Joint Venture

9 Months Ended

Sep. 30, 2022

Equity Method Investments and Joint Ventures [Abstract]

Joint Venture

Joint Venture

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 each agreed to contribute up to $1,500 million and $500 million, respectively, to the Emerald JV. The Company contributed approximately $733.4 million of cash, and the Emerald JV Partner contributed net assets of approximately $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 approximately 75% and approximately 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 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. Our investment in the Emerald JV is disclosed on the Company’s Consolidated Schedule of Investments as of September 30, 2022.

On September 26, 2022, the Company and the Emerald JV Partner entered into a master framework agreement (the “Master Framework Agreement”), pursuant to which the Company and the Emerald JV Partner each agreed to increase their capital commitments to the Emerald JV to $2,250 million and $750 million, respectively. Pursuant to the Master Framework Agreement, the Company made capital contributions to the Emerald JV in an aggregate amount of approximately $940 million (consisting of cash capital contributions of $670 million and an in-kind capital contribution of investments valued at approximately $270 million), the Emerald JV Partner made capital contributions to the Emerald JV of approximately $313 million (consisting of a cash contribution of approximately $251 million and an in-kind capital contribution of investments valued at approximately $62 million), and certain of the subsidiaries of the Company sold investments to the Emerald JV for an aggregate cash purchase price of approximately $1,972 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 approximately 75% and approximately 25%, respectively.

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. The Company is not deemed to be the primary beneficiary of the Emerald JV as there is equal power between the Company and JV. Accordingly, the Company does not consolidate the Emerald JV.

As of September 30, 2022, the Emerald JV had total investments in senior secured debt at fair value of $5,099.5 million. The determination of fair value is in accordance with ASC 820. The following table is a summary of JV’s portfolio as well as a listing of the portfolio investments in the Emerald JV’s portfolio as of September 30, 2022:

	September 30, 2022
Total senior secured debt investments(1)	$	5,099,533
Number of portfolio companies	325
Weighted average yield on debt and income producing investments, at fair value(2)	8.86		%
Weighted average yield on debt and income producing investments, at cost(2)	8.75		%
Percentage of debt portfolio at floating interest rates(1)	100.00		%
Percentage of debt portfolio at fixed interest rates(1)	—		%
Percentage of assets on non-accrual	—		%

(1)Based on fair market value

(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 Emerald JV LP Consolidated Schedule of Investments September 30, 2022 (in thousands) (Unaudited)
Investments (1)	Reference Rate and Spread		Interest Rate (2)		Maturity Date	Par Amount (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%	7.67	%	1/29/2027	$	2,985	$	2,884	$	2,860	0.12	%
Atlas CC Acquisition Corp. (10)	L +	4.25%	7.32	%	5/25/2028	9,945		9,561		8,754		0.35
Loar Group, Inc. (4)(11)	L +	7.25%	9.77	%	10/2/2023	28,122		28,122		28,122		1.13
Peraton Corp. (10)	L +	3.75%	6.87	%	2/1/2028	5,486		5,390		5,214		0.21
Vertex Aerospace Services Corp. (10)	L +	3.75%	6.87	%	12/6/2028	2,985		2,999		2,910		0.12
								48,955		47,860		1.93
Air Freight & Logistics
AGI-CFI Holdings, Inc. (4)(10)	L +	5.50%	8.88	%	6/11/2027	24,562		24,348		24,316		0.98
Mode Purchaser, Inc. (4)(11)	SOFR +	6.25%	8.96	%	12/9/2026	39,031		39,031		39,031		1.57
RWL Holdings, LLC (4)(7)(10)	SOFR +	5.75%	9.45	%	12/31/2028	21,741		21,303		21,471		0.87
SEKO Global Logistics Network, LLC (4)(5)(11)	L +	5.00%	8.07	%	12/30/2026	27,023		26,888		26,888		1.08
								111,571		111,707		4.50
Airlines
Air Canada (6)(10)	L +	3.50%	6.42	%	8/11/2028	3,990		3,954		3,804		0.15
American Airlines, Inc. (4)(10)	L +	4.75%	5.81	%	3/11/2028	3,815		3,944		3,706		0.15
KKR Apple Bidco, LLC (4)(11)	L +	2.75%	5.87	%	9/23/2028	5,970		5,793		5,714		0.23
United Airlines, Inc. (6)(10)	L +	3.75%	6.53	%	4/21/2028	4,000		3,975		3,835		0.15
								17,667		17,059		0.68
Auto Components
Clarios Global LP (6)(8)	L +	3.25%	6.37	%	4/30/2026	3,000		2,858		2,847		0.11
Wheel Pros, Inc. (10)	L +	4.50%	7.55	%	5/11/2028	2,487		2,496		1,840		0.07
								5,353		4,687		0.18
Beverages
Triton Water Holdings, Inc. (9)	L +	3.50%	7.17	%	3/31/2028	5,965		5,821		5,382		0.22
Building Products
Cornerstone Building Brands, Inc. (6)(9)	L +	3.25%	6.07	%	4/12/2028	1,492		1,465		1,235		0.05
CP Atlas Buyer, Inc. (9)	L +	3.75%	6.27	%	11/23/2027	3,980		3,991		3,487		0.14
Express Wash Concepts, LLC (4)(7)(11)	SOFR +	4.75%	8.35	%	4/30/2027	15,449		15,358		14,750		0.60
Fencing Supply Group Acquisition, LLC (4)(5)(11)	L +	6.00%	8.08	%	2/26/2027	19,716		19,631		19,716		0.80
Griffon Corporation (6)(9)	SOFR +	2.50%	5.49	%	1/24/2029	2,480		2,412		2,390		0.10
iHeartCommunications, Inc. (4)(11)	L +	3.00%	6.12	%	5/1/2026	5,000		4,783		4,710		0.19
Illuminate Merger Sub Corp. (9)	L +	3.50%	6.38	%	7/21/2028	2,978		2,975		2,616		0.11
Kodiak BP, LLC (10)	L +	3.25%	6.92	%	3/12/2028	4,962		4,905		4,575		0.18
Latham Pool Products, Inc. (4)(7)(11)	SOFR +	3.75%	6.68	%	2/18/2028	29,850		28,881		26,467		1.07

