25	%		7.63	%		8/3/2028		3,591		3,494		3,479		2.63
														28,543		28,263		21.37
Household Durables
AI Aqua Merger Sub, Inc.		(9)		SOFR  + 3.75	%		7.97	%		7/31/2028		5,337		5,146		5,040		3.81
Industrial Conglomerates
FCG Acquisitions, Inc.		(9)		L  + 3.75	%		8.48	%		3/31/2028		4,987		4,785		4,755		3.60
SPX Flow, Inc.		(9)		SOFR  + 4.50	%		8.92	%		4/5/2029		2,594		2,470		2,429		1.84
Vertical US Newco, Inc.		(9)		L  + 3.50	%		6.87	%		7/30/2027		5,337		5,143		5,149		3.89
														12,398		12,333		9.33
Insurance
Acrisure LLC		(9)		L  + 4.25	%		8.63	%		2/15/2027		666		636		646		0.49
Acrisure LLC		(9)		L  + 3.75	%		8.13	%		2/15/2027		2,992		2,828		2,850		2.16
Alliant Holdings Intermediate, LLC		(8)		L  + 3.25	%		7.63	%		5/9/2025		712		700		704		0.53

209

BCRED Verdelite JV LP

Consolidated Schedule of Investments

December 31, 2022

(in thousands)

(Unaudited)

Investments (1)	Footnotes		Reference Rate and Spread			Interest Rate (2)(6)			Maturity Date		Par Amount		Cost (3)		Fair Value		% of Net Assets
First Lien Debt (continued)
Insurance (continued)
Alliant Holdings Intermediate, LLC		(9)		L  + 3.50	%		7.85	%		11/6/2027		2,893		2,822		2,831		2.14
AssuredPartners, Inc.		(9)		L  + 3.50	%		7.88	%		2/12/2027		5,312		5,130		5,157		3.90
Baldwin Risk Partners, LLC		(9)		L  + 3.50	%		7.79	%		10/14/2027		5,336		5,284		5,216		3.95
BroadStreet Partners, Inc.		(8)		L  + 3.00	%		7.38	%		1/27/2027		5,336		5,179		5,185		3.92
Howden Group Holdings Limited		(10)		L  + 3.25	%		7.69	%		11/12/2027		5,336		5,235		5,206		3.94
HUB International Limited		(10)		L  + 3.25	%		7.53	%		4/25/2025		4,987		4,930		4,949		3.74
NFP Corp.		(8)		L  + 3.25	%		7.63	%		2/15/2027		5,336		5,123		5,117		3.87
														37,867		37,861		28.64
Interactive Media & Services
MH Sub I, LLC		(11)		L  + 3.75	%		8.13	%		9/13/2024		5,336		5,249		5,197		3.93
Project Boost Purchaser, LLC		(9)		L  + 3.50	%		7.88	%		5/30/2026		4,090		3,981		3,954		2.99
														9,230		9,151		6.92
IT Services
Dcert Buyer, Inc.		(8)		SOFR  + 4.00	%		8.70	%		10/16/2026		4,089		3,965		3,960		3.00
Endurance International Group Holdings, Inc.		(10)		L  + 3.50	%		7.72	%		2/10/2028		3,591		3,249		3,241		2.45
Virtusa Corp.		(10)		L  + 3.75	%		8.13	%		2/11/2028		4,090		4,030		3,959		2.99
														11,244		11,160		8.44
Leisure Products
Motion Finco, LLC		(8)		L  + 3.25	%		7.98	%		11/12/2026		2,804		2,722		2,682		2.03
Life Sciences Tools & Services
Curia Global, Inc.		(10)		L  + 3.75	%		8.16	%		8/30/2026		4,289		3,870		3,553		2.69
LSCS Holdings, Inc.		(9)		L  + 4.50	%		8.88	%		12/16/2028		2,481		2,379		2,377		1.80
Packaging Coordinators Midco, Inc.		(10)		L  + 3.50	%		8.23	%		11/30/2027		4,090		3,992		3,889		2.94
														10,241		9,819		7.43
Machinery
Pro Mach Group, Inc.		(11)		L  + 4.00	%		8.38	%		8/31/2028		4,289		4,216		4,181		3.16
Titan Acquisition Ltd.		(8)		L  + 3.00	%		5.88	%		3/28/2025		2,992		2,856		2,803		2.12
														7,072		6,984		5.28
Media
Radiate Holdco, LLC		(10)		L  + 3.25	%		7.63	%		9/25/2026		2,992		2,742		2,445		1.85
Oil, Gas & Consumable Fuels
CQP Holdco, LP		(9)		L  + 3.75	%		8.48	%		6/5/2028		5,336		5,304		5,320		4.02
Professional Services
APFS Staffing Holdings, Inc.		(4)(9)		SOFR  + 4.00	%		8.09	%		12/29/2028		3,970		3,860		3,801		2.88
Aqgen Island Holdings, Inc.		(9)		L  + 3.50	%		8.25	%		8/2/2028		4,289		4,174		4,109		3.11
Camelot US Acquisition LLC		(4)(11)		SOFR  + 3.00	%		7.38	%		10/30/2026		4,300		4,252		4,241		3.21
Cast & Crew Payroll, LLC		(8)		L  + 3.50	%		7.88	%		2/9/2026		3,541		3,505		3,499		2.65
Deerfield Dakota Holding, LLC		(11)		SOFR  + 3.75	%		8.07	%		4/9/2027		5,311		5,159		4,974		3.76
Inmar, Inc.		(11)		L  + 4.00	%		8.73	%		5/1/2024		4,089		3,751		3,732		2.82
National Intergovernmental Purchasing Alliance Co.		(8)		SOFR  + 3.50	%		8.08	%		5/23/2025		722		716		714		0.54
VT Topco, Inc.		(7)(10)		L  + 3.75	%		8.13	%		8/1/2025		3,878		3,811		3,766		2.85
														29,228		28,836		21.82

210

BCRED Verdelite JV LP

Consolidated Schedule of Investments

December 31, 2022

(in thousands)

(Unaudited)

