Joint Venture (Tables)

12 Months Ended

Dec. 31, 2024

Equity Method Investments and Joint Ventures [Abstract]

Summary of Joint Venture Information

BCRED Emerald JV LP Consolidated Schedule of Investments December 31, 2024 (in thousands)
Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Members’ Equity
First Lien Debt
Aerospace & Defense
Atlas CC Acquisition Corp.	(10)	SOFR +	4.25%	9.03%	1/19/2022	5/25/2028	$	9,718	$	9,481	$	6,577	0.28	%
Peraton Corp.	(10)	SOFR +	3.75%	8.21%	8/4/2022	2/1/2028	20,237		20,196		18,882		0.80
Signia Aerospace LLC	(4)(7)(9)	SOFR +	3.00%	7.40%	11/22/2024	12/11/2031	15,171		15,218		15,202		0.64
TransDigm Inc	(8)	SOFR +	2.50%	6.83%	11/19/2024	1/19/2032	9,975		10,019		10,007		0.42
TransDigm Inc	(8)	SOFR +	2.75%	7.35%	12/2/2024	8/24/2028	9,975		10,031		10,018		0.42
Vertex Aerospace Services Corp.	(10)	SOFR +	2.75%	7.11%	1/19/2022	12/6/2030	2,918		2,928		2,927		0.12
									67,873		63,613		2.68
Air Freight & Logistics
AGI-CFI Holdings, Inc.	(4)(10)	SOFR +	5.75%	10.23%	1/19/2022	6/11/2027	23,992		23,883		23,992		1.01
AIT Worldwide Logistics Holdings Inc	(10)	SOFR +	4.75%	9.28%	10/30/2024	4/8/2030	24,451		24,331		24,657		1.04
Mode Purchaser, Inc.	(4)(11)	SOFR +	6.25%	10.92%	1/19/2022	12/9/2026	31,256		31,256		30,319		1.28
RWL Holdings, LLC	(4)(10)	SOFR +	5.75%	10.23%	1/19/2022	12/31/2028	26,369		26,066		23,468		0.99
Savage Enterprises, LLC	(9)	SOFR +	2.75%	7.30%	11/21/2024	9/15/2028	9,975		10,056		10,053		0.42
SEKO Global Logistics Network, LLC	(4)(11)	P +	7.00%	15.50%	7/1/2024	12/30/2026	734		723		734		0.03
SEKO Global Logistics Network, LLC	(4)(11)	SOFR +	5.00%	9.50% (incl. 5.00% PIK)	11/27/2024	5/27/2030	8,038		8,038		8,038		0.34
SEKO Global Logistics Network, LLC	(4)(11)	SOFR +	8.00%	12.52%	11/27/2024	11/27/2029	1,849		1,813		1,849		0.08
Wwex Uni Topco Holdings, LLC	(10)	SOFR +	4.00%	8.33%	11/8/2024	7/26/2028	4,768		4,756		4,803		0.20
									130,922		127,913		5.39
Airlines
American Airlines, Inc.	(10)	SOFR +	4.75%	9.63%	1/19/2022	4/20/2028	2,671		2,724		2,746		0.12
American Airlines, Inc.	(8)	SOFR +	2.75%	7.26%	11/25/2024	2/15/2028	10,000		10,075		10,062		0.42
American Airlines, Inc.	(8)	SOFR +	2.25%	6.62%	12/12/2024	2/15/2028	5,000		5,000		5,030		0.21
JetBlue Airways Corp	(9)	SOFR +	5.50%	9.85%	11/7/2024	8/27/2029	4,988		5,007		5,035		0.21
KKR Apple Bidco, LLC	(9)	SOFR +	2.75%	7.22%	6/7/2022	9/23/2028	20,796		20,829		20,941		0.88
									43,635		43,814		1.84
Auto Components
Belron Finance 2019 LLC	(9)	SOFR +	2.75%	7.27%	11/25/2024	10/16/2031	9,975		10,087		10,083		0.43
Beverages
Triton Water Holdings, Inc.	(9)	SOFR +	3.25%	7.84%	1/19/2022	3/31/2028	14,695		14,669		14,829		0.63

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

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

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

BCRED Emerald JV LP Consolidated Schedule of Investments December 31, 2024 (in thousands)
Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Members’ Equity
First Lien Debt (continued)
Diversified Consumer Services
Ascend Learning, LLC	(9)	SOFR +	3.50%	7.96%	1/19/2022	12/11/2028	$	17,953	$	17,851	$	18,072	0.76	%
Barbri Holdings, Inc.	(4)(10)	SOFR +	5.75%	10.18%	1/19/2022	4/28/2028	69,912		69,380		69,562		2.93
BPPH2 Limited	(4)(8)	S +	6.50%	11.32%	2/21/2023	3/16/2028	GBP	26,000	30,977		32,549		1.37
Cambium Learning Group, Inc.	(4)(7)(10)	SOFR +	5.50%	10.23%	1/19/2022	7/20/2028	34,262		34,262		34,262		1.44
Cengage Learning, Inc.	(11)	SOFR +	3.50%	7.86%	11/22/2024	3/22/2031	11,610		11,669		11,685		0.49
Element Materials Technology Group US Holdings Inc.	(9)	SOFR +	3.75%	8.08%	4/12/2022	7/6/2029	4,900		4,888		4,938		0.21
Express Wash Concepts, LLC	(4)(7)(11)	SOFR +	5.00%	9.36%	1/19/2022	4/30/2027	38,854		38,360		38,228		1.61
Fugue Finance LLC	(9)	SOFR +	3.25%	7.72%	12/5/2024	1/9/2032	1,458		1,458		1,474		0.06
Imagine Learning, LLC	(9)	SOFR +	3.50%	7.86%	2/1/2024	12/21/2029	6,934		6,957		6,955		0.29
KUEHG Corp.	(9)	SOFR +	3.25%	7.84%	10/21/2024	6/12/2030	10,000		10,113		10,115		0.43
Mckissock Investment Holdings, LLC	(10)	SOFR +	5.00%	9.79%	3/10/2022	3/12/2029	3,890		3,867		3,872		0.16
Mister Car Wash Holdings, Inc.	(8)	SOFR +	2.75%	7.09%	12/6/2024	3/21/2031	9,975		10,050		10,035		0.42
Pre-Paid Legal Services, Inc.	(9)	SOFR +	3.75%	8.22%	1/19/2022	12/15/2028	22,703		22,619		22,884		0.96
University Support Services, LLC	(9)	SOFR +	2.75%	7.11%	2/10/2022	2/10/2029	23,540		23,482		23,677		1.00
									285,933		288,308		12.13
Diversified Telecommunication Services
Lumen Technologies Inc	(14)	SOFR +	6.00%	10.36%	12/18/2024	6/1/2028	4,935		4,953		4,956		0.21
Zacapa, LLC	(9)	SOFR +	3.75%	8.08%	10/29/2024	3/22/2029	15,809		15,903		15,920		0.67
									20,856		20,876		0.88
Electrical Equipment
Madison IAQ, LLC	(9)	SOFR +	2.75%	7.89%	1/19/2022	6/21/2028	26,456		26,415		26,584		1.12
Electronic Equipment, Instruments & Components
Albireo Energy, LLC	(4)(11)	SOFR +	6.00%	10.68%	1/19/2022	12/23/2026	3,161		3,142		3,019		0.13
Albireo Energy, LLC	(4)(11)	SOFR +	6.00%	10.73%	1/19/2022	12/23/2026	811		807		774		0.03
Albireo Energy, LLC	(4)(11)	SOFR +	6.00%	10.43%	1/19/2022	12/23/2026	10,531		10,468		10,057		0.42
Infinite Bidco, LLC	(9)	SOFR +	3.75%	8.60%	1/19/2022	3/2/2028	2,910		2,918		2,893		0.12
Modena Buyer, LLC	(8)	SOFR +	4.50%	8.86%	7/1/2024	7/1/2031	3,100		3,042		3,010		0.13
									20,377		19,753		0.83
Energy Equipment & Services
Ursa Minor US Bidco, LLC	(8)	SOFR +	3.00%	7.33%	12/11/2024	3/26/2031	5,000		5,063		5,047		0.21

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

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

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

BCRED Emerald JV LP Consolidated Schedule of Investments December 31, 2024 (in thousands)
Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Members’ Equity
First Lien Debt (continued)
Insurance
Alera Group, Inc.	(4)(10)	SOFR +	5.25%	9.61%	9/26/2022	10/2/2028	$	43,786	$	43,234	$	43,786	1.85	%
Alliant Holdings Intermediate LLC	(8)	SOFR +	2.75%	7.11%	9/12/2024	9/19/2031	2,397		2,397		2,406		0.10
AmWINS Group Inc	(10)	SOFR +	2.25%	6.72%	11/7/2024	2/19/2028	4,987		4,997		5,008		0.21
AssuredPartners, Inc.	(9)	SOFR +	3.50%	7.86%	2/16/2024	2/14/2031	32,205		32,383		32,310		1.36
Baldwin Insurance Group Holdings, LLC	(8)	SOFR +	3.25%	7.61%	12/11/2024	5/26/2031	6,734		6,734		6,788		0.29
BroadStreet Partners, Inc.	(8)	SOFR +	3.00%	7.36%	6/14/2024	6/14/2031	37,619		37,737		37,792		1.59
Foundation Risk Partners Corp.	(4)(10)	SOFR +	5.25%	9.58%	9/26/2022	10/29/2030	75,252		74,707		75,252		3.17
HUB International, Ltd.	(8)	SOFR +	2.75%	7.37%	11/25/2024	6/20/2030	19,900		20,099		20,045		0.85
Hyperion Refinance S.à r.l.	(9)	SOFR +	3.50%	7.86%	11/22/2024	4/18/2030	9,975		10,081		10,062		0.42
Hyperion Refinance S.à r.l.	(9)	SOFR +	3.00%	7.36%	11/22/2024	2/15/2031	11,338		11,444		11,429		0.48
OneDigital Borrower, LLC	(9)	SOFR +	3.25%	7.61%	11/19/2024	6/13/2031	11,970		12,075		12,015		0.51
Patriot Growth Insurance Services, LLC.	(4)(10)	SOFR +	5.00%	9.48%	9/26/2022	10/16/2028	62,364		61,084		62,364		2.63
TIH Insurance Holdings, LLC.	(8)	SOFR +	2.75%	7.08%	12/6/2024	5/6/2031	10,000		10,075		10,045		0.42
USI, Inc.	(8)	SOFR +	2.25%	6.58%	12/23/2024	11/22/2029	16,713		16,800		16,706		0.70
USI, Inc.	(8)	SOFR +	2.25%	6.58%	12/23/2024	9/29/2030	14,963		15,052		14,959		0.63
									358,899		360,967		15.21
Interactive Media & Services
Project Boost Purchaser, LLC	(8)	SOFR +	3.50%	8.15%	7/16/2024	7/16/2031	16,836		16,945		16,977		0.72
Internet & Direct Marketing Retail
Identity Digital, Inc.	(4)(11)	SOFR +	5.25%	9.74%	1/19/2022	12/29/2027	41,590		41,444		41,590		1.75
Prodege International Holdings, LLC	(4)(10)	SOFR +	5.75%	10.10%	1/19/2022	12/15/2027	20,732		20,548		20,162		0.85
									61,992		61,752		2.60
IT Services
Ahead DB Holdings, LLC	(10)	SOFR +	3.50%	7.83%	8/2/2024	2/1/2031	3,210		3,206		3,236		0.14
Dcert Buyer, Inc.	(8)	SOFR +	4.00%	8.36%	5/24/2022	10/16/2026	9,956		9,804		9,589		0.40
Fortress Intermediate 3 Inc	(4)(8)	SOFR +	3.50%	7.86%	12/11/2024	6/27/2031	4,988		5,025		5,009		0.21
Informatica LLC	(8)	SOFR +	2.25%	6.61%	11/7/2024	10/27/2028	9,974		10,023		10,037		0.42
Newfold Digital Holdings Group Inc	(11)	SOFR +	3.50%	8.14%	1/19/2022	2/10/2028	4,368		4,312		3,746		0.16
Razor Holdco, LLC	(4)(10)	SOFR +	5.75%	10.44%	1/19/2022	10/25/2027	25,220		24,974		25,220		1.06
Virtusa Corp.	(10)	SOFR +	3.25%	7.61%	6/21/2024	2/15/2029	25,790		25,965		26,004		1.10
									83,309		82,841		3.49

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

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

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

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

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

BCRED Emerald JV LP Consolidated Schedule of Investments December 31, 2024 (in thousands)
Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Members’ Equity
Second Lien Debt
Diversified Consumer Services
Ascend Learning, LLC	(9)	SOFR +	5.75%	10.21%	7/29/2022	12/10/2029	$	5,301	$	4,893	$	5,271	0.22	%
Health Care Providers & Services
Canadian Hospital Specialties Ltd.	(4)(8)		8.75%	8.75%	12/20/2022	4/15/2029	CAD	12,000	8,329		7,659		0.32
Jayhawk Buyer, LLC	(4)(11)	SOFR +	8.75%	13.44%	1/19/2022	10/15/2027	24,712		24,606		22,735		0.96
									32,935		30,394		1.28
Life Sciences Tools & Services
Curia Global, Inc.	(4)(10)	SOFR +	6.50%	11.35%	9/26/2022	8/31/2029	37,847		37,274		34,441		1.45
Machinery
Victory Buyer, LLC	(4)(9)	SOFR +	7.00%	11.47%	1/19/2022	11/19/2029	66,704		65,816		63,702		2.69
Software
Vision Solutions, Inc.	(10)	SOFR +	7.25%	12.10%	9/26/2022	4/23/2029	24,942		22,600		24,134		1.02
Total Second Lien Debt									163,518		157,942		6.66
Bond
Software
Tangerine Bidco S.p.A	(4)(8)	E +	5.00%	7.68%	12/17/2022	12/30/2029	EUR	69,750	72,499		72,251		3.05
Total Bond									72,499		72,251		3.05

BCRED Emerald JV LP Consolidated Schedule of Investments December 31, 2024 (in thousands)
Investments (1)(19)	Footnotes	Reference Rate and Spread (2)	Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)	Cost (3)		Fair Value		% of Members’ Equity
Equity
Air Freight & Logistics
AGI Group Holdings LP - Class A-2 Common Units	(4)			1/19/2022		194	$	208	$	266	0.01	%
Mode Holdings, L.P. - Class A-2 Common Units	(4)			1/19/2022		1,230,769	2,215		1,071		0.05
Red Griffin ParentCo, LLC - Class A Common Units	(4)			11/27/2024		3,838	16,269		12,996		0.55
							18,692		14,333		0.61
Capital Markets
Resolute Investment Managers, Inc. - Common Equity	(4)			12/29/2023		11,751	294		91		0.00
Chemicals
Pigments Holdings LP - LP Interest	(4)			4/14/2023		1,212	0		0		0.00
Distributors
Box Co-Invest Blocker, LLC - (BP Alpha Holdings, L.P.) - Class A Units	(4)			1/19/2022		1	780		0		0.00
Box Co-Invest Blocker, LLC - (BP Alpha Holdings, L.P.) - Class C Preferred Units	(4)			7/12/2023		1	92		18		0.00
GSO DL Co-Invest EIS LP (EIS Acquisition Holdings, LP - Class A Common Units)	(4)			1/19/2022		301,167	1,239		1,582		0.07
							2,111		1,600		0.07
Diversified Consumer Services
Cambium Holdings, LLC - Senior Preferred Interest	(4)		11.50%	1/19/2022		974,662	1,133		1,393		0.06
Health Care Providers & Services
Jayhawk Holdings, LP - Class A-1 Common Units	(4)			1/19/2022		797	210		29		0.00
Jayhawk Holdings, LP - Class A-2 Common Units	(4)			1/19/2022		429	113		8		0.00
WHCG Purchaser, Inc. - Class A Common Units	(4)			8/2/2024		667,649	0		0		0.00
							323		37		0.00
Software
Descartes Holdings, Inc - Class A Common Stock	(4)			10/9/2023		168,057	728		12		0.00
Lobos Parent, Inc. - Series A Preferred Shares	(4)		10.50%	1/19/2022		5,773	5,700		7,476		0.32
							6,428		7,488		0.32