BCRED Emerald JV LP Consolidated Schedule of Investments September 30, 2022 (in thousands) (Unaudited)
Investments (1)	Reference Rate and Spread		Interest Rate (2)		Maturity Date	Par Amount (16)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt (continued)
Building Products (continued)
Lindstrom, LLC (4)(11)	SOFR +	6.25%	8.86	%	4/7/2025	$	27,794	$	27,794	$	27,516	1.11	%
New Arclin US Holding Corp. (6)(7)(9)	L +	3.75%	6.87	%	10/2/2028	2,598		2,612		2,377		0.10
Tamko Building Product, LLC (8)	L +	3.00%	5.81	%	6/1/2026	2,985		2,886		2,830		0.11
The Chamberlain Group, Inc. (9)	L +	3.50%	6.62	%	11/3/2028	4,963		4,903		4,526		0.18
Windows Acquisition Holdings, Inc. (4)(5)(11)	L +	6.50%	10.17	%	12/29/2026	10,668		10,668		10,668		0.43
								133,263		127,863		5.17
Capital Markets
Advisor Group Holdings, Inc. (8)	L +	4.50%	7.62	%	7/31/2026	9,096		8,783		8,679		0.35
AllSpring Buyer, LLC (6)(9)	L +	3.25%	6.69	%	11/1/2028	1,990		1,999		1,937		0.08
Resolute Investment Managers, Inc. (11)	L +	4.25%	7.92	%	4/30/2024	2,669		2,674		2,382		0.10
Situs-AMC Holdings Corporation (4)(11)	SOFR +	5.75%	9.42	%	12/22/2027	73,618		72,516		72,513		2.93
Superannuation And Investments US, LLC (6)(9)	L +	3.75%	6.87	%	12/1/2028	1,985		1,997		1,946		0.08
The Edelman Financial Engines Center, LLC (10)	L +	3.50%	6.62	%	4/7/2028	8,713		8,411		8,020		0.32
								96,381		95,478		3.86
Chemicals
Ascend Performance Materials Operations, LLC (10)	SOFR +	4.75%	8.83	%	8/27/2026	1,658		1,666		1,628		0.07
DCG Acquisition Corp. (8)	L +	4.50%	7.62	%	9/30/2026	2,977		2,979		2,786		0.11
Dominion Colour Corporation (4)(6)(11)	L +	7.25% (incl. 2.00% PIK)	9.81	%	4/6/2024	10,970		10,868		8,913		0.36
Starfruit Finco BV (10)	L +	2.75%	5.87	%	10/1/2025	1,987		1,901		1,867		0.08
								17,413		15,194		0.62
Commercial Services & Supplies
Access CIG, LLC (8)	L +	3.75%	6.82	%	2/27/2025	5,804		5,764		5,573		0.22
Allied Universal Holdco, LLC (9)	L +	3.75%	6.87	%	5/12/2028	8,942		8,698		7,886		0.32
Anticimex, Inc. (6)(9)	L +	4.00%	7.07	%	11/16/2028	2,985		3,010		2,854		0.12
Anticimex, Inc. (6)(9)	L +	3.50%	6.57	%	11/16/2028	4,990		4,779		4,740		0.19
Bazaarvoice, Inc. (4)(7)(8)	L +	5.75%	7.71	%	5/7/2028	19,669		19,669		19,669		0.79
Belfor Holdings, Inc. (8)	L +	4.00%	7.12	%	4/6/2026	3,979		3,961		3,920		0.16
DG Investment Intermediate Holdings 2, Inc. (10)	L +	3.75%	6.87	%	3/31/2028	7,977		7,866		7,456		0.30
EAB Global, Inc. (9)	L +	3.50%	6.31	%	8/16/2028	4,967		4,877		4,667		0.19
eResearchTechnology, Inc. (11)	L +	4.50%	7.62	%	2/4/2027	5,228		5,075		4,891		0.20
First Advantage Holdings, LLC (4)(11)	L +	2.75%	5.87	%	1/31/2027	6,000		5,887		5,830		0.24
Foundational Education Group, Inc. (4)(9)	SOFR +	3.75%	7.56	%	8/31/2028	4,000		3,878		3,760		0.15
Garda World Security Corp. (6)(8)	L +	4.25%	7.24	%	2/1/2029	6,000		5,759		5,605		0.23
Garda World Security Corp. (6)(8)	SOFR +	4.25%	7.05	%	10/30/2026	3,000		3,017		2,831		0.11
Genuine Financial Holdings, LLC (8)	L +	3.75%	6.87	%	7/11/2025	8,906		8,750		8,666		0.35

BCRED Emerald JV LP Consolidated Schedule of Investments September 30, 2022 (in thousands) (Unaudited)
Investments (1)	Reference Rate and Spread		Interest Rate (2)		Maturity Date	Par Amount (16)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt (continued)
Commercial Services & Supplies (continued)
International SOS The Americas LP (4)(6)(9)	L +	3.75%	7.44	%	9/7/2028	$	1,985	$	1,992	$	1,940	0.08	%
Java Buyer, Inc. (4)(7)(10)	L +	5.75%	9.04	%	12/15/2027	11,444		11,223		11,022		0.44
JSS Holdings, Inc. (4)(10)	L +	6.00%	6.75	%	12/17/2027	36,924		36,680		36,924		1.49
Knowledge Pro Buyer, Inc. (4)(10)	L +	5.75%	8.51	%	12/10/2027	18,858		18,525		18,480		0.75
Knowledge Pro Buyer, Inc. (4)(7)(10)	L +	5.75%	9.70	%	12/10/2027	620		552		543		0.02
KPSKY Acquisition, Inc. (4)(10)	L +	5.50%	8.58	%	10/19/2028	104,290		99,087		99,075		4.00
PECF USS Intermediate Holding III Corp. (9)	L +	4.25%	7.37	%	12/15/2028	2,978		2,994		2,551		0.10
Polyphase Elevator Holding Co. (4)(11)	L +	5.50%	9.17	%	6/23/2027	21,736		21,195		21,193		0.86
Recycle & Resource US, LLC (6)(9)	L +	3.50%	7.17	%	7/14/2028	2,985		2,998		2,713		0.11
Restaurant Technologies, Inc. (4)(11)	SOFR +	4.25%	7.80	%	3/17/2029	19,900		19,437		19,411		0.78
Revspring, Inc. (8)	L +	4.00%	7.67	%	10/11/2025	2,977		2,980		2,878		0.12
The Action Environmental Group, Inc. (4)(11)	L +	6.00%	9.59	%	1/16/2026	19,495		19,094		19,251		0.78
The Action Environmental Group, Inc. (4)(5)(12)	L +	6.00%	8.85	%	1/16/2026	13,405		13,221		13,237		0.53
TRC Companies, Inc. (9)	L +	3.75%	6.87	%	12/8/2028	4,728		4,699		4,441		0.18
								345,666		342,008		13.81
Communications Equipment
Commscope Inc (8)	L +	3.25%	6.37	%	4/6/2026	300		282		277		0.01
Construction & Engineering
Atlas Intermediate III, LLC (4)(10)	L +	7.50%	10.48	%	2/25/2028	24,247		24,183		24,047		0.97
Brookfield WEC Holdings, Inc. (9)	L +	2.75%	5.87	%	8/1/2025	9,944		9,571		9,533		0.38
Pike Electric Corp. (4)(8)	L +	3.00%	6.12	%	1/21/2028	3,000		2,927		2,919		0.12
Pike Electric Corp. (8)	L +	3.00%	6.12	%	1/21/2028	6,000		5,824		5,838		0.24
Refficiency Holdings, LLC (7)(10)	L +	3.75%	6.87	%	12/16/2027	3,792		3,747		3,622		0.15
								46,252		45,960		1.86
Construction Materials
Quikrete Holdings, Inc. (4)(11)	L +	3.00%	6.12	%	6/11/2028	5,970		5,796		5,759		0.23
White Cap Buyer, LLC (9)	SOFR +	3.75%	6.78	%	10/19/2027	5,193		5,007		4,870		0.20
								10,803		10,629		0.43
Containers & Packaging
Ascend Buyer, LLC (4)(10)	L +	5.75%	9.42	%	10/2/2028	57,814		57,237		57,236		2.31
Berlin Packaging, LLC (9)	L +	3.75%	6.32	%	3/11/2028	8,942		8,734		8,467		0.34
Bway Holding Corporation (8)	L +	3.25%	5.81	%	4/3/2024	1,984		1,964		1,857		0.07
Charter NEX US, Inc. (10)	L +	3.75%	6.56	%	12/1/2027	6,467		6,214		6,153		0.25
Graham Packaging Co, Inc. (10)	L +	3.00%	6.12	%	8/4/2027	4,466		4,416		4,267		0.17
Novolex, Inc. (9)	SOFR +	4.18%	7.31	%	4/13/2029	8,978		8,662		8,494		0.34
ProAmpac PG Borrower, LLC (10)	L +	3.75%	6.04	%	11/3/2025	2,985		2,994		2,811		0.11
Ring Container Technologies Group, LLC (9)	L +	3.75%	6.87	%	8/12/2028	2,985		2,873		2,885		0.12

