UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the Quarterly Period Ended March 31, 2025

☐ 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: 814-01485

BLACKROCK PRIVATE CREDIT FUND

(Exact Name of Registrant as Specified in Charter)

Delaware	87-4655020
(State or Other Jurisdiction of Incorporation)	(IRS Employer Identification No.)
50 Hudson Yards
New York, New York	10001
(Address of Principal Executive Offices)	(Zip Code)

(212) 810-5300

(Registrant’s telephone number, including area code)

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

None	Not applicable	Not applicable
(Title of each class)	(Trading Symbol(s) )	(Name of each exchange on which registered)

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

Class S Shares, par value $0.001 per share

Class D Shares, par value $0.001 per share

Institutional Class Shares, par value $0.001 per share

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 and (2) has been subject to such filing requirements for the past 90 days: Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller Reporting company	☐
Emerging growth company	☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with a 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 ☒

As of March 31, 2025, there was no established public market for the Registrant's shares of common stock.

The number of shares of Registrant’s common shares of beneficial interest, par value $0.001 per share (“Common Shares”), outstanding as of May 8, 2025 was 31,263,326, 2,971,670 and 163,041 of Institutional Class, Class S and Class D Common Shares, respectively.

1

BLACKROCK PRIVATE CREDIT FUND

FORM 10-Q

FOR THE THREE MONTHS ENDED MARCH 31, 2025

TABLE OF CONTENTS

Part I.	Financial Information
Item 1.	Consolidated Financial Statements
	Consolidated Statements of Assets and Liabilities as of March 31, 2025 (Unaudited) and December 31, 2024	3
	Consolidated Statements of Operations for the three months ended March 31, 2025 (Unaudited) and March 31, 2024 (Unaudited)	5
	Consolidated Statements of Changes in Net Assets for the three months ended March 31, 2025 (Unaudited) and March 31, 2024 (Unaudited)	6
	Consolidated Statements of Cash Flows for the nine months ended March 31, 2025 (Unaudited) and March 31, 2024 (Unaudited)	7
	Consolidated Schedule of Investments as of March 31, 2025 (Unaudited) and December 31, 2024	8
	Notes to Consolidated Financial Statements (Unaudited)	32
	Consolidated Schedule of Restricted Securities of Unaffiliated Issuers as of March 31, 2025 (Unaudited) and December 31, 2024	55
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	57
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	70
Item 4.	Controls and Procedures	70
Part II.	Other Information
Item 1.	Legal Proceedings	72
Item 1A.	Risk Factors	72
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	73
Item 3.	Defaults upon Senior Securities	73
Item 4.	Mine Safety Disclosures	73
Item 5.	Other Information	73
Item 6.	Exhibits	74

2

BlackRock Private Credit Fund

Consolidated Statements of Assets and Liabilities

	March 31, 2025			December 31, 2024
	(Unaudited)
Assets
Investments, at fair value:
Non-controlled, non-affiliated investments (cost of $1,342,479,531 and $1,035,050,829, respectively)	$	1,342,209,460		$	1,040,393,586
Total investments (cost of $1,342,479,531 and $1,035,050,829, respectively)		1,342,209,460			1,040,393,586
Cash and cash equivalents		48,551,943			41,078,437
Interest, dividends and fees receivable		7,509,036			6,523,832
Deferred debt issuance costs		3,990,639			4,147,931
Receivable for investments sold		1,486,649			7,996,181
Prepaid expenses and other assets		2,311,197			2,314,798
Total assets		1,406,058,924			1,102,454,765
Liabilities
Debt (net of deferred issuance costs of $1,022,515 and $866,702, respectively)		437,977,485			389,133,298
Payable for investments purchased		179,449,623			43,346,561
Distribution payable		7,175,436			6,009,553
Interest and debt related payables		6,188,078			4,009,503
Incentive fees payable		4,397,701			3,978,275
Management fees payable		1,480,955			1,791,192
Reimbursements due to the Investment Adviser		982,219			1,125,355
Accrued capital gains incentive fees		—			498,552
Accrued expenses and other liabilities		1,668,161			1,370,802
Total liabilities	$	639,319,658		$	451,263,091
Commitments and contingencies (Note 5)
Net assets	$	766,739,266		$	651,191,674
Composition of net assets applicable to common shareholders
Common shares of beneficial interest, $0.001 par value; 31,398,523 and 26,269,689 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively	$	31,401		$	26,269
Paid-in capital in excess of par		775,050,831			648,200,991
Distributable earnings (loss)		(8,342,966	)		2,964,414
Total net assets		766,739,266			651,191,674
Total liabilities and net assets	$	1,406,058,924		$	1,102,454,765
Net assets per share	$	24.42		$	24.79

See accompanying notes to the consolidated financial statements.

3

BlackRock Private Credit Fund

Consolidated Statements of Assets and Liabilities

	March 31, 2025		December 31, 2024
	(Unaudited)
NET ASSET VALUE PER SHARE
Class I Shares:
Net assets	$	699,521,530	$	603,211,729
Common shares outstanding ($0.001 par value, unlimited shares authorized)		28,645,909		24,334,133
Net asset value per share	$	24.42	$	24.79
Class S Shares:
Net assets	$	63,601,626	$	44,822,335
Common shares outstanding ($0.001 par value, unlimited shares authorized)		2,604,532		1,808,175
Net asset value per share	$	24.42	$	24.79
Class D Shares:
Net assets	$	3,616,110	$	3,157,610
Common shares outstanding ($0.001 par value, unlimited shares authorized)		148,082		127,381
Net asset value per share		24.42		24.79

See accompanying notes to the consolidated financial statements.

