Joint Ventures

9 Months Ended

Sep. 30, 2023

Equity Method Investments and Joint Ventures [Abstract]

Joint Ventures

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 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 September 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 September 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 September 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 September 30, 2023 and December 31, 2022.

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

BCRED Emerald JV LP Consolidated Schedule of Investments September 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	(8)	SOFR +	4.00%	9.43%	1/29/2027	$	2,954	$	2,877	$	2,939	0.11	%
Atlas CC Acquisition Corp.	(10)	SOFR +	4.25%	9.93%	5/25/2028	9,844		9,513		9,244		0.34
Loar Group, Inc.	(4)(11)	SOFR +	7.25%	12.67%	10/16/2025	27,794		27,794		27,794		1.03
Peraton Corp.	(10)	SOFR +	3.75%	9.17%	2/1/2028	5,413		5,338		5,409		0.20
TransDigm Inc	(8)	SOFR +	3.25%	8.64%	2/22/2027	310		305		311		0.01
Vertex Aerospace Services Corp.	(10)	SOFR +	3.50%	8.92%	12/6/2028	2,955		2,966		2,960		0.11
								48,793		48,657		1.80
Air Freight & Logistics
AGI-CFI Holdings, Inc.	(4)(10)	SOFR +	5.75%	11.29%	6/11/2027	24,302		24,136		23,695		0.88
Mode Purchaser, Inc.	(4)(11)	SOFR +	6.25%	11.77%	12/9/2026	32,101		32,101		32,101		1.19
RWL Holdings, LLC	(4)(10)	SOFR +	5.75%	11.29%	12/31/2028	26,707		26,303		25,639		0.95
SEKO Global Logistics Network, LLC	(4)(11)	SOFR +	4.75%	10.47%	12/30/2026	27,610		27,500		27,403		1.01
SEKO Global Logistics Network, LLC	(4)(11)	SOFR +	4.75%	10.47%	12/30/2026	7,448		7,419		7,392		0.27
								117,459		116,230		4.30
Airlines
Air Canada	(10)	SOFR +	3.50%	9.13%	8/11/2028	3,950		3,920		3,958		0.15
American Airlines, Inc.	(10)	SOFR +	4.75%	10.34%	4/20/2028	3,624		3,725		3,740		0.14
Brown Group Holdings, LLC	(9)	SOFR +	2.75%	8.17%	6/7/2028	5,903		5,683		5,861		0.22
KKR Apple Bidco, LLC	(9)	SOFR +	2.75%	8.18%	9/23/2028	5,910		5,764		5,879		0.22
United Airlines, Inc.	(10)	SOFR +	3.75%	9.18%	4/21/2028	3,143		3,126		3,153		0.12
								22,218		22,591		0.85
Beverages
Triton Water Holdings, Inc.	(9)	SOFR +	3.25%	8.90%	3/31/2028	4,834		4,777		4,721		0.17
Building Products
Cornerstone Building Brands, Inc.	(9)	SOFR +	3.25%	8.68%	4/12/2028	1,474		1,452		1,442		0.05
CP Atlas Buyer, Inc.	(9)	SOFR +	3.75%	9.17%	11/23/2027	3,628		3,635		3,432		0.13
Fencing Supply Group Acquisition, LLC	(4)(11)	SOFR +	6.00%	11.65%	2/26/2027	19,537		19,471		19,048		0.70
Griffon Corporation	(9)	SOFR +	2.25%	7.79%	1/24/2029	2,315		2,263		2,318		0.09
Kodiak BP, LLC	(10)	SOFR +	3.25%	8.90%	3/12/2028	4,911		4,865		4,911		0.18
Latham Pool Products, Inc.	(7)(9)	SOFR +	4.00%	9.53%	2/23/2029	28,627		27,923		27,191		1.01
Lindstrom, LLC	(4)(11)	SOFR +	6.25%	11.68%	4/7/2025	27,569		27,569		27,293		1.01
Tamko Building Product, LLC	(8)	SOFR +	3.50%	8.90%	9/20/2030	2,962		2,962		2,952		0.11
The Chamberlain Group, Inc.	(9)	SOFR +	3.25%	8.67%	11/3/2028	4,913		4,863		4,846		0.18
Windows Acquisition Holdings, Inc.	(4)(11)	SOFR +	6.50%	12.04%	12/29/2026	9,927		9,927		9,927		0.37
								104,930		103,360		3.83
Capital Markets
Advisor Group Holdings, Inc.	(8)	SOFR +	4.50%	9.82%	8/17/2028	9,026		8,938		9,032		0.33
AllSpring Buyer, LLC	(9)	SOFR +	3.00%	8.95%	11/1/2028	1,970		1,978		1,954		0.07
Resolute Investment Managers, Inc.	(11)	SOFR +	4.25%	9.79%	4/30/2024	1,452		1,453		916		0.03
Situs-AMC Holdings Corporation	(4)(11)	SOFR +	5.50%	10.99%	12/22/2027	89,845		88,836		88,947		3.29
Superannuation And Investments US, LLC	(9)	SOFR +	3.75%	9.18%	12/1/2028	1,965		1,975		1,965		0.07
The Edelman Financial Engines Center, LLC	(10)	SOFR +	3.50%	8.94%	4/7/2028	8,625		8,373		8,549		0.32
								111,553		111,363		4.11
Chemicals
DCG Acquisition Corp.	(8)	SOFR +	4.50%	9.92%	9/30/2026	2,947		2,947		2,930		0.11
Messer GMBH	(8)	SOFR +	2.50%	8.15%	3/2/2026	2,969		2,929		2,970		0.11
Pigments Services, Inc.	(4)(11)(17)	SOFR +	8.35%	13.68%	4/14/2030	5,709		4,717		3,483		0.13
Pigments Services, Inc.	(4)(11)	SOFR +	8.35%	13.68% (incl. 13.68% PIK)	4/14/2030	2,950		2,950		2,950		0.11
								13,543		12,333		0.46

BCRED Emerald JV LP Consolidated Schedule of Investments September 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
Access CIG, LLC	(9)	SOFR +	5.00%	10.32%	8/18/2028	$	19,610	$	19,248	$	19,389	0.72	%
Allied Universal Holdco, LLC	(9)	SOFR +	3.75%	9.17%	5/12/2028	8,852		8,654		8,565		0.32
Allied Universal Holdco, LLC	(9)	SOFR +	4.75%	10.07%	5/12/2028	25,000		24,259		24,688		0.91
Anticimex, Inc.	(9)	SOFR +	3.15%	8.45%	11/16/2028	4,929		4,755		4,902		0.18
Anticimex, Inc.	(4)(9)	SOFR +	4.40%	9.92%	11/16/2028	24,750		23,684		24,688		0.91
Bazaarvoice, Inc.	(4)(7)(8)	SOFR +	5.75%	10.47%	5/7/2028	19,470		19,470		19,470		0.72
Belfor Holdings, Inc.	(8)	SOFR +	4.00%	9.43%	4/6/2026	3,938		3,925		3,947		0.15
DG Investment Intermediate Holdings 2, Inc.	(10)	SOFR +	3.75%	9.18%	3/31/2028	7,884		7,790		7,763		0.29
EAB Global, Inc.	(9)	SOFR +	3.50%	8.87%	8/16/2028	4,922		4,835		4,895		0.18
Energizer Holdings Inc	(9)	SOFR +	3.75%	9.18%	12/8/2028	4,681		4,658		4,635		0.17
First Advantage Holdings, LLC	(8)	SOFR +	2.75%	8.18%	1/31/2027	6,000		5,912		6,012		0.22
Foundational Education Group, Inc.	(9)	SOFR +	4.25%	9.88%	8/31/2028	3,940		3,827		3,700		0.14
Garda World Security Corp.	(8)	SOFR +	4.25%	9.75%	2/1/2029	5,940		5,740		5,947		0.22
Garda World Security Corp.	(8)	SOFR +	4.25%	9.75%	10/30/2026	3,000		3,013		3,003		0.11
International SOS The Americas LP	(4)(9)	SOFR +	3.75%	9.40%	9/7/2028	1,965		1,971		1,961		0.07
Java Buyer, Inc.	(4)(10)	SOFR +	5.75%	11.26%	12/15/2027	9,651		9,514		9,555		0.35
Java Buyer, Inc.	(4)(7)(10)	SOFR +	5.75%	11.22%	12/15/2027	2,653		2,606		2,602		0.10
JSS Holdings, Inc.	(4)(10)	SOFR +	6.00%	11.50%	12/18/2028	36,550		36,355		36,550		1.35
Knowledge Pro Buyer, Inc.	(4)(7)(10)	SOFR +	5.75%	11.17%	12/10/2027	20,433		20,128		20,412		0.76
Knowledge Pro Buyer, Inc.	(4)(7)(10)	P +	4.75%	13.25%	12/10/2027	931		903		931		0.03
KPSKY Acquisition, Inc.	(4)(10)(18)	SOFR +	5.60%	10.97%	10/19/2028	135,325		129,495		135,325		5.01
PECF USS Intermediate Holding III Corp.	(9)	SOFR +	4.25%	9.88%	12/15/2028	2,948		2,961		2,377		0.09
Polyphase Elevator Holding Co.	(4)(11)	SOFR +	5.50%	10.99%	6/23/2027	28,175		27,574		24,160		0.89
Recycle & Resource US, LLC	(9)	SOFR +	3.50%	9.15%	7/14/2028	2,947		2,958		2,553		0.09
Revspring, Inc.	(8)	SOFR +	4.00%	9.65%	10/11/2025	2,946		2,948		2,904		0.11
The Action Environmental Group, Inc.	(4)(12)	SOFR +	6.15%	11.55%	1/16/2026	2,046		2,016		2,046		0.08
The Action Environmental Group, Inc.	(4)(12)	SOFR +	6.00%	11.55%	1/16/2026	19,250		18,974		19,250		0.71
The Action Environmental Group, Inc.	(4)(12)	SOFR +	6.15%	11.56%	1/15/2026	5,319		5,273		5,319		0.20
The Action Environmental Group, Inc.	(4)(12)	SOFR +	6.43%	11.80%	1/15/2026	5,928		5,881		5,928		0.22
								409,327		413,477		15.30
Construction & Engineering
Brookfield WEC Holdings, Inc.	(9)	SOFR +	2.75%	8.18%	8/1/2025	9,843		9,604		9,849		0.36
Pike Electric Corp.	(8)	SOFR +	3.00%	8.43%	1/21/2028	6,000		5,844		6,001		0.22
Pike Electric Corp.	(8)	SOFR +	3.50%	8.82%	1/21/2028	2,970		2,911		2,977		0.11
Refficiency Holdings, LLC	(10)	SOFR +	3.75%	9.17%	12/16/2027	4,422		4,392		4,411		0.16
								22,751		23,238		0.85
Construction Materials
Quikrete Holdings, Inc.	(8)	SOFR +	2.75%	8.18%	3/19/2029	3,925		3,925		3,930		0.15
White Cap Buyer, LLC	(9)	SOFR +	3.75%	9.07%	10/19/2027	5,141		4,991		5,137		0.19
								8,916		9,067		0.34
Containers & Packaging
Ascend Buyer, LLC	(4)(10)	SOFR +	6.40%	11.94%	9/29/2028	74,972		74,343		74,223		2.75
Berlin Packaging, LLC	(9)	SOFR +	3.75%	9.19%	3/11/2028	8,852		8,685		8,771		0.32
Charter NEX US, Inc.	(10)	SOFR +	3.75%	9.18%	12/1/2027	6,418		6,215		6,368		0.24
Graham Packaging Co, Inc.	(10)	SOFR +	3.00%	8.43%	8/4/2027	4,377		4,338		4,374		0.16
Novolex, Inc.	(9)	SOFR +	4.18%	9.59%	4/13/2029	5,910		5,710		5,838		0.22
ProAmpac PG Borrower, LLC	(10)	SOFR +	4.50%	9.90%	9/26/2028	2,947		2,947		2,938		0.11
Ring Container Technologies Group, LLC	(9)	SOFR +	3.50%	8.93%	8/12/2028	2,955		2,863		2,958		0.11
TricorBraun Holdings, Inc.	(9)	SOFR +	3.25%	8.68%	3/3/2028	7,244		7,006		7,120		0.26
Trident TPI Holdings, Inc.	(9)	SOFR +	4.00%	9.65%	9/15/2028	5,907		5,733		5,895		0.22
Trident TPI Holdings, Inc.	(9)	SOFR +	4.50%	9.89%	9/15/2028	2,990		2,907		2,990		0.11
								120,747		121,475		4.50
Distributors
BP Purchaser, LLC	(4)(10)	SOFR +	5.50%	11.17%	12/10/2028	50,374		49,500		49,114		1.82
Bution Holdco 2, Inc.	(4)(11)	SOFR +	6.25%	11.72%	10/17/2025	22,646		22,553		22,646		0.84
Dana Kepner Company, LLC	(4)(11)	SOFR +	6.00%	11.55%	12/29/2026	15,590		15,616		15,513		0.57
Genuine Cable Group, LLC	(4)(10)	SOFR +	5.50%	10.92%	11/2/2026	31,897		31,526		31,259		1.16
Marcone Yellowstone Buyer, Inc.	(4)(10)	SOFR +	6.25%	11.79%	6/23/2028	82,173		80,471		77,242		2.86
Tailwind Colony Holding Corporation	(4)(11)	SOFR +	6.60%	11.97%	11/13/2024	449		445		440		0.02
Tailwind Colony Holding Corporation	(4)(11)	SOFR +	6.50%	11.97%	11/13/2024	30,789		30,544		30,173		1.12
Unified Door & Hardware Group, LLC	(4)(11)	SOFR +	5.85%	11.24%	6/30/2025	39,301		39,221		38,122		1.41
								269,876		264,509		9.80

