UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_____________________________________________________________________________________________________________________________________________________

FORM 10-Q

_____________________________________________________________________________________________________________________________________________________

(Mark One)

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

For the quarterly period ended March 31, 2025

OR

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

For the transition period from  __________  to __________

Commission File Number 814-01358

_____________________________________________________

Blackstone Private Credit Fund

(Exact name of Registrant as specified in its Charter)

_____________________________________________________

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

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

N/A

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

________________________

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

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

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

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

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

Large accelerated filer	o	Accelerated filer	o
Non-accelerated filer	x	Smaller reporting company	o
		Emerging growth company	o

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

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

The number of shares of Registrant’s common shares of beneficial interest (“Common Shares”), $0.01 par value per share, outstanding as of May 12, 2025 was 1,150,812,923, 543,102,015 and 25,755,533 of Class I, Class S and Class D common shares, respectively. Common shares outstanding exclude May 1, 2025 subscriptions since the issuance price is not yet finalized at this time.

Table of Contents

		Page
PART I	FINANCIAL INFORMATION
Item 1.	Financial Statements
	Condensed Consolidated Statements of Assets and Liabilities as of March 31, 2025 and December 31, 2024 (Unaudited)	3
	Condensed Consolidated Statements of Operations for the three months ended March 31, 2025 and 2024 (Unaudited)	5
	Condensed Consolidated Statements of Changes in Net Assets for the three months ended March 31, 2025 and 2024 (Unaudited)	6
	Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2025 and 2024 (Unaudited)	7
	Condensed Consolidated Schedules of Investments as of March 31, 2025 and December 31, 2024 (Unaudited)	9
	Notes to Condensed Consolidated Financial Statements (Unaudited)	135
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	280
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	294
Item 4.	Controls and Procedures	295
PART II	OTHER INFORMATION
Item 1.	Legal Proceedings	296
Item 1A.	Risk Factors	296
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	296
Item 3.	Defaults Upon Senior Securities	296
Item 4.	Mine Safety Disclosures	296
Item 5.	Other Information	296
Item 6.	Exhibits	297
Signatures

i

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

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

•our future operating results;

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

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

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

•general economic, logistical and political trends and other external factors, including inflation, trade policies and recent supply chain disruptions and their impacts on our portfolio companies and on the industries in which we invest;

•the ability of our portfolio companies to achieve their objectives;

•our current and expected financing arrangements and investments;

•changes in the general interest rate environment;

•the adequacy of our cash resources, financing sources and working capital;

•the timing and amount of cash flows, distributions and dividends, if any, from our portfolio companies;

•our contractual arrangements and relationships with third parties;

•risks associated with the demand for liquidity under our share repurchase program and the continued approval of quarterly tender offers by the Board of Trustees (the “Board”);

•actual and potential conflicts of interest with Blackstone Private Credit Strategies LLC (the “Adviser”), Blackstone Credit BDC Advisors LLC (the “Sub-Adviser” and together with the Adviser, the “Advisers”) or any of their affiliates;

•the dependence of our future success on the general economy and its effect on the industries in which we may invest;

•our use of financial leverage, including the use of borrowed money to finance a portion of our investments and the availability of equity and debt capital on favorable terms or at all;

•our business prospects and the prospects of our portfolio companies, including our and their ability to effectively respond to macroeconomic effects;

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

•the impact of future acquisitions and divestitures;

•the ability of the Advisers or their affiliates to attract and retain highly talented professionals;

•general price and volume fluctuations in the stock market;

•our ability to maintain our qualification as a regulated investment company (“RIC”) and as a business development company (“BDC”);

•the impact on our business of U.S. and international financial reform legislation, rules and regulations;

•the effect of changes to tax legislation and our tax position; and

•the tax status of the enterprises in which we may invest.

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. In light of these and other uncertainties, the inclusion of any projection or forward-looking statement in this report should not be regarded as a representation by us that our plans and objectives will be achieved. These risks and uncertainties include those described or identified in the section entitled “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2024 as updated by the Company’s periodic filings with the United States Securities and Exchange Commission (the “SEC”). These projections and forward-looking statements apply only as of the date of this report. Moreover, we assume no duty and do not undertake to update the forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law. You are advised to consult any additional disclosures that we make directly to you or through reports that we have filed or in the future file with the SEC including annual reports on Form 10-K, registration statements on Form N-2, quarterly reports on Form 10-Q and current reports on Form 8-K.

1

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

WEBSITE DISCLOSURE

We use our website (www.bcred.com) as a channel of distribution of company information. The information we post through this channel may be deemed material. Accordingly, investors should monitor this channel, in addition to following our press releases and SEC filings. The contents of our website are not, however, a part of this Quarterly Report on Form 10-Q.

2

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements.

Blackstone Private Credit Fund

Condensed Consolidated Statements of Assets and Liabilities

(in thousands, except share and per share amounts)

(Unaudited)

	March 31, 2025		December 31, 2024
ASSETS
Investments at fair value
Non-controlled/non-affiliated investments (cost of $66,892,877 and $66,124,775, respectively)	$	66,496,763	$	65,689,987
Non-controlled/affiliated investments (cost of $12,141 and $558, respectively)	12,603		1,394
Controlled/affiliated investments (cost of $2,879,133 and $2,860,338, respectively)	2,680,337		2,728,396
Total investments at fair value (cost of $69,784,151 and $68,985,671, respectively)	69,189,703		68,419,777
Cash and cash equivalents (restricted cash of $494,504 and $305,900, respectively)	3,273,843		1,650,679
Interest receivable from non-controlled/non-affiliated investments	677,431		712,903
Interest receivable from non-controlled/affiliated investments	29		—
Interest receivable from controlled/affiliated investments	69		96
Dividend receivable from controlled/affiliated investments	60,093		56,636
Receivable from broker	233,859		253,890
Deferred financing costs	133,886		132,751
Deferred offering costs	1,301		1,524
Receivable for investments sold	107,768		38,838
Derivative assets at fair value (Note 6)	73,589		16,476
Total assets	$	73,751,571	$	71,283,570
LIABILITIES
Debt (net of unamortized debt issuance costs of $177,377 and $136,810, respectively)	$	29,922,534	$	30,452,578
Payable for investments purchased	296,966		250,150
Management fees payable (Note 3)	129,106		120,103
Income based incentive fees payable (Note 3)	151,776		144,724
Capital gains incentive fees payable (Note 3)	—		—
Interest payable	391,408		398,004
Derivative liabilities at fair value (Note 6)	69,092		126,281
Due to affiliates	17,453		20,721
Distribution payable (Note 9)	359,606		331,762
Payable for share repurchases (Note 9)	581,365		531,058
Board of Trustee payable	242		224
Accrued expenses and other liabilities	26,304		52,202
Total liabilities	31,945,852		32,427,807
Commitments and contingencies (Note 8)
NET ASSETS
Common Shares, $0.01 par value 1,655,814,859 and 1,528,574,321 shares issued and outstanding, respectively)	16,558		15,286
Additional paid in capital	42,192,819		38,958,382
Distributable earnings (loss)	(403,658)		(117,905)
Total net assets	41,805,719		38,855,763
Total liabilities and net assets	$	73,751,571	$	71,283,570
The accompanying notes are an integral part of these condensed consolidated financial statements.