BCRED Emerald JV LP Consolidated Schedule of Investments September 30, 2022 (in thousands) (Unaudited)
Investments (1)	Reference Rate and Spread		Interest Rate (2)		Maturity Date	Par Amount (16)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt (continued)
Containers & Packaging (continued)
TricorBraun Holdings, Inc. (9)	L +	3.25%	6.37	%	3/3/2028	$	7,318	$	7,023	$	6,892	0.28	%
Trident TPI Holdings, Inc. (11)	L +	3.25%	6.92	%	10/17/2024	3,013		3,013		2,944		0.12
Trident TPI Holdings, Inc. (7)(9)	L +	4.00%	7.67	%	9/15/2028	5,688		5,446		5,389		0.22
								108,576		107,396		4.33
Distributors
BP Purchaser, LLC (4)(10)	L +	5.50%	8.74	%	12/11/2028	44,604		43,762		43,712		1.76
Bution Holdco 2, Inc. (4)(11)	L +	6.25%	9.37	%	10/17/2025	23,399		23,256		23,399		0.94
Dana Kepner Company, LLC (4)(11)	SOFR +	6.00%	9.62	%	12/29/2026	15,750		15,784		15,671		0.63
Genuine Cable Group, LLC (4)(10)	L +	5.75%	8.88	%	11/2/2026	32,222		31,726		31,900		1.29
Marcone Yellowstone Buyer, Inc. (4)(5)(6)(10)	L +	5.50%	9.17	%	6/23/2028	63,361		62,096		62,093		2.51
Tailwind Colony Holding Corporation (4)(7)(11)	L +	6.25%	9.92	%	11/13/2024	31,584		31,108		31,108		1.26
Unified Door & Hardware Group, LLC (4)(11)	L +	5.75%	7.65	%	12/18/2027	39,716		39,606		38,723		1.56
								247,339		246,606		9.95
Diversified Consumer Services
Ascend Learning, LLC (9)	L +	3.50%	6.62	%	12/11/2028	8,164		7,878		7,560		0.31
Cambium Learning Group, Inc. (4)(7)(10)	L +	5.50%	8.21	%	7/20/2028	35,059		35,059		35,059		1.41
Colibri Group, LLC (10)	SOFR +	5.00%	7.34	%	3/12/2029	3,980		3,943		3,861		0.16
Dreambox Learning Holding LLC (4)(5)(10)	L +	6.25%	9.44	%	12/1/2027	34,200		33,598		32,832		1.32
EM Bidco Limited (6)(9)	SOFR +	4.25%	7.90	%	7/6/2029	5,000		4,983		4,719		0.19
KUEHG Corp. (11)	L +	3.75%	6.87	%	2/21/2025	6,956		6,796		6,591		0.27
Learning Care Group (11)	L +	3.25%	6.02	%	3/13/2025	7,952		7,694		7,542		0.30
Pre-Paid Legal Services, Inc. (9)	L +	3.75%	6.82	%	12/15/2028	7,960		7,791		7,579		0.31
Prime Security Service Borrower, LLC (10)	L +	2.75%	5.30	%	9/23/2026	4,975		4,833		4,830		0.19
Renaissance Learning, Inc. (4)(9)	SOFR +	4.50%	7.10	%	3/30/2029	3,990		3,928		3,837		0.15
Rinchem Company, LLC (4)(9)	SOFR +	4.50%	8.15	%	3/2/2029	3,990		3,972		3,825		0.15
University Support Services, LLC (9)	L +	3.25%	6.37	%	2/10/2029	9,140		8,924		8,683		0.35
Weld North Education, LLC (9)	L +	3.75%	6.87	%	12/21/2027	1,986		1,968		1,926		0.08
								131,365		128,843		5.20
Diversified Financial Services
Barbri Holdings, Inc. (4)(7)(10)	L +	5.75%	8.87	%	4/30/2028	52,437		51,925		51,899		2.09
Corporation Service Company (4)(8)	SOFR +	3.25%	3.75	%	8/31/2029	2,527		2,451		2,470		0.10
Mitchell International, Inc. (9)	L +	3.75%	6.73	%	10/15/2028	8,458		8,191		7,688		0.31
Polaris Newco, LLC (9)	L +	4.00%	7.67	%	6/2/2028	6,965		6,656		6,445		0.26
Sedgwick Claims Management Services, Inc. (6)(8)	L +	3.25%	6.37	%	12/31/2025	7,469		7,319		7,093		0.29
								76,541		75,595		3.05

BCRED Emerald JV LP Consolidated Schedule of Investments September 30, 2022 (in thousands) (Unaudited)
Investments (1)	Reference Rate and Spread		Interest Rate (2)		Maturity Date	Par Amount (16)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt (continued)
Diversified Telecommunication Services
Zacapa, LLC (6)(9)	SOFR +	4.25%	7.80	%	3/22/2029	$	5,970	$	5,875	$	5,686	0.23	%
Zayo Group Holdings, Inc. (9)	SOFR +	4.25%	7.28	%	3/9/2027	6,965		6,740		6,088		0.25
								12,615		11,775		0.48
Electric Utilities
Qualus Power Services Corp. (4)(7)(11)	L +	5.50%	8.27	%	3/26/2027	10,796		10,681		10,659		0.43
Electrical Equipment
Madison IAQ, LLC (9)	L +	3.25%	6.82	%	6/21/2028	6,712		6,532		6,219		0.25
Electronic Equipment, Instruments & Components
Albireo Energy, LLC (4)(5)(11)	L +	6.00%	9.63	%	12/23/2026	14,842		14,654		13,987		0.56
CPI International, Inc. (11)	L +	3.50%	6.62	%	7/26/2024	1,985		1,989		1,960		0.08
Infinite Bidco, LLC (9)	L +	3.25%	6.92	%	3/2/2028	2,977		2,991		2,832		0.11
Ingram Micro, Inc. (4)(9)	L +	3.50%	7.17	%	6/30/2028	2,977		2,990		2,907		0.12
								22,625		21,686		0.87
Energy Equipment & Services
Tetra Technologies, Inc. (4)(6)(11)	L +	6.25%	9.37	%	9/10/2025	22,793		22,793		22,793		0.92
Entertainment
CE Intermediate I, LLC (4)(9)	L +	4.00%	6.91	%	11/10/2028	4,979		4,974		4,655		0.19
Recorded Books, Inc. (8)	SOFR +	4.00%	7.08	%	8/29/2025	4,000		3,948		3,859		0.16
								8,923		8,514		0.35
Health Care Equipment & Supplies
Auris Luxembourg III Sarl (6)(8)	L +	3.75%	5.58	%	2/27/2026	7,956		7,620		7,002		0.28
CSHC Buyerco, LLC (4)(7)(11)	L +	4.75%	8.42	%	9/8/2026	7,489		7,323		7,352		0.30
CPI Buyer, LLC (4)(7)(10)	L +	5.50%	8.57	%	11/1/2028	114,112		110,946		110,575		4.46
Messer GMBH (9)	L +	2.50%	6.17	%	3/2/2026	3,396		3,330		3,256		0.13
Mozart Borrower LP (9)	L +	3.25%	6.37	%	10/23/2028	8,965		8,743		8,260		0.33
Natus Medical Incorporated (4)(9)	SOFR +	5.50%	6.00	%	7/20/2029	3,720		3,478		3,478		0.14
Resonetics, LLC (10)	L +	4.00%	6.37	%	4/28/2028	2,977		2,967		2,836		0.11
Sunshine Luxembourg VII S.à r.l, LLC (6)(10)	L +	3.75%	7.42	%	10/1/2026	9,937		9,666		9,272		0.37
								154,074		152,030		6.12
Health Care Providers & Services
ACI Group Holdings, Inc. (4)(5)(10)	L +	5.50%	9.17	%	8/2/2028	104,553		103,510		103,508		4.18
ADCS Clinics Intermediate Holdings, LLC (4)(7)(11)	L +	6.50%	8.47	%	5/7/2027	29,029		28,628		28,571		1.15
ADMI Corp. (9)	L +	3.75%	6.87	%	12/23/2027	5,964		5,762		5,323		0.21
AmeriVet Partners Management, Inc. (4)(5)(10)	SOFR +	5.50%	9.20	%	2/25/2028	74,244		72,393		72,388		2.92
CCBlue Bidco, Inc. (4)(7)(10)	L +	6.25%	7.17	%	12/21/2028	20,796		20,414		19,832		0.80
CHG Healthcare Services, Inc. (9)	L +	3.25%	6.37	%	9/29/2028	8,955		8,607		8,622		0.35