BCRED Emerald JV LP Consolidated Schedule of Investments September 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 Consumer Services
Ascend Learning, LLC	(9)	SOFR +	3.50%	8.92%	12/11/2028	$	8,082	$	7,845	$	7,729	0.29	%
BPPH2 Ltd	(4)(8)	S +	6.62%	11.80%	2/21/2030	GBP	26,000	30,701		31,258		1.16
Cambium Learning Group, Inc.	(4)(7)(10)	SOFR +	5.50%	10.93%	7/20/2028	34,704		34,704		34,704		1.28
Colibri Group, LLC	(10)	SOFR +	5.00%	10.45%	3/12/2029	3,940		3,909		3,896		0.14
Dreambox Learning Holding LLC	(4)(10)	SOFR +	6.25%	11.63%	12/1/2027	34,200		33,714		34,200		1.27
EM Bidco Limited	(9)	SOFR +	4.25%	9.74%	7/6/2029	4,966		4,950		4,921		0.18
Express Wash Concepts, LLC	(4)(11)	SOFR +	4.50%	11.42%	4/30/2027	10,343		10,263		10,136		0.38
Express Wash Concepts, LLC	(4)(7)(11)	SOFR +	4.50%	11.42%	4/30/2027	13,500		13,312		13,012		0.48
Pre-Paid Legal Services, Inc.	(9)	SOFR +	3.50%	8.93%	12/15/2028	7,880		7,729		7,816		0.29
Prime Security Service Borrower, LLC	(10)	SOFR +	2.75%	8.19%	9/23/2026	4,924		4,819		4,923		0.18
University Support Services, LLC	(9)	SOFR +	3.25%	8.67%	2/10/2029	9,044		8,866		8,981		0.33
Weld North Education, LLC	(9)	SOFR +	3.75%	9.18%	12/21/2027	1,966		1,951		1,931		0.07
								162,763		163,507		6.05
Diversified Financial Services
Barbri Holdings, Inc.	(4)(10)	SOFR +	5.75%	11.17%	4/28/2028	62,362		61,866		61,427		2.27
Mitchell International, Inc.	(9)	SOFR +	3.75%	9.18%	10/15/2028	8,373		8,154		8,249		0.31
Polaris Newco, LLC	(9)	SOFR +	4.00%	9.43%	6/2/2028	6,894		6,645		6,619		0.24
Sedgwick Claims Management Services, Inc.	(8)	SOFR +	3.75%	9.07%	2/24/2028	4,428		4,389		4,425		0.16
								81,054		80,720		2.98
Diversified Telecommunication Services
Zacapa, LLC	(9)	SOFR +	4.00%	9.39%	3/22/2029	5,910		5,830		5,876		0.22
Zayo Group Holdings, Inc.	(9)	SOFR +	4.33%	9.64%	3/9/2027	2,109		2,071		1,724		0.06
								7,901		7,600		0.28
Electric Utilities
Qualus Power Services Corp.	(4)(11)	SOFR +	5.00%	10.52%	3/26/2027	11,242		11,164		10,849		0.40
Electrical Equipment
Madison IAQ, LLC	(9)	SOFR +	3.25%	8.69%	6/21/2028	6,644		6,499		6,547		0.24
Electronic Equipment, Instruments & Components
Albireo Energy, LLC	(4)(11)	SOFR +	6.00%	11.45%	12/23/2026	821		815		743		0.03
Albireo Energy, LLC	(4)(11)	SOFR +	6.00%	11.37%	12/23/2026	3,202		3,171		2,898		0.11
Albireo Energy, LLC	(4)(11)	SOFR +	6.00%	11.50%	12/23/2026	10,668		10,563		9,655		0.36
Infinite Bidco, LLC	(9)	SOFR +	3.75%	9.18%	3/2/2028	2,878		2,889		2,832		0.10
								17,438		16,128		0.60
Energy Equipment & Services
Tetra Technologies, Inc.	(4)(11)	SOFR +	6.25%	11.67%	9/10/2025	22,793		22,793		22,793		0.84
Entertainment
CE Intermediate I, LLC	(9)	SOFR +	3.50%	9.02%	11/10/2028	4,927		4,923		4,882		0.18
Recorded Books, Inc.	(8)	SOFR +	4.00%	9.32%	8/29/2025	2,298		2,272		2,301		0.09
								7,195		7,183		0.27
Financial Services
Citco Funding LLC	(9)	SOFR +	3.50%	8.59%	4/27/2028	7,302		7,145		7,317		0.27
Food Products
Froneri International PLC	(8)	SOFR +	2.25%	7.67%	1/29/2027	4,870		4,764		4,843		0.18
Ground Transportation
Quality Distribution LLC	(4)(11)	SOFR +	6.38%	11.81%	7/1/2028	80,511		79,674		78,901		2.92
Health Care Equipment & Supplies
Auris Luxembourg III Sarl	(8)	L +	3.75%	9.12%	2/27/2026	7,869		7,632		7,688		0.28
CPI Buyer, LLC	(4)(7)(10)	SOFR +	5.50%	11.18%	11/1/2028	139,912		136,568		134,998		5.00
CSHC Buyerco, LLC	(4)(7)(11)	SOFR +	4.75%	10.17%	9/8/2026	10,711		10,588		10,602		0.39
Mozart Borrower LP	(9)	SOFR +	3.25%	8.68%	10/23/2028	8,865		8,684		8,851		0.33
Natus Medical Incorporated	(4)(9)	SOFR +	5.50%	11.04%	7/20/2029	3,692		3,490		3,471		0.13
Resonetics, LLC	(10)	SOFR +	4.00%	9.63%	4/28/2028	2,947		2,939		2,903		0.11
Sunshine Luxembourg VII S.à r.l, LLC	(10)	SOFR +	3.75%	9.24%	10/1/2026	9,836		9,612		9,832		0.36
								179,513		178,345		6.60