BCRED Emerald JV LP Consolidated Schedule of Investments December 31, 2024 (in thousands)
Investments (1)(19)	Footnotes	Reference Rate and Spread (2)	Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)	Cost (3)		Fair Value		% of Members’ Equity
Equity (continued)
Specialty Retail
GSO DL CoInvest CI LP (CustomInk, LLC - Series A Preferred Units)	(4)			1/19/2022		3,000,000	$	3,542	$	4,335	0.18	%
Transportation Infrastructure
Frontline Road Safety Investments, LLC - Class A Common Units	(4)			1/19/2022		3,936	376		1,066		0.04
Total Equity							32,899		30,343		1.28
Total Investment Portfolio							5,730,939		5,647,024		238.01
Cash and Cash Equivalents
State Street Institutional U.S. Government Money Market Fund - Investor Class			4.34%				466		466		0.02
Dreyfus Treasury Obligations Cash Management			4.24%				384		384		0.02
Other Cash and Cash Equivalents							149,811		150,195		6.33
Total Portfolio Investments, Cash and Cash Equivalents							$	5,881,600	$	5,798,069	244.38	%

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

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

(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):

BCRED Emerald JV LP Consolidated Schedule of Investments December 31, 2024 (in thousands)
Investments	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
ADCS Clinics Intermediate Holdings, LLC	Revolver	5/7/2026	$	714	$	—
Cambium Learning Group, Inc.	Revolver	7/20/2027	3,249		—
CPI Buyer, LLC	Revolver	11/1/2026	2,974		(59)
CSHC Buyerco, LLC	Delayed Draw Term Loan	9/8/2026	195		—
Express Wash Concepts, LLC	Delayed Draw Term Loan	4/2/2025	24,500		—
Latham Pool Products, Inc.	Revolver	2/23/2027	11,250		(233)
Monk Holding Co.	Delayed Draw Term Loan	6/1/2025	3,290		—
Navigator Acquiror, Inc.	Delayed Draw Term Loan	1/23/2025	616		—
Progress Residential PM Holdings, LLC	Delayed Draw Term Loan	5/8/2025	3,721		—
Signia Aerospace LLC	Delayed Draw Term Loan	12/11/2026	1,264		—
Smile Doctors, LLC	Revolver	12/23/2027	4,737		(118)
Triple Lift, Inc.	Revolver	5/5/2028	2,143		(86)
West Monroe Partners, LLC	Revolver	11/9/2027	2,843		—
Total Unfunded Commitments			$	61,496	$	(496)

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

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

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

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

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

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

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

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

(16)Reserved

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

(18)These loans are “last-out” portions of loans. The “last-out” portion of the Company's loan investment generally earns a higher interest rate than the “first-out” portion, and in exchange the “first-out” portion would generally receive priority with respect to payment principal, interest and any other amounts due thereunder over the “last-out” portion.

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

The following table presents the consolidated schedule of investments of the Emerald JV as of December 31, 2023:

BCRED Emerald JV LP Consolidated Schedule of Investments December 31, 2023 (in thousands)
Investments (1)	Footnotes	Reference Rate and Spread (2)		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%	9.47%	1/29/2027	$	2,947	$	2,876	$	2,955	0.11	%
Atlas CC Acquisition Corp.	(10)	SOFR +	4.25%	9.90%	5/25/2028	9,817		9,506		9,169		0.34
Loar Group, Inc.	(4)(11)	SOFR +	7.25%	12.71%	10/16/2025	27,685		27,685		27,685		1.02
Peraton Corp.	(10)	SOFR +	3.75%	9.21%	2/1/2028	5,399		5,328		5,419		0.20
TransDigm Inc	(8)	SOFR +	3.25%	8.64%	2/22/2027	309		305		311		0.01
Vertex Aerospace Services Corp.	(10)	SOFR +	3.25%	8.71%	12/6/2028	2,948		2,958		2,954		0.11
								48,658		48,493		1.79
Air Freight & Logistics
AGI-CFI Holdings, Inc.	(4)(10)	SOFR +	5.75%	11.25%	6/11/2027	19,841		19,714		19,196		0.71
AGI-CFI Holdings, Inc.	(4)(10)	SOFR +	5.75%	11.18%	6/11/2027	4,399		4,371		4,256		0.16
Mode Purchaser, Inc.	(4)(11)	SOFR +	6.25%	11.77%	12/9/2026	32,101		32,101		32,101		1.18
RWL Holdings, LLC	(4)(10)	SOFR +	5.75%	11.25%	12/31/2028	26,639		26,256		25,174		0.93
SEKO Global Logistics Network, LLC	(4)(11)	SOFR +	5.00%	10.72%	12/30/2026	27,539		27,441		26,988		1.00
SEKO Global Logistics Network, LLC	(4)(11)	SOFR +	4.75%	10.47%	12/30/2026	7,429		7,403		7,280		0.27
								117,286		114,995		4.25
Airlines
Air Canada	(10)	SOFR +	3.50%	9.14%	8/11/2028	3,940		3,912		3,957		0.15
American Airlines, Inc.	(10)	SOFR +	4.75%	10.34%	4/20/2028	3,434		3,524		3,532		0.13
Brown Group Holdings, LLC	(9)	SOFR +	2.75%	8.21%	6/7/2028	5,887		5,679		5,900		0.22
KKR Apple Bidco, LLC	(9)	SOFR +	2.75%	8.18%	9/23/2028	5,895		5,757		5,897		0.22
United Airlines, Inc.	(10)	SOFR +	3.75%	9.22%	4/21/2028	3,135		3,119		3,151		0.12
								21,991		22,437		0.84
Beverages
Triton Water Holdings, Inc.	(9)	SOFR +	3.25%	8.86%	3/31/2028	4,821		4,768		4,785		0.18
Building Products
Cornerstone Building Brands, Inc.	(9)	SOFR +	3.25%	8.71%	4/12/2028	1,470		1,449		1,473		0.05
CP Atlas Buyer, Inc.	(9)	SOFR +	3.75%	9.21%	11/23/2027	2,751		2,756		2,713		0.10
Fencing Supply Group Acquisition, LLC	(4)(11)	SOFR +	6.00%	11.64%	2/26/2027	19,487		19,427		19,194		0.71
Griffon Corporation	(9)	SOFR +	2.25%	7.79%	1/24/2029	2,305		2,256		2,311		0.09
Kodiak BP, LLC	(10)	SOFR +	3.25%	8.86%	3/12/2028	4,898		4,854		4,896		0.18
Latham Pool Products, Inc.	(7)(9)	SOFR +	4.00%	9.53%	2/23/2029	28,552		27,883		26,720		0.99
Lindstrom, LLC	(4)(11)	SOFR +	6.25%	11.69%	4/7/2025	27,513		27,513		27,031		1.00
Tamko Building Product, LLC	(8)	SOFR +	3.50%	8.90%	9/20/2030	2,954		2,954		2,972		0.11
The Chamberlain Group, Inc.	(9)	SOFR +	3.25%	8.71%	11/3/2028	4,900		4,854		4,895		0.18
Windows Acquisition Holdings, Inc.	(4)(11)	SOFR +	6.50%	12.00%	12/29/2026	9,927		9,927		9,927		0.37
								103,873		102,132		3.78
Capital Markets
Advisor Group Holdings, Inc.	(8)	SOFR +	4.50%	9.86%	8/17/2028	9,026		8,942		9,066		0.33
AllSpring Buyer, LLC	(9)	SOFR +	3.25%	8.89%	11/1/2028	1,965		1,972		1,961		0.07
Apex Group Treasury, LLC	(9)	SOFR +	3.75%	9.38%	7/27/2028	1,081		1,068		1,078		0.04
Apex Group Treasury, LLC	(4)(9)	SOFR +	5.00%	10.40%	7/27/2028	61,380		58,087		61,303		2.26

BCRED Emerald JV LP Consolidated Schedule of Investments December 31, 2023 (in thousands)
Investments (1)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt (continued)
Capital Markets (continued)
Citco Funding LLC	(9)	SOFR +	3.50%	8.59%	4/27/2028	$	7,284	$	7,135	$	7,316	0.27	%
Resolute Investment Managers, Inc.	(11)	SOFR +	6.50%	11.85%	4/30/2027	951		937		616		0.02
Situs-AMC Holdings Corporation	(4)(11)	SOFR +	5.50%	10.95%	12/22/2027	90,087		89,136		89,186		3.29
Superannuation And Investments US, LLC	(9)	SOFR +	3.75%	9.22%	12/1/2028	1,960		1,969		1,967		0.07
The Edelman Financial Engines Center, LLC	(10)	SOFR +	3.50%	8.97%	4/7/2028	8,603		8,366		8,626		0.32
								177,612		181,119		6.67
Chemicals
DCG Acquisition Corp.	(8)	SOFR +	4.50%	9.96%	9/30/2026	2,940		2,940		2,927		0.11
Pigments Services, Inc.	(4)(11)(17)	SOFR +	8.35%	13.71%	4/14/2030	5,695		4,705		2,893		0.11
Pigments Services, Inc.	(4)(11)	SOFR +	8.35%	13.71% PIK	4/14/2030	3,046		3,046		3,046		0.11
								10,691		8,866		0.33
Commercial Services & Supplies
Access CIG, LLC	(9)	SOFR +	5.00%	10.39%	8/18/2028	19,561		19,084		19,618		0.72
Allied Universal Holdco, LLC	(9)	SOFR +	3.75%	9.21%	5/12/2028	8,829		8,643		8,807		0.33
Allied Universal Holdco, LLC	(9)	SOFR +	4.75%	10.07%	5/12/2028	24,938		24,239		24,994		0.92
Anticimex, Inc.	(9)	SOFR +	3.15%	8.46%	11/16/2028	4,916		4,751		4,920		0.18
Anticimex, Inc.	(4)(9)	SOFR +	4.50%	9.92%	11/16/2028	24,688		23,677		24,595		0.91
DG Investment Intermediate Holdings 2, Inc.	(10)	SOFR +	3.75%	9.22%	3/31/2028	3,513		3,512		3,489		0.13
EAB Global, Inc.	(9)	SOFR +	3.50%	8.97%	8/16/2028	4,905		4,835		4,905		0.18
First Advantage Holdings, LLC	(8)	SOFR +	2.75%	8.18%	1/31/2027	6,000		5,918		6,025		0.22
Foundational Education Group, Inc.	(4)(9)	SOFR +	4.25%	9.89%	8/31/2028	3,930		3,823		3,851		0.14
Garda World Security Corp.	(8)	SOFR +	4.25%	9.62%	2/1/2029	5,925		5,735		5,941		0.22
Garda World Security Corp.	(8)	SOFR +	4.25%	9.72%	10/30/2026	3,000		3,012		3,009		0.11
International SOS The Americas LP	(4)(9)	SOFR +	3.75%	9.40%	9/7/2028	1,960		1,965		1,967		0.07
Java Buyer, Inc.	(4)(10)	SOFR +	5.75%	11.23%	12/15/2027	12,604		12,448		12,572		0.46
JSS Holdings, Inc.	(4)(10)	SOFR +	6.00%	11.47%	12/17/2030	36,457		36,273		36,457		1.35
Knowledge Pro Buyer, Inc.	(4)(7)(10)	SOFR +	5.75%	11.21%	12/10/2027	20,847		20,555		20,847		0.77
KPSKY Acquisition, Inc.	(4)(10)(18)	SOFR +	5.35%	10.73%	10/19/2028	134,980		129,455		133,630		4.93
Polyphase Elevator Holding Co.	(4)(11)	SOFR +	5.50%	10.95%	6/23/2027	28,104		27,544		20,445		0.75
Recycle & Resource US, LLC	(9)	SOFR +	3.50%	9.11%	7/14/2028	2,940		2,950		2,770		0.10
Revspring, Inc.	(8)	SOFR +	4.00%	9.61%	10/11/2025	2,938		2,940		2,928		0.11
TRC Companies, Inc (fka Bolt Infrastructure Merger Sub, Inc)	(9)	SOFR +	3.75%	9.22%	12/8/2028	4,669		4,648		4,669		0.17
								346,007		346,439		12.77
Construction & Engineering
Brookfield WEC Holdings, Inc.	(9)	SOFR +	2.75%	8.18%	8/1/2025	9,818		9,612		9,855		0.36
Pike Electric Corp.	(8)	SOFR +	3.00%	8.43%	1/21/2028	6,000		5,853		6,028		0.22
Refficiency Holdings, LLC	(10)	SOFR +	3.50%	8.96%	12/16/2027	4,418		4,390		4,430		0.16
								19,855		20,313		0.74
Construction Materials
Quikrete Holdings, Inc.	(8)	SOFR +	2.75%	8.18%	3/19/2029	3,915		3,915		3,931		0.15
White Cap Buyer, LLC	(9)	SOFR +	3.75%	9.11%	10/19/2027	5,128		4,988		5,145		0.19
								8,903		9,076		0.34

BCRED Emerald JV LP Consolidated Schedule of Investments December 31, 2023 (in thousands)
Investments (1)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt (continued)
Containers & Packaging
Ascend Buyer, LLC	(4)(10)	SOFR +	6.40%	11.94%	9/29/2028	$	74,782	$	74,185	$	73,660	2.72	%
Berlin Packaging, LLC	(9)	SOFR +	3.75%	9.21%	3/11/2028	8,829		8,673		8,850		0.33
Charter NEX US, Inc.	(10)	SOFR +	3.75%	9.22%	12/1/2027	6,401		6,212		6,438		0.24
Graham Packaging Co, Inc.	(10)	SOFR +	3.00%	8.47%	8/4/2027	4,377		4,341		4,389		0.16
Novolex, Inc.	(9)	SOFR +	4.18%	9.63%	4/13/2029	5,895		5,705		5,928		0.22
ProAmpac PG Borrower, LLC	(10)	SOFR +	4.50%	9.89%	9/15/2028	2,947		2,947		2,957		0.11
Ring Container Technologies Group, LLC	(9)	SOFR +	3.50%	8.97%	8/12/2028	2,947		2,860		2,958		0.11
TricorBraun Holdings, Inc.	(9)	SOFR +	3.25%	8.72%	3/3/2028	7,225		7,002		7,194		0.27
Trident TPI Holdings, Inc.	(9)	SOFR +	4.00%	9.61%	9/15/2028	5,892		5,727		5,883		0.22
Trident TPI Holdings, Inc.	(9)	SOFR +	4.50%	9.89%	9/15/2028	2,982		2,904		2,990		0.11
								120,556		121,247		4.49
Distributors
BP Purchaser, LLC	(4)(10)	SOFR +	5.50%	11.14%	12/10/2028	50,260		49,431		48,249		1.78
Bution Holdco 2, Inc.	(4)(11)	SOFR +	6.25%	11.73%	10/17/2025	22,446		22,365		22,446		0.83
Dana Kepner Company, LLC	(4)(11)	SOFR +	6.00%	11.52%	12/29/2026	15,551		15,574		15,551		0.57
Genuine Cable Group, LLC	(4)(10)	SOFR +	5.50%	10.96%	11/2/2026	31,816		31,476		31,020		1.14
Marcone Yellowstone Buyer, Inc.	(4)(10)	SOFR +	6.25%	11.79%	6/23/2028	81,964		80,357		77,046		2.84
Tailwind Colony Holding Corporation	(4)(11)	SOFR +	6.50%	11.98%	11/13/2024	31,201		31,009		30,577		1.13
Unified Door & Hardware Group, LLC	(4)(11)	SOFR +	5.75%	11.20%	6/30/2025	39,199		39,144		38,415		1.42
								269,356		263,304		9.71
Diversified Consumer Services
Ascend Learning, LLC	(9)	SOFR +	3.50%	8.96%	12/11/2028	8,061		7,836		7,936		0.29
BPPH2 Ltd	(4)(8)	S +	6.62%	11.80%	2/21/2030	GBP	26,000	30,780		32,644		1.20
Cambium Learning Group, Inc.	(4)(7)(10)	SOFR +	5.50%	11.02%	7/20/2028	34,616		34,616		34,616		1.28
Colibri Group, LLC	(10)	SOFR +	5.00%	10.58%	3/12/2029	3,930		3,901		3,935		0.15
EM Bidco Limited	(9)	SOFR +	4.25%	9.70%	7/6/2029	4,950		4,935		4,919		0.18
Express Wash Concepts, LLC	(4)(7)(11)	SOFR +	6.00%	11.42%	4/30/2027	28,707		28,131		27,883		1.03
Pre-Paid Legal Services, Inc.	(9)	SOFR +	3.75%	9.22%	12/15/2028	7,860		7,717		7,818		0.29
University Support Services, LLC	(9)	SOFR +	3.25%	8.71%	2/10/2029	9,025		8,856		9,038		0.33
Weld North Education, LLC	(9)	SOFR +	3.75%	9.22%	12/21/2027	1,961		1,947		1,963		0.07
								128,719		130,752		4.82
Diversified Financial Services
Barbri Holdings, Inc.	(4)(10)	SOFR +	5.75%	11.21%	4/28/2028	62,199		61,732		61,266		2.26
Mitchell International, Inc.	(9)	SOFR +	3.75%	9.40%	10/15/2028	8,351		8,145		8,360		0.31
Polaris Newco, LLC	(9)	SOFR +	4.00%	9.47%	6/2/2028	6,877		6,642		6,794		0.25
Sedgwick Claims Management Services, Inc.	(8)	SOFR +	3.75%	9.11%	2/24/2028	4,417		4,380		4,436		0.16
								80,899		80,856		2.98
Diversified Telecommunication Services
Zacapa, LLC	(9)	SOFR +	4.00%	9.35%	3/22/2029	5,895		5,819		5,892		0.22
Zayo Group Holdings, Inc.	(9)	SOFR +	4.33%	9.64%	3/9/2027	2,104		2,068		1,814		0.07
								7,887		7,706		0.29