BCRED Emerald JV LP Consolidated Schedule of Investments September 30, 2022 (in thousands) (Unaudited)
Investments (1)	Reference Rate and Spread		Interest Rate (2)		Maturity Date	Par Amount (16)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt (continued)
Health Care Providers & Services (continued)
DCA Investment Holdings, LLC (4)(7)(10)	SOFR +	6.25%	9.98	%	4/3/2028	$	24,521	$	24,284	$	24,279	0.98	%
Electron Bidco, Inc. (9)	L +	3.00%	6.12	%	11/1/2028	6,965		6,775		6,617		0.27
Epoch Acquisition, Inc. (4)(11)	L +	6.00%	9.12	%	10/4/2024	29,204		29,191		29,191		1.18
Forefront Management Holdings, LLC (4)(7)(9)	SOFR +	4.25%	6.85	%	3/23/2029	6,819		6,701		6,481		0.26
Global Medical Response, Inc. (11)	L +	4.25%	6.81	%	10/2/2025	4,967		4,865		4,331		0.17
Heartland Dental, LLC (4)(8)	SOFR +	5.00%	8.55	%	4/30/2025	34,722		33,069		32,639		1.32
Heartland Dental, LLC (8)	L +	4.00%	7.08	%	4/30/2025	4,589		4,592		4,265		0.17
ICS US Holdings, Inc. (4)(6)(9)	SOFR +	4.60%	7.59	%	6/8/2028	26,717		24,984		24,980		1.01
Jayhawk Buyer, LLC (4)(11)	L +	5.00%	8.68	%	10/15/2026	31,382		31,115		31,069		1.25
LifePoint Health, Inc. (8)	L +	3.75%	6.87	%	11/16/2025	7,000		6,994		6,526		0.26
Midwest Physician Administrative Services, LLC (10)	L +	3.25%	6.92	%	3/12/2028	2,977		2,982		2,740		0.11
National Mentor Holdings, Inc. (10)	L +	3.75%	7.43	%	3/2/2028	3,000		2,540		2,162		0.09
Navigator Acquiror, Inc. (4)(7)(9)	L +	5.75%	8.49	%	7/16/2027	16,569		16,504		16,468		0.66
NMSC Holdings, Inc. (10)	SOFR +	5.25%	8.43	%	2/23/2029	3,980		3,943		3,592		0.14
Onex TSG Intermediate Corp. (6)(10)	L +	4.75%	7.87	%	2/28/2028	1,985		1,999		1,760		0.07
Pathway Vet Alliance, LLC (8)	L +	3.75%	7.42	%	3/31/2027	4,967		4,875		4,402		0.18
Pediatric Associates Holding Co., LLC (7)(9)	L +	3.25%	5.08	%	12/29/2028	3,718		3,702		3,579		0.14
PetVet Care Centers, LLC (10)	L +	3.50%	6.62	%	2/14/2025	6,462		6,290		6,001		0.24
Phoenix Guarantor, Inc. (6)(8)	L +	3.50%	6.67	%	3/5/2026	8,447		8,263		8,033		0.32
PSKW Intermediate, LLC (4)(11)	L +	6.25%	9.37	%	3/9/2026	35,049		35,049		35,049		1.41
Radnet, Inc. (6)(10)	L +	3.00%	6.12	%	4/21/2028	4,280		4,281		4,123		0.17
Reverb Buyer, Inc. (7)(9)	L +	3.50%	6.38	%	11/1/2028	3,431		3,390		3,250		0.13
Smile Doctors, LLC (4)(7)(10)	L +	5.75%	9.42	%	12/23/2028	123,007		120,552		120,469		4.86
Stepping Stones Healthcare Services, LLC (4)(7)(10)	L +	5.75%	11.00	%	1/2/2029	13,058		12,764		12,517		0.51
Surgery Centers Holdings, Inc. (6)(10)	L +	3.75%	6.51	%	8/31/2026	9,937		9,717		9,454		0.38
U.S. Anesthesia Partners, Inc. (9)	L +	4.25%	6.81	%	10/1/2028	2,985		3,000		2,812		0.11
US Oral Surgery Management Holdco, LLC (4)(7)(10)	L +	5.50%	8.47	%	11/18/2027	23,460		23,088		23,255		0.94
WHCG Purchaser III, Inc. (4)(5)(7)(10)	L +	5.75%	9.42	%	6/22/2028	6,365		6,219		5,838		0.24
WP CityMD Bidco, LLC (9)	L +	3.25%	6.92	%	12/22/2028	7,157		7,041		6,860		0.28
								688,083		680,986		27.46
Health Care Technology
Edifecs, Inc. (4)(10)	L +	5.50%	9.17	%	9/21/2026	9,795		9,670		9,697		0.39
Edifecs, Inc. (4)(11)	L +	7.50%	11.17	%	9/21/2026	17,945		18,402		18,483		0.75
GI Ranger Intermediate, LLC (4)(10)	SOFR +	6.00%	9.70	%	10/29/2028	34,264		33,751		33,750		1.36

BCRED Emerald JV LP Consolidated Schedule of Investments September 30, 2022 (in thousands) (Unaudited)
Investments (1)	Reference Rate and Spread		Interest Rate (2)		Maturity Date	Par Amount (16)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt (continued)
Health Care Technology (continued)
Imprivata, Inc. (9)	SOFR +	4.25%	7.28	%	12/1/2027	$	4,988	$	4,850	$	4,836	0.20	%
Netsmart Technologies, Inc. (10)	L +	4.00%	7.12	%	10/1/2027	3,942		3,904		3,773		0.15
Project Ruby Ultimate Parent Corp. (4)(9)	SOFR +	5.75%	6.25	%	3/10/2028	38,167		37,025		37,022		1.49
Waystar Technologies, Inc. (8)	L +	4.00%	7.12	%	10/22/2026	6,967		6,767		6,697		0.27
								114,369		114,257		4.61
Hotels, Restaurants & Leisure
Alterra Mountain Company (9)	L +	3.50%	6.62	%	8/17/2028	6,965		6,748		6,769		0.27
Fertitta Entertainment, LLC (9)	SOFR +	4.00%	7.03	%	1/27/2029	6,965		6,665		6,481		0.26
GVC Holdings Gibraltar, Ltd. (6)(9)	L +	2.50%	6.17	%	3/29/2027	2,985		2,922		2,914		0.12
IRB Holding Corp. (10)	SOFR +	2.75%	5.87	%	2/5/2025	1,984		1,986		1,922		0.08
IRB Holding Corp. (10)	SOFR +	3.00%	5.70	%	12/15/2027	7,373		7,199		6,926		0.28
Scientific Games Holdings LP (9)	SOFR +	3.50%	5.62	%	4/4/2029	2,000		1,897		1,858		0.07
Tacala Investment Corp. (10)	L +	3.50%	6.62	%	2/5/2027	7,977		7,812		7,474		0.30
Twin River Worldwide Holdings, Inc. (6)(9)	L +	3.25%	5.93	%	10/2/2028	8,373		8,090		7,585		0.31
Whatabrands, LLC (9)	L +	3.25%	6.37	%	8/3/2028	8,797		8,497		8,165		0.33
								51,817		50,094		2.02
Household Durables
AI Aqua Merger Sub, Inc. (6)(9)	SOFR +	3.75%	4.50	%	7/31/2028	9,000		8,673		8,395		0.34
Fluidra SA (6)(9)	SOFR +	2.00%	5.13	%	1/29/2029	3,970		3,961		3,857		0.16
Hunter Douglas, Inc. (6)(9)	SOFR +	3.50%	6.34	%	2/26/2029	4,000		3,982		3,312		0.13
								16,616		15,564		0.63
Industrial Conglomerates
Engineered Machinery Holdings, Inc. (10)	L +	3.75%	7.42	%	5/19/2028	3,980		3,832		3,836		0.15
FCG Acquisitions, Inc. (9)	L +	3.75%	7.42	%	3/31/2028	8,947		8,703		8,591		0.35
SPX Flow, Inc. (9)	SOFR +	4.50%	7.63	%	4/5/2029	2,000		1,922		1,858		0.07
Vertical US Newco, Inc. (6)(9)	L +	3.50%	6.87	%	7/30/2027	4,070		4,035		3,911		0.16
Victory Buyer, LLC (4)(9)	L +	3.75%	7.32	%	11/19/2028	5,985		5,957		5,461		0.22
								24,449		23,657		0.95
Insurance
Alera Group, Inc. (4)(10)	L +	5.50%	8.31	%	10/2/2028	35,841		35,126		35,125		1.42
Alliant Holdings Intermediate, LLC (8)	L +	3.25%	6.37	%	5/9/2025	1,984		1,972		1,906		0.08
Alliant Holdings Intermediate, LLC (9)	L +	3.50%	6.49	%	11/6/2027	2,977		2,993		2,829		0.11
AssuredPartners, Inc. (9)	SOFR +	3.50%	6.53	%	2/12/2027	8,458		8,231		8,027		0.32
Baldwin Risk Partners, LLC (6)(9)	L +	3.50%	6.26	%	10/14/2027	6,955		6,858		6,659		0.27
BroadStreet Partners, Inc. (8)	L +	3.00%	6.12	%	1/27/2027	7,952		7,709		7,543		0.30
Foundation Risk Partners Corp. (4)(10)	L +	5.50%	7.75	%	10/29/2028	58,774		58,188		58,186		2.35

