# EDGAR Filing Document

**Accession Number:** 0002032432
**File Stem:** 0002071691-25-007320
**Filing Date:** 2025-11
**Character Count:** 73669
**Document Hash:** 7399ca85de24f9cf5cf76c4399b53e4e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-25-007320.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0002071691-25-007320

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251125

**DATE AS OF CHANGE**: 20251125

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Blackstone Private Multi-Asset Credit & Income Fund
- **CENTRAL INDEX KEY:** 0002032432

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23996
- **FILM NUMBER:** 251521855

**BUSINESS ADDRESS:**
- **STREET 1:** 345 PARK AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10154
- **BUSINESS PHONE:** 212-503-2100

**MAIL ADDRESS:**
- **STREET 1:** 345 PARK AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10154

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Blackstone Private Multi-Asset Credit Fund
- **DATE OF NAME CHANGE:** 20240731

## Nport-Ex

Blackstone

Private

Multi-Asset

Credit

and

Income

Fund

Consolidated

Schedule

of

Investments

September

30,

2025

(Unaudited)

Consolidated

Schedule

of

Investments

\|

September

30,

2025

See

Notes

to

Consolidated

Schedule

of

Investments

Investments

(1) Reference

Rate

&

Spread

(2) Interest

Rate

(2) Maturity

Date

Acquisition

Date

Par

Amount

Cost

(3) Fair

Value

First

Lien

Debt

-

non-controlled/non-affiliated

-

15.7%

Aerospace

&

Defense

-

1.8%

Galileo

Parent,

Inc.,

Revolver

(4)(5)(6)(7)(8)

SOFR

+ 5.75%

9.75%

05/03/2029

05/09/2025

$

672,187

$

672,187

$

672,187

Galileo

Parent,

Inc.,

Term

Loan

(4)(6)(7)(8)

SOFR

+ 5.75%

9.75%

05/03/2030

05/09/2025

6,444,207

6,444,207

6,444,207

7,116,394

7,116,394

Commercial

Services

&

Supplies

-

4.4%

Ground

Penetrating

Radar

Systems

LLC,

Delayed

Draw

Term

Loan

(4)(5)(6)(8)(9)

SOFR

+ 4.50%

8.82%

01/02/2032

05/09/2025

141,089

140,037

141,089

Ground

Penetrating

Radar

Systems

LLC,

Revolver

(4)(5)(6)(8)(9)

P

+ 3.50%

10.75%

01/02/2032

05/09/2025

74,257

74,257

74,257

Ground

Penetrating

Radar

Systems

LLC,

Term

Loan

(4)(6)(8)(9)

SOFR

+ 4.50%

8.80%

01/02/2032

05/09/2025

5,792,079

5,749,528

5,792,079

ISQ

Hawkeye

Holdco,

Inc.,

Delayed

Draw

Term

Loan

(4)(6)(8)(9)

SOFR

+ 4.68%

8.87%

08/20/2031

05/09/2025

1,561,696

1,561,696

1,561,696

ISQ

Hawkeye

Holdco,

Inc.,

Delayed

Draw

Term

Loan

(4)(5)(6)(8)(9)

SOFR

+ 4.68%

8.87%

08/20/2031

05/09/2025

159,148

159,148

159,148

ISQ

Hawkeye

Holdco,

Inc.,

Revolver

(4)(5)(6)(8)(9)

SOFR

+ 4.68%

8.87%

08/20/2030

05/09/2025

220,615

220,615

220,615

ISQ

Hawkeye

Holdco,

Inc.,

Term

Loan

(4)(6)(8)(9)

SOFR

+ 4.68%

8.87%

08/20/2031

05/09/2025

4,309,240

4,309,240

4,309,240

Jupiter

Purchaser

LLC,

Term

Loan

(4)(6)(8)(9)(10)

SOFR

+ 5.25%

9.55%

(incl.

3.00%

PIK)

11/08/2031

05/09/2025

6,116,051

6,101,085

6,116,051

18,315,606

18,374,175

Construction

&

Engineering

-

2.2%

AS

Renewable

Technologies

Holdings

LLC,

Term

Loan

(4)(6)(7)(8)

SOFR

+ 6.75%

11.04%

10/07/2029

05/09/2025

9,249,659

9,228,622

9,249,659

Health

Care

Technology

-

1.5%

eResearchTechnology,

Inc.,

Delayed

Draw

Term

Loan

(4)(5)(6)(8)(9)

SOFR

+ 4.75%

8.91%

01/19/2032

05/09/2025

996,085

986,306

996,085

eResearchTechnology,

Inc.,

Term

Loan

(4)(6)(8)(9)

SOFR

+ 4.75%

8.91%

01/19/2032

05/09/2025

5,176,626

5,125,789

5,176,626

6,112,095

6,172,711

Real

Estate

Management

&

Development

-

1.6%

Odevo

AB,

Delayed

Draw

Term

Loan

(4)(5)(6)(8)(11)

E

+ 5.50%

7.53%

12/31/2030

05/09/2025

1,235,171

EUR

1,417,299

1,451,327

Odevo

AB,

Delayed

Draw

Term

Loan

(4)(6)(8)(11)

S

+ 5.50%

9.47%

12/31/2030

05/09/2025

371,813

GBP

503,996

500,553

Odevo

AB,

Delayed

Draw

Term

Loan

(4)(6)(8)(11)

SOFR

+ 5.50%

9.56%

12/31/2030

05/09/2025

$

415,697

415,697

415,697

Odevo

AB,

Term

Loan

(4)(6)(8)(11)

E

+ 5.50%

7.53%

12/31/2030

05/09/2025

29,892

EUR

34,300

35,123

Odevo

AB,

Term

Loan

(4)(6)(8)(11)

ST

+ 5.50%

7.60%

12/31/2030

05/09/2025

5,834,882

SEK

606,815

620,396

Odevo

AB,

Term

Loan

(4)(6)(8)(11)

S

+ 5.50%

9.47%

12/31/2030

05/09/2025

26,096

GBP

34,991

35,132

Odevo

AB,

Term

Loan

(4)(6)(8)(11)

SOFR

+ 5.50%

9.56%

12/31/2030

05/09/2025

$

3,366,363

3,366,363

3,366,363

6,379,461

6,424,591

Software

-

4.2%

Denali

Bidco

Ltd.,

Term

Loan

(4)(6)(11)

E

+ 5.00%

7.08%

09/05/2031

09/05/2025

84,305

EUR

98,455

98,563

Denali

Bidco

Ltd.,

Term

Loan

(4)(6)(11)

S

+ 5.00%

8.97%

09/05/2031

09/05/2025

38,572

GBP

51,897

51,669

Dropbox,

Inc.,

Term

Loan

(4)(6)(8)(9)(12)

SOFR

+ 6.38%

10.51%

12/11/2029

05/09/2025

$

2,940,520

2,911,632

2,911,115

IRI

Group

Holdings,

Inc.,

Term

Loan

(4)(6)(8)(9)

SOFR

+ 4.50%

8.82%

12/01/2029

05/09/2025

3,656,883

3,656,883

3,656,883

Optus

1011. GmbH,

Term

Loan

(4)(6)(11)

E

+ 5.00%

7.00%

03/24/2032

05/09/2025

9,423,398

EUR

10,652,399

10,906,405

17,371,266

17,624,635

Transportation

Infrastructure

-

0.0%

Enstructure

LLC,

Term

Loan

(4)(6)(13)

SOFR

+ 4.50%

8.65%

08/15/2032

08/15/2025

$

195,599

195,599

195,599

TOTAL

FIRST

LIEN

DEBT

-

NON-CONTROLLED/NON-AFFILIATED

$

64,719,043

$

65,157,764

–

–

Investments

(1) Reference

Rate

&

Spread

(2) Interest

Rate

(2) Maturity

Date

Acquisition

Date

Par

Amount

Cost

(3) Fair

Value

Second

Lien

Debt

-

non-controlled/non-affiliated

-

8.0%

Pharmaceuticals

-

1.9%

Rossini

SARL

(4)(6)(10)(11)

E

+ 7.00%

9.19%

PIK

03/30/2030

06/05/2025

6,945,105

EUR

$

7,859,162

$

8,078,894

Blackstone

Private

Multi-Asset

Credit

and

Income

Fund

Consolidated

Schedule

of

Investments

September

30,

2025

(Unaudited)

www.bmacx.com

See

Notes

to

Consolidated

Schedule

of

Investments

Investments

(1) Reference

Rate

&

Spread

(2) Interest

Rate

(2) Maturity

Date

Acquisition

Date

Par

Amount

Cost

(3) Fair

Value

Second

Lien

Debt

-

non-controlled/non-affiliated

-

8.0%

(continued)