Investments (1)	Footnotes		Reference Rate and Spread			Interest Rate (2)(6)			Maturity Date		Par Amount		Cost (3)		Fair Value		% of Net Assets
First Lien Debt (continued)
Software
Apex Group Treasury, LLC		(9)		L  + 3.75	%		8.26	%		7/27/2028		3,591		3,456		3,438		2.60
Apttus Corp.		(10)		L  + 4.25	%		8.66	%		5/8/2028		3,600		3,427		3,384		2.56
Boxer Parent Company, Inc.		(8)		L  + 3.75	%		8.13	%		10/2/2025		3,589		3,494		3,445		2.61
Cloudera, Inc.		(9)		L  + 3.75	%		8.13	%		10/8/2028		3,600		3,419		3,406		2.58
ConnectWise, LLC		(9)		L  + 3.50	%		7.88	%		9/29/2028		3,566		3,434		3,397		2.57
Cornerstone OnDemand, Inc.		(9)		L  + 3.75	%		8.13	%		10/16/2028		2,194		1,974		1,970		1.49
ECI Macola Max Holding, LLC		(10)		L  + 3.75	%		8.48	%		11/9/2027		3,541		3,461		3,408		2.58
Epicor Software Corp.		(10)		L  + 3.25	%		7.63	%		7/30/2027		3,591		3,507		3,456		2.61
GI Consilio Parent, LLC		(9)		L  + 4.00	%		8.38	%		5/12/2028		2,145		2,045		2,034		1.54
Greeneden U.S. Holdings II, LLC		(10)		L  + 4.00	%		8.38	%		12/1/2027		3,600		3,557		3,464		2.62
HS Purchaser, LLC		(10)		SOFR  + 4.00	%		8.19	%		11/19/2026		3,591		3,262		3,247		2.46
Idera, Inc.		(10)		L  + 3.75	%		7.50	%		3/2/2028		2,145		2,043		2,028		1.53
Mitnick Purchaser, Inc.		(9)		SOFR  + 4.75	%		8.94	%		5/2/2029		4,439		4,302		4,170		3.15
NortonLifeLock, Inc.		(9)		SOFR  + 2.00	%		6.42	%		9/12/2029		5,350		5,318		5,271		3.99
Project Alpha Intermediate Holding, Inc.		(8)		L  + 4.00	%		8.39	%		4/26/2024		4,439		4,359		4,341		3.28
RealPage, Inc.		(9)		L  + 3.00	%		7.38	%		4/24/2028		5,312		5,113		5,062		3.83
Rocket Software, Inc.		(8)		L  + 4.25	%		8.63	%		11/28/2025		3,591		3,501		3,461		2.62
S2P Acquisition Borrower, Inc.		(8)		SOFR  + 4.00	%		8.32	%		8/14/2026		3,591		3,493		3,498		2.65
Sophia, LP		(9)		L  + 3.50	%		8.23	%		10/7/2027		5,336		5,173		5,163		3.91
Sovos Compliance, LLC		(9)		L  + 4.50	%		8.88	%		8/11/2028		3,591		3,518		3,317		2.51
Surf Holdings, LLC		(8)		L  + 3.50	%		8.23	%		3/5/2027		3,591		3,546		3,491		2.64
Symphony Technology Group		(5)(10)		L  + 4.75	%		9.17	%		7/27/2028		3,600		3,280		3,099		2.34
Symphony Technology Group		(5)(9)		SOFR  + 3.75	%		7.97	%		3/1/2029		3,591		3,430		3,352		2.54
The Ultimate Software Group, Inc.		(9)		L  + 3.25	%		7.00	%		5/4/2026		5,386		5,245		5,137		3.89
TransDigm Inc		(12)		SOFR  + 6.15	%		10.47	%		2/22/2027		187		184		187		0.14
Vision Solutions, Inc.		(10)		L  + 4.00	%		8.36	%		4/24/2028		2,194		1,865		1,823		1.38
														89,406		88,049		66.62
Specialty Retail
EG America, LLC		(9)		L  + 4.25	%		8.98	%		3/31/2026		4,443		4,092		4,173		3.16
Trading Companies & Distributors
Icebox Holdco III, Inc.		(9)		L  + 3.50	%		8.23	%		12/22/2028		2,145		2,008		1,986		1.50
SRS Distribution, Inc.		(9)		SOFR  + 3.50	%		7.88	%		6/2/2028		4,100		3,924		3,930		2.97
														5,932		5,916		4.47

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BCRED Verdelite JV LP

Consolidated Schedule of Investments

December 31, 2022

(in thousands)

(Unaudited)

Investments (1)	Footnotes		Reference Rate and Spread			Interest Rate (2)(6)			Maturity Date		Par Amount		Cost (3)		Fair Value		% of Net Assets
First Lien Debt (continued)
Wireless Telecommunication Services
CCI Buyer, Inc.		(10)		SOFR  + 4.00	%		8.58	%		12/17/2027		4,489		4,378		4,300		3.25
Total First Lien Debt														495,472		490,615		371.11
Total Investment Portfolio														495,472		490,615		371.11
Cash and Cash Equivalents
Other Cash and Cash Equivalents														2,767		2,767		2.09
Total Portfolio Investments, Cash and Cash Equivalents													$	498,239	$	493,382		373.20	%

(1) Unless otherwise indicated, issuers of 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. 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 LIBOR (“L”), Canadian Dollar Offered Rate (“CDOR” or “C”), Sterling Overnight Interbank Average Rate (“SONIA” or “S”), Euro Interbank Offer Rate (“Euribor” or “E”), Secured Overnight Financing Rate (“SOFR”), 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, 2022. Variable rate loans typically include an interest reference rate floor feature. For each such loan, the Company has provided the interest rate in effect on the date presented.

(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 (“U.S. GAAP”).

(4) These investments were valued using unobservable inputs and are considered Level 3 investments.

(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.

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

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BCRED Verdelite JV LP

Consolidated Schedule of Investments

December 31, 2022

(in thousands)

(Unaudited)

(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—non-controlled/non- affiliated	Commitment Type		Commitment Expiration Date		Unfunded Commitment		Fair Value
First Lien Debt
athenahealth, Inc.		Delayed Draw Term Loan		2/15/2029	$	515	$	—
Pediatric Associates Holding Co., LLC		Delayed Draw Term Loan		12/29/2028		43		—
VT Topco, Inc.		Delayed Draw Term Loan		8/1/2025		112		—
Total Unfunded Commitments					$	670	$	—

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

(9) The interest rate floor on these investments as of December 31, 2022 was 0.50%.

(10) The interest rate floor on these investments as of December 31, 2022 was 0.75%.

(11) The interest rate floor on these investments as of December 31, 2022 was 1.00%.

(12) The interest rate floor on these investments as of December 31, 2022 was 1.25%.

(13) The interest rate floor on these investments as of December 31, 2022 was 1.50%.