4

BlackRock Private Credit Fund

Consolidated Statements of Operations (Unaudited)

	For the Three Months Ended March 31,
	2025			2024
Investment income
Interest income:
Non-controlled, non-affiliated investments	$	28,213,270		$	13,387,272
PIK income:
Non-controlled, non-affiliated investments		720,176			139,588
Total investment income		28,933,446			13,526,860
Operating expenses
Interest and other debt expenses		6,951,531			3,325,652
Incentive fees earned		2,232,438			1,052,539
Management fees		2,159,278			792,891
Amortization of continuous offering costs		634,857			—
Administrative expenses		308,440			334,703
Professional fees		254,708			302,765
Custody fees		166,398			76,106
Organizational expenses		161,704			—
Distribution and servicing fees
Class S		121,847			—
Class D		2,168			—
Director fees		71,125			58,625
Insurance expense		7,232			7,232
Incentive fees on capital gains (1)		(498,552	)		—
Other operating expenses		234,654			208,570
Total operating expenses		12,807,828			6,159,083
Net investment income		16,125,618			7,367,777
Realized and unrealized gain (loss) on investments and foreign currency
Net realized gain (loss):
Non-controlled, non-affiliated investments		(1,487,740	)		1,200
Net realized gain (loss)		(1,487,740	)		1,200
Net change in unrealized appreciation (depreciation):
Non-controlled, non-affiliated investments		(5,612,828	)		1,420,323
Net change in unrealized appreciation (depreciation)		(5,612,828	)		1,420,323
Net realized and unrealized gain (loss)		(7,100,568	)		1,421,523
Net increase (decrease) in net assets resulting from operations	$	9,025,050		$	8,789,300

_______________________________________

(1) Net investment income amounts displayed above are net of the accrual for incentive fees on capital gains which is reflected on a hypothetical liquidation basis in accordance with Generally Accepted Accounting Principles (“GAAP”) for the three months ended March 31, 2025 and 2024 (see Note 3).

See accompanying notes to the consolidated financial statements.

5

BlackRock Private Credit Fund

Consolidated Statements of Changes in Net Assets (Unaudited)

	Common Shares						Paid in Capital			Distributable			Total Net
	Shares			Par Amount			in Excess of Par			Earnings (loss)			Assets
Balance at December 31, 2024		26,269,689		$	26,269		$	648,200,991		$	2,964,414		$	651,191,674
Share Transactions
Institutional Class:
Issuance of common shares		3,896,779			3,897			96,383,551			—			96,387,448
Issuance of common shares from dividend reinvestment plan		468,209			468			11,580,417			—			11,580,885
Repurchase of common shares		(53,212	)		(53	)		(1,317,163	)		—			(1,317,216	)
Class S:
Issuance of common shares		795,280			795			19,664,705			—			19,665,500
Issuance of common shares from dividend reinvestment plan		4,161			4			102,860			—			102,864
Repurchase of common shares		(3,084	)		—			(76,445	)		—			(76,445	)
Class D:
Issuance of common shares		20,572			21			508,729			—			508,750
Issuance of common shares from dividend reinvestment plan		129			—			3,186			—			3,186
Net investment income		—			—			—			16,125,618			16,125,618
Net realized and unrealized gain (loss)		—			—			—			(7,100,568	)		(7,100,568	)
Dividends paid to common shareholders:
Institutional Class		—			—			—			(18,761,171	)		(18,761,171	)
Class S		—			—			—			(1,476,870	)		(1,476,870	)
Class D		—			—			—			(94,389	)		(94,389	)
Balance at March 31, 2025		31,398,523		$	31,401		$	775,050,831		$	(8,342,966	)	$	766,739,266
	Common Shares						Paid in Capital			Distributable			Total Net
	Shares			Par Amount			in Excess of Par			Earnings (loss)			Assets
Balance at December 31, 2023		9,608,484		$	9,608		$	234,370,285		$	4,424,133		$	238,804,026
Institutional Class:
Issuance of common shares		1,322,168			1,322			32,917,349			—			32,918,671
Issuance of common shares from dividend reinvestment plan		276,320			276			6,877,693			—			6,877,969
Repurchase of common shares		(23,540	)		(24	)		(588,005	)		—			(588,029	)
Net investment income		—			—			—			7,367,777			7,367,777
Net realized and unrealized gain (loss)		—			—			—			1,421,523			1,421,523
Dividends paid to common shareholders:
Institutional Class		—			—			—			(7,392,673	)		(7,392,673	)
Balance at March 31, 2024		11,183,432		$	11,182		$	273,577,322		$	5,820,760		$	279,409,264

See accompanying notes to the consolidated financial statements.

6

BlackRock Private Credit Fund

Consolidated Statements of Cash Flows (Unaudited)

	For the Three Months Ended March 31,
	2025			2024
Operating activities
Net increase (decrease) in net assets resulting from operations	$	9,025,050		$	8,789,300
Adjustments to reconcile net increase (decrease) in net assets resulting    from operations to net cash provided by (used in) operating activities:
Net realized (gain) loss		1,446,276			(1,200	)
Change in net unrealized (appreciation) depreciation of investments		5,612,828			(1,420,323	)
Net amortization of investment discounts and premiums		(1,302,624	)		(815,441	)
Interest and dividend income paid in kind		(724,041	)		(175,886	)
Amortization of deferred debt issuance costs		243,524			56,379
Changes in assets and liabilities:
Purchases of investments		(380,417,459	)		(50,018,890	)
Proceeds from disposition of investments		73,569,146			11,639,214
Decrease (increase) in interest, dividends and fees receivable		(985,204	)		(598,420	)
Decrease (increase) in receivable for investments sold		6,509,532			592,871
Decrease (increase) in prepaid expenses and other assets		3,601			(34,000	)
Increase (decrease) in interest and debt related payables		2,178,575			416,578
Increase (decrease) in incentive fees payable		419,426			1,052,539
Increase (decrease) in management fees payable		(310,237	)		792,891
Increase (decrease) in accrued capital gains incentive fees		(498,552	)		—
Increase (decrease) in reimbursements due to the Investment Adviser		(143,136	)		106,962
Increase (decrease) in payable for investments purchased		136,103,062			(13,860,550	)
Increase (decrease) in accrued expenses and other liabilities		297,359			393,400
Net cash provided by (used in) operating activities		(148,972,874	)		(43,084,576	)
Financing activities
Proceeds from common shares sold		116,561,698			20,993,832
Contribution received in advance		—			24,623,803
Proceeds from issuance of Tranche B Notes		55,000,000			—
Draws on credit facilities		174,000,000			35,000,000
Repayments of credit facility draws		(180,000,000	)		(19,000,000	)
Payments of debt issuance costs		(242,045	)		—
Dividends paid in cash to shareholders		(7,479,612	)		(1,593,738	)
Payments of repurchased shares		(1,393,661	)		—
Net cash provided by (used in) financing activities		156,446,380			60,023,897
Net increase (decrease) in cash and cash equivalents (including restricted cash)		7,473,506			16,939,321
Cash and cash equivalents (including restricted cash) at beginning of period		41,078,437			20,393,858
Cash and cash equivalents (including restricted cash) at end of period	$	48,551,943		$	37,333,179
Supplemental cash flow information
Interest payments	$	4,529,433		$	2,852,695
Excise tax payments	$	—		$	73,753
Distribution payable	$	7,175,436		$	2,572,190
Reinvestment of dividends during the period	$	11,686,935		$	6,877,969