BCRED Emerald JV LP Consolidated Schedule of Investments September 30, 2022 (in thousands) (Unaudited)
Investments (1)	Reference Rate and Spread		Interest Rate (2)		Maturity Date	Par Amount (16)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt (continued)
Insurance (continued)
Galway Borrower, LLC (4)(5)(6)(10)	L +	5.25%	7.50	%	9/29/2028	$	34,350	$	33,493	$	33,491	1.35	%
High Street Buyer, Inc. (4)(5)(10)	L +	6.00%	8.81	%	4/14/2028	5,191		5,152		5,152		0.21
Howden Group Holdings Limited (6)(10)	L +	3.25%	6.38	%	11/12/2027	4,489		4,490		4,289		0.17
HUB International Limited (10)	L +	3.25%	5.98	%	4/25/2025	2,977		2,993		2,874		0.12
HUB International Limited (8)	L +	3.00%	5.77	%	4/25/2025	4,807		4,612		4,631		0.19
NFP Corp. (8)	L +	3.25%	6.37	%	2/15/2027	9,290		9,003		8,751		0.35
PGIS Intermediate Holdings, LLC (4)(5)(10)	L +	5.50%	8.56	%	10/16/2028	48,669		47,091		47,087		1.90
RSC Acquisition, Inc. (4)(5)(10)	SOFR +	5.50%	8.39	%	10/30/2026	35,152		34,451		34,448		1.39
SG Acquisition, Inc. (4)(9)	L +	5.00%	9.17	%	1/27/2027	67,003		66,933		67,003		2.70
USI, Inc. (4)(11)	L +	3.00%	6.42	%	5/16/2024	3,482		3,442		3,397		0.14
								332,738		331,399		13.37
Interactive Media & Services
Ancestry.com Operations, Inc (9)	L +	3.25%	6.37	%	12/6/2027	2,970		2,974		2,683		0.11
Cengage Learning, Inc. (11)	L +	4.75%	7.81	%	7/14/2026	1,489		1,500		1,352		0.05
MH Sub I, LLC (11)	L +	3.75%	6.87	%	9/13/2024	2,971		2,988		2,839		0.11
MH Sub I, LLC (8)	L +	3.75%	6.87	%	9/13/2024	4,967		4,799		4,748		0.19
Project Boost Purchaser, LLC (8)	L +	3.50%	6.62	%	6/1/2026	6,967		6,787		6,638		0.27
Red Planet Borrower, LLC (9)	L +	3.75%	6.87	%	10/2/2028	4,962		4,946		3,302		0.13
SurveyMonkey, Inc. (4)(6)(8)	L +	3.75%	6.87	%	10/10/2025	569		568		552		0.02
William Morris Endeavor Entertainment, LLC (8)	L +	2.75%	5.87	%	5/18/2025	5,428		5,225		5,194		0.21
								29,786		27,308		1.09
Internet & Direct Marketing Retail
Donuts, Inc. (4)(11)	SOFR +	6.00%	8.91	%	12/29/2027	9,710		9,613		9,613		0.39
Donuts, Inc. (4)(11)	SOFR +	6.00%	8.91	%	12/29/2026	32,863		32,698		32,535		1.31
Prodege International Holdings, LLC (4)(7)(10)	L +	5.75%	9.04	%	12/15/2027	20,608		20,246		20,141		0.81
								62,557		62,288		2.51
IT Services
AI Altius Bidco, Inc. (4)(5)(10)	L +	5.50%	8.28	%	12/1/2028	29,429		28,842		28,840		1.16
Dcert Buyer, Inc. (8)	SOFR +	4.00%	6.90	%	10/16/2026	9,949		9,595		9,519		0.38
Endurance International Group Holdings, Inc. (10)	L +	3.50%	6.18	%	2/10/2028	4,470		4,369		3,799		0.15
Ensono Holdings, LLC (10)	L +	3.75%	6.87	%	11/23/2028	2,755		2,718		2,424		0.10
Park Place Technologies, LLC (11)	SOFR +	5.00%	8.13	%	11/10/2027	26,618		25,609		25,331		1.02
Rackspace Technology Global (10)	L +	2.75%	5.62	%	2/15/2028	790		743		568		0.02
Razor Holdco, LLC (4)(10)	L +	5.75%	8.25	%	10/25/2027	25,870		25,415		25,353		1.02
Sabre GLBL, Inc. (4)(6)(9)	L +	3.50%	6.62	%	6/30/2028	4,777		4,539		4,437		0.18
Sabre GLBL, Inc. (6)(9)	L +	3.50%	6.62	%	12/17/2027	4,975		4,719		4,467		0.18
Turing Midco, LLC (4)(11)	L +	2.75%	4.42	%	3/23/2028	2,786		2,749		2,742		0.11

BCRED Emerald JV LP Consolidated Schedule of Investments September 30, 2022 (in thousands) (Unaudited)
Investments (1)	Reference Rate and Spread		Interest Rate (2)		Maturity Date	Par Amount (16)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt (continued)
IT Services (continued)
Virtusa Corp. (10)	L +	3.75%	6.88	%	2/15/2029	$	5,975	$	5,878	$	5,617	0.23	%
								115,177		113,098		4.55
Leisure Products
Motion Finco, LLC (6)(8)	L +	3.25%	6.92	%	11/12/2026	8,476		8,092		7,767		0.31
Recess Holdings, Inc. (11)	L +	3.75%	6.56	%	9/30/2024	2,189		2,187		2,129		0.09
								10,279		9,896		0.40
Life Sciences Tools & Services
Cambrex Corp. (10)	SOFR +	3.50%	6.63	%	12/4/2026	5,947		5,869		5,713		0.23
Curia Global, Inc. (10)	L +	3.75%	6.56	%	8/30/2026	10,222		9,920		9,528		0.38
								15,789		15,241		0.61
Machinery
Pro Mach Group, Inc. (11)	L +	4.00%	7.12	%	8/31/2028	6,105		5,941		5,836		0.24
Media
Clear Channel Outdoor Holdings, Inc. (6)(8)	L +	3.50%	6.31	%	8/21/2026	1,985		1,956		1,779		0.07
Radiate Holdco, LLC (10)	L +	3.25%	6.37	%	9/25/2026	3,970		3,977		3,682		0.15
Univision Communications, Inc. (10)	L +	3.25%	6.37	%	3/15/2026	3,970		3,967		3,777		0.15
Univision Communications, Inc. (10)	L +	2.75%	5.87	%	3/15/2024	381		381		378		0.02
UPC Financing Partnership (4)(11)	L +	3.00%	5.74	%	1/31/2029	5,500		5,402		5,266		0.21
Virgin Media Bristol, LLC (4)(11)	L +	3.25%	6.07	%	1/31/2029	3,500		3,459		3,397		0.14
								19,142		18,280		0.74
Metals & Mining
SCIH Salt Holdings, Inc. (10)	L +	4.00%	6.81	%	3/16/2027	3,963		3,921		3,691		0.15
Oil, Gas & Consumable Fuels
CQP Holdco, LP (9)	L +	3.75%	7.42	%	6/5/2028	7,945		7,893		7,680		0.31
Eagle Midstream Canada Finance, Inc. (4)(6)(10)	SOFR +	6.25%	8.96	%	8/15/2028	25,906		25,526		25,518		1.03
Freeport LNG Investments, LLLP (9)	L +	3.50%	6.21	%	12/21/2028	4,944		4,907		4,589		0.19
KKR Alberta Midstrean Fince, Inc. (4)(6)(10)	SOFR +	6.25%	8.96	%	8/15/2028	14,094		13,887		13,882		0.56
								52,213		51,670		2.09
Paper & Forest Products
Profile Products, LLC (4)(10)	L +	5.50%	8.42	%	11/12/2027	58,343		57,179		57,176		2.31
Pharmaceuticals
ANI Pharmaceuticals, Inc. (6)(10)	L +	6.00%	9.12	%	4/27/2028	40,616		38,935		38,727		1.56
Jazz Pharmaceuticals, Inc. (6)(9)	L +	3.50%	6.62	%	5/5/2028	3,581		3,582		3,468		0.14
								42,517		42,195		1.70