Software

-

6.1%

Denali

Holdco

Ltd.,

Term

Loan

(4)(6)

9.80%

09/05/2032

09/05/2025

7,760,179

EUR

$

9,017,208

$

9,027,028

Denali

Holdco

Ltd.,

Term

Loan

(4)(6)

11.20%

09/05/2032

09/05/2025

4,467,845

GBP

5,981,081

5,954,688

TeamSystem

Holdco

SpA

(4)(6)(11)

E

+ 5.75%

7.78%

07/07/2033

07/07/2025

8,755,034

EUR

10,176,507

10,184,293

25,174,796

25,166,009

TOTAL

SECOND

LIEN

DEBT

-

NON-CONTROLLED/NON-AFFILIATED

$

33,033,958

$

33,244,903

–

–

Investments

(1) Reference

Rate

&

Spread

(2) Interest

Rate

(2) Maturity

Date

Acquisition

Date

Par

Amount

Cost

(3) Fair

Value

Subordinate

&

Other

Debt

-

non-controlled/non-affiliated

-

4.3%

Financial

Services

-

4.3%

Auxilior

Capital

Partners,

Inc.,

Delayed

Draw

Term

Loan

(4)(6)

9.50%

03/30/2030

08/22/2025

$

17,857,143

$

17,857,143

$

17,857,143

TOTAL

SUBORDINATE

&

OTHER

DEBT

-

NON-CONTROLLED/NON-AFFILIATED

$

17,857,143

$

17,857,143

–

–

Investments

(1) Reference

Rate

&

Spread

(2) Interest

Rate

(2) Maturity

Date

Acquisition

Date

Par

Amount

Cost

(3) Fair

Value

Structured

Finance

Obligations

-

Debt

Instruments

-

non-controlled/non-affiliated

-

0.7%

Financial

Services

-

0.7%

Galaxy

CLO

Ltd.

(4)(6)(11)

SOFR

+ 5.00%

9.28%

04/20/2038

06/25/2025

$

2,749,000

$

2,767,701

$

2,769,235

TOTAL

STRUCTURED

FINANCE

OBLIGATIONS

-

DEBT

INSTRUMENTS

-

NON-CONTROLLED/NON-AFFILIATED

$

2,767,701

$

2,769,235

–

–

Investments

(1) Reference

Rate

&

Spread

(2) Interest

Rate

(2) Maturity

Date

Acquisition

Date

Par

Amount

Cost

(3) Fair

Value

Structured

Finance

Obligations

-

Equity

Instruments

-

non-controlled/non-affiliated

-

3.3%

Financial

Services

-

3.3%

Carval

CLO

XIII-C

Ltd.

(4)(5)(6)

10/08/2028

06/24/2025

$

318,750

$

318,750

$

318,750

Galaxy

CLO

Ltd.

(4)(6)(14)

Effective

yield

13.47%

04/20/2038

06/25/2025

8,010,000

7,281,196

7,518,755

HPS

Loan

Management

Ltd.

(4)(6)(14)

Effective

yield

12.87%

04/15/2037

06/18/2025

2,000,000

1,289,852

1,243,006

MidOcean

Credit

CLO

XIX

Ltd.

(4)(6)(14)

Effective

yield

8.30%

07/20/2036

09/24/2025

2,000,000

1,530,655

1,526,790

Regatta

Kilo

(4)(5)(6)

10/08/2028

06/13/2025

809,375

809,375

809,375

Whitebox

CLO

V

Ltd.

(4)(6)(14)

Effective

yield

11.12%

07/20/2038

09/24/2025

2,500,000

2,157,119

2,172,495

13,386,947

13,589,171

TOTAL

STRUCTURED

FINANCE

OBLIGATIONS

-

EQUITY

INSTRUMENTS

-

NON-CONTROLLED/NON-AFFILIATED

$

13,386,947

$

13,589,171

–

–

Investments

(1) Reference

Rate

&

Spread

Interest

Rate

Acquisition

Date

Shares

Cost

(3) Fair

Value

Equity

&

Other

-

non-controlled/non-affiliated

-

4.7%

Transportation

Infrastructure

-

4.7%

Enstructure

LLC

-

Preferred

Shares

(4)(6)(10)(11)

SOFR

+ 7.00%

11.21%

PIK

08/15/2025

19,964,112

$

19,672,087

$

19,664,650

TOTAL

EQUITY

&

OTHER

-

NON-CONTROLLED/NON-AFFILIATED

$

19,672,087

$

19,664,650

–

–

Investments

(1) Reference

Rate

&

Spread

Interest

Rate

Acquisition

Date

Shares

Cost

(3) Fair

Value

Equity

&

Other

-

controlled/affiliated

-

7.0%

Insurance

-

7.0%

Fort

Greene

Reinsurance

Holdings

LLC

Class

A

Common

Units

(4)(6)(15)

08/04/2025

$

4,500,000

$

4,500,000

Class

A

Preferred

Units,

(4)(6)(15)

10.00%

08/04/2025

1,500,000

1,500,000

Class

A

Preferred

Units,

(4)(6)(15)

10.00%

08/29/2025

650

6,500,000

6,500,000

Blackstone

Private

Multi-Asset

Credit

and

Income

Fund

Consolidated

Schedule

of

Investments

September

30,

2025

(Unaudited)

Consolidated

Schedule

of

Investments

\|

September

30,

2025

See

Notes

to

Consolidated

Schedule

of

Investments

Investments

(1) Reference

Rate

&

Spread

Interest

Rate

Acquisition

Date

Shares

Cost

(3) Fair

Value

Equity

&

Other

-

controlled/affiliated

-

7.0%

(continued)

Insurance

-

7.0%

(continued)

Fort

Greene

Reinsurance

Holdings

LLC

(continued)

Class

A

Preferred

Units,

(4)(6)(15)

11.00%

09/29/2025

1,600

$

16,000,000

$

16,000,000

28,500,000

28,500,000

Foundry

Insurance

Services

Ltd.

(4)(6)(15)

07/11/2025

–

–

TOTAL

EQUITY

&

OTHER

-

CONTROLLED/AFFILIATED

$

28,500,000

$

28,500,000

–

–

Investments

(1) Reference

Rate

&

Spread

Interest

Rate

Acquisition

Date

Shares

Cost

(3) Fair

Value

Equity

&

Other

-

non-controlled/affiliated

-

6.0%

Oil,

Gas

&

Consumable

Fuels

-

6.0%

Pibb

Member

Holdings

LLC

(4)(6)(15)

06/25/2025

25,000,000

$

24,929,444

$

25,050,000

TOTAL

EQUITY

&

OTHER

-

NON-CONTROLLED/AFFILIATED

$

24,929,444

$

25,050,000

–

–

Investments

(1) Acquisition

Date

Shares

Cost

Fair

Value

Investee

Funds

-

non-controlled/affiliated

-

67.6%

Financial

Services

-

67.6%

Blackstone

Private

Credit

Fund

-

Class

I

(4)(6)(15)(16)

05/01/2025

6,960,407

$

175,000,000

$

174,427,794

Blackstone

Private

Real

Estate

Credit

and

Income

Fund

(4)(6)(15)(16)

06/01/2025

4,141,431

105,000,000

106,393,369

TOTAL

INVESTEE

FUNDS

$

280,000,000

$

280,821,163

TOTAL

PORTFOLIO

INVESTMENTS

-

117.3%

$

484,866,323

$

486,654,029

Interest

Rate

Cost

Fair

Value

Cash

and

Cash

Equivalents

-

10.2%

BlackRock

Liquidity

FedFund

-

Class

Institutional

4.04%

$

2,476,193

$

2,476,193

Dreyfus

Government

Cash

Management

-

Class

Institutional

4.06%

25,109

25,109

Fidelity

Investments

Money

Market

Treasury

Portfolio

-

Class

I

4.02%

37,242,429

37,242,429

Other

Cash

and

Cash

Equivalents

2,767,646

2,767,561

TOTAL

CASH

AND

CASH

EQUIVALENTS

$

42,511,377

$

42,511,292

TOTAL

PORTFOLIO

INVESTMENTS,

CASH

AND

CASH

EQUIVALENTS

-

127.5%

$

527,377,700

$

529,165,321

Debt

Outstanding

-

(22.3)%

(92,485,923)

Other

Assets,

less

Liabilities

-

(5.2)%

(21,810,201)

Net

Assets

-

100.0%

$

414,869,197

Amounts

above

are

shown

as

a

percentage

of

net

assets

as

of

September

30,

2025. (1) Unless

otherwise

indicated,

the

Fund

is

not

affiliated

with,

nor

does

it

"control"

any

of

the

issuers

listed.