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The following table presents the selected consolidated statements of assets and liabilities information of the Verdelite JV as of June 30, 2023 and December 31, 2022 (Unaudited):

	June 30, 2023		December 31, 2022
ASSETS
Investments at fair value (cost of $448,331 and $495,472 at June 30, 2023 and December 31, 2022, respectively)	$	452,343	$	490,615
Cash and cash equivalents		7,719		2,767
Interest receivable		3,234		4,539
Receivable for investments sold		5,246		1,624
Total assets	$	468,542	$	499,545
LIABILITIES
Debt	$	298,300	$	365,000
Distribution payable		16,402		—
Interest payable and other liabilities		17,291		2,342
Total liabilities		331,993		367,342
MEMBERS’ EQUITY
Members’ Equity		136,549		132,203
Total Members’ Equity		136,549		132,203
Total liabilities and members’ equity	$	468,542	$	499,545

The following table presents the selected consolidated statements of operations information of the Verdelite JV for the three and six months ended June 30, 2023 (Unaudited):

	For the three months ended June 30, 2023		For the six months ended June 30, 2023
Investment income:
Interest income	$	10,970	$	21,613
Other income		3		113
Total investment income		10,973		21,726
Expenses:
Interest expense		5,562		11,126
Other expenses		75		150
Total expenses		5,637		11,276
Net investment income before taxes		5,336		10,450
Tax Expense		—		—
Net investment income after taxes		5,336		10,450
Net realized and change in unrealized gain (loss) on investments
Net unrealized gain (loss) on investments		1,984		8,870
Net realized gain (loss) on investments		330		1,428
Total net realized and change in unrealized gain (loss) on investments		2,314		10,298
Net increase (decrease) in net assets resulting from operations	$	7,650	$	20,748

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Note 12. Subsequent Events

The Company’s management evaluated subsequent events through the date of issuance of the condensed consolidated financial statements. There have been no subsequent events that occurred during such period that would require disclosure in, or would be required to be recognized in the condensed consolidated financial statements as of June 30, 2023, except as discussed below.

July Subscriptions and Dividend Declarations

The Company received approximately $870.3 million of net proceeds, inclusive of distributions reinvested through the Company’s distribution reinvestment plan, relating to the issuance of Class I shares, Class S shares, and Class D shares for subscriptions effective July 1, 2023.

On July 19, 2023, the Company’s Board declared net distributions of $0.2100 per Class I share, $0.1924 per Class S share, and $0.2048 per Class D share, which is payable on August 28, 2023 to shareholders of record as of July 31, 2023.

August Subscriptions

Through to the date of issuance of the condensed consolidated financial statements the Company received approximately $650.9 million of subscriptions, inclusive of distributions reinvested through the Company’s distribution reinvestment plan, relating to the issuance of Class I shares, Class S shares, and Class D shares effective August 1, 2023.

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—Consolidated Financial Statement and Supplementary Data” of our Annual Report on Form 10-K for the year ended December 31, 2022, as updated from time to time by the Company’s periodic filings with the Securities and Exchange Commission (“SEC”). This discussion contains forward-looking statements and involves numerous risks, uncertainties, and other factors outside 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, 2022 as updated by the Company’s periodic filings with the SEC.

Overview and Investment Framework

We are a newly organized, 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 Adviser, which is 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 Adviser is registered as investment adviser with the SEC. We have elected to be treated, and intend to qualify annually thereafter, as a RIC under the Code.

Under our Investment Advisory Agreement, we have agreed to pay the Adviser an annual management fee as well as an incentive fee based on our investment performance. Also, under the Administration Agreement, we have agreed to reimburse the Administrator for the allocable portion of overhead and other expenses incurred by the Administrator in performing its obligations under the Administration Agreement, 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 circumstances, we will invest at least 80% of our total assets (net assets plus

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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 (“Opportunistic Credit”). We expect that the Opportunistic Credit 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 do not expect to invest in emerging markets. 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 funds. From time to time, we may co-invest with other Blackstone Credit funds.

Key Components of Our Results of Operations

Investments

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

Revenues

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

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.

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Expenses

Except as specifically provided below, all investment professionals and staff of the Adviser, 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 Adviser. We will bear all other costs and expenses of our operations, administration and transactions, including, but not limited to (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, overhead (including rent, office equipment and utilities) and other expenses incurred by the Administrator in performing its administrative obligations under the Administration Agreement, including but not limited to: (i) our chief compliance officer, chief financial officer and their respective staffs; (ii) investor relations, legal, operations and other non-investment professionals at the Administrator that perform duties for us; and (iii) any internal audit group personnel of Blackstone or any of its affiliates; and (c) all other expenses of our operations, administrations and transactions.

From time to time, the Adviser, the Administrator or their affiliates may pay third-party providers of goods or services. We will reimburse the Adviser, the Administrator or such affiliates thereof for any such amounts paid on our behalf. From time to time, the Adviser or the Administrator may defer or waive fees and/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 Adviser. For additional information see “Item 1. Financial Statements—Notes to Condensed Consolidated Financial Statements—Note 3. Fees, Expenses, Agreements and Related Party Transactions”.

Portfolio and Investment Activity

For the three months ended June 30, 2023, we acquired $1,294.9 million aggregate principal amount of investments (including $383.0 million of unfunded commitments), $1,254.9 million of which was first lien debt and $40.0 million of which was second lien debt.

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Our investment activity is presented below (information presented herein is at amortized cost unless otherwise indicated) (dollar amounts in thousands):

	As of and for the three months ended June 30,
	2023			2022
Investments:
Total investments, beginning of period	$	48,711,985		$	37,776,621
New investments purchased		897,969			10,008,896
Payment-in-kind interest capitalized		52,680			36,605
Net accretion of discount on investments		42,697			33,540
Net realized gain (loss) on investments		(76,141	)		(17,565	)
Investments sold or repaid		(1,202,947	)		(697,070	)
Total investments, end of period	$	48,426,243		$	47,141,027
Amount of investments funded at principal:
First lien debt investments	$	871,878		$	9,431,428
Second lien debt investments		40,000			350,389
Unsecured debt		—			—
Structured finance investments		—			68,875
Equity investments and Investments in Joint Ventures (4)		—			220,828
Total	$	911,878		$	10,071,520
Proceeds from investments sold or repaid:
First lien debt investments	$	(1,166,370	)	$	(686,300	)
Second lien debt investments		(35,750	)		(1,770	)
Unsecured debt		—			—
Structured finance investments		—			—
Equity investments and Investments in Joint Ventures		(827	)		(9,000	)
Total	$	(1,202,947	)	$	(697,070	)
	June 30, 2023			December 31, 2022
Number of portfolio companies		511			532
Weighted average yield on debt and income producing investments, at cost (1)(2)		11.50	%		10.37	%
Weighted average yield on debt and income producing investments, at fair value (1)(2)		11.69	%		10.59	%
Average loan to value (LTV) (3)		42.5	%		43.6	%
Percentage of debt investments bearing a floating rate, at fair value		99.9	%		99.8	%
Percentage of debt investments bearing a fixed rate, at fair value		0.1	%		0.2	%
Percentage of assets on non-accrual (5)		0.3	%		0.1	%

(1) Computed as (a) the annual stated interest rate or yield plus the annual accretion of discounts or less the annual amortization of premiums, as applicable, on accruing debt included in such securities, divided by (b) total debt investments (at fair value or cost, as applicable) included in such securities. Actual yields earned over the life of each investment could differ materially from the yields presented above.