BCRED Emerald JV LP Consolidated Schedule of Investments September 30, 2022 (in thousands) (Unaudited)
Investments (1)	Reference Rate and Spread		Interest Rate (2)		Maturity Date	Par Amount (16)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt (continued)
Professional Services
ALKU, LLC (4)(10)	SOFR +	5.25%	8.95	%	3/1/2028	$	19,700	$	19,613	$	19,651	0.79	%
Aqgen Island Holdings, Inc. (9)	L +	3.50%	7.19	%	8/2/2028	7,960		7,663		7,264		0.29
Armor Holdco, Inc. (6)(9)	L +	4.50%	8.17	%	12/11/2028	4,216		4,134		4,105		0.17
Camelot US Acquisition, LLC (6)(11)	L +	3.00%	6.12	%	10/30/2026	3,975		3,884		3,852		0.16
Cast & Crew Payroll, LLC (9)	SOFR +	3.75%	6.78	%	12/29/2028	4,963		4,960		4,824		0.19
CFGI Holdings, LLC (4)(6)(10)	L +	5.00%	8.12	%	11/1/2027	92,940		92,940		92,940		3.75
Deerfield Dakota Holding, LLC (11)	SOFR +	3.75%	6.78	%	4/9/2027	9,942		9,730		9,403		0.38
Galaxy US Opco, Inc. (6)(9)	SOFR +	4.75%	7.78	%	4/29/2029	5,000		4,882		4,713		0.19
IG Investments Holdings, LLC (4)(5)(10)	L +	6.00%	9.12	%	9/22/2028	104,361		103,840		103,839		4.19
Kwor Acquisition, Inc. (4)(10)	L +	5.25%	8.85	%	12/22/2028	70,557		68,093		68,088		2.75
National Intergovernmental Purchasing Alliance Co. (8)	SOFR +	3.50%	7.05	%	5/23/2025	4,977		4,933		4,827		0.19
Sherlock Buyer Corp. (4)(10)	L +	5.75%	9.42	%	12/8/2028	21,280		21,121		21,120		0.85
The Dun & Bradstreet Corporation (8)	L +	3.25%	6.33	%	2/6/2026	8,034		7,753		7,786		0.31
Trans Union, LLC (9)	L +	2.25%	5.37	%	12/1/2028	2,590		2,602		2,514		0.10
Trinity Air Consultants Holdings Corp. (4)(10)	L +	5.25%	7.08	%	6/29/2027	90,073		89,175		89,173		3.60
Trinity Partners Holdings, LLC (4)(7)(10)	SOFR +	5.75%	8.31	%	12/21/2028	9,269		9,080		9,058		0.37
VT Topco, Inc. (7)(10)	L +	3.75%	6.87	%	8/1/2025	6,068		6,022		5,789		0.23
West Monroe Partners, LLC (4)(7)(10)	L +	5.50%	8.32	%	11/8/2028	29,414		28,875		28,665		1.16
								489,301		487,611		19.67
Real Estate Management & Development
Cumming Group, Inc. (4)(7)(11)	L +	5.25%	8.92	%	5/26/2027	13,775		13,738		13,600		0.55
Progress Residential PM Holdings, LLC (4)(7)(10)	SOFR +	6.25%	9.38	%	2/16/2028	18,138		18,299		18,138		0.73
								32,037		31,738		1.28
Road & Rail
Gruden Acquisition, Inc. (4)(5)(11)	L +	5.50%	7.75	%	7/1/2028	62,080		61,305		61,304		2.47
Software
2U, Inc. (6)(10)	L +	5.75%	8.87	%	12/30/2024	51,608		49,623		49,596		2.00
Apex Group Treasury, LLC (4)(6)(9)	L +	3.75%	6.56	%	7/27/2028	40,000		37,400		38,200		1.54
Apex Group Treasury, LLC (6)(9)	L +	3.75%	6.56	%	7/27/2028	1,094		1,078		1,045		0.04
Boxer Parent Company, Inc. (8)	L +	3.75%	6.87	%	10/2/2025	8,936		8,668		8,493		0.34
Brown Group Holdings, LLC (4)(11)	L +	2.50%	5.62	%	6/7/2028	5,968		5,698		5,687		0.23
Cloudera, Inc. (9)	L +	3.75%	6.87	%	10/8/2028	8,222		7,932		7,256		0.29
Community Brands ParentCo, LLC (4)(5)(10)	SOFR +	5.75%	8.88	%	2/24/2028	58,117		56,958		56,955		2.30
Confine Visual Bidco (4)(6)(10)	L +	5.75%	8.74	%	2/23/2029	31,109		30,178		30,176		1.22
ConnectWise, LLC (9)	L +	3.50%	7.17	%	9/29/2028	4,466		4,473		4,187		0.17
Delta Topco, Inc. (10)	L +	3.75%	5.84	%	12/1/2027	3,980		3,948		3,622		0.15
ECI Macola Max Holding, LLC (6)(10)	L +	3.75%	7.42	%	11/9/2027	6,967		6,725		6,619		0.27

BCRED Emerald JV LP Consolidated Schedule of Investments September 30, 2022 (in thousands) (Unaudited)
Investments (1)	Reference Rate and Spread		Interest Rate (2)		Maturity Date	Par Amount (16)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt (continued)
Software (continued)
EP Purchaser, LLC (9)	L +	3.50%	7.17	%	11/6/2028	$	3,483	$	3,475	$	3,407	0.14	%
Epicor Software Corp. (10)	L +	3.25%	6.37	%	7/30/2027	9,937		9,670		9,339		0.38
Flexera Software, LLC (10)	L +	3.75%	6.39	%	3/3/2028	5,951		5,814		5,700		0.23
GI Consilio Parent, LLC (9)	L +	4.00%	7.12	%	5/12/2028	7,172		7,016		6,670		0.27
GovernmentJobs.com, Inc. (4)(7)(10)	L +	5.50%	8.62	%	12/1/2028	23,482		22,962		22,881		0.92
GraphPAD Software, LLC (4)(11)	L +	5.50%	6.50	%	4/27/2027	11,846		11,728		11,728		0.47
Greeneden U.S. Holdings II, LLC (10)	L +	4.00%	7.12	%	12/1/2027	4,466		4,467		4,265		0.17
HS Purchaser, LLC (10)	L +	4.00%	7.13	%	11/19/2026	3,972		3,940		3,662		0.15
Hyland Software, Inc. (10)	L +	3.50%	6.62	%	7/1/2024	3,972		3,947		3,856		0.16
Idera, Inc. (10)	L +	3.75%	6.32	%	3/2/2028	2,977		2,987		2,774		0.11
Informatica, LLC (4)(11)	L +	2.75%	5.88	%	10/27/2028	1,592		1,573		1,550		0.06
ION Trading Finance Ltd. (6)(8)	L +	4.75%	8.42	%	4/3/2028	7,823		7,464		7,283		0.29
Ivanti Software, Inc. (10)	L +	4.00%	7.14	%	12/1/2027	1,985		1,974		1,555		0.06
LD Lower Holdings, Inc. (4)(7)(11)	L +	6.50%	10.17	%	2/8/2026	15,021		14,897		14,796		0.60
Maverick Acquisition, Inc. (4)(10)	SOFR +	5.00%	5.75	%	5/18/2028	27,500		26,145		26,125		1.05
Medallia, Inc. (4)(13)	L +	6.75% PIK	9.87	%	10/29/2028	45,886		45,108		44,968		1.81
Mitnick Purchaser, Inc. (9)	SOFR +	4.75%	7.39	%	5/2/2029	5,000		4,976		4,731		0.19
Monk Holding Co. (4)(7)(10)	L +	5.75%	6.50	%	12/1/2027	91,084		88,928		88,828		3.58
MRI Software, LLC (5)(11)	L +	5.50%	9.17	%	2/10/2026	7,789		7,571		7,570		0.31
Nintex Topco Limited (4)(6)(10)	L +	6.00%	8.52	%	11/13/2028	32,919		32,292		31,932		1.29
NortonLifeLock, Inc. (6)(9)	SOFR +	2.00%	2.50	%	9/12/2029	4,000		3,980		3,854		0.16
Perforce Software, Inc. (8)	L +	3.75%	6.87	%	7/1/2026	1,343		1,339		1,256		0.05
Project Alpha Intermediate Holding, Inc. (8)	L +	4.00%	7.12	%	4/26/2024	2,977		2,971		2,874		0.12
Proofpoint, Inc. (5)(9)	L +	3.25%	6.32	%	8/31/2028	8,918		8,566		8,396		0.34
Quest Software US Holdings, Inc. (6)(9)	SOFR +	4.25%	6.98	%	2/1/2029	4,000		3,964		2,980		0.12
RealPage, Inc. (9)	L +	3.00%	6.12	%	4/24/2028	7,965		7,734		7,483		0.30
Relativity ODA, LLC (4)(7)(11)	L +	9.59%	10.59	%	5/12/2027	35,885		35,357		35,339		1.43
Rocket Software, Inc. (8)	L +	4.25%	7.37	%	11/28/2025	1,500		1,448		1,438		0.06
Rocket Software, Inc. (9)	L +	4.25%	7.37	%	11/28/2025	5,447		5,287		5,240		0.21
S2P Acquisition Borrower, Inc. (6)(8)	SOFR +	3.75%	6.78	%	8/14/2026	4,977		4,923		4,871		0.20
Solarwinds Holdings, Inc. (4)(11)	L +	2.75%	5.87	%	2/5/2024	2,930		2,886		2,884		0.12
Sophia, LP (9)	L +	3.50%	7.17	%	10/7/2027	9,950		9,566		9,589		0.39
Sovos Compliance, LLC (9)	L +	4.50%	7.62	%	8/11/2028	3,969		3,967		3,794		0.15
SS&C Technologies, Inc. (9)	SOFR +	2.25%	5.38	%	3/22/2029	4,422		4,318		4,312		0.17
Stamps.com, Inc. (4)(10)	L +	5.75%	8.38	%	10/5/2028	29,850		29,315		29,253		1.18
Stamps.com, Inc. (4)(10)	L +	5.75%	8.38	%	10/5/2028	29,850		29,315		29,253		1.18
Surf Holdings, LLC (6)(8)	L +	3.50%	6.67	%	3/5/2027	4,967		4,893		4,815		0.19