Under

the

Investment

Company

Act

of

1940,

as

amended

(together

with

the

rules

and

regulations

promulgated

thereunder,

the

"1940

Act"),

the

Fund

is

generally

deemed

to

"control"

a

portfolio

company

if

the

Fund

owns

more

than

25%

of

its

outstanding

voting

securities

and/or

has

the

power

to

exercise

control

over

the

management

or

policies

of

the

portfolio

company.

Under

the

1940

Act,

the

Fund

is

generally

deemed

an

"affiliated

person"

of

a

portfolio

company

if

the

Fund

owns

5%

or

more

of

the

portfolio

company's

outstanding

voting

securities.

(2) Variable

rate

loans

to

the

portfolio

companies

bear

interest

at

a

rate

that

is

determined

by

reference

to

either

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"),

or

an

alternate

base

rate

(commonly

based

on

the

U.S.

Prime

Rate

("P")),

which

generally

resets

periodically.

For

each

loan,

the

Fund

has

indicated

the

reference

rate

used

and

provided

the

spread

and

the

interest

rate

in

effect

as

of

September

30,

2025. 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

investments.

Fair

value

was

determined

in

good

faith

by

the

Adviser

under

the

direction

of

the

Board

of

Trustees

(see

Note

and

Note

3),

pursuant

to

the

Fund's

valuation

policy.

Blackstone

Private

Multi-Asset

Credit

and

Income

Fund

Consolidated

Schedule

of

Investments

September

30,

2025

(Unaudited)

www.bmacx.com

See

Notes

to

Consolidated

Schedule

of

Investments

Investments

Commitment

Type

Commitment

Expiration

Date

Unfunded

Commitment

Fair

Value

Carval

CLO

XIII-C

Ltd.

Structured

Finance Obligations

-

Equity

Instruments

10/08/2028

$

1,556,250

$

–

Dropbox,

Inc.

Delayed

Draw

Term

Loan

03/15/2026

2,923,508

(11)

Dropbox,

Inc.

Delayed

Draw

Term

Loan

12/10/2026

4,556,826

–

Enstructure

LLC

Delayed

Draw

Term

Loan

06/10/2026

122,249

–

eResearchTechnology,

Inc.

Delayed

Draw

Term

Loan

01/17/2027

838,928

8,389

eResearchTechnology,

Inc.

Revolver

10/17/2031

488,361

–

Galileo

Parent,

Inc.

Revolver

05/03/2029

350,706

–

Ground

Penetrating

Radar

Systems

LLC

Delayed

Draw

Term

Loan

07/02/2027

972,772

7,296

Ground

Penetrating

Radar

Systems

LLC

Revolver

01/02/2032

519,802

3,394

IRI

Group

Holdings,

Inc.

Revolver

12/01/2028

3,843,117

–

ISQ

Hawkeye

Holdco,

Inc.

Delayed

Draw

Term

Loan

08/20/2026

908,656

–

ISQ

Hawkeye

Holdco,

Inc.

Revolver

08/20/2030

317,470

–

Jupiter

Purchaser

LLC

Delayed

Draw

Term

Loan

11/08/2026

1,453,180

(3,669)

Odevo

AB

Delayed

Draw

Term

Loan

12/12/2027

1,157,239

27,132

Optus

1011. GmbH

Delayed

Draw

Term

Loan

03/24/2028

932,287

21,530

Regatta

Kilo

Structured

Finance

Obligations

-

Equity

Instruments

10/08/2028

940,625

–

Total

Unfunded

Commitments

$

21,881,976

$

64,061

(5) 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

Fund's

unfunded

commitments:

(6) All

such

securities

are

exempt

from

registration

under

the

Securities

Act

of

1933,

as

amended.

As

of

September

30,

2025,

the

aggregate

fair

value

of

these

securities

is

$486,654,029

or

117.3%

of

the

Fund's

net

assets.

The

initial

acquisition

dates

have

been

included

for

such

securities.

(7) The

interest

rate

floor

on

these

investments

as

of

September

30,

2025

was

1.00%.

(8) For

unsettled

positions

the

interest

rate

does

not

include

the

base

rate.

(9) The

interest

rate

floor

on

these

investments

as

of

September

30,

2025

was

0.75%.

(10) Income

may

be

received

in

additional

securities

and/or

cash.

(11) There

are

no

interest

rate

floors

on

these

investments.

(12) These

loans

are

"last-out"

portions

of

loans.

The

"last-out"

portion

of

the

Fund'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.

(13) The

interest

rate

floor

on

these

investments

as

of

September

30,

2025

was

0.50%.

(14) Interest

rate

represents

the

effective

yield

of

estimated

future

cash

flows

on

the

equity

class

of

CLO

vehicles

using

the

effective

yield

method

in

accordance

with

GAAP.

Blackstone

Private

Multi-Asset

Credit

and

Income

Fund

Consolidated

Schedule

of

Investments

September

30,

2025

(Unaudited)

Consolidated

Schedule

of

Investments

\|

September

30,

2025

See

Notes

to

Consolidated

Schedule

of

Investments

Fair

Value

as

of

May

1,

2025

Gross

Additions

Gross

Reductions

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Net

Realized

Gain

(Loss)

Fair

Value

as

of

September

30,

2025

Income

Controlled/Affiliated

Investments

Fort

Greene

Reinsurance

Holdings

LLC

Class

A

Common

Units

$

—

$

4,500,000

$

—

$

—

$

—

$

4,500,000

$

—

Class

A

Preferred

Units,

—

1,500,000

—

—

—

1,500,000

24,167

Class

A

Preferred

Units,

—

6,500,000

—

—

—

6,500,000

59,583

Class

A

Preferred

Units,

—

16,000,000

—

—

—

16,000,000

4,889

Foundry

Insurance

Services

Ltd.

—

—

—

—

—

—

—

Non-Controlled/Affiliated

Investments

Blackstone

Private

Credit

Fund

Class

I

—

175,000,000

—

(572,206)

—

174,427,794

4,020,945

Blackstone

Private

Real

Estate

Credit

and

Income

Fund

—

105,000,000

—

1,393,369

—

106,393,369

1,662,868

Pibb

Member

Holdings

LLC

—

24,929,444

—

120,556

—

25,050,000

962,500

Total

$

—

$

333,429,444

$

—

$

941,719

$

—

$

334,371,163

$

6,734,952

(15) Under

the

1940

Act,

the

Fund

is

generally

deemed

to

"control"

a

portfolio

company

if

the

Fund

owns

more

than

25%

of

its

outstanding

voting

securities

and/or

has

the

power

to

exercise

control

over

the

management

or

policies

of

the

portfolio

company.

Under

the

1940

Act,

the

Fund

is

generally

deemed

an

"affiliated

person"

of

a

portfolio

company

if

the

Fund

owns

5%

or

more

of

the

portfolio

company's

outstanding

voting

securities.

Shareholders

will

not

bear

duplicative

fees

on

investments

into

investment

companies

or

business

development

companies

managed

by

the

Adviser

or

its

affiliates.

As

of

September

30,

2025,

the

Fund's

controlled/affiliated

and

non-controlled/

affiliated

investments

were

as

follows:

(16) Additional

information

for

the

investments

in

other

registered

investment

companies

or

business

development

companies

("Investee

Fund"),

including

the

financial

statements

is

available

from

the

SEC's

EDGAR

database

at

www.sec.gov.

Foreign

Currency

Forward

Contracts

Counterparty

Currency

Purchased

Currency

Sold

Settlement

Date

Unrealized

Appreciation

(Depreciation)

JPMorgan

Chase

Bank

NA

USD

313,582

SEK

2,939,676

12/18/2025

$

(518) Cu

r

rency

EUR

Euro

GBP

British

Pound

SEK

Swedish

Krona

USD

United

States

Dollar

www.bmacx.com

Blackstone

Private

Multi-Asset

Credit

and

Income

Fund

Notes

to

Consolidated

Schedule

of

Investments

September

30,

2025

(Unaudited)

NOTE

1. ORGANIZATION

Blackstone

Private

Multi-Asset

Credit

and

Income

Fund

("BMACX"

or

the

"Fund")

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

"1940

Act"),

as

a

non-diversified,

closed-end

management

investment

company.