BCRED Emerald JV LP Consolidated Schedule of Investments December 31, 2023 (in thousands)
Investments (1)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt (continued)
Electric Utilities
Qualus Power Services Corp.	(4)(11)	SOFR +	4.75%	10.24%	3/26/2027	$	11,213	$	11,141	$	10,821	0.40	%
Electrical Equipment
Madison IAQ, LLC	(9)	SOFR +	3.25%	8.72%	6/21/2028	6,627		6,491		6,615		0.24
Electronic Equipment, Instruments & Components
Albireo Energy, LLC	(4)(11)	SOFR +	6.00%	11.49%	12/23/2026	819		814		741		0.03
Albireo Energy, LLC	(4)(11)	SOFR +	6.00%	11.52%	12/23/2026	3,194		3,165		2,890		0.11
Albireo Energy, LLC	(4)(11)	SOFR +	6.00%	11.46%	12/23/2026	10,641		10,544		9,630		0.36
Infinite Bidco, LLC	(9)	SOFR +	3.75%	9.39%	3/2/2028	2,940		2,950		2,874		0.11
								17,473		16,135		0.61
Energy Equipment & Services
Tetra Technologies, Inc.	(4)(11)	SOFR +	6.25%	11.71%	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	4,912		4,909		4,876		0.18
Food Products
Froneri International PLC	(8)	SOFR +	2.25%	7.67%	1/29/2027	4,858		4,760		4,869		0.18
Ground Transportation
Quality Distribution LLC	(4)(11)	SOFR +	6.38%	11.83%	7/1/2028	80,307		79,515		80,307		2.96
Health Care Equipment & Supplies
Auris Luxembourg III Sarl	(8)	SOFR +	3.75%	9.62%	2/27/2026	7,848		7,637		7,768		0.29
CPI Buyer, LLC	(4)(7)(10)	SOFR +	5.50%	11.15%	11/1/2028	139,557		136,390		135,339		4.99
CSHC Buyerco, LLC	(4)(7)(11)	SOFR +	4.75%	10.17%	9/8/2026	10,687		10,575		10,524		0.39
Mozart Borrower LP	(9)	SOFR +	3.25%	8.68%	10/23/2028	8,843		8,671		8,897		0.33
Natus Medical Incorporated	(4)(9)	SOFR +	5.50%	11.00%	7/20/2029	3,683		3,490		3,425		0.13
Resonetics, LLC	(10)	SOFR +	4.00%	9.65%	4/28/2028	2,940		2,932		2,946		0.11
Sunshine Luxembourg VII S.à r.l, LLC	(10)	SOFR +	3.50%	8.95%	10/1/2026	9,811		9,607		9,875		0.36
								179,302		178,774		6.60
Health Care Providers & Services
ACI Group Holdings, Inc.	(4)(10)	SOFR +	5.50%	10.96%	8/2/2028	136,004		134,811		134,644		4.97
ADCS Clinics Intermediate Holdings, LLC	(4)(7)(11)	SOFR +	6.25%	11.53%	5/7/2027	1,714		1,693		1,698		0.06
ADCS Clinics Intermediate Holdings, LLC	(4)(11)	SOFR +	6.25%	11.79%	5/7/2027	32,668		32,347		32,668		1.21
ADMI Corp.	(9)	SOFR +	3.75%	9.22%	12/23/2027	4,989		4,879		4,756		0.18
Amerivet Partners Management, Inc.	(4)(10)	SOFR +	5.50%	11.04%	2/25/2028	83,273		81,488		83,273		3.07
Canadian Hospital Specialties Ltd.	(4)(11)	C +	4.50%	9.93%	4/14/2028	CAD	29,621	21,556		22,075		0.81
CCBlue Bidco, Inc.	(4)(10)	SOFR +	6.25%	11.70% (incl. 2.75% PIK)	12/21/2028	21,292		21,012		18,098		0.67
CHG Healthcare Services, Inc.	(9)	SOFR +	3.25%	8.68%	9/29/2028	591		572		593		0.02
DCA Investment Holdings, LLC	(4)(10)	SOFR +	6.41%	11.75%	4/3/2028	29,970		29,741		29,745		1.10
Electron Bidco, Inc.	(9)	SOFR +	3.00%	8.43%	11/1/2028	6,878		6,729		6,903		0.25
Epoch Acquisition, Inc.	(4)(11)	SOFR +	6.00%	11.55%	10/4/2026	28,815		28,815		28,671		1.06
Global Medical Response, Inc.	(11)	SOFR +	4.25%	9.93%	10/2/2025	4,904		4,846		3,866		0.14

BCRED Emerald JV LP Consolidated Schedule of Investments December 31, 2023 (in thousands)
Investments (1)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt (continued)
Health Care Providers & Services (continued)
ICS US Holdings, Inc.	(4)(9)	SOFR +	4.60%	9.90%	6/8/2028	$	35,000	$	33,144	$	33,163	1.22	%
Jayhawk Buyer, LLC	(4)(11)	SOFR +	5.00%	10.45%	10/15/2026	30,980		30,794		29,586		1.09
Midwest Physician Administrative Services, LLC	(10)	SOFR +	3.25%	8.86%	3/12/2028	2,940		2,943		2,675		0.10
Navigator Acquiror, Inc.	(4)(9)	SOFR +	5.50%	10.96%	7/16/2027	16,217		16,169		15,082		0.56
Navigator Acquiror, Inc.	(4)(7)(9)	SOFR +	5.50%	10.96%	7/16/2027	3,172		3,156		2,950		0.11
Onex TSG Intermediate Corp.	(10)	SOFR +	4.75%	10.39%	2/28/2028	1,960		1,970		1,939		0.07
Pathway Vet Alliance, LLC	(8)	SOFR +	3.75%	9.22%	3/31/2027	4,904		4,839		4,336		0.16
Pediatric Associates Holding Co., LLC	(9)	SOFR +	3.25%	8.72%	12/29/2028	3,932		3,920		3,814		0.14
Phoenix Guarantor, Inc.	(8)	SOFR +	3.25%	8.68%	3/5/2026	5,399		5,263		5,403		0.20
Phoenix Guarantor, Inc.	(8)	SOFR +	3.50%	8.97%	3/5/2026	2,795		2,798		2,798		0.10
PSKW Intermediate, LLC	(4)(11)	SOFR +	6.25%	11.71%	3/9/2026	36,376		36,376		36,376		1.34
Radnet, Inc.	(10)	SOFR +	3.00%	8.36%	4/21/2028	4,058		4,059		4,076		0.15
Smile Doctors, LLC	(4)(7)(10)	SOFR +	5.75%	11.24%	12/23/2028	136,794		134,601		133,939		4.94
Smile Doctors, LLC	(4)(10)	SOFR +	5.75%	11.18%	12/23/2028	6,551		6,435		6,387		0.24
Stepping Stones Healthcare Services, LLC	(4)(7)(10)	SOFR +	5.75%	11.20%	1/2/2029	15,264		15,016		14,659		0.54
U.S. Anesthesia Partners, Inc.	(9)	SOFR +	4.25%	9.71%	10/1/2028	869		872		797		0.03
US Oral Surgery Management Holdco, LLC	(4)(10)	SOFR +	6.00%	11.47%	11/18/2027	20,100		19,899		19,648		0.73
US Oral Surgery Management Holdco, LLC	(4)(7)(11)	SOFR +	6.00%	11.45%	11/18/2027	7,977		7,865		7,754		0.29
WHCG Purchaser III, Inc.	(4)(10)	SOFR +	5.75%	11.36%	6/22/2028	6,284		6,197		3,833		0.14
WHCG Purchaser III, Inc.	(4)(7)(10)	SOFR +	5.75%	11.36%	6/22/2026	739		731		450		0.02
								705,536		696,655		25.71

BCRED Emerald JV LP Consolidated Schedule of Investments December 31, 2023 (in thousands)
Investments (1)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt (continued)
Health Care Technology
GHX Ultimate Parent Corp	(9)	SOFR +	4.75%	10.12%	6/30/2027	$	4,496	$	4,401	$	4,514	0.17	%
GI Ranger Intermediate, LLC	(4)(10)	SOFR +	5.75%	11.25%	10/29/2028	44,363		43,802		44,363		1.64
Netsmart Technologies, Inc.	(10)	SOFR +	3.75%	9.22%	10/1/2027	3,892		3,864		3,904		0.14
Project Ruby Ultimate Parent Corp.	(4)(10)	SOFR +	5.75%	11.18%	3/10/2028	49,375		48,225		49,252		1.82
Waystar Technologies, Inc.	(8)	SOFR +	4.00%	9.47%	10/22/2026	6,878		6,741		6,912		0.26
								107,033		108,945		4.03
Hotels, Restaurants & Leisure
Alterra Mountain Company	(9)	SOFR +	3.50%	8.97%	8/17/2028	6,877		6,709		6,896		0.25
Fertitta Entertainment, LLC	(9)	SOFR +	4.00%	9.36%	1/27/2029	6,878		6,640		6,889		0.25
GVC Finance LLC	(9)	SOFR +	3.50%	8.99%	10/31/2029	906		896		908		0.03
GVC Holdings Gibraltar, Ltd.	(9)	SOFR +	2.50%	7.99%	3/29/2027	2,947		2,902		2,959		0.11
IRB Holding Corp.	(10)	SOFR +	3.00%	8.46%	12/15/2027	7,298		7,153		7,319		0.27
Scientific Games Holdings LP	(9)	SOFR +	3.25%	8.66%	4/4/2029	1,975		1,893		1,978		0.07
Tacala Investment Corp.	(10)	SOFR +	4.00%	9.47%	2/5/2027	7,859		7,743		7,901		0.29
Twin River Worldwide Holdings, Inc.	(9)	SOFR +	3.25%	8.93%	10/2/2028	3,326		3,255		3,161		0.12
Whatabrands, LLC	(9)	SOFR +	3.00%	8.47%	8/3/2028	8,686		8,454		8,712		0.32
								45,645		46,723		1.71
Household Durables
AI Aqua Merger Sub, Inc.	(9)	SOFR +	3.75%	9.09%	7/31/2028	8,889		8,641		8,907		0.33
Industrial Conglomerates
Engineered Machinery Holdings, Inc.	(10)	SOFR +	3.50%	9.11%	5/19/2028	3,930		3,816		3,913		0.14
FCG Acquisitions, Inc.	(9)	SOFR +	3.75%	9.22%	3/31/2028	8,834		8,648		8,852		0.33
SPX Flow, Inc.	(9)	SOFR +	4.50%	9.96%	4/5/2029	1,743		1,688		1,751		0.06
Vertical US Newco, Inc.	(9)	SOFR +	3.50%	9.38%	7/30/2027	4,020		3,995		4,034		0.15
Victory Buyer, LLC	(9)	SOFR +	3.75%	9.39%	11/19/2028	9,846		9,379		9,379		0.35
								27,526		27,929		1.03
Insurance
Alera Group, Inc.	(4)(10)	SOFR +	6.00%	11.46%	10/2/2028	46,359		45,620		46,359		1.71
Alliant Holdings Intermediate, LLC	(9)	SOFR +	3.50%	8.86%	11/6/2030	2,415		2,415		2,429		0.09
AssuredPartners, Inc.	(9)	SOFR +	3.50%	8.82%	2/12/2027	6,135		6,056		6,157		0.23
Baldwin Risk Partners, LLC	(9)	SOFR +	3.50%	8.97%	10/14/2027	6,867		6,796		6,878		0.25
BroadStreet Partners, Inc.	(8)	SOFR +	3.00%	8.43%	1/27/2027	7,850		7,680		7,870		0.29
Foundation Risk Partners Corp.	(4)(10)	SOFR +	6.00%	11.45%	10/29/2028	76,026		75,418		76,026		2.81
Galway Borrower, LLC	(4)(10)	SOFR +	5.25%	10.70%	9/29/2028	44,347		43,463		43,682		1.61
High Street Buyer, Inc.	(4)(10)	SOFR +	5.75%	11.25%	4/14/2028	6,715		6,676		6,715		0.25
Howden Group Holdings Limited	(10)	SOFR +	3.25%	8.75%	11/12/2027	4,417		4,418		4,432		0.16
NFP Corp.	(8)	SOFR +	3.25%	8.72%	2/15/2027	9,171		8,970		9,229		0.34
PGIS Intermediate Holdings, LLC	(4)(10)	SOFR +	5.50%	10.93%	10/16/2028	63,005		61,370		62,060		2.29
SG Acquisition, Inc.	(4)(9)	SOFR +	5.50%	10.98%	1/27/2027	77,653		77,606		76,683		2.83
USI, Inc.	(9)	SOFR +	3.00%	8.35%	11/22/2029	6,805		6,749		6,827		0.25
								353,237		355,347		13.11

BCRED Emerald JV LP Consolidated Schedule of Investments December 31, 2023 (in thousands)
Investments (1)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt (continued)
Interactive Media & Services
Ancestry.com Operations, Inc	(9)	SOFR +	3.25%	8.71%	12/6/2027	$	2,939	$	2,942	$	2,883	0.11	%
MH Sub I, LLC	(8)	SOFR +	3.75%	9.18%	9/13/2024	1,425		1,409		1,429		0.05
MH Sub I, LLC	(11)	SOFR +	3.75%	9.22%	9/13/2024	853		855		856		0.03
Project Boost Purchaser, LLC	(8)	SOFR +	3.50%	8.93%	6/1/2026	6,872		6,759		6,886		0.25
William Morris Endeavor Entertainment, LLC	(8)	SOFR +	2.75%	8.18%	5/18/2025	1,926		1,899		1,934		0.07
								13,864		13,988		0.51
Internet & Direct Marketing Retail
Donuts, Inc.	(4)(11)	SOFR +	6.00%	11.59%	12/29/2027	9,588		9,515		9,588		0.35
Donuts, Inc.	(4)(11)	SOFR +	6.00%	11.59%	12/29/2026	32,434		32,309		32,434		1.20
Prodege International Holdings, LLC	(4)(10)	SOFR +	5.75%	11.28%	12/15/2027	20,945		20,696		19,584		0.72
								62,520		61,606		2.27
IT Services
AI Altius Bidco, Inc.	(4)(10)	SOFR +	5.18%	10.43%	12/21/2028	30,024		29,543		30,024		1.11
Dcert Buyer, Inc.	(8)	SOFR +	4.00%	9.36%	10/16/2026	10,060		9,820		9,992		0.37
Endurance International Group Holdings, Inc.	(10)	SOFR +	3.50%	9.42%	2/10/2028	4,413		4,338		4,335		0.16
Park Place Technologies, LLC	(11)	SOFR +	5.00%	10.46%	11/10/2027	26,280		25,528		26,223		0.97
Razor Holdco, LLC	(4)(10)	SOFR +	5.75%	11.23%	10/25/2027	25,480		25,143		25,289		0.93
Turing Midco, LLC	(9)	SOFR +	2.50%	7.93%	3/24/2028	2,035		2,011		2,042		0.08
Virtusa Corp.	(10)	SOFR +	3.75%	9.21%	2/15/2029	3,930		3,901		3,941		0.15
Virtusa Corp.	(10)	SOFR +	3.75%	9.22%	2/11/2028	1,970		1,925		1,977		0.07
								102,209		103,823		3.84
Leisure Products
Motion Finco, LLC	(8)	SOFR +	3.25%	8.86%	11/12/2026	5,855		5,674		5,868		0.22
Life Sciences Tools & Services
Cambrex Corp.	(10)	SOFR +	3.50%	8.96%	12/4/2026	5,942		5,889		5,837		0.22
Curia Global, Inc.	(10)	SOFR +	3.75%	9.23%	8/30/2026	5,212		5,105		4,706		0.17
								10,994		10,543		0.39
Machinery
Pro Mach Group, Inc.	(11)	SOFR +	4.00%	9.47%	8/31/2028	5,934		5,838		5,958		0.22
Media
Clear Channel Outdoor Holdings, Inc.	(8)	SOFR +	3.50%	9.14%	8/21/2026	1,969		1,950		1,952		0.07
iHeartCommunications, Inc.	(8)	SOFR +	3.00%	8.43%	5/1/2026	5,000		4,855		4,335		0.16
Radiate Holdco, LLC	(10)	SOFR +	3.25%	8.72%	9/25/2026	3,920		3,924		3,157		0.12
Univision Communications, Inc.	(10)	SOFR +	3.25%	8.72%	3/15/2026	3,920		3,918		3,932		0.15
UPC Financing Partnership	(8)	SOFR +	3.00%	8.48%	1/31/2029	5,500		5,421		5,490		0.20
Virgin Media Bristol, LLC	(8)	SOFR +	3.25%	8.70%	1/31/2029	3,500		3,467		3,500		0.13
								23,535		22,366		0.83
Metals & Mining
SCIH Salt Holdings, Inc.	(10)	SOFR +	4.00%	9.47%	3/16/2027	3,902		3,872		3,914		0.14
Oil, Gas & Consumable Fuels
CQP Holdco, LP	(9)	SOFR +	3.50%	8.99%	12/31/2030	7,132		7,115		7,157		0.26
Eagle Midstream Canada Finance, Inc.	(4)(10)	SOFR +	6.25%	11.63%	8/15/2028	22,595		22,334		22,595		0.83
Freeport LNG Investments, LLLP	(9)	SOFR +	3.50%	9.18%	12/21/2028	4,882		4,853		4,886		0.18
KKR Alberta Midstrean Fince, Inc.	(4)(10)	SOFR +	6.25%	11.63%	8/15/2028	12,293		12,151		12,293		0.45
								46,453		46,931		1.72