3

Blackstone Private Credit Fund
Condensed Consolidated Statements of Assets and Liabilities
(in thousands, except share and per share amounts)
(Unaudited)
NET ASSET VALUE PER SHARE	March 31, 2025		December 31, 2024
Class I Shares:
Net assets	$	27,811,579	$	25,661,534
Common Shares outstanding ($0.01 par value, unlimited shares authorized)	1,101,546,131		1,009,518,371
Net asset value per share	$	25.25	$	25.42
Class S Shares:
Net assets	$	13,355,820	$	12,611,626
Common Shares outstanding ($0.01 par value, unlimited shares authorized)	528,986,958		496,136,844
Net asset value per share	$	25.25	$	25.42
Class D Shares:
Net assets	$	638,320	$	582,603
Common Shares outstanding ($0.01 par value, unlimited shares authorized)	25,281,770		22,919,106
Net asset value per share	$	25.25	$	25.42

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

4

Blackstone Private Credit Fund

Condensed Consolidated Statements of Operations

(in thousands)

(Unaudited)

	Three Months Ended March 31,
	2025		2024
Investment income:
From non-controlled/non-affiliated investments:
Interest income	$	1,653,532	$	1,390,843
Payment-in-kind interest income	91,935		92,331
Dividend income	8,107		—
Fee income	7,489		2,390
From non-controlled/affiliated investments:
Interest income	29		—
Payment-in-kind interest income	35		—
From controlled/affiliated investments:
Interest income	474		—
Payment-in-kind interest income	5,931		349
Dividend income	73,902		82,951
Total investment income	1,841,434		1,568,864
Expenses:
Interest expense	479,635		450,062
Management fees (Note 3)	129,106		95,382
Income based incentive fees (Note 3)	151,776		125,357
Capital gains based incentive fees (Note 3)	—		—
Distribution and shareholder servicing fees
Class S	28,088		21,405
Class D	385		259
Professional fees	1,270		3,583
Board of Trustees’ fees	242		221
Administrative service expenses (Note 3)	2,241		1,833
Other general and administrative	5,823		4,839
Amortization of continuous offering costs	1,123		639
Total expenses before tax expense	799,689		703,580
Net investment income before tax expense	1,041,745		865,284
Excise and other tax expense	7,783		9,451
Net investment income after tax expense	1,033,962		855,833
Realized and unrealized gain (loss):
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated investments	(125,001)		141,351
Non-controlled/affiliated investments	(374)		(232)
Controlled/affiliated investments	(66,854)		(52,658)
Derivative instruments (Note 6)	(12,789)		21,621
Foreign currency and other transactions	(1,082)		(161)
Income tax (provision) benefit	(1,334)		—
Net change in unrealized appreciation (depreciation)	(207,434)		109,921
Net realized gain (loss):
Non-controlled/non-affiliated investments	(59,178)		(42,398)
Derivative instruments (Note 6)	(19,413)		(6,397)
Foreign currency and other transactions	12,615		2,089
Current tax expense on realized gains	(1,243)		—
Net realized gain (loss)	(67,219)		(46,706)
Net realized and change in unrealized gain (loss)	(274,653)		63,215
Net increase (decrease) in net assets resulting from operations	$	759,309	$	919,048

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

5

Blackstone Private Credit Fund

Condensed Consolidated Statements of Changes in Net Assets

(in thousands)

(Unaudited)

	Three Months Ended March 31,
	2025		2024
Operations:
Net investment income after tax expense	$	1,033,962	$	855,833
Net change in unrealized appreciation (depreciation)	(207,434)		109,921
Net realized gain (loss)	(67,219)		(46,706)
Net increase (decrease) in net assets resulting from operations	759,309		919,048
Distributions to common shareholders:
Class I	(713,781)		(520,413)
Class S	(315,435)		(240,186)
Class D	(15,847)		(10,542)
Net decrease in net assets resulting from distributions	(1,045,063)		(771,141)
Share transactions:
Class I:
Proceeds from shares sold	2,431,752		1,731,701
Share transfers between classes	43,221		41,217
Distributions reinvested	328,177		241,268
Repurchased shares, net of early repurchase deduction	(462,595)		(448,947)
Net increase (decrease) from share transactions	2,340,555		1,565,239
Class S:
Proceeds from shares sold	833,417		797,084
Share transfers between classes	(40,966)		(41,557)
Distributions reinvested	159,217		115,110
Repurchased shares, net of early repurchase deduction	(116,573)		(103,536)
Net increase (decrease) from share transactions	835,095		767,101
Class D:
Proceeds from shares sold	60,771		26,207
Share transfers between classes	(2,255)		340
Distributions reinvested	3,136		1,593
Repurchased shares, net of early repurchase deduction	(1,592)		(5,096)
Net increase (decrease) from share transactions	60,060		23,044
Total increase (decrease) in net assets	2,949,956		2,503,291
Net assets, beginning of period	38,855,763		28,534,437
Net assets, end of period	$	41,805,719	$	31,037,728

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

6

Blackstone Private Credit Fund

Condensed Consolidated Statements of Cash Flows

(in thousands)

(Unaudited)

	Three Months Ended March 31,
	2025		2024
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations	$	759,309	$	919,048
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Net change in unrealized (appreciation) depreciation on investments	192,229		(88,461)
Net change in unrealized (appreciation) depreciation on derivative instruments	12,789		(21,621)
Net change in unrealized (appreciation) depreciation on foreign currency and other transactions	(714)		161
Net realized (gain) loss on investments	59,178		42,398
Net realized (gain) loss on derivative instruments	—		6,397
Net realized (gain) loss on foreign currency and other transactions	(12,615)		(2,089)
Net change due to hedging activity	(1,917)		—
Payment-in-kind interest capitalized	(105,430)		(83,919)
Net accretion of discount and amortization of premium	(76,692)		(43,879)
Amortization of deferred financing costs	8,498		8,585
Amortization of original issue discount and debt issuance costs (including premiums and discounts)	9,420		7,829
Amortization of offering costs	1,123		639
Purchases of investments	(5,009,226)		(3,000,252)
Proceeds from sale of investments and principal repayments	4,333,690		1,355,622
Changes in operating assets and liabilities:
Interest receivable	35,470		(89,037)
Dividend receivable	(3,457)		(2,990)
Receivable from broker	20,031		(15,719)
Receivable for investments sold	(68,930)		(44,171)
Payable for investments purchased	46,816		291,767
Management fees payable	9,003		8,110
Income based incentive fees payable	7,052		2,414
Interest payable	(6,596)		18,391
Due to affiliates	(3,268)		(929)
Accrued expenses and other liabilities	(25,880)		(15,274)
Net cash provided by (used in) operating activities	179,883		(746,980)
Cash flows from financing activities:
Borrowings on debt	5,481,852		1,093,597
Repayments on debt	(6,274,581)		(343,502)
Deferred financing costs paid	(9,162)		(21,139)
Debt issuance costs paid	(17,564)		(18,782)
Deferred offering costs paid	(824)		(934)
Proceeds from issuance of common shares	3,325,940		2,554,992
Repurchased shares, net of early repurchase deduction paid	(530,648)		(532,655)
Dividends paid in cash	(526,688)		(393,158)
Net cash provided by (used in) financing activities	1,448,325		2,338,419
Net increase (decrease) in cash and cash equivalents	1,628,208		1,591,439
Effect of foreign exchange rate changes on cash and cash equivalents	(5,044)		(1,681)
Cash and cash equivalents, beginning of period	1,650,679		1,481,770
Cash and cash equivalents, end of period	$	3,273,843	$	3,071,528
The accompanying notes are an integral part of these condensed consolidated financial statements.