BCRED Emerald JV LP Consolidated Schedule of Investments September 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
ACI Group Holdings, Inc.	(4)(10)	SOFR +	5.50%	10.92% (incl. 1.25% PIK)	8/2/2028	$	136,347	$	135,084	$	134,643	4.98	%
ADCS Clinics Intermediate Holdings, LLC	(4)(11)	SOFR +	6.50%	11.90%	5/7/2027	1,718		1,702		1,701		0.06
ADCS Clinics Intermediate Holdings, LLC	(4)(11)	SOFR +	6.50%	11.87%	5/7/2027	32,752		32,406		32,424		1.20
ADCS Clinics Intermediate Holdings, LLC	(4)(7)(11)	SOFR +	6.50%	11.95%	5/7/2026	134		127		120		0.00
ADMI Corp.	(9)	SOFR +	3.75%	9.18%	12/23/2027	5,903		5,743		5,522		0.20
Amerivet Partners Management, Inc.	(4)(10)	SOFR +	5.50%	11.04%	2/25/2028	96,284		94,020		93,155		3.45
Canadian Hospital Specialties Ltd.	(4)(11)	C +	4.50%	9.87%	4/14/2028	CAD	29,697	21,604		21,746		0.80
CCBlue Bidco, Inc.	(4)(7)(10)	SOFR +	6.25%	11.60% (incl. 2.75% PIK)	12/21/2028	21,201		20,884		19,636		0.73
CHG Healthcare Services, Inc.	(9)	SOFR +	3.25%	8.68%	9/29/2028	592		572		591		0.02
DCA Investment Holdings, LLC	(4)(7)(10)	SOFR +	6.41%	11.80%	4/3/2028	30,028		29,786		29,502		1.09
Electron Bidco, Inc.	(9)	SOFR +	3.00%	8.43%	11/1/2028	6,895		6,738		6,876		0.25
Epoch Acquisition, Inc.	(4)(11)	SOFR +	6.00%	11.55%	10/4/2026	28,846		28,846		28,558		1.06
Global Medical Response, Inc.	(11)	SOFR +	4.25%	9.78%	10/2/2025	4,917		4,850		3,454		0.13
ICS US Holdings, Inc.	(4)(9)	SOFR +	4.60%	9.90%	6/8/2028	35,000		33,039		33,163		1.23
Jayhawk Buyer, LLC	(4)(11)	SOFR +	5.00%	10.50%	10/15/2026	31,061		30,857		30,129		1.11
LifePoint Health, Inc.	(8)	SOFR +	3.75%	9.38%	11/16/2025	6,564		6,561		6,561		0.24
Midwest Physician Administrative Services, LLC	(10)	SOFR +	3.25%	8.90%	3/12/2028	2,947		2,951		2,775		0.10
Navigator Acquiror, Inc.	(4)(9)	SOFR +	5.75%	11.17% (incl. 5.71% PIK)	7/16/2027	16,178		16,127		15,773		0.58
Navigator Acquiror, Inc.	(4)(7)(9)	SOFR +	5.75%	11.18% (incl. 5.72% PIK)	7/16/2027	2,497		2,484		2,434		0.09
Onex TSG Intermediate Corp.	(10)	SOFR +	4.75%	10.38%	2/28/2028	1,965		1,976		1,835		0.07
Pathway Vet Alliance, LLC	(8)	SOFR +	3.75%	9.18%	3/31/2027	4,917		4,846		4,609		0.17
Pediatric Associates Holding Co., LLC	(9)	SOFR +	3.25%	8.57%	12/29/2028	3,944		3,931		3,853		0.14
PetVet Care Centers, LLC	(10)	SOFR +	3.50%	8.92%	2/14/2025	6,395		6,297		6,375		0.24
Phoenix Guarantor, Inc.	(8)	SOFR +	3.25%	8.68%	3/5/2026	5,413		5,264		5,386		0.20
Phoenix Guarantor, Inc.	(8)	SOFR +	3.50%	8.93%	3/5/2026	2,947		2,952		2,937		0.11
PSKW Intermediate, LLC	(4)(11)	SOFR +	6.25%	11.67%	3/9/2026	36,470		36,470		36,470		1.35
Radnet, Inc.	(10)	SOFR +	3.00%	8.43%	4/21/2028	4,237		4,238		4,237		0.16
Smile Doctors, LLC	(4)(7)(10)	SOFR +	5.75%	11.24%	12/23/2028	143,714		141,281		140,745		5.21
Stepping Stones Healthcare Services, LLC	(4)(10)	SOFR +	5.75%	11.24%	1/2/2029	12,497		12,308		12,060		0.45
Stepping Stones Healthcare Services, LLC	(4)(7)(10)	SOFR +	5.75%	11.05%	1/2/2029	2,379		2,333		2,283		0.08
Stepping Stones Healthcare Services, LLC	(4)(7)(10)	SOFR +	5.75%	11.17%	12/30/2026	255		230		192		0.01
Surgery Centers Holdings, Inc.	(10)	SOFR +	3.75%	9.19%	8/31/2026	4,958		4,866		4,969		0.18
U.S. Anesthesia Partners, Inc.	(9)	SOFR +	4.25%	9.69%	10/1/2028	1,784		1,791		1,641		0.06
US Oral Surgery Management Holdco, LLC	(4)(10)	SOFR +	6.00%	11.48%	11/18/2027	20,100		19,886		19,648		0.73
US Oral Surgery Management Holdco, LLC	(4)(7)(11)	SOFR +	6.00%	11.35%	11/18/2027	7,977		7,858		7,754		0.29
WHCG Purchaser III, Inc.	(4)(10)	SOFR +	5.75%	11.40%	6/22/2028	6,300		6,208		4,048		0.15
WHCG Purchaser III, Inc.	(4)(7)(10)	SOFR +	5.75%	11.40%	6/22/2026	739		730		474		0.02
								737,846		728,279		26.94

BCRED Emerald JV LP Consolidated Schedule of Investments September 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 Technology
Edifecs, Inc.	(4)(10)	SOFR +	5.50%	10.99%	9/21/2026	$	9,710	$	9,617	$	9,710	0.36	%
Edifecs, Inc.	(4)(11)	SOFR +	7.00%	12.49%	9/21/2026	17,762		18,101		17,940		0.66
GHX Ultimate Parent Corp	(9)	SOFR +	4.75%	10.12%	6/30/2027	4,508		4,405		4,513		0.17
GI Ranger Intermediate, LLC	(4)(10)	SOFR +	5.75%	11.29%	10/29/2028	44,477		43,915		44,254		1.64
Netsmart Technologies, Inc.	(10)	SOFR +	4.00%	9.43%	10/1/2027	3,902		3,872		3,908		0.14
Project Ruby Ultimate Parent Corp.	(4)(10)	SOFR +	5.75%	11.18%	3/10/2028	49,500		48,278		49,253		1.82
Waystar Technologies, Inc.	(8)	SOFR +	4.00%	9.43%	10/22/2026	6,895		6,747		6,912		0.26
								134,935		136,490		5.05
Hotels, Restaurants & Leisure
Alterra Mountain Company	(9)	SOFR +	3.50%	8.93%	8/17/2028	6,894		6,717		6,897		0.26
Fertitta Entertainment, LLC	(9)	SOFR +	4.00%	9.32%	1/27/2029	6,895		6,645		6,837		0.25
GVC Finance LLC	(9)	SOFR +	3.50%	8.99%	10/31/2029	908		898		908		0.03
GVC Holdings Gibraltar, Ltd.	(9)	SOFR +	2.50%	7.99%	3/29/2027	2,955		2,906		2,954		0.11
IRB Holding Corp.	(10)	SOFR +	3.00%	8.42%	12/15/2027	7,317		7,162		7,299		0.27
Scientific Games Holdings LP	(9)	SOFR +	3.50%	8.77%	4/4/2029	1,980		1,894		1,971		0.07
Tacala Investment Corp.	(10)	SOFR +	4.00%	9.43%	2/5/2027	7,880		7,754		7,863		0.29
Twin River Worldwide Holdings, Inc.	(9)	SOFR +	3.25%	8.84%	10/2/2028	3,334		3,259		3,275		0.12
Whatabrands, LLC	(9)	SOFR +	3.00%	8.43%	8/3/2028	8,709		8,463		8,687		0.32
								45,698		46,691		1.72
Household Durables
AI Aqua Merger Sub, Inc.	(9)	SOFR +	3.75%	9.08%	7/31/2028	8,911		8,648		8,836		0.33
Industrial Conglomerates
Engineered Machinery Holdings, Inc.	(10)	SOFR +	3.50%	9.15%	5/19/2028	3,940		3,819		3,924		0.15
FCG Acquisitions, Inc.	(9)	SOFR +	3.75%	9.40%	3/31/2028	8,857		8,659		8,793		0.33
SPX Flow, Inc.	(9)	SOFR +	4.50%	9.92%	4/5/2029	1,743		1,685		1,741		0.06
Vertical US Newco, Inc.	(9)	SOFR +	3.50%	9.38%	7/30/2027	4,030		4,003		4,026		0.15
Victory Buyer, LLC	(9)	SOFR +	3.75%	9.33%	11/19/2028	9,877		9,383		9,326		0.35
								27,549		27,810		1.04
Insurance
Alera Group, Inc.	(4)(10)	SOFR +	6.00%	11.42%	10/2/2028	46,478		45,697		46,013		1.70
Alliant Holdings Intermediate, LLC	(9)	L +	3.50%	8.93%	11/6/2027	2,947		2,960		2,945		0.11
AssuredPartners, Inc.	(9)	SOFR +	3.50%	8.82%	2/12/2027	6,151		6,065		6,141		0.23
AssuredPartners, Inc.	(9)	SOFR +	4.25%	9.57%	2/12/2027	16,500		16,030		16,531		0.61
Baldwin Risk Partners, LLC	(9)	SOFR +	3.50%	8.92%	10/14/2027	6,884		6,808		6,841		0.25
BroadStreet Partners, Inc.	(8)	SOFR +	3.00%	8.43%	1/27/2027	7,870		7,685		7,845		0.29
Foundation Risk Partners Corp.	(4)(10)	SOFR +	6.00%	11.49%	10/29/2028	76,219		75,578		74,314		2.75
Galway Borrower, LLC	(4)(10)	SOFR +	5.25%	10.74%	9/29/2028	44,460		43,527		43,571		1.61
High Street Buyer, Inc.	(4)(10)	SOFR +	6.00%	11.54%	4/14/2028	6,732		6,691		6,732		0.25
Howden Group Holdings Limited	(10)	L +	3.25%	8.69%	11/12/2027	4,428		4,430		4,420		0.16
NFP Corp.	(8)	SOFR +	3.25%	8.68%	2/15/2027	9,195		8,976		9,096		0.34
PGIS Intermediate Holdings, LLC	(4)(10)	SOFR +	5.75%	11.28%	10/16/2028	63,184		61,458		61,131		2.26
RSC Acquisition, Inc.	(4)(10)	SOFR +	5.50%	11.02%	10/30/2026	45,520		44,760		45,576		1.69
SG Acquisition, Inc.	(4)(9)	SOFR +	5.50%	10.92%	1/27/2027	77,653		77,599		75,712		2.80
USI, Inc.	(9)	SOFR +	3.75%	9.14%	11/22/2029	6,823		6,763		6,826		0.25
								415,027		413,694		15.30
Interactive Media & Services
Ancestry.com Operations, Inc	(9)	SOFR +	3.25%	8.67%	12/6/2027	2,939		2,943		2,884		0.11
MH Sub I, LLC	(8)	SOFR +	3.75%	9.18%	9/13/2024	1,429		1,406		1,432		0.05
MH Sub I, LLC	(11)	SOFR +	3.75%	9.18%	9/13/2024	856		858		857		0.03
Project Boost Purchaser, LLC	(8)	SOFR +	3.50%	8.93%	6/1/2026	6,890		6,764		6,890		0.25
William Morris Endeavor Entertainment, LLC	(8)	SOFR +	2.75%	8.18%	5/18/2025	1,933		1,901		1,933		0.07
								13,872		13,996		0.51
Internet & Direct Marketing Retail
Donuts, Inc.	(4)(11)	SOFR +	6.00%	11.57%	12/29/2027	9,612		9,535		9,564		0.35
Donuts, Inc.	(4)(11)	SOFR +	6.00%	11.57%	12/29/2026	32,518		32,384		32,355		1.20
Prodege International Holdings, LLC	(4)(10)	SOFR +	5.75%	11.31%	12/15/2027	20,999		20,733		19,634		0.73
								62,652		61,553		2.28
IT Services
AI Altius Bidco, Inc.	(4)(10)	SOFR +	5.18%	10.47%	12/21/2028	38,554		37,903		38,361		1.42
Dcert Buyer, Inc.	(8)	SOFR +	4.00%	9.32%	10/16/2026	10,086		9,824		10,040		0.37
Endurance International Group Holdings, Inc.	(10)	L +	3.50%	8.79%	2/10/2028	4,425		4,344		4,310		0.16
Park Place Technologies, LLC	(11)	SOFR +	5.00%	10.42%	11/10/2027	26,347		25,544		26,007		0.96