BCRED Emerald JV LP Consolidated Schedule of Investments December 31, 2023 (in thousands)
Investments (1)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt (continued)
Paper & Forest Products
Profile Products, LLC	(4)(10)	SOFR +	5.50%	10.95%	11/12/2027	$	75,304	$	74,122	$	72,856	2.69	%
Pharmaceuticals
ANI Pharmaceuticals, Inc.	(4)(10)	SOFR +	6.00%	11.43%	11/19/2027	51,014		49,258		51,205		1.89
Jazz Pharmaceuticals, Inc.	(9)	SOFR +	3.50%	8.93%	5/5/2028	3,531		3,532		3,553		0.13
								52,790		54,758		2.02
Professional Services
Aqgen Island Holdings, Inc.	(9)	SOFR +	3.50%	8.97%	8/2/2028	7,643		7,420		7,638		0.28
Armor Holdco, Inc.	(9)	SOFR +	4.50%	9.93%	12/11/2028	4,163		4,099		4,183		0.15
Camelot US Acquisition, LLC	(11)	SOFR +	3.00%	8.43%	10/30/2026	3,122		3,077		3,131		0.12
Cast & Crew Payroll, LLC	(9)	SOFR +	3.75%	9.11%	12/29/2028	4,900		4,898		4,896		0.18
CFGI Holdings, LLC	(4)(10)	SOFR +	5.00%	10.46%	11/2/2027	111,185		111,185		111,185		4.10
Corporation Service Company	(9)	SOFR +	3.25%	8.67%	11/2/2029	2,168		2,114		2,177		0.08
Deerfield Dakota Holding, LLC	(11)	SOFR +	3.75%	9.10%	4/9/2027	9,814		9,665		9,741		0.36
EP Purchaser, LLC	(9)	SOFR +	3.50%	9.11%	11/6/2028	3,439		3,433		3,416		0.13
Galaxy US Opco, Inc.	(9)	SOFR +	4.75%	10.13%	4/29/2029	4,950		4,856		4,109		0.15
IG Investments Holdings, LLC	(4)(10)	SOFR +	6.00%	11.48%	9/22/2028	134,980		134,442		134,305		4.96
Kwor Acquisition, Inc.	(4)(10)	SOFR +	5.25%	10.71%	12/22/2028	91,444		88,869		90,073		3.32
Saphilux Sarl	(4)(8)	S +	5.50%	10.69%	7/18/2028	GBP	20,000	25,408		25,493		0.94
Sherlock Buyer Corp.	(4)(10)	SOFR +	5.75%	11.20%	12/8/2028	27,525		27,212		26,974		1.00
The Dun & Bradstreet Corporation	(8)	SOFR +	2.75%	8.17%	2/6/2026	7,929		7,929		7,955		0.29
Trans Union, LLC	(9)	SOFR +	2.25%	7.68%	12/1/2028	1,827		1,833		1,835		0.07
Trinity Air Consultants Holdings Corp.	(4)(10)	SOFR +	5.75%	11.29%	6/29/2027	118,000		117,123		118,000		4.35
West Monroe Partners, LLC	(4)(10)	SOFR +	5.25%	10.72%	11/8/2028	29,045		28,630		28,319		1.05
West Monroe Partners, LLC	(4)(7)(10)	SOFR +	5.25%	10.72%	11/8/2027	569		569		554		0.02
								582,762		583,984		21.55
Real Estate Management & Development
Progress Residential PM Holdings, LLC	(4)(7)(10)	SOFR +	5.50%	10.96%	2/16/2028	18,138		18,261		18,138		0.67
Software
Boxer Parent Company, Inc.	(8)	SOFR +	4.25%	9.61%	12/29/2028	7,641		7,565		7,707		0.28
Cloudera, Inc.	(9)	SOFR +	3.75%	9.21%	10/8/2028	8,119		7,883		8,063		0.30
Community Brands ParentCo, LLC	(4)(10)	SOFR +	5.50%	10.96%	2/24/2028	75,175		74,009		74,987		2.77
Confine Visual Bidco	(4)(7)(10)	SOFR +	6.50%	11.81% (incl. 3.00% PIK)	2/23/2029	32,336		31,578		27,880		1.03
ConnectWise, LLC	(9)	SOFR +	3.50%	9.11%	9/29/2028	4,410		4,416		4,410		0.16
Delta Topco, Inc.	(10)	SOFR +	3.75%	9.12%	12/1/2027	3,929		3,906		3,932		0.15
ECI Macola Max Holding, LLC	(10)	SOFR +	3.75%	9.36%	11/9/2027	6,876		6,696		6,887		0.25
Epicor Software Corp.	(10)	SOFR +	3.25%	8.72%	7/30/2027	9,810		9,612		9,856		0.36
Flexera Software, LLC	(10)	SOFR +	3.75%	9.22%	3/3/2028	5,509		5,416		5,512		0.20
GI Consilio Parent, LLC	(9)	SOFR +	4.00%	9.47%	5/12/2028	7,081		6,964		7,067		0.26
GI Consilio Parent, LLC	(9)	SOFR +	4.50%	9.97%	5/12/2028	10,000		9,275		9,965		0.37
GovernmentJobs.com, Inc.	(4)(7)(10)	SOFR +	5.50%	10.96%	12/1/2028	24,147		23,793		24,095		0.89
GraphPAD Software, LLC	(4)(11)	SOFR +	5.50%	11.22%	4/27/2027	15,400		15,287		15,400		0.57

BCRED Emerald JV LP Consolidated Schedule of Investments December 31, 2023 (in thousands)
Investments (1)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt (continued)
Software (continued)
Greeneden U.S. Holdings II, LLC	(10)	SOFR +	4.00%	9.47%	12/1/2027	$	4,409	$	4,410	$	4,432	0.16	%
HS Purchaser, LLC	(10)	SOFR +	4.00%	9.48%	11/19/2026	3,921		3,900		3,726		0.14
Idera, Inc.	(10)	SOFR +	3.75%	9.28%	3/2/2028	2,940		2,947		2,930		0.11
Informatica, LLC	(8)	SOFR +	2.75%	8.18%	10/27/2028	1,572		1,557		1,577		0.06
ION Trading Finance Ltd.	(8)	SOFR +	4.75%	10.20%	4/3/2028	7,724		7,455		7,742		0.29
LD Lower Holdings, Inc.	(4)(11)	SOFR +	6.50%	11.95%	2/8/2026	14,831		14,754		14,682		0.54
Medallia, Inc.	(4)(10)	SOFR +	6.00%	11.45% (incl. 4.00% PIK)	10/29/2028	48,544		47,926		47,573		1.76
Mitnick Purchaser, Inc.	(9)	SOFR +	4.50%	9.98%	5/2/2029	4,937		4,919		4,686		0.17
Mitratech Holdings, Inc.	(4)(10)	SOFR +	5.00%	10.47%	5/18/2028	27,294		26,248		26,816		0.99
Mitratech Holdings, Inc.	(10)	SOFR +	4.25%	9.88%	5/18/2028	14,925		14,284		14,794		0.55
Monk Holding Co.	(4)(10)(18)	SOFR +	5.70%	10.96%	12/1/2027	108,645		106,844		108,645		4.01
Monk Holding Co.	(4)(7)(10)	SOFR +	5.50%	10.96%	12/1/2027	677		639		628		0.02
MRI Software, LLC	(11)	SOFR +	5.50%	10.95%	2/10/2027	10,073		9,880		9,884		0.36
Nintex Topco Limited	(4)(10)	SOFR +	6.00%	11.50%	11/13/2028	32,506		32,014		31,205		1.15
NortonLifeLock, Inc.	(9)	SOFR +	2.00%	7.46%	9/12/2029	3,310		3,296		3,318		0.12
Perforce Software, Inc.	(8)	SOFR +	3.75%	9.21%	7/1/2026	1,329		1,326		1,319		0.05
Proofpoint, Inc.	(9)	SOFR +	3.25%	8.72%	8/31/2028	8,805		8,503		8,820		0.33
Quartz Acquireco LLC	(4)(9)	SOFR +	3.50%	8.82%	6/28/2030	6,749		6,687		6,779		0.25
Quest Software US Holdings, Inc.	(9)	SOFR +	4.25%	9.78%	2/1/2029	3,950		3,921		3,037		0.11
RealPage, Inc.	(9)	SOFR +	3.00%	8.47%	4/24/2028	7,852		7,677		7,808		0.29
Relativity ODA, LLC	(4)(7)(11)	SOFR +	6.50%	11.96%	5/12/2027	54,525		53,956		53,699		1.98
S2P Acquisition Borrower, Inc.	(8)	SOFR +	4.00%	9.46%	8/14/2026	4,908		4,874		4,924		0.18
SolarWinds Holdings Inc.	(8)	SOFR +	3.75%	9.11%	2/5/2027	2,908		2,908		2,919		0.11
Sophia, LP	(9)	SOFR +	3.50%	8.96%	10/7/2027	9,824		9,540		9,857		0.36
Sovos Compliance, LLC	(9)	SOFR +	4.50%	9.97%	8/11/2028	3,925		3,924		3,886		0.14
SS&C Technologies, Inc.	(9)	SOFR +	2.25%	7.67%	3/22/2029	4,019		3,943		4,031		0.15
Stamps.com, Inc.	(4)(10)	SOFR +	5.75%	11.23%	10/5/2028	58,950		58,094		57,476		2.12
Surf Holdings, LLC	(8)	SOFR +	3.50%	8.97%	3/5/2027	4,904		4,852		4,920		0.18
Symphony Technology Group	(9)	SOFR +	3.75%	9.19%	3/1/2029	5,910		5,827		5,901		0.22
Symphony Technology Group	(10)	SOFR +	5.00%	10.64%	7/27/2028	1,965		1,968		1,406		0.05
The Ultimate Software Group, Inc.	(9)	SOFR +	3.25%	8.76%	5/4/2026	9,082		8,912		9,118		0.34
Triple Lift, Inc.	(4)(10)	SOFR +	5.75%	11.27%	5/5/2028	59,390		58,943		57,312		2.12
Triple Lift, Inc.	(4)(7)(10)	SOFR +	5.75%	11.31%	5/5/2028	821		792		746		0.03
Vision Solutions, Inc.	(10)	SOFR +	4.00%	9.64%	4/24/2028	5,952		5,907		5,916		0.22
VS Buyer, LLC	(8)	SOFR +	3.25%	8.71%	2/28/2027	3,026		2,995		3,037		0.11
								743,022		741,310		27.36

BCRED Emerald JV LP Consolidated Schedule of Investments December 31, 2023 (in thousands)
Investments (1)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt (continued)
Specialty Retail
CustomInk, LLC	(4)(11)(18)	SOFR +	6.18%	11.49%	5/3/2026	$	36,866	$	36,616	$	36,866	1.36	%
EG America, LLC	(8)	SOFR +	5.50%	11.24%	2/7/2028	2,892		2,808		2,849		0.11
								39,424		39,715		1.47
Technology Hardware, Storage & Peripherals
Lytx, Inc.	(4)(11)	SOFR +	6.75%	12.21%	2/28/2028	29,247		29,147		29,247		1.08
Trading Companies & Distributors
Core and Main, LP	(8)	SOFR +	2.50%	7.69%	7/27/2028	3,940		3,873		3,947		0.15
Foundation Building Materials, Inc.	(9)	SOFR +	3.25%	8.89%	1/31/2028	6,869		6,679		6,859		0.25
Icebox Holdco III, Inc.	(9)	SOFR +	3.50%	9.11%	12/22/2028	5,890		5,849		5,859		0.22
LBM Acquisition, LLC	(10)	SOFR +	3.75%	9.21%	12/17/2027	3,930		3,928		3,892		0.14
Park River Holdings, Inc.	(10)	SOFR +	3.25%	8.91%	12/28/2027	3,369		3,327		3,296		0.12
Porcelain Acquisition Corp.	(4)(11)	SOFR +	6.00%	11.49%	4/1/2027	8,688		8,543		8,322		0.31
Specialty Building Products Holdings, LLC	(9)	SOFR +	3.75%	9.21%	10/15/2028	1,965		1,974		1,965		0.07
SRS Distribution, Inc.	(9)	SOFR +	3.50%	8.96%	6/2/2028	1,965		1,946		1,968		0.07
SRS Distribution, Inc.	(9)	SOFR +	3.50%	8.97%	6/2/2028	7,864		7,709		7,887		0.29
								43,828		43,995		1.62
Transportation Infrastructure
Frontline Road Safety, LLC	(4)(10)	SOFR +	5.75%	11.55%	5/3/2027	12		12		12		0.00
Roadsafe Holdings, Inc.	(4)(11)	SOFR +	5.75%	11.22%	10/19/2027	11,826		11,748		11,383		0.42
Roadsafe Holdings, Inc.	(4)(11)	SOFR +	5.75%	11.26%	10/19/2027	6,806		6,739		6,551		0.24
								18,499		17,946		0.66
Wireless Telecommunication Services
CCI Buyer, Inc.	(10)	SOFR +	4.00%	9.35%	12/17/2027	6,676		6,551		6,667		0.25
Total First Lien Debt								4,924,428		4,915,829		181.42