7

Blackstone Private Credit Fund

Condensed Consolidated Statements of Cash Flows

(in thousands)

(Unaudited)

	Three Months Ended March 31,
	2025		2024
Supplemental information and non-cash activities:
Interest paid during the period	$	589,353	$	491,504
Distribution payable	359,606		265,044
Reinvestment of dividends during the period	490,530		357,971
Accrued but unpaid debt financing costs	12		8,582
Accrued but unpaid debt issuance costs	3,336		—
Accrued but unpaid offering costs	616		6
Share repurchases accrued but not yet paid	581,365		557,702
Excise taxes paid	34,703		26,402

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

8

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)

Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets
First Lien
First Lien Debt - non-controlled/non-affiliated
Aerospace & Defense
Atlas CC Acquisition Corp.	(7)(10)	SOFR +	4.25%	8.82%	5/25/2021	5/25/2028	$	62,612	$	61,732	$	29,785	0.07	%
Corfin Holdings, Inc.	(4)(10)	SOFR +	5.25%	9.67%	1/7/2021	12/27/2027	32,386		32,354		32,386		0.08
Corfin Holdings, Inc.	(4)(10)	SOFR +	5.25%	9.67%	1/10/2025	12/27/2027	139,363		138,068		139,363		0.33
Fastener Distribution Holdings LLC	(4)(7)(10)	SOFR +	4.75%	9.07%	10/31/2024	11/4/2031	175,010		173,041		173,795		0.42
Frontgrade Technologies Holdings, Inc.	(4)(7)(10)	SOFR +	5.00%	9.32%	1/9/2023	1/9/2030	2,341		2,287		2,341		0.01
Frontgrade Technologies Holdings, Inc.	(4)(5)(10)	SOFR +	5.00%	9.30%	3/18/2025	1/9/2030	355		351		355		0.00
Horizon CTS Buyer, LLC	(4)(5)(7)(10)	SOFR +	4.50%	8.83%	3/28/2025	3/28/2032	63,278		62,453		62,451		0.15
Loar Group Inc	(4)(6)(7)(11)	SOFR +	4.75%	9.07%	7/28/2022	5/10/2030	281,366		278,407		280,426		0.67
Magneto Components BuyCo, LLC	(4)(7)(10)	SOFR +	6.00%	10.30% (incl. 2.57% PIK)	12/5/2023	12/5/2030	54,678		53,305		53,270		0.13
Maverick Acquisition, Inc.	(4)(11)(17)	SOFR +	6.25%	10.55%	6/1/2021	6/1/2027	47,851		47,426		26,318		0.06
Maverick Acquisition, Inc.	(4)(5)(7)(11)	SOFR +	6.25%	10.69%	3/4/2025	6/1/2027	715		672		715		0.00
Peraton Corp.	(10)	SOFR +	3.75%	8.17%	2/1/2021	2/1/2028	14,285		14,303		12,746		0.03
TransDigm Inc	(6)(8)	SOFR +	2.50%	6.80%	11/28/2023	2/28/2031	12,915		12,953		12,858		0.03
Vertex Aerospace Services Corp.	(6)(10)	SOFR +	2.25%	6.57%	12/6/2021	12/6/2030	11,644		11,606		11,498		0.03
West Star Aviation Acquisition, LLC	(4)(5)(11)	SOFR +	5.00%	9.33%	11/3/2023	3/1/2028	9,853		9,720		9,853		0.02
West Star Aviation Acquisition, LLC	(4)(10)	SOFR +	5.00%	9.33%	3/1/2022	3/1/2028	4,864		4,802		4,864		0.01
									903,480		853,024		2.04
Air Freight & Logistics
AGI-CFI Holdings, Inc.	(4)(10)	SOFR +	4.75%	9.20%	6/11/2021	6/11/2027	228,904		227,286		228,904		0.55
AGI-CFI Holdings, Inc.	(4)(10)	SOFR +	4.75%	9.20%	12/21/2021	6/11/2027	51,315		50,904		51,315		0.12
AGI-CFI Holdings, Inc.	(4)(9)	SOFR +	4.75%	9.20%	7/25/2022	6/11/2027	93,505		92,664		93,505		0.22
AGI-CFI Holdings, Inc.	(4)(5)(10)	SOFR +	4.75%	9.17%	3/19/2025	6/11/2027	24,340		24,220		24,340		0.06
ENV Bidco AB	(4)(6)(7)(8)	E +	5.25%	7.61%	12/12/2024	7/19/2029	EUR	114,257	113,949		123,176		0.29
ENV Bidco AB	(4)(6)(10)	SOFR +	5.25%	9.55%	12/12/2024	7/19/2029	114,097		112,436		114,097		0.27
Mode Purchaser, Inc.	(4)(11)	SOFR +	6.25%	10.71%	1/7/2021	12/9/2026	27,349		27,089		26,529		0.06
Mode Purchaser, Inc.	(4)(11)	SOFR +	6.25%	10.71%	2/4/2022	2/5/2029	135,783		134,290		131,709		0.32
R1 Holdings LLC	(4)(5)(7)(11)	SOFR +	6.25%	10.49%	12/30/2022	12/30/2028	1,182		1,157		1,148		0.00
RWL Holdings, LLC	(4)(10)	SOFR +	5.75%	10.20%	12/13/2021	12/31/2028	269,452		266,585		239,812		0.57

9

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)

Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt - non-controlled/non-affiliated (continued)
Air Freight & Logistics (continued)
SEKO Global Logistics Network, LLC	(4)(5)(11)	SOFR +	8.00%	12.79%	7/1/2024	12/30/2026	$	1,896	$	1,870	$	1,896	0.00	%
SEKO Global Logistics Network, LLC	(4)(5)(11)	SOFR +	8.00%	12.67%	10/15/2024	12/30/2026	1,481		1,458		1,481		0.00
SEKO Global Logistics Network, LLC	(4)(5)(11)	SOFR +	8.00%	12.32%	11/27/2024	11/27/2029	5,937		5,826		5,937		0.01
SEKO Global Logistics Network, LLC	(4)(11)	SOFR +	5.00%	9.32%	11/27/2024	5/27/2030	28,947		28,947		28,947		0.07
The Kenan Advantage Group, Inc.	(8)	SOFR +	3.25%	7.57%	8/6/2024	1/25/2029	12,918		12,918		12,883		0.03
Wwex Uni Topco Holdings, LLC	(10)	SOFR +	4.00%	8.30%	11/8/2024	7/26/2028	17,594		17,597		17,395		0.04
Wwex Uni Topco Holdings, LLC	(4)(10)	SOFR +	4.75%	9.06%	3/21/2025	7/26/2028	84,516		83,044		83,037		0.20
									1,202,240		1,186,111		2.81
Airlines
Air Canada	(6)(8)	SOFR +	2.00%	6.34%	3/21/2024	3/14/2031	6,276		6,262		6,215		0.01
Auto Components
Clarios Global LP	(6)(8)	SOFR +	2.50%	6.82%	7/16/2024	5/6/2030	3,483		3,483		3,441		0.01
Dellner Couplers Group AB	(5)(6)(8)	E +	5.50%	7.78%	6/20/2024	6/18/2029	EUR	23,500	24,959		25,506		0.06
									28,442		28,947		0.07
Beverages
Triton Water Holdings, Inc.	(9)	SOFR +	2.25%	6.55%	3/31/2021	3/31/2028	44,199		44,199		44,071		0.11
Biotechnology
Grifols Worldwide Operations USA Inc	(8)	SOFR +	2.00%	6.46%	1/7/2021	11/15/2027	37		37		37		0.00
Broadline Retail
Peer Holding III BV	(6)(8)	SOFR +	2.50%	6.80%	6/26/2024	7/1/2031	6,983		6,983		6,979		0.02
Building Products
Cornerstone Building Brands, Inc.	(6)(9)	SOFR +	5.63%	9.94%	7/25/2022	8/1/2028	25,437		25,197		23,481		0.06
Cornerstone Building Brands, Inc.	(6)(9)	SOFR +	3.25%	7.66%	4/15/2021	4/12/2028	4,805		4,786		4,066		0.01
ES Group Holdings III Ltd	(4)(6)(8)	E +	5.75%	9.10%	11/22/2021	4/23/2028	EUR	30,879	33,702		28,715		0.07
ES Group Holdings III Ltd	(4)(6)(10)	SOFR +	5.75%	10.32%	11/22/2021	4/23/2028	64,562		63,696		55,523		0.13
Fencing Supply Group Acquisition, LLC	(4)(11)	SOFR +	6.00%	10.42%	2/26/2021	2/26/2027	109,324		108,705		105,224		0.25
Great Day Improvements, LLC	(4)(7)(13)	SOFR +	5.50%	9.93%	6/13/2024	6/13/2030	37,534		36,806		36,484		0.09
Jacuzzi Brands, LLC	(4)(10)	SOFR +	6.00%	10.31%	1/7/2021	2/25/2027	43,474		43,315		40,214		0.10
Jacuzzi Brands, LLC	(4)(10)	SOFR +	6.00%	10.31%	4/20/2022	2/25/2027	187,540		186,623		173,474		0.41
Jacuzzi Brands, LLC	(4)(10)	SOFR +	6.00%	10.31%	1/7/2021	2/25/2027	6,319		6,294		5,845		0.01
L&S Mechanical Acquisition, LLC	(4)(10)	SOFR +	6.25%	10.58%	9/1/2021	9/1/2027	135,447		134,135		134,092		0.32