See accompanying notes to the consolidated financial statements.

7

BlackRock Private Credit Fund

Consolidated Schedule of Investments (Unaudited)

March 31, 2025

Issuer(F)	Instrument	Ref(B)	Floor			Spread			Total Coupon			Maturity	Principal		Cost			Fair Value			% of Total Cash and Investment			Notes
Debt Investments(A)
Aerospace and Defense
Arcline FM Holdings, LLC (Fairbanks Morse, LLC)	First Lien Term Loan	SOFR(Q)		—			4.50	%		8.80	%	6/28/2028	$	19,780,556	$	19,645,912		$	19,721,214			1.41	%
Engineering Research Holding LLC (Astrion, Inc.)	First Lien Term Loan	SOFR(Q)		1.00	%		5.00	%		9.31	%	8/29/2031	$	22,980,136		22,661,458			22,922,686			1.64	%	E
Kaman Corporation	First Lien Term Loan	SOFR(Q)		—			2.75	%		7.07	%	1/30/2032	$	4,371,185		4,335,515			4,318,359			0.31	%	L
Kaman Corporation	First Lien Delayed Draw Term Loan	SOFR(Q)		—			2.75	%		7.07	%	1/30/2032	$	—		(3,365	)		(4,984	)		—		D/L
Peraton Corp.	First Lien Term Loan	SOFR(M)		0.75	%		3.85	%		8.17	%	2/1/2028	$	1,007,692		992,236			899,128			0.06	%
Signia Aerospace LLC	First Lien Term Loan	SOFR(M)		0.50	%		3.00	%		7.32	%	11/21/2031	$	3,986,732		3,985,118			3,971,782			0.29	%
Signia Aerospace LLC	First Lien Delayed Draw Term Loan	SOFR(M)		0.50	%		3.00	%		7.32	%	11/21/2031	$	—		(42	)		(967	)		—		D
Skydio, Inc	First Lien Term Loan	SOFR(M)		2.50	%	2.75% Cash + 2.75% PIK				9.82	%	12/4/2029	$	7,551,681		7,481,528			7,476,164			0.54	%	E
Skydio, Inc	First Lien Delayed Draw Term Loan B	SOFR(M)		2.50	%	2.75% Cash + 2.75% PIK				9.82	%	12/4/2029	$	—		(35,077	)		(37,500	)		—		D/E
Skydio, Inc	First Lien Delayed Draw Term Loan A	SOFR(M)		2.50	%	2.75% Cash + 2.75% PIK				9.82	%	12/4/2029	$	—		(35,077	)		(37,500	)		—		D/E
Cobham Ultra US Co-Borrower LLC (Ultra Electronics)	First Lien Term Loan	SOFR(Q)		—			3.75	%		8.10	%	8/4/2029	$	1,885,275		1,885,275			1,881,354			0.14	%
																60,913,481			61,109,736			4.39	%
Air Freight and Logistics
Air Transport Services Group Inc	First Lien Term Loan	SOFR(Q)		—			2.75	%		7.10	%	2/5/2032	$	410,000		408,975			408,911			0.03	%	L
Automobiles
Wand Newco 3, Inc. (aka Caliber Collision)	First Lien Term Loan	SOFR(M)		—			2.50	%		6.82	%	1/30/2031	$	2,825,822		2,813,182			2,788,041			0.20	%
Beverages
Triton Water Holdings Inc	First Lien Term Loan	SOFR(Q)		—			2.25	%		6.55	%	3/31/2028	$	825,786		825,786			823,404			0.06	%
Building Products
Air Distribution Technologies Inc	First Lien Term Loan	SOFR(Q)		1.00	%		6.00	%		10.30	%	8/1/2030	$	9,697,520		9,525,081			9,639,335			0.69	%	E
Trulite Holding Corp.	First Lien Term Loan	SOFR(Q)		1.00	%		6.00	%		10.31	%	2/22/2030	$	10,170,791		10,003,377			10,094,510			0.73	%	E
Wilsonart LLC	First Lien Term Loan	SOFR(Q)		—			4.25	%		8.55	%	7/25/2031	$	4,809,167		4,762,384			4,588,619			0.33	%
																24,290,842			24,322,464			1.75	%
Capital Markets
Ardonagh Group FinCo Pty Ltd (Australia)	First Lien Term Loan	SOFR(M)		—			2.75	%		7.19	%	2/27/2031	$	1,900,000		1,877,200			1,878,625			0.14	%	C
Ascensus Holdings, Inc	First Lien Term Loan	SOFR(M)		0.50	%		3.00	%		7.32	%	8/2/2028	$	1,050,216		1,050,216			1,045,290			0.08	%
BCPE Pequod Buyer Inc. (Envestnet Inc.)	First Lien Term Loan	SOFR(Q)		—			3.50	%		7.79	%	9/19/2031	$	453,000		450,805			452,151			0.03	%
Focus Financial Partners, LLC	First Lien Term Loan	SOFR(M)		—			2.75	%		7.07	%	9/15/2031	$	4,921,696		4,910,283			4,880,058			0.35	%
Grant Thornton Advisors LLC	First Lien Term Loan	SOFR(M)		—			2.75	%		7.07	%	6/2/2031	$	2,690,393		2,690,412			2,679,887			0.19	%
Grant Thornton Advisors LLC	First Lien Term Loan	SOFR(M)		—			2.75	%		7.07	%	6/2/2031	$	—		(1,194	)		(603	)		—		D
Learning Care Group (US) No. 2 Inc.	First Lien Initial Term Loan	SOFR(Q)		0.50	%		4.00	%		8.30	%	8/11/2028	$	29,551		29,251			29,381			—
OVG Business Services LLC (Oak View)	First Lien Term Loan	SOFR(M)		—			3.00	%		7.32	%	6/15/2031	$	746,873		748,737			745,006			0.05	%	E
PMA Parent Holdings, LLC	First Lien Term Loan	SOFR(Q)		0.75	%		5.25	%		9.55	%	1/31/2031	$	8,869,062		8,721,233			8,904,538			0.64	%	E
PMA Parent Holdings, LLC	First Lien Revolver	SOFR(Q)		0.75	%		5.25	%		9.55	%	1/31/2031	$	—		(21,171	)		—			—		D/E
																20,455,772			20,614,333			1.48	%
Chemicals
Advancion (f/k/a Aruba Investments Holdings, LLC)	First Lien Term Loan	SOFR(M)		0.75	%		4.10	%		8.42	%	11/24/2027	$	1,240,360		1,235,404			1,211,677			0.09	%