BCRED Emerald JV LP Consolidated Schedule of Investments September 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)
IT Services (continued)
Razor Holdco, LLC	(4)(10)	SOFR +	5.75%	11.22%	10/25/2027	$	25,545	$	25,185	$	25,353	0.94	%
Turing Midco, LLC	(9)	SOFR +	2.50%	7.93%	3/24/2028	2,048		2,022		2,040		0.08
Virtusa Corp.	(10)	SOFR +	3.75%	9.17%	2/15/2029	3,940		3,909		3,926		0.15
Virtusa Corp.	(10)	L +	3.75%	9.33%	2/11/2028	1,975		1,927		1,966		0.07
								110,658		112,003		4.15
Leisure Products
Motion Finco, LLC	(8)	SOFR +	3.25%	8.90%	11/12/2026	5,869		5,672		5,864		0.22
Life Sciences Tools & Services
Cambrex Corp.	(10)	SOFR +	3.50%	8.92%	12/4/2026	5,943		5,885		5,927		0.22
Curia Global, Inc.	(10)	SOFR +	3.75%	9.17%	8/30/2026	6,146		5,992		5,136		0.19
								11,877		11,063		0.41
Machinery
Pro Mach Group, Inc.	(11)	SOFR +	4.00%	9.43%	8/31/2028	5,949		5,847		5,961		0.22
Media
Clear Channel Outdoor Holdings, Inc.	(8)	SOFR +	3.50%	9.14%	8/21/2026	1,969		1,948		1,917		0.07
iHeartCommunications, Inc.	(8)	SOFR +	3.00%	8.43%	5/1/2026	5,000		4,839		4,510		0.17
Radiate Holdco, LLC	(10)	SOFR +	3.25%	8.68%	9/25/2026	3,930		3,935		3,229		0.12
Univision Communications, Inc.	(10)	SOFR +	3.25%	8.68%	3/15/2026	3,930		3,927		3,927		0.15
UPC Financing Partnership	(8)	SOFR +	2.93%	8.37%	1/31/2029	5,500		5,417		5,435		0.20
Virgin Media Bristol, LLC	(8)	SOFR +	3.25%	8.70%	1/31/2029	3,500		3,465		3,425		0.13
								23,531		22,443		0.84
Metals & Mining
SCIH Salt Holdings, Inc.	(10)	SOFR +	4.00%	9.63%	3/16/2027	3,915		3,881		3,897		0.14
Oil, Gas & Consumable Fuels
CQP Holdco, LP	(9)	SOFR +	3.50%	8.99%	6/5/2028	7,864		7,823		7,881		0.29
Eagle Midstream Canada Finance, Inc.	(4)(10)	SOFR +	6.25%	11.61%	8/15/2028	23,605		23,318		23,605		0.87
Freeport LNG Investments, LLLP	(9)	SOFR +	3.50%	9.09%	12/21/2028	4,894		4,864		4,856		0.18
KKR Alberta Midstrean Fince, Inc.	(4)(10)	SOFR +	6.25%	11.61%	8/15/2028	12,842		12,685		12,842		0.48
								48,690		49,184		1.82
Paper & Forest Products
Profile Products, LLC	(4)(10)	SOFR +	5.75%	11.22%	11/12/2027	75,495		74,233		73,042		2.70
Pharmaceuticals
ANI Pharmaceuticals, Inc.	(10)	SOFR +	6.00%	11.43%	11/19/2027	51,144		49,269		51,154		1.89
Jazz Pharmaceuticals, Inc.	(9)	SOFR +	4.75%	10.28%	5/5/2028	3,541		3,542		3,542		0.13
								52,811		54,696		2.02
Professional Services
Aqgen Island Holdings, Inc.	(9)	SOFR +	3.50%	8.93%	8/2/2028	7,663		7,427		7,611		0.28
Armor Holdco, Inc.	(9)	SOFR +	4.50%	10.09%	12/11/2028	4,173		4,106		4,196		0.16
Camelot US Acquisition, LLC	(11)	SOFR +	3.00%	8.43%	10/30/2026	3,335		3,281		3,334		0.12
Cast & Crew Payroll, LLC	(9)	SOFR +	3.75%	9.07%	12/29/2028	4,913		4,911		4,871		0.18
CFGI Holdings, LLC	(4)(10)	SOFR +	5.00%	10.42%	11/2/2027	111,602		111,602		111,602		4.13
Corporation Service Company	(9)	SOFR +	3.25%	8.67%	11/2/2029	2,407		2,344		2,410		0.09
Cumming Group, Inc.	(4)(7)(11)	SOFR +	6.00%	11.32%	5/26/2027	15,541		15,527		15,236		0.56
Deerfield Dakota Holding, LLC	(11)	SOFR +	3.75%	9.14%	4/9/2027	9,840		9,678		9,616		0.36
EP Purchaser, LLC	(9)	SOFR +	3.50%	9.15%	11/6/2028	3,454		3,447		3,419		0.13
Galaxy US Opco, Inc.	(9)	SOFR +	4.75%	10.07%	4/29/2029	4,963		4,863		4,758		0.18
IG Investments Holdings, LLC	(4)(10)	SOFR +	6.00%	11.47%	9/22/2028	135,325		134,757		134,648		4.98
Kwor Acquisition, Inc.	(4)(10)	SOFR +	5.25%	10.67%	12/22/2028	91,676		88,963		89,613		3.32
Saphilux Sarl	(4)(8)	S +	5.50%	10.69%	7/18/2028	GBP	20,000	25,392		24,533		0.91
Sherlock Buyer Corp.	(4)(10)	SOFR +	5.75%	11.24%	12/8/2028	27,595		27,265		27,043		1.00
The Dun & Bradstreet Corporation	(8)	SOFR +	2.75%	8.17%	2/6/2026	7,950		7,944		7,947		0.29
Trans Union, LLC	(9)	SOFR +	2.25%	7.68%	12/1/2028	2,149		2,157		2,151		0.08
Trinity Air Consultants Holdings Corp.	(4)(10)	SOFR +	5.25%	10.62%	6/29/2027	118,000		117,060		118,000		4.37
West Monroe Partners, LLC	(4)(7)(10)	SOFR +	5.25%	10.69%	11/8/2028	29,119		28,673		28,099		1.04
West Monroe Partners, LLC	(4)(7)(10)	SOFR +	5.25%	10.70%	11/8/2027	644		644		622		0.02
								600,041		599,709		22.20
Real Estate Management & Development
Progress Residential PM Holdings, LLC	(4)(7)(10)	SOFR +	5.50%	10.92%	2/16/2028	18,138		18,269		18,138		0.67
Software
2U, Inc.	(10)	SOFR +	6.50%	11.95%	12/28/2026	44,890		43,020		41,945		1.55
Apex Group Treasury, LLC	(9)	SOFR +	3.75%	9.38%	7/27/2028	1,083		1,070		1,076		0.04
Apex Group Treasury, LLC	(4)(9)	SOFR +	5.00%	10.31%	7/27/2028	61,535		58,051		61,689		2.28