(2) As of June 30, 2023 and December 31, 2022, the weighted average total portfolio yield at cost was 10.82% and 9.75%, respectively. The weighted average total portfolio yield at fair value was 10.98% and 9.95%, respectively.

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(3) Includes all private debt investments for which fair value is determined by our Board in conjunction with a third-party valuation firm and excludes quoted assets. Average loan-to-value represents the net ratio of loan-to-value for each portfolio company, weighted based on the fair value of total applicable private debt investments. Loan-to-value is calculated as the current total net debt through each respective loan tranche divided by the estimated enterprise value of the portfolio company as of the most recent quarter end.

(4) Includes $0.0 million and $69.2 million of investments in our joint ventures for the three months ended June 30, 2023 and 2022, respectively.

(5) As a percentage of total amortized cost of Investments (excluding Investments in Joint Ventures). Assets on non-accrual represented 0.2% and 0.0% of total fair value of Investments (excluding Investments in Joint Ventures) as of June 30, 2023 and December 31, 2022, respectively.

As of June 30, 2023, our portfolio companies had a weighted average annual EBITDA of $208.6 million. These calculations include all private debt investments for which fair value is determined by the Board in conjunction with a third-party valuation firm and excludes quoted assets. Amounts are weighted based on fair value of each respective investment. Amounts were derived from the most recently available portfolio company financial statements, have not been independently estimated 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 liability company, was formed as a joint venture between the Company and a large North American pension fund (the “Emerald JV Partner”), and commenced operations on January 18, 2022 and operates under a limited liability company agreement. The Emerald JV’s principal purpose is to make investments, primarily in senior secured loans that are made to middle-market companies or in broadly syndicated loans.

As of June 30, 2023, the Company and the Emerald JV Partner have committed to contribute up to $2,250.0 million and $750.0 million, respectively, of capital to the Emerald JV. As of June 30, 2023 the Company had contributed $2,002.5 million and the Emerald JV Partner had contributed $667.5 million of capital and $247.5 million and $82.5 million of capital remained uncalled from the Company and the Emerald JV Partner, respectively. The Company and the Emerald JV partner own 75% and 25%, respectively, of the equity ownership interest 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.

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As of June 30, 2023, the Emerald JV had total investments at fair value of $5,664.2 million. The following table is a summary of JV’s portfolio as of June 30, 2023 and December 31, 2022.

	June 30, 2023			December 31, 2022
Total senior secured debt investments at fair value	$	5,530,227		$	5,722,448
Number of portfolio companies		301			443
Weighted average yield on debt and income producing investments, at fair value (2)		11.64	%		10.88	%
Weighted average yield on debt and income producing investments, at cost (2)		11.53	%		10.72	%
Percentage of debt portfolio at floating interest rates (1)		99.8	%		93.5	%
Percentage of debt portfolio at fixed interest rates (1)		0.2	%		6.5	%
Percentage of assets on non-accrual (1)		0.1	%		0.2	%

(1) As a percentage of total amortized cost of Investments of Emerald JV. Assets on non-accrual represented 0.1% and 0.1% of total fair value of Investments of Emerald JV as of June 30, 2023 and December 31, 2022, respectively.

(2) Computed as (a) the annual stated interest rate or yield plus the annual accretion of discounts or less the annual amortization of premiums, as applicable, on accruing debt included in such securities, divided by (b) total debt investments (at fair value or cost, as applicable) included in such securities. Actual yields earned over the life of each investment could differ materially from the yields presented above.

BCRED Verdelite JV

BCRED Verdelite JV LP (“Verdelite JV”), a Delaware limited liability company, 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”), and commenced operations on October 21, 2022 and operates under a limited liability company agreement. The Verdelite JV’s principal purpose is to make investments, primarily in broadly syndicated loans.

As of June 30, 2023, the Company and the Verdelite JV Partner have committed to contribute up to $147.0 million and $21.0 million of capital, respectively, to the Verdelite JV. The Company and the Verdelite JV partner own 87.5% and 12.5%, respectively, of the equity ownership interest 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.

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As of June 30, 2023, the Verdelite JV had total investments at fair value of $452.3 million. The following table is a summary of JV’s portfolio as of June 30, 2023 and December 31, 2022:

	June 30, 2023			December 31, 2022
Total senior secured debt investments at fair value	$	452,343		$	490,615
Number of portfolio companies		144			129
Weighted average yield on debt and income producing investments, at fair value (2)		9.87	%		9.25	%
Weighted average yield on debt and income producing investments, at cost (2)		9.96	%		9.16	%
Percentage of debt portfolio at floating interest rates (1)		100.00	%		100.00	%
Percentage of debt portfolio at fixed interest rates (1)		0.00	%		0.00	%
Percentage of assets on non-accrual (1)		0.0	%		0.0	%

(1) Verdelite JV had no assets on non-accrual as of June 30, 2023 and December 31, 2022.

(2) Computed as (a) the annual stated interest rate or yield plus the annual accretion of discounts or less the annual amortization of premiums, as applicable, on accruing debt included in such securities, divided by (b) total debt investments (at fair value or cost, as applicable) included in such securities. Actual yields earned over the life of each investment could differ materially from the yields presented above.

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”.

Results of Operations

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

	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
Total investment income	$	1,407,305		$	736,837		$	2,743,047		$	1,292,523
Net expenses		651,528			304,338			1,290,173			522,203
Net investment income before excise tax		755,777			432,499			1,452,874			770,320
Excise tax expense		5,691			175			13,433			292
Net investment income after excise tax		750,086			432,324			1,439,441			770,028
Net unrealized appreciation (depreciation)		12,145			(864,100	)		168,328			(950,676	)
Net realized gain (loss)		(79,425	)		(13,931	)		(172,108	)		(11,316	)
Net increase (decrease) in net assets resulting from operations	$	682,806		$	(445,707	)	$	1,435,661		$	(191,964	)

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.