8

BlackRock Private Credit Fund

Consolidated Schedule of Investments (Continued) (Unaudited)

March 31, 2025

Issuer(F)	Instrument	Ref(B)	Floor			Spread			Total Coupon			Maturity	Principal		Cost			Fair Value			% of Total Cash and Investment			Notes
Debt Investments - Continued
Chemicals (Continued)
Ascend Learning, LLC	First Lien Term Loan	SOFR(M)		—			3.00	%		7.32	%	12/11/2028	$	3,442,404	$	3,390,904		$	3,405,519			0.24	%
CP Iris Holdco I, Inc	First Lien Term Loan	SOFR(M)		0.50	%		3.75	%		7.82	%	9/21/2028	$	1,850,409		1,856,153			1,829,592			0.13	%
Derby Buyer LLC	First Lien Term Loan	SOFR(M)		—			3.00	%		7.32	%	11/1/2030	$	1,885,263		1,881,466			1,874,658			0.13	%
Discovery Purchaser Corporation	First Lien Term Loan	SOFR(Q)		0.50	%		3.75	%		8.04	%	10/4/2029	$	3,053,271		2,997,474			3,028,463			0.22	%
INEOS Composites International Holdings LLC (FORTIS)	First Lien Term Loan	SOFR(M)		—			3.50	%		7.83	%	2/6/2032	$	726,000		724,185			722,370			0.05	%	E
Momentive Performance Materials, Inc.	First Lien Term Loan	SOFR(M)		—			4.00	%		8.32	%	3/22/2028	$	1,228,921		1,212,209			1,225,695			0.09	%
Olympus Water US Holding Corporation (Solenis)	First Lien Term Loan	SOFR(Q)		0.50	%		3.00	%		7.30	%	6/9/2031	$	2,855,990		2,852,232			2,815,821			0.20	%
Sparta U.S. Holdco LLC	First Lien Term Loan	SOFR(M)		0.75	%		3.00	%		7.32	%	8/2/2028	$	937,577		936,171			932,303			0.07	%
W. R. Grace Holdings LLC	First Lien Term Loan	SOFR(Q)		0.50	%		3.25	%		7.55	%	9/22/2028	$	2,063,143		2,056,342			2,046,380			0.15	%
																19,142,540			19,092,478			1.37	%
Commercial Services and Supplies
Allied Universal Holdco LLC	First Lien Term Loan	SOFR(M)		0.50	%		3.85	%		8.17	%	5/12/2028	$	4,712,598		4,707,222			4,712,975			0.34	%
Anticimex Inc. (Sweden)	First Lien Term Loan	SOFR(M)		0.50	%		3.40	%		7.72	%	11/16/2028	$	241,392		241,392			241,271			0.02	%	C
Apollo Group Holdco, LLC (Topsail)	First Lien Term Loan	SOFR(Q)		1.00	%		6.00	%		10.30	%	12/26/2030	$	16,088,457		15,780,780			15,734,511			1.13	%	E
Cohnreznick Advisory LLC	First Lien Term Loan	SOFR(Q)		—			3.75	%		8.10	%	3/26/2030	$	16,708,183		16,624,642			16,708,183			1.20	%	E
Cohnreznick Advisory LLC	First Lien Delayed Draw Term Loan	SOFR(Q)		—			3.75	%		8.10	%	3/26/2032	$	—		(19,338	)		—			—		D/E
Creative Artists Agency, LLC.	First Lien Term Loan	SOFR(M)		—			2.75	%		7.07	%	10/1/2031	$	977,550		977,550			975,947			0.07	%
Creative Artists Agency, LLC.	First Lien Term Loan	SOFR(M)		—			2.75	%		7.07	%	10/1/2031	$	1,855,925		1,851,677			1,852,881			0.13	%
Dealer Tire Financial, LLC	First Lien Term Loan	SOFR(M)		—			3.00	%		7.32	%	7/2/2031	$	4,698,233		4,687,326			4,680,615			0.34	%	E
EnergySolutions, LLC	First Lien Term Loan	SOFR(M)		0.50	%		3.25	%		7.57	%	9/18/2030	$	653,000		649,735			652,592			0.05	%