BCRED Emerald JV LP Consolidated Schedule of Investments September 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)
Boxer Parent Company, Inc.	(8)	SOFR +	3.75%	9.18%	10/2/2025	$	7,664	$	7,530	$	7,665	0.28	%
Cloudera, Inc.	(9)	SOFR +	3.75%	9.17%	10/8/2028	8,139		7,890		7,997		0.30
Community Brands ParentCo, LLC	(4)(10)	SOFR +	5.65%	11.02%	2/24/2028	75,366		74,126		74,612		2.76
Confine Visual Bidco	(4)(7)(10)	SOFR +	5.75%	11.05% (incl. 3.00% PIK)	2/23/2029	32,099		31,303		28,236		1.04
ConnectWise, LLC	(9)	SOFR +	3.50%	8.93%	9/29/2028	4,421		4,427		4,360		0.16
Delta Topco, Inc.	(10)	SOFR +	3.75%	9.07%	12/1/2027	3,940		3,914		3,908		0.14
ECI Macola Max Holding, LLC	(10)	SOFR +	3.75%	9.40%	11/9/2027	6,894		6,702		6,889		0.25
Epicor Software Corp.	(10)	SOFR +	3.25%	8.68%	7/30/2027	9,835		9,623		9,834		0.36
Flexera Software, LLC	(10)	SOFR +	3.75%	9.18%	3/3/2028	5,523		5,425		5,490		0.20
GI Consilio Parent, LLC	(9)	SOFR +	4.00%	9.43%	5/12/2028	7,099		6,974		6,927		0.26
GI Consilio Parent, LLC	(4)(9)	SOFR +	4.50%	10.13%	5/12/2028	10,000		9,800		9,829		0.36
GovernmentJobs.com, Inc.	(4)(7)(10)	SOFR +	5.50%	10.92%	12/1/2028	23,246		22,880		23,020		0.85
GovernmentJobs.com, Inc.	(4)(7)(10)	SOFR +	5.50%	10.90%	12/1/2028	962		895		902		0.03
GraphPAD Software, LLC	(4)(11)	SOFR +	5.50%	11.22%	4/27/2027	15,439		15,317		15,208		0.56
Greeneden U.S. Holdings II, LLC	(10)	SOFR +	4.00%	9.43%	12/1/2027	4,421		4,422		4,429		0.16
HS Purchaser, LLC	(10)	SOFR +	4.00%	9.47%	11/19/2026	3,931		3,908		3,777		0.14
Idera, Inc.	(10)	SOFR +	3.75%	9.27%	3/2/2028	2,947		2,955		2,929		0.11
Informatica, LLC	(8)	SOFR +	2.75%	8.18%	10/27/2028	1,576		1,560		1,574		0.06
ION Trading Finance Ltd.	(8)	SOFR +	4.75%	10.24%	4/3/2028	7,743		7,458		7,654		0.28
LD Lower Holdings, Inc.	(4)(11)	SOFR +	6.50%	11.99%	2/8/2026	14,869		14,782		14,720		0.54
Medallia, Inc.	(4)(10)	SOFR +	6.00%	11.42% (incl. 5.97% PIK)	10/29/2028	48,544		47,894		47,573		1.76
Mitnick Purchaser, Inc.	(9)	SOFR +	4.50%	9.97%	5/2/2029	4,950		4,930		4,778		0.18
Mitratech Holdings, Inc.	(4)(10)	SOFR +	5.00%	10.47%	5/18/2028	27,363		26,254		26,610		0.98
Mitratech Holdings, Inc.	(10)	SOFR +	4.25%	9.88%	5/18/2028	14,963		14,283		14,701		0.54
Monk Holding Co.	(4)(10)(18)	SOFR +	5.70%	10.99%	12/1/2027	109,060		107,135		109,060		4.04
Monk Holding Co.	(4)(7)(10)	SOFR +	5.50%	10.99%	12/1/2027	679		603		573		0.02
MRI Software, LLC	(4)(11)	SOFR +	5.50%	10.99%	2/10/2026	10,099		9,882		9,891		0.37
Nintex Topco Limited	(4)(10)	SOFR +	6.00%	11.39%	11/13/2028	32,588		32,070		30,796		1.14
NortonLifeLock, Inc.	(9)	SOFR +	2.00%	7.42%	9/12/2029	3,536		3,521		3,530		0.13
Perforce Software, Inc.	(8)	SOFR +	3.75%	9.18%	7/1/2026	1,332		1,329		1,298		0.05
Project Alpha Intermediate Holding, Inc.	(8)	SOFR +	4.00%	9.43%	4/26/2024	2,947		2,945		2,948		0.11
Proofpoint, Inc.	(9)	SOFR +	3.25%	8.68%	8/31/2028	8,828		8,539		8,766		0.32
Quartz Acquireco LLC	(4)(9)	SOFR +	3.50%	8.82%	6/28/2030	6,766		6,701		6,766		0.25
Quest Software US Holdings, Inc.	(9)	SOFR +	4.25%	9.77%	2/1/2029	3,960		3,930		3,314		0.12
RealPage, Inc.	(9)	SOFR +	3.00%	8.43%	4/24/2028	7,872		7,686		7,792		0.29
Relativity ODA, LLC	(4)(7)(11)	SOFR +	6.50%	11.92%	5/12/2027	54,525		53,913		53,699		1.99
Rocket Software, Inc.	(8)	SOFR +	4.25%	9.68%	11/28/2025	1,481		1,432		1,482		0.05
Rocket Software, Inc.	(9)	SOFR +	4.25%	9.68%	11/28/2025	5,392		5,283		5,392		0.20
S2P Acquisition Borrower, Inc.	(8)	SOFR +	4.00%	9.42%	8/14/2026	4,921		4,884		4,921		0.18
SolarWinds Holdings Inc.	(8)	SOFR +	3.75%	9.07%	2/5/2027	2,916		2,916		2,923		0.11
Sophia, LP	(9)	SOFR +	3.50%	8.82%	10/7/2027	9,849		9,545		9,839		0.36
Sovos Compliance, LLC	(9)	SOFR +	4.50%	9.93%	8/11/2028	3,935		3,934		3,879		0.14
SS&C Technologies, Inc.	(9)	SOFR +	2.25%	7.67%	3/22/2029	4,232		4,148		4,236		0.16
Stamps.com, Inc.	(4)(10)	SOFR +	5.75%	11.17%	10/5/2028	59,100		58,196		57,623		2.13
Surf Holdings, LLC	(8)	SOFR +	3.50%	8.94%	3/5/2027	4,916		4,860		4,912		0.18
Symphony Technology Group	(9)	SOFR +	3.75%	9.18%	3/1/2029	5,925		5,837		5,797		0.21
Symphony Technology Group	(10)	SOFR +	5.00%	10.63%	7/27/2028	1,970		1,974		1,476		0.05
The Ultimate Software Group, Inc.	(9)	SOFR +	3.25%	8.62%	5/4/2026	9,105		8,916		9,089		0.34
Triple Lift, Inc.	(4)(10)	SOFR +	5.50%	11.05%	5/5/2028	59,543		59,068		57,756		2.14
Triple Lift, Inc.	(4)(7)(10)	SOFR +	5.50%	10.95%	5/5/2028	821		790		757		0.03
Vision Solutions, Inc.	(10)	SOFR +	4.00%	9.61%	4/24/2028	5,961		5,913		5,793		0.21
VS Buyer, LLC	(8)	SOFR +	3.25%	8.67%	2/28/2027	3,034		3,000		3,026		0.11
								856,343		855,666		31.60
Specialty Retail
CustomInk, LLC	(4)(11)(18)	SOFR +	6.18%	11.37%	5/3/2026	36,866		36,588		36,866		1.36
EG America, LLC	(8)	SOFR +	4.00%	9.41%	2/7/2025	1,677		1,641		1,681		0.06
EG America, LLC	(8)	SOFR +	4.00%	9.48%	2/7/2025	3,547		3,471		3,405		0.13
								41,700		41,952		1.55
Technology Hardware, Storage & Peripherals
Lytx, Inc.	(4)(11)	SOFR +	6.75%	12.17%	2/28/2028	29,247		29,141		29,247		1.08

BCRED Emerald JV LP Consolidated Schedule of Investments September 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)
Trading Companies & Distributors
Core and Main, LP	(8)	SOFR +	2.50%	7.69%	7/27/2028	$	3,950	$	3,879	$	3,955	0.15	%
Foundation Building Materials, Inc.	(9)	SOFR +	3.25%	8.88%	1/31/2028	6,887		6,684		6,828		0.25
Icebox Holdco III, Inc.	(9)	SOFR +	3.75%	9.25%	12/22/2028	5,890		5,847		5,869		0.22
LBM Acquisition, LLC	(10)	SOFR +	3.75%	9.17%	12/17/2027	3,930		3,928		3,845		0.14
Park River Holdings, Inc.	(10)	L +	3.25%	8.52%	12/28/2027	3,378		3,333		3,272		0.12
Porcelain Acquisition Corp.	(4)(7)(11)	SOFR +	6.00%	11.34%	4/1/2027	8,710		8,554		8,474		0.31
Specialty Building Products Holdings, LLC	(9)	SOFR +	3.75%	9.17%	10/15/2028	1,970		1,979		1,952		0.07
SRS Distribution, Inc.	(9)	SOFR +	3.50%	8.92%	6/2/2028	1,970		1,950		1,954		0.07
SRS Distribution, Inc.	(9)	SOFR +	3.50%	8.93%	6/2/2028	7,884		7,720		7,817		0.29
The Cook & Boardman Group, LLC	(11)	SOFR +	5.75%	11.18%	10/17/2025	46,571		44,948		45,407		1.68
								88,822		89,373		3.30
Transportation Infrastructure
Frontline Road Safety, LLC	(4)(10)	SOFR +	5.75%	11.55%	5/3/2027	13,153		12,827		12,956		0.48
Roadsafe Holdings, Inc.	(4)(11)	SOFR +	5.75%	10.94%	10/19/2027	11,872		11,788		11,427		0.42
Roadsafe Holdings, Inc.	(4)(11)	SOFR +	5.75%	10.66%	10/19/2027	6,828		6,756		6,572		0.24
								31,371		30,955		1.14
Wireless Telecommunication Services
CCI Buyer, Inc.	(10)	SOFR +	4.00%	9.39%	12/17/2027	6,693		6,560		6,617		0.24
Total First Lien Debt								5,298,467		5,282,913		195.41

BCRED Emerald JV LP Consolidated Schedule of Investments September 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
Diversified Consumer Services
Ascend Learning, LLC	(9)	SOFR +	5.75%	11.17%	12/10/2029	$	5,301	$	4,789	$	4,583	0.17	%
Health Care Providers & Services
Canadian Hospital Specialties Ltd.	(4)(8)		8.75%	8.75%	4/15/2029	CAD	12,000	8,438		7,811		0.29
Jayhawk Buyer, LLC	(4)(11)	SOFR +	8.75%	14.22%	10/15/2027	24,712		24,558		24,094		0.89
								32,996		31,905		1.18
Industrial Conglomerates
Victory Buyer, LLC	(4)(9)	SOFR +	7.00%	12.43%	11/1/2029	66,704		65,586		62,368		2.31
Life Sciences Tools & Services
Curia Global, Inc.	(4)(10)	SOFR +	6.50%	12.13%	8/31/2029	37,847		37,120		29,899		1.11
Phoenix Newco, Inc.	(4)(9)	SOFR +	6.50%	11.93%	11/15/2029	37,847		37,116		37,847		1.40
								74,236		67,746		2.51
Software
Apex Group Treasury, LLC	(4)(9)	SOFR +	6.75%	12.40%	7/27/2029	37,847		38,013		37,748		1.40
Proofpoint, Inc.	(9)	SOFR +	6.25%	11.68%	8/31/2029	37,847		37,023		38,030		1.41
Vision Solutions, Inc.	(10)	SOFR +	7.25%	12.86%	4/23/2029	33,922		29,686		30,726		1.14
								104,722		106,504		3.95
Total Second Lien Debt								282,329		273,106		10.12
Bonds
Software
Tangerine Bidco SPA	(4)(8)	E +	6.50%	10.47%	12/30/2029	EUR	66,000	68,096		68,829		2.55
TeamSystem SpA	(4)(8)	E +	6.25%	9.91%	2/15/2028	EUR	35,000	33,506		37,056		1.37
								101,602		105,885		3.92
Total Bonds								101,602		105,885		3.92
Equity
Aerospace & Defense
Loar Acquisition 13, LLC - Common Units	(4)					2,547,048		4,305		7,641		0.28
Air Freight & Logistics
AGI Group Holdings LP - A2 Units	(4)					194		208		129		0.00
Mode Holdings, L.P. - Class A-2 Common Units	(4)					1,230,769		2,215		2,375		0.09
								2,423		2,504		0.09
Chemicals
Pigments LP Int	(4)					1,212		—		—		0.00
Distributors
Box Co-Invest Blocker, LLC - Series A Units	(4)					780,000		780		601		0.02
Box Co-Invest Blocker, LLC - Series C Units	(4)					94,753		92		99		0.00
GSO DL Co-Invest EIS LP (EIS Acquisition Holdings, LP) - Class A Common Units	(4)					301,167		1,239		2,805		0.10
								2,111		3,505		0.12
Diversified Consumer Services
Cambium Holdings, LLC - Senior Preferred Interests	(4)			11.50%		974,662		1,133		1,160		0.04
Deneb Ultimate Topco, LLC - Class A Units	(4)					728		728		354		0.01
								1,861		1,514		0.05
Health Care Providers & Services
Jayhawk Holdings, LP - A-1 Common Units	(4)					797		210		102		0.00
Jayhawk Holdings, LP - A-2 Common Units	(4)					429		113		55		0.00
								323		157		0.00
Specialty Retail
GSO DL CoInvest CI LP (CustomInk, LLC) - Series A Preferred Units	(4)					3,000,000		3,542		3,932		0.15