The

Fund

engages

in

a

continuous

offering

of

its

Common

Shares

and

operates

as

an

interval

fund

that

will

offer

to

make

quarterly

repurchases

of

shares

at

least

5%

and

up

to

25%

of

its

Common

Shares

at

net

asset

value

("NAV").

Although

the

policy

permits

repurchases

of

between

5%

and

25%

of

the Fund's

outstanding

Common

Shares,

for

each

quarterly

repurchase

offer,

the

Fund

currently

expects

to

offer

to

repurchase

5%

of

the

Fund's

outstanding

Common

Shares

(in

the

aggregate

across

all

share

classes)

at

NAV

(either

by

number

of

shares

or

aggregate

NAV)

subject

to

the

approval

of

the

Board

of

Trustees

(the

"Board"

and

individually,

the

"Trustees").

The

Fund

currently

offers

four

classes

of

shares

of

beneficial

interest

on

a

continuous

basis:

Class

S

Common

Shares

("Class

S

Shares"),

Class

D

Common

Shares

("Class

D

Shares"),

Class

I

Common

Shares

("Class

I

Shares")

and

Class

I

Advisory

Common

Shares

("Class

I

Advisory

Shares"

and,

together

with

the

Class

S

Shares,

Class

D

Shares

and

Class

I

Shares,

"Common

Shares").

The

Fund

is

authorized

to

issue

an

unlimited

number

of

Common

Shares.

Blackstone

Private

Credit

Strategies

LLC

(the

"Adviser"),

an

affiliate

of

Blackstone

Alternative

Credit

Advisors

LP

(collectively

with

its

affiliates

in

the

credit,

asset

based

finance

and

insurance

asset

management

business

unit

of

Blackstone

Inc.

("Blackstone"),

"Blackstone

Credit

&

Insurance"

or

"BXCI"),

acts

as

the

Fund's

investment

adviser.

The

Adviser

is

an

investment

adviser

registered

with

the Securities

and

Exchange

Commission

(the

"SEC") under

the

Investment

Advisers

Act

of

1940,

as

amended.

The

Adviser is

responsible

for

the

day-to-day

management

of

the

Fund.

The

Fund

operates

under

the

direction

of

the

Board

of

Trustees.

The

Fund

has

five

Trustees,

four

of

whom

are

not

considered

to

be

"interested

persons"

of

the

Fund

under

the

1940

Act

("Independent

Trustees").

The

Independent

Trustees

are

responsible

for,

among

other

things,

reviewing

the

performance

of

the

Adviser

and

approving

the

compensation

paid

to

the

Adviser

and

its

affiliates.

The

Fund's

investment

objectives

are

to

generate

current

income

and,

to

a

lesser

extent,

long-term

capital

appreciation.

The

Fund

seeks

to

achieve

its

investment

objectives

by

employing

a

flexible

mandate

and

dynamically

allocating

assets

across

a

wide

range

of

credit

and

income-oriented

strategies

with

a

focus

on

private

investments.

The

Fund

was

organized

as

a

Delaware

statutory

trust

on

July

26,

2024,

pursuant

to

an

Agreement

and

Declaration

of

Trust,

governed

by

the

laws

of

the

State

of

Delaware.

The

Fund

had

no

operations

from

that

date

to

January

31,

2025,

other

than

those

related

to

organizational

matters

and

the

registration

of

its

Common

Shares

under

applicable

securities

laws.

The

Adviser

purchased

6,667

Class

I

Shares

at

a NAV

of

$15.00

per

share

on

January

31,

2025. On

May

1,

2025,

Class

I

Shares

were

sold

at

the

initial

offering

price

of

$15.00

per

share

and

the

Fund

commenced

investment

operations.

Class

S

Shares

and

Class

I

Advisory Shares were

initially

sold

at

the

June

30,

2025

end

of

day NAV

per

share

and

commenced

operations

on

July

1,

2025. As

of September

30,

2025,

Class

S

Shares,

Class

I

Shares

and

Class

I

Advisory

Shares

were

outstanding.

As

of

September

30,

2025,

the

Adviser

owns

1,666,667

Class

I

Shares.

NOTE

2. SIGNIFICANT

ACCOUNTING

POLICIES

Basis

of

Presentation

The Consolidated

Schedule

of

Investments

has

been

prepared

on

the

accrual

basis

of

accounting

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

("GAAP")

and is

stated

in

U.S.

dollars.

As

an

investment

company,

the

Fund

applies

the

accounting

and

reporting

guidance

in

Accounting

Standards

Codification

("ASC")

Topic

946,

Financial

Services—Investment

Companies

("ASC

946")

issued

by

the

Financial

Accounting

Standards

Board

("FASB").

All

intercompany

balances

and

transactions

have

been

eliminated.

Use

of

Estimates

The preparation

of the

Consolidated

Schedule

of

Investments in

conformity

with

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities as

of

the

reporting date.

Such

amounts

could

differ

from

those

estimates

and

such

differences

could

be

material.

Assumptions

and

estimates

regarding

the

valuation

of

investments

involve

a

higher

degree

of

judgment

and

complexity

and

these

assumptions

and

estimates

may

be

significant

to

the

Consolidated

Schedule

of

Investments.

Actual

results

may

ultimately

differ

from

those

estimates.

Consolidation

As

provided

under

ASC

946,

the

Fund

will

not

consolidate

its

investment

in

a

company

other

than

an

investment

company

subsidiary

or

a

controlled

Consolidated

Schedule

of

Investments

\|

September

30,

2025

Blackstone

Private

Multi-Asset

Credit

and

Income

Fund

Notes

to

Consolidated

Schedule

of

Investments

September

30,

2025

(Unaudited)

operating

company

whose

business

consists

of

providing

services

to

the

Fund.

As

of

September

30,

2025,

the

Fund's

consolidated

subsidiaries are

BMACX

LLC,

BXCI

Enstructure

LLC,

and

BMACX

Pibb

LLC. Investments

Valuation

of

Investments

The

Fund

is

required

to

report

its

investments,

including

those

for

which

current

market

values

are

not

readily

available,

at

fair

value.

The

Fund

values

its

investments

in

accordance

with

ASC

Topic

820,

Fair

Value

Measurement

("ASC

820"),

which

defines

fair

value

as

the

amount

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

applicable

measurement

date,

and

Rule

2a-5

under

the

1940

Act.

Under

ASC

820,

fair

value

is

based

on

observable

market

prices

or

parameters

or

derived

from

such

prices

or

parameters

when

such

quotations

are

readily

available.

In

accordance

with

Rule

2a-5

under

the

1940

Act,

fair

value

means

the

value

of

a

portfolio

investment

for

which

market

quotations

are

not

readily

available.

A

market

quotation

is

"readily

available"

only

when

it

is

a

quoted

price

(unadjusted)

in

active

markets

for

identical

instruments

that

a

fund

can

access

at

the

measurement

date,

provided

that

such

a

quotation

is

not

considered

to

be

readily

available

if

it

is

not

reliable.

In

accordance

with

Rule

2a-5

under

the

1940

Act,

the

Board

has

designated

the

Adviser

as

the

valuation

designee

to

perform

fair

value

determinations

related

to

the

Fund's

investments,

subject

to

the

Board's

oversight

and

periodic

reporting

requirements.

Any

investments

and

other

assets

for

which

such

current

market

quotations

are

not

readily

available

are

valued

at

fair

value

("Fair

Valued

Assets")

as

determined

in

good

faith

by

a

committee

of

the

Adviser

under

the

Fund's

valuation

procedures

established

by,

and

under

the

general

supervision

and

responsibility

of,

the

Board.

The

pricing

of

all

Fair

Valued

Assets

and

determinations

thereof

shall

be

reported

by

the

Adviser

as

valuation

designee

to

the

Board

at

each

regularly

scheduled

quarterly

meeting.

These

valuation

approaches

involve

some

level

of

estimation

and

judgment,

the

degree

of

which

is

dependent

on

the

price

transparency

for

the

investments

or

market

and

the

investments'

complexity. The

Board

may

modify the

Fund's

valuation

procedures

from

time

to

time.

Investments

for

which

market

quotations

are

readily

available

are

typically

valued

at

those

market

quotations.

To

validate

market

quotations,

the

Adviser

utilizes

a

number

of

factors

to

determine

if

the

quotations

are

representative

of

fair

value,

including

the

source

and

number

of

the

quotations.

To

assess

the

continuing

appropriateness

of

pricing

sources

and

methodologies,

the

Adviser

regularly

performs

price

verification

procedures

and

issues

challenges

as

necessary

to

independent

pricing

services

or

brokers,

and

any

differences

are

reviewed

in

accordance

with

the

valuation

procedures.