Ensemble RCM, LLC	First Lien Term Loan B	SOFR(Q)		—			3.00	%		7.29	%	8/3/2029	$	3,757,088		3,762,970			3,757,896			0.27	%
Interstate Waste Services Inc	First Lien Term Loan	SOFR(Q)		—			4.00	%		8.35	%	10/4/2030	$	238,000		236,810			238,298			0.02	%	E
Madison Safety & Flow LLC	First Lien Term Loan	SOFR(M)		—			2.75	%		7.07	%	9/26/2031	$	2,259,690		2,260,235			2,258,628			0.16	%
Modigent, LLC (Pueblo)	First Lien Delayed Draw Term Loan	SOFR(Q)		0.75	%		4.75	%		9.05	%	8/23/2028	$	4,439,606		4,333,935			4,341,015			0.31	%	E
Modigent, LLC (Pueblo)	First Lien Term Loan	SOFR(Q)		0.75	%		4.75	%		9.05	%	8/23/2028	$	1,426,691		1,406,514			1,408,686			0.10	%	E
Modigent, LLC (Pueblo)	First Lien Delayed Draw Term Loan	SOFR(Q)		0.75	%		4.75	%		9.05	%	8/23/2028	$	989,600		975,083			977,111			0.07	%	E
Modigent, LLC (Pueblo)	First Lien Revolver	SOFR(Q)		0.75	%		4.75	%		9.05	%	8/23/2027	$	—		(14,814	)		(11,155	)		—		D/E
TA TT Buyer, LLC (TouchTunes, Octave Music)	First Lien Tranche B-1 Term Loan	SOFR(Q)		0.50	%		4.75	%		9.05	%	4/1/2029	$	16,844,857		16,847,524			16,518,488			1.19	%
																75,309,243			75,047,942			5.40	%
Construction Materials
Covia Holdings LLC	First Lien Term Loan	SOFR(Q)		—			3.25	%		7.57	%	2/12/2032	$	1,129,000		1,127,518			1,127,239			0.08	%
Construction and Engineering
Brand Industrial Services Inc	First Lien Term Loan	SOFR(Q)		0.50	%		4.50	%		8.79	%	8/1/2030	$	4,420,033		4,400,597			4,192,888			0.30	%
Compsych Holdings Corp	First Lien Term Loan	SOFR(Q)		0.75	%		4.75	%		9.04	%	7/22/2031	$	13,026,842		12,968,155			13,052,896			0.95	%	E
Compsych Holdings Corp	First Lien Delayed Draw Term Loan	SOFR(Q)		0.75	%		4.75	%		9.04	%	7/22/2031	$	—		(8,419	)		7,475			—		D/E
Groupe Solmax Inc. (Canada), Solmax U.S. LP	First Lien Term Loan	SOFR(M)		1.00	%		4.86	%		9.19	%	6/27/2028	$	2,388,754		2,308,246			2,000,581			0.14	%	C
Legence Holdings LLC (Refficiency)	First Lien Term Loan	SOFR(M)		—			3.25	%		7.57	%	12/16/2028	$	2,841,330		2,838,395			2,823,572			0.20	%
LJ Avalon Holdings, LLC (Ardurra)	First Lien Delayed Draw Term Loan	SOFRQ)		1.00	%		5.25	%		9.60	%	2/1/2030	$	—		(10,057	)		—			—		D/E
LJ Avalon Holdings, LLC (Ardurra)	First Lien Term Loan	SOFR(Q)		1.00	%		4.75	%		9.07	%	2/1/2030	$	743,736		728,318			743,736			0.05	%	E
LJ Avalon Holdings, LLC (Ardurra)	First Lien Delayed Draw Term Loan	SOFR(Q)		1.00	%		4.75	%		9.07	%	2/1/2030	$	304,459		298,137			304,459			0.02	%	E
LJ Avalon Holdings, LLC (Ardurra)	First Lien Revolver	SOFR(Q)		1.00	%		4.75	%		9.07	%	2/1/2029	$	—		(2,361	)		—			—		D/E
PlayPower, Inc	First Lien Term Loan	SOFR(Q)		0.75	%		5.00	%		9.30	%	8/28/2030	$	13,627,877		13,443,612			13,559,738			0.98	%	E
PlayPower, Inc	First Lien Revolver	SOFR(Q)		0.75	%		5.00	%		9.30	%	8/28/2030	$	—		(27,994	)		(27,329	)		—		D/E

9

BlackRock Private Credit Fund

Consolidated Schedule of Investments (Continued) (Unaudited)