BCRED Emerald JV LP Consolidated Schedule of Investments September 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	$	6,495	0.24	%
Transportation Infrastructure
Frontline Road Safety Investments, LLC - Class A Common Units	(4)				3,936	376		385		0.01
Total Equity						20,641		26,133		0.94
Total Investment Portfolio						5,703,039		5,688,037		210.39
Cash and Cash Equivalents
State Street Institutional U.S. Government Money Market Fund						6,718		6,718		0.25
Other Cash and Cash Equivalents						132,971		132,971		4.92
Total Portfolio Investments, Cash and Cash Equivalents						$	5,842,728	$	5,827,726	215.56	%

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

Investments	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
ADCS Clinics Intermediate Holdings, LLC	Revolver	5/7/2027	$	647	$	—
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	2,817		—
Confine Visual Bidco	Delayed Draw Term Loan	3/11/2024	6,089		—
CPI Buyer, LLC	Revolver	11/1/2026	2,974		(59)
CSHC Buyerco, LLC	Delayed Draw Term Loan	9/8/2026	195		—
Cumming Group, Inc.	Revolver	5/26/2027	1,891		(33)
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	2,566		(51)
GovernmentJobs.com, Inc.	Delayed Draw Term Loan	11/30/2023	7,056		—
Java Buyer, Inc.	Delayed Draw Term Loan	12/15/2023	2,432		—
Knowledge Pro Buyer, Inc.	Revolver	12/10/2027	1,008		—
Knowledge Pro Buyer, Inc.	Delayed Draw Term Loan	12/10/2023	2,094		—
Latham Pool Products, Inc.	Revolver	2/18/2029	11,250		(658)
Monk Holding Co.	Delayed Draw Term Loan	12/1/2023	7,311		—
Navigator Acquiror, Inc.	Delayed Draw Term Loan	1/16/2025	2,463		—
Porcelain Acquisition Corp.	Delayed Draw Term Loan	4/1/2027	2,115		—
Progress Residential PM Holdings, LLC	Delayed Draw Term Loan	7/25/2029	3,721		—
Relativity ODA, LLC	Revolver	5/12/2027	538		(8)
Smile Doctors, LLC	Revolver	12/23/2027	4,737		(95)
Stepping Stones Healthcare Services, LLC	Delayed Draw Term Loan	12/30/2023	1,225		—
Stepping Stones Healthcare Services, LLC	Revolver	12/30/2026	1,557		—
Triple Lift, Inc.	Revolver	5/6/2028	1,321		—
US Oral Surgery Management Holdco, LLC	Revolver	11/18/2027	1,915		(43)
West Monroe Partners, LLC	Delayed Draw Term Loan	11/9/2023	7,580		—
West Monroe Partners, LLC	Revolver	11/9/2027	2,198		—
WHCG Purchaser III, Inc.	Revolver	6/22/2026	2		—
Total unfunded commitments			$	93,999	$	(947)

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

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

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

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

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

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

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

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
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

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)
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
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
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

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)
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
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

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
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

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)
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
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
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

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)
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
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
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

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)
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
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

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)
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
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
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

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)
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
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
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

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)
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
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

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)
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
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
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

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)
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
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

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)
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
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
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

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)
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
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
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

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)
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
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 (“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 (“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		—
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.

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

	September 30, 2023		December 31, 2022
ASSETS
Investments at fair value (cost of $5,703,039 and $6,225,186 at September 30, 2023 and December 31, 2022, respectively)	$	5,688,037	$	6,143,310
Cash and cash equivalents	139,689		123,112
Interest receivable	47,349		67,094
Receivable for investments sold	23,009		195,023
Deferred financing costs	16,420		12,664
Other assets	—		65
Total assets	$	5,914,504	$	6,541,268
LIABILITIES
Debt	$	3,023,356	$	3,377,064
Distribution payable	110,498		91,832
Payable for investments purchased and other liabilities	78,077		308,750
Total liabilities	3,211,931		3,777,646
MEMBERS’ EQUITY
Members’ Equity	2,702,573		2,763,622
Total Members’ Equity	2,702,573		2,763,622
Total liabilities and members’ equity	$	5,914,504	$	6,541,268

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

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Investment income:
Interest income	$	164,464	$	56,971	$	486,577	$	119,898
Payment-in-kind interest income	1,665		—		5,127		—
Dividend income	49		—		394		—
Other income	73		150		1,507		392
Total investment income	166,251		57,121		493,605		120,290
Expenses:
Interest expense	62,213		18,762		179,728		32,957
Other expenses	933		1,404		3,801		2,616
Total expenses	63,146		20,166		183,529		35,573
Net investment income before taxes	103,105		36,955		310,076		84,717
Tax Expense	—		—		—		—
Net investment income after taxes	103,105		36,955		310,076		84,717
Net realized and change in unrealized gain (loss) on investments and other transactions
Net change in unrealized gain (loss)	30,618		(7,970)		68,374		(58,771)
Net realized gain (loss)	(1,623)		(2,259)		(7,767)		(2,750)
Total net realized and change in unrealized gain (loss) on investments	28,995		(10,229)		60,607		(61,521)
Net increase (decrease) in net assets resulting from operations	$	132,100	$	26,726	$	370,683	$	23,196

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 September 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, respectively, and $29.3 million and $4.2 million of capital remained uncalled from the Company and the Verdelite JV Partner, respectively. As of September 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.

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

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

BCRED Verdelite JV LP Consolidated Schedule of Investments September 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	(8)	SOFR +	4.00%	9.43%	1/29/2027	$	421	$	418	$	419	0.29	%
Atlas CC Acquisition Corp.	(10)	SOFR +	4.25%	9.93%	5/25/2028	450		418		423		0.30
Atlas CC Acquisition Corp.	(10)	SOFR +	4.25%	9.93%	5/25/2028	2,214		2,058		2,079		1.46
Avolon TLB Borrower 1 US LLC	(9)	SOFR +	2.50%	7.82%	6/22/2028	2,758		2,732		2,761		1.94
LSF11 Trinity Bidco Inc	(4)(8)	SOFR +	4.50%	9.83%	6/14/2030	1,959		1,931		1,959		1.38
Peraton Corp.	(10)	SOFR +	3.75%	9.17%	2/1/2028	4,046		3,980		4,043		2.84
Vertex Aerospace Services Corp.	(10)	SOFR +	3.50%	8.92%	12/6/2028	3,061		3,032		3,066		2.16
								14,569		14,750		10.37
Air Freight & Logistics
Forward Air Corporation	(10)	SOFR +	4.50%	9.90%	9/20/2030	3,000		2,880		2,935		2.06
The Kenan Advantage Group, Inc.	(10)	SOFR +	4.18%	9.48%	3/24/2026	3,563		3,493		3,559		2.50
								6,373		6,494		4.56
Airlines
KKR Apple Bidco, LLC	(9)	SOFR +	4.00%	9.32%	9/22/2028	2,430		2,407		2,431		1.71
United Airlines, Inc.	(10)	SOFR +	3.75%	9.18%	4/21/2028	2,755		2,734		2,764		1.94
								5,141		5,195		3.65
Auto Components
Clarios Global LP	(8)	SOFR +	3.75%	9.07%	5/6/2030	2,921		2,907		2,919		2.05
Metis Buyer, Inc.	(10)	SOFR +	4.00%	9.43%	5/4/2028	992		960		991		0.70
Belron Finance US LLC	(9)	SOFR +	2.75%	8.16%	4/18/2029	760		756		761		0.54
First Brands Group, LLC	(11)	SOFR +	5.00%	10.88%	3/30/2027	1,330		1,291		1,316		0.93
Phinia Inc	(8)	SOFR +	4.00%	9.49%	7/3/2028	1,750		1,684		1,754		1.23
								7,598		7,741		5.45
Beverages
Triton Water Holdings, Inc.	(9)	SOFR +	3.25%	8.90%	3/31/2028	2,467		2,299		2,410		1.69
Building Products
Griffon Corporation	(9)	SOFR +	2.25%	7.79%	1/24/2029	1,184		1,172		1,185		0.83
Oscar AcquisitionCo LLC	(9)	SOFR +	4.50%	9.99%	4/29/2029	3,828		3,711		3,806		2.68
Tamko Building Product, LLC	(8)	SOFR +	3.50%	8.90%	9/20/2030	787		783		784		0.55
The Chamberlain Group, Inc.	(9)	SOFR +	3.25%	8.67%	11/3/2028	3,566		3,376		3,518		2.47
								9,042		9,293		6.53
Capital Markets
Advisor Group Holdings, Inc.	(8)	SOFR +	4.50%	9.82%	8/17/2028	4,072		4,065		4,075		2.86
Focus Financial Partners LLC	(9)	SOFR +	3.50%	8.82%	6/30/2028	2,020		1,992		2,021		1.42
The Edelman Financial Engines Center, LLC	(10)	SOFR +	3.50%	8.94%	4/7/2028	2,722		2,636		2,698		1.90
								8,693		8,794		6.18
Chemicals
Starfruit Finco BV	(8)	SOFR +	4.00%	9.35%	4/3/2028	796		789		788		0.55