BCRED Emerald JV LP Consolidated Schedule of Investments December 31, 2023 (in thousands)
Investments (1)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets
Second Lien Debt
Capital Markets
Apex Group Treasury, LLC	(4)(9)	SOFR +	6.75%	12.36%	7/27/2029	$	11,469	$	11,515	$	11,357	0.42	%
Apex Group Treasury, LLC	(4)(9)	SOFR +	6.75%	12.39%	7/27/2029	26,378		26,486		26,117		0.96
								38,001		37,474		1.38
Diversified Consumer Services
Ascend Learning, LLC	(9)	SOFR +	5.75%	11.17%	12/10/2029	5,301		4,810		4,598		0.17
Health Care Providers & Services
Canadian Hospital Specialties Ltd.	(4)(8)		8.75%	8.75%	4/15/2029	CAD	12,000	8,221		8,060		0.30
Jayhawk Buyer, LLC	(4)(11)	SOFR +	8.75%	14.23%	10/15/2027	24,712		24,568		23,600		0.87
								32,789		31,660		1.17
Industrial Conglomerates
Victory Buyer, LLC	(4)(9)	SOFR +	7.00%	12.64%	11/1/2029	66,704		65,632		62,201		2.30
Life Sciences Tools & Services
Curia Global, Inc.	(4)(10)	SOFR +	6.50%	12.14%	8/31/2029	37,847		37,151		31,602		1.17
Phoenix Newco, Inc.	(4)(9)	SOFR +	6.50%	11.97%	11/15/2029	37,847		37,146		37,847		1.40
								74,297		69,449		2.57
Software
Proofpoint, Inc.	(9)	SOFR +	6.25%	11.72%	8/31/2029	37,847		37,053		38,320		1.41
Vision Solutions, Inc.	(10)	SOFR +	7.25%	12.89%	4/23/2029	29,995		26,505		27,626		1.02
								63,558		65,946		2.43
Total Second Lien Debt								279,087		271,328		10.02
Bonds
Software
Tangerine Bidco SPA	(4)(8)	E +	6.50%	10.43%	12/30/2029	EUR	66,000	68,176		72,679		2.68
TeamSystem SpA	(4)(8)	E +	6.25%	10.22%	2/15/2028	EUR	35,000	33,560		38,638		1.43
								101,736		111,317		4.11
Total Bonds								101,736		111,317		4.11
Equity
Aerospace & Defense
Loar Acquisition 13, LLC - Common Units	(4)					2,547,048		4,305		8,278		0.31
Air Freight & Logistics
AGI Group Holdings LP - A2 Units	(4)					194		208		109		0.00
Mode Holdings, L.P. - Class A-2 Common Units	(4)					1,230,769		2,215		2,203		0.08
								2,423		2,312		0.08
Capital Markets
Resolute Investment Managers, Inc.	(4)					11,751		294		294		0.01
Chemicals
Pigments LP Int	(4)					1,212		—		—		0.00
Distributors
Box Co-Invest Blocker, LLC - Series A Units	(4)					780,000		780		398		0.01
Box Co-Invest Blocker, LLC - Series C Units	(4)					94,753		92		102		0.00
GSO DL Co-Invest EIS LP (EIS Acquisition Holdings, LP - Class A Common Units)	(4)					301,167		1,236		2,837		0.10
								2,108		3,337		0.11
Diversified Consumer Services
Cambium Holdings, LLC - Senior Preferred Interests	(4)			11.50%		974,662		1,133		1,245		0.05	%

BCRED Emerald JV LP Consolidated Schedule of Investments December 31, 2023 (in thousands)
Investments (1)	Footnotes	Reference Rate and Spread (2)	Interest Rate (2)(15)	Maturity Date	Par Amount/Units (1)	Cost (3)		Fair Value		% of Net Assets
Equity (continued)
Health Care Providers & Services
Jayhawk Holdings, LP - A-1 Common Units	(4)				797	$	210	$	62	0.00	%
Jayhawk Holdings, LP - A-2 Common Units	(4)				429	113		34		0.00
						323		96		0.00
Software
Descartes Holdings, Inc	(4)				168,057	728		348		0.01
Lobos Parent, Inc. - Series A Preferred Shares	(4)		10.50%		5,773	5,700		6,798		0.25
						6,428		7,146		0.26
Specialty Retail
GSO DL CoInvest CI LP (CustomInk, LLC - Series A Preferred Units)	(4)				3,000,000	3,542		3,963		0.15
Transportation Infrastructure
Frontline Road Safety Investments, LLC - Class A Common Units	(4)				3,936	376		540		0.02
Total Equity						20,932		27,211		0.99
Total Investment Portfolio						5,326,183		5,325,685		196.54
Cash and Cash Equivalents
State Street Institutional U.S. Government Money Market Fund						603		603		0.02
Other Cash and Cash Equivalents						128,611		128,611		4.75
Total Portfolio Investments, Cash and Cash Equivalents						$	5,455,397	$	5,454,899	201.31	%

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

BCRED Emerald JV LP Consolidated Schedule of Investments December 31, 2023 (in thousands)
Investments	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
ADCS Clinics Intermediate Holdings, LLC	Revolver	5/7/2027	$	781	$	(16)
Cambium Learning Group, Inc.	Revolver	7/20/2028	3,249		—
Confine Visual Bidco	Delayed Draw Term Loan	3/11/2024	6,094		—
CPI Buyer, LLC	Revolver	11/1/2026	2,974		(59)
CSHC Buyerco, LLC	Delayed Draw Term Loan	9/8/2026	195		—
Express Wash Concepts, LLC	Delayed Draw Term Loan	4/2/2025	35,000		(394)
GovernmentJobs.com, Inc.	Revolver	11/30/2027	2,566		(51)
Knowledge Pro Buyer, Inc.	Revolver	12/10/2027	1,473		—
Latham Pool Products, Inc.	Revolver	2/18/2029	11,250		(770)
Monk Holding Co.	Delayed Draw Term Loan	12/1/2024	3,655		—
Navigator Acquiror, Inc.	Delayed Draw Term Loan	1/16/2025	1,847		—
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		(118)
Stepping Stones Healthcare Services, LLC	Delayed Draw Term Loan	1/2/2024	800		—
Stepping Stones Healthcare Services, LLC	Revolver	12/30/2026	1,811		(62)
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	Revolver	11/9/2027	2,274		—
WHCG Purchaser III, Inc.	Revolver	6/22/2026	2		—
Total unfunded commitments			$	86,203	$	(1,521)

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

(9)The interest rate floor on these investments as of December 31, 2023 was 0.50%.

(10)The interest rate floor on these investments as of December 31, 2023 was 0.75%.

(11)The interest rate floor on these investments as of December 31, 2023 was 1.00%.

(12)The interest rate floor on these investments as of December 31, 2023 was 1.25%.

(13)The interest rate floor on these investments as of December 31, 2023 was 1.50%.

(14)The interest rate floor on these investments as of December 31, 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 December 31, 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 selected consolidated statements of assets and liabilities information of the Emerald JV as of December 31, 2024 and December 31, 2023:

	December 31, 2024		December 31, 2023
ASSETS
Investments at fair value (cost of $5,730,939 and $5,326,183, respectively)	$	5,647,024	$	5,325,685
Cash and cash equivalents	150,661		129,214
Interest receivable	34,431		44,034
Receivable for investments sold	65,644		17,056
Deferred financing costs	11,005		15,576
Total assets	$	5,908,765	$	5,531,565
LIABILITIES
Debt	$	2,169,241	$	2,672,363
Distribution payable	75,514		106,593
Payable for investments purchased and other liabilities	1,292,277		42,929
Total liabilities	3,537,032		2,821,885
MEMBERS’ EQUITY
Members’ equity	2,371,733		2,709,680
Total members’ equity	2,371,733		2,709,680
Total liabilities and members’ equity	$	5,908,765	$	5,531,565

The following table presents the selected consolidated statements of operations information of the Emerald JV for the years ended December 31, 2024 and December 31, 2023 and the period from the commencement of operations of Emerald JV to December 31, 2022:

	For the Year Ended December 31,				For the Period Ended December 31, 2022
	2024		2023
Investment income:
Interest income	$	518,499	$	652,708	$	242,406
Payment-in-kind interest income	10,788		5,692		2,586
Dividend income	19		59		2,031
Other income	678		1,840		2,937
Total investment income	529,984		660,299		249,960
Expenses:
Interest expense	179,969		237,692		79,232
Other expenses	2,316		4,115		3,914
Total expenses	182,285		241,807		83,146
Net investment income before tax expense	347,699		418,492		166,814
Tax expense	—		—		—
Net investment income after tax expense	347,699		418,492		166,814
Net realized and change in unrealized gain (loss):
Net change in unrealized gain (loss) on investments, foreign currency and income tax (provision) benefit	(76,545)		75,379		(82,456)
Net realized gain (loss) on investments and foreign currency	774		(9,491)		(6,965)
Total net realized and change in unrealized gain (loss)	(75,771)		65,888		(89,421)
Net increase (decrease) in net assets resulting from operations	$	271,928	$	484,380	$	77,393

The following table presents the consolidated schedule of investments of the Verdelite JV as of December 31, 2024:

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

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

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

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

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

BCRED Verdelite JV LP Consolidated Schedule of Investments December 31, 2024 (in thousands)
Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Members’ Equity
First Lien (continued)
Hotels, Restaurants & Leisure
Alterra Mountain Co	(8)	SOFR +	2.75%	7.11%	11/7/2024	8/17/2028	$	2,291	$	2,291	$	2,309	1.49	%
Caesars Entertainment, Inc.	(9)	SOFR +	2.25%	6.61%	2/6/2023	2/6/2030	1,342		1,332		1,345		0.87
Caesars Entertainment, Inc.	(9)	SOFR +	2.25%	6.61%	2/6/2024	2/6/2031	2,804		2,798		2,814		1.82
Carnival Finance, LLC	(10)	SOFR +	2.75%	7.11%	4/25/2024	10/18/2028	2,321		2,321		2,341		1.51
Cedar Fair, L.P.	(8)	SOFR +	2.00%	6.36%	5/1/2024	5/1/2031	724		723		727		0.47
FanDuel Group Financing, LLC.	(9)	SOFR +	1.75%	6.08%	11/24/2023	11/25/2030	2,399		2,399		2,397		1.55
Fertitta Entertainment, LLC	(9)	SOFR +	3.50%	7.86%	11/16/2022	1/27/2029	4,130		4,068		4,150		2.68
GVC Finance, LLC	(9)	SOFR +	2.75%	7.08%	5/8/2024	10/31/2029	3,374		3,382		3,388		2.19
Hilton Grand Vacations Borrower, LLC	(8)	SOFR +	2.25%	6.82%	1/17/2024	1/17/2031	711		709		714		0.46
IRB Holding Corp.	(10)	SOFR +	2.50%	6.86%	12/11/2024	12/15/2027	4,533		4,533		4,543		2.93
LC Ahab US Bidco, LLC	(8)	SOFR +	3.00%	7.36%	5/1/2024	5/1/2031	670		667		676		0.44
Marriott Ownership Resorts Inc	(8)	SOFR +	2.25%	6.61%	4/1/2024	4/1/2031	3,127		3,148		3,131		2.02
Mic Glen, LLC	(9)	SOFR +	3.50%	7.97%	11/16/2022	7/21/2028	3,347		3,271		3,371		2.18
New Red Finance, Inc.	(8)	SOFR +	1.75%	6.11%	6/16/2024	9/12/2030	918		916		915		0.59
Ovg Business Services, LLC	(8)	SOFR +	3.00%	7.36%	6/25/2024	6/25/2031	1,508		1,501		1,514		0.98
Scientific Games Holdings LP	(9)	SOFR +	3.00%	7.59%	6/11/2024	4/4/2029	2,977		2,977		2,988		1.93
Tacala Investment Corp.	(10)	SOFR +	3.50%	7.86%	9/26/2024	1/31/2031	1,597		1,597		1,612		1.04
Whatabrands, LLC	(9)	SOFR +	2.50%	6.86%	12/11/2024	8/3/2028	4,518		4,518		4,534		2.93
									43,151		43,469		28.08
Household Durables
AI Aqua Merger Sub, Inc.	(9)	SOFR +	3.50%	8.05%	12/5/2024	7/31/2028	4,266		4,266		4,274		2.76
Household Products
Energizer Holdings Inc	(8)	SOFR +	2.00%	6.36%	5/29/2024	12/22/2027	730		730		733		0.47

BCRED Verdelite JV LP Consolidated Schedule of Investments December 31, 2024 (in thousands)
Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Members’ Equity
First Lien (continued)
Insurance
AmWINS Group Inc	(10)	SOFR +	2.25%	6.72%	11/16/2022	2/19/2028	$	742	$	741	$	745	0.48	%
AssuredPartners, Inc.	(9)	SOFR +	3.50%	7.86%	2/16/2024	2/14/2031	4,904		4,896		4,920		3.17
Baldwin Insurance Group Holdings, LLC	(8)	SOFR +	3.25%	7.61%	12/11/2024	5/26/2031	4,008		4,008		4,041		2.61
BroadStreet Partners, Inc.	(8)	SOFR +	3.00%	7.36%	6/14/2024	6/14/2031	4,571		4,566		4,592		2.96
HUB International, Ltd.	(8)	SOFR +	2.75%	7.37%	7/30/2024	6/20/2030	668		668		673		0.43
Hyperion Refinance S.à r.l.	(9)	SOFR +	3.50%	7.86%	8/2/2024	4/18/2030	2,399		2,399		2,420		1.56
Hyperion Refinance S.à r.l.	(9)	SOFR +	3.00%	7.36%	11/22/2024	2/15/2031	1,980		1,980		1,996		1.29
OneDigital Borrower, LLC	(9)	SOFR +	3.25%	7.61%	7/2/2024	6/13/2031	1,123		1,118		1,128		0.73
USI, Inc.	(8)	SOFR +	2.25%	6.58%	12/23/2024	9/29/2030	1,002		1,002		1,002		0.65
USI, Inc.	(8)	SOFR +	2.25%	6.58%	12/23/2024	11/22/2029	451		451		451		0.29
									21,829		21,968		14.17
Interactive Media & Services
Project Boost Purchaser, LLC	(8)	SOFR +	3.50%	8.15%	7/16/2024	7/16/2031	4,027		4,018		4,061		2.62
TripAdvisor, Inc.	(8)	SOFR +	2.75%	7.11%	7/8/2024	7/8/2031	2,386		2,380		2,405		1.55
									6,398		6,466		4.17
IT Services
Ahead DB Holdings, LLC	(10)	SOFR +	3.50%	7.83%	8/2/2024	2/1/2031	3,364		3,360		3,391		2.19
Chrysaor Bidco S.à r.l.	(9)	SOFR +	3.50%	8.62%	7/17/2024	5/14/2031	828		828		836		0.54
Dcert Buyer, Inc.	(8)	SOFR +	4.00%	8.36%	11/16/2022	10/16/2026	2,047		2,017		1,971		1.27
Fortress Intermediate 3 Inc	(8)	SOFR +	3.50%	7.86%	6/27/2024	6/27/2031	2,494		2,487		2,505		1.62
Newfold Digital Holdings Group Inc	(11)	SOFR +	3.50%	8.14%	11/16/2022	2/10/2028	3,036		2,895		2,603		1.68
ThoughtWorks, Inc.	(9)	SOFR +	2.75%	7.22%	11/16/2022	3/24/2028	2,293		2,256		2,240		1.45
Virtusa Corp.	(10)	SOFR +	3.25%	7.61%	6/21/2024	2/15/2029	4,995		4,995		5,036		3.25
World Wide Technology Holding Co, LLC	(4)(9)	SOFR +	2.25%	6.69%	3/14/2024	3/1/2030	896		896		899		0.58
									19,734		19,481		12.58
Leisure Products
Motion Finco, LLC	(8)	SOFR +	3.50%	7.83%	2/5/2024	11/12/2029	2,532		2,521		2,509		1.62