The

Adviser

does

not

adjust

the

prices

unless

it

has

a

reason

to

believe

market

quotations

are

not

reflective

of

the

fair

value

of

an

investment.

As

part

of

the

valuation

process,

the

Adviser

generally

takes

into

account

relevant

factors

in

determining

the

fair

value

of

the

Fund's

investments

for

which

reliable

market

quotations

are

not

readily

available,

including

and

in

combination,

as

relevant:

(i) the

nature

and

realizable

value

of

any

collateral;

(ii) the

underlying

investment's

ability

to

make

payments

based

on

its

earnings

and

cash

flow;

(iii) the

markets

in

which

the

underlying

investment

does

business;

and

(iv) overall

changes

in

the

interest

rate

environment

and

the

credit

markets

that

may

affect

the

price

at

which

similar

investments

may

be

made

in

the

future.

When

an

external

event

such

as

a

purchase

transaction,

public

offering

or

subsequent

equity

or

debt

sale

occurs,

the

Adviser,

with

the

assistance

of

independent

valuation

firm(s),

considers

whether

the

pricing

indicated

by

the

external

event

corroborates

its

valuation.

Where

prices

or

inputs

are

not

available

or,

in

the

judgment

of

the

Adviser,

with

assistance

of

independent

valuation

firm(s),

determined

to

be

not

reliable,

valuation

techniques

based

on

the

facts

and

circumstances

of

the

particular

investment

will

be

utilized.

These

valuation

approaches

involve

some

level

of

management

estimation

and

judgment,

the

degree

of

which

is

dependent

on

the

price

transparency

for

the

investments

or

market

and

the

investments'

complexity.

In

the

absence

of

observable,

reliable

market

prices,

the

Fund

values

its

investments

using

various

valuation

methodologies

applied

on

a

consistent

basis.

An

enterprise

value

("EV")

analysis

is

generally

performed

to

determine

the

value

of

equity

investments,

control

debt

investments

and

non-control

debt

investments

that

are

credit-impaired,

and

to

determine

if

debt

investments

are

credit-impaired.

The

Adviser generally

utilizes

approaches

including

the

market

approach,

the

income

approach

or

both

approaches,

as

appropriate,

when

calculating

EV.

The

primary

method

for

determining

EV

for

non-control

investments,

and

control

investments

without

reliable

projections,

uses

a

multiple

analysis

whereby

appropriate

multiples

are

applied

to

the

portfolio

company's

earnings

before

interest,

taxes,

depreciation

and

amortization or

another

key

financial

metric

(e.g.,

such

as

revenues,

cash

flows

or

net

income)

("Performance

Multiple").

Performance

Multiples

are

typically

determined

based

upon

a

review

of

publicly-traded

comparable

companies

and

market

comparable

transactions,

if

any.

The

second

method

for

determining

EV

(and

primary

method

for

control

investments

with

reliable

projections)

uses

a

discounted

cash

flow

analysis

whereby

future

expected

cash

flows

and

the

anticipated

terminal

value

of

the

portfolio

company

are

discounted

to

determine

a

present

value

using

estimated

discount

rates.

The

income

approach

is

generally

used

when

the

Adviser

has

visibility

into

the

long-term

projected

cash

flows

of

a

portfolio

company.

If

debt

investments

are

credit-impaired,

which

occurs

when

there

is

insufficient

coverage

under

the

enterprise

value

analysis

through

the

respective

investment's

position

in

the

capital

structure,

the

Adviser

generally

uses

the

enterprise

value

"waterfall"

approach

or

a

recovery

method

(if

a

liquidation

www.bmacx.com

Blackstone

Private

Multi-Asset

Credit

and

Income

Fund

Notes

to

Consolidated

Schedule

of

Investments

September

30,

2025

(Unaudited)

or

restructuring

is

deemed

likely)

to

determine

fair

value.

For

debt

investments

that

are

not

determined

to

be

credit-impaired,

the

Adviser

generally

uses

a

market

interest

rate

yield

analysis

to

determine

fair

value.

To

determine

fair

value

using

a

yield

analysis,

the

expected

cash

flows

are

projected

based

on

the

contractual

terms

of

the

debt

security

and

discounted

back

to

the

measurement

date

based

on

a

market

yield.

A

market

yield

is

determined

based

upon

an

assessment

of

current

and

expected

market

yields

for

similar

investments

and

risk

profiles.

The

Fund

considers

the

current

contractual

interest

rate,

the

maturity

and

other

terms

of

the

investment

relative

to

risk

of

the

company

and

the

specific

investment.

A

key

determinant

of

risk,

among

other

things,

is

the

leverage

through

the

investment

relative

to

the

enterprise

value

of

the

portfolio

company.

As

debt

investments

held

by

the

Fund

are

substantially

illiquid

with

no

active

transaction

market,

the

Fund

depends

on

primary

market

data,

including

newly

funded

transactions,

as

well

as

secondary

market

data

with

respect

to

high

yield

debt

instruments

and

syndicated

loans,

as

inputs

in

determining

the

appropriate

market

yield,

as

applicable.

The

fair

value

of

loans

with

call

protection

is

generally

capped

at

par

plus

applicable

prepayment

premium

in

effect

at

the

measurement

date.

Investments

in

other

registered

investment

companies

or

business

development

companies

("Investee

Fund")

are

valued

at

the NAV

reported

by

such

vehicles

with

daily

adjustments

made

by

an

independent

valuation

firm

to

account

for

estimated

daily

accruals

of

income

and

expenses,

and

market

movements

on

an

aggregate

portfolio

level.

ASC

820

prioritizes

the

use

of

observable

market

prices

derived

from

such

prices.

The

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

measurements).

The

levels

used

for

classifying

investments

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

these

securities.

The

three

levels

of

the

fair

value

hierarchy

are

as

follows:

Level

1:

Inputs

to

the

valuation

methodology

are

quoted

prices

available

in

active

markets

for

identical

instruments

as

of

the

reporting

date.

The

types

of

financial

instruments

included

in

Level

may

include

unrestricted

securities,

including

equities

and

derivatives,

listed

in

active

markets.

Level

2:

Inputs

to

the

valuation

methodology

are

other

than

quoted

prices

in

active

markets,

which

are

either

directly

or

indirectly

observable

as

of

the

reporting

date.

The

types

of

financial

instruments

in

this

category

may

include

less

liquid

and

restricted

securities

listed

in

active

markets,

securities

traded

in

other

than

active

markets,

government

and

agency

securities

and

certain

over-the-counter

derivatives

where

the

fair

value

is

based

on

observable

inputs.

Level

3:

Inputs

to

the

valuation

methodology

are

unobservable

and

significant

to

overall

fair

value

measurement.

The

inputs

into

the

deter-

mination

of

fair

value

require

significant

management

judgment

or

estimation.

Financial

instruments

that

are

included

in

this

category

may

include

debt

and

equity

investments

in

privately

held

entities,

equity

investments

in

Investee

Funds,

collateralized

loan

obligations

("CLOs")

and

certain

over-the-counter

derivatives

where

the

fair

value

is

based

on

unobservable

inputs.

In

certain

cases,

the

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

an

investment's

level

within

the

fair

value

hierarchy

is

based

on

the

lowest

level

of

input

that

is

significant

to

the

overall

fair

value

measurement.

The

Adviser's

assessment,

with

the

assistance

of

independent

valuation

firm(s),

of

the

significance

of

a

particular

input

to

the

fair

value

measurement

in

its

entirety

requires

judgment,

and

considers

factors

specific

to

the

investment.

Transfers

between

levels,

if

any,

are

recognized

at

the

beginning

of

the

year

in

which

the

transfer

occurs.

The

Fund

evaluates

the

source

of

the

inputs,

including

any

markets

in

which

its

investments

are

trading

(or

any

markets

in

which

securities

with

similar

attributes

are

trading),

in

determining

fair

value.

When

an

investment

is

valued

based

on

prices

provided

by

reputable

dealers

or

pricing

services

(that

is,

broker

quotes),

the

Fund

subjects

those

prices

to

various

criteria

in

making

the

determination

as

to

whether

a

particular

investment

would

qualify

for

treatment

as

a

Level

or

Level

investment.

Due

to

the

inherent

uncertainty

of

determining

the

fair

value

of

investments

that

do

not

have

a

readily

available

market

value,

the

fair

value

of

the

Fund's

investments

may

fluctuate

from

period

to

period,

and

these

differences

could

be

material.

Additionally,

the

fair

value

of

the

Fund's

investments

may

differ

significantly

from

the

values

that

would

have

been

used

had

a

ready

market

existed

for

such

investments

and

may

differ

materially

from

the

values

that

the

Fund

may

ultimately

realize.