BCRED Verdelite JV LP Consolidated Schedule of Investments September 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
Access CIG, LLC	(9)	SOFR +	5.00%	10.32%	8/18/2028	$	3,766	$	3,586	$	3,723	2.62	%
Allied Universal Holdco, LLC	(9)	SOFR +	3.75%	9.17%	5/12/2028	2,566		2,456		2,483		1.75
Allied Universal Holdco, LLC	(9)	SOFR +	4.75%	10.07%	5/12/2028	2,000		1,943		1,975		1.39
Anticimex, Inc.	(9)	SOFR +	3.15%	8.45%	11/16/2028	3,413		3,347		3,395		2.39
APX Group, Inc.	(9)	SOFR +	3.25%	8.69%	7/10/2028	3,311		3,179		3,315		2.33
Covanta Holding Corp	(9)	SOFR +	3.00%	8.33%	11/30/2028	1,042		1,032		1,041		0.73
DG Investment Intermediate Holdings 2, Inc.	(10)	SOFR +	3.75%	9.18%	3/31/2028	3,957		3,833		3,896		2.74
EAB Global, Inc.	(9)	SOFR +	3.50%	8.87%	8/16/2028	3,560		3,468		3,540		2.49
Energizer Holdings Inc	(9)	SOFR +	3.75%	9.18%	12/8/2028	3,564		3,429		3,529		2.48
Garda World Security Corp.	(8)	SOFR +	4.25%	9.75%	10/30/2026	2,350		2,285		2,352		1.65
Genuine Financial Holdings, LLC	(8)	SOFR +	4.00%	9.40%	9/20/2030	2,000		1,970		1,985		1.40
								30,528		31,234		21.97
Construction & Engineering
Refficiency Holdings, LLC	(10)	SOFR +	3.75%	9.17%	12/16/2027	3,465		3,382		3,456		2.43
Construction Materials
White Cap Buyer, LLC	(9)	SOFR +	3.75%	9.07%	10/19/2027	3,620		3,518		3,617		2.54
Containers & Packaging
Berlin Packaging, LLC	(9)	SOFR +	3.75%	9.19%	3/11/2028	3,512		3,433		3,480		2.45
Charter NEX US, Inc.	(10)	SOFR +	3.75%	9.18%	12/1/2027	3,817		3,763		3,787		2.66
Novolex, Inc.	(9)	SOFR +	4.18%	9.59%	4/13/2029	3,808		3,736		3,761		2.64
ProAmpac PG Borrower, LLC	(10)	SOFR +	4.50%	9.90%	9/26/2028	5,110		5,059		5,093		3.58
Ring Container Technologies Group, LLC	(9)	SOFR +	3.50%	8.93%	8/12/2028	2,134		2,121		2,136		1.50
TricorBraun Holdings, Inc.	(9)	SOFR +	3.25%	8.68%	3/3/2028	3,560		3,436		3,499		2.46
Trident TPI Holdings, Inc.	(9)	SOFR +	4.00%	9.65%	9/15/2028	3,311		3,209		3,305		2.32
								24,757		25,061		17.61
Distributors
Fastlane Parent Co Inc	(4)(9)	SOFR +	4.50%	9.90%	9/4/2028	1,782		1,755		1,765		1.24
Diversified Consumer Services
Ascend Learning, LLC	(9)	SOFR +	3.50%	8.92%	12/11/2028	3,168		3,040		3,029		2.13
Colibri Group, LLC	(10)	SOFR +	5.00%	10.45%	3/12/2029	3,758		3,644		3,716		2.61
Pre-Paid Legal Services, Inc.	(9)	SOFR +	3.50%	8.93%	12/15/2028	3,306		3,252		3,279		2.31
Spring Education Group, Inc.	(4)(8)	SOFR +	4.50%	9.89%	9/29/2030	3,421		3,379		3,379		2.38
TruGreen Limited Partnership	(10)	SOFR +	4.00%	9.42%	11/2/2027	275		255		262		0.18
University Support Services, LLC	(9)	SOFR +	3.25%	8.67%	2/10/2029	3,564		3,519		3,539		2.49
Weld North Education, LLC	(9)	SOFR +	3.75%	9.18%	12/21/2027	4,058		4,024		3,987		2.80
								21,113		21,191		14.90
Diversified Financial Services
Mitchell International, Inc.	(9)	SOFR +	3.75%	9.18%	10/15/2028	2,970		2,811		2,926		2.06
Polaris Newco, LLC	(9)	SOFR +	4.00%	9.43%	6/2/2028	2,286		2,198		2,195		1.54
Sedgwick Claims Management Services, Inc.	(8)	SOFR +	3.75%	9.07%	2/24/2028	2,972		2,946		2,970		2.09
								7,955		8,091		5.69
Diversified Telecommunication Services
Numericable US, LLC	(8)	SOFR +	5.50%	10.81%	8/15/2028	3,779		3,719		3,432		2.41
Zacapa, LLC	(9)	SOFR +	4.00%	9.39%	3/22/2029	3,560		3,458		3,540		2.49
								7,177		6,972		4.90

BCRED Verdelite JV LP Consolidated Schedule of Investments September 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)
Electrical Equipment
Madison IAQ, LLC	(9)	SOFR +	3.25%	8.69%	6/21/2028	$	2,074	$	1,975	$	2,044	1.44	%
Electronic Equipment, Instruments & Components
Infinite Bidco, LLC	(9)	SOFR +	3.75%	9.18%	3/2/2028	2,680		2,586		2,636		1.85
Entertainment
Recorded Books, Inc.	(8)	SOFR +	4.00%	9.32%	8/29/2025	2,068		2,048		2,071		1.46
Food Products
CHG PPC Parent LLC	(9)	SOFR +	3.00%	8.43%	12/8/2028	2,985		2,901		2,972		2.09
Ground Transportation
Uber Technologies, Inc.	(8)	SOFR +	2.75%	8.16%	3/3/2030	2,436		2,430		2,437		1.71
Health Care Equipment & Supplies
Auris Luxembourg III Sarl	(8)	L +	3.75%	9.12%	2/27/2026	2,152		2,002		2,103		1.48
Resonetics, LLC	(10)	SOFR +	4.00%	9.63%	4/28/2028	3,569		3,465		3,515		2.47
Sunshine Luxembourg VII S.à r.l, LLC	(10)	SOFR +	3.75%	9.24%	10/1/2026	3,782		3,697		3,781		2.66
								9,164		9,399		6.61
Health Care Providers & Services
ADMI Corp.	(9)	SOFR +	3.75%	9.18%	12/23/2027	2,574		2,460		2,407		1.69
Electron Bidco, Inc.	(9)	SOFR +	3.00%	8.43%	11/1/2028	3,805		3,736		3,794		2.67
Heartland Dental LLC	(10)	SOFR +	5.00%	10.33%	4/28/2028	2,977		2,867		2,950		2.07
LifePoint Health, Inc.	(8)	SOFR +	3.75%	9.38%	11/16/2025	4,290		4,077		4,288		3.01
Pediatric Associates Holding Co., LLC	(9)	SOFR +	3.25%	8.57%	12/29/2028	649		638		634		0.45
								13,778		14,073		9.89
Health Care Technology
athenahealth, Inc.	(9)	SOFR +	3.25%	8.57%	2/15/2029	3,550		3,275		3,493		2.46
Netsmart Technologies, Inc.	(10)	SOFR +	4.00%	9.43%	10/1/2027	2,916		2,853		2,921		2.05
Verscend Holding Corp.	(8)	SOFR +	4.00%	9.43%	8/27/2025	3,560		3,552		3,565		2.51
Waystar Technologies, Inc.	(8)	SOFR +	4.00%	9.43%	10/22/2026	3,658		3,618		3,667		2.58
								13,298		13,646		9.60
Hotels, Restaurants & Leisure
Alterra Mountain Company	(9)	SOFR +	3.50%	8.93%	8/17/2028	2,309		2,289		2,310		1.62
Caesars Entertainment Inc	(9)	SOFR +	3.25%	8.67%	2/6/2030	1,624		1,609		1,626		1.14
Fertitta Entertainment, LLC	(9)	SOFR +	4.00%	9.32%	1/27/2029	2,768		2,692		2,745		1.93
Fogo de Chao, Inc.	(9)	SOFR +	4.75%	10.15%	9/20/2030	545		534		535		0.38
IRB Holding Corp.	(10)	SOFR +	3.00%	8.42%	12/15/2027	3,570		3,501		3,562		2.50
Mic Glen, LLC	(9)	SOFR +	3.25%	8.68%	7/21/2028	3,413		3,307		3,384		2.38
New Red Finance, Inc.	(8)	SOFR +	2.25%	7.57%	9/20/2030	925		921		923		0.65
Tacala Investment Corp.	(10)	SOFR +	4.00%	9.43%	2/5/2027	3,558		3,457		3,551		2.50
Whatabrands, LLC	(9)	SOFR +	3.00%	8.43%	8/3/2028	3,564		3,481		3,555		2.50
								21,791		22,191		15.60
Household Durables
AI Aqua Merger Sub, Inc.	(9)	SOFR +	3.75%	9.08%	7/31/2028	3,808		3,690		3,775		2.65
Independent Power and Renewable Electricity Producers
Generation Bridge Northeast LLC	(8)	SOFR +	4.25%	9.57%	8/22/2029	2,154		2,133		2,157		1.52

BCRED Verdelite JV LP Consolidated Schedule of Investments September 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)
Industrial Conglomerates
FCG Acquisitions, Inc.	(9)	SOFR +	3.75%	9.40%	3/31/2028	$	3,957	$	3,819	$	3,929	2.76	%
SPX Flow, Inc.	(9)	SOFR +	4.50%	9.92%	4/5/2029	2,266		2,170		2,264		1.59
Vertical US Newco, Inc.	(9)	SOFR +	3.50%	9.38%	7/30/2027	2,815		2,730		2,812		1.98
								8,719		9,005		6.33
Insurance
AmWINS Group, Inc	(10)	SOFR +	2.75%	8.18%	2/19/2028	940		931		940		0.66
AssuredPartners, Inc.	(9)	SOFR +	3.50%	8.93%	2/12/2027	2,282		2,218		2,283		1.61
Baldwin Risk Partners, LLC	(9)	SOFR +	3.50%	8.92%	10/14/2027	3,805		3,773		3,781		2.66
BroadStreet Partners, Inc.	(8)	SOFR +	4.00%	9.32%	1/27/2029	3,304		3,265		3,308		2.33
BroadStreet Partners, Inc.	(8)	SOFR +	3.00%	8.43%	1/27/2027	3,311		3,231		3,300		2.32
Howden Group Holdings Limited	(9)	SOFR +	4.00%	9.32%	4/18/2030	2,430		2,339		2,433		1.71
Howden Group Holdings Limited	(10)	L +	3.25%	8.69%	11/12/2027	3,804		3,743		3,798		2.67
NFP Corp.	(8)	SOFR +	3.25%	8.68%	2/15/2027	3,311		3,202		3,275		2.30
USI, Inc.	(8)	SOFR +	3.25%	8.64%	9/14/2030	338		337		338		0.24
USI, Inc.	(9)	SOFR +	3.25%	8.66%	9/29/2030	676		675		676		0.48
								23,714		24,132		16.98
Interactive Media & Services
MH Sub I, LLC	(9)	SOFR +	4.25%	9.57%	5/3/2028	3,990		3,897		3,867		2.72
MH Sub I, LLC	(11)	SOFR +	3.75%	9.18%	9/13/2024	1,105		1,095		1,107		0.78
Project Boost Purchaser, LLC	(9)	SOFR +	3.50%	8.93%	5/30/2026	4,058		3,974		4,060		2.85
								8,966		9,034		6.35
IT Services
Dcert Buyer, Inc.	(8)	SOFR +	4.00%	9.32%	10/16/2026	2,073		2,023		2,064		1.45
Endurance International Group Holdings, Inc.	(10)	L +	3.50%	8.79%	2/10/2028	2,075		1,906		2,021		1.42
Virtusa Corp.	(10)	L +	3.75%	9.33%	2/11/2028	4,058		4,008		4,040		2.84
World Wide Technology Holding Co, LLC	(9)	SOFR +	3.25%	8.68%	3/1/2030	1,008		999		1,010		0.71
								8,936		9,135		6.42
Leisure Products
Motion Finco, LLC	(8)	SOFR +	3.25%	8.90%	11/12/2026	2,557		2,497		2,555		1.80
Recess Holdings, Inc.	(11)	SOFR +	4.00%	9.38%	3/17/2027	603		597		603		0.42
								3,094		3,158		2.22
Life Sciences Tools & Services
LSCS Holdings, Inc.	(9)	SOFR +	4.50%	9.93%	12/16/2028	2,462		2,374		2,432		1.71
Packaging Coordinators Midco, Inc.	(10)	SOFR +	3.50%	9.15%	11/30/2027	3,560		3,488		3,550		2.50
								5,862		5,982		4.21
Machinery
Pro Mach Group, Inc.	(11)	SOFR +	4.00%	9.43%	8/31/2028	3,758		3,664		3,766		2.65
Media
Radiate Holdco, LLC	(10)	SOFR +	3.25%	8.68%	9/25/2026	2,970		2,771		2,440		1.72
Virgin Media Bristol, LLC	(8)	SOFR +	3.25%	8.31%	3/31/2031	2,727		2,702		2,667		1.88
								5,473		5,107		3.60
Metals & Mining
Arsenal AIC Parent LLC	(8)	SOFR +	4.50%	9.88%	8/18/2030	645		639		645		0.45