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Investment Income

Investment income, was as follows (dollar amounts in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Interest income	$	1,274,647	$	667,704	$	2,506,394	$	1,180,511
Payment-in-kind interest income		51,664		31,373		92,484		52,792
Dividend income		80,610		24,312		142,788		45,123
Fee income		384		13,448		1,381		14,097
Total investment income	$	1,407,305	$	736,837	$	2,743,047	$	1,292,523

Total investment income increased to $1,407.3 million for the three months ended June 30, 2023 from $736.8 million for the same period in the prior year primarily driven by our deployment of capital, increased benchmark interest rates driving increased interest income from our investments and dividend income from our joint ventures. The size of our investment portfolio increased to $47,684.9 million at June 30, 2023 from $46,225.9 million at June 30, 2022. Included in investment income for the three months ended June 30, 2023 is dividend income of $80.6 million received from our Emerald JV and Verdelite JV joint ventures and our investment in Specialty Lending Company LLC (“SLC”).

Total investment income increased to $2,743.0 million for the six months ended June 30, 2023 from $1,292.5 million for the same period in the prior year primarily driven by our deployment of capital, increased benchmark interest rates driving increased interest income from our investments and dividend income from our joint ventures. Included in investment income for the six months ended June 30, 2023 is dividend income of $142.8 million received from our Emerald JV and Verdelite JV joint ventures and our investment in SLC.

While rising interest rates have favorably impacted our investment income during the three and six months ended June 30, 2023, further interest rate increases and the resulting higher 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 increases occur concurrently with a period of economic weakness or a slowdown in growth, our borrowers’ and/or 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.

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Expenses

Expenses were as follows (dollar amounts in thousands):

	Three Months Ended June 30,					Six Months Ended June 30,
	2023		2022			2023		2022
Interest expense	$	438,599	$	158,169		$	874,822	$	271,559
Management fees		75,635		64,941			149,238		115,568
Income based incentive fees		109,501		62,964			210,259		111,112
Capital gains incentive fees		—		(4,557	)		—		(15,059	)
Distribution and shareholder servicing fees
Class S		16,297		12,439			31,688		21,892
Class D		121		538			681		921
Professional fees		3,959		3,939			7,980		5,627
Board of Trustees’ fees		240		208			464		402
Administrative service expenses		1,432		1,007			3,354		2,193
Other general & administrative		4,728		3,476			9,372		5,846
Amortization of continuous offering costs		1,016		1,214			2,315		2,142
Total expenses (before excise tax)	$	651,528	$	304,338		$	1,290,173	$	522,203

Interest Expense

Total interest expense (including unused fees, amortization of deferred financing costs and accretion of net discounts on unsecured debt) increased to $438.6 million for the three months ended June 30, 2023 compared to $158.2 million for the same period in the prior year primarily driven by increased borrowings under our credit facilities and our unsecured note and debt securitization issuances and an increase in the weighted average interest rate on our borrowings. The average principal outstanding increased to $25,238.7 million for the three months ended June 30, 2023 from $21,268.1 million for the same period in the prior year in addition to an increase in our weighted average interest rate to 6.82% for the three months ended June 30, 2023 from 2.86% for the same period in the prior year.

Total interest expense (including unused fees, amortization of deferred financing costs and accretion of net discounts on unsecured debt) increased to $874.8 million for the six months ended June 30, 2023 compared to $271.6 million for the same period in the prior year primarily driven by increased borrowings under our credit facilities and our unsecured note and debt securitization issuances and an increase in the weighted average interest rate on our borrowings. The average principal outstanding increased to $26,189.5 for the six months ended June 30, 2023 from $19,693.5 for the same period in the prior year in addition to an increase in our weighted average interest rate to 6.56% for the six months ended June 30, 2023 from 2.67% for the same period in the prior year.

Management Fees

Management fees increased to $75.6 million for the three months ended June 30, 2023 compared to $64.9 million for the same period in the prior year primarily due to an increase in net assets.

Management fees increased to $149.2 million for the six months ended June 30, 2023 compared to $115.6 million for the same period in the prior year primarily due to an increase in net assets.

Income Based Incentive Fees

Income based incentive fees increased to $109.5 million for the three months ended June 30, 2023 compared to $63.0 million for the same period in the prior year primarily due to an increase in pre-incentive fee net

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investment income. Pre-incentive fee net investment income increased to $876.0 million for the three months ended June 30, 2023 from $503.7 million for the same period in the prior year.

Income based incentive fees increased to $210.3 million for the six months ended June 30, 2023 compared to $111.1 million for the same period in the prior year primarily due to an increase in pre-incentive fee net investment income. Pre-incentive fee net investment income increased to $1,682.1 million for the six months ended June 30, 2023 from $888.9 million for the same period in the prior year.

Capital Gains Based Incentive Fees

We accrued no capital gains incentive fees for the three and six months ended June 30, 2023. The accrual for any capital gains 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 were $27.8 million for the three months ended June 30, 2023, primarily comprised of $16.4 million of distribution and shareholder servicing fees paid with respect to Class S and Class D investors, $4.0 million of professional fees (including legal, rating agencies, audit, tax, valuation, technology and other professional fees related to management of the Company), and $4.7 million of general and administrative expenses (including insurance, filing, research, and fees paid to our sub-administrator and transfer agent). The increase compared to the prior year was primarily driven by the costs attributable to increased subscriptions to our Class S shares and the increased cost of servicing a larger investment portfolio.

Total other expenses were $55.9 million for the six months ended June 30, 2023, primarily comprised of $32.4 million of distribution and shareholder servicing fees paid with respect to Class S and Class D investors, $8.0 million of professional fees (including legal, rating agencies, audit, tax, valuation, technology and other professional fees related to management of the Company), and $9.4 million of general and administrative expenses (including insurance, filing, research, and fees paid to our sub-administrator and transfer agent). The increase compared to the prior year was primarily driven by the costs attributable to increased subscriptions to our Class S and the increased cost of servicing a larger investment portfolio.

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 qualification as a RIC, the Company must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to eliminate any entity level corporate income tax, 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 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 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.

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For the three months ended June 30, 2023 and 2022, the Company accrued $5.7 million and $0.2 million, respectively, of U.S. federal excise tax.

For the six months ended June 30, 2023 and 2022, the Company accrued $13.4 million and $0.3 million, respectively, of U.S. federal excise tax.