Further, certain

investments

may

be subject

to

legal

and

other

restrictions

on

resale

or

otherwise

are

less

liquid

than

publicly-traded

securities.

If

the

Fund

was

required

to

liquidate

a

portfolio

investment

in

a

forced

or

liquidation

sale,

it

could

realize

significantly

less

than

the

value

at

which

the

Fund

has

recorded

it.

In

addition,

changes

in

the

market

environment

and

other

events

that

may

occur

over

the

life

of

the

investments

may

cause

the

gains

or

losses

ultimately

realized

on

these

investments

to

be

different

than

the

unrealized

gains

or

losses

reflected

in

the

valuations

currently

assigned.

Cash

and

Cash

Equivalents

Cash and

cash

equivalents

represents

cash

on

hand,

cash

held

in

banks,

money

market

funds

and

liquid

investments

with

original

maturities

of

three

months

or

less.

Cash

and

cash

equivalents

are

carried

at

cost,

which

approximates

fair

value.

The

Fund

deposits

its

cash

and

cash

equivalents

with

financial

institutions

which,

at

times,

may

exceed

the

Federal

Deposit

Insurance

Corporation

insured

limit.

Cash

and

cash

equivalents

held

by

the

Fund

as of

September

30,

2025 include

cash

equivalents

that

are

categorized

as

Level

within

the

fair

value

hierarchy

established

by

ASC

820. 9

Consolidated

Schedule

of

Investments

\|

September

30,

2025

Blackstone

Private

Multi-Asset

Credit

and

Income

Fund

Notes

to

Consolidated

Schedule

of

Investments

September

30,

2025

(Unaudited)

Derivative

Instruments

In

the

normal

course

of

business,

the

Fund

has

commitments

and

risks

resulting

from

its

investment

transactions,

which

may

include

those

involving

derivative

instruments.

Derivative

instruments

are

measured

in

terms

of

the

notional

contract

amount

and

derive

their

value

based

upon

one

or

more

underlying

instruments.

While

the

notional

amount

gives

some

indication

of

the

Fund's

derivative

activity,

it

generally

is

not

exchanged

but

is

only

used

as

the

basis

on

which

interest

and

other

payments

are

exchanged.

Derivative

instruments

are

subject

to

various

risks

similar

to

non-derivative

instruments

including

market,

credit,

liquidity,

and

operational

risks.

The

Fund

manages

these

risks

on

an

aggregate

basis

as

part

of

its

risk

management

process.

From

time

to

time,

the

Fund

may

enter

into

forward

currency

contracts

which

is

an

obligation

between

two

parties

to

purchase

or

sell

a

specific

currency

for

an

agreed-upon

price

at

a

future

date.

The

Fund

utilizes

forward

currency

contracts

to

economically

hedge

the

currency

exposure

associated

with

certain

foreign

currency

denominated

assets

and

liabilities

of

the

Fund.

The

use

of

forward

currency

contracts

does

not

eliminate

fluctuations

in

the

price

of

the

underlying

investment

the

Fund

has

but

establishes

a

rate

of

exchange

in

advance.

Fluctuations

in

the

value

of

these

contracts

are

measured

by

the

difference

in

the

exchange

rates

on

the

contract

date

and

reporting

date

and

are

recorded

as

net

change

in

unrealized

appreciation

(depreciation).

NOTE

3. FAIR

VALUE

MEASUREMENTS

The

following

tables

present

the

fair

value

hierarchy

of

financial

instruments

as

of

September

30,

2025:

The following

table

presents

investments

in

Investee

Funds,

by

investment

strategy,

the

unfunded

commitment,

and

redemption

restrictions

put

in

place

by

the

Investee

Fund.

Level

Level

Level

Total

First

Lien

Debt

$

—

$

—

$

65,157,764

$

65,157,764

Second

Lien

Debt

—

—

33,244,903

33,244,903

Subordinate

&

Other

Debt

—

—

17,857,143

17,857,143

Structured

Finance

Obligations

-

Debt

Instruments

—

—

2,769,235

2,769,235

Structured

Finance

Obligations

-

Equity

Instruments

—

—

13,589,171

13,589,171

Equity

and

Other

—

—

73,214,650

73,214,650

Investee

Funds

—

—

280,821,163

280,821,163

Total

Investments

$

—

$

—

$

486,654,029

$

486,654,029

Other

Financial

Instruments:

Unfunded

Commitments

$

—

$

—

$

64,061

$

64,061

Total

Other

Financial

Instruments

$

—

$

—

$

64,061

$

64,061

Derivative

Liabilities:

Foreign

currency

forward

contracts

$

—

$

518

$

—

$

518

Total

Derivative

Liabilities

$

—

$

518

$

—

$

518

Investee

Funds

Investee

Fund

Strategy

Unfunded

Commitment

Redemption

Frequency

Redemption

Lock-up

Period

Fund

Term

Fair

Value

Blackstone

Private

Credit

Fund

Corporate:

direct

lending

$

–

Quarterly

(1) None

Perpetual

$

174,427,794

Blackstone

Private

Real

Estate

Credit

and

Income

Fund

Real

estate

credit

and

income

–

Quarterly

(2) None

Perpetual

106,393,369

$

–

$

280,821,163

(1) Up

to

5%

of

common

shares

outstanding

(either

by

number

of

shares

or

aggregate

net

asset

value)

as

of

the

close

of

the

previous

calendar

quarter,

subject

to

approval

by

the

Investee

Fund's

board

of

trustees.

Shares

that

have

not

been

outstanding

for

at

least

one

year

are

repurchased

at

98%

of

such

net

asset

value.

(2) Up

to

5%

of

common

shares

outstanding

(either

by

number

of

shares

or

aggregate

net

asset

value)

as

of

the

close

of

the

previous

calendar

quarter,

subject

to

approval

by

the

Investee

Fund's

board

of

trustees.

www.bmacx.com

Blackstone

Private

Multi-Asset

Credit

and

Income

Fund

Notes

to

Consolidated

Schedule

of

Investments

September

30,

2025

(Unaudited)

The

following

tables

present

changes

in

the

fair

value

of

financial

instruments

for

which

Level

inputs

were

used

to

determine

the

fair

value

as

of

September

30,

2025

:

The

following

table

presents

quantitative

information

about

the

significant

unobservable

inputs

of

the

Fund's

Level

financial

instruments

as

of

September

30,

2025. This

table is

not

intended

to

be

all-inclusive

but

instead

capture

the

significant

unobservable

inputs

relevant

to

the

Fund's

determination

of

fair

value.

(1) Weighted

averages

are

calculated

based

on

fair

value

of

investments.

The

significant

unobservable

input

used

in

the

yield

analysis

is

the

discount

rate

based

on

comparable

market

yields.

Significant

increases

in

discount

rates

would

result

in

a

significantly

lower

fair

value

measurement.

The

significant

unobservable

input

used

for

market

quotations

are

broker

quoted

prices

provided

by

independent

pricing

services.

The

significant

unobservable

input

used

in

the

estimate

of

net

asset

value

is

the

prior

month

end

net

asset

value

per

share.

Significant

decreases

in

quoted

prices

and

net

asset

value

per

share would

result

in

a

significantly

lower

fair

value

measurement.