10

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)

Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt - non-controlled/non-affiliated (continued)
Building Products (continued)
LBM Acquisition, LLC	(10)	SOFR +	3.75%	8.17%	6/6/2024	5/31/2031	$	50,130	$	49,690	$	46,421	0.11	%
Lindstrom, LLC	(4)(11)	SOFR +	6.25%	10.67%	4/19/2022	5/1/2027	146,111		146,088		144,650		0.35
MIWD Holdco II, LLC	(8)	SOFR +	3.00%	7.32%	3/28/2024	3/21/2031	4,477		4,498		4,408		0.01
Oscar Acquisitionco, LLC	(9)	SOFR +	4.25%	8.50%	4/29/2022	4/29/2029	2,970		2,979		2,786		0.01
The Chamberlain Group, Inc.	(9)	SOFR +	3.25%	7.67%	11/3/2021	11/3/2028	24,887		24,760		24,686		0.06
Windows Acquisition Holdings, Inc.	(4)(11)	SOFR +	6.50%	10.98% (incl. 8.58% PIK)	1/7/2021	12/29/2026	59,796		59,470		47,388		0.11
									930,744		877,457		2.10
Capital Markets
Apex Group Treasury, LLC	(6)(8)	SOFR +	3.50%	7.82%	2/27/2025	2/27/2032	92,944		92,765		92,771		0.22
Aretec Group, Inc.	(6)(8)	SOFR +	3.50%	7.82%	5/29/2024	8/9/2030	9,330		9,337		9,265		0.02
FFML Holdco Ltd	(4)(6)(10)	B +	6.25%	10.06%	11/11/2022	11/30/2028	NZD	36,590	22,306		20,774		0.05
Focus Financial Partners, LLC	(8)	SOFR +	2.75%	7.07%	1/31/2025	9/15/2031	16,447		16,421		16,307		0.04
GTCR Everest Borrower, LLC	(6)(7)(8)	SOFR +	2.75%	7.08%	9/5/2024	9/5/2031	12,357		12,056		12,244		0.03
Osaic Holdings Inc	(6)(8)	SOFR +	3.50%	7.82%	11/26/2024	8/17/2028	6,097		6,097		6,060		0.01
Resolute Investment Managers, Inc.	(5)(11)	SOFR +	6.50%	11.09%	12/29/2023	4/30/2027	3,874		3,838		3,859		0.01
Situs-AMC Holdings Corporation	(4)(10)	SOFR +	5.50%	9.93%	12/22/2021	12/22/2027	12,151		12,095		12,151		0.03
Superannuation And Investments US, LLC	(6)(9)	SOFR +	3.75%	8.19%	12/1/2021	12/1/2028	12,992		12,945		13,067		0.03
The Edelman Financial Engines Center, LLC	(6)(8)	SOFR +	3.00%	7.32%	6/5/2024	4/7/2028	18,324		18,324		18,293		0.04
									206,184		204,791		0.48
Chemicals
Charter Next Generation Inc	(10)	SOFR +	3.00%	7.31%	11/5/2024	11/29/2030	6,953		6,971		6,952		0.02
DCG Acquisition Corp.	(4)(7)(10)	SOFR +	4.50%	8.80%	6/13/2024	6/13/2031	210,895		208,542		208,766		0.50
Derby Buyer, LLC	(6)(9)	SOFR +	3.00%	7.31%	12/13/2024	11/1/2030	6,435		6,435		6,399		0.02
Formulations Parent Corp.	(4)(7)(10)	SOFR +	5.75%	10.07%	11/15/2023	11/15/2030	21,214		20,818		20,966		0.05
Geon Performance Solutions, LLC	(10)	SOFR +	4.25%	8.84%	8/18/2021	8/18/2028	3,572		3,559		3,526		0.01
Hyperion Materials & Technologies, Inc.	(9)	SOFR +	4.50%	8.94%	8/30/2021	8/30/2028	7,878		7,869		7,687		0.02
									254,194		254,296		0.62

11

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)

Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt - non-controlled/non-affiliated (continued)
Commercial Services & Supplies
Access CIG, LLC	(9)	SOFR +	4.25%	8.54%	8/18/2023	8/18/2028	$	43,305	$	42,908	$	43,371	0.10	%
Allied Universal Holdco, LLC	(9)	SOFR +	3.75%	8.17%	4/8/2021	5/12/2028	40,641		40,597		40,644		0.10
Anticimex, Inc.	(6)(9)	SOFR +	3.15%	7.49%	11/8/2021	11/16/2028	11,615		11,591		11,602		0.03
Armor Holdco, Inc.	(6)(9)	SOFR +	3.75%	8.03%	12/13/2024	12/11/2028	6,347		6,347		6,341		0.02
Bazaarvoice, Inc.	(4)(7)(8)	SOFR +	4.75%	8.75%	5/7/2021	5/7/2029	403,329		403,329		403,329		0.96
CFS Brands, LLC	(4)(7)(11)	SOFR +	5.00%	9.32%	12/20/2024	10/2/2030	219,533		215,602		219,533		0.53
DG Investment Intermediate Holdings 2, Inc.	(10)	SOFR +	3.75%	8.19%	3/31/2021	3/31/2028	22,419		22,438		22,344		0.05
EAB Global, Inc.	(9)	SOFR +	3.00%	7.32%	8/16/2021	8/16/2030	13,307		13,289		12,924		0.03
EMB Purchaser, Inc.	(4)(5)(7)(10)	SOFR +	4.50%	8.80%	3/13/2025	3/13/2032	2,006		1,359		1,354		0.00
EMB Purchaser, Inc.	(4)(10)	SOFR +	4.50%	8.80%	3/13/2025	3/13/2032	148,520		147,046		147,034		0.35
Foundational Education Group, Inc.	(9)	SOFR +	3.75%	8.30%	8/31/2021	8/31/2028	8,846		8,802		8,072		0.02
FusionSite Midco, LLC	(4)(11)	SOFR +	5.75%	10.31%	11/17/2023	11/17/2029	44,893		44,114		44,893		0.11
FusionSite Midco, LLC	(4)(11)	SOFR +	5.50%	10.06%	11/17/2023	11/17/2029	19,417		19,080		19,417		0.05
FusionSite Midco, LLC	(4)(7)(11)	SOFR +	5.75%	10.31%	9/25/2024	11/17/2029	37,134		36,755		36,968		0.09
Garda World Security, Corp.	(6)(8)	SOFR +	3.00%	7.32%	8/6/2024	2/1/2029	20,863		20,863		20,815		0.05
Gatekeeper Systems, Inc.	(4)(10)	SOFR +	5.00%	9.31%	8/27/2024	8/28/2030	251,402		248,003		249,516		0.60
Gatekeeper Systems, Inc.	(4)(7)(10)	SOFR +	5.00%	9.29%	8/27/2024	8/28/2030	28,857		27,791		28,151		0.07
GBT US III, LLC	(6)(8)	SOFR +	2.50%	6.80%	2/4/2025	7/25/2031	3,990		3,990		3,976		0.01
Gorilla Investor LLC	(4)(10)	SOFR +	5.00%	9.30%	9/26/2024	9/30/2031	166,736		163,640		165,068		0.39
Ground Penetrating Radar Systems, LLC	(4)(10)	SOFR +	4.50%	8.80%	1/2/2025	1/2/2032	120,854		119,688		119,645		0.29
Ground Penetrating Radar Systems, LLC	(4)(5)(7)(10)	SOFR +	4.50%	8.80%	1/2/2025	1/2/2032	1,549		1,318		1,309		0.00
Iris Buyer, LLC	(4)(11)	SOFR +	5.25%	9.54%	10/2/2023	10/2/2030	54,404		53,228		54,404		0.13
Iris Buyer, LLC	(4)(5)(11)	SOFR +	5.25%	9.55%	10/2/2023	10/2/2030	5,130		5,037		5,130		0.01
Iris Buyer, LLC	(4)(5)(7)(11)	SOFR +	5.25%	9.55%	2/4/2025	10/2/2030	575		474		521		0.00
Iris Buyer, LLC	(4)(7)(11)	SOFR +	5.25%	9.55%	10/2/2023	10/2/2029	2,361		2,199		2,361		0.01
Java Buyer, Inc.	(4)(10)	SOFR +	5.00%	9.30%	12/15/2021	12/15/2027	137,832		136,641		137,832		0.33
Java Buyer, Inc.	(4)(10)	SOFR +	5.00%	9.30%	11/9/2023	12/15/2027	53,798		52,988		53,798		0.13
Java Buyer, Inc.	(4)(10)	SOFR +	5.00%	9.30%	12/15/2021	12/15/2027	95,632		94,882		95,632		0.23
Java Buyer, Inc.	(4)(5)(7)(10)	SOFR +	5.00%	9.30%	6/28/2024	12/15/2027	65,227		64,456		64,900		0.16
JSS Holdings, Inc.	(4)(10)	SOFR +	5.25%	9.55% (incl. 3.00% PIK)	12/29/2021	11/8/2031	238,892		237,004		238,892		0.57
JSS Holdings, Inc.	(4)(10)	SOFR +	5.25%	9.55% (incl. 3.00% PIK)	1/7/2021	11/8/2031	45,734		45,353		45,734		0.11
JSS Holdings, Inc.	(4)(7)(10)	SOFR +	5.25%	9.55% (incl. 3.00% PIK)	11/8/2024	11/8/2031	571,186		565,214		570,501		1.36