March 31, 2025

Issuer(F)	Instrument	Ref(B)	Floor			Spread			Total Coupon			Maturity	Principal		Cost			Fair Value			% of Total Cash and Investment			Notes
Debt Investments - Continued
Construction and Engineering (Continued)
PlayPower, Inc	First Lien Term Loan	SOFR(Q)		0.75	%		5.00	%		9.30	%	8/28/2030	$	2,000,756	$	1,981,097		$	1,990,752			0.14	%	E
Tecta America Corp.	First Lien Term Loan	SOFR(M)		—			3.00	%		7.32	%	2/18/2032	$	303,000		302,248			301,144			0.02	%
Titan Home Improvement, LLC (Renuity)	First Lien Term Loan	SOFR(Q)		1.00	%		5.75	%		10.06	%	5/30/2030	$	9,605,592		9,440,223			9,644,014			0.69	%	E
Titan Home Improvement, LLC (Renuity)	First Lien Delayed Draw Term Loan	SOFR(Q)		1.00	%		5.75	%		10.06	%	5/31/2030	$	—		(15,581	)		7,240			—		D/E
Titan Home Improvement, LLC (Renuity)	First Lien Revolver	SOFR(Q)		1.00	%		5.75	%		10.06	%	5/30/2030	$	—		(25,957	)		—			—		D/E
Vortex Companies, LLC	First Lien Delayed Draw Term Loan	SOFR(M)		1.00	%		5.00	%		9.32	%	9/4/2029	$	6,308,870		6,152,410			6,241,951			0.45	%	E
Vortex Companies, LLC	First Lien Term Loan	SOFR(M)		1.00	%		5.00	%		9.32	%	9/4/2029	$	5,010,340		4,940,053			4,980,278			0.36	%	E
Vortex Companies, LLC	First Lien Term Loan	SOFR(M)		1.00	%		5.00	%		9.32	%	9/4/2029	$	2,692,418		2,692,418			2,676,263			0.19	%	E
Vortex Companies, LLC	First Lien Delayed Draw Term Loan	SOFR(M)		1.00	%		5.00	%		9.32	%	9/4/2029	$	2,607,071		2,563,481			2,591,429			0.19	%	E
Vortex Companies, LLC	First Lien Term Loan	SOFR(M)		1.00	%		5.00	%		9.32	%	9/4/2029	$	950,926		934,324			945,220			0.07	%	E
Vortex Companies, LLC	First Lien Delayed Draw Term Loan	SOFR(M)		1.00	%		5.00	%		9.32	%	9/4/2029	$	616,305		605,541			612,607			0.04	%	E
Vortex Companies, LLC	First Lien Revolver	SOFR(M)		1.00	%		5.00	%		9.32	%	9/4/2029	$	187,537		158,873			176,128			0.01	%	E
																66,665,759			66,825,042			4.80	%
Consumer Finance
Freedom Financial Network Funding, LLC	First Lien Term Loan	SOFR(S)		1.00	%		9.25	%		13.53	%	9/21/2027	$	2,575,043		2,543,120			2,510,667			0.18	%	E
Freedom Financial Network Funding, LLC	First Lien Delayed Draw Term Loan	SOFR(S)		1.00	%		9.25	%		13.66	%	9/21/2027	$	858,348		847,707			836,889			0.06	%	E
Lucky US BuyerCo, LLC (Global Payments)	First Lien Term Loan	SOFR(Q)		1.00	%		7.50	%		11.80	%	3/30/2029	$	3,142,632		3,079,737			3,084,556			0.22	%	E
Lucky US BuyerCo, LLC (Global Payments)	First Lien Revolver	SOFR(Q)		1.00	%		7.50	%		11.80	%	3/30/2029	$	303,066		294,843			295,498			0.02	%	E
																6,765,407			6,727,610			0.48	%
Containers and Packaging
Charter Next Generation, Inc. (fka Charter NEX US, Inc.)	First Lien Term Loan	SOFR(M)		—			3.00	%		7.07	%	12/1/2030	$	8,483,894		8,479,531			8,482,197			0.62	%
Clydesdale Acquisition Holdings, Inc	First Lien Term Loan	SOFR(M)		—			3.25	%		7.58	%	4/13/2029	$	1,569,978		1,558,203			1,563,109			0.11	%
Clydesdale Acquisition Holdings, Inc	First Lien Delayed Draw Term Loan	SOFR(M)		—			3.25	%		7.58	%	4/13/2029	$	—		(206	)		(120	)		—		D
Pregis Topco Corporation	First Lien Term Loan	SOFR(M)		—			4.00	%		8.32	%	8/1/2026	$	748,026		750,196			749,230			0.05	%
																10,787,724			10,794,416			0.78	%
Diversified Consumer Services
Belron Finance 2019 LLC (United Kingdom)	First Lien Term Loan	SOFR(M)		0.50	%		2.75	%		7.05	%	10/1/2031	$	1,885,263		1,891,485			1,884,386			0.14	%	C
Fusion Holding Corp. (Finalsite)	First Lien Term Loan	SOFR(Q)		0.75	%		6.25	%		10.55	%	9/14/2029	$	4,444,094		4,380,445			4,371,300			0.31	%	E
Fusion Holding Corp. (Finalsite)	First Lien Revolver	Prime		0.75	%		5.25	%		12.75	%	9/15/2027	$	185,566		181,464			180,882			0.01	%	E
Planet US Buyer LLC	First Lien Term Loan	SOFR(Q)		—			3.00	%		7.32	%	1/31/2031	$	1,127,161		1,129,979			1,125,634			0.08	%
																7,583,373			7,562,202			0.54	%
Diversified Financial Services
Accordion Partners LLC	First Lien Term Loan	SOFR(Q)		0.75	%		5.25	%		9.55	%	11/15/2031	$	19,076,087		18,985,849			18,999,783			1.36	%	E
Accordion Partners LLC	First Lien Delayed Draw Term Loan	SOFR(Q)		0.75	%		5.25	%		9.54	%	11/15/2031	$	508,696		481,023			495,979			0.04	%	E
Accordion Partners LLC	First Lien Revolver	SOFR(Q)		0.75	%		5.25	%		9.54	%	11/15/2031	$	—		(10,026	)		(8,478	)		—		D/E
Accuserve Solutions, Inc.	First Lien Term Loan	SOFR(S)		1.00	%		5.25	%		9.53	%	3/15/2030	$	499,500		499,500			501,498			0.04	%	E
Accuserve Solutions, Inc.	First Lien Delayed Draw Term Loan	SOFR(S)		1.00	%		5.25	%		9.53	%	3/15/2030	$	—		(1,738	)		1,684			—		D/E
Acuris Finance US, Inc.	First Lien Term Loan	SOFR(Q)		—			3.75	%		8.05	%	2/16/2028	$	601,162		585,378			601,069			0.04	%
EdgeCo Buyer, Inc.	First Lien Delayed Draw Term Loan E	SOFR(Q)		1.00	%		4.50	%		8.80	%	6/1/2028	$	636,439		582,488			581,268			0.04	%	E
EdgeCo Buyer, Inc.	First Lien Term Loan B	SOFR(Q)		1.00	%		4.50	%		8.80	%	6/1/2028	$	2,541,726		2,518,294			2,517,783			0.18	%	E
EdgeCo Buyer, Inc.	First Lien Term Loan	SOFR(Q)		—			4.50	%		8.80	%	6/1/2028	$	1,111,043		1,100,800			1,100,577			0.08	%	E
EdgeCo Buyer, Inc.	First Lien Revolver	SOFR(Q)		1.00	%		4.50	%		8.80	%	6/1/2028	$	—		(5,399	)		(5,517	)		—		D/E