Fair

value

as

of

May

1,

2025

Purchases

of

investments

Proceeds

from

sales

of

investments

and

principal

repayments

Accretion

of

discount

(amortization

of

premium)

Net

realized

gain

(loss)

Net

change

in

unrealized

appreciation

(depreciation)

Transfer

into

level

Transfer

out

of

level

Fair

value

as

of

September

30,

2025

Net

change

in

unrealized

appreciation

(depreciation)

of

financial

instruments

still

held

as

of

period

end

a

a

a

a

a

a

a

a

a

a

a

First

Lien

Debt

$

—

$

64,878,446

$

(166,179)

$

6,077

$

699

$

438,721

$

—

$

—

$

65,157,764

$

438,721

Second

Lien

Debt

—

33,023,278

—

10,680

—

210,945

—

—

33,244,903

210,945

Subordinate

&

Other

Debt

—

17,857,143

—

—

—

—

—

—

17,857,143

—

Structured

Finance

Obligations

-

Debt

Instruments

—

2,770,322

—

(2,621)

—

1,534

—

—

2,769,235

1,534

Structured

Finance

Obligations

-

Equity

Instruments

—

13,437,095

(50,148)

—

—

202,224

—

—

13,589,171

202,224

Equity

and

Other

—

73,098,323

—

3,208

—

113,119

—

—

73,214,650

113,119

Investee

Funds

—

280,000,000

—

—

—

821,163

—

—

280,821,163

821,163

Total

$

—

$

485,064,607

$

(216,327)

$

17,344

$

699

$

1,787,706

$

—

$

—

$

486,654,029

$

1,787,706

Other

Financial

Instruments:

Unfunded

Commitments

—

—

—

—

—

64,061

—

—

64,061

64,061

Total

Other

Financial

Instruments

$

—

$

—

$

—

$

—

$

—

$

64,061

$

—

$

—

$

64,061

$

64,061

Range

Fair

value

Valuation

technique

Unobservable

input

Low

High

Weighted

average

(1) First

Lien

Debt

$

65,157,764

Yield

Analysis

Discount

Rate

7.53%

9.90%

8.47%

Second

Lien

Debt

33,244,903

Yield

Analysis

Discount

Rate

9.20%

11.46%

9.96%

Subordinate

&

Other

Debt

17,857,143

Yield

Analysis

Discount

Rate

10.10%

10.10%

10.10%

Structured

Finance

Obligations

-

Debt

Instruments

2,769,235

Market

Quotations

Broker

Quoted

Price

100.74 --

100.74 --

100.74 --

Structured

Finance

Obligations

-

Equity

Instruments

12,461,046

Market

Quotations

Broker

Quoted

Price

63.96 --

96.84 --

82.15 --

1,128,125

Transaction

Price

N/A

13,589,171

Equity

and

Other

73,214,650

Yield

Analysis

Discount

Rate

8.39%

10.75%

9.65%

Investee

Funds

280,821,163

Estimated

Net

Asset

Value

Net

Asset

Value

25.09 --

25.61 --

25.29 --

Total

$

486,654,029

Consolidated

Schedule

of

Investments

\|

September

30,

2025

Blackstone

Private

Multi-Asset

Credit

and

Income

Fund

Notes

to

Consolidated

Schedule

of

Investments

September

30,

2025

(Unaudited)

Financial

Instruments

Not

Carried

at

Fair

Value

Debt

The

following

table

presents

the

fair

value

measurements

of

the

Fund's

debt

obligations

as

of September

30,

2025

had

they

been

accounted

for

at

fair

value:

The

following

table

presents

the

categorization

of

the

Fund's

debt

obligations

as

of September

30,

2025

had

they

been

accounted

for

at

fair

value

within

the

fair

value

hierarchy:

Fair

Value

Revolving

Credit

Facility

$

92,485,923

Fair

Value

Level

$

–

Level

–

Level

92,485,923

Total

debt

$

92,485,923

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Blackstone Private Multi-Asset Credit & Income Fund

- **b. Investment Company Act file number:** 811-23996

- **c. CIK number of Registrant:** 0002032432

- **d. LEI of Registrant:** 254900ERSXIIBGU8L036

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 345 Park Avenue

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10154

  - **Telephone number:** 212-503-2100

**Item A.2. Information about the Series.**

- **a. Name of Series:** Blackstone Private Multi-Asset Credit & Income Fund

- **c. LEI of Series:** 254900ERSXIIBGU8L036

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $550428419.90

**Total Liabilities:** $143514255.94

**Net Assets:** $406914163.96

**Cash Not Reported:** $43162019.65

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 16122.65000000 | **10-Year:** 27398.92000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 1.00%                | 1.10%                | 1.00%                |
| Class ID N/A | 1.00%                | 1.10%                | 1.00%                |
| Class ID N/A | 1.00%                | 1.00%                | 0.90%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-12134.37               | $476237.86                                 |
| Month 2  | $258486.26               | $773830.79                                 |
| Month 3  | $78410.52                | $147650.16                                 |