12

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)

Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt - non-controlled/non-affiliated (continued)
Commercial Services & Supplies (continued)
Knowledge Pro Buyer, Inc.	(4)(7)(10)	SOFR +	5.00%	9.42%	12/10/2021	12/10/2027	$	93,107	$	92,369	$	93,020	0.22	%
KPSKY Acquisition, Inc.	(4)(10)(18)	SOFR +	5.50%	9.89%	10/19/2021	10/19/2028	46,384		45,913		39,890		0.10
KPSKY Acquisition, Inc.	(4)(10)(18)	SOFR +	5.50%	9.89%	10/19/2021	10/19/2028	20,683		20,473		17,787		0.04
Lsf12 Crown US Commercial Bidco LLC	(7)(8)	SOFR +	4.25%	8.56%	12/2/2024	12/2/2031	97,232		93,690		94,542		0.23
OMNIA Partners, LLC	(8)	SOFR +	2.75%	7.05%	1/26/2024	7/25/2030	4,975		5,015		4,947		0.01
Onex Baltimore Buyer, Inc.	(4)(10)(18)	SOFR +	5.27%	9.60%	12/1/2021	12/1/2027	187,232		185,552		187,232		0.45
Onex Baltimore Buyer, Inc.	(4)(7)(11)(18)	SOFR +	4.75%	9.08%	12/1/2021	12/1/2027	218,536		216,032		218,536		0.52
Pearce Intermediate Holdings, Inc	(4)(11)	SOFR +	4.75%	9.07%	6/2/2021	6/2/2029	82,191		81,408		82,191		0.20
Pearce Intermediate Holdings, Inc	(4)(5)(7)(11)	SOFR +	4.75%	9.07%	6/29/2023	6/2/2029	27,690		27,131		27,320		0.07
Pearce Intermediate Holdings, Inc	(4)(11)	SOFR +	4.75%	9.07%	11/6/2024	6/2/2029	114,425		113,388		114,425		0.27
Polyphase Elevator Holding Co.	(4)(5)(7)(11)	SOFR +	6.00%	10.40%	6/23/2021	6/23/2027	6,084		6,052		5,357		0.01
Polyphase Elevator Holding Co.	(4)(5)(11)	SOFR +	6.00%	10.48%	12/21/2021	6/23/2027	10,792		10,792		9,578		0.02
Prime Security Services Borrower, LLC	(6)(8)	SOFR +	2.00%	6.32%	11/20/2024	10/13/2030	1,493		1,493		1,488		0.00
Pye-Barker Fire & Safety, LLC	(4)(5)(10)	SOFR +	4.50%	8.80%	5/24/2024	5/24/2031	4,461		4,461		4,461		0.01
Pye-Barker Fire & Safety, LLC	(4)(5)(10)	SOFR +	4.50%	8.83%	5/24/2024	5/24/2031	13,816		13,756		13,747		0.03
Safety Products/JHC Acquisition Corp	(8)	SOFR +	4.50%	8.92%	1/7/2021	6/28/2026	59,788		59,716		59,676		0.14
TEI Intermediate LLC	(4)(10)	SOFR +	4.75%	9.05%	12/13/2024	12/15/2031	146,288		144,887		145,556		0.35
TEI Intermediate LLC	(4)(5)(7)(10)	P +	3.75%	11.25%	12/13/2024	12/15/2031	2,905		2,476		2,560		0.01
The Hiller Companies, LLC	(4)(10)	SOFR +	5.00%	9.30%	6/20/2024	6/20/2030	75,305		74,650		74,740		0.18
The Hiller Companies, LLC	(4)(5)(7)(10)	SOFR +	5.00%	9.30%	6/20/2024	6/20/2030	5,451		5,214		5,226		0.01
TRC Cos, LLC	(8)	SOFR +	3.00%	7.32%	1/14/2025	12/8/2028	26,726		26,726		26,509		0.06
Vaco Holdings, Inc.	(10)	SOFR +	5.00%	9.48%	1/21/2022	1/21/2029	8,917		8,893		8,264		0.02
Veregy Consolidated, Inc.	(11)	SOFR +	6.00%	10.55%	1/7/2021	11/2/2027	19,906		19,927		19,956		0.05
Water Holdings Acquisition LLC	(4)(7)(10)	SOFR +	5.50%	9.79% (incl. 3.00% PIK)	7/31/2024	7/31/2031	191,053		189,243		189,926		0.45
									4,305,283		4,322,945		10.34

13

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)

Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt - non-controlled/non-affiliated (continued)
Construction & Engineering
Azuria Water Solutions, Inc.	(10)	SOFR +	3.00%	7.32%	1/27/2025	5/17/2028	$	34,350	$	34,350	$	34,187	0.08	%
Brookfield WEC Holdings, Inc.	(8)	SOFR +	2.25%	6.56%	1/25/2024	1/27/2031	7,923		7,851		7,860		0.02
Consor Intermediate II, LLC	(4)(7)(10)	SOFR +	4.50%	8.80%	5/10/2024	5/10/2031	57,346		56,625		57,168		0.14
Gannett Fleming Inc	(4)(7)(10)	SOFR +	4.75%	9.04%	8/5/2024	8/5/2030	376,608		371,134		373,223		0.89
Groundworks, LLC	(8)	SOFR +	3.00%	7.31%	3/14/2024	3/14/2031	9,011		9,028		8,842		0.02
Groundworks, LLC	(7)(8)	SOFR +	3.00%	7.31%	3/14/2024	3/14/2031	265		172		234		0.00
Home Service TopCo IV Inc	(4)(7)(11)	SOFR +	4.50%	8.91%	6/9/2023	12/31/2027	208,495		205,580		208,200		0.50
Peak Utility Services Group, Inc.	(11)	SOFR +	4.50%	8.92%	3/2/2021	3/2/2028	15,170		15,107		15,019		0.04
Peak Utility Services Group, Inc.	(5)(11)	SOFR +	4.50%	8.92%	3/2/2021	3/2/2028	2,023		2,017		2,002		0.00
Pike Electric Corp.	(8)	SOFR +	3.00%	7.44%	6/7/2022	1/21/2028	1,000		1,011		1,004		0.00
Thermostat Purchaser III, Inc.	(7)(10)	SOFR +	4.25%	8.58%	6/20/2024	8/31/2028	11,550		11,458		11,523		0.03
									714,333		719,262		1.72
Construction Materials
Quikrete Holdings, Inc.	(8)	SOFR +	2.25%	6.57%	2/18/2025	2/10/2032	12,000		11,970		11,880		0.03
Tamko Building Products, LLC	(8)	SOFR +	2.75%	7.08%	10/23/2024	9/20/2030	2,977		2,977		2,968		0.01
									14,947		14,848		0.04
Containers & Packaging
Anchor Packaging, LLC	(8)	SOFR +	3.25%	7.57%	12/13/2024	7/18/2029	5,227		5,247		5,230		0.01
Ascend Buyer, LLC	(4)(7)(10)	SOFR +	5.75%	10.05%	10/18/2022	9/30/2028	11,270		10,998		11,270		0.03
Ascend Buyer, LLC	(4)(5)(10)	SOFR +	5.75%	10.05%	3/20/2025	9/30/2028	1,371		1,357		1,371		0.00
Berlin Packaging, LLC	(8)	SOFR +	3.50%	7.83%	6/7/2024	6/7/2031	18,814		18,845		18,772		0.04
Clydesdale Acquisition Holdings, Inc.	(9)	SOFR +	3.18%	7.50%	4/13/2022	4/13/2029	13,989		13,764		13,945		0.03
Graham Packaging Co, Inc.	(8)	SOFR +	2.50%	6.82%	7/31/2024	8/4/2027	7,836		7,836		7,836		0.02
MAR Bidco S.à r.l.	(6)(9)	SOFR +	4.20%	8.80%	6/28/2021	7/6/2028	3,809		3,800		3,737		0.01
ProAmpac PG Borrower, LLC	(10)	SOFR +	4.00%	8.30%	4/9/2024	9/15/2028	16,151		16,151		16,084		0.04
Ring Container Technologies Group, LLC	(9)	SOFR +	2.75%	7.07%	7/19/2024	8/12/2028	980		980		979		0.00
TricorBraun Holdings, Inc.	(9)	SOFR +	3.25%	7.69%	3/3/2021	3/3/2028	14,364		14,308		14,255		0.03
Trident TPI Holdings, Inc.	(9)	SOFR +	3.75%	8.19%	10/18/2024	9/15/2028	12,063		12,063		11,679		0.03
									105,349		105,158		0.24

14

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)

Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt - non-controlled/non-affiliated (continued)
Distributors
BP Purchaser, LLC	(4)(5)(10)	SOFR +	5.50%	10.06%	12/10/2021	12/11/2028	$	8,174	$	8,092	$	6,948	0.02	%
Bradyplus Holdings LLC	(4)(11)	SOFR +	5.00%	9.29%	10/11/2024	10/31/2029	217,696		214,396		217,696		0.52
Bradyplus Holdings LLC	(4)(5)(7)(11)	SOFR +	5.00%	9.29%	10/11/2024	10/31/2029	1,378		1,290		1,327		0.00
Genuine Cable Group, LLC	(4)(10)	SOFR +	5.75%	10.17%	11/1/2021	11/2/2026	29,516		29,277		27,745		0.07
Marcone Yellowstone Buyer, Inc.	(4)(10)	SOFR +	7.25%	11.71% (incl. 3.25% PIK)	11/1/2022	6/23/2028	15,661		15,393		14,095		0.03
Marcone Yellowstone Buyer, Inc.	(4)(10)	SOFR +	7.00%	11.41% (incl. 3.25% PIK)	12/31/2021	6/23/2028	26,426		26,185		23,652		0.06
NDC Acquisition Corp.	(4)(7)(11)	SOFR +	5.00%	9.32%	3/9/2021	3/9/2028	21,600		21,378		21,600		0.05
PT Intermediate Holdings III, LLC	(4)(7)(10)	SOFR +	5.00%	9.30% (incl. 1.75% PIK)	4/9/2024	4/9/2030	170,892		170,532		170,877		0.41
S&S Holdings, LLC	(9)	SOFR +	5.00%	9.42%	3/11/2021	3/11/2028	7,772		7,785		7,726		0.02
Tailwind Colony Holding Corporation	(4)(11)	SOFR +	6.50%	10.89%	1/7/2021	5/13/2026	81,562		81,306		79,523		0.19
									575,634		571,189		1.37
Diversified Consumer Services
American Restoration Holdings, LLC	(4)(11)	SOFR +	5.00%	9.40%	7/19/2024	7/24/2030	27,403		26,918		27,403		0.07
American Restoration Holdings, LLC	(4)(5)(11)	SOFR +	5.00%	9.40%	7/19/2024	7/24/2030	8,180		8,035		8,180		0.02
American Restoration Holdings, LLC	(4)(5)(7)(11)	SOFR +	5.00%	9.40%	7/19/2024	7/24/2030	3,110		2,973		3,110		0.01
American Restoration Holdings, LLC	(4)(5)(11)	SOFR +	5.00%	9.40%	7/19/2024	7/24/2030	21,190		20,815		21,190		0.05
American Restoration Holdings, LLC	(4)(5)(7)(11)	SOFR +	5.00%	9.41%	2/19/2025	7/24/2030	1,181		934		941		0.00
Barbri Holdings, Inc.	(4)(10)	SOFR +	5.00%	9.30%	12/20/2024	4/30/2030	132,716		131,431		132,716		0.32
Barbri Holdings, Inc.	(4)(10)	SOFR +	5.00%	9.30%	12/20/2024	4/30/2030	42,145		41,945		42,145		0.10
BPPH2 Limited	(4)(6)(8)	S +	6.75%	11.32%	3/16/2021	3/16/2028	GBP	40,700	55,614		52,574		0.13
BPPH2 Limited	(4)(5)(6)(8)	S +	6.00%	10.46%	6/17/2024	3/16/2028	GBP	8,269	10,385		10,948		0.03
BPPH2 Limited	(4)(5)(6)(10)	CA +	6.00%	8.99%	6/17/2024	3/16/2028	CAD	5,090	3,659		3,626		0.01
BPPH2 Limited	(4)(5)(6)(10)	SOFR +	6.00%	10.31%	6/17/2024	3/16/2028	2,645		2,592		2,711		0.01
Cambium Learning Group, Inc.	(4)(7)(10)	SOFR +	5.50%	9.89%	7/20/2021	7/20/2028	936,581		932,163		936,581		2.24
Cengage Learning, Inc.	(6)(11)	SOFR +	3.50%	7.82%	11/22/2024	3/22/2031	8,436		8,436		8,380		0.02
Charger Debt Merger Sub, LLC	(4)(10)	SOFR +	4.75%	9.08%	5/31/2024	5/31/2031	54,725		54,243		54,725		0.13
Charger Debt Merger Sub, LLC	(4)(5)(7)(10)	SOFR +	4.75%	9.05%	5/31/2024	5/31/2031	15,645		15,384		15,504		0.04

15

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)

Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt - non-controlled/non-affiliated (continued)
Diversified Consumer Services (continued)
DTA Intermediate II Ltd.	(4)(11)	SOFR +	5.25%	9.55%	3/27/2024	3/27/2030	$	51,320	$	50,466	$	50,550	0.12	%
DTA Intermediate II Ltd.	(4)(5)(7)(11)	SOFR +	5.25%	9.54%	3/27/2024	3/27/2030	6,445		5,982		5,946		0.01
Element Materials Technology Group US Holdings Inc.	(6)(9)	SOFR +	3.75%	8.08%	6/24/2022	7/6/2029	7,366		7,315		7,363		0.02
Endeavor Schools Holdings, LLC	(4)(11)	SOFR +	6.25%	10.54%	7/18/2023	7/18/2029	46,892		46,053		44,079		0.11
Endeavor Schools Holdings, LLC	(4)(5)(11)	SOFR +	6.25%	10.57%	7/18/2023	7/18/2029	8,618		8,488		8,101		0.02
Essential Services Holding Corp	(4)(7)(10)	SOFR +	5.00%	9.30%	6/17/2024	6/17/2031	71,044		70,284		70,972		0.17
Go Car Wash Management Corp.	(4)(11)	SOFR +	5.75%	10.17%	10/12/2021	12/31/2026	88,920		88,182		86,697		0.21
Imagine Learning, LLC	(9)	SOFR +	3.50%	7.82%	2/1/2024	12/21/2029	64,548		64,288		64,391		0.15
Mckissock Investment Holdings, LLC	(10)	SOFR +	5.00%	9.45%	3/10/2022	3/12/2029	9,721		9,666		9,689		0.02
Mckissock Investment Holdings, LLC	(10)	SOFR +	5.00%	9.29%	11/20/2023	3/12/2029	27,156		26,650		27,066		0.06
Pre-Paid Legal Services, Inc.	(9)	SOFR +	3.25%	7.57%	12/15/2021	12/15/2028	17,517		17,443		17,357		0.04
Seahawk Bidco, LLC	(4)(7)(11)	SOFR +	4.75%	9.05%	12/19/2024	12/19/2031	243,824		241,242		242,103		0.58
Spring Education Group, Inc.	(8)	SOFR +	4.00%	8.33%	9/29/2023	9/29/2030	13,613		13,478		13,614		0.03
Sunshine Cadence Holdco, LLC	(4)(10)	SOFR +	5.00%	9.31%	5/1/2024	5/1/2031	198,981		197,252		196,991		0.47
Sunshine Cadence Holdco, LLC	(4)(5)(7)(10)	SOFR +	5.00%	9.31%	5/1/2024	5/1/2031	20,706		20,255		20,179		0.05
University Support Services, LLC	(9)	SOFR +	2.75%	7.06%	2/10/2022	2/10/2029	9,472		9,445		9,410		0.02
									2,192,016		2,195,242		5.26
Diversified REITs
Iron Mountain Information Management, LLC	(8)	SOFR +	2.00%	6.32%	12/28/2023	1/31/2031	5,940		5,959		5,916		0.01
Diversified Telecommunication Services
Point Broadband Acquisition, LLC	(4)(7)(11)	SOFR +	5.50%	9.79%	10/1/2021	10/1/2028	230,466		227,577		228,161		0.55
Zacapa, LLC	(6)(9)	SOFR +	3.75%	8.08%	10/29/2024	3/22/2029	10,418		10,418		10,420		0.02
									237,995		238,581		0.57

16

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)

Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt - non-controlled/non-affiliated (continued)
Electric Utilities
Qualus Power Services Corp.	(4)(11)	SOFR +	5.00%	9.31%	3/26/2021	3/26/2027	$	60,870	$	60,442	$	60,870	0.15	%
Qualus Power Services Corp.	(4)(11)	SOFR +	5.00%	9.31%	7/27/2023	3/26/2027	53,874		53,140		53,874		0.13
Qualus Power Services Corp.	(4)(7)(11)	SOFR +	5.00%	9.30%	5/9/2024	3/26/2027	42,619		41,671		42,362		0.10
Tiger Acquisition, LLC	(8)	SOFR +	2.75%	7.07%	11/16/2022	6/1/2028	11,783		11,783		11,761		0.03
									167,036		168,867		0.41
Electrical Equipment
Emergency Power Holdings, LLC	(4)(7)(11)	SOFR +	4.75%	9.04%	8/17/2021	8/17/2030	193,874		191,852		193,436		0.46
IEM New Sub 2, LLC	(4)(7)(10)	SOFR +	4.75%	9.27%	8/8/2024	8/8/2030	327,813		322,916		324,784		0.78
Madison IAQ, LLC	(9)	SOFR +	2.50%	6.76%	6/21/2021	6/21/2028	39,617		39,385		39,228		0.09
									554,153		557,448		1.33
Electronic Equipment, Instruments & Components
Albireo Energy, LLC	(4)(11)	SOFR +	6.00%	10.30%	1/7/2021	12/23/2026	24,929		24,784		24,057		0.06
Albireo Energy, LLC	(4)(5)(11)	SOFR +	6.00%	10.39%	1/7/2021	12/23/2026	7,483		7,456		7,221		0.02
Albireo Energy, LLC	(4)(5)(11)	SOFR +	6.00%	10.40%	1/7/2021	12/23/2026	1,919		1,913		1,852		0.00
Duro Dyne National Corp	(4)(7)(10)	SOFR +	5.00%	9.30%	11/15/2024	11/15/2031	189,657		187,396		188,192		0.45
Dwyer Instruments LLC	(4)(7)(10)	SOFR +	4.75%	9.05%	11/15/2024	7/30/2029	46,869		46,345		46,301		0.11
Infinite Bidco, LLC	(9)	SOFR +	3.75%	8.30%	3/2/2021	3/2/2028	19,815		19,734		18,787		0.04
Modena Buyer, LLC	(8)	SOFR +	4.50%	8.79%	7/1/2024	7/1/2031	49,836		48,943		48,366		0.12
Phoenix 1 Buyer Corp.	(4)(7)(10)	SOFR +	4.75%	9.04%	11/20/2023	11/20/2030	42,801		42,389		42,801		0.10
Spectrum Safety Solutions Purchaser, LLC	(4)(5)(6)(9)	E +	5.00%	7.68%	7/1/2024	7/1/2030	EUR	5,040	5,412		5,409		0.01
Spectrum Safety Solutions Purchaser, LLC	(4)(5)(6)(9)	E +	5.00%	7.68%	7/1/2024	7/1/2031	EUR	64,119	67,935		68,812		0.16
Spectrum Safety Solutions Purchaser, LLC	(4)(6)(7)(9)	SOFR +	5.00%	9.31%	7/1/2024	7/1/2031	268,186		263,305		265,216		0.63
									715,612		717,014		1.70

17

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)

Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt - non-controlled/non-affiliated (continued)
Energy Equipment & Services
ISQ Hawkeye Holdco, Inc.	(4)(5)(10)	SOFR +	4.75%	9.13%	8/20/2024	8/20/2031	$	8,789	$	8,635	$	8,789	0.02	%
ISQ Hawkeye Holdco, Inc.	(4)(5)(7)(10)	SOFR +	4.75%	9.13%	8/20/2024	8/20/2030	569		547		562		0.00
LPW Group Holdings, Inc.	(4)(7)(11)	SOFR +	6.00%	10.42%	3/15/2024	3/15/2031	32,583		31,754		32,583		0.08
									40,936		41,934		0.10
Entertainment
EP Purchaser, LLC	(9)	SOFR +	3.50%	8.09%	11/4/2021	11/6/2028	9,425		9,304		9,365		0.02
Renaissance Holdings Corp	(9)	SOFR +	4.00%	8.32%	12/6/2024	4/5/2030	2,505		2,505		2,462		0.01
									11,809		11,827		0.03
Financial Services
Atlas Securitized Products Funding 2, L.P.	(4)(5)(6)(7)(8)	SOFR +	1.50%	5.81%	3/28/2024	5/25/2063	112,940		109,184		111,076		0.27
Carr Riggs & Ingram Capital LLC	(4)(9)	SOFR +	4.75%	9.07%	11/18/2024	11/18/2031	43,387		42,976		43,170		0.10
Carr Riggs & Ingram Capital LLC	(4)(5)(7)(9)	SOFR +	4.75%	9.07%	11/18/2024	11/18/2031	6,262		6,057		6,097		0.01
DM Intermediate Parent LLC	(4)(7)(10)	SOFR +	5.00%	9.28%	9/30/2024	9/30/2030	104,574		102,450		103,238		0.25
Harp Finco, Ltd.	(4)(5)(6)(8)	S +	5.50%	9.96%	3/27/2025	3/27/2032	GBP	84,561	107,312		107,047		0.26
Mitchell International, Inc.	(9)	SOFR +	3.25%	7.57%	6/17/2024	6/17/2031	64,898		64,609		64,218		0.15
More Cowbell II, LLC	(4)(10)	SOFR +	5.00%	8.89%	9/1/2023	9/1/2030	19,741		19,359		19,741		0.05
More Cowbell II, LLC	(4)(5)(7)(10)	SOFR +	5.00%	9.20%	9/1/2023	9/1/2029	523		449		495		0.00
PKF O'Connor Davies Advisory, LLC	(4)(7)(10)	SOFR +	4.50%	8.79%	11/15/2024	11/18/2031	84,784		83,706		84,099		0.20
RFS Opco, LLC	(4)(7)(9)	SOFR +	4.75%	9.05%	4/4/2024	4/4/2031	31,594		31,302		31,565		0.08
Solera, LLC	(9)(18)	SOFR +	4.00%	8.55%	6/4/2021	6/2/2028	32,412		32,238		31,104		0.07
									599,642		601,850		1.44
Food Products
Snacking Investments US, LLC	(6)(11)	SOFR +	4.00%	8.30%	1/7/2021	12/18/2026	4,817		4,829		4,838		0.01
Ground Transportation
Channelside AcquisitionCo, Inc.	(4)(7)(10)	SOFR +	4.75%	9.04%	5/15/2024	5/15/2031	156,066		155,557		156,030		0.37