BCRED Verdelite JV LP Consolidated Schedule of Investments December 31, 2024 (in thousands)
Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Members’ Equity
First Lien (continued)
Life Sciences Tools & Services
IQVIA Inc	(8)	SOFR +	2.00%	6.33%	11/28/2023	1/2/2031	$	433	$	433	$	437	0.28	%
LSCS Holdings, Inc.	(9)	SOFR +	4.50%	8.86%	11/16/2022	12/16/2028	2,431		2,365		2,451		1.58
Packaging Coordinators Midco, Inc.	(10)	SOFR +	3.25%	7.84%	5/28/2024	11/30/2027	3,533		3,533		3,552		2.29
PAREXEL International Inc/Wilmington	(9)	SOFR +	3.00%	7.36%	7/25/2024	11/15/2028	2,847		2,847		2,870		1.85
									9,178		9,310		6.00
Machinery
American Trailer World Corp	(10)	SOFR +	3.75%	8.21%	11/16/2022	3/3/2028	2,450		2,411		2,187		1.41
Chart Industries, Inc.	(9)	SOFR +	2.50%	7.09%	7/2/2024	3/16/2030	2,219		2,219		2,231		1.44
Innio North America Holding, Inc.	(8)	SOFR +	3.25%	7.90%	7/12/2024	11/2/2028	673		673		678		0.44
LSF11 Trinity Bidco, Inc.	(8)	SOFR +	3.00%	7.37%	12/11/2024	6/14/2030	2,316		2,316		2,336		1.51
Pro Mach Group, Inc.	(11)	SOFR +	3.50%	7.86%	9/3/2024	8/31/2028	3,730		3,730		3,767		2.43
SPX Flow, Inc.	(9)	SOFR +	3.00%	7.36%	6/6/2024	4/5/2029	3,014		3,014		3,043		1.96
TK Elevator U.S. Newco, Inc.	(9)	SOFR +	3.50%	8.59%	3/14/2024	4/30/2030	4,340		4,331		4,377		2.82
									18,694		18,619		12.01
Media
ABG Intermediate Holdings 2, LLC.	(8)	SOFR +	2.25%	6.59%	12/13/2024	12/21/2028	391		391		393		0.25
American Greetings Corp	(8)	SOFR +	5.75%	10.11%	4/30/2024	10/30/2029	1,292		1,270		1,303		0.84
Cogeco Communications Finance USA LP	(9)	SOFR +	2.50%	6.97%	9/29/2023	9/1/2028	2,437		2,384		2,426		1.57
Fleet US Bidco, Inc.	(4)(8)	SOFR +	2.75%	7.58%	8/15/2024	2/21/2031	662		662		667		0.43
Virgin Media Bristol, LLC	(8)	SOFR +	3.18%	7.72%	3/2/2023	3/31/2031	2,727		2,706		2,705		1.75
									7,413		7,494		4.84
Metals & Mining
Arsenal AIC Parent, LLC	(8)	SOFR +	3.25%	7.61%	8/21/2024	8/18/2030	637		637		644		0.42
Mortgage Real Estate Investment Trusts (REITs)
Blackstone Mortgage Trust Inc	(9)	SOFR +	3.50%	7.84%	11/16/2022	5/9/2029	2,431		2,353		2,439		1.57

BCRED Verdelite JV LP Consolidated Schedule of Investments December 31, 2024 (in thousands)
Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Members’ Equity
First Lien (continued)
Oil, Gas & Consumable Fuels
AL GCX Holdings, LLC	(9)	SOFR +	2.75%	7.26%	11/16/2022	5/17/2029	$	2,571	$	2,566	$	2,592	1.67	%
Buckeye Partners LP	(8)	SOFR +	1.75%	6.11%	2/6/2024	11/1/2026	2,037		2,040		2,040		1.32
Freeport LNG Investments, LLLP	(9)	SOFR +	3.50%	8.38%	11/16/2022	12/21/2028	2,969		2,945		2,987		1.93
GIP Pilot Acquisition Partners LP	(8)	SOFR +	2.50%	7.09%	5/22/2024	10/4/2030	1,115		1,115		1,123		0.72
									8,666		8,742		5.64
Pharmaceuticals
Elanco Animal Health Inc	(8)	SOFR +	1.75%	6.40%	11/16/2022	8/1/2027	2,371		2,372		2,371		1.53
Professional Services
AlixPartners, LLP	(9)	SOFR +	2.50%	6.97%	11/16/2022	2/4/2028	1,360		1,353		1,367		0.88
Ankura Consulting Group, LLC	(10)	SOFR +	3.50%	7.84%	12/17/2024	12/17/2031	1,142		1,139		1,145		0.74
APFS Staffing Holdings, Inc.	(9)	SOFR +	4.25%	8.61%	11/16/2022	12/29/2028	3,825		3,755		3,853		2.49
Camelot US Acquisition, LLC.	(8)	SOFR +	2.75%	7.11%	1/31/2024	1/31/2031	2,700		2,694		2,701		1.74
Cast & Crew Payroll, LLC	(9)	SOFR +	3.75%	8.11%	11/16/2022	12/29/2028	1,905		1,897		1,851		1.19
Deerfield Dakota Holding, LLC	(11)	SOFR +	3.75%	8.08%	11/16/2022	4/9/2027	3,733		3,679		3,660		2.36
Eisner Advisory Group, LLC	(9)	SOFR +	4.00%	8.36%	2/28/2024	2/28/2031	1,205		1,194		1,220		0.79
EP Purchaser, LLC	(9)	SOFR +	3.50%	8.09%	11/16/2022	11/6/2028	484		468		482		0.31
Grant Thornton Advisors, LLC	(8)	SOFR +	3.25%	7.61%	5/31/2024	6/2/2031	2,378		2,378		2,381		1.54
Mercury Borrower, Inc.	(8)	SOFR +	3.00%	7.36%	12/13/2024	8/2/2028	3,607		3,607		3,643		2.35
Mermaid Bidco, Inc.	(8)	SOFR +	3.25%	7.80%	7/1/2024	6/27/2031	2,573		2,570		2,591		1.67
Ryan, LLC	(9)	SOFR +	3.50%	7.86%	11/9/2023	11/14/2030	2,381		2,352		2,390		1.54
Sedgwick Claims Management Services, Inc.	(8)	SOFR +	3.00%	7.59%	2/24/2023	7/31/2031	4,714		4,690		4,748		3.06
Soliant Lower Intermediate, LLC	(8)	SOFR +	3.75%	8.11%	7/18/2024	7/18/2031	1,257		1,245		1,251		0.81
Trans Union, LLC.	(8)	SOFR +	1.75%	6.11%	1/30/2024	6/24/2031	4,527		4,527		4,526		2.92
VT Topco, Inc.	(9)	SOFR +	3.00%	7.33%	4/3/2024	8/9/2030	1,026		1,026		1,035		0.67
									38,574		38,844		25.06
Real Estate Management & Development
Cushman & Wakefield US Borrower, LLC	(4)(9)	SOFR +	3.00%	7.36%	6/18/2024	1/31/2030	1,746		1,747		1,754		1.13
Cushman & Wakefield US Borrower, LLC	(4)(9)	SOFR +	3.25%	7.61%	9/25/2024	1/31/2030	1,708		1,708		1,729		1.12
									3,455		3,483		2.25

BCRED Verdelite JV LP Consolidated Schedule of Investments December 31, 2024 (in thousands)
Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Members’ Equity
First Lien (continued)
Software
Applied Systems, Inc.	(8)	SOFR +	3.00%	7.33%	2/23/2024	2/24/2031	$	175	$	174	$	177	0.11	%
BEP Intermediate Holdco, LLC	(8)	SOFR +	3.25%	7.61%	4/26/2024	4/25/2031	742		742		749		0.48
Boost Newco Borrower, LLC	(8)	SOFR +	2.50%	6.83%	8/1/2024	1/31/2031	5,821		5,821		5,863		3.78
Boxer Parent Company, Inc.	(8)	SOFR +	3.75%	8.34%	7/30/2024	7/30/2031	4,766		4,755		4,811		3.10
Cloud Software Group, Inc.	(9)	SOFR +	3.75%	8.08%	11/4/2024	3/21/2031	1,419		1,419		1,425		0.92
Cloudera, Inc.	(9)	SOFR +	3.75%	8.21%	11/16/2022	10/8/2028	3,532		3,443		3,530		2.28
Conga Corp.	(10)	SOFR +	3.50%	8.09%	8/8/2024	5/8/2028	3,536		3,536		3,572		2.30
ConnectWise, LLC	(9)	SOFR +	3.50%	8.09%	11/16/2022	9/29/2028	3,494		3,410		3,521		2.27
Cornerstone OnDemand, Inc.	(9)	SOFR +	3.75%	8.22%	11/16/2022	10/16/2028	2,150		2,009		1,899		1.23
Delta Topco, Inc.	(8)	SOFR +	3.50%	8.20%	5/1/2024	12/1/2029	5,968		5,955		6,022		3.89
ECI Macola Max Holding, LLC	(10)	SOFR +	3.25%	7.58%	9/20/2024	5/9/2030	4,457		4,457		4,505		2.91
Ellucian Holdings, Inc.	(9)	SOFR +	3.00%	7.36%	2/29/2024	10/9/2029	2,659		2,659		2,680		1.73
Flash Charm, Inc.	(10)	SOFR +	3.50%	8.07%	6/11/2024	3/2/2028	3,856		3,847		3,794		2.45
Flexera Software, LLC	(10)	SOFR +	3.00%	7.35%	5/20/2024	3/3/2028	601		601		606		0.39
Gen Digital Inc	(9)	SOFR +	1.75%	6.11%	6/5/2024	9/12/2029	5,860		5,860		5,848		3.77
Genesys Cloud Services Holdings II, LLC	(10)	SOFR +	3.00%	7.36%	9/26/2024	12/1/2027	2,886		2,886		2,914		1.88
Genuine Financial Holdings, LLC	(8)	SOFR +	4.00%	8.36%	6/28/2024	9/27/2030	5,940		5,891		6,014		3.88
Go Daddy Operating Co, LLC	(8)	SOFR +	1.75%	6.11%	5/31/2024	5/30/2031	746		745		746		0.48
HS Purchaser, LLC	(10)	SOFR +	4.00%	8.69%	11/16/2022	11/19/2026	3,517		3,361		3,110		2.01
ION Trading Finance Ltd.	(8)	SOFR +	3.50%	7.83%	12/10/2024	4/1/2028	2,126		2,126		2,132		1.38
McAfee Corp.	(9)	SOFR +	3.00%	7.37%	5/31/2024	3/1/2029	3,537		3,537		3,545		2.29
Mitnick Purchaser, Inc.	(9)(18)	SOFR +	4.50%	9.19%	11/16/2022	5/2/2029	3,370		3,299		3,151		2.03
Planview Parent Inc	(8)	SOFR +	3.50%	7.83%	12/17/2024	12/17/2027	1,906		1,906		1,922		1.24
Project Alpha Intermediate Holding, Inc.	(9)	SOFR +	3.25%	7.58%	5/14/2024	10/28/2030	3,259		3,259		3,284		2.12
Proofpoint, Inc.	(9)	SOFR +	3.00%	7.36%	5/28/2024	8/31/2028	2,977		2,977		2,995		1.93

BCRED Verdelite JV LP Consolidated Schedule of Investments December 31, 2024 (in thousands)
Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Members’ Equity
First Lien (continued)
Software (continued)
Quartz Acquireco, LLC	(8)	SOFR +	2.75%	7.08%	6/3/2024	6/28/2030	$	1,968	$	1,968	$	1,985	1.28	%
RealPage, Inc.	(9)	SOFR +	3.00%	7.59%	11/16/2022	4/24/2028	2,740		2,676		2,738		1.77
Rocket Software, Inc.	(9)	SOFR +	4.25%	8.61%	10/5/2023	11/28/2028	2,572		2,543		2,595		1.67
Skopima Consilio Parent, LLC	(9)	SOFR +	3.75%	8.12%	12/18/2024	5/12/2028	3,595		3,595		3,613		2.33
Sovos Compliance, LLC	(9)	SOFR +	4.50%	8.97%	11/16/2022	8/11/2028	3,518		3,472		3,549		2.29
Surf Holdings, LLC	(8)	SOFR +	3.50%	7.95%	11/16/2022	3/5/2027	3,517		3,494		3,545		2.29
Vision Solutions, Inc.	(10)	SOFR +	4.00%	8.85%	11/16/2022	4/24/2028	3,632		3,453		3,583		2.31
Webpros US Bidco, Inc.	(8)	SOFR +	4.00%	8.36%	3/28/2024	3/19/2031	650		649		657		0.42
XPLOR T1, LLC	(8)	SOFR +	3.50%	7.83%	12/11/2024	6/24/2031	2,095		2,095		2,116		1.37
									102,620		103,196		66.58
Specialty Retail
Apro, LLC.	(8)	SOFR +	3.75%	8.27%	7/9/2024	7/9/2031	3,942		3,933		3,985		2.57
CWGS Group, LLC	(10)	SOFR +	2.50%	6.97%	11/16/2022	6/3/2028	2,487		2,426		2,441		1.58
HomeServe USA Holding Corp	(8)	SOFR +	2.00%	6.37%	5/29/2024	10/21/2030	823		823		825		0.53
Mavis Tire Express Services Topco, Corp.	(10)	SOFR +	3.50%	7.86%	7/18/2024	5/4/2028	3,043		3,043		3,067		1.98
									10,225		10,318		6.66
Technology Hardware, Storage & Peripherals
Xerox Corp	(9)	SOFR +	4.00%	8.34%	11/17/2023	11/17/2029	2,357		2,331		2,360		1.52
Trading Companies & Distributors
American Builders & Contractors Supply Co, Inc.	(8)	SOFR +	1.75%	6.11%	1/31/2024	1/31/2031	680		679		683		0.44
Avolon TLB Borrower 1 US, LLC	(9)	SOFR +	1.75%	6.12%	6/22/2023	6/24/2030	2,737		2,718		2,739		1.77
Core & Main, LP	(8)	SOFR +	2.00%	6.38%	2/9/2024	2/9/2031	1,077		1,077		1,082		0.70
FCG Acquisitions, Inc.	(9)	SOFR +	3.75%	8.22%	11/16/2022	3/31/2028	7,073		6,971		7,131		4.60
FleetPride, Inc.	(9)	SOFR +	4.50%	8.86%	9/29/2023	9/29/2028	3,735		3,701		3,486		2.25
Foundation Building Materials, Inc.	(9)	SOFR +	3.25%	8.10%	11/16/2022	1/31/2028	2,962		2,940		2,924		1.89
Icebox Holdco III, Inc.	(9)	SOFR +	3.50%	8.09%	11/16/2022	12/22/2028	4,321		4,199		4,362		2.81
Johnstone Supply, LLC	(8)	SOFR +	2.50%	6.88%	12/12/2024	6/7/2031	1,295		1,295		1,301		0.84
Park River Holdings, Inc.	(10)	SOFR +	3.25%	8.10%	11/16/2022	12/28/2027	2,434		2,415		2,381		1.54
Sunsource Borrower, LLC	(8)	SOFR +	4.00%	8.46%	3/25/2024	3/25/2031	1,742		1,736		1,753		1.13
White Cap Buyer, LLC	(8)	SOFR +	3.25%	7.61%	6/13/2024	10/19/2029	4,585		4,574		4,599		2.97
Windsor Holdings III LLC	(8)	SOFR +	3.50%	7.86%	9/20/2024	8/1/2030	1,840		1,840		1,866		1.20
									34,145		34,307		22.14

BCRED Verdelite JV LP Consolidated Schedule of Investments December 31, 2024 (in thousands)
Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Members’ Equity
First Lien (continued)
Wireless Telecommunication Services
CCI Buyer, Inc.	(10)	SOFR +	4.00%	8.33%	11/16/2022	12/17/2027	$	4,303	$	4,266	$	4,313	2.78	%
Total First Lien Debt									645,881		650,532		419.74
Total Investment Portfolio									645,881		650,532		419.74
Cash and Cash Equivalents
Fidelity Investments Money Market Treasury Portfolio - Class I				4.34%					92,784		92,784		59.87
Other Cash and Cash Equivalents									56,459		56,459		36.43
Total Portfolio Investments, Cash and Cash Equivalents									$	795,124	$	799,775	516.04	%

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

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

(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
Groundworks, LLC	Delayed Draw Term Loan	3/14/2026	$	248	$	—
Total Unfunded Commitments			$	248	$	—

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

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

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

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

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

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

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

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

(16)Reserved

(17)Reserved

(18)These loans are “last-out” portions of loans. The “last-out” portion of the Company's loan investment generally earns a higher interest rate than the “first-out” portion, and in exchange the “first-out” portion would generally receive priority with respect to payment principal, interest and any other amounts due thereunder over the “last-out” portion.