Net Unrealized Gain (Loss)

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

	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
Net unrealized gain (loss) on investments	$	19,694		$	(875,893	)	$	189,077		$	(949,007	)
Net unrealized gain (loss) on derivative instruments		(3,026	)		11,793			(14,966	)		(1,669	)
Net unrealized gain (loss) on foreign currency and other transactions		(4,523	)		—			(5,783	)		—
Net unrealized gain (loss)	$	12,145		$	(864,100	)	$	168,328		$	(950,676	)

For the three months ended June 30, 2023, we had net unrealized gains on investments of $19.7 million, compared to net unrealized losses on investments of $875.9 million for the same period in the prior year. The fair value of our debt investments as a percentage of principal remained flat at 96.6% as of March 31, 2023 and June 30, 2023.

For the three months ended June 30, 2023, we had net unrealized losses of $3.0 million and $4.5 million on foreign currency forward contracts and foreign currency transactions, respectively, primarily as a result of fluctuations in the GBP and SEK exchange rates vs. USD.

For the six months ended June 30, 2023, we had net unrealized gains on investments of $189.1 million, primarily driven by an increase in the fair value of our debt investments, compared to net unrealized losses on investments of $949.0 million for the same period in the prior year. The fair value of our debt investments as a percentage of principal increased by 0.3%, from 96.3% as of December 31, 2022 to 96.6% as of June 30, 2023, driven by strong portfolio company fundamentals and changes in the economic outlook.

For the six months ended June 30, 2023, we had net unrealized losses of $15.0 million and $5.8 million on foreign currency forward contracts and foreign currency transactions, respectively, primarily as a result of fluctuations in the GBP and SEK 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 June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
Net realized gain (loss) on investments	$	(76,141	)	$	(17,565	)	$	(177,837	)	$	(15,903	)
Net realized gain (loss) on derivative instruments		(2,464	)		—			2,306			—
Net realized gain (loss) on foreign currency and other transactions		(820	)		3,634			3,423			4,587
Net realized gain (loss)	$	(79,425	)	$	(13,931	)	$	(172,108	)	$	(11,316	)

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For the three and six months ended June 30, 2023, we generated net realized losses on investments of $76.1 million and $177.8 million respectively, which was primarily from full or partial sales of our debt investments.

For the three months ended June 30, 2023, we additionally incurred net realized losses of $2.5 million, on derivative assets and derivative liabilities from the settlement of our foreign currency derivative transactions and net realized losses of $0.8 million on foreign currency translations and other transactions.

The net realized losses on investments for the six months ended June 30, 2023 were partially offset by net realized gains of $2.3 million on derivative assets and derivative liabilities from the settlement of our foreign currency derivative transactions and net realized gains of $3.4 million on foreign currency translations primarily as a result of fluctuations in the GBP and NOK exchange rates vs. USD.

Financial Condition, Liquidity and Capital Resources

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

As of June 30, 2023 and December 31, 2022, our debt consisted of asset based leverage facilities, 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 the U.S. Dollar. Additionally, any such incurrence or issuance would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors. In accordance with the 1940 Act, with certain limited exceptions, we are only allowed to incur borrowings, issue debt securities or issue preferred stock, if immediately after the borrowing or issuance, the ratio of total assets (less total liabilities other than indebtedness) to total indebtedness plus preferred stock, is at least 150%. As of June 30, 2023 and December 31, 2022, we had an aggregate principal amount of $24,359.9 million and $26,842.2 million, of debt securities outstanding and our asset coverage ratio was 197.7% and 184.5%, respectively.

Cash and cash equivalents as of June 30, 2023, taken together with our $10,713.1 million of unused capacity under our credit facilities (subject to borrowing base availability), proceeds from new or amended financing arrangements and the continuous offering of our Common Shares is expected to be sufficient for our investing activities and to conduct our operations in the near term. This determination is based in part on our expectations for the timing of funding investment purchases and the timing and amount of future proceeds from sales of our Common Shares and the use of existing and future financing arrangements. As of June 30, 2023, we had significant amounts payable and commitments for new investments, which we planned to fund using proceeds from offering our Common Shares and available borrowing capacity under our credit facilities. Additionally, we held $5,453.3 million of Level 2 debt investments as of June 30, 2023, which could provide additional liquidity if necessary.

Although we have historically been able to obtain sufficient borrowing capacity, a deterioration in economic conditions or any other negative economic developments could restrict our access to financing in the future. We may not be able to find new financing for future investments or liquidity needs and, even if we are able to obtain such financing, such financing may not be on as favorable terms as we have previously obtained. These factors may limit our ability to make new investments and adversely impact our results of operations.

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As of June 30, 2023, we had $1,389.0 million in cash and cash equivalents. During the six months ended June 30, 2023, cash provided by operating activities was $2,927.2 million, primarily as a result of proceeds from repayments on and sale of investments of $3,191.6 million and an increase in payables for investments purchases of $217.4 million, partially offset by funding portfolio investments of $1,677.8 million. Cash used in financing activities was $2,884.9 million during the period, primarily as a result of $2,056.2 million of share repurchases and $2,580.0 million of net borrowings, partially offset by $2,426.9 million of subscriptions.

Equity

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

	For the three months ended June 30, 2023
	Shares			Amount
CLASS I
Subscriptions		40,025,888		$	991,563
Share transfers between classes		801,656			19,887
Distributions reinvested		7,486,630			185,625
Share repurchases		(43,026,051	)		(1,069,628	)
Early repurchase deduction		—			21
Net increase (decrease)		5,288,123		$	127,468
CLASS S
Subscriptions		21,551,333		$	534,160
Share transfers between classes		(338,831	)		(8,406	)
Distributions reinvested		3,241,102			80,362
Share repurchases		(5,289,207	)		(131,490	)
Early repurchase deduction		—			30
Net increase (decrease)		19,164,397		$	474,656
CLASS D
Subscriptions		810,907		$	20,071
Share transfers between classes		(462,803	)		(11,481	)
Distributions reinvested		28,518			707
Share repurchases		(134,805	)		(3,351	)
Early repurchase deduction		—			—
Net increase (decrease)		241,817		$	5,946
Total net increase (decrease)		24,694,337		$	608,070

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

	For the six months ended June 30, 2023
	Shares			Amount
CLASS I
Subscriptions		58,996,813		$	1,461,821
Share transfers between classes		45,581,902			1,131,859
Distributions reinvested		14,358,610			355,737
Share repurchases		(73,344,305	)		(1,820,611	)
Early repurchase deduction		—			78
Net increase (decrease)		45,593,020		$	1,128,884
CLASS S
Subscriptions		36,034,142		$	892,824
Share transfers between classes		(1,706,270	)		(42,140	)
Distributions reinvested		6,294,698			155,962
Share repurchases		(10,609,545	)		(263,275	)
Early repurchase deduction		—			169
Net increase (decrease)		30,013,025		$	743,540
CLASS D
Subscriptions		2,922,621		$	72,284
Share transfers between classes		(43,876,202	)		(1,089,719	)
Distributions reinvested		634,300			15,705
Share repurchases		(557,743	)		(13,827	)
Early repurchase deduction		—			11
Net increase (decrease)		(40,877,024	)	$	(1,015,546	)
Total net increase (decrease)		34,729,021		$	856,878