18

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)

Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt - non-controlled/non-affiliated (continued)
Health Care Equipment & Supplies
AEC Parent Holdings Inc.	(9)	SOFR +	5.75%	10.23%	6/13/2022	6/13/2029	$	24,746	$	24,380	$	19,465	0.05	%
Auris Luxembourg III S.à r.l.	(6)(8)	SOFR +	3.75%	8.18%	9/27/2024	2/28/2029	8,812		8,812		8,812		0.02
Bamboo US BidCo, LLC	(4)(7)(11)	SOFR +	5.25%	9.54%	9/29/2023	9/30/2030	30,788		29,887		30,724		0.07
Bamboo US BidCo, LLC	(4)(11)	E +	5.25%	7.86%	9/29/2023	9/30/2030	EUR	72,423	74,964		78,311		0.19
Bamboo US BidCo, LLC	(4)(5)(11)	SOFR +	5.25%	9.54%	11/20/2024	9/30/2030	4,713		4,597		4,713		0.01
CPI Buyer, LLC	(4)(10)	SOFR +	5.50%	10.07%	11/1/2021	11/1/2028	141,560		140,110		141,560		0.34
CPI Buyer, LLC	(4)(5)(7)(10)	SOFR +	5.50%	10.07%	5/23/2024	11/1/2028	13,211		12,937		12,624		0.03
CPI Buyer, LLC	(4)(10)	SOFR +	5.50%	10.07%	11/1/2021	11/1/2028	26,619		26,447		26,619		0.06
Egrotron Acquisition, LLC	(4)(10)	SOFR +	5.25%	9.58%	7/6/2022	7/6/2028	62,525		61,865		62,525		0.15
GCX Corporation Buyer, LLC	(4)(10)	SOFR +	5.50%	9.90%	9/13/2021	9/13/2027	191,189		189,618		186,409		0.45
GCX Corporation Buyer, LLC	(4)(10)	SOFR +	5.50%	9.92%	9/13/2021	9/13/2027	48,386		48,031		47,177		0.11
Natus Medical Incorporated	(9)	SOFR +	5.50%	9.92%	7/21/2022	7/20/2029	42,370		40,538		41,947		0.10
Natus Medical Incorporated	(5)(7)(9)	SOFR +	4.50%	8.92%	7/21/2022	7/21/2027	1,275		1,210		1,161		0.00
Sharp Services, LLC	(8)	SOFR +	3.25%	7.58%	10/25/2024	12/31/2028	7,645		7,645		7,636		0.02
Zeus, LLC	(4)(7)(10)	SOFR +	5.50%	9.80%	2/28/2024	2/28/2031	51,941		51,162		51,862		0.12
									722,203		721,545		1.72
Health Care Providers & Services
123Dentist, Inc.	(4)(6)(10)	CA +	5.00%	7.72%	8/10/2022	8/10/2029	CAD	260,530	200,460		181,043		0.43
123Dentist, Inc.	(4)(5)(6)(7)(10)	CA +	5.00%	7.72%	8/9/2024	8/10/2029	CAD	14,997	7,220		10,352		0.02
ACI Group Holdings, Inc.	(4)(5)(7)(10)	SOFR +	5.50%	9.92%	8/2/2021	8/2/2027	2,578		2,411		1,719		0.00
ACI Group Holdings, Inc.	(4)(10)	SOFR +	6.00%	10.42% (incl. 3.25% PIK)	7/7/2023	8/2/2028	134,804		132,915		129,411		0.31
ADCS Clinics Intermediate Holdings, LLC	(4)(11)	SOFR +	6.25%	10.78%	5/7/2021	5/7/2027	10,381		10,308		10,381		0.02
ADCS Clinics Intermediate Holdings, LLC	(4)(11)	SOFR +	6.25%	10.57%	5/7/2021	5/7/2027	8,537		8,484		8,537		0.02
ADCS Clinics Intermediate Holdings, LLC	(4)(5)(7)(11)	SOFR +	6.25%	10.63%	5/7/2021	5/7/2026	892		875		892		0.00
ADCS Clinics Intermediate Holdings, LLC	(4)(5)(11)	SOFR +	6.25%	10.78%	4/14/2022	5/7/2027	249		248		249		0.00

19

Blackstone Private Credit Fund

Condensed Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)

Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt - non-controlled/non-affiliated (continued)
Health Care Providers & Services (continued)
Amerivet Partners Management, Inc.	(4)(7)(11)	SOFR +	5.25%	9.72%	2/25/2022	2/25/2028	$	20,946	$	20,550	$	20,946	0.05	%
Canadian Hospital Specialties Ltd.	(4)(6)(11)	CA +	4.50%	7.57%	4/15/2021	4/14/2028	CAD	14,632	11,616		10,015		0.02
Canadian Hospital Specialties Ltd.	(4)(6)(7)(10)	CA +	4.50%	7.57%	4/15/2021	4/15/2027	CAD	3,330	2,578		2,258		0.01
Caramel Bidco Limited	(4)(6)(8)	S +	6.00%	10.45%	2/11/2022	2/24/2029	GBP	60,000	78,896		66,461		0.16
Caramel Bidco Limited	(4)(5)(6)(8)	S +	6.00%	10.45%	2/24/2022	2/24/2029	GBP	2,265	3,024		2,509		0.01
Caramel Bidco Limited	(4)(6)(8)	E +	6.00%	8.69%	2/24/2022	2/24/2029	EUR	14,000	15,591		12,981		0.03
Caramel Bidco Limited	(4)(6)(8)	SOFR +	6.00%	10.34%	2/24/2022	2/24/2029	6,125		6,352		5,252		0.01
CCBlue Bidco, Inc.	(4)(5)(10)	SOFR +	6.50%	10.90% (incl. 4.00% PIK)	12/21/2021	12/21/2028	577,788		572,764		495,453		1.19
Compsych Investments Corp	(4)(7)(10)	SOFR +	4.75%	9.04%	7/22/2024	7/22/2031	70,492		70,129		70,442		0.17
CSC Mkg Topco, LLC	(4)(10)	SOFR +	5.75%	10.17%	2/1/2022	2/1/2029	160,004		158,250		160,004		0.38
CSC Mkg Topco, LLC	(4)(10)	SOFR +	5.75%	10.16%	8/1/2022	2/1/2029	21,381		20,971		21,381		0.05
DCA Investment Holdings, LLC	(4)(10)	SOFR +	6.41%	10.70%	3/12/2021	4/3/2028	25,076		24,980		23,822		0.06
DCA Investment Holdings, LLC	(4)(5)(10)	SOFR +	6.50%	10.80%	12/28/2022	4/3/2028	9,870		9,701		9,377		0.02
Epoch Acquisition, Inc.	(4)(11)	SOFR +	6.00%	10.53%	1/7/2021	10/4/2026	28,448		28,448		28,448		0.07
Examworks Bidco, Inc.	(9)	SOFR +	2.75%	7.07%	11/1/2021	11/1/2028	4,000		4,014		3,997		0.01
Heartland Dental, LLC	(10)	SOFR +	<