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

The following table presents the consolidated schedule of investments of the Verdelite JV as of December 31, 2023:

BCRED Verdelite JV LP Consolidated Schedule of Investments December 31, 2023 (in thousands)
Investments (1)	Footnotes	Reference Rate and Spread (2)		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%	9.47%	1/29/2027	$	420	$	417	$	421	0.29	%
Atlas CC Acquisition Corp.	(10)	SOFR +	4.25%	9.90%	5/25/2028	2,657		2,480		2,482		1.68
Avolon TLB Borrower 1 US LLC	(9)	SOFR +	2.00%	7.36%	6/22/2028	2,758		2,733		2,767		1.87
Dynasty Acquisition Co Inc	(8)	SOFR +	4.00%	9.35%	8/24/2028	2,992		2,996		3,004		2.03
LSF11 Trinity Bidco Inc	(8)	SOFR +	4.00%	9.36%	6/14/2030	2,293		2,287		2,310		1.56
Peraton Corp.	(10)	SOFR +	3.75%	9.21%	2/1/2028	5,033		4,966		5,052		3.42
TransDigm Inc	(8)	SOFR +	3.25%	8.60%	2/14/2031	4,993		4,996		5,022		3.40
Vertex Aerospace Services Corp.	(10)	SOFR +	3.25%	8.71%	12/6/2028	3,054		3,026		3,061		2.07
								23,901		24,119		16.32
Air Freight & Logistics
Forward Air Corporation	(10)	SOFR +	4.50%	9.90%	9/20/2030	3,000		2,880		2,852		1.93
The Kenan Advantage Group, Inc.	(10)	SOFR +	3.86%	9.22%	3/24/2026	3,554		3,491		3,548		2.40
								6,371		6,400		4.33
Airlines
American Airlines, Inc.	(8)	SOFR +	2.75%	8.60%	2/15/2028	3,000		2,970		3,001		2.03
Brown Group Holding, LLC	(9)	SOFR +	2.75%	8.21%	6/7/2028	3,989		3,969		3,998		2.71
United Airlines, Inc.	(10)	SOFR +	3.75%	9.22%	4/21/2028	2,748		2,728		2,762		1.87
								9,667		9,761		6.61
Auto Components
Clarios Global LP	(8)	SOFR +	3.75%	9.11%	5/6/2030	2,913		2,900		2,924		1.98
Metis Buyer, Inc.	(10)	SOFR +	4.00%	9.47%	5/4/2028	2,985		2,962		2,994		2.03
Belron Finance US LLC	(4)(9)	SOFR +	2.25%	7.63%	4/18/2029	758		758		761		0.52
First Brands Group, LLC	(11)	SOFR +	5.00%	10.88%	3/30/2027	3,322		3,262		3,303		2.24
Phinia Inc	(4)(8)	SOFR +	4.00%	9.46%	7/3/2028	1,746		1,683		1,755		1.19
								11,565		11,737		7.96
Beverages
Triton Water Holdings, Inc.	(9)	SOFR +	3.25%	8.86%	3/31/2028	3,458		3,285		3,432		2.32
Building Products
Cornerstone Building Brands, Inc.	(9)	SOFR +	3.25%	8.71%	4/12/2028	3,990		3,921		3,998		2.71
Griffon Corporation	(9)	SOFR +	2.25%	7.75%	1/24/2029	1,178		1,167		1,182		0.80
Oscar AcquisitionCo LLC	(9)	SOFR +	4.50%	9.95%	4/29/2029	4,816		4,686		4,777		3.23
Tamko Building Product, LLC	(8)	SOFR +	3.50%	8.87%	9/20/2030	1,782		1,781		1,793		1.21
The Chamberlain Group, Inc.	(9)	SOFR +	3.25%	8.71%	11/3/2028	4,557		4,361		4,552		3.08
								15,916		16,302		11.03
Capital Markets
Advisor Group Holdings, Inc.	(8)	SOFR +	4.50%	9.86%	8/17/2028	4,072		4,065		4,090		2.77
Apex Group Treasury, LLC	(9)	SOFR +	3.75%	9.38%	7/27/2028	3,555		3,445		3,546		2.40
Aretec Group, Inc.	(8)	SOFR +	4.50%	9.95%	8/9/2030	4,437		4,355		4,440		3.01
Citco Funding LLC	(9)	SOFR +	3.25%	8.64%	4/27/2028	998		993		1,002		0.68
Focus Financial Partners LLC	(9)	SOFR +	3.50%	8.86%	6/30/2028	2,015		1,986		2,023		1.37
The Edelman Financial Engines Center, LLC	(10)	SOFR +	3.50%	8.97%	4/7/2028	3,713		3,622		3,723		2.52
								18,466		18,824		12.75

BCRED Verdelite JV LP Consolidated Schedule of Investments December 31, 2023 (in thousands)
Investments (1)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt (continued)
Chemicals
Nouryon USA LLC	(8)	SOFR +	4.00%	9.47%	4/3/2028	$	2,992	$	2,989	$	3,008	2.04	%
Starfruit Finco BV	(8)	SOFR +	4.00%	9.44%	4/3/2028	794		787		798		0.54
								3,776		3,806		2.58
Commercial Services & Supplies
Access CIG, LLC	(9)	SOFR +	5.00%	10.39%	8/18/2028	3,756		3,580		3,767		2.55
Allied Universal Holdco, LLC	(9)	SOFR +	3.75%	9.21%	5/12/2028	2,560		2,456		2,553		1.73
Allied Universal Holdco, LLC	(9)	SOFR +	4.75%	10.11%	5/12/2028	1,995		1,941		2,000		1.35
Anticimex, Inc.	(9)	SOFR +	3.15%	8.46%	11/16/2028	5,399		5,332		5,403		3.66
APX Group, Inc.	(9)	SOFR +	3.25%	8.92%	7/10/2028	3,303		3,178		3,309		2.24
Belfor Holdings Inc	(9)	SOFR +	3.75%	9.10%	11/1/2030	1,081		1,071		1,086		0.74
Covanta Holding Corp	(9)	SOFR +	3.00%	8.36%	11/30/2028	1,039		1,030		1,042		0.71
DG Investment Intermediate Holdings 2, Inc.	(10)	SOFR +	3.75%	9.22%	3/31/2028	1,763		1,706		1,751		1.19
EAB Global, Inc.	(9)	SOFR +	3.50%	8.97%	8/16/2028	4,548		4,458		4,548		3.08
Garda World Security Corp.	(8)	SOFR +	4.25%	9.72%	10/30/2026	2,350		2,291		2,357		1.60
Garda World Security Corp.	(8)	SOFR +	4.25%	9.62%	2/1/2029	1,500		1,504		1,504		1.02
Genuine Financial Holdings, LLC	(8)	SOFR +	4.00%	9.39%	9/27/2030	3,990		3,954		3,986		2.70
Prime Security Services Borrower, LLC	(8)	SOFR +	2.50%	7.84%	10/14/2030	1,322		1,309		1,328		0.90
TRC Companies, Inc (fka Bolt Infrastructure Merger Sub, Inc)	(9)	SOFR +	3.75%	9.22%	12/8/2028	5,550		5,418		5,550		3.76
Vaco Holdings, Inc.	(10)	SOFR +	5.00%	10.43%	1/21/2029	1,740		1,693		1,722		1.17
								40,921		41,906		28.40
Construction & Engineering
Aegion Corporation	(10)	SOFR +	4.75%	10.39%	5/17/2028	2,998		2,985		3,004		2.03
Refficiency Holdings, LLC	(10)	SOFR +	3.50%	8.96%	12/16/2027	5,451		5,376		5,465		3.70
								8,361		8,469		5.73
Construction Materials
Summit Materials, LLC	(8)	SOFR +	2.50%	7.89%	11/30/2028	1,255		1,252		1,261		0.85
White Cap Buyer, LLC	(9)	SOFR +	3.75%	9.11%	10/19/2027	5,611		5,518		5,629		3.81
								6,770		6,890		4.66
Containers & Packaging
Berlin Packaging, LLC	(9)	SOFR +	3.75%	9.21%	3/11/2028	4,500		4,420		4,511		3.05
Charter NEX US, Inc.	(10)	SOFR +	3.75%	9.22%	12/1/2027	4,807		4,755		4,835		3.27
Graham Packaging Co, Inc.	(10)	SOFR +	3.00%	8.47%	8/4/2027	3,000		3,000		3,008		2.04
Novolex, Inc.	(9)	SOFR +	4.18%	9.63%	4/13/2029	3,798		3,730		3,819		2.59
ProAmpac PG Borrower, LLC	(10)	SOFR +	4.50%	9.89%	9/15/2028	5,110		5,061		5,126		3.47
Ring Container Technologies Group, LLC	(9)	SOFR +	3.50%	8.97%	8/12/2028	2,129		2,116		2,137		1.45
TricorBraun Holdings, Inc.	(9)	SOFR +	3.25%	8.72%	3/3/2028	4,548		4,413		4,528		3.07
Trident TPI Holdings, Inc.	(9)	SOFR +	4.00%	9.61%	9/15/2028	3,303		3,207		3,298		2.23
Trident TPI Holdings, Inc.	(9)	SOFR +	3.25%	8.70%	9/15/2028	997		984		1,000		0.68
								31,686		32,262		21.85
Distributors
Fastlane Parent Co Inc	(9)	SOFR +	4.50%	9.85%	9/29/2028	3,773		3,730		3,774		2.55

BCRED Verdelite JV LP Consolidated Schedule of Investments December 31, 2023 (in thousands)
Investments (1)	Footnotes	Reference Rate and Spread (2)		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%	8.96%	12/11/2028	$	4,157	$	4,016	$	4,092	2.77	%
Colibri Group, LLC	(10)	SOFR +	5.00%	10.58%	3/12/2029	4,247		4,137		4,253		2.88
EM Bidco Limited	(9)	SOFR +	4.25%	9.70%	7/6/2029	2,992		2,929		2,974		2.01
Pre-Paid Legal Services, Inc.	(9)	SOFR +	3.75%	9.22%	12/15/2028	3,298		3,246		3,280		2.22
Spring Education Group, Inc.	(8)	SOFR +	4.50%	9.85%	9/29/2030	3,421		3,339		3,435		2.33
TruGreen Limited Partnership	(10)	SOFR +	4.00%	9.46%	11/2/2027	274		255		266		0.18
University Support Services, LLC	(9)	SOFR +	3.25%	8.71%	2/10/2029	3,555		3,512		3,560		2.41
Weld North Education, LLC	(9)	SOFR +	3.75%	9.22%	12/21/2027	5,045		5,010		5,052		3.42
								26,444		26,912		18.22
Diversified Financial Services
Mitchell International, Inc.	(9)	SOFR +	3.75%	9.40%	10/15/2028	3,960		3,805		3,964		2.68
Polaris Newco, LLC	(9)	SOFR +	4.00%	9.47%	6/2/2028	2,281		2,197		2,253		1.53
Sedgwick Claims Management Services, Inc.	(8)	SOFR +	3.75%	9.11%	2/24/2028	2,965		2,940		2,977		2.02
								8,942		9,194		6.23
Diversified REITs
Iron Mountain Information Management LLC	(8)	SOFR +	2.25%	7.63%	1/31/2031	860		853		861		0.58
Diversified Telecommunication Services
Numericable US, LLC	(8)	SOFR +	5.50%	10.89%	8/15/2028	3,770		3,730		3,397		2.30
Zacapa, LLC	(9)	SOFR +	4.00%	9.35%	3/22/2029	4,551		4,451		4,548		3.08
								8,181		7,945		5.38
Electric Utilities
Tiger Acquisition, LLC	(4)(9)	SOFR +	3.25%	8.71%	6/1/2028	2,000		1,985		1,994		1.35
Vistra Operations Co LLC	(8)	SOFR +	1.75%	7.21%	12/20/2030	2,647		2,621		2,650		1.79
								4,606		4,644		3.14
Electrical Equipment
Madison IAQ, LLC	(9)	SOFR +	3.25%	8.72%	6/21/2028	4,250		4,117		4,243		2.87
Electronic Equipment, Instruments & Components
Infinite Bidco, LLC	(9)	SOFR +	3.75%	9.39%	3/2/2028	2,666		2,579		2,606		1.76
Financial Services
Paysafe Holdings US Corp	(9)	SOFR +	2.75%	8.21%	6/28/2028	1,994		1,984		1,992		1.35
Food Products
CHG PPC Parent LLC	(4)(9)	SOFR +	3.00%	8.47%	12/8/2028	2,977		2,897		2,984		2.02
Ground Transportation
Uber Technologies, Inc.	(8)	SOFR +	2.75%	8.13%	3/3/2030	1,941		1,936		1,949		1.32
Health Care Equipment & Supplies
Auris Luxembourg III Sarl	(8)	SOFR +	3.75%	9.62%	2/27/2026	2,147		2,013		2,125		1.44
Resonetics, LLC	(10)	SOFR +	4.00%	9.65%	4/28/2028	3,551		3,456		3,558		2.41
Sunshine Luxembourg VII S.à r.l, LLC	(10)	SOFR +	3.50%	8.95%	10/1/2026	3,773		3,695		3,797		2.57
								9,164		9,480		6.42

BCRED Verdelite JV LP Consolidated Schedule of Investments December 31, 2023 (in thousands)
Investments (1)	Footnotes	Reference Rate and Spread (2)		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
ADMI Corp.	(9)	SOFR +	3.75%	9.22%	12/23/2027	$	2,175	$	2,085	$	2,073	1.40	%
CD&R Artemis UK Bidco Ltd.	(8)	SOFR +	4.25%	9.70%	8/19/2028	1,000		993		999		0.68
Electron Bidco, Inc.	(9)	SOFR +	3.00%	8.47%	11/1/2028	3,795		3,730		3,810		2.58
Heartland Dental LLC	(10)	SOFR +	5.00%	10.36%	4/28/2028	3,968		3,848		3,966		2.68
Pediatric Associates Holding Co., LLC	(9)	SOFR +	3.25%	8.72%	12/29/2028	647		638		628		0.43
Surgery Centers Holdings, Inc.	(10)	SOFR +	3.50%	8.86%	12/19/2030	948		938		953		0.64
								12,232		12,429		8.41
Health Care Technology
athenahealth, Inc.	(9)	SOFR +	3.25%	8.61%	2/15/2029	4,538		4,262		4,524		3.06
Gainwell Acquisition Corp.	(10)	SOFR +	4.00%	9.49%	10/1/2027	1,995		1,929		1,945		1.32
Netsmart Technologies, Inc.	(10)	SOFR +	3.75%	9.22%	10/1/2027	2,909		2,850		2,918		1.98
Verscend Holding Corp.	(8)	SOFR +	4.00%	9.47%	8/27/2025	3,551		3,544		3,567		2.41
Waystar Technologies, Inc.	(8)	SOFR +	4.00%	9.47%	10/22/2026	3,649		3,612		3,667		2.48
								16,197		16,621		11.25
Hotels, Restaurants & Leisure
Alterra Mountain Company	(9)	SOFR +	3.50%	8.97%	8/17/2028	2,303		2,284		2,309		1.56
Caesars Entertainment Inc	(9)	SOFR +	3.25%	8.71%	2/6/2030	1,620		1,606		1,626		1.10
Carnival Finance LLC	(10)	SOFR +	3.25%	8.71%	10/18/2028	2,992		2,992		3,001		2.03
FanDuel Group Financing LLC	(9)	SOFR +	2.25%	7.60%	11/25/2030	2,423		2,417		2,433		1.65
Fertitta Entertainment, LLC	(9)	SOFR +	4.00%	9.36%	1/27/2029	3,759		3,682		3,765		2.55
Fogo de Chao, Inc.	(9)	SOFR +	4.75%	10.14%	9/30/2030	545		534		536		0.36
IRB Holding Corp.	(10)	SOFR +	3.00%	8.46%	12/15/2027	5,556		5,494		5,572		3.77
Mic Glen, LLC	(9)	SOFR +	3.25%	8.72%	7/21/2028	3,404		3,304		3,406		2.31
New Red Finance, Inc.	(8)	SOFR +	2.25%	7.61%	9/12/2030	925		921		927		0.63
Scientific Games Holdings LP	(9)	SOFR +	3.25%	8.66%	4/4/2029	2,992		2,981		2,997		2.03
Tacala Investment Corp.	(10)	SOFR +	4.00%	9.47%	2/5/2027	3,549		3,456		3,568		2.42
Whatabrands LLC	(9)	SOFR +	3.00%	8.47%	8/3/2028	4,552		4,475		4,566		3.09
								34,146		34,706		23.50
Household Durables
AI Aqua Merger Sub, Inc.	(9)	SOFR +	3.75%	9.09%	7/31/2028	4,796		4,669		4,805		3.25
AI Aqua Merger Sub, Inc.	(9)	SOFR +	4.25%	9.61%	7/31/2028	1,000		970		1,006		0.68
								5,639		5,811		3.93
Independent Power and Renewable Electricity Producers
Generation Bridge Northeast LLC	(8)	SOFR +	4.25%	9.65%	8/22/2029	2,109		2,089		2,120		1.43
Industrial Conglomerates
FCG Acquisitions, Inc.	(9)	SOFR +	3.75%	9.22%	3/31/2028	4,944		4,815		4,954		3.35
SPX Flow, Inc.	(9)	SOFR +	4.50%	9.96%	4/5/2029	3,766		3,678		3,783		2.56
Vertical US Newco, Inc.	(9)	SOFR +	3.50%	9.38%	7/30/2027	2,801		2,722		2,811		1.90
								11,215		11,548		7.81