### Schedule of Portfolio Investments

| Name                                                  | Title                                                                        | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Galaxy 35 CLO Ltd.                                    | Galaxy 35 CLO Ltd., Series 2025-35A                                          | CUSIP: 362932AC9<br>LEI: 391200IVEMZD61SG5W29 | Long             | ABS-CBDO         | CORP              | KY        |   8010000 | PA      | $7518754.84   | 1.85%             | 2038-04-20      | Variable      | 13.47%                | Yes           |                  3 | On Loan: No      |
| Denali Bidco Ltd.                                     | Denali Bidco Ltd., Term Loan                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |     84305 | PA      | $98563.27     | 0.02%             | 2031-09-05      | Variable      | 7.08%                 | Yes           |                  3 | On Loan: No      |
| Fort Greene Reinsurance Holdings LLC                  | Fort Greene Reinsurance Holdings LLC, Class A                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |       450 | NS      | $4500000.00   | 1.11%             |  |  |  | Yes           |                  3 | On Loan: No      |
| eResearchTechnology, Inc.                             | eResearchTechnology, Inc., Delayed Draw Term Loan                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    136570 | PA      | $136569.71    | 0.03%             | 2032-09-13      | Variable      | 8.91%                 | Yes           |                  3 | On Loan: No      |
| Whitebox CLO V Ltd.                                   | Whitebox CLO V Ltd., Series 2025-5A, Class SUB                               | CUSIP: 96467NAE3<br>LEI: 254900XFXCOZ882U2O02 | Long             | ABS-CBDO         | CORP              | KY        |   2500000 | PA      | $2172495.12   | 0.53%             | 2038-07-20      | Variable      | 11.12%                | Yes           |                  3 | On Loan: No      |
| Optus 1011. GmbH                                      | Optus 1011. GmbH, Term Loan                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | DE        |   9423398 | PA      | $10906405.30  | 2.68%             | 2032-03-08      | Variable      | 7.00%                 | Yes           |                  3 | On Loan: No      |
| Odevo AB                                              | Odevo AB, Delayed Draw Term Loan                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | SE        |    415696 | PA      | $415696.50    | 0.10%             | 2030-12-31      | Variable      | 9.56%                 | Yes           |                  3 | On Loan: No      |
| ISQ Hawkeye Holdco, Inc.                              | ISQ Hawkeye Holdco, Inc., Term Loan                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   4309240 | PA      | $4309239.80   | 1.06%             | 2031-08-20      | Variable      | 8.87%                 | Yes           |                  3 | On Loan: No      |
| ISQ Hawkeye Holdco, Inc.                              | ISQ Hawkeye Holdco, Inc., Delayed Draw Term Loan                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1561696 | PA      | $1561695.75   | 0.38%             | 2031-08-20      | Variable      | 8.87%                 | Yes           |                  3 | On Loan: No      |
| HPS Loan Management Ltd.                              | HPS Loan Management Ltd., Series 2024-19A                                    | CUSIP: 442912AC5<br>LEI: 213800O5I3HWAET47X03 | Long             | ABS-CBDO         | CORP              | JE        |   2000000 | PA      | $1243005.56   | 0.31%             | 2037-04-15      | Variable      | 12.87%                | Yes           |                  3 | On Loan: No      |
| Odevo AB                                              | Odevo AB, Delayed Draw Term Loan                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | SE        |   1235171 | PA      | $1451326.44   | 0.36%             | 2030-12-31      | Variable      | 7.53%                 | Yes           |                  3 | On Loan: No      |
| Galaxy 35 CLO Ltd.                                    | Galaxy 35 CLO Ltd., Series 2025-35A, Class E                                 | CUSIP: 362932AA3<br>LEI: 391200IVEMZD61SG5W29 | Long             | ABS-CBDO         | CORP              | KY        |   2749000 | PA      | $2769235.39   | 0.68%             | 2038-04-20      | Variable      | 9.28%                 | Yes           |                  3 | On Loan: No      |
| Foundry Insurance Services Ltd.                       | Foundry Insurance Services Ltd.                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BM        |        10 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| eResearchTechnology, Inc.                             | eResearchTechnology, Inc., Delayed Draw Term Loan                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    859515 | PA      | $859515.25    | 0.21%             | 2032-01-19      | Variable      | 8.91%                 | Yes           |                  3 | On Loan: No      |
| Odevo AB                                              | Odevo AB, Term Loan                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | SE        |     26096 | PA      | $35131.52     | 0.01%             | 2030-12-31      | Variable      | 9.47%                 | Yes           |                  3 | On Loan: No      |
| ISQ Hawkeye Holdco, Inc.                              | ISQ Hawkeye Holdco, Inc., Delayed Draw Term Loan                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     90741 | PA      | $90741.03     | 0.02%             | 2031-08-20      | Variable      | 8.87%                 | Yes           |                  3 | On Loan: No      |
| AS Renewable Technologies Holdings LLC                | AS Renewable Technologies Holdings LLC, Term Loan                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   9273017 | PA      | $9273016.74   | 2.28%             | 2029-10-07      | Variable      | 11.04%                | Yes           |                  3 | On Loan: No      |
| Fort Greene Reinsurance Holdings LLC                  | Fort Greene Reinsurance Holdings LLC - Preferred Shares, Series A-1, Class A | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |       150 | NS      | $1500000.00   | 0.37%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Ground Penetrating Radar Systems LLC                  | Ground Penetrating Radar Systems LLC, Delayed Draw Term Loan                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     81683 | PA      | $81683.16     | 0.02%             | 2032-01-02      | Variable      | 8.82%                 | Yes           |                  3 | On Loan: No      |
| Odevo AB                                              | Odevo AB, Term Loan                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | SE        |     29892 | PA      | $35123.37     | 0.01%             | 2030-12-31      | Variable      | 7.53%                 | Yes           |                  3 | On Loan: No      |
| Odevo AB                                              | Odevo AB, Term Loan                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | SE        |   5834882 | PA      | $620395.48    | 0.15%             | 2030-12-31      | Variable      | 7.60%                 | Yes           |                  3 | On Loan: No      |
| Fort Greene Reinsurance Holdings LLC                  | Fort Greene Reinsurance Holdings LLC - Preferred Shares, Series A-3, Class A | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |      1600 | NS      | $16000000.00  | 3.93%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Fort Greene Reinsurance Holdings LLC                  | Fort Greene Reinsurance Holdings LLC - Preferred Shares, Series A-2, Class A | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |       650 | NS      | $6500000.00   | 1.60%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Auxilior Capital Partners, Inc.                       | Auxilior Capital Partners, Inc., Subordinate & Other Debt                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |  17857143 | PA      | $17857142.86  | 4.39%             | 2030-03-30      | Fixed         | 9.50%                 | Yes           |                  3 | On Loan: No      |
| ISQ Hawkeye Holdco, Inc.                              | ISQ Hawkeye Holdco, Inc., Revolving Term Loan                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    220615 | PA      | $220614.97    | 0.05%             | 2030-08-20      | Variable      | 8.87%                 | Yes           |                  3 | On Loan: No      |
| Galileo Parent, Inc.                                  | Galileo Parent, Inc., Revolving Term Loan                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    672187 | PA      | $672187.05    | 0.17%             | 2029-05-03      | Variable      | 9.75%                 | Yes           |                  3 | On Loan: No      |
| Enstructure LLC                                       | Enstructure LLC, Class E                                                     | CUSIP: N/A<br>LEI: 5493008M6JOUHG7G1P40       | Long             | EP               | CORP              | US        |  19682152 | NS      | $19386919.72  | 4.76%             |  |  |  | Yes           |                  3 | On Loan: No      |
| IRI Group Holdings, Inc.                              | IRI Group Holdings, Inc., Term Loan                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   3656883 | PA      | $3656883.20   | 0.90%             | 2029-12-01      | Variable      | 8.82%                 | Yes           |                  3 | On Loan: No      |
| Denali Holdco Ltd.                                    | Denali Holdco Ltd., Term Loan                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |   7760179 | PA      | $9027027.69   | 2.22%             | 2032-09-05      | Fixed         | 9.80%                 | Yes           |                  3 | On Loan: No      |
| N/A                                                   | Forward Foreign Currency Contract                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-517.57      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MidOcean Credit CLO XIX Ltd.                          | MidOcean Credit CLO XIX Ltd., Series 2025-19A, Class SUB                     | CUSIP: 59803JAC7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $1526790.36   | 0.38%             | 2036-07-20      | Variable      | 8.30%                 | Yes           |                  3 | On Loan: No      |
| Blackstone Private Credit Fund                        | Blackstone Private Credit Fund, Class I                                      | CUSIP: 09261H305<br>LEI: 549300ORP3TTCNXSYO43 | Long             |  | RF                | US        |   6960407 | NS      | $174427794.61 | 42.87%            |  |  |  | Yes           |                  3 | On Loan: No      |
| Dropbox, Inc.                                         | Dropbox, Inc., Term Loan                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2940520 | PA      | $2911114.69   | 0.72%             | 2029-12-10      | Variable      | 10.51%                | Yes           |                  3 | On Loan: No      |
| Blackstone Private Real Estate Credit and Income Fund | Blackstone Private Real Estate Credit and Income Fund                        | CUSIP: N/A<br>LEI: N/A                        | Long             |  | RF                | US        |   4141431 | NS      | $106393368.74 | 26.15%            |  |  |  | Yes           |                  3 | On Loan: No      |
| Pibb Member Holdings LLC                              | Pibb Member Holdings LLC                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             |  |  | US        |  25000000 | NS      | $25050000.00  | 6.16%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Denali Bidco Ltd.                                     | Denali Bidco Ltd., Term Loan                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |     38572 | PA      | $51668.58     | 0.01%             | 2031-09-05      | Variable      | 8.97%                 | Yes           |                  3 | On Loan: No      |
| Ground Penetrating Radar Systems LLC                  | Ground Penetrating Radar Systems LLC, Term Loan                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   5792079 | PA      | $5792079.22   | 1.42%             | 2032-01-02      | Variable      | 8.80%                 | Yes           |                  3 | On Loan: No      |
| Galileo Parent, Inc.                                  | Galileo Parent, Inc., Term Loan                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   6468969 | PA      | $6468969.03   | 1.59%             | 2030-05-03      | Variable      | 9.75%                 | Yes           |                  3 | On Loan: No      |
| Enstructure LLC                                       | Enstructure LLC, Term Loan                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    195599 | PA      | $195599.00    | 0.05%             | 2032-08-15      | Variable      | 8.65%                 | Yes           |                  3 | On Loan: No      |
| eResearchTechnology, Inc.                             | eResearchTechnology, Inc., Term Loan                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   5176626 | PA      | $5176625.92   | 1.27%             | 2032-01-20      | Variable      | 8.91%                 | Yes           |                  3 | On Loan: No      |
| Denali Holdco Ltd.                                    | Denali Holdco Ltd., Term Loan                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |   4467845 | PA      | $5954688.23   | 1.46%             | 2032-09-05      | Fixed         | 11.20%                | Yes           |                  3 | On Loan: No      |
| Regatta Kilo                                          | Regatta Kilo                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | ABS-O            | CORP              | KY        |    809375 | PA      | $809375.00    | 0.20%             | 2028-08-10      | None          |  | Yes           |                  3 | On Loan: No      |
| Odevo AB                                              | Odevo AB, Term Loan                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | SE        |   3366363 | PA      | $3366363.09   | 0.83%             | 2030-12-31      | Variable      | 9.56%                 | Yes           |                  3 | On Loan: No      |
| Odevo AB                                              | Odevo AB, Delayed Draw Term Loan                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | SE        |    371813 | PA      | $500553.17    | 0.12%             | 2030-09-09      | Variable      | 9.47%                 | Yes           |                  3 | On Loan: No      |
| TeamSystem Holdco 3 SpA                               | TeamSystem Holdco 3 SpA                                                      | CUSIP: N/A<br>LEI: 815600582FB9F3BB2874       | Long             | DBT              | CORP              | IT        |   8755034 | PA      | $10184293.46  | 2.50%             | 2033-07-07      | Variable      | 7.78%                 | Yes           |                  3 | On Loan: No      |
| Jupiter Purchaser LLC                                 | Jupiter Purchaser LLC, Term Loan                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   6077781 | PA      | $6077780.70   | 1.49%             | 2031-11-08      | Variable      | 9.55%                 | Yes           |                  3 | On Loan: No      |
| Rossini SARL                                          | Rossini SARL                                                                 | CUSIP: N/A<br>LEI: 549300EC5JCCW6F83R11       | Long             | DBT              | CORP              | LU        |   6670817 | PA      | $7759828.33   | 1.91%             | 2030-03-30      | Variable      | 9.12%                 | Yes           |                  3 | On Loan: No      |
| Carval CLO XIII-C Ltd.                                | Carval CLO XIII-C Ltd.                                                       | CUSIP: N/A<br>LEI: 2549005XZEW4MLAUOG12       | Long             | ABS-O            | CORP              | KY        |    318750 | PA      | $318750.00    | 0.08%             | 2028-08-10      | None          |  | Yes           |                  3 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-30

**Name of Applicant:** Blackstone Private Multi-Asset Credit & Income Fund

**Signature:** Gregory Roppa

**Name of Signer:** Gregory Roppa

**Title:** Chief Accounting Officer