10

BlackRock Private Credit Fund

Consolidated Schedule of Investments (Continued) (Unaudited)

March 31, 2025

Issuer(F)	Instrument	Ref(B)	Floor			Spread			Total Coupon			Maturity	Principal			Cost			Fair Value			% of Total Cash and Investment			Notes
Debt Investments - Continued
Electrical Equipment (Continued)
EdgeCo Buyer, Inc.	First Lien Delayed Draw Term Loan A	SOFR(Q)		1.00	%		4.50	%		8.80	%	6/1/2028	$	216,160		$	214,167		$	214,124			0.02	%	E
EdgeCo Buyer, Inc.	First Lien Delayed Draw Term Loan B	SOFR(Q)		1.00	%		4.50	%		8.80	%	6/1/2028	$	187,713			185,983			185,945			0.01	%	E
EdgeCo Buyer, Inc.	First Lien Delayed Draw Term Loan C	SOFR(Q)		1.00	%		4.50	%		8.80	%	6/1/2028	$	62,410			61,835			61,822			—		E
GC Champion Acquisition LLC (Numerix)	First Lien Delayed Draw Term Loan	SOFR(Q)		1.00	%		5.00	%		9.30	%	8/19/2028	$	7,787,045			7,641,456			7,637,018			0.55	%	E
GC Champion Acquisition LLC (Numerix)	First Lien Incremental Term Loan	SOFR(Q)		1.00	%		5.00	%		9.30	%	8/21/2028	$	8,854,151			8,676,204			8,738,339			0.63	%	E
GC Champion Acquisition LLC (Numerix)	First Lien Term Loan	SOFR(Q)		1.00	%		5.00	%		9.30	%	8/21/2028	$	2,321,100			2,294,905			2,290,740			0.16	%	E
GC Champion Acquisition LLC (Numerix)	First Lien Delayed Draw Term Loan	SOFR(Q)		1.00	%		5.00	%		9.30	%	8/21/2028	$	644,750			637,474			636,317			0.05	%	E
GC Waves Holdings, Inc. (Mercer)	First Lien Term Loan	SOFR(M)		0.75	%		4.85	%		9.17	%	9/30/2030	$	19,072,738			19,072,737			19,263,465			1.38	%	E
GC Waves Holdings, Inc. (Mercer)	First Lien Revolver	SOFR(M)		0.75	%		6.00	%		10.32	%	8/10/2029	$	—			—			—			—		E
HP PHRG Borrower LLC	First Lien Term Loan	SOFR(Q)		—			4.00	%		8.30	%	2/20/2032	$	19,312,571			19,120,973			18,902,179			1.36	%
Payroc, LLC	First Lien Term Loan	SOFR(M)		1.00	%		4.75	%		9.07	%	11/1/2027	$	7,572,680			7,494,090			7,512,099			0.54	%	E
Payroc, LLC	First Lien Revolver	SOFR(M)		1.00	%		4.75	%		9.07	%	11/1/2027	$	—			(1,737	)		(1,332	)		—		D/E
Rialto Management Group, LLC	First Lien Term Loan	SOFR(M)		0.75	%		5.00	%		9.32	%	12/5/2030	$	11,219,169			11,112,968			11,062,101			0.80	%	E/K
Rialto Management Group, LLC	First Lien Revolver	SOFR(M)		0.75	%		5.00	%		9.32	%	12/5/2030	$	—			(3,745	)		(5,538	)		—		D/E/K
SitusAMC Holdings Corporation	First Lien Term Loan	SOFR(Q)		0.75	%		5.60	%		9.90	%	11/30/2027	$	16,871,817			16,804,226			16,989,920			1.22	%	E
SitusAMC Holdings Corporation	First Lien Term Loan B	SOFR(Q)		0.75	%		5.60	%		9.90	%	6/28/2025	$	7,963,710			7,931,208			8,019,456			0.58	%	E
Wealth Enhancement Group, LLC	First Lien Delayed Draw Term Loan	SOFR(Q)		1.00	%		5.00	%		9.32	%	10/4/2028	$	14,069,105			14,069,105			13,968,511			1.00	%	E
Wealth Enhancement Group, LLC	First Lien Delayed Draw Term Loan	SOFR(Q)		1.00	%		5.00	%		9.30	%	10/2/2028	$	—			(32,841	)		(47,750	)		—		D/E
Wealth Enhancement Group, LLC	First Lien Delayed Draw Term Loan	SOFR(Q)		1.00	%		5.00	%		9.30	%	10/4/2028	$	3,416,403			3,391,332			3,389,837			0.24	%	E
Wealth Enhancement Group, LLC	First Lien Delayed Draw Term Loan	SOFR(Q)		1.00	%		5.00	%		9.32	%	10/2/2028	$	1,091,310			1,091,310			1,083,507			0.08	%	E
Wealth Enhancement Group, LLC	First Lien Revolver	SOFR(Q)		1.00	%		5.00	%		9.32	%	10/4/2028	$	—			(1,874	)		(9,637	)		—		D/E
White Cap Supply Holdings, LLC	First Lien Tranche B Term Loan	SOFR(M)		—			3.25	%		7.57	%	10/19/2029	$	6,679,861			6,642,847			6,492,591			0.47	%
																	151,138,792			151,169,360			10.87	%
Electrical Equipment
Spark Buyer, LLC (Sparkstone)	First Lien Term Loan	SOFR(Q)		0.75	%		5.25	%		9.57	%	10/15/2031	$	11,724,623			11,560,313			11,595,652			0.83	%	E
Spark Buyer, LLC (Sparkstone)	First Lien Revolver	SOFR(Q)		0.75	%		5.25	%		9.57	%	10/15/2031	$	—			(32,944	)		(25,859	)		—		D/E
Spark Buyer, LLC (Sparkstone)	First Lien Delayed Draw Term Loan	SOFR(Q)		0.75	%		5.25	%		9.57	%	10/15/2031	$	—			(65,889	)		(51,718	)		—		D/E
																	11,461,480			11,518,075			0.83	%
Energy Equipment and Services
Liquid Tech Solutions Holdings, LLC (Diesel Direct)	First Lien Term Loan	SOFR(M)		—			3.75	%		8.07	%	3/18/2028	$	19,950,000			19,866,296			19,974,938			1.43	%	E
PG Polaris Bidco SARL (Rosen Group) (Luxembourg)	First Lien Term Loan	SOFR(Q)		—			3.00	%		7.30	%	2/24/2031	$	1,890,000			1,895,670			1,892,363			0.14	%	C
																	21,761,966			21,867,301			1.57	%
Entertainment
DIRECTV Financing, LLC	First Lien Term Loan	SOFR(M)		0.75	%		5.50	%		9.82	%	2/15/2031	$	315,980			302,985			302,404			0.02	%	L
Endeavor Operating Company LLC	First Lien Term Loan	SOFR(Q)		—			3.00	%		7.32	%	1/28/2032	$	3,789,000			3,774,619			3,786,651			0.27	%
Renaissance Holding Corp.	First Lien Term Loan	SOFR(Q)		—			3.25	%		7.60	%	4/5/2030	$	(2,449	)		(24,219	)		(18,772	)		—		D
																	4,053,385			4,070,283			0.29	%
Environmental, Maintenance and Security Services
TruGreen Limited Partnership	First Lien Term Loan	SOFR(M)		0.75	%		4.10	%		8.42	%	11/2/2027	$	474,215			467,329			447,740			0.03	%
Food Products
Sauer Brands Inc	First Lien Term Loan	SOFR(M)		—			3.25	%		7.57	%	2/4/2032	$	281,390			280,695			281,460			0.02	%
Sauer Brands Inc	First Lien Delayed Draw Term Loan	SOFR(M)		—			3.25	%		7.57	%	2/5/2032	$	—			—			7			—