BCRED Emerald JV LP Consolidated Schedule of Investments September 30, 2022 (in thousands) (Unaudited)
Investments (1)	Reference Rate and Spread		Interest Rate (2)		Maturity Date	Par Amount (16)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt (continued)
Software (continued)
Symphony Technology Group (5)(6)(10)	L +	4.75%	7.87	%	7/27/2028	$	1,985	$	1,989	$	1,798	0.07	%
Symphony Technology Group (5)(6)(9)	L +	3.75%	6.36	%	3/1/2029	5,990		5,882		5,480		0.22
The Ultimate Software Group, Inc. (9)	L +	3.25%	5.54	%	5/4/2026	9,197		8,931		8,776		0.35
Triple Lift, Inc. (4)(7)(10)	SOFR +	5.75%	9.58	%	5/8/2028	61,047		60,424		60,410		2.44
Veritas US, Inc. (6)(11)	L +	5.00%	8.67	%	9/1/2025	3,696		3,696		2,954		0.12
Vision Solutions, Inc. (10)	L +	4.00%	6.78	%	4/24/2028	6,034		5,975		5,330		0.22
VS Buyer, LLC (4)(11)	L +	3.00%	6.12	%	2/28/2027	3,065		3,021		2,977		0.12
								769,365		760,809		30.70
Specialty Retail
CustomInk, LLC (4)(11)	L +	6.18%	7.18	%	5/3/2026	36,866		36,481		36,866		1.49
EG Dutch Finco BV (6)(8)	L +	4.00%	7.67	%	2/7/2025	5,979		5,746		5,594		0.23
								42,227		42,461		1.72
Technology Hardware, Storage & Peripherals
Lytx, Inc. (4)(11)	SOFR +	6.75%	9.93	%	2/28/2026	29,322		29,200		28,149		1.14
Trading Companies & Distributors
Core and Main, LP (4)(11)	L +	2.50%	4.32	%	7/27/2028	3,990		3,904		3,824		0.15
Foundation Building Materials, Inc. (9)	L +	3.25%	6.06	%	1/31/2028	6,957		6,704		6,293		0.25
Icebox Holdco III, Inc. (7)(9)	L +	3.75%	7.42	%	12/22/2028	4,938		4,875		4,580		0.18
LBM Acquisition, LLC (10)	L +	3.75%	7.12	%	12/17/2027	3,980		3,978		3,493		0.14
Park River Holdings, Inc. (10)	L +	3.25%	5.53	%	12/28/2027	3,101		3,091		2,648		0.11
Porcelain Acquisition Corp. (4)(7)(11)	L +	5.75%	9.42	%	4/1/2027	8,802		8,600		8,740		0.35
Specialty Building Products Holdings, LLC (9)	L +	3.25%	6.30	%	10/15/2028	1,995		2,006		1,805		0.07
SRS Distribution, Inc. (9)	SOFR +	3.50%	6.31	%	6/2/2028	9,955		9,727		9,207		0.37
The Cook & Boardman Group, LLC (11)	SOFR +	5.75%	8.48	%	10/17/2025	47,062		44,620		44,179		1.78
								87,506		84,769		3.40
Transportation Infrastructure
First Student Bidco, Inc. (9)	L +	3.00%	6.64	%	7/21/2028	3,981		3,970		3,695		0.15
Froneri International PLC (4)(11)	L +	2.25%	5.37	%	1/29/2027	4,928		4,793		4,664		0.19
Frontline Road Safety, LLC (4)(10)	L +	5.75%	6.68	%	5/3/2027	13,305		12,883		12,673		0.51
Roadsafe Holdings, Inc. (4)(11)	L +	5.75%	9.50	%	10/19/2027	18,871		18,692		18,683		0.75
								40,338		39,715		1.60
Wireless Telecommunication Services
CCI Buyer, Inc. (10)	SOFR +	4.00%	7.55	%	12/17/2027	6,758		6,573		6,388		0.26
First Lien Debt Total								4,841,914		4,781,798		192.89

BCRED Emerald JV LP Consolidated Schedule of Investments September 30, 2022 (in thousands) (Unaudited)
Investments (1)	Reference Rate and Spread			Interest Rate (2)		Maturity Date	Par Amount (16)		Cost (3)		Fair Value		% of Net Assets
Second Lien Debt
Diversified Consumer Services
Ascend Learning, LLC (4)(9)	L +	5.75	%	8.87	%	12/10/2029	$	5,301	$	4,705	$	4,909	0.20	%
Health Care Providers & Services
Jayhawk Buyer, LLC (4)(11)	L +	8.75	%	11.56	%	10/15/2027	24,712		24,520		24,527		0.99
Industrial Conglomerates
Victory Buyer, LLC (4)(9)	L +	7.00	%	10.57	%	11/1/2029	66,704		65,403		64,870		2.62
Life Sciences Tools & Services
Curia Global, Inc. (4)(10)	L +	6.50	%	9.31	%	8/31/2029	37,847		36,997		36,995		1.49
Phoenix Newco, Inc. (4)(6)(9)	L +	6.50	%	9.62	%	11/15/2029	37,847		36,997		36,995		1.49
									73,994		73,991		2.98
Software
Apex Group Treasury, LLC (4)(6)(9)	L +	6.75	%	10.42	%	7/27/2029	37,847		38,036		38,036		1.53
Proofpoint, Inc. (5)(9)	L +	6.25	%	9.32	%	8/31/2029	28,890		28,241		28,023		1.13
Vision Solutions, Inc. (5)(10)	L +	7.25	%	10.03	%	4/23/2029	37,847		32,246		31,969		1.29
									98,522		98,028		3.95
Transportation Infrastructure
Drive Chassis Holdco, LLC (8)	L +	6.75	%	9.18	%	4/10/2026	28,066		27,963		27,960		1.13
Second Lien Total									295,107		294,284		11.87
Equity
Aerospace & Defense
Loar Acquisition 13, LLC - Common Units (4)							2,547,048		$	4,305	$	5,272	0.21	%
Air Freight & Logistics
AGI Group Holdings LP - A2 Units (4)							194		208		208		0.01
Mode Holdings, L.P. - Class A-2 Common Units (4)							1,230,769		2,215		2,265		0.09
									2,424		2,473		0.10
Distributors
Box Co-Invest Blocker, LLC (4)							780,000		780		819		0.03
Diversified Consumer Services
Cambium Holdings, LLC - Senior Preferred Interests (4)							974,662		1,133		1,176		0.05
Deneb Ultimate Topco, LLC - Class A Units (4)							728		728		655		0.03
									1,860		1,831		0.08
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		—
									322		349		0.01
Software
Lobos Parent, Inc. - Series A Preferred Shares (4)							5,773		5,700		5,946		0.24