Distributions and Distribution Reinvestment Plan

The following table presents the Company’s distributions declared and payable for the six months ended June 30, 2023 (dollar amounts in thousands, except per share amounts):

					Class I
Declaration Date	Record Date		Payment Date		Distribution Per Share		Distribution Amount
January 25, 2023		January 31, 2023		February 24, 2023	$	0.2100	$	125,726
February 24, 2023		February 28, 2023		March 29, 2023		0.2100		127,513
March 23, 2023		March 31, 2023		April 28, 2023		0.2100		138,990
April 19, 2023		April 30, 2023		May 26, 2023		0.2100		135,044
May 17, 2023		May 31, 2023		June 27, 2023		0.2100		137,362
June 20, 2023		June 30, 2023		July 27, 2023		0.2100		142,770
					$	1.2600	$	807,405

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					Class S
Declaration Date	Record Date		Payment Date		Distribution Per Share		Distribution Amount
January 25, 2023		January 31, 2023		February 24, 2023	$	0.1926	$	55,316
February 24, 2023		February 28, 2023		March 29, 2023		0.1924		56,106
March 23, 2023		March 31, 2023		April 28, 2023		0.1924		57,471
April 19, 2023		April 30, 2023		May 26, 2023		0.1925		58,078
May 17, 2023		May 31, 2023		June 27, 2023		0.1924		59,351
June 20, 2023		June 30, 2023		July 27, 2023		0.1925		61,185
					$	1.1548	$	347,507
					Class D
Declaration Date	Record Date		Payment Date		Distribution Per Share		Distribution Amount
January 25, 2023		January 31, 2023		February 24, 2023	$	0.2049	$	10,247
February 24, 2023		February 28, 2023		March 29, 2023		0.2048		10,343
March 23, 2023		March 31, 2023		April 28, 2023		0.2048		1,659
April 19, 2023		April 30, 2023		May 26, 2023		0.2048		1,591
May 17, 2023		May 31, 2023		June 27, 2023		0.2048		1,564
June 20, 2023		June 30, 2023		July 27, 2023		0.2048		1,649
					$	1.2289	$	27,053

With respect to distributions, we have adopted an “opt out” distribution reinvestment plan for shareholders. As a result, in the event of a declared cash distribution or other distribution, each shareholder that has not “opted out” of the distribution reinvestment plan will have their dividends or distributions automatically reinvested in additional shares rather than receiving cash distributions. Shareholders who receive distributions in the form of 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 dividend reinvestment plan, see “Item 1. Financial Statements—Notes to Condensed Consolidated Financial Statements—Note 9. Net Assets.”

Share Repurchase Program

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

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subscription date immediately following the valuation date used in the repurchase of such Common Shares. The Early Repurchase Deduction may be waived in the case of repurchase requests arising from the death, divorce or qualified disability of the holder; in the event that a shareholder’s shares are repurchased because the shareholder has failed to maintain the $500 minimum account balance; due to trade or operational error; and repurchases of shares submitted by discretionary model portfolio management programs (and similar arrangements) as approved by the Company. The Early Repurchase Deduction will be retained by the Company for the benefit of remaining shareholders.

During the three months ended June 30, 2023, approximately 48,450,063 shares were repurchased for a total value of $1,204.4 million (net of Early Repurchase Deduction). During the six months ended June 30, 2023, approximately 84,511,593 shares were repurchased for a total value of $2,097.5 million (net of Early Repurchase Deduction).

For additional information on our share repurchases, see “Item 1. Financial Statements—Notes to Condensed Consolidated Financial Statements—Note 9. Net Assets”.

Borrowings

As of June 30, 2023 and December 31, 2022, we had an aggregate principal amount of $24,359.9 million and $26,842.2 million, 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”.

Off-Balance Sheet Arrangements

Portfolio Company Commitments

Our investment portfolio contains and is expected to continue to contain debt investments which are in the form of lines of credit or delayed draw commitments, which require us to provide funding when requested by portfolio companies in accordance with underlying loan agreements. As of June 30, 2023 and December 31, 2022, we had unfunded delayed draw term loans and revolvers with an aggregate principal amount of $5,476.7 million and $6,343.1 million, respectively.

Additionally, from time to time, the Adviser and its affiliates may commit to an investment on behalf of the investment vehicles it manages, including the Company. Certain terms of these investments are not finalized at the time of the commitment and each respective investment vehicles’ allocation may change prior to the date of funding. In this regard, as of June 30, 2023 and December 31, 2022, the Company estimates that it had $248.6 million and $1,219.5 million, respectively, of investments that are 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 its business. At June 30, 2023, management is not aware of any pending or threatened litigation.

Related-Party Transactions

We entered into a number of business relationships with affiliated or related parties, including the following:

• the Investment Advisory Agreement;

• the Administration Agreement;

• the Intermediary Manager Agreement; and.

• the Expense Support and Conditional Reimbursement Agreement.

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In addition to the aforementioned agreements, we, our Adviser and certain of our Adviser’s affiliates have been granted exemptive relief by the SEC to co-invest with other funds managed by our Adviser or its affiliates in a manner consistent with our investment objectives, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors. See “Item 1. Financial Statements—Notes to Condensed Consolidated Financial Statements—Note 3. Fees, Expenses, Agreements and Related Party Transactions.”

Recent Developments

Macroeconomic Environment

The six months ended June 30, 2023 have been characterized by continued volatility in global markets, driven by investor concerns over inflation, rising interest rates, slowing economic growth, political and regulatory uncertainty and geopolitical conditions. Recent events affecting financial institutions have also contributed to volatility in global markets and diminished liquidity and credit availability in the market broadly. Significant market dislocation, particularly in the financial sector, 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.