11

BlackRock Private Credit Fund

Consolidated Schedule of Investments (Continued) (Unaudited)

March 31, 2025

Issuer(F)	Instrument	Ref(B)	Floor			Spread			Total Coupon			Maturity	Principal		Cost		Fair Value		% of Total Cash and Investment			Notes
Debt Investments - Continued
Food Products (Continued)
Saratoga Food Specialties LLC (Solina France SASU) (France)	First Lien Term Loan	SOFR(Q)		—			3.25	%		7.60	%	3/7/2029	$	940,000	$	943,760	$	940,978		0.07	%	C
																1,224,455		1,222,445		0.09	%
Health Care Equipment and Supplies
Avalara, Inc.	First Lien Term Loan	SOFR(Q)		0.75	%		6.25	%		10.58	%	3/20/2032	$	465,000		462,675		463,765		0.03	%
Chariot Buyer, LLC	First Lien Term Loan	SOFR(M)		0.50	%		3.25	%		7.67	%	11/3/2028	$	3,781,361		3,747,847		3,750,732		0.28	%
Opal Bidco SAS (Opella) (France)	First Lien Term Loan	SOFR(Q)		—			5.00	%		9.35	%	3/31/2032	$	2,010,000		1,999,950		1,999,950		0.14	%	C
																6,210,472		6,214,447		0.45	%
Healthcare Providers and Services
AHP Health Partners, Inc.	First Lien Term Loan	SOFR(M)		0.50	%		2.75	%		7.07	%	8/24/2028	$	1,130,000		1,132,147		1,130,141		0.08	%
LifePoint Health Inc	First Lien Term Loan	SOFR(Q)		—			3.50	%		7.82	%	5/19/2031	$	762,280		758,535		735,737		0.05	%
LifePoint Health Inc	First Lien Term Loan	SOFR(Q)		—			3.75	%		8.07	%	5/16/2031	$	238,213		237,336		231,562		0.02	%
Electron Bidco Inc.	First Lien Term Loan	SOFR(Q)		—			2.75	%		7.10	%	10/7/2028	$	1,130,000		1,129,424		1,129,085		0.08	%
Surgery Partners Holdings LLC	First Lien Term Loan	SOFR(M)		—			2.75	%		7.07	%	12/19/2030	$	1,127,154		1,128,563		1,127,154		0.08	%
CHG Healthcare Services, Inc.	First Lien Term Loan	SOFR(M)		—			3.00	%		7.30	%	9/29/2028	$	3,012,201		2,991,159		3,011,629		0.22	%
Ingenovis Health, Inc.	First Lien Term Loan	SOFR(Q)		0.75	%		4.25	%		8.82	%	3/5/2028	$	239,966		237,397		106,985		0.01	%
IvyRehab Intermediate II, LLC	First Lien Delayed Draw Term Loan	SOFR(Q)		0.75	%		5.35	%		9.65	%	4/23/2029	$	11,938,966		11,751,626		11,807,134		0.85	%	E
Raven Acquisition Holdings LLC (R1 RCM)	First Lien Term Loan	SOFR(M)		—			3.25	%		7.57	%	11/19/2031	$	3,193,065		3,190,024		3,158,468