BCRED Emerald JV LP Consolidated Schedule of Investments September 30, 2022 (in thousands) (Unaudited)
Investments (1)	Reference Rate and Spread	Interest Rate (2)	Maturity Date	Par Amount (16)	Cost (3)		Fair Value		% of Net Assets
Equity (continued)
Transportation Infrastructure
Frontline Road Safety Investments, LLC - Class A Common Units (4)				3,936	$	376	$	315	0.01	%
Equity Total					15,767		17,005		0.68
Total Investment Portfolio					5,152,788		5,093,087		205.44
Total Investments — non-controlled/affiliated
Distributors
GSO DL Co-Invest EIS LP (EIS Acquisition Holdings, LP) - Class A Common Units (4)(6)(14)					1,828		2,676		0.11
Total Equity					1,828		2,676		0.11
Total Investments — non-controlled/affiliated					1,828		2,676		0.11
Investments—controlled/affiliated
Equity
Specialty Retail
GSO DL CoInvest CI LP (CustomInk, LLC) - Series A Preferred Units (4)(6)(14)					3,542		3,770		0.15	%
Total Equity					3,542		3,770		0.15
Total Investments - controlled/affiliated					3,542		3,770		0.15
Total Investment Portfolio					5,158,157		5,099,533		205.70
Cash and Cash Equivalents
State Street Institutional U.S. Government Money Market Fund					947		947		0.04
Other Cash and Cash Equivalents					134,125		134,125		5.41
Total Portfolio Investments, Cash and Cash Equivalents					$	5,293,229	$	5,234,605	211.15	%

(1)    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 is presented for debt investments and the number of shares or units 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 "S"), or an alternate base rate (commonly based on the Federal Funds Rate (“F”) or the U.S. Prime Rate (“P”)), which generally resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of September 30, 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		—
Barbri Holdings, Inc.	Delayed Draw Term Loan	4/28/2023	1,363		—
Bazaarvoice, Inc.	Delayed Draw Term Loan	11/7/2022	2,831		—
Bazaarvoice, Inc.	Revolver	5/7/2026	2,123		—
Monk Holding Co.	Delayed Draw Term Loan	8/12/2023	7,996		(106)
Cambium Learning Group, Inc.	Revolver	7/20/2028	3,249		—
CCBlue Bidco, Inc.	Delayed Draw Term Loan	12/21/2023	2,832		—
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		(44)
Cumming Group, Inc.	Delayed Draw Term Loan	5/26/2027	2,022		(20)
Cumming Group, Inc.	Revolver	5/26/2027	1,776		—
DCA Investment Holdings, LLC	Delayed Draw Term Loan	3/12/2023	173		—
Icebox Holdco III, Inc.	Delayed Draw Term Loan	12/22/2028	1,027		(62)
Express Wash Concepts, LLC	Delayed Draw Term Loan	4/30/2027	19,500		—
Forefront Management Holdings, LLC	Delayed Draw Term Loan	3/23/2029	681		—
The GI Alliance Management, LLC	Delayed Draw Term Loan	11/4/2024	4		—
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		—
Knowledge Pro Buyer, Inc.	Revolver	12/10/2023	1,318		—
Knowledge Pro Buyer, Inc.	Delayed Draw Term Loan	12/10/2027	3,878		(39)
Latham Pool Products, Inc.	Delayed Draw Term Loan	2/18/2029	11,250		(1,181)
LD Lower Holdings, Inc.	Delayed Draw Term Loan	2/8/2023	2,542		—
Reverb Buyer, Inc.	Delayed Draw Term Loan	11/1/2028	552		(25)
Navigator Acquiror, Inc.	Delayed Draw Term Loan	7/16/2023	3,701		—
New Arclin US Holding Corp.	Delayed Draw Term Loan	9/22/2028	382		(28)
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)
Prodege International Holdings, LLC	Delayed Draw Term Loan	12/15/2022	2,729		(55)
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	2,004		—
Refficiency Holdings, LLC	Delayed Draw Term Loan	12/16/2027	683		—
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	3,932		—
Stepping Stones Healthcare Services, LLC	Delayed Draw Term Loan	12/30/2023	3,263		—
Stepping Stones Healthcare Services, LLC	Revolver	12/30/2026	1,740		—
Tailwind Colony Holding Corporation	Delayed Draw Term Loan	12/10/2022	110		—
Trident TPI Holdings, Inc.	Delayed Draw Term Loan	9/15/2028	278		—
Trinity Partners Holdings, LLC	Delayed Draw Term Loan	12/21/2023	2,518		(25)
Triple Lift, Inc.	Revolver	5/6/2028	1,321		—
US Oral Surgery Management Holdco, LLC	Delayed Draw Term Loan	11/18/2023	4,617		—
US Oral Surgery Management Holdco, LLC	Revolver	11/18/2027	1,915		(29)
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	741		(54)
WHCG Purchaser III, Inc.	Delayed Draw Term Loan	6/22/2023	1,154		—
Total Unfunded Commitments			$	147,494	$	(2,010)

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

(9)    The interest rate floor on these investments as of September 30, 2022 was 0.50%.

(10)    The interest rate floor on these investments as of September 30, 2022 was 0.75%.

(11)    The interest rate floor on these investments as of September 30, 2022 was 1.00%.

(12)    The interest rate floor on these investments as of September 30, 2022 was 1.25%.

(13)    The interest rate floor on these investments as of September 30, 2022 was 1.50%.

Below is selected balance sheet information for the Emerald JV as of September 30, 2022:

	September 30, 2022
ASSETS	(Unaudited)
Investments at fair value (cost of $5,158,157 at September 30, 2022)	$	5,099,533
Cash and cash equivalents	135,072
Interest receivable	20,893
Receivable for investments sold	25,346
Deferred financing costs	10,627
Subscription receivable	2,287
Total assets	$	5,293,758
LIABILITIES
Debt	$	2,591,164
Distribution payable	33,536
Payable for investments purchased and other liabilities	190,808
Total liabilities	2,815,508
MEMBERS’ EQUITY
Members’ Equity	2,478,250
Total Members’ Equity	2,478,250
Total liabilities and member’s equity	$	5,293,758

Below is selected statement of operations information for the Emerald JV as of September 30, 2022:

	For the Three Months Ended September 30, 2022		For the Nine Months Ended September 30, 2022
Investment income:
From non-controlled/non-affiliated investments:
Interest income	$	56,971	$	119,898
Other income	150		392
Total investment income	57,121		120,290
Expenses:
Interest expense	18,762		32,957
Other expenses	1,404		2,616
Total expenses	20,166		35,573
Net investment income before taxes	36,955		84,717
Tax Expense	—		—
Net investment income after taxes	$	36,955	$	84,717
Net realized and change in unrealized gain (loss) on investments
Net change in unrealized gain (loss) on investments	(7,970)		(58,771)
Net realized gains on investments	(2,259)		(2,750)
Total net realized and change in unrealized gain (loss) on investments	(10,229)		(61,521)
Net increase (decrease) in net assets resulting from operations	$	26,726	$	23,196