Continued inflation has prompted central banks, including the U.S. Federal Reserve, to take monetary policy tightening actions, including raising interest rates in order to control inflation, which has created further uncertainty for the economy and for our borrowers. Although our business model is such that rising interest rates will, all else being equal, correlate to increases in our net income, increases in interest rates may adversely affect our existing borrowers and lead to nonperformance. Additionally, rising rates and increasing costs may dampen consumer spending and slow corporate profit growth, which may negatively impact our portfolio companies as they may be susceptible to economic downturns or recessions and may be unable to repay our loans during these periods. Therefore, during these periods our non-performing assets may increase and the value of our portfolio may decrease if we are required to write down the values of our investments. Adverse economic conditions may also decrease the value of collateral securing some of our loans and the value of our equity investments. Economic slowdowns or recessions could lead to financial losses in our portfolio and a decrease in revenues, net income and assets. Unfavorable economic conditions could increase our funding costs, limit our access to the capital markets or result in a decision by lenders not to extend credit to us. These events could prevent us from increasing investments and harm our operating results. It remains difficult to predict the full impact of recent changes and any future changes in interest rates or inflation.

Banking Sector Conditions

Recent bank closures in the United States have caused uncertainty for financial services companies and fear of instability in the global financial system generally. In addition, certain financial institutions—in particular smaller and/or regional banks—have experienced volatile stock prices and significant losses in their equity value, and there is concern that depositors at these institutions have withdrawn, or may withdraw in the future, significant sums from their accounts at these institutions. Notwithstanding intervention by U.S. governmental agencies to protect the uninsured depositors of banks that have recently closed, there is no guarantee that the uninsured depositors of a financial institution that closes (which depositors could include the Company and/or its portfolio companies) will be made whole or, even if made whole, that such deposits will become available for withdrawal in short order. There is a risk that other banks, or other financial institutions, may be similarly impacted, and it is uncertain what steps (if any) regulators may take in such circumstances or what other economic or other impacts there may be. In addition, uncertainty caused by recent bank failures—and general concern regarding the financial health and outlook for other financial institutions—could have an overall negative effect on banking systems and financial markets generally. These recent developments may also have other implications for broader economic and monetary policy, including interest rate policy. For the foregoing reasons, there can be no assurances that conditions in the banking sector and in global financial markets will not worsen and/or adversely affect the Company, its portfolio companies or their respective financial performance.

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Reference Rate Reform

LIBOR and certain other floating rate benchmark indices have been the subject of recent national, international and regulatory guidance and proposals for reform or replacement. The U.S. Federal Reserve, in conjunction with the Alternative Reference Rates Committee, a steering committee composed of large U.S. financial institutions, has identified SOFR, an index calculated using short-term repurchase agreements backed by U.S. Treasury securities, as its preferred alternative rate for USD LIBOR. The publication of USD LIBOR continued until June 30, 2023 and market participants are generally expected to transition to SOFR thereafter. Additionally, market participants have transitioned from GBP LIBOR to the Sterling Overnight Index Average, or SONIA, in line with guidance from the U.K. regulators.

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 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, 2022, filed with the SEC on March 17, 2023, and elsewhere in our filings with the SEC. There have been no material changes in our critical accounting policies and practices.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

Uncertainty with respect to the economic conditions has introduced significant volatility in the financial markets, and the effect of the volatility could materially impact our market risks. We are subject to financial market risks, including valuation risk, interest rate risk and inflation risk. Our exposure to market risk has not materially changed from what was previously disclosed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022.

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, and 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 the design and operation 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 our disclosure controls and procedures (a) are effective 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 Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

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(b) Changes in Internal Controls Over Financial Reporting

There have been no changes in our internal control over financial reporting that occurred during the quarter ended June 30, 2023 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II—OTHER INFORMATION

Item 1. Legal Proceedings.

We are not currently subject to any material legal proceedings. From time to time, we may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. Our business is also subject to extensive regulation, which may result in regulatory proceedings against us. While the outcome of any such future legal or regulatory proceedings cannot be predicted with certainty, we do not expect that any such future proceedings will have a material effect upon our financial condition or results of operations.

Item 1A. Risk Factors.

There have been no material changes to the risk factors discussed in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2022.

Item 2. Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities.

Refer to our Current Reports on Form 8-K filed with SEC on April 20, 2023, May 18, 2023 and June 21, 2023 for information about unregistered sales of our equity securities during the quarter.

The following table sets forth information regarding repurchases of shares of our common stock during the quarter ended June 30, 2023:

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) (3)		Maximum number of shares that may yet be purchased under the repurchase plan (2)
February 28, 2023		36,061,530		3.91	%	$	24.77		March 31, 2023	$	893,037		—
May 31, 2023		48,450,063		5.20	%	$	24.86		June 30, 2023	$	1,204,418		—

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

(2) All repurchase requests were satisfied in full.

(3) Amounts shown net of Early Repurchase Deduction

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

Not applicable.

Item 5. Other Information.

Section 13(r) Disclosure

Pursuant to Section 219 of the Iran Threat Reduction and Syria Human Rights Act of 2012, which added Section 13(r) of the Exchange Act, we hereby incorporate by reference herein Exhibit 99.1 of this report, which includes disclosures provided to us by Mundys S.p.A.

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Item 6. Exhibits.

Exhibit Number	Description of Exhibits
3.1	Fourth 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 August 3, 2023).
3.2	Amended and Restated Bylaws (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K, filed on June 29, 2021).
10.1	First Amendment and Extension Agreement to the Amended and Restated Senior Secured Credit Agreement dated June 9, 2023, by and among the Company, each of the Lenders from time to time party thereto and Citibank, N.A., as administrative agent and collateral agent (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K, filed on June 13, 2023).
10.2	Amended and Restated Senior Secured Credit Agreement dated June 9, 2023, by and among the Company, each of the Lenders from time to time party thereto and Citibank, N.A., as administrative agent and collateral agent (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K, filed on June 13, 2023).
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)
99.1	Section 13(r) Disclosure.*
101.INS	Inline XBRL Instance Document—the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document*
101.SCH	Inline XBRL Taxonomy Extension Schema Document*
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document*
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document*
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document*
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document*
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

* Filed herewith.

The agreements and other documents filed as exhibits to this report are not intended to provide factual information or other disclosure other than with respect to the terms of the agreements or other documents themselves, and you should not rely on them for that purpose. In particular, any representations and warranties made by us in these agreements or other documents were made solely within the specific context of the relevant agreement or document and may not describe the actual state of affairs as of the date they were made or at any other time.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		Blackstone Private Credit Fund
Date:	August 11, 2023	/s/ Brad Marshall
		Brad Marshall
		Co-Chief Executive Officer
Date:	August 11, 2023	/s/ Jonathan Bock
		Jonathan Bock
		Co-Chief Executive Officer
Date:	August 11, 2023	/s/ Teddy Desloge
		Teddy Desloge
		Chief Financial Officer

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