BCRED Verdelite JV LP Consolidated Schedule of Investments September 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)
Oil, Gas & Consumable Fuels
CQP Holdco, LP	(9)	SOFR +	3.50%	8.99%	6/5/2028	$	3,805	$	3,785	$	3,813	2.68	%
GIP Pilot Acquisition Partners LP	(4)(8)	SOFR +	3.00%	8.41%	9/18/2030	1,122		1,116		1,121		0.79
								4,901		4,934		3.47
Professional Services
AlixPartners, LLP	(9)	SOFR +	2.75%	8.18%	2/4/2028	1,378		1,368		1,379		0.97
APFS Staffing Holdings Inc	(9)	SOFR +	4.00%	9.32%	12/29/2028	3,940		3,844		3,894		2.74
Aqgen Island Holdings, Inc.	(9)	SOFR +	3.50%	8.93%	8/2/2028	3,655		3,570		3,630		2.55
Camelot US Acquisition, LLC	(11)	SOFR +	3.00%	8.43%	10/30/2026	3,102		3,074		3,100		2.18
Cast & Crew Payroll, LLC	(8)	SOFR +	3.50%	8.93%	2/9/2026	3,513		3,486		3,508		2.47
Deerfield Dakota Holding, LLC	(11)	SOFR +	3.75%	9.14%	4/9/2027	2,782		2,716		2,719		1.91
EP Purchaser, LLC	(9)	SOFR +	3.50%	9.15%	11/6/2028	491		470		486		0.34
Inmar, Inc.	(11)	SOFR +	5.50%	10.82%	5/1/2026	2,078		2,013		2,067		1.45
OMNIA Partners LLC	(7)(8)	SOFR +	4.25%	9.60%	7/25/2030	2,187		2,164		2,193		1.54
VT Topco, Inc.	(9)	SOFR +	4.25%	9.66%	8/1/2025	1,036		1,026		1,038		0.73
								23,731		24,014		16.88
Real Estate Management & Development
Cushman & Wakefield US Borrower LLC	(9)	SOFR +	4.00%	9.32%	1/31/2030	1,712		1,670		1,702		1.20
Software
Apex Group Treasury, LLC	(9)	SOFR +	3.75%	9.38%	7/27/2028	3,564		3,448		3,539		2.49
Apttus Corp.	(10)	SOFR +	4.00%	9.43%	5/8/2028	3,573		3,425		3,535		2.49
Boxer Parent Company, Inc.	(8)	SOFR +	3.75%	9.18%	10/2/2025	3,558		3,489		3,558		2.50
Cloudera, Inc.	(9)	SOFR +	3.75%	9.17%	10/8/2028	2,575		2,462		2,530		1.78
ConnectWise, LLC	(9)	SOFR +	3.50%	8.93%	9/29/2028	3,539		3,425		3,490		2.45
Cornerstone OnDemand, Inc.	(9)	SOFR +	3.75%	9.18%	10/16/2028	2,178		1,988		2,074		1.46
ECI Macola Max Holding, LLC	(10)	SOFR +	3.75%	9.40%	11/9/2027	3,514		3,447		3,512		2.47
Epicor Software Corp.	(10)	SOFR +	3.25%	8.68%	7/30/2027	3,563		3,494		3,563		2.50
Epicor Software Corp.	(10)	SOFR +	3.75%	9.11%	7/30/2027	273		270		273		0.19
GI Consilio Parent, LLC	(9)	SOFR +	4.00%	9.43%	5/12/2028	2,128		2,043		2,077		1.46
Greeneden U.S. Holdings II, LLC	(10)	SOFR +	4.00%	9.43%	12/1/2027	2,575		2,549		2,580		1.81
GTCR Investors LP - A-1 Units	(9)	SOFR +	3.00%	8.40%	9/20/2030	3,335		3,319		3,336		2.35
HS Purchaser, LLC	(10)	SOFR +	4.00%	9.47%	11/19/2026	3,563		3,299		3,424		2.41
Idera, Inc.	(10)	SOFR +	3.75%	9.27%	3/2/2028	1,875		1,799		1,863		1.31
Mitnick Purchaser, Inc.	(9)	SOFR +	4.50%	9.97%	5/2/2029	3,413		3,320		3,294		2.32
NortonLifeLock, Inc.	(9)	SOFR +	2.00%	7.42%	9/12/2029	3,782		3,762		3,774		2.65
Project Alpha Intermediate Holding, Inc.	(8)	SOFR +	4.00%	9.43%	4/26/2024	4,405		4,370		4,406		3.10
Quartz Acquireco LLC	(4)(8)	SOFR +	3.50%	8.82%	6/28/2030	1,353		1,340		1,353		0.95
RealPage, Inc.	(9)	SOFR +	3.00%	8.43%	4/24/2028	2,775		2,686		2,747		1.93
Rocket Software, Inc.	(8)	SOFR +	4.25%	9.68%	11/28/2025	1,069		1,049		1,070		0.75
Rocket Software, Inc.	(9)	SOFR +	4.75%	10.14%	11/28/2028	2,605		2,566		2,570		1.81
S2P Acquisition Borrower, Inc.	(8)	SOFR +	4.00%	9.42%	8/14/2026	3,563		3,486		3,563		2.50
Sophia, LP	(9)	SOFR +	3.50%	8.82%	10/7/2027	3,311		3,225		3,308		2.33
Sovos Compliance, LLC	(9)	SOFR +	4.50%	9.93%	8/11/2028	3,564		3,501		3,513		2.47

BCRED Verdelite JV LP Consolidated Schedule of Investments September 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)
Surf Holdings, LLC	(8)	SOFR +	3.50%	8.94%	3/5/2027	$	3,563	$	3,527	$	3,560	2.50	%
Symphony Technology Group	(10)	SOFR +	5.00%	10.63%	7/27/2028	3,573		3,298		2,677		1.88
Symphony Technology Group	(9)	SOFR +	3.75%	9.18%	3/1/2029	3,564		3,424		3,487		2.45
The Ultimate Software Group, Inc.	(9)	SOFR +	3.25%	8.62%	5/4/2026	4,353		4,264		4,346		3.06
Vision Solutions, Inc.	(10)	SOFR +	4.00%	9.61%	4/24/2028	1,671		1,455		1,623		1.14
								83,730		84,645		59.51
Specialty Retail
EG America, LLC	(4)(8)	SOFR +	4.25%	9.66%	3/31/2026	741		696		741		0.52
EG America, LLC	(4)(8)	SOFR +	5.50%	10.89%	2/29/2028	949		911		921		0.65
EG America, LLC	(8)	SOFR +	4.25%	9.66%	3/31/2026	1,457		1,368		1,396		0.98
								2,975		3,058		2.15
Trading Companies & Distributors
Icebox Holdco III, Inc.	(9)	SOFR +	3.75%	9.25%	12/22/2028	2,377		2,244		2,368		1.66
SRS Distribution, Inc.	(9)	SOFR +	3.50%	8.93%	6/2/2028	3,570		3,419		3,542		2.49
Windsor Holdings III, LLC	(8)	SOFR +	4.50%	9.83%	8/1/2030	1,864		1,827		1,861		1.31
								7,490		7,771		5.46
Wireless Telecommunication Services
CCI Buyer, Inc.	(10)	SOFR +	4.00%	9.39%	12/17/2027	3,462		3,390		3,422		2.41
Total First Lien Debt								427,437		433,763		304.97
Total Investment Portfolio								427,437		433,763		304.96
Cash and Cash Equivalents
Other Cash and Cash Equivalents								7,910		7,910		5.56
Total Portfolio Investments, Cash and Cash Equivalents								$	435,347	$	441,673	310.52	%

(1)Unless otherwise indicated, all debt and equity investments held by the Company (which such term “Company” shall include the Company’s consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in dollars. As of September 30, 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”), 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 September 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
OMNIA Partners LLC	Delayed Draw Term Loan	1/25/2024	$	205	$	—
Total unfunded commitments			$	205	$	—

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

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

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

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

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

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

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

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

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
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

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)
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
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

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)
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
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

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)
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
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

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)
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
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.

(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%.

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

	September 30, 2023		December 31, 2022
ASSETS
Investments at fair value (cost of $427,437 and $495,472 at September 30, 2023 and December 31, 2022, respectively)	$	433,763	$	490,615
Cash and cash equivalents	7,910		2,767
Interest receivable	2,713		4,539
Receivable for investments sold	7,600		1,624
Deferred financing costs	159		—
Total assets	$	452,145	$	499,545
LIABILITIES
Debt	$	262,600	$	365,000
Distribution payable	17,825		—
Interest payable and other liabilities	29,481		2,342
Total liabilities	309,906		367,342
MEMBERS’ EQUITY
Members’ Equity	142,239		132,203
Total Members’ Equity	142,239		132,203
Total liabilities and members’ equity	$	452,145	$	499,545

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

	For the three months ended September 30, 2023		For the nine months ended September 30, 2023
Investment income:
Interest income	$	10,965	$	32,578
Other income	62		176
Total investment income	11,027		32,754
Expenses:
Interest expense	6,478		17,604
Other expenses	474		624
Total expenses	6,952		18,228
Net investment income before taxes	4,075		14,526
Tax Expense	—		—
Net investment income after taxes	4,075		14,526
Net realized and change in unrealized gain (loss) on investments and other transactions
Net unrealized gain (loss)	2,313		11,183
Net realized gain (loss)	724		2,152
Total net realized and change in unrealized gain (loss) on investments	3,037		13,335
Net increase (decrease) in net assets resulting from operations	$	7,112	$	27,861