BCRED Verdelite JV LP Consolidated Schedule of Investments December 31, 2023 (in thousands)
Investments (1)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt (continued)
Insurance
AmWINS Group, Inc	(10)	SOFR +	2.75%	8.22%	2/19/2028	$	937	$	930	$	941	0.64	%
AssuredPartners, Inc.	(9)	SOFR +	3.50%	8.97%	2/12/2027	3,776		3,719		3,790		2.57
Baldwin Risk Partners, LLC	(9)	SOFR +	3.50%	8.97%	10/14/2027	5,805		5,780		5,814		3.94
BroadStreet Partners, Inc.	(8)	SOFR +	3.75%	9.11%	1/27/2029	3,304		3,267		3,318		2.25
BroadStreet Partners, Inc.	(8)	SOFR +	3.00%	8.47%	1/27/2027	3,302		3,228		3,311		2.24
Howden Group Holdings Limited	(9)	SOFR +	4.00%	9.36%	4/18/2030	2,430		2,342		2,438		1.65
Howden Group Holdings Limited	(10)	SOFR +	3.25%	8.75%	11/12/2027	3,795		3,738		3,808		2.58
NFP Corp.	(8)	SOFR +	3.25%	8.72%	2/15/2027	4,299		4,198		4,327		2.93
USI, Inc.	(9)	SOFR +	3.25%	8.60%	9/29/2030	1,012		1,010		1,015		0.69
								28,212		28,762		19.49
Interactive Media & Services
MH Sub I, LLC	(9)	SOFR +	4.25%	9.61%	5/3/2028	3,980		3,893		3,920		2.65
MH Sub I, LLC	(11)	SOFR +	3.75%	9.22%	9/13/2024	1,102		1,095		1,106		0.75
Project Boost Purchaser, LLC	(9)	SOFR +	3.50%	8.97%	5/30/2026	4,048		3,972		4,057		2.75
								8,960		9,083		6.15
IT Services
Ahead DB Holdings, LLC	(10)	SOFR +	3.75%	9.20%	10/18/2027	2,494		2,475		2,488		1.68
Dcert Buyer, Inc.	(8)	SOFR +	4.00%	9.36%	10/16/2026	2,068		2,022		2,054		1.39
Endurance International Group Holdings, Inc.	(10)	SOFR +	3.50%	9.42%	2/10/2028	3,067		2,879		3,013		2.04
GI Consilio Parent, LLC	(8)	SOFR +	4.25%	9.65%	5/12/2028	1,500		1,481		1,495		1.01
Virtusa Corp.	(10)	SOFR +	3.75%	9.22%	2/11/2028	5,045		5,000		5,064		3.43
World Wide Technology Holding Co, LLC	(9)	SOFR +	3.25%	8.71%	3/1/2030	1,006		997		1,011		0.68
								14,854		15,125		10.23
Leisure Products
Motion Finco, LLC	(8)	SOFR +	3.25%	8.86%	11/12/2026	2,551		2,495		2,556		1.73
Recess Holdings, Inc.	(4)(11)	SOFR +	4.00%	9.39%	3/29/2027	602		596		607		0.41
								3,091		3,163		2.14
Life Sciences Tools & Services
IQVIA Inc	(8)	SOFR +	2.00%	7.39%	1/2/2031	438		438		440		0.30
LSCS Holdings, Inc.	(9)	SOFR +	4.50%	9.97%	12/16/2028	2,456		2,372		2,425		1.64
Packaging Coordinators Midco, Inc.	(10)	SOFR +	3.50%	9.11%	11/30/2027	3,551		3,483		3,557		2.41
Phoenix Newco, Inc.	(9)	SOFR +	3.25%	8.72%	11/15/2028	2,992		2,996		3,014		2.04
								9,289		9,436		6.39
Machinery
Chart Industries, Inc.	(9)	SOFR +	3.25%	8.69%	3/16/2030	2,289		2,295		2,297		1.55
Innio North America Holding Inc	(8)	SOFR +	4.25%	9.63%	11/2/2028	677		673		678		0.46
Pro Mach Group, Inc.	(11)	SOFR +	4.00%	9.47%	8/31/2028	3,748		3,696		3,764		2.55
								6,664		6,739		4.56
Media
Radiate Holdco, LLC	(10)	SOFR +	3.25%	8.72%	9/25/2026	2,962		2,781		2,386		1.62
Univision Communications Inc	(10)	SOFR +	3.25%	8.71%	1/31/2029	4,987		4,985		4,989		3.38
Virgin Media Bristol, LLC	(8)	SOFR +	3.25%	8.79%	3/31/2031	2,727		2,703		2,722		1.84
								10,469		10,097		6.84
Metals & Mining
Arsenal AIC Parent LLC	(8)	SOFR +	4.50%	9.85%	8/18/2030	644		638		647		0.44

BCRED Verdelite JV LP Consolidated Schedule of Investments December 31, 2023 (in thousands)
Investments (1)	Footnotes	Reference Rate and Spread (2)		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 +	3.00%	8.38%	12/31/2030	$	3,451	$	3,434	$	3,463	2.34	%
Freeport LNG Investments, LLLP	(9)	SOFR +	3.50%	9.18%	12/21/2028	3,000		2,970		3,003		2.03
GIP Pilot Acquisition Partners LP	(8)	SOFR +	3.00%	8.39%	10/4/2030	1,122		1,117		1,124		0.76
								7,521		7,590		5.13
Professional Services
AlixPartners, LLP	(9)	SOFR +	2.75%	8.21%	2/4/2028	1,374		1,365		1,379		0.93
APFS Staffing Holdings Inc	(9)	SOFR +	4.00%	9.36%	12/29/2028	3,930		3,839		3,908		2.65
Aqgen Island Holdings, Inc.	(9)	SOFR +	3.50%	8.97%	8/2/2028	3,645		3,565		3,643		2.47
Camelot US Acquisition, LLC	(11)	SOFR +	3.00%	8.47%	10/30/2026	2,904		2,880		2,912		1.97
Cast & Crew Payroll, LLC	(8)	SOFR +	3.75%	9.22%	2/9/2026	3,504		3,480		3,510		2.38
Deerfield Dakota Holding, LLC	(11)	SOFR +	3.75%	9.10%	4/9/2027	3,772		3,693		3,744		2.53
EP Purchaser, LLC	(9)	SOFR +	3.50%	9.11%	11/6/2028	488		469		485		0.33
Inmar, Inc.	(11)	SOFR +	5.50%	10.85%	5/1/2026	2,073		2,014		2,053		1.39
OMNIA Partners LLC	(7)(8)	SOFR +	4.25%	9.63%	7/25/2030	2,187		2,165		2,205		1.49
Ryan LLC	(7)(9)	SOFR +	4.50%	9.85%	11/14/2030	1,508		1,478		1,516		1.03
VT Topco, Inc.	(9)	SOFR +	4.25%	9.61%	8/9/2030	1,036		1,027		1,043		0.71
								25,975		26,398		17.88
Real Estate Management & Development
Cushman & Wakefield US Borrower LLC	(9)	SOFR +	3.25%	8.71%	1/31/2030	997		975		992		0.67
Cushman & Wakefield US Borrower LLC	(9)	SOFR +	4.00%	9.36%	1/31/2030	1,712		1,672		1,714		1.16
								2,647		2,706		1.83
Software
Apttus Corp.	(10)	SOFR +	4.00%	9.47%	5/8/2028	3,564		3,424		3,577		2.42
Boxer Parent Company, Inc.	(8)	SOFR +	4.25%	9.61%	12/29/2028	3,793		3,755		3,825		2.59
CDK Global Inc.	(9)	SOFR +	4.00%	9.35%	7/6/2029	2,000		2,005		2,014		1.36
Cloudera, Inc.	(9)	SOFR +	3.75%	9.21%	10/8/2028	3,569		3,454		3,544		2.40
ConnectWise, LLC	(9)	SOFR +	3.50%	9.11%	9/29/2028	3,530		3,422		3,530		2.39
Cornerstone OnDemand, Inc.	(9)	SOFR +	3.75%	9.22%	10/16/2028	2,172		1,992		2,107		1.43
Delta Topco, Inc.	(10)	SOFR +	3.75%	9.12%	12/1/2027	4,000		3,995		4,003		2.71
ECI Macola Max Holding, LLC	(10)	SOFR +	3.75%	9.36%	11/9/2027	4,505		4,443		4,512		3.05
Epicor Software Corp.	(10)	SOFR +	3.25%	8.72%	7/30/2027	3,554		3,490		3,571		2.42
Epicor Software Corp.	(10)	SOFR +	3.75%	9.10%	7/30/2027	273		270		275		0.19
GI Consilio Parent, LLC	(9)	SOFR +	4.00%	9.47%	5/12/2028	2,123		2,043		2,119		1.43
Greeneden U.S. Holdings II, LLC	(10)	SOFR +	4.00%	9.47%	12/1/2027	2,568		2,544		2,582		1.75
GTCR Investors LP	(9)	SOFR +	3.00%	8.40%	1/31/2031	3,335		3,319		3,354		2.27
HS Purchaser, LLC	(10)	SOFR +	4.00%	9.48%	11/19/2026	3,554		3,312		3,377		2.29
Idera, Inc.	(10)	SOFR +	3.75%	9.28%	3/2/2028	1,870		1,799		1,864		1.26
Instructure Holdings Inc	(9)	SOFR +	2.75%	8.68%	10/30/2028	2,976		2,972		2,995		2.03
ION Trading Finance Ltd.	(8)	SOFR +	4.75%	10.20%	4/3/2028	2,992		2,985		3,000		2.03
Mitnick Purchaser, Inc.	(9)	SOFR +	4.50%	9.98%	5/2/2029	3,404		3,316		3,231		2.19
NortonLifeLock, Inc.	(9)	SOFR +	2.00%	7.46%	9/12/2029	3,539		3,517		3,548		2.40
Project Alpha Intermediate Holding, Inc.	(8)	SOFR +	4.75%	10.11%	10/28/2030	5,283		5,186		5,322		3.60
Proofpoint, Inc.	(9)	SOFR +	3.25%	8.72%	8/31/2028	3,990		3,970		3,997		2.71

BCRED Verdelite JV LP Consolidated Schedule of Investments December 31, 2023 (in thousands)
Investments (1)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt (continued)
Software (continued)
Quartz Acquireco LLC	(4)(8)	SOFR +	3.50%	8.82%	6/28/2030	$	1,350	$	1,337	$	1,356	0.92	%
RealPage, Inc.	(9)	SOFR +	3.00%	8.47%	4/24/2028	2,768		2,684		2,753		1.86
Rocket Software, Inc.	(9)	SOFR +	4.75%	10.11%	11/28/2028	2,598		2,561		2,558		1.73
S2P Acquisition Borrower, Inc.	(8)	SOFR +	4.00%	9.46%	8/14/2026	3,554		3,484		3,566		2.41
Sophia, LP	(9)	SOFR +	3.50%	8.96%	10/7/2027	3,303		3,223		3,314		2.24
Sovos Compliance, LLC	(9)	SOFR +	4.50%	9.97%	8/11/2028	3,555		3,495		3,519		2.38
Surf Holdings, LLC	(8)	SOFR +	3.50%	8.97%	3/5/2027	3,554		3,520		3,566		2.41
Symphony Technology Group	(10)	SOFR +	5.00%	10.64%	7/27/2028	3,564		3,304		2,550		1.73
Symphony Technology Group	(9)	SOFR +	3.75%	9.19%	3/1/2029	3,555		3,422		3,550		2.40
The Ultimate Software Group, Inc.	(9)	SOFR +	3.25%	8.76%	5/4/2026	4,342		4,262		4,359		2.95
Vision Solutions, Inc.	(10)	SOFR +	4.00%	9.64%	4/24/2028	3,670		3,431		3,648		2.47
								99,936		101,086		68.42
Specialty Retail
EG America, LLC	(8)	SOFR +	5.50%	11.24%	2/7/2028	2,138		2,068		2,106		1.43
HomeServe USA Holding Corp	(8)	SOFR +	3.00%	8.33%	10/21/2030	829		821		833		0.56
								2,889		2,939		1.99
Technology Hardware, Storage & Peripherals
Xerox Corp	(9)	SOFR +	4.00%	9.35%	11/17/2029	1,200		1,165		1,204		0.81
Trading Companies & Distributors
Foundation Building Materials, Inc.	(9)	SOFR +	3.25%	8.89%	1/31/2028	2,992		2,963		2,988		2.02
Icebox Holdco III, Inc.	(9)	SOFR +	3.50%	9.11%	12/22/2028	4,365		4,210		4,342		2.94
LBM Acquisition, LLC	(10)	SOFR +	3.75%	9.21%	12/17/2027	2,992		2,889		2,964		2.01
SRS Distribution, Inc.	(9)	SOFR +	3.50%	8.97%	6/2/2028	4,561		4,403		4,575		3.10
Windsor Holdings III, LLC	(8)	SOFR +	4.50%	9.84%	8/1/2030	1,859		1,824		1,875		1.27
								16,289		16,744		11.34
Transportation Infrastructure
KKR Apple Bidco, LLC	(9)	SOFR +	2.75%	8.21%	9/22/2028	1,995		1,985		1,996		1.35
Wireless Telecommunication Services
CCI Buyer, Inc.	(10)	SOFR +	4.00%	9.35%	12/17/2027	4,451		4,378		4,444		3.01
Total First Lien Debt								582,598		591,886		400.71
Total Investment Portfolio								582,598		591,886		400.71
Cash and Cash Equivalents
Other Cash and Cash Equivalents								6,307		6,307		4.27
Total Portfolio Investments, Cash and Cash Equivalents								$	588,905	$	598,193	404.98	%

(1)Unless otherwise indicated, all debt and equity investments held by the Company (which such term “Company” shall include the Company’s consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in dollars. As of December 31, 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 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 December 31, 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	$	—
Ryan LLC	Delayed Draw Term Loan	11/14/2030	159		—
Total unfunded commitments			$	364	$	—

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

(9)The interest rate floor on these investments as of December 31, 2023 was 0.50%.

(10)The interest rate floor on these investments as of December 31, 2023 was 0.75%.

(11)The interest rate floor on these investments as of December 31, 2023 was 1.00%.

(12)The interest rate floor on these investments as of December 31, 2023 was 1.25%.

(13)The interest rate floor on these investments as of December 31, 2023 was 1.50%.

(14)The interest rate floor on these investments as of December 31, 2023 was 2.00%.

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

The following table presents the selected consolidated statement of assets and liabilities information of the Verdelite JV as of December 31, 2024 and December 31, 2023:

	December 31, 2024		December 31, 2023
ASSETS
Investments at fair value (cost of $645,881 and $582,598, respectively)	$	650,532	$	591,886
Cash and cash equivalents	149,243		6,307
Interest receivable	4,502		2,777
Receivable for investments sold	936		3,574
Deferred financing costs	—		711
Total assets	$	805,213	$	605,255
LIABILITIES
Debt (net of unamortized debt issuance costs of $1,638 and $0 , respectively)	$	634,716	$	356,700
Distribution payable	—		21,310
Interest payable and other liabilities	15,512		79,513
Total liabilities	650,228		457,523
MEMBERS’ EQUITY
Members’ equity	154,985		147,732
Total members’ equity	154,985		147,732
Total liabilities and members’ equity	$	805,213	$	605,255

The following table presents the selected consolidated statements of operations information of the Verdelite JV for the years ended December 31, 2024 and December 31, 2023 and the period from the commencement of operations of Verdelite JV to December 31, 2022:

	For the Year Ended December 31,				For the Period Ended December 31, 2022
	2024		2023
Investment income:
Interest income	$	61,366	$	44,353	$	5,607
Other income	25		191		3
Total investment income	61,391		44,544		5,610
Expenses:
Interest expense	37,436		23,370		2,936
Other expenses	226		700		134
Total expenses	37,662		24,070		3,070
Net investment income before tax expense	23,729		20,474		2,540
Tax expense	—		—		—
Net investment income after tax expense	23,729		20,474		2,540
Net realized and change in unrealized gain (loss):
Net change in unrealized gain (loss) on investments	(4,637)		14,145		(4,857)
Net realized gain (loss) on investments	926		2,218		—
Total net realized and change in unrealized gain (loss)	(3,711)		16,363		(4,857)
Net increase (decrease) in net assets resulting from operations	$	20,018	$	36,837	$